Pacific Select Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-5141

Pacific Select Fund

(Exact name of registrant as specified in charter)

700 Newport Center Drive, P.O. Box 7500, Newport Beach, CA 92660

(Address of principal executive offices)

Robin S. Yonis

Vice President and General Counsel of Pacific Select Fund

700 Newport Center Drive

Post Office Box 9000

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony Zacharski, Esq

Dechert LLP

90 State House Square

Hartford, CT 06103-3702

Registrant’s telephone number, including area code: (949) 219-6767

Date of fiscal year end: December 31

Date of reporting period: January 1, 2012–December 31, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

TABLE OF CONTENTS

PACIFIC SELECT FUND

Letter to Shareholders	A-1
Performance Discussion	A-3
Schedules of Investments	B-1
Financial Statements:
Statements of Assets and Liabilities	C-1
Statements of Operations	C-9
Statements of Changes in Net Assets	C-17
Statements of Cash Flows	C-32
Financial Highlights	C-33
Notes to Financial Statements	D-1
Report of Independent Registered Public Accounting Firm	E-1
Disclosure of Fund Expenses	F-1
Trustees and Officers Information	F-5
Approval of Investment Advisory Agreement and Portfolio Management Agreements	F-8
Where to Go for More Information	F-24

The 2012 Annual Report for the American Funds^® Insurance Series (“AFIS”) will be mailed separately to all Pacific Life Insurance Company and Pacific Life & Annuity Company variable life insurance policyholders and variable annuity contract owners with allocations to the American Funds Growth, American Funds Growth-Income and American Funds Asset Allocation Portfolios of the Pacific Select Fund (“PSF”). For those policyholders and contract owners, the AFIS Annual Report should be read in conjunction with the PSF Annual Report included herein.

PACIFIC SELECT FUND

Dear Shareholders:

We are pleased to share with you the Pacific Select Fund (Fund) Annual Report dated December 31, 2012. The Fund is the underlying investment vehicle for variable life insurance policies and variable annuity contracts offered by Pacific Life Insurance Company (Pacific Life) or its subsidiaries. Pacific Life Fund Advisors LLC (PLFA) is the adviser to the Fund and supervises the management of all of the Fund’s portfolios. As Adviser to the Fund, PLFA manages the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios (Portfolio Optimization Portfolios), each of which is an asset allocation “fund of funds” and which invests in certain other Fund portfolios.

PLFA also manages the Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth and Pacific Dynamix-Growth Portfolios (Pacific Dynamix Portfolios) each of which is an asset allocation “fund of funds” and which invests in certain other Fund portfolios (Pacific Dynamix Underlying Portfolios) that are only available for investment by the three Pacific Dynamix Portfolios and are included in a separate Annual Report. Please see “Where to Go for More Information” for instructions on how to obtain the Pacific Dynamix Underlying Portfolios’ Annual Report.

Additionally, PLFA does business under the name “Pacific Asset Management” and manages the Cash Management and the High Yield Bond Portfolios under that name. For the other portfolios, with the exception of the American Funds^® Growth, the American Funds^® Growth-Income and the American Funds^® Asset Allocation Portfolios, the Adviser has retained other firms to serve as portfolio managers under its supervision. Each of the American Funds Growth, the American Funds Growth-Income and the American Funds Asset Allocation Portfolios (the master-feeder portfolios) invests all of its assets in a master fund; and consequently, the Adviser has not retained other portfolio managers to manage assets of these portfolios. The portfolio managers and their portfolios as of December 31, 2012 are listed below:

Portfolio	Portfolio Manager
Cash Management	Pacific Asset Management
Diversified Bond	Western Asset Management Company (Western Asset)
Floating Rate Loan	Eaton Vance Management (Eaton Vance)
High Yield Bond	Pacific Asset Management
Inflation Managed	Pacific Investment Management Company LLC (PIMCO)
Inflation Protected	Western Asset Management Company (Western Asset)
Managed Bond	Pacific Investment Management Company LLC (PIMCO)
Short Duration Bond	T. Rowe Price Associates, Inc. (T. Rowe Price)
Emerging Markets Debt	Ashmore Investment Management Limited (Ashmore)
American Funds® Growth American Funds® Growth-Income	Capital Research and Management Company (Capital Research)–adviser to the Master Growth and Growth-Income Funds
Comstock	Invesco Advisers, Inc. (Invesco)
Dividend Growth	T. Rowe Price Associates, Inc. (T. Rowe Price)
Equity Index	BlackRock Investment Management, LLC (BlackRock)
Focused 30 Growth LT	Janus Capital Management LLC (Janus)
Large-Cap Growth	UBS Global Asset Management (Americas) Inc. (UBS)
Large-Cap Value	ClearBridge Advisors, LLC (ClearBridge)
Long/Short Large-Cap	J.P. Morgan Investment Management Inc. (JP Morgan)
Main Street® Core	OppenheimerFunds, Inc. (Oppenheimer)
Mid-Cap Equity	Lazard Asset Management LLC (Lazard)
Mid-Cap Growth	Morgan Stanley Investment Management Inc. (Morgan Stanley)
Mid-Cap Value	BlackRock Capital Management, Inc. (BlackRock Capital)
Small-Cap Equity	BlackRock Investment Management, LLC (BlackRock)/ Franklin Advisory Services, LLC (Franklin)
Small-Cap Growth	Fred Alger Management, Inc. (Alger)
Small-Cap Index	BlackRock Investment Management, LLC (BlackRock)
Small-Cap Value	NFJ Investment Group LLC (NFJ)
Health Sciences	Jennison Associates LLC (Jennison)
Real Estate	Morgan Stanley Investment Management Inc. (Morgan Stanley)
Technology	Columbia Management Investment Advisers, LLC (Columbia)
Emerging Markets	OppenheimerFunds, Inc. (Oppenheimer)
International Large-Cap	MFS Investment Management (MFS)
International Small-Cap	Batterymarch Financial Management, Inc. (Batterymarch)
International Value	J.P. Morgan Investment Management Inc. (JP Morgan)

A-1

PACIFIC SELECT FUND

Portfolio	Portfolio Manager
Currency Strategies	UBS Global Asset Management (Americas) Inc. (UBS)
Global Absolute Return	Eaton Vance Management (Eaton Vance)
Precious Metals	Wells Capital Management Incorporated (Wells Capital)
American Funds® Asset Allocation	Capital Research and Management Company (Capital Research)– adviser to the Master Asset Allocation Fund
Pacific Dynamix-Conservative Growth Pacific Dynamix-Moderate Growth Pacific Dynamix-Growth Portfolio Optimization Conservative Portfolio Optimization Moderate-Conservative Portfolio Optimization Moderate Portfolio Optimization Growth Portfolio Optimization Aggressive-Growth	Pacific Life Fund Advisors LLC (PLFA)

Each of the portfolio managers, or in the case of the master-feeder portfolios, the adviser to the master funds, has prepared a discussion regarding the performance of the portfolios that they manage, including commentary discussing positive and negative factors affecting performance for the past twelve months.

We appreciate your confidence in the Fund and look forward to serving your financial needs in the years to come.

Sincerely,

James T. Morris Chairman of the Board Pacific Select Fund	Mary Ann Brown Chief Executive Officer Pacific Select Fund

A-2

PACIFIC SELECT FUND PERFORMANCE DISCUSSION

This Annual Report is provided for the general information of investors with beneficial interests in the Fund. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Fund prospectus, as supplemented, which contains information about the Fund and each of its portfolios, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a portfolio will achieve its investment objective. Each portfolio is subject to market risk. The value of a portfolio changes as its asset values go up or down. The value of a portfolio’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each portfolio of the Fund includes reinvestment of all dividends and capital gain distributions, if any. The total returns and seven-day yield (Cash Management Portfolio only) do not include deductions at the separate account or contract level for cost of insurance charges, premium loads, administrative charges, maintenance fees, premium tax charges, mortality and expense risk charges, or other charges that may be incurred under a contract which, if incurred, would have resulted in lower returns. Past performance is not predictive of future performance. This report shows you the performance of the Fund’s portfolios compared to benchmark indices. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the portfolios. Indices are unmanaged, do not incur transaction costs and cannot be purchased directly by investors. Index returns include reinvested dividends.

PLFA supervises the management of all of the portfolios of the Fund (subject to the review of the Fund’s Board) and directly manages, under the name Pacific Asset Management, the Cash Management and High Yield Bond Portfolios. PLFA also manages the Pacific Dynamix Portfolios and the Portfolio Optimization Portfolios. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the year ended December 31, 2012.

For the other portfolios, with the exception of the American Funds^® Growth, American Funds^® Growth-Income, and American Funds^® Asset Allocation Portfolios (managed by Capital Research), PLFA has retained other firms to serve as portfolio managers under its supervision. Each of the portfolio managers (including Capital Research) has written a separate commentary specific to the portfolio(s) that they manage and as such, is based on their opinions of how their portfolio(s) performed during the year. The views expressed in the commentaries reflect those of the portfolio managers for the year ended December 31, 2012.

All views are subject to change at any time based upon market or other conditions, and the Fund, its adviser and the portfolio managers disclaim any responsibility to update such views. Any references to “we,” “I,” or “ours” are references to the portfolio manager or adviser, as applicable. The adviser and portfolio managers may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning possible or assumed future results of the Fund’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Fund’s operations or general economic conditions. In addition, when used in this report, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects” and future or conditional verbs such as “will,” “may,” “could,” “should” and “would,” or any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the adviser or a portfolio manager believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements.

In connection with any forward-looking statements and any investment in the Fund, investors should carefully consider the investment objectives, policies and risks described in the Fund’s current prospectus, as supplemented, and the Statement of Additional Information, as supplemented.

Market Conditions (for the year ended December 31, 2012)

Executive Summary

In 2012, financial markets experienced pockets of volatility but finished the calendar year with solid gains. While the geopolitical and economic uncertainty that overwhelmed investors in 2011 lingered in 2012, no major disruptions caused the markets to veer off-course for a prolonged period. Nonetheless, the short-term “risk-on” and “risk-off” trend persisted with macro headlines primarily driving market sentiments.

Several key events caused volatility to rise in the first-half of the year. Without a solid economic foundation, markets continue to rely on support from policy actions. In order for the Federal Reserve (Fed) to continue with its low interest rate policies (toward which markets have reacted positively), inflation had to remain tamed. Earlier in the year, tensions over Iran’s nuclear program pushed oil prices higher, which created some concerns over inflation and the ability of the central bank to maintain its support. Additionally, the euro crisis appeared to have reached peak levels around the start of the reporting period. Amid this challenging environment, European countries saw changes in their political landscape. This included France electing a new president, as its citizens voted in favor of François Hollande’s anti-austerity push. The backlash from anti-austerity supporters (a united front against rampant unemployment and government spending cuts accompanied by strikes and demonstrations) caused additional concerns of unwinding the progress in Europe. Additionally, the economic drag from Europe had global implications that caused global economic growth projections to be revised downward. Concerns over China and its exports to Europe also weighed on its ability to sustain its dominant growth.

Despite the headwinds around the globe, financial markets marched higher over the second-half of the year. Although oil prices fluctuated since the sanctions against Iranian oil began, a dramatic impact on world oil supply and prices did not materialize. Without the threat of uncontrolled inflation, the Fed continued to provide further support by extending “Operation Twist” (its program to keep long-term rates low by selling its short-term assets and buying long-term Treasuries). The Fed also launched a third round of quantitative easing in September to purchase an additional

See explanation of symbol and benchmark definitions on A-56 through A-57

A-3

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

$40 billion in mortgage-backed securities (MBS) per month. From abroad, the political and economic disturbances in Europe finally led to the European Central Bank (ECB) to pledge full support to preserve the euro, which helped unfreeze capital flow throughout the European banking system.

Throughout the reporting period, central banks continued to play a vital role in sustaining the financial market recovery by providing unprecedented liquidity in the global banking system. While such efforts may have helped rejuvenate financial markets, political upheaval introduced uncertainty in the marketplace. Both U.S. and European politicians continued to muddle through their respective fiscal and economic issues. In the U.S., fears of the “fiscal cliff” scenario developed from the inability of Congress to promptly settle budgetary disagreements. In the eurozone, European politicians have struggled to agree and settle on the appropriate policy actions to recover their economies.

The global economy maintained a steady but slow recovery throughout the reporting period. Various risks continued to linger and influenced markets to varying degrees. The following sections highlight how specific market segments responded to the events that unfolded over the year.

Fixed Income

As the overall market sentiment improved relative to the prior reporting period, the broad, fixed income segment fell behind the broad, equity market. For the 2012 calendar year, the overall fixed income market (as measured by the Barclays U.S. Aggregate Bond Index) gained 4.21%. Short-term Treasuries and credits barely budged in 2012 as the Fed continued to maintain a near zero interest rate policy for the Federal Funds (Fed Funds). Long-term Treasuries benefited moderately from the Fed’s efforts to keep long-term yields low. Treasury yields (which have an inverse relationship to prices) continued to hit historic low levels, as the 10-Year Treasury yield dipped below 1.50% during the reporting period. The Barclays Long Term U.S. Treasury Index increased 3.56% for the calendar year.

In this environment, the riskier sectors within the fixed income segment performed relatively well. Emerging markets debt delivered strong results over the reporting period, as the J.P. Morgan Emerging Markets Bond Index Global Diversified Index returned 17.44% for the calendar year. The high yield market also experienced a strong rally with lower-rated credits outpacing those in the investment grade tiers. Additionally, the collateralized loan obligation market showed some revival throughout the calendar year, which boded well for bank loans. Throughout this low, Treasury yield environment, investors looked across the riskier spectrum to obtain yields.

Domestic Equity

The broad, domestic equity market experienced modest swings throughout the year but managed to finish the reporting period with a gain of 16.00% for the S&P 500 Index. Results were relatively mixed for the various categories within the domestic equities segment. One common theme among domestic equities was the double-digit returns across the market capitalization and style groups. With respect to market capitalization, mid-capitalization stocks outpaced those of large- and small-capitalizations. Value styles outperformed those of growth, which were primarily driven by the strong performances of the financials sector over the calendar year. The sector’s strong performance followed a dismal year in 2011, which then recovered as the central banks moved aggressively to support the global banking system. For the year, cyclical sectors (e.g. consumer discretionary) generally outpaced those of the defensive sectors (e.g. utilities). High dividend-paying sectors that typically include utilities stocks lost momentum during the reporting period after a strong rally in the prior year.

For the majority of the year, equity investors appeared to have focused more on the potential for capital appreciation. During uncertain environments (as in the second quarter of 2012), investors may lean toward capital protection where more conservative stocks such as those paying dividends and/or in defensive sectors tend to hold well. Over the past couple of years, real estate investment trusts (REITs) have displayed some hybrid characteristics for capital appreciation and capital protection. REITs have generally kept up with the overall equity market and maintained their gains during turbulent moments, delivering positive returns for all four quarters of the reporting period, which helped the Financial Times Stock Exchange National Association of Real Estate Investment Trust (FTSE NAREIT) Equity REITs Index gain 18.06% for the calendar year.

International Equity

After a difficult year for foreign stocks in 2011, international stocks (both developed and emerging markets) experienced a strong recovery over the reporting period. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index and the MSCI Emerging Markets Index returned 17.32% and 18.22%, respectively. In the foreign equity market, smaller-capitalization stocks outperformed their larger counterparts. Similar to the U.S. equity market, financials led the pace among the sector groups. Performances were largely boosted by the ECB’s vow to aggressively intervene to support the euro.

Europe’s troubles have impacted many of its trading partners, which led to concerns over countries such as China that exports to those regions. Many economists and market participants had considered the probability of a hard-landing scenario where China’s economic growth would experience a significant drop. However, China has displayed some resiliency despite the impact on their exports, which have eased some concerns.

Concluding Remarks

Economic reports indicated that, the world economy grew at approximately 3.20% in 2012 (International Monetary Fund–World Economic Outlook Update–January 2013). Emerging markets, particularly China, contributed to that growth. Developed nations, on the other hand, crawled at a sluggish pace or contracted. Despite the dismal economic indicators, equity markets thrived over the calendar year. Perhaps, this was driven more out of relief of avoiding meltdown scenarios that markets had feared rather than reactions to signs of a strong and prosperous fundamental outlook.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-4

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The question remains on the sustainability of the market rise. Heading into 2013, equity valuations indicate that stock markets are trading near their three-year fair value range. However, these valuation levels remain below their long-term historical levels (e.g. 10-year averages). These trading ranges may be a reflection of the general market environment. Over the past few years, the world has been dealing with various crises, which may be causing a hesitation to push valuations back to longer-term historic levels.

More clarity has developed in 2013, but challenges still linger. The crisis level in the eurozone appears to have dwindled, but economic activity is expected to remain weak in the region. Although the situation in the U.S. is relatively better than its developed counterparts in Europe, economic growth is expected to remain modest. The benign economic activity in developed nations is anticipated to dampen demand for exports from emerging markets. This may have some varying implications to these emerging markets nations. Nonetheless, growth in countries such as China is expected to remain solid.

Performances in 2012 showed investors that markets can diverge from economic fundamentals. The level of uncertainty and risks throughout the globe may have caused some investors to reduce or avoid equity exposure in 2012. Those investors would have missed out on the impressive performance delivered from equities. This validates the importance of proper asset allocation to navigate through various market conditions.

Cash Management Portfolio (managed by Pacific Asset Management)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Cash Management Portfolio’s Class I returned 0.00%, compared to a 0.11% return for its benchmark, the BofA Merrill Lynch U.S. 3-Month T-Bill Index. The current yield measured during the seven-day period ended December 31, 2012 was 0.00%.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		0.00%		0.49%		1.66%
BofA Merrill Lynch U.S. 3-Month T-Bill Index		0.11%		0.52%		1.78%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		0.00%		0.00%
BofA Merrill Lynch U.S. 3-Month T-Bill Index		0.11%		0.09%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. We at Pacific Asset Management continue to manage the portfolio with a focus on stability, liquidity, and current income through a consistent, disciplined investment approach emphasizing industry and asset type diversification. A low Fed Funds target rate and a shrinking supply of commercial paper constrained the absolute return environment for the portfolio. This environment generated relative outperformance by the longer duration assets in the portfolio. Citing the slack in the economy and the weakness in the labor force, the Fed remained accommodative throughout the year. The Fed Funds target rate was unchanged, remaining at the range between 0.00% and 0.25 percent. The three-month London Interbank Offered Rate (LIBOR) was very stable finishing at 0.31% on December 31, 2012. Fewer companies utilized the commercial paper market during the year which reduced supply and further lowered available yields.

Although the employment picture has started to improve and the economy is strengthening, we believe the Fed is going to remain cautious through the next few years and will want to ensure the recovery is on very solid footing before any tightening of monetary policy. We expect any tightening to be well forecasted to the market and would expect to shorten the fund’s weighted average maturity heading into a rate increase.

Diversified Bond Portfolio (managed by Western Asset Management Company)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Diversified Bond Portfolio’s Class I returned 8.37%, compared to a 4.21% return for its benchmark, the Barclays U.S. Aggregate Bond Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-5

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2006 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  Western Asset Management Company began managing the portfolio on February 2, 2009, and some investment policies changed at that time. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		Since Inception (5/1/06)
Portfolio’s Class I		8.37%		5.47%		5.07%
Barclays U.S. Aggregate Bond Index		4.21%		5.95%		6.29%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		8.58%		7.46%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. When selecting securities, Western Asset employs a team-oriented investment process which considers sector allocation, issue selection, duration exposure, term structure weighting and country/currency allocations. Generally, the manager expects the portfolio’s average duration to be within a range of 2.5 to 7 years. Duration is often used to measure a bond’s sensitivity to interest rates. The longer a portfolio’s duration, the more sensitive it is to interest rate risk. The shorter a portfolio’s duration, the less sensitive it is to interest rate risk.

Despite the backdrop of a sluggish U.S. recovery and global uncertainties, spread sectors ended the reporting period meaningfully tighter which drove the portfolio’s strong performance. The portfolio’s non-Agency MBS allocation was the single largest contributor to portfolio performance as the sector benefited from positive carry, advantageous market technicals as well as from continued coupon and principal payments. Home default rates fell, and the nationwide home prices, as measured by the Case-Shiller Home Price Index, improved. We continue to believe that potential returns for non-Agency mortgages remain more heavily skewed to the upside, especially as delinquency rates have improved. An overweight exposure to high yield bonds was also a contributor to portfolio performance as default rates remained low and spreads tightened. Investment grade credit spreads also tightened by almost 90 basis points (bps), and the portfolio’s allocation to financials and industrials aided performance. We continue to favor financials, which remain discounted by the market, albeit currently to a lesser degree than in recent months. In-line with other spread sectors, commercial mortgage-backed securities (CMBS) outperformed during the year. The portfolio’s underweight positions to this sector resulted in this allocation detracting from portfolio performance. The portfolio’s Agency mortgage allocation, however, was a contributor to its performance. Throughout the year, we focused on selecting certain mortgage pools and coupons which avoided exaggerated risk of government-sponsored mortgage refinancing, thus decreasing prepayment risk. This strategic issue selection aided performance, and we brought the portfolio’s allocation down later during the reporting period due to elevated valuation and in favor of opportunities in the high yield space. The portfolio’s overall tactical duration positioning had a relatively small, positive impact on its performance as rates ended the year lower on the whole. Yield curve positioning, on the other hand, with a bias toward longer-dated yields detracted as the curve steepened over the year (as measured by the steepness between the 5-year and 30-year Treasury yields).

Continued mild gross domestic product (GDP) growth supports our view that the economic recovery is proceeding along a subdued, yet positive, trajectory. Barring a sudden contagion, we expect a continuation of positive, domestic economic growth. We continue to favor spread sectors. We are maintaining our exposure to the high yield sector given increased support from the Fed, stable-to-improving fundamentals and advantageous technicals. In Agency mortgages, we will continue to emphasize coupon selection to reduce prepayment risk as opposed to focusing on the overall sector weight. We believe that potential returns for the non-Agency mortgage sector remain more heavily skewed to the upside, especially as delinquency rates and home prices improve. We will maintain a short duration position, which we may tactically adjust. We will continue to favor an overweight to the back end of the yield curve as a hedge against periodic flights-to-safety.

Floating Rate Loan Portfolio (managed by Eaton Vance Management)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Floating Rate Loan Portfolio’s Class I returned 8.10%, compared to a 9.66% return for its benchmark, the S&P/LSTA Leveraged Loan Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-6

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2007 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  Eaton Vance Management began managing the portfolio on May 1, 2010, and some investment policies changed at that time. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		Since Inception (5/1/07)
Portfolio’s Class I		8.10%		0.88%		0.44%
S&P/LSTA Leveraged Loan Index		9.66%		5.68%		4.89%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		8.31%		5.10%
S&P/LSTA Leveraged Loan Index		9.66%		4.73%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. Relative to the benchmark, the portfolio maintains a greater focus on higher-quality loans. As loan prices for the higher-quality segments of the loan market began the year near par ($98.98 for BBB loans and $97.88 for BB loans), they possessed less price appreciation potential than their lower-quality counterparts, so investment income made up a significant portion of their returns during the reporting period. In comparison, the average price of the more speculative CCC loan segment ended the year at $79.25, up from $69.44 a year earlier. As a result, lower-quality loans outperformed higher-quality loans by a meaningful margin. CCC loans notched a18.35% gain, outpacing the 7.17% and 5.13% returns for BB and BBB loans respectively. Loans in default within the benchmark were the biggest gainers over the reporting period, rising 25.77%.

The portfolio’s underweight to CCC loans, overweight to BB loans, and avoidance of any defaulted loans all detracted from the portfolio’s relative performance during the reporting period. While higher risk can be rewarded over short periods, such as the market environment in 2012, it is Eaton Vance’s experience that a higher-quality stance has generally resulted in better risk-adjusted results over time. We believe the optimal risk/return profile can be achieved predominately through interest income realized through investments of higher-quality loans, rather than focusing largely on capital gains associated with distressed loans.

The portfolio management team employs a rigorous, bottom-up credit research process where loan selection drives portfolio performance. With that said, deconstructing results from the perspective of industry exposures can be instructive. Publishing and utilities, two of the worst-performing industry groups in 2011, rebounded in 2012, posting strong returns of 20.3% and 12.0% respectively. The portfolio’s material underweight exposure to these industries weighed on the portfolio’s relative performance results.

Contributing to portfolio relative performance were underweight exposures to the aerospace & defense and telecommunications industries, which both lagged the broader market, delivering returns of 2.1% and 7.4% respectively.

As of December 31, 2012, the portfolio was well diversified with 357 loan issuer positions across 35 industries. The portfolio’s higher-quality positioning is exhibited in its average loan price of $99.49 compared to a $97.51 average loan price for the benchmark as of December 31, 2012. Additionally, given the floating rate nature of the asset class, the loans in the portfolio reset their coupons every 49 days on average as of December 31, 2012, resulting in a limited interest rate risk exposure for the portfolio as compared to longer duration fixed income funds.

High Yield Bond Portfolio (managed by Pacific Asset Management)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the High Yield Bond Portfolio’s Class I returned 15.30%, compared to a 15.78% return for its benchmark, the Barclays U.S. High-Yield 2% Issuer Capped Bond Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-7

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		15.30%		8.24%		8.42%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index		15.78%		10.45%		10.60%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		15.53%		7.86%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index		15.78%		8.85%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The portfolio seeks a high level of current income by investing in non-investment grade debt instruments. Using a fundamental credit approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts.

The portfolio’s overweight to B rated securities and underweight to BB rated securities was a benefit to portfolio performance, while the equal weighting to CCC rated securities was neutral to its performance. The portfolio’s underweight to refining and overweight to consumer cyclicals helped its performance while the portfolio’s underweight to homebuilders and banking detracted from portfolio performance. The portfolio duration was higher than the benchmark during the year, which was a positive contributor to its performance as longer duration securities benefited from spread compression.

Inflation Managed Portfolio (managed by Pacific Investment Management Company LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Inflation Managed Portfolio’s Class I returned 9.87%, compared to a 6.98% return for its benchmark, the Barclays U.S. TIPS Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		9.87%		7.92%		6.96%
Barclays U.S. TIPS Index		6.98%		7.04%		6.65%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		10.09%		10.27%
Barclays U.S. TIPS Index		6.98%		9.37%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-8

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at PIMCO implemented the portfolio’s investment strategies by investing in bonds and derivative instruments. During the reporting period, an underweight position to treasury inflation protected securities (TIPS) through cash bonds and interest rate swaps was a negative influence on the portfolio’s performance as real yields rallied during the reporting period. However, favoring the intermediate portion of the TIPS curve to capture higher real yields helped the portfolio’s performance. The portfolio was short Australian dollar holdings for part of the reporting period which detracted from its performance as this currency appreciated versus the U.S. dollar.

A position in bonds of financial companies outperformed the broader, corporate market and added to portfolio performance, amid an accommodative monetary policy and improving housing data. Exposure to non-Agency MBS was a positive influence on the portfolio’s performance supported by positive supply technicals. Exposure to non-U.S. developed interest rates through inflation-linked bonds and interest rate swaps added to portfolio performance as these countries have stronger sovereign balance sheets and higher real yields that leave room to respond to continued global economic growth pressures. The portfolio’s exposure to emerging markets local debt denominated in Brazilian real, achieved through zero coupon swaps, added to the portfolio’s performance as the Monetary Policy Committee cut the policy rate.

We expect the global economy to grow at a real rate of 1.50 to 2.00 % in 2013. Real growth will be moderated by efforts to resolve debt overhangs through fiscal restraint as evidenced by the slowing in corporate profits, capital expenditures and global trade. Simultaneously, inflation will decrease in the near-term. Households will continue to de-lever their balance sheets while the corporate sector remains reluctant to engage its own. Nominal growth could, however, be bolstered by the continued resolve of central banks. The balance of these forces will determine if GDP growth has slowed to stall speed or if a coordinated global slowdown can be averted.

With regard to portfolio strategy, we look to reduce risk while preferring high quality income, over price appreciation, as risk premiums still appear richly priced relative to our outlook. We plan to maintain an overall neutral duration position with a focus on intermediate maturity TIPS that offer higher real yields and potential for price appreciation as the maturity rolls down. We will remain underweight both long-dated TIPS and nominals due to unfavorable risk/return characteristics. With low real yields in the U.S., we plan to continue holding inflation-linked bonds (ILBs) from Australia and Mexico that are linked to stronger sovereign balance sheets. To take advantage of the country’s persistent inflation and the exaggerated reaction to potential methodology changes to its inflation calculation, we plan to tactically hold United Kingdom (U.K.) ILBs. We look to allocate Italian ILBs to benefit from attractive valuations from recent market dislocations along with the potential for ECB purchases. We plan to maintain exposure to interest rates in countries such as Brazil, which have relatively high nominal and real local interest rates and steep yield curves with the potential to capture roll-down.

Inflation Protected Portfolio (managed by Western Asset Management Company)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Inflation Protected Portfolio’s Class I returned 5.51%, compared to a 6.98% return for its benchmark, the Barclays U.S. TIPS Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2011 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class I		5.51%		8.19%
Barclays U.S. TIPS Index		6.98%		9.37%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		5.72%		8.33%
Barclays U.S. TIPS Index		6.98%		9.37%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. Western Asset maintains the portfolio’s strategy of holding a mixture of TIPS, total return swaps on TIPS, and inflation-linked bonds issued by foreign governments. Non-U.S. dollar-denominated inflation linked securities were chosen based on value relative to TIPS of a corresponding maturity.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-9

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Market expectations of inflation ended 2012 significantly higher, despite the considerable volatility over the reporting period. Beginning the reporting period at a level of 1.95%, the 10-year breakeven inflation rate rose to 2.45% in March 2012 as the Fed extended its commitment to keep rates low. But once again Europe’s problems spilled over into global markets in April and May, this time focused on Spain, lowering inflation expectations and risky asset prices. June saw the ECB combine with politicians to stem the Spanish problems, and together with further action from the Fed, drove break evens and risk asset prices up throughout the remainder of 2012, closing the year near their recent highs. All of the above culminated in a strong performance from TIPS with the benchmark returning 6.98%.

For the year as a whole, the portfolio lagged the benchmark as TIPS rallied strongly and outperformed the selected foreign issues that detracted from performance. Most notable was the turbulence in the U.K. inflation-linked market caused by the U.K government’s decision to review the Retail Price Index (RPI) inflation measure, which had they gone ahead, would have damaged both value and reputation of the market.

Our expectations for a continued economic recovery, albeit at a subdued pace, are supported by ongoing, modest GDP growth. We expect a continuation of mildly positive domestic economic growth and for inflation linked assets to perform modestly well into 2013. However, caution is the watchword as we head into 2013. We remain cognizant of potential negative spillover effects should a contagion erupt overseas and of the impact of domestically driven events such as the impending debt ceiling debates. Still, the Fed remains highly accommodative and continues to implement non-traditional easing programs. Corporate balance sheets remain strong. Overseas, the European sovereign debt crisis has moderated and the Chinese economy appears to be picking up. Therefore, we expect real yields to rise moderately, especially in maturities under five-to-seven years, and we continue to look to hold inflation-linked securities from commodity-driven economies, such as Australia and Canada, or in the U.K. where inflation protection is cheaper than in the U.S. instead of equivalent TIPS.

Managed Bond Portfolio (managed by Pacific Investment Management Company LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Managed Bond Portfolio’s Class I returned 10.72%, compared to a 4.21% return for its benchmark, the Barclays U.S. Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		10.72%		8.30%		6.89%
Barclays U.S. Aggregate Bond Index		4.21%		5.95%		5.18%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		10.94%		7.31%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at PIMCO implemented the portfolio’s investment strategies by investing in bonds and derivative instruments. Tactical duration positioning in the U.S. through the use of cash bonds and interest rate swaps was positive for the portfolio’s performance. Within investment grade credit, a focus on financials added to portfolio performance returns as this sector outperformed the broader corporate market amid an accommodative monetary policy and improving housing data. Additionally, holdings of Agency MBS during the reporting period impacted the portfolio’s performance positively as this sector outperformed like-duration Treasuries. An allocation to non-Agency MBS, which was supported by positive supply technicals, also contributed to performance.

Beyond core sectors, exposure to non-U.S. developed interest rates, particularly core Europe, through cash bonds and interest rate swaps, added to portfolio performance as rates declined in this region on renewed confidence in the ECB. Exposure to high yield, through the use of cash bonds and interest rate swaps, also added to portfolio performance as spreads tightened. Exposure to emerging markets local interest rates in Brazil through cash bonds and interest rate swaps added to portfolio performance as the Monetary Policy Committee cut the policy rate. Holdings of Build America Bonds (BABs) were positive for portfolio performance, as this sector continued to offer attractive valuations relative to similarly rated corporates.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-10

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

We expect the global economy to grow at a real rate of 1.50 to 2.0 % in 2013. Real growth will be moderated by efforts to resolve debt overhangs through fiscal restraint as evidenced by the slowing in corporate profits, capital expenditures and global trade. Simultaneously, inflation will decrease in the near-term. Households will continue to de-lever their balance sheets while the corporate sector remains reluctant to engage its own. Nominal growth could, however, be bolstered by the continued resolve of central banks. The balance of these forces will determine if GDP growth has slowed to stall speed or if a coordinated global slowdown can be averted.

With regard to portfolio strategy, we plan to continue to reduce risk while preferring high quality income, over price appreciation, as risk premiums still appear richly priced relative to our outlook. We will remain focused on sectors that will benefit from central bank actions that have increased liquidity and suppressed volatility. We look to selectively add high quality duration in countries with healthier balance sheets and independent monetary policy, including, Australia, Canada, Brazil, and Mexico. We plan to reduce holdings in Agency MBS to benchmark weightings as Agency MBS appear fully priced with limited upside following recent central bank actions. We will continue to hold non-Agency MBS and commercial MBS that have senior positions in the capital structure as another source of yield. Within credit, we aim to shift credit exposure toward securities higher in the capital structure and remain cautious on the bonds of companies with economic exposure to Europe. We also look to retain exposure to select corporate and quasi-sovereign bonds in countries with strong initial conditions and strong balance sheets such as Brazil and Mexico. We will continue to hold high quality municipal bonds which have reverted to fair value and will also retain longer-dated TIPS positions to protect against potentially higher long-term inflation. Finally, we will maintain an overall neutral currency stance with slight overweight positions in high quality, emerging markets currencies such as the Brazilian real, Chinese yuan, and Mexican peso.

Short Duration Bond Portfolio (managed by T. Rowe Price Associates, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Short Duration Bond Portfolio’s Class I returned 3.19%, compared to a 1.26% return for its benchmark, the Barclays 1-3 Year U.S. Government Credit/Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2003 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  T. Rowe Price Associates, Inc. began managing the portfolio on May 1, 2011, and some investment policies changed at that time. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		Since Inception (5/1/03)
Portfolio’s Class I		3.19%		2.11%		2.38%
Barclays 1-3 Year U.S. Government Credit/Bond Index		1.26%		2.88%		3.10%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		3.40%		2.23%
Barclays 1-3 Year U.S. Government Credit/Bond Index		1.26%		1.31%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at T. Rowe Price invest the portfolio’s assets in fixed income securities (including derivatives on such securities). Normally the portfolio will focus on high quality, investment grade securities. Generally, we expect to track the duration of the benchmark (plus or minus a half-year), although the securities held may have short-, intermediate-, and long-terms to maturity. In addition to making active sector allocations and security selection decisions, the management team monitors portfolio duration as part of the management for the portfolio.

Sector allocations were the primary driver of relative returns. The portfolio’s overweight allocation to short-term, investment-grade corporate bonds with a corresponding underweight to Treasuries benefited the portfolio’s performance returns the most. Despite intermittent pressure stemming from macro-economic concerns, corporate bonds proved resilient. The sector generated strong returns as demand increased significantly as investors sought an incremental yield advantage in a low-rate environment. In addition to the portfolio’s corporate allocation, its out-of-benchmark exposure to high yield bonds and CMBS also drove performance to a lesser extent. For similar reasons as the corporate sector, investors continued to reach for yield in these higher beta (risk) sectors, as rates remain at absolute lows.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-11

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Our strategic underweight to Treasuries also contributed to portfolio performance returns relative to the benchmark. Although Treasury issues posted positive absolute returns for the reporting period, spread sectors such as corporate and securitized holdings outperformed due to insatiable demand for incremental yield, several periods of optimism regarding global economic conditions, and monetary policy support by the ECB and the Fed. Therefore, the portfolio’s underweight exposure to Treasuries benefited the portfolio.

Positioning on the yield curve was also a driver of relative performance as rates along the intermediate portion of the curve experienced declines during the reporting period—driven lower in part by significant investor concerns over global economic conditions, the sovereign debt crisis in the eurozone, and continued support for the Treasury market via Fed policy. The portfolio’s modest exposure to intermediate maturities mostly through MBS and investment-grade corporates, contributed to portfolio performance.

There were only a few very minor detractors for the reporting period. The portfolio’s allocations in several Money Center Banks detracted as the portfolio’s holdings were floating rate securities and those with shorter-duration. The fixed-rate, longer-duration banking names in the benchmark outperformed. The portfolio’s exposure to Telecom Italia S.P.A. detracted from its performance for similar reasons as the short-duration bonds from the issuer did not perform as well as the longer-duration bonds in the benchmark.

Emerging Markets Debt Portfolio (managed by Ashmore Investment Management Limited)

Q. How did the portfolio perform for the period ended December 31, 2012?

A. The portfolio commenced operations on April 30, 2012. For the period from inception through December 31, 2012, the Emerging Markets Debt Portfolio’s Class I returned 10.60%, compared to a 10.85% return for its benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on April 30, 2012 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 30, 2012 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Total Returns for the period from Inception through December 31, 2012
	Since Inception (4/30/12)~
Portfolio’s Class I		10.60%
J.P. Morgan EMBI Global Diversified Index		10.85%
	Since Inception (4/30/12)~
Portfolio’s Class P		10.74%
J.P. Morgan EMBI Global Diversified Index		10.85%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the period since inception through December 31, 2012, the portfolio’s Class I underperformed the benchmark. We at Ashmore tactically manage exposure to external debt, local currency and corporate debt. The portfolio invests its assets in debt instruments that are economically tied to emerging market countries, which are issued by governments (sovereigns), government-guaranteed or majority government-owned entities (quasi-sovereigns), government agencies and corporate issuers, and may be denominated in any currency, including the local currency of the issuer.

The portfolio’s allocation to external debt during the reporting period was just over 60% of the portfolio, peaking in August before dropping back to original levels. The portfolio’s underweight allocation to external debt detracted from performance over the reporting period, as sovereign external debt performed better than local currency and corporate bonds in 2012. However, within this theme, our country/security selection contributed positively to portfolio performance. During the reporting period, Venezuela, Russia and Brazil performed the best within external debt markets.

The portfolio’s exposure to local currency instruments was managed dynamically during the reporting period. The exposure was increased significantly during the third quarter, when we expected local currency-denominated bonds and currencies to respond well to ongoing policy action by global central banks. First, local currency bonds rallied as emerging market central banks’ cut their domestic interest rates and attracted inflows. Additionally, in September, emerging markets currencies benefited from a new round of quantitative easing by the Fed. Over the reporting period, the portfolio’s exposure to local currency bonds was a positive contributor to performance, principally because the portfolio was invested in local markets where interest rates markets performed very well (Brazil, Russia).

See explanation of symbol and benchmark definitions on A-56 through A-57

A-12

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

During the reporting period, we increased and then maintained the portfolio’s exposure to corporate bonds, as their value relative to sovereigns has represented one of the best opportunities in emerging markets fixed income. Value was added to the portfolio as a result of the portfolio’s overweight positions in Chinese corporate bonds, notably in the real estate sector.

Considering the portfolio’s country-level attribution across all three themes (external debt, local debt and corporate debt), China, Brazil and Mexico were the three, largest contributors to performance relative to the benchmark. The portfolio was overweight relative to the benchmark in all three countries. In Brazil, the portfolio benefited particularly from positions in local currency government bonds, which rallied as the central bank cut interest rates aggressively. In China, the portfolio’s corporate bond positions performed very well as fears of economic slowdown gave way to solid growth and a market recovery. In Mexico, the portfolio benefited from overweight positions in all three themes, helped by a solid macroeconomic performance in 2012. Conversely, the top detractors relative to the benchmark were Turkey, Peru and Hungary; three countries where the portfolio has been underweight, and which performed quite well for different reasons. Turkey delivered a better-than-expected economic performance in 2012. In Peru, we have felt for some time that the assets were expensive, and we have maintained an underweight position as we saw better opportunities in other markets. Hungary managed to recover the support of investors despite accumulating significant economic challenges since the previous year.

American Funds Growth Portfolio (Capital Research and Management Company manages the Master Growth Fund)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the American Funds Growth Portfolio’s Class I returned 17.45%, compared to a 16.00% return for its benchmark, the S&P 500 Index. The American Funds Growth Portfolio (Feeder Growth Portfolio) invests all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series^®, a registered open-end investment company (Master Growth Fund). The Master Growth Fund returned 18.19% for the same period. The performance for the Feeder Growth Portfolio was lower than the Master Growth Fund due to expenses incurred by the Feeder Growth Portfolio.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2005 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		Since Inception (5/2/05)~
Portfolio’s Class I		17.45%		0.52%		5.52%
S&P 500 Index		16.00%		1.66%		4.96%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		17.68%		1.71%
S&P 500 Index		16.00%		5.08%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The discussion that follows relates to the master fund. For the reporting period, the portfolio’s Class I outperformed the benchmark. The Master Growth Fund (the “fund”) invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The health care sector continued to be one of the main contributors to the fund’s results, with several biotechnology companies recording strong gains. Increasing consumer confidence helped lift companies in the consumer discretionary sector, including several of the fund’s largest holdings. Information technology and financial holdings also contributed to results.

The fund’s weakest sectors were materials and energy, which have experienced lower demand in recent months as economic growth has stalled in China and other key economies.

Outside the U.S., the fund’s best performance results again came from holdings in Spain, India and the Netherlands — holdings in Brazil and South Africa detracted from is performance.

As global uncertainty persists, Capital Research’s portfolio counselors continue to search for companies with good valuations and accelerating growth prospects.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-13

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

American Funds Growth-Income Portfolio (Capital Research and Management Company manages the Master Growth-Income Fund)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the American Funds Growth-Income Portfolio’s Class I returned 17.06%, compared to a 16.00% return for its benchmark, the S&P 500 Index. The American Funds Growth-Income Portfolio (Feeder Growth-Income Portfolio) invests all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series^®, a registered open-end investment company (Master Growth-Income Fund). The Master Growth-Income Fund returned 17.79% for the same period. The performance for the Feeder Growth-Income Portfolio was lower than the Master Growth-Income Fund due to expenses incurred by the Feeder Growth-Income Portfolio.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2005 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		Since Inception (5/2/05)~
Portfolio’s Class I		17.06%		0.57%		4.06%
S&P 500 Index		16.00%		1.66%		4.96%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		17.30%		4.24%
S&P 500 Index		16.00%		5.08%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The discussion that follows relates to the master fund. For the reporting period, the portfolio’s Class I outperformed the benchmark. The Master Growth-Income Fund (the “fund”) invests primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends. Growing consumer confidence and an improved housing market in the U.S. helped companies in the consumer discretionary sector perform well, benefiting the fund’s performance. Stock selection was a key factor, with holdings in the media industry, particularly two cable television companies, having the most positive impact on the performance of the fund.

Good stock selection also helped in other sectors, including health care, where several of the fund’s investments in U.S. biotechnology companies were performing well, as well as telecommunication services and information technology.

The fund’s weakest sector was energy, where companies were hurt by falling oil prices and lower demand. A relatively underweight to financial companies also held back portfolio performance results. Because of ongoing macro concerns, Capital Research’s portfolio counselors held a sizable portion of assets in cash. This cautionary measure helped the fund when stocks declined in the second quarter, but proved a drag on the full-year return.

While problems in Europe, China and the U.S. persist, there have recently been encouraging developments, and we remain confident that the fund’s holdings can prosper over the long-term.

Comstock Portfolio (managed by Invesco Advisers, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Comstock Portfolio’s Class I returned 18.54%, compared to a 17.51% return for its benchmark, the Russell 1000 Value Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  Invesco Advisers, Inc. began managing the portfolio on June 1, 2010. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		18.54%		1.73%		7.04%
Russell 1000 Value Index		17.51%		0.59%		7.38%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		18.78%		3.69%
Russell 1000 Value Index		17.51%		4.69%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at Invesco aim to exploit market inefficiencies by investing in companies that appear undervalued relative to the market in general. Ultimately, we believe the market will recognize the value in these companies, and we will sell as the stock prices begin to reflect their intrinsic value. Although we are benchmark agnostic, we feel that stock selection, as opposed to making sector bets, may provide a more consistent opportunity for success. In addition, we believe investors can take advantage of pricing anomalies by purchasing undervalued stocks before there is a recognizable catalyst.

The portfolio’s investable universe includes all large-capitalization, U.S.-denominated equities. To distill these investments, we first filter for companies with sufficient liquidity. We filter the remaining securities on valuation metrics depending upon the growth or cyclical nature of their business. The result of this filtering process is a pool of highly liquid securities that we believe are statistically inexpensive relative to the broader market. Companies identified in the filtering process are thoroughly analyzed to assess intrinsic value and their ability to achieve fair value.

On the positive side, a significant overweight position and strong stock selection in the consumer discretionary sector was one of the largest contributors to portfolio performance. The portfolio’s main consumer discretionary sector exposure was in the media companies industry, with holdings such as Comcast Corp., Time Warner Cable, Inc. and News Corp. contributing the most within this industry and benefiting portfolio performance. Comcast, a top cable provider that is well positioned to take advantage of secular changes in broadband and content delivery, exhibited significant free cash flow generation, enabling the company to return capital to investors in terms of buying back company stock at attractive valuations. Strong stock selection within the financials sector also contributed to portfolio performance. The Allstate Corp., Citigroup, Inc. and The Bank of New York Mellon Corp. were the top performers within this sector, posting strong returns for the reporting period and boosting portfolio performance. Citigroup is currently trading at attractive valuations, despite the strong performance over the reporting period and has a strong capital and reserve position. Stock selection within industrials enhanced portfolio performance, as well. Textron, Inc. was a clear contributor to portfolio performance, posting over 30% returns for the reporting period. Having a material underweight to the utilities sector also boosted relative performance, as this was the worst performing sector within the benchmark for the reporting period. The portfolio has long been underweight the utilities sector, as valuations have not been attractive overall, due to investors’ desire for yield, driving up stock prices in this sector. Stock selection within the consumer staples sector also helped portfolio performance, followed by strong stock selection within the materials sector. Notably, International Paper Co., boosted portfolio performance on both an absolute and relative basis, as the company experienced continued revenue growth through the reporting period and successfully implemented price increases.

On the negative side, unfavorable stock selection within the energy sector detracted from portfolio performance. Select holdings such as Weatherford International Ltd., Royal Dutch Shell P.L.C. and Halliburton Co. were large detractors within the sector, negatively impacting portfolio performance. During the reporting period, Weatherford International continued to deal with an unfavorable drilling and service environment, as well as issues with internal accounting controls. Weak stock selection within the health care sector, specifically, within pharmaceuticals, also acted as a large detractor to the portfolio’s relative performance for the year. Specifically, Bristol-Myers Squibb Co. and GlaxoSmithKline P.L.C. performed poorly as these stocks contributed negatively to the portfolio’s performance returns during the reporting period. A material overweight to and stock selection within information technology sector hampered portfolio performance, as well. Hewlett-Packard Co. and Microsoft Corp. were large detractors within this sector and dragged down portfolio performance. During the reporting period, investors continued to be concerned with

See explanation of symbol and benchmark definitions on A-56 through A-57

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Hewlett-Packard over the short-term due to changes in management and the resulting inconsistent, strategic plans. Stock selection and an underweight to the telecommunication services sector detracted from the portfolio’s relative performance. Vodafone Group P.L.C. disappointed investors with a negative return for the year, based on poor financials. Not owning Sprint Nextel Corp. was a large detractor from portfolio performance, as the stock experienced outsized returns, performing over 140% for the year.

During the reporting period, the portfolio’s select holdings in information technology services, insurance, media and consumer staples were trimmed based on valuations. Toward the end of the reporting period, select-holdings in information technology equipment and energy were added to the portfolio based on displaying weakness. Portfolio positions in a food & beverage company, an oil and gas exploration and production company and a holding in consumer durables were also added to the portfolio.

Dividend Growth Portfolio (managed by T. Rowe Price Associates, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Dividend Growth Portfolio’s Class I returned 14.55%, compared to a 16.00% return for its benchmark, the S&P 500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  T. Rowe Price Associates, Inc. began managing the portfolio on May 1, 2010. The portfolio changed its name from Diversified Research Portfolio, and some investment policies changed at that time. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		14.55%		1.12%		6.40%
S&P 500 Index		16.00%		1.66%		7.10%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		14.78%		5.24%
S&P 500 Index		16.00%		5.08%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The portfolio seeks to concentrate on high quality names with balance sheet strength that we at T. Rowe believe can grow steadily and emerge as consistent outperformers. The portfolio’s position in the financials sector was a significant detractor from its relative performance, mainly due to stock selection. Specifically detracting from portfolio performance was insurance broker Willis Group Holdings P.L.C. The company announced disappointing earnings on lower-than-expected organic growth and margin contraction. Elsewhere, shares of The PNC Financial Services Group, Inc. pulled back during the fourth quarter, also detracting from the portfolio’s performance return. The company missed earnings expectations, driven by lower security yields and slowing loan growth. We continue to believe PNC Financial Services Group will benefit from its management transition, as well as cost savings from its recent acquisition of RBC Centura.

The energy sector was another notable detractor from portfolio relative performance, due to stock selection. After a strong 2011, gas transmission and distribution company Spectra Energy Corp. pulled back during the reporting period, negatively impacting portfolio performance. The company faced commodity weakness, particularly due to weak natural gas liquid fundamentals. During the reporting period, Peabody Energy Corp., the largest U.S. coal producer, negatively impacted portfolio performance and was sold on the back of deteriorating coal fundamentals, largely driven by a slowing Chinese real estate market.

In contrast, the telecommunication services sector was a key contributor to portfolio relative performance returns, driven by deft stock picking. Specifically contributing to portfolio performance was Crown Castle International Corp., along with other wireless communication tower companies. Crown was noteworthy as it benefited from continued demand for higher data capacity to support smart phone technology. The company also purchased approximately 7,100 cell phone towers from T-Mobile USA to further expand its U.S. holdings.

Elsewhere, the consumer staples sector positively contributed to the portfolio’s relative performance returns, driven by positive stock selection. Globally improving fundamentals in the spirits industry benefited Pernod-Ricard S.A. During the reporting period, the company experienced strong pricing trends due to high exposure to brown spirits and high exposure to emerging Asia. Also, McCormick & Co., Inc. continues to separate itself

See explanation of symbol and benchmark definitions on A-56 through A-57

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

from other food companies due to a combination of both pricing and volume growth. The company also has one of the better geographic footprints among food players, and its organic sales continue to surprise to the upside.

Equity Index Portfolio (managed by BlackRock Investment Management, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Equity Index Portfolio’s Class I returned 15.77%, compared to a 16.00% return for its benchmark, the S&P 500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  BlackRock Investment Management, LLC acquired the assets of Mercury Advisors, an affiliate of Merrill Lynch Investment Managers, L.P., effective September 29, 2006 and began managing the portfolio on that date. Mercury Advisors began managing the portfolio on January 1, 2000. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		15.77%		1.39%		6.82%
S&P 500 Index		16.00%		1.66%		7.10%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		16.00%		5.03%
S&P 500 Index		16.00%		5.08%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of the benchmark as represented by the S&P 500 Index. In accordance with BlackRock’s passive investment strategy, the portfolio was positioned to match the risk characteristics of the benchmark throughout the reporting period. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012. Telecommunication services performed well, and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While all of the S&P 500 Index sectors moved higher during the reporting period, energy stocks were hindered by declining oil prices in the latter part of the reporting period, and utilities became less favorable as investors sought riskier investments.

Focused 30 Portfolio (managed by Janus Capital Management LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Focused 30 Portfolio’s Class I returned 23.21%, compared to a 15.26% return for its benchmark, the Russell 1000 Growth Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-17

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		23.21%		-1.64%		11.60%
Russell 1000 Growth Index		15.26%		3.12%		7.52%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		23.45%		3.30%
Russell 1000 Growth Index		15.26%		4.70%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at Janus believe the portfolio’s performance during the reporting period illustrates our emphasis on identifying long-duration growth companies with characteristics such as durable competitive advantages, a proven ability to gain market share or the potential to expand into new markets with enduring and innovative products.

Stock selections in information technology, telecommunication services and consumer discretionary sectors were the largest contributors to portfolio relative performance. The portfolio’s holdings in the materials and industrials sectors hurt its relative performance. Stock selection in the technology sector was one of the biggest drivers of outperformance. In technology, there was a proliferation of data usage through mobile devices at work and at home during the reporting period, with broad implications for content owners, Internet companies and device manufacturers. We believe this backdrop provides a multi-year growth opportunity for companies with durable competitive advantages such as Apple, Inc., eBay, Inc. and Crown Castle International Corp., the portfolio’s three top performing stocks during the reporting period. We also see the value of data increasing—creating opportunities for technologies that help customers store, access and analyze data. An example of this is EMC Corp., a data storage and organization business, that we believe is well positioned to benefit from growth in availability and value of data.

Stock selection in the consumer discretionary sector was also a strong driver of the portfolio’s relative outperformance. We think meeting the needs of the newly wealthy in emerging markets appears to be a multi-year growth opportunity for companies with durable competitive advantages. We believe companies with strong brands and growth prospects in their core markets should be able to capture growth from emerging markets as consumers in these markets are willing to pay a premium for premium brands that they view as guarantees of quality or outward evidence of their success. We have identified and invested in luxury goods, lifestyle and fashion brands including Cie Financiere Richemont S.A. and Prada S.P.A., that we believe are capable of delivering rapid earnings growth in emerging economies while continuing to deliver strong earnings in their more mature markets.

A string of acquisitions and new services by eBay serve as a stronger partner to the merchants that use its platform. These services enhance eBay’s competitive positioning relative to other e-commerce platforms. Meanwhile, eBay’s PayPal is making inroads with its new off-line business, announcing a deal with Discover Financial Services that will allow PayPal customers to use the payment service in any store that accepts Discover card. The partnership should make it easier for retailers to accept PayPal as a payment service, and help expand the franchise as customers start using PayPal in stores.

Crown Castle owns and operates cellular towers that are used by mobile carriers. We like Crown Castle’s recurring revenue stream it receives from mobile carriers who rent tower space. We believe the company is positioned for future growth as mobile carriers are likely to increase capital expenditures to keep up with the increase in mobile data use. Apple remains the largest position in our portfolio. We believe the company has developed a strong ecosystem with multiple devices bringing consumers and businesses into the Apple family. Once introduced to the Apple brand, customers tend to increase spending on its products, and they become more loyal and profitable to the company. Richemont was up roughly 50% since the summer. The luxury goods company is building out distribution and product and has benefited from new wealth creation in emerging markets where many consumers are anxious to buy premium luxury brands for the first time. The company has also benefited from an increased number of Chinese travelers. Luxury goods and other products cost more in China than they do in other regions of the world. As more Chinese consumers travel abroad, they are using the opportunity to load up on less expensive luxury products.

The holdings in the industrials and materials sectors were the largest detractors from the portfolio’s relative performance during the reporting period. The portfolio includes only one holding in the materials sector, Turquoise Hill Resources Ltd. (formerly Ivanhoe Mines). The stock was

See explanation of symbol and benchmark definitions on A-56 through A-57

A-18

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

down during the reporting period, reflecting what we believed to be investor concern about how a rights offering would affect future earnings-per-share and the weaker economy as a whole. Over the long-term, we still feel positive about the potential of the company’s Mongolian mine, which represents one of the largest, high-grade copper deposits in the world. We believe the mine’s value will eventually accrue to shareholders.

The portfolio’s returns in the industrials sector were positive, but lagged sector returns for the benchmark. The holdings were mostly concentrated in transport services, logistics and asset-light companies that tend to underperform the more cyclical names in the sector. We think this is a short-term phenomenon and believe our holdings have attractive, long-term growth drivers. One of the portfolio’s weakest holdings in the sector, for example, was the logistics company C.H. Robinson Worldwide, Inc. The company was impacted by a shortage of trucking capacity, which reduced profitability as truckers were able to demand better pricing. We continue to like C.H. Robinson’s business model, however, which has posted consistent year-over-year growth. We think the long-term opportunity and value of the business remains intact.

Specific detractors from portfolio performance, in addition to Turquoise Hill, were Zynga, Inc., FaceBook, Inc. and Ford Motor Co. We liked Zynga’s social gaming platform, but the company’s reliance on FaceBook to create network effects for its games has proved challenging. The portfolio exited the position to pursue other opportunities. While the company is the leading social media network, FaceBook has been challenged monetizing this asset. The position was eliminated to pursue other companies which we believe have better risk/reward profiles. Ford Motor Co. fell as investors grew concerned over the time it would take the company to fix its business in Europe. The portfolio’s position was sold during the reporting period.

We have been encouraged to see the market respond more to the underlying fundamentals of companies this year. We think this will be the case going into 2013. Much attention has been paid to today’s macroeconomic risks and uncertainties. We believe these are “known unknowns” that are already priced into the market, so we expect business fundamentals to be the biggest driver of stock performance in the coming months. In that environment, we believe the type of competitively advantaged, long-duration growth companies we seek to identify should be recognized by the market for the strength of their businesses and the elements that set them apart from their competitors.

Growth LT Portfolio (managed by Janus Capital Management LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Growth LT Portfolio’s Class I returned 18.24%, compared to a 15.26% return for its benchmark, the Russell 1000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		18.24%		0.03%		7.30%
Russell 1000 Growth Index		15.26%		3.12%		7.52%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		18.45%		2.38%
Russell 1000 Growth Index		15.26%		4.70%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at Janus believe the portfolio’s relative outperformance demonstrates our emphasis on long-duration, high quality growth companies. Rather than tilt the portfolio around unpredictable macroeconomic events, we focus instead on finding companies with clearly definable and sustainable growth drivers. In our view, these companies have a high barrier to entry, a winning management team with a clear vision for the future of their company, or a definable edge in an attractive industry with high growth potential. We believe these competitively-advantaged companies do not need a strong macroeconomic environment for growth. If we are correct in identifying the perceived advantages of most of the companies in the portfolio, we believe we should outperform the benchmark in uncertain and slow economic environments, as these companies execute on the unique strategies or innovations that make them more successful than their competitors. This investment strategy played out this year as the portfolio’s outperformance was driven almost entirely by stock selection. Stock selection made the strongest contributions to the portfolio’s relative performance in the technology and consumer staples sectors.

See explanation of symbol and benchmark definitions on A-56 through A-57

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

However, stock selection in the energy and health care sectors detracted from the portfolio’s relative performance. We maintained a higher-than-normal cash position during much of the reporting period. The higher cash allocation was a drag on portfolio performance, but we like having the flexibility to take advantage of attractive opportunities when there is a market pullback, and believe it gave us the opportunity to add some companies to the portfolio at attractive valuations.

Apple, Inc. remains a top position in the portfolio and was the largest contributor to its performance during the reporting period. We believe Apple has developed a strong ecosystem with multiple devices bringing consumers and businesses into the Apple family. Once introduced to the Apple brand, customers tend to increase spending on its products becoming more loyal and profitable to the company. Also a top contributor to portfolio performance was eBay, Inc. as the company is seeing a reacceleration in its core marketplace business and continued growth in PayPal on-line and off-line globally. We like the value proposition eBay’s e-commerce platform offers retailers and consumers and also believe there is a growing opportunity set for the PayPal franchise. Another top contributor to portfolio performance was Oracle Corp. We like the company for its recurring maintenance contracts, historically dominant market share and pricing power. Its generally stable cash flows are appealing to us as well.

J.C. Penney Co., Inc. was the largest detractor from portfolio performance as the company’s turnaround under new management has taken longer-than-expected which has weighed on performance. The portfolio’s position was sold after questions about management’s ability to execute on its intended strategy. Zynga, Inc. also detracted from portfolio performance. The position was sold as the quick shift to mobile and a more challenging competitive landscape undermined the attractiveness of the investment for the long-term. Another detractor from portfolio performance was Ogx Petroleo Gas Participaoes S.A. The company reported slower-than-expected well flow rates than it had projected earlier during the reporting period. The position in the stock was eliminated during the reporting period to pursue companies with better risk/reward profiles.

While equity markets would generally benefit from a stronger economic backdrop, we think a slow-growth economy actually benefits our investment approach. In a growth-challenged world, companies with competitive advantages that demonstrate better-than-average growth should be rewarded. We believe this environment favors individual security selection and fundamental research that seeks to identify companies that are truly differentiated from their competitors.

Large-Cap Growth Portfolio (managed by UBS Global Asset Management (Americas) Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Large-Cap Growth Portfolio’s Class I returned 18.23%, compared to a 15.26% return for its benchmark, the Russell 1000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  UBS Global Asset Management (Americas) Inc. began managing the portfolio on May 1, 2009, and some investment policies changed at that time. Other firms managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		18.23%		-0.97%		4.17%
Russell 1000 Growth Index		15.26%		3.12%		7.52%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		18.47%		5.28%
Russell 1000 Growth Index		15.26%		4.70%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. During the reporting period, we at UBS continued to execute on our strategy of buying companies trading at attractive price levels relative to our scenario-based discounted cash flow (DCF) valuation analysis and selling when portfolio holdings have reached our price objectives or where we have experienced a thesis violation. We continue to execute across the three buckets of growth for opportunities: elite, classical, and cyclical growth. In recent years, our team has grown accustomed to investing in volatile macroeconomic environments, which are highly complex to analyze, and where the range of outcomes remains wide. Within this type of environment, we remain firmly committed to our discipline of bottom-up security selection. We conduct in-depth research on company business models, seeking to find dominant companies that can take market share, exercise pricing power, and convert a high level of net income

See explanation of symbol and benchmark definitions on A-56 through A-57

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

to free cash flow in any macroeconomic environment. Our scenario-based DCF work allows us to understand the magnitude and duration of sales growth and free cash flow generation for a given company and to identify mis-pricings by the market. During the reporting period, the complex and rapidly-changing macroeconomic environment has created the market volatility which affords us the opportunity to execute on our strategy and purchase dominant companies at attractive prices. During the reporting period, the portfolio outperformed its benchmark through purchase and sale decisions across a number of portfolio holdings and sectors.

Within the materials sector, the portfolio’s position in The Sherwin-Williams Co., a paint manufacturer and distributor, was a material contributor to portfolio performance. Sherwin has a differentiated business model, integrating its operations from paint manufacture to company-owned retail stores serving the professional painter. While the company operates in a mature industry with end markets and input costs that are cyclical, it is best defined as a classical growth company as it consistently delivers stable sales growth and free cash flow generation. Sherwin was initially purchased a couple years ago. We believed the market misunderstood the company’s growth trajectory, owing in part to headwinds from the housing crisis. During the reporting period, Sherwin’s earnings growth accelerated as housing starts in the U.S. rebounded, resulting in it being one of the portfolio’s top contributors to its performance. Consistent with our discipline, the position was trimmed five times between May and June, as the upside to the target price declined.

Several of the portfolio’s holdings within information technology were also strong contributors to outperformance. Visa, Inc. was the top active overweight position and was a strong contributor to the portfolio’s performance. The company exceeded its own earnings guidance as it easily adjusted to new debit card regulation in the U.S., while delivering upside to operating margins. When Visa was initially purchased in 2011, the uncertain impact of newly-finalized regulation was an overhang that afforded a very attractive buying opportunity. The company has since been re-rated higher to more fully reflect the company’s intrinsic value; salesforce.com, Inc. also outperformed. We purchased it in January, and the portfolio benefited from a re-valuation upwards during the first quarter, which helped its performance. The portfolio’s exposure was trimmed in June as the company approached our price objective, and then increased the position again in August after the shares sold off, reflecting assumptions that were too pessimistic based on our fundamental work. Apple, Inc. was a strong performer during the reporting period, owing to the continued success of the iPhone and iPad. The portfolio has since transitioned from a small overweight position to an underweight position, which has also helped its performance.

During the reporting period, a number of the portfolio’s key holdings in the consumer discretionary sector were solid contributors to its performance and were examples of the ability of elite growth companies to generate shareholder value through periods where headwinds would derail more average businesses. Also adding to portfolio performance was Amazon.com, Inc., as it was re-valued higher, despite near-term concerns over operating margin expansion, as the company continued to deepen its customer loyalty and product category over a highly fixed asset base. Also outperforming was priceline.com, Inc., benefiting portfolio performance, despite a temporary sell-off due to concerns that its exposure to weakening Continental European economies would dampen its results. This holding continued to gain share during the reporting period, amidst economic weakness, which has propelled the valuation higher from the intermittent sell-off.

Positive contribution to portfolio performance was in security selection within the health care sector, in particular Gilead Sciences, Inc. While controversial at first, we believe the decision to purchase Pharmasset has proven to be the correct bet as the company’s production of Hepatitis C Vaccines (HCV) has exceeded high expectation for potency and efficacy, while at the same time name brand potential competitors (Bristol, Idenix, etc.) have seen their pipeline products run into safety and/or efficacy headwinds. Additionally, within telecommunication services sector, the portfolio’s holding in Crown Castle International Corp. was a positive contributor to its performance.

Several specific security holdings and sector weightings did contribute to underperformance during the year. Within consumer staples sector, the positions in Monster Beverage Corp. and The Estee Lauder Cos., Inc. were detractors from portfolio performance. Monster, a maker of energy drinks fell under pressure during the summer on concerns of heightened regulatory scrutiny of their products. We added to the strategy’s position as we deemed the sell-off to be overdone and have been rewarded as the stock moved higher in the fourth quarter. Additionally, the strategy remained underweight to the financials sector throughout the year, which detracted from portfolio performance on a relative basis.

The financials sector was the best performing sector in the benchmark 2012 after health care as the tail risk from Europe was largely removed due to ECB action. We continue to avoid the financials sector as we favor better and more transparent business models elsewhere with more attractive risk/return.

Large-Cap Value Portfolio (managed by ClearBridge Advisors, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Large-Cap Value Portfolio’s Class I returned 16.40%, compared to a 17.51% return for its benchmark, the Russell 1000 Value Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-21

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  ClearBridge Advisors, LLC assumed management of the portfolio on October 1, 2006. Salomon Brothers Asset Management Inc, an affiliate of ClearBridge, managed the portfolio from January 4, 1999 to September 30, 2006. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		16.40%		1.32%		7.13%
Russell 1000 Value Index		17.51%		0.59%		7.38%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		16.64%		6.22%
Russell 1000 Value Index		17.51%		4.69%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The ClearBridge large-capitalization value team utilizes an interactive, research-driven approach to identify companies with strong business franchises and attractive valuations. We look for companies with proven business models and sustainable competitive advantages capable of generating superior returns over time across a range of potential scenarios. We place a heavy emphasis on higher certainty of near- and medium-term cash flows, while discounting earnings from emerging business models or products. We consider valuations relative to normalized earnings power.

On an absolute basis, the portfolio had positive returns in all ten economic sectors in which it was invested during the reporting period. The greatest contributions to the portfolio’s performance return came from the consumer discretionary, financials and consumer staples sectors. Relative to the benchmark, the portfolio’s overall sector allocation contributed to performance for the reporting period. The portfolio’s overweight position in the consumer discretionary sector and its underweight in the utilities sector positively impacted its relative performance for the reporting period. Furthermore, security selection within the consumer staples and utilities sectors added to the portfolio’s relative performance. In terms of individual holdings, the leading contributors to portfolio performance included positions in News Corp., Time Warner Cable, Inc., JPMorgan Chase & Co., Wells Fargo & Co. and Time Warner, Inc.

Relative to the benchmark, overall security selection detracted from the portfolio’s performance. Specifically, stock selection within the financials, health care and information technology sectors negatively impacted the portfolio’s relative performance. Additionally, an underweight position in the financials sector and an overweight holding in the consumer staples sector detracted from relative portfolio performance for the reporting period. On an individual holding basis, the leading detractors from portfolio performance for the reporting period included positions in Hewlett-Packard Co., Johnson Controls, Inc., Teva Pharmaceuticals, Inc., Xerox Corp. and Apache Corp.

During the reporting period, we identified multiple opportunities to add to existing holdings or establish new portfolio positions in companies that we considered to be strong franchises trading at very attractive valuations. New portfolio positions were established in Capital One Financial Corp. and Teva Pharmaceuticals Industries Ltd. At the same time, the existing positions were sold in El Paso Corp., The Charles Schwab Corp., Unilever P.L.C., Johnson Controls, Inc. and Hewlett-Packard Co., and proceeds reinvested in areas where we believe there to be better risk-adjusted return opportunities.

We continue to believe that large-capitalization companies with sustainable competitive advantages and solid balance sheets will be able to navigate the challenging economic environment and generate strong returns over time.

Long/Short Large-Cap Portfolio (managed by J.P. Morgan Investment Management Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Long/Short Large-Cap Portfolio’s Class I returned 18.09%, compared to a 16.00% return for its benchmark, the S&P 500 Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-22

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2008 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  J.P. Morgan Investment Management Inc. became sole manager of the portfolio on May 1, 2011. The portfolio was co-managed with another firm before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		Since Inception (5/1/08)
Portfolio’s Class I		18.09%		1.80%
S&P 500 Index		16.00%		2.92%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		18.32%		3.60%
S&P 500 Index		16.00%		5.08%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at J.P. Morgan believe that strong investment results can be consistently achieved through bottom-up, strong stock selection with minimal exposure to risks associated with market timing or factor bets. Our stock selection philosophy is the heart of our process. We believe that a company’s stock price should reflect the present value of its long-term future cash flows. By looking beyond any near-term issues and understanding the long-term “normalized” earnings power of a company, we can take advantage of the temporary mis-pricing of stocks. The 30/30 (extension) piece of the portfolio was flat for the fourth quarter but outperformed for the year. The industrial cyclical, autos and transportation and energy sectors benefited the portfolio’s performance, while the pharmaceutical/medical technology, financial services and basic materials sectors hurt its performance. For the reporting period, stock selection in retail, utilities, and consumer cyclical contributed to the portfolio’s returns. Meanwhile, health services and systems, consumer staples, and financial services detracted from its performance.

Within the industrial cyclical sector, an underweight in General Electric Co. contributed to the portfolio’s performance returns as investors reacted negatively to disappointing third quarter earnings results, partially attributable to weak organic growth. General Electric continues to be expensive on a valuation basis, as both an industrial company and as a bank, and we do not believe it has a sustainable business model. We choose to not own the name at this time. Within the consumer staples sector, an overweight in General Motors Co. aided portfolio performance as the company announced its plan to buy back stock from the Treasury, removing the government overhang. In addition, the company has amassed a strong balance sheet with plenty of cash following bankruptcy. U.S. auto sales were healthy in the fourth quarter of the reporting period, which provided an additional lift. Both cyclical and secular trends are working in General Motor’s favor, given the product refresh cycle in 2013. The company also has a large footprint in emerging markets, particularly China, giving it an advantage versus competitors. Within the semiconductor sector, an overweight position in Lam Research Corp., a supplier of equipment and services to the semi-conductor industry, added value to the portfolio’s performance during the reporting period. After tremendous weakness in memory, pricing has seemed to bottom-out. Also, Lam Research benefits from the increase in capital intensity that occurs as semi-conductor manufacturers move down to smaller process nodes, driven by the shift towards mobile. Our longer-term outlook remains constructive as we believe an improving macro environment could provide a nice tailwind for equipment spending, with heavy exposure to the very weak memory segment, which is poised to rebound strongly.

On the downside, CME Group, Inc. lagged its peers within financials, negatively impacting portfolio performance, as our exchange volume forecasts proved overly bullish. Part of this can be attributed to regulatory uncertainty about new swap clearing rules, which further depressed volumes. In addition, the latest round of quantitative easing hurt CME’s interest rate complex, a large portion of the business. We are still confident in CME’s prospects due to its strong capital return policy and new clearing rules which should serve as an additional revenue opportunity. Also detracting from portfolio performance was an overweight to CSX Corp. Railroad companies most likely underperformed due to weakness in coal demand due to low natural gas prices, the warm winter and elevated stockpiles. The excess coal inventory overhang is expected to persist for the next few quarters in 2013, which acted as an additional overhang during the reporting period. Despite near-term headwinds, we believe fundamentals are solid, which should drive longer-term performance. We continue to maintain an overweight position in the company. Within the pharmaceutical/medical technology sector, an overweight in Merck Co., Inc. detracted from portfolio performance driven by setbacks in its cholesterol and biosimilar programs. Despite recent negative developments, we still like Merck due to its growing core franchise, a strong drug pipeline and a proven ability to increase its dividend going forward.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-23

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Main Street Core Portfolio (managed by OppenheimerFunds, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Main Street Core Portfolio’s Class I returned 17.02%, compared to a 16.00% return for its benchmark, the S&P 500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year			5 Years		10 Years
Portfolio’s Class I		17.02%			1.55%		6.71%
S&P 500 Index		16.00%	��		1.66%		7.10%
	1 Year			Since Inception (5/2/11)~
Portfolio’s Class P		17.25%			6.82%
S&P 500 Index		16.00%			5.08%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. Domestic equities generally produced positive portfolio returns during the reporting period. The portfolio outperformed the benchmark primarily in the information technology sector due to better relative stock selection. The portfolio underperformed the benchmark primarily in the consumer discretionary and industrials sectors. Oppenheimer’s long-term investment process remains the same. We seek companies with sustainable competitive advantages, with the management skill and financial resources to generate stronger profit margins, take market share from weaker players, and/or return significant capital to shareholders. We focus on leading firms in structurally attractive industries with committed management teams that have proven records of performance. We seek to invest in such companies when their valuations are attractive and believe that this disciplined approach is the key to generating positive, long-term returns. We believe our investment strategy has the potential to provide both upside participation and a degree of downside protection.

During the reporting period, the top performing stocks that benefited the portfolio’s performance were information technology stocks, Apple, Inc. and eBay, Inc.; financials stocks, Citigroup, Inc., JPMorgan Chase & Co. and Discover Financial Services. Apple, which was the top holding of the portfolio at reporting period end, continued to benefit from its success at innovation and its highly recognizable brand. eBay had a turnaround in its marketplace segment with improvements to the user-experience leading to increased loyalty and a large number of transactions. PayPal, eBay’s on-line payment service, also continued to be a significant contributor to eBay’s growth with results that exceeded expectations. Rounding out the top performing stocks for the portfolio were Citigroup, JPMorgan Chase & Co. and Discover Financial Services. Following several moves by the Fed to help spur growth, bank stocks generally rallied during the reporting period, and financials was the top performing benchmark sector. The reporting period also saw a more constructive view for large banks with greater global exposure.

The top detractors from portfolio performance were information technology stock, FaceBook, Inc.; energy stock, Occidental Petroleum Corp.; industrial stock, Towers Watson & Co.; utilities stock, The AES Corp.; and consumer staples stock, Mondelez International, Inc. Social media firm FaceBook faced concerns around how best to deliver effective advertising to mobile devices and monetize its significant network of users. General Motors Co.’s announcement to pull its advertising from FaceBook, Inc. highlighted these concerns. Occidental Petroleum Corp.’s stock performance was hurt by volatile oil and gas prices, which at times dropped sharply during the reporting period amid global macroeconomic market fears. We exited our position in Occidental. We established a position in global employee-benefits consulting company Towers Watson & Co. during the reporting period. Towards the end of the reporting period, Towers announced an earnings slip as costs rose and revenue and profits fell. The AES Corp., an operator of utilities and wholesale power generators, announced a third quarter loss as the company took a goodwill impairment charge and saw lower revenue in its Latin American utilities business. Snack company Mondelez International, Inc., formerly known as Kraft Foods, reported disappointing first quarter results, missing on its top and bottom lines primarily due to currency headwinds.

At the end of the reporting period, the largest overweight position in the portfolio was in the financials sector. Additionally, overweight positions were also in consumer staples, health care, industrials and information technology sectors. The portfolio was underweight mostly in utilities, energy, consumer discretionary, materials and telecommunication services.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-24

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Despite macroeconomic headwinds, we believe that many U.S. corporations have continued to build balance sheet strength and have generally made effective capital allocation decisions. While profit growth is likely to slow, we believe balance sheets may remain healthy and returns on capital may remain stable.

Mid-Cap Equity Portfolio (managed by Lazard Asset Management LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Mid-Cap Equity Portfolio’s Class I returned 7.35%, compared to a 17.28% return for its benchmark, the Russell Midcap Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		7.35%		1.33%		7.77%
Russell Midcap Index		17.28%		3.57%		10.65%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		7.55%		-3.47%
Russell Midcap Index		17.28%		2.48%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. Lazard analyzes a company’s value by comparing its share price with its return on total capital or equity. Companies are considered undervalued when their share price is lower than their estimated worth or growth prospects. The manager focuses on individual stock selection rather than on forecasting stock market trends. Stock selection in the energy sector contributed to portfolio performance.

Benefiting portfolio performance were shares of Marathon Petroleum Corp., which rose after the company reported robust earnings, primarily due to retail fuel and merchandise margins as well as corporate expense. The company also completed a significant portion of a $2 billion share repurchase program. Stock selection and an underweight position in the industrials sector also helped portfolio performance return. Private correctional facilities operator, Corrections Corp. of America, also benefited portfolio performance as shares rose as the company announced the initiation of a quarterly cash dividend of $0.20 per share beginning in June of 2012. The stock also appreciated on speculation that it would be converted into a REIT. Also positively impacting portfolio performance was Thomas & Betts Corp. as shares rose after the company was offered a buyout from a competitor.

In contrast, stock selection in the information technology sector detracted from portfolio performance. Chipmaker Marvell Technology Group Ltd. declined, detracting from the portfolio’s performance, after the company posted weak results due to a softening personal computer (PC) and hard-disk drive market. Also negatively impacting the portfolio’s performance, were shares of NetApp, Inc., a storage and data management solution provider, which declined after the company reported guidance which was lower-than-expected due to the macroeconomic environment. Given the likelihood of revenue growth and margin expansion, we see upside in the security from current levels. Stock selection in the consumer discretionary sector also hurt portfolio performance. Detracting from portfolio performance were shares of casino game manufacturer International Game Technology which declined after reporting results that disappointed the market. The expectation shortfall was driven by a significant decline in new units due to a lack of casino openings, and lower margins in the company’s game operations business due to lower interest rates.

To the extent the U.S. successfully addresses its fiscal challenges, we believe there is substantial upside for U.S. equities. We remain confident that, over time, political leaders in Washington will make decisions that will place the U.S. on a more sustainable fiscal trajectory than at present. However, it is critical that decisions be made to remove the fiscal uncertainty from the economic horizon. By agreeing on a substantial package for deficit reduction, we believe the government will also provide increased room for flexibility to address risk factors that might arise in the future even if the package does not represent a complete fiscal solution. We will continue to monitor the progress on deficits with hopes of a resolution. In the interim, we continue to focus on identifying companies with solid balance sheets that can generate strong organic cash flow growth for shareholders, and that have the operational flexibility that we believe could deal with most fiscal scenarios.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-25

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Mid-Cap Growth Portfolio (managed by Morgan Stanley Investment Management Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Mid-Cap Growth Portfolio’s Class I returned 7.49%, compared to a 15.81% return for its benchmark, the Russell Midcap Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  Morgan Stanley Investment Management Inc. manages the portfolio and used to do business in certain instances under the name Van Kampen, and managed the portfolio under the Van Kampen name from May 1, 2003 to May 1, 2010. Another firm managed the portfolio prior to May 1, 2003.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		7.49%		1.68%		10.53%
Russell Midcap Growth Index		15.81%		3.23%		10.32%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		7.71%		-7.97%
Russell Midcap Growth Index		15.81%		1.14%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The Morgan Stanley portfolio management team looks for high quality growth companies that we believe have the following attributes: sustainable competitive advantages, above-average business visibility, rising return on invested capital, strong free cash flow generation and a favorable risk/reward profile. We find these companies through intense fundamental research. Our emphasis is on secular growth, and as a result, short-term market events are not as meaningful in the stock selection process.

The technology sector detracted from portfolio performance, hurt by both stock selection and an overweight in the sector. A position in the on-line deals provider Groupon, Inc. performed unfavorably, dragging down portfolio performance. Stock selection and an underweight relative to the benchmark in the materials and processing sector hampered relative portfolio performance, primarily due to the rare earths miner Molycorp, Inc. Another area of relative weakness in the portfolio was stock selection in the consumer discretionary sector, where a position in New Oriental Education & Technology Group, Inc., a private educational services provider in China, hurt the portfolio performance returns the most.

Stock selection in the producer durables sector was a positive contributor to portfolio performance. A holding in Intertek Group P.L.C., a product testing and inspection firm, was the largest contributor to portfolio performance in the sector. The utilities sector was additive to portfolio performance as well, although the relative gains were somewhat off-set by the negative effect of an overweight in the sector. Exposure to infrastructure asset management company Brookfield Infrastructure Partners L.P. was beneficial to portfolio performance.

Mid-Cap Value Portfolio (managed by BlackRock Capital Management, Inc)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Mid-Cap Value Portfolio’s Class I returned 14.49%, compared to a 18.53% return for its benchmark, the S&P MidCap 400 Value Index and 18.51% for the Russell Midcap Value Index. The portfolio’s benchmark was changed to the S&P MidCap 400 Value Index to more closely reflect the types of securities in which the portfolio invests. The former benchmark, the Russell Midcap Value Index is being provided for comparison purposes.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-26

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on January 2, 2009 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (1/2/09)~
Portfolio’s Class I		14.49%		14.06%
S&P MidCap 400 Value Index		18.53%		17.40%
Russell Midcap Value Index		18.51%		18.28%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		14.72%		-0.78%
S&P MidCap 400 Value Index		18.53%		2.47%
Russell Midcap Value Index		18.51%		3.68%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed its benchmarks, despite the absolute gains in the rising market environment. We at BlackRock adhere to an investment approach for the portfolio that is driven by bottom-up stock selection. Investment decisions are based on fundamental research designed to identify stocks of mid-capitalization companies facing temporary challenges or under-earning their potential but with opportunities for improvement. The portfolio is diversified by sector and security and maintains a mid-capitalization value style consistent with that of the benchmark.

Allocation and selection decisions were both, in aggregate, detractors from the portfolio’s relative performance. From an allocation perspective, the portfolio’s modest overweight to the underperforming consumer staples sector although off-set by strong selection, was a detractor as were underweights to industrials and financials. Selection, like allocation, detracted from the industrials sector as well as financials and energy but was additive to portfolio performance in health care, consumer discretionary and consumer staples.

We are cautious in our industrials positioning, noting that the period of slow, global economic growth and post-crisis recovery has altered industry cycles and reduced predictability across the sector. For example, we expect ongoing weakness in housing to weigh on building-related areas; and, although the stocks of some such companies performed well recently on encouraging housing data points (without evidence of volume improvements), we view these businesses as risky. Nonetheless, in the most recent period, underweighting some such outperforming areas of industrials as building products, commercial services & supplies, and industrial conglomerates detracted from performance. Selection in industrials detracted from portfolio performance specifically in the machinery, construction & engineering and aerospace & defense industries. Company-specific issues in a few holdings and absence from a few high-performing names contributed to portfolio underperformance. We continue to underweight the industrials sector and maintain a barbell approach, balancing relatively stable names, such as Dover Corp. and Parker Hannifin Corp., with somewhat higher risk stocks such as Navistar International Corp. and Kennametal, Inc.

Selection and an overweight to energy detracted from portfolio performance with the sector underperforming on commodity weakness and the portfolio’s tilt toward exploration and production businesses, adding to the effect. We remain of the view that one of the most promising opportunities in the mid-capitalization space presently is in companies well positioned to take advantage of technological advancements in oil and gas extraction. Recent advances have enabled access to previously inaccessible commodity deposits leading to a now largely complete land-grab in the richest prospective areas for drilling. Mid-capitalization energy service companies were early and aggressive in this area and thus have a disproportionately large share of expertise and acreage compared to their large-capitalization competitors. Commodity price weakness in the near-term has created opportunity, and we have added to our favorite names in this space in spite of their near-term underperformance.

Selection within the financials sector was also a net detractor from portfolio performance, notably in insurers, thrifts and real estate management. We continue to maintain an underweight to the financials broadly, the largest portion of which is concentrated in REITs. We are cautious around the valuations of REITs and favor real estate management companies as an alternative. During the reporting period, REITs performed strongly as investors were attracted to their lofty dividends; however, the portfolio’s real estate management holdings underperformed. An underweight to capital markets companies also detracted from performance, notably absence from several asset managers.

Within the materials sector, the portfolio’s selection in metals & mining detracted, as did selection and an underweight to chemicals. Additionally, the portfolio’s holdings in paper & forest products underperformed.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-27

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Offsetting the previously mentioned detractors, were positive effects from good stock selection in health care and consumer discretionary. Amongst health care names, health care providers and the services industry proved strongly additive to the portfolio’s performance as did the portfolio’s weighting in the biotechnology industry. The portfolio was overweight to names in the health care sector whose valuations we believed reflected overly bearish sentiment, much of which was owed to interpretations of the implications of the U.S. health care reform legislation. As the year progressed, we shifted from health maintenance organizations (HMOs) toward hospitals, which we believe will benefit as volume growth becomes a reality and bad debt expenses diminish. In the consumer discretionary sector, the portfolio’s holdings in household durables, specialty retailers and the hotel, restaurant & leisure industry all proved additive to the portfolio’s performance, largely on good selection. The portfolio’s overweight to the textile, apparel & luxury goods industry was beneficial to its performance as well.

At the close of the reporting period, the most notable sector weightings relative to the benchmark included overweight consumer discretionary, health care, energy, information technology while underweight financials, utilities, industrials, consumer staples and materials.

Small-Cap Equity Portfolio (co-managed by BlackRock Investment Management, LLC and Franklin Advisory Services, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Small-Cap Equity Portfolio’s Class I returned 15.93%, compared to a 18.05% return for its benchmark, the Russell 2000 Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2005 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  BlackRock Investment Management, LLC and Franklin Advisory Services, LLC began co-managing the portfolio on May 1, 2010, and some investment policies changed at that time. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		Since Inception (5/2/05)~
Portfolio’s Class I		15.93%		5.30%		8.57%
Russell 2000 Value Index		18.05%		3.55%		5.65%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		16.16%		2.02%
Russell 2000 Value Index		18.05%		1.78%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The following discussions are from each of the co-portfolio managers, BlackRock and Franklin, respectively.

BlackRock

The portfolio invests in small-capitalization securities that are included in the benchmark, the Russell 2000 Value Index, or have economic characteristics similar to the securities included in the benchmark. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012 which contributed to portfolio performance. Telecommunication services performed well and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While all of the Russell 2000 Value Index sectors moved higher for the year, energy stocks were hindered by declining oil prices in the latter part of the year, and utilities became less favorable as investors sought riskier investments and detracted from portfolio performance.

Franklin

We at Franklin seek to invest in small-capitalization companies that we believe are selling below their underlying worth. Our strategy is to buy and hold a portfolio of fundamentally sound companies for five years or more on average. We purchase securities at what we consider attractive prices, often when they are out-of-favor with other investors. The portfolio employs a bottom-up stock selection process. Securities are selected without regard to benchmark comparisons, and we aim for long-term results. As a result, the portfolio frequently contains sector and security allocations that are significantly different than those of the benchmark.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-28

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

All sectors aided the portfolio’s absolute performance, especially industrials, consumer discretionary, financials and materials. Contributors to the portfolio’s (absolute) performance in the consumer discretionary sector included recreational vehicle manufacturer Thor Industries, Inc., and fashion footwear and marketer Brown Shoe Co., Inc. In the industrials sector, among key contributors to portfolio returns were contractor and construction materials producer Granite Construction, Inc. and architectural glass producer Apogee Enterprises, Inc. Insurer Protective Life Corp. also boosted returns.

Detractors from the portfolio’s performance during the reporting period included auto components supplier, Gentex Corp.; marine oil services provider, Tidewater, Inc.; diversified oilfield services company, Oil States International, Inc.; oil tanker operator, Overseas Shipholding Group, Inc.; and gas utility, Energen Corp.

Small-Cap Growth Portfolio (managed by Fred Alger Management, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Small-Cap Growth Portfolio’s Class I returned 12.87%, compared to a 14.59% return for its benchmark, the Russell 2000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾ Fred Alger Management, Inc. began managing the portfolio on May 1, 2007, and some investment policies changed at that time. Other firms managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		12.87%		1.45%		7.77%
Russell 2000 Growth Index		14.59%		3.49%		9.80%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		13.09%		-2.49%
Russell 2000 Growth Index		14.59%		-1.02%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The largest sector weightings in the portfolio were in the information technology and consumer discretionary sectors. The largest sector overweight for the reporting period was in consumer discretionary while the largest sector underweight was in health care. Favorable stock selection in the technology and consumer staples sectors were the most important contributors to the portfolio’s performance. The health care and industrials sectors detracted from its performance. Alger’s investment philosophy and process remains unchanged: a research intensive, bottom-up, fundamental approach focused on discovering the fastest growing companies undergoing “Positive Dynamic Change”. Our experienced research team continues to identify many small-capitalization companies undergoing “Positive Dynamic Change” where it is our opinion that our forward-looking assessment of their fundamentals exceeded Wall Street’s consensus.

Mellanox Technologies Ltd. and SolarWinds, Inc. were among the top contributors to the portfolio’s absolute performance. Mellanox Technologies is a provider of interconnect solutions that facilitate low latency, high speed data transmission between servers and storage systems. The company contributed to portfolio performance as a high-unit volume growth story because of very strong earnings growth driven by a substantially greater adoption of their Infiniband product than anticipated. SolarWinds, Inc. provides a broad array of network management software solutions for information technology professionals at a highly competitive price. This is also a high-unit volume growth company that contributed positively to portfolio performance after beating forecasts for an eighth straight quarter. Their model and approach to doing business has produced increasing sales growth, healthy operating margins and delivered consistent results to the benefit of their shareholders.

LogMeIn, Inc. and Key Energy Services, Inc. were among the top detractors to the portfolio’s absolute performance. LogMeIn develops and markets a suite of remote access, remote support, and collaboration solutions that provide instant, secure connections between internet enabled devices. We originally purchased the shares as a high-unit volume growth company as its solutions are used to connect more internet-enabled devices than any other connectivity service. However, the shares detracted from performance due to weaker-than-expected European demand and the subsequent downward pressure on revenue; and therefore, we sold LogMeIn. Key Energy Services provides a full range of well services

See explanation of symbol and benchmark definitions on A-56 through A-57

A-29

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

to onshore oil and natural gas companies and is the largest onshore well servicing contractor based on the number of rigs owned in the U.S. The majority of the company’s revenues are related to oil-based activity, and lower energy prices impacted operating results causing the shares to detract from portfolio performance. Management for Key Energy Services indicated that the shift from gas to oil basins and labor-related issues will continue to impact operations. We sold the shares as we reduced exposure to the energy sector.

We believe that Alger’s philosophy of investing in “Positive Dynamic Change” has never been more appropriate than today. While change is almost always unsettling for some investors, we believe that it generates opportunities to buy strong companies with superior potential for growth that are trading at attractive valuations. We continue to believe that research is the cornerstone of superior portfolio management, regardless of economic conditions, and that our proven and disciplined process for identifying companies experiencing “Positive Dynamic Change” will continue to produce superior long-term results for our clients.

Small-Cap Index Portfolio (managed by BlackRock Investment Management, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Small-Cap Index Portfolio’s Class I returned 16.13%, compared to a 16.35% return for its benchmark, the Russell 2000 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  BlackRock Investment Management, LLC acquired the assets of Mercury Advisors, an affiliate of Merrill Lynch Investment Managers, L.P., effective September 29, 2006 and began managing the portfolio on that date. Mercury Advisors began managing the portfolio on January 1, 2000. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		16.13%		3.15%		9.27%
Russell 2000 Index		16.35%		3.56%		9.72%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		16.37%		0.27%
Russell 2000 Index		16.35%		0.38%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of the benchmark as represented by the Russell 2000 Index. In accordance with BlackRock’s passive investment strategy, the portfolio was positioned to match the risk characteristics of the benchmark throughout the reporting period. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012. Telecommunication services performed well, and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While all of the S&P 500 Index sectors moved higher for the reporting period, energy stocks were hindered by declining oil prices in the latter part of the reporting period, and utilities became less favorable as investors sought riskier investments.

Small-Cap Value Portfolio (managed by NFJ Investment Group LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Small-Cap Value Portfolio’s Class I returned 11.09%, compared to a 18.05% return for its benchmark, the Russell 2000 Value Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-30

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2003 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		Since Inception (5/1/03)
Portfolio’s Class I		11.09%		5.39%		11.57%
Russell 2000 Value Index		18.05%		3.55%		9.41%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		11.31%		1.55%
Russell 2000 Value Index		18.05%		1.78%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the benchmark. We at NFJ focus on investing in undervalued companies relative to the market across a broad range of industry groups. We normally invest significantly in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends).

Absolute results were strong and favorable during the reporting period in light of equity returns over the past decade. However, the benchmark’s return exceeded the portfolio’s returns. This year we have seen market participants pay up for higher dividend-paying stocks with less regard to valuation. With just under 40% of the benchmark consisting of non-dividend paying stocks according to FactSet Research Systems, Inc., and valuation pressures impacting many of the remaining dividend payers, our commitment to investing at the intersection of yield and value has been limited.

In spite of the challenging environment, overall absolute returns were favorable, with health care and energy names in the portfolio leading portfolio performance. Returns from PerkinElmer, Inc. benefited the portfolio’s performance results. The company has enhanced its productivity and product mix, resulting in higher operating margins. Additionally, the market responded well to the company’s recent takeover of Chinese infectious disease diagnostic firm Shanghai Haoyuan Biotech Co. Ltd. Many domestic petroleum refiners did well during the reporting period as a result of access to relatively cheap, crude oil feedstock (West Texas Intermediate (WTI)). Long-time holding and refining operation Holly Frontier Corp. delivered strong results during the reporting period; the stock was sold during the fourth quarter based on the size requirements of a small-capitalization stock.

Issue selection in materials and financials was poor, as several positions in each sector posted declines detracting from portfolio performance. For many precious metals miners, costs have increased at a faster pace than the prices of the commodities they sell, such as gold. The market has become impatient with some of these miners, including Canada-based IAMGOLD Corp. The stock trades at compelling valuation levels and pays out an attractive yield but negatively impacted the portfolio’s performance. Shares of pawn shop operator Cash America International, Inc. fell for the year, in part due to unprofitable locations in Mexico, negatively impacting portfolio performance. The company’s third quarter earnings were down largely as a result of one-time expenses related to trimming operations and an unsuccessful bid to spin-out its online lending business.

An overweight in energy and underweight in financials muted the portfolio’s relative returns. Energy was the weakest sector in the benchmark for the reporting period. Conversely, the benchmark’s financials sector delivered some of the strongest total returns in 2012. An underweight in information technology and overweight in materials contributed positively to the portfolio’s performance. The uncertain environment hurt many information technology names. In contrast, the materials sector was the second strongest performer in the benchmark for the reporting period.

Health Sciences Portfolio (managed by Jennison Associates LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Health Sciences Portfolio’s Class I returned 25.68%, compared to a 16.17% return for its benchmark, the S&P Composite 1500 Index and a 18.35% return for the S&P Composite 1500 Health Care Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-31

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  Jennison Associates LLC began managing the portfolio on May 1, 2005, and some investment policies changed at that time. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		25.68%		9.66%		12.21%
S&P Composite 1500 Index		16.17%		2.07%		7.51%
S&P Composite 1500 Health Care Index		18.35%		5.10%		6.83%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		25.93%		11.55%
S&P Composite 1500 Index		16.17%		4.76%
S&P Composite 1500 Health Care Index		18.35%		9.71%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the broad-based S&P Composite 1500 Index and also outperformed the health care-specific S&P Composite 1500 Health Care Index. Every sector in the health care–specific benchmark rose with advances largest in biotechnology and life sciences tools and services. The health care technology sector’s gain was comparatively subdued. Jennison’s management team strives to construct a well-diversified portfolio that draws on rigorous research and bottom-up stock selection. In all areas, the manager looks for companies benefiting from new product approvals, significant mergers and partnerships, or the global economic environment.

In the portfolio, holdings in the life sciences tools and services, health care equipment and supplies, and biotechnology sectors made the biggest gains, while biotechnology positions contributed most to its performance return. The portfolio’s health care technology holdings lost ground and detracted from its return.

Biotechnology holdings, Medivation, Inc., Alexion Pharmaceuticals, Inc., BioMarin Pharmaceutical, Inc., ARIAD Pharmaceuticals, Inc. and Regeneron Pharmaceuticals, Inc. were key contributors to the portfolio’s strong performance returns. Medivation climbed on news that the Food and Drug Administration (FDA) approved its experimental prostate cancer drug, Xtandi, for the treatment of patients with metastatic castration-resistant prostate cancer who have previously received docetaxel, another oncology treatment. Clinical trial data showed that Xtandi helped post-chemotherapy patients live longer, suggesting that the treatment could become a significant player in the global prostate cancer market. The portfolio’s position in Medivation was eliminated in December to realize gains.

Alexion Pharmaceuticals rose on strong financial results and favorable market sentiment about its lead product, Soliris. Soliris treats two rare, genetic, and potentially life-threatening blood disorders: paroxysmal nocturnal hemoglobinuria (PNH), and atypical hemolytic uremic syndrome (aHUS). The company is aggressively pursuing label expansion opportunities in other autoimmune and inflammatory disease settings.

BioMarin Pharmaceutical also gained on trial data that showed its enzyme replacement therapy, GALNS, improved the walking distance for patients with the rare lysosomal storage disorder mucopolysaccharidosis type IVA (Morquio A Syndrome). Designated an “orphan disease” by the FDA, Morquio A Syndrome causes growth retardation, flat feet, and other abnormalities. We believe sales of GALNS could eventually total hundreds of millions of dollars, as drugs for treating orphan diseases often command high prices. BioMarin’s product pipeline also includes treatments for phenylketonuria, an inherited metabolic disease, and achondroplasia, a bone-growth disorder.

Additionally, Ariad Pharmaceuticals advanced on trial data that confirmed the efficacy of its leukemia inhibitor, ponatinib, in certain patients with drug-resistant myeloid leukemia. Another drug candidate, tyrosine-kinase inhibitor AP2611, has shown anti-tumor activity in certain categories of patients with advanced non-small cell lung cancer.

Regeneron Pharmaceuticals surged, reflecting FDA approval of Eylea, the company’s treatment for wet, age-related macular degeneration (AMD), a leading cause of blindness in the elderly. Eylea is being studied for other eye disorders, including central retinal vein occlusion, diabetic macular edema, and myopic choroidal neovascularization.

In health care providers and services, Amerigroup Corp. climbed on news of its acquisition by health insurer WellPoint, Inc. Amerigroup focuses on serving people who receive health care through publicly sponsored programs, such as Medicaid, Supplemental Security Income, and the State Children’s Health Insurance Program.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-32

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Key detractors from portfolio performance included biotechnology positions Elan Corp. P.L.C., Chelsea Therapeutics International, Inc. and Rigel Pharmaceuticals, Inc. Elan fell on disappointing results from late-stage clinical trials of bapineuzumab, an Alzheimer’s therapy the company is developing with Pfizer and Johnson & Johnson.

Chelsea Therapeutics International dropped on news that the FDA denied approval of Northera, a proposed treatment for neurogenic orthostatic hypotension, a chronic and potentially debilitating drop in blood pressure commonly associated with Parkinson’s disease. We eliminated the portfolio’s position in Chelsea before the FDA’s rejection of Northera on underlying weakness in the findings of an FDA panel that had recommended approval.

Rigel declined after data from a Phase II study of its lead drug, fostamatinib, called into question the drug’s efficacy as a monotherapy for rheumatoid arthritis. We eliminated the portfolio’s position in Rigel on the disappointing data.

Pharmaceutical holdings Corcept Therapeutics, Inc. and Shire P.L.C. also detracted from portfolio performance. Corcept fell on disappointing sales of Korlym, its drug for the treatment of Cushing’s syndrome. Korlym seeks to regulate release patterns of cortisol in patients with psychotic depression and Cushing’s syndrome, a hormone disorder caused by high levels of cortisol in the blood.

Specialty biopharmaceutical company, Shire, was hurt by uncertainties about its attention deficit/hyperactivity disorder (ADHD) franchise. In December, the company announced that its ADHD drug Elvanse (known as Vyvanse in the U.S.) received a positive opinion from the U.K.’s, Medicines and Healthcare Products Regulatory Agency (MHRA), which was acting on behalf of seven other European countries (Denmark, Finland, Germany, Ireland, Norway, Spain, and Sweden). We expect Elvanse to be launched mid-2013 in the European Union (E.U). The ADHD market has meaningful growth potential. Many of Shire’s other products, including Vpriv (for Gaucher disease), Intuniv (for ADHD), and Elaprase (for Hunter syndrome), are performing well.

Real Estate Portfolio (managed by Morgan Stanley Investment Management Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Real Estate Portfolio’s Class I returned 16.21%, compared to a 16.00% return for the broad-based S&P 500 Index and 18.06% for the FTSE NAREIT Equity REITs Index. The S&P 500 Index was added to compare performance of the portfolio against a large portion of the U.S. equities market.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  Morgan Stanley Investment Management Inc. manages the portfolio and used to do business in certain instances under the name Van Kampen, and managed the portfolio under the Van Kampen name from the portfolio’s inception until May 1, 2010.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		16.21%		5.03%		12.58%
S&P 500 Index		16.00%		1.66%		7.10%
FTSE NAREIT Equity REITs Index		18.06%		5.45%		11.63%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		16.44%		6.24%
S&P 500 Index		16.00%		5.08%
FTSE NAREIT Equity REITs Index		18.06%		8.03%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the broad-based S&P 500 Index but underperformed the sector-specific FTSE NAREIT Equity REITs Index. During the reporting period, movements in REIT share prices appeared to have been largely influenced by transactional evidence in the private markets of strong investor demand for core assets at valuations that demonstrate the acceptance of low expected returns. REITs have also been impacted by the “risk-on/risk-off” gyrations of the broader equity markets which may have also been reflected in the S&P 500 Index. The Morgan Stanley portfolio management team has maintained its core investment philosophy as a real estate value investor. This results in the ownership of stocks whose share prices provide real estate exposure at what we believe to be the best valuation relative to their underlying asset values.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-33

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

During the reporting period, bottom-up stock selection and top-down sector allocation detracted from the portfolio’s performance relative to the FTSE NAREIT Equity REITs Index. Cash held in the portfolio also detracted from its performance.

From a bottom-up perspective, the portfolio achieved favorable relative stock selection in the diversified and hotel sectors; however, this was off-set by relative losses from stock selection in the health care and central business district (CBD) office sectors. From a top-down perspective, the underweight to the specialty office sector contributed to the portfolio’s relative performance; however, this was offset by the overweight to the CBD office and apartment sectors, detracting from its relative performance.

We continue to focus on relative implied valuations as a key metric. Our company-specific research leads us to an overweighting in the portfolio to a group of companies that are focused in the ownership of upscale urban hotels, high quality malls, apartments, CBD office assets and a number of out-of-favor companies and an underweighting to companies concentrated in the ownership of health care, specialty office, storage and industrial assets.

Technology Portfolio (managed by Columbia Management Investment Advisers, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Technology Portfolio’s Class I returned 7.14%, compared to a 16.00% return for the S&P 500 Index and a 15.23% return for the S&P North American Technology Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾ Columbia Management Investment Advisers, LLC began managing the portfolio on May 1, 2010, and some investment policies changed at that time. Other firms managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		7.14%		-1.79%		8.26%
S&P 500 Index		16.00%		1.66%		7.10%
S&P North American Technology Index		15.23%		3.54%		9.40%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		7.36%		-2.14%
S&P 500 Index		16.00%		5.08%
S&P North American Technology Index		15.23%		3.72%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I underperformed the broad-based S&P 500 Index, and also underperformed the sector-specific S&P North American Technology Index. We at Columbia seek long-term capital appreciation by constructing a conviction-weighted portfolio of technology and technology-related companies, as driven by rigorous bottom-up fundamental and valuation analysis.

Relative to the S&P 500 Index, an underweight to the financials, consumer discretionary and health care sectors detracted from the portfolio’s relative performance. The portfolio’s investments were concentrated in the technology sector, where poor stock selection and overweight postures to the semiconductor and software industries magnified the relative underperformance to the S&P 500 Index during the reporting period.

Relative to the S&P North American Technology Index, stock selection within the semiconductor, software, internet software & services and computer & peripheral industries detracted from portfolio performance as did an overweight relative to the semiconductor industry and a relative underweight in the internet software & services industry. A combination of industry allocation and stock selection accounted for the portfolio’s underperformance. Within semiconductors & semiconductor equipment, the portfolio was overweight relative to the S&P North American Technology Index, which hampered the portfolio’s performance returns as a significant slow-down in the PC market had an immediate impact on this industry. Positions in Advanced Micro Devices, Inc. and Marvell Technology Group, Ltd. detracted the most from the portfolio’s performance. Advanced Micro Devices shares declined as the company failed to execute on its product delivery plan. Marvell Technology, which had significant exposure to the hard-disc drive market, performed poorly as PC demand among consumers and businesses disappointed. On the positive side, the portfolio did well to avoid holding a position in Intel, as the industry bellwether performed poorly.

In the software industry, a position in entertainment data software company Rovi Corp. significantly detracted from the portfolio’s performance results. However, positions in software companies Synopsis and Symantec each added value to the portfolio, rebounding solidly from earlier

See explanation of symbol and benchmark definitions on A-56 through A-57

A-34

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

weakness. An underweight in internet software & services also hampered the portfolio’s relative performance results. The industry rose strongly in 2012, and valuation concerns relative to growth prospects led us to underweight the industry relative to the benchmark, which hurt the portfolio’s performance returns during the reporting period.

In computers & peripherals, the portfolio lost some ground by underweighting industry giant Apple, Inc., which generated strong gains for the reporting period. As part of our management team’s risk management strategy, we generally trim high conviction names as they grow beyond 8.00% of portfolio assets. NetApp, Inc., which manufactures storage arrays, detracted from portfolio performance results, as its product transition took longer than anticipated. A position in Dell, Inc. was hurt by the slowdown in the PC market even though the company has taken steps to diversify away from being solely a PC manufacturer. A decision to underweight Hewlett-Packard Co., which performed poorly in 2012, helped offset some of these losses.

Stock selection relative to the S&P North American Technology Index in the communications equipment industry helped the portfolio’s relative performance results most. The portfolio was overweight in QUALCOMM, Inc., which was a strong performer for the reporting period. In addition, the portfolio did not own certain benchmark stocks that lost competitive ground to Apple’s iPhone, benefiting the portfolio’s performance during the reporting period. Also, underweighting exposure to networking stocks, which were pressured by a slowdown in carrier spending, and to infrastructure stocks, helped the portfolio’s annual performance.

Looking ahead, the U.S. economy has shown modest improvement, and we believe that fiscal and monetary policy are likely to play a meaningful role in determining whether the current, fragile, economic recovery blossoms or continues to deliver uninspiring growth in 2013. We intend to adjust the portfolio’s exposure accordingly. We are optimistic that the PC supply chain has worked through its excess inventory and are hopeful that the worst is over for PC-related companies. We are still of the opinion that demand for computing is growing globally, and traditional PCs will remain a part of that landscape along with the fast-growing tablet and smart-phone categories. The portfolio remains overweight relative to the benchmark in the semiconductor industry. Given attractive valuations, investor apathy and positive semiconductor capital equipment trends, we are optimistic that the chip-related holdings in the portfolio may also be poised for better performance. Finally, we are constructive in our view toward an uptick in enterprise spending, as corporations invest in information technology in an effort to improve productivity. The key question that remains is the timing of such an upward turn.

Emerging Markets Portfolio (managed by OppenheimerFunds, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Emerging Markets Portfolio’s Class I returned 21.52%, compared to a 18.22% return for its benchmark, the MSCI Emerging Markets Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		10 Years
Portfolio’s Class I		21.52%		4.13%		20.59%
MSCI Emerging Markets Index		18.22%		-0.92%		16.52%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		21.77%		-1.51%
MSCI Emerging Markets Index		18.22%		-5.09%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. The portfolio’s outperformance of the benchmark was primarily due to strong, relative stock selection in the consumer staples, financials and consumer discretionary sectors. The portfolio underperformed primarily in the information technology sector as a result of weaker relative stock selection. Brazil, Turkey and Russia were top contributors to the portfolio’s performance while the U.K. and China were underperformers for the portfolio.

We at Oppenheimer use an investment approach designed to produce long-term growth with a degree of downside protection. The portfolio seeks to invest in high quality companies in emerging markets that it believes have meaningful and persistent competitive advantages. Our investments tend to be in companies that have low capital requirements and the potential to produce high returns on invested capital throughout the business cycle.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-35

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Top performing stocks contributing to portfolio performance for the reporting period included consumer staples stocks Magnit O.J.S.C. (Russia) and Fomento Economico Mexicano S.A.B. de CV (FEMSA (Mexico)); financials stocks Haci Omer Sabanci Holdings A.S. (Turkey) and SM Prime Holdings, Inc. (Philippines); and consumer discretionary stock, Prada S.P.A. (Italy).

Magnit O.J.S.C. is one of Russia’s largest food retailers, with nearly 5,000 retail outlets. During the reporting period, the company experienced increased sales, and its stock price exceeded its peak level from early 2011. FEMSA owns and operates OXXO, the largest convenience store chain in Latin America. FEMSA is also one of the largest, independent Coca-Cola bottlers in the world and holds a 20% stake in Heineken. The stock continued to perform well as sales increased across its businesses, most notably OXXO. Haci Omer Sabanci Holdings is the second largest conglomerate in Turkey, and it continued to post strong revenues from its different divisions and enjoyed healthy growth.

Prada is an Italian-based manufacturer of luxury leather goods and clothing for men and women. Particularly strong demand in Asia helped drive shares of Prada higher over the reporting period. SM Prime Holdings is the largest shopping mall and retail operator in the Philippines. The company continued to expand by opening new malls in the Philippines and China and benefited from organic growth in existing stores on robust consumer spending and strong economic fundamentals.

The top detractors from portfolio performance included information technology stocks Infosys Ltd. (India), Baidu, Inc. (China), and HTC Corp. (Taiwan); consumer discretionary stock New Oriental Education & Technology Group, Inc. (China); and energy stock BG Group P.L.C. (U.K.).

Infosys announced its revenue outlook faced challenges due to Hurricane Sandy in the U.S., delaying client orders. Additionally, it was negatively impacted by a recession in India and ongoing problems around the need for economic and political reform in that country. Baidu is a Chinese language internet search provider based in Beijing. Increasing regulations from the Chinese government made the market somewhat jittery about Chinese internet stocks, in addition to overall concerns about a moderating Chinese economy and Baidu’s trailing entrance into new application technologies.

New Oriental Education is a provider of private educational services in China. The company met with some challenges during the reporting period, and its stock price took a significant hit after it disclosed that the SEC was looking into the company’s accounting practices, attributing the probe to a recent consolidation of one of its entities into a wholly-owned subsidiary.

HTC is the designer and manufacturer of Android phones. HTC’s stock performance declined during the reporting period amid fiercer competition from Apple and Samsung, driving down HTC’s earnings. Shares of BG Group declined in part due to lower oil prices and some internal management restructurings which gave the market pause. Another detractor from portfolio performance was Anglo American Platinum Ltd. (U.K.) as its stock declined after downgrades were issued that cited production issues across a few of its business, strikes at its South African mines and issues in its copper unit.

At the reporting period end, the portfolio had its most significant overweight positions relative to the benchmark in the consumer staples, consumer discretionary and information technology sectors and its largest underweights in materials, financials, utilities, telecommunication services, energy and industrials.

We remain optimistic regarding the emerging markets and the portfolio despite short-term volatility. The developed world continues to have many unresolved structural problems. It is our opinion that the emerging markets will remain the engines of global growth with the sizable majority of global growth coming out of them. The hyper-normal growth that came out of the economic crisis, we believe, will be replaced by more sustainable, albeit slower growth. We currently see valuations in emerging markets, presenting us with some potentially attractive opportunities.

International Large-Cap Portfolio (managed by MFS Investment Management)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the International Large-Cap Portfolio’s Class I returned 22.53%, compared to a 17.32% return for its benchmark, the MSCI EAFE Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-36

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  MFS Investment Management began managing the portfolio on January 1, 2004. Another firm managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		22.53%		0.98%		9.78%
MSCI EAFE Index		17.32%		-3.69%		8.21%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		22.78%		-0.15%
MSCI EAFE Index		17.32%		-3.59%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at MFS use a bottom-up investment style, involving the research of the fundamentals of each individual opportunity and analyzing certain aspects of a company such as earnings, cash flows, growth potential and management abilities. Stock selection in the consumer staples sector was a primary driver of the portfolio’s performance relative to the benchmark. A key factor for positive relative results within this sector was the portfolio’s holdings of Dutch brewer Heineken N.V. (Netherlands) and skin and beauty care products maker Beiersdorf A.G. (Germany), both of which outperformed the benchmark during the reporting period.

Stock selection in the health care sector was another positive factor for the portfolio’s relative performance. The portfolio’s ownership in shares of strong-performing health care products maker Bayer A.G. (Germany) benefited relative performance results. Stock selection in the basic materials sector also boosted the portfolio’s relative returns. However, there were no individual stocks within this sector that were among the portfolio’s top relative contributors to its performance. Stock selection in the special products & services sector also bolstered relative performance. Holdings of provider Amadeus IT Holding S.A. (Spain), a leading provider of internet technology to the global tourism and travel industry, benefited the portfolio’s relative returns as the stock posted strong performance for the reporting period.

The portfolio’s holdings of banking firm ICICI Bank Ltd. (India), French electrical distribution equipment manufacturer Schneider Electric S.A., business software developer SAP A.G. (Germany), financial services firm HSBC Holdings P.L.C. (U.K.), advertising and marketing firm WPP P.L.C. (U.K.) and South Korean microchip and electronics manufacturer Samsung Electronics Co. Ltd. boosted the portfolio’s relative results as all six stocks outperformed the benchmark.

During the reporting period, the portfolio’s currency exposure contributed to its relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

Stock selection in the financial services sector detracted from relative performance. The portfolio’s holdings of wealth management firm Julius Baer Group Ltd. (Switzerland) and Australian insurance company QBE Insurance Group Ltd. were among the portfolio’s top relative detractors. Holdings of weak-performing oil and gas exploration company INPEX Corp. (Japan), telecommunication services provider China Unicom Ltd. (Hong Kong), printers and computer peripherals maker Canon, Inc. (Japan), telecommunication services firm TIM Participacoes S.A. (Brazil), imaging, health care, and medical products manufacturer Hoya Corp. (Japan), and Israeli-headquartered security software provider Check Point Software Technologies Ltd. all held back the portfolio’s relative performance. The portfolio’s timing in the ownership of supermarkets and convenient stores operator Tesco Corp. (U.K.), also negatively impacted its relative results.

International Small-Cap Portfolio (managed by Batterymarch Financial Management, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the International Small-Cap Portfolio’s Class I returned 19.44%, compared to a 18.55% return for its benchmark, the S&P Developed Ex-U.S. SmallCap Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-37

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2006 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		5 Years		Since Inception (5/1/06)
Portfolio’s Class I		19.44%		-2.32%		-0.61%
S&P Developed Ex-U.S. SmallCap Index		18.55%		-1.26%		1.52%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		19.68%		-2.82%
S&P Developed Ex-U.S. SmallCap Index		18.55%		-4.82%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at Batterymarch maintain a well-diversified, style-neutral portfolio with modest region and sector allocations versus the benchmark through the combination of portfolio construction rules and sector ranks. The portfolio continues to invest in excess of 100 companies and generally expects to invest a significant amount of its assets in about the same number of non-U.S. countries as the benchmark.

Stock selection benefited the portfolio during the reporting period. Positive stock selection results were largely driven by selection in continental Europe. Stock selection in the industrials, financials and information technology sectors was especially strong benefiting the portfolio’s performance. Stock selection also added significantly to the portfolio’s relative performance return in South Korea.

At the security level, an overweight to German-based Duerr A.G. was the leading contributor to the portfolio’s performance. Duerr A.G. is a holding company that provides equipment, services and systems primarily for the automobile and aircraft industries and reported strong sales revenues in 2012. Overweight to Aberdeen Asset Management P.L.C. in the U.K. and OC Oerlikon Corp. A.G. in Switzerland also contributed positively to portfolio performance.

The impact of region and sector allocation was essentially neutral before the impact of cash, which detracted from portfolio performance in a positive return environment. The advantage of an underweight in the commodity-sensitive countries of Australia, New Zealand and Canada was offset by an overweight to Japan, which underperformed the benchmark for the reporting period.

Stock selection in Japan was the biggest detractor from portfolio relative performance, especially in the consumer discretionary, financials ex-banks and industrials sectors. Stock selection was also difficult in U.K industrials. At the stock level, the three primary detractors were in the Australia, New Zealand and Canada region, specifically overweights to Poseidon Concepts Corp. (hurt by slowing growth and high levels of accounts receivables that may need to be written-off), Iluka Resources Ltd. (a non-benchmark position that had previously been a major contributor) and Emeco Holdings Ltd. All had negative, double-digit returns for the portion of the year held in the portfolio.

The portfolio has a conservative currency hedging strategy designed to protect the underlying value of equity investments. We may hedge major currencies (yen, euro and British pound) to the U.S. dollar, up to 15% of the underlying portfolio. At times during the reporting period, the portfolio held small, model-driven currency hedges on exposures to all three currencies. A hedge on the yen initiated in December was still in place as of the end of the reporting period. The total impact of these derivative positions on the portfolio’s performance for the reporting period was a modest gain (both realized and unrealized).

International Value Portfolio (managed by J.P. Morgan Investment Management Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the International Value Portfolio’s Class I returned 17.82%, compared to a 17.32% return for its benchmark, the MSCI EAFE Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-38

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the ten-year period ended December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

⁽¹⁾  J.P. Morgan Investment Management Inc. began managing the portfolio on January 1, 2011, and some investment policies changed at that time. Other firms managed the portfolio before that date.

Average Annual Total Returns for the periods ended December 31, 2012(1)
	1 Year		5 Years		10 Years
Portfolio’s Class I		17.82%		-6.79%		4.34%
MSCI EAFE Index		17.32%		-3.69%		8.21%
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class P		18.05%		-4.09%
MSCI EAFE Index		17.32%		-3.59%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class I outperformed the benchmark. We at J.P. Morgan maintain a transparent and uniform investment philosophy which drives all in-house research efforts and all investment decisions. We seek to add value to clients’ portfolios by capitalizing on mis-valuations that arise within and across the world’s equity markets. We do this by investing in undervalued securities, as identified by in-house valuation tools and research analysts. Our process is dominated by bottom-up stock selection.

Stock selection in aggregate, added value, underpinned by strong showings in basic industries, health care, insurance and technology semi-conductors. Sector allocation, however, was a major detractor from portfolio performance. The portfolio was underweight in property (the best-performing sector for the year) and overweight in weaker sectors like telecommunication services, utilities and technology hardware. Stock selection in banks/capital markets also detracted from the portfolio’s relative returns. Regionally, stock selection in Japan and an underweight to the Pacific Rim weighed on its returns, while stock selection in the U.K. and exposure to the emerging markets contributed.

At the stock level, Vodafone Group P.LC., the U.K. telecommunication services provider, detracted from portfolio performance during the reporting period. Service sales (excluding the impact of acquisitions and currency movements) fell during the second quarter of the reporting period, the first decline in over two years. At the same time, the company took a write-down on its Spanish and Italian operations, which resulted in a loss for the fiscal first-half, versus a profit the year before. Despite the setback, the company expects operating profits for the full year to be at the upper-half of the projected range, primarily due to cost cutting. Management also announced it would initiate a share buyback program utilizing the dividends it receives from its ownership in Verizon Wireless Communications, Inc., which announced it would distribute dividends to its owners.

On the upside, Volkswagen A.G., the German automaker, was a strong performer, contributing to portfolio performance. Despite an uncertain economic environment, the company stuck by its sales and growth targets for the year, underscoring its strength relative to other regional competitors. By relying on growth in the U.S. and China and expanding its Audi brand, Volkswagen has avoided much of the five-year contraction that has plagued other European automakers. Operating profits at the company declined year-over-year in the third quarter but were somewhat in-line with Wall Street estimates. Sales were up for the reporting period. Volkswagen still plans to “match” last year’s operating income.

Currency Strategies Portfolio (managed by UBS Global Asset Management (Americas) Inc.)

Q. How did the portfolio perform for the period ended December 31, 2012?

A. The portfolio commenced operations on September 28, 2012. For the period from inception through December 31, 2012, the Currency Strategies Portfolio’s Class I returned -1.14%, compared to a 0.02% return for its benchmark, the Citigroup 1-Month U.S. T-Bill Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-39

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on September 28, 2012 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on September 28, 2012 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Total Returns for the period from Inception through December 31, 2012
	Since Inception (9/28/12)~
Portfolio’s Class I		-1.14%
Citigroup 1-Month U.S. T-Bill Index		0.02%
Portfolio’s Class P		-1.09%
Citigroup 1-Month U.S. T-Bill Index		0.02%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the period since inception through December 31, 2012, the portfolio’s Class I underperformed the benchmark. Under normal market conditions, this portfolio invests in derivatives and high-quality debt securities to establish exposures to global currencies. We at UBS seek to gain positive exposures to currencies that we believe are undervalued and negative exposure to currencies that are believed to be overvalued.

For the reporting period, derivatives, including non-deliverable forwards, had a negative impact on the portfolio’s performance. Over the fourth quarter, commodities prices broadly decreased. Historically, the Australian dollar and New Zealand dollar have shown a positive correlation with commodity prices, so the fundamental mis-pricing of these currencies appears to have increased. We believe this enhances the attractiveness of short exposure to these currencies; however, due to the “risk-on” nature of the markets in the fourth quarter, higher-risk currencies rallied, causing the Australian dollar and New Zealand dollar short positions to negatively impact the portfolio’s performance.

In emerging markets, the portfolio was long the Korean won and the Malaysian ringgit, which were underpinned by relatively strong economic growth, healthy trades and net, international lending positions. The portfolio is also long the Mexican peso, which is attractive on a valuation basis and had an attractive level of inflation-adjusted interest rates relative to other currencies. Our positioning in “risk-on” emerging markets currencies is further supported by stronger data releases from both the U.S. and China. During the reporting period, these positions positively impacted the portfolio’s performance. As noted earlier in this discussion, the “risk-on” environment was beneficial for higher-risk currencies such as the emerging markets currencies held in the portfolio.

In the longer-term, we expect to remain long the U.S. dollar which appears undervalued on a trade-weighted basis. We also expect that the U.S. economy will outperform, aided by a rebound in the housing market and moves towards greater energy self-sufficiency. In addition, the U.S. economy appears to be further along in the deleveraging cycle than many other major economies. U.S. dollar positioning was positive for the reporting period. Additionally, as the tail risk of a eurozone break-up appears to have almost wholly diminished, we maintain an overall long position in the euro. This position benefited the portfolio during the reporting period.

Global Absolute Return Portfolio (managed by Eaton Vance Management)

Q. How did the portfolio perform for the period ended December 31, 2012?

A. The portfolio commenced operations on September 28, 2012. For the period from inception through December 31, 2012, the Global Absolute Return Portfolio’s Class I returned -0.20%, compared to a 0.04% return for its benchmark, the BofA Merrill Lynch U.S. 3-Month T-Bill Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-40

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on September 28, 2012 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on September 28, 2012 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Total Returns for the period from Inception through December 31, 2012
	Since Inception (9/28/12)~
Portfolio’s Class I		-0.20%
BofA Merrill Lynch U.S. 3-Month T-Bill Index		0.04%
Portfolio’s Class P		-0.15%
BofA Merrill Lynch U.S. 3-Month T-Bill Index		0.04%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the period since inception through December 31, 2012, the portfolio’s Class I underperformed the benchmark. Eaton Vance invests the portfolio in securities, derivatives and other instruments to establish long and short investment exposures around the world, typically seeking to establish such investment exposures to individual countries based on management’s view of the investment merits of a country. The portfolio normally invests in multiple countries and may have significant exposure to foreign currencies.

In Latin America, the portfolio’s long position in currencies detracted from its performance, and credit positions, both long and short, reduced portfolio performance returns as well. Drilling down into specific countries in the region, long dollar credit positions in Argentina detracted from portfolio returns. The risk of a technical default greatly increased during the fourth quarter following a surprise U.S. court ruling that will attempt to force payment to creditors still holding debt on which the country defaulted in 2001.

In Asia, many of the portfolio’s long and short positions contributed positively to the portfolio’s performance, although gains were tempered by hedging positions in credit. In the Middle East and Africa, currency long and short positions were additive to portfolio performance returns. The portfolio’s short position in the Japanese yen had a positive impact on its performance as the new administration is expected to push for a much more accommodative monetary policy from the Bank of Japan. A long position in the Indian rupee generated negative performance returns for the portfolio during the reporting period as reform announcement momentum stalled, and poor economic data resulted in losses after a large rally in the third quarter.

Short credit positions in Western Europe were detrimental to the portfolio’s performance returns, while long currency and credit positions in Eastern Europe generated positive performance returns for the portfolio. The portfolio’s short positions in French and Spanish credit produced negative performance returns amid heightened volatility across the eurozone. Technical factors are pushing French yields lower, while markets expect Spain to receive a bailout.

Facing slowing economic growth, the National Bank of Poland cut rates twice during the period, which aided a long position in Polish rates, benefiting the portfolio.

Precious Metals Portfolio (managed by Wells Capital Management Incorporated)

Q. How did the portfolio perform for the period ended December 31, 2012?

A. The portfolio commenced operations on September 28, 2012. For the period from inception through December 31, 2012, the Precious Metals Portfolio’s Class I returned -14.01%, compared to a -14.51% return for its benchmark, the FTSE Gold Mines Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-41

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on September 28, 2012 through December 31, 2012. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on September 28, 2012 through December 31, 2012 are also shown in the table below. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Total Returns for the period from Inception through December 31, 2012
	Since Inception (9/28/12)~
Portfolio’s Class I		-14.01%
FTSE Gold Mines Index		-14.51%
Portfolio’s Class P		-13.96%
FTSE Gold Mines Index		-14.51%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the period from inception through December 31, 2012, the portfolio’s Class I outperformed the benchmark. The Wells Capital portfolio management team invests in companies involved in the exploration, development, mining, processing, or dealing of gold, precious metals, and minerals, which tend to have a relatively high correlation to underlying commodity prices and relatively low correlation to the prices of other stocks and bonds. Wells Capital takes a disciplined approach to risk management through top-down analysis and bottom-up stock selection, while diversifying across market capitalizations, production profiles, and geographies and focusing on a long-term investment horizon, looking for companies that have lower-than-average cost structures, are well managed, and are likely to improve their relative values over time.

The portfolio benefited from holding relatively more cash than normal by buying shares into a declining gold market. The portfolio held approximately 7.4% of assets in cash on average throughout the reporting period, which outperformed the benchmark’s precious metals equity holdings and added to its relative performance. A greater exposure to smaller-capitalization stocks relative to the benchmark added to the portfolio’s returns. However, several large-capitalization mining companies, including Barrick Gold Corp. and Newmont Mining Corp., reported disappointing third quarter results because of rising production costs and company-specific issues, dragging down portfolio performance.

Franco Nevada and Fresnillo P.L.C., which together comprise nearly 5% of the portfolio, were important contributors to the portfolio’s performance. Franco Nevada reported better-than-expected third quarter earnings along with a dividend hike which supported the stock price. We like the company’s collection of royalties in politically stable geographies, strong management team and cash-rich balance sheet. Silver miner Fresnillo also reported strong third quarter earnings. We believe Fresnillo is well positioned as the low-cost silver producer and could appreciate on better relative silver performance. In addition, exploration and development company Queenston Mining, Inc., contributed to the portfolio’s performance results as it was the subject of a takeover offer. Torex Gold Resources, Inc. outperformed on the news that a $380 million financing project to build its Morelos Mine in Mexico was successful. We believe this helped to reduce investor fears that they wouldn’t be able to secure financing.

IAMGOLD Corp. was the most significant detractor from the portfolio’s performance during the reporting period as the stock underperformed when the company announced that 2013 gold production would be lower-than-expected. The shortfall was the result of an unexpected delay in the commissioning of its new Westwood Mine. Also detracting from portfolio performance during the reporting period was gold mining holding Randgold Resources Ltd. The stock’s decline reflected, in part, a pullback from a 37% gain in the third quarter of 2012 as well as production results and company guidance that were below analysts’ expectations. We still believe in Randgold due to its solid production track record, expertise in mine design, and financial discipline.

We maintained a geographic underweight to South Africa due to the country’s long-standing trend of high and increasing labor costs. That positioning detracted from the portfolio’s relative results during the reporting period as South African miners rebounded from previous weakness. Earlier in 2012, South African mining companies suffered from a series of violent strikes that disrupted operations and pressured their stock prices. The companies were able to settle the strikes, largely by raising wages, and we believe that South African mining stocks outperformed during the reporting period as a result. Our long-term view on these stocks remains unchanged.

American Funds Asset Allocation Portfolio (Capital Research and Management Company manages the Master Asset Allocation Fund)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the American Funds Asset Allocation Portfolio’s Class I returned 15.72%, compared to a 16.00% return for its benchmark, the S&P 500 Index and a 4.21% for the Barclays U.S. Aggregate Bond Index. The American Funds Asset Allocation Portfolio (Feeder Asset Allocation Portfolio) invests all of its assets in Class 1 shares of the Asset Allocation Fund, a series of the American Funds

See explanation of symbol and benchmark definitions on A-56 through A-57

A-42

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Insurance Series^®, a registered open-end investment company (Master Asset Allocation Fund). The Master Asset Allocation Fund returned 16.44% for the same period. The performance for the Feeder Asset Allocation Portfolio was lower than the Master Asset Allocation Fund due to expenses incurred by the Feeder Asset Allocation Portfolio.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on February 2, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (2/2/09)~
Portfolio’s Class I		15.72%		14.49%
S&P 500 Index		16.00%		17.53%
Barclays U.S. Aggregate Bond Index		4.21%		6.50%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The discussion that follows relates to the master fund. For the reporting period, the portfolio’s Class I underperformed the S&P 500 Index but outperformed the Barclays U.S. Aggregate Bond Index. The Master Asset Allocation Fund (the “fund”) invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). After a strong start to the year, U.S. stocks faltered in April and May before a mid-year rally that continued until October when investors lost patience with the fiscal cliff negotiations.

Holdings in eight of the fund’s ten industry sectors recorded double-digit gains for the year. Better U.S. housing data, stronger auto sales and rising consumer confidence lifted stocks in the consumer discretionary sector, which had the fund’s best returns. Media, specialty retail and auto companies were the sector’s major contributors. The financials sector also provided strong results, while the fund’s second-smallest sector, utilities, detracted from performance.

The fund’s holdings outside the U.S. were generally positive—the Netherlands, South Korea, France and South Africa had the most positive impact to performance.

During the reporting period, Capital Research’s portfolio counselors continued to emphasize investments in stocks, which accounted for approximately 70% of the fund’s net assets at the end of the reporting period.

Pacific Dynamix Portfolios

The Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth and Pacific Dynamix-Growth Portfolios each invest its assets in the Pacific Dynamix Underlying Portfolios to achieve a specified risk target.

Performance

Since the performance of each Pacific Dynamix Portfolio is a composite of the performance of each of the Pacific Dynamix Underlying Portfolios in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a comparison to a Pacific Dynamix Portfolio’s performance. Therefore, we at PLFA have provided information regarding three broad-based indices to use as a comparison to each Pacific Dynamix Portfolio’s performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Pacific Dynamix Portfolio; each is comprised of the three broad-based indices shown below. The composite benchmarks were constructed with allocations to each asset class that correspond to the allocations for the Pacific Dynamix Portfolios that were in effect at that time. However, the actual allocation of any Pacific Dynamix Portfolio will naturally vary as a result of market performance over time. The performance for these broad-based indices for the year ended December 31, 2012 is shown in the following table:

Broad-Based Indices
S&P 500 Index (U.S. Stocks)	16.00%
MSCI World ex USA Index (International Stocks)	16.41%
Barclays U.S. Aggregate Bond Index (Fixed Income)	4.21%

See explanation of symbol and benchmark definitions on A-56 through A-57

A-43

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

It should be noted that the benchmark indices for the Pacific Dynamix Underlying Portfolios may differ from the Pacific Dynamix Portfolios’ broad-based indices. The following investments comprise the Pacific Dynamix Underlying Portfolios for the Pacific Dynamix Portfolios. Not all of the Pacific Dynamix Underlying Portfolios were represented in each of the Pacific Dynamix Portfolio models during the reporting period, and the allocation of each of the Pacific Dynamix Underlying Portfolios within the Pacific Dynamix Portfolio models did vary. The Pacific Dynamix Underlying Portfolios’ one-year performance for the year ended December 31, 2012 listed below is net of portfolio expenses.

Pacific Dynamix Underlying Portfolios
PD Aggregate Bond Index ‘P’	3.94%
PD High Yield Bond Market ‘P’	14.91%
PD Large-Cap Growth Index ‘P’	15.02%
PD Large-Cap Value Index ‘P’	17.17%
PD Small-Cap Growth Index ‘P’	14.30%
PD Small-Cap Value Index ‘P’	17.62%
PD Emerging Markets ‘P’	17.42%
PD International Large-Cap ‘P’	17.12%

Pacific Dynamix-Conservative Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Pacific Dynamix-Conservative Growth Portfolio’s Class I returned 9.42%, compared to a 4.21% return for the Barclays U.S. Aggregate Bond Index, a 16.00% return for the S&P 500 Index, a 16.41% return for the MSCI World ex USA Index, and a 9.02% return for the Pacific Dynamix-Conservative Growth Composite Benchmark.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-44

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class I		9.42%		10.00%
Barclays U.S. Aggregate Bond Index		4.21%		6.53%
S&P 500 Index		16.00%		16.81%
MSCI World ex USA Index		16.41%		12.05%
Pacific Dynamix-Conservative Growth Composite Benchmark		9.02%		10.40%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The portfolio has just over half of its allocation in passively-managed, fixed income strategies. The remainder of the portfolio is allocated to four, passively-managed, domestic equity strategies and one, quantitatively-driven, international equity strategy. For the reporting period, the portfolio’s Class I returned 9.42% compared to 9.02% for the Pacific Dynamix-Conservative Growth Composite Benchmark. The riskier categories within each fixed income and domestic equity segment of the portfolio collectively detracted from its relative performance.

The fixed income segment of the portfolio outperformed the broad, fixed income benchmark. The allocation to the PD High Yield Bond Market Portfolio primarily contributed to the segment’s relative performance, whereas the PD Aggregate Bond Index Portfolio lagged the benchmark. The PD Aggregate Bond Index and PD High Yield Bond Market Portfolios seek to match the total returns of the Barclays U.S. Aggregate Bond and Barclays U.S. High-Yield 2% Issuer Capped Bond Indices, respectively.

As a group, the portfolio’s domestic equity segment outpaced the S&P 500 Index. Both the PD Large-Cap Value Index and PD Small-Cap Value Index Portfolios contributed to returns, as value styles benefited from the strong performance in the financials sector. The PD Large-Cap Growth Index and PD Small-Cap Growth Index Portfolios lagged behind the broad, equity market and detracted from performance. The domestic equity strategies generally seek to replicate the returns of their respective benchmarks. Specifically, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios attempt to mirror the Russell 1000 Growth and Russell 1000 Value Indices, respectively. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios generally seek to replicate the returns of the Russell 2000 Growth and Russell 2000 Value Indices, respectively.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-45

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The international segment of the portfolio outpaced the MSCI World ex U.S. Index. The PD International Large-Cap Portfolio has a value bias relative to the benchmark, which may have helped its performance. Similar to domestic equities, foreign value stocks outpaced their growth counterparts.

Pacific Dynamix-Moderate Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Pacific Dynamix-Moderate Growth Portfolio’s Class I returned 11.74%, compared to a 16.00% return for the S&P 500 Index, a 4.21% return for the Barclays U.S. Aggregate Bond Index, a 16.41% return for the MSCI World ex USA Index, and a 11.33% return for the Pacific Dynamix-Moderate Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class I		11.74%		11.74%
S&P 500 Index		16.00%		16.81%
Barclays U.S. Aggregate Bond Index		4.21%		6.53%
MSCI World ex USA Index		16.41%		12.05%
Pacific Dynamix-Moderate Growth Composite Benchmark		11.33%		12.12%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The portfolio has just under half of its allocation in passively-managed, fixed income strategies. The majority of the portfolio is allocated to four, passively-managed, domestic equity strategies and two, quantitatively-driven, international equity strategies. For the reporting period, the portfolio’s Class I returned 11.74% compared to 11.33% for the Pacific Dynamix-Moderate Growth Composite Benchmark. The riskier categories within each fixed-income and equity segment of the portfolio collectively detracted from its performance.

As a group, the portfolio’s domestic equity segment outpaced the S&P 500 Index. Both the PD Large-Cap Value Index and PD Small-Cap Value Index Portfolios contributed to returns, as value styles benefited from the strong performance in the financials sector. The PD Large-Cap Growth Index and PD Small-Cap Growth Index Portfolios lagged behind the broad, equity market and detracted from performance. The domestic

See explanation of symbol and benchmark definitions on A-56 through A-57

A-46

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

equity strategies generally seek to replicate the returns of their respective benchmarks. Specifically, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios attempt to mirror the Russell 1000 Growth and Russell 1000 Value Indices, respectively. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios generally seek to replicate the returns of the Russell 2000 Growth and Russell 2000 Value Indices, respectively.

The international segment of the portfolio outpaced the MSCI World ex USA Index. The PD International Large-Cap Portfolio has a value bias relative to the benchmark, which may have helped its performance. Similar to domestic equities, foreign value stocks outpaced their growth counterparts.

The fixed income segment of the portfolio outperformed the broad, fixed income benchmark. The allocation to the PD High Yield Bond Market Portfolio primarily contributed to the segment’s relative performance, whereas the PD Aggregate Bond Index Portfolio lagged the benchmark. The PD Aggregate Bond Index and PD High Yield Bond Market Portfolios seek to match the total returns of the Barclays U.S. Aggregate Bond and Barclays U.S. High-Yield 2% Issuer Capped Bond Indices, respectively.

Pacific Dynamix-Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Pacific Dynamix-Growth Portfolio’s Class I returned 13.76%, compared to a 16.00% return for the S&P 500 Index, a 16.41% return for the MSCI World ex USA Index, a 4.21% return for the Barclays U.S. Aggregate Bond Index, and a 13.91% return for the Pacific Dynamix-Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

  

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class I		13.76%		13.28%
S&P 500 Index		16.00%		16.81%
MSCI World ex USA Index		16.41%		12.05%
Barclays U.S. Aggregate Bond Index		4.21%		6.53%
Pacific Dynamix-Growth Composite Benchmark		13.91%		13.87%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-47

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The portfolio has a majority of its allocation in equity, including four, passively-managed, domestic equity portfolios and two, quantitatively-driven, international equity portfolios. The rest of the portfolio is invested in a passively-managed, fixed income portfolio. For the reporting period, the portfolio’s Class I returned 13.76% compared to 13.91% for the Pacific Dynamix-Growth Composite Benchmark. The riskier categories within the domestic and foreign equity segments of the portfolio detracted from its performance.

As a group, the portfolio’s domestic equity segment outpaced the S&P 500 Index. Both the PD Large-Cap Value Index and PD Small-Cap Value Index Portfolios contributed to returns, as value styles benefited from the strong performance in the financials sector. The PD Large-Cap Growth Index and PD Small-Cap Growth Index Portfolios lagged behind the broad, equity market and detracted from performance. The domestic equity strategies generally seek to replicate the returns of their respective benchmarks. Specifically, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios attempt to mirror the Russell 1000 Growth and Russell 1000 Value Indices, respectively. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios generally seek to replicate the returns of the Russell 2000 Growth and Russell 2000 Value Indices, respectively.

The international segment of the portfolio outpaced the MSCI World ex USA Index. The PD International Large-Cap Portfolio has a value bias relative to the benchmark, which may have helped its performance. Similar to domestic equities, foreign value stocks outpaced their growth counterparts.

The fixed income segment of the portfolio (i.e. PD Aggregate Bond Index Portfolio) underperformed the broad, fixed income benchmark. The PD Aggregate Bond Index Portfolio seeks to match the total returns of the Barclays U.S. Aggregate Bond Index.

Portfolio Optimization Portfolios

The Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios are allocated amongst the Underlying Portfolios to achieve a specified risk target:

Performance

Since the performance of each Portfolio Optimization Portfolio is a composite of the performance of each of the Underlying Portfolios in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a comparison to a Portfolio Optimization Portfolio’s performance. Therefore, we at PLFA have provided information regarding three broad-based indices to use as a comparison to each Portfolio Optimization Portfolio’s performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Portfolio Optimization Portfolio; each is comprised of the three, broad-based indices shown below. The composite benchmarks were constructed with allocations to each asset class that correspond to the allocations for the Portfolio Optimization Portfolios that were in effect at that time. However, the actual allocation of any Portfolio Optimization Portfolio will naturally vary as a result of market performance over time. The one-year performance for these broad-based indices for the year ended December 31, 2012 is shown in the following table:

Broad-Based Indices
S&P 500 Index (U.S. Stocks)	16.00%
MSCI EAFE Index (International Stocks)	17.32%
Barclays U.S. Aggregate Bond Index (Fixed Income)	4.21%

See explanation of symbol and benchmark definitions on A-56 through A-57

A-48

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

It should be noted that the benchmark indices for the portfolios may differ from the portfolios’ broad-based indices. The following investments comprise the Underlying Portfolios for the Portfolio Optimization Portfolios. Not all of the Underlying Portfolios were represented in each of the Portfolio Optimization Portfolio models during the reporting period, and the allocation of each of the Underlying Portfolios within the Portfolio Optimization Portfolio models did vary. The Underlying Portfolios’ performance for the year ended December 31, 2012 listed below is net of portfolio expenses.

Cash Management ‘P’	0.00	%
Diversified Bond ‘P’	8.58	%
Floating Rate Loan ‘P’	8.31	%
High Yield Bond ‘P’	15.53	%
Inflation Managed ‘P’	10.09	%
Inflation Protected ‘P’	5.72	%
Managed Bond ‘P’	10.94	%
Short Duration Bond ‘P’	3.40	%
Emerging Markets Debt ‘P’	10.74	%(1)
American Funds Growth ‘P’	17.68	%
American Funds Growth-Income ‘P’	17.30	%
Comstock ‘P’	18.78	%
Dividend Growth ‘P’	14.78	%
Equity Index ‘P’	16.00	%
Focused 30 ‘P’	23.45	%
Growth LT ‘P’	18.45	%
Large-Cap Growth ‘P’	18.47	%
Large-Cap Value ‘P’	16.64	%
Long/Short Large-Cap ‘P’	18.32	%

Main Street Core ‘P’	17.25	%
Mid-Cap Equity ‘P’	7.55	%
Mid-Cap Growth ‘P’	7.71	%
Mid-Cap Value ‘P’	14.72	%
Small-Cap Equity ‘P’	16.16	%
Small-Cap Growth ‘P’	13.09	%
Small-Cap Index ‘P’	16.37	%
Small-Cap Value ‘P’	11.31	%
Health Sciences ‘P’	25.93	%
Real Estate ‘P’	16.44	%
Technology ‘P’	7.36	%
Emerging Markets ‘P’	21.77	%
International Large-Cap ‘P’	22.78	%
International Small-Cap ‘P’	19.68	%
International Value ‘P’	18.05	%
Currency Strategies ‘P’	-1.09	%(2)
Global Absolute Return ‘P’	-0.15	%(2)
Precious Metals ‘P’	-13.96	%(2)

⁽¹⁾  Commenced operations on April 30, 2012. Returns are from April 30, 2012 through December 31, 2012.

⁽²⁾  Commenced operations on September 28, 2012. Returns are from September 28, 2012 through December 31, 2012.

Portfolio Optimization Conservative Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Portfolio Optimization Conservative Portfolio’s Class I returned 10.11%, compared to a 4.21% return for the Barclays U.S. Aggregate Bond Index, a 16.00% return for the S&P 500 Index, a 17.32% return for the MSCI EAFE Index, and a 6.39% return for the Portfolio Optimization Conservative Composite Benchmark.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-49

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2011 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class I		10.11%		5.61%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
S&P 500 Index		16.00%		5.08%
MSCI EAFE Index		17.32%		-3.59%
Portfolio Optimization Conservative Composite Benchmark		6.39%		5.30%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The Portfolio Optimization Conservative Portfolio is primarily comprised of various fixed income strategies and has a small allocation to equity portfolios. Fixed income investments include intermediate-term bonds, short duration securities, inflation-protected bonds, high yield debt and floating rate loans. The equity segment mainly encompasses domestic and foreign large-capitalization portfolios. Three alternative strategies, the Precious Metals, Currencies Strategies and Global Absolute Return Portfolios, which commenced operations on September 28, 2012, were added to the portfolio.

For reporting period, the portfolio’s Class I returned 10.11% compared to 6.39% for the Portfolio Optimization Conservative Composite Benchmark. At the broad asset class level, the portfolio’s fixed income allocation materially outperformed the Barclays U.S. Aggregate Bond Index. The portfolio’s domestic and international equity segments also outpaced the S&P 500 Index and the MSCI EAFE Index, respectively.

With credits outperforming long-term Treasuries, sector positioning played an important role on relative performance. The Managed Bond Portfolio delivered strong results through its tactical duration positioning as well as allocations to mortgages and emerging markets bonds. Additionally, the portfolio’s allocation to riskier, fixed income strategies (e.g. High Yield Bond Portfolio) also contributed to overall performance. On the other hand, the Short Duration Bond Portfolio was the only fixed income strategy to lag behind the broad fixed income index.

The portfolio’s equity segment consists of primarily large-capitalization strategies, which contributed to performance within the domestic equity group. Contributions from the large-capitalization investments were offset by weak performances from the Mid-Cap Equity and Mid-Cap Growth Portfolios. Both the International Large-Cap and International Value Portfolios outperformed the broad foreign equity index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-50

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Portfolio Optimization Moderate-Conservative Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Portfolio Optimization Moderate-Conservative Portfolio’s Class I returned 11.65%, compared to a 4.21% return for the Barclays U.S. Aggregate Bond Index, a 16.00% return for the S&P 500 Index, a 17.32% return for the MSCI EAFE Index, and a 8.70% return for the Portfolio Optimization Moderate-Conservative Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2011 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class I		11.65%		4.73%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
S&P 500 Index		16.00%		5.08%
MSCI EAFE Index		17.32%		-3.59%
Portfolio Optimization Moderate-Conservative Composite Benchmark		8.70%		4.90%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The Portfolio Optimization Moderate-Conservative Portfolio has a diversified allocation mix that is modestly overweight in fixed income. Fixed income investments include intermediate-term bonds as well as short duration securities, inflation-protected bonds, high yield debt and floating rate loans. The equity exposure is diversified across style (growth/value), market capitalization and region (including an allocation to foreign small-capitalization and emerging market strategies). Three alternative strategies, the Precious Metals, Currencies Strategies and Global Absolute Return Portfolios, which commenced operations on September 28, 2012, were added to the portfolio.

For the reporting period, the portfolio’s Class I returned 11.65% compared to 8.70% for the Portfolio Optimization Moderate-Conservative Composite Benchmark. At the broad asset class level, the portfolio’s fixed income allocation materially outperformed the Barclays U.S. Aggregate Bond Index. The portfolio’s domestic and international equity segments also outpaced the S&P 500 Index and the MSCI EAFE Index, respectively.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-51

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

With credits outperforming long-term Treasuries, sector positioning played an important role on relative performance. The Managed Bond Portfolio delivered strong results through its tactical duration positioning as well as allocations to mortgages and emerging markets bonds. Additionally, the portfolio’s allocation to riskier, fixed income strategies (e.g. High Yield Bond Portfolio) also contributed to overall performance. On the other hand, the Short Duration Bond Portfolio was the only fixed income strategy to lag behind the broad fixed income index.

Within the domestic equity segment, the Comstock, Large-Cap Growth and Main Street Core Portfolios contributed to performance. Contributions from these large-capitalization strategies were offset by weak performances from the Mid-Cap Equity and Mid-Cap Growth Portfolios. All foreign equity strategies in the portfolio outperformed the broad foreign equity index. The International Large-Cap and Emerging Markets Portfolios were among the top performers among the group.

Portfolio Optimization Moderate Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Portfolio Optimization Moderate Portfolio’s Class I returned 12.94%, compared to a 4.21% return for the Barclays U.S. Aggregate Bond Index, a 16.00% return for the S&P 500 Index, a 17.32% return for the MSCI EAFE Index, and a 10.99% return for the Portfolio Optimization Moderate Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2011 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class I		12.94%		3.65%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
S&P 500 Index		16.00%		5.08%
MSCI EAFE Index		17.32%		-3.59%
Portfolio Optimization Moderate Composite Benchmark		10.99%		4.35%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The Portfolio Optimization Moderate Portfolio maintains a mix of equity and fixed income portfolios. The equity exposure is diversified across style (growth/value), market capitalization and region (including allocations to foreign small capitalization and emerging markets stocks). Fixed

See explanation of symbol and benchmark definitions on A-56 through A-57

A-52

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

income investments include intermediate-term bonds, short duration securities, inflation-protected bonds, high yield debt and floating rate loans. Three alternative strategies, the Precious Metals, Currencies Strategies and Global Absolute Return Portfolios, which commenced operations on September 28, 2012, were added to the portfolio.

For the reporting period, the portfolio’s Class I returned 12.94% compared to 10.99% for the Portfolio Optimization Moderate Composite Benchmark. At the broad asset class level, the portfolio’s fixed income allocation materially outperformed the Barclays U.S. Aggregate Bond Index. The portfolio’s domestic and international equity segments also outpaced the S&P 500 Index and the MSCI EAFE Index, respectively.

With credits outperforming long-term Treasuries, sector positioning played an important role on relative performance. The Managed Bond Portfolio delivered strong results through its tactical duration positioning as well as allocations to mortgages and emerging markets bonds. Additionally, the portfolio’s allocation to riskier, fixed income strategies (e.g. High Yield Bond Portfolio) also contributed to overall performance. On the other hand, the Short Duration Bond Portfolio was the only fixed income strategy to lag behind the broad fixed income index.

Within the domestic equity segment, the Comstock, Large-Cap Growth and Long/Short Large-Cap Portfolios contributed to performance. Contributions from these large-capitalization strategies were offset by weak performances from the Mid-Cap Equity and Mid-Cap Growth Portfolios. All foreign equity strategies in the portfolio outperformed the broad foreign equity index. The International Large-Cap and Emerging Markets Portfolios were among the top performers among the group.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-53

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Portfolio Optimization Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Portfolio Optimization Growth Portfolio’s Class I returned 14.02%, compared to a 16.00% return for the S&P 500 Index, a 4.21% return for the Barclays U.S. Aggregate Bond Index, a 17.32% return for the MSCI EAFE Index, and a 13.35% return for the Portfolio Optimization Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2011 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class I		14.02%		2.51%
S&P 500 Index		16.00%		5.08%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
MSCI EAFE Index		17.32%		-3.59%
Portfolio Optimization Growth Composite Benchmark		13.35%		3.64%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. The Portfolio Optimization Growth Portfolio has a diversified allocation mix that is overweight in equity. The equity exposure is diversified across style (growth/value), market capitalization and region (which include allocations to foreign small capitalization and emerging markets stocks). The portfolio also maintains exposure to select sectors such as publicly traded real estate investment trusts (REITs). Fixed income investments include intermediate-term bonds as well as specific strategies such as short duration and inflation-protected bonds. Three alternative strategies, the Precious Metals, Currencies Strategies and Global Absolute Return Portfolios, which commenced operations on September 28, 2012, were added to the portfolio.

For the reporting period, the portfolio’s Class I returned 14.02% compared to 13.35% for the Portfolio Optimization Growth Composite Benchmark. At the broad asset class level, the portfolio’s fixed income allocation materially outperformed the Barclays U.S. Aggregate Bond Index. The portfolio’s domestic equity segment modestly lagged behind the S&P 500 Index. However, the international equity group outpaced the MSCI EAFE Index.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-54

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Within the domestic equity segment, the Comstock, Large-Cap Growth and Long/Short Large-Cap Portfolios contributed to performance. Contributions from these large-capitalization strategies were offset by weak performances from the Mid-Cap Equity and Mid-Cap Growth Portfolios.

All foreign equity strategies in the portfolio outperformed the broad foreign equity index. The International Large-Cap and Emerging Markets Portfolios were among the top performers among the group.

With credits outperforming long-term Treasuries, sector positioning played an important role on relative performance. The Managed Bond Portfolio delivered strong results through its tactical duration positioning as well as allocations to mortgages and emerging markets bonds. Additionally, the portfolio’s allocation to its other core bonds strategy (i.e. Diversified Bonds Portfolio) also contributed to overall performance. On the other hand, the Short Duration Bond Portfolio was the only fixed income strategy to lag behind the broad fixed income index.

Portfolio Optimization Aggressive-Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the Portfolio Optimization Aggressive-Growth Portfolio’s Class I returned 15.17%, compared to a 16.00% return for the S&P 500 Index, a 17.32% return for the MSCI EAFE Index, a 4.21% return for the Barclays U.S. Aggregate Bond Index, and a 15.41% return for the Portfolio Optimization Aggressive-Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the portfolio to its benchmark for the period from inception on May 2, 2011 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31,  2012
	1 Year		Since Inception (5/2/11)~
Portfolio’s Class I		15.17%		1.23%
S&P 500 Index		16.00%		5.08%
MSCI EAFE Index		17.32%		-3.59%
Barclays U.S. Aggregate Bond Index		4.21%		6.18%
Portfolio Optimization Aggressive-Growth Composite Benchmark		15.41%		2.87%

Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

See explanation of symbol and benchmark definitions on A-56 through A-57

A-55

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

A. The Portfolio Optimization Aggressive-Growth Portfolio allocates primarily to domestic and international equity portfolios which are diversified across style (growth/value), market capitalization and region (which include allocations to foreign small-capitalization and emerging markets stocks). The portfolio also maintains exposure to select sectors such as publicly traded REITs as well as a small allocation to intermediate-term fixed income securities. Three alternative strategies, the Precious Metals, Currencies Strategies and Global Absolute Return Portfolios, which commenced operations on September 28, 2012, were added to the portfolio.

For the reporting period, the portfolio’s Class I returned 15.17% compared to 15.41% for the Portfolio Optimization Aggressive-Growth Composite Benchmark. At the broad asset class level, the portfolio’s domestic equities segment modestly lagged behind the S&P 500 Index. The portfolio’s fixed income and international equity segments outperformed the Barclays U.S. Aggregate Bond Index and the MSCI EAFE Index, respectively.

Within the domestic equity segment, the Comstock, Large-Cap Growth and Long/Short Large-Cap Portfolios contributed to performance. Contributions from these large-capitalization strategies were offset by weak performances from the Mid-Cap Equity and Mid-Cap Growth Portfolios.

All foreign equity strategies in the portfolio outperformed the broad foreign equity index. The International Large-Cap and Emerging Markets Portfolios were among the top performers among the group.

With credits outperforming long-term Treasuries, sector positioning played an important role on relative performance. The Managed Bond Portfolio delivered strong results through its tactical duration positioning as well as allocations to mortgages and emerging markets bonds. Additionally, the portfolio’s allocation to its other core bonds strategy (i.e. Diversified Bond Portfolio) also contributed to overall performance.

Explanation of Symbol for Pacific Select Fund Performance Discussion

~ Due to data limitation the benchmark since inception return reflects the commencement period from the first calendar day of the month the portfolio commenced its operations.

Benchmark Definitions

Barclays 1-3 Year U.S. Government/Credit Bond Index is the 1-3 year component of the U.S. Government/Credit Index. The U.S. Government/Credit Bond Index is the non-securitized component of the U.S. Aggregate Bond Index. The U.S. Government/Credit Bond Index includes Treasuries, government-related issues and corporates. The total return is equal to the change in price plus the coupon return.

Barclays U.S. Aggregate Bond Index covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and corporate mortgage-backed securities sectors. The total return is equal to the change in price plus the coupon return.

Barclays U.S. High-Yield 2% Issuer Capped Bond Index is an index that is an issuer-constrained version of the U.S. Corporate High-Yield Index that covers the U.S. dollar-denominated, non-investment grade fixed-rate taxable corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a prorata basis. The total return is equal to the change in price plus the coupon return.

Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index is an index of all outstanding treasury inflation protected securities issued by the U.S. government. The total return is equal to the change in price plus the coupon return.

BofA Merrill Lynch U.S. 3-Month Treasury Bill (T-Bill) Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue. Results include the reinvestment of all distributions.

Citigroup 1-Month U.S. Treasury Bill (T-Bill) Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of one month.

FTSE Gold Mines Index represents an accurate reflection and comprehensive coverage of the global gold markets. The index includes all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold.

FTSE National Association of Real Estate Investment Trusts (NAREIT) Equity Real Estate Investment Trusts (REITs) Index is one index of a series of indexes represented in the FTSE NAREIT U.S. Real Estate Index Series and represents tax-qualified REITs listed on the New York Stock Exchange (NYSE), American Stock Exchange and National Association of Securities Dealers Automated Quotations (NASDAQ). Results include reinvested dividends.

J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index series comprises of USD denominated Brady bonds, eurobonds and traded loans issued by sovereign and quasi sovereign entities in emerging markets countries. The Diversified version limits the weights of the index countries by only including a specified portion of those countries’ eligible current face amounts of debt outstanding. This provides a more even distribution of weights within the countries in the index.

Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an index of stocks from 21 countries/regions in Europe, Australia, New Zealand and Asia. Results include reinvested dividends after deducting withholding taxes.

MSCI Emerging Markets Index is an index typically made up of stocks from approximately 26 emerging markets countries. Results include reinvested dividends after deducting withholding taxes.

MSCI World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of May 30, 2011, the MSCI World ex USA Index will consists of 23 developed market county indices. Results include reinvested dividends after deducting withholding taxes.

A-56

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Pacific Dynamix-Conservative Growth Composite Benchmark is 60% Barclays U.S. Aggregate Bond; 30% S&P 500; 10% MSCI World ex USA (Net) Indices.

Pacific Dynamix-Moderate Growth Composite Benchmark is 45% S&P 500; 40% Barclays U.S. Aggregate Bond; 15% MSCI World ex USA (Net) Indices.

Pacific Dynamix-Growth Composite Benchmark is 55% S&P 500; 25% MSCI World ex USA (Net); 20% Barclays U.S. Aggregate Bond Indices.

Portfolio Optimization Conservative Composite Benchmark is 73% Barclays U.S. Aggregate Bond; 15% S&P 500; 7% BofA Merrill Lynch U.S. 3-Month T-Bill and 5% MSCI EAFE (Net) Indices.

Portfolio Optimization Moderate-Conservative Composite Benchmark is 55% Barclays U.S. Aggregate Bond; 30% S&P 500; 10% MSCI EAFE (Net), and 5% BofA Merrill Lynch U.S. 3-Month T-Bill Indices.

Portfolio Optimization Moderate Composite Benchmark is 43% Barclays U.S. Aggregate Bond; 40% S&P 500; 15% MSCI EAFE (Net), and 2% BofA Merrill Lynch U.S. 3-Month T-Bill Indices.

Portfolio Optimization Growth Composite Benchmark is 55% S&P 500; 25% Barclays U.S. Aggregate Bond; and 20% MSCI EAFE (Net) Indices.

Portfolio Optimization Aggressive-Growth Composite Benchmark is 65% S&P 500; 25% MSCI EAFE (Net); and 10% Barclays U.S. Aggregate Bond Indices.

Russell 1000 Growth Index is an index of large companies that have higher price-to-book ratios and forecasted growth values than the Russell 1000 Value Index. Results include reinvested dividends.

Russell 1000 Value Index measures the performance of the large-capitalization value segment of the U.S. equity universe. It is an index of companies with a less-than average growth orientation. Companies in this index have lower price-to book and price-earnings ratios, higher dividend yields and lower forecasted growth rates than companies in the Russell 1000 Growth Index. Results include reinvested dividends.

Russell 2000 Growth Index measures the performance of the small-capitalization growth segment of the U.S. equity universe. It is an index of approximately 1,200 small companies with higher price-to-book ratios and forecasted growth values than companies in the Russell 2000 Value Index. Results include reinvested dividends.

Russell 2000 Index is an index of the 2,000 smallest companies listed in the Russell 3000 Index. Results include reinvested dividends.

Russell 2000 Value Index measures the performance of the small-capitalization value segment of the U.S. equity universe. It is an index of companies that have lower price-to-book ratios and lower forecasted growth values than companies in the Russell 2000 Growth Index. Results include reinvested dividends.

Russell Midcap Growth Index is an index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe. It includes those companies within the Russell Midcap Index with higher price-to-book ratios and higher forecasted growth values. Results include reinvested dividends.

Russell Midcap Index is an index of approximately 800 of the smallest companies in the Russell 1000 Index. Results include reinvested dividends.

Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Results include reinvested dividends.

S&P 500 Index is an index of the stocks of approximately 500 large-capitalization companies traded in U.S. stock markets. Results include reinvested dividends.

S&P Composite 1500 Health Care Index is an unmanaged capitalization-weighted index that measures the performance of the health care sector of the S&P Composite 1500 Index. Results include reinvested dividends.

S&P Composite 1500 Index is an index made up of the S&P 500 Index, the S&P MidCap 400 Index and the S&P SmallCap 600 Index. Results include reinvested dividends.

S&P Developed Ex-U.S. SmallCap Index is an index of the bottom 15% of approximately 12,400 companies measured by market capitalization in 83 developed countries, excluding the U.S.

S&P/LSTA Leveraged Loan Index is a daily total return index that uses Loan Syndications & Trading Association/Loan Pricing Corp. (LSTA/LPC) mark-to-market pricing to calculate market value change. On a real-time basis, the leveraged loan index (LLI) tracks the current outstanding balance and spread over London Interbank Offered Rate (LIBOR) for fully funded term loans. The facilities included in the LLI represent a broad cross section of leveraged loans syndicated in the U.S., including dollar-denominated loans to overseas issuers.

S&P MidCap 400 Value Index is an unmanaged index that measures the performance of the mid-capitalization value sector of the U.S. equity market. It is a subset of the S&P Mid Cap 400 Index and consists of those stocks in the S&P Mid Cap 400 Index exhibiting the strongest value characteristics as determined by the index provider, representing approximately 50% of the market capitalization of the S&P MidCap 400 Index.

S&P North American Technology Index is a modified-capitalization-weighted index of technology-related stocks. Results include reinvested dividends.

A-57

PACIFIC SELECT FUND

CASH MANAGEMENT PORTFOLIO

Schedule of Investments

December 31, 2012

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 99.2%
Commercial Paper - 81.7%
AstraZeneca PLC (United Kingdom) 0.140% due 01/04/13		$14,700,000		$14,699,829
Bank of Nova Scotia NY 0.010% due 01/02/13		1,800,000		1,800,000
0.120% due 01/02/13		25,000,000		24,999,917
Chevron Corp 0.140% due 01/04/13		14,750,000		14,749,828
Colgate-Palmolive Co 0.050% due 01/10/13		2,750,000		2,749,966
Dover Corp 0.100% due 01/04/13		12,250,000		12,249,898
Emerson Electric Co 0.150% due 03/21/13		24,500,000		24,491,935
General Electric Capital Corp
0.020% due 01/03/13		12,000,000		11,999,987
0.090% due 03/18/13		15,000,000		14,997,150
Glaxosmithkline Finance PLC (United Kingdom) 0.150% due 01/31/13		10,000,000		9,998,750
Google Inc 0.090% due 01/16/13		23,000,000		22,999,138
John Deere Financial Inc (Canada) 0.150% due 01/28/13		6,250,000		6,249,297
Kimberly-Clark Worldwide Inc 0.090% due 01/14/13		23,000,000		22,999,253
Nestle Capital Corp
0.020% due 01/23/13		18,000,000		17,999,780
0.040% due 01/17/13		10,000,000		9,999,822
NetJets Inc 0.100% due 01/07/13		17,000,000		16,999,717
Northwestern University
0.140% due 01/28/13		9,000,000		8,999,055
0.152% due 01/15/13		19,100,000		19,098,886
Parker Hannifin Corp 0.110% due 01/10/13		9,700,000		9,699,733
PepsiCo Inc 0.050% due 01/28/13		28,000,000		27,998,950
Philip Morris International Inc 0.110% due 01/28/13		23,700,000		23,698,045
Praxair Inc 0.090% due 01/10/13		19,000,000		18,999,573
Roche Holdings Inc 0.100% due 01/08/13		19,500,000		19,499,621
Rockwell Collins Inc 0.120% due 01/08/13		9,900,000		9,899,769
Royal Bank of Canada (Canada) 0.050% due 01/07/13		24,250,000		24,249,798
The Coca-Cola Co
0.110% due 01/18/13		10,000,000		9,999,481
0.130% due 02/12/13		18,100,000		18,097,255
The Procter & Gamble Co 0.041% due 03/04/13		26,250,000		26,242,767

	Principal Amount		Value
The Walt Disney Co 0.120% due 03/22/13		$18,000,000		$17,995,200
Toronto-Dominion Holdings USA Inc 0.190% due 01/03/13		16,250,000		16,249,828
Toyota Motor Credit Corp 0.190% due 01/02/13		27,700,000		27,699,854
Wal-Mart Stores Inc 0.110% due 01/29/13		13,800,000		13,798,819
				522,210,901
U.S. Treasury Bills - 16.2%
0.092% due 03/07/13		30,000,000		29,995,015
0.105% due 02/14/13		30,000,000		29,996,149
0.108% due 01/24/13		28,000,000		27,998,067
0.133% due 05/23/13		15,000,000		14,992,130
				102,981,361
Repurchase Agreement - 1.3%
State Street Bank & Trust Co 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $8,522,332; collateralized by Fannie Mae: 2.140% due 11/07/22 and value $8,695,480)		8,522,327		8,522,327
Total Short-Term Investments (Amortized Cost $633,714,589)				633,714,589
TOTAL INVESTMENTS - 99.2% (Amortized Cost $633,714,589)				633,714,589
OTHER ASSETS & LIABILITIES, NET - 0.8%				5,322,884
NET ASSETS - 100.0%				$639,037,473

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Commercial Paper	81.7%
U.S. Treasury Bills	16.2%
Repurchase Agreement	1.3%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

A-1 (Short-Term Debt only) 100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Short-Term Investments		$633,714,589		$-		$633,714,589		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-1

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 0.2%
Financials - 0.2%
Citigroup Capital XIII		61,350		$1,711,665
GMAC Capital Trust I		229,331		6,111,671
				7,823,336
Total Preferred Stocks (Cost $7,267,172)				7,823,336
	Principal Amount
CORPORATE BONDS & NOTES - 34.1%
Consumer Discretionary - 1.6%
CCO Holdings LLC
7.000% due 01/15/19		$1,310,000		1,419,712
8.125% due 04/30/20		2,250,000		2,531,250
CityCenter Holdings LLC 7.625% due 01/15/16		1,200,000		1,290,000
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		1,840,000		2,784,014
Comcast Corp
5.150% due 03/01/20		1,658,000		1,966,489
5.650% due 06/15/35		470,000		551,913
5.700% due 05/15/18		5,000,000		6,016,160
6.950% due 08/15/37		2,075,000		2,816,122
DISH DBS Corp
6.750% due 06/01/21		2,290,000		2,622,050
7.750% due 05/31/15		766,000		860,792
McDonald’s Corp 6.300% due 10/15/37		495,000		685,764
MGM Resorts International 5.875% due 02/27/14		665,000		694,925
News America Inc
4.500% due 02/15/21		90,000		102,898
6.200% due 12/15/34		1,000,000		1,212,085
Time Warner Cable Inc
4.125% due 02/15/21		730,000		800,052
5.500% due 09/01/41		40,000		44,547
5.875% due 11/15/40		2,750,000		3,207,113
6.550% due 05/01/37		1,565,000		1,937,789
6.750% due 06/15/39		1,630,000		2,069,163
7.300% due 07/01/38		2,305,000		3,065,058
8.250% due 04/01/19		5,985,000		7,968,956
Time Warner Entertainment Co LP 8.375% due 07/15/33		890,000		1,299,832
Time Warner Inc
4.700% due 01/15/21		410,000		467,113
6.250% due 03/29/41		350,000		432,527
UBM PLC (United Kingdom) 5.750% due 11/03/20 ~		2,220,000		2,343,581
Univision Communications Inc 6.750% due 09/15/22 ~		1,140,000		1,182,750
Virgin Media Secured Finance PLC (United Kingdom) 6.500% due 01/15/18		280,000		302,750
WPP Finance (United Kingdom) 8.000% due 09/15/14		1,353,000		1,496,806
				52,172,211
Consumer Staples - 3.3%
Altria Group Inc
2.850% due 08/09/22		4,200,000		4,159,831
4.750% due 05/05/21		4,000,000		4,536,576
8.500% due 11/10/13		1,490,000		1,587,872
9.250% due 08/06/19		3,330,000		4,635,190

	Principal Amount		Value
Anheuser-Busch InBev Worldwide Inc
2.500% due 07/15/22		$6,570,000		$6,617,271
5.000% due 04/15/20		1,070,000		1,281,317
5.375% due 01/15/20		4,500,000		5,480,276
CVS Caremark Corp
2.750% due 12/01/22		240,000		241,117
6.125% due 09/15/39		4,300,000		5,507,810
CVS Pass-Through Trust
5.298% due 01/11/27 ~		792,948		882,069
6.036% due 12/10/28		3,499,540		4,102,874
Diageo Capital PLC (United Kingdom) 5.750% due 10/23/17		4,630,000		5,582,146
Diageo Investment Corp 2.875% due 05/11/22		4,420,000		4,566,766
Heineken NV (Netherlands) 1.400% due 10/01/17 ~		1,530,000		1,526,567
Kraft Foods Group Inc
3.500% due 06/06/22 ~		4,090,000		4,369,400
5.375% due 02/10/20 ~		1,549,000		1,861,136
Molson Coors Brewing Co 3.500% due 05/01/22		500,000		528,333
Mondelez International Inc
5.375% due 02/10/20		1,411,000		1,704,578
6.000% due 02/11/13		5,360,000		5,389,485
PepsiCo Inc
0.700% due 08/13/15		5,470,000		5,480,092
7.900% due 11/01/18		1,498,000		2,023,166
Pernod-Ricard SA (France)
2.950% due 01/15/17 ~		1,230,000		1,294,461
4.450% due 01/15/22 ~		5,850,000		6,475,312
Philip Morris International Inc
2.500% due 08/22/22		2,300,000		2,312,737
2.900% due 11/15/21		2,450,000		2,550,261
4.500% due 03/20/42		1,900,000		2,066,868
6.375% due 05/16/38		1,970,000		2,684,899
Reynolds American Inc
3.250% due 11/01/22		1,600,000		1,608,670
6.750% due 06/15/17		1,207,000		1,458,570
Reynolds Group Issuer Inc
5.750% due 10/15/20 ~		1,990,000		2,059,650
6.875% due 02/15/21		1,380,000		1,493,850
7.125% due 04/15/19		1,340,000		1,447,200
Safeway Inc
3.950% due 08/15/20		90,000		90,085
4.750% due 12/01/21		2,300,000		2,371,567
6.350% due 08/15/17		575,000		653,487
The Kroger Co 6.400% due 08/15/17		2,610,000		3,152,525
Wal-Mart Stores Inc
5.250% due 09/01/35		730,000		887,555
5.375% due 04/05/17		915,000		1,083,922
				105,755,491
Energy - 5.6%
Access Midstream Partners LP
4.875% due 05/15/23		700,000		711,375
6.125% due 07/15/22		2,495,000		2,700,838
Anadarko Finance Co (Canada) 7.500% due 05/01/31		1,195,000		1,582,113
Anadarko Petroleum Corp
6.375% due 09/15/17		5,085,000		6,078,294
8.700% due 03/15/19		4,285,000		5,785,688
Apache Corp
3.250% due 04/15/22		2,130,000		2,259,336
4.750% due 04/15/43		1,140,000		1,242,239
6.900% due 09/15/18		5,000,000		6,381,910
Arch Coal Inc 7.000% due 06/15/19		4,050,000		3,786,750
Baker Hughes Inc
3.200% due 08/15/21		200,000		213,393
7.500% due 11/15/18		4,060,000		5,383,032

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-2

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
BP Capital Markets PLC (United Kingdom)
3.125% due 10/01/15		$7,940,000		$8,433,598
3.245% due 05/06/22		2,400,000		2,530,661
3.561% due 11/01/21		450,000		486,673
Chesapeake Energy Corp
6.500% due 08/15/17		650,000		708,500
6.625% due 08/15/20		360,000		387,900
6.775% due 03/15/19		1,780,000		1,784,450
7.250% due 12/15/18		410,000		448,950
Cie Generale de Geophysique-Veritas (France) 9.500% due 05/15/16		4,450,000		4,794,875
Concho Resources Inc
5.500% due 10/01/22		700,000		742,000
6.500% due 01/15/22		1,606,000		1,774,630
ConocoPhillips 6.500% due 02/01/39		1,040,000		1,476,164
CONSOL Energy Inc 6.375% due 03/01/21		2,650,000		2,729,500
Devon Energy Corp
3.250% due 05/15/22		1,200,000		1,253,516
7.950% due 04/15/32		3,470,000		5,137,283
Enterprise Products Operating LLC
5.250% due 01/31/20		60,000		71,344
5.950% due 02/01/41		520,000		628,340
6.125% due 10/15/39		260,000		314,374
6.300% due 09/15/17		5,000,000		6,052,445
6.500% due 01/31/19		2,100,000		2,633,230
8.375% due 08/01/66 §		3,000,000		3,426,432
Hess Corp 8.125% due 02/15/19		7,530,000		9,915,790
Kerr-McGee Corp
6.950% due 07/01/24		220,000		278,985
7.875% due 09/15/31		3,617,000		4,807,702
Key Energy Services Inc 6.750% due 03/01/21		2,640,000		2,653,200
Kinder Morgan Energy Partners LP 6.850% due 02/15/20		3,000,000		3,782,241
MarkWest Energy Partners LP
5.500% due 02/15/23		1,680,000		1,831,200
6.250% due 06/15/22		920,000		1,016,600
Noble Energy Inc
6.000% due 03/01/41		2,000,000		2,411,352
8.250% due 03/01/19		3,290,000		4,314,361
Occidental Petroleum Corp
2.700% due 02/15/23		3,520,000		3,595,127
3.125% due 02/15/22		3,600,000		3,832,542
Peabody Energy Corp 6.000% due 11/15/18		3,000,000		3,202,500
Petrobras International Finance Co (Cayman)
3.875% due 01/27/16		2,750,000		2,914,337
5.375% due 01/27/21		12,560,000		14,189,987
7.875% due 03/15/19		3,600,000		4,511,477
Petroleos Mexicanos (Mexico)
5.500% due 01/21/21		1,570,000		1,842,395
6.000% due 03/05/20		2,000,000		2,400,000
8.000% due 05/03/19		5,700,000		7,481,250
Plains Exploration & Production Co 6.125% due 06/15/19		5,750,000		6,296,250
QEP Resources Inc
5.250% due 05/01/23		1,100,000		1,182,500
6.875% due 03/01/21		690,000		798,675
Regency Energy Partners LP 6.500% due 07/15/21		2,450,000		2,695,000
Schlumberger Norge AS (Norway) 4.200% due 01/15/21 ~		50,000		56,598
SESI LLC 7.125% due 12/15/21		850,000		949,875
Shell International Finance BV (Netherlands) 4.375% due 03/25/20		4,020,000		4,666,227

	Principal Amount		Value
Sinopec Group Overseas Development Ltd (United Kingdom) 2.750% due 05/17/17 ~		$2,400,000		$2,493,833
The Williams Cos Inc
7.500% due 01/15/31		4,635,000		5,798,538
7.875% due 09/01/21		440,000		567,286
WPX Energy Inc 6.000% due 01/15/22		270,000		292,275
				182,717,936
Financials - 12.2%
American Express Credit Corp 5.125% due 08/25/14		11,279,000		12,088,494
American Honda Finance Corp 1.000% due 08/11/15 ~		5,100,000		5,131,645
American International Group Inc
3.750% due 11/30/13 ~		1,900,000		1,949,512
5.850% due 01/16/18		2,000,000		2,368,814
8.250% due 08/15/18		3,465,000		4,561,617
ANZ New Zealand International Ltd (New Zealand) 1.850% due 10/15/15 ~		2,630,000		2,681,359
Bank of America Corp
3.875% due 03/22/17		1,230,000		1,334,848
4.500% due 04/01/15		6,700,000		7,145,081
5.000% due 05/13/21		5,590,000		6,386,709
5.650% due 05/01/18		6,720,000		7,824,553
5.750% due 12/01/17		560,000		653,216
7.625% due 06/01/19		6,485,000		8,302,836
Bank of Tokyo-Mitsubishi UFJ Ltd (Japan) 3.850% due 01/22/15 ~		2,110,000		2,230,584
Barclays Bank PLC (United Kingdom) 6.050% due 12/04/17 ~		170,000		188,829
BBVA U.S. Senior SAU (Spain)
3.250% due 05/16/14		5,380,000		5,386,596
4.664% due 10/09/15		6,880,000		7,058,192
Berkshire Hathaway Inc 3.200% due 02/11/15		800,000		842,606
BNP Paribas SA (France) 2.375% due 09/14/17		3,740,000		3,796,515
Canadian Imperial Bank of Commerce (Canada) 2.000% due 02/04/13 ~		11,740,000		11,756,706
Caterpillar Financial Services Corp 5.450% due 04/15/18		2,315,000		2,767,476
CIT Group Inc 4.250% due 08/15/17		1,840,000		1,902,713
Citigroup Inc
3.953% due 06/15/16		2,320,000		2,498,533
5.500% due 04/11/13		8,420,000		8,507,332
5.500% due 10/15/14		710,000		762,044
5.900% § ±		1,310,000		1,328,457
5.950% § ±		2,250,000		2,280,938
6.000% due 12/13/13		8,090,000		8,479,024
6.000% due 08/15/17		5,155,000		6,077,585
6.010% due 01/15/15		5,600,000		6,121,814
6.125% due 11/21/17		100,000		119,103
6.375% due 08/12/14		650,000		702,694
6.875% due 03/05/38		7,000,000		9,222,710
8.500% due 05/22/19		610,000		820,698
Commonwealth Bank of Australia (Australia)
1.250% due 09/18/15		6,100,000		6,170,260
3.750% due 10/15/14 ~		2,490,000		2,618,875
5.000% due 10/15/19 ~		1,060,000		1,232,620
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) 11.000% § ± ~		3,830,000		5,211,699
Credit Agricole SA (France) 8.375% § ± ~		8,630,000		9,190,950

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-3

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Daimler Finance North America LLC
1.300% due 07/31/15 ~		$2,310,000		$2,324,703
2.625% due 09/15/16 ~		5,390,000		5,603,633
Ford Motor Credit Co LLC
4.250% due 09/20/22		750,000		793,735
5.000% due 05/15/18		3,070,000		3,393,940
5.750% due 02/01/21		1,270,000		1,464,013
8.125% due 01/15/20		2,850,000		3,659,751
General Electric Capital Corp
1.625% due 07/02/15		1,970,000		2,003,768
3.750% due 11/14/14		9,000,000		9,494,415
4.375% due 09/16/20		640,000		714,788
5.300% due 02/11/21		2,640,000		3,066,727
5.875% due 01/14/38		1,570,000		1,895,423
6.000% due 08/07/19		8,010,000		9,750,661
6.150% due 08/07/37		1,105,000		1,374,875
6.875% due 01/10/39		2,440,000		3,319,474
Goldman Sachs Capital II 4.000% due 06/01/43 §		8,875,000		6,943,179
HSBC Bank USA NA 7.000% due 01/15/39		3,040,000		4,113,135
HSBC Finance Corp 6.676% due 01/15/21		2,420,000		2,873,034
Hyundai Capital America 2.125% due 10/02/17 ~		1,370,000		1,380,864
Intesa Sanpaolo SPA (Italy) 3.625% due 08/12/15 ~		2,330,000		2,332,640
JPMorgan Chase & Co
1.100% due 10/15/15		7,930,000		7,934,528
4.250% due 10/15/20		1,230,000		1,368,922
4.350% due 08/15/21		690,000		772,200
4.500% due 01/24/22		2,310,000		2,615,327
JPMorgan Chase Bank NA 6.000% due 10/01/17		8,000,000		9,477,504
Lloyds Banking Group PLC (United Kingdom) 5.920% § ± ~		5,900,000		4,543,000
M&T Bank Corp 6.875% ± ~		4,590,000		4,797,936
MetLife Inc 4.750% due 02/08/21		2,370,000		2,753,931
Metropolitan Life Global Funding I 5.125% due 04/10/13 ~		3,750,000		3,797,231
Morgan Stanley
4.750% due 03/22/17		600,000		655,004
5.450% due 01/09/17		5,155,000		5,707,951
National Australia Bank Ltd (Australia) 1.600% due 08/07/15		2,000,000		2,031,174
Nordea Bank AB (Sweden)
3.700% due 11/13/14 ~		620,000		651,140
4.875% due 05/13/21 ~		6,220,000		6,677,692
QBE Insurance Group Ltd (Australia) 9.750% due 03/14/14 ~		2,026,000		2,179,190
Santander U.S. Debt SAU (Spain)
3.724% due 01/20/15 ~		2,900,000		2,914,590
3.781% due 10/07/15 ~		2,750,000		2,767,231
SLM Corp
3.875% due 09/10/15		2,710,000		2,787,338
8.000% due 03/25/20		3,380,000		3,878,550
Standard Chartered PLC (United Kingdom) 6.409% § ± ~		3,900,000		3,982,192
State Street Corp 4.956% due 03/15/18		9,430,000		10,689,697
Sumitomo Mitsui Banking Corp (Japan)
3.100% due 01/14/16 ~		1,300,000		1,386,964
3.150% due 07/22/15 ~		4,330,000		4,563,036
Teachers Insurance & Annuity Association of America 6.850% due 12/16/39 ~		2,090,000		2,837,039
Temasek Financial I Ltd (Singapore) 2.375% due 01/23/23 ~		3,460,000		3,420,843

	Principal Amount		Value
The Goldman Sachs Group Inc
4.750% due 07/15/13		$190,000		$194,010
5.250% due 10/15/13		930,000		962,748
5.250% due 07/27/21		1,030,000		1,175,081
5.750% due 01/24/22		400,000		473,262
5.950% due 01/15/27		3,270,000		3,544,389
6.000% due 05/01/14		960,000		1,022,007
6.000% due 06/15/20		5,460,000		6,492,027
6.250% due 02/01/41		7,880,000		9,676,593
6.750% due 10/01/37		2,645,000		2,999,938
The Royal Bank of Scotland Group PLC (United Kingdom)
2.550% due 09/18/15		980,000		1,003,519
5.000% due 10/01/14		1,510,000		1,552,185
6.400% due 10/21/19		370,000		437,478
7.640% § ±		1,600,000		1,456,000
7.648% § ±		420,000		428,400
Toyota Motor Credit Corp 1.250% due 10/05/17		5,450,000		5,493,066
UBS AG (Switzerland) 2.250% due 01/28/14		1,790,000		1,816,329
Vesey Street Investment Trust I 4.404% due 09/01/16 §		1,840,000		1,986,637
Wachovia Bank NA 6.600% due 01/15/38		2,080,000		2,857,462
Wachovia Capital Trust III 5.570% § ±		6,950,000		6,941,312
Wells Fargo & Co
1.500% due 01/16/18		1,730,000		1,734,263
2.100% due 05/08/17		1,430,000		1,479,481
3.676% due 06/15/16 §		2,830,000		3,061,222
4.600% due 04/01/21		6,240,000		7,183,008
ZFS Finance USA Trust II 6.450% due 12/15/65 § ~		4,445,000		4,778,375
				398,145,997
Health Care - 2.2%
AbbVie Inc
1.750% due 11/06/17 ~		5,730,000		5,796,886
2.900% due 11/06/22 ~		3,500,000		3,567,676
Express Scripts Holding Co 3.500% due 11/15/16 ~		10,520,000		11,254,559
GlaxoSmithKline Capital Inc 6.375% due 05/15/38		2,455,000		3,394,396
GlaxoSmithKline Capital PLC (United Kingdom) 2.850% due 05/08/22		4,100,000		4,262,315
HCA Inc
6.500% due 02/15/20		1,200,000		1,353,000
7.500% due 02/15/22		3,060,000		3,519,000
Humana Inc 3.150% due 12/01/22		1,300,000		1,293,959
Medtronic Inc
3.125% due 03/15/22		430,000		456,934
4.450% due 03/15/20		2,110,000		2,452,685
Pfizer Inc
6.200% due 03/15/19		1,020,000		1,290,010
7.200% due 03/15/39		4,000,000		6,137,984
Roche Holdings Inc 6.000% due 03/01/19 ~		2,400,000		2,989,248
Tenet Healthcare Corp
8.875% due 07/01/19		2,920,000		3,285,000
10.000% due 05/01/18		1,090,000		1,245,325
Teva Pharmaceutical Finance Co BV (Netherlands) 3.650% due 11/10/21		820,000		878,323
Teva Pharmaceutical Finance IV BV (Netherlands) 3.650% due 11/10/21		2,020,000		2,163,675
Thermo Fisher Scientific Inc 3.600% due 08/15/21		1,590,000		1,692,394

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-4

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
UnitedHealth Group Inc
3.875% due 10/15/20		$2,110,000		$2,339,980
5.700% due 10/15/40		10,000		12,131
5.800% due 03/15/36		660,000		796,921
6.875% due 02/15/38		1,000,000		1,374,286
Watson Pharmaceuticals Inc 1.875% due 10/01/17		1,590,000		1,612,147
WellPoint Inc
1.250% due 09/10/15		1,210,000		1,220,277
3.125% due 05/15/22		2,050,000		2,073,255
3.700% due 08/15/21		1,610,000		1,694,676
7.000% due 02/15/19		3,870,000		4,818,386
				72,975,428
Industrials - 1.9%
Air 2 U.S. 8.027% due 10/01/20 ~		1,920,033		1,977,634
Boeing Capital Corp 4.700% due 10/27/19		1,360,000		1,605,696
Continental Airlines Inc 6.750% due 09/15/15 ~		2,225,000		2,347,375
CSC Holdings LLC 8.625% due 02/15/19		3,035,000		3,642,000
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		4,258,170		4,752,969
Eaton Corp
1.500% due 11/02/17 ~		2,000,000		2,005,668
2.750% due 11/02/22 ~		4,810,000		4,799,673
4.150% due 11/02/42 ~		2,040,000		2,065,176
General Electric Co
0.850% due 10/09/15		2,180,000		2,189,001
5.250% due 12/06/17		3,535,000		4,171,424
International Lease Finance Corp
6.500% due 09/01/14 ~		2,080,000		2,230,800
6.750% due 09/01/16 ~		5,660,000		6,381,650
John Deere Capital Corp 5.350% due 04/03/18		3,480,000		4,156,035
Kansas City Southern de Mexico SA de CV (Mexico) 12.500% due 04/01/16		2,389,000		2,627,900
Raytheon Co 3.125% due 10/15/20		1,680,000		1,788,713
The Boeing Co 4.875% due 02/15/20		5,300,000		6,389,850
UAL Pass-Through Trust 9.750% due 07/15/18		621,919		719,872
United Technologies Corp
4.500% due 04/15/20		2,130,000		2,504,181
4.500% due 06/01/42		2,320,000		2,580,515
Waste Management Inc 7.375% due 05/15/29		1,510,000		1,994,708
				60,930,840
Information Technology - 0.2%
Freescale Semiconductor Inc 10.125% due 12/15/16		816,000		842,520
Hewlett-Packard Co 4.500% due 03/01/13		325,000		326,744
National Semiconductor Corp 6.600% due 06/15/17		380,000		469,605
Oracle Corp 1.200% due 10/15/17		5,180,000		5,199,472
				6,838,341
Materials - 3.3%
ArcelorMittal (Luxembourg) 5.000% due 02/25/17		1,330,000		1,343,343
Ball Corp 6.750% due 09/15/20		2,880,000		3,189,600
Barrick Gold Corp (Canada)
3.850% due 04/01/22		810,000		858,142
6.950% due 04/01/19		2,470,000		3,075,004

	Principal Amount		Value
Barrick North America Finance LLC 4.400% due 05/30/21		$3,500,000		$3,841,222
BHP Billiton Finance USA Ltd (Australia)
3.250% due 11/21/21		1,070,000		1,152,572
6.500% due 04/01/19		6,830,000		8,715,394
Celulosa Arauco y Constitucion SA (Chile) 4.750% due 01/11/22		2,625,000		2,763,681
Cliffs Natural Resources Inc
3.950% due 01/15/18		1,800,000		1,813,066
4.800% due 10/01/20		1,210,000		1,203,346
6.250% due 10/01/40		4,960,000		4,839,517
Ecolab Inc 4.350% due 12/08/21		1,270,000		1,418,717
FMG Resources Property Ltd (Australia)
6.375% due 02/01/16 ~		540,000		561,600
7.000% due 11/01/15 ~		3,060,000		3,228,300
Freeport-McMoRan Copper & Gold Inc 3.550% due 03/01/22		6,325,000		6,278,334
Georgia-Pacific LLC 7.700% due 06/15/15		780,000		900,416
LyondellBasell Industries NV (Netherlands)
5.000% due 04/15/19		885,000		982,350
5.750% due 04/15/24		885,000		1,044,300
6.000% due 11/15/21		1,890,000		2,225,475
Potash Corp of Saskatchewan Inc (Canada) 4.875% due 03/30/20		640,000		736,202
Rio Tinto Finance USA Ltd (Australia)
1.875% due 11/02/15		3,700,000		3,799,637
2.500% due 05/20/16		1,410,000		1,472,755
3.750% due 09/20/21		2,320,000		2,482,811
4.125% due 05/20/21		1,120,000		1,238,516
6.500% due 07/15/18		870,000		1,086,751
9.000% due 05/01/19		2,880,000		3,957,990
RockTenn Co
3.500% due 03/01/20 ~		1,020,000		1,047,648
4.000% due 03/01/23 ~		1,330,000		1,352,345
Southern Copper Corp 5.250% due 11/08/42		7,320,000		7,341,828
Steel Dynamics Inc 7.625% due 03/15/20		1,700,000		1,887,000
Vale Overseas Ltd (Cayman)
4.375% due 01/11/22		10,949,000		11,730,649
6.875% due 11/21/36		4,520,000		5,611,793
8.250% due 01/17/34		1,205,000		1,656,412
Vedanta Resources PLC (United Kingdom)
8.750% due 01/15/14 ~		2,288,000		2,413,840
9.500% due 07/18/18 ~		1,100,000		1,280,180
Xstrata Finance Canada Ltd (Canada)
1.800% due 10/23/15 ~		3,820,000		3,843,050
2.450% due 10/25/17 ~		3,430,000		3,465,912
				105,839,698
Telecommunication Services - 2.2%
America Movil SAB de CV (Mexico)
5.000% due 03/30/20		2,740,000		3,198,857
5.625% due 11/15/17		1,500,000		1,810,245
AT&T Inc
2.625% due 12/01/22		2,500,000		2,506,505
3.875% due 08/15/21		2,750,000		3,067,394
4.350% due 06/15/45 ~		52,000		52,288
4.450% due 05/15/21		60,000		69,346
5.100% due 09/15/14		780,000		838,221
5.500% due 02/01/18		5,915,000		7,051,904
5.550% due 08/15/41		1,560,000		1,873,938
5.600% due 05/15/18		260,000		313,884
6.300% due 01/15/38		5,375,000		6,897,748
Cellco Partnership 8.500% due 11/15/18		7,120,000		9,803,129
Cricket Communications Inc 7.750% due 05/15/16		500,000		531,875

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-5

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Deutsche Telekom International Finance BV (Netherlands)
5.750% due 03/23/16		$3,300,000		$3,761,977
6.750% due 08/20/18		1,545,000		1,920,036
Intelsat Jackson Holdings SA (Luxembourg)
7.250% due 04/01/19		2,088,000		2,255,040
7.500% due 04/01/21		2,520,000		2,790,900
Rogers Communications Inc (Canada) 6.800% due 08/15/18		760,000		962,162
Sprint Capital Corp 8.750% due 03/15/32		3,899,000		4,786,022
Sprint Nextel Corp 9.000% due 11/15/18 ~		1,870,000		2,314,125
Telefonica Emisiones SAU (Spain)
5.134% due 04/27/20		2,380,000		2,507,925
5.462% due 02/16/21		370,000		395,438
5.877% due 07/15/19		350,000		383,250
6.221% due 07/03/17		150,000		167,250
6.421% due 06/20/16		250,000		277,250
UPCB Finance III Ltd (Cayman) 6.625% due 07/01/20 ~		2,340,000		2,518,425
Verizon Communications Inc
1.250% due 11/03/14		3,000,000		3,036,816
2.450% due 11/01/22		6,030,000		6,037,785
Vimpel Communications (Ireland) 8.375% due 04/30/13 ~		515,000		527,772
				72,657,507
Utilities - 1.6%
AEP Texas Central Transition Funding LLC 5.306% due 07/01/21		2,500,000		3,077,016
Calpine Construction Finance Co LP 8.000% due 06/01/16 ~		1,285,000		1,371,738
Calpine Corp 7.500% due 02/15/21 ~		3,402,000		3,776,220
Dominion Resources Inc
5.150% due 07/15/15		4,500,000		4,970,885
5.200% due 08/15/19		2,300,000		2,735,914
DPL Inc 7.250% due 10/15/21		550,000		591,250
Duke Energy Corp 3.550% due 09/15/21		1,050,000		1,107,494
Energy Future Intermediate Holding Co LLC 10.000% due 12/01/20		4,500,000		5,096,250
FirstEnergy Corp 7.375% due 11/15/31		8,750,000		11,308,981
MidAmerican Energy Holdings Co
6.125% due 04/01/36		601,000		759,285
6.500% due 09/15/37		2,400,000		3,190,385
Pacific Gas & Electric Co
6.050% due 03/01/34		3,052,000		3,935,285
8.250% due 10/15/18		930,000		1,267,269
PacifiCorp 5.650% due 07/15/18		1,860,000		2,274,038
The AES Corp
8.000% due 06/01/20		2,530,000		2,922,150
9.750% due 04/15/16		990,000		1,188,000
Virginia Electric & Power Co 6.350% due 11/30/37		1,680,000		2,322,696
				51,894,856
Total Corporate Bonds & Notes (Cost $1,007,317,142)				1,109,928,305
SENIOR LOAN NOTES - 1.5%
Consumer Discretionary - 0.8%
Allison Transmission Inc Term B1 2.710% due 08/07/14 §		427,613		430,419
AMC Entertainment Inc Term B2 (Extended) 4.250% due 12/15/16 §		1,957,895		1,971,661

	Principal Amount		Value
Caesars Entertainment Operating Co Term B6 (Extended) 5.467% due 01/26/18 §		$1,800,000		$1,612,350
Cengage Learning Acquisitions Inc (Extended) 5.720% due 07/05/17 §		1,371,062		1,083,139
Charter Communications Operating LLC
Term C (Extended)
3.470% due 09/06/16 §		2,029,547		2,042,859
Term D
4.000% due 05/15/19 §		1,488,750		1,502,475
Dunkin Brands Inc Term B2 4.000% due 11/23/17 §		1,487,881		1,500,586
Landry’s Inc Term B 6.500% due 04/24/18 §		1,985,000		2,009,812
Las Vegas Sands LLC
(Extended) (Delayed Draw)
2.760% due 11/23/16 §		421,699		423,162
Term B (Extended)
2.760% due 11/23/16 §		2,098,164		2,105,442
Michaels Stores Inc Term B2 4.912% due 07/29/16 §		2,048,108		2,069,320
The Gymboree Corp (Initial) 5.000% due 02/23/18 §		1,875,859		1,734,231
The Neiman Marcus Group Inc (Extended) 4.750% due 05/16/18 §		2,000,000		2,006,388
Univision Communications Inc (Extended) 4.466% due 03/31/17 §		2,375,524		2,341,190
Visant Holding Corp Term B 5.250% due 12/22/16 §		1,471,901		1,337,222
Wendy’s International Inc Term B 4.750% due 05/15/19 §		1,995,000		2,017,801
				26,188,057
Consumer Staples - 0.0%
Del Monte Foods Co 4.500% due 03/08/18 §		958,759		962,155
Financials - 0.1%
First Data Corp
(Add on)
5.216% due 09/24/18 §		1,000,000		983,125
Term B (Extended)
4.217% due 03/23/18 §		3,257,313		3,109,603
Term B2 (Non-Extended)
2.967% due 09/24/14 §		175,297		175,557
				4,268,285
Health Care - 0.1%
Capsugel Holdings U.S. Inc Term B 4.750% due 08/01/18 §		1,351,949		1,368,848
CHS/Community Health Systems Inc (Extended) 3.921% due 01/25/17 §		170,930		172,198
Hanger Orthopedic Group Inc Term C 4.012% due 12/01/16 §		1,473,869		1,481,239
				3,022,285
Industrials - 0.3%
BakerCorp International Inc Term B 5.000% due 06/01/18 §		994,962		1,002,840
FGI Operating Company LLC 5.500% due 04/19/19 §		1,990,926		1,946,130
Nielsen Finance LLC Term C 3.463% due 05/02/16 §		3,374,046		3,396,024
Schaeffler AG Term C2 (Germany) 6.000% due 01/27/17 §		2,000,000		2,025,000
The Hertz Corp Term B 3.750% due 03/09/18 §		992,424		993,122
				9,363,116

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-6

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Materials - 0.1%
Fairmount Minerals Ltd Term B 5.250% due 03/15/17 §		$1,752,688		$1,749,872
Telecommunication Services - 0.1%
Telesat LLC Term B 4.250% due 03/28/19 §		1,492,500		1,505,559
Utilities - 0.0%
Equipower Resources Holdings LLC (1st Lien) 6.500% due 12/21/18 §		1,243,750		1,256,965
Total Senior Loan Notes (Cost $48,201,308)				48,316,294
MORTGAGE-BACKED SECURITIES - 37.0%
Collateralized Mortgage Obligations - Commercial - 1.4%
Banc of America Commercial Mortgage Trust
5.421% due 09/10/45 " §		1,119,000		1,225,118
5.732% due 05/10/45 " §		3,980,000		4,569,595
Bear Stearns Commercial Mortgage Securities 5.712% due 09/11/38 " §		6,625,000		7,600,051
Citigroup Commercial Mortgage Trust 5.702% due 12/10/49 " §		480,000		546,335
Commercial Mortgage Pass-Through Trust 5.748% due 06/10/46 " §		5,000,000		5,690,330
DBUBS Mortgage Trust (IO) 1.461% due 08/10/44 " § ~		13,166,604		612,425
GE Capital Commercial Mortgage Corp Trust 5.543% due 12/10/49 "		920,000		1,055,542
Greenwich Capital Commercial Funding Corp 5.867% due 07/10/38 " §		2,041,000		2,303,441
GS Mortgage Securities Corp II (IO) 1.756% due 08/10/44 " § ~		5,765,494		497,983
JP Morgan Chase Commercial Mortgage Securities Corp
5.336% due 05/15/47 "		4,455,000		5,114,369
5.440% due 05/15/45 "		1,516,000		1,710,007
5.930% due 02/12/51 " §		400,000		464,871
LB-UBS Commercial Mortgage Trust
5.424% due 02/15/40 "		235,000		273,523
5.865% due 06/15/38 " §		1,575,000		1,822,677
Lehman Brothers Floating Rate Commercial Mortgage Trust 0.329% due 09/15/21 " § ~		442,264		441,301
Merrill Lynch Mortgage Trust 5.849% due 06/12/50 " §		140,000		161,781
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.204% due 12/12/49 " §		680,000		754,480
5.378% due 08/12/48 "		5,570,000		6,404,996
Morgan Stanley Bank of America Merrill Lynch Trust (IO) 1.937% due 08/15/45 " § ~		10,797,000		1,211,855
UBS-Barclays Commercial Mortgage Trust 3.317% due 12/10/45 " ~		1,740,000		1,769,208
Wachovia Bank Commercial Mortgage Trust 5.308% due 11/15/48 "		1,037,000		1,195,510
WFRBS Commercial Mortgage Trust (IO)
1.152% due 02/15/44 " § ~		16,295,706		794,880
1.608% due 06/15/45 " § ~		3,257,383		355,351
				46,575,629

	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 14.3%
Adjustable Rate Mortgage Trust
0.460% due 03/25/36 " §		$903,974		$540,103
2.860% due 07/25/35 " §		1,139,420		980,606
2.871% due 10/25/35 " §		10,260,000		8,103,958
Bear Stearns Adjustable Rate Mortgage Trust 2.649% due 10/25/36 " §		601,482		467,445
CC Funding Corp
0.390% due 08/25/47 " § ~		1,378,143		831,692
0.410% due 01/25/36 " § ~		17,607		13,735
0.440% due 07/25/36 " § ~		202,276		161,024
0.500% due 10/25/35 " § ~		50,467		40,736
0.510% due 08/25/35 " § ~		22,180		17,767
Citigroup Mortgage Loan Trust
2.430% due 02/25/36 " § ~		3,062,305		3,053,838
2.838% due 04/25/37 " §		2,864,278		2,258,462
6.500% due 10/25/36 " ~		4,458,189		3,041,729
Citimortgage Alternative Loan Trust 6.000% due 01/25/37 "		8,018,624		6,403,196
Countrywide Alternative Loan Trust
6.000% due 03/25/27 "		718,058		651,297
6.500% due 09/25/34 "		1,710,453		1,743,309
6.500% due 09/25/36 "		3,888,185		3,034,586
Countrywide Home Loan Mortgage Pass-Through Trust 5.500% due 07/25/35 "		4,659,824		4,794,255
Fannie Mae
0.560% due 05/25/34 " §		2,254,851		2,263,322
4.000% due 04/25/40 - 07/25/40 "		37,500,000		40,938,375
5.500% due 04/25/42 "		17,000,000		19,001,027
6.000% due 05/25/42 "		7,900,000		8,861,987
6.500% due 06/25/39 - 07/25/42 "		20,000,000		22,822,368
7.000% due 05/25/42 "		3,466,562		4,095,984
Fannie Mae (IO)
3.000% due 11/25/26 - 09/25/27 "		26,353,397		2,897,631
3.500% due 11/25/41 "		6,461,379		719,644
4.000% due 11/25/39 "		3,068,130		329,305
4.500% due 11/25/39 "		2,228,115		240,890
4.790% due 04/25/40 " §		15,617,620		1,505,292
5.000% due 01/25/38 - 01/25/39 "		4,932,820		572,495
5.000% due 01/25/39 " §		1,598,936		172,536
5.190% due 08/25/42 " §		3,309,223		677,951
5.500% due 01/25/39 " §		1,569,189		197,522
5.710% due 06/25/41 " §		6,900,485		996,532
5.740% due 09/25/41 " §		12,165,040		2,272,371
5.790% due 12/25/40 - 08/25/42 " §		24,647,018		3,939,815
5.890% due 07/25/40 - 09/25/42 " §		5,348,740		1,388,144
5.940% due 11/25/42 - 12/25/42 " §		4,080,311		1,159,689
5.950% due 12/25/39 " §		2,493,955		315,399
6.000% due 01/25/38 - 07/25/38 "		7,059,134		897,184
6.220% due 05/25/41 " §		1,753,528		304,348
6.270% due 04/25/40 " §		3,437,463		563,144
6.290% due 09/25/36 - 06/25/42 " §		11,575,640		2,006,779
6.320% due 12/25/40 - 01/25/41 " §		7,203,072		1,194,895
6.340% due 03/25/39 - 07/25/39 " §		9,018,286		2,239,773
6.390% due 11/25/36 - 07/25/42 " §		5,391,458		1,237,229
6.430% due 07/25/41 " §		3,097,666		426,343
6.440% due 09/25/40 - 03/25/42 " §		13,618,454		2,623,408
6.470% due 07/25/41 " §		6,715,302		1,041,521
6.490% due 07/25/26 - 02/25/27 " §		10,331,531		1,907,093
Fannie Mae (PO) 0.272% due 03/25/42 "		800,000		750,810
Freddie Mac
1.209% due 02/15/32 " §		317,798		325,294
4.000% due 12/15/39 "		10,346,417		11,339,383
5.000% due 02/15/30 - 03/15/35 "		25,676,691		29,081,306
5.500% due 07/15/34 "		9,696,754		11,416,138
6.000% due 05/15/36 "		9,490,713		10,973,865

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-7

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Freddie Mac (IO)
3.000% due 09/15/31 "		$5,822,977		$686,347
5.741% due 06/15/42 " §		1,154,381		276,910
5.791% due 06/15/42 " §		9,025,314		2,291,622
5.821% due 09/15/37 " §		3,850,714		640,556
5.841% due 04/15/39 - 09/15/39 " §		22,993,992		4,585,994
5.891% due 10/15/42 " §		3,284,596		868,524
5.941% due 10/15/42 - 11/15/42 " §		5,185,706		1,517,082
6.000% due 01/15/41 "		4,308,594		673,580
6.021% due 01/15/40 " §		1,282,864		187,213
6.031% due 02/15/40 " §		3,299,674		535,955
6.081% due 11/15/36 " §		2,122,095		362,653
6.391% due 11/15/41 - 09/15/42 " §		10,191,958		2,714,107
6.481% due 12/15/36 " §		2,317,328		418,412
6.991% due 08/15/35 " §		1,330,369		183,885
Freddie Mac Multifamily Structured Pass-Through Certificates (IO)
0.559% due 04/15/33 " §		1,199,172		1,200,815
1.051% due 01/25/20 " §		11,396,877		680,086
1.229% due 04/25/20 " §		34,048,399		2,289,976
1.271% due 04/25/21 " §		10,012,917		842,342
1.395% due 06/25/21 " §		11,024,102		940,064
1.456% due 12/25/21 " §		7,212,302		719,582
1.506% due 08/25/20 " §		12,938,054		1,071,044
1.515% due 06/25/22 " §		4,358,129		485,960
1.557% due 02/25/18 " §		32,532,959		2,222,375
1.582% due 10/25/21 " §		6,110,050		668,299
1.675% due 06/25/20 " §		33,813,997		3,188,187
1.675% due 07/25/21 " §		15,102,772		1,705,986
2.090% due 05/25/18 " §		24,031,352		2,320,227
Government National Mortgage Association
0.560% due 08/20/58 " §		23,863,255		23,937,028
0.710% due 03/20/61 " §		3,497,577		3,537,367
1.209% due 05/20/60 " §		928,353		957,476
4.500% due 07/20/39 - 10/20/39 "		18,800,000		21,536,837
5.000% due 07/20/39 - 04/16/40 "		10,600,000		12,345,600
Government National Mortgage Association (IO)
3.500% due 04/20/27 - 02/20/38 "		11,874,151		1,712,689
4.039% due 12/20/40 " §		1,665,238		229,282
5.000% due 11/20/36 "		5,164,523		392,233
5.469% due 03/20/40 " §		12,044,430		1,851,061
5.539% due 03/20/40 " §		14,180,061		2,115,475
5.789% due 09/20/40 - 03/20/41 " §		13,437,400		2,164,963
5.791% due 02/16/40 - 03/16/41 " §		2,690,143		486,482
5.889% due 06/20/42 " §		4,367,625		1,049,263
5.891% due 08/16/42 " §		3,771,360		889,344
5.921% due 02/16/36 " §		6,228,251		816,217
5.939% due 02/20/40 " §		8,819,473		1,456,337
5.969% due 09/20/40 " §		2,625,714		410,069
5.989% due 05/20/37 " §		6,310,770		954,302
6.039% due 02/20/40 " §		10,540,690		1,880,405
6.139% due 11/20/39 " §		2,781,558		388,045
6.269% due 04/20/40 " §		838,743		152,556
6.289% due 03/20/39 - 05/20/40 " §		8,779,552		1,657,230
6.339% due 11/20/38 - 12/20/38 " §		2,666,518		375,901
6.341% due 04/16/34 " §		1,509,239		82,202
6.419% due 11/20/38 " §		1,640,134		207,955
6.439% due 01/20/40 " §		1,359,076		236,631
6.441% due 11/16/41 " §		2,001,183		484,460
6.489% due 06/20/35 " §		2,420,863		240,942
6.491% due 12/16/36 " §		3,211,524		460,082
6.539% due 02/20/35 " §		3,937,598		685,455
GSMPS Mortgage Loan Trust
0.560% due 03/25/35 " § ~		1,939,351		1,632,624
0.560% due 09/25/35 " § ~		5,743,402		4,833,865
GSR Mortgage Loan Trust 2.756% due 07/25/35 " §		1,000,000		912,812
GSR Mortgage Loan Trust (IO) 6.340% due 10/25/36 " §		3,914,023		925,749

	Principal Amount		Value
Homestar Mortgage Acceptance Corp 0.760% due 01/25/35 " §		$2,066,596		$1,983,514
Indymac Index Mortgage Loan Trust
0.450% due 06/25/37 " §		4,987,369		4,071,274
0.470% due 06/25/35 " §		3,770,259		3,017,395
JPMorgan Mortgage Trust 3.105% due 08/25/35 " §		2,400,000		2,191,972
Lehman Mortgage Trust 6.000% due 05/25/37 "		1,396,555		1,313,833
MASTR Adjustable Rate Mortgages Trust 2.670% due 04/21/34 " §		5,225,780		5,358,272
MASTR Reperforming Loan Trust
0.570% due 07/25/35 " § ~		7,763,250		6,035,776
7.000% due 08/25/34 " ~		2,655,388		2,705,245
Merrill Lynch Mortgage Investors Inc 2.582% due 06/25/35 " §		4,000,000		3,699,994
Morgan Stanley Mortgage Loan Trust
2.909% due 07/25/35 " §		3,178,617		2,501,198
2.982% due 07/25/34 " §		1,446,654		1,433,205
Nomura Asset Acceptance Corp 6.500% due 02/25/35 " ~		3,626,969		3,785,897
RAAC Series 6.000% due 09/25/34 "		1,737,190		1,761,370
RBSSP Resecuritization Trust 3.460% due 12/26/35 " § ~		1,833,339		1,859,290
Residential Asset Securitization Trust
0.710% due 07/25/36 " §		1,133,255		727,689
6.000% due 08/25/36 "		3,010,395		2,614,098
Structured Adjustable Rate Mortgage Loan Trust
0.510% due 08/25/37 " §		1,642,084		1,169,973
2.804% due 05/25/34 " §		2,288,981		2,329,996
5.313% due 05/25/36 " §		5,473,284		4,421,439
5.324% due 05/25/36 " §		7,743,639		6,427,568
Wachovia Mortgage Loan Trust LLC 0.390% due 01/25/37 " §		1,666,059		998,430
WaMu Mortgage Pass-Through Certificates
0.500% due 10/25/45 " §		5,642,478		5,390,140
0.530% due 08/25/45 " §		7,111,330		6,701,874
0.800% due 07/25/44 " §		781,602		714,473
2.435% due 09/25/33 " §		604,214		618,306
2.461% due 02/25/33 " §		1,616,382		1,624,736
2.473% due 10/25/33 " §		5,948,284		6,111,606
5.093% due 07/25/37 " §		9,927,389		9,070,134
5.787% due 10/25/36 " §		2,629,286		2,181,456
Washington Mutual Alternative Mortgage Pass-Through Certificates 6.000% due 07/25/36 "		1,508,733		1,071,230
Wells Fargo Mortgage Loan Trust 3.105% due 08/27/35 " § ~		5,287,421		5,352,808
Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/37 "		5,475,483		5,320,363
6.000% due 08/25/37 "		4,040,008		4,090,750
				464,766,556
Fannie Mae - 9.8%
2.500% due 01/01/28 - 01/01/43 "		38,700,000		40,211,867
3.000% due 09/01/42 - 01/01/43 "		78,001,443		81,941,439
3.500% due 10/01/42 - 01/01/43 "		26,445,745		28,524,387
4.000% due 10/01/41 - 06/01/42 "		52,068,346		56,003,982
4.500% due 04/01/23 - 11/01/41 "		30,788,242		33,523,367
5.000% due 07/01/33 - 06/01/41 "		31,246,245		34,284,765
5.500% due 04/01/37 - 11/01/38 "		15,768,486		17,201,833
6.000% due 04/01/33 - 10/01/40 "		18,423,548		20,224,054
7.000% due 02/01/39 "		7,459,680		8,878,905
				320,794,599
Freddie Mac - 4.0%
2.656% due 11/01/36 " §		802,490		858,547
3.500% due 01/01/28 - 11/01/42 "		6,391,721		6,918,093

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-8

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
4.000% due 10/01/25 - 10/01/42 "		$33,259,998		$35,236,216
4.500% due 09/01/40 "		10,236,705		11,234,445
5.000% due 12/01/35 - 03/01/38 "		21,042,642		22,666,419
5.292% due 06/01/37 " §		294,766		317,391
5.415% due 07/01/37 " §		688,431		742,311
5.500% due 08/01/37 - 12/01/38 "		12,098,650		13,082,933
5.511% due 06/01/37 " §		2,590,408		2,794,186
5.571% due 06/01/37 " §		273,557		295,361
6.000% due 10/01/36 - 11/01/39 "		30,330,245		33,190,683
6.003% due 01/01/37 " §		172,290		185,617
6.500% due 09/01/39 "		1,823,590		2,072,727
				129,594,929
Government National Mortgage Association - 7.5%
0.846% due 08/20/60 " §		1,113,437		1,103,729
3.000% due 01/01/43 "		10,400,000		11,058,126
3.500% due 01/01/43 "		51,500,000		55,970,040
4.000% due 01/01/43 "		11,200,000		12,286,751
4.500% due 01/20/40 - 03/20/41 "		53,895,298		59,398,171
5.000% due 10/20/39 - 11/20/40 "		56,401,309		62,238,899
5.500% due 06/15/36 "		1,600,000		1,780,000
6.000% due 06/20/35 - 03/20/42 "		32,032,891		35,790,689
6.500% due 10/20/37 "		2,932,666		3,330,450
				242,956,855
Total Mortgage-Backed Securities (Cost $1,178,044,747)				1,204,688,568
ASSET-BACKED SECURITIES - 3.5%
ACE Securities Corp 0.990% due 04/25/34 " §		2,562,452		2,270,207
Aegis Asset-Backed Securities Trust 1.230% due 04/25/34 " §		2,212,558		1,833,703
Ameriquest Mortgage Securities Inc 0.555% due 04/25/34 " §		2,278,258		2,189,112
Argent Securities Inc 1.110% due 10/25/34 " §		6,950,000		6,135,707
Asset-Backed Securities Corp Home Equity 0.740% due 06/25/34 " §		2,357,223		2,330,935
Avis Budget Rental Car Funding AESOP LLC
2.100% due 03/20/19 " ~		2,300,000		2,348,368
2.802% due 05/20/18 " ~		2,125,000		2,242,732
3.150% due 03/20/17 " ~		2,210,000		2,338,837
Bear Stearns Asset-Backed Securities Trust 0.780% due 09/25/34 " §		1,438,367		1,399,422
Citigroup Mortgage Loan Trust
0.280% due 05/25/37 " §		1,255,203		921,362
0.360% due 08/25/36 " §		864,033		778,142
0.640% due 07/25/35 " §		1,455,000		1,429,931
Countrywide Asset-Backed Certificates 0.270% due 11/25/37 " §		793,384		790,595
Countrywide Home Equity Loan Trust 0.359% due 11/15/36 " §		274,429		235,085
Credit-Based Asset Servicing & Securitization LLC 0.990% due 07/25/33 " §		1,611,608		1,353,197
EFS Volunteer No 2 LLC 1.557% due 03/25/36 " § ~		3,800,000		3,943,600
EFS Volunteer No 3 LLC 1.207% due 04/25/33 " § ~		3,200,000		3,268,258
Greenpoint Manufactured Housing
2.977% due 03/18/29 " §		2,550,000		2,117,723
3.604% due 06/19/29 " §		1,025,000		899,007
3.708% due 02/20/30 " §		1,075,000		912,349
3.709% due 03/13/32 " §		2,675,000		2,246,854
3.712% due 02/20/32 " §		1,825,000		1,557,541
7.270% due 06/15/29 "		4,720,000		4,619,051
GSAA Trust 0.370% due 07/25/36 " §		2,818,183		1,347,365
GSAMP Trust 0.760% due 03/25/34 " §		3,376,870		3,335,745

	Principal Amount		Value
Hertz Vehicle Financing LLC 5.290% due 03/25/16 " ~		$3,380,000		$3,678,250
Home Equity Asset Trust 0.640% due 02/25/36 " §		2,000,000		1,493,115
Keycorp Student Loan Trust 0.575% due 10/25/32 " §		2,368,387		2,189,939
Nelnet Education Loan Funding Inc 1.090% due 02/25/39 " §		3,650,000		3,308,240
Nelnet Student Loan Trust 0.475% due 01/25/37 " §		1,239,928		1,180,406
Northstar Education Finance Inc 1.713% due 01/29/46 " §		2,500,000		2,090,082
Novastar Home Equity Loan 1.270% due 12/25/33 " §		2,110,151		1,853,008
Origen Manufactured Housing Contract Trust
2.307% due 04/15/37 " §		12,978,554		8,418,143
2.583% due 10/15/37 " §		12,100,000		7,964,427
PAMCO CLO 7.910% due 02/06/13 "		2,426,930		752,348
Residential Asset Mortgage Products Trust
0.620% due 11/25/35 " §		2,000,000		1,774,703
5.350% due 02/25/33 " §		2,541,593		2,310,996
Residential Asset Securities Corp Trust 0.360% due 06/25/36 " §		3,017,271		2,910,308
Saxon Asset Securities Trust 0.900% due 05/25/35 " §		2,904,228		2,674,397
SLM Student Loan Trust
0.425% due 01/25/27 " §		4,100,000		3,984,983
0.435% due 01/25/27 " §		3,950,000		3,868,318
0.598% due 12/15/25 " § ~		3,150,000		3,088,861
0.960% due 05/26/26 " §		2,200,000		2,226,695
Structured Asset Investment Loan Trust 1.210% due 10/25/33 " §		1,200,000		1,062,890
Structured Asset Securities Corp 3.450% due 02/25/32 "		3,307,378		3,282,338
Total Asset-Backed Securities (Cost $111,519,540)				112,957,275
U.S. GOVERNMENT AGENCY ISSUES - 3.0%
Fannie Mae
4.482% due 10/09/19		30,610,000		26,835,879
6.625% due 11/15/30		15,850,000		24,165,687
Financing Corp Strips
1.346% due 08/03/18		960,000		896,476
2.042% due 03/07/19		2,060,000		1,899,176
3.337% due 12/27/18		10,969,000		10,162,625
3.932% due 11/02/18		12,210,000		11,369,927
4.006% due 12/06/18		5,350,000		4,911,803
4.352% due 09/26/19		5,315,000		4,806,976
Tennessee Valley Authority 5.250% due 09/15/39		8,810,000		11,602,567
Total U.S. Government Agency Issues (Cost $88,234,454)				96,651,116
U.S. TREASURY OBLIGATIONS - 14.9%
U.S. Treasury Bonds - 5.8%
2.750% due 08/15/42		129,185,000		124,300,256
3.125% due 02/15/42		62,900,000		65,543,750
				189,844,006
U.S. Treasury Inflation Protected Securities - 0.4%
2.500% due 01/15/29 ^ ‡		2,747,396		3,917,616
3.875% due 04/15/29 ^ ‡		5,783,222		9,588,854
				13,506,470

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-9

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
U.S. Treasury Notes - 8.7%
0.250% due 08/31/14		$2,110,000		$2,110,825
0.250% due 09/15/15		650,000		648,680
0.250% due 10/15/15		1,910,000		1,905,674
0.375% due 11/15/15		1,280,000		1,281,300
0.500% due 05/31/13		130,000		130,229
0.625% due 08/31/17		24,020,000		23,993,722
0.750% due 10/31/17		38,200,000		38,316,395
1.000% due 09/30/16		190,000		193,592
1.125% due 12/31/19		45,590,000		45,426,150
1.250% due 10/31/19		86,690,000		87,346,937
1.625% due 08/15/22		61,770,000		61,306,725
1.625% due 11/15/22		20,260,000		20,016,252
				282,676,481
Total U.S. Treasury Obligations (Cost $482,622,270)				486,026,957
FOREIGN GOVERNMENT BONDS & NOTES - 3.1%
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/14		BRL  4,518,000		2,266,229
10.000% due 01/01/17		62,889,000		32,415,555
10.000% due 01/01/21		3,202,000		1,651,186
Malaysia Government (Malaysia)
3.835% due 08/12/15		MYR  19,011,000		6,341,524
4.262% due 09/15/16		5,325,000		1,810,415
Mexican Bonos (Mexico)
6.500% due 06/09/22		MXN  258,216,300		21,712,838
8.000% due 06/11/20		341,768,000		31,159,338
10.000% due 12/05/24		14,760,000		1,600,655
Total Foreign Government Bonds & Notes (Cost $100,558,545)				98,957,740
MUNICIPAL BONDS - 0.6%
Pennsylvania Higher Education Assistance Agency
1.284% due 05/01/46 §		$16,925,000		16,092,984
1.831% due 05/01/46 §		2,025,000		1,924,855
1.986% due 05/01/46 §		750,000		712,870
Student Loan Funding Corp OH ‘A’ 0.228% due 09/01/47 §		1,300,000		1,289,352
Total Municipal Bonds (Cost $18,869,430)				20,020,061
PURCHASED OPTIONS - 0.0%
(See Note (g) in Notes to Schedule of Investments) (Cost $433,476)				210,719
SHORT-TERM INVESTMENTS - 6.8%
U.S. Government Agency Issue - 0.9%
Fannie Mae 0.112% due 02/01/13		29,000,000		28,997,253
Repurchase Agreements - 5.9%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $43,226,181; collateralized by Fannie Mae: 5.000% due 04/15/15 and value $5,588 and U.S.Treasury Notes: 0.250% due 03/31/14 and value $44,090,044)		43,226,157		43,226,157

	Principal Amount		Value
The Royal Bank of Scotland Group PLC 0.170% due 01/02/13 (Dated 12/31/12, repurchase price of $150,001,417; collateralized by U.S. Treasury Notes: 2.125% due 08/15/2021 and value $153,000,022)		$150,000,000		$150,000,000
				193,226,157
Total Short-Term Investments (Cost $222,223,410)				222,223,410
TOTAL INVESTMENTS - 104.7% (Cost $3,265,291,494)				3,407,803,781
OTHER ASSETS & LIABILITIES, NET - (4.7%)				(154,012,090	)
NET ASSETS - 100.0%				$3,253,791,691

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Mortgage-Backed Securities	37.0%
Corporate Bonds & Notes	34.1%
U.S. Treasury Obligations	14.9%
Short-Term Investments	6.8%
Asset-Backed Securities	3.5%
Foreign Government Bonds & Notes	3.1%
U.S. Government Agency Issues	3.0%
Senior Loan Notes	1.5%
Municipal Bonds	0.6%
Equity Securities	0.2%
	104.7%
Other Assets & Liabilities, Net	(4.7%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	2.0%
A-1 (Short-Term Debt only)	5.7%
AA/U.S. Government & Agency Issues	51.6%
A	16.7%
BBB	11.0%
BB	4.5%
B	2.4%
CCC	0.2%
CC	1.3%
C	0.4%
D	1.1%
Not Rated	3.1%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) As of December 31, 2012, investments with total aggregate values of $4,550,177 were fully or partially segregated with broker(s)/custodian as collateral for open futures contracts. In addition, $72,025 and $270,000 in cash was segregated as collateral for open futures contracts and swaps contracts, respectively.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-10

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Eurodollar (06/13)		674		$674,000,000		$36,472
U.S. Treasury 30-Year Bonds (03/13)		50		5,000,000		(176,491	)
						(140,019	)
Short Futures Outstanding
Eurodollar (06/14)		674		674,000,000		(38,753	)
U.S. Treasury 2-Year Notes (03/13)		53		10,600,000		(5,969	)
U.S. Treasury 5-Year Notes (03/13)		586		58,600,000		(53,920	)
U.S. Treasury 10-Year Notes (03/13)		2,078		207,800,000		1,526,809
U.S. Treasury 30-Year Bonds (03/13)		894		89,400,000		1,218,689
						2,646,856
Total Futures Contracts						$2,506,837

(f) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
JPY	1,083,500,000	USD	13,557,138		02/13	CIT		($1,046,658	)
USD	20,643,713	EUR	15,825,000		01/13	CIT		(248,425	)
USD	53,340,089	EUR	41,843,240		02/13	CIT		(1,911,417	)
USD	26,356,564	EUR	20,612,000		02/13	MSC		(860,353	)
USD	35,708,097	GBP	22,397,000		02/13	CIT		(670,252	)
USD	13,581,268	JPY	1,083,500,000		01/13	JPM		1,072,918
USD	48,884,861	JPY	4,007,312,000		02/13	CIT		2,615,000
Total Forward Foreign Currency Contracts								($1,049,187	)

(g) Purchased options outstanding as of December 31, 2012 were as follows:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date		Counter- party	Number of Contracts		Cost		Value
Call - CME 10-Year U.S. Treasury Note Futures (01/13)		$133.50		01/25/13	MER		572		$153,796		$169,813
Call - CME 30-Year U.S. Treasury Bond Futures (01/13)		152.00		01/25/13	MER		238		279,680		40,906
Total Purchased Options									$433,476		$210,719

(h) Transactions in written options for the year ended December 31, 2012 were as follows:

	Number of Contracts			Notional Amount in $			Premium
Outstanding, December 31, 2011		238			-			$82,527
Call Options Written		2,385			58,334,000			1,062,109
Put Options Written		3,701			538,092,200			5,097,996
Call Options Expired		(376	)		-			(75,825	)
Put Options Expired		(1,935	)		(369,861,000	)		(1,844,988	)
Call Options Closed		(2,009	)		(58,334,000	)		(986,284	)
Put Options Closed		(2,004	)		(168,231,200	)		(3,335,535	)
Outstanding, December 31, 2012		-			-			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-11

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(i) Swap agreements outstanding as of December 31, 2012 were as follows:

Credit Default Swaps on Credit Indices – Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Notional Amount (3)		Value (4)			Upfront Premiums Paid (Received)			Unrealized Depreciation
CDX.NA.HY.19		0.500%		12/20/17	BNP		$14,900,000		($70,323	)		($29,800	)		($40,523	)
CMBX 1 2006-1		0.100%		10/12/52	CSF		7,011,161		140,204			277,727			(137,523	)
CMBX 1 2006-1		0.100%		10/12/52	GSC		2,085,605		41,706			86,031			(44,325	)
CMBX 1 2006-1		0.100%		10/12/52	JPM		3,965,028		79,290			133,820			(54,530	)
CMBX 1 2006-1		0.100%		10/12/52	MSC		6,925,913		138,499			268,379			(129,880	)
									$329,376			$736,157			($406,781	)

Credit Default Swaps on Credit Indices – Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Notional Amount (3)		Value (4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX 2 2006-2		0.070%		03/15/49	BOA		$4,991,000		($151,867	)		($293,221	)		$141,354
CMBX 2 2006-2		0.070%		03/15/49	CSF		2,729,000		(83,038	)		(160,329	)		77,291
CMBX 4 2007-2		0.350%		02/17/51	CSF		1,600,000		(69,371	)		(130,000	)		60,629
CMBX NA AM 1		0.500%		10/12/52	CSF		607,000		(23,027	)		(56,337	)		33,310
CMBX NA AM 1		0.500%		10/12/52	GSC		1,572,000		(59,636	)		(145,410	)		85,774
									($386,939	)		($785,297	)		$398,358
Total Credit Default Swaps									($57,563	)		($49,140	)		($8,423	)

(1) If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2) If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(3) The maximum potential amount the portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and is a representation of the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the year end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps

Receive Total Return	Pay	Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Interest from Fannie Mae	1-Month USD-LIBOR -0.249 bp		BRC		01/12/41		$779,970		$173			($144	)		$317
Total Swap Agreements									($57,390	)		($49,284	)		($8,106	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-12

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(j) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)		$7,823,336			$7,823,336			$-			$-
	Corporate Bonds & Notes		1,109,928,305			-			1,102,477,830			7,450,475
	Senior Loan Notes		48,316,294			-			47,233,155			1,083,139
	Mortgage-Backed Securities		1,204,688,568			-			1,203,584,839			1,103,729
	Asset-Backed Securities		112,957,275			-			112,204,927			752,348
	U.S. Government Agency Issues		96,651,116			-			96,651,116			-
	U.S. Treasury Obligations		486,026,957			-			486,026,957			-
	Foreign Government Bonds & Notes		98,957,740			-			98,957,740			-
	Municipal Bonds		20,020,061			-			20,020,061			-
	Short-Term Investments		222,223,410			-			222,223,410			-
	Derivatives:
	Credit Contracts
	Swaps		399,699			-			399,699			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		3,687,918			-			3,687,918			-
	Interest Rate Contracts
	Futures		2,781,970			2,781,970			-			-
	Purchased Options		210,719			210,719			-			-
	Swaps		173			-			173			-
	Total Interest Rate Contracts		2,992,862			2,992,689			173			-
	Total Assets - Derivatives		7,080,479			2,992,689			4,087,790			-
	Total Assets		3,414,673,541			10,816,025			3,393,467,825			10,389,691
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(457,262	)		-			(457,262	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(4,737,105	)		-			(4,737,105	)		-
	Interest Rate Contracts
	Futures		(275,133	)		(275,133	)		-			-
	Total Liabilities - Derivatives		(5,469,500	)		(275,133	)		(5,194,367	)		-
	Total Liabilities		(5,469,500	)		(275,133	)		(5,194,367	)		-
	Total		$3,409,204,041			$10,540,892			$3,388,273,458			$10,389,691

During the year ended December 31, 2012, an investment with a value of $882,069 was transferred from level 3 to level 2 due to valuation being updated from a single broker quoted vendor price to an evaluated vendor price based on observable inputs. Also during the period, investments with a total aggregate value of $50,802,696 were transferred from level 3 to level 2 due to valuation being updated from a price determined by a valuation committee established under the Valuation Policy to an evaluated vendor price based on observable inputs.

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the year ended December 31, 2012:

	Corporate Bonds & Notes			Senior Loan Notes			Mortgage-Backed Securities			Asset-Backed Securities			Municipal Bonds			Total
Value, Beginning of Year		$3,571,807			$-			$29,655,986			$11,656,411			$23,751,528			$68,635,732
Purchases		4,815,376			1,275,452			4,435			2,426,930			-			8,522,193
Sales (includes paydowns)		(503,067	)		(3,617	)		(1,619,160	)		(10,615,495	)		(4,850,000	)		(17,591,339	)
Accrued Discounts (Premiums)		(18,550	)		1,708			(36	)		18,672			59,614			61,408
Net Realized Gains (Losses)		(15,726	)		257			(622	)		322,461			362,354			668,724
Change in Net Unrealized Appreciation (Depreciation)		482,704			(190,661	)		537,521			251,609			696,565			1,777,738
Transfers In		-			-			-			-			-			-
Transfers Out		(882,069	)		-			(27,474,395	)		(3,308,240	)		(20,020,061	)		(51,684,765	)
Value, End of Year		$7,450,475			$1,083,139			$1,103,729			$752,348			$-			$10,389,691
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		$383,375			($190,661	)		$15,116			($1,674,582	)		$-			($1,466,752	)

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-13

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 0.7%
Consumer Discretionary - 0.7%
Euramax Holdings Inc ‘A’ * ¯		947		$198,954
Metro-Goldwyn-Mayer Studios Inc * ¯		178,408		6,809,245
				7,008,199
Total Common Stocks (Cost $4,342,094)				7,008,199
	Principal Amount
CORPORATE BONDS & NOTES - 5.1%
Consumer Discretionary - 1.3%
AMC Entertainment Inc 8.750% due 06/01/19		$500,000		556,250
AMC Networks Inc 4.750% due 12/15/22		60,000		60,600
Brookfield Residential Properties Inc (Canada) 6.500% due 12/15/20 ~		100,000		103,000
Cablevision Systems Corp 7.750% due 04/15/18		500,000		558,750
Caesars Entertainment Operating Co Inc 5.375% due 12/15/13		55,000		53,900
Caesars Operating Escrow LLC 9.000% due 02/15/20 ~		95,000		95,475
CCO Holdings LLC
5.250% due 09/30/22		250,000		254,375
7.875% due 04/30/18		1,000,000		1,081,250
Cequel Communications Holdings I LLC 6.375% due 09/15/20 ~		220,000		230,175
Chrysler Group LLC 8.250% due 06/15/21		1,000,000		1,105,000
Cinemark USA Inc 5.125% due 12/15/22 ~		45,000		45,788
Claire’s Stores Inc 9.000% due 03/15/19 ~		145,000		156,237
Clear Channel Worldwide Holdings Inc 6.500% due 11/15/22 ~		235,000		244,338
Continental Rubber Of America Corp 4.500% due 09/15/19 ~		170,000		174,827
Education Management LLC 8.750% due 06/01/14		280,000		226,100
Ford Motor Co 7.450% due 07/16/31		1,000,000		1,275,000
Laureate Education Inc 9.250% due 09/01/19 ~		590,000		619,500
Limited Brands Inc 5.625% due 02/15/22		195,000		213,037
MGM Resorts International
5.875% due 02/27/14		500,000		522,500
6.625% due 12/15/21		210,000		210,262
7.750% due 03/15/22		365,000		392,375
Michaels Stores Inc 7.750% due 11/01/18 ~		65,000		71,663
National CineMedia LLC 6.000% due 04/15/22		60,000		63,900
New Academy Finance Corp 8.000% due 06/15/18 ~		250,000		254,375
Party City Holdings Inc 8.875% due 08/01/20 ~		160,000		172,400
Petco Animal Supplies Inc 9.250% due 12/01/18 ~		1,000,000		1,115,000
PVH Corp 4.500% due 12/15/22		70,000		71,050
Radio Systems Corp 8.375% due 11/01/19 ~		80,000		83,600

	Principal Amount		Value
Regal Entertainment Group 9.125% due 08/15/18		$1,000,000		$1,120,000
Ruby Tuesday Inc 7.625% due 05/15/20 ~		35,000		33,600
Sally Holdings LLC 5.750% due 06/01/22		230,000		250,700
ServiceMaster Co 7.000% due 08/15/20 ~		140,000		141,050
Starz LLC 5.000% due 09/15/19 ~		85,000		87,550
Studio City Finance Ltd (United Kingdom) 8.500% due 12/01/20 ~		305,000		320,441
Tempur-Pedic International Inc 6.875% due 12/15/20 ~		70,000		72,362
The McClatchy Co 9.000% due 12/15/22 ~		120,000		123,150
Unitymedia Hessen GmbH & Co KG (Germany) 5.500% due 01/15/23 ~		200,000		207,500
Viking Cruises Ltd (Bermuda) 8.500% due 10/15/22 ~		80,000		86,800
Virgin Media Finance PLC (United Kingdom) 4.875% due 02/15/22		200,000		205,500
VWR Funding Inc 7.250% due 09/15/17 ~		235,000		247,925
WMG Acquisition Corp 6.000% due 01/15/21 ~		65,000		68,900
Wolverine WorldWide Inc 6.125% due 10/15/20 ~		50,000		52,750
				13,028,955
Consumer Staples - 0.2%
Constellation Brands Inc
4.625% due 03/01/23		90,000		94,500
6.000% due 05/01/22		70,000		80,500
Harbinger Group Inc 7.875% due 07/15/19 ~		60,000		59,775
Innovation Ventures LLC 9.500% due 08/15/19 ~		70,000		66,150
Land O’ Lakes Inc 6.000% due 11/15/22 ~		60,000		65,100
Michael Foods Group Inc 9.750% due 07/15/18		500,000		555,000
Michael Foods Holding Inc 8.500% due 07/15/18 ~		90,000		92,025
Reynolds Group Issuer Inc
7.875% due 08/15/19		150,000		167,625
9.875% due 08/15/19		245,000		263,375
Smithfield Foods Inc 6.625% due 08/15/22		125,000		138,437
Spectrum Brands Escrow Corp
6.375% due 11/15/20 ~		65,000		68,413
6.625% due 11/15/22 ~		95,000		102,125
Spectrum Brands Inc 6.750% due 03/15/20 ~		75,000		80,625
The Pantry Inc 8.375% due 08/01/20 ~		95,000		99,750
				1,933,400
Energy - 0.6%
Access Midstream Partners LP 4.875% due 05/15/23		150,000		152,437
Berry Petroleum Co 6.750% due 11/01/20		1,000,000		1,080,000
Bristow Group Inc 6.250% due 10/15/22		100,000		107,375
Chesapeake Energy Corp 6.125% due 02/15/21		145,000		151,163
Concho Resources Inc 5.500% due 04/01/23		100,000		105,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-14

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Continental Resources Inc 5.000% due 09/15/22		$340,000		$368,050
CVR Refining LLC 6.500% due 11/01/22 ~		160,000		160,000
EP Energy LLC
6.875% due 05/01/19		185,000		201,650
9.375% due 05/01/20		140,000		158,550
EPL Oil & Gas Inc 8.250% due 02/15/18 ~		95,000		98,088
Inergy Midstream LP 6.000% due 12/15/20 ~		50,000		51,750
Laredo Petroleum Inc
7.375% due 05/01/22		80,000		87,200
9.500% due 02/15/19		500,000		561,250
MEG Energy Corp (Canada) 6.375% due 01/30/23 ~		130,000		136,175
Newfield Exploration Co 5.625% due 07/01/24		160,000		173,200
Offshore Group Investment Ltd (Cayman) 7.500% due 11/01/19 ~		80,000		81,200
OGX Austria GmbH (Austria) 8.500% due 06/01/18 ~		375,000		339,375
Oil States International Inc 6.500% due 06/01/19		785,000		839,950
Penn Virginia Resource Partners LP 8.375% due 06/01/20 ~		65,000		70,363
Plains Exploration & Production Co 6.875% due 02/15/23		260,000		298,350
QEP Resources Inc 5.250% due 05/01/23		100,000		107,500
Sabine Pass LNG LP 6.500% due 11/01/20 ~		130,000		132,925
Seadrill Ltd (Bermuda) 5.625% due 09/15/17 ~		345,000		344,137
SM Energy Co 6.500% due 01/01/23		85,000		91,375
Tesoro Corp 5.375% due 10/01/22		130,000		139,100
				6,036,413
Financials - 0.4%
A-S Co-Issuer Subsidiary Inc 7.875% due 12/15/20 ~		85,000		85,425
Ally Financial Inc
4.625% due 06/26/15		110,000		114,739
8.000% due 12/31/18		1,000,000		1,175,000
CIT Group Inc
4.750% due 02/15/15 ~		475,000		496,375
5.000% due 08/15/22		25,000		26,756
5.250% due 03/15/18		30,000		32,250
E*TRADE Financial Corp
6.000% due 11/15/17		20,000		20,550
6.375% due 11/15/19		60,000		61,800
First Data Corp
6.750% due 11/01/20 ~		230,000		233,450
7.375% due 06/15/19 ~		140,000		145,600
General Motors Financial Co Inc 4.750% due 08/15/17 ~		845,000		889,135
Hub International Ltd 8.125% due 10/15/18 ~		90,000		92,700
Neuberger Berman Group LLC 5.625% due 03/15/20 ~		200,000		210,500
Nuveen Investments Inc 9.500% due 10/15/20 ~		165,000		165,000
TransUnion Holding Co Inc 9.625% due 06/15/18		170,000		180,625
				3,929,905

	Principal Amount		Value
Health Care - 0.8%
Alere Inc 9.000% due 05/15/16		$1,000,000		$1,060,000
Biomet Inc 6.500% due 08/01/20 ~		145,000		154,606
CDRT Holding Corp 9.250% due 10/01/17 ~		100,000		102,500
CHS/Community Health Systems Inc
5.125% due 08/15/18		155,000		161,975
7.125% due 07/15/20		160,000		171,000
DaVita HealthCare Partners Inc 5.750% due 08/15/22		265,000		280,569
DJO Finance LLC 8.750% due 03/15/18 ~		25,000		27,438
Endo Health Solutions Inc 7.000% due 07/15/19		485,000		519,556
HCA Holdings Inc 6.250% due 02/15/21		60,000		61,650
HCA Inc 7.500% due 02/15/22		835,000		960,250
Hologic Inc 6.250% due 08/01/20 ~		305,000		330,162
IMS Health Inc 6.000% due 11/01/20 ~		100,000		105,000
INC Research LLC 11.500% due 07/15/19 ~		65,000		67,600
Jaguar Holding Co II 9.500% due 12/01/19 ~		1,000,000		1,140,000
Kinetic Concepts Inc 10.500% due 11/01/18 ~		250,000		263,437
MultiPlan Inc 9.875% due 09/01/18 ~		1,000,000		1,120,000
Physio-Control International Inc 9.875% due 01/15/19 ~		100,000		110,250
United Surgical Partners International Inc 9.000% due 04/01/20		65,000		72,475
Valeant Pharmaceuticals International 6.375% due 10/15/20 ~		135,000		145,125
VPI Escrow Corp 6.375% due 10/15/20 ~		165,000		177,788
Warner Chilcott Co LLC 7.750% due 09/15/18		680,000		727,600
				7,758,981
Industrials - 0.5%
ADS Waste Holdings Inc 8.250% due 10/01/20 ~		65,000		68,575
Air Lease Corp 4.500% due 01/15/16 ~		500,000		507,500
Clean Harbors Inc 5.125% due 06/01/21 ~		45,000		46,800
Covanta Holding Corp 6.375% due 10/01/22		95,000		103,588
FTI Consulting Inc 6.000% due 11/15/22 ~		70,000		72,800
General Cable Corp 5.750% due 10/01/22 ~		100,000		104,000
HDTFS Inc 6.250% due 10/15/22 ~		65,000		69,550
Huntington Ingalls Industries Inc 7.125% due 03/15/21		680,000		742,900
Interline Brands Inc 10.000% due 11/15/18 ~		150,000		163,500
International Lease Finance Corp 8.750% due 03/15/17		1,000,000		1,160,000
Mead Products LLC 6.750% due 04/30/20 ~		130,000		137,150

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-15

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Nortek Inc
8.500% due 04/15/21		$35,000		$39,025
8.500% due 04/15/21 ~		130,000		144,625
10.000% due 12/01/18		105,000		117,338
The Manitowoc Co Inc 5.875% due 10/15/22		85,000		85,213
TransDigm Inc 7.750% due 12/15/18		770,000		855,662
United Rentals North America Inc
7.375% due 05/15/20 ~		60,000		66,150
7.625% due 04/15/22 ~		135,000		151,538
				4,635,914
Information Technology - 0.2%
Alliance Data Systems Corp 6.375% due 04/01/20 ~		55,000		58,850
Equinix Inc 7.000% due 07/15/21		1,000,000		1,113,750
Infor US Inc 9.375% due 04/01/19		165,000		186,037
Lender Processing Services Inc 5.750% due 04/15/23		95,000		99,038
NCR Corp 5.000% due 07/15/22 ~		80,000		81,700
Nuance Communications Inc 5.375% due 08/15/20 ~		100,000		105,000
SSI Investments II Ltd 11.125% due 06/01/18		100,000		111,125
				1,755,500
Materials - 0.3%
AK Steel Corp 8.750% due 12/01/18 ~		60,000		63,525
Alphabet Holding Co Inc 7.750% due 11/01/17 ~		160,000		165,200
Celanese U.S. Holdings LLC 4.625% due 11/15/22		55,000		57,887
Eldorado Gold Corp (Canada) 6.125% due 12/15/20 ~		240,000		245,400
FMG Resources Property Ltd (Australia)
7.000% due 11/01/15 ~		30,000		31,650
8.250% due 11/01/19 ~		60,000		64,200
IAMGOLD Corp (Canada) 6.750% due 10/01/20 ~		165,000		161,287
Inmet Mining Corp (Canada) 7.500% due 06/01/21 ~		60,000		62,550
LyondellBasell Industries NV (Netherlands) 5.750% due 04/15/24		200,000		236,000
Molycorp Inc 10.000% due 06/01/20 ~		115,000		107,525
New Gold Inc (Canada)
6.250% due 11/15/22 ~		90,000		93,600
7.000% due 04/15/20 ~		45,000		48,263
Rockwood Specialties Group Inc 4.625% due 10/15/20		165,000		171,394
Sawgrass Merger Sub Inc 8.750% due 12/15/20 ~		60,000		60,750
Sealed Air Corp
6.500% due 12/01/20 ~		60,000		65,100
8.375% due 09/15/21 ~		1,000,000		1,147,500
Taminco Global Chemical Corp 9.750% due 03/31/20 ~		30,000		33,000
Tronox Finance LLC 6.375% due 08/15/20 ~		140,000		141,925
				2,956,756
Telecommunication Services - 0.5%
Avaya Inc
9.000% due 04/01/19 ~		90,000		92,025
10.125% due 11/01/15		250,000		225,000
Crown Castle International Corp 5.250% due 01/15/23 ~		130,000		139,587

	Principal Amount		Value
Hughes Satellite Systems Corp 6.500% due 06/15/19		$1,000,000		$1,107,500
Intelsat Jackson Holdings SA (Luxembourg) 7.250% due 10/15/20 ~		105,000		114,450
Intelsat Luxembourg SA (Luxembourg) 11.500% due 02/04/17		250,000		266,562
SBA Communications Corp 5.625% due 10/01/19 ~		130,000		136,988
SBA Telecommunications Inc 5.750% due 07/15/20 ~		125,000		133,281
Sprint Capital Corp 8.750% due 03/15/32		15,000		18,413
Sprint Nextel Corp
6.000% due 12/01/16		455,000		497,087
6.000% due 11/15/22		230,000		237,475
7.000% due 08/15/20		180,000		197,550
9.000% due 11/15/18 ~		85,000		105,188
9.125% due 03/01/17		100,000		118,250
UPCB Finance VI Ltd (Cayman) 6.875% due 01/15/22 ~		250,000		271,875
Windstream Corp 7.750% due 10/01/21		1,000,000		1,085,000
				4,746,231
Utilities - 0.3%
AmeriGas Finance LLC
6.750% due 05/20/20		120,000		132,300
7.000% due 05/20/22		150,000		167,625
DPL Inc 7.250% due 10/15/21		1,000,000		1,075,000
Edison Mission Energy 7.500% due 06/15/13 Y		250,000		133,125
NRG Energy Inc 8.250% due 09/01/20		1,000,000		1,125,000
				2,633,050
Total Corporate Bonds & Notes (Cost $45,843,382)				49,415,105
SENIOR LOAN NOTES - 92.3%
Consumer Discretionary - 30.2%
99 Cents Only Stores 5.250% due 01/11/19 §		643,512		651,669
Acosta Inc Term D 5.000% due 03/02/18 §		2,363,151		2,386,782
Advantage Sales & Marketing Inc Term B 5.250% due 12/18/17 §		2,376,500		2,399,524
Affinion Group Inc Term B 6.500% due 07/16/15 §		4,093,460		3,755,017
Affinity Gaming LLC Term B 5.500% due 11/09/17 §		496,250		501,212
Alliance Laundry Systems LLC (1st Lien) 5.500% due 12/10/18 §		400,000		404,500
Allied Security Holdings LLC (1st Lien) 5.250% due 02/03/17 §		712,318		714,099
Allison Transmission Inc
Term B1 (Non-Extended)
2.710% due 08/07/14 §		1,267,341		1,275,659
Term B3
4.250% due 08/23/19 §		2,810,893		2,842,515
Altegrity Inc
2.961% due 02/21/15 §		2,143,922		1,996,527
Tranche D
7.750% due 02/20/15 §		860,027		855,726
AMC Entertainment Inc
Term B2 (Extended)
4.250% due 12/15/16 §		1,942,559		1,956,217
Term B3
4.750% due 02/22/18 §		1,237,500		1,249,208
Ameristar Casinos Inc Term B 4.000% due 04/16/18 §		1,299,078		1,310,242

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-16

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
ARAMARK Corp
(Extended) (LC - 3 Facility)
3.459% due 07/26/16 §		$169,638		$170,644
(Extended) (Letter of Credit)
3.459% due 07/26/16 §		307,355		309,177
Term B (Extended)
3.462% due 07/26/16 §		4,673,529		4,701,248
Term C (Extended)
3.527% due 07/26/16 §		2,105,790		2,118,279
Ascena Retail Group Inc Term B 4.750% due 06/14/18 §		954,104		963,049
Ascend Learning Inc Term B 6.500% due 05/23/17 §		2,257,849		2,265,752
Asurion LLC
(1st Lien)
5.500% due 05/24/18 §		10,026,511		10,141,395
(2nd Lien)
9.000% due 05/24/19 §		222,930		230,175
Audio Visual Services Group Inc 6.750% due 11/09/18 §		1,246,875		1,228,172
Autoparts Holdings Ltd (1st Lien) 6.500% due 07/28/17 §		518,438		520,058
BAR/BRI Review Courses Inc Term B 6.000% due 06/16/17 §		827,688		828,722
Bass Pro Group LLC 4.000% due 11/30/19 §		1,650,000		1,653,437
BBHI Acquisition LLC Term B 4.500% due 12/14/17 §		1,592,500		1,604,942
Brickman Group Holdings Inc Term B 5.500% due 10/14/16 §		2,417,867		2,460,179
Burger King Corp Term B 3.750% due 09/27/19 §		3,142,125		3,167,655
Caesars Entertainment Operating Co
Term B2
3.210% due 01/28/15 §		1,500,000		1,479,271
Term B6 (Extended)
5.460% due 01/26/18 §		3,872,847		3,469,103
Cedar Fair LP Term B 4.000% due 12/15/17 §		1,887,852		1,908,303
Cengage Learning Acquisitions Inc (Non-Extended) 2.720% due 07/03/14 §		3,283,141		2,596,416
Centerplate Inc Term B 5.753% due 10/15/18 §		400,000		403,250
Cequel Communications LLC Term B 4.000% due 02/14/19 §		6,624,938		6,665,422
Charter Communications Operating LLC
Term C (Extended)
3.470% due 09/06/16 §		5,054,721		5,087,875
Term D
4.000% due 05/15/19 §		2,927,875		2,954,867
Chrysler Group LLC Term B 6.000% due 05/24/17 §		7,490,937		7,665,686
Clear Channel Communications Inc Term B 3.862% due 01/29/16 §		1,476,399		1,227,257
ClubCorp Club Operations Inc Term B 5.000% due 11/30/16 §		2,282,184		2,316,417
Crown Media Holdings Inc Term B 5.750% due 07/14/18 §		608,625		611,668
Cumulus Media Holdings Inc (1st Lien) 4.500% due 09/17/18 §		5,357,377		5,382,251
Dave & Buster’s Inc 5.500% due 06/01/16 §		1,950,000		1,956,094
David’s Bridal Inc Term B 5.000% due 10/11/19 §		750,000		752,968
DineEquity Inc Term B 4.250% due 10/19/17 §		1,304,043		1,317,084
Dunkin Brands Inc Term B2 4.000% due 11/23/17 §		5,728,778		5,777,696
Education Management LLC Term C3 8.250% due 03/29/18 §		2,628,477		2,199,160

	Principal Amount		Value
Entercom Radio LLC Term B 5.000% due 11/23/18 §		$695,000		$703,253
Equinox Fitness Clubs (1st Lien) due 11/16/19 µ		1,400,000		1,414,000
Evergreen Acquisition Co 1 LP 5.000% due 07/09/19 §		771,130		775,227
Federal-Mogul Corp
Term B
2.148% due 12/29/14 §		5,557,453		5,116,330
Term C
2.148% due 12/28/15 §		2,930,154		2,697,573
FoxCo Acquisition Sub LLC Term B 5.500% due 07/14/17 §		1,596,000		1,620,606
FTD Inc 4.750% due 06/11/18 §		1,554,985		1,570,534
General Nutrition Centers Inc 3.750% due 03/02/18 §		8,254,989		8,291,104
Genpact International Inc Term B 4.250% due 08/30/19 §		1,870,313		1,891,353
Getty Images Inc Term B 4.750% due 10/18/19 §		5,475,000		5,489,542
Go Daddy Operating Co LLC 5.500% due 12/17/18 §		1,925,625		1,931,242
Gray Television Inc Term B 4.750% due 10/15/19 §		530,180		533,825
Harbor Freight Tools USA Inc Term B 5.500% due 11/14/17 §		1,172,063		1,185,737
HHI Holdings LLC (1st Lien) 6.000% due 10/03/18 §		2,375,000		2,410,625
Instant Web Inc
(Delayed Draw)
3.587% due 08/07/14 §		206,373		160,971
Term B
3.587% due 08/07/14 §		1,979,723		1,544,184
Interactive Data Corp Term B 4.500% due 02/12/18 §		3,726,951		3,751,385
Isle of Capri Casinos Inc Term B 4.750% due 03/24/17 §		1,179,000		1,195,456
J Crew Group Inc Term B 4.500% due 03/07/18 §		4,161,625		4,184,456
Jo-Ann Stores Inc 4.750% due 03/16/18 §		3,664,726		3,684,578
Kabel Deutschland GmbH Term F (Germany) 4.250% due 02/01/19 §		1,400,000		1,410,209
Landry’s Inc Term B 6.500% due 04/24/18 §		1,588,000		1,607,850
Language Line LLC Term B 6.250% due 06/20/16 §		2,597,052		2,590,559
Las Vegas Sands LLC
(Extended) (Delayed Draw)
2.760% due 11/23/16 §		340,478		341,659
Term B (Extended)
2.760% due 11/23/16 §		1,678,365		1,684,187
Laureate Education Inc (Extended) 5.250% due 06/18/18 §		3,937,424		3,920,198
LIN Television Corp Term B
due 12/21/18 µ		767,250		773,004
4.000% due 12/21/18 §		767,250		773,004
Live Nation Entertainment Inc Term B 4.500% due 11/07/16 §		2,056,032		2,068,866
LodgeNet Entertainment Corp 8.500% due 04/04/14 § Y		603,555		430,536
Mediacom Broadband LLC Term F 4.500% due 10/23/17 §		3,900,000		3,912,187
Mediacom LLC Term E 4.500% due 10/23/17 §		5,852,444		5,848,786
Meritas LLC (1st Lien) 7.500% due 07/28/17 §		876,156		878,346

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-17

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
MGM Resorts International Term B 4.250% due 12/20/19 §		$2,900,000		$2,935,345
Michaels Stores Inc Term B3 (Extended) 4.813% due 07/29/16 §		6,480,355		6,547,472
Midcontinent Communications Term B 4.000% due 12/30/16 §		1,928,804		1,937,643
Mission Broadcasting Inc Term B 4.500% due 12/03/19 §		204,286		206,839
National CineMedia LLC Term B (1st Lien) 3.470% due 11/23/19 §		600,000		602,000
National Vision Inc Term B 7.000% due 08/02/18 §		918,063		931,833
Nelson Education Ltd (Canada) 2.811% due 07/03/14 §		2,294,056		1,823,774
Nexstar Broadcasting Inc 4.500% due 12/03/19 §		1,142,143		1,156,420
NPC International Inc Term B 4.500% due 12/01/18 §		834,417		842,761
Ollie’s Bargain Outlet Inc 6.250% due 09/27/19 §		548,625		553,083
Orbitz Worldwide Inc 3.212% due 07/25/14 §		2,682,995		2,586,855
OSI Restaurant Partners LLC Term B 4.800% due 10/24/19 §		3,050,000		3,083,995
P.F. Chang’s China Bistro Inc Term B 5.250% due 07/02/19 §		473,813		479,143
Penn National Gaming Inc Term B 3.750% due 07/16/18 §		398,993		401,112
Petco Animal Supplies Inc 4.500% due 11/24/17 §		3,077,348		3,104,001
Pilot Travel Centers LLC
Term B
3.750% due 03/30/18 §		2,277,010		2,291,953
Term B2
4.250% due 08/07/19 §		773,063		779,988
Pinnacle Entertainment Inc Series A (Incremental) 4.000% due 03/19/19 §		719,563		725,859
Raycom TV Broadcasting Inc Term B 4.250% due 05/31/17 §		1,108,125		1,106,740
RE/MAX International Inc 5.500% due 04/15/16 §		1,754,702		1,759,089
RGIS Services LLC
(Extended)
4.561% due 10/18/16 §		2,057,597		2,073,029
Term C
5.500% due 10/18/17 §		1,612,813		1,628,941
Sagittarius Restaurants LLC Term B 7.515% due 05/18/15 §		808,438		812,985
SeaWorld Parks & Entertainment Inc Term B 4.000% due 08/17/17 §		1,669,928		1,685,056
Serta Simmons Holdings LLC 5.000% due 10/01/19 §		1,850,000		1,855,267
ServiceMaster Co (Extended) 4.460% due 01/31/17 §		4,852,812		4,871,515
Sinclair Television Group Inc Term B 4.000% due 10/28/16 §		961,029		967,828
Six Flags Theme Parks Inc Term B 4.000% due 12/20/18 §		1,540,089		1,549,852
SRAM LLC Term B 4.781% due 06/07/18 §		1,457,111		1,464,396
SymphonyIRI Group Inc Term B 5.000% due 12/01/17 §		1,058,875		1,062,184
Tempur-Pedic International Inc Term B due 12/12/19 µ		2,100,000		2,129,312
The Goodyear Tire & Rubber Co (2nd Lien) 4.750% due 04/30/19 §		8,250,000		8,320,125
The Neiman Marcus Group Inc (Extended) 4.750% due 05/16/18 §		6,450,000		6,470,601

	Principal Amount		Value
The Pep Boys-Manny Moe & Jack Term B 5.000% due 10/11/18 §		$525,000		$529,375
Town Sports International Inc Term B 5.750% due 05/11/18 §		1,108,220		1,121,149
Travelport LLC
(Extended)
5.105% due 08/21/15 §		2,975,123		2,863,556
Tranche S
5.061% due 08/21/15 §		768,384		739,569
Tribune Co due 12/17/19 µ		1,925,000		1,925,241
Univision Communications Inc (Extended) 4.462% due 03/31/17 §		6,333,260		6,241,725
Veyance Technologies Inc
2.470% due 07/31/14 §		1,713,271		1,699,993
(Delayed Draw)
2.470% due 07/31/14 §		245,399		243,497
Term B (Incremental)
5.500% due 07/31/14 §		421,813		422,340
Visant Holding Corp Term B 5.250% due 12/22/16 §		2,590,176		2,353,175
VWR Funding Inc
(Non-Extended)
2.712% due 06/30/14 §		1,455,844		1,458,271
Term B (Extended)
4.462% due 04/03/17 §		2,461,096		2,474,940
Warnaco Inc 3.750% due 06/15/18 §		640,250		637,049
Weather Channel Term B 4.250% due 02/13/17 §		7,923,506		8,019,246
Weight Watchers International Inc Term F 4.000% due 03/15/19 §		1,687,250		1,701,482
Wendy’s International Inc Term B 4.750% due 05/15/19 §		2,369,063		2,396,138
WMG Acquisition Corp 5.250% due 11/01/18 §		625,000		633,073
Wolverine Worldwide Inc Term B 4.000% due 07/31/19 §		578,906		583,248
Zuffa LLC Term B 2.250% due 06/19/15 §		2,893,454		2,869,342
				292,483,346
Consumer Staples - 6.2%
AdvancePierre Foods Inc 5.750% due 07/10/17 §		1,450,000		1,469,031
Blue Buffalo Co Ltd Term B 6.500% due 08/08/19 §		1,521,188		1,536,399
Brasa Holdings Inc (1st Lien) 7.500% due 07/19/19 §		523,688		528,924
Clearwater Seafoods Ltd Partnership Term B (Canada) 6.750% due 06/06/18 §		497,500		499,677
Del Monte Foods Co 4.500% due 03/08/18 §		9,275,996		9,308,851
Dole Food Co Inc Term B2 5.033% due 07/06/18 §		1,258,337		1,263,282
High Liner Foods Inc Term B (Canada) 7.000% due 12/19/17 §		841,500		847,285
JBS USA Holdings Inc 4.250% due 05/25/18 §		5,764,719		5,764,719
KIK Custom Products Inc
(1st Lien)
2.570% due 06/02/14 §		3,569,173		3,363,946
(2nd Lien)
5.313% due 11/28/14 §		2,500,000		2,000,000
(Canadian)
2.570% due 06/02/14 §		613,740		578,450
Michael Foods Group Inc 4.250% due 02/23/18 §		781,583		787,933
NBTY Inc Term B1 4.250% due 10/02/17 §		3,254,052		3,290,042

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-18

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Pinnacle Foods Finance LLC
Term E
4.750% due 10/17/18 §		$372,188		$375,511
Term F
4.750% due 10/17/18 §		1,243,750		1,257,742
Prestige Brands Inc 5.250% due 01/31/19 §		455,492		461,593
Reynolds Group Holdings Inc 4.750% due 09/28/18 §		6,059,813		6,142,790
Rite Aid Corp
Term 2
1.970% due 06/04/14 §		5,744,457		5,718,607
Term 5
4.500% due 03/02/18 §		2,700,749		2,699,061
Solvest Ltd Term C2 (Bermuda) 5.018% due 07/06/18 §		2,251,765		2,260,613
Spectrum Brands Inc 4.500% due 12/17/19 §		3,825,000		3,862,952
Sprouts Farmers Markets Holdings LLC (Incremental) 6.000% due 04/18/18 §		746,250		754,645
The Pantry Inc Term B 5.750% due 08/02/19 §		498,750		503,894
US Foods Inc Term B (Extended) 5.750% due 03/31/17 §		3,548,473		3,568,433
Wilton Brands LLC 7.500% due 08/30/18 §		740,625		748,031
				59,592,411
Energy - 3.6%
Arch Coal Inc Term B 5.750% due 05/16/18 §		3,377,349		3,420,171
Citgo Petroleum Corp
Term B
8.000% due 06/24/15 §		235,268		237,474
Term C
9.000% due 06/23/17 §		4,651,964		4,736,281
Crestwood Holdings LLC Term B 9.750% due 03/26/18 §		1,389,825		1,412,989
Energy Transfer Equity LP Term B 3.750% due 03/24/17 §		3,375,000		3,406,377
Frac Tech International LLC Term B 8.500% due 05/06/16 §		2,249,312		1,876,770
Gibson Energy ULC Term B (Canada) 4.750% due 06/15/18 §		2,679,750		2,713,665
Invenergy LLC Term B 9.000% due 11/21/17 §		940,126		961,278
MEG Energy Corp Term B (Canada) 4.000% due 03/16/18 §		1,555,313		1,571,108
Obsidian Natural Gas Trust 7.000% due 11/02/15 §		3,777,158		3,796,044
Patriot Coal Corp 9.250% due 10/04/13 §		950,000		957,125
Plains Exploration & Production Co 4.000% due 11/30/19 §		2,225,000		2,235,197
Samson Investment Co (2nd Lien) 6.000% due 09/25/18 §		950,000		960,094
Sheridan Production Partners I LLC
Term B2
5.000% due 09/14/19 §		2,301,711		2,332,642
Term B2 I-A
5.000% due 09/25/19 §		304,996		309,094
Term B2 I-M
5.000% due 09/25/19 §		186,293		188,796
Tallgrass Operations LLC 5.250% due 11/13/18 §		2,475,000		2,505,938
Tervita Corp (Canada) 6.500% due 11/14/14 §		1,687,250		1,688,655
				35,309,698

	Principal Amount		Value
Financials - 5.1%
Altisource Solutions SARL (1st Lien) (Luxembourg) 5.750% due 11/27/19 §		$925,000		$929,625
American Capital Holdings Inc 5.500% due 08/22/16 §		950,000		966,625
AmWINS Group Inc (1st Lien) 5.750% due 06/06/19 §		1,169,125		1,176,432
Asset Acceptance Capital Corp Term B 8.750% due 11/14/17 §		1,638,750		1,657,145
Citco Funding LLC 5.500% due 06/29/18 §		2,117,750		2,141,575
CNO Financial Group Inc Term B2 5.000% due 09/20/18 §		1,149,563		1,159,852
Compass Investors Inc 5.250% due 12/27/19 §		2,400,000		2,398,001
Cunningham Lindsey U.S. Inc (1st Lien) (Canada) 5.000% due 10/29/19 §		750,000		757,500
First Data Corp
(Add on)
5.211% due 09/24/18 §		1,425,000		1,400,953
Term B (Extended)
4.211% due 03/23/18 §		1,634,332		1,560,220
Term B1
2.961% due 09/24/14 §		221,071		221,301
Term B3
2.961% due 09/24/14 §		44,372		44,438
Hamilton Lane Advisors LLC 6.500% due 02/23/18 §		914,375		914,375
Harbourvest Partners LLC Term B 4.750% due 11/21/17 §		1,075,000		1,083,062
HUB International Ltd
(Extended)
4.712% due 06/13/17 §		5,671,412		5,735,216
(Extended) (Incremental)
6.750% due 12/13/17 §		3,870,750		3,910,263
iPayment Inc Term B 5.750% due 05/08/17 §		675,000		672,469
LPL Holdings Inc
Term A
2.712% due 03/29/17 §		986,563		986,974
Term B
4.000% due 03/29/19 §		3,200,813		3,224,818
MIP Delaware LLC 5.500% due 07/12/18 §		822,131		830,352
Nuveen Investments Inc
(Extended)
5.811% due 05/12/17 §		5,444,200		5,481,629
(Extended) (1st Lien)
5.811% due 05/13/17 §		3,030,800		3,045,954
(Incremental)
7.250% due 05/13/17 §		700,000		704,200
Shield Finance Co SARL Term B (Luxembourg) 6.500% due 05/10/19 §		1,144,250		1,147,111
The TCW Group Inc Term B due 12/20/19 µ		625,000		626,562
Trans Union LLC Term B 5.500% due 02/12/18 §		5,831,842		5,921,751
Walter Investment Management Corp 5.750% due 11/28/17 §		518,438		521,354
				49,219,757
Health Care - 15.3%
Alere Inc
Term B
4.750% due 06/30/17 §		3,085,938		3,104,950
Term B1
4.750% due 06/30/17 §		742,500		747,075

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-19

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Term B2 (Incremental)
4.750% due 06/30/17 §		$595,500		$598,850
Alliance HealthCare Services Inc Term B 7.250% due 06/01/16 §		1,457,747		1,441,347
Aptalis Pharma Inc Term B 5.500% due 02/10/17 §		1,739,500		1,751,097
Ardent Medical Services Inc Term B 7.250% due 09/15/15 §		856,581		858,723
AssuraMed Holding Inc (1st Lien) 5.500% due 10/24/19 §		925,000		935,118
Bausch & Lomb Inc Term B 5.250% due 05/17/19 §		3,482,500		3,518,568
Biomet Inc Term B (Extended) 4.008% due 07/25/17 §		7,717,493		7,775,343
BSN Medical Acquisition Holding GmbH Term B-1A (Germany) 5.000% due 10/18/19 §		675,000		680,062
Catalent Pharma Solutions Inc (Incremental) 5.250% due 09/15/17 §		792,015		801,915
CHG Buyer Corp (1st Lien) 5.000% due 11/22/19 §		773,063		774,995
Community Health Systems Inc (Extended) 3.811% due 01/25/17 §		10,523,777		10,601,853
Convatec Inc 5.000% due 12/22/16 §		1,397,003		1,417,958
DaVita Inc
Term B
4.500% due 10/20/16 §		3,797,500		3,828,829
Term B2
4.000% due 11/01/19 §		3,625,000		3,658,216
DJO Finance LLC
Term B2 (Extended)
5.212% due 11/01/16 §		2,486,959		2,500,431
Term B3
6.250% due 09/15/17 §		2,084,251		2,102,489
Drumm Investors LLC 5.000% due 05/04/18 §		987,151		930,389
Emdeon Inc Term B1 5.000% due 11/02/18 §		1,017,313		1,028,884
Emergency Medical Services Corp 5.250% due 05/25/18 §		2,852,128		2,877,084
Grifols Inc Term B 4.250% due 06/01/17 §		3,811,034		3,853,116
Hanger Orthopedic Group Inc Term C 4.000% due 12/01/16 §		1,835,575		1,844,753
HCA Inc
Term B2 (Extended)
3.561% due 03/31/17 §		3,000,000		3,012,189
Term B3 (Extended)
3.462% due 05/01/18 §		10,397,103		10,437,017
Health Management Associates Inc Term B 4.500% due 11/16/18 §		2,425,500		2,448,013
Hologic Inc Term B 4.500% due 08/01/19 §		2,194,500		2,223,531
IASIS Healthcare LLC 5.000% due 05/03/18 §		2,087,813		2,098,252
IMS Health Inc Term B 4.500% due 08/25/17 §		6,389,939		6,440,343
inVentiv Health Inc
(Combined)
6.500% due 08/04/16 §		2,314,486		2,227,693
Term B3 (Incremental)
6.750% due 05/15/18 §		893,186		870,857
Kindred Healthcare Inc 5.250% due 06/01/18 §		1,645,218		1,610,943
Kinetic Concepts Inc Term C1 5.500% due 05/04/18 §		5,865,750		5,939,072
LHP Hospital Group Inc 9.000% due 07/03/18 §		646,750		654,026
MedAssets Inc Term B 4.000% due 11/30/19 §		700,000		700,875

	Principal Amount		Value
Medpace Inc 6.500% due 06/16/17 §		$1,037,615		$996,111
MMM Holdings Inc 9.750% due 10/09/17 §		810,526		806,474
MSO of Puerto Rico Inc 9.750% due 10/26/17 §		589,474		586,526
Multiplan Inc Term B 4.750% due 08/26/17 §		5,191,738		5,230,676
MX USA Inc Term B 6.500% due 04/28/17 §		719,563		721,361
One Call Medical Inc 7.000% due 08/16/19 §		1,050,000		1,055,250
Onex CareStream Finance LP Term B 5.000% due 02/25/17 §		1,890,279		1,889,098
Par Pharmaceutical Cos Inc Term B 5.000% due 09/30/19 §		1,346,625		1,348,448
Pharmaceutical Product Development Inc Term B 6.250% due 12/05/18 §		2,524,500		2,567,891
Physiotherapy Associates Holdings Inc (1st Lien) 6.008% due 04/30/18 §		373,125		374,291
Quintiles Transnational Corp
Term B
4.500% due 06/08/18 §		5,417,500		5,417,500
Term B1 (Incremental)
4.500% due 06/08/18 §		473,813		473,813
RadNet Management Inc Term B 5.505% due 09/30/18 §		1,695,750		1,704,229
RPI Finance Trust
Tranche 2
3.500% due 05/09/18 §		2,509,618		2,533,668
Tranche 2 (Incremental)
4.000% due 11/09/18 §		1,040,607		1,052,639
Sage Products Inc 5.250% due 12/17/19 §		675,000		680,906
Select Medical Corp Term B 5.500% due 06/01/18 §		3,743,000		3,764,833
Sheridan Holdings Inc (1st Lien) 6.000% due 06/29/18 §		671,625		681,280
The TriZetto Group Inc Term B 4.750% due 05/02/18 §		827,301		825,025
Truven Health Analytics Inc Term B 5.750% due 06/01/19 §		1,920,175		1,926,176
Universal Health Services Inc Term B 3.750% due 11/15/16 §		1,316,980		1,324,552
Valeant Pharmaceuticals International Inc (Canada)
Series C Tranche B
4.250% due 12/11/19 §		2,300,000		2,318,400
Series D Tranche B
4.250% due 02/13/19 §		2,216,250		2,231,948
Vanguard Health Holding Co II LLC Term B 5.000% due 01/29/16 §		5,408,212		5,462,294
Warner Chilcott Co LLC
Term A
3.750% due 03/17/16 §		326,000		329,260
Term B2
4.250% due 03/15/18 §		1,105,789		1,114,181
Warner Chilcott Corp
Term B1
4.250% due 03/15/18 §		2,211,579		2,228,362
Term B1 (Incremental)
4.250% due 03/15/18 §		839,893		846,267
WC Luxco SARL Term B3 (Luxembourg) 4.250% due 03/15/18 §		1,520,460		1,531,999
				148,318,314

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-20

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Industrials - 10.2%
ADS Waste Holdings Inc Term B 5.250% due 10/09/19 §		$2,250,000		$2,280,937
Alliant Holdings I Inc Term B 5.000% due 12/20/19 §		2,275,000		2,281,370
Alpha D2 Ltd Term B2 (Extended) (United Kingdom) 6.000% due 04/30/19 §		2,382,030		2,420,738
Armstrong World Industries Inc Term B 4.000% due 03/09/18 §		1,157,768		1,168,261
BakerCorp International Inc Term B 5.000% due 06/01/18 §		2,049,063		2,065,285
Bombardier Recreational Products Inc (Canada)
Term B2 (Extended)
4.510% due 06/28/16 §		4,040,742		4,081,150
Term B3 (Extended)
due 06/28/16 µ		550,000		555,500
Brand Energy & Infrastructure Services Inc
Term 1 (Canadian)
6.250% due 10/23/18 §		178,585		176,743
Term B1
6.250% due 10/16/18 §		744,103		736,430
Brock Holdings III Inc Term B 6.000% due 03/16/17 §		1,382,668		1,391,310
ClientLogic Corp (Extended) 7.097% due 01/30/17 §		2,102,207		2,054,908
Colfax Corp Term B 4.500% due 01/11/19 §		3,667,962		3,706,362
Covanta Energy Corp 4.000% due 03/28/19 §		521,063		528,227
CPM Acquisition Corp (1st Lien) 6.250% due 08/29/17 §		573,563		578,581
DAE Aviation Holdings Inc
Term B
6.250% due 10/29/18 §		754,989		766,313
Term B2
6.250% due 11/02/18 §		342,261		347,395
Delos Aircraft Inc Term 2 4.750% due 04/12/16 §		1,625,000		1,645,313
Ducommun Inc 5.500% due 06/28/17 §		599,145		605,136
DynCorp International LLC Term B 6.250% due 07/07/16 §		688,994		693,874
Edwards Ltd Term B (Cayman) 5.500% due 05/31/16 §		1,310,066		1,313,341
Evergreen International Aviation Inc 11.500% due 06/30/15 § Y		1,080,869		1,059,252
Firth Rixson PLC Term B (United Kingdom) 5.500% due 06/30/17 §		375,000		378,281
Flying Fortress Inc (1st Lien) 5.000% due 06/30/17 §		4,300,000		4,332,250
Generac Power Systems Inc Term B 6.250% due 05/30/18 §		1,795,500		1,841,883
Grede LLC Term B 7.000% due 04/03/17 §		1,258,000		1,264,290
Hamilton Sundstrand Industrial (1st Lien) 5.000% due 12/13/19 §		2,275,000		2,297,952
Husky Injection Molding Systems Ltd Term B (Canada) 5.750% due 06/29/18 §		928,735		942,666
IG Investment Holdings LLC (1st Lien) 6.000% due 10/31/19 §		900,000		902,250
JMC Steel Group Inc 4.750% due 04/03/17 §		859,701		870,447
KAR Auction Services Inc Term B 5.000% due 05/19/17 §		3,619,875		3,658,336
Metaldyne Co LLC Term B 6.000% due 12/18/18 §		1,500,000		1,515,000
Monitronics International Inc Term B 5.500% due 03/23/18 §		1,091,753		1,104,035

	Principal Amount		Value
Nielsen Finance LLC Class B 3.963% due 05/02/16 §		$9,127,004		$9,188,940
Pelican Products Inc (1st Lien) (Delayed Draw) 7.000% due 07/11/18 §		621,875		612,547
Progressive Waste Solutions Ltd Term B (Canada) 3.500% due 10/24/19 §		598,500		604,485
Rexnord Corp Term B 4.500% due 04/02/18 §		4,182,829		4,225,967
Sedgwick CMS Holdings Inc 5.000% due 12/30/16 §		1,486,111		1,489,826
Sensata Technologies Finance Co LLC 3.750% due 05/11/18 §		4,457,125		4,480,030
Sequa Corp Term B 5.250% due 05/29/17 §		1,775,000		1,789,791
Ship U.S. Bidco Inc Term B2 5.250% due 10/15/17 §		989,394		997,433
SumTotal Systems Inc (1st Lien) 6.250% due 10/25/19 §		1,500,000		1,485,000
Swift Transportation Co Inc Term B2 5.000% due 12/21/17 §		2,204,414		2,229,443
Tank Holding Corp Term B 5.500% due 07/09/19 §		1,122,789		1,131,210
TASC Inc Term B 4.500% due 12/18/15 §		1,819,022		1,820,443
Terex Corp Term B 4.500% due 04/28/17 §		913,461		924,422
The Corporate Executive Board Co Term B 5.000% due 07/02/19 §		600,000		604,125
The Hertz Corp
Term B
3.750% due 03/09/18 §		4,445,813		4,448,938
Term B (Add on)
3.750% due 03/11/18 §		2,075,000		2,080,837
The Manitowoc Co Inc Term B 4.250% due 11/13/17 §		177,188		178,738
Tomkins LLC Term B 4.250% due 09/29/16 §		1,916,986		1,932,562
Transdigm Inc
Term B
4.000% due 02/14/17 §		2,793,000		2,815,257
Term B2 (Add on)
4.000% due 02/14/17 §		2,406,047		2,425,382
TriMas Corp Term B 3.750% due 10/10/19 §		947,625		952,363
U.S. Security Holdings Inc
6.000% due 07/28/17 §		785,213		792,084
(Delayed Draw)
6.000% due 07/28/17 §		153,689		155,033
Waupaca Foundry Inc 5.764% due 06/29/17 §		731,367		742,338
WireCo WorldGroup Inc 6.000% due 02/15/17 §		748,125		759,347
				98,430,357
Information Technology - 8.6%
Aeroflex Inc Term B 5.750% due 05/09/18 §		731,832		740,065
Applied Systems Inc (1st Lien) 5.500% due 12/08/16 §		1,748,355		1,763,653
Aspect Software Inc Term B 7.000% due 05/06/16 §		3,769,096		3,806,787
Attachmate Corp (1st Lien) 7.250% due 11/22/17 §		3,489,063		3,527,690
Booz Allen Hamilton Inc Term B 4.500% due 07/31/19 §		947,625		960,063
CCC Information Services Inc due 12/25/19 µ		350,000		351,896
Cinedigm Digital Funding I LLC 5.250% due 04/29/16 §		623,788		626,517

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-21

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
CommScope Inc 4.250% due 01/12/18 §		$3,905,438		$3,937,169
CompuCom Systems Inc 6.500% due 10/02/18 §		900,000		905,625
Dealer Computer Services Inc Term B 3.750% due 04/20/18 §		3,109,357		3,130,734
DG FastChannel Inc Term B
due 07/26/18 µ		1,000,000		950,000
5.750% due 07/26/18 §		1,961,357		1,863,289
Eagle Parent Inc 5.000% due 05/16/18 §		3,299,750		3,328,623
EIG Investors Corp (1st Lien) 6.250% due 11/08/19 §		2,325,000		2,330,812
Expert Global Solutions Inc Term B 8.000% due 04/03/18 §		2,500,630		2,514,696
Freescale Semiconductor Inc Term B (Extended) 4.464% due 12/01/16 §		2,057,497		2,023,205
Hyland Software Inc (1st Lien) 5.500% due 10/25/19 §		400,000		401,688
IAP Worldwide Services Inc 10.000% due 12/31/15 §		3,723,915		2,830,176
Infor U.S. Inc Term B2 5.250% due 04/05/18 §		6,492,416		6,564,443
Kronos Inc (1st Lien) 5.500% due 10/25/19 §		1,825,000		1,846,672
Magic Newco LLC (1st Lien) 7.250% due 12/12/18 §		1,670,813		1,686,685
Mercury Payment Systems LLC Term B (Canada) 5.500% due 07/03/17 §		1,260,876		1,275,061
Microsemi Corp 4.000% due 02/02/18 §		1,942,105		1,960,069
NeuStar Inc Term B 5.000% due 11/08/18 §		1,259,063		1,268,113
NXP BV (Netherlands)
Term A2
5.500% due 03/03/17 §		1,333,125		1,362,079
Term B (Incremental)
5.250% due 03/19/19 §		2,059,438		2,080,460
Term C
4.750% due 01/11/20 §		1,050,000		1,056,235
Open Solutions Inc Term B 2.435% due 01/23/14 §		1,488,160		1,415,612
Renaissance Learning Inc Term B 5.750% due 11/13/18 §		648,375		651,617
Rocket Software Inc 5.750% due 02/08/18 §		569,250		571,385
RP Crown Parent LLC (1st Lien) 6.750% due 12/14/18 §		3,000,000		3,000,537
SafeNet Inc Term B 2.712% due 04/12/14 §		113,950		113,808
Semtech Corp Term B 4.250% due 03/20/17 §		522,375		527,925
Serena Software Inc
(Extended)
4.211% due 03/10/16 §		2,269,173		2,276,736
Term B
5.000% due 03/10/16 §		425,000		428,719
Sirius Computer Solutions Inc Term B 8.000% due 11/30/18 §		686,538		692,975
SkillSoft Corp Term B 5.000% due 05/26/17 §		1,318,110		1,331,292
Softlayer Technologies Inc Term B 7.250% due 11/05/16 §		833,000		838,206
Sophia LP Term B 6.250% due 07/19/18 §		1,744,640		1,769,174
Spansion LLC Term B 5.250% due 12/11/18 §		872,756		880,938

	Principal Amount		Value
SS&C Technologies Inc
Term B1
5.000% due 06/07/19 §		$1,199,550		$1,213,421
Term B2
5.000% due 06/07/19 §		124,091		125,022
SunGard Data Systems Inc
Term B
3.866% due 02/26/16 §		3,318,803		3,341,580
Term C
3.963% due 02/28/17 §		2,570,093		2,588,549
VeriFone Inc Term B 4.250% due 12/28/18 §		278,489		279,011
Vertafore Inc 5.250% due 07/29/16 §		1,195,611		1,210,556
Wall Street Systems Inc (1st Lien) 5.750% due 10/24/19 §		1,375,000		1,381,875
Web.com Group Inc Term B 5.500% due 10/27/17 §		3,175,737		3,205,510
Wyle Services Corp Term B 5.000% due 03/27/17 §		532,773		535,284
				83,472,237
Materials - 5.4%
AZ Chem U.S. Inc 7.250% due 12/22/17 §		1,354,625		1,379,008
BWAY Corp Term B 4.500% due 08/07/17 §		2,375,000		2,390,338
Emerald Performance Materials LLC Term B 6.750% due 05/18/18 §		820,875		827,032
Essar Steel Algoma Inc (Canada) 8.750% due 09/19/14 §		1,172,063		1,169,132
Fairmount Minerals Ltd Term B 5.250% due 03/15/17 §		3,643,181		3,637,327
FMG America Finance Inc (Australia) 5.250% due 10/18/17 §		6,384,000		6,448,338
General Chemical Corp 5.002% due 10/06/15 §		692,471		696,799
Harko CV Term B (Netherlands) 4.458% due 08/02/17 §		666,563		674,061
Huntsman International LLC Term B (Extended) 2.757% due 04/19/17 §		2,022,454		2,025,402
Ineos U.S. Finance LLC 6.500% due 05/04/18 §		4,416,625		4,471,144
John Henry Holdings Inc Term B 6.000% due 12/04/18 §		700,000		706,125
Momentive Specialty Chemicals Inc
Term C-1B (Extended)
4.000% due 05/05/15 §		669,440		671,114
Term C-2B (Extended)
4.063% due 05/05/15 §		286,687		287,404
Term C-7B (Extended)
4.063% due 05/05/15 §		3,275,219		3,176,962
Noranda Aluminum Acquisition Corp Term B 5.750% due 02/24/19 §		1,290,250		1,300,733
Novelis Inc (Canada)
4.000% due 03/10/17 §		3,479,008		3,512,928
Term B2 (Incremental)
4.000% due 03/10/17 §		864,063		872,487
OMNOVA Solutions Inc (Extended) 5.500% due 05/31/17 §		661,500		669,769
PQ Corp (1st Lien) 5.250% due 05/08/17 §		1,350,000		1,358,775
Preferred Proppants LLC Term B 7.500% due 12/15/16 §		915,750		851,648
Sealed Air Corp 4.000% due 10/03/18 §		1,530,625		1,554,700
Summit Materials Cos I LLC Term B 6.000% due 01/30/19 §		620,313		626,322
SunCoke Energy Inc Term B 4.000% due 07/26/18 §		640,252		641,853

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-22

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Taminco Global Chemical Corp Term B1 5.250% due 02/15/19 §		$496,250		$501,419
TricorBraun Inc Term B 5.503% due 05/03/18 §		798,000		804,318
Trinseo Materials Operating SCA Term B (Luxembourg) 8.000% due 08/02/17 §		2,168,250		2,125,564
Tronox Pigments BV (Netherlands)
(Delayed Draw)
4.250% due 02/08/18 §		223,875		226,184
Term B
4.250% due 02/08/18 §		820,875		830,110
Unifrax Corp 6.500% due 11/28/18 §		743,120		751,790
United Distribution Group Inc 7.500% due 10/09/18 §		1,300,000		1,254,500
Univar Inc Term B 5.000% due 06/30/17 §		3,924,911		3,923,820
Walter Energy Inc Term B 5.750% due 04/02/18 §		2,376,374		2,398,652
				52,765,758
Telecommunication Services - 5.1%
Alaska Communications Systems Holdings Inc Term B 5.500% due 10/21/16 §		978,391		929,471
Atlantic Broadband Finance LLC Term B 4.500% due 11/29/19 §		975,000		985,562
Bragg Communications Inc Term B (Canada) 4.000% due 02/28/18 §		521,063		525,622
Cellular South Inc Term B 4.500% due 07/27/17 §		1,083,500		1,091,626
Cricket Communications Inc 4.750% due 10/10/19 §		550,000		554,469
Genesys Telecom Holdings U.S. Inc Term B 6.750% due 01/31/19 §		794,000		804,917
Intelsat Jackson Holdings Ltd Term B1 (Luxembourg) 4.500% due 04/02/18 §		13,232,500		13,355,377
MetroPCS Wireless Inc Term B3 (Incremental) 4.000% due 03/16/18 §		7,558,813		7,590,310
SBA Finance
3.750% due 06/29/18 §		1,206,625		1,211,150
(Add on)
3.750% due 09/27/19 §		500,000		503,125
Syniverse Holdings Inc 5.000% due 04/23/19 §		2,238,750		2,258,339
Telesat LLC Term B 4.250% due 03/28/19 §		4,900,375		4,943,253
UPC Financing Partnership (Netherlands)
Term AF
4.000% due 01/29/21 §		975,000		974,696
Term T
3.714% due 12/30/16 §		1,456,978		1,451,515
Term X
3.714% due 12/29/17 §		7,000,000		6,994,750
WaveDivision Holdings LLC Term B 5.500% due 08/09/19 §		375,000		379,449
West Corp
Term B4
5.500% due 07/15/16 §		3,873,080		3,932,388
Term B6
5.750% due 06/29/18 §		1,318,375		1,337,327
				49,823,346
Utilities - 2.6%
Calpine Corp
4.500% due 04/02/18 §		4,494,938		4,546,782
Term B2
4.500% due 04/02/18 §		1,231,250		1,245,102
Term B3
4.500% due 10/09/19 §		972,563		983,393

	Principal Amount		Value
Dynegy MidWest Generation LLC 9.250% due 08/04/16 §		$582,386		$607,137
Dynegy Power LLC 9.250% due 08/04/16 §		931,957		976,891
LSP Madison Funding LLC 5.500% due 06/28/19 §		1,260,075		1,280,551
NRG Energy Inc Term B 4.000% due 07/02/18 §		5,713,000		5,782,179
Raven Power Finance LLC Term B 7.250% due 11/15/18 §		600,000		600,000
Texas Competitive Electric Holdings Co LLC (Extended) 4.746% due 10/10/17 §		9,414,018		6,339,334
The AES Corp 4.250% due 06/01/18 §		2,554,313		2,585,329
				24,946,698
Total Senior Loan Notes (Cost $889,126,221)				894,361,922
SHORT-TERM INVESTMENT - 1.1%
Repurchase Agreement - 1.1%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $10,528,046; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $10,740,000)		10,528,040		10,528,040
Total Short-Term Investment (Cost $10,528,040)				10,528,040
TOTAL INVESTMENTS - 99.2% (Cost $949,839,737)				961,313,266
OTHER ASSETS & LIABILITIES, NET - 0.8%				7,876,711
NET ASSETS - 100.0%				$969,189,977

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Consumer Discretionary	32.2%
Health Care	16.1%
Industrials	10.7%
Information Technology	8.8%
Consumer Staples	6.4%
Materials	5.7%
Telecommunication Services	5.6%
Financials	5.5%
Energy	4.2%
Utilities	2.9%
Short-Term Investment	1.1%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

A-1 (Short-Term Debt only)	1.1%
BBB	3.0%
BB	48.3%
B	40.6%
CCC	2.2%
CC	0.1%
Not Rated	4.7%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-23

PACIFIC SELECT FUND

FLOATING RATE LOAN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Investments with a total aggregate value of $1,622,913 or 0.2% of the portfolio’s net assets were in default as of December 31, 2012.

(e) Restricted securities as of December 31, 2012 were as follows:

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Euramax Holdings Inc ‘A’ Acq. 06/29/09		$60,302		$198,954		0.0%
Metro-Goldwyn-Mayer Studios Inc Acq. 12/30/10		4,281,792		6,809,245		0.7%
		$4,342,094		$7,008,199		0.7%

(f) Pursuant to the terms of the following senior loan agreement, the portfolio had an unfunded loan commitment of $278,571 or less than 0.1% of the net assets as of December 31, 2012, which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation
Mission Broadcasting Inc Term B		$278,571		$282,054		$3,483

(g) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$7,008,199		$-		$7,008,199		$-
	Corporate Bonds & Notes		49,415,105		-		49,415,105		-
	Senior Loan Notes		894,361,922		-		891,531,746		2,830,176
	Short-Term Investment		10,528,040		-		10,528,040		-
	Unfunded Loan Commitment		3,483		-		3,483		-
	Total		$961,316,749		$-		$958,486,573		$2,830,176

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-24

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments

December 31, 2012

	Principal Amount		Value
CORPORATE BONDS & NOTES - 89.3%
Consumer Discretionary - 18.1%
99 Cents Only Stores 11.000% due 12/15/19		$4,041,000		$4,626,945
Allison Transmission Inc 7.125% due 05/15/19 ~		3,000,000		3,217,500
Beazer Homes USA Inc 8.125% due 06/15/16		4,000,000		4,280,000
9.125% due 06/15/18		2,375,000		2,487,813
Boyd Gaming Corp 9.000% due 07/01/20 ~		3,350,000		3,316,500
Bresnan Broadband Holdings LLC 8.000% due 12/15/18 ~		2,500,000		2,712,500
Brookfield Residential Properties Inc (Canada) 6.500% due 12/15/20 ~		1,200,000		1,236,000
Cablevision Systems Corp 8.625% due 09/15/17		5,000,000	��	5,856,250
Caesars Entertainment Operating Co Inc 10.000% due 12/15/18		2,000,000		1,335,000
11.250% due 06/01/17		5,500,000		5,919,375
Caesars Operating Escrow LLC 9.000% due 02/15/20 ~		850,000		854,250
CCO Holdings LLC 6.500% due 04/30/21		2,600,000		2,817,750
7.000% due 01/15/19		3,500,000		3,793,125
7.250% due 10/30/17		4,775,000		5,228,625
Cedar Fair LP 9.125% due 08/01/18		5,550,000		6,271,500
Cequel Communications Holdings I LLC 6.375% due 09/15/20 ~		2,200,000		2,301,750
Chrysler Group LLC 8.250% due 06/15/21		4,000,000		4,420,000
CityCenter Holdings LLC 7.625% due 01/15/16		3,100,000		3,332,500
10.750% due 01/15/17		4,492,559		4,674,196
CKE Restaurants Inc 11.375% due 07/15/18		4,930,000		5,694,150
Clear Channel Communications Inc 5.500% due 12/15/16		6,275,000		3,765,000
9.000% due 12/15/19 ~		680,000		625,600
Clear Channel Worldwide Holdings Inc 6.500% due 11/15/22 ~		3,395,000		3,539,287
7.625% due 03/15/20		3,000,000		3,033,750
Dana Holding Corp 6.750% due 02/15/21		6,250,000		6,750,000
DISH DBS Corp 4.625% due 07/15/17		6,000,000		6,285,000
5.875% due 07/15/22		1,000,000		1,080,000
6.750% due 06/01/21		4,000,000		4,580,000
7.875% due 09/01/19		2,000,000		2,380,000
Fiesta Restaurant Group Inc 8.875% due 08/15/16		3,810,000		4,090,987
Great Canadian Gaming Corp (Canada) 6.625% due 07/25/22 ~		CAD 3,925,000		4,108,682
Griffey Intermediate Inc 7.000% due 10/15/20 ~		$3,850,000		3,955,875
Jo-Ann Stores Holdings Inc 9.750% due 10/15/19 ~		2,250,000		2,280,938
Jo-Ann Stores Inc 8.125% due 03/15/19 ~		6,000,000		6,135,000
Landry’s Holdings II Inc 10.250% due 01/01/18 ~		2,700,000		2,700,000
Lennar Corp 4.750% due 11/15/22 ~		3,900,000		3,831,750
Limited Brands Inc 5.625% due 02/15/22		4,250,000		4,643,125
6.625% due 04/01/21		5,000,000		5,750,000

	Principal Amount		Value
Live Nation Entertainment Inc 8.125% due 05/15/18 ~		$3,000,000		$3,247,500
MGM Resorts International 6.625% due 07/15/15		3,000,000		3,232,500
6.625% due 12/15/21		2,100,000		2,102,625
6.750% due 10/01/20 ~		3,850,000		3,941,437
7.625% due 01/15/17		6,000,000		6,450,000
8.625% due 02/01/19 ~		2,000,000		2,240,000
NPC International Inc 10.500% due 01/15/20		3,650,000		4,252,250
Petco Holdings Inc 8.500% due 10/15/17 ~		3,200,000		3,304,000
PVH Corp 4.500% due 12/15/22		3,850,000		3,907,750
Scientific Games Corp 8.125% due 09/15/18		3,000,000		3,315,000
Scientific Games International Inc 6.250% due 09/01/20 ~		1,850,000		1,912,438
ServiceMaster Co 8.000% due 02/15/20		3,000,000		3,142,500
Sinclair Television Group Inc 6.125% due 10/01/22 ~		1,850,000		1,972,563
8.375% due 10/15/18		2,000,000		2,245,000
9.250% due 11/01/17 ~		3,000,000		3,315,000
Sirius XM Radio Inc 5.250% due 08/15/22 ~		875,000		888,125
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		3,150,000		3,157,875
Standard Pacific Corp 8.375% due 05/15/18		6,000,000		6,990,000
8.375% due 01/15/21		3,000,000		3,495,000
The Goodyear Tire & Rubber Co 8.250% due 08/15/20		2,550,000		2,811,375
The Ryland Group Inc 5.375% due 10/01/22		4,300,000		4,412,875
Toys R Us Inc 10.375% due 08/15/17		3,425,000		3,587,687
Toys R Us Property Co II LLC 8.500% due 12/01/17		4,000,000		4,260,000
Unitymedia Hessen GmbH & Co KG (Germany) 5.500% due 01/15/23 ~		1,800,000		1,867,500
7.500% due 03/15/19 ~		2,250,000		2,486,250
Wolverine World Wide Inc 6.125% due 10/15/20 ~		3,850,000		4,061,750
XM Satellite Radio Inc 7.625% due 11/01/18 ~		3,975,000		4,452,000
				234,961,723
Consumer Staples - 3.5%
Del Monte Corp 7.625% due 02/15/19		4,500,000		4,713,750
JBS USA LLC 8.250% due 02/01/20 ~		3,000,000		3,195,000
New Albertsons Inc 7.450% due 08/01/29		2,000,000		1,130,000
Reynolds Group Issuer Inc 5.750% due 10/15/20 ~		5,700,000		5,899,500
7.875% due 08/15/19		1,500,000		1,676,250
8.500% due 05/15/18		7,500,000		7,725,000
9.000% due 04/15/19		4,750,000		4,963,750
Rite Aid Corp 9.250% due 03/15/20		3,500,000		3,745,000
Smithfield Foods Inc 7.750% due 07/01/17		3,000,000		3,510,000
Spectrum Brands Escrow Corp 6.375% due 11/15/20 ~		350,000		368,375

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-25

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Spectrum Brands Inc 6.750% due 03/15/20 ~		$3,850,000		$4,138,750
U.S. Foods Inc 8.500% due 06/30/19 ~		3,850,000		3,946,250
				45,011,625
Energy - 15.8%
Access Midstream Partners LP 4.875% due 05/15/23		1,100,000		1,117,875
Alpha Natural Resources Inc 6.000% due 06/01/19		3,000,000		2,775,000
6.250% due 06/01/21		2,000,000		1,840,000
9.750% due 04/15/18		2,650,000		2,875,250
Antero Resources Finance Corp 6.000% due 12/01/20 ~		3,000,000		3,052,500
9.375% due 12/01/17		4,000,000		4,410,000
Arch Coal Inc 7.000% due 06/15/19		2,000,000		1,870,000
7.250% due 06/15/21		6,550,000		6,075,125
9.875% due 06/15/19 ~		2,500,000		2,612,500
Atlas Pipeline Escrow LLC 6.625% due 10/01/20 ~		2,750,000		2,860,000
Basic Energy Services Inc 7.750% due 02/15/19		2,500,000		2,500,000
Bristow Group Inc 6.250% due 10/15/22		2,550,000		2,738,062
Chaparral Energy Inc 7.625% due 11/15/22 ~		5,000,000		5,255,000
8.250% due 09/01/21		1,550,000		1,689,500
Chesapeake Energy Corp 6.625% due 08/15/20		5,000,000		5,387,500
9.500% due 02/15/15		3,128,000		3,550,280
Cimarex Energy Co 5.875% due 05/01/22		4,000,000		4,400,000
Cloud Peak Energy Resources LLC 8.250% due 12/15/17		3,000,000		3,225,000
Concho Resources Inc 5.500% due 10/01/22		1,850,000		1,961,000
7.000% due 01/15/21		3,990,000		4,468,800
CONSOL Energy Inc 8.250% due 04/01/20		4,000,000		4,350,000
Crosstex Energy LP 8.875% due 02/15/18		3,025,000		3,282,125
Drill Rigs Holdings Inc 6.500% due 10/01/17 ~		1,600,000		1,600,000
EP Energy LLC 6.875% due 05/01/19		4,300,000		4,687,000
7.750% due 09/01/22		950,000		1,011,750
9.375% due 05/01/20		1,900,000		2,151,750
EPE Holdings LLC 8.125% due 12/15/17 ~		950,000		944,063
EV Energy Partners LP 8.000% due 04/15/19		4,000,000		4,265,000
Forest Oil Corp 7.500% due 09/15/20 ~		3,000,000		3,165,000
Halcon Resources Corp 8.875% due 05/15/21 ~		2,850,000		3,035,250
Hilcorp Energy I LP 7.625% due 04/15/21 ~		2,000,000		2,190,000
8.000% due 02/15/20 ~		4,000,000		4,400,000
Holly Energy Partners LP 6.500% due 03/01/20 ~		1,300,000		1,397,500
Key Energy Services Inc 6.750% due 03/01/21		4,744,000		4,767,720
6.750% due 03/01/21 ~		1,150,000		1,150,000
Linn Energy LLC 6.250% due 11/01/19 ~		1,900,000		1,919,000
7.750% due 02/01/21		5,500,000		5,885,000
MarkWest Energy Partners LP 6.250% due 06/15/22		3,000,000		3,315,000

	Principal Amount		Value
MEG Energy Corp (Canada) 6.375% due 01/30/23 ~		$1,650,000		$1,728,375
6.500% due 03/15/21 ~		2,500,000		2,643,750
Newfield Exploration Co 5.625% due 07/01/24		850,000		920,125
5.750% due 01/30/22		3,000,000		3,315,000
Northern Tier Energy LLC 7.125% due 11/15/20 ~		2,850,000		2,964,000
Oasis Petroleum Inc 6.500% due 11/01/21		2,000,000		2,135,000
6.875% due 01/15/23		3,000,000		3,232,500
OGX Austria GmbH (Austria) 8.500% due 06/01/18 ~		4,500,000		4,072,500
Oil States International Inc 5.125% due 01/15/23 ~		350,000		355,688
Peabody Energy Corp 6.000% due 11/15/18		2,120,000		2,263,100
6.250% due 11/15/21		1,500,000		1,601,250
Plains Exploration & Production Co 6.500% due 11/15/20		2,950,000		3,281,875
6.750% due 02/01/22		4,500,000		5,073,750
8.625% due 10/15/19		5,000,000		5,712,500
QEP Resources Inc 5.250% due 05/01/23		1,350,000		1,451,250
5.375% due 10/01/22		2,600,000		2,801,500
Regency Energy Partners LP 5.500% due 04/15/23		950,000		1,018,875
6.875% due 12/01/18		3,875,000		4,243,125
Sabine Pass LNG LP 6.500% due 11/01/20 ~		1,500,000		1,533,750
7.500% due 11/30/16		6,500,000		7,198,750
Samson Investment Co 9.750% due 02/15/20 ~		1,850,000		1,965,625
SandRidge Energy Inc 7.500% due 03/15/21		3,350,000		3,601,250
8.000% due 06/01/18 ~		2,000,000		2,130,000
Seadrill Ltd (Bermuda) 5.625% due 09/15/17 ~		3,050,000		3,042,375
SESI LLC 6.375% due 05/01/19		6,500,000		6,987,500
7.125% due 12/15/21		2,000,000		2,235,000
Targa Resources Partners LP 5.250% due 05/01/23 ~		2,850,000		2,964,000
Venoco Inc 11.500% due 10/01/17		3,000,000		3,157,500
WPX Energy Inc 6.000% due 01/15/22		3,000,000		3,247,500
				205,056,963
Financials - 8.7%
A-S Co-Issuer Subsidiary Inc 7.875% due 12/15/20 ~		1,850,000		1,859,250
Ally Financial Inc 4.625% due 06/26/15		2,650,000		2,764,178
5.500% due 02/15/17		2,900,000		3,115,696
6.250% due 12/01/17		2,500,000		2,776,475
7.500% due 09/15/20		3,000,000		3,633,750
American International Group Inc 8.175% due 05/15/68 §		4,800,000		6,276,000
Bank of America Corp 8.000% § ±		3,000,000		3,321,723
CBRE Services Inc 6.625% due 10/15/20		4,500,000		4,944,375
CIT Group Inc 5.250% due 03/15/18		2,950,000		3,171,250
5.375% due 05/15/20		925,000		1,015,188
5.500% due 02/15/19 ~		2,000,000		2,190,000
CNH Capital LLC 6.250% due 11/01/16		4,422,000		4,897,365

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-26

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
E*TRADE Financial Corp 6.000% due 11/15/17		$950,000		$976,125
6.375% due 11/15/19		1,000,000		1,030,000
First Data Corp 6.750% due 11/01/20 ~		1,850,000		1,877,750
7.375% due 06/15/19 ~		3,600,000		3,744,000
12.625% due 01/15/21		6,284,000		6,645,330
Host Hotels & Resorts LP REIT 6.000% due 11/01/20		9,475,000		10,469,875
Igloo Holdings Corp 8.250% due 12/15/17 ~		850,000		843,625
Liberty Mutual Group Inc 7.800% due 03/07/87 ~		7,057,000		7,886,197
Lloyds Banking Group PLC (United Kingdom) 6.413% § ± ~		3,000,000		2,655,000
Mattamy Group Corp (Canada) 6.500% due 11/15/20 ~		2,250,000		2,266,875
6.875% due 11/15/20 ~		CAD 1,500,000		1,519,302
Neuberger Berman Group LLC 5.875% due 03/15/22 ~		$5,750,000		6,123,750
Nuveen Investments Inc 9.125% due 10/15/17 ~		4,400,000		4,345,000
9.500% due 10/15/20 ~		1,950,000		1,950,000
Onex USI Aquisition Corp 7.750% due 01/15/21 ~		1,800,000		1,782,000
RBS Capital Trust I 4.709% § ±		3,716,000		2,917,060
RBS Capital Trust II 6.425% § ±		3,000,000		2,640,000
Regions Bank 6.450% due 06/26/37		2,000,000		2,118,080
SL Green Realty Corp REIT 7.750% due 03/15/20		5,500,000		6,843,078
Springleaf Finance Corp 5.400% due 12/01/15		5,000,000		4,750,000
				113,348,297
Health Care - 8.9%
American Renal Associates Holdings Inc 9.750% due 03/01/16		2,329,887		2,469,680
American Renal Holdings Co Inc 8.375% due 05/15/18		2,545,000		2,691,338
Biomet Inc 6.500% due 08/01/20 ~		2,850,000		3,038,813
CDRT Holding Corp 9.250% due 10/01/17 ~		2,850,000		2,921,250
CHS/Community Health Systems Inc 5.125% due 08/15/18		875,000		914,375
7.125% due 07/15/20		1,100,000		1,175,625
8.000% due 11/15/19		5,300,000		5,763,750
ConvaTec Healthcare E SA (Luxembourg) 10.500% due 12/15/18 ~		4,000,000		4,430,000
DaVita HealthCare Partners Inc 5.750% due 08/15/22		2,800,000		2,964,500
6.375% due 11/01/18		4,000,000		4,300,000
DJO Finance LLC 7.750% due 04/15/18		3,250,000		3,144,375
8.750% due 03/15/18 ~		250,000		274,375
9.750% due 10/15/17		2,000,000		1,790,000
9.875% due 04/15/18 ~		1,000,000		1,037,500
Elan Finance PLC (Ireland) 6.250% due 10/15/19 ~		3,800,000		3,990,000
Emergency Medical Services Corp 8.125% due 06/01/19		3,000,000		3,309,375
Fresenius Medical Care U.S. Finance II Inc 5.875% due 01/31/22 ~		4,450,000		4,850,500
Grifols Inc 8.250% due 02/01/18		3,750,000		4,148,437

	Principal Amount		Value
HCA Holdings Inc
6.250% due 02/15/21		$6,650,000		$6,832,875
7.750% due 05/15/21		4,000,000		4,360,000
HCA Inc 5.875% due 03/15/22		3,250,000		3,550,625
7.250% due 09/15/20		8,415,000		9,361,687
HealthSouth Corp 5.750% due 11/01/24		3,350,000		3,425,375
inVentiv Health Inc 9.000% due 01/15/18 ~		2,350,000		2,379,375
MultiPlan Inc 9.875% due 09/01/18 ~		3,500,000		3,920,000
Phibro Animal Health Corp 9.250% due 07/01/18 ~		3,000,000		3,015,000
Prospect Medical Holdings Inc 8.375% due 05/01/19 ~		4,700,000		4,970,250
Tenet Healthcare Corp 4.750% due 06/01/20 ~		3,350,000		3,408,625
6.750% due 02/01/20 ~		1,250,000		1,292,188
8.000% due 08/01/20		1,750,000		1,893,281
9.250% due 02/01/15		3,000,000		3,382,500
Valeant Pharmaceuticals International 6.750% due 10/01/17 ~		4,000,000		4,340,000
Vanguard Health Holding Co II LLC 8.000% due 02/01/18		4,000,000		4,160,000
VPI Escrow Corp 6.375% due 10/15/20 ~		1,950,000		2,101,125
				115,606,799
Industrials - 10.3%
ADS Waste Holdings Inc 8.250% due 10/01/20 ~		4,350,000		4,589,250
Air Lease Corp 4.500% due 01/15/16 ~		3,000,000		3,045,000
5.625% due 04/01/17		7,000,000		7,455,000
Ashtead Capital Inc 6.500% due 07/15/22 ~		2,850,000		3,106,500
Avis Budget Car Rental LLC 8.250% due 01/15/19		7,200,000		7,992,000
9.750% due 03/15/20		2,500,000		2,900,000
AWAS Aviation Capital Ltd (Ireland) 7.000% due 10/17/16 ~		3,070,400		3,254,624
BE Aerospace Inc 5.250% due 04/01/22		1,850,000		1,970,250
6.875% due 10/01/20		4,000,000		4,470,000
Bombardier Inc (Canada) 5.750% due 03/15/22 ~		4,800,000		4,956,000
Clean Harbors Inc 5.125% due 06/01/21 ~		2,850,000		2,964,000
Cleaver-Brooks Inc 8.750% due 12/15/19 ~		350,000		362,250
Continental Airlines Pass-Through Trust ‘B’ 5.500% due 04/29/22		2,450,000		2,560,250
Delta Air Lines Pass-Through Trust ‘A’ 4.750% due 05/07/21		3,050,000		3,263,500
FTI Consulting Inc 6.000% due 11/15/22 ~		850,000		884,000
6.750% due 10/01/20		2,000,000		2,145,000
HD Supply Inc 8.125% due 04/15/19 ~		2,750,000		3,141,875
11.500% due 07/15/20 ~		850,000		959,438
HDTFS Inc 5.875% due 10/15/20 ~		350,000		367,500
6.250% due 10/15/22 ~		250,000		267,500
International Lease Finance Corp 5.875% due 04/01/19		5,000,000		5,291,145
5.875% due 08/15/22		3,000,000		3,180,213
6.250% due 05/15/19		6,500,000		6,955,000
6.750% due 09/01/16 ~		3,400,000		3,833,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-27

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Jaguar Holding Co I 9.375% due 10/15/17 ~		$850,000		$896,750
JMC Steel Group Inc 8.250% due 03/15/18 ~		2,500,000		2,625,000
Masco Corp 7.750% due 08/01/29		3,000,000		3,338,523
Nortek Inc 8.500% due 04/15/21		4,000,000		4,460,000
8.500% due 04/15/21 ~		850,000		945,625
Roofing Supply Group LLC 10.000% due 06/01/20 ~		2,950,000		3,318,750
Silver II Borrower (Luxembourg) 7.750% due 12/15/20 ~		600,000		624,000
The Hertz Corp 7.500% due 10/15/18		4,500,000		4,995,000
TransDigm Inc 7.750% due 12/15/18		4,470,000		4,967,287
U.S. Airways Pass-Through Trust ‘A’ 7.125% due 04/22/25		5,660,929		6,368,545
U.S. Airways Pass-Through Trust ‘B’ 6.750% due 12/03/22		850,000		871,250
United Rentals North America Inc 5.750% due 07/15/18 ~		750,000		811,875
7.625% due 04/15/22 ~		750,000		841,875
8.250% due 02/01/21		7,700,000		8,720,250
8.375% due 09/15/20		4,250,000		4,728,125
9.250% due 12/15/19		2,000,000		2,290,000
USG Corp 7.875% due 03/30/20 ~		3,000,000		3,352,500
				134,069,150
Information Technology - 1.5%
Advanced Micro Devices Inc 7.500% due 08/15/22 ~		1,850,000		1,530,875
7.750% due 08/01/20		3,000,000		2,527,500
Alion Science & Technology Corp 10.250% due 02/01/15		4,500,000		2,351,250
CDW LLC 8.500% due 04/01/19		2,500,000		2,718,750
CommScope Inc 8.250% due 01/15/19 ~		2,750,000		3,025,000
Fidelity National Information Services Inc 5.000% due 03/15/22		3,000,000		3,232,500
Freescale Semiconductor Inc 8.050% due 02/01/20		2,500,000		2,500,000
9.250% due 04/15/18 ~		2,000,000		2,195,000
				20,080,875
Materials - 11.1%
AK Steel Corp 8.375% due 04/01/22		3,000,000		2,595,000
Alphabet Holding Co Inc 7.750% due 11/01/17 ~		2,350,000		2,426,375
APERAM (Luxembourg) 7.375% due 04/01/16 ~		4,000,000		3,750,000
ArcelorMittal (Luxembourg) 6.125% due 06/01/18		3,000,000		3,042,858
6.750% due 02/25/22		8,675,000		9,111,379
7.250% due 03/01/41		2,675,000		2,482,761
ARD Finance SA (Luxembourg) 11.125% due 06/01/18 ~		2,361,611		2,493,222
Ardagh Packaging Finance PLC (Ireland) 9.125% due 10/15/20 ~		5,250,000		5,748,750
Berry Plastics Corp 9.500% due 05/15/18		4,150,000		4,585,750
BOE Merger Corp 9.500% due 11/01/17 ~		2,250,000		2,261,250
Boise Cascade LLC 6.375% due 11/01/20 ~		2,150,000		2,219,875

	Principal Amount		Value
Boise Paper Holdings LLC 8.000% due 04/01/20		$4,500,000		$4,995,000
Building Materials Corp of America 6.750% due 05/01/21 ~		2,500,000		2,768,750
6.875% due 08/15/18 ~		6,450,000		6,998,250
Celanese U.S. Holdings LLC 4.625% due 11/15/22		3,850,000		4,052,125
Eldorado Gold Corp (Canada) 6.125% due 12/15/20 ~		4,200,000		4,294,500
FMG Resources August 2006 Property Ltd (Australia) 6.875% due 02/01/18 ~		5,750,000		5,958,437
7.000% due 11/01/15 ~		10,055,000		10,608,025
8.250% due 11/01/19 ~		4,000,000		4,280,000
Hexion U.S. Finance Corp 8.875% due 02/01/18		3,500,000		3,613,750
9.000% due 11/15/20		3,000,000		2,752,500
Ineos Finance PLC (United Kingdom) 7.500% due 05/01/20 ~		850,000		894,625
INEOS Group Holdings SA (Luxembourg) 8.500% due 02/15/16 ~		1,500,000		1,500,000
Longview Fibre Paper & Packaging Inc 8.000% due 06/01/16 ~		3,750,000		3,956,250
Louisiana-Pacific Corp 7.500% due 06/01/20		4,800,000		5,448,000
LyondellBasell Industries NV (Netherlands) 5.000% due 04/15/19		6,500,000		7,215,000
Momentive Performance Materials Inc 8.875% due 10/15/20 ~		2,000,000		2,027,500
New Gold Inc (Canada) 6.250% due 11/15/22 ~		4,440,000		4,617,600
Novelis Inc (Canada) 8.375% due 12/15/17		2,550,000		2,824,125
8.750% due 12/15/20		2,000,000		2,240,000
Rock-Tenn Co 4.450% due 03/01/19 ~		3,720,000		4,015,803
Sappi Papier Holding GmbH (Austria) 7.750% due 07/15/17 ~		1,000,000		1,093,750
8.375% due 06/15/19 ~		3,350,000		3,672,438
Sealed Air Corp 8.375% due 09/15/21 ~		5,000,000		5,737,500
Taminco Acquisition Corp 9.125% due 12/15/17 ~		1,300,000		1,290,250
Tronox Finance LLC 6.375% due 08/15/20 ~		3,850,000		3,902,937
Walter Energy Inc 9.875% due 12/15/20 ~		1,850,000		2,072,000
				143,546,335
Telecommunication Services - 7.2%
Avaya Inc 7.000% due 04/01/19 ~		3,000,000		2,820,000
Clearwire Communications LLC 12.000% due 12/01/15 ~		2,500,000		2,687,500
Cricket Communications Inc 7.750% due 05/15/16		3,000,000		3,191,250
7.750% due 10/15/20		3,200,000		3,280,000
Crown Castle International Corp 5.250% due 01/15/23 ~		4,500,000		4,831,875
Digicel Group Ltd (Bermuda) 8.250% due 09/30/20 ~		1,000,000		1,105,000
Digicel Ltd (Bermuda) 7.000% due 02/15/20 ~		3,161,000		3,413,880
12.000% due 04/01/14 ~		2,500,000		2,731,250
Frontier Communications Corp 7.125% due 01/15/23		2,350,000		2,499,813
8.250% due 04/15/17		3,500,000		4,060,000
Hughes Satellite Systems Corp 7.625% due 06/15/21		7,000,000		7,997,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-28

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Intelsat Jackson Holdings SA (Luxembourg) 7.250% due 10/15/20 ~		$1,600,000		$1,744,000
Intelsat Luxembourg SA (Luxembourg) 11.250% due 02/04/17		6,500,000		6,898,125
11.500% due 02/04/17		7,204,101		7,681,373
Level 3 Communications Inc 11.875% due 02/01/19		2,000,000		2,315,000
Level 3 Financing Inc 7.000% due 06/01/20 ~		3,700,000		3,880,375
MetroPCS Wireless Inc 7.875% due 09/01/18		3,000,000		3,262,500
Sprint Capital Corp 6.875% due 11/15/28		6,000,000		6,270,000
Sprint Nextel Corp 6.000% due 11/15/22		7,900,000		8,156,750
7.000% due 03/01/20 ~		2,000,000		2,330,000
9.000% due 11/15/18 ~		2,800,000		3,465,000
Telesat (Canada) 6.000% due 05/15/17 ~		3,750,000		3,956,250
UPCB Finance III Ltd (Cayman) 6.625% due 07/01/20 ~		2,750,000		2,959,687
Windstream Corp 7.500% due 06/01/22		2,000,000		2,130,000
				93,667,128
Utilities - 4.2%
AES Corp 9.750% due 04/15/16		2,500,000		3,000,000
Calpine Corp 7.500% due 02/15/21 ~		4,725,000		5,244,750
7.875% due 01/15/23 ~		2,925,000		3,319,875
CMS Energy Corp 6.250% due 02/01/20		3,000,000		3,515,880
Edison Mission Energy 7.200% due 05/15/19 Y		4,000,000		2,140,000
7.750% due 06/15/16 Y		2,000,000		1,070,000
Energy Future Intermediate Holding Co LLC 11.750% due 03/01/22 ~		4,000,000		4,460,000
GenOn Americas Generation LLC 9.125% due 05/01/31		2,000,000		2,210,000
GenOn Energy Inc 7.875% due 06/15/17		2,000,000		2,220,000
9.875% due 10/15/20		2,050,000		2,378,000
Ipalco Enterprises Inc 7.250% due 04/01/16 ~		2,450,000		2,750,125
NRG Energy Inc 6.625% due 03/15/23 ~		1,000,000		1,075,000
7.625% due 01/15/18		7,250,000		8,083,750
7.875% due 05/15/21		2,000,000		2,230,000
Puget Energy Inc 5.625% due 07/15/22		2,350,000		2,537,772
Texas Competitive Electric Holdings Co LLC 10.250% due 11/01/15		6,059,000		1,802,552
15.000% due 04/01/21		2,000,000		690,000
Wind Acquisition Holdings Finance SA (Luxembourg) 12.250% due 07/15/17 ~		6,161,194		6,315,224
				55,042,928
Total Corporate Bonds & Notes (Cost $1,096,582,838)				1,160,391,823
CONVERTIBLE CORPORATE BONDS & NOTES - 0.5%
Energy - 0.2%
Peabody Energy Corp 4.750% due 12/15/66		3,000,000		2,904,375

	Principal Amount		Value
Telecommunication Services - 0.3%
Clearwire Communications LLC 8.250% due 12/01/40 ~		$3,500,000		$3,871,875
Total Convertible Corporate Bonds & Notes (Cost $6,386,136)				6,776,250
SENIOR LOAN NOTES - 6.2%
Consumer Discretionary - 2.7%
99 Cents Only Stores 5.250% due 01/11/19 §		2,487,469		2,518,997
Acosta Inc Term D 5.000% due 03/02/18 §		1,246,875		1,259,344
Caesars Entertainment Operating Co Term B6 (Extended) 5.460% due 01/26/18 §		1,500,000		1,343,625
Cequel Communications LLC Term B 4.000% due 02/14/19 §		1,985,000		1,997,130
Clear Channel Communications Inc Term B 3.862% due 01/29/16 §		2,272,798		1,889,263
ClubCorp Club Operations Inc Term B 5.000% due 11/30/16 §		1,984,810		2,014,582
Evergreen Acqisition Co 1 LP 5.000% due 07/09/19 §		1,990,013		2,000,586
Lord & Taylor Holdings LLC Term B 5.750% due 01/11/19 §		1,200,803		1,213,749
Petco Animal Supplies Inc 4.500% due 11/24/17 §		3,583,838		3,614,878
Regent Seven Seas Cruises Inc Term B 6.250% due 12/21/18 §		987,500		1,002,313
SeaWorld Parks & Entertainment Inc Term B 4.000% due 08/17/17 §		3,860,326		3,895,296
Serta Simmons Holdings LLC 5.000% due 10/01/19 §		2,000,000		2,005,694
Six Flags Theme Parks Inc Term B 4.000% due 12/20/18 §		2,030,887		2,043,760
The Neiman Marcus Group Inc (Extended) 4.750% due 05/16/18 §		4,000,000		4,012,776
Wendy’s International Inc Term B 4.750% due 05/15/19 §		3,990,000		4,035,602
				34,847,595
Consumer Staples - 0.6%
BJ’s Wholesale Club Inc (1st Lien) 5.750% due 09/26/19 §		1,000,000		1,015,179
Sprouts Farmers Markets Holdings LLC 6.000% due 04/18/18 §		3,451,093		3,489,918
(Incremental)
6.000% due 04/18/18 §		995,000		1,006,193
SUPERVALU Inc Term B 8.000% due 08/30/18 §		2,487,500		2,530,514
				8,041,804
Energy - 0.2%
Chesapeake Energy Corp 5.750% due 12/01/17 §		2,000,000		2,006,388
Samson Investment Co (2nd Lien) 6.000% due 09/25/18 §		1,000,000		1,010,625
				3,017,013
Financials - 0.7%
First Data Corp (Add on)
5.211% due 09/24/18 §		1,000,000		983,125
Term B (Extended)
4.211% due 03/23/18 §		2,000,000		1,909,306

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-29

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Nuveen Investments Inc
due 05/13/17 µ		$2,000,000		$2,010,000
(Extended) (1st Lien)
5.811% due 05/13/17 §		2,000,000		2,010,000
Realogy Corp (Extended)
4.461% due 10/10/16 §		2,317,729		2,327,869
(Extended) (Letter of Credit)
4.464% due 10/10/16 §		167,651		168,384
				9,408,684
Health Care - 1.2%
Bausch & Lomb Inc Term B 5.250% due 05/17/19 §		3,980,000		4,021,221
Hologic Inc Term B 4.500% due 08/01/19 §		2,992,500		3,032,087
Par Pharmaceutical Cos Inc Term B 5.000% due 09/30/19 §		2,992,500		2,996,552
Pharmaceutical Product Development Inc Term B 6.250% due 12/05/18 §		1,984,962		2,019,080
U.S. Renal Care Inc (1st Lien) 6.250% due 07/02/19 §		2,985,000		3,029,775
				15,098,715
Telecommunication Services - 0.6%
Intelsat Jackson Holdings SA (Luxembourg) Tranche B 4.500% due 04/02/18 §		3,959,900		3,996,671
Level 3 Financing Inc Term B 5.250% due 08/01/19 §		1,000,000		1,011,094
Telesat LLC Term B 4.250% due 03/28/19 §		1,990,000		2,007,413
				7,015,178
Utilities - 0.2%
Texas Competitive Electric Holdings Co LLC (Extended) 4.746% due 10/10/17 §		3,797,685		2,557,335
Total Senior Loan Notes (Cost $79,576,327)				79,986,324
SHORT-TERM INVESTMENT - 2.5%
Repurchase Agreement - 2.5%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $32,937,503; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $33,600,000)		32,937,485		32,937,485
Total Short-Term Investment (Cost $32,937,485)				32,937,485
TOTAL INVESTMENTS - 98.5% (Cost $1,215,482,786)				1,280,091,882
OTHER ASSETS & LIABILITIES, NET - 1.5%				19,028,713
NET ASSETS - 100.0%				$1,299,120,595

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Consumer Discretionary	20.8%
Energy	16.2%
Materials	11.1%
Industrials	10.3%
Health Care	10.1%
Financials	9.4%
Telecommunication Services	8.1%
Utilities	4.4%
Consumer Staples	4.1%
Short-Term Investment	2.5%
Information Technology	1.5%
	98.5%
Other Assets & Liabilities, Net	1.5%
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

A-1 (Short-Term Debt only)	2.6%
A	0.3%
BBB	5.5%
BB	33.0%
B	40.3%
CCC	11.2%
CC	3.1%
C	0.1%
D	0.4%
Not Rated	3.5%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Investments with a total aggregate value of $3,210,000 or 0.2% of the net assets were in default as of December 31, 2012.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-30

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Swap agreements outstanding as of December 31, 2012 were as follows:

Credit Default Swaps on Credit Indices - Sell Protection (1)

Referenced Obligation	Fixed Deal Receive Rate	Expiration Date		Counter- party		Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation
OTC - Dow Jones CDX HY19 5Y	5.000%		12/20/17		JPM		$10,000,000		$72,986		$53,125		$19,861
Total Swap Agreements									$72,986		$53,125		$19,861

(1) If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2) The maximum potential amount the portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and is a representation of the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the year end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(f) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,160,391,823		$-		$1,147,328,278		$13,063,545
	Convertible Corporate Bonds & Notes		6,776,250		-		6,776,250		-
	Senior Loan Notes		79,986,324		-		79,986,324		-
	Short-Term Investment		32,937,485		-		32,937,485		-
	Derivatives:
	Credit Contracts
	Swaps		72,986		-		72,986		-
	Total		$1,280,164,868		$-		$1,267,101,323		$13,063,545

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the year ended December 31, 2012:

	Corporate Bonds & Notes
Value, Beginning of Year		$-
Purchases		6,447,063
Sales		-
Accrued Discounts (Premiums)		(2,009	)
Net Realized Gains (Losses)		-
Change in Net Unrealized Appreciation		249,946
Transfers In		6,368,545
Transfers Out		-
Value, End of Year		$13,063,545
Change in Net Unrealized Appreciation on Level 3 Investments Held at the End of Year, if Applicable		$249,946

The significant unobservable inputs were provided by a vendor-priced single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-31

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.2%
Financials - 0.2%
Wells Fargo & Co 7.500%		3,200		$3,920,000
Total Convertible Preferred Stocks (Cost $3,200,000)				3,920,000
	Principal Amount
CORPORATE BONDS & NOTES - 14.9%
Consumer Discretionary - 0.8%
Centex Corp 5.700% due 05/15/14		$3,500,000		3,692,500
DISH DBS Corp 7.000% due 10/01/13		9,000,000		9,382,500
				13,075,000
Energy - 0.6%
AK Transneft OJSC (Ireland) 7.700% due 08/07/13 ~		7,500,000		7,821,037
Gazprom OAO (Luxembourg) 7.343% due 04/11/13 ~		1,200,000		1,220,520
				9,041,557
Financials - 12.4%
Ally Financial Inc 3.510% due 02/11/14 §		13,000,000		13,281,060
3.709% due 06/20/14 §		11,700,000		12,027,249
American International Group Inc 8.625% due 05/22/68 § ~		GBP 650,000		1,291,777
ANZ New Zealand International Ltd (New Zealand) 0.751% due 08/19/14 § ~		$10,000,000		10,044,020
Bank of Nova Scotia (Canada) 0.510% due 03/27/14		1,100,000		1,100,067
BPCE SA (France) 2.375% due 10/04/13 ~		9,862,000		9,967,425
Citigroup Inc 2.310% due 08/13/13 §		3,512,000		3,546,263
Commonwealth Bank of Australia (Australia) 0.588% due 09/17/14 § ~		8,100,000		8,130,837
0.763% due 07/12/13 § ~		54,400,000		54,526,861
0.810% due 06/25/14 § ~		18,500,000		18,642,117
Dexia Credit Local SA (France) 0.793% due 04/29/14 § ~		28,400,000		28,026,665
Eksportfinans ASA (Norway) 2.375% due 05/25/16		1,800,000		1,718,147
HCP Inc REIT 6.700% due 01/30/18		3,000,000		3,620,976
ICICI Bank Ltd (India) 2.062% due 02/24/14 § ~		1,300,000		1,278,942
ING Bank Australia Ltd (Australia) 3.790% due 06/24/14 §		AUD 2,000,000		2,088,983
Lehman Brothers Holdings Inc 1.000% due 09/27/27 Y		$1,700,000		401,625
Marsh & McLennan Cos Inc 5.750% due 09/15/15		1,092,000		1,224,865
Merrill Lynch & Co Inc 5.450% due 02/05/13		9,000,000		9,039,285
Morgan Stanley 0.520% due 03/01/13 §		EUR 600,000		792,090

	Principal Amount		Value
SLM Corp 3.991% due 03/17/14 ^ §		$1,535,000		$1,539,728
4.041% due 02/01/14 ^ §		1,055,000		1,063,851
4.111% due 01/31/14 ^ §		2,472,000		2,489,551
4.116% due 11/21/13 ^ §		300,000		302,841
4.441% due 12/15/13 ^ §		200,000		200,598
Westpac Banking Corp (Australia) 3.585% due 08/14/14 ~		12,300,000		12,900,154
				199,245,977
Health Care - 0.0%
Cardinal Health Inc 6.000% due 06/15/17		250,000		289,725
Industrials - 0.5%
Con-way Inc 7.250% due 01/15/18		4,000,000		4,636,864
International Lease Finance Corp 5.625% due 09/20/13		2,630,000		2,705,612
				7,342,476
Materials - 0.6%
Rexam PLC (United Kingdom) 6.750% due 06/01/13 ~		4,200,000		4,292,434
Temple-Inland Inc 6.625% due 01/15/18		4,000,000		4,809,556
				9,101,990
Utilities - 0.0%
Indianapolis Power & Light Co 6.300% due 07/01/13 ~		500,000		513,814
Total Corporate Bonds & Notes (Cost $232,703,292)				238,610,539
SENIOR LOAN NOTES - 0.2%
Telecommunication Services - 0.2%
Vodafone Americas Finance 2 6.875% due 08/11/15 §		2,768,819		2,838,039
Total Senior Loan Notes (Cost $2,759,944)				2,838,039
MORTGAGE-BACKED SECURITIES - 9.9%
Collateralized Mortgage Obligations - Commercial - 1.0%
Banc of America Commercial Mortgage Trust 0.383% due 06/10/49 " § ~		182,836		182,869
5.685% due 06/10/49 " §		182,836		182,809
Banc of America Re-REMIC Trust 5.623% due 06/24/50 " § ~		1,600,000		1,817,320
5.634% due 02/17/51 " § ~		1,700,000		1,963,789
Credit Suisse Mortgage Capital Certificates 5.467% due 09/18/39 " § ~		6,900,000		7,878,808
GS Mortgage Securities Corp II 1.103% due 03/06/20 " § ~		466,693		467,157
1.260% due 03/06/20 " § ~		2,500,000		2,503,508
JP Morgan Chase Commercial Mortgage Securities Corp 4.654% due 01/12/37 "		241,948		245,419
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.700% due 09/12/49 "		700,000		824,391
				16,066,070

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-32

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 8.5%
Arran Residential Mortgages Funding PLC (United Kingdom) 1.391% due 05/16/47 " § ~		EUR 91,522		$120,970
Banc of America Funding Corp 5.621% due 01/20/47 " §		$2,546,853		1,861,744
Banc of America Mortgage Trust 3.111% due 06/25/35 " §		870,989		804,136
3.123% due 08/25/35 " §		723,331		681,627
4.920% due 11/25/34 " §		148,484		147,416
Bear Stearns Adjustable Rate Mortgage Trust 2.240% due 08/25/35 " §		1,235,237		1,247,094
2.909% due 03/25/35 " §		1,711,501		1,532,820
2.972% due 01/25/35 " §		790,827		784,381
Bear Stearns Structured Products Inc Trust 2.797% due 01/26/36 " §		15,216,639		10,060,417
2.829% due 12/26/46 " §		6,565,493		3,647,551
CC Funding Corp 0.340% due 05/25/48 " § ~		212,439		142,983
Chase Mortgage Finance Corp 3.006% due 02/25/37 " §		300,130		299,090
Chaseflex Trust 6.000% due 02/25/37 "		802,506		660,688
Citigroup Mortgage Loan Trust Inc 0.280% due 01/25/37 " § ~		589,093		329,315
2.270% due 09/25/35 " §		1,374,873		1,366,115
2.340% due 09/25/35 " §		1,230,862		1,214,292
2.600% due 05/25/35 " §		189,988		187,032
2.689% due 08/25/35 " §		1,798,394		974,831
3.091% due 09/25/37 " § Y		144,513		109,845
Countrywide Alternative Loan Trust 0.420% due 07/25/46 " §		2,054,355		1,536,506
0.490% due 12/25/35 " §		119,367		93,765
5.500% due 06/25/35 "		2,200,000		1,957,319
6.000% due 01/25/37 " Y		1,684,632		1,370,802
Countrywide Home Loan Mortgage Pass-Through Trust 0.530% due 03/25/35 " §		151,916		100,479
0.550% due 06/25/35 " § ~		1,174,408		1,008,947
2.924% due 11/19/33 " §		167,469		168,271
3.026% due 08/25/34 " §		89,819		78,434
Deutsche ALT-A Securities Inc Alternate Loan Trust 0.310% due 10/25/36 " §		90,753		39,989
Fannie Mae 0.268% due 12/25/36 " §		379,104		362,435
0.270% due 07/25/37 " §		3,228,183		3,103,415
0.360% due 08/25/34 " §		612,092		604,882
0.560% due 07/25/37 - 05/25/42 " §		471,734		473,968
2.713% due 05/25/35 " §		2,546,044		2,702,601
Freddie Mac 0.439% due 02/15/19 " §		10,154,876		10,184,178
0.559% due 12/15/30 " §		12,525		12,526
0.659% due 09/15/42 " §		5,465,381		5,484,069
Freddie Mac Structured Pass-Through Securities 1.360% due 02/25/45 " §		4,064,064		3,936,487
Granite Mortgages PLC (United Kingdom) 0.898% due 09/20/44 " § ~		GBP 1,795,999		2,881,334
Greenpoint Mortgage Funding Trust 0.430% due 06/25/45 " §		$1,503,843		1,206,251
0.480% due 11/25/45 " §		744,533		543,949
GSMPS Mortgage Loan Trust 7.000% due 06/25/43 " ~		532,212		540,447
GSR Mortgage Loan Trust 3.004% due 01/25/35 " §		1,274,176		1,257,141
Harborview Mortgage Loan Trust 0.490% due 02/19/36 " §		281,500		188,860

	Principal Amount		Value
Holmes Master Issuer PLC (United Kingdom) 1.560% due 10/15/54 " § ~		EUR 25,300,000		$33,773,919
Impac CMB Trust 1.210% due 07/25/33 " §		$334,250		300,117
Imperial Savings Association 7.034% due 02/25/18 " §		882		908
Indymac Index Mortgage Loan Trust 0.420% due 05/25/46 " §		1,334,463		994,068
0.450% due 07/25/35 " §		557,324		457,255
2.651% due 12/25/34 " §		1,999,800		1,774,121
JPMorgan Mortgage Trust 2.536% due 07/27/37 " § ~		1,566,090		1,270,456
3.026% due 08/25/35 " §		989,284		886,250
3.048% due 07/25/35 " §		939,458		959,197
3.105% due 08/25/35 " §		1,302,844		1,297,335
5.319% due 09/25/35 " §		316,602		309,278
MASTR Adjustable Rate Mortgages Trust 2.630% due 11/21/34 " §		168,963		169,363
Mellon Residential Funding Corp 0.649% due 12/15/30 " §		609,852		609,332
0.909% due 11/15/31 " §		900,743		889,142
Merrill Lynch Mortgage Investors Inc 5.079% due 12/25/35 " §		601,410		555,962
Merrill Lynch Mortgage Investors Trust 0.460% due 11/25/35 " §		1,033,342		969,323
3.115% due 06/25/37 " §		1,275,618		1,225,721
NCUA Guaranteed Notes Trust 0.658% due 10/07/20 " §		8,032,752		8,062,875
RALI Trust 0.510% due 08/25/35 " §		606,876		447,862
Ryland Mortgage Securities Corp 5.782% due 10/01/27 " §		20,641		17,112
Securitized Asset Sales Inc 0.742% due 11/26/23 " §		12,618		12,949
Sequoia Mortgage Trust 0.910% due 10/19/26 " §		526,816		526,670
Structured Adjustable Rate Mortgage Loan Trust 1.572% due 01/25/35 " §		548,805		390,474
2.775% due 02/25/34 " §		196,960		199,930
2.797% due 08/25/35 " §		1,258,962		1,147,861
Structured Asset Mortgage Investments Inc 0.340% due 03/25/37 " §		173,444		117,385
0.430% due 05/25/36 " §		1,136,155		752,578
0.460% due 07/19/35 " §		1,202,234		1,046,658
0.490% due 02/25/36 " §		1,310,812		883,586
0.870% due 10/19/34 " §		604,693		594,648
Structured Asset Securities Corp 2.555% due 01/25/32 " §		15,406		13,264
2.859% due 10/28/35 " § ~		372,090		344,306
Swan Trust (Australia) 4.402% due 04/25/41 " §		AUD 886,208		925,701
WaMu Mortgage Pass-Through Certificates 0.470% due 11/25/45 " §		$830,970		775,152
0.936% due 05/25/47 " §		1,954,015		1,610,851
1.160% due 02/25/46 " §		768,937		706,834
1.365% due 11/25/42 " §		102,646		98,624
2.454% due 06/25/33 " §		1,339,573		1,373,547
2.511% due 11/25/46 " §		510,030		461,542
5.324% due 08/25/35 " §		707,699		695,111
Wells Fargo Mortgage-Backed Securities Trust 2.624% due 12/25/34 " §		1,049,776		1,049,530
2.626% due 09/25/34 " §		508,059		527,628
2.696% due 11/25/34 " §		395,548		398,696
5.575% due 04/25/36 " §		715,887		709,515
				136,342,038

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-33

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Fannie Mae - 0.3%
1.360% due 11/01/42 - 10/01/44 " §		$595,820		$608,272
2.148% due 02/01/36 " §		98,229		99,701
2.195% due 01/01/25 " §		61,297		61,799
2.280% due 12/01/22 " §		19,056		20,334
2.379% due 12/01/34 " §		185,877		195,167
2.454% due 11/01/35 " §		168,935		177,612
2.479% due 10/01/35 " §		287,555		306,849
2.494% due 08/01/17 " §		250,014		256,757
2.638% due 05/01/35 " §		66,536		70,991
2.735% due 03/01/35 " §		69,189		69,903
2.769% due 03/01/35 " §		633,448		675,622
2.830% due 03/01/35 " §		45,653		47,107
3.063% due 09/01/35 " §		283,937		303,052
3.120% due 04/01/35 " §		776,121		818,917
3.340% due 03/01/18 " §		118,546		124,685
3.500% due 07/01/26 " §		10,297		10,315
4.998% due 08/01/24 " §		14,667		14,878
5.328% due 11/01/35 " §		524,840		566,119
5.337% due 01/01/36 " §		511,105		550,670
5.496% due 03/01/36 " §		336,755		364,094
				5,342,844
Freddie Mac - 0.1%
2.367% due 01/01/34 " §		444,581		473,535
2.856% due 08/01/35 " §		30,582		32,605
5.083% due 10/01/35 " §		289,331		310,174
5.683% due 03/01/36 " §		278,077		302,224
				1,118,538
Government National Mortgage Association - 0.0%
1.625% due 11/20/26 " §		19,144		19,755
1.750% due 09/20/22 - 07/20/25 " §		116,903		121,634
2.000% due 10/20/24 - 01/20/27 " §		101,101		105,114
2.500% due 02/20/25 " §		25,899		26,994
				273,497
Total Mortgage-Backed Securities (Cost $167,153,849)				159,142,987
ASSET-BACKED SECURITIES - 2.0%
Alzette European SA CLO (Luxembourg) 0.628% due 12/15/20 " § ~		939,534		929,630
AMMC VI Ltd CLO (Cayman) 0.537% due 05/03/18 " § ~		417,023		413,670
Amortizing Residential Collateral Trust 0.790% due 07/25/32 " §		125,612		108,730
Aquilae PLC CLO (Ireland) 1.007% due 01/17/23 " § ~		EUR 473,248		604,880
Asset-Backed Securities Corp Home Equity 0.290% due 05/25/37 " §		$124,116		101,668
Bear Stearns Asset-Backed Securities Trust 0.280% due 12/25/36 " §		177,050		172,172
0.320% due 11/25/36 " §		1,080,787		682,488
0.870% due 10/25/32 " §		55,610		51,496
1.210% due 10/25/37 " §		2,259,528		1,820,140
Citigroup Mortgage Loan Trust Inc 0.290% due 01/25/37 " §		655,597		321,235
Conseco Finance Securitizations Corp 6.681% due 12/01/33 " §		104,440		108,768
Countrywide Asset-Backed Certificates 0.400% due 06/25/36 " §		700,658		676,789
0.460% due 04/25/36 " §		459,906		443,101
Credit-Based Asset Servicing & Securitization LLC 0.280% due 01/25/37 " §		293,409		102,699
Duane Street I Ltd CLO (Cayman) 0.562% due 11/08/17 " § ~		1,302,608		1,293,864
Equity One ABS Inc 0.510% due 04/25/34 " §		491,370		384,455

	Principal Amount		Value
First Franklin Mortgage Loan Trust 0.950% due 12/25/34 " §		$5,477		$5,480
Freddie Mac Structured Pass-Through Securities 0.470% due 08/25/31 " §		233,590		228,614
Harbourmaster Ltd CLO (Netherlands) 0.443% due 06/15/20 " § ~		EUR 452,364		583,798
Harvest SA CLO (Luxembourg) 0.936% due 03/29/17 " § ~		355,877		467,069
Home Equity Asset Trust 0.270% due 05/25/37 " §		$88,234		87,523
HSBC Home Equity Loan Trust 0.521% due 01/20/35 " §		360,816		348,985
HSI Asset Securitization Corp Trust 0.260% due 10/25/36 " §		22,393		9,236
JPMorgan Mortgage Acquisition Corp 0.270% due 03/25/47 " §		99,467		92,106
LCM V Ltd CDO (Cayman) 0.540% due 03/21/19 " § ~		1,400,000		1,355,719
Magnolia Funding Ltd (United Kingdom) 3.000% due 04/20/17 " ~		EUR 406,764		537,357
Morgan Stanley IXIS Real Estate Capital Trust 0.260% due 11/25/36 " §		$2,227		942
Nautique Funding Ltd CDO (Cayman) 0.590% due 04/15/20 " § ~		962,297		926,169
Navigare Funding I Ltd CLO (Cayman) 0.572% due 05/20/19 " § ~		710,185		701,693
New Century Home Equity Loan Trust 0.390% due 05/25/36 " §		999,864		603,802
NYLIM Flatiron Ltd CLO (Cayman) 0.532% due 08/08/20 " § ~		1,300,000		1,263,789
Park Place Securities Inc 0.470% due 09/25/35 " §		107,892		104,689
Penta SA CLO (Luxembourg) 0.564% due 06/04/24 " § ~		EUR 4,841,537		6,007,608
Popular ABS Mortgage Pass-Through Trust 0.300% due 06/25/47 " §		$2,040,293		1,774,784
Renaissance Home Equity Loan Trust 0.970% due 12/25/32 " §		217,275		150,388
Securitized Asset-Backed Receivables LLC 0.250% due 01/25/37 " §		111,475		103,720
SLC Student Loan Trust 0.420% due 08/15/19 " §		31,633		31,636
SLM Student Loan Trust 0.453% due 09/15/21 " § ~		EUR 606,528		797,039
Small Business Administration Participation Certificates 5.290% due 12/01/27 "		$3,981,041		4,562,076
Soundview Home Equity Loan Trust 0.270% due 11/25/36 " § ~		193,008		67,495
Specialty Underwriting & Residential Finance 0.270% due 01/25/38 " §		39,534		37,935
Structured Asset Securities Corp 1.714% due 04/25/35 " §		1,828,115		1,762,452
Wood Street BV CLO (Netherlands) 0.696% due 03/29/21 " § ~		EUR 1,219,773		1,575,035
Total Asset-Backed Securities (Cost $34,009,781)				32,402,924
U.S. GOVERNMENT AGENCY ISSUES - 2.1%
Fannie Mae 2.600% due 05/02/22		$3,010,000		3,024,147
2.700% due 03/28/22		18,200,000		18,288,216
Freddie Mac 2.000% due 03/14/19		12,465,000		12,502,881
Total U.S. Government Agency Issues (Cost $33,748,784)				33,815,244

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-34

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 89.0%
U.S. Treasury Inflation Protected Securities - 89.0%
0.125% due 04/15/16 ^ ‡		$68,852,286		$72,520,805
0.125% due 04/15/17 ^ ‡		63,245,124		67,746,406
0.125% due 01/15/22 ^		4,190,323		4,551,412
0.125% due 07/15/22 ^		118,405,564		128,477,746
0.500% due 04/15/15 ^		26,252,911		27,407,134
0.625% due 07/15/21 ^		144,534,870		164,287,618
0.750% due 02/15/42 ^		8,567,813		9,391,415
1.125% due 01/15/21 ^		27,758,063		32,611,393
1.250% due 04/15/14 ^		2,884,349		2,975,393
1.250% due 07/15/20 ^		48,344,191		57,385,482
1.375% due 07/15/18 ^		3,160,925		3,682,397
1.375% due 01/15/20 ^		17,717,496		21,009,314
1.625% due 01/15/15 ^		45,486,053		48,343,041
1.625% due 01/15/18 ^		88,334		102,488
1.750% due 01/15/28 ^ ‡		22,646,527		29,330,785
1.875% due 07/15/13 ^		28,655,238		29,129,732
1.875% due 07/15/15 ^		4,281,300		4,669,293
1.875% due 07/15/19 ^		8,020,869		9,766,078
2.000% due 07/15/14 ^ ‡		32,765,706		34,588,298
2.000% due 01/15/16 ^		61,683,223		68,431,354
2.000% due 01/15/26 ^ ‡		169,183,284		221,966,279
2.125% due 01/15/19 ^		15,615,764		18,969,775
2.125% due 02/15/40 ^		13,870,181		20,333,907
2.375% due 01/15/25 ^		62,880,703		84,903,663
2.375% due 01/15/27 ^ ‡		88,345,905		121,845,224
2.500% due 01/15/29 ^		1,120,506		1,597,773
2.625% due 07/15/17 ^		5,022,495		6,021,108
3.375% due 04/15/32 ^		964,375		1,590,391
3.625% due 04/15/28 ^		14,302		22,700
3.875% due 04/15/29 ^		81,904,964		135,780,083
				1,429,438,487
U.S. Treasury Notes - 0.0%
0.750% due 12/15/13		11,000		11,060
Total U.S. Treasury Obligations (Cost $1,365,773,780)				1,429,449,547
FOREIGN GOVERNMENT BONDS & NOTES - 7.0%
Australia Government Bond (Australia) 4.000% due 08/20/20 ^		AUD 6,200,000		12,422,534
Canadian Government Bond (Canada) 1.500% due 12/01/44 ^		CAD 5,993,417		7,968,346
3.000% due 12/01/36 ^		3,677,964		6,028,725
4.250% due 12/01/21 ^		882,504		1,250,384
Italy Buoni Poliennali del Tesoro (Italy) 2.100% due 09/15/16 ^		EUR 13,156,276		17,653,212
2.100% due 09/15/17 ^		2,418,885		3,232,081
2.100% due 09/15/21 ^		6,657,188		8,353,954
New South Wales Treasury Corp (Australia) 2.500% due 11/20/35 ^		AUD 1,100,000		1,363,363
2.750% due 11/20/25 ^		14,400,000		19,499,921
United Kingdom Gilt Inflation-Linked (United Kingdom) 0.125% due 03/22/24 ^		GBP 8,002,147		14,162,245
1.250% due 11/22/32 ^		452,360		938,100
1.875% due 11/22/22 ^		5,611,800		11,738,440
2.500% due 07/26/16 ^ ~		1,300,000		7,259,210
Total Foreign Government Bonds & Notes (Cost $98,544,023)				111,870,515

	Principal Amount		Value
PURCHASED OPTIONS - 0.0%
(See Note (i) in Notes to Schedule of Investments) (Cost $401,715)				$150,279
SHORT-TERM INVESTMENTS - 37.8%
Commercial Paper - 2.0%
Abbey National (United Kingdom) 1.019% due 04/03/13		$5,400,000		5,393,499
Banco Bilbao Vizcaya Argentaria SA (United Kingdom) 3.120% due 10/21/13		4,100,000		4,035,102
Santander SA (Spain) 2.200% due 04/02/13		8,600,000		8,575,781
Standard Chartered Bank (United Kingdom) 0.950% due 10/01/13		14,100,000		14,039,598
				32,043,980
Foreign Government Issues - 9.0%
Italy Buoni Ordinari del Tesoro BOT (Italy) 1.716% due 09/13/13		EUR 5,550,000		7,268,125
1.741% due 09/13/13		5,550,000		7,268,125
Japan Treasury Discount Bills (Japan) 0.099% due 02/04/13		JPY 10,590,000,000		122,225,690
0.100% due 02/12/13		670,000,000		7,732,709
				144,494,649
U.S. Treasury Bills - 0.2%
0.124% due 03/14/13 ‡		$76,000		75,994
0.127% due 12/12/13 ‡		370,000		369,506
0.139% due 05/23/13 ‡		190,000		189,924
0.140% due 05/23/13 ‡		570,000		569,771
0.142% due 12/12/13 ‡		659,000		658,120
0.145% due 12/12/13 ‡		260,000		259,653
0.145% due 04/11/13 ‡		206,000		205,959
0.145% due 12/12/13 ‡		300,000		299,599
0.176% due 07/25/13 ‡		389,000		388,725
0.205% due 06/27/13 ‡		592,000		591,674
				3,608,925
U.S. Government Agency Issues - 16.4%
Fannie Mae 0.015% due 01/02/13		46,800,000		46,799,980
0.015% due 01/16/13		2,250,000		2,249,986
0.035% due 01/09/13		1,000,000		999,992
0.118% due 05/08/13		2,800,000		2,799,216
Farmer Mac Discount Notes 0.040% due 01/10/13		50,000,000		49,999,500
Federal Home Loan Bank 0.001% due 01/08/13		10,000,000		9,999,998
0.010% due 01/18/13		34,450,000		34,449,837
0.020% due 01/28/13		35,300,000		35,299,471
0.023% due 01/09/13		700,000		699,997
0.150% due 09/03/13		2,800,000		2,797,536
Freddie Mac 0.015% due 01/14/13		1,100,000		1,099,994
0.025% due 01/14/13		68,000,000		67,999,386
0.030% due 01/14/13		7,200,000		7,199,922
				262,394,815
Repurchase Agreements - 10.2%
Barclays PLC 0.160% due 01/11/13 (Dated 12/21/12, repurchase price of $200,019; collateralized by U.S. Treasury Notes: 0.250% due 09/15/15 and value $204,711)		200,000		200,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-35

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $9,628,555; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $9,825,000)		$9,628,549		$9,628,549
JPMorgan Chase & Co 0.250% due 01/02/13 (Dated 12/31/12, repurchase price of $400,006; collateralized by U.S. Treasury Notes: 2.375% due 10/31/14 and value $408,698)		400,000		400,000
Royal Bank of Canada 0.210% due 01/04/13 (Dated 12/07/12, repurchase price of $86,014,047; collateralized by Fannie Mae: 3.500% - 4.000% due 08/01/26 - 09/01/41 and value $85,378,911)		86,000,000		86,000,000
The Royal Bank of Scotland Group PLC 0.220% due 01/04/13 (Dated 12/06/12, repurchase price of $52,009,216; collateralized by U.S. Treasury Notes: 0.875% due 11/30/16 and value $52,985,129)		52,000,000		52,000,000
The Royal Bank of Scotland Group PLC 0.230% due 01/14/13 (Dated 12/10/12, repurchase price of $5,001,118; collateralized by U.S. Treasury Notes: 2.125% due 08/15/21 and value $5,059,705)		5,000,000		5,000,000
The Royal Bank of Scotland Group PLC 0.230% due 01/07/13 (Dated 12/10/12, repurchase price of $10,001,789; collateralized by U.S. Treasury Notes: 2.125% due 08/15/21 and value $10,118,351)		10,000,000		10,000,000
				163,228,549
Total Short-Term Investments (Cost $615,504,975)				605,770,918
TOTAL INVESTMENTS - 163.1% (Cost $2,553,800,143)				2,617,970,992
OTHER ASSETS & LIABILITIES, NET - (63.1%)				(1,012,543,470	)
NET ASSETS - 100.0%				$1,605,427,522

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

U.S. Treasury Obligations	89.0%
Short-Term Investments	37.8%
Corporate Bonds & Notes	14.9%
Mortgage-Backed Securities	9.9%
Foreign Government Bonds & Notes	7.0%
U.S. Government Agency Issues	2.1%
Asset-Backed Securities	2.0%
Equity Securities	0.2%
Senior Loan Notes	0.2%
	163.1%
Other Assets & Liabilities, Net	(63.1%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	7.1%
A-1 (Short-Term Debt only)	7.6%
AA/U.S. Government & Agency Issues	69.4%
A	1.3%
BBB	1.7%
BB	0.7%
B	1.4%
CCC	1.1%
CC	0.2%
D	0.1%
Not Rated	9.4%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Investments with a total aggregate value of $1,882,272 or 0.1% of the portfolio’s net assets were in default as of December 31, 2012.

(e) As of December 31, 2012, investments with total aggregate values of $478,850, $6,743,755 and $2,341,754 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, swap contracts, and delayed delivery securities, respectively. In addition, $7,000 in cash was segregated as collateral for open futures contracts.

(f) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Eurodollar (09/15)		179		$179,000,000		$43,888
Eurodollar (03/16)		484		484,000,000		126,470
U.S. Treasury 10-Year Notes (03/13)		89		8,900,000		(11,539	)
Total Futures Contracts						$158,819

(g) The average amount of borrowings by the portfolio on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the year ended December 31, 2012 was $718,703,234 at a weighted average interest rate of 0.232%.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-36

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(h) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	7,369,000	USD	7,671,908		01/13	HSB		($23,545	)
AUD	237,000	USD	244,800		01/13	HSB		1,185
BRL	136,208	USD	65,000		02/13	BRC		1,244
BRL	229,869	USD	109,728		02/13	DUB		2,068
BRL	15,414,184	USD	7,466,665		02/13	HSB		29,959
BRL	168,200	USD	80,000		02/13	UBS		1,803
EUR	152,000	USD	201,477		03/13	HSB		(712	)
GBP	10,927,000	USD	17,683,164		01/13	BRC		67,200
GBP	10,927,000	USD	17,690,813		01/13	DUB		59,551
GBP	84,000	USD	134,643		01/13	RBC		1,811
MXN	27,135,150	USD	2,055,179		04/13	HSB		26,487
MXN	920,689	USD	70,446		04/13	JPM		185
USD	886,791	AUD	848,000		01/13	BRC		6,643
USD	164,555	AUD	156,000		01/13	RBS		2,641
USD	43,553,916	AUD	42,134,000		01/13	UBS		(177,406	)
USD	1,720,000	BRL	3,601,336		02/13	CSF		(31,495	)
USD	15,439,736	CAD	15,255,000		03/13	CIT		128,740
USD	5,022	CNY	32,000		02/13	JPM		(104	)
USD	73,010,195	EUR	55,919,000		03/13	BRC		(848,893	)
USD	1,525,276	EUR	1,172,000		03/13	UBS		(22,728	)
USD	14,226,133	EUR	10,966,800		09/13	BRC		(285,434	)
USD	33,742,077	GBP	21,083,000		01/13	GSC		(506,201	)
USD	882,339	GBP	549,000		01/13	RBC		(9,484	)
USD	494,488	GBP	306,000		01/13	RBS		(2,593	)
USD	17,681,569	GBP	10,927,000		02/13	BRC		(67,266	)
USD	17,689,720	GBP	10,927,000		02/13	DUB		(59,114	)
USD	2,952,589	GBP	1,817,000		03/13	UBS		1,582
USD	3,132,047	JPY	250,000,000		02/13	BOA		245,526
USD	132,599,092	JPY	10,590,000,000		02/13	BRC		10,333,887
USD	3,883,753	JPY	310,000,000		02/13	CIT		304,466
USD	1,377,759	JPY	110,000,000		02/13	UBS		107,690
USD	402,820	ZAR	3,561,295		01/13	JPM		(15,705	)
Total Forward Foreign Currency Contracts								$9,271,988

(i) Purchased options outstanding as of December 31, 2012 were as follows:

Interest Rate Swaptions

Description

Pay/Receive Floating Rate Based on 3-Month USD-LIBOR

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Cost

Value

Put - OTC 30-Year Interest Rate Swap

Receive

3.875%

04/14/14

DUB

$7,900,000

$401,715

$150,279

Total Purchased Options

$401,715

$150,279

(j) Transactions in written options for the year ended December 31, 2012 were as follows:

	Number of Contracts			Notional Amount in $			Notional Amount in EUR		Premium
Outstanding, December 31, 2011		-			1,469,500,000			-		$8,667,006
Call Options Written		50			327,700,000			-		1,963,711
Put Options Written		50			370,300,000			6,100,000		3,313,303
Call Options Exercised		-			(121,800,000	)		-		(235,584	)
Put Options Exercised		-			(64,100,000	)		-		(179,480	)
Call Options Closed		(50	)		(323,400,000	)		-		(1,245,598	)
Put Options Closed		(50	)		(1,326,800,000	)		-		(9,593,468	)
Outstanding, December 31, 2012		-			331,400,000			6,100,000		$2,689,890

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-37

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(k) Premiums received and value of written options outstanding as of December 31, 2012 were as follows:

Inflation Floor/Cap Options

Description	Strike Index		Exercise Index	Expiration Date		Counter- party	Notional Amount		Premium		Value
Floor - OTC U.S. CPI Urban Consumers NSA		215.95	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		03/10/20	DUB		$9,800,000		$73,500		($20,762	)
Floor - OTC U.S. CPI Urban Consumers NSA		216.69	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		04/07/20	CIT		90,900,000		810,160		(176,402	)
Floor - OTC U.S. CPI Urban Consumers NSA		217.97	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		09/29/20	CIT		8,700,000		112,230		(17,229	)
										$995,890		($214,393	)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate Based on 3-Month USD-LIBOR	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	Receive		0.750%		03/18/13	JPM		$19,800,000		$45,540		($17,345	)
Call - OTC 5-Year Interest Rate Swap	Receive		0.750%		03/18/13	RBS		35,800,000		84,578		(31,361	)
Call - OTC 7-Year Interest Rate Swap	Receive		1.200%		03/18/13	GSC		4,500,000		11,531		(11,986	)
Call - OTC 5-Year Interest Rate Swap	Receive		1.700%		03/18/13	CIT		21,600,000		254,880		(842,720	)
Call - OTC 5-Year Interest Rate Swap	Receive		1.700%		03/18/13	DUB		8,000,000		86,000		(312,118	)
										482,529		(1,215,530	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.400%		03/18/13	JPM		19,800,000		51,480		(6,235	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.400%		03/18/13	RBS		35,800,000		84,577		(11,274	)
Put - OTC 7-Year Interest Rate Swap	Pay		1.650%		03/18/13	BOA		3,400,000		10,200		(7,542	)
Put - OTC 7-Year Interest Rate Swap	Pay		1.650%		03/18/13	GSC		4,500,000		12,094		(9,982	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.700%		03/18/13	CIT		21,600,000		406,080		(1,231	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.700%		03/18/13	DUB		8,000,000		160,000		(456	)
Put - OTC 5-Year Interest Rate Swap	Pay		2.000%		03/18/13	DUB		6,000,000		56,358		(44	)
Put - OTC 5-Year Interest Rate Swap	Pay		2.850%		04/14/14	DUB		33,200,000		398,400		(52,068	)
	Based on 3-Month EUR-LIBOR
Put - OTC 10-Year Interest Rate Swap	Pay		2.150%		01/07/13	DUB		EUR 6,100,000		32,282		(1	)
										1,211,471		(88,833	)
										$1,694,000		($1,304,363	)
Total Written Options										$2,689,890		($1,518,756	)

(l) Swap agreements outstanding as of December 31, 2012 were as follows:

Credit Default Swaps on Corporate Issues – Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Starwoods Hotel & Resorts Worldwide Inc		2.370%		03/20/13	BOA		0.165%		$3,000,000		($16,868	)		$-			($16,868	)
Rexam PLC		1.450%		06/20/13	BRC		0.123%		4,200,000		(28,451	)		-			(28,451	)
DISH DBS Corp		3.650%		12/20/13	BOA		0.401%		4,900,000		(161,416	)		-			(161,416	)
DISH DBS Corp		3.650%		12/20/13	CIT		0.401%		4,100,000		(135,062	)		-			(135,062	)
Centex Corp		1.000%		06/20/14	BNP		0.258%		3,500,000		(39,548	)		(46,651	)		7,103
Marsh & McLennan Cos Inc		0.600%		09/20/15	DUB		0.239%		3,000,000		(30,177	)		-			(30,177	)
Marsh & McLennan Cos Inc		0.830%		09/20/15	BOA		0.239%		3,000,000		(49,229	)		-			(49,229	)
Cardinal Health Inc		0.590%		06/20/17	DUB		0.375%		250,000		(2,426	)		-			(2,426	)
Temple-Inland Inc		1.000%		03/20/18	BOA		0.270%		4,000,000		(152,008	)		208,974			(360,982	)
Health Care Properties Inc		2.910%		03/20/18	GSC		1.165%		3,000,000		(266,497	)		-			(266,497	)
Con-way Inc		3.800%		03/20/18	UBS		2.567%		4,000,000		(242,545	)		-			(242,545	)
											($1,124,227	)		$162,323			($1,286,550	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-38

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Nokia Corp r		5.000%		09/20/14	GSC		2.669%		EUR 1,700,000		$92,207			($186,163	)		$278,370
Brazilian Government		1.000%		06/20/15	BRC		0.604%		$760,000		7,672			(14,482	)		22,154
Brazilian Government		1.000%		06/20/15	HSB		0.604%		3,000,000		30,283			(42,473	)		72,756
Brazilian Government		1.000%		06/20/15	JPM		0.604%		1,200,000		12,113			(13,657	)		25,770
Brazilian Government		1.000%		06/20/15	RBS		0.604%		2,300,000		23,217			(44,419	)		67,636
Japanese Government OAT		1.000%		12/20/15	GSC		0.435%		600,000		10,244			12,651			(2,407	)
Japanese Government OAT		1.000%		12/20/15	JPM		0.435%		7,200,000		122,932			165,512			(42,580	)
Japanese Government OAT		1.000%		12/20/15	RBS		0.435%		4,300,000		73,417			96,630			(23,213	)
Brazilian Government		1.000%		06/20/20	HSB		1.333%		8,040,000		(183,712	)		(234,725	)		51,013
											$188,373			($261,126	)		$449,499
Total Credit Default Swaps											($935,854	)		($98,803	)		($837,051	)

(1) If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2) If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(3) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues of an emerging country as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4) The maximum potential amount the portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Interest Rate Swaps

Floating Rate Index	Counter- party	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
OTC - BRL-CDI-Compounded	MSC	Pay		8.630%		01/02/15		BRL 98,800,000		$970,656			$576,804		$393,852
OTC - BRL-CDI-Compounded	HSB	Pay		8.825%		01/02/15		55,200,000		651,285			326,121		325,164
OTC - France CPI excluding Tobacco	BNP	Pay		1.900%		09/01/16		EUR 9,600,000		29,608			10,393		19,215
OTC - France CPI excluding Tobacco	BNP	Pay		2.000%		09/01/16		4,500,000		38,929			6,152		32,777
OTC - BRL-CDI-Compounded	UBS	Pay		8.150%		01/02/17		BRL 17,500,000		(28,330	)		-		(28,330	)
OTC - BRL-CDI-Compounded	GSC	Pay		8.300%		01/02/17		12,100,000		9,267			11,870		(2,603	)
OTC - U.S. CPI Urban Consumers NSA	BNP	Receive		2.250%		07/15/17		$28,100,000		60,762			47,258		13,504
OTC - U.S. CPI Urban Consumers NSA	CIT	Receive		2.250%		07/15/17		10,600,000		22,921			2,544		20,377
OTC - U.S. CPI Urban Consumers NSA	RBS	Receive		2.250%		07/15/17		27,800,000		60,114			20,533		39,581
OTC - France CPI excluding Tobacco	BNP	Pay		1.950%		09/01/17		EUR 16,100,000		19,314			-		19,314
CME - 3-Month USD-LIBOR	CME	Receive		1.400%		01/04/18		$36,300,000		(5,588	)		-		(5,588	)
CME - 3-Month USD-LIBOR	CME	Receive		1.500%		01/04/18		26,200,000		(55,403	)		-		(55,403	)
OTC - U.S. CPI Urban Consumers NSA	BNP	Receive		2.500%		07/15/22		9,100,000		174,149			118,430		55,719
OTC - U.S. CPI Urban Consumers NSA	CIT	Receive		2.500%		07/15/22		500,000		8,230			3,815		4,415
OTC - U.S. CPI Urban Consumers NSA	DUB	Receive		2.500%		07/15/22		4,100,000		78,463			34,550		43,913
CME - 3-Month USD-LIBOR	CME	Receive		2.500%		12/19/42		41,000,000		2,513,782			1,656,965		856,817
Total Interest Rate Swaps										$4,548,159			$2,815,435		$1,732,724
Total Swap Agreements										$3,612,305			$2,716,632		$895,673

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-39

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(m) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Convertible Preferred Stocks (1)		$3,920,000			$3,920,000			$-			$-
	Corporate Bonds & Notes		238,610,539			-			238,610,539			-
	Senior Loan Notes		2,838,039			-			2,838,039			-
	Mortgage-Backed Securities		159,142,987			-			149,099,211			10,043,776
	Asset-Backed Securities		32,402,924			-			31,865,567			537,357
	U.S. Government Agency Issues		33,815,244			-			33,815,244			-
	U.S. Treasury Obligations		1,429,449,547			-			1,429,449,547			-
	Foreign Government Bonds & Notes		111,870,515			-			111,870,515			-
	Short-Term Investments		605,770,918			-			605,770,918			-
	Derivatives:
	Credit Contracts
	Swaps		372,085			-			372,085			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		11,322,668			-			11,322,668			-
	Interest Rate Contracts
	Futures		170,358			170,358			-			-
	Purchased Options		150,279			-			150,279			-
	Swaps		4,637,480			-			4,637,480			-
	Total Interest Rate Contracts		4,958,117			170,358			4,787,759			-
	Total Assets - Derivatives		16,652,870			170,358			16,482,512			-
	Total Assets		2,634,473,583			4,090,358			2,619,802,092			10,581,133
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(1,307,939	)		-			(1,307,939	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(2,050,680	)		-			(2,050,680	)		-
	Interest Rate Contracts
	Futures		(11,539	)		(11,539	)		-			-
	Written Options		(1,518,756	)		-			(1,304,363	)		(214,393	)
	Swaps		(89,321	)		-			(89,321	)		-
	Total Interest Rate Contracts		(1,619,616	)		(11,539	)		(1,393,684	)		(214,393	)
	Total Liabilities - Derivatives		(4,978,235	)		(11,539	)		(4,752,303	)		(214,393	)
	Total Liabilities		(4,978,235	)		(11,539	)		(4,752,303	)		(214,393	)
	Total		$2,629,495,348			$4,078,819			$2,615,049,789			$10,366,740

Certain of the portfolio’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of December 31, 2012, such liabilities are categorized within the three-tier hierarchy of inputs as follows:

		Total Value at December 31, 2012			Level 1		Level 2			Level 3
Liabilities	Sale-Buyback Financing Transactions		($1,029,796,735	)		$-		($1,029,796,735	)		$-

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the portfolio's assets and liabilities (See Note 3D in Notes to Financial Statements) for the year ended December 31, 2012:

	Corporate Bonds & Notes			Mortgage-Backed Securities			Asset-Backed Securities			Liabilities Derivatives Interest Rate Contracts Written Options			Total
Value, Beginning of Year		$5,285,489			$21,644,080			$3,861,361			($542,748	)		$30,248,182
Purchases/Issuances		-			-			768,000			43,725			811,725
Sales/Settlements (includes paydowns)		(5,235,125	)		(13,610,116	)		(1,911,611	)		-			(20,756,852	)
Accrued Discounts (Premiums)		(29,742	)		-			16,996			-			(12,746	)
Net Realized Gains (Losses)		20,104			70,644			(64,983	)		184,175			209,940
Change in Net Unrealized Appreciation (Depreciation)		(40,726	)		(24,621	)		149,482			100,455			184,590
Transfers In		-			1,963,789			-			-			1,963,789
Transfers Out		-			-			(2,281,888	)		-			(2,281,888	)
Value, End of Year		$-			$10,043,776			$537,357			($214,393	)		$10,366,740
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		$-			$22,573			$86,773			$227,028			$336,374

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-40

PACIFIC SELECT FUND

INFLATION PROTECTED PORTFOLIO

Schedule of Investments

December 31, 2012

		Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 38.4%
U.S. Treasury Inflation Protected Securities - 38.4%
0.125% due 04/15/16 ^ ‡			$15,342,427		$16,159,887
0.125% due 04/15/17 ^			12,608,287		13,505,644
0.125% due 01/15/22 ^			37,181,043		40,385,007
0.125% due 07/15/22 ^			17,683,722		19,188,218
0.625% due 07/15/21 ^			21,163,131		24,056,533
0.750% due 02/15/42 ^			3,828,713		4,199,321
1.125% due 01/15/21 ^			19,647,421		23,082,655
1.250% due 07/15/20 ^			9,100,720		10,798,578
1.375% due 07/15/18 ^			13,623,417		15,863,829
1.375% due 01/15/20 ^			2,620,790		3,107,682
1.625% due 01/15/18 ^			15,160,254		17,589,442
1.750% due 01/15/28 ^			16,595,675		21,493,988
1.875% due 07/15/19 ^			13,942,972		16,975,568
2.000% due 01/15/16 ^			15,372,549		17,051,524
2.000% due 01/15/26 ^			11,573,117		15,181,580
2.125% due 01/15/19 ^			13,209,047		16,045,901
2.125% due 02/15/40 ^			1,070,230		1,568,974
2.125% due 02/15/41 ^			6,052,599		8,937,988
2.375% due 01/15/17 ^			13,948,128		16,214,699
2.375% due 01/15/25 ^			1,214,908		1,640,410
2.375% due 01/15/27 ^			16,551,932		22,830,030
2.500% due 07/15/16 ^			25,863,584		29,730,991
2.500% due 01/15/29 ^			14,695,872		20,955,403
3.375% due 04/15/32 ^			5,825,349		9,606,821
3.625% due 04/15/28 ^			14,702,456		23,335,562
3.875% due 04/15/29 ^			12,115,217		20,087,599
					429,593,834
Total U.S. Treasury Obligations (Cost $403,111,023)					429,593,834
FOREIGN GOVERNMENT BONDS & NOTES - 19.7%
Canadian Government (Canada)
4.000% due 12/01/31 ^			CAD 6,685,850		11,624,386
4.250% due 12/01/26 ^			6,956,600		11,204,973
Sweden Government (Sweden)	��
0.010% due 04/01/14 ^			SEK 71,000,000		13,963,302
4.000% due 12/01/20 ^			100,000,000		25,968,784
United Kingdom Gilt Inflation-Linked (United Kingdom)
0.625% due 03/22/40 ^ ~			GBP 8,222,080		15,477,080
1.250% due 11/22/55 ^			10,220,800		24,729,603
2.500% due 07/26/16 ^ ~			21,000,000		117,264,160
Total Foreign Government Bonds & Notes (Cost $211,883,492)					220,232,288
SHORT-TERM INVESTMENTS - 42.0%
Commercial Paper - 9.6%
American Honda Finance Corp 0.162% due 03/25/13			$5,750,000		5,746,700
Archer-Daniels-Midland Co 0.203% due 01/11/13			5,750,000		5,749,681
Australia & New Zealand Banking Group Ltd (Australia) 0.203% due 03/01/13			5,750,000		5,748,115
Bank of Nova Scotia (Canada) 0.218% due 02/27/13			5,750,000		5,748,043
Bank of Tokyo-Mitsubishi UFJ Ltd 0.172% due 01/28/13			5,750,000		5,749,267
Commonwealth Bank of Australia (Australia) 0.183% due 02/04/13			5,000,000		4,999,150
General Electric Capital Corp 0.142% due 01/14/13			4,300,000		4,299,783

	Principal Amount		Value
Her Majesty RGT Canada (Canada) 0.173% due 07/18/13		$6,000,000		$5,993,366
HSBC USA Inc 0.244% due 02/27/13		5,750,000		5,747,815
JPMorgan Chase & Co 0.183% due 02/26/13		5,750,000		5,748,390
Mizuho Financial Group Inc 0.254% due 02/15/13		5,750,000		5,748,203
National Australia Bank Ltd 0.188% due 02/19/13		7,700,000		7,698,061
National Australia Funding DE Inc 0.193% due 02/01/13		1,000,000		999,836
New York Life Global Funding 0.172% due 03/19/13		3,650,000		3,648,070
Praxair Inc 0.101% due 01/04/13		5,750,000		5,749,952
Province of Quebec (Canada) 0.162% due 02/21/13		5,750,000		5,748,697
Sumitomo Mitsui Banking Corp (Japan) 0.193% due 01/28/13		5,750,000		5,749,181
The Procter & Gamble Co 0.162% due 02/27/13		5,300,000		5,298,657
The Walt Disney Co 0.152% due 03/28/13		5,750,000		5,747,235
Westpac Banking Corp (New Zealand) 0.244% due 03/19/13		5,750,000		5,748,231
				107,666,433
	Shares
Money Market Fund - 0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,831,495		1,831,495
	Principal Amount
U.S. Government Agency Issues - 31.4%
Fannie Mae
0.091% due 06/03/13		$30,000,000		29,988,600
0.101% due 07/01/13		80,000,000		79,956,000
Federal Home Loan Bank
0.071% due 01/11/13		59,500,000		59,498,843
0.076% due 03/06/13		21,700,000		21,698,481
Freddie Mac
0.051% due 04/09/13		80,000,000		79,987,040
0.101% due 07/16/13		80,000,000		79,952,400
				351,081,364
Repurchase Agreement - 0.9%
Barclays Capital 0.160% due 01/02/13 (Dated 12/31/12, repurchase price of $10,000,089; collateralized by U.S. Treasury Notes: 0.250% due 09/15/15 and value $10,200,000)		10,000,000		10,000,000
Total Short-Term Investments (Cost $470,590,064)				470,579,292
TOTAL INVESTMENTS - 100.1% (Cost $1,085,584,579)				1,120,405,414
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,292,574	)
NET ASSETS - 100.0%				$1,119,112,840

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-41

PACIFIC SELECT FUND

INFLATION PROTECTED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Short-Term Investments	42.0%
U.S. Treasury Obligations	38.4%
Foreign Government Bonds & Notes	19.7%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	5.6%
A-1 (Short-Term Debt only)	10.5%
AA/U.S. Government & Agency Issues	69.8%
Not Rated	14.1%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) As of December 31, 2012, investments with total aggregate values of $1,253,404 were fully or partially segregated with broker(s)/custodian as collateral for open swap contracts. In addition, $510,834 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(e) Open futures contracts outstanding as of December 31, 2012 were as follows:

Short Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
U.S. Treasury 30-Year Bonds (03/13)		52		$7,670,000		$77,792

(f) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
CAD	10,335,465	USD	10,300,238		02/13	JPM		$81,053
GBP	7,300,000	USD	11,624,323		02/13	JPM		232,709
USD	3,877,346	CAD	3,883,123		02/13	CSF		(22,994	)
USD	18,424,798	CAD	18,254,535		02/13	JPM		89,326
USD	7,623,455	CAD	7,550,269		02/13	UBS		39,708
USD	108,653,275	GBP	67,887,379		02/13	JPM		(1,612,868	)
USD	56,603,829	GBP	35,365,899		02/13	UBS		(839,268	)
USD	36,819,917	SEK	247,803,195		02/13	CSF		(1,247,053	)
Total Forward Foreign Currency Contracts								($3,279,387	)

(g) Transactions in written options for the year ended December 31, 2012 were as follows:

	Number of Contracts			Premium
Outstanding, December 31, 2011		-			$-
Call Options Written		4,866			1,631,217
Put Options Written		5,672			3,381,411
Put Options Exercised		(644	)		(299,783	)
Call Options Expired		(3,848	)		(1,002,479	)
Put Options Expired		(894	)		(418,407	)
Call Options Closed		(1,018	)		(628,738	)
Put Options Closed		(4,034	)		(2,590,108	)
Outstanding, December 31, 2012		100			$73,113

(h) Premiums received and value of written options outstanding as of December 31, 2012 were as follows:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	Counter- party		Number of Contracts	Premium		Value
Put - CME 30-Year U.S. Treasury Bond Futures (02/13)		$146.00	01/25/13		CSF	100		$73,113		($81,250	)
Total Written Options								$73,113		($81,250	)

(i) Swap agreements outstanding as of December 31, 2012 were as follows:

Total Return Swaps

Receive Total Return	Pay	Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Depreciation
Interest from Barclays U.S. Inflation-Linked Bonds	1-Month USD-LIBOR - 8 bp		BRC		01/17/13		$405,604,288		($2,600,524	)		$-		($2,600,524	)
Total Swap Agreements									($2,600,524	)		$-		($2,600,524	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-42

PACIFIC SELECT FUND

INFLATION PROTECTED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(j) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	U.S. Treasury Obligations		$429,593,834			$-			$429,593,834			$-
	Foreign Government Bonds & Notes		220,232,288			-			220,232,288			-
	Short-Term Investments		470,579,292			1,831,495			468,747,797			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		442,796			-			442,796			-
	Interest Rate Contracts
	Futures		77,792			77,792			-			-
	Total Assets - Derivatives		520,588			77,792			442,796			-
	Total Assets		1,120,926,002			1,909,287			1,119,016,715			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(3,722,183	)		-			(3,722,183	)		-
	Interest Rate Contracts
	Written Options		(81,250	)		(81,250	)		-			-
	Swaps		(2,600,524	)		-			(2,600,524	)		-
	Total Interest Rate Contracts		(2,681,774	)		(81,250	)		(2,600,524	)		-
	Total Liabilities - Derivatives		(6,403,957	)		(81,250	)		(6,322,707	)		-
	Total Liabilities		(6,403,957	)		(81,250	)		(6,322,707	)		-
	Total		$1,114,522,045			$1,828,037			$1,112,694,008			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-43

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 0.1%
Financials - 0.1%
Ally Financial Inc ~		2,000		$1,964,438
DG Funding Trust ~		233		1,710,669
				3,675,107
Total Preferred Stocks (Cost $3,835,681)				3,675,107
CONVERTIBLE PREFERRED STOCKS - 1.2%
Financials - 1.2%
Wells Fargo & Co 7.500%		50,000		61,250,000
Total Convertible Preferred Stocks (Cost $37,049,553)				61,250,000
	Principal Amount
CORPORATE BONDS & NOTES - 22.1%
Consumer Discretionary - 0.4%
Corp GEO SAB de CV (Mexico) 9.250% due 06/30/20 ~		$2,600,000		2,821,000
Cox Communications Inc 6.800% due 08/01/28		110,000		134,373
DISH DBS Corp 6.625% due 10/01/14		1,900,000		2,047,250
General Motors Co - Escrow Receipts 8.375% due 07/05/33 Y +		EUR 7,400,000		-
Marks & Spencer PLC (United Kingdom) 6.250% due 12/01/17 ~		$10,000,000		11,327,520
Yum! Brands Inc 6.250% due 03/15/18		3,200,000		3,893,283
				20,223,426
Consumer Staples - 0.9%
Kraft Foods Group Inc 6.125% due 08/23/18 ~		11,318,000		13,877,509
Mondelez International Inc
6.125% due 02/01/18		3,982,000		4,848,869
6.500% due 08/11/17		5,000,000		6,111,155
Reynolds American Inc 7.625% due 06/01/16		4,100,000		4,907,860
Reynolds Group Issuer Inc 6.875% due 02/15/21		8,000,000		8,660,000
The Clorox Co 5.950% due 10/15/17		5,000,000		5,952,085
The Kroger Co 5.500% due 02/01/13		2,900,000		2,911,003
				47,268,481
Energy - 2.4%
AK Transneft OJSC (Ireland) 8.700% due 08/07/18 ~		2,800,000		3,637,200
Cameron International Corp 1.241% due 06/02/14 §		6,100,000		6,143,609
Gazprom OAO (Luxembourg) 5.092% due 11/29/15 ~		500,000		536,940
5.875% due 06/01/15 ~		EUR 1,800,000		2,607,373
8.146% due 04/11/18 ~		$10,800,000		13,375,800
Indian Oil Corp Ltd (India) 4.750% due 01/22/15 ~		2,500,000		2,624,790
NGPL PipeCo LLC 7.119% due 12/15/17 ~		18,800,000		20,586,000
Novatek OAO (Ireland) 5.326% due 02/03/16 ~		2,000,000		2,152,500

	Principal Amount		Value
Odebrecht Drilling Norbe VIII/IX Ltd (Cayman) 6.350% due 06/30/21 ~		$4,180,000		$4,712,950
Petrobras International Finance Co (Cayman)
5.375% due 01/27/21		17,400,000		19,658,102
5.875% due 03/01/18		11,600,000		13,334,165
7.875% due 03/15/19		2,100,000		2,631,695
Petroleos Mexicanos (Mexico) 5.500% due 01/21/21		6,700,000		7,862,450
Ras Laffan Liquefied Natural Gas Co Ltd III (Qatar) 6.750% due 09/30/19 ~		2,600,000		3,272,750
Reliance Holdings USA Inc 4.500% due 10/19/20 ~		4,000,000		4,191,288
TNK-BP Finance SA (Luxembourg)
7.250% due 02/02/20 ~		1,400,000		1,704,500
7.500% due 07/18/16 ~		400,000		465,000
7.875% due 03/13/18 ~		4,700,000		5,728,830
Transocean Inc (Cayman) 4.950% due 11/15/15		6,400,000		7,011,680
				122,237,622
Financials - 16.0%
Abbey National Treasury Services PLC (United Kingdom) 1.893% due 04/25/14 §		9,000,000		8,982,306
Allstate Life Global Funding Trusts 5.375% due 04/30/13		12,018,000		12,218,004
Ally Financial Inc
3.510% due 02/11/14 §		29,200,000		29,831,304
3.709% due 06/20/14 §		9,500,000		9,765,715
4.500% due 02/11/14		9,600,000		9,900,000
5.500% due 02/15/17		9,200,000		9,884,278
7.500% due 09/15/20		2,900,000		3,512,625
American Express Bank FSB 5.500% due 04/16/13		17,800,000		18,058,848
American Express Centurion Bank 6.000% due 09/13/17		20,500,000		24,801,761
American International Group Inc
5.050% due 10/01/15		7,200,000		7,950,845
5.450% due 05/18/17		4,400,000		5,061,857
5.600% due 10/18/16		6,820,000		7,792,839
5.850% due 01/16/18		23,900,000		28,307,327
8.000% due 05/22/68 § ~		EUR 5,600,000		8,568,524
Australia & New Zealand Banking Group Ltd (Australia) 2.125% due 01/10/14 ~		$5,400,000		5,477,360
Banco do Brasil SA (Brazil) 4.500% due 01/22/15 ~		1,500,000		1,592,250
Banco Santander Brasil SA (Brazil)
2.408% due 03/18/14 § ~		13,000,000		12,957,464
4.250% due 01/14/16 ~		8,400,000		8,757,000
4.500% due 04/06/15 ~		1,000,000		1,040,000
Banco Santander Mexico SA (Mexico) 4.125% due 11/09/22 ~		8,900,000		9,078,000
Bank of America Corp
0.640% due 08/15/16 §		2,800,000		2,612,957
1.733% due 01/30/14 §		23,600,000		23,803,432
4.500% due 04/01/15		5,900,000		6,291,937
Bank of China Ltd (Hong Kong) 5.550% due 02/11/20 ~		1,700,000		1,919,174
Bank of India (India)
4.750% due 09/30/15 ~		2,700,000		2,830,612
6.250% due 02/16/21 ~		7,000,000		7,652,029
Bank of Montreal (Canada) 2.850% due 06/09/15 ~		4,200,000		4,438,350
Bank of Nova Scotia (Canada) 1.650% due 10/29/15 ~		4,200,000		4,324,849
1.950% due 01/30/17 ~		600,000		625,475

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-44

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Banque PSA Finance SA (France) 2.254% due 04/04/14 § ~		$9,300,000		$9,186,810
Barclays Bank PLC (United Kingdom)
2.375% due 01/13/14		500,000		508,570
5.200% due 07/10/14		400,000		425,764
10.179% due 06/12/21 ~		19,520,000		26,681,790
BBVA Bancomer SA (Mexico) 6.500% due 03/10/21 ~		1,200,000		1,338,000
BNP Paribas SA (France) 1.250% due 01/10/14 §		16,200,000		16,253,347
BPCE SA (France) 2.375% due 10/04/13 ~		1,700,000		1,718,173
CIT Group Inc 5.250% due 04/01/14 ~		12,600,000		13,104,000
CitiFinancial Inc 6.625% due 06/01/15		4,000,000		4,445,380
Citigroup Inc
0.581% due 06/09/16 §		10,900,000		10,308,675
5.500% due 04/11/13		10,200,000		10,305,794
CNA Financial Corp 5.850% due 12/15/14		9,000,000		9,775,692
Credit Suisse (Switzerland) 2.200% due 01/14/14		3,700,000		3,757,420
Daimler Finance North America LLC 6.500% due 11/15/13		6,500,000		6,824,753
Dexia Credit Local SA (France) 2.750% due 04/29/14 ~		11,000,000		11,228,877
Everest Reinsurance Holdings Inc 5.400% due 10/15/14		2,000,000		2,111,986
Export-Import Bank of Korea (South Korea)
4.000% due 01/29/21		1,800,000		1,942,510
5.125% due 06/29/20		6,800,000		7,840,964
Ford Motor Credit Co LLC
2.750% due 05/15/15		5,800,000		5,922,287
7.000% due 04/15/15		500,000		558,769
8.000% due 12/15/16		500,000		604,817
8.700% due 10/01/14		700,000		787,487
12.000% due 05/15/15		3,300,000		4,075,500
General Electric Capital Corp 3.800% due 06/18/19 ~		12,300,000		13,114,875
GMAC International Finance BV (Netherlands) 7.500% due 04/21/15		EUR  13,000,000		18,836,688
Goldman Sachs Capital II 4.000% due 06/01/43 §		$7,000,000		5,476,310
HSBC Bank PLC (United Kingdom) 2.000% due 01/19/14 ~		3,900,000		3,941,391
ICICI Bank Ltd (India) 4.750% due 11/25/16 ~		26,700,000		28,113,204
ING Bank NV (Netherlands) 2.500% due 01/14/16 ~		2,500,000		2,603,293
Intesa Sanpaolo SPA (Italy) 2.712% due 02/24/14 § ~		9,100,000		9,092,365
JPMorgan Chase & Co
3.150% due 07/05/16		6,800,000		7,208,340
3.700% due 01/20/15		4,400,000		4,634,700
7.900% § ±		3,500,000		3,979,752
Lloyds TSB Bank PLC (United Kingdom) 12.000% § ± ~		5,400,000		6,256,580
Merrill Lynch & Co Inc 6.875% due 04/25/18		10,900,000		13,149,629
Metropolitan Life Global Funding 5.125% due 04/10/13 ~		600,000		607,557
National Australia Bank Ltd (Australia) 5.350% due 06/12/13 ~		6,700,000		6,851,608
National Bank of Canada (Canada) 2.200% due 10/19/16 ~		600,000		631,832
New York Life Global Funding 4.650% due 05/09/13 ~		1,510,000		1,531,267
Nordea Bank AB (Sweden) 4.875% due 01/27/20 ~		22,500,000		25,945,200

	Principal Amount		Value
Nykredit Realkredit AS (Denmark)
1.319% due 04/01/38 §		DKK  29,726,096		$5,343,261
1.319% due 10/01/38 §		33,899,158		6,117,358
Principal Life Income Funding Trusts 5.300% due 04/24/13		$3,800,000		3,854,678
Realkredit Danmark AS (Denmark) 1.420% due 01/01/38 §		DKK 174,802,217		31,606,105
Santander Finance Preferred SAU (Spain) 11.300% § ±		GBP  7,500,000		12,916,814
Sberbank of Russia (Luxembourg)
4.950% due 02/07/17 ~		$3,400,000		3,684,750
5.400% due 03/24/17 ~		4,400,000		4,820,860
6.125% due 02/07/22 ~		2,700,000		3,091,500
SLM Corp
0.615% due 01/27/14 §		9,200,000		9,116,041
5.000% due 10/01/13		1,250,000		1,285,938
5.375% due 01/15/13		770,000		771,920
Springleaf Finance Corp 6.900% due 12/15/17		5,000,000		4,500,000
State Bank of India (India) 4.500% due 07/27/15 ~		8,100,000		8,501,436
Sumitomo Mitsui Banking Corp (Japan) 1.950% due 01/14/14 ~		2,400,000		2,424,674
Temasek Financial I Ltd (Singapore) 4.300% due 10/25/19 ~		4,000,000		4,608,984
The Bear Stearns Cos LLC
6.400% due 10/02/17		19,100,000		22,955,392
7.250% due 02/01/18		13,000,000		16,301,714
The Dai-ichi Life Insurance Co Ltd (Japan) 7.250% § ± ~		4,700,000		5,361,205
The Korea Development Bank (South Korea) 3.500% due 08/22/17		3,100,000		3,323,401
The Royal Bank of Scotland Group PLC (United Kingdom)
4.875% due 08/25/14 ~		1,100,000		1,160,477
6.990% § ± ~		3,000,000		2,865,000
7.640% § ±		16,000,000		14,560,000
UBS AG (Switzerland)
1.313% due 01/28/14 §		1,300,000		1,308,315
5.875% due 12/20/17		24,700,000		29,421,380
Vesey Street Investment Trust I 4.404% due 09/01/16 §		4,300,000		4,642,684
Vnesheconombank (Ireland)
5.375% due 02/13/17 ~		3,200,000		3,512,000
5.450% due 11/22/17 ~		2,100,000		2,341,500
Wachovia Bank NA 0.693% due 11/03/14 §		16,758,000		16,716,206
Westpac Banking Corp (Australia) 1.041% due 03/31/14 § ~		17,100,000		17,213,168
				824,045,839
Health Care - 0.1%
UnitedHealth Group Inc 6.875% due 02/15/38		2,700,000		3,710,572
Industrials - 0.6%
CSX Corp 5.600% due 05/01/17		5,000,000		5,844,575
International Lease Finance Corp
5.750% due 05/15/16		1,500,000		1,588,248
6.375% due 03/25/13		4,500,000		4,564,125
Masco Corp 6.125% due 10/03/16		8,200,000		9,062,443
Noble Group Ltd (Bermuda) 6.750% due 01/29/20 ~		8,400,000		8,893,500
UAL Equipment Trust AB 10.850% due 02/19/15 Y		533,632		232,130

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-45

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
UAL Pass-Through Trust ‘A’
9.350% due 04/07/16 Y		$62,217		$18,354
9.560% due 10/19/18 Y		718,463		211,947
				30,415,322
Information Technology - 0.6%
Baidu Inc (Cayman) 2.250% due 11/28/17		4,900,000		4,940,807
Hewlett-Packard Co 0.592% due 05/24/13 §		25,500,000		25,428,651
				30,369,458
Materials - 0.5%
Braskem Finance Ltd (Cayman) 5.750% due 04/15/21 ~		4,000,000		4,230,000
CSN Islands XI Corp (Cayman) 6.875% due 09/21/19 ~		4,200,000		4,725,000
Gerdau Trade Inc (United Kingdom) 5.750% due 01/30/21 ~		1,200,000		1,326,000
Rio Tinto Alcan Inc (Canada) 5.000% due 06/01/15		2,500,000		2,733,913
Rohm & Haas Co 6.000% due 09/15/17		10,000,000		11,855,100
Xstrata Canada Corp (Canada) 5.375% due 06/01/15		60,000		65,247
				24,935,260
Telecommunication Services - 0.2%
BellSouth Corp 5.200% due 09/15/14		9,100,000		9,778,478
Qtel International Finance Ltd (Bermuda)
3.375% due 10/14/16 ~		300,000		315,337
4.750% due 02/16/21 ~		600,000		679,500
Qwest Corp 6.875% due 09/15/33		1,386,000		1,399,860
				12,173,175
Utilities - 0.4%
Centrais Eletricas Brasileiras SA (Brazil) 6.875% due 07/30/19 ~		6,900,000		7,883,250
ENN Energy Holdings Ltd (Cayman) 6.000% due 05/13/21 ~		1,100,000		1,268,918
Korea Hydro & Nuclear Power Co Ltd (South Korea) 6.250% due 06/17/14 ~		900,000		965,581
Majapahit Holding BV (Netherlands) 7.750% due 10/17/16 ~		2,800,000		3,321,500
TECO Finance Inc 6.750% due 05/01/15		5,600,000		6,307,224
Tokyo Electric Power Co Inc (Japan)
1.500% due 05/30/14		JPY 8,000,000		90,747
1.850% due 07/28/14		36,000,000		408,973
				20,246,193
Total Corporate Bonds & Notes (Cost $1,046,200,977)				1,135,625,348
SENIOR LOAN NOTES - 0.3%
Consumer Discretionary - 0.0%
Yell Group PLC Term B1 4.459% due 07/31/14 §		$5,303,561		1,217,607
Financials - 0.3%
Springleaf Financial Funding Co 5.500% due 05/10/17 §		16,800,000		16,731,759
Total Senior Loan Notes (Cost $22,039,065)				17,949,366

	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 58.9%
Collateralized Mortgage Obligations - Commercial - 3.6%
Banc of America Commercial Mortgage Trust 5.451% due 01/15/49 "		$290,000		$336,380
Banc of America Large Loan Trust 2.509% due 11/15/15 " § ~		4,302,767		4,305,320
BCRR Trust 5.858% due 07/17/40 " § ~		16,400,000		19,656,761
Bear Stearns Commercial Mortgage Securities
5.331% due 02/11/44 "		900,000		1,023,712
5.471% due 01/12/45 " §		1,300,000		1,518,273
5.700% due 06/11/50 "		6,900,000		8,253,742
Citigroup/Deutsche Bank Commercial Mortgage Trust 5.322% due 12/11/49 "		235,000		270,516
Commercial Mortgage Pass-Through Certificates
5.467% due 09/15/39 "		35,300,000		40,196,586
5.676% due 03/15/39 " §		400,000		452,447
Credit Suisse Mortgage Capital Certificates 0.439% due 10/15/21 " § ~		22,541,862		22,011,193
European Loan Conduit (Ireland) 0.342% due 05/15/19 " § ~		EUR 381,773		476,206
GMAC Commercial Mortgage Securities Inc (IO) 0.921% due 05/15/35 " §		$1,039,418		23,420
Greenwich Capital Commercial Funding Corp
4.799% due 08/10/42 " §		200,000		214,310
5.444% due 03/10/39 "		18,200,000		21,031,847
JPMorgan Chase Commercial Mortgage Securities Corp 5.728% due 02/12/49 " §		5,660,000		6,664,958
LB-UBS Commercial Mortgage Trust 5.866% due 09/15/45 " §		1,600,000		1,915,290
Merrill Lynch Floating Trust 0.751% due 07/09/21 " § ~		10,940,775		10,899,238
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.700% due 09/12/49 "		5,600,000		6,595,126
Morgan Stanley Capital I Trust
5.731% due 07/12/44 " §		6,300,000		7,241,491
5.809% due 12/12/49 "		300,000		357,321
Morgan Stanley Re-REMIC Trust 5.789% due 08/12/45 " § ~		700,000		821,505
Wachovia Bank Commercial Mortgage Trust
0.289% due 06/15/20 " § ~		12,533,875		12,343,454
5.342% due 12/15/43 "		16,200,000		18,647,933
				185,257,029
Collateralized Mortgage Obligations - Residential - 4.8%
Adjustable Rate Mortgage Trust 3.111% due 09/25/35 " §		2,367,583		2,182,088
Arran Residential Mortgages Funding PLC (United Kingdom)
1.391% due 05/16/47 " § ~		EUR 135,293		178,826
1.591% due 05/16/47 " § ~		9,300,000		12,503,426
Banc of America Funding Corp
2.619% due 05/25/35 " §		$5,754,136		5,989,791
2.687% due 02/20/36 " §		4,373,351		4,354,765
5.621% due 01/20/47 " §		509,371		372,349
Banc of America Funding Corp (IO) 4.640% due 01/25/36 " §		747,838		3,365

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-46

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
BCAP LLC Trust
0.380% due 01/25/37 " §		$3,313,036		$2,166,522
5.250% due 02/26/36 " ~		5,716,779		5,729,245
5.250% due 08/26/37 " ~		14,877,861		14,781,155
5.430% due 03/26/37 " § ~		1,000,000		830,000
Bear Stearns Adjustable Rate Mortgage Trust
2.240% due 08/25/35 " §		46,045		46,487
2.320% due 08/25/35 " §		1,655,625		1,681,744
2.470% due 10/25/35 " §		1,256,792		1,217,093
2.570% due 03/25/35 " §		6,292,563		6,367,687
2.643% due 04/25/33 " §		17,747		17,962
2.756% due 08/25/33 " §		5,663,431		5,801,936
2.972% due 01/25/35 " §		915,401		907,940
3.010% due 02/25/34 " §		830,938		822,876
Bear Stearns Alt-A Trust
1.050% due 11/25/34 " §		1,045,471		1,034,355
2.662% due 01/25/36 " § Y		4,206,216		2,639,272
2.960% due 05/25/35 " §		4,551,243		4,177,943
2.964% due 11/25/36 " §		5,088,411		3,295,891
3.001% due 09/25/35 " §		7,142,869		5,642,888
Bear Stearns Structured Products Inc Trust
2.797% due 01/26/36 " §		2,461,515		1,627,420
2.829% due 12/26/46 " §		1,641,373		911,888
Citigroup Mortgage Loan Trust Inc
2.340% due 09/25/35 " §		1,956,755		1,930,413
2.530% due 10/25/35 " §		211,110		196,490
2.689% due 08/25/35 " §		2,064,823		1,348,364
Countrywide Alternative Loan Trust 0.490% due 02/25/37 " §		324,684		209,380
Countrywide Alternative Loan Trust (IO) 4.790% due 05/25/35 " §		9,872,323		1,707,384
Countrywide Home Loan Mortgage Pass-Through Trust
0.530% due 03/25/35 " §		2,314,466		1,767,537
0.550% due 06/25/35 " § ~		8,007,328		6,879,184
2.783% due 02/20/36 " §		2,621,492		2,265,865
2.900% due 05/20/34 " §		2,915,255		2,875,438
3.026% due 08/25/34 " §		432,256		377,466
Credit Suisse First Boston Mortgage Securities Corp 0.839% due 03/25/32 " § ~		408,391		368,762
Downey Savings & Loan Association Mortgage Loan Trust 2.461% due 07/19/44 " §		1,677,424		1,608,408
Fannie Mae
0.270% due 07/25/37 " §		672,538		646,545
0.609% due 04/18/28 " §		205,667		206,793
0.659% due 10/18/30 " §		1,338		1,346
0.710% due 03/25/17 " §		40,699		40,998
0.810% due 05/25/40 " §		7,511,813		7,570,520
5.000% due 03/25/21 "		69,446		73,584
6.461% due 10/25/42 " §		1,878,101		2,110,612
Fannie Mae (IO) 6.490% due 10/25/35 " §		17,217		3,186
First Horizon Alternative Mortgage Securities
2.536% due 06/25/34 " §		8,884,582		8,834,442
2.570% due 09/25/35 " §		193,666		160,986
2.623% due 03/25/35 " §		1,786,230		1,425,240
6.000% due 01/25/35 "		187,129		191,665
First Horizon Mortgage Pass-Through Trust 2.613% due 08/25/35 " §		403,697		394,407
Freddie Mac
0.559% due 12/15/29 " §		30,099		30,212
3.500% due 07/15/32 "		111,782		115,441
7.000% due 09/15/21 "		48,044		54,211
7.500% due 01/15/23 - 09/20/26 "		1,412,833		1,635,383
Freddie Mac Structured Pass-Through Securities
1.360% due 10/25/44 " §		2,837,257		2,839,364
1.535% due 07/25/44 " §		14,918,486		15,300,012

	Principal Amount		Value
Government National Mortgage Association 7.000% due 02/16/29 "		$188,567		$205,322
Greenpoint Mortgage Funding Trust 0.480% due 11/25/45 " §		84,287		61,579
Greenpoint Mortgage Pass-Through Certificates 3.168% due 10/25/33 " §		1,199,218		1,190,828
GSR Mortgage Loan Trust 2.660% due 09/25/35 " §		194,311		195,740
Harborview Mortgage Loan Trust
0.950% due 02/19/34 " §		44,868		44,753
3.103% due 07/19/35 " §		1,718,418		1,620,670
Holmes Master Issuer PLC (United Kingdom) 1.560% due 10/15/54 " § ~		EUR 4,900,000		6,541,194
Impac CMB Trust 0.750% due 05/25/35 " §		$201,970		174,469
Imperial Savings Association 7.034% due 02/25/18 " §		882		908
IndyMac ARM Trust 1.820% due 01/25/32 " §		42,430		39,324
Indymac Index Mortgage Loan Trust 2.651% due 12/25/34 " §		249,975		221,765
JPMorgan Mortgage Trust
4.963% due 02/25/35 " §		645,598		657,268
5.750% due 01/25/36 "		344,791		335,302
MASTR Adjustable Rate Mortgages Trust 2.670% due 04/21/34 " §		132,530		136,199
MASTR Alternative Loans Trust 0.610% due 03/25/36 " § Y		950,655		179,736
MASTR Asset Securitization Trust 5.500% due 09/25/33 "		71,586		75,711
Merrill Lynch Mortgage Investors Inc
0.420% due 02/25/36 " §		1,173,866		1,024,873
2.583% due 06/25/35 " §		200,125		197,487
Merrill Lynch Mortgage Investors Trust
0.460% due 11/25/35 " §		198,318		186,032
1.214% due 10/25/35 " §		466,409		459,910
2.420% due 10/25/35 " §		1,578,847		1,569,138
2.499% due 12/25/34 " §		542,142		553,328
PHH Alternative Mortgage Trust 0.370% due 02/25/37 " §		33,173,340		24,953,152
Provident Funding Mortgage Loan Trust 2.610% due 04/25/34 " §		12,051		12,175
Residential Accredit Loans Inc Trust
0.390% due 06/25/46 " §		2,455,219		1,125,342
0.420% due 04/25/46 " §		243,667		115,211
5.750% due 01/25/33 "		76,773		79,268
6.000% due 06/25/36 "		9,024,999		6,975,977
Residential Asset Securitization Trust 0.610% due 01/25/46 " §		2,221,761		1,001,238
Residential Asset Securitization Trust (IO) 4.740% due 11/25/35 " §		7,358,381		1,089,096
Residential Funding Mortgage Securities I Trust 3.320% due 09/25/35 " §		1,406,523		1,147,116
Sequoia Mortgage Trust 0.561% due 07/20/33 " §		2,200,034		2,178,616
Structured Adjustable Rate Mortgage Loan Trust
2.781% due 01/25/35 " §		1,123,836		1,032,814
2.797% due 08/25/35 " §		323,733		295,164
Structured Asset Mortgage Investments Inc
0.420% due 05/25/46 " §		1,956,811		1,115,476
0.430% due 05/25/36 " §		1,497,659		992,035
0.440% due 05/25/45 " §		493,391		356,868
0.460% due 07/19/35 " §		1,520,539		1,475,736
0.490% due 02/25/36 " §		1,922,524		1,295,926
0.790% due 07/19/34 " §		54,421		53,771
0.870% due 09/19/32 " §		204,579		199,050
1.050% due 10/19/33 " §		6,275		5,940

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-47

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
SunTrust Alternative Loan Trust (IO) 4.890% due 12/25/35 " §		$20,418,954		$3,389,301
WaMu Mortgage Pass-Through Certificates
0.480% due 12/25/45 " §		127,308		118,457
0.500% due 10/25/45 " §		135,420		129,364
0.520% due 01/25/45 " §		1,628,763		1,595,229
0.530% due 01/25/45 " §		94,489		88,914
1.565% due 08/25/42 " §		90,586		87,004
2.261% due 02/27/34 " §		1,577,887		1,607,218
Washington Mutual Alternative Mortgage Pass-Through Certificates (IO)
4.640% due 11/25/35 " §		35,794,132		5,708,896
4.740% due 11/25/35 " §		9,890,008		1,789,394
Washington Mutual MSC Mortgage Pass-Through Certificates
2.331% due 02/25/33 " §		6,289		6,201
2.573% due 02/25/33 " §		79,139		79,161
Wells Fargo Mortgage-Backed Securities Trust
2.613% due 02/25/35 " §		103,877		103,471
2.619% due 01/25/35 " §		1,796,382		1,800,479
2.624% due 12/25/34 " §		1,090,943		1,090,688
2.627% due 03/25/36 " §		14,227,217		14,002,306
2.723% due 04/25/36 " §		3,052,564		2,839,210
2.743% due 10/25/33 " §		262,443		267,788
2.760% due 03/25/36 " §		376,857		364,586
5.500% due 12/25/35 "		3,956,082		3,988,162
5.575% due 04/25/36 " §		1,485,333		611,658
				249,293,546
Fannie Mae - 48.1%
1.360% due 08/01/42 - 10/01/44 " §		2,530,668		2,573,556
1.820% due 02/01/33 " §		660,943		682,890
2.050% due 02/01/33 " §		18,983		19,846
2.127% due 09/01/35 " §		660,688		693,265
2.150% due 01/01/34 " §		25,531		26,814
2.158% due 03/01/34 " §		38,010		40,434
2.195% due 01/01/25 " §		82,299		82,973
2.220% due 04/01/27 " §		33,800		34,256
2.261% due 01/01/23 " §		138,389		146,352
2.280% due 12/01/22 " §		28,945		30,887
2.299% due 09/01/33 " §		87,191		92,589
2.310% due 08/01/22 "		1,200,000		1,225,695
2.344% due 03/01/33 " §		758,257		783,073
2.354% due 12/01/34 " §		3,215,566		3,378,740
2.371% due 08/01/36 " §		1,148,002		1,219,572
2.425% due 07/01/35 " §		4,218,290		4,446,336
2.450% due 11/01/23 " §		90		90
2.492% due 11/01/34 " §		9,225,702		9,935,113
2.495% due 07/01/33 " §		71,279		74,774
2.500% due 01/01/28 "		40,000,000		41,837,500
2.539% due 08/01/35 " §		988,320		1,037,464
2.545% due 11/01/34 " §		28,169		29,897
2.572% due 04/01/35 " §		2,203,289		2,323,445
2.811% due 03/01/33 " §		33,094		35,053
2.870% due 09/01/27 "		4,800,000		4,737,802
2.920% due 06/01/34 " §		26,203		27,858
3.000% due 01/01/28 - 01/01/43 "		119,000,000		125,193,909
3.330% due 11/01/21 "		392,860		431,926
3.496% due 05/01/36 " §		88,781		91,658
3.500% due 07/01/20 - 12/01/99 "		455,200,148		484,620,592
3.653% due 05/01/36 " §		79,901		81,597
3.763% due 05/01/36 " §		2,623,870		2,780,863
4.000% due 07/01/18 - 12/01/99 "		863,519,710		925,908,371
4.500% due 03/01/18 - 02/01/43 "		494,348,382		534,712,940
4.612% due 09/01/34 " §		1,035,652		1,119,760
4.636% due 07/01/33 " §		51,424		54,490
4.803% due 04/01/34 " §		436,588		470,767
5.000% due 03/01/35 - 02/01/43 "		137,490,492		149,078,288
5.034% due 09/01/35 " §		502,651		538,353

	Principal Amount		Value
5.141% due 12/01/34 " §		$24,923		$26,884
5.267% due 08/01/34 " §		20,494		22,048
5.337% due 01/01/36 " §		444,439		478,843
5.500% due 08/01/18 - 02/01/43 "		65,862,421		71,673,806
6.000% due 04/01/16 - 12/01/99 "		86,121,637		94,441,728
6.500% due 12/01/14 - 09/01/37 "		4,454,778		4,999,835
7.500% due 01/01/33 "		64,823		78,720
8.000% due 05/01/30 - 08/01/30 "		16,143		17,385
8.500% due 07/01/32 "		4,952		6,144
				2,472,345,181
Federal Housing Authority - 0.0%
6.896% due 07/01/20 "		177,840		174,189
7.430% due 10/01/20 - 11/01/22 "		69,258		68,286
				242,475
Freddie Mac - 2.2%
2.262% due 01/01/28 " §		20,514		21,879
2.361% due 05/01/23 " §		5,577		5,644
2.374% due 03/01/32 " §		383,675		403,653
2.375% due 05/01/32 - 07/01/32 " §		53,596		54,237
2.457% due 09/01/35 " §		703,612		742,223
4.000% due 09/01/40 - 01/01/43 "		9,808,602		10,479,961
4.500% due 08/01/40 - 01/01/43 "		65,263,508		70,260,418
4.645% due 06/01/17 " §		2,794		2,798
5.500% due 03/01/23 - 05/01/40 "		24,797,522		27,178,778
6.000% due 03/03/18 - 10/01/22 "		1,242,042		1,350,486
6.500% due 01/01/15 - 05/01/17 "		700,705		749,888
7.000% due 10/01/37 "		321,543		371,017
				111,620,982
Government National Mortgage Association - 0.2%
1.625% due 12/20/22 - 03/20/33 " §		3,032,028		3,142,152
1.750% due 05/20/22 - 09/20/32 " §		2,999,510		3,136,527
2.000% due 10/20/24 - 09/20/30 " §		152,301		158,445
2.125% due 03/20/29 " §		42,404		44,131
2.250% due 09/20/22 - 07/20/24 " §		90,447		94,415
2.500% due 11/20/24 - 02/20/25 " §		177,356		184,888
3.000% due 08/20/20 " §		71,998		75,200
3.500% due 02/01/43 "		800,000		868,062
6.000% due 02/15/38 - 03/15/39 "		218,679		244,766
6.500% due 11/15/38 "		162,309		187,254
7.500% due 02/15/31 - 12/15/31 "		82,148		101,177
8.000% due 12/15/29 - 08/15/32 "		610,550		722,557
8.500% due 09/15/16 - 12/15/30 "		685,234		738,652
9.000% due 02/15/17 - 04/15/20 "		13,193		15,492
10.000% due 05/15/19 - 02/15/25 "		11,638		13,095
				9,726,813
Total Mortgage-Backed Securities (Cost $2,982,265,715)				3,028,486,026
ASSET-BACKED SECURITIES - 1.6%
Access Group Inc 1.615% due 10/27/25 " §		18,403,485		18,704,971
ACE Securities Corp 0.540% due 11/25/35 " §		8,362,941		7,870,865
Citibank Omni Master Trust 2.959% due 08/15/18 " § ~		15,500,000		16,130,222
Delta Funding Home Equity Loan Trust 7.030% due 08/15/30 "		82,810		83,342
EFS Volunteer No 2 LLC 1.090% due 07/26/27 " § ~		7,810,516		7,903,692
GE-WMC Mortgage Securities LLC 0.250% due 08/25/36 " §		2,160		855
Hillmark Funding CDO (Cayman) 0.562% due 05/21/21 " § ~		18,700,000		18,084,732
IMC Home Equity Loan Trust 6.255% due 08/20/29 " §		14,605		14,433

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-48

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Long Beach Mortgage Loan Trust 0.770% due 10/25/34 " §		$17,007		$15,140
Mid-State Trust
7.340% due 07/01/35 "		1,331,313		1,383,718
7.791% due 03/15/38 "		569,290		595,706
8.330% due 04/01/30 "		1,792,913		1,871,612
Penta SA CLO (Luxembourg) 0.564% due 06/04/24 " § ~		EUR 1,742,953		2,162,739
Renaissance Home Equity Loan Trust 0.650% due 08/25/33 " §		$490,051		442,380
Saxon Asset Securities Trust 0.730% due 08/25/32 " §		226		225
SLC Student Loan Trust 4.750% due 06/15/33 " § ~		4,696,178		4,490,028
SLM Student Loan Trust 0.765% due 01/25/17 " §		2,459,720		2,468,226
Structured Asset Securities Corp 0.790% due 01/25/33 " §		26,167		24,011
U.S. Small Business Administration 4.754% due 08/10/14 "		496,606		509,604
Total Asset-Backed Securities (Cost $81,501,900)				82,756,501
U.S. GOVERNMENT AGENCY ISSUES - 4.0%
Fannie Mae
0.875% due 08/28/17		9,300,000		9,337,460
1.125% due 04/27/17		14,600,000		14,882,671
1.250% due 01/30/17		8,900,000		9,133,055
5.000% due 02/13/17		1,500,000		1,766,750
5.000% due 05/11/17		1,600,000		1,895,109
5.375% due 06/12/17		5,300,000		6,379,578
Freddie Mac
1.000% due 03/08/17		37,200,000		37,712,690
1.000% due 06/29/17		15,900,000		16,115,207
1.000% due 07/28/17		51,300,000		51,873,226
1.000% due 09/29/17		16,000,000		16,186,832
1.250% due 05/12/17		5,600,000		5,735,822
1.250% due 08/01/19		14,300,000		14,337,109
1.250% due 10/02/19		9,300,000		9,283,251
1.750% due 05/30/19		2,200,000		2,278,703
2.375% due 01/13/22		2,500,000		2,614,025
3.750% due 03/27/19		3,700,000		4,282,365
5.000% due 02/16/17		2,000,000		2,358,362
5.500% due 08/23/17		600,000		730,485
Small Business Administration Participation Certificates 6.120% due 09/01/21		755,160		835,713
Total U.S. Government Agency Issues (Cost $204,847,753)				207,738,413
U.S. TREASURY OBLIGATIONS - 22.4%
U.S. Treasury Bonds - 0.7%
2.750% due 11/15/42		35,700,000		34,288,743
U.S. Treasury Inflation Protected Securities - 9.0%
0.125% due 04/15/17 ^		29,942,136		32,073,178
0.125% due 01/15/22 ^ ‡		108,028,439		117,337,466
0.125% due 07/15/22 ^		18,810,330		20,410,675
0.625% due 07/15/21 ^		5,542,236		6,299,965
0.750% due 02/15/42 ^		13,615,476		14,933,413
1.125% due 01/15/21 ^		42,826,725		50,314,721
1.250% due 07/15/20 ^		10,606,900		12,585,755
1.375% due 01/15/20 ^		5,348,550		6,342,209
1.750% due 01/15/28 ^		38,204,282		49,480,505
2.000% due 01/15/26 ^		27,155,451		35,622,439

	Principal Amount		Value
2.125% due 01/15/19 ^		$3,663,194		$4,449,924
2.125% due 02/15/40 ^		10,060,162		14,748,358
2.375% due 01/15/25 ^		17,548,674		23,694,816
2.375% due 01/15/27 ^		9,061,695		12,498,769
2.500% due 01/15/29 ^ ‡		24,672,689		35,181,725
3.625% due 04/15/28 ^		7,007,980		11,122,982
3.875% due 04/15/29 ^		8,161,238		13,531,716
				460,628,616
U.S. Treasury Notes - 12.7%
0.375% due 11/15/15		72,200,000		72,273,355
0.750% due 10/31/17 ‡		41,400,000		41,526,146
0.750% due 12/31/17		41,000,000		41,057,646
1.000% due 06/30/19		29,100,000		28,995,414
1.000% due 11/30/19 ‡		149,900,000		148,330,697
1.125% due 12/31/19		20,000,000		19,928,120
1.250% due 10/31/19		33,600,000		33,854,621
1.500% due 08/31/18 ‡		73,500,000		76,072,500
1.625% due 08/15/22		39,400,000		39,104,500
1.625% due 11/15/22 ‡		151,700,000		149,874,897
3.500% due 02/15/18		3,600,000		4,097,812
				655,115,708
Total U.S. Treasury Obligations (Cost $1,112,819,657)				1,150,033,067
FOREIGN GOVERNMENT BONDS & NOTES - 21.3%
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/17		BRL 736,765,000		379,758,727
10.000% due 01/01/21		38,133,000		19,664,168
Hydro-Quebec (Canada) 8.625% due 06/15/29		$1,000,000		1,613,860
Italy Buoni Poliennali del Tesoro (Italy)
2.100% due 09/15/21 ^		EUR 1,717,984		2,155,859
2.500% due 03/01/15		29,200,000		38,835,911
3.000% due 04/01/14		3,700,000		4,962,584
3.000% due 04/15/15		1,000,000		1,342,568
3.000% due 11/01/15		72,200,000		97,018,238
3.500% due 06/01/14		5,500,000		7,434,398
3.750% due 08/01/15		6,600,000		9,017,490
3.750% due 04/15/16		200,000		274,290
3.750% due 08/01/16		3,700,000		5,067,611
4.000% due 02/01/17		1,400,000		1,924,526
4.250% due 07/01/14		5,800,000		7,930,761
4.250% due 08/01/14		1,600,000		2,192,134
4.250% due 02/01/15		4,700,000		6,480,209
4.500% due 07/15/15		10,700,000		14,851,906
4.750% due 09/15/16		4,700,000		6,639,000
4.750% due 05/01/17		2,700,000		3,806,566
4.750% due 06/01/17		6,200,000		8,720,513
6.000% due 11/15/14		2,800,000		3,970,650
Italy Certification di Credito del Tesoro (Italy) 2.687% due 09/30/14		44,500,000		56,723,280
Korea Housing Finance Corp (South Korea) 4.125% due 12/15/15 ~		$12,300,000		13,326,373
Mexican Bonos (Mexico)
6.000% due 06/18/15		MXN 62,600,000		4,986,793
6.250% due 06/16/16		74,300,000		5,992,789
8.000% due 06/11/20		12,700,000		1,157,872
10.000% due 12/05/24		548,600,000		59,493,198
Province of British Columbia (Canada) 4.300% due 06/18/42		CAD 800,000		954,129
Province of Ontario (Canada)
1.600% due 09/21/16		$4,400,000		4,543,603
1.650% due 09/27/19		21,400,000		21,402,097
2.850% due 06/02/23		CAD 3,600,000		3,616,142
3.000% due 07/16/18		$2,500,000		2,727,627
3.150% due 06/02/22		CAD 76,700,000		79,832,154

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-49

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
4.000% due 06/02/21		CAD 30,800,000		$34,289,965
4.200% due 03/08/18		2,000,000		2,230,421
4.200% due 06/02/20		14,400,000		16,235,070
4.300% due 03/08/17		5,900,000		6,530,986
4.400% due 06/02/19		13,500,000		15,323,118
4.400% due 04/14/20		$2,400,000		2,828,330
4.600% due 06/02/39		CAD 3,300,000		3,985,081
5.500% due 06/02/18		3,800,000		4,486,728
Province of Quebec (Canada)
2.750% due 08/25/21		$4,300,000		4,495,654
3.000% due 09/01/23		CAD 700,000		705,025
3.500% due 07/29/20		$2,400,000		2,667,648
3.500% due 12/01/22		CAD 16,200,000		17,155,030
4.250% due 12/01/21		14,000,000		15,747,643
4.500% due 12/01/16		600,000		665,598
4.500% due 12/01/17		300,000		337,609
4.500% due 12/01/18		1,300,000		1,475,729
4.500% due 12/01/20		400,000		457,585
7.500% due 07/15/23		$2,495,000		3,538,738
Province of Saskatchewan (Canada) 8.500% due 07/15/22		340,000		512,639
Russian Foreign Bond (Russia) 3.250% due 04/04/17 ~		2,800,000		2,982,000
Spain Government Bond (Spain)
3.150% due 01/31/16		EUR 4,800,000		6,291,287
3.300% due 10/31/14		8,400,000		11,174,292
3.400% due 04/30/14		11,400,000		15,230,115
3.750% due 10/31/15		32,700,000		43,498,194
4.400% due 01/31/15		3,300,000		4,494,353
Total Foreign Government Bonds & Notes (Cost $1,094,934,700)				1,095,756,864
MUNICIPAL BONDS - 4.0%
American Municipal Power Inc OH ‘B’ 8.084% due 02/15/50		$4,600,000		6,761,218
Buckeye Tobacco Settlement Financing Authority of OH ‘A2’ 5.875% due 06/01/47		5,400,000		4,849,848
California Infrastructure & Economic Development Bank 6.486% due 05/15/49		1,700,000		2,005,813
California State Public Works Board ‘B2’ 7.804% due 03/01/35		4,700,000		5,487,297
Chicago Transit Authority IL ‘A’ 6.899% due 12/01/40		7,200,000		8,745,552
Chicago Transit Authority IL ‘B’
6.200% due 12/01/40		1,900,000		2,150,363
6.300% due 12/01/21		800,000		927,896
6.899% due 12/01/40		6,800,000		8,259,688
Commonwealth of Puerto Rico ‘A’ 5.125% due 07/01/31		335,000		334,977
County of Clark NV Airport ‘C’ 6.820% due 07/01/45		3,300,000		4,727,283
Golden State Tobacco Securitization Corp CA ‘A1’
5.125% due 06/01/47		1,800,000		1,553,166
5.750% due 06/01/47		3,000,000		2,845,320
Illinois Municipal Electric Agency 6.832% due 02/01/35		300,000		360,705
Los Angeles Unified School District CA ‘A1’ 4.500% due 07/01/24		7,100,000		7,975,856
Los Angeles Wastewater Systems Revenue CA 5.713% due 06/01/39		1,600,000		1,882,080
Metropolitan Pier & Exposition Authority IL ‘A’ 13.204% due 06/15/29		4,000,000		1,986,880
Metropolitan Transportation Authority NY ‘E’ 7.134% due 11/15/30		22,300,000		26,477,459

	Principal Amount		Value
New York State Dormitory Authority 5.051% due 09/15/27		$6,100,000		$7,179,517
North Carolina Turnpike Authority ‘B’ 6.700% due 01/01/39		400,000		464,192
Northern Tobacco Securitization Corp AK ‘A’ 5.000% due 06/01/46		2,300,000		2,026,553
Palomar Community College District CA ‘A’ 4.750% due 05/01/32		400,000		444,644
Pennsylvania Economic Development Financing Authority 6.532% due 06/15/39		1,600,000		1,920,000
Port Authority of New York & New Jersey 5.647% due 11/01/40		2,000,000		2,450,120
Public Power Generation Agency NE 7.242% due 01/01/41		2,100,000		2,508,114
Salt River Project Agricultural Improvement & Power Dist Revenue AZ ‘A’ 5.000% due 01/01/38		5,200,000		5,874,232
Southern California Public Power Authority 5.943% due 07/01/40		37,000,000		44,414,430
State of California
7.550% due 04/01/39		3,550,000		5,121,940
7.950% due 03/01/36		1,200,000		1,492,428
State of Iowa 6.750% due 06/01/34		1,000,000		1,195,220
State of Texas ‘A’ 4.750% due 04/01/35		1,700,000		1,813,526
State of Wisconsin ‘A’ 5.050% due 05/01/18		1,700,000		1,965,268
Tobacco Settlement Finance Authority of WV ‘A’ 7.467% due 06/01/47		9,100,000		7,291,648
Tobacco Settlement Financing Corp LA ‘B’ 5.875% due 05/15/39		4,935,000		5,055,266
Tobacco Settlement Financing Corp NJ ‘1A’ 5.000% due 06/01/41		12,400,000		11,282,016
Tobacco Settlement Financing Corp RI ‘A’
6.125% due 06/01/32		2,735,000		2,789,399
6.250% due 06/01/42		900,000		911,979
Washington State Convention Center Public Facilities District 6.790% due 07/01/40		10,600,000		13,047,540
Total Municipal Bonds (Cost $177,043,020)				206,579,433
SHORT-TERM INVESTMENTS - 1.9%
Foreign Government Issues - 1.4%
Japan Treasury Discount Bills (Japan)
0.099% due 02/12/13		JPY  3,950,000,000		45,581,272
0.099% due 02/25/13		2,400,000,000		27,695,033
				73,276,305
U.S. Treasury Bills - 0.1%
0.140% due 05/23/13 ‡		$240,000		239,904
0.147% due 12/12/13 ‡		1,980,000		1,977,355
0.150% due 12/12/13 ‡		300,000		299,599
0.168% due 11/14/13 ‡		150,000		149,816
				2,666,674
Repurchase Agreements - 0.4%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $10,496,202; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $10,710,000)		10,496,197		10,496,197

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-50

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
The Toronto Dominion Bank 0.230% due 01/02/13 (Dated 12/31/12, repurchase price of $10,800,138; collateralized by U.S. Treasury Bonds: 3.750% due 08/15/41 and value $10,996,672)		$10,800,000		$10,800,000
				21,296,197
Total Short-Term Investments (Cost $102,784,928)				97,239,176
TOTAL INVESTMENTS - 137.8% (Cost $6,865,322,949)				7,087,089,301
OTHER ASSETS & LIABILITIES, NET - (37.8%)				(1,944,391,767)
NET ASSETS - 100.0%				$5,142,697,534

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Mortgage-Backed Securities	58.9%
U.S. Treasury Obligations	22.4%
Corporate Bonds & Notes	22.1%
Foreign Government Bonds & Notes	21.3%
Municipal Bonds	4.0%
U.S. Government Agency Issues	4.0%
Short-Term Investments	1.9%
Asset-Backed Securities	1.6%
Equity Securities	1.3%
Senior Loan Notes	0.3%
	137.8%
Other Assets & Liabilities, Net	(37.8%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	2.2%
A-1 (Short-Term Debt only)	0.3%
AA/U.S. Government & Agency Issues	63.3%
A	8.9%
BBB	7.5%
BB	1.3%
B	2.3%
CCC	1.0%
CC	0.1%
D	0.1%
Not Rated	13.0%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Investments with a total aggregate value of $3,281,439 or less than 0.1% of the portfolio’s net assets were in default as of December 31, 2012.

(e) As of December 31, 2012, investments with total aggregate values of $4,322,372, $71,476,767, $44,267,670 and $509,319 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, a reverse repurchase agreement, swap contracts, and a delayed delivery security, respectively.

(f) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Euribor (12/14)		75		EUR 75,000,000		$64,249
Euribor (03/15)		18		18,000,000		1,626
Euribor (06/15)		15		15,000,000		228
Eurodollar (06/15)		2,217		$2,217,000,000		1,017,943
Eurodollar (09/15)		409		409,000,000		211,876
Eurodollar (12/15)		1,968		1,968,000,000		19,126
Eurodollar (03/16)		676		676,000,000		(2,776	)
Eurodollar (06/16)		56		56,000,000		606
Eurodollar (09/16)		37		37,000,000		200
U.S. Treasury 10-Year Notes (03/13)		59		5,900,000		(53	)
						1,313,025
Short Futures Outstanding
Euro-Bund 10-Year Notes (03/13)		486		EUR 48,600,000		(571,317	)
Total Futures Contracts						$741,708

(g) A reverse repurchase agreement outstanding as of December 31, 2012 was as follows:

Counterparty	Interest Rate		Settlement Date		Maturity Date		Repurchase Amount		Principal Amount
JPM		0.160%		12/17/12		01/15/13		$73,851,517		$73,842,000

(h) The average amount of borrowings by the portfolio on reverse repurchase agreements while outstanding during the year ended December 31, 2012 was $33,780,478 at a weighted average interest rate of 0.148%. The average amount of borrowings by the portfolio on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the year ended December 31, 2012 was $76,174,590 at a weighted average interest rate of 0.082%.

(i) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
CAD	338,000	USD	341,780		03/13	HSB		($2,539	)
CNY	60,000,000	USD	9,457,010		02/13	JPM		154,832
CNY	67,903,046	USD	10,691,709		02/13	RBS		186,180
DKK	1,439,000	USD	255,201		02/13	JPM		(442	)
DKK	297,000	USD	52,526		02/13	RBC		54
EUR	113,206,000	USD	150,054,553		01/13	BOA		(628,204	)
EUR	4,497,000	USD	5,885,116		01/13	JPM		50,703
EUR	307,000	USD	397,463		01/13	RBC		7,762
EUR	7,395,000	USD	9,667,225		01/13	RBS		93,811
EUR	113,207,000	USD	150,452,103		01/13	UBS		(1,024,434	)
EUR	4,513,000	USD	5,951,248		02/13	RBS		7,315
GBP	2,112,000	USD	3,399,370		03/13	DUB		30,749

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-51

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Currency Purchased			Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
MXN	406,593,844		USD	30,704,812		04/13	DUB		$486,939
MXN	141,710,504		USD	10,995,502		04/13	HSB		(124,213	)
MXN	2,039,159		USD	154,443		04/13	HSB		1,991
MXN	5,393,080		USD	419,222		04/13	JPM		(5,493	)
MXN	28,588,748		USD	2,184,849		04/13	JPM		8,330
MXN	1,326,722		USD	100,742		04/13	MSC		1,037
MXN	9,325,039		USD	711,563		04/13	UBS		3,805
USD	371,809,606		BRL	764,552,093		02/13	HSB		(27,124	)
USD	6,908,958		BRL	14,183,400		02/13	UBS		10,920
USD	4,764,989		CAD	4,709,000		03/13	BRC		38,704
USD	152,532,535		CAD	150,317,000		03/13	DUB		1,663,772
USD	48,921,519		CAD	48,310,000		03/13	RBC		434,189
USD	3,169,751	��	CNY	20,004,296		02/13	BRC		(34,885	)
USD	4,500,000		CNY	28,327,500		02/13	CSF		(37,991	)
USD	12,600,000		CNY	79,571,250		02/13	UBS		(147,104	)
USD	18,517,387		DKK	107,886,000		02/13	CIT		(582,660	)
USD	18,522,938		DKK	107,885,000		02/13	RBC		(576,932	)
USD	65,752,812		EUR	50,773,000		01/13	BNP		(1,265,050	)
USD	227,672,048		EUR	176,502,000		01/13	BOA		(5,301,907	)
USD	1,002,728		EUR	775,000		01/13	BRC		(20,234	)
USD	9,834,198		EUR	7,468,000		01/13	CSF		(23,194	)
USD	281,701		EUR	214,000		01/13	MSC		(768	)
USD	26,994,022		EUR	21,780,000		01/13	UBS		(1,760,459	)
USD	150,103,798		EUR	113,206,000		02/13	BOA		636,694
USD	1,148,289		EUR	871,000		02/13	BRC		(1,702	)
USD	150,497,952		EUR	113,207,000		02/13	UBS		1,029,528
USD	5,048,900		EUR	4,000,000		08/13	BNP		(242,247	)
USD	11,810,160		EUR	9,400,000		09/13	BOA		(626,933	)
USD	60,967,020		EUR	47,237,546		09/13	UBS		(1,538,878	)
USD	2,653,119		EUR	2,100,000		04/14	BNP		(132,731	)
USD	2,027,760		EUR	1,600,000		04/14	CIT		(94,793	)
USD	3,793,590		EUR	3,000,000		06/14	BNP		(189,616	)
USD	3,170,000		EUR	2,500,000		06/14	CSF		(149,339	)
USD	2,656,500		EUR	2,100,000		07/14	BNP		(132,866	)
USD	2,024,960		EUR	1,600,000		08/14	BNP		(101,185	)
USD	15,717,582		GBP	9,814,000		03/13	JPM		(221,426	)
USD	22,091,955		JPY	1,811,854,000		01/13	DUB		1,176,581
USD	791,227		JPY	67,750,000		01/13	HSB		9,146
USD	48,504,266		JPY	3,880,000,000		02/13	BOA		3,702,616
USD	23,051,953		JPY	1,840,000,000		02/13	CIT		1,807,156
USD	7,890,801		JPY	630,000,000		02/13	UBS		616,767
USD	61,682,877		MXN	802,247,501		04/13	UBS		138,647
Total Forward Foreign Currency Contracts									($2,697,121	)

(j) Transactions in written options for the year ended December 31, 2012 were as follows:

	Number of Contracts			Notional Amount in $			Notional Amount in EUR			Premium
Outstanding, December 31, 2011		877			2,992,100,000			-			$24,762,520
Call Options Written		771			549,500,000			9,900,000			1,564,713
Put Options Written		771			1,456,600,000			9,900,000			7,600,698
Call Options Exercised		-			(273,800,000	)		-			(587,167	)
Call Options Closed		(771	)		(259,600,000	)		(9,900,000	)		(855,991	)
Put Options Closed		(1,648	)		(3,870,700,000	)		-			(28,467,953	)
Outstanding, December 31, 2012		-			594,100,000			9,900,000			$4,016,820

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-52

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(k) Premiums received and value of written options outstanding as of December 31, 2012 were as follows:

Inflation Floor/Cap Options

Description	Strike Index		Exercise Index	Expiration Date		Counter- party	Notional Amount		Premium		Value
Floor - OTC U.S. CPI Urban Consumers NSA		215.95	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		03/10/20	DUB		$4,200,000		$31,500		($8,898	)
Floor - OTC U.S. CPI Urban Consumers NSA		215.95	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		03/12/20	CIT		11,600,000		98,160		(22,124	)
Floor - OTC U.S. CPI Urban Consumers NSA		216.69	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		04/07/20	CIT		27,900,000		248,820		(54,143	)
Floor - OTC U.S. CPI Urban Consumers NSA		217.97	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		09/29/20	CIT		12,300,000		158,670		(24,358	)
Floor - OTC U.S. CPI Urban Consumers NSA		218.01	Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0		10/13/20	DUB		12,500,000		122,500		(29,719	)
										$659,650		($139,242	)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate Based on 3-Month USD-LIBOR	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	Receive		1.500%		05/30/13	RBS		$16,100,000		$121,555		($42,398	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.200%		03/18/13	BOA		87,100,000		374,158		(76,195	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.200%		03/18/13	DUB		44,600,000		163,905		(39,016	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.200%		03/18/13	MSC		63,600,000		346,536		(55,637	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.200%		03/18/13	RBS		27,900,000		141,592		(24,407	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.400%		03/18/13	CSF		1,400,000		27,020		(441	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.400%		03/18/13	MSC		19,100,000		370,540		(6,015	)
Put - OTC 7-Year Interest Rate Swap	Pay		1.650%		03/18/13	BOA		5,700,000		17,100		(12,644	)
Put - OTC 5-Year Interest Rate Swap	Pay		2.000%		03/18/13	DUB		34,300,000		322,254		(251	)
Put - OTC 1-Year Interest Rate Swap	Pay		2.250%		05/28/13	BOA		97,900,000		484,605		(39	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.750%		05/30/13	RBS		60,600,000		449,580		(32,518	)
Put - OTC 2-Year Interest Rate Swap	Pay		1.200%		07/11/13	DUB		67,300,000		474,987		(7,672	)
	Based on 3-Month EUR-LIBOR
Put - OTC 5-Year Interest Rate Swap	Pay		1.100%		01/21/13	CIT		EUR 7,700,000		48,922		(101	)
Put - OTC 5-Year Interest Rate Swap	Pay		1.100%		01/21/13	CSF		2,200,000		14,416		(29	)
										3,235,615		(254,965	)
										$3,357,170		($297,363	)
Total Written Options										$4,016,820		($436,605	)

(l) Swap agreements outstanding as of December 31, 2012 were as follows:

Credit Default Swaps on Corporate Issues – Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CNA Financial Corp		0.470%		12/20/14	CIT		0.509%		$4,000,000		$2,477			$-		$2,477
Everest Reinsurance Holdings Inc		0.535%		12/20/14	BRC		0.474%		2,000,000		(2,772	)		-		(2,772	)
CNA Financial Corp		0.630%		12/20/14	BOA		0.509%		5,000,000		(12,955	)		-		(12,955	)
Masco Corp		0.915%		12/20/16	CSF		1.689%		3,200,000		93,973			-		93,973
Rohm & Haas Co		0.580%		09/20/17	UBS		0.441%		5,000,000		(33,367	)		-		(33,367	)
Marks & Spencer PLC		0.950%		12/20/17	RBC		1.683%		10,000,000		344,228			-		344,228
											$391,584			$-		$391,584

Credit Default Swaps on Corporate, Sovereign and U. S. Treasury Obligation Issues – Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Morgan Stanley		1.000%		03/20/13	DUB		0.393%		$400,000		$665		($17,772	)		$18,437
MetLife Inc		1.000%		09/20/13	JPM		0.279%		9,030,000		50,392		(506,399	)		556,791
General Electric Capital Corp		4.000%		12/20/13	CIT		0.220%		4,600,000		176,149		-			176,149

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-53

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
General Electric Capital Corp		4.200%		12/20/13	CIT		0.220%		$11,400,000		$459,600			$-			$459,600
General Electric Capital Corp		4.230%		12/20/13	DUB		0.220%		7,700,000		312,767			-			312,767
General Electric Capital Corp		4.325%		12/20/13	CIT		0.220%		7,200,000		299,374			-			299,374
General Electric Capital Corp		4.400%		12/20/13	BRC		0.220%		13,400,000		567,331			-			567,331
General Electric Capital Corp		4.500%		12/20/13	BRC		0.220%		16,900,000		732,605			-			732,605
General Electric Capital Corp		4.700%		12/20/13	BRC		0.220%		13,500,000		612,519			-			612,519
General Electric Capital Corp		4.850%		12/20/13	CIT		0.220%		5,900,000		276,643			-			276,643
General Electric Capital Corp		4.900%		12/20/13	DUB		0.220%		2,800,000		132,704			-			132,704
MetLife Inc		1.000%		06/20/14	DUB		0.550%		15,000,000		104,470			(66,241	)		170,711
MetLife Inc		1.000%		12/20/14	CIT		0.730%		8,600,000		48,611			(221,596	)		270,207
MetLife Inc		1.000%		12/20/14	CSF		0.730%		17,700,000		100,049			(349,232	)		449,281
Berkshire Hathaway Finance Inc		1.000%		03/20/15	BOA		0.671%		4,300,000		32,737			(75,980	)		108,717
Mexico Government		1.000%		03/20/15	BRC		0.451%		3,000,000		37,558			(67,496	)		105,054
Mexico Government		1.000%		03/20/15	CIT		0.451%		3,000,000		37,558			(68,880	)		106,438
Mexico Government		1.000%		03/20/15	DUB		0.451%		1,500,000		18,779			(34,440	)		53,219
Berkshire Hathaway Finance Inc		1.000%		03/20/15	GSC		0.671%		2,200,000		16,749			(38,874	)		55,623
China Government		1.000%		03/20/15	MSC		0.217%		1,700,000		30,187			(25,506	)		55,693
Berkshire Hathaway Finance Inc		1.000%		03/20/15	UBS		0.671%		2,200,000		16,749			(39,880	)		56,629
China Government		1.000%		06/20/15	BOA		0.253%		4,500,000		84,689			75,362			9,327
China Government		1.000%		06/20/15	CIT		0.253%		1,000,000		18,820			16,386			2,434
Brazilian Government		1.000%		06/20/15	CSF		0.604%		13,400,000		135,265			(282,871	)		418,136
Brazilian Government		1.000%		06/20/15	JPM		0.604%		8,400,000		84,793			(92,192	)		176,985
China Government		1.000%		06/20/15	RBS		0.253%		2,200,000		41,403			37,125			4,278
U.S. Treasury Notes		0.250%		09/20/15	UBS		0.197%		EUR 10,100,000		20,320			(62,585	)		82,905
Brazilian Government		1.000%		09/20/15	BOA		0.648%		$700,000		6,915			(6,372	)		13,287
Mexico Government		1.000%		09/20/15	BOA		0.551%		300,000		3,758			(4,244	)		8,002
Brazilian Government		1.000%		09/20/15	BRC		0.648%		2,300,000		22,721			(19,842	)		42,563
Brazilian Government		1.000%		09/20/15	CIT		0.648%		1,000,000		9,879			(15,694	)		25,573
Mexico Government		1.000%		09/20/15	CIT		0.551%		1,000,000		12,528			(15,080	)		27,608
Indonesia Government		1.000%		09/20/15	DUB		0.620%		1,000,000		10,633			(23,587	)		34,220
Brazilian Government		1.000%		09/20/15	HSB		0.648%		2,600,000		25,684			(25,870	)		51,554
Brazilian Government		1.000%		09/20/15	JPM		0.648%		2,900,000		28,648			(29,862	)		58,510
Brazilian Government		1.000%		09/20/15	UBS		0.648%		600,000		5,927			(5,677	)		11,604
Mexico Government		1.000%		09/20/15	UBS		0.551%		500,000		6,264			(7,073	)		13,337
Brazilian Government		1.000%		12/20/15	BRC		0.684%		13,000,000		125,659			(75,003	)		200,662
Japanese Government		1.000%		12/20/15	GSC		0.435%		3,200,000		54,636			78,276			(23,640	)
Mexico Government		1.000%		12/20/15	GSC		0.588%		4,500,000		56,392			(121,173	)		177,565
Brazilian Government		1.000%		12/20/15	MSC		0.684%		12,900,000		124,692			(74,426	)		199,118
France Government		0.250%		03/20/16	BOA		0.467%		1,600,000		(11,014	)		(64,735	)		53,721
China Government		1.000%		03/20/16	BNP		0.327%		400,000		8,783			4,839			3,944
American International Group Inc		1.000%		03/20/16	BOA		0.827%		13,000,000		75,846			(458,563	)		534,409
Japanese Government		1.000%		03/20/16	BOA		0.458%		900,000		15,941			12,448			3,493
Brazilian Government		1.000%		03/20/16	BRC		0.715%		6,000,000		56,721			(40,216	)		96,937
China Government		1.000%		03/20/16	BRC		0.327%		800,000		17,565			9,560			8,005
American International Group Inc		1.000%		03/20/16	CIT		0.827%		12,900,000		75,263			(460,757	)		536,020
Mexico Government		1.000%		03/20/16	DUB		0.619%		12,300,000		154,170			(90,237	)		244,407
Mexico Government		1.000%		03/20/16	HSB		0.619%		18,000,000		225,615			(133,510	)		359,125
Japanese Government		1.000%		03/20/16	JPM		0.458%		2,000,000		35,423			17,580			17,843
United Kingdom Index-Linked Treasury Gilt		1.000%		06/20/16	BOA		0.253%		6,800,000		178,340			139,356			38,984
Indonesia Government		1.000%		06/20/16	BRC		0.787%		6,400,000		48,946			(101,386	)		150,332
China Government		1.000%		06/20/16	CIT		0.376%		8,100,000		177,701			87,333			90,368
Mexico Government		1.000%		06/20/16	CIT		0.669%		6,200,000		72,780			(13,370	)		86,150
China Government		1.000%		06/20/16	DUB		0.376%		7,500,000		164,538			79,079			85,459
United Kingdom Index-Linked Treasury Gilt		1.000%		06/20/16	DUB		0.253%		41,800,000		1,096,267			860,333			235,934
Brazilian Government		1.000%		06/20/16	HSB		0.771%		6,400,000		52,649			(218,162	)		270,811
China Government		1.000%		06/20/16	JPM		0.376%		1,800,000		39,489			19,376			20,113
China Government		1.000%		06/20/16	RBS		0.376%		1,800,000		39,489			18,942			20,547
United Kingdom Index-Linked Treasury Gilt		1.000%		06/20/16	UBS		0.253%		74,100,000		1,943,382			1,282,003			661,379
U.S. Treasury Notes		0.250%		09/20/16	UBS		0.255%		EUR 13,600,000		(2,029	)		(190,345	)		188,316
China Government		1.000%		09/20/16	DUB		0.417%		$1,500,000		32,880			8,287			24,593
China Government		1.000%		09/20/16	GSC		0.417%		500,000		10,960			2,679			8,281
Mexico Government		1.000%		09/20/16	GSC		0.712%		2,300,000		25,182			(11,064	)		36,246
China Government		1.000%		09/20/16	JPM		0.417%		3,200,000		70,145			18,578			51,567
China Government		1.000%		09/20/16	MSC		0.417%		1,600,000		35,072			8,159			26,913
Indonesia Government		1.000%		09/20/16	MSC		0.867%		4,400,000		22,906			(336,028	)		358,934
Mexico Government		1.000%		09/20/16	MSC		0.712%		4,600,000		50,365			(20,427	)		70,792
China Government		1.000%		09/20/16	RBS		0.417%		1,000,000		21,920			6,952			14,968

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-54

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
China Government		1.000%		09/20/16	UBS		0.417%		$100,000		$2,192			$519			$1,673
Mexico Government		1.000%		09/20/16	UBS		0.712%		1,200,000		13,139			(5,265	)		18,404
Japanese Government		1.000%		03/20/17	BOA		0.616%		22,400,000		366,331			(161,342	)		527,673
Japanese Government		1.000%		03/20/17	GSC		0.616%		5,600,000		91,583			(37,492	)		129,075
Japanese Government		1.000%		03/20/17	MSC		0.616%		10,200,000		166,811			(75,276	)		242,087
Mexico Government		1.000%		06/20/17	CSF		0.840%		800,000		5,895			(7,643	)		13,538
The Goldman Sachs Group Inc		1.000%		06/20/17	CSF		1.373%		10,000,000		(157,534	)		(945,393	)		787,859
Mexico Government		1.000%		06/20/17	DUB		0.840%		1,200,000		8,842			(12,050	)		20,892
Mexico Government		1.000%		06/20/17	GSC		0.840%		2,000,000		14,737			(20,967	)		35,704
Panama Government		1.000%		06/20/17	GSC		0.856%		7,085,000		47,126			(48,734	)		95,860
Russian Foreign Bond		1.000%		06/20/17	GSC		1.165%		500,000		(3,426	)		(34,502	)		31,076
Reynolds American Inc		1.280%		06/20/17	BOA		0.844%		3,600,000		70,324			-			70,324
Reynolds American Inc		1.280%		06/20/17	CIT		0.844%		3,500,000		68,371			-			68,371
UnitedHealth Group Inc		1.000%		03/20/18	BOA		0.718%		10,000,000		146,811			(63,269	)		210,080
MetLife Inc		1.000%		03/20/18	DUB		1.590%		7,200,000		(207,476	)		(408,988	)		201,512
											$10,312,843			($3,550,396	)		$13,863,239

Credit Default Swaps on Credit Indices – Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Notional Amount (4)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Depreciation
CME - Dow Jones CDX HY17 5Y		5.000%		12/20/16	CME		$2,592,000		($75,569	)		$162,000			($237,569	)
CME - Dow Jones CDX IG18 5Y		1.000%		06/20/17	CME		226,300,000		(1,595,703	)		1,156,888			(2,752,591	)
CME - Dow Jones CDX HY18 5Y		5.000%		06/20/17	CME		48,015,000		(845,888	)		1,919,653			(2,765,541	)
CME - Dow Jones CDX IG19 5Y		1.000%		12/20/17	CME		417,100,000		(1,056,165	)		(747,128	)		(309,037	)
CME - Dow Jones CDX HY19 5Y		5.000%		12/20/17	CME		1,300,000		(7,059	)		(4,875	)		(2,184	)
									($3,580,384	)		$2,486,538			($6,066,922	)

Credit Default Swaps on Credit Indices – Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Notional Amount (4)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC - Dow Jones CDX IG10 5Y		0.463%		06/20/13	GSC		$6,076,343		$14,188			$ -			$14,188
OTC - Dow Jones CDX IG10 5Y		0.530%		06/20/13	DUB		4,918,944		13,170			-			13,170
OTC - Dow Jones CDX EM12 5Y		5.000%		12/20/14	DUB		2,100,000		132,303			210,450			(78,147	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	BRC		9,400,000		725,813			1,038,600			(312,787	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	CSF		800,000		61,771			100,000			(38,229	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	DUB		6,400,000		494,171			697,200			(203,029	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	GSC		300,000		23,165			37,350			(14,185	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	HSB		35,400,000		2,733,383			2,948,700			(215,317	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	JPM		2,500,000		193,036			287,600			(94,564	)
OTC - Dow Jones CDX EM13 5Y		5.000%		06/20/15	MSC		15,000,000		1,158,213			1,743,250			(585,037	)
OTC - Dow Jones CDX IG9 10Y		0.548%		12/20/17	GSC		3,761,546		62,203			-			62,203
OTC - CMBX NA AAA 3		0.080%		12/13/49	BOA		2,400,000		(103,243	)		(138,750	)		35,507
									$5,508,173			$6,924,400			($1,416,227	)
Total Credit Default Swaps									$12,632,216			$5,860,542			$6,771,674

(1) If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2) If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(3) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements on corporate issues, sovereign issues of an emerging country and U.S. Treasury Obligation issues as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-55

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(4) The maximum potential amount the portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(5) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and is a representation of the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the year end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest Rate Swaps

Floating Rate Index	Counter- party	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CME- 3-Month USD-LIBOR	CME	Pay		1.500%		03/18/16		$527,300,000		$4,006,341			$2,969,505			$1,036,836
OTC- 28-Day Mexico Interbank TIIE Banxico	BRC	Pay		5.600%		09/06/16		MXN 24,100,000		26,511			12,013			14,498
OTC- 28-Day Mexico Interbank TIIE Banxico	HSB	Pay		5.600%		09/06/16		337,200,000		370,928			128,118			242,810
OTC- 28-Day Mexico Interbank TIIE Banxico	BRC	Pay		5.000%		09/13/17		4,900,000		(4,446	)		(2,848	)		(1,598	)
OTC- 28-Day Mexico Interbank TIIE Banxico	HSB	Pay		5.000%		09/13/17		14,800,000		(13,429	)		(9,434	)		(3,995	)
OTC- 28-Day Mexico Interbank TIIE Banxico	BRC	Pay		5.500%		09/13/17		33,000,000		24,684			(7,366	)		32,050
OTC- 28-Day Mexico Interbank TIIE Banxico	HSB	Pay		5.500%		09/13/17		10,000,000		7,480			(2,246	)		9,726
OTC- 28-Day Mexico Interbank TIIE Banxico	MSC	Pay		5.500%		09/13/17		33,000,000		24,684			(7,734	)		32,418
OTC- 1-Day USD-Federal Funds Rate Compounded-OIS	GSC	Pay		1.000%		10/15/17		$1,700,000		668			(1,608	)		2,276
OTC- 1-Day USD-Federal Funds Rate Compounded-OIS	MSC	Pay		1.000%		10/15/17		57,700,000		22,670			(173,480	)		196,150
OTC- 28-Day Mexico Interbank TIIE Banxico	MSC	Pay		6.350%		06/02/21		MXN 160,000,000		563,363			241,346			322,017
OTC- 28-Day Mexico Interbank TIIE Banxico	BOA	Pay		5.500%		09/02/22		20,400,000		(33,787	)		(30,763	)		(3,024	)
OTC- 28-Day Mexico Interbank TIIE Banxico	MSC	Pay		5.500%		09/02/22		67,000,000		(110,968	)		(109,423	)		(1,545	)
OTC- 28-Day Mexico Interbank TIIE Banxico	BRC	Pay		5.750%		09/02/22		38,000,000		(6,777	)		(5,253	)		(1,524	)
OTC- 28-Day Mexico Interbank TIIE Banxico	UBS	Pay		5.750%		09/02/22		23,000,000		(4,102	)		(3,774	)		(328	)
CME- 3-Month USD-LIBOR	CME	Receive		2.500%		12/19/42		$300,400,000		18,418,053			5,300,320			13,117,733
Total Interest Rate Swaps										$23,291,873			$8,297,373			$14,994,500
Total Swap Agreements										$35,924,089			$14,157,915			$21,766,174

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-56

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(m) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Financials		$3,675,107			$-			$1,964,438			$1,710,669
	Convertible Preferred Stocks (1)		61,250,000			61,250,000			-			-
	Corporate Bonds & Notes		1,135,625,348			-			1,135,625,348			-
	Senior Loan Notes		17,949,366			-			17,949,366			-
	Mortgage-Backed Securities		3,028,486,026			-			3,012,632,396			15,853,630
	Asset-Backed Securities		82,756,501			-			82,756,501			-
	U.S. Government Agency Issues		207,738,413			-			207,738,413			-
	U.S. Treasury Obligations		1,150,033,067			-			1,150,033,067			-
	Foreign Government Bonds & Notes		1,095,756,864			-			1,095,756,864			-
	Municipal Bonds		206,579,433			-			206,579,433			-
	Short-Term Investments		97,239,176			-			97,239,176			-
	Derivatives:
	Credit Contracts
	Swaps		16,746,416			-			16,746,416			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		12,298,228			-			12,298,228			-
	Interest Rate Contracts
	Futures		1,315,854			1,315,854			-			-
	Swaps		23,465,382			-			23,465,382			-
	Total Interest Rate Contracts		24,781,236			1,315,854			23,465,382			-
	Total Assets - Derivatives		53,825,880			1,315,854			52,510,026			-
	Total Assets		7,140,915,181			62,565,854			7,060,785,028			17,564,299
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(4,114,200	)		-			(4,114,200	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(14,995,349	)		-			(14,995,349	)		-
	Interest Rate Contracts
	Futures		(574,146	)		(574,146	)		-			-
	Written Options		(436,605	)		-			(297,363	)		(139,242	)
	Swaps		(173,509	)		-			(173,509	)		-
	Total Interest Rate Contracts		(1,184,260	)		(574,146	)		(470,872	)		(139,242	)
	Total Liabilities - Derivatives		(20,293,809	)		(574,146	)		(19,580,421	)		(139,242	)
	Total Liabilities		(20,293,809	)		(574,146	)		(19,580,421	)		(139,242	)
	Total		$7,120,621,372			$61,991,708			$7,041,204,607			$17,425,057	��

Certain of the portfolio’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of December 31, 2012, such liabilities are categorized within the three-tier hierarchy of inputs as follows:

		Total Value at December 31, 2012			Level 1		Level 2			Level 3
Liabilities	Sale-Buyback Financing Transactions		($194,501,310	)		$-		($194,501,310	)		$-
	Reverse Repurchase Agreements		(73,842,000	)		-		(73,842,000	)		-
	Total		($268,343,310	)		$-		($268,343,310	)		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-57

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments

December 31, 2012

	Principal Amount		Value
CORPORATE BONDS & NOTES - 48.7%
Consumer Discretionary - 2.7%
CBS Corp 1.950% due 07/01/17		$2,015,000		$2,054,355
Cox Communications Inc 5.450% due 12/15/14		3,425,000		3,737,004
D.R. Horton Inc 4.750% due 05/15/17		5,750,000		6,138,125
DIRECTV Holdings LLC 4.750% due 10/01/14		8,125,000		8,678,889
Dollar General Corp 4.125% due 07/15/17		4,480,000		4,726,400
Easton-Bell Sports Inc 9.750% due 12/01/16		1,725,000		1,856,704
NBCUniversal Media LLC 2.100% due 04/01/14		7,050,000		7,181,243
Speedway Motorsports Inc 8.750% due 06/01/16		1,860,000		1,997,175
Staples Inc 9.750% due 01/15/14		5,500,000		5,981,080
TCM Sub LLC 3.550% due 01/15/15 ~		8,005,000		8,368,707
The Interpublic Group of Cos Inc 2.250% due 11/15/17		3,820,000		3,767,964
6.250% due 11/15/14		4,848,000		5,272,200
Thomson Reuters Corp (Canada) 5.950% due 07/15/13		3,500,000		3,598,914
Time Warner Cable Inc 7.500% due 04/01/14		1,530,000		1,658,339
8.250% due 02/14/14		1,168,000		1,265,578
				66,282,677
Consumer Staples - 3.2%
Altria Group Inc 8.500% due 11/10/13		5,625,000		5,994,484
Anheuser-Busch InBev Worldwide Inc 1.500% due 07/14/14		4,695,000		4,764,617
BAT International Finance PLC (United Kingdom) 1.400% due 06/05/15 ~		7,085,000		7,190,871
8.125% due 11/15/13 ~		7,361,000		7,809,697
Bunge Ltd Finance Corp 3.200% due 06/15/17		2,665,000		2,783,241
5.350% due 04/15/14		7,033,000		7,402,901
5.875% due 05/15/13		3,457,000		3,518,638
Coca-Cola Amatil Ltd (Australia) 3.250% due 11/02/14 ~		8,145,000		8,436,404
Heineken NV (Netherlands) 1.400% due 10/01/17 ~		3,845,000		3,836,372
Kraft Foods Group Inc 1.625% due 06/04/15 ~		5,345,000		5,443,204
Molson Coors Brewing Co 2.000% due 05/01/17		4,415,000		4,526,015
Pernod-Ricard SA (France) 2.950% due 01/15/17 ~		6,600,000		6,945,886
Reynolds American Inc 1.050% due 10/30/15		1,310,000		1,310,396
SABMiller Holdings Inc 1.850% due 01/15/15 ~		7,885,000		8,043,764
				78,006,490
Energy - 5.9%
Anadarko Petroleum Corp 6.375% due 09/15/17		5,805,000		6,938,937
Apache Corp 1.750% due 04/15/17		1,370,000		1,407,790
BG Energy Capital PLC (United Kingdom) 2.875% due 10/15/16 ~		6,400,000		6,758,970

	Principal Amount		Value
Bill Barrett Corp 9.875% due 07/15/16		$1,750,000		$1,907,500
BP Capital Markets PLC (United Kingdom) 1.375% due 11/06/17		5,600,000		5,609,391
Canadian Natural Resources Ltd (Canada) 1.450% due 11/14/14		2,395,000		2,430,166
5.700% due 05/15/17		5,985,000		7,054,897
DCP Midstream LLC 9.700% due 12/01/13 ~		3,090,000		3,329,450
DCP Midstream Operating LP 2.500% due 12/01/17		2,100,000		2,090,441
Devon Energy Corp 1.875% due 05/15/17		3,020,000		3,080,823
Ensco PLC (United Kingdom) 3.250% due 03/15/16		7,585,000		8,047,275
Enterprise Products Operating LLC 1.250% due 08/13/15		3,930,000		3,956,366
5.650% due 04/01/13		5,950,000		6,016,723
6.375% due 02/01/13		2,622,000		2,632,506
Gazprom OAO (Luxembourg) 4.950% due 05/23/16 ~		4,880,000		5,252,100
GlobalSantaFe Corp (Cayman) 5.000% due 02/15/13		1,800,000		1,808,672
Kinder Morgan Energy Partners LP 3.500% due 03/01/16		1,040,000		1,112,328
5.125% due 11/15/14		2,985,000		3,216,391
Korea National Oil Corp (South Korea) 4.000% due 10/27/16 ~		1,070,000		1,160,794
Magellan Midstream Partners LP 6.450% due 06/01/14		2,610,000		2,782,996
Marathon Oil Corp 0.900% due 11/01/15		4,970,000		4,977,057
Noble Corp (Cayman) 5.875% due 06/01/13		40,000		40,837
Noble Holding International Ltd (Cayman) 2.500% due 03/15/17		770,000		795,207
3.450% due 08/01/15		3,813,000		4,020,233
7.375% due 03/15/14		700,000		752,415
Occidental Petroleum Corp 1.750% due 02/15/17		4,090,000		4,196,864
Petrohawk Energy Corp 7.250% due 08/15/18		7,800,000		8,812,775
10.500% due 08/01/14		1,650,000		1,757,889
Phillips 66 1.950% due 03/05/15 ~		3,415,000		3,486,080
Pioneer Natural Resources Co 5.875% due 07/15/16		5,805,000		6,585,854
Regency Energy Partners LP 9.375% due 06/01/16		488,000		525,820
Rowan Cos Inc 5.000% due 09/01/17		2,035,000		2,262,293
Talisman Energy Inc (Canada) 5.125% due 05/15/15		6,030,000		6,502,734
TransCanada PipeLines Ltd (Canada) 0.875% due 03/02/15		1,455,000		1,464,027
Transocean Inc (Cayman) 2.500% due 10/15/17		2,070,000		2,093,375
4.950% due 11/15/15		4,465,000		4,891,742
5.050% due 12/15/16		1,740,000		1,938,544
5.250% due 03/15/13		4,395,000		4,433,825
Williams Partners LP 3.800% due 02/15/15		3,400,000		3,596,734
Woodside Finance Ltd (Australia) 4.500% due 11/10/14 ~		5,115,000		5,412,647
5.000% due 11/15/13 ~		745,000		769,812
				145,911,280

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-58

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Financials - 19.5%
ACE INA Holdings Inc 5.875% due 06/15/14		$3,000,000		$3,222,846
Aflac Inc 2.650% due 02/15/17		920,000		967,766
Ally Financial Inc 3.125% due 01/15/16		6,000,000		6,009,402
American Express Credit Corp 1.750% due 06/12/15		3,590,000		3,667,117
5.125% due 08/25/14		5,650,000		6,055,501
American International Group Inc 3.000% due 03/20/15		1,390,000		1,447,001
4.250% due 09/15/14		8,475,000		8,934,930
American Tower Corp REIT 4.625% due 04/01/15		11,574,000		12,308,486
Bank of America Corp 1.500% due 10/09/15		9,805,000		9,860,996
Bank of Nova Scotia (Canada) 0.750% due 10/09/15		5,815,000		5,786,623
Barclays Bank PLC (United Kingdom) 5.200% due 07/10/14		14,020,000		14,923,028
BB&T Corp 1.600% due 08/15/17		3,130,000		3,169,936
5.700% due 04/30/14		6,345,000		6,764,715
Berkshire Hathaway Inc 2.200% due 08/15/16		11,000,000		11,484,055
Boston Properties LP REIT 5.000% due 06/01/15		5,860,000		6,405,361
Capital One Financial Corp 2.125% due 07/15/14		647,000		658,882
2.150% due 03/23/15		5,485,000		5,601,436
7.375% due 05/23/14		5,075,000		5,522,579
CIT Group Inc 4.750% due 02/15/15 ~		3,770,000		3,939,650
Citigroup Inc 0.593% due 11/05/14 §		6,800,000		6,752,087
1.238% due 04/01/14 §		3,518,000		3,522,992
CNH Capital LLC 3.875% due 11/01/15 ~		8,230,000		8,528,337
Commonwealth Bank of Australia (Australia) 1.900% due 09/18/17		3,970,000		4,062,120
Daimler Finance North America LLC 0.920% due 03/28/14 § ~		7,320,000		7,337,692
1.875% due 09/15/14 ~		8,005,000		8,139,612
DNB Bank ASA (Norway) 3.200% due 04/03/17 ~		10,220,000		10,892,292
Fifth Third Bancorp 3.625% due 01/25/16		2,690,000		2,875,486
6.250% due 05/01/13		5,445,000		5,548,858
Ford Motor Credit Co LLC 2.750% due 05/15/15		7,465,000		7,622,392
3.000% due 06/12/17		4,180,000		4,297,667
3.875% due 01/15/15		6,325,000		6,598,822
Franklin Resources Inc 1.375% due 09/15/17		1,875,000		1,885,744
General Electric Capital Corp 0.981% due 04/07/14 §		9,860,000		9,916,350
1.875% due 09/16/13		2,125,000		2,146,333
Harley-Davidson Financial Services Inc 1.150% due 09/15/15 ~		5,560,000		5,577,853
HSBC USA Inc 1.625% due 01/16/18		6,730,000		6,741,629
2.375% due 02/13/15		3,900,000		4,013,463
Hyundai Capital America 1.625% due 10/02/15 ~		3,450,000		3,472,777
Hyundai Capital Services Inc (South Korea) 3.500% due 09/13/17 ~		2,410,000		2,546,859
4.375% due 07/27/16 ~		5,000,000		5,380,110

	Principal Amount		Value
JPMorgan Chase & Co 1.058% due 05/02/14 §		$5,140,000		$5,176,962
2.000% due 08/15/17		12,075,000		12,343,802
KeyCorp 3.750% due 08/13/15		3,492,000		3,738,958
Kilroy Realty LP REIT 5.000% due 11/03/15		4,780,000		5,227,776
MetLife Inc 2.375% due 02/06/14		1,550,000		1,579,444
Metropolitan Life Global Funding I 1.700% due 06/29/15 ~		11,010,000		11,245,724
5.125% due 06/10/14 ~		3,725,000		3,961,433
Morgan Stanley 1.916% due 01/24/14 §		16,825,000		16,937,929
National Bank of Canada (Canada) 1.450% due 11/07/17		10,080,000		10,099,233
National Rural Utilities Cooperative Finance Corp 1.000% due 02/02/15		1,015,000		1,022,981
New York Life Global Funding 2.450% due 07/14/16 ~		7,735,000		8,109,622
Nissan Motor Acceptance Corp 1.950% due 09/12/17 ~		6,340,000		6,431,505
Nordea Bank AB (Sweden) 2.125% due 01/14/14 ~		14,815,000		14,960,246
Principal Financial Group Inc 1.850% due 11/15/17		1,225,000		1,232,452
Principal Life Global Funding II 1.000% due 12/11/15 ~		5,575,000		5,570,323
Prudential Financial Inc 2.750% due 01/14/13		6,325,000		6,331,015
5.100% due 09/20/14		5,249,000		5,620,608
Simon Property Group LP REIT 4.200% due 02/01/15		9,171,000		9,729,661
SLM Corp 4.625% due 09/25/17		10,610,000		10,869,807
Societe Generale SA (France) 2.500% due 01/15/14 ~		2,660,000		2,700,272
Sumitomo Mitsui Banking Corp (Japan) 1.900% due 01/12/15 ~		6,500,000		6,633,302
Sun Life Financial Global Funding III LP 0.561% due 10/06/13 § ~		9,335,000		9,315,611
The Goldman Sachs Group Inc 1.312% due 02/07/14 §		3,720,000		3,731,882
1.600% due 11/23/15		11,110,000		11,195,003
The Royal Bank of Scotland Group PLC (United Kingdom) 2.550% due 09/18/15		5,235,000		5,360,635
U.S. Bancorp 2.200% due 11/15/16		9,075,000		9,461,159
UBS AG (Switzerland) 1.313% due 01/28/14 §		8,820,000		8,876,413
Union Bank NA 2.125% due 06/16/17		7,260,000		7,470,867
Ventas Realty LP REIT 2.000% due 02/15/18		1,945,000		1,947,869
3.125% due 11/30/15		4,850,000		5,116,173
Volkswagen International Finance NV (Netherlands) 1.625% due 03/22/15 ~		10,995,000		11,151,041
WEA Finance LLC 5.750% due 09/02/15 ~		5,280,000		5,898,145
Wells Fargo & Co 1.250% due 02/13/15		7,870,000		7,947,449
2.100% due 05/08/17		6,630,000		6,859,411
				478,444,498

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-59

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Health Care - 4.5%
AbbVie Inc 1.200% due 11/06/15 ~		$10,165,000		$10,239,194
Aetna Inc 1.500% due 11/15/17		1,320,000		1,323,704
Agilent Technologies Inc 2.500% due 07/15/13		3,700,000		3,733,285
6.500% due 11/01/17		5,905,000		7,143,367
Baxter International Inc 1.850% due 01/15/17		1,910,000		1,969,496
Boston Scientific Corp 4.500% due 01/15/15		13,594,000		14,455,873
Cardinal Health Inc 1.900% due 06/15/17		3,390,000		3,455,647
Catholic Health Initiatives 1.600% due 11/01/17		675,000		683,013
Celgene Corp 1.900% due 08/15/17		15,165,000		15,448,798
Express Scripts Holding Co 2.750% due 11/21/14 ~		5,095,000		5,258,392
3.125% due 05/15/16		2,750,000		2,900,881
6.250% due 06/15/14		4,252,000		4,580,493
Gilead Sciences Inc 2.400% due 12/01/14		4,465,000		4,606,590
Life Technologies Corp 3.375% due 03/01/13		6,510,000		6,529,908
3.500% due 01/15/16		4,365,000		4,596,445
McKesson Corp 0.950% due 12/04/15		1,935,000		1,938,949
UnitedHealth Group Inc 0.850% due 10/15/15		2,155,000		2,163,357
1.875% due 11/15/16		2,145,000		2,210,305
Watson Pharmaceuticals Inc 1.875% due 10/01/17		4,955,000		5,024,018
5.000% due 08/15/14		4,245,000		4,523,956
WellPoint Inc 1.250% due 09/10/15		3,630,000		3,660,830
6.000% due 02/15/14		4,017,000		4,252,617
				110,699,118
Industrials - 2.2%
CSX Corp 5.750% due 03/15/13		3,375,000		3,409,955
Eaton Corp 1.500% due 11/02/17 ~		2,745,000		2,752,779
ERAC USA Finance LLC 1.400% due 04/15/16 ~		505,000		508,745
2.750% due 07/01/13 ~		9,825,000		9,930,796
2.750% due 03/15/17 ~		2,050,000		2,141,198
GATX Corp 3.500% due 07/15/16		4,875,000		5,084,381
General Electric Co 0.850% due 10/09/15		10,740,000		10,784,345
Heathrow Funding Ltd (United Kingdom) 2.500% due 06/25/17 ~		6,920,000		7,151,163
Roper Industries Inc 1.850% due 11/15/17		1,100,000		1,100,044
6.625% due 08/15/13		1,770,000		1,833,343
Southwest Airlines Co 5.250% due 10/01/14		4,000,000		4,258,940
United Air Lines Inc 9.875% due 08/01/13 ~		1,556,000		1,568,643
Waste Management Inc 5.000% due 03/15/14		2,925,000		3,071,171
				53,595,503

	Principal Amount		Value
Information Technology - 1.4%
Altera Corp 1.750% due 05/15/17		$4,020,000		$4,110,486
Autodesk Inc 1.950% due 12/15/17		1,945,000		1,936,878
Broadcom Corp 1.500% due 11/01/13		2,045,000		2,062,634
2.375% due 11/01/15		4,385,000		4,574,059
Fiserv Inc 3.125% due 06/15/16		1,435,000		1,508,268
Hewlett-Packard Co 2.350% due 03/15/15		2,910,000		2,924,332
2.625% due 12/09/14		850,000		860,407
6.125% due 03/01/14		5,000,000		5,257,570
HP Enterprise Services LLC 6.000% due 08/01/13		2,950,000		3,024,724
Xerox Corp 1.130% due 05/16/14 §		1,845,000		1,841,762
2.950% due 03/15/17		800,000		821,368
5.650% due 05/15/13		5,187,000		5,276,408
				34,198,896
Materials - 1.8%
ArcelorMittal (Luxembourg) 5.375% due 06/01/13		3,765,000		3,803,226
Barrick Gold Financeco LLC 6.125% due 09/15/13		3,540,000		3,672,368
CRH America Inc 5.300% due 10/15/13		1,220,000		1,260,543
Eastman Chemical Co 2.400% due 06/01/17		3,870,000		4,001,495
International Paper Co 5.300% due 04/01/15		3,360,000		3,650,106
Rock-Tenn Co 3.500% due 03/01/20 ~		5,145,000		5,284,460
Teck Resources Ltd (Canada) 2.500% due 02/01/18		1,805,000		1,844,046
The Dow Chemical Co 2.500% due 02/15/16		9,250,000		9,621,341
The Sherwin-Williams Co 1.350% due 12/15/17		10,500,000		10,485,436
				43,623,021
Telecommunication Services - 3.5%
America Movil SAB de CV (Mexico) 2.375% due 09/08/16		3,640,000		3,800,488
3.625% due 03/30/15		2,500,000		2,663,093
AT&T Inc 0.875% due 02/13/15		3,760,000		3,779,601
British Telecommunications PLC (United Kingdom) 1.434% due 12/20/13 §		4,285,000		4,321,551
5.150% due 01/15/13		6,500,000		6,509,022
CC Holdings GS V LLC 2.381% due 12/15/17 ~		1,705,000		1,714,690
7.750% due 05/01/17 ~		2,480,000		2,634,814
Crown Castle Towers LLC 4.523% due 01/15/35 ~		7,250,000		7,646,988
Digicel Ltd (Bermuda) 12.000% due 04/01/14 ~		1,650,000		1,802,625
GTP Acquisition Partners I LLC 4.347% due 06/15/41 ~		2,485,000		2,640,490
Rogers Communications Inc (Canada) 6.375% due 03/01/14		12,500,000		13,320,862
SBA Tower Trust 2.933% due 12/15/42 ~		9,280,000		9,718,772
Telecom Italia Capital SA (Luxembourg) 5.250% due 11/15/13		10,175,000		10,480,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-60

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Telefonica Emisiones SAU (Spain) 2.582% due 04/26/13		$4,720,000		$4,748,320
5.855% due 02/04/13		7,150,000		7,192,900
Vivendi SA (France) 2.400% due 04/10/15 ~		3,520,000		3,596,021
				86,570,487
Utilities - 4.0%
CenterPoint Energy Resources Corp 7.875% due 04/01/13		10,370,000		10,546,456
CMS Energy Corp 2.750% due 05/15/14		6,235,000		6,354,088
Commonwealth Edison Co 1.625% due 01/15/14		6,000,000		6,066,054
1.950% due 09/01/16		1,605,000		1,656,798
Dominion Resources Inc 1.950% due 08/15/16		2,165,000		2,226,250
DTE Energy Co 1.011% due 06/03/13 §		4,645,000		4,654,295
Duke Energy Corp 1.625% due 08/15/17		2,775,000		2,784,346
2.150% due 11/15/16		6,350,000		6,570,148
Enel Finance International NV (Netherlands) 3.875% due 10/07/14 ~		1,855,000		1,910,743
5.700% due 01/15/13 ~		4,825,000		4,828,073
Georgia Power Co 1.300% due 09/15/13		5,150,000		5,181,456
Great Plains Energy Inc 2.750% due 08/15/13		2,915,000		2,945,669
Iberdrola Finance Ireland Ltd (Ireland) 3.800% due 09/11/14 ~		5,195,000		5,338,159
Korea Hydro & Nuclear Power Co Ltd (South Korea) 3.125% due 09/16/15 ~		4,240,000		4,437,999
MidAmerican Energy Holdings Co 5.000% due 02/15/14		7,054,000		7,388,642
Mississippi Power Co 2.350% due 10/15/16		1,430,000		1,498,277
NextEra Energy Capital Holdings Inc 1.200% due 06/01/15		2,315,000		2,332,851
NiSource Finance Corp 5.400% due 07/15/14		3,539,000		3,772,762
6.150% due 03/01/13		891,000		898,435
Progress Energy Inc 6.050% due 03/15/14		3,448,000		3,660,442
PSEG Power LLC 2.750% due 09/15/16		1,755,000		1,827,269
Sempra Energy 1.068% due 03/15/14 §		6,255,000		6,289,690
Sierra Pacific Power Co 5.450% due 09/01/13		2,106,000		2,174,060
The Southern Co 1.950% due 09/01/16		1,995,000		2,057,202
				97,400,164
Total Corporate Bonds & Notes (Cost $1,173,899,892)				1,194,732,134
MORTGAGE-BACKED SECURITIES - 23.3%
Collateralized Mortgage Obligations - Commercial - 4.4%
Banc of America Merrill Lynch Commercial Mortgage Inc 4.668% due 07/10/43 "		2,070,000		2,254,329
Bear Stearns Commercial Mortgage Securities 4.674% due 06/11/41 "		465,000		504,776
4.978% due 07/11/42 " §		4,200,000		4,461,057
5.116% due 02/11/41 " §		3,695,000		4,019,373

	Principal Amount		Value
Citigroup Commercial Mortgage Trust 5.360% due 04/15/40 " §		$4,070,000		$4,279,690
Commercial Mortgage Trust 5.167% due 06/10/44 " §		1,555,000		1,702,060
5.357% due 07/10/37 " §		12,755,000		13,521,754
DBUBS Mortgage Trust 2.238% due 08/10/44 "		1,698,247		1,743,656
GE Capital Commercial Mortgage Corp 4.772% due 06/10/48 " §		3,730,000		4,028,169
GMAC Commercial Mortgage Securities Inc Trust 4.079% due 05/10/36 "		1,320,657		1,324,747
Greenwich Capital Commercial Funding Corp 5.867% due 07/10/38 " §		2,415,000		2,779,426
JPMorgan Chase Commercial Mortgage Securities Corp 1.031% due 05/15/45 "		642,343		647,582
1.525% due 07/15/46 " ~		4,497,324		4,558,375
5.366% due 06/12/41 " §		5,255,000		5,554,719
5.481% due 12/12/44 " §		2,510,000		2,826,632
Morgan Stanley Capital I Trust 1.480% due 06/15/44 " ~		2,896,837		2,938,146
4.700% due 07/15/56 "		12,800,000		13,706,765
4.780% due 12/13/41 "		5,259,000		5,611,758
5.731% due 07/12/44 " §		12,025,000		13,822,052
Wachovia Bank Commercial Mortgage Trust 5.088% due 08/15/41 " §		13,000,000		13,801,177
WFRBS Commercial Mortgage Trust 1.607% due 06/15/44 " ~		3,328,180		3,385,647
				107,471,890
Collateralized Mortgage Obligations - Residential - 5.4%
Bear Stearns Adjustable Rate Mortgage Trust 2.673% due 04/25/34 " §		400,142		395,301
3.472% due 11/25/34 " §		1,348,254		1,363,350
Bear Stearns Alt-A Trust 0.850% due 04/25/34 " §		638,769		592,502
0.910% due 01/25/35 " §		2,138,963		2,072,831
Chase Mortgage Finance Corp 2.936% due 02/25/37 " §		1,309,106		1,305,420
3.003% due 02/25/37 " §		1,449,445		1,470,892
3.006% due 02/25/37 " §		600,259		598,179
3.010% due 02/25/37 " §		2,528,506		2,519,222
3.038% due 02/25/37 " §		3,201,615		3,218,511
Countrywide Home Loan Mortgage Pass-Through Trust 2.908% due 02/19/34 " §		1,951,897		1,826,806
2.934% due 11/20/34 " §		611,139		558,694
Fannie Mae 5.000% due 08/25/19 "		7,889,168		8,459,921
FDIC Structured Sale Guaranteed Notes 0.760% due 02/25/48 " § ~		1,601,494		1,605,639
Fosse Master Issuer PLC (United Kingdom) 1.725% due 10/18/54 " § ~		4,120,000		4,205,634
Freddie Mac 0.659% due 05/15/36 " §		861,493		872,579
7.000% due 09/15/30 "		1,140,363		1,333,075
Government National Mortgage Association 2.000% due 06/16/42 "		9,638,485		9,925,244
Harborview Mortgage Loan Trust 0.551% due 06/20/35 " §		960,427		882,185
Holmes Master Issuer PLC (United Kingdom) 1.890% due 10/21/54 " § ~		2,425,000		2,470,896

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-61

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
JPMorgan Mortgage Trust 2.991% due 07/25/35 " §		$523,672		$534,153
3.031% due 07/25/35 " §		1,898,934		1,939,981
3.048% due 07/25/35 " §		1,943,706		1,984,545
MASTR Adjustable Rate Mortgages Trust 2.025% due 09/25/34 " §		847,529		777,353
Merrill Lynch Mortgage Investors Inc 2.729% due 12/25/35 " §		5,582,000		4,772,016
NCUA Guaranteed Notes Trust 0.578% due 11/06/17 " §		4,504,304		4,514,168
0.588% due 03/06/20 " §		4,337,501		4,337,762
0.588% due 04/06/20 " §		3,974,538		3,990,178
0.612% due 03/11/20 " §		4,866,969		4,891,304
0.613% due 02/06/20 " §		4,533,975		4,543,905
0.663% due 01/08/20 " §		3,366,864		3,370,029
0.658% due 10/07/20 " §		2,831,216		2,841,833
1.840% due 10/07/20 "		634,764		645,178
Sequoia Mortgage Trust 0.896% due 11/20/34 " §		832,423		808,902
Silverstone Master Issuer PLC (United Kingdom) 1.719% due 01/21/55 " § ~		5,135,000		5,184,856
1.869% due 01/21/55 " § ~		17,190,000		17,677,608
Structured Adjustable Rate Mortgage Loan Trust 2.706% due 06/25/34 " §		3,503,749		3,507,547
2.804% due 05/25/34 " §		953,742		970,832
2.848% due 11/25/34 " §		2,015,298		2,044,571
Structured Asset Securities Corp 2.769% due 07/25/33 " §		497,161		491,282
WaMu Mortgage Pass-Through Certificates 0.500% due 07/25/45 " §		3,509,836		3,333,920
0.530% due 08/25/45 " §		2,290,591		2,158,703
2.494% due 09/25/35 " §		9,000,000		8,063,874
2.571% due 06/25/34 " §		844,027		862,177
Washington Mutual MSC Mortgage Pass-Through Certificates 7.000% due 03/25/34 "		774,570		819,754
Wells Fargo Mortgage-Backed Securities Trust 2.757% due 08/25/33 " §		1,825,658		1,880,837
				132,624,149
Fannie Mae - 10.8%
2.125% due 03/01/35 " §		1,059,583		1,119,504
2.196% due 04/01/34 " §		2,402,714		2,553,781
2.300% due 06/01/35 " §		1,648,552		1,764,421
2.306% due 01/01/35 " §		38,071		40,663
2.340% due 02/01/33 - 01/01/34 " §		4,565,643		4,852,457
2.382% due 06/01/35 " §		1,371,388		1,452,380
2.388% due 06/01/33 " §		1,776,847		1,889,427
2.500% due 10/01/27 "		5,736,888		6,005,207
2.519% due 05/01/35 " §		3,877,626		4,085,347
2.522% due 05/01/35 " §		796,218		840,215
2.546% due 12/01/33 " §		2,182,521		2,314,992
2.588% due 01/01/35 " §		1,423,443		1,513,007
2.643% due 02/01/33 " §		269,204		285,578
2.657% due 12/01/33 " §		1,401,419		1,487,599
2.703% due 11/01/35 " §		1,172,368		1,248,349
2.721% due 10/01/34 " §		1,049,989		1,109,017
2.722% due 02/01/34 " §		1,634,167		1,735,614
2.734% due 04/01/33 " §		385,961		411,078
2.797% due 04/01/35 " §		872,366		930,320
2.810% due 07/01/35 " §		1,896,050		2,031,355
2.875% due 05/01/33 " §		53,656		53,921
2.925% due 05/01/33 - 08/01/33 " §		4,419,036		4,708,364
2.943% due 07/01/35 " §		2,088,702		2,236,893
3.000% due 09/01/27 "		14,929,395		15,783,637
3.500% due 12/01/25 - 02/01/27 "		39,818,126		42,276,479

	Principal Amount		Value
4.000% due 07/01/25 - 03/01/41 "		$13,690,007		$14,670,387
4.500% due 05/01/25 - 10/01/26 "		44,541,800		48,022,413
5.000% due 07/01/24 - 07/01/35 "		11,820,012		12,880,459
5.500% due 01/01/18 - 12/01/39 "		74,171,463		80,790,232
6.000% due 01/01/18 - 03/01/37 "		4,534,966		4,936,100
6.500% due 05/01/33 "		1,612,110		1,826,921
7.000% due 05/01/33 - 06/01/33 "		736,410		824,633
				266,680,750
Freddie Mac - 2.0%
2.109% due 02/01/35 " §		648,684		677,516
2.381% due 08/01/35 " §		3,040,214		3,236,630
2.424% due 09/01/35 " §		2,826,891		3,016,763
2.850% due 03/01/35 " §		1,070,928		1,141,435
2.904% due 03/01/35 " §		865,371		922,853
4.000% due 08/01/26 "		26,679,748		28,222,727
5.500% due 03/01/18 - 07/01/38 "		6,507,060		7,031,498
6.000% due 04/01/33 "		5,472,293		6,086,035
				50,335,457
Government National Mortgage Association - 0.7%
1.625% due 01/20/35 " §		2,960,666		3,078,491
1.750% due 09/20/34 " §		1,693,462		1,761,420
3.000% due 09/20/27 "		4,905,767		5,249,427
5.500% due 07/15/20 "		1,179,317		1,271,550
6.000% due 01/15/22 "		4,524,047		4,958,335
				16,319,223
Total Mortgage-Backed Securities (Cost $569,254,537)				573,431,469
ASSET-BACKED SECURITIES - 11.3%
Ally Auto Receivables Trust 0.570% due 08/20/15 "		2,810,000		2,813,699
Ally Master Owner Trust 1.540% due 09/15/16 "		13,720,000		13,906,256
1.810% due 05/15/16 "		8,020,000		8,142,842
2.150% due 01/15/16 "		6,395,000		6,500,850
American Express Credit Account Master Trust 0.379% due 04/17/17 " §		4,545,000		4,555,769
0.990% due 03/15/18 "		4,800,000		4,814,546
1.290% due 03/15/18 " ~		5,485,000		5,516,129
AmeriCredit Automobile Receivables Trust 0.960% due 01/09/17 "		4,765,000		4,795,415
1.050% due 10/11/16 "		3,130,000		3,155,646
1.730% due 02/08/17 "		1,840,000		1,867,717
2.330% due 03/08/16 "		3,215,000		3,271,401
Bank of America Auto Trust 0.780% due 06/15/16 "		6,520,000		6,550,250
Capital Auto Receivables Asset Trust 8.250% due 01/15/15 " ~		4,255,000		4,394,193
CarMax Auto Owner Trust 0.840% due 03/15/17 "		7,585,000		7,638,763
0.890% due 09/15/16 "		1,885,000		1,898,213
CIT Equipment Collateral 1.100% due 08/22/16 " ~		2,785,000		2,793,381
CNH Equipment Trust 0.860% due 09/15/17 "		7,455,000		7,502,246
0.940% due 05/15/17 "		3,375,000		3,400,903
1.030% due 11/17/14 "		144,092		144,277
3.000% due 08/17/15 "		572,422		576,204
Discover Card Master Trust 0.860% due 11/15/17 "		12,595,000		12,682,938
Ford Credit Auto Lease Trust 0.850% due 01/15/15 "		2,690,000		2,702,366
1.340% due 09/15/14 "		1,670,000		1,681,796
Ford Credit Auto Owner Trust 0.580% due 12/15/16 "		2,770,000		2,777,349
4.050% due 10/15/16 "		915,000		962,893

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

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Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Ford Credit Floorplan Master Owner Trust 4.200% due 02/15/17 " ~		$4,425,000		$4,753,295
4.990% due 02/15/17 " ~		3,165,000		3,363,670
GE Capital Credit Card Master Note Trust 0.689% due 05/15/19 " §		2,840,000		2,865,924
1.030% due 01/15/18 "		4,300,000		4,345,769
GE Equipment Small Ticket LLC 1.040% due 09/21/15 " ~		3,015,000		3,029,318
Honda Auto Receivables Owner Trust 0.560% due 05/15/16 "		13,500,000		13,518,880
1.550% due 08/18/17 "		4,520,000		4,601,923
Huntington Auto Trust 0.810% due 09/15/16 "		4,930,000		4,954,510
Hyundai Auto Lease Securitization Trust 0.920% due 08/17/15 " ~		10,000,000		10,059,855
Hyundai Auto Receivables Trust 1.650% due 02/15/17 "		3,600,000		3,672,607
John Deere Owner Trust 1.320% due 05/15/14 "		75,650		75,680
Mercedes-Benz Auto Lease Trust 1.240% due 07/17/17 " ~		2,745,000		2,764,805
Mercedes-Benz Auto Receivables Trust 1.220% due 12/15/17 "		5,460,000		5,520,273
Motor PLC (United Kingdom) 1.286% due 02/25/20 " ~		1,085,000		1,089,159
Navistar Financial Owner Trust 1.190% due 01/18/19 " ~		14,015,000		14,037,431
NCUA Guaranteed Notes Trust 0.558% due 12/07/20 " §		2,542,343		2,549,970
Nissan Auto Lease Trust 0.920% due 02/16/15 "		2,330,000		2,339,660
1.040% due 08/15/14 "		5,480,000		5,497,755
Nissan Master Owner Trust Receivables 0.679% due 05/15/17 " §		11,635,000		11,669,091
Porsche Innovative Lease Owner Trust 1.260% due 11/20/17 " ~		2,895,000		2,918,203
SMART Trust (Australia) 0.970% due 03/14/17 "		2,495,000		2,494,002
1.040% due 09/14/14 " ~		3,604,424		3,612,071
1.540% due 03/14/15 " ~		1,345,000		1,352,200
1.590% due 10/14/16 " ~		6,715,000		6,801,202
Toyota Auto Receivables Owner Trust 0.750% due 02/16/16 "		9,160,000		9,202,594
Volkswagen Auto Lease Trust 0.870% due 07/20/15 "		8,210,000		8,257,836
Wheels SPV LLC 1.190% due 03/20/21 " ~		4,610,000		4,643,243
World Financial Network Credit Card Master Trust 0.339% due 02/15/17 " § ~		15,000,000		14,998,230
World Omni Automobile Lease Securitization Trust 0.930% due 11/16/15 "		3,180,000		3,200,722
1.060% due 11/15/17 "		3,405,000		3,423,043
Total Asset-Backed Securities (Cost $275,099,646)				276,658,963
U.S. GOVERNMENT AGENCY ISSUES - 5.1%
Fannie Mae 0.500% due 07/02/15		7,000,000		7,028,735
0.750% due 12/19/14		36,950,000		37,296,000
0.875% due 08/28/17		22,375,000		22,465,126
0.875% due 10/26/17		9,115,000		9,162,671

	Principal Amount		Value
Federal Home Loan Bank 0.500% due 11/20/15		$34,900,000		$35,056,492
Freddie Mac 0.500% due 04/17/15		13,915,000		13,979,830
Total U.S. Government Agency Issues (Cost $124,386,027)				124,988,854
U.S. TREASURY OBLIGATIONS - 7.7%
U.S. Treasury Inflation Protected Securities - 4.0%
0.500% due 04/15/15 ^		15,215,930		15,884,000
1.875% due 07/15/13 ^		72,570,661		73,772,649
2.000% due 07/15/14 ^		7,465,550		7,880,821
				97,537,470
U.S. Treasury Notes - 3.7%
0.250% due 03/31/14		92,000,000		92,057,500
Total U.S. Treasury Obligations (Cost $189,417,585)				189,594,970
FOREIGN GOVERNMENT BONDS & NOTES - 0.1%
Mexican Udibonos (Mexico) 3.500% due 12/14/17 ^		MXN 27,502,629		2,363,503
Total Foreign Government Bonds & Notes (Cost $2,381,068)				2,363,503
SHORT-TERM INVESTMENT - 3.0%
Repurchase Agreement - 3.0%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $74,014,932; collateralized by U.S. Treasury Notes: 2.750% due 11/30/16 and value $75,499,369)		$74,014,891		74,014,891
Total Short-Term Investment (Cost $74,014,891)				74,014,891
TOTAL INVESTMENTS - 99.2% (Cost $2,408,453,646)				2,435,784,784
OTHER ASSETS & LIABILITIES, NET - 0.8%				19,621,305
NET ASSETS - 100.0%				$2,455,406,089

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Corporate Bonds & Notes	48.7%
Mortgage-Backed Securities	23.3%
Asset-Backed Securities	11.3%
U.S. Treasury Obligations	7.7%
U.S. Government Agency Issues	5.1%
Short-Term Investment	3.0%
Foreign Government Bonds & Notes	0.1%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

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Schedule of Investments (Continued)

December 31, 2012

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	10.1%
A-1 (Short-Term Debt only)	3.0%
AA/U.S. Government & Agency Issues	33.4%
A	18.8%
BBB	23.4%
BB	3.5%
B	0.4%
CC	0.2%
C	0.3%
Not Rated	6.9%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation
USD	2,415,811	MXN	31,170,000		03/13	SSB		$21,144

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,194,732,134		$-		$1,194,732,134		$-
	Mortgage-Backed Securities		573,431,469		-		548,287,290		25,144,179
	Asset-Backed Securities		276,658,963		-		266,098,862		10,560,101
	U.S. Government Agency Issues		124,988,854		-		124,988,854		-
	U.S. Treasury Obligations		189,594,970		-		189,594,970		-
	Foreign Government Bonds & Notes		2,363,503		-		2,363,503		-
	Short-Term Investment		74,014,891		-		74,014,891		-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		21,144		-		21,144		-
	Total		$2,435,805,928		$-		$2,400,101,648		$35,704,280

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the year ended December 31, 2012:

	Mortgage-Backed Securities			Asset-Backed Securities			Total
Value, Beginning of Year		$25,066,827			$3,109,120			$28,175,947
Purchases		-			7,978,667			7,978,667
Sales (includes paydowns)		(4,842,154	)		(557,756	)		(5,399,910	)
Accrued Discounts (Premiums)		6			82			88
Net Realized Gains (Losses)		20			-			20
Change in Net Unrealized Appreciation		28,176			29,988			58,164
Transfers In		4,891,304			-			4,891,304
Transfers Out		-			-			-
Value, End of Year		$25,144,179			$10,560,101			$35,704,280
Change in Net Unrealized Appreciation on Level 3 Investments Held at the End of Year, if Applicable		$28,176			$29,988			$58,164

The significant unobservable inputs were provided by a vendor-priced single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-64

PACIFIC SELECT FUND

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Schedule of Investments

December 31, 2012

	Principal Amount		Value
CORPORATE BONDS & NOTES - 40.0%
Austria - 0.3%
OGX Austria GmbH 8.375% due 04/01/22 ~		$2,300,000		$1,926,250
8.500% due 06/01/18 ~		1,600,000		1,448,000
				3,374,250
Azerbaijan - 0.2%
State Oil Co of the Azerbaijan Republic 5.450% due 02/09/17 ~		1,620,000		1,786,050
Barbados - 0.7%
Columbus International Inc 11.500% due 11/20/14 ~		5,850,000		6,552,000
Bermuda - 2.1%
Central European Media Enterprises Ltd 11.625% due 09/15/16 ~		EUR 2,950,000		4,117,751
China Oriental Group Co Ltd
7.000% due 11/17/17 ~		$800,000		804,000
8.000% due 08/18/15 ~		2,332,000		2,425,280
Digicel Group Ltd
8.250% due 09/30/20 ~		3,000,000		3,315,000
10.500% due 04/15/18 ~		1,400,000		1,554,000
Digicel Ltd 7.000% due 02/15/20 ~		1,850,000		1,998,000
Qtel International Finance Ltd
4.750% due 02/16/21 ~		740,000		838,050
6.500% due 06/10/14 ~		280,000		300,860
7.875% due 06/10/19 ~		4,020,000		5,286,300
				20,639,241
Cayman - 6.2%
Agile Property Holdings Ltd 8.875% due 04/28/17 ~		103,000		111,755
9.875% due 03/20/17 ~		1,350,000		1,525,500
Central China Real Estate Ltd 12.250% due 10/20/15 ~		1,250,000		1,393,750
China Shanshui Cement Group Ltd 10.500% due 04/27/17 ~		2,350,000		2,714,250
Country Garden Holdings Co Ltd
11.125% due 02/23/18 ~		767,000		893,555
11.250% due 04/22/17 ~		1,966,000		2,231,410
Dar Al-Arkan International Sukuk Co II 10.750% due 02/18/15 ~		3,400,000		3,719,600
DP World Sukuk Ltd 6.250% due 07/02/17 ~		1,400,000		1,576,750
Dubai DOF Sukuk Ltd 6.396% due 11/03/14		1,290,000		1,394,490
Dubai Holding Commercial Operations MTN Ltd
4.750% due 01/30/14		EUR 4,100,000		5,330,621
6.000% due 02/01/17		GBP 2,000,000		3,162,804
Emaar Sukuk Ltd
6.400% due 07/18/19 ~		$2,300,000		2,507,000
8.500% due 08/03/16		2,300,000		2,616,250
Evergrande Real Estate Group Ltd
7.500% due 01/19/14 ~		CNY 11,800,000		1,910,565
9.250% due 01/19/16 ~		16,100,000		2,606,608
13.000% due 01/27/15 ~		$2,900,000		3,175,500
Fibria Overseas Finance Ltd 6.750% due 03/03/21 ~		2,650,000		2,961,375
Hidili Industry International Development Ltd 8.625% due 11/04/15 ~		2,600,000		2,054,000
Jafz Sukuk Ltd 7.000% due 06/19/19 ~		1,230,000		1,429,875

	Principal Amount		Value
JBS Finance II Ltd 8.250% due 01/29/18 ~		$4,500,000		$4,815,000
Kuwait Projects Co 9.375% due 07/15/20		2,100,000		2,593,500
Longfor Properties Co Ltd 9.500% due 04/07/16 ~		2,300,000		2,558,750
Marfrig Overseas Ltd 9.500% due 05/04/20 ~		2,750,000		2,385,625
Mongolian Mining Corp 8.875% due 03/29/17 ~		2,550,000		2,741,250
Nile Finance Ltd 5.250% due 08/05/15 ~		1,790,000		1,794,475
Shimao Property Holdings Ltd
9.650% due 08/03/17 ~		500,000		552,083
11.000% due 03/08/18 ~		850,000		986,585
				61,742,926
Chile - 1.1%
Banco del Estado de Chile
3.875% due 02/08/22 ~		580,000		617,809
4.125% due 10/07/20 ~		1,390,000		1,522,550
Corp Nacional del Cobre de Chile
3.750% due 11/04/20 ~		1,510,000		1,638,790
3.875% due 11/03/21 ~		1,810,000		1,979,206
7.500% due 01/15/19 ~		770,000		995,193
Empresa Nacional del Petroleo
5.250% due 08/10/20 ~		870,000		963,215
6.250% due 07/08/19 ~		1,470,000		1,696,227
Inversiones Alsacia SA 8.000% due 08/18/18 ~		1,637,231		1,651,566
				11,064,556
Colombia - 0.1%
Ecopetrol SA 7.625% due 07/23/19		870,000		1,128,825
El Salvador - 0.2%
Telemovil Finance Co Ltd 8.000% due 10/01/17 ~		1,750,000		1,903,125
Georgia - 0.2%
Georgian Railway JSC 7.750% due 07/11/22 ~		1,450,000		1,660,250
Hong Kong - 0.8%
Bank of China Ltd 5.550% due 02/11/20 ~		3,070,000		3,465,803
China CITIC Bank International Ltd 6.875% due 06/24/20		280,000		323,443
Fosun International Ltd 7.500% due 05/12/16 ~		2,300,000		2,417,875
Industrial & Commercial Bank of China Asia Ltd 5.125% due 11/30/20 ~		1,760,000		1,949,561
				8,156,682
Indonesia - 0.4%
P.T. Pertamina Persero 6.000% due 05/03/42 ~		1,725,000		1,951,406
P.T. Perusahaan Listrik Negara
5.250% due 10/24/42 ~		650,000		672,750
5.500% due 11/22/21 ~		1,100,000		1,248,500
				3,872,656

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-65

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EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Ireland - 2.9%
Alfa Bank OJSC 7.500% due 09/26/19 ~		$2,400,000		$2,545,152
Brunswick Rail Finance Ltd 6.500% due 11/01/17 ~		1,450,000		1,517,860
Metalloinvest Finance Ltd 6.500% due 07/21/16 ~		2,400,000		2,529,000
MTS International Funding Ltd 8.625% due 06/22/20 ~		4,700,000		5,951,375
Rosneft Oil Co 4.199% due 03/06/22 ~		2,250,000		2,295,000
VEB-Leasing 5.125% due 05/27/16 ~		1,500,000		1,588,125
Vnesheconombank 5.450% due 11/22/17 ~		1,380,000		1,538,700
6.800% due 11/22/25 ~		3,040,000		3,739,200
6.902% due 07/09/20 ~		5,360,000		6,552,868
				28,257,280
Kazakhstan - 1.1%
ATF Bank JSC 9.000% due 05/11/16 ~		1,175,000		1,148,269
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		2,100,000		2,126,250
Halyk Savings Bank of Kazakhstan JSC 7.250% due 05/03/17 ~		2,350,000		2,582,650
Kazkommertsbank JSC 7.500% due 11/29/16 ~		2,500,000		2,297,000
8.000% due 11/03/15 ~		3,000,000		2,895,750
				11,049,919
Luxembourg - 3.9%
Altice Financing SA 7.875% due 12/15/19 ~		1,800,000		1,912,500
Evraz Group SA 6.750% due 04/27/18 ~		3,500,000		3,613,750
9.500% due 04/24/18 ~		1,150,000		1,316,750
MHP SA 10.250% due 04/29/15 ~		4,693,000		4,986,313
Minerva Luxembourg SA 12.250% due 02/10/22 ~		3,550,000		4,268,875
Promsvyazbank OJSC 8.500% due 04/25/17 ~		500,000		513,750
10.200% due 11/06/19 ~		1,450,000		1,501,638
Russian Standard Bank 9.250% due 07/11/17 ~		2,400,000		2,490,000
Sberbank of Russia 6.125% due 02/07/22 ~		2,160,000		2,473,200
Severstal OAO 6.250% due 07/26/16 ~		2,350,000		2,516,850
6.700% due 10/25/17 ~		2,300,000		2,530,000
TMK OAO 7.750% due 01/27/18 ~		5,900,000		6,224,500
VTB Bank OJSC 6.000% due 04/12/17 ~		2,350,000		2,546,225
6.875% due 05/29/18 ~		1,720,000		1,946,180
				38,840,531
Malaysia - 0.6%
Axiata SPV1 Labuan Ltd 5.375% due 04/28/20		1,340,000		1,531,928
MMI International Ltd 8.000% due 03/01/17 ~		1,200,000		1,278,000
Petronas Capital Ltd 5.250% due 08/12/19 ~		1,700,000		2,024,074
7.875% due 05/22/22 ~		680,000		973,698
				5,807,700

	Principal Amount		Value
Mexico - 2.2%
Cemex SAB de CV 9.000% due 01/11/18 ~		$2,300,000		$2,501,250
Comision Federal de Electricidad 4.875% due 05/26/21 ~		1,410,000		1,610,925
5.750% due 02/14/42 ~		1,870,000		2,136,475
Corp GEO SAB de CV 9.250% due 06/30/20 ~		2,500,000		2,712,500
Desarrolladora Homex SAB de CV 9.500% due 12/11/19 ~		1,000,000		1,085,000
9.750% due 03/25/20 ~		1,400,000		1,526,000
Petroleos Mexicanos 5.500% due 06/27/44		780,000		859,950
6.000% due 03/05/20		820,000		984,000
6.500% due 06/02/41		2,440,000		3,074,400
8.000% due 05/03/19		1,360,000		1,785,000
Urbi Desarrollos Urbanos SAB de CV 9.500% due 01/21/20 ~		900,000		859,500
9.750% due 02/03/22 ~		2,500,000		2,375,000
				21,510,000
Netherlands - 5.2%
DTEK Finance BV 9.500% due 04/28/15 ~		2,350,000		2,379,257
Kazakhstan Temir Zholy Finance BV 6.375% due 10/06/20 ~		2,580,000		3,134,700
6.950% due 07/10/42 ~		2,000,000		2,520,000
Kazkommerts International BV 7.875% due 04/07/14 ~		1,350,000		1,357,425
KazMunaiGaz Finance Sub BV 6.375% due 04/09/21 ~		3,300,000		4,054,875
7.000% due 05/05/20 ~		3,060,000		3,825,000
8.375% due 07/02/13 ~		930,000		962,550
9.125% due 07/02/18 ~		810,000		1,074,263
11.750% due 01/23/15 ~		1,910,000		2,289,613
Lukoil International Finance BV 6.125% due 11/09/20 ~		400,000		464,500
6.656% due 06/07/22 ~		800,000		978,000
Majapahit Holding BV 7.750% due 10/17/16 ~		1,690,000		2,004,763
7.750% due 01/20/20 ~		1,350,000		1,704,375
8.000% due 08/07/19 ~		1,500,000		1,905,000
Marfrig Holding Europe BV 8.375% due 05/09/18 ~		2,200,000		1,886,500
Metinvest BV 8.750% due 02/14/18 ~		5,000,000		4,887,500
10.250% due 05/20/15 ~		1,200,000		1,239,000
OSX 3 Leasing BV 9.250% due 03/20/15 ~		1,200,000		1,243,500
Polish Television Holding BV 11.250% due 05/15/17 § ~		EUR 1,232,000		1,780,666
VimpelCom Holdings BV 7.504% due 03/01/22 ~		$8,300,000		9,534,625
WPE International Cooperatief UA 10.375% due 09/30/20 ~		750,000		645,686
Zhaikmunai LP 7.125% due 11/13/19 ~		1,650,000		1,732,500
				51,604,298
Peru - 0.1%
CFG Investment SAC 9.750% due 07/30/19 ~		1,950,000		1,491,750

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-66

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EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Philippines - 0.6%
Development Bank of Philippines 5.500% due 03/25/21		$1,630,000		$1,880,632
Power Sector Assets & Liabilities Management Corp 7.250% due 05/27/19 ~		300,000		388,125
7.390% due 12/02/24 ~		2,750,000		3,856,875
				6,125,632
Singapore - 0.3%
Yanlord Land Group Ltd 10.625% due 03/29/18 ~		2,550,000		2,919,750
South Africa - 1.2%
African Bank Ltd 8.125% due 02/24/17 ~		2,347,000		2,564,098
Edcon Holdings Proprietary Ltd 5.683% due 06/15/15 § ~		EUR 1,625,000		1,999,065
Edcon Proprietary Ltd 3.433% due 06/15/14 § ~		4,400,000		5,604,511
Foodcorp Proprietary Ltd 8.750% due 03/01/18 ~		1,150,000		1,686,815
				11,854,489
Spain - 0.4%
Cemex Espana Luxembourg 9.250% due 05/12/20 ~		$3,504,000		3,836,880
Sri Lanka - 0.2%
Bank of Ceylon 6.875% due 05/03/17 ~		1,600,000		1,732,000
Sweden - 1.0%
Eileme 2 AB 11.625% due 01/31/20 ~		1,200,000		1,410,000
11.750% due 01/31/20 ~		EUR 3,000,000		4,652,827
TVN Finance Corp II AB 10.750% due 11/15/17 ~		2,617,000		3,834,285
				9,897,112
Turkey - 0.2%
Export Credit Bank of Turkey 5.375% due 11/04/16 ~		$1,580,000		1,728,520
Ukraine - 0.4%
National JSC Naftogaz of Ukraine 9.500% due 09/30/14		3,481,000		3,589,781
United Arab Emirates - 1.8%
Dolphin Energy Ltd 5.888% due 06/15/19 ~		1,557,978		1,760,515
DP World Ltd 6.850% due 07/02/37 ~		4,700,000		5,528,375
Dubai Electricity & Water Authority 7.375% due 10/21/20 ~		2,840,000		3,507,400
8.500% due 04/22/15 ~		4,480,000		5,084,800
Emirates Airline 5.125% due 06/08/16 ~		1,920,000		2,025,600
				17,906,690
United Kingdom - 3.9%
Afren PLC 10.250% due 04/08/19 ~		2,400,000		2,819,587
11.500% due 02/01/16 ~		2,374,000		2,765,710

	Principal Amount		Value
Atlantic Finance Ltd 10.750% due 05/27/14 § ~		$2,800,000		$3,066,000
CNPC HK Overseas Capital Ltd 5.950% due 04/28/41 ~		1,900,000		2,474,450
Ferrexpo Finance PLC 7.875% due 04/07/16 ~		3,550,000		3,461,250
Franshion Development Ltd 6.750% due 04/15/21 ~		1,160,000		1,247,000
Oschadbank 8.250% due 03/10/16		3,460,000		3,304,300
Privatbank CJSC 9.375% due 09/23/15		1,800,000		1,697,670
Sinochem Overseas Capital Co Ltd 4.500% due 11/12/20 ~		3,700,000		3,994,342
6.300% due 11/12/40 ~		670,000		805,963
Sinopec Group Overseas Development Ltd 3.900% due 05/17/22 ~		1,650,000		1,784,422
4.875% due 05/17/42 ~		1,550,000		1,782,086
Star Energy Geothermal Wayang Windu Ltd 11.500% due 02/12/15 ~		2,350,000		2,529,070
Ukreximbank 8.375% due 04/27/15 ~		3,806,000		3,791,728
Vedanta Resources PLC 8.250% due 06/07/21 ~		2,500,000		2,781,250
9.500% due 07/18/18 ~		300,000		349,140
				38,653,968
United States - 1.0%
CEDC Finance Corp International Inc 8.875% due 12/01/16 ~		EUR 1,700,000		1,368,789
9.125% due 12/01/16 ~		$500,000		305,000
Cemex Finance LLC 9.500% due 12/14/16 ~		1,200,000		1,311,000
NII Capital Corp 7.625% due 04/01/21		3,400,000		2,592,500
Pemex Project Funding Master Trust 5.750% due 03/01/18		1,130,000		1,324,925
Reliance Holdings USA Inc 5.400% due 02/14/22 ~		1,700,000		1,902,936
6.250% due 10/19/40 ~		1,250,000		1,438,039
				10,243,189
Venezuela - 0.6%
Petroleos de Venezuela SA 5.250% due 04/12/17 ~		1,760,000		1,544,400
5.375% due 04/12/27 ~		3,600,000		2,538,000
5.500% due 04/12/37 ~		1,350,000		931,500
12.750% due 02/17/22 ~		1,290,000		1,453,185
				6,467,085
Vietnam - 0.1%
Vietnam Joint Stock Commercial Bank for Industry & Trade 8.000% due 05/17/17 ~		750,000		751,875
Total Corporate Bonds & Notes (Cost $372,266,070)				396,149,010
FOREIGN GOVERNMENT BONDS & NOTES - 57.9%
Argentina - 1.7%
Argentina Boden 7.000% due 10/03/15		5,430,000		4,875,537
Argentina Bonar 7.000% due 09/12/13		1,738,000		1,727,234
Argentine Republic Government 2.500% due 12/31/38 §		1,613,000		587,132
8.280% due 12/31/33		11,113,661		7,937,016
8.750% due 06/02/17		1,333,000		1,186,370
				16,313,289

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-67

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Belarus - 1.0%
Republic of Belarus 8.750% due 08/03/15 ~		$3,300,000		$3,397,020
8.950% due 01/26/18 ~		6,620,000		6,851,700
				10,248,720
Bolivia - 0.1%
Bolivian Government 4.875% due 10/29/22 ~		1,150,000		1,124,125
Brazil - 9.4%
Banco Nacional de Desenvolvimento Economico e Social 5.500% due 07/12/20 ~		870,000		1,028,775
6.500% due 06/10/19 ~		2,910,000		3,579,300
Brazil Letras do Tesouro Nacional 9.248% due 01/01/15		BRL 20,600,000		8,659,777
Brazil Notas do Tesouro Nacional ‘B’ 6.000% due 05/15/15 ^		3,690,000		4,381,530
6.000% due 08/15/16 ^		12,020,000		14,671,596
6.000% due 08/15/20 ^		9,760,000		12,639,830
6.000% due 08/15/50 ^		3,290,000		5,014,934
Brazilian Government 2.625% due 01/05/23		$1,900,000		1,912,350
4.875% due 01/22/21		7,060,000		8,542,600
5.625% due 01/07/41		4,930,000		6,482,950
5.875% due 01/15/19		2,060,000		2,558,520
6.000% due 01/17/17		1,080,000		1,277,100
7.125% due 01/20/37		5,400,000		8,289,000
8.250% due 01/20/34		3,940,000		6,648,750
8.875% due 04/15/24		1,550,000		2,503,250
10.125% due 05/15/27		2,700,000		4,954,500
10.250% due 01/10/28		BRL 580,000		374,628
				93,519,390
Chile - 0.1%
Chile Government 3.250% due 09/14/21		$830,000		904,700
Colombia - 2.8%
Colombia Government 4.375% due 07/12/21		2,110,000		2,434,940
6.125% due 01/18/41		5,520,000		7,606,560
7.375% due 01/27/17		1,590,000		1,970,010
7.375% due 03/18/19		2,870,000		3,786,965
7.375% due 09/18/37		1,690,000		2,637,245
8.125% due 05/21/24		3,760,000		5,677,600
10.375% due 01/28/33		220,000		407,000
11.750% due 02/25/20		2,240,000		3,633,280
				28,153,600
Costa Rica - 0.3%
Costa Rica Government 4.250% due 01/26/23 ~		2,660,000		2,697,240
Croatia - 1.5%
Croatia Government 6.250% due 04/27/17 ~		2,060,000		2,263,940
6.375% due 03/24/21 ~		6,880,000		7,853,425
6.625% due 07/14/20 ~		2,607,000		2,991,532
6.750% due 11/05/19 ~		1,640,000		1,888,050
				14,996,947
Dominican Republic - 0.4%
Dominican Republic Government 7.500% due 05/06/21 ~		3,140,000		3,670,660

	Principal Amount		Value
Ecuador - 0.2%
Ecuador Government 9.375% due 12/15/15 ~		$1,470,000		$1,477,350
Egypt - 0.2%
Egypt Government 5.750% due 04/29/20 ~		1,820,000		1,820,000
6.875% due 04/30/40 ~		360,000		342,900
				2,162,900
El Salvador - 0.8%
El Salvador Government 5.875% due 01/30/25 ~		1,330,000		1,351,280
7.375% due 12/01/19 ~		580,000		669,030
7.625% due 02/01/41 ~		1,843,000		2,114,843
7.650% due 06/15/35 ~		3,030,000		3,476,925
8.250% due 04/10/32 ~		360,000		436,500
				8,048,578
Gabon - 0.0%
Gabonese Republic 8.200% due 12/12/17 ~		220,000		268,950
Georgia - 0.2%
Georgia Government 6.875% due 04/12/21 ~		1,330,000		1,549,450
Ghana - 0.2%
Republic of Ghana 8.500% due 10/04/17 ~		1,540,000		1,786,400
Hungary - 1.1%
Hungary Government 6.250% due 01/29/20		3,150,000		3,492,563
6.375% due 03/29/21		3,808,000		4,223,072
7.625% due 03/29/41		3,090,000		3,584,400
				11,300,035
Indonesia - 2.8%
Indonesia Government 4.875% due 05/05/21 ~		2,720,000		3,138,200
5.875% due 03/13/20 ~		2,220,000		2,680,650
6.625% due 02/17/37 ~		620,000		833,900
6.875% due 01/17/18 ~		3,800,000		4,655,000
7.500% due 01/15/16 ~		2,330,000		2,731,925
7.750% due 01/17/38 ~		2,840,000		4,302,600
8.500% due 10/12/35 ~		3,800,000		6,108,500
11.625% due 03/04/19 ~		2,030,000		3,080,525
				27,531,300
Iraq - 0.9%
Republic of Iraq 5.800% due 01/15/28 ~		8,790,000		8,372,475
Ivory Coast - 1.3%
Ivory Coast Government 3.750% due 12/31/32 Y ~		13,340,000		12,539,600
Jordan - 0.3%
Jordan Government 3.875% due 11/12/15 ~		3,170,000		3,081,240

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-68

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Kazakhstan - 0.2%
Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.250% due 05/20/15 ~		$2,190,000		$2,382,173
Latvia - 0.4%
Republic of Latvia 2.750% due 01/12/20 ~		3,500,000		3,479,000
Lebanon - 1.2%
Lebanon Government 5.150% due 11/12/18		560,000		561,400
6.100% due 10/04/22 ~		4,650,000		4,708,125
6.375% due 03/09/20		2,860,000		3,010,150
6.600% due 11/27/26		2,000,000		2,035,000
8.250% due 04/12/21 ~		1,110,000		1,287,600
8.500% due 01/19/16 ~		300,000		337,500
				11,939,775
Lithuania - 1.7%
Lithuania Government 5.125% due 09/14/17 ~		1,260,000		1,425,375
6.125% due 03/09/21 ~		3,130,000		3,869,619
6.625% due 02/01/22 ~		4,450,000		5,707,347
7.375% due 02/11/20 ~		4,630,000		6,053,725
				17,056,066
Malaysia - 0.2%
Wakala Global Sukuk Bhd 4.646% due 07/06/21 ~		1,610,000		1,862,237
Mexico - 5.0%
Mexican Bonos 7.750% due 05/29/31		MXN 31,600,000		2,872,074
8.500% due 05/31/29		69,500,000		6,780,459
10.000% due 11/20/36		100,000,000		11,205,519
Mexico Government 3.625% due 03/15/22		$1,230,000		1,348,387
4.750% due 03/08/44		2,052,000		2,323,890
5.125% due 01/15/20		3,900,000		4,680,000
5.625% due 01/15/17		1,710,000		1,992,150
5.750% due 10/12/10		3,374,000		4,082,540
5.950% due 03/19/19		1,600,000		1,976,000
6.050% due 01/11/40		6,070,000		8,170,220
6.750% due 09/27/34		2,760,000		3,988,200
				49,419,439
Mongolia - 0.2%
Mongolia Government 5.125% due 12/05/22 ~		1,600,000		1,576,000
Morocco - 0.4%
Morocco Government 4.250% due 12/11/22 ~		2,300,000		2,328,750
5.500% due 12/11/42 ~		1,900,000		1,952,250
				4,281,000
Nigeria - 0.2%
Nigeria Government 6.750% due 01/28/21 ~		1,410,000		1,674,375

	Principal Amount		Value
Pakistan - 0.4%
Pakistan Government 6.875% due 06/01/17 ~		$1,500,000		$1,380,000
7.125% due 03/31/16 ~		3,120,000		2,948,400
				4,328,400
Panama - 1.0%
Panama Government 6.700% due 01/26/36		2,840,000		4,047,000
7.125% due 01/29/26		300,000		426,750
7.250% due 03/15/15		1,390,000		1,562,360
8.875% due 09/30/27		1,140,000		1,861,050
9.375% due 04/01/29		1,080,000		1,852,200
				9,749,360
Peru - 1.3%
Peruvian Government 7.125% due 03/30/19		550,000		722,700
7.350% due 07/21/25		3,770,000		5,481,580
8.375% due 05/03/16		1,380,000		1,704,990
8.750% due 11/21/33		3,105,000		5,410,463
				13,319,733
Philippines - 2.9%
Philippine Government 4.000% due 01/15/21		4,350,000		4,893,750
5.000% due 01/13/37		1,900,000		2,315,625
5.500% due 03/30/26		2,460,000		3,118,050
6.375% due 10/23/34		2,190,000		3,082,425
7.750% due 01/14/31		1,700,000		2,615,875
8.375% due 06/17/19		1,430,000		1,978,763
9.500% due 02/02/30		3,770,000		6,555,087
10.625% due 03/16/25		2,240,000		3,897,600
				28,457,175
Poland - 1.5%
Poland Government 3.000% due 03/17/23		3,190,000		3,190,000
5.000% due 03/23/22		7,050,000		8,343,675
6.375% due 07/15/19		2,920,000		3,651,372
				15,185,047
Qatar - 0.3%
Qatar Government 5.750% due 01/20/42 ~		1,470,000		1,918,350
6.400% due 01/20/40 ~		1,040,000		1,459,328
				3,377,678
Romania - 0.6%
Romanian Government 6.750% due 02/07/22 ~		4,750,000		5,789,063
Russia - 2.0%
Russian Foreign Bond 5.000% due 04/29/20 ~		700,000		828,100
5.625% due 04/04/42 ~		2,600,000		3,237,000
7.500% due 03/31/30 § ~		10,788,000		13,877,683
12.750% due 06/24/28 ~		1,040,000		2,111,200
				20,053,983
Senegal - 0.2%
Senegal Government 8.750% due 05/13/21 ~		1,890,000		2,249,100

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-69

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Serbia - 0.3%
Republic of Serbia 7.250% due 09/28/21 ~		$2,900,000		$3,345,875
Slovenia - 0.2%
Slovenia Government 5.500% due 10/26/22 ~		1,630,000		1,715,575
South Africa - 1.2%
South Africa Government 5.500% due 03/09/20		2,580,000		3,070,200
5.875% due 05/30/22		2,890,000		3,594,033
6.250% due 03/08/41		619,000		824,817
6.875% due 05/27/19		3,090,000		3,890,310
				11,379,360
Sri Lanka - 0.5%
Sri Lanka Government 5.875% due 07/25/22 ~		900,000		963,000
6.250% due 10/04/20 ~		1,347,000		1,471,597
6.250% due 07/27/21 ~		1,410,000		1,543,286
7.400% due 01/22/15 ~		740,000		799,200
				4,777,083
Turkey - 3.5%
Turkey Government 5.625% due 03/30/21		850,000		1,013,625
6.000% due 01/14/41		1,323,000		1,655,404
6.250% due 09/26/22		1,100,000		1,373,900
6.750% due 04/03/18		5,801,000		7,026,461
6.750% due 05/30/40		1,510,000		2,055,487
6.875% due 03/17/36		2,620,000		3,546,825
7.000% due 09/26/16		1,620,000		1,901,475
7.000% due 03/11/19		1,156,000		1,441,821
7.000% due 06/05/20		440,000		562,100
7.250% due 03/15/15		1,690,000		1,882,998
7.250% due 03/05/38		970,000		1,374,490
7.375% due 02/05/25		3,770,000		5,117,775
7.500% due 07/14/17		1,820,000		2,222,129
7.500% due 11/07/19		740,000		959,040
8.000% due 02/14/34		1,050,000		1,577,625
11.875% due 01/15/30		630,000		1,238,738
				34,949,893
Ukraine - 1.7%
Financing of Infrastrucural Projects State Enterprise 9.000% due 12/07/17 ~		1,200,000		1,206,000
Ukraine Government 6.250% due 06/17/16 ~		1,180,000		1,177,050
6.580% due 11/21/16 ~		520,000		521,976
6.875% due 09/23/15 ~		1,440,000		1,458,000
7.750% due 09/23/20 ~		1,180,000		1,218,350
7.800% due 11/28/22 ~		2,100,000		2,118,375
7.950% due 02/23/21 ~		900,000		936,000
9.250% due 07/24/17 ~		7,750,000		8,447,500
				17,083,251
United Arab Emirates - 0.3%
Emirate of Dubai Government 6.700% due 10/05/15 ~		490,000		543,655
7.750% due 10/05/20 ~		1,980,000		2,504,700
				3,048,355

	Principal Amount		Value
Uruguay - 1.7%
Uruguay Government 4.125% due 11/20/45		$3,602,602		$3,615,211
7.625% due 03/21/36		1,550,000		2,408,700
7.875% due 01/15/33 §		3,825,000		5,953,612
8.000% due 11/18/22		3,310,717		4,823,715
				16,801,238
Venezuela - 2.9%
Venezuela Government 6.000% due 12/09/20 ~		1,580,000		1,327,200
7.000% due 03/31/38 ~		150,000		120,750
7.650% due 04/21/25		970,000		858,450
7.750% due 10/13/19 ~		2,460,000		2,330,850
8.250% due 10/13/24 ~		1,580,000		1,461,500
8.500% due 10/08/14		2,030,000		2,086,840
9.000% due 05/07/23 ~		2,110,000		2,057,250
9.250% due 09/15/27		2,530,000		2,542,650
9.250% due 05/07/28 ~		2,380,000		2,356,200
10.750% due 09/19/13 ~		700,000		722,750
11.750% due 10/21/26 ~		4,172,000		4,724,790
11.950% due 08/05/31 ~		4,613,000		5,270,352
12.750% due 08/23/22 ~		2,444,000		2,859,480
				28,719,062
Vietnam - 0.5%
Vietnam Government 6.750% due 01/29/20 ~		2,370,000		2,713,650
6.875% due 01/15/16 ~		1,660,000		1,821,850
				4,535,500
Zambia - 0.1%
Zambia Government 5.375% due 09/20/22 ~		1,200,000		1,200,000
Total Foreign Government Bonds & Notes (Cost $535,765,860)				573,481,745
SHORT-TERM INVESTMENT - 0.3%
Repurchase Agreement - 0.3%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $3,082,376; collateralized by Fannie Mae: 2.500% due 09/13/22 and value $3,144,840)		3,082,374		3,082,374
Total Short-Term Investment (Cost $3,082,374)				3,082,374
TOTAL INVESTMENTS - 98.2% (Cost $911,114,304)				972,713,129
OTHER ASSETS & LIABILITIES, NET - 1.8%				17,686,112
NET ASSETS - 100.0%				$990,399,241

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-70

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Foreign Government Bonds & Notes	57.9%
Corporate Bonds & Notes	40.0%
Short-Term Investment	0.3%
	98.2%
Other Assets & Liabilities, Net	1.8%
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

Brazil	9.4%
Mexico	7.2%
Cayman	6.2%
Netherlands	5.2%
Luxembourg	3.9%
United Kingdom	3.9%
Turkey	3.7%
Philippines	3.5%
Venezuela	3.5%
Indonesia	3.2%
Others (each less than 3.0%)	48.5%
	98.2%
Other Assets & Liabilities, Net	1.8%
	100.0%

(c) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

A-1 (Short-Term Debt only)	0.3%
AA	0.7%
A	6.5%
BBB	26.5%
BB	24.1%
B	19.8%
CC	0.8%
Not Rated	21.3%
	100.0%

(d) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(e) An investment with a value of $12,539,600 or 1.3% of the portfolio’s net assets was in default as of December 31, 2012.

(f) As of December 31, 2012, $850,000 in cash was segregated with the broker(s)/
custodian as collateral for open forward foreign currency contracts.

(g) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
BRL	160,000	USD	78,026		01/13	BSC		$118
BRL	152,918	USD	74,196		01/13	JPM		489
BRL	312,918	USD	153,128		01/13	SCB		(299)
BRL	17,597,423	USD	8,430,000		02/13	UBS		128,433
BRL	312,918	USD	148,746		04/13	SCB		2,343
INR	1,078,849,750	USD	19,731,444		01/13	SCB		(84,417)
KRW	9,736,625,460	USD	8,923,269		01/13	SCB		162,741
MXN	43,129,982	USD	3,219,136		02/13	JPM		104,615
PLN	44,064,752	USD	13,675,999		01/13	BOA		519,057
PLN	18,884,894	USD	5,813,062		01/13	DUB		271,169
RUB	301,370,689	USD	9,496,327		01/13	UBS		320,009
RUB	154,062,500	USD	4,956,966		02/13	BRC		38,020
RUB	315,382,330	USD	10,070,000		03/13	GSC		110,711
USD	78,297	BRL	160,000		01/13	BSC		153
USD	74,831	BRL	152,918		01/13	JPM		146
USD	150,622	BRL	312,918		01/13	SCB		(2,207)
USD	663,497	BRL	1,362,690		02/13	HSB		758
USD	21,472,905	BRL	45,629,923		03/13	BRC		(645,332)
USD	21,739,922	BRL	45,629,922		03/13	UBS		(378,315)
USD	3,833,759	CNY	24,166,100		01/13	MSC		(42,355)
USD	30,210,222	EUR	23,157,225		01/13	DUB		(359,042)
USD	2,776,152	GBP	1,719,304		01/13	BRC		(16,689)
USD	240,494	MXN	3,130,000		01/13	MSC		(1,329)
USD	276,484	MXN	3,610,000		03/13	JPM		(965)
USD	19,516,960	PLN	61,896,088		01/13	UBS		(422,296)
USD	14,825,405	RUB	459,795,106		01/13	BRC		(151,178)
Total Forward Foreign Currency Contracts								($445,662	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-71

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(h) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		��
Assets	Corporate Bonds & Notes		$396,149,010			$-		$396,149,010			$-
	Foreign Government Bonds & Notes		573,481,745			-		573,481,745			-
	Short-Term Investment		3,082,374			-		3,082,374			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		1,658,762			-		1,658,762			-
	Total Assets		974,371,891			-		974,371,891			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(2,104,424	)		-		(2,104,424	)		-
	Total Liabilities		(2,104,424	)		-		(2,104,424	)		-
	Total		$972,267,467			$-		$972,267,467			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-72

PACIFIC SELECT FUND

AMERICAN FUNDS^® GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
MUTUAL FUND - 100.0%
American Funds Insurance Series® Growth Fund - Class 1		4,376,028		$266,500,129
TOTAL INVESTMENTS - 100.0% (Cost $200,329,943)				266,500,129
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(118,186	)
NET ASSETS - 100.0%				$266,381,943

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Mutual Fund	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

PACIFIC SELECT FUND

AMERICAN FUNDS^® GROWTH-INCOME PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
MUTUAL FUND - 100.0%
American Funds Insurance Series® Growth-Income Fund - Class 1		16,818,204		$647,164,471
TOTAL INVESTMENTS - 100.0% (Cost $555,871,540)				647,164,471
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(266,426	)
NET ASSETS - 100.0%				$646,898,045

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Mutual Fund	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the portfolios’ investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolios’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
American Funds Growth Portfolio
Assets	Mutual Fund		$266,500,129		$266,500,129		$-		$-
American Funds Growth-Income Portfolio
Assets	Mutual Fund		$647,164,471		$647,164,471		$-		$-

American Funds Growth and American Funds Growth-Income Portfolios (each a “Feeder Portfolio”, collectively “the Feeder Portfolios”) invest substantially all of their assets in Class 1 shares of the Growth and Growth-Income Funds of the American Funds Insurance Series, respectively, (each a “Master Fund”, collectively the “Master Funds”) (See Note 1 in Notes to Financial Statements). Each Feeder Portfolio has an investment objective that is consistent with its corresponding Master Fund. The financial statements of the Master Funds, including the Schedule of Investments, are provided separately and should be read in conjunction with the Feeder Portfolios’ financial statements.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-73

PACIFIC SELECT FUND

COMSTOCK PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 96.4%
Consumer Discretionary - 15.9%
Carnival Corp (Panama)		516,081		$18,976,298
Comcast Corp ‘A’		1,293,157		48,338,209
General Motors Co *		1,406,903		40,561,014
Kohl’s Corp		234,777		10,090,716
Lowe’s Cos Inc		719,289		25,549,145
Newell Rubbermaid Inc		424,640		9,456,733
News Corp ‘B’		1,261,595		33,104,253
Staples Inc		1,038,633		11,840,416
Target Corp		287,026		16,983,328
Time Warner Cable Inc		478,365		46,492,294
Time Warner Inc		379,633		18,157,846
Viacom Inc ‘B’		788,559		41,588,602
				321,138,854
Consumer Staples - 6.0%
Archer-Daniels-Midland Co		486,015		13,311,951
CVS Caremark Corp		679,057		32,832,406
Kraft Foods Group Inc		196,508		8,935,219
Mondelez International Inc ‘A’		692,693		17,642,891
The Procter & Gamble Co		110,822		7,523,705
Tyson Foods Inc ‘A’		581,319		11,277,589
Unilever NV ‘NY’ (Netherlands)		646,274		24,752,294
Wal-Mart Stores Inc		85,702		5,847,447
				122,123,502
Energy - 13.6%
BP PLC ADR (United Kingdom)		1,058,996		44,096,593
Chevron Corp		260,055		28,122,348
Halliburton Co		1,113,066		38,612,260
Murphy Oil Corp		541,021		32,217,801
Noble Corp (Switzerland)		292,819		10,195,958
Occidental Petroleum Corp		273,405		20,945,557
QEP Resources Inc		839,696		25,417,598
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom)		509,514		35,130,990
Weatherford International Ltd * (Switzerland)		3,548,887		39,712,045
				274,451,150
Financials - 23.6%
Aflac Inc		163,389		8,679,224
Bank of America Corp		2,926,008		33,941,693
Citigroup Inc		1,949,788		77,133,613
Fifth Third Bancorp		1,350,312		20,511,239
JPMorgan Chase & Co		1,482,484		65,184,821
MetLife Inc		596,504		19,648,842
Morgan Stanley		1,096,006		20,955,635
State Street Corp		240,990		11,328,940
The Allstate Corp		1,190,899		47,838,413
The Bank of New York Mellon Corp		1,656,525		42,572,692
The Goldman Sachs Group Inc		157,050		20,033,298
The PNC Financial Services Group Inc		487,666		28,435,804
The Travelers Cos Inc		330,835		23,760,570
U.S. Bancorp		404,970		12,934,742
Wells Fargo & Co		1,251,357		42,771,382
				475,730,908
Health Care - 14.0%
Bristol-Myers Squibb Co		1,090,638		35,543,892
Cardinal Health Inc		383,658		15,799,036
GlaxoSmithKline PLC ADR (United Kingdom)		463,832		20,162,777
Merck & Co Inc		937,218		38,369,705
Novartis AG (Switzerland)		329,328		20,850,254
Pfizer Inc		1,915,437		48,039,160
Roche Holding AG ADR (Switzerland)		359,226		18,140,913
Sanofi ADR (France)		604,549		28,643,532

	Shares		Value
UnitedHealth Group Inc		666,539		$36,153,075
WellPoint Inc		335,857		20,460,409
				282,162,753
Industrials - 6.1%
Emerson Electric Co		459,938		24,358,316
General Electric Co		1,959,935		41,139,036
Honeywell International Inc		222,499		14,122,012
Ingersoll-Rand PLC (Ireland)		631,593		30,291,200
Textron Inc		503,390		12,479,038
				122,389,602
Information Technology - 9.8%
Cisco Systems Inc		1,111,311		21,837,261
Corning Inc		1,978,921		24,973,983
eBay Inc *		649,226		33,123,511
Hewlett-Packard Co		2,118,697		30,191,432
Intel Corp		543,884		11,220,327
Microsoft Corp		1,621,256		43,336,173
Yahoo! Inc *		1,718,677		34,201,672
				198,884,359
Materials - 2.9%
Alcoa Inc		2,478,221		21,510,959
International Paper Co		941,961		37,527,726
				59,038,685
Telecommunication Services - 2.3%
AT&T Inc		317,421		10,700,262
Verizon Communications Inc		436,448		18,885,105
Vodafone Group PLC ADR (United Kingdom)		636,754		16,039,833
				45,625,200
Utilities - 2.2%
FirstEnergy Corp		382,460		15,971,530
PPL Corp		1,022,634		29,278,011
				45,249,541
Total Common Stocks (Cost $1,646,034,073)				1,946,794,554
	Principal Amount
SHORT-TERM INVESTMENT - 3.7%
Repurchase Agreement - 3.7%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $74,014,932; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $75,500,000)		$74,014,891		74,014,891
Total Short-Term Investment (Cost $74,014,891)				74,014,891
TOTAL INVESTMENTS - 100.1% (Cost $1,720,048,964)				2,020,809,445
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(2,514,449	)
NET ASSETS - 100.0%				$2,018,294,996

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-74

PACIFIC SELECT FUND

COMSTOCK PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	23.6%
Consumer Discretionary	15.9%
Health Care	14.0%
Energy	13.6%
Information Technology	9.8%
Industrials	6.1%
Consumer Staples	6.0%
Short-Term Investment	3.7%
Materials	2.9%
Telecommunication Services	2.3%
Utilities	2.2%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
CHF	2,570,276	USD	2,757,789		01/13	SSB		$52,963
EUR	2,272,313	USD	2,931,965		01/13	BNY		67,683
GBP	2,681,125	USD	4,286,668		01/13	SSB		68,544
USD	10,105,508	CHF	9,404,590		01/13	BNY		(178,979	)
USD	10,129,051	CHF	9,426,500		01/13	CIT		(179,397	)
USD	14,147,792	CHF	13,166,430		01/13	SSB		(250,495	)
USD	15,412,688	EUR	11,921,620		01/13	BNY		(324,873	)
USD	19,211,088	EUR	14,860,740		01/13	CIB		(406,364	)
USD	21,519,649	EUR	16,644,030		01/13	CIT		(451,898	)
USD	22,595,617	EUR	17,476,220		01/13	SSB		(474,493	)
USD	19,216,390	GBP	12,006,679		01/13	BNY		(287,229	)
USD	26,118,984	GBP	16,320,540		01/13	CIB		(392,059	)
USD	13,545,057	GBP	8,462,503		01/13	CIT		(201,411	)
USD	13,157,521	GBP	8,220,717		01/13	SSB		(196,191	)
Total Forward Foreign Currency Contracts								($3,154,199	)

(d) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$321,138,854			$321,138,854		$-			$-
	Consumer Staples		122,123,502			122,123,502		-			-
	Energy		274,451,150			274,451,150		-			-
	Financials		475,730,908			475,730,908		-			-
	Health Care		282,162,753			261,312,499		20,850,254			-
	Industrials		122,389,602			122,389,602		-			-
	Information Technology		198,884,359			198,884,359		-			-
	Materials		59,038,685			59,038,685		-			-
	Telecommunication Services		45,625,200			45,625,200		-			-
	Utilities		45,249,541			45,249,541		-			-
			1,946,794,554			1,925,944,300		20,850,254			-
	Short-Term Investment		74,014,891			-		74,014,891			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		189,190			-		189,190			-
	Total Assets		2,020,998,635			1,925,944,300		95,054,335			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(3,343,389	)		-		(3,343,389	)		-
	Total Liabilities		(3,343,389	)		-		(3,343,389	)		-
	Total		$2,017,655,246			$1,925,944,300		$91,710,946			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-75

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 94.3%
Consumer Discretionary - 14.0%
Carnival Corp (Panama)		183,800		$6,758,326
Family Dollar Stores Inc		80,000		5,072,800
Hasbro Inc		110,500		3,966,950
Johnson Controls Inc		186,200		5,716,340
Kohl’s Corp		172,500		7,414,050
Marriott International Inc ‘A’		105,900		3,946,893
Mattel Inc		149,800		5,485,676
McDonald’s Corp		77,400		6,827,454
Nike Inc ‘B’		69,400		3,581,040
Omnicom Group Inc		178,300		8,907,868
Ross Stores Inc		143,200		7,754,280
Target Corp		50,000		2,958,500
The Home Depot Inc		173,900		10,755,715
The McGraw-Hill Cos Inc		127,200		6,954,024
The Walt Disney Co		94,100		4,685,239
Time Warner Cable Inc		140,600		13,664,914
Time Warner Inc		208,600		9,977,338
				114,427,407
Consumer Staples - 8.7%
Colgate-Palmolive Co		38,800		4,056,152
Costco Wholesale Corp		41,500		4,098,955
General Mills Inc		157,000		6,344,370
Kellogg Co		99,400		5,551,490
McCormick & Co Inc		73,000		4,637,690
PepsiCo Inc		183,400		12,550,062
Pernod-Ricard SA (France)		75,553		8,884,035
Philip Morris International Inc		92,100		7,703,244
Sysco Corp		125,300		3,966,998
The Coca-Cola Co		117,000		4,241,250
Wal-Mart Stores Inc		102,700		7,007,221
Walgreen Co		52,200		1,931,922
				70,973,389
Energy - 8.3%
Baker Hughes Inc		75,300		3,075,252
Chevron Corp		107,200		11,592,608
Diamond Offshore Drilling Inc		29,600		2,011,616
EQT Corp		84,800		5,001,504
Exxon Mobil Corp		149,200		12,913,260
Occidental Petroleum Corp		83,900		6,427,579
Schlumberger Ltd (Netherlands)		133,400		9,243,286
Spectra Energy Corp		271,600		7,436,408
The Williams Cos Inc		236,506		7,743,207
Total SA ADR (France)		29,700		1,544,697
WPX Energy Inc *		78,000		1,160,640
				68,150,057
Financials - 14.3%
American Express Co		151,800		8,725,464
Aon PLC (United Kingdom)		150,800		8,384,480
Franklin Resources Inc		34,500		4,336,650
General Growth Properties Inc REIT		188,400		3,739,740
JPMorgan Chase & Co		302,900		13,318,513
MetLife Inc		71,600		2,358,504
Morgan Stanley		76,300		1,458,856
Northern Trust Corp		108,900		5,462,424
State Street Corp		138,400		6,506,184
The Allstate Corp		122,100		4,904,757
The Charles Schwab Corp		225,900		3,243,924
The Chubb Corp		121,100		9,121,252
The Goldman Sachs Group Inc		19,900		2,538,444
The PNC Financial Services Group Inc		138,800		8,093,428
U.S. Bancorp		418,000		13,350,920
Waddell & Reed Financial Inc ‘A’		116,300		4,049,566

	Shares		Value
Wells Fargo & Co		369,300		$12,622,674
Willis Group Holdings PLC (Ireland)		144,300		4,838,379
				117,054,159
Health Care - 13.8%
AmerisourceBergen Corp		138,800		5,993,384
Baxter International Inc		93,300		6,219,378
C.R. Bard Inc		45,700		4,466,718
CIGNA Corp		59,300		3,170,178
Covidien PLC (Ireland)		119,100		6,876,834
DENTSPLY International Inc		288,300		11,419,563
Johnson & Johnson		112,700		7,900,270
McKesson Corp		125,700		12,187,872
Medtronic Inc		49,100		2,014,082
Merck & Co Inc		283,100		11,590,114
Pfizer Inc		792,800		19,883,424
Stryker Corp		107,300		5,882,186
Thermo Fisher Scientific Inc		151,000		9,630,780
UnitedHealth Group Inc		106,000		5,749,440
				112,984,223
Industrials - 13.1%
C.H. Robinson Worldwide Inc		61,600		3,894,352
Danaher Corp		234,100		13,086,190
Deere & Co		38,500		3,327,170
Eaton Corp PLC (Ireland)		74,999		4,064,946
Equifax Inc		74,500		4,031,940
Expeditors International of Washington Inc		83,900		3,318,245
Fastenal Co		170,900		7,979,321
Fluor Corp		50,800		2,983,992
Illinois Tool Works Inc		51,700		3,143,877
Iron Mountain Inc		125,211		3,887,801
Norfolk Southern Corp		99,200		6,134,528
Pall Corp		115,900		6,984,134
Republic Services Inc		113,600		3,331,888
Robert Half International Inc		114,600		3,646,572
Rockwell Collins Inc		52,900		3,077,193
Roper Industries Inc		111,000		12,374,280
Stanley Black & Decker Inc		31,100		2,300,467
United Parcel Service Inc ‘B’		91,300		6,731,549
United Technologies Corp		152,500		12,506,525
				106,804,970
Information Technology - 11.4%
Accenture PLC ‘A’ (Ireland)		205,800		13,685,700
Analog Devices Inc		66,800		2,809,608
Apple Inc		14,500		7,728,935
Applied Materials Inc		325,400		3,722,576
Automatic Data Processing Inc		180,400		10,284,604
Cisco Systems Inc		252,500		4,961,625
International Business Machines Corp		9,400		1,800,570
Linear Technology Corp		47,100		1,615,530
Microchip Technology Inc		98,800		3,219,892
Microsoft Corp		301,900		8,069,787
QUALCOMM Inc		68,700		4,260,774
Texas Instruments Inc		363,800		11,255,972
The Western Union Co		106,800		1,453,548
Visa Inc ‘A’		94,100		14,263,678
Xilinx Inc		115,700		4,153,630
				93,286,429
Materials - 5.5%
Air Products & Chemicals Inc		44,000		3,696,880
Ecolab Inc		83,400		5,996,460
Nucor Corp		106,100		4,581,398
Potash Corp of Saskatchewan Inc (NYSE) (Canada)		106,900		4,349,761
Praxair Inc		99,800		10,923,110

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-76

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Sigma-Aldrich Corp		103,000		$7,578,740
The Sherwin-Williams Co		51,000		7,844,820
				44,971,169
Telecommunication Services - 3.7%
AT&T Inc		267,800		9,027,538
Crown Castle International Corp *		210,500		15,189,680
Vodafone Group PLC ADR (United Kingdom)		220,600		5,556,914
				29,774,132
Utilities - 1.5%
Entergy Corp		80,800		5,151,000
Exelon Corp		57,700		1,715,998
Sempra Energy		72,500		5,143,150
				12,010,148
Total Common Stocks (Cost $646,658,298)				770,436,083
	Principal Amount
SHORT-TERM INVESTMENT - 5.0%
Repurchase Agreement - 5.0%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $40,614,007; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $41,430,000)		$40,613,984		40,613,984
Total Short-Term Investment (Cost $40,613,984)				40,613,984
TOTAL INVESTMENTS - 99.3% (Cost $687,272,282)				811,050,067
OTHER ASSETS & LIABILITIES, NET - 0.7%				5,812,327
NET ASSETS - 100.0%				$816,862,394

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	14.3%
Consumer Discretionary	14.0%
Health Care	13.8%
Industrials	13.1%
Information Technology	11.4%
Consumer Staples	8.7%
Energy	8.3%
Materials	5.5%
Short-Term Investment	5.0%
Telecommunication Services	3.7%
Utilities	1.5%
	99.3%
Other Assets & Liabilities, Net	0.7%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$114,427,407		$114,427,407		$-		$-
	Consumer Staples		70,973,389		62,089,354		8,884,035		-
	Energy		68,150,057		68,150,057		-		-
	Financials		117,054,159		117,054,159		-		-
	Health Care		112,984,223		112,984,223		-		-
	Industrials		106,804,970		106,804,970		-		-
	Information Technology		93,286,429		93,286,429		-		-
	Materials		44,971,169		44,971,169		-		-
	Telecommunication Services		29,774,132		29,774,132		-		-
	Utilities		12,010,148		12,010,148		-		-
			770,436,083		761,552,048		8,884,035		-
	Short-Term Investment		40,613,984		-		40,613,984		-
	Total		$811,050,067		$761,552,048		$49,498,019		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-77

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Summary Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 98.3%
Consumer Discretionary - 11.3%
Amazon.com Inc *		55,560		$13,953,338
Comcast Corp ‘A’		407,573		15,235,079
McDonald’s Corp		153,995		13,583,899
The Home Depot Inc		229,336		14,184,432
The Walt Disney Co		271,818		13,533,818
Other securities				154,245,927
				224,736,493
Consumer Staples - 10.4%
Altria Group Inc		310,650		9,760,623
CVS Caremark Corp		191,247		9,246,792
PepsiCo Inc		237,254		16,235,291
Philip Morris International Inc		256,214		21,429,739
The Coca-Cola Co		591,588		21,445,065
The Procter & Gamble Co		419,334		28,468,585
Wal-Mart Stores Inc		256,541		17,503,792
Other securities				83,316,692
				207,406,579
Energy - 10.8%
Chevron Corp		300,091		32,451,841
ConocoPhillips		186,110		10,792,519
Exxon Mobil Corp		699,197		60,515,500
Occidental Petroleum Corp		124,211		9,515,805
Schlumberger Ltd (Netherlands)		203,547		14,103,772
Other securities				87,239,899
				214,619,336
Financials - 15.3%
American Express Co		149,357		8,585,040
Bank of America Corp		1,652,585		19,169,986
Berkshire Hathaway Inc ‘B’ *		279,751		25,093,665
Citigroup Inc		449,636		17,787,600
JPMorgan Chase & Co		582,881		25,629,278
The Goldman Sachs Group Inc		67,768		8,644,486
U.S. Bancorp		288,456		9,213,285
Wells Fargo & Co		750,849		25,664,019
Other securities				164,961,147
				304,748,506
Health Care - 11.8%
Abbott Laboratories		242,356		15,874,318
Amgen Inc		117,710		10,160,727
Bristol-Myers Squibb Co		253,234		8,252,896
Gilead Sciences Inc *		116,154		8,531,511
Johnson & Johnson		424,932		29,787,733
Merck & Co Inc		466,134		19,083,526
Pfizer Inc		1,129,160		28,319,333
UnitedHealth Group Inc		156,706		8,499,733
Other securities				106,201,147
				234,710,924
Industrials - 10.0%
3M Co		97,593		9,061,510
Caterpillar Inc		100,255		8,980,843
General Electric Co		1,608,200		33,756,118
Union Pacific Corp		72,161		9,072,081
United Technologies Corp		129,279		10,602,171
Other securities				126,362,976
				197,835,699
Information Technology - 18.7%
Apple Inc		144,247		76,887,978
Cisco Systems Inc		814,047		15,996,024
eBay Inc *		178,543		9,109,264
Google Inc ‘A’ *		40,812		28,950,808

	Shares		Value
Intel Corp		763,216		$15,745,146
International Business Machines Corp		162,892		31,201,963
Microsoft Corp		1,161,490		31,046,628
Oracle Corp		576,510		19,209,313
QUALCOMM Inc		261,272		16,204,089
Visa Inc ‘A’		79,930		12,115,789
Other securities				115,610,987
				372,077,989
Materials - 3.6%
Other securities				70,741,553
Telecommunication Services - 3.0%
AT&T Inc		871,109		29,365,084
Verizon Communications Inc		437,588		18,934,433
Other securities				11,469,513
				59,769,030
Utilities - 3.4%
Other securities				67,067,207
Total Common Stocks (Cost $1,298,563,811)				1,953,713,316
	Principal Amount
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $29,476,503; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $30,070,000)		$29,476,486		29,476,486
Total Short-Term Investment (Cost $29,476,486)				29,476,486
TOTAL INVESTMENTS - 99.8% (Cost $1,328,040,297)				1,983,189,802
OTHER ASSETS & LIABILITIES, NET - 0.2%				4,815,616
NET ASSETS - 100.0%				$1,988,005,418

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	18.7%
Financials	15.3%
Health Care	11.8%
Consumer Discretionary	11.3%
Energy	10.8%
Consumer Staples	10.4%
Industrials	10.0%
Materials	3.6%
Utilities	3.4%
Telecommunication Services	3.0%
Short-Term Investment	1.5%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-78

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Summary Schedule of Investments (Continued)

December 31, 2012

(c) Other securities represent the portfolio’s securities not identified as a top-fifty holding in terms of value, and not exceeding one percent of the portfolio’s net assets as of December 31, 2012.

(d) A Summary Schedule of Investments is presented for this portfolio. For information on availability of a complete Schedule of Investments, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

(e) As of December 31, 2012, $1,962,000 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(f) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Depreciation
S&P 500 E-Mini (03/13)		481		$34,355,699		($202,294	)

(g) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$1,953,713,316			$1,953,713,316			$-		$-
	Short-Term Investment		29,476,486			-			29,476,486		-
	Total Assets		1,983,189,802			1,953,713,316			29,476,486		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(202,294	)		(202,294	)		-		-
	Total Liabilities		(202,294	)		(202,294	)		-		-
	Total		$1,982,987,508			$1,953,511,022			$29,476,486		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-79

PACIFIC SELECT FUND

FOCUSED 30 PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 99.3%
Consumer Discretionary - 10.8%
Amazon.com Inc *		4,339		$1,089,697
Cie Financiere Richemont SA ‘A’ (Switzerland)		44,122		3,528,148
MGM Resorts International *		209,923		2,443,504
News Corp ‘A’		148,167		3,784,185
Prada SPA (Italy)		155,300		1,502,377
				12,347,911
Consumer Staples - 8.0%
Davide Campari-Milano SPA (Italy)		228,392		1,754,265
Mead Johnson Nutrition Co		45,069		2,969,597
Monster Beverage Corp *		59,811		3,162,806
Pernod-Ricard SA (France)		10,899		1,281,578
				9,168,246
Financials - 7.1%
AIA Group Ltd (Hong Kong)		518,800		2,067,646
Prudential PLC (United Kingdom)		170,982		2,385,760
Walker & Dunlop Inc *		216,864		3,612,954
				8,066,360
Health Care - 16.3%
Celgene Corp *		67,263		5,294,944
Express Scripts Holding Co *		115,303		6,226,362
Gilead Sciences Inc *		17,991		1,321,439
Intuitive Surgical Inc *		533		261,367
Medivation Inc *		70,201		3,591,483
Vertex Pharmaceuticals Inc *		43,268		1,814,660
				18,510,255
Industrials - 11.5%
C.H. Robinson Worldwide Inc		32,892		2,079,432
FANUC Corp (Japan)		23,900		4,444,536
Iron Mountain Inc		72,307		2,245,132
Precision Castparts Corp		4,616		874,363
United Parcel Service Inc ‘B’		46,641		3,438,841
				13,082,304
Information Technology -37.5%
Amphenol Corp ‘A’		22,475		1,454,132
Apple Inc		22,383		11,930,810
CoStar Group Inc *		40,380		3,608,761
eBay Inc *		153,804		7,847,080
EMC Corp *		128,602		3,253,631
MasterCard Inc ‘A’		2,758		1,354,950
Microsoft Corp		115,274		3,081,274
ON Semiconductor Corp *		206,693		1,457,186
TE Connectivity Ltd (Switzerland)		71,736		2,662,840
Trimble Navigation Ltd *		51,080		3,053,562
VistaPrint NV * (Netherlands)		71,044		2,334,506
Workday Inc ‘A’ *		9,429		513,881
Yelp Inc *		10,331		194,739
				42,747,352
Materials - 1.4%
Turquoise Hill Resources Ltd (XNYS) * (Canada)		214,598		1,633,091
Telecommunication Services - 6.7%
Crown Castle International Corp *		97,385		7,027,301
Ziggo NV (Netherlands)		18,516		598,418
				7,625,719
Total Common Stocks (Cost $86,384,226)				113,181,238

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.8%
Commercial Paper - 0.7%
BNP Paribas Financial Inc 0.160% due 01/02/13		$800,000		$800,000
Repurchase Agreement - 0.1%
State Street Bank & Trust Co 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $68,132; collateralized by Fannie Mae: 2.140% due 11/07/22 and value $70,287)		68,132		68,132
Total Short-Term Investments (Cost $868,132)				868,132
TOTAL INVESTMENTS - 100.1% (Cost $87,252,358)				114,049,370
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(125,832	)
NET ASSETS - 100.0%				$113,923,538

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	37.5%
Health Care	16.3%
Industrials	11.5%
Consumer Discretionary	10.8%
Consumer Staples	8.0%
Financials	7.1%
Telecommunication Services	6.7%
Materials	1.4%
Short-Term Investments	0.8%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-80

PACIFIC SELECT FUND

FOCUSED 30 PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$12,347,911		$7,317,386		$5,030,525		$-
	Consumer Staples		9,168,246		6,132,403		3,035,843		-
	Financials		8,066,360		3,612,954		4,453,406		-
	Health Care		18,510,255		18,510,255		-		-
	Industrials		13,082,304		8,637,768		4,444,536		-
	Information Technology		42,747,352		42,747,352		-		-
	Materials		1,633,091		1,633,091		-		-
	Telecommunication Services		7,625,719		7,027,301		598,418		-
			113,181,238		95,618,510		17,562,728		-
	Short-Term Investments		868,132		-		868,132		-
	Total		$114,049,370		$95,618,510		$18,430,860		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-81

PACIFIC SELECT FUND

GROWTH LT PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 94.3%
Consumer Discretionary - 18.8%
Amazon.com Inc *		12,359		$3,103,839
AutoZone Inc *		21,998		7,796,751
CBS Corp ‘B’		257,258		9,788,667
Coach Inc		142,536		7,912,173
Limited Brands Inc		315,488		14,846,865
Mattel Inc		192,458		7,047,812
Nike Inc ‘B’		173,398		8,947,337
Nordstrom Inc		216,466		11,580,931
Polaris Industries Inc		13,143		1,105,983
Prada SPA (Italy)		654,700		6,333,590
priceline.com Inc *		4,051		2,516,481
The TJX Cos Inc		94,799		4,024,218
The Walt Disney Co		76,421		3,805,002
Time Warner Cable Inc		78,412		7,620,862
				96,430,511
Consumer Staples - 10.2%
Anheuser-Busch InBev NV (Belgium)		90,749		7,930,430
Colgate-Palmolive Co		45,943		4,802,881
Costco Wholesale Corp		59,647		5,891,334
Mead Johnson Nutrition Co		62,399		4,111,470
Pernod-Ricard SA (France)		83,814		9,855,419
Philip Morris International Inc		57,357		4,797,340
Reckitt Benckiser Group PLC (United Kingdom)		78,619		4,924,987
SABMiller PLC (United Kingdom)		152,834		7,193,603
Whole Foods Market Inc		29,707		2,713,140
				52,220,604
Energy - 5.1%
Dresser-Rand Group Inc *		89,898		5,046,874
Enterprise Products Partners LP		6,892		345,151
EOG Resources Inc		36,290		4,383,469
Helmerich & Payne Inc		68,586		3,841,502
Kinder Morgan Inc		83,485		2,949,525
National Oilwell Varco Inc		53,155		3,633,144
Noble Energy Inc		44,079		4,484,598
Petroleo Brasileiro SA ADR (Brazil)		75,483		1,469,654
				26,153,917
Financials - 2.9%
Banco do Brasil SA (Brazil)		163,600		2,087,056
Prudential PLC (United Kingdom)		248,496		3,467,334
Simon Property Group Inc REIT		16,300		2,576,867
T. Rowe Price Group Inc		74,299		4,839,094
Ventas Inc REIT		30,180		1,953,250
				14,923,601
Health Care - 12.7%
Aetna Inc		70,983		3,286,513
AmerisourceBergen Corp		115,551		4,989,492
Celgene Corp *		85,483		6,729,222
Covidien PLC (Ireland)		77,386		4,468,268
Express Scripts Holding Co *		166,555		8,993,970
Gilead Sciences Inc *		121,250		8,905,813
Medivation Inc *		61,314		3,136,824
Perrigo Co		89,039		9,262,727
Shire PLC ADR (United Kingdom)		28,212		2,600,582
Valeant Pharmaceuticals International Inc (NYSE) * (Canada)		105,647		6,314,521
Varian Medical Systems Inc *		43,442		3,051,366
Vertex Pharmaceuticals Inc *		82,020		3,439,919
				65,179,217

	Shares		Value
Industrials - 12.3%
C.H. Robinson Worldwide Inc		56,081		$3,545,441
Canadian Pacific Railway Ltd (NYSE) (Canada)		56,495		5,741,022
Danaher Corp		151,064		8,444,478
FANUC Corp (Japan)		41,300		7,680,306
Fastenal Co		79,141		3,695,093
Precision Castparts Corp		70,139		13,285,730
Sensata Technologies Holding NV * (Netherlands)		191,388		6,216,282
Tyco International Ltd (Switzerland)		65,369		1,912,043
Union Pacific Corp		15,532		1,952,683
Verisk Analytics Inc ‘A’ *		58,951		3,006,501
W.W. Grainger Inc		37,838		7,657,276
				63,136,855
Information Technology - 27.9%
Amdocs Ltd (United Kingdom)		145,387		4,941,704
Amphenol Corp ‘A’		86,395		5,589,757
ANSYS Inc *		61,520		4,142,757
Apple Inc		83,419		44,464,830
Atmel Corp *		441,229		2,890,050
eBay Inc *		221,958		11,324,297
EMC Corp *		88,372		2,235,812
Facebook Inc ‘A’ *		72,110		1,920,289
Google Inc ‘A’ *		7,252		5,144,351
Informatica Corp *		90,221		2,735,501
Intuit Inc		126,145		7,505,627
LinkedIn Corp ‘A’ *		15,179		1,742,853
MasterCard Inc ‘A’		14,052		6,903,467
Motorola Solutions Inc		132,284		7,365,573
ON Semiconductor Corp *		593,243		4,182,363
Oracle Corp		440,417		14,674,694
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)		1,191,548		3,988,007
TE Connectivity Ltd (Switzerland)		209,750		7,785,920
Teradata Corp *		21,267		1,316,215
VMware Inc ‘A’ *		19,567		1,842,037
				142,696,104
Materials - 3.7%
Ball Corp		180,855		8,093,261
Monsanto Co		28,865		2,732,072
Praxair Inc		75,408		8,253,406
				19,078,739
Telecommunication Services - 0.7%
Crown Castle International Corp *		50,359		3,633,905
Total Common Stocks (Cost $417,416,020)				483,453,453
PURCHASED OPTIONS - 0.2%
(See Note (d) in Notes to Schedule of Investments) (Cost $1,649,863)				1,252,310

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-82

PACIFIC SELECT FUND

GROWTH LT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 5.2%
Commercial Paper - 4.9%
BNP Paribas Financial Inc 0.160% due 01/02/13		$25,100,000		$25,099,986
Repurchase Agreement - 0.3%
State Street Bank & Trust Co 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $1,604,416; collateralized by Fannie Mae: 2.140% due 11/07/22 and value $1,636,678)		1,604,415		1,604,415
Total Short-Term Investments (Cost $26,704,401)				26,704,401
TOTAL INVESTMENTS - 99.7% (Cost $445,770,284)				511,410,164
OTHER ASSETS & LIABILITIES, NET - 0.3%				1,437,684
NET ASSETS - 100.0%				$512,847,848

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	27.9%
Consumer Discretionary	18.8%
Health Care	12.7%
Industrials	12.3%
Consumer Staples	10.2%
Short-Term Investments	5.2%
Energy	5.1%
Materials	3.7%
Financials	2.9%
Telecommunication Services	0.7%
Purchased Options	0.2%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
EUR	350,000	USD	461,545		01/13	CSF		$465
GBP	870,000	USD	1,411,192		01/13	CSF		2,052
JPY	8,800,000	USD	103,201		01/13	CSF		(1,623	)
USD	2,923,006	EUR	2,285,000		01/13	CSF		(93,261	)
USD	2,351,898	EUR	1,800,000		01/13	JPM		(24,439	)
USD	4,658,025	EUR	3,590,000		01/13	RBC		(81,164	)
USD	3,669,255	EUR	2,790,000		02/13	HSB		(14,741	)
USD	3,455,400	GBP	2,170,000		01/13	CSF		(69,590	)
USD	4,151,994	GBP	2,580,000		01/13	JPM		(38,850	)
USD	3,923,283	GBP	2,450,000		01/13	RBC		(56,469	)
USD	3,317,976	GBP	2,050,000		02/13	HSB		(11,749	)
USD	2,341,609	JPY	187,100,000		01/13	CSF		181,920
USD	1,759,208	JPY	145,000,000		01/13	JPM		85,284
USD	1,911,697	JPY	157,000,000		01/13	RBC		99,347
USD	1,570,268	JPY	132,000,000		02/13	HSB		46,161
Total Forward Foreign Currency Contracts								$23,343

(d) Purchased options outstanding as of December 31, 2012 were as follows:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date		Counter- party	Number of Contracts		Cost		Value
Put - CME S&P 500 Index Futures (01/13)		$140.00		01/19/13	GSC		1,490		$221,980		$177,310

Options on Securities

Description	Strike Price		Expiration Date		Counter- party	Number of Contracts		Cost		Value
Call - CME Microsoft Corp		$30.00		01/19/13	GSC		2,575		$584,525		$7,725
Call - CME Valeant Pharmaceuticals International Inc		52.50		01/19/13	GSC		695		491,845		545,575
Call - CME Google Inc ‘A’		700.00		03/16/13	GSC		141		351,513		521,700
									$1,427,883		$1,075,000
Total Purchased Options									$1,649,863		$1,252,310

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-83

PACIFIC SELECT FUND

GROWTH LT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Transactions in written options for the year ended December 31, 2012 were as follows:

	Number of Contracts			Premium
Outstanding, December 31, 2011		-			$-
Call Options Written		1,792			1,599,682
Call Options Exercised		(313	)		(38,122	)
Call Options Expired		(582	)		(119,492	)
Call Options Closed		(897	)		(1,442,068	)
Outstanding, December 31, 2012		-			$-

(f) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$96,430,511			$90,096,921		$6,333,590			$-
	Consumer Staples		52,220,604			22,316,165		29,904,439			-
	Energy		26,153,917			26,153,917		-			-
	Financials		14,923,601			9,369,211		5,554,390			-
	Health Care		65,179,217			65,179,217		-			-
	Industrials		63,136,855			55,456,549		7,680,306			-
	Information Technology		142,696,104			138,708,097		3,988,007			-
	Materials		19,078,739			19,078,739		-			-
	Telecommunication Services		3,633,905			3,633,905		-			-
			483,453,453			429,992,721		53,460,732			-
	Short-Term Investments		26,704,401			-		26,704,401			-
	Derivatives:
	Equity Contracts
	Purchased Options		1,252,310			1,252,310		-			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		415,229			-		415,229			-
	Total Assets - Derivatives		1,667,539			1,252,310		415,229			-
	Total Assets		511,825,393			431,245,031		80,580,362			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(391,886	)		-		(391,886	)		-
	Total Liabilities		(391,886	)		-		(391,886	)		-
	Total		$511,433,507			$431,245,031		$80,188,476			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-84

PACIFIC SELECT FUND

LARGE-CAP GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 97.5%
Consumer Discretionary - 20.8%
Amazon.com Inc *		174,100		$43,723,474
DIRECTV *		491,900		24,673,704
Dollar General Corp *		758,000		33,420,220
Las Vegas Sands Corp		717,100		33,101,336
Lululemon Athletica Inc *		292,109		22,267,469
Michael Kors Holdings Ltd * (United Kingdom)		375,700		19,171,971
Nike Inc ‘B’		535,000		27,606,000
priceline.com Inc *		52,600		32,675,120
Ralph Lauren Corp		200,700		30,088,944
The Interpublic Group of Cos Inc		3,901		42,989
				266,771,227
Consumer Staples - 5.5%
CVS Caremark Corp		318,600		15,404,310
Monster Beverage Corp *		346,700		18,333,496
The Estee Lauder Cos Inc ‘A’		620,000		37,113,200
				70,851,006
Energy - 6.4%
Cabot Oil & Gas Corp		271,000		13,479,540
Concho Resources Inc *		273,100		22,000,936
FMC Technologies Inc *		580,400		24,858,532
Schlumberger Ltd (Netherlands)		308,400		21,369,036
				81,708,044
Health Care - 15.2%
Agilent Technologies Inc		708,100		28,989,614
Allergan Inc		491,100		45,048,603
Biogen Idec Inc *		107,900		15,825,693
Cardinal Health Inc		754,100		31,053,838
Gilead Sciences Inc *		371,300		27,271,985
Intuitive Surgical Inc *		26,800		13,141,916
UnitedHealth Group Inc		615,300		33,373,872
				194,705,521
Industrials - 10.5%
Cummins Inc		188,400		20,413,140
Danaher Corp		550,500		30,772,950
IHS Inc ‘A’ *		138,100		13,257,600
Precision Castparts Corp		49,100		9,300,522
Union Pacific Corp		212,800		26,753,216
United Technologies Corp		415,800		34,099,758
				134,597,186
Information Technology - 36.2%
Apple Inc		130,900		69,773,627
eBay Inc *		499,700		25,494,694
Facebook Inc ‘A’ *		1,148,500		30,584,555
Google Inc ‘A’ *		66,300		47,031,231
Informatica Corp *		483,200		14,650,624
MasterCard Inc ‘A’		64,900		31,884,072
MercadoLibre Inc		136,700		10,740,519
NetApp Inc *		852,900		28,614,795
QUALCOMM Inc		733,800		45,510,276
salesforce.com inc *		174,600		29,350,260
ServiceNow Inc *		105,400		3,165,162
Teradata Corp *		459,800		28,457,022
VeriSign Inc *		218,500		8,482,170
Visa Inc ‘A’		406,500		61,617,270
VMware Inc ‘A’ *		304,000		28,618,560
				463,974,837

	Shares		Value
Materials - 1.5%
The Sherwin-Williams Co		130,100		$20,011,982
Telecommunication Services -1.4%
Crown Castle International Corp *		250,800		18,097,728
Total Common Stocks (Cost $1,070,023,417)				1,250,717,531
EXCHANGE-TRADED FUND - 0.4%
iShares Russell 1000 Growth Index Fund		87,600		5,736,924
Total Exchange-Traded Fund (Cost $5,710,431)				5,736,924
	Principal Amount
SHORT-TERM INVESTMENT - 2.1%
Repurchase Agreement - 2.1%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $26,530,212; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $27,065,000)		$26,530,197		26,530,197
Total Short-Term Investment (Cost $26,530,197)				26,530,197
TOTAL INVESTMENTS - 100.0% (Cost $1,102,264,045)				1,282,984,652
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(267,748	)
NET ASSETS - 100.0%				$1,282,716,904

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	36.2%
Consumer Discretionary	20.8%
Health Care	15.2%
Industrials	10.5%
Energy	6.4%
Consumer Staples	5.5%
Short-Term Investment	2.1%
Materials	1.5%
Telecommunication Services	1.4%
Exchange-Traded Fund	0.4%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-85

PACIFIC SELECT FUND

LARGE-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$1,250,717,531		$1,250,717,531		$-		$-
	Exchange-Traded Fund		5,736,924		5,736,924		-		-
	Short-Term Investment		26,530,197		-		26,530,197		-
	Total		$1,282,984,652		$1,256,454,455		$26,530,197		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-86

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 98.7%
Consumer Discretionary - 16.9%
DISH Network Corp ‘A’		1,809,009		$65,847,928
McDonald’s Corp		262,139		23,123,281
News Corp ‘A’		4,034,866		103,050,478
SES SA FDR (Luxembourg)		1,078,718		31,206,056
Target Corp		531,877		31,471,162
The Home Depot Inc		849,443		52,538,049
Time Warner Cable Inc		851,398		82,747,372
Time Warner Inc		1,855,334		88,740,625
				478,724,951
Consumer Staples - 12.5%
Altria Group Inc		1,019,759		32,040,828
Anheuser-Busch InBev NV ADR (Belgium)		584,403		51,082,666
CVS Caremark Corp		1,760,833		85,136,276
Kimberly-Clark Corp		633,162		53,457,868
Lorillard Inc		363,729		42,436,262
Philip Morris International Inc		1,093,531		91,462,933
				355,616,833
Energy - 11.0%
Apache Corp		296,634		23,285,769
Chevron Corp		764,621		82,686,115
Exxon Mobil Corp		823,051		71,235,064
Halliburton Co		1,116,700		38,738,323
Royal Dutch Shell PLC ‘A’ ADR (United Kingdom)		509,144		35,105,479
Suncor Energy Inc (NYSE) (Canada)		839,477		27,685,951
Transocean Ltd (Switzerland)		728,411		32,523,551
				311,260,252
Financials - 24.3%
American Express Co		1,011,511		58,141,652
Capital One Financial Corp		628,156		36,389,077
JPMorgan Chase & Co		2,520,452		110,824,274
Loews Corp		916,502		37,347,457
Marsh & McLennan Cos Inc		1,482,299		51,094,847
MetLife Inc		907,317		29,887,022
State Street Corp		1,318,073		61,962,612
The Bank of New York Mellon Corp		1,215,014		31,225,860
The Progressive Corp		1,235,292		26,064,661
The Travelers Cos Inc		761,533		54,693,300
U.S. Bancorp		2,755,676		88,016,291
Wells Fargo & Co		3,072,223		105,008,582
				690,655,635
Health Care - 8.7%
Johnson & Johnson		694,649		48,694,895
Merck & Co Inc		1,510,772		61,851,006
Novartis AG ADR (Switzerland)		497,632		31,500,105
Pfizer Inc		1,287,811		32,298,300
Teva Pharmaceutical Industries Ltd ADR (Israel)		887,347		33,133,537
WellPoint Inc		638,798		38,915,574
				246,393,417
Industrials - 9.6%
General Electric Co		2,998,964		62,948,254
Honeywell International Inc		1,062,241		67,420,436
Illinois Tool Works Inc		911,385		55,421,322
Raytheon Co		526,560		30,308,794
United Technologies Corp		678,813		55,669,454
				271,768,260
Information Technology - 7.6%
International Business Machines Corp		308,664		59,124,589
Microsoft Corp		1,331,964		35,603,398

	Shares		Value
Motorola Solutions Inc		859,054		$47,832,127
TE Connectivity Ltd (Switzerland)		1,184,128		43,954,831
Xerox Corp		4,292,714		29,276,310
				215,791,255
Materials - 2.9%
Air Products & Chemicals Inc		503,690		42,320,034
Crown Holdings Inc *		1,089,337		40,098,495
				82,418,529
Telecommunication Services - 3.0%
AT&T Inc		939,370		31,666,163
CenturyLink Inc		668,354		26,146,008
Verizon Communications Inc		639,989		27,692,324
				85,504,495
Utilities - 2.2%
Sempra Energy		906,036		64,274,194
Total Common Stocks (Cost $2,189,024,102)				2,802,407,821
	Principal Amount
SHORT-TERM INVESTMENT - 1.1%
Repurchase Agreement - 1.1%
The Royal Bank of Scotland Group PLC 0.170% due 01/02/13 (Dated 12/31/12, repurchase price of $30,656,290; collateralized by U.S. Treasury Notes: 2.125% due 08/15/21 and value $31,269,112)		$30,656,000		30,656,000
Total Short-Term Investment (Cost $30,656,000)				30,656,000
TOTAL INVESTMENTS - 99.8% (Cost $2,219,680,102)				2,833,063,821
OTHER ASSETS & LIABILITIES, NET - 0.2%				5,007,548
NET ASSETS - 100.0%				$2,838,071,369

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	24.3%
Consumer Discretionary	16.9%
Consumer Staples	12.5%
Energy	11.0%
Industrials	9.6%
Health Care	8.7%
Information Technology	7.6%
Telecommunication Services	3.0%
Materials	2.9%
Utilities	2.2%
Short-Term Investment	1.1%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-87

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$478,724,951		$447,518,895		$31,206,056		$-
	Consumer Staples		355,616,833		355,616,833		-		-
	Energy		311,260,252		311,260,252		-		-
	Financials		690,655,635		690,655,635		-		-
	Health Care		246,393,417		246,393,417		-		-
	Industrials		271,768,260		271,768,260		-		-
	Information Technology		215,791,255		215,791,255		-		-
	Materials		82,418,529		82,418,529		-		-
	Telecommunication Services		85,504,495		85,504,495		-		-
	Utilities		64,274,194		64,274,194		-		-
			2,802,407,821		2,771,201,765		31,206,056		-
	Short-Term Investment		30,656,000		-		30,656,000		-
	Total		$2,833,063,821		$2,771,201,765		$61,862,056		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-88

PACIFIC SELECT FUND

LONG/SHORT LARGE-CAP PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 126.6%
Consumer Discretionary - 19.2%
Amazon.com Inc * †		62,830		$15,779,126
AutoZone Inc * †		17,980		6,372,651
BorgWarner Inc * †		8,830		632,405
Carnival Corp (Panama)		70,130		2,578,680
CBS Corp ‘B’		527,650		20,077,082
Coach Inc		98,450		5,464,960
Comcast Corp ‘A’ †		399,900		14,948,262
DIRECTV *		16,320		818,611
DISH Network Corp ‘A’ †		120,810		4,397,484
Expedia Inc		106,120		6,521,074
General Motors Co * †		738,550		21,292,396
Johnson Controls Inc		724,866		22,253,386
Lear Corp		59,280		2,776,675
Lennar Corp ‘A’		52,480		2,029,402
Lowe’s Cos Inc		269,070		9,557,366
Lululemon Athletica Inc *		44,540		3,395,284
Macy’s Inc		41,400		1,615,428
Nike Inc ‘B’		13,280		685,248
NVR Inc * †		5,012		4,611,040
PulteGroup Inc *		114,400		2,077,504
Ross Stores Inc		116,890		6,329,594
Royal Caribbean Cruises Ltd † (Liberia)		143,920		4,893,280
Target Corp †		253,250		14,984,803
The Home Depot Inc		273,820		16,935,767
The Ryland Group Inc		13,830		504,795
The TJX Cos Inc		174,380		7,402,431
The Walt Disney Co		18,810		936,550
Time Warner Cable Inc		104,330		10,139,833
Time Warner Inc		959,436		45,889,824
TRW Automotive Holdings Corp * †		12,640		677,630
VF Corp		63,320		9,559,420
Viacom Inc ‘B’ †		12,690		669,271
Yum! Brands Inc		65,080		4,321,312
				271,128,574
Consumer Staples - 11.1%
Archer-Daniels-Midland Co		247,770		6,786,420
Beam Inc		48,750		2,978,138
Campbell Soup Co		136,210		4,752,367
Coca-Cola Enterprises Inc †		239,670		7,604,729
Colgate-Palmolive Co		39,850		4,165,919
ConAgra Foods Inc		211,470		6,238,365
Constellation Brands Inc ‘A’ *		46,380		1,641,388
Costco Wholesale Corp †		18,460		1,823,294
CVS Caremark Corp		40,190		1,943,187
Dr Pepper Snapple Group Inc †		38,640		1,707,115
Energizer Holdings Inc †		31,250		2,499,375
General Mills Inc		250,130		10,107,753
Kellogg Co		90,960		5,080,116
Kraft Foods Group Inc		199,854		9,087,361
Mondelez International Inc ‘A’		546,067		13,908,327
PepsiCo Inc		171,410		11,729,586
Philip Morris International Inc		235,710		19,714,784
The Clorox Co		9,330		683,143
The Coca-Cola Co		576,228		20,888,265
The Kroger Co		56,800		1,477,936
The Procter & Gamble Co		263,327		17,877,270
Tyson Foods Inc ‘A’		115,160		2,234,104
Wal-Mart Stores Inc		8,120		554,028
Walgreen Co		30,860		1,142,129
				156,625,099
Energy - 12.9%
Anadarko Petroleum Corp		100,670		7,480,788
Apache Corp		10,830		850,155
Baker Hughes Inc †		39,740		1,622,982
Cameron International Corp *		81,830		4,620,122

	Shares		Value
Cheniere Energy Inc * †		292,740		$5,497,657
Chesapeake Energy Corp		16,030		266,419
Chevron Corp		187,650		20,292,471
ConocoPhillips †		94,250		5,465,557
Energen Corp †		31,000		1,397,790
Ensco PLC ‘A’ † (United Kingdom)		187,940		11,141,083
EOG Resources Inc †		105,762		12,774,992
Exxon Mobil Corp †		193,797		16,773,130
Halliburton Co		136,870		4,748,020
Kinder Morgan Inc †		198,050		6,997,106
Marathon Oil Corp		12,310		377,425
Marathon Petroleum Corp		92,780		5,845,140
National Oilwell Varco Inc		71,990		4,920,517
Occidental Petroleum Corp		375,446		28,762,918
Peabody Energy Corp		44,860		1,193,725
Phillips 66		59,930		3,182,283
Range Resources Corp †		23,162		1,455,268
Schlumberger Ltd (Netherlands)		321,060		22,246,247
Southwestern Energy Co *		53,770		1,796,456
The Williams Cos Inc		245,800		8,047,492
Valero Energy Corp †		133,150		4,543,078
				182,298,821
Financials - 21.0%
ACE Ltd † (Switzerland)		355,940		28,404,012
Alexandria Real Estate Equities Inc REIT †		45,830		3,176,936
American Campus Communities Inc REIT		98,450		4,541,498
American Express Co †		167,780		9,643,994
Ameriprise Financial Inc ‘A’ †		117,730		7,373,430
Apartment Investment & Management Co ‘A’ REIT †		79,150		2,141,799
Assurant Inc		22,530		781,791
AvalonBay Communities Inc REIT †		35,630		4,831,072
AXIS Capital Holdings Ltd † (Bermuda)		177,300		6,141,672
Bank of America Corp		2,149,624		24,935,638
Berkshire Hathaway Inc ‘B’ * †		63,500		5,695,950
Boston Properties Inc REIT		30,680		3,246,251
CIT Group Inc *		44,790		1,730,686
Citigroup Inc		407,228		16,109,940
CME Group Inc ‘A’ †		303,465		15,388,710
Comerica Inc		24,080		730,587
Digital Realty Trust Inc REIT		36,310		2,465,086
Discover Financial Services		8,140		313,797
East West Bancorp Inc †		95,810		2,058,957
Equity Residential REIT		17,061		966,847
Everest Re Group Ltd † (Bermuda)		36,720		4,037,364
Extra Space Storage Inc REIT		30,100		1,095,339
HCP Inc REIT		37,100		1,676,178
Highwoods Properties Inc REIT		67,640		2,262,558
Huntington Bancshares Inc		44,390		283,652
IntercontinentalExchange Inc *		28,770		3,562,014
Invesco Ltd † (Bermuda)		425,340		11,097,121
KeyCorp		119,300		1,004,506
Kimco Realty Corp REIT †		30,530		589,840
LaSalle Hotel Properties REIT		51,500		1,307,585
Liberty Property Trust REIT		118,720		4,246,614
MetLife Inc		643,140		21,185,032
Morgan Stanley		335,253		6,410,037
National Retail Properties Inc REIT		31,580		985,296
PartnerRe Ltd † (Bermuda)		9,400		756,606
Post Properties Inc REIT		62,110		3,102,394
Prudential Financial Inc		83,780		4,467,987
Public Storage REIT †		32,780		4,751,789
Regions Financial Corp		286,810		2,042,087
Simon Property Group Inc REIT		45,580		7,205,742
SL Green Realty Corp REIT †		9,518		729,555
State Street Corp		125,310		5,890,823
SunTrust Banks Inc		69,980		1,983,933
SVB Financial Group * †		9,920		555,222
TD Ameritrade Holding Corp †		277,079		4,657,698

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-89

PACIFIC SELECT FUND

LONG/SHORT LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
The Goldman Sachs Group Inc		116,711		$14,887,655
The Hartford Financial Services Group Inc		154,800		3,473,712
The Macerich Co REIT		9,580		558,514
The PNC Financial Services Group Inc		47,250		2,755,148
Ventas Inc REIT †		26,620		1,722,846
Wells Fargo & Co		1,054,184		36,032,009
Zions Bancorp		31,550		675,170
				296,670,679
Health Care - 15.5%
Abbott Laboratories		214,250		14,033,375
Alexion Pharmaceuticals Inc * †		4,360		409,011
Allergan Inc †		37,240		3,416,025
AmerisourceBergen Corp †		7,670		331,191
Biogen Idec Inc *		134,509		19,728,435
Boston Scientific Corp *		506,040		2,899,609
C.R. Bard Inc †		870		85,034
Cardinal Health Inc †		145,937		6,009,686
CareFusion Corp *		270,590		7,733,462
Celgene Corp *		172,933		13,613,286
Cerner Corp *		26,480		2,055,907
CIGNA Corp		22,400		1,197,504
Covidien PLC (Ireland)		273,637		15,799,800
DaVita HealthCare Partners Inc * †		107,950		11,931,713
Dendreon Corp * †		25,770		136,066
Humana Inc		149,290		10,245,773
Intuitive Surgical Inc * †		1,370		671,807
Johnson & Johnson		234,650		16,448,965
Merck & Co Inc		999,369		40,914,167
Mettler-Toledo International Inc *		25,209		4,872,900
Mylan Inc *		32,570		895,023
Onyx Pharmaceuticals Inc *		68,690		5,188,156
Pfizer Inc		824,450		20,677,206
UnitedHealth Group Inc		289,470		15,700,853
Vertex Pharmaceuticals Inc *		102,270		4,289,204
				219,284,158
Industrials - 14.2%
3M Co †		55,540		5,156,889
CSX Corp		888,690		17,533,854
Eaton Corp PLC † (Ireland)		16,830		912,186
Emerson Electric Co		509,579		26,987,304
Equifax Inc		6,370		344,744
FedEx Corp		7,230		663,136
Fluor Corp		307,020		18,034,355
Fortune Brands Home & Security Inc * †		39,759		1,161,758
General Electric Co		340,710		7,151,503
Honeywell International Inc		302,034		19,170,098
Jacobs Engineering Group Inc *		3,800		161,766
Masco Corp		283,180		4,717,779
Norfolk Southern Corp		36,700		2,269,528
PACCAR Inc		486,328		21,986,889
Pentair Ltd † (Switzerland)		121,177		5,955,850
Rockwell Collins Inc		2,020		117,503
SPX Corp		98,350		6,899,253
Tyco International Ltd (Switzerland)		368,850		10,788,862
Union Pacific Corp		58,020		7,294,274
United Parcel Service Inc ‘B’		23,530		1,734,867
United Technologies Corp		428,440		35,136,364
W.W. Grainger Inc		31,020		6,277,517
				200,456,279
Information Technology - 22.7%
Accenture PLC ‘A’ (Ireland)		11,370		756,105
Adobe Systems Inc * †		110,760		4,173,437
Altera Corp		237,742		8,187,834
Analog Devices Inc †		38,080		1,601,645
Apple Inc †		125,037		66,648,472
ASML Holding NV ‘NY’ † (Netherlands)		33,425		2,152,904
Avago Technologies Ltd (Singapore)		14,380		455,271

	Shares		Value
Broadcom Corp ‘A’ *		325,790		$10,819,486
Cisco Systems Inc		1,308,781		25,717,547
Citrix Systems Inc *		100,860		6,631,545
Cognizant Technology Solutions Corp ‘A’ *		70,390		5,212,379
Corning Inc		76,110		960,508
eBay Inc *		106,830		5,450,466
EMC Corp *		45,080		1,140,524
Facebook Inc ‘A’ * †		6,430		171,231
Fidelity National Information Services Inc		63,430		2,207,998
Freescale Semiconductor Ltd * † (Bermuda)		204,170		2,247,912
Genpact Ltd † (Bermuda)		40,830		632,865
Google Inc ‘A’ * †		54,353		38,556,388
Hewlett-Packard Co		265,040		3,776,820
International Business Machines Corp		15,950		3,055,222
Jack Henry & Associates Inc		16,630		652,894
Juniper Networks Inc * †		122,030		2,400,330
KLA-Tencor Corp		121,890		5,821,466
Lam Research Corp *		437,221		15,796,795
LinkedIn Corp ‘A’ * †		14,490		1,663,742
LSI Corp *		422,208		2,989,233
Marvell Technology Group Ltd (Bermuda)		59,360		430,954
MasterCard Inc ‘A’ †		6,910		3,394,745
Maxim Integrated Products Inc †		90,970		2,674,518
MICROS Systems Inc *		16,150		685,406
Microsoft Corp		1,234,953		33,010,294
NetApp Inc *		34,160		1,146,068
Oracle Corp		618,380		20,604,421
Paychex Inc		45,220		1,408,151
QUALCOMM Inc		321,148		19,917,599
SanDisk Corp * †		12,900		561,924
Splunk Inc *		48,230		1,399,635
TE Connectivity Ltd (Switzerland)		22,640		840,397
Visa Inc ‘A’ †		70,860		10,740,959
Xilinx Inc		71,160		2,554,644
Yahoo! Inc *		36,390		724,161
Zynga Inc ‘A’ *		495,020		1,173,197
				321,148,092
Materials - 4.9%
Air Products & Chemicals Inc †		304,950		25,621,899
Alcoa Inc †		695,570		6,037,548
Crown Holdings Inc *		58,580		2,156,330
E.I. du Pont de Nemours & Co		184,000		8,274,480
Freeport-McMoRan Copper & Gold Inc		233,542		7,987,137
Georgia Gulf Corp		147,976		6,108,449
Monsanto Co		18,000		1,703,700
Newmont Mining Corp		7,760		360,374
Rock-Tenn Co ‘A’		15,540		1,086,401
The Dow Chemical Co		92,275		2,982,328
United States Steel Corp		49,090		1,171,778
Walter Energy Inc †		186,670		6,697,720
				70,188,144
Telecommunication Services - 1.5%
AT&T Inc †		190,854		6,433,688
Sprint Nextel Corp *		395,500		2,242,485
Verizon Communications Inc †		308,634		13,354,593
				22,030,766
Utilities - 3.6%
AGL Resources Inc †		14,110		563,977
American Electric Power Co Inc		157,240		6,711,003
Edison International		40,900		1,848,271
Exelon Corp †		224,429		6,674,518
NextEra Energy Inc †		127,298		8,807,749
NiSource Inc		257,830		6,417,389
NRG Energy Inc		8,830		203,002
NV Energy Inc †		334,780		6,072,909

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-90

PACIFIC SELECT FUND

LONG/SHORT LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
PG&E Corp †		101,820		$4,091,128
Sempra Energy		135,490		9,611,660
				51,001,606
Total Common Stocks (Cost $1,652,164,520)				1,790,832,218
EXCHANGE-TRADED FUND - 0.1%
iShares Dow Jones U.S. Real Estate Index Fund		11,600		750,752
Total Exchange-Traded Fund (Cost $734,530)				750,752
	Principal Amount
SHORT-TERM INVESTMENTS - 2.1%
U.S. Treasury Bills - 0.1%
0.114% due 05/30/13 ‡		$90,000		89,961
0.176% due 05/30/13 ‡		435,000		434,813
0.181% due 05/30/13 ‡		25,000		24,989
0.186% due 05/30/13		20,000		19,991
0.188% due 05/30/13		200,000		199,914
0.191% due 05/30/13		10,000		9,996
				779,664
Repurchase Agreement - 2.0%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $28,932,456; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $29,515,000)		28,932,440		28,932,440
Total Short-Term Investments (Cost $29,711,891)				29,712,104
TOTAL INVESTMENTS - 128.8% (Cost $1,682,610,941)				1,821,295,074
TOTAL SECURITIES SOLD SHORT - (29.2%)
(See Securities Sold Short)
(Proceeds $389,662,981)				(412,238,192	)
OTHER ASSETS & LIABILITIES, NET - 0.4%				4,721,631
NET ASSETS - 100.0%				$1,413,778,513
SECURITIES SOLD SHORT
	Shares		Value
COMMON STOCKS - (29.2%)
Consumer Discretionary - (3.7%)
Autoliv Inc		14,890		($1,003,437	)
Bed Bath & Beyond Inc		4,470		(249,918	)
CarMax Inc		52,750		(1,980,235	)
Choice Hotels International Inc		67,120		(2,256,574	)
Discovery Communications Inc ‘A’		16,320		(1,035,994	)
Ford Motor Co		198,570		(2,571,481	)
Gannett Co Inc		232,210		(4,182,102	)
Gentex Corp		130,010		(2,446,788	)
Harman International Industries Inc		18,460		(824,054	)
Hasbro Inc		92,740		(3,329,366	)
Mattel Inc		22,430		(821,387	)
Netflix Inc		50,480		(4,683,534	)

	Shares		Value
News Corp ‘B’		235,590		($6,181,882)
O’Reilly Automotive Inc		3,180		(284,356)
Omnicom Group Inc		172,250		(8,605,610)
priceline.com Inc		1,130		(701,956)
Ralph Lauren Corp		3,285		(492,487)
Scripps Networks Interactive Inc ‘A’		42,300		(2,450,016)
The Interpublic Group of Cos Inc		126,430		(1,393,259)
The Washington Post Co ‘B’		11,850		(4,327,738)
Toll Brothers Inc		94,790		(3,064,561)
				(52,886,735)
Consumer Staples - (3.4%)
Altria Group Inc		174,770		(5,491,273)
Brown-Forman Corp ‘B’		50,050		(3,165,663)
Church & Dwight Co Inc		118,460		(6,345,902)
HJ Heinz Co		86,930		(5,014,122)
Mead Johnson Nutrition Co		20,857		(1,374,268)
Safeway Inc		129,000		(2,333,610)
The Clorox Co		12,840		(940,145)
The Estee Lauder Cos Inc ‘A’		33,200		(1,987,352)
The Hershey Co		207,840		(15,010,205)
Wal-Mart Stores Inc		72,020		(4,913,925)
Whole Foods Market Inc		7,640		(697,761)
				(47,274,226)
Energy - (1.7%)
Chesapeake Energy Corp		83,600		(1,389,432)
CONSOL Energy Inc		176,620		(5,669,502)
Diamond Offshore Drilling Inc		48,570		(3,300,817)
Encana Corp (NYSE) (Canada)		94,680		(1,870,877)
Noble Energy Inc		7,050		(717,267)
Spectra Energy Corp		21,460		(587,575)
Tenaris SA ADR (Luxembourg)		28,100		(1,177,952)
Tesoro Corp		25,480		(1,122,394)
TransCanada Corp (NYSE) (Canada)		83,580		(3,955,005)
Ultra Petroleum Corp (Canada)		52,410		(950,193)
WPX Energy Inc		190,502		(2,834,670)
				(23,575,684)
Financials - (5.8%)
Aflac Inc		48,680		(2,585,882)
American International Group Inc		19,800		(698,940)
Aon PLC (United Kingdom)		91,000		(5,059,600)
Arch Capital Group Ltd (Bermuda)		23,220		(1,022,144)
Bank of Hawaii Corp		23,500		(1,035,175)
BB&T Corp		87,200		(2,538,392)
BlackRock Inc		14,460		(2,989,027)
Brookfield Office Properties Inc (Canada)		136,280		(2,318,123)
Corporate Office Properties Trust REIT		63,610		(1,588,978)
Cullen/Frost Bankers Inc		20,040		(1,087,571)
DCT Industrial Trust Inc REIT		281,200		(1,824,988)
Douglas Emmett Inc REIT		53,490		(1,246,317)
EastGroup Properties Inc REIT		25,950		(1,396,369)
Federal Realty Investment Trust REIT		15,970		(1,661,199)
Federated Investors Inc ‘B’		9,970		(201,693)
Franklin Resources Inc		13,040		(1,639,128)
General Growth Properties Inc REIT		61,750		(1,225,737)
Health Care REIT Inc		58,200		(3,567,078)
Lincoln National Corp		51,300		(1,328,670)
Mack-Cali Realty Corp REIT		62,640		(1,635,530)
Mid-America Apartment Communities Inc REIT		47,590		(3,081,453)
Northern Trust Corp		11,620		(582,859)
Realty Income Corp REIT		32,130		(1,291,947)
RenaissanceRe Holdings Ltd (Bermuda)		9,910		(805,287)
Senior Housing Properties Trust REIT		121,210		(2,865,404)
T. Rowe Price Group Inc		10,440		(679,957)
Tanger Factory Outlet Centers Inc REIT		67,880		(2,321,496)
The Allstate Corp		121,550		(4,882,664)
The Bank of New York Mellon Corp		85,470		(2,196,579)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-91

PACIFIC SELECT FUND

LONG/SHORT LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
The Chubb Corp		47,620		($3,586,738)
The Progressive Corp		113,370		(2,392,107)
The Travelers Cos Inc		11,080		(795,766)
Torchmark Corp		66,370		(3,429,338)
U.S. Bancorp		33,440		(1,068,074)
UMB Financial Corp		37,100		(1,626,464)
Valley National Bancorp		292,013		(2,715,721)
Vornado Realty Trust REIT		25,450		(2,038,036)
Weingarten Realty Investors REIT		205,250		(5,494,543)
WR Berkley Corp		102,300		(3,860,802)
				(82,365,776)
Health Care - (2.7%)
Agilent Technologies Inc		6,510		(266,520)
Alexion Pharmaceuticals Inc		3,300		(309,573)
Amgen Inc		13,050		(1,126,476)
Becton Dickinson & Co		8,340		(652,105)
Bristol-Myers Squibb Co		110,112		(3,588,550)
Edwards Lifesciences Corp		14,060		(1,267,790)
Eli Lilly & Co		173,210		(8,542,717)
Forest Laboratories Inc		36,390		(1,285,295)
Hospira Inc		46,950		(1,466,718)
Life Technologies Corp		15,830		(776,936)
Medivation Inc		33,080		(1,692,373)
Medtronic Inc		22,470		(921,719)
Quality Systems Inc		3,200		(55,552)
St. Jude Medical Inc		12,850		(464,399)
Tenet Healthcare Corp		44,072		(1,431,018)
United Therapeutics Corp		29,290		(1,564,672)
Varian Medical Systems Inc		52,110		(3,660,206)
Zimmer Holdings Inc		128,260		(8,549,812)
				(37,622,431)
Industrials - (4.8%)
Caterpillar Inc		8,380		(750,680)
Cummins Inc		22,960		(2,487,716)
Danaher Corp		123,160		(6,884,644)
Dover Corp		72,260		(4,748,205)
Fastenal Co		108,380		(5,060,262)
General Electric Co		351,110		(7,369,799)
Heartland Express Inc		227,462		(2,972,928)
Illinois Tool Works Inc		75,930		(4,617,303)
Knight Transportation Inc		118,837		(1,738,585)
Lockheed Martin Corp		110,128		(10,163,713)
Raytheon Co		97,629		(5,619,525)
Rockwell Automation Inc		59,380		(4,987,326)
Textron Inc		181,650		(4,503,104)
The ADT Corp		19,100		(887,959)
The Boeing Co		35,410		(2,668,498)
United Parcel Service Inc ‘B’		6,720		(495,466)
Werner Enterprises Inc		115,880		(2,511,120)
				(68,466,833)
Information Technology - (3.2%)
AOL Inc		118,300		(3,502,863)
Automatic Data Processing Inc		43,540		(2,482,215)
Cypress Semiconductor Corp		73,220		(793,705)
Electronic Arts Inc		265,520		(3,858,006)
Fiserv Inc		14,720		(1,163,321)
Intel Corp		234,770		(4,843,305)
International Business Machines Corp		16,210		(3,105,025)
Intuit Inc		31,480		(1,873,060)
JDS Uniphase Corp		4,070		(55,108)
Microchip Technology Inc		244,520		(7,968,907)
NVIDIA Corp		101,230		(1,244,117)
Paychex Inc		19,370		(603,182)
SAIC Inc		46,680		(528,417)
Seagate Technology PLC (Ireland)		48,060		(1,464,869)
Taiwan Semiconductor Manufacturing Co Ltd ADR (Taiwan)		480,950		(8,253,102)

	Shares		Value
Texas Instruments Inc		66,330		($2,052,250)
Western Digital Corp		37,520		(1,594,225)
				(45,385,677)
Materials - (2.3%)
Cabot Corp		30,820		(1,226,328)
Celanese Corp ‘A’		13,720		(610,951)
Cliffs Natural Resources Inc		300,038		(11,569,465)
Nucor Corp		96,720		(4,176,370)
OM Group Inc		16,830		(373,626)
Praxair Inc		86,470		(9,464,141)
Sigma-Aldrich Corp		22,020		(1,620,232)
The Sherwin-Williams Co		4,700		(722,954)
Vale SA ADR (Brazil)		7,280		(152,589)
Valspar Corp		28,290		(1,765,296)
Vulcan Materials Co		13,985		(727,919)
				(32,409,871)
Telecommunication Services - (0.1%)
Crown Castle International Corp		14,560		(1,050,650)
Utilities - (1.5%)
Consolidated Edison Inc		92,756		(5,151,668)
Dominion Resources Inc		12,740		(659,932)
Duke Energy Corp		75,050		(4,788,190)
Entergy Corp		11,400		(726,750)
National Fuel Gas Co		47,990		(2,432,613)
Public Service Enterprise Group Inc		19,670		(601,902)
Southern Co		140,210		(6,002,390)
Wisconsin Energy Corp		22,710		(836,864)
				(21,200,309)
Total Common Stocks (Proceeds $389,662,981)				(412,238,192)
TOTAL SECURITIES SOLD SHORT - (29.2%)
(Proceeds $389,662,981)				($412,238,192)

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

	Long			Short			Net Exposure
Information Technology		22.7%			(3.2%	)		19.5%
Consumer Discretionary		19.2%			(3.7%	)		15.5%
Financials		21.0%			(5.8%	)		15.2%
Health Care		15.5%			(2.7%	)		12.8%
Energy		12.9%			(1.7%	)		11.2%
Industrials		14.2%			(4.8%	)		9.4%
Consumer Staples		11.1%			(3.4%	)		7.7%
Materials		4.9%			(2.3%	)		2.6%
Utilities		3.6%			(1.5%	)		2.1%
Short-Term Investments		2.1%			-			2.1%
Telecommunication Services		1.5%			(0.1%	)		1.4%
Exchange-Traded Fund		0.1%			-			0.1%
		128.8%			(29.2%	)		99.6%
Securities Sold Short		(29.2%	)
Other Assets & Liabilities, Net		0.4%
		100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-92

PACIFIC SELECT FUND

LONG/SHORT LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(c) The portfolio engages in securities lending to help achieve its stated investment objective. The Fund, on behalf of the portfolio, entered into an agreement with State Street Bank & Trust Co to provide securities lending services to the portfolio, the proceeds of which are used to finance the costs of (i) purchasing long positions in excess of the value of the portfolio’s assets and (ii) borrowing securities sold short. As of December 31, 2012, the total value of securities out on loan was $412,020,312, and the cash collateral was $414,470,167 (See Note 8 in Notes to Financial Statements).

(d) As of December 31, 2012, investments with total aggregate values of $549,763 were fully or partially segregated with broker(s)/custodian as collateral for open futures contracts. In addition, $1,045,000 in cash was segregated as collateral for open futures contracts.

(e) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Depreciation
S&P 500 E-Mini (03/13)		441		$31,360,910		($47,705	)

(f) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks - Long (1)		$1,790,832,218			$1,790,832,218			$-		$-
	Exchange-Traded Fund		750,752			750,752			-		-
	Short-Term Investments		29,712,104			-			29,712,104		-
	Total Assets		1,821,295,074			1,791,582,970			29,712,104		-
Liabilities	Common Stocks - Short (1)		(412,238,192	)		(412,238,192	)		-		-
	Derivatives:
	Equity Contracts
	Futures		(47,705	)		(47,705	)		-		-
	Total Liabilities		(412,285,897	)		(412,285,897	)		-		-
	Total		$1,409,009,177			$1,379,297,073			$29,712,104		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-93

PACIFIC SELECT FUND

MAIN STREET^® CORE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 0.4%
Consumer Staples - 0.4%
Henkel AG & Co KGaA (Germany)		70,938		$5,825,655
Total Preferred Stocks (Cost $5,407,982)				5,825,655
COMMON STOCKS - 97.6%
Consumer Discretionary - 9.1%
AutoZone Inc *		70,716		25,063,872
CarMax Inc *		186,521		7,001,998
Ford Motor Co		3,162,860		40,959,037
The McGraw-Hill Cos Inc		638,614		34,913,028
The TJX Cos Inc		370,325		15,720,296
Yum! Brands Inc		115,180		7,647,952
				131,306,183
Consumer Staples - 11.2%
Dr Pepper Snapple Group Inc		749,690		33,121,304
Kraft Foods Group Inc		435,406		19,797,911
Mondelez International Inc ‘A’		498,200		12,689,154
Philip Morris International Inc		787,138		65,836,222
The J.M. Smucker Co		354,365		30,560,438
				162,005,029
Energy - 8.3%
Chevron Corp		454,172		49,114,160
National Oilwell Varco Inc		652,382		44,590,310
Noble Energy Inc		249,250		25,358,695
				119,063,165
Financials - 18.9%
CIT Group Inc *		1,309,854		50,612,759
Citigroup Inc		1,831,919		72,470,716
CME Group Inc ‘A’		424,600		21,531,466
Discover Financial Services		532,085		20,511,877
JPMorgan Chase & Co		1,448,329		63,683,026
Lincoln National Corp		283,210		7,335,139
M&T Bank Corp		43,765		4,309,539
Marsh & McLennan Cos Inc		685,635		23,633,838
MSCI Inc *		296,924		9,201,675
				273,290,035
Health Care - 13.2%
Abbott Laboratories		498,323		32,640,156
Bristol-Myers Squibb Co		627,069		20,436,179
Covidien PLC (Ireland)		736,156		42,505,647
Express Scripts Holding Co *		467,226		25,230,204
Pfizer Inc		951,370		23,860,360
Sanofi (France)		164,800		15,628,843
UnitedHealth Group Inc		119,270		6,469,205
Watson Pharmaceuticals Inc *		270,920		23,299,120
				190,069,714
Industrials - 11.2%
CSX Corp		1,474,338		29,088,689
L-3 Communications Holdings Inc		146,380		11,215,636
The ADT Corp		399,553		18,575,219
The Boeing Co		398,068		29,998,404
Towers Watson & Co ‘A’		289,803		16,289,827
Tyco International Ltd (Switzerland)		799,106		23,373,850
United Parcel Service Inc ‘B’		447,558		32,998,451
				161,540,076

	Shares		Value
Information Technology - 20.4%
Amdocs Ltd (United Kingdom)		114,600		$3,895,254
Apple Inc		175,182		93,377,261
Corning Inc		1,102,030		13,907,618
eBay Inc *		1,031,335		52,618,712
Facebook Inc ‘A’ *		185,017		4,927,003
Google Inc ‘A’ *		31,406		22,278,474
International Business Machines Corp		342,038		65,517,379
QUALCOMM Inc		322,297		19,988,860
Western Digital Corp		434,785		18,474,015
				294,984,576
Materials - 2.4%
PPG Industries Inc		37,980		5,140,593
Vulcan Materials Co		563,670		29,339,024
				34,479,617
Telecommunication Services - 2.1%
America Movil SAB de CV ‘L’ ADR (Mexico)		1,284,160		29,715,462
Utilities - 0.8%
The AES Corp		1,072,952		11,480,586
Total Common Stocks (Cost $1,190,590,849)				1,407,934,443
	Principal Amount
SHORT-TERM INVESTMENT - 2.4%
Repurchase Agreement - 2.4%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $35,324,651; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $36,035,000)		$35,324,631		35,324,631
Total Short-Term Investment (Cost $35,324,631)				35,324,631
TOTAL INVESTMENTS - 100.4% (Cost $1,231,323,462)				1,449,084,729
OTHER ASSETS & LIABILITIES, NET - (0.4%)				(6,158,667	)
NET ASSETS - 100.0%				$1,442,926,062

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	20.4%
Financials	18.9%
Health Care	13.2%
Consumer Staples	11.6%
Industrials	11.2%
Consumer Discretionary	9.1%
Energy	8.3%
Short-Term Investment	2.4%
Materials	2.4%
Telecommunication Services	2.1%
Utilities	0.8%
	100.4%
Other Assets & Liabilities, Net	(0.4%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-94

PACIFIC SELECT FUND

MAIN STREET CORE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)		$5,825,655		$-		$5,825,655		$-
	Common Stocks
	Consumer Discretionary		131,306,183		131,306,183		-		-
	Consumer Staples		162,005,029		162,005,029		-		-
	Energy		119,063,165		119,063,165		-		-
	Financials		273,290,035		273,290,035		-		-
	Health Care		190,069,714		174,440,871		15,628,843		-
	Industrials		161,540,076		161,540,076		-		-
	Information Technology		294,984,576		294,984,576		-		-
	Materials		34,479,617		34,479,617		-		-
	Telecommunication Services		29,715,462		29,715,462		-		-
	Utilities		11,480,586		11,480,586		-		-
			1,407,934,443		1,392,305,600		15,628,843		-
	Short-Term Investment		35,324,631		-		35,324,631		-
	Total		$1,449,084,729		$1,392,305,600		$56,779,129		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-95

PACIFIC SELECT FUND

MID-CAP EQUITY PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.1%
Industrials - 0.1%
Better Place LLC ‘B’ 8.000% * ¯ +		4,704,600		$1,223,196
Total Convertible Preferred Stocks (Cost $11,761,500)				1,223,196
COMMON STOCKS - 97.1%
Consumer Discretionary - 16.7%
American Eagle Outfitters Inc		498,900		10,232,439
AutoZone Inc *		80,870		28,662,754
Big Lots Inc *		229,300		6,525,878
Hasbro Inc		570,400		20,477,360
Lear Corp		191,700		8,979,228
Macy’s Inc		1,018,400		39,737,968
Marriott International Inc ‘A’		284,700		10,610,769
Newell Rubbermaid Inc		668,900		14,896,403
Ross Stores Inc		275,000		14,891,250
The Interpublic Group of Cos Inc		1,508,300		16,621,466
Weight Watchers International Inc		145,600		7,623,616
				179,259,131
Consumer Staples - 5.9%
H.J. Heinz Co		231,600		13,358,688
Molson Coors Brewing Co ‘B’		367,400		15,721,046
Sysco Corp		1,069,400		33,857,204
				62,936,938
Energy - 6.4%
Cameron International Corp *		215,800		12,184,068
EQT Corp		186,200		10,982,076
Noble Energy Inc		151,000		15,362,740
Peabody Energy Corp		483,300		12,860,613
Rosetta Resources Inc *		150,500		6,826,680
Rowan Cos PLC ‘A’ * (United Kingdom)		322,700		10,090,829
				68,307,006
Financials - 14.6%
Ameriprise Financial Inc		395,700		24,782,691
East West Bancorp Inc		750,900		16,136,841
Invesco Ltd (Bermuda)		390,400		10,185,536
Kilroy Realty Corp REIT		343,600		16,276,332
PartnerRe Ltd (Bermuda)		103,900		8,362,911
Realogy Holdings Corp *		200,800		8,425,568
Regions Financial Corp		1,852,300		13,188,376
Signature Bank *		269,600		19,233,264
The Hartford Financial Services Group Inc		294,600		6,610,824
The Macerich Co REIT		384,400		22,410,520
Willis Group Holdings PLC (Ireland)		316,900		10,625,657
				156,238,520
Health Care - 13.6%
Aetna Inc		352,600		16,325,380
AmerisourceBergen Corp		730,100		31,525,718
CareFusion Corp *		758,700		21,683,646
Henry Schein Inc *		176,000		14,160,960
Humana Inc		148,200		10,170,966
Vertex Pharmaceuticals Inc *		334,200		14,016,348
Zimmer Holdings Inc		567,500		37,829,550
				145,712,568
Industrials - 14.7%
BE Aerospace Inc *		222,500		10,991,500
Corrections Corp of America		159,900		5,671,653
Dover Corp		416,600		27,374,786
Joy Global Inc		166,100		10,593,858

	Shares		Value
Landstar System Inc		267,700		$14,043,542
Parker Hannifin Corp		390,200		33,190,412
Republic Services Inc		515,000		15,104,950
Rockwell Collins Inc		223,500		13,000,995
SPX Corp		176,200		12,360,430
WESCO International Inc *		222,100		14,976,203
				157,308,329
Information Technology - 22.1%
Amdocs Ltd (United Kingdom)		281,100		9,554,589
Autodesk Inc *		325,000		11,488,750
Avago Technologies Ltd (Singapore)		401,300		12,705,158
BMC Software Inc *		631,000		25,025,460
Check Point Software Technologies Ltd * (Israel)		352,100		16,774,044
Dell Inc		733,000		7,425,290
F5 Networks Inc *		166,400		16,165,760
Fidelity National Information Services Inc		798,200		27,785,342
Gartner Inc *		262,100		12,061,842
Informatica Corp *		255,600		7,749,792
Intuit Inc		446,800		26,584,600
Marvell Technology Group Ltd (Bermuda)		1,498,100		10,876,206
NetApp Inc *		386,500		12,967,075
Red Hat Inc *		105,500		5,587,280
TE Connectivity Ltd (Switzerland)		234,000		8,686,080
Vantiv Inc ‘A’ *		361,000		7,371,620
Xilinx Inc		507,900		18,233,610
				237,042,498
Materials - 3.1%
Eastman Chemical Co		374,300		25,471,115
Walter Energy Inc		207,700		7,452,276
				32,923,391
Total Common Stocks (Cost $992,424,032)				1,039,728,381
	Principal Amount
SHORT-TERM INVESTMENT - 2.8%
Repurchase Agreement - 2.8%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $30,033,037; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $30,635,000)		$30,033,020		30,033,020
Total Short-Term Investment (Cost $30,033,020)				30,033,020
TOTAL INVESTMENTS - 100.0% (Cost $1,034,218,552)				1,070,984,597
OTHER ASSETS & LIABILITIES, NET - 0.0%				198,497
NET ASSETS - 100.0%				$1,071,183,094

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-96

PACIFIC SELECT FUND

MID-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	22.1%
Consumer Discretionary	16.7%
Industrials	14.8%
Financials	14.6%
Health Care	13.6%
Energy	6.4%
Consumer Staples	5.9%
Materials	3.1%
Short-Term Investment	2.8%
Other Assets & Liabilities, Net	100.0%
	0.0%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) An investment with a value of $1,223,196 or 0.1% of the portfolio’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board.

(d) Restricted securities as of December 31, 2012 were as follows:

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Better Place LLC ‘B’ 8.000% Acq. 01/25/10		$11,761,500		$1,223,196		0.1%

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Convertible Preferred Stocks (1)		$1,223,196		$-		$-		$1,223,196
	Common Stocks (1)		1,039,728,381		1,039,728,381		-		-
	Short-Term Investment		30,033,020		-		30,033,020		-
	Total		$1,070,984,597		$1,039,728,381		$30,033,020		$1,223,196

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the year ended December 31, 2012:

	Convertible Preferred Stocks (1)
Value, Beginning of Year		$21,358,884
Purchases		-
Sales		-
Net Realized Gains (Losses)		-
Change in Net Unrealized Depreciation		(20,135,688	)
Transfers In		-
Transfers Out		-
Value, End of Year		$1,223,196
Change in Net Unrealized Depreciation on Level 3 Investments Held at the End of Year, if Applicable		($20,135,688	)

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-97

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.1%
Industrials - 0.1%
Better Place LLC ‘B’ 8.000% * ¯ +		2,687,456		$698,739
Total Convertible Preferred Stocks (Cost $6,718,638)				698,739
COMMON STOCKS - 97.1%
Consumer Discretionary - 13.7%
Aimia Inc (Canada)		16,469		246,199
Coach Inc		198,296		11,007,411
Dollar Tree Inc *		273,464		11,091,700
Dunkin’ Brands Group Inc		321,192		10,657,151
Groupon Inc *		1,750,003		8,540,015
Morningstar Inc		174,844		10,985,448
New Oriental Education & Technology Group ADR (Cayman)		553,015		10,745,081
Tesla Motors Inc *		124,324		4,210,854
The McGraw-Hill Cos Inc		269,276		14,721,319
Weight Watchers International Inc		307,140		16,081,850
				98,287,028
Consumer Staples - 5.6%
DE Master Blenders 1753 NV * (Netherlands)		1,445,915		16,818,934
Mead Johnson Nutrition Co		164,744		10,854,982
Monster Beverage Corp *		233,330		12,338,490
				40,012,406
Energy - 3.1%
Range Resources Corp		254,385		15,983,009
Ultra Petroleum Corp * (Canada)		346,938		6,289,986
				22,272,995
Financials - 8.4%
Arch Capital Group Ltd * (Bermuda)		234,863		10,338,669
Greenhill & Co Inc		125,015		6,499,530
IntercontinentalExchange Inc *		82,177		10,174,335
MSCI Inc *		590,372		18,295,628
The Progressive Corp		685,290		14,459,619
				59,767,781
Health Care - 12.8%
athenahealth Inc *		176,425		12,958,416
IDEXX Laboratories Inc *		110,002		10,208,186
Illumina Inc *		450,917		25,066,476
Intuitive Surgical Inc *		32,970		16,167,499
Ironwood Pharmaceuticals Inc ‘A’ *		398,706		4,421,649
Qualicorp SA * (Brazil)		1,259,248		13,105,827
Techne Corp		137,161		9,373,583
				91,301,636
Industrials - 15.9%
Covanta Holding Corp		531,326		9,787,025
Edenred (France)		898,184		27,930,939
IHS Inc ‘A’ *		153,922		14,776,512
Intertek Group PLC (United Kingdom)		380,932		19,224,094
Sensata Technologies Holding NV * (Netherlands)		374,357		12,159,115
Stericycle Inc *		111,183		10,370,038
Verisk Analytics Inc ‘A’ *		389,623		19,870,773
				114,118,496

	Shares		Value
Information Technology - 29.2%
Akamai Technologies Inc *		280,838		$11,489,083
Citrix Systems Inc *		140,753		9,254,510
FactSet Research Systems Inc		48,781		4,295,655
First Solar Inc *		309,697		9,563,443
Gartner Inc *		366,746		16,877,651
LinkedIn Corp ‘A’ *		169,156		19,422,492
MercadoLibre Inc		99,806		7,841,757
Motorola Solutions Inc		499,709		27,823,797
Qihoo 360 Technology Co Ltd ADR * (Cayman)		139,153		4,131,453
Red Hat Inc *		184,934		9,794,105
salesforce.com inc *		121,778		20,470,882
SINA Corp * (Cayman)		69,453		3,487,930
Solera Holdings Inc		446,308		23,864,089
Trimble Navigation Ltd *		134,641		8,048,839
Workday Inc ‘A’ *		84,765		4,619,692
Yandex NV ‘A’ * (Netherlands)		705,653		15,220,935
Youku Tudou Inc ADR * (Cayman)		483,010		8,810,102
Zynga Inc ‘A’ *		1,632,531		3,869,098
				208,885,513
Materials - 4.8%
Intrepid Potash Inc		363,112		7,730,654
Martin Marietta Materials Inc		157,074		14,808,937
Rockwood Holdings Inc		239,567		11,848,984
				34,388,575
Utilities - 3.6%
Brookfield Infrastructure Partners LP (Bermuda)		726,316		25,602,639
Total Common Stocks (Cost $632,149,088)				694,637,069
	Principal Amount
SHORT-TERM INVESTMENT - 2.8%
Repurchase Agreement - 2.8%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $20,312,522; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $20,720,000)		$20,312,511		20,312,511
Total Short-Term Investment (Cost $20,312,511)				20,312,511
TOTAL INVESTMENTS - 100.0% (Cost $659,180,237)				715,648,319
OTHER ASSETS & LIABILITIES, NET - 0.0%				92,698
NET ASSETS - 100.0%				$715,741,017

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-98

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	29.2%
Industrials	16.0%
Consumer Discretionary	13.7%
Health Care	12.8%
Financials	8.4%
Consumer Staples	5.6%
Materials	4.8%
Utilities	3.6%
Energy	3.1%
Short-Term Investment	2.8%
	100.0%
Other Assets & Liabilities, Net	0.0%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) An investment with a value of $698,739 or 0.1% of the portfolio’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board.

(d) Restricted securities as of December 31, 2012 were as follows:

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Better Place LLC ‘B’ 8.000% Acq. 01/25/10		$6,718,638		$698,739		0.1%

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Convertible Preferred Stocks (1)	$698,739		$-		$-		$698,739
	Common Stocks
	Consumer Discretionary	98,287,028		98,287,028		-		-
	Consumer Staples	40,012,406		23,193,472		16,818,934		-
	Energy	22,272,995		22,272,995		-		-
	Financials	59,767,781		59,767,781		-		-
	Health Care	91,301,636		78,195,809		13,105,827		-
	Industrials	114,118,496		66,963,463		47,155,033		-
	Information Technology	208,885,513		208,885,513		-		-
	Materials	34,388,575		34,388,575		-		-
	Utilities	25,602,639		25,602,639		-		-
			694,637,069		617,557,275		77,079,794		-
	Short-Term Investment	20,312,511		-		20,312,511		-
	Total	$715,648,319		$617,557,275		$97,392,305		$698,739

During the year ended December 31, 2012, an investment with a value of $13,105,827 was transferred from level 1 to level 2 due to valuation adjustments made to exchange-traded prices as a result of market movements following the close of local trading.

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the year ended December 31, 2012:

	Convertible Preferred Stocks (1)
Value, Beginning of Year		$12,201,050
Purchases		-
Sales		-
Net Realized Gains (Losses)		-
Change in Net Unrealized Depreciation		(11,502,311	)
Transfers In		-
Transfers Out		-
Value, End of Year		$698,739
Change in Net Unrealized Depreciation on Level 3 Investments Held at the End of Year, if Applicable		($11,502,311	)

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-99

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 98.8%
Consumer Discretionary - 15.5%
Abercrombie & Fitch Co ‘A’		140,656		$6,747,268
American Eagle Outfitters Inc		690,500		14,162,155
Ascena Retail Group Inc *		445,090		8,229,714
Chico’s FAS Inc		655,900		12,107,914
Dick’s Sporting Goods Inc		219,500		9,985,055
Dollar Tree Inc *		123,700		5,017,272
Foot Locker Inc		188,400		6,051,408
Guess? Inc		245,200		6,017,208
Hanesbrands Inc *		385,300		13,801,446
Jarden Corp		183,800		9,502,460
Lear Corp		147,100		6,890,164
Lennar Corp ‘A’		313,900		12,138,513
Limited Brands Inc		216,000		10,164,960
Mattel Inc		322,700		11,817,274
Newell Rubbermaid Inc		417,000		9,286,590
NVR Inc *		13,300		12,236,000
PVH Corp		128,440		14,258,124
Regis Corp		324,315		5,487,410
Signet Jewelers Ltd (NYSE) (Bermuda)		89,100		4,757,940
Staples Inc		838,100		9,554,340
Thor Industries Inc		144,100		5,393,663
TRW Automotive Holdings Corp *		42,811		2,295,098
Wolverine World Wide Inc		156,200		6,401,076
Wyndham Worldwide Corp		202,900		10,796,309
				213,099,361
Consumer Staples - 3.2%
Energizer Holdings Inc		128,200		10,253,436
Ingredion Inc		119,200		7,680,056
Smithfield Foods Inc *		445,700		9,613,749
The Clorox Co		57,700		4,224,794
The J.M. Smucker Co		71,416		6,158,916
Tyson Foods Inc ‘A’		268,700		5,212,780
				43,143,731
Energy - 9.2%
Africa Oil Corp * (Canada)		1,551,537		10,903,030
Arch Coal Inc		637,400		4,665,768
Bill Barrett Corp *		304,000		5,408,160
Cabot Oil & Gas Corp		152,300		7,575,402
Dresser-Rand Group Inc *		126,100		7,079,254
HollyFrontier Corp		272,300		12,675,565
McDermott International Inc * (Panama)		858,200		9,457,364
Oasis Petroleum Inc *		494,432		15,722,938
Patterson-UTI Energy Inc		436,200		8,126,406
SM Energy Co		347,100		18,122,091
Superior Energy Services Inc *		217,300		4,502,456
Ultra Petroleum Corp * (Canada)		319,400		5,790,722
Whiting Petroleum Corp *		369,850		16,040,394
				126,069,550
Financials - 19.9%
Alleghany Corp *		20,022		6,715,779
American Financial Group Inc		142,800		5,643,456
Arthur J. Gallagher & Co		184,200		6,382,530
Associated Banc-Corp		507,800		6,662,336
BioMed Realty Trust Inc REIT		440,787		8,520,413
CBRE Group Inc ‘A’ *		294,247		5,855,515
CommonWealth REIT		390,795		6,190,193
Corporate Office Properties Trust REIT		409,276		10,223,714
Discover Financial Services		163,960		6,320,658
DuPont Fabros Technology Inc REIT		770,180		18,607,549
Eaton Vance Corp		332,000		10,574,200
Everest Re Group Ltd (Bermuda)		103,900		11,423,805
Fidelity National Financial Inc ‘A’		635,100		14,956,605
First Niagara Financial Group Inc		902,700		7,158,411
FirstMerit Corp		556,500		7,896,735

	Shares		Value
Forest City Enterprises Inc ‘A’ *		1,151,762		$18,600,956
Hancock Holding Co		270,500		8,585,670
HCC Insurance Holdings Inc		361,300		13,443,973
Jefferies Group Inc		425,100		7,894,107
Kemper Corp		383,300		11,307,350
New York Community Bancorp Inc		1,044,700		13,685,570
Old Republic International Corp		778,600		8,292,090
Omega Healthcare Investors Inc REIT		258,102		6,155,733
Protective Life Corp		383,936		10,972,891
Regions Financial Corp		547,500		3,898,200
Synovus Financial Corp		2,043,601		5,006,822
Washington Federal Inc		547,600		9,238,012
Webster Financial Corp		428,543		8,806,559
WR Berkley Corp		261,775		9,879,389
Zions Bancorp		160,000		3,424,000
				272,323,221
Health Care - 12.6%
Alere Inc *		697,658		12,906,673
Brookdale Senior Living Inc *		222,342		5,629,700
CareFusion Corp *		719,200		20,554,736
Endo Health Solutions Inc *		499,873		13,131,664
Hospira Inc *		584,929		18,273,182
Omnicare Inc		692,603		25,002,968
Owens & Minor Inc		642,304		18,312,087
Tenet Healthcare Corp *		876,474		28,459,111
United Therapeutics Corp *		177,315		9,472,167
Universal Health Services Inc ‘B’		423,269		20,465,056
				172,207,344
Industrials - 13.2%
ACCO Brands Corp *		1,468,400		10,778,056
AGCO Corp *		233,000		11,444,960
Alliant Techsystems Inc		97,800		6,059,688
AMETEK Inc		204,050		7,666,159
Con-way Inc		378,700		10,535,434
Crane Co		79,100		3,660,748
Curtiss-Wright Corp		169,600		5,567,968
Delta Air Lines Inc *		1,219,200		14,471,904
Dover Corp		199,900		13,135,429
FTI Consulting Inc *		41,366		1,365,078
IDEX Corp		202,100		9,403,713
Jacobs Engineering Group Inc *		152,560		6,494,479
KBR Inc		354,100		10,594,672
Kennametal Inc		136,300		5,452,000
Manpower Inc		196,100		8,322,484
Navistar International Corp *		178,900		3,894,653
Parker Hannifin Corp		165,500		14,077,430
Spirit AeroSystems Holdings Inc ‘A’ *		606,190		10,287,044
SPX Corp		177,300		12,437,595
The Timken Co		325,620		15,574,405
				181,223,899
Information Technology - 12.7%
Acxiom Corp *		288,478		5,036,826
Amdocs Ltd (United Kingdom)		233,200		7,926,468
Arrow Electronics Inc *		252,900		9,630,432
Atmel Corp *		743,500		4,869,925
Check Point Software Technologies Ltd * (Israel)		274,500		13,077,180
Compuware Corp *		1,329,000		14,446,230
Diebold Inc		284,800		8,717,728
Electronic Arts Inc *		871,500		12,662,895
Fairchild Semiconductor International Inc *		710,100		10,225,440
Ingram Micro Inc ‘A’ *		528,394		8,940,426
Microchip Technology Inc		335,000		10,917,650
NCR Corp *		631,894		16,100,659
ON Semiconductor Corp *		1,448,291		10,210,452
Parametric Technology Corp *		567,400		12,772,174
Polycom Inc *		843,700		8,825,102

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-100

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
RF Micro Devices Inc *		1,495,700		$6,700,736
Synopsys Inc *		266,300		8,478,992
Take-Two Interactive Software Inc *		430,116		4,735,577
				174,274,892
Materials - 7.8%
Albemarle Corp		194,600		12,088,552
Carpenter Technology Corp		164,200		8,477,646
Cliffs Natural Resources Inc		126,100		4,862,416
Cytec Industries Inc		121,710		8,377,299
Georgia Gulf Corp		161,600		6,670,848
Huntsman Corp		245,700		3,906,630
Martin Marietta Materials Inc		62,800		5,920,784
MeadWestvaco Corp		218,500		6,963,595
Owens-Illinois Inc *		494,500		10,518,015
Packaging Corp of America		374,600		14,410,862
Rock-Tenn Co ‘A’		148,900		10,409,599
Rockwood Holdings Inc		281,100		13,903,206
				106,509,452
Utilities - 4.7%
Hawaiian Electric Industries Inc		209,200		5,259,288
MDU Resources Group Inc		262,300		5,571,252
NV Energy Inc		949,030		17,215,404
OGE Energy Corp		147,700		8,316,987
PNM Resources Inc		596,200		12,228,062
UGI Corp		502,100		16,423,691
				65,014,684
Total Common Stocks (Cost $1,297,799,190)				1,353,866,134

	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.2%
Repurchase Agreement - 1.2%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $17,143,399; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $17,490,000)		$17,143,390		$17,143,390
Total Short-Term Investment (Cost $17,143,390)				17,143,390
TOTAL INVESTMENTS - 100.0% (Cost $1,314,942,580)				1,371,009,524
OTHER ASSETS & LIABILITIES, NET - 0.0%				643,232
NET ASSETS - 100.0%				$1,371,652,756

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	19.9%
Consumer Discretionary	15.5%
Industrials	13.2%
Information Technology	12.7%
Health Care	12.6%
Energy	9.2%
Materials	7.8%
Utilities	4.7%
Consumer Staples	3.2%
Short-Term Investment	1.2%
	100.0%
Other Assets & Liabilities, Net	0.0%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$1,353,866,134		$1,353,866,134		$-		$-
	Short-Term Investment		17,143,390		-		17,143,390		-
	Total		$1,371,009,524		$1,353,866,134		$17,143,390		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-101

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Summary Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Health Care - 0.0%
Other security				$ -
Total Rights (Cost $0)				-
COMMON STOCKS - 98.5%
Consumer Discretionary - 16.4%
Autoliv Inc		122,000		8,221,580
Brown Shoe Co Inc		374,142		6,872,989
Gentex Corp		356,800		6,714,976
Group 1 Automotive Inc		207,795		12,881,212
La-Z-Boy Inc		524,582		7,422,835
Regis Corp		353,593		5,982,794
The Men’s Wearhouse Inc		271,922		8,473,090
Thor Industries Inc		375,010		14,036,624
Other securities				93,713,153
				164,319,253
Consumer Staples - 1.3%
Other securities				13,439,694
Energy - 9.4%
Atwood Oceanics Inc *		187,600		8,590,204
Bristow Group Inc		202,186		10,849,301
Energen Corp		118,510		5,343,616
Helix Energy Solutions Group Inc *		437,739		9,034,933
Oil States International Inc *		115,000		8,227,100
Rowan Cos PLC ‘A’ * (United Kingdom)		300,080		9,383,502
Tidewater Inc		193,200		8,632,176
Unit Corp *		150,000		6,757,500
Other securities				27,650,017
				94,468,349
Financials - 23.4%
Aspen Insurance Holdings Ltd (Bermuda)		152,880		4,904,390
Montpelier Re Holdings Ltd (Bermuda)		241,097		5,511,477
Old Republic International Corp		493,000		5,250,450
Protective Life Corp		395,900		11,314,822
Validus Holdings Ltd (Bermuda)		143,400		4,958,772
Other securities				202,121,831
				234,061,742
Health Care - 3.9%
STERIS Corp		164,938		5,728,297
Teleflex Inc		72,000		5,134,320
Other securities				27,922,473
				38,785,090
Industrials - 25.4%
AAR Corp		441,008		8,238,029
Apogee Enterprises Inc		313,149		7,506,181
Astec Industries Inc		186,969		6,231,677
Brady Corp ‘A’		178,760		5,970,584
Briggs & Stratton Corp		304,027		6,408,889
Carlisle Cos Inc		124,000		7,286,240
EMCOR Group Inc		206,865		7,159,598
EnPro Industries Inc *		188,121		7,694,149
Franklin Electric Co Inc		80,902		5,029,677
Gardner Denver Inc		110,000		7,535,000
Genesee & Wyoming Inc ‘A’ *		80,120		6,095,530
Gibraltar Industries Inc *		537,488		8,556,809
Granite Construction Inc		350,031		11,768,042
Kennametal Inc		135,980		5,439,200

	Shares		Value
Lincoln Electric Holdings Inc		181,980		$8,858,786
Mine Safety Appliances Co		146,200		6,244,202
Mueller Industries Inc		164,614		8,235,638
Simpson Manufacturing Co Inc		168,645		5,529,870
SkyWest Inc		421,588		5,252,986
Trinity Industries Inc		232,890		8,342,120
Universal Forest Products Inc		229,894		8,745,168
Other securities				101,964,941
				254,093,316
Information Technology - 8.2%
Benchmark Electronics Inc *		489,035		8,127,762
Rofin-Sinar Technologies Inc *		322,185		6,984,971
Other securities				67,519,733
				82,632,466
Materials - 6.9%
A. Schulman Inc		185,306		5,360,903
Reliance Steel & Aluminum Co		123,000		7,638,300
RPM International Inc		349,100		10,249,576
Steel Dynamics Inc		415,000		5,697,950
Other securities				40,444,959
				69,391,688
Telecommunication Services - 0.3%
Other securities				2,620,391
Utilities - 3.3%
Other securities				32,901,308
Total Common Stocks (Cost $883,349,960)				986,713,297
CLOSED-END MUTUAL FUND - 0.0%
Other security				117,668
Total Closed-End Mutual Fund (Cost $118,181)				117,668
	Principal Amount
SHORT-TERM INVESTMENT - 1.4%
Repurchase Agreement - 1.4%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $13,829,448; collateralized by U.S. Treasury Notes: 0.250% - 2.750% due 07/15/15 - 11/30/16 and value $14,110,550)		$13,829,440		13,829,440
Total Short-Term Investment (Cost $13,829,440)				13,829,440
TOTAL INVESTMENTS - 99.9% (Cost $897,297,581)				1,000,660,405
OTHER ASSETS & LIABILITIES, NET - 0.1%				1,435,085
NET ASSETS - 100.0%				$1,002,095,490

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-102

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Summary Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Industrials	25.4%
Financials	23.4%
Consumer Discretionary	16.4%
Energy	9.4%
Information Technology	8.2%
Materials	6.9%
Health Care	3.9%
Utilities	3.3%
Short-Term Investment	1.4%
Consumer Staples	1.3%
Telecommunication Services	0.3%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Other securities represent the portfolio’s securities not identified as a top-fifty holding in terms of value, and not exceeding one percent of the portfolio’s net assets as of December 31, 2012.

(d) A Summary Schedule of Investments is presented for this portfolio. For information on availability of a complete Schedule of Investments, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

(e) As of December 31, 2012, $365,000 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(f) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini (03/13)		64		$5,303,135		$115,105

(g) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$986,713,297		$986,713,297		$-		$-
	Closed-End Mutual Fund		117,668		117,668		-		-
	Short-Term Investment		13,829,440		-		13,829,440		-
	Derivatives:
	Equity Contracts
	Futures		115,105		115,105		-		-
	Total		$1,000,775,510		$986,946,070		$13,829,440		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-103

PACIFIC SELECT FUND

SMALL-CAP GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 96.1%
Consumer Discretionary - 18.0%
American Axle & Manufacturing Holdings Inc *		283,900		$3,179,680
ANN Inc *		127,410		4,311,554
Brunswick Corp		166,710		4,849,594
Dana Holding Corp		242,400		3,783,864
Domino’s Pizza Inc		117,405		5,112,988
DSW Inc ‘A’		64,435		4,232,735
Fifth & Pacific Cos Inc *		357,300		4,448,385
Five Below Inc *		128,600		4,120,344
Interval Leisure Group Inc		159,280		3,088,439
Life Time Fitness Inc *		93,935		4,622,541
Lions Gate Entertainment Corp * (Canada)		200,900		3,294,760
LKQ Corp *		250,840		5,292,724
Marriott Vacations Worldwide Corp *		136,470		5,686,705
Pier 1 Imports Inc		269,720		5,394,400
Six Flags Entertainment Corp		91,315		5,588,478
Sotheby’s		62,580		2,103,940
The Cheesecake Factory Inc		110,715		3,622,595
The Children’s Place *		73,320		3,247,343
Tupperware Brands Corp		78,225		5,014,222
Vitamin Shoppe Inc *		94,785		5,436,868
Wolverine World Wide Inc		74,700		3,061,206
				89,493,365
Consumer Staples - 3.3%
B&G Foods Inc		166,200		4,705,122
The Fresh Market Inc *		65,985		3,173,218
The Hain Celestial Group Inc *		87,095		4,722,291
United Natural Foods Inc *		74,230		3,977,986
				16,578,617
Energy - 5.1%
Approach Resources Inc *		70,200		1,755,702
Berry Petroleum Co ‘A’		108,415		3,637,323
Dril-Quip Inc *		53,200		3,886,260
Energy XXI Ltd (Bermuda)		126,245		4,063,827
Hornbeck Offshore Services Inc *		81,600		2,802,144
Kodiak Oil & Gas Corp * (Canada)		227,130		2,010,100
Northern Oil & Gas Inc *		211,090		3,550,534
Rosetta Resources Inc *		83,380		3,782,117
				25,488,007
Financials - 8.0%
Cohen & Steers Inc		107,630		3,279,486
DuPont Fabros Technology Inc REIT		161,400		3,899,424
Extra Space Storage Inc REIT		124,435		4,528,190
Fortress Investment Group LLC ‘A’		692,610		3,040,558
Jones Lang LaSalle Inc		50,665		4,252,820
Northwest Bancshares Inc		243,660		2,958,032
Ryman Hospitality Properties REIT		94,031		3,616,432
Silver Bay Realty Trust Corp REIT *		106,800		2,011,044
Texas Capital Bancshares Inc *		108,400		4,858,488
Two Harbors Investment Corp REIT		436,545		4,836,919
Walter Investment Management Corp *		58,400		2,512,368
				39,793,761
Health Care - 18.0%
Accretive Health Inc *		280,900		3,247,204
Acorda Therapeutics Inc *		96,800		2,406,448
Align Technology Inc *		109,790		3,046,672
Alkermes PLC * (Ireland)		128,815		2,385,654
athenahealth Inc *		42,600		3,128,970
Bruker Corp *		258,500		3,947,295
Centene Corp *		59,800		2,451,800
Cepheid Inc *		119,455		4,038,774
Cubist Pharmaceuticals Inc *		53,045		2,231,073

	Shares		Value
Endologix Inc *		244,200		$3,477,408
Greenway Medical Technologies Inc *		160,095		2,459,059
HealthSouth Corp *		185,785		3,921,921
HMS Holdings Corp *		139,700		3,621,024
Idenix Pharmaceuticals Inc *		326,700		1,584,495
Insulet Corp *		197,950		4,200,499
Molina Healthcare Inc *		82,700		2,237,862
NxStage Medical Inc *		219,865		2,473,481
Optimer Pharmaceuticals Inc *		151,650		1,372,433
PAREXEL International Corp *		87,065		2,576,253
Pharmacyclics Inc *		63,100		3,653,490
Questcor Pharmaceuticals Inc		107,300		2,867,056
Seattle Genetics Inc *		75,035		1,740,812
Synageva BioPharma Corp *		44,200		2,046,018
Team Health Holdings Inc *		148,100		4,260,837
Tenet Healthcare Corp *		136,125		4,419,979
Theravance Inc *		86,995		1,937,379
Thoratec Corp *		75,333		2,826,494
ViroPharma Inc *		74,390		1,693,116
Vivus Inc *		174,800		2,345,816
Volcano Corp *		149,725		3,535,007
Wright Medical Group Inc *		159,530		3,348,535
				89,482,864
Industrials - 14.1%
A.O. Smith Corp		80,955		5,105,832
Actuant Corp ‘A’		200,265		5,589,396
Alaska Air Group Inc *		112,300		4,839,007
Avis Budget Group Inc *		172,120		3,411,418
Barnes Group Inc		115,290		2,589,413
Beacon Roofing Supply Inc *		129,000		4,293,120
Clean Harbors Inc *		58,675		3,227,712
Esterline Technologies Corp *		77,790		4,948,222
Genesee & Wyoming Inc ‘A’ *		74,850		5,694,588
Hub Group Inc ‘A’ *		134,150		4,507,440
Lindsay Corp		72,400		5,800,688
RBC Bearings Inc *		107,540		5,384,528
Tetra Tech Inc *		192,705		5,097,047
Towers Watson & Co ‘A’		48,584		2,730,907
United Rentals Inc *		72,765		3,312,263
Watsco Inc		50,200		3,759,980
				70,291,561
Information Technology - 23.3%
3D Systems Corp *		90,400		4,822,840
Allot Communications Ltd * (Israel)		116,000		2,067,120
Applied Micro Circuits Corp *		255,665		2,147,586
Aruba Networks Inc *		118,200		2,452,650
Aspen Technology Inc *		185,300		5,121,692
BroadSoft Inc *		73,355		2,664,987
Cadence Design Systems Inc *		446,065		6,026,338
Cavium Inc *		101,425		3,165,474
Ciena Corp *		190,465		2,990,301
Cognex Corp		145,403		5,353,739
CommVault Systems Inc *		88,175		6,146,679
CoStar Group Inc *		49,875		4,457,329
Cypress Semiconductor Corp *		231,000		2,504,040
DealerTrack Technologies Inc *		185,265		5,320,811
ExactTarget Inc *		223,200		4,464,000
Finisar Corp *		232,730		3,793,499
Fortinet Inc *		139,960		2,948,957
Freescale Semiconductor Ltd * (Bermuda)		269,000		2,961,690
Fusion-io Inc *		137,600		3,155,168
InterXion Holding NV * (Netherlands)		180,060		4,278,226
Microsemi Corp *		287,600		6,051,104
OpenTable Inc *		79,540		3,881,552
QLIK Technologies Inc *		215,070		4,671,320
Radware Ltd * (Israel)		76,200		2,514,600
Ruckus Wireless Inc *		165,900		3,737,727
Silicon Graphics International Corp *		363,755		3,721,214

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-104

PACIFIC SELECT FUND

SMALL-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Sourcefire Inc *		67,500		$3,187,350
Ultimate Software Group Inc *		57,125		5,393,171
WEX Inc *		77,085		5,809,896
				115,811,060
Materials - 5.0%
Chemtura Corp *		213,800		4,545,388
Cytec Industries Inc		55,000		3,785,650
Hecla Mining Co		307,100		1,790,393
PolyOne Corp		292,265		5,968,051
Rockwood Holdings Inc		84,930		4,200,638
Silgan Holdings Inc		110,850		4,610,251
				24,900,371
Telecommunication Services - 0.8%
Cogent Communications Group Inc		164,900		3,733,336
Utilities - 0.5%
ITC Holdings Corp		31,235		2,402,284
Total Common Stocks (Cost $407,026,126)				477,975,226

	Principal Amount		Value
SHORT-TERM INVESTMENT - 3.6%
Repurchase Agreement - 3.6%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $18,118,769; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $18,485,000)		$18,118,759		$18,118,759
Total Short-Term Investment (Cost $18,118,759)				18,118,759
TOTAL INVESTMENTS - 99.7% (Cost $425,144,885)				496,093,985
OTHER ASSETS & LIABILITIES, NET - 0.3%				1,388,073
NET ASSETS - 100.0%				$497,482,058

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	23.3%
Consumer Discretionary	18.0%
Health Care	18.0%
Industrials	14.1%
Financials	8.0%
Energy	5.1%
Materials	5.0%
Short-Term Investment	3.6%
Consumer Staples	3.3%
Telecommunication Services	0.8%
Utilities	0.5%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$477,975,226		$477,975,226		$-		$-
	Short-Term Investment		18,118,759		-		18,118,759		-
	Total		$496,093,985		$477,975,226		$18,118,759		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-105

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Summary Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Health Care - 0.0%
Other security				$-
Total Rights (Cost $0)				-
WARRANTS - 0.0%
Energy - 0.0%
Other security				2,151
Total Warrants (Cost $0)				2,151
COMMON STOCKS - 97.1%
Consumer Discretionary - 13.6%
Brunswick Corp		53,980		1,570,278
Dana Holding Corp		89,229		1,392,865
Domino’s Pizza Inc		35,004		1,524,424
Six Flags Entertainment Corp		24,000		1,468,800
Sotheby’s		40,918		1,375,663
The Warnaco Group Inc *		24,785		1,773,862
Other securities				92,561,901
				101,667,793
Consumer Staples - 3.4%
United Natural Foods Inc *		29,506		1,581,227
Other securities				23,917,163
				25,498,390
Energy - 5.9%
Dril-Quip Inc *		24,264		1,772,485
Energy XXI Ltd (Bermuda)		47,661		1,534,208
Kodiak Oil & Gas Corp * (Canada)		159,287		1,409,690
Oasis Petroleum Inc *		48,248		1,534,286
Rosetta Resources Inc *		31,956		1,449,524
Other securities				36,117,212
				43,817,405
Financials - 22.2%
Alterra Capital Holdings Ltd (Bermuda)		51,921		1,463,653
First American Financial Corp		64,446		1,552,504
Hancock Holding Co		46,212		1,466,769
Invesco Mortgage Capital Inc REIT		70,409		1,387,761
Ocwen Financial Corp *		65,070		2,250,771
Omega Healthcare Investors Inc REIT		68,075		1,623,589
Starwood Property Trust Inc REIT		81,797		1,878,059
Two Harbors Investment Corp REIT		179,044		1,983,808
Other securities				152,044,115
				165,651,029
Health Care - 11.7%
Alkermes PLC * (Ireland)		73,965		1,369,832
athenahealth Inc *		21,650		1,590,192
Cubist Pharmaceuticals Inc *		38,255		1,609,005
Pharmacyclics Inc *		32,888		1,904,215
Other securities				81,176,893
				87,650,137
Industrials - 15.1%
A.O. Smith Corp		23,570		1,486,560
Acuity Brands Inc		25,587		1,733,008
Alaska Air Group Inc *		43,008		1,853,215
CLARCOR Inc		30,352		1,450,219
EMCOR Group Inc		40,291		1,394,472

	Shares		Value
Genesee & Wyoming Inc ‘A’ *		26,795		$2,038,564
HEICO Corp		31,811		1,423,860
Hexcel Corp *		60,177		1,622,372
Old Dominion Freight Line Inc *		43,068		1,476,371
Robbins & Myers Inc		23,258		1,382,688
Teledyne Technologies Inc *		22,201		1,444,619
The Middleby Corp *		11,305		1,449,414
Woodward Inc		41,770		1,592,690
Other securities				91,933,484
				112,281,536
Information Technology - 16.1%
3D Systems Corp *		28,296		1,509,592
Aruba Networks Inc *		67,525		1,401,144
Aspen Technology Inc *		56,520		1,562,213
CommVault Systems Inc *		26,985		1,881,124
CoStar Group Inc *		17,040		1,522,865
Cymer Inc *		18,709		1,691,855
Parametric Technology Corp *		72,218		1,625,627
Ultimate Software Group Inc *		16,087		1,518,774
WEX Inc *		23,492		1,770,592
Other securities				105,781,914
				120,265,700
Materials - 5.1%
Eagle Materials Inc		29,562		1,729,377
Louisiana-Pacific Corp *		83,106		1,605,608
Other securities				35,051,639
				38,386,624
Telecommunication Services - 0.7%
Other securities				5,084,188
Utilities - 3.3%
Cleco Corp		36,894		1,476,129
Piedmont Natural Gas Co Inc		43,528		1,362,862
Other securities				21,554,219
				24,393,210
Total Common Stocks (Cost $683,829,489)				724,696,012
CLOSED-END MUTUAL FUND - 0.0%
Other security				91,682
Total Closed-End Mutual Fund (Cost $98,824)				91,682

	Principal Amount
SHORT-TERM INVESTMENT - 2.6%
Repurchase Agreement - 2.6%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $19,381,618; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $19,770,000)		$19,381,607	19,381,607
Total Short-Term Investment (Cost $19,381,607)			19,381,607
TOTAL INVESTMENTS - 99.7% (Cost $703,309,920)			744,171,452
OTHER ASSETS & LIABILITIES, NET - 0.3%			1,913,940
NET ASSETS - 100.0%			$746,085,392

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-106

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Summary Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	22.2%
Information Technology	16.1%
Industrials	15.1%
Consumer Discretionary	13.6%
Health Care	11.7%
Energy	5.9%
Materials	5.1%
Consumer Staples	3.4%
Utilities	3.3%
Short-Term Investment	2.6%
Telecommunication Services	0.7%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Other securities represent the portfolio’s securities not identified as a top-fifty holding in terms of value, and not exceeding one percent of the portfolio’s net assets as of December 31, 2012.

(d) A Summary Schedule of Investments is presented for this portfolio. For information on availability of a complete Schedule of Investments, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

(e) As of December 31, 2012, $1,208,000 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(f) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini (03/13)		259		$21,514,155		$412,785

(g) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants (1)		$2,151		$2,151		$-		$-
	Common Stocks (1)		724,696,012		724,696,012		-		-
	Closed-End Mutual Fund		91,682		91,682		-		-
	Short-Term Investment		19,381,607		-		19,381,607		-
	Derivatives:
	Equity Contracts
	Futures		412,785		412,785		-		-
	Total		$744,584,237		$725,202,630		$19,381,607		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-107

PACIFIC SELECT FUND

SMALL-CAP VALUE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 95.0%
Consumer Discretionary - 11.2%
Aaron’s Inc		163,100		$4,612,468
Bob Evans Farms Inc		52,100		2,094,420
Cinemark Holdings Inc		229,700		5,967,606
Cracker Barrel Old Country Store Inc		53,500		3,437,910
Group 1 Automotive Inc		78,456		4,863,488
Harman International Industries Inc		120,400		5,374,656
Hillenbrand Inc		91,500		2,068,815
International Game Technology		397,200		5,628,324
Meredith Corp		140,400		4,836,780
Rent-A-Center Inc		14,000		481,040
Sturm Ruger & Co Inc		79,700		3,618,380
The Buckle Inc		105,478		4,708,538
True Religion Apparel Inc		73,484		1,867,963
Wolverine World Wide Inc		129,000		5,286,420
				54,846,808
Consumer Staples - 5.8%
Cal-Maine Foods Inc		78,000		3,137,160
Casey’s General Stores Inc		42,725		2,268,697
Cott Corp (Canada)		121,900		978,857
Fresh Del Monte Produce Inc (Cayman)		61,000		1,607,350
Harris Teeter Supermarkets Inc		114,500		4,415,120
Ingredion Inc		112,900		7,274,147
The Andersons Inc		79,800		3,423,420
Universal Corp		95,600		4,771,396
Weis Markets Inc		22,100		865,657
				28,741,804
Energy -12.3%
Alliance Resource Partners LP		48,537		2,818,543
Berry Petroleum Co ‘A’		150,900		5,062,695
Bristow Group Inc		113,000		6,063,580
Buckeye Partners LP		76,200		3,460,242
Cimarex Energy Co		73,400		4,237,382
CVR Energy Inc *		149,400		7,289,226
Delek US Holdings Inc		18,400		465,888
Energen Corp		108,700		4,901,283
Pioneer Southwest Energy Partners LP		53,306		1,210,046
Ship Finance International Ltd (Bermuda)		163,001		2,710,707
Sunoco Logistics Partners LP		109,500		5,445,435
TC Pipelines LP		20,099		811,196
Tidewater Inc		110,200		4,923,736
TransMontaigne Partners LP		31,837		1,208,851
Western Refining Inc		87,700		2,472,263
World Fuel Services Corp		176,981		7,286,308
				60,367,381
Financials - 17.7%
American Financial Group Inc		131,000		5,177,120
American Realty Capital Trust Inc REIT		99,463		1,148,798
AmTrust Financial Services Inc		96,250		2,761,412
Bank of Hawaii Corp		105,200		4,634,060
CapitalSource Inc		508,200		3,852,156
Cash America International Inc		120,199		4,768,294
Community Trust Bancorp Inc		14,600		478,588
Duff & Phelps Corp ‘A’		55,200		862,224
First Niagara Financial Group Inc		624,900		4,955,457
FirstMerit Corp		53,726		762,372
Franklin Street Properties Corp REIT		194,300		2,391,833
Fulton Financial Corp		493,900		4,746,379
Glacier Bancorp Inc		7,617		112,046
Hatteras Financial Corp REIT		93,200		2,312,292
Lakeland Financial Corp		17,902		462,588
Montpelier Re Holdings Ltd (Bermuda)		58,300		1,332,738
Old National Bancorp		196,552		2,333,072
Omega Healthcare Investors Inc REIT		206,400		4,922,640

	Shares		Value
Prosperity Bancshares Inc		109,300		$4,590,600
PS Business Parks Inc REIT		47,900		3,112,542
Raymond James Financial Inc		139,400		5,371,082
Retail Properties of America Inc ‘A’ REIT		265,087		3,173,091
SEI Investments Co		222,402		5,190,863
Southside Bancshares Inc		25,500		537,030
Starwood Property Trust Inc REIT		209,900		4,819,304
Susquehanna Bancshares Inc		342,600		3,590,448
Tompkins Financial Corp		13,000		515,320
Trustmark Corp		179,700		4,036,062
Washington Federal Inc		211,800		3,573,066
WesBanco Inc		24,405		542,279
				87,065,756
Health Care - 6.2%
Invacare Corp		84,062		1,370,210
Owens & Minor Inc		172,100		4,906,571
PerkinElmer Inc		189,600		6,017,904
STERIS Corp		158,600		5,508,178
Teleflex Inc		81,900		5,840,289
The Cooper Cos Inc		73,154		6,765,282
The Ensign Group Inc		8,394		228,233
				30,636,667
Industrials - 18.6%
ABM Industries Inc		51,900		1,035,405
Alliant Techsystems Inc		101,700		6,301,332
Applied Industrial Technologies Inc		40,100		1,684,601
Avery Dennison Corp		132,700		4,633,884
Barnes Group Inc		152,200		3,418,412
Belden Inc		132,500		5,961,175
Crane Co		129,050		5,972,434
Cubic Corp		32,300		1,549,431
Curtiss-Wright Corp		136,400		4,478,012
Elbit Systems Ltd (Israel)		24,700		989,235
Ennis Inc		51,400		795,158
Great Lakes Dredge & Dock Co		121,200		1,082,316
ITT Corp		221,104		5,187,100
KBR Inc		161,700		4,838,064
Kennametal Inc		146,100		5,844,000
McGrath RentCorp		23,600		684,872
Standex International Corp		16,559		849,311
TAL International Group Inc		74,100		2,695,758
Textainer Group Holdings Ltd (Bermuda)		58,398		1,837,201
The Brink’s Co		148,800		4,245,264
Titan International Inc		188,400		4,092,048
Trinity Industries Inc		93,296		3,341,863
Triumph Group Inc		109,639		7,159,427
UniFirst Corp		28,948		2,122,467
Valmont Industries Inc		53,900		7,360,045
Werner Enterprises Inc		156,254		3,386,024
				91,544,839
Information Technology - 3.3%
AVX Corp		100,400		1,082,312
Diebold Inc		151,596		4,640,354
Fair Isaac Corp		75,351		3,167,002
j2 Global Inc		92,582		2,831,158
Jabil Circuit Inc		237,700		4,585,233
				16,306,059
Materials - 13.9%
A. Schulman Inc		81,900		2,369,367
AMCOL International Corp		45,196		1,386,613
Buckeye Technologies Inc		88,000		2,526,480
Cabot Corp		133,900		5,327,881
Domtar Corp		11,700		977,184
HudBay Minerals Inc (Canada)		465,372		4,687,873
IAMGOLD Corp (NYSE) (Canada)		305,200		3,500,644
Innophos Holdings Inc		74,200		3,450,300

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-108

PACIFIC SELECT FUND

SMALL-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Methanex Corp (NASDAQ) (Canada)		154,676		$4,929,524
Neenah Paper Inc		54,279		1,545,323
NewMarket Corp		20,847		5,466,083
Olin Corp		59,678		1,288,448
Quaker Chemical Corp		40,200		2,165,172
Rentech Nitrogen Partners LP		45,937		1,731,366
Rock-Tenn Co ‘A’		68,500		4,788,835
Royal Gold Inc		74,625		6,067,759
Sensient Technologies Corp		134,200		4,772,152
Sonoco Products Co		171,850		5,109,101
Steel Dynamics Inc		302,900		4,158,817
Stepan Co		33,972		1,886,805
				68,135,727
Utilities - 6.0%
AGL Resources Inc		84,600		3,381,462
Atmos Energy Corp		129,600		4,551,552
Avista Corp		81,300		1,960,143
El Paso Electric Co		60,447		1,928,864
Great Plains Energy Inc		122,000		2,477,820
Portland General Electric Co		133,000		3,638,880
Suburban Propane Partners LP		56,500		2,195,590
UGI Corp		181,000		5,920,510
Westar Energy Inc		122,500		3,505,950
				29,560,771
Total Common Stocks (Cost $365,085,033)				467,205,812
CLOSED-END MUTUAL FUND - 0.9%
Central Fund of Canada Ltd ‘A’ (Canada)		202,300		4,254,369
Total Closed-End Mutual Fund (Cost $2,457,563)				4,254,369

	Principal Amount		Value
SHORT-TERM INVESTMENT - 4.4%
Repurchase Agreement - 4.4%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $21,500,306; collateralized by U.S. Treasury Notes: 2.750% due 11/30/16 and value $21,932,869)		$21,500,294		$21,500,294
Total Short-Term Investment (Cost $21,500,294)				21,500,294
TOTAL INVESTMENTS - 100.3% (Cost $389,042,890)				492,960,475
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(1,305,123	)
NET ASSETS - 100.0%				$491,655,352

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Industrials	18.6%
Financials	17.7%
Materials	13.9%
Energy	12.3%
Consumer Discretionary	11.2%
Health Care	6.2%
Utilities	6.0%
Consumer Staples	5.8%
Short-Term Investment	4.4%
Information Technology	3.3%
Closed-End Mutual Fund	0.9%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$467,205,812		$467,205,812		$-		$-
	Closed-End Mutual Fund		4,254,369		4,254,369		-		-
	Short-Term Investment		21,500,294		-		21,500,294		-
	Total		$492,960,475		$471,460,181		$21,500,294		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-109

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
WARRANTS - 0.1%
Health Care - 0.1%
ARYx Therapeutics Inc Strike @ $2.64 Exp. 11/13/13 * ¯ +		44,635		$-
Cytori Therapeutics Inc Strike @ $8.50 Exp. 08/11/13 * ¯ +		27,500		3
Derma Sciences Strike @ $9.90 Exp. 06/23/16 * ¯ +		57,500		113,654
OncoGenex Pharmaceutical Inc Strike @ $20.00 Exp. 10/19/15 * ¯ +		12,820		1,267
SANUWAVE Health Inc Strike @ $4.00 Exp. 04/08/16 * ¯+		135,383		47
				114,971
Total Warrants (Cost $13,630)				114,971
COMMON STOCKS - 95.8%
Health Care - 95.8%
Acadia Healthcare Co Inc *		72,121		1,682,583
Achillion Pharmaceuticals Inc *		69,448		556,973
Aetna Inc		30,022		1,390,019
Agilent Technologies Inc		38,482		1,575,453
Alexion Pharmaceuticals Inc *		104,377		9,791,606
Allergan Inc		33,895		3,109,188
Alnylam Pharmaceuticals Inc *		81,630		1,489,747
Amarin Corp PLC ADR * (United Kingdom)		406,296		3,286,935
ARIAD Pharmaceuticals Inc *		244,130		4,682,413
Biogen Idec Inc *		29,857		4,379,126
BioMarin Pharmaceutical Inc *		226,469		11,153,598
Bristol-Myers Squibb Co		104,261		3,397,866
Catamaran Corp * (Canada)		20,444		963,117
Celldex Therapeutics Inc *		317,890		2,133,042
Centene Corp *		102,870		4,217,670
CFR Pharmaceuticals SA ADR * ~ (Chile)		125,194		3,163,841
ChemoCentryx Inc *		151,570		1,658,176
CIGNA Corp		29,742		1,590,007
Clovis Oncology Inc *		37,335		597,360
Corcept Therapeutics Inc *		322,739		461,517
Cytori Therapeutics Inc *		54,688		154,220
Derma Sciences Inc *		125,228		1,391,283
Dynavax Technologies Corp *		142,564		407,733
Edwards Lifesciences Corp *		3,257		293,684
Elan Corp PLC ADR * (Ireland)		208,133		2,125,038
Express Scripts Holding Co *		58,938		3,182,652
Fluidigm Corp *		85,260		1,220,071
GenMark Diagnostics Inc *		124,203		1,117,827
Gilead Sciences Inc *		47,448		3,485,056
HCA Holdings Inc		142,543		4,300,522
HealthSouth Corp *		41,198		869,690
Hikma Pharmaceuticals PLC (United Kingdom)		142,450		1,782,782
Hologic Inc *		119,599		2,395,568
Hyperion Therapeutics Inc *		35,500		400,440
Idenix Pharmaceuticals Inc *		80,390		389,892
Illumina Inc *		61,126		3,397,994
Impax Laboratories Inc *		155,732		3,190,949
Infinity Pharmaceuticals Inc *		19,488		682,080
Isis Pharmaceuticals Inc *		107,082		1,120,078
KYTHERA Biopharmaceuticals Inc *		10,510		318,873
MAP Pharmaceuticals Inc *		180,151		2,830,172
Merck & Co Inc		35,954		1,471,957
Merrimack Pharmaceuticals Inc *		190,530		1,160,328
Mylan Inc *		114,049		3,134,067
Neurocrine Biosciences Inc *		184,970		1,383,576
Novadaq Technologies Inc * (Canada)		108,980		967,742

	Shares		Value
Novo Nordisk AS ADR (Denmark)		12,027		$1,962,927
Onyx Pharmaceuticals Inc *		62,388		4,712,166
Orexigen Therapeutics Inc *		91,480		482,100
Pacira Pharmaceuticals Inc *		75,519		1,319,317
Pfizer Inc		248,875		6,241,785
Pharmacyclics Inc *		14,902		862,826
Prothena Corp PLC * (Ireland)		5,076		37,210
Puma Biotechnology Inc *		81,565		1,529,344
QLT Inc * (Canada)		80,370		631,708
Regeneron Pharmaceuticals Inc *		9,249		1,582,226
Sagent Pharmaceuticals Inc *		31,867		512,740
Shire PLC ADR (United Kingdom)		21,371		1,969,979
Sino Biopharmaceutical (Cayman)		1,921,387		921,069
Sinopharm Group Co Ltd ‘H’ (China)		7,300		23,187
Sunesis Pharmaceuticals Inc *		104,821		440,248
Synta Pharmaceuticals Corp *		153,086		1,380,836
Targacept Inc *		96,895		424,400
The Medicines Co *		57,863		1,386,976
Tornier NV * (Netherlands)		34,050		571,699
UnitedHealth Group Inc		96,838		5,252,493
Universal Health Services Inc ‘B’		59,543		2,878,904
Verastem Inc *		37,200		326,988
Vertex Pharmaceuticals Inc *		173,404		7,272,564
Vocera Communications Inc *		39,744		997,574
Waters Corp *		8,961		780,682
WuXi PharmaTech Inc ADR * (Cayman)		58,775		925,706
XenoPort Inc *		55,560		431,701
				150,313,866
Total Common Stocks (Cost $115,817,007)				150,313,866

	Principal Amount
SHORT-TERM INVESTMENT - 4.0%
Repurchase Agreement - 4.0%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $6,313,370; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $6,440,000)		$6,313,367	6,313,367
Total Short-Term Investment (Cost $6,313,367)			6,313,367
TOTAL INVESTMENTS - 99.9% (Cost $122,144,004)			156,742,204
OTHER ASSETS & LIABILITIES, NET - 0.1%			123,976
NET ASSETS - 100.0%			$156,866,180

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-110

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified by health care sector as a percentage of net assets as follows:

Biotechnology	45.3%
Pharmaceuticals	23.8%
Managed Health Care	7.9%
Health Care Facilities	6.2%
Life Sciences Tools & Services	5.0%
Health Care Equipment	3.4%
Other (each less than 3.0%)	4.3%
	95.9%
Short-Term Investment	4.0%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Investments with a total aggregate value of $114,971 or 0.1% of the portfolio’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board.

(d) Restricted securities as of December 31, 2012 were as follows:

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
ARYx Therapeutics Inc Warrants (Exp.11/13/13) Acq. 11/13/08		$5,580		$-		0.0%
Cytori Therapeutics Inc Warrants (Exp.08/11/13) Acq. 08/11/08		-		3		0.0%
Derma Sciences Warrants (Exp.06/23/16) Acq. 06/17/11		8,050		113,654		0.1%
OncoGenex Pharmaceutical Inc Warrants (Exp.10/19/15) Acq. 10/19/10		-		1,267		0.0%
SANUWAVE Health Inc Warrants (Exp.04/08/16) Acq. 04/08/11		-		47		0.0%
		$13,630		$114,971		0.1%

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants (1)		$114,971		$-		$114,971		$-
	Common Stocks
	Health Care		150,313,866		144,422,987		5,890,879		-
	Short-Term Investment		6,313,367		-		6,313,367		-
	Total		$156,742,204		$144,422,987		$12,319,217		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-111

PACIFIC SELECT FUND

REAL ESTATE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 98.3%
Consumer Discretionary - 3.1%
Starwood Hotels & Resorts Worldwide Inc		605,789		$34,748,057
Financials - 94.8%
Acadia Realty Trust REIT		112,007		2,809,136
Alexandria Real Estate Equities Inc REIT		53,246		3,691,013
Apartment Investment & Management Co ‘A’ REIT		368,440		9,969,986
Ashford Hospitality Trust Inc REIT		542,080		5,697,261
AvalonBay Communities Inc REIT		327,105		44,352,167
Boston Properties Inc REIT		494,965		52,372,247
BRE Properties Inc REIT		186,389		9,474,153
Brookfield Office Properties Inc (NYSE) (Canada)		524,775		8,926,423
Camden Property Trust REIT		329,376		22,466,737
Corporate Office Properties Trust REIT		49,900		1,246,502
Cousins Properties Inc REIT		306,381		2,558,281
DCT Industrial Trust Inc REIT		2,440,070		15,836,054
Digital Realty Trust Inc REIT		158,640		10,770,070
Duke Realty Corp REIT		648,490		8,994,556
Equity Lifestyle Properties Inc REIT		318,316		21,419,484
Equity Residential REIT		1,854,677		105,104,546
Essex Property Trust Inc REIT		27,322		4,006,771
Federal Realty Investment Trust REIT		142,856		14,859,881
Forest City Enterprises Inc ‘A’ *		1,765,263		28,508,997
General Growth Properties Inc REIT		1,846,843		36,659,833
HCP Inc REIT		1,484,138		67,053,355
Healthcare Realty Trust Inc REIT		840,318		20,176,035
Host Hotels & Resorts Inc REIT		4,470,159		70,047,391
Hudson Pacific Properties Inc REIT		459,570		9,678,544
Mack-Cali Realty Corp REIT		816,073		21,307,666
Prologis Inc REIT		585,923		21,380,330
PS Business Parks Inc REIT		98,228		6,382,855
Public Storage REIT		331,657		48,076,999
Regency Centers Corp REIT		863,768		40,700,748
Retail Opportunity Investments Corp REIT		105,002		1,350,326
Senior Housing Properties Trust REIT		1,253,627		29,635,742
Simon Property Group Inc REIT		1,083,707		171,323,240
SL Green Realty Corp REIT		106,931		8,196,261
Sovran Self Storage Inc REIT		61,637		3,827,658
Starwood Property Trust Inc REIT		236,509		5,430,247
The Macerich Co REIT		391,526		22,825,966
UDR Inc REIT		421,945		10,033,852
Ventas Inc REIT		229,780		14,871,362
Vornado Realty Trust REIT		909,857		72,861,349
Winthrop Realty Trust REIT		254,260		2,809,573
				1,057,693,597

	Shares		Value
Health Care - 0.4%
Assisted Living Concepts Inc ‘A’		434,868		$4,239,963
Total Common Stocks (Cost $908,350,908)				1,096,681,617
	Principal Amount
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $16,410,146; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $16,740,000)		$16,410,137		16,410,137
Total Short-Term Investment (Cost $16,410,137)				16,410,137
TOTAL INVESTMENTS - 99.8% (Cost $924,761,045)				1,113,091,754
OTHER ASSETS & LIABILITIES, NET - 0.2%				2,370,906
NET ASSETS - 100.0%				$1,115,462,660

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified by property sector as a percentage of net assets as follows:

Retail	26.0%
Specialized	23.3%
Residential	20.3%
Office	9.6%
Diversified	8.4%
Real Estate Operating Companies	3.4%
Industrial	3.3%
Hotels, Resorts & Cruise Lines	3.1%
Other (each less than 3.0%)	0.9%
	98.3%
Short-Term Investment	1.5%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$1,096,681,617		$1,096,681,617		$-		$-
	Short-Term Investment		16,410,137		-		16,410,137		-
	Total		$1,113,091,754		$1,096,681,617		$16,410,137		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-112

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS -97.1%
Consumer Discretionary -0.2%
LifeLock Inc *		14,795		$120,283
Health Care - 0.8%
Stryker Corp		9,672		530,219
Industrials - 0.2%
Performant Financial Corp *		12,429		125,533
Information Technology -95.9%
Advanced Micro Devices Inc *		202,382		485,717
Akamai Technologies Inc *		3,700		151,367
Apple Inc		9,200		4,903,876
Arrow Electronics Inc *		24,600		936,768
Avago Technologies Ltd (Singapore)		22,800		721,848
Avnet Inc *		30,700		939,727
BMC Software Inc *		3,300		130,878
Broadcom Corp ‘A’ *		54,800		1,819,908
Cadence Design Systems Inc *		33,700		455,287
Check Point Software Technologies Ltd * (Israel)		62,700		2,987,028
Cisco Systems Inc		96,700		1,900,155
Citrix Systems Inc *		19,700		1,295,275
Dell Inc		27,900		282,627
Electronics for Imaging Inc *		94,000		1,785,060
EMC Corp *		85,300		2,158,090
Flextronics International Ltd * (Singapore)		97,100		602,991
Fortinet Inc *		6,800		143,276
Global Payments Inc		9,700		439,410
Intersil Corp ‘A’		17,700		146,733
KLA-Tencor Corp		60,368		2,883,176
Lam Research Corp *		89,537		3,234,972
LSI Corp *		40,200		284,616
Marvell Technology Group Ltd (Bermuda)		69,353		503,503
Microsemi Corp *		62,200		1,308,688
Microsoft Corp		71,800		1,919,214
Murata Manufacturing Co Ltd (Japan)		2,300		135,651
NCR Corp *		34,800		886,704
NetApp Inc *		71,500		2,398,825
Nuance Communications Inc *		144,100		3,216,312
NXP Semiconductors * (Netherlands)		46,800		1,234,116
Oracle Corp		42,100		1,402,772
Parametric Technology Corp *		112,400		2,530,124
QUALCOMM Inc		46,529		2,885,728
Radware Ltd * (Israel)		9,026		297,858
SanDisk Corp *		10,400		453,024
Semtech Corp *		14,601		422,699
Spansion Inc ‘A’ *		46,625		648,554
Symantec Corp *		236,500		4,448,565

	Shares		Value
Synopsys Inc *		189,382		$6,029,923
Teradyne Inc *		145,700		2,460,873
TIBCO Software Inc *		7,600		167,276
VeriFone Systems Inc *		34,400		1,020,992
Visa Inc ‘A’		5,700		864,006
Vishay Intertechnology Inc *		18,400		195,592
VMware Inc ‘A’ *		13,100		1,233,234
				65,353,018
Total Common Stocks (Cost $61,866,815)				66,129,053
	Principal Amount
SHORT-TERM INVESTMENT - 1.9%
Repurchase Agreement - 1.9%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $1,315,735; collateralized by U.S. Treasury Notes: 2.750% due 11/30/16 and value $1,344,606)		$1,315,734		1,315,734
Total Short-Term Investment (Cost $1,315,734)				1,315,734
TOTAL INVESTMENTS - 99.0% (Cost $63,182,549)				67,444,787
OTHER ASSETS & LIABILITIES, NET - 1.0%				713,243
NET ASSETS - 100.0%				$68,158,030

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified by technology sector as a percentage of net assets as follows:

Application Software	20.1%
Systems Software	18.0%
Semiconductor Equipment	12.6%
Semiconductors	11.1%
Computer Storage & Peripherals	10.0%
Computer Hardware	8.9%
Communications Equipment	7.5%
Data Processing & Outsourced Services	3.4%
Other (each less than 3.0%)	5.5%
	97.1%
Short-Term Investment	1.9%
Other Assets & Liabilities, Net	1.0%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Consumer Discretionary		$120,283		$120,283		$-		$-
	Health Care		530,219		530,219		-		-
	Industrials		125,533		125,533		-		-
	Information Technology		65,353,018		65,217,367		135,651		-
			66,129,053		65,993,402		135,651		-
	Short-Term Investment		1,315,734		-		1,315,734		-
	Total		$67,444,787		$65,993,402		$1,451,385		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-113

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 6.3%
Brazil - 5.2%
Banco Bradesco SA ADR		473,500		$8,224,695
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		306,390		13,600,652
Cia de Bebidas das Americas ADR		179,350		7,530,906
Lojas Americanas SA		2,496,140		22,498,418
Petroleo Brasileiro SA ADR		838,700		16,186,910
Vale SA ADR		643,940		13,071,982
				81,113,563
Colombia - 1.1%
Banco Davivienda SA		629,601		8,372,374
Bancolombia SA ADR		127,210		8,469,642
				16,842,016
Total Preferred Stocks (Cost $79,566,577)				97,955,579
COMMON STOCKS - 91.3%
Bermuda - 0.7%
Credicorp Ltd		43,113		6,318,641
Dairy Farm International Holdings Ltd		17,000		185,571
Jardine Strategic Holdings Ltd		103,000		3,687,291
				10,191,503
Brazil - 5.9%
B2W Cia Global do Varejo *		618,858		5,160,493
BM&FBOVESPA SA		4,286,143		29,918,714
Embraer SA ADR		433,243		12,351,758
Estacio Participacoes SA		588,400		12,154,191
Kroton Educacional SA *		615,348		13,899,802
Natura Cosmeticos SA		622,450		17,860,503
Sul America SA		53,400		464,338
				91,809,799
Cayman - 11.5%
Baidu Inc ADR *		543,900		54,547,731
Ctrip.com International Ltd ADR *		733,940		16,726,493
Eurasia Drilling Co Ltd GDR ~		111,300		3,994,970
Eurasia Drilling Co Ltd GDR (LI) ~		126,590		4,543,784
Home Inns & Hotels Management Inc ADR *		244,780		7,074,142
NetEase Inc ADR *		257,970		10,976,623
New Oriental Education & Technology Group ADR		566,260		11,002,432
SOHO China Ltd		6,656,000		5,376,696
Tencent Holdings Ltd		634,000		20,583,752
Tingyi Holding Corp		7,482,000		20,834,270
Want Want China Holdings Ltd		12,902,000		17,974,745
Youku Tudou Inc ADR *		316,290		5,769,130
				179,404,768
Chile - 0.3%
Banco Santander Chile		58,449,030		4,166,770
China - 1.5%
China Oilfield Services Ltd ‘H’		1,894,000		3,917,003
China Shenhua Energy Co Ltd ‘H’		1,871,000		8,359,424
Shandong Weigao Group Medical Polymer Co Ltd ‘H’		4,174,000		4,170,399
Sinopharm Group Co Ltd ‘H’		1,804,800		5,732,510
Tsingtao Brewery Co Ltd ‘H’		124,000		738,493
				22,917,829

	Shares		Value
Colombia - 1.7%
Almacenes Exito SA		671,285		$13,562,898
Almacenes Exito SA GDR ~		609,222		12,239,575
				25,802,473
Denmark - 2.6%
Carlsberg AS ‘B’		332,595		32,698,941
FLSmidth & Co AS		132,521		7,741,645
				40,440,586
Egypt - 0.6%
Commercial International Bank SAE		1,613,387		8,751,864
France - 0.1%
Technip SA		19,590		2,255,381
Hong Kong - 4.8%
AIA Group Ltd		4,008,600		15,976,032
CNOOC Ltd		7,157,000		15,715,030
Hang Lung Group Ltd		1,148,000		6,576,726
Hang Lung Properties Ltd		3,668,000		14,706,866
Hong Kong Exchanges & Clearing Ltd		1,217,092		20,967,392
Sun Art Retail Group Ltd		134,000		206,390
				74,148,436
India - 12.8%
Ambuja Cements Ltd		674,729		2,488,933
Asian Paints Ltd		95,081		7,742,344
Cipla Ltd		694,491		5,270,883
Colgate-Palmolive India Ltd		386,469		11,064,396
HDFC Bank Ltd ADR		443,360		18,053,619
Hindustan Unilever Ltd		1,535,891		14,746,530
Housing Development Finance Corp Ltd		2,022,256		30,815,342
ICICI Bank Ltd ADR		430,750		18,785,007
Infosys Ltd		951,551		40,551,746
Marico Ltd		1,694,336		6,761,112
Sun Pharmaceutical Industries Ltd		320,170		4,311,082
Sun TV Network Ltd		742,139		5,826,426
Tata Consultancy Services Ltd		600,113		13,769,962
Ultratech Cement Ltd		29,825		1,088,567
Zee Entertainment Enterprises Ltd		4,380,634		17,690,952
				198,966,901
Indonesia - 1.4%
P.T. Astra International Tbk		19,279,200		15,253,422
P.T. Semen Gresik Persero Tbk		528,000		869,800
P.T. Unilever Indonesia Tbk		2,926,500		6,347,019
				22,470,241
Italy - 2.1%
Prada SPA		2,193,600		21,220,959
Saipem SPA		95,152		3,691,649
Salvatore Ferragamo Italia SPA		370,324		8,147,251
				33,059,859
Luxembourg - 1.3%
Tenaris SA ADR		481,800		20,197,056
Malaysia - 0.5%
Genting Bhd		2,483,900		7,500,431
Mexico - 8.1%
America Movil SAB de CV ‘L’ ADR		2,194,400		50,778,416
Fomento Economico Mexicano SAB de CV		2,313,792		23,169,603
Grupo Financiero Inbursa SAB de CV ‘O’		2,856,701		8,658,746

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-114

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Fomento Economico Mexicano SAB de CV ADR		192,820		$19,416,974
Grupo Televisa SAB ADR		321,880		8,555,570
Wal-Mart de Mexico SAB de CV ‘V’		4,744,463		15,481,727
				126,061,036
Netherlands - 1.5%
Heineken NV		78,204		5,216,435
Yandex NV ‘A’ *		815,240		17,584,727
				22,801,162
Nigeria - 1.2%
Guaranty Trust Bank PLC		27,810,148		4,096,275
Nigerian Breweries PLC		10,530,470		9,913,411
Zenith Bank PLC		32,492,280		4,057,634
				18,067,320
Peru - 0.3%
Inretail Peru Corp * ~		255,100		5,344,345
Philippines - 2.7%
Jollibee Foods Corp		2,985,438		7,448,394
SM Investments Corp		684,870		14,720,694
SM Prime Holdings Inc		49,225,775		19,823,420
				41,992,508
Russia - 4.2%
Magnit OJSC (RTS)		226,301		35,656,888
NovaTek OAO GDR (LI) ~		252,066		30,365,133
				66,022,021
South Africa - 3.1%
ABSA Group Ltd		150,068		2,925,936
Impala Platinum Holdings Ltd		711,612		14,368,468
MTN Group Ltd		1,030,945		21,668,935
Standard Bank Group Ltd		666,965		9,437,448
				48,400,787
South Korea - 3.7%
E-Mart Co Ltd *		82,057		18,258,783
MegaStudy Co Ltd		18,719		1,379,720
NHN Corp *		141,445		30,160,015
Shinsegae Co Ltd		39,324		8,051,118
				57,849,636
Taiwan - 2.5%
Epistar Corp		3,269,500		5,975,886
HTC Corp		370,458		3,844,700
Synnex Technology International Corp		4,004,838		7,440,947
Taiwan Semiconductor Manufacturing Co Ltd		6,457,376		21,612,273
				38,873,806
Thailand - 0.6%
Siam Commercial Bank PCL		1,696,100		10,067,329
Turkey - 4.7%
Akbank TAS		2,138,128		10,572,154
Anadolu Efes Biracilik Ve Malt Sanayii AS		763,635		11,020,652
BIM Birlesik Magazalar AS		167,322		8,196,311
Enka Insaat ve Sanayi AS		2,967,022		8,830,855
Haci Omer Sabanci Holding AS		4,173,248		23,067,412
Turkiye Garanti Bankasi AS		2,163,559		11,255,805
				72,943,189
United Arab Emirates - 0.8%
DP World Ltd		1,110,011		13,098,640
United Kingdom - 9.6%
Anglo American PLC		971,029		30,996,724
BG Group PLC		1,280,930		21,478,975
Burberry Group PLC		323,100		6,615,328

	Shares		Value
Genting Singapore PLC		8,089,000		$9,255,689
Mail.ru Group Ltd GDR (LI) ~		257,500		8,938,518
SABMiller PLC		549,050		25,842,731
Tullow Oil PLC		1,387,126		28,247,928
Unilever PLC		456,716		17,335,943
				148,711,836
United States - 0.5%
MercadoLibre Inc		93,020		7,308,581
Total Common Stocks (Cost $1,168,117,672)				1,419,626,093
EQUITY-LINKED STRUCTURED SECURITIES - 0.1%
Vietnam - 0.1%
Vietnam Dairy Products JSC Exp. 01/31/13 *		357,000		1,512,934
Total Equity-Linked Structured Securities (Cost $1,469,648)				1,512,934
	Principal Amount
SHORT-TERM INVESTMENT - 2.6%
Repurchase Agreement - 2.6%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $40,757,314; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $41,575,000)		$40,757,292		40,757,292
Total Short-Term Investment (Cost $40,757,292)				40,757,292
TOTAL INVESTMENTS - 100.3% (Cost $1,289,911,189)				1,559,851,898
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(3,967,570	)
NET ASSETS - 100.0%				$1,555,884,328

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Consumer Staples	23.9%
Financials	20.0%
Information Technology	16.0%
Consumer Discretionary	13.2%
Energy	10.2%
Telecommunication Services	4.7%
Materials	4.5%
Industrials	3.9%
Short-Term Investment	2.6%
Health Care	1.3%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-115

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

India	12.8%
Cayman	11.5%
Brazil	11.1%
United Kingdom	9.6%
Mexico	8.1%
Hong Kong	4.8%
Turkey	4.7%
Russia	4.2%
South Korea	3.7%
South Africa	3.1%
United States (Includes Short-Term Investment)	3.1%
Others (each less than 3.0%)	23.6%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Brazil		$81,113,563		$58,615,145		$22,498,418		$-
	Colombia		16,842,016		8,469,642		8,372,374		-
			97,955,579		67,084,787		30,870,792		-
	Common Stocks
	Bermuda		10,191,503		6,318,641		3,872,862		-
	Brazil		91,809,799		26,251,560		65,558,239		-
	Cayman		179,404,768		106,096,551		73,308,217		-
	Chile		4,166,770		-		4,166,770		-
	China		22,917,829		-		22,917,829		-
	Colombia		25,802,473		-		25,802,473		-
	Denmark		40,440,586		-		40,440,586		-
	Egypt		8,751,864		-		8,751,864		-
	France		2,255,381		-		2,255,381		-
	Hong Kong		74,148,436		-		74,148,436		-
	India		198,966,901		36,838,626		162,128,275		-
	Indonesia		22,470,241		-		22,470,241		-
	Italy		33,059,859		-		33,059,859		-
	Luxembourg		20,197,056		20,197,056		-		-
	Malaysia		7,500,431		-		7,500,431		-
	Mexico		126,061,036		126,061,036		-		-
	Netherlands		22,801,162		17,584,727		5,216,435		-
	Nigeria		18,067,320		18,067,320		-		-
	Peru		5,344,345		-		5,344,345		-
	Philippines		41,992,508		-		41,992,508		-
	Russia		66,022,021		-		66,022,021		-
	South Africa		48,400,787		-		48,400,787		-
	South Korea		57,849,636		-		57,849,636		-
	Taiwan		38,873,806		-		38,873,806		-
	Thailand		10,067,329		-		10,067,329		-
	Turkey		72,943,189		-		72,943,189		-
	United Arab Emirates		13,098,640		13,098,640		-		-
	United Kingdom		148,711,836		-		148,711,836		-
	United States		7,308,581		7,308,581		-		-
			1,419,626,093		377,822,738		1,041,803,355		-
	Equity-Linked Structured Securities		1,512,934		-		1,512,934		-
	Short-Term Investment		40,757,292		-		40,757,292		-
	Total		$1,559,851,898		$444,907,525		$1,114,944,373		$-

During the year ended December 31, 2012, investments with a total aggregate value of $127,756,661 were transferred from level 1 to level 2 due to valuation adjustments made to exchange-traded prices as a result of market movements following the close of local trading.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-116

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 0.8%
Brazil - 0.8%
Itau Unibanco Holding SA ADR		952,287		$15,674,644
Total Preferred Stocks (Cost $15,590,773)				15,674,644
COMMON STOCKS - 99.3%
Australia - 1.5%
QBE Insurance Group Ltd		2,022,544		23,149,236
Westpac Banking Corp		263,565		7,205,448
				30,354,684
Bermuda - 1.6%
Li & Fung Ltd		18,040,400		32,504,386
Brazil - 0.8%
BM&FBOVESPA SA		1,611,500		11,248,810
Tim Participacoes SA ADR		235,186		4,661,386
				15,910,196
Canada - 2.7%
Canadian National Railway Co (NYSE)		514,855		46,856,954
Valeant Pharmaceuticals International Inc (NYSE) *		135,190		8,080,306
				54,937,260
Czech Republic - 0.7%
Komercni Banka AS		70,350		14,885,207
France - 12.1%
Air Liquide SA		328,161		41,124,001
Danone SA		610,804		40,355,594
Dassault Systemes SA		104,032		11,645,889
Legrand SA		561,207		23,686,754
LVMH Moet Hennessy Louis Vuitton SA		232,302		43,288,822
Pernod-Ricard SA		343,387		40,377,774
Schneider Electric SA		568,530		42,402,975
				242,881,809
Germany - 11.7%
Bayer AG		711,844		67,598,504
Beiersdorf AG		478,678		39,112,702
Deutsche Boerse AG		90,310		5,512,159
Linde AG		314,220		54,796,651
Merck KGaA		214,484		28,298,569
SAP AG		478,915		38,364,219
				233,682,804
Hong Kong - 2.4%
AIA Group Ltd		5,599,500		22,316,468
China Unicom Ltd		10,832,000		17,535,951
CNOOC Ltd		3,541,000		7,775,174
				47,627,593
India - 1.5%
ICICI Bank Ltd ADR		687,248		29,970,885
Israel - 0.8%
Check Point Software Technologies Ltd *		340,347		16,214,131

	Shares		Value
Japan - 14.0%
Canon Inc		760,600		$29,832,381
Denso Corp		1,178,500		41,005,821
FANUC Corp		160,400		29,828,598
Honda Motor Co Ltd		1,193,000		43,972,086
Hoya Corp		1,129,300		22,234,733
Inpex Corp		5,527		29,496,782
Lawson Inc		414,000		28,140,971
NTT DOCOMO Inc		8,092		11,621,314
Shin-Etsu Chemical Co Ltd		710,000		43,366,424
				279,499,110
Mexico - 0.4%
Grupo Financiero Santander Mexico SAB de CV ADR ‘B’ *		531,110		8,593,360
Netherlands - 8.1%
Akzo Nobel NV		542,856		35,821,452
Heineken NV		800,062		53,366,471
ING Groep NV CVA *		3,831,816		36,642,478
Randstad Holding NV		980,757		36,203,761
				162,034,162
Singapore - 1.7%
DBS Group Holdings Ltd		2,071,000		25,351,786
Singapore Telecommunications Ltd		3,067,680		8,342,726
Singapore Telecommunications Ltd Board Lot 10		29,000		78,639
				33,773,151
South Africa - 0.2%
MTN Group Ltd		217,229		4,565,832
South Korea - 1.0%
Samsung Electronics Co Ltd		13,841		19,809,588
Spain - 2.8%
Amadeus IT Holding SA ‘A’		1,135,803		28,502,147
Banco Santander SA		2,440,801		19,680,384
Red Electrica Corp SA		174,759		8,634,417
				56,816,948
Sweden - 1.0%
Hennes & Mauritz AB ‘B’		559,489		19,441,870
Switzerland - 10.2%
Givaudan SA		4,096		4,342,485
Julius Baer Group Ltd		849,567		30,566,268
Kuehne + Nagel International AG		83,585		10,172,360
Nestle SA		1,017,019		66,283,310
Roche Holding AG (XVTX)		162,810		33,168,452
Sonova Holding AG		108,553		12,026,276
Swiss Re AG		238,553		17,410,614
UBS AG (XVTX)		1,893,344		29,775,057
				203,744,822
Taiwan - 2.4%
Hon Hai Precision Industry Co Ltd		6,049,070		18,647,421
Taiwan Semiconductor Manufacturing Co Ltd ADR		1,709,094		29,328,053
				47,975,474

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-117

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INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
United Kingdom - 21.7%
Barclays PLC		3,628,024		$15,667,195
BG Group PLC		879,766		14,752,150
Compass Group PLC		3,668,581		43,387,429
Delphi Automotive PLC *		579,175		22,153,444
Diageo PLC		1,318,510		38,385,152
Hays PLC		6,244,012		8,387,276
HSBC Holdings PLC (LI)		6,765,053		71,552,810
Reckitt Benckiser Group PLC		552,870		34,633,837
Rio Tinto PLC		684,326		39,877,354
Royal Dutch Shell PLC ‘A’ (LI)		1,004,820		35,504,840
Smiths Group PLC		1,154,536		22,724,942
Standard Chartered PLC		1,977,083		50,116,419
WPP PLC		2,548,766		37,052,101
				434,194,949
Total Common Stocks (Cost $1,669,182,996)				1,989,418,221
TOTAL INVESTMENTS - 100.1% (Cost $1,684,773,769)				2,005,092,865
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(2,697,764	)
NET ASSETS - 100.0%				$2,002,395,101

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	21.7%
Consumer Staples	17.0%
Consumer Discretionary	14.1%
Industrials	11.0%
Materials	11.0%
Information Technology	10.7%
Health Care	7.5%
Energy	4.4%
Telecommunication Services	2.3%
Utilities	0.4%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

United Kingdom	21.7%
Japan	14.0%
France	12.1%
Germany	11.7%
Switzerland	10.2%
Netherlands	8.1%
Others (each less than 3.0%)	22.3%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)	$15,674,644		$15,674,644		$-		$-
	Common Stocks
	Australia	30,354,684		-		30,354,684		-
	Bermuda	32,504,386		-		32,504,386		-
	Brazil	15,910,196		4,661,386		11,248,810		-
	Canada	54,937,260		54,937,260		-		-
	Czech Republic	14,885,207		-		14,885,207		-
	France	242,881,809		-		242,881,809		-
	Germany	233,682,804		-		233,682,804		-
	Hong Kong	47,627,593		-		47,627,593		-
	India	29,970,885		29,970,885		-		-
	Israel	16,214,131		16,214,131		-		-
	Japan	279,499,110		-		279,499,110		-
	Mexico	8,593,360		8,593,360		-		-
	Netherlands	162,034,162		-		162,034,162		-
	Singapore	33,773,151		-		33,773,151		-
	South Africa	4,565,832		-		4,565,832		-
	South Korea	19,809,588		-		19,809,588		-
	Spain	56,816,948		-		56,816,948		-
	Sweden	19,441,870		-		19,441,870		-
	Switzerland	203,744,822		-		203,744,822		-
	Taiwan	47,975,474		29,328,053		18,647,421		-
	United Kingdom	434,194,949		22,153,444		412,041,505		-
			1,989,418,221		165,858,519		1,823,559,702		-
	Total	$2,005,092,865		$181,533,163		$1,823,559,702		$-

Certain of the portfolio’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of December 31, 2012, such liabilities are categorized within the three-tier hierarchy of inputs as follows:

		Total Value at December 31, 2012			Level 1		Level 2			Level 3
Liabilities	Line of Credit		($8,770,184	)		$-		($8,770,184	)		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-118

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 0.5%
Germany - 0.5%
ProSiebenSat.1 Media AG		206,156		$5,801,010
Total Preferred Stocks (Cost $4,573,901)				5,801,010
COMMON STOCKS - 98.3%
Australia - 6.6%
Arrium Ltd		3,109,700		3,013,077
Ausdrill Ltd		1,221,800		3,660,747
Australand Property Group REIT		587,737		2,087,234
Beach Energy Ltd		2,020,690		3,160,936
Bradken Ltd		202,009		1,168,793
Breville Group Ltd		428,534		2,982,835
Caltex Australia Ltd		267,876		5,398,759
Charter Hall Retail REIT		1,044,167		4,094,583
Commonwealth Property Office Fund REIT		4,181,538		4,470,593
Evolution Mining Ltd *		1,421,521		2,575,052
Flight Centre Ltd		144,857		4,107,993
GrainCorp Ltd ‘A’		612,581		7,895,086
Grange Resources Ltd		4,091,556		1,538,305
iiNET Ltd		458,524		2,185,742
Imdex Ltd		593,817		1,061,311
Investa Office Fund REIT		1,728,994		5,389,784
Mount Gibson Iron Ltd		2,685,729		2,391,616
NRW Holdings Ltd		867,885		1,741,869
Nufarm Ltd		403,181		2,447,657
OrotonGroup Ltd		94,014		674,198
Perseus Mining Ltd *		1,549,464		3,414,892
Resolute Mining Ltd		1,740,405		3,006,540
Skilled Group Ltd		925,800		2,524,406
Spark Infrastructure Group		4,059,754		7,105,773
TPG Telecom Ltd		621,714		1,678,874
				79,776,655
Austria - 1.0%
AMS AG		20,830		2,233,822
Oesterreichische Post AG		133,194		5,509,897
Vienna Insurance Group AG		74,236		3,982,324
				11,726,043
Belgium - 0.2%
Barco NV		35,700		2,570,602
Bermuda - 1.2%
Catlin Group Ltd		410,528		3,317,751
First Pacific Co Ltd		2,959,200		3,278,667
Giordano International Ltd		3,094,000		2,994,360
NWS Holdings Ltd		1,705,000		2,910,138
Oriental Watch Holdings		5,210,000		1,834,398
				14,335,314
Canada - 9.2%
Aecon Group Inc		284,200		3,042,857
Alamos Gold Inc		152,100		2,668,287
Argonaut Gold Inc *		289,800		2,759,029
B2Gold Corp *		834,700		2,987,365
Calfrac Well Services Ltd		108,125		2,722,963
Canadian Apartment Properties REIT		106,200		2,658,470
Canyon Services Group Inc		269,900		3,079,687
Celestica Inc *		500,000		4,056,499
Cineplex Inc		112,000		3,583,955
Cogeco Cable Inc		103,600		3,962,984
Dundee Precious Metals Inc *		379,500		3,231,492

	Shares		Value
Empire Co Ltd ‘A’		51,000		$3,022,469
Ensign Energy Services Inc		192,400		2,972,945
Martinrea International Inc *		422,500		3,291,822
Methanex Corp (TSE)		102,600		3,267,687
Nevsun Resources Ltd		696,300		2,975,043
Norbord Inc *		12,800		388,491
Pacific Rubiales Energy Corp		114,300		2,655,547
Pan American Silver Corp		241,019		4,516,532
Parkland Fuel Corp		328,400		6,249,736
Poseidon Concepts Corp		423,918		596,647
Primero Mining Corp *		409,200		2,632,834
Quebecor Inc ‘B’		106,000		4,120,861
Russel Metals Inc		230,800		6,406,342
Sandvine Corp *		1,268,100		1,682,811
SEMAFO Inc		369,460		1,270,286
ShawCor Ltd ‘A’		103,000		4,037,368
TELUS Corp		58,400		3,822,097
The Jean Coutu Group PJC Inc ‘A’		234,000		3,418,136
TransForce Inc		209,900		4,190,825
TransGlobe Energy Corp *		269,800		2,530,646
Trinidad Drilling Ltd		379,900		2,627,638
Twin Butte Energy Ltd		1,188,900		3,083,706
Westjet Airlines Ltd		224,000		4,445,320
Whitecap Resources Inc *		328,700		2,858,404
				111,817,781
Cayman - 0.7%
AMVIG Holdings Ltd		2,232,000		817,094
Hutchison Telecommunications Hong Kong Holdings Ltd		7,624,000		3,530,928
Polarcus Ltd *		3,842,293		4,647,982
				8,996,004
Denmark - 1.5%
Pandora AS		264,814		5,835,130
Royal UNIBREW AS		41,465		3,612,724
TDC AS		279,500		1,980,736
Topdanmark AS *		19,576		4,199,903
Tryg AS		40,602		3,069,789
				18,698,282
Finland - 2.2%
Huhtamaki OYJ		226,304		3,671,954
Kemira OYJ		286,133		4,498,011
Orion OYJ ‘B’		286,806		8,429,702
Pohjola Bank PLC ‘A’		221,665		3,310,133
Sponda OYJ		698,282		3,331,368
Tieto OYJ		179,523		3,555,832
				26,797,000
France - 7.7%
Alten Ltd		83,559		2,882,734
Altran Technologies SA *		357,134		2,721,830
Arkema SA		33,000		3,469,763
AtoS		42,767		3,047,383
Cap Gemini SA		199,907		8,711,921
CNP Assurances		338,418		5,154,898
Eiffage SA		102,595		4,657,994
Eramet		23,528		3,452,722
Faurecia		174,980		2,776,613
Imerys SA		41,979		2,723,852
Klepierre REIT		182,022		7,336,563
Legrand SA		473		19,964
Mercialys SA REIT		205,048		4,660,855
Neopost SA		72,429		3,829,826
Plastic Omnium SA		98,289		2,965,160
Publicis Groupe SA		53,025		3,177,032
Remy Cointreau SA		29,945		3,273,626
SCOR SE		200,855		5,415,932
Societe BIC SA		34,655		4,136,956

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-119

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
UBISOFT Entertainment *		500,605		$5,354,594
Valeo SA		117,457		5,955,820
Zodiac Aerospace		72,931		8,145,165
				93,871,203
Germany - 5.8%
Axel Springer AG		109,314		4,665,310
Bertrandt AG		30,824		3,085,706
Brenntag AG		37,569		4,935,731
Drillisch AG		185,410		2,738,814
Duerr AG		90,365		8,068,177
Freenet AG		284,543		5,256,155
Gerresheimer AG *		88,632		4,692,351
Gildemeister AG		166,046		3,351,937
Hannover Rueckversicherung AG		113,372		8,824,270
Infineon Technologies AG		301,748		2,448,617
Jenoptik AG		188,176		1,834,077
Kloeckner & Co SE *		179,800		2,128,684
MTU Aero Engines Holding AG		61,650		5,603,743
NORMA Group AG		85,500		2,402,419
Stada Arzneimittel AG		122,400		3,946,307
Suedzucker AG		165,951		6,790,484
				70,772,782
Greece - 0.2%
OPAP SA		307,163		2,200,262
Hong Kong - 1.3%
China Overseas Grand Oceans Group Ltd		2,329,000		2,834,635
Melco International Development Ltd		2,640,000		3,140,820
PCCW Ltd		5,796,000		2,560,428
Techtronic Industries Co		1,586,500		3,045,056
Television Broadcasts Ltd		562,000		4,218,496
				15,799,435
Ireland - 1.3%
DCC PLC		135,836		4,334,837
Paddy Power PLC		47,383		3,905,539
Smurfit Kappa Group PLC		430,251		5,217,489
United Drug PLC		419,051		1,897,829
				15,355,694
Italy - 3.5%
Ansaldo STS SPA		308,577		2,888,820
Banca Generali SPA		190,617		3,254,195
Banca Popolare di Milano Scarl *		4,635,100		2,788,803
Brembo SPA		418,737		5,405,958
Credito Emiliano SPA		58,925		323,386
Danieli & Co Officine Meccaniche SPA		91,246		2,625,291
De’Longhi SPA		259,182		3,726,896
Delclima *		259,182		232,348
Finmeccanica SPA *		760,834		4,409,390
Lottomatica Group SPA		261,706		5,955,573
MARR SPA		119,128		1,243,547
Mediolanum SPA		1,056,219		5,377,157
Societa Iniziative Autostradali e Servizi SPA		438,844		4,102,637
				42,334,001
Japan - 21.0%
Aeon Credit Service Co Ltd		114,200		2,305,717
Ain Pharmaciez Inc		46,500		2,530,714
Asahi Holdings Inc		144,800		2,449,752
Avex Group Holdings Inc		145,700		2,926,876
Bando Chemical Industries Ltd		429,000		1,441,878
Cawachi Ltd		12,200		240,877
Century Tokyo Leasing Corp		122,200		2,522,172
Clarion Co Ltd *		1,526,000		2,655,487
Cosmos Initia Co Ltd *		365,200		1,903,964
Daicel Corp		823,000		5,445,537

	Shares		Value
Daikyo Inc		1,324,000		$3,611,503
Daiwabo Holdings Co Ltd		1,398,000		2,864,745
DCM Holdings Co Ltd		358,800		2,354,720
Fuji Oil Co Ltd		247,900		3,584,344
Futaba Industrial Co Ltd *		402,300		1,741,063
Geo Holdings Corp		1,817		1,896,369
Haseko Corp *		8,612,500		6,786,645
Higashi Nihon House Co Ltd		847,000		3,567,060
Hino Motors Ltd		421,000		3,775,229
HIS Co Ltd		60,600		2,054,676
Hitachi Capital Corp		265,800		5,473,323
Honeys Co Ltd		262,730		3,463,209
Howa Machinery Ltd		2,315,000		2,425,547
Idemitsu Kosan Co Ltd		44,700		3,893,176
IT Holdings Corp		283,400		3,423,223
Japan Airlines Co Ltd *		90,300		3,865,024
Japan Aviation Electronics Industry Ltd		316,000		2,341,511
JFE Holdings Inc		121,136		2,283,751
JVC Kenwood Corp		1,149,500		4,265,961
Kanamoto Co Ltd		277,000		4,250,318
Kanematsu Corp *		4,134,000		5,672,504
Koito Manufacturing Co Ltd		180,000		2,624,874
Kyoei Steel Ltd		170,700		3,244,256
KYORIN Holdings Inc		186,000		3,606,825
Kyowa Exeo Corp		322,400		3,228,790
Maruha Nichiro Holdings Inc		2,032,000		3,545,194
Meitec Corp		129,900		2,857,415
Ministop Co Ltd		106,300		1,783,061
Misawa Homes Co Ltd		154,900		2,276,863
Mitsubishi Gas Chemical Co Inc		472,000		2,892,008
Mitsubishi Steel Manufacturing Co Ltd		981,000		1,971,828
MTI Ltd		2,428		2,265,114
NET One Systems Co Ltd		217,600		2,136,016
Nichiha Corp		379,100		4,399,124
Nihon Kohden Corp		82,000		2,486,297
Nihon Unisys Ltd		640,400		4,244,517
Nippon Carbon Co Ltd		1,291,000		2,661,710
Nippon Paint Co Ltd		295,000		2,535,674
Nippon Piston Ring Co Ltd		603,000		1,174,340
Nissei Build Kogyo Co Ltd		1,201,000		2,604,001
Nisshin Steel Holdings Co Ltd *		232,300		2,136,823
North Pacific Bank Ltd *		930,900		2,610,232
Oenon Holdings Inc		123,000		280,882
Oki Electric Industry Co Ltd *		2,039,000		2,480,238
Otsuka Corp		32,300		2,443,828
PanaHome Corp		364,000		2,442,655
Sankyu Inc		777,400		2,939,719
Sasebo Heavy Industries Co Ltd		1,074,000		1,268,023
SCSK Corp		242,200		3,795,203
Seino Holdings Corp		226,000		1,432,656
Shinko Electric Industries Co Ltd		563,000		4,447,078
Shinko Plantech Co Ltd		277,600		2,191,355
Ship Healthcare Holdings Inc		123,300		3,269,973
Showa Corp		549,000		5,414,072
Skymark Airlines Inc *		213,200		1,211,454
Sohgo Security Services Co Ltd		154,900		1,927,803
Star Micronics Co Ltd		271,800		2,730,477
Suruga Bank Ltd		221,000		2,714,671
Taihei Kogyo Co Ltd		329,000		1,355,220
Takara Leben Co Ltd		310,400		3,372,685
Takashima & Co Ltd		776,000		2,417,251
TBK Co Ltd		109,000		582,751
The 77 Bank Ltd		976,000		3,910,262
The Higo Bank Ltd		242,000		1,343,817
The Keiyo Bank Ltd		739,000		3,244,488
The Musashino Bank Ltd		114,500		3,717,071
The Okinawa Electric Power Co Inc		72,300		2,254,781
Toho Holdings Co Ltd		152,700		2,671,772
Tokai Carbon Co Ltd		752,000		3,156,804
Tokyu REIT Inc		809		4,394,223

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-120

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Tosoh Corp		1,465,000		$3,521,874
Touei Housing Corp		213,900		2,957,377
Toyo Engineering Corp		577,000		2,724,770
Toyo Tire & Rubber Co Ltd		1,157,000		3,450,545
Tsuruha Holdings Inc		57,400		4,502,484
United Arrows Ltd		286,700		6,587,753
Universal Entertainment Corp		87,300		1,497,466
UNY Co Ltd		248,800		1,847,807
				255,803,125
Luxembourg - 0.6%
AZ Electronic Materials SA		369,900		2,121,348
Eurofins Scientific		20,133		3,258,764
Oriflame Cosmetics SA SDR		63,284		2,020,777
				7,400,889
Malaysia - 0.1%
RHB Capital Bhd		599,200		1,508,425
Multi-National - 0.3%
HKT Trust & HKT Ltd		3,081,000		3,023,302
Netherlands - 0.9%
Aalberts Industries NV		167,060		3,531,668
Arcadis NV		105,145		2,463,755
Brunel International NV		67,900		3,286,118
Koninklijke Ten Cate NV		85,782		2,253,078
				11,534,619
Norway - 1.7%
Atea ASA		252,100		2,730,946
DNO International ASA *		2,642,500		4,459,551
Electromagnetic GeoServices ASA *		891,370		2,108,442
Fred Olsen Energy ASA		114,849		5,022,537
Kongsberg Gruppen ASA		92,669		2,081,072
Norwegian Air Shuttle ASA *		178,196		4,624,025
				21,026,573
Singapore - 0.2%
STX OSV Holdings Ltd		2,710,000		2,920,326
South Korea - 6.0%
Capro Corp		80,320		947,714
Chong Kun Dang Pharm Corp		147,810		5,110,179
Daeduck GDS Co Ltd		208,570		3,462,924
Daesang Corp		293,540		7,217,475
Dongbu Insurance Co Ltd		72,800		3,133,950
Eugene Technology Co Ltd		167,709		2,208,032
GS Home Shopping Inc		15,289		2,177,654
Humax Co Ltd		264,489		2,770,956
Huvitz Co Ltd		26,956		371,335
Hyundai Corp		35,460		690,051
IsuPetasys Co Ltd		767,750		3,334,418
Kolon Life Science Inc		43,976		3,406,928
LG International Corp		70,560		3,214,709
LIG Insurance Co Ltd		150,310		3,640,212
LOTTE Himart Co Ltd *		75,644		4,878,829
Mando Corp		20,055		2,421,282
Meritz Fire & Marine Insurance Co Ltd		266,300		3,531,531
Paradise Co Ltd		396,776		6,397,745
Seah Besteel Corp		77,565		2,091,605
Sejong Industrial Co Ltd		180,830		2,024,412
Simm Tech Co Ltd		555,661		5,385,221
Youngone Corp		135,580		4,188,576
				72,605,738

	Shares		Value
Spain - 2.7%
Bolsas y Mercados Espanoles SA		177,378		$4,287,426
Distribuidora Internacional de Alimentacion SA		1,361,490		8,748,435
Ence Energia y Celulosa SA		945,429		2,711,144
Obrascon Huarte Lain SA		130,592		3,793,314
Prosegur Cia de Seguridad SA		797,780		4,684,628
Red Electrica Corp SA		46,982		2,321,266
Viscofan SA		117,009		6,528,628
				33,074,841
Sweden - 2.2%
AarhusKarlshamn AB		110,745		4,711,627
BillerudKorsnas AB		466,500		4,438,851
Fabege AB		446,885		4,523,334
Holmen AB ‘B’		110,153		3,276,906
Intrum Justitia AB		175,384		2,623,499
Modern Times Group AB ‘B’		74,086		2,595,619
Saab AB ‘B’		210,200		4,384,766
				26,554,602
Switzerland - 2.6%
Actelion Ltd		95,426		4,583,684
Baloise Holding AG		42,653		3,722,282
Banque Cantonale Vaudoise		6,439		3,418,219
Flughafen Zuerich AG		7,235		3,351,528
Galenica AG		6,112		3,547,096
Helvetia Holding AG		12,428		4,721,023
OC Oerlikon Corp AG		455,862		5,223,132
Temenos Group AG *		171,577		3,024,474
				31,591,438
United Kingdom - 17.6%
Aberdeen Asset Management PLC		540,390		3,204,443
Afren PLC *		1,662,819		3,645,821
Ashmore Group PLC		642,449		3,714,845
Ashtead Group PLC		514,548		3,651,240
Aveva Group PLC		133,652		4,752,691
Barratt Developments PLC *		422,046		1,427,507
Beazley PLC		2,962,101		8,539,869
Bellway PLC		560,356		9,525,055
Berkeley Group Holdings PLC *		242,129		7,075,110
Bodycote PLC		716,308		5,312,576
Close Brothers Group PLC		390,964		5,489,925
Cobham PLC		834,422		3,034,598
De La Rue PLC		267,843		3,953,217
Debenhams PLC		1,854,876		3,443,428
Dixons Retail PLC *		9,615,074		4,459,221
DS Smith PLC		1,426,676		4,766,487
easyJet PLC		526,081		6,613,792
Elementis PLC		712,245		2,701,340
Ferrexpo PLC		850,392		3,545,211
Firstgroup PLC		1,220,613		4,180,090
Go-Ahead Group PLC		186,593		3,869,264
Henderson Group PLC		2,407,961		5,342,718
Home Retail Group PLC		1,305,348		2,694,120
IG Group Holdings PLC		908,867		6,654,410
Intermediate Capital Group PLC		1,223,294		6,426,345
International Personal Finance PLC		429,206		2,577,685
Jazztel PLC *		360,461		2,499,993
Laird PLC		735,110		2,438,894
London Stock Exchange Group PLC		340,633		5,949,951
Micro Focus International PLC		537,786		5,179,625
Mondi PLC		570,699		6,155,528
Next PLC		129,133		7,970,182
Northgate PLC		690,681		3,491,257
Petropavlovsk PLC		274,988		1,654,565
QinetiQ Group PLC		1,538,861		4,519,471
Rightmove PLC		207,228		4,773,448

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-121

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Rockhopper Exploration PLC *		480,700		$1,218,359
RPC Group PLC		339,408		2,226,846
Senior PLC		484,788		1,590,737
SIG PLC		1,856,403		3,662,176
Spectris PLC		282,367		9,458,251
Spirent Communications PLC		853,144		2,096,841
Stagecoach Group PLC		616,971		3,048,894
Synthomer PLC		730,400		2,275,793
Tate & Lyle PLC		232,338		2,881,065
Taylor Wimpey PLC		6,714,749		7,317,491
Tullett Prebon PLC		949,435		3,939,325
Victrex PLC		125,300		3,381,600
WH Smith PLC		512,614		5,724,511
				214,055,811
Total Common Stocks (Cost $1,059,740,187)				1,196,150,747

	Principal Amount
SHORT-TERM INVESTMENT - 1.0%
Repurchase Agreement - 1.0%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $12,280,310; collateralized by U.S. Treasury Notes: 2.750% due 11/30/16 and value $12,526,069)		$12,280,303	12,280,303
Total Short-Term Investment (Cost $12,280,303)			12,280,303
TOTAL INVESTMENTS - 99.8% (Cost $1,076,594,391)			1,214,232,060
OTHER ASSETS & LIABILITIES, NET - 0.2%			2,275,268
NET ASSETS - 100.0%			$1,216,507,328

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Industrials	20.1%
Consumer Discretionary	19.1%
Financials	17.6%
Materials	11.9%
Information Technology	10.3%
Consumer Staples	6.5%
Energy	5.7%
Health Care	4.2%
Telecommunication Services	2.4%
Short-Term Investment	1.0%
Utilities	1.0%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

Japan	21.0%
United Kingdom	17.6%
Canada	9.2%
France	7.7%
Australia	6.6%
Germany	6.3%
South Korea	6.0%
Italy	3.5%
Others (each less than 3.0%)	21.9%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration	Counterparty	Unrealized Appreciation
USD	25,426,614	JPY	2,094,975,000	01/13	SSB		$1,244,392

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-122

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks (1)		$5,801,010		$-		$5,801,010		$-
	Common Stocks
	Australia		79,776,655		-		79,776,655		-
	Austria		11,726,043		-		11,726,043		-
	Belgium		2,570,602		-		2,570,602		-
	Bermuda		14,335,314		-		14,335,314		-
	Canada		111,817,781		111,817,781		-		-
	Cayman		8,996,004		-		8,996,004		-
	Denmark		18,698,282		-		18,698,282		-
	Finland		26,797,000		-		26,797,000		-
	France		93,871,203		-		93,871,203		-
	Germany		70,772,782		-		70,772,782		-
	Greece		2,200,262		-		2,200,262		-
	Hong Kong		15,799,435		-		15,799,435		-
	Ireland		15,355,694		-		15,355,694		-
	Italy		42,334,001		-		42,334,001		-
	Japan		255,803,125		-		255,803,125		-
	Luxembourg		7,400,889		-		7,400,889		-
	Malaysia		1,508,425		-		1,508,425		-
	Multi-National		3,023,302		-		3,023,302		-
	Netherlands		11,534,619		-		11,534,619		-
	Norway		21,026,573		-		21,026,573		-
	Singapore		2,920,326		-		2,920,326		-
	South Korea		72,605,738		-		72,605,738		-
	Spain		33,074,841		-		33,074,841		-
	Sweden		26,554,602		-		26,554,602		-
	Switzerland		31,591,438		-		31,591,438		-
	United Kingdom		214,055,811		-		214,055,811		-
			1,196,150,747		111,817,781		1,084,332,966		-
	Short-Term Investment		12,280,303		-		12,280,303		-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		1,244,392		-		1,244,392		-
	Total		$1,215,476,452		$111,817,781		$1,103,658,671		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-123

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Spain - 0.0%
Repsol SA Exp. 02/21/13 *		537,042		$327,498
Total Rights (Cost $335,866)				327,498
PREFERRED STOCKS - 1.7%
Germany - 1.7%
Volkswagen AG		116,312		26,461,659
Total Preferred Stocks (Cost $20,762,717)				26,461,659
COMMON STOCKS - 97.6%
Australia - 2.3%
Australia & New Zealand Banking Group Ltd		986,300		25,822,218
Goodman Group REIT		2,177,780		9,907,556
				35,729,774
Belgium - 1.7%
Solvay SA		180,231		25,944,450
Canada - 0.7%
First Quantum Minerals Ltd		483,970		10,660,282
China - 2.2%
China Construction Bank Corp ‘H’		21,786,000		17,755,683
China Shenhua Energy Co Ltd ‘H’		3,485,000		15,570,600
				33,326,283
Denmark - 0.5%
Danske Bank AS *		465,526		7,914,173
Finland - 0.9%
UPM-Kymmene OYJ		1,148,290		13,645,788
France - 13.7%
AXA SA		729,418		13,193,681
BNP Paribas SA		564,581		31,823,825
Cie de Saint-Gobain		440,859		18,863,730
GDF Suez		446,083		9,191,055
Lafarge SA		192,183		12,314,730
Renault SA		271,460		14,976,969
Sanofi		565,474		53,626,848
Schneider Electric SA		301,769		22,506,998
Societe Generale SA *		243,055		9,142,327
Sodexo		224,388		18,802,719
Suez Environnement Co		554,815		6,689,819
				211,132,701
Germany - 6.4%
Allianz SE		270,536		37,479,159
BASF SE		256,091		24,070,331
Bayer AG		248,033		23,553,840
Deutsche Boerse AG		218,932		13,362,728
				98,466,058

	Shares		Value
Hong Kong - 4.3%
China Overseas Land & Investment Ltd		4,066,000		$12,316,588
CNOOC Ltd		7,568,000		16,617,486
Hutchison Whampoa Ltd		2,453,000		26,022,166
Sino Land Co Ltd		6,428,000		11,574,722
				66,530,962
Israel - 0.4%
Teva Pharmaceutical Industries Ltd ADR		160,109		5,978,470
Italy - 4.0%
Eni SPA		1,874,619		46,245,990
Intesa Sanpaolo SPA		8,473,829		14,659,748
				60,905,738
Japan - 20.9%
Asahi Group Holdings Ltd		374,100		7,929,857
Bridgestone Corp		412,800		10,700,233
Canon Inc		606,100		23,772,556
Fujitsu Ltd		2,324,000		9,757,713
Hitachi Ltd		4,603,000		27,089,240
Honda Motor Co Ltd		920,700		33,935,540
Japan Airlines Co Ltd *		193,400		8,277,915
Japan Tobacco Inc		512,200		14,439,779
Kirin Holdings Co Ltd		582,000		6,838,741
Marubeni Corp		1,350,000		9,674,225
Mitsubishi Heavy Industries Ltd		2,005,000		9,695,789
Mitsubishi UFJ Financial Group Inc		1,940,100		10,439,948
Mitsui & Co Ltd		761,300		11,389,263
Mitsui Fudosan Co Ltd		767,000		18,738,641
Nippon Telegraph & Telephone Corp		371,900		15,622,115
Nissan Motor Co Ltd		1,722,700		16,350,917
ORIX Corp		150,520		16,984,506
Sumitomo Corp		1,200,300		15,385,186
Sumitomo Mitsui Financial Group Inc		1,217,600		44,234,218
Yamato Holdings Co Ltd		678,000		10,309,340
				321,565,722
Luxembourg - 0.5%
ArcelorMittal		476,774		8,253,461
Netherlands - 3.7%
ASML Holding NV		166,359		10,770,025
European Aeronautic Defence & Space Co NV		425,854		16,690,633
ING Groep NV CVA *		1,678,597		16,051,907
Unilever NV CVA		372,376		14,051,147
				57,563,712
Norway - 1.2%
Telenor ASA		922,284		18,737,771
Russia - 0.8%
Sberbank of Russia ADR		916,302		11,508,753
South Africa - 0.4%
African Bank Investments Ltd		1,565,811		6,020,765
South Korea - 1.3%
Samsung Electronics Co Ltd		14,024		20,071,502

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-124

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Spain - 1.7%
Iberdrola SA		2,694,329		$15,024,617
Repsol SA		537,042		11,029,052
				26,053,669
Sweden - 2.5%
Nordea Bank AB		927,666		8,884,441
Swedbank AB ‘A’		471,498		9,278,323
Telefonaktiebolaget LM Ericsson ‘B’		2,048,147		20,600,802
				38,763,566
Switzerland - 4.7%
Credit Suisse Group AG		973,289		24,421,123
Roche Holding AG (XVTX)		93,421		19,032,184
Swiss Re AG		268,498		19,596,128
Zurich Insurance Group AG		34,977		9,352,558
				72,401,993
United Kingdom - 22.8%
Barclays PLC		7,361,166		31,788,330
British American Tobacco PLC		143,728		7,282,702
Centrica PLC		2,820,899		15,324,232
Experian PLC		672,306		10,862,621
GlaxoSmithKline PLC		402,199		8,732,377
HSBC Holdings PLC (LI)		5,770,406		61,032,599
InterContinental Hotels Group PLC		707,316		19,890,910
Kingfisher PLC		4,262,338		19,687,261
Pearson PLC		774,417		15,139,345
Prudential PLC		1,545,779		21,568,688
Rio Tinto PLC		451,442		26,306,633
Royal Dutch Shell PLC ‘A’ (LI)		1,520,773		53,735,796
SABMiller PLC		313,943		14,776,695
Vodafone Group PLC		17,477,613		43,953,857
				350,082,046
Total Common Stocks (Cost $1,354,011,245)				1,501,257,639
	Principal Amount
SHORT-TERM INVESTMENT - 0.7%
Repurchase Agreement - 0.7%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $10,176,948; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $10,385,000)		$10,176,943		10,176,943
Total Short-Term Investment (Cost $10,176,943)				10,176,943
TOTAL INVESTMENTS - 100.0% (Cost $1,385,286,771)				1,538,223,739
OTHER ASSETS & LIABILITIES, NET - 0.0%				686,600
NET ASSETS - 100.0%				$1,538,910,339

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	33.5%
Consumer Discretionary	11.4%
Industrials	10.4%
Energy	9.3%
Materials	7.9%
Information Technology	7.3%
Health Care	7.2%
Telecommunication Services	5.1%
Consumer Staples	4.2%
Utilities	3.0%
Short-Term Investment	0.7%
	100.0%
Other Assets & Liabilities, Net	0.0%
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

United Kingdom	22.8%
Japan	20.9%
France	13.7%
Germany	8.1%
Switzerland	4.7%
Hong Kong	4.3%
Italy	4.0%
Netherlands	3.7%
Others (each less than 3.0%)	17.8%
	100.0%
Other Assets & Liabilities, Net	0.0%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-125

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(d) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	2,915,560	EUR	2,346,905		02/13	WBC		($78,405	)
AUD	2,889,840	JPY	248,831,985		02/13	WBC		120,748
AUD	98,468,943	USD	101,492,333		02/13	SCB		512,930
AUD	3,257,677	USD	3,406,781		02/13	SSB		(32,111	)
CHF	2,834,394	USD	3,111,836		02/13	RBS		(10,931	)
CHF	62,536,132	USD	67,475,326		02/13	WBC		940,913
EUR	6,016,474	AUD	7,475,469		02/13	UBS		199,751
EUR	8,422,687	USD	11,190,467		02/13	BRC		(69,802	)
EUR	2,261,668	USD	2,931,723		02/13	CSF		54,408
EUR	4,129,087	USD	5,403,083		02/13	HSB		48,643
EUR	11,172,278	USD	14,368,734		02/13	SSB		382,277
GBP	3,696,220	EUR	4,614,709		02/13	HSB		(89,117	)
GBP	2,370,429	EUR	2,917,149		02/13	UBS		(1,280	)
GBP	6,983,745	USD	11,387,555		02/13	BRC		(43,826	)
GBP	2,756,128	USD	4,396,345		02/13	CSF		80,447
GBP	1,671,505	USD	2,695,087		02/13	HSB		19,945
GBP	1,128,715	USD	1,810,981		02/13	RBS		22,395
GBP	2,742,750	USD	4,405,652		02/13	SSB		49,409
JPY	228,470,476	GBP	1,814,185		02/13	RBC		(308,997	)
JPY	429,676,977	HKD	41,403,267		02/13	SGN		(381,718	)
JPY	250,113,684	USD	3,034,208		02/13	CSF		(146,535	)
JPY	242,884,720	USD	2,957,929		02/13	RBC		(153,718	)
JPY	456,341,747	USD	5,689,011		02/13	SGN		(420,345	)
SEK	48,304,330	EUR	5,567,797		02/13	CSF		70,809
SEK	17,383,222	USD	2,587,294		02/13	RBC		83,687
SEK	39,337,370	USD	5,857,026		02/13	WBC		187,272
SGD	37,337,107	USD	30,599,446		02/13	SGN		(36,344	)
USD	4,813,313	AUD	4,687,500		02/13	SSB		(42,530	)
USD	9,265,207	CAD	9,271,090		02/13	SCB		(48,995	)
USD	6,351,107	CHF	5,826,315		02/13	BRC		(23,041	)
USD	3,054,671	CHF	2,793,591		02/13	CIT		(1,594	)
USD	14,071,807	EUR	10,899,070		02/13	CSF		(318,481	)
USD	8,098,529	EUR	6,230,257		02/13	HSB		(127,421	)
USD	3,420,592	EUR	2,623,266		02/13	RBS		(42,965	)
USD	79,034,076	EUR	60,704,387		02/13	WBC		(1,115,296	)
USD	44,694,335	GBP	27,743,569		02/13	CSF		(369,671	)
USD	2,993,391	HKD	23,200,000		02/13	CSF		(253	)
USD	38,635,170	HKD	299,368,480		02/13	CSF		5,740
USD	2,930,640	HKD	22,710,000		02/13	SSB		224
USD	16,351,738	JPY	1,313,591,229		02/13	HSB		1,185,749
USD	13,201,816	JPY	1,095,442,897		02/13	RBC		554,446
USD	9,017,296	JPY	753,559,812		02/13	RBS		317,116
USD	9,940,548	JPY	798,229,967		02/13	WBC		724,631
USD	3,178,134	NOK	18,154,466		02/13	HSB		(84,470	)
USD	3,442,028	SEK	22,817,549		02/13	BRC		(63,953	)
USD	912,976	SEK	6,096,750		02/13	CSF		(23,807	)
USD	443,664	SEK	2,945,390		02/13	SGN		(8,903	)
Total Forward Foreign Currency Contracts								$1,517,031

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-126

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Rights (1)		$327,498			$327,498		$-			$-
	Preferred Stocks (1)		26,461,659			-		26,461,659			-
	Common Stocks
	Australia		35,729,774			-		35,729,774			-
	Belgium		25,944,450			-		25,944,450			-
	Canada		10,660,282			10,660,282		-			-
	China		33,326,283			-		33,326,283			-
	Denmark		7,914,173			-		7,914,173			-
	Finland		13,645,788			-		13,645,788			-
	France		211,132,701			-		211,132,701			-
	Germany		98,466,058			-		98,466,058			-
	Hong Kong		66,530,962			-		66,530,962			-
	Israel		5,978,470			5,978,470		-			-
	Italy		60,905,738			-		60,905,738			-
	Japan		321,565,722			-		321,565,722			-
	Luxembourg		8,253,461			-		8,253,461			-
	Netherlands		57,563,712			-		57,563,712			-
	Norway		18,737,771			-		18,737,771			-
	Russia		11,508,753			11,508,753		-			-
	South Africa		6,020,765			-		6,020,765			-
	South Korea		20,071,502			-		20,071,502			-
	Spain		26,053,669			-		26,053,669			-
	Sweden		38,763,566			-		38,763,566			-
	Switzerland		72,401,993			-		72,401,993			-
	United Kingdom		350,082,046			-		350,082,046			-
			1,501,257,639			28,147,505		1,473,110,134			-
	Short-Term Investment		10,176,943			-		10,176,943			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		5,561,540			-		5,561,540			-
	Total Assets		1,543,785,279			28,475,003		1,515,310,276			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(4,044,509	)		-		(4,044,509	)		-
	Total Liabilities		(4,044,509	)		-		(4,044,509	)		-
	Total		$1,539,740,770			$28,475,003		$1,511,265,767			$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-127

PACIFIC SELECT FUND

CURRENCY STRATEGIES PORTFOLIO

Schedule of Investments

December 31, 2012

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 48.4%
Canada - 12.7%
Canadian Government 1.750% due 03/01/13		CAD 183,700,000		$184,917,033
France - 9.8%
French Treasury 4.500% due 07/12/13		EUR 106,300,000		143,567,102
Germany - 13.1%
Bundesobligation 3.500% due 04/12/13		143,000,000		190,525,165
United Kingdom - 12.8%
United Kingdom Gilt 4.500% due 03/07/13		GBP 114,000,000		186,562,121
Total Foreign Government Bonds & Notes (Cost $702,945,654)				705,571,421
SHORT-TERM INVESTMENTS - 52.2%
U.S. Treasury Bills - 12.8%
0.157% due 09/19/13		$187,700,000		187,527,316
Repurchase Agreement - 39.4%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $574,053,114; collateralized by Freddie Mac: 2.875% due 02/09/15 and value $42,353,206; and U.S. Treasury Notes: 4.000% due 02/15/15 and value $543,181,728)		574,052,795		574,052,795
Total Short-Term Investments (Cost $761,541,867)				761,580,111
TOTAL INVESTMENTS - 100.6% (Cost $1,464,487,521)				1,467,151,532
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(8,790,743	)
NET ASSETS - 100.0%				$1,458,360,789

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Short-Term Investments	52.2%
Foreign Government Bonds & Notes	48.4%
	100.6%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	38.3%
A-1 (Short-Term Debt only)	51.9%
AA	9.8%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-128

PACIFIC SELECT FUND

CURRENCY STRATEGIES PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(d) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	13,925,000	USD	14,665,392		01/13	CSF		($216,775	)
AUD	13,805,000	USD	14,520,789		01/13	GSC		(196,684	)
EUR	362,715,000	USD	474,023,166		01/13	GSC		4,787,664
INR	23,986,480,000	USD	438,589,870		01/13	GSC		(1,769,976	)
JPY	18,382,161,876	USD	220,210,000		01/13	BRC		(8,016,605	)
KRW	250,860,000,000	USD	231,175,414		01/13	BRC		2,981,856
MXN	8,666,470,000	USD	668,683,307		01/13	BRC		1,121,466
MYR	688,598,000	USD	225,503,668		01/13	BRC		(496,459	)
NZD	51,110,000	USD	42,692,454		01/13	BRC		(482,564	)
PHP	9,357,850,000	USD	228,798,289		01/13	GSC		(814,589	)
PLN	716,090,000	USD	226,281,363		01/13	MSC		4,810,970
USD	22,160,147	AUD	21,405,000		01/13	GSC		(49,739	)
USD	1,010,172,822	AUD	965,370,000		01/13	GSC		8,502,308
USD	407,335,498	CAD	403,865,000		01/13	BRC		1,415,065
USD	227,689,331	CHF	210,665,000		01/13	BRC		(2,680,867	)
USD	226,636,621	CZK	4,364,760,000		01/13	MSC		(3,006,509	)
USD	142,813,996	EUR	108,370,000		01/13	GSC		(242,480	)
USD	14,605,811	EUR	11,010,000		01/13	GSC		71,791
USD	524,702,344	GBP	325,810,000		01/13	CSF		(4,544,004	)
USD	214,299,010	JPY	18,382,161,876		01/13	RBS		2,105,614
USD	14,584,001	MXN	186,560,000		01/13	CSF		165,353
USD	220,970,000	MXN	2,823,598,854		01/13	MSC		2,742,742
USD	22,171,154	NZD	27,110,000		01/13	BRC		(218,008	)
USD	909,654,551	NZD	1,098,285,000		01/13	CSF		2,620,920
USD	113,364,483	SEK	748,260,000		01/13	SEB		(1,667,007	)
Total Forward Foreign Currency Contracts								$6,923,483

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Foreign Government Bonds & Notes		$705,571,421			$-		$705,571,421			$-
	Short-Term Investments		761,580,111			-		761,580,111			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		31,325,749			-		31,325,749			-
	Total Assets		1,498,477,281			-		1,498,477,281			-	��
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(24,402,266	)		-		(24,402,266	)		-
	Total Liabilities		(24,402,266	)		-		(24,402,266	)		-
	Total		$1,474,075,015			$-		$1,474,075,015			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-129

PACIFIC SELECT FUND

GLOBAL ABSOLUTE RETURN PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 1.8%
France - 0.3%
Sanofi		31,518		$2,989,016
Total SA		55,087		2,851,168
				5,840,184
Germany - 1.1%
Deutsche Euroshop AG		179,363		7,489,986
Deutsche Wohnen AG		382,846		7,070,026
GSW Immobilien AG		182,329		7,706,696
				22,266,708
Luxembourg - 0.4%
GAGFAH SA *		644,247		7,538,565
Total Common Stocks (Cost $33,357,089)				35,645,457
	Principal Amount
FOREIGN GOVERNMENT BONDS & NOTES - 35.5%
Albania - 0.1%
Albania Government 7.500% due 11/04/15		EUR 2,000,000		2,734,410
Cyprus - 1.0%
Cyprus Government 3.750% due 06/03/13		14,541,000		16,698,262
4.375% due 07/15/14		1,000,000		1,036,622
4.625% due 02/03/20		2,000,000		1,623,539
				19,358,423
Germany - 1.9%
Bundesrepublik Deutschland 4.750% due 07/04/34		19,840,000		38,419,606
Mexico - 8.8%
Mexican Bonos 6.000% due 06/18/15		MXN 1,800,000,000		143,390,220
8.000% due 12/17/15		430,000,000		36,066,136
				179,456,356
Mongolia - 0.2%
Mongolia Government 4.125% due 01/05/18 ~		$4,790,000		4,754,075
New Zealand - 0.5%
New Zealand Government 2.000% due 09/20/25 ^		NZD 12,500,000		11,127,649
Philippines - 1.6%
Philippine Government
4.125% due 11/08/17		PHP 94,870,000		2,356,288
4.625% due 07/05/17		86,110,000		2,180,466
5.000% due 08/18/18		122,140,000		3,129,473
5.875% due 01/31/18		91,390,000		2,447,273
6.250% due 01/14/36		402,000,000		11,809,798
8.000% due 07/19/31		343,987,000		10,767,185
				32,690,483

	Principal Amount		Value
Russia - 2.0%
Russian Federal Bond 6.880% due 07/15/15		RUB 156,060,000		$5,185,144
7.000% due 06/03/15		156,060,000		5,205,065
7.100% due 03/13/14		603,450,000		19,974,527
8.100% due 11/26/14		72,250,000		2,453,184
12.000% due 08/20/14		195,850,000		7,009,112
				39,827,032
Serbia - 3.4%
Serbia Treasury Bills 12.651% due 01/30/14		RSD 500,000,000		5,185,722
13.111% due 12/18/14		559,390,000		5,228,787
14.096% due 05/22/14		5,406,340,000		54,073,568
Serbia Treasury Bonds 10.000% due 04/01/14		280,000,000		3,200,146
10.000% due 12/06/15		157,800,000		1,707,822
				69,396,045
Slovenia - 1.9%
Slovenia Government 4.125% due 01/26/20		EUR 300,000		376,986
4.375% due 01/18/21 ~		4,840,000		6,115,515
5.500% due 10/26/22 ~		$30,224,000		31,810,760
				38,303,261
Sri Lanka - 1.8%
Sri Lanka Government 5.875% due 07/25/22 ~		23,445,000		25,086,150
6.250% due 10/04/20 ~		10,500,000		11,471,250
				36,557,400
Turkey - 10.3%
Turkey Government 3.000% due 07/21/21 ^		TRY 46,705,740		30,042,791
4.000% due 04/01/20 ^		76,373,454		51,373,719
7.064% due 07/17/13		98,841,000		53,670,948
7.179% due 09/11/13		137,559,000		73,999,409
				209,086,867
Venezuela - 2.0%
Venezuela Government 9.250% due 05/07/28 ~		$6,704,000		6,636,960
11.750% due 10/21/26 ~		18,910,000		21,415,575
11.950% due 08/05/31 ~		10,300,000		11,767,750
				39,820,285
Total Foreign Government Bonds & Notes (Cost $702,607,556)				721,531,892
PURCHASED OPTIONS - 0.1% (See Note (h) in Notes to Schedule of Investments)     (Cost $1,880,455)				1,310,812
SHORT-TERM INVESTMENTS - 71.9%
Foreign Government Issues - 26.5%
Bank Negara Malaysia Monetary Notes (Malaysia) 2.982% due 04/30/13		MYR 86,246,000		27,941,109
2.992% due 01/31/13		35,478,000		11,573,284
3.001% due 04/18/13		28,621,000		9,281,515
3.002% due 04/23/13		69,104,000		22,400,498
3.003% due 05/02/13		53,546,000		17,344,491
3.004% due 04/30/13		8,059,000		2,610,874
Korea Monetary Stabilization Bonds (South Korea) 2.755% due 03/05/13		KRW 19,987,310,000		18,583,199
2.755% due 03/27/13		20,000,000,000		18,563,622
2.766% due 01/08/13		14,000,000,000		13,070,194

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-130

PACIFIC SELECT FUND

GLOBAL ABSOLUTE RETURN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
2.777% due 01/01/13		KRW 20,000,000,000		$18,681,550
2.777% due 02/05/13		10,000,000,000		9,316,119
2.779% due 02/05/13		10,000,000,000		9,316,102
2.849% due 01/08/13		30,000,000,000		28,007,117
Nigeria Treasury Bills (Nigeria) 13.114% due 01/24/13		NGN 2,666,753,000		16,941,156
13.943% due 04/25/13		3,160,000,000		19,437,086
15.001% due 10/24/13		3,395,000,000		19,655,561
15.122% due 10/10/13		11,067,300,000		64,378,161
15.393% due 10/10/13		4,064,900,000		23,645,405
Philippine Treasury Bills (Philippines) 0.162% due 05/02/13		PHP 177,150,000		4,308,719
0.357% due 06/13/13		300,530,000		7,302,010
0.365% due 01/30/13		183,380,000		4,464,582
0.373% due 01/30/13		183,380,000		4,464,553
0.405% due 06/13/13		107,150,000		2,603,435
0.458% due 10/02/13		317,060,000		7,682,986
0.487% due 01/02/13		600,000,000		14,611,678
0.750% due 03/20/13		200,000,000		4,866,533
0.911% due 08/07/13		136,000,000		3,300,548
1.032% due 10/02/13		100,000,000		2,423,196
1.036% due 10/02/13		28,000,000		678,495
1.052% due 09/18/13		300,000,000		7,272,475
Singapore Treasury Bills (Singapore) 0.181% due 04/04/13		SGD 210,000		171,819
0.261% due 04/04/13		49,144,000		40,204,704
0.291% due 06/27/13		30,036,000		24,559,542
0.293% due 01/03/13		49,114,000		40,205,650
0.299% due 01/10/13		22,461,000		18,385,941
				538,253,909
U.S. Treasury Bills - 24.6%
0.011% due 01/10/13		$250,000,000		249,999,344
0.053% due 01/17/13 ‡		250,000,000		249,994,166
				499,993,510
Repurchase Agreements - 20.8%
Bank of America Corp (0.550)% due 02/04/13 (Dated 01/04/13, repurchase price of $43,492,395; collateralized by European Investment Bank: 3.625% due 01/15/21 and value $43,586,854)		EUR 32,965,625		43,513,003
Citibank Inc (0.100)% due 01/04/13 (Dated 12/31/12, repurchase price of $101,371,095; collateralized by French Government: 4.000% due 10/25/38 and value $101,396,943)		76,800,000		101,372,221

	Principal Amount		Value
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $277,906,808; collateralized by U.S. Treasury Notes: 0.250 - 2.750% due 07/15/15 - 11/30/16 and value $283,466,538)		$277,906,653		$277,906,653
				422,791,877
Total Short-Term Investments (Cost $1,455,490,128)				1,461,039,296
TOTAL INVESTMENTS - 109.3% (Cost $2,193,335,228)				2,219,527,457
TOTAL SECURITIES SOLD SHORT - (7.0%) (See Note (f) in Notes to Schedule of Investments) (Proceeds $134,630,905)				(142,909,449	)
OTHER ASSETS & LIABILITIES, NET - (2.3%)				(45,873,737	)
NET ASSETS - 100.0%				$2,030,744,271

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Short-Term Investments	71.9%
Foreign Government Bonds & Notes	35.5%
Equity Securities	1.8%
Purchased Options	0.1%
	109.3%
Securities Sold Short	(7.0%	)
Other Assets & Liabilities, Net	(2.3%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

A-1 (Short-Term Debt only)	42.3%
AA	0.5%
A	10.0%
BBB	8.0%
BB	0.8%
B	3.6%
CCC	0.9%
Not Rated	33.9%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(d) As of December 31, 2012, investments with total aggregate values of $7,919,815 and $4,804,888 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and swap contracts, respectively.

(e) Securities sold short outstanding as of December 31, 2012 were as follows:

Description		Principal Amount		Value
Foreign Government Bonds & Notes - (7.0%)
European Investment Bank 3.625% due 01/15/21	EUR		27,500,000		($42,339,758)
France Government 4.000% due 10/25/38			64,000,000		(100,569,691)
Total Securities Sold Short (Proceeds $134,630,905)					($142,909,449)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-131

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GLOBAL ABSOLUTE RETURN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(f) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Hang Seng China Enterprise Index (01/13)		648		HKD 364,400,469		$853,059
Short Futures Outstanding
CAC 40 Index (01/13)		444		EUR 16,296,782		166,713
Dow Jones EURO Stoxx 50 Index (03/13)		423		11,208,878		194,598
Euro-Bobl 5-Year Notes (03/13)		1,164		116,400,000		(1,000,549	)
Euro-Bund 10-Year Notes (03/13)		28		2,800,000		(25,545	)
Euro-Schatz 2-Year Notes(03/13)		26		2,600,000		(2,444	)
Japanese Government 10- Year Bond (03/13)		70		JPY 7,000,000,000		874,576
U.S. 10-Year Deliverable Interest Rate Swap (03/13)		83		$8,300,000		121,412
						328,761
Total Futures Contracts						$1,181,820

(g) Forward foreign currency contracts outstanding as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
AUD	35,026,000	USD	36,703,886		01/13	BNP		($341,941	)
BRL	167,600,520	USD	78,811,493		02/13	BNP		2,700,323
CNH	390,750,000	USD	62,107,606		02/13	BOA		467,819
CNH	250,000,000	USD	39,739,310		02/13	JPM		296,150
CNH	270,000,000	USD	42,915,044		02/13	SCB		323,253
CNY	236,906,000	USD	37,595,176		02/13	BNP		347,788
EUR	2,457,036	RSD	279,635,256		01/13	CIT		(35,970	)
EUR	24,886,117	USD	32,298,446		01/13	BOA		551,962
INR	2,157,970,000	USD	40,678,040		01/13	BOA		(1,323,599	)
INR	277,220,000	USD	5,127,007		01/13	DUB		(86,853	)
INR	2,160,000,000	USD	40,747,029		01/13	JPM		(1,331,729	)
INR	1,019,946,000	USD	18,682,896		01/13	SCB		(108,570	)
INR	4,367,000,000	USD	79,271,724		02/13	BNP		(107,546	)
INR	1,238,116,000	USD	23,051,871		02/13	BOA		(660,534	)
INR	2,160,000,000	USD	39,212,127		02/13	CIT		(48,910	)
INR	4,357,778,000	USD	78,536,494		02/13	DUB		460,510
KRW	80,393,736,150	USD	73,870,933		02/13	BOA		1,069,046
MYR	165,553,000	USD	54,008,743		01/13	BOA		106,366
MYR	182,980,000	USD	59,693,994		01/13	SCB		117,563
NGN	442,500,000	USD	2,500,000		10/13	DUB		116,786
NOK	471,000,000	EUR	63,717,386		01/13	CSF		627,552
PEN	107,100,000	USD	41,237,165		01/13	DUB		678,627
PHP	1,333,577,000	USD	32,393,534		02/13	BNP		117,725
PHP	427,720,000	USD	10,465,378		03/13	DUB		(47,251	)
PHP	233,000,000	USD	5,694,037		03/13	GSC		(18,330	)
RSD	8,645,471,281	EUR	75,462,984		01/13	DUB		1,709,537
RUB	221,725,000	USD	7,028,291		06/13	BOA		45,861
RUB	212,475,000	USD	6,737,752		06/13	CIT		41,278
RUB	434,200,000	USD	13,575,113		09/13	JPM		83,218
RUB	240,008,000	USD	7,408,798		12/13	CSF		44,555
RUB	194,312,000	USD	6,002,379		12/13	GSC		31,903
SEK	541,000,000	EUR	62,569,538		01/13	BNP		591,126
TRY	17,687,086	USD	9,914,842		01/13	JPM		(9,406	)
USD	115,432,501	AUD	111,746,000		01/13	BNP		(575,659	)
USD	78,554,159	BRL	167,600,520		02/13	BNP		(2,957,656	)
USD	91,920,028	EUR	70,867,208		01/13	BOA		(1,626,778	)
USD	269,601,818	EUR	208,260,559		01/13	DUB		(5,308,269	)
USD	3,254,184	EUR	2,461,578		01/13	DUB		4,828

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-132

PACIFIC SELECT FUND

GLOBAL ABSOLUTE RETURN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Currency Purchased		Currency Sold		Expiration		Counterparty	Unrealized Appreciation (Depreciation)
USD	22,302,345	EUR	16,993,389		02/13	GSC		($137,414	)
USD	39,430,449	INR	2,160,000,000		01/13	CIT		15,149
USD	92,952,794	JPY	7,377,795,000		01/13	BOA		7,786,735
USD	11,052,450	NZD	13,315,997		01/13	BOA		67,370
USD	2,752,497	TRY	4,960,000		01/13	JPM		(25,290	)
USD	8,618,234	TRY	15,730,000		02/13	JPM		(142,585	)
USD	81,981,213	TWD	2,400,000,000		01/13	BOA		(667,151	)
USD	72,753,553	TWD	2,108,980,000		02/13	SCB		115,088
USD	26,627,377	ZAR	236,964,988		01/13	BNP		(1,309,401	)
USD	53,752,820	ZAR	475,631,826		03/13	CSF		(1,836,540	)
Total Forward Foreign Currency Contracts								($189,264	)

(h) Purchased options outstanding as of December 31, 2012 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counter- party	Notional Amount			Cost		Value
Put - OTC South Korean Won Versus U.S. dollar		$1,120.00		06/14/13	BOA		KRW	30,240,000,000		$286,200		$203,375
Put - OTC South Korean Won Versus U.S. dollar		1,120.00		06/14/13	DUB			33,600,000,000		323,400		225,972
Put - OTC South Korean Won Versus U.S. dollar		1,120.00		06/14/13	SCB			28,000,000,000		267,250		188,310
Put - OTC South Korean Won Versus U.S. dollar		1,120.00		06/18/13	DUB			34,659,520,000		340,940		239,573
Put - OTC South Korean Won Versus U.S. dollar		1,120.00		06/18/13	GSC			31,818,080,000		315,340		219,932
Put - OTC South Korean Won Versus U.S. dollar		1,120.00		06/18/13	SCB			33,802,720,000		347,325		233,650
Total Purchased Options										$1,880,455		$1,310,812

(i) Swap agreements outstanding as of December 31, 2012 were as follows:

Credit Default Swaps on Sovereign Issues - Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
France Government		0.250%		12/20/17	DUB		0.863%		$54,000,000		$1,603,080			$2,304,178			($701,098	)
Belgium Government		1.000%		12/20/17	BNP		0.808%		31,740,000		(307,095	)		360,344			(667,439	)
Croatia Government		1.000%		12/20/17	BNP		2.516%		2,000,000		140,475			139,006			1,469
China Government		1.000%		12/20/17	BOA		0.608%		41,000,000		(799,145	)		(327,842	)		(471,303	)
Thailand Government		1.000%		12/20/17	BOA		0.874%		11,000,000		(70,756	)		60,005			(130,761	)
Colombia Government		1.000%		12/20/17	CSF		0.921%		40,000,000		(167,613	)		139,810			(307,423	)
Croatia Government		1.000%		12/20/17	DUB		2.516%		4,040,000		283,760			285,508			(1,748	)
Thailand Government		1.000%		12/20/17	DUB		0.874%		30,000,000		(192,970	)		134,011			(326,981	)
Croatia Government		1.000%		12/20/17	GSC		2.516%		2,000,000		140,475			135,003			5,472
Lebanon Government		5.000%		12/20/17	JPM		4.174%		2,500,000		(95,722	)		(82,869	)		(12,853	)
Russian Foreign Bond		1.000%		06/20/22	DUB		1.817%		10,000,000		676,577			773,976			(97,399	)
Russian Foreign Bond		1.000%		09/20/22	BNP		1.831%		17,914,000		1,259,061			1,498,792			(239,731	)
Russian Foreign Bond		1.000%		09/20/22	JPM		1.831%		16,630,000		1,168,817			1,391,365			(222,548	)
France Government		0.250%		12/20/22	JPM		1.379%		33,600,000		3,312,445			3,780,615			(468,170	)
Belgium Government		1.000%		12/20/22	BNP		1.221%		19,170,000		366,390			922,066			(555,676	)
Colombia Government		1.000%		12/20/22	BNP		1.340%		40,000,000		1,194,667			1,630,424			(435,757	)
Mexico Government		1.000%		12/20/22	BNP		1.344%		54,100,000		1,631,692			2,188,058			(556,366	)
Russian Foreign Bond		1.000%		12/20/22	BNP		1.845%		7,100,000		517,140			623,296			(106,156	)
South Africa Government		1.000%		12/20/22	BNP		2.016%		120,000,000		10,416,801			12,058,804			(1,642,003	)
Spain Government		1.000%		12/20/22	BOA		3.196%		20,000,000		3,308,573			4,238,614			(930,041	)
Brazilian Government		1.000%		12/20/22	BOA		1.463%		10,000,000		404,517			459,127			(54,610	)
Mexico Government		1.000%		12/20/22	BOA		1.344%		41,900,000		1,263,733			1,737,363			(473,630	)
South Africa Government		1.000%		12/20/22	BOA		2.016%		25,000,000		2,170,167			2,327,985			(157,818	)
Brazilian Government		1.000%		12/20/22	DUB		1.463%		84,000,000		3,397,940			4,126,596			(728,656	)
Colombia Government		1.000%		12/20/22	DUB		1.340%		12,300,000		367,360			541,946			(174,586	)
Spain Government		1.000%		12/20/22	DUB		3.196%		55,000,000		9,098,576			11,717,316			(2,618,740	)
South African Government		1.000%		12/20/22	JPM		2.016%		31,750,000		2,756,112			3,009,554			(253,442	)
South African Government		1.000%		03/20/23	BNP		2.031%		50,000,000		4,483,833			4,657,747			(173,914	)
											$48,328,890			$60,830,798			($12,501,908	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-133

PACIFIC SELECT FUND

GLOBAL ABSOLUTE RETURN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Credit Default Swaps on Sovereign Issues - Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Implied Credit Spread at 12/31/12 (3)		Notional Amount (4)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation
Argentine Republic Government		5.000%		09/20/13	BNP		23.167%		$15,000,000		($1,749,545	)		($2,925,000	)		$1,175,455
Argentine Republic Government		5.000%		09/20/13	DUB		23.167%		6,390,000		(745,306	)		(1,278,000	)		532,694
South Africa Government		1.000%		12/20/17	BNP		1.399%		120,000,000		(2,263,401	)		(3,292,102	)		1,028,701
South Africa Government		1.000%		12/20/17	BOA		1.399%		25,000,000		(471,542	)		(585,378	)		113,836
South Africa Government		1.000%		12/20/17	JPM		1.399%		31,750,000		(598,857	)		(763,832	)		164,975
South Africa Government		1.000%		03/20/18	BNP		1.450%		50,000,000		(1,113,233	)		(1,191,402	)		78,169
Turkey Government		1.000%		06/20/22	BNP		1.730%		10,000,000		(606,127	)		(665,505	)		59,378
Turkey Government		1.000%		09/20/22	BNP		1.743%		34,544,000		(2,175,190	)		(2,255,733	)		80,543
Turkey Government		1.000%		12/20/22	BNP		1.755%		7,100,000		(463,343	)		(527,023	)		63,680
											($10,186,544	)		($13,483,975	)		$3,297,431

Credit Default Swaps on Credit Indices - Buy Protection (1)

Referenced Obligation	Fixed Deal Pay Rate		Expiration Date		Counter- party	Notional Amount (4)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Depreciation
iTraxx FINSEN-18 5Y		1.000%		12/20/17	BNP		$23,900,000		$600,411			$1,480,115			($879,704	)
iTraxx FINSUB-18 5Y		5.000%		12/20/17	DUB		15,950,000		(2,609,209	)		(1,500,618	)		(1,108,591	)
									($2,008,798	)		($20,503	)		($1,988,295	)

Credit Default Swaps on Credit Indices - Sell Protection (2)

Referenced Obligation	Fixed Deal Receive Rate		Expiration Date		Counter- party	Notional Amount (4)		Value (5)		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Dow Jones CDX HY19 5Y		5.000%		12/20/17	BOA		$61,800,000		$445,990		$77,744			$368,246
Dow Jones CDX HY19 5Y		5.000%		12/20/17	DUB		18,600,000		134,230		(546,226	)		680,456
									$580,220		($468,482	)		$1,048,702
Total Credit Default Swaps									$36,713,768		$46,857,838			($10,144,070	)

(1) If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2) If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(3) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4) The maximum potential amount the portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(5) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and is a representation of the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the year end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Cross Currency Swaps

Notional Amount on Fixed Rate Currency Received	Notional Amount on Floating Rate Currency Delivered		Pay/Receive Floating Rate		Counter- party		Fixed rate		Expiration Date		Value			Upfront Premiums Paid (Received)	Unrealized Appreciation (Depreciation)
TRY 50,000,000		$27,624,309		Receive		BNP		6.250%		10/17/20		($2,004,360	)	$-		($2,004,360	)
50,121,620		27,699,155		Receive		CSF		6.250%		10/17/20		(2,001,578	)	-		(2,001,578	)
48,823,375		27,041,471		Receive		CSF		6.330%		10/16/21		(2,133,572	)	-		(2,133,572	)
												($6,139,510	)	$-		($6,139,510	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-134

PACIFIC SELECT FUND

GLOBAL ABSOLUTE RETURN PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Interest Rate Swaps

Floating Rate Index	Counter- party	Pay/Receive Floating Rate	Fixed Rate		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
6-Month PLN-WIBOR	JPM	Pay		4.190%		10/03/17		PLN 200,000,000		$2,088,317			$-		$2,088,317
6-Month PLN-WIBOR	CSF	Pay		4.210%		10/03/17		125,000,000		1,342,077			-		1,342,077
6-Month PLN-WIBOR	DUB	Pay		4.210%		10/03/17		100,000,000		1,073,662			-		1,073,662
6-Month PLN-WIBOR	BNP	Pay		4.215%		10/03/17		100,000,000		1,081,039			-		1,081,039
6-Month PLN-WIBOR	JPM	Pay		4.246%		10/08/17		74,841,000		846,470			-		846,470
6-Month PLN-WIBOR	BNP	Pay		3.850%		11/13/17		26,000,000		157,188			-		157,188
6-Month PLN-WIBOR	BOA	Pay		3.830%		11/14/17		64,630,000		374,644			-		374,644
6-Month PLN-WIBOR	DUB	Pay		3.790%		11/16/17		67,970,000		355,473			-		355,473
6-Month PLN-WIBOR	BOA	Pay		3.810%		11/19/17		97,000,000		537,684			-		537,684
6-Month PLN-WIBOR	BNP	Pay		3.810%		11/20/17		97,800,000		537,794			-		537,794
3-Month New Zealand Bank Bills	DUB	Pay		3.620%		10/03/22		NZD 30,000,000		(242,323	)		-		(242,323	)
3-Month New Zealand Bank Bills	CSF	Pay		3.640%		10/03/22		25,000,000		(166,838	)		-		(166,838	)
3-Month New Zealand Bank Bills	DUB	Pay		3.650%		10/03/22		50,000,000		(298,533	)		-		(298,533	)
3-Month USD-LIBOR	CSF	Receive		1.805%		10/23/22		$16,229,000		(72,258	)		-		(72,258	)
3-Month New Zealand Bank Bills	BOA	Pay		3.775%		10/30/22		NZD 34,078,700		56,176			-		56,176
3-Month New Zealand Bank Bills	DUB	Pay		3.788%		10/30/22		25,141,300		63,471			-		63,471
3-Month USD-LIBOR	CSF	Receive		1.750%		11/06/22		$626,000		1,138			-		1,138
Total Interest Rate Swaps										$7,735,181			$-		$7,735,181
Total Swap Agreements										$38,309,439			$46,857,838		($8,548,399	)

(j) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$35,645,457			$-			$35,645,457			$-
	Foreign Government Bonds & Notes		721,531,892			-			721,531,892			-
	Short-Term Investments		1,461,039,296			-			1,461,039,296			-
	Derivatives:
	Credit Contracts
	Swaps		51,142,822			-			51,142,822			-
	Equity Contracts
	Futures		1,214,370			1,214,370			-			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		18,518,118			-			18,518,118			-
	Purchased Options		1,310,812			-			1,310,812			-
	Total Foreign Currency Contracts		19,828,930			-			19,828,930			-
	Interest Rate Contracts
	Futures		995,988			995,988			-			-
	Swaps		8,515,133			-			8,515,133			-
	Total Interest Rate Contracts		9,511,121			995,988			8,515,133			-
	Total Assets - Derivatives		81,697,243			2,210,358			79,486,885			-
	Total Assets		2,299,913,888			2,210,358			2,297,703,530			-
Liabilities	Securities Sold Short
	Foreign Government Bonds & Notes		(142,909,449	)		-			(142,909,449	)		-
	Derivatives:
	Credit Contracts
	Swaps		(14,429,054	)		-			(14,429,054	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(18,707,382	)		-			(18,707,382	)		-
	Swaps		(6,139,510	)		-			(6,139,510	)		-
	Total Foreign Currency Contracts		(24,846,892	)		-			(24,846,892	)		-
	Interest Rate Contracts
	Futures		(1,028,538	)		(1,028,538	)		-			-
	Swaps		(779,952	)		-			(779,952	)		-
	Total Interest Rate Contracts		(1,808,490	)		(1,028,538	)		(779,952	)		-
	Total Liabilities - Derivatives		(41,084,436	)		(1,028,538	)		(40,055,898	)		-
	Total Liabilities		(183,993,885	)		(1,028,538	)		(182,965,347	)		-
	Total		$2,115,920,003			$1,181,820			$2,114,738,183			$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-135

PACIFIC SELECT FUND

PRECIOUS METALS PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
WARRANTS - 0.0%
Canada - 0.0%
Aureus Mining Inc Exp. 05/16/14 *		562,500		$1
Torex Gold Resources Inc Exp. 10/23/13 *		362,500		102,040
				102,041
Total Warrants (Cost $0)				102,041
COMMON STOCKS - 93.5%
Australia - 8.9%
Gryphon Minerals Ltd *		3,186,607		1,730,133
Newcrest Mining Ltd		2,304,106		53,793,864
Perseus Mining Ltd *		3,703,507		8,162,227
Regis Resources Ltd *		1,045,796		5,645,271
Troy Resources Ltd		934,188		3,561,932
				72,893,427
Bermuda - 0.5%
Continental Gold Ltd *		496,705		4,419,261
Canada - 59.4%
Agnico-Eagle Mines Ltd (NYSE)		770,026		40,395,564
Alamos Gold Inc		1,109,881		19,470,618
Aureus Mining Inc *		2,250,000		1,700,246
Aurizon Mines Ltd *		1,886,583		6,505,459
Barrick Gold Corp (NYSE)		1,657,387		58,025,119
Centerra Gold Inc		1,223,662		11,452,994
Detour Gold Corp *		852,653		21,335,612
Eldorado Gold Corp		3,247,777		41,793,049
First Quantum Minerals Ltd		359,292		7,914,032
Franco-Nevada Corp		371,835		21,225,285
Goldcorp Inc (NYSE)		1,800,700		66,085,690
IAMGOLD Corp (TSE)		2,456,288		28,126,189
Kinross Gold Corp		4,017,663		39,017,417
MAG Silver Corp *		370,376		3,786,794
New Gold Inc *		678,272		7,507,565
Osisko Mining Corp *		2,471,960		19,881,049
Platinum Group Metals Ltd *		2,665,500		2,170,559
Pretium Resources Inc *		100,000		1,317,985
Queenston Mining Inc *		842,208		4,131,874
Rio Alto Mining Ltd *		750,780		3,841,832
SEMAFO Inc		1,287,424		4,426,450
Silver Wheaton Corp (NYSE)		250,465		9,036,777
Tahoe Resources Inc *		464,997		8,508,038
Torex Gold Resources Inc *		3,772,727		8,344,224
Yamana Gold Inc		3,046,199		52,398,175
				488,398,596
Peru - 2.1%
Cia de Minas Buenaventura SA ADR		492,043		17,688,946
South Africa - 3.7%
AngloGold Ashanti Ltd ADR		547,460		17,173,820
Gold Fields Ltd ADR		737,295		9,208,815
Impala Platinum Holdings Ltd		200,000		4,038,287
				30,420,922
United Kingdom - 12.1%
African Barrick Gold PLC		531,781		3,911,678
Fresnillo PLC		792,915		24,603,210
Hochschild Mining PLC		849,937		6,604,055
Randgold Resources Ltd ADR		652,673		64,777,795
				99,896,738

	Shares		Value
United States - 6.8%
Newmont Mining Corp		717,915		$33,339,973
Royal Gold Inc		280,665		22,820,871
				56,160,844
Total Common Stocks (Cost $897,387,114)				769,878,734
	Principal Amount
SHORT-TERM INVESTMENT - 6.8%
Repurchase Agreement - 6.8%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $55,600,370; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $56,715,000)		$55,600,339		55,600,339
Total Short-Term Investment (Cost $55,600,339)				55,600,339
TOTAL INVESTMENTS - 100.3% (Cost $952,987,453)				825,581,114
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(2,758,989	)
NET ASSETS - 100.0%				$822,822,125

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified by precious metals sector as a percentage of net assets as follows:

Gold	85.0%
Precious Metals & Minerals	7.1%
Diversified Metals & Mining	1.4%
	93.5%
Short-Term Investment	6.8%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

Canada	59.4%
United States (Includes Short-Term Investment)	13.6%
United Kingdom	12.1%
Australia	8.9%
South Africa	3.7%
Others (each less than 3.0%)	2.6%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-136

PACIFIC SELECT FUND

PRECIOUS METALS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(d) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants
	Canada		$102,041		$102,040		$1		$-
	Common Stocks
	Australia		72,893,427		-		72,893,427		-
	Bermuda		4,419,261		4,419,261		-		-
	Canada		488,398,596		486,698,350		1,700,246		-
	Peru		17,688,946		17,688,946		-		-
	South Africa		30,420,922		26,382,635		4,038,287		-
	United Kingdom		99,896,738		64,777,795		35,118,943		-
	United States		56,160,844		56,160,844		-		-
			769,878,734		656,127,831		113,750,903		-
	Short-Term Investment		55,600,339		-		55,600,339		-
	Total		$825,581,114		$656,229,871		$169,351,243		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-137

PACIFIC SELECT FUND

AMERICAN FUNDS^® ASSET ALLOCATION PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
MUTUAL FUND - 100.0%
American Funds Insurance Series® Asset Allocation Fund - Class 1		30,999,055		$571,312,589
TOTAL INVESTMENTS - 100.0% (Cost $509,378,922)				571,312,589
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(220,726	)
NET ASSETS - 100.0%				$571,091,863

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Mutual Fund	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Mutual Fund		$571,312,589		$571,312,589		$-		$-

American Funds Asset Allocation Portfolio (a “Feeder Portfolio”) invests substantially all of its assets in Class 1 shares of the Asset Allocation Fund of the American Funds Insurance Series (a “Master Fund”) (See Note 1 in Notes to Financial Statements). The Feeder Portfolio has an investment objective that is consistent with its corresponding Master Fund. The financial statements of the Master Fund, including the Schedule of Investments, are provided separately and should be read in conjunction with the Feeder Portfolio’s financial statements.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-138

PACIFIC SELECT FUND

PACIFIC DYNAMIX - CONSERVATIVE GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD Aggregate Bond Index Portfolio ‘P’		11,910,892		$132,964,797
PD High Yield Bond Market Portfolio ‘P’		1,280,417		15,034,145
PD Large-Cap Growth Index Portfolio ‘P’		1,725,634		27,397,501
PD Large-Cap Value Index Portfolio ‘P’		2,165,818		32,934,956
PD Small-Cap Growth Index Portfolio ‘P’		353,016		5,162,566
PD Small-Cap Value Index Portfolio ‘P’		556,715		7,791,712
PD Emerging Markets Portfolio ‘P’		154,350		2,353,618
PD International Large-Cap Portfolio ‘P’		1,870,550		25,320,937
Total Affiliated Mutual Funds (Cost $240,703,870)				248,960,232
TOTAL INVESTMENTS - 100.0% (Cost $240,703,870)				248,960,232
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(44,602	)
NET ASSETS - 100.0%				$248,915,630

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Fixed Income Funds	59.4%
Affiliated Equity Funds	40.6%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

PACIFIC SELECT FUND

PACIFIC DYNAMIX - MODERATE GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD Aggregate Bond Index Portfolio ‘P’		20,131,983		$224,739,260
PD High Yield Bond Market Portfolio ‘P’		2,625,789		30,830,960
PD Large-Cap Growth Index Portfolio ‘P’		5,967,200		94,739,901
PD Large-Cap Value Index Portfolio ‘P’		8,169,881		124,236,986
PD Small-Cap Growth Index Portfolio ‘P’		1,371,921		20,063,191
PD Small-Cap Value Index Portfolio ‘P’		2,359,016		33,016,492
PD Emerging Markets Portfolio ‘P’		1,295,722		19,757,932
PD International Large-Cap Portfolio ‘P’		7,188,795		97,312,015
Total Affiliated Mutual Funds (Cost $615,097,706)				644,696,737
TOTAL INVESTMENTS - 100.0% (Cost $615,097,706)				644,696,737
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(88,634	)
NET ASSETS - 100.0%				$644,608,103

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	60.4%
Affiliated Fixed Income Funds	39.6%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) The portfolios’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(c) Fair Value Measurements

The following is a summary of the portfolios’ investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolios’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Dynamix - Conservative Growth Portfolio
Assets	Affiliated Mutual Funds		$248,960,232		$248,960,232		$-		$-
Pacific Dynamix- Moderate Growth Portfolio
Assets	Affiliated Mutual Funds		$644,696,737		$644,696,737		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-139

PACIFIC SELECT FUND

PACIFIC DYNAMIX - GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD Aggregate Bond Index Portfolio ‘P’		4,636,343		$51,756,859
PD Large-Cap Growth Index Portfolio ‘P’		3,094,456		49,129,992
PD Large-Cap Value Index Portfolio ‘P’		3,969,630		60,364,996
PD Small-Cap Growth Index Portfolio ‘P’		1,087,891		15,909,498
PD Small-Cap Value Index Portfolio ‘P’		1,535,359		21,488,693
PD Emerging Markets Portfolio ‘P’		903,946		13,783,904
PD International Large-Cap Portfolio ‘P’		3,821,981		51,736,725
Total Affiliated Mutual Funds (Cost $248,512,723)				264,170,667
TOTAL INVESTMENTS - 100.0% (Cost $248,512,723)				264,170,667
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(39,374	)
NET ASSETS - 100.0%				$264,131,293

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	80.4%
Affiliated Fixed Income Fund	19.6%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION CONSERVATIVE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Diversified Bond Portfolio ‘P’		45,014,184		$491,654,914
Floating Rate Loan Portfolio ‘P’		29,085,138		222,852,974
High Yield Bond Portfolio ‘P’		26,919,133		183,486,761
Inflation Managed Portfolio ‘P’		15,959,663		190,267,123
Inflation Protected Portfolio ‘P’		20,752,073		227,191,972
Managed Bond Portfolio ‘P’		48,546,244		610,785,390
Short Duration Bond Portfolio ‘P’		58,454,543		565,671,214
Emerging Markets Debt Portfolio ‘P’		18,240,319		197,510,608
Comstock Portfolio ‘P’		13,985,155		129,907,025
Equity Index Portfolio ‘P’		3,042,683		95,218,518
Large-Cap Growth Portfolio ‘P’		12,670,533		76,163,462
Large-Cap Value Portfolio ‘P’		12,069,938		157,340,798
Mid-Cap Equity Portfolio ‘P’		3,655,110		44,252,182
Mid-Cap Value Portfolio ‘P’		4,416,592		63,025,129
International Large-Cap Portfolio ‘P’		10,725,682		76,652,384
International Value Portfolio ‘P’		4,299,833		46,185,384
Currency Strategies Portfolio ‘P’ *		12,322,722		121,887,642
Global Absolute Return Portfolio ‘P’ *		22,958,001		229,236,674
Precious Metals Portfolio ‘P’ *		5,135,909		44,188,227
Total Affiliated Mutual Funds (Cost $3,652,812,593)				3,773,478,381
TOTAL INVESTMENTS - 100.0% (Cost $3,652,812,593)				3,773,478,381
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(183,595	)
NET ASSETS - 100.0%				$3,773,294,786

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Fixed Income Funds	80.6%
Affiliated Equity Funds	19.4%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) The portfolios’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(c) Fair Value Measurements

The following is a summary of the portfolios’ investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolios’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Dynamix - Growth Portfolio
Assets	Affiliated Mutual Funds		$264,170,667		$264,170,667		$-		$-
Portfolio Optimization Conservative Portfolio
Assets	Affiliated Mutual Funds		$3,773,478,381		$3,773,478,381		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-140

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Diversified Bond Portfolio ‘P’		38,539,401		$420,935,898
Floating Rate Loan Portfolio ‘P’		31,305,285		239,863,944
High Yield Bond Portfolio ‘P’		29,229,310		199,233,437
Inflation Managed Portfolio ‘P’		17,134,253		204,270,301
Inflation Protected Portfolio ‘P’		22,472,477		246,026,817
Managed Bond Portfolio ‘P’		40,968,145		515,441,409
Short Duration Bond Portfolio ‘P’		53,180,086		514,629,705
Emerging Markets Debt Portfolio ‘P’		16,583,158		179,566,464
American Funds Growth-Income Portfolio ‘P’		4,050,232		42,239,443
Comstock Portfolio ‘P’		19,049,291		176,947,395
Dividend Growth Portfolio ‘P’		8,182,229		89,965,690
Equity Index Portfolio ‘P’		5,682,774		177,838,222
Large-Cap Growth Portfolio ‘P’		21,713,703		130,522,591
Large-Cap Value Portfolio ‘P’		19,596,325		255,452,973
Main Street Core Portfolio ‘P’		8,238,146		177,425,622
Mid-Cap Equity Portfolio ‘P’		1,542,471		18,674,600
Mid-Cap Growth Portfolio ‘P’		1,142,779		8,854,606
Mid-Cap Value Portfolio ‘P’		6,701,929		95,637,068
Small-Cap Equity Portfolio ‘P’		4,195,908		63,050,953
Small-Cap Index Portfolio ‘P’		4,990,422		62,033,955
Emerging Markets Portfolio ‘P’		3,246,789		48,605,357
International Large-Cap Portfolio ‘P’		17,716,781		126,615,121
International Small-Cap Portfolio ‘P’		11,255,146		97,220,275
International Value Portfolio ‘P’		9,523,863		102,297,756
Currency Strategies Portfolio ‘P’ *		14,201,024		140,466,473
Global Absolute Return Portfolio ‘P’ *		28,333,360		282,909,879
Precious Metals Portfolio ‘P’ *		9,880,800		85,012,217
Total Affiliated Mutual Funds (Cost $4,556,410,301)				4,701,738,171
TOTAL INVESTMENTS - 100.0% (Cost $4,556,410,301)				4,701,738,171
OTHER ASSETS & LIABILITIES, NET -(0.0%)				(232,653	)
NET ASSETS - 100.0%				$4,701,505,518

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Fixed Income Funds	62.6%
Affiliated Equity Funds	37.4%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION MODERATE PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Diversified Bond Portfolio ‘P’		114,992,538		$1,255,974,028
Floating Rate Loan Portfolio ‘P’		54,979,887		421,260,900
High Yield Bond Portfolio ‘P’		75,798,497		516,659,310
Inflation Managed Portfolio ‘P’		31,192,313		371,866,988
Inflation Protected Portfolio ‘P’		42,140,062		461,345,905
Managed Bond Portfolio ‘P’		113,208,270		1,424,331,776
Short Duration Bond Portfolio ‘P’		92,751,191		897,563,752
Emerging Markets Debt Portfolio ‘P’		41,960,509		454,358,593
American Funds Growth-Income Portfolio ‘P’		19,023,366		198,392,670
Comstock Portfolio ‘P’		74,308,117		690,242,379
Dividend Growth Portfolio ‘P’		17,902,391		196,841,356
Equity Index Portfolio ‘P’		10,015,801		313,437,114
Growth LT Portfolio ‘P’		3,128,488		44,615,208
Large-Cap Growth Portfolio ‘P’		73,902,873		444,235,345
Large-Cap Value Portfolio ‘P’		75,385,119		982,702,243
Long/Short Large-Cap Portfolio ‘P’		57,043,271		534,668,857
Main Street Core Portfolio ‘P’		13,827,383		297,801,475
Mid-Cap Equity Portfolio ‘P’		22,285,759		269,812,241
Mid-Cap Growth Portfolio ‘P’		25,055,191		194,135,387
Mid-Cap Value Portfolio ‘P’		43,911,646		626,622,751
Small-Cap Equity Portfolio ‘P’		7,211,524		108,365,930
Small-Cap Growth Portfolio ‘P’		13,318,138		150,582,152
Small-Cap Index Portfolio ‘P’		15,933,910		198,068,111
Small-Cap Value Portfolio ‘P’		11,191,862		152,901,916
Real Estate Portfolio ‘P’		19,649,414		330,609,599
Emerging Markets Portfolio ‘P’		31,100,943		465,589,943
International Large-Cap Portfolio ‘P’		78,710,422		562,513,554
International Small-Cap Portfolio ‘P’		48,707,844		420,731,096
International Value Portfolio ‘P’		43,619,375		468,524,602
Currency Strategies Portfolio ‘P’ *		60,630,298		599,711,979
Global Absolute Return Portfolio ‘P’ *		75,678,126		755,649,493
Precious Metals Portfolio ‘P’ *		30,573,177		263,044,862
Total Affiliated Mutual Funds (Cost $14,782,516,019)				15,073,161,515
TOTAL INVESTMENTS - 100.0% (Cost $14,782,516,019)				15,073,161,515
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(750,042	)
NET ASSETS - 100.0%				$15,072,411,473

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	52.5%
Affiliated Fixed Income Funds	47.5%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) The portfolios’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(c) Fair Value Measurements

The following is a summary of the portfolios’ investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolios’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Portfolio Optimization Moderate-Conservative Portfolio
Assets	Affiliated Mutual Funds		$4,701,738,171		$4,701,738,171		$-		$-
Portfolio Optimization Moderate Portfolio
Assets	Affiliated Mutual Funds		$15,073,161,515		$15,073,161,515		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-141

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Diversified Bond Portfolio ‘P’		83,127,591		$907,938,008
Inflation Managed Portfolio ‘P’		10,344,411		123,323,487
Inflation Protected Portfolio ‘P’		14,587,323		159,700,805
Managed Bond Portfolio ‘P’		79,522,847		1,000,518,048
Short Duration Bond Portfolio ‘P’		20,647,352		199,806,762
Emerging Markets Debt Portfolio ‘P’		13,930,925		150,847,438
American Funds Growth Portfolio ‘P’		4,299,161		40,267,377
American Funds Growth-Income Portfolio ‘P’		16,125,083		168,166,778
Comstock Portfolio ‘P’		77,831,211		722,968,124
Dividend Growth Portfolio ‘P’		25,237,831		277,496,387
Equity Index Portfolio ‘P’		14,151,843		442,871,476
Growth LT Portfolio ‘P’		2,638,800		37,631,798
Large-Cap Growth Portfolio ‘P’		60,346,545		362,747,307
Large-Cap Value Portfolio ‘P’		71,694,426		934,591,264
Long/Short Large-Cap Portfolio ‘P’		75,284,353		705,643,254
Main Street Core Portfolio ‘P’		16,417,888		353,593,384
Mid-Cap Equity Portfolio ‘P’		31,391,083		380,049,802
Mid-Cap Growth Portfolio ‘P’		33,987,382		263,344,773
Mid-Cap Value Portfolio ‘P’		29,601,820		422,420,376
Small-Cap Equity Portfolio ‘P’		43,705,236		656,748,663
Small-Cap Growth Portfolio ‘P’		15,802,799		178,675,088
Small-Cap Index Portfolio ‘P’		3,097,016		38,497,776
Small-Cap Value Portfolio ‘P’		9,263,396		126,555,435
Real Estate Portfolio ‘P’		22,708,642		382,082,400
Emerging Markets Portfolio ‘P’		30,848,721		461,814,117
International Large-Cap Portfolio ‘P’		89,129,790		636,976,826
International Small-Cap Portfolio ‘P’		59,517,121		514,100,027
International Value Portfolio ‘P’		46,327,150		497,609,371
Currency Strategies Portfolio ‘P’ *		49,780,135		492,389,855
Global Absolute Return Portfolio ‘P’ *		63,290,220		631,955,699
Precious Metals Portfolio ‘P’ *		38,891,401		334,613,019
Total Affiliated Mutual Funds (Cost $12,430,689,261)				12,605,944,924
TOTAL INVESTMENTS - 100.0% (Cost $12,430,689,261)				12,605,944,924
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(638,024	)
NET ASSETS - 100.0%				$12,605,306,900

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	70.9%
Affiliated Fixed Income Funds	29.1%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Diversified Bond Portfolio ‘P’		5,842,287		$63,810,754
Managed Bond Portfolio ‘P’		6,125,124		77,063,354
American Funds Growth Portfolio ‘P’		1,728,878		16,193,248
American Funds Growth-Income Portfolio ‘P’		3,395,188		35,408,053
Comstock Portfolio ‘P’		17,237,177		160,114,805
Dividend Growth Portfolio ‘P’		6,463,070		71,063,107
Equity Index Portfolio ‘P’		3,370,721		105,484,219
Growth LT Portfolio ‘P’		551,478		7,864,593
Large-Cap Growth Portfolio ‘P’		20,996,502		126,211,442
Large-Cap Value Portfolio ‘P’		15,336,297		199,920,274
Long/Short Large-Cap Portfolio ‘P’		15,160,370		142,098,759
Main Street Core Portfolio ‘P’		3,550,623		76,470,052
Mid-Cap Equity Portfolio ‘P’		5,234,941		63,379,094
Mid-Cap Growth Portfolio ‘P’		7,741,423		59,982,947
Mid-Cap Value Portfolio ‘P’		8,209,631		117,152,100
Small-Cap Equity Portfolio ‘P’		8,801,129		132,252,562
Small-Cap Growth Portfolio ‘P’		5,420,957		61,292,308
Small-Cap Index Portfolio ‘P’		5,623,989		69,909,575
Small-Cap Value Portfolio ‘P’		3,873,122		52,914,141
Real Estate Portfolio ‘P’		7,131,723		119,994,226
Emerging Markets Portfolio ‘P’		8,787,559		131,552,256
International Large-Cap Portfolio ‘P’		23,729,987		169,589,220
International Small-Cap Portfolio ‘P’		16,191,976		139,863,873
International Value Portfolio ‘P’		10,033,648		107,773,461
Currency Strategies Portfolio ‘P’ *		10,482,019		103,680,711
Global Absolute Return Portfolio ‘P’ *		13,024,842		130,053,631
Precious Metals Portfolio ‘P’ *		10,886,024		93,660,941
Total Affiliated Mutual Funds (Cost $2,609,035,471)				2,634,753,706
TOTAL INVESTMENTS - 100.0% (Cost $2,609,035,471)				2,634,753,706
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(141,720	)
NET ASSETS - 100.0%				$2,634,611,986

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Affiliated Equity Funds	85.8%
Affiliated Fixed Income Funds	14.2%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) The portfolios’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements).

(c) Fair Value Measurements

The following is a summary of the portfolios’ investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolios’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Portfolio Optimization Growth Portfolio
Assets	Affiliated Mutual Funds		$12,605,944,924		$12,605,944,924		$-		$-
Portfolio Optimization Aggressive-Growth Portfolio
Assets	Affiliated Mutual Funds		$2,634,753,706		$2,634,753,706		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

B-142

PACIFIC SELECT FUND

Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 2012

Explanation of Symbols:
*	Non-income producing investments.
"	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
^	Investments with their principal amount adjusted for inflation.
§	Variable rate investments. The rate shown is based on the latest available information as of December 31, 2012. For Senior Loan Notes, the rate shown may represent a weighted average interest rate.
Y	Investments were in default as of December 31, 2012.
±	The security is a perpetual bond and has no definite maturity date.
µ	Unsettled position. Contract rates do not take effect until settlement date.
†	Investments (or a portion of investments) in the Long/Short Large-Cap Portfolio were on loan as of December 31, 2012.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
¯	Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Fund’s Board of Trustees (the “Board”).
‡	Investments were fully or partially segregated with the broker(s)/ custodian as collateral for securities sold short, delayed delivery securities, futures contracts, and/or swap contracts as of December 31, 2012.
+	The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940 (See note 3C in Notes to Financial Statements).
Counterparty Abbreviations:
BNP	BNP Paribas
BNY	BNY Mellon
BOA	Bank of America
BRC	Barclays
BSC	Banco Santander Central Hispano
CIB	Canadian Imperial Bank of Commerce
CIT	Citigroup
CME	Chicago Mercantile Exchange
CSF	Credit Suisse
DUB	Deutsche Bank
GSC	Goldman Sachs
HSB	HSBC
JPM	JPMorgan Chase
MER	Merrill Lynch
MSC	Morgan Stanley
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland
SCB	Standard Chartered Bank
SEB	Skandinaviska Enskilda Bank
SGN	Societe Generale
SSB	State Street Bank
UBS	UBS
WBC	Westpac Banking Corp

Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Renminbi Offshore (Hong Kong)
CNY	Chinese Renminbi
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NGN	Nigerian Naira
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PHP	Philippines Peso
PLN	Polish Zloty
RSD	Serbian Dinar
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
Other Abbreviations:
ADR	American Depositary Receipt
CDI	CHESS Depository Interests (Receipts)
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CPI	Consumer Price Index
CVA	Certificaten Van Aandelen (Dutch Certificate)
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
LIBOR	London Interbank Offered Rate
NA	Not Applicable
‘NY’	New York Shares
OTC	Over the Counter
PO	Principal Only
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt
WIBOR	Warsaw Interbank Offered Rate

Note:

The countries listed in the Schedules of Investments are based on country of incorporation.

The descriptions and Standard and Poor’s quality ratings of the companies and credit spreads, if any, shown in the Schedules of Investments were obtained from published reports or other sources believed to be reliable, and not audited by the Independent Registered Public Accounting Firm.

See Notes to Financial Statements

B-143

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Cash Management Portfolio			Diversified Bond Portfolio		Floating Rate Loan Portfolio			High Yield Bond Portfolio			Inflation Managed Portfolio		Inflation Protected Portfolio
ASSETS
Investments, at value			$625,193			$3,214,578		$950,785			$1,247,155			$2,454,742		$1,110,405
Repurchase agreements, at value			8,522			193,226		10,528			32,937			163,229		10,000
Cash (1)			-			545		4,893			386			7		479
Foreign currency held, at value (1)			-			4,316		-			-			667		1,557
Receivables:
	Dividends and interest		-			23,847		5,073			21,103			9,846		3,493
	Fund shares sold		5,365			929		342			434			897		190
	Securities sold		-			148,892		7,264			27			8,934		-
	Swap agreements		-			-		-			-			97		-
	Variation margin		-			990		-			-			-		46
	Due from adviser		146			-		-			-			-		-
Swap contracts, at value			-			400		-			73			5,009		-
Unfunded loan commitment appreciation			-			-		3			-			-		-
Forward foreign currency contracts appreciation			-			3,688		-			-			11,323		443
Prepaid expenses and other assets			3			14		5			6			9		8
Total Assets			639,229			3,591,425		978,893			1,302,121			2,654,760		1,126,621
LIABILITIES
Payables:
	Fund shares redeemed		14			521		411			440			974		657
	Securities purchased		-			330,553		8,606			1,990			-		-
	Swap agreements		-			-		-			-			1,929		-
	Sale-buyback financing transactions		-			-		-			-			1,029,797		-
	Due to broker (2)		-			-		-			-			10,900		-
	Variation margin		-			-		-			-			21		-
	Accrued advisory fees		86			1,102		532			436			549		343
	Accrued service fees		35			6		5			22			39		1
	Accrued support service expenses		6			31		9			12			19		14
	Accrued custodian, and portfolio accounting and tax fees		25			130		109			58			66		46
	Accrued shareholder report expenses		9			46		14			18			29		20
	Accrued trustees’ fees and expenses and deferred compensation		9			10		3			7			13		4
	Accrued dividends and interest		-			-		-			-			1		-
	Accrued other		8			40		14			17			28		19
Outstanding options written, at value			-			-		-			-			1,519		81
Swap contracts, at value			-			457		-			-			1,397		2,601
Forward foreign currency contracts depreciation			-			4,737		-			-			2,051		3,722
Total Liabilities			192			337,633		9,703			3,000			1,049,332		7,508
NET ASSETS			$639,037			$3,253,792		$969,190			$1,299,121			$1,605,428		$1,119,113
NET ASSETS CONSIST OF:
Paid-in capital (3)			$639,198			$3,025,682		$1,188,242			$1,232,521			$1,427,914		$1,000,986
Undistributed/accumulated net investment income (loss) (3)			(152	)		24,398		11,192			17,977			17,511		28,573
Undistributed/accumulated net realized gain (loss) (3)			(9	)		59,682		(241,721	)		(16,005	)		84,328		60,480
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies (3)			-			144,030		11,477			64,628			75,675		29,074
NET ASSETS			$639,037			$3,253,792		$969,190			$1,299,121			$1,605,428		$1,119,113
Class I Shares:
	Net Assets		$638,998			$113,422		$85,212			$399,742			$715,700		$24,847
	Shares outstanding, $.001 par value (unlimited shares authorized)		63,359			13,840		14,559			63,394			67,308		2,296
	Net Asset Value Per Share		$10.09			$8.20		$5.85			$6.31			$10.63		$10.82
Class P Shares:
	Net Assets		$39			$3,140,370		$883,978			$899,379			$889,728		$1,094,266
	Shares outstanding, $.001 par value (unlimited shares authorized)		4			287,516		115,370			131,947			74,631		99,952
	Net Asset Value Per Share		$10.06			$10.92		$7.66			$6.82			$11.92		$10.95
Investments, at cost			$625,193			$3,072,065		$939,312			$1,182,546			$2,390,571		$1,075,585
Repurchase agreements, at cost			8,522			193,226		10,528			32,937			163,229		10,000
Foreign currency held, at cost			-			4,232		-			-			667		1,514
Premiums received from outstanding options written			-			-		-			-			2,690		73

(1) Includes cash collateral segregated for open futures contracts and delayed delivery securities in the Diversified Bond, Inflation Managed and Inflation Protected Portfolios of $342, $7, and $511, respectively.

(2) The Inflation Managed Portfolio received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the portfolio and the counterparty. The portfolio invests such cash collateral in investment securities (see Note 5 in Notes to Financial Statements).

(3) Applicable to portfolios electing to be treated as a regulated investment company for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-1

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Managed Bond Portfolio		Short Duration Bond Portfolio			Emerging Markets Debt Portfolio		American Funds Growth Portfolio			American Funds Growth-Income Portfolio			Comstock Portfolio
ASSETS
Investments, at value			$7,065,793		$2,361,770			$969,631		$266,500			$647,164			$1,946,794
Repurchase agreements, at value			21,296		74,015			3,082		-			-			74,015
Cash (1)			152		6,200			937		-			-			-
Foreign currency held, at value			855		38			1,391		-			-			-
Receivables:
	Dividends and interest		46,328		13,344			17,046		-			-			2,875
	Fund shares sold		1,787		1,363			132		-			1			289
	Securities sold		1,243,384		-			-		204			179			-
	Swap agreements		2,550		-			-		-			-			-
	Variation margin		11		-			-		-			-			-
Swap contracts, at value			40,212		-			-		-			-			-
Forward foreign currency contracts appreciation			12,298		21			1,659		-			-			189
Prepaid expenses and other assets			27		12			23		3			5			11
Total Assets			8,434,693		2,456,763			993,901		266,707			647,349			2,024,173
LIABILITIES
Payables:
	Fund shares redeemed		1,201		337			511		196			172			15
	Securities purchased		2,958,112		-			111		-			-			1,214
	Reverse repurchase agreements		73,842		-			-		-			-			-
	Swap agreements		17,575		-			-		-			-			-
	Sale-buyback financing transactions		194,525		-			-		-			-			-
	Due to broker (2)		24,753		-			-		-			-			-
	Accrued advisory fees		1,722		829			657		92			223			1,150
	Accrued service fees		83		15			-		11			11			7
	Accrued support service expenses		52		22			9		5			9			21
	Accrued custodian, and portfolio accounting and tax fees		244		84			87		4			4			59
	Accrued shareholder report expenses		78		33			9		7			14			31
	Accrued trustees’ fees and expenses and deferred compensation		34		8			3		2			4			8
	Accrued dividends and interest		6		-			-		-			-			-
	Accrued other		46		29			10		8			14			30
Outstanding options written, at value			437		-			-		-			-			-
Swap contracts, at value			4,288		-			-		-			-			-
Forward foreign currency contracts depreciation			14,995		-			2,105		-			-			3,343
Other liabilities			2		-			-		-			-			-
Total Liabilities			3,291,995		1,357			3,502		325			451			5,878
NET ASSETS			$5,142,698		$2,455,406			$990,399		$266,382			$646,898			$2,018,295
NET ASSETS CONSIST OF:
Paid-in capital (3), (4)			$4,636,582		$2,506,764			$913,739		$920,004			$947,237			$2,309,499
Accumulated deficit (4)										(653,622	)		(300,339	)		(291,204	)
Undistributed net investment income (3)			49,319		6,935			8,440
Undistributed/accumulated net realized gain (loss) (3)			211,583		(85,645	)		7,041
Net unrealized appreciation on investments and assets and liabilities in foreign currencies (3)			245,214		27,352			61,179
NET ASSETS			$5,142,698		$2,455,406			$990,399		$266,382			$646,898			$2,018,295
Class I Shares:
	Net Assets		$1,514,555		$277,735			$7,809		$209,921			$202,691			$138,115
	Shares outstanding, $.001 par value (unlimited shares authorized)		131,139		29,479			722		22,363			19,382			16,803
	Net Asset Value Per Share		$11.55		$9.42			$10.82		$9.39			$10.46			$8.22
Class P Shares:
	Net Assets		$3,628,143		$2,177,671			$982,590		$56,461			$444,207			$1,880,180
	Shares outstanding, $.001 par value (unlimited shares authorized)		288,371		225,033			90,715		6,028			42,594			202,411
	Net Asset Value Per Share		$12.58		$9.68			$10.83		$9.37			$10.43			$9.29
Investments, at cost			$6,844,027		$2,334,439			$908,032		$200,330			$555,872			$1,646,034
Repurchase agreements, at cost			21,296		74,015			3,082		-			-			74,015
Foreign currency held, at cost			860		38			1,386		-			-			-
Premiums received from outstanding options written			4,017		-			-		-			-			-

(1) Includes cash collateral segregated for open forward foreign currency contracts in the Emerging Markets Debt Portfolio of $850.

(2) The Managed Bond Portfolio received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the portfolio and the counterparty. The portfolio invests such cash collateral in investment securities (see Note 5 in Notes to Financial Statements).

(3) Applicable to portfolios electing to be treated as a regulated investment company for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

(4) Applicable to portfolios electing to be treated as a partnership for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-2

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Dividend Growth Portfolio			Equity Index Portfolio		Focused 30 Portfolio			Growth LT Portfolio			Large-Cap Growth Portfolio			Large-Cap Value Portfolio
ASSETS
Investments, at value			$770,436			$1,953,713		$113,981			$509,806			$1,256,455			$2,802,408
Repurchase agreements, at value			40,614			29,476		68			1,604			26,530			30,656
Cash (1)			-			1,964		-			-			-			-
Foreign currency held, at value			-			-		-			21			-			-
Receivables:
	Dividends and interest		1,300			2,154		58			443			507			7,163
	Fund shares sold		98			474		18			20			53			413
	Securities sold		5,641			288		-			1,594			-			-
	Variation margin		-			855		-			-			-			-
Forward foreign currency contracts appreciation			-			-		-			415			-			-
Prepaid expenses and other assets			4			11		1			4			6			15
Total Assets			818,093			1,988,935		114,126			513,907			1,283,551			2,840,655
LIABILITIES
Payables:
	Fund shares redeemed		460			646		114			167			1			938
	Securities purchased		239			-		-			181			-			-
	Accrued advisory fees		460			84		72			237			738			1,423
	Accrued service fees		10			47		6			23			8			17
	Accrued support service expenses		8			20		1			7			12			28
	Accrued custodian, and portfolio accounting and tax fees		23			56		6			18			33			80
	Accrued shareholder report expenses		13			30		2			10			17			42
	Accrued trustees’ fees and expenses and deferred compensation		5			18		-			13			8			17
	Accrued other		13			29		1			11			17			39
Forward foreign currency contracts depreciation			-			-		-			392			-			-
Total Liabilities			1,231			930		202			1,059			834			2,584
NET ASSETS			$816,862			$1,988,005		$113,924			$512,848			$1,282,717			$2,838,071
NET ASSETS CONSIST OF:
Paid-in capital (2)			$1,165,853			$1,630,062		$318,148			$961,604			$1,320,505			$2,806,217
Undistributed/accumulated earnings (deficit) (2)			(348,991	)		357,943		(204,224	)		(448,756	)		(37,788	)		31,854
NET ASSETS			$816,862			$1,988,005		$113,924			$512,848			$1,282,717			$2,838,071
Class I Shares:
	Net Assets		$181,496			$852,780		$113,913			$422,736			$142,837			$308,064
	Shares outstanding, $.001 par value (unlimited shares authorized)		17,897			27,803		9,129			31,610			27,640			25,622
	Net Asset Value Per Share		$10.14			$30.67		$12.48			$13.37			$5.17			$12.02
Class P Shares:
	Net Assets		$635,366			$1,135,225		$11			$90,112			$1,139,880			$2,530,007
	Shares outstanding, $.001 par value (unlimited shares authorized)		57,786			36,264		1			6,319			189,630			194,082
	Net Asset Value Per Share		$11.00			$31.30		$12.52			$14.26			$6.01			$13.04
Investments, at cost			$646,658			$1,298,564		$87,184			$444,166			$1,075,734			$2,189,024
Repurchase agreements, at cost			40,614			29,476		68			1,604			26,530			30,656
Foreign currency held, at cost			-			-		-			21			-			-

(1) Includes cash collateral segregated for open futures contracts in the Equity Index Portfolio of $1,962.

(2) Applicable to portfolios electing to be treated as a partnership for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-3

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands except per share amounts)

		Long/Short Large-Cap Portfolio			Main  Street Core Portfolio			Mid-Cap Equity Portfolio			Mid-Cap Growth Portfolio		Mid-Cap Value Portfolio		Small-Cap Equity Portfolio
ASSETS
Investments, at value			$1,792,363			$1,413,760			$1,040,952			$695,335		$1,353,867		$986,831
Repurchase agreements, at value			28,932			35,325			30,033			20,313		17,143		13,829
Cash (1)			1,045			2			-			-		-		589
Cash collateral received for securities on loan (2)			414,470			-			-			-		-		-
Foreign currency held, at value			-			40			-			-		1		-
Receivables:
	Dividends and interest		1,981			1,279			811			805		732		1,422
	Fund shares sold		70			158			109			115		105		2
	Securities sold		5,376			11,717			-			1,553		1,169		1,476
	Variation margin		797			-			-			-		-		142
Prepaid expenses and other assets			8			7			7			4		7		5
Total Assets			2,245,042			1,462,288			1,071,912			718,125		1,373,024		1,004,296
LIABILITIES
Payable upon return of securities loaned (2)			414,470			-			-			-		-		-
Payables:
	Fund shares redeemed		25			311			37			134		488		1,563
	Securities purchased		2,584			18,364			-			1,732		-		7
	Securities sold short, at value		412,238			-			-			-		-		-
	Due to custodian		3			-			-			-		-		-
	Accrued advisory fees		1,131			547			585			419		789		544
	Accrued service fees		2			29			16			10		3		2
	Accrued support service expenses		14			14			13			9		12		10
	Accrued custodian, and portfolio accounting and tax fees		52			39			30			49		39		43
	Accrued shareholder report expenses		21			20			19			13		18		14
	Accrued trustees’ fees and expenses and deferred compensation		5			16			9			4		4		3
	Accrued dividends and interest		698			-			-			-		-		-
	Accrued other		20			20			20			14		18		15
Other liabilities			-			2			-			-		-		-
Total Liabilities			831,263			19,362			729			2,384		1,371		2,201
NET ASSETS			$1,413,779			$1,442,926			$1,071,183			$715,741		$1,371,653		$1,002,095
NET ASSETS CONSIST OF:
Paid-in capital (3)			$1,447,349			$2,008,723			$3,046,141			$656,770		$1,239,180		$1,033,595
Undistributed/accumulated earnings (deficit) (3)			(33,570	)		(565,797	)		(1,974,958	)		58,971		132,473		(31,500	)
NET ASSETS			$1,413,779			$1,442,926			$1,071,183			$715,741		$1,371,653		$1,002,095
Class I Shares:
	Net Assets		$31,373			$537,634			$295,015			$189,423		$46,795		$41,681
	Shares outstanding, $.001 par value (unlimited shares authorized)		4,441			27,453			29,662			26,477		4,791		3,574
	Net Asset Value Per Share		$7.06			$19.58			$9.95			$7.15		$9.77		$11.66
Class P Shares:
	Net Assets		$1,382,406			$905,292			$776,168			$526,318		$1,324,858		$960,414
	Shares outstanding, $.001 par value (unlimited shares authorized)		147,488			42,034			64,109			67,927		92,842		63,914
	Net Asset Value Per Share		$9.37			$21.54			$12.11			$7.75		$14.27		$15.03
Investments, at cost			$1,653,679			$1,195,998			$1,004,186			$638,867		$1,297,800		$883,469
Repurchase agreements, at cost			28,932			35,325			30,033			20,313		17,143		13,829
Foreign currency held, at cost			-			40			-			-		1		-
Securities on loan, at value			412,020			-			-			-		-		-
Proceeds from securities sold short			389,663			-			-			-		-		-

(1) Includes cash collateral segregated for open futures contracts in the Long/Short Large-Cap and Small-Cap Equity Portfolios of $1,045 and $365, respectively.

(2) Cash collateral is received by the Long/Short Large-Cap Portfolio for securities on loan which is used as collateral to cover securities sold short and is therefore uninvested (See Note 8 in Notes to Financial Statements).

(3) Applicable to portfolios electing to be treated as a partnership for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-4

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Small-Cap Growth Portfolio			Small-Cap Index Portfolio			Small-Cap Value Portfolio			Health Sciences Portfolio		Real Estate Portfolio			Technology Portfolio
ASSETS
Investments, at value			$477,975			$724,789			$471,460			$150,429		$1,096,682			$66,129
Repurchase agreements, at value			18,119			19,382			21,500			6,313		16,410			1,316
Cash (1)			-			1,208			-			-		-			-
Foreign currency held, at value			-			-			-			-		-			740
Receivables:
	Dividends and interest		344			1,046			608			20		3,593			5
	Fund shares sold		102			7			128			496		183			20
	Securities sold		1,284			-			509			-		1,438			36
	Variation margin		-			563			-			-		-			-
Prepaid expenses and other assets			3			2			2			1		5			-
Total Assets			497,827			746,997			494,207			157,259		1,118,311			68,246
LIABILITIES
Payables:
	Fund shares redeemed		51			504			307			8		622			24
	Securities purchased		-			-			1,832			244		1,374			-
	Due to custodian		-			144			57			-		-			-
	Accrued advisory fees		250			185			310			119		767			52
	Accrued service fees		6			20			9			9		15			4
	Accrued support service expenses		5			5			5			1		9			1
	Accrued custodian, and portfolio accounting and tax fees		15			31			15			7		30			5
	Accrued shareholder report expenses		7			8			7			2		13			1
	Accrued trustees’ fees and expenses and deferred compensation		3			7			2			1		5			-
	Accrued other		8			8			8			2		13			1
Total Liabilities			345			912			2,552			393		2,848			88
NET ASSETS			$497,482			$746,085			$491,655			$156,866		$1,115,463			$68,158
NET ASSETS CONSIST OF:
Paid-in capital (2)			$680,358			$960,648			$553,387			$127,851		$1,479,897			$107,188
Undistributed/accumulated earnings (deficit) (2)			(182,876	)		(214,563	)		(61,732	)		29,015		(364,434	)		(39,030	)
NET ASSETS			$497,482			$746,085			$491,655			$156,866		$1,115,463			$68,158
Class I Shares:
	Net Assets		$106,933			$377,576			$159,284			$156,854		$282,777			$68,148
	Shares outstanding, $.001 par value (unlimited shares authorized)		11,017			30,412			14,025			10,928		17,325			16,217
	Net Asset Value Per Share		$9.71			$12.42			$11.36			$14.35		$16.32			$4.20
Class P Shares:
	Net Assets		$390,549			$368,509			$332,371			$12		$832,686			$10
	Shares outstanding, $.001 par value (unlimited shares authorized)		34,542			29,645			24,328			1		49,490			2
	Net Asset Value Per Share		$11.31			$12.43			$13.66			$15.53		$16.83			$5.25
Investments, at cost			$407,026			$683,928			$367,543			$115,831		$908,351			$61,867
Repurchase agreements, at cost			18,119			19,382			21,500			6,313		16,410			1,316
Foreign currency held, at cost			-			-			-			-		-			740

(1) Includes cash collateral segregated for open futures contracts in the Small-Cap Index Portfolio of $1,208.

(2) Applicable to portfolios electing to be treated as a partnership for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-5

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Emerging Markets Portfolio			International Large-Cap Portfolio			International Small-Cap Portfolio			International Value Portfolio			Currency Strategies Portfolio			Global Absolute Return Portfolio
ASSETS
Investments, at value			$1,519,095			$2,005,093			$1,201,952			$1,528,047			$893,099			$1,796,735
Repurchase agreements, at value			40,757			-			12,280			10,177			574,053			422,792
Cash			-			167			16			-			1,120			620
Foreign currency held, at value			1,086			-			302			242			-			7,319
Receivables:
	Dividends and interest		661			2,858			2,126			2,994			11,522			6,496
	Fund shares sold		162			101			15			-			1			20
	Securities sold		754			9,920			2,868			-			-			43,379
	Variation margin		-			-			-			-			-			1,187
Swap contracts, at value			-			-			-			-			-			59,658
Forward foreign currency contracts appreciation			-			-			1,244			5,562			31,326			18,518
Prepaid expenses and other assets			16			36			25			8			37			76
Total Assets			1,562,531			2,018,175			1,220,828			1,547,030			1,511,158			2,356,800
LIABILITIES
Payables:
	Fund shares redeemed		134			3,526			1,340			3,084			1,910			90
	Securities purchased		4,593			1,978			1,993			-			-			120,178
	Securities sold short, at value		-			-			-			-			-			142,909
	Due to custodian (1)		-			8,770			-			-			-			-
	Due to broker (2)		-			-			-			-			25,580			19,282
	Accrued advisory fees		1,033			1,289			840			842			810			1,369
	Accrued service fees		24			23			2			17			-			-
	Accrued support service expenses		14			20			11			15			14			19
	Accrued custodian, and portfolio accounting and tax fees		182			102			99			62			59			158
	Accrued shareholder report expenses		21			31			16			22			5			7
	Accrued trustees’ fees and expenses and deferred compensation		6			11			4			11			5			6
	Accrued foreign capital gains tax		619			-			-			-			-			-
	Accrued dividends and interest		-			-			-			-			-			1,967
	Accrued other		21			30			16			22			11			15
Swap contracts, at value			-			-			-			-			-			21,349
Forward foreign currency contracts depreciation			-			-			-			4,045			24,403			18,707
Total Liabilities			6,647			15,780			4,321			8,120			52,797			326,056
NET ASSETS			$1,555,884			$2,002,395			$1,216,507			$1,538,910			$1,458,361			$2,030,744
NET ASSETS CONSIST OF:
Paid-in capital (3)			$1,175,798			$1,861,897			$1,316,727			$2,902,795			$1,458,705			$2,033,908
Undistributed/accumulated net investment income (loss) (3)			(6,161	)		10,922			3,286			10,919			(10,041	)		(14,708	)
Undistributed/accumulated net realized gain (loss) (3)			117,509			(190,750	)		(242,360	)		(1,529,263	)		(2	)		1,225
Net unrealized appreciation on investments and assets and liabilities in foreign currencies (3)			268,738			320,326			138,854			154,459			9,699			10,319
NET ASSETS			$1,555,884			$2,002,395			$1,216,507			$1,538,910			$1,458,361			$2,030,744
Class I Shares:
	Net Assets		$448,318			$430,048			$44,592			$316,519			$224			$923
	Shares outstanding, $.001 par value (unlimited shares authorized)		30,638			63,915			7,031			32,621			23			92
	Net Asset Value Per Share		$14.63			$6.73			$6.34			$9.70			$9.89			$9.98
Class P Shares:
	Net Assets		$1,107,566			$1,572,347			$1,171,915			$1,222,391			$1,458,137			$2,029,821
	Shares outstanding, $.001 par value (unlimited shares authorized)		73,984			220,013			135,672			113,804			147,416			203,285
	Net Asset Value Per Share		$14.97			$7.15			$8.64			$10.74			$9.89			$9.99
Investments, at cost			$1,249,154			$1,684,774			$1,064,314			$1,375,110			$890,435			$1,770,543
Repurchase agreements, at cost			40,757			-			12,280			10,177			574,053			422,792
Foreign currency held, at cost			1,670			-			303			237			-			6,440
Proceeds from securities sold short			-			-			-			-			-			134,631

(1) The International Large-Cap Portfolio had an outstanding committed line of credit of $8,770 (see Note 9 in Notes to Financial Statements).

(2) The Currency Strategies and Global Absolute Return Portfolios received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the portfolios and the counterparties. The portfolios invest such cash collateral in investment securities (see Note 5 in Notes to Financial Statements).

(3) Applicable to portfolios electing to be treated as a regulated investment company for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-6

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Precious Metals Portfolio			American Funds Asset Allocation Portfolio		Pacific Dynamix – Conservative Growth Portfolio		Pacific Dynamix – Moderate Growth Portfolio		Pacific Dynamix – Growth Portfolio		Portfolio Optimization Conservative Portfolio
ASSETS
Investments, at value			$769,981			$571,313		$-		$-		$-		$-
Investments in affiliates, at value			-			-		248,960		644,697		264,171		3,773,478
Repurchase agreements, at value			55,600			-		-		-		-		-
Foreign currency held, at value			51			-		-		-		-		-
Receivables:
	Dividends and interest		398			-		-		-		-		-
	Fund shares sold		121			2,784		674		3,558		12		4,068
	Securities sold		-			-		-		-		46		-
	Due from adviser		-			-		14		50		24		-
Prepaid expenses and other assets			37			2		1		2		1		17
Total Assets			826,188			574,099		249,649		648,307		264,254		3,777,563
LIABILITIES
Payables:
	Fund shares redeemed		-			1		-		-		48		-
	Securities purchased		2,829			2,761		664		3,534		-		3,924
	Accrued advisory fees		476			194		41		107		45		-
	Accrued service fees		-			31		13		35		14		205
	Accrued support service expenses		8			4		2		4		2		32
	Accrued custodian, and portfolio accounting and tax fees		39			4		7		7		7		9
	Accrued shareholder report expenses		3			6		3		6		3		48
	Accrued trustees’ fees and expenses and deferred compensation		3			1		1		1		1		10
	Accrued other		8			5		2		5		3		40
Total Liabilities			3,366			3,007		733		3,699		123		4,268
NET ASSETS			$822,822			$571,092		$248,916		$644,608		$264,131		$3,773,295
NET ASSETS CONSIST OF:
Paid-in capital (1)			$954,301			$502,860		$243,728		$610,461		$245,858		$3,531,750
Undistributed/accumulated earnings (deficit) (1)			(131,479	)		68,232		5,188		34,147		18,273		241,545
NET ASSETS			$822,822			$571,092		$248,916		$644,608		$264,131		$3,773,295
Class I Shares:
	Net Assets		$2,303			$571,092		$248,916		$644,608		$264,131		$3,773,295
	Shares outstanding, $.001 par value (unlimited shares authorized)		268			36,958		21,333		48,376		19,471		356,351
	Net Asset Value Per Share		$8.60			$15.45		$11.67		$13.32		$13.57		$10.59
Class P Shares:
	Net Assets		$820,519
	Shares outstanding, $.001 par value (unlimited shares authorized)		95,367
	Net Asset Value Per Share		$8.60
Investments, at cost			$897,387			$509,379		$-		$-		$-		$-
Investments in affiliates, at cost			-			-		240,704		615,098		248,513		3,652,813
Repurchase agreements, at cost			55,600			-		-		-		-		-
Foreign currency held, at cost			51			-		-		-		-		-

(1) Applicable to portfolios electing to be treated as a partnership for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-7

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

(In thousands, except per share amounts)

		Portfolio Optimization Moderate- Conservative Portfolio		Portfolio Optimization Moderate Portfolio		Portfolio Optimization Growth Portfolio		Portfolio Optimization Aggressive- Growth Portfolio
ASSETS
Investments in affiliates, at value			$4,701,738		$15,073,162		$12,605,945		$2,634,754
Receivables:
	Fund shares sold		335		37		253		582
	Securities sold		-		5,253		9,546		2,069
Prepaid expenses and other assets			22		74		63		13
Total Assets			4,702,095		15,078,526		12,615,807		2,637,418
LIABILITIES
Payables:
	Fund shares redeemed		22		4,715		9,317		2,550
	Securities purchased		133		-		-		-
	Accrued service fees		256		821		687		143
	Accrued support service expenses		42		141		120		25
	Accrued custodian, and portfolio accounting and tax fees		10		11		11		10
	Accrued shareholder report expenses		62		210		179		38
	Accrued trustees’ fees and expenses and deferred compensation		13		45		39		8
	Accrued other		51		172		147		32
Total Liabilities			589		6,115		10,500		2,806
NET ASSETS			$4,701,506		$15,072,411		$12,605,307		$2,634,612
NET ASSETS CONSIST OF:
Paid-in capital (1)			$4,396,429		$14,003,596		$11,705,475		$2,463,743
Undistributed earnings (1)			305,077		1,068,815		899,832		170,869
NET ASSETS			$4,701,506		$15,072,411		$12,605,307		$2,634,612
Class I Shares:
	Net Assets		$4,701,506		$15,072,411		$12,605,307		$2,634,612
	Shares outstanding, $.001 par value (unlimited shares authorized)		448,633		1,458,625		1,237,026		262,991
	Net Asset Value Per Share		$10.48		$10.33		$10.19		$10.02
Investments in affiliates, at cost			$4,556,410		$14,782,516		$12,430,689		$2,609,035

(1) Applicable to portfolios electing to be treated as a partnership for Federal income tax purposes (see Note 12 in Notes to Financial Statements).

See Notes to Financial Statements

C-8

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Cash Management Portfolio			Diversified Bond Portfolio			Floating Rate  Loan Portfolio			High Yield Bond Portfolio			Inflation Managed Portfolio			Inflation Protected Portfolio
INVESTMENT INCOME
Dividends			$-			$237			$-			$958			$240			$-
Interest, net of foreign taxes withheld			715			115,500			57,324			91,801			61,823			15,008
Other			-			48			174			244			-			-
Total Investment Income			715			115,785			57,498			93,003			62,063			15,008
EXPENSES
Advisory fees			1,050			13,137			7,522			5,180			8,291			5,091
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			1,350			221			162			746			1,412			53
Support services expenses			26			133			39			51			77			61
Custodian fees and expenses			15			107			5			30			93			56
Portfolio accounting and tax fees			85			384			427			185			213			154
Shareholder report expenses			23			111			35			43			95			36
Legal and audit fees			19			605			34			121			54			45
Trustees’ fees and expenses			10			46			14			18			27			23
Interest expense and commitment fees			1			61			1			3			1,703			3
Offering expenses			-			-			-			-			-			5
Other			7			35			16			18			32			18
Total Expenses			2,586			14,840			8,255			6,395			11,997			5,545
Advisory Fee Waiver (1)			-			-			(1,004	)		-			-			-
Adviser Reimbursement (2)			(1,871	)		-			-			-			-			-
Net Expenses			715			14,840			7,251			6,395			11,997			5,545
NET INVESTMENT INCOME (LOSS)			-			100,945			50,247			86,608			50,066			9,463
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		-			71,261			5,152			25,746			63,150			63,117
	Futures contracts and swap transactions		-			(15,732	)		-			29			7,917			29,591
	Written option transactions		-			3,813			-			-			6,386			3,550
	Foreign currency transactions		-			8,110			-			1			(2,627	)		(9,416	)
	Net Realized Gain (Loss)		-			67,452			5,152			25,776			74,826			86,842
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		-			103,842			25,657			75,444			78,884			(2,569	)
	Unfunded loan commitments		-			-			4			-			-			-
	Short positions		-			-			-			-			8			-
	Futures contracts and swaps		-			4,270			-			20			1,306			(1,496	)
	Written options		-			121			-			-			(4,750	)		(8	)
	Foreign currencies		-			(5,977	)		-			(1	)		6,925			(9,365	)
	Change in Net Unrealized Appreciation (Depreciation)		-			102,256			25,661			75,463			82,373			(13,438	)
NET GAIN (LOSS)			-			169,708			30,813			101,239			157,199			73,404
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$-			$270,653			$81,060			$187,847			$207,265			$82,867
Foreign taxes withheld on interest			$-			$2			$-			$-			$-			$-

(1) Pacific Life Fund Advisors LLC waived a portion of its advisory fees for the Floating Rate Loan Portfolio (see Note 6 in Notes to Financial Statements).

(2) Pacific Life Fund Advisors LLC reimbursed expenses for the Cash Management Portfolio (See Note 7B in Notes to Financial Statements).

See Notes to Financial Statements

C-9

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Managed Bond Portfolio			Short Duration Bond Portfolio			Emerging Markets Debt Portfolio (1)			American Funds Growth Portfolio			American Funds Growth-Income Portfolio			Comstock Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$3,939			$-			$-			$2,987			$12,616			$54,819
Interest, net of foreign taxes withheld			204,559			41,989			36,729			-			-			6
Other			41			-			-			-			-			-
Total Investment Income			208,539			41,989			36,729			2,987			12,616			54,825
EXPENSES
Advisory fees			22,171			9,464			5,010			3,571			7,087			15,581
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			2,956			508			3			424			399			252
Support services expenses			229			95			23			22			37			86
Custodian fees and expenses			394			62			158			-			-			52
Portfolio accounting and tax fees			596			251			84			17			17			200
Shareholder report expenses			200			76			20			21			39			79
Legal and audit fees			850			477			19			14			28			155
Trustees’ fees and expenses			79			34			10			7			14			32
Interest expense and commitment fees			221			4			6			-			-			4
Offering expenses			-			-			37			-			-			-
Other			70			24			6			11			15			40
Total Expenses			27,766			10,995			5,376			4,087			7,636			16,481
Advisory Fee Waivers (2)			-			-			-			(1,619	)		(3,224	)		(336	)
Net Expenses			27,766			10,995			5,376			2,468			4,412			16,145
NET INVESTMENT INCOME			180,773			30,994			31,353			519			8,204			38,680
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions (3)		221,820			12,765			4,127			40,190			50,897			219,531
	Futures contracts and swap transactions		(41,428	)		417			-			-			-			(1,472	)
	Written option transactions		27,778			-			-			-			-			-
	Foreign currency transactions		28,024			(40	)		2,001			-			-			(4,197	)
	Net Realized Gain		236,194			13,142			6,128			40,190			50,897			213,862
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		126,504			31,063			61,599			52,155			100,004			145,869
	Short positions		2,826			-			-			-			-			-
	Futures contracts and swaps		82,429			-			-			-			-			-
	Written options		(15,462	)		-			-			-			-			-
	Foreign currencies		(19,813	)		62			(420	)		-			-			(3,154	)
	Change in Net Unrealized Appreciation		176,484			31,125			61,179			52,155			100,004			142,715
NET GAIN			412,678			44,267			67,307			92,345			150,901			356,577
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$593,451			$75,261			$98,660			$92,864			$159,105			$395,257
Foreign taxes withheld on dividends and interest			$-			$-			$10			$-			$-			$1,118

(1) Operations commenced on April 30, 2012.

(2) Pacific Life Fund Advisors LLC waived a portion of its advisory fees for the American Funds Growth, American Funds Growth-Income and Comstock Portfolios (see Note 6 in Notes to Financial Statements).

(3) Net realized gain (loss) on investment security transactions for the Managed Bond Portfolio is net of foreign capital gains tax withheld of $77. Net realized gain (loss) on investment transactions for the Emerging Markets Debt Portfolio is net of Brazilian tax on financial operations of $2,594.

See Notes to Financial Statements

C-10

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Dividend Growth Portfolio		Equity Index Portfolio			Focused 30 Portfolio			Growth LT Portfolio			Large-Cap Growth Portfolio			Large-Cap Value Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$21,718		$50,211			$1,197			$10,346			$10,465			$81,907
Interest, net of foreign taxes withheld			4		1			4			33			1			51
Other			-		-			-			11			-			-
Total Investment Income			21,722		50,212			1,201			10,390			10,466			81,958
EXPENSES
Advisory fees			5,995		1,092			876			4,108			8,806			18,027
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			342		1,647			235			855			283			617
Support services expenses			38		87			7			32			47			116
Custodian fees and expenses			22		59			6			35			28			73
Portfolio accounting and tax fees			82		186			18			72			107			267
Shareholder report expenses			33		80			4			34			45			109
Legal and audit fees			174		259			113			166			106			231
Trustees’ fees and expenses			13		31			2			10			17			44
Interest expense and commitment fees			1		4			-			1			5			6
Other			21		41			2			17			22			50
Total Expenses			6,721		3,486			1,263			5,330			9,466			19,540
Advisory Fee Waiver (1)			-		-			-			-			(311	)		-
Net Expenses			6,721		3,486			1,263			5,330			9,155			19,540
NET INVESTMENT INCOME (LOSS)			15,001		46,726			(62	)		5,060			1,311			62,418
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		64,660		192,403			170			142,118			187,962			239,735
	Futures contracts transactions		440		4,173			-			(779	)		-			(1,799	)
	Written option transactions		-		-			-			1,232			-			-
	Foreign currency transactions		7		-			(1	)		39			-			(22	)
	Net Realized Gain		65,107		196,576			169			142,610			187,962			237,914
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		48,059		96,373			22,730			7,716			26,545			176,285
	Futures contracts		-		(545	)		-			-			-			-
	Foreign currencies		3		-			1			(1,502	)		-			13
	Change in Net Unrealized Appreciation		48,062		95,828			22,731			6,214			26,545			176,298
NET GAIN			113,169		292,404			22,900			148,824			214,507			414,212
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$128,170		$339,130			$22,838			$153,884			$215,818			$476,630
Foreign taxes withheld on dividends and interest			$84		$25			$18			$191			$-			$1,596

(1) Pacific Life Fund Advisors LLC waived a portion of its advisory fees for the Large-Cap Growth Portfolio (see Note 6 in Notes to Financial Statements).

See Notes to Financial Statements

C-11

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Long/Short Large-Cap Portfolio			Main  Street Core Portfolio			Mid-Cap Equity Portfolio			Mid-Cap Growth Portfolio			Mid-Cap Value Portfolio			Small-Cap Equity Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$42,502			$27,564			$19,493			$12,319			$24,189			$26,683
Interest, net of foreign taxes withheld			5			2			4			4			3			3
Securities lending			116			-			-			-			-			-
Total Investment Income			42,623			27,566			19,497			12,323			24,192			26,686
EXPENSES
Advisory fees			15,073			6,611			8,913			6,468			9,163			7,747
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			59			1,095			630			409			86			83
Support services expenses			68			60			67			40			48			42
Custodian fees and expenses			59			34			32			37			35			43
Portfolio accounting and tax fees			150			122			116			127			109			123
Shareholder report expenses			54			51			53			36			46			37
Legal and audit fees			43			245			655			261			37			196
Trustees’ fees and expenses			21			21			20			13			19			15
Interest expense and commitment fees			2,044			5			2			2			2			3
Dividend expenses			13,118			-			-			-			-			-
Other			28			28			30			21			23			22
Total Expenses			30,717			8,272			10,518			7,414			9,568			8,311
Advisory Fee Waivers (1)			(176	)		-			-			-			-			(369	)
Net Expenses			30,541			8,272			10,518			7,414			9,568			7,942
NET INVESTMENT INCOME			12,082			19,294			8,979			4,909			14,624			18,744
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		124,820			182,149			148,041			60,501			81,297			29,243
	Closed short positions		(17,962	)		-			-			-			-			-
	Futures contracts transactions		2,836			(240	)		1,865			(1,527	)		(7,559	)		(526	)
	Foreign currency transactions		(1	)		4			-			(92	)		(6	)		-
	Net Realized Gain		109,693			181,913			149,906			58,882			73,732			28,717
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		159,984			35,165			(35,474	)		12,922			80,984			108,877
	Short positions		(20,926	)		-			-			-			-			-
	Futures contracts		(86	)		-			-			-			-			114
	Foreign currencies		-			1			-			16			-			-
	Change in Net Unrealized Appreciation (Depreciation)		138,972			35,166			(35,474	)		12,938			80,984			108,991
NET GAIN			248,665			217,079			114,432			71,820			154,716			137,708
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$260,747			$236,373			$123,411			$76,729			$169,340			$156,452
Foreign taxes withheld on dividends and interest			$2			$17			$-			$204			$-			$22

(1) Pacific Life Fund Advisors LLC waived a portion of its advisory fees for the Long/Short Large-Cap and Small-Cap Equity Portfolios (see Note 6 in Notes to Financial Statements).

See Notes to Financial Statements

C-12

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Small-Cap Growth Portfolio			Small-Cap Index Portfolio		Small-Cap Value Portfolio		Health Sciences Portfolio			Real Estate Portfolio			Technology Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$5,126			$13,298		$14,739		$1,063			$24,757			$531
Interest, net of foreign taxes withheld			1			1		2		1			2			-
Total Investment Income			5,127			13,299		14,741		1,064			24,759			531
EXPENSES
Advisory fees			3,154			1,738		3,720		1,370			7,741			711
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			221			742		326		304			562			158
Support services expenses			25			25		23		6			38			3
Custodian fees and expenses			14			29		13		6			22			5
Portfolio accounting and tax fees			49			77		46		20			79			17
Shareholder report expenses			20			20		18		5			31			3
Legal and audit fees			266			243		222		33			286			16
Trustees’ fees and expenses			7			8		7		2			13			1
Interest expense and commitment fees			1			1		1		-			1			2
Other			13			12		13		2			16			1
Total Expenses			3,770			2,895		4,389		1,748			8,789			917
Net Expenses			3,770			2,895		4,389		1,748			8,789			917
NET INVESTMENT INCOME (LOSS)			1,357			10,404		10,352		(684	)		15,970			(386	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		75,128			10,953		35,325		31,553			31,712			2,310
	Futures contracts transactions		124			1,093		-		-			(1,493	)		-
	Foreign currency transactions		-			-		-		4			16			(2	)
	Net Realized Gain		75,252			12,046		35,325		31,557			30,235			2,308
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		(9,504	)		59,804		7,199		1,515			54,814			2,783
	Futures contracts		-			412		-		-			-			-
	Foreign currencies		-			-		-		-			-			30
	Change in Net Unrealized Appreciation (Depreciation)		(9,504	)		60,216		7,199		1,515			54,814			2,813
NET GAIN			65,748			72,262		42,524		33,072			85,049			5,121
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$67,105			$82,666		$52,876		$32,388			$101,019			$4,735
Foreign taxes withheld on dividends and interest			$-			$14		$81		$16			$91			$1

See Notes to Financial Statements

C-13

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Emerging Markets Portfolio			International Large-Cap Portfolio			International Small-Cap Portfolio			International Value Portfolio			Currency Strategies Portfolio (1)			Global Absolute Return Portfolio (1)
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$27,452			$60,022			$38,313			$61,265			$-			$36
Interest, net of foreign taxes withheld			1			10			3			3			651			15,067
Total Investment Income			27,453			60,032			38,316			61,268			651			15,103
EXPENSES
Advisory fees			12,149			16,720			9,935			10,272			2,412			4,081
Service fees (Class I only, see Note 6 in Notes to Financial Statements) (2)			853			774			82			602			-			-
Support services expenses			58			85			47			61			17			23
Custodian fees and expenses			378			162			88			107			25			107
Portfolio accounting and tax fees			300			268			225			160			34			50
Shareholder report expenses			55			79			39			56			5			8
Legal and audit fees			125			126			72			185			10			14
Trustees’ fees and expenses			20			31			16			22			5			7
Interest expense and commitment fees			3			6			2			2			2			82
Offering expenses			-			-			-			-			11			11
Other			23			38			21			25			3			4
Total Expenses			13,964			18,289			10,527			11,492			2,524			4,387
Advisory Fee Waiver (3)			-			-			(235	)		-			-			-
Net Expenses			13,964			18,289			10,292			11,492			2,524			4,387
NET INVESTMENT INCOME (LOSS)			13,489			41,743			28,024			49,776			(1,873	)		10,716
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		135,265			85,908			10,515			(99,724	)		(2	)		6,462
	Futures contracts and swap transactions		-			(4,681	)		-			(5,799	)		-			(31,662	)
	Foreign currency transactions		(975	)		(682	)		(106	)		(2,577	)		(24,039	)		1,001
	Net Realized Gain (Loss)		134,290			80,545			10,409			(108,100	)		(24,041	)		(24,199	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities (4)		148,210			318,526			169,213			309,665			2,664			26,192
	Short positions		-			-			-			-			-			(8,279	)
	Futures contracts and swaps		-			-			-			(26	)		-			(7,367	)
	Foreign currencies		(121	)		100			1,198			3,945			7,035			(227	)
	Change in Net Unrealized Appreciation		148,089			318,626			170,411			313,584			9,699			10,319
NET GAIN (LOSS)			282,379			399,171			180,820			205,484			(14,342	)		(13,880	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$295,868			$440,914			$208,844			$255,260			($16,215	)		($3,164	)
Foreign taxes withheld on dividends and interest			$2,037			$5,779			$3,261			$5,197			$-			$20

(1) Operations commenced on September 28, 2012.

(2) The service fees for the Currency Strategies and Global Absolute Return Portfolios in full dollars were $94 and $303, respectively, and are not shown on the above Statements of Operations due to rounding.

(3) Pacific Life Fund Advisors LLC waived a portion of its advisory fees for the International Small-Cap Portfolio (see Note 6 in Notes to Financial Statements).

(4) Change in net unrealized appreciation (depreciation) on investment securities for the Emerging Markets Portfolio is net of increase in deferred foreign capital gains tax of $507.

See Notes to Financial Statements

C-14

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Precious Metals Portfolio (1)			American Funds Asset Allocation Portfolio			Pacific Dynamix – Conservative Growth Portfolio			Pacific Dynamix – Moderate Growth Portfolio			Pacific Dynamix – Growth Portfolio			Portfolio Optimization Conservative Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$1,520			$11,020			$-			$-			$-			$-
Dividends from affiliated mutual fund investments			-			-			4,352			11,200			4,468			100,273
Interest, net of foreign taxes withheld			2			-			-			-			-			-
Total Investment Income			1,522			11,020			4,352			11,200			4,468			100,273
EXPENSES
Advisory fees			1,491			3,013			384			915			486			3,450
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			1			804			384			915			486			6,900
Support services expenses			10			14			7			16			9			140
Custodian fees and expenses			19			-			-			-			-			-
Portfolio accounting and tax fees			19			17			28			28			29			33
Shareholder report expenses			3			13			6			14			8			85
Legal and audit fees			7			11			5			13			7			104
Trustees’ fees and expenses			3			5			3			6			3			53
Interest expense and commitment fees			1			-			-			-			-			-
Offering expenses			11			-			-			-			-			7
Other			2			3			1			3			1			30
Total Expenses			1,567			3,880			818			1,910			1,029			10,802
Advisory Fee Waivers (2)			-			(1,366	)		-			-			-			(3,450	)
Adviser Reimbursement (3)			-			-			(76	)		(240	)		(164	)		-
Net Expenses			1,567			2,514			742			1,670			865			7,352
NET INVESTMENT INCOME (LOSS)			(45	)		8,506			3,610			9,530			3,603			92,921
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		(4,003	)		5,993			-			-			-			-
	Investment securities from affiliated mutual fund investments		-			-			931			1,498			4,171			50,186
	Foreign currency transactions		(29	)		-			-			-			-			-
	Capital gain distributions from affiliated mutual fund investments		-			-			1,624			5,612			3,903			66,449
	Net Realized Gain (Loss)		(4,032	)		5,993			2,555			7,110			8,074			116,635
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		(127,406	)		40,541			-			-			-			-
	Investment securities from affiliated mutual fund investments		-			-			9,974			30,919			17,283			127,051
	Foreign currencies		4			-			-			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		(127,402	)		40,541			9,974			30,919			17,283			127,051
NET GAIN (LOSS)			(131,434	)		46,534			12,529			38,029			25,357			243,686
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($131,479	)		$55,040			$16,139			$47,559			$28,960			$336,607
Foreign taxes withheld on dividends and interest			$379			$-			$-			$-			$-			$-

(1) Operations commenced on September 28, 2012.

(2) Pacific Life Fund Advisors LLC waived a portion of its advisory fees for the American Funds Asset Allocation and Portfolio Optimization Conservative Portfolios (see Note 6 in Notes to Financial Statements).

(3) Pacific Life Fund Advisors LLC reimbursed expenses for the Pacific Dynamix - Conservative Growth, Pacific Dynamix - Moderate Growth and Pacific Dynamix - Growth Portfolios (see Note 7B in Notes to Financial Statements).

See Notes to Financial Statements

C-15

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Portfolio Optimization Moderate- Conservative Portfolio			Portfolio Optimization Moderate Portfolio			Portfolio Optimization Growth Portfolio			Portfolio Optimization Aggressive- Growth Portfolio
INVESTMENT INCOME
Dividends from affiliated mutual fund investments			$119,704			$348,277			$253,542			$44,443
Total Investment Income			119,704			348,277			253,542			44,443
EXPENSES
Advisory fees			4,461			15,056			12,882			2,702
Service fees (Class I only, see Note 6 in Notes to Financial Statements)			8,922			30,112			25,763			5,404
Support services expenses			178			614			527			111
Portfolio accounting and tax fees			36			39			38			35
Shareholder report expenses			112			374			320			67
Legal and audit fees			134			456			391			82
Trustees’ fees and expenses			67			230			198			41
Offering expenses			7			7			7			7
Other			37			130			113			24
Total Expenses			13,954			47,018			40,239			8,473
Advisory Fee Waivers (1)			(4,461	)		(15,056	)		(12,882	)		(2,702	)
Net Expenses			9,493			31,962			27,357			5,771
NET INVESTMENT INCOME			110,211			316,315			226,185			38,672
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment securities from affiliated mutual fund investments		55,358			225,534			112,217			10,983
	Capital gain distributions from affiliated mutual fund investments		98,913			547,353			613,504			142,109
	Net Realized Gain		154,271			772,887			725,721			153,092
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities from affiliated mutual fund investments		211,855			738,475			731,988			191,119
	Change in Net Unrealized Appreciation		211,855			738,475			731,988			191,119
NET GAIN			366,126			1,511,362			1,457,709			344,211
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$476,337			$1,827,677			$1,683,894			$382,883

(1) Pacific Life Fund Advisors LLC waived its advisory fees for the Portfolio Optimization Portfolios (see Note 6 in Notes to Financial Statements).

See Notes to Financial Statements

C-16

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Cash Management Portfolio						Diversified Bond Portfolio						Floating Rate Loan Portfolio
OPERATIONS
Net investment income (loss)			$-			$-			$100,945			$101,765			$50,247			$59,782
Net realized gain (loss)			-			(4	)		67,452			91,172			5,152			(402	)
Change in net unrealized appreciation (depreciation)			-			-			102,256			(12,648	)		25,661			(33,134	)
Net Increase (Decrease) in Net Assets Resulting from Operations			-			(4	)		270,653			180,289			81,060			26,246
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(7	)		-			(3,303	)		(64,451	)		(4,165	)		(60,692	)
	Class P (2)		-			-			(98,551	)		(24,179	)		(45,048	)		(13,322	)
Net realized gains
	Class I		-			-			(962	)		-			-			-
	Class P		-			-			(21,787	)		-			-			-
Net Decrease from Dividends and Distributions to Shareholders			(7	)		-			(124,603	)		(88,630	)		(49,213	)		(74,014	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		393,703			720,592			38,726			58,945			18,338			29,997
	Class P		-			39			573,083			3,169,674			48,746			1,043,685
Dividend and distribution reinvestments
	Class I		7			-			4,265			64,451			4,165			60,692
	Class P		-			-			120,338			24,179			45,048			13,322
Cost of shares repurchased
	Class I		(586,156	)		(750,397	)		(40,333	)		(2,998,805	)		(18,872	)		(1,018,268	)
	Class P		-			-			(643,959	)		(311,382	)		(212,438	)		(76,537	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(192,446	)		(29,766	)		52,120			7,062			(115,013	)		52,891
NET INCREASE (DECREASE) IN NET ASSETS			(192,453	)		(29,770	)		198,170			98,721			(83,166	)		5,123
NET ASSETS
Beginning of Year			831,490			861,260			3,055,622			2,956,901			1,052,356			1,047,233
End of Year			$639,037			$831,490			$3,253,792			$3,055,622			$969,190			$1,052,356
Undistributed/Accumulated Net Investment Income (Loss)			($152	)		($145	)		$24,398			$17,144			$11,192			$10,158

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

(2) The net investment income distributed to shareholders for the Class P Shares of the Cash Management Portfolio in full dollars was $98, and is not shown on the above Statements of Changes in Net Assets due to rounding.

See Notes to Financial Statements

C-17

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Period Ended December 31, 2011
		High Yield Bond Portfolio						Inflation Managed Portfolio						Inflation Protected Portfolio (2)
OPERATIONS
Net investment income (loss)			$86,608			$92,767			$50,066			$88,578			$9,463			($950	)
Net realized gain			25,776			33,551			74,826			305,354			86,842			56,784
Change in net unrealized appreciation (depreciation)			75,463			(85,344	)		82,373			31,041			(13,438	)		42,512
Net Increase in Net Assets Resulting from Operations			187,847			40,974			207,265			424,973			82,867			98,346
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(24,933	)		(68,867	)		(16,363	)		(76,091	)		(122	)		(510	)
	Class P		(61,115	)		(19,046	)		(31,781	)		(10,061	)		(7,655	)		(24,243	)
Net realized gains
	Class I		-			-			(113,636	)		(205,225	)		(106	)		(326	)
	Class P		-			-			(167,504	)		-			(5,649	)		(24,475	)
Net Decrease from Dividends and Distributions to Shareholders			(86,048	)		(87,913	)		(329,284	)		(291,377	)		(13,532	)		(49,554	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		149,488			144,182			69,642			104,878			20,486			56,435
	Class P		65,803			1,092,067			233,454			2,247,381			269,125			1,544,545
Dividend and distribution reinvestments
	Class I		24,933			68,867			129,999			281,316			228			836
	Class P		61,115			19,046			199,285			10,061			13,304			48,718
Cost of shares repurchased
	Class I		(141,532	)		(1,022,795	)		(106,249	)		(4,320,130	)		(16,531	)		(37,480	)
	Class P		(326,057	)		(69,121	)		(1,571,091	)		(283,626	)		(683,546	)		(215,134	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(166,250	)		232,246			(1,044,960	)		(1,960,120	)		(396,934	)		1,397,920
NET INCREASE (DECREASE) IN NET ASSETS			(64,451	)		185,307			(1,166,979	)		(1,826,524	)		(327,599	)		1,446,712
NET ASSETS
Beginning of Year or Period			1,363,572			1,178,265			2,772,407			4,598,931			1,446,712			-
End of Year or Period			$1,299,121			$1,363,572			$1,605,428			$2,772,407			$1,119,113			$1,446,712
Undistributed Net Investment Income			$17,977			$16,931			$17,511			$40,476			$28,573			$1,580

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

(2) Operations commenced on May 2, 2011.

See Notes to Financial Statements

C-18

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Period Ended December 31, 2012
		Managed Bond Portfolio						Short Duration Bond Portfolio						Emerging Markets Debt Portfolio (2)
OPERATIONS
Net investment income			$180,773			$209,726			$30,994			$23,218			$31,353
Net realized gain			236,194			67,134			13,142			2,222			6,128
Change in net unrealized appreciation (depreciation)			176,484			(37,866	)		31,125			(9,927	)		61,179
Net Increase in Net Assets Resulting from Operations			593,451			238,994			75,261			15,513			98,660
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(75,142	)		(105,416	)		(2,111	)		(15,061	)		(156	)
	Class P		(205,470	)		(59,211	)		(22,951	)		(8,448	)		(21,844	)
Net realized gains
	Class I		(1,649	)		(214,428	)		-			-			-
	Class P		(4,212	)		-			-			-			-
Net Decrease from Dividends and Distributions to Shareholders			(286,473	)		(379,055	)		(25,062	)		(23,509	)		(22,000	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		112,052			119,524			84,484			62,589			7,934
	Class P		386,259			5,011,295			1,075,692			1,665,839			969,780
Dividend and distribution reinvestments
	Class I		76,791			319,844			2,111			15,061			156
	Class P		209,682			59,211			22,951			8,448			21,844
Cost of shares repurchased
	Class I		(167,846	)		(5,271,347	)		(55,017	)		(1,471,602	)		(409	)
	Class P		(1,868,953	)		(387,003	)		(498,740	)		(132,630	)		(85,566	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(1,252,015	)		(148,476	)		631,481			147,705			913,739
NET INCREASE (DECREASE) IN NET ASSETS			(945,037	)		(288,537	)		681,680			139,709			990,399
NET ASSETS
Beginning of Year or Period			6,087,735			6,376,272			1,773,726			1,634,017			-
End of Year or Period			$5,142,698			$6,087,735			$2,455,406			$1,773,726			$990,399
Undistributed Net Investment Income			$49,319			$139,794			$6,935			$1,000			$8,440

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

(2) Operations commenced on April 30, 2012.

See Notes to Financial Statements

C-19

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		American Funds Growth Portfolio						American Funds Growth-Income Portfolio						Comstock Portfolio
OPERATIONS
Net investment income			$519			$2,324			$8,204			$15,071			$38,680			$34,091
Net realized gain (loss)			40,190			(64,670	)		50,897			(214,656	)		213,862			112,339
Change in net unrealized appreciation (depreciation)			52,155			31,695			100,004			176,514			142,715			(186,507	)
Net Increase (Decrease) in Net Assets Resulting from Operations			92,864			(30,651	)		159,105			(23,071	)		395,257			(40,077	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(352	)		(480	)		(2,221	)		(1,980	)		(2,531	)		(12,340	)
	Class P		(572	)		(1,470	)		(8,630	)		(10,150	)		(41,100	)		(14,130	)
Net realized gains
	Class I		-			-			-			-			(6,235	)		(16,362	)
	Class P		-			-			-			-			(106,104	)		-
Net Decrease from Dividends and Distributions to Shareholders			(924	)		(1,950	)		(10,851	)		(12,130	)		(155,970	)		(42,832	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		19,002			29,679			12,828			13,425			20,738			11,616
	Class P		39,523			538,109			45,006			982,214			396,825			2,147,709
Dividend and distribution reinvestments
	Class I		352			480			2,221			1,980			8,766			28,702
	Class P		572			1,470			8,630			10,150			147,204			14,130
Cost of shares repurchased
	Class I		(45,712	)		(822,549	)		(30,363	)		(1,220,496	)		(18,989	)		(2,129,067	)
	Class P		(550,712	)		(48	)		(686,834	)		(68	)		(848,699	)		(120,659	)
Net Decrease in Net Assets from Capital Share Transactions			(536,975	)		(252,859	)		(648,512	)		(212,795	)		(294,155	)		(47,569	)
NET DECREASE IN NET ASSETS			(445,035	)		(285,460	)		(500,258	)		(247,996	)		(54,868	)		(130,478	)
NET ASSETS
Beginning of Year			711,417			996,877			1,147,156			1,395,152			2,073,163			2,203,641
End of Year			$266,382			$711,417			$646,898			$1,147,156			$2,018,295			$2,073,163
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-20

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Dividend Growth Portfolio						Equity Index Portfolio						Focused 30 Portfolio
OPERATIONS
Net investment income (loss)			$15,001			$14,266			$46,726			$47,602			($62	)		($463	)
Net realized gain (loss)			65,107			17,229			196,576			(11,745	)		169			11,619
Change in net unrealized appreciation (depreciation)			48,062			3,492			95,828			12,491			22,731			(23,353	)
Net Increase (Decrease) in Net Assets Resulting from Operations			128,170			34,987			339,130			48,348			22,838			(12,197	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(2,932	)		(5,620	)		(19,937	)		(23,460	)		-			-
	Class P		(13,624	)		(5,520	)		(32,905	)		(13,610	)		-			-
Net realized gains
	Class I		(3,731	)		(52,880	)		-			-			(11,617	)		-
	Class P		(13,498	)		-			-			-			(1	)		-
Net Decrease from Dividends and Distributions to Shareholders			(33,785	)		(64,020	)		(52,842	)		(37,070	)		(11,618	)		-
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		30,992			27,193			110,885			50,799			30,127			12,041
	Class P		29,250			918,884			101,955			1,733,955			-			10
Dividend and distribution reinvestments
	Class I		6,663			58,500			19,937			23,460			11,617			-
	Class P		27,122			5,520			32,905			13,610			1			-
Cost of shares repurchased
	Class I		(28,419	)		(984,468	)		(142,381	)		(1,974,748	)		(40,160	)		(48,036	)
	Class P		(347,194	)		(72,559	)		(779,703	)		(142,256	)		-			-
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(281,586	)		(46,930	)		(656,402	)		(295,180	)		1,585			(35,985	)
NET INCREASE (DECREASE) IN NET ASSETS			(187,201	)		(75,963	)		(370,114	)		(283,902	)		12,805			(48,182	)
NET ASSETS
Beginning of Year			1,004,063			1,080,026			2,358,119			2,642,021			101,119			149,301
End of Year			$816,862			$1,004,063			$1,988,005			$2,358,119			$113,924			$101,119
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-21

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Growth LT Portfolio						Large-Cap Growth Portfolio						Large-Cap Value Portfolio
OPERATIONS
Net investment income (loss)			$5,060			$8,344			$1,311			($2,456	)		$62,418			$58,685
Net realized gain			142,610			191,447			187,962			180,858			237,914			78,354
Change in net unrealized appreciation (depreciation)			6,214			(269,969	)		26,545			(156,925	)		176,298			9,303
Net Increase (Decrease) in Net Assets Resulting from Operations			153,884			(70,178	)		215,818			21,477			476,630			146,342
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(3,757	)		(4,790	)		-			-			(5,962	)		(23,810	)
	Class P		(1,587	)		(2,070	)		(1,150	)		-			(63,013	)		(21,230	)
Net realized gains
	Class I		(146,739	)		(54,565	)		(23,548	)		(159,514	)		(7,725	)		(12,868	)
	Class P		(44,708	)		-			(157,310	)		-			(70,630	)		-
Net Decrease from Dividends and Distributions to Shareholders			(196,791	)		(61,425	)		(182,008	)		(159,514	)		(147,330	)		(57,908	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		13,249			12,497			40,036			29,937			22,761			28,006
	Class P		3,802			706,083			125,414			1,191,978			503,980			2,717,925
Dividend and distribution reinvestments
	Class I		150,496			59,355			23,548			159,514			13,687			36,678
	Class P		46,295			2,070			158,460			-			133,643			21,230
Cost of shares repurchased
	Class I		(66,450	)		(1,197,418	)		(44,403	)		(1,348,673	)		(56,740	)		(2,982,407	)
	Class P		(625,103	)		(41,956	)		(231,546	)		(121,534	)		(940,878	)		(180,458	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(477,711	)		(459,369	)		71,509			(88,778	)		(323,547	)		(359,026	)
NET INCREASE (DECREASE) IN NET ASSETS			(520,618	)		(590,972	)		105,319			(226,815	)		5,753			(270,592	)
NET ASSETS
Beginning of Year			1,033,466			1,624,438			1,177,398			1,404,213			2,832,318			3,102,910
End of Year			$512,848			$1,033,466			$1,282,717			$1,177,398			$2,838,071			$2,832,318
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-22

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Long/Short Large-Cap Portfolio						Main Street Core Portfolio						Mid-Cap Equity Portfolio
OPERATIONS
Net investment income			$12,082			$10,596			$19,294			$13,301			$8,979			$8,829
Net realized gain			109,693			168,557			181,913			61,815			149,906			218,572
Change in net unrealized appreciation (depreciation)			138,972			(210,418	)		35,166			(69,345	)		(35,474	)		(321,916	)
Net Increase (Decrease) in Net Assets Resulting from Operations			260,747			(31,265	)		236,373			5,771			123,411			(94,515	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(261	)		(3,210	)		(5,463	)		(6,760	)		(2,068	)		(3,100	)
	Class P		(12,755	)		(5,040	)		(12,408	)		(4,050	)		(7,681	)		(3,780	)
Net realized gains
	Class I		(3,946	)		(165,499	)		(23,509	)		(115,329	)		(66,096	)		(268,886	)
	Class P		(164,610	)		-			(38,304	)		-			(152,476	)		-
Net Decrease from Dividends and Distributions to Shareholders			(181,572	)		(173,749	)		(79,684	)		(126,139	)		(228,321	)		(275,766	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		8,562			12,518			19,829			16,545			13,187			19,203
	Class P		295,495			1,565,662			131,899			921,101			32,778			1,573,316
Dividend and distribution reinvestments
	Class I		4,207			168,709			28,972			122,089			68,164			271,986
	Class P		177,365			5,040			50,712			4,050			160,157			3,780
Cost of shares repurchased
	Class I		(8,042	)		(1,609,665	)		(97,566	)		(998,571	)		(62,365	)		(1,728,046	)
	Class P		(571,728	)		(110,367	)		(228,860	)		(83,255	)		(752,616	)		(84,650	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(94,141	)		31,897			(95,014	)		(18,041	)		(540,695	)		55,589
NET INCREASE (DECREASE) IN NET ASSETS			(14,966	)		(173,117	)		61,675			(138,409	)		(645,605	)		(314,692	)
NET ASSETS
Beginning of Year			1,428,745			1,601,862			1,381,251			1,519,660			1,716,788			2,031,480
End of Year			$1,413,779			$1,428,745			$1,442,926			$1,381,251			$1,071,183			$1,716,788
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-23

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Mid-Cap Growth Portfolio						Mid-Cap Value Portfolio						Small-Cap Equity Portfolio
OPERATIONS
Net investment income (loss)			$4,909			($2,873	)		$14,624			$11,947			$18,744			$9,382
Net realized gain			58,882			198,906			73,732			100,829			28,717			43,828
Change in net unrealized appreciation (depreciation)			12,938			(268,190	)		80,984			(170,913	)		108,991			(88,809	)
Net Increase (Decrease) in Net Assets Resulting from Operations			76,729			(72,157	)		169,340			(58,137	)		156,452			(35,599	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(823	)		-			(504	)		(32,907	)		(681	)		(2,580	)
	Class P		(3,087	)		-			(14,454	)		(4,820	)		(16,911	)		(4,490	)
Net realized gains
	Class I		(47,680	)		(74,196	)		(3,727	)		(212,605	)		(2,166	)		(161,674	)
	Class P		(151,224	)		-			(97,101	)		-			(41,662	)		-
Net Decrease from Dividends and Distributions to Shareholders			(202,814	)		(74,196	)		(115,786	)		(250,332	)		(61,420	)		(168,744	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		31,966			48,868			25,117			25,060			16,294			20,075
	Class P		37,054			954,082			561,776			1,116,315			89,135			1,060,100
Dividend and distribution reinvestments
	Class I		48,503			74,196			4,231			245,512			2,847			164,254
	Class P		154,311			-			111,555			4,820			58,573			4,490
Cost of shares repurchased
	Class I		(61,348	)		(1,199,366	)		(22,468	)		(1,192,980	)		(18,343	)		(1,068,247	)
	Class P		(360,896	)		(48,178	)		(372,801	)		(56,824	)		(242,567	)		(64,574	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(150,410	)		(170,398	)		307,410			141,903			(94,061	)		116,098
NET INCREASE (DECREASE) IN NET ASSETS			(276,495	)		(316,751	)		360,964			(166,566	)		971			(88,245	)
NET ASSETS
Beginning of Year			992,236			1,308,987			1,010,689			1,177,255			1,001,124			1,089,369
End of Year			$715,741			$992,236			$1,371,653			$1,010,689			$1,002,095			$1,001,124
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-24

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
			Small-Cap Growth Portfolio						Small-Cap Index Portfolio						Small-Cap Value Portfolio
OPERATIONS
Net investment income (loss)				$1,357			($3,342	)		$10,404			$3,518			$10,352			$8,669
Net realized gain				75,252			63,463			12,046			10,126			35,325			49,014
Change in net unrealized appreciation (depreciation)				(9,504	)		(77,838	)		60,216			(34,979	)		7,199			(42,569	)
Net Increase (Decrease) in Net Assets Resulting from Operations				67,105			(17,717	)		82,666			(21,335	)		52,876			15,114
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I			(87	)		-			(3,903	)		(2,340	)		(3,177	)		(4,220	)
	Class P			(923	)		-			(5,065	)		(230	)		(7,421	)		(2,650	)
Net realized gains
	Class I			(15,481	)		(78,108	)		(5,974	)		-			(17,922	)		(81,508	)
	Class P	��		(47,983	)		-			(4,152	)		-			(31,093	)		-
Net Decrease from Dividends and Distributions to Shareholders				(64,474	)		(78,108	)		(19,094	)		(2,570	)		(59,613	)		(88,378	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I			16,139			26,520			29,942			30,602			15,328			32,450
	Class P			11,714			503,364			305,336			62,580			237			361,891
Dividend and distribution reinvestments
	Class I			15,568			78,108			9,877			2,340			21,099			85,728
	Class P			48,906			-			9,217			230			38,514			2,650
Cost of shares repurchased
	Class I			(30,150	)		(594,464	)		(64,499	)		(163,525	)		(38,768	)		(500,947	)
	Class P			(118,448	)		(25,304	)		(18,888	)		(4,158	)		(32,632	)		(26,664	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions				(56,271	)		(11,776	)		270,985			(71,931	)		3,778			(44,892	)
NET INCREASE (DECREASE) IN NET ASSETS				(53,640	)		(107,601	)		334,557			(95,836	)		(2,959	)		(118,156	)
NET ASSETS
Beginning of Year				551,122			658,723			411,528			507,364			494,614			612,770
End of Year				$497,482			$551,122			$746,085			$411,528			$491,655			$494,614
Undistributed/Accumulated Net Investment Income (Loss)				N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-25

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Health Sciences Portfolio						Real Estate Portfolio						Technology Portfolio
OPERATIONS
Net investment income (loss)			($684	)		($1,234	)		$15,970			$2,858			($386	)		($425	)
Net realized gain			31,557			7,834			30,235			49,991			2,308			6,979
Change in net unrealized appreciation (depreciation)			1,515			5,124			54,814			(15,078	)		2,813			(11,110	)
Net Increase (Decrease) in Net Assets Resulting from Operations			32,388			11,724			101,019			37,771			4,735			(4,556	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		-			-			(3,261	)		-			-			-
	Class P		-			-			(10,789	)		(3,270	)		-			-
Net realized gains
	Class I		(7,832	)		(8,420	)		(12,705	)		(23,429	)		(6,978	)		(16,479	)
	Class P		(1	)		-			(37,288	)		-			(1	)		-
Net Decrease from Dividends and Distributions to Shareholders			(7,833	)		(8,420	)		(64,043	)		(26,699	)		(6,979	)		(16,479	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		30,673			43,552			43,661			57,333			17,758			29,017
	Class P		-			10			527,815			373,453			-			10
Dividend and distribution reinvestments
	Class I		7,832			8,420			15,966			23,429			6,978			16,479
	Class P		1			-			48,077			3,270			1			-
Cost of shares repurchased
	Class I		(29,881	)		(37,593	)		(55,399	)		(468,431	)		(26,742	)		(42,324	)
	Class P		-			-			(95,347	)		(30,711	)		-			-
Net Increase (Decrease) in Net Assets from Capital Share Transactions			8,625			14,389			484,773			(41,657	)		(2,005	)		3,182
NET INCREASE (DECREASE) IN NET ASSETS			33,180			17,693			521,749			(30,585	)		(4,249	)		(17,853	)
NET ASSETS
Beginning of Year			123,686			105,993			593,714			624,299			72,407			90,260
End of Year			$156,866			$123,686			$1,115,463			$593,714			$68,158			$72,407
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-26

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Emerging Markets Portfolio						International Large-Cap Portfolio						International Small-Cap Portfolio
OPERATIONS
Net investment income			$13,489			$14,327			$41,743			$40,972			$28,024			$21,055
Net realized gain			134,290			181,305			80,545			28,122			10,409			73,721
Change in net unrealized appreciation (depreciation)			148,089			(510,526	)		318,626			(308,189	)		170,411			(249,800	)
Net Increase (Decrease) in Net Assets Resulting from Operations			295,868			(314,894	)		440,914			(239,095	)		208,844			(155,024	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(3,215	)		(17,154	)		(6,114	)		(30,068	)		(1,109	)		(24,193	)
	Class P		(9,785	)		(3,964	)		(33,919	)		(8,479	)		(25,922	)		(7,063	)
Net realized gains
	Class I		(45,694	)		-			-			-			-			-
	Class P		(111,032	)		-			-			-			-			-
Net Decrease from Dividends and Distributions to Shareholders			(169,726	)		(21,118	)		(40,033	)		(38,547	)		(27,031	)		(31,256	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		54,314			69,096			43,774			65,315			12,731			14,342
	Class P		46,264			1,243,522			94,348			2,190,840			76,437			1,287,789
Dividend and distribution reinvestments
	Class I		48,909			17,154			6,114			30,068			1,109			24,193
	Class P		120,817			3,964			33,919			8,479			25,922			7,063
Cost of shares repurchased
	Class I		(71,970	)		(1,390,570	)		(54,938	)		(2,192,234	)		(11,838	)		(988,247	)
	Class P		(166,286	)		(62,759	)		(716,481	)		(109,429	)		(158,209	)		(64,924	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			32,048			(119,593	)		(593,264	)		(6,961	)		(53,848	)		280,216
NET INCREASE (DECREASE) IN NET ASSETS			158,190			(455,605	)		(192,383	)		(284,603	)		127,965			93,936
NET ASSETS
Beginning of Year			1,397,694			1,853,299			2,194,778			2,479,381			1,088,542			994,606
End of Year			$1,555,884			$1,397,694			$2,002,395			$2,194,778			$1,216,507			$1,088,542
Undistributed/Accumulated Net Investment Income (Loss)			($6,161	)		($8,331	)		$10,922			$9,895			$3,286			($176	)

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-27

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Year Ended December 31, 2012			Year Ended December 31, 2011			Period Ended December 31, 2012			Period Ended December 31, 2012
		International Value Portfolio						Currency Strategies Portfolio (2)			Global Absolute Return Portfolio  (2)
OPERATIONS
Net investment income (loss)			$49,776			$44,469			($1,873	)		$10,716
Net realized loss			(108,100	)		(133,961	)		(24,041	)		(24,199	)
Change in net unrealized appreciation (depreciation)			313,584			(118,295	)		9,699			10,319
Net Increase (Decrease) in Net Assets Resulting from Operations			255,260			(207,787	)		(16,215	)		(3,164	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		(10,295	)		(45,380	)		-			-
	Class P		(48,122	)		(7,484	)		-			-
Net realized gains
	Class I		-			-			-			-
	Class P		-			-			-			-
Net Decrease from Dividends and Distributions to Shareholders			(58,417	)		(52,864	)		-			-
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		34,202			31,337			374			1,156
	Class P		266,076			1,369,823			1,521,796			2,083,670
Dividend and distribution reinvestments
	Class I		10,295			45,380			-			-
	Class P		48,122			7,484			-			-
Cost of shares repurchased
	Class I		(49,728	)		(1,377,742	)		(146	)		(236	)
	Class P		(377,455	)		(68,558	)		(47,448	)		(50,682	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(68,488	)		7,724			1,474,576			2,033,908
NET INCREASE (DECREASE) IN NET ASSETS			128,355			(252,927	)		1,458,361			2,030,744
NET ASSETS
Beginning of Year or Period			1,410,555			1,663,482			-			-
End of Year or Period			$1,538,910			$1,410,555			$1,458,361			$2,030,744
Undistributed/Accumulated Net Investment Income (Loss)			$10,919			$21,936			($10,041	)		($14,708	)

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P (see Note 1 in Notes to Financial Statements).

(2) Operations commenced on September 28, 2012.

See Notes to Financial Statements

C-28

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

		Period Ended December  31, 2012			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
		Precious Metals Portfolio (2)			American Funds Asset Allocation Portfolio						Pacific Dynamix – Conservative Growth Portfolio
OPERATIONS
Net investment income (loss)			($45	)		$8,506			$4,291			$3,610			$3,465
Net realized gain (loss)			(4,032	)		5,993			5,405			2,555			7,186
Change in net unrealized appreciation (depreciation)			(127,402	)		40,541			(8,343	)		9,974			(5,468	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(131,479	)		55,040			1,353			16,139			5,183
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
	Class I		-			(9,011	)		(8,392	)		(3,424	)		(3,468	)
	Class P		-
Net realized gains
	Class I		-			(5,406	)		(3,462	)		(7,187	)		(7,041	)
	Class P		-
Net Decrease from Dividends and Distributions to Shareholders			-			(14,417	)		(11,854	)		(10,611	)		(10,509	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		2,650			260,786			72,926			112,650			56,815
	Class P		964,577
Dividend and distribution reinvestments
	Class I		-			14,417			11,854			10,611			10,509
	Class P		-
Cost of shares repurchased
	Class I		(159	)		(22,893	)		(24,408	)		(14,364	)		(57,281	)
	Class P		(12,767	)
Net Increase in Net Assets from Capital Share Transactions			954,301			252,310			60,372			108,897			10,043
NET INCREASE IN NET ASSETS			822,822			292,933			49,871			114,425			4,717
NET ASSETS
Beginning of Year or Period			-			278,159			228,288			134,491			129,774
End of Year or Period			$822,822			$571,092			$278,159			$248,916			$134,491
Undistributed/Accumulated Net Investment Income (Loss)			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P. American Funds Asset Allocation and Pacific Dynamix — Conservative Growth Portfolios presented on these Statements of Changes in Net Assets offer Class I shares only (see Note 1 in Notes to Financial Statements).

(2) Operations commenced on September 28, 2012.

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-29

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

	Year Ended December 31, 2012			Year/Period Ended December  31, 2011			Year Ended December 31, 2012			Year/Period Ended December 31, 2011			Year Ended December 31, 2012			Period Ended December 31, 2011
	Pacific Dynamix – Moderate Growth Portfolio						Pacific Dynamix – Growth Portfolio						Portfolio Optimization Conservative Portfolio (2)
OPERATIONS
Net investment income		$9,530			$6,529			$3,603			$3,224			$92,921			$30,895
Net realized gain		7,110			7,476			8,074			4,907			116,635			3,813
Change in net unrealized appreciation (depreciation)		30,919			(14,033	)		17,283			(12,250	)		127,051			(6,385	)
Net Increase (Decrease) in Net Assets Resulting from Operations		47,559			(28	)		28,960			(4,119	)		336,607			28,323
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class I		(9,034	)		(6,532	)		(3,594	)		(3,224	)		(88,317	)		(30,880	)
Net realized gains - Class I		(7,475	)		(4,894	)		(8,562	)		(3,323	)		(3,812	)		(376	)
Net Decrease from Dividends and Distributions to Shareholders		(16,509	)		(11,426	)		(12,156	)		(6,547	)		(92,129	)		(31,256	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class I		323,933			151,612			71,416			94,708			498,987			3,865,473
Dividend and distribution reinvestments - Class I		16,509			11,426			12,156			6,547			92,129			31,256
Cost of shares repurchased - Class I		(16,271	)		(20,267	)		(25,120	)		(10,140	)		(614,403	)		(341,692	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		324,171			142,771			58,452			91,115			(23,287	)		3,555,037
NET INCREASE IN NET ASSETS		355,221			131,317			75,256			80,449			221,191			3,552,104
NET ASSETS
Beginning of Year or Period		289,387			158,070			188,875			108,426			3,552,104			-
End of Year or Period		$644,608			$289,387			$264,131			$188,875			$3,773,295			$3,552,104
Undistributed/Accumulated Net Investment Income (Loss)		N/A			N/A			N/A			N/A			N/A			N/A
	Portfolio Optimization Moderate-Conservative Portfolio (2)						Portfolio Optimization Moderate Portfolio (2)						Portfolio Optimization Growth Portfolio (2)
OPERATIONS
Net investment income		$110,211			$30,739			$316,315			$99,459			$226,185			$67,139
Net realized gain (loss)		154,271			713			772,887			(10,432	)		725,721			(12,372	)
Change in net unrealized appreciation (depreciation)		211,855			(66,527	)		738,475			(447,829	)		731,988			(556,732	)
Net Increase (Decrease) in Net Assets Resulting from Operations		476,337			(35,075	)		1,827,677			(358,802	)		1,683,894			(501,965	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class I		(104,748	)		(30,724	)		(300,650	)		(99,410	)		(214,990	)		(67,107	)
Net realized gains - Class I		(713	)		-			-			-			-			-
Net Decrease from Dividends and Distributions to Shareholders		(105,461	)		(30,724	)		(300,650	)		(99,410	)		(214,990	)		(67,107	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class I		538,387			4,379,619			266,050			16,043,212			35,963			13,967,454
Dividend and distribution reinvestments - Class I		105,461			30,724			300,650			99,410			214,990			67,107
Cost of shares repurchased - Class I		(351,667	)		(306,095	)		(1,534,049	)		(1,171,677	)		(1,656,465	)		(923,574	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		292,181			4,104,248			(967,349	)		14,970,945			(1,405,512	)		13,110,987
NET INCREASE IN NET ASSETS		663,057			4,038,449			559,678			14,512,733			63,392			12,541,915
NET ASSETS
Beginning of Year or Period		4,038,449			-			14,512,733			-			12,541,915			-
End of Year or Period		$4,701,506			$4,038,449			$15,072,411			$14,512,733			$12,605,307			$12,541,915
Undistributed/Accumulated Net Investment Income (Loss)		N/A			N/A			N/A			N/A			N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P. All portfolios presented on these Statements of Changes in Net Assets offer Class I shares only (see Note 1 in Notes to Financial Statements).

(2) Operations commenced on May 2, 2011.

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-30

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

(In thousands)

	Year Ended December 31, 2012			Period Ended December 31, 2011
	Portfolio Optimization Aggressive-Growth Portfolio (2)
OPERATIONS
Net investment income		$38,672			$12,208
Net realized gain (loss)		153,092			(9,858	)
Change in net unrealized appreciation (depreciation)		191,119			(165,401	)
Net Increase (Decrease) in Net Assets Resulting from Operations		382,883			(163,051	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class I		(36,761	)		(12,202	)
Net realized gains - Class I		-			-
Net Decrease from Dividends and Distributions to Shareholders		(36,761	)		(12,202	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class I		17,103			3,135,312
Dividend and distribution reinvestments - Class I		36,761			12,202
Cost of shares repurchased - Class I		(428,112	)		(309,523	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(374,248	)		2,837,991
NET INCREASE (DECREASE) IN NET ASSETS		(28,126	)		2,662,738
NET ASSETS
Beginning of Year or Period		2,662,738			-
End of Year or Period		$2,634,612			$2,662,738
Undistributed/Accumulated Net Investment Income (Loss)		N/A			N/A

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended, under which, the Fund offers two separate share classes, Class I and Class P. The portfolio presented on these Statements of Changes in Net Assets offers Class I shares only (see Note 1 in Notes to Financial Statements).

(2) Operations commenced on May 2, 2011.

N/A Not applicable (see Net Assets Consist of in Statements of Assets and Liabilities).

See Notes to Financial Statements

C-31

PACIFIC SELECT FUND

STATEMENT OF CASH FLOWS (1)

FOR THE YEAR ENDED DECEMBER 31, 2012

(In thousands)

		Inflation Managed Portfolio			Long/Short Large-Cap Portfolio
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets from operations			$207,265			$260,747
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
	Purchases of long-term securities		(1,730,808	)		(1,486,660	)
	Proceeds from disposition of long-term securities		3,708,562			1,807,975
	Purchases to cover securities sold short		(1,081	)		(543,288	)
	Proceeds from securities sold short		-			494,824
	Proceeds (purchases) of short-term securities, net		202,764			(5,653	)
	Proceeds (purchases) of foreign currency transactions		(2,566	)		-
	(Increase) decrease in deposits with brokers for securities sold short		1,081			-
	(Increase) decrease in cash collateral received for securities on loan (2)		-			23,177
	Decrease in dividends and interest receivable		14,333			1,258
	(Increase) decrease in receivable for securities sold		72,709			(3,962	)
	(Increase) decrease in receivable for swap agreements		1,832			-
	(Increase) decrease in swap premiums		8,160			-
	Increase in prepaid expenses and other assets		(9	)		(8	)
	Increase (decrease) in payable upon return of securities loaned		-			(23,177	)
	Decrease in payable for securities purchased		(1,689,353	)		(1,950	)
	Increase (decrease) in payable due to custodian		-			3
	Increase (decrease) in payable due to broker		(7,265	)		-
	(Increase) decrease in variation margin		454			(871	)
	Decrease in accrued advisory fees		(396	)		(81	)
	Increase in accrued service fees		9			1
	Increase (decrease) in accrued support service expenses		(7	)		3
	Increase (decrease) in accrued custodian, and portfolio accounting and tax fees		(6	)		20
	Decrease in accrued shareholder report expenses		(36	)		(10	)
	Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation		(6	)		-
	Decrease in accrued dividends and interest payable (3)		(132	)		(290	)
	Decrease in accrued other payables		(33	)		(6	)
	Change in net unrealized appreciation on investment securities		(78,892	)		(139,058	)
	Change in net unrealized (appreciation) depreciation on written options		4,750			-
	Change in net unrealized (appreciation) depreciation on foreign currencies		(6,925	)		-
	Change in net unrealized (appreciation) depreciation on swaps (4)		(4,811	)		-
	Net realized gain on investment securities		(63,150	)		(106,858	)
	Net realized (gain) loss on written options		(6,386	)		-
	Net realized loss on foreign currency		2,627			1
	Net amortization on investments		18,406			5
Net cash provided by operating activities			651,090			276,142
CASH FLOWS FROM FINANCING ACTIVITIES (5):
Proceeds from shares sold			302,202			303,989
Payments on shares redeemed			(1,677,056	)		(580,134	)
Increase (decrease) in payable for reverse repurchase agreements			(306,962	)		-
Increase (decrease) in payable for sale-buyback financing transactions			1,029,797			-
Net cash used in financing activities			(652,019	)		(276,145	)
NET DECREASE IN CASH AND FOREIGN CURRENCY			(929	)		(3	)
CASH AND FOREIGN CURRENCY:
Beginning of Year			1,603			1,048
End of Year			$674			$1,045

(1) Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amounts included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, on hand at the custodian bank and do not include any short-term investments. The Inflation Managed and Long/Short Large-Cap Portfolios have not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other portfolios have met the exemption criteria.

(2) Cash collateral is received by the Long/Short Large-Cap Portfolio for securities on loan which is used as collateral to cover securities sold short and is therefore uninvested (See Note 8 in Notes to Financial Statements).

(3) Interest and commitment fees paid by the Inflation Managed and Long/Short Large-Cap Portfolios were $1,703 and $2,044, respectively.

(4) Excludes centrally cleared swaps included in variation margin.

(5) Reinvestment of dividends for the Inflation Managed and Long/Short Large-Cap Portfolios were $329,284 and $181,572, respectively.

See Notes to Financial Statements

C-32

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Cash Management
Class I
2012		$10.09		$-			$-			$-			($-	) (5)		$-			($-	) (5)		$10.09		0.00	%		$638,998		0.38	%		0.11	%		0.00	%		N/A
2011		10.09		-			(-	) (5)		(-	) (5)		-			-			-			10.09		0.00	%		831,451		0.37	%		0.14	%		0.00	%		N/A
2010		10.09		(0.01	)		0.01			(-	) (5)		(-	) (5)		-			(-	) (5)		10.09		(0.05	%)		861,260		0.37	%		0.32	%		(0.06	%)		N/A
2009		10.10		0.02			(0.01	)		0.01			(0.02	)		-			(0.02	)		10.09		0.17	%		1,157,560		0.36	%		0.36	%		0.20	%		N/A
2008		10.08		0.23			0.01			0.24			(0.22	)		-			(0.22	)		10.10		2.36	%		1,658,923		0.35	%		0.35	%		2.29	%		N/A
Class P
2012		10.09		-			-			-			(0.03	)		-			(0.03	)		10.06		0.00	%		39		0.18	%		0.11	%		0.00	%		N/A
2011 (6)		10.09		-			-			-			-			-			-			10.09		0.00	%		39		0.17	%		0.11	%		0.00	%		N/A
Diversified Bond
Class I
2012		$7.86		$0.24			$0.41			$0.65			($0.24	)		($0.07	)		($0.31	)		$8.20		8.37	%		$113,422		0.64	%		0.64	%		2.89	%		366.17	%
2011		10.01		0.34			0.25			0.59			(2.74	)		-			(2.74	)		7.86		5.94	%		106,167		0.66	%		0.66	%		3.36	%		701.34	%
2010		9.54		0.35			0.41	(7)		0.76			(0.29	)		-			(0.29	)		10.01		8.04	% (7)		2,956,901		0.63	%		0.63	%		3.48	%		889.86	%
2009		8.63		0.35			0.89			1.24			(0.33	)		-			(0.33	)		9.54		14.13	%		2,080,046		0.64	%		0.64	%		3.79	%		515.78	%
2008		9.77		0.42			(1.19	)		(0.77	)		(0.37	)		-			(0.37	)		8.63		(7.80	%)		1,859,147		0.63	%		0.63	%		4.50	%		720.07	%
Class P
2012		10.44		0.33			0.56			0.89			(0.34	)		(0.07	)		(0.41	)		10.92		8.58	%		3,140,370		0.45	%		0.45	%		3.08	%		366.17	%
2011 (6)		10.24		0.23			0.16			0.39			(0.19	)		-			(0.19	)		10.44		3.85	%		2,949,455		0.45	%		0.45	%		3.36	%		701.34	%
Floating Rate Loan
Class I
2012		$5.70		$0.28			$0.17			$0.45			($0.30	)		$-			($0.30	)		$5.85		8.10	%		$85,212		1.01	%		0.91	%		4.82	%		151.82	%
2011		7.50		0.47			(0.29	)		0.18			(1.98	)		-			(1.98	)		5.70		2.50	%		79,461		1.02	%		0.92	%		6.22	%		80.75	%
2010		7.32		0.45			0.08			0.53			(0.35	)		-			(0.35	)		7.50		7.27	%		1,047,233		1.03	%		0.97	%		6.03	%		97.23	%
2009		6.16		0.31			1.17			1.48			(0.32	)		-			(0.32	)		7.32		24.31	%		962,607		1.02	%		1.02	%		4.44	%		71.37	%
2008		9.41		0.62			(3.28	)		(2.66	)		(0.59	)		-			(0.59	)		6.16		(29.28	%)		657,136		1.02	%		1.02	%		7.35	%		32.13	%
Class P
2012		7.45		0.38			0.22			0.60			(0.39	)		-			(0.39	)		7.66		8.31	%		883,978		0.81	%		0.71	%		5.02	%		151.82	%
2011 (6)		7.67		0.26			(0.24	)		0.02			(0.24	)		-			(0.24	)		7.45		0.32	%		972,895		0.79	%		0.69	%		5.14	%		80.75	%
High Yield Bond
Class I
2012		$5.87		$0.40			$0.48			$0.88			($0.44	)		$-			($0.44	)		$6.31		15.30	%		$399,742		0.64	%		0.64	%		6.52	%		98.32	%
2011		6.41		0.48			(0.26	)		0.22			(0.76	)		-			(0.76	)		5.87		3.42	%		340,009		0.64	%		0.64	%		7.33	%		91.42	%
2010		6.06		0.51			0.34	(7)		0.85			(0.50	)		-			(0.50	)		6.41		14.52	% (7)		1,178,265		0.63	%		0.63	%		8.06	%		120.48	%
2009		4.66		0.50			1.33			1.83			(0.43	)		-			(0.43	)		6.06		39.87	%		1,140,825		0.64	%		0.64	%		9.05	%		112.27	%
2008		6.58		0.50			(1.92	)		(1.42	)		(0.50	)		-			(0.50	)		4.66		(22.20	%)		651,950		0.63	%		0.63	%		8.35	%		43.18	%
Class P
2012		6.34		0.45			0.51			0.96			(0.48	)		-			(0.48	)		6.82		15.53	%		899,379		0.44	%		0.44	%		6.75	%		98.32	%
2011 (6)		6.76		0.31			(0.43	)		(0.12	)		(0.30	)		-			(0.30	)		6.34		(1.79	%)		1,023,563		0.43	%		0.43	%		7.32	%		91.42	%
Inflation Managed
Class I
2012		$11.85		$0.29			$0.80			$1.09			($0.29	)		($2.02	)		($2.31	)		$10.63		9.87	%		$715,700		0.74	%		0.74	%		2.62	%		50.05	%
2011		11.80		0.32			1.03			1.35			(0.75	)		(0.55	)		(1.30	)		11.85		11.85	%		686,265		0.64	%		0.64	%		2.68	%		430.18	%
2010		11.06		0.19			0.78			0.97			(0.23	)		-			(0.23	)		11.80		8.78	%		4,598,931		0.63	%		0.63	%		1.63	%		406.13	%
2009		9.94		0.27			1.74			2.01			(0.44	)		(0.45	)		(0.89	)		11.06		20.80	%		4,333,598		0.64	%		0.64	%		2.56	%		623.14	%
2008		11.35		0.44			(1.47	)		(1.03	)		(0.32	)		(0.06	)		(0.38	)		9.94		(9.34	%)		3,983,585		0.64	%		0.63	%		3.91	%		1,070.59	%
Class P
2012		13.09		0.29			0.94			1.23			(0.38	)		(2.02	)		(2.40	)		11.92		10.09	%		889,728		0.50	%		0.50	%		2.31	%		50.05	%
2011 (6)		12.36		0.15			0.70			0.85			(0.12	)		-			(0.12	)		13.09		6.94	%		2,086,142		0.43	%		0.43	%		1.69	%		430.18	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-33

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Inflation Protected
Class I
2012		$10.33		$0.06			$0.51			$0.57			($0.04	)		($0.04	)		($0.08	)		$10.82		5.51	%		$24,847		0.58	%		0.58	%		0.55	%		151.92	%
2011 (8)		10.00		0.14			0.66			0.80			(0.29	)		(0.18	)		(0.47	)		10.33		8.08	%		19,509		0.58	%		0.58	%		2.08	%		226.31	%
Class P
2012		10.44		0.07			0.53			0.60			(0.05	)		(0.04	)		(0.09	)		10.95		5.72	%		1,094,266		0.38	%		0.38	%		0.66	%		151.92	%
2011 (6), (8)		10.00		(0.01	)		0.81			0.80			(0.18	)		(0.18	)		(0.36	)		10.44		8.10	%		1,427,203		0.38	%		0.38	%		(0.15	%)		226.31	%
Managed Bond
Class I
2012		$10.99		$0.35			$0.81			$1.16			($0.59	)		($0.01	)		($0.60	)		$11.55		10.72	%		$1,514,555		0.64	%		0.64	%		3.06	%		662.17	%
2011		11.67		0.36			0.08			0.44			(0.71	)		(0.41	)		(1.12	)		10.99		3.84	%		1,420,022		0.64	%		0.64	%		3.07	%		588.84	%
2010		11.08		0.37			0.62	(7)		0.99			(0.40	)		-			(0.40	)		11.67		8.96	% (7)		6,376,272		0.63	%		0.63	%		3.20	%		618.75	%
2009		10.52		0.55			1.54			2.09			(0.75	)		(0.78	)		(1.53	)		11.08		21.01	%		5,005,993		0.64	%		0.64	%		5.03	%		744.21	%
2008		11.34		0.60			(0.80	)		(0.20	)		(0.51	)		(0.11	)		(0.62	)		10.52		(1.71	%)		4,409,227		0.64	%		0.64	%		5.39	%		1,137.03	%
Class P
2012		11.97		0.41			0.88			1.29			(0.67	)		(0.01	)		(0.68	)		12.58		10.94	%		3,628,143		0.44	%		0.44	%		3.27	%		662.17	%
2011 (6)		11.96		0.30			(0.14	)		0.16			(0.15	)		-			(0.15	)		11.97		1.41	%		4,667,713		0.44	%		0.44	%		3.77	%		588.84	%
Short Duration Bond
Class I
2012		$9.20		$0.11			$0.18			$0.29			($0.07	)		$-			($0.07	)		$9.42		3.19	%		$277,735		0.64	%		0.64	%		1.16	%		101.30	%
2011		9.45		0.11			(0.03	)		0.08			(0.33	)		-			(0.33	)		9.20		0.87	%		240,422		0.66	%		0.66	%		1.16	%		229.73	%
2010		9.27		0.14			0.18	(7)		0.32			(0.14	)		-			(0.14	)		9.45		3.40	% (7)		1,634,017		0.63	%		0.63	%		1.52	%		170.58	%
2009		8.81		0.28			0.46			0.74			(0.28	)		-			(0.28	)		9.27		8.66	%		1,446,376		0.64	%		0.64	%		3.06	%		181.12	%
2008		9.65		0.36			(0.84	)		(0.48	)		(0.36	)		-			(0.36	)		8.81		(5.09	%)		1,572,389		0.63	%		0.63	%		3.80	%		117.51	%
Class P
2012		9.45		0.13			0.20			0.33			(0.10	)		-			(0.10	)		9.68		3.40	%		2,177,671		0.44	%		0.44	%		1.33	%		101.30	%
2011 (6)		9.51		0.10			(0.07	)		0.03			(0.09	)		-			(0.09	)		9.45		0.34	%		1,533,304		0.46	%		0.46	%		1.58	%		229.73	%
Emerging Markets Debt (9)
Class I
2012		$10.00		$0.35			$0.71			$1.06			($0.24	)		$-			($0.24	)		$10.82		10.60	%		$7,809		1.03	%		1.03	%		4.90	%		27.11	%
Class P
2012		10.00		0.34			0.74			1.08			(0.25	)		-			(0.25	)		10.83		10.74	%		982,590		0.84	%		0.84	%		4.91	%		27.11	%
American Funds Growth (10)
Class I
2012		$8.01		$0.04			$1.36			$1.40			($0.02	)		$-			($0.02	)		$9.39		17.45	%		$209,921		0.97	%		0.63	%		0.40	%		3.19	%
2011		8.42		0.01			(0.40	)		(0.39	)		(0.02	)		-			(0.02	)		8.01		(4.66	%)		203,021		0.97	%		0.63	%		0.09	%		3.15	%
2010		7.12		0.02			1.28			1.30			(-	) (5)		-			(-	) (5)		8.42		18.26	%		996,877		0.97	%		0.63	%		0.32	%		4.44	%
2009		6.87		0.01			2.23			2.24			(0.01	)		(1.98	)		(1.99	)		7.12		38.86	%		927,858		0.98	%		0.64	%		0.10	%		6.22	%
2008		14.40		0.07			(5.70	)		(5.63	)		(0.06	)		(1.84	)		(1.90	)		6.87		(44.19	%)		1,186,214		0.96	%		0.62	%		0.62	%		5.66	%
Class P
2012		8.01		(0.01	)		1.43			1.42			(0.06	)		-			(0.06	)		9.37		17.68	%		56,461		0.76	%		0.42	%		(0.13	%)		3.19	%
2011 (6)		9.19		0.04			(1.20	)		(1.16	)		(0.02	)		-			(0.02	)		8.01		(12.58	%)		508,396		0.77	%		0.42	%		0.67	%		3.15	%
American Funds Growth-Income (10)
Class I
2012		$9.03		$0.12			$1.43			$1.55			($0.12	)		$-			($0.12	)		$10.46		17.06	%		$202,691		0.96	%		0.62	%		1.22	%		2.34	%
2011		9.34		0.03			(0.24	)		(0.21	)		(0.10	)		-			(0.10	)		9.03		(2.24	%)		189,047		0.96	%		0.63	%		0.31	%		2.35	%
2010		8.41		0.09			0.84			0.93			(-	) (5)		-			(-	) (5)		9.34		11.03	%		1,395,152		0.96	%		0.62	%		1.02	%		3.50	%
2009		7.27		0.09			1.97			2.06			(0.09	)		(0.83	)		(0.92	)		8.41		30.74	%		1,496,349		0.97	%		0.63	%		1.23	%		6.40	%
2008		12.47		0.14			(4.75	)		(4.61	)		(0.14	)		(0.45	)		(0.59	)		7.27		(38.08	%)		1,158,811		0.96	%		0.62	%		1.32	%		15.79	%
Class P
2012		9.05		0.08			1.48			1.56			(0.18	)		-			(0.18	)		10.43		17.30	%		444,207		0.76	%		0.42	%		0.77	%		2.34	%
2011 (6)		10.01		0.16			(1.02	)		(0.86	)		(0.10	)		-			(0.10	)		9.05		(8.63	%)		958,109		0.76	%		0.41	%		2.60	%		2.35	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-34

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Comstock
Class I
2012		$7.46		$0.12			$1.21			$1.33			($0.16	)		($0.41	)		($0.57	)		$8.22		18.54	%		$138,115		0.92	%		0.91	%		1.55	%		29.73	%
2011		8.61		0.12			(0.30	)		(0.18	)		(0.90	)		(0.07	)		(0.97	)		7.46		(2.11	%)		115,096		0.93	%		0.91	%		1.34	%		27.37	%
2010		7.55		0.10			1.06			1.16			(0.10	)		-			(0.10	)		8.61		15.42	%		2,203,641		0.92	%		0.92	%		1.27	%		18.86	%
2009		5.94		0.10			1.60			1.70			(0.09	)		-			(0.09	)		7.55		28.68	%		2,107,716		0.93	%		0.93	%		1.51	%		33.85	%
2008		10.22		0.17			(3.82	)		(3.65	)		(0.18	)		(0.45	)		(0.63	)		5.94		(36.79	%)		1,479,533		0.92	%		0.92	%		2.05	%		55.85	%
Class P
2012		8.39		0.16			1.35			1.51			(0.20	)		(0.41	)		(0.61	)		9.29		18.78	%		1,880,180		0.72	%		0.71	%		1.74	%		29.73	%
2011 (6)		9.45		0.10			(1.10	)		(1.00	)		(0.06	)		-			(0.06	)		8.39		(10.56	%)		1,958,067		0.73	%		0.71	%		1.86	%		27.37	%
Dividend Growth
Class I
2012		$9.21		$0.15			$1.17			$1.32			($0.17	)		($0.22	)		($0.39	)		$10.14		14.55	%		$181,496		0.91	%		0.91	%		1.55	%		19.52	%
2011		9.73		0.12			0.20			0.32			(0.34	)		(0.50	)		(0.84	)		9.21		3.27	%		156,119		0.91	%		0.91	%		1.16	%		15.74	%
2010		8.86		0.11			0.84			0.95			(0.08	)		-			(0.08	)		9.73		10.77	%		1,080,026		0.90	%		0.90	%		1.20	%		68.99	%
2009		6.80		0.10			2.10			2.20			(0.14	)		-			(0.14	)		8.86		32.40	%		481,930		0.90	%		0.90	%		1.43	%		56.09	%
2008		13.50		0.11			(4.75	)		(4.64	)		(0.11	)		(1.95	)		(2.06	)		6.80		(39.07	%)		680,143		0.89	%		0.89	%		1.02	%		46.85	%
Class P
2012		10.00		0.18			1.28			1.46			(0.24	)		(0.22	)		(0.46	)		11.00		14.78	%		635,366		0.71	%		0.71	%		1.68	%		19.52	%
2011 (6)		10.61		0.11			(0.65	)		(0.54	)		(0.07	)		-			(0.07	)		10.00		(5.12	%)		847,944		0.71	%		0.71	%		1.65	%		15.74	%
Equity Index
Class I
2012		$27.11		$0.61			$3.67			$4.28			($0.72	)		$-			($0.72	)		$30.67		15.77	%		$852,780		0.28	%		0.28	%		2.04	%		4.16	%
2011		27.47		0.49			-	(5)		0.49			(0.85	)		-			(0.85	)		27.11		1.82	%		765,898		0.29	%		0.29	%		1.74	%		3.91	%
2010		24.38		0.44			3.17			3.61			(0.52	)		-			(0.52	)		27.47		14.81	%		2,642,021		0.28	%		0.28	%		1.75	%		5.23	%
2009		19.59		0.44			4.72			5.16			(0.37	)		-			(0.37	)		24.38		26.36	%		3,772,752		0.28	%		0.28	%		2.04	%		4.53	%
2008		33.65		0.59			(12.78	)		(12.19	)		(0.53	)		(1.34	)		(1.87	)		19.59		(37.35	%)		1,738,885		0.28	%		0.28	%		2.17	%		6.21	%
Class P
2012		27.76		0.67			3.77			4.44			(0.90	)		-			(0.90	)		31.30		16.00	%		1,135,225		0.08	%		0.08	%		2.20	%		4.16	%
2011 (6)		29.93		0.39			(2.32	)		(1.93	)		(0.24	)		-			(0.24	)		27.76		(6.43	%)		1,592,221		0.09	%		0.09	%		2.17	%		3.91	%
Focused 30
Class I
2012		$11.28		($0.01	)		$2.52			$2.51			$-			($1.31	)		($1.31	)		$12.48		23.21	%		$113,913		1.07	%		1.07	%		(0.05	%)		20.59	%
2011		12.49		(0.04	)		(1.17	)		(1.21	)		-			-			-			11.28		(9.70	%)		101,110		1.10	%		1.10	%		(0.36	%)		46.78	%
2010		11.32		(0.03	)		1.20	(7)		1.17			-			-			-			12.49		10.35	% (7)		149,301		0.99	%		0.99	%		(0.24	%)		36.37	%
2009		7.53		(0.01	)		3.80			3.79			-			-			-			11.32		50.43	%		180,909		0.97	%		0.96	%		(0.12	%)		35.37	%
2008		16.12		(0.01	)		(7.64	)		(7.65	)		(0.01	)		(0.93	)		(0.94	)		7.53		(50.14	%)		355,475		0.96	%		0.96	%		(0.05	%)		62.01	%
Class P
2012		11.30		0.02			2.51			2.53			-			(1.31	)		(1.31	)		12.52		23.45	%		11		0.88	%		0.88	%		0.14	%		20.59	%
2011 (6)		13.21		(0.02	)		(1.89	)		(1.91	)		-			-			-			11.30		(14.48	%)		9		0.94	%		0.94	%		(0.22	%)		46.78	%
Growth LT
Class I
2012		$17.78		$0.11			$2.46			$2.57			($0.13	)		($6.85	)		($6.98	)		$13.37		18.24	%		$422,736		0.80	%		0.80	%		0.75	%		44.46	%
2011		19.85		0.12			(1.28	)		(1.16	)		(0.21	)		(0.70	)		(0.91	)		17.78		(6.06	%)		404,884		0.79	%		0.79	%		0.58	%		91.34	%
2010		18.04		0.11			1.90	(7)		2.01			(0.20	)		-			(0.20	)		19.85		11.24	% (7)		1,624,438		0.78	%		0.78	%		0.61	%		46.73	%
2009		13.29		0.09			4.82			4.91			(0.16	)		-			(0.16	)		18.04		37.28	%		1,606,364		0.78	%		0.78	%		0.60	%		59.65	%
2008		26.10		0.13			(9.78	)		(9.65	)		(0.10	)		(3.06	)		(3.16	)		13.29		(40.95	%)		1,247,198		0.78	%		0.78	%		0.68	%		68.02	%
Class P
2012		18.61		0.11			2.64			2.75			(0.25	)		(6.85	)		(7.10	)		14.26		18.45	%		90,112		0.59	%		0.59	%		0.58	%		44.46	%
2011 (6)		21.27		0.09			(2.69	)		(2.60	)		(0.06	)		-			(0.06	)		18.61		(12.19	%)		628,582		0.60	%		0.60	%		0.74	%		91.34	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-35

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Large-Cap Growth
Class I
2012		$5.29		($-	) (5)		$0.89			$0.89			($-	) (5)		($1.01	)		($1.01	)		$5.17		18.23	%		$142,837		0.94	%		0.91	%		(0.07	%)		78.23	%
2011		5.92		(0.02	)		0.11			0.09			-			(0.72	)		(0.72	)		5.29		1.07	%		124,777		0.94	%		0.92	%		(0.26	%)		76.24	%
2010		5.17		-	(5)		0.75			0.75			-			-			-			5.92		14.53	%		1,404,213		0.93	%		0.91	%		0.01	%		98.13	%
2009		3.68		-	(5)		1.49			1.49			(-	) (5)		-			(-	) (5)		5.17		40.50	%		1,318,154		0.95	%		0.94	%		0.06	%		119.32	%
2008		9.38		(0.01	)		(4.02	)		(4.03	)		-			(1.67	)		(1.67	)		3.68		(50.47	%)		532,148		0.94	%		0.94	%		(0.15	%)		184.06	%
Class P
2012		6.00		0.01			1.01			1.02			(-	) (5)		(1.01	)		(1.01	)		6.01		18.47	%		1,139,880		0.74	%		0.71	%		0.13	%		78.23	%
2011 (6)		6.52		(-	) (5)		(0.52	)		(0.52	)		-			-			-			6.00		(8.01	%)		1,052,621		0.74	%		0.72	%		(0.08	%)		76.24	%
Large-Cap Value
Class I
2012		$10.82		$0.22			$1.52			$1.74			($0.24	)		($0.30	)		($0.54	)		$12.02		16.40	%		$308,064		0.82	%		0.82	%		1.87	%		25.44	%
2011		11.29		0.21			0.32			0.53			(0.95	)		(0.05	)		(1.00	)		10.82		4.72	%		295,579		0.82	%		0.82	%		1.76	%		16.18	%
2010		10.50		0.17			0.79			0.96			(0.17	)		-			(0.17	)		11.29		9.08	%		3,102,910		0.82	%		0.82	%		1.66	%		17.37	%
2009		8.68		0.21			1.80			2.01			(0.19	)		-			(0.19	)		10.50		23.13	%		3,278,645		0.82	%		0.82	%		2.23	%		20.75	%
2008		14.21		0.21			(5.03	)		(4.82	)		(0.21	)		(0.50	)		(0.71	)		8.68		(34.80	%)		2,065,312		0.82	%		0.82	%		1.80	%		37.42	%
Class P
2012		11.74		0.26			1.66			1.92			(0.32	)		(0.30	)		(0.62	)		13.04		16.64	%		2,530,007		0.62	%		0.62	%		2.07	%		25.44	%
2011 (6)		12.48		0.17			(0.81	)		(0.64	)		(0.10	)		-			(0.10	)		11.74		(5.18	%)		2,536,739		0.62	%		0.62	%		2.24	%		16.18	%
Long/Short Large-Cap
Class I
2012		$7.05		$0.04			$1.10			$1.14			($0.06	)		($1.07	)		($1.13	)		$7.06		18.09	%		$31,373		2.25	% (11)		2.23	% (11)		0.62	%		138.22	% (11)
2011		9.24		0.05			(0.24	)		(0.19	)		(0.99	)		(1.01	)		(2.00	)		7.05		(2.60	%)		26,085		1.80	% (11)		1.72	% (11)		0.50	%		245.57	% (11)
2010		8.30		0.08			0.93			1.01			(0.07	)		-			(0.07	)		9.24		12.22	%		1,601,862		1.70	% (11)		1.58	% (11)		0.89	%		245.15	% (11)
2009		6.55		0.07			1.74			1.81			(0.06	)		-			(0.06	)		8.30		27.56	%		1,480,513		1.68	% (11)		1.53	% (11)		0.95	%		267.22	% (11)
2008 (12)		10.00		0.05			(3.45	)		(3.40	)		(0.05	)		-			(0.05	)		6.55		(33.98	%)		727,357		1.76	% (11)		1.63	% (11)		0.95	%		181.49	% (11)
Class P
2012		9.01		0.08			1.44			1.52			(0.09	)		(1.07	)		(1.16	)		9.37		18.32	%		1,382,406		2.03	% (11)		2.02	% (11)		0.81	%		138.22	% (11)
2011 (6)		10.08		0.05			(1.09	)		(1.04	)		(0.03	)		-			(0.03	)		9.01		(10.34	%)		1,402,660		1.95	% (11)		1.95	% (11)		0.90	%		245.57	% (11)
Main Street Core
Class I
2012		$17.71		$0.23			$2.70			$2.93			($0.20	)		($0.86	)		($1.06	)		$19.58		17.02	%		$537,634		0.69	%		0.69	%		1.19	%		47.80	%
2011		19.40		0.16			(0.07	)		0.09			(0.23	)		(1.55	)		(1.78	)		17.71		0.48	%		528,925		0.70	%		0.70	%		0.83	%		43.35	%
2010		16.83		0.18			2.54			2.72			(0.15	)		-			(0.15	)		19.40		16.14	%		1,519,660		0.68	%		0.68	%		1.02	%		61.54	%
2009		13.19		0.20			3.67			3.87			(0.23	)		-			(0.23	)		16.83		29.36	%		1,333,869		0.68	%		0.68	%		1.43	%		122.82	%
2008		24.96		0.27			(9.12	)		(8.85	)		(0.26	)		(2.66	)		(2.92	)		13.19		(38.87	%)		1,431,141		0.68	%		0.68	%		1.39	%		132.71	%
Class P
2012		19.43		0.29			2.97			3.26			(0.29	)		(0.86	)		(1.15	)		21.54		17.25	%		905,292		0.49	%		0.49	%		1.39	%		47.80	%
2011 (6)		20.50		0.14			(1.12	)		(0.98	)		(0.09	)		-			(0.09	)		19.43		(4.79	%)		852,326		0.49	%		0.49	%		1.13	%		43.35	%
Mid-Cap Equity
Class I
2012		$11.87		$0.06			$0.69			$0.75			($0.07	)		($2.60	)		($2.67	)		$9.95		7.35	%		$295,015		0.92	%		0.92	%		0.55	%		103.20	%
2011		14.72		0.05			(0.69	)		(0.64	)		(0.12	)		(2.09	)		(2.21	)		11.87		(5.40	%)		321,413		0.92	%		0.92	%		0.33	%		78.35	%
2010		12.03		0.12			2.70			2.82			(0.13	)		-			(0.13	)		14.72		23.49	%		2,031,480		0.88	%		0.88	%		0.96	%		70.08	%
2009		8.70		0.09			3.36			3.45			(0.12	)		-			(0.12	)		12.03		39.65	%		1,924,840		0.88	%		0.88	%		0.98	%		70.53	%
2008		17.16		0.22			(6.14	)		(5.92	)		(0.20	)		(2.34	)		(2.54	)		8.70		(39.00	%)		2,707,175		0.88	%		0.88	%		1.62	%		90.83	%
Class P
2012		13.91		0.09			0.83			0.92			(0.12	)		(2.60	)		(2.72	)		12.11		7.55	%		776,168		0.72	%		0.72	%		0.68	%		103.20	%
2011 (6)		15.91		0.06			(2.02	)		(1.96	)		(0.04	)		-			(0.04	)		13.91		(12.35	%)		1,395,375		0.72	%		0.72	%		0.69	%		78.35	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-36

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Mid-Cap Growth
Class I
2012		$8.71		$0.03			$0.56			$0.59			($0.03	)		($2.12	)		($2.15	)		$7.15		7.49	%		$189,423		0.96	%		0.96	%		0.43	%		27.66	%
2011		10.03		(0.02	)		(0.68	)		(0.70	)		-			(0.62	)		(0.62	)		8.71		(7.81	%)		205,205		0.95	%		0.95	%		(0.23	%)		32.98	%
2010		7.53		0.02			2.50	(7)		2.52			(0.02	)		-			(0.02	)		10.03		33.32	% (7)		1,308,987		0.96	%		0.96	%		0.24	%		41.35	%
2009		4.75		0.02			2.79			2.81			(0.02	)		(0.01	)		(0.03	)		7.53		59.33	%		1,174,736		0.95	%		0.95	%		0.37	%		38.88	%
2008		10.53		0.01			(4.58	)		(4.57	)		(0.01	)		(1.20	)		(1.21	)		4.75		(48.36	%)		590,771		0.93	%		0.93	%		0.16	%		41.40	%
Class P
2012		9.26		0.05			0.60			0.65			(0.04	)		(2.12	)		(2.16	)		7.75		7.71	%		526,318		0.76	%		0.76	%		0.56	%		27.66	%
2011 (6)		11.45		(0.02	)		(2.17	)		(2.19	)		-			-			-			9.26		(19.18	%)		787,031		0.76	%		0.76	%		(0.24	%)		32.98	%
Mid-Cap Value
Class I
2012		$9.52		$0.09			$1.18			$1.27			($0.10	)		($0.92	)		($1.02	)		$9.77		14.49	%		$46,795		0.91	%		0.91	%		0.91	%		153.81	%
2011		14.32		0.12			(0.67	)		(0.55	)		(1.51	)		(2.74	)		(4.25	)		9.52		(5.69	%)		38,444		0.92	%		0.92	%		0.85	%		136.06	%
2010		11.93		0.15			2.38			2.53			(0.14	)		-			(0.14	)		14.32		21.20	%		1,177,255		0.92	%		0.92	%		1.20	%		118.20	%
2009 (13)		10.00		0.11			2.84			2.95			(0.07	)		(0.95	)		(1.02	)		11.93		29.33	%		1,080,860		0.93	%		0.93	%		0.96	%		128.86	%
Class P
2012		13.47		0.15			1.72			1.87			(0.15	)		(0.92	)		(1.07	)		14.27		14.72	%		1,324,858		0.71	%		0.71	%		1.11	%		153.81	%
2011 (6)		15.73		0.12			(2.31	)		(2.19	)		(0.07	)		-			(0.07	)		13.47		(13.96	%)		972,245		0.73	%		0.73	%		1.35	%		136.06	%
Small-Cap Equity
Class I
2012		$10.82		$0.18			$1.45			$1.63			($0.20	)		($0.59	)		($0.79	)		$11.66		15.93	%		$41,681		0.99	%		0.96	%		1.61	%		60.86	%
2011		14.26		0.08			(0.49	)		(0.41	)		(0.80	)		(2.23	)		(3.03	)		10.82		(3.38	%)		37,873		1.01	%		1.01	%		0.58	%		20.02	%
2010		11.95		0.10			2.30	(7)		2.40			(0.09	)		-			(0.09	)		14.26		20.11	% (7)		1,089,369		0.99	%		0.99	%		0.81	%		133.53	%
2009		9.23		0.08			2.72			2.80			(0.08	)		-			(0.08	)		11.95		30.22	%		710,807		1.00	%		1.00	%		0.81	%		78.87	%
2008		12.79		0.07			(3.36	)		(3.29	)		(0.06	)		(0.21	)		(0.27	)		9.23		(26.11	%)		612,126		0.98	%		0.97	%		0.63	%		132.45	%
Class P
2012		13.75		0.26			1.87			2.13			(0.26	)		(0.59	)		(0.85	)		15.03		16.16	%		960,414		0.80	%		0.76	%		1.82	%		60.86	%
2011 (6)		15.52		0.11			(1.82	)		(1.71	)		(0.06	)		-			(0.06	)		13.75		(10.99	%)		963,251		0.80	%		0.80	%		1.26	%		20.02	%
Small-Cap Growth
Class I
2012		$10.10		$0.01			$1.16			$1.17			($0.01	)		($1.55	)		($1.56	)		$9.71		12.87	%		$106,933		0.88	%		0.88	%		0.11	%		77.89	%
2011		11.86		(0.08	)		(0.19	)		(0.27	)		-			(1.49	)		(1.49	)		10.10		(3.10	%)		107,786		0.87	%		0.87	%		(0.66	%)		56.66	%
2010		9.41		(0.06	)		2.51			2.45			-			-			-			11.86		26.01	%		658,723		0.84	%		0.84	%		(0.55	%)		56.21	%
2009		6.39		(0.02	)		3.04			3.02			-			-			-			9.41		47.44	%		605,964		0.84	%		0.84	%		(0.31	%)		88.02	%
2008		13.30		(0.02	)		(5.84	)		(5.86	)		-			(1.05	)		(1.05	)		6.39		(47.11	%)		552,477		0.83	%		0.83	%		(0.18	%)		68.49	%
Class P
2012		11.51		0.03			1.35			1.38			(0.03	)		(1.55	)		(1.58	)		11.31		13.09	%		390,549		0.67	%		0.67	%		0.30	%		77.89	%
2011 (6)		13.58		(0.03	)		(2.04	)		(2.07	)		-			-			-			11.51		(15.22	%)		443,336		0.69	%		0.69	%		(0.35	%)		56.66	%
Small-Cap Index
Class I
2012		$10.99		$0.19			$1.56			$1.75			($0.13	)		($0.19	)		($0.32	)		$12.42		16.13	%		$377,576		0.57	%		0.57	%		1.58	%		23.39	%
2011		11.58		0.08			(0.60	)		(0.52	)		(0.07	)		-			(0.07	)		10.99		(4.51	%)		357,107		0.59	%		0.59	%		0.72	%		16.32	%
2010		9.23		0.09			2.35	(7)		2.44			(0.09	)		-			(0.09	)		11.58		26.42	% (7)		507,364		0.56	%		0.56	%		0.91	%		13.80	%
2009		7.80		0.10			1.97			2.07			(0.10	)		(0.54	)		(0.64	)		9.23		28.19	%		464,971		0.54	%		0.54	%		1.22	%		17.81	%
2008		13.66		0.16			(4.61	)		(4.45	)		(0.23	)		(1.18	)		(1.41	)		7.80		(35.03	%)		419,520		0.53	%		0.53	%		1.42	%		25.38	%
Class P
2012		11.03		0.26			1.51			1.77			(0.18	)		(0.19	)		(0.37	)		12.43		16.37	%		368,509		0.38	%		0.38	%		2.20	%		23.39	%
2011 (6)		12.83		0.09			(1.84	)		(1.75	)		(0.05	)		-			(0.05	)		11.03		(13.67	%)		54,421		0.42	%		0.42	%		1.20	%		16.32	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-37

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Small-Cap Value
Class I
2012		$11.80		$0.22			$0.93			$1.15			($0.23	)		($1.36	)		($1.59	)		$11.36		11.09	%		$159,284		1.02	%		1.02	%		1.94	%		29.35	%
2011		13.70		0.18			0.16			0.34			(0.31	)		(1.93	)		(2.24	)		11.80		2.31	%		165,620		1.02	%		1.02	%		1.35	%		18.77	%
2010		11.15		0.23			2.59			2.82			(0.27	)		-			(0.27	)		13.70		25.34	%		612,770		0.99	%		0.99	%		1.94	%		21.23	%
2009		8.95		0.27			2.17			2.44			(0.24	)		-			(0.24	)		11.15		27.18	%		682,592		0.99	%		0.99	%		2.77	%		33.52	%
2008		14.40		0.31			(3.99	)		(3.68	)		(0.30	)		(1.47	)		(1.77	)		8.95		(28.23	%)		437,945		0.98	%		0.98	%		2.52	%		46.91	%
Class P
2012		13.93		0.30			1.10			1.40			(0.31	)		(1.36	)		(1.67	)		13.66		11.31	%		332,371		0.82	%		0.82	%		2.16	%		29.35	%
2011 (6)		15.23		0.18			(1.37	)		(1.19	)		(0.11	)		-			(0.11	)		13.93		(7.83	%)		328,994		0.83	%		0.83	%		1.98	%		18.77	%
Health Sciences
Class I
2012		$12.06		($0.06	)		$3.10			$3.04			$-			($0.75	)		($0.75	)		$14.35		25.68	%		$156,854		1.15	%		1.15	%		(0.45	%)		60.94	%
2011		11.57		(0.13	)		1.53			1.40			-			(0.91	)		(0.91	)		12.06		11.94	%		123,676		1.17	%		1.17	%		(1.07	%)		60.30	%
2010		9.38		(0.06	)		2.25	(7)		2.19			-			-			-			11.57		23.34	% (7)		105,993		1.15	%		1.15	%		(0.61	%)		61.99	%
2009		7.38		(0.04	)		2.05			2.01			(0.01	)		-			(0.01	)		9.38		27.23	%		90,008		1.17	%		1.17	%		(0.55	%)		59.57	%
2008		12.08		0.13			(3.21	)		(3.08	)		(0.12	)		(1.50	)		(1.62	)		7.38		(28.16	%)		82,105		1.13	%		1.13	%		1.33	%		99.46	%
Class P
2012		12.97		(0.04	)		3.35			3.31			-			(0.75	)		(0.75	)		15.53		25.93	%		12		0.95	%		0.95	%		(0.24	%)		60.94	%
2011 (6)		13.61		(0.07	)		(0.57	)		(0.64	)		-			-			-			12.97		(4.70	%)		10		0.98	%		0.98	%		(0.88	%)		60.30	%
Real Estate
Class I
2012		$14.90		$0.20			$2.17			$2.37			($0.19	)		($0.76	)		($0.95	)		$16.32		16.21	%		$282,777		1.08	%		1.08	%		1.27	%		30.53	%
2011		14.56		0.09			0.81			0.90			-			(0.56	)		(0.56	)		14.90		6.12	%		254,310		1.11	%		1.11	%		0.57	%		21.47	%
2010		11.30		0.10			3.35			3.45			(0.19	)		-			(0.19	)		14.56		30.54	%		624,299		1.07	%		1.07	%		0.78	%		18.97	%
2009		8.78		0.11			2.68			2.79			(0.19	)		(0.08	)		(0.27	)		11.30		32.27	%		610,575		1.07	%		1.07	%		1.27	%		30.19	%
2008		21.74		0.50			(7.01	)		(6.51	)		(0.55	)		(5.90	)		(6.45	)		8.78		(39.99	%)		462,511		1.06	%		1.06	%		2.99	%		45.75	%
Class P
2012		15.33		0.32			2.16			2.48			(0.22	)		(0.76	)		(0.98	)		16.83		16.44	%		832,686		0.88	%		0.88	%		1.90	%		30.53	%
2011 (6)		16.29		0.02			(0.83	)		(0.81	)		(0.15	)		-			(0.15	)		15.33		(4.98	%)		339,404		0.92	%		0.92	%		0.20	%		21.47	%
Technology
Class I
2012		$4.30		($0.02	)		$0.32			$0.30			$-			($0.40	)		($0.40	)		$4.20		7.14	%		$68,148		1.16	%		1.16	%		(0.49	%)		78.49	%
2011		5.53		(0.02	)		(0.20	)		(0.22	)		-			(1.01	)		(1.01	)		4.30		(4.90	%)		72,398		1.17	%		1.17	%		(0.48	%)		82.88	%
2010		4.55		(0.04	)		1.02	(7)		0.98			-			-			-			5.53		21.50	% (7)		90,260		1.19	%		1.19	%		(0.76	%)		216.41	%
2009		2.98		(0.02	)		1.59			1.57			-			-			-			4.55		52.57	%		82,094		1.15	%		1.15	%		(0.56	%)		243.87	%
2008		7.67		(0.02	)		(3.42	)		(3.44	)		(0.01	)		(1.24	)		(1.25	)		2.98		(51.64	%)		44,417		1.16	%		1.16	%		(0.31	%)		283.57	%
Class P
2012		5.27		(0.02	)		0.40			0.38			-			(0.40	)		(0.40	)		5.25		7.36	%		10		0.95	%		0.95	%		(0.27	%)		78.49	%
2011 (6)		5.86		(0.01	)		(0.58	)		(0.59	)		-			-			-			5.27		(10.16	%)		9		0.98	%		0.98	%		(0.27	%)		82.88	%
Emerging Markets
Class I
2012		$13.68		$0.11			$2.57			$2.68			($0.11	)		($1.62	)		($1.73	)		$14.63		21.52	%		$448,318		1.06	%		1.06	%		0.74	%		31.20	%
2011		17.08		0.13			(3.20	)		(3.07	)		(0.33	)		-			(0.33	)		13.68		(17.97	%)		384,254		1.06	%		1.06	%		0.82	%		36.35	%
2010		13.60		0.11			3.54			3.65			(0.17	)		-			(0.17	)		17.08		27.02	%		1,853,299		1.05	%		1.05	%		0.77	%		32.63	%
2009		8.80		0.11			6.72			6.83			(0.10	)		(1.93	)		(2.03	)		13.60		84.79	%		1,732,557		1.06	%		1.06	%		1.02	%		46.50	%
2008		20.96		0.27			(8.91	)		(8.64	)		(0.23	)		(3.29	)		(3.52	)		8.80		(47.68	%)		1,021,715		1.07	%		1.06	%		1.76	%		64.43	%
Class P
2012		13.95		0.14			2.63			2.77			(0.13	)		(1.62	)		(1.75	)		14.97		21.77	%		1,107,566		0.86	%		0.86	%		0.95	%		31.20	%
2011 (6)		17.53		0.10			(3.63	)		(3.53	)		(0.05	)		-			(0.05	)		13.95		(19.94	%)		1,013,440		0.86	%		0.86	%		1.00	%		36.35	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-38

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income (Loss) After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
International Large-Cap
Class I
2012		$5.57		$0.10			$1.16			$1.26			($0.10	)		$-			($0.10	)		$6.73		22.53	%		$430,048		1.00	%		1.00	%		1.62	%		22.67	%
2011		6.63		0.14			(0.81	)		(0.67	)		(0.39	)		-			(0.39	)		5.57		(10.12	%)		361,500		1.00	%		1.00	%		2.09	%		26.79	%
2010		6.07		0.08			0.55			0.63			(0.07	)		-			(0.07	)		6.63		10.38	%		2,479,381		1.00	%		1.00	%		1.31	%		24.51	%
2009		4.61		0.09			1.45			1.54			(0.08	)		-			(0.08	)		6.07		33.61	%		2,601,657		1.00	%		1.00	%		1.72	%		16.29	%
2008		9.49		0.13			(2.88	)		(2.75	)		(0.15	)		(1.98	)		(2.13	)		4.61		(35.35	%)		2,084,245		0.99	%		0.99	%		1.90	%		31.12	%
Class P
2012		5.94		0.13			1.22			1.35			(0.14	)		-			(0.14	)		7.15		22.78	%		1,572,347		0.80	%		0.80	%		1.96	%		22.67	%
2011 (6)		7.35		0.05			(1.43	)		(1.38	)		(0.03	)		-			(0.03	)		5.94		(18.75	%)		1,833,278		0.80	%		0.80	%		1.16	%		26.79	%
International Small-Cap
Class I
2012		$5.45		$0.13			$0.93			$1.06			($0.17	)		$-			($0.17	)		$6.34		19.44	%		$44,592		1.09	%		1.07	%		2.19	%		57.46	%
2011		8.44		0.20			(1.24	)		(1.04	)		(1.95	)		-			(1.95	)		5.45		(12.27	%)		36,681		1.09	%		1.08	%		2.27	%		61.80	%
2010		6.94		0.09			1.60			1.69			(0.19	)		-			(0.19	)		8.44		24.86	%		994,606		1.10	%		1.10	%		1.25	%		91.33	%
2009		5.40		0.09			1.54			1.63			(0.09	)		-			(0.09	)		6.94		30.28	%		887,039		1.10	%		1.10	%		1.56	%		127.50	%
2008		10.67		0.17			(5.27	)		(5.10	)		(0.17	)		-			(0.17	)		5.40		(47.84	%)		595,375		1.09	%		1.08	%		2.02	%		92.42	%
Class P
2012		7.38		0.19			1.26			1.45			(0.19	)		-			(0.19	)		8.64		19.68	%		1,171,915		0.89	%		0.87	%		2.39	%		57.46	%
2011 (6)		9.33		0.09			(1.99	)		(1.90	)		(0.05	)		-			(0.05	)		7.38		(20.34	%)		1,051,861		0.89	%		0.87	%		1.64	%		61.80	%
International Value
Class I
2012		$8.52		$0.27			$1.23			$1.50			($0.32	)		$-			($0.32	)		$9.70		17.82	%		$316,519		0.89	%		0.89	%		3.01	%		68.03	%
2011		10.92		0.39			(1.80	)		(1.41	)		(0.99	)		-			(0.99	)		8.52		(12.90	%)		283,784		0.90	%		0.90	%		3.49	%		65.56	%
2010		10.95		0.20			0.06	(7)		0.26			(0.29	)		-			(0.29	)		10.92		2.59	% (7)		1,663,482		0.89	%		0.89	%		1.89	%		136.26	%
2009		8.73		0.27			2.17			2.44			(0.22	)		-			(0.22	)		10.95		28.00	%		2,093,731		0.90	%		0.89	%		2.91	%		44.16	%
2008		18.34		0.47			(8.92	)		(8.45	)		(0.40	)		(0.76	)		(1.16	)		8.73		(47.78	%)		2,227,716		0.89	%		0.88	%		3.30	%		29.66	%
Class P
2012		9.46		0.32			1.36			1.68			(0.40	)		-			(0.40	)		10.74		18.05	%		1,222,391		0.69	%		0.69	%		3.18	%		68.03	%
2011 (6)		12.05		0.11			(2.64	)		(2.53	)		(0.06	)		-			(0.06	)		9.46		(20.99	%)		1,126,771		0.69	%		0.69	%		1.68	%		65.56	%
Currency Strategies (14)
Class I
2012		$10.00		($0.02	)		($0.09	)		($0.11	)		$-			$-			$-			$9.89		(1.14	%)		$224		0.88	%		0.88	%		(0.70	%)		0.00	%
Class P
2012		10.00		(0.01	)		(0.10	)		(0.11	)		-			-			-			9.89		(1.09	%)		1,458,137		0.68	%		0.68	%		(0.50	%)		0.00	%
Global Absolute Return (14)
Class I
2012		$10.00		$0.06			($0.08	)		($0.02	)		$-			$-			$-			$9.98		(0.20	%)		$923		1.07	%		1.07	%		2.44	%		44.98	%
Class P
2012		10.00		0.05			(0.06	)		(0.01	)		-			-			-			9.99		(0.15	%)		2,029,821		0.86	%		0.86	%		2.10	%		44.98	%
Precious Metals (14)
Class I
2012		$10.00		($-	) (5)		($1.40	)		($1.40	)		$-			$-			$-			$8.60		(14.01	%)		$2,303		0.92	%		0.92	%		(0.00	%)		3.39	%
Class P
2012		10.00		(-	) (5)		(1.40	)		(1.40	)		-			-			-			8.60		(13.96	%)		820,519		0.72	%		0.72	%		(0.02	%)		3.39	%
American Funds Asset Allocation (10)
Class I
2012		$13.79		$0.32			$1.82			$2.14			($0.26	)		($0.22	)		($0.48	)		$15.45		15.72	%		$571,092		0.97	%		0.63	%		2.12	%		5.00	%
2011		14.30		0.24			(0.10	)		0.14			(0.45	)		(0.20	)		(0.65	)		13.79		0.93	%		278,159		0.97	%		0.63	%		1.67	%		8.26	%
2010		12.76		0.24			1.30			1.54			-			-			-			14.30		12.04	%		228,288		0.98	%		0.64	%		1.87	%		9.22	%
2009 (15)		10.00		0.38			2.60			2.98			(0.22	)		-			(0.22	)		12.76		29.81	%		139,137		1.00	%		0.66	%		3.50	%		25.11	%

See Notes to Financial Statements See explanation of references on pages C-40 and C-41

C-39

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued) (1)

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period (in thousands)		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
Pacific Dynamix - Conservative Growth
Class I
2012		$11.26		$0.22		$0.81			$1.03			($0.16	)		($0.46	)		($0.62	)		$11.67		9.42	%		$248,916		0.43	%		0.39	%		1.88	%		5.98	%
2011		11.91		0.34		-			0.34			(0.31	)		(0.68	)		(0.99	)		11.26		2.92	%		134,491		0.44	%		0.39	%		2.82	%		47.47	%
2010		11.19		0.38		0.77			1.15			(0.20	)		(0.23	)		(0.43	)		11.91		10.28	%		129,774		0.50	%		0.41	%		3.21	%		21.69	%
2009 (16)		10.00		0.20		1.22			1.42			(0.12	)		(0.11	)		(0.23	)		11.19		14.25	%		41,645		0.67	%		0.46	%		2.67	%		7.00	%
Pacific Dynamix - Moderate Growth
Class I
2012		$12.32		$0.27		$1.15			$1.42			($0.19	)		($0.23	)		($0.42	)		$13.32		11.74	%		$644,608		0.42	%		0.37	%		2.08	%		2.06	%
2011		12.79		0.38		(0.31	)		0.07			(0.29	)		(0.25	)		(0.54	)		12.32		0.48	%		289,387		0.43	%		0.37	%		2.97	%		9.19	%
2010		11.77		0.27		1.13			1.40			(0.20	)		(0.18	)		(0.38	)		12.79		11.92	%		158,070		0.48	%		0.39	%		2.19	%		10.34	%
2009 (16)		10.00		0.18		1.78			1.96			(0.11	)		(0.08	)		(0.19	)		11.77		19.60	%		70,271		0.58	%		0.43	%		2.41	%		1.13	%
Pacific Dynamix - Growth
Class I
2012		$12.52		$0.20		$1.49			$1.69			($0.18	)		($0.46	)		($0.64	)		$13.57		13.76	%		$264,131		0.42	%		0.36	%		1.48	%		9.74	%
2011		13.23		0.28		(0.51	)		(0.23	)		(0.22	)		(0.26	)		(0.48	)		12.52		(1.85	%)		188,875		0.43	%		0.36	%		2.13	%		5.72	%
2010		12.10		0.20		1.47			1.67			(0.16	)		(0.38	)		(0.54	)		13.23		13.82	%		108,426		0.50	%		0.38	%		1.58	%		22.35	%
2009 (16)		10.00		0.12		2.32			2.44			(0.09	)		(0.25	)		(0.34	)		12.10		24.34	%		53,356		0.60	%		0.42	%		1.57	%		13.58	%
Portfolio Optimization Conservative
Class I
2012		$9.86		$0.28		$0.72			$1.00			($0.26	)		($0.01	)		($0.27	)		$10.59		10.11	%		$3,773,295		0.31	%		0.21	%		2.69	%		42.11	%
2011 (8)		10.00		0.11		(0.16	)		(0.05	)		(0.09	)		-			(0.09	)		9.86		(0.52	%)		3,552,104		0.31	%		0.21	%		1.73	%		11.01	%
Portfolio Optimization Moderate-Conservative
Class I
2012		$9.60		$0.25		$0.87			$1.12			($0.24	)		($-	) (5)		($0.24	)		$10.48		11.65	%		$4,701,506		0.31	%		0.21	%		2.47	%		37.71	%
2011 (8)		10.00		0.09		(0.42	)		(0.33	)		(0.07	)		-			(0.07	)		9.60		(3.25	%)		4,038,449		0.31	%		0.21	%		1.46	%		8.08	%
Portfolio Optimization Moderate
Class I
2012		$9.34		$0.21		$0.99			$1.20			($0.21	)		$-			($0.21	)		$10.33		12.94	%		$15,072,411		0.31	%		0.21	%		2.10	%		36.14	%
2011 (8)		10.00		0.08		(0.68	)		(0.60	)		(0.06	)		-			(0.06	)		9.34		(6.00	%)		14,512,733		0.31	%		0.21	%		1.30	%		8.74	%
Portfolio Optimization Growth
Class I
2012		$9.09		$0.17		$1.11			$1.28			($0.18	)		$-			($0.18	)		$10.19		14.02	%		$12,605,307		0.31	%		0.21	%		1.76	%		33.73	%
2011 (8)		10.00		0.06		(0.92	)		(0.86	)		(0.05	)		-			(0.05	)		9.09		(8.60	%)		12,541,915		0.31	%		0.21	%		1.01	%		8.06	%
Portfolio Optimization Aggressive-Growth
Class I
2012		$8.82		$0.14		$1.20			$1.34			($0.14	)		$-			($0.14	)		$10.02		15.17	%		$2,634,612		0.31	%		0.21	%		1.43	%		32.92	%
2011 (8)		10.00		0.05		(1.19	)		(1.14	)		(0.04	)		-			(0.04	)		8.82		(11.38	%)		2,662,738		0.31	%		0.21	%		0.85	%		12.28	%

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan (the “Plan”) pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended, under which the Fund offers two separate share classes, Class I and Class P. Under the Plan, the first thirty-seven portfolios included in this Financial Highlights currently offer both Class I and Class P shares and the remaining nine portfolios currently offer Class I shares only (see Note 1 in the Note to Financial Statements). Per share amounts have been calculated using the average shares method.

(2) Total returns for periods of less than one full year are not annualized.

(3) The ratios for periods of less than one full year are annualized.

(4) The ratios of expenses after expense reductions to average daily net assets are after custodian credits, advisory fee waivers and adviser expense reimbursements, if any, as discussed in Notes 6 and 7B in Notes to the Financial Statements. The expense ratios for the Pacific Dynamix and Portfolio Optimization Portfolios do not include expenses of their respective underlying portfolios (see Note 1 in Notes to Financial Statements) in which the Pacific Dynamix and Portfolio Optimization Portfolios invest.

(5) Amount represents less than $0.005 per share.

(6) Operations of Class P commenced on May 2, 2011.

(7) “Net Realized and Unrealized Gain (Loss)” and “Total Returns” include payments by an affiliate (Pacific Life Fund Advisors LLC) to certain portfolios of the Fund that were made during 2010 to compensate for the valuation of a portfolio holding, the Mellon GSL DBT II Collateral Fund, relating to the operation of the Fund’s securities lending

See Notes to Financial Statements

C-40

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued)

program during 2008. The Fund had terminated the securities lending program on April 8, 2011 for all applicable portfolios except for the Long/Short Large-Cap Portfolio (See Note 8 in Notes to Financial Statements). The payments did not have an impact greater than or equal to $0.005 per share on any of the following portfolios:

Portfolio	Payment by Affiliate Impact to Portfolio Per Share			Payment by Affiliate Impact to Total Return
Diversified Bond		$0.00			0.00	%
High Yield Bond		$0.00			0.00	%
Managed Bond		$0.00			0.01	%
Short Duration Bond		$0.00			0.00	%
Focused 30		$0.00			0.01	%
Growth LT		$0.00	��		0.00	%
Mid-Cap Growth		$0.00			0.01	%
Small-Cap Equity		$0.00			0.00	%
Small-Cap Index		$0.00			0.00	%
Health Sciences		$0.00			0.01	%
Technology		$0.00			0.02	%
International Value		$0.00			0.01	%

(8) The Inflation Protected, Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios commenced operations on May 2, 2011.

(9) The Emerging Market Debt Portfolio commenced operations on April 30, 2012.

(10) The expense ratios for the American Funds Growth, American Funds Growth-Income and American Funds Asset Allocation Portfolios do not include expenses of the underlying Master Funds in which the portfolios invest. The portfolio turnover rates for the Master Funds for each year or period ended are as follows:

	Growth		Growth- Income		Asset Allocation
December 31, 2012		21%		25%		61%
December 31, 2011		19%		22%		43%
December 31, 2010		28%		22%		46%
December 31, 2009		37%		24%		41%
December 31, 2008		26%		31%

(11) The annualized ratios of expenses, excluding dividend expenses on securities sold short, after and before expense reductions to average net assets for the Long/Short Large-Cap Portfolio for each year or period ended are as follows:

	Class I				Class P
	Before		After		Before		After
December 31, 2012		1.37%		1.35%		1.16%		1.15%
December 31, 2011		1.36%		1.28%		1.16%		1.16%
December 31, 2010		1.36%		1.24%
December 31, 2009		1.32%		1.16%
December 31, 2008		1.37%		1.23%

The Portfolio turnover rates, excluding securities sold short, for the same periods above were 78.16%, 149.04%, 154.48%, 163.38% and 105.80%, respectively.

(12) The Long/Short Large-Cap Portfolio commenced operations on May 1, 2008.

(13) The Mid-Cap Value Portfolio commenced operations on January 2, 2009.

(14) The Currency Strategies, Global Absolute Return and Precious Metals Portfolios commenced operations on September 28, 2012.

(15) The American Funds Asset Allocation Portfolio commenced operations on February 2, 2009.

(16) The Pacific Dynamix — Conservative Growth, Pacific Dynamix — Moderate Growth, and Pacific Dynamix — Growth Portfolios commenced operations on May 1, 2009.

See Notes to Financial Statements

C-41

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

The Pacific Select Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end, management investment company, organized as a Massachusetts business trust. Pacific Life Fund Advisors LLC (“PLFA” or “Adviser”) serves as investment adviser to the Fund. As of December 31, 2012, the Fund was comprised of fifty-four separate portfolios, forty-six of which are presented in this report: the Diversified Bond, Floating Rate Loan, High Yield Bond, Inflation Managed, Inflation Protected, Managed Bond, Short Duration Bond, Emerging Markets Debt, American Funds^® Growth, American Funds Growth-Income, Comstock, Dividend Growth, Equity Index, Growth LT, Large-Cap Growth, Large-Cap Value, Long/Short Large-Cap, Main Street^® Core, Mid-Cap Equity, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Small-Cap Growth, Small-Cap Index, Small-Cap Value, Real Estate, Emerging Markets, International Large-Cap, International Small-Cap, International Value, Currency Strategies, Global Absolute Return, and Precious Metals Portfolios (collectively the “Portfolio Optimization Underlying Portfolios”); and the Cash Management, Focused 30, Health Sciences, Technology, American Funds Asset Allocation, Pacific Dynamix — Conservative Growth, Pacific Dynamix — Moderate Growth, Pacific Dynamix — Growth, Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios. American Funds is a registered trademark of American Funds Distributors, Inc. (“AFD”) and Main Street is a registered trademark of OppenheimerFunds, Inc.

Effective May 1, 2011, the Fund adopted a Multi-Class Plan (the “Plan”) pursuant to Rule 18f-3 under the 1940 Act pursuant to which the Fund may offer multiple classes of shares. As of May 1, 2011, the Fund offers two separate share classes, Class I and Class P. Each portfolio covered in this report, except for the American Funds Asset Allocation Portfolio; the Pacific Dynamix — Conservative Growth, Pacific Dynamix — Moderate Growth and Pacific Dynamix — Growth Portfolios (collectively, the “Pacific Dynamix Portfolios”); and the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth and Portfolio Optimization Aggressive-Growth Portfolios (collectively, the “Portfolio Optimization Portfolios”), currently offers both Class I and Class P shares. The American Funds Assets Allocation Portfolio, Pacific Dynamix Portfolios and Portfolio Optimization Portfolios currently offer Class I shares only. On May 1, 2011, for the portfolios covered in this report, all existing shares outstanding prior to May 1, 2011 were designated Class I shares.

American Funds Growth, American Funds Growth-Income and American Funds Asset Allocation Portfolios (each a “Feeder Portfolio”, collectively the “Feeder Portfolios”) invest substantially all of their assets in Class 1 shares of the Growth, Growth-Income and Asset Allocation Funds, respectively, each a series of the American Funds Insurance Series^® (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Portfolio has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Portfolio, to qualify as a regulated investment company. The performance of the Feeder Portfolios is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Schedules of Investments, are provided separately and should be read in conjunction with the Feeder Portfolios’ financial statements. As of December 31, 2012, the American Funds Growth, American Funds Growth-Income and American Funds Asset Allocation Portfolios owned 1.19%, 2.76% and 4.57% of the Growth, Growth-Income and Asset Allocation Master Funds, respectively. American Funds Insurance Series is a registered trademark of AFD.

The Pacific Dynamix Portfolios invest their assets in Class P shares of the PD Aggregate Bond Index, PD High Yield Bond Market, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Small-Cap Growth Index, PD Small-Cap Value Index, PD Emerging Markets and PD International Large-Cap Portfolios (collectively, the “Pacific Dynamix Underlying Portfolios”) (see Note 7C). Presently, only the Pacific Dynamix Portfolios and the Adviser and certain of its affiliates can invest in the Pacific Dynamix Underlying Portfolios.

The Portfolio Optimization Portfolios invest their assets in Class P shares of the Portfolio Optimization Underlying Portfolios (see Note 7C). Presently, only the Portfolio Optimization Portfolios and the investment adviser and certain of its affiliates can invest in Class P shares of the Portfolio Optimization Underlying Portfolios.

The annual report for the Pacific Dynamix Underlying Portfolios is not included in this report; there is a separate annual report for the Pacific Dynamix Underlying Portfolios, which is available without charge. For information on how to obtain the annual report for the Pacific Dynamix Underlying Portfolios, see the Where to Go for More Information section of this report on page F-24.

Shares of the portfolios within the Fund are offered only to certain separate accounts of Pacific Life Insurance Company (“Pacific Life”) and Pacific Life & Annuity Company (“PL&A”), a wholly-owned subsidiary of Pacific Life. Pacific Life and PL&A determine which portfolios of the Fund to make available.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in conformity with accounting principles generally accepted in United States of America (“U.S. GAAP”) for investment companies. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Fund in the preparation of the financial statements.

Effective January 1, 2012, the Fund implemented Accounting Standards Update (“ASU”) No. 2011-03 issued by the Financial Accounting Standards Board (“FASB”) related to accounting for repurchase agreements and sale-buyback transactions that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. This ASU modified the criteria for determining effective control of transferred assets and as a result certain agreements previously accounted for as “purchases and sales” are now required to be accounted for

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as “secured borrowings”. This ASU had an impact on the interest income and interest expense, and caused the portfolio turnover rate to decrease significantly for certain portfolios (see Note 4 on Sale-Buybacks under “Borrowings and Other Financing Transactions”).

The Fund also implemented the additional disclosure requirements under the ASU No. 2011-04 issued by FASB which requires additional disclosures for fair value measurements categorized within Level 3 of the three-tier hierarchy defined under the Accounting Standards Codification No. 820, Fair Value Measurements and Disclosure, as well as additional disclosure for all transfers in and out of Level 1 and Level 2 (see Note 3D and Notes to Schedules of Investments).

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a portfolio is informed of the ex-dividend date or upon receipt of the dividend. A portfolio’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A portfolio may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. A portfolio will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the portfolio invests. Facility fees and other fees (such as origination fees) received from senior loans purchased (see Note 4) by a portfolio are amortized over the expected term of each applicable senior loan. Commitment fees received by a portfolio relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income.

B. DISTRIBUTIONS TO SHAREHOLDERS

Prior to January 1, 2013, each portfolio declared and paid dividends on net investment income, if any, at least annually, except for the Cash Management, Diversified Bond, Floating Rate Loan, High Yield Bond, Inflation Managed, Inflation Protected, Managed Bond, Short Duration Bond, Emerging Markets Debt and Global Absolute Return Portfolios (collectively the “Debt Portfolios”), for which dividends, if any, were declared and paid semi-annually, and realized capital gains, if any, were distributed at least annually for all portfolios. Dividends and capital gains distributions were recorded on the ex-dividend date.

Currently each of the portfolios in the Fund is either qualified as a regulated investment company (the “RIC Portfolios”) under Subchapter M of the Internal Revenue Code or treated as a partnership (the “Partnership Portfolios”) for Federal income tax purposes only. Effective January 1, 2013, each of the RIC Portfolios intends to utilize the consent dividend provision of section 565 of the Internal Revenue Code to effectively distribute income and capital gains for tax purposes even though they are not paid by the Fund. In addition, the Partnership Portfolios are not required to distribute taxable income and capital gains for Federal income tax purposes. Therefore, no dividend income and capital gains distributions will be made by the Fund under the new dividend and distributions policy after December 31, 2012 (see Note 12 for additional information).

C. FOREIGN CURRENCY TRANSLATION

The Fund’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, initially expressed in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the portfolios separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES

Income, non-class specific expenses, realized and unrealized gains and losses, are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Fund expenses directly attributable to a particular portfolio are charged to that portfolio (such as portfolio-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each portfolio. Generally other portfolio expenses are allocated proportionately among all the portfolios in relation to the net assets of each portfolio.

E. OFFERING COSTS

A new portfolio bears all costs (or the applicable pro-rata share if there is more than one new portfolio) associated with the offering expenses of the portfolio including legal, printing and support services (see Note 6). All such costs are amortized as an expense of the new portfolio on a straight-line basis over twelve months from commencement of operations.

F. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial

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Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities such as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, this ASU requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. This ASU is effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact, if any, that the implementation of this ASU will have on the Fund’s financial statement disclosures.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Fund Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of its investments each business day. Under the Valuation Policy, the Board has delegated certain functions to a Trustee Valuation Committee or another valuation committee to determine the fair value of certain investments. Each valuation committee that values the Fund’s investments, which includes using third party pricing services and/or alternate valuation methodologies approved by the Board, does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value the Fund’s investments.

B. NET ASSET VALUE

Each portfolio of the Fund is divided into shares and share classes, if applicable. The price per share of each class of a portfolio’s shares is called its net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each portfolio’s NAV is calculated by taking the total value of a portfolio’s assets (the value of the securities and other investments a portfolio holds), subtracting a portfolio’s liabilities, and dividing by the total number of shares outstanding.

Each portfolio’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets are closed. For purposes of calculating the NAV, the value of investments held by each portfolio is generally determined as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Fund or its agents after the close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment or the NAV determined earlier that day.

Each portfolio’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the Securities and Exchange Commission (“SEC”)), making the sale of securities or other instruments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.

Certain portfolios may hold investments that are primarily listed on foreign exchanges. Because those investments trade on days when a portfolio does not calculate its NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem Fund shares.

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a portfolio might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each portfolio is based primarily on pricing data obtained from various sources approved by the Board.

Money Market Instruments and Short-Term Investments

The investments of the Cash Management Portfolio and money market and short-term investments of other portfolios maturing within 60 days are valued at amortized cost in accordance with the 1940 Act. Amortized cost involves valuing an investment at cost on the date of acquisition and thereafter assuming a constant accretion of a discount or amortization of a premium to maturity, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment. Portfolio investments in other mutual funds for temporary cash management purposes are valued at their respective NAVs.

Domestic Equity Investments

For domestic equity investments, the portfolios use the last reported sale price or official closing price from an exchange as of the time of the NYSE close and do not normally take into account trading, clearances or settlements that take place after the NYSE close. Investments, for which no sales are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Foreign Equity Investments

Foreign equity investments are normally priced based on data reflecting the closing of the principal markets or market participants for those investments, which may be earlier than the NYSE close. The Fund then may adjust for market events occurring between the close of certain foreign exchanges and the NYSE close. The Fund has retained an independent statistical service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine the appropriate adjustments for market events. Quotations of foreign investments in foreign currencies are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

Exchange Traded Futures, Options and Swaps

Exchange traded futures, options and swaps are normally priced at the settlement price determined by the relevant exchange. Exchange traded futures, options and swaps for which no settlement prices are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealer.

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Over-the-Counter (“OTC”) Investments and Certain Equity Investments

OTC investments (including swaps and options) are generally valued by approved pricing services that use evaluated prices determined from various observable market and other factors. Certain OTC swap contracts are valued using alternative valuation methodologies pursuant to the Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates gathered from leading market makers

Domestic and Foreign Fixed Income Investments

Fixed income investments are generally valued by approved pricing and quotation services using the mean between the most recent bid and ask prices which are based upon evaluated prices determined from various observable market and other factors. Certain fixed-income investments are valued by a benchmark, matrix, or other pricing processes approved by the Board.

Pacific Dynamix Portfolios

The investments of each Pacific Dynamix Portfolio consist of Class P shares of the Pacific Dynamix Underlying Portfolios, which are valued at their respective NAVs at the time of computation.

Portfolio Optimization Portfolios

The investments of each Portfolio Optimization Portfolio consist of Class P shares of the Portfolio Optimization Underlying Portfolios, which are valued at their respective NAVs at the time of computation.

Feeder Portfolios

The NAVs of the American Funds Growth Portfolio, the American Funds Growth-Income Portfolio and the American Funds Asset Allocation Portfolio are determined by the Pacific Select Fund based upon the NAVs of the Master Funds at the time of computation. The NAVs of the Master Funds are determined by the management of the Master Funds and not Pacific Select Fund. For more information regarding the determination of the NAV of each Master Fund, see the Master Funds’ prospectus and statement of additional information.

Investment Values Determined by a Valuation Committee

The Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, the use of broker quotes, the use of purchase prices for initial public offerings, proration rates, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the Trustee Valuation Committee, or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board. Valuations determined by a Trustee Valuation Committee or other valuation committee may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a portfolio might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a portfolio would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the close of the NYSE.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

The Fund characterizes its investments as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, a valuation oversight committee (“VOC”) has been established which determines the level in which each portfolio’s investments are characterized. The VOC includes investment, legal and compliance members of the Fund’s adviser, and the Fund’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

—    Level 1 – Quoted prices (unadjusted) in active markets for identical investments

—    Level 2 – Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

—    Level 3 – Significant unobservable inputs that are not corroborated by observable market data

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value the Fund’s investments. The VOC also periodically evaluates how each portfolio’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the methodologies used to value Level 2 and Level 3 investments to evaluate the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Fund’s CCO, requiring approval by the Board. In addition, all investments categorized as Level 3 under the three-tier hierarchy are reported to the Chairman of the Audit Committee on a quarterly basis and such report includes the inputs and methodologies used to value those investments.

The inputs or methodologies used for valuing each portfolio’s investments are not necessarily an indication of the relative risks associated with investing in those investments. For example, money market instruments are valued using amortized cost in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of an investment, but since the value is not obtained from a quoted price in an active market, such investments are reflected as Level 2. Foreign investments that are valued with the assistance of a statistical

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research service approved by the Board and based on significant observable inputs (as described in Note 3C) are reflected as Level 2. For fair valuations using significant unobservable inputs, U.S. GAAP requires a portfolio to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the periods. U.S. GAAP also requires a portfolio to disclose about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a portfolio had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed only when a portfolio had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period. A summary of each portfolio’s investments as of December 31, 2012 as categorized under the three-tier hierarchy of inputs, and the reconciliation of Level 3 investments and information on transfers in and out of each level, if applicable, can be found in the Notes to Schedule of Investments section of each portfolio’s Schedule of Investments.

The following is a description of valuation inputs and techniques that the Fund currently utilizes to fair value each major category of assets and liabilities:

Equity Securities (Common and Preferred Stock) and Mutual Funds

Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Investments in registered mutual funds, including affiliated mutual funds, are valued at their respective NAV and are categorized as Level 1.

U.S. Treasury Obligations

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price. The models also take into consideration data received from active market makers and inter-dealer brokers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Mortgage-Backed Securities and Asset-Backed Securities

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal Bonds

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Foreign Government Bonds and Notes

Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Corporate Bonds and Notes and U.S. Government & Agency Issues

Corporate bonds held by the Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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U.S. Government & Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government & Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures Contracts

Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Options Contracts

Exchange listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied or mean variation to exchange listed options contracts, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. OTC options contracts are fair valued based on either broker-dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward Foreign Currency Contracts

Forward foreign currency contracts are fair valued using various inputs and techniques, which include broker-dealer quotations and foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swaps

Interest Rate Swaps – Interest rate swaps that are actively traded and cleared on a securities exchange or swaps trade facility are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Interest rate swaps traded over-the-counter are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps – Credit default swaps that are actively traded and cleared on a securities exchange or swaps trade facility are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Credit default swaps traded over-the-counter are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps – Total return swaps that are actively traded and cleared on a securities exchange or swaps trade facility are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Total Return swaps traded over-the-counter are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Senior Loan Notes

Floating rate senior loans (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Short-Term Investments

Short-term investments maturing within 60 days are valued using amortized cost, which is used if it approximates market value, and are reflected as Level 2. Repurchase agreements are fully collateralized. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest.

Credit-Oriented Investments

For non-publicly traded instruments that represent debt to the Fund, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments, and are reflected as Level 2. The Fund may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the Fund as applicable. Consideration may also include an evaluation of collateral.

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NOTES TO FINANCIAL STATEMENTS (Continued)

4. INVESTMENTS AND RISKS

General Investment Risks

An investment in the Fund represents an indirect investment in the assets owned by the Fund. As with any mutual fund, the value of the assets owned by the Fund may move up or down, and as a result, an investment in the Fund at any point in time may be worth more or less than the original amount invested. Events in the financial markets have the potential to cause increased volatility and uncertainty, which may impact the value of the Fund’s investments. Due to interdependencies between markets, events in one market may adversely impact other markets or issuers in unforeseen ways. As a result, the value of the Fund’s investments may be adversely affected by events in the markets, either directly or indirectly, and each portfolio is exposed to potential decreases in the value of those investments. In addition, traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory responses to market events may impair either the Adviser’s or a sub-adviser’s ability to pursue certain investment techniques or strategies and may have unexpected consequences on particular markets, strategies, or investments. Future events may impact a portfolio in unforeseen ways, leading a portfolio to alter its existing strategies or, potentially, to liquidate and close.

Fund of Funds Investments

The Pacific Dynamix Portfolios are exposed to the same risks as the Pacific Dynamix Underlying Portfolios in direct proportion to the allocation of assets among those portfolios. The annual report for the Pacific Dynamix Underlying Portfolios contains information about the risks associated with investing in the Pacific Dynamix Underlying Portfolios. Allocations among the Pacific Dynamix Underlying Portfolios are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Pacific Dynamix Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Pacific Dynamix Underlying Portfolios may cause them to underperform other mutual funds with a similar investment objective. Although the Pacific Dynamix Portfolios seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any of the Pacific Dynamix Underlying Portfolios (see Note 7C).

The Portfolio Optimization Portfolios are exposed to the same risks as the Portfolio Optimization Underlying Portfolios in direct proportion to the allocation of assets among those portfolios. Allocations among the Portfolio Optimization Underlying Portfolios are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given the various levels of risk tolerance. The allocations of the Portfolio Optimization Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Portfolio Optimization Underlying Portfolios may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Portfolios seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any of the Portfolio Optimization Underlying Portfolios (see Note 7C).

Equity Investments

The price of equity investments change in response to many factors, including a company’s historical and prospective earnings, cash flows, the value of its assets, investor perceptions, and many of the General Investment Risk factors noted above.

Fixed Income Investments

Fixed income (debt) investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates, although the factors noted above may also have a significant impact on fixed income (debt) investments. There is a risk that an issuer of a portfolio’s fixed income (debt) investments may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high-yield/high-risk bonds, e.g. bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or if unrated are of comparable quality as determined by the manager, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations and other mortgage related securities, structured investment vehicles and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign Investments

There are certain additional risks involved in investing in foreign securities that are generally not inherent in investments in domestic securities. These risks may involve foreign currency fluctuations, adverse political, social and economic developments and the possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. In addition, the securities of some foreign companies and securities markets are less liquid and at times more volatile than securities of comparable U.S. companies and U.S. securities markets. The markets in emerging markets countries can be extremely volatile.

Illiquid Investments

Each portfolio may not invest in illiquid securities and illiquid bank loans (collectively, “Illiquid Investments”) if as a result of such investment, more than 15% of its net assets (5% of total assets for the Cash Management Portfolio), taken at market value at the time of such investment, would be invested in Illiquid Investments. The term “Illiquid Investments” for this purpose means investments that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a portfolio has valued the investments. Illiquid Investments may be difficult to value and difficult to sell, which means a portfolio may not be able to sell such investments quickly for their full value. The value of Illiquid Investments held by each portfolio as of December 31, 2012 was less than 15% of its net assets (5% of total assets for the Cash Management Portfolio).

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Senior Loan Participations and Assignments

Certain portfolios may invest in Senior Loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates of domestic or foreign corporations, partnerships and other entities (“Borrower”). Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR rates or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A portfolio’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

When a portfolio purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

When a portfolio purchases a participation of a Senior Loan interest, the portfolio typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a portfolio generally has no right to enforce compliance with the terms of the loan agreement. As a result, the portfolio assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the portfolio and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters FDIC receivership or, if not FDIC insured, enters into bankruptcy, the portfolio may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of December 31, 2012, no participation interest in Senior Loans was held by any of the portfolios covered in this report.

Inflation-Indexed Bonds

Certain portfolios may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income (debt) securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment to interest income.

Mortgage-Related and Other Asset-Backed Securities

Certain portfolios may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.

SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other fixed-income and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are recorded as interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income. Payments received from POs are treated as reductions to the cost and par value of the securities. Any excess principal paydown gains or losses associated with the payments received are recorded as interest income.

U.S. Government Agencies or Government-Sponsored Enterprises

Certain portfolios may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Fund’s shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the United States Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

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Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the United States Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the United States Government.

When-Issued Securities

Certain portfolios may purchase and sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a portfolio is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A portfolio may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Delayed-Delivery Transactions

Certain portfolios may purchase or sell securities on a delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed- delivery purchases are outstanding, a portfolio will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed- delivery securities before they are delivered, which may result in a capital gain or loss. When a portfolio has sold a security on a delayed- delivery basis, the portfolio does not participate in future gains and losses with respect to the security.

Short Sales

Certain portfolios may enter into short sales. A short sale is a transaction in which a portfolio sells securities it does not own. A portfolio’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the portfolio’s short position, resulting in a loss to the portfolio. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

When a portfolio sells securities short, it must borrow those securities to make delivery to the buyer. The portfolio incurs an expense for such borrowing. The portfolio may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the portfolio to sell long positions before the manager had intended. A portfolio may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.

The use of proceeds received from selling short to purchase additional securities (long positions), results in leverage which may increase a portfolio’s exposure to long positions. Leverage could magnify gains or losses and, therefore, increase a portfolio’s volatility.

Repurchase Agreements

Certain portfolios may invest in repurchase agreements. Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a portfolio are fully collateralized by U.S. Government securities, or securities issued by U.S. Government agencies, or securities that are within the three highest credit categories assigned by established rating agencies (Aaa, Aa, or A by Moody’s or AAA, AA or A by Standard & Poor’s ) or, if not rated by Moody’s or Standard & Poor’s, are of equivalent investment quality as determined by the Adviser or the applicable portfolio manager. Such collateral is in the possession of the portfolio’s custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

Borrowings and Other Financing Transactions

The following disclosures contain information on a portfolio’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a portfolio. The location and fair value amounts of these instruments are described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions, see Note 5.

Reverse Repurchase Agreements – Certain portfolios may enter into reverse repurchase agreements. In a reverse repurchase agreement, a portfolio sells to a financial institution a security that it holds with an agreement to repurchase the same security at the agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the portfolio. A reverse repurchase agreement involves the risk that the market value of the security sold by a

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portfolio may decline below the repurchase price of the security. A portfolio will segregate assets determined to be liquid by the portfolio manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks – Certain portfolios may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Effective January 1, 2012 such transactions are recorded as secured borrowings; whereas, previously such transactions were recorded as purchases and sales. A portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the portfolio are recorded as a liability. A portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the portfolio to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to a portfolio. A portfolio will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

Segregation and Collateral

If a portfolio engages in certain transactions such as derivative investments or repurchase agreements, it may require collateral in the form of cash or investments to be held in segregated accounts at the Fund’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/or the portfolio manager. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. There is a possibility that a portfolio could experience a delay in selling investments that are segregated as collateral.

5. DERIVATIVE INVESTMENTS AND RISKS

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain portfolios are permitted to invest in derivative instruments, including, but not limited to, futures contracts, options contracts, forward foreign currency contracts, interest rate swaps, and credit default swaps. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a portfolio’s gains and losses and therefore increase its volatility. A portfolio’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a portfolio may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility and credit (including counterparty) risks.

Interest rate risk – A portfolio may be exposed to interest rate risk through investments in fixed income securities. Interest rate risk is the risk that fixed income securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than fixed income securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a fixed income security’s yield (market price to interest rate movement). To manage these risks, certain portfolios may invest in derivative instruments tied to interest rates.

Foreign investments and currency risk – A portfolio may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues and foreign controls on investments. As a result, a portfolio’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the portfolio. To manage these risks, certain portfolios may invest in derivative instruments tied to foreign investments and/or currencies.

Price volatility risk – Derivatives tied to equity and fixed income securities are exposed to potential price volatility. Fixed income securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade fixed income securities (including loans) may be relatively greater than for investment grade fixed income securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.

To manage these risks, certain portfolios may invest in various derivative instruments. Derivative instruments may be used to manage a portfolio’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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Credit and Counterparty risk – Credit risk is the risk that a fixed income security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g. may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A portfolio may lose money if the issuer or guarantor of fixed income security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A portfolio may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A portfolio’s investments in fixed income (debt) investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.

Similar to credit risk, a portfolio may be exposed to counterparty risk, or the risk that an institution or other entity with which a portfolio has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a portfolio to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the portfolios by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain portfolios may invest in derivative instruments tied to a security issuers’ financial strength.

A portfolio’s transactions in listed securities are settled/paid for upon delivery with their counterparties. Therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a portfolio has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

Credit Related Contingent Features – Certain portfolios are parties to various agreements, including but not limited to International Swaps and Derivatives Agreements, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral and certain events of default or termination, such as credit related contingent features. These provisions reduce the counterparty risk associated with relevant transactions by allowing a portfolio or its counterparties to elect to terminate early and cause settlement of all outstanding transactions if a triggering event occurs under the applicable Master Agreement. These triggering events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Thus, if a credit related contingent feature is triggered, it would allow a portfolio or its counterparty to close out all transactions under the agreement and demand payment or additional collateral to cover their exposure to the other counterparty. Any election made by a counterparty to early terminate a transaction could have a material adverse impact on a portfolio’s financial statements. To reduce credit and counterparty risk associated with transactions, a portfolio may enter into master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A portfolio’s overall exposure to credit risk, subject to master netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

B. DERIVATIVE INVESTMENTS

In addition to managing the market risks described above, certain portfolios, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to increase returns, or to otherwise help achieve a portfolio’s investment goal. Each derivative instrument and the reasons a portfolio invested in derivatives during the reporting period are discussed in further detail below.

Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin deposits are made upon entering into futures contracts and can be funded with either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the portfolio’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

During the reporting period, the portfolios entered into futures contracts for the following reasons: The Diversified Bond and Inflation Protected Portfolios used futures to manage portfolio risk and duration. The Inflation Managed and Managed Bond Portfolios used financial and money market futures to manage exposure to securities markets and to manage interest rate risk. The Short Duration Bond Portfolio used treasury interest rate futures contracts to manage exposure to changes in interest rates, bond prices, foreign currencies and credit quality, and to adjust portfolio duration and credit exposure to the markets. The Equity Index, Small-Cap Equity and Small-Cap Index Portfolios utilized futures to help provide equity exposure to the portfolios’ cash balances and accruals, and to provide daily liquidity for the portfolio’s inflows and outflows. The Long/Short Large-Cap Portfolio used futures contracts to maintain full exposure (long and short) to the equity markets, to hedge various investments for risk management purposes and to increase returns. The Real Estate Portfolio used futures to maintain full exposure to the equity markets. The Global Absolute Return Portfolio used futures to manage duration and interest rate risk, to maintain full exposure to the equities market, to manage exposure to various markets, to provide daily liquidity for the portfolio’s inflows and outflows, and as a part of the portfolio’s investment strategy. The International Value Portfolio utilized futures to gain market exposure to manage cash inflows. The Comstock, Dividend Growth, Equity Index, Growth LT, Large-Cap Value, Main Street Core, Mid-Cap Equity, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Small-Cap Growth, International Large-Cap, International Value Portfolios utilized futures to gain market exposure with the cash generated during PLFA’s reallocation of assets related to the Portfolio Optimization Portfolios.

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Options Contracts – An options contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an options contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a portfolio’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a portfolio’s exposure to the underlying instrument. When a portfolio writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the portfolio is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a portfolio on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the portfolio has realized a gain or loss on investment transactions. A portfolio, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a portfolio to close out an option contract.

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed options contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A portfolio’s maximum risk of loss from counterparty credit risk related to OTC options contracts is limited to the premium paid.

During the reporting period, the portfolios entered into option contracts for the following reasons: The Diversified Bond and Inflation Protected Portfolios purchased or wrote options to manage portfolio risk and duration. The Inflation Managed and Managed Bond Portfolios purchased or wrote options and swaptions on futures, currencies, volatility and swaps, as a means of capitalizing on anticipated changes in market volatility and to generate income. Both Portfolios also wrote inflation floors to hedge duration. The Growth LT Portfolio purchased or wrote options for purposes of risk management and as part of the portfolio’s investment strategy. The Global Absolute Return Portfolio purchased options for purposes of risk management and as part of the portfolio’s investment strategy.

Forward Foreign Currency Contracts – A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a portfolio manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A portfolio records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A portfolio’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a portfolio and the counterparty is in place and to the extent a portfolio obtains collateral to cover the portfolio’s exposure to the counterparty.

During the reporting period, the portfolios entered into forward foreign currency contracts for the following reasons: The Diversified Bond, Inflation Protected, Short Duration Bond, Comstock, Growth LT, International Small-Cap, and International Value Portfolios used Forward Contracts for hedging purposes to help protect the portfolios’ returns against adverse currency movements. The Inflation Managed and Managed Bond Portfolios used Forward Contracts in connections with settling planned purchases or sales of investments, to hedge against currency exposure associated with some or all of these portfolios’ investments and as a part these portfolios’ investment strategy. The Emerging Markets Debt Portfolio used Forward Contracts to gain market exposure, for hedging purposes to help protect the portfolio’s returns against adverse currency movements, and as a part of the portfolio’s investment strategy. The Currency Strategies Portfolio purchased and sold non-deliverable Forwards Contracts to gain or increase exposure to various currencies (both long and short positions) for hedging purposes to protect the portfolio’s returns against adverse currency movements and as a part of the portfolio’s investment strategy. The Global Absolute Return Portfolio used Forward Contracts for hedging purposes to protect the portfolio’s returns against adverse currency movements, as a substitute for securities, and as part of the portfolio’s investment strategy.

Swaps Agreements – Swaps are privately negotiated agreements between the portfolios and their counterparties to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals and may be executed in the over-the-counter market or in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. Payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as the calculation of realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by the portfolios are recorded as realized gain.

D-12

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Interest Rate Swaps – Interest rate swap agreements involve the exchange by a portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

Certain portfolios hold fixed rate bonds whose value may decrease if interest rates rise. To help hedge against this risk and to maintain the ability to generate income at prevailing market rates, certain portfolios enter into interest rate swap agreements.

A portfolio investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A portfolio’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a portfolio and the counterparty is in place and to the extent a portfolio obtains collateral to cover the portfolio’s exposure to the counterparty.

During the reporting period, the portfolios entered into interest rate swap contracts for the following reasons: The Inflation Managed and Managed Bond Portfolios entered into interest rate swaps to manage nominal or real interest rate risk in various global markets and as a substitute for cash bond exposure. The Global Absolute Return Portfolio entered into interest rate swaps for hedging purposes, to manage interest rate exposure, and as part of the portfolio’s investment strategy.

Credit Default Swaps – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection, a portfolio generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a portfolio would be subject to investment exposure on the notional amount of the swap.

A portfolio investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

If a portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. Treasury obligation issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A portfolio may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. Treasury obligation issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities

D-13

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A portfolio may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect.

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

A portfolio may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a portfolio may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

A portfolio may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

A portfolio’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a portfolio and the counterparty is in place and to the extent a portfolio obtains collateral to cover the portfolio’s exposure to the counterparty.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The collateral posted, net of assets received as collateral, for swap contracts is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a portfolio as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2012 for which a portfolio is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a portfolio for the same referenced entity or entities.

During the reporting period, the portfolios entered into credit default swap contracts for the following reasons: The Diversified Bond Portfolio utilized credit default swaps to manage duration and credit risk, as a substitute for physical securities and as part of the portfolio’s investment strategy. The High Yield Bond Portfolio sold credit protection through credit default swaps on indices to increase exposure to credit for the broader high yield market. The Inflation Managed and Managed Bond Portfolios sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and to the broader investment grade, high yield, or emerging markets through the use of credit default swaps on credit indices. Both Portfolios also purchased credit protection to reduce credit exposure to individual issuers, reduce broader credit risk, and to take advantage of the basis between the credit default swap and cash bond market. The Global Absolute Return Portfolio entered into credit default swaps for hedging purposes, to increase or decrease credit exposure to various indices, individual issuers and securities or groups of securities, and as part of the portfolio’s investment strategy.

Total Return Swaps – A portfolio investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a portfolio will receive a payment from or make a payment to the counterparty. A portfolio’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a portfolio and the counterparty is in place and to the extent a portfolio obtains collateral to cover a portfolio’s exposure to the counterparty.

D-14

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

During the reporting period, the portfolios entered into total return swap contracts for the following reasons: The Diversified Bond Portfolio entered into total return swaps to manage duration and credit risk, as a substitute for physical securities and as part of the portfolio’s investment strategy. The Inflation Protected Portfolio entered into total return swaps to manage duration and portfolio risk.

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement. The derivative investments held as of December 31, 2012 as disclosed in the Notes to Schedules of Investments and the amounts of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for each applicable portfolio during the year ended December 31, 2012.

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Fund’s Statements of Assets and Liabilities:

	Location on the Statements of Assets and Liabilities
Derivative Investments Risk Type	Asset Derivative Investments	Liability Derivative Investments
Interest rate contracts	Investments, at value Receivable: Variation margin Swap contracts, at value	Outstanding options written, at value Payable: Variation margin Swap contracts, at value
Foreign exchange contracts	Investments, at value Receivable: Variation margin Forward foreign currency contracts appreciation	Outstanding options written, at value Payable: Variation margin Forward foreign currency contracts depreciation
Credit contracts	Swap contracts, at value	Swap contracts, at value
Equity contracts	Investments, at value Receivable: Variation margin	Outstanding options written, at value Payable: Variation margin

The following is a summary of fair values of derivative investments disclosed in the Statements of Assets and Liabilities, categorized by primary risk exposure as of December 31, 2012:

			Asset Derivative Investments Value
Portfolio	Total Value at December 31, 2012		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts
Diversified Bond		$7,080,479		$399,699		$-			$3,687,918		$2,992,862	*
High Yield Bond		72,986		72,986		-			-		-
Inflation Managed		16,652,870		372,085		-			11,322,668		4,958,117	*
Inflation Protected		520,588		-		-			442,796		77,792	*
Managed Bond		53,825,880		16,746,416		-			12,298,228		24,781,236	*
Short Duration Bond		21,144		-		-			21,144		-
Emerging Markets Debt		1,658,762		-		-			1,658,762		-
Comstock		189,190		-		-			189,190		-
Growth LT		1,667,539		-		1,252,310			415,229		-
Small-Cap Equity		115,105		-		115,105	*		-		-
Small-Cap Index		412,785		-		412,785	*		-		-
International Small-Cap		1,244,392		-		-			1,244,392		-
International Value		5,561,540		-		-			5,561,540		-
Currency Strategies		31,325,749		-		-			31,325,749		-
Global Absolute Return		81,697,243		51,142,822		1,214,370	*		19,828,930		9,511,121	*

				Liability Derivative Investments Value
Portfolio	Total Value at December 31, 2012			Credit Contracts			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts
Diversified Bond		($5,469,500	)		($457,262	)		$-			($4,737,105	)		($275,133	)*
Inflation Managed		(4,978,235	)		(1,307,939	)		-			(2,050,680	)		(1,619,616	)*
Inflation Protected		(6,403,957	)		-			-			(3,722,183	)		(2,681,774	)
Managed Bond		(20,293,809	)		(4,114,200	)		-			(14,995,349	)		(1,184,260	)*
Emerging Markets Debt		(2,104,424	)		-			-			(2,104,424	)		-
Comstock		(3,343,389	)		-			-			(3,343,389	)		-
Equity Index		(202,294	)		-			(202,294	)*		-			-
Growth LT		(391,886	)		-			-			(391,886	)		-
Long/Short Large-Cap		(47,705	)		-			(47,705	)*		-			-
International Value		(4,044,509	)		-			-			(4,044,509	)		-
Currency Strategies		(24,402,266	)		-			-			(24,402,266	)		-
Global Absolute Return		(41,084,436	)		(14,429,054	)		-			(24,846,892	)		(1,808,490	)*

* Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared swaps as reported in the Notes to Schedules of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

D-15

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation of derivative investments, if any, disclosed in the Fund’s Statements of Operations:

Derivative Investments Risk Type	Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Interest rate contracts	Net realized gain (loss) on investment security transactions
Equity contracts	Net realized gain (loss) on futures contracts and swap transactions
	Net realized gain (loss) on written option transactions
	Change in net unrealized appreciation (depreciation) on investment securities
	Change in net unrealized appreciation (depreciation) on futures contracts and swaps
	Change in net unrealized appreciation (depreciation) on written options
Foreign exchange contracts	Net realized gain (loss) on investment security transactions
	Net realized gain (loss) on futures contracts and swap transactions
	Net realized gain (loss) on written option transactions
	Net realized gain (loss) on foreign currency transactions
	Change in net unrealized appreciation (depreciation) on investment securities
	Change in net unrealized appreciation (depreciation) on futures contracts and swaps
	Change in net unrealized appreciation (depreciation) on written options
	Change in net unrealized appreciation (depreciation) on foreign currencies
Credit contracts	Net realized gain (loss) on futures contracts and swap transactions
	Change in net unrealized appreciation (depreciation) on futures contracts and swaps

The following is a summary of each portfolio’s realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the year ended December 31, 2012:

	Realized Gain (loss) on Derivative Investments Recognized in the Statement of Operations
Portfolio	Total			Credit Contracts			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts
Diversified Bond		($6,072,372	)		($1,155,749	)		$			$8,473,169			($13,389,792	)
High Yield Bond		29,167			29,167			-			-			-
Inflation Managed		16,510,679			(4,480,760	)		-			3,011,732			17,979,707
Inflation Protected		26,253,725			7,702,901			-			(6,622,450	)		25,173,274
Managed Bond		22,752,764			(1,389,865	)		-			36,042,201			(11,899,572	)
Short Duration Bond		237,805			-			-			(179,103	)		416,908
Emerging Markets Debt		2,211,034			-			-			2,211,034			-
Comstock		(5,555,234	)		-			(1,472,273	)		(4,082,961	)		-
Dividend Growth		439,750			-			439,750			-			-
Equity Index		4,173,553			-			4,173,553			-			-
Growth LT		(1,236,173	)		-			(1,278,549	)		42,376			-
Large-Cap Value		(1,798,714	)		-			(1,798,714	)		-			-
Long/Short Large-Cap		2,836,066			-			2,836,066			-			-
Main Street Core		(239,871	)		-			(239,871	)		-			-
Mid-Cap Equity		1,864,550			-			1,864,550			-			-
Mid-Cap Growth		(1,527,058	)		-			(1,527,058	)		-			-
Mid-Cap Value		(7,570,890	)		-			(7,559,045	)		(11,845	)		-
Small-Cap Equity		(526,004	)		-			(526,004	)		-			-
Small-Cap Growth		123,659			-			123,659			-			-
Small-Cap Index		1,093,005			-			1,093,005			-			-
Real Estate		(1,493,109	)		-			(1,493,109	)		-			-
International Large-Cap		(4,680,659	)		-			(4,680,659	)		-			-
International Small-Cap		322,900			-			-			322,900			-
International Value		(8,451,232	)		-			(5,798,732	)		(2,652,500	)		-
Currency Strategies		(24,405,610	)		-			-			(24,405,610	)		-
Global Absolute Return		(30,096,447	)		(32,277,016	)		-			1,565,627			614,942

D-16

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statement of Operations
Portfolio	Total			Credit Contracts			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts
Diversified Bond		($2,427,815	)		($56,694	)		$-			($6,596,686	)		$4,225,565
High Yield Bond		19,861			19,861			-			-			-
Inflation Managed		3,826,922			6,098,803			-			6,863,986			(9,135,867	)
Inflation Protected		(10,972,071	)		-			-			(9,467,552	)		(1,504,519	)
Managed Bond		45,438,179			15,065,431			-			(21,391,082	)		51,763,830
Short Duration Bond		62,021			-			-			62,021			-
Emerging Markets Debt		(445,662	)		-			-			(445,662	)		-
Comstock		(3,154,199	)		-			-			(3,154,199	)		-
Equity Index		(544,775	)		-			(544,775	)		-			-
Growth LT		(1,906,463	)		-			(397,553	)		(1,508,910	)		-
Long/Short Large-Cap		(85,859	)		-			(85,859	)		-			-
Small-Cap Equity		114,180			-			114,180			-			-
Small-Cap Index		411,591			-			411,591			-			-
International Small-Cap		1,168,168			-			-			1,168,168			-
International Value		3,744,353			-			(26,428	)		3,770,781			-
Currency Strategies		6,923,483			-			-			6,923,483			-
Global Absolute Return		(8,125,486	)		(10,144,070	)		1,214,370			(6,898,417	)		7,702,631

6. INVESTMENT ADVISORY, SUPPORT SERVICES, AGENCY, AND DISTRIBUTION AGREEMENTS AND SERVICE PLAN

Pursuant to an Investment Advisory Agreement, PLFA, a wholly owned subsidiary of Pacific Life, serves as investment adviser to each portfolio of the Fund. PLFA manages the Cash Management and High Yield Bond Portfolios under the name Pacific Asset Management. With exception of the Cash Management, High Yield Bond, American Funds Growth, American Funds Growth-Income, American Funds Asset Allocation, Pacific Dynamix and Portfolio Optimization Portfolios, PLFA has retained other portfolio management firms to sub-advise each portfolio, as discussed later in this section. PLFA receives advisory fees from each portfolio based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each portfolio:

Cash Management	0.20% of first $250 million 0.15% of next $250 million 0.10% of next $3.5 billion 0.08% on excess	Long/Short Large-Cap (1)	1.00% of the first $4 billion 0.98% on excess
Diversified Bond High Yield Bond Inflation Managed Managed Bond Short Duration Bond	0.40% of first $4 billion 0.38% on excess	Main Street Core	0.45% of first $4 billion 0.43% on excess
Floating Rate Loan (1) American Funds Growth (2) American Funds Growth-Income (2) Small-Cap Equity (1) Small-Cap Value American Funds Asset Allocation (2)	0.75% of first $1 billion 0.72% of next $1 billion 0.69% of next $2 billion 0.67% on excess	Mid-Cap Equity International Value	0.65% of first $4 billion 0.63% on excess
Inflation Protected	0.40% of first $200 million 0.35% of next $800 million 0.34% of next $1 billion 0.33% on excess	Mid-Cap Growth	0.70% of first $4 billion 0.68% on excess
Emerging Markets Debt	0.785% of first $1 billion 0.755% of next $1 billion 0.725% of next $2 billion 0.705% on excess	Mid-Cap Value	0.70% of first $1 billion 0.65% of next $1 billion 0.60% on excess
Comstock (1) Focused 30 Large-Cap Growth (1)	0.75% of first $100 million 0.71% of next $900 million 0.68% of next $3 billion 0.66% on excess	Small-Cap Growth	0.60% of first $4 billion 0.58% on excess
Dividend Growth	0.70% of first $100 million 0.66% of next $900 million 0.63% of next $3 billion 0.61% on excess	Small-Cap Index	0.30% of first $4 billion 0.28% on excess
Equity Index	0.05% of first $4 billion 0.03% on excess	Health Sciences Technology	0.90% of first $1 billion 0.87% of next $1 billion 0.84% of next $2 billion 0.82% on excess
Growth LT	0.55% of first $4 billion 0.53% on excess	Real Estate	0.90% of first $100 million 0.82% of next $900 million 0.80% of next $3 billion 0.78% on excess
Large-Cap Value	0.65% of first $100 million 0.61% of next $900 million 0.58% of next $3 billion 0.56% on excess	Emerging Markets	0.80% of first $4 billion 0.78% on excess

D-17

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

International Large-Cap	0.85% of first $100 million 0.77% of next $900 million 0.75% of next $3 billion 0.73% on excess	Precious Metals	0.75% on first $100 million 0.70% on next $400 million 0.65% on next $500 million 0.60% on excess
International Small-Cap (1)	0.85% of first $1 billion 0.82% of next $1 billion 0.79% of next $2 billion 0.77% on excess	Pacific Dynamix – Conservative Growth Pacific Dynamix – Moderate Growth Pacific Dynamix – Growth	0.20%
Currency Strategies	0.65% on first $3 billion 0.63% on excess	Portfolio Optimization Conservative (3) Portfolio Optimization Moderate- Conservative (3) Portfolio Optimization Moderate (3) Portfolio Optimization Growth (3) Portfolio Optimization Aggressive-Growth (3)	0.10%
Global Absolute Return	0.80% on first $3 billion 0.78% on excess

(1) PLFA voluntarily agreed to waive 0.10%, 0.10%, 0.015%, 0.025% (0.275% effective January 1, 2013), 0.05% and 0.02% of its advisory fee through April 30, 2013 for the Floating Rate Loan, Small-Cap Equity, Comstock, Large-Cap Growth, Long/Short Large-Cap and International Small-Cap Portfolios, respectively. The agreements can be terminated upon ninety days’ prior written notice by the Funds or if the investment agreements or sub-advisory agreements are terminated. There is no guarantee that PLFA will continue such waivers after that date.

(2) PLFA voluntarily agreed to waive a portion of its advisory fees for each Feeder Portfolio so that its total annual investment advisory fee does not exceed 0.41% until the earlier of April 30, 2013 or such time as the Feeder Portfolios no longer invest substantially all of their assets in the Master Funds. There is no guarantee that PLFA will continue to waive its advisory fees after that date. As a shareholder of the Master Funds, each Feeder Portfolio also pays an advisory fee, and other expenses of the Master Fund.

(3) PLFA voluntarily agreed to waive its advisory fee of 0.10% through April 30, 2013.

Pursuant to Portfolio Management or Subadvisory Agreements as of December 31, 2012, the Fund and PLFA engage various investment management firms under PLFA’s supervision to sub-advise thirty of the forty-three portfolios covered in this report. The following firms serve as sub-advisers for the respective portfolios: Western Asset Management Company for the Diversified Bond and Inflation Protected Portfolios; Eaton Vance Management for the Floating Rate Loan and Global Absolute Return Portfolios; Pacific Investment Management Company LLC for the Inflation Managed and Managed Bond Portfolios; T. Rowe Price Associates, Inc. for the Short Duration Bond and Dividend Growth Portfolios; Ashmore Investment Management Limited for the Emerging Markets Debt Portfolio; Invesco Advisers, Inc. for the Comstock Portfolio; BlackRock Investment Management, LLC for the Equity Index and Small-Cap Index Portfolios; Janus Capital Management LLC for the Focused 30 and Growth LT Portfolios; UBS Global Asset Management (Americas) Inc. for the Large-Cap Growth (BlackRock Investment Management, LLC effective January 1, 2013) and Currency Strategies Portfolios; ClearBridge Advisors, LLC for the Large-Cap Value Portfolio; J.P. Morgan Investment Management, Inc. for the Long/Short Large-Cap and International Value Portfolios; OppenheimerFunds, Inc. for the Main Street Core and Emerging Markets Portfolios; Lazard Asset Management LLC for the Mid-Cap Equity Portfolio (Scout Investments, Inc. effective January 1, 2013); Morgan Stanley Investment Management Inc. for the Mid-Cap Growth and Real Estate Portfolios; BlackRock Capital Management, Inc. for the Mid-Cap Value Portfolio; Franklin Advisory Services, LLC and BlackRock Investment Management, LLC (co-sub-advisers) for the Small-Cap Equity Portfolio; Fred Alger Management, Inc. for the Small-Cap Growth Portfolio; NFJ Investment Group LLC for the Small-Cap Value Portfolio; Jennison Associates LLC for the Health Sciences Portfolio; Columbia Management Investment Advisers, LLC for the Technology Portfolio; MFS Investment Management for the International Large-Cap Portfolio; Batterymarch Financial Management, Inc. for the International Small-Cap Portfolio; and Wells Capital Management Incorporated for the Precious Metals Portfolio. PLFA, as Investment Adviser to each portfolio of the Fund, pays the related portfolio management fees to these sub-advisors as compensation for their sub-advisory services provided to the Fund.

Each Feeder Portfolio invests all of its assets in a Master Fund; therefore, PLFA has not retained other management firms to sub-advise the assets of the Feeder Portfolios. PLFA is the adviser to the Feeder Portfolios. Capital Research and Management Company (“CRMC”), pursuant to the Investment Advisory and Service Agreements between the Master Funds (See Note 1) and CRMC, serves as the Investment Adviser to the Master Funds. For the year ended December 31, 2012, CRMC received advisory fees of 0.33%, 0.27% and 0.29% from the Growth, Growth-Income and Asset Allocation Master Funds, respectively, and an administrative fee of 0.01% for administrative services provided by CRMC and its affiliates, based on the annual percentage of average daily net assets of each Master Fund.

Pursuant to an Agreement for Support Services (the “Agreement”), Pacific Life and PLFA provide support services to the Fund that are outside the scope of the investment adviser’s responsibilities under the Advisory Agreement. Under the Agreement, the Fund compensates Pacific Life and PLFA for their expenses in providing support services to the Fund in connection with various matters, including the expense of registering and qualifying the Fund on state and Federal levels, providing legal, compliance, accounting, tax, chief compliance officer services, and on-going compliance and oversight of the Fund’s securities lending program, maintaining the Fund’s legal existence, shareholders’ meetings, and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Fund reimbursed Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a Transfer Agency Agreement, Pacific Life serves as transfer agent and dividend disbursing agent for Class I shares of the Fund, without remuneration from the Fund. Pursuant to a Transfer Agency and Service Agreement, State Street Bank and Trust Company serves as transfer agent and dividend disbursing agent for all Class P shares of the Fund and is compensated by the Fund for these services.

Pursuant to a Distribution Agreement, Pacific Select Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Fund’s shares.

The Distributor receives from the Fund a service fee of 0.20% on Class I shares only, based on an annual percentage of average daily net assets of each portfolio for shareholder servicing activities. Class P shares do not incur a service fee. Under the Service Plan, the service fee may be used by the Distributor for services rendered to or procured for shareholders of the Fund, or the variable annuity and variable life

D-18

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

insurance contract owners who use the Fund as the underlying investment vehicle for their contracts. These services may include, but are not limited to: providing electronic, telephonic, and technological servicing support in connection with existing investments in the Fund; answering shareholder questions regarding the Fund, the portfolios, its portfolio managers and/or other service providers; payment of compensation to broker-dealers, including the Distributor itself, and other financial institutions and organizations which assist in providing any of these services; and other services as described in the Service Plan. The Service Plan may be terminated at any time by vote of the majority of the independent trustees of the Board.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, SERVICE FEES AND EXPENSES FOR SUPPORT SERVICES

The Adviser, the Distributor and Pacific Life are related parties. The advisory fees earned by the Adviser, including any advisory fee waiver, the service fees earned by to the Distributor (applicable to Class I shares only), and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each portfolio covered in this report for the year ended December 31, 2012 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of December 31, 2012 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Fund’s expenses, PLFA has entered into expense limitation agreements with the Fund and has contractually agreed to reimburse each portfolio (other than the Pacific Dynamix Portfolios) for its operating expenses that exceed an annual rate based on a percentage of a portfolio’s average daily net assets through April 30, 2014 for the Portfolio Optimization Portfolios and through April 30, 2013 for all other portfolios covered in this report. These operating expenses include, but are not limited to, organizational expenses, domestic custody expenses, expenses for accounting, audit, tax and certain legal services, preparation, printing, filing and distribution to existing shareholders of proxies, prospectuses and shareholder reports and other regulatory documents as applicable, independent trustees’ fees and establishing, overseeing and administering the Fund’s compliance program. These operating expenses do not include advisory fees; service fees; additional costs associated with foreign investing (including foreign taxes on dividends, interest, or gains); interest (including commitment fees); taxes; brokerage commissions and other transactional expenses; dividends on securities sold short; acquired funds’ fees and expenses; extraordinary expenses such as litigation expenses and other expenses not incurred in the ordinary course of each portfolio’s business; and expenses of counsel or other persons or services retained by the independent trustees). The expense cap is 0.03% for the Portfolio Optimization Portfolios and 0.10% for all other portfolios covered in this report. In the case of the Pacific Dynamix Portfolios, PLFA has contractually agreed to reimburse each portfolio for its operating expenses (excluding extraordinary expenses) of each Pacific Dynamix Portfolio and its proportionate share of fees and expenses of the Pacific Dynamix Underlying Portfolios that exceed an annual rate of 0.59% of a portfolio’s average daily net assets through April 30, 2014. There is no guarantee that PLFA will continue to cap or reimburse upon the expiration of the applicable expense cap agreements. PLFA has agreed, temporarily, to reimburse expenses or waive a portion of its fees with respect to the Cash Management Portfolio to the extent necessary to prevent the portfolio’s expenses from exceeding earnings (i.e. a negative yield). However, there can be no assurance that a negative yield will not occur. There is no guarantee that PLFA will continue to waive a portion of its fees in the future.

Any reimbursement, except for the reimbursement of $1,871,198 to the Cash Management Portfolio, is subject to recoupment by PLFA, for a period of time as permitted under regulatory and accounting guidance (currently 3 years from the end of the fiscal year in which the reimbursement took place), to the extent such expenses fall below the expense cap in future years. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable portfolios, but not above the expense cap. The amounts of adviser reimbursement to each of the applicable portfolios covered in this report for the year ended December 31, 2012 are presented in the Statements of Operations. Any amounts that remained due from the Adviser as of December 31, 2012 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of December 31, 2012 that are subject to repayment from the portfolios are as follows:

	Expiration
Portfolio	2013		2014		2015
Pacific Dynamix – Conservative Growth		$62,479		$63,518		$76,176
Pacific Dynamix – Moderate Growth		105,002		131,597		239,686
Pacific Dynamix – Growth		91,537		117,915		164,359

There was no recoupment of expense reimbursement by PLFA from any portfolios during the year ended December 31, 2012.

C. INVESTMENTS IN AFFILIATED PORTFOLIOS

A summary of holdings and transactions with affiliated mutual fund investments as of and for the year ended December 31, 2012 is as follows:

Portfolio/Master Fund	Beginning Value as of January 1, 2012		Purchase Cost (1)		Distributions Received and Reinvested (2)		Sales Proceeds		Net Realized Gain (3)		Change in Unrealized Appreciation		As of December 31, 2012
													Ending Value		Share Balance
American Funds Growth-Income
American Funds Insurance Series® Growth-Income Fund-Class 1		$1,147,620,269		$9,379,406		$12,615,546		$673,351,352		$50,897,059		$100,003,543		$647,164,471		16,818,204

D-19

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Portfolio/Pacific Dynamix Underlying Portfolio	Beginning Value as of January 1, 2012		Purchase Cost (1)		Distributions Received and Reinvested (2).		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Decrease)			As of December 31, 2012
															Ending Value		Share Balance
Pacific Dynamix – Conservative Growth
PD Aggregate Bond Index ‘P’		$71,128,385		$63,612,932		$1,765,170		$5,542,912		$410,598			$1,590,624			$132,964,797		11,910,892
PD High Yield Bond Market ‘P’		8,030,403		6,072,086		857,907		615,879		96,567			593,061			15,034,145		1,280,417
PD Large-Cap Growth Index ‘P’		15,303,460		11,074,235		332,786		1,554,854		259,391			1,982,483			27,397,501		1,725,634
PD Large-Cap Value Index ‘P’		18,481,779		12,420,673		576,196		1,879,216		1,058,396			2,277,128			32,934,956		2,165,818
PD Small-Cap Growth Index ‘P’		2,657,343		2,249,626		55,829		205,293		313,401			91,660			5,162,566		353,016
PD Small-Cap Value Index ‘P’		4,066,732		3,172,850		168,674		345,098		297,536			431,018			7,791,712		556,715
PD Emerging Markets ‘P’		1,283,468		854,080		31,956		102,647		(871	)		287,632			2,353,618		154,350
PD International Large-Cap ‘P’		13,578,082		9,576,633		563,584		1,237,333		119,268			2,720,703			25,320,937		1,870,550
Total		$134,529,652		$109,033,115		$4,352,102		$11,483,232		$2,554,286			$9,974,309			$248,960,232
Pacific Dynamix – Moderate Growth
PD Aggregate Bond Index ‘P’		$101,029,332		$120,870,530		$2,815,132		$2,814,492		$433,939			$2,404,819			$224,739,260		20,131,983
PD High Yield Bond Market ‘P’		14,578,711		13,637,069		1,737,499		401,841		171,549			1,107,973			30,830,960		2,625,789
PD Large-Cap Growth Index ‘P’		47,162,002		40,906,457		1,151,195		1,390,882		366,446			6,544,683			94,739,901		5,967,200
PD Large-Cap Value Index ‘P’		57,215,013		55,718,420		2,145,773		1,669,351		3,296,180			7,530,951			124,236,986		8,169,881
PD Small-Cap Growth Index ‘P’		7,940,681		10,878,847		223,524		542,725		1,216,330			346,534			20,063,191		1,371,921
PD Small-Cap Value Index ‘P’		11,043,151		18,750,748		719,172		452,476		1,245,452			1,710,445			33,016,492		2,359,016
PD Emerging Markets ‘P’		7,364,710		11,095,037		268,385		941,939		233,602			1,738,137			19,757,932		1,295,722
PD International Large-Cap ‘P’		43,121,746		43,611,293		2,139,966		1,243,687		147,277			9,535,420			97,312,015		7,188,795
Total		$289,455,346		$315,468,399		$11,200,646		$9,457,393		$7,110,777			$30,918,962			$644,696,737
Pacific Dynamix – Growth
PD Aggregate Bond Index ‘P’		$38,146,962		$19,415,257		$789,698		$7,719,973		$614,809			$510,106			$51,756,859		4,636,343
PD Large-Cap Growth Index ‘P’		37,658,985		10,906,662		598,419		5,357,019		1,443,961			3,878,984			49,129,992		3,094,456
PD Large-Cap Value Index ‘P’		44,266,817		11,596,194		1,080,377		3,890,629		3,063,697			4,248,540			60,364,996		3,969,630
PD Small-Cap Growth Index ‘P’		10,912,458		4,328,807		177,630		1,111,661		1,231,015			371,249			15,909,498		1,087,891
PD Small-Cap Value Index ‘P’		13,276,199		6,685,121		479,262		1,315,022		1,092,126			1,271,007			21,488,693		1,535,359
PD Emerging Markets ‘P’		9,124,860		3,778,676		187,600		997,787		304,218			1,386,337			13,783,904		903,946
PD International Large-Cap ‘P’		35,530,473		12,323,037		1,155,366		3,213,997		325,054			5,616,792			51,736,725		3,821,981
Total		$188,916,754		$69,033,754		$4,468,352		$23,606,088		$8,074,880			$17,283,015			$264,170,667
Portfolio Optimization Conservative
Diversified Bond ‘P’		$573,655,993		$66,736,651		$14,786,904		$190,794,464		$12,991,694			$14,278,136			$491,654,914		45,014,184
Floating Rate Loan ‘P’		283,651,713		16,619,306		10,862,530		97,108,141		2,680,398			6,147,168			222,852,974		29,085,138
High Yield Bond ‘P’		217,183,953		48,196,043		11,125,852		107,976,691		2,528,757			12,428,847			183,486,761		26,919,133
Inflation Managed ‘P’		356,704,694		11,182,953		6,146,551		203,293,062		42,331,371			(22,805,384	)		190,267,123		15,959,663
Inflation Protection ‘P’		248,642,056		31,825,780		1,242,481		66,910,129		4,959,432			7,432,352			227,191,972		20,752,073
Managed Bond ‘P’		754,067,101		83,286,837		32,415,242		294,588,694		10,282,190			25,322,714			610,785,390		48,546,244
Short Duration Bond ‘P’		387,021,749		230,380,830		5,528,307		67,463,052		1,065,194			9,138,186			565,671,214		58,454,543
Emerging Markets Debt ‘P’		-		187,485,735		4,357,436		9,110,343		473,090			14,304,690			197,510,608		18,240,319
Comstock ‘P’		105,258,611		47,636,476		2,738,346		44,999,441		8,442,998			10,830,035			129,907,025		13,985,155
Equity Index ‘P’		70,092,158		49,319,681		2,767,910		37,866,017		4,409,859			6,494,927			95,218,518		3,042,683
Large-Cap Growth ‘P’		68,501,214		25,084,344		76,875		31,091,323		11,277,099			2,315,253			76,163,462		12,670,533
Large-Cap Value ‘P’		141,427,719		35,195,021		3,745,947		43,007,652		7,430,800			12,548,963			157,340,798		12,069,938
Long/Short Large-Cap ‘P’		69,704,939		-		-		76,528,195		5,114,049			1,709,207			-		-
Mid-Cap Equity ‘P’		103,306,701		14,330,830		402,078		81,382,843		5,112,858			2,482,558			44,252,182		3,655,110
Mid-Cap Value ‘P’		-		66,914,012		642,052		7,970,699		2,818,180			621,584			63,025,129		4,416,592
International Large-Cap ‘P’		103,844,286		9,828,708		1,636,311		56,288,876		(1,440,877	)		19,072,832			76,652,384		10,725,682
International Value ‘P’		69,303,323		7,620,920		1,798,297		40,228,439		(3,608,204	)		11,299,487			46,185,384		4,299,833
Currency Strategies ‘P’		-		125,531,165		-		2,617,380		(35,525	)		(990,618	)		121,887,642		12,322,722
Global Absolute Return ‘P’		-		231,950,577		-		2,627,041		(5,605	)		(81,257	)		229,236,674		22,958,001
Precious Metals ‘P’		-		51,394,400		-		1,515,595		(191,587	)		(5,498,991	)		44,188,227		5,135,909
Total		$3,552,366,210		$1,340,520,269		$100,273,119		$1,463,368,077		$116,636,171			$127,050,689			$3,773,478,381

D-20

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Portfolio/Pacific Dynamix Underlying Portfolio	Beginning Value as of January 1, 2012		Purchase Cost (1)		Distributions Received and Reinvested (2).		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Decrease)			As of December 31, 2012
															Ending Value		Share Balance
Portfolio Optimization Moderate-Conservative
Diversified Bond ‘P’		$493,005,685		$52,193,027		$13,477,438		$163,523,474		$12,540,004			$13,243,218			$420,935,898		38,539,401
Floating Rate Loan ‘P’		245,207,193		30,574,335		11,951,912		55,352,558		1,553,681			5,929,381			239,863,944		31,305,285
High Yield Bond ‘P’		206,271,405		17,363,324		13,659,446		53,544,573		2,091,971			13,391,864			199,233,437		29,229,310
Inflation Managed ‘P’		329,160,023		59,351,853		5,295,372		208,863,046		43,500,605			(24,174,506	)		204,270,301		17,134,253
Inflation Protection ‘P’		205,515,466		112,343,286		1,496,835		86,806,977		6,660,250			6,817,957			246,026,817		22,472,477
Managed Bond ‘P’		697,505,591		65,425,400		32,070,412		318,595,843		16,127,017			22,908,832			515,441,409		40,968,145
Short Duration Bond ‘P’		324,604,521		244,853,209		5,269,185		69,521,003		1,210,228			8,213,565			514,629,705		53,180,086
Emerging Markets Debt ‘P’		-		172,803,524		4,003,224		11,291,482		694,911			13,356,287			179,566,464		16,583,158
American Funds Growth ‘P’		39,040,256		-		-		43,062,326		1,628,660			2,393,410			-		-
American Funds Growth-Income ‘P’		-		45,006,386		737,645		6,740,962		419,676			2,816,698			42,239,443		4,050,232
Comstock ‘P’		161,124,021		57,030,620		3,855,047		74,533,509		13,832,894			15,638,322			176,947,395		19,049,291
Dividend Growth ‘P’		82,408,868		5,350,764		1,897,346		9,750,777		2,567,529			7,491,960			89,965,690		8,182,229
Equity Index ‘P’		123,451,866		51,926,038		5,037,646		20,094,489		2,131,631			15,385,530			177,838,222		5,682,774
Growth LT ‘P’		39,408,776		634,871		-		44,694,081		2,416,715			2,233,719			-		-
Large-Cap Growth ‘P’		79,568,328		42,300,780		131,210		7,026,569		16,623,477			(1,074,635	)		130,522,591		21,713,703
Large-Cap Value ‘P’		207,351,450		49,586,203		6,140,623		38,056,925		9,419,842			21,011,780			255,452,973		19,596,325
Long/Short Large-Cap ‘P’		119,969,376		2,071,576		-		133,519,024		6,944,627			4,533,445			-		-
Main Street Core ‘P’		83,126,769		95,377,596		2,394,090		21,252,543		9,394,315			8,385,395			177,425,622		8,238,146
Mid-Cap Equity ‘P’		78,643,844		10,923,454		188,671		76,316,616		1,539,028			3,696,219			18,674,600		1,542,471
Mid-Cap Growth ‘P’		73,332,831		17,254,930		50,836		88,158,406		(4,570,637	)		10,945,052			8,854,606		1,142,779
Mid-Cap Value ‘P’		77,558,974		14,702,800		992,440		8,558,095		5,075,754			5,865,195			95,637,068		6,701,929
Small-Cap Equity ‘P’		40,540,644		30,369,783		1,093,528		16,411,502		2,977,144			4,481,356			63,050,953		4,195,908
Small-Cap Index ‘P’		-		59,212,123		855,843		1,352,441		733,353			2,585,077			62,033,955		4,990,422
Emerging Markets ‘P’		36,393,780		8,425,212		429,844		4,637,868		4,110,985			3,883,404			48,605,357		3,246,789
International Large-Cap ‘P’		148,874,913		27,447,035		2,649,075		78,425,736		(2,588,317	)		28,658,151			126,615,121		17,716,781
International Small-Cap ‘P’		73,104,128		19,551,490		2,132,052		11,149,973		(456,328	)		14,038,906			97,220,275		11,255,146
International Value ‘P’		73,585,241		41,760,844		3,893,847		29,006,770		(2,286,339	)		14,350,933			102,297,756		9,523,863
Currency Strategies ‘P’		-		142,695,724		-		694,310		(5,398	)		(1,529,543	)		140,466,473		14,201,024
Global Absolute Return ‘P’		-		284,718,104		-		1,386,328		(3,292	)		(418,605	)		282,909,879		28,333,360
Precious Metals ‘P’		-		98,691,787		-		462,873		(13,299	)		(13,203,398	)		85,012,217		9,880,800
Total		$4,038,753,949		$1,859,946,078		$119,703,567		$1,682,791,079		$154,270,687			$211,854,969			$4,701,738,171
Portfolio Optimization Moderate
Diversified Bond ‘P’		$1,190,680,322		$100,038,588		$39,353,229		$139,794,334		$18,192,222			$47,504,001			$1,255,974,028		114,992,538
Floating Rate Loan ‘P’		444,015,470		1,552,774		22,233,588		59,977,509		1,547,705			11,888,872			421,260,900		54,979,887
High Yield Bond ‘P’		600,106,848		244,517		36,329,107		164,535,557		6,659,774			37,854,621			516,659,310		75,798,497
Inflation Managed ‘P’		892,570,161		77,575,587		12,744,755		657,098,106		107,321,878			(61,247,287	)		371,866,988		31,192,313
Inflation Protection ‘P’		593,851,702		124,880,077		3,521,036		293,147,852		22,166,211			10,074,731			461,345,905		42,140,062
Managed Bond ‘P’		2,083,493,596		79,558,851		80,821,796		923,715,750		38,855,698			65,317,585			1,424,331,776		113,208,270
Short Duration Bond ‘P’		441,334,506		573,981,262		9,389,206		142,057,217		2,919,601			11,996,394			897,563,752		92,751,191
Emerging Markets Debt ‘P’		-		457,037,249		10,128,707		49,955,061		3,135,601			34,012,097			454,358,593		41,960,509
American Funds Growth ‘P’		149,312,814		-		269,132		168,897,560		10,172,753			9,142,861			-		-
American Funds Growth-Income ‘P’		462,470,384		-		3,722,204		321,653,800		17,318,477			36,535,405			198,392,670		19,023,366
Comstock ‘P’		730,819,262		122,098,229		15,091,379		301,558,568		55,115,374			68,676,703			690,242,379		74,308,117
Dividend Growth ‘P’		298,462,875		176,671		4,303,367		138,644,446		14,910,231			17,632,658			196,841,356		17,902,391
Equity Index ‘P’		593,855,703		515,818		9,073,828		355,144,705		28,796,773			36,339,697			313,437,114		10,015,801
Growth LT ‘P’		286,516,688		3,119,946		754,936		283,179,321		26,961,526			10,441,433			44,615,208		3,128,488
Large-Cap Growth ‘P’		430,630,708		38,784,580		448,387		102,675,797		70,721,135			6,326,332			444,235,345		73,902,873
Large-Cap Value ‘P’		1,053,432,933		152,320,209		24,570,528		399,676,815		65,969,110			86,086,278			982,702,243		75,385,119
Long/Short Large-Cap ‘P’		576,750,188		3,300,929		4,929,208		148,444,616		68,160,348			29,972,800			534,668,857		57,043,271
Main Street Core ‘P’		298,876,402		30,737,957		4,098,559		83,698,558		22,964,828			24,822,287			297,801,475		13,827,383
Mid-Cap Equity ‘P’		425,626,633		7,356,607		2,638,001		194,117,866		45,702,750			(17,393,884	)		269,812,241		22,285,759
Mid-Cap Growth ‘P’		263,471,644		18,722,370		1,138,966		110,663,130		34,641,425			(13,175,888	)		194,135,387		25,055,191
Mid-Cap Value ‘P’		417,954,758		299,743,587		6,823,189		165,096,092		37,214,451			29,982,858			626,622,751		43,911,646
Small-Cap Equity ‘P’		146,762,174		369,233		1,955,136		59,082,397		7,164,768			11,197,016			108,365,930		7,211,524
Small-Cap Growth ‘P’		140,732,912		3,010,308		355,746		11,454,150		18,143,177			(205,841	)		150,582,152		13,318,138
Small-Cap Index ‘P’		-		190,643,217		2,760,776		6,151,160		2,464,429			8,350,849			198,068,111		15,933,910
Small-Cap Value ‘P’		147,623,308		162,397		3,386,521		11,125,519		13,750,990			(895,781	)		152,901,916		11,191,862
Real Estate ‘P’		-		339,361,604		4,283,522		13,794,385		13,677,269			(12,918,411	)		330,609,599		19,649,414
Emerging Markets ‘P’		391,729,755		36,577,706		4,113,366		48,646,754		42,052,365			39,763,505			465,589,943		31,100,943
International Large-Cap ‘P’		667,485,217		39,804,802		11,756,276		272,118,965		(9,363,880	)		124,950,104			562,513,554		78,710,422
International Small-Cap ‘P’		391,624,279		36,901,963		9,275,176		81,019,632		(5,386,244	)		69,335,554			420,731,096		48,707,844
International Value ‘P’		393,644,027		105,031,631		18,007,816		105,814,136		(8,787,357	)		66,442,621			468,524,602		43,619,375
Currency Strategies ‘P’		-		616,257,476		-		9,860,485		(94,016	)		(6,590,996	)		599,711,979		60,630,298
Global Absolute Return ‘P’		-		770,321,973		-		13,449,964		(90,725	)		(1,131,791	)		755,649,493		75,678,126
Precious Metals ‘P’		-		308,559,569		-		2,811,101		(90,897	)		(42,612,709	)		263,044,862		30,573,177
Total		$14,513,835,269		$4,538,747,687		$348,277,443		$5,839,061,308		$772,887,750			$738,474,674			$15,073,161,515

D-21

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Portfolio/Pacific Dynamix Underlying Portfolio	Beginning Value as of January 1, 2012		Purchase Cost (1)		Distributions Received and Reinvested (2).		Sales Proceeds		Net Realized Gain (Loss) (3)			Change in Unrealized Appreciation (Decrease)			As of December 31, 2012
															Ending Value		Share Balance
Portfolio Optimization Growth
Diversified Bond ‘P’		$638,596,185		$311,084,606		$28,497,471		$110,690,808		$14,120,759			$26,329,795			$907,938,008		83,127,591
Inflation Managed ‘P’		507,685,015		85,343,828		7,594,205		501,837,279		59,007,843			(34,470,125	)		123,323,487		10,344,411
Inflation Protection ‘P’		379,193,521		75,308		1,394,754		236,680,999		15,263,897			454,324			159,700,805		14,587,323
Managed Bond ‘P’		1,025,850,739		126,900,955		55,974,398		260,520,809		11,382,939			40,929,826			1,000,518,048		79,522,847
Short Duration Bond ‘P’		380,342,943		26,476,979		2,764,742		219,698,211		4,636,410			5,283,899			199,806,762		20,647,352
Emerging Markets Debt ‘P’		-		152,454,003		3,354,528		15,209,354		985,909			9,262,352			150,847,438		13,930,925
American Funds Growth ‘P’		261,269,281		39,522,574		141,372		288,186,197		10,918,884			16,601,463			40,267,377		4,299,161
American Funds Growth-Income ‘P’		404,618,019		-		3,481,293		291,516,627		20,161,088			31,423,005			168,166,778		16,125,083
Comstock ‘P’		770,932,556		131,195,111		15,826,413		323,952,481		56,962,198			72,004,327			722,968,124		77,831,211
Dividend Growth ‘P’		386,482,828		23,615,949		5,852,650		178,108,346		17,163,844			22,489,462			277,496,387		25,237,831
Equity Index ‘P’		643,311,290		-		12,948,277		288,507,392		24,914,234			50,205,067			442,871,476		14,151,843
Growth LT ‘P’		249,218,403		32,068		684,595		244,633,469		21,975,667			10,354,534			37,631,798		2,638,800
Large-Cap Growth ‘P’		371,100,002		94,418		366,137		76,320,183		61,327,727			6,179,206			362,747,307		60,346,545
Large-Cap Value ‘P’		915,832,970		222,588,641		23,459,106		360,989,750		57,820,420			75,879,877			934,591,264		71,694,426
Long/Short Large-Cap ‘P’		503,425,699		262,390,223		6,506,303		169,596,156		86,843,885			16,073,300			705,643,254		75,284,353
Main Street Core ‘P’		388,572,248		-		4,870,574		99,220,054		26,695,697			32,674,919			353,593,384		16,417,888
Mid-Cap Equity ‘P’		626,152,494		21,869		3,803,264		291,125,470		62,354,902			(21,157,257	)		380,049,802		31,391,083
Mid-Cap Growth ‘P’	��	348,653,635		606,801		1,545,008		112,012,473		38,481,759			(13,929,957	)		263,344,773		33,987,382
Mid-Cap Value ‘P’		369,499,733		144,450,285		4,693,746		149,088,916		25,154,332			27,711,196			422,420,376		29,601,820
Small-Cap Equity ‘P’		642,321,480		52,478,045		11,550,159		139,260,852		31,826,939			57,832,892			656,748,663		43,705,236
Small-Cap Growth ‘P’		248,846,509		39,050		422,115		98,651,467		22,189,534			5,829,347			178,675,088		15,802,799
Small-Cap Index ‘P’		-		39,522,574		455,576		1,680,235		(17,608	)		217,469			38,497,776		3,097,016
Small-Cap Value ‘P’		127,945,329		-		2,846,198		15,251,285		11,546,642			(531,449	)		126,555,435		9,263,396
Real Estate ‘P’		259,397,312		140,496,895		4,950,426		60,446,940		21,666,084			16,018,623			382,082,400		22,708,642
Emerging Markets ‘P’		461,370,847		832,858		4,079,570		92,238,233		38,746,038			49,023,037			461,814,117		30,848,721
International Large-Cap ‘P’		707,336,857		14,100,501		14,083,916		229,712,247		(1,448,825	)		132,616,624			636,976,826		89,129,790
International Small-Cap ‘P’		461,191,263		11,463,653		11,414,856		47,142,908		(1,993,072	)		79,166,235			514,100,027		59,517,121
International Value ‘P’		463,721,461		105,824,198		19,980,687		157,885,286		(12,207,015	)		78,175,326			497,609,371		46,327,150
Currency Strategies ‘P’		-		526,967,653		-		28,819,065		(347,234	)		(5,411,499	)		492,389,855		49,780,135
Global Absolute Return ‘P’		-		658,709,567		-		25,573,560		(233,803	)		(946,505	)		631,955,699		63,290,220
Precious Metals ‘P’		-		395,225,740		-		6,132,180		(179,550	)		(54,300,991	)		334,613,019		38,891,401
Total		$12,542,868,619		$3,472,514,352		$253,542,339		$5,120,689,232		$725,720,524			$731,988,322			$12,605,944,924
Portfolio Optimization Aggressive-Growth
Diversified Bond ‘P’		$53,513,290		$43,030,123		$2,436,312		$39,156,417		$3,494,978			$492,468			$63,810,754		5,842,287
Managed Bond ‘P’		108,572,429		31,086,891		4,188,461		71,531,997		2,618,322			2,129,248			77,063,354		6,125,124
American Funds Growth ‘P’		58,773,700		-		161,281		50,565,514		2,728,030			5,095,751			16,193,248		1,728,878
American Funds Growth-Income ‘P’		91,020,698		-		688,721		66,922,766		3,795,380			6,826,020			35,408,053		3,395,188
Comstock ‘P’		189,926,163		38,864,922		3,589,059		103,655,024		14,922,142			16,467,543			160,114,805		17,237,177
Dividend Growth ‘P’		80,588,988		106,664		1,570,669		20,689,875		3,173,649			6,313,012			71,063,107		6,463,070
Equity Index ‘P’		161,494,696		193,311		3,077,763		78,090,357		6,813,160			11,995,646			105,484,219		3,370,721
Growth LT ‘P’		53,437,338		15,121		147,507		52,596,797		4,492,200			2,369,224			7,864,593		551,478
Large-Cap Growth ‘P’		102,805,478		19,150,175		127,391		14,432,491		17,103,022			1,457,867			126,211,442		20,996,502
Large-Cap Value ‘P’		218,667,845		44,289,532		5,096,974		99,146,352		14,401,239			16,611,036			199,920,274		15,336,297
Long/Short Large-Cap ‘P’		132,817,807		27,732,390		1,319,779		43,640,501		18,045,018			5,824,266			142,098,759		15,160,370
Main Street Core ‘P’		81,744,432		5,783,711		1,045,151		24,688,405		6,062,933			6,522,230			76,470,052		3,550,623
Mid-Cap Equity ‘P’		161,645,661		145,193		649,670		109,673,646		9,925,119			687,097			63,379,094		5,234,941
Mid-Cap Growth ‘P’		101,572,275		470,149		351,912		50,061,751		6,275,435			1,374,927			59,982,947		7,741,423
Mid-Cap Value ‘P’		107,230,908		35,965,316		1,302,522		42,087,501		6,671,530			8,069,325			117,152,100		8,209,631
Small-Cap Equity ‘P’		133,625,292		5,917,836		2,312,247		27,813,015		6,322,046			11,888,156			132,252,562		8,801,129
Small-Cap Growth ‘P’		53,756,820		8,664,270		144,908		8,342,188		7,440,569			(372,071	)		61,292,308		5,420,957
Small-Cap Index ‘P’		54,421,223		15,958,142		992,635		9,705,016		1,173,310			7,069,281			69,909,575		5,623,989
Small-Cap Value ‘P’		53,425,895		74,919		1,188,544		6,254,994		4,688,695			(208,918	)		52,914,141		3,873,122
Real Estate ‘P’		80,007,087		47,956,640		1,554,697		21,105,266		6,836,457			4,744,611			119,994,226		7,131,723
Emerging Markets ‘P’		125,768,411		428,366		1,162,105		20,762,571		11,754,142			13,201,803			131,552,256		8,787,559
International Large-Cap ‘P’		205,737,617		3,166,838		3,793,873		79,934,617		(889,541	)		37,715,050			169,589,220		23,729,987
International Small-Cap ‘P’		125,871,216		8,520,262		3,099,726		18,896,814		(932,550	)		22,202,033			139,863,873		16,191,976
International Value ‘P’		126,516,975		5,838,465		4,441,493		44,521,036		(3,618,987	)		19,116,551			107,773,461		10,033,648
Currency Strategies ‘P’		-		110,344,471		-		5,456,971		(67,017	)		(1,139,772	)		103,680,711		10,482,019
Global Absolute Return ‘P’		-		137,969,488		-		7,645,572		(75,721	)		(194,564	)		130,053,631		13,024,842
Precious Metals ‘P’		-		110,705,974		-		1,844,666		(61,957	)		(15,138,410	)		93,660,941		10,886,024
Total		$2,662,942,244		$702,379,169		$44,443,400		$1,119,222,120		$153,091,603			$191,119,410			$2,634,753,706

(1) Purchased cost excludes distributions received and reinvested.

(2) Distributions received include distributions from net investment income, if any.

(3) Net realized gain includes distributions from capital gains, if any.

D-22

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

D. INDEPENDENT TRUSTEES

The Fund pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing the committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

Each independent trustee of the Board is eligible to participate in the Fund’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each portfolio at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain portfolios in the Pacific Life Funds. Pacific Life Funds is a Delaware statutory trust and is registered under the 1940 Act, as an open-end management investment company. PLFA is the Investment Adviser to Pacific Life Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV of the Class A and/or Class P shares of the corresponding series of the Pacific Life Funds without a sales load. The obligation of each portfolio under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a portfolio’s DCP Liability account will cause the expenses of that portfolio to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a portfolio’s DCP Liability account is recorded as an increase or decrease to expense (trustees’ fees and expenses). For the year ended December 31, 2012, such expenses were increased by $18,618 for all applicable portfolios covered in this report as a result of the market value appreciation on such accounts. During the year ended December 31, 2012, the portfolios covered in this report paid $23,860 of deferred compensation to current independent trustees. As of December 31, 2012, the total amount in the DCP Liability accounts for all applicable portfolios covered in this report was $126,748.

E. OFFICERS OF THE FUND

All officers of the Fund are also officers of Pacific Life and PLFA and received no compensation from the Fund.

F. INDEMNIFICATIONS

Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Fund. In addition, the Fund entered into an agreement with each of the trustees which provides that the Fund will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Fund, to the fullest extent permitted by the Fund’s Declaration of Trust and By-Laws, the general trust law of the Commonwealth of Massachusetts, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Fund enters into contracts with service providers and others that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Fund and/ or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

8. SECURITIES LENDING

The Fund, on behalf of the Long/Short Large-Cap and Global Absolute Return Portfolios, entered into an agreement with State Street Bank and Trust Company (“Agreement”), to provide securities lending services to the portfolios. Under this program, the proceeds (cash collateral) received from borrowers are used to finance the costs of (i) purchasing long positions in excess of the value of the portfolio’s assets and/or (ii) borrowing securities sold short, in order to help achieve the portfolio’s stated investment objective.

Under the Agreement, the borrowers pay the portfolio’s negotiated lenders’ fees and the portfolio receives cash collateral in an amount equal to 102% of the market value of loaned securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) or foreign securities denominated in U.S. dollars, and 105% of the market value of loaned foreign securities, at the inception of each loan. The borrower of securities is at all times required to post cash collateral to the portfolio in an amount equal to 100% of the market value of the securities loaned based on the previous day’s market value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. If the borrower defaults on its obligations to return the securities loaned because of insolvency or other reasons, the portfolio could experience delays and costs in recovering the securities loaned or possible loss of rights to the collateral.

The portfolios retained beneficial ownership and all economic benefits in the securities they have loaned and continues to receive interest paid by the securities and payments equivalent to dividends, and to participate in any changes in their market value, but does not have the proxy voting rights with respect to loaned securities. Each portfolio manager of the portfolio has the responsibility to request that the securities lending agent call back securities which are out on loan to vote on material matters and it is the Fund’s policy that the portfolio managers vote on all material matters. However, the ability to timely recall shares for proxy voting purposes typically is not entirely within the control of the portfolio manager, the Fund or its securities lending agent. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates and administrative considerations.

Income generated from securities lending is recorded as an investment income (securities lending). Cash collateral received is recorded as an asset (cash collateral received for securities on loan) and the same amount is recorded as a liability (payable upon return of securities loaned).

9. COMMITTED LINE OF CREDIT

The Fund has an unsecured $75,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”), which is renewed annually. The interest rate on borrowing is the higher of the Federal funds rate or the Overnight LIBOR rate, plus 1.25%. The Fund pays the Bank a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line up to a maximum of $75,000. As of December 31, 2012, the actual interest rate on borrowing by the Fund was 1.42%. The committed line of credit will expire on August 31, 2013, unless renewed and applies to all portfolios covered in this report except the American Funds Growth, American Funds Growth-Income, American Funds Asset Allocation, Pacific Dynamix and Portfolio Optimization Portfolios. The commitment fees and

D-23

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

interest incurred by the Fund are recorded as an expense. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio. As of December 31, 2012, the International Large-Cap Portfolio had an outstanding loan in the amount of $8,770,184. The weighted average interest rate and the average dollar amount of borrowings on those days that the portfolio had a loan outstanding during the year ended December 31, 2012 for each applicable portfolio were as follows:

Portfolio	Weighted Average Interest Rate		Average Dollar Amount of Borrowing
Diversified Bond		1.39%		$1,186,638
Inflation Protected		1.41%		7,668,975
Comstock		1.42%		2,930,388
Equity Index		1.44%		2,995,157
Focus 30		1.43%		260,816
Growth LT		1.43%		123,134
Large-Cap Growth		1.41%		4,163,291
Large-Cap Value		1.41%		6,038,241

Portfolio	Weighted Average Interest Rate		Average Dollar Amount of Borrowing
Long/Short Large-Cap		1.42%		$607,922
Main Street Core		1.41%		2,392,853
Small-Cap Index		1.40%		3,068,360
Technology		1.42%		1,104,837
Emerging Market		1.43%		3,834,407
International Large-Cap		1.43%		3,900,744
International Small-Cap		1.44%		1,042,315
International Value		1.44%		2,147,932

10. UNFUNDED SENIOR LOAN COMMITMENTS

Unfunded loan commitments on senior loan participations and assignments (Note 4), if any, are marked to market daily and valued according to the Fund’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable portfolio’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of December 31, 2012, the Floating Rate Loan Portfolio had an unfunded loan commitment of $278,571 (see details in the Note (f) in the Notes to Schedule of Investments).

11. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments, and the Cash Management Portfolio since it trades exclusively in short-term debt investments) for the year ended December 31, 2012, are summarized in the following table:

	U.S. Government Securities
Portfolio	Purchases		Sales
Diversified Bond		$11,170,429,905		$10,926,765,146
Inflation Managed		1,560,844,451		2,690,613,946
Inflation Protected		694,953,991		899,334,266
Managed Bond		41,137,633,723		40,633,107,842
Short Duration Bond		1,726,109,738		1,326,673,007
Long/Short Large-Cap		-		2,740,000

	Other Securities
Portfolio	Purchases		Sales
Diversified Bond		$713,641,380		$708,554,528
Floating Rate Loan		1,500,817,868		1,617,154,509
High Yield Bond		1,204,823,274		1,324,570,290
Inflation Managed		138,284,522		970,100,109
Inflation Protected		653,564,454		741,522,662
Managed Bond		11,320,351,593		11,778,471,151
Short Duration Bond		1,329,791,618		928,164,160
Emerging Markets Debt		1,162,021,504		256,175,751
American Funds Growth		15,334,161		552,895,056
American Funds Growth-Income		21,994,952		673,351,352
Comstock		635,174,312		1,071,775,829
Dividend Growth		169,863,259		453,958,328
Equity Index		89,895,636		758,807,333
Focused 30		23,259,273		31,303,131
Growth LT		317,969,180		943,001,991
Large-Cap Growth		960,904,285		1,086,079,096
Large-Cap Value		754,389,189		1,164,013,075
Long/Short Large-Cap		1,485,937,314		1,805,235,450
Main Street Core		684,808,774		866,245,556
Mid-Cap Equity		1,379,156,956		2,096,845,177
Mid-Cap Growth		241,843,182		570,561,690
Mid-Cap Value		2,166,465,824		1,970,115,630
Small-Cap Equity		612,652,690		743,373,340

	Other Securities
Portfolio	Purchases		Sales
Small-Cap Growth		$399,140,249		$522,181,260
Small-Cap Index		382,445,077		133,783,528
Small-Cap Value		139,895,831		175,909,859
Health Sciences		89,247,328		87,884,154
Real Estate		711,259,630		277,445,552
Technology		58,638,944		68,986,781
Emerging Markets		460,570,472		597,218,921
International Large-Cap		488,570,637		1,060,197,370
International Small-Cap		664,068,378		709,847,923
International Value		1,040,359,849		1,106,661,567
Currency Strategies		706,767,452		-
Global Absolute Return		778,434,099		183,542,986
Precious Metals		925,925,803		24,535,145
American Funds Asset Allocation		266,716,256		20,219,882
Pacific Dynamix – Conservative Growth		115,009,540		11,483,232
Pacific Dynamix – Moderate Growth		332,281,386		9,457,393
Pacific Dynamix – Growth		77,405,626		23,606,088
Portfolio Optimization Conservative		1,507,242,282		1,463,368,077
Portfolio Optimization Moderate-Conservative		2,078,562,579		1,682,791,079
Portfolio Optimization Moderate		5,434,378,272		5,839,061,308
Portfolio Optimization Growth		4,339,560,793		5,120,689,232
Portfolio Optimization Aggressive Growth		888,931,477		1,119,222,120

12. FEDERAL INCOME TAX INFORMATION

Currently each of the portfolios in the Fund is either qualified as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) or treated as a partnership for Federal income tax purposes only. A portfolio that is qualified as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Insurance companies whose separate accounts invest in a portfolio taxed as a RIC would take into account for Federal income tax purposes amounts (and in some cases the character of amounts) distributed by such portfolio. A portfolio that is treated as a partnership for tax purposes only is not subject to income tax; and any

D-24

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

income, gains, losses, deductions, and credits of the portfolio would instead be “passed through” pro rata directly to the insurance companies whose separate accounts invest in the portfolio and retain the same character for Federal income tax purposes. As a result, the tax treatment to the insurance companies will vary, in some instances favorably when a portfolio is treated as a partnership. However, the variable annuity contract owner or variable life insurance policy holder would not be affected by a portfolio electing to be taxed as a partnership versus a RIC. All portfolios except for the Cash Management, Diversified Bond, Floating Rate Loan, High Yield Bond, Inflation Managed, Inflation Protected, Managed Bond, Short Duration Bond, Emerging Markets Debt, Emerging Markets, International Large-Cap, International Small-Cap, International Value, Currency Strategies and Global Absolute Return Portfolios, elected to be taxed as a partnership (instead of a RIC).

Each of the portfolios electing to be taxed as a RIC declared and paid sufficient dividends on net investment income and capital gains distributions during 2012 to qualify as a RIC, and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for futures and options, swap income, paydown gains/loss, partnership income, foreign currency transactions, passive foreign investment companies, post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts (see Note 14). In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each portfolio.

Effective January 1, 2013, each portfolio that qualifies as a RIC intends to utilize the consent dividend provision of section 565 of the Code to effectively distribute income and capital gains for tax purposes. Under this provision, the insurance company separate accounts that are the record shareholders of the RIC Portfolios consent to treat specified amounts as dividend income and capital gains for tax purposes even though dividends and capital gains are not actually paid (either in cash or by reinvestment in additional shares) by the RIC Portfolios. In addition, the Partnership Portfolios are not required to distribute taxable income and capital gains for Federal income tax purposes. Each partner, which would be Pacific Life and PL&A through their respective separate accounts, is required to report its respective share of income, gains, losses, deductions and credits of each Partnership Portfolio. Under the Fund’s new dividend and distributions policy, no dividend income and capital gains distributions will be made by any portfolios after December 31, 2012 (see Note 2B).

There were no post-October losses deferred by any portfolios covered in this report as of December 31, 2012. The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, if any, as of December 31, 2012 (only applicable to portfolios electing to be taxed as a RIC for Federal income tax purposes):

				Distributable Earnings
Portfolio	Accumulated Capital Losses			Undistributed Ordinary Income		Undistributed Long-term Capital Gains
Cash Management		($9,006	)		$6,839		$-
Diversified Bond		-			65,479,778		23,289,347
Floating Rate Loan		(241,719,807	)		11,242,139		-
High Yield Bond		(15,574,017	)		19,285,482		-
Inflation Managed		-			179,743,934		11,506,950
Inflation Protected		-			66,822,593		23,150,387
Managed Bond		-			229,860,282		47,994,819
Short Duration		(85,573,831	)		7,208,278		-
Emerging Markets Debt		-			16,283,583		-
Emerging Markets		-			4,945,410		129,442,875
International Large-Cap		(163,926,791	)		11,118,080		-
International Small-Cap		(242,429,318	)		9,349,384		-
International Value		(1,505,588,340	)		15,816,453		-
Currency Strategies		(2,060	)		-		-
Global Absolute Return		-			-		72,847

Accumulated capital losses represent net capital loss carryovers as of December 31, 2012 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre- enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. The Fund’s first fiscal year end subject to the Modernization Act was December 31, 2011. The following table shows the expiration dates for capital losses carryover from pre-enactment

D-25

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

taxable years and the amounts of capital losses carryover, if any, by each of the applicable portfolios electing to be taxed as a RIC during the year ended December 31, 2012:

	Pre-Enactment															Post-Enactment
	Net Capital Loss Carryover Expiring in															Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss Carryover
Portfolio	2014			2015			2016			2017			2018			Short-Term			Long-Term
Cash Management		$-			$-			$-			($4,988	)		$-			($4,018	)		$-			($9,006	)
Floating Rate Loan		-			(2,052,031	)		(33,649,381	)		(117,819,019	)		(84,889,932	)		(2,953,345	)		(356,099	)		(241,719,807	)
High Yield Bond		-			-			-			(15,574,017	)		-			-			-			(15,574,017	)
Short Duration Bond		(1,563,775	)		-			-			(84,010,056	)		-			-			-			(85,573,831	)
International Large-Cap		-			-			-			(132,569,990	)		(31,356,801	)		-			-			(163,926,791	)
International Small-Cap		-			-			(20,440,446	)		(221,988,872	)		-			-			-			(242,429,318	)
International Value		-			-			(177,748,089	)		(948,743,595	)		(82,194,234	)		(107,316,470	)		(189,585,952	)		(1,505,588,340	)
Currency Strategies		-			-			-			-			-			(2,060	)		-			(2,060	)

The aggregate Federal tax cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives and assets and liabilities in foreign currencies as of December 31, 2012, were as follows:

			Gross		Gross			Net Unrealized			Net Unrealized			Net
Portfolio	Total Cost of Investments on Tax Basis		Unrealized Appreciation on Investments		Unrealized Depreciation on Investments			Appreciation (Depreciation) on Investments			Appreciation (Depreciation) on Other (1)			Unrealized Appreciation (Depreciation)
Cash Management		$633,714,589		$-		$-			$-			$-			$-
Diversified Bond		3,268,301,580		164,681,948		(25,390,466	)		139,291,482			1,295,651			140,587,133
Floating Rate Loan		949,842,804		17,569,514		(6,099,052	)		11,470,462			3,483			11,473,945
High Yield Bond		1,217,121,139		78,480,360		(15,509,617	)		62,970,743			19,111			62,989,854
Inflation Managed		2,620,551,419		24,902,495		(27,633,201	)		(2,730,706	)		11,252,331			8,521,625
Inflation Protected		1,086,763,124		33,964,695		(322,405	)		33,642,290			(5,747,732	)		27,894,558
Managed Bond		6,870,464,042		278,458,069		(61,832,810	)		216,625,259			23,447,787			240,073,046
Short Duration Bond		2,408,671,629		31,165,212		(4,052,057	)		27,113,155			20,664			27,133,819
Emerging Markets Debt		911,396,509		63,551,282		(2,234,662	)		61,316,620			(419,567	)		60,897,053
American Funds Growth		200,329,943		66,196,664		(26,478	)		66,170,186			-			66,170,186
American Funds Growth-Income		555,871,540		91,364,684		(71,753	)		91,292,931			-			91,292,931
Comstock		1,704,522,563		385,852,870		(69,565,988	)		316,286,882			(3,154,198	)		313,132,684
Dividend Growth		687,273,504		136,024,176		(12,247,613	)		123,776,563			471			123,777,034
Equity Index		1,328,040,347		685,001,996		(29,852,541	)		655,149,455			(202,294	)		654,947,161
Focused 30		87,475,314		31,606,393		(5,032,337	)		26,574,056			(111	)		26,573,945
Growth LT		444,280,235		75,120,263		(9,242,644	)		65,877,619			(349,425	)		65,528,194
Large-Cap Growth		1,102,264,045		202,250,460		(21,529,853	)		180,720,607			-			180,720,607
Large-Cap Value		2,220,289,424		649,836,294		(37,061,897	)		612,774,397			86,593			612,860,990
Long/Short Large-Cap		1,682,610,941		174,116,347		(35,432,214	)		138,684,133			(22,622,873	)		116,061,260
Main Street Core		1,228,649,800		233,943,910		(13,508,981	)		220,434,929			4,607			220,439,536
Mid-Cap Equity		1,034,218,552		81,465,388		(44,699,343	)		36,766,045			-			36,766,045
Mid-Cap Growth		659,180,237		139,752,139		(83,284,057	)		56,468,082			3,270			56,471,352
Mid-Cap Value		1,314,942,580		105,532,247		(49,465,303	)		56,066,944			(7	)		56,066,937
Small-Cap Equity		897,297,581		138,851,583		(35,488,759	)		103,362,824			115,097			103,477,921
Small-Cap Growth		425,185,942		83,932,124		(13,024,081	)		70,908,043			-			70,908,043
Small-Cap Index		703,815,773		109,546,236		(69,190,557	)		40,355,679			412,778			40,768,457
Small-Cap Value		390,536,363		110,487,132		(8,063,020	)		102,424,112			-			102,424,112
Health Sciences		122,354,259		38,253,670		(3,865,725	)		34,387,945			-			34,387,945
Real Estate		944,465,044		178,426,474		(9,799,764	)		168,626,710			19			168,626,729
Technology		63,182,549		6,846,401		(2,584,163	)		4,262,238			(330	)		4,261,908
Emerging Markets		1,312,886,061		316,288,661		(69,322,824	)		246,965,837			(1,202,363	)		245,763,474
International Large-Cap		1,711,596,303		337,191,166		(43,694,604	)		293,496,562			5,617			293,502,179
International Small-Cap		1,081,384,177		204,978,184		(72,130,301	)		132,847,883			1,216,845			134,064,728
International Value		1,411,725,467		158,837,803		(32,339,531	)		126,498,272			1,521,754			128,020,026
Currency Strategies		1,464,487,521		5,211,773		(2,547,762	)		2,664,011			7,035,300			9,699,311
Global Absolute Return		2,192,667,873		30,184,187		(4,635,415	)		25,548,772			(16,441,509	)		9,107,263
Precious Metals		952,987,453		1,992,079		(129,398,418	)		(127,406,339	)		4,212			(127,402,127	)
American Funds Asset Allocation		509,378,922		61,985,696		(52,029	)		61,933,667			-			61,933,667
Pacific Dynamix – Conservative Growth		240,703,870		8,256,362		-			8,256,362			-			8,256,362
Pacific Dynamix – Moderate Growth		615,097,706		29,599,031		-			29,599,031			-			29,599,031
Pacific Dynamix – Growth		248,512,723		15,657,944		-			15,657,944			-			15,657,944
Portfolio Optimization Conservative		3,652,812,593		136,856,469		(16,190,681	)		120,665,788			-			120,665,788
Portfolio Optimization Moderate-Conservative		4,556,410,301		175,002,365		(29,674,495	)		145,327,870			-			145,327,870
Portfolio Optimization Moderate		14,782,516,019		522,134,646		(231,489,150	)		290,645,496			-			290,645,496
Portfolio Optimization Growth		12,430,689,261		428,670,982		(253,415,319	)		175,255,663			-			175,255,663
Portfolio Optimization Aggressive-Growth		2,609,035,471		82,920,168		(57,201,933	)		25,718,235			-			25,718,235

(1) Other includes net appreciation or depreciation on derivatives, securities sold short, unfunded loan commitments, and assets and liabilities in foreign currencies, if any.

D-26

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

The Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. The Fund is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. As a result of each portfolio’s evaluation, as of and during the year ended December 31, 2012, the Fund did not record a liability for any unrecognized tax benefits. The Fund’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense. During the year ended December 31, 2012, none of the portfolios covered in this report incurred any interest or penalties. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund remains subject to examination by Federal and State tax authorities (principal state jurisdictions include California and Massachusetts) for the tax years ended December 31, 2009 through December 31, 2012 for Federal purposes and December 31, 2008 through December 31, 2012 for State purposes.

13. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gain distributions to shareholders for the years or periods ended December 31, 2012 and 2011, were as follows:

	For the Year Ended December 31, 2012						For the Year Ended December 31, 2011
Portfolio	Ordinary Income		Long-term Capital Gains		Total		Ordinary Income		Long-term Capital Gains		Total
Cash Management		$7,301		$-		$7,301		$-		$-		$-
Diversified Bond		101,854,462		22,748,781		124,603,243		88,630,598		-		88,630,598
Floating Rate Loan		49,212,579		-		49,212,579		74,014,329		-		74,014,329
High Yield Bond		86,047,570		-		86,047,570		87,913,048		-		87,913,048
Inflation Managed		308,066,210		21,217,771		329,283,981		291,376,691		-		291,376,691
Inflation Protected		13,531,981		-		13,531,981		49,554,377		-		49,554,377
Managed Bond		280,612,043		5,860,476		286,472,519		274,940,307		104,114,540		379,054,847
Short Duration Bond		25,062,415		-		25,062,415		23,509,032		-		23,509,032
Emerging Markets Debt		22,000,000		-		22,000,000
American Funds Growth		923,561		-		923,561		1,950,000		-		1,950,000
American Fund Growth-Income		10,850,741		-		10,850,741		12,130,000		-		12,130,000
Comstock		48,674,394		107,295,427		155,969,821		40,944,178		1,887,603		42,831,781
Dividend Growth		25,110,523		8,674,556		33,785,079		24,518,260		39,502,192		64,020,452
Equity Index		52,842,513		-		52,842,513		37,070,000		-		37,070,000
Focused 30		-		11,618,000		11,618,000		-		-		-
Growth LT		5,343,628		191,447,714		196,791,342		25,226,803		36,198,130		61,424,933
Large-Cap Growth		42,995,207		139,012,560		182,007,767		69,453,787		90,060,062		159,513,849
Large-Cap Value		71,289,291		76,040,764		147,330,055		53,645,514		4,262,969		57,908,483
Long/Short Large-Cap		87,682,789		93,889,384		181,572,173		111,733,228		62,015,431		173,748,659
Main Street Core		17,871,221		61,812,856		79,684,077		82,420,612		43,718,152		126,138,764
Mid-Cap Equity		9,749,263		218,571,962		228,321,225		105,664,047		170,101,634		275,765,681
Mid-Cap Growth		24,450,578		178,363,619		202,814,197		12,027,854		62,167,962		74,195,816
Mid-Cap Value		42,558,214		73,227,428		115,785,642		180,584,917		69,747,470		250,332,387
Small-Cap Equity		32,536,302		28,884,031		61,420,333		95,543,415		73,200,498		168,743,913
Small-Cap Growth		1,010,000		63,463,963		64,473,963		16,669,942		61,437,983		78,107,925
Small Cap Index		9,106,558		9,987,933		19,094,491		2,570,000		-		2,570,000
Small-Cap Value		10,598,656		49,014,289		59,612,945		12,220,507		76,157,508		88,378,015
Health Sciences		-		7,833,338		7,833,338		1,913,926		6,505,833		8,419,759
Real Estate		14,050,000		49,993,214		64,043,214		16,949,861		9,749,595		26,699,456
Technology		4,099,678		2,879,463		6,979,141		7,578,436		8,900,404		16,478,840
Emerging Markets		13,000,000		156,725,573		169,725,573		18,580,072		2,537,540		21,117,612
International Large-Cap		40,033,483		-		40,033,483		38,547,281		-		38,547,281
International Small-Cap		27,031,316		-		27,031,316		31,256,047		-		31,256,047
International Value		58,417,215		-		58,417,215		52,863,915		-		52,863,915
American Funds Asset Allocation		9,011,154		5,405,942		14,417,096		8,391,872		3,461,613		11,853,485
Pacific Dynamix – Conservative Growth		4,920,041		5,691,120		10,611,161		4,626,761		5,882,668		10,509,429
Pacific Dynamix – Moderate Growth		10,016,053		6,493,049		16,509,102		6,601,716		4,823,861		11,425,577
Pacific Dynamix – Growth		4,422,699		7,733,852		12,156,551		3,251,860		3,295,132		6,546,992
Portfolio Optimization Conservative		92,129,368		-		92,129,368		31,255,975		-		31,255,975
Portfolio Optimization Moderate-Conservative		105,460,917		-		105,460,917		30,724,278		-		30,724,278
Portfolio Optimization Moderate		300,649,697		-		300,649,697		99,409,891		-		99,409,891
Portfolio Optimization Growth		214,990,409		-		214,990,409		67,106,993		-		67,106,993
Portfolio Optimization Aggressive-Growth		36,761,146		-		36,761,146		12,201,784		-		12,201,784

14. RECLASSIFICATION OF ACCOUNTS

During the year ended December 31, 2012, reclassifications as shown in the following table have been made in each portfolio’s capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of December 31, 2012. Additional adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of portfolios, are primarily attributable to reclassifications of foreign currency transactions, non-deductible expenses, treatment of net operating losses and capital gains under Federal tax rules versus U.S. GAAP. The calculation of net investment income per share in the financial highlights excludes these adjustments.

D-27

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Portfolio	Paid-In Capital			Undistributed/ Accumulated Net Investment Income (Loss)			Undistributed/ Accumulated Net Realized Gain (Loss)
Cash Management		($257	)		$97			$160
Diversified Bond		(1	)		8,162,655			(8,162,654	)
High Yield Bond		56			485,134			(485,190	)
Inflation Managed		-			(24,887,011	)		24,887,011
Inflation Protected		-			25,307,647			(25,307,647	)
Managed Bond		-			9,363,996			(9,363,996	)
Short Duration Bond		-			4,000			(4,000	)
Emerging Markets Debt		-			(912,873	)		912,873
Emerging Markets		-			1,680,444			(1,680,444	)
International Large-Cap		-			(682,437	)		682,437
International Small-Cap		-			2,469,716			(2,469,716	)
International Value		-			(2,376,093	)		2,376,093
Currency Strategies		(15,871,736	)		(8,167,595	)		24,039,331
Global Absolute Return		-			(25,424,675	)		25,424,675

15. SHARES OF BENEFICIAL INTEREST

Change in shares of beneficial interest of each portfolio for the years or periods ended December 31, 2012 and 2011 were as follows:

	Cash Management						Diversified Bond						Floating Rate Loan
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		39,036,884			71,448,229			4,749,647			5,768,454			3,114,219			4,027,987
Dividend and distribution reinvested		715			-			526,647			7,106,585			717,415			8,975,491
Shares repurchased		(58,119,014	)		(74,403,503	)		(4,947,167	)		(294,629,540	)		(3,216,713	)		(138,731,015	)
Net increase (decrease)		(19,081,415	)		(2,955,274	)		329,127			(281,754,501	)		614,921			(125,727,537	)
Shares outstanding, beginning of year		82,440,261			85,395,535			13,510,811			295,265,312			13,943,674			139,671,211
Shares outstanding, end of year		63,358,846			82,440,261			13,839,938			13,510,811			14,558,595			13,943,674
Class P
Shares sold		-			3,867			53,078,803			310,108,526			6,319,130			139,140,939
Dividend and distribution reinvested		10			-			11,216,114			2,319,773			5,968,083			1,789,768
Shares repurchased		-			-			(59,174,866	)		(30,032,348	)		(27,543,290	)		(10,304,319	)
Net increase (decrease)		10			3,867			5,120,051			282,395,951			(15,256,077	)		130,626,388
Shares outstanding, beginning of year or period		3,867			-			282,395,951			-			130,626,388			-
Shares outstanding, end of year or period		3,877			3,867			287,516,002			282,395,951			115,370,311			130,626,388
	High Yield Bond						Inflation Managed						Inflation Protected (1)
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		24,206,688			22,605,950			6,255,108			8,606,315			1,935,542			5,471,963
Dividend and distribution reinvested		4,105,818			11,121,850			12,658,961			23,956,821			21,349			80,766
Shares repurchased		(22,840,759	)		(159,656,658	)		(9,504,995	)		(364,496,345	)		(1,548,187	)		(3,664,940	)
Net increase (decrease)		5,471,747			(125,928,858	)		9,409,074			(331,933,209	)		408,704			1,887,789
Shares outstanding, beginning of year or period		57,922,506			183,851,364			57,898,890			389,832,099			1,887,789			-
Shares outstanding, end of year or period		63,394,253			57,922,506			67,307,964			57,898,890			2,296,493			1,887,789
Class P
Shares sold		9,919,417			169,358,023			17,469,962			180,543,048			25,233,770			152,248,882
Dividend and distribution reinvested		9,358,333			3,010,397			17,327,987			769,268			1,233,535			4,657,498
Shares repurchased		(48,808,069	)		(10,891,160	)		(119,548,407	)		(21,931,219	)		(63,184,089	)		(20,237,660	)
Net increase (decrease)		(29,530,319	)		161,477,260			(84,750,458	)		159,381,097			(36,716,784	)		136,668,720
Shares outstanding, beginning of year or period		161,477,260			-			159,381,097			-			136,668,720			-
Shares outstanding, end of year or period		131,946,941			161,477,260			74,630,639			159,381,097			99,951,936			136,668,720

D-28

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	Managed Bond						Short Duration Bond						Emerging Markets Debt (2)
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		9,765,611			10,254,718			9,015,693			6,598,638			745,993
Dividend and distribution reinvested		6,776,140			28,063,362			224,975			1,611,765			14,477
Shares repurchased		(14,670,699	)		(455,663,154	)		(5,886,731	)		(154,994,515	)		(38,959	)
Net increase (decrease)		1,871,052			(417,345,074	)		3,353,937			(146,784,112	)		721,511
Shares outstanding, beginning of year or period		129,267,520			546,612,594			26,125,266			172,909,378			-
Shares outstanding, end of year or period		131,138,572			129,267,520			29,479,203			26,125,266			721,511
Class P
Shares sold		30,792,935			417,147,245			111,895,430			175,272,570			96,718,450
Dividend and distribution reinvested		17,027,142			4,964,255			2,384,143			894,541			2,024,135
Shares repurchased		(149,354,712	)		(32,206,236	)		(51,444,895	)		(13,968,617	)		(8,027,674	)
Net increase (decrease)		(101,534,635	)		389,905,264			62,834,678			162,198,494			90,714,911
Shares outstanding, beginning of year or period		389,905,264			-			162,198,494			-	��		-
Shares outstanding, end of year or period		288,370,629			389,905,264			225,033,172			162,198,494			90,714,911
	American Funds Growth						American Funds Growth-Income						Comstock
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		2,131,117			3,476,577			1,280,061			1,437,914			2,588,086			1,328,259
Dividend and distribution reinvested		37,272			60,430			210,196			221,069			1,154,219			3,533,502
Shares repurchased		(5,165,370	)		(96,619,504	)		(3,041,034	)		(130,156,413	)		(2,365,566	)		(245,259,537	)
Net increase (decrease)		(2,996,981	)		(93,082,497	)		(1,550,777	)		(128,497,430	)		1,376,739			(240,397,776	)
Shares outstanding, beginning of year		25,360,421			118,442,918			20,932,834			149,430,264			15,426,094			255,823,870
Shares outstanding, end of year		22,363,440			25,360,421			19,382,057			20,932,834			16,802,833			15,426,094
Class P
Shares sold		4,284,148			63,275,523			4,628,019			104,793,194			43,960,355			246,278,065
Dividend and distribution reinvested		64,893			184,928			852,285			1,131,723			17,302,912			1,700,513
Shares repurchased		(61,775,905	)		(5,548	)		(68,804,257	)		(7,095	)		(92,305,673	)		(14,525,222	)
Net increase (decrease)		(57,426,864	)		63,454,903			(63,323,953	)		105,917,822			(31,042,406	)		233,453,356
Shares outstanding, beginning of year or period		63,454,903			-			105,917,822			-			233,453,356			-
Shares outstanding, end of year or period		6,028,039			63,454,903			42,593,869			105,917,822			202,410,950			233,453,356
	Dividend Growth						Equity Index						Focused 30
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		3,132,058			2,871,793			3,656,043			1,803,907			2,403,873			970,318
Dividend and distribution reinvested		685,294			6,084,219			648,909			870,951			1,010,928			-
Shares repurchased		(2,872,824	)		(102,965,394	)		(4,754,199	)		(70,606,912	)		(3,247,553	)		(3,958,589	)
Net increase (decrease)		944,528			(94,009,382	)		(449,247	)		(67,932,054	)		167,248			(2,988,271	)
Shares outstanding, beginning of year		16,952,912			110,962,294			28,252,573			96,184,627			8,961,688			11,949,959
Shares outstanding, end of year		17,897,440			16,952,912			27,803,326			28,252,573			9,128,936			8,961,688
Class P
Shares sold		2,637,917			91,709,365			3,367,271			62,089,643			-			757
Dividend and distribution reinvested		2,586,547			555,373			1,061,860			493,369			86			-
Shares repurchased		(32,229,806	)		(7,473,875	)		(25,513,161	)		(5,235,160	)		-			-
Net increase (decrease)		(27,005,342	)		84,790,863			(21,084,030	)		57,347,852			86			757
Shares outstanding, beginning of year or period		84,790,863			-			57,347,852			-			757			-
Shares outstanding, end of year or period		57,785,521			84,790,863			36,263,822			57,347,852			843			757

D-29

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	Growth LT						Large-Cap Growth						Large-Cap Value
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		922,796			637,685			7,503,639			5,282,534			1,931,610			2,384,019
Dividend and distribution reinvested		12,232,257			3,093,668			4,899,309			29,274,715			1,193,604			3,294,650
Shares repurchased		(4,316,396	)		(62,789,886	)		(8,358,560	)		(248,057,318	)		(4,828,826	)		(253,267,412	)
Net increase (decrease)		8,838,657			(59,058,533	)		4,044,388			(213,500,069	)		(1,703,612	)		(247,588,743	)
Shares outstanding, beginning of year		22,770,888			81,829,421			23,596,056			237,096,125			27,325,575			274,914,318
Shares outstanding, end of year		31,609,545			22,770,888			27,640,444			23,596,056			25,621,963			27,325,575
Class P
Shares sold		206,749			35,860,424			20,484,444			195,554,911			39,650,098			230,221,200
Dividend and distribution reinvested		3,528,659			111,972			28,330,818			-			10,830,484			1,823,205
Shares repurchased		(31,189,670	)		(2,199,368	)		(34,751,741	)		(19,988,275	)		(72,498,343	)		(15,944,539	)
Net increase (decrease)		(27,454,262	)		33,773,028			14,063,521			175,566,636			(22,017,761	)		216,099,866
Shares outstanding, beginning of year or period		33,773,028			-			175,566,636			-			216,099,866			-
Shares outstanding, end of year or period		6,318,766			33,773,028			189,630,157			175,566,636			194,082,105			216,099,866
	Long/Short Large-Cap						Main Street Core						Mid-Cap Equity
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		1,197,642			1,433,131			1,025,116			907,480			1,178,965			1,425,050
Dividend and distribution reinvested		654,080			20,027,848			1,585,421			6,816,758			7,129,292			21,079,048
Shares repurchased		(1,113,444	)		(191,054,690	)		(5,021,056	)		(56,182,824	)		(5,732,016	)		(133,452,638	)
Net increase (decrease)		738,278			(169,593,711	)		(2,410,519	)		(48,458,586	)		2,576,241			(110,948,540	)
Shares outstanding, beginning of year		3,702,452			173,296,163			29,863,273			78,321,859			27,086,256			138,034,796
Shares outstanding, end of year		4,440,730			3,702,452			27,452,754			29,863,273			29,662,497			27,086,256
Class P
Shares sold		29,964,787			167,409,861			6,192,229			48,096,937			2,580,520			106,173,157
Dividend and distribution reinvested		20,827,011			563,780			2,522,466			209,777			13,765,536			272,830
Shares repurchased		(59,016,995	)		(12,260,450	)		(10,553,483	)		(4,433,886	)		(52,574,962	)		(6,107,716	)
Net increase (decrease)		(8,225,197	)		155,713,191			(1,838,788	)		43,872,828			(36,228,906	)		100,338,271
Shares outstanding, beginning of year or period		155,713,191			-			43,872,828			-			100,338,271			-
Shares outstanding, end of year or period		147,487,994			155,713,191			42,034,040			43,872,828			64,109,365			100,338,271
	Mid-Cap Growth						Mid-Cap Value						Small-Cap Equity
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		3,651,097			4,899,726			2,586,743			1,976,962			1,434,582			1,526,546
Dividend and distribution reinvested		6,928,314			7,369,683			472,440			21,005,026			267,794			13,665,173
Shares repurchased		(7,668,288	)		(119,263,824	)		(2,306,969	)		(101,175,693	)		(1,629,029	)		(88,093,449	)
Net increase (decrease)		2,911,123			(106,994,415	)		752,214			(78,193,705	)		73,347			(72,901,730	)
Shares outstanding, beginning of year		23,566,050			130,560,465			4,038,693			82,232,398			3,500,324			76,402,054
Shares outstanding, end of year		26,477,173			23,566,050			4,790,907			4,038,693			3,573,671			3,500,324
Class P
Shares sold		4,140,992			89,696,259			38,839,956			76,022,895			6,162,809			74,605,023
Dividend and distribution reinvested		20,342,186			-			8,567,820			360,985			4,282,480			329,539
Shares repurchased		(41,569,349	)		(4,683,313	)		(26,752,865	)		(4,197,172	)		(16,601,032	)		(4,865,023	)
Net increase (decrease)		(17,086,171	)		85,012,946			20,654,911			72,186,708			(6,155,743	)		70,069,539
Shares outstanding, beginning of year or period		85,012,946			-			72,186,708			-			70,069,539			-
Shares outstanding, end of year or period		67,926,775			85,012,946			92,841,619			72,186,708			63,913,796			70,069,539
	Small-Cap Growth						Small-Cap Index						Small-Cap Value
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		1,531,319			2,346,384			2,501,834			2,635,607			1,322,002			2,489,567
Dividend and distribution reinvested		1,740,674			7,240,243			849,480			214,596			2,007,983			7,001,111
Shares repurchased		(2,927,794	)		(54,450,075	)		(5,435,215	)		(14,151,764	)		(3,342,834	)		(40,173,270	)
Net increase (decrease)		344,199			(44,863,448	)		(2,083,901	)		(11,301,561	)		(12,849	)		(30,682,592	)
Shares outstanding, beginning of year		10,673,167			55,536,615			32,496,265			43,797,826			14,037,267			44,719,859
Shares outstanding, end of year		11,017,366			10,673,167			30,412,364			32,496,265			14,024,418			14,037,267
Class P
Shares sold		948,522			40,755,437			25,501,663			5,286,410			17,914			25,379,175
Dividend and distribution reinvested		4,687,012			-			783,563			21,020			3,052,075			192,017
Shares repurchased		(9,602,786	)		(2,246,291	)		(1,574,861	)		(372,458	)		(2,366,039	)		(1,946,763	)
Net increase (decrease)		(3,967,252	)		38,509,146			24,710,365			4,934,972			703,950			23,624,429
Shares outstanding, beginning of year or period		38,509,146			-			4,934,972			-			23,624,429			-
Shares outstanding, end of year or period		34,541,894			38,509,146			29,645,337			4,934,972			24,328,379			23,624,429

D-30

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	Health Sciences						Real Estate						Technology
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		2,198,968			3,630,876			2,684,293			3,909,620			3,774,859			5,723,742
Dividend and distribution reinvested		585,608			686,095			1,013,087			1,553,525			1,677,100			3,640,770
Shares repurchased		(2,112,286	)		(3,223,924	)		(3,441,290	)		(31,259,677	)		(6,069,494	)		(8,855,435	)
Net increase (decrease)		672,290			1,093,047			256,090			(25,796,532	)		(617,535	)		509,077
Shares outstanding, beginning of year		10,255,609			9,162,562			17,069,105			42,865,637			16,834,670			16,325,593
Shares outstanding, end of year		10,927,899			10,255,609			17,325,195			17,069,105			16,217,135			16,834,670
Class P
Shares sold		-			735			30,096,848			23,988,366			-			1,706
Dividend and distribution reinvested		38			-			2,955,899			214,737			131			-
Shares repurchased		-			-			(5,704,480	)		(2,061,591	)		-			-
Net increase		38			735			27,348,267			22,141,512			131			1,706
Shares outstanding, beginning of year or period		735			-			22,141,512			-			1,706			-
Shares outstanding, end of year or period		773			735			49,489,779			22,141,512			1,837			1,706
	Emerging Markets						International Large-Cap						International Small-Cap
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		3,740,858			4,490,658			6,994,152			10,715,463			2,105,832			1,715,659
Dividend and distribution reinvested		3,881,489			1,114,578			905,376			5,180,899			174,691			3,422,310
Shares repurchased		(5,076,303	)		(86,003,004	)		(8,890,514	)		(324,746,063	)		(1,980,898	)		(116,278,413	)
Net increase (decrease)		2,546,044			(80,397,768	)		(990,986	)		(308,849,701	)		299,625			(111,140,444	)
Shares outstanding, beginning of year		28,091,749			108,489,517			64,905,930			373,755,631			6,731,701			117,872,145
Shares outstanding, end of year		30,637,793			28,091,749			63,914,944			64,905,930			7,031,326			6,731,701
Class P
Shares sold		3,097,173			76,403,870			14,765,673			324,046,377			9,501,023			149,425,357
Dividend and distribution reinvested		9,346,753			286,707			5,003,777			1,448,358			3,037,027			974,269
Shares repurchased		(11,094,485	)		(4,056,006	)		(108,149,322	)		(17,102,202	)		(19,365,590	)		(7,899,999	)
Net increase (decrease)		1,349,441			72,634,571			(88,379,872	)		308,392,533			(6,827,540	)		142,499,627
Shares outstanding, beginning of year or period		72,634,571			-			308,392,533			-			142,499,627			-
Shares outstanding, end of year or period		73,984,012			72,634,571			220,012,661			308,392,533			135,672,087			142,499,627
	International Value						Currency Strategies (3)						Global Absolute Return (3)
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		3,701,300			2,947,991			37,563						116,347
Dividend and distribution reinvested		1,099,204			4,842,838			-						-
Shares repurchased		(5,496,929	)		(126,874,377	)		(14,893	)					(23,875	)
Net increase (decrease)		(696,425	)		(119,083,548	)		22,670						92,472
Shares outstanding, beginning of year or period		33,317,131			152,400,679			-						-
Shares outstanding, end of year or period		32,620,706			33,317,131			22,670						92,472
Class P
Shares sold		27,033,053			125,008,775			152,215,939						208,393,712
Dividend and distribution reinvested		4,759,674			808,141			-						-
Shares repurchased		(37,154,179	)		(6,651,595	)		(4,799,741	)					(5,109,162	)
Net increase (decrease)		(5,361,452	)		119,165,321			147,416,198						203,284,550
Shares outstanding, beginning of year or period		119,165,321			-			-						-
Shares outstanding, end of year or period		113,803,869			119,165,321			147,416,198						203,284,550

D-31

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	Precious Metals (3)						American Funds Asset Allocation						Pacific Dynamix-Conservative Growth
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		285,606						17,337,949			5,084,986			9,687,834			4,747,995
Dividend and distribution reinvested		-						965,854			839,023			941,186			925,626
Shares repurchased		(17,818	)					(1,511,973	)		(1,721,959	)		(1,237,359	)		(4,632,190	)
Net increase		267,788						16,791,830			4,202,050			9,391,661			1,041,431
Shares outstanding, beginning of year or period		-						20,166,642			15,964,592			11,941,443			10,900,012
Shares outstanding, end of year or period		267,788						36,958,472			20,166,642			21,333,104			11,941,443
Class P
Shares sold		96,697,682
Dividend and distribution reinvested		-
Shares repurchased		(1,330,371	)
Net increase		95,367,311
Shares outstanding, beginning of year or period		-
Shares outstanding, end of year or period		95,367,311
	Pacific Dynamix-Moderate Growth						Pacific Dynamix-Growth						Portfolio Optimization Conservative (1)
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		24,860,845			11,791,521			5,339,729			7,155,085			47,290,784			391,749,983
Dividend and distribution reinvested		1,280,211			918,483			924,091			513,957			8,722,880			3,171,453
Shares repurchased		(1,256,113	)		(1,575,529	)		(1,883,780	)		(771,091	)		(59,910,579	)		(34,673,857	)
Net increase (decrease)		24,884,943			11,134,475			4,380,040			6,897,951			(3,896,915	)		360,247,579
Shares outstanding, beginning of year or period		23,491,204			12,356,729			15,090,616			8,192,665			360,247,579			-
Shares outstanding, end of year or period		48,376,147			23,491,204			19,470,656			15,090,616			356,350,664			360,247,579
	Portfolio Optimization Moderate-Conservative (1)						Portfolio Optimization Moderate (1)						Portfolio Optimization Growth (1)
	2012			2011			2012			2011			2012			2011
Class I
Shares sold		52,340,901			449,192,256			26,975,509			1,669,381,567			3,678,543			1,473,100,618
Dividend and distribution reinvested		10,080,271			3,199,736			29,141,323			10,642,244			21,138,867			7,369,721
Shares repurchased		(34,401,825	)		(31,777,976	)		(152,116,543	)		(125,399,352	)		(167,291,178	)		(100,970,640	)
Net increase (decrease)		28,019,347			420,614,016			(95,999,711	)		1,554,624,459			(142,473,768	)		1,379,499,699
Shares outstanding, beginning of year or period		420,614,016			-			1,554,624,459			-			1,379,499,699			-
Shares outstanding, end of year or period		448,633,363			420,614,016			1,458,624,748			1,554,624,459			1,237,025,931			1,379,499,699
	Portfolio Optimization Aggressive-Growth (1)
	2012			2011
Class I
Shares sold		1,775,612			335,025,263
Dividend and distribution reinvested		3,678,340			1,380,306
Shares repurchased		(44,314,453	)		(34,553,953	)
Net increase (decrease)		(38,860,501	)		301,851,616
Shares outstanding, beginning of year or period		301,851,616			-
Shares outstanding, end of year or period		262,991,115			301,851,616

(1) Operations commenced on May 2, 2011.

(2) Operations commenced on April 30, 2012.

(3) Operations commenced on September 28, 2012.

D-32

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of

Pacific Select Fund:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments (as to the Equity Index, Small-Cap Equity, and Small-Cap Index Portfolios, the summary schedules of investments), of the Cash Management, Diversified Bond, Floating Rate Loan, High Yield Bond, Inflation Managed, Inflation Protected, Managed Bond, Short Duration Bond, Emerging Markets Debt, American Funds^® Growth, American Funds Growth-Income, Comstock, Dividend Growth, Equity Index, Focused 30, Growth LT, Large-Cap Growth, Large-Cap Value, Long/Short Large-Cap, Main Street^® Core, Mid-Cap Equity, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Small-Cap Growth, Small-Cap Index, Small-Cap Value, Health Sciences, Real Estate, Technology, Emerging Markets, International Large-Cap, International Small-Cap, International Value, Currency Strategies, Global Absolute Return, Precious Metals, American Funds Asset Allocation, Pacific Dynamix – Conservative Growth, Pacific Dynamix – Moderate Growth, Pacific Dynamix – Growth, Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios (collectively the “Funds”) (forty-six of fifty-four portfolios comprising Pacific Select Fund) as of December 31, 2012, the related statements of operations for the year then ended (as to the Emerging Markets Debt, Currency Strategies, Global Absolute Return, and Precious Metals Portfolios, for the period from commencement of operations through December 31, 2012), the statements of changes in net assets for each of the two years in the period then ended (as to the Emerging Markets Debt, Currency Strategies, Global Absolute Return, and Precious Metals Portfolios, for the period from commencement of operations through December 31, 2012; as to the Inflation Protected, Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios, for the year ended December 31, 2012 and the period from commencement of operations through December 31, 2011), the statements of cash flows for the year then ended for the Inflation Managed and Long/Short Large-Cap Portfolios, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of investments owned as of December 31, 2012, by correspondence with the custodian, agent banks, transfer agent, and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds as of December 31, 2012, and the results of their operations, the changes in their net assets, the cash flows for the Inflation Managed and Long/Short Large-Cap Portfolios, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Costa Mesa, California

February 27, 2013

E-1

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees, service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each portfolio and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from July 1, 2012 to December 31, 2012. These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy (each a “Variable Contract”), and would be higher if they did.

ACTUAL EXPENSES

The first section of the table below for each portfolio provides information about actual account values and actual expenses based on each portfolio’s actual performance and each portfolio’s actual expenses, after any applicable fee waivers (Note 6 to Financial Statements) and other expense reductions (Note 7B to Financial Statements). The “Ending Account Value at 12/31/12” column shown is derived from the portfolio’s actual performance; the “Annualized Expense Ratio” column shows the portfolio’s actual annualized expense ratio; and the “Expenses Paid During the Period 07/01/12-12/31/12” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from July 1, 2012 to December 31, 2012.

You may use the information in the first section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each portfolio in your account, simply divide that portfolio’s value by $1,000.00 (for example, an $8,600.00 portfolio value divided by $1,000.00 = 8.6), then multiply this result by the number given for your portfolio(s) in the first section under the heading entitled “Expenses Paid During the Period 07/01/12-12/31/12.”

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSE

The second section of the table for each portfolio provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and the actual portfolio’s expenses, after any applicable fee waivers and other expense reductions. It assumes that the portfolio had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

You may use the hypothetical example information to compare the ongoing costs of investing in the portfolio to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction or Variable Contract costs. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Cash Management
Actual
Class I		$1,000.00		$1,000.00		0.12%		$0.60
Class P		1,000.00		1,000.00		0.12%		0.60
Hypothetical
Class I		$1,000.00		$1,024.53		0.12%		$0.61
Class P		1,000.00		1,024.53		0.12%		0.61
Diversified Bond
Actual
Class I		$1,000.00		$1,035.90		0.64%		$3.28
Class P		1,000.00		1,037.00		0.44%		2.25
Hypothetical
Class I		$1,000.00		$1,021.92		0.64%		$3.25
Class P		1,000.00		1,022.92		0.44%		2.24
Floating Rate Loan
Actual
Class I		$1,000.00		$1,041.40		0.91%		$4.67
Class P		1,000.00		1,042.40		0.71%		3.65
Hypothetical
Class I		$1,000.00		$1,020.56		0.91%		$4.62
Class P		1,000.00		1,021.57		0.71%		3.61

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
High Yield Bond
Actual
Class I		$1,000.00		$1,081.90		0.63%		$3.30
Class P		1,000.00		1,082.90		0.44%		2.30
Hypothetical
Class I		$1,000.00		$1,021.97		0.63%		$3.20
Class P		1,000.00		1,022.92		0.44%		2.24
Inflation Managed
Actual
Class I		$1,000.00		$1,039.30		0.63%		$3.23
Class P		1,000.00		1,040.40		0.43%		2.21
Hypothetical
Class I		$1,000.00		$1,021.97		0.63%		$3.20
Class P		1,000.00		1,022.97		0.43%		2.19
Inflation Protected
Actual
Class I		$1,000.00		$1,019.60		0.58%		$2.94
Class P		1,000.00		1,020.70		0.38%		1.93
Hypothetical
Class I		$1,000.00		$1,022.22		0.58%		$2.95
Class P		1,000.00		1,023.23		0.38%		1.93

F-1

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Managed Bond
Actual
Class I		$1,000.00		$1,047.20		0.64%		$3.29
Class P		1,000.00		1,048.20		0.44%		2.27
Hypothetical
Class I		$1,000.00		$1,021.92		0.64%		$3.25
Class P		1,000.00		1,022.92		0.44%		2.24
Short Duration Bond
Actual
Class I		$1,000.00		$1,014.70		0.64%		$3.24
Class P		1,000.00		1,015.70		0.44%		2.23
Hypothetical
Class I		$1,000.00		$1,021.92		0.64%		$3.25
Class P		1,000.00		1,022.92		0.44%		2.24
Emerging Markets Debt
Actual
Class I		$1,000.00		$1,106.00		1.03%		$5.45
Class P		1,000.00		1,107.40		0.84%		4.45
Hypothetical
Class I		$1,000.00		$1,019.96		1.03%		$5.23
Class P		1,000.00		1,020.91		0.84%		4.27
American Funds Growth (2)
Actual
Class I		$1,000.00		$1,087.60		0.63%		$3.31
Class P		1,000.00		1,088.70		0.43%		2.26
Hypothetical
Class I		$1,000.00		$1,021.97		0.63%		$3.20
Class P		1,000.00		1,022.97		0.43%		2.19
American Funds Growth-Income (2)
Actual
Class I		$1,000.00		$1,081.40		0.63%		$3.30
Class P		1,000.00		1,082.50		0.43%		2.25
Hypothetical
Class I		$1,000.00		$1,021.97		0.63%		$3.20
Class P		1,000.00		1,022.97		0.43%		2.19
Comstock
Actual
Class I		$1,000.00		$1,093.50		0.91%		$4.79
Class P		1,000.00		1,094.60		0.71%		3.74
Hypothetical
Class I		$1,000.00		$1,020.56		0.91%		$4.62
Class P		1,000.00		1,021.57		0.71%		3.61
Dividend Growth
Actual
Class I		$1,000.00		$1,063.30		0.90%		$4.67
Class P		1,000.00		1,064.40		0.70%		3.63
Hypothetical
Class I		$1,000.00		$1,020.61		0.90%		$4.57
Class P		1,000.00		1,021.62		0.70%		3.56
Equity Index
Actual
Class I		$1,000.00		$1,058.80		0.28%		$1.45
Class P		1,000.00		1,059.90		0.08%		0.41
Hypothetical
Class I		$1,000.00		$1,023.73		0.28%		$1.42
Class P		1,000.00		1,024.73		0.08%		0.41

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Focused 30
Actual
Class I		$1,000.00		$1,061.00		1.02%		$5.28
Class P		1,000.00		1,061.90		0.85%		4.41
Hypothetical
Class I		$1,000.00		$1,020.01		1.02%		$5.18
Class P		1,000.00		1,020.86		0.85%		4.32
Growth LT
Actual
Class I		$1,000.00		$1,077.60		0.80%		$4.18
Class P		1,000.00		1,078.90		0.57%		2.98
Hypothetical
Class I		$1,000.00		$1,021.11		0.80%		$4.06
Class P		1,000.00		1,022.27		0.57%		2.90
Large-Cap Growth
Actual
Class I		$1,000.00		$1,063.30		0.91%		$4.72
Class P		1,000.00		1,064.40		0.71%		3.68
Hypothetical
Class I		$1,000.00		$1,020.56		0.91%		$4.62
Class P		1,000.00		1,021.57		0.71%		3.61
Large-Cap Value
Actual
Class I		$1,000.00		$1,062.10		0.82%		$4.25
Class P		1,000.00		1,063.20		0.62%		3.22
Hypothetical
Class I		$1,000.00		$1,021.01		0.82%		$4.17
Class P		1,000.00		1,022.02		0.62%		3.15
Long/Short Large-Cap
Actual
Class I		$1,000.00		$1,081.60		2.40%		$12.56
Class P		1,000.00		1,082.70		2.19%		11.47
Hypothetical
Class I		$1,000.00		$1,013.07		2.40%		$12.14
Class P		1,000.00		1,014.13		2.19%		11.09
Main Street Core
Actual
Class I		$1,000.00		$1,073.50		0.68%		$3.54
Class P		1,000.00		1,074.60		0.48%		2.50
Hypothetical
Class I		$1,000.00		$1,021.72		0.68%		$3.46
Class P		1,000.00		1,022.72		0.48%		2.44
Mid-Cap Equity
Actual
Class I		$1,000.00		$1,041.40		0.91%		$4.67
Class P		1,000.00		1,042.50		0.70%		3.59
Hypothetical
Class I		$1,000.00		$1,020.56		0.91%		$4.62
Class P		1,000.00		1,021.62		0.70%		3.56
Mid-Cap Growth
Actual
Class I		$1,000.00		$1,013.40		0.95%		$4.81
Class P		1,000.00		1,014.40		0.75%		3.80
Hypothetical
Class I		$1,000.00		$1,020.36		0.95%		$4.82
Class P		1,000.00		1,021.37		0.75%		3.81

F-2

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Mid-Cap Value
Actual
Class I		$1,000.00		$1,090.50		0.91%		$4.78
Class P		1,000.00		1,091.60		0.71%		3.73
Hypothetical
Class I		$1,000.00		$1,020.56		0.91%		$4.62
Class P		1,000.00		1,021.57		0.71%		3.61
Small-Cap Equity
Actual
Class I		$1,000.00		$1,127.10		0.92%		$4.92
Class P		1,000.00		1,128.30		0.72%		3.85
Hypothetical
Class I		$1,000.00		$1,020.51		0.92%		$4.67
Class P		1,000.00		1,021.52		0.72%		3.66
Small-Cap Growth
Actual
Class I		$1,000.00		$1,056.20		0.85%		$4.39
Class P		1,000.00		1,057.30		0.66%		3.41
Hypothetical
Class I		$1,000.00		$1,020.86		0.85%		$4.32
Class P		1,000.00		1,021.82		0.66%		3.35
Small-Cap Index
Actual
Class I		$1,000.00		$1,073.20		0.54%		$2.81
Class P		1,000.00		1,074.10		0.37%		1.93
Hypothetical
Class I		$1,000.00		$1,022.42		0.54%		$2.75
Class P		1,000.00		1,023.28		0.37%		1.88
Small-Cap Value
Actual
Class I		$1,000.00		$1,092.90		1.00%		$5.26
Class P		1,000.00		1,094.00		0.80%		4.21
Hypothetical
Class I		$1,000.00		$1,020.11		1.00%		$5.08
Class P		1,000.00		1,021.11		0.80%		4.06
Health Sciences
Actual
Class I		$1,000.00		$1,023.90		1.14%		$5.80
Class P		1,000.00		1,024.90		0.96%		4.89
Hypothetical
Class I		$1,000.00		$1,019.41		1.14%		$5.79
Class P		1,000.00		1,020.31		0.96%		4.88
Real Estate
Actual
Class I		$1,000.00		$1,014.80		1.05%		$5.32
Class P		1,000.00		1,015.70		0.87%		4.41
Hypothetical
Class I		$1,000.00		$1,019.86		1.05%		$5.33
Class P		1,000.00		1,020.76		0.87%		4.42
Technology
Actual
Class I		$1,000.00		$999.30		1.16%		$5.83
Class P		1,000.00		1,000.20		0.98%		4.93
Hypothetical
Class I		$1,000.00		$1,019.30		1.16%		$5.89
Class P		1,000.00		1,020.21		0.98%		4.98

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Emerging Markets
Actual
Class I		$1,000.00		$1,124.60		1.06%		$5.66
Class P		1,000.00		1,125.70		0.86%		4.60
Hypothetical
Class I		$1,000.00		$1,019.81		1.06%		$5.38
Class P		1,000.00		1,020.81		0.86%		4.37
International Large-Cap
Actual
Class I		$1,000.00		$1,152.90		1.00%		$5.41
Class P		1,000.00		1,154.00		0.80%		4.33
Hypothetical
Class I		$1,000.00		$1,020.11		1.00%		$5.08
Class P		1,000.00		1,021.11		0.80%		4.06
International Small-Cap
Actual
Class I		$1,000.00		$1,149.70		1.07%		$5.78
Class P		1,000.00		1,150.80		0.87%		4.70
Hypothetical
Class I		$1,000.00		$1,019.76		1.07%		$5.43
Class P		1,000.00		1,020.76		0.87%		4.42
International Value
Actual
Class I		$1,000.00		$1,136.60		0.89%		$4.78
Class P		1,000.00		1,137.80		0.69%		3.71
Hypothetical
Class I		$1,000.00		$1,020.66		0.89%		$4.52
Class P		1,000.00		1,021.67		0.69%		3.51
Currency Strategies (3)
Actual
Class I		$1,000.00		$988.60		0.88%		$2.27
Class P		1,000.00		989.10		0.68%		1.76
Hypothetical
Class I		$1,000.00		$1,020.71		0.88%		$4.47
Class P		1,000.00		1,021.72		0.68%		3.46
Global Absolute Return (3)
Actual
Class I		$1,000.00		$998.00		1.07%		$2.77
Class P		1,000.00		998.50		0.86%		2.23
Hypothetical
Class I		$1,000.00		$1.019.76		1.07%		$5.43
Class P		1,000.00		1,020.81		0.86%		4.37
Precious Metals (3)
Actual
Class I		$1,000.00		$859.90		0.92%		$2.22
Class P		1,000.00		860.40		0.72%		1.74
Hypothetical
Class I		$1,000.00		$1,020.51		0.92%		$4.67
Class P		1,000.00		1,021.52		0.72%		3.66
American Funds Asset Allocation (2)
Actual
Class I		$1,000.00		$1,074.60		0.63%		$3.29
Hypothetical
Class I		$1,000.00		$1,021.97		0.63%		$3.20

F-3

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Pacific Dynamix - Conservative Growth (4)
Actual
Class I		$1,000.00		$1,045.40		0.39%		$2.01
Hypothetical
Class I		$1,000.00		$1,023.18		0.39%		$1.98
Pacific Dynamix - Moderate Growth (4)
Actual
Class I		$1,000.00		$1,059.60		0.36%		$1.86
Hypothetical
Class I		$1,000.00		$1,023.33		0.36%		$1.83
Pacific Dynamix - Growth (4)
Actual
Class I		$1,000.00		$1,071.30		0.35%		$1.82
Hypothetical
Class I		$1,000.00		$1,023.38		0.35%		$1.78
Portfolio Optimization Conservative (5)
Actual
Class I		$1,000.00		$1,046.50		0.21%		$1.08
Hypothetical
Class I		$1,000.00		$1,024.08		0.21%		$1.07

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
Portfolio Optimization Moderate-Conservative (5)
Actual
Class I		$1,000.00		$1,053.80		0.21%		$1.08
Hypothetical
Class I		$1,000.00		$1,024.08		0.21%		$1.07
Portfolio Optimization Moderate (5)
Actual
Class I		$1,000.00		$1,061.60		0.21%		$1.09
Hypothetical
Class I		$1,000.00		$1,024.08		0.21%		$1.07
Portfolio Optimization Growth (5)
Actual
Class I		$1,000.00		$1,068.40		0.21%		$1.09
Hypothetical
Class I		$1,000.00		$1,024.08		0.21%		$1.07
Portfolio Optimization Aggressive-Growth (5)
Actual
Class I		$1,000.00		$1,074.20		0.21%		$1.09
Hypothetical
Class I		$1,000.00		$1,024.08		0.21%		$1.07

(1) Expenses paid during the six-month period are equal to the portfolio’s annualized expense ratio (shown in the table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 366 days.

(2) The annualized expense ratios for the American Funds Growth, American Funds Growth-Income and American Funds Asset Allocation Portfolios do not include expenses of the underlying Master Funds (see Note 1 in Notes to Financial Statements) in which the portfolios invest.

(3) The Currency Strategies, Global Absolute Return and Precious Metals Portfolios commenced operations on September 28, 2012. The actual fund return and expenses paid during the period by these portfolios were for the period from September 28, 2012 to December 31, 2012 instead of the six-month period. The hypothetical return and expenses paid during the period are based on the entire six-month period for comparison purposes.

(4) The annualized expense ratios for all the Pacific Dynamix Portfolios do not include expenses of the Pacific Dynamix Underlying Portfolios (see Note 1 in Notes to Financial Statements) in which the Pacific Dynamix Portfolios invest.

(5) The annualized expense ratios for the Portfolio Optimization Portfolios do not include expenses of the Portfolio Optimization Underlying Funds (see Note 1 in Notes to Financial Statements) in which the Portfolio Optimization Portfolios invest.

F-4

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION

(Unaudited)

The business and affairs of the Fund are managed under the direction of the Board of Trustees under the Fund’s Declaration of Trust. Information pertaining to the trustees and officers of the Fund is set forth below, effective January 1, 2013. Trustees who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Fund and thus are referred to as “Interested Persons”, because of their positions with Pacific Life Insurance Company (“Pacific Life”) and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Fund’s Statement of Additional Information includes additional information about the trustees. For information on availability of the Fund’s Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

The address of each trustee and officer is c/o Pacific Select Fund, 700 Newport Center Drive, Newport Beach, CA 92660.

Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Portfolios in Fund Complex Overseen**
INDEPENDENT TRUSTEES
Frederick L. Blackmon Year of birth 1952	Trustee since 1/01/05	Trustee (9/05 to present) of Pacific Life Funds; Director (2005 to present) of Trustmark Mutual Holding Company; Former Executive Vice President and Chief Financial Officer (1995 to 2003) of Zurich Life and has been retired since that time; Executive Vice President and Chief Financial Officer (1989 to 1995) of Alexander Hamilton Life Insurance Company (subsidiary of Household International); Member of Board of Trustees (2010 to present) of Cranbrook Educational Community; Former Member of Board of Governors (1994 to 1999) of Cranbrook Schools; and Former Member of Board of Regents (1993 to 1996) Eastern Michigan University.	87
Gale K. Caruso Year of birth 1957	Trustee since 1/01/06	Trustee (1/06 to present) of Pacific Life Funds; Former Member of the Board of Directors (2005 to 2009) of LandAmerica Financial Group, Inc.; Former President and Chief Executive Officer (1999 to 2003) of Zurich Life; Former Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd. and Managing Director of Scudder Kemper Investments; Former Member of the Advisory Council of the Trust for Public Land in Maine; Former Member of the Board of Directors of Make-A-Wish of Maine; and Former Member, Board of Directors of the Illinois Life Insurance Council.	87
Lucie H. Moore Year of birth 1956	Trustee since 10/01/98	Trustee (6/01 to present) of Pacific Life Funds; Former Partner (1984 to 1994) with Gibson, Dunn & Crutcher (Law); Former Member of the Board of Trustees (2007 to 2011) of Sage Hill School; Former Member (2000 to 2009) and Former Vice Chairman (2001 to 2007) of the Board of Trustees of The Pegasus School; Former Member of the Board of Directors (2005 to 2010) of HomeWord; and Former Member of the Advisory Board (1993 to 2004) of Court Appointed Special Advocates (CASA) of Orange County.	87
Nooruddin (Rudy) S. Veerjee Year of birth 1958	Trustee since 1/01/05	Trustee (9/05 to present) of Pacific Life Funds; Former President (1997 to 2000) of Transamerica Insurance and Investment Group and has been retired since that time; Former President (1994 to 1997) of Transamerica Asset Management; Former Chairman and Chief Executive Officer (1995 to 2000) of Transamerica Premier Funds (Mutual Fund); and Former Director (1994 to 2000) of various Transamerica Life Companies.	87
G. Thomas Willis Year of birth 1942	Trustee since 11/17/03	Trustee (2/04 to present) of Pacific Life Funds; Certified Public Accountant in California (1967 to present); Former Audit Partner (1976 to 2002) of PricewaterhouseCoopers LLP (Accounting and Auditing) and has been retired since that time.	87

F-5

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)

Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Portfolios in Fund Complex Overseen**
INTERESTED PERSONS
James T. Morris Year of birth 1960	Chairman of the Board and Trustee since 1/11/07, (Chief Executive Officer 1/11/07 to 12/31/09)	Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (4/07 to 3/12) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (4/07 to 3/12) of Pacific Life; Chief Executive Officer (5/07 to present) and President (5/07 to 3/12) of Pacific Life Fund Advisors LLC; Chairman of the Board and Trustee (1/07 to present) and Chief Executive Officer (1/07 to 12/09) of Pacific Life Funds.	87
Mary Ann Brown Year of birth 1951	Chief Executive Officer since 1/01/10, (President 1/11/07 to 12/31/09)	Executive Vice President (4/10 to present) and Senior Vice President (5/06 to 3/10) of Pacific LifeCorp; Executive Vice President (4/10 to present) and Senior Vice President (3/05 to 3/10) of Pacific Life; Executive Vice President (4/10 to present) and Senior Vice President (5/07 to 3/10) of Pacific Life Fund Advisors LLC; and Chief Executive Officer (1/10 to present) and President (1/07 to 12/09) of Pacific Life Funds.	87
Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 4/04/05	Vice President, Fund Advisor General Counsel, and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and General Counsel (6/01 to present) of Pacific Life Funds.	87
Brian D. Klemens Year of birth 1956	Vice President and Treasurer since 4/29/96	Vice President and Controller (10/07 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President and Controller (10/07 to present) of Pacific Life; Vice President and Controller (10/07 to present) of Pacific Life Fund Advisors LLC; Vice President (5/00 to present) and Controller (10/07 to present) of Pacific Select Distributors, Inc.; and Vice President and Treasurer (6/01 to present) of Pacific Life Funds.	87
Sharon E. Pacheco Year of birth 1957	Vice President and Chief Compliance Officer since 6/04/04	Vice President and Chief Compliance Officer (1/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present) of Pacific Life; Vice President and Chief Compliance Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Life Funds.	87
Howard T. Hirakawa Year of birth 1962	Vice President since 6/20/06	Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (6/06 to present) of Pacific Life Funds.	87
Jane M. Guon Year of birth 1964	Vice President since 1/01/11 and Secretary since 1/01/11	Vice President and Secretary (1/11 to present), Assistant Vice President (4/06 to 12/10) and Assistant Secretary (6/98 to 12/10) of Pacific Mutual Holding Company and Pacific LifeCorp; Director, Vice President, and Secretary (1/11 to present), Assistant Vice President (4/06 to 12/10) and Assistant Secretary (2/95 to 12/10) of Pacific Life; Vice President and Secretary (1/11 to present) and Assistant Vice President and Assistant Secretary (05/07 to 12/10) of Pacific Life Fund Advisors LLC; Vice President and Secretary (1/11 to present), Assistant Vice President (5/06 to 12/10) and Assistant Secretary (5/99 to 12/10) of Pacific Select Distributors, Inc.; and Vice President (1/11 to present) and Secretary (1/11 to present) of Pacific Life Funds.	87
Laurene E. MacElwee Year of birth 1966	Vice President since 12/13/11 and Assistant Secretary since 4/04/05 (Assistant Vice President 4/04/05 to 12/12/11)	Vice President (4/11 to present), Assistant Secretary (5/07 to present) and Assistant Vice President (5/07 to 3/11) of Pacific Life Fund Advisors LLC; and Vice President (4/05 to present) and Assistant Secretary (6/01 to present) of Pacific Life Funds.	87

F-6

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)

Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Portfolios in Fund Complex Overseen**
INTERESTED PERSONS (Continued)
Eddie Tung Year of birth 1957	Assistant Vice President and Assistant Treasurer since 11/14/05	Assistant Vice President (4/03 to present) of Pacific Life; Assistant Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Assistant Treasurer (11/05 to present) of Pacific Life Funds.	87
Carleton J. Muench Year of birth 1973	Assistant Vice President since 11/30/06	Assistant Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (11/06 to present) of Pacific Life Funds.	87
Kevin W. Steiner Year of birth 1975	Assistant Vice President since 1/01/13	Assistant Vice President (4/12 to present), Mutual Funds Compliance Director (4/08 to 3/12) and Mutual Funds Compliance Manager (10/06 to 3/08) of Pacific Life Fund Advisors LLC; and Vice President (1/13 to present) of Pacific Life Funds.	87

* A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.

** As of December 31, 2012, the “Fund Complex” consisted of Pacific Select Fund (54 portfolios) and Pacific Life Funds (33 funds).

F-7

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS

(Unaudited)

The Board of Trustees (the “Trustees” or “Board”) of Pacific Select Fund (the “Fund”) oversees the management of each of the separate portfolios of the Fund (each a “Portfolio” and collectively, the “Portfolios”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each portfolio management agreement (the “Portfolio Management Agreements,” together with the Advisory Agreement, the “Agreements”) with the various sub-advisers or “Portfolio Managers.” PLFA serves as the investment adviser for all of the Portfolios and directly manages the High Yield Bond, Cash Management and Floating Rate Income Portfolios (the “PAM Managed Portfolios”) under the name Pacific Asset Management (“PAM”) and the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, Portfolio Optimization Aggressive-Growth, Pacific Dynamix – Conservative Growth, Pacific Dynamix – Moderate Growth and Pacific Dynamix – Growth Portfolios (the “Asset Allocation Portfolios,” and together with the PAM Managed Portfolios, the “Directly Managed Portfolios”). For the other Portfolios, with the exception of the American Funds Growth-Income Portfolio, the American Funds Growth Portfolio, and the American Funds Asset Allocation Portfolio (collectively, the “Feeder Portfolios”), PLFA has retained other firms to serve as Portfolio Managers under PLFA’s supervision. Each of the Feeder Portfolios invests all of its assets in a master fund; and therefore, PLFA has not retained other portfolio managers to manage the assets of these Portfolios. The Board, including all of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on December 12, 2012.¹ Also, as discussed below, at the in-person meeting on December 12, 2012, the Board, including all of the Independent Trustees, approved new Portfolio Management Agreements effective on or about January 1, 2013 and May 1, 2013 with respect to the Large-Cap Growth Portfolio and the Growth LT Portfolio, respectively. As discussed below, at an in-person meeting on September 12, 2012, the Board, including all of the Independent Trustees, approved a new Portfolio Management Agreement effective on or about January 1, 2013 with respect to the Mid-Cap Equity Portfolio. As discussed below, at an in-person meeting on June 20, 2012, the Board, including all of the Independent Trustees, approved the Advisory Agreement and new Portfolio Management Agreements effective on or about October 1, 2012 with respect to the Precious Metals, Currency Strategies, and Global Absolute Return Portfolios.

At the December 12, 2012 meeting and other meetings, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Portfolio Manager that was submitted in response to requests from the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received in-person presentations about the Portfolios throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, including reports on Portfolio performance, expenses, fee comparisons, investment advisory, compliance, and other services provided to the Portfolios by PLFA and the Portfolio Managers. The Board also reviewed financial and profitability information regarding PLFA and the Portfolio Managers, and information regarding the organization and operations of each entity such as their compliance monitoring, portfolio trading and brokerage practices and the personnel providing investment management and administrative services to each Portfolio. The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data, to provide the Board with information concerning the Portfolios’ investment performance, management fees and expense information. Additionally, the Independent Trustees retained an independent consultant (“Independent Consultant”) to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with data obtained from independent service providers as well as from other sources.

The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.

Annual Consideration and Approval of Investment Advisory and Portfolio Management Agreements

In evaluating the Advisory Agreement and each Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services

Portfolio Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its monitoring and oversight of the Portfolio Managers and PAM; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder and/or contract holder needs. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust, its shareholders and investing.

¹ At the December 12th meeting, the Board did not consider the continuance of the Portfolio Management Agreements relating to the Emerging Markets Debt, Mid-Cap Equity, Precious Metals, Currency Strategies and Global Absolute Return Portfolios, as those agreements were not up for renewal at that time. Additionally, new Portfolio Management Agreements with respect to the Growth LT and Large-Cap Growth Portfolios were approved by the Board at the December 12th meeting and the Board did not consider the continuance of the existing Portfolio Management Agreements with respect to those Portfolios at that time.

F-8

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

The Trustees also considered that the investment, legal, compliance and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance and monitoring services for the Portfolios. The Board noted that PLFA monitors numerous investment, performance and compliance metrics for the Portfolios.

The Trustees considered PLFA’s continued development and use of analytical tools for assessing Portfolio performance and the performance of the Portfolio Managers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to identify Portfolios that are underperforming applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor the performance of Portfolio Managers, including the use of analytical methods to review Portfolio performance and execution of investment strategies. The Board noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in Portfolio performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Board also noted that PLFA conducts periodic due diligence on Portfolio Managers involving onsite visits, in-person meetings and telephonic meetings to gather information that PLFA uses to gain an in-depth understanding of a Portfolio Manager’s investment process and to seek to identify issues that may be relevant to a Portfolio Manager’s services to a Portfolio or a Portfolio’s performance, including, but not limited to, the financial strength of a Portfolio Manager, significant staffing changes that could affect a Portfolio, material changes in a Portfolio Manager’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support. The Trustees also noted that PLFA appeared to have implemented effective methods for monitoring investment style consistency by Portfolio Managers and for analyzing the use of derivatives by Portfolio Managers. With respect to the PAM Managed Portfolios, the Board considered that PLFA provided oversight, diligence and reporting with regard to its PAM unit that is similar to the process it employs with regard to the Portfolio Managers. The Board also considered that PLFA manages directly the Asset Allocation Portfolios.

The Trustees considered the time and attention paid by PLFA to matters involving the valuation of Fund securities, including researching and evaluating information concerning securities that are not actively or publicly traded, valuing securities subject to a trading halt, the value of equity securities traded on foreign exchanges, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies. The Trustees also considered PLFA’s oversight of transition management when overseeing significant changes in the Portfolios, such as cash movements between the Portfolios arising from reallocations by funds of funds and the transition from one Portfolio Manager to another, including steps taken by PLFA to reduce transaction costs associated with a Portfolio transition.

The Trustees considered PLFA’s policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Portfolios, its compliance monitoring of the Portfolio Managers and its commitment to those programs; PLFA’s efforts to keep the Trustees informed about the Portfolio Managers; and its attention to matters that may involve conflicts of interest with each Portfolio. In this regard, the Trustees reviewed information throughout the year on PLFA’s compliance policies and procedures, its compliance history, and reports from the Trust’s Chief Compliance Officer (“CCO”) on compliance by PLFA, the Portfolio Managers, and the Portfolios with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further considered the monitoring and additional services provided by PLFA to the Portfolios, including risk management analysis, preparation of periodic performance and financial reports, review of trade execution and coordination of other service providers to the Trust.

The Trustees noted that the Portfolios are used as the investment options for variable products of Pacific Life and Pacific Life & Annuity Company (“PL&A”), and they believe the Portfolios provide a broad range of investment options for contract holders of Pacific Life and PL&A, including investment options that provide exposure to major asset classes such as equity and debt, and many different investment styles within those asset classes, and target risk funds that also provide investors with asset allocation for different profiles. The Trustees further noted that the offering of the Portfolios as investment options assisted in distinguishing these variable products in the marketplace. The Trustees considered that they had received reports concerning the positioning of these variable products in the marketplace.

Portfolio Management – PLFA and the Portfolio Managers. The Trustees considered various materials relating to PLFA, including PAM, and the Portfolio Managers, including copies of each existing Advisory Agreement and Portfolio Management Agreement; copies of the Form ADV for PLFA and each Portfolio Manager; financial information relating to PLFA and each Portfolio Manager; and other information deemed relevant to the Trustees’ evaluation of PLFA and each Portfolio Manager, including qualitative assessments from senior management of PLFA.

The Trustees considered the benefits to shareholders of retaining PLFA and each Portfolio Manager and continuing the Advisory Agreement and Portfolio Management Agreements particularly in light of the nature, extent, and quality of the services that have been provided by PLFA and the Portfolio Managers. The Trustees noted the portfolio management services that have been provided by PLFA or PAM to the Directly Managed Portfolios and the portfolio management services that have been provided by the Portfolio Managers to the other Portfolios. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Portfolios and their shareholders, the organizational depth and resources of PLFA and the Portfolio Managers, including the background and experience of PLFA and each of the Portfolio Manager’s management, and the expertise of PLFA, its PAM unit, and each Portfolio Manager’s portfolio management team, as well as the investment methodology used by PLFA, its PAM unit, and the Portfolio Manager.

The Trustees further noted the compliance monitoring conducted by PLFA and PAM on an ongoing basis and also noted the development of procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO had in place a systematic process for periodically reviewing PLFA’s and each Portfolio Manager’s written compliance policies and procedures, including the assessment of PLFA’s and each Portfolio Manager’s compliance

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(Unaudited)

program as required under Rule 38a-1 of the 1940 Act and PLFA’s and each Portfolio Manager’s code of ethics. The Trustees also considered that PLFA and each Portfolio Manager continues to cooperate with the CCO in reviewing its compliance operations.

In making their assessments, the Trustees considered that PLFA has historically exercised diligence in monitoring the performance of the Portfolio Managers and PAM, and has recommended and taken measures to attempt to remedy relative underperformance by a Portfolio when PLFA and the Trustees believed it to be appropriate.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and the Portfolio Managers.

2. Investment Results

The Trustees considered the investment results of each Portfolio in light of its objective and market conditions over the past year. The Trustees compared each Portfolio’s total returns with both the total returns of appropriate peer funds, based on information provided by PLFA using data from independent sources, and with one or more relevant benchmark indices. The Independent Trustees also considered information provided by an Independent Consultant who provided a presentation and analysis to the Trustees regarding peer group performance utilizing data from independent sources. The information provided to the Trustees included each Portfolio’s performance record for the prior ten calendar years, as applicable, and three-month, year-to-date, one-, three-, five- and ten-year or since inception periods, as applicable. In reviewing the performance data drawn from independent sources, as well as the performance of the respective benchmark indices, the Trustees took into consideration the goals and objectives of each Portfolio and noted that some Portfolios had outperformed their peer groups over certain periods and/or exceeded their respective benchmark indices while others underperformed their peer groups over certain periods and/or trailed their respective benchmark indices. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues which may warrant consideration of corrective action. The Trustees discussed these Portfolios with representatives of PLFA, including an assessment of the approach used by the Portfolio Managers as well as oversight and monitoring by PLFA as the investment adviser, to gain an understanding of underperformance and to assess whether any actions would be appropriate.

The Trustees also reviewed the monitoring of the Portfolio Managers’ investment results by PLFA, including PLFA’s historical practice of recommending to the Trustees the use of a new manager if performance lagged and could not be improved within a reasonable timeframe, and reviewed the monitoring of the PAM unit’s investment results by PLFA. Generally, the Trustees noted that there continues to be a strong record of well-managed Portfolios that work well in the Asset Allocation Portfolios and that the Asset Allocation Portfolios provide a range of professionally managed asset allocation investment options. The Trustees also noted that the Portfolios continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Asset Allocation Portfolios and the benefits the Asset Allocation Portfolios provide for shareholders generally.

The Board concluded that PLFA continues to have a strong record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was implementing each Portfolio’s investment objective either directly or through the selection of Portfolio Managers and that PLFA’s record in managing each Portfolio indicates that its continued management as well as the continuation of the respective Portfolio Management Agreements will benefit each Portfolio and its shareholders.

3. Advisory Fees and Total Expense Ratios

The Trustees requested, received and reviewed information from PLFA relating to the advisory fees and the sub-advisory fees, including the portion of the advisory fees paid to each Portfolio Manager as compared to the portion retained by PLFA, and operating expense ratios for each of the Portfolios. The Independent Trustees also requested and reviewed information from the Independent Consultant along with their analysis of advisory fees, sub-advisory fees and certain other expenses. The Trustees reviewed the advisory fees, sub-advisory fees and operating expense ratios of each Portfolio and compared such amounts with the average fee and expense levels of other funds in applicable peer fund groups. During their review, the Trustees noted that all of the Portfolios were subject to contractual expense limitations agreed to by PLFA. The Trustees also reviewed written materials prepared by PLFA based on peer fund group information retrieved from the independent sources. The Independent Trustees requested and reviewed an analysis provided by the Independent Consultant of the asset-based breakpoint schedule for the Portfolios. The Independent Trustees noted that the breakpoints offer meaningful potential savings to shareholders of many of the Portfolios.

The Trustees also considered information from the Portfolio Managers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Portfolio Manager with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Portfolios by the Portfolio Managers and that the level of services provided by these Portfolio Managers on these other accounts were due to the different nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Portfolio Manager and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with regard to the sub-advised Portfolios, the fee rates were the result of arms’-length negotiations between PLFA and the Portfolio Managers, and that any sub-advisory fees are paid by PLFA and are not paid directly by a Portfolio. The Trustees observed that certain of the Portfolios’ contractual advisory fees were higher than the average of their respective Morningstar category while others were either lower or approximately equal to these averages.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Portfolio were fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

The Trustees reviewed information provided by PLFA and the Portfolio Managers regarding PLFA’s costs of sponsoring the Portfolios and information regarding the profitability of PLFA and the Portfolio Managers.

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(Unaudited)

PLFA and the Portfolio Managers’ Costs and Profitability. The Trustees noted that, based on the data available, PLFA appears to be providing products that are competitively priced with other funds, especially multi-manager and asset allocation funds and funds that support variable annuity and variable life insurance products. The Trustees noted PLFA’s willingness to sponsor new funds that PLFA believed would improve the menu of offerings for contract owners or that would benefit the Asset Allocation Portfolios, despite the potential subsidies required by PLFA during a new fund’s start-up phase. Based on information received, the Trustees further noted that Pacific Life’s overall profitability on variable annuity and variable life insurance products, which are supported by the Trust, appeared reasonable at the current time. The Trustees also noted that analysis of the Trust’s profitability to PLFA supported a conclusion that PLFA’s costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.

The Trustees also reviewed information provided regarding the structure and manner in which PLFA’s and the Portfolio Managers’ investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to the Portfolio Managers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the profitability of the Portfolio Management Agreements to the Portfolio Managers because of, among other things, the differences in the types of information provided by the Portfolio Managers, the fact that many Portfolio Managers manage substantial assets other than the Portfolios and, further, that any such assessment would involve assumptions regarding the Portfolio Managers’ expense allocation policies, capital structure, cost of capital, business mix and other factors.

Accordingly, in the case of the Portfolio Managers, the Trustees focused their consideration on the data described above in light of the arms’-length nature of the relationship (for the Portfolios that are sub-advised) between PLFA and such Portfolio Managers with respect to the negotiation of portfolio sub-advisory fees and the fact that such fees are paid by PLFA.

Economies of Scale. The Trustees considered information relating to economies of scale provided by PLFA and the Independent Consultant, and PLFA’s general willingness to discuss and evaluate the topic of economies of scale with the Trustees.

The Trustees considered that the advisory fee schedules contained breakpoints reducing the rate of the advisory fee as Portfolio assets grow for all Portfolios except the Asset Allocation Portfolios. The Independent Trustees agreed that the breakpoints appear to be providing for shared economies of scale and potential future economies of scale as the asset levels of a Portfolio increase. The Independent Trustees noted that the Asset Allocation Portfolios are funds-of-funds that invest in other Portfolios that have advisory fee schedules containing breakpoints that reduce the total advisory fees paid by shareholders of the Asset Allocation Portfolios as assets grow. The Trustees also considered PLFA’s willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Portfolios for certain expenses that exceed stated expense caps.

The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees further noted that Pacific Life and PL&A had also consistently reinvested in the business with respect to the variable products to which the Fund serves as the underlying investment vehicle.

The Trustees additionally noted that economies of scale were difficult to measure with precision particularly on a Portfolio by Portfolio basis. This analysis was complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the ability to provide and expand those services through, for example, continuing investments in technology and shareholder services, as discussed above. The Trustees considered that the Portfolios are well managed, and provide shareholders with a wide choice of premier Portfolio Managers and sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers, and to provide certain support services to the Portfolios on an approximate cost basis as opposed to an asset-based charge.

The Board determined that PLFA and its affiliates are sharing economies of scale given its commitment to competitive total expenses of the Portfolios, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board concluded that the Portfolios’ cost structures were reasonable and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Portfolio and its shareholders to their benefit.

5. Ancillary Benefits

The Trustees requested and received from PLFA and the Portfolio Managers information concerning other benefits received by PLFA, the Portfolio Managers, and their affiliates as a result of their respective relationship with the Portfolios, including various service arrangements with PLFA affiliates and reimbursement at an approximate cost basis for support services in the case of PLFA, as well as commissions paid to broker-dealers affiliated with certain Portfolio Managers and the use of soft-dollars by certain of the Portfolio Managers. The Trustees also considered information concerning other significant economic relations between the Portfolio Managers and their affiliates and with PLFA and its affiliates and noted PLFA’s processes and procedures to identify and disclose such relationships to the Board. The Trustees also considered information provided to them as to how conflicts of interest that may arise from these relationships are managed.

The Board concluded that such benefits were consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Advisory Agreement and each applicable Portfolio Management Agreement are fair and reasonable with respect to each Portfolio and its shareholders, and that the renewal of the Advisory Agreement and each applicable Portfolio Management Agreement would be in the best interests of the Portfolios and their shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

Agreement and each applicable Portfolio Management Agreement, but indicated that the Board based its determination on the total mix of information available to it.

Other Advisory Agreement and Portfolio Management Agreement Approvals

In addition to considering the existing Portfolio Management Agreements during the period, the Board considered and approved changes with respect the Portfolio Managers for certain Portfolios as discussed below. Under the 1940 Act, a change in a Portfolio Manager, a change in the compensation paid to a Portfolio Manager, or an assignment of any Portfolio Management Agreement requires shareholder approval of a new Portfolio Management Agreement. However, under an exemptive order issued to Pacific Life Insurance Company and the Fund by the Securities and Exchange Commission (“SEC”) on October 13, 1999 and relied upon by PLFA, in accordance with the terms of the exemptive order, PLFA can hire, terminate and replace, as applicable, Portfolio Managers and enter into new Portfolio Management Agreements (except, as a general matter, Portfolio Managers affiliated with PLFA) without shareholder approval.

Growth LT Portfolio

At an in-person meeting on December 12, 2012, the Board, including all of the Independent Trustees, approved, effective no later than May 1, 2013, a new Portfolio Management Agreement with Massachusetts Financial Services Company, doing business as MFS Investment Management (“MFS”) with respect to the Growth LT Portfolio (the “MFS Portfolio Management Agreement”), and appointed MFS as the new Portfolio Manager for this Portfolio. The Board also approved a change to the name of the Portfolio and effective May 1, 2013, the Portfolio will be named the Growth Portfolio. In connection with this matter, also at the December 12, 2012 meeting, the Board terminated the Portfolio Management Agreement for the Portfolio with the current portfolio manager upon the effectiveness of the MFS Portfolio Management Agreement. MFS’s appointment as new Portfolio Manager was made in accordance with the exemptive order issued by the SEC with regard to the Fund and does not require shareholder approval.

In evaluating the MFS Portfolio Management Agreement, the Board, including the Independent Trustees, considered the factors, among others, described below. Additionally, the Board considered the various screening processes that PLFA utilizes in identifying a proposed new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as the due diligence conducted by PLFA on the investment resources and personnel of a portfolio manager and an assessment of the investment strategies used by a portfolio manager and the due diligence conducted by the Fund’s Chief Compliance Officer (“CCO”). In addition, the Board reviewed the specific criteria and information evaluated by PLFA during the selection process of MFS, including information about other firms considered by PLFA, and PLFA’s analysis in reaching its conclusion to recommend MFS as the new Portfolio Manager.

In evaluating the MFS Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services to be Provided

The Trustees considered the benefits to shareholders of retaining MFS as the Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by MFS. In this regard, the Trustees considered various materials relating to the proposed Portfolio Manager, including copies of the proposed MFS Portfolio Management Agreement; copies of MFS’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.

The Trustees considered that under the MFS Portfolio Management Agreement, MFS would be responsible for providing the investment management services for the Portfolio’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Portfolio. The Trustees considered the quality of the management services expected to be provided to the Growth LT Portfolio over both the short- and long-term, the organizational depth and resources of MFS, including the background and experience of MFS’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered MFS’s written compliance policies and procedures and noted that the Trust’s CCO had previously provided an assessment of MFS’s compliance program, as required under Rule 38a-1 of the 1940 Act and its code of ethics.

In making these assessments, the Trustees took note of the extensive due diligence PLFA conducted with respect to MFS, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by MFS.

The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Growth LT Portfolio by MFS under the MFS Portfolio Management Agreement.

2. Performance

The Trustees considered PLFA’s efforts and process to search for and screen advisory firms that are qualified to manage a growth portfolio and PLFA’s identification of MFS to serve as Portfolio Manager with regard to the day-to-day investment activities of the Growth LT Portfolio. The Trustees considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related MFS Portfolio Management Agreement, as described below.

The Trustees considered information about the historical performance of an account managed by the same MFS portfolio management team that would manage the Growth LT Portfolio using similar investment strategies as those proposed for the Growth LT Portfolio (the “Comparable Performance”). The Trustees considered the Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three-, five-, and ten-year periods as of September 30, 2012. The Trustees also considered the Comparable Performance against a pertinent benchmark and an applicable peer group for the previous nine calendar years. The Trustees also considered information about the historical performance of additional accounts managed by MFS using similar investment strategies as those proposed for the Growth LT Portfolio against a pertinent benchmark for the one-, three-, five- and ten-year periods (as available) as of September 30, 2012.

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(Unaudited)

Additionally, the Trustees considered performance information presented by PLFA for another potential manager of the Portfolio. The Trustees also considered the need for MFS to adhere to the Portfolio’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.

The Board determined that MFS’s performance record was acceptable.

3. Advisory and Portfolio Management Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Portfolio Manager with regard to other investment accounts with substantially similar investment strategies as the Growth LT Portfolio. The Trustees also considered that the proposed sub-advisory fees payable to MFS under the Portfolio Management Agreement contain breakpoints and were lower than the sub-advisory fees paid to the current portfolio manager. The Trustees considered that the advisory fee schedule would remain unchanged from the current fee schedule for the Portfolio and that the total advisory fees paid by shareholders would not increase. The Trustees noted that in certain cases there were differences in the level of services proposed to be provided to the Growth LT Portfolio by MFS and that the level of services provided by MFS on these other accounts was due to the different nature of the accounts or an affiliation between MFS and the account. These differences often explained differences in fee schedules. The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and MFS, and that the Growth LT Portfolio’s sub-advisory fees are paid by PLFA and are not paid directly by the Growth LT Portfolio. Additionally, the Trustees considered that there are certain costs associated with a manager change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this portfolio manager change.

The Board concluded that the compensation payable under the MFS Portfolio Management Agreement is fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

The Trustees considered information about the profitability of other investment accounts managed by MFS using similar investment strategies as those proposed for the Growth LT Portfolio in assessing the projected profitability of the MFS Portfolio Management Agreement to MFS to the extent practicable based on the information provided by MFS. The Trustees considered that it was difficult to accurately determine or evaluate the projected profitability of the MFS Portfolio Management Agreement to MFS because it managed substantial assets and had multiple business lines and, further, that any such assessment would involve assumptions regarding its allocation policies, capital structure, cost of capital, business mix and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arms’-length nature of the relationship between PLFA and MFS with respect to the negotiation of Portfolio sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the MFS Portfolio Management Agreement to MFS is an estimate because it had not yet begun to manage the Portfolio.

The Board concluded that the Growth LT Portfolio’s fee structure reflected in the MFS Portfolio Management Agreement is fair and reasonable.

5. Ancillary Benefits

The Trustees received from PLFA and MFS information concerning other benefits that may be received by MFS and its affiliates as a result of their relationship with the Growth LT Portfolio, including commissions that may be paid to broker-dealers affiliated with the Portfolio Manager and the anticipated use of soft-dollars by the Portfolio Manager. In this regard, the Trustees noted that MFS represented that it does not anticipate utilizing an affiliated broker-dealer and that it anticipates using soft dollar credits generated by Portfolio commissions to pay for research services. The potential benefits that may be derived by MFS from its relationship with the Growth LT Portfolio could include larger assets under management and reputational benefits, which are consistent with those generally derived by sub-advisers to mutual funds. The Trustees considered potential benefits to be derived by MFS from its relationship with the Growth LT Portfolio and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the MFS Portfolio Management Agreement is in the best interests of the Growth LT Portfolio and its shareholders; and (ii) the compensation payable under the MFS Portfolio Management 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.

Large-Cap Growth Portfolio

At an in-person meeting on December 12, 2012, the Board, including all of the Independent Trustees, approved, effective no later than January 1, 2013, a new Interim Portfolio Management Agreement with BlackRock Investment Management, LLC (“BlackRock”) with respect to the Large-Cap Growth Portfolio (the “BlackRock Interim Portfolio Management Agreement”), and appointed BlackRock as the new Interim Portfolio Manager for this Portfolio. In connection with this matter, also at the December 12, 2012 meeting, the Board also approved the termination of the Portfolio Management Agreement for the Portfolio with the prior portfolio manager upon the effectiveness of the BlackRock Interim Portfolio Management Agreement. In evaluating the BlackRock Interim Portfolio Management Agreement, the Board, including the Independent Trustees, considered the interim nature of the BlackRock Interim Portfolio Management Agreement and the factors described below.

In evaluating the BlackRock Interim Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services to be Provided

The Trustees considered the benefits to shareholders of retaining BlackRock as the Interim Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by BlackRock. In this regard, the Trustees considered various materials

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(Unaudited)

relating to the proposed Interim Portfolio Manager, including copies of the proposed BlackRock Interim Portfolio Management Agreement; copies of BlackRock’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA. The Trustees also considered the fact that BlackRock already serves as a portfolio manager to other Portfolios in the Fund and that PLFA and the Board have developed substantial knowledge about BlackRock from this relationship.

The Trustees considered that under the BlackRock Interim Portfolio Management Agreement, BlackRock would be responsible for providing the investment management services for the Portfolio’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Portfolio. The Trustees considered the quality of the management services expected to be provided to the Large-Cap Growth Portfolio, the organizational depth and resources of BlackRock, including the background and experience of BlackRock’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered BlackRock’s written compliance policies and procedures and noted that the Fund’s CCO had previously provided an assessment of BlackRock’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics.

In making these assessments, the Trustees took note of the due diligence PLFA conducted with respect to BlackRock, their prior knowledge of and working relationship with BlackRock, including the fact that BlackRock already manages the proposed strategy for another Portfolio within the Fund and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by BlackRock.

The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Large-Cap Growth Portfolio by BlackRock under the BlackRock Interim Portfolio Management Agreement.

2. Performance

The Trustees considered PLFA’s ongoing efforts to search for and screen advisory firms that are qualified to manage, on a longer term basis, a large-cap growth portfolio. The Trustees considered that while that search process was underway, it would be appropriate to engage BlackRock to serve as Interim Portfolio Manager with regard to the day-to-day investment activities of the Large-Cap Growth Portfolio using an index strategy. The Trustees considered that the performance objective during this interim period was to retain benchmark large-cap market exposure without assuming additional risk and considered that BlackRock’s large-cap index strategy was the appropriate means to achieve that objective.

The Trustees considered information about the historical performance of accounts managed by the same BlackRock portfolio management team that would manage the Large-Cap Growth Portfolio using similar investment strategies as those proposed for the Large-Cap Growth Portfolio (the “Comparable Performance”). The Trustees considered the Comparable Performance against a pertinent benchmark for one-, three-, and five-year and since inception periods (as available) as of June 30, 2012 and noted that the strategy seeks to replicate the performance of a benchmark index.

The Board determined that BlackRock’s performance record was acceptable.

3. Advisory and Portfolio Management Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Interim Portfolio Manager with regard to other investment accounts with substantially similar investment strategies as the Large-Cap Growth Portfolio. The Trustees noted that in certain cases there were differences in the level of services proposed to be provided to the Large-Cap Growth Portfolio by BlackRock and that the level of services provided by BlackRock on these other accounts was due to the different nature of the accounts or an affiliation between BlackRock and the account. These differences often explained differences in fee schedules. The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and BlackRock, and that the Large-Cap Growth Portfolio’s sub-advisory fees are paid by PLFA and are not paid directly by the Large-Cap Growth Portfolio. The Trustees considered that PLFA had agreed to waive a portion of its advisory fee while BlackRock serves as Interim Portfolio Manager.

The Board concluded that the compensation payable under the BlackRock Interim Portfolio Management Agreement is fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

The Trustees considered the projected profitability of the BlackRock Interim Portfolio Management Agreement to BlackRock to the extent practicable based on the financial information provided by BlackRock. Given the short-term interim nature of the proposed engagement, the Trustees did not consider this information as particularly meaningful.

The Board concluded that the Large-Cap Growth Portfolio’s fee structure reflected in the BlackRock Interim Portfolio Management Agreement is fair and reasonable.

5. Ancillary Benefits

The Trustees received from PLFA and BlackRock information concerning other benefits that may be received by BlackRock and its affiliates as a result of their relationship with the Large-Cap Growth Portfolio, including commissions that may be paid to broker-dealers affiliated with the Interim Portfolio Manager and the anticipated use of soft-dollars by the Interim Portfolio Manager. In this regard, the Trustees noted that BlackRock represented that it does not anticipate utilizing an affiliated broker-dealer or soft dollar credits generated by Portfolio commissions to pay for research services. The potential benefits that may be derived by BlackRock from its relationship with the Large-Cap Growth Portfolio could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees considered potential benefits to be derived by BlackRock from its relationship with the Large-Cap Growth Portfolio and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

F-14

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

6. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the BlackRock Interim Portfolio Management Agreement is in the best interests of the Large-Cap Growth Portfolio and its shareholders; and (ii) the compensation payable under the BlackRock Interim Portfolio Management 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.

Mid-Cap Equity Portfolio

At an in-person meeting on September 12, 2012, the Board, including all of the Independent Trustees, approved, effective no later than January 1, 2013, a new Portfolio Management Agreement with Scout Investments, Inc. (“Scout”) with respect to the Mid-Cap Equity Portfolio (the “Scout Portfolio Management Agreement”), and appointed Scout as the new Portfolio Manager for this Portfolio. In connection with this matter, also at the September 12, 2012 meeting, the Board terminated the Portfolio Management Agreement for the Portfolio with the prior portfolio manager upon the effectiveness of the Scout Portfolio Management Agreement. Scout’s appointment as Portfolio Manager was made in accordance with the exemptive order issued by the SEC with regard to the Fund and does not require shareholder approval.

In evaluating the Scout Portfolio Management Agreement, the Board, including the Independent Trustees, considered the factors described below. Additionally, the Board considered the various screening processes that PLFA utilizes in identifying a proposed new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as the due diligence conducted by PLFA on the investment resources and personnel of a portfolio manager and an assessment of the investment strategies used by a portfolio manager and the due diligence conducted by the Fund’s Chief Compliance Officer (“CCO”). In addition, the Board reviewed the specific criteria and information evaluated by PLFA during the selection process of Scout, including information about other firms considered by PLFA, and PLFA’s analysis in reaching its conclusion to recommend Scout as the new Portfolio Manager.

In evaluating the Scout Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services to be Provided

The Trustees considered the benefits to shareholders of retaining Scout as the Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by Scout. In this regard, the Trustees considered various materials relating to the proposed Portfolio Manager, including copies of the proposed Scout Portfolio Management Agreement; copies of Scout’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.

The Trustees considered that under the Scout Portfolio Management Agreement, Scout would be responsible for providing the investment management services for the Portfolio’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Portfolio. The Trustees considered the quality of the management services expected to be provided to the Mid-Cap Equity Portfolio over both the short- and long-term, the organizational depth and resources of Scout, including the background and experience of Scout’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered Scout’s written compliance policies and procedures and noted that the Trust’s CCO had provided an assessment of Scout’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics.

In making these assessments, the Trustees took note of the extensive due diligence PLFA conducted with respect to Scout, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Scout.

The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Mid-Cap Equity Portfolio by Scout under the Scout Portfolio Management Agreement.

2. Performance

The Trustees considered PLFA’s efforts and process to search for and screen advisory firms that are qualified to manage a mid-cap equity portfolio, and the identification by PLFA of Scout to serve as Portfolio Manager with regard to the day-to-day investment activities of the Mid-Cap Equity Portfolio. The Trustees considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related Scout Portfolio Management Agreement, as described below.

The Trustees considered information about the historical performance of an account managed by the same Scout portfolio management team that would manage the Mid-Cap Equity Portfolio using similar investment strategies as those proposed for the Mid-Cap Equity Portfolio (the “Comparable Performance”). The Trustees considered the Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three-, and five-year periods as of June 30, 2012. The Trustees also considered the Comparable Performance against a pertinent benchmark and an applicable peer group for the previous five calendar years. Additionally, the Trustees considered performance information presented by PLFA for another potential manager of the Portfolio and the performance of an account managed by the lead portfolio manager of the Scout portfolio management team when the individual worked at another advisory firm prior to joining Scout. The Trustees also considered the need for Scout to adhere to the Portfolio’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.

The Board determined that Scout’s performance record was acceptable.

3. Advisory and Portfolio Management Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Portfolio Manager with regard to other investment accounts with substantially similar investment strategies as the Mid-Cap Equity Portfolio. The Trustees noted that in certain cases there were differences in the level of services proposed to be provided to the Mid-Cap Equity Portfolio by Scout and that the level of services provided by Scout on these other accounts was due to the different nature of the accounts or an affiliation

F-15

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

between Scout and the account. These differences often explained differences in fee schedules. The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and Scout, and that the Mid-Cap Equity Portfolio’s sub-advisory fees are paid by PLFA and are not paid directly by the Mid-Cap Equity Portfolio. Additionally, the Trustees considered that there are certain costs associated with a manager change, but that the advisory fee rates and ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this portfolio manager change.

The Board concluded that the compensation payable under the Scout Portfolio Management Agreement is fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

The Trustees considered the projected profitability of the Scout Portfolio Management Agreement to Scout to the extent practicable based on the financial information provided by Scout. The Trustees considered that it was difficult to accurately determine or evaluate the projected profitability of the Scout Portfolio Management Agreement to Scout because it managed substantial assets or had multiple business lines and, further, that any such assessment would involve assumptions regarding its allocation policies, capital structure, cost of capital, business mix and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arms’-length nature of the relationship between PLFA and Scout with respect to the negotiation of Portfolio sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the Scout Portfolio Management Agreement to Scout is an estimate.

The Board concluded that the Mid-Cap Equity Portfolio’s fee structure reflected in the Scout Portfolio Management Agreement is fair and reasonable.

5. Ancillary Benefits

The Trustees received from PLFA and Scout information concerning other benefits that may be received by Scout and its affiliates as a result of their relationship with the Mid-Cap Equity Portfolio, including commissions that may be paid to broker-dealers affiliated with the Portfolio Manager and the anticipated use of soft dollars by the Portfolio Manager. In this regard, the Trustees noted that Scout represented that it does not anticipate utilizing an affiliated broker-dealer and that it anticipates using soft dollar credits generated by Portfolio commissions to pay for research services. The potential benefits that may be derived by Scout from its relationship with the Mid-Cap Equity Portfolio could include larger assets under management and reputational benefits, which are consistent with those generally derived by sub-advisers to mutual funds. The Trustees considered potential benefits to be derived by Scout from its relationship with the Mid-Cap Equity Portfolio and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Scout Portfolio Management Agreement is in the best interests of the Mid-Cap Equity Portfolio and its shareholders; and (ii) the compensation payable under the Scout Portfolio Management 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.

Precious Metals Portfolio

At the June 20, 2012 meeting, the Board, including all of the Independent Trustees, approved, effective on or about October 1, 2012, the Advisory Agreement with PLFA with respect to the Precious Metals Portfolio (the “Precious Metals Advisory Agreement”) and the Portfolio Management Agreement with Wells Capital Management, Inc. (“Wells Capital”) with respect to the Portfolio (the “Wells Capital Portfolio Management Agreement”), and appointed Wells Capital as the Portfolio Manager for this Portfolio.

In evaluating the Precious Metals Advisory Agreement and Wells Capital Portfolio Management Agreement, the Board, including the Independent Trustees, considered the factors described below. Additionally, in its evaluation of the Wells Capital Portfolio Management Agreement, the Board considered the various screening processes that PLFA utilizes in identifying a proposed new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as the due diligence conducted by PLFA on the investment resources and personnel of a portfolio manager and an assessment of the investment strategies used by a portfolio manager and the due diligence conducted by the Fund’s Chief Compliance Officer (“CCO”). In addition, the Board reviewed the specific criteria and information evaluated by PLFA during the selection process of Wells Capital, including information about other firms considered by PLFA, and PLFA’s analysis in reaching its conclusion to recommend Wells Capital as the new portfolio manager.

In evaluating the Precious Metals Advisory Agreement and Wells Capital Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services

Portfolio Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Portfolio Managers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Fund and its shareholders and investing.

The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its

F-16

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

resources and systems to provide the appropriate investment management, compliance and monitoring services required for the Portfolio. The Board noted that PLFA monitors numerous investment, performance and compliance metrics for the portfolios of the Trust.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Precious Metals Portfolio in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered the ability of PLFA to provide an appropriate level of support and resources to the Precious Metals Portfolio and whether PLFA has sufficiently qualified personnel. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing Portfolio performance and the performance of Portfolio Managers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify when a Portfolio is underperforming applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Portfolio Manager’s execution of investment strategies. The Board noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in Portfolio performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Board also noted that PLFA conducts periodic due diligence on a Portfolio Manager involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Portfolio Manager’s investment process and to seek to identify issues that may be relevant to a Portfolio Manager’s services to a Portfolio or a Portfolio’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and significant amount of attention expected to be given to the Precious Metals Portfolio by PLFA’s management and staff. The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Fund in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services provided by PLFA to the Portfolio, including assistance with security valuation, risk management analysis, preparation of periodic performance and financial reports, review of trade execution and coordination of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Portfolio under the Precious Metals Advisory Agreement.

Wells Capital. The Trustees considered the benefits to shareholders of retaining Wells Capital as the Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by Wells Capital. In this regard, the Trustees considered various materials relating to the proposed Portfolio Manager, including copies of the proposed Wells Capital Portfolio Management Agreement; copies of Wells Capital’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including qualitative assessments from senior management of PLFA.

The Trustees considered that under the Wells Capital Portfolio Management Agreement, Wells Capital would be responsible for providing the investment management services for the Portfolio’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Portfolio. The Trustees considered the quality of the management services expected to be provided to the Precious Metals Portfolio over both the short- and long-term, the organizational depth and resources of Wells Capital, including the background and experience of Wells Capital’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered Wells Capital’s written compliance policies and procedures and noted that the Trust’s CCO had provided an assessment of Wells Capital’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics.

In making these assessments, the Trustees took note of the extensive due diligence PLFA conducted with respect to Wells Capital, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Wells Capital. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the Portfolio Managers, and has recommended and taken measures to attempt to remedy relative underperformance by a Portfolio when PLFA and the Board believed appropriate.

The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Precious Metals Portfolio by PLFA under the Precious Metals Advisory Agreement and by Wells Capital under the Wells Capital Portfolio Management Agreement.

2. Performance

The Trustees considered PLFA’s efforts and process to search for and screen advisory firms that are qualified to manage a precious metals portfolio, and the identification by PLFA of Wells Capital to serve as Portfolio Manager with regard to the day-to-day investment activities of the Precious Metals Portfolio. Because this consideration related to a newly organized portfolio, no actual performance record for this Portfolio was available. However, the Trustees considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related Wells Capital Portfolio Management Agreement, as described below.

The Trustees considered information about the historical performance of an account managed by the same Wells Capital portfolio management team that would manage the Precious Metals Portfolio using similar investment strategies as those proposed for the Precious Metals Portfolio (the “Comparable Performance”). The Trustees considered the Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three-, five- and ten-year periods as of March 31, 2012. The Trustees also considered the Comparable Performance against a pertinent benchmark and an applicable peer group for the previous six calendar years as of December 31, 2011. Additionally, the Trustees considered performance information presented by PLFA for another potential portfolio manager. The Trustees also considered the need for Wells Capital to adhere to the Portfolio’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.

The Board determined that Wells Capital’s performance record was acceptable.

F-17

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

3. Advisory and Portfolio Management Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee for the Precious Metals Portfolio. The Trustees reviewed the proposed advisory fees for the Portfolio and compared such amounts with the average fees of other funds in an applicable peer fund group. The Trustees also noted that the Portfolio would be subject to contractual expense limitations agreed to by PLFA. The Trustees considered that the proposed advisory fee was in line with industry averages for Precious Metals products based on the data presented to the Board. The Trustees also considered that PLFA agreed to an asset-based breakpoint schedule for the Precious Metals Portfolio so that the advisory fee as a percentage of the Portfolio’s net assets would decrease as the Portfolio becomes larger. The Trustees noted that the proposed breakpoints appear to offer meaningful potential savings to shareholders of the Precious Metals Portfolio as asset levels increase.

The Board concluded that the compensation payable under the Precious Metals Advisory Agreement is fair and reasonable.

Wells Capital. The Trustees considered information regarding the comparative sub-advisory fees charged under other investment advisory contracts of the Portfolio Manager with regard to other investment accounts with substantially similar investment strategies as the Precious Metals Portfolio. The Trustees noted that, in certain cases, there were differences in the level of services proposed to be provided to the Precious Metals Portfolio by Wells Capital and that the level of services provided by Wells Capital on these other accounts was due to the different nature of the accounts or an affiliation between Wells Capital and the account. These differences often explained differences in fee schedules. The Trustees noted that the fee rates were the result of arm’s-length negotiations between PLFA and Wells Capital, and that the Precious Metals Portfolio’s sub-advisory fees are paid by PLFA and are not paid directly by the Precious Metals Portfolio. The Trustees also considered that the sub-advisory fees payable to Wells Capital under the Wells Capital Portfolio Management Agreement contained breakpoints.

The Board concluded that the compensation payable under the Wells Capital Portfolio Management Agreement is fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Portfolio and information regarding the anticipated projected profitability of the proposed Portfolio to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Precious Metals Portfolio based on the projected assets, income and expenses of PLFA in its relationship with the Portfolio. The Trustees noted that this projected information contains estimates, because there is no actual operating history for the Precious Metals Portfolio. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered the projected profitability of the Wells Capital Portfolio Management Agreement to Wells Capital to the extent practicable based on the financial information provided by Wells Capital. The Trustees considered that it was difficult to accurately determine or evaluate the projected profitability of the Wells Capital Portfolio Management Agreement to Wells Capital, because it managed substantial assets or had multiple business lines and, further, that any such assessment would involve assumptions regarding its allocation policies, capital structure, cost of capital, business mix and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arm’s-length nature of the relationship between PLFA and Wells Capital with respect to the negotiation of portfolio sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the Wells Capital Portfolio Management Agreement to Wells Capital is an estimate.

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Precious Metals Portfolio as assets grow. Because the Precious Metals Portfolio has no operating history and no assets, no economies of scale exist at this time with respect to the Portfolio. However, the Trustees considered that by utilizing an advisory fee schedule with breakpoints whereby the advisory fee as a percentage of the Portfolio’s net assets decreases as the Portfolio becomes larger represents a good faith attempt to share economies of scale and potential future economies of scale as the asset levels of the Portfolio increase. The Trustees also noted that there would be an expense limitation agreement in place for the Precious Metals Portfolio.

The Board concluded that the Precious Metals Portfolio’s fee structure reflected in the Precious Metals Advisory Agreement and Wells Capital Portfolio Management Agreement is fair and reasonable.

5. Ancillary Benefits

The Trustees received from PLFA information concerning other benefits that may be received by PLFA and Wells Capital and their affiliates as a result of their relationship with the Precious Metals Portfolio, including fees for administrative services and reimbursement at an approximate cost basis for certain support services, as well as commissions that may be paid to broker-dealers affiliated with the Portfolio Manager and the anticipated use of soft-dollars by the Portfolio Manager. In this regard, the Trustees noted that Wells Capital represented that it is restricted in the use of any affiliated broker-dealer and that it anticipates using soft dollar credits generated by Portfolio commissions to pay for research services. The potential benefits that may be derived by PLFA from its relationship with the Precious Metals Portfolio could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees considered potential benefits to be derived by Wells Capital from its relationship with the Precious Metals Portfolio and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the compensation payable under the Precious Metals Advisory Agreement and the Wells Capital Portfolio Management Agreement is fair and reasonable; and (ii) the Precious Metals Advisory Agreement and Wells Capital Portfolio Management Agreement are in the best interests of the Precious Metals Portfolio and its shareholders. 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.

F-18

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

Currency Strategies Portfolio

At the June 20, 2012 meeting, the Board, including all of the Independent Trustees, approved, effective on or about October 1, 2012, the Advisory Agreement with PLFA with respect to the Currency Strategies Portfolio (the “Currency Strategies Advisory Agreement”) and the Portfolio Management Agreement with UBS Global Asset Management (Americas) Inc. (“UBS”) with respect to the Portfolio (the “UBS Portfolio Management Agreement”), and appointed UBS as the Portfolio Manager for this Portfolio.

In evaluating the Currency Strategies Advisory Agreement and UBS Portfolio Management Agreement, the Board, including the Independent Trustees, considered the factors described below. Additionally, in its evaluation of the UBS Portfolio Management Agreement, the Board considered the various screening processes that PLFA utilizes in identifying a proposed new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as the due diligence conducted by PLFA on the investment resources and personnel of a portfolio manager and an assessment of the investment strategies used by a portfolio manager and the due diligence conducted by the Fund’s Chief Compliance Officer (“CCO”). In addition, the Board reviewed the specific criteria and information evaluated by PLFA during the selection process of UBS, including information about other firms considered by PLFA, and PLFA’s analysis in reaching its conclusion to recommend UBS as the new portfolio manager.

In evaluating the Currency Strategies Advisory Agreement and UBS Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services

Portfolio Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Portfolio Managers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Fund and its shareholders and investing.

The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide the appropriate investment management, compliance and monitoring services required for the Portfolio. The Board noted that PLFA monitors numerous investment, performance and compliance metrics for the portfolios of the Trust.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Currency Strategies Portfolio in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered the ability of PLFA to provide an appropriate level of support and resources to the Currency Strategies Portfolio and whether PLFA has sufficiently qualified personnel. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing Portfolio performance and the performance of Portfolio Managers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify when a Portfolio is underperforming applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Portfolio Manager’s execution of investment strategies. The Board noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in Portfolio performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Board also noted that PLFA conducts periodic due diligence on a Portfolio Manager involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Portfolio Manager’s investment process and to seek to identify issues that may be relevant to a Portfolio Manager’s services to a Portfolio or a Portfolio’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and significant amount of attention expected to be given to the Currency Strategies Portfolio by PLFA’s management and staff. The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Fund in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services provided by PLFA to the Portfolio, including assistance with security valuation, risk management analysis, preparation of periodic performance and financial reports, review of trade execution and coordination of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Portfolio under the Currency Strategies Advisory Agreement.

UBS. The Trustees considered the benefits to shareholders of retaining UBS as the Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by UBS. In this regard, the Trustees considered various materials relating to the proposed Portfolio Manager, including copies of the proposed UBS Portfolio Management Agreement; copies of UBS’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including qualitative assessments from senior management of PLFA.

The Trustees considered that under the UBS Portfolio Management Agreement, UBS would be responsible for providing the investment management services for the Portfolio’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Portfolio. The Trustees considered the quality of the management services expected to be provided to the Currency Strategies Portfolio over both the short- and long-term, the organizational depth and resources of UBS, including the background and experience of UBS’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

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PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

In addition, the Trustees considered that they had previously reviewed and approved UBS’s written compliance policies and procedures and that the Trust’s CCO previously provided an assessment of UBS’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics.

In making these assessments, the Trustees took note of the extensive due diligence PLFA conducted with respect to UBS, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by UBS. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the Portfolio Managers, and has recommended and taken measures to attempt to remedy relative underperformance by a Portfolio when PLFA and the Board believed appropriate.

The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Currency Strategies Portfolio by PLFA under the Currency Strategies Advisory Agreement and UBS under the UBS Portfolio Management Agreement.

2. Performance

The Trustees considered PLFA’s efforts and process to search for and screen advisory firms that are qualified to manage a currency strategies portfolio, and the identification by PLFA of UBS to serve as Portfolio Manager with regard to the day-to-day investment activities of the Currency Strategies Portfolio. Because this consideration related to a newly organized portfolio, no actual performance record for this Portfolio was available. However, the Trustees considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related UBS Portfolio Management Agreement, as described below.

The Trustees considered information about the historical performance of accounts managed by the same UBS portfolio management team that would manage the Currency Strategies Portfolio using similar, though not identical, investment strategies as those proposed for the Currency Strategies Portfolio (the “Comparable Performance”). The Trustees considered the Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three- and five-year periods as of March 31, 2012. The Trustees also considered the Comparable Performance against a pertinent benchmark and an applicable peer group for the previous six calendar years as of December 31, 2011. The Trustees also considered the need for UBS to adhere to the Portfolio’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.

The Board determined that UBS’s performance record was acceptable.

3. Advisory and Portfolio Management Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee for the Currency Strategies Portfolio. The Trustees reviewed the proposed advisory fees for the Portfolio and compared such amounts with the average fees of other funds in an applicable peer fund group. The Trustees also noted that the Portfolio would be subject to contractual expense limitations agreed to by PLFA. The Trustees considered that the proposed advisory fee was in line with industry averages for Currency Strategies products based on the data presented to the Board. The Trustees also considered that PLFA agreed to an asset-based breakpoint schedule for the Currency Strategies Portfolio so that the advisory fee as a percentage of the Portfolio’s net assets would decrease as the Portfolio becomes larger. The Trustees noted that the proposed breakpoints appear to offer meaningful potential savings to shareholders of the Currency Strategies Portfolio as asset levels increase.

The Board concluded that the compensation payable under the Currency Strategies Advisory Agreement is fair and reasonable.

UBS. The Trustees considered information regarding the comparative sub-advisory fees charged under other investment advisory contracts of the Portfolio Manager with regard to other investment accounts with substantially similar investment strategies as the Currency Strategies Portfolio. The Trustees noted that in certain cases there were differences in the level of services proposed to be provided to the Currency Strategies Portfolio by UBS and that the level of services provided by UBS on these other accounts was due to the different nature of the accounts or an affiliation between UBS and the account. These differences often explained differences in fee schedules. The Trustees noted that the fee rates were the result of arm’s-length negotiations between PLFA and UBS, and that the Currency Strategies Portfolio’s sub-advisory fees are paid by PLFA and are not paid directly by the Currency Strategies Portfolio. The Trustees also considered that the sub-advisory fees payable to UBS under the UBS Portfolio Management Agreement contained breakpoints.

The Board concluded that the compensation payable under the UBS Portfolio Management Agreement is fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Portfolio and information regarding the anticipated projected profitability of the proposed Portfolio to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Currency Strategies Portfolio based on the projected assets, income and expenses of PLFA in its relationship with the Portfolio. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Currency Strategies Portfolio. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered the projected profitability of the UBS Portfolio Management Agreement to UBS to the extent practicable based on the financial information provided by UBS. The Trustees considered that it was difficult to accurately determine or evaluate the projected profitability of the UBS Portfolio Management Agreement to UBS because it managed substantial assets or had multiple business lines and, further, that any such assessment would involve assumptions regarding its allocation policies, capital structure, cost of capital, business mix and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arm’s-length nature of the relationship between PLFA and UBS with respect to the negotiation of portfolio sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the UBS Portfolio Management Agreement to UBS is an estimate.

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Currency Strategies Portfolio as assets grow. Because the Currency Strategies Portfolio has no operating history and no assets, no economies of scale exist at this time with respect to the Portfolio. However, the Trustees considered that by utilizing an advisory fee schedule with breakpoints whereby the advisory fee as a percentage of the Portfolio’s net assets decreases as the Portfolio becomes larger represents a good faith attempt to share economies of scale and potential future economies of scale as the asset levels of the Portfolio increase. The Trustees also noted that there would be an expense limitation agreement in place for the Currency Strategies Portfolio.

The Board concluded that the Currency Strategies Portfolio’s fee structure reflected in the Currency Strategies Advisory Agreement and UBS Portfolio Management Agreement is fair and reasonable.

5. Ancillary Benefits

The Trustees received from PLFA information concerning other benefits that may be received by PLFA and UBS and their affiliates as a result of their relationship with the Currency Strategies Portfolio, including fees for administrative services and reimbursement at an approximate cost basis for certain support services, as well as commissions that may be paid to broker-dealers affiliated with the Portfolio Manager and the anticipated use of soft-dollars by the Portfolio Manager. In this regard, the Trustees noted that UBS represented that they do not anticipate utilizing an affiliated broker-dealer for foreign exchange trades, which are expected to be the primary investments of the Portfolio, or utilizing soft dollar credits generated by Portfolio commissions to pay for research services. The potential benefits that may be derived by PLFA from its relationship with the Currency Strategies Portfolio could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees considered potential benefits to be derived by UBS from its relationship with the Currency Strategies Portfolio and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the compensation payable under the Currency Strategies Advisory Agreement and the UBS Portfolio Management Agreement is fair and reasonable; and (ii) the Currency Strategies Advisory Agreement and UBS Portfolio Management Agreement are in the best interests of the Currency Strategies Portfolio and its shareholders. 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.

Global Absolute Return Portfolio

At the June 20, 2012 meeting, the Board, including all of the Independent Trustees, approved, effective on or about October 1, 2012, the Advisory Agreement with PLFA with respect to the Global Absolute Return Portfolio (the “Global Absolute Return Advisory Agreement”) and the Portfolio Management Agreement with Eaton Vance Management (“Eaton Vance”) with respect to the Portfolio (the “Eaton Vance Portfolio Management Agreement”), and appointed Eaton Vance as the Portfolio Manager for this Portfolio.

In evaluating the Global Absolute Return Advisory Agreement and Eaton Vance Portfolio Management Agreement, the Board, including the Independent Trustees, considered the factors described below. Additionally, in its evaluation of the Eaton Vance Portfolio Management Agreement, the Board considered the various screening processes that PLFA utilizes in identifying a proposed new portfolio manager, including screening for qualified firms through the use of quantitative data and information gathered from independent third-party databases, as well as the due diligence conducted by PLFA on the investment resources and personnel of a portfolio manager and an assessment of the investment strategies used by a portfolio manager and the due diligence conducted by the Fund’s Chief Compliance Officer (“CCO”). In addition, the Board reviewed the specific criteria and information evaluated by PLFA during the selection process of Eaton Vance and PLFA’s analysis in reaching its conclusion to recommend Eaton Vance as the new portfolio manager.

In evaluating the Global Absolute Return Advisory Agreement and Eaton Vance Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services

Portfolio Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Portfolio Managers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Fund and its shareholders and investing.

The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide the appropriate investment management, compliance and monitoring services required for the Portfolio. The Board noted that PLFA monitors numerous investment, performance and compliance metrics for the portfolios of the Trust.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Global Absolute Return Portfolio in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered the ability of PLFA to provide an appropriate level of support and resources to the Global Absolute Return Portfolio and whether PLFA has sufficiently qualified personnel. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing Portfolio performance and the performance of Portfolio Managers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify when a Portfolio is underperforming applicable benchmarks or peer groups, and then conducts various

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Portfolio Manager’s execution of investment strategies. The Board noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in Portfolio performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Board also noted that PLFA conducts periodic due diligence on a Portfolio Manager involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Portfolio Manager’s investment process and to seek to identify issues that may be relevant to a Portfolio Manager’s services to a Portfolio or a Portfolio’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and significant amount of attention expected to be given to the Global Absolute Return Portfolio by PLFA’s management and staff. The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Fund in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services provided by PLFA to the Portfolio, including assistance with security valuation, risk management analysis, preparation of periodic performance and financial reports, review of trade execution and coordination of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Portfolio under the Global Absolute Return Advisory Agreement.

Eaton Vance. The Trustees considered the benefits to shareholders of retaining Eaton Vance as the Portfolio Manager, particularly in light of the nature, extent, and quality of the services expected to be provided by Eaton Vance. In this regard, the Trustees considered various materials relating to the proposed Portfolio Manager, including copies of the proposed Eaton Vance Portfolio Management Agreement; copies of Eaton Vance’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including qualitative assessments from senior management of PLFA.

The Trustees considered that under the Eaton Vance Portfolio Management Agreement, Eaton Vance would be responsible for providing the investment management services for the Portfolio’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Portfolio. The Trustees considered the quality of the management services expected to be provided to the Global Absolute Return Portfolio over both the short- and long-term, the organizational depth and resources of Eaton Vance, including the background and experience of Eaton Vance’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that they had previously reviewed and approved Eaton Vance’s written compliance policies and procedures and that the Trust’s CCO previously provided an assessment of Eaton Vance’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics.

In making these assessments, the Trustees took note of the extensive due diligence PLFA conducted with respect to Eaton Vance, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Eaton Vance. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the Portfolio Managers, and has recommended and taken measures to attempt to remedy relative underperformance by a Portfolio when PLFA and the Board believed appropriate.

The Board concluded it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Global Absolute Return Portfolio by PLFA under the Global Absolute Return Advisory Agreement and Eaton Vance under the Eaton Vance Portfolio Management Agreement.

2. Performance

The Trustees considered PLFA’s efforts and process to search for and screen advisory firms that are qualified to manage a global absolute return portfolio, and the identification by PLFA of Eaton Vance to serve as Portfolio Manager with regard to the day-to-day investment activities of the Global Absolute Return Portfolio. Because this consideration related to a newly organized portfolio, no actual performance record for this Portfolio was available. However, the Trustees considered factors concerning performance in connection with its consideration of this matter and in connection with approval of the related Eaton Vance Portfolio Management Agreement, as described below.

The Trustees considered information about the historical performance of accounts managed by the same Eaton Vance portfolio management team that would manage the Global Absolute Return Portfolio using similar investment strategies as those proposed for the Global Absolute Return Portfolio (the “Comparable Performance”). The Trustees considered the Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three-, five- and ten-year periods as of March 31, 2012. The Trustees also considered the Comparable Performance against a pertinent benchmark and an applicable peer group for the previous ten calendar years as of December 31, 2011. The Trustees also considered the need for Eaton Vance to adhere to the Portfolio’s general investment mandate in order to function appropriately in the Portfolio Optimization Portfolios.

The Board determined that Eaton Vance’s performance record was acceptable.

3. Advisory and Portfolio Management Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee for the Global Absolute Return Portfolio. The Trustees reviewed the proposed advisory fees for the Portfolio and compared such amounts with the average fees of other funds in an applicable peer fund group. The Trustees also noted that the Portfolio would be subject to contractual expense limitations agreed to by PLFA. The Trustees considered that the proposed advisory fee was in line with industry averages for Global Absolute Return products based on the data presented to the Board. The Trustees also considered that PLFA agreed to an asset-based breakpoint schedule for the Global Absolute Return Portfolio so that the advisory fee as a percentage of the Portfolio’s net assets would decrease as the Portfolio becomes larger. The Trustees noted that the proposed breakpoints appear to offer meaningful potential savings to shareholders of the Global Absolute Return Portfolio as asset levels increase.

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PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

The Board concluded that the compensation payable under the Global Absolute Return Advisory Agreement is fair and reasonable.

Eaton Vance. The Trustees considered information regarding the comparative sub-advisory fees charged under other investment advisory contracts of the Portfolio Manager with regard to other investment accounts with substantially similar investment strategies as the Global Absolute Return Portfolio. The Trustees noted that in certain cases there were differences in the level of services proposed to be provided to the Global Absolute Return Portfolio by Eaton Vance and that the level of services provided by Eaton Vance on these other accounts was due to the different nature of the accounts or an affiliation between Eaton Vance and the account. These differences often explained differences in fee schedules. The Trustees noted that the fee rates were the result of arm’s-length negotiations between PLFA and Eaton Vance, and that the Global Absolute Return Portfolio’s sub-advisory fees are paid by PLFA and are not paid directly by the Global Absolute Return Portfolio. The Trustees also considered that the sub-advisory fees payable to Eaton Vance under the Eaton Vance Portfolio Management Agreement contained breakpoints.

The Board concluded that the compensation payable under the Eaton Vance Portfolio Management Agreement is fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Portfolio and information regarding the anticipated projected profitability of the proposed Portfolio to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Global Absolute Return Portfolio based on the projected assets, income and expenses of PLFA in its relationship with the Portfolio. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Global Absolute Return Portfolio. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered the projected profitability of the Eaton Vance Portfolio Management Agreement to Eaton Vance to the extent practicable based on the financial information provided by Eaton Vance. The Trustees considered that it was difficult to accurately determine or evaluate the projected profitability of the Eaton Vance Portfolio Management Agreement to Eaton Vance because it managed substantial assets or had multiple business lines and, further, that any such assessment would involve assumptions regarding its allocation policies, capital structure, cost of capital, business mix and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arm’s-length nature of the relationship between PLFA and Eaton Vance with respect to the negotiation of portfolio sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the Eaton Vance Portfolio Management Agreement to Eaton Vance is an estimate.

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Global Absolute Return Portfolio as assets grow. Because the Global Absolute Return Portfolio has no operating history and no assets, no economies of scale exist at this time with respect to the Portfolio. However, the Trustees considered that by utilizing an advisory fee schedule with breakpoints whereby the advisory fee as a percentage of the Portfolio’s net assets decreases as the Portfolio becomes larger represents a good faith attempt to share economies of scale and potential future economies of scale as the asset levels of the Portfolio increase. The Trustees also noted that there would be an expense limitation agreement in place for the Global Absolute Return Portfolio.

The Board concluded that the Global Absolute Return Portfolio’s fee structure reflected in the Global Absolute Return Advisory Agreement and Eaton Vance Portfolio Management Agreement is fair and reasonable.

5. Ancillary Benefits

The Trustees received from PLFA information concerning other benefits that may be received by PLFA and Eaton Vance and their affiliates as a result of their relationship with the Global Absolute Return Portfolio, including fees for administrative services and reimbursement at an approximate cost basis for certain support services, as well as commissions that may be paid to broker-dealers affiliated with the Portfolio Manager and the anticipated use of soft-dollars by the Portfolio Manager. In this regard, the Trustees noted that Eaton Vance represented that they do not anticipate utilizing an affiliated broker-dealer for trades or utilizing soft dollar credits generated by Portfolio commissions to pay for research services. The potential benefits that may be derived by PLFA from its relationship with the Global Absolute Return Portfolio could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees considered potential benefits to be derived by Eaton Vance from its relationship with the Global Absolute Return Portfolio and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the compensation payable under the Global Absolute Return Advisory Agreement and the Eaton Vance Portfolio Management Agreement is fair and reasonable; and (ii) the Global Absolute Return Advisory Agreement and Eaton Vance Portfolio Management Agreement are in the best interests of the Global Absolute Return Portfolio and its shareholders. 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.

F-23

PACIFIC SELECT FUND

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

The Fund files Form N-Q (complete schedules of portfolio holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The fund’s Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s Web site at http://www. sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington D.C. (information on the operations of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the fund’s Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.

Availability of Proxy Voting Record

By August 31 of each year, the Fund files information regarding how the Fund’s managers voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Fund’s Website and on the SEC’s Website noted below.

Information Relating to Investments Held by the Fund

For complete descriptions of the various securities and other instruments held by the Fund and their risks, please see the Fund’s prospectus and Statement of Additional Information (“SAI”). For a description of bond ratings, see the Fund’s SAI. The prospectus and SAI are available as noted below.

Availability of Proxy Voting Policies

A description of the Proxy Voting Policies and Procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is described in the Fund’s SAI.

Availability of a Complete Schedule of Investments

The Fund’s annual and semi-annual reports may contain a summary schedule of investments (“SOI”) for certain portfolios. A complete schedule for each summary SOI presented is available as noted below.

How to obtain Information

The Fund’s prospectus, SAI (including Proxy Voting Policies), the Pacific Dynamix Underlying Portfolios annual and semi-annual reports, and complete Schedules of Investments are available:

• On the Fund’s website at http://www.PacificLife.com

• On the SEC’ website at http://www. sec.gov

• Upon request, without charge by calling the applicable toll-free numbers below:

Pacific Life’s Annuity Contract Owners: 1-800-722-4448

Pacific Life’s Annuity Registered Representative: 1-800-722-2333

Pacific Life Insurance Policy Owners: 1-800-800-7681

PL&A’s Annuity Contract Owners: 1-800-748-6907

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

7 a.m. through 5 p.m. Pacific Time

F-24

Pacific Life Insurance Company/

Pacific Life & Annuity Company

Mailing Address:

P.O. Box 2378

Omaha, Nebraska 68103-2378

Annual Report

as of December 31, 2012

• Pacific Select Fund

Form Nos.	15-20951-15
	1331-13A

Pacific Dynamix Underlying Portfolios

Annual Report

As of December 31, 2012

TABLE OF CONTENTS

PACIFIC SELECT FUND

Performance Discussion	A-1
Schedules of Investments	B-1
Financial Statements:
Statements of Assets and Liabilities	C-1
Statements of Operations	C-3
Statements of Changes in Net Assets	C-5
Financial Highlights	C-7
Notes to Financial Statements	D-1
Report of Independent Registered Public Accounting Firm	E-1
Disclosure of Fund Expenses	F-1
Trustees and Officers Information	F-2
Approval of Investment Advisory Agreement and Portfolio Management Agreements	F-5
Where to Go for More Information	F-9

PACIFIC SELECT FUND PERFORMANCE DISCUSSION

This Annual Report for Pacific Select Fund (Fund) is provided for the general information of investors with beneficial interests in the Fund as it relates specifically to the underlying portfolios (Pacific Dynamix Underlying Portfolios) of the Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth and Pacific Dynamix-Growth Portfolios (the Pacific Dynamix Portfolios). This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Fund prospectus which contains information about the Fund and each of its portfolios, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a portfolio will achieve its investment objective. Each portfolio is subject to market risk. The value of a portfolio changes as its asset values go up or down. The value of a portfolio’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each Pacific Dynamix Underlying Portfolio of the Fund includes reinvestment of all dividends and capital gain distributions, if any. Past performance is not predictive of future performance. This report shows you the performance of the Fund’s Pacific Dynamix Underlying Portfolios compared to benchmark indices. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the Pacific Dynamix Underlying Portfolios. Indices are unmanaged, do not incur transaction costs and cannot be purchased directly by investors. Index returns include reinvested dividends.

Pacific Life Fund Advisors LLC (PLFA) is the adviser to the Fund and supervises the management of the Pacific Dynamix Underlying Portfolios of the Fund (subject to the review of the Fund’s Board) and directly manages the three Pacific Dynamix Portfolios. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the year ended December 31, 2012. PLFA also supervises the management of other portfolios; however, this report pertains to the Pacific Dynamix Underlying Portfolios of the Pacific Dynamix Portfolios.

PLFA has retained other firms to serve as portfolio managers for the Pacific Dynamix Underlying Portfolios under its supervision. Each of these portfolio managers has written a separate commentary specific to each Pacific Dynamix Underlying Portfolio(s) and as such, is based on their opinions of how their Pacific Dynamix Underlying Portfolio(s) performed during the year. The views expressed in the commentaries reflect those of the portfolio managers for the year ended December 31, 2012.

All views are subject to change at any time based upon market or other conditions, and the Fund, its adviser and the portfolio managers disclaim any responsibility to update such views. Any references to “we,” “I,” or “ours” are references to the portfolio manager or adviser, as applicable. The adviser and portfolio managers may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning possible or assumed future results of the Fund’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Fund’s operations or general economic conditions. In addition, when used in this report, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects” and future or conditional verbs such as “will,” “may,” “could,” “should” and “would,” or any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the adviser or a portfolio manager believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements.

In connection with any forward-looking statements and any investment in the Fund, investors should carefully consider the investment objectives, policies and risks described in the Fund’s current prospectus, as supplemented and the Statement of Additional Information, as supplemented. The portfolio managers and their Pacific Dynamix Underlying Portfolios as of December 31, 2012, are listed below:

Pacific Dynamix Underlying Portfolio	Portfolio Manager
PD Aggregate Bond Index PD High Yield Bond Market	SSgA Funds Management, Inc. (SSgA FM)
PD Large-Cap Growth Index PD Large-Cap Value Index PD Small-Cap Growth Index PD Small-Cap Value Index	BlackRock Investment Management, LLC (BlackRock)
PD Emerging Markets PD International Large-Cap	Dimensional Fund Advisors LP (DFA)

Market Conditions (for the year ended December 31, 2012)

Executive Summary

In 2012, financial markets experienced pockets of volatility but finished the calendar year with solid gains. While the geopolitical and economic uncertainty that overwhelmed investors in 2011 lingered in 2012, no major disruptions caused the markets to veer off-course for a prolonged period. Nonetheless, the short-term “risk-on” and “risk-off” trend persisted with macro headlines primarily driving market sentiments.

Several key events caused volatility to rise in the first-half of the year. Without a solid economic foundation, markets continue to rely on support from policy actions. In order for the Federal Reserve (Fed) to continue with its low interest rate policies (toward which markets have reacted positively), inflation had to remain tamed. Earlier in the year, tensions over Iran’s nuclear program pushed oil prices higher, which created some concerns over inflation and the ability of the central bank to maintain its support. Additionally, the euro crisis appeared to have reached peak levels around the start of the reporting period. Amid this challenging environment, European countries saw changes in their political landscape. This included France electing a new president, as its citizens voted in favor of François Hollande’s anti-austerity push. The backlash from anti-austerity

See explanation of benchmark definitions on page A-8 and A-9

A-1

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

supporters (a united front against rampant unemployment and government spending cuts accompanied by strikes and demonstrations) caused additional concerns of unwinding the progress in Europe. Additionally, the economic drag from Europe had global implications that caused global economic growth projections to be revised downward. Concerns over China and its exports to Europe also weighed on its ability to sustain its dominant growth.

Despite the headwinds around the globe, financial markets marched higher over the second-half of the year. Although oil prices fluctuated since the sanctions against Iranian oil began, a dramatic impact on world oil supply and prices did not materialize. Without the threat of uncontrolled inflation, the Fed continued to provide further support by extending “Operation Twist” (its program to keep long-term rates low by selling its short-term assets and buying long-term Treasuries). The Fed also launched a third round of quantitative easing in September to purchase an additional $40 billion in mortgage-backed securities (MBS) per month. From abroad, the political and economic disturbances in Europe finally led to the European Central Bank (ECB) to pledge full support to preserve the euro, which helped unfreeze capital flow throughout the European banking system.

Throughout the reporting period, central banks continued to play a vital role in sustaining the financial market recovery by providing unprecedented liquidity in the global banking system. While such efforts may have helped rejuvenate financial markets, political upheaval introduced uncertainty in the marketplace. Both U.S. and European politicians continued to muddle through their respective fiscal and economic issues. In the U.S., fears of the “fiscal cliff” scenario developed from the inability of Congress to promptly settle budgetary disagreements. In the eurozone, European politicians have struggled to agree and settle on the appropriate policy actions to recover their economies.

The global economy maintained a steady but slow recovery throughout the reporting period. Various risks continued to linger and influenced markets to varying degrees. The following sections highlight how specific market segments responded to the events that unfolded over the year.

Fixed Income

As the overall market sentiment improved relative to the prior reporting period, the broad, fixed income segment fell behind the broad, equity market. For the 2012 calendar year, the overall fixed income market (as measured by the Barclays U.S. Aggregate Bond Index) gained 4.21%. Short-term Treasuries and credits barely budged in 2012 as the Fed continued to maintain a near zero interest rate policy for the Federal Funds (Fed Funds). Long-term Treasuries benefited moderately from the Fed’s efforts to keep long-term yields low. Treasury yields (which have an inverse relationship to prices) continued to hit historic low levels, as the 10-Year Treasury yield dipped below 1.50% during the reporting period. The Barclays Long Term U.S. Treasury Index increased 3.56% for the calendar year.

In this environment, the riskier sectors within the fixed income segment performed relatively well. Emerging markets debt delivered strong results over the reporting period, as the J.P. Morgan Emerging Markets Bond Index Global Diversified Index returned 17.44% for the calendar year. The high yield market also experienced a strong rally with lower-rated credits outpacing those in the investment grade tiers. Additionally, the collateralized loan obligation market showed some revival throughout the calendar year, which boded well for bank loans. Throughout this low, Treasury yield environment, investors looked across the riskier spectrum to obtain yields.

Domestic Equity

The broad, domestic equity market experienced modest swings throughout the year but managed to finish the reporting period with a gain of 16.00% for the S&P 500 Index. Results were relatively mixed for the various categories within the domestic equities segment. One common theme among domestic equities was the double-digit returns across the market capitalization and style groups. With respect to market capitalization, mid-capitalization stocks outpaced those of large- and small-capitalizations. Value styles outperformed those of growth, which were primarily driven by the strong performances of the financials sector over the calendar year. The sector’s strong performance followed a dismal year in 2011, which then recovered as the central banks moved aggressively to support the global banking system. For the year, cyclical sectors (e.g. consumer discretionary) generally outpaced those of the defensive sectors (e.g. utilities). High dividend-paying sectors that typically include utilities stocks lost momentum during the reporting period after a strong rally in the prior year.

For majority of the year, equity investors appeared to have focused more on the potential for capital appreciation. During uncertain environments (as in the second quarter of 2012), investors may lean toward capital protection where more conservative stocks such as those paying dividends and/or in defensive sectors tend to hold well. Over the past couple of years, real estate investment trusts (REITs) have displayed some hybrid characteristics for capital appreciation and capital protection. REITs have generally kept up with the overall equity market and maintained their gains during turbulent moments, delivering positive returns for all four quarters of the reporting period, which helped the Financial Times Stock Exchange National Association of Real Estate Investment Trust (FTSE NAREIT) Equity REITs Index gain 18.06% for the calendar year.

International Equity

After a difficult year for foreign stocks in 2011, international stocks (both developed and emerging markets) experienced a strong recovery over the reporting period. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index and the MSCI Emerging Markets Index returned 17.32% and 18.22%, respectively. In the foreign equity market, smaller-capitalization stocks outperformed their larger counterparts. Similar to the U.S. equity market, financials led the pace among the sector groups. Performances were largely boosted by the ECB’s vow to aggressively intervene to support the euro.

Europe’s troubles have impacted many of its trading partners, which led to concerns over countries such as China that exports to those regions. Many economists and market participants had considered the probability of a hard-landing scenario where China’s economic growth would

See explanation of benchmark definitions on page A-8 and A-9

A-2

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

experience a significant drop. However, China has displayed some resiliency despite the impact on their exports, which have eased some concerns.

Concluding Remarks

Economic reports indicated that, the world economy grew at approximately 3.20% in 2012 (International Monetary Fund–World Economic Outlook Update–January 2013). Emerging markets, particularly China, contributed to that growth. Developed nations, on the other hand, crawled at a sluggish pace or contracted. Despite the dismal economic indicators, equity markets thrived over the calendar year. Perhaps, this was driven more out of relief of avoiding meltdown scenarios that markets had feared rather than reactions to signs of a strong and prosperous fundamental outlook.

The question remains on the sustainability of the market rise. Heading into 2013, equity valuations indicate that stock markets are trading near their three-year fair value range. However, these valuation levels remain below their long-term historical levels (e.g. 10-year averages). These trading ranges may be a reflection of the general market environment. Over the past few years, the world has been dealing with various crises, which may be causing a hesitation to push valuations back to longer-term historic levels.

More clarity has developed in 2013, but challenges still linger. The crisis level in the eurozone appears to have dwindled, but economic activity is expected to remain weak in the region. Although the situation in the U.S. is relatively better than its developed counterparts in Europe, economic growth is expected to remain modest. The benign economic activity in developed nations is anticipated to dampen demand for exports from emerging markets. This may have some varying implications to these emerging markets nations. Nonetheless, growth in countries such as China is expected to remain solid.

Performances in 2012 showed investors that markets can diverge from economic fundamentals. The level of uncertainty and risks throughout the globe may have caused some investors to reduce or avoid equity exposure in 2012. Those investors would have missed out on the impressive performance delivered from equities. This validates the importance of proper asset allocation to navigate through various market conditions.

PD Aggregate Bond Index Portfolio (managed by SSgA Funds Management, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD Aggregate Bond Index Portfolio’s Class P returned 3.94%, compared to a 4.21% return for its benchmark, the Barclays U.S. Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		3.94%		5.94%
Barclays U.S. Aggregate Bond Index		4.21%		6.53%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of its benchmark. The SSgA FM passive portfolio management team uses a stratified sampling approach to match the benchmark’s major risk characteristics and does not over or underweight sectors or securities in an effort to add value above the portfolio’s benchmark. There is no attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term period of poor bond market performance.

Breaking 2011’s trend, 2012 saw excess returns on all the credit-exposed components of the benchmark return to positive territory. Even though the reporting period can be characterized as a “risk-on” year which usually means that Treasuries underperform, economic uncertainty during the year allowed Treasuries to hold their own and even manage a small rally. Of course, the appreciation for Treasuries was nothing like 2011, where they benefited from a “risk off” year. This low yield environment during the reporting period had the effect of encouraging an active, new issue credit market and also enticed investors looking for higher returns into these assets.

See explanation of benchmark definitions on page A-8 and A-9

A-3

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

PD High Yield Bond Market Portfolio (managed by SSgA Funds Management, Inc.)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD High Yield Bond Market Portfolio’s Class P returned 14.91%, compared to a 15.78% return for its benchmark, the Barclays U.S. High-Yield 2% Issuer Capped Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		14.91%		14.35%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index		15.78%		18.45%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of its benchmark. The SSgA FM passive portfolio management team uses a stratified sampling approach to match the index’s major risk characteristics and does not over or underweight sectors or securities in an effort to add value above the portfolio’s benchmark. There is no attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term period of poor bond market performance.

The top three performing industries within the benchmark as measured by changes in option adjusted spreads (OAS) were non-captive consumer, home construction, and insurance-property and casualty (P&C), while the bottom three sectors within the benchmark by changes in OAS were supermarkets, railroads and automotive.

Whereas 2011 was a “risk-off” year and the high yield sector underperformed, 2012 was a “risk-on” year. During the reporting period, the high yield sector experienced a broad-based rally. The portfolio’s benchmark experienced a contraction in OAS spreads for 2012, and all but one industry appreciated with supermarkets being the exception, compared to 2011, where the high yield market experienced the exact opposite—a broad-based decline where the index OAS widened, and all but one industry depreciated with environmental being the exception. In addition to the rally being broad from an industry standpoint, it was also broad from a credit perspective as the lower part of the credit spectrum outperformed the more highly-rated benchmark index components.

PD Large-Cap Growth Index Portfolio (managed by BlackRock Investment Management, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD Large-Cap Growth Index Portfolio’s Class P returned 15.02%, compared to a 15.26% return for its benchmark, the Russell 1000 Growth Index.

See explanation of benchmark definitions on page A-8 and A-9

A-4

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		15.02%		16.77%
Russell 1000 Growth Index		15.26%		17.44%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of the benchmark as represented by the Russell 1000 Growth Index. In accordance with BlackRock’s passive investment strategy, the portfolio was positioned to match the risk characteristics of the benchmark throughout the reporting period. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012. Telecommunication services performed well, and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While most of the Russell 1000 Growth Index sectors moved higher for the year, energy stocks were hindered by declining oil prices in the latter part of the year, and utilities became less favorable as investors sought riskier investments.

PD Large-Cap Value Index Portfolio (managed by BlackRock Investment Management, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD Large-Cap Value Index Portfolio’s Class P returned 17.17%, compared to a 17.51% return for its benchmark, the Russell 1000 Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		17.17%		16.18%
Russell 1000 Value Index		17.51%		16.85%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

See explanation of benchmark definitions on page A-8 and A-9

A-5

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of the benchmark as represented by the Russell 1000 Value Index. In accordance with BlackRock’s passive investment strategy, the portfolio was positioned to match the risk characteristics of the benchmark throughout the reporting period. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012. Telecommunication services performed well, and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While all of the Russell 1000 Value Index sectors moved higher for the year, energy stocks were hindered by declining oil prices in the latter part of the year, and utilities became less favorable as investors sought riskier investments.

PD Small-Cap Growth Index Portfolio (managed by BlackRock Investment Management, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD Small-Cap Growth Index Portfolio’s Class P returned 14.30%, compared to a 14.59% return for its benchmark, the Russell 2000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		14.30%		17.78%
Russell 2000 Growth Index		14.59%		18.44%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of the benchmark as represented by the Russell 2000 Growth Index. In accordance with BlackRock’s passive investment strategy, the portfolio was positioned to match the risk characteristics of the benchmark throughout the reporting period. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012. Telecommunication services performed well, and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While all of the Russell 2000 Growth Index sectors moved higher for the year, energy stocks were hindered by declining oil prices in the latter part of the year, and utilities became less favorable as investors sought riskier investments.

PD Small-Cap Value Index Portfolio (managed by BlackRock Investment Management, LLC)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD Small-Cap Value Index Portfolio’s Class P returned 17.62%, compared to a 18.05% return for its benchmark, the Russell 2000 Value Index.

See explanation of benchmark definitions on page A-8 and A-9

A-6

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		17.62%		16.79%
Russell 2000 Value Index		18.05%		17.36%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to replicate as closely as possible, the total return of the benchmark as represented by the Russell 2000 Value Index. In accordance with BlackRock’s passive investment strategy, the portfolio was positioned to match the risk characteristics of the benchmark throughout the reporting period. Following a tumultuous 2011, equity markets began 2012 with a strong rally amid lower volatility.

From a sector perspective, global central bank stimulus drove financials and consumer discretionary stocks higher in 2012. Telecommunication services performed well, and health care stocks rebounded after valuations had been pushed down amid regulatory uncertainty. While all of the Russell 2000 Value Index sectors moved higher for the year, energy stocks were hindered by declining oil prices in the latter part of the year, and utilities became less favorable as investors sought riskier investments.

PD Emerging Markets Portfolio (managed by Dimensional Fund Advisors LP)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD Emerging Markets Portfolio’s Class P returned 17.42%, compared to a 18.22% return for its benchmark, the MSCI Emerging Markets Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		17.42%		14.69%
MSCI Emerging Markets Index		18.22%		16.27%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

See explanation of benchmark definitions on page A-8 and A-9

A-7

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P underperformed the benchmark. The portfolio seeks to capture the returns of large-capitalization equity securities in select emerging markets countries. Dimensional employs a disciplined quantitative approach, emphasizing broad diversification and consistent exposure to large-capitalization emerging markets equities but does not attempt to track a specific benchmark index. At the end of the reporting period, the portfolio held approximately 660 securities invested in 20 emerging markets countries. With the portfolio’s diversified approach, performance was generally determined by structural trends in emerging country equity markets rather than the behavior of a limited number of securities.

From a sector standpoint, the portfolio’s holdings in the materials, financials and information technology sectors underperformed. This was offset by the portfolio’s holdings in consumer staples and industrials sectors which outperformed those in the benchmark. At the country level, the portfolio’s holdings in Russia were relative underperformers, although holdings in Mexico and Brazil outperformed. In addition, although the portfolio’s average cash level was only around 1%, given the strong performance of emerging markets, the portfolio’s holdings in cash, detracted from the portfolio’s overall relative performance.

PD International Large-Cap Portfolio (managed by Dimensional Fund Advisors LP)

Q. How did the portfolio perform for the year ended December 31, 2012?

A. For the year ended December 31, 2012, the PD International Large-Cap Portfolio’s Class P returned 17.12%, compared to a 16.41% return for its benchmark, the MSCI World ex USA Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the portfolio to its benchmark for the period from inception on May 1, 2009 through December 31, 2012. The portfolio’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

Average Annual Total Returns for the periods ended December 31, 2012
	1 Year		Since Inception (5/1/09)
Portfolio’s Class P		17.12%		10.80%
MSCI World ex USA Index		16.41%		12.05%
Performance data quoted represents past performance. Investment return and principal value will fluctuate so that shares of the portfolio when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the portfolio’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the portfolio’s Class P outperformed the benchmark. The portfolio seeks to capture the returns of large-capitalization equity securities in select international developed countries. Dimensional employs a disciplined, quantitative approach, emphasizing broad diversification but does not attempt to track a specific benchmark index. At the end of the reporting period, the portfolio held approximately 1,200 securities invested in 23 developed countries. With the portfolio’s diversified approach, performance was generally determined by broad structural trends in international equity markets rather than by the behavior of a limited number of securities.

The portfolio’s outperformance relative to the benchmark was primarily attributable to differences in the valuation timing and methodology between the portfolio and the benchmark. The portfolio prices foreign exchange rates at the closing of the U.S. markets while the benchmark uses rates at 4:00 P.M. London time. The portfolio also may use fair value pricing to price certain portfolio securities at the closing of the U.S. markets while the benchmark uses local market closing prices. To a lesser extent, the portfolio’s exclusion of REITs detracted from its performance as they were strong relative performers.

Benchmark Definitions

Barclays U.S. Aggregate Bond Index covers the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and corporate mortgage-backed securities sectors. The total return is equal to the change in price plus the coupon return.

Barclays U.S. High-Yield 2% Issuer Capped Bond Index is an index that is an issuer-constrained version of the U.S. Corporate High-Yield Index that covers the U.S. dollar-denominated, non-investment grade fixed-rate taxable corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a prorata basis. The total return is equal to the change in price plus the coupon return.

A-8

PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

MSCI Emerging Markets Index is an index typically made up of stocks from approximately 26 emerging markets countries. Results include reinvested dividends after deducting withholding taxes.

MSCI World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World ex USA Index consists of 23 developed market country indices. Results include reinvested dividends after deducting withholding taxes.

Russell 1000 Growth Index is an index of large companies that have higher price-to-book ratios and forecasted growth values than the Russell 1000 Value Index. Results include reinvested dividends.

Russell 1000 Value Index measures the performance of the large-capitalization value segment of the U.S. equity universe. It is an index of companies with a less-than average growth orientation. Companies in this index have lower price-to book and price-earnings ratios, higher dividend yields and lower forecasted growth rates than companies in the Russell 1000 Growth Index. Results include reinvested dividends.

Russell 2000 Growth Index measures the performance of the small-capitalization growth segment of the U.S. equity universe. It is an index of approximately 1,200 small companies with higher price-to-book ratios and forecasted growth values than companies in the Russell 2000 Value Index. Results include reinvested dividends.

Russell 2000 Value Index measures the performance of the small-capitalization value segment of the U.S. equity universe. It is an index of companies that have lower price-to-book ratios and lower forecasted growth values than companies in the Russell 2000 Growth Index. Results include reinvested dividends.

A-9

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Principal Amount		Value
CORPORATE BONDS & NOTES - 23.0%
Consumer Discretionary - 1.5%
Amazon.com Inc 1.200% due 11/29/17		$100,000		$99,531
AutoZone Inc 4.000% due 11/15/20		50,000		54,264
CBS Corp
5.900% due 10/15/40		50,000		58,404
8.875% due 05/15/19		25,000		33,738
Comcast Corp
4.950% due 06/15/16		200,000		225,568
5.700% due 07/01/19		100,000		121,919
5.875% due 02/15/18		200,000		241,195
6.950% due 08/15/37		200,000		271,433
Cox Communications Inc 5.450% due 12/15/14		8,000		8,729
DIRECTV Holdings LLC
2.400% due 03/15/17		100,000		102,501
3.550% due 03/15/15		88,000		92,615
3.800% due 03/15/22		100,000		103,253
5.200% due 03/15/20		35,000		39,745
6.000% due 08/15/40		50,000		55,526
6.375% due 03/01/41		50,000		57,910
Discovery Communications LLC
4.950% due 05/15/42		100,000		106,982
5.050% due 06/01/20		50,000		57,898
Ford Motor Co 7.450% due 07/16/31		100,000		127,500
Johnson Controls Inc 5.000% due 03/30/20		50,000		56,864
Kohl’s Corp 3.250% due 02/01/23		100,000		97,187
Lowe’s Cos Inc
5.500% due 10/15/35		100,000		121,976
6.875% due 02/15/28		50,000		65,462
Macy’s Retail Holdings Inc
3.875% due 01/15/22		100,000		106,674
5.750% due 07/15/14		60,000		64,368
McDonald’s Corp
3.500% due 07/15/20		50,000		55,461
3.700% due 02/15/42		200,000		198,652
4.875% due 07/15/40		10,000		11,983
NBCUniversal Media LLC
2.875% due 01/15/23		75,000		75,391
3.650% due 04/30/15		100,000		106,434
6.400% due 04/30/40		125,000		160,529
Newell Rubbermaid Inc 4.000% due 06/15/22		61,000		64,518
News America Inc
6.400% due 12/15/35		50,000		62,116
6.900% due 03/01/19		150,000		188,097
6.900% due 08/15/39		150,000		196,554
Nordstrom Inc 6.750% due 06/01/14		20,000		21,703
Omnicom Group Inc 4.450% due 08/15/20		50,000		55,677
Princeton University 5.700% due 03/01/39		50,000		67,643
Reed Elsevier Capital Inc 8.625% due 01/15/19		50,000		64,505
Staples Inc 9.750% due 01/15/14		50,000		54,373
Starwood Hotels & Resorts Worldwide Inc 3.125% due 02/15/23		118,000		117,080
Target Corp
6.000% due 01/15/18		100,000		123,052
7.000% due 01/15/38		125,000		183,756

	Principal Amount		Value
The Home Depot Inc
4.400% due 04/01/21		$100,000		$118,030
5.400% due 03/01/16		50,000		57,149
5.875% due 12/16/36		75,000		98,650
The Interpublic Group of Cos Inc 2.250% due 11/15/17		50,000		49,319
The Walt Disney Co
1.125% due 02/15/17		100,000		100,144
2.750% due 08/16/21		50,000		52,248
Thomson Reuters Corp (Canada)
4.700% due 10/15/19		25,000		28,773
5.850% due 04/15/40		25,000		30,963
Time Warner Cable Inc
4.000% due 09/01/21		100,000		109,856
5.000% due 02/01/20		300,000		349,534
5.875% due 11/15/40		50,000		58,311
6.750% due 06/15/39		50,000		63,471
7.500% due 04/01/14		100,000		108,388
Time Warner Inc
3.150% due 07/15/15		100,000		105,807
4.700% due 01/15/21		50,000		56,965
6.100% due 07/15/40		50,000		60,589
6.200% due 03/15/40		50,000		61,284
6.250% due 03/29/41		50,000		61,790
7.700% due 05/01/32		150,000		209,871
TJX Cos Inc 4.200% due 08/15/15		25,000		27,177
Trustees of Dartmouth College 4.750% due 06/01/19		25,000		29,372
Viacom Inc
1.250% due 02/27/15		50,000		50,515
4.375% due 03/15/43 ~		70,000		68,928
5.625% due 09/15/19		25,000		29,902
Yale University 2.900% due 10/15/14		50,000		52,196
Yum! Brands Inc
4.250% due 09/15/15		25,000		27,013
6.875% due 11/15/37		25,000		34,164
				6,279,175
Consumer Staples - 1.8%
Altria Group Inc
4.750% due 05/05/21		200,000		226,829
7.750% due 02/06/14		100,000		107,508
9.950% due 11/10/38		50,000		82,433
Anheuser-Busch InBev Worldwide Inc
1.375% due 07/15/17		150,000		151,693
2.500% due 07/15/22		100,000		100,719
3.750% due 07/15/42		100,000		100,570
4.125% due 01/15/15		150,000		160,357
5.375% due 01/15/20		200,000		243,568
6.375% due 01/15/40		50,000		69,531
Archer-Daniels-Midland Co 4.016% due 04/16/43 ~		50,000		47,867
Beam Inc 5.875% due 01/15/36		100,000		116,144
Bunge Ltd Finance Corp
3.200% due 06/15/17		100,000		104,437
8.500% due 06/15/19		10,000		12,874
Campbell Soup Co 2.500% due 08/02/22		100,000		99,198
Colgate-Palmolive Co 0.600% due 11/15/14		100,000		100,416
ConAgra Foods Inc 5.875% due 04/15/14		100,000		106,431
Costco Wholesale Corp 1.125% due 12/15/17		150,000		151,128
CVS Caremark Corp
2.750% due 12/01/22		50,000		50,233
5.750% due 06/01/17		100,000		119,638
6.125% due 09/15/39		50,000		64,044

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-1

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Diageo Capital PLC (United Kingdom)
5.750% due 10/23/17		$100,000		$120,565
7.375% due 01/15/14		100,000		106,979
Dr Pepper Snapple Group Inc 3.200% due 11/15/21		50,000		51,813
General Mills Inc
5.400% due 06/15/40		45,000		55,283
5.650% due 02/15/19		100,000		121,653
Kellogg Co
3.250% due 05/21/18		65,000		70,864
7.450% due 04/01/31		25,000		34,502
Kimberly-Clark Corp
6.625% due 08/01/37		100,000		145,525
7.500% due 11/01/18		50,000		66,749
Kraft Foods Group Inc 3.500% due 06/06/22 ~		200,000		213,663
Lorillard Tobacco Co 3.500% due 08/04/16		45,000		47,646
Molson Coors Brewing Co 5.000% due 05/01/42		100,000		112,174
Mondelez International Inc
5.375% due 02/10/20		100,000		120,806
6.125% due 02/01/18		100,000		121,770
6.500% due 02/09/40		100,000		134,453
PepsiCo Inc
0.700% due 08/13/15		100,000		100,184
1.250% due 08/13/17		100,000		100,452
3.100% due 01/15/15		100,000		105,001
5.000% due 06/01/18		100,000		118,702
Philip Morris International Inc
4.500% due 03/20/42		200,000		217,565
6.375% due 05/16/38		100,000		136,289
6.875% due 03/17/14		100,000		107,707
Reynolds American Inc 6.750% due 06/15/17		100,000		120,843
Safeway Inc 3.950% due 08/15/20		60,000		60,057
Sysco Corp 2.600% due 06/12/22		100,000		102,148
The Clorox Co
3.550% due 11/01/15		25,000		26,550
3.800% due 11/15/21		100,000		108,991
The Coca-Cola Co
0.750% due 03/13/15		100,000		100,816
1.800% due 09/01/16		100,000		103,347
3.300% due 09/01/21		100,000		110,331
The Hershey Co 1.500% due 11/01/16		100,000		102,066
The Kroger Co
2.200% due 01/15/17		50,000		51,705
3.900% due 10/01/15		100,000		107,974
The Pepsi Bottling Group Inc 7.000% due 03/01/29		100,000		143,722
The Procter & Gamble Co
3.500% due 02/15/15		150,000		159,335
5.500% due 02/01/34		50,000		63,792
Tyson Foods Inc 4.500% due 06/15/22		100,000		108,637
Unilever Capital Corp
0.850% due 08/02/17		100,000		99,068
5.900% due 11/15/32		50,000		68,670
Wal-Mart Stores Inc
1.500% due 10/25/15		100,000		102,989
3.200% due 05/15/14		250,000		259,789
3.250% due 10/25/20		100,000		108,958
5.000% due 10/25/40		100,000		121,113
6.500% due 08/15/37		150,000		211,109
Walgreen Co
1.800% due 09/15/17		75,000		75,476
3.100% due 09/15/22		75,000		75,720
5.250% due 01/15/19		25,000		29,340
				7,248,509

	Principal Amount		Value
Energy - 2.5%
Anadarko Petroleum Corp
6.200% due 03/15/40		$100,000		$123,456
6.375% due 09/15/17		100,000		119,534
6.450% due 09/15/36		50,000		62,689
Apache Corp
1.750% due 04/15/17		100,000		102,758
5.100% due 09/01/40		100,000		113,780
5.250% due 02/01/42		25,000		28,974
5.625% due 01/15/17		50,000		58,602
6.000% due 01/15/37		25,000		31,600
Baker Hughes Inc 5.125% due 09/15/40		50,000		60,238
BP Capital Markets PLC (United Kingdom)
1.846% due 05/05/17		100,000		102,300
3.561% due 11/01/21		100,000		108,150
3.625% due 05/08/14		250,000		260,317
Buckeye Partners LP 5.500% due 08/15/19		25,000		27,335
Burlington Resources Finance Co (Canada) 7.400% due 12/01/31		100,000		142,657
Canadian Natural Resources Ltd (Canada) 6.750% due 02/01/39		90,000		121,271
Cenovus Energy Inc (Canada)
4.450% due 09/15/42		100,000		104,073
5.700% due 10/15/19		50,000		60,671
Chevron Corp
2.355% due 12/05/22		250,000		250,659
4.950% due 03/03/19		50,000		59,684
ConocoPhillips
4.600% due 01/15/15		100,000		108,116
5.750% due 02/01/19		150,000		184,595
6.500% due 02/01/39		50,000		70,969
Devon Energy Corp 6.300% due 01/15/19		50,000		62,082
Devon Financing Corp LLC 7.875% due 09/30/31		150,000		218,311
Diamond Offshore Drilling Inc 5.700% due 10/15/39		25,000		32,101
Ecopetrol SA (Colombia) 7.625% due 07/23/19		100,000		129,750
El Paso Natural Gas Co LLC 5.950% due 04/15/17		50,000		58,041
Enbridge Energy Partners LP
5.200% due 03/15/20		15,000		16,930
7.500% due 04/15/38		50,000		63,988
Encana Corp (Canada) 5.900% due 12/01/17		100,000		119,192
Energy Transfer Partners LP
6.125% due 02/15/17		50,000		57,898
6.500% due 02/01/42		100,000		122,539
9.000% due 04/15/19		50,000		65,966
Ensco PLC (United Kingdom) 4.700% due 03/15/21		100,000		112,621
Enterprise Products Operating LLC
6.125% due 10/15/39		115,000		139,050
6.500% due 01/31/19		100,000		125,392
9.750% due 01/31/14		25,000		27,360
EOG Resources Inc 5.625% due 06/01/19		100,000		122,823
EQT Corp 8.125% due 06/01/19		25,000		30,963
Halliburton Co
3.250% due 11/15/21		100,000		107,185
7.450% due 09/15/39		25,000		38,085
Hess Corp
5.600% due 02/15/41		50,000		59,188
7.125% due 03/15/33		50,000		66,744

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-2

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Husky Energy Inc (Canada) 5.900% due 06/15/14		$50,000		$53,611
Kinder Morgan Energy Partners LP
3.950% due 09/01/22		100,000		107,018
5.300% due 09/15/20		50,000		58,320
5.625% due 02/15/15		35,000		38,367
6.850% due 02/15/20		50,000		63,037
6.950% due 01/15/38		200,000		263,386
Magellan Midstream Partners LP 6.400% due 07/15/18		100,000		122,474
Marathon Oil Corp
0.900% due 11/01/15		100,000		100,142
2.800% due 11/01/22		100,000		100,712
6.000% due 10/01/17		50,000		60,141
Nabors Industries Inc 4.625% due 09/15/21		150,000		161,564
Nexen Inc (Canada) 6.200% due 07/30/19		50,000		61,441
Noble Energy Inc 4.150% due 12/15/21		100,000		110,483
Noble Holding International Ltd (Cayman) 2.500% due 03/15/17		200,000		206,547
Occidental Petroleum Corp
1.500% due 02/15/18		150,000		152,051
4.100% due 02/01/21		100,000		114,427
Petro-Canada (Canada) 6.800% due 05/15/38		200,000		272,985
Petrobras International Finance Co (Cayman)
3.500% due 02/06/17		100,000		105,093
3.875% due 01/27/16		100,000		105,976
5.375% due 01/27/21		100,000		112,978
5.750% due 01/20/20		25,000		28,561
6.875% due 01/20/40		50,000		63,852
7.875% due 03/15/19		100,000		125,319
Petroleos Mexicanos (Mexico)
4.875% due 03/15/15		50,000		54,125
4.875% due 01/24/22		100,000		113,100
5.500% due 01/21/21		100,000		117,350
6.500% due 06/02/41		300,000		378,000
Phillips 66 4.300% due 04/01/22 ~		100,000		111,837
Pioneer Natural Resources Co 3.950% due 07/15/22		100,000		104,877
Plains All American Pipeline LP
5.000% due 02/01/21		50,000		57,961
6.700% due 05/15/36		100,000		127,872
Rowan Cos Inc 7.875% due 08/01/19		30,000		37,065
Shell International Finance BV (Netherlands)
3.100% due 06/28/15		100,000		105,992
3.625% due 08/21/42		100,000		99,224
4.300% due 09/22/19		100,000		115,925
6.375% due 12/15/38		50,000		70,310
Southern Natural Gas Co LLC 4.400% due 06/15/21		100,000		111,302
Spectra Energy Capital LLC 6.200% due 04/15/18		25,000		30,464
Statoil ASA (Norway)
3.150% due 01/23/22		100,000		105,778
5.250% due 04/15/19		100,000		119,979
Talisman Energy Inc (Canada) 6.250% due 02/01/38		100,000		119,886
Total Capital SA (France)
3.000% due 06/24/15		100,000		105,681
4.125% due 01/28/21		100,000		113,397
TransCanada PipeLines Ltd (Canada)
2.500% due 08/01/22		100,000		100,296
7.125% due 01/15/19		100,000		127,456
7.625% due 01/15/39		50,000		75,280

	Principal Amount		Value
Transocean Inc (Cayman)
6.000% due 03/15/18		$100,000		$116,068
6.800% due 03/15/38		100,000		122,514
Valero Energy Corp
6.125% due 02/01/20		50,000		60,839
6.625% due 06/15/37		250,000		308,256
Weatherford International Ltd (Bermuda)
6.750% due 09/15/40		100,000		113,490
9.625% due 03/01/19		100,000		130,534
Western Gas Partners LP 4.000% due 07/01/22		100,000		105,457
Williams Partners LP
3.800% due 02/15/15		50,000		52,893
4.000% due 11/15/21		100,000		107,048
6.300% due 04/15/40		20,000		24,472
				10,311,850
Financials - 8.9%
Abbey National Treasury Services PLC (United Kingdom) 4.000% due 04/27/16		100,000		105,794
ACE INA Holdings Inc
2.600% due 11/23/15		100,000		105,045
5.900% due 06/15/19		15,000		18,539
Aflac Inc
4.000% due 02/15/22		100,000		107,964
6.900% due 12/17/39		15,000		19,963
African Development Bank (Multi-National) 2.500% due 03/15/16		100,000		106,236
Alleghany Corp 4.950% due 06/27/22		100,000		109,627
American Express Co
2.650% due 12/02/22 ~		150,000		149,545
4.050% due 12/03/42 ~		125,000		125,692
7.000% due 03/19/18		100,000		126,440
American Express Credit Corp
2.750% due 09/15/15		100,000		104,899
2.800% due 09/19/16		200,000		211,736
American International Group Inc
4.875% due 06/01/22		100,000		114,259
5.050% due 10/01/15		100,000		110,428
5.850% due 01/16/18		200,000		236,881
8.175% due 05/15/68 §		150,000		196,125
American Tower Corp REIT 4.700% due 03/15/22		200,000		221,467
Ameriprise Financial Inc 7.300% due 06/28/19		20,000		25,875
Aon Corp 5.000% due 09/30/20		50,000		57,102
Asian Development Bank (Multi-National)
0.875% due 06/10/14		200,000		201,634
1.875% due 10/23/18		100,000		104,808
2.625% due 02/09/15		150,000		157,061
2.750% due 05/21/14		50,000		51,694
AvalonBay Communities Inc REIT 2.950% due 09/15/22		35,000		34,897
AXA SA (France) 8.600% due 12/15/30		25,000		31,353
Axis Specialty Finance LLC 5.875% due 06/01/20		50,000		56,800
Bank of America Corp
3.750% due 07/12/16		200,000		213,906
4.500% due 04/01/15		200,000		213,286
5.625% due 07/01/20		200,000		237,289
5.650% due 05/01/18		150,000		174,655
5.700% due 01/24/22		150,000		180,527
6.500% due 08/01/16		200,000		231,079
Bank of Montreal (Canada) 2.500% due 01/11/17		200,000		209,784

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-3

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Bank of Nova Scotia (Canada)
2.550% due 01/12/17		$200,000		$210,586
3.400% due 01/22/15		50,000		52,740
Barclays Bank PLC (United Kingdom)
2.375% due 01/13/14		100,000		101,714
5.000% due 09/22/16		150,000		168,231
BB&T Corp
2.150% due 03/22/17		100,000		103,498
3.950% due 04/29/16		50,000		54,552
Berkshire Hathaway Finance Corp
2.450% due 12/15/15		100,000		105,194
5.750% due 01/15/40		25,000		30,632
Berkshire Hathaway Inc 3.400% due 01/31/22		100,000		107,814
BioMed Realty LP REIT 4.250% due 07/15/22		100,000		104,410
BlackRock Inc
3.500% due 12/10/14		25,000		26,415
5.000% due 12/10/19		100,000		119,732
BNP Paribas SA (France)
2.375% due 09/14/17		100,000		101,511
3.250% due 03/11/15		100,000		104,417
Boston Properties LP REIT
3.700% due 11/15/18		100,000		108,723
5.875% due 10/15/19		25,000		29,829
Canadian Imperial Bank of Commerce (Canada) 2.350% due 12/11/15		100,000		105,003
Capital One Bank USA NA 8.800% due 07/15/19		50,000		67,744
Capital One Financial Corp
4.750% due 07/15/21		100,000		115,407
6.150% due 09/01/16		100,000		114,467
7.375% due 05/23/14		15,000		16,323
Caterpillar Financial Services Corp 2.650% due 04/01/16		200,000		210,120
Citigroup Inc
3.953% due 06/15/16		250,000		269,238
4.450% due 01/10/17		150,000		166,275
4.500% due 01/14/22		60,000		66,998
4.875% due 05/07/15		100,000		106,363
5.000% due 09/15/14		100,000		105,252
6.000% due 08/15/17		100,000		117,897
6.125% due 11/21/17		100,000		119,103
6.125% due 08/25/36		100,000		109,072
8.125% due 07/15/39		200,000		299,665
CME Group Inc 3.000% due 09/15/22		50,000		50,779
CNA Financial Corp
6.500% due 08/15/16		50,000		57,718
7.350% due 11/15/19		15,000		18,825
Comerica Inc 3.000% due 09/16/15		100,000		105,652
Commonwealth Bank of Australia (Australia) 1.900% due 09/18/17		250,000		255,801
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
1.850% due 01/10/14		100,000		101,355
3.875% due 02/08/22		100,000		107,704
Corp Andina de Fomento (Multi-National)
3.750% due 01/15/16		100,000		106,006
8.125% due 06/04/19		25,000		32,285
Council Of Europe Development Bank (Multi-National) 1.500% due 02/22/17		100,000		102,350
Credit Suisse NY (Switzerland)
4.375% due 08/05/20		350,000		399,386
5.500% due 05/01/14		300,000		319,301

	Principal Amount		Value
Daimler Finance North America LLC 8.500% due 01/18/31		$50,000		$77,873
DDR Corp REIT 4.750% due 04/15/18		25,000		27,729
Deutsche Bank AG (Germany) 3.250% due 01/11/16		300,000		317,616
Digital Realty Trust LP REIT 3.625% due 10/01/22		35,000		34,405
Duke Realty LP REIT
3.875% due 10/15/22		25,000		25,479
6.750% due 03/15/20		25,000		30,247
ERP Operating LP REIT
4.625% due 12/15/21		200,000		225,462
4.750% due 07/15/20		100,000		112,547
European Bank for Reconstruction & Development (Multi-National)
1.000% due 02/16/17		250,000		252,994
5.000% due 05/19/14		100,000		106,288
European Investment Bank (Multi-National)
1.000% due 07/15/15		350,000		354,465
1.125% due 08/15/14		200,000		202,283
1.500% due 05/15/14		350,000		355,409
2.250% due 03/15/16		500,000		525,208
2.875% due 01/15/15		50,000		52,456
2.875% due 09/15/20		100,000		108,217
3.000% due 04/08/14		100,000		103,281
4.875% due 02/15/36		25,000		29,677
5.125% due 05/30/17		500,000		591,154
Export-Import Bank of Korea (South Korea)
5.000% due 04/11/22		200,000		232,108
5.875% due 01/14/15		100,000		109,723
Fifth Third Bancorp
5.450% due 01/15/17		50,000		56,056
8.250% due 03/01/38		25,000		35,777
First Horizon National Corp 5.375% due 12/15/15		50,000		54,691
Ford Motor Credit Co LLC
3.875% due 01/15/15		250,000		260,823
5.875% due 08/02/21		250,000		291,355
6.625% due 08/15/17		250,000		292,318
Franklin Resources Inc 2.800% due 09/15/22		25,000		25,329
General Electric Capital Corp
1.600% due 11/20/17		150,000		150,217
2.150% due 01/09/15		100,000		102,758
3.350% due 10/17/16		400,000		429,616
4.625% due 01/07/21		200,000		227,029
5.300% due 02/11/21		100,000		116,164
5.900% due 05/13/14		300,000		321,621
6.750% due 03/15/32		200,000		259,931
6.875% due 01/10/39		200,000		272,088
Genworth Financial Inc 7.700% due 06/15/20		150,000		166,077
Goldman Sachs Capital I 6.345% due 02/15/34		100,000		103,872
Health Care REIT Inc 6.200% due 06/01/16		100,000		114,158
Healthcare Realty Trust Inc REIT 6.500% due 01/17/17		25,000		28,602
Hospitality Properties Trust REIT 7.875% due 08/15/14		25,000		26,695
HSBC Bank USA NA 4.875% due 08/24/20		100,000		111,523
HSBC Finance Corp
5.500% due 01/19/16		200,000		223,599
6.676% due 01/15/21		211,000		250,500
HSBC Holdings PLC (United Kingdom)
4.875% due 01/14/22		100,000		116,152
6.500% due 09/15/37		100,000		124,920

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-4

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Inter-American Development Bank (Multi-National)
1.125% due 03/15/17		$200,000		$203,686
1.125% due 09/12/19		175,000		174,166
4.250% due 09/10/18		125,000		147,548
International Bank for Reconstruction & Development (Multi-National)
0.875% due 04/17/17		100,000		101,313
2.125% due 03/15/16		250,000		263,302
2.375% due 05/26/15		100,000		104,902
International Finance Corp (Multi-National)
2.125% due 11/17/17		200,000		212,187
2.750% due 04/20/15		100,000		105,562
Jefferies Group Inc 8.500% due 07/15/19		125,000		150,000
JPMorgan Chase & Co
1.100% due 10/15/15		100,000		100,057
2.000% due 08/15/17		250,000		255,565
2.050% due 01/24/14		100,000		101,591
3.450% due 03/01/16		400,000		425,021
4.350% due 08/15/21		200,000		223,826
4.400% due 07/22/20		50,000		56,483
5.125% due 09/15/14		100,000		106,398
5.500% due 10/15/40		100,000		122,359
5.600% due 07/15/41		100,000		123,960
6.125% due 06/27/17		100,000		116,907
6.300% due 04/23/19		100,000		123,449
6.400% due 05/15/38		300,000		402,487
KeyCorp 5.100% due 03/24/21		100,000		116,589
Kimco Realty Corp REIT 6.875% due 10/01/19		25,000		30,900
Kreditanstalt fuer Wiederaufbau (Germany)
1.000% due 01/12/15	��	200,000		202,381
1.250% due 10/26/15		100,000		102,014
1.375% due 01/13/14		200,000		202,224
2.000% due 10/04/22		250,000		250,779
2.375% due 08/25/21		250,000		260,674
2.625% due 02/16/16		500,000		531,302
3.500% due 03/10/14		250,000		259,406
4.000% due 01/27/20		100,000		116,418
4.500% due 07/16/18		100,000		118,080
Landwirtschaftliche Rentenbank (Germany)
3.125% due 07/15/15		150,000		159,911
5.125% due 02/01/17		100,000		117,359
Lincoln National Corp 8.750% due 07/01/19		115,000		153,877
Lloyds TSB Bank PLC (United Kingdom) 4.875% due 01/21/16		125,000		137,928
Mack-Cali Realty LP REIT 7.750% due 08/15/19		25,000		31,001
Markel Corp 7.125% due 09/30/19		25,000		30,124
Marsh & McLennan Cos Inc 5.750% due 09/15/15		25,000		28,042
Merrill Lynch & Co Inc
5.000% due 01/15/15		100,000		106,876
6.050% due 05/16/16		100,000		110,143
6.110% due 01/29/37		250,000		273,101
6.875% due 04/25/18		200,000		241,278
MetLife Inc
5.875% due 02/06/41		50,000		63,367
6.375% due 06/15/34		100,000		130,584
6.750% due 06/01/16		250,000		296,243
Morgan Stanley
2.875% due 07/28/14		100,000		102,240
4.750% due 04/01/14		50,000		51,789
4.875% due 11/01/22		100,000		103,628
5.500% due 07/28/21		50,000		56,812
5.750% due 01/25/21		200,000		228,572

	Principal Amount		Value
5.950% due 12/28/17		$200,000		$226,649
6.000% due 04/28/15		350,000		381,406
6.250% due 08/09/26		100,000		117,484
6.375% due 07/24/42		100,000		117,332
National Australia Bank Ltd (Australia) 2.000% due 03/09/15		250,000		256,101
National Rural Utilities Cooperative Finance Corp
4.750% due 03/01/14		50,000		52,417
8.000% due 03/01/32		50,000		75,284
Nomura Holdings Inc (Japan)
5.000% due 03/04/15		35,000		37,126
6.700% due 03/04/20		5,000		5,839
Nordic Investment Bank (Multi-National) 2.625% due 10/06/14		100,000		104,095
Northern Trust Corp 3.375% due 08/23/21		50,000		54,046
Oesterreichische Kontrollbank AG (Austria) 1.750% due 10/05/15		100,000		103,151
PNC Funding Corp
3.625% due 02/08/15		100,000		105,908
5.125% due 02/08/20		100,000		119,012
Principal Financial Group Inc 1.850% due 11/15/17		100,000		100,608
Private Export Funding Corp
1.375% due 02/15/17		100,000		102,916
2.450% due 07/15/24		100,000		101,948
4.300% due 12/15/21		25,000		30,229
ProLogis LP REIT
6.625% due 05/15/18		60,000		72,527
7.625% due 08/15/14		25,000		27,358
Protective Life Corp 8.450% due 10/15/39		25,000		32,628
Prudential Financial Inc
5.625% due 05/12/41		50,000		57,047
5.875% due 09/15/42 §		100,000		105,375
6.200% due 01/15/15		30,000		33,147
6.625% due 06/21/40		50,000		62,873
7.375% due 06/15/19		70,000		88,943
Realty Income Corp REIT 5.875% due 03/15/35		50,000		57,526
Royal Bank of Canada (Canada)
0.800% due 10/30/15		100,000		99,946
1.200% due 09/19/17		100,000		100,318
2.625% due 12/15/15		100,000		105,614
Santander Holdings USA Inc 3.000% due 09/24/15		30,000		30,568
Simon Property Group LP REIT
2.150% due 09/15/17		200,000		207,600
5.650% due 02/01/20		75,000		90,060
6.750% due 02/01/40		25,000		33,908
SLM Corp
6.250% due 01/25/16		200,000		218,500
8.450% due 06/15/18		100,000		117,500
Sumitomo Mitsui Banking Corp (Japan) 1.350% due 07/18/15		250,000		252,953
SunTrust Banks Inc
3.500% due 01/20/17		200,000		214,923
5.000% due 09/01/15		4,000		4,373
Svensk Exportkredit AB (Sweden)
2.125% due 07/13/16		100,000		103,984
3.250% due 09/16/14		25,000		26,173
TD Ameritrade Holding Corp 4.150% due 12/01/14		50,000		53,312
The Allstate Corp 6.200% due 05/16/14		175,000		188,003
The Bank of New York Mellon Corp
0.700% due 10/23/15		90,000		89,720
2.500% due 01/15/16		100,000		104,841
4.300% due 05/15/14		60,000		63,079

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-5

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
The Bear Stearns Cos LLC 5.700% due 11/15/14		$100,000		$108,716
The Charles Schwab Corp 3.225% due 09/01/22 ~		25,000		25,394
The Chubb Corp 5.750% due 05/15/18		50,000		61,500
The Goldman Sachs Group Inc
3.300% due 05/03/15		300,000		312,832
3.625% due 02/07/16		300,000		317,716
5.250% due 07/27/21		50,000		57,043
5.375% due 03/15/20		100,000		114,679
5.625% due 01/15/17		225,000		247,017
5.750% due 01/24/22		100,000		118,315
6.125% due 02/15/33		200,000		234,276
6.150% due 04/01/18		100,000		117,568
6.250% due 02/01/41		100,000		122,799
6.750% due 10/01/37		50,000		56,710
The Hartford Financial Services Group Inc
6.300% due 03/15/18		85,000		101,345
6.625% due 04/15/42		150,000		190,886
The Korea Development Bank (South Korea) 8.000% due 01/23/14		100,000		107,414
The NASDAQ OMX Group Inc 5.250% due 01/16/18		50,000		54,686
The Progressive Corp 3.750% due 08/23/21		100,000		110,023
The Royal Bank of Scotland Group PLC (United Kingdom)
3.950% due 09/21/15		250,000		265,611
6.400% due 10/21/19		50,000		59,119
The Toronto-Dominion Bank (Canada) 2.375% due 10/19/16		100,000		105,149
The Travelers Cos Inc
5.750% due 12/15/17		50,000		60,770
6.250% due 06/15/37		25,000		33,876
Torchmark Corp 9.250% due 06/15/19		50,000		67,485
Toyota Motor Credit Corp
0.875% due 07/17/15		100,000		100,467
1.250% due 10/05/17		100,000		100,790
2.050% due 01/12/17		100,000		103,494
4.250% due 01/11/21		100,000		114,328
U.S. Bancorp
2.200% due 11/15/16		45,000		46,915
4.200% due 05/15/14		150,000		157,536
U.S. Bank NA 6.300% due 02/04/14		100,000		106,075
UBS AG (Switzerland)
3.875% due 01/15/15		150,000		158,568
5.750% due 04/25/18		100,000		118,809
Ventas Realty LP REIT 4.000% due 04/30/19		100,000		107,558
Wachovia Bank NA 6.600% due 01/15/38		100,000		137,378
Wachovia Corp
5.625% due 10/15/16		100,000		114,720
5.750% due 02/01/18		100,000		119,896
Wells Fargo & Co
1.250% due 02/13/15		250,000		252,460
2.625% due 12/15/16		300,000		316,812
4.600% due 04/01/21		200,000		230,225
5.000% due 11/15/14		100,000		107,328
WestLB AG (Germany) 4.796% due 07/15/15		100,000		111,001
Westpac Banking Corp (Australia)
1.125% due 09/25/15		100,000		100,986
3.000% due 08/04/15		100,000		105,675
4.875% due 11/19/19		25,000		29,185

	Principal Amount		Value
Willis Group Holdings PLC (Ireland) 5.750% due 03/15/21		$100,000		$113,887
WR Berkley Corp 6.250% due 02/15/37		50,000		58,557
				36,497,309
Health Care - 1.7%
Abbott Laboratories
5.125% due 04/01/19		80,000		95,460
6.150% due 11/30/37		25,000		34,667
AbbVie Inc
1.750% due 11/06/17 ~		200,000		202,335
4.400% due 11/06/42 ~		125,000		133,027
Aetna Inc
2.750% due 11/15/22		125,000		124,088
3.950% due 09/01/20		50,000		54,533
Amgen Inc
2.500% due 11/15/16		200,000		210,267
3.875% due 11/15/21		100,000		109,908
5.150% due 11/15/41		74,000		83,355
5.700% due 02/01/19		100,000		120,978
6.400% due 02/01/39		25,000		32,394
AstraZeneca PLC (United Kingdom)
4.000% due 09/18/42		25,000		25,313
5.900% due 09/15/17		100,000		121,589
6.450% due 09/15/37		25,000		33,887
Baxter International Inc 4.250% due 03/15/20		100,000		114,043
Becton Dickinson & Co 3.125% due 11/08/21		100,000		106,941
Boston Scientific Corp 6.400% due 06/15/16		100,000		115,008
Bristol-Myers Squibb Co
3.250% due 08/01/42		100,000		91,644
5.450% due 05/01/18		25,000		30,224
Cardinal Health Inc 3.200% due 06/15/22		100,000		103,174
Celgene Corp 3.250% due 08/15/22		100,000		102,031
CIGNA Corp 4.500% due 03/15/21		100,000		112,102
Covidien International Finance SA (Luxembourg) 2.800% due 06/15/15		100,000		104,646
Eli Lilly & Co
4.200% due 03/06/14		50,000		52,179
5.500% due 03/15/27		100,000		126,274
Express Scripts Holding Co
2.650% due 02/15/17 ~		100,000		104,008
2.750% due 11/21/14 ~		100,000		103,207
6.125% due 11/15/41 ~		50,000		63,844
Gilead Sciences Inc 4.400% due 12/01/21		100,000		114,088
GlaxoSmithKline Capital Inc 6.375% due 05/15/38		100,000		138,265
GlaxoSmithKline Capital PLC (United Kingdom) 1.500% due 05/08/17		200,000		203,053
Humana Inc 4.625% due 12/01/42		100,000		101,078
Johnson & Johnson
3.550% due 05/15/21		50,000		56,291
4.850% due 05/15/41		50,000		61,890
5.550% due 08/15/17		50,000		60,367
5.950% due 08/15/37		100,000		138,802
Life Technologies Corp 4.400% due 03/01/15		25,000		26,658
McKesson Corp 6.500% due 02/15/14		100,000		106,467

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-6

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Medco Health Solutions Inc 4.125% due 09/15/20		$50,000		$54,685
Medtronic Inc
3.000% due 03/15/15		50,000		52,563
4.450% due 03/15/20		25,000		29,060
4.500% due 03/15/42		100,000		113,721
Merck & Co Inc
1.100% due 01/31/18		100,000		100,005
2.400% due 09/15/22		100,000		100,127
4.000% due 06/30/15		50,000		54,295
6.000% due 09/15/17		50,000		61,323
6.550% due 09/15/37		100,000		143,433
Novartis Capital Corp
2.400% due 09/21/22		75,000		75,274
4.125% due 02/10/14		100,000		104,031
4.400% due 04/24/20		50,000		58,361
Pfizer Inc
5.350% due 03/15/15		100,000		110,182
6.200% due 03/15/19		150,000		189,707
7.200% due 03/15/39		50,000		76,725
Quest Diagnostics Inc
4.750% due 01/30/20		15,000		16,576
5.750% due 01/30/40		10,000		11,467
6.950% due 07/01/37		100,000		128,748
Sanofi (France) 4.000% due 03/29/21		100,000		114,073
Teva Pharmaceutical Finance II BV (Netherlands) 3.000% due 06/15/15		200,000		210,383
Thermo Fisher Scientific Inc
3.150% due 01/15/23		100,000		102,294
3.200% due 03/01/16		100,000		106,252
UnitedHealth Group Inc 6.875% due 02/15/38		250,000		343,571
Watson Pharmaceuticals Inc
4.625% due 10/01/42		100,000		104,215
5.000% due 08/15/14		20,000		21,314
WellPoint Inc
1.875% due 01/15/18		75,000		75,993
3.300% due 01/15/23		75,000		77,023
4.625% due 05/15/42		100,000		103,382
4.650% due 01/15/43		50,000		52,157
5.875% due 06/15/17		100,000		118,769
Wyeth LLC
5.950% due 04/01/37		50,000		66,756
6.500% due 02/01/34		100,000		136,809
Zimmer Holdings Inc 3.375% due 11/30/21		100,000		103,731
				6,935,090
Industrials - 1.5%
3M Co 2.000% due 06/26/22		100,000		99,357
ABB Finance USA Inc 2.875% due 05/08/22		100,000		102,476
Boeing Capital Corp 3.250% due 10/27/14		100,000		104,974
Burlington Northern Santa Fe LLC
4.700% due 10/01/19		100,000		115,350
5.650% due 05/01/17		100,000		117,789
5.750% due 05/01/40		100,000		123,394
Canadian National Railway Co (Canada) 6.200% due 06/01/36		50,000		68,323
Canadian Pacific Railway Ltd (Canada) 4.500% due 01/15/22		50,000		55,582
Caterpillar Inc
3.900% due 05/27/21		200,000		224,556
6.050% due 08/15/36		125,000		164,649
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		30,000		31,575

	Principal Amount		Value
Continental Airlines Pass-Through Trust 9.000% due 01/08/18		$42,872		$49,624
CSX Corp
5.500% due 04/15/41		75,000		89,948
6.250% due 04/01/15		100,000		112,028
7.375% due 02/01/19		50,000		63,615
Danaher Corp
2.300% due 06/23/16		50,000		52,325
3.900% due 06/23/21		50,000		56,302
Deere & Co 4.375% due 10/16/19		50,000		57,929
Delta Air Lines Pass-Through Trust ‘A’ 4.950% due 11/23/20		86,933		94,757
Dover Corp 5.375% due 03/01/41		50,000		63,460
Eaton Corp 4.150% due 11/02/42 ~		100,000		101,234
Embraer SA (Brazil) 5.150% due 06/15/22		100,000		109,750
Emerson Electric Co
4.125% due 04/15/15		100,000		107,841
4.250% due 11/15/20		25,000		28,869
FedEx Corp 3.875% due 08/01/42		100,000		97,875
General Dynamics Corp 1.000% due 11/15/17		50,000		49,766
General Electric Co
2.700% due 10/09/22		100,000		102,027
4.125% due 10/09/42		100,000		102,971
5.250% due 12/06/17		100,000		118,004
Honeywell International Inc 5.000% due 02/15/19		100,000		118,996
Illinois Tool Works Inc 4.875% due 09/15/41		100,000		117,358
Ingersoll-Rand Global Holding Co Ltd (Bermuda) 9.500% due 04/15/14		100,000		110,705
John Deere Capital Corp
0.875% due 04/17/15		100,000		100,490
1.400% due 03/15/17		100,000		101,026
2.750% due 03/15/22		100,000		102,000
Koninklijke Philips Electronics NV (Netherlands)
5.750% due 03/11/18		50,000		60,289
6.875% due 03/11/38		100,000		135,415
L-3 Communications Corp 5.200% due 10/15/19		100,000		114,099
Lockheed Martin Corp 4.250% due 11/15/19		100,000		112,832
Norfolk Southern Corp
3.000% due 04/01/22		100,000		102,663
4.837% due 10/01/41		50,000		55,841
5.900% due 06/15/19		50,000		60,983
Northrop Grumman Corp 3.500% due 03/15/21		100,000		106,720
Owens Corning 4.200% due 12/15/22		138,000		140,466
Pentair Finance SA (Luxembourg) 1.350% due 12/01/15 ~		50,000		49,987
Pitney Bowes Inc 5.600% due 03/15/18		50,000		52,999
Precision Castparts Corp 2.500% due 01/15/23		100,000		100,737
Raytheon Co
2.500% due 12/15/22		125,000		123,421
4.400% due 02/15/20		25,000		28,631
Republic Services Inc
3.800% due 05/15/18		100,000		110,030
5.500% due 09/15/19		27,000		31,995

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-7

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Rockwell Collins Inc 5.250% due 07/15/19		$100,000		$119,845
Ryder System Inc 2.500% due 03/01/17		50,000		50,878
Stanley Black & Decker Inc 2.900% due 11/01/22		50,000		50,576
The ADT Corp 4.875% due 07/15/42 ~		100,000		95,005
The Boeing Co 5.875% due 02/15/40		50,000		67,587
U.S. Airways Pass-Through Trust ‘A’ 4.625% due 06/03/25		100,000		101,750
Union Pacific Corp
4.750% due 09/15/41		100,000		112,279
6.125% due 02/15/20		100,000		125,311
United Parcel Service Inc
1.125% due 10/01/17		50,000		50,129
5.500% due 01/15/18		50,000		60,121
6.200% due 01/15/38		50,000		67,122
United Technologies Corp
3.100% due 06/01/22		200,000		211,988
4.500% due 04/15/20		30,000		35,270
6.050% due 06/01/36		50,000		65,868
6.125% due 02/01/19		100,000		124,694
6.125% due 07/15/38		25,000		33,313
URS Corp 5.000% due 04/01/22 ~		100,000		103,028
Waste Management Inc 7.750% due 05/15/32		100,000		141,252
				6,320,049
Information Technology - 1.0%
Adobe Systems Inc 4.750% due 02/01/20		100,000		111,996
Arrow Electronics Inc 6.000% due 04/01/20		25,000		28,309
Avnet Inc 6.000% due 09/01/15		100,000		109,145
Cisco Systems Inc
1.625% due 03/14/14		200,000		203,053
4.950% due 02/15/19		200,000		236,904
Corning Inc 1.450% due 11/15/17		100,000		100,473
Dell Inc 5.875% due 06/15/19		100,000		115,382
eBay Inc 1.350% due 07/15/17		100,000		101,240
Fiserv Inc 3.125% due 06/15/16		50,000		52,553
Google Inc 1.250% due 05/19/14		50,000		50,635
Hewlett-Packard Co
2.600% due 09/15/17		150,000		146,232
3.000% due 09/15/16		100,000		100,699
3.750% due 12/01/20		50,000		48,481
4.750% due 06/02/14		200,000		208,552
6.000% due 09/15/41		55,000		54,489
Intel Corp
3.300% due 10/01/21		150,000		159,188
4.800% due 10/01/41		185,000		203,810
International Business Machines Corp
0.750% due 05/11/15		250,000		251,661
1.875% due 05/15/19		100,000		101,566
1.950% due 07/22/16		100,000		103,988
5.600% due 11/30/39		26,000		33,540
8.375% due 11/01/19		100,000		142,180
Juniper Networks Inc 3.100% due 03/15/16		100,000		103,710

	Principal Amount		Value
Microsoft Corp
2.950% due 06/01/14		$100,000		$103,720
3.500% due 11/15/42		100,000		96,786
5.200% due 06/01/39		135,000		165,350
Oracle Corp
2.500% due 10/15/22		125,000		126,246
3.750% due 07/08/14		100,000		105,026
5.000% due 07/08/19		100,000		120,164
6.500% due 04/15/38		100,000		139,171
Texas Instruments Inc 1.375% due 05/15/14		100,000		101,360
The Western Union Co 5.930% due 10/01/16		100,000		109,931
Tyco Electronics Group SA (Luxembourg) 4.875% due 01/15/21		30,000		33,681
Xerox Corp
5.625% due 12/15/19		100,000		111,798
8.250% due 05/15/14		40,000		43,646
				4,024,665
Materials - 1.1%
Agrium Inc (Canada) 6.125% due 01/15/41		25,000		30,084
Air Products & Chemicals Inc 4.375% due 08/21/19		25,000		28,864
Alcoa Inc
5.400% due 04/15/21		100,000		104,158
6.750% due 07/15/18		100,000		114,333
Barrick Gold Corp (Canada)
2.900% due 05/30/16		100,000		104,978
3.850% due 04/01/22		100,000		105,943
5.250% due 04/01/42		100,000		110,077
Barrick PD Australia Finance Property Ltd (Australia) 5.950% due 10/15/39		25,000		28,898
Bemis Co Inc 5.650% due 08/01/14		5,000		5,354
BHP Billiton Finance USA Ltd (Australia)
1.000% due 02/24/15		100,000		100,788
1.125% due 11/21/14		100,000		101,253
1.875% due 11/21/16		100,000		103,173
6.500% due 04/01/19		75,000		95,703
Cabot Corp 5.000% due 10/01/16		25,000		27,933
Celulosa Arauco y Constitucion SA (Chile) 4.750% due 01/11/22		100,000		105,283
Cliffs Natural Resources Inc 5.900% due 03/15/20		25,000		26,601
CRH America Inc 6.000% due 09/30/16		50,000		56,214
Eastman Chemical Co 4.800% due 09/01/42		100,000		107,071
Ecolab Inc 4.350% due 12/08/21		100,000		111,710
EI du Pont de Nemours & Co
3.250% due 01/15/15		100,000		105,308
4.625% due 01/15/20		150,000		176,953
Freeport-McMoRan Copper & Gold Inc 1.400% due 02/13/15		100,000		99,842
Georgia-Pacific LLC 8.875% due 05/15/31		100,000		150,036
International Paper Co
4.750% due 02/15/22		25,000		28,311
7.500% due 08/15/21		40,000		52,386
7.950% due 06/15/18		100,000		129,384
Monsanto Co 3.600% due 07/15/42		50,000		49,837
Newmont Mining Corp
3.500% due 03/15/22		100,000		103,223
6.250% due 10/01/39		25,000		30,134

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-8

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Nucor Corp 4.125% due 09/15/22		$50,000		$55,345
Potash Corp of Saskatchewan Inc (Canada)
3.750% due 09/30/15		20,000		21,524
5.625% due 12/01/40		25,000		30,409
PPG Industries Inc 3.600% due 11/15/20		50,000		53,960
Praxair Inc
1.050% due 11/07/17		50,000		50,049
2.200% due 08/15/22		100,000		97,995
Rio Tinto Finance USA Ltd (Australia)
1.875% due 11/02/15		100,000		102,693
3.500% due 11/02/20		100,000		106,082
7.125% due 07/15/28		50,000		67,821
Rio Tinto Finance USA PLC (United Kingdom)
1.625% due 08/21/17		100,000		101,325
4.750% due 03/22/42		100,000		110,677
Southern Copper Corp 7.500% due 07/27/35		50,000		64,541
Teck Resources Ltd (Canada)
3.150% due 01/15/17		100,000		104,875
6.250% due 07/15/41		50,000		58,864
The Dow Chemical Co
4.125% due 11/15/21		200,000		219,281
5.700% due 05/15/18		250,000		297,557
7.600% due 05/15/14		58,000		63,344
9.400% due 05/15/39		50,000		82,386
Vale Overseas Ltd (Cayman)
4.375% due 01/11/22		100,000		107,139
6.875% due 11/21/36		50,000		62,077
6.875% due 11/10/39		45,000		56,500
8.250% due 01/17/34		100,000		137,462
Valspar Corp 7.250% due 06/15/19		25,000		30,556
				4,476,294
Telecommunication Services - 1.3%
America Movil SAB de CV (Mexico)
2.375% due 09/08/16		200,000		208,818
5.000% due 03/30/20		50,000		58,373
6.125% due 03/30/40		50,000		66,096
AT&T Inc
2.625% due 12/01/22		125,000		125,325
2.950% due 05/15/16		400,000		423,720
3.000% due 02/15/22		100,000		104,094
4.300% due 12/15/42 ~		393,000		395,109
4.350% due 06/15/45 ~		177,000		177,981
4.450% due 05/15/21		50,000		57,788
5.350% due 09/01/40		161,000		187,665
5.625% due 06/15/16		50,000		57,420
6.550% due 02/15/39		100,000		131,523
British Telecommunications PLC (United Kingdom)
2.000% due 06/22/15		200,000		205,728
9.625% due 12/15/30		50,000		79,484
Cellco Partnership 8.500% due 11/15/18		150,000		206,527
CenturyLink Inc 6.450% due 06/15/21		250,000		276,450
Deutsche Telekom International Finance BV (Netherlands) 8.750% due 06/15/30		185,000		277,350
Embarq Corp 7.995% due 06/01/36		50,000		55,263
France Telecom SA (France)
2.750% due 09/14/16		100,000		105,035
8.500% due 03/01/31		50,000		74,892
Qwest Corp 6.750% due 12/01/21		100,000		117,285

	Principal Amount		Value
Rogers Communications Inc (Canada) 6.375% due 03/01/14		$50,000		$53,284
Telecom Italia Capital SA (Luxembourg)
6.175% due 06/18/14		100,000		105,650
7.175% due 06/18/19		100,000		116,550
Telefonica Emisiones SAU (Spain)
3.992% due 02/16/16		50,000		52,150
4.949% due 01/15/15		50,000		52,500
5.462% due 02/16/21		40,000		42,750
Telefonica Europe BV (Netherlands) 8.250% due 09/15/30		150,000		178,313
Verizon Communications Inc
1.950% due 03/28/14		250,000		254,598
3.500% due 11/01/21		200,000		218,987
5.850% due 09/15/35		100,000		125,722
6.350% due 04/01/19		100,000		126,453
7.350% due 04/01/39		100,000		148,364
Verizon Global Funding Corp 7.750% due 12/01/30		50,000		73,253
Vodafone Group PLC (United Kingdom)
4.150% due 06/10/14		50,000		52,478
5.450% due 06/10/19		150,000		182,469
5.625% due 02/27/17		100,000		117,421
7.875% due 02/15/30		50,000		72,517
				5,365,385
Utilities - 1.7%
AGL Capital Corp 3.500% due 09/15/21		50,000		54,164
Alabama Power Co 4.100% due 01/15/42		100,000		102,787
Alliant Energy Corp 4.000% due 10/15/14		50,000		52,712
Ameren Corp 8.875% due 05/15/14		25,000		27,367
American Water Capital Corp 4.300% due 12/01/42		100,000		103,958
Appalachian Power Co 4.600% due 03/30/21		50,000		57,634
Arizona Public Service Co 4.500% due 04/01/42		100,000		106,454
Avista Corp 5.125% due 04/01/22		15,000		18,115
Baltimore Gas & Electric Co 3.500% due 11/15/21		25,000		26,802
Carolina Power & Light Co 5.250% due 12/15/15		100,000		113,485
CenterPoint Energy Houston Electric LLC 2.250% due 08/01/22		100,000		98,427
CenterPoint Energy Resources Corp 5.850% due 01/15/41		50,000		63,341
Commonwealth Edison Co
3.800% due 10/01/42		100,000		98,279
4.000% due 08/01/20		100,000		111,870
Consolidated Edison Co of New York Inc
5.850% due 03/15/36		25,000		31,868
6.650% due 04/01/19		150,000		191,203
Constellation Energy Group Inc 4.550% due 06/15/15		125,000		134,988
Consumers Energy Co 6.700% due 09/15/19		25,000		32,542
Dominion Resources Inc
5.150% due 07/15/15		50,000		55,232
5.200% due 08/15/19		120,000		142,743
DTE Energy Co 7.625% due 05/15/14		100,000		109,219
Duke Energy Carolinas LLC
5.300% due 02/15/40		25,000		30,030
6.100% due 06/01/37		25,000		31,680
7.000% due 11/15/18		100,000		130,978

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-9

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Duke Energy Corp 3.550% due 09/15/21		$100,000		$105,476
Duke Energy Indiana Inc 4.200% due 03/15/42		125,000		127,798
Entergy Corp 4.700% due 01/15/17		150,000		162,591
Entergy Gulf States Louisiana LLC 5.590% due 10/01/24		50,000		58,232
Exelon Generation Co LLC
6.200% due 10/01/17		25,000		29,544
6.250% due 10/01/39		25,000		29,096
FirstEnergy Corp 7.375% due 11/15/31		50,000		64,623
Florida Power & Light Co
5.690% due 03/01/40		35,000		45,661
5.950% due 02/01/38		125,000		166,535
Florida Power Corp 6.350% due 09/15/37		25,000		33,597
Georgia Power Co
2.850% due 05/15/22		100,000		103,116
4.250% due 12/01/19		25,000		28,553
Great Plains Energy Inc 4.850% due 06/01/21		100,000		110,258
Jersey Central Power & Light Co 5.625% due 05/01/16		50,000		56,759
Louisville Gas & Electric Co 1.625% due 11/15/15		50,000		51,485
Metropolitan Edison Co 7.700% due 01/15/19		50,000		63,880
MidAmerican Energy Co 6.750% due 12/30/31		100,000		136,052
MidAmerican Energy Holdings Co 6.125% due 04/01/36		100,000		126,337
Nevada Power Co 6.750% due 07/01/37		50,000		69,409
NextEra Energy Capital Holdings Inc 4.500% due 06/01/21		50,000		55,597
Nisource Finance Corp
5.250% due 02/15/43		100,000		105,948
6.125% due 03/01/22		50,000		59,970
Northern States Power Co
2.150% due 08/15/22		100,000		98,839
3.400% due 08/15/42		125,000		117,896
4.850% due 08/15/40		50,000		57,818
5.350% due 11/01/39		10,000		12,518
NSTAR Electric Co 2.375% due 10/15/22		100,000		99,479
NSTAR LLC 4.500% due 11/15/19		15,000		17,049
Ohio Edison Co 6.875% due 07/15/36		150,000		194,413
Ohio Power Co 5.375% due 10/01/21		30,000		36,381
Oncor Electric Delivery Co LLC
5.300% due 06/01/42		100,000		114,438
7.000% due 05/01/32		50,000		63,617
ONEOK Partners LP 8.625% due 03/01/19		150,000		199,271
Pacific Gas & Electric Co
2.450% due 08/15/22		100,000		99,956
4.800% due 03/01/14		50,000		52,404
6.050% due 03/01/34		100,000		128,941
6.250% due 03/01/39		25,000		33,049
PacifiCorp 4.100% due 02/01/42		50,000		51,835
Pepco Holdings Inc 2.700% due 10/01/15		100,000		103,572
PPL Electric Utilities Corp
2.500% due 09/01/22		100,000		100,555
5.200% due 07/15/41		25,000		29,896

	Principal Amount		Value
Progress Energy Inc
6.000% due 12/01/39		$25,000		$30,291
7.750% due 03/01/31		100,000		136,701
PSEG Power LLC 4.150% due 09/15/21		100,000		109,668
Public Service Co of Colorado 5.125% due 06/01/19		15,000		18,072
Public Service Co of Oklahoma 5.150% due 12/01/19		20,000		23,365
Puget Sound Energy Inc 5.795% due 03/15/40		25,000		31,916
San Diego Gas & Electric Co 3.000% due 08/15/21		100,000		105,964
Sempra Energy
2.000% due 03/15/14		100,000		101,543
6.000% due 10/15/39		25,000		31,635
9.800% due 02/15/19		50,000		70,045
South Carolina Electric & Gas Co 5.450% due 02/01/41		50,000		61,309
Southern California Edison Co
3.875% due 06/01/21		100,000		112,919
4.500% due 09/01/40		50,000		56,438
5.750% due 03/15/14		50,000		53,089
Southern Power Co 5.150% due 09/15/41		40,000		45,086
Southwestern Electric Power Co 6.200% due 03/15/40		50,000		62,630
Tampa Electric Co 6.100% due 05/15/18		35,000		43,580
The Southern Co 4.150% due 05/15/14		50,000		52,394
TransAlta Corp (Canada) 4.750% due 01/15/15		25,000		26,504
Union Electric Co 8.450% due 03/15/39		100,000		171,395
Virginia Electric & Power Co
2.950% due 01/15/22		100,000		105,400
5.000% due 06/30/19		35,000		41,774
8.875% due 11/15/38		25,000		42,643
Wisconsin Electric Power Co 4.250% due 12/15/19		25,000		28,746
				6,891,429
Total Corporate Bonds & Notes (Cost $89,253,123)				94,349,755
MORTGAGE-BACKED SECURITIES - 30.9%
Collateralized Mortgage Obligations - Commercial - 1.7%
Banc of America Commercial Mortgage Trust
5.356% due 10/10/45 "		50,000		57,433
5.369% due 10/10/45 "		50,000		54,601
5.625% due 04/10/49 " §		100,000		117,349
5.634% due 04/10/49 " §		15,609		15,975
Banc of America Merrill Lynch Commercial Mortgage Inc 4.668% due 07/10/43 "		100,000		108,905
Bear Stearns Commercial Mortgage Securities
4.750% due 02/13/46 " §		100,000		106,407
5.537% due 10/12/41 "		100,000		115,443
5.540% due 09/11/41 "		700,000		805,785
Citigroup Commercial Mortgage Trust 5.702% due 12/10/49 " §		200,000		236,416
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.293% due 12/11/49 "		100,000		104,066
5.304% due 01/15/46 " §		100,000		112,224
5.617% due 10/15/48 "		100,000		115,202

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-10

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Commercial Mortgage Pass-Through Certificates
4.982% due 05/10/43 " §		$100,000		$109,559
5.676% due 03/15/39 " §		100,000		113,112
Credit Suisse First Boston Mortgage Securities Corp 5.014% due 02/15/38 " §		50,000		53,929
Greenwich Capital Commercial Funding Corp
4.799% due 08/10/42 " §		100,000		107,155
5.444% due 03/10/39 "		100,000		115,560
5.867% due 07/10/38 " §		100,000		115,090
GS Mortgage Securities Corp II
5.396% due 08/10/38 " §		100,000		105,769
5.553% due 04/10/38 " §		100,000		112,810
JPMorgan Chase Commercial Mortgage Securities Corp
4.404% due 01/12/39 "		505,000		523,245
5.335% due 08/12/37 " §		100,000		109,531
5.336% due 05/15/47 "		100,000		114,801
5.429% due 12/12/43 "		100,000		114,562
5.814% due 06/12/43 " §		200,000		228,717
LB-UBS Commercial Mortgage Trust
4.786% due 10/15/29 " §		500,000		532,039
5.661% due 03/15/39 " §		84,000		95,525
5.865% due 06/15/38 " §		250,000		289,314
5.866% due 09/15/45 " §		100,000		119,706
Merrill Lynch Mortgage Trust 5.684% due 05/12/39 " §		255,000		293,143
Morgan Stanley Capital I Trust
4.989% due 08/13/42 "		50,000		54,719
5.162% due 10/12/52 " §		200,000		222,619
5.208% due 11/14/42 " §		100,000		110,643
5.439% due 02/12/44 "		70,000		73,281
5.514% due 11/12/49 " §		100,000		116,293
5.569% due 12/15/44 "		450,000		510,497
5.809% due 12/12/49 "		125,000		148,884
5.882% due 06/11/49 " §		100,000		118,294
UBS-Barclays Commercial Mortgage Trust 3.525% due 05/10/63 "		250,000		272,217
Wachovia Bank Commercial Mortgage Trust 5.795% due 07/15/45 " §		100,000		111,598
				6,942,418
Fannie Mae - 14.2%
2.846% due 05/01/22 - 01/01/43 "		8,042,715		8,478,001
3.041% due 03/01/41 " §		654,383		686,203
3.047% due 07/01/41 " §		1,022,071		1,069,353
3.307% due 01/01/41 " §		414,216		437,557
3.496% due 08/01/39 " §		83,558		89,290
3.500% due 11/01/25 - 01/01/43 "		8,348,079		8,910,343
4.000% due 09/01/18 - 01/01/43 "		8,520,236		9,155,338
4.500% due 05/01/18 - 01/01/43 "		11,028,143		11,981,109
4.780% due 06/01/38 " §		21,887		23,370
5.000% due 12/01/17 - 01/01/43 "		7,525,111		8,184,587
5.500% due 02/01/24 - 07/01/41 "		5,015,509		5,466,326
5.700% due 09/01/37 " §		115,313		124,993
6.000% due 09/01/34 - 09/01/39 "		2,522,889		2,763,345
6.500% due 09/01/36 - 07/01/38 "		630,169		713,649
				58,083,464
Freddie Mac - 8.1%
2.846% due 11/01/37 " §		89,521		95,437
3.000% due 09/01/26 - 01/01/43 "		5,152,787		5,405,890
3.500% due 03/01/26 - 01/01/43 "		3,185,428		3,387,122
4.000% due 02/01/25 - 01/01/43 "		6,431,151		6,914,661
4.500% due 03/01/23 - 10/01/41 "		5,476,611		5,978,031
5.000% due 03/01/19 - 03/01/41 "		3,769,423		4,104,272
5.500% due 12/01/16 - 04/01/40 "		3,124,738		3,385,877

	Principal Amount		Value
6.000% due 03/01/23 - 01/01/43 "		$2,898,697		$3,155,388
6.500% due 08/01/37 - 04/01/39 "		497,759		566,535
				32,993,213
Government National Mortgage Association - 6.9%
3.000% due 11/15/42 - 01/01/43 "		1,999,132		2,128,181
3.500% due 10/15/41 - 01/01/43 "		4,647,586		5,053,713
4.000% due 06/15/39 - 04/20/42 "		5,060,375		5,550,895
4.500% due 02/15/39 - 01/01/43 "		6,608,627		7,268,347
5.000% due 05/15/38 - 11/15/41 "		4,187,991		4,599,539
5.500% due 04/15/37 - 04/15/40 "		2,142,823		2,353,521
6.000% due 08/15/35 - 12/15/40 "		974,995		1,090,275
6.500% due 10/15/37 - 02/15/39 "		288,441		329,568
				28,374,039
Total Mortgage-Backed Securities (Cost $123,610,877)				126,393,134
ASSET-BACKED SECURITIES - 0.2%
Chase Issuance Trust 1.580% due 08/16/21 "		200,000		201,674
Citibank Credit Card Issuance Trust
4.850% due 03/10/17 "		250,000		273,367
5.650% due 09/20/19 "		100,000		121,201
6.150% due 06/15/39 "		250,000		332,215
Total Asset-Backed Securities (Cost $918,937)				928,457
U.S. GOVERNMENT AGENCY ISSUES - 4.3%
Fannie Mae
0.375% due 03/16/15		500,000		500,939
0.500% due 05/27/15		500,000		502,115
0.750% due 12/19/14		750,000		757,023
0.850% due 07/18/16		100,000		100,034
0.875% due 08/28/14		500,000		505,242
0.875% due 10/26/17		400,000		402,092
1.200% due 03/08/17		100,000		100,206
1.250% due 02/27/14		200,000		202,726
1.250% due 09/28/16		700,000		718,818
1.250% due 01/30/17		500,000		513,093
1.625% due 10/26/15		200,000		207,045
1.750% due 01/30/19		100,000		101,038
2.000% due 09/21/15		100,000		104,442
2.500% due 05/15/14		200,000		206,269
2.625% due 11/20/14		250,000		261,276
2.750% due 02/05/14		325,000		334,399
5.000% due 03/15/16		200,000		229,042
5.000% due 05/11/17		150,000		177,666
5.375% due 06/12/17		200,000		240,739
5.625% due 07/15/37		100,000		144,245
7.125% due 01/15/30		275,000		432,506
Federal Farm Credit Bank
2.625% due 04/17/14		400,000		409,172
3.000% due 09/22/14		50,000		52,399
5.125% due 08/25/16		150,000		174,994
Federal Home Loan Bank
0.375% due 01/29/14		50,000		50,112
0.375% due 08/28/14		250,000		250,088
0.450% due 08/07/14		200,000		200,051
1.375% due 05/28/14		250,000		254,364
2.500% due 06/13/14		250,000		258,240
4.750% due 12/16/16		50,000		58,049
5.000% due 11/17/17		800,000		960,138
5.250% due 06/18/14		100,000		107,395
5.375% due 06/13/14		400,000		429,670
5.375% due 05/18/16		300,000		349,712
5.375% due 08/15/18		200,000		247,047
5.500% due 07/15/36		100,000		137,898

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-11

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Financing Corp Strips 10.700% due 10/06/17		$50,000		$72,161
Freddie Mac
0.350% due 11/26/14		250,000		250,049
0.375% due 04/28/14		400,000		400,923
0.400% due 02/27/14		100,000		100,049
0.500% due 04/17/15		250,000		251,165
0.550% due 02/27/15		100,000		100,071
0.625% due 12/29/14		500,000		503,480
0.800% due 01/13/15		100,000		100,477
0.850% due 01/09/15		100,000		100,012
1.000% due 06/30/15		100,000		100,730
1.000% due 02/24/16		100,000		100,912
1.000% due 07/28/17		250,000		252,794
1.100% due 07/25/17		100,000		100,063
1.375% due 02/25/14		1,000,000		1,013,730
2.000% due 08/25/16		200,000		210,673
2.250% due 01/23/17		100,000		102,296
2.375% due 01/13/22		450,000		470,525
2.500% due 01/07/14		200,000		204,827
2.875% due 02/09/15		100,000		105,415
3.750% due 03/27/19		200,000		231,479
4.750% due 11/17/15		100,000		112,505
4.875% due 06/13/18		400,000		483,457
5.000% due 04/18/17		300,000		354,616
5.125% due 11/17/17		200,000		241,292
6.250% due 07/15/32		125,000		186,259
6.750% due 03/15/31		100,000		153,856
Tennessee Valley Authority
3.500% due 12/15/42		100,000		99,484
3.875% due 02/15/21		65,000		75,488
5.250% due 09/15/39		25,000		32,924
5.375% due 04/01/56		50,000		68,159
6.750% due 11/01/25		150,000		219,275
7.125% due 05/01/30		50,000		76,776
Total U.S. Government Agency Issues (Cost $17,110,643)				17,556,206
U.S. TREASURY OBLIGATIONS - 35.8%
U.S. Treasury Bonds - 5.5%
2.750% due 08/15/42		950,000		914,079
2.750% due 11/15/42		600,000		576,281
3.000% due 05/15/42		850,000		862,883
3.125% due 11/15/41		350,000		365,039
3.125% due 02/15/42		650,000		677,320
3.500% due 02/15/39		300,000		337,969
3.750% due 08/15/41		1,600,000		1,874,250
3.875% due 08/15/40		600,000		718,781
4.250% due 05/15/39		450,000		572,203
4.250% due 11/15/40		750,000		954,610
4.375% due 02/15/38		150,000		193,898
4.375% due 11/15/39		275,000		356,598
4.375% due 05/15/40		525,000		681,187
4.375% due 05/15/41		775,000		1,006,531
4.500% due 02/15/36		250,000		327,891
4.500% due 05/15/38		200,000		263,344
4.500% due 08/15/39		700,000		924,547
4.625% due 02/15/40		625,000		841,699
4.750% due 02/15/41		500,000		687,031
5.000% due 05/15/37		50,000		70,305
5.250% due 11/15/28		300,000		413,766
5.375% due 02/15/31		1,225,000		1,744,668
5.500% due 08/15/28		200,000		282,156
6.125% due 11/15/27		250,000		370,742
6.125% due 08/15/29		50,000		75,617
6.250% due 08/15/23		250,000		358,086
6.250% due 05/15/30		1,050,000		1,620,445
6.375% due 08/15/27		145,000		219,335

	Principal Amount		Value
6.500% due 11/15/26		$100,000		$151,625
6.625% due 02/15/27		100,000		153,578
6.750% due 08/15/26		100,000		154,266
6.875% due 08/15/25		100,000		153,781
7.250% due 05/15/16		250,000		306,914
7.250% due 08/15/22		200,000		300,844
7.500% due 11/15/24		100,000		159,047
7.625% due 11/15/22		500,000		773,203
7.625% due 02/15/25		150,000		241,570
8.000% due 11/15/21		150,000		231,434
8.125% due 08/15/19		200,000		290,922
8.125% due 08/15/21		200,000		308,781
8.750% due 05/15/17		200,000		270,391
8.750% due 05/15/20		100,000		153,453
8.750% due 08/15/20		50,000		77,352
9.125% due 05/15/18		100,000		143,891
9.250% due 02/15/16		100,000		127,422
11.250% due 02/15/15		100,000		123,141
				22,412,876
U.S. Treasury Notes - 30.3%
0.250% due 03/31/14		2,000,000		2,001,250
0.250% due 09/15/14		1,250,000		1,250,440
0.250% due 09/30/14		750,000		750,264
0.250% due 11/30/14		750,000		750,147
0.250% due 12/15/14		500,000		500,078
0.250% due 01/15/15		1,750,000		1,749,727
0.250% due 02/15/15		500,000		499,805
0.375% due 03/15/15		1,500,000		1,503,165
0.375% due 04/15/15		500,000		501,015
0.500% due 08/15/14		2,000,000		2,008,984
0.500% due 10/15/14		2,000,000		2,009,298
0.500% due 07/31/17		500,000		496,875
0.625% due 07/15/14		3,000,000		3,018,867
0.625% due 08/31/17		500,000		499,453
0.625% due 09/30/17		2,100,000		2,095,735
0.625% due 11/30/17		500,000		498,203
0.750% due 06/15/14		300,000		302,379
0.750% due 12/31/17		1,250,000		1,251,757
0.875% due 11/30/16		1,150,000		1,166,262
0.875% due 12/31/16		2,750,000		2,787,383
0.875% due 01/31/17		1,500,000		1,519,921
0.875% due 02/28/17		500,000		506,484
0.875% due 04/30/17		3,500,000		3,542,658
1.000% due 01/15/14		1,000,000		1,008,516
1.000% due 05/15/14		500,000		505,430
1.000% due 08/31/16		350,000		356,645
1.000% due 09/30/16		400,000		407,562
1.000% due 10/31/16		1,000,000		1,018,906
1.250% due 08/31/15		350,000		358,559
1.250% due 09/30/15		800,000		820,062
1.250% due 10/31/15		3,000,000		3,076,407
1.375% due 11/30/15		200,000		205,906
1.375% due 09/30/18		600,000		616,453
1.375% due 11/30/18		500,000		513,047
1.375% due 12/31/18		650,000		666,656
1.375% due 02/28/19		1,250,000		1,280,274
1.500% due 06/30/16		2,500,000		2,591,212
1.500% due 03/31/19		3,000,000		3,092,580
1.625% due 08/15/22		2,025,000		2,009,812
1.625% due 11/15/22		850,000		839,774
1.750% due 01/31/14		250,000		254,209
1.750% due 03/31/14		500,000		509,570
1.750% due 07/31/15		400,000		414,656
1.750% due 05/31/16		450,000		470,039
1.750% due 05/15/22		1,250,000		1,259,570
1.875% due 02/28/14		2,425,000		2,472,079
1.875% due 04/30/14		2,125,000		2,171,901
1.875% due 06/30/15		500,000		519,453
1.875% due 08/31/17		400,000		422,406

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-12

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
1.875% due 09/30/17		$600,000		$633,469
1.875% due 10/31/17		1,700,000		1,795,360
2.000% due 01/31/16		1,050,000		1,102,008
2.000% due 04/30/16		300,000		315,586
2.000% due 11/15/21		1,000,000		1,036,953
2.000% due 02/15/22		600,000		619,922
2.125% due 11/30/14		2,950,000		3,054,979
2.125% due 05/31/15		1,700,000		1,773,977
2.125% due 12/31/15		200,000		210,484
2.125% due 02/29/16		250,000		263,633
2.125% due 08/15/21		1,600,000		1,680,750
2.250% due 05/31/14		1,000,000		1,028,594
2.250% due 01/31/15		1,040,000		1,082,738
2.250% due 03/31/16		250,000		264,902
2.250% due 11/30/17		700,000		752,555
2.250% due 07/31/18		1,400,000		1,507,407
2.375% due 08/31/14		1,200,000		1,242,610
2.375% due 09/30/14		300,000		311,180
2.375% due 10/31/14		4,950,000		5,141,426
2.375% due 02/28/15		1,500,000		1,567,617
2.375% due 03/31/16		1,100,000		1,169,609
2.375% due 07/31/17		400,000		431,281
2.375% due 05/31/18		300,000		324,891
2.500% due 03/31/15		100,000		104,984
2.500% due 04/30/15		500,000		525,547
2.500% due 06/30/17		300,000		324,984
2.625% due 06/30/14		300,000		310,746
2.625% due 07/31/14		700,000		726,442
2.625% due 12/31/14		400,000		418,938
2.625% due 02/29/16		100,000		107,016
2.625% due 04/30/16		500,000		536,328
2.625% due 01/31/18		1,000,000		1,094,141
2.625% due 04/30/18		500,000		547,734
2.625% due 08/15/20		800,000		877,625
2.625% due 11/15/20		1,000,000		1,096,641
2.750% due 11/30/16		500,000		543,125
2.750% due 05/31/17		400,000		437,312
2.750% due 12/31/17		1,000,000		1,100,156
2.750% due 02/28/18		100,000		110,133
2.750% due 02/15/19		1,050,000		1,162,055
2.875% due 03/31/18		1,000,000		1,108,281
3.000% due 08/31/16		400,000		436,469
3.000% due 09/30/16		1,500,000		1,639,453
3.000% due 02/28/17		1,200,000		1,319,813
3.125% due 10/31/16		200,000		219,844
3.125% due 01/31/17		950,000		1,048,711
3.125% due 04/30/17		250,000		276,992
3.125% due 05/15/19		460,000		520,591
3.125% due 05/15/21		1,750,000		1,982,696
3.250% due 06/30/16		250,000		274,258
3.250% due 07/31/16		250,000		274,726
3.250% due 12/31/16		350,000		387,598
3.250% due 03/31/17		150,000		166,805
3.375% due 11/15/19		750,000		861,504
3.500% due 02/15/18		900,000		1,024,453
3.500% due 05/15/20		650,000		754,254
3.625% due 08/15/19		675,000		785,479
3.625% due 02/15/20		750,000		875,508
3.625% due 02/15/21		700,000		821,024
3.750% due 11/15/18		375,000		436,465
3.875% due 05/15/18		200,000		232,344
4.000% due 02/15/14		200,000		208,500
4.000% due 02/15/15		2,350,000		2,534,696
4.000% due 08/15/18		150,000		176,180
4.125% due 05/15/15		1,050,000		1,144,418
4.250% due 08/15/14		1,000,000		1,064,922
4.250% due 11/15/14		200,000		214,867
4.250% due 08/15/15		250,000		275,488
4.250% due 11/15/17		900,000		1,053,633
4.500% due 11/15/15		1,500,000		1,677,304

	Principal Amount		Value
4.500% due 02/15/16		$300,000		$338,133
4.500% due 05/15/17		1,000,000		1,167,735
4.625% due 11/15/16		100,000		115,703
4.625% due 02/15/17		300,000		349,641
4.750% due 05/15/14		1,100,000		1,168,020
4.875% due 08/15/16		200,000		231,516
5.125% due 05/15/16		600,000		693,844
				124,269,540
Total U.S. Treasury Obligations (Cost $141,729,881)				146,682,416
FOREIGN GOVERNMENT BONDS & NOTES - 1.8%
Brazilian Government (Brazil)
2.625% due 01/05/23		250,000		251,625
5.625% due 01/07/41		25,000		32,875
7.125% due 01/20/37		200,000		307,000
8.000% due 01/15/18		152,778		177,796
8.875% due 10/14/19		100,000		145,125
10.125% due 05/15/27		100,000		183,500
Canada Government (Canada)
0.875% due 02/14/17		100,000		100,879
2.375% due 09/10/14		50,000		51,796
China Development Bank Corp (China) 5.000% due 10/15/15		100,000		110,577
Colombia Government (Colombia)
4.375% due 07/12/21		100,000		115,400
6.125% due 01/18/41		100,000		137,800
7.375% due 03/18/19		100,000		131,950
Export Development Canada (Canada) 1.500% due 05/15/14		100,000		101,705
Hydro-Quebec (Canada)
2.000% due 06/30/16		100,000		104,277
8.400% due 01/15/22		100,000		143,584
Israel Government AID Bond (Israel) 5.500% due 04/26/24		25,000		33,119
Israel Government (Israel) 5.125% due 03/26/19		100,000		116,945
Italy Government (Italy)
4.500% due 01/21/15		2,000		2,091
5.250% due 09/20/16		450,000		478,683
5.375% due 06/15/33		100,000		100,707
Japan Bank for International Cooperation (Japan)
1.875% due 09/24/15		100,000		103,775
2.125% due 02/07/19		200,000		208,069
Japan Finance Organization for Municipalities (Japan) 5.000% due 05/16/17		100,000		116,982
Mexico Government (Mexico)
3.625% due 03/15/22		296,000		324,490
4.750% due 03/08/44		264,000		298,980
5.750% due 10/12/10		34,000		41,140
5.875% due 02/17/14		200,000		210,500
6.750% due 09/27/34		125,000		180,625
Panama Government (Panama)
5.200% due 01/30/20		25,000		29,988
6.700% due 01/26/36		100,000		142,500
Peruvian Government (Peru) 7.125% due 03/30/19		200,000		262,800
Poland Government (Poland) 6.375% due 07/15/19		200,000		250,094
Province of British Columbia (Canada)
1.200% due 04/25/17		100,000		101,868
2.650% due 09/22/21		100,000		105,299
Province of Manitoba (Canada) 2.625% due 07/15/15		100,000		105,457
Province of Ontario (Canada)
1.100% due 10/25/17		250,000		250,474
1.375% due 01/27/14		150,000		151,671

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-13

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
2.300% due 05/10/16		$100,000		$105,275
2.700% due 06/16/15		125,000		131,668
2.950% due 02/05/15		200,000		210,304
4.000% due 10/07/19		150,000		172,300
Province of Quebec (Canada)
2.750% due 08/25/21		100,000		104,550
5.125% due 11/14/16		100,000		116,501
7.500% due 09/15/29		25,000		38,041
Republic of South Korea (South Korea)
5.750% due 04/16/14		50,000		53,122
7.125% due 04/16/19		100,000		129,966
South Africa Government (South Africa)
4.665% due 01/17/24		100,000		113,500
6.875% due 05/27/19		100,000		125,900
Uruguay Government (Uruguay)
4.125% due 11/20/45		143,467		143,969
6.875% due 09/28/25		100,000		140,500
Total Foreign Government Bonds & Notes (Cost $6,914,804)				7,297,742
MUNICIPAL BONDS - 0.9%
American Municipal Power Inc OH ‘B’ 6.449% due 02/15/44		25,000		29,917
Bay Area Toll Authority CA
6.263% due 04/01/49		25,000		34,647
7.043% due 04/01/50		50,000		72,937
Central Puget Sound Regional Transit Authority WA 5.491% due 11/01/39		25,000		31,186
City of New York NY 5.517% due 10/01/37		40,000		49,468
City of New York NY ‘D’ 5.985% due 12/01/36		100,000		126,981
City of San Francisco CA Public Utilities Commission Water Revenue
6.000% due 11/01/40		25,000		31,248
Commonwealth of Massachusetts
4.910% due 05/01/29		100,000		117,008
5.456% due 12/01/39		25,000		31,447
Dallas Independent School District TX ‘C’ 6.450% due 02/15/35		50,000		62,914
Denver City & County School District No. 1 CO ‘C’ 5.664% due 12/01/33		100,000		125,695
Government Development Bank for Puerto Rico ‘A’
3.448% due 02/01/15		100,000		99,243
Illinois State Toll Highway Authority ‘B’ 5.851% due 12/01/34		25,000		31,121
Los Angeles Unified School District CA 6.758% due 07/01/34		100,000		133,579
Metropolitan Transportation Authority NY
5.871% due 11/15/39		25,000		29,470
6.668% due 11/15/39		55,000		71,723
Municipal Electric Authority GA 6.637% due 04/01/57		25,000		29,888
New Jersey Transportation Trust Fund Authority 6.104% due 12/15/28		150,000		171,411
New York City Municipal Water Finance Authority NY
5.952% due 06/15/42		50,000		66,799
6.011% due 06/15/42		10,000		13,451
New York City Transitional Finance Authority Revenue NY 5.572% due 11/01/38		30,000		37,419
New York State Urban Development Corp 5.770% due 03/15/39		25,000		30,656

	Principal Amount		Value
Orange County Local Transportation Authority Revenue CA ‘A’ 6.908% due 02/15/41		$100,000		$140,063
Pennsylvania Turnpike Commission
6.105% due 12/01/39		25,000		31,506
Pennsylvania Turnpike Commission ‘B’
5.511% due 12/01/45		75,000		89,345
Philadelphia Authority for Industrial Development PA 3.964% due 04/15/26		55,000		55,303
Port Authority of New York & New Jersey 5.647% due 11/01/40		150,000		183,759
San Diego County Regional Transportation Commission Build America Bonds CA 5.911% due 04/01/48		50,000		66,143
State of California
4.850% due 10/01/14		50,000		53,180
5.750% due 03/01/17		50,000		57,401
6.200% due 10/01/19		25,000		30,497
7.500% due 04/01/34		50,000		69,587
7.550% due 04/01/39		150,000		216,420
7.600% due 11/01/40		270,000		394,705
7.625% due 03/01/40		40,000		57,828
State of Connecticut
5.090% due 10/01/30		50,000		57,498
State of Connecticut ‘B’
5.459% due 11/01/30		50,000		59,692
State of Illinois
5.100% due 06/01/33		100,000		99,016
5.665% due 03/01/18		200,000		228,058
6.725% due 04/01/35		100,000		114,550
State of Utah ‘D’ 4.554% due 07/01/24		15,000		17,604
State of Washington ‘D’ 5.481% due 08/01/39		25,000		31,512
Texas State Transportation Commission 5.178% due 04/01/30		25,000		30,606
University of California 4.858% due 05/15/12		100,000		105,542
Total Municipal Bonds (Cost $3,197,184)				3,618,023
	Shares
SHORT-TERM INVESTMENT - 8.3%
Money Market Fund - 8.3%
Federated Prime Obligations Fund		33,868,457		33,868,457
Total Short-Term Investment (Cost $33,868,457)				33,868,457
TOTAL INVESTMENTS - 105.2% (Cost $416,603,906)				430,694,190
OTHER ASSETS & LIABILITIES, NET - (5.2%)				(21,233,262	)
NET ASSETS - 100.0%				$409,460,928

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-14

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

U.S. Treasury Obligations	35.8%
Mortgage-Backed Securities	30.9%
Corporate Bonds & Notes	23.0%
Short-Term Investment	8.3%
U.S. Government Agency Issues	4.3%
Foreign Government Bonds & Notes	1.8%
Municipal Bonds	0.9%
Asset-Backed Securities	0.2%
	105.2%
Other Assets & Liabilities, Net	(5.2%	)
	100.0%

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

AAA	3.5%
AA/U.S. Government & Agency Issues	75.0%
A	11.7%
BBB	9.0%
BB	0.5%
Not Rated	0.3%
	100.0%

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$94,349,755		$-		$94,072,049		$277,706
	Mortgage-Backed Securities		126,393,134		-		126,393,134		-
	Asset-Backed Securities		928,457		-		928,457		-
	U.S. Government Agency Issues		17,556,206		-		17,556,206		-
	U.S. Treasury Obligations		146,682,416		-		146,682,416		-
	Foreign Government Bonds & Notes		7,297,742		-		7,297,742		-
	Municipal Bonds		3,618,023		-		3,618,023		-
	Short-Term Investment		33,868,457		33,868,457		-		-
	Total		$430,694,190		$33,868,457		$396,548,027		$277,706

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-15

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments

December 31, 2012

	Principal Amount		Value
CORPORATE BONDS & NOTES - 97.6%
Consumer Discretionary - 20.0%
Affinia Group Inc 9.000% due 11/30/14		$50,000		$50,125
Affinion Group Inc 7.875% due 12/15/18		100,000		76,750
Allbritton Communications Co 8.000% due 05/15/18		25,000		27,250
Allison Transmission Inc 7.125% due 05/15/19 ~		50,000		53,625
Altegrity Inc 10.500% due 11/01/15 ~		50,000		44,000
AMC Entertainment Inc
8.750% due 06/01/19		100,000		111,250
9.750% due 12/01/20		100,000		116,000
AMC Networks Inc
4.750% due 12/15/22		68,000		68,680
7.750% due 07/15/21		100,000		115,000
American Axle & Manufacturing Inc
7.875% due 03/01/17		100,000		103,750
9.250% due 01/15/17 ~		65,000		72,475
Ameristar Casinos Inc 7.500% due 04/15/21		70,000		76,212
ARAMARK Corp 8.500% due 02/01/15		125,000		125,782
Armored Autogroup Inc 9.250% due 11/01/18		25,000		21,313
AutoNation Inc 5.500% due 02/01/20		100,000		107,875
Beazer Homes USA Inc
6.875% due 07/15/15		50,000		50,375
9.125% due 05/15/19		50,000		52,562
Belo Corp 8.000% due 11/15/16		25,000		27,344
Best Buy Co Inc 5.500% due 03/15/21		100,000		85,250
Boyd Gaming Corp 9.125% due 12/01/18		100,000		102,500
Brookfield Residential Properties Inc (Canada) 6.500% due 12/15/20 ~		140,000		144,200
Brunswick Corp 11.250% due 11/01/16 ~		100,000		113,375
Burger King Corp 9.875% due 10/15/18		100,000		115,000
Burlington Coat Factory Warehouse Corp 10.000% due 02/15/19		100,000		108,500
Cablevision Systems Corp
5.875% due 09/15/22		100,000		100,625
7.750% due 04/15/18		100,000		111,750
8.000% due 04/15/20		100,000		113,125
Caesars Entertainment Operating Co Inc
5.625% due 06/01/15		100,000		88,000
6.500% due 06/01/16		100,000		61,000
8.500% due 02/15/20		100,000		99,562
9.000% due 02/15/20 ~		100,000		100,500
10.000% due 12/15/18		450,000		299,125
10.750% due 02/01/16		50,000		40,750
11.250% due 06/01/17		200,000		215,250
12.750% due 04/15/18		150,000		111,375
Carlson Wagonlit BV (Netherlands) 6.875% due 06/15/19 ~		200,000		212,000
CCO Holdings LLC
5.125% due 02/15/23		125,000		125,312
5.250% due 09/30/22		100,000		101,750
7.000% due 01/15/19		150,000		162,562
7.375% due 06/01/20		250,000		278,750
7.875% due 04/30/18		150,000		162,187
8.125% due 04/30/20		206,000		231,750

	Principal Amount		Value
Cengage Learning Acquisitions Inc
10.500% due 01/15/15 ~		$100,000		$34,500
11.500% due 04/15/20 ~		100,000		86,750
12.000% due 06/30/19 ~		100,000		46,000
Cequel Communications Holdings I LLC
6.375% due 09/15/20 ~		67,000		70,099
8.625% due 11/15/17 ~		135,000		145,125
CHC Helicopter SA (Luxembourg) 9.250% due 10/15/20		100,000		105,750
Chrysler Group LLC 8.250% due 06/15/21		340,000		375,700
Cinemark USA Inc 8.625% due 06/15/19		150,000		166,875
CityCenter Holdings LLC
7.625% due 01/15/16		100,000		107,500
10.750% due 01/15/17		118,045		122,818
CKE Restaurants Inc 11.375% due 07/15/18		80,000		92,400
Claire’s Stores Inc
8.875% due 03/15/19		50,000		47,500
9.000% due 03/15/19 ~		150,000		161,625
Clear Channel Communications Inc
5.500% due 12/15/16		100,000		60,000
9.000% due 12/15/19 ~		200,000		184,000
9.000% due 03/01/21		150,000		134,625
10.750% due 08/01/16		150,000		114,000
Clear Channel Worldwide Holdings Inc
6.500% due 11/15/22 ~		257,000		267,062
7.625% due 03/15/20		200,000		202,500
Cooper-Standard Automotive Inc 8.500% due 05/01/18		25,000		27,000
Cumulus Media Holdings Inc 7.750% due 05/01/19		100,000		98,750
D.R. Horton Inc 5.250% due 02/15/15		150,000		158,625
Dana Holding Corp 6.500% due 02/15/19		100,000		107,250
Delphi Corp 6.125% due 05/15/21		150,000		167,250
DineEquity Inc 9.500% due 10/30/18		50,000		57,062
DISH DBS Corp
4.625% due 07/15/17		250,000		261,875
5.000% due 03/15/23 ~		239,000		240,195
6.625% due 10/01/14		100,000		107,750
6.750% due 06/01/21		350,000		400,750
7.125% due 02/01/16		200,000		225,000
Dollar General Corp 4.125% due 07/15/17		100,000		105,500
Easton-Bell Sports Inc 9.750% due 12/01/16		10,000		10,764
Exide Technologies 8.625% due 02/01/18		100,000		85,250
Gannett Co Inc 6.375% due 09/01/15		50,000		55,250
Hanesbrands Inc 8.000% due 12/15/16		82,000		90,200
Icahn Enterprises LP
7.750% due 01/15/16		50,000		52,062
8.000% due 01/15/18		335,000		361,381
Interactive Data Corp 10.250% due 08/01/18		60,000		67,800
Isle of Capri Casinos Inc 7.750% due 03/15/19		50,000		54,125
J.C. Penney Co Inc
5.650% due 06/01/20		150,000		130,875
6.375% due 10/15/36		51,000		38,505
7.400% due 04/01/37		63,000		52,920
Jaguar Land Rover PLC (United Kingdom) 7.750% due 05/15/18 ~		150,000		164,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-16

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Jarden Corp
6.125% due 11/15/22		$100,000		$108,500
7.500% due 05/01/17		75,000		84,844
Jo-Ann Stores Inc 8.125% due 03/15/19 ~		50,000		51,125
K Hovnanian Enterprises Inc
7.250% due 10/15/20 ~		100,000		108,000
9.125% due 11/15/20 ~		100,000		106,500
KB Home
6.250% due 06/15/15		24,000		25,620
8.000% due 03/15/20		100,000		114,000
Lamar Media Corp
7.875% due 04/15/18		130,000		144,300
9.750% due 04/01/14		75,000		82,500
Landry’s Inc 9.375% due 05/01/20 ~		100,000		106,000
Laureate Education Inc 9.250% due 09/01/19 ~		213,000		223,650
Lear Corp 7.875% due 03/15/18		45,000		49,163
Lennar Corp 5.600% due 05/31/15		250,000		267,500
Levi Strauss & Co 7.625% due 05/15/20		100,000		109,500
Libbey Glass Inc 6.875% due 05/15/20		100,000		108,000
Liberty Interactive LLC 8.250% due 02/01/30		100,000		109,500
Limited Brands Inc
6.625% due 04/01/21		250,000		287,500
6.900% due 07/15/17		100,000		115,250
8.500% due 06/15/19		100,000		122,500
LIN Television Corp 8.375% due 04/15/18		50,000		55,000
Live Nation Entertainment Inc 8.125% due 05/15/18 ~		25,000		27,063
Marina District Finance Co Inc 9.500% due 10/15/15		100,000		97,500
Mediacom Broadband LLC 6.375% due 04/01/23 ~		100,000		102,250
Mediacom LLC 9.125% due 08/15/19		50,000		55,625
MGM Resorts International
6.625% due 12/15/21		119,000		119,149
7.625% due 01/15/17		200,000		215,000
7.750% due 03/15/22		100,000		107,500
8.625% due 02/01/19 ~		100,000		112,000
10.000% due 11/01/16		250,000		290,625
Michaels Stores Inc 7.750% due 11/01/18		200,000		220,500
Mohegan Tribal Gaming Authority 10.500% due 12/15/16 ~		200,000		198,000
Nara Cable Funding Ltd (Ireland) 8.875% due 12/01/18 ~		200,000		204,500
NCL Corp Ltd (Bermuda) 11.750% due 11/15/16		200,000		227,000
Netflix Inc 8.500% due 11/15/17		25,000		26,688
Party City Holdings Inc 8.875% due 08/01/20 ~		125,000		134,687
Penn National Gaming Inc 8.750% due 08/15/19		75,000		85,875
Penske Automotive Group Inc 5.750% due 10/01/22 ~		100,000		103,500
Petco Animal Supplies Inc 9.250% due 12/01/18 ~		50,000		55,750
Pinnacle Entertainment Inc 7.750% due 04/01/22		100,000		107,000
ProQuest LLC 9.000% due 10/15/18 ~		50,000		47,500

	Principal Amount		Value
PulteGroup Inc 6.000% due 02/15/35		$100,000		$93,500
PVH Corp
4.500% due 12/15/22		56,000		56,840
7.375% due 05/15/20		100,000		112,625
Quebecor Media Inc (Canada)
5.750% due 01/15/23 ~		100,000		105,875
7.750% due 03/15/16		54,000		55,485
Quiksilver Inc 6.875% due 04/15/15		100,000		98,750
Radio One Inc 12.500% due 05/24/16		53,451		48,240
Regal Entertainment Group 9.125% due 08/15/18		50,000		56,000
Royal Caribbean Cruises Ltd (Liberia)
5.250% due 11/15/22		144,000		153,000
7.250% due 06/15/16		100,000		113,500
Sabre Holdings Corp 8.350% due 03/15/16		50,000		53,500
Sabre Inc 8.500% due 05/15/19 ~		100,000		106,875
Salem Communications Corp 9.625% due 12/15/16		19,000		21,138
Sally Holdings LLC
5.750% due 06/01/22		50,000		54,500
6.875% due 11/15/19		100,000		111,000
Scientific Games Corp 8.125% due 09/15/18		100,000		110,500
Sealy Mattress Co 10.875% due 04/15/16 ~		44,000		46,750
Sears Holdings Corp 6.625% due 10/15/18		100,000		91,500	��
Seneca Gaming Corp 8.250% due 12/01/18 ~		100,000		106,000
Serta Simmons Holdings LLC 8.125% due 10/01/20 ~		200,000		201,000
Service Corp International
7.000% due 06/15/17		100,000		115,500
7.000% due 05/15/19		100,000		110,000
ServiceMaster Co
7.000% due 08/15/20 ~		78,000		78,585
8.000% due 02/15/20		100,000		104,750
Shea Homes LP 8.625% due 05/15/19		100,000		111,000
Sinclair Television Group Inc 6.125% due 10/01/22 ~		200,000		213,250
Sirius XM Radio Inc 5.250% due 08/15/22 ~		200,000		203,000
Six Flags Entertainment Corp 5.250% due 01/15/21 ~		74,000		74,185
Spanish Broadcasting System Inc 12.500% due 04/15/17 ~		100,000		107,750
Stanadyne Corp 10.000% due 08/15/14		25,000		23,313
Standard Pacific Corp 8.375% due 05/15/18		150,000		174,750
Studio City Finance Ltd (United Kingdom) 8.500% due 12/01/20 ~		250,000		262,656
Taylor Morrison Communities Inc 7.750% due 04/15/20 ~		50,000		53,250
Tenneco Inc 6.875% due 12/15/20		100,000		109,375
The Goodyear Tire & Rubber Co
7.000% due 05/15/22		100,000		107,750
8.250% due 08/15/20		100,000		110,250
The Gymboree Corp 9.125% due 12/01/18		50,000		44,750
The Jones Group Inc 6.125% due 11/15/34		100,000		86,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-17

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
The McClatchy Co 9.000% due 12/15/22 ~		$196,000		$201,145
The Ryland Group Inc 6.625% due 05/01/20		100,000		111,500
Toll Brothers Finance Corp 8.910% due 10/15/17		100,000		126,354
Toys R Us Inc
7.375% due 09/01/16 ~		100,000		102,750
10.375% due 08/15/17		100,000		104,750
Toys R Us Property Co I LLC 10.750% due 07/15/17		100,000		108,250
Toys R Us Property Co II LLC 8.500% due 12/01/17		25,000		26,625
Travelport LLC 9.000% due 03/01/16		100,000		78,000
TRW Automotive Inc 8.875% due 12/01/17 ~		100,000		110,500
Unitymedia Hessen GmbH & Co KG (Germany) 5.500% due 01/15/23 ~		200,000		207,500
Univision Communications Inc
6.750% due 09/15/22 ~		200,000		207,500
6.875% due 05/15/19 ~		50,000		52,250
7.875% due 11/01/20 ~		100,000		108,750
8.500% due 05/15/21 ~		50,000		51,875
Videotron Ltd (Canada) 5.000% due 07/15/22		200,000		210,750
Virgin Media Finance PLC (United Kingdom) 5.250% due 02/15/22		200,000		213,000
Visant Corp 10.000% due 10/01/17		20,000		18,050
Visteon Corp 6.750% due 04/15/19		90,000		96,300
VWR Funding Inc 7.250% due 09/15/17 ~		150,000		158,250
WideOpenWest Finance LLC 10.250% due 07/15/19 ~		82,000		87,535
WMG Acquisition Corp 11.500% due 10/01/18		100,000		116,000
Wynn Las Vegas LLC
5.375% due 03/15/22		100,000		106,750
7.750% due 08/15/20		180,000		206,100
YCC Holdings LLC 10.250% due 02/15/16		100,000		103,760
				21,947,884
Consumer Staples - 4.8%
Alliance One International Inc 10.000% due 07/15/16		100,000		105,750
Bumble Bee Acquisition Corp 9.000% due 12/15/17 ~		23,000		24,840
C&S Group Enterprises LLC 8.375% due 05/01/17 ~		90,000		95,625
Central Garden & Pet Co 8.250% due 03/01/18		50,000		53,125
Constellation Brands Inc
6.000% due 05/01/22		100,000		115,000
7.250% due 05/15/17		200,000		236,500
Cott Beverages Inc 8.375% due 11/15/17		25,000		27,313
Dean Foods Co 9.750% due 12/15/18		100,000		115,500
Del Monte Corp 7.625% due 02/15/19		100,000		104,750
Dole Food Co Inc 8.000% due 10/01/16 ~		100,000		104,500
Harbinger Group Inc 7.875% due 07/15/19 ~		120,000		119,550

	Principal Amount		Value
Innovation Ventures LLC 9.500% due 08/15/19 ~		$100,000		$94,500
JBS USA LLC
8.250% due 02/01/20 ~		150,000		159,750
11.625% due 05/01/14		100,000		112,000
Michael Foods Group Inc 9.750% due 07/15/18		50,000		55,500
NBTY Inc 9.000% due 10/01/18		200,000		227,000
New Albertsons Inc 7.750% due 06/15/26		100,000		56,750
Pinnacle Foods Finance LLC
8.250% due 09/01/17		100,000		107,000
9.250% due 04/01/15		19,000		19,380
Post Holdings Inc 7.375% due 02/15/22 ~		150,000		165,094
Revlon Consumer Products Corp 9.750% due 11/15/15		50,000		52,875
Reynolds Group Issuer Inc
5.750% due 10/15/20 ~		335,000		346,725
6.875% due 02/15/21		150,000		162,375
7.875% due 08/15/19		200,000		223,500
8.250% due 02/15/21		100,000		102,000
8.500% due 05/15/18		100,000		103,000
9.000% due 04/15/19		200,000		209,000
9.875% due 08/15/19		200,000		215,000
Rite Aid Corp
8.000% due 08/15/20		100,000		114,750
9.500% due 06/15/17		250,000		262,187
10.250% due 10/15/19		50,000		57,250
Smithfield Foods Inc
6.625% due 08/15/22		100,000		110,750
7.750% due 07/01/17		100,000		117,000
Spectrum Brands Escrow Corp 6.375% due 11/15/20 ~		100,000		105,250
Spectrum Brands Inc 9.500% due 06/15/18		150,000		171,000
Stater Bros Holdings Inc 7.375% due 11/15/18		50,000		54,250
SUPERVALU Inc 8.000% due 05/01/16		250,000		239,375
The Pantry Inc 8.375% due 08/01/20 ~		100,000		105,000
Tops Holding Corp
8.875% due 12/15/17 ~		100,000		104,250
10.125% due 10/15/15		100,000		105,562
U.S. Foods Inc 8.500% due 06/30/19 ~		220,000		225,500
				5,286,026
Energy - 14.8%
Access Midstream Partners LP
4.875% due 05/15/23		210,000		213,412
6.125% due 07/15/22		100,000		108,250
Afren PLC (United Kingdom) 11.500% due 02/01/16 ~		100,000		116,500
Alpha Natural Resources Inc
6.000% due 06/01/19		100,000		92,500
6.250% due 06/01/21		100,000		92,000
Antero Resources Finance Corp 7.250% due 08/01/19		75,000		82,125
Arch Coal Inc
7.250% due 06/15/21		150,000		139,125
8.750% due 08/01/16		200,000		209,000
Atlas Pipeline Partners LP 6.625% due 10/01/20 ~		100,000		104,000
Basic Energy Services Inc 7.750% due 10/15/22 ~		100,000		98,000
Berry Petroleum Co
6.375% due 09/15/22		90,000		94,050
6.750% due 11/01/20		50,000		54,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-18

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Bill Barrett Corp 7.625% due 10/01/19		$100,000		$106,000
BreitBurn Energy Partners LP 7.875% due 04/15/22 ~		100,000		104,250
Bristow Group Inc 6.250% due 10/15/22		100,000		107,375
Calumet Specialty Products Partners LP 9.375% due 05/01/19		100,000		109,000
Carrizo Oil & Gas Inc 8.625% due 10/15/18		100,000		108,500
CCS Inc (Canada) 11.000% due 11/15/15 ~		50,000		50,125
Chaparral Energy Inc 9.875% due 10/01/20		100,000		114,250
Chesapeake Energy Corp
6.125% due 02/15/21		200,000		208,500
6.500% due 08/15/17		400,000		436,000
6.625% due 08/15/20		100,000		107,750
Chesapeake Oilfield Operating LLC 6.625% due 11/15/19 ~		100,000		94,750
Cie Generale de Geophysique-Veritas (France) 9.500% due 05/15/16		125,000		134,687
Cimarex Energy Co 5.875% due 05/01/22		100,000		110,000
CITIC Resources Finance Ltd (United Kingdom) 6.750% due 05/15/14 ~		100,000		106,000
Cloud Peak Energy Resources LLC 8.250% due 12/15/17		25,000		26,875
Coffeyville Resources LLC 10.875% due 04/01/17 ~		50,000		55,250
Comstock Resources Inc 7.750% due 04/01/19		100,000		102,000
Concho Resources Inc
5.500% due 04/01/23		100,000		105,250
6.500% due 01/15/22		200,000		221,000
7.000% due 01/15/21		30,000		33,600
Connacher Oil & Gas Ltd (Canada) 8.500% due 08/01/19 ~		100,000		69,000
CONSOL Energy Inc
8.000% due 04/01/17		185,000		201,187
8.250% due 04/01/20		75,000		81,563
Continental Resources Inc
5.000% due 09/15/22		200,000		216,500
7.125% due 04/01/21		10,000		11,350
7.375% due 10/01/20		25,000		28,375
Copano Energy LLC 7.750% due 06/01/18		50,000		52,938
Crosstex Energy LP 8.875% due 02/15/18		105,000		113,925
CVR Refining LLC 6.500% due 11/01/22 ~		100,000		100,000
Denbury Resources Inc
6.375% due 08/15/21		100,000		110,500
8.250% due 02/15/20		110,000		124,300
Drill Rigs Holdings Inc 6.500% due 10/01/17 ~		56,000		56,000
El Paso LLC
6.500% due 09/15/20		100,000		113,316
7.750% due 01/15/32		150,000		176,644
Enbridge Energy Partners LP 8.050% due 10/01/77 §		50,000		56,830
Energy Transfer Equity LP 7.500% due 10/15/20		195,000		226,200
Energy XXI Gulf Coast Inc 9.250% due 12/15/17		100,000		114,750
Enterprise Products Operating LLC 7.034% due 01/15/68 §		100,000		114,623

	Principal Amount		Value
EP Energy LLC 9.375% due 05/01/20		$250,000		$283,125
EPE Holdings LLC 8.125% due 12/15/17 ~		100,000		99,375
EXCO Resources Inc 7.500% due 09/15/18		35,000		34,125
Expro Finance Luxembourg SCA (Luxembourg) 8.500% due 12/15/16 ~		150,000		157,500
Exterran Holdings Inc 7.250% due 12/01/18		50,000		53,250
Foresight Energy LLC 9.625% due 08/15/17 ~		95,000		102,125
Forest Oil Corp
7.500% due 09/15/20 ~		100,000		105,500
8.500% due 02/15/14		50,000		53,250
FTS International Services LLC 8.125% due 11/15/18 ~		18,000		18,675
Halcon Resources Corp 9.750% due 07/15/20 ~		95,000		103,075
Harvest Operations Corp (Canada) 6.875% due 10/01/17		125,000		139,375
Helix Energy Solutions Group Inc 9.500% due 01/15/16 ~		29,000		29,798
Hercules Offshore Inc 10.250% due 04/01/19 ~		100,000		110,000
Hiland Partners LP 7.250% due 10/01/20 ~		100,000		107,500
Hilcorp Energy I LP 7.625% due 04/15/21 ~		100,000		109,500
Holly Energy Partners LP 6.500% due 03/01/20 ~		100,000		107,500
HollyFrontier Corp 9.875% due 06/15/17		25,000		27,188
Inergy Midstream LP 6.000% due 12/15/20 ~		27,000		27,945
Key Energy Services Inc 6.750% due 03/01/21 ~		100,000		100,000
Kinder Morgan Finance Co LLC 6.000% due 01/15/18 ~		150,000		165,564
Kinder Morgan Finance Co ULC (Canada) 5.700% due 01/05/16		100,000		109,789
Kodiak Oil & Gas Corp (Canada) 8.125% due 12/01/19		100,000		110,750
Laredo Petroleum Inc 9.500% due 02/15/19		50,000		56,125
Linn Energy LLC
6.250% due 11/01/19 ~		250,000		252,500
6.500% due 05/15/19		100,000		101,500
8.625% due 04/15/20		175,000		191,625
MarkWest Energy Partners LP
6.250% due 06/15/22		100,000		110,500
6.500% due 08/15/21		150,000		164,625
MEG Energy Corp (Canada) 6.500% due 03/15/21 ~		100,000		105,750
Midstates Petroleum Co Inc 10.750% due 10/01/20 ~		59,000		62,983
MIE Holdings Corp (Cayman) 9.750% due 05/12/16 ~		200,000		219,000
Milagro Oil & Gas Inc 10.500% due 05/15/16		50,000		37,250
Newfield Exploration Co
5.625% due 07/01/24		56,000		60,620
5.750% due 01/30/22		100,000		110,500
6.875% due 02/01/20		200,000		215,000
NGPL PipeCo LLC
7.119% due 12/15/17 ~		100,000		109,500
9.625% due 06/01/19 ~		150,000		173,250
NuStar Logistics LP 4.750% due 02/01/22		100,000		95,138

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-19

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Oasis Petroleum Inc 6.500% due 11/01/21		$100,000		$106,750
Offshore Group Investment Ltd (Cayman)
7.500% due 11/01/19 ~		260,000		263,900
11.500% due 08/01/15		97,000		105,972
Oil States International Inc 6.500% due 06/01/19		100,000		107,000
Pacific Drilling V Ltd (Luxembourg) 7.250% due 12/01/17 ~		100,000		104,250
Parker Drilling Co 9.125% due 04/01/18		10,000		10,725
PBF Holding Co LLC 8.250% due 02/15/20 ~		130,000		140,725
Peabody Energy Corp
6.000% due 11/15/18		200,000		213,500
6.250% due 11/15/21		150,000		160,125
7.375% due 11/01/16		100,000		115,000
Penn Virginia Corp 7.250% due 04/15/19		100,000		96,000
Penn Virginia Resource Partners LP
8.250% due 04/15/18		125,000		133,125
8.375% due 06/01/20 ~		100,000		108,250
PetroBakken Energy Ltd (Canada) 8.625% due 02/01/20 ~		200,000		204,000
Plains Exploration & Production Co
6.125% due 06/15/19		200,000		219,000
6.750% due 02/01/22		400,000		451,000
Precision Drilling Corp (Canada) 6.625% due 11/15/20		100,000		108,000
QEP Resources Inc
5.250% due 05/01/23		159,000		170,925
6.875% due 03/01/21		50,000		57,875
Quicksilver Resources Inc 11.750% due 01/01/16		150,000		148,875
Range Resources Corp
5.000% due 08/15/22		200,000		210,000
5.750% due 06/01/21		50,000		53,750
6.750% due 08/01/20		100,000		109,000
Regency Energy Partners LP
5.500% due 04/15/23		100,000		107,250
6.875% due 12/01/18		100,000		109,500
9.375% due 06/01/16		16,000		17,240
Rockies Express Pipeline LLC 3.900% due 04/15/15 ~		250,000		250,000
Rosetta Resources Inc 9.500% due 04/15/18		25,000		27,875
Sabine Pass LNG LP 7.500% due 11/30/16		200,000		221,500
Samson Investment Co 9.750% due 02/15/20 ~		235,000		249,687
SandRidge Energy Inc
7.500% due 02/15/23		100,000		107,500
8.125% due 10/15/22		100,000		110,000
8.750% due 01/15/20		150,000		165,000
9.875% due 05/15/16		50,000		54,125
Seadrill Ltd (Bermuda) 5.625% due 09/15/17 ~		100,000		99,750
SESI LLC
6.375% due 05/01/19		100,000		107,500
7.125% due 12/15/21		50,000		55,875
SM Energy Co 6.500% due 01/01/23		200,000		215,000
Stone Energy Corp 8.625% due 02/01/17		100,000		107,875
Swift Energy Co 7.125% due 06/01/17		50,000		51,750
Targa Resources Partners LP
5.250% due 05/01/23 ~		77,000		80,080
7.875% due 10/15/18		100,000		110,000

	Principal Amount		Value
Teekay Corp 8.500% due 01/15/20		$25,000		$26,500
Tesoro Corp 4.250% due 10/01/17		125,000		130,000
Unit Corp 6.625% due 05/15/21 ~		100,000		103,125
W&T Offshore Inc 8.500% due 06/15/19		100,000		108,000
Whiting Petroleum Corp 6.500% due 10/01/18		25,000		27,000
WPX Energy Inc 5.250% due 01/15/17		150,000		159,750
				16,232,529
Financials - 11.9%
Agile Property Holdings Ltd (Cayman) 8.875% due 04/28/17 ~		100,000		108,500
Ally Financial Inc
3.125% due 01/15/16		100,000		100,157
4.500% due 02/11/14		300,000		309,375
4.625% due 06/26/15		100,000		104,309
5.500% due 02/15/17		250,000		268,594
6.750% due 12/01/14		150,000		162,033
8.000% due 12/31/18		100,000		117,500
8.000% due 03/15/20		300,000		369,000
8.000% due 11/01/31		275,000		349,395
8.300% due 02/12/15		75,000		83,719
Atlantic Finance Ltd (United Kingdom) 10.750% due 05/27/14 § ~		200,000		214,728
Capital One Capital V 10.250% due 08/15/39		300,000		300,000
CBRE Services Inc 6.625% due 10/15/20		100,000		109,875
CIT Group Inc
4.250% due 08/15/17		108,000		111,681
4.750% due 02/15/15 ~		100,000		104,500
5.000% due 08/15/22		100,000		107,022
5.250% due 04/01/14 ~		400,000		416,000
5.250% due 03/15/18		150,000		161,250
5.375% due 05/15/20		100,000		109,750
6.625% due 04/01/18 ~		250,000		283,750
CNG Holdings Inc 9.375% due 05/15/20 ~		100,000		102,000
CNH Capital LLC 3.875% due 11/01/15 ~		117,000		121,241
Country Garden Holdings Co Ltd (Cayman) 11.125% due 02/23/18 ~		200,000		233,000
Crescent Resources LLC 10.250% due 08/15/17 ~		100,000		106,000
Dresdner Funding Trust I 8.151% due 06/30/31 ~		100,000		99,050
E*TRADE Financial Corp
6.000% due 11/15/17		60,000		61,650
6.375% due 11/15/19		100,000		103,000
6.750% due 06/01/16		100,000		105,750
Evergrande Real Estate Group Ltd (Cayman) 13.000% due 01/27/15 ~		100,000		109,500
Felcor Lodging LP REIT
5.625% due 03/01/23 ~		48,000		47,880
6.750% due 06/01/19		100,000		106,750
10.000% due 10/01/14		39,000		45,240
Fifth Third Capital Trust IV 6.500% due 04/15/67 §		100,000		100,375
First Data Corp
6.750% due 11/01/20 ~		250,000		253,750
7.375% due 06/15/19 ~		100,000		104,000
8.250% due 01/15/21 ~		312,000		313,560
8.875% due 08/15/20 ~		100,000		109,500
9.875% due 09/24/15		26,000		26,650

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-20

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
10.550% due 09/24/15		$105,275		$108,302
11.250% due 03/31/16		200,000		197,000
12.625% due 01/15/21		212,000		224,190
General Motors Financial Co Inc
4.750% due 08/15/17 ~		67,000		70,499
6.750% due 06/01/18		100,000		114,808
Genworth Financial Inc 6.150% due 11/15/66 §		50,000		37,313
HBOS PLC (United Kingdom)
6.000% due 11/01/33 ~		100,000		91,397
6.750% due 05/21/18 ~		200,000		216,250
Host Hotels & Resorts LP REIT
5.250% due 03/15/22		150,000		165,000
5.875% due 06/15/19		100,000		109,500
6.750% due 06/01/16		107,000		109,943
Hub International Ltd 8.125% due 10/15/18 ~		150,000		154,500
iStar Financial Inc REIT 9.000% due 06/01/17		100,000		109,500
Kaisa Group Holdings Ltd (Cayman) 13.500% due 04/28/15 ~		100,000		109,500
Leucadia National Corp 8.125% due 09/15/15		100,000		113,000
Liberty Mutual Group Inc 10.750% due 06/15/88 § ~		225,000		337,500
Longfor Properties Co Ltd (Cayman) 9.500% due 04/07/16 ~		100,000		111,250
Mizuho Capital Investment USD 2 Ltd (Cayman) 14.950% § ± ~		100,000		118,198
MPT Operating Partnership LP REIT 6.375% due 02/15/22		100,000		105,500
MUFG Capital Financial 1 Ltd (Cayman) 6.346% § ±		250,000		275,824
National Money Mart Co (Canada) 10.375% due 12/15/16		50,000		55,500
Nationstar Mortgage LLC 10.875% due 04/01/15		100,000		107,500
Neuberger Berman Group LLC 5.625% due 03/15/20 ~		100,000		105,250
Nuveen Investments Inc
9.125% due 10/15/17 ~		200,000		197,500
9.500% due 10/15/20 ~		143,000		143,000
Onex USI Aquisition Corp 7.750% due 01/15/21 ~		167,000		165,330
PHH Corp 9.250% due 03/01/16		100,000		117,250
Provident Funding Associates LP 10.250% due 04/15/17 ~		50,000		55,375
RBS Capital Trust II 6.425% § ±		100,000		88,000
Realogy Group LLC
7.625% due 01/15/20 ~		100,000		113,750
7.875% due 02/15/19 ~		100,000		109,500
11.500% due 04/15/17		100,000		108,750
Regions Bank 7.500% due 05/15/18		100,000		120,875
Regions Financial Corp 7.375% due 12/10/37		100,000		110,000
Regions Financing Trust II 6.625% due 05/01/77 §		100,000		100,250
Renhe Commercial Holdings Co Ltd (Cayman) 13.000% due 03/10/16 ~		100,000		74,000
Resona Preferred Global Securities Ltd (Cayman) 7.191% § ± ~		100,000		109,171
SMFG Preferred Capital USD 3 Ltd (Cayman) 9.500% § ± ~		175,000		224,962

	Principal Amount		Value
Springleaf Finance Corp 6.900% due 12/15/17		$350,000		$315,000
Synovus Financial Corp 5.125% due 06/15/17		50,000		49,750
The Rouse Co LLC REIT 6.750% due 11/09/15		100,000		105,125
The Royal Bank of Scotland Group PLC (United Kingdom)
5.000% due 10/01/14		400,000		411,175
6.125% due 12/15/22		170,000		179,915
7.640% § ±		100,000		91,000
7.648% § ±		50,000		51,000
TransUnion LLC 11.375% due 06/15/18		150,000		175,500
UBS Preferred Funding Trust V 6.243% § ±		100,000		102,500
Weyerhaeuser Co REIT
7.375% due 10/01/19		100,000		123,668
7.375% due 03/15/32		200,000		252,185
Woori Bank Co Ltd (South Korea) 6.208% due 05/02/67 § ~		100,000		108,000
XL Group PLC (Ireland) 6.500% § ±		100,000		94,000
				13,083,789
Health Care - 7.7%
Accellent Inc 10.000% due 11/01/17		100,000		82,750
Alere Inc 9.000% due 05/15/16		100,000		106,000
Apria Healthcare Group Inc
11.250% due 11/01/14		50,000		51,813
12.375% due 11/01/14		100,000		99,500
Bausch & Lomb Inc 9.875% due 11/01/15		30,000		31,050
Biomet Inc
6.500% due 08/01/20 ~		235,000		250,569
6.500% due 10/01/20 ~		100,000		99,875
Capella Healthcare Inc 9.250% due 07/01/17		100,000		107,750
Catalent Pharma Solutions Inc 7.875% due 10/15/18 ~		100,000		101,250
Centene Corp 5.750% due 06/01/17		25,000		27,000
CHS/Community Health Systems Inc
7.125% due 07/15/20		100,000		106,875
8.000% due 11/15/19		300,000		326,250
ConvaTec Healthcare E SA (Luxembourg) 10.500% due 12/15/18 ~		150,000		166,125
DaVita HealthCare Partners Inc
5.750% due 08/15/22		118,000		124,932
6.625% due 11/01/20		150,000		163,875
DJO Finance LLC 9.875% due 04/15/18 ~		200,000		207,500
Elan Finance PLC (Ireland) 6.250% due 10/15/19 ~		200,000		210,000
Emergency Medical Services Corp 8.125% due 06/01/19		100,000		110,312
Endo Health Solutions Inc 7.000% due 07/15/19		95,000		101,769
ExamWorks Group Inc 9.000% due 07/15/19		100,000		107,500
Fresenius Medical Care U.S. Finance Inc 5.750% due 02/15/21 ~		100,000		107,500
Fresenius Medical Care U.S. Finance II Inc 5.625% due 07/31/19 ~		200,000		215,750
Grifols Inc 8.250% due 02/01/18		100,000		110,625
HCA Holdings Inc 7.750% due 05/15/21		100,000		109,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-21

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
HCA Inc
4.750% due 05/01/23		$150,000		$153,000
5.875% due 03/15/22		250,000		273,125
5.875% due 05/01/23		100,000		103,750
6.375% due 01/15/15		150,000		162,937
6.500% due 02/15/16		100,000		109,250
6.500% due 02/15/20		160,000		180,400
7.250% due 09/15/20		400,000		445,000
7.500% due 02/15/22		400,000		460,000
Health Management Associates Inc 7.375% due 01/15/20		200,000		217,000
Health Net Inc 6.375% due 06/01/17		100,000		106,625
HealthSouth Corp 7.750% due 09/15/22		90,000		99,113
Hologic Inc 6.250% due 08/01/20 ~		159,000		172,117
Iasis Healthcare LLC 8.375% due 05/15/19		100,000		95,000
IMS Health Inc 12.500% due 03/01/18 ~		100,000		121,500
inVentiv Health Inc
9.000% due 01/15/18 ~		30,000		30,375
10.250% due 08/15/18 ~		50,000		43,625
Kindred Healthcare Inc 8.250% due 06/01/19		100,000		97,750
Kinetic Concepts Inc 10.500% due 11/01/18 ~		200,000		210,750
LifePoint Hospitals Inc 6.625% due 10/01/20		50,000		54,250
MedAssets Inc 8.000% due 11/15/18		50,000		54,500
MultiPlan Inc 9.875% due 09/01/18 ~		25,000		28,000
Omnicare Inc 7.750% due 06/01/20		100,000		111,500
Phibro Animal Health Corp 9.250% due 07/01/18 ~		25,000		25,125
Sky Growth Acquisition Corp 7.375% due 10/15/20 ~		100,000		100,000
Tenet Healthcare Corp
4.750% due 06/01/20 ~		100,000		101,750
6.250% due 11/01/18		140,000		154,350
6.750% due 02/01/20 ~		100,000		103,375
8.000% due 08/01/20		100,000		108,188
8.875% due 07/01/19		150,000		168,750
United Surgical Partners International Inc 9.000% due 04/01/20		100,000		111,500
Universal Health Services Inc 7.000% due 10/01/18		65,000		71,988
Universal Hospital Services Inc 7.625% due 08/15/20 ~		100,000		105,625
Valeant Pharmaceuticals International
6.500% due 07/15/16 ~		350,000		369,687
6.750% due 10/01/17 ~		100,000		108,500
7.000% due 10/01/20 ~		10,000		10,925
7.250% due 07/15/22 ~		100,000		109,750
Vanguard Health Holding Co II LLC 8.000% due 02/01/18		150,000		156,000
VPI Escrow Corp 6.375% due 10/15/20 ~		120,000		129,300
Warner Chilcott Co LLC 7.750% due 09/15/18		100,000		107,000
				8,496,950
Industrials - 11.0%
313 Group Inc 6.375% due 12/01/19 ~		125,000		124,531
AAR Corp 7.250% due 01/15/22 ~		100,000		106,375

	Principal Amount		Value
Abengoa Finance SAU (Spain) 8.875% due 11/01/17 ~		$100,000		$94,500
ADS Waste Holdings Inc 8.250% due 10/01/20 ~		200,000		211,000
Aguila 3 SA (Luxembourg) 7.875% due 01/31/18 ~		150,000		159,750
Air Canada (Canada) 9.250% due 08/01/15 ~		105,000		110,250
Air Lease Corp 5.625% due 04/01/17		250,000		266,250
Air Medical Group Holdings Inc 9.250% due 11/01/18 ~		100,000		111,000
Aircastle Ltd (Bermuda)
6.250% due 12/01/19 ~		70,000		73,325
6.750% due 04/15/17		150,000		161,250
Algeco Scotsman Global Finance PLC (United Kingdom)
8.500% due 10/15/18 ~		200,000		208,000
10.750% due 10/15/19 ~		200,000		198,000
Alliant Techsystems Inc 6.875% due 09/15/20		100,000		110,375
American Airlines Inc 13.000% due 08/01/16		63,011		66,792
Aviation Capital Group Corp 6.750% due 04/06/21 ~		150,000		155,299
Avis Budget Car Rental LLC 9.625% due 03/15/18		100,000		112,000
AWAS Aviation Capital Ltd (Ireland) 7.000% due 10/17/16 ~		80,800		85,648
BE Aerospace Inc
5.250% due 04/01/22		112,000		119,280
6.875% due 10/01/20		125,000		139,687
Belden Inc 5.500% due 09/01/22 ~		80,000		82,600
Bombardier Inc (Canada) 7.750% due 03/15/20 ~		150,000		171,000
Case New Holland Inc 7.875% due 12/01/17		250,000		296,875
Cenveo Corp 8.875% due 02/01/18		100,000		95,500
Ceridian Corp
8.875% due 07/15/19 ~		100,000		109,000
11.250% due 11/15/15		100,000		100,500
CEVA Group PLC (United Kingdom)
8.375% due 12/01/17 ~		100,000		99,500
11.500% due 04/01/18 ~		100,000		84,500
Clean Harbors Inc
5.125% due 06/01/21 ~		53,000		55,120
5.250% due 08/01/20		54,000		56,565
Colt Defense LLC 8.750% due 11/15/17		25,000		16,438
Continental Airlines Inc 6.750% due 09/15/15 ~		150,000		158,250
Covanta Holding Corp 6.375% due 10/01/22		100,000		109,040
CSC Holdings LLC
6.750% due 11/15/21 ~		200,000		222,750
7.625% due 07/15/18		100,000		116,000
Deluxe Corp 7.000% due 03/15/19		100,000		106,250
Dematic SA (Luxembourg) 7.750% due 12/15/20 ~		100,000		100,500
DynCorp International Inc 10.375% due 07/01/17		50,000		46,000
EnergySolutions Inc 10.750% due 08/15/18		25,000		23,750
FGI Operating Co LLC 7.875% due 05/01/20 ~		50,000		51,750
Florida East Coast Railway Corp 8.125% due 02/01/17		100,000		106,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-22

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
FTI Consulting Inc 6.750% due 10/01/20		$50,000		$53,625
General Cable Corp 5.750% due 10/01/22 ~		75,000		78,000
GeoEye Inc 9.625% due 10/01/15		50,000		55,500
Great Lakes Dredge & Dock Corp 7.375% due 02/01/19		100,000		107,750
Griffon Corp 7.125% due 04/01/18		100,000		106,500
H&E Equipment Services Inc 7.000% due 09/01/22 ~		100,000		107,000
HD Supply Inc
8.125% due 04/15/19 ~		79,000		90,257
11.000% due 04/15/20 ~		100,000		118,500
11.500% due 07/15/20 ~		100,000		112,875
Huntington Ingalls Industries Inc
6.875% due 03/15/18		100,000		109,250
7.125% due 03/15/21		50,000		54,625
Interline Brands Inc 10.000% due 11/15/18 ~		100,000		109,000
International Lease Finance Corp
4.875% due 04/01/15		300,000		311,649
5.750% due 05/15/16		100,000		105,883
5.875% due 08/15/22		150,000		159,011
6.250% due 05/15/19		250,000		267,500
8.625% due 09/15/15		100,000		112,750
8.750% due 03/15/17		200,000		232,000
Iron Mountain Inc
5.750% due 08/15/24		178,000		181,115
8.375% due 08/15/21		80,000		89,200
Jaguar Holding Co I 9.375% due 10/15/17 ~		150,000		158,250
JMC Steel Group Inc 8.250% due 03/15/18 ~		50,000		52,500
Kratos Defense & Security Solutions Inc 10.000% due 06/01/17		100,000		110,250
Marquette Transportation Co 10.875% due 01/15/17		25,000		26,125
Masco Corp
4.800% due 06/15/15		100,000		104,802
5.950% due 03/15/22		100,000		110,937
6.125% due 10/03/16		50,000		55,259
7.125% due 03/15/20		100,000		116,417
Meritor Inc 10.625% due 03/15/18		100,000		104,750
Mueller Water Products Inc 8.750% due 09/01/20		45,000		51,525
Navios Martime Acquisition Corp 8.625% due 11/01/17		100,000		94,250
Navios Martime Holdings Inc 8.875% due 11/01/17		25,000		25,063
Navistar International Corp 8.250% due 11/01/21		203,000		196,910
Nielsen Finance LLC
4.500% due 10/01/20 ~		150,000		150,000
7.750% due 10/15/18		100,000		112,250
Nortek Inc 8.500% due 04/15/21		100,000		111,500
Oshkosh Corp 8.500% due 03/01/20		25,000		27,813
Ply Gem Industries Inc 8.250% due 02/15/18		100,000		108,500
Polypore International Inc 7.500% due 11/15/17		25,000		27,375
RBS Global Inc 8.500% due 05/01/18		125,000		136,094
RR Donnelley & Sons Co
6.125% due 01/15/17		184,000		178,940
7.250% due 05/15/18		75,000		72,750

	Principal Amount		Value
Schaeffler Finance BV (Netherlands) 7.750% due 02/15/17 ~		$100,000		$111,500
Sensata Technologies BV (Netherlands) 6.500% due 05/15/19 ~		60,000		64,200
Sequa Corp 7.000% due 12/15/17 ~		62,500		63,203
Severstal Columbus LLC 10.250% due 02/15/18		100,000		105,750
Spirit Aerosystems Inc 6.750% due 12/15/20		25,000		26,875
SPL Logistics Escrow LLC 8.875% due 08/01/20 ~		100,000		106,500
SPX Corp 6.875% due 09/01/17		100,000		112,000
Swift Services Holdings Inc 10.000% due 11/15/18		100,000		110,250
Terex Corp 6.000% due 05/15/21		105,000		111,037
The Hertz Corp
6.750% due 04/15/19		100,000		109,625
6.750% due 04/15/19 ~		100,000		109,625
7.500% due 10/15/18		100,000		111,000
The Manitowoc Co Inc
8.500% due 11/01/20		50,000		56,375
9.500% due 02/15/18		100,000		111,750
Tomkins LLC 9.000% due 10/01/18		54,000		60,750
TransDigm Inc 7.750% due 12/15/18		150,000		166,687
Triumph Group Inc 8.625% due 07/15/18		50,000		55,750
UCI International Inc 8.625% due 02/15/19		50,000		49,813
United Rentals North America Inc
5.750% due 07/15/18 ~		100,000		108,250
7.625% due 04/15/22 ~		220,000		246,950
8.250% due 02/01/21		100,000		113,250
8.375% due 09/15/20		100,000		111,250
9.250% due 12/15/19		100,000		114,500
USG Corp
8.375% due 10/15/18 ~		100,000		111,500
9.750% due 01/15/18		100,000		113,750
Western Express Inc 12.500% due 04/15/15 ~		25,000		15,500
				12,093,590
Information Technology - 4.1%
Advanced Micro Devices Inc
7.750% due 08/01/20		100,000		84,250
8.125% due 12/15/17		10,000		9,175
Alcatel-Lucent USA Inc 6.450% due 03/15/29		100,000		76,500
Alliance Data Systems Corp 5.250% due 12/01/17 ~		100,000		102,000
Amkor Technology Inc
6.625% due 06/01/21		50,000		50,125
7.375% due 05/01/18		25,000		26,000
Aspect Software Inc 10.625% due 05/15/17		100,000		91,500
Audatex North America Inc 6.750% due 06/15/18 ~		100,000		107,500
Brocade Communications Systems Inc 6.875% due 01/15/20		100,000		108,250
CDW LLC 8.500% due 04/01/19		200,000		217,500
CommScope Inc 8.250% due 01/15/19 ~		150,000		165,000
CoreLogic Inc 7.250% due 06/01/21		100,000		109,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-23

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Earthlink Inc 8.875% due 05/15/19		$100,000		$105,250
Emdeon Inc 11.000% due 12/31/19		100,000		116,000
Epicor Software Corp 8.625% due 05/01/19		100,000		105,500
Equinix Inc
7.000% due 07/15/21		100,000		111,375
8.125% due 03/01/18		50,000		55,313
Fidelity National Information Services Inc
5.000% due 03/15/22		100,000		107,750
7.625% due 07/15/17		50,000		54,625
Freescale Semiconductor Inc
8.050% due 02/01/20		100,000		100,000
9.250% due 04/15/18 ~		100,000		109,750
10.125% due 03/15/18 ~		150,000		166,500
10.750% due 08/01/20		67,000		72,193
GXS Worldwide Inc 9.750% due 06/15/15		55,000		57,544
IAC/InterActiveCorp 4.750% due 12/15/22 ~		153,000		153,000
iGate Corp 9.000% due 05/01/16		100,000		108,875
Infor U.S. Inc 9.375% due 04/01/19		164,000		184,910
JDA Software Group Inc 8.000% due 12/15/14		25,000		26,125
Lender Processing Services Inc 5.750% due 04/15/23		100,000		104,250
NCR Corp
4.625% due 02/15/21 ~		45,000		45,225
5.000% due 07/15/22 ~		113,000		115,401
Nokia OYJ (Finland)
5.375% due 05/15/19		100,000		95,750
6.625% due 05/15/39		150,000		135,375
Nuance Communications Inc 5.375% due 08/15/20 ~		120,000		126,000
NXP BV (Netherlands) 9.750% due 08/01/18 ~		100,000		116,375
Sanmina Corp 7.000% due 05/15/19 ~		50,000		51,250
Seagate HDD (Cayman) 7.000% due 11/01/21		100,000		107,750
Seagate Technology HDD Holdings (Cayman) 6.800% due 10/01/16		100,000		112,500
Sophia LP 9.750% due 01/15/19 ~		100,000		108,250
STATS ChipPAC Ltd (Singapore) 7.500% due 08/12/15 ~		100,000		107,000
SunGard Data Systems Inc
7.375% due 11/15/18		150,000		161,437
7.625% due 11/15/20		100,000		109,750
ViaSat Inc 6.875% due 06/15/20 ~		100,000		105,000
Viasystems Inc 7.875% due 05/01/19 ~		100,000		98,500
				4,481,573
Materials - 10.6%
Ainsworth Lumber Co Ltd (Canada) 7.500% due 12/15/17 ~		100,000		105,125
AK Steel Corp 7.625% due 05/15/20		100,000		87,500
Aleris International Inc 7.625% due 02/15/18		100,000		102,250
ArcelorMittal (Luxembourg)
4.250% due 02/25/15		250,000		252,628
5.000% due 02/25/17		300,000		303,010
6.750% due 02/25/22		200,000		210,061

	Principal Amount		Value
7.500% due 10/15/39		$250,000		$235,156
10.350% due 06/01/19		300,000		360,003
Ardagh Packaging Finance PLC (Ireland)
7.375% due 10/15/17 ~		250,000		273,125
9.125% due 10/15/20 ~		50,000		54,750
Ashland Inc 4.750% due 08/15/22 ~		100,000		104,500
Associated Materials LLC 9.125% due 11/01/17		100,000		102,000
Ball Corp
5.000% due 03/15/22		100,000		107,500
7.125% due 09/01/16		125,000		134,375
Berry Plastics Corp 9.750% due 01/15/21		200,000		231,500
Boise Paper Holdings LLC 9.000% due 11/01/17		15,000		16,463
Building Materials Corp of America
6.750% due 05/01/21 ~		100,000		110,750
6.875% due 08/15/18 ~		100,000		108,500
Calcipar SA (Luxembourg) 6.875% due 05/01/18 ~		100,000		102,500
Cascades Inc (Canada) 7.750% due 12/15/17		100,000		106,250
Celanese U.S. Holdings LLC
4.625% due 11/15/22		100,000		105,250
5.875% due 06/15/21		100,000		112,125
6.625% due 10/15/18		5,000		5,525
Chemtura Corp 7.875% due 09/01/18		100,000		107,750
China Oriental Group Co Ltd (Bermuda) 8.000% due 08/18/15 ~		100,000		104,000
China Shanshui Cement Group Ltd (Cayman) 8.500% due 05/25/16 ~		200,000		217,000
Clearwater Paper Corp 7.125% due 11/01/18		50,000		54,750
Commercial Metals Co 7.350% due 08/15/18		100,000		109,000
Consolidated Minerals Ltd (United Kingdom) 8.875% due 05/01/16 ~		100,000		86,500
Crown Americas LLC
6.250% due 02/01/21		100,000		110,125
7.625% due 05/15/17		100,000		106,125
Eldorado Gold Corp (Canada) 6.125% due 12/15/20 ~		60,000		61,350
FMG Resources Property Ltd (Australia)
6.000% due 04/01/17 ~		150,000		153,750
6.875% due 02/01/18 ~		100,000		103,625
7.000% due 11/01/15 ~		200,000		211,000
8.250% due 11/01/19 ~		200,000		214,000
Georgia Gulf Corp 9.000% due 01/15/17 ~		72,000		80,460
Graphic Packaging International Inc
7.875% due 10/01/18		5,000		5,550
9.500% due 06/15/17		50,000		54,250
Hanson Ltd (United Kingdom) 6.125% due 08/15/16		125,000		137,812
Hexion U.S. Finance Corp
8.875% due 02/01/18		85,000		87,763
9.000% due 11/15/20		100,000		91,750
HudBay Minerals Inc (Canada) 9.500% due 10/01/20 ~		100,000		106,125
Huntsman International LLC
8.625% due 03/15/20		25,000		28,438
8.625% due 03/15/21		100,000		114,750
Ineos Finance PLC (United Kingdom) 9.000% due 05/15/15 ~		50,000		53,375
INEOS Group Holdings SA (Luxembourg) 8.500% due 02/15/16 ~		175,000		175,000

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-24

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Inmet Mining Corp (Canada)
7.500% due 06/01/21 ~		$54,000		$56,295
8.750% due 06/01/20 ~		179,000		196,452
Koppers Inc 7.875% due 12/01/19		10,000		11,050
Lafarge SA (France) 6.500% due 07/15/16		200,000		224,500
Longview Fibre Paper & Packaging Inc 8.000% due 06/01/16 ~		60,000		63,300
Louisiana-Pacific Corp 7.500% due 06/01/20		100,000		113,500
LyondellBasell Industries NV (Netherlands)
5.000% due 04/15/19		400,000		444,000
6.000% due 11/15/21		120,000		141,300
MacDermid Inc 9.500% due 04/15/17 ~		100,000		104,625
Midwest Vanadium Property Ltd (Australia) 11.500% due 02/15/18 ~		50,000		29,750
Mirabela Nickel Ltd (Australia) 8.750% due 04/15/18 ~		100,000		86,500
Molycorp Inc 10.000% due 06/01/20 ~		100,000		93,500
Momentive Performance Materials Inc
8.875% due 10/15/20 ~		100,000		101,375
9.000% due 01/15/21		100,000		73,500
10.000% due 10/15/20 ~		100,000		99,000
Murray Energy Corp 10.250% due 10/15/15 ~		100,000		97,500
New Gold Inc (Canada) 6.250% due 11/15/22 ~		100,000		104,000
NOVA Chemicals Corp (Canada) 8.375% due 11/01/16		50,000		55,000
Novelis Inc (Canada) 8.750% due 12/15/20		200,000		224,000
Olin Corp 5.500% due 08/15/22		100,000		104,750
Owens-Brockway Glass Container Inc 7.375% due 05/15/16		70,000		80,150
Packaging Dynamics Corp 8.750% due 02/01/16 ~		100,000		105,000
Polymer Group Inc 7.750% due 02/01/19		200,000		215,500
PolyOne Corp 7.375% due 09/15/20		10,000		10,975
PQ Corp 8.750% due 05/01/18 ~		200,000		211,000
Resolute Forest Products 10.250% due 10/15/18		30,000		34,500
Rock Tenn Co 4.000% due 03/01/23 ~		200,000		203,360
Rockwood Specialties Group Inc 4.625% due 10/15/20		98,000		101,797
Ryerson Inc 9.000% due 10/15/17 ~		75,000		76,781
Sappi Papier Holding GmbH (Austria) 8.375% due 06/15/19 ~		200,000		219,250
Sawgrass Merger Sub Inc 8.750% due 12/15/20 ~		100,000		101,250
Sealed Air Corp 8.375% due 09/15/21 ~		250,000		286,875
Silgan Holdings Inc 5.000% due 04/01/20		100,000		104,250
Steel Dynamics Inc 7.625% due 03/15/20		150,000		166,500
Stora Enso OYJ (Finland) 7.250% due 04/15/36 ~		100,000		93,500
Taminco Global Chemical Corp 9.750% due 03/31/20 ~		150,000		165,000
Tekni-Plex Inc 9.750% due 06/01/19 ~		100,000		109,500

	Principal Amount		Value
Texas Industries Inc 9.250% due 08/15/20		$35,000		$37,713
The Scotts Miracle-Gro Co 7.250% due 01/15/18		50,000		54,000
Thompson Creek Metals Co Inc (Canada)
7.375% due 06/01/18		100,000		82,500
9.750% due 12/01/17		100,000		106,500
Tronox Finance LLC 6.375% due 08/15/20 ~		55,000		55,756
United States Steel Corp
7.000% due 02/01/18		100,000		107,250
7.500% due 03/15/22		100,000		105,750
Verso Paper Holdings LLC
8.750% due 02/01/19		100,000		39,000
11.750% due 01/15/19		100,000		105,500
Vulcan Materials Co
6.400% due 11/30/17		100,000		109,750
7.500% due 06/15/21		80,000		91,600
Walter Energy Inc 9.875% due 12/15/20 ~		68,000		76,160
				11,585,658
Telecommunication Services - 7.7%
Avaya Inc
7.000% due 04/01/19 ~		50,000		47,000
9.750% due 11/01/15		100,000		89,500
10.125% due 11/01/15		150,000		135,000
Cincinnati Bell Inc
8.375% due 10/15/20		100,000		108,750
8.750% due 03/15/18		100,000		103,750
Clearwire Communications LLC
12.000% due 12/01/15 ~		230,000		248,400
12.000% due 12/01/17 ~		100,000		118,500
Cricket Communications Inc
7.750% due 05/15/16		125,000		132,969
7.750% due 10/15/20		125,000		128,125
Crown Castle International Corp
5.250% due 01/15/23 ~		200,000		214,750
7.125% due 11/01/19		100,000		111,000
Frontier Communications Corp
8.250% due 05/01/14		5,000		5,413
8.500% due 04/15/20		300,000		346,500
9.000% due 08/15/31		100,000		110,500
9.250% due 07/01/21		300,000		353,250
GCI Inc 6.750% due 06/01/21		100,000		98,500
Hughes Satellite Systems Corp
6.500% due 06/15/19		55,000		60,913
7.625% due 06/15/21		95,000		108,537
Inmarsat Finance PLC (United Kingdom) 7.375% due 12/01/17 ~		100,000		108,000
Integra Telecom Holdings Inc 10.750% due 04/15/16 ~		10,000		10,500
Intelsat Jackson Holdings SA (Luxembourg)
6.625% due 12/15/22 ~		150,000		155,437
7.250% due 04/01/19		350,000		378,000
7.500% due 04/01/21		200,000		221,500
Intelsat Luxembourg SA (Luxembourg) 11.250% due 02/04/17		450,000		477,562
Level 3 Communications Inc
8.875% due 06/01/19 ~		100,000		106,875
11.875% due 02/01/19		100,000		115,750
Level 3 Financing Inc
8.125% due 07/01/19		100,000		109,500
8.625% due 07/15/20		200,000		222,750
MetroPCS Wireless Inc 7.875% due 09/01/18		200,000		217,500
PAETEC Holding Corp 9.875% due 12/01/18		50,000		57,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-25

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
Sable International Finance Ltd (Cayman) 8.750% due 02/01/20 ~		$200,000		$230,000
SBA Telecommunications Inc 5.750% due 07/15/20 ~		133,000		141,811
Sprint Capital Corp
6.875% due 11/15/28		150,000		156,750
8.750% due 03/15/32		200,000		245,500
Sprint Nextel Corp
6.000% due 12/01/16		200,000		218,500
6.000% due 11/15/22		200,000		206,500
7.000% due 03/01/20 ~		200,000		233,000
7.000% due 08/15/20		100,000		109,750
8.375% due 08/15/17		275,000		321,062
9.000% due 11/15/18 ~		200,000		247,500
9.125% due 03/01/17		200,000		236,500
11.500% due 11/15/21		100,000		136,375
Telesat (Canada) 6.000% due 05/15/17 ~		133,000		140,315
tw telecom holdings Inc 5.375% due 10/01/22 ~		100,000		105,125
UPC Holding BV (Netherlands) 9.875% due 04/15/18 ~		50,000		56,750
UPCB Finance III Ltd (Cayman) 6.625% due 07/01/20 ~		200,000		215,250
West Corp 7.875% due 01/15/19		175,000		182,000
Windstream Corp
7.500% due 04/01/23		100,000		105,750
7.750% due 10/01/21		100,000		108,500
8.125% due 09/01/18		200,000		219,500
Zayo Group LLC
8.125% due 01/01/20		23,000		25,703
10.125% due 07/01/20		100,000		114,250
				8,458,622
Utilities - 5.0%
AES Corp
7.375% due 07/01/21		200,000		223,000
8.000% due 10/15/17		300,000		348,000
Ameren Energy Generating Co 7.000% due 04/15/18		100,000		73,000
AmeriGas Finance LLC 7.000% due 05/20/22		200,000		223,500
AmeriGas Partners LP 6.500% due 05/20/21		48,000		52,320
Atlantic Power Corp (Canada) 9.000% due 11/15/18		100,000		105,000
Calpine Construction Finance Co LP 8.000% due 06/01/16 ~		100,000		106,750
Calpine Corp
7.250% due 10/15/17 ~		225,000		240,750
7.500% due 02/15/21 ~		225,000		249,750
CMS Energy Corp
2.750% due 05/15/14		100,000		101,910
5.050% due 03/15/22		100,000		111,833
8.750% due 06/15/19		25,000		32,627
DPL Inc 6.500% due 10/15/16		100,000		106,250
Duquesne Light Holdings Inc 5.900% due 12/01/21 ~		100,000		118,781
EDP Finance BV (Netherlands) 4.900% due 10/01/19 ~		250,000		249,184
Energy Future Holdings Corp
10.000% due 01/15/20		250,000		280,625
11.250% due 11/01/17		195,888		184,135
Energy Future Intermediate Holding Co LLC
10.000% due 12/01/20		46,000		52,095
11.750% due 03/01/22 ~		200,000		223,000
Ferrellgas LP 6.500% due 05/01/21		100,000		99,500

	Principal Amount		Value
GenOn Energy Inc
7.625% due 06/15/14		$250,000		$268,125
9.500% due 10/15/18		45,000		53,325
InterGen NV (Netherlands) 9.000% due 06/30/17 ~		150,000		135,000
NRG Energy Inc
6.625% due 03/15/23 ~		100,000		107,500
7.625% due 01/15/18		200,000		223,000
7.875% due 05/15/21		200,000		223,000
8.250% due 09/01/20		150,000		168,750
Puget Energy Inc
5.625% due 07/15/22		100,000		107,990
6.500% due 12/15/20		100,000		112,848
Suburban Propane Partners LP
7.375% due 08/01/21		100,000		109,250
7.500% due 10/01/18		97,000		105,003
Texas Competitive Electric Holdings Co LLC
10.250% due 11/01/15		500,000		148,750
11.500% due 10/01/20 ~		200,000		157,500
Wind Acquisition Finance SA (Luxembourg)
7.250% due 02/15/18 ~		100,000		101,750
11.750% due 07/15/17 ~		190,000		199,975
Wind Acquisition Holdings Finance SA (Luxembourg) 12.250% due 07/15/17 ~		119,523		122,511
				5,526,287
Total Corporate Bonds & Notes (Cost $102,093,285)				107,192,908
	Shares
SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
Federated Prime Obligations Fund		1,129,537		1,129,537
Total Short-Term Investment (Cost $1,129,537)				1,129,537
TOTAL INVESTMENTS - 98.6% (Cost $103,222,822)				108,322,445
OTHER ASSETS & LIABILITIES, NET - 1.4%				1,523,208
NET ASSETS - 100.0%				$109,845,653

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Consumer Discretionary	20.0%
Energy	14.8%
Financials	11.9%
Industrials	11.0%
Materials	10.6%
Health Care	7.7%
Telecommunication Services	7.7%
Utilities	5.0%
Consumer Staples	4.8%
Information Technology	4.1%
Short-Term Investment	1.0%
	98.6%
Other Assets & Liabilities, Net	1.4%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-26

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(b) As of December 31, 2012, the portfolio’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows (Unaudited):

BBB	4.3%
BB	39.0%
B	41.8%
CCC	9.1%
CC	3.5%
C	0.6%
D	0.3%
Not Rated	1.4%
	100.0%

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$107,192,908		$-		$107,192,908		$-
	Short-Term Investment		1,129,537		1,129,537		-		-
	Total		$108,322,445		$1,129,537		$107,192,908		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-27

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 97.1%
Consumer Discretionary - 16.3%
Aaron’s Inc		1,359		$38,433
Advance Auto Parts Inc		1,728		125,021
Allison Transmission Holdings Inc		648		13,232
Amazon.com Inc *		8,504		2,135,695
AMC Networks Inc ‘A’ *		1,343		66,479
American Eagle Outfitters Inc		3,575		73,323
Apollo Group Inc ‘A’ *		2,258		47,237
Ascena Retail Group Inc *		2,890		53,436
AutoNation Inc *		454		18,024
AutoZone Inc *		895		317,215
Bally Technologies Inc *		941		42,072
Bed Bath & Beyond Inc *		5,465		305,548
Big Lots Inc *		1,401		39,872
BorgWarner Inc *		2,694		192,944
Brinker International Inc		1,786		55,348
Cablevision Systems Corp ‘A’		477		7,126
CarMax Inc *		994		37,315
Carter’s Inc *		1,138		63,330
CBS Corp ‘B’		2,590		98,549
Charter Communications Inc ‘A’ *		1,147		87,447
Chico’s FAS Inc		2,798		51,651
Chipotle Mexican Grill Inc *		745		221,608
Choice Hotels International Inc		50		1,681
Cinemark Holdings Inc		2,701		70,172
Clear Channel Outdoor Holdings Inc ‘A’ *		464		3,257
Coach Inc		6,755		374,970
Comcast Corp ‘A’		30,047		1,123,157
D.R. Horton Inc		429		8,486
Darden Restaurants Inc		3,024		136,292
Deckers Outdoor Corp *		556		22,390
Delphi Automotive PLC * (United Kingdom)		7,716		295,137
Dick’s Sporting Goods Inc		2,183		99,305
DIRECTV *		14,218		713,175
Discovery Communications Inc ‘A’ *		5,622		356,885
DISH Network Corp ‘A’		3,749		136,464
Dollar General Corp *		4,342		191,439
Dollar Tree Inc *		5,453		221,174
DSW Inc ‘A’		713		46,837
Dunkin’ Brands Group Inc		1,694		56,207
Expedia Inc		1,285		78,963
Family Dollar Stores Inc		2,272		144,068
Foot Locker Inc		729		23,415
Fossil Inc *		1,284		119,540
Garmin Ltd (Switzerland)		183		7,470
Gentex Corp		3,391		63,819
Genuine Parts Co		3,665		233,021
GNC Holdings Inc ‘A’		1,624		54,047
Groupon Inc *		995		4,856
H&R Block Inc		4,045		75,116
Hanesbrands Inc *		2,294		82,171
Harley-Davidson Inc		5,442		265,787
Hasbro Inc		2,450		87,955
HomeAway Inc *		720		15,840
International Game Technology		3,479		49,297
ITT Educational Services Inc *		611		10,576
Jarden Corp		420		21,714
John Wiley & Sons Inc ‘A’		469		18,258
Kohl’s Corp		392		16,848
Lamar Advertising Co ‘A’ *		1,563		60,566
Las Vegas Sands Corp		9,341		431,181
Liberty Global Inc ‘A’ *		6,166		388,396
Liberty Interactive Corp ‘A’ *		1,887		37,136
Liberty Media Corp ‘A’ *		171		19,838
Liberty Ventures ‘A’ *		148		10,028
Limited Brands Inc		5,675		267,065
LKQ Corp *		6,931		146,244

	Shares		Value
Lowe’s Cos Inc		3,692		$131,140
Macy’s Inc		1,334		52,053
Marriott International Inc ‘A’		5,510		205,358
Mattel Inc		6,197		226,934
McDonald’s Corp		23,888		2,107,160
Michael Kors Holdings Ltd * (United Kingdom)		1,993		101,703
Morningstar Inc		569		35,750
Netflix Inc *		1,305		121,078
News Corp ‘A’		16,938		432,597
Nike Inc ‘B’		17,002		877,303
Nordstrom Inc		3,697		197,789
NVR Inc *		106		97,520
O’Reilly Automotive Inc *		2,795		249,929
Omnicom Group Inc		6,409		320,194
Pandora Media Inc *		2,429		22,298
Panera Bread Co ‘A’ *		666		105,781
Penn National Gaming Inc *		139		6,826
PetSmart Inc		2,548		174,130
Polaris Industries Inc		1,521		127,992
priceline.com Inc *		1,171		727,425
PVH Corp		1,527		169,512
Ralph Lauren Corp		1,449		217,234
Regal Entertainment Group ‘A’		764		10,658
Ross Stores Inc		5,325		288,349
Sally Beauty Holdings Inc *		3,412		80,421
Scripps Networks Interactive Inc ‘A’		1,997		115,666
Sirius XM Radio Inc		89,353		258,230
Starbucks Corp		17,829		955,991
Starwood Hotels & Resorts Worldwide Inc		4,646		266,495
Target Corp		876		51,833
Tempur-Pedic International Inc *		1,415		44,558
Tesla Motors Inc *		1,663		56,326
The Gap Inc		7,121		221,036
The Goodyear Tire & Rubber Co *		5,753		79,449
The Home Depot Inc		35,980		2,225,363
The Interpublic Group of Cos Inc		586		6,458
The Madison Square Garden Co ‘A’ *		66		2,927
The McGraw-Hill Cos Inc		6,575		359,455
The TJX Cos Inc		17,417		739,352
The Walt Disney Co		15,461		769,803
Thor Industries Inc		70		2,620
Tiffany & Co		2,502		143,465
Time Warner Cable Inc		7,346		713,958
Tractor Supply Co		1,694		149,682
TripAdvisor Inc *		2,038		85,514
Tupperware Brands Corp		1,315		84,292
Ulta Salon Cosmetics & Fragrance Inc		1,478		145,228
Under Armour Inc ‘A’ *		1,826		88,616
Urban Outfitters Inc *		2,502		98,479
VF Corp		2,060		310,998
Viacom Inc ‘B’		12,407		654,345
Virgin Media Inc		6,530		239,977
Visteon Corp *		69		3,714
Weight Watchers International Inc		635		33,249
Williams-Sonoma Inc		1,174		51,386
Wyndham Worldwide Corp		3,430		182,510
Wynn Resorts Ltd		1,874		210,806
Yum! Brands Inc		10,826		718,846
				27,838,909
Consumer Staples - 12.1%
Altria Group Inc		37,117		1,166,216
Avon Products Inc		7,827		112,396
Brown-Forman Corp ‘B’		3,073		194,367
Campbell Soup Co		3,228		112,625
Church & Dwight Co Inc		2,015		107,943
Coca-Cola Enterprises Inc		540		17,134
Colgate-Palmolive Co		10,287		1,075,403
Costco Wholesale Corp		10,184		1,005,874

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-28

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
CVS Caremark Corp		6,085		$294,210
Dean Foods Co *		3,722		61,450
Dr Pepper Snapple Group Inc		4,980		220,016
Flowers Foods Inc		2,636		61,340
General Mills Inc		11,914		481,445
Green Mountain Coffee Roasters Inc *		2,738		113,244
H.J. Heinz Co		4,685		270,231
Herbalife Ltd (Cayman)		2,747		90,486
Hillshire Brands Co		2,378		66,917
Hormel Foods Corp		1,812		56,552
Ingredion Inc		374		24,097
Kellogg Co		5,368		299,803
Kimberly-Clark Corp		8,240		695,703
Kraft Foods Group Inc		738		33,557
Lorillard Inc		3,068		357,943
McCormick & Co Inc		3,117		198,023
Mead Johnson Nutrition Co		4,793		315,811
Mondelez International Inc ‘A’		2,176		55,423
Monster Beverage Corp *		3,388		179,157
Nu Skin Enterprises Inc ‘A’		1,264		46,831
PepsiCo Inc		36,762		2,515,624
Philip Morris International Inc		36,843		3,081,548
Reynolds American Inc		2,600		107,718
Safeway Inc		816		14,761
Sysco Corp		7,257		229,757
The Clorox Co		195		14,278
The Coca-Cola Co		91,314		3,310,132
The Estee Lauder Cos Inc ‘A’		5,410		323,843
The Fresh Market Inc *		651		31,307
The Hershey Co		3,528		254,792
The Kroger Co		12,402		322,700
The Procter & Gamble Co		4,702		319,219
Wal-Mart Stores Inc		31,346		2,138,738
WhiteWave Foods Co ‘A’ *		311		4,833
Whole Foods Market Inc		4,315		394,089
				20,777,536
Energy - 3.9%
Atwood Oceanics Inc *		424		19,415
Cabot Oil & Gas Corp		4,933		245,367
Cameron International Corp *		4,447		251,078
CARBO Ceramics Inc		470		36,820
Cheniere Energy Inc *		3,338		62,688
Cobalt International Energy Inc *		4,075		100,082
Concho Resources Inc *		2,445		196,969
Continental Resources Inc *		992		72,902
Dresser-Rand Group Inc *		1,778		99,817
EOG Resources Inc		6,337		765,446
FMC Technologies Inc *		5,621		240,748
Golar LNG Ltd (NOTC) (Bermuda)		1,023		37,626
Halliburton Co		6,922		240,124
Helmerich & Payne Inc		504		28,229
Kinder Morgan Inc		11,484		405,730
Kosmos Energy Ltd * (Bermuda)		1,670		20,625
Laredo Petroleum Holdings Inc *		405		7,355
National Oilwell Varco Inc		2,284		156,111
Noble Energy Inc		928		94,415
Oceaneering International Inc		2,546		136,949
Oil States International Inc *		1,111		79,481
Pioneer Natural Resources Co		2,415		257,415
Range Resources Corp		3,813		239,571
RPC Inc		1,343		16,438
Schlumberger Ltd (Netherlands)		31,346		2,171,964
SEACOR Holdings Inc		224		18,771
SM Energy Co		1,257		65,628
Southwestern Energy Co *		2,840		94,884
The Williams Cos Inc		15,864		519,387
Whiting Petroleum Corp *		400		17,348
World Fuel Services Corp		537		22,108
				6,721,491

	Shares		Value
Financials - 4.5%
Affiliated Managers Group Inc *		901		$117,265
Alexander & Baldwin Inc *		56		1,645
Allied World Assurance Co Holdings AG (Switzerland)		441		34,751
American Campus Communities Inc REIT		226		10,425
American Express Co		15,134		869,902
American Tower Corp REIT		9,275		716,679
Aon PLC (United Kingdom)		655		36,418
Apartment Investment & Management Co ‘A’ REIT		2,406		65,106
Arch Capital Group Ltd * (Bermuda)		378		16,640
Arthur J. Gallagher & Co		2,787		96,570
BlackRock Inc		1,602		331,149
Boston Properties Inc REIT		595		62,957
BRE Properties Inc REIT		510		25,923
Brown & Brown Inc		233		5,932
Camden Property Trust REIT		1,421		96,926
CBOE Holdings Inc		1,794		52,851
CBRE Group Inc ‘A’ *		7,712		153,469
Digital Realty Trust Inc REIT		2,863		194,369
Eaton Vance Corp		2,715		86,473
Endurance Specialty Holdings Ltd (Bermuda)		84		3,334
Equity Lifestyle Properties Inc REIT		810		54,505
Equity Residential REIT		572		32,415
Erie Indemnity Co ‘A’		607		42,017
Essex Property Trust Inc REIT		828		121,426
Extra Space Storage Inc REIT		1,546		56,259
Federal Realty Investment Trust REIT		1,180		122,744
Federated Investors Inc ‘B’		1,814		36,697
Franklin Resources Inc		759		95,406
HCP Inc REIT		764		34,518
Home Properties Inc REIT		614		37,644
IntercontinentalExchange Inc *		1,710		211,715
Kilroy Realty Corp REIT		121		5,732
Lazard Ltd ‘A’ (Bermuda)		2,688		80,210
Leucadia National Corp		1,066		25,360
LPL Financial Holdings Inc		993		27,963
Marsh & McLennan Cos Inc		10,170		350,560
Mid-America Apartment Communities Inc REIT		912		59,052
Moody’s Corp		4,611		232,026
MSCI Inc *		2,858		88,569
People’s United Financial Inc		1,782		21,544
Plum Creek Timber Co Inc REIT		3,796		168,429
Post Properties Inc REIT		540		26,973
Public Storage REIT		3,354		486,196
Rayonier Inc REIT		2,280		118,172
Realogy Holdings Corp *		295		12,378
Regency Centers Corp REIT		1,273		59,984
SEI Investments Co		3,227		75,318
Signature Bank *		205		14,625
Simon Property Group Inc REIT		5,994		947,591
T. Rowe Price Group Inc		5,996		390,519
Tanger Factory Outlet Centers Inc REIT		2,178		74,488
Taubman Centers Inc REIT		358		28,182
The Hanover Insurance Group Inc		494		19,138
The St. Joe Co *		145		3,347
The Travelers Cos Inc		3,969		285,054
Validus Holdings Ltd (Bermuda)		340		11,757
Waddell & Reed Financial Inc ‘A’		2,030		70,685
Weyerhaeuser Co REIT		4,043		112,476
				7,620,458
Health Care - 11.6%
Abbott Laboratories ‡		35,061		2,296,495
Agilent Technologies Inc		8,172		334,562
Alexion Pharmaceuticals Inc *		4,515		423,552

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-29

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Allergan Inc		7,134		$654,402
AmerisourceBergen Corp		5,542		239,304
Amgen Inc		18,281		1,578,016
ARIAD Pharmaceuticals Inc *		3,896		74,725
Baxter International Inc		11,842		789,388
Becton Dickinson & Co		4,441		347,242
Biogen Idec Inc *		5,631		825,899
BioMarin Pharmaceutical Inc *		2,872		141,446
Bristol-Myers Squibb Co		36,051		1,174,902
Bruker Corp *		2,121		32,388
C.R. Bard Inc		1,973		192,841
Cardinal Health Inc		4,393		180,904
Catamaran Corp * (Canada)		4,810		226,599
Celgene Corp *		10,354		815,067
Cerner Corp *		3,406		264,442
Charles River Laboratories International Inc *		712		26,679
Covance Inc *		65		3,755
Covidien PLC (Ireland)		588		33,951
DaVita HealthCare Partners Inc *		2,210		244,271
DENTSPLY International Inc		1,486		58,860
Edwards Lifesciences Corp *		2,694		242,918
Eli Lilly & Co		8,767		432,388
Endo Health Solutions Inc *		1,767		46,419
Express Scripts Holding Co *		18,934		1,022,436
Gilead Sciences Inc *		17,802		1,307,557
HCA Holdings Inc		2,514		75,847
Henry Schein Inc *		1,200		96,552
IDEXX Laboratories Inc *		1,294		120,083
Illumina Inc *		2,902		161,322
Incyte Corp Ltd *		2,262		37,572
Intuitive Surgical Inc *		933		457,515
Johnson & Johnson		14,525		1,018,202
Laboratory Corp of America Holdings *		2,276		197,147
Life Technologies Corp *		396		19,436
McKesson Corp		5,533		536,480
Medivation Inc *		1,705		87,228
Medtronic Inc		1,488		61,038
Mettler-Toledo International Inc *		739		142,849
Mylan Inc *		8,769		240,972
Myriad Genetics Inc *		1,996		54,391
Onyx Pharmaceuticals Inc *		1,513		114,277
Patterson Cos Inc		2,034		69,624
Perrigo Co		2,196		228,450
Quest Diagnostics Inc		434		25,289
Regeneron Pharmaceuticals Inc *		1,816		310,663
ResMed Inc		3,356		139,509
Salix Pharmaceuticals Ltd *		1,366		55,296
Sirona Dental Systems Inc *		247		15,922
St. Jude Medical Inc		5,688		205,564
Stryker Corp		5,358		293,725
Techne Corp		866		59,182
Tenet Healthcare Corp *		139		4,513
The Cooper Cos Inc		342		31,628
Thoratec Corp *		1,380		51,778
United Therapeutics Corp *		1,188		63,463
Universal Health Services Inc ‘B’		119		5,754
Varian Medical Systems Inc *		2,621		184,099
Vertex Pharmaceuticals Inc *		4,962		208,106
Warner Chilcott PLC ‘A’ (Ireland)		3,858		46,450
Waters Corp *		2,089		181,994
Watson Pharmaceuticals Inc *		2,995		257,570
WellPoint Inc		473		28,815
Zimmer Holdings Inc		406		27,064
				19,926,777
Industrials - 12.4%
3M Co		14,663		1,361,460
AMETEK Inc		5,668		212,947
Armstrong World Industries Inc		482		24,452

	Shares		Value
BE Aerospace Inc *		2,301		$113,669
C.H. Robinson Worldwide Inc		3,823		241,690
Carlisle Cos Inc		123		7,227
Caterpillar Inc		15,338		1,373,978
Chicago Bridge & Iron Co NV (Netherlands)		1,410		65,354
Cintas Corp		1,161		47,485
Clean Harbors Inc *		1,117		61,446
Colfax Corp *		205		8,272
Con-way Inc		712		19,808
Copa Holdings SA ‘A’ (Panama)		629		62,554
Copart Inc *		2,395		70,652
Covanta Holding Corp		185		3,408
CSX Corp		16,537		326,275
Cummins Inc		4,518		489,525
Danaher Corp		4,653		260,103
Deere & Co		9,349		807,941
Delta Air Lines Inc *		12,764		151,509
Donaldson Co Inc		3,501		114,973
Eaton Corp PLC (Ireland)		1,994		108,075
Emerson Electric Co		14,503		768,079
Equifax Inc		2,547		137,844
Expeditors International of Washington Inc		4,514		178,529
Fastenal Co		6,960		324,962
FedEx Corp		467		42,833
Flowserve Corp		1,109		162,801
Fluor Corp		2,970		174,458
Fortune Brands Home & Security Inc *		635		18,555
General Cable Corp *		57		1,733
Graco Inc		1,421		73,167
Hertz Global Holdings Inc *		3,355		54,586
Honeywell International Inc		18,316		1,162,517
Hubbell Inc ‘B’		1,153		97,578
IDEX Corp		399		18,565
IHS Inc ‘A’ *		1,184		113,664
Illinois Tool Works Inc		9,449		574,594
Ingersoll-Rand PLC (Ireland)		5,758		276,154
Iron Mountain Inc		3,646		113,208
ITT Corp		548		12,856
JB Hunt Transport Services Inc		2,111		126,048
Joy Global Inc		2,488		158,685
Kansas City Southern		2,017		168,379
Kirby Corp *		977		60,467
Landstar System Inc		1,109		58,178
Lennox International Inc		1,198		62,919
Lincoln Electric Holdings Inc		1,968		95,802
Lockheed Martin Corp		5,460		503,903
Masco Corp		8,395		139,861
Matson Inc		56		1,384
MRC Global Inc *		304		8,445
MSC Industrial Direct Co Inc ‘A’		1,071		80,732
Nielsen Holdings NV * (Netherlands)		707		21,627
Nordson Corp		1,402		88,494
PACCAR Inc		1,895		85,673
Pall Corp		2,722		164,028
Parker Hannifin Corp		1,598		135,926
Pitney Bowes Inc		2,382		25,344
Polypore International Inc *		1,094		50,871
Precision Castparts Corp		3,416		647,059
Robert Half International Inc		3,361		106,947
Rockwell Automation Inc		3,355		281,786
Rockwell Collins Inc		3,409		198,302
Rollins Inc		1,524		33,589
Roper Industries Inc		2,290		255,289
Snap-on Inc		271		21,406
Southwest Airlines Co		3,566		36,516
Spirit AeroSystems Holdings Inc ‘A’ *		696		11,811
SPX Corp		349		24,482
Stericycle Inc *		2,000		186,540
Textron Inc		445		11,032
The Babcock & Wilcox Co		2,789		73,072

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-30

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
The Boeing Co		15,899		$1,198,149
The Dun & Bradstreet Corp		713		56,077
The Manitowoc Co Inc		2,405		37,710
The Timken Co		170		8,131
The Toro Co		1,407		60,473
TransDigm Group Inc		1,201		163,768
Triumph Group Inc		385		25,141
Union Pacific Corp		11,194		1,407,310
United Continental Holdings Inc *		7,806		182,504
United Parcel Service Inc ‘B’		17,028		1,255,474
United Rentals Inc *		2,204		100,326
United Technologies Corp		21,422		1,756,818
Valmont Industries Inc		549		74,966
Verisk Analytics Inc ‘A’ *		2,982		152,082
W.W. Grainger Inc		1,373		277,854
WABCO Holdings Inc *		1,406		91,657
Wabtec Corp		1,132		99,095
Waste Connections Inc		197		6,657
Xylem Inc		503		13,631
				21,131,906
Information Technology - 30.0%
Accenture PLC ‘A’ (Ireland)		15,135		1,006,477
Acme Packet Inc *		1,410		31,189
Adobe Systems Inc *		6,683		251,815
Advanced Micro Devices Inc *		15,021		36,050
Akamai Technologies Inc *		3,892		159,222
Alliance Data Systems Corp *		1,184		171,396
Altera Corp		7,584		261,193
Amphenol Corp ‘A’		3,809		246,442
Analog Devices Inc		576		24,227
ANSYS Inc *		2,190		147,475
AOL Inc *		402		11,903
Apple Inc		21,979		11,715,466
Atmel Corp *		706		4,624
Autodesk Inc *		5,432		192,021
Automatic Data Processing Inc		11,497		655,444
Avago Technologies Ltd (Singapore)		5,395		170,806
BMC Software Inc *		3,787		150,192
Broadcom Corp ‘A’ *		8,031		266,710
Broadridge Financial Solutions Inc		2,936		67,176
CA Inc		517		11,364
Cadence Design Systems Inc *		6,457		87,234
Citrix Systems Inc *		4,377		287,788
Cognizant Technology Solutions Corp ‘A’ *		7,158		530,050
Compuware Corp *		216		2,348
Concur Technologies Inc *		1,071		72,314
Cypress Semiconductor Corp *		2,064		22,374
Diebold Inc		92		2,816
Dolby Laboratories Inc ‘A’		675		19,798
DST Systems Inc		139		8,423
eBay Inc *		27,225		1,389,019
EchoStar Corp ‘A’ *		228		7,802
EMC Corp *		49,356		1,248,707
Equinix Inc *		1,130		233,006
F5 Networks Inc *		1,866		181,282
Facebook Inc ‘A’ *		9,901		263,664
FactSet Research Systems Inc		1,056		92,991
Fiserv Inc *		2,653		209,667
FleetCor Technologies Inc *		1,154		61,912
FLIR Systems Inc		2,937		65,524
Fortinet Inc *		3,070		64,685
Freescale Semiconductor Ltd * (Bermuda)		1,213		13,355
Fusion-io Inc *		1,595		36,573
Gartner Inc *		2,193		100,922
Genpact Ltd (Bermuda)		2,392		37,076
Global Payments Inc		1,847		83,669
Google Inc ‘A’ *		6,085		4,316,516
Harris Corp		797		39,021
IAC/InterActiveCorp		295		13,954

	Shares		Value
Informatica Corp *		2,545		$77,164
Intel Corp		87,866		1,812,676
International Business Machines Corp		25,622		4,907,894
Intuit Inc		6,903		410,729
IPG Photonics Corp		749		49,921
Jabil Circuit Inc		838		16,165
Jack Henry & Associates Inc		2,053		80,601
Lam Research Corp *		1,355		48,956
Lender Processing Services Inc		2,024		49,831
Linear Technology Corp		5,412		185,632
LinkedIn Corp ‘A’ *		1,455		167,063
LSI Corp *		13,375		94,695
MasterCard Inc ‘A’		2,549		1,252,273
Maxim Integrated Products Inc		3,435		100,989
Microchip Technology Inc		4,551		148,317
MICROS Systems Inc *		1,889		80,169
Microsoft Corp		176,933		4,729,419
Motorola Solutions Inc		6,865		382,243
National Instruments Corp		2,210		57,040
NCR Corp *		3,733		95,117
NetApp Inc *		5,726		192,107
NetSuite Inc *		738		49,667
NeuStar Inc ‘A’ *		1,572		65,914
Nuance Communications Inc *		5,681		126,800
Oracle Corp		89,813		2,992,569
Palo Alto Networks Inc *		111		5,941
Paychex Inc		7,101		221,125
QUALCOMM Inc		40,296		2,499,158
Rackspace Hosting Inc *		2,564		190,428
Red Hat Inc *		4,534		240,121
Riverbed Technology Inc *		3,727		73,496
Rovi Corp *		498		7,684
SAIC Inc		2,314		26,194
salesforce.com inc *		3,261		548,174
ServiceNow Inc *		290		8,709
Silicon Laboratories Inc *		920		38,465
Skyworks Solutions Inc *		3,973		80,652
SolarWinds Inc *		1,448		75,948
Solera Holdings Inc		1,634		87,370
Splunk Inc *		397		11,521
Stratasys Ltd * (Israel)		291		23,324
Symantec Corp *		988		18,584
Synopsys Inc *		240		7,642
Teradata Corp *		3,966		245,456
Teradyne Inc *		496		8,377
Texas Instruments Inc		18,077		559,302
The Western Union Co		14,409		196,106
TIBCO Software Inc *		3,878		85,355
Total System Services Inc		3,269		70,022
Trimble Navigation Ltd *		2,941		175,813
Vantiv Inc ‘A’ *		921		18,807
VeriFone Systems Inc *		2,531		75,120
VeriSign Inc *		3,417		132,648
Visa Inc ‘A’		12,284		1,862,009
VMware Inc ‘A’ *		2,079		195,717
Western Digital Corp		2,116		89,909
Workday Inc ‘A’ *		459		25,016
Xilinx Inc		6,204		222,724
Zebra Technologies Corp ‘A’ *		180		7,070
Zynga Inc ‘A’ *		2,870		6,802
				51,388,422
Materials - 3.9%
Airgas Inc		1,614		147,342
Albemarle Corp		1,183		73,488
Allied Nevada Gold Corp *		2,114		63,695
Aptargroup Inc		520		24,814
Ball Corp		3,683		164,814
Carpenter Technology Corp		65		3,356
Celanese Corp ‘A’		3,677		163,737

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-31

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
CF Industries Holdings Inc		343		$69,684
Compass Minerals International Inc		778		58,124
Crown Holdings Inc *		862		31,730
E.I. du Pont de Nemours & Co		22,026		990,509
Eastman Chemical Co		2,944		200,339
Ecolab Inc		6,113		439,525
FMC Corp		3,224		188,669
International Flavors & Fragrances Inc		1,906		126,825
Intrepid Potash Inc		636		13,540
LyondellBasell Industries NV ‘A’ (Netherlands)		543		31,000
Martin Marietta Materials Inc		557		52,514
Molycorp Inc *		403		3,804
Monsanto Co		12,539		1,186,816
NewMarket Corp		208		54,538
Owens-Illinois Inc *		2,879		61,236
Packaging Corp of America		2,116		81,403
PPG Industries Inc		3,580		484,553
Praxair Inc		7,021		768,448
Rock-Tenn Co ‘A’		203		14,192
Rockwood Holdings Inc		475		23,494
Royal Gold Inc		1,506		122,453
RPM International Inc		1,221		35,849
Sigma-Aldrich Corp		2,842		209,114
Silgan Holdings Inc		1,154		47,995
Southern Copper Corp		2,854		108,052
Steel Dynamics Inc		1,148		15,762
Tahoe Resources Inc * (Canada)		386		7,072
The Scotts Miracle-Gro Co ‘A’		878		38,676
The Sherwin-Williams Co		2,042		314,100
The Valspar Corp		2,189		136,594
Westlake Chemical Corp		106		8,406
WR Grace & Co *		1,603		107,770
				6,674,032
Telecommunication Services - 2.2%
Crown Castle International Corp *		6,888		497,038
Level 3 Communications Inc *		1,971		45,550
SBA Communications Corp ‘A’ *		2,851		202,478
tw telecom Inc *		3,538		90,113
Verizon Communications Inc		66,781		2,889,614
Windstream Corp		8,217		68,036
				3,792,829
Utilities - 0.2%
Aqua America Inc		358		9,101
ITC Holdings Corp		1,208		92,907
ONEOK Inc		4,886		208,877
Questar Corp		957		18,910
				329,795
Total Common Stocks (Cost $143,806,222)				166,202,155
EXCHANGE-TRADED FUND - 0.1%
iShares Russell 1000 Growth Index Fund		2,389		156,456
Total Exchange-Traded Fund (Cost $160,689)				156,456

	Principal Amount		Value
SHORT-TERM INVESTMENT - 2.7%
Repurchase Agreement - 2.7%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $4,683,286; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $4,780,000)		$4,683,284		$4,683,284
Total Short-Term Investment (Cost $4,683,284)				4,683,284
TOTAL INVESTMENTS - 99.9% (Cost $148,650,195)				171,041,895
OTHER ASSETS & LIABILITIES, NET - 0.1%				225,760
NET ASSETS - 100.0%				$171,267,655

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	30.0%
Consumer Discretionary	16.3%
Industrials	12.4%
Consumer Staples	12.1%
Health Care	11.6%
Financials	4.5%
Energy	3.9%
Materials	3.9%
Short-Term Investment	2.7%
Telecommunication Services	2.2%
Utilities	0.2%
Exchange-Traded Fund	0.1%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, an investment with a value of $884,250 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Depreciation
NASDAQ 100 E-Mini (03/13)		27		$1,447,612		($13,777)
S&P 500 E-Mini (03/13)		49		3,486,109		(6,864)
Total Futures Contracts						($20,641)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-32

PACIFIC SELECT FUND

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Schedule of Investments (Continued)

December 31, 2012

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$166,202,155			$166,202,155			$-		$-
	Exchange-Traded Fund		156,456			156,456			-		-
	Short-Term Investment		4,683,284			-			4,683,284		-
	Total Assets		171,041,895			166,358,611			4,683,284		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(20,641	)		(20,641	)		-		-
	Total Liabilities		(20,641	)		(20,641	)		-		-
	Total		$171,021,254			$166,337,970			$4,683,284		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-33

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 95.3%
Consumer Discretionary - 7.9%
Aaron’s Inc		536		$15,158
Abercrombie & Fitch Co ‘A’		2,358		113,113
American Eagle Outfitters Inc		1,186		24,325
AutoNation Inc *		461		18,302
Best Buy Co Inc		7,485		88,697
Cablevision Systems Corp ‘A’		4,972		74,282
CarMax Inc *		5,185		194,645
Carnival Corp (Panama)		11,539		424,289
CBS Corp ‘B’		14,936		568,315
Chico’s FAS Inc		1,372		25,327
Choice Hotels International Inc		662		22,256
Clear Channel Outdoor Holdings Inc ‘A’ *		387		2,717
Comcast Corp ‘A’		39,063		1,460,175
D.R. Horton Inc		7,158		141,585
Deckers Outdoor Corp *		417		16,793
DeVry Inc		1,807		42,880
Dillard’s Inc ‘A’		823		68,943
DISH Network Corp ‘A’		1,245		45,318
DreamWorks Animation SKG Inc ‘A’ *		1,871		31,002
DSW Inc ‘A’		67		4,401
Expedia Inc		919		56,473
Foot Locker Inc		3,351		107,634
Ford Motor Co		104,146		1,348,691
GameStop Corp ‘A’		3,460		86,811
Gannett Co Inc		6,529		117,587
Garmin Ltd (Switzerland)		2,808		114,623
General Motors Co *		21,259		612,897
Guess? Inc		1,707		41,890
H&R Block Inc		2,890		53,667
Harman International Industries Inc		1,959		87,450
Hasbro Inc		311		11,165
HomeAway Inc *		141		3,102
Hyatt Hotels Corp ‘A’ *		1,249		48,174
International Game Technology		3,315		46,974
J.C. Penney Co Inc		4,435		87,414
Jarden Corp		1,707		88,252
John Wiley & Sons Inc ‘A’		739		28,769
Johnson Controls Inc		18,886		579,800
Kohl’s Corp		6,289		270,301
Lamar Advertising Co ‘A’ *		290		11,238
Lear Corp		2,769		129,700
Leggett & Platt Inc		3,896		106,049
Lennar Corp ‘A’		4,494		173,783
Liberty Interactive Corp ‘A’ *		13,296		261,665
Liberty Media Corp ‘A’ *		2,818		326,916
Liberty Ventures ‘A’ *		997		67,557
Lowe’s Cos Inc		27,244		967,707
Macy’s Inc		9,958		388,561
Marriott International Inc ‘A’		565		21,058
Mattel Inc		2,140		78,367
MGM Resorts International *		11,045		128,564
Mohawk Industries Inc *		1,583		143,214
Newell Rubbermaid Inc		8,052		179,318
News Corp ‘A’		38,148		974,300
NVR Inc *		15		13,800
Penn National Gaming Inc *		1,686		82,799
PulteGroup Inc *		9,506		172,629
PVH Corp		145		16,096
Regal Entertainment Group ‘A’		1,479		20,632
Royal Caribbean Cruises Ltd (Liberia)		4,206		143,004
Sally Beauty Holdings Inc *		267		6,293
Sears Holdings Corp *		1,015		41,980
Sears Hometown & Outlet Stores Inc *		206		6,707
Service Corp International		6,034		83,330
Signet Jewelers Ltd (NYSE) (Bermuda)		2,365		126,291
Staples Inc		19,141		218,207

	Shares		Value
Target Corp		17,328		$1,025,298
The Interpublic Group of Cos Inc		11,571		127,512
The Madison Square Garden Co ‘A’ *		1,592		70,605
The Walt Disney Co		31,359		1,561,365
The Washington Post Co ‘B’		119		43,460
The Wendy’s Co		7,644		35,927
Thomson Reuters Corp (NYSE) (Canada)		10,309		299,580
Thor Industries Inc		1,089		40,761
Tiffany & Co		560		32,110
Time Warner Inc		26,648		1,274,574
Toll Brothers Inc *		3,993		129,094
TRW Automotive Holdings Corp *		2,797		149,947
Visteon Corp *		1,380		74,272
Whirlpool Corp		2,146		218,355
Williams-Sonoma Inc		1,080		47,272
				17,194,094
Consumer Staples - 6.9%
Altria Group Inc		12,656		397,651
Archer-Daniels-Midland Co		18,284		500,799
Avon Products Inc		2,753		39,533
Beam Inc		4,377		267,391
Brown-Forman Corp ‘B’		524		33,143
Bunge Ltd (Bermuda)		4,052		294,540
Campbell Soup Co		1,020		35,588
Church & Dwight Co Inc		1,479		79,230
Coca-Cola Enterprises Inc		7,724		245,082
Colgate-Palmolive Co		1,101		115,098
ConAgra Foods Inc		11,534		340,253
Constellation Brands Inc ‘A’ *		4,099		145,064
CVS Caremark Corp		28,390		1,372,656
Dean Foods Co *		723		11,937
Energizer Holdings Inc		1,817		145,324
General Mills Inc		3,902		157,680
Green Mountain Coffee Roasters Inc *		571		23,617
H.J. Heinz Co		3,350		193,228
Hillshire Brands Co		473		13,310
Hormel Foods Corp		1,629		50,841
Ingredion Inc		1,669		107,534
Kellogg Co		378		21,111
Kimberly-Clark Corp		1,155		97,517
Kraft Foods Group Inc		15,555		707,286
Molson Coors Brewing Co ‘B’		3,558		152,247
Mondelez International Inc ‘A’		46,661		1,188,456
Philip Morris International Inc		3,836		320,843
Ralcorp Holdings Inc *		1,534		137,523
Reynolds American Inc		6,070		251,480
Safeway Inc		5,759		104,180
Smithfield Foods Inc *		4,240		91,457
Sysco Corp		7,695		243,624
The Clorox Co		3,388		248,069
The J.M. Smucker Co		3,111		268,293
The Procter & Gamble Co		70,511		4,786,992
Tyson Foods Inc ‘A’		8,073		156,616
Wal-Mart Stores Inc		9,901		675,545
Walgreen Co		23,952		886,463
WhiteWave Foods Co ‘A’ *		272		4,227
				14,911,428
Energy - 15.4%
Alpha Natural Resources Inc *		6,091		59,326
Anadarko Petroleum Corp		13,869		1,030,605
Apache Corp		10,851		851,803
Atwood Oceanics Inc *		1,104		50,552
Baker Hughes Inc		12,174		497,186
Cameron International Corp *		1,588		89,658
Cheniere Energy Inc *		2,037		38,255
Chesapeake Energy Corp		18,393		305,692
Chevron Corp		54,760		5,921,746
Cimarex Energy Co		2,381		137,455

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-34

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Cobalt International Energy Inc *		314		$7,712
ConocoPhillips		35,104		2,035,681
CONSOL Energy Inc		6,320		202,872
Denbury Resources Inc *		10,851		175,786
Devon Energy Corp		11,228		584,305
Diamond Offshore Drilling Inc		1,912		129,940
Energen Corp		2,005		90,405
EQT Corp		3,656		215,631
EXCO Resources Inc		3,364		22,774
Exxon Mobil Corp		129,805		11,234,623
Halliburton Co		17,452		605,410
Helmerich & Payne Inc		2,050		114,821
Hess Corp		8,451		447,565
HollyFrontier Corp		5,743		267,337
Laredo Petroleum Holdings Inc *		35		636
Marathon Oil Corp		19,583		600,415
Marathon Petroleum Corp		9,460		595,980
McDermott International Inc * (Panama)		6,550		72,181
Murphy Oil Corp		5,392		321,094
Nabors Industries Ltd * (Bermuda)		8,066		116,554
National Oilwell Varco Inc		9,135		624,377
Newfield Exploration Co *		3,747		100,345
Noble Energy Inc		3,841		390,783
Occidental Petroleum Corp		22,516		1,724,951
Oil States International Inc *		216		15,453
Patterson-UTI Energy Inc		4,340		80,854
Peabody Energy Corp		7,565		201,305
Phillips 66		17,359		921,763
Pioneer Natural Resources Co		565		60,223
Plains Exploration & Production Co *		3,581		168,092
QEP Resources Inc		4,956		150,018
Rowan Cos PLC ‘A’ * (United Kingdom)		3,451		107,913
RPC Inc		189		2,313
SandRidge Energy Inc *		13,603		86,379
SEACOR Holdings Inc		329		27,570
SM Energy Co		294		15,350
Southwestern Energy Co *		6,342		211,886
Spectra Energy Corp		18,123		496,208
Superior Energy Services Inc *		4,379		90,733
Teekay Corp		1,012		32,485
Tesoro Corp		3,898		171,707
Tidewater Inc		1,425		63,669
Ultra Petroleum Corp * (Canada)		4,251		77,071
Unit Corp *		1,351		60,863
Valero Energy Corp		15,351		523,776
Whiting Petroleum Corp *		2,804		121,609
World Fuel Services Corp		1,364		56,156
WPX Energy Inc *		5,524		82,197
				33,490,049
Financials - 26.2%
ACE Ltd (Switzerland)		9,403		750,359
Affiliated Managers Group Inc *		363		47,244
Aflac Inc		12,983		689,657
Alexander & Baldwin Inc *		1,066		31,308
Alexandria Real Estate Equities Inc REIT		1,725		119,577
Alleghany Corp *		470		157,647
Allied World Assurance Co Holdings AG (Switzerland)		502		39,558
American Campus Communities Inc REIT		2,298		106,007
American Capital Agency Corp REIT		9,486		274,525
American Capital Ltd *		9,242		110,904
American Express Co		9,925		570,489
American Financial Group Inc		2,375		93,860
American International Group Inc *		17,900		631,870
American National Insurance Co		198		13,521
Ameriprise Financial Inc		5,759		360,686
Annaly Capital Management Inc REIT		27,062		379,951
Aon PLC (United Kingdom)		8,293		461,091

	Shares		Value
Apartment Investment & Management Co ‘A’ REIT		1,147		$31,038
Arch Capital Group Ltd * (Bermuda)		3,341		147,071
Ares Capital Corp		6,891		120,593
Aspen Insurance Holdings Ltd (Bermuda)		1,989		63,807
Associated Banc-Corp		4,837		63,461
Assurant Inc		2,254		78,214
Assured Guaranty Ltd (Bermuda)		4,785		68,091
AvalonBay Communities Inc REIT		3,189		432,397
AXIS Capital Holdings Ltd (Bermuda)		3,042		105,375
Bank of America Corp		299,157		3,470,221
Bank of Hawaii Corp		1,266		55,767
BankUnited Inc		976		23,853
BB&T Corp		19,397		564,647
Berkshire Hathaway Inc ‘B’ *		49,436		4,434,409
BioMed Realty Trust Inc REIT		4,285		82,829
BlackRock Inc		1,596		329,909
BOK Financial Corp		720		39,211
Boston Properties Inc REIT		3,457		365,785
Brandywine Realty Trust REIT		3,931		47,919
BRE Properties Inc REIT		1,527		77,617
Brown & Brown Inc		2,961		75,387
Camden Property Trust REIT		564		38,470
Capital One Financial Corp		16,112		933,368
CapitalSource Inc		6,555		49,687
Capitol Federal Financial Inc		4,585		53,599
CBL & Associates Properties Inc REIT		4,130		87,597
CBOE Holdings Inc		339		9,987
Chimera Investment Corp REIT		28,558		74,536
Cincinnati Financial Corp		4,056		158,833
CIT Group Inc *		5,577		215,495
Citigroup Inc		81,396		3,220,026
City National Corp		1,297		64,227
CME Group Inc ‘A’		9,227		467,901
CNA Financial Corp		750		21,008
Comerica Inc		5,463		165,747
Commerce Bancshares Inc		2,192		76,852
CommonWealth REIT		2,335		36,986
Corporate Office Properties Trust REIT		2,243		56,030
Cullen/Frost Bankers Inc		1,481		80,374
DDR Corp REIT		6,601		103,372
Discover Financial Services		14,724		567,610
Douglas Emmett Inc REIT		3,881		90,427
Duke Realty Corp REIT		7,405		102,707
E*TRADE Financial Corp *		7,957		71,215
East West Bancorp Inc		4,019		86,368
Endurance Specialty Holdings Ltd (Bermuda)		1,083		42,984
Equity Lifestyle Properties Inc REIT		194		13,054
Equity Residential REIT		8,332		472,174
Everest Re Group Ltd (Bermuda)		1,465		161,077
Extra Space Storage Inc REIT		1,057		38,464
Federal Realty Investment Trust REIT		387		40,256
Federated Investors Inc ‘B’		465		9,407
Fidelity National Financial Inc ‘A’		6,190		145,775
Fifth Third Bancorp		25,548		388,074
First Citizens BancShares Inc ‘A’		140		22,890
First Horizon National Corp		7,046		69,826
First Niagara Financial Group Inc		9,804		77,746
First Republic Bank		2,835		92,931
Forest City Enterprises Inc ‘A’ *		3,944		63,696
Franklin Resources Inc		2,969		373,203
Fulton Financial Corp		5,586		53,681
General Growth Properties Inc REIT		14,663		291,061
Genworth Financial Inc ‘A’ *		13,661		102,594
Hatteras Financial Corp REIT		2,719		67,458
HCC Insurance Holdings Inc		2,812		104,635
HCP Inc REIT		11,673		527,386
Health Care REIT Inc		7,192		440,798
Home Properties Inc REIT		642		39,361

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-35

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Hospitality Properties Trust REIT		3,435		$80,448
Host Hotels & Resorts Inc REIT		19,970		312,930
Hudson City Bancorp Inc		14,675		119,308
Huntington Bancshares Inc		24,021		153,494
Interactive Brokers Group Inc ‘A’		1,131		15,472
Invesco Ltd (Bermuda)		12,447		324,742
Janus Capital Group Inc		5,252		44,747
Jefferies Group Inc		3,933		73,036
Jones Lang LaSalle Inc		1,216		102,071
JPMorgan Chase & Co		105,671		4,646,354
Kemper Corp		1,372		40,474
KeyCorp		26,472		222,894
Kilroy Realty Corp REIT		1,916		90,761
Kimco Realty Corp REIT		11,302		218,355
Legg Mason Inc		3,924		100,925
Leucadia National Corp		4,191		99,704
Liberty Property Trust REIT		2,879		102,982
Lincoln National Corp		7,927		205,309
Loews Corp		8,661		352,936
LPL Financial Holdings Inc		222		6,252
M&T Bank Corp		3,514		346,024
Mack-Cali Realty Corp REIT		2,442		63,761
Markel Corp *		268		116,157
Marsh & McLennan Cos Inc		3,157		108,822
MBIA Inc *		4,018		31,541
Mercury General Corp		391		15,519
MetLife Inc		23,617		777,944
MFA Financial Inc REIT		9,922		80,467
Mid-America Apartment Communities Inc REIT		54		3,497
Morgan Stanley		42,774		817,839
National Retail Properties Inc REIT		2,974		92,789
New York Community Bancorp Inc		12,198		159,794
Northern Trust Corp		5,987		300,308
NYSE Euronext		7,056		222,546
Old Republic International Corp		7,213		76,818
PartnerRe Ltd (Bermuda)		1,793		144,319
People’s United Financial Inc		7,311		88,390
Piedmont Office Realty Trust Inc ‘A’ REIT		4,801		86,658
Popular Inc *		2,863		59,522
Post Properties Inc REIT		887		44,306
Principal Financial Group Inc		8,336		237,743
ProAssurance Corp		1,704		71,892
Prologis Inc REIT		12,783		466,452
Protective Life Corp		2,253		64,391
Prudential Financial Inc		12,969		691,637
Raymond James Financial Inc		3,159		121,716
Rayonier Inc REIT		704		36,488
Realogy Holdings Corp *		1,020		42,799
Realty Income Corp REIT		3,706		149,018
Regency Centers Corp REIT		979		46,130
Regions Financial Corp		39,224		279,275
Reinsurance Group of America Inc		2,048		109,609
RenaissanceRe Holdings Ltd (Bermuda)		1,438		116,852
Retail Properties of America Inc ‘A’ REIT		2,415		28,908
Senior Housing Properties Trust REIT		4,904		115,931
Signature Bank *		1,119		79,829
Simon Property Group Inc REIT		1,338		211,524
SL Green Realty Corp REIT		2,488		190,705
SLM Corp		13,546		232,043
StanCorp Financial Group Inc		1,257		46,094
State Street Corp		13,565		637,691
SunTrust Banks Inc		14,943		423,634
SVB Financial Group *		1,229		68,787
Synovus Financial Corp		8,925		21,866
Taubman Centers Inc REIT		972		76,516
TCF Financial Corp		4,527		55,003
TD Ameritrade Holding Corp		6,446		108,357
TFS Financial Corp *		2,266		21,799
The Allstate Corp		13,619		547,075

	Shares		Value
The Bank of New York Mellon Corp		33,113		$851,004
The Charles Schwab Corp		29,834		428,416
The Chubb Corp		7,493		564,373
The Goldman Sachs Group Inc		13,655		1,741,832
The Hanover Insurance Group Inc		671		25,995
The Hartford Financial Services Group Inc		12,243		274,733
The Howard Hughes Corp *		767		56,006
The Macerich Co REIT		3,682		214,661
The NASDAQ OMX Group Inc		3,238		80,982
The PNC Financial Services Group Inc		14,251		830,976
The Progressive Corp		16,970		358,067
The St. Joe Co *		1,598		36,882
The Travelers Cos Inc		6,112		438,964
Torchmark Corp		2,735		141,317
U.S. Bancorp		52,584		1,679,533
UDR Inc REIT		6,866		163,273
Unum Group		7,940		165,311
Validus Holdings Ltd (Bermuda)		2,461		85,101
Valley National Bancorp		5,510		51,243
Ventas Inc REIT		8,023		519,249
Vornado Realty Trust REIT		5,155		412,812
Washington Federal Inc		3,003		50,661
Weingarten Realty Investors REIT		3,368		90,161
Wells Fargo & Co		136,005		4,648,651
Weyerhaeuser Co REIT		10,149		282,345
White Mountains Insurance Group Ltd (Bermuda)		165		84,975
WR Berkley Corp		3,082		116,315
XL Group PLC (Ireland)		8,657		216,944
Zions Bancorp		5,119		109,547
				56,957,116
Health Care - 11.0%
Abbott Laboratories		2,273		148,881
Aetna Inc		9,646		446,610
Alere Inc *		2,202		40,737
Allscripts Healthcare Solutions Inc *		4,771		44,943
Baxter International Inc		1,301		86,725
Becton Dickinson & Co		388		30,338
Bio-Rad Laboratories Inc ‘A’ *		563		59,143
Boston Scientific Corp *		39,696		227,458
Bristol-Myers Squibb Co		4,317		140,691
Brookdale Senior Living Inc *		2,703		68,440
Cardinal Health Inc		4,422		182,098
CareFusion Corp *		6,164		176,167
Charles River Laboratories International Inc *		506		18,960
CIGNA Corp		8,006		428,001
Community Health Systems Inc		2,528		77,711
Covance Inc *		1,444		83,420
Coventry Health Care Inc		3,718		166,678
Covidien PLC (Ireland)		12,707		733,702
DENTSPLY International Inc		2,183		86,469
Eli Lilly & Co		18,092		892,297
Endo Health Solutions Inc *		1,191		31,288
Forest Laboratories Inc *		7,378		260,591
HCA Holdings Inc		1,596		48,151
Health Management Associates Inc ‘A’ *		7,131		66,461
Health Net Inc *		2,317		56,303
Henry Schein Inc *		1,079		86,816
Hill-Rom Holdings Inc		1,751		49,903
Hologic Inc *		7,350		147,220
Hospira Inc *		4,588		143,329
Humana Inc		4,531		310,963
Johnson & Johnson		59,084		4,141,788
Life Technologies Corp *		4,493		220,516
LifePoint Hospitals Inc *		1,362		51,415
MEDNAX Inc *		1,367		108,704
Medtronic Inc		27,038		1,109,099
Merck & Co Inc		84,432		3,456,646

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-36

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Mylan Inc *		927		$25,474
Omnicare Inc		3,139		113,318
Patterson Cos Inc		212		7,257
PerkinElmer Inc		3,165		100,457
Pfizer Inc		207,865		5,213,254
QIAGEN NV (XNGS) * (Netherlands)		6,544		118,774
Quest Diagnostics Inc		3,886		226,437
Sirona Dental Systems Inc *		1,260		81,220
St. Jude Medical Inc		1,999		72,244
Stryker Corp		2,272		124,551
Teleflex Inc		1,135		80,937
Tenet Healthcare Corp *		2,706		87,864
The Cooper Cos Inc		924		85,451
Thermo Fisher Scientific Inc		10,198		650,428
UnitedHealth Group Inc		28,800		1,562,112
Universal Health Services Inc ‘B’		2,342		113,236
VCA Antech Inc *		2,452		51,615
WellPoint Inc		7,940		483,705
Zimmer Holdings Inc		4,402		293,437
				23,920,433
Industrials - 8.7%
3M Co		1,947		180,779
AECOM Technology Corp *		3,142		74,780
AGCO Corp *		2,701		132,673
Air Lease Corp *		1,894		40,721
Alliant Techsystems Inc		927		57,437
Avery Dennison Corp		2,880		100,570
Carlisle Cos Inc		1,573		92,429
Chicago Bridge & Iron Co NV (Netherlands)		1,037		48,065
Cintas Corp		1,684		68,876
CNH Global NV (Netherlands)		780		31,426
Colfax Corp *		952		38,413
Con-way Inc		702		19,530
Copa Holdings SA ‘A’ (Panama)		170		16,906
Corrections Corp of America		2,778		98,536
Covanta Holding Corp		2,835		52,221
Crane Co		1,361		62,987
CSX Corp		9,323		183,943
Danaher Corp		10,622		593,770
Delta Air Lines Inc *		8,526		101,204
Dover Corp		5,099		335,055
Eaton Corp PLC (Ireland)		10,443		566,011
Emerson Electric Co		3,240		171,590
Engility Holdings Inc *		486		9,360
Equifax Inc		346		18,726
Exelis Inc		5,190		58,491
Expeditors International of Washington Inc		575		22,741
FedEx Corp		8,204		752,471
Flowserve Corp		110		16,148
Fluor Corp		1,198		70,371
Fortune Brands Home & Security Inc *		3,704		108,231
Gardner Denver Inc		1,392		95,352
GATX Corp		1,305		56,506
General Cable Corp *		1,276		38,803
General Dynamics Corp		8,820		610,961
General Electric Co		294,117		6,173,516
GrafTech International Ltd *		3,262		30,630
Harsco Corp		2,241		52,663
Hertz Global Holdings Inc *		3,013		49,022
Hubbell Inc ‘B’		280		23,696
Huntington Ingalls Industries Inc		1,391		60,286
IDEX Corp		1,882		87,569
Illinois Tool Works Inc		671		40,804
Ingersoll-Rand PLC (Ireland)		1,495		71,700
Iron Mountain Inc		316		9,812
ITT Corp		1,964		46,075
Jacobs Engineering Group Inc *		3,584		152,571
Kansas City Southern		677		56,516
KAR Auction Services Inc		858		17,366

	Shares		Value
KBR Inc		4,124		$123,390
Kennametal Inc		2,225		89,000
Kirby Corp *		401		24,818
L-3 Communications Holdings Inc		2,706		207,334
Lockheed Martin Corp		790		72,909
Manpower Inc		2,229		94,599
Matson Inc		1,094		27,044
MRC Global Inc *		265		7,362
Navistar International Corp *		1,945		42,343
Nielsen Holdings NV * (Netherlands)		2,539		77,668
Nordson Corp		142		8,963
Norfolk Southern Corp		9,045		559,343
Northrop Grumman Corp		6,983		471,911
Oshkosh Corp *		2,548		75,548
Owens Corning *		3,380		125,026
PACCAR Inc		7,666		346,580
Parker Hannifin Corp		2,308		196,318
Pentair Ltd (Switzerland)		5,835		286,790
Pitney Bowes Inc		1,808		19,237
Quanta Services Inc *		5,805		158,418
Raytheon Co		9,255		532,718
Regal-Beloit Corp		1,079		76,037
Republic Services Inc		8,421		246,988
RR Donnelley & Sons Co		5,040		45,360
Ryder System Inc		1,426		71,200
Snap-on Inc		1,293		102,134
Southwest Airlines Co		17,188		176,005
Spirit AeroSystems Holdings Inc ‘A’ *		2,542		43,138
SPX Corp		989		69,378
Stanley Black & Decker Inc		4,745		350,988
Terex Corp *		3,069		86,270
Textron Inc		7,303		181,041
The ADT Corp		6,427		298,791
The Boeing Co		2,018		152,076
The Dun & Bradstreet Corp		404		31,775
The Manitowoc Co Inc		864		13,548
The Shaw Group Inc *		1,832		85,390
The Timken Co		2,214		105,896
Towers Watson & Co ‘A’		1,688		94,882
Trinity Industries Inc		2,231		79,914
Triumph Group Inc		913		59,619
Tyco International Ltd (Switzerland)		12,852		375,921
URS Corp		2,105		82,642
UTi Worldwide Inc (United Kingdom)		2,922		39,155
Verisk Analytics Inc ‘A’ *		576		29,376
WABCO Holdings Inc *		141		9,192
Waste Connections Inc		3,226		109,007
Waste Management Inc		12,853		433,660
WESCO International Inc *		1,212		81,725
Xylem Inc		4,591		124,416
				19,001,152
Information Technology - 6.1%
Activision Blizzard Inc		11,768		124,976
Adobe Systems Inc *		5,884		221,709
Akamai Technologies Inc *		362		14,809
Amdocs Ltd (United Kingdom)		4,687		159,311
Analog Devices Inc		7,580		318,815
AOL Inc *		1,706		50,515
Applied Materials Inc		33,386		381,936
Arrow Electronics Inc *		3,100		118,048
Atmel Corp *		11,293		73,969
Avago Technologies Ltd (Singapore)		391		12,379
Avnet Inc *		4,030		123,358
AVX Corp		1,372		14,790
Booz Allen Hamilton Holding Corp		704		9,800
Broadcom Corp ‘A’ *		5,816		193,149
Brocade Communications Systems Inc *		12,754		67,979
CA Inc		9,293		204,260
Cisco Systems Inc		148,706		2,922,073

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-37

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Computer Sciences Corp		4,311		$172,656
Compuware Corp *		5,760		62,611
CoreLogic Inc *		2,717		73,142
Corning Inc		42,136		531,756
Cree Inc *		3,228		109,687
Cypress Semiconductor Corp *		1,757		19,046
Dell Inc		40,939		414,712
Diebold Inc		1,631		49,925
Dolby Laboratories Inc ‘A’		587		17,217
DST Systems Inc		779		47,207
EchoStar Corp ‘A’ *		781		26,726
Electronic Arts Inc *		8,831		128,314
Fairchild Semiconductor International Inc *		3,506		50,486
Fidelity National Information Services Inc		6,967		242,521
Fiserv Inc *		665		52,555
FLIR Systems Inc		851		18,986
Freescale Semiconductor Ltd * (Bermuda)		66		727
Genpact Ltd (Bermuda)		683		10,587
Harris Corp		2,223		108,838
Hewlett-Packard Co		54,897		782,282
IAC/InterActiveCorp		1,849		87,458
Ingram Micro Inc ‘A’ *		4,236		71,673
Intel Corp		35,897		740,555
Itron Inc *		1,101		49,050
Jabil Circuit Inc		4,206		81,134
JDS Uniphase Corp *		6,429		87,049
Juniper Networks Inc *		14,706		289,267
KLA-Tencor Corp		4,647		221,941
Lam Research Corp *		3,465		125,190
Lexmark International Inc ‘A’		1,994		46,241
Marvell Technology Group Ltd (Bermuda)		13,058		94,801
Maxim Integrated Products Inc		4,060		119,364
Micron Technology Inc *		27,488		174,549
Molex Inc		3,837		104,865
NetApp Inc *		3,318		111,319
NVIDIA Corp		17,187		211,228
ON Semiconductor Corp *		12,622		88,985
Palo Alto Networks Inc *		42		2,248
Paychex Inc		622		19,369
PMC-Sierra Inc *		5,754		29,978
Polycom Inc *		4,992		52,216
Rovi Corp *		2,479		38,251
SAIC Inc		5,103		57,766
SanDisk Corp *		6,766		294,727
ServiceNow Inc *		86		2,583
Silicon Laboratories Inc *		99		4,139
Skyworks Solutions Inc *		614		12,464
Stratasys Ltd * (Israel)		479		38,392
Symantec Corp *		18,873		355,001
Synopsys Inc *		3,751		119,432
Tech Data Corp *		1,033		47,032
Teradyne Inc *		4,562		77,052
Texas Instruments Inc		10,423		322,488
Total System Services Inc		608		13,023
VeriSign Inc *		375		14,558
Vishay Intertechnology Inc *		3,750		39,863
Western Digital Corp		3,658		155,428
Workday Inc ‘A’ *		167		9,102
Xerox Corp		35,341		241,026
Yahoo! Inc *		33,835		673,316
Zebra Technologies Corp ‘A’ *		1,215		47,725
				13,303,705
Materials - 3.7%
Air Products & Chemicals Inc		5,870		493,197
Albemarle Corp		1,081		67,152
Alcoa Inc		29,624		257,136
Allegheny Technologies Inc		2,977		90,382
Aptargroup Inc		1,230		58,696
Ashland Inc		2,180		175,294

	Shares		Value
Bemis Co Inc		2,865		$95,863
Cabot Corp		1,763		70,150
Carpenter Technology Corp		1,141		58,910
CF Industries Holdings Inc		1,418		288,081
Cliffs Natural Resources Inc		3,959		152,659
Commercial Metals Co		3,228		47,968
Crown Holdings Inc *		3,144		115,731
Cytec Industries Inc		1,278		87,965
Domtar Corp		1,004		83,854
Eastman Chemical Co		765		52,058
Freeport-McMoRan Copper & Gold Inc		26,350		901,170
Greif Inc ‘A’		889		39,560
Huntsman Corp		5,315		84,508
International Paper Co		12,143		483,777
Intrepid Potash Inc		805		17,138
Kronos Worldwide Inc		605		11,797
LyondellBasell Industries NV ‘A’ (Netherlands)		8,268		472,020
Martin Marietta Materials Inc		626		59,019
MeadWestvaco Corp		4,804		153,103
Molycorp Inc *		1,562		14,745
Newmont Mining Corp		13,621		632,559
Nucor Corp		8,804		380,157
Owens-Illinois Inc *		1,184		25,184
Packaging Corp of America		238		9,156
Reliance Steel & Aluminum Co		2,088		129,665
Rock-Tenn Co ‘A’		1,738		121,504
Rockwood Holdings Inc		1,335		66,029
RPM International Inc		2,259		66,324
Sealed Air Corp		5,395		94,466
Sonoco Products Co		2,796		83,125
Southern Copper Corp		1,150		43,539
Steel Dynamics Inc		4,777		65,588
Tahoe Resources Inc * (Canada)		1,750		32,060
The Dow Chemical Co		33,186		1,072,572
The Mosaic Co		8,234		466,291
The Scotts Miracle-Gro Co ‘A’		150		6,608
United States Steel Corp		4,003		95,552
Vulcan Materials Co		3,594		187,068
Walter Energy Inc		1,752		62,862
Westlake Chemical Corp		429		34,020
WR Grace & Co *		179		12,034
				8,118,296
Telecommunication Services - 3.2%
AT&T Inc ‡		162,752		5,486,370
CenturyLink Inc		17,248		674,742
Clearwire Corp ‘A’ *		9,971		28,816
Frontier Communications Corp		27,740		118,727
Level 3 Communications Inc *		2,162		49,964
MetroPCS Communications Inc *		8,440		83,893
NII Holdings Inc *		4,754		33,896
Sprint Nextel Corp *		83,264		472,107
Telephone & Data Systems Inc		2,642		58,494
U.S. Cellular Corp *		390		13,744
Windstream Corp		6,645		55,021
				7,075,774
Utilities - 6.2%
AGL Resources Inc		3,259		130,262
Alliant Energy Corp		3,083		135,375
Ameren Corp		6,739		207,022
American Electric Power Co Inc		13,447		573,918
American Water Works Co Inc		4,895		181,751
Aqua America Inc		3,430		87,191
Atmos Energy Corp		2,502		87,870
Calpine Corp *		11,238		203,745
CenterPoint Energy Inc		11,867		228,440
CMS Energy Corp		7,266		177,145
Consolidated Edison Inc		8,133		451,707

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-38

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Dominion Resources Inc		15,866		$821,859
DTE Energy Co		4,724		283,676
Duke Energy Corp		19,539		1,246,588
Edison International		9,047		408,834
Entergy Corp		4,920		313,650
Exelon Corp		23,666		703,827
FirstEnergy Corp		11,612		484,917
Great Plains Energy Inc		3,790		76,975
Hawaiian Electric Industries Inc		2,686		67,526
Integrys Energy Group Inc		2,175		113,578
MDU Resources Group Inc		5,247		111,446
National Fuel Gas Co		2,014		102,090
NextEra Energy Inc		11,579		801,151
NiSource Inc		7,891		196,407
Northeast Utilities		8,708		340,309
NRG Energy Inc		8,966		206,128
NV Energy Inc		6,557		118,944
OGE Energy Corp		2,739		154,233
Pepco Holdings Inc		6,343		124,386
PG&E Corp		11,726		471,151
Pinnacle West Capital Corp		3,041		155,030
PPL Corp		16,105		461,086
Public Service Enterprise Group Inc		14,047		429,838
Questar Corp		3,840		75,878
SCANA Corp		3,256		148,604
Sempra Energy		6,691		474,660
Southern Co		24,116		1,032,406
TECO Energy Inc		5,994		100,459
The AES Corp		17,821		190,685
UGI Corp		3,122		102,121
Vectren Corp		2,280		67,032
Westar Energy Inc		3,507		100,370
Wisconsin Energy Corp		6,400		235,840
Xcel Energy Inc		13,521		361,146
				13,547,256
Total Common Stocks (Cost $188,819,665)				207,519,303
EXCHANGE-TRADED FUND - 0.4%
iShares Russell 1000 Value Index Fund		11,839		862,116
Total Exchange-Traded Fund (Cost $800,493)				862,116
	Principal Amount
SHORT-TERM INVESTMENT - 3.7%
Repurchase Agreement - 3.7%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $7,955,514; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $8,115,000)		$7,955,510		7,955,510
Total Short-Term Investment (Cost $7,955,510)				7,955,510
TOTAL INVESTMENTS - 99.4% (Cost $197,575,668)				216,336,929
OTHER ASSETS & LIABILITIES, NET - 0.6%				1,202,381
NET ASSETS - 100.0%				$217,539,310

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	26.2%
Energy	15.4%
Health Care	11.0%
Industrials	8.7%
Consumer Discretionary	7.9%
Consumer Staples	6.9%
Utilities	6.2%
Information Technology	6.1%
Materials	3.7%
Short-Term Investment	3.7%
Telecommunication Services	3.2%
Exchange-Traded Fund	0.4%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, an investment with a value of $817,468 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Depreciation
S&P 500 E-Mini (03/13)		118		$8,391,806		($13,216	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-39

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$207,519,303			$207,519,303			$ -		$-
	Exchange-Traded Fund		862,116			862,116			-		-
	Short-Term Investment		7,955,510			-			7,955,510		-
	Total Assets		216,336,929			208,381,419			7,955,510		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(13,216	)		(13,216	)		-		-
	Total Liabilities		(13,216	)		(13,216	)		-		-
	Total		$216,323,713			$208,368,203			$7,955,510		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-40

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Health Care - 0.0%
Allos Therapeutics Inc Exp. 11/30/13 * +		3,907		$-
Total Rights (Cost $0)				-
WARRANTS - 0.0%
Energy - 0.0%
Magnum Hunter Resources Corp Strike @ $10.50 Exp. 10/14/13 *		475		242
Total Warrants (Cost $0)				242
COMMON STOCKS - 97.2%
Consumer Discretionary - 15.8%
1-800-FLOWERS.COM Inc ‘A’ *		107		393
Aeropostale Inc *		5,602		72,882
AFC Enterprises Inc *		1,672		43,689
America’s Car-Mart Inc *		547		22,164
American Greetings Corp ‘A’		160		2,702
American Public Education Inc *		1,239		44,740
Ameristar Casinos Inc		1,973		51,772
ANN Inc *		3,361		113,736
Arbitron Inc		1,821		85,004
Arctic Cat Inc *		870		29,049
Asbury Automotive Group Inc *		1,697		54,355
Barnes & Noble Inc *		160		2,414
bebe stores Inc		220		878
Belo Corp ‘A’		2,382		18,270
Biglari Holdings Inc *		10		3,900
BJ’s Restaurants Inc *		1,689		55,568
Bloomin’ Brands Inc *		932		14,576
Blue Nile Inc *		854		32,879
Blyth Inc		728		11,320
Bob Evans Farms Inc		277		11,135
Body Central Corp *		1,123		11,185
Boyd Gaming Corp *		277		1,839
Bravo Brio Restaurant Group Inc *		1,339		17,983
Bridgepoint Education Inc *		1,213		12,494
Brunswick Corp		6,151		178,933
Buffalo Wild Wings Inc *		1,278		93,064
Cabela’s Inc *		2,912		121,576
Caesars Entertainment Corp *		2,289		15,840
CafePress Inc *		345		1,991
Capella Education Co *		874		24,673
Caribou Coffee Co Inc *		1,453		23,524
Carmike Cinemas Inc *		394		5,910
Carrols Restaurant Group Inc *		746		4,461
Cavco Industries Inc *		427		21,341
CEC Entertainment Inc		1,259		41,786
Cherokee Inc		493		6,759
Churchill Downs Inc		293		19,470
Chuy’s Holdings Inc *		330		7,372
Citi Trends Inc *		67		922
Coinstar Inc *		2,154		112,030
Collectors Universe		340		3,410
Conn’s Inc *		110		3,375
Cooper Tire & Rubber Co		3,718		94,288
Core-Mark Holding Co Inc		124		5,871
Cracker Barrel Old Country Store Inc		1,325		85,145

	Shares		Value
Crocs Inc *		6,194		$89,132
Crown Media Holdings Inc ‘A’ *		462		855
Dana Holding Corp		1,057		16,500
Del Frisco’s Restaurant Group Inc *		281		4,381
Denny’s Corp *		5,153		25,147
Destination Maternity Corp		397		8,559
DineEquity Inc *		1,052		70,484
Domino’s Pizza Inc		3,985		173,547
Dorman Products Inc		1,679		59,336
Drew Industries Inc		623		20,092
Einstein Noah Restaurant Group Inc		366		4,469
Ethan Allen Interiors Inc		1,445		37,151
Express Inc *		6,161		92,969
Fiesta Restaurant Group Inc *		998		15,289
Fifth & Pacific Cos Inc *		418		5,204
Five Below Inc *		390		12,496
Francesca’s Holdings Corp *		2,393		62,122
Fuel Systems Solutions Inc *		201		2,955
G-III Apparel Group Ltd *		143		4,895
Geeknet Inc *		309		4,975
Genesco Inc *		1,684		92,620
Gentherm Inc *		2,023		26,906
Global Sources Ltd * (Bermuda)		192		1,244
Gordmans Stores Inc *		598		8,982
Grand Canyon Education Inc *		2,746		64,449
hhgregg Inc *		51		358
Hibbett Sports Inc *		1,813		95,545
Hillenbrand Inc		3,795		85,805
Hot Topic Inc		2,901		27,995
HSN Inc		2,457		135,332
Ignite Restaurant Group Inc *		442		5,746
Interval Leisure Group Inc		2,663		51,636
iRobot Corp *		1,891		35,437
Jack in the Box Inc *		2,458		70,299
Jamba Inc *		5,357		12,000
Jos. A. Bank Clothiers Inc *		1,777		75,665
K12 Inc *		1,839		37,589
Kayak Software Corp *		174		6,911
La-Z-Boy Inc		1,055		14,928
LeapFrog Enterprises Inc *		3,489		30,110
Libbey Inc *		1,411		27,303
Life Time Fitness Inc *		2,732		134,442
LifeLock Inc *		1,134		9,219
Lions Gate Entertainment Corp * (Canada)		5,839		95,760
Lumber Liquidators Holdings Inc *		1,896		100,166
Mac-Gray Corp		104		1,305
Maidenform Brands Inc *		1,150		22,414
Marine Products Corp		386		2,208
Matthews International Corp ‘A’		913		29,307
Mattress Firm Holding Corp *		758		18,594
MDC Partners Inc ‘A’ (Canada)		668		7,548
Meritage Homes Corp *		517		19,310
Monro Muffler Brake Inc		2,127		74,381
Morgans Hotel Group Co *		695		3,850
Movado Group Inc		82		2,516
MTR Gaming Group Inc *		1,544		6,438
Multimedia Games Holding Co Inc *		1,881		27,670
Nathan’s Famous Inc *		181		6,100
National American University Holdings Inc		320		1,232
National CineMedia Inc		1,293		18,270
New York & Co Inc *		1,208		4,602
Nexstar Broadcasting Group Inc ‘A’ *		206		2,182
NutriSystem Inc		1,965		16,093
Orbitz Worldwide Inc *		1,658		4,510
Outdoor Channel Holdings Inc		286		2,174
Overstock.com Inc *		809		11,577
Oxford Industries Inc		965		44,737
Papa John’s International Inc *		1,233		67,741
Penske Automotive Group Inc		756		22,748
PetMed Express Inc		1,395		15,485

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-41

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Pier 1 Imports Inc		6,688		$133,760
Pinnacle Entertainment Inc *		264		4,179
Pool Corp		3,266		138,217
Premier Exhibitions Inc *		1,822		4,938
ReachLocal Inc *		686		8,856
Red Robin Gourmet Burgers Inc *		452		15,951
Rentrak Corp *		378		7,367
Restoration Hardware Holdings Inc *		89		3,002
RG Barry Corp		523		7,411
rue21 Inc *		1,060		30,093
Ruth’s Hospitality Group Inc *		2,426		17,637
Scientific Games Corp ‘A’ *		475		4,118
Select Comfort Corp *		3,904		102,168
SHFL Entertainment Inc *		3,778		54,781
Shutterfly Inc *		620		18,519
Sinclair Broadcast Group Inc ‘A’		271		3,420
Six Flags Entertainment Corp		2,730		167,076
Skullcandy Inc *		1,148		8,943
Smith & Wesson Holding Corp *		4,470		37,727
Sonic Corp *		3,146		32,750
Sotheby’s		1,641		55,170
Steiner Leisure Ltd * (Bahamas)		1,046		50,407
Steven Madden Ltd *		2,700		114,129
Strayer Education Inc		819		46,003
Sturm Ruger & Co Inc		1,321		59,973
Systemax Inc		43		415
Teavana Holdings Inc *		622		9,641
Tenneco Inc *		4,178		146,690
Texas Roadhouse Inc		4,301		72,257
The Buckle Inc		1,909		85,218
The Cato Corp ‘A’		1,881		51,596
The Cheesecake Factory Inc		3,720		121,718
The Children’s Place *		632		27,991
The Finish Line Inc ‘A’		1,324		25,063
The Men’s Wearhouse Inc		736		22,934
The Ryland Group Inc		1,740		63,510
The Warnaco Group Inc *		2,479		177,422
Tilly’s Inc ‘A’ *		649		8,755
Tower International Inc *		386		3,107
Town Sports International Holdings Inc		1,585		16,880
True Religion Apparel Inc		1,776		45,146
Tumi Holdings Inc *		1,486		30,983
Universal Technical Institute Inc		982		9,859
US Auto Parts Network Inc *		1,078		1,973
Vail Resorts Inc		876		47,383
Valassis Communications Inc		1,683		43,388
Value Line Inc		89		798
Vera Bradley Inc *		1,386		34,789
Vitacost.com Inc *		1,533		10,394
Vitamin Shoppe Inc *		2,025		116,154
Weyco Group Inc		22		514
Winmark Corp		150		8,550
Winnebago Industries Inc *		564		9,661
Wolverine World Wide Inc		3,351		137,324
World Wrestling Entertainment Inc ‘A’		1,723		13,594
Zagg Inc *		1,758		12,939
Zumiez Inc *		1,507		29,251
				6,489,157
Consumer Staples - 4.5%
Alico Inc		101		3,700
Annie’s Inc *		252		8,424
Arden Group Inc ‘A’		52		4,678
B&G Foods Inc		3,620		102,482
Cal-Maine Foods Inc		853		34,308
Calavo Growers Inc		815		20,546
Casey’s General Stores Inc		2,619		139,069
Central Garden & Pet Co ‘A’ *		408		4,264
Coca-Cola Bottling Co Consolidated		316		21,014
Craft Brew Alliance Inc *		304		1,970

	Shares		Value
Darling International Inc *		2,463		$39,506
Elizabeth Arden Inc *		1,480		66,615
Farmer Bros. Co *		35		505
Harris Teeter Supermarkets Inc		420		16,195
Inter Parfums Inc		808		15,724
Inventure Foods Inc *		886		5,750
J&J Snack Foods Corp		1,016		64,963
Lancaster Colony Corp		1,268		87,733
Lifeway Foods Inc		317		2,771
Limoneira Co		573		11,110
Medifast Inc *		956		25,229
National Beverage Corp		776		11,322
Natural Grocers by Vitamin Cottage Inc *		198		3,780
Nature’s Sunshine Products Inc		479		6,936
Orchids Paper Products Co		173		3,498
Pilgrim’s Pride Corp *		3,359		24,353
Post Holdings Inc *		1,274		43,634
Prestige Brands Holdings Inc *		2,283		45,728
PriceSmart Inc		1,250		96,312
Rite Aid Corp *		4,048		5,505
Roundy’s Inc		1,406		6,257
Sanderson Farms Inc		1,581		75,177
Snyder’s-Lance Inc		2,700		65,097
Spectrum Brands Holdings Inc *		1,325		59,532
Star Scientific Inc *		10,037		26,899
SUPERVALU Inc		11,165		27,578
Susser Holdings Corp *		334		11,520
Synutra International Inc *		1,184		5,482
The Boston Beer Co Inc ‘A’ *		536		72,065
The Chefs’ Warehouse Inc *		768		12,142
The Female Health Co		1,344		9,650
The Hain Celestial Group Inc *		2,536		137,502
The Pantry Inc *		146		1,771
Tootsie Roll Industries Inc		1,526		39,554
TreeHouse Foods Inc *		1,667		86,901
United Natural Foods Inc *		3,360		180,062
USANA Health Sciences Inc *		411		13,534
Vector Group Ltd		2,876		42,766
WD-40 Co		1,092		51,444
Westway Group Inc *		86		574
				1,843,131
Energy - 5.5%
Abraxas Petroleum Corp *		5,709		12,503
Alon USA Energy Inc		545		9,859
Apco Oil and Gas International Inc (Cayman)		612		7,534
Approach Resources Inc *		2,291		57,298
Berry Petroleum Co ‘A’		3,609		121,082
Bonanza Creek Energy Inc *		99		2,751
BPZ Resources Inc *		2,104		6,628
C&J Energy Services Inc *		942		20,196
Carrizo Oil & Gas Inc *		2,350		49,162
Ceres Inc *		444		2,016
Clayton Williams Energy Inc *		34		1,360
Clean Energy Fuels Corp *		4,570		56,896
Contango Oil & Gas Co		804		34,057
Crosstex Energy Inc		2,595		37,212
CVR Energy Inc *		783		38,203
Diamondback Energy Inc *		464		8,872
Dril-Quip Inc *		2,765		201,983
Endeavour International Corp *		3,008		15,581
Energy XXI Ltd (Bermuda)		3,953		127,247
Evolution Petroleum Corp *		1,101		8,951
Forum Energy Technologies Inc *		1,529		37,843
FX Energy Inc *		3,641		14,965
GasLog Ltd (Bermuda)		690		8,577
Geospace Technologies Corp *		876		77,850
Gevo Inc *		1,968		3,031
Global Geophysical Services Inc *		1,291		4,970

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-42

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares			Value
Goodrich Petroleum Corp *		1,803			$16,804
Gulfmark Offshore Inc ‘A’		403			13,883
Gulfport Energy Corp *		1,290			49,304
Halcon Resources Corp *		6,721			46,509
Harvest Natural Resources Inc *		141			1,279
Heckmann Corp *		688			2,773
ION Geophysical Corp *		9,088			59,163
Isramco Inc *		73			7,591
KiOR Inc ‘A’ *		1,836			11,769
Kodiak Oil & Gas Corp * (Canada)		18,147			160,601
Lufkin Industries Inc		2,313			134,455
Magnum Hunter Resources Corp *		3,594			14,340
Matador Resources Co *		812			6,658
Matrix Service Co *		317			3,646
Midstates Petroleum Co Inc *		744			5,126
Mitcham Industries Inc *		544			7,415
Northern Oil & Gas Inc *		4,374			73,571
Oasis Petroleum Inc *		5,498	��		174,836
Panhandle Oil & Gas Inc ‘A’		479			13,522
PHI Inc *		76			2,545
Pioneer Energy Services Corp *		924			6,708
Renewable Energy Group Inc *		117			686
Rentech Inc		8,472			22,281
REX American Resources Corp *		44			849
RigNet Inc *		832			16,998
Rosetta Resources Inc *		3,640			165,110
Sanchez Energy Corp *		796			14,328
Saratoga Resources Inc *		1,316			4,659
Solazyme Inc *		2,279			17,913
Synergy Resources Corp *		131			706
Targa Resources Corp		1,995			105,416
TGC Industries Inc		1,023			8,378
Uranerz Energy Corp *		4,706			6,541
Uranium Energy Corp *		2,818			7,214
Vaalco Energy Inc *		3,980			34,427
W&T Offshore Inc		164			2,629
Warren Resources Inc *		1,043			2,931
Western Refining Inc		2,346			66,134
Willbros Group Inc *		609			3,264
ZaZa Energy Corp *		904			1,853
					2,261,442
Financials - 7.6%
Acadia Realty Trust REIT		3,545			88,909
Alexander’s Inc REIT		148			48,958
American Safety Insurance Holdings Ltd * (Bermuda)		67			1,268
AmREIT Inc ‘B’		91			1,561
AmTrust Financial Services Inc		306			8,779
Apollo Residential Mortgage Inc REIT		182			3,675
Arrow Financial Corp		43			1,073
Associated Estates Realty Corp REIT		1,563			25,196
Bank of the Ozarks Inc		1,473			49,301
Beneficial Mutual Bancorp Inc *		279			2,650
BGC Partners Inc ‘A’		6,840			23,666
BofI Holding Inc *		48			1,338
Bridge Capital Holdings *		176			2,739
Cascade Bancorp *		15			94
Cash America International Inc		850			33,719
Clifton Savings Bancorp Inc		54			609
Cohen & Steers Inc		1,275			38,849
Coresite Realty Corp REIT		707			19,556
Credit Acceptance Corp *		541			55,009
DFC Global Corp *		2,382			44,091
Diamond Hill Investment Group Inc		186			12,622
Donegal Group Inc ‘A’		51			716
Duff & Phelps Corp ‘A’		590			9,216
DuPont Fabros Technology Inc REIT		2,022			48,852
Eagle Bancorp Inc *		64			1,278
EastGroup Properties Inc REIT		1,871			100,678

	Shares		Value
eHealth Inc *		1,354		$37,208
Encore Capital Group Inc *		1,201		36,775
Epoch Holding Corp		1,096		30,578
Evercore Partners Inc ‘A’		181		5,464
Ezcorp Inc ‘A’ *		2,284		45,360
FelCor Lodging Trust Inc REIT *		5,189		24,233
Financial Engines Inc *		3,186		88,411
First American Financial Corp		695		16,743
First Cash Financial Services Inc *		1,976		98,049
First Federal Bancshares of Arkansas Inc *		79		770
FNB United Corp *		508		5,893
GAMCO Investors Inc ‘A’		443		23,510
Glimcher Realty Trust REIT		8,728		96,794
Green Dot Corp ‘A’ *		1,671		20,386
Greenhill & Co Inc		2,004		104,188
Greenlight Capital Re Ltd ‘A’ * (Cayman)		555		12,809
Gyrodyne Co of America Inc REIT		79		5,693
Hallmark Financial Services Inc *		90		845
Heritage Financial Group Inc		70		965
HFF Inc ‘A’		1,929		28,742
Highwoods Properties Inc REIT		3,326		111,255
Hingham Institution for Savings		9		563
Homeowners Choice Inc		130		2,703
ICG Group Inc *		199		2,275
Inland Real Estate Corp REIT		2,549		21,361
Investors Bancorp Inc		524		9,317
JAVELIN Mortgage Investment Corp		116		2,214
Ladenburg Thalmann Financial Services Inc *		7,246		10,144
LTC Properties Inc REIT		504		17,736
Main Street Capital Corp		178		5,431
MarketAxess Holdings Inc		2,513		88,709
Meadowbrook Insurance Group Inc		287		1,659
Meridian Interstate Bancorp Inc *		48		805
MicroFinancial Inc		244		1,776
Monmouth Real Estate Investment Corp ‘A’ REIT		1,323		13,706
Montpelier Re Holdings Ltd (Bermuda)		475		10,858
National Health Investors Inc REIT		1,714		96,892
Nationstar Mortgage Holdings Inc *		1,328		41,141
Netspend Holdings Inc *		1,966		23,238
Ocwen Financial Corp *		454		15,704
OFS Capital Corp *		85		1,164
Omega Healthcare Investors Inc REIT		7,796		185,935
Oritani Financial Corp		1,110		17,005
Penns Woods Bancorp Inc		18		673
Portfolio Recovery Associates Inc *		1,179		125,988
Potlatch Corp REIT		1,791		70,189
PS Business Parks Inc REIT		1,075		69,853
Pzena Investment Management Inc ‘A’		419		2,263
Regional Management Corp *		326		5,395
Ryman Hospitality Properties REIT		1,517		58,344
Saul Centers Inc REIT		545		23,321
Sovran Self Storage Inc REIT		1,848		114,761
Spirit Realty Capital Inc REIT		484		8,606
State Auto Financial Corp		194		2,898
Stifel Financial Corp *		1,819		58,153
Strategic Hotels & Resorts Inc REIT *		10,645		68,128
Sun Communities Inc REIT		2,074		82,732
Tejon Ranch Co *		907		25,469
Texas Capital Bancshares Inc *		2,414		108,195
The Navigators Group Inc *		300		15,321
Tower Group Inc		1,321		23,474
Tree.com Inc		266		4,796
UMH Properties Inc REIT		238		2,459
Universal Health Realty Income Trust REIT		508		25,710
Universal Insurance Holdings Inc		195		854
Urstadt Biddle Properties Inc ‘A’ REIT		1,301		25,604
Virtus Investment Partners Inc *		218		26,365
Washington REIT		1,534		40,114

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-43

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Westamerica Bancorp		1,066		$45,401
Westwood Holdings Group Inc		452		18,487
WisdomTree Investments Inc *		4,026		24,639
World Acceptance Corp *		720		53,683
Zillow Inc ‘A’ *		244		6,771
				3,128,055
Health Care - 19.7%
Abaxis Inc		1,491		55,316
ABIOMED Inc *		2,306		31,039
Acadia Healthcare Co Inc *		1,854		43,254
Accretive Health Inc *		3,883		44,888
Accuray Inc *		4,915		31,603
Achillion Pharmaceuticals Inc *		4,104		32,914
Acorda Therapeutics Inc *		2,763		68,688
Acura Pharmaceuticals Inc *		747		1,658
Aegerion Pharmaceuticals Inc *		1,722		43,722
Affymax Inc *		2,493		47,367
Agenus Inc *		1,009		4,137
Air Methods Corp		2,643		97,500
Akorn Inc *		3,910		52,238
Align Technology Inc *		4,947		137,279
Alkermes PLC * (Ireland)		8,430		156,124
Alnylam Pharmaceuticals Inc *		3,197		58,345
AMAG Pharmaceuticals Inc *		1,167		17,167
Amicus Therapeutics Inc *		2,202		5,901
AMN Healthcare Services Inc *		1,686		19,473
Ampio Pharmaceuticals Inc *		1,799		6,458
AmSurg Corp *		710		21,307
Anacor Pharmaceuticals Inc *		1,137		5,912
Analogic Corp		843		62,635
Anika Therapeutics Inc *		814		8,091
Antares Pharma Inc *		7,363		28,053
Arena Pharmaceuticals Inc *		13,225		119,290
ArQule Inc *		4,123		11,503
Array BioPharma Inc *		8,024		29,849
ArthroCare Corp *		1,573		54,410
athenahealth Inc *		2,466		181,128
AtriCure Inc *		1,018		7,024
Atrion Corp		107		20,972
Auxilium Pharmaceuticals Inc *		3,327		61,649
AVANIR Pharmaceuticals Inc ‘A’ *		8,632		22,702
AVEO Pharmaceuticals Inc *		2,488		20,028
BG Medicine Inc *		782		1,806
Bio-Reference Labs Inc *		1,690		48,486
BioCryst Pharmaceuticals Inc *		3,311		4,702
BioDelivery Sciences International Inc *		1,860		8,017
BioScrip Inc *		814		8,767
BioSpecifics Technologies Corp *		335		5,008
Biotime Inc *		2,116		6,644
Cadence Pharmaceuticals Inc *		4,148		19,869
Cambrex Corp *		1,076		12,245
Cantel Medical Corp		1,457		43,317
Capital Senior Living Corp *		1,674		31,287
Cardiovascular Systems Inc *		1,157		14,520
Celldex Therapeutics Inc *		4,286		28,759
Cempra Inc *		251		1,606
Centene Corp *		3,546		145,386
Cepheid Inc *		4,515		152,652
Cerus Corp *		3,369		10,646
Chemed Corp		1,324		90,813
ChemoCentryx Inc *		393		4,299
Clovis Oncology Inc *		948		15,168
Computer Programs & Systems Inc		760		38,258
Conceptus Inc *		2,156		45,298
Corcept Therapeutics Inc *		3,555		5,084
Coronado Biosciences Inc *		1,269		5,723
Corvel Corp *		424		19,008
Cubist Pharmaceuticals Inc *		4,361		183,424
Cumberland Pharmaceuticals Inc *		410		1,722

	Shares		Value
Curis Inc *		4,214		$14,454
Cyberonics Inc *		1,895		99,544
Cynosure Inc ‘A’ *		428		10,319
Cytori Therapeutics Inc *		3,361		9,478
Dendreon Corp *		8,525		45,012
Depomed Inc *		3,824		23,671
Derma Sciences Inc *		44		489
DexCom Inc *		4,716		64,185
Discovery Laboratories Inc *		3,054		6,444
Durata Therapeutics Inc *		470		3,591
Dyax Corp *		6,814		23,713
Dynavax Technologies Corp *		10,632		30,408
Emergent BioSolutions Inc *		361		5,790
Emeritus Corp *		2,115		52,283
Endocyte Inc *		2,039		18,310
Endologix Inc *		3,806		54,197
EnteroMedics Inc *		1,954		5,471
Epocrates Inc *		1,215		10,716
Exact Sciences Corp *		4,388		46,469
Exactech Inc *		127		2,153
ExamWorks Group Inc *		384		5,372
Exelixis Inc *		12,645		57,788
Fluidigm Corp *		1,667		23,855
Furiex Pharmaceuticals Inc *		518		9,977
Genomic Health Inc *		1,107		30,177
Globus Medical Inc ‘A’ *		477		5,004
Greenway Medical Technologies Inc *		434		6,666
GTx Inc *		1,592		6,686
Haemonetics Corp *		3,485		142,327
Halozyme Therapeutics Inc *		6,195		41,568
Hansen Medical Inc *		3,750		7,800
Harvard Bioscience Inc *		112		491
HealthSouth Corp *		5,545		117,055
HealthStream Inc *		1,341		32,600
HeartWare International Inc *		971		81,515
Hi-Tech Pharmacal Co Inc		287		10,039
HMS Holdings Corp *		5,916		153,343
Horizon Pharma Inc *		1,562		3,639
Hyperion Therapeutics Inc *		217		2,448
ICU Medical Inc *		780		47,525
Idenix Pharmaceuticals Inc *		5,511		26,728
ImmunoCellular Therapeutics Ltd *		3,475		6,672
ImmunoGen Inc *		4,491		57,260
Immunomedics Inc *		4,554		13,298
Impax Laboratories Inc *		4,609		94,438
Infinity Pharmaceuticals Inc *		1,950		68,250
Insulet Corp *		3,287		69,750
Integra LifeSciences Holdings Corp *		766		29,851
Intercept Pharmaceuticals Inc *		262		8,971
InterMune Inc *		2,532		24,535
IPC The Hospitalist Co Inc *		1,139		45,230
Ironwood Pharmaceuticals Inc ‘A’ *		5,183		57,479
Isis Pharmaceuticals Inc *		6,909		72,268
Jazz Pharmaceuticals PLC * (Ireland)		2,858		152,046
Keryx Biopharmaceuticals Inc *		4,954		12,980
KYTHERA Biopharmaceuticals Inc *		284		8,617
Landauer Inc		648		39,664
Lexicon Pharmaceuticals Inc *		6,348		14,093
LHC Group Inc *		58		1,235
Ligand Pharmaceuticals Inc ‘B’ *		1,200		24,888
Luminex Corp *		2,874		48,168
Magellan Health Services Inc *		92		4,508
MAKO Surgical Corp *		2,719		34,994
MannKind Corp *		7,818		18,060
MAP Pharmaceuticals Inc *		1,938		30,446
Masimo Corp		3,435		72,169
MedAssets Inc *		1,339		22,455
Medidata Solutions Inc *		1,527		59,843
Merge Healthcare Inc *		3,222		7,958
Meridian Bioscience Inc		2,842		57,551

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-44

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Merit Medical Systems Inc *		159		$2,210
Merrimack Pharmaceuticals Inc *		1,046		6,370
Molina Healthcare Inc *		176		4,763
Momenta Pharmaceuticals Inc *		1,255		14,784
MWI Veterinary Supply Inc *		874		96,140
National Research Corp		168		9,106
Natus Medical Inc *		1,243		13,897
Navidea Biopharmaceuticals Inc *		6,654		18,831
Nektar Therapeutics *		5,612		41,585
Neogen Corp *		1,619		73,373
Neurocrine Biosciences Inc *		4,577		34,236
NewLink Genetics Corp *		891		11,138
Novavax Inc *		8,982		16,976
NPS Pharmaceuticals Inc *		3,950		35,945
NuVasive Inc *		744		11,502
NxStage Medical Inc *		3,565		40,106
Obagi Medical Products Inc *		1,194		16,226
Omeros Corp *		1,801		9,347
Omnicell Inc *		254		3,777
OncoGenex Pharmaceutical Inc *		1,010		13,251
Oncothyreon Inc *		4,060		7,795
Opko Health Inc *		7,373		35,464
Optimer Pharmaceuticals Inc *		3,247		29,385
OraSure Technologies Inc *		3,745		26,889
Orexigen Therapeutics Inc *		5,025		26,482
Orthofix International NV * (Netherlands)		1,029		40,471
Osiris Therapeutics Inc *		1,147		10,300
Owens & Minor Inc		3,749		106,884
Pacira Pharmaceuticals Inc *		1,270		22,187
Pain Therapeutics Inc *		2,564		6,948
PAREXEL International Corp *		4,122		121,970
PDI Inc *		60		456
PDL BioPharma Inc		8,355		58,903
Pernix Therapeutics Holdings *		639		4,952
Pharmacyclics Inc *		3,745		216,836
PhotoMedex Inc *		767		11,129
POZEN Inc *		1,805		9,043
Progenics Pharmaceuticals Inc *		2,906		8,660
PSS World Medical Inc *		3,475		100,358
Quality Systems Inc		2,731		47,410
Questcor Pharmaceuticals Inc		3,704		98,971
Quidel Corp *		1,935		36,126
Raptor Pharmaceutical Corp *		3,577		20,925
Regulus Therapeutics Inc *		732		4,612
Repligen Corp *		1,921		12,083
Repros Therapeutics Inc *		1,175		18,506
Rigel Pharmaceuticals Inc *		4,792		31,148
Rochester Medical Corp *		612		6,169
Rockwell Medical Technologies Inc *		1,382		11,125
RTI Biologics Inc *		265		1,132
Sagent Pharmaceuticals Inc *		654		10,523
Sangamo Biosciences Inc *		3,633		21,834
Santarus Inc *		3,771		41,406
SciClone Pharmaceuticals Inc *		3,922		16,904
Seattle Genetics Inc *		6,546		151,867
Sequenom Inc *		6,032		28,471
SIGA Technologies Inc *		2,472		6,477
Skilled Healthcare Group Inc ‘A’ *		1,208		7,695
Spectranetics Corp *		2,358		34,828
Spectrum Pharmaceuticals Inc		4,103		45,913
Staar Surgical Co *		2,502		15,262
STERIS Corp		2,936		101,967
Sucampo Pharmaceuticals Inc ‘A’ *		696		3,410
Sunesis Pharmaceuticals Inc *		2,070		8,694
Sunrise Senior Living Inc *		3,227		46,404
SurModics Inc *		192		4,293
Symmetry Medical Inc *		786		8,269
Synageva BioPharma Corp *		722		33,421
Synergy Pharmaceuticals Inc *		2,841		14,944
Synta Pharmaceuticals Corp *		2,749		24,796

	Shares		Value
Team Health Holdings Inc *		1,952		$56,159
TESARO Inc *		245		4,153
The Ensign Group Inc		740		20,121
The Medicines Co *		3,792		90,894
The Providence Service Corp *		209		3,551
Theravance Inc *		4,179		93,066
Threshold Pharmaceuticals Inc *		3,127		13,165
Tornier NV * (Netherlands)		768		12,895
Transcept Pharmaceuticals Inc *		115		512
Trius Therapeutics Inc *		1,866		8,919
U.S. Physical Therapy Inc		807		22,225
Unilife Corp *		5,566		12,635
Utah Medical Products Inc		212		7,643
Vanda Pharmaceuticals Inc *		1,964		7,267
Vanguard Health Systems Inc *		1,890		23,153
Vascular Solutions Inc *		1,112		17,570
Ventrus Biosciences Inc *		815		1,760
Verastem Inc *		467		4,105
Vical Inc *		4,823		14,035
Vivus Inc *		6,870		92,195
Vocera Communications Inc *		212		5,321
Volcano Corp *		3,664		86,507
WellCare Health Plans Inc *		1,436		69,919
West Pharmaceutical Services Inc		1,488		81,468
XenoPort Inc *		2,548		19,798
XOMA Corp *		5,012		12,004
Young Innovations Inc		164		6,463
Zeltiq Aesthetics Inc *		433		2,005
ZIOPHARM Oncology Inc *		4,602		19,144
Zogenix Inc *		3,645		4,848
				8,106,875
Industrials - 17.5%
A.O. Smith Corp		740		46,672
AAON Inc		1,273		26,568
Acacia Research Corp *		3,420		87,723
ACCO Brands Corp *		3,574		26,233
Aceto Corp		446		4,478
Acorn Energy Inc		1,255		9,802
Actuant Corp ‘A’		972		27,129
Acuity Brands Inc		2,917		197,568
Aegion Corp *		382		8,477
Aerovironment Inc *		713		15,501
Alaska Air Group Inc *		4,638		199,851
Allegiant Travel Co		1,028		75,465
Altra Holdings Inc		1,010		22,270
Ameresco Inc ‘A’ *		1,064		10,438
American Science & Engineering Inc		108		7,043
American Superconductor Corp *		256		671
American Woodmark Corp *		105		2,921
Applied Industrial Technologies Inc		2,676		112,419
ARC Document Solutions Inc *		406		1,039
Argan Inc		141		2,538
Astronics Corp *		827		18,922
AT Cross Co ‘A’ *		602		6,490
Avis Budget Group Inc *		7,308		144,845
AZZ Inc		1,737		66,753
Barrett Business Services Inc		480		18,283
Beacon Roofing Supply Inc *		3,228		107,428
Belden Inc		2,789		125,477
Blount International Inc *		3,360		53,155
BlueLinx Holdings Inc *		317		891
Builders FirstSource Inc *		3,110		17,354
CAI International Inc *		393		8,626
Capstone Turbine Corp *		20,577		18,314
Cascade Corp		36		2,315
Casella Waste Systems Inc ‘A’ *		124		543
CDI Corp		154		2,638
Ceco Environmental Corp		394		3,920
Celadon Group Inc		1,375		24,846

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-45

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Chart Industries Inc *		2,058		$137,207
CIRCOR International Inc		81		3,207
CLARCOR Inc		3,459		165,271
Coleman Cable Inc		591		5,479
Comfort Systems USA Inc		748		9,096
Commercial Vehicle Group Inc *		1,677		13,768
CPI Aerostructures Inc *		430		4,304
Cubic Corp		584		28,014
Deluxe Corp		2,357		75,990
DigitalGlobe Inc *		1,725		42,159
DXP Enterprises Inc *		603		29,589
Dycom Industries Inc *		2,027		40,135
Dynamic Materials Corp		344		4,782
Echo Global Logistics Inc *		1,008		18,114
Edgen Group Inc *		226		1,596
EnergySolutions Inc *		1,476		4,605
EnerNOC Inc *		643		7,555
EnerSys *		1,204		45,307
Enphase Energy Inc *		428		1,562
EnPro Industries Inc *		742		30,348
ESCO Technologies Inc		589		22,034
Exponent Inc *		919		51,308
Federal Signal Corp *		423		3,219
Flow International Corp *		708		2,478
Forward Air Corp		1,999		69,985
Franklin Covey Co *		664		8,566
Franklin Electric Co Inc		1,527		94,934
FuelCell Energy Inc *		2,685		2,462
GenCorp Inc *		3,261		29,838
Generac Holdings Inc		780		26,762
Genesee & Wyoming Inc ‘A’ *		3,052		232,196
GP Strategies Corp *		920		18,998
Graham Corp		683		13,318
Great Lakes Dredge & Dock Co		479		4,277
H&E Equipment Services Inc		1,105		16,652
Hawaiian Holdings Inc *		1,918		12,601
Healthcare Services Group Inc		4,623		107,392
Heartland Express Inc		2,545		33,263
HEICO Corp		3,625		162,255
Heritage-Crystal Clean Inc *		517		7,760
Herman Miller Inc		4,009		85,873
Hexcel Corp *		6,853		184,757
Hill International Inc *		133		487
HNI Corp		2,968		89,218
Houston Wire & Cable Co		439		5,387
Hub Group Inc ‘A’ *		2,549		85,646
Huron Consulting Group Inc *		1,576		53,095
II-VI Inc *		3,079		56,253
InnerWorkings Inc *		2,185		30,109
Insperity Inc		1,563		50,891
Insteel Industries Inc		49		612
Interface Inc		4,029		64,786
Intersections Inc		388		3,678
John Bean Technologies Corp		1,985		35,273
Kaman Corp		1,815		66,792
Kforce Inc		1,805		25,866
Knight Transportation Inc		3,986		58,315
Knoll Inc		2,295		35,251
Lindsay Corp		875		70,105
LMI Aerospace Inc *		67		1,296
MasTec Inc *		3,775		94,111
McGrath RentCorp		875		25,392
Meritor Inc *		1,621		7,667
Met-Pro Corp		56		543
Mine Safety Appliances Co		1,901		81,192
Mistras Group Inc *		1,073		26,492
Moog Inc ‘A’ *		350		14,360
Mueller Industries Inc		226		11,307
Mueller Water Products Inc ‘A’		7,071		39,668
Multi-Color Corp		59		1,415

	Shares		Value
MYR Group Inc *		778		$17,310
National Presto Industries Inc		38		2,626
Nortek Inc *		530		35,112
Odyssey Marine Exploration Inc *		5,029		14,936
Old Dominion Freight Line Inc *		4,900		167,972
Omega Flex Inc		191		2,361
On Assignment Inc *		2,956		59,948
Pacer International Inc *		343		1,338
Park-Ohio Holdings Corp *		562		11,976
Patrick Industries Inc *		278		4,326
Performant Financial Corp *		355		3,585
PGT Inc *		661		2,974
Powell Industries Inc *		266		11,047
Preformed Line Products Co		11		654
Primoris Services Corp		539		8,107
Proto Labs Inc *		350		13,797
Quality Distribution Inc *		533		3,198
Rand Logistics Inc *		58		377
Raven Industries Inc		2,491		65,663
RBC Bearings Inc *		1,523		76,257
Republic Airways Holdings Inc *		1,867		10,605
Rexnord Corp *		424		9,031
Roadrunner Transportation Systems Inc *		513		9,306
Robbins & Myers Inc		1,087		64,622
RPX Corp *		1,344		12,150
Saia Inc *		210		4,855
Sauer-Danfoss Inc		806		43,016
SeaCube Container Leasing Ltd (Bermuda)		94		1,772
SIFCO Industries Inc		62		977
Simpson Manufacturing Co Inc		293		9,607
SkyWest Inc		215		2,679
Spirit Airlines Inc *		2,867		50,803
Standard Parking Corp *		1,069		23,507
Standex International Corp		194		9,950
Steelcase Inc ‘A’		738		9,402
Sterling Construction Co Inc *		106		1,054
Sun Hydraulics Corp		1,421		37,060
Swift Transportation Co *		5,441		49,622
Sypris Solutions Inc		514		2,035
TAL International Group Inc		1,011		36,780
Taser International Inc *		3,541		31,657
Team Inc *		1,368		52,039
Teledyne Technologies Inc *		879		57,197
Tennant Co		1,295		56,915
Tetra Tech Inc *		3,559		94,136
Textainer Group Holdings Ltd (Bermuda)		953		29,981
The Advisory Board Co *		2,359		110,378
The Brink’s Co		3,256		92,894
The Corporate Executive Board Co		2,308		109,538
The Gorman-Rupp Co		1,042		31,083
The KEYW Holding Corp *		734		9,314
The Middleby Corp *		1,286		164,878
Thermon Group Holdings Inc *		1,008		22,710
Titan International Inc		3,288		71,415
Titan Machinery Inc *		1,164		28,751
TMS International Corp ‘A’ *		440		5,509
TRC Cos Inc *		882		5,133
Trex Co Inc *		1,029		38,310
TriMas Corp *		2,039		57,010
TrueBlue Inc *		2,032		32,004
United Stationers Inc		166		5,144
US Airways Group Inc *		11,185		150,997
US Ecology Inc		792		18,644
USG Corp *		5,106		143,325
Vicor Corp *		248		1,344
Wabash National Corp *		4,709		42,240
WageWorks Inc *		305		5,429
Watsco Inc		2,025		151,672
Werner Enterprises Inc		2,622		56,819
Wesco Aircraft Holdings Inc *		278		3,672

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-46

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares			Value
Woodward Inc		4,759			$181,461
XPO Logistics Inc *		1,215			21,117
Zipcar Inc *		1,547			12,747
					7,187,689
Information Technology - 20.8%
3D Systems Corp *		3,222			171,894
ACI Worldwide Inc *		2,736			119,536
Actuate Corp *		3,172			17,763
ADTRAN Inc		4,392			85,820
Advent Software Inc *		2,171			46,416
Ambarella Inc * (Cayman)		147			1,639
Ambient Corp *		180			542
American Software Inc ‘A’		1,620	��		12,571
Anaren Inc *		121			2,353
Angie’s List Inc *		2,449			29,364
Anixter International Inc		1,187			75,944
ARRIS Group Inc *		1,021			15,254
Aruba Networks Inc *		7,696			159,692
Aspen Technology Inc *		6,078			167,996
ATMI Inc *		142			2,965
Audience Inc *		63			655
AVG Technologies NV * (Netherlands)		526			8,327
Aware Inc		721			3,951
Badger Meter Inc		999			47,363
Bankrate Inc *		2,796			34,810
Bazaarvoice Inc *		664			6,208
Blackbaud Inc		3,108			70,956
Blucora Inc *		434			6,818
Bottomline Technologies Inc *		693			18,288
Brightcove Inc *		409			3,697
BroadSoft Inc *		1,892			68,736
Cabot Microelectronics Corp		1,618			57,455
CACI International Inc ‘A’ *		125			6,879
CalAmp Corp *		1,975			16,432
Calix Inc *		970			7,459
Callidus Software Inc *		2,420			10,987
Carbonite Inc *		749			6,928
Cardtronics Inc *		3,035			72,051
Cass Information Systems Inc		700			29,540
Cavium Inc *		3,422			106,801
Ceva Inc *		1,209			19,042
Ciena Corp *		5,161			81,028
Cirrus Logic Inc *		4,441			128,656
Cognex Corp		2,947			108,509
Coherent Inc		473			23,943
CommVault Systems Inc *		3,073			214,219
Computer Task Group Inc *		802			14,620
comScore Inc *		2,429			33,472
Comverse Inc *		1,508			43,023
Comverse Technology Inc *		15,089			57,942
Constant Contact Inc *		2,097			29,798
Cornerstone OnDemand Inc *		2,312			68,273
CoStar Group Inc *		1,940			173,378
Cray Inc *		2,542			40,545
CSG Systems International Inc *		1,343			24,416
Cymer Inc *		656			59,322
Daktronics Inc		589			6,520
Datalink Corp *		1,026			8,772
DealerTrack Technologies Inc *		2,608			74,902
Demand Media Inc *		1,534			14,251
Demandware Inc *		428			11,693
Dice Holdings Inc *		2,912			26,732
Digimarc Corp		497			10,288
DTS Inc *		1,262			21,075
E2open Inc *		237			3,356
Ebix Inc		1,462			23,494
Echelon Corp *		1,465			3,589
Electro Rent Corp		126			1,938
Electronics for Imaging Inc *		262			4,975

	Shares		Value
Ellie Mae Inc *		1,734		$48,118
Eloqua Inc *		472		11,134
Envestnet Inc *		1,438		20,060
Envivio Inc *		130		221
EPAM Systems Inc *		325		5,882
EPIQ Systems Inc		181		2,313
Exa Corp *		309		3,007
ExactTarget Inc *		672		13,440
Exar Corp *		314		2,795
ExlService Holdings Inc *		1,605		42,532
Extreme Networks Inc *		6,452		23,485
Fair Isaac Corp		2,360		99,191
FalconStor Software Inc *		2,188		5,098
FARO Technologies Inc *		1,164		41,532
FEI Co		2,450		135,877
FleetMatics Group PLC * (Ireland)		443		11,146
Forrester Research Inc		966		25,889
Global Cash Access Holdings Inc *		3,641		28,545
Globecomm Systems Inc *		1,223		13,820
Glu Mobile Inc *		3,634		8,322
GSI Group Inc * (Canada)		104		901
GT Advanced Technologies Inc *		6,922		20,904
Guidance Software Inc *		990		11,751
Guidewire Software Inc *		1,409		41,875
Heartland Payment Systems Inc		2,673		78,853
Higher One Holdings Inc *		2,218		23,378
Hittite Microwave Corp *		2,165		134,446
iGate Corp *		2,204		34,757
Immersion Corp *		1,817		12,483
Imperva Inc *		671		21,157
Infinera Corp *		6,799		39,502
Infoblox Inc *		519		9,326
Innodata Inc *		1,486		5,617
Inphi Corp *		668		6,399
Interactive Intelligence Group Inc *		1,009		33,842
InterDigital Inc		2,819		115,861
Intermec Inc *		543		5,354
Intermolecular Inc *		949		8,446
Internap Network Services Corp *		1,851		12,846
InvenSense Inc *		2,513		27,919
iPass Inc *		3,194		5,845
Ixia *		2,898		49,208
j2 Global Inc		2,633		80,517
Jive Software Inc *		1,118		16,245
Key Tronic Corp *		118		1,208
KVH Industries Inc *		868		12,135
Lionbridge Technologies Inc *		3,878		15,590
Liquidity Services Inc *		1,621		66,234
Littelfuse Inc		1,349		83,247
LivePerson Inc *		3,783		49,709
LogMeIn Inc *		1,520		34,063
Loral Space & Communications Inc		714		39,027
M/A-COM Technology Solutions Holdings Inc *		66		988
Manhattan Associates Inc *		1,397		84,295
Market Leader Inc *		1,260		8,253
Mattersight Corp *		624		3,101
MAXIMUS Inc		2,337		147,745
MaxLinear Inc ‘A’ *		232		1,165
Maxwell Technologies Inc *		2,009		16,655
Measurement Specialties Inc *		915		31,439
MeetMe Inc *		199		695
MEMC Electronic Materials Inc *		3,590		11,524
Mentor Graphics Corp *		3,463		58,940
Mesa Laboratories Inc		174		8,719
Micrel Inc		3,332		31,654
Microsemi Corp *		6,109		128,533
MicroStrategy Inc ‘A’ *		586		54,721
Millennial Media Inc *		757		9,485
MIPS Technologies Inc *		2,540		19,863

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-47

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
MoneyGram International Inc *		451		$5,994
Monolithic Power Systems Inc		2,096		46,699
Monotype Imaging Holdings Inc		2,515		40,190
Move Inc *		2,693		20,440
MTS Systems Corp		1,105		56,278
Multi-Fineline Electronix Inc *		129		2,607
Neonode Inc *		1,503		7,305
NETGEAR Inc *		1,169		46,082
NetScout Systems Inc *		2,527		65,677
NIC Inc		4,429		72,370
Numerex Corp ‘A’ *		680		8,935
NVE Corp *		332		18,423
OpenTable Inc *		1,553		75,786
OSI Systems Inc *		1,367		87,543
Parametric Technology Corp *		8,231		185,280
ParkerVision Inc *		5,285		10,729
PDF Solutions Inc *		1,659		22,861
Pegasystems Inc		1,187		26,921
Peregrine Semiconductor Corp *		157		2,404
Perficient Inc *		1,688		19,885
Pervasive Software Inc *		71		633
Plantronics Inc		982		36,206
Plexus Corp *		1,054		27,193
PLX Technology Inc *		2,864		10,396
Power Integrations Inc		1,952		65,607
PRGX Global Inc *		1,598		10,307
Procera Networks Inc *		1,326		24,597
Proofpoint Inc *		417		5,133
PROS Holdings Inc *		1,503		27,490
QAD Inc ‘A’		389		5,602
QLIK Technologies Inc *		5,877		127,648
QLogic Corp *		1,647		16,025
Qualys Inc *		433		6,404
Quantum Corp *		967		1,199
QuickLogic Corp *		2,755		5,978
Rambus Inc *		612		2,987
RealD Inc *		2,452		27,487
RealPage Inc *		2,467		53,213
Responsys Inc *		2,465		14,691
RF Micro Devices Inc *		2,406		10,779
Rogers Corp *		472		23,440
Rosetta Stone Inc *		377		4,652
Ruckus Wireless Inc *		250		5,633
Saba Software Inc *		2,047		17,891
Sapient Corp *		8,486		89,612
SciQuest Inc *		1,224		19,413
Semtech Corp *		4,505		130,420
ServiceSource International Inc *		3,433		20,083
ShoreTel Inc *		2,925		12,402
Silicon Graphics International Corp *		122		1,248
Silicon Image Inc *		4,792		23,768
Sonus Networks Inc *		1,372		2,332
Sourcefire Inc *		2,035		96,093
Spark Networks Inc *		787		6,139
SPS Commerce Inc *		849		31,642
SS&C Technologies Holdings Inc *		640		14,797
Stamps.com Inc *		922		23,234
SunPower Corp *		1,248		7,014
Super Micro Computer Inc *		1,793		18,289
support.com Inc *		2,387		9,978
Synacor Inc *		447		2,445
Synaptics Inc *		2,318		69,470
Synchronoss Technologies Inc *		1,904		40,155
Syntel Inc		1,060		56,805
Take-Two Interactive Software Inc *		5,390		59,344
Tangoe Inc *		2,053		24,369
Telular Corp		656		6,212
Tessco Technologies Inc		175		3,875
The Active Network Inc *		2,701		13,262
The Hackett Group Inc		1,631		6,981

	Shares		Value
TiVo Inc *		4,302		$53,001
TNS Inc *		1,681		34,847
Travelzoo Inc *		503		9,552
Trulia Inc *		349		5,668
Tyler Technologies Inc *		2,071		100,319
Ubiquiti Networks Inc		705		8,559
Ultimate Software Group Inc *		1,832		172,959
Ultratech Inc *		1,801		67,177
Unisys Corp *		1,541		26,659
Universal Display Corp *		2,735		70,071
Unwired Planet Inc *		1,319		1,583
ValueClick Inc *		3,102		60,210
VASCO Data Security International Inc *		885		7,222
Veeco Instruments Inc *		690		20,369
Verint Systems Inc *		1,498		43,981
ViaSat Inc *		2,581		100,401
VirnetX Holding Corp *		2,891		84,648
Virtusa Corp *		1,278		20,998
VistaPrint NV * (Netherlands)		2,351		77,254
Vocus Inc *		1,422		24,714
Volterra Semiconductor Corp *		1,744		29,944
Web.com Group Inc *		2,408		35,638
Websense Inc *		2,560		38,502
WEX Inc *		2,674		201,539
XO Group Inc *		1,790		16,647
Yelp Inc *		589		11,103
Zix Corp *		4,212		11,794
Zygo Corp *		200		3,140
				8,566,169
Materials - 4.7%
ADA-ES Inc *		629		10,618
AEP Industries Inc *		284		16,821
AK Steel Holding Corp		1,585		7,291
AMCOL International Corp		1,632		50,070
American Vanguard Corp		1,915		59,499
Arabian American Development Co *		1,403		11,659
Balchem Corp		2,012		73,237
Berry Plastics Group Inc *		816		13,121
Buckeye Technologies Inc		1,590		45,649
Calgon Carbon Corp *		3,297		46,751
Chemtura Corp *		4,723		100,411
Clearwater Paper Corp *		1,282		50,203
Coeur d’Alene Mines Corp *		2,548		62,681
Deltic Timber Corp		749		52,894
Eagle Materials Inc		3,368		197,028
Flotek Industries Inc *		3,411		41,614
General Moly Inc *		682		2,735
Georgia Gulf Corp		1,494		61,672
Globe Specialty Metals Inc		310		4,263
Gold Reserve Inc * (Canada)		431		1,427
Gold Resource Corp		2,050		31,590
GSE Holding Inc *		511		3,168
H.B. Fuller Co		3,436		119,642
Handy & Harman Ltd *		297		4,476
Hawkins Inc		625		24,150
Haynes International Inc		695		36,050
Headwaters Inc *		4,223		36,149
Innophos Holdings Inc		1,499		69,703
Innospec Inc		190		6,553
KMG Chemicals Inc		543		9,541
Koppers Holdings Inc		1,428		54,478
Landec Corp *		436		4,138
LSB Industries Inc *		744		26,352
Materion Corp		135		3,480
Metals USA Holdings Corp		187		3,271
Midway Gold Corp * (Canada)		8,857		12,311
Myers Industries Inc		2,307		34,951
Neenah Paper Inc		660		18,790
Noranda Aluminum Holding Corp		2,292		14,004

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-48

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Olin Corp		3,786		$81,740
OMNOVA Solutions Inc *		3,173		22,243
Paramount Gold & Silver Corp *		8,946		20,755
PH Glatfelter Co		488		8,530
PolyOne Corp		4,847		98,976
Quaker Chemical Corp		250		13,465
Schweitzer-Mauduit International Inc		1,591		62,097
Stepan Co		1,089		60,483
SunCoke Energy Inc *		3,393		52,897
U.S. Antimony Corp *		3,748		6,596
U.S. Silica Holdings Inc		810		13,551
United States Lime & Minerals Inc *		111		5,230
Wausau Paper Corp		2,894		25,062
Zep Inc		620		8,953
				1,903,019
Telecommunication Services - 0.8%
8x8 Inc *		4,863		35,938
Atlantic Tele-Network Inc		613		22,503
Boingo Wireless Inc *		1,070		8,079
Cbeyond Inc *		136		1,229
Cincinnati Bell Inc *		4,883		26,759
Cogent Communications Group Inc		3,218		72,856
Consolidated Communications Holdings Inc		1,788		28,465
Fairpoint Communications Inc *		1,256		9,973
General Communication Inc ‘A’ *		2,529		24,253
HickoryTech Corp		925		9,000
IDT Corp ‘B’		1,006		9,597
inContact Inc *		2,412		12,494
Iridium Communications Inc *		463		3,121
Leap Wireless International Inc *		948		6,304
Lumos Networks Corp		1,064		10,661
magicJack VocalTec Ltd * (Israel)		678		12,346
nTelos Holdings Corp		983		12,887
ORBCOMM Inc *		1,127		4,418
Premiere Global Services Inc *		798		7,804
Primus Telecommunications Group Inc		850		9,240
Towerstream Corp *		3,299		10,722
				338,649
Utilities - 0.3%
American DG Energy Inc *		1,625		3,754
American States Water Co		147		7,053
Atlantic Power Corp (Canada)		706		8,070
Cadiz Inc *		855		6,772
California Water Service Group		1,456		26,718
Connecticut Water Service Inc		475		14,145
Ormat Technologies Inc		350		6,748
Otter Tail Corp		162		4,050
Piedmont Natural Gas Co Inc		432		13,526
SJW Corp		304		8,086
South Jersey Industries Inc		463		23,303
York Water Co		643		11,297
				133,522
Total Common Stocks (Cost $36,181,335)				39,957,708
EXCHANGE-TRADED FUND - 0.3%
iShares Russell 2000 Growth Index Fund		1,406		134,006
Total Exchange-Traded Fund (Cost $133,783)				134,006

	Principal Amount		Value
SHORT-TERM INVESTMENT - 3.5%
Repurchase Agreement - 3.5%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $1,459,015; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $1,490,000)		$1,459,014		$1,459,014
Total Short-Term Investment (Cost $1,459,014)				1,459,014
TOTAL INVESTMENTS - 101.0% (Cost $37,774,132)				41,550,970
OTHER ASSETS & LIABILITIES, NET - (1.0%)				(415,671	)
NET ASSETS - 100.0%				$41,135,299

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	20.8%
Health Care	19.7%
Industrials	17.5%
Consumer Discretionary	15.8%
Financials	7.6%
Energy	5.5%
Materials	4.7%
Consumer Staples	4.5%
Short-Term Investment	3.5%
Telecommunication Services	0.8%
Exchange-Traded Fund	0.3%
Utilities	0.3%
	101.0%
Other Assets & Liabilities, Net	(1.0%	)
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, $101,600 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini (03/13)		12		$993,014		$22,906

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-49

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants (1)		$242		$242		$-		$-
	Common Stocks (1)		39,957,708		39,957,708		-		-
	Exchange-Traded Fund		134,006		134,006		-		-
	Short-Term Investment		1,459,014		-		1,459,014		-
	Derivatives:
	Equity Contracts
	Futures		22,906		22,906		-		-
	Total		$41,573,876		$40,114,862		$1,459,014		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-50

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Health Care - 0.0%
Allos Therapeutics Inc Exp. 11/30/13 * +		1,071		$ -
Total Rights (Cost $0)				-
COMMON STOCKS - 95.1%
Consumer Discretionary - 11.4%
1-800-FLOWERS.COM Inc ‘A’ *		2,348		8,617
American Axle & Manufacturing Holdings Inc *		6,370		71,344
American Greetings Corp ‘A’		2,814		47,528
Ameristar Casinos Inc		387		10,155
Asbury Automotive Group Inc *		305		9,769
Ascent Capital Group Inc ‘A’ *		1,345		83,309
Barnes & Noble Inc *		2,475		37,348
Bassett Furniture Industries Inc		1,082		13,493
Beasley Broadcasting Group Inc ‘A’		370		1,809
Beazer Homes USA Inc *		2,343		39,573
bebe stores Inc		3,203		12,780
Belo Corp ‘A’		5,720		43,872
Big 5 Sporting Goods Corp		1,600		20,960
Biglari Holdings Inc *		102		39,782
Black Diamond Inc *		2,019		16,556
Bloomin’ Brands Inc *		452		7,069
Bluegreen Corp *		1,377		12,916
Bob Evans Farms Inc		2,409		96,842
Boyd Gaming Corp *		4,888		32,456
Brown Shoe Co Inc		4,100		75,317
Cabela’s Inc *		418		17,451
Caesars Entertainment Corp *		380		2,630
Callaway Golf Co		6,188		40,222
Career Education Corp *		4,980		17,530
Carmike Cinemas Inc *		1,162		17,430
Carriage Services Inc		1,526		18,114
Carrols Restaurant Group Inc *		446		2,667
Casual Male Retail Group Inc *		4,036		16,951
Cavco Industries Inc *		65		3,249
Central European Media Enterprises Ltd ‘A’ * (Bermuda)		3,533		21,657
Cherokee Inc		61		836
Churchill Downs Inc		833		55,353
Chuy’s Holdings Inc *		176		3,932
Citi Trends Inc *		1,338		18,411
Columbia Sportswear Co		1,165		62,164
Conn’s Inc *		1,460		44,793
Cooper Tire & Rubber Co		804		20,389
Core-Mark Holding Co Inc		912		43,183
Corinthian Colleges Inc *		7,533		18,381
Crown Media Holdings Inc ‘A’ *		2,516		4,655
CSS Industries Inc		900		19,701
Culp Inc		838		12,578
Cumulus Media Inc ‘A’ *		5,941		15,862
Daily Journal Corp *		94		8,700
Dana Holding Corp		12,668		197,747
Del Frisco’s Restaurant Group Inc *		144		2,245
Delta Apparel Inc *		639		8,933
Denny’s Corp *		1,982		9,672
Destination Maternity Corp		720		15,523
Digital Generation Inc *		2,612		28,366
Drew Industries Inc		979		31,573
Education Management Corp *		2,560		11,213
Einstein Noah Restaurant Group Inc		74		904
Entercom Communications Corp ‘A’ *		2,349		16,396

	Shares		Value
Entravision Communications Corp ‘A’		4,996		$8,293
Ethan Allen Interiors Inc		315		8,099
Exide Technologies *		7,539		25,783
Federal-Mogul Corp *		1,777		14,252
Fiesta Restaurant Group Inc *		142		2,175
Fifth & Pacific Cos Inc *		9,803		122,047
Fisher Communications Inc		835		22,537
Five Below Inc *		521		16,693
Flexsteel Industries Inc		431		9,245
Fred’s Inc ‘A’		3,499		46,572
Frisch’s Restaurants Inc		299		5,531
Fuel Systems Solutions Inc *		1,115		16,390
G-III Apparel Group Ltd *		1,386		47,443
Global Sources Ltd * (Bermuda)		1,539		9,973
Group 1 Automotive Inc		2,188		135,634
Harte-Hanks Inc		4,290		25,311
Haverty Furniture Cos Inc		1,849		30,157
Helen of Troy Ltd * (Bermuda)		3,027		101,072
hhgregg Inc *		1,407		9,877
Hooker Furniture Corp		1,038		15,082
Hovnanian Enterprises Inc ‘A’ *		10,070		70,490
Iconix Brand Group Inc *		6,762		150,928
International Speedway Corp ‘A’		2,646		73,083
Isle of Capri Casinos Inc *		2,014		11,278
Jack in the Box Inc *		818		23,395
JAKKS Pacific Inc		2,076		25,992
Johnson Outdoors Inc ‘A’ *		544		10,836
Jos. A. Bank Clothiers Inc *		189		8,048
Journal Communications Inc ‘A’ *		3,866		20,915
K-Swiss Inc ‘A’ *		2,554		8,581
Kayak Software Corp *		85		3,376
KB Home		7,376		116,541
Kirkland’s Inc *		1,304		13,809
Krispy Kreme Doughnuts Inc *		5,683		53,307
La-Z-Boy Inc		3,482		49,270
Life Time Fitness Inc *		305		15,009
LifeLock Inc *		127		1,033
Lifetime Brands Inc		928		9,846
LIN TV Corp ‘A’ *		2,934		22,093
Lincoln Educational Services Corp		2,205		12,326
Lithia Motors Inc ‘A’		2,071		77,497
Live Nation Entertainment Inc *		13,379		124,558
Luby’s Inc *		1,922		12,858
M.D.C. Holdings Inc		3,661		134,578
M/I Homes Inc *		2,043		54,139
Mac-Gray Corp		981		12,312
Maidenform Brands Inc *		623		12,142
Marcus Corp		1,889		23,556
Marine Products Corp		421		2,408
MarineMax Inc *		1,962		17,540
Marriott Vacations Worldwide Corp *		2,543		105,967
Martha Stewart Living Omnimedia Inc ‘A’ *		2,709		6,637
Matthews International Corp ‘A’		1,406		45,133
MDC Partners Inc ‘A’ (Canada)		1,539		17,391
Meredith Corp		3,468		119,473
Meritage Homes Corp *		2,218		82,842
Modine Manufacturing Co *		4,505		36,626
Monarch Casino & Resort Inc *		846		9,230
Morgans Hotel Group Co *		1,172		6,493
Movado Group Inc		1,575		48,321
NACCO Industries Inc ‘A’		531		32,226
National American University Holdings Inc		524		2,017
National CineMedia Inc		3,561		50,317
New York & Co Inc *		1,044		3,978
Nexstar Broadcasting Group Inc ‘A’ *		796		8,430
Office Depot Inc *		27,147		89,042
OfficeMax Inc		8,276		80,774
Orchard Supply Hardware Stores Corp ‘A’ *		180		1,334
Orient-Express Hotels Ltd ‘A’ * (Bermuda)		9,259		108,238
Outdoor Channel Holdings Inc		1,026		7,798

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-51

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Penske Automotive Group Inc		3,008		$90,511
Perfumania Holdings Inc *		517		2,544
Perry Ellis International Inc		1,142		22,726
Pinnacle Entertainment Inc *		5,237		82,902
Quiksilver Inc *		12,463		52,968
RadioShack Corp		9,572		20,293
Reading International Inc ‘A’ *		1,535		9,225
Red Lion Hotels Corp *		1,321		10,423
Red Robin Gourmet Burgers Inc *		784		27,667
Regis Corp		5,496		92,992
Rent-A-Center Inc		5,672		194,890
Rentrak Corp *		353		6,880
Restoration Hardware Holdings Inc *		400		13,492
RG Barry Corp		58		822
Ruby Tuesday Inc *		6,091		47,875
Saga Communications Inc ‘A’		337		15,670
Saks Inc *		10,525		110,618
Salem Communications Corp ‘A’		942		5,143
Scholastic Corp		2,485		73,457
Scientific Games Corp ‘A’ *		4,310		37,368
Sealy Corp *		4,666		10,125
Shiloh Industries Inc		541		5,572
Shoe Carnival Inc		1,376		28,194
Shutterfly Inc *		2,565		76,617
Shutterstock Inc *		489		12,714
Sinclair Broadcast Group Inc ‘A’		4,421		55,793
Skechers U.S.A. Inc ‘A’ *		3,617		66,914
Sonic Automotive Inc ‘A’		4,075		85,127
Sonic Corp *		1,047		10,899
Sotheby’s		4,204		141,338
Spartan Motors Inc		3,258		16,062
Speedway Motorsports Inc		1,121		19,999
Stage Stores Inc		2,932		72,655
Standard Motor Products Inc		1,914		42,529
Standard Pacific Corp *		11,078		81,423
Stein Mart Inc		2,629		19,823
Steinway Musical Instruments Inc *		640		13,536
Stewart Enterprises Inc ‘A’		7,210		55,084
Stoneridge Inc *		2,693		13,788
Superior Industries International Inc		2,181		44,492
Systemax Inc		994		9,592
The Bon-Ton Stores Inc		1,216		14,738
The Children’s Place *		1,442		63,866
The E.W. Scripps Co ‘A’ *		2,879		31,122
The Finish Line Inc ‘A’		3,017		57,112
The Jones Group Inc		7,835		86,655
The McClatchy Co ‘A’ *		5,577		18,237
The Men’s Wearhouse Inc		3,851		119,997
The New York Times Co ‘A’ *		13,027		111,120
The Pep Boys-Manny Moe & Jack		5,038		49,524
The Ryland Group Inc		1,863		67,999
The Warnaco Group Inc *		487		34,855
The Wet Seal Inc ‘A’ *		8,713		24,048
Tuesday Morning Corp *		4,029		25,181
Unifi Inc *		1,353		17,603
Universal Electronics Inc *		1,411		27,303
Universal Technical Institute Inc		714		7,169
Vail Resorts Inc		2,232		120,729
Valassis Communications Inc		1,484		38,258
Value Line Inc		36		323
VOXX International Corp *		1,750		11,777
West Marine Inc *		1,413		15,190
Weyco Group Inc		561		13,105
Winnebago Industries Inc *		2,025		34,688
WMS Industries Inc *		5,266		92,155
World Wrestling Entertainment Inc ‘A’		218		1,720
				7,082,299

	Shares		Value
Consumer Staples - 2.4%
Alico Inc		192		$7,033
Alliance One International Inc *		8,270		30,103
Annie’s Inc *		137		4,580
Arden Group Inc ‘A’		34		3,059
Cal-Maine Foods Inc		189		7,602
Central European Distribution Corp *		6,325		13,725
Central Garden & Pet Co ‘A’ *		3,162		33,043
Chiquita Brands International Inc *		4,368		36,036
Craft Brew Alliance Inc *		579		3,752
Darling International Inc *		7,841		125,770
Diamond Foods Inc		2,131		29,131
Dole Food Co Inc *		3,414		39,159
Elizabeth Arden Inc *		354		15,934
Farmer Bros. Co *		608		8,773
Fresh Del Monte Produce Inc (Cayman)		3,649		96,151
Griffin Land & Nurseries Inc		268		7,236
Harbinger Group Inc *		3,906		30,037
Harris Teeter Supermarkets Inc		3,633		140,088
Ingles Markets Inc ‘A’		1,168		20,160
Inter Parfums Inc		454		8,835
John B Sanfilippo & Son Inc		764		13,890
Nash Finch Co		1,151		24,493
Natural Grocers by Vitamin Cottage Inc *		409		7,808
Nature’s Sunshine Products Inc		440		6,371
Nutraceutical International Corp		837		13,844
Oil-Dri Corp of America		465		12,834
Omega Protein Corp *		1,882		11,518
Orchids Paper Products Co		273		5,520
Pilgrim’s Pride Corp *		1,104		8,004
Post Holdings Inc *		736		25,208
Prestige Brands Holdings Inc *		1,648		33,009
Revlon Inc ‘A’ *		1,088		15,776
Rite Aid Corp *		57,523		78,231
Seneca Foods Corp ‘A’ *		793		24,107
Smart Balance Inc *		5,651		72,898
Snyder’s-Lance Inc		477		11,500
Spartan Stores Inc		2,088		32,072
Spectrum Brands Holdings Inc *		360		16,175
SUPERVALU Inc		4,956		12,241
Susser Holdings Corp *		618		21,315
The Andersons Inc		1,776		76,190
The Pantry Inc *		2,016		24,454
Tootsie Roll Industries Inc		140		3,629
TreeHouse Foods Inc *		1,120		58,386
Universal Corp		2,224		111,000
Vector Group Ltd		1,321		19,643
Village Super Market Inc ‘A’		812		26,682
Weis Markets Inc		1,061		41,559
Westway Group Inc *		1,032		6,883
				1,475,447
Energy - 6.1%
Adams Resources & Energy Inc		227		7,961
Alon USA Energy Inc		219		3,962
Amyris Inc *		2,913		9,089
Arch Coal Inc		20,285		148,486
Basic Energy Services Inc *		2,928		33,408
Bill Barrett Corp *		4,599		81,816
Bolt Technology Corp		823		11,744
Bonanza Creek Energy Inc *		809		22,482
BPZ Resources Inc *		7,042		22,182
Bristow Group Inc		3,413		183,142
C&J Energy Services Inc *		2,946		63,162
Cal Dive International Inc *		9,236		15,978
Callon Petroleum Co *		3,795		17,837
Carrizo Oil & Gas Inc *		524		10,962
Clayton Williams Energy Inc *		515		20,600
Cloud Peak Energy Inc *		5,832		112,733

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-52

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Comstock Resources Inc *		4,590		$69,447
Contango Oil & Gas Co		95		4,024
Crimson Exploration Inc *		1,952		5,348
Crosstex Energy Inc		389		5,578
CVR Energy Inc *		530		25,859
Dawson Geophysical Co *		763		20,128
Delek US Holdings Inc		1,666		42,183
Diamondback Energy Inc *		719		13,747
Emerald Oil Inc *		1,554		8,143
Endeavour International Corp *		312		1,616
Energy XXI Ltd (Bermuda)		2,054		66,118
EPL Oil & Gas Inc *		2,653		59,825
Exterran Holdings Inc *		6,186		135,597
Forbes Energy Services Ltd *		1,411		3,570
Forest Oil Corp *		11,241		75,202
Frontline Ltd * (Bermuda)		4,958		16,163
GasLog Ltd (Bermuda)		1,414		17,576
Gastar Exploration Ltd * (Canada)		5,463		6,610
Gevo Inc *		503		775
Green Plains Renewable Energy Inc *		2,400		18,984
Gulf Island Fabrication Inc		1,387		33,330
Gulfmark Offshore Inc ‘A’		2,004		69,038
Gulfport Energy Corp *		3,539		135,261
Halcon Resources Corp *		1,359		9,404
Hallador Energy Co		596		4,923
Harvest Natural Resources Inc *		3,531		32,026
Heckmann Corp *		12,556		50,601
Helix Energy Solutions Group Inc *		10,097		208,402
Hercules Offshore Inc *		15,134		93,528
Hornbeck Offshore Services Inc *		3,373		115,829
Key Energy Services Inc *		14,437		100,337
Knightsbridge Tankers Ltd (Bermuda)		2,347		12,322
Magnum Hunter Resources Corp *		9,219		36,784
Matador Resources Co *		248		2,034
Matrix Service Co *		2,002		23,023
McMoRan Exploration Co *		9,702		155,717
Midstates Petroleum Co Inc *		1,251		8,619
Miller Energy Resources Inc *		2,973		11,773
Mitcham Industries Inc *		433		5,902
Natural Gas Services Group Inc *		1,185		19,458
Newpark Resources Inc *		8,599		67,502
Nordic American Tankers Ltd (Bermuda)		5,048		44,170
Parker Drilling Co *		11,217		51,598
PDC Energy Inc *		2,864		95,113
Penn Virginia Corp		5,198		22,923
PetroQuest Energy Inc *		5,452		26,987
PHI Inc *		1,140		38,179
Pioneer Energy Services Corp *		4,663		33,853
Quicksilver Resources Inc *		11,177		31,966
Renewable Energy Group Inc *		621		3,639
Resolute Energy Corp *		4,585		37,276
REX American Resources Corp *		483		9,317
Rex Energy Corp *		4,124		53,694
Scorpio Tankers Inc *		5,320		37,825
SemGroup Corp ‘A’ *		4,036		157,727
Ship Finance International Ltd (Bermuda)		4,697		78,111
Stone Energy Corp *		4,730		97,060
Swift Energy Co *		4,091		62,961
Synergy Resources Corp *		3,575		19,269
Teekay Tankers Ltd ‘A’		6,062		17,580
Tesco Corp * (Canada)		2,925		33,316
TETRA Technologies Inc *		7,412		56,257
Triangle Petroleum Corp *		4,262		25,529
Uranium Energy Corp *		4,320		11,059
Vantage Drilling Co * (Cayman)		18,144		33,204
W&T Offshore Inc		3,088		49,501
Warren Resources Inc *		5,542		15,573
Western Refining Inc		2,262		63,766
Westmoreland Coal Co *		1,044		9,751

	Shares		Value
Willbros Group Inc *		2,870		$15,383
ZaZa Energy Corp *		1,371		2,811
				3,793,248
Financials - 35.1%
1st Source Corp		1,426		31,500
1st United Bancorp Inc		2,873		17,956
Access National Corp		738		9,594
AG Mortgage Investment Trust Inc REIT		2,170		50,952
Agree Realty Corp REIT		1,102		29,523
Alliance Financial Corp		461		20,058
Alterra Capital Holdings Ltd (Bermuda)		8,234		232,116
American Assets Trust Inc REIT		3,139		87,672
American Capital Mortgage Investment Corp REIT		3,500		82,495
American Equity Investment Life Holding Co		5,714		69,768
American National Bankshares Inc		753		15,203
American Realty Capital Trust Inc REIT		15,176		175,283
American Safety Insurance Holdings Ltd * (Bermuda)		786		14,871
Ameris Bancorp *		2,295		28,665
AMERISAFE Inc *		1,751		47,715
Ames National Corp		790		17,301
AmREIT Inc ‘B’		269		4,613
AmTrust Financial Services Inc		2,218		63,634
Anworth Mortgage Asset Corp REIT		13,242		76,539
Apollo Commercial Real Estate Finance Inc REIT		2,257		36,631
Apollo Investment Corp		19,525		163,229
Apollo Residential Mortgage Inc REIT		2,104		42,480
Ares Commercial Real Estate Corp REIT		740		12,151
Argo Group International Holdings Ltd (Bermuda)		2,490		83,639
Arlington Asset Investment Corp ‘A’		1,061		22,037
ARMOUR Residential REIT Inc		28,501		184,401
Arrow Financial Corp		937		23,378
Artio Global Investors Inc		3,092		5,875
Ashford Hospitality Trust Inc REIT		5,081		53,401
Asset Acceptance Capital Corp *		1,575		7,088
Associated Estates Realty Corp REIT		2,646		42,654
Asta Funding Inc		940		8,939
Astoria Financial Corp		8,359		78,240
AV Homes Inc *		948		13,481
Baldwin & Lyons Inc ‘B’		900		21,474
BancFirst Corp		619		26,221
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Multi-National)		2,727		58,794
BancorpSouth Inc		9,083		132,067
Bank Mutual Corp		4,458		19,169
Bank of Kentucky Financial Corp		564		13,948
Bank of Marin Bancorp		516		19,329
Bank of the Ozarks Inc		782		26,174
BankFinancial Corp		2,026		15,033
Banner Corp		1,855		57,004
Bar Harbor Bankshares		374		12,585
BBCN Bancorp Inc		7,529		87,111
Beneficial Mutual Bancorp Inc *		2,761		26,230
Berkshire Bancorp Inc		427		3,501
Berkshire Hills Bancorp Inc		2,380		56,787
BlackRock Kelso Capital Corp		4,905		49,344
BofI Holding Inc *		1,004		27,981
Boston Private Financial Holdings Inc		7,543		67,962
Bridge Bancorp Inc		827		16,821
Bridge Capital Holdings *		642		9,990
Brookline Bancorp Inc		6,758		57,443
Bryn Mawr Bank Corp		1,100		24,497
BSB Bancorp Inc *		786		9,613
C&F Financial Corp		308		11,994
Calamos Asset Management Inc ‘A’		1,851		19,565
California First National Bancorp		231		3,453
Camden National Corp		740		25,138

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-53

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Campus Crest Communities Inc REIT		3,668		$44,970
Cape Bancorp Inc		1,081		9,394
Capital Bank Financial Corp ‘A’ *		913		15,585
Capital City Bank Group Inc *		1,119		12,723
Capital Southwest Corp		287		28,594
CapLease Inc REIT		6,312		35,158
Capstead Mortgage Corp REIT		9,525		109,252
Cardinal Financial Corp		2,819		45,865
Cascade Bancorp *		521		3,261
Cash America International Inc		1,643		65,178
Cathay General Bancorp		7,568		147,576
Cedar Realty Trust Inc REIT		5,778		30,508
Center Bancorp Inc		1,143		13,236
Centerstate Banks Inc		2,896		24,703
Central Pacific Financial Corp *		2,084		32,490
Century Bancorp Inc ‘A’		331		10,906
Charter Financial Corp		627		6,646
Chatham Lodging Trust REIT		1,276		19,625
Chemical Financial Corp		2,653		63,035
Chesapeake Lodging Trust REIT		3,773		78,780
CIFC Corp *		621		4,968
Citizens & Northern Corp		1,176		22,226
Citizens Inc *		3,706		40,951
Citizens Republic Bancorp Inc *		3,864		73,300
City Holding Co		1,418		49,417
Clifton Savings Bancorp Inc		744		8,385
CNB Financial Corp		1,197		19,607
CNO Financial Group Inc		19,230		179,416
CoBiz Financial Inc		3,361		25,107
Colonial Properties Trust REIT		8,411		179,743
Colony Financial Inc REIT		4,986		97,227
Columbia Banking System Inc		3,829		68,692
Community Bank System Inc		3,808		104,187
Community Trust Bancorp Inc		1,347		44,155
Consolidated-Tomoka Land Co		397		12,311
Coresite Realty Corp REIT		996		27,549
Cousins Properties Inc REIT		8,757		73,121
Cowen Group Inc ‘A’ *		8,421		20,631
Crawford & Co ‘B’		2,521		20,118
Crescent Financial Bancshares Inc *		301		1,382
CreXus Investment Corp REIT		6,464		79,184
CubeSmart REIT		11,804		171,984
CVB Financial Corp		8,512		88,525
CYS Investments Inc REIT		16,855		199,058
DCT Industrial Trust Inc REIT		23,678		153,670
DFC Global Corp *		914		16,918
DiamondRock Hospitality Co REIT		17,997		161,973
Dime Community Bancshares Inc		3,032		42,114
Donegal Group Inc ‘A’		727		10,207
Doral Financial Corp *		12,445		9,011
Duff & Phelps Corp ‘A’		2,181		34,067
DuPont Fabros Technology Inc REIT		3,105		75,017
Dynex Capital Inc REIT		5,165		48,758
Eagle Bancorp Inc *		1,666		33,270
Eastern Insurance Holdings Inc		639		10,914
EastGroup Properties Inc REIT		162		8,717
Education Realty Trust Inc REIT		10,818		115,104
EMC Insurance Group Inc		454		10,842
Employers Holdings Inc		1,127		23,194
Encore Capital Group Inc *		437		13,381
Enstar Group Ltd * (Bermuda)		810		90,704
Enterprise Bancorp Inc		587		9,697
Enterprise Financial Services Corp		1,717		22,441
EPR Properties REIT		4,491		207,080
Equity One Inc REIT		5,272		110,765
ESB Financial Corp		999		13,856
ESSA Bancorp Inc		863		9,398
EverBank Financial Corp		2,153		32,101
Evercore Partners Inc ‘A’		2,509		75,747
Excel Trust Inc REIT		4,174		52,885

	Shares		Value
Ezcorp Inc ‘A’ *		1,442		$28,638
F.N.B. Corp		13,476		143,115
Farmers National Banc Corp		1,817		11,265
FBL Financial Group Inc ‘A’		927		31,713
FBR & Co *		3,566		13,800
Federal Agricultural Mortgage Corp ‘C’		958		31,135
FelCor Lodging Trust Inc REIT *		4,831		22,561
Fidelity Southern Corp *		942		8,996
Fidus Investment Corp		1,145		18,835
Fifth Street Finance Corp		10,110		105,346
Financial Institutions Inc		1,330		24,778
First American Financial Corp		9,281		223,579
First Bancorp NC		1,458		18,692
First BanCorp PR *		6,774		31,025
First Busey Corp		7,173		33,354
First California Financial Group Inc *		2,159		16,667
First Commonwealth Financial Corp		10,153		69,243
First Community Bancshares Inc		1,706		27,245
First Connecticut Bancorp Inc		1,722		23,678
First Defiance Financial Corp		936		17,962
First Federal Bancshares of Arkansas Inc *		231		2,252
First Financial Bancorp		5,648		82,574
First Financial Bankshares Inc		3,039		118,551
First Financial Corp		1,077		32,568
First Financial Holdings Inc		1,591		20,810
First Financial Northwest Inc *		1,536		11,597
First Industrial Realty Trust Inc REIT *		9,387		132,169
First Interstate Bancsystem Inc		1,564		24,133
First Merchants Corp		2,760		40,958
First Midwest Bancorp Inc		7,231		90,532
First Pactrust Bancorp Inc		1,018		12,491
First Potomac Realty Trust REIT		4,844		59,872
FirstMerit Corp		10,589		150,258
Flushing Financial Corp		2,983		45,759
FNB United Corp *		253		2,935
Forestar Group Inc *		3,313		57,414
Fortegra Financial Corp *		623		5,538
Fox Chase Bancorp Inc		1,222		20,346
Franklin Financial Corp		1,255		20,808
Franklin Street Properties Corp REIT		6,997		86,133
FXCM Inc ‘A’		2,269		22,849
Gain Capital Holdings Inc		1,466		5,996
German American Bancorp Inc		1,217		26,433
Getty Realty Corp REIT		2,445		44,157
GFI Group Inc		6,641		21,517
Glacier Bancorp Inc		6,944		102,146
Gladstone Capital Corp		2,089		17,046
Gladstone Commercial Corp REIT		1,014		18,201
Gladstone Investment Corp		2,509		17,463
Glimcher Realty Trust REIT		1,341		14,872
Global Indemnity PLC * (Ireland)		989		21,887
Golub Capital BDC Inc		1,520		24,290
Government Properties Income Trust REIT		4,127		98,924
Gramercy Capital Corp REIT *		4,408		12,960
Great Southern Bancorp Inc		980		24,941
Greenlight Capital Re Ltd ‘A’ * (Cayman)		1,954		45,098
GSV Capital Corp *		1,858		15,663
Guaranty Bancorp *		7,321		14,276
Gyrodyne Co of America Inc REIT		7		504
Hallmark Financial Services Inc *		1,279		12,010
Hancock Holding Co		7,339		232,940
Hanmi Financial Corp *		3,036		41,259
Harris & Harris Group Inc *		2,973		9,811
Healthcare Realty Trust Inc REIT		8,356		200,628
Heartland Financial USA Inc		1,400		36,610
Hercules Technology Growth Capital Inc		5,099		56,752
Heritage Commerce Corp *		1,993		13,911
Heritage Financial Corp		1,490		21,888
Heritage Financial Group Inc		744		10,260
Heritage Oaks Bancorp *		1,933		11,211

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-54

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Hersha Hospitality Trust REIT		16,491		$82,455
HFF Inc ‘A’		460		6,854
Highwoods Properties Inc REIT		1,172		39,203
Hilltop Holdings Inc *		3,828		51,831
Hingham Institution for Savings		112		7,011
Home Bancorp Inc *		656		11,972
Home BancShares Inc		2,127		70,234
Home Federal Bancorp Inc		1,401		17,414
Home Loan Servicing Solutions Ltd (Cayman)		2,797		52,863
Homeowners Choice Inc		666		13,846
HomeStreet Inc *		839		21,436
HomeTrust Bancshares Inc *		2,039		27,547
Horace Mann Educators Corp		3,828		76,407
Horizon Bancorp		630		12,380
Horizon Technology Finance Corp		751		11,182
Hudson Pacific Properties Inc REIT		3,407		71,751
Hudson Valley Holding Corp		1,495		23,277
IBERIABANK Corp		2,840		139,501
ICG Group Inc *		3,300		37,719
Independence Holding Co		797		7,587
Independent Bank Corp		2,142		62,011
Infinity Property & Casualty Corp		1,140		66,394
Inland Real Estate Corp REIT		4,042		33,872
International Bancshares Corp		5,142		92,813
INTL FCStone Inc *		1,327		23,103
Invesco Mortgage Capital Inc REIT		11,121		219,195
Investment Technology Group Inc *		3,741		33,669
Investors Bancorp Inc		3,524		62,657
Investors Real Estate Trust REIT		8,686		75,829
Investors Title Co		125		7,500
iStar Financial Inc REIT *		8,034		65,477
JAVELIN Mortgage Investment Corp		527		10,060
JMP Group Inc		1,560		9,469
Kansas City Life Insurance Co		397		15,150
KBW Inc		3,350		51,255
KCAP Financial Inc		2,147		19,731
Kearny Financial Corp		1,454		14,177
Kennedy-Wilson Holdings Inc		4,109		57,444
Kite Realty Group Trust REIT		6,222		34,781
Knight Capital Group Inc ‘A’ *		17,371		60,972
Lakeland Bancorp Inc		2,852		29,033
Lakeland Financial Corp		1,574		40,672
LaSalle Hotel Properties REIT		8,195		208,071
Lexington Realty Trust REIT		12,659		132,287
LTC Properties Inc REIT		2,274		80,022
Maiden Holdings Ltd (Bermuda)		4,837		44,452
Main Street Capital Corp		2,705		82,530
MainSource Financial Group Inc		1,948		24,681
Manning & Napier Inc		1,307		16,468
Marlin Business Services Corp		790		15,847
MB Financial Inc		5,253		103,747
MCG Capital Corp		7,074		32,540
Meadowbrook Insurance Group Inc		4,515		26,097
Medallion Financial Corp		1,722		20,216
Medical Properties Trust Inc REIT		13,042		155,982
Medley Capital Corp		2,765		40,258
Mercantile Bank Corp		827		13,646
Merchants Bancshares Inc		491		13,144
Meridian Interstate Bancorp Inc *		749		12,568
Metro Bancorp Inc *		1,359		17,966
MetroCorp Bancshares Inc *		1,520		16,705
MGIC Investment Corp *		18,178		48,353
MicroFinancial Inc		523		3,807
Middleburg Financial Corp		514		9,077
Midsouth Bancorp Inc		811		13,260
MidWestOne Financial Group Inc		653		13,393
Monmouth Real Estate Investment Corp ‘A’ REIT		2,143		22,201
Montpelier Re Holdings Ltd (Bermuda)		4,221		96,492

	Shares		Value
MVC Capital Inc		2,305		$28,006
NASB Financial Inc *		413		8,826
National Bank Holdings Corp ‘A’		703		13,350
National Bankshares Inc		685		22,187
National Financial Partners Corp *		3,918		67,155
National Interstate Corp		623		17,955
National Penn Bancshares Inc		11,915		111,048
National Western Life Insurance Co ‘A’		203		32,021
NBT Bancorp Inc		3,207		65,006
Nelnet Inc ‘A’		2,288		68,160
New Mountain Finance Corp		1,843		27,461
New York Mortgage Trust Inc REIT		4,778		30,197
NewStar Financial Inc *		2,516		35,249
NGP Capital Resources Co		2,149		15,516
Nicholas Financial Inc (Canada)		957		11,867
Northfield Bancorp Inc		1,415		21,579
Northrim BanCorp Inc		622		14,088
NorthStar Realty Finance Corp REIT		15,618		109,951
Northwest Bancshares Inc		9,423		114,395
OceanFirst Financial Corp		1,385		19,044
Ocwen Financial Corp *		9,671		334,520
OFS Capital Corp *		516		7,064
Old National Bancorp		9,783		116,124
OmniAmerican Bancorp Inc *		1,078		24,934
One Liberty Properties Inc REIT		1,105		22,420
OneBeacon Insurance Group Ltd ‘A’ (Bermuda)		2,225		30,928
Oppenheimer Holdings Inc ‘A’		989		17,080
Oriental Financial Group Inc		4,392		58,633
Oritani Financial Corp		2,858		43,785
Pacific Continental Corp		1,751		17,037
Pacific Mercantile Bancorp *		987		6,208
PacWest Bancorp		2,927		72,531
Park National Corp		1,094		70,705
Park Sterling Corp *		4,291		22,442
Parkway Properties Inc REIT		2,010		28,120
Peapack Gladstone Financial Corp		852		11,996
Pebblebrook Hotel Trust REIT		5,766		133,195
PennantPark Investment Corp		6,323		69,521
Penns Woods Bancorp Inc		342		12,794
Pennsylvania REIT		5,347		94,321
PennyMac Mortgage Investment Trust REIT		5,628		142,332
Peoples Bancorp Inc		1,028		21,002
Peoples Federal Bancshares Inc		585		10,173
PHH Corp *		5,413		123,146
PICO Holdings Inc *		2,196		44,513
Pinnacle Financial Partners Inc *		3,338		62,888
Piper Jaffray Cos *		1,466		47,103
Platinum Underwriters Holdings Ltd (Bermuda)		3,166		145,636
Potlatch Corp REIT		1,431		56,081
Preferred Bank *		1,129		16,032
Primerica Inc		4,228		126,882
PrivateBancorp Inc		5,829		89,300
Prospect Capital Corp		18,298		198,899
Prosperity Bancshares Inc		4,571		191,982
Provident Financial Holdings Inc		935		16,363
Provident Financial Services Inc		5,775		86,163
Provident New York Bancorp		3,810		35,471
PS Business Parks Inc REIT		295		19,169
Pzena Investment Management Inc ‘A’		368		1,987
Radian Group Inc		12,767		78,006
RAIT Financial Trust REIT		4,808		27,165
Ramco-Gershenson Properties Trust REIT		4,395		58,497
Redwood Trust Inc REIT		7,535		127,266
Renasant Corp		2,422		46,357
Republic Bancorp Inc ‘A’		958		20,243
Resource America Inc ‘A’		1,168		7,791
Resource Capital Corp REIT		9,601		53,766
Retail Opportunity Investments Corp REIT		4,978		64,017

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-55

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
RLI Corp		2,049		$132,488
RLJ Lodging Trust REIT		10,200		197,574
Rockville Financial Inc		2,756		35,552
Roma Financial Corp		699		10,569
Rouse Properties Inc REIT		2,069		35,007
Ryman Hospitality Properties REIT		897		34,499
S&T Bancorp Inc		2,789		50,397
S.Y. Bancorp Inc		1,171		26,254
Sabra Health Care REIT Inc		3,548		77,063
Safeguard Scientifics Inc *		2,004		29,559
Safety Insurance Group Inc		1,239		57,205
Sandy Spring Bancorp Inc		2,329		45,229
SCBT Financial Corp		1,600		64,288
SeaBright Holdings Inc		1,906		21,099
Seacoast Banking Corp of Florida *		7,055		11,359
Select Income REIT		1,081		26,776
Selective Insurance Group Inc		5,291		101,958
SI Financial Group Inc		1,015		11,673
Sierra Bancorp		1,170		13,373
Simmons First National Corp ‘A’		1,650		41,844
Simplicity Bancorp Inc		869		12,992
Solar Capital Ltd		3,733		89,256
Solar Senior Capital Ltd		914		17,055
Southside Bancshares Inc		1,671		35,191
Southwest Bancorp Inc *		1,872		20,966
Sovran Self Storage Inc REIT		245		15,215
Spirit Realty Capital Inc REIT		2,540		45,161
STAG Industrial Inc REIT		3,003		53,964
Starwood Property Trust Inc REIT		12,980		298,021
State Auto Financial Corp		1,214		18,137
State Bank Financial Corp		3,060		48,593
StellarOne Corp		2,224		31,447
Stellus Capital Investment Corp		624		10,221
Sterling Bancorp		2,979		27,139
Sterling Financial Corp		2,583		53,933
Stewart Information Services Corp		1,767		45,942
Stifel Financial Corp *		2,638		84,337
Strategic Hotels & Resorts Inc REIT *		2,664		17,050
Suffolk Bancorp *		935		12,249
Summit Hotel Properties Inc REIT		4,107		39,016
Sun Bancorp Inc *		3,827		13,548
Sunstone Hotel Investors Inc REIT *		13,073		140,012
Susquehanna Bancshares Inc		18,055		189,216
SWS Group Inc *		2,803		14,828
Symetra Financial Corp		7,402		96,078
Taylor Capital Group Inc *		1,569		28,320
TCP Capital Corp		567		8,358
Terreno Realty Corp REIT		1,189		18,358
Territorial Bancorp Inc		1,063		24,290
Texas Capital Bancshares Inc *		507		22,724
The Bancorp Inc *		2,789		30,595
The First Bancorp Inc		854		14,065
The First Marblehead Corp *		5,549		4,311
The First of Long Island Corp		744		21,070
The Navigators Group Inc *		556		28,395
The Phoenix Cos Inc *		559		13,824
THL Credit Inc		1,486		21,978
Thomas Properties Group Inc		3,097		16,755
TICC Capital Corp		4,030		40,784
Tompkins Financial Corp		1,069		42,375
Tower Group Inc		1,545		27,455
TowneBank		2,538		39,314
Tree.com Inc		241		4,345
Triangle Capital Corp		2,631		67,064
TriCo Bancshares		1,540		25,795
TrustCo Bank Corp NY		9,135		48,233
Trustmark Corp		6,254		140,465
Two Harbors Investment Corp REIT		28,278		313,320
UMB Financial Corp		3,117		136,649
UMH Properties Inc REIT		1,034		10,681

	Shares		Value
Umpqua Holdings Corp		10,761		$126,872
Union First Market Bankshares Corp		1,953		30,799
United Bankshares Inc		1,794		43,630
United Community Banks Inc *		3,542		33,366
United Financial Bancorp Inc		2,032		31,943
United Fire Group Inc		1,941		42,391
Universal Health Realty Income Trust REIT		434		21,965
Universal Insurance Holdings Inc		1,793		7,853
Univest Corp of Pennsylvania		1,647		28,164
Urstadt Biddle Properties Inc ‘A’ REIT		567		11,159
ViewPoint Financial Group		3,227		67,573
Virginia Commerce Bancorp Inc *		2,582		23,109
Virtus Investment Partners Inc *		276		33,379
Walker & Dunlop Inc *		1,095		18,243
Walter Investment Management Corp *		3,420		147,128
Washington Banking Co		1,484		20,212
Washington REIT		4,340		113,491
Washington Trust Bancorp Inc		1,388		36,518
Waterstone Financial Inc *		700		5,460
Webster Financial Corp		6,927		142,350
WesBanco Inc		2,458		54,617
West Bancorp Inc		1,505		16,224
West Coast Bancorp		1,858		41,155
Westamerica Bancorp		1,227		52,258
Western Alliance Bancorp *		7,030		74,026
Western Asset Mortgage Capital Corp REIT		1,802		35,626
Westfield Financial Inc		2,353		17,012
Whitestone REIT		1,332		18,715
Wilshire Bancorp Inc *		5,958		34,973
Winthrop Realty Trust REIT		2,811		31,062
Wintrust Financial Corp		3,493		128,193
WSFS Financial Corp		734		31,012
				21,869,225
Health Care - 4.2%
Affymetrix Inc *		6,801		21,559
Agenus Inc *		911		3,735
Almost Family Inc		793		16,066
Alphatec Holdings Inc *		5,243		8,651
AMAG Pharmaceuticals Inc *		430		6,325
Amedisys Inc *		2,862		32,255
AMN Healthcare Services Inc *		1,900		21,945
AmSurg Corp *		2,034		61,040
AngioDynamics Inc *		2,318		25,475
Arena Pharmaceuticals Inc *		2,401		21,657
ArthroCare Corp *		460		15,911
Assisted Living Concepts Inc ‘A’		1,863		18,164
Astex Pharmaceuticals Inc *		8,970		26,103
AVANIR Pharmaceuticals Inc ‘A’ *		1,072		2,819
AVEO Pharmaceuticals Inc *		311		2,504
BioScrip Inc *		3,079		33,161
Cambrex Corp *		1,376		15,659
Capital Senior Living Corp *		363		6,784
Cerus Corp *		646		2,041
Chindex International Inc *		1,110		11,655
Codexis Inc *		2,591		5,726
CONMED Corp		2,703		75,549
Cornerstone Therapeutics Inc *		784		3,708
Cross Country Healthcare Inc *		2,611		12,533
CryoLife Inc		2,650		16,509
Cumberland Pharmaceuticals Inc *		481		2,020
Curis Inc *		1,676		5,749
Cynosure Inc ‘A’ *		587		14,153
Cytori Therapeutics Inc *		1,247		3,517
Derma Sciences Inc *		1,030		11,443
Durata Therapeutics Inc *		171		1,306
Dynavax Technologies Corp *		2,067		5,912
Emergent BioSolutions Inc *		1,986		31,855
Enzon Pharmaceuticals Inc		3,605		15,970
Epocrates Inc *		91		803

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-56

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Exactech Inc *		635		$10,763
ExamWorks Group Inc *		2,280		31,897
Five Star Quality Care Inc *		2,945		14,754
Gentiva Health Services Inc *		2,887		29,014
Geron Corp *		12,710		17,921
Globus Medical Inc ‘A’ *		240		2,518
Greatbatch Inc *		2,247		52,220
Greenway Medical Technologies Inc *		164		2,519
GTx Inc *		389		1,634
Hanger Inc *		3,266		89,358
Harvard Bioscience Inc *		2,213		9,693
HealthSouth Corp *		1,437		30,335
Healthways Inc *		3,172		33,940
Hi-Tech Pharmacal Co Inc		634		22,177
Horizon Pharma Inc *		1,672		3,896
Hyperion Therapeutics Inc *		63		711
ICU Medical Inc *		113		6,885
Idenix Pharmaceuticals Inc *		1,060		5,141
ImmunoGen Inc *		1,776		22,644
Integra LifeSciences Holdings Corp *		791		30,825
Intercept Pharmaceuticals Inc *		81		2,773
InterMune Inc *		2,779		26,929
Invacare Corp		3,020		49,226
Kindred Healthcare Inc *		5,048		54,619
KYTHERA Biopharmaceuticals Inc *		85		2,579
Lannett Co Inc *		1,481		7,346
Lexicon Pharmaceuticals Inc *		11,604		25,761
LHC Group Inc *		1,346		28,670
Magellan Health Services Inc *		2,483		121,667
Maxygen Inc		2,654		6,529
MedAssets Inc *		3,710		62,217
Merge Healthcare Inc *		1,299		3,209
Merit Medical Systems Inc *		3,784		52,598
Molina Healthcare Inc *		2,635		71,303
Momenta Pharmaceuticals Inc *		2,772		32,654
National Healthcare Corp		1,018		47,866
Natus Medical Inc *		1,098		12,276
Nektar Therapeutics *		3,201		23,719
NPS Pharmaceuticals Inc *		2,781		25,307
NuVasive Inc *		3,103		47,972
Omnicell Inc *		2,825		42,008
Orthofix International NV * (Netherlands)		360		14,159
Owens & Minor Inc		887		25,288
Pacific Biosciences of California Inc *		3,525		5,993
Palomar Medical Technologies Inc *		1,879		17,306
PDI Inc *		847		6,437
PDL BioPharma Inc		1,829		12,894
PharMerica Corp *		2,811		40,029
PhotoMedex Inc *		192		2,786
Regulus Therapeutics Inc *		164		1,033
Repligen Corp *		297		1,868
Rigel Pharmaceuticals Inc *		1,507		9,796
Rochester Medical Corp *		103		1,038
Rockwell Medical Technologies Inc *		97		781
RTI Biologics Inc *		5,042		21,529
Select Medical Holdings Corp		3,373		31,807
Sequenom Inc *		2,619		12,362
Skilled Healthcare Group Inc ‘A’ *		129		822
Solta Medical Inc *		6,588		17,590
STERIS Corp		1,467		50,949
Sunrise Senior Living Inc *		1,097		15,775
Supernus Pharmaceuticals Inc *		398		2,854
SurModics Inc *		954		21,331
Symmetry Medical Inc *		2,433		25,595
Targacept Inc *		2,630		11,519
TESARO Inc *		79		1,339
The Ensign Group Inc		632		17,184
The Providence Service Corp *		944		16,039
Tornier NV * (Netherlands)		448		7,522
Transcept Pharmaceuticals Inc *		1,033		4,597

	Shares		Value
Triple-S Management Corp ‘B’ *		1,842		$34,022
Universal American Corp		3,621		31,104
Vanguard Health Systems Inc *		398		4,876
Vical Inc *		650		1,892
ViroPharma Inc *		6,301		143,411
Vocera Communications Inc *		397		9,965
WellCare Health Plans Inc *		2,136		104,002
West Pharmaceutical Services Inc		1,173		64,222
Wright Medical Group Inc *		3,757		78,859
XenoPort Inc *		598		4,646
XOMA Corp *		878		2,103
Young Innovations Inc		294		11,587
Zeltiq Aesthetics Inc *		933		4,320
				2,619,566
Industrials - 12.5%
A.O. Smith Corp		2,703		170,478
AAR Corp		3,849		71,899
ABM Industries Inc		5,132		102,383
ACCO Brands Corp *		5,895		43,269
Accuride Corp *		4,549		14,602
Aceto Corp		1,980		19,879
Actuant Corp ‘A’		5,621		156,882
Aegion Corp *		3,225		71,563
Aerovironment Inc *		667		14,501
Air Transport Services Group Inc *		5,115		20,511
Aircastle Ltd (Bermuda)		5,604		70,274
Alamo Group Inc		667		21,771
Alaska Air Group Inc *		366		15,771
Albany International Corp ‘A’		2,622		59,467
Altra Holdings Inc		1,175		25,909
AMERCO		830		105,252
Ameresco Inc ‘A’ *		458		4,493
American Railcar Industries Inc		911		28,906
American Science & Engineering Inc		654		42,647
American Superconductor Corp *		3,366		8,819
American Woodmark Corp *		780		21,700
Ampco-Pittsburgh Corp		819		16,364
API Technologies Corp *		3,125		9,188
Apogee Enterprises Inc		2,729		65,414
Applied Industrial Technologies Inc		321		13,485
ARC Document Solutions Inc *		2,948		7,547
Argan Inc		740		13,320
Arkansas Best Corp		2,452		23,417
Astec Industries Inc		1,912		63,727
AT Cross Co ‘A’ *		45		485
Atlas Air Worldwide Holdings Inc *		2,524		111,838
Barnes Group Inc		5,187		116,500
Belden Inc		482		21,685
BlueLinx Holdings Inc *		1,899		5,336
Brady Corp ‘A’		4,683		156,412
Briggs & Stratton Corp		4,653		98,085
CAI International Inc *		822		18,043
Cascade Corp		839		53,948
Casella Waste Systems Inc ‘A’ *		3,264		14,296
CBIZ Inc *		3,570		21,099
CDI Corp		1,099		18,826
Ceco Environmental Corp		96		955
Cenveo Inc *		5,188		14,008
CIRCOR International Inc		1,535		60,771
Columbus McKinnon Corp *		1,834		30,298
Comfort Systems USA Inc		2,544		30,935
Compx International Inc		68		963
Consolidated Graphics Inc *		715		24,968
Courier Corp		936		10,296
CRA International Inc *		999		19,750
Cubic Corp		712		34,155
Curtiss-Wright Corp		4,480		147,078
Deluxe Corp		1,618		52,164
DigitalGlobe Inc *		1,070		26,151

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-57

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Douglas Dynamics Inc		2,133		$30,694
Dycom Industries Inc *		400		7,920
Dynamic Materials Corp		822		11,426
Edgen Group Inc *		1,006		7,102
EMCOR Group Inc		6,383		220,916
Encore Wire Corp		1,573		47,678
Energy Recovery Inc *		4,223		14,358
EnergySolutions Inc *		5,568		17,372
EnerNOC Inc *		1,463		17,190
EnerSys *		2,919		109,842
Ennis Inc		2,485		38,443
Enphase Energy Inc *		161		588
EnPro Industries Inc *		922		37,710
ESCO Technologies Inc		1,739		65,056
Esterline Technologies Corp *		2,930		186,377
Federal Signal Corp *		5,339		40,630
Flow International Corp *		3,622		12,677
Franklin Covey Co *		385		4,967
Franklin Electric Co Inc		114		7,087
FreightCar America Inc		1,131		25,357
FTI Consulting Inc *		4,011		132,363
FuelCell Energy Inc *		10,767		9,873
Furmanite Corp *		3,583		19,241
G&K Services Inc ‘A’		1,818		62,085
Genco Shipping & Trading Ltd *		2,991		10,439
GenCorp Inc *		1,190		10,889
Generac Holdings Inc		1,295		44,431
GeoEye Inc *		1,457		44,774
Gibraltar Industries Inc *		2,912		46,359
Global Power Equipment Group Inc		1,656		28,400
GP Strategies Corp *		139		2,870
Granite Construction Inc		3,695		124,226
Great Lakes Dredge & Dock Co		5,069		45,266
Griffon Corp		4,341		49,748
H&E Equipment Services Inc		1,223		18,431
Hardinge Inc		1,121		11,143
Hawaiian Holdings Inc *		2,234		14,677
Heartland Express Inc		1,047		13,684
Heidrick & Struggles International Inc		1,732		26,430
Hill International Inc *		2,091		7,653
HNI Corp		233		7,004
Houston Wire & Cable Co		1,100		13,497
Hudson Global Inc *		3,195		14,314
Hurco Cos Inc *		619		14,237
Hyster-Yale Materials Handling Inc		1,044		50,947
ICF International Inc *		1,898		44,489
II-VI Inc *		748		13,666
Insteel Industries Inc		1,604		20,018
International Shipholding Corp		525		8,652
Intersections Inc		317		3,005
JetBlue Airways Corp *		22,402		127,915
Kadant Inc *		1,106		29,320
Kaydon Corp		3,067		73,393
Kelly Services Inc ‘A’		2,540		39,980
Kforce Inc		247		3,540
Kimball International Inc ‘B’		3,143		36,490
Knoll Inc		1,403		21,550
Korn/Ferry International *		4,568		72,448
Kratos Defense & Security Solutions Inc *		3,860		19,416
Layne Christensen Co *		1,888		45,822
LB Foster Co ‘A’		867		37,662
LMI Aerospace Inc *		763		14,756
LSI Industries Inc		1,875		13,144
Lydall Inc *		1,645		23,589
Marten Transport Ltd		1,500		27,585
McGrath RentCorp		1,158		33,605
Meritor Inc *		7,001		33,115
Met-Pro Corp		1,304		12,636
Metalico Inc *		3,967		7,775
Michael Baker Corp		832		20,742

	Shares		Value
Miller Industries Inc		1,030		$15,708
Mobile Mini Inc *		3,656		76,155
Moog Inc ‘A’ *		3,831		157,186
Mueller Industries Inc		1,586		79,348
Mueller Water Products Inc ‘A’		5,239		29,391
Multi-Color Corp		1,199		28,764
MYR Group Inc *		884		19,669
National Presto Industries Inc		416		28,746
Navigant Consulting Inc *		4,952		55,264
NCI Building Systems Inc *		1,709		23,755
NL Industries Inc		622		7,122
NN Inc *		1,636		14,986
Northwest Pipe Co *		879		20,973
Orbital Sciences Corp *		5,636		77,608
Orion Marine Group Inc *		2,610		19,079
Pacer International Inc *		2,978		11,614
Park-Ohio Holdings Corp *		46		980
Patriot Transportation Holding Inc *		612		17,399
Pendrell Corp *		15,308		19,441
Performant Financial Corp *		366		3,697
PGT Inc *		928		4,176
Pike Electric Corp		1,654		15,796
PMFG Inc *		1,997		18,153
Powell Industries Inc *		491		20,391
Preformed Line Products Co		202		12,003
Primoris Services Corp		2,104		31,644
Quad/Graphics Inc		2,396		48,854
Quality Distribution Inc *		1,281		7,686
Quanex Building Products Corp		3,516		71,762
Rand Logistics Inc *		1,535		9,978
Republic Airways Holdings Inc *		2,098		11,917
Resources Connection Inc		4,058		48,453
Rexnord Corp *		2,148		45,752
Roadrunner Transportation Systems Inc *		624		11,319
Robbins & Myers Inc		2,172		129,125
RPX Corp *		157		1,419
Rush Enterprises Inc ‘A’ *		3,160		65,317
Saia Inc *		1,257		29,062
Schawk Inc		1,138		14,976
Seaboard Corp		29		73,367
SeaCube Container Leasing Ltd (Bermuda)		887		16,720
SIFCO Industries Inc		137		2,158
Simpson Manufacturing Co Inc		3,438		112,732
SkyWest Inc		4,596		57,266
Standex International Corp		939		48,161
Steelcase Inc ‘A’		6,278		79,982
Sterling Construction Co Inc *		1,408		13,996
Swisher Hygiene Inc *		10,835		18,961
Sykes Enterprises Inc *		3,720		56,618
Sypris Solutions Inc		366		1,449
TAL International Group Inc		1,388		50,495
Teledyne Technologies Inc *		2,292		149,140
Tetra Tech Inc *		1,131		29,915
The Dolan Co *		2,935		11,417
The Eastern Co		595		9,413
The Geo Group Inc		5,869		165,506
The Greenbrier Cos Inc *		2,179		35,234
The KEYW Holding Corp *		1,377		17,474
TMS International Corp ‘A’ *		574		7,186
TRC Cos Inc *		241		1,403
TriMas Corp *		238		6,654
TrueBlue Inc *		1,049		16,522
Tutor Perini Corp *		3,406		46,662
Twin Disc Inc		819		14,275
UniFirst Corp		1,384		101,475
United Stationers Inc		3,659		113,392
Universal Forest Products Inc		1,882		71,591
Universal Truckload Services Inc		524		9,563
US Ecology Inc		657		15,466
Viad Corp		1,932		52,473

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-58

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Vicor Corp *		1,556		$8,434
VSE Corp		373		9,142
WageWorks Inc *		266		4,735
Watts Water Technologies Inc ‘A’		2,683		115,342
Werner Enterprises Inc		590		12,785
Wesco Aircraft Holdings Inc *		1,234		16,301
Willis Lease Finance Corp *		480		6,869
Zipcar Inc *		448		3,692
				7,791,801
Information Technology - 11.5%
Accelrys Inc *		5,300		47,965
Actuate Corp *		296		1,658
Acxiom Corp *		7,359		128,488
Advanced Energy Industries Inc *		3,788		52,312
Aeroflex Holding Corp *		1,899		13,293
Agilysys Inc *		1,404		11,751
Alpha & Omega Semiconductor Ltd * (Bermuda)		1,652		13,877
Ambarella Inc * (Cayman)		365		4,070
Amkor Technology Inc *		6,999		29,746
ANADIGICS Inc *		6,769		17,058
Anaren Inc *		1,163		22,620
Anixter International Inc		1,054		67,435
Applied Micro Circuits Corp *		6,229		52,324
ARRIS Group Inc *		9,391		140,302
Aspen Technology Inc *		504		13,931
ATMI Inc *		2,854		59,592
Audience Inc *		496		5,153
AVG Technologies NV * (Netherlands)		59		934
Aviat Networks Inc *		5,895		19,395
Avid Technology Inc *		2,874		21,785
Aware Inc		164		899
Axcelis Technologies Inc *		10,338		14,370
AXT Inc *		3,099		8,708
Bankrate Inc *		529		6,586
Bazaarvoice Inc *		48		449
Bel Fuse Inc ‘B’		1,020		19,941
Benchmark Electronics Inc *		5,501		91,427
Black Box Corp		1,565		38,092
Blucora Inc *		3,234		50,806
Bottomline Technologies Inc *		2,382		62,861
Brightcove Inc *		33		298
Brooks Automation Inc		6,334		50,989
CACI International Inc ‘A’ *		1,989		109,455
Calix Inc *		2,478		19,056
Ceva Inc *		548		8,631
Checkpoint Systems Inc *		3,842		41,263
CIBER Inc *		7,015		23,430
Ciena Corp *		2,310		36,267
Coherent Inc		1,603		81,144
Cohu Inc		2,346		25,431
Computer Task Group Inc *		336		6,125
Comtech Telecommunications Corp		1,709		43,374
Convergys Corp		10,447		171,435
CSG Systems International Inc *		1,388		25,234
CTS Corp		3,283		34,898
Cymer Inc *		2,050		185,381
Daktronics Inc		2,634		29,158
DealerTrack Technologies Inc *		436		12,522
Demand Media Inc *		703		6,531
Demandware Inc *		31		847
Digi International Inc *		2,481		23,495
Digital River Inc *		3,523		50,696
Diodes Inc *		3,395		58,903
DSP Group Inc *		2,100		12,096
E2open Inc *		117		1,657
Earthlink Inc		10,147		65,550
Ebix Inc		678		10,895
Echelon Corp *		1,644		4,028

	Shares		Value
Electro Rent Corp		1,630		$25,069
Electro Scientific Industries Inc		2,206		21,950
Electronics for Imaging Inc *		4,089		77,650
Eloqua Inc *		244		5,756
Emulex Corp *		8,301		60,597
Entegris Inc *		13,135		120,579
Entropic Communications Inc *		8,487		44,896
Envivio Inc *		526		894
EPIQ Systems Inc		2,800		35,784
ePlus Inc		381		15,751
Euronet Worldwide Inc *		4,847		114,389
Exa Corp *		142		1,382
Exar Corp *		3,056		27,198
Fabrinet * (Cayman)		2,125		27,922
FEI Co		223		12,368
Finisar Corp *		8,731		142,315
First Solar Inc *		5,753		177,653
FleetMatics Group PLC * (Ireland)		224		5,636
FormFactor Inc *		4,669		21,291
Gerber Scientific Inc Escrow Shares * +		1,382		-
Globecomm Systems Inc *		520		5,876
Glu Mobile Inc *		359		822
GSI Group Inc * (Canada)		2,656		23,001
GSI Technology Inc *		1,978		12,402
GT Advanced Technologies Inc *		1,788		5,400
Harmonic Inc *		11,234		56,956
Imation Corp *		2,968		13,861
Immersion Corp *		224		1,539
Infinera Corp *		1,047		6,083
Infoblox Inc *		37		665
Inphi Corp *		1,338		12,818
Insight Enterprises Inc *		4,233		73,527
Integrated Device Technology Inc *		13,602		99,295
Integrated Silicon Solution Inc *		2,631		23,679
Intermec Inc *		4,995		49,251
Internap Network Services Corp *		2,520		17,489
International Rectifier Corp *		6,608		117,160
Intersil Corp ‘A’		12,189		101,047
Intevac Inc *		2,232		10,200
IntraLinks Holdings Inc *		3,511		21,663
iPass Inc *		396		725
IXYS Corp		2,362		21,589
j2 Global Inc		766		23,424
Kemet Corp *		4,320		21,730
Key Tronic Corp *		843		8,632
Keynote Systems Inc		1,511		21,290
Kopin Corp *		6,434		21,425
KVH Industries Inc *		192		2,684
Lattice Semiconductor Corp *		11,251		44,891
Limelight Networks Inc *		5,778		12,827
Littelfuse Inc		199		12,280
Loral Space & Communications Inc		58		3,170
LTX-Credence Corp *		4,723		30,983
M/A-COM Technology Solutions Holdings Inc *		467		6,991
ManTech International Corp ‘A’		2,208		57,276
Marchex Inc ‘B’		2,172		8,927
Market Leader Inc *		320		2,096
Mattersight Corp *		64		318
Mattson Technology Inc *		5,604		4,707
MaxLinear Inc ‘A’ *		1,758		8,825
Measurement Specialties Inc *		165		5,669
MeetMe Inc *		1,596		5,570
MEMC Electronic Materials Inc *		17,154		55,064
Mentor Graphics Corp *		4,104		69,850
Mercury Systems Inc *		2,982		27,434
Methode Electronics Inc		3,569		35,797
Millennial Media Inc *		64		802
Mindspeed Technologies Inc *		3,472		16,249
MIPS Technologies Inc *		1,075		8,407

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-59

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
MKS Instruments Inc		5,023		$129,493
ModusLink Global Solutions Inc *		3,786		10,979
MoneyGram International Inc *		1,479		19,656
Monster Worldwide Inc *		11,602		65,203
MoSys Inc *		3,227		11,230
Multi-Fineline Electronix Inc *		668		13,500
Nanometrics Inc *		2,230		32,157
NeoPhotonics Corp *		1,787		10,257
NETGEAR Inc *		2,006		79,077
Newport Corp *		3,642		48,985
Oclaro Inc *		7,022		11,025
OCZ Technology Group Inc *		6,464		12,346
OmniVision Technologies Inc *		5,012		70,569
Oplink Communications Inc *		1,837		28,620
Park Electrochemical Corp		1,986		51,100
PC Connection Inc		855		9,833
PCTEL Inc		1,773		12,766
Peregrine Semiconductor Corp *		408		6,246
Perficient Inc *		712		8,387
Pericom Semiconductor Corp *		2,273		18,252
Pervasive Software Inc *		1,178		10,496
Photronics Inc *		5,820		34,687
Plantronics Inc		2,708		99,844
Plexus Corp *		1,879		48,478
PLX Technology Inc *		343		1,245
Power-One Inc *		6,464		26,567
Progress Software Corp *		6,027		126,507
Proofpoint Inc *		34		419
QAD Inc ‘A’		49		706
QLogic Corp *		7,046		68,558
Qualys Inc *		216		3,195
Quantum Corp *		21,220		26,313
QuickLogic Corp *		517		1,122
QuinStreet Inc *		3,146		21,141
Radisys Corp *		2,094		6,240
Rambus Inc *		9,789		47,770
RealD Inc *		576		6,457
RealNetworks Inc *		2,102		15,891
RF Micro Devices Inc *		23,335		104,541
Richardson Electronics Ltd		1,236		13,992
Rofin-Sinar Technologies Inc *		2,729		59,165
Rogers Corp *		894		44,396
Rosetta Stone Inc *		538		6,639
Rubicon Technology Inc *		1,633		9,978
Ruckus Wireless Inc *		439		9,891
Rudolph Technologies Inc *		3,059		41,144
Sanmina Corp *		7,787		86,202
Sapiens International Corp NV * (Netherlands)		1,314		5,256
ScanSource Inc *		2,632		83,619
SeaChange International Inc *		2,754		26,631
ShoreTel Inc *		589		2,497
Sigma Designs Inc *		3,072		15,821
Silicon Graphics International Corp *		2,914		29,810
Silicon Image Inc *		1,273		6,314
Sonus Networks Inc *		18,702		31,793
Spansion Inc ‘A’ *		4,595		63,916
SS&C Technologies Holdings Inc *		2,373		54,864
STEC Inc *		3,410		16,811
STR Holdings Inc *		2,796		7,046
SunPower Corp *		2,057		11,560
Super Micro Computer Inc *		307		3,131
Supertex Inc		992		17,410
support.com Inc *		1,351		5,647
Sycamore Networks Inc		1,874		4,198
Symmetricom Inc *		4,008		23,126
Synacor Inc *		39		213
SYNNEX Corp *		2,505		86,122
TechTarget Inc *		1,495		8,297
TeleNav Inc *		1,594		12,720

	Shares		Value
TeleTech Holdings Inc *		2,185		$38,893
Tellabs Inc		35,032		79,873
Telular Corp		630		5,966
Tessco Technologies Inc		255		5,646
Tessera Technologies Inc		4,964		81,509
TiVo Inc *		5,964		73,476
TriQuint Semiconductor Inc *		16,141		78,122
Trulia Inc *		180		2,923
TTM Technologies Inc *		5,066		46,607
Ultra Clean Holdings Inc *		2,601		12,771
Unisys Corp *		2,070		35,811
United Online Inc		8,740		48,857
Unwired Planet Inc *		542		650
ValueClick Inc *		2,865		55,610
VASCO Data Security International Inc *		1,489		12,150
Veeco Instruments Inc *		2,764		81,593
Viasystems Group Inc *		356		4,343
Vishay Precision Group Inc *		1,141		15,084
WebMD Health Corp *		4,840		69,406
Westell Technologies Inc ‘A’ *		4,325		8,001
Zygo Corp *		1,276		20,033
				7,153,454
Materials - 5.5%
A. Schulman Inc		2,817		81,496
A.M. Castle & Co *		1,608		23,750
AK Steel Holding Corp		10,847		49,896
AMCOL International Corp		140		4,295
Berry Plastics Group Inc *		1,649		26,516
Boise Inc		9,609		76,392
Buckeye Technologies Inc		1,581		45,390
Calgon Carbon Corp *		864		12,251
Century Aluminum Co *		4,907		42,985
Chase Corp		613		11,402
Chemtura Corp *		2,880		61,229
Clearwater Paper Corp *		444		17,387
Coeur d’Alene Mines Corp *		5,062		124,525
Ferro Corp *		8,339		34,857
FutureFuel Corp		1,858		21,999
General Moly Inc *		5,467		21,923
Georgia Gulf Corp		1,204		49,701
Globe Specialty Metals Inc		5,462		75,102
Gold Reserve Inc * (Canada)		4,400		14,564
Golden Minerals Co *		3,178		14,587
Golden Star Resources Ltd (XASE) * (Canada)		24,693		45,435
Graphic Packaging Holding Co *		16,013		103,444
Handy & Harman Ltd *		65		980
Haynes International Inc		208		10,789
Hecla Mining Co		27,287		159,083
Horsehead Holding Corp *		4,174		42,617
Innospec Inc		1,932		66,635
Kaiser Aluminum Corp		1,842		113,633
KapStone Paper and Packaging Corp		3,862		85,698
Kraton Performance Polymers Inc *		3,079		73,988
Landec Corp *		1,849		17,547
Louisiana-Pacific Corp *		13,147		254,000
LSB Industries Inc *		766		27,132
Materion Corp		1,772		45,682
McEwen Mining Inc *		20,727		79,384
Metals USA Holdings Corp		843		14,744
Minerals Technologies Inc		3,383		135,049
Neenah Paper Inc		604		17,196
Olin Corp		2,426		52,377
Olympic Steel Inc		853		18,885
OM Group Inc *		3,086		68,509
PH Glatfelter Co		3,394		59,327
PolyOne Corp		1,849		37,757
Quaker Chemical Corp		899		48,420
Resolute Forest Products *		7,714		102,133

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-60

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Revett Minerals Inc * (Canada)		2,440		$6,881
RTI International Metals Inc *		2,891		79,676
Schnitzer Steel Industries Inc ‘A’		2,409		73,065
Schweitzer-Mauduit International Inc		771		30,092
Sensient Technologies Corp		4,783		170,083
Spartech Corp *		2,968		26,920
Stepan Co		88		4,888
Stillwater Mining Co *		11,074		141,526
SunCoke Energy Inc *		1,984		30,931
Texas Industries Inc *		2,158		110,080
Tredegar Corp		2,330		47,579
UFP Technologies Inc *		527		9,444
United States Lime & Minerals Inc *		11		518
Universal Stainless & Alloy Products Inc *		660		24,268
Vista Gold Corp * (Canada)		5,596		15,109
Wausau Paper Corp		233		2,018
Worthington Industries Inc		5,002		130,002
Zep Inc		1,250		18,050
Zoltek Cos Inc *		2,649		20,530
				3,432,351
Telecommunication Services - 0.5%
Cbeyond Inc *		2,527		22,844
Cincinnati Bell Inc *		12,180		66,746
Consolidated Communications Holdings Inc		1,490		23,721
Fairpoint Communications Inc *		356		2,827
Hawaiian Telcom Holdco Inc *		1,030		20,085
IDT Corp ‘B’		208		1,984
inContact Inc *		442		2,290
Iridium Communications Inc *		4,118		27,755
Leap Wireless International Inc *		3,861		25,676
magicJack VocalTec Ltd * (Israel)		426		7,757
Neutral Tandem Inc		2,785		7,157
ORBCOMM Inc *		1,660		6,507
Premiere Global Services Inc *		3,710		36,284
Shenandoah Telecommunications Co		2,299		35,198
USA Mobility Inc		1,910		22,309
Vonage Holdings Corp *		7,549		17,891
				327,031
Utilities - 5.9%
ALLETE Inc		3,649		149,536
American DG Energy Inc *		228		527
American States Water Co		1,629		78,159
Artesian Resources Corp ‘A’		718		16,105
Atlantic Power Corp (Canada)		9,938		113,591
Avista Corp		5,611		135,281
Black Hills Corp		4,212		153,064
Cadiz Inc *		82		649
California Water Service Group		2,020		37,067
CH Energy Group Inc		1,422		92,743
Chesapeake Utilities Corp		924		41,950
Cleco Corp		5,833		233,378
Connecticut Water Service Inc		352		10,483
Consolidated Water Co Ltd (Cayman)		1,399		10,353
Delta Natural Gas Co Inc		653		12,766
El Paso Electric Co		3,826		122,088
Genie Energy Ltd ‘B’		1,425		10,118
IDACORP Inc		4,792		207,733
MGE Energy Inc		2,218		113,007
Middlesex Water Co		1,514		29,614
New Jersey Resources Corp		3,991		158,123
Northwest Natural Gas Co		2,575		113,815
NorthWestern Corp		3,486		121,069
NRG Energy Inc l		-		11
Ormat Technologies Inc		1,205		23,232
Otter Tail Corp		3,248		81,200
Piedmont Natural Gas Co Inc		6,316		197,754
PNM Resources Inc		7,616		156,204
Portland General Electric Co		7,222		197,594

	Shares		Value
SJW Corp		935		$24,871
South Jersey Industries Inc		2,285		115,004
Southwest Gas Corp		4,426		187,707
The Empire District Electric Co		4,025		82,030
The Laclede Group Inc		2,171		83,822
UIL Holdings Corp		4,844		173,464
Unitil Corp		1,294		33,540
UNS Energy Corp		3,851		163,359
WGL Holdings Inc		4,950		193,991
York Water Co		297		5,218
				3,680,220
Total Common Stocks (Cost $54,576,909)				59,224,642
EXCHANGE-TRADED FUND - 1.8%
iShares Russell 2000 Value Index Fund		14,451		1,091,195
Total Exchange-Traded Fund (Cost $1,079,631)				1,091,195
CLOSED-END MUTUAL FUND - 0.0%
Firsthand Technology Value Fund Inc *		823		14,353
Total Closed-End Mutual Fund (Cost $15,515)				14,353
	Principal Amount
SHORT-TERM INVESTMENT - 2.6%
Repurchase Agreement - 2.6%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $1,643,174; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $1,680,000)		$1,643,174		1,643,174
Total Short-Term Investment (Cost $1,643,174)				1,643,174
TOTAL INVESTMENTS - 99.5% (Cost $57,315,229)				61,973,364
OTHER ASSETS & LIABILITIES, NET - 0.5%				323,205
NET ASSETS - 100.0%				$62,296,569

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-61

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	35.1%
Industrials	12.5%
Information Technology	11.5%
Consumer Discretionary	11.4%
Energy	6.1%
Utilities	5.9%
Materials	5.5%
Health Care	4.2%
Short-Term Investment	2.6%
Consumer Staples	2.4%
Exchange-Traded Fund	1.8%
Telecommunication Services	0.5%
	99.5%
Other Assets & Liabilities, Net	0.5%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, $96,880 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini (03/13)		20		$1,660,256		$32,944

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$59,224,642		$59,224,642		$-		$-
	Exchange-Traded Fund		1,091,195		1,091,195		-		-
	Closed-End Mutual Fund		14,353		14,353		-		-
	Short-Term Investment		1,643,174		-		1,643,174		-
	Derivatives:
	Equity Contracts
	Futures		32,944		32,944		-		-
	Total		$62,006,308		$60,363,134		$1,643,174		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

B-62

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

PACIFIC SELECT FUND

PD EMERGING MARKETS PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
PREFERRED STOCKS - 6.7%
Brazil - 6.6%
AES Tiete SA		2,800		$32,367
Banco Bradesco SA		1,300		22,641
Banco Bradesco SA ADR		27,246		473,263
Banco do Estado do Rio Grande do Sul SA ‘B’		5,200		39,988
Braskem SA ADR		2,100		28,035
Centrais Eletricas Brasileiras SA ‘B’		3,500		17,854
Centrais Eletricas Brasileiras SA ADR		800		4,008
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		1,400		62,146
Cia de Bebidas das Americas		700		29,478
Cia de Bebidas das Americas ADR		9,650		405,204
Cia Energetica de Minas Gerais		3,987		43,302
Cia Energetica de Sao Paulo ‘B’		3,500		33,524
Gerdau SA		11,561		103,177
Gerdau SA ADR		6,842		61,510
Gol Linhas Aereas Inteligentes SA ADR *		952		6,245
Itau Unibanco Holding SA		2,700		44,598
Itau Unibanco Holding SA ADR		30,500		502,030
Klabin SA		10,800		68,199
Lojas Americanas SA		6,123		55,188
Petroleo Brasileiro SA		882		8,532
Petroleo Brasileiro SA ADR		32,154		620,572
Telefonica Brasil SA		1,800		43,407
Ultrapar Participacoes SA ADR		3,300		73,524
Usinas Siderurgicas de Minas Gerais SA ‘A’		7,505		48,926
Vale SA		500		10,173
Vale SA ADR		28,066		569,740
				3,407,631
Colombia - 0.1%
Bancolombia SA ADR		800		53,264
Total Preferred Stocks (Cost $3,490,328)				3,460,895
COMMON STOCKS - 93.0%
Bermuda - 0.9%
Brilliance China Automotive Holdings Ltd *		60,000		75,324
China Resources Gas Group Ltd		26,000		53,776
COSCO Pacific Ltd		24,182		35,089
Credicorp Ltd		788		115,489
Kunlun Energy Co Ltd		54,000		113,223
VimpelCom Ltd ADR		6,000		62,940
				455,841
Brazil - 6.7%
AES Tiete SA		1,400		14,304
All America Latina Logistica SA		3,300		13,524
Amil Participacoes SA		3,700		55,770
Banco Bradesco SA		8,943		144,068
Banco do Brasil SA		8,337		106,356
Banco Santander Brasil SA ADR		13,939		101,336
BM&FBOVESPA SA		33,327		232,634
BR Malls Participacoes SA		4,100		54,317
BRF - Brasil Foods SA		3,100		65,232
BRF - Brasil Foods SA ADR		7,300		154,103
CCR SA		9,200		87,243
Centrais Eletricas Brasileiras SA ADR		2,651		8,271
CETIP SA - Mercados Organizados		2,800		34,949
Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,300		108,641
Cia Hering		2,200		45,481
Cia Paranaense de Energia ADR		2,200		33,770

	Shares		Value
Cia Siderurgica Nacional SA ADR		8,700		$51,330
Cielo SA		4,100		114,800
Cosan SA Industria e Comercio		3,876		79,682
CPFL Energia SA ADR		1,160		24,314
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,100		36,145
Duratex SA		3,000		21,918
EcoRodovias Infraestrutura e Logistica SA		6,000		50,770
Embraer SA ADR		2,500		71,275
Fibria Celulose SA ADR *		2,900		32,973
Hypermarcas SA *		6,300		52,188
Itau Unibanco Holding SA		2,600		40,338
JBS SA *		10,139		30,110
Localiza Rent a Car SA		2,700		49,626
Lojas Americanas SA		2,083		18,157
Lojas Renner SA		1,600		62,602
MRV Engenharia e Participacoes SA		6,400		38,433
Multiplan Empreendimentos Imobiliarios SA		700		20,660
Natura Cosmeticos SA		1,821		52,251
Odontoprev SA		7,400		39,097
OGX Petroleo e Gas Participacoes SA *		10,000		21,925
Oi SA		1,200		5,239
Oi SA ADR		15,540		62,315
Oi SA ADR ‘C’		1,164		5,005
Petroleo Brasileiro SA		4,478		43,842
Petroleo Brasileiro SA ADR		22,016		428,651
Porto Seguro SA		2,300		26,453
Raia Drogasil SA		3,300		37,303
Souza Cruz SA		4,300		65,117
Telefonica Brasil SA ADR		1,590		38,255
Tim Participacoes SA		7,200		28,702
Totvs SA		1,828		35,999
Tractebel Energia SA		2,200		35,844
Transmissora Alianca de Energia Eletrica SA		1,200		12,783
Vale SA ADR		20,878		437,603
WEG SA		3,200		42,476
				3,474,180
Cayman - 2.6%
Agile Property Holdings Ltd		10,000		14,316
Belle International Holdings Ltd		63,000		139,130
China Mengniu Dairy Co Ltd		29,000		82,511
China Resources Cement Holdings Ltd		52,000		35,029
China Resources Land Ltd		30,000		82,685
Country Garden Holdings Co Ltd *		65,044		34,808
ENN Energy Holdings Ltd		10,000		43,722
Eurasia Drilling Co Ltd GDR ~		1,015		36,432
Eurasia Drilling Co Ltd GDR (LI) ~		388		13,927
Evergrande Real Estate Group Ltd		38,000		21,558
GCL-Poly Energy Holdings Ltd		89,000		18,363
Geely Automobile Holdings Ltd		145,000		69,163
Hengan International Group Co Ltd		6,000		54,114
Longfor Properties Co Ltd		31,500		62,463
Parkson Retail Group Ltd		47,500		38,790
Shimao Property Holdings Ltd		24,926		48,126
SOHO China Ltd		8,500		6,866
Tencent Holdings Ltd		11,100		360,378
Tingyi Holding Corp		18,000		50,123
Want Want China Holdings Ltd		89,000		123,993
				1,336,497
Chile - 2.1%
Aguas Andinas SA ‘A’		15,289		10,909
Banco de Chile ADR		770		74,305
Banco de Credito e Inversiones		840		58,727
Banco Santander Chile SA ADR		1,558		44,387
CAP SA		1,029		34,968
Cencosud SA		15,223		82,692
Cia Cervecerias Unidas SA ADR		2,000		63,260

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-63

PACIFIC SELECT FUND

PD EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Cia General de Electricidad SA		3,373		$19,501
Colbun SA *		179,217		49,518
Corpbanca SA		3,670,204		49,578
E.CL SA		14,388		34,009
Empresa Nacional de Electricidad SA ADR		1,700		82,977
Empresas CMPC SA		13,812		51,223
Empresas COPEC SA		5,905		83,900
Enersis SA ADR		4,200		76,524
ENTEL Chile SA		966		19,966
Latam Airlines Group SA		4,238		99,847
SACI Falabella		4,670		48,201
Sigdo Koppers SA		8,610		20,776
Sociedad Quimica y Minera de Chile SA ADR		1,300		74,932
				1,080,200
China - 9.1%
Agricultural Bank of China Ltd ‘H’		254,000		128,062
Aluminum Corp of China Ltd ADR *		2,300		27,393
Anhui Conch Cement Co Ltd ‘H’		12,000		44,647
Bank of China Ltd ‘H’		957,400		435,920
Bank of Communications Co Ltd ‘H’		87,925		67,069
BBMG Corp ‘H’		36,500		33,842
Byd Co Ltd ‘H’ *		11,000		33,692
China BlueChemical Ltd ‘H’		22,000		14,775
China Citic Bank Corp Ltd ‘H’		105,000		63,280
China Coal Energy Co Ltd ‘H’		52,000		58,140
China Communications Construction Co Ltd ‘H’		42,000		41,188
China Communications Services Corp Ltd ‘H’		68,000		39,598
China Construction Bank Corp ‘H’		789,340		643,315
China COSCO Holdings Co Ltd ‘H’ *		8,500		4,270
China Life Insurance Co Ltd ‘H’		17,000		56,179
China Life Insurance Co Ltd ADR		4,353		216,301
China Longyuan Power Group Corp ���H’		30,000		21,074
China Merchants Bank Co Ltd ‘H’		32,300		72,350
China Minsheng Banking Corp Ltd ‘H’		43,500		51,372
China National Building Material Co Ltd ‘H’		20,000		29,999
China Oilfield Services Ltd ‘H’		14,000		28,954
China Pacific Insurance Group Co Ltd ‘H’		12,200		45,756
China Petroleum & Chemical Corp ‘H’		94,000		107,923
China Petroleum & Chemical Corp ADR		1,400		160,888
China Railway Construction Corp Ltd ‘H’		70,000		80,505
China Railway Group Ltd ‘H’		115,000		67,679
China Shenhua Energy Co Ltd ‘H’		33,500		149,674
China Shipping Container Lines Co Ltd ‘H’ *		95,000		27,947
China Shipping Development Co Ltd ‘H’		24,000		14,097
China Telecom Corp Ltd ADR		1,100		62,535
CSR Corp Ltd ‘H’		40,000		35,506
Dongfeng Motor Group Co Ltd ‘H’		28,000		44,092
Great Wall Motor Co Ltd ‘H’		31,000		98,338
Guangzhou Automobile Group Co Ltd ‘H’		42,000		37,844
Guangzhou R&F Properties Co Ltd ‘H’		40,000		67,555
Huaneng Power International Inc ‘H’		86,000		79,469
Industrial & Commercial Bank of China ‘H’		775,045		558,938
Jiangxi Copper Co Ltd ‘H’		15,000		40,224
Maanshan Iron & Steel ‘H’ *		60,000		18,649
PetroChina Co Ltd ‘H’		70,000		100,174
PetroChina Co Ltd ADR		1,750		251,615
PICC Property & Casualty Co Ltd ‘H’		16,000		22,704
Ping An Insurance Group Co ‘H’		17,000		144,662
Shandong Weigao Group Medical Polymer Co Ltd ‘H’		52,000		51,955
Sinopec Shanghai Petrochemical Co Ltd ADR		619		22,476
Sinopharm Group Co Ltd ‘H’		2,000		6,353
Weichai Power Co Ltd ‘H’		7,200		32,743
Yanzhou Coal Mining Co Ltd ADR		1,600		27,328
Zhaojin Mining Industry Co Ltd ‘H’		29,000		45,943
Zhuzhou CSR Times Electric Co Ltd ‘H’		8,000		30,209
Zijin Mining Group Co Ltd ‘H’		112,000		45,168

	Shares		Value
Zoomlion Heavy Industry Science & Technology Co Ltd ‘H’		36,800		$55,553
ZTE Corp ‘H’		12,000		20,803
				4,666,725
Colombia - 0.5%
Almacenes Exito SA		2,928		59,158
Ecopetrol SA ADR		2,968		177,101
				236,259
Czech Republic - 0.4%
CEZ AS		3,220		115,815
Komercni Banka AS		225		47,607
Telefonica Czech Republic AS		1,470		25,020
				188,442
Egypt - 0.3%
Commercial International Bank SAE GDR		5,790		31,509
Orascom Construction Industries GDR *		1,234		49,620
Orascom Telecom Holding SAE GDR *		16,470		51,669
				132,798
Hong Kong - 3.3%
Beijing Enterprises Holdings Ltd		9,500		62,223
China Agri-Industries Holdings Ltd		24,700		13,890
China Everbright Ltd		8,000		15,725
China Merchants Holdings International Co Ltd		14,000		45,592
China Mobile Ltd		9,000		105,425
China Mobile Ltd ADR		9,949		584,205
China Overseas Land & Investment Ltd		34,000		102,992
China Resources Enterprise Ltd		10,000		36,325
China Resources Power Holdings Co Ltd		10,000		25,588
China Taiping Insurance Holdings Co Ltd *		15,400		31,340
China Unicom Ltd		10,000		16,189
China Unicom Ltd ADR		5,300		86,337
Citic Pacific Ltd		11,000		16,641
CNOOC Ltd		40,000		87,830
CNOOC Ltd ADR		1,380		303,600
Fosun International Ltd		71,500		45,944
Lenovo Group Ltd		72,000		65,822
Shanghai Industrial Holdings Ltd		5,169		18,263
Sino-Ocean Land Holdings Ltd		25,000		19,184
				1,683,115
Hungary - 0.3%
MOL Hungarian Oil & Gas PLC		390		31,646
OTP Bank PLC		4,369		83,042
Richter Gedeon Nyrt		182		30,020
				144,708
India - 7.6%
ABB Ltd (XNSE)		2,249		29,016
ACC Ltd		728		19,097
Adani Enterprises Ltd		1,199		5,953
Adani Ports & Special Economic Zone		9,699		23,946
Adani Power Ltd *		10,755		12,251
Ambuja Cements Ltd		13,048		48,131
Apollo Hospitals Enterprise Ltd		2,321		33,566
Asian Paints Ltd		642		52,277
Axis Bank Ltd		4,230		105,481
Bajaj Auto Ltd		565		21,967
Bank of India		6,327		40,211
Bharat Heavy Electricals Ltd		6,715		28,403
Bharti Airtel Ltd		15,159		88,184
Bosch Ltd		146		25,464
Cairn India Ltd		5,368		31,367
Cipla Ltd		9,033		68,557
DLF Ltd		14,014		59,612
Dr Reddy’s Laboratories Ltd ADR		1,900		63,251

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-64

PACIFIC SELECT FUND

PD EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value		��
Federal Bank Ltd		1,667		$16,482
GAIL India Ltd		5,282		34,566
GAIL India Ltd GDR ~		280		10,833
Godrej Consumer Products Ltd		2,985		39,599
HCL Technologies Ltd		2,226		25,167
HDFC Bank Ltd		19,271		239,207
Hero MotoCorp Ltd		938		32,732
Hindalco Industries Ltd		15,938		38,336
Hindustan Unilever Ltd		13,439		129,032
Hindustan Zinc Ltd		9,344		23,239
ICICI Bank Ltd ADR		4,200		183,162
Idea Cellular Ltd *		30,201		57,474
IDFC Ltd		16,783		52,810
Indian Oil Corp Ltd		7,289		36,170
Infosys Ltd ADR		6,000		253,800
ITC Ltd		23,162		121,169
Jaiprakash Associates Ltd		49,050		88,420
Jindal Steel & Power Ltd		5,356		43,896
JSW Steel Ltd		858		12,796
Kotak Mahindra Bank Ltd		2,754		32,822
Larsen & Toubro Ltd		3,830		113,596
Mahindra & Mahindra Ltd		4,278		73,448
National Aluminium Co Ltd		5,262		4,752
Nestle India Ltd		608		55,312
NHPC Ltd		64,839		30,128
NTPC Ltd		11,174		32,054
Oil & Natural Gas Corp Ltd		8,392		41,511
Oil India Ltd		4,590		39,488
Oracle Financial Services Software Ltd *		841		50,388
Power Grid Corp of India Ltd		22,814		47,973
Ranbaxy Laboratories Ltd *		5,898		54,410
Reliance Capital Ltd		6,056		53,592
Reliance Communications Ltd		17,316		23,445
Reliance Industries Ltd GDR (LI) ~		8,064		248,698
Reliance Infrastructure Ltd		4,162		40,084
Reliance Power Ltd *		15,483		26,511
Sesa Goa Ltd		3,750		13,428
Shriram Transport Finance Co Ltd		534		7,286
State Bank of India		1,890		83,543
Sterlite Industries India Ltd ADR		4,900		42,189
Sun Pharmaceutical Industries Ltd		7,057		95,022
Tata Consultancy Services Ltd		6,638		152,313
Tata Motors Ltd ADR		3,200		91,904
Tata Power Co Ltd		7,070		14,336
Tata Steel Ltd		5,646		44,138
Ultratech Cement Ltd		342		12,483
United Spirits Ltd		921		31,925
Wipro Ltd		6,066		43,994
Yes Bank Ltd		7,759		65,785
Zee Entertainment Enterprises Ltd		13,255		53,530
				3,915,712
Indonesia - 3.1%
P.T. Adaro Energy Tbk		212,500		35,182
P.T. Astra Agro Lestari Tbk		500		1,026
P.T. Astra International Tbk		255,000		201,752
P.T. Bank Central Asia Tbk		156,000		147,803
P.T. Bank Danamon Indonesia Tbk		99,000		58,077
P.T. Bank Mandiri Persero Tbk		175,629		148,525
P.T. Bank Negara Indonesia Persero Tbk		179,000		68,980
P.T. Bank Rakyat Indonesia Persero Tbk		176,000		128,176
P.T. Bank Tabungan Pensiunan Nasional Tbk *		16,500		8,989
P.T. Bhakti Investama Tbk		545,500		30,646
P.T. Bumi Resources Tbk		122,000		7,500
P.T. Bumi Serpong Damai Tbk		255,000		30,190
P.T. Charoen Pokphand Indonesia Tbk		88,000		33,620
P.T. Global Mediacom Tbk		105,000		26,202
P.T. Gudang Garam Tbk		8,500		49,805
P.T. Indo Tambangraya Megah Tbk		7,000		30,223

	Shares		Value
P.T. Indocement Tunggal Prakarsa Tbk		22,000		$51,398
P.T. Indofood Sukses Makmur Tbk		69,000		41,943
P.T. Kalbe Farma Tbk		140,000		15,460
P.T. Lippo Karawaci Tbk		146,500		15,217
P.T. Mayora Indah Tbk		3,000		6,235
P.T. Perusahaan Gas Negara Persero Tbk		102,500		49,053
P.T. Perusahaan Perkebunan London Sumatra Indonesia Tbk		49,000		11,887
P.T. Semen Gresik Persero Tbk		62,000		102,136
P.T. Tambang Batubara Bukit Asam Persero Tbk		24,000		37,781
P.T. Telekomunikasi Indonesia Persero Tbk ADR		3,100		114,545
P.T. Unilever Indonesia Tbk		18,500		40,123
P.T. United Tractors Tbk		22,696		46,649
P.T. Vale Indonesia Tbk		39,500		9,691
P.T. XL Axiata Tbk		47,000		27,909
				1,576,723
Luxembourg - 0.0%
Kernel Holding SA *		891		19,321
Malaysia - 4.1%
AirAsia Bhd		48,800		43,954
Alliance Financial Group Bhd		20,300		29,232
AMMB Holdings Bhd		26,900		59,750
Axiata Group Bhd		49,400		106,745
British American Tobacco Malaysia Bhd		3,600		73,077
Bumi Armada Bhd *		22,100		28,796
CIMB Group Holdings Bhd		63,000		157,362
Dialog Group Bhd		40,800		32,267
DiGi.Com Bhd		40,900		70,808
Gamuda Bhd		22,900		27,302
Genting Bhd		22,300		67,337
Genting Malaysia Bhd		61,900		72,143
Hong Leong Bank Bhd		5,900		28,576
IJM Corp Bhd		29,500		48,182
IOI Corp Bhd		42,246		70,449
Kuala Lumpur Kepong Bhd		8,500		66,872
Malayan Banking Bhd		57,090		171,781
Malaysia Airports Holdings Bhd		9,000		15,352
Maxis Bhd		27,900		60,782
MISC Bhd *		23,160		32,644
Parkson Holdings Bhd		18,000		30,731
Petronas Chemicals Group Bhd		48,500		101,427
Petronas Dagangan Bhd		3,500		26,797
Petronas Gas Bhd		5,700		36,430
PPB Group Bhd		8,300		31,522
Public Bank Bhd		12,300		65,663
RHB Capital Bhd		22,181		55,838
Sapurakencana Petroleum Bhd *		23,500		24,313
Sime Darby Bhd		41,100		128,084
Telekom Malaysia Bhd		29,300		57,913
Tenaga Nasional Bhd		43,900		99,604
UEM Land Holdings Bhd *		41,900		28,979
UMW Holdings Bhd		20,500		80,137
YTL Corp Bhd		112,608		70,078
YTL Power International Bhd		55,000		28,130
				2,129,057
Mexico - 5.9%
Alfa SAB de CV ‘A’		43,000		91,414
America Movil SAB de CV ‘L’		42,272		48,694
America Movil SAB de CV ‘L’ ADR		21,818		504,869
Arca Continental SAB de CV		7,000		52,112
Cemex SAB de CV *		67,100		66,081
Cemex SAB de CV ADR *		14,150		139,660
Coca-Cola Femsa SAB de CV ADR		600		89,424
El Puerto de Liverpool SAB de CV ‘C1’		1,400		14,813

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-65

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PD EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Fomento Economico Mexicano SAB de CV ADR		3,600		$362,520
Grupo Aeroportuario del Pacifico SAB de CV ADR		711		40,648
Grupo Aeroportuario del Sureste SAB de CV ADR		411		46,854
Grupo Bimbo SAB de CV ‘A’		31,900		82,598
Grupo Carso SAB de CV ‘A1’		6,500		31,946
Grupo Financiero Banorte SAB de CV ‘O’		25,848		166,910
Grupo Financiero Inbursa SAB de CV ‘O’		42,900		130,031
Grupo Mexico SAB de CV ‘B’		55,162		198,990
Grupo Modelo SAB de CV ‘C’		10,549		94,625
Grupo Televisa SAB ADR		8,100		215,298
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV *		11,300		20,762
Industrias CH SAB de CV ‘B’ *		5,900		44,507
Industrias Penoles SAB de CV		1,775		89,532
Kimberly-Clark de Mexico SAB de CV ‘A’		27,000		69,347
Mexichem SAB de CV		14,220		78,997
Minera Frisco SAB de CV ‘A1’ *		9,900		41,740
Organizacion Soriana SAB de CV ‘B’		20,692		78,918
Wal-Mart de Mexico SAB de CV ‘V’		78,000		254,523
				3,055,813
Netherlands - 0.0%
X5 Retail Group NV GDR *		1,178		21,137
Peru - 0.2%
Cia de Minas Buenaventura SA ADR		2,748		98,791
Philippines - 1.1%
Aboitiz Equity Ventures Inc		15,700		20,238
Aboitiz Power Corp		21,700		19,531
Alliance Global Group Inc		169,300		69,190
Ayala Corp		5,030		63,280
Ayala Land Inc		55,300		35,731
Bank of the Philippine Islands		8,000		18,551
BDO Unibank Inc *		17,853		31,718
DMCI Holdings Inc		7,400		9,715
Energy Development Corp		104,000		17,115
International Container Terminal Services Inc		6,520		11,766
Manila Electric Co		3,410		21,739
Metropolitan Bank & Trust		5,000		12,462
Philippine Long Distance Telephone Co		425		26,239
San Miguel Corp		15,060		38,683
SM Investments Corp		4,390		94,359
SM Prime Holdings Inc		64,000		25,773
Universal Robina Corp		31,820		64,624
				580,714
Poland - 1.6%
Bank Pekao SA		1,394		76,050
BRE Bank SA *		215		22,782
KGHM Polska Miedz SA		2,314		143,867
Lubelski Wegiel Bogdanka SA		391		17,221
PGE SA		15,890		93,688
Polski Koncern Naftowy Orlen SA *		4,829		78,044
Polskie Gornictwo Naftowe i Gazownictwo SA *		22,886		38,946
Powszechna Kasa Oszczednosci Bank Polski SA		11,486		138,552
Powszechny Zaklad Ubezpieczen SA		800		113,599
Synthos SA		25,885		45,642
Tauron Polska Energia SA		22,376		34,384
Telekomunikacja Polska SA		7,313		28,969
				831,744

	Shares		Value
Russia - 4.5%
Federal Hydrogenerating Co JSC ADR		17,420		$40,807
Gazprom OAO ADR (LI)		75,276		721,812
Lukoil OAO ADR (LI)		6,170		412,503
Mechel ADR		1,900		13,167
MMC Norilsk Nickel OJSC ADR		5,966		111,493
Novolipetsk Steel OJSC GDR ~		1,300		26,325
Rosneft OAO GDR * ~		19,300		174,265
Rostelecom OJSC ADR (LI) *		848		20,582
Sberbank of Russia ADR		30,125		374,462
Severstal OAO GDR ~		3,870		47,098
Tatneft ADR		2,499		110,430
Uralkali OJSC GDR (LI) ~		4,563		175,801
VTB Bank OJSC GDR ~		11,312		39,139
VTB Bank OJSC GDR (LI) ~		10,700		37,354
				2,305,238
South Africa - 7.8%
ABSA Group Ltd		5,010		97,682
African Bank Investments Ltd		13,123		50,460
African Rainbow Minerals Ltd		1,851		42,296
Anglo American Platinum Ltd		1,008		53,504
AngloGold Ashanti Ltd ADR		5,546		173,978
ArcelorMittal South Africa Ltd *		3,427		14,771
Aspen Pharmacare Holdings Ltd *		4,869		97,310
Assore Ltd		620		29,931
Barloworld Ltd		4,976		51,289
Bidvest Group Ltd		4,150		106,171
Discovery Holdings Ltd		4,168		30,681
Exxaro Resources Ltd		2,483		50,827
FirstRand Ltd		48,300		178,600
Gold Fields Ltd ADR		10,500		131,145
Harmony Gold Mining Co Ltd ADR		5,600		50,176
Impala Platinum Holdings Ltd		6,119		123,551
Imperial Holdings Ltd		2,312		54,851
Investec Ltd		8,531		59,594
Kumba Iron Ore Ltd		1,066		72,847
Liberty Holdings Ltd		2,176		28,571
Life Healthcare Group Holdings Ltd		11,043		44,363
Massmart Holdings Ltd		1,068		24,137
Mediclinic International Ltd		2,620		16,958
MMI Holdings Ltd		15,327		40,200
Mondi Ltd		4,228		45,997
Mr Price Group Ltd		1,970		32,909
MTN Group Ltd		22,984		483,090
Nampak Ltd		4,696		17,664
Naspers Ltd ‘N’		5,411		347,672
Nedbank Group Ltd		3,927		87,819
Netcare Ltd		22,886		53,043
Pick n Pay Stores Ltd		1,971		10,417
PPC Ltd		640		2,588
Sanlam Ltd		26,468		141,593
Sasol Ltd		1,209		52,488
Sasol Ltd ADR		5,366		232,294
Shoprite Holdings Ltd		6,798		165,222
Standard Bank Group Ltd		16,965		240,052
Steinhoff International Holdings Ltd *		27,465		89,764
The Foschini Group Ltd		4,177		69,558
The Spar Group Ltd		2,292		35,679
Tiger Brands Ltd		2,572		99,036
Truworths International Ltd		6,686		86,673
Vodacom Group Ltd		4,355		64,463
Woolworths Holdings Ltd		7,243		60,835
				4,042,749
South Korea - 14.8%
Amorepacific Corp		28		31,833
BS Financial Group Inc *		1,610		20,004
Cheil Industries Inc		540		47,788

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-66

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PD EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Cheil Worldwide Inc		760		$15,337
CJ CheilJedang Corp		236		78,386
Coway Co Ltd *		1,260		51,403
Daelim Industrial Co Ltd		470		38,611
Daewoo International Corp		650		24,220
Daewoo Securities Co Ltd		3,091		35,062
Daewoo Shipbuilding & Marine Engineering Co Ltd		1,510		38,741
Dongbu Insurance Co Ltd		1,180		50,798
Doosan Corp		175		21,232
Doosan Heavy Industries & Construction Co Ltd		682		28,923
Doosan Infracore Co Ltd *		1,790		28,664
E-Mart Co Ltd *		206		45,838
GS Engineering & Construction Corp		488		26,403
GS Holdings		712		48,218
Hana Financial Group Inc		2,850		93,171
Hankook Tire Co Ltd *		1,286		56,829
Hanwha Chemical Corp		1,080		18,661
Hanwha Corp		1,700		54,685
Hanwha Life Insurance Co Ltd		5,790		42,086
Honam Petrochemical Corp		244		56,549
Hyundai Department Store Co Ltd		294		43,806
Hyundai Engineering & Construction Co Ltd		436		28,721
Hyundai Glovis Co Ltd		175		36,422
Hyundai Heavy Industries Co Ltd		604		137,816
Hyundai Hysco		1,220		52,122
Hyundai Marine & Fire Insurance Co Ltd		1,790		55,880
Hyundai Merchant Marine Co Ltd *		220		4,873
Hyundai Mipo Dockyard		263		31,577
Hyundai Mobis		912		247,359
Hyundai Motor Co		1,890		389,010
Hyundai Steel Co		734		60,666
Hyundai Wia Corp *		198		32,270
Industrial Bank of Korea		2,980		33,193
Kangwon Land Inc		1,080		29,653
KB Financial Group Inc		1,770		63,154
KB Financial Group Inc ADR *		3,700		132,830
KCC Corp		151		42,067
Kia Motors Corp		3,622		192,731
Korea Electric Power Corp ADR *		5,300		74,041
Korea Exchange Bank *		3,170		22,681
Korea Gas Corp		550		38,811
Korea Zinc Co Ltd		171		65,179
Korean Air Lines Co Ltd *		518		22,017
KT Corp ADR *		100		1,674
KT&G Corp		1,422		107,840
Kumho Petro Chemical Co Ltd		349		42,998
LG Chem Ltd		717		222,913
LG Corp		1,093		66,992
LG Display Co Ltd *		2,120		61,271
LG Display Co Ltd ADR *		3,700		53,576
LG Electronics Inc		2,069		142,947
LG Household & Health Care Ltd		101		62,146
LG Uplus Corp		2,390		17,451
Lotte Confectionery Co Ltd		32		48,885
Lotte Shopping Co Ltd		119		42,023
LS Corp		365		32,340
Macquarie Korea Infrastructure Fund		1,290		8,249
Mando Corp		157		18,955
NCSoft Corp		291		41,214
Neo Holdings Co Ltd * +		175		-
NHN Corp *		433		92,328
OCI Co Ltd		339		52,752
Orion Corp		48		49,363
POSCO		172		56,239
POSCO ADR		2,696		221,476
S-Oil Corp		399		39,060
Samsung C&T Corp		1,942		114,353
Samsung Electro-Mechanics Co Ltd		648		60,410

	Shares		Value
Samsung Electronics Co Ltd		1,351		$1,933,585
Samsung Engineering Co Ltd		386		60,156
Samsung Fire & Marine Insurance Co Ltd		425		86,645
Samsung Heavy Industries Co Ltd		2,510		91,341
Samsung Life Insurance Co Ltd		950		83,983
Samsung SDI Co Ltd		434		61,357
Samsung Securities Co Ltd		1,636		82,283
Samsung Techwin Co Ltd		505		28,301
Shinhan Financial Group Co Ltd		1,290		46,923
Shinhan Financial Group Co Ltd ADR *		4,200		153,888
Shinsegae Co Ltd		36		7,371
SK C&C Co Ltd		172		16,637
SK Holdings Co Ltd		452		75,754
SK Hynix Inc *		8,000		194,089
SK Innovation Co Ltd		698		114,511
SK Telecom Co Ltd ADR		3,000		47,490
Woori Finance Holdings Co Ltd		5,310		58,970
Woori Investment & Securities Co Ltd		1,550		17,349
				7,608,409
Taiwan - 11.4%
Acer Inc *		36,156		31,539
Advanced Semiconductor Engineering Inc ADR		12,085		51,724
Asia Cement Corp		39,009		50,358
Asustek Computer Inc		8,667		97,866
AU Optronics Corp ADR *		16,068		72,306
Catcher Technology Co Ltd		9,000		45,044
Cathay Financial Holding Co Ltd		124,769		135,555
Chang Hwa Commercial Bank		90,000		49,635
Cheng Shin Rubber Industry Co Ltd		38,416		100,006
China Airlines Ltd *		38,436		15,905
China Development Financial Holding Corp *		144,834		38,544
China Life Insurance Co Ltd *		28,196		25,867
China Petrochemical Development Corp		18,095		11,282
China Steel Corp		153,754		145,149
Chinatrust Financial Holding Co Ltd		127,489		75,586
Chunghwa Telecom Co Ltd ADR		4,506		145,724
Compal Electronics Inc		45,092		30,511
Delta Electronics Inc		22,000		81,175
E.Sun Financial Holding Co Ltd		83,437		46,847
Epistar Corp		8,000		14,622
Eva Airways Corp *		13,000		7,619
Evergreen Marine Corp Taiwan Ltd *		35,000		20,979
Far Eastern Department Stores Co Ltd		19,760		20,571
Far Eastern New Century Corp		46,572		53,500
Far EasTone Telecommunications Co Ltd		20,000		51,101
First Financial Holding Co Ltd		123,814		75,749
Formosa Chemicals & Fibre Corp		43,540		112,859
Formosa Petrochemical Corp		13,000		38,633
Formosa Plastics Corp		60,820		165,280
Foxconn Technology Co Ltd		8,820		27,774
Fubon Financial Holding Co Ltd		61,343		74,459
Giant Manufacturing Co Ltd		6,000		34,514
Hiwin Technologies Corp		4,200		31,141
Hon Hai Precision Industry Co Ltd		137,365		423,454
Hotai Motor Co Ltd		5,000		40,314
HTC Corp		11,572		120,097
Hua Nan Financial Holdings Co Ltd		107,803		62,541
InnoLux Corp *		57,510		31,156
Largan Precision Co Ltd		2,000		54,231
Lite-On Technology Corp		55,087		73,330
Macronix International		24,911		7,479
MediaTek Inc		17,020		190,389
Mega Financial Holding Co Ltd		157,081		122,788
Nan Ya Plastics Corp		75,410		146,036
Novatek Microelectronics Corp		6,000		24,637
Pegatron Corp *		20,090		26,138
Pou Chen Corp		24,000		25,280

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-67

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PD EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Powertech Technology Inc		13,300		$21,826
President Chain Store Corp		13,000		69,727
Quanta Computer Inc		27,000		63,829
Radiant Opto-Electronics Corp		11,330		46,985
Realtek Semiconductor Corp		30,000		63,440
Ruentex Development Co Ltd		12,000		24,828
Ruentex Industries Ltd		3,438		8,564
Shin Kong Financial Holding Co Ltd *		84,000		23,799
Siliconware Precision Industries Co		31,000		33,178
Simplo Technology Co Ltd		15,000		75,765
SinoPac Financial Holdings Co Ltd		112,975		48,710
Synnex Technology International Corp		21,000		39,018
Taishin Financial Holding Co Ltd		50,130		19,962
Taiwan Business Bank *		134,160		40,515
Taiwan Cement Corp		41,693		55,952
Taiwan Cooperative Financial Holding		50,001		28,243
Taiwan Fertilizer Co Ltd		11,000		29,235
Taiwan Glass Industry Corp		9,471		9,839
Taiwan Mobile Co Ltd		23,400		86,458
Taiwan Semiconductor Manufacturing Co Ltd		338,779		1,133,864
Teco Electric & Machinery Co Ltd		69,000		53,013
Tripod Technology Corp		10,000		21,584
TSRC Corp		9,000		18,310
Uni-President Enterprises Corp		50,797		93,440
Unimicron Technology Corp		59,000		62,915
United Microelectronics Corp		317,000		128,241
Walsin Lihwa Corp *		67,000		22,975
Wintek Corp *		14,299		7,653
Wistron Corp		30,104		31,366
WPG Holdings Ltd		44,000		57,883
Yuanta Financial Holding Co Ltd		123,210		63,753
Yulon Motor Co Ltd		25,000		48,122
				5,860,286
Thailand - 2.7%
Advanced Info Service PCL		11,600		79,795
Bangkok Bank PCL NVDR		10,100		64,836
Bangkok Dusit Medical Services PCL ‘F’		9,700		36,163
Bank of Ayudhya PCL		34,200		36,529
Banpu PCL		1,150		15,181
BEC World PCL		2,000		4,675
Big C Supercenter PCL		9,100		61,714
Charoen Pokphand Foods PCL		36,400		40,354
CP ALL PCL		75,600		113,413
IRPC PCL		203,300		27,747
Kasikornbank PCL		19,000		120,634
Krung Thai Bank PCL		102,375		67,292
Land and Houses PCL NVDR		52,900		16,921
PTT Exploration & Production PCL		22,241		119,493
PTT Global Chemical PCL		33,800		78,305
PTT PCL		14,500		158,108
Siam Cement PCL NVDR		5,300		76,495
Siam City Cement PCL		100		1,380
Siam Commercial Bank PCL		14,900		88,440
Thai Oil PCL		18,400		40,951
Thai Union Frozen Products PCL		10,400		24,554
TMB Bank PCL		327,600		20,032
Total Access Communication PCL		10,500		30,506
True Corp PCL *		249,700		44,584
				1,368,102
Turkey - 1.9%
Akbank TAS		31,155		154,048
Anadolu Efes Biracilik Ve Malt Sanayii AS		3,568		51,493
Arcelik AS		5,881		38,711
BIM Birlesik Magazalar AS		1,514		74,164
Enka Insaat ve Sanayi AS		2,147		6,390
Eregli Demir ve Celik Fabrikalari TAS		14,794		20,379
KOC Holding AS		10,429		54,257

	Shares		Value
Tupras Turkiye Petrol Rafinerileri AS		2,068		$59,828
Turk Hava Yollari *		15,721		55,319
Turk Telekomunikasyon AS		10,513		40,843
Turkcell Iletisim Hizmetleri AS ADR *		4,700		75,858
Turkiye Garanti Bankasi AS		29,338		152,629
Turkiye Halk Bankasi AS		3,821		37,613
Turkiye Is Bankasi ‘C’		20,672		71,851
Turkiye Vakiflar Bankasi Tao ‘D’		14,891		38,612
Yapi ve Kredi Bankasi AS *		22,801		66,656
				998,651
United Kingdom - 0.1%
Mail.ru Group Ltd GDR (LI) ~		1,351		46,897
Total Common Stocks (Cost $40,359,613)				47,858,109
TOTAL INVESTMENTS - 99.7% (Cost $43,849,941)				51,319,004
OTHER ASSETS & LIABILITIES, NET - 0.3%				133,586
NET ASSETS - 100.0%				$51,452,590

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	24.8%
Information Technology	13.4%
Materials	12.8%
Energy	11.9%
Consumer Staples	9.3%
Consumer Discretionary	8.2%
Industrials	7.1%
Telecommunication Services	7.1%
Utilities	3.6%
Health Care	1.5%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

South Korea	14.8%
Brazil	13.3%
Taiwan	11.4%
China	9.1%
South Africa	7.8%
India	7.6%
Mexico	5.9%
Russia	4.5%
Malaysia	4.1%
Hong Kong	3.3%
Indonesia	3.1%
Others (each less than 3.0%)	14.8%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-68

PACIFIC SELECT FUND

PD EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(c) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Brazil		$3,407,631		$2,806,277		$601,354		$-
	Colombia		53,264		53,264		-		-
			3,460,895		2,859,541		601,354		-
	Common Stocks
	Bermuda		455,841		178,429		277,412		-
	Brazil		3,474,180		1,557,842		1,916,338		-
	Cayman		1,336,497		-		1,336,497		-
	Chile		1,080,200		516,232		563,968		-
	China		4,666,725		768,536		3,898,189		-
	Colombia		236,259		177,101		59,158		-
	Czech Republic		188,442		-		188,442		-
	Egypt		132,798		-		132,798		-
	Hong Kong		1,683,115		974,142		708,973		-
	Hungary		144,708		-		144,708		-
	India		3,915,712		634,306		3,281,406		-
	Indonesia		1,576,723		114,545		1,462,178		-
	Luxembourg		19,321		-		19,321		-
	Malaysia		2,129,057		-		2,129,057		-
	Mexico		3,055,813		3,055,813		-		-
	Netherlands		21,137		-		21,137		-
	Peru		98,791		98,791		-		-
	Philippines		580,714		-		580,714		-
	Poland		831,744		-		831,744		-
	Russia		2,305,238		125,729		2,179,509		-
	South Africa		4,042,749		587,593		3,455,156		-
	South Korea		7,608,409		684,975		6,923,434		-
	Taiwan		5,860,286		269,754		5,590,532		-
	Thailand		1,368,102		-		1,368,102		-
	Turkey		998,651		75,858		922,793		-
	United Kingdom		46,897		-		46,897		-
			47,858,109		9,819,646		38,038,463		-
	Total		$51,319,004		$12,679,187		$38,639,817		$-

During the year ended December 31, 2012, investments with a total aggregate value of $2,355,852 were transferred from level 1 to level 2 due to valuation adjustments made to exchange-traded prices as a result of market movements following the close of local trading.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-69

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Singapore - 0.0%
Olam International Ltd Exp. 02/14/13 * +		5,634		$-
Spain - 0.0%
Grifols SA Exp. 01/02/13 *		2,817		3,551
Repsol SA Exp. 02/21/13 *		6,507		3,968
				7,519
Total Rights (Cost $6,277)				7,519
PREFERRED STOCKS - 0.0%
Germany - 0.0%
Porsche Automobil Holding SE		364		29,661
Total Preferred Stocks (Cost $22,181)				29,661
COMMON STOCKS - 99.1%
Australia - 7.7%
Adelaide Brighton Ltd		2,560		8,399
AGL Energy Ltd		8,058		129,401
ALS Ltd		4,800		54,562
Alumina Ltd ADR		4,800		18,528
Amcor Ltd		17,972		151,969
AMP Ltd		39,119		198,839
Ansell Ltd		3,557		57,005
APA Group		6,221		35,909
Asciano Ltd		13,837		67,622
ASX Ltd		2,531		82,573
Atlas Iron Ltd		8,247		15,723
Aurizon Holdings Ltd		25,016		98,248
Australia & New Zealand Banking Group Ltd		38,975		1,020,400
Australian Infrastructure Fund		4,334		14,026
Bank of Queensland Ltd		5,274		40,488
Bendigo and Adelaide Bank Ltd		5,226		46,598
BHP Billiton Ltd ADR		23,501		1,843,418
Boral Ltd		16,558		76,162
Brambles Ltd		20,138		160,261
Caltex Australia Ltd		1,123		22,633
carsales.com Ltd		4,885		37,522
Challenger Ltd		4,422		16,503
Coca-Cola Amatil Ltd		7,742		108,848
Cochlear Ltd		610		50,465
Commonwealth Bank of Australia		22,710		1,475,182
Computershare Ltd		8,854		83,373
Crown Ltd		4,092		45,584
CSL Ltd		6,940		392,055
Downer EDI Ltd *		9,372		40,340
DUET Group		20,610		44,786
Echo Entertainment Group Ltd		8,968		32,337
Flight Centre Ltd		1,911		54,194
Fortescue Metals Group Ltd		19,802		98,244
GrainCorp Ltd ‘A’		2,443		31,486
Harvey Norman Holdings Ltd		7,845		15,586
Iluka Resources Ltd		5,605		54,317
Incitec Pivot Ltd		24,011		81,595
Insurance Australia Group Ltd		30,184		148,443
Leighton Holdings Ltd		1,306		24,571
Lend Lease Group		6,871	��	66,940

	Shares		Value
Macquarie Group Ltd		4,437		$165,014
Metcash Ltd		14,229		49,552
Mineral Resources Ltd		2,018		20,816
Monadelphous Group Ltd		628		16,107
National Australia Bank Ltd		32,442		848,449
New Hope Corp Ltd		4,341		19,011
Newcrest Mining Ltd		7,988		186,496
Orica Ltd		4,410		115,968
Origin Energy Ltd		16,016		195,999
OZ Minerals Ltd		2,731		19,446
PanAust Ltd		5,908		20,919
Primary Health Care Ltd		3,958		16,539
Qantas Airways Ltd *		14,454		22,726
QBE Insurance Group Ltd		18,081		206,948
Ramsay Health Care Ltd		1,365		38,780
Regis Resources Ltd *		9,382		50,645
Rio Tinto Ltd		6,592		458,829
Santos Ltd		13,904		162,837
Seek Ltd		4,733		34,882
Shopping Centres Australasia Property Group REIT *		3,415		5,319
Sims Metal Management Ltd ADR		1,200		11,832
Sonic Healthcare Ltd		6,663		93,042
SP AusNet		14,345		16,476
Spark Infrastructure Group		12,774		22,358
Suncorp Group Ltd		17,606		187,186
Sydney Airport		2,779		9,808
Tabcorp Holdings Ltd		12,038		38,472
Tatts Group Ltd		22,316		70,264
Telstra Corp Ltd		60,977		277,781
Toll Holdings Ltd		9,685		46,364
Transurban Group		18,144		115,235
Treasury Wine Estates Ltd		6,471		31,868
UGL Ltd		1,497		17,025
Wesfarmers Ltd		14,207		548,224
Westpac Banking Corp		19,227		525,636
Westpac Banking Corp ADR		4,800		661,968
Whitehaven Coal Ltd		2,727		10,084
Woodside Petroleum Ltd		10,064		358,675
Woolworths Ltd		17,519		535,452
WorleyParsons Ltd		3,138		77,412
				13,355,579
Austria - 0.3%
Andritz AG		804		51,656
Erste Group Bank AG *		2,763		88,348
IMMOFINANZ AG *		18,349		77,356
OMV AG		1,646		59,770
Raiffeisen Bank International AG		893		37,328
Telekom Austria AG		2,991		22,634
Verbund AG		352		8,718
Vienna Insurance Group AG		926		49,674
Voestalpine AG		1,616		59,423
				454,907
Belgium - 1.0%
Ageas		4,360		130,084
Anheuser-Busch InBev NV		1,314		114,829
Anheuser-Busch InBev NV ADR		9,999		874,012
Belgacom SA		2,231		65,762
Colruyt SA		935		46,424
Delhaize Group SA		473		18,946
Delhaize Group SA ADR		749		30,372
KBC Groep NV		2,290		79,709
Solvay SA		879		126,533
Telenet Group Holding NV		849		39,448
UCB SA		1,905		109,593
Umicore SA		1,982		109,289
				1,745,001

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-70

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Bermuda - 0.5%
Biosensors International Group Ltd *		13,000		$12,925
Cheung Kong Infrastructure Holdings Ltd		5,000		30,715
Esprit Holdings Ltd		29,079		40,734
First Pacific Co Ltd		20,000		22,159
Golar LNG Ltd (NOTC)		834		30,675
Hongkong Land Holdings Ltd		19,000		133,623
Kerry Properties Ltd		7,000		36,516
Li & Fung Ltd		84,000		151,347
Noble Group Ltd		56,000		54,001
NWS Holdings Ltd		12,000		20,482
Orient Overseas International Ltd		3,500		23,068
Seadrill Ltd		5,495		202,514
Shangri-La Asia Ltd (XHKG)		28,666		57,762
VTech Holdings Ltd		2,200		24,719
Yue Yuen Industrial Holdings Ltd		9,000		30,383
				871,623
Canada - 10.7%
Agnico-Eagle Mines Ltd (TSE)		2,500		131,019
Agrium Inc (TSE)		2,451		244,287
Aimia Inc		3,814		57,016
Alamos Gold Inc		2,400		42,103
Alimentation Couche Tard Inc ‘B’		1,500		73,786
AltaGas Ltd		1,600		53,998
ARC Resources Ltd		3,678		90,369
Atco Ltd ‘I’		300		24,345
AuRico Gold Inc (TSE) *		2,600		21,407
Bank of Montreal		9,182		561,887
Bank of Nova Scotia		17,470		1,009,266
Barrick Gold Corp (TSE)		14,145		495,153
Baytex Energy Corp		1,147		49,434
BCE Inc		3,250		139,286
Bell Aliant Inc		1,465		38,764
Bombardier Inc ‘B’		20,500		77,491
Bonavista Energy Corp		3,500		52,146
Brookfield Asset Management Inc ‘A’		8,200		300,400
Brookfield Office Properties Inc (TSE)		4,700	��	80,137
CAE Inc		5,800		58,717
Cameco Corp		6,948		136,898
Canadian Imperial Bank of Commerce		6,037		485,351
Canadian National Railway Co (TSE)		6,206		563,575
Canadian Natural Resources Ltd (TSE)		15,801		454,952
Canadian Oil Sands Ltd		7,419		150,439
Canadian Pacific Railway Ltd		2,300		233,307
Canadian Tire Corp Ltd ‘A’		800		55,800
Canadian Utilities Ltd ‘A’		1,000		72,323
Canadian Western Bank		700		20,014
Catamaran Corp *		2,600		122,276
Cenovus Energy Inc (TSE)		10,684		357,565
Centerra Gold Inc		1,100		10,296
CGI Group Inc ‘A’ *		3,600		83,024
CI Financial Corp		2,900		72,682
Constellation Software Inc		300		36,189
Crescent Point Energy Corp		4,707		178,021
Dollarama Inc		700		41,499
Eldorado Gold Corp		8,749		112,584
Empire Co Ltd ‘A’		800		47,411
Enbridge Inc		11,300		488,716
Encana Corp (TSE)		10,648		210,455
Enerplus Corp		1,296		16,807
Ensign Energy Services Inc		2,900		44,811
Fairfax Financial Holdings Ltd		248		89,394
Finning International Inc		1,800		44,462
First Capital Realty Inc		2,400		45,409
First Majestic Silver Corp *		1,600		32,267
First Quantum Minerals Ltd		7,200		158,593
Fortis Inc		3,000		103,207
Franco-Nevada Corp		350		19,979

	Shares		Value
George Weston Ltd		700		$49,740
Gibson Energy Inc		1,700		41,103
Gildan Activewear Inc		1,400		51,133
Goldcorp Inc (TSE)		12,030		442,281
Great-West Lifeco Inc		5,200		127,295
Husky Energy Inc		5,156		152,394
IAMGOLD Corp (TSE)		5,000		57,253
IGM Financial Inc		1,200		50,186
Imperial Oil Ltd		4,851		208,434
Industrial Alliance Insurance & Financial Services Inc		900		28,392
Inmet Mining Corp		367		27,306
Intact Financial Corp		1,750		113,951
Keyera Corp		900		44,543
Kinross Gold Corp		15,359		149,158
Loblaw Cos Ltd		2,200		92,738
Lundin Mining Corp *		6,500		33,457
Magna International Inc		3,200		159,823
Manulife Financial Corp		27,476		373,179
MEG Energy Corp *		2,100		64,265
Methanex Corp (TSE)		1,400		44,588
Metro Inc		1,400		89,134
National Bank of Canada		2,200		170,833
New Gold Inc *		6,100		67,519
Nexen Inc		7,766		207,442
Onex Corp		1,600		67,349
Open Text Corp *		600		33,556
Osisko Mining Corp *		7,100		57,103
Pacific Rubiales Energy Corp		3,450		80,154
Pan American Silver Corp		3,400		63,714
Paramount Resources Ltd ‘A’ *		200		6,434
Pembina Pipeline Corp (NYSE)		1,701		48,717
Pembina Pipeline Corp (TSE)		2,915		83,403
Pengrowth Energy Corp		9,300		46,280
Penn West Petroleum Ltd		7,139		77,512
Peyto Exploration & Development Corp		2,400		55,470
Potash Corp of Saskatchewan Inc (TSE)		12,151		494,493
Precision Drilling Corp		2,800		23,139
Progressive Waste Solutions Ltd		2,300		49,667
Quebecor Inc ‘B’		1,100		42,764
Research In Motion Ltd (TSE) *		4,057		48,128
Ritchie Bros Auctioneers Inc		804		16,772
Rogers Communications Inc ‘B’		5,500		249,703
Royal Bank of Canada		20,781		1,251,189
Saputo Inc		1,400		70,809
Shaw Communications Inc ‘B’		5,381		123,557
ShawCor Ltd ‘A’		1,100		43,118
Shoppers Drug Mart Corp		2,879		123,878
Silver Wheaton Corp (TSE)		5,700		205,491
SNC-Lavalin Group Inc		1,825		73,976
Sun Life Financial Inc		8,561		226,956
Suncor Energy Inc (TSE)		21,925		720,988
Talisman Energy Inc		13,660		154,494
Teck Resources Ltd ‘B’		8,150		296,192
TELUS Corp - Non-Voting Shares		2,400		156,059
The Jean Coutu Group PJC Inc ‘A’		3,100		45,283
The Toronto-Dominion Bank		13,435		1,131,243
Thomson Reuters Corp (TSE)		5,700		164,920
Tim Hortons Inc		2,100		103,089
Tourmaline Oil Corp *		1,800		56,514
TransAlta Corp		3,800		57,762
TransCanada Corp (TSE)		10,270		485,468
Trican Well Service Ltd		1,800		23,742
Trilogy Energy Corp		300		8,780
Turquoise Hill Resources Ltd (XTSE) *		6,580		50,274
Uranium One Inc *		6,200		14,648
Valeant Pharmaceuticals International Inc (TSE) *		4,000		238,625
Veresen Inc		2,500		29,733
Vermilion Energy Inc		1,433		74,870

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-71

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
West Fraser Timber Co Ltd		600		$42,254
Yamana Gold Inc		10,900		187,493
				18,641,227
Cayman - 0.2%
AAC Technologies Holdings Inc		14,000		49,320
ASM Pacific Technology Ltd		2,500		30,688
Foxconn International Holdings Ltd *		27,000		13,212
Lifestyle International Holdings Ltd		8,500		21,019
MGM China Holdings Ltd		21,200		38,796
Sands China Ltd		32,400		145,345
Stella International Holdings Ltd		2,000		5,422
Veripos Inc *		318		1,253
Wynn Macau Ltd *		16,800		46,300
				351,355
Cyprus - 0.0%
ProSafe SE		2,381		20,478
Denmark - 1.1%
A.P. Moller - Maersk AS ‘A’		8		56,970
A.P. Moller - Maersk AS ‘B’		18		137,780
Carlsberg AS ‘B’		1,388		136,461
Chr. Hansen Holding AS		1,134		36,972
Coloplast AS ‘B’		1,635		80,132
Danske Bank AS *		9,237		157,034
DSV AS		2,337		60,940
FLSmidth & Co AS		1,028		60,054
GN Store Nord AS		3,676		53,921
H Lundbeck AS		193		2,825
Jyske Bank AS *		263		7,339
Novo Nordisk AS ‘B’		2,505		409,116
Novo Nordisk AS ADR		3,237		528,311
Novozymes AS ‘B’		3,215		90,986
Pandora AS		612		13,485
TDC AS		7,713		54,660
Topdanmark AS *		155		33,254
Tryg AS		237		17,919
William Demant Holding AS *		289		24,803
				1,962,962
Finland - 0.6%
Elisa OYJ		1,458		32,581
Fortum OYJ		5,460		102,678
Kesko OYJ ‘B’		886		29,041
Kone OYJ ‘B’		1,825		135,137
Metso OYJ		1,470		64,037
Neste Oil OYJ		1,924		25,086
Nokia OYJ		25,194		99,078
Nokia OYJ ADR		19,600		77,420
Nokian Renkaat OYJ		1,166		46,918
Orion OYJ ‘A’		400		11,647
Orion OYJ ‘B’		905		26,599
Pohjola Bank PLC ‘A’		1,724		25,745
Sampo OYJ ‘A’		4,964		160,518
Stora Enso OYJ ‘R’		8,421		59,560
UPM-Kymmene OYJ		5,343		63,494
Wartsila OYJ Abp		2,439		107,875
				1,067,414
France - 8.0%
Accor SA		1,698		60,908
Aeroports de Paris		429		33,123
Air Liquide SA		4,573		573,073
Alcatel-Lucent *		26,368		35,212
Alcatel-Lucent ADR *		8,000		11,120
Alstom SA		3,380		138,502
Arkema SA		677		71,183
AtoS		1,082		77,098

	Shares		Value
AXA SA		23,917		$432,610
AXA SA ADR		2,200		40,084
BioMerieux		397		38,374
BNP Paribas SA		14,788		833,558
Bollore SA		70		23,773
Bouygues SA		2,949		86,956
Bureau Veritas SA		697		77,494
Cap Gemini SA		2,159		94,089
Carrefour SA		7,802		202,036
Casino Guichard Perrachon SA		644		61,949
Christian Dior SA		815		140,902
Cie de Saint-Gobain		4,950		211,804
Cie Generale d’Optique Essilor International SA		2,737		277,506
Cie Generale de Geophysique-Veritas *		1,488		44,846
Cie Generale de Geophysique-Veritas ADR *		1,300		39,676
Cie Generale des Etablissements Michelin		2,517		238,619
CNP Assurances		1,696		25,834
Credit Agricole SA *		11,109		90,195
Danone SA		7,977		527,037
Dassault Systemes SA		716		80,153
Edenred		2,872		89,311
Eiffage SA		228		10,352
Electricite de France SA		3,041		56,995
Euler Hermes SA		181		15,766
Eutelsat Communications SA		1,857		61,659
France Telecom SA		19,811		221,856
France Telecom SA ADR		5,000		55,250
GDF Suez		19,650		404,867
Groupe Eurotunnel SA		5,804		44,814
Hermes International		179		53,501
Iliad SA		314		54,050
Imerys SA		397		25,760
JCDecaux SA		767		18,511
L’Oreal SA		3,654		510,428
Lafarge SA		2,329		149,238
Lagardere SCA		2,244		76,194
Legrand SA		3,354		141,562
LVMH Moet Hennessy Louis Vuitton SA		3,706		690,603
Natixis		16,008		55,382
Pernod-Ricard SA		2,964		348,527
Peugeot SA *		494		3,662
PPR		1,084		202,039
Publicis Groupe SA		2,454		147,033
Remy Cointreau SA		189		20,662
Renault SA		3,215		177,378
Rexel SA		956		19,535
Safran SA		3,784		165,117
Sanofi		13,155		1,247,557
Sanofi ADR		7,424		351,749
Schneider Electric SA		7,921		590,776
SCOR SE		2,828		76,255
SEB SA		126		9,315
Societe BIC SA		302		36,051
Societe Generale SA *		9,224		346,954
Sodexo		1,471		123,263
Suez Environnement Co		2,691		32,447
Technip SA		1,500		172,694
Thales SA		962		33,210
Total SA		24,574		1,271,890
Total SA ADR		5,720		297,497
Valeo SA		1,356		68,758
Vallourec SA		1,352		70,556
Veolia Environnement SA		2,650		32,303
Veolia Environnement SA ADR		1,468		17,968
Vinci SA		6,508		309,731
Vivendi SA		18,950		426,748
Zodiac Aerospace		339		37,861
				13,941,349

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-72

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Germany - 7.4%
Adidas AG		2,930		$261,116
Allianz SE		6,559		908,662
Axel Springer AG		500		21,339
BASF SE		12,988		1,220,759
Bayer AG		11,848		1,125,116
Bayerische Motoren Werke AG		4,481		432,157
Beiersdorf AG		1,506		123,055
Bilfinger SE		810		78,255
Brenntag AG		743		97,614
Celesio AG		645		11,108
Commerzbank AG *		58,930		112,147
Continental AG		1,166		134,912
Daimler AG (XETR)		13,088		715,191
Deutsche Bank AG (NYSE)		4,451		197,135
Deutsche Bank AG (XETR)		9,200		400,821
Deutsche Boerse AG		2,956		180,422
Deutsche Lufthansa AG		2,294		43,119
Deutsche Post AG		11,888		260,672
Deutsche Telekom AG		31,209		354,573
Deutsche Telekom AG ADR		11,200		127,254
E.ON AG		26,207		488,042
Fielmann AG		308		29,677
Fraport AG Frankfurt Airport Services Worldwide		260		15,141
Fresenius Medical Care AG & Co KGaA		2,255		155,803
Fresenius Medical Care AG & Co KGaA ADR		2,000		68,600
Fresenius SE & Co KGaA		1,784		205,326
GEA Group AG		2,492		80,489
Hannover Rueckversicherung AG		877		68,261
HeidelbergCement AG		1,947		117,955
Henkel AG & Co KGaA		1,803		123,489
Hochtief AG *		592		34,398
Infineon Technologies AG		14,377		116,666
K+S AG		2,593		119,883
Kabel Deutschland Holding AG		1,321		98,782
Lanxess AG		1,155		101,012
Linde AG		2,587		451,145
MAN SE		803		85,864
Merck KGaA		908		119,800
Metro AG		2,643		73,268
MTU Aero Engines Holding AG		396		35,995
Muenchener Rueckversicherungs AG		2,525		453,348
Puma SE		40		11,873
Rhoen Klinikum AG		1,552		31,414
RWE AG		7,019		289,763
Salzgitter AG		284		14,799
SAP AG		6,877		550,893
SAP AG ADR		6,395		514,030
SGL Carbon SE		623		24,714
Siemens AG		6,139		667,245
Siemens AG ADR		5,113		559,720
Sky Deutschland AG *		1,760		9,605
Software AG		714		30,329
Suedzucker AG		534		21,851
Symrise AG		2,124		76,045
ThyssenKrupp AG		4,670		109,728
United Internet AG		2,231		48,156
Volkswagen AG		451		96,889
Wacker Chemie AG		156		10,221
				12,915,646
Greece - 0.0%
Coca Cola Hellenic Bottling Co SA *		2,142		50,675
Coca Cola Hellenic Bottling Co SA ADR *		543		12,798
				63,473

	Shares		Value
Hong Kong - 2.3%
AIA Group Ltd		143,000		$569,918
Bank of East Asia Ltd		20,000		77,678
BOC Holdings Ltd		61,000		191,374
Cathay Pacific Airways Ltd		18,000		33,464
Cheung Kong Holdings Ltd		20,000		309,577
CLP Holdings Ltd		25,000		210,417
Galaxy Entertainment Group Ltd *		17,000		67,699
Hang Lung Group Ltd		17,000		97,391
Hang Lung Properties Ltd		31,000		124,295
Hang Seng Bank Ltd		10,700		165,297
Henderson Land Development Co Ltd		14,000		99,729
Hong Kong & China Gas Co Ltd		83,003		227,643
Hong Kong Exchanges & Clearing Ltd		14,300		246,353
Hopewell Holdings Ltd		4,500		19,458
Hutchison Whampoa Ltd		30,000		318,249
Hysan Development Co Ltd		13,000		62,953
MTR Corp Ltd		18,002		71,261
New World Development Co Ltd		49,000		77,028
PCCW Ltd		60,000		26,505
Power Assets Holdings Ltd		23,000		197,410
Sino Land Co Ltd		48,400		87,153
SJM Holdings Ltd		32,000		75,304
Sun Hung Kai Properties Ltd		23,492		355,789
Swire Properties Ltd		13,800		46,408
Techtronic Industries Co		11,500		22,073
Television Broadcasts Ltd		3,000		22,519
Wharf Holdings Ltd		22,000		174,215
Wheelock & Co Ltd		11,000		55,835
Wing Hang Bank Ltd		5,500		57,980
				4,090,975
Ireland - 0.3%
CRH PLC		1,776		36,854
CRH PLC ADR		6,600		134,244
Dragon Oil PLC		2,170		19,860
Elan Corp PLC *		6,738		69,586
James Hardie Industries PLC		8,726		84,417
Kerry Group PLC ‘A’		1,729		91,777
Paddy Power PLC		520		42,861
Prothena Corp PLC *		164		1,205
The Governor & Co of the Bank of Ireland Group *		138,822		20,754
				501,558
Israel - 0.4%
Bank Hapoalim BM *		11,935		51,345
Bank Leumi Le-Israel BM *		13,343		45,626
Bezeq The Israeli Telecommunication Corp Ltd		24,671		28,491
Israel Chemicals Ltd		5,804		69,970
Mellanox Technologies Ltd *		374		22,513
Mizrahi Tefahot Bank Ltd *		1,124		11,612
NICE Systems Ltd ADR *		800		26,784
Teva Pharmaceutical Industries Ltd ADR		13,926		519,997
				776,338
Italy - 1.9%
Assicurazioni Generali SPA		15,842		288,970
Atlantia SPA		5,783		104,886
Autogrill SPA		2,362		27,597
Banca Monte dei Paschi di Siena SPA *		29,374		9,071
Banco Popolare SCARL *		8,388		14,040
Davide Campari-Milano SPA		7,247		55,664
Enel Green Power SPA		18,054		33,765
Enel SPA		92,791		386,046
ENI SPA		27,073		667,879
ENI SPA ADR		4,742		233,022
Fiat Industrial SPA		10,888		119,381

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-73

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PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Fiat SPA *		15,939		$80,510
Finmeccanica SPA *		2,366		13,712
Intesa Sanpaolo SPA		144,057		249,219
Lottomatica Group SPA		1,730		39,369
Luxottica Group SPA ADR		1,300		53,755
Mediobanca SPA		3,553		22,008
Mediolanum SPA		2,708		13,786
Parmalat SPA		12,375		28,908
Pirelli & C SPA		2,205		25,298
Prysmian SPA		3,662		74,090
Saipem SPA		3,670		142,387
Snam SPA		22,266		103,538
Telecom Italia SPA		88,111		79,646
Telecom Italia SPA ADR		2,600		23,530
Terna Rete Elettrica Nazionale SPA		19,461		77,937
Tod’s SPA		214		27,285
UniCredit SPA *		58,689		289,812
Unione di Banche Italiane SCPA		8,378		39,078
				3,324,189
Japan - 18.3%
Advantest Corp		1,100		17,360
Advantest Corp ADR		429		6,915
Aeon Co Ltd		8,500		97,160
Aeon Mall Co Ltd		700		17,110
Air Water Inc		3,000		38,185
Aisin Seiki Co Ltd		2,400		74,850
Ajinomoto Co Inc		9,000		119,080
Alfresa Holdings Corp		400		15,631
All Nippon Airways Co Ltd		21,000		44,027
Amada Co Ltd		5,000		32,534
Anritsu Corp		4,000		47,531
Aozora Bank Ltd		14,000		43,017
Asahi Glass Co Ltd		17,000		123,511
Asahi Group Holdings Ltd		6,300		133,542
Asahi Kasei Corp		21,000		124,012
Asics Corp		1,200		18,282
Astellas Pharma Inc		6,100		274,020
Azbil Corp		800		16,128
Benesse Holdings Inc		1,200		49,738
Bridgestone Corp		8,900		230,698
Brother Industries Ltd		5,300		57,183
Calbee Inc		300		21,117
Canon Inc		7,500		294,166
Canon Inc ADR		8,890		348,577
Casio Computer Co Ltd		6,200		54,369
Central Japan Railway Co		2,000		162,271
Chiyoda Corp		2,000		28,638
Chubu Electric Power Co Inc		9,400		125,427
Chugai Pharmaceutical Co Ltd		2,700		51,746
Citizen Holdings Co Ltd		2,800		14,801
Coca-Cola West Co Ltd		2,500		38,491
Cosmo Oil Co Ltd		12,000		26,632
Dai Nippon Printing Co Ltd		8,000		62,694
Daicel Corp		2,000		13,233
Daido Steel Co Ltd		7,000		35,136
Daihatsu Motor Co Ltd		3,000		59,339
Daiichi Sankyo Co Ltd		10,600		162,599
Daikin Industries Ltd		3,700		127,134
Dainippon Sumitomo Pharma Co Ltd		1,700		20,424
Daito Trust Construction Co Ltd		1,200		112,923
Daiwa House Industry Co Ltd		8,000		137,654
Daiwa Securities Group Inc		25,000		139,242
Dena Co Ltd		1,100		36,169
Denki Kagaku Kogyo KK		3,000		10,268
Denso Corp		6,900		240,085
Dentsu Inc		3,200		85,958
DIC Corp		4,000		7,416
Disco Corp		300		15,532
Don Quijote Co Ltd		900		32,971

	Shares		Value
Dowa Holdings Co Ltd		4,000		$25,913
East Japan Railway Co		4,600		297,419
Ebara Corp		3,000		12,611
Eisai Co Ltd		3,600		150,315
Electric Power Development Co Ltd		1,400		33,188
FamilyMart Co Ltd		900		37,048
FANUC Corp		2,700		502,102
Fast Retailing Co Ltd		700		177,781
Fuji Electric Co Ltd		7,000		17,269
Fuji Heavy Industries Ltd		9,000		113,321
FUJIFILM Holdings Corp		6,300		126,892
Fujitsu Ltd		27,000		113,364
Fukuoka Financial Group Inc		13,000		52,032
Furukawa Electric Co Ltd *		5,000		11,234
Glory Ltd		1,300		30,114
Gree Inc		2,000		31,009
GS Yuasa Corp		3,000		12,075
Hakuhodo DY Holdings Inc		420		27,187
Hamamatsu Photonics KK		800		28,862
Hankyu Hanshin Holdings Inc		9,000		46,463
Hino Motors Ltd		6,000		53,804
Hirose Electric Co Ltd		400		47,890
Hisamitsu Pharmaceutical Co Inc		800		39,666
Hitachi Chemical Co Ltd		800		11,924
Hitachi Construction Machinery Co Ltd		800		16,794
Hitachi High-Technologies Corp		1,400		28,964
Hitachi Ltd		34,000		200,094
Hitachi Ltd ADR		3,200		188,576
Hitachi Metals Ltd		1,000		8,457
Hitachi Transport System Ltd		700		10,173
Hokkaido Electric Power Co Inc		3,000		36,429
Hokuhoku Financial Group Inc		14,000		20,709
Hokuriku Electric Power Co		3,100		36,651
Honda Motor Co Ltd		13,700		504,960
Honda Motor Co Ltd ADR		9,500		350,930
House Foods Corp		900		13,568
HOYA Corp		5,850		115,180
Ibiden Co Ltd		1,100		17,559
Idemitsu Kosan Co Ltd		500		43,548
IHI Corp		8,000		20,563
Inpex Corp		32		170,779
Isetan Mitsukoshi Holdings Ltd		3,800		36,986
Isuzu Motors Ltd		17,000		101,266
ITOCHU Corp		20,600		217,451
Itochu Techno-Solutions Corp		1,100		45,329
Izumi Co Ltd		600		12,653
J Front Retailing Co Ltd		6,000		33,080
Japan Exchange Group Inc		100		4,992
Japan Tobacco Inc		13,100		369,311
JFE Holdings Inc		7,900		148,937
JGC Corp		4,000		124,609
JSR Corp		2,700		51,008
JTEKT Corp		1,300		12,398
Jupiter Telecommunications Co Ltd		2		2,484
JX Holdings Inc		34,000		191,496
K’s Holdings Corp		400		10,152
Kagome Co Ltd		1,300		24,816
Kajima Corp		18,333		60,550
Kakaku.com Inc		1,200		39,515
Kamigumi Co Ltd		2,000		15,877
Kaneka Corp		2,000		10,059
Kansai Paint Co Ltd		4,000		43,081
Kao Corp		7,000		182,381
Kawasaki Heavy Industries Ltd		23,000		62,504
Kawasaki Kisen Kaisha Ltd *		5,000		7,646
KDDI Corp		4,100		289,604
Keihan Electric Railway Co Ltd		11,000		49,803
Keikyu Corp		8,000		70,803
Keio Corp		5,000		37,281
Keisei Electric Railway Co Ltd		6,000		50,647

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-74

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Kewpie Corp		700		$9,661
Keyence Corp		740		204,233
Kikkoman Corp		2,000		28,570
Kintetsu Corp		19,000		77,727
Kirin Holdings Co Ltd		13,000		152,755
Kobayashi Pharmaceutical Co Ltd		700		33,241
Kobe Steel Ltd *		26,000		33,199
Koito Manufacturing Co Ltd		2,000		29,165
Komatsu Ltd		12,500		319,868
Konami Corp		900		20,235
Konami Corp ADR		721		16,165
Konica Minolta Holdings Inc		6,000		43,227
Kubota Corp		8,000		91,883
Kubota Corp ADR		1,400		80,668
Kuraray Co Ltd		3,700		48,442
Kurita Water Industries Ltd		1,500		32,956
Kyocera Corp		1,600		145,090
Kyocera Corp ADR		673		61,479
Kyowa Hakko Kirin Co Ltd		4,000		39,502
Kyushu Electric Power Co Inc		4,900		55,935
Lawson Inc		1,100		74,771
Lion Corp		7,000		35,497
LIXIL Group Corp		4,200		93,530
Makita Corp		1,600		74,420
Makita Corp ADR		200		9,290
Marubeni Corp		26,000		186,318
Marui Group Co Ltd		1,600		12,803
Mazda Motor Corp *		42,000		85,765
McDonald’s Holdings Co Japan Ltd		800		21,103
MEDIPAL Holdings Corp		4,000		44,073
MEIJI Holdings Co Ltd		1,100		47,677
Minebea Co Ltd		3,000		10,677
Miraca Holdings Inc		400		16,106
MISUMI Group Inc		1,200		32,566
Mitsubishi Chemical Holdings Corp		19,000		94,776
Mitsubishi Corp		19,800		380,590
Mitsubishi Electric Corp		26,000		221,298
Mitsubishi Estate Co Ltd		16,000		382,501
Mitsubishi Gas Chemical Co Inc		5,000		30,636
Mitsubishi Heavy Industries Ltd		45,000		217,611
Mitsubishi Logistics Corp		3,000		43,033
Mitsubishi Materials Corp		16,000		54,537
Mitsubishi Motors Corp *		40,000		41,347
Mitsubishi Tanabe Pharma Corp		3,100		40,419
Mitsubishi UFJ Financial Group Inc		120,300		647,351
Mitsubishi UFJ Financial Group Inc ADR		61,180		331,596
Mitsui & Co Ltd		17,000		254,325
Mitsui & Co Ltd ADR		300		90,150
Mitsui Chemicals Inc		11,000		28,732
Mitsui Fudosan Co Ltd		11,000		268,742
Mitsui Mining & Smelting Co Ltd		6,000		14,809
Mitsui OSK Lines Ltd		11,000		32,780
Mizuho Financial Group Inc		213,300		390,263
Mizuho Financial Group Inc ADR		50,432		184,581
MS&AD Insurance Group Holdings		7,800		155,832
Murata Manufacturing Co Ltd		3,200		188,732
Nabtesco Corp		1,100		24,343
Nagase & Co Ltd		2,000		22,144
Nagoya Railroad Co Ltd		8,000		21,304
Namco Bandai Holdings Inc		2,700		35,016
Nankai Electric Railway Co Ltd		6,000		27,105
NEC Corp *		39,000		82,121
NGK Insulators Ltd		4,000		47,042
NGK Spark Plug Co Ltd		2,000		26,579
NHK Spring Co Ltd		4,000		32,962
Nichirei Corp		9,000		47,014
Nidec Corp		600		35,085
Nidec Corp ADR		3,016		43,943
Nikon Corp		5,100		150,570
Nintendo Co Ltd		1,600		170,720

	Shares		Value
Nippon Electric Glass Co Ltd		3,000		$17,046
Nippon Express Co Ltd		17,000		70,217
Nippon Kayaku Co Ltd		3,000		33,055
Nippon Meat Packers Inc		3,000		41,302
Nippon Paint Co Ltd		2,000		17,191
Nippon Paper Group Inc		400		5,560
Nippon Shokubai Co Ltd		5,000		50,976
Nippon Steel & Sumitomo Metal Corp		111,630		274,586
Nippon Telegraph & Telephone Corp		4,000		168,025
Nippon Telegraph & Telephone Corp ADR		4,100		86,223
Nippon Yusen KK		18,000		42,363
Nishi-Nippon Railroad Co Ltd		5,000		19,797
Nissan Chemical Industries Ltd		4,000		47,366
Nissan Motor Co Ltd		33,300		316,065
Nisshin Seifun Group Inc		4,000		50,052
Nisshinbo Holdings Inc		4,000		33,848
Nissin Foods Holdings Co Ltd		1,000		37,918
Nitori Holdings Co Ltd		450		32,943
Nitto Denko Corp		2,100		103,321
NKSJ Holdings Inc		5,250		111,808
NOK Corp		2,000		30,984
Nomura Holdings Inc		30,700		181,261
Nomura Holdings Inc ADR		19,971		117,230
Nomura Real Estate Holdings Inc		2,000		38,154
Nomura Research Institute Ltd		1,400		28,980
NSK Ltd		3,000		21,379
NTT Data Corp		14		43,772
NTT DOCOMO Inc		134		192,444
NTT DOCOMO Inc ADR		8,600		123,926
Obayashi Corp		11,000		61,917
Obic Co Ltd		160		31,844
Odakyu Electric Railway Co Ltd		10,000		104,032
OJI Holdings Corp		14,000		48,347
Olympus Corp *		3,400		65,991
Omron Corp		2,300		55,149
Ono Pharmaceutical Co Ltd		800		40,825
Oracle Corp Japan		600		25,007
Oriental Land Co Ltd		600		72,503
Osaka Gas Co Ltd		27,000		98,070
Otsuka Corp		400		30,264
Otsuka Holdings Co Ltd		5,000		140,374
Panasonic Corp		18,300		111,191
Panasonic Corp ADR		13,000		78,910
Park24 Co Ltd		3,000		47,311
Rakuten Inc *		12,300		95,924
Renesas Electronics Corp *		1,200		4,250
Rengo Co Ltd		6,000		30,289
Resona Holdings Inc		26,800		121,506
Ricoh Co Ltd		11,000		116,864
Rinnai Corp		500		33,970
Rohm Co Ltd		1,900		61,724
Ryohin Keikaku Co Ltd		800		44,685
Sankyo Co Ltd		900		35,613
Sanrio Co Ltd		300		9,547
Santen Pharmaceutical Co Ltd		800		30,629
Sapporo Holdings Ltd		2,000		6,464
Sawai Pharmaceutical Co Ltd		200		20,062
SBI Holdings Inc		2,220		19,816
Secom Co Ltd		2,500		125,998
Sega Sammy Holdings Inc		3,100		52,358
Seiko Epson Corp		1,000		8,157
Sekisui Chemical Co Ltd		3,000		25,980
Sekisui House Ltd		10,000		109,460
Senshu Ikeda Holdings Inc		2,140		12,220
Seven & I Holdings Co Ltd		9,900		278,635
Sharp Corp		10,000		35,069
Shikoku Electric Power Co Inc		1,700		27,112
Shimadzu Corp		6,000		40,476
Shimamura Co Ltd		200		19,369
Shimano Inc		1,200		76,515

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-75

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Shimizu Corp		8,000		$30,087
Shin-Etsu Chemical Co Ltd		5,400		329,829
Shinsei Bank Ltd		30,000		60,070
Shionogi & Co Ltd		5,400		89,952
Shiseido Co Ltd		5,500		77,344
Showa Denko KK		29,000		44,343
Showa Shell Sekiyu KK		2,700		15,330
SMC Corp		900		163,272
Softbank Corp		12,400		453,738
Sojitz Corp		7,500		11,095
Sony Corp		5,300		59,304
Sony Corp ADR		8,700		97,440
Sony Financial Holdings Inc		3,700		66,556
Sotetsu Holdings Inc		8,000		27,883
Square Enix Holdings Co Ltd		1,700		21,481
Stanley Electric Co Ltd		2,400		34,163
Sugi Holdings Co Ltd		1,100		38,647
Sumco Corp *		4,900		47,672
Sumitomo Chemical Co Ltd		18,000		56,791
Sumitomo Corp		16,300		208,930
Sumitomo Electric Industries Ltd		10,000		115,722
Sumitomo Heavy Industries Ltd		11,000		52,538
Sumitomo Metal Mining Co Ltd		7,000		98,780
Sumitomo Mitsui Financial Group Inc		17,100		621,226
Sumitomo Mitsui Financial Group Inc ADR		6,000		44,040
Sumitomo Mitsui Trust Holdings Inc		39,000		137,025
Sumitomo Realty & Development Co Ltd		6,000		199,364
Sumitomo Rubber Industries Ltd		2,000		24,165
Sundrug Co Ltd		1,000		34,160
Suruga Bank Ltd		4,000		49,134
Suzuken Co Ltd		900		25,362
Suzuki Motor Corp		5,300		138,551
Sysmex Corp		500		22,908
T&D Holdings Inc		9,100		110,911
Taiheiyo Cement Corp		10,000		27,517
Taisei Corp		10,000		33,058
Taiyo Nippon Sanso Corp		1,000		5,713
Takashimaya Co Ltd		5,000		35,636
Takeda Pharmaceutical Co Ltd		11,400		509,462
TDK Corp		1,600		58,182
Teijin Ltd		9,000		22,197
Terumo Corp		2,200		87,413
The 77 Bank Ltd		4,000		16,026
The Awa Bank Ltd		5,000		28,562
The Bank of Kyoto Ltd		6,000		50,481
The Bank of Yokohama Ltd		11,000		51,060
The Chiba Bank Ltd		7,000		40,955
The Chugoku Bank Ltd		4,000		55,838
The Chugoku Electric Power Co Inc		4,800		75,273
The Dai-ichi Life Insurance Co Ltd		138		194,172
The Gunma Bank Ltd		3,000		14,596
The Hachijuni Bank Ltd		6,000		30,119
The Hiroshima Bank Ltd		5,000		20,950
The Iyo Bank Ltd		5,000		39,463
The Japan Steel Works Ltd		8,000		51,826
The Joyo Bank Ltd		8,000		37,805
The Kansai Electric Power Co Inc		13,400		140,790
The Nanto Bank Ltd		7,000		31,842
The Nishi-Nippon City Bank Ltd		6,000		14,781
The Shiga Bank Ltd		2,000		12,409
The Shizuoka Bank Ltd		7,000		68,365
The Yokohama Rubber Co Ltd		6,000		43,428
THK Co Ltd		700		12,579
Tobu Railway Co Ltd		12,000		63,504
Toho Co Ltd		1,000		17,612
Toho Gas Co Ltd		5,000		26,840
Tohoku Electric Power Co Inc *		5,000		46,530
Tokai Rika Co Ltd		1,400		19,487
Tokio Marine Holdings Inc		10,300		287,185
Tokyo Electric Power Co Inc *		17,600		42,184

	Shares		Value
Tokyo Electron Ltd		2,700		$124,236
Tokyo Gas Co Ltd		34,000		155,446
Tokyo Tatemono Co Ltd		3,000		15,406
Tokyu Corp		12,000		67,390
Tokyu Land Corp		4,000		29,241
TonenGeneral Sekiyu KK		4,000		34,468
Toppan Printing Co Ltd		11,000		67,774
Toray Industries Inc		25,000		152,444
Toshiba Corp		56,000		221,436
Tosoh Corp		10,000		24,040
TOTO Ltd		5,000		37,558
Toyo Seikan Kaisha Ltd		3,100		41,761
Toyo Suisan Kaisha Ltd		1,000		26,650
Toyoda Gosei Co Ltd		2,000		40,688
Toyota Motor Corp		7,760		362,210
Toyota Motor Corp ADR		15,703		1,464,305
Toyota Tsusho Corp		3,400		83,946
Trend Micro Inc *		1,800		54,322
Tsumura & Co		1,500		45,206
Ube Industries Ltd		14,000		33,668
Unicharm Corp		1,500		78,085
UNY Co Ltd		5,200		38,620
Ushio Inc		900		9,829
USS Co Ltd		270		27,987
Wacoal Holdings Corp		3,000		31,050
West Japan Railway Co		2,800		110,271
Yahoo! Japan Corp		265		85,772
Yakult Honsha Co Ltd		1,700		74,491
Yamada Denki Co Ltd		1,410		54,374
Yamaguchi Financial Group Inc		2,000		17,670
Yamaha Corp		1,400		14,827
Yamaha Motor Co Ltd		2,800		31,037
Yamato Holdings Co Ltd		5,300		80,589
Yamato Kogyo Co Ltd		1,300		38,053
Yamazaki Baking Co Ltd		2,000		22,274
Yaskawa Electric Corp		2,000		19,289
Yokogawa Electric Corp		3,800		41,338
Zeon Corp		4,000		34,650
				31,871,121
Luxembourg - 0.4%
ArcelorMittal		8,057		139,475
ArcelorMittal ‘NY’ (NYSE)		4,480		78,266
L’Occitane International SA		7,500		23,849
Millicom International Cellular SA SDR		823		71,532
Samsonite International SA		3,300		6,903
SES SA FDR		3,224		93,267
Subsea 7 SA		5,114		122,312
Tenaris SA		441		9,193
Tenaris SA ADR		2,949		123,622
				668,419
Mauritius - 0.0%
Golden Agri-Resources Ltd		113,000		60,832
Netherlands - 2.4%
Aegon NV		8,184		52,155
Aegon NV ‘NY’		15,969		102,840
Akzo Nobel NV		3,347		220,859
ASML Holding NV		3,752		242,903
ASML Holding NV ‘NY’		1,848		119,030
DE Master Blenders 1753 NV *		7,034		81,820
Delta Lloyd NV		419		6,973
European Aeronautic Defence & Space Co NV		5,977		234,259
Fugro NV CVA		1,073		62,857
Gemalto NV		1,235		111,812
Heineken NV		3,768		251,337
ING Groep NV ADR *		39,158		371,609

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-76

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PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
ING Groep NV CVA *		13,872		$132,654
Koninklijke Ahold NV		12,671		168,305
Koninklijke Boskalis Westminster NV		815		37,155
Koninklijke DSM NV		2,177		131,130
Koninklijke KPN NV		13,215		65,351
Koninklijke Philips Electronics NV		8,583		230,267
Koninklijke Philips Electronics NV ‘NY’		4,897		129,966
Koninklijke Vopak NV		897		63,247
QIAGEN NV (XETR) *		2,422		43,927
Randstad Holding NV		1,612		59,506
Reed Elsevier NV		7,802		115,594
Reed Elsevier NV ADR		1,235		36,531
SBM Offshore NV *		51		723
STMicroelectronics NV		6,811		49,659
STMicroelectronics NV ‘NY’		2,700		19,548
TNT Express NV		4,920		55,655
Unilever NV ‘NY’		7,632		292,306
Unilever NV CVA		15,780		595,439
Wolters Kluwer NV		3,874		80,106
				4,165,523
New Zealand - 0.1%
Auckland International Airport Ltd		15,829		35,004
Contact Energy Ltd *		4,031		17,399
Fletcher Building Ltd (NZX)		7,843		54,881
Telecom Corp of New Zealand Ltd		28,553		53,997
				161,281
Norway - 0.8%
Aker Solutions ASA		2,264		46,589
DNB ASA		12,632		161,019
DNO International ASA *		880		1,485
Fred Olsen Energy ASA		553		24,184
Gjensidige Forsikring ASA		3,349		48,197
Marine Harvest ASA *		33,007		30,590
Norsk Hydro ASA		11,226		57,189
Orkla ASA		11,071		96,924
Petroleum Geo-Services ASA		4,001		69,225
Schibsted ASA		1,909		81,409
Statoil ASA		12,466		312,823
Statoil ASA ADR		3,728		93,349
Storebrand ASA *		4,286		21,028
Telenor ASA		11,151		226,552
TGS Nopec Geophysical Co ASA		1,334		43,716
Yara International ASA		2,454		121,807
				1,436,086
Papua New Guinea - 0.1%
Oil Search Ltd		15,238		111,982
Portugal - 0.1%
Banco Espirito Santo SA *		29,373		35,459
EDP - Energias de Portugal SA		33,081		99,438
Galp Energia SGPS SA		3,121		48,485
Jeronimo Martins SGPS SA		2,513		48,492
Portugal Telecom SGPS SA		7,542		37,727
				269,601
Singapore - 1.4%
CapitaLand Ltd		34,000		104,305
City Developments Ltd		6,000		63,999
ComfortDelGro Corp Ltd		22,831		33,462
DBS Group Holdings Ltd		25,182		308,261
Fraser and Neave Ltd		13,000		103,470
Jardine Cycle & Carriage Ltd		2,000		79,573
Keppel Corp Ltd		18,800		170,826
Keppel Land Ltd		7,000		23,398
Olam International Ltd		18,000		23,085
Oversea-Chinese Banking Corp Ltd		36,832		296,337

	Shares		Value
SATS Ltd		8,000		$19,035
SembCorp Industries Ltd		11,000		47,930
SembCorp Marine Ltd		12,000		45,684
Singapore Airlines Ltd		10,000		88,439
Singapore Exchange Ltd		11,000		63,771
Singapore Press Holdings Ltd		28,000		92,638
Singapore Technologies Engineering Ltd		17,000		53,662
Singapore Telecommunications Ltd		118,000		320,908
SMRT Corp Ltd		24,000		33,233
StarHub Ltd		8,000		24,981
United Industrial Corp Ltd		9,000		21,016
United Overseas Bank Ltd		17,090		279,907
UOL Group Ltd		4,000		19,745
Venture Corp Ltd		2,000		13,233
Wilmar International Ltd		28,000		77,387
				2,408,285
Spain - 2.8%
Abertis Infraestructuras SA		4,243		70,712
Acciona SA		165		12,512
Acerinox SA		977		10,778
ACS Actividades de Construccion y Servicios SA		1,418		36,290
Amadeus IT Holding SA ‘A’		4,276		107,303
Banco Bilbao Vizcaya Argentaria SA		64,792		594,813
Banco Bilbao Vizcaya Argentaria SA ADR		14,058		132,426
Banco de Sabadell SA *		34,627		91,753
Banco Popular Espanol SA *		95,608		73,678
Banco Santander SA		119,481		963,385
Banco Santander SA ADR		29,287		239,275
CaixaBank SA		10,335		36,126
Distribuidora Internacional de Alimentacion SA		11,300		72,610
Ebro Foods SA		1,575		31,746
EDP Renovaveis SA *		3,839		20,472
Enagas SA		2,188		46,821
Ferrovial SA		7,257		106,998
Gas Natural SDG SA		4,312		78,849
Grifols SA *		2,817		99,112
Iberdrola SA		58,045		323,681
Inditex SA		3,200		448,313
International Consolidated Airlines Group SA *		13,807		42,563
Mapfre SA		13,005		40,140
Prosegur Cia de Seguridad SA		6,890		40,459
Red Electrica Corp SA		1,198		59,190
Repsol SA		6,507		133,632
Repsol SA ADR		5,199		108,659
Telefonica SA		30,227		410,444
Telefonica SA ADR		28,381		382,860
Zardoya Otis SA		1,233		17,772
				4,833,372
Sweden - 2.8%
Alfa Laval AB		4,126		86,484
Assa Abloy AB ‘B’		4,433		166,927
Atlas Copco AB ‘A’		10,318		285,634
Atlas Copco AB ‘B’		5,210		127,822
Boliden AB		3,407		64,757
Electrolux AB ‘B’		4,287		112,592
Elekta AB ‘B’		4,940		77,902
Getinge AB ‘B’		2,355		79,778
Hennes & Mauritz AB ‘B’		13,754		477,942
Hexagon AB ‘B’		2,882		72,446
Husqvarna AB ‘B’		5,332		32,321
Lundin Petroleum AB *		2,639		60,892
Meda AB ‘A’		4,084		42,091
Modern Times Group AB ‘B’		338		11,842
Nordea Bank AB		37,732		361,367
Ratos AB ‘B’		1,948		18,764

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-77

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PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Sandvik AB		14,298		$229,805
Scania AB ‘B’		5,185		107,838
Securitas AB ‘B’		3,834		33,679
Skandinaviska Enskilda Banken AB ‘A’		22,396		190,984
Skanska AB ‘B’		4,284		70,484
SKF AB ‘B’		5,104		129,154
SSAB AB ‘A’		1,095		9,656
Svenska Cellulosa AB ‘A’		303		6,633
Svenska Cellulosa AB ‘B’		7,840		171,623
Svenska Handelsbanken AB ‘A’		6,983		250,201
Swedbank AB ‘A’		12,310		242,241
Swedish Match AB		2,730		91,949
Tele2 AB ‘B’		5,478		99,351
Telefonaktiebolaget LM Ericsson ‘A’		2,410		23,702
Telefonaktiebolaget LM Ericsson ‘B’		23,835		239,739
Telefonaktiebolaget LM Ericsson ADR		19,502		196,970
TeliaSonera AB		32,832		223,635
Trelleborg AB ‘B’		3,548		44,266
Volvo AB ‘A’		6,806		94,447
Volvo AB ‘B’		21,193		292,245
				4,828,163
Switzerland - 7.7%
ABB Ltd (XVTX)		2,834		58,845
ABB Ltd ADR		29,541		614,157
Actelion Ltd		1,653		79,400
Adecco SA		1,567		83,060
Aryzta AG		1,452		74,499
Baloise Holding AG		636		55,503
Banque Cantonale Vaudoise		27		14,333
Barry Callebaut AG		39		37,659
Cie Financiere Richemont SA ‘A’		7,312		584,693
Clariant AG		1,895		25,822
Credit Suisse Group AG		9,937		249,333
Credit Suisse Group AG ADR		6,776		166,419
Dufry AG *		246		32,551
EMS-Chemie Holding AG		77		18,161
Galenica AG		61		35,401
Geberit AG		639		141,461
Givaudan SA		104		110,258
Holcim Ltd		3,082		226,998
Julius Baer Group Ltd		2,899		104,302
Kuehne + Nagel International AG		626		76,185
Lindt & Spruengli AG		2		75,476
Nestle SA		46,484		3,029,553
Novartis AG		14,218		900,163
Novartis AG ADR		19,486		1,233,464
Partners Group Holding AG		230		53,123
PSP Swiss Property AG		103		9,775
Roche Holding AG (XSWX)		381		78,615
Roche Holding AG (XVTX)		10,328		2,104,071
Schindler Holding AG		240		34,016
SGS SA		82		182,159
Sika AG		36		83,434
Sonova Holding AG		611		67,691
Sulzer AG		437		69,255
Swiss Life Holding AG		454		60,593
Swiss Re AG		5,109		372,877
Swisscom AG		317		136,720
Syngenta AG		400		161,353
Syngenta AG ADR		4,185		338,148
The Swatch Group AG		475		244,451
The Swatch Group AG (Registered)		587		51,266
UBS AG (NYSE)		15,158		238,587
UBS AG (XVTX)		39,086		614,673
Zurich Insurance Group AG		1,905		509,381
				13,437,884

	Shares		Value
United Kingdom - 19.8%
Aberdeen Asset Management PLC		12,855		$76,229
Admiral Group PLC		2,694		51,587
Aggreko PLC		3,734		107,085
AMEC PLC		3,498		57,230
Anglo American PLC		16,790		535,962
Antofagasta PLC		4,782		106,260
ARM Holdings PLC		1,325		16,943
ARM Holdings PLC ADR		6,134		232,049
Ashmore Group PLC		1,763		10,194
Associated British Foods PLC		4,306		109,605
AstraZeneca PLC ADR		18,224		861,449
Aviva PLC		39,049		235,731
Babcock International Group PLC		6,031		93,594
BAE Systems PLC		42,946		235,944
Barclays PLC		33,323		143,902
Barclays PLC ADR		34,642		600,000
BG Group PLC		44,604		747,932
BHP Billiton PLC		5,427		190,702
BHP Billiton PLC ADR		12,984		913,684
BP PLC ADR		45,953		1,913,483
British American Tobacco PLC		16,938		858,249
British American Tobacco PLC ADR		5,542		561,128
British Sky Broadcasting Group PLC		6,583		82,234
British Sky Broadcasting Group PLC ADR		1,754		88,384
BT Group PLC		59,434		224,036
BT Group PLC ADR		5,292		201,255
Bunzl PLC		4,019		65,621
Burberry Group PLC		5,625		115,169
Capita PLC		9,500		117,635
Carnival PLC		1,157		44,726
Carnival PLC ADR		1,664		64,480
Centrica PLC		69,624		378,225
Cobham PLC		11,849		43,092
Compass Group PLC		26,542		313,906
Croda International PLC		2,177		84,342
Diageo PLC ADR		8,999		1,049,103
Eurasian Natural Resources Corp PLC		3,202		15,405
Evraz PLC		3,743		16,521
Experian PLC		12,974		209,624
Fresnillo PLC		3,109		96,469
G4S PLC		18,242		76,172
Genting Singapore PLC		84,000		96,115
GKN PLC		21,789		81,300
GlaxoSmithKline PLC		1,836		39,863
GlaxoSmithKline PLC ADR		33,938		1,475,285
Hargreaves Lansdown PLC		2,130		23,669
HSBC Holdings PLC (LI)		6,138		64,921
HSBC Holdings PLC ADR		51,541		2,735,281
ICAP PLC		3,061		15,660
IMI PLC		3,116		55,421
Imperial Tobacco Group PLC		14,239		549,837
Informa PLC		7,398		54,730
Inmarsat PLC		1,411		13,621
InterContinental Hotels Group PLC		4,182		116,757
Intertek Group PLC		2,073		104,616
Investec PLC		5,925		40,355
ITV PLC		51,218		87,866
J. Sainsbury PLC		14,201		79,901
John Wood Group PLC		6,020		71,130
Johnson Matthey PLC		2,480		95,245
Kazakhmys PLC		2,794		36,740
Kingfisher PLC		34,614		159,878
Legal & General Group PLC		86,091		207,842
Lloyds Banking Group PLC *		541,138		433,602
Lloyds Banking Group PLC ADR *		13,200		42,240
London Stock Exchange Group PLC		2,376		41,502
Marks & Spencer Group PLC		25,531		159,178
Meggitt PLC		11,661		72,693

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-78

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PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Melrose Industries PLC		13,185		$49,121
Mondi PLC		4,039		43,564
National Grid PLC		31,746		363,632
National Grid PLC ADR		3,865		222,006
Next PLC		2,140		132,082
Old Mutual PLC		61,677		183,199
Pearson PLC		4,231		82,713
Pearson PLC ADR		8,321		162,592
Pennon Group PLC		6,143		62,562
Petrofac Ltd		3,498		94,771
Prudential PLC		15,432		215,327
Prudential PLC ADR		8,983		256,465
Randgold Resources Ltd		1,178		116,099
Reckitt Benckiser Group PLC		9,768		611,904
Reed Elsevier PLC		4,850		50,925
Reed Elsevier PLC ADR		2,500		105,100
Resolution Ltd		19,782		78,968
Rexam PLC		13,607		95,618
Rio Tinto PLC		309		18,006
Rio Tinto PLC ADR		19,162		1,113,121
Rolls-Royce Holdings PLC *		27,380		394,498
Royal Dutch Shell PLC ‘A’ (LI)		955		33,745
Royal Dutch Shell PLC ‘B’		21,504		761,077
Royal Dutch Shell PLC ADR		34,467		2,443,366
RSA Insurance Group PLC		56,542		114,119
SABMiller PLC		13,620		641,067
Schroders PLC		1,739		48,361
Serco Group PLC		5,706		49,124
Severn Trent PLC		3,779		96,819
Shire PLC ADR		2,516		231,925
Smith & Nephew PLC ADR		2,696		149,358
Smiths Group PLC		4,855		95,562
SSE PLC		12,858		297,162
Standard Chartered PLC		34,893		884,491
Standard Life PLC		34,125		182,273
Tate & Lyle PLC		5,200		64,482
TESCO PLC		119,155		654,556
The Royal Bank of Scotland Group PLC *		16,107		86,750
The Royal Bank of Scotland Group PLC ADR *		7,236		78,076
The Sage Group PLC		14,615		70,015
The Weir Group PLC		3,809		118,229
Travis Perkins PLC		2,944		52,275
TUI Travel PLC		6,714		31,245
Tullow Oil PLC		11,720		238,670
Unilever PLC		2,665		101,158
Unilever PLC ADR		16,603		642,868
United Utilities Group PLC		8,138		89,300
Vedanta Resources PLC		1,430		27,949
Vodafone Group PLC		173,902		437,340
Vodafone Group PLC ADR		53,441		1,346,179
Whitbread PLC		2,413		96,198
WM Morrison Supermarkets PLC		34,221		146,368
WPP PLC		3,258		47,362
Wolseley PLC		3,460		164,458
WPP PLC ADR		3,170		231,093
Xstrata PLC *		19,537		347,486
				34,453,368
Total Common Stocks (Cost $159,823,648)				172,789,991

	Principal Amount		Value
SHORT-TERM INVESTMENT - 0.5%
Repurchase Agreement - 0.5%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $805,987; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $825,000)		$805,986		$805,986
Total Short-Term Investment (Cost $805,986)				805,986
TOTAL INVESTMENTS - 99.6% (Cost $160,658,092)				173,633,157
OTHER ASSETS & LIABILITIES, NET - 0.4%				735,273
NET ASSETS - 100.0%				$174,368,430

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	23.8%
Industrials	12.0%
Consumer Staples	10.9%
Materials	10.7%
Consumer Discretionary	10.0%
Energy	9.9%
Health Care	9.2%
Telecommunication Services	4.6%
Information Technology	4.4%
Utilities	3.6%
Short-Term Investment	0.5%
	99.6%
Other Assets & Liabilities, Net	0.4%
	100.0%

(b) As of December 31, 2012, the portfolio was diversified by country of incorporation as a percentage of net assets as follows:

United Kingdom	19.8%
Japan	18.3%
Canada	10.7%
France	8.0%
Switzerland	7.7%
Australia	7.7%
Germany	7.4%
Others (each less than 3.0%)	20.0%
	99.6%
Other Assets & Liabilities, Net	0.4%
	100.0%

(c) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-79

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PD INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(d) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights
	Spain		$7,519		$3,968		$3,551		$-
	Preferred Stocks (1)		29,661		-		29,661		-
	Common Stocks
	Australia		13,355,579		2,541,065		10,814,514		-
	Austria		454,907		-		454,907		-
	Belgium		1,745,001		904,384		840,617		-
	Bermuda		871,623		30,675		840,948		-
	Canada		18,641,227		18,641,227		-		-
	Cayman		351,355		-		351,355		-
	Cyprus		20,478		-		20,478		-
	Denmark		1,962,962		528,311		1,434,651		-
	Finland		1,067,414		77,420		989,994		-
	France		13,941,349		813,344		13,128,005		-
	Germany		12,915,646		1,466,739		11,448,907		-
	Greece		63,473		12,798		50,675		-
	Hong Kong		4,090,975		-		4,090,975		-
	Ireland		501,558		135,449		366,109		-
	Israel		776,338		546,781		229,557		-
	Italy		3,324,189		310,307		3,013,882		-
	Japan		31,871,121		3,724,944		28,146,177		-
	Luxembourg		668,419		201,888		466,531		-
	Mauritius		60,832		-		60,832		-
	Netherlands		4,165,523		1,071,830		3,093,693		-
	New Zealand		161,281		-		161,281		-
	Norway		1,436,086		93,349		1,342,737		-
	Papua New Guinea		111,982		-		111,982		-
	Portugal		269,601		-		269,601		-
	Singapore		2,408,285		-		2,408,285		-
	Spain		4,833,372		863,220		3,970,152		-
	Sweden		4,828,163		196,970		4,631,193		-
	Switzerland		13,437,884		2,590,775		10,847,109		-
	United Kingdom		34,453,368		17,798,144		16,655,224		-
			172,789,991		52,549,620		120,240,371		-
	Short-Term Investment		805,986		-		805,986		-
	Total		$173,633,157		$52,553,588		$121,079,569		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-81

B-80

PACIFIC SELECT FUND

Schedule of Investments (Continued)

Explanation of Symbols and Terms

December 31, 2012

Explanation of Symbols:
*	Non-income producing investments.
"	Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity.
§	Variable rate investments. The rate shown is based on the latest available information as of December 31, 2012.
±	The security is a perpetual bond and has no definite maturity date.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to "qualified institutional buyers", or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
‡	Investments were fully or partially segregated with the broker(s)/ custodian as collateral for futures contracts as of December 31, 2012.
+	The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board. Each determination was made in good faith in accordance with the Valuation Policy established by the Board and the provisions of the Investment Company Act of 1940 (See note 3C in Notes to Financial Statements).
l	Total shares owned by the portfolio as of December 31, 2012 were less than one share.

Other Abbreviations:
ADR	American Depositary Receipt
CVA	Certificaten Van Aandelen (Dutch Certificate)
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non Voting Depository Receipt
'NY'	New York Shares
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt

Note:

The countries listed in the Schedules of Investments are based on country of incorporation.

The descriptions and Standard and Poor’s quality ratings of the companies shown in the schedules of investments were obtained from published reports or other sources believed to be reliable, and not audited by the Independent Registered Public Accounting Firm.

See Notes to Financial Statements

B-81

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2012

		PD Aggregate Bond Index Portfolio		PD High Yield Bond Market Portfolio		PD Large-Cap Growth Index Portfolio		PD Large-Cap Value Index Portfolio		PD Small-Cap Growth Index Portfolio		PD Small-Cap Value Index Portfolio
ASSETS
Investments, at value			$430,694,190		$108,322,445		$166,358,611		$208,381,419		$40,091,956		$60,330,190
Repurchase agreements, at value			-		-		4,683,284		7,955,510		1,459,014		1,643,174
Cash (1)			-		3,213		-		-		163,073		126,280
Foreign currency held, at value			-		-		-		-		-		79
Receivables:
	Dividends and interest		2,399,356		1,952,902		140,553		284,251		9,730		148,466
	Fund shares sold		2,659,339		67,795		-		757,826		45,326		284,812
	Securities sold		417,783		482,723		227		193		1,031,502		5,962
	Variation margin		-		-		125,840		209,194		26,280		43,800
	Due from adviser		20,868		5,412		2,658		3,476		338		-
Prepaid expenses and other assets			1,511		457		689		845		183		251
Total Assets			436,193,047		110,834,947		171,311,862		217,592,714		42,827,402		62,583,014
LIABILITIES
Payables:
	Fund shares redeemed		9,197		-		8,738		10,577		2,759		3,679
	Securities purchased		26,615,917		938,153		-		-		1,672,363		257,017
	Due to adviser		-		-		-		-		-		5,496
	Accrued advisory fees		48,378		25,200		20,243		25,179		4,750		7,068
	Accrued support service expenses		2,897		876		1,281		1,565		338		464
	Accrued custodian, and portfolio accounting and tax fees		45,454		21,066		8,407		9,697		9,425		9,876
	Accrued shareholder report expenses		4,319		1,309		1,911		2,332		505		693
	Accrued trustees’ fees and expenses		935		283		414		505		109		150
	Accrued other		5,022		2,407		3,213		3,549		1,854		2,002
Total Liabilities			26,732,119		989,294		44,207		53,404		1,692,103		286,445
NET ASSETS			$409,460,928		$109,845,653		$171,267,655		$217,539,310		$41,135,299		$62,296,569
NET ASSETS CONSIST OF:
Paid-in capital			$396,293,852		$105,818,505		$149,117,329		$193,064,675		$37,134,545		$57,445,930
Undistributed earnings			13,167,076		4,027,148		22,150,326		24,474,635		4,000,754		4,850,639
NET ASSETS			$409,460,928		$109,845,653		$171,267,655		$217,539,310		$41,135,299		$62,296,569
Shares outstanding, $.001 par value (unlimited Class P shares authorized)			36,679,217		9,355,257		10,787,290		14,305,329		2,812,828		4,451,090
Net Asset Value Per Share			$11.16		$11.74		$15.88		$15.21		$14.62		$14.00
Investments, at cost			$416,603,906		$103,222,822		$143,966,911		$189,620,158		$36,315,118		$55,672,055
Repurchase agreements, at cost			-		-		4,683,284		7,955,510		1,459,014		1,643,174
Foreign currency held, at cost			-		-		-		-		-		79

(1) Includes cash collateral segregated for open futures contracts in the PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios of $101,600 and $96,880, respectively.

See Notes to Financial Statements

C-1

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2012

		PD Emerging Markets Portfolio		PD International Large-Cap Portfolio
ASSETS
Investments, at value			$51,319,004		$172,827,171
Repurchase agreements, at value			-		805,986
Cash			51,566		47,807
Foreign currency held, at value			120,060		384,053
Receivables:
	Dividends and interest		41,888		391,590
	Fund shares sold		-		383,216
	Securities sold		-		3,021
	Due from adviser		-		5,375
Prepaid expenses and other assets			216		1,915
Total Assets			51,532,734		174,850,134
LIABILITIES
Payables:
	Fund shares redeemed		2,299		8,738
	Securities purchased		-		406,674
	Accrued advisory fees		25,387		33,056
	Accrued support service expenses		405		1,260
	Accrued custodian, and portfolio accounting and tax fees		18,903		26,601
	Accrued shareholder report expenses		604		1,878
	Accrued trustees’ fees and expenses		131		407
	Accrued foreign capital gains tax		30,574		-
	Accrued other		1,841		3,090
Total Liabilities			80,144		481,704
NET ASSETS			$51,452,590		$174,368,430
NET ASSETS CONSIST OF:
Paid-in capital			$44,256,838		$161,733,161
Undistributed earnings			7,195,752		12,635,269
NET ASSETS			$51,452,590		$174,368,430
Shares outstanding, $.001 par value (unlimited Class P shares authorized)			3,374,261		12,881,326
Net Asset Value Per Share			$15.25		$13.54
Investments, at cost			$43,849,941		$159,852,106
Repurchase agreements, at cost			-		805,986
Foreign currency held, at cost			117,906		384,616

See Notes to Financial Statements

C-2

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2012

		PD Aggregate Bond Index Portfolio			PD High Yield Bond Market Portfolio			PD Large-Cap Growth Index Portfolio			PD Large-Cap Value Index Portfolio			PD Small-Cap Growth Index Portfolio			PD Small-Cap Value Index Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$27,999			$2,563			$2,589,346			$4,449,630			$520,479			$1,467,156
Interest, net of foreign taxes withheld			6,607,555			6,807,568			506			648			112			159
Total Investment Income			6,635,554			6,810,131			2,589,852			4,450,278			520,591			1,467,315
EXPENSES
Advisory fees			450,376			270,516			192,246			234,825			50,858			69,822
Support services expenses			11,075			3,494			5,016			6,084			1,365			1,817
Custodian fees and expenses			24,114			2,842			12,577			14,932			17,333			25,937
Portfolio accounting and tax fees			145,952			77,181			20,655			25,192			19,282			24,297
Shareholder report expenses			10,952			3,426			4,868			5,866			1,342			1,767
Legal and audit fees			8,568			2,644			3,842			4,679			1,041			1,403
Trustees’ fees and expenses			4,278			1,331			1,922			2,351			519			708
Transfer agency fees and expenses			6,293			5,242			6,189			6,167			5,333			5,371
Interest expense and commitment fees			12			1			193			249			55			72
Other			1,912			663			1,505			1,778			421			752
Total Expenses			663,532			367,340			249,013			302,123			97,549			131,946
Adviser Reimbursement (1)			(136,128	)		(47,932	)		(15,942	)		(17,489	)		(21,359	)		(27,181	)
Net Expenses			527,404			319,408			233,071			284,634			76,190			104,765
NET INVESTMENT INCOME			6,108,150			6,490,723			2,356,781			4,165,644			444,401			1,362,550
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		1,009,440			738,551			(948,667	)		4,416,276			2,231,940			2,294,868
	Futures contracts transactions		-			-			636,745			784,671			103,490			82,026
	Foreign currency transactions		-			-			-			-			-			12
	Net Realized Gain (Loss)		1,009,440			738,551			(311,922	)		5,200,947			2,335,430			2,376,906
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		4,217,253			5,638,103			14,547,782			15,958,657			1,780,613			4,126,410
	Futures contracts		-			-			(34,026	)		(45,678	)		24,697			33,789
	Foreign currencies		-			-			-			-			-			(4	)
	Change in Net Unrealized Appreciation		4,217,253			5,638,103			14,513,756			15,912,979			1,805,310			4,160,195
NET GAIN			5,226,693			6,376,654			14,201,834			21,113,926			4,140,740			6,537,101
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$11,334,843			$12,867,377			$16,558,615			$25,279,570			$4,585,141			$7,899,651
Foreign taxes withheld on dividends and interest			$30			$2,256			$676			$7,114			$225			$1,962

(1) See Note 7B in Notes to Financial Statements.

See Notes to Financial Statements

C-3

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2012

		PD Emerging Markets Portfolio			PD International Large-Cap Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$1,049,131			$4,318,430
Interest, net of foreign taxes withheld			79			148
Total Investment Income			1,049,210			4,318,578
EXPENSES
Advisory fees			260,343			320,184
Support services expenses			1,607			4,914
Custodian fees and expenses			27,588			48,817
Portfolio accounting and tax fees			74,111			109,602
Shareholder report expenses			1,594			4,719
Legal and audit fees			1,220			3,780
Trustees’ fees and expenses			602			1,890
Transfer agency fees and expenses			5,163			6,055
Interest expense and commitment fees			287			2,621
Other			293			2,785
Total Expenses			372,808			505,367
Adviser Reimbursement (1)			-			(100,661	)
Net Expenses			372,808			404,706
NET INVESTMENT INCOME			676,402			3,913,872
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions (2)		(189,522	)		(341,367	)
	Foreign currency transactions		(12,714	)		(28,359	)
	Net Realized Loss		(202,236	)		(369,726	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities (3)		6,267,196			18,815,603
	Foreign currencies		3,125			3,473
	Change in Net Unrealized Appreciation		6,270,321			18,819,076
NET GAIN			6,068,085			18,449,350
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$6,744,487			$22,363,222
Foreign taxes withheld on dividends and interest			$141,164			$375,898

(1) See Note 7B in Notes to Financial Statements.

(2) Net realized gain (loss) on investment security transactions for the PD Emerging Markets Portfolio is net of foreign capital gains tax withheld of $2.

(3) Change in net unrealized appreciation (depreciation) on investment securities for the PD Emerging Markets Portfolio is net of increase in deferred foreign capital gains tax of $30,574.

See Notes to Financial Statements

C-4

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1)

	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
	PD Aggregate Bond Index Portfolio						PD High Yield Bond Market Portfolio						PD Large-Cap Growth Index Portfolio
OPERATIONS
Net investment income		$6,108,150			$4,947,566			$6,490,723			$4,566,022			$2,356,781			$1,126,551
Net realized gain (loss)		1,009,440			991,285			738,551			1,058,412			(311,922	)		3,146,382
Change in net unrealized appreciation (depreciation)		4,217,253			7,424,641			5,638,103			(3,456,129	)		14,513,756			(2,042,253	)
Net Increase in Net Assets Resulting from Operations		11,334,843			13,363,492			12,867,377			2,168,305			16,558,615			2,230,680
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(5,370,000	)		(7,296,006	)		(6,500,220	)		(5,690,297	)		(2,082,400	)		(1,176,464	)
Net realized gains		(405,475	)		(821,415	)		(609,911	)		(1,097,619	)		-			(3,396,485	)
Net Decrease from Dividends and Distributions to Shareholders		(5,775,475	)		(8,117,421	)		(7,110,131	)		(6,787,916	)		(2,082,400	)		(4,572,949	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		203,898,718			82,553,018			19,709,154			41,861,497			62,887,354			48,944,574
Dividend and distribution reinvestments		5,775,475			8,117,421			7,110,131			6,787,916			2,082,400			4,572,949
Cost of shares repurchased		(16,077,377	)		(49,554,171	)		(1,017,720	)		(4,493,854	)		(8,302,755	)		(14,518,753	)
Net Increase in Net Assets from Capital Share Transactions		193,596,816			41,116,268			25,801,565			44,155,559			56,666,999			38,998,770
NET INCREASE IN NET ASSETS		199,156,184			46,362,339			31,558,811			39,535,948			71,143,214			36,656,501
NET ASSETS
Beginning of Year		210,304,744			163,942,405			78,286,842			38,750,894			100,124,441			63,467,940
End of Year		$409,460,928			$210,304,744			$109,845,653			$78,286,842			$171,267,655			$100,124,441
	PD Large-Cap Value Index Portfolio						PD Small-Cap Growth Index Portfolio						PD Small-Cap Value Index Portfolio
OPERATIONS
Net investment income		$4,165,644			$2,167,633			$444,401			$110,629			$1,362,550			$554,159
Net realized gain		5,200,947			5,693,730			2,335,430			2,246,765			2,376,906			2,071,070
Change in net unrealized appreciation (depreciation)		15,912,979			(6,346,168	)		1,805,310			(3,100,556	)		4,160,195			(4,066,725	)
Net Increase (Decrease) in Net Assets Resulting from Operations		25,279,570			1,515,195			4,585,141			(743,162	)		7,899,651			(1,441,496	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(3,802,347	)		(2,030,533	)		(457,051	)		(153,565	)		(1,367,985	)		(643,836	)
Net realized gains		(5,693,731	)		(109,671	)		(2,341,186	)		(2,205,530	)		(2,185,500	)		(2,128,972	)
Net Decrease from Dividends and Distributions to Shareholders		(9,496,078	)		(2,140,204	)		(2,798,237	)		(2,359,095	)		(3,553,485	)		(2,772,808	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		79,735,285			56,108,459			17,457,279			11,726,621			28,608,720			15,655,746
Dividend and distribution reinvestments	��	9,496,078			2,140,204			2,798,237			2,359,095			3,553,485			2,772,808
Cost of shares repurchased		(7,439,195	)		(15,149,930	)		(8,904,762	)		(3,080,420	)		(8,317,313	)		(3,103,220	)
Net Increase in Net Assets from Capital Share Transactions		81,792,168			43,098,733			11,350,754			11,005,296			23,844,892			15,325,334
NET INCREASE IN NET ASSETS		97,575,660			42,473,724			13,137,658			7,903,039			28,191,058			11,111,030
NET ASSETS
Beginning of Year		119,963,650			77,489,926			27,997,641			20,094,602			34,105,511			22,994,481
End of Year		$217,539,310			$119,963,650			$41,135,299			$27,997,641			$62,296,569			$34,105,511

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended. The portfolios covered in this report currently offer Class P shares only (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-5

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (1) (Continued)

	Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2012			Year Ended December 31, 2011
	PD Emerging Markets Portfolio						PD International Large-Cap Portfolio
OPERATIONS
Net investment income		$676,402			$422,163			$3,913,872			$2,040,157
Net realized gain (loss)		(202,236	)		503,219			(369,726	)		(37,247	)
Change in net unrealized appreciation (depreciation)		6,270,321			(6,954,845	)		18,819,076			(12,506,217	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,744,487			(6,029,463	)		22,363,222			(10,503,307	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(699,139	)		(444,945	)		(3,859,121	)		(2,054,303	)
Net realized gains		(454,750	)		(53,047	)		-			-
Net Decrease from Dividends and Distributions to Shareholders		(1,153,889	)		(497,992	)		(3,859,121	)		(2,054,303	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		15,727,794			13,508,497			65,510,962			58,944,629
Dividend and distribution reinvestments		1,153,889			497,992			3,859,121			2,054,303
Cost of shares repurchased		(2,042,373	)		(1,905,383	)		(7,574,280	)		(7,950,086	)
Net Increase in Net Assets from Capital Share Transactions		14,839,310			12,101,106			61,795,803			53,048,846
NET INCREASE IN NET ASSETS		20,429,908			5,573,651			80,299,904			40,491,236
NET ASSETS
Beginning of Year		31,022,682			25,449,031			94,068,526			53,577,290
End of Year		$51,452,590			$31,022,682			$174,368,430			$94,068,526

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended. The portfolios covered in this report currently offer Class P shares only (see Note 1 in Notes to Financial Statements).

See Notes to Financial Statements

C-6

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1)

Selected per share, ratios and supplemental data for each year or period ended December 31 were as follows:

For the Year or Period Ended	Net Asset Value, Beginning of Year or Period		Net Investment Income		Net Realized and Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Capital Gains			Total Distributions			Net Asset Value, End of Year or Period		Total Returns (2)			Net Assets, End of Year or Period		Ratio of Expenses Before Expense Reductions to Average Net Assets (3)			Ratio of Expenses After Expense Reductions to Average Net Assets (3), (4)			Ratio of Net Investment Income After Expense Reductions To Average Net Assets (3)			Portfolio Turnover Rates
PD Aggregate Bond Index
2012		$10.92		$0.22		$0.20			$0.42			($0.17	)		($0.01	)		($0.18	)		$11.16		3.94	%		$409,460,928		0.21	%		0.17	%		1.97	%		71.99	%
2011		10.59		0.30		0.50			0.80			(0.42	)		(0.05	)		(0.47	)		10.92		7.65	%		210,304,744		0.24	%		0.17	%		2.78	%		114.95	%
2010		10.23		0.31		0.33			0.64			(0.27	)		(0.01	)		(0.28	)		10.59		6.23	%		163,942,405		0.28	%		0.17	%		2.88	%		148.73	%
2009 (5)		10.00		0.19		0.21			0.40			(0.14	)		(0.03	)		(0.17	)		10.23		3.97	%		67,711,104		0.28	%		0.17	%		2.80	%		324.46	%
PD High Yield Bond Market
2012		$10.96		$0.81		$0.80			$1.61			($0.76	)		($0.07	)		($0.83	)		$11.74		14.91	%		$109,845,653		0.39	%		0.34	%		6.90	%		38.44	%
2011		11.42		0.84		(0.26	)		0.58			(0.87	)		(0.17	)		(1.04	)		10.96		5.03	%		78,286,842		0.45	%		0.34	%		7.23	%		44.79	%
2010		11.30		1.00		0.43			1.43			(1.02	)		(0.29	)		(1.31	)		11.42		13.05	%		38,750,894		0.52	%		0.34	%		8.57	%		40.05	%
2009 (5)		10.00		0.66		1.31			1.97			(0.63	)		(0.04	)		(0.67	)		11.30		19.88	%		27,986,392		0.57	%		0.34	%		9.00	%		31.24	%
PD Large-Cap Growth Index
2012		$13.97		$0.27		$1.84			$2.11			($0.20	)		$-			($0.20	)		$15.88		15.02	%		$171,267,655		0.18	%		0.17	%		1.72	%		17.11	%
2011		14.31		0.21		0.13			0.34			(0.18	)		(0.50	)		(0.68	)		13.97		2.39	%		100,124,441		0.20	%		0.17	%		1.40	%		37.49	%
2010		12.75		0.19		1.87			2.06			(0.15	)		(0.35	)		(0.50	)		14.31		16.17	%		63,467,940		0.24	%		0.17	%		1.44	%		56.10	%
2009 (5)		10.00		0.12		2.80			2.92			(0.09	)		(0.08	)		(0.17	)		12.75		29.12	%		29,230,133		0.45	%		0.17	%		1.57	%		80.71	%
PD Large-Cap Value Index
2012		$13.72		$0.37		$1.93			$2.30			($0.28	)		($0.53	)		($0.81	)		$15.21		17.17	%		$217,539,310		0.18	%		0.17	%		2.48	%		15.56	%
2011		13.95		0.32		(0.29	)		0.03			(0.24	)		(0.02	)		(0.26	)		13.72		0.19	%		119,963,650		0.20	%		0.17	%		2.30	%		35.63	%
2010		12.62		0.29		1.59			1.88			(0.21	)		(0.34	)		(0.55	)		13.95		14.89	%		77,489,926		0.24	%		0.17	%		2.20	%		54.98	%
2009 (5)		10.00		0.18		2.67			2.85			(0.12	)		(0.11	)		(0.23	)		12.62		28.54	%		32,920,484		0.42	%		0.17	%		2.25	%		88.66	%
PD Small-Cap Growth Index
2012		$13.73		$0.18		$1.78			$1.96			($0.18	)		($0.89	)		($1.07	)		$14.62		14.30	%		$41,135,299		0.27	%		0.21	%		1.22	%		79.07	%
2011		15.52		0.07		(0.58	)		(0.51	)		(0.09	)		(1.19	)		(1.28	)		13.73		(3.27	%)		27,997,641		0.31	%		0.21	%		0.45	%		67.66	%
2010		12.66		0.09		3.49			3.58			(0.07	)		(0.65	)		(0.72	)		15.52		28.24	%		20,094,602		0.46	%		0.21	%		0.63	%		69.43	%
2009 (5)		10.00		0.04		2.82			2.86			(0.03	)		(0.17	)		(0.20	)		12.66		28.60	%		11,785,105		0.70	%		0.21	%		0.56	%		70.15	%
PD Small-Cap Value Index
2012		$12.63		$0.38		$1.85			$2.23			($0.33	)		($0.53	)		($0.86	)		$14.00		17.62	%		$62,296,569		0.26	%		0.21	%		2.73	%		62.67	%
2011		14.60		0.27		(1.11	)		(0.84	)		(0.27	)		(0.86	)		(1.13	)		12.63		(5.82	%)		34,105,511		0.32	%		0.21	%		1.93	%		62.96	%
2010		12.65		0.26		2.74			3.00			(0.23	)		(0.82	)		(1.05	)		14.60		23.67	%		22,994,481		0.45	%		0.21	%		1.93	%		61.82	%
2009 (5)		10.00		0.17		2.73			2.90			(0.13	)		(0.12	)		(0.25	)		12.65		29.01	%		13,168,196		0.74	%		0.21	%		2.12	%		74.74	%
PD Emerging Markets
2012		$13.32		$0.22		$2.07			$2.29			($0.21	)		($0.15	)		($0.36	)		$15.25		17.42	%		$51,452,590		0.86	%		0.86	%		1.56	%		2.59	%
2011		16.55		0.22		(3.24	)		(3.02	)		(0.19	)		(0.02	)		(0.21	)		13.32		(18.20	%)		31,022,682		0.92	%		0.92	%		1.45	%		6.32	%
2010		14.21		0.20		2.64			2.84			(0.19	)		(0.31	)		(0.50	)		16.55		20.04	%		25,449,031		0.85	%		0.85	%		1.34	%		7.25	%
2009 (5)		10.00		0.11		4.23			4.34			(0.11	)		(0.02	)		(0.13	)		14.21		43.43	%		17,805,640		0.98	%		0.97	%		1.33	%		8.14	%
PD International Large-Cap
2012		$11.82		$0.37		$1.66			$2.03			($0.31	)		$-			($0.31	)		$13.54		17.12	%		$174,368,430		0.37	%		0.30	%		2.90	%		2.10	%
2011		13.77		0.37		(2.05	)		(1.68	)		(0.27	)		-			(0.27	)		11.82		(12.16	%)		94,068,526		0.46	%		0.30	%		2.78	%		0.61	%
2010		13.01		0.30		0.69			0.99			(0.23	)		(-	) (6)		(0.23	)		13.77		7.61	%		53,577,290		0.46	%		0.30	%		2.35	%		3.25	%
2009 (5)		10.00		0.14		3.02			3.16			(0.09	)		(0.06	)		(0.15	)		13.01		31.59	%		24,829,572		0.64	%		0.30	%		1.68	%		5.62	%

(1) Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended. The portfolios covered in this report currently offer Class P shares only (see Note 1 in Notes to Financial Statements). Per share amounts have been calculated using the average shares method.

(2) Total returns for periods of less than one full year are not annualized.

(3) The ratios for periods of less than one full year are annualized.

(4) The ratios of expenses after expense reductions to average daily net assets are after adviser expense reimbursements, if any, as discussed in Note 7B in Notes to the Financial Statements.

(5) Operations commenced on May 1, 2009.

(6) Amount represents less than $0.005 per share.

See Notes to Financial Statements

C-7

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

The Pacific Select Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end, management investment company, organized as a Massachusetts business trust. Pacific Life Fund Advisors LLC (“PLFA” or “Adviser”) serves as investment adviser to the Fund. As of December 31, 2012, the Fund was comprised of fifty-four separate portfolios, eight of which are presented in this report: PD Aggregate Bond Index, PD High Yield Bond Market, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Small-Cap Growth Index, PD Small-Cap Value Index, PD Emerging Markets, and PD International Large-Cap Portfolios (collectively, the “Pacific Dynamix Underlying Portfolios”).

Effective May 1, 2011, the Fund adopted a Multi-Class Plan pursuant to Rule 18f-3 under the 1940 Act pursuant to which the Fund may offer multiple classes of shares. The Pacific Dynamix Underlying Portfolios currently offer Class P shares only.

Presently only the Pacific Dynamix — Conservative Growth, Pacific Dynamix — Moderate Growth and Pacific Dynamix — Growth Portfolios (collectively, the “Pacific Dynamix Portfolios”) and the Adviser and certain of its affiliates can invest in the Class P shares of the Pacific Dynamix Underlying Portfolios.

The annual report for the Pacific Dynamix Portfolios is not included in this report; there is a separate annual report for the Pacific Dynamix Portfolios, which is available without charge. For information on how to obtain such annual report, see the Where to Go for More Information section of this report on page F-10.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in conformity with accounting principles generally accepted in United States of America (“U.S. GAAP”) for investment companies. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Fund in the preparation of the financial statements.

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a portfolio is informed of the ex-dividend date or upon receipt of the dividend. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A portfolio may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. A portfolio will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the portfolio invests. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income.

B. DISTRIBUTIONS TO SHAREHOLDERS

Prior to January 1, 2013, each portfolio covered in this report declared and paid dividends on net investment income, if any, at least annually, except for the PD Aggregate Bond Index and PD High Yield Bond Market Portfolios, for which dividends, if any, were declared and paid semi-annually and realized capital gains, if any, were distributed at least annually for all portfolios. Dividends and capital gains distributions are recorded on the ex-dividend date.

Currently each Pacific Dynamix Underlying Portfolio covered in this report is treated as a partnership for Federal income tax purposes. As partnerships, none of these portfolios are required to distribute taxable income and capital gains (see Note 10). Effective January 1, 2013, no dividend income and capital gains distributions will be made by the Pacific Dynamix Underlying Portfolios under the new dividend and distributions policy.

C. FOREIGN CURRENCY TRANSLATION

The Fund’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, initially expressed in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the portfolios separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. EXPENSE ALLOCATION

General expenses of the Fund are allocated to each portfolio in proportion to its relative average daily net assets. Expenses directly attributable to a particular portfolio are charged directly to that portfolio.

D-1

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

E. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities such as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, this ASU requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. This ASU is effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact, if any, that the implementation of this ASU will have on the Fund’s financial statement disclosures.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Fund Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of its investments each business day. Under the Valuation Policy, the Board has delegated certain functions to a Trustee Valuation Committee or another valuation committee to determine the fair value of certain investments. Each valuation committee that values the Fund’s investments, which includes using third party pricing services and/or alternate valuation methodologies approved by the Board, does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value the Fund’s investments.

B. NET ASSET VALUE

Each portfolio of the Fund covered in this report is divided into shares. The price per share of each class of a portfolio’s shares is called its net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each portfolio’s NAV is calculated by taking the total value of a portfolio’s assets (the value of the securities and other investments a portfolio holds), subtracting a portfolio’s liabilities, and dividing by the total number of shares outstanding.

Each portfolio’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets are closed. For purposes of calculating the NAV, the value of all investments held by each portfolio is generally determined as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Fund or its agents after the close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment or the NAV determined earlier that day.

Each portfolio’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the Securities and Exchange Commission (“SEC”)), making the sale of securities or other instruments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.

Certain portfolios may hold investments that are primarily listed on foreign exchanges. Because those investments trade on days when a portfolio does not calculate its NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem Fund shares.

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a portfolio might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each portfolio is based primarily on pricing data obtained from various sources approved by the Board.

Money Market Instruments and Short-Term Investments

Money market instruments and short-term investments maturing within 60 days are valued at amortized cost in accordance with the 1940 Act. Amortized cost involves valuing an investment at cost on the date of acquisition and thereafter assuming a constant accretion of a discount or amortization of a premium to maturity, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment. Portfolio investments in other mutual funds for temporary cash management purposes are valued at their respective NAVs.

Domestic Equity Investments

For domestic equity investments the portfolios use the last reported sale price or official closing price from an exchange as of the time of the NYSE close and do not normally take into account trading, clearances or settlements that take place after the NYSE close. Investments, for which no sales are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Foreign Equity Investments

Foreign equity investments are normally priced based on data reflecting the closing of the principal markets or market participants for those investments, which may be earlier than the NYSE close. The Fund then may adjust for market events occurring between the close of certain foreign exchanges and the NYSE close. The Fund has retained an independent statistical service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine the appropriate adjustments for market events. Quotations of foreign investments in foreign currencies are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

D-2

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Exchange Traded Futures, Options and Swaps

Exchange traded futures, options and swaps are normally priced at the settlement price determined by the relevant exchange. Exchange traded futures, options and swaps for which no settlement prices are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealer.

Over-the-Counter (“OTC”) Investments and Certain Equity Investments

OTC investments (including swaps and options) are generally valued by approved pricing services that use evaluated prices determined from various observable market and other factors. Certain OTC swap contracts are valued using alternative valuation methodologies pursuant to the Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates gathered from leading market makers.

Domestic and Foreign Fixed Income Investments

Fixed income investments are generally valued by approved pricing and quotation services using the mean between the most recent bid and ask prices which are based upon evaluated prices determined from various observable market and other factors. Certain fixed-income investments are valued by a benchmark, matrix, or other pricing processes approved by the Board.

Investment Values Determined by a Valuation Committee

The Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, the use of broker quotes, the use of a purchase price for initial public offerings, proration rates, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board. Valuations determined by a Trustee Valuation Committee or other valuation committee may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a portfolio might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a portfolio would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the close of the NYSE.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

The Fund characterizes its investments as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, a valuation oversight committee (“VOC”) has been established which determines the level in which each portfolio’s investments are characterized. The VOC includes investment, legal and compliance members of the Fund’s adviser, and the Fund’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

—    Level 1 – Quoted prices (unadjusted) in active markets for identical investments

—    Level 2 – Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

—    Level 3 – Significant unobservable inputs that are not corroborated by observable market data

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value the Fund’s investments. The VOC also periodically evaluates how each portfolio’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the methodologies used to value Level 2 and Level 3 investments to evaluate the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Fund’s CCO, requiring approval by the Board. In addition, all investments categorized as Level 3 under the three-tier hierarchy are reported to the Chairman of the Audit Committee on a quarterly basis and such report includes the inputs and methodologies used to value those investments.

The inputs or methodologies used for valuing each portfolio’s investments are not necessarily an indication of the relative risks associated with investing in those investments. For example, money market instruments are valued using amortized cost in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of an investment, but since the value is not obtained from a quoted price in an active market, such investments are reflected as Level 2. Foreign investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs (as described in Note 3C) are reflected as Level 2. For fair valuations using significant unobservable inputs, U.S. GAAP requires a portfolio to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires a portfolio to disclose about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a portfolio had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed only when a portfolio had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period. A summary of each portfolio’s investments as of December 31, 2012 as

D-3

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

categorized under the three-tier hierarchy of inputs, and the reconciliation of Level 3 investments and information on transfers in and out of each level, if applicable, can be found in the Notes to Schedule of Investments section of each portfolio’s Schedule of Investments.

The following is a description of valuation inputs and techniques that the Fund currently utilizes to fair value each major category of assets and liabilities:

Equity Securities (Common and Preferred Stock) and Mutual Funds

Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Investments in registered mutual funds are valued at their respective NAV and are categorized as Level 1.

U.S. Treasury Obligations

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price. The models also take into consideration data received from active market makers and inter-dealer brokers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Mortgage-Backed Securities and Asset-Backed Securities

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal Bonds

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Foreign Government Bonds and Notes

Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Corporate Bonds and Notes and U.S. Government & Agency Issues

Corporate bonds held by the Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. Government & Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government & Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures Contracts

Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

D-4

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Short-Term Investments

Short-term investments maturing within 60 days are valued using amortized cost, which is used if it approximates market value, and are reflected as Level 2. Repurchase agreements are fully collateralized. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest.

4. INVESTMENTS AND RISKS

General Investment Risks

An investment in the Fund represents an indirect investment in the assets owned by the Fund. As with any mutual fund, the value of the assets owned by the Fund may move up or down, and as a result, an investment in the Fund at any point in time may be worth more or less than the original amount invested. Events in the financial markets have the potential to cause increased volatility and uncertainty, which may impact the value of the Fund’s investments. Due to interdependencies between markets, events in one market may adversely impact other markets or issuers in unforeseen ways. As a result, the value of the Fund’s investments may be adversely affected by events in the markets, either directly or indirectly, and each portfolio is exposed to potential decreases in the value of those investments. In addition, traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory responses to market events may impair either the Adviser’s or a sub-adviser’s ability to pursue certain investment techniques or strategies and may have unexpected consequences on particular markets, strategies, or investments. Future events may impact a portfolio in unforeseen ways, leading a portfolio to alter its existing strategies or, potentially, to liquidate and close.

Equity Investments

The price of equity investments change in response to many factors, including a company’s historical and prospective earnings, cash flows, the value of its assets, investor perceptions, and many of the General Investment Risk factors noted above.

Fixed Income Investments

Fixed income (debt) investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates, although the factors noted above may also have a significant impact on fixed income (debt) investments. There is a risk that an issuer of a portfolio’s fixed income (debt) investments may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high-yield/high-risk bonds, e.g. bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or if unrated are of comparable quality as determined by the manager, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations and other mortgage related securities, structured investment vehicles and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign Investments

There are certain additional risks involved in investing in foreign securities that are generally not inherent in investments in domestic securities. These risks may involve foreign currency fluctuations, adverse political, social and economic developments and the possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. In addition, the securities of some foreign companies and securities markets are less liquid and at times more volatile than securities of comparable U.S. companies and U.S. securities markets. The markets in emerging markets countries can be extremely volatile.

Illiquid Investments

Each portfolio may not invest in illiquid securities and illiquid bank loans (collectively, “Illiquid Investments”) if as a result of such investment, more than 15% of its net assets, taken at market value at the time of such investment, would be invested in Illiquid Investments. The term “Illiquid Investments” for this purpose means investments that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a portfolio has valued the investments. Illiquid Investments may be difficult to value and difficult to sell, which means a portfolio may not be able to sell such investments quickly for their full value. The value of Illiquid Investments held by each portfolio as of December 31, 2012 was less than 15% of its net assets.

Mortgage-Related and Other Asset-Backed Securities

Certain portfolios may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.

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SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other fixed-income and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are recorded as interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income. Payments received from POs are treated as reductions to the cost and par value of the securities. Any excess principal paydown gains or losses associated with the payments received are recorded as interest income.

U.S. Government Agencies or Government-Sponsored Enterprises

Certain portfolios may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Fund’s shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the United States Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the United States Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the United States Government.

When-Issued Securities

Certain portfolios may purchase and sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a portfolio is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A portfolio may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Delayed-Delivery Transactions

Certain portfolios may purchase or sell securities on a delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed- delivery purchases are outstanding, a portfolio will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a portfolio has sold a security on a delayed-delivery basis, the portfolio does not participate in future gains and losses with respect to the security.

Repurchase Agreements

Certain portfolios may invest in repurchase agreements. Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a portfolio are fully collateralized by U.S. Government securities, or securities issued by U.S. Government agencies, or securities that are within the three highest credit categories assigned by established rating agencies (Aaa, Aa, or A by Moody’s or AAA, AA or A by Standard & Poor’s) or, if not rated by Moody’s or Standard & Poor’s, are of equivalent investment quality as determined by the Adviser or the applicable portfolio manager. Such collateral is in the possession of the portfolio’s custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

Segregation and Collateral

If a portfolio engages in certain transactions such as derivative investments or repurchase agreements, it may require collateral in the form of cash or investments to be held in segregated accounts at the Fund’s custodian, with an exchange or clearing member firm, or segregated on

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the Fund’s books and records maintained by the custodian and/or the portfolio manager. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. There is a possibility that a portfolio could experience a delay in selling investments that are segregated as collateral.

5. DERIVATIVE INVESTMENTS AND RISKS

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Pacific Dynamix Underlying Portfolios are permitted to invest in derivative instruments, including but not limited to, futures contracts. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a portfolio’s gains and losses and therefore increase its volatility. A portfolio’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a portfolio may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility and credit (including counterparty) risks.

Interest rate risk – A portfolio may be exposed to interest rate risk through investments in fixed income securities. Interest rate risk is the risk that fixed income securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than fixed income securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a fixed income security’s yield (market price to interest rate movement). To manage these risks, certain portfolios may invest in derivative instruments tied to interest rates.

Foreign investments and currency risk – A portfolio may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues and foreign controls on investments. As a result, a portfolio’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the portfolio. To manage these risks, certain portfolios may invest in derivative instruments tied to foreign investments and/or currencies.

Price volatility risk – Derivatives tied to equity and fixed income securities are exposed to potential price volatility. Fixed income securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade fixed income securities (including loans) may be relatively greater than for investment grade fixed income securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.

To manage these risks, certain portfolios may invest in various derivative instruments. Derivative instruments may be used to manage a portfolio’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty risk – Credit risk is the risk that a fixed income security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g. may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A portfolio may lose money if the issuer or guarantor of fixed income security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A portfolio may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A portfolio’s investments in fixed income (debt) investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.

Similar to credit risk, a portfolio may be exposed to counterparty risk, or the risk that an institution or other entity with which a portfolio has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a portfolio to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risk, to the portfolios by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain portfolios may invest in derivative instruments tied to a security issuers’ financial strength.

A portfolio’s transactions in listed securities are settled/paid for upon delivery with their counterparties. Therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a portfolio has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

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Credit Related Contingent Features – Certain portfolios are parties to various agreements, including but not limited to International Swaps and Derivatives Agreements, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral and certain events of default or termination, such as credit related contingent features. These provisions reduce the counterparty risk associated with relevant transactions by allowing a portfolio or its counterparties to elect to terminate early and cause settlement of all outstanding transactions if a triggering event occurs under the applicable Master Agreement. These triggering events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Thus, if a credit related contingent feature is triggered, it would allow a portfolio or its counterparty to close out all transactions under the agreement and demand payment or additional collateral to cover their exposure to the other counterparty. Any election made by a counterparty to early terminate a transaction could have a material adverse impact on a portfolio’s financial statements. To reduce credit and counterparty risk associated with transactions, a portfolio may enter into master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A portfolio’s overall exposure to credit risk, subject to master netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

B. DERIVATIVE INVESTMENTS

In addition to managing the market risks described above, certain portfolios, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to increase returns, or to otherwise help achieve a portfolio’s investment goal. Each derivative instrument and the reasons a portfolio invested in derivatives during the reporting period are discussed in further detail below.

Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin deposits are made upon entering into futures contracts and can be funded with either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the portfolio’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

During the reporting period, the portfolios entered into futures contracts for the following reasons: The PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios utilized futures to help provide equity exposure to the portfolio’s cash balances and accruals, and to provide daily liquidity for the portfolio’s inflows and outflows.

The derivative investments held as of December 31, 2012 as disclosed in the Notes to Schedules of Investments and the amounts of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for each applicable portfolio during the year ended December 31, 2012.

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Fund’s Statements of Assets and Liabilities:

	Location on the Statements of Assets and Liabilities
Derivative Investments Risk Type	Asset Derivative Investments	Liability Derivative Investments
Equity contracts	Receivable: Variation margin	Payable: Variation margin

The following is a summary of fair values of derivative investments disclosed in the Statements of Assets and Liabilities, categorized by primary risk exposure as of December 31, 2012:

	Total Value of Equity Contracts* as of December 31, 2012
Portfolio	Assets		Liabilities
PD Large-Cap Growth Index		$-		($20,641	)
PD Large-Cap Value Index		-		(13,216	)
PD Small-Cap Growth Index		22,906		-
PD Small-Cap Value Index		32,944		-

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Notes to Schedules of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation of derivative investments, if any, disclosed in the Fund’s Statements of Operations:

Derivative Investment Risk Type	Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Equity contracts	Net realized gain (loss) on futures contracts transactions
	Change in net unrealized appreciation (depreciation) on futures contracts

The following is a summary of each portfolio’s realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments in equity futures contracts recognized in the Statements of Operations as of December 31, 2012:

	Realized Gain and Unrealized Appreciation (Depreciation) on Derivative Investments in Equity Futures Contracts Recognized in the Statements of Operations
Portfolio	Realized Gain		Change in Unrealized Appreciation (Depreciation)
PD Large-Cap Growth Index		$636,745		($34,026	)
PD Large-Cap Value Index		784,671		(45,678	)
PD Small-Cap Growth Index		103,490		24,697
PD Small-Cap Value Index		82,026		33,789

6. INVESTMENT ADVISORY, SUPPORT SERVICES, AGENCY, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as investment adviser to each portfolio of the Fund. PLFA receives advisory fees from each portfolio based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each portfolio:

PD Aggregate Bond Index	0.16% of first $50 million 0.15% of next $50 million 0.14% on excess
PD High Yield Bond Market	0.35% of first $50 million 0.22% of next $50 million 0.14% on excess
PD Large-Cap Growth Index PD Large-Cap Value Index PD Small-Cap Growth Index PD Small-Cap Value Index	0.14% of first $300 million 0.12% on excess
PD Emerging Markets	0.60% of first $50 million 0.35% on excess
PD International Large-Cap	0.25% of first $100 million 0.20% on excess

Pursuant to Portfolio Management or Subadvisory Agreements as of December 31, 2012, the Fund and PLFA engage various investment management firms under PLFA’s supervision, to sub-advise each Pacific Dynamix Underlying Portfolio. The following firms serve as sub-advisers for the respective portfolios: BlackRock Investment Management, LLC for the PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios; SSgA Funds Management, Inc. for the PD Aggregate Bond Index and PD High Yield Bond Market Portfolios; and Dimensional Fund Advisors LP for the PD Emerging Markets and PD International Large-Cap Portfolios. PLFA, as Investment Adviser to each portfolio of the Fund, pays the related portfolio management fees to these sub-advisors as compensation for their sub-advisory services provided to the Fund.

Pursuant to an Agreement for Support Services (the “Agreement”), Pacific Life and PLFA provide support services to the Fund that are outside the scope of the investment adviser’s responsibilities under the Advisory Agreement. Under the Agreement, the Fund compensates Pacific Life and PLFA for their expenses in providing support services to the Fund in connection with various matters, including the expense of registering and qualifying the Fund on state and Federal levels, providing legal, compliance, accounting, tax, chief compliance officer services, and on-going compliance, maintaining the Fund’s legal existence, shareholders’ meetings, and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Fund reimbursed Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a Transfer Agency and Service Agreement, State Street Bank and Trust Company serves as transfer agent and dividend disbursing agent for all Class P shares of the Pacific Dynamix Underlying Portfolios and is compensated by the Fund for these services.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES AND EXPENSES FOR SUPPORT SERVICES

The Adviser and Pacific Life are related parties. The advisory fees earned by the Adviser and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each portfolio covered in this report for the year ended December 31, 2012 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of December 31, 2012 are presented in the Statements of Assets and Liabilities.

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B. EXPENSE LIMITATION AGREEMENTS

To help limit the Fund’s expenses, PLFA has entered into expense limitation agreements with the Fund and has contractually agreed to reimburse each Pacific Dynamix Underlying Portfolio through April 30, 2013 to the extent the total net operating expenses (including advisory fees and organizational expenses, but not including extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of each portfolio’s business of a Pacific Dynamix Underlying Portfolio) exceeds the annualized expense ratios as follows: 0.17% for the PD Aggregate Bond Index, PD Large-Cap Growth Index, and PD Large-Cap Value Index Portfolios; 0.34% for the PD High Yield Bond Market Portfolio; 0.21% for the PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios; 0.97% for the PD Emerging Markets Portfolio; and 0.30% for the PD International Large-Cap Portfolio.

Any expense reimbursements are subject to recoupment by PLFA for a period of time as permitted under regulatory and accounting guidance (currently 3 years from the end of the fiscal year in which the reimbursement took place) to the extent such expenses fall below the expense cap in future years. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable portfolio, but not above the expense cap. The amounts of adviser reimbursement to each of the applicable portfolios covered in this report for the year ended December 31, 2012 are presented in the Statements of Operations. Any amounts that remained due from the Adviser as of December 31, 2012 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of December 31, 2012 that are subject to repayment from the portfolios are as follows:

	Expiration
Portfolio	2013		2014		2015
PD Aggregate Bond Index		$110,894		$125,051		$136,128
PD High Yield Bond Market		56,698		67,270		47,932
PD Large-Cap Growth Index		28,860		27,630		15,942
PD Large-Cap Value Index		32,445		29,532		17,489
PD Small-Cap Growth Index		38,021		25,175		21,359
PD Small-Cap Value Index		41,193		30,356		27,181
PD International Large-Cap		60,583		120,039		100,661

There was no recoupment of expense reimbursement by PLFA from any of the Pacific Dynamix Underlying Portfolios during the year ended December 31, 2012.

C. INVESTMENTS BY AFFILIATED PARTY

As of December 31, 2012, Pacific Life owned the following percentages of shares outstanding of each of the following portfolios:

Portfolio	Ownership Percentage
PD High Yield Bond Market		58.25	%
PD Emerging Markets		30.24	%

D. INDEPENDENT TRUSTEES

The Fund pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing the committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

Each independent trustee of the Board is eligible to participate in the Fund’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each portfolio at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain portfolios in the Pacific Life Funds. Pacific Life Funds is a Delaware statutory trust and is registered under the 1940 Act, as an open-end management investment company. PLFA is the Investment Adviser to Pacific Life Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV of the Class A and/or Class P shares of the corresponding series of the Pacific Life Funds without a sales load. The obligation of each portfolio under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a portfolio’s DCP Liability account will cause the expenses of that portfolio to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a portfolio’s DCP Liability account, if any, is recorded as an increase or decrease to expense (trustees’ fees and expenses). None of the independent trustees have deferred their compensation since the commencement of operations of all the portfolios covered in this report, therefore there is no accrued deferred compensation shown in the Statements of Assets and Liabilities.

E. OFFICERS OF THE FUND

All officers of the Fund are also officers of Pacific Life and PLFA and received no compensation from the Fund.

F. INDEMNIFICATIONS

Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Fund. In addition, the Fund entered into an agreement with each of the trustees which provides that the Fund will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Fund, to the fullest extent permitted by the Fund’s Declaration of Trust and By-Laws, the general trust law of the Commonwealth of Massachusetts, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the

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normal course of business, the Fund enters into contracts with service providers and others that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Fund and/ or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

8. COMMITTED LINE OF CREDIT

The Fund has an unsecured $75,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”), which is renewed annually. The interest rate on borrowing is the higher of the Federal funds rate or the Overnight LIBOR rate, plus 1.25%. The Fund pays the Bank a commitment fee equal to 0.10% per annum on the daily unused portion of the committed line up to a maximum of $75,000. As of December 31, 2012, the actual interest rate on borrowing by the Fund was 1.42%. The committed line of credit will expire on August 31, 2013, unless renewed, and applies to all portfolios covered in this report except the PD Aggregate Bond and PD High Yield Bond Market Portfolios. The commitment fees and interest incurred by each applicable portfolio covered in this report are recorded as an expense. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio. As of December 31, 2012, the portfolios covered in this report had no borrowings outstanding in connection with this line of credit. The weighted average interest rate and the average dollar amount of borrowings on those days that the PD Emerging Markets Portfolio and PD International Large-Cap Portfolio had a loan outstanding during the year ended December 31, 2012 were 1.41% and 1.42% and $223,391 and $817,470, respectively. No other portfolios covered in this report had a loan outstanding during the same period.

9. PURCHASES AND SALES OF SECURITIES

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the year ended December 31, 2012, are summarized in the following table:

	U.S. Government Securities
Portfolio	Purchases		Sales
PD Aggregate Bond Index		$369,490,806		$209,263,321

	Other Securities
Portfolio	Purchases		Sales
PD Aggregate Bond Index		$66,145,784		$11,138,034
PD High Yield Bond Market		60,839,590		35,146,521
PD Large-Cap Growth Index		78,239,678		22,848,510
PD Large-Cap Value Index		96,732,106		25,316,304

	Other Securities
Portfolio	Purchases		Sales
PD Small-Cap Growth Index		$36,376,679		$28,001,376
PD Small-Cap Value Index		50,766,771		30,433,191
PD Emerging Markets		15,516,746		1,112,740
PD International Large-Cap		63,707,585		2,811,793

10. FEDERAL INCOME TAX INFORMATION

Currently each Pacific Dynamix Underlying Portfolio is treated as a partnership for Federal income tax purposes only. A portfolio that is treated as a partnership for tax purposes only is not subject to income tax; and any income, gains, losses, deductions, and credits of the portfolio would instead be “passed through” pro rata directly to the insurance companies whose separate accounts invest in the portfolio and retain the same character for Federal income tax purposes. As a result, the tax treatment to the insurance companies will vary, in some instances favorably, when a portfolio is treated as a partnership. However, the variable annuity contract owner or variable life insurance policy holder would not be affected by a portfolio electing to be taxed as a partnership versus a regulated investment company.

Effective January 1, 2013, no dividend income and capital gains distributions will be made by the Pacific Dynamix Underlying Portfolios under the new dividend and distributions policy since partnerships are not required to distribute taxable income and capital gains for Federal income tax purposes (see Note 2B). Each partner, which would be Pacific Life and Pacific Life & Annuity Company through their respective separate accounts, is required to report its respective share of income, gains, losses, deductions and credits of each Pacific Dynamix Underlying Portfolio.

The aggregate Federal tax cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives and assets and liabilities in foreign currencies as of December 31, 2012, were as follows:

			Gross		Gross			Net Unrealized		Net Unrealized			Net
Portfolio	Total Cost of Investments on Tax Basis		Unrealized Appreciation on Investments		Unrealized Depreciation on Investments			Appreciation (Depreciation) on Investments		Appreciation (Depreciation) on Other (1)			Unrealized Appreciation (Depreciation)
PD Aggregate Bond Index		$416,603,906		$14,547,680		($457,396	)		$14,090,284		$-			$14,090,284
PD High Yield Bond Market		103,222,822		6,334,851		(1,235,228	)		5,099,623		-			5,099,623
PD Large-Cap Growth Index		148,650,195		24,462,704		(2,071,004	)		22,391,700		(20,641	)		22,371,059
PD Large-Cap Value Index		197,575,668		23,372,745		(4,611,484	)		18,761,261		(13,216	)		18,748,045
PD Small-Cap Growth Index		37,774,132		5,811,686		(2,034,848	)		3,776,838		22,906			3,799,744
PD Small-Cap Value Index		57,315,229		7,200,937		(2,542,802	)		4,658,135		32,943			4,691,078
PD Emerging Markets		43,849,941		10,650,863		(3,181,800	)		7,469,063		(28,404	)		7,440,659
PD International Large-Cap		160,658,092		21,398,649		(8,423,584	)		12,975,065		1,715			12,976,780

(1) Other includes net appreciation or depreciation on derivatives and assets and liabilities in foreign currencies, if any.

The Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not

D-11

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. The Fund is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. As a result of each portfolio’s evaluation, as of and during the year ended December 31, 2012, the Fund did not record a liability for any unrecognized tax benefits. The Fund’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense. During the year ended December 31, 2012, none of the Pacific Dynamix Underlying Portfolios incurred any interest or penalties. The Fund is additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund remains subject to examination by Federal and State tax authorities (principal state jurisdictions include California and Massachusetts) for the tax years ended December 31, 2009 through December 31, 2012.

11. TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gain distributions to shareholders for the years ended December 31, 2012 and 2011, were as follows:

	For the Year Ended December 31, 2012						For the Year Ended December 31, 2011
Portfolio	Ordinary Income		Long-term Capital Gains		Total		Ordinary Income		Long-term Capital Gains		Total
PD Aggregate Bond Index		$5,638,049		$137,426		$5,775,475		$7,714,482		$402,939		$8,117,421
PD High Yield Bond Market		6,510,420		599,711		7,110,131		5,766,216		1,021,700		6,787,916
PD Large-Cap Growth Index		2,082,400		-		2,082,400		2,192,500		2,380,449		4,572,949
PD Large-Cap Value Index		5,066,014		4,430,064		9,496,078		2,030,533		109,671		2,140,204
PD Small-Cap Growth Index		457,051		2,341,186		2,798,237		531,340		1,827,755		2,359,095
PD Small-Cap Value Index		1,938,256		1,615,229		3,553,485		1,209,700		1,563,108		2,772,808
PD Emerging Markets		699,139		454,750		1,153,889		444,945		53,047		497,992
PD International Large-Cap		3,859,121		-		3,859,121		2,054,303		-		2,054,303

12. SHARES OF BENEFICIAL INTEREST

Change in shares of beneficial interest of each portfolio for the years ended December 31, 2012 and 2011 were as follows:

	PD Aggregate Bond Index						PD High Yield Bond Market						PD Large-Cap Growth Index
	2012			2011			2012			2011			2012			2011
Class P
Shares sold		18,342,074			7,605,690			1,684,947			3,516,194			4,026,812			3,360,265
Dividend and distribution reinvested		520,670			748,000			613,741			613,438			129,854			328,896
Shares repurchased		(1,441,672	)		(4,579,643	)		(87,472	)		(378,899	)		(535,682	)		(957,723	)
Net increase		17,421,072			3,774,047			2,211,216			3,750,733			3,620,984			2,731,438
Shares outstanding, beginning of year		19,258,145			15,484,098			7,144,041			3,393,308			7,166,306			4,434,868
Shares outstanding, end of year		36,679,217			19,258,145			9,355,257			7,144,041			10,787,290			7,166,306
	PD Large-Cap Value Index						PD Small-Cap Growth Index						PD Small-Cap Value Index
	2012			2011			2012			2011			2012			2011
Class P
Shares sold		5,404,096			4,070,207			1,180,930			779,729			2,101,777			1,131,285
Dividend and distribution reinvested		663,163			156,542			191,348			170,896			253,055			219,835
Shares repurchased		(504,521	)		(1,037,585	)		(598,234	)		(206,680	)		(604,857	)		(224,503	)
Net increase		5,562,738			3,189,164			774,044			743,945			1,749,975			1,126,617
Shares outstanding, beginning of year		8,742,591			5,553,427			2,038,784			1,294,839			2,701,115			1,574,498
Shares outstanding, end of year		14,305,329			8,742,591			2,812,828			2,038,784			4,451,090			2,701,115
	PD Emerging Markets						PD International Large-Cap
	2012			2011			2012			2011
Class P
Shares sold		1,103,589			894,257			5,243,502			4,471,584
Dividend and distribution reinvested		80,793			37,650			283,889			176,658
Shares repurchased		(138,797	)		(140,508	)		(604,599	)		(581,968	)
Net increase		1,045,585			791,399			4,922,792			4,066,274
Shares outstanding, beginning of year		2,328,676			1,537,277			7,958,534			3,892,260
Shares outstanding, end of year		3,374,261			2,328,676			12,881,326			7,958,534

D-12

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of

Pacific Select Fund:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the PD Aggregate Bond Index, PD High Yield Bond Market, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Small-Cap Growth Index, PD Small-Cap Value Index, PD Emerging Markets, and PD International Large-Cap Portfolios (collectively the “Funds”) (eight of fifty-four portfolios comprising Pacific Select Fund) as of December 31, 2012, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2012, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds as of December 31, 2012, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Costa Mesa, California

February 27, 2013

E-1

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each portfolio and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from July 1, 2012 to December 31, 2012.

ACTUAL EXPENSES

The first line of the table below for each portfolio provides information about actual account values and actual expenses based on each portfolio’s actual performance and each portfolio’s actual expenses and expense reductions (Note 7B to Financial Statements). The “Ending Account Value at 12/31/12” column shown is derived from the portfolio’s actual performance; the “Annualized Expense Ratio” column shows the portfolio’s actual annualized expense ratio; and the “Expenses Paid During the Period 07/01/12-12/31/12” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from July 1, 2012 to December 31, 2012.

You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each portfolio in your account, simply divide that portfolio’s value by $1,000.00 (for example, an $8,600.00 portfolio value divided by $1,000.00 = 8.6), then multiply this result by the number given for your portfolio(s) in the first line under the heading entitled “Expenses Paid During the Period 07/01/12-12/31/12.”

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSE

The second line of the table for each portfolio provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and the actual portfolio’s expenses, after any expense reductions. It assumes that the portfolio had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

You may use the hypothetical example information to compare the ongoing costs of investing in the portfolio to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
PD Aggregate Bond Index
Actual		$1,000.00		$1,015.50		0.17%		$0.86
Hypothetical		1,000.00		1,024.28		0.17%		0.87
PD High Yield Bond Market
Actual		$1,000.00		$1,077.00		0.34%		$1.78
Hypothetical		1,000.00		1,023.43		0.34%		1.73
PD Large-Cap Growth Index
Actual		$1,000.00		$1,046.10		0.17%		$0.87
Hypothetical		1,000.00		1,024.28		0.17%		0.87
PD Large-Cap Value Index
Actual		$1,000.00		$1,079.40		0.17%		$0.89
Hypothetical		1,000.00		1,024.28		0.17%		0.87

Portfolio	Beginning Account Value at 07/01/12		Ending Account Value at 12/31/12		Annualized Expense Ratio		Expenses Paid During the Period 07/01/12- 12/31/12 (1)
PD Small-Cap Growth Index
Actual		$1,000.00		$1,051.70		0.21%		$1.08
Hypothetical		1,000.00		1,024.08		0.21%		1.07
PD Small-Cap Value Index
Actual		$1,000.00		$1,088.30		0.21%		$1.10
Hypothetical		1,000.00		1,024.08		0.21%		1.07
PD Emerging Markets
Actual		$1,000.00		$1,133.80		0.91%		$4.88
Hypothetical		1,000.00		1,020.56		0.91%		4.62
PD International Large-Cap
Actual		$1,000.00		$1,137.10		0.30%		$1.61
Hypothetical		1,000.00		1,023.63		0.30%		1.53

(1) Expenses paid during the six-month period are equal to the portfolio’s annualized expense ratio (shown in the table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 366 days.

F-1

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION

(Unaudited)

The business and affairs of the Fund are managed under the direction of the Board of Trustees under the Fund’s Declaration of Trust. Information pertaining to the trustees and officers of the Fund is set forth below, effective January 1, 2013. Trustees who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Fund and thus are referred to as “Interested Persons”, because of their positions with Pacific Life Insurance Company (“Pacific Life”) and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Fund’s Statement of Additional Information includes additional information about the trustees. For information on availability of the Fund’s Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

The address of each trustee and officer is c/o Pacific Select Fund, 700 Newport Center Drive, Newport Beach, CA 92660.

Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Portfolios in Fund Complex Overseen**
INDEPENDENT TRUSTEES
Frederick L. Blackmon Year of birth 1952	Trustee since 1/01/05	Trustee (9/05 to present) of Pacific Life Funds; Director (2005 to present) of Trustmark Mutual Holding Company; Former Executive Vice President and Chief Financial Officer (1995 to 2003) of Zurich Life and has been retired since that time; Executive Vice President and Chief Financial Officer (1989 to 1995) of Alexander Hamilton Life Insurance Company (subsidiary of Household International); Member of Board of Trustees (2010 to present) of Cranbrook Educational Community; Former Member of Board of Governors (1994 to 1999) of Cranbrook Schools; and Former Member of Board of Regents (1993 to 1996) Eastern Michigan University.	87
Gale K. Caruso Year of birth 1957	Trustee since 1/01/06	Trustee (1/06 to present) of Pacific Life Funds; Former Member of the Board of Directors (2005 to 2009) of LandAmerica Financial Group, Inc.; Former President and Chief Executive Officer (1999 to 2003) of Zurich Life; Former Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd. and Managing Director of Scudder Kemper Investments; Former Member of the Advisory Council of the Trust for Public Land in Maine; Former Member of the Board of Directors of Make-A-Wish of Maine; and Former Member, Board of Directors of the Illinois Life Insurance Council.	87
Lucie H. Moore Year of birth 1956	Trustee since 10/01/98	Trustee (6/01 to present) of Pacific Life Funds; Former Partner (1984 to 1994) with Gibson, Dunn & Crutcher (Law); Former Member of the Board of Trustees (2007 to 2011) of Sage Hill School; Former Member (2000 to 2009) and Former Vice Chairman (2001 to 2007) of the Board of Trustees of The Pegasus School; Former Member of the Board of Directors (2005 to 2010) of HomeWord; and Former Member of the Advisory Board (1993 to 2004) of Court Appointed Special Advocates (CASA) of Orange County.	87
Nooruddin (Rudy) S. Veerjee Year of birth 1958	Trustee since 1/01/05	Trustee (9/05 to present) of Pacific Life Funds; Former President (1997 to 2000) of Transamerica Insurance and Investment Group and has been retired since that time; Former President (1994 to 1997) of Transamerica Asset Management; Former Chairman and Chief Executive Officer (1995 to 2000) of Transamerica Premier Funds (Mutual Fund); and Former Director (1994 to 2000) of various Transamerica Life Companies.	87
G. Thomas Willis Year of birth 1942	Trustee since 11/17/03	Trustee (2/04 to present) of Pacific Life Funds; Certified Public Accountant in California (1967 to present); Former Audit Partner (1976 to 2002) of PricewaterhouseCoopers LLP (Accounting and Auditing) and has been retired since that time.	87

F-2

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)

Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Portfolios in Fund Complex Overseen**
INTERESTED PERSONS
James T. Morris Year of birth 1960	Chairman of the Board and Trustee since 1/11/07, (Chief Executive Officer 1/11/07 to 12/31/09)	Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (4/07 to 3/12) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (4/07 to present), Chairman (5/08 to present), Chief Executive Officer (4/07 to present) and President (4/07 to 3/12) of Pacific Life; Chief Executive Officer (5/07 to present) and President (5/07 to 3/12) of Pacific Life Fund Advisors LLC; Chairman of the Board and Trustee (1/07 to present) and Chief Executive Officer (1/07 to 12/09) of Pacific Life Funds.	87
Mary Ann Brown Year of birth 1951	Chief Executive Officer since 1/01/10, (President 1/11/07 to 12/31/09)	Executive Vice President (4/10 to present) and Senior Vice President (5/06 to 3/10) of Pacific LifeCorp; Executive Vice President (4/10 to present) and Senior Vice President (3/05 to 3/10) of Pacific Life; Executive Vice President (4/10 to present) and Senior Vice President (5/07 to 3/10) of Pacific Life Fund Advisors LLC; and Chief Executive Officer (1/10 to present) and President (1/07 to 12/09) of Pacific Life Funds.	87
Robin S. Yonis Year of birth 1954	Vice President and General Counsel since 4/04/05	Vice President, Fund Advisor General Counsel, and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and General Counsel (6/01 to present) of Pacific Life Funds.	87
Brian D. Klemens Year of birth 1956	Vice President and Treasurer since 4/29/96	Vice President and Controller (10/07 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President and Controller (10/07 to present) of Pacific Life; Vice President and Controller (10/07 to present) of Pacific Life Fund Advisors LLC; Vice President (5/00 to present) and Controller (10/07 to present) of Pacific Select Distributors, Inc.; and Vice President and Treasurer (6/01 to present) of Pacific Life Funds.	87
Sharon E. Pacheco Year of birth 1957	Vice President and Chief Compliance Officer since 6/04/04	Vice President and Chief Compliance Officer (1/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present) of Pacific Life; Vice President and Chief Compliance Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Life Funds.	87
Howard T. Hirakawa Year of birth 1962	Vice President since 6/20/06	Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (6/06 to present) of Pacific Life Funds.	87
Jane M. Guon Year of birth 1964	Vice President since 1/01/11 and Secretary since 1/01/11	Vice President and Secretary (1/11 to present), Assistant Vice President (4/06 to 12/10) and Assistant Secretary (6/98 to 12/10) of Pacific Mutual Holding Company and Pacific LifeCorp; Director, Vice President, and Secretary (1/11 to present), Assistant Vice President (4/06 to 12/10) and Assistant Secretary (2/95 to 12/10) of Pacific Life; Vice President and Secretary (1/11 to present) and Assistant Vice President and Assistant Secretary (05/07 to 12/10) of Pacific Life Fund Advisors LLC; Vice President and Secretary (1/11 to present), Assistant Vice President (5/06 to 12/10) and Assistant Secretary (5/99 to 12/10) of Pacific Select Distributors, Inc.; and Vice President (1/11 to present) and Secretary (1/11 to present) of Pacific Life Funds.	87
Laurene E. MacElwee Year of birth 1966	Vice President since 12/13/11 and Assistant Secretary since 4/04/05 (Assistant Vice President 4/04/05 to 12/12/11)	Vice President (4/11 to present), Assistant Secretary (5/07 to present) and Assistant Vice President (5/07 to 3/11) of Pacific Life Fund Advisors LLC; and Vice President (4/05 to present) and Assistant Secretary (6/01 to present) of Pacific Life Funds.	87

F-3

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION (Continued)

(Unaudited)

Name and Age	Position(s) with the Fund and Length of Time Served*	Current Directorship(s) Held and Principal Occupation(s) (and certain additional occupation information) During Past 5 years	Number of Portfolios in Fund Complex Overseen**
INTERESTED PERSONS (Continued)
Eddie Tung Year of birth 1957	Assistant Vice President and Assistant Treasurer since 11/14/05	Assistant Vice President (4/03 to present) of Pacific Life; Assistant Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Assistant Treasurer (11/05 to present) of Pacific Life Funds.	87
Carleton J. Muench Year of birth 1973	Assistant Vice President since 11/30/06	Assistant Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President (11/06 to present) of Pacific Life Funds.	87
Kevin W. Steiner Year of birth 1975	Assistant Vice President since 1/01/13	Assistant Vice President (4/12 to present), Mutual Funds Compliance Director (4/08 to 3/12) and Mutual Funds Compliance Manager (10/06 to 3/08) of Pacific Life Fund Advisors LLC; and Vice President (1/13 to present) of Pacific Life Funds.	87

* A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.

** As of December 31, 2012, the “Fund Complex” consisted of Pacific Select Fund (54 portfolios) and Pacific Life Funds (33 funds).

F-4

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS

(Unaudited)

The Board of Trustees (the “Trustees” or “Board”) of Pacific Select Fund (the “Fund”) oversees the management of each of the separate portfolios of the Fund (each a “Portfolio” and collectively, the “Portfolios”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each portfolio management agreement (the “Portfolio Management Agreements,” together with the Advisory Agreement, the “Agreements”) with the various sub-advisers or “Portfolio Managers.” PLFA serves as the investment adviser for all of the Portfolios and directly manages the High Yield Bond, Cash Management and Floating Rate Income Portfolios (the “PAM Managed Portfolios”) under the name Pacific Asset Management (“PAM”) and the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, Portfolio Optimization Aggressive-Growth, Pacific Dynamix — Conservative Growth, Pacific Dynamix — Moderate Growth and Pacific Dynamix — Growth Portfolios (the “Asset Allocation Portfolios,” and together with the PAM Managed Portfolios, the “Directly Managed Portfolios”). For the other Portfolios, with the exception of the American Funds Growth-Income Portfolio, the American Funds Growth Portfolio, and the American Funds Asset Allocation Portfolio (collectively, the “Feeder Portfolios”), PLFA has retained other firms to serve as Portfolio Managers under PLFA’s supervision. Each of the Feeder Portfolios invests all of its assets in a master fund; and therefore, PLFA has not retained other portfolio managers to manage the assets of these Portfolios. The Board, including all of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on December 12, 2012.

At the December 12, 2012 meeting, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Portfolio Manager that was submitted in response to requests from the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received in-person presentations about the Portfolios throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, including reports on Portfolio performance, expenses, fee comparisons, investment advisory, compliance, and other services provided to the Portfolios by PLFA and the Portfolio Managers. The Board also reviewed financial and profitability information regarding PLFA and the Portfolio Managers, and information regarding the organization and operations of each entity such as their compliance monitoring, portfolio trading and brokerage practices and the personnel providing investment management and administrative services to each Portfolio. The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data, to provide the Board with information concerning the Portfolios’ investment performance, management fees and expense information. Additionally, the Independent Trustees retained an independent consultant (“Independent Consultant”) to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with data obtained from independent service providers as well as from other sources.

The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.

Annual Consideration and Approval of Investment Advisory and Portfolio Management Agreements

In evaluating the Advisory Agreement and each Portfolio Management Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

1. Nature, Extent and Quality of Services

Portfolio Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its monitoring and oversight of the Portfolio Managers and PAM; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder and/or contract holder needs. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust, its shareholders and investing.

The Trustees also considered that the investment, legal, compliance and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance and monitoring services for the Portfolios. The Board noted that PLFA monitors numerous investment, performance and compliance metrics for the Portfolios.

The Trustees considered PLFA’s continued development and use of analytical tools for assessing Portfolio performance and the performance of the Portfolio Managers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to identify Portfolios that are underperforming applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor the performance of Portfolio Managers, including the use of analytical methods to review Portfolio performance and execution of investment strategies. The Board noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in Portfolio performance and other areas, and periodically provides the Trustees with information on economic and market

F-5

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

trends to provide a context for assessing recent performance. The Board also noted that PLFA conducts periodic due diligence on Portfolio Managers involving onsite visits, in-person meetings and telephonic meetings to gather information that PLFA uses to gain an in-depth understanding of a Portfolio Manager’s investment process and to seek to identify issues that may be relevant to a Portfolio Manager’s services to a Portfolio or a Portfolio’s performance, including, but not limited to, the financial strength of a Portfolio Manager, significant staffing changes that could affect a Portfolio, material changes in a Portfolio Manager’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support. The Trustees also noted that PLFA appeared to have implemented effective methods for monitoring investment style consistency by Portfolio Managers and for analyzing the use of derivatives by Portfolio Managers. With respect to the PAM Managed Portfolios, the Board considered that PLFA provided oversight, diligence and reporting with regard to its PAM unit that is similar to the process it employs with regard to the Portfolio Managers. The Board also considered that PLFA manages directly the Asset Allocation Portfolios.

The Trustees considered the time and attention paid by PLFA to matters involving the valuation of Fund securities, including researching and evaluating information concerning securities that are not actively or publicly traded, valuing securities subject to a trading halt, the value of equity securities traded on foreign exchanges, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies. The Trustees also considered PLFA’s oversight of transition management when overseeing significant changes in the Portfolios, such as cash movements between the Portfolios arising from reallocations by funds of funds and the transition from one Portfolio Manager to another, including steps taken by PLFA to reduce transaction costs associated with a Portfolio transition.

The Trustees considered PLFA’s policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Portfolios, its compliance monitoring of the Portfolio Managers and its commitment to those programs; PLFA’s efforts to keep the Trustees informed about the Portfolio Managers; and its attention to matters that may involve conflicts of interest with each Portfolio. In this regard, the Trustees reviewed information throughout the year on PLFA’s compliance policies and procedures, its compliance history, and reports from the Trust’s Chief Compliance Officer (“CCO”) on compliance by PLFA, the Portfolio Managers, and the Portfolios with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further considered the monitoring and additional services provided by PLFA to the Portfolios, including risk management analysis, preparation of periodic performance and financial reports, review of trade execution and coordination of other service providers to the Trust.

The Trustees noted that the Portfolios are used as the investment options for variable products of Pacific Life and Pacific Life & Annuity Company (“PL&A”), and they believe the Portfolios provide a broad range of investment options for contract holders of Pacific Life and PL&A, including investment options that provide exposure to major asset classes such as equity and debt, and many different investment styles within those asset classes, and target risk funds that also provide investors with asset allocation for different profiles. The Trustees further noted that the offering of the Portfolios as investment options assisted in distinguishing these variable products in the marketplace. The Trustees considered that they had received reports concerning the positioning of these variable products in the marketplace.

Portfolio Management – PLFA and the Portfolio Managers. The Trustees considered various materials relating to PLFA, including PAM, and the Portfolio Managers, including copies of each existing Advisory Agreement and Portfolio Management Agreement; copies of the Form ADV for PLFA and each Portfolio Manager; financial information relating to PLFA and each Portfolio Manager; and other information deemed relevant to the Trustees’ evaluation of PLFA and each Portfolio Manager, including qualitative assessments from senior management of PLFA.

The Trustees considered the benefits to shareholders of retaining PLFA and each Portfolio Manager and continuing the Advisory Agreement and Portfolio Management Agreements particularly in light of the nature, extent, and quality of the services that have been provided by PLFA and the Portfolio Managers. The Trustees noted the portfolio management services that have been provided by PLFA or PAM to the Directly Managed Portfolios and the portfolio management services that have been provided by the Portfolio Managers to the other Portfolios. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Portfolios and their shareholders, the organizational depth and resources of PLFA and the Portfolio Managers, including the background and experience of PLFA and each of the Portfolio Manager’s management, and the expertise of PLFA, its PAM unit, and each Portfolio Manager’s portfolio management team, as well as the investment methodology used by PLFA, its PAM unit, and the Portfolio Manager.

The Trustees further noted the compliance monitoring conducted by PLFA and PAM on an ongoing basis and also noted the development of procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO had in place a systematic process for periodically reviewing PLFA’s and each Portfolio Manager’s written compliance policies and procedures, including the assessment of PLFA’s and each Portfolio Manager’s compliance program as required under Rule 38a-1 of the 1940 Act and PLFA’s and each Portfolio Manager’s code of ethics. The Trustees also considered that PLFA and each Portfolio Manager continues to cooperate with the CCO in reviewing its compliance operations.

In making their assessments, the Trustees considered that PLFA has historically exercised diligence in monitoring the performance of the Portfolio Managers and PAM, and has recommended and taken measures to attempt to remedy relative underperformance by a Portfolio when PLFA and the Trustees believed it to be appropriate.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and the Portfolio Managers.

2. Investment Results

The Trustees considered the investment results of each Portfolio in light of its objective and market conditions over the past year. The Trustees compared each Portfolio’s total returns with both the total returns of appropriate peer funds, based on information provided by PLFA using data from independent sources, and with one or more relevant benchmark indices. The Independent Trustees also considered information provided by an Independent Consultant who provided a presentation and analysis to the Trustees regarding peer group performance utilizing

F-6

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

data from independent sources. The information provided to the Trustees included each Portfolio’s performance record for the prior ten calendar years, as applicable, and three-month, year-to-date, one-, three-, five- and ten-year or since inception periods, as applicable. In reviewing the performance data drawn from independent sources, as well as the performance of the respective benchmark indices, the Trustees took into consideration the goals and objectives of each Portfolio and noted that some Portfolios had outperformed their peer groups over certain periods and/or exceeded their respective benchmark indices while others underperformed their peer groups over certain periods and/or trailed their respective benchmark indices. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues which may warrant consideration of corrective action. The Trustees discussed these Portfolios with representatives of PLFA, including an assessment of the approach used by the Portfolio Managers as well as oversight and monitoring by PLFA as the investment adviser, to gain an understanding of underperformance and to assess whether any actions would be appropriate.

The Trustees also reviewed the monitoring of the Portfolio Managers’ investment results by PLFA, including PLFA’s historical practice of recommending to the Trustees the use of a new manager if performance lagged and could not be improved within a reasonable timeframe, and reviewed the monitoring of the PAM unit’s investment results by PLFA. Generally, the Trustees noted that there continues to be a strong record of well-managed Portfolios that work well in the Asset Allocation Portfolios and that the Asset Allocation Portfolios provide a range of professionally managed asset allocation investment options. The Trustees also noted that the Portfolios continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Asset Allocation Portfolios and the benefits the Asset Allocation Portfolios provide for shareholders generally.

The Board concluded that PLFA continues to have a strong record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was implementing each Portfolio’s investment objective either directly or through the selection of Portfolio Managers and that PLFA’s record in managing each Portfolio indicates that its continued management as well as the continuation of the respective Portfolio Management Agreements will benefit each Portfolio and its shareholders.

3. Advisory Fees and Total Expense Ratios

The Trustees requested, received and reviewed information from PLFA relating to the advisory fees and the sub-advisory fees, including the portion of the advisory fees paid to each Portfolio Manager as compared to the portion retained by PLFA, and operating expense ratios for each of the Portfolios. The Independent Trustees also requested and reviewed information from the Independent Consultant along with their analysis of advisory fees, sub-advisory fees and certain other expenses. The Trustees reviewed the advisory fees, sub-advisory fees and operating expense ratios of each Portfolio and compared such amounts with the average fee and expense levels of other funds in applicable peer fund groups. During their review, the Trustees noted that all of the Portfolios were subject to contractual expense limitations agreed to by PLFA. The Trustees also reviewed written materials prepared by PLFA based on peer fund group information retrieved from the independent sources. The Independent Trustees requested and reviewed an analysis provided by the Independent Consultant of the asset-based breakpoint schedule for the Portfolios. The Independent Trustees noted that the breakpoints offer meaningful potential savings to shareholders of many of the Portfolios.

The Trustees also considered information from the Portfolio Managers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Portfolio Manager with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Portfolios by the Portfolio Managers and that the level of services provided by these Portfolio Managers on these other accounts were due to the different nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Portfolio Manager and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with regard to the sub-advised Portfolios, the fee rates were the result of arms’-length negotiations between PLFA and the Portfolio Managers, and that any sub-advisory fees are paid by PLFA and are not paid directly by a Portfolio. The Trustees observed that certain of the Portfolios’ contractual advisory fees were higher than the average of their respective Morningstar category while others were either lower or approximately equal to these averages.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Portfolio were fair and reasonable.

4. Costs, Level of Profits and Economies of Scale

The Trustees reviewed information provided by PLFA and the Portfolio Managers regarding PLFA’s costs of sponsoring the Portfolios and information regarding the profitability of PLFA and the Portfolio Managers.

PLFA and the Portfolio Managers’ Costs and Profitability. The Trustees noted that, based on the data available, PLFA appears to be providing products that are competitively priced with other funds, especially multi-manager and asset allocation funds and funds that support variable annuity and variable life insurance products. The Trustees noted PLFA’s willingness to sponsor new funds that PLFA believed would improve the menu of offerings for contract owners or that would benefit the Asset Allocation Portfolios, despite the potential subsidies required by PLFA during a new fund’s start-up phase. Based on information received, the Trustees further noted that Pacific Life’s overall profitability on variable annuity and variable life insurance products, which are supported by the Trust, appeared reasonable at the current time. The Trustees also noted that analysis of the Trust’s profitability to PLFA supported a conclusion that PLFA’s costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.

The Trustees also reviewed information provided regarding the structure and manner in which PLFA’s and the Portfolio Managers’ investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.

F-7

PACIFIC SELECT FUND

APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND PORTFOLIO MANAGEMENT AGREEMENTS (Continued)

(Unaudited)

With respect to the Portfolio Managers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the profitability of the Portfolio Management Agreements to the Portfolio Managers because of, among other things, the differences in the types of information provided by the Portfolio Managers, the fact that many Portfolio Managers manage substantial assets other than the Portfolios and, further, that any such assessment would involve assumptions regarding the Portfolio Managers’ expense allocation policies, capital structure, cost of capital, business mix and other factors.

Accordingly, in the case of the Portfolio Managers, the Trustees focused their consideration on the data described above in light of the arms’-length nature of the relationship (for the Portfolios that are sub-advised) between PLFA and such Portfolio Managers with respect to the negotiation of portfolio sub-advisory fees and the fact that such fees are paid by PLFA.

Economies of Scale. The Trustees considered information relating to economies of scale provided by PLFA and the Independent Consultant, and PLFA’s general willingness to discuss and evaluate the topic of economies of scale with the Trustees.

The Trustees considered that the advisory fee schedules contained breakpoints reducing the rate of the advisory fee as Portfolio assets grow for all Portfolios except the Asset Allocation Portfolios. The Independent Trustees agreed that the breakpoints appear to be providing for shared economies of scale and potential future economies of scale as the asset levels of a Portfolio increase. The Independent Trustees noted that the Asset Allocation Portfolios are funds-of-funds that invest in other Portfolios that have advisory fee schedules containing breakpoints that reduce the total advisory fees paid by shareholders of the Asset Allocation Portfolios as assets grow. The Trustees also considered PLFA’s willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Portfolios for certain expenses that exceed stated expense caps.

The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees further noted that Pacific Life and PL&A had also consistently reinvested in the business with respect to the variable products to which the Fund serves as the underlying investment vehicle.

The Trustees additionally noted that economies of scale were difficult to measure with precision particularly on a Portfolio by Portfolio basis. This analysis was complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the ability to provide and expand those services through, for example, continuing investments in technology and shareholder services, as discussed above. The Trustees considered that the Portfolios are well managed, and provide shareholders with a wide choice of premier Portfolio Managers and sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers, and to provide certain support services to the Portfolios on an approximate cost basis as opposed to an asset-based charge.

The Board determined that PLFA and its affiliates are sharing economies of scale given its commitment to competitive total expenses of the Portfolios, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board concluded that the Portfolios’ cost structures were reasonable and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Portfolio and its shareholders to their benefit.

5. Ancillary Benefits

The Trustees requested and received from PLFA and the Portfolio Managers information concerning other benefits received by PLFA, the Portfolio Managers, and their affiliates as a result of their respective relationship with the Portfolios, including various service arrangements with PLFA affiliates and reimbursement at an approximate cost basis for support services in the case of PLFA, as well as commissions paid to broker-dealers affiliated with certain Portfolio Managers and the use of soft-dollars by certain of the Portfolio Managers. The Trustees also considered information concerning other significant economic relations between the Portfolio Managers and their affiliates and with PLFA and its affiliates and noted PLFA’s processes and procedures to identify and disclose such relationships to the Board. The Trustees also considered information provided to them as to how conflicts of interest that may arise from these relationships are managed.

The Board concluded that such benefits were consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual.

6. Conclusion

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including the Independent Trustees, concluded that the Advisory Agreement and each applicable Portfolio Management Agreement are fair and reasonable with respect to each Portfolio and its shareholders, and that the renewal of the Advisory Agreement and each applicable Portfolio Management Agreement would be in the best interests of the Portfolios and their shareholders. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement and each applicable Portfolio Management Agreement, but indicated that the Board based its determination on the total mix of information available to it.

F-8

PACIFIC SELECT FUND

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

The Fund files Form N-Q (complete schedules of portfolio holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Fund’s Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s Web site at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Fund’s Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.

Availability of Proxy Voting Record

By August 31 of each year, the Fund files information regarding how the Fund’s managers voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Fund’s Website and on the SEC’s Website noted below.

Information Relating to Investments Held by the Fund

For complete descriptions of the various securities and other instruments held by the Fund and their risks, please see the Fund’s prospectus and Statement of Additional Information (“SAI”). For a description of bond ratings, see the Fund’s SAI. The prospectus and SAI are available as noted below.

Availability of Proxy Voting Policies

A description of the Proxy Voting Policies and Procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is described in the Fund’s SAI.

How to obtain Information

The Fund’s prospectus, SAI (including Proxy Voting Policies), annual and semi-annual reports, and complete schedules of investments are available:

• On the Fund’s website at http://www.PacificLife.com

• On the SEC’s website at http://www.sec.gov

• Upon request, without charge by calling the applicable toll-free numbers below:

Pacific Life’s Annuity Contract Owners: 1-800-722-4448

Pacific Life’s Annuity Registered Representative: 1-800-722-2333

Pacific Life Insurance Policy Owners: 1-800-800-7681

PL&A’s Annuity Contract Owners: 1-800-748-6907

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

7 a.m. through 5 p.m. Pacific Time

F-9

Form Nos.: 15-31114-02

                     4732-13A

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.

A copy of this code of ethics is filed as Exhibit 99 to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board has determined that G. Thomas Willis, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation does not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Willis is a retired partner of PricewaterhouseCoopers LLP.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate audit fees billed to the Registrant by the principal accountant for the fiscal years ended December 31, 2012 and 2011 were $1,350,000 and $1,134,000 respectively.

(b) Audit-Related Fees. For the fiscal years ended December 31, 2012 and December 31, 2011 there were no audit-related fees.

(c) Tax Fees. There were no fees billed to the Registrant for professional services for tax compliance, tax advice or tax planning for the fiscal years ended December 31, 2012 and 2011.

(d) All Other Fees. There were no other fees billed to the Registrant by the principal accountant for the fiscal years ending December 31, 2012 and 2011.

(e)(1) The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence:

Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either: (i) The Audit Committee shall pre-approve such engagement; or (ii) Such engagement shall be entered into pursuant to pre-approval policies and procedures established by the Audit committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated pursuant to the Audit Committee Charter shall be presented to the full Audit Committee at its next scheduled meeting. (iii) De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee.

Pre-Approval of Non-Audit Services Provided to the Adviser and Others. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity in the investment company complex, if the nature of the services provided relate directly

to the operations or financial reporting of the Registrant. Pursuant to the Audit Committee Charter, “Investment company complex” means the Registrant and its portfolios, the Pacific Life Funds, the Adviser and any entity controlled by or under common control with the Adviser if such entity is an investment adviser or is engaged in the business of providing administrative, custodian, underwriting or transfer agent services to the Trusts or the Adviser. Application of De Minimis Exception: The De Minimis exceptions set forth above also apply to pre-approvals under this section of the Audit Committee Charter, except that the “total amount of revenues” calculation for the services pursuant to the Audit Committee Charter is based on the total amount of revenues paid to the Auditor by the Registrant and any other entity that has its services approved under this section of the Audit Committee Charter (i.e., the Adviser or any control person).

(e)(2) No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the years ended December 31, 2012 and 2011 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $170,394 and $120,300, respectively.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants—not applicable.

Item 6. Investments.

(a) Schedule I.

(b) Not applicable.

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
COMMON STOCKS - 98.3%
Consumer Discretionary - 11.3%
Abercrombie & Fitch Co ‘A’		12,274		$588,784
Amazon.com Inc *		55,560		13,953,338
Apollo Group Inc ‘A’ *		15,380		321,750
AutoNation Inc *		6,064		240,741
AutoZone Inc *		5,673		2,010,681
Bed Bath & Beyond Inc *		35,204		1,968,256
Best Buy Co Inc		41,251		488,824
Big Lots Inc *		9,000		256,140
BorgWarner Inc *		17,916		1,283,144
Cablevision Systems Corp ‘A’		32,908		491,646
CarMax Inc *		35,026		1,314,876
Carnival Corp (Panama)		68,418		2,515,730
CBS Corp ‘B’		90,710		3,451,516
Chipotle Mexican Grill Inc *		4,841		1,440,004
Coach Inc		43,592		2,419,792
Comcast Corp ‘A’		407,573		15,235,079
D.R. Horton Inc		42,713		844,863
Darden Restaurants Inc		19,691		887,473
Delphi Automotive PLC * (United Kingdom)		45,227		1,729,933
DIRECTV *		92,710		4,650,334
Discovery Communications Inc ‘A’ *		36,683		2,328,637
Dollar General Corp *		40,348		1,778,943
Dollar Tree Inc *		34,929		1,416,720
Expedia Inc		14,296		878,489
Family Dollar Stores Inc		14,742		934,790
Ford Motor Co		584,474		7,568,938
Fossil Inc *		8,304		773,102
GameStop Corp ‘A’		18,709		469,409
Gannett Co Inc		35,377		637,140
Garmin Ltd (Switzerland)		16,686		681,123
Genuine Parts Co		23,775		1,511,615
H&R Block Inc		41,460		769,912
Harley-Davidson Inc		34,767		1,698,020
Harman International Industries Inc		10,482		467,916
Hasbro Inc		17,632		632,989
International Game Technology		40,734		577,201
J.C. Penney Co Inc		22,131		436,202
Johnson Controls Inc		104,786		3,216,930
Kohl’s Corp		32,527		1,398,010
Leggett & Platt Inc		21,663		589,667
Lennar Corp ‘A’		25,119		971,352
Limited Brands Inc		36,659		1,725,173
Lowe’s Cos Inc		172,564		6,129,473
Macy’s Inc		60,704		2,368,670
Marriott International Inc ‘A’		37,836		1,410,148
Mattel Inc		52,561		1,924,784
McDonald’s Corp		153,995		13,583,899
Netflix Inc *		8,519		790,393
Newell Rubbermaid Inc		44,090		981,884
News Corp ‘A’		309,330		7,900,288
Nike Inc ‘B’		111,998		5,779,097
Nordstrom Inc		23,364		1,249,974
O’Reilly Automotive Inc *		17,615		1,575,133
Omnicom Group Inc		40,625		2,029,625
PetSmart Inc		16,538		1,130,207
priceline.com Inc *		7,644		4,748,453
PulteGroup Inc *		52,015		944,592
Ralph Lauren Corp		9,385		1,406,999
Ross Stores Inc		34,132		1,848,248
Scripps Networks Interactive Inc ‘A’		13,303		770,510
Staples Inc		103,626		1,181,336
Starbucks Corp		114,093		6,117,667
Starwood Hotels & Resorts Worldwide Inc		30,023		1,722,119
Target Corp		99,853		5,908,302
The Gap Inc		45,606		1,415,610
The Goodyear Tire & Rubber Co *		37,354		515,859

	Shares		Value
The Home Depot Inc		229,336		$14,184,432
The Interpublic Group of Cos Inc		66,247		730,042
The McGraw-Hill Cos Inc		42,648		2,331,566
The TJX Cos Inc		111,909		4,750,537
The Walt Disney Co		271,818		13,533,818
The Washington Post Co ‘B’		700		255,647
Tiffany & Co		18,207		1,043,989
Time Warner Cable Inc		46,312		4,501,063
Time Warner Inc		145,100		6,940,133
TripAdvisor Inc *		16,717		701,445
Urban Outfitters Inc *		16,848		663,137
VF Corp		13,500		2,038,095
Viacom Inc ‘B’		70,912		3,739,899
Whirlpool Corp		11,918		1,212,657
Wyndham Worldwide Corp		21,576		1,148,059
Wynn Resorts Ltd		12,176		1,369,678
Yum! Brands Inc		69,335		4,603,844
				224,736,493
Consumer Staples - 10.4%
Altria Group Inc		310,650		9,760,623
Archer-Daniels-Midland Co		100,912		2,763,980
Avon Products Inc		65,985		947,545
Beam Inc		24,364		1,488,397
Brown-Forman Corp ‘B’		23,219		1,468,602
Campbell Soup Co		27,503		959,580
Coca-Cola Enterprises Inc		41,487		1,316,382
Colgate-Palmolive Co		68,124		7,121,683
ConAgra Foods Inc		62,552		1,845,284
Constellation Brands Inc ‘A’ *		23,163		819,739
Costco Wholesale Corp		66,289		6,547,364
CVS Caremark Corp		191,247		9,246,792
Dean Foods Co *		28,174		465,153
Dr Pepper Snapple Group Inc		31,992		1,413,407
General Mills Inc		98,991		4,000,226
H.J. Heinz Co		49,135		2,834,107
Hormel Foods Corp		20,658		644,736
Kellogg Co		37,886		2,115,933
Kimberly-Clark Corp		60,044		5,069,515
Kraft Foods Group Inc		90,797		4,128,540
Lorillard Inc		19,880		2,319,400
McCormick & Co Inc		20,261		1,287,181
Mead Johnson Nutrition Co		31,145		2,052,144
Molson Coors Brewing Co ‘B’		23,854		1,020,713
Mondelez International Inc ‘A’		272,427		6,938,716
Monster Beverage Corp *		22,928		1,212,433
PepsiCo Inc		237,254		16,235,291
Philip Morris International Inc		256,214		21,429,739
Reynolds American Inc		49,796		2,063,048
Safeway Inc		36,534		660,900
Sysco Corp		90,070		2,851,616
The Clorox Co		19,978		1,462,789
The Coca-Cola Co		591,588		21,445,065
The Estee Lauder Cos Inc ‘A’		36,777		2,201,471
The Hershey Co		22,980		1,659,616
The J.M. Smucker Co		16,673		1,437,879
The Kroger Co		78,921		2,053,524
The Procter & Gamble Co		419,334		28,468,585
Tyson Foods Inc ‘A’		44,189		857,267
Wal-Mart Stores Inc		256,541		17,503,792
Walgreen Co		131,681		4,873,514
Whole Foods Market Inc		26,435		2,414,308
				207,406,579
Energy - 10.8%
Anadarko Petroleum Corp		76,607		5,692,666
Apache Corp		59,975		4,708,038
Baker Hughes Inc		67,366		2,751,227
Cabot Oil & Gas Corp		32,183		1,600,782
Cameron International Corp *		37,795		2,133,906

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

1

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Chesapeake Energy Corp		79,382		$1,319,329
Chevron Corp		300,091		32,451,841
ConocoPhillips		186,110		10,792,519
CONSOL Energy Inc		34,912		1,120,675
Denbury Resources Inc *		59,430		962,766
Devon Energy Corp		57,718		3,003,645
Diamond Offshore Drilling Inc		10,609		720,988
Ensco PLC ‘A’ (United Kingdom)		35,584		2,109,420
EOG Resources Inc		41,521		5,015,322
EQT Corp		22,941		1,353,060
Exxon Mobil Corp		699,197		60,515,500
FMC Technologies Inc *		36,427		1,560,168
Halliburton Co		142,241		4,934,340
Helmerich & Payne Inc		16,227		908,874
Hess Corp		45,538		2,411,692
Kinder Morgan Inc		96,914		3,423,972
Marathon Oil Corp		108,258		3,319,190
Marathon Petroleum Corp		51,978		3,274,614
Murphy Oil Corp		28,308		1,685,741
Nabors Industries Ltd * (Bermuda)		44,314		640,337
National Oilwell Varco Inc		65,433		4,472,346
Newfield Exploration Co *		20,599		551,641
Noble Corp (Switzerland)		38,734		1,348,718
Noble Energy Inc		27,258		2,773,229
Occidental Petroleum Corp		124,211		9,515,805
Peabody Energy Corp		41,143		1,094,815
Phillips 66		95,948		5,094,839
Pioneer Natural Resources Co		18,877		2,012,099
QEP Resources Inc		27,305		826,522
Range Resources Corp		24,908		1,564,970
Rowan Cos PLC ‘A’ * (United Kingdom)		18,952		592,629
Schlumberger Ltd (Netherlands)		203,547		14,103,772
Southwestern Energy Co *		53,521		1,788,137
Spectra Energy Corp		102,023		2,793,390
Tesoro Corp		21,486		946,458
The Williams Cos Inc		103,263		3,380,831
Valero Energy Corp		84,820		2,894,058
WPX Energy Inc *		30,542		454,465
				214,619,336
Financials - 15.3%
ACE Ltd (Switzerland)		52,082		4,156,144
Aflac Inc		71,866		3,817,522
American Express Co		149,357		8,585,040
American International Group Inc *		226,324		7,989,237
American Tower Corp REIT		60,598		4,682,407
Ameriprise Financial Inc		31,617		1,980,173
Aon PLC (United Kingdom)		48,928		2,720,397
Apartment Investment & Management Co ‘A’ REIT		22,202		600,786
Assurant Inc		12,168		422,230
AvalonBay Communities Inc REIT		17,524		2,376,079
Bank of America Corp		1,652,585		19,169,986
BB&T Corp		107,215		3,121,029
Berkshire Hathaway Inc ‘B’ *		279,751		25,093,665
BlackRock Inc		19,255		3,980,201
Boston Properties Inc REIT		23,114		2,445,692
Capital One Financial Corp		89,162		5,165,155
CBRE Group Inc ‘A’ *		46,184		919,062
Cincinnati Financial Corp		22,372		876,088
Citigroup Inc		449,636		17,787,600
CME Group Inc ‘A’		46,993		2,383,015
Comerica Inc		29,304		889,083
Discover Financial Services		77,493		2,987,355
E*TRADE Financial Corp *		39,103		349,972
Equity Residential REIT		49,299		2,793,774
Fifth Third Bancorp		137,857		2,094,048
First Horizon National Corp		38,078		377,353
Franklin Resources Inc		21,136		2,656,795
Genworth Financial Inc ‘A’ *		75,108		564,061

	Shares		Value
HCP Inc REIT		69,274		$3,129,799
Health Care REIT Inc		39,785		2,438,423
Host Hotels & Resorts Inc REIT		111,000		1,739,370
Hudson City Bancorp Inc		72,699		591,043
Huntington Bancshares Inc		131,277		838,860
IntercontinentalExchange Inc *		11,118		1,376,520
Invesco Ltd (Bermuda)		68,034		1,775,007
JPMorgan Chase & Co		582,881		25,629,278
KeyCorp		143,351		1,207,015
Kimco Realty Corp REIT		62,426		1,206,070
Legg Mason Inc		18,108		465,738
Leucadia National Corp		30,233		719,243
Lincoln National Corp		42,307		1,095,751
Loews Corp		47,761		1,946,261
M&T Bank Corp		18,626		1,834,102
Marsh & McLennan Cos Inc		83,418		2,875,418
MetLife Inc		167,243		5,508,984
Moody’s Corp		29,765		1,497,775
Morgan Stanley		211,816		4,049,922
Northern Trust Corp		33,475		1,679,106
NYSE Euronext		37,408		1,179,848
People’s United Financial Inc		53,776		650,152
Plum Creek Timber Co Inc REIT		24,782		1,099,577
Principal Financial Group Inc		42,430		1,210,104
Prologis Inc REIT		70,619		2,576,887
Prudential Financial Inc		71,246		3,799,549
Public Storage REIT		22,095		3,202,891
Regions Financial Corp		216,658		1,542,605
Simon Property Group Inc REIT		47,424		7,497,260
SLM Corp		71,077		1,217,549
State Street Corp		71,352		3,354,258
SunTrust Banks Inc		82,552		2,340,349
T. Rowe Price Group Inc		39,050		2,543,327
The Allstate Corp		73,964		2,971,134
The Bank of New York Mellon Corp		179,336		4,608,935
The Charles Schwab Corp		168,009		2,412,609
The Chubb Corp		40,214		3,028,918
The Goldman Sachs Group Inc		67,768		8,644,486
The Hartford Financial Services Group Inc		66,811		1,499,239
The NASDAQ OMX Group Inc		18,096		452,581
The PNC Financial Services Group Inc		81,099		4,728,883
The Progressive Corp		85,480		1,803,628
The Travelers Cos Inc		58,541		4,204,415
Torchmark Corp		14,624		755,622
U.S. Bancorp		288,456		9,213,285
Unum Group		42,355		881,831
Ventas Inc REIT		45,289		2,931,104
Vornado Realty Trust REIT		25,948		2,077,916
Wells Fargo & Co		750,849		25,664,019
Weyerhaeuser Co REIT		82,965		2,308,086
XL Group PLC (Ireland)		46,237		1,158,699
Zions Bancorp		28,090		601,126
				304,748,506
Health Care - 11.8%
Abbott Laboratories		242,356		15,874,318
Aetna Inc		51,261		2,373,384
Agilent Technologies Inc		53,380		2,185,377
Alexion Pharmaceuticals Inc *		29,770		2,792,724
Allergan Inc		47,136		4,323,785
AmerisourceBergen Corp		36,189		1,562,641
Amgen Inc		117,710		10,160,727
Baxter International Inc		84,213		5,613,639
Becton Dickinson & Co		30,247		2,365,013
Biogen Idec Inc *		36,267		5,319,281
Boston Scientific Corp *		211,150		1,209,890
Bristol-Myers Squibb Co		253,234		8,252,896
C.R. Bard Inc		11,774		1,150,791
Cardinal Health Inc		52,132		2,146,796
CareFusion Corp *		33,885		968,433

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

2

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Celgene Corp *		64,907		$5,109,479
Cerner Corp *		22,335		1,734,089
CIGNA Corp		43,905		2,347,161
Coventry Health Care Inc		20,577		922,467
Covidien PLC (Ireland)		72,653		4,194,984
DaVita HealthCare Partners Inc *		12,886		1,424,290
DENTSPLY International Inc		21,767		862,191
Edwards Lifesciences Corp *		17,683		1,594,476
Eli Lilly & Co		156,553		7,721,194
Express Scripts Holding Co *		125,152		6,758,208
Forest Laboratories Inc *		35,902		1,268,059
Gilead Sciences Inc *		116,154		8,531,511
Hospira Inc *		25,209		787,529
Humana Inc		24,315		1,668,738
Intuitive Surgical Inc *		6,105		2,993,709
Johnson & Johnson		424,932		29,787,733
Laboratory Corp of America Holdings *		14,546		1,259,975
Life Technologies Corp *		26,452		1,298,264
McKesson Corp		36,174		3,507,431
Medtronic Inc		155,170		6,365,073
Merck & Co Inc		466,134		19,083,526
Mylan Inc *		62,415		1,715,164
Patterson Cos Inc		12,930		442,594
PerkinElmer Inc		17,552		557,100
Perrigo Co		13,512		1,405,653
Pfizer Inc		1,129,160		28,319,333
Quest Diagnostics Inc		24,341		1,418,350
St. Jude Medical Inc		47,354		1,711,374
Stryker Corp		44,313		2,429,239
Tenet Healthcare Corp *		16,263		528,060
Thermo Fisher Scientific Inc		55,291		3,526,460
UnitedHealth Group Inc		156,706		8,499,733
Varian Medical Systems Inc *		16,826		1,181,858
Waters Corp *		13,365		1,164,359
Watson Pharmaceuticals Inc *		19,567		1,682,762
WellPoint Inc		46,529		2,834,547
Zimmer Holdings Inc		26,621		1,774,556
				234,710,924
Industrials - 10.0%
3M Co		97,593		9,061,510
Avery Dennison Corp		15,373		536,825
C.H. Robinson Worldwide Inc		24,669		1,559,574
Caterpillar Inc		100,255		8,980,843
Cintas Corp		16,363		669,247
CSX Corp		158,332		3,123,890
Cummins Inc		27,084		2,934,551
Danaher Corp		89,308		4,992,317
Deere & Co		60,041		5,188,743
Dover Corp		27,504		1,807,288
Eaton Corp PLC (Ireland)		70,771		3,835,788
Emerson Electric Co		111,110		5,884,386
Equifax Inc		18,300		990,396
Expeditors International of Washington Inc		32,074		1,268,527
Fastenal Co		41,332		1,929,791
FedEx Corp		44,770		4,106,304
Flowserve Corp		7,689		1,128,745
Fluor Corp		25,539		1,500,161
General Dynamics Corp		50,863		3,523,280
General Electric Co		1,608,200		33,756,118
Honeywell International Inc		120,093		7,622,303
Illinois Tool Works Inc		65,440		3,979,406
Ingersoll-Rand PLC (Ireland)		42,998		2,062,184
Iron Mountain Inc		25,510		792,085
Jacobs Engineering Group Inc *		19,925		848,207
Joy Global Inc		16,168		1,031,195
L-3 Communications Holdings Inc		14,469		1,108,615
Lockheed Martin Corp		41,167		3,799,302
Masco Corp		54,515		908,220
Norfolk Southern Corp		48,520		3,000,477

	Shares		Value
Northrop Grumman Corp		37,689		$2,547,023
PACCAR Inc		54,142		2,447,760
Pall Corp		17,093		1,030,024
Parker Hannifin Corp		22,863		1,944,727
Pentair Ltd (Switzerland)		32,319		1,588,479
Pitney Bowes Inc		30,590		325,478
Precision Castparts Corp		22,306		4,225,203
Quanta Services Inc *		32,534		887,853
Raytheon Co		50,643		2,915,011
Republic Services Inc		45,812		1,343,666
Robert Half International Inc		21,606		687,503
Rockwell Automation Inc		21,404		1,797,722
Rockwell Collins Inc		21,561		1,254,203
Roper Industries Inc		15,068		1,679,781
Ryder System Inc		7,821		390,503
Snap-on Inc		8,874		700,957
Southwest Airlines Co		113,497		1,162,209
Stanley Black & Decker Inc		25,872		1,913,752
Stericycle Inc *		13,148		1,226,314
Textron Inc		43,130		1,069,193
The ADT Corp		35,600		1,655,044
The Boeing Co		104,043		7,840,680
The Dun & Bradstreet Corp		6,846		538,438
Tyco International Ltd (Switzerland)		71,343		2,086,783
Union Pacific Corp		72,161		9,072,081
United Parcel Service Inc ‘B’		109,767		8,093,121
United Technologies Corp		129,279		10,602,171
W.W. Grainger Inc		9,182		1,858,161
Waste Management Inc		66,805		2,254,001
Xylem Inc		28,324		767,580
				197,835,699
Information Technology - 18.7%
Accenture PLC ‘A’ (Ireland)		97,885		6,509,353
Adobe Systems Inc *		75,858		2,858,329
Advanced Micro Devices Inc *		91,546		219,710
Akamai Technologies Inc *		27,185		1,112,138
Altera Corp		49,097		1,690,901
Amphenol Corp ‘A’		24,597		1,591,426
Analog Devices Inc		46,161		1,941,532
Apple Inc		144,247		76,887,978
Applied Materials Inc		183,965		2,104,560
Autodesk Inc *		34,554		1,221,484
Automatic Data Processing Inc		74,409		4,242,057
BMC Software Inc *		21,942		870,220
Broadcom Corp ‘A’ *		79,504		2,640,328
CA Inc		51,569		1,133,487
Cisco Systems Inc		814,047		15,996,024
Citrix Systems Inc *		28,576		1,878,872
Cognizant Technology Solutions Corp ‘A’ *		46,038		3,409,114
Computer Sciences Corp		23,710		949,586
Corning Inc		226,895		2,863,415
Dell Inc		223,975		2,268,867
eBay Inc *		178,543		9,109,264
Electronic Arts Inc *		47,033		683,389
EMC Corp *		322,965		8,171,015
F5 Networks Inc *		12,125		1,177,944
Fidelity National Information Services Inc		38,252		1,331,552
First Solar Inc *		9,109		281,286
Fiserv Inc *		20,511		1,620,984
FLIR Systems Inc		23,168		516,878
Google Inc ‘A’ *		40,812		28,950,808
Harris Corp		17,388		851,316
Hewlett-Packard Co		301,354		4,294,295
Intel Corp		763,216		15,745,146
International Business Machines Corp		162,892		31,201,963
Intuit Inc		42,640		2,537,080
Jabil Circuit Inc		28,528		550,305
JDS Uniphase Corp *		35,730		483,784
Juniper Networks Inc *		79,235		1,558,552

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

3

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
KLA-Tencor Corp		25,542		$1,219,886
Lam Research Corp *		26,370		952,748
Linear Technology Corp		35,420		1,214,906
LSI Corp *		85,372		604,434
MasterCard Inc ‘A’		16,394		8,054,044
Microchip Technology Inc		29,776		970,400
Micron Technology Inc *		155,383		986,682
Microsoft Corp		1,161,490		31,046,628
Molex Inc		21,186		579,013
Motorola Solutions Inc		43,078		2,398,583
NetApp Inc *		55,043		1,846,693
NVIDIA Corp		95,649		1,175,526
Oracle Corp		576,510		19,209,313
Paychex Inc		49,539		1,542,644
QUALCOMM Inc		261,272		16,204,089
Red Hat Inc *		29,605		1,567,881
SAIC Inc		43,269		489,805
salesforce.com inc *		20,021		3,365,530
SanDisk Corp *		37,028		1,612,940
Seagate Technology PLC (Ireland)		51,635		1,573,835
Symantec Corp *		106,595		2,005,052
TE Connectivity Ltd (Switzerland)		64,894		2,408,865
Teradata Corp *		25,896		1,602,703
Teradyne Inc *		28,586		482,818
Texas Instruments Inc		171,982		5,321,123
The Western Union Co		91,738		1,248,554
Total System Services Inc		24,671		528,453
VeriSign Inc *		23,860		926,245
Visa Inc ‘A’		79,930		12,115,789
Western Digital Corp		33,705		1,432,125
Xerox Corp		194,270		1,324,921
Xilinx Inc		40,053		1,437,903
Yahoo! Inc *		159,443		3,172,916
				372,077,989
Materials - 3.6%
Air Products & Chemicals Inc		32,614		2,740,228
Airgas Inc		10,755		981,824
Alcoa Inc		163,590		1,419,961
Allegheny Technologies Inc		16,329		495,748
Ball Corp		23,665		1,059,009
Bemis Co Inc		15,819		529,304
CF Industries Holdings Inc		9,631		1,956,634
Cliffs Natural Resources Inc		21,757		838,950
E.I. du Pont de Nemours & Co		142,943		6,428,147
Eastman Chemical Co		23,486		1,598,222
Ecolab Inc		40,395		2,904,401
FMC Corp		21,062		1,232,548
Freeport-McMoRan Copper & Gold Inc		145,511		4,976,476
International Flavors & Fragrances Inc		12,511		832,482
International Paper Co		67,286		2,680,674
LyondellBasell Industries NV ‘A’ (Netherlands)		58,174		3,321,154
MeadWestvaco Corp		26,736		852,076
Monsanto Co		81,955		7,757,041
Newmont Mining Corp		76,077		3,533,016
Nucor Corp		48,659		2,101,096
Owens-Illinois Inc *		25,172		535,408
PPG Industries Inc		23,499		3,180,590
Praxair Inc		45,590		4,989,825
Sealed Air Corp		29,703		520,100
Sigma-Aldrich Corp		18,449		1,357,477
The Dow Chemical Co		183,831		5,941,418
The Mosaic Co		42,390		2,400,546
The Sherwin-Williams Co		13,109		2,016,426
United States Steel Corp		22,100		527,527
Vulcan Materials Co		19,851		1,033,245
				70,741,553

	Shares		Value
Telecommunication Services - 3.0%
AT&T Inc		871,109		$29,365,084
CenturyLink Inc		95,674		3,742,767
Crown Castle International Corp *		44,924		3,241,716
Frontier Communications Corp		152,383		652,199
MetroPCS Communications Inc *		48,211		479,217
Sprint Nextel Corp *		460,353		2,610,202
Verizon Communications Inc		437,588		18,934,433
Windstream Corp		89,784		743,412
				59,769,030
Utilities - 3.4%
AGL Resources Inc		18,060		721,858
Ameren Corp		37,062		1,138,545
American Electric Power Co Inc		74,362		3,173,770
CenterPoint Energy Inc		65,546		1,261,760
CMS Energy Corp		40,460		986,415
Consolidated Edison Inc		44,873		2,492,246
Dominion Resources Inc		88,073		4,562,181
DTE Energy Co		26,351		1,582,378
Duke Energy Corp		107,960		6,887,848
Edison International		49,915		2,255,659
Entergy Corp		27,221		1,735,339
Exelon Corp		130,930		3,893,858
FirstEnergy Corp		64,080		2,675,981
Integrys Energy Group Inc		11,887		620,739
NextEra Energy Inc		64,867		4,488,148
NiSource Inc		47,413		1,180,110
Northeast Utilities		48,088		1,879,279
NRG Energy Inc		49,574		1,139,706
ONEOK Inc		31,388		1,341,837
Pepco Holdings Inc		35,176		689,801
PG&E Corp		65,885		2,647,259
Pinnacle West Capital Corp		16,821		857,535
PPL Corp		89,129		2,551,763
Public Service Enterprise Group Inc		77,511		2,371,837
SCANA Corp		20,164		920,285
Sempra Energy		34,461		2,444,663
Southern Co		133,991		5,736,155
TECO Energy Inc		31,138		521,873
The AES Corp		94,955		1,016,018
Wisconsin Energy Corp		35,203		1,297,231
Xcel Energy Inc		74,696		1,995,130
				67,067,207
Total Common Stocks (Cost $1,298,563,811)				1,953,713,316
	Principal Amount
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $29,476,503; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $30,070,000)		$29,476,486		29,476,486
Total Short-Term Investment (Cost $29,476,486)				29,476,486
TOTAL INVESTMENTS - 99.8% (Cost $1,328,040,297)				1,983,189,802
OTHER ASSETS & LIABILITIES, NET - 0.2%				4,815,616
NET ASSETS - 100.0%				$1,988,005,418

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

4

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Information Technology	18.7%
Financials	15.3%
Health Care	11.8%
Consumer Discretionary	11.3%
Energy	10.8%
Consumer Staples	10.4%
Industrials	10.0%
Materials	3.6%
Utilities	3.4%
Telecommunication Services	3.0%
Short-Term Investment	1.5%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, $1,962,000 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Depreciation
S&P 500 E-Mini (03/13)		481		$34,355,699		($202,294	)

(e) Fair Value Measurements

The following is a summary of the portfolio’s investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$1,953,713,316			$1,953,713,316			$-		$-
	Short-Term Investment		29,476,486			-			29,476,486		-
	Total Assets		1,983,189,802			1,953,713,316			29,476,486		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(202,294	)		(202,294	)		-		-
	Total Liabilities		(202,294	)		(202,294	)		-		-
	Total		$1,982,987,508			$1,953,511,022			$29,476,486		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

5

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Health Care - 0.0%
Allos Therapeutics Inc Exp. 11/30/13 * +		7,990		$-
Total Rights (Cost $0)				-
COMMON STOCKS - 98.5%
Consumer Discretionary - 16.4%
1-800-FLOWERS.COM Inc ‘A’ *		18,692		68,600
American Axle & Manufacturing Holdings Inc *		51,830		580,496
American Greetings Corp ‘A’		22,930		387,288
Ameristar Casinos Inc		3,307		86,776
Asbury Automotive Group Inc *		2,452		78,538
Ascent Capital Group Inc ‘A’ *		10,941		677,686
Autoliv Inc		122,000		8,221,580
Barnes & Noble Inc *		20,143		303,958
Bassett Furniture Industries Inc		8,789		109,599
Beasley Broadcasting Group Inc ‘A’		3,040		14,866
Beazer Homes USA Inc *		19,075		322,177
bebe stores Inc		26,017		103,808
Belo Corp ‘A’		46,177		354,178
Big 5 Sporting Goods Corp		12,993		170,208
Biglari Holdings Inc *		830		323,717
Black Diamond Inc *		16,133		132,291
Bloomin’ Brands Inc *		3,813		59,635
Bluegreen Corp *		11,244		105,469
Bob Evans Farms Inc		19,557		786,191
Boyd Gaming Corp *		40,137		266,510
Brown Shoe Co Inc		374,142		6,872,989
Brunswick Corp		168,300		4,895,847
Cabela’s Inc *		3,374		140,864
Caesars Entertainment Corp *		2,903		20,089
Callaway Golf Co		50,297		326,930
Career Education Corp *		40,651		143,092
Carmike Cinemas Inc *		9,524		142,860
Carriage Services Inc		12,495		148,316
Carrols Restaurant Group Inc *		3,363		20,111
Casual Male Retail Group Inc *		32,849		137,966
Cavco Industries Inc *		456		22,791
Central European Media Enterprises Ltd ‘A’ * (Bermuda)		28,288		173,405
Cherokee Inc		557		7,636
Churchill Downs Inc		6,753		448,737
Chuy’s Holdings Inc *		1,332		29,757
Citi Trends Inc *		10,826		148,966
Columbia Sportswear Co		9,482		505,960
Conn’s Inc *		11,859		363,834
Cooper Tire & Rubber Co		6,540		165,854
Core-Mark Holding Co Inc		7,396		350,201
Corinthian Colleges Inc *		61,443		149,921
Crown Media Holdings Inc ‘A’ *		20,671		38,241
CSS Industries Inc		7,319		160,213
Culp Inc		6,782		101,798
Cumulus Media Inc ‘A’ *		47,541		126,934
Daily Journal Corp *		729		67,469
Dana Holding Corp		102,980		1,607,518
Del Frisco’s Restaurant Group Inc *		1,172		18,271
Delta Apparel Inc *		5,409		75,618
Denny’s Corp *		15,958		77,875
Destination Maternity Corp		5,787		124,768
Digital Generation Inc *		21,340		231,752
Drew Industries Inc		139,484		4,498,359
Education Management Corp *		20,471		89,663
Einstein Noah Restaurant Group Inc		675		8,242

	Shares		Value
Entercom Communications Corp ‘A’ *		18,938		$132,187
Entravision Communications Corp ‘A’		40,516		67,257
Ethan Allen Interiors Inc		19,551		502,656
Exide Technologies *		61,003		208,630
Federal-Mogul Corp *		14,170		113,643
Fiesta Restaurant Group Inc *		1,220		18,690
Fifth & Pacific Cos Inc *		79,742		992,788
Fisher Communications Inc		6,860		185,151
Five Below Inc *		4,258		136,426
Flexsteel Industries Inc		3,365		72,179
Fred’s Inc ‘A’		55,441		737,920
Frisch’s Restaurants Inc		2,530		46,805
Fuel Systems Solutions Inc *		9,084		133,535
G-III Apparel Group Ltd *		11,276		385,977
GameStop Corp ‘A’		189,800		4,762,082
Gentex Corp		356,800		6,714,976
Global Sources Ltd * (Bermuda)		12,891		83,534
Group 1 Automotive Inc		207,795		12,881,212
Harman International Industries Inc		63,000		2,812,320
Harte-Hanks Inc		34,464		203,338
Haverty Furniture Cos Inc		14,949		243,818
Helen of Troy Ltd * (Bermuda)		24,599		821,361
hhgregg Inc *		11,585		81,327
Hillenbrand Inc		194,800		4,404,428
Hooker Furniture Corp		8,363		121,514
Hovnanian Enterprises Inc ‘A’ *		81,866		573,062
Iconix Brand Group Inc *		54,990		1,227,377
International Speedway Corp ‘A’		21,487		593,471
Isle of Capri Casinos Inc *		16,078		90,037
Jack in the Box Inc *		6,574		188,016
JAKKS Pacific Inc		17,057		213,554
Johnson Outdoors Inc ‘A’ *		4,282		85,297
Jos. A. Bank Clothiers Inc *		49,556		2,110,094
Journal Communications Inc ‘A’ *		31,538		170,621
K-Swiss Inc ‘A’ *		19,840		66,662
Kayak Software Corp *		709		28,161
KB Home		59,981		947,700
Kirkland’s Inc *		10,665		112,942
Krispy Kreme Doughnuts Inc *		46,278		434,088
La-Z-Boy Inc		524,582		7,422,835
Life Time Fitness Inc *		2,491		122,582
LifeLock Inc *		1,012		8,228
Lifetime Brands Inc		7,682		81,506
LIN TV Corp ‘A’ *		23,829		179,432
Lincoln Educational Services Corp		18,051		100,905
Lithia Motors Inc ‘A’		16,842		630,228
Live Nation Entertainment Inc *		108,720		1,012,183
Luby’s Inc *		15,743		105,321
M.D.C. Holdings Inc		91,350		3,358,026
M/I Homes Inc *		16,640		440,960
Mac-Gray Corp		7,959		99,885
Maidenform Brands Inc *		227,247		4,429,044
Marcus Corp		15,400		192,038
Marine Products Corp		3,719		21,273
MarineMax Inc *		15,966		142,736
Marriott Vacations Worldwide Corp *		20,698		862,486
Martha Stewart Living Omnimedia Inc ‘A’ *		22,179		54,339
Matthews International Corp ‘A’		11,518		369,728
MDC Partners Inc ‘A’ (Canada)		12,475		140,967
Meredith Corp		28,206		971,697
Meritage Homes Corp *		18,030		673,420
Modine Manufacturing Co *		36,499		296,737
Monarch Casino & Resort Inc *		6,801		74,199
Morgans Hotel Group Co *		9,126		50,558
Movado Group Inc		12,725		390,403
NACCO Industries Inc ‘A’		4,312		261,695
National American University Holdings Inc		4,768		18,357
National CineMedia Inc		28,966		409,290
New York & Co Inc *		8,720		33,223
Nexstar Broadcasting Group Inc ‘A’ *		6,563		69,502

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

6

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Office Depot Inc *		220,682		$723,837
OfficeMax Inc		67,311		656,955
Orchard Supply Hardware Stores Corp ‘A’ *		1,366		10,122
Orient-Express Hotels Ltd ‘A’ * (Bermuda)		75,348		880,818
Outdoor Channel Holdings Inc		8,299		63,072
Penske Automotive Group Inc		24,466		736,182
Perfumania Holdings Inc *		4,033		19,842
Perry Ellis International Inc		9,249		184,055
Pier 1 Imports Inc		180,200		3,604,000
Pinnacle Entertainment Inc *		42,700		675,941
Quiksilver Inc *		101,333		430,665
RadioShack Corp		77,394		164,075
Reading International Inc ‘A’ *		12,870		77,349
Red Lion Hotels Corp *		10,409		82,127
Red Robin Gourmet Burgers Inc *		6,357		224,339
Regis Corp		353,593		5,982,794
Rent-A-Center Inc		46,122		1,584,752
Rentrak Corp *		2,915		56,813
Restoration Hardware Holdings Inc *		3,248		109,555
RG Barry Corp		352		4,988
Ruby Tuesday Inc *		49,611		389,942
Saga Communications Inc ‘A’		2,713		126,155
Saks Inc *		85,587		899,519
Salem Communications Corp ‘A’		8,166		44,586
Scholastic Corp		20,203		597,201
Scientific Games Corp ‘A’ *		35,069		304,048
Sealy Corp *		38,171		82,831
Shiloh Industries Inc		4,500		46,350
Shoe Carnival Inc		11,059		226,599
Shutterfly Inc *		20,828		622,132
Shutterstock Inc *		3,964		103,064
Sinclair Broadcast Group Inc ‘A’		35,984		454,118
Skechers U.S.A. Inc ‘A’ *		29,414		544,159
Sonic Automotive Inc ‘A’		33,120		691,877
Sonic Corp *		8,530		88,797
Sotheby’s		34,182		1,149,199
Spartan Motors Inc		26,533		130,808
Speedway Motorsports Inc		9,044		161,345
Stage Stores Inc		23,851		591,028
Standard Motor Products Inc		15,429		342,832
Standard Pacific Corp *		90,055		661,904
Stein Mart Inc		21,405		161,394
Steinway Musical Instruments Inc *		5,193		109,832
Stewart Enterprises Inc ‘A’		58,587		447,605
Stoneridge Inc *		21,805		111,642
Superior Industries International Inc		17,720		361,488
Systemax Inc		7,837		75,627
The Bon-Ton Stores Inc		10,023		121,479
The Cato Corp ‘A’		125,000		3,428,750
The Children’s Place *		11,729		519,477
The E.W. Scripps Co ‘A’ *		23,320		252,089
The Finish Line Inc ‘A’		24,557		464,864
The Jones Group Inc		63,751		705,086
The McClatchy Co ‘A’ *		45,746		149,589
The Men’s Wearhouse Inc		271,922		8,473,090
The New York Times Co ‘A’ *		105,933		903,608
The Pep Boys-Manny Moe & Jack		41,000		403,030
The Ryland Group Inc		15,150		552,975
The Warnaco Group Inc *		3,917		280,340
The Wet Seal Inc ‘A’ *		70,378		194,243
Thor Industries Inc		375,010		14,036,624
Tuesday Morning Corp *		32,842		205,262
Unifi Inc *		10,912		141,965
Universal Electronics Inc *		11,595		224,363
Universal Technical Institute Inc		5,677		56,997
Vail Resorts Inc		18,152		981,842
Valassis Communications Inc		12,006		309,515
Value Line Inc		191		1,713
VOXX International Corp *		13,838		93,130
West Marine Inc *		11,689		125,657

	Shares		Value
Weyco Group Inc		4,586		$107,129
Winnebago Industries Inc *		157,567		2,699,123
WMS Industries Inc *		42,801		749,017
World Wrestling Entertainment Inc ‘A’		1,888		14,896
				164,319,253
Consumer Staples - 1.3%
Alico Inc		1,539		56,374
Alliance One International Inc *		66,985		243,825
Annie’s Inc *		1,193		39,882
Arden Group Inc ‘A’		262		23,572
Cal-Maine Foods Inc		1,660		66,765
Central European Distribution Corp *		50,994		110,657
Central Garden & Pet Co ‘A’ *		25,582		267,332
Chiquita Brands International Inc *		35,507		292,933
Craft Brew Alliance Inc *		4,748		30,767
Darling International Inc *		63,713		1,021,957
Diamond Foods Inc		17,173		234,755
Dole Food Co Inc *		27,812		319,004
Elizabeth Arden Inc *		2,881		129,674
Farmer Bros. Co *		5,033		72,626
Fresh Del Monte Produce Inc (Cayman)		29,652		781,330
Griffin Land & Nurseries Inc		2,040		55,080
Harbinger Group Inc *		32,169		247,380
Harris Teeter Supermarkets Inc		29,511		1,137,944
Ingles Markets Inc ‘A’		9,500		163,970
Inter Parfums Inc		3,665		71,321
John B Sanfilippo & Son Inc		6,170		112,171
Lancaster Colony Corp		20,930		1,448,147
Nash Finch Co		9,440		200,883
Natural Grocers by Vitamin Cottage Inc *		3,369		64,314
Nature’s Sunshine Products Inc		3,568		51,665
Nutraceutical International Corp		6,785		112,224
Oil-Dri Corp of America		3,810		105,156
Omega Protein Corp *		15,394		94,211
Orchids Paper Products Co		2,252		45,535
Pilgrim’s Pride Corp *		9,059		65,678
Post Holdings Inc *		5,987		205,055
Prestige Brands Holdings Inc *		13,359		267,581
Revlon Inc ‘A’ *		8,765		127,092
Rite Aid Corp *		467,864		636,295
Seneca Foods Corp ‘A’ *		6,455		196,232
Smart Balance Inc *		45,897		592,071
Snyder’s-Lance Inc		3,944		95,090
Spartan Stores Inc		16,743		257,172
Spectrum Brands Holdings Inc *		2,932		131,735
SUPERVALU Inc		39,813		98,338
Susser Holdings Corp *		5,043		173,933
The Andersons Inc		14,438		619,390
The Pantry Inc *		16,365		198,507
Tootsie Roll Industries Inc		1,237		32,063
TreeHouse Foods Inc *		9,098		474,279
Universal Corp		18,043		900,526
Vector Group Ltd		10,669		158,648
Village Super Market Inc ‘A’		6,593		216,646
Weis Markets Inc		8,640		338,429
Westway Group Inc *		8,018		53,480
				13,439,694
Energy - 9.4%
Adams Resources & Energy Inc		1,833		64,283
Alon USA Energy Inc		1,875		33,919
Amyris Inc *		23,022		71,829
Arch Coal Inc		164,955		1,207,471
Atwood Oceanics Inc *		187,600		8,590,204
Basic Energy Services Inc *		24,039		274,285
Bill Barrett Corp *		37,400		665,346
Bolt Technology Corp		6,589		94,025
Bonanza Creek Energy Inc *		6,592		183,192
BPZ Resources Inc *		57,118		179,922

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

7

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Bristow Group Inc		202,186		$10,849,301
C&J Energy Services Inc *		24,015		514,882
Cal Dive International Inc *		74,241		128,437
Callon Petroleum Co *		30,765		144,595
Carrizo Oil & Gas Inc *		4,226		88,408
Clayton Williams Energy Inc *		4,145		165,800
Cloud Peak Energy Inc *		47,461		917,421
Comstock Resources Inc *		37,350		565,105
Contango Oil & Gas Co		788		33,380
Crimson Exploration Inc *		17,014		46,618
Crosstex Energy Inc		3,292		47,207
CVR Energy Inc *		4,317		210,626
Dawson Geophysical Co *		6,084		160,496
Delek US Holdings Inc		13,614		344,706
Diamondback Energy Inc *		5,800		110,896
Emerald Oil Inc *		12,315		64,531
Endeavour International Corp *		2,479		12,841
Energen Corp		118,510		5,343,616
Energy XXI Ltd (Bermuda)		16,701		537,605
EPL Oil & Gas Inc *		21,564		486,268
Exterran Holdings Inc *		50,328		1,103,190
Forbes Energy Services Ltd *		10,980		27,779
Forest Oil Corp *		91,447		611,780
Frontline Ltd * (Bermuda)		40,333		131,486
GasLog Ltd (Bermuda)		11,697		145,394
Gastar Exploration Ltd * (Canada)		47,093		56,983
Gevo Inc *		2,671		4,113
Green Plains Renewable Energy Inc *		19,209		151,943
Gulf Island Fabrication Inc		11,242		270,145
Gulfmark Offshore Inc ‘A’		16,314		562,017
Gulfport Energy Corp *		28,751		1,098,863
Halcon Resources Corp *		10,841		75,020
Hallador Energy Co		5,242		43,299
Harvest Natural Resources Inc *		28,700		260,309
Heckmann Corp *		102,068		411,334
Helix Energy Solutions Group Inc *		437,739		9,034,933
Hercules Offshore Inc *		123,112		760,832
Hornbeck Offshore Services Inc *		27,451		942,667
Key Energy Services Inc *		117,473		816,437
Knightsbridge Tankers Ltd (Bermuda)		19,366		101,672
Magnum Hunter Resources Corp *		74,228		296,170
Matador Resources Co *		1,882		15,432
Matrix Service Co *		16,087		185,000
McMoRan Exploration Co *		78,862		1,265,735
Midstates Petroleum Co Inc *		9,972		68,707
Miller Energy Resources Inc *		24,334		96,363
Mitcham Industries Inc *		3,624		49,395
Natural Gas Services Group Inc *		9,581		157,320
Newpark Resources Inc *		69,974		549,296
Nordic American Tankers Ltd (Bermuda)		41,029		359,004
Oil States International Inc *		115,000		8,227,100
Parker Drilling Co *		91,322		420,081
PDC Energy Inc *		23,269		772,763
Penn Virginia Corp		42,933		189,335
PetroQuest Energy Inc *		44,097		218,280
PHI Inc *		9,340		312,797
Pioneer Energy Services Corp *		37,993		275,829
Quicksilver Resources Inc *		90,957		260,137
Renewable Energy Group Inc *		4,902		28,726
Resolute Energy Corp *		37,257		302,899
REX American Resources Corp *		3,758		72,492
Rex Energy Corp *		33,544		436,743
Rowan Cos PLC ‘A’ * (United Kingdom)		300,080		9,383,502
Scorpio Tankers Inc *		43,138		306,711
SemGroup Corp ‘A’ *		32,800		1,281,824
Ship Finance International Ltd (Bermuda)		37,974		631,508
Stone Energy Corp *		38,459		789,179
Swift Energy Co *		33,282		512,210
Synergy Resources Corp *		28,747		154,946
Teekay Tankers Ltd ‘A’		49,234		142,779

	Shares		Value
Tesco Corp * (Canada)		23,607		$268,884
TETRA Technologies Inc *		60,317		457,806
Tidewater Inc		193,200		8,632,176
Triangle Petroleum Corp *		34,363		205,834
Unit Corp *		150,000		6,757,500
Uranium Energy Corp *		35,260		90,266
Vantage Drilling Co * (Cayman)		147,386		269,716
W&T Offshore Inc		25,171		403,491
Warren Resources Inc *		44,988		126,416
Western Refining Inc		18,480		520,951
Westmoreland Coal Co *		8,534		79,708
Willbros Group Inc *		23,057		123,586
ZaZa Energy Corp *		10,898		22,341
				94,468,349
Financials - 23.4%
1st Source Corp		11,713		258,740
1st United Bancorp Inc		23,074		144,213
Access National Corp		6,191		80,483
AG Mortgage Investment Trust Inc REIT		17,730		416,300
Agree Realty Corp REIT		8,979		240,547
Alliance Financial Corp		3,751		163,206
Alterra Capital Holdings Ltd (Bermuda)		66,953		1,887,405
American Assets Trust Inc REIT		25,600		715,008
American Capital Mortgage Investment Corp REIT		28,787		678,510
American Equity Investment Life Holding Co		46,513		567,924
American National Bankshares Inc		6,303		127,258
American Realty Capital Trust Inc REIT		123,352		1,424,716
American Safety Insurance Holdings Ltd * (Bermuda)		6,600		124,872
Ameris Bancorp *		18,480		230,815
AMERISAFE Inc *		14,497		395,043
Ames National Corp		6,573		143,949
AmREIT Inc ‘B’		2,189		37,541
AmTrust Financial Services Inc		18,161		521,039
Anworth Mortgage Asset Corp REIT		108,247		625,668
Apollo Commercial Real Estate Finance Inc REIT		17,866		289,965
Apollo Investment Corp		158,593		1,325,838
Apollo Residential Mortgage Inc REIT		17,132		345,895
Ares Commercial Real Estate Corp REIT		6,049		99,325
Argo Group International Holdings Ltd (Bermuda)		20,334		683,019
Arlington Asset Investment Corp ‘A’		8,835		183,503
ARMOUR Residential REIT Inc		231,917		1,500,503
Arrow Financial Corp		7,753		193,437
Arthur J. Gallagher & Co		77,100		2,671,515
Artio Global Investors Inc		25,929		49,265
Ashford Hospitality Trust Inc REIT		41,337		434,452
Aspen Insurance Holdings Ltd (Bermuda)		152,880		4,904,390
Associated Estates Realty Corp REIT		21,732		350,320
Astoria Financial Corp		68,009		636,564
Asset Acceptance Capital Corp *		12,540		56,430
Asta Funding Inc		7,619		72,457
AV Homes Inc *		7,613		108,257
Baldwin & Lyons Inc ‘B’		7,545		180,024
BancFirst Corp		5,107		216,333
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Multi-National)		22,080		476,045
BancorpSouth Inc		73,714		1,071,802
Bank Mutual Corp		36,595		157,359
Bank of Kentucky Financial Corp		4,682		115,786
Bank of Marin Bancorp		4,174		156,358
Bank of the Ozarks Inc		6,250		209,188
BankFinancial Corp		16,352		121,332
Banner Corp		15,001		460,981
Bar Harbor Bankshares		3,026		101,825
BBCN Bancorp Inc		60,799		703,444
Beneficial Mutual Bancorp Inc *		22,274		211,603

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

8

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Berkshire Bancorp Inc		3,714		$30,455
Berkshire Hills Bancorp Inc		19,222		458,637
BlackRock Kelso Capital Corp		35,092		353,026
BofI Holding Inc *		8,086		225,357
Boston Private Financial Holdings Inc		60,944		549,105
Bridge Bancorp Inc		6,840		139,126
Bridge Capital Holdings *		5,331		82,950
Brookline Bancorp Inc		54,795		465,758
Bryn Mawr Bank Corp		8,957		199,472
BSB Bancorp Inc *		6,201		75,838
C&F Financial Corp		2,540		98,908
Calamos Asset Management Inc ‘A’		15,261		161,309
California First National Bancorp		1,939		28,988
Camden National Corp		6,051		205,553
Campus Crest Communities Inc REIT		29,766		364,931
Cape Bancorp Inc		8,688		75,499
Capital Bank Financial Corp ‘A’ *		4,906		83,745
Capital City Bank Group Inc *		9,378		106,628
Capital Southwest Corp		2,351		234,230
CapLease Inc REIT		51,502		286,866
Capstead Mortgage Corp REIT		77,392		887,686
Cardinal Financial Corp		22,823		371,330
Cascade Bancorp *		4,786		29,960
Cash America International Inc		13,358		529,912
Cathay General Bancorp		61,344		1,196,208
Cedar Realty Trust Inc REIT		46,772		246,956
Center Bancorp Inc		9,479		109,767
Centerstate Banks Inc		23,664		201,854
Central Pacific Financial Corp *		16,826		262,317
Century Bancorp Inc ‘A’		2,674		88,108
Charter Financial Corp		5,204		55,162
Chatham Lodging Trust REIT		10,648		163,766
Chemical Financial Corp		199,249		4,734,156
Chesapeake Lodging Trust REIT		30,723		641,496
CIFC Corp *		5,140		41,120
Citizens & Northern Corp		9,553		180,552
Citizens Inc *		30,133		332,970
Citizens Republic Bancorp Inc *		31,218		592,205
City Holding Co		11,555		402,692
Clifton Savings Bancorp Inc		6,190		69,761
CNB Financial Corp		9,800		160,524
CNO Financial Group Inc		156,332		1,458,578
CoBiz Financial Inc		27,666		206,665
Colonial Properties Trust REIT		68,457		1,462,926
Colony Financial Inc REIT		40,544		790,608
Columbia Banking System Inc		31,068		557,360
Community Bank System Inc		30,838		843,728
Community Trust Bancorp Inc		10,992		360,318
Consolidated-Tomoka Land Co		3,221		99,883
Coresite Realty Corp REIT		8,122		224,655
Cousins Properties Inc REIT		71,327		595,580
Cowen Group Inc ‘A’ *		68,495		167,813
Crawford & Co ‘B’		20,677		165,002
Crescent Financial Bancshares Inc *		2,466		11,319
CreXus Investment Corp REIT		52,507		643,211
CubeSmart REIT		96,027		1,399,113
CVB Financial Corp		69,038		717,995
CYS Investments Inc REIT		137,108		1,619,246
DCT Industrial Trust Inc REIT		192,718		1,250,740
DFC Global Corp *		7,410		137,159
DiamondRock Hospitality Co REIT		146,461		1,318,149
Dime Community Bancshares Inc		24,526		340,666
Donegal Group Inc ‘A’		6,391		89,730
Doral Financial Corp *		100,008		72,416
Duff & Phelps Corp ‘A’		17,933		280,113
DuPont Fabros Technology Inc REIT		25,296		611,151
Dynex Capital Inc REIT		42,037		396,829
Eagle Bancorp Inc *		13,455		268,696
Eastern Insurance Holdings Inc		5,627		96,109
EastGroup Properties Inc REIT		1,346		72,428

	Shares		Value
Education Realty Trust Inc REIT		88,038		$936,724
EMC Insurance Group Inc		3,989		95,257
Encore Capital Group Inc *		3,598		110,171
Enstar Group Ltd * (Bermuda)		6,594		738,396
Enterprise Bancorp Inc		4,854		80,188
Enterprise Financial Services Corp		14,006		183,058
EPR Properties REIT		36,480		1,682,093
Equity One Inc REIT		42,956		902,506
ESB Financial Corp		8,206		113,817
ESSA Bancorp Inc		7,044		76,709
EverBank Financial Corp		17,608		262,535
Evercore Partners Inc ‘A’		20,343		614,155
Excel Trust Inc REIT		33,810		428,373
Ezcorp Inc ‘A’ *		11,755		233,454
F.N.B. Corp		109,168		1,159,364
Farmers National Banc Corp		14,932		92,578
FBL Financial Group Inc ‘A’		7,545		258,114
FBR & Co *		29,703		114,951
Federal Agricultural Mortgage Corp ‘C’		7,783		252,948
FelCor Lodging Trust Inc REIT *		39,265		183,368
Fidelity Southern Corp *		7,485		71,482
Fidus Investment Corp		9,480		155,946
Fifth Street Finance Corp		81,965		854,075
Financial Institutions Inc		10,875		202,601
First American Financial Corp		75,528		1,819,470
First Bancorp NC		11,977		153,545
First BanCorp PR *		55,505		254,213
First Busey Corp		58,335		271,258
First California Financial Group Inc *		17,819		137,563
First Commonwealth Financial Corp		82,308		561,341
First Community Bancshares Inc		13,818		220,673
First Connecticut Bancorp Inc		13,793		189,654
First Defiance Financial Corp		7,590		145,652
First Federal Bancshares of Arkansas Inc *		1,981		19,315
First Financial Bancorp		45,907		671,160
First Financial Bankshares Inc		24,630		960,816
First Financial Corp		8,825		266,868
First Financial Holdings Inc		12,827		167,777
First Financial Northwest Inc *		12,276		92,684
First Industrial Realty Trust Inc REIT *		76,422		1,076,022
First Interstate Bancsystem Inc		12,613		194,619
First Merchants Corp		22,300		330,932
First Midwest Bancorp Inc		58,377		730,880
First Pactrust Bancorp Inc		8,218		100,835
First Potomac Realty Trust REIT		39,434		487,404
FirstMerit Corp		85,677		1,215,757
Flushing Financial Corp		24,207		371,335
FNB United Corp *		2,039		23,652
Forestar Group Inc *		26,920		466,524
Fortegra Financial Corp *		5,358		47,633
Fox Chase Bancorp Inc		9,792		163,037
Franklin Financial Corp		10,197		169,066
Franklin Street Properties Corp REIT		56,687		697,817
FXCM Inc ‘A’		18,677		188,077
Gain Capital Holdings Inc		11,841		48,430
German American Bancorp Inc		9,913		215,310
Getty Realty Corp REIT		19,967		360,604
GFI Group Inc		54,443		176,395
Glacier Bancorp Inc		56,157		826,070
Gladstone Capital Corp		16,795		137,047
Gladstone Commercial Corp REIT		8,213		147,423
Gladstone Investment Corp		20,502		142,694
Glimcher Realty Trust REIT		11,282		125,117
Global Indemnity PLC * (Ireland)		8,147		180,293
Golub Capital BDC Inc		12,374		197,737
Government Properties Income Trust REIT		33,610		805,632
Gramercy Capital Corp REIT *		35,643		104,790
Great Southern Bancorp Inc		8,064		205,229
Greenlight Capital Re Ltd ‘A’ * (Cayman)		16,124		372,142
GSV Capital Corp *		15,334		129,266

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

9

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Guaranty Bancorp *		60,045		$117,088
Gyrodyne Co of America Inc REIT		24		1,729
Hallmark Financial Services Inc *		10,693		100,407
Hancock Holding Co		59,470		1,887,578
Hanmi Financial Corp *		24,531		333,376
Harris & Harris Group Inc *		25,067		82,721
HCC Insurance Holdings Inc		67,900		2,526,559
Healthcare Realty Trust Inc REIT		67,994		1,632,536
Heartland Financial USA Inc		11,389		297,822
Hercules Technology Growth Capital Inc		41,654		463,609
Heritage Commerce Corp *		16,340		114,053
Heritage Financial Corp		12,070		177,308
Heritage Financial Group Inc		5,794		79,899
Heritage Oaks Bancorp *		15,657		90,811
Hersha Hospitality Trust REIT		134,189		670,945
HFF Inc ‘A’		3,898		58,080
Highwoods Properties Inc REIT		7,382		246,928
Hilltop Holdings Inc *		31,432		425,589
Hingham Institution for Savings		808		50,581
Home Bancorp Inc *		5,275		96,269
Home BancShares Inc		17,253		569,694
Home Federal Bancorp Inc		11,381		141,466
Home Loan Servicing Solutions Ltd (Cayman)		22,573		426,630
Homeowners Choice Inc		5,426		112,807
HomeStreet Inc *		6,858		175,222
HomeTrust Bancshares Inc *		16,302		220,240
Horace Mann Educators Corp		31,201		622,772
Horizon Bancorp		5,097		100,156
Horizon Technology Finance Corp		6,119		91,112
Hudson Pacific Properties Inc REIT		27,713		583,636
Hudson Valley Holding Corp		12,360		192,445
IBERIABANK Corp		23,003		1,129,907
ICG Group Inc *		26,769		305,970
Independence Holding Co		6,358		60,528
Independent Bank Corp		17,234		498,924
Infinity Property & Casualty Corp		9,346		544,311
Inland Real Estate Corp REIT		32,839		275,191
International Bancshares Corp		41,684		752,396
INTL FCStone Inc *		10,838		188,690
Invesco Mortgage Capital Inc REIT		90,283		1,779,478
Investment Technology Group Inc *		30,380		273,420
Investors Bancorp Inc		28,627		508,988
Investors Real Estate Trust REIT		70,675		616,993
Investors Title Co		1,083		64,980
iStar Financial Inc REIT *		65,408		533,075
JAVELIN Mortgage Investment Corp		4,227		80,693
JMP Group Inc		13,102		79,529
Kansas City Life Insurance Co		3,189		121,692
KBW Inc		27,396		419,159
KCAP Financial Inc		17,542		161,211
Kearny Financial Corp		11,925		116,269
Kennedy-Wilson Holdings Inc		33,362		466,401
Kite Realty Group Trust REIT		49,814		278,460
Knight Capital Group Inc ‘A’ *		141,415		496,367
Lakeland Bancorp Inc		23,215		236,329
Lakeland Financial Corp		12,809		330,985
LaSalle Hotel Properties REIT		66,674		1,692,853
Lexington Realty Trust REIT		103,065		1,077,029
LTC Properties Inc REIT		18,516		651,578
Maiden Holdings Ltd (Bermuda)		40,228		369,695
Main Street Capital Corp		21,968		670,244
MainSource Financial Group Inc		15,661		198,425
Manning & Napier Inc		10,691		134,707
Marlin Business Services Corp		6,498		130,350
MB Financial Inc		42,587		841,093
MCG Capital Corp		57,391		263,999
Meadowbrook Insurance Group Inc		37,436		216,380
Medallion Financial Corp		14,182		166,497
Medical Properties Trust Inc REIT		105,987		1,267,605
Medley Capital Corp		22,401		326,159

	Shares		Value
Mercantile Bank Corp		6,815		$112,448
Merchants Bancshares Inc		4,107		109,944
Meridian Interstate Bancorp Inc *		6,114		102,593
Metro Bancorp Inc *		11,093		146,649
MetroCorp Bancshares Inc *		12,484		137,199
MGIC Investment Corp *		147,142		391,398
MicroFinancial Inc		4,237		30,845
Middleburg Financial Corp		4,202		74,207
Midsouth Bancorp Inc		6,682		109,251
MidWestOne Financial Group Inc		5,299		108,683
Monmouth Real Estate Investment Corp ‘A’ REIT		17,551		181,828
Montpelier Re Holdings Ltd (Bermuda)		241,097		5,511,477
MVC Capital Inc		18,951		230,255
NASB Financial Inc *		3,347		71,525
National Bank Holdings Corp ‘A’		5,461		103,704
National Bankshares Inc		5,562		180,153
National Financial Partners Corp *		31,701		543,355
National Interstate Corp		5,246		151,190
National Penn Bancshares Inc		96,407		898,513
National Western Life Insurance Co ‘A’		1,659		261,691
NBT Bancorp Inc		26,017		527,365
Nelnet Inc ‘A’		18,604		554,213
New Mountain Finance Corp		14,972		223,083
New York Mortgage Trust Inc REIT		38,690		244,521
NewStar Financial Inc *		20,481		286,939
NGP Capital Resources Co		17,530		126,567
Nicholas Financial Inc (Canada)		7,888		97,811
Northfield Bancorp Inc		11,492		175,253
Northrim BanCorp Inc		5,126		116,104
NorthStar Realty Finance Corp REIT		126,895		893,341
Northwest Bancshares Inc		76,277		926,003
OceanFirst Financial Corp		11,404		156,805
Ocwen Financial Corp *		78,580		2,718,082
OFS Capital Corp *		4,142		56,704
Old National Bancorp		79,194		940,033
Old Republic International Corp		493,000		5,250,450
OmniAmerican Bancorp Inc *		8,707		201,393
One Liberty Properties Inc REIT		9,128		185,207
OneBeacon Insurance Group Ltd ‘A’ (Bermuda)		18,584		258,318
Oppenheimer Holdings Inc ‘A’		8,170		141,096
Oriental Financial Group Inc		233,634		3,119,014
Oritani Financial Corp		23,263		356,389
Pacific Continental Corp		14,297		139,110
Pacific Mercantile Bancorp *		8,715		54,817
PacWest Bancorp		23,719		587,757
Park National Corp		8,894		574,819
Park Sterling Corp *		34,130		178,500
Parkway Properties Inc REIT		16,397		229,394
Peapack Gladstone Financial Corp		6,927		97,532
Pebblebrook Hotel Trust REIT		46,955		1,084,661
PennantPark Investment Corp		51,569		567,001
Penns Woods Bancorp Inc		2,832		105,945
Pennsylvania REIT		43,521		767,710
PennyMac Mortgage Investment Trust REIT		46,094		1,165,717
Peoples Bancorp Inc		8,512		173,900
Peoples Federal Bancshares Inc		4,593		79,872
PHH Corp *		44,029		1,001,660
PICO Holdings Inc *		17,796		360,725
Pinnacle Financial Partners Inc *		26,918		507,135
Piper Jaffray Cos *		11,846		380,612
Platinum Underwriters Holdings Ltd (Bermuda)		25,805		1,187,030
Potlatch Corp REIT		11,746		460,326
Preferred Bank *		9,270		131,634
Primerica Inc		34,406		1,032,524
PrivateBancorp Inc		47,126		721,970
Prospect Capital Corp		148,627		1,615,576
Prosperity Bancshares Inc		37,060		1,556,520
Protective Life Corp		395,900		11,314,822

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

10

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Provident Financial Holdings Inc		7,603		$133,053
Provident Financial Services Inc		46,953		700,539
Provident New York Bancorp		30,985		288,470
PS Business Parks Inc REIT		2,380		154,652
Pzena Investment Management Inc ‘A’		3,563		19,240
Radian Group Inc		104,013		635,519
RAIT Financial Trust REIT		39,002		220,361
Ramco-Gershenson Properties Trust REIT		35,823		476,804
Redwood Trust Inc REIT		61,364		1,036,438
Renasant Corp		19,684		376,752
Republic Bancorp Inc ‘A’		7,903		166,990
Resource America Inc ‘A’		9,505		63,398
Resource Capital Corp REIT		77,773		435,529
Retail Opportunity Investments Corp REIT		40,400		519,544
RLI Corp		32,837		2,123,240
RLJ Lodging Trust REIT		83,020		1,608,097
Rockville Financial Inc		22,462		289,760
Roma Financial Corp		5,785		87,469
Rouse Properties Inc REIT		17,023		288,029
Ryman Hospitality Properties REIT		7,357		282,950
S&T Bancorp Inc		22,641		409,123
S.Y. Bancorp Inc		9,607		215,389
Sabra Health Care REIT Inc		28,842		626,448
Safeguard Scientifics Inc *		16,265		239,909
Safety Insurance Group Inc		10,278		474,535
Sandy Spring Bancorp Inc		18,874		366,533
SCBT Financial Corp		12,858		516,634
SeaBright Holdings Inc		16,049		177,662
Seacoast Banking Corp of Florida *		57,102		91,934
Select Income REIT		8,792		217,778
Selective Insurance Group Inc		43,382		835,971
SI Financial Group Inc		8,287		95,301
Sierra Bancorp		9,641		110,197
Simmons First National Corp ‘A’		13,375		339,190
Simplicity Bancorp Inc		7,028		105,069
Solar Capital Ltd		30,509		729,470
Solar Senior Capital Ltd		7,664		143,010
Southside Bancshares Inc		13,488		284,057
Southwest Bancorp Inc *		15,197		170,206
Sovran Self Storage Inc REIT		2,004		124,448
Spirit Realty Capital Inc REIT		20,743		368,811
STAG Industrial Inc REIT		24,429		438,989
StanCorp Financial Group Inc		126,300		4,631,421
Starwood Property Trust Inc REIT		105,478		2,421,775
State Auto Financial Corp		10,280		153,583
State Bank Financial Corp		24,625		391,045
StellarOne Corp		17,999		254,506
Stellus Capital Investment Corp		1,300		21,294
Sterling Bancorp		24,539		223,550
Sterling Financial Corp		20,930		437,018
Stewart Information Services Corp		14,368		373,568
Stifel Financial Corp *		21,404		684,286
Strategic Hotels & Resorts Inc REIT *		21,794		139,482
Suffolk Bancorp *		7,629		99,940
Summit Hotel Properties Inc REIT		33,056		314,032
Sun Bancorp Inc *		30,998		109,733
Sunstone Hotel Investors Inc REIT *		106,396		1,139,501
Susquehanna Bancshares Inc		146,434		1,534,628
SWS Group Inc *		22,793		120,575
Symetra Financial Corp		60,186		781,214
Taylor Capital Group Inc *		12,714		229,488
TCP Capital Corp		4,593		67,701
Terreno Realty Corp REIT		9,764		150,756
Territorial Bancorp Inc		8,525		194,796
Texas Capital Bancshares Inc *		4,082		182,955
The Bancorp Inc *		22,801		250,127
The First Bancorp Inc		7,094		116,838
The First Marblehead Corp *		47,129		36,615
The First of Long Island Corp		6,106		172,922
The Hanover Insurance Group Inc		122,270		4,736,740

	Shares		Value
The Navigators Group Inc *		4,663		$238,139
The Phoenix Cos Inc *		4,580		113,263
THL Credit Inc		12,393		183,292
Thomas Properties Group Inc		25,295		136,846
TICC Capital Corp		32,985		333,808
Tompkins Financial Corp		8,687		344,353
Tower Group Inc		12,993		230,886
TowneBank		20,737		321,216
Tree.com Inc		2,008		36,204
Triangle Capital Corp		21,418		545,945
TriCo Bancshares		12,552		210,246
TrustCo Bank Corp NY		592,275		3,127,212
Trustmark Corp		50,679		1,138,250
Two Harbors Investment Corp REIT		229,789		2,546,062
UMB Financial Corp		25,241		1,106,565
UMH Properties Inc REIT		8,411		86,886
Umpqua Holdings Corp		87,185		1,027,911
Union First Market Bankshares Corp		15,971		251,863
United Bankshares Inc		20,808		506,051
United Community Banks Inc *		32,502		306,169
United Financial Bancorp Inc		16,010		251,677
United Fire Group Inc		15,830		345,727
Universal Health Realty Income Trust REIT		3,503		177,287
Universal Insurance Holdings Inc		15,553		68,122
Univest Corp of Pennsylvania		13,385		228,884
Urstadt Biddle Properties Inc ‘A’ REIT		4,244		83,522
Validus Holdings Ltd (Bermuda)		143,400		4,958,772
ViewPoint Financial Group		26,212		548,879
Virginia Commerce Bancorp Inc *		21,143		189,230
Virtus Investment Partners Inc *		2,257		272,962
Walker & Dunlop Inc *		8,947		149,057
Walter Investment Management Corp *		27,806		1,196,214
Washington Banking Co		12,305		167,594
Washington REIT		35,374		925,030
Washington Trust Bancorp Inc		11,336		298,250
Waterstone Financial Inc *		5,784		45,115
Webster Financial Corp		56,205		1,155,013
WesBanco Inc		19,758		439,023
West Bancorp Inc		12,482		134,556
West Coast Bancorp		14,907		330,190
Westamerica Bancorp		9,863		420,065
Western Alliance Bancorp *		56,850		598,631
Western Asset Mortgage Capital Corp REIT		14,495		286,566
Westfield Financial Inc		19,112		138,180
Whitestone REIT		10,485		147,314
Wilshire Bancorp Inc *		48,118		282,453
Winthrop Realty Trust REIT		22,846		252,448
Wintrust Financial Corp		28,300		1,038,610
WSFS Financial Corp		5,964		251,979
				234,061,742
Health Care - 3.9%
Affymetrix Inc *		55,143		174,803
Agenus Inc *		7,776		31,882
Almost Family Inc		6,506		131,812
Alphatec Holdings Inc *		43,166		71,224
AMAG Pharmaceuticals Inc *		3,389		49,852
Amedisys Inc *		23,278		262,343
AMN Healthcare Services Inc *		15,410		177,985
AmSurg Corp *		16,581		497,596
AngioDynamics Inc *		18,880		207,491
Arena Pharmaceuticals Inc *		19,518		176,052
ArthroCare Corp *		3,719		128,640
Assisted Living Concepts Inc ‘A’		15,411		150,257
Astex Pharmaceuticals Inc *		72,908		212,162
AVANIR Pharmaceuticals Inc ‘A’ *		9,119		23,983
AVEO Pharmaceuticals Inc *		2,201		17,718
BioScrip Inc *		24,864		267,785
Cambrex Corp *		11,325		128,878
Capital Senior Living Corp *		3,031		56,649

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

11

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Cerus Corp *		5,425		$17,143
Chindex International Inc *		8,960		94,080
Codexis Inc *		20,093		44,406
CONMED Corp		21,942		613,279
Cornerstone Therapeutics Inc *		6,594		31,190
Cross Country Healthcare Inc *		20,674		99,235
CryoLife Inc		21,652		134,892
Cumberland Pharmaceuticals Inc *		4,261		17,896
Curis Inc *		13,873		47,584
Cynosure Inc ‘A’ *		4,750		114,523
Cytori Therapeutics Inc *		10,362		29,221
Derma Sciences Inc *		8,281		92,002
Durata Therapeutics Inc *		984		7,518
Dynavax Technologies Corp *		16,141		46,163
Emergent BioSolutions Inc *		15,866		254,491
Enzon Pharmaceuticals Inc		29,429		130,370
Epocrates Inc *		897		7,912
Exactech Inc *		5,151		87,309
ExamWorks Group Inc *		18,330		256,437
Five Star Quality Care Inc *		19,644		98,416
Gentiva Health Services Inc *		23,795		239,140
Geron Corp *		102,299		144,242
Globus Medical Inc ‘A’ *		2,231		23,403
Greatbatch Inc *		18,276		424,734
Greenway Medical Technologies Inc *		1,407		21,612
GTx Inc *		3,397		14,267
Hanger Inc *		26,550		726,408
Harvard Bioscience Inc *		18,218		79,795
HealthSouth Corp *		11,616		245,214
Healthways Inc *		25,841		276,499
Hi-Tech Pharmacal Co Inc		5,147		180,042
Hill-Rom Holdings Inc		151,900		4,329,150
Horizon Pharma Inc *		13,050		30,407
Hyperion Therapeutics Inc *		276		3,113
ICU Medical Inc *		902		54,959
Idenix Pharmaceuticals Inc *		8,166		39,605
ImmunoGen Inc *		14,549		185,500
Integra LifeSciences Holdings Corp *		6,460		251,746
Intercept Pharmaceuticals Inc *		650		22,256
InterMune Inc *		22,424		217,289
Invacare Corp		24,565		400,409
Kindred Healthcare Inc *		41,083		444,518
KYTHERA Biopharmaceuticals Inc *		676		20,510
Lannett Co Inc *		12,902		63,994
Lexicon Pharmaceuticals Inc *		94,289		209,322
LHC Group Inc *		10,942		233,065
Magellan Health Services Inc *		20,187		989,163
Maxygen Inc		21,439		52,740
MedAssets Inc *		30,134		505,347
Merge Healthcare Inc *		11,075		27,355
Merit Medical Systems Inc *		30,928		429,899
Molina Healthcare Inc *		21,451		580,464
Momenta Pharmaceuticals Inc *		22,380		263,636
National Healthcare Corp		8,245		387,680
Natus Medical Inc *		8,876		99,234
Nektar Therapeutics *		26,070		193,179
NPS Pharmaceuticals Inc *		22,500		204,750
NuVasive Inc *		25,239		390,195
Omnicell Inc *		22,929		340,954
Orthofix International NV * (Netherlands)		2,855		112,287
Owens & Minor Inc		7,115		202,849
Pacific Biosciences of California Inc *		29,325		49,853
Palomar Medical Technologies Inc *		15,163		139,651
PDI Inc *		7,118		54,097
PDL BioPharma Inc		15,521		109,423
PharMerica Corp *		22,964		327,007
PhotoMedex Inc *		1,548		22,461
Regulus Therapeutics Inc *		1,212		7,636
Repligen Corp *		2,715		17,077
Rigel Pharmaceuticals Inc *		12,157		79,021

	Shares		Value
Rochester Medical Corp *		1,061		$10,695
Rockwell Medical Technologies Inc *		875		7,044
RTI Biologics Inc *		40,881		174,562
Select Medical Holdings Corp		27,588		260,155
Sequenom Inc *		21,195		100,040
Skilled Healthcare Group Inc ‘A’ *		1,162		7,402
Solta Medical Inc *		53,408		142,599
STERIS Corp		164,938		5,728,297
Sunrise Senior Living Inc *		9,101		130,872
Supernus Pharmaceuticals Inc *		3,204		22,973
SurModics Inc *		7,767		173,670
Symmetry Medical Inc *		19,694		207,181
Targacept Inc *		21,655		94,849
Teleflex Inc		72,000		5,134,320
TESARO Inc *		684		11,594
The Ensign Group Inc		5,207		141,578
The Providence Service Corp *		7,675		130,398
Tornier NV * (Netherlands)		3,652		61,317
Transcept Pharmaceuticals Inc *		8,943		39,796
Triple-S Management Corp ‘B’ *		15,002		277,087
Universal American Corp		29,460		253,061
Vanguard Health Systems Inc *		3,283		40,217
Vical Inc *		5,297		15,414
ViroPharma Inc *		51,220		1,165,767
Vocera Communications Inc *		3,205		80,446
WellCare Health Plans Inc *		17,367		845,599
West Pharmaceutical Services Inc		59,269		3,244,978
Wright Medical Group Inc *		30,533		640,888
XenoPort Inc *		4,829		37,521
XOMA Corp *		7,755		18,573
Young Innovations Inc		2,373		93,520
Zeltiq Aesthetics Inc *		7,417		34,341
				38,785,090
Industrials - 25.4%
A.O. Smith Corp		62,546		3,944,776
AAR Corp		441,008		8,238,029
ABM Industries Inc		41,703		831,975
ACCO Brands Corp *		47,563		349,112
Accuride Corp *		36,878		118,378
Aceto Corp		16,180		162,447
Actuant Corp ‘A’		45,702		1,275,543
Aegion Corp *		26,193		581,223
Aerovironment Inc *		5,389		117,157
Air Transport Services Group Inc *		41,922		168,107
Aircastle Ltd (Bermuda)		45,578		571,548
Alamo Group Inc		5,423		177,007
Alaska Air Group Inc *		3,067		132,157
Albany International Corp ‘A’		21,350		484,218
Altra Holdings Inc		9,533		210,203
AMERCO		6,744		855,207
Ameresco Inc ‘A’ *		3,750		36,787
American Railcar Industries Inc		7,357		233,438
American Science & Engineering Inc		5,314		346,526
American Superconductor Corp *		27,194		71,248
American Woodmark Corp *		22,480		625,394
Ampco-Pittsburgh Corp		6,763		135,125
API Technologies Corp *		24,433		71,833
Apogee Enterprises Inc		313,149		7,506,181
Applied Industrial Technologies Inc		58,694		2,465,735
ARC Document Solutions Inc *		24,117		61,739
Argan Inc		6,019		108,342
Arkansas Best Corp		19,896		190,007
Astec Industries Inc		186,969		6,231,677
AT Cross Co ‘A’ *		457		4,926
Atlas Air Worldwide Holdings Inc *		20,522		909,330
Barnes Group Inc		42,177		947,295
Belden Inc		3,906		175,731
BlueLinx Holdings Inc *		15,277		42,928
Brady Corp ‘A’		178,760		5,970,584

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

12

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Briggs & Stratton Corp		304,027		$6,408,889
CAI International Inc *		6,695		146,955
Carlisle Cos Inc		124,000		7,286,240
Cascade Corp		6,827		438,976
Casella Waste Systems Inc ‘A’ *		26,864		117,664
CBIZ Inc *		29,363		173,535
CDI Corp		8,988		153,964
Ceco Environmental Corp		915		9,104
Cenveo Inc *		41,286		111,472
CIRCOR International Inc		70,481		2,790,343
Columbus McKinnon Corp *		14,969		247,288
Comfort Systems USA Inc		20,699		251,700
Compx International Inc		782		11,069
Consolidated Graphics Inc *		5,826		203,444
Courier Corp		7,684		84,524
CRA International Inc *		8,019		158,536
Cubic Corp		5,750		275,827
Curtiss-Wright Corp		36,440		1,196,325
Deluxe Corp		13,122		423,053
DigitalGlobe Inc *		8,695		212,506
Douglas Dynamics Inc		17,336		249,465
Dycom Industries Inc *		3,341		66,152
Dynamic Materials Corp		6,670		92,713
Edgen Group Inc *		8,671		61,217
EMCOR Group Inc		206,865		7,159,598
Encore Wire Corp		12,803		388,059
Energy Recovery Inc *		34,080		115,872
EnergySolutions Inc *		44,602		139,158
EnerNOC Inc *		11,989		140,871
EnerSys *		32,128		1,208,977
Ennis Inc		20,216		312,741
Enphase Energy Inc *		1,301		4,749
EnPro Industries Inc *		188,121		7,694,149
ESCO Technologies Inc		14,140		528,977
Esterline Technologies Corp *		23,814		1,514,809
Federal Signal Corp *		43,534		331,294
Flow International Corp *		29,348		102,718
Franklin Covey Co *		3,228		41,641
Franklin Electric Co Inc		80,902		5,029,677
FreightCar America Inc		9,185		205,928
FTI Consulting Inc *		32,604		1,075,932
FuelCell Energy Inc *		86,752		79,552
Furmanite Corp *		29,287		157,271
G&K Services Inc ‘A’		14,657		500,537
Gardner Denver Inc		110,000		7,535,000
Genco Shipping & Trading Ltd *		23,851		83,240
GenCorp Inc *		9,706		88,810
Generac Holdings Inc		10,490		359,912
General Cable Corp *		52,100		1,584,361
Genesee & Wyoming Inc ‘A’ *		80,120		6,095,530
GeoEye Inc *		11,821		363,259
Gibraltar Industries Inc *		537,488		8,556,809
Global Power Equipment Group Inc		13,354		229,021
GP Strategies Corp *		1,151		23,768
Graco Inc		79,400		4,088,306
Granite Construction Inc		350,031		11,768,042
Great Lakes Dredge & Dock Co		41,197		367,889
Griffon Corp		35,254		404,011
H&E Equipment Services Inc		10,052		151,484
Hardinge Inc		9,235		91,796
Hawaiian Holdings Inc *		18,575		122,038
Heartland Express Inc		8,631		112,807
Heidrick & Struggles International Inc		13,925		212,495
Hill International Inc *		17,080		62,513
HNI Corp		1,948		58,557
Houston Wire & Cable Co		8,972		110,086
Hudson Global Inc *		25,947		116,243
Hurco Cos Inc *		4,917		113,091
Hyster-Yale Materials Handling Inc		8,493		414,458
ICF International Inc *		15,404		361,070

	Shares		Value
II-VI Inc *		6,042		$110,387
Insperity Inc		130,000		4,232,800
Insteel Industries Inc		12,987		162,078
International Shipholding Corp		4,131		68,079
Intersections Inc		2,390		22,657
JetBlue Airways Corp *		181,890		1,038,592
Kadant Inc *		9,068		240,393
Kaydon Corp		197,620		4,729,047
Kelly Services Inc ‘A’		20,647		324,984
Kennametal Inc		135,980		5,439,200
Kforce Inc		1,826		26,167
Kimball International Inc ‘B’		25,323		294,000
Knoll Inc		11,366		174,582
Korn/Ferry International *		37,136		588,977
Kratos Defense & Security Solutions Inc *		31,077		156,317
Layne Christensen Co *		15,426		374,389
LB Foster Co ‘A’		7,114		309,032
Lincoln Electric Holdings Inc		181,980		8,858,786
LMI Aerospace Inc *		6,173		119,386
LSI Industries Inc		15,346		107,575
Lydall Inc *		13,351		191,453
Marten Transport Ltd		12,005		220,772
McGrath RentCorp		122,825		3,564,381
Meritor Inc *		57,309		271,072
Met-Pro Corp		10,581		102,530
Metalico Inc *		30,452		59,686
Michael Baker Corp		6,705		167,156
Miller Industries Inc		8,532		130,113
Mine Safety Appliances Co		146,200		6,244,202
Mobile Mini Inc *		29,708		618,818
Moog Inc ‘A’ *		31,154		1,278,249
Mueller Industries Inc		164,614		8,235,638
Mueller Water Products Inc ‘A’		42,883		240,574
Multi-Color Corp		9,866		236,685
MYR Group Inc *		7,162		159,354
National Presto Industries Inc		3,340		230,794
Navigant Consulting Inc *		40,199		448,621
NCI Building Systems Inc *		14,039		195,142
NL Industries Inc		5,375		61,544
NN Inc *		13,446		123,165
Nordson Corp		55,000		3,471,600
Northwest Pipe Co *		7,285		173,820
Orbital Sciences Corp *		45,817		630,900
Orion Marine Group Inc *		21,195		154,935
Pacer International Inc *		24,097		93,978
Park-Ohio Holdings Corp *		410		8,737
Patriot Transportation Holding Inc *		4,863		138,255
Pendrell Corp *		127,900		162,433
Pentair Ltd (Switzerland)		94,800		4,659,420
Performant Financial Corp *		3,081		31,118
PGT Inc *		8,210		36,945
Pike Electric Corp		13,296		126,977
PMFG Inc *		16,200		147,258
Powell Industries Inc *		106,465		4,421,491
Preformed Line Products Co		1,608		95,547
Primoris Services Corp		17,071		256,748
Quad/Graphics Inc		19,497		397,544
Quality Distribution Inc *		10,626		63,756
Quanex Building Products Corp		28,583		583,379
Rand Logistics Inc *		12,618		82,017
Republic Airways Holdings Inc *		16,616		94,379
Resources Connection Inc		33,008		394,115
Rexnord Corp *		17,441		371,493
Roadrunner Transportation Systems Inc *		5,066		91,897
Robbins & Myers Inc		17,658		1,049,768
RPX Corp *		1,078		9,745
Rush Enterprises Inc ‘A’ *		25,704		531,302
Saia Inc *		10,163		234,969
Schawk Inc		279,993		3,684,708
Seaboard Corp		236		597,052

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

13

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
SeaCube Container Leasing Ltd (Bermuda)		7,360		$138,736
SIFCO Industries Inc		1,265		19,924
Simpson Manufacturing Co Inc		168,645		5,529,870
SkyWest Inc		421,588		5,252,986
Standex International Corp		7,572		388,368
Steelcase Inc ‘A’		51,046		650,326
Sterling Construction Co Inc *		11,360		112,918
Swisher Hygiene Inc *		88,227		154,397
Sykes Enterprises Inc *		30,181		459,355
Sypris Solutions Inc		3,134		12,411
TAL International Group Inc		11,323		411,931
Teledyne Technologies Inc *		18,626		1,211,994
Tetra Tech Inc *		9,164		242,388
The Dolan Co *		23,762		92,434
The Eastern Co		4,933		78,040
The Geo Group Inc		47,705		1,345,281
The Greenbrier Cos Inc *		17,730		286,694
The KEYW Holding Corp *		11,053		140,263
TMS International Corp ‘A’ *		4,755		59,533
TRC Cos Inc *		2,137		12,437
TriMas Corp *		1,970		55,081
Trinity Industries Inc		232,890		8,342,120
TrueBlue Inc *		8,583		135,182
Tutor Perini Corp *		27,621		378,408
Twin Disc Inc		6,721		117,147
UniFirst Corp		11,243		824,337
United Stationers Inc		29,739		921,612
Universal Forest Products Inc		229,894		8,745,168
Universal Truckload Services Inc		4,339		79,187
US Ecology Inc		5,365		126,292
Viad Corp		15,763		428,123
Vicor Corp *		12,687		68,764
VSE Corp		3,037		74,437
Wabash National Corp *		382,571		3,431,662
WageWorks Inc *		1,988		35,386
Watts Water Technologies Inc ‘A’		109,830		4,721,592
Werner Enterprises Inc		4,783		103,648
Wesco Aircraft Holdings Inc *		10,192		134,636
Willis Lease Finance Corp *		3,891		55,680
Zipcar Inc *		3,753		30,925
				254,093,316
Information Technology - 8.2%
Accelrys Inc *		42,946		388,661
Actuate Corp *		2,698		15,109
Acxiom Corp *		59,699		1,042,345
Advanced Energy Industries Inc *		30,798		425,320
Aeroflex Holding Corp *		15,322		107,254
Agilysys Inc *		11,191		93,669
Alpha & Omega Semiconductor Ltd * (Bermuda)		13,152		110,477
Ambarella Inc * (Cayman)		2,941		32,792
Amkor Technology Inc *		57,072		242,556
ANADIGICS Inc *		54,705		137,857
Anaren Inc *		9,413		183,083
Anixter International Inc		8,564		547,925
Applied Micro Circuits Corp *		50,606		425,090
ARRIS Group Inc *		76,341		1,140,535
Aspen Technology Inc *		4,039		111,638
ATMI Inc *		23,196		484,332
Audience Inc *		3,995		41,508
AVG Technologies NV * (Netherlands)		472		7,472
Aviat Networks Inc *		47,590		156,571
Avid Technology Inc *		22,949		173,953
Aware Inc		1,565		8,576
Axcelis Technologies Inc *		83,837		116,533
AXT Inc *		25,194		70,795
Bankrate Inc *		4,543		56,560
Bazaarvoice Inc *		473		4,423
Bel Fuse Inc ‘B’		8,196		160,232

	Shares		Value
Benchmark Electronics Inc *		489,035		$8,127,762
Black Box Corp		12,714		309,459
Blucora Inc *		26,328		413,613
Bottomline Technologies Inc *		19,319		509,828
Brightcove Inc *		180		1,627
Brooks Automation Inc		51,544		414,929
CACI International Inc ‘A’ *		16,161		889,340
Calix Inc *		20,264		155,830
Ceva Inc *		4,416		69,552
Checkpoint Systems Inc *		31,176		334,830
CIBER Inc *		56,834		189,826
Ciena Corp *		18,927		297,154
Coherent Inc		13,031		659,629
Cohu Inc		364,047		3,946,269
Computer Task Group Inc *		2,748		50,096
Comtech Telecommunications Corp		13,893		352,604
Convergys Corp		84,883		1,392,930
CSG Systems International Inc *		11,270		204,889
CTS Corp		26,475		281,429
Cymer Inc *		16,659		1,506,473
Daktronics Inc		21,560		238,669
DealerTrack Technologies Inc *		3,574		102,645
Demand Media Inc *		6,120		56,855
Demandware Inc *		267		7,294
Digi International Inc *		20,005		189,447
Digital River Inc *		28,609		411,684
Diodes Inc *		27,609		479,016
DSP Group Inc *		17,017		98,018
E2open Inc *		891		12,617
Earthlink Inc		82,343		531,936
Ebix Inc		5,541		89,044
Echelon Corp *		14,080		34,496
Electro Rent Corp		13,378		205,754
Electro Scientific Industries Inc		17,847		177,578
Electronics for Imaging Inc *		33,135		629,234
Eloqua Inc *		1,926		45,434
Emulex Corp *		67,494		492,706
Entegris Inc *		106,744		979,910
Entropic Communications Inc *		68,437		362,032
Envivio Inc *		4,455		7,573
EPIQ Systems Inc		22,625		289,147
ePlus Inc		3,086		127,575
Euronet Worldwide Inc *		39,381		929,392
Exa Corp *		1,133		11,024
Exar Corp *		25,071		223,132
Fabrinet * (Cayman)		17,235		226,468
FEI Co		1,809		100,327
Finisar Corp *		70,971		1,156,827
First Solar Inc *		46,791		1,444,906
FleetMatics Group PLC * (Ireland)		1,784		44,885
FormFactor Inc *		38,447		175,318
Gerber Scientific Inc Escrow Shares * +		12,750		-
Globecomm Systems Inc *		4,112		46,466
Glu Mobile Inc *		3,136		7,181
GSI Group Inc * (Canada)		21,577		186,857
GSI Technology Inc *		16,253		101,906
GT Advanced Technologies Inc *		14,668		44,297
Harmonic Inc *		91,304		462,911
Imation Corp *		23,857		111,412
Immersion Corp *		1,581		10,861
Infinera Corp *		8,947		51,982
Infoblox Inc *		333		5,984
Ingram Micro Inc ‘A’ *		232,900		3,940,668
Inphi Corp *		10,894		104,365
Insight Enterprises Inc *		34,420		597,875
Integrated Device Technology Inc *		110,579		807,227
Integrated Silicon Solution Inc *		21,347		192,123
Intermec Inc *		40,504		399,369
Internap Network Services Corp *		20,362		141,312
International Rectifier Corp *		53,731		952,651

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

14

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Intersil Corp ‘A’		99,060		$821,207
Intevac Inc *		17,836		81,511
IntraLinks Holdings Inc *		28,433		175,432
iPass Inc *		3,364		6,156
IXYS Corp		19,204		175,525
j2 Global Inc		6,248		191,064
Kemet Corp *		34,789		174,989
Key Tronic Corp *		6,820		69,837
Keynote Systems Inc		12,144		171,109
Kopin Corp *		52,313		174,202
KVH Industries Inc *		1,806		25,248
Lattice Semiconductor Corp *		91,632		365,612
Limelight Networks Inc *		46,521		103,277
Littelfuse Inc		1,619		99,908
Loral Space & Communications Inc		461		25,198
LTX-Credence Corp *		38,015		249,378
M/A-COM Technology Solutions Holdings Inc *		4,010		60,030
ManTech International Corp ‘A’		17,917		464,767
Marchex Inc ‘B’		17,735		72,891
Market Leader Inc *		2,740		17,947
Mattersight Corp *		338		1,680
Mattson Technology Inc *		47,544		39,937
MaxLinear Inc ‘A’ *		14,149		71,028
Measurement Specialties Inc *		1,334		45,836
MeetMe Inc *		12,766		44,553
MEMC Electronic Materials Inc *		140,082		449,663
Mentor Graphics Corp *		33,295		566,681
Mercury Systems Inc *		24,275		223,330
Methode Electronics Inc		28,757		288,433
Millennial Media Inc *		556		6,967
Mindspeed Technologies Inc *		27,986		130,974
MIPS Technologies Inc *		8,554		66,892
MKS Instruments Inc		40,833		1,052,675
ModusLink Global Solutions Inc *		30,544		88,578
MoneyGram International Inc *		11,960		158,948
Monster Worldwide Inc *		94,359		530,298
MoSys Inc *		26,376		91,788
Multi-Fineline Electronix Inc *		151,281		3,057,389
Nanometrics Inc *		18,143		261,622
NeoPhotonics Corp *		14,820		85,067
NETGEAR Inc *		16,279		641,718
Newport Corp *		29,599		398,107
Oclaro Inc *		57,032		89,540
OCZ Technology Group Inc *		52,008		99,335
OmniVision Technologies Inc *		40,753		573,802
Oplink Communications Inc *		14,913		232,345
Park Electrochemical Corp		16,153		415,617
PC Connection Inc		6,773		77,889
PCTEL Inc		14,393		103,630
Peregrine Semiconductor Corp *		3,126		47,859
Perficient Inc *		5,756		67,806
Pericom Semiconductor Corp *		18,338		147,254
Pervasive Software Inc *		9,573		85,295
Photronics Inc *		46,805		278,958
Plantronics Inc		22,018		811,804
Plexus Corp *		15,301		394,766
PLX Technology Inc *		3,234		11,739
Power-One Inc *		52,735		216,741
Progress Software Corp *		48,816		1,024,648
Proofpoint Inc *		366		4,505
QAD Inc ‘A’		465		6,696
QLogic Corp *		57,235		556,897
Qualys Inc *		1,697		25,099
Quantum Corp *		172,817		214,293
QuickLogic Corp *		4,619		10,023
QuinStreet Inc *		25,381		170,560
Radisys Corp *		17,029		50,746
Rambus Inc *		79,453		387,731
RealD Inc *		4,513		50,591
RealNetworks Inc *		17,067		129,027

	Shares		Value
RF Micro Devices Inc *		189,694		$849,829
Richardson Electronics Ltd		10,001		113,211
Rofin-Sinar Technologies Inc *		322,185		6,984,971
Rogers Corp *		7,312		363,114
Rosetta Stone Inc *		4,330		53,432
Rubicon Technology Inc *		13,305		81,294
Ruckus Wireless Inc *		3,575		80,545
Rudolph Technologies Inc *		24,904		334,959
Sanmina Corp *		63,307		700,808
Sapiens International Corp NV * (Netherlands)		10,953		43,812
ScanSource Inc *		21,352		678,353
SeaChange International Inc *		22,334		215,970
ShoreTel Inc *		4,868		20,640
Sigma Designs Inc *		25,381		130,712
Silicon Graphics International Corp *		23,485		240,252
Silicon Image Inc *		11,038		54,748
Sonus Networks Inc *		151,596		257,713
Spansion Inc ‘A’ *		37,406		520,317
SS&C Technologies Holdings Inc *		19,115		441,939
STEC Inc *		27,475		135,452
STR Holdings Inc *		23,050		58,086
SunPower Corp *		16,292		91,561
Super Micro Computer Inc *		2,528		25,786
Supertex Inc		7,984		140,119
support.com Inc *		11,642		48,664
Sycamore Networks Inc		15,773		35,332
Symmetricom Inc *		32,506		187,560
Synacor Inc *		484		2,647
SYNNEX Corp *		20,378		700,596
TechTarget Inc *		12,375		68,681
TeleNav Inc *		12,703		101,370
TeleTech Holdings Inc *		17,807		316,965
Tellabs Inc		284,772		649,280
Telular Corp		5,332		50,494
Tessco Technologies Inc		2,108		46,671
Tessera Technologies Inc		40,327		662,169
TiVo Inc *		48,481		597,286
TriQuint Semiconductor Inc *		131,179		634,906
Trulia Inc *		1,439		23,369
TTM Technologies Inc *		41,194		378,985
Ultra Clean Holdings Inc *		21,050		103,355
Unisys Corp *		16,726		289,360
United Online Inc		70,503		394,112
Unwired Planet Inc *		3,210		3,852
ValueClick Inc *		23,246		451,205
VASCO Data Security International Inc *		12,197		99,528
Veeco Instruments Inc *		22,469		663,285
Viasystems Group Inc *		2,953		36,027
Vishay Precision Group Inc *		9,459		125,048
WebMD Health Corp *		39,335		564,064
Westell Technologies Inc ‘A’ *		35,215		65,148
Zygo Corp *		10,351		162,511
				82,632,466
Materials - 6.9%
A. Schulman Inc		185,306		5,360,903
A.M. Castle & Co *		12,892		190,415
AK Steel Holding Corp		88,260		405,996
AMCOL International Corp		1,159		35,558
Aptargroup Inc		22,330		1,065,588
Berry Plastics Group Inc *		13,449		216,260
Boise Inc		78,121		621,062
Buckeye Technologies Inc		12,740		365,765
Cabot Corp		109,600		4,360,984
Calgon Carbon Corp *		6,943		98,452
Century Aluminum Co *		39,951		349,971
Chase Corp		4,984		92,702
Chemtura Corp *		23,433		498,186
Clearwater Paper Corp *		3,674		143,874

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

15

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Coeur d’Alene Mines Corp *		41,162		$1,012,585
Ferro Corp *		67,147		280,674
FutureFuel Corp		15,048		178,168
General Moly Inc *		44,734		179,383
Georgia Gulf Corp		9,802		404,627
Globe Specialty Metals Inc		44,434		610,967
Gold Reserve Inc * (Canada)		35,304		116,856
Golden Minerals Co *		25,643		117,701
Golden Star Resources Ltd (XASE) * (Canada)		202,083		371,833
Graphic Packaging Holding Co *		130,168		840,885
H.B. Fuller Co		127,800		4,449,996
Handy & Harman Ltd *		594		8,952
Haynes International Inc		1,696		87,972
Hecla Mining Co		221,808		1,293,141
Horsehead Holding Corp *		33,984		346,977
Innospec Inc		15,707		541,734
Kaiser Aluminum Corp		14,987		924,548
KapStone Paper and Packaging Corp		31,386		696,455
Kraton Performance Polymers Inc *		25,045		601,831
Landec Corp *		15,011		142,454
Louisiana-Pacific Corp *		106,873		2,064,786
LSB Industries Inc *		6,223		220,419
Materion Corp		14,423		371,825
McEwen Mining Inc *		168,551		645,550
Metals USA Holdings Corp		6,801		118,949
Minerals Technologies Inc		27,523		1,098,718
Neenah Paper Inc		4,886		139,104
Olin Corp		19,632		423,855
Olympic Steel Inc		7,019		155,401
OM Group Inc *		25,118		557,620
PH Glatfelter Co		27,549		481,556
PolyOne Corp		15,037		307,056
Quaker Chemical Corp		7,259		390,970
Reliance Steel & Aluminum Co		123,000		7,638,300
Resolute Forest Products *		62,758		830,916
Revett Minerals Inc * (Canada)		19,872		56,039
RPM International Inc		349,100		10,249,576
RTI International Metals Inc *		23,539		648,735
Schnitzer Steel Industries Inc ‘A’		19,597		594,377
Schweitzer-Mauduit International Inc		6,261		244,367
Sensient Technologies Corp		132,966		4,728,271
Spartech Corp *		24,198		219,476
Steel Dynamics Inc		415,000		5,697,950
Stepan Co		684		37,989
Stillwater Mining Co *		90,046		1,150,788
SunCoke Energy Inc *		16,067		250,485
Texas Industries Inc *		17,544		894,919
Tredegar Corp		18,773		383,345
UFP Technologies Inc *		4,180		74,906
United States Lime & Minerals Inc *		69		3,251
Universal Stainless & Alloy Products Inc *		5,336		196,205
Vista Gold Corp * (Canada)		44,643		120,536
Wausau Paper Corp		1,505		13,033
Worthington Industries Inc		40,685		1,057,403
Zep Inc		10,061		145,281
Zoltek Cos Inc *		21,455		166,276
				69,391,688
Telecommunication Services - 0.3%
Cbeyond Inc *		20,874		188,701
Cincinnati Bell Inc *		99,767		546,723
Consolidated Communications Holdings Inc		12,550		199,796
Fairpoint Communications Inc *		3,190		25,329
Hawaiian Telcom Holdco Inc *		8,707		169,786
IDT Corp ‘B’		1,823		17,391
inContact Inc *		3,975		20,590
Iridium Communications Inc *		35,098		236,560
Leap Wireless International Inc *		31,949		212,461
magicJack VocalTec Ltd * (Israel)		3,408		62,060
Neutral Tandem Inc		23,520		60,446

	Shares		Value
ORBCOMM Inc *		14,366		$56,315
Premiere Global Services Inc *		29,900		292,422
Shenandoah Telecommunications Co		19,047		291,610
USA Mobility Inc		12,026		140,464
Vonage Holdings Corp *		42,083		99,737
				2,620,391
Utilities - 3.3%
ALLETE Inc		29,637		1,214,524
American DG Energy Inc *		2,646		6,112
American States Water Co		13,188		632,760
Artesian Resources Corp ‘A’		5,900		132,337
Atlantic Power Corp (Canada)		80,719		922,618
Avista Corp		45,592		1,099,223
Black Hills Corp		34,244		1,244,427
Cadiz Inc *		578		4,578
California Water Service Group		16,520		303,142
CH Energy Group Inc		11,547		753,095
Chesapeake Utilities Corp		7,501		340,545
Cleco Corp		47,423		1,897,394
Connecticut Water Service Inc		2,788		83,027
Consolidated Water Co Ltd (Cayman)		11,455		84,767
Delta Natural Gas Co Inc		5,411		105,785
El Paso Electric Co		31,116		992,912
Genie Energy Ltd ‘B’		11,277		80,067
IDACORP Inc		38,961		1,688,959
MGE Energy Inc		17,994		916,794
Middlesex Water Co		12,333		241,233
New Jersey Resources Corp		32,402		1,283,767
Northwest Natural Gas Co		20,890		923,338
NorthWestern Corp		28,313		983,311
NV Energy Inc		164,700		2,987,658
Ormat Technologies Inc		9,958		191,990
Otter Tail Corp		26,359		658,975
Piedmont Natural Gas Co Inc		51,278		1,605,514
PNM Resources Inc		61,960		1,270,800
Portland General Electric Co		58,730		1,606,853
SJW Corp		7,691		204,581
South Jersey Industries Inc		18,553		933,773
Southwest Gas Corp		35,950		1,524,640
The Empire District Electric Co		32,704		666,508
The Laclede Group Inc		17,622		680,385
UIL Holdings Corp		39,358		1,409,410
Unitil Corp		10,608		274,959
UNS Energy Corp		31,314		1,328,340
WGL Holdings Inc		40,195		1,575,242
York Water Co		2,673		46,965
				32,901,308
Total Common Stocks (Cost $883,349,960)				986,713,297
CLOSED-END MUTUAL FUND - 0.0%
Firsthand Technology Value Fund Inc *		6,747		117,668
Total Closed-End Mutual Fund (Cost $118,181)				117,668

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

16

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.4%
Repurchase Agreement - 1.4%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $13,829,448; collateralized by U.S. Treasury Notes: 0.250% - 2.750% due 07/15/15 - 11/30/16 and value $14,110,550)		$13,829,440		$13,829,440
Total Short-Term Investment (Cost $13,829,440)				13,829,440
TOTAL INVESTMENTS - 99.9% (Cost $897,297,581)				1,000,660,405
OTHER ASSETS & LIABILITIES, NET - 0.1%				1,435,085
NET ASSETS - 100.0%				$1,002,095,490

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Industrials	25.4%
Financials	23.4%
Consumer Discretionary	16.4%
Energy	9.4%
Information Technology	8.2%
Materials	6.9%
Health Care	3.9%
Utilities	3.3%
Short-Term Investment	1.4%
Consumer Staples	1.3%
Telecommunication Services	0.3%
	99.9%
Other Assets & Liabilities, Net	0.1 %
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, $365,000 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini (03/13)		64		$5,303,135		$115,105

(e) Fair Value Measurements

The following is a summary of the portfolio's investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio's assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks (1)		$986,713,297		$986,713,297		$-		$-
	Closed-End Mutual Fund		117,668		117,668		-		-
	Short-Term Investment		13,829,440		-		13,829,440		-
	Derivatives:
	Equity Contracts
	Futures		115,105		115,105		-		-
	Total		$1,000,775,510		$986,946,070		$13,829,440		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

17

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments

December 31, 2012

	Shares		Value
RIGHTS - 0.0%
Health Care - 0.0%
Allos Therapeutics Inc Exp. 11/30/13 * +		41,902		$-
Total Rights (Cost $0)				-
WARRANTS - 0.0%
Energy - 0.0%
Magnum Hunter Resources Corp Strike @ $10.50 Exp. 10/14/13 *		4,217		2,151
Total Warrants (Cost $0)				2,151
COMMON STOCKS - 97.1%
Consumer Discretionary - 13.6%
1-800-FLOWERS.COM Inc ‘A’ *		15,980		58,647
Aeropostale Inc *		49,217		640,313
AFC Enterprises Inc *		14,682		383,641
America’s Car-Mart Inc *		4,839		196,076
American Axle & Manufacturing Holdings Inc *		40,265		450,968
American Greetings Corp ‘A’		19,099		322,582
American Public Education Inc *		10,845		391,613
Ameristar Casinos Inc		19,946		523,383
ANN Inc *		29,453		996,690
Arbitron Inc		15,955		744,779
Arctic Cat Inc *		7,615		254,265
Asbury Automotive Group Inc *		16,842		539,449
Ascent Capital Group Inc ‘A’ *		8,527		528,162
Barnes & Noble Inc *		17,041		257,149
Bassett Furniture Industries Inc		6,916		86,243
Beasley Broadcasting Group Inc ‘A’		2,670		13,056
Beazer Homes USA Inc *		14,954		252,573
bebe stores Inc		22,453		89,587
Belo Corp ‘A’		56,636		434,398
Big 5 Sporting Goods Corp		10,116		132,520
Biglari Holdings Inc *		721		281,204
BJ’s Restaurants Inc *		14,806		487,117
Black Diamond Inc *		12,815		105,083
Bloomin’ Brands Inc *		10,924		170,851
Blue Nile Inc *		7,465		287,402
Bluegreen Corp *		8,866		83,163
Blyth Inc		6,377		99,162
Bob Evans Farms Inc		17,660		709,932
Body Central Corp *		9,601		95,626
Boyd Gaming Corp *		33,627		223,283
Bravo Brio Restaurant Group Inc *		11,759		157,923
Bridgepoint Education Inc *		10,620		109,386
Brown Shoe Co Inc		25,867		475,177
Brunswick Corp		53,980		1,570,278
Buffalo Wild Wings Inc *		11,222		817,186
Cabela’s Inc *		28,217		1,178,060
Caesars Entertainment Corp *		22,443		155,306
CafePress Inc *		2,797		16,139
Callaway Golf Co		39,437		256,341
Capella Education Co *		7,629		215,367
Career Education Corp *		31,771		111,834
Caribou Coffee Co Inc *		12,714		205,840
Carmike Cinemas Inc *		10,639		159,585
Carriage Services Inc		9,627		114,272
Carrols Restaurant Group Inc *		8,971		53,647

	Shares		Value
Casual Male Retail Group Inc *		25,670		$107,814
Cavco Industries Inc *		4,161		207,967
CEC Entertainment Inc		11,028		366,019
Central European Media Enterprises Ltd ‘A’ * (Bermuda)		22,388		137,238
Cherokee Inc		4,947		67,823
Churchill Downs Inc		7,839		520,902
Chuy’s Holdings Inc *		3,951		88,265
Citi Trends Inc *		9,082		124,968
Coinstar Inc *		18,880		981,949
Collectors Universe		3,290		32,999
Columbia Sportswear Co		7,330		391,129
Conn’s Inc *		10,191		312,660
Cooper Tire & Rubber Co		37,702		956,123
Core-Mark Holding Co Inc		6,848		324,253
Corinthian Colleges Inc *		47,602		116,149
Cracker Barrel Old Country Store Inc		11,656		749,015
Crocs Inc *		54,325		781,737
Crown Media Holdings Inc ‘A’ *		21,462		39,705
CSS Industries Inc		5,657		123,832
Culp Inc		5,223		78,397
Cumulus Media Inc ‘A’ *		37,801		100,929
Daily Journal Corp *		546		50,532
Dana Holding Corp		89,229		1,392,865
Del Frisco’s Restaurant Group Inc *		3,320		51,759
Delta Apparel Inc *		4,245		59,345
Denny’s Corp *		57,807		282,098
Destination Maternity Corp		8,025		173,019
Digital Generation Inc *		16,742		181,818
DineEquity Inc *		9,206		616,802
Domino’s Pizza Inc		35,004		1,524,424
Dorman Products Inc		14,787		522,573
Drew Industries Inc		11,591		373,810
Education Management Corp *		16,377		71,731
Einstein Noah Restaurant Group Inc		3,674		44,860
Entercom Communications Corp ‘A’ *		14,744		102,913
Entravision Communications Corp ‘A’		30,144		50,039
Ethan Allen Interiors Inc		14,564		374,440
Exide Technologies *		46,826		160,145
Express Inc *		53,964		814,317
Federal-Mogul Corp *		11,298		90,610
Fiesta Restaurant Group Inc *		9,645		147,761
Fifth & Pacific Cos Inc *		65,669		817,579
Fisher Communications Inc		5,369		144,909
Five Below Inc *		6,650		213,066
Flexsteel Industries Inc		2,732		58,601
Francesca’s Holdings Corp *		21,077		547,159
Fred’s Inc ‘A’		22,059		293,605
Frisch’s Restaurants Inc		1,811		33,504
Fuel Systems Solutions Inc *		8,871		130,404
G-III Apparel Group Ltd *		10,001		342,334
Geeknet Inc *		2,648		42,633
Genesco Inc *		14,747		811,085
Gentherm Inc *		17,957		238,828
Global Sources Ltd * (Bermuda)		11,588		75,090
Gordmans Stores Inc *		5,200		78,104
Grand Canyon Education Inc *		24,116		566,003
Group 1 Automotive Inc		13,803		855,648
Harte-Hanks Inc		26,592		156,893
Haverty Furniture Cos Inc		11,514		187,793
Helen of Troy Ltd * (Bermuda)		19,084		637,215
hhgregg Inc *		9,707		68,143
Hibbett Sports Inc *		15,922		839,089
Hillenbrand Inc		33,341		753,840
Hooker Furniture Corp		6,552		95,201
Hot Topic Inc		25,433		245,428
Hovnanian Enterprises Inc ‘A’ *		63,705		445,935
HSN Inc		21,585		1,188,902
Iconix Brand Group Inc *		42,728		953,689
Ignite Restaurant Group Inc *		4,014		52,182

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

18

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
International Speedway Corp ‘A’		16,687		$460,895
Interval Leisure Group Inc		23,517		455,995
iRobot Corp *		16,688		312,733
Isle of Capri Casinos Inc *		12,374		69,294
Jack in the Box Inc *		26,721		764,221
JAKKS Pacific Inc		13,112		164,162
Jamba Inc *		46,434		104,012
Johnson Outdoors Inc ‘A’ *		3,297		65,676
Jos. A. Bank Clothiers Inc *		16,755		713,428
Journal Communications Inc ‘A’ *		24,520		132,653
K-Swiss Inc ‘A’ *		15,929		53,521
K12 Inc *		16,218		331,496
Kayak Software Corp *		2,041		81,069
KB Home		46,643		736,959
Kirkland’s Inc *		8,039		85,133
Krispy Kreme Doughnuts Inc *		36,186		339,425
La-Z-Boy Inc		31,302		442,923
LeapFrog Enterprises Inc *		30,675		264,725
Libbey Inc *		12,340		238,779
Life Time Fitness Inc *		25,864		1,272,767
LifeLock Inc *		10,510		85,446
Lifetime Brands Inc		5,744		60,944
LIN TV Corp ‘A’ *		18,145		136,632
Lincoln Educational Services Corp		13,946		77,958
Lions Gate Entertainment Corp * (Canada)		51,318		841,615
Lithia Motors Inc ‘A’		13,120		490,950
Live Nation Entertainment Inc *		84,471		786,425
Luby’s Inc *		12,388		82,876
Lumber Liquidators Holdings Inc *		16,653		879,778
M.D.C. Holdings Inc		23,152		851,068
M/I Homes Inc *		12,980		343,970
Mac-Gray Corp		7,189		90,222
Maidenform Brands Inc *		14,054		273,912
Marcus Corp		11,713		146,061
Marine Products Corp		6,194		35,430
MarineMax Inc *		12,312		110,069
Marriott Vacations Worldwide Corp *		16,071		669,679
Martha Stewart Living Omnimedia Inc ‘A’ *		16,863		41,314
Matthews International Corp ‘A’		16,945		543,934
Mattress Firm Holding Corp *		6,605		162,021
MDC Partners Inc ‘A’ (Canada)		15,513		175,297
Meredith Corp		21,935		755,661
Meritage Homes Corp *		18,486		690,452
Modine Manufacturing Co *		28,394		230,843
Monarch Casino & Resort Inc *		5,375		58,641
Monro Muffler Brake Inc		18,642		651,911
Morgans Hotel Group Co *		13,417		74,330
Movado Group Inc		10,614		325,638
MTR Gaming Group Inc *		13,941		58,134
Multimedia Games Holding Co Inc *		16,681		245,378
NACCO Industries Inc ‘A’		3,359		203,858
Nathan’s Famous Inc *		1,536		51,763
National American University Holdings Inc		5,460		21,021
National CineMedia Inc		33,828		477,990
New York & Co Inc *		16,712		63,673
Nexstar Broadcasting Group Inc ‘A’ *		6,663		70,561
NutriSystem Inc		17,224		141,065
Office Depot Inc *		171,413		562,235
OfficeMax Inc		52,533		512,722
Orbitz Worldwide Inc *		14,656		39,864
Orchard Supply Hardware Stores Corp ‘A’ *		1,120		8,299
Orient-Express Hotels Ltd ‘A’ * (Bermuda)		58,521		684,110
Outdoor Channel Holdings Inc		8,839		67,176
Overstock.com Inc *		6,910		98,882
Oxford Industries Inc		8,452		391,835
Papa John’s International Inc *		10,800		593,352
Penske Automotive Group Inc		25,641		771,538
Perfumania Holdings Inc *		3,117		15,336
Perry Ellis International Inc		7,200		143,280
PetMed Express Inc		12,276		136,264

	Shares		Value
Pier 1 Imports Inc		58,729		$1,174,580
Pinnacle Entertainment Inc *		35,528		562,408
Pool Corp		28,681		1,213,780
Premier Exhibitions Inc *		15,507		42,024
Quiksilver Inc *		79,108		336,209
RadioShack Corp		60,982		129,282
ReachLocal Inc *		6,038		77,951
Reading International Inc ‘A’ *		9,871		59,325
Red Lion Hotels Corp *		8,072		63,688
Red Robin Gourmet Burgers Inc *		8,836		311,822
Regis Corp		34,730		587,632
Rent-A-Center Inc		35,823		1,230,878
Rentrak Corp *		5,604		109,222
Restoration Hardware Holdings Inc *		3,296		111,174
RG Barry Corp		5,164		73,174
Ruby Tuesday Inc *		38,914		305,864
rue21 Inc *		9,372		266,071
Ruth’s Hospitality Group Inc *		21,513		156,400
Saga Communications Inc ‘A’		2,129		98,999
Saks Inc *		66,406		697,927
Salem Communications Corp ‘A’		6,240		34,070
Scholastic Corp		15,617		461,639
Scientific Games Corp ‘A’ *		31,366		271,943
Sealy Corp *		30,244		65,629
Select Comfort Corp *		34,294		897,474
SHFL Entertainment Inc *		33,196		481,342
Shiloh Industries Inc		3,761		38,738
Shoe Carnival Inc		8,627		176,767
Shutterfly Inc *		21,618		645,730
Shutterstock Inc *		3,047		79,222
Sinclair Broadcast Group Inc ‘A’		30,504		384,960
Six Flags Entertainment Corp		24,000		1,468,800
Skechers U.S.A. Inc ‘A’ *		22,836		422,466
Skullcandy Inc *		9,656		75,220
Smith & Wesson Holding Corp *		39,087		329,894
Sonic Automotive Inc ‘A’		25,742		537,750
Sonic Corp *		34,324		357,313
Sotheby’s		40,918		1,375,663
Spartan Motors Inc		20,348		100,316
Speedway Motorsports Inc		6,976		124,452
Stage Stores Inc		18,526		459,074
Standard Motor Products Inc		12,031		267,329
Standard Pacific Corp *		70,222		516,132
Stein Mart Inc		16,686		125,812
Steiner Leisure Ltd * (Bahamas)		9,168		441,806
Steinway Musical Instruments Inc *		4,030		85,235
Steven Madden Ltd *		23,707		1,002,095
Stewart Enterprises Inc ‘A’		45,403		346,879
Stoneridge Inc *		16,960		86,835
Strayer Education Inc		7,159		402,121
Sturm Ruger & Co Inc		11,598		526,549
Superior Industries International Inc		13,571		276,848
Systemax Inc		6,667		64,337
Teavana Holdings Inc *		5,452		84,506
Tenneco Inc *		36,646		1,286,641
Texas Roadhouse Inc		37,836		635,645
The Bon-Ton Stores Inc		7,661		92,851
The Buckle Inc		16,756		747,988
The Cato Corp ‘A’		16,503		452,677
The Cheesecake Factory Inc		32,680		1,069,290
The Children’s Place *		14,679		650,133
The E.W. Scripps Co ‘A’ *		18,224		197,001
The Finish Line Inc ‘A’		30,781		582,684
The Jones Group Inc		49,542		547,935
The McClatchy Co ‘A’ *		35,324		115,509
The Men’s Wearhouse Inc		30,724		957,360
The New York Times Co ‘A’ *		82,278		701,831
The Pep Boys-Manny Moe & Jack		32,081		315,356
The Ryland Group Inc		26,976		984,624
The Warnaco Group Inc *		24,785		1,773,862

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

19

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
The Wet Seal Inc ‘A’ *		55,080		$152,021
Tilly’s Inc ‘A’ *		5,649		76,205
Tower International Inc *		3,346		26,935
Town Sports International Holdings Inc		13,897		148,003
True Religion Apparel Inc		15,504		394,112
Tuesday Morning Corp *		25,240		157,750
Tumi Holdings Inc *		13,076		272,635
Unifi Inc *		8,475		110,260
Universal Electronics Inc *		9,096		176,008
Universal Technical Institute Inc		13,214		132,669
US Auto Parts Network Inc *		9,055		16,571
Vail Resorts Inc		21,757		1,176,836
Valassis Communications Inc		24,072		620,576
Value Line Inc		486		4,359
Vera Bradley Inc *		12,204		306,320
Vitacost.com Inc *		13,372		90,662
Vitamin Shoppe Inc *		17,789		1,020,377
VOXX International Corp *		11,035		74,266
West Marine Inc *		9,055		97,341
Weyco Group Inc		3,830		89,469
Winmark Corp		1,332		75,924
Winnebago Industries Inc *		17,740		303,886
WMS Industries Inc *		33,234		581,595
Wolverine World Wide Inc		29,374		1,203,747
World Wrestling Entertainment Inc ‘A’		16,328		128,828
Zagg Inc *		15,215		111,982
Zumiez Inc *		13,322		258,580
				101,667,793
Consumer Staples - 3.4%
Alico Inc		2,069		75,787
Alliance One International Inc *		52,885		192,501
Annie’s Inc *		3,055		102,129
Arden Group Inc ‘A’		673		60,550
B&G Foods Inc		31,803		900,343
Cal-Maine Foods Inc		8,721		350,759
Calavo Growers Inc		7,257		182,949
Casey’s General Stores Inc		23,027		1,222,734
Central European Distribution Corp *		40,804		88,545
Central Garden & Pet Co ‘A’ *		23,534		245,930
Chiquita Brands International Inc *		27,680		228,360
Coca-Cola Bottling Co Consolidated		2,781		184,936
Craft Brew Alliance Inc *		6,277		40,675
Darling International Inc *		71,053		1,139,690
Diamond Foods Inc		13,404		183,233
Dole Food Co Inc *		21,487		246,456
Elizabeth Arden Inc *		15,201		684,197
Farmer Bros. Co *		4,268		61,587
Fresh Del Monte Produce Inc (Cayman)		23,065		607,763
Griffin Land & Nurseries Inc		1,737		46,899
Harbinger Group Inc *		25,013		192,350
Harris Teeter Supermarkets Inc		26,570		1,024,539
Ingles Markets Inc ‘A’		7,346		126,792
Inter Parfums Inc		9,939		193,413
Inventure Foods Inc *		8,068		52,361
J&J Snack Foods Corp		8,910		569,705
John B Sanfilippo & Son Inc		4,870		88,537
Lancaster Colony Corp		11,173		773,060
Lifeway Foods Inc		2,797		24,446
Limoneira Co		5,040		97,726
Medifast Inc *		8,437		222,652
Nash Finch Co		7,382		157,089
National Beverage Corp		6,889		100,511
Natural Grocers by Vitamin Cottage Inc *		4,293		81,953
Nature’s Sunshine Products Inc		6,810		98,609
Nutraceutical International Corp		5,075		83,940
Oil-Dri Corp of America		2,992		82,579
Omega Protein Corp *		11,795		72,185
Orchids Paper Products Co		3,417		69,092
Pilgrim’s Pride Corp *		36,219		262,588

	Shares		Value
Post Holdings Inc *		15,801		$541,184
Prestige Brands Holdings Inc *		30,365		608,211
PriceSmart Inc		10,999		847,473
Revlon Inc ‘A’ *		6,769		98,150
Rite Aid Corp *		397,325		540,362
Roundy’s Inc		12,349		54,953
Sanderson Farms Inc		13,877		659,851
Seneca Foods Corp ‘A’ *		4,998		151,939
Smart Balance Inc *		35,656		459,962
Snyder’s-Lance Inc		26,705		643,858
Spartan Stores Inc		13,078		200,878
Spectrum Brands Holdings Inc *		13,864		622,910
Star Scientific Inc *		88,455		237,059
SUPERVALU Inc		128,323		316,958
Susser Holdings Corp *		6,821		235,256
Synutra International Inc *		10,481		48,527
The Andersons Inc		11,197		480,351
The Boston Beer Co Inc ‘A’ *		4,688		630,302
The Chefs’ Warehouse Inc *		6,779		107,176
The Female Health Co		11,387		81,759
The Hain Celestial Group Inc *		22,285		1,208,293
The Pantry Inc *		14,058		170,524
Tootsie Roll Industries Inc		14,350		371,952
TreeHouse Foods Inc *		21,670		1,129,657
United Natural Foods Inc *		29,506		1,581,227
Universal Corp		13,994		698,441
USANA Health Sciences Inc *		3,609		118,844
Vector Group Ltd		33,778		502,279
Village Super Market Inc ‘A’		5,087		167,159
WD-40 Co		9,601		452,303
Weis Markets Inc		6,717		263,105
Westway Group Inc *		7,097		47,337
				25,498,390
Energy - 5.9%
Abraxas Petroleum Corp *		50,150		109,828
Adams Resources & Energy Inc		1,367		47,941
Alon USA Energy Inc		6,221		112,538
Amyris Inc *		18,647		58,179
Apco Oil and Gas International Inc (Cayman)		5,587		68,776
Approach Resources Inc *		20,035		501,075
Arch Coal Inc		128,121		937,846
Basic Energy Services Inc *		18,649		212,785
Berry Petroleum Co ‘A’		31,634		1,061,321
Bill Barrett Corp *		29,014		516,159
Bolt Technology Corp		5,169		73,762
Bonanza Creek Energy Inc *		5,970		165,906
BPZ Resources Inc *		63,501		200,028
Bristow Group Inc		21,582		1,158,090
C&J Energy Services Inc *		26,916		577,079
Cal Dive International Inc *		58,068		100,458
Callon Petroleum Co *		23,939		112,513
Carrizo Oil & Gas Inc *		23,874		499,444
Ceres Inc *		3,488		15,835
Clayton Williams Energy Inc *		3,596		143,840
Clean Energy Fuels Corp *		40,340		502,233
Cloud Peak Energy Inc *		36,828		711,885
Comstock Resources Inc *		29,044		439,436
Contango Oil & Gas Co		7,722		327,104
Crimson Exploration Inc *		13,504		37,001
Crosstex Energy Inc		25,230		361,798
CVR Energy Inc *		10,159		495,658
Dawson Geophysical Co *		4,825		127,283
Delek US Holdings Inc		10,516		266,265
Diamondback Energy Inc *		8,530		163,094
Dril-Quip Inc *		24,264		1,772,485
Emerald Oil Inc *		9,151		47,951
Endeavour International Corp *		28,508		147,671
Energy XXI Ltd (Bermuda)		47,661		1,534,208
EPL Oil & Gas Inc *		16,712		376,856

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

20

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Evolution Petroleum Corp *		9,963		$80,999
Exterran Holdings Inc *		39,122		857,554
Forbes Energy Services Ltd *		8,803		22,272
Forest Oil Corp *		71,014		475,084
Forum Energy Technologies Inc *		13,423		332,219
Frontline Ltd * (Bermuda)		31,490		102,657
FX Energy Inc *		31,920		131,191
GasLog Ltd (Bermuda)		14,631		181,863
Gastar Exploration Ltd * (Canada)		35,364		42,790
Geospace Technologies Corp *		7,703		684,566
Gevo Inc *		19,191		29,554
Global Geophysical Services Inc *		12,016		46,262
Goodrich Petroleum Corp *		15,801		147,265
Green Plains Renewable Energy Inc *		14,897		117,835
Gulf Island Fabrication Inc		8,659		208,076
Gulfmark Offshore Inc ‘A’		16,197		557,987
Gulfport Energy Corp *		33,645		1,285,912
Halcon Resources Corp *		67,412		466,491
Hallador Energy Co		3,960		32,710
Harvest Natural Resources Inc *		23,579		213,862
Heckmann Corp *		84,843		341,917
Helix Energy Solutions Group Inc *		63,784		1,316,502
Hercules Offshore Inc *		95,649		591,111
Hornbeck Offshore Services Inc *		21,313		731,888
ION Geophysical Corp *		79,695		518,814
Isramco Inc *		613		63,746
Key Energy Services Inc *		91,481		635,793
KiOR Inc ‘A’ *		15,634		100,214
Knightsbridge Tankers Ltd (Bermuda)		15,129		79,427
Kodiak Oil & Gas Corp * (Canada)		159,287		1,409,690
Lufkin Industries Inc		20,284		1,179,109
Magnum Hunter Resources Corp *		88,852		354,519
Matador Resources Co *		8,425		69,085
Matrix Service Co *		15,735		180,952
McMoRan Exploration Co *		61,289		983,688
Midstates Petroleum Co Inc *		14,729		101,483
Miller Energy Resources Inc *		18,727		74,159
Mitcham Industries Inc *		7,757		105,728
Natural Gas Services Group Inc *		7,355		120,769
Newpark Resources Inc *		54,482		427,684
Nordic American Tankers Ltd (Bermuda)		32,023		280,201
Northern Oil & Gas Inc *		38,336		644,811
Oasis Petroleum Inc *		48,248		1,534,286
Panhandle Oil & Gas Inc ‘A’		4,211		118,877
Parker Drilling Co *		71,415		328,509
PDC Energy Inc *		18,096		600,968
Penn Virginia Corp		32,731		144,344
PetroQuest Energy Inc *		34,209		169,335
PHI Inc *		7,881		263,935
Pioneer Energy Services Corp *		37,137		269,615
Quicksilver Resources Inc *		71,046		203,192
Renewable Energy Group Inc *		4,588		26,886
Rentech Inc		79,157		208,183
Resolute Energy Corp *		29,173		237,176
REX American Resources Corp *		3,465		66,840
Rex Energy Corp *		26,282		342,192
RigNet Inc *		7,355		150,263
Rosetta Resources Inc *		31,956		1,449,524
Sanchez Energy Corp *		6,905		124,290
Saratoga Resources Inc *		12,017		42,540
Scorpio Tankers Inc *		33,407		237,524
SemGroup Corp ‘A’ *		25,614		1,000,995
Ship Finance International Ltd (Bermuda)		29,385		488,673
Solazyme Inc *		20,306		159,605
Stone Energy Corp *		29,806		611,619
Swift Energy Co *		25,880		398,293
Synergy Resources Corp *		23,823		128,406
Targa Resources Corp		17,500		924,700
Teekay Tankers Ltd ‘A’		39,003		113,109
Tesco Corp * (Canada)		18,175		207,013

	Shares		Value
TETRA Technologies Inc *		47,164		$357,975
TGC Industries Inc		9,050		74,119
Triangle Petroleum Corp *		26,740		160,173
Uranerz Energy Corp *		39,851		55,393
Uranium Energy Corp *		51,028		130,632
Vaalco Energy Inc *		35,202		304,497
Vantage Drilling Co * (Cayman)		114,833		210,144
W&T Offshore Inc		20,964		336,053
Warren Resources Inc *		43,542		122,353
Western Refining Inc		34,896		983,718
Westmoreland Coal Co *		6,341		59,225
Willbros Group Inc *		23,866		127,922
ZaZa Energy Corp *		15,385		31,539
				43,817,405
Financials - 22.2%
1st Source Corp		9,029		199,451
1st United Bancorp Inc		18,312		114,450
Acadia Realty Trust REIT		30,604		767,548
Access National Corp		4,589		59,657
AG Mortgage Investment Trust Inc REIT		13,801		324,047
Agree Realty Corp REIT		6,864		183,887
Alexander’s Inc REIT		1,272		420,778
Alliance Financial Corp		2,921		127,093
Alterra Capital Holdings Ltd (Bermuda)		51,921		1,463,653
American Assets Trust Inc REIT		20,046		559,885
American Capital Mortgage Investment Corp REIT		22,228		523,914
American Equity Investment Life Holding Co		36,138		441,245
American National Bankshares Inc		4,789		96,690
American Realty Capital Trust Inc REIT		96,164		1,110,694
American Safety Insurance Holdings Ltd * (Bermuda)		5,509		104,230
Ameris Bancorp *		14,617		182,566
AMERISAFE Inc *		11,087		302,121
Ames National Corp		5,159		112,982
AmREIT Inc ‘B’		2,191		37,576
AmTrust Financial Services Inc		16,456		472,123
Anworth Mortgage Asset Corp REIT		84,864		490,514
Apollo Commercial Real Estate Finance Inc REIT		14,130		229,330
Apollo Investment Corp		123,511		1,032,552
Apollo Residential Mortgage Inc REIT		14,952		301,881
Ares Commercial Real Estate Corp REIT		4,767		78,274
Argo Group International Holdings Ltd (Bermuda)		15,655		525,851
Arlington Asset Investment Corp ‘A’		6,672		138,577
ARMOUR Residential REIT Inc		180,460		1,167,576
Arrow Financial Corp		6,347		158,358
Artio Global Investors Inc		19,510		37,069
Ashford Hospitality Trust Inc REIT		32,358		340,083
Asset Acceptance Capital Corp *		9,865		44,393
Associated Estates Realty Corp REIT		30,302		488,468
Asta Funding Inc		6,358		60,465
Astoria Financial Corp		52,781		494,030
AV Homes Inc *		6,044		85,946
Baldwin & Lyons Inc ‘B’		5,685		135,644
BancFirst Corp		3,914		165,797
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Multi-National)		17,284		372,643
BancorpSouth Inc		57,169		831,237
Bank Mutual Corp		28,729		123,535
Bank of Kentucky Financial Corp		3,601		89,053
Bank of Marin Bancorp		3,101		116,163
Bank of the Ozarks Inc		17,762		594,494
BankFinancial Corp		12,753		94,627
Banner Corp		11,614		356,898
Bar Harbor Bankshares		2,305		77,563
BBCN Bancorp Inc		47,439		548,869
Beneficial Mutual Bancorp Inc *		19,933		189,363

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

21

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Berkshire Bancorp Inc		2,633		$21,591
Berkshire Hills Bancorp Inc		14,825		353,724
BGC Partners Inc ‘A’		61,106		211,427
BlackRock Kelso Capital Corp		24,681		248,291
BofI Holding Inc *		6,691		186,478
Boston Private Financial Holdings Inc		47,277		425,966
Bridge Bancorp Inc		5,324		108,290
Bridge Capital Holdings *		5,711		88,863
Brookline Bancorp Inc		42,738		363,273
Bryn Mawr Bank Corp		6,945		154,665
BSB Bancorp Inc *		5,013		61,309
C&F Financial Corp		1,987		77,374
Calamos Asset Management Inc ‘A’		11,787		124,589
California First National Bancorp		1,474		22,036
Camden National Corp		4,775		162,207
Campus Crest Communities Inc REIT		23,174		284,113
Cape Bancorp Inc		7,092		61,629
Capital Bank Financial Corp ‘A’ *		5,411		92,366
Capital City Bank Group Inc *		7,112		80,863
Capital Southwest Corp		1,813		180,629
CapLease Inc REIT		39,811		221,747
Capstead Mortgage Corp REIT		60,586		694,921
Cardinal Financial Corp		17,668		287,458
Cascade Bancorp *		3,653		22,868
Cash America International Inc		17,824		707,078
Cathay General Bancorp		47,752		931,164
Cedar Realty Trust Inc REIT		37,389		197,414
Center Bancorp Inc		7,198		83,353
Centerstate Banks Inc		18,426		157,174
Central Pacific Financial Corp *		13,010		202,826
Century Bancorp Inc ‘A’		2,158		71,106
Charter Financial Corp		4,223		44,764
Chatham Lodging Trust REIT		8,684		133,560
Chemical Financial Corp		16,724		397,362
Chesapeake Lodging Trust REIT		23,692		494,689
CIFC Corp *		3,926		31,408
Citizens & Northern Corp		7,434		140,503
Citizens Inc *		23,505		259,730
Citizens Republic Bancorp Inc *		24,247		459,966
City Holding Co		8,953		312,012
Clifton Savings Bancorp Inc		5,482		61,782
CNB Financial Corp		7,865		128,829
CNO Financial Group Inc		121,548		1,134,043
CoBiz Financial Inc		21,596		161,322
Cohen & Steers Inc		11,297		344,220
Colonial Properties Trust REIT		53,346		1,140,004
Colony Financial Inc REIT		31,618		616,551
Columbia Banking System Inc		24,316		436,229
Community Bank System Inc		23,992		656,421
Community Trust Bancorp Inc		8,604		282,039
Consolidated-Tomoka Land Co		2,564		79,510
Coresite Realty Corp REIT		12,455		344,505
Cousins Properties Inc REIT		55,742		465,446
Cowen Group Inc ‘A’ *		54,106		132,560
Crawford & Co ‘B’		15,889		126,794
Credit Acceptance Corp *		4,779		485,929
Crescent Financial Bancshares Inc *		1,776		8,152
CreXus Investment Corp REIT		41,169		504,320
CubeSmart REIT		74,792		1,089,719
CVB Financial Corp		53,655		558,012
CYS Investments Inc REIT		106,790		1,261,190
DCT Industrial Trust Inc REIT		150,262		975,200
DFC Global Corp *		26,656		493,403
Diamond Hill Investment Group Inc		1,659		112,580
DiamondRock Hospitality Co REIT		113,954		1,025,586
Dime Community Bancshares Inc		19,151		266,007
Donegal Group Inc ‘A’		4,906		68,880
Doral Financial Corp *		78,282		56,684
Duff & Phelps Corp ‘A’		19,075		297,951
DuPont Fabros Technology Inc REIT		37,131		897,085

	Shares		Value
Dynex Capital Inc REIT		33,346		$314,786
Eagle Bancorp Inc *		11,049		220,649
Eastern Insurance Holdings Inc		4,010		68,491
EastGroup Properties Inc REIT		17,312		931,559
Education Realty Trust Inc REIT		68,558		729,457
eHealth Inc *		11,908		327,232
EMC Insurance Group Inc		2,966		70,828
Employers Holdings Inc		11,612		238,975
Encore Capital Group Inc *		13,355		408,930
Enstar Group Ltd * (Bermuda)		5,086		569,530
Enterprise Bancorp Inc		3,789		62,594
Enterprise Financial Services Corp		10,710		139,980
Epoch Holding Corp		9,732		271,523
EPR Properties REIT		28,458		1,312,198
Equity One Inc REIT		33,561		705,117
ESB Financial Corp		6,112		84,773
ESSA Bancorp Inc		5,782		62,966
EverBank Financial Corp		13,691		204,133
Evercore Partners Inc ‘A’		17,422		525,970
Excel Trust Inc REIT		26,362		334,007
Ezcorp Inc ‘A’ *		29,120		578,323
F.N.B. Corp		84,727		899,801
Farmers National Banc Corp		11,302		70,072
FBL Financial Group Inc ‘A’		5,855		200,300
FBR & Co *		21,955		84,966
Federal Agricultural Mortgage Corp ‘C’		6,027		195,877
FelCor Lodging Trust Inc REIT *		75,132		350,866
Fidelity Southern Corp *		5,942		56,746
Fidus Investment Corp		7,167		117,897
Fifth Street Finance Corp		63,889		665,723
Financial Engines Inc *		28,055		778,526
Financial Institutions Inc		8,576		159,771
First American Financial Corp		64,446		1,552,504
First Bancorp NC		9,362		120,021
First BanCorp PR *		43,210		197,902
First Busey Corp		44,736		208,022
First California Financial Group Inc *		14,009		108,149
First Cash Financial Services Inc *		17,425		864,628
First Commonwealth Financial Corp		63,902		435,812
First Community Bancshares Inc		10,776		172,093
First Connecticut Bancorp Inc		10,626		146,107
First Defiance Financial Corp		5,826		111,801
First Federal Bancshares of Arkansas Inc *		2,085		20,329
First Financial Bancorp		35,726		522,314
First Financial Bankshares Inc		19,174		747,978
First Financial Corp		6,788		205,269
First Financial Holdings Inc		10,013		130,970
First Financial Northwest Inc *		9,626		72,676
First Industrial Realty Trust Inc REIT *		59,519		838,028
First Interstate Bancsystem Inc		9,871		152,310
First Merchants Corp		17,471		259,270
First Midwest Bancorp Inc		45,428		568,759
First Pactrust Bancorp Inc		6,629		81,338
First Potomac Realty Trust REIT		31,314		387,041
FirstMerit Corp		66,519		943,905
Flushing Financial Corp		18,955		290,770
FNB United Corp *		6,133		71,143
Forestar Group Inc *		21,036		364,554
Fortegra Financial Corp *		4,323		38,431
Fox Chase Bancorp Inc		7,414		123,443
Franklin Financial Corp		8,010		132,806
Franklin Street Properties Corp REIT		44,672		549,912
FXCM Inc ‘A’		14,039		141,373
Gain Capital Holdings Inc		9,213		37,681
GAMCO Investors Inc ‘A’		3,933		208,724
German American Bancorp Inc		7,816		169,764
Getty Realty Corp REIT		15,637		282,404
GFI Group Inc		42,309		137,081
Glacier Bancorp Inc		43,677		642,489
Gladstone Capital Corp		13,292		108,463

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

22

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Gladstone Commercial Corp REIT		6,414		$115,131
Gladstone Investment Corp		15,997		111,339
Glimcher Realty Trust REIT		84,603		938,247
Global Indemnity PLC * (Ireland)		6,326		139,994
Golub Capital BDC Inc		9,650		154,207
Government Properties Income Trust REIT		26,096		625,521
Gramercy Capital Corp REIT *		27,855		81,894
Great Southern Bancorp Inc		6,168		156,976
Green Dot Corp ‘A’ *		14,757		180,035
Greenhill & Co Inc		17,646		917,416
Greenlight Capital Re Ltd ‘A’ * (Cayman)		17,149		395,799
GSV Capital Corp *		11,982		101,008
Guaranty Bancorp *		46,774		91,209
Gyrodyne Co of America Inc REIT		703		50,658
Hallmark Financial Services Inc *		8,846		83,064
Hancock Holding Co		46,212		1,466,769
Hanmi Financial Corp *		19,034		258,672
Harris & Harris Group Inc *		19,130		63,129
Healthcare Realty Trust Inc REIT		52,871		1,269,433
Heartland Financial USA Inc		8,910		232,996
Hercules Technology Growth Capital Inc		32,175		358,108
Heritage Commerce Corp *		12,985		90,635
Heritage Financial Corp		9,372		137,675
Heritage Financial Group Inc		5,189		71,556
Heritage Oaks Bancorp *		12,273		71,183
Hersha Hospitality Trust REIT		104,563		522,815
HFF Inc ‘A’		19,910		296,659
Highwoods Properties Inc REIT		37,787		1,263,975
Hilltop Holdings Inc *		24,099		326,300
Hingham Institution for Savings		685		42,881
Home Bancorp Inc *		4,066		74,205
Home BancShares Inc		13,456		444,317
Home Federal Bancorp Inc		8,905		110,689
Home Loan Servicing Solutions Ltd (Cayman)		17,543		331,563
Homeowners Choice Inc		5,187		107,838
HomeStreet Inc *		5,313		135,747
HomeTrust Bancshares Inc *		12,538		169,388
Horace Mann Educators Corp		24,084		480,717
Horizon Bancorp		3,969		77,991
Horizon Technology Finance Corp		4,732		70,459
Hudson Pacific Properties Inc REIT		21,883		460,856
Hudson Valley Holding Corp		9,720		151,340
IBERIABANK Corp		17,845		876,546
ICG Group Inc *		22,571		257,987
Independence Holding Co		4,833		46,010
Independent Bank Corp		13,260		383,877
Infinity Property & Casualty Corp		7,170		417,581
Inland Real Estate Corp REIT		46,892		392,955
International Bancshares Corp		32,376		584,387
INTL FCStone Inc *		8,461		147,306
Invesco Mortgage Capital Inc REIT		70,409		1,387,761
Investment Technology Group Inc *		23,461		211,149
Investors Bancorp Inc		26,843		477,269
Investors Real Estate Trust REIT		54,725		477,749
Investors Title Co		723		43,380
iStar Financial Inc REIT *		51,321		418,266
JAVELIN Mortgage Investment Corp		4,055		77,410
JMP Group Inc		10,448		63,419
Kansas City Life Insurance Co		2,501		95,438
KBW Inc		21,172		323,932
KCAP Financial Inc		13,436		123,477
Kearny Financial Corp		9,197		89,671
Kennedy-Wilson Holdings Inc		26,042		364,067
Kite Realty Group Trust REIT		39,008		218,055
Knight Capital Group Inc ‘A’ *		110,002		386,107
Ladenburg Thalmann Financial Services Inc *		65,093		91,130
Lakeland Bancorp Inc		17,680		179,982
Lakeland Financial Corp		9,972		257,676
LaSalle Hotel Properties REIT		51,842		1,316,268
Lexington Realty Trust REIT		79,951		835,488

	Shares		Value
LTC Properties Inc REIT		18,535		$652,247
Maiden Holdings Ltd (Bermuda)		30,677		281,922
Main Street Capital Corp		18,619		568,066
MainSource Financial Group Inc		12,382		156,880
Manning & Napier Inc		8,395		105,777
MarketAxess Holdings Inc		22,162		782,319
Marlin Business Services Corp		4,961		99,518
MB Financial Inc		33,060		652,935
MCG Capital Corp		44,886		206,476
Meadowbrook Insurance Group Inc		31,291		180,862
Medallion Financial Corp		11,508		135,104
Medical Properties Trust Inc REIT		82,768		989,905
Medley Capital Corp		17,493		254,698
Mercantile Bank Corp		5,303		87,499
Merchants Bancshares Inc		2,979		79,748
Meridian Interstate Bancorp Inc *		5,108		85,712
Metro Bancorp Inc *		8,510		112,502
MetroCorp Bancshares Inc *		9,796		107,658
MGIC Investment Corp *		114,119		303,557
MicroFinancial Inc		5,338		38,861
Middleburg Financial Corp		3,206		56,618
Midsouth Bancorp Inc		5,234		85,576
MidWestOne Financial Group Inc		4,093		83,947
Monmouth Real Estate Investment Corp ‘A’ REIT		25,082		259,850
Montpelier Re Holdings Ltd (Bermuda)		30,500		697,230
MVC Capital Inc		14,844		180,355
NASB Financial Inc *		2,528		54,023
National Bank Holdings Corp ‘A’		4,178		79,340
National Bankshares Inc		4,400		142,516
National Financial Partners Corp *		24,617		421,935
National Health Investors Inc REIT		14,965		845,971
National Interstate Corp		3,922		113,032
National Penn Bancshares Inc		74,985		698,860
National Western Life Insurance Co ‘A’		1,279		201,749
Nationstar Mortgage Holdings Inc *		11,630		360,297
NBT Bancorp Inc		20,322		411,927
Nelnet Inc ‘A’		14,598		434,874
Netspend Holdings Inc *		17,473		206,531
New Mountain Finance Corp		11,682		174,062
New York Mortgage Trust Inc REIT		30,133		190,441
NewStar Financial Inc *		15,987		223,978
NGP Capital Resources Co		13,642		98,495
Nicholas Financial Inc (Canada)		6,096		75,590
Northfield Bancorp Inc		8,852		134,993
Northrim BanCorp Inc		3,956		89,603
NorthStar Realty Finance Corp REIT		98,866		696,017
Northwest Bancshares Inc		59,486		722,160
OceanFirst Financial Corp		8,718		119,872
Ocwen Financial Corp *		65,070		2,250,771
OFS Capital Corp *		3,884		53,172
Old National Bancorp		61,515		730,183
Omega Healthcare Investors Inc REIT		68,075		1,623,589
OmniAmerican Bancorp Inc *		6,712		155,249
One Liberty Properties Inc REIT		7,144		144,952
OneBeacon Insurance Group Ltd ‘A’ (Bermuda)		14,305		198,839
Oppenheimer Holdings Inc ‘A’		6,358		109,803
Oriental Financial Group Inc		27,578		368,166
Oritani Financial Corp		27,596		422,771
Pacific Continental Corp		10,943		106,475
Pacific Mercantile Bancorp *		6,540		41,137
PacWest Bancorp		18,429		456,671
Park National Corp		6,931		447,951
Park Sterling Corp *		26,117		136,592
Parkway Properties Inc REIT		12,769		178,638
Peapack Gladstone Financial Corp		5,414		76,229
Pebblebrook Hotel Trust REIT		36,537		844,005
PennantPark Investment Corp		39,725		436,776
Penns Woods Bancorp Inc		2,328		87,090
Pennsylvania REIT		33,931		598,543
PennyMac Mortgage Investment Trust REIT		35,994		910,288

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

23

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Peoples Bancorp Inc		6,599		$134,818
Peoples Federal Bancshares Inc		3,551		61,752
PHH Corp *		34,288		780,052
PICO Holdings Inc *		13,781		279,341
Pinnacle Financial Partners Inc *		20,857		392,946
Piper Jaffray Cos *		9,288		298,423
Platinum Underwriters Holdings Ltd (Bermuda)		19,882		914,572
Portfolio Recovery Associates Inc *		10,382		1,109,421
Potlatch Corp REIT		24,509		960,508
Preferred Bank *		7,235		102,737
Primerica Inc		26,755		802,918
PrivateBancorp Inc		36,553		559,992
Prospect Capital Corp		115,541		1,255,931
Prosperity Bancshares Inc		28,780		1,208,760
Provident Financial Holdings Inc		5,836		102,130
Provident Financial Services Inc		36,472		544,162
Provident New York Bancorp		23,989		223,338
PS Business Parks Inc REIT		11,189		727,061
Pzena Investment Management Inc ‘A’		6,402		34,571
Radian Group Inc		80,786		493,602
RAIT Financial Trust REIT		30,487		172,252
Ramco-Gershenson Properties Trust REIT		28,069		373,598
Redwood Trust Inc REIT		47,979		810,365
Regional Management Corp *		2,992		49,518
Renasant Corp		15,325		293,320
Republic Bancorp Inc ‘A’		6,178		130,541
Resource America Inc ‘A’		7,465		49,792
Resource Capital Corp REIT		60,268		337,501
Retail Opportunity Investments Corp REIT		31,406		403,881
RLI Corp		12,927		835,860
RLJ Lodging Trust REIT		64,872		1,256,571
Rockville Financial Inc		17,383		224,241
Roma Financial Corp		4,779		72,258
Rouse Properties Inc REIT		13,465		227,828
Ryman Hospitality Properties REIT		17,275		664,396
S&T Bancorp Inc		17,681		319,496
S.Y. Bancorp Inc		7,558		169,450
Sabra Health Care REIT Inc		22,648		491,915
Safeguard Scientifics Inc *		12,662		186,764
Safety Insurance Group Inc		7,869		363,312
Sandy Spring Bancorp Inc		14,656		284,620
Saul Centers Inc REIT		4,565		195,336
SCBT Financial Corp		9,990		401,398
SeaBright Holdings Inc		12,422		137,512
Seacoast Banking Corp of Florida *		45,182		72,743
Select Income REIT		6,855		169,798
Selective Insurance Group Inc		33,451		644,601
SI Financial Group Inc		6,377		73,336
Sierra Bancorp		7,482		85,519
Simmons First National Corp ‘A’		10,403		263,820
Simplicity Bancorp Inc		5,407		80,835
Solar Capital Ltd		23,855		570,373
Solar Senior Capital Ltd		5,947		110,971
Southside Bancshares Inc		10,440		219,866
Southwest Bancorp Inc *		11,971		134,075
Sovran Self Storage Inc REIT		17,650		1,096,065
Spirit Realty Capital Inc REIT		19,921		354,195
STAG Industrial Inc REIT		18,770		337,297
Starwood Property Trust Inc REIT		81,797		1,878,059
State Auto Financial Corp		9,073		135,551
State Bank Financial Corp		19,325		306,881
StellarOne Corp		14,156		200,166
Stellus Capital Investment Corp		1,300		21,294
Sterling Bancorp		19,225		175,140
Sterling Financial Corp		16,387		342,161
Stewart Information Services Corp		11,079		288,054
Stifel Financial Corp *		32,520		1,039,664
Strategic Hotels & Resorts Inc REIT *		109,553		701,139
Suffolk Bancorp *		5,990		78,469
Summit Hotel Properties Inc REIT		25,430		241,585

		Shares		Value
Sun Bancorp Inc *			24,849		$87,965
Sun Communities Inc REIT			18,028		719,137
Sunstone Hotel Investors Inc REIT *			83,045		889,412
Susquehanna Bancshares Inc			113,817		1,192,802
SWS Group Inc *			17,967		95,045
Symetra Financial Corp			46,766		607,023
Taylor Capital Group Inc *			9,895		178,605
TCP Capital Corp			3,586		52,858
Tejon Ranch Co *			7,931		222,702
Terreno Realty Corp REIT			8,120		125,373
Territorial Bancorp Inc			6,672		152,455
Texas Capital Bancshares Inc *			24,298		1,089,036
The Bancorp Inc *			17,346		190,286
The First Bancorp Inc			5,623		92,611
The First Marblehead Corp *			34,457		26,770
The First of Long Island Corp			4,809		136,191
The Navigators Group Inc *			6,104		311,731
The Phoenix Cos Inc *			3,554		87,890
THL Credit Inc			9,235		136,586
Thomas Properties Group Inc			19,715		106,658
TICC Capital Corp			25,437		257,422
Tompkins Financial Corp			6,723		266,500
Tower Group Inc			21,100		374,947
TowneBank			15,942		246,942
Tree.com Inc			3,831		69,073
Triangle Capital Corp			16,725		426,320
TriCo Bancshares			9,732		163,011
TrustCo Bank Corp NY			57,450		303,336
Trustmark Corp			39,397		884,857
Two Harbors Investment Corp REIT			179,044		1,983,808
UMB Financial Corp			19,620		860,141
UMH Properties Inc REIT			8,354		86,297
Umpqua Holdings Corp			67,745		798,714
Union First Market Bankshares Corp			12,530		197,598
United Bankshares Inc			15,589		379,124
United Community Banks Inc *			25,531		240,502
United Financial Bancorp Inc	��		12,342		194,016
United Fire Group Inc			12,222		266,928
Universal Health Realty Income Trust REIT			7,164		362,570
Universal Insurance Holdings Inc			12,379		54,220
Univest Corp of Pennsylvania			10,304		176,198
Urstadt Biddle Properties Inc ‘A’ REIT			14,879		292,819
ViewPoint Financial Group			20,318		425,459
Virginia Commerce Bancorp Inc *			16,219		145,160
Virtus Investment Partners Inc *			3,673		444,213
Walker & Dunlop Inc *			7,080		117,953
Walter Investment Management Corp *			21,595		929,017
Washington Banking Co			9,416		128,246
Washington REIT			40,339		1,054,865
Washington Trust Bancorp Inc			8,862		233,159
Waterstone Financial Inc *			4,396		34,289
Webster Financial Corp			43,605		896,083
WesBanco Inc			15,327		340,566
West Bancorp Inc			9,690		104,458
West Coast Bancorp			11,557		255,988
Westamerica Bancorp			16,913		720,325
Western Alliance Bancorp *			43,983		463,141
Western Asset Mortgage Capital Corp REIT			11,261		222,630
Westfield Financial Inc			15,073		108,978
Westwood Holdings Group Inc			4,146		169,571
Whitestone REIT			8,089		113,650
Wilshire Bancorp Inc *			37,858		222,226
Winthrop Realty Trust REIT			17,854		197,287
Wintrust Financial Corp			22,013		807,877
WisdomTree Investments Inc *			35,385		216,556
World Acceptance Corp *			6,337		472,487
WSFS Financial Corp			4,579		193,463
Zillow Inc ‘A’ *			2,067		57,359
					165,651,029

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

24

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Health Care - 11.7%
Abaxis Inc		13,111		$486,418
ABIOMED Inc *		20,398		274,557
Acadia Healthcare Co Inc *		16,344		381,306
Accretive Health Inc *		33,924		392,161
Accuray Inc *		43,349		278,734
Achillion Pharmaceuticals Inc *		36,041		289,049
Acorda Therapeutics Inc *		24,187		601,289
Acura Pharmaceuticals Inc *		6,687		14,845
Aegerion Pharmaceuticals Inc *		15,090		383,135
Affymax Inc *		21,833		414,827
Affymetrix Inc *		43,023		136,383
Agenus Inc *		14,863		60,938
Air Methods Corp		23,292		859,242
Akorn Inc *		34,328		458,622
Align Technology Inc *		43,442		1,205,515
Alkermes PLC * (Ireland)		73,965		1,369,832
Almost Family Inc		5,047		102,252
Alnylam Pharmaceuticals Inc *		28,062		512,131
Alphatec Holdings Inc *		32,994		54,440
AMAG Pharmaceuticals Inc *		12,598		185,317
Amedisys Inc *		18,122		204,235
Amicus Therapeutics Inc *		18,565		49,754
AMN Healthcare Services Inc *		26,720		308,616
Ampio Pharmaceuticals Inc *		15,256		54,769
AmSurg Corp *		19,132		574,151
Anacor Pharmaceuticals Inc *		9,386		48,807
Analogic Corp		7,417		551,083
AngioDynamics Inc *		14,808		162,740
Anika Therapeutics Inc *		7,259		72,154
Antares Pharma Inc *		64,605		246,145
Arena Pharmaceuticals Inc *		131,137		1,182,856
ArQule Inc *		35,747		99,734
Array BioPharma Inc *		69,876		259,939
ArthroCare Corp *		16,691		577,342
Assisted Living Concepts Inc ‘A’		12,037		117,361
Astex Pharmaceuticals Inc *		57,071		166,077
athenahealth Inc *		21,650		1,590,192
AtriCure Inc *		8,672		59,837
Atrion Corp		950		186,200
Auxilium Pharmaceuticals Inc *		29,315		543,207
AVANIR Pharmaceuticals Inc ‘A’ *		82,074		215,855
AVEO Pharmaceuticals Inc *		23,878		192,218
BG Medicine Inc *		6,710		15,500
Bio-Reference Labs Inc *		14,879		426,878
BioCryst Pharmaceuticals Inc *		30,318		43,052
BioDelivery Sciences International Inc *		16,203		69,835
BioScrip Inc *		26,639		286,902
BioSpecifics Technologies Corp *		2,866		42,847
Biotime Inc *		18,809		59,060
Cadence Pharmaceuticals Inc *		36,889		176,698
Cambrex Corp *		17,960		204,385
Cantel Medical Corp		12,905		383,666
Capital Senior Living Corp *		17,150		320,533
Cardiovascular Systems Inc *		9,912		124,396
Celldex Therapeutics Inc *		37,380		250,820
Cempra Inc *		2,230		14,272
Centene Corp *		31,141		1,276,781
Cepheid Inc *		39,631		1,339,924
Cerus Corp *		33,374		105,462
Chemed Corp		11,652		799,211
ChemoCentryx Inc *		3,164		34,614
Chindex International Inc *		6,928		72,744
Clovis Oncology Inc *		8,398		134,368
Codexis Inc *		16,514		36,496
Computer Programs & Systems Inc		6,716		338,083
Conceptus Inc *		18,911		397,320
CONMED Corp		17,055		476,687
Corcept Therapeutics Inc *		29,785		42,593

	Shares		Value
Cornerstone Therapeutics Inc *		4,748		$22,458
Coronado Biosciences Inc *		10,681		48,171
Corvel Corp *		3,836		171,968
Cross Country Healthcare Inc *		15,952		76,570
CryoLife Inc		16,990		105,848
Cubist Pharmaceuticals Inc *		38,255		1,609,005
Cumberland Pharmaceuticals Inc *		7,044		29,585
Curis Inc *		47,636		163,391
Cyberonics Inc *		16,652		874,730
Cynosure Inc ‘A’ *		7,418		178,848
Cytori Therapeutics Inc *		36,721		103,553
Dendreon Corp *		82,146		433,731
Depomed Inc *		33,664		208,380
Derma Sciences Inc *		6,784		75,370
DexCom Inc *		41,457		564,230
Discovery Laboratories Inc *		26,394		55,691
Durata Therapeutics Inc *		4,948		37,803
Dyax Corp *		59,684		207,700
Dynavax Technologies Corp *		106,299		304,015
Emergent BioSolutions Inc *		15,448		247,786
Emeritus Corp *		18,551		458,581
Endocyte Inc *		17,823		160,051
Endologix Inc *		33,443		476,228
EnteroMedics Inc *		16,592		46,458
Enzon Pharmaceuticals Inc		23,055		102,134
Epocrates Inc *		11,189		98,687
Exact Sciences Corp *		38,744		410,299
Exactech Inc *		5,139		87,106
ExamWorks Group Inc *		17,654		246,979
Exelixis Inc *		110,562		505,268
Five Star Quality Care Inc *		12,333		61,788
Fluidigm Corp *		14,559		208,339
Furiex Pharmaceuticals Inc *		4,381		84,378
Genomic Health Inc *		9,723		265,049
Gentiva Health Services Inc *		18,604		186,970
Geron Corp *		80,137		112,993
Globus Medical Inc ‘A’ *		5,681		59,594
Greatbatch Inc *		14,310		332,564
Greenway Medical Technologies Inc *		4,706		72,284
GTx Inc *		16,324		68,561
Haemonetics Corp *		30,595		1,249,500
Halozyme Therapeutics Inc *		54,712		367,118
Hanger Inc *		20,661		565,285
Hansen Medical Inc *		32,951		68,538
Harvard Bioscience Inc *		15,412		67,505
HealthSouth Corp *		57,708		1,218,216
HealthStream Inc *		11,904		289,386
Healthways Inc *		20,316		217,381
HeartWare International Inc *		8,519		715,170
Hi-Tech Pharmacal Co Inc		6,447		225,516
HMS Holdings Corp *		51,901		1,345,274
Horizon Pharma Inc *		22,915		53,392
Hyperion Therapeutics Inc *		2,137		24,105
ICU Medical Inc *		7,535		459,108
Idenix Pharmaceuticals Inc *		54,892		266,226
ImmunoCellular Therapeutics Ltd *		30,074		57,742
ImmunoGen Inc *		50,573		644,806
Immunomedics Inc *		40,133		117,188
Impax Laboratories Inc *		40,430		828,411
Infinity Pharmaceuticals Inc *		17,103		598,605
Insulet Corp *		28,892		613,088
Integra LifeSciences Holdings Corp *		11,743		457,625
Intercept Pharmaceuticals Inc *		2,300		78,752
InterMune Inc *		39,767		385,342
Invacare Corp		19,236		313,547
IPC The Hospitalist Co Inc *		10,085		400,475
Ironwood Pharmaceuticals Inc ‘A’ *		45,660		506,369
Isis Pharmaceuticals Inc *		60,510		632,935
Jazz Pharmaceuticals PLC * (Ireland)		25,112		1,335,958
Keryx Biopharmaceuticals Inc *		44,071		115,466

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

25

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Kindred Healthcare Inc *		31,848		$344,595
KYTHERA Biopharmaceuticals Inc *		2,400		72,816
Landauer Inc		5,648		345,714
Lannett Co Inc *		9,812		48,668
Lexicon Pharmaceuticals Inc *		127,781		283,674
LHC Group Inc *		8,989		191,466
Ligand Pharmaceuticals Inc ‘B’ *		10,423		216,173
Luminex Corp *		25,114		420,911
Magellan Health Services Inc *		16,524		809,676
MAKO Surgical Corp *		23,704		305,070
MannKind Corp *		69,359		160,219
MAP Pharmaceuticals Inc *		17,125		269,034
Masimo Corp		30,159		633,641
Maxygen Inc		17,008		41,840
MedAssets Inc *		35,199		590,287
Medidata Solutions Inc *		13,403		525,264
Merge Healthcare Inc *		35,378		87,384
Meridian Bioscience Inc		24,950		505,237
Merit Medical Systems Inc *		25,531		354,881
Merrimack Pharmaceuticals Inc *		9,197		56,010
Molina Healthcare Inc *		18,145		491,004
Momenta Pharmaceuticals Inc *		28,488		335,589
MWI Veterinary Supply Inc *		7,676		844,360
National Healthcare Corp		6,404		301,116
National Research Corp		1,523		82,547
Natus Medical Inc *		17,884		199,943
Navidea Biopharmaceuticals Inc *		58,056		164,298
Nektar Therapeutics *		69,292		513,454
Neogen Corp *		14,229		644,858
Neurocrine Biosciences Inc *		39,962		298,916
NewLink Genetics Corp *		7,792		97,400
Novavax Inc *		77,853		147,142
NPS Pharmaceuticals Inc *		51,945		472,699
NuVasive Inc *		26,045		402,656
NxStage Medical Inc *		31,122		350,122
Obagi Medical Products Inc *		10,499		142,681
Omeros Corp *		15,386		79,853
Omnicell Inc *		20,265		301,341
OncoGenex Pharmaceutical Inc *		8,909		116,886
Oncothyreon Inc *		34,973		67,148
Opko Health Inc *		64,728		311,342
Optimer Pharmaceuticals Inc *		28,339		256,468
OraSure Technologies Inc *		32,626		234,255
Orexigen Therapeutics Inc *		43,931		231,516
Orthofix International NV * (Netherlands)		11,272		443,328
Osiris Therapeutics Inc *		10,047		90,222
Owens & Minor Inc		38,326		1,092,674
Pacific Biosciences of California Inc *		23,908		40,644
Pacira Pharmaceuticals Inc *		11,348		198,250
Pain Therapeutics Inc *		22,527		61,048
Palomar Medical Technologies Inc *		11,849		109,129
PAREXEL International Corp *		36,210		1,071,454
PDI Inc *		5,898		44,825
PDL BioPharma Inc		84,858		598,249
Pernix Therapeutics Holdings *		5,482		42,485
Pharmacyclics Inc *		32,888		1,904,215
PharMerica Corp *		17,878		254,583
PhotoMedex Inc *		8,022		116,399
POZEN Inc *		16,218		81,252
Progenics Pharmaceuticals Inc *		24,343		72,542
PSS World Medical Inc *		30,485		880,407
Quality Systems Inc		23,857		414,158
Questcor Pharmaceuticals Inc		32,489		868,106
Quidel Corp *		17,121		319,649
Raptor Pharmaceutical Corp *		30,890		180,706
Regulus Therapeutics Inc *		3,700		23,310
Repligen Corp *		18,892		118,831
Repros Therapeutics Inc *		10,247		161,390
Rigel Pharmaceuticals Inc *		51,509		334,808
Rochester Medical Corp *		6,317		63,675

	Shares		Value
Rockwell Medical Technologies Inc *		12,797		$103,016
RTI Biologics Inc *		33,648		143,677
Sagent Pharmaceuticals Inc *		5,779		92,984
Sangamo Biosciences Inc *		31,987		192,242
Santarus Inc *		33,337		366,040
SciClone Pharmaceuticals Inc *		35,006		150,876
Seattle Genetics Inc *		57,463		1,333,142
Select Medical Holdings Corp		21,349		201,321
Sequenom Inc *		69,036		325,850
SIGA Technologies Inc *		20,994		55,004
Skilled Healthcare Group Inc ‘A’ *		11,867		75,593
Solta Medical Inc *		41,625		111,139
Spectranetics Corp *		20,895		308,619
Spectrum Pharmaceuticals Inc		35,928		402,034
Staar Surgical Co *		21,903		133,608
STERIS Corp		34,947		1,213,709
Sucampo Pharmaceuticals Inc ‘A’ *		6,864		33,634
Sunesis Pharmaceuticals Inc *		18,023		75,697
Sunrise Senior Living Inc *		35,310		507,758
Supernus Pharmaceuticals Inc *		2,558		18,341
SurModics Inc *		7,838		175,258
Symmetry Medical Inc *		22,084		232,324
Synageva BioPharma Corp *		6,391		295,839
Synergy Pharmaceuticals Inc *		25,227		132,694
Synta Pharmaceuticals Corp *		24,000		216,480
Targacept Inc *		16,884		73,952
Team Health Holdings Inc *		17,105		492,111
TESARO Inc *		2,719		46,087
The Ensign Group Inc		10,554		286,963
The Medicines Co *		33,251		797,026
The Providence Service Corp *		7,949		135,053
Theravance Inc *		36,743		818,267
Threshold Pharmaceuticals Inc *		27,796		117,021
Tornier NV * (Netherlands)		9,533		160,059
Transcept Pharmaceuticals Inc *		7,802		34,719
Triple-S Management Corp ‘B’ *		11,819		218,297
Trius Therapeutics Inc *		15,864		75,830
U.S. Physical Therapy Inc		7,261		199,968
Unilife Corp *		47,481		107,782
Universal American Corp		22,695		194,950
Utah Medical Products Inc		1,912		68,928
Vanda Pharmaceuticals Inc *		17,293		63,984
Vanguard Health Systems Inc *		19,232		235,592
Vascular Solutions Inc *		9,535		150,653
Ventrus Biosciences Inc *		7,712		16,658
Verastem Inc *		3,788		33,297
Vical Inc *		45,912		133,604
ViroPharma Inc *		39,860		907,214
Vivus Inc *		60,250		808,555
Vocera Communications Inc *		4,233		106,248
Volcano Corp *		32,196		760,148
WellCare Health Plans Inc *		26,051		1,268,423
West Pharmaceutical Services Inc		20,458		1,120,075
Wright Medical Group Inc *		23,742		498,345
XenoPort Inc *		26,044		202,362
XOMA Corp *		48,571		116,328
Young Innovations Inc		3,251		128,122
Zeltiq Aesthetics Inc *		10,443		48,351
ZIOPHARM Oncology Inc *		40,894		170,119
Zogenix Inc *		32,413		43,109
				87,650,137
Industrials - 15.1%
A.O. Smith Corp		23,570		1,486,560
AAON Inc		11,145		232,596
AAR Corp		24,293		453,793
ABM Industries Inc		32,399		646,360
Acacia Research Corp *		30,061		771,065
ACCO Brands Corp *		68,253		500,977
Accuride Corp *		29,084		93,360

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

26

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Aceto Corp		16,262		$163,270
Acorn Energy Inc		11,056		86,347
Actuant Corp ‘A’		43,994		1,227,873
Acuity Brands Inc		25,587		1,733,008
Aegion Corp *		23,676		525,370
Aerovironment Inc *		10,461		227,422
Air Transport Services Group Inc *		32,875		131,829
Aircastle Ltd (Bermuda)		35,404		443,966
Alamo Group Inc		4,140		135,130
Alaska Air Group Inc *		43,008		1,853,215
Albany International Corp ‘A’		16,578		375,989
Allegiant Travel Co		9,053		664,581
Altra Holdings Inc		16,157		356,262
AMERCO		5,240		664,484
Ameresco Inc ‘A’ *		12,318		120,840
American Railcar Industries Inc		5,732		181,876
American Science & Engineering Inc		5,070		330,615
American Superconductor Corp *		24,275		63,601
American Woodmark Corp *		5,855		162,886
Ampco-Pittsburgh Corp		5,232		104,535
API Technologies Corp *		19,742		58,041
Apogee Enterprises Inc		17,090		409,647
Applied Industrial Technologies Inc		25,479		1,070,373
ARC Document Solutions Inc *		22,565		57,766
Argan Inc		6,021		108,378
Arkansas Best Corp		15,535		148,359
Astec Industries Inc		12,146		404,826
Astronics Corp *		7,316		167,390
AT Cross Co ‘A’ *		5,760		62,093
Atlas Air Worldwide Holdings Inc *		15,949		706,700
Avis Budget Group Inc *		64,155		1,271,552
AZZ Inc		15,275		587,018
Barnes Group Inc		32,699		734,420
Barrett Business Services Inc		4,190		159,597
Beacon Roofing Supply Inc *		28,292		941,558
Belden Inc		27,463		1,235,560
Blount International Inc *		29,617		468,541
BlueLinx Holdings Inc *		14,466		40,649
Brady Corp ‘A’		29,619		989,275
Briggs & Stratton Corp		29,413		620,026
Builders FirstSource Inc *		27,185		151,692
CAI International Inc *		8,685		190,636
Capstone Turbine Corp *		179,705		159,937
Cascade Corp		5,579		358,730
Casella Waste Systems Inc ‘A’ *		21,754		95,283
CBIZ Inc *		22,859		135,097
CDI Corp		8,259		141,477
Ceco Environmental Corp		4,322		43,004
Celadon Group Inc		12,029		217,364
Cenveo Inc *		32,015		86,441
Chart Industries Inc *		18,063		1,204,260
CIRCOR International Inc		10,450		413,715
CLARCOR Inc		30,352		1,450,219
Coleman Cable Inc		5,021		46,545
Columbus McKinnon Corp *		11,691		193,135
Comfort Systems USA Inc		22,553		274,244
Commercial Vehicle Group Inc *		14,548		119,439
Compx International Inc		349		4,940
Consolidated Graphics Inc *		4,498		157,070
Courier Corp		6,008		66,088
CPI Aerostructures Inc *		3,978		39,820
CRA International Inc *		6,026		119,134
Cubic Corp		9,602		460,608
Curtiss-Wright Corp		28,307		929,319
Deluxe Corp		30,867		995,152
DigitalGlobe Inc *		21,878		534,698
Douglas Dynamics Inc		13,290		191,243
DXP Enterprises Inc *		5,344		262,230
Dycom Industries Inc *		20,248		400,910
Dynamic Materials Corp		8,156		113,368

	Shares		Value
Echo Global Logistics Inc *		8,774		$157,669
Edgen Group Inc *		8,620		60,857
EMCOR Group Inc		40,291		1,394,472
Encore Wire Corp		9,914		300,493
Energy Recovery Inc *		25,593		87,016
EnergySolutions Inc *		48,693		151,922
EnerNOC Inc *		15,086		177,261
EnerSys *		28,961		1,089,802
Ennis Inc		15,860		245,354
Enphase Energy Inc *		4,734		17,279
EnPro Industries Inc *		12,368		505,851
ESCO Technologies Inc		16,142		603,872
Esterline Technologies Corp *		18,509		1,177,357
Exponent Inc *		8,040		448,873
Federal Signal Corp *		37,817		287,787
Flow International Corp *		28,746		100,611
Forward Air Corp		17,580		615,476
Franklin Covey Co *		8,270		106,683
Franklin Electric Co Inc		14,156		880,079
FreightCar America Inc		7,307		163,823
FTI Consulting Inc *		25,309		835,197
FuelCell Energy Inc *		92,736		85,039
Furmanite Corp *		22,546		121,072
G&K Services Inc ‘A’		11,472		391,769
Genco Shipping & Trading Ltd *		18,374		64,125
GenCorp Inc *		36,376		332,840
Generac Holdings Inc		14,949		512,900
Genesee & Wyoming Inc ‘A’ *		26,795		2,038,564
GeoEye Inc *		9,214		283,146
Gibraltar Industries Inc *		18,541		295,173
Global Power Equipment Group Inc		10,220		175,273
GP Strategies Corp *		8,866		183,083
Graham Corp		5,993		116,864
Granite Construction Inc		23,398		786,641
Great Lakes Dredge & Dock Co		35,656		318,408
Griffon Corp		27,638		316,731
H&E Equipment Services Inc		17,294		260,621
Hardinge Inc		7,084		70,415
Hawaiian Holdings Inc *		31,105		204,360
Healthcare Services Group Inc		40,591		942,929
Heartland Express Inc		28,589		373,658
HEICO Corp		31,811		1,423,860
Heidrick & Struggles International Inc		10,887		166,136
Heritage-Crystal Clean Inc *		4,716		70,787
Herman Miller Inc		35,160		753,127
Hexcel Corp *		60,177		1,622,372
Hill International Inc *		13,277		48,594
HNI Corp		27,539		827,822
Houston Wire & Cable Co		10,791		132,406
Hub Group Inc ‘A’ *		22,348		750,893
Hudson Global Inc *		20,023		89,703
Hurco Cos Inc *		3,894		89,562
Huron Consulting Group Inc *		13,785		464,417
Hyster-Yale Materials Handling Inc		6,578		321,006
ICF International Inc *		12,038		282,171
II-VI Inc *		31,756		580,182
InnerWorkings Inc *		19,174		264,218
Insperity Inc		13,763		448,123
Insteel Industries Inc		10,648		132,887
Interface Inc		35,358		568,557
International Shipholding Corp		3,289		54,203
Intersections Inc		5,392		51,116
JetBlue Airways Corp *		141,162		806,035
John Bean Technologies Corp		17,343		308,185
Kadant Inc *		7,082		187,744
Kaman Corp		15,936		586,445
Kaydon Corp		19,362		463,333
Kelly Services Inc ‘A’		16,249		255,759
Kforce Inc		17,304		247,966
Kimball International Inc ‘B’		19,779		229,634

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

27

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Knight Transportation Inc		35,093		$513,411
Knoll Inc		28,852		443,167
Korn/Ferry International *		28,802		456,800
Kratos Defense & Security Solutions Inc *		24,207		121,761
Layne Christensen Co *		12,054		292,551
LB Foster Co ‘A’		5,538		240,571
Lindsay Corp		7,681		615,402
LMI Aerospace Inc *		5,547		107,279
LSI Industries Inc		11,883		83,300
Lydall Inc *		10,403		149,179
Marten Transport Ltd		9,445		173,694
MasTec Inc *		33,103		825,258
McGrath RentCorp		14,934		433,385
Meritor Inc *		58,418		276,317
Met-Pro Corp		8,934		86,570
Metalico Inc *		24,490		48,000
Michael Baker Corp		5,072		126,445
Miller Industries Inc		6,506		99,217
Mine Safety Appliances Co		16,719		714,068
Mistras Group Inc *		9,375		231,469
Mobile Mini Inc *		23,057		480,277
Moog Inc ‘A’ *		27,260		1,118,478
Mueller Industries Inc		11,967		598,709
Mueller Water Products Inc ‘A’		94,869		532,215
Multi-Color Corp		8,084		193,935
MYR Group Inc *		12,429		276,545
National Presto Industries Inc		2,934		202,739
Navigant Consulting Inc *		31,457		351,060
NCI Building Systems Inc *		10,726		149,091
NL Industries Inc		4,109		47,048
NN Inc *		10,246		93,853
Nortek Inc *		4,663		308,924
Northwest Pipe Co *		5,661		135,071
Odyssey Marine Exploration Inc *		44,372		131,785
Old Dominion Freight Line Inc *		43,068		1,476,371
Omega Flex Inc		1,637		20,233
On Assignment Inc *		26,001		527,300
Orbital Sciences Corp *		35,548		489,496
Orion Marine Group Inc *		16,460		120,323
Pacer International Inc *		21,431		83,581
Park-Ohio Holdings Corp *		5,155		109,853
Patrick Industries Inc *		2,548		39,647
Patriot Transportation Holding Inc *		3,814		108,432
Pendrell Corp *		94,655		120,212
Performant Financial Corp *		5,457		55,116
PGT Inc *		11,950		53,775
Pike Electric Corp		10,274		98,117
PMFG Inc *		12,579		114,343
Powell Industries Inc *		5,391		223,888
Preformed Line Products Co		1,377		81,821
Primoris Services Corp		18,136		272,765
Proto Labs Inc *		3,015		118,851
Quad/Graphics Inc		15,108		308,052
Quality Distribution Inc *		13,135		78,810
Quanex Building Products Corp		22,269		454,510
Rand Logistics Inc *		10,466		68,029
Raven Industries Inc		21,911		577,574
RBC Bearings Inc *		13,348		668,334
Republic Airways Holdings Inc *		29,364		166,788
Resources Connection Inc		25,589		305,533
Rexnord Corp *		17,353		369,619
Roadrunner Transportation Systems Inc *		8,458		153,428
Robbins & Myers Inc		23,258		1,382,688
RPX Corp *		12,957		117,131
Rush Enterprises Inc ‘A’ *		19,949		412,346
Saia Inc *		9,607		222,114
Sauer-Danfoss Inc		7,135		380,795
Schawk Inc		7,166		94,305
Seaboard Corp		183		462,968
SeaCube Container Leasing Ltd (Bermuda)		6,545		123,373

	Shares		Value
SIFCO Industries Inc		1,518		$23,909
Simpson Manufacturing Co Inc		24,216		794,043
SkyWest Inc		30,692		382,422
Spirit Airlines Inc *		25,190		446,367
Standard Parking Corp *		9,304		204,595
Standex International Corp		7,599		389,753
Steelcase Inc ‘A’		45,942		585,301
Sterling Construction Co Inc *		10,005		99,450
Sun Hydraulics Corp		12,579		328,060
Swift Transportation Co *		47,502		433,218
Swisher Hygiene Inc *		69,026		120,796
Sykes Enterprises Inc *		23,631		359,664
Sypris Solutions Inc		6,674		26,429
TAL International Group Inc		17,682		643,271
Taser International Inc *		31,161		278,579
Team Inc *		11,989		456,062
Teledyne Technologies Inc *		22,201		1,444,619
Tennant Co		11,348		498,745
Tetra Tech Inc *		38,260		1,011,977
Textainer Group Holdings Ltd (Bermuda)		8,359		262,974
The Advisory Board Co *		20,693		968,225
The Brink’s Co		28,544		814,360
The Corporate Executive Board Co		20,256		961,350
The Dolan Co *		18,335		71,323
The Eastern Co		3,707		58,645
The Geo Group Inc		37,107		1,046,417
The Gorman-Rupp Co		9,134		272,467
The Greenbrier Cos Inc *		13,842		223,825
The KEYW Holding Corp *		14,790		187,685
The Middleby Corp *		11,305		1,449,414
Thermon Group Holdings Inc *		8,877		199,999
Titan International Inc		28,867		626,991
Titan Machinery Inc *		10,205		252,063
TMS International Corp ‘A’ *		7,471		93,537
TRC Cos Inc *		9,728		56,617
Trex Co Inc *		9,011		335,480
TriMas Corp *		19,433		543,347
TrueBlue Inc *		24,324		383,103
Tutor Perini Corp *		21,614		296,112
Twin Disc Inc		5,193		90,514
UniFirst Corp		8,742		640,963
United Stationers Inc		24,545		760,650
Universal Forest Products Inc		11,890		452,296
Universal Truckload Services Inc		3,301		60,243
US Airways Group Inc *		98,172		1,325,322
US Ecology Inc		11,054		260,211
USG Corp *		44,781		1,257,003
Viad Corp		12,148		329,940
Vicor Corp *		12,003		65,056
VSE Corp		2,474		60,638
Wabash National Corp *		41,297		370,434
WageWorks Inc *		4,177		74,351
Watsco Inc		17,796		1,332,920
Watts Water Technologies Inc ‘A’		16,982		730,056
Werner Enterprises Inc		26,756		579,803
Wesco Aircraft Holdings Inc *		10,620		140,290
Willis Lease Finance Corp *		3,131		44,805
Woodward Inc		41,770		1,592,690
XPO Logistics Inc *		10,600		184,228
Zipcar Inc *		16,489		135,869
				112,281,536
Information Technology - 16.1%
3D Systems Corp *		28,296		1,509,592
Accelrys Inc *		33,302		301,383
ACI Worldwide Inc *		23,990		1,048,123
Actuate Corp *		29,578		165,637
Acxiom Corp *		46,427		810,615
ADTRAN Inc		38,475		751,801
Advanced Energy Industries Inc *		24,065		332,338

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

28

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Advent Software Inc *		19,024		$406,733
Aeroflex Holding Corp *		12,057		84,399
Agilysys Inc *		8,730		73,070
Alpha & Omega Semiconductor Ltd * (Bermuda)		10,438		87,679
Ambarella Inc * (Cayman)		3,482		38,824
Ambient Corp *		1,678		5,051
American Software Inc ‘A’		14,172		109,975
Amkor Technology Inc *		44,347		188,475
ANADIGICS Inc *		42,512		107,130
Anaren Inc *		8,432		164,002
Angie’s List Inc *		21,448		257,162
Anixter International Inc		17,048		1,090,731
Applied Micro Circuits Corp *		39,291		330,044
ARRIS Group Inc *		68,191		1,018,774
Aruba Networks Inc *		67,525		1,401,144
Aspen Technology Inc *		56,520		1,562,213
ATMI Inc *		19,180		400,478
Audience Inc *		3,682		38,256
AVG Technologies NV * (Netherlands)		4,907		77,678
Aviat Networks Inc *		36,901		121,404
Avid Technology Inc *		18,098		137,183
Aware Inc		7,087		38,837
Axcelis Technologies Inc *		65,058		90,431
AXT Inc *		19,665		55,259
Badger Meter Inc		8,777		416,118
Bankrate Inc *		27,824		346,409
Bazaarvoice Inc *		6,264		58,568
Bel Fuse Inc ‘B’		6,368		124,494
Benchmark Electronics Inc *		34,708		576,847
Black Box Corp		9,889		240,698
Blackbaud Inc		27,288		622,985
Blucora Inc *		24,312		381,942
Bottomline Technologies Inc *		21,097		556,750
Brightcove Inc *		3,525		31,866
BroadSoft Inc *		16,567		601,879
Brooks Automation Inc		40,163		323,312
Cabot Microelectronics Corp		14,214		504,739
CACI International Inc ‘A’ *		13,684		753,031
CalAmp Corp *		17,698		147,247
Calix Inc *		23,661		181,953
Callidus Software Inc *		20,526		93,188
Carbonite Inc *		6,932		64,121
Cardtronics Inc *		26,616		631,864
Cass Information Systems Inc		6,186		261,049
Cavium Inc *		30,034		937,361
Ceva Inc *		14,115		222,311
Checkpoint Systems Inc *		24,560		263,774
CIBER Inc *		43,486		145,243
Ciena Corp *		59,792		938,734
Cirrus Logic Inc *		39,016		1,130,294
Cognex Corp		25,874		952,681
Coherent Inc		14,261		721,892
Cohu Inc		14,864		161,126
CommVault Systems Inc *		26,985		1,881,124
Computer Task Group Inc *		9,207		167,844
comScore Inc *		21,422		295,195
Comtech Telecommunications Corp		10,678		271,008
Comverse Inc *		13,222		377,224
Comverse Technology Inc *		132,221		507,729
Constant Contact Inc *		18,472		262,487
Convergys Corp		65,995		1,082,978
Cornerstone OnDemand Inc *		20,302		599,518
CoStar Group Inc *		17,040		1,522,865
Cray Inc *		22,530		359,354
CSG Systems International Inc *		20,429		371,399
CTS Corp		20,508		218,000
Cymer Inc *		18,709		1,691,855
Daktronics Inc		21,953		243,020
Datalink Corp *		9,334		79,806

	Shares		Value
DealerTrack Technologies Inc *		25,600		$735,232
Demand Media Inc *		17,950		166,756
Demandware Inc *		3,991		109,034
Dice Holdings Inc *		25,583		234,852
Digi International Inc *		15,578		147,524
Digimarc Corp		4,345		89,942
Digital River Inc *		22,412		322,509
Diodes Inc *		21,368		370,735
DSP Group Inc *		12,546		72,265
DTS Inc *		11,061		184,719
E2open Inc *		2,637		37,340
Earthlink Inc		64,292		415,326
Ebix Inc		17,007		273,302
Echelon Corp *		23,469		57,499
Electro Rent Corp		11,499		176,855
Electro Scientific Industries Inc		13,907		138,375
Electronics for Imaging Inc *		27,958		530,922
Ellie Mae Inc *		15,255		423,326
Eloqua Inc *		5,594		131,962
Emulex Corp *		52,807		385,491
Entegris Inc *		82,923		761,233
Entropic Communications Inc *		53,615		283,623
Envestnet Inc *		12,919		180,220
Envivio Inc *		4,678		7,953
EPAM Systems Inc *		3,034		54,915
EPIQ Systems Inc		19,119		244,341
ePlus Inc		2,419		100,001
Euronet Worldwide Inc *		30,608		722,349
Exa Corp *		3,479		33,851
ExactTarget Inc *		5,983		119,660
Exar Corp *		22,451		199,814
ExlService Holdings Inc *		14,032		371,848
Extreme Networks Inc *		56,351		205,118
Fabrinet * (Cayman)		13,282		174,525
Fair Isaac Corp		20,709		870,399
FalconStor Software Inc *		18,753		43,694
FARO Technologies Inc *		10,186		363,436
FEI Co		22,919		1,271,088
Finisar Corp *		55,119		898,440
First Solar Inc *		36,339		1,122,148
FleetMatics Group PLC * (Ireland)		5,226		131,486
FormFactor Inc *		29,539		134,698
Forrester Research Inc		8,440		226,192
Gerber Scientific Inc Escrow Shares * +		9,525		-
Global Cash Access Holdings Inc *		22,379		175,451
Globecomm Systems Inc *		13,805		155,997
Glu Mobile Inc *		33,498		76,710
GSI Group Inc * (Canada)		17,428		150,926
GSI Technology Inc *		12,240		76,745
GT Advanced Technologies Inc *		72,171		217,956
Guidance Software Inc *		8,823		104,729
Guidewire Software Inc *		12,309		365,823
Harmonic Inc *		71,464		362,322
Heartland Payment Systems Inc		23,432		691,244
Higher One Holdings Inc *		19,249		202,884
Hittite Microwave Corp *		19,008		1,180,397
iGate Corp *		19,289		304,188
Imation Corp *		18,374		85,807
Immersion Corp *		17,395		119,504
Imperva Inc *		5,857		184,671
Infinera Corp *		66,660		387,295
Infoblox Inc *		4,754		85,429
Innodata Inc *		13,566		51,279
Inphi Corp *		13,992		134,043
Insight Enterprises Inc *		26,738		464,439
Integrated Device Technology Inc *		85,924		627,245
Integrated Silicon Solution Inc *		16,439		147,951
Interactive Intelligence Group Inc *		8,898		298,439
InterDigital Inc		24,753		1,017,348
Intermec Inc *		36,304		357,957

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

29

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
Intermolecular Inc *		8,469		$75,374
Internap Network Services Corp *		32,184		223,357
International Rectifier Corp *		41,739		740,032
Intersil Corp ‘A’		77,013		638,438
Intevac Inc *		13,660		62,426
IntraLinks Holdings Inc *		22,385		138,115
InvenSense Inc *		22,011		244,542
iPass Inc *		31,608		57,843
Ixia *		25,432		431,835
IXYS Corp		14,709		134,440
j2 Global Inc		28,012		856,607
Jive Software Inc *		9,703		140,985
Kemet Corp *		26,786		134,734
Key Tronic Corp *		6,511		66,673
Keynote Systems Inc		9,369		132,009
Kopin Corp *		40,120		133,600
KVH Industries Inc *		8,994		125,736
Lattice Semiconductor Corp *		71,136		283,833
Limelight Networks Inc *		36,396		80,799
Lionbridge Technologies Inc *		34,161		137,327
Liquidity Services Inc *		14,183		579,517
Littelfuse Inc		13,088		807,660
LivePerson Inc *		33,206		436,327
LogMeIn Inc *		13,275		297,493
Loral Space & Communications Inc		6,652		363,598
LTX-Credence Corp *		29,478		193,376
M/A-COM Technology Solutions Holdings Inc *		3,708		55,509
Manhattan Associates Inc *		12,238		738,441
ManTech International Corp ‘A’		13,882		360,099
Marchex Inc ‘B’		13,274		54,556
Market Leader Inc *		13,376		87,613
Mattersight Corp *		6,170		30,665
Mattson Technology Inc *		35,686		29,976
MAXIMUS Inc		20,535		1,298,223
MaxLinear Inc ‘A’ *		13,281		66,671
Maxwell Technologies Inc *		17,628		146,136
Measurement Specialties Inc *		9,174		315,219
MeetMe Inc *		11,466		40,016
MEMC Electronic Materials Inc *		139,085		446,463
Mentor Graphics Corp *		56,176		956,116
Mercury Systems Inc *		18,607		171,184
Mesa Laboratories Inc		1,549		77,620
Methode Electronics Inc		22,558		226,257
Micrel Inc		29,487		280,127
Microsemi Corp *		53,637		1,128,522
MicroStrategy Inc ‘A’ *		5,162		482,028
Millennial Media Inc *		7,033		88,123
Mindspeed Technologies Inc *		22,307		104,397
MIPS Technologies Inc *		28,865		225,724
MKS Instruments Inc		31,708		817,432
ModusLink Global Solutions Inc *		23,380		67,802
MoneyGram International Inc *		13,266		176,305
Monolithic Power Systems Inc		18,555		413,405
Monotype Imaging Holdings Inc		22,239		355,379
Monster Worldwide Inc *		73,183		411,288
MoSys Inc *		19,910		69,287
Move Inc *		23,577		178,949
MTS Systems Corp		9,705		494,276
Multi-Fineline Electronix Inc *		5,233		105,759
Nanometrics Inc *		14,087		203,135
Neonode Inc *		13,880		67,457
NeoPhotonics Corp *		11,682		67,055
NETGEAR Inc *		22,903		902,836
NetScout Systems Inc *		22,161		575,964
Newport Corp *		23,167		311,596
NIC Inc		38,910		635,789
Numerex Corp ‘A’ *		6,020		79,103
NVE Corp *		2,905		161,198
Oclaro Inc *		44,705		70,187
OCZ Technology Group Inc *		41,503		79,271

	Shares		Value
OmniVision Technologies Inc *		31,612		$445,097
OpenTable Inc *		13,648		666,022
Oplink Communications Inc *		11,603		180,775
OSI Systems Inc *		12,007		768,928
Parametric Technology Corp *		72,218		1,625,627
Park Electrochemical Corp		12,474		320,956
ParkerVision Inc *		46,979		95,367
PC Connection Inc		5,397		62,066
PCTEL Inc		10,938		78,754
PDF Solutions Inc *		14,661		202,029
Pegasystems Inc		10,445		236,893
Peregrine Semiconductor Corp *		3,636		55,667
Perficient Inc *		19,232		226,553
Pericom Semiconductor Corp *		14,467		116,170
Pervasive Software Inc *		7,892		70,318
Photronics Inc *		36,457		217,284
Plantronics Inc		25,658		946,010
Plexus Corp *		21,194		546,805
PLX Technology Inc *		27,230		98,845
Power Integrations Inc		17,091		574,429
Power-One Inc *		40,924		168,198
PRGX Global Inc *		13,745		88,655
Procera Networks Inc *		11,659		216,274
Progress Software Corp *		37,927		796,088
Proofpoint Inc *		3,876		47,714
PROS Holdings Inc *		13,314		243,513
QAD Inc ‘A’		3,823		55,051
QLIK Technologies Inc *		51,515		1,118,906
QLogic Corp *		58,845		572,562
Qualys Inc *		4,959		73,344
Quantum Corp *		141,442		175,388
QuickLogic Corp *		26,287		57,043
QuinStreet Inc *		20,033		134,622
Radisys Corp *		14,014		41,762
Rambus Inc *		67,036		327,136
RealD Inc *		24,988		280,115
RealNetworks Inc *		12,653		95,657
RealPage Inc *		21,603		465,977
Responsys Inc *		21,936		130,739
RF Micro Devices Inc *		168,578		755,229
Richardson Electronics Ltd		7,781		88,081
Rofin-Sinar Technologies Inc *		17,168		372,202
Rogers Corp *		9,856		489,449
Rosetta Stone Inc *		6,358		78,458
Rubicon Technology Inc *		10,283		62,829
Ruckus Wireless Inc *		4,926		110,983
Rudolph Technologies Inc *		19,558		263,055
Saba Software Inc *		18,184		158,928
Sanmina Corp *		49,148		544,068
Sapiens International Corp NV * (Netherlands)		8,289		33,156
Sapient Corp *		74,443		786,118
ScanSource Inc *		16,557		526,016
SciQuest Inc *		10,896		172,811
SeaChange International Inc *		17,150		165,841
Semtech Corp *		39,568		1,145,494
ServiceSource International Inc *		29,935		175,120
ShoreTel Inc *		29,061		123,219
Sigma Designs Inc *		19,767		101,800
Silicon Graphics International Corp *		19,453		199,004
Silicon Image Inc *		50,248		249,230
Sonus Networks Inc *		129,242		219,711
Sourcefire Inc *		17,850		842,877
Spansion Inc ‘A’ *		29,040		403,946
Spark Networks Inc *		6,627		51,691
SPS Commerce Inc *		7,457		277,922
SS&C Technologies Holdings Inc *		20,438		472,527
Stamps.com Inc *		8,087		203,792
STEC Inc *		21,713		107,045
STR Holdings Inc *		18,439		46,466

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

30

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
SunPower Corp *		24,346		$136,825
Super Micro Computer Inc *		17,494		178,439
Supertex Inc		6,270		110,039
support.com Inc *		29,512		123,360
Sycamore Networks Inc		12,735		28,526
Symmetricom Inc *		24,749		142,802
Synacor Inc *		4,179		22,859
Synaptics Inc *		20,350		609,890
Synchronoss Technologies Inc *		16,649		351,127
SYNNEX Corp *		15,833		544,339
Syntel Inc		9,330		499,995
Take-Two Interactive Software Inc *		47,191		519,573
Tangoe Inc *		17,968		213,280
TechTarget Inc *		9,141		50,733
TeleNav Inc *		9,960		79,481
TeleTech Holdings Inc *		13,900		247,420
Tellabs Inc		221,106		504,122
Telular Corp		10,223		96,812
Tessco Technologies Inc		3,342		73,992
Tessera Technologies Inc		31,340		514,603
The Active Network Inc *		23,486		115,316
The Hackett Group Inc		15,205		65,077
TiVo Inc *		75,326		928,016
TNS Inc *		14,822		307,260
Travelzoo Inc *		4,389		83,347
TriQuint Semiconductor Inc *		101,938		493,380
Trulia Inc *		4,105		66,665
TTM Technologies Inc *		32,245		296,654
Tyler Technologies Inc *		18,188		881,027
Ubiquiti Networks Inc		6,491		78,801
Ultimate Software Group Inc *		16,087		1,518,774
Ultra Clean Holdings Inc *		16,076		78,933
Ultratech Inc *		15,831		590,496
Unisys Corp *		26,478		458,069
United Online Inc		54,677		305,644
Universal Display Corp *		23,973		614,188
Unwired Planet Inc *		29,768		35,722
ValueClick Inc *		45,282		878,924
VASCO Data Security International Inc *		16,956		138,361
Veeco Instruments Inc *		23,488		693,366
Verint Systems Inc *		13,092		384,381
ViaSat Inc *		22,679		882,213
Viasystems Group Inc *		2,317		28,267
VirnetX Holding Corp *		25,371		742,863
Virtusa Corp *		11,177		183,638
Vishay Precision Group Inc *		7,379		97,550
VistaPrint NV * (Netherlands)		20,614		677,376
Vocus Inc *		12,520		217,598
Volterra Semiconductor Corp *		15,367		263,851
Web.com Group Inc *		21,308		315,358
WebMD Health Corp *		30,692		440,123
Websense Inc *		22,387		336,700
Westell Technologies Inc ‘A’ *		26,988		49,928
WEX Inc *		23,492		1,770,592
XO Group Inc *		15,504		144,187
Yelp Inc *		5,184		97,718
Zix Corp *		36,893		103,300
Zygo Corp *		9,777		153,499
				120,265,700
Materials - 5.1%
A. Schulman Inc		17,826		515,706
A.M. Castle & Co *		10,190		150,506
ADA-ES Inc *		5,545		93,600
AEP Industries Inc *		2,503		148,253
AK Steel Holding Corp		81,906		376,768
AMCOL International Corp		15,223		467,042
American Vanguard Corp		16,848		523,467
Arabian American Development Co *		12,548		104,274
Balchem Corp		17,631		641,768

	Shares		Value
Berry Plastics Group Inc *		17,570		$282,526
Boise Inc		60,708		482,629
Buckeye Technologies Inc		23,801		683,327
Calgon Carbon Corp *		34,305		486,445
Century Aluminum Co *		31,006		271,613
Chase Corp		3,856		71,722
Chemtura Corp *		59,635		1,267,840
Clearwater Paper Corp *		14,094		551,921
Coeur d’Alene Mines Corp *		54,233		1,334,132
Deltic Timber Corp		6,587		465,174
Eagle Materials Inc		29,562		1,729,377
Ferro Corp *		52,778		220,612
Flotek Industries Inc *		29,881		364,548
FutureFuel Corp		11,663		138,090
General Moly Inc *		41,158		165,044
Georgia Gulf Corp		20,699		854,455
Globe Specialty Metals Inc		37,109		510,249
Gold Reserve Inc * (Canada)		32,132		106,357
Gold Resource Corp		18,155		279,768
Golden Minerals Co *		19,914		91,405
Golden Star Resources Ltd (XASE) * (Canada)		157,589		289,964
Graphic Packaging Holding Co *		101,096		653,080
GSE Holding Inc *		4,857		30,113
H.B. Fuller Co		30,173		1,050,624
Handy & Harman Ltd *		3,198		48,194
Hawkins Inc		5,497		212,404
Haynes International Inc		7,399		383,786
Headwaters Inc *		37,306		319,339
Hecla Mining Co		172,119		1,003,454
Horsehead Holding Corp *		26,645		272,045
Innophos Holdings Inc		13,200		613,800
Innospec Inc		13,897		479,307
Kaiser Aluminum Corp		11,634		717,701
KapStone Paper and Packaging Corp		24,386		541,125
KMG Chemicals Inc		4,610		80,998
Koppers Holdings Inc		12,509		477,218
Kraton Performance Polymers Inc *		19,452		467,431
Landec Corp *		15,516		147,247
Louisiana-Pacific Corp *		83,106		1,605,608
LSB Industries Inc *		11,308		400,529
Materion Corp		12,257		315,985
McEwen Mining Inc *		130,892		501,316
Metals USA Holdings Corp		7,065		123,567
Midway Gold Corp * (Canada)		76,110		105,793
Minerals Technologies Inc		21,386		853,729
Myers Industries Inc		20,393		308,954
Neenah Paper Inc		9,615		273,739
Noranda Aluminum Holding Corp		20,726		126,636
Olin Corp		48,455		1,046,143
Olympic Steel Inc		5,553		122,943
OM Group Inc *		19,477		432,389
OMNOVA Solutions Inc *		28,093		196,932
Paramount Gold & Silver Corp *		78,377		181,835
PH Glatfelter Co		25,922		453,116
PolyOne Corp		54,116		1,105,049
Quaker Chemical Corp		7,831		421,778
Resolute Forest Products *		48,658		644,232
Revett Minerals Inc * (Canada)		15,083		42,534
RTI International Metals Inc *		18,259		503,218
Schnitzer Steel Industries Inc ‘A’		15,167		460,015
Schweitzer-Mauduit International Inc		18,827		734,818
Sensient Technologies Corp		30,142		1,071,849
Spartech Corp *		18,770		170,244
Stepan Co		10,140		563,176
Stillwater Mining Co *		69,967		894,178
SunCoke Energy Inc *		42,289		659,285
Texas Industries Inc *		13,634		695,470
Tredegar Corp		14,692		300,011
U.S. Antimony Corp *		33,083		58,226
U.S. Silica Holdings Inc		7,201		120,473

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

31

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

	Shares		Value
UFP Technologies Inc *		3,312		$59,351
United States Lime & Minerals Inc *		990		46,649
Universal Stainless & Alloy Products Inc *		4,184		153,846
Vista Gold Corp * (Canada)		35,151		94,908
Wausau Paper Corp		26,854		232,556
Worthington Industries Inc		31,624		821,908
Zep Inc		13,172		190,204
Zoltek Cos Inc *		16,385		126,984
				38,386,624
Telecommunication Services - 0.7%
8x8 Inc *		42,903		317,053
Atlantic Tele-Network Inc		5,541		203,410
Boingo Wireless Inc *		9,682		73,099
Cbeyond Inc *		16,490		149,070
Cincinnati Bell Inc *		119,681		655,852
Cogent Communications Group Inc		28,224		638,991
Consolidated Communications Holdings Inc		24,572		391,186
Fairpoint Communications Inc *		12,988		103,125
General Communication Inc ‘A’ *		22,409		214,902
Hawaiian Telcom Holdco Inc *		6,249		121,856
HickoryTech Corp		8,334		81,090
IDT Corp ‘B’		9,541		91,021
inContact Inc *		22,880		118,518
Iridium Communications Inc *		30,337		204,471
Leap Wireless International Inc *		32,561		216,531
Lumos Networks Corp		9,197		92,154
magicJack VocalTec Ltd * (Israel)		8,602		156,643
Neutral Tandem Inc		16,948		43,556
nTelos Holdings Corp		9,236		121,084
ORBCOMM Inc *		21,030		82,438
Premiere Global Services Inc *		30,473		298,026
Primus Telecommunications Group Inc		7,397		80,405
Shenandoah Telecommunications Co		14,420		220,770
Towerstream Corp *		29,469		95,774
USA Mobility Inc		11,861		138,537
Vonage Holdings Corp *		73,682		174,626
				5,084,188
Utilities - 3.3%
ALLETE Inc		23,057		944,876
American DG Energy Inc *		14,450		33,380
American States Water Co		11,407		547,308
Artesian Resources Corp ‘A’		4,592		102,999
Atlantic Power Corp (Canada)		68,661		784,795
Avista Corp		35,466		855,085
Black Hills Corp		26,656		968,679
Cadiz Inc *		8,096		64,120
California Water Service Group		25,484		467,631
CH Energy Group Inc		8,985		586,002
Chesapeake Utilities Corp		5,796		263,138
Cleco Corp		36,894		1,476,129
Connecticut Water Service Inc		6,351		189,133
Consolidated Water Co Ltd (Cayman)		8,987		66,504
Delta Natural Gas Co Inc		4,091		79,979
El Paso Electric Co		24,129		769,956
Genie Energy Ltd ‘B’		8,770		62,267
IDACORP Inc		30,273		1,312,335
MGE Energy Inc		13,954		710,956
Middlesex Water Co		9,574		187,267
New Jersey Resources Corp		25,122		995,334
Northwest Natural Gas Co		16,197		715,907
NorthWestern Corp		21,995		763,886
Ormat Technologies Inc		10,613		204,619
Otter Tail Corp		21,871		546,775
Piedmont Natural Gas Co Inc		43,528		1,362,862
PNM Resources Inc		48,092		986,367
Portland General Electric Co		45,650		1,248,984
SJW Corp		8,643		229,904
South Jersey Industries Inc		18,395		925,820

	Shares		Value
Southwest Gas Corp		27,934		$1,184,681
The Empire District Electric Co		25,470		519,079
The Laclede Group Inc		13,766		531,505
UIL Holdings Corp		30,632		1,096,932
Unitil Corp		8,299		215,110
UNS Energy Corp		24,365		1,033,563
WGL Holdings Inc		31,215		1,223,316
York Water Co		7,742		136,027
				24,393,210
Total Common Stocks (Cost $683,829,489)				724,696,012
CLOSED-END MUTUAL FUND - 0.0%
Firsthand Technology Value Fund Inc *		5,257		91,682
Total Closed-End Mutual Fund (Cost $98,824)				91,682
	Principal Amount
SHORT-TERM INVESTMENT - 2.6%
Repurchase Agreement - 2.6%
Fixed Income Clearing Corp 0.010% due 01/02/13 (Dated 12/31/12, repurchase price of $19,381,618; collateralized by U.S. Treasury Notes: 0.250% due 07/15/15 and value $19,770,000)		$19,381,607		19,381,607
Total Short-Term Investment (Cost $19,381,607)				19,381,607
TOTAL INVESTMENTS - 99.7% (Cost $703,309,920)				744,171,452
OTHER ASSETS & LIABILITIES, NET - 0.3%				1,913,940
NET ASSETS - 100.0%				$746,085,392

Notes to Schedule of Investments

(a) As of December 31, 2012, the portfolio was diversified as a percentage of net assets as follows:

Financials	22.2%
Information Technology	16.1%
Industrials	15.1%
Consumer Discretionary	13.6%
Health Care	11.7%
Energy	5.9%
Materials	5.1%
Consumer Staples	3.4%
Utilities	3.3%
Short-Term Investment	2.6%
Telecommunication Services	0.7%
	99.7%
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments.

(c) As of December 31, 2012, $1,208,000 in cash was segregated with the broker(s)/custodian as collateral for open futures contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

32

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2012

(d) Open futures contracts outstanding as of December 31, 2012 were as follows:

Long Futures Outstanding	Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini (03/13)		259		$21,514,155		$412,785

(e) Fair Value Measurements

The following is a summary of the portfolio's investments as categorized under the three-tier hierarchy of inputs used in valuing the portfolio's assets and liabilities (See Note 3D in Notes to Financial Statements) as of December 31, 2012:

		Total Value at December 31, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants (1)		$2,151		$2,151		$-		$-
	Common Stocks (1)		724,696,012		724,696,012		-		-
	Closed-End Mutual Fund		91,682		91,682		-		-
	Short-Term Investment		19,381,607		-		19,381,607		-
	Derivatives:
	Equity Contracts
	Futures		412,785		412,785		-		-
	Total		$744,584,237		$725,202,630		$19,381,607		$-

(1) For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page B-143

33

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies—not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers—not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics, subject to the disclosure of Item 2 hereof — attached hereto as Exhibit 99.CODE

(a)(2) Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99.CERT.

(a)(3) Not Applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30b-2(a)) is attached hereto as Exhibit 99.906.CERT pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pacific Select Fund
By:	/s/ Mary Ann Brown
	Mary Ann Brown
	Chief Executive Officer
Date:	March 8, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Mary Ann Brown
	Mary Ann Brown
	Chief Executive Officer
Date:	March 8, 2013
By:	/s/ Brian D. Klemens
	Brian D. Klemens
	Treasurer (Principal Financial and Accounting Officer)
Date:	March 8, 2013