Amendment No. 1 to Form N-CSR

N-CSR/A 1 dncsra.htm AMENDMENT NO. 1 TO FORM N-CSR Amendment No. 1 to Form N-CSR

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

Assistant Vice President and Investment Counsel of

Pacific Life Insurance Company

700 Newport Center Drive

Post Office Box 9000

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Jeffrey S. Puretz, Esq.

Dechert LLP

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

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

Date of fiscal year end: December 31, 2002

Date of reporting period: January 1, 2002–December 31, 2002

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.

Annual Report to Shareholders of the Pacific Select Fund for the fiscal year ended December 31, 2002.

December 31, 2002

Annual

Report

PACIFIC SELECT FUND

TABLE OF CONTENTS

PACIFIC SELECT FUND

Chairman’s Letter		A-1
Performance Discussion		A-2
Schedules of Investments and Notes		B-1
Financial Statements:
Statements of Assets and Liabilities		C-1
Statements of Operations		C-5
Statements of Changes in Net Assets		C-9
Financial Highlights		D-1
Notes to Financial Statements		E-1
Independent Auditors’ Report		F-1
Trustees and Officers Information		F-2

PACIFIC SELECT FUND

Dear Shareholders:

We are pleased to share with you the Pacific Select Fund (the Fund) Annual Report dated December 31, 2002. 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, as adviser to the Fund (the Adviser), manages two of the portfolios of the Fund and has engaged other firms to serve as Portfolio Managers under Pacific Life’s supervision for thirty-one of the portfolios of the Fund. The Portfolio Managers as of December 31, 2002 are listed below:



Portfolio Manager		Portfolio

AIM Capital Management, Inc. (AIM)		Blue Chip Aggressive Growth

Alliance Capital Management L.P. (Alliance Capital)		Emerging Markets

Capital Guardian Trust Company (Capital Guardian)		Diversified Research Small-Cap Equity International Large-Cap

Goldman Sachs Asset Management (Goldman Sachs)		I-Net Tollkeeper^SM

INVESCO Funds Group, Inc. (INVESCO)		Financial Services Health Sciences Technology Telecommunications

J.P. Morgan Investment Management Inc. (J.P. Morgan)		Multi-Strategy Large-Cap Core (formerly called Equity Income)

Janus Capital Management LLC (Janus)		Strategic Value Growth LT Focused 30

Lazard Asset Management (Lazard)		Mid-Cap Value International Value

MFS Investment Management (MFS)		Capital Opportunities Mid-Cap Growth Global Growth

Mercury Advisors (Mercury)		Equity Index Small-Cap Index

Morgan Stanley Asset Management (Morgan Stanley)		Real Estate (formerly called REIT)

Pacific Investment Management Company LLC (PIMCO)		Inflation Managed Managed Bond

Pacific Life		Money Market High Yield Bond

Putnam Investment Management, LLC (Putnam)		Equity Income Research Equity Aggressive Equity

Salomon Brothers Asset Management Inc (Salomon)		Large-Cap Value

The Adviser, with input from each of these Portfolio Managers, has prepared the attached discussion of the results for each portfolio for the year ended December 31, 2002 and the anticipated outlook for 2003.

We look forward to growth in assets for 2003 and beyond.

Sincerely,

LOGO

Thomas C. Sutton

Chairman of the Board

Pacific Select Fund

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION

Blue Chip Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 5.54%** for the Blue Chip Portfolio versus 8.43%* for its benchmark, the Standard and Poor’s 500 Composite Stock Price Index (S&P 500 Index), the portfolio returned –25.94%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Although the U.S. financial markets recorded a third consecutive year of annual declines during 2002, the economy continued to show signs of strength as it made its way through a somewhat choppy recovery. The losses for the major indices this year were even greater than in 2001 with the Dow Jones Industrial Average (DJIA) posting its worst annual performance in 25 years.

The major negative influences on the markets during 2002 included investor concern over a possible war with Iraq, other heightened geopolitical issues, and repeated reports of scandalous activity in corporate America. The positive news during the year related mostly to the economy, with real gross domestic product (GDP) growth expected at a healthy 3% for all of 2002, productivity rates at levels not seen in 50 years, relatively nonexistent inflation, a low interest rate environment that fueled consumer spending, and a booming housing market.

All of the sectors within the S&P 500 Index posted large declines, with telecommunication services and information technology performing the worst. The consumer staples and materials sectors declined the least during the year. Growth stocks remained out of favor, as value stocks strongly outperformed them for the year. Small-capitalization growth stocks suffered the greatest losses, while mid-capitalization value-oriented stocks had the best performance. Since the market’s apparent low in October, telecommunication services and information technology have been the best performing sectors within the S&P 500 Index, and small-capitalization growth-oriented stocks have outperformed small-capitalization value stocks.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The portfolio’s underperformance relative to its benchmark was largely due to a slight overweight position in the information technology sector, as market-leading companies remained under pressure. The semiconductor industry within this sector performed the worst during the year. Other detractors from performance included stock selection in the consumer discretionary, financial, and industrial sectors, and heavy exposure to large-capitalization stocks, which were out of favor in comparison to small- and mid-capitalization stocks during the first part of the year. However, strong stock selection and an underweight position relative to the benchmark in telecommunication services was the largest positive contributor to performance, followed by stock selection in the energy sector.

Q. What is your outlook for 2003?

A. Although economic growth has slowed recently, and concern over geopolitical risks and corporate governance issues may persist, the recovery in the economy and the financial markets is expected to continue into 2003. At its November 6, 2002 meeting, the Federal Reserve Board (Fed) cut the Federal Funds Target rate by 50 basis points to 1.25%, its lowest level in over 40 years. This low interest rate environment should help to sustain strength in consumer spending, providing continued support for GDP growth. Additionally, improvements in corporate profits are expected to promote increases in capital spending, which we at AIM believe should provide additional fuel for growth in the long run. We further believe that the fiscal stimulus package proposed by the Bush administration, if passed, should also contribute to the strength of the economy in the new year.

Aggressive Growth Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 4.75%** for the Aggressive Growth Portfolio versus 6.64%* for the Russell 2500 Index, and 8.28%* for the Russell 2500 Growth Index, the

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

The total return for each Portfolio of the Fund includes reinvestment of all dividends and capital gain distributions, if any. The total returns 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.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

portfolio returned –22.32%**, compared to a –17.80%* return for the Russell 2500 Index, and –29.09%* return for the Russell 2500 Growth Index for the year ended December 31, 2002. The portfolio’s benchmark was changed to the Russell 2500 Growth Index due to the portfolio’s growth style of investing.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. During 2002, in an uncertain geopolitical environment, the U.S. equity markets experienced the worst bear market in over 70 years, and the U.S. economy experienced a choppy recovery. GDP growth for the year is estimated at 3%. Employment growth was essentially nonexistent, and the unemployment rate increased to 6% by the end of the year. In addition, weak corporate expenditures kept economic growth at moderate levels. However, consumers, enticed by record low interest rates, fueled the economy as they purchased automobiles and homes in record numbers. Manufacturing indicators were mixed, but the widely recognized Institute for Supply Management Manufacturing Index showed signs of expansion by the end of the year. The Fed continued in an accommodative mode, lowering the Fed Funds rate in November to 1.25%, the lowest rate in 40 years.

Headlines from several fronts rattled investors. The markets went down in the first half of the year due to threats of terrorism, escalating violence in the Middle East, and a rash of corporate accounting scandals. By the second half of the year, war with Iraq appeared inevitable, spreading tensions to other areas of the globe. In addition, for the first time since Standard & Poor began tracking such data in 1981, all ten sectors of the S&P 500 Index were down for the year. Growth stocks remained out of favor, while value stocks strongly outperformed them for the year. Small-capitalization growth stocks suffered the greatest losses, while mid-capitalization value-oriented stocks had the best performance.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The portfolio’s underperformance relative to the Russell 2500 Index was largely due to stock selection in the industrial and financial services sectors. Within the industrial sector, commercial services and supplies suffered the worst decline. In absolute terms, information technology had the largest negative impact for the year, but the portfolio had strong stock selection within this sector relative to the Russell 2500 Index. Stock selection in both the health care and consumer discretionary sectors was a positive contributor to the portfolio’s performance. The portfolio holdings were reduced during the year to focus more on core names to minimize risk and volatility rather than focusing on earnings momentum.

Q. What is your outlook for 2003?

A. Although volatility could linger in the equity markets for some time, the current outlook continues to be favorable as interest rates remain low, and the economy continues its recovery. Corporate profits have shown signs of improvement compared to last year and new tax reforms, if passed, including ending the double taxation of dividends, may provide much-needed economic stimulus. We at AIM expect U.S. GDP to expand in 2003 and the market to advance in anticipation of this improving environment.

Emerging Markets Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 8.62%** for the Emerging Markets Portfolio versus 10.04%* for its benchmark, the Morgan Stanley Capital International Emerging Markets Free (MSCI EMF) Index, the portfolio returned –3.07%**, compared to a –6.00%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Latin America suffered significantly in 2002 although good news finally came through in the fourth quarter. Nevertheless, in dollar terms, the Latin markets were down significantly with Brazil down 30.7%, Argentina down 50.6%, Chile down 19.8% and Mexico down 13.3%. Altogether, Latin America was down 22.5%. Latin America stayed in crisis mode for most of the year; starting with the crisis in Argentina, next came the crisis in Brazil and the year ended with the crisis in Venezuela. Fortunately, Brazil seems to have moved beyond its crisis while Mexico and Chile have been able to avoid much of the same fall out.

It was a mildly disappointing year for Asia, with the MSCI EMF Asia Index down 4.8%. The disappointment centered on the technology and telecommunications sectors, which saw Taiwan and China, down 24.5% and 14.1%, respectively. On the other hand, Korea was an economic bright spot over the year with very strong domestic demand; the Korean market was up 8.6%. India, who also had strong performance driven mostly by bottom-up forces, was up 8.4%. Indonesia and Thailand were exceptional, up 42.8% and 27.6% respectively.

The Eastern Europe Middle East and Africa (EMEA) region had strong performance for the year from a dollar perspective, up 7.4%, although it was disappointing in a local context, down 8.8%. South Africa was the main culprit here as it was down 8.5% in local terms, but up 28.0% in dollar terms. The Czech Republic and Hungary had a very good year enjoying the positive powers of convergence, which saw strong performance in their local markets as well as their currencies. Russia benefited from a very strong oil sector and was up 15.7% in U.S. dollars. Struggling EMEA regions were Turkey, in dollar terms, down 35.7%, and Israel, down 31.2%.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. For the year, the portfolio outperformed its benchmark primarily due to stock selection in both EMEA and Latin America, while stock selection in Asia detracted from performance over the year as a whole.

Outperformance for the year in the EMEA region was driven by holdings among the Israeli generic pharmaceuticals, Central European and South African banks and Russian oil sectors. Restructuring South African steel company Iscor Ltd. (0.14% of the portfolio’s total market value as of 12/31/02) had a positive impact to portfolio performance. The portfolio also benefited from an underweight relative to the benchmark in Israel; however, holdings in the Israel software sector hindered the portfolio’s performance.

In Latin America the portfolio benefited from emphasis on Mexico, especially the banks and telecommunications sectors. In Brazil, the portfolio maintained a defensive posture, emphasizing the export oriented companies that we at Alliance thought would benefit from the weak currency, which helped portfolio performance overall.

Asia was a difficult region but the portfolio performed well given the poor performance of the growth index. The portfolio was underweight compared to the benchmark in Taiwan for the year, which helped, but holdings in the Taiwan technology sector had a negative impact to performance as this sector sharply underperformed. The portfolio was underweight in Thailand and Indonesia as we had trouble finding securities in those markets that met our criteria, which hurt the portfolio’s performance. Relative to the benchmark, Korea and India were overweight and holdings among the Korean consumer sector added to performance while positions in Samsung Electronics (the portfolio did not hold as of 12/31/02) was the single largest contributor across the regions. On the other hand, holdings among the Korean financial sector underperformed, while portfolio holdings in India had mixed results.

Q. What is your outlook for 2003?

A. Looking ahead, we at Alliance have warmed a bit towards the Latin markets in the last few weeks. We, along with the consensus of Brazilians, are more optimistic about Brazil, as the new president has, so far, behaved in a manner that has encouraged investors. Nevertheless, given the risks and volatility in Brazil, we remain cautious. Although Mexico has disappointed recently, it still appears to us as an attractive place to invest and valuations look very compelling at current levels. Chile is another bright spot in Latin America.

We also continue to be very comfortable in the EMEA region, although we are still cautious on the Middle East. We believe that Central Europe will continue to enjoy the positive forces of

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

convergence and we expect both currencies and markets to appreciate in that region. Russia and South Africa offer a ‘hedge’ against the current geopolitical uncertainties, while the South African banks still seem undervalued to us and we see plenty of scope for further rate cuts. Turkey is always a difficult market but we believe the new political framework should form a stable base for the necessary reform programs to unfold.

In our opinion Asia offers the most exciting growth prospects among the regions. The continuing high rates of growth in China have helped to stimulate strong growth in intra-regional trade and domestic demand continues to show strength in many countries. When the eventual pick-up in capital spending occurs in the U.S., which we expect by the second half of 2003, we believe Asia will benefit enormously. Taiwan is especially sensitive to capital spending trends. The recent correction in Korea has made it one of the cheapest markets in the region and we think that a war with North Korea is unlikely. India continues to offer some of the best bottom-up prospects anywhere, particularly among the software, pharmaceutical, banking and consumer sectors.

Diversified Research Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 11.91%** for the Diversified Research Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –24.19%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Stocks lost ground and then recovered in the first quarter, ending that period with returns that were slightly positive. Many companies were helped by news that confirmed a solid economic recovery was taking shape. The good news on the economy was reflected in the improved outlook reported by many cyclical companies. Consequently, cyclical stocks tended to provide the best returns, although solid gains were prevalent across a broad array of industries, and within the cyclical area, several industries had poor results. Stocks lost ground sharply in the second quarter as the U.S. became the worst performing equity market of the major global markets. Although first-quarter earnings releases were generally good, investors continued to worry that corporate governance and financial transparency were lacking after the fall of Enron Corp (Enron).

Following Enron’s collapse, many companies came under fire for accounting and reporting practices that appeared too complex, opaque, or aggressive. The period was also marked by high-profile bankruptcies. Many of these occurred in the telecommunications area, which highlighted the heavy debt burden of the sector’s largest companies. Guilt by association caused massive investor selling in the utilities and telecommunications sectors. At the same time, Wall Street’s credibility suffered with the New York State Attorney General’s investigation into conflicts of interest at several brokerage firms. The information technology sector which suffered from profit taking after a substantial run-up late in 2001, also declined.

Investor pessimism ran high at the beginning of October following one of the worst quarters on record, setting the stage for the fourth quarter’s rally. The upturn was triggered by better-than-expected results from many leading companies and supported by economic data that suggested the economy was on the mend. Consumer spending remained supportive through most of the quarter (although it was not as strong as expected in December), productivity soared, and third-quarter GDP growth was revised to an annualized rate of 4%, allaying fears of a double-dip recession. The Fed 50 basis point cut in interest rates in November also contributed to a better environment for equities.

In the fourth quarter, stocks tied to an economic recovery generally provided the best results. The strongest gains by far came from the technology and telecommunications sectors — the two sectors that lost the most value in the previous three quarters — followed by the materials sector. The wireless telecommunications area was especially strong, rebounding from very depressed levels. Diversified financial stocks also benefited from the improved economic outlook along with a settlement between investment banks and regulators to curb conflicts of interest. Coinciding with the resurgence in cyclical stocks, defensive areas such as consumer staples lagged.

Not all economically sensitive stocks had impressive results. December was unkind to many companies related to autos, media, retail, hotels, and restaurants as consumer strength waned late in the quarter, leading to meager quarterly returns for the consumer discretionary sector. The exception was Internet

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

The total return for each Portfolio of the Fund includes reinvestment of all dividends and capital gain distributions, if any. The total returns do not include deductions at the separate account or contract level for cost of insura\nce 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.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

retail, which ended the period with outstanding results despite declining in December.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Portfolio performance in 2002 was helped by portfolio holdings in the financial sector, including Washington Mutual Inc. (2.58% of the portfolio’s total market value as of 12/31/02) and SLM Corp. (6.08%), the portfolio’s largest holding. J.P. Morgan Chase & Co. (1.92%) also helped portfolio returns, particularly during the fourth quarter. The stock rose as investors realized that concerns over issues of liquidity and dividend safety were overblown for this well capitalized company. We at Capital Guardian believe that, contrary to current market perception, earnings are poised for a strong rebound in 2003. As credit quality improves, earnings should benefit from lower loan loss provisions.

Technology stocks showed volatility throughout the year, plummeting in early October and then rocketing upward in November. Although it underperformed for the year, the portfolio’s position in Cisco Systems Inc. (Cisco) (0.93%) had a positive impact to performance during the fourth quarter. Cisco is the leading producer of routers and switches used to link networks and power the Internet.

Although some healthcare stocks negatively impacted performance, including Pfizer Inc. (5.47%) and AstraZeneca PLC ADR (2.19%), Forest Laboratories Inc. (4.69%) posted strong numbers for the year and helped performance. On the minus side, the portfolio overweighting and stock selection compared to the benchmark in consumer discretionary stocks hurt performance for the year, with media stocks such as Cablevision Systems Corp.'A' (1.97%), AOL Time Warner Inc. (1.12%) and Liberty Media Corp. ‘A’ (0.91%) all significantly underperforming the benchmark. Stock selection in industrials also hurt performance, with Tyco International Ltd. (0.66%), General Electric Co. (2.96%), Sabre Holdings Corp. (0.45%) and Concord EPS Inc. (0.43%) all posting disappointing returns.

Q. What is your outlook for 2003?

A. We at Capital Guardian believe that the coming year holds some challenges: profits have been slow to recover, and many companies face rising costs but have little pricing power; consumer spending may slow down before corporate spending picks up; oil prices are high; and today’s geopolitical tensions may be with us for some time. Despite these areas of concern, we think 2003 will be positive for equities, although results for companies and industries are likely to vary greatly, providing opportunities to add value to portfolio holdings through research and active stock selection.

The broadening of the bear market in 2002 has led to reasonable valuations across many industries. At the same time, the economy has been improving, fueled in part by tax cuts, low interest rates, and mortgage refinancing, and the recovery is broadening to include many economic sectors. Investors are likely to feel better about the economy in the second half of 2003, and markets should discount that in advance.

Small-Cap Equity Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 7.89%** for the Small-Cap Equity Portfolio versus 6.16%* for its benchmark, the Russell 2000 Index, the portfolio returned –23.58%**, compared to a –20.48%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The major reason for the portfolio’s underperformance in 2002 was its bias toward beneficiaries of a recovery in the U.S. economy, which continued to languish and failed to recover as quickly as expected. The economy moved ahead, then retraced its steps, in fits and starts; this impacted a number of sectors, including semiconductor equipment stocks, which comprise an overweighting in the portfolio versus its benchmark. In the first quarter of the year, stocks lost ground and then recovered, ending that period with returns that were slightly positive. Many companies were helped by news that confirmed that a solid economic recovery was taking shape. Then, in the second quarter, stocks again lost ground as the U.S. became the worst performing equity market of the major global markets. Although first quarter earnings were generally good, investors continued to worry about corporate disclosure and integrity in the wake of the

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Enron Corp. collapse, and many companies came under fire for their accounting and reporting practices. The period was also marked by high-profile bankruptcies. Many of these occurred in the telecommunications area, which highlighted the heavy debt burden of the sector’s largest companies. Guilt by association caused massive investor selling in the utilities and telecommunications sectors. At the same time, Wall Street’s credibility suffered with the New York State Attorney General’s investigation into conflicts of interest at several brokerage firms. The information technology sector also declined, which suffered from profit taking after a substantial run-up late in 2001.

Investor pessimism ran high at the beginning of October following one of the worst quarters on record, setting the stage for the fourth quarter’s rally. The upturn was triggered by better-than-expected results from many leading companies and was supported by economic data that suggested the economy was on the mend. Consumer spending held steady through most of the quarter (although the holiday selling season was disappointing) and a stronger than expected third-quarter GDP relieved fears of a double-dip recession. The Fed 50 basis point cut in interest rates in November also contributed to a better environment for equities.

In the fourth quarter, stocks leveraged to an economic recovery generally provided the best results. The strongest gains by far came from the technology and telecommunications sectors — the two sectors that lost the most value in the previous three quarters — followed by the materials sector. The wireless telecommunications area was especially strong, rebounding from very depressed levels. Diversified financial stocks also benefited from the improved economic outlook along with a settlement between investment banks and regulators. Coinciding with the resurgence in cyclical stocks, defensive areas such as consumer staples lagged.

Not all economically sensitive stocks participated in the rally. December was unkind to many companies related to autos, media, retail, hotels, and restaurants as consumer strength waned late in the quarter, leading to meager quarterly returns for the consumer discretionary sector. The exception was Internet retail, which ended the period with outstanding results despite declining in December.

Overall, the Russell 2000 Value Index significantly outperformed the Russell 2000 Growth Index in 2002. This hurt the portfolio due to its slight growth bias, but could benefit the portfolio in 2003 as the economy improves.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. A strong positive contributor during the year came from our stock selection and overweighting in the consumer staples sector, with Dreyers Grand Ice Cream Inc. (Dreyers) (the portfolio did not hold as of 12/31/02) being the top-performing holding in the portfolio in 2002. The announcement that Dreyers would be acquired by Nestle, and the accompanying rise in its stock price, was a boon to the portfolio’s overall results (Dreyers was subsequently eliminated from the portfolio in September).

Relative to the benchmark, the portfolio’s overweighting in semiconductor equipment stocks was the biggest detractor to performance for the year, with holdings such as LTX Corp. (0.96% of the portfolio’s total market value as of 12/31/02), Credence Systems Corp. (0.96%) and Advanced Energy Industries Inc. (1.05%) disappointing. Almost three years into the technology market downturn, we believe the industry is poised for a recovery. Personal computers, cell phones and networking equipment have historically experienced three-year replacement cycles. We believe this may provide a cyclical upturn in late 2003 as obsolete systems are upgraded and replaced. Meanwhile, the Semiconductor Production Equipment (SPE) industry is experiencing a replacement cycle of its own as the semiconductor industry moves from 200 millimeter wafers to 300 millimeter, as it moves from aluminum to copper interconnects, and as line widths move from .25 micron to .18, .13, and .09 microns. Each of these transitions requires new production and testing equipment, since the SPE that created the semiconductors in the prior industry peak in 1999 cannot produce the chips that are required for systems sold in 2003. It is a combination of the expected technology industry recovery, a replacement cycle for the SPE industry, and individual stock selection that underlies the portfolio’s overweighting relative to its benchmark in this sector.

The portfolio also benefited from strong stock selection and an underweighting in technology (excluding semiconductor equipment) and health care. The list of top 10 contributors was well diversified across numerous industries — including the consumer staples, technology, financials and consumer discretionary sectors.

Biotechnology (biotech) stocks also hurt the portfolio’s returns in 2002, as many of these holdings were down significantly for the year. With lower interest rates, it seemed that many biotech companies were attractively valued on a discounted-cash-flow basis. In the current environment, however, investors have been extremely averse to companies with no current earnings, as is the case with many biotech companies. We believe any improvement in market psychology along with the recent appointment of a new head of the Federal Drug Administration (giving hope for a faster drug approval process) will help many of the biotech stocks in the portfolio. We believe biotech has a very bright future in the decade ahead, and that biotech drug discoveries will supplement those of the large established pharmaceutical companies.

Another detractor to performance was the portfolio’s overweight position versus the benchmark in consumer

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

discretionary stocks, another underperforming sector in 2002. Despite this underperformance, strong stock selection within the sector had a positive impact on portfolio performance. Radio One Inc. (1.59%) was hit hard in the first half of 2002, and we added significantly to the holding at that time. When the stock rebounded in the third quarter, it was a strong positive contributor to performance.

Financial stocks make up almost 23% of the Russell 2000 Index, with many of these stocks representing smaller banks and thrifts. Smaller banks and diversified financial companies benefited from the booming housing market and related mortgage refinancing, as well as their relative earnings stability. We believe that the current falling-interest-rate cycle is bottoming and that the valuations of the smaller banks and thrifts have become extended. Low and falling rates benefited banks and thrifts in the past 18 months, but we believe it will hurt them in the next one or two years. Additionally, over the long term, we do not expect most of the smaller banks to have the economies of scale that the larger banks enjoy, which could hurt the smaller banks more in this environment. As a result, the portfolio is underweighted in banks relative to the benchmark; the small banks and thrifts that the portfolio does hold emphasize quality and revenue growth. The portfolio has benefited from an overweighting in insurance, specifically property and casualty insurance holdings, as we see the industry experiencing positive fundamentals in pricing and a turn in the cycle.

Q. What is your outlook for 2003?

A. War in Iraq and other geopolitical concerns could hold back equity markets in the near term. Nevertheless, because small-capitalization stocks are extremely cyclical, they should benefit as the U.S. economy recovers. We are overweight in the consumer discretionary sector, including hotels, restaurants & leisure, media and specialty retail. We are also overweight semiconductor and semiconductor equipment companies that should benefit from a stronger economy. We are underweight small-capitalization health care services and banks. Overall, we believe that the portfolio is well positioned to benefit from a gradually improving U.S. economy.

International Large-Cap Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 8.90%** for the International Large-Cap Portfolio versus 6.45%* for its benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index, the portfolio returned –17.63%**, compared to a –15.94%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. After a difficult period earlier in the year, the portfolio’s insurance and reinsurance holdings recovered from their lows, which had a positive impact to portfolio performance. A variety of Japanese holdings were trimmed in areas such as technology, consumer finance, real estate, and autos, and at the end of the period the portfolio was underweight in Japan compared to the benchmark. The portfolio’s overweighting and stock selection in the consumer discretionary and telelcommunications sectors helped the returns in 2002. In addition, stock selection in the consumer staples sector also had a positive impact to performance. Additionally, portfolio positions were increased in certain existing industrial company holdings where we at Capital Guardian saw value in their underlying businesses. We also took profits and sold portfolio positions in several basic-industry companies.

South Korea emerged as the top country contributor for the year, primarily due to stock selection, most notably investment in Samsung Electronics Co. GDR (Samsung) (2.04% of the portfolio’s total market value as of 12/31/02). However, exposure to the United Kingdom, Japan and Finland (represented by Nokia OYJ (Nokia), 1.48%) hurt performance for the year. We have been reducing portfolio exposure to Japan, trimming stocks that we believe have done well.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. For the year ending 12/31/02, the portfolio benefited from an overweighting compared to the benchmark and stock selection in telecommunications stocks such as Royal KPN NV (0.93%) and

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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TELUS Corp. (0.30%). However, communications equipment maker Nokia, one of the portfolio’s largest holdings during the year, detracted from performance. We have been trimming Nokia holdings and re-evaluating our approach to telecommunications equipment and service providers as a whole. The portfolio’s overweight positions compared to the benchmark in technology stocks (particularly semiconductor production equipment companies) helped returns, with significant holdings such as Samsung contributing positively to performance. A number of consumer discretionary holdings, including Nissan Motor Co. Ltd. (1.05%) and Compagnie Financiere Richemont AG ‘A’ (1.08%) also contributed to returns.

On the other hand, the portfolio’s two largest holdings, Vodafone Group PLC (4.27%), and AstraZeneca PLC (3.22%), both United Kingdom stocks, negatively impacted performance for the year.

Q. What is your outlook for 2003?

A. We at Capital Guardian believe that the possibility of war in Iraq is having a negative impact on equities and oil prices. Markets loathe uncertainty, and geopolitical concerns will likely put a damper on stock prices for the time being. Still, we continue to believe the world economy is recovering, albeit weakly. The market rebound through November showed that investors are ready to discount any improvement in the economy and corporate earnings, although December’s slump indicated stocks may have temporarily gotten ahead of themselves.

We continue to look for attractively valued companies for the portfolio with good or improving financials that we believe are able to generate strong free cash flow. Currently, many of these companies are in Europe. However, we also feel strongly about a variety of companies in Japan and elsewhere in Asia.

I-Net Tollkeeper^SM Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 18.45%** for the I-Net Tollkeeper Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –38.62%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The U.S. equity markets fell for the third consecutive year in 2002, a streak that last occurred in the 1939-1941 period. The Internet industry was not immune to experiencing these declines, as evidenced by the Dow Jones Internet Index decline over 38% for the year ended December 31, 2002. The weakness, which prevailed across every major market sector, was first driven by the corporate accounting scandals and the resulting distrust of business leaders. The downturn was exacerbated by the sluggish economic recovery, despite consensus GDP growth of 2.4% for 2002. Investors initially anticipated that the historically low interest rate environment would spur corporate investment, thus stimulating overall growth. Unfortunately, many companies simply did not need to make additional purchases, as global demand did not warrant ramping up production or hiring additional workers. As a result, the rebound has been gradual, and has not been without some disappointments, including the threat of deflation and rising unemployment. The tensions in several regions in the world also contributed to the weak environment this year.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Persistent lack of demand and capital spending due to the weakened economy has characterized the technology sector and negatively affected company earnings and stock price performance. While certain portfolio holdings, such as QUALCOMM Inc. (6.05% of the portfolio’s total market value as of 12/31/02) and Intuit Inc. (3.51%) held up well in this difficult environment, the vast majority of those held in the portfolio declined in value over the year. A weak economic/advertising

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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environment and a lack of investor confidence due to several accounting scandals plagued the media & communications sector throughout the year. Although the portfolio was not immune to the adversity that has plagued the entire sector, we continue to seek high quality businesses that are well positioned to benefit from an economic recovery. Some examples of such companies include Clear Channel Communications Inc. (4.16%), Viacom Inc. 'B' (6.32%) and Univision Communications Inc. 'A' (3.84%). We continued to limit the portfolio’s telecommunications exposure due to a weak capital spending environment and weak end-market demand. Additionally, many companies within this sector do not meet the Goldman Sachs Growth Team’s rigid investment criteria. Crown Castle International Corp. (Crown Castle) (3.03%), the world’s largest independent telecommunications tower consolidator, has also felt the effect of the wireless slowdown. However, we believe that the firm remains well-positioned to benefit from the growth of wireless networks. Crown Castle enjoys the lowest leverage levels in the industry and maintains a healthy cash position. The firm’s financial flexibility should help it to prosper when wireless carriers regain their footing.

Q. What is your outlook for 2003?

A. We at Goldman Sachs believe that the best way to capitalize on the growth of the Internet is for the portfolio to own established, high-quality businesses that we believe are the dominant players in their market and hold them for the long-term. We believe that the companies in the portfolio are fundamentally strong, have robust balance sheets and are the leaders in their industries. We are optimistic that the companies held in the portfolio will continue to gain market share from weaker competitors, and thereby improve their competitive positions through the downturn so that they will be well positioned when a recovery occurs.

Financial Services Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 5.15%** for the Financial Services Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –14.59%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Although financial services stocks lost ground along with the rest of the market, their losses were, in many cases, less severe than those in areas such as technology and telecommunications. This was the result of solid returns from a number of more defensive financial stocks, which were generally rewarded for their relatively predictable businesses. Select regional banks, thrifts, and insurance brokers, for example, outpaced the broad market. On the other hand, many financial companies with strong ties to the capital markets, such as brokerage houses and investment banks, declined.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Bank of America Corp. (5.10% of the portfolio’s total market value as of 12/31/02) and Wells Fargo & Co. (5.10%), two of the portfolio’s largest holdings during the year, benefited from strength in consumer banking. Both companies were able to capitalize on falling interest rates — which, in turn, raised profits from home lending. Another bright spot for the portfolio was financial guarantee insurer AMBAC Financial Group Inc. (2.76%), which benefited from low interest rates, high debt issuance, and strong demand fueled by credit concerns. Meanwhile, the portfolio’s positions in the reinsurance and property/casualty insurance industries aided performance, as these areas were boosted by a favorable pricing trend for insurers.

Detractors from portfolio performance included Citigroup Inc. (4.83%) — which has investment banking exposure through its Salomon Smith Barney subsidiary — whose stock struggled as its connection to Enron Corp. and its research practices came under scrutiny.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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Similarly, the New York State Attorney General’s lawsuit against Merrill Lynch & Co. Inc. (4.75%) held the company back for the majority of the year, although a settlement was eventually reached. Also, American International Group Inc. (4.88%) was punished by investors for its complex businesses and accounting — even though no wrongdoing was uncovered. On a positive note, these stocks did rebound during the fourth quarter, when investors chose to rotate back into some areas that had been beaten down earlier.

Q. What is your outlook for 2003?

A. As always, we at INVESCO aim to keep the portfolio diversified across the sector going forward. Once signs of a sustained recovery emerge — such as a healthy increase in initial public offerings or a significant upswing in mergers and acquisitions activity — we may opt to position the portfolio more aggressively. Until then, we are exercising caution in this volatile environment.

Health Sciences Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. For the year ended December 31, 2002, the Health Sciences Portfolio returned –23.30% **, compared to a –22.09%* return for its benchmark, the S&P 500 Index.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Like most sectors of the economy, health care retreated in 2002. Product setbacks and earnings misses plagued biotech companies — which were also punished for their more aggressive reputation in such a defensive year — while patent expirations and unfavorable Food and Drug Administration (FDA) findings weighed on a number of pharmaceutical stocks for the majority of the period. Although underweight in the biotech sub-sector during the year, the portfolio had exposure to several pharmaceutical stocks that lost ground. Meanwhile, the portfolio saw mixed results from its health services holdings, which outperformed the benchmark for the first three quarters of 2002 and then fell sharply in the final months of the year. On the positive side, medical technology and specialty pharmaceuticals holdings performed quite well, bolstered by relatively strong earnings and the introduction of successful new products to the market. (Specialty pharmaceuticals are a category of smaller drug firms that either create and market a tighter range of targeted drugs or specialize in producing generic versions of popular medications.)

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. In keeping with the sector’s trends, biotech and large-capitalization pharmaceutical weightings held the portfolio back. Specific detractors included biotech leader Amgen Inc. (3.98% of the portfolio’s total market value as of 12/31/02), which lost ground despite a fourth-quarter rebound fueled by strong earnings, and pharmaceutical company Abbott Laboratories (3.46%), whose manufacturing facilities fell under scrutiny by the FDA during the period.

Meanwhile, the portfolio’s health services holdings generally benefited performance until the fourth quarter, when many names representing this area suddenly fell back. Most notably, favorable admissions and pricing trends bolstered hospital chain Tenet Healthcare Corp. (the portfolio did not hold as of 12/31/02) for much of the year, but the company’s stock began to drop dramatically at the end of October when its Medicare pricing policies were questioned. (We subsequently sold the stock from the portfolio.) On the other hand, health insurer UnitedHealth Group Inc. (0.90%) maintained strong performance throughout the year, benefiting from increases in premiums.

The portfolio’s best performers came from the medical technology and specialty pharmaceuticals sub-sectors. For example, medical device company Boston Scientific Corp. (Boston Scientific) (3.98%) posted an impressive gain despite the difficult market conditions. Its success can be attributed to popular new products, including coronary stent systems, which hold open clogged coronary arteries. And, by winning an appeals ruling disallowing a competitor’s entry to the drug-coated stent market, Boston Scientific’s prospects have grown even brighter. Indeed, the company is now poised to dominate this promising new market segment — along with Johnson & Johnson (4.70%), another holding that performed relatively well in 2002. Also, longtime specialty pharmaceutical holding Forest Laboratories Inc. (5.07%) continued to excel. Forest Laboratories advanced on healthy earnings and favorable results from Memantine, the company’s phase-three Alzheimer’s drug.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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Q. What is your outlook for 2003?

A. The portfolio’s exposure to health care services companies was recently reduced, a move that we at INVESCO believe will help minimize any additional fallout in the services sub-sector that may lie ahead. Meanwhile, we have been increasing the portfolio’s weighting in large-capitalization pharmaceutical stocks, emphasizing those companies possessing what we believe are the most compelling growth prospects. Specialty pharmaceuticals and medical technology firms also continue to appeal to us, as many have potential new products in the pipeline and fundamentals it takes to succeed in today’s demanding environment.

Technology Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 15.11%** for the Technology Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –46.34%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Technology stocks logged another disappointing year of performance. Investors’ appetite for risk remained nearly non-existent, as a number of unnerving developments — from persistent economic weakness and terrorist threats to rising tensions between the U.S. and Iraq and concerns about corporate credibility — chipped away at confidence throughout the period.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Given the market’s risk aversion, the technology sector offered few places to hide. Consequently, portfolio performance was hampered by its storage, hardware and communications equipment holdings. The decision to overweight the portfolio versus its benchmark in the semiconductor and software industries — two areas that we at INVESCO believed were well-positioned to capitalize on the economic recovery, but declined sharply as business remained stagnant — hurt performance acutely.

Indeed, most technology subsectors underperformed the broader market. True, individual standouts could be found, including security software company Symantec Corp. (3.27% of the portfolio’s total market value as of 12/31/02), wireless telecommunications service provider Nextel Communications Inc. ‘A’ (0.34%) and software designer Intuit Inc (1.84%), but these bright spots were few and far between. While the sector performed better during the fourth quarter, particularly several technology blue chip companies, these late gains could not offset the earlier weakness.

Q. What is your outlook for 2003?

A. Going forward, we at INVESCO believe the economic recovery has been constrained by rising geopolitical tensions. In our opinion, the fundamental groundwork has been laid for a moderate recovery during 2003, but until the market’s anxieties relating to Iraq and North Korea are alleviated, the going will stay choppy.

Clearly, sustained economic improvement would benefit the technology sector, as consumer spending would likely improve and corporations would begin to spend more. Currently, corporate information technology budgets for the coming year appear flat, but that would almost certainly change with an improved business climate. We are also encouraged by the sector’s stock valuations. In our view, most of the valuation excesses created during the 2000 technology bubble have been squeezed out, and many companies are trading at prices that we deem reasonable given the current economic environment and their long-term growth potential.

Telecommunications Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 9.00%** for the Telecommunications Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –47.06%**, compared to –22.09%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. During 2002, investors were fed a steady diet of unnerving developments, from persistent economic weakness and terrorist threats to rising tensions between the U.S. and Iraq and concerns about corporate credibility. As a result, investors remained risk averse, favoring defensive investments instead of more aggressive opportunities. Telecommunications stocks were hurt severely by this trend, and, as such, the portfolio suffered through another disappointing year.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. One of the biggest detractors from the portfolio’s performance was its exposure to competitive local exchange carriers (CLECs), which compete with the regional Bell operating companies (RBOCs) to provide telecommunication services. The CLECs stocks declined sharply as the soft economy and illiquid capital markets hurt the group. Indeed, many companies in the group filed for bankruptcy protection. The RBOCs, such as BellSouth Corp. (2.12% of the portfolio’s total market value as of 12/31/02) and SBC Communications Inc. (2.28%), did not perform much better. For most of 2002, investors sold RBOC shares, as the group’s fundamental prospects continued to deteriorate in response to the soft economy and an intensifying competitive landscape. With the RBOCs struggling financially, they continued to scale back their capital expenditures, which negatively affected the equipment companies that count them as their primary customers.

Although the portfolio saw poor performance, the period was not without bright spots. For example, several foreign telecommunications service providers, including SK Telecom Co Ltd. ADR (2.15%) and KT Corp. ADR (1.88%), made positive contributions to performance. Additionally, the portfolio’s performance was supported by strong showings from a few security software providers, notably Symmantec Corp. (2.58%), and a handful of media, wireless communications and aerospace and defense stocks. However, these few areas of strength could not offset the broad weakness across the rest of the portfolio.

Q. What is your outlook for 2003?

A. Looking ahead, most people are not expecting much from the sector in the near future, so earnings estimates are quite reasonable and appear to have discounted persistent economic malaise. Indeed, there is substantial room for earnings estimates to be raised, particularly if the economic recovery gains momentum. We at INVESCO will continue to pick our favorites, and will explore opportunities to capitalize on volatility. Overall, however, we are generally pleased with the long-term prospects possessed by the portfolio’s holdings, and we do not expect to make any significant changes to its sub-sector allocations.

Multi-Strategy Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 5.22%** for the Multi-Strategy Portfolio versus the returns for those of its benchmark indices, 8.43%* for the S&P 500 Index and 1.57%* for the Lehman Brothers Aggregate Bond Index (Lehman Aggregate Index), the Multi-Strategy Portfolio returned –13.06%**, compared to a –22.09%* return for the S&P 500 Index and a 10.25%* return for the Lehman Aggregate Index, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. In 2002, we witnessed a continuation of the stock market correction that began in March 2000, with the ending of the late 1990’s stock market bubble. As such, we re-examined the earnings forecasts of each of the companies within the portfolio’s research universe to ensure realistic expectations of future growth. In addition, a subdued economic recovery, geopolitical risks, fears of terrorism and corporate malfeasance events gave rise to an extremely risk-averse environment. As a result, in managing the portfolio, we at J.P. Morgan sharpened our focus on identifying and quantifying the risks surrounding individual companies so as to avoid downward spiraling stocks.

For most of the year, the portfolio held a long duration position in its fixed-income segment, primarily as insurance against an unexpected shock such as a terrorist attack. At year-end, that position had moved to neutral. To moderate exposure to company-specific risk, the portfolio’s holdings were diversified in investment-grade corporate and high-yield bonds. The portfolio’s allocation to high yield bonds was also reduced and selective investments were made in emerging markets debt.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Performance for the equity portion of the portfolio was enhanced by effective stock selection within the semiconductor, network technology and utilities sectors. This positive performance, however, was outweighed by difficulties in the industrial cyclical, telecommunications and media sectors. Within the fixed income portion of the portfolio, a diversified portfolio of investment-grade bonds and a modest exposure to high yield and emerging market debt added value because of the strong fourth-quarter bond market rally. The portfolio’s underweight relative to the benchmark in Treasuries and agencies was also a positive as these markets sold off. However, the portfolio’s positions in asset-backed and commercial mortgage-backed securities detracted slightly from performance as sector weakness persisted and the credit sectors outperformed.

Q. What is your outlook for 2003?

A. Stock prices, although hardly cheap on a valuation basis, are considerably less expensive than they were a few years ago. While geopolitical risks are a wild card, and are likely to keep investors cautious in the near term, a resolution of current problems would likely turn 2003 into the first positive year in four years for U.S. equity investors. We at J.P. Morgan expect the economy to grow at about 3% in 2003, notwithstanding the geopolitical risks. In the first half of the year, we believe that interest rates should remain low, but they could edge higher in the second half.

Large-Cap Core Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 7.67%** for the Large-Cap Core Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –28.40%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Over the past year, we witnessed a continuation of the stock market correction that began in March 2000. As such, we examined the earnings forecasts of each of the companies within the portfolio’s research universe to ensure realistic expectations of future growth. Additionally, a subdued economic recovery, geopolitical risks, fears of terrorism and corporate malfeasance events gave rise to an extremely risk-averse environment. As a result, in managing the portfolio, we sharpened our focus on identifying and quantifying the risks surrounding individual companies so as to avoid downward spiraling stocks.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. For the year, performance was enhanced by effective stock selection within the semiconductor, network technology and utilities sectors. This positive performance, however, was outweighed by difficulties in the industrial cyclical, telecommunications and media sectors. At the stock-specific level, overweight positions relative to the benchmark in AMBAC Financial Group Inc. (0.22% of the portfolio’s total market value

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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as of 12/31/02) and DTE Energy Co. (0.16%), along with avoiding WorldCom Inc., were the positions that most positively contributed to performance. However, overweight positions in Tyco International Ltd. (the portfolio did not hold as of 12/31/02), Sprint Corp-PCS Group (0.06%), and CIGNA Corp. (0.25%), detracted from portfolio results.

Q. What is your outlook for 2003?

Strategic Value Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 2.20%** for the Strategic Value Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –22.15%**, compared to –22.09%* for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. There were very few positive factors over the past year as stocks tumbled in the second and third quarters amid concerns of war, profit warnings, credit downgrades, and soft economic data. While better-than-expected earnings and improved economic news fueled a market advance in October and November, geopolitical tensions, job concerns, and retail pressures lowered near-term expectations. Meanwhile, excess capacity continued to haunt the business environment, especially in light of declining industrial production and manufacturing activity.

Although the portfolio lost ground during the year, it is still focused on companies capable of generating substantial cash flow, which should continue to help the portfolio weather the current investment climate.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. In this volatile environment, few sectors performed well. Instead, individual companies were able to outperform based on their specific fundamentals. That being the case, the portfolio’s investment strategy centered on a company’s intrinsic value, which we at Janus define as the value of a company based on its future discounted cash flows, versus its market value. When the actual value is less than the current market value, we look to buy the stock, and when it is above, we look to sell it.

Working against us was the portfolio’s stock selection in consumer staples, in which it was significantly underweighted compared to the benchmark. Additionally, the portfolio’s large overweighting in select holdings within the utilities and industrials sectors also detracted from performance during the period. On the other hand, we buffered the portfolio’s losses with good stock selection within the consumer discretionary and financial areas, which were overweighted and underweighted, respectively, compared to the index.

With respect to individual holdings, Station Casinos Inc. (1.98% of the portfolio’s total market value as of 12/31/02) has been a long-term holding of the portfolio due to what we believe is a superior collection of assets that dominates the local market in Las Vegas. The stock had appreciated 70% in the first half of the year before collapsing and losing almost the entire amount of the gain in a period of a couple of weeks. However, by year end, the stock fully rebounded from its near-term setback and was a positive contributor to the portfolio’s performance.

Other top contributors for the year, in order of positive return, were Blockbuster Inc. ‘A’ (0.73%), Nissan Motor Co. Ltd. (1.47%), Teekay Shipping Corp. (the portfolio did not hold as of 12/31/02), and Capital One Financial Corp. (the portfolio did not hold as of 12/31/02).

The portfolio lost ground in El Paso Corp. (the portfolio did not hold as of 12/31/02) during the period as two events occurred which pressured the stock. The company dramatically scaled back from the merchant energy business, which proved to be more costly than we had anticipated, and the company was hit by a legal reversal by the Federal Energy Regulatory Commission’s Administrative Law Judge, which potentially exposes the company to substantial legal liability. As a result, the

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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stock caused severe damage to the portfolio’s performance before the position was liquidated.

Also among the portfolio’s largest detractors, in order of negative return, were Cadence Design Systems Inc. (3.36%), Tyco International Ltd. (3.50%), Liberty Media Corp. 'A' (6.88%), Toys R Us Inc. (1.73%), and The Interpublic Group of Cos. Inc. (the portfolio did not hold as of 12/31/02).

Q. What is your outlook for 2003?

A. Despite a third consecutive year of market losses, investors hope that new fiscal stimuli and swift resolution in Iraq will give a boost to the 2003 business environment. Looking ahead, we at Janus plan to capitalize on the current favorable valuations and maintain a long-term view. In conclusion, we believe that we have built a portfolio of excellent companies that will grow over time. As we visit and speak with company leaders and employees, we get the sense that while the economy is not accelerating rapidly, it is recovering.

Growth LT Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 5.01%** for the Growth LT Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –28.97%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Without question, it was a difficult environment for stocks as economic weakness, geopolitical strife, and an unprecedented crisis in consumer confidence sent equity markets lower for the third year in a row. The response to this difficult environment was a broadening of the portfolio’s holdings to reduce its overall exposure to sectors most at risk from continued economic weakness. In particular, the portfolio’s technology exposure was steadily reduced over the last two years. While that decision has undoubtedly saved it from even sharper losses than reported above, we at Janus were admittedly slow to recognize the severity of this decline in technology end-market demand. Furthermore, investors’ lack of confidence in a single company proved able to bring down whole industries.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Significantly working against us relative to the benchmark was our stock selection within the consumer discretionary and information technology sectors, as well as our underweighting in consumer staples.

However, the healthcare industry remained resilient for most of the year despite the slowing economy. Forest Laboratories Inc. (3.10% of the portfolio’s total market value as of 12/31/02), for example, benefited from strong sales of its anti-depressant drug Celexa and an extremely positive reception for its successor drug, Lexapro. As we saw a favorable union of positive pricing trends, reasonable valuations, and sustainable unit growth, we also initiated new positions in leading medical device maker Medtronic Inc. (2.04%) and drug distributor AmerisourceBergen Corp. (2.07%).

Among the portfolio’s other top performers for the year, in order of positive contribution, were Amazon.com Inc. (1.27%), AFLAC Inc. (2.22%), Raytheon Co. (1.17%), Yahoo! Inc. (1.59%), Genzyme Corp.–General Division (0.54%).

Meanwhile, the cable industry was impacted both by the broad meltdown in the telecommunications service sector and the exposure of serious fraud and self-dealing by management at failed operator Adelphia Communications — a stock we did not own. As a result, however, the portfolio’s investment in Cablevision Systems Corp. (2.74%) suffered. Liberty Media Corp. (6.59%), a cable and media holding company, also lost ground almost certainly as a result of the market’s distaste for even a modest amount of complexity in the firm’s capital structure.

Other large detractors in the portfolio for the period, in order of negative contribution, included Nokia OYJ (4.27%), Flextronics International Ltd. (the portfolio did not hold as of 12/31/02), Celestica Inc. (the portfolio did not hold as of 12/31/02), Citigroup Inc. (0.75%), Tyco International Ltd. (the portfolio did not hold as of 12/31/02).

Q. What is your outlook for 2003?

A. Looking ahead, we at Janus continue to see significant value in media and cable stocks despite recent gains at year-end and are actively searching for value in both areas as the economy

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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shows signs of stabilizing. In the technology sector, we are encouraged by recent developments and believe the portfolio is well positioned to capture any further gains that might accrue to the sector. Meanwhile, fundamentals in the healthcare services and pharmaceutical areas continue to be quite positive even as recent volatility has left many outstanding companies trading at attractive valuations. These facts, taken together, help account for the portfolio’s continued overweighting relative to the benchmark in this area.

On the other hand, although positive data points concerning the overall health of the economy have emerged with increasing frequency in recent weeks, the outlook for the economy at large remains unclear. Uncertainty continues to hang over the market, particularly given the enormous amount of geopolitical instability. For that reason, we have maintained what we believe to be a balanced portfolio, both in terms of overall industry exposure and in our degree of leverage to any sustained upswing in the economic cycle.

Focused 30 Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 2.74%** for the Focused 30 Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –29.41%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The U.S. stock market was weighed down by a combination of fears during the year, including those of corporate scandals, accounting fraud, terrorism, and a potential war with Iraq. Given this challenging environment, the portfolio was positioned into stocks that we at Janus believe will perform well despite a weak economy. These stocks included businesses with histories of delivering strong earnings in any economic environment. In addition, we continued to invest in stocks trading at inexpensive valuations that we believed already reflected the lowered earnings expectations. One significant factor that negatively impacted performance was our efforts to take advantage of bad news and market skittishness to buy broken growth stocks at what we believed to be attractive prices. Unfortunately, we were often early and the flow of bad news continued to weigh on the share prices of some of these stocks. These include E*TRADE Group Inc., Tyco International Ltd., Cendant Corp., The AES Corp., and HealthSouth Corp. (the portfolio did not hold these securities as of 12/31/02). Because of the portfolio’s concentrated number of holdings, a move by any one stock can significantly impact its overall performance.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. An example of a stock trading at an inexpensive valuation in the portfolio is the industrial company Flowserve Corp. (Flowserve) (4.89% of the portfolio’s total market value as of 12/31/02), which unfortunately was among the biggest disappointments. Until recently, this manufacturer of pumps and valves used primarily in the energy and chemical industries was a strong performer. When the stock price initially retreated, we believed that the valuation remained attractive. After visiting the company multiple times this year, we thought that the high-margin replacement and repair business for Flowserve’s pumps and valves would enable it to weather any decline in new projects. Furthermore, cost-cutting opportunities were expected to enable the company to deliver strong earnings growth with flat-to-declining revenues. Unfortunately, a simultaneous and deep slowdown in capital expenditures and maintenance spending made it impossible to meet its earnings expectations. Additionally, the stock fell further when equity investors became concerned that the company might violate its debt obligations. With help from our fixed-income analysts, we have researched this thoroughly and believe it is not likely. Therefore, the portfolio continues to hold a position in Flowserve because we believe in its management and the opportunities to improve its operations, although we will monitor developments closely.

A significant negative performer was Sepracor Inc. (1.32%), which plunged in early 2002 on news that its critical product, Soltara, was rejected by the FDA. Sepracor was a large position in the portfolio because we believed it was going to leverage off of the success of Soltara to develop a full sales and marketing capability. We have learned not to assume anything is a certainty when dealing with the FDA.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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A new position during the period was financial services company Paychex Inc. (6.68%). The leading payroll processor for small businesses has seen its earnings growth rate slowed by both increasing unemployment rates and low interest rates. We have followed this stock closely for years and were able to build a position in this long-term growth franchise at attractive prices. We believe Paychex Inc.’s growth will reaccelerate as interest rates stabilize and the economy strengthens. Even without those two macro-economic drivers, however, we believe the company’s management can adjust its products and pricing to drive growth.

Q. What is your outlook for 2003?

A. Going forward, we at Janus are optimistic about the global equity markets in 2003, and have found many attractively priced stocks. The portfolio’s cash position has been reduced, and we believe the portfolio is well positioned to deliver strong operating results in the changing economic environment.

In managing the portfolio, we will continue to use the market’s weakness as an opportunity to upgrade the portfolio holdings with strong franchises at attractive valuations, as we continue to focus on companies that we believe can deliver earnings growth in any economic environment.

Mid-Cap Value Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 6.77%** for the Mid-Cap Value Portfolio versus 7.92%* for its benchmark, the Russell Midcap Index, the portfolio returned –14.46%**, compared to a –16.19%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Confounding the expectations of most market participants, mid-capitalization U.S. stocks declined in 2002, with the Russell Mid-Cap Index falling about 15% but outperforming larger U.S. stocks. Concerns over terrorism, impending war, and fall-out from U.S. accounting scandals weighed heavily on the markets. Adding to market anxiety were slower-than-expected economic growth worldwide and continued weakness in corporate spending and investment. The technology and telecommunications sector continued to experience widespread selling, as there are still no tangible signs of an upturn in demand for their products. However, the decline was very broad-based, with only the defensive consumer staples and energy sectors managing gains and most sectors suffering double-digit declines. The general weakness during the year was punctuated by two sharp rallies, the second of which began in mid October. The fourth-quarter rally was led by those groups that were weakest earlier in the year (including technology and telecommunications stocks); however, the rebound began to fade during December. It remains unclear whether this is just another sharp but short-lived bear market rally or the beginning of a sustainable rise.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Although the portfolio moderately outperformed its benchmark for the year it was unable to avoid weakness entirely. The portfolio’s technology holdings performance was weak, as the anticipated rebound in demand for information technology products has yet to materialize. However, technology holdings in the aggregate declined less than those in the benchmark index due to focusing the portfolio’s technology holdings on companies that we at Lazard believe have strong competitive positions and solid valuation support. Technology holdings were helped by gains in printer manufacturer Lexmark International Inc. (Lexmark) (1.08% of the portfolio’s total market value as of 12/31/02). Lexmark is benefiting from strong sales of multi-function printers, which copy and send faxes as well as print, and also use more ink cartridges (which have very high profit margins). Also contributing to portfolio performance during the year was stock selection in the health care sector due to a relatively modest exposure to the biotechnology group (which was particularly hard-hit in the decline). In addition, Universal Health Services Inc. ‘B’ (1.48%), a hospital manager, performed well, benefiting from favorable pricing trends, which also had a positive impact to performance. On the other hand, returns in the consumer staples sector were negatively impacted by a decline in Interstate Bakeries (the portfolio did not hold as of 12/31/02), the maker of Hostess Twinkies and Wonder Bread, whose earnings were hurt by higher chocolate and wheat costs, as well as slowing sales of impulse-driven snack foods. The stock was subsequently sold.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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Q. What is your outlook for 2003?

A. Identifying market bottoms has historically proven to be a failed strategy. Nonetheless, we at Lazard are hopeful that the worst of the bear market is behind us in light of the magnitude and duration of this decline. The sharp swings in market sentiment during the year have created many buying opportunities for disciplined investors. We will continue to leverage the global research platform to seek out attractive relative value opportunities amid the market volatility.

International Value Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 7.72%** for the International Value Portfolio versus 6.45%* for its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index, the portfolio returned –13.91%**, compared to a –15.94%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Confounding the expectations of most market participants, stocks declined for the third consecutive year in 2002 with the MSCI EAFE Index falling about 15% and the S&P 500 Index falling approximately 23% for the year. The portfolio holdings defended well in the decline, falling less than the overall market for the year, although they were unable to avoid weakness entirely.

Concerns over terrorism, impending war, and fall-out from U.S. accounting scandals weighed heavily on the markets. Adding to market anxiety were slower-than-expected economic growth worldwide and continued weakness in corporate spending and investment. European markets suffered additional setbacks triggered by massive floods and the fact that insurers were forced to sell equities in an attempt to strengthen their balance sheets. The decline was very broad-based, both regionally and on a sector basis. European markets, buoyed by the rise in the euro, were down less in U.S. dollar terms than in local currency, while Japanese stocks did better but still fell nearly 13%. The technology and telecommunications sectors continued to experience widespread selling, as there are still no tangible signs of an upturn in demand for their products. While no market sectors were completely spared, economically defensive sectors such as consumer staples did manage to outperform the market. The general weakness during the year was punctuated by two sharp rallies, the second of which began in mid October. The fourth quarter rally was led by those groups that were weakest earlier in the year (including technology and telecommunications stocks, as well as European insurers); however, the rebound began to fade during December. It remains unclear whether this is just another sharp but short-lived bear market rally or the beginning of a sustainable rise.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The portfolio’s consumer staples holdings, whose earnings have been relatively unaffected by the economic doldrums, performed well. While this defensive sector has performed well throughout this bear market, we at Lazard believe valuations remain attractive. The group’s earnings have been resilient while in most other sectors earnings have declined dramatically. The portfolios’ European energy holdings also performed well due to both their defensive characteristics and attractive valuations relative to their peers. However, the portfolio’s financial holdings slid in the wake of economic turmoil in Latin America, capital markets weakness, and claims arising from the World Trade Center attack and the German floods. These situations were addressed on a case-by-case basis and portfolio positions were sold if we believed that the company’s long-term financial productivity was in doubt. Technology holdings also experienced weakness, as there has yet to be a significant rebound in demand for investment technology products. However, we feel the portfolio’s holdings are well positioned for an upturn, as we believe that companies will make investments to maintain their competitive position.

Q. What is your outlook for 2003?

A. Identifying market bottoms has historically proven to be a failed strategy. Nonetheless, we at Lazard, are hopeful that the worst of the bear market is behind us in light of the magnitude and duration of this decline. Fortunately, the market weakness has created many buying opportunities for disciplined investors,

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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and we continue to seek to identify attractive value opportunities for the portfolio. During the year, we were able to add to the portfolio companies with long histories of high financial productivity at what we saw to be attractive valuations amid market volatility. We will continue to focus the portfolio on high-quality companies capable of generating strong returns for investors in a variety of economic environments.

Capital Opportunities Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 8.76%** for the Capital Opportunities Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –26.78%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Despite the U.S. Fed’s attempt to stimulate the economy, the market downturn during the year has been broad, affecting many sectors. Technology, utility and telecommunications stocks were especially hit hard, as these areas suffered from significant excess capacity. Corporate accounting scandals, as well as geopolitical uncertainty in Iraq and North Korea, added to the market’s woes.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Some of the largest detractors during the year were several underperforming holdings in the retail sector. Other detractors from performance included pharmaceutical company Wyeth (0.30% of the portfolio’s total market value as of 12/31/02), which was hurt by a Women’s Health Initiative study that stated Wyeth’s combination hormone-replacement therapy, Prempro, was found to increase the risk of breast cancer and coronary disease when taken on a long-term basis.

Positive contributors to performance included strong stock selection in the energy sector and individual security Viacom Inc. ‘B’ (2.99%). Energy stocks, particularly those companies with any business in natural gas such as Apache Corp. (0.69%), performed well because of increased demand and diminishing supply. Viacom Inc. ‘B’, an advertising-sensitive media franchise, benefited from increased advertising spending.

Q. What is your outlook for 2003?

A. In the face of corporate spending and earnings projections that remain uncertain, we at MFS expect continued volatility in the near term. While we’re not counting on a very strong or robust recovery, we do anticipate a modest improvement, which will present opportunities. Therefore, we believe that the portfolio’s flexibility and research-driven stock selection process puts us in a good position to spot and take advantage of these opportunities.

Mid-Cap Growth Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 7.52%** for the Mid-Cap Growth Portfolio versus 9.16%* for its benchmark, the Russell Midcap Growth Index, the portfolio returned –47.03%**, compared to a –27.41%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Despite a fourth quarter rally, 2002 was a challenging year for stock investors, with most equity indices posting double-digit declines. Fundamentals — key business factors such as earnings, profits, and cash flow — deteriorated in almost all industries. Business spending virtually evaporated as companies, having failed to reach their own sales targets, postponed spending on new plants, equipment, and hiring. Corporate accounting scandals, as well as geopolitical uncertainty in Iraq and North Korea, added to the market’s woes.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Most of the portfolio’s underperformance occurred in the first half of the year, when the portfolio held a number of very large positions in stocks that fell dramatically. Until late in 2001, a strategy of holding large positions in stocks in which we at MFS had long-term confidence had worked well for the portfolio. In the first half of 2002, however, that strategy worked against it. The prices of many key holdings collapsed, including stocks in the technology, business services, telecommunications, and health care sectors. In June of 2002, we began a transition to a more diversified and less concentrated portfolio, with more companies represented in the portfolio and smaller positions in individual companies. By the end of the year, the transition had been completed.

In the first half of the period, one of the few areas that benefited performance was the portfolio’s large energy position. After President Bush made his “axis of evil” speech, we believe the market began to price in a war premium, and energy stock prices rose. We were able to sell into that strength and took some profits for the portfolio. In the latter half of the period, we began to see benefits from diversifying into some relatively new areas for the portfolio. In property and casualty insurance and in advertising-sensitive media, which we view as cyclical industries, we invested in what our research indicated were upturns in the business cycle. Insurance firms benefited from price increases, after many years in which competition had cut pricing to unprofitable levels. After falling off in the recession, advertising spending by corporations began to recover in 2002. This helped the stocks of media firms whose revenues come largely from advertisement sales, including broadcasters and newspaper publishers. Increased diversification across the health care sector, with new holdings in the biotechnology and medical device areas, also aided performance.

Q. What is your outlook for 2003?

A. We have taken a relatively diversified approach entering the new year, positioning the portfolio broadly across industries. We anticipate a modest economic recovery throughout the year, but we expect the market will remain volatile and uncertain through the first half, due to conflicting economic data. We expect continued uncertainty over Iraq may also hold back any dramatic market advance. We hope to take advantage of this near-term market volatility to continue developing the portfolio’s positions, especially in more traditional growth areas such as the technology, retail and business services sectors.

Global Growth Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 4.76%** for the Global Growth Portfolio versus 7.74%* for its benchmark, the Morgan Stanley Capital International (MSCI) All Country World Index Free, the portfolio returned –19.48%**, compared to a –19.32%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. 2002 was dominated by uncertainty and volatility, two conditions unfavorable for equity markets and especially for growth stocks. Beginning in early spring, markets around the world experienced a strong downdraft that lasted into early October. The major factor, in our view at MFS, was an expected recovery that didn’t happen. Going into the year, we think investors anticipated a global economic recovery during the second half of the year. When it became clear that was not happening, stock prices fell around the world as expectations of a recovery were pushed out farther and farther. International tension over Iraq and corporate accounting scandals in the U.S. also added to global markets’ woes. In the fourth quarter, stock

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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markets reversed direction again, rising on news that third quarter earnings, while not robust, were at least not disappointing.

In a tough period for most of the developed world, the portfolio’s overweighted position in emerging markets relative to the benchmark helped performance. We think emerging markets did well largely because developing nations such as China and South Korea had a large amount of internal demand that continued to grow over the period. In addition, research helped avoid much of the turmoil in Latin American equities caused by uncertainty pertaining to presidential elections in Brazil.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Relatively defensive positioning in international developed markets helped performance. We tried to avoid some of the global volatility by investing in companies whose businesses we believed would not vary dramatically with the ups and downs of the economy.

The health care sector, which has historically tended to perform relatively well in a tough economy, suffered over the period. Large pharmaceutical firms found their drug patents challenged by generic drug companies; investors worried that the challenges, if successful, might impair future earnings. In the longer term, however, we think health care is still a growth area, especially considering the aging of the global population.

Telecommunications holdings also detracted from performance as prices were driven down by excess capacity and slower-than-expected demand. In the U.S. portion of the portfolio, performance was also hurt by positions in utilities and technology firms, although some overseas technology holdings performed well.

Q. What is your outlook for 2003?

A. Although stocks rallied in the fourth quarter, there is still a lot of near-term uncertainty and we remain cautiously optimistic about global equity markets. As of the end of the year we remained somewhat defensively positioned, emphasizing companies that we believed had relatively steady revenues and whose earnings we think we could project with some confidence. However, our analysts are starting to uncover several compelling new opportunities in more cyclically sensitive areas such as advertising and technology.

It is important to keep in mind that this uncertain market can play to our strength. Our analysts and portfolio managers make all investment decisions from the bottom-up — looking at individual companies, and not making regional or sector bets.

Equity Index Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 8.39%** for the Equity Index Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –22.34%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002. The portfolio seeks to replicate as closely as possible, before expenses, the total return of the S&P 500 Index.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The first quarter of 2002 was quiet and uneventful relative to the rest of the year. Things took a turn for the worse as extremely volatile markets overtook in the second quarter. The excessive volatility was mainly due to high profile companies failing one after another and increased concerns over accounting standards. Although U.S. markets experienced three weeks of consecutive gains in August, the markets lost ground for the next five consecutive weeks and closed with negative returns for the third quarter. After the worst returns of the year in September with the S&P 500 Index down 10.87% for the month, the fourth quarter of 2002 brought the positive returns that investors were hoping for, but not without volatility. October and November were positive months, but December again gave way to negative returns. Better-than-estimated corporate earnings reports and the belief that corporate earnings had “bottomed” spurned an improvement in market conditions. We at Mercury believe that the impressive fourth quarter rally can also be partially attributed to the promise of fiscal stimulus from the Fed’s cutting of interest rates late in 2002.

After cutting interest rates 11 consecutive times in 2001, the Fed left rates unchanged at 1.75% until the fourth quarter of 2002. In the November 6, 2002 meeting, the Fed decided to lower its target rate by an unexpected 50 basis points to 1.25%. Economic data indicated that greater uncertainty, in part attributable to heightened geopolitical risks, was inhibiting spending, production and employment.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The year 2002 represented the third consecutive year whereby the S&P 500 Index posted a negative return with the index falling a total of 589.43 points over the past 3 years. In 2002, value stocks outperformed growth stocks with the S&P 500 Barra Value Index posting a –20.85% return versus a –23.89% return for the S& P 500 Barra Growth Index.

All 10 S&P sectors posted negative returns in 2002, further evidence that the decline over the year was across the whole market, although some sectors negatively impacted

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

performance more than others. The bear market entered into by the technology sector in early 2000 continued to contribute to the decline in 2002, with information technology and telecommunications posting the worst returns for the year, down –37.57% and –35.89%, respectively. Sectors most resilient to the market decline were consumer staples, down -6.31%, and materials, down –7.71%.

Q. What is your outlook for 2003?

A. Looking forward to 2003, we at Mercury believe that investor confidence remains shaken with the possibility of a war with Iraq, unexpectedly high unemployment and disappointing holiday sales. Consumer confidence unexpectedly fell in December for the sixth time in seven months as unemployment threatens to undermine spending and U.S. economic growth early in 2003. Over time, we believe the current accommodative stance of monetary policy, coupled with still robust underlying growth in productivity, could be sufficient to foster an improving business climate. However, considerable uncertainty persists about the extent and timing of the expected pickup in production and employment owing in part to the emergence of heightened geopolitical risks. With that in mind, we expect the portfolio to continue to meet its objective of replicating the risk and returns of the benchmark index.

Small-Cap Index Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 5.99%** for the Small-Cap Index Portfolio versus 6.16%* for its benchmark, the Russell 2000 Index, the portfolio returned –21.19%**, compared to a –20.48%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The first quarter of 2002 was quiet and uneventful relative to the rest of the year. Things took a turn for the worse as extremely volatile markets overtook in the second quarter. The excessive volatility was mainly due to high profile companies failing one after another and increased concerns over accounting standards. Although U.S. markets experienced three weeks of consecutive gains in August, the markets lost ground for the next five consecutive weeks and closed with negative returns for the third quarter. A significant rebound was seen among large capitalization stocks in the fourth quarter with the S&P 500 Index closing up 64.54 points. The Russell 2000 returned 6.16%* in the fourth quarter as better-than-estimated corporate earnings reports and the belief that corporate earnings had “bottomed” spurned an improvement in market conditions. We believe that the impressive fourth quarter rally can also be partially attributed to the promise of fiscal stimulus from the Fed’s cutting of interest rates late in 2002. After cutting interest rates 11 consecutive times in 2001, the Fed left rates unchanged at 1.75% until the fourth quarter of 2002. In the November 6, 2002 meeting, the Fed decided to lower its target rate by an unexpected 50 basis points to 1.25%. Economic data indicated that greater uncertainty, in part attributable to heightened geopolitical risks, was inhibiting spending, production and employment.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Ten of twelve of the Russell 2000 Index sectors posted negative returns in 2002, further evidence that the decline over the year was across the whole market, although some sectors negatively impacted portfolio performance more than others. The bear market entered into by the technology sector in early 2000 continued to contribute to the decline in 2002, with technology posting the worst return for the year, down –46.54%. Sectors most resilient to the market decline were financial services, up 2.11%, and integrated oils, up 1.04%.

Q. What is your outlook for 2003?

A. Looking forward to 2003, we at Mercury believe that investor confidence remains shaken with the possibility of a war with Iraq, unexpectedly high unemployment and disappointing holiday sales. Consumer confidence unexpectedly fell in December for the sixth time in seven months as unemployment threatens to undermine spending and U.S. economic growth early in 2003. Over time, we believe the current accommodative stance of monetary policy, coupled with still robust underlying growth in productivity, could be sufficient to foster an improving business climate. However, considerable uncertainty persists about the extent and timing of the expected pickup in production and employment owing in part to the emergence of heightened geopolitical risks. With that in mind, the portfolio is expected to continue to meet its objective of replicating the risk and returns of the benchmark index.

Real Estate Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 0.09%** for the Real Estate Portfolio versus 0.41%* for its benchmark, the National Association of Real Estate Investment Trusts (NAREIT) Equity Index, the portfolio returned –0.32%**, compared to a 3.81%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services for the Russell 2000 Index and Ibbotson for the NAREIT Equity Index.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Real Estate Investment Trust (REIT) shares outperformed the broader equity indexes. REIT returns can be divided into three distinct periods. In the first half of the year, REITs gained 13.7% while the broader equity market declined. In the third quarter, REITs declined along with the broader equity market, as it appeared that deteriorating occupancies and rents caught up with the sector. In the fourth quarter, REITs were flat while the broader equity market surged.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. During the year, we at Morgan Stanley continued to shape the portfolio with companies offering attractive fundamental valuations relative to their underlying real estate value. The portfolio’s position in apartments was reduced due to continued supply and weak levels of demand. The portfolio also retained a significant overweight position relative to the benchmark in the hotel sector where we are finding 30% to 40% discounts to asset value. The portfolio’s allocation to the office sector was reduced and we continue to favor urban assets, which feature longer lease terms. The portfolio’s relative overweight stance in the regional mall sector was increased, where we continue to see good relative value.

Relative to the benchmark, the bulk of the portfolio’s underperformance was a result of sector allocation. The larger detractions from performance were due to the overweight positions in the hotel, apartment and office sectors. The theme for the weakness in these sectors was the weaker than expected economic recovery, which resulted in a lack of meaningful job growth and continued weakness in business confidence. In contrast, the retail sector experienced favorable demand from tenants. Thus, the favorable performance resulting from the overweight of the mall sub-sector was primarily offset by an underweight position in the strip shopping center sub-sector, whose stocks we view as expensive and vulnerable to the more successful discount stores.

Q. What is your outlook for 2003?

A. We at Morgan Stanley believe that, given the dramatic slowdown in the new construction of real estate, when demand recovers, we expect to see occupancy rates, rental levels, and property values recover as well. There is some risk that non-dedicated real estate investors may rotate out of REITs and into early cyclical stocks that are likely to benefit more in the beginning stages of an economic recovery. However, since the sector is already trading on par with underlying asset value, we believe share price declines would result in additional corporate share repurchases, which would support valuations.

Inflation Managed Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 0.84%** for the Inflation Managed Portfolio versus 0.53%* for its benchmark, the Lehman Brothers Global Real: U.S. TIPS Index, the portfolio returned 15.45%**, compared to a 16.56%* return for its benchmark, for the year ended December 31, 2002.

LOGO

On May 1, 2001, the portfolio modified its investment focus to inflation-index bonds issued by the U.S. Government and its agencies and instrumentalities. In connection with this modification, the benchmark index of the portfolio was changed to the Lehman Brothers Global Real: U.S. TIPS Index. Prior to that date, the benchmark index was the Lehman Brothers Government Bond Index.

All indices are unmanaged. Sources for indices: Ibbotson for NAREIT Equity Index and Lehman Brothers for Global Real: U.S. TIPS Index.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Real return bonds generated positive returns and outpaced most traditional fixed income asset classes during 2002. On a nominal basis, Treasuries, including Treasury Inflation Protected Securities (TIPS), benefited from strong demand for safe, stable and liquid assets. This positive performance was aided by market expectations of a rise in inflation as well as a decline in real yields.

The portfolio’s above-benchmark duration also contributed to portfolio returns as real yields fell across all maturities. For the portfolio, the purchase of TIPS on a forward settled basis was positive for performance, as these securities outperformed the cost associated with purchasing them in the forward market. Exposure to longer maturity TIPS was also positive for performance, as demand for these securities increased over the period.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Exposure to non-TIPS sectors was negative for performance relative to the benchmark, as inflation protected securities outperformed virtually all other sectors of the bond market. Although spreads between Eurozone bonds and Treasury bonds narrowed during the fourth quarter, over the course of the full year, an allocation to developed non-U.S. bonds was negative for portfolio returns. A small allocation to corporate bonds was also negative as outrage over the expanding list of companies caught up in accounting and corporate governance scandals hurt the performance of corporate bonds during the period.

Q. What is your outlook for 2003?

A. Looking forward to 2003, we at PIMCO believe that the global economy is in transition: U.S. fiscal and monetary stimulus will reduce near term deflation risk and shift the global economy toward reflation over the long term. Moderate growth, mild inflation and range-bound interest rates will prevail in 2003. Over the next few years however, inflation will rise to highs of 3 to 4 percent and rates will trend upward. In our opinion, this transition will not create a bear market for bonds, which will still offer relatively attractive yields and low volatility. In this environment, the combination of low realized inflation over the near term and increasing expectations for long term inflation given aggressive monetary and fiscal stimulus will be positive for both longer maturity TIPS and the portfolio.

In managing the portfolio, we will maintain an underweight position to shorter maturity TIPS relative to the benchmark given expectations for low realized inflation for the near term. We will overweight longer maturity TIPS to benefit from long term inflationary pressures. We will target duration neutral to the benchmark to guard against higher U.S. rates over the long term. We will maintain a slight emphasis on higher coupon mortgage bonds that perform relatively well as rates rise and have less extension risk. In corporates, we will look for issues with attractive yield premiums and credit fundamentals. We will hold modest positions in high yielding emerging market bonds, which should perform well as U.S. growth supports export demand. We expect that the portfolio will also hold high quality asset-backed securities to benefit from their strong collateral protection and attractive yields.

Managed Bond Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 2.19%** for the Managed Bond Portfolio versus 1.73%* for its benchmark, the Lehman Brothers Government/Credit Index, the portfolio returned 10.93%**, compared to a 11.04%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. During the period, interest rates fell and most bonds gained as investors sought a safe haven amid turbulent financial markets. Overall sources of volatility were: outrage at accounting and corporate governance scandals among telecommunications and energy/pipeline companies; political uncertainty in Latin America; and a sharp fall in the dollar. For the period, Treasuries outpaced other domestic sectors and non-U.S. bonds amid strong demand for safe, stable and liquid assets. Mortgage securities also performed well given their high yields and strong credit quality.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. A below index duration over much of the year hurt returns, as yields dropped over this time period. An overweight to short/intermediate maturity helped performance as rates declined most among these issues. With respect to sectors, an emphasis on mortgage securities was positive as this sector outperformed Treasuries on a like-duration basis. In corporate securities, an underweight versus the benchmark was positive; however, adverse security selection among telecommunications and energy/pipeline issues strongly detracted from returns. A small allocation to emerging market bonds detracted from returns as volatility in Latin America adversely affected the entire asset class.

Q. What is your outlook for 2003?

A. We at PIMCO believe that the global economy is in transition: U.S. fiscal and monetary stimulus will reduce near term deflation risk and shift the global economy toward reflation over the long term. Over the short term, however, inflationary pressures are more balanced. Moderate growth, mild inflation and range-bound interest rates will prevail in 2003. With this in mind, we will look to add value to the portfolio by attempting to protect it from both near term deflation and longer-term reflation risks. The portfolio is expected to maintain a flat to slightly above-benchmark duration because of exposure to the Eurozone; these issues should outperform as weaker growth causes European rates to fall below U.S. rates. We will focus on short and long maturities since the middle of the yield curve would bear the brunt of long term rate increases. To counter duration extension risk, we plan to reduce portfolio mortgage holdings and focus on bonds earning higher coupon rates that we believe perform relatively well as interest rates rise. Compared to the benchmark, we plan to underweight corporate bonds, adding value by selecting issues with attractive yield premiums, and what we believe to be solid credit fundamentals.

Money Market Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 0.31%** for the Money Market Portfolio versus 0.43%* for its benchmark, the Merrill Lynch 3-Month U.S. T-bill Index, the portfolio returned 1.41%**, compared to a 1.78%* return for its benchmark, for the year ended December 31, 2002. The current yield measured during the seven-day period ending December 31, 2002 was 1.02%**.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Nominal yields remained near historic lows. Three-month Treasury bills fell to 1.20% and 90-day commercial paper yields were near 1.25%. In November, as the economy continued to show signs of weakness, the Fed initiated its only rate cut for the year, lowering the target rate by .50% to close the year at 1.25%. Given nominally low yields in the market, combined with uncertain economic conditions, the portfolio’s average maturity was kept five to ten days shorter than related market indices. With nominal rates so low, we at Pacific Life believed that the risk of investing cash flow at new, lower rates was mitigated by the opportunity to invest at higher rates should yields finally start to rise. When the Fed lowered rates in November, a greater portion of the portfolio’s cash flow was invested in lower yielding assets, thus hurting the portfolio’s overall performance for the year.

Another trend affecting the portfolio’s performance was the decline in the amount of high quality commercial paper available. Two factors have contributed to the scarcity of this asset class. First, when an issuer is downgraded, it often falls out of the top-rated commercial paper category. Second, many issuers chose to refinance their shorter commercial paper liabilities with

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

The total return for each Portfolio of the Fund includes reinvestment of all dividends and capital gain distributions, if any. The total returns and 7-day yield 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.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

longer-dated maturities. In concert, these factors leave supply unable to meet demand, and consequently yields fall. Since highly rated commercial paper has traditionally been a staple of the portfolio, these lower yields hindered portfolio performance.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The commercial paper market as a whole did not perform well. In managing the portfolio we did find some opportunity to invest in solid companies whose sectors were tainted by downgrades or negative press, such as the utility industry. We also found decent supply in other sectors, such as the pharmaceutical and telecommunications industries. Supply in those sectors helped mitigate the general supply shortage in the commercial paper market. We also were able to add to returns by investing in callable agency securities. The call option, built into the asset structure, allows for a yield pickup over commercial paper and traditional agency discount notes. Additionally, the portfolio was able to pickup additional yield by investing in asset-backed structures issued by top-tier auto financers.

Q. What is your outlook for 2003?

A. Looking forward, we at Pacific Life believe that the evolution of the economic picture, along with developing geopolitical events, will be the primary driver of short-term yields for the first half of 2003. Outside factors, such as the potential war with Iraq and developments with North Korea, will also have an effect. Currently, the Fed’s interest rate bias is characterized as balanced. This indicates they are in a holding pattern subject to extraneous events and key economic data releases. We plan to follow these same factors, looking for insights into the next Fed move. We expect issuers to continue extending maturities of their debt thus exacerbating the shortage of commercial paper issuance. As a result this may cause the portfolio to be invested more heavily in other asset classes, such as government and agency assets, callable agency issues, and asset-backed securities. We expect to continue to hold the portfolio’s average maturity at or below industry benchmarks. With yields so low, this allows us, in managing the portfolio, to take advantage of rising rates by investing in new, higher yielding securities.

High Yield Bond Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 4.16%** for the High Yield Bond Portfolio versus 5.92%* for its benchmark, the Credit Suisse First Boston High Yield Index (CS First Boston Index), the portfolio returned –3.00%**, compared to a 3.10%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The high yield market rallied significantly in the fourth quarter, especially in November and December. This rally was lead by lower-rated and defaulted bond issuers and sectors that had severely underperformed in the first half of the year. For example, the telecommunications sector was the worst performing sector in the first half of the year and the top performing sector in the second half. The portfolio was underweight relative to the benchmark in the telecommunications sector in the second half of the year. In addition, an underweight position in the utility sector also hurt returns in the fourth quarter, as that sector outperformed. Also, the portfolio was underweight in the lower tier sector, which outperformed in the fourth quarter, and had a high cash balance which hurt performance. On the other hand, positive factors included overweight positions versus the benchmark in the gaming and leisure and broadcasting sectors, both of which outperformed the market for the year.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The top performing sectors for the year were broadcasting, consumer products and gaming and leisure. These defensive sectors outperformed significantly in the first half of the year. The worst performing sectors were cable/wireless videos, telecommunications and utilities. The utility industry is experiencing overcapacity and several companies are struggling to meet cash flow needs. Finally, the upper-rated securities outperformed the middle and lower-rated securities.

All indices are unmanaged. Sources for indices: Credit Suisse First Boston.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. What is your outlook for 2003?

A. We at Pacific Life believe that a stable to improving economy with low interest rates should help 2003 to be a better year for high yield investors than 2002. In addition, the default rate peaked in the beginning of 2002 and continues to decline, thus adding to the high yield market’s attractiveness. Despite our optimistic outlook for 2003, we are concerned about the possibility of military conflict with Iraq and its impact on the financial markets. However, any widespread sell off in the market could lead to attractive valuations for solid, well run companies.

Equity Income Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 10.36%** for the Equity Income Portfolio versus 9.22%* for its benchmark, the Russell 1000 Value Index, the portfolio returned –13.54%**, compared to a –15.52%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. Stock selection in the technology, transportation and consumer cyclicals sectors was a positive factor in the portfolio’s outperformance of its benchmark, along with an underweight versus the benchmark in the communications services sector, the second worst-performing sector in the benchmark. Positive stock selection was partially offset by negative stock selection in the financials, conglomerates, and health care sectors.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. In the technology sector, the portfolio’s top contributors included attractively valued software companies such as BMC Software Inc. (0.53% of the portfolio’s total market value as of 12/31/02) and PeopleSoft Inc. (the portfolio did not hold as of 12/31/02). Lack of exposure to poorly performing communications equipment and fiber optics stocks, such as Lucent Technologies Inc. and JDS Uniphase Corp., also helped results. In the transportation sector, the portfolio avoided airlines and focused on railroads, where Union Pacific Corp. (1.78%) was the top performer. In the consumer cyclicals sector, specialty retailer Limited Brands Inc. (0.30%) was a strong performer, particularly in the first half of the year, as was attractively valued J.C. Penney Co. Inc. (0.96%).

In the financials sector, weaker performers included Ace Ltd. (0.87%), whose shares retreated following very strong performance. Investment banking/brokerage holdings such as Merrill Lynch & Co. Inc. (1.10%) also hurt performance, as equity markets continued to fall. In the conglomerates sector, the portfolio’s overweight versus the benchmark to Tyco International Ltd. (0.65%) had a negative impact, although the stock began to rebound in the fourth quarter. In the health care sector, health insurer CIGNA Corp. (0.31%) was a strong performer through most of the year; in the last quarter, however, its shares unexpectedly dropped on lower forecasts resulting from higher-than-expected costs.

Q. What is your outlook for 2003?

A. Barring armed conflict in Iraq, we at Putnam anticipate 2003 to be a year of modest recovery in the economy and corporate profits. Should there be a conflict with Iraq, we would expect consumer behavior to turn even more cautious, undermining the strength of the recovery.

The portfolio has its largest exposure in the financial sector, which has shown good profit performance with moderate revenue growth expected for selected industries. As of yearend, the portfolio is overweight versus the benchmark in capital goods, and its energy sector holdings are about the same as the benchmark. While a war premium is built into the price of oil at present, broad ownership within this sector is a reasonable hedge against future uncertainties. The portfolio is underweight versus the benchmark in the basic materials sector, but it maintains an overweight to paper and forest products stocks, which we believe will rebound with improved economic conditions in 2003. Please note there can be no assurance or guarantee that Putnam’s outlook on future capital markets will turn out to be correct.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Research Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 9.61%** for the Research Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –21.18%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The principal factors contributing to the portfolio’s outperformance versus its benchmark were positive sector allocation — the decisions to over or underweight a particular sector — and stock selection. Stock selection in the consumer cyclicals sector was particularly beneficial as Putnam’s management team was successful in its strategy of identifying stocks of companies that were able to grow earnings and revenues even in the slow economy by gaining market share and expanding. On the other hand, stock selection in the conglomerates sector negatively affected results, as certain holdings significantly detracted from performance.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. In 2002, Putnam’s management team’s strategy for the consumer cyclicals sector proved the strongest contributor to performance versus the portfolio’s benchmark. In particular, strong performance in retail cyclicals and media stocks were the primary contributors to results. Holding companies such as The TJX Cos Inc. (0.43% of the portfolio’s total market value as of 12/31/02) and Limited Brands Inc. (the portfolio did not hold as of 12/31/02) and avoiding Home Depot Inc. benefited performance. Performance in utilities, particularly independent power producers such as Reliant Resources Inc. (0.44%), contributed to performance. Putnam’s strategy in the technology sector also contributed to results, as avoiding International Business Machines Inc. and Sun MicroSystems Inc. proved positive.

The greatest detractor from performance from a sector perspective was conglomerates stocks. In particular, the portfolio’s results were hurt by an overweight in Tyco International Ltd. (1.77%), which underperformed due to concerns about its accounting practices and the activities of its former Chief Executive Officer. Additionally, the portfolio’s underweight exposure versus its benchmark to the chemicals sector — an area that outperformed the market — also proved a significant detractor from performance. Lastly, the financial sector was a detractor, due to weak holdings in the consumer finance area, particularly Capital One Financial Corp. (0.53%) and Household International Inc. (the portfolio did not hold as of 12/31/02).

Q. What is your outlook for 2003?

A. Despite a setback in December, the fourth quarter equity market rally may prove more durable than those earlier in the year. Recent economic reports have been more encouraging, and both fiscal and monetary policymakers favor stimulus. However, geopolitical concerns — tensions with Iraq and North Korea, global terrorism — and uncertainty about the outlook for corporate profits and spending still weigh on the markets. Please note there can be no assurance or guarantee that Putnam’s outlook on future capital markets will turn out to be correct.

Equity Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 5.17%** for the Equity Portfolio versus 7.15%* for its benchmark, the Russell 1000 Growth Index, the portfolio returned –26.51%**, compared to a –27.88%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. 2002 was the third consecutive year of negative returns for U.S. equities. The large-capitalization growth segment of the U.S. equity market was led down by poor performance in the utilities, technology, and communication services sectors. The portfolio’s holdings in the consumer cyclicals sector were the leading contributor to positive performance versus the benchmark. Putnam’s management team’s strategy of identifying companies that were able to grow revenues and earnings despite a weak economy proved beneficial. In particular, the portfolio found success with retail stores that had strong expansions and increasing market shares. An overweight position versus its benchmark in the communication services sector detracted from the portfolio’s performance, as that sector had another very difficult year due to weak fundamentals and languishing demand. An overweight to conglomerates stocks detracted from results as well.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. Strong stock selection in the consumer cyclicals sector, an overweight versus the portfolio’s benchmark to the financial sector, which outperformed the broad market, and strong stock selection and an overweight to the utilities sector contributed to performance. In consumer cyclicals, the portfolio benefited from performance in media, particularly from an underweight to weak AOL Time Warner Inc. (0.58% of the portfolio’s total market value as of 12/31/02), and an overweight to The Walt Disney Co. (the portfolio did not hold as of 12/31/02). The portfolio also benefited from names in the retail cyclical area. In the financial sector, the portfolio’s overweight to banking was a strong contributor, and in utilities, an overweight to electric utilities proved beneficial. The portfolio was hurt in the communication services sector as the area did not improve in 2002. Additionally, an overweight to Tyco International Ltd. (0.28%), a company that was hurt by corporate scandal in 2002, also detracted from performance.

Q. What is your outlook for 2003?

A. Barring armed conflict in Iraq, we anticipate 2003 to be a year of modest recovery in the economy and corporate profits. Should there be a conflict with Iraq, we would expect consumer behavior to turn even more cautious, undermining the strength of the recovery.

The management team continues to seek to invest in companies with strong fundamentals that are growing at rates greater than the market average. Throughout the year, the team decreased the portfolio’s underweight position versus its benchmark in technology stocks, though it remained underweight the sector at the end of the period. The team also moved the portfolio from an underweight to an overweight position in the consumer cyclicals sector. In health care, the team decreased the portfolio’s underweight position, but maintained a modest underweight in this sector at year end. The portfolio’s management team reduced a large overweight in the financial sector during the period, but remained overweight at year end. Please note there can be no assurance or guarantee that Putnam’s outlook on future capital markets will turn out to be correct.

Aggressive Equity Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 7.73%** for the Aggressive Equity Portfolio versus 6.64%* for its benchmark, the Russell 2500 Index, the portfolio returned –25.09%**, compared to a –17.80%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. The main factor driving underperformance for the year was the portfolio’s over or underweight exposure to various sectors. In this portfolio, the sector allocation decision is a residual of Putnam’s bottom-up stock selection choices. In 2002, the portfolio’s overweight to technology — one of the weakest sectors for the year — was the primary detractor from the portfolio’s performance versus its benchmark. Likewise, the portfolio’s underweight versus its benchmark in the financial sector, an area that fared better than the broad market, detracted from portfolio performance. The greatest contributor for the year, with respect to sector performance, was health care. In particular, the portfolio’s biotechnology holdings outperformed the benchmark. In addition, the portfolio benefited from an underweight position to the biotechnology industry, in which it avoided some of the weakest biotechnology names. Portfolio holdings in the basic materials sector also contributed to performance, particularly in the metals industry.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The performance of copper and gold producer, Freeport-McMoRan Copper & Gold Inc. ‘B’ (1.53% of the portfolio’s total market value as of 12/31/02), was a significant positive for the portfolio. Exposure to the consumer cyclicals sector also proved positive, due to the management team’s strong stock selection in broadcasting. Sinclair Broadcast Group Inc. ‘A’ (1.36%) and Emmis Communications Corp. ‘A’ (1.81%) turned in positive returns while on the whole the industry was down, a significant plus for the portfolio.

The greatest detractor with respect to sector performance was consumer staples stocks. In the consumer staples sector, stock selection in retail staples detracted from portfolio performance, particularly pharmacy names such as Rite Aid Corp. (the portfolio did not hold as of 12/31/02) and Duane Reade Inc. (0.66%). The portfolio also lost ground versus the benchmark in the financial sector due to real estate holdings (not holding some of the strong performers and holding a weaker name, FelCor Lodging Trust Inc. (0.94%)), and an underweight in the stronger performing banking industry. The portfolio’s overweight in technology stocks detracted from results, despite strong stock selection within the sector, as this sector significantly underperformed the benchmark.

Q. What is your outlook for 2003?

The management team continues to seek to invest in companies that the team thinks have the potential for above average growth. At the end of the year, the portfolio was overweight versus the benchmark in the capital goods sector, primarily in the aerospace/defense, machinery and office equipment and supplies areas. The portfolio was also overweight in the consumer cyclicals sector, in particular broadcasting and gaming and lottery. The technology sector remains an overweight, with an emphasis on electronics and semiconductor production equipment, while the portfolio is currently underweight in the consumer staples, energy, health care and utilities sectors. Please note there can be no assurance or guarantee that Putnam’s outlook on future capital markets will turn out to be correct.

Large-Cap Value Portfolio

Q. How did the portfolio perform over the year ended December 31, 2002?

A. With a positive fourth quarter return of 11.88%** for the Large-Cap Value Portfolio versus 8.43%* for its benchmark, the S&P 500 Index, the portfolio returned –22.96%**, compared to a –22.09%* return for its benchmark, for the year ended December 31, 2002.

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

Q. Briefly discuss both the principal positive and negative factors that affected the portfolio’s performance during the year.

A. In the first half of the year, investor concerns on numerous fronts, particularly regarding corporate governance and accounting issues, weighed on the major indices. New allegations of corporate fraud and insider trading shook the market further. As we moved into the second half of the year, corporate governance and accounting issues took a back seat to more fundamental concerns, including the strength of the economy and corporate earnings. The prospect of a potential war with Iraq also affected investor sentiment.

For the full year, technology and telecommunications stocks led the market’s drop yet again, accounting for about one-third of the S&P 500 Index’s decline. Although technology and telecommunications rallied sharply in the fourth quarter, both sectors ended the year down more than 30%. All sectors of the S&P 500 Index posted negative returns for the year, but basic materials, energy, transportation, consumer staples and financials outperformed on a relative basis.

Treasury securities were the major beneficiary of the continued equity market fallout. The yield on the 10-year Treasury note fell from 5.05% at the beginning of the year to 3.82% at year-end. In October, its yield reached 3.57%, its lowest level in more than 40 years. In November, the Fed’s reduced the Fed Funds rate by 50 basis points to 1.25%, also a 40-year low.

Q. Discuss some of the securities/sectors that performed well and those securities/sectors that reported disappointing results during the year.

A. The portfolio’s underperformance relative to its benchmark was primarily due to security selection in the utilities sector. The portfolio’s exposure to El Paso Corporation (El Paso) (the portfolio did not hold as of 12/31/02) and the Williams Companies (Williams) (the portfolio did not hold as of 12/31/02) had a negative impact to the portfolio’s performance. El Paso and Williams both have merchant energy operations, which came under a great deal of scrutiny from regulatory authorities, politicians, and rating agencies in the past year. The portfolio sold its Williams position in the early summer but continued to hold El Paso due to its stronger balance sheet and more attractive asset profile. In the fall, however, El Paso came under further pressure after an administrative law judge in the Federal Energy Regulatory Commission ruled that the company withheld capacity on its natural gas pipeline during the California energy crisis. The judge’s recommendation subsequently went before the full commission for a hearing in December; their decision should be announced in early 2003. Despite El Paso’s favorable valuation, we decided to exit the position due to the heightened risk profile and implications of an adverse ruling by the commission.

The portfolio’s technology holdings also hurt performance this year. Throughout the spring and summer, we continued to add modestly to the portfolio’s technology positions. In addition to valuation, our focus was on companies with a market leadership position and a strong balance sheet. We recognized that these stocks could see further downside, but we wanted to position the portfolio to benefit if these stocks recovered. This strategy paid off in the fourth quarter as the technology sector rallied, but not enough to offset the underperformance earlier in the year. We reduced our technology holdings in the fourth quarter due to increased valuations.

The healthcare sector proved to be a bright spot for the portfolio this year. Three of the portfolio’s top five contributors came from the pharmaceutical industry, including Pharmacia Corporation (Pharmacia) (1.40% of the portfolio’s total market value as of 12/31/02), Novartis AG (Novartis) (the portfolio did not hold as of 12/31/02) and Eli Lilly & Company (Eli Lilly) (the portfolio did not hold as of 12/31/02). Pharmacia benefited from a takeover offer from Pfizer Inc. (1.26%), which the portfolio also held. We are excited about the prospects of this merger and the portfolio continues to own shares in both companies. In the summer, we added to the portfolio’s holdings in the healthcare sector as some of the drug stocks reached multi-year valuation lows. As those valuations recovered in the fall, we took profits in Novartis and Eli Lilly. We still favor holdings in the healthcare sector for the portfolio.

Q. What is your outlook for 2003?

A. Given current interest rate levels and equity market valuations, we at Salomon continue to have a positive outlook on the U.S. equity market. We believe that steady economic growth, low inflation and an improvement in corporate profits should lead to higher equity market levels. Although selected economic

All indices are unmanaged. Sources for indices: Lipper Analytical Services.

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PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)

reports in the month of December have brought into question the sustainability of the recovery, we still expect continued economic growth, albeit at a slower pace than envisioned previously. That said, we are watching the consumer carefully. The consumer has sustained the economic recovery thus far, and the question remains how much longer the consumer can continue doing so.

We believe that possible future stimulative measures proposed by the Bush administration, coupled with the historically low interest rates, should help foster continued economic growth. Although geopolitical events could lead to further equity market volatility, we believe the portfolio is well positioned in the current market environment.

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PACIFIC SELECT FUND

BLUE CHIP PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 92.32%

Autos & Transportation - 0.39%

Harley-Davidson Inc	49,000	$	2,263,800

Consumer Discretionary - 12.35%

Bed Bath & Beyond Inc *	135,000		4,661,550
Carnival Corp	174,000		4,341,300
Clear Channel Communications Inc *	156,000		5,817,240
Costco Wholesale Corp *	56,000		1,571,360
Home Depot Inc	384,000		9,200,640
Kohl’s Corp *	104,000		5,818,800
Limited Brands Inc	84,000		1,170,120
Omnicom Group Inc	42,000		2,713,200
Target Corp	187,000		5,610,000
The Gap Inc	187,000		2,902,240
Viacom Inc ‘B’ *	254,000		10,353,040
Wal-Mart Stores Inc	353,000		17,830,030

			71,989,520

Consumer Staples - 6.55%

Anheuser-Busch Cos Inc	93,000		4,501,200
Colgate-Palmolive Co	145,000		7,602,350
PepsiCo Inc	94,000		3,968,680
Procter & Gamble Co	104,000		8,937,760
Sysco Corp	259,000		7,715,610
The Coca-Cola Co	125,000		5,477,500

			38,203,100

Diversified - 3.64%

General Electric Co	711,000		17,312,850
Schlumberger Ltd	93,000		3,914,370

			21,227,220

Energy - 0.68%

ENSCO International Inc	135,000		3,975,750

Financial Services - 21.95%

American Express Co	187,000		6,610,450
American International Group Inc	192,000		11,107,200
Bank of America Corp	176,000		12,244,320
Citigroup Inc	498,000		17,524,620
Fannie Mae	145,000		9,327,850
Fifth Third Bancorp	130,000		7,611,500
First Data Corp	218,000		7,719,380
Fiserv Inc *	156,000		5,296,200
Freddie Mac	131,000		7,735,550
Goldman Sachs Group Inc	83,000		5,652,300
J.P. Morgan Chase & Co	187,000		4,488,000
Merrill Lynch & Co Inc	156,000		5,920,200
Morgan Stanley	187,000		7,465,040
Prudential Financial Inc	125,000		3,967,500
SLM Corp	47,000		4,881,420
Wells Fargo & Co	222,000		10,405,140

			127,956,670

Health Care - 19.30%

Allergan Inc	93,000		5,358,660
Amgen Inc *	161,000		7,782,740
Boston Scientific Corp *	135,000		5,740,200
Cardinal Health Inc	119,000		7,043,610
Forest Laboratories Inc *	57,000		5,598,540
HCA Inc	176,000		7,304,000
Johnson & Johnson	320,000		17,187,200
Medtronic Inc	213,000		9,712,800
Pfizer Inc	631,000		19,289,670
Pharmacia Corp	109,000		4,556,200
St. Jude Medical Inc *	94,000		3,733,680
UnitedHealth Group Inc	93,000		7,765,500
Wyeth	176,000		6,582,400
Zimmer Holdings Inc *	116,000		4,816,320

			112,471,520

Integrated Oils - 3.57%

Exxon Mobil Corp	535,000		18,692,900
Transocean Inc	90,000		2,088,000

			20,780,900

Materials & Processing - 2.11%

Air Products & Chemicals Inc	93,000		3,975,750
Alcoa Inc	145,000		3,303,100
E.I. du Pont de Nemours & Co	36,000		1,526,400
Masco Corp	166,000		3,494,300

			12,299,550

Producer Durables - 4.01%

Applied Materials Inc *	540,000		7,036,200
KLA-Tencor Corp *	88,000		3,112,560
Lockheed Martin Corp	95,000		5,486,250
United Technologies Corp	125,000		7,742,500

			23,377,510

Technology - 14.32%

Analog Devices Inc *	156,000		3,723,720
Cisco Systems Inc *	934,000		12,235,400
Dell Computer Corp *	380,000		10,161,200
Hewlett-Packard Co	176,000		3,055,360
Intel Corp	332,000		5,169,240
International Business Machines Corp	88,000		6,820,000
Linear Technology Corp	99,000		2,546,280
Maxim Integrated Products Inc	32,000		1,057,280
Microchip Technology Inc	208,000		5,085,600
Micron Technology Inc *	166,000		1,616,840
Microsoft Corp *	415,000		21,455,500
Oracle Corp *	368,000		3,974,400
Texas Instruments Inc	176,000		2,641,760
Veritas Software Corp *	114,000		1,780,680
Xilinx Inc *	104,000		2,142,400

			83,465,660

Utilities - 3.45%

AT&T Corp	104,000		2,715,440
BellSouth Corp	73,000		1,888,510
Duke Energy Corp	151,000		2,950,540
FPL Group Inc	52,000		3,126,760
SBC Communications Inc	239,000		6,479,290
The Southern Co	104,000		2,952,560

			20,113,100


Total Common Stocks (Cost $ 634,890,557)			538,124,300


FOREIGN COMMON STOCKS - 2.31%

Barbados - 0.63%

Nabors Industries Ltd *	104,000		3,668,080

Canada - 0.59%

Canadian National Railway Co	83,000		3,449,480

See Notes to Financial Statements

See explanation of symbols on B-97

B-1

PACIFIC SELECT FUND

BLUE CHIP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

Finland - 0.44%

Nokia OYJ ADR		166,000	$	2,573,000

United Kingdom - 0.65%

Vodafone Group PLC ADR		208,000		3,768,960


Total Foreign Common Stocks (Cost $15,052,101)				13,459,520


	Principal Amount

SHORT-TERM INVESTMENTS - 5.14%

U.S. TREASURY BILL - 0.34%

1.180% due 03/20/03 **	$	2,000,000		1,994,887


Total U.S. Treasury Bill				1,994,887


SECURITIES HELD UNDER REPURCHASE AGREEMENT - 4.80%

State Street Bank and Trust Co 1.180% due 01/02/03 (Dated 12/31/02, repurchase price Of $27,940,832; collateralized by Federal Home Loan Bank—market value $28,500,380 and due 11/17/03)		27,939,000		27,939,000


Total Securities Held Under Repurchase Agreement				27,939,000

Total Short-Term Investments (Cost $29,933,887)				29,933,887


TOTAL INVESTMENTS - 99.77% (Cost $679,876,545)				581,517,707

OTHER ASSETS AND LIABILITIES, NET - 0.23%				1,355,382


NET ASSETS - 100.00%			$	582,873,089

Note to Schedule of Investments

(a) Securities with an approximate aggregate market value of $558,568 have

been segregated with the custodian to cover margin requirements for the

following open futures contracts at December 31, 2002:

Type	Number of Contracts	Unrealized Depreciation

S&P 500 (03/03)	35	($	110,620	)

See Notes to Financial Statements

See explanation of symbols on B-97

B-2

PACIFIC SELECT FUND

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 96.19%

Autos & Transportation - 4.92%

C.H. Robinson Worldwide Inc	8,600	$	268,320
Expeditors Int’l of Washington Inc	17,240		562,886
Gentex Corp *	21,570		682,475
Lear Corp *	10,800		359,424
Superior Industries International Inc	8,600		355,696

			2,228,801

Consumer Discretionary - 26.20%

Apollo Group Inc ‘A’ *	5,439		239,316
Bed Bath & Beyond Inc *	21,600		745,848
Best Buy Co Inc *	17,300		417,795
Brinker International Inc *	300		9,675
CBRL Group Inc	10,810		325,705
CDW Computer Centers Inc *	26,950		1,181,758
ChoicePoint Inc *	6,500		256,685
Cintas Corp	10,800		494,100
Dollar Tree Stores Inc *	21,600		530,712
eBay Inc *	3,800		257,716
Fastenal Co	21,540		805,380
Fisher Scientific International Inc *	27,000		812,160
Hispanic Broadcasting Corp *	21,100		433,605
Iron Mountain Inc *	8,490		280,255
Kohl’s Corp *	4,290		240,026
Lamar Advertising Co *	8,600		289,390
Pacific Sunwear of California Inc *	35,550		628,880
Regis Corp	10,800		280,692
Robert Half International Inc *	48,490		781,174
Sonic Corp *	10,790		221,087
Starbucks Corp *	10,770		219,493
The Cheesecake Factory Inc *	6,500		234,975
The Men’s Wearhouse Inc *	10,600		181,790
The TJX Cos Inc	11,300		220,576
Too Inc *	21,570		507,326
Westwood One Inc *	10,800		403,488
Williams-Sonoma Inc *	32,340		878,031

			11,877,638

Energy - 9.26%

Cal Dive International Inc *	21,570		506,895
Cooper Cameron Corp *	5,630		280,487
ENSCO International Inc	16,200		477,090
National-Oilwell Inc *	21,560		470,870
Newfield Exploration Co *	10,800		389,340
Patterson-UTI Energy Inc *	32,340		975,698
Pride International Inc *	48,500		722,650
Varco International Inc *	21,600		375,840

			4,198,870

Financial Services - 19.21%

Affiliated Computer Services Inc ‘A’ *	27,000		1,421,550
Brown & Brown Inc	16,200		523,584
Doral Financial Corp	16,150		461,890
DST Systems Inc *	16,700		593,685
Federated Investors Inc ‘B’	10,780		273,489
Fiserv Inc *	28,370		963,161
HCC Insurance Holdings Inc	26,940		662,724
Investors Financial Services Corp	25,940		710,497
Legg Mason Inc	5,300		257,262
Moody’s Corp	4,600		189,934
Paychex Inc	32,400		903,960
SEI Investments Co	4,000		108,720
Southwest Bancorp of Texas Inc *	6,190		178,334
SunGard Data Systems Inc *	37,710		888,448
TCF Financial Corp	7,580		331,170
Waddell & Reed Financial Inc ‘A’	12,070		237,417

			8,705,825

Health Care - 20.29%

AmerisourceBergen Corp	17,300		939,563
Biomet Inc	8,600		246,476
Caremark Rx Inc *	56,100		911,625
Community Health Systems Inc *	36,200		745,358
Express Scripts Inc ‘A’ *	21,560		1,035,742
First Health Group Corp *	43,110		1,049,728
Health Management Associates Inc ‘A’	53,900		964,810
LifePoint Hospitals Inc *	19,400		580,661
Lincare Holdings Inc *	16,150		510,663
Medicis Pharmaceutical Corp ‘A’ *	21,600		1,072,872
Patterson Dental Co *	4,780		209,077
ResMed Inc *	21,600		660,312
Varian Medical Systems Inc *	5,400		267,840

			9,194,727

Materials & Processing - 4.19%

Jacobs Engineering Group Inc *	39,940		1,421,864
The Valspar Corp	10,800		477,144

			1,899,008

Producer Durables - 4.20%

Alliant Techsystems Inc *	10,800		673,380
Danaher Corp	16,200		1,064,340
Lam Research Corp *	80		864
Molex Inc ‘A’	8,400		167,076

			1,905,660

Technology - 7.92%

CACI International Inc ‘A’ *	7,000		249,480
Intuit Inc *	12,900		605,268
L-3 Communications Holdings Inc *	10,800		485,028
Linear Technology Corp	12,900		331,788
Microchip Technology Inc	16,190		395,846
National Instruments Corp *	12,900		419,121
QLogic Corp *	5,400		186,354
The Reynolds & Reynolds Co ‘A’	10,800		275,076
UTStarcom Inc *	32,380		642,095

			3,590,056


Total Common Stocks (Cost $44,663,722)			43,600,585

See Notes to Financial Statements

See explanation of symbols on B-97

B-3

PACIFIC SELECT FUND

AGGRESSIVE GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

SHORT-TERM INVESTMENT - 3.82%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 3.82%

State Street Bank and Trust Co 1.180% due 01/02/03 (Dated 12/31/02, repurchase price of $1,730,113; collateralized by Federal Home Loan Bank—market value $1,765,000 and due 01/14/04)	$	1,730,000	$	1,730,000


Total Securities Held Under Repurchase Agreement				1,730,000


Total Short-Term Investment (Cost $1,730,000)				1,730,000


TOTAL INVESTMENTS - 100.01% (Cost $46,393,722)				45,330,585

OTHER ASSETS AND LIABILITIES, NET - (0.01%)				(5,018	)


NET ASSETS - 100.00%			$	45,325,567

See Notes to Financial Statements

B-4

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

PREFERRED STOCKS - 7.32%

Brazil - 7.32%

Cia Energetica de Minas Gerais	157,566,096	$1,177,295
Empresa Brasileria de Aeronautica SA	1,575,900	6,232,373
Lojas Americanas SA	481,767,000	1,252,050
Sadia SA	3,776,000	1,450,667
Telemar Norte Leste SA ‘A’	60,832,000	773,288

		10,885,673

Total Preferred Stocks (Cost $10,131,036)		10,885,673


COMMON STOCKS - 81.38%

Argentina - 0.19%

Siderca SAIC ADR	19,700	278,978


Brazil - 3.84%

Cia de Bebidas das Americas ADR	132,700	2,064,812
Cia Paranaense de Energia ‘P’ ADR	229,000	643,490
Saneamento Basico do Sao Paulo	21,672,200	563,232
Saneamento Basico do Sao Paulo ADR *	116,100	748,845
Tele Norte Leste Participacoes SA	172,218,208	972,984
Uniao de Bancos Brasileiros SA GDR	65,400	716,130

		5,709,493


Croatia - 2.92%

Pliva DD GDR	305,300	4,335,260


Egypt - 3.01%

Commercial International Bank GDR	297,100	1,589,485
Eastern Tobacco	149,200	1,859,039
Medinet Nasr for Housing & Development	178,800	854,996
Mobinil-Egyptian Mobile Netork	25,629	171,653

		4,475,173


Greece - 1.65%

Greek Organization of Football Prognostics SA	129,500	1,373,217
Intralot SA	84,900	1,073,204

		2,446,421


Hong Kong - 4.08%

China Merchants Holdings Int’l Co Ltd	566,000	395,550
Dairy Farm International Holdings Ltd *	1,238,900	1,176,955
Hong Kong Exchanges & Clearing Ltd	816,000	1,025,428
Shaw Brothers Ltd	1,071,000	1,098,673
Television Broadcasts Ltd	676,900	2,135,249
The Hong Kong & Shanghai Hotels	569,500	240,989

		6,072,844


Hungary - 0.79%

Danubius Hotel & Spa RT	65,500	1,165,947


India - 21.59%

Asian Paints Ltd	372,700	2,523,401
Bharat Petroleum Corp Ltd	1,050,200	4,747,254
Dr. Reddy’s Laboratories Ltd	139,500	2,612,970
Dr. Reddy’s Laboratories Ltd ADR	68,000	1,314,440
Housing Development Finance Corp	696,400	5,202,304
ICICI Bank Ltd ADR	634,200	4,122,300
ITC Ltd	256,800	3,536,824
Kotak Mahindra Finance Ltd	132,500	476,531
NIIT Ltd	488,700	1,908,428
Sun Pharmaceuticals Industries Ltd	146,400	1,836,794
United Breweries Holdings Ltd *	538,000	338,285
United Breweries Ltd *	261,300	617,149
Videsh Sanchar Nigam Ltd ADR	61,100	250,511
ZEE Telefilms Ltd	1,287,100	2,617,149

		32,104,340


Indonesia - 0.77%

Aneka Tambang Tbk PT	14,285,000	957,654
Hero Supermarket Tbk PT *	153,000	18,804
Ramayana Lestari Sentosa Tbk PT	611,500	172,518

		1,148,976


Lebanon - 2.25%

Solidere GDR *	679,600	3,347,030


Malaysia - 0.94%

British American Tobacco Malaysia Bhd	131,800	1,231,289
Road Builder (M) Holdings Bhd	188,000	161,284

		1,392,573


Mexico - 8.54%

Corporacion GEO SA de CV ‘B’ *	932,400	1,714,037
G. Accion SA de CV ‘B’ *	457,000	208,927
Grupo Casa Saba SA de CV ADR *	120,100	1,269,457
Grupo Financiero Banorte SA de CV ‘O’	1,648,700	4,046,376
Grupo Financiero Inbursa SA ‘O’ *	1,371,800	1,148,668
Grupo Televisa SA ADR *	154,300	4,309,599

		12,697,064


Philippines - 0.59%

Jollibee Foods Corp	1,727,500	590,557
SM Prime Holdings Inc	3,253,000	289,440

		879,997


Portugal - 2.22%

Jeronimo Martins SGPS SA *	175,500	1,280,589
Portugal Telecom SGPS SA	108,500	746,138
Portugal Telecom SGPS SA ADR	187,500	1,280,625

		3,307,352

Singapore - 1.84%

Courts Singapore Ltd	640,000	170,645
Singapore Press Holdings Ltd	244,300	2,563,277

		2,733,922


South Africa - 2.13%

ABSA Group Ltd	57,882	213,415
Iscor Ltd	78,452	194,517
Johnnic Holdings Ltd *	62,962	334,333
Pick’n Pay Stores Ltd	228,980	355,339
Sanlam Ltd	2,333,700	2,069,438

		3,167,042


South Korea - 8.48%

AmorePacific Corp *	12,293	1,067,560
Hyundai Heavy Industries *	271,500	4,360,756
LG Home Shopping Inc *	65,580	3,815,202
PKL Corp *	497,700	1,665,924
SK Corp *	154,110	1,702,155

		12,611,597

See Notes to Financial Statements

See explanation of symbols on B-97

B-5

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

Taiwan - 8.30%

Chinatrust Financial Holding Co Ltd *		960	$	784
Compal Electronics Inc		750		779
Fubon Financial Holdings Co Ltd		2,126,611		1,693,924
Fubon Financial Holdings Co Ltd GDR		293,700		2,387,781
Hon Hai Precision Industry Co Ltd		342,960		1,187,740
Lite-On Technology Corp		1,350,000		1,523,377
MediaTek Inc		800		6,580
President Chain Store Corp		1,519,221		2,301,850
Synnex Technology International Corp		2,141,000		3,243,939
Taiwan Semiconductor Manufacturing Co Ltd *		620		762

				12,347,516

Thailand - 1.65%

Advanced Info Service PCL		125,100		103,694
BEC World PLC +		52,500		248,319
Kiatnakin Finance PCL+		721,000		543,299
Tisco Finance PCL + *		3,006,000		1,561,196

				2,456,508

Turkey - 3.02%

Aksigorta AS		664,557,632		1,861,562
Haci Omer Sabanci Holding AS ADR *		2,240,100		1,971,288
Hurriyet Gazetecilik ve Matbaacilik AS *		250,870,499		657,402

				4,490,252

United Kingdom - 2.58%

Amdocs Ltd *		209,100		2,053,362
Antofagasta PLC		172,500		1,737,398
Old Mutual PLC (JSE) +		56,608		40,687

				3,831,447

Total Common Stocks (Cost $126,103,027)				120,999,732

	Principal Amount

SHORT-TERM INVESTMENT - 7.05%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 7.05%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $10,481,855; collateralized by U.S. Treasury Notes - market value $10,695,218 and due 11/15/04)	$	10,481,418		10,481,418


Total Securities Held Under Repurchase Agreement				10,481,418


Total Short-Term Investment (Cost $10,481,418)				10,481,418


TOTAL INVESTMENTS - 95.75% (Cost $146,715,481)				142,366,823

OTHER ASSETS AND LIABILITIES, NET - 4.25%				6,322,904


NET ASSETS - 100.00%			$	148,689,727

Note to Schedule of Investments

(a) At December 31, 2002, the portfolio’s investments were diversified as a percentage of net assets as follows:


Financial Services		22.7%

Consumer Discretionary		18.8%

Technology		7.8%

Consumer Staples		7.1%

Short-Term Investment		7.1%

Health Care		6.8%

Diversified		5.1%

Utilities		5.0%

Autos & Transportation		4.3%

Integrated Oils		4.3%

Other		4.3%

Materials & Processing		3.7%

Producer Durables		3.0%


Total		100.0%

See Notes to Financial Statements

See explanation of symbols on B-97

B-6

PACIFIC SELECT FUND

DIVERSIFIED RESEARCH PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 89.26%

Autos & Transportation - 0.24%

Navistar International Corp *	21,100	$	512,941

Consumer Discretionary - 14.15%

Amazon.com Inc *	151,500		2,861,835
AOL Time Warner Inc *	182,050		2,384,855
AutoNation Inc *	75,000		942,000
Carnival Corp	57,000		1,422,150
Costco Wholesale Corp *	82,500		2,314,950
Entercom Communications Corp *	9,900		464,508
Fox Entertainment Group Inc ‘A’ *	33,000		855,690
General Motors Corp ‘H’ *	141,300		1,511,910
Knight-Ridder Inc	10,800		683,100
Liberty Media Corp ‘A’ *	215,592		1,927,392
Lowe’s Cos Inc	67,300		2,523,750
McDonald’s Corp	19,500		313,560
Radio One Inc ‘D’ *	55,100		795,093
RadioShack Corp	55,300		1,036,322
Robert Half International Inc *	40,300		649,233
Sabre Holdings Corp *	52,900		958,019
Starwood Hotels & Resorts Worldwide Inc	24,200		574,508
The Interpublic Group of Cos Inc	30,000		422,400
TMP Worldwide Inc *	33,800		382,278
USA Interactive *	156,200		3,570,732
VeriSign Inc *	74,000		593,480
Wal-Mart Stores Inc	45,900		2,318,409
Williams-Sonoma Inc *	24,000		651,600

			30,157,774

Consumer Staples - 5.20%

Anheuser-Busch Cos Inc	25,700		1,243,880
Campbell Soup Co	124,600		2,924,362
PepsiCo Inc	131,100		5,535,042
Philip Morris Cos Inc	34,100		1,382,073

			11,085,357

Diversified - 2.95%

General Electric Co	258,700		6,299,345

Energy - 4.33%

Baker Hughes Inc	180,100		5,797,419
BJ Services Co *	51,700		1,670,427
El Paso Corp	120,400		837,984
Williams Cos Inc	344,700		930,690

			9,236,520

Financial Services - 18.51%

American International Group Inc	18,100		1,047,085
AmeriCredit Corp *	71,800		555,732
Bank One Corp	175,200		6,403,560
CheckFree Corp *	45,100		721,645
Cincinnati Financial Corp	42,700		1,603,385
Concord EFS Inc *	58,000		912,920
General Growth Properties Inc	14,400		748,800
Household International Inc	41,800		1,162,458
J.P. Morgan Chase & Co	170,100		4,082,400
SLM Corp	124,600		12,940,956
The Hartford Financial Services Group Inc	38,300		1,739,969
The PMI Group Inc	68,300		2,051,732
Washington Mutual Inc	158,900		5,486,817

			39,457,459

Health Care - 17.26%

Allergan Inc	102,700		5,917,574
Becton Dickinson & Co	63,900		1,961,091
Forest Laboratories Inc *	101,700		9,988,974
Genentech Inc *	19,000		630,040
Guidant Corp *	72,200		2,227,370
Lincare Holdings Inc *	68,900		2,178,618
Medtronic Inc	49,600		2,261,760
Pfizer Inc	380,700		11,637,999

			36,803,426

Integrated Oils - 3.40%

ChevronTexaco Corp	16,700		1,110,216
Exxon Mobil Corp	105,600		3,689,664
Unocal Corp	79,900		2,443,342

			7,243,222

Materials & Processing - 4.30%

Air Products & Chemicals Inc	67,800		2,898,450
American Standard Cos Inc *	25,400		1,806,956
Bowater Inc	29,200		1,224,940
E.I. du Pont de Nemours & Co	30,700		1,301,680
Fluor Corp	45,000		1,260,000
Newmont Mining Corp	23,600		685,108

			9,177,134

Producer Durables - 3.00%

Agilent Technologies Inc *	44,500		799,220
Applied Materials Inc *	128,300		1,671,749
Emerson Electric Co	7,200		366,120
KLA-Tencor Corp *	28,100		993,897
Lam Research Corp *	41,700		450,360
Polycom Inc *	58,300		555,016
Teradyne Inc *	29,700		386,397
United Technologies Corp	18,800		1,164,472

			6,387,231

Technology - 7.83%

Altera Corp *	45,000		555,300
Applera Corp-Applied Biosystems Group	135,800		2,381,932
Applied Micro Circuits Corp *	88,000		324,720
Broadcom Corp ‘A’ *	30,000		451,800
Cadence Design Systems Inc *	62,000		730,980
Cisco Systems Inc *	151,600		1,985,960
International Business Machines Corp	14,700		1,139,250
JDS Uniphase Corp *	215,000		531,050
Macromedia Inc *	31,200		332,280
Microsoft Corp *	102,700		5,309,590
Network Associates Inc *	41,400		666,126
PMC-Sierra Inc *	6,400		35,584
QUALCOMM Inc *	35,000		1,273,650
Raytheon Co	9,100		279,825
Seagate Technology *	15,100		162,023
Veritas Software Corp *	34,400		537,328

			16,697,398

Utilities - 8.09%

AT&T Corp	80,420		2,099,766
Cablevision Systems Corp ‘A’ *	251,009		4,201,891
Comcast Corp ‘A’ *	10,440		246,071
Cox Communications Inc ‘A’ *	30,300		860,520
Kinder Morgan Inc	27		1,141
Kinder Morgan Management LLC *	28,884		912,452
NiSource Inc	63,700		1,274,000
Pinnacle West Capital Corp	33,800		1,152,242
Sprint Corp-FON Group	205,400		2,974,192

See Notes to Financial Statements

See explanation of symbols on B-97

B-7

PACIFIC SELECT FUND

DIVERSIFIED RESEARCH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value
Sprint Corp-PCS Group *		548,400	$	2,401,992
The AES Corp *		370,600		1,119,212

				17,243,479

Total Common Stocks (Cost $235,978,761)				190,301,286


FOREIGN COMMON STOCKS - 7.45%

Barbados - 1.21%

Everest Re Group Ltd		12,900		713,370
Weatherford International Ltd *		46,900		1,872,717

				2,586,087


Bermuda - 2.16%

Ingersoll-Rand Co ‘A’		31,700		1,365,002
Tyco International Ltd		82,000		1,400,560
XL Capital Ltd ‘A’		23,900		1,846,275

				4,611,837


Canada - 0.24%

Canadian National Railway Co		5,600		232,736
Nova Chemicals Corp		15,200		278,160

				510,896


France - 0.30%

Vivendi Universal SA ADR		39,200		629,944


Germany - 0.28%

Siemens AG ADR		14,000		589,820


Netherlands - 0.79%

ASML Holding NV ‘NY’ *		44,000		367,840
Royal Dutch Petroleum Co ‘NY’		30,100		1,325,002

				1,692,842


United Kingdom - 2.47%

Amdocs Ltd *		61,000		599,020
AstraZeneca PLC ADR		132,700		4,656,443

				5,255,463

Total Foreign Common Stocks (Cost $20,031,000)				15,876,889

	Principal Amount

SHORT-TERM INVESTMENT - 3.15%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 3.15%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $6,711,280; collateralized by U.S. Treasury Bonds - market value $6,852,381 and due 08/15/20)	$	6,711,000		6,711,000


Total Securities Held Under Repurchase Agreement				6,711,000


Total Short-Term Investment (Cost $6,711,000)				6,711,000


TOTAL INVESTMENTS - 99.86% (Cost $262,720,761)				212,889,175

OTHER ASSETS AND LIABILITIES, NET - 0.14%				307,586


NET ASSETS - 100.00%			$	213,196,761

See Notes to Financial Statements

See explanation of symbols on B-97

B-8

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 92.23%

Autos & Transportation - 3.07%

America West Holdings Corp ‘B’ *	45,000	$	81,000
Bandag Inc	50,500		1,953,340
BorgWarner Inc	34,800		1,754,616
ExpressJet Holdings Inc *	281,000		2,880,250
Hub Group Inc ‘A’ *	62,000		297,600
Oshkosh Truck Corp	14,100		867,150
Polaris Industries Inc	30,200		1,769,720
SCS Transportation Inc *	8,300		82,253
U.S. Xpress Enterprises Inc ‘A’ *	104,000		911,040
Werner Enterprises Inc	72,866		1,568,805

			12,165,774


Consumer Discretionary - 21.98%

Acclaim Entertainment Inc *	487,300		321,618
ACME Communications Inc *	48,000		382,560
ADVO Inc *	49,300		1,618,519
American Eagle Outfitters Inc *	203,700		2,806,986
American Greetings Corp ‘A’ *	58,200		919,560
AMN Healthcare Services Inc *	47,400		801,534
ANC Rental Corp *	301,200		15,060
Arbitron Inc *	80,200		2,686,700
Borders Group Inc *	87,400		1,407,140
California Pizza Kitchen Inc *	139,000		3,502,800
Carriage Services Inc *	307,500		1,223,850
CEC Entertainment Inc *	71,000		2,179,700
Charlotte Russe Holding Inc *	116,500		1,236,065
Charter Communications Inc ‘A’ *	292,400		345,032
Christopher & Banks Corp *	49,000		1,016,750
CNET Networks Inc *	287,600		779,396
CoStar Group Inc *	198,100		3,654,945
Cumulus Media Inc ‘A’ *	68,300		1,015,621
DeVry Inc *	54,000		896,940
DoubleClick Inc *	120,000		679,200
EarthLink Inc *	424,200		2,311,890
Emmis Communications Corp ‘A’ *	142,800		2,974,524
Entercom Communications Corp *	49,800		2,336,616
Entravision Communications Corp ‘A’ *	150,000		1,497,000
Gaiam Inc *	102,700		1,064,999
Galyans Trading Co Inc *	22,800		228,000
Genesco Inc *	77,400		1,441,962
Gray Television Inc	95,500		931,125
Heska Corp *	125,000		43,750
Insight Communications Co Inc *	369,000		4,568,220
International Speedway Corp ‘A’	51,000		1,901,790
Kellwood Co	32,500		845,000
Landry’s Restaurants Inc	88,600		1,881,864
Libbey Inc	67,400		1,752,400
Lithia Motors Inc ‘A’ *	72,400		1,135,956
LoJack Corp *	150,000		741,000
Martha Stewart Living Omnimedia Inc ‘A’ *	127,400		1,257,438
Media General Inc ‘A’	19,100		1,145,045
Pixar Inc *	28,400		1,504,916
ProQuest Co *	89,500		1,754,200
Radio One Inc ‘A’ *	92,700		1,355,274
Radio One Inc ‘D’ *	341,800		4,932,174
Regent Communications Inc *	97,200		574,452
Resources Connection Inc *	72,600		1,685,046
Ruby Tuesday Inc	312,000		5,394,480
School Specialty Inc *	76,700		1,532,466
Speedway Motorsports Inc	146,600		3,779,348
Steiner Leisure Ltd *	100,900		1,406,546
THQ Inc *	169,050		2,239,912
Vans Inc *	180,000		1,022,400
WESCO International Inc *	155,000		850,950
West Corp *	50,000		830,000
Williams-Sonoma Inc *	51,800		1,406,370
XM Satellite Radio Holdings Inc ‘A’ *	119,000		320,110
Young Broadcasting Inc ‘A’ *	77,000		1,014,090

			87,151,289


Consumer Staples - 2.39%

Adolph Coors Co ‘B’	25,500		1,561,875
International Multifoods Corp *	67,800		1,436,682
Performance Food Group Co *	94,400		3,205,730
Robert Mondavi Corp ‘A’ *	33,000		1,023,000
The Hain Celestial Group Inc *	70,600		1,073,120
Tootsie Roll Industries Inc	37,742		1,157,925

			9,458,332


Energy - 3.76%

Cabot Oil & Gas Corp	95,900		2,376,402
Helmerich & Payne Inc	122,700		3,424,557
Hydril Co *	150,800		3,554,356
Newpark Resources Inc *	242,600		1,055,310
Noble Energy Inc	26,800		1,006,340
Patterson-UTI Energy Inc *	23,900		721,063
Premcor Inc *	64,000		1,422,720
Spinnaker Exploration Co *	61,800		1,362,690

			14,923,438


Financial Services - 18.35%

American Capital Strategies Ltd	209,000		4,512,310
AmeriCredit Corp *	861,900		6,671,106
Annaly Mortgage Management Inc	366,000		6,880,800
Anthracite Capital Inc	189,500		2,065,550
BOK Financial Corp *	132,982		4,307,287
Citizens Banking Corp MI	135,000		3,345,300
Community First Bankshares Inc	120,000		3,175,200
Credit Acceptance Corp *	151,900		969,274
Cullen/Frost Bankers Inc	48,600		1,589,220
Digital Insight Corp *	135,600		1,178,364
Fair Issac & Co Inc CA	37,679		1,608,893
Fidelity Bankshares Inc	62,247		1,114,221
First Community Bancorp CA	9,000		296,379
First Midwest Bancorp Inc IL	137,500		3,672,625
Harbor Florida Bancshares Inc	53,000		1,193,560
Homestore Inc *	758,000		644,300
IndyMac Bancorp Inc *	267,000		4,936,830
Medallion Financial Corp	160,000		624,000
MeriStar Hospitality Corp	196,600		1,297,560
MFA Mortgage Investments Inc	238,000		1,999,200
Pan Pacific Retail Properties Inc	10,500		383,565
Philadelphia Consolidated Holding Corp *	56,100		1,985,940
Provident Bankshares Corp	105,870		2,446,762
San Juan Basin Royalty Trust	110,000		1,507,000
SL Green Realty Corp	122,400		3,867,840
Sterling Bancshares Inc TX	4,800		58,656
The First American Corp	173,500		3,851,700
Umpqua Holdings Corp	35,600		649,700
W.R. Berkley Corp	149,450		5,919,714

			72,752,856


Health Care - 7.03%

ACLARA BioSciences Inc *	156,800		329,280
American Pharmaceutical Partners Inc *	108,500		1,931,300
Amylin Pharmaceuticals Inc *	59,100		953,874
Antigenics Inc *	183,000		1,873,920
Aspect Medical Systems Inc *	182,500		618,675
ChromaVision Medical Systems Inc *	380,000		505,400
Conceptus Inc *	128,400		1,538,232
CTI Molecular Imaging Inc *	83,000		2,046,780
Diversa Corp *	84,400		763,820
Genaissance Pharmaceuticals Inc *	114,400		99,528
ILEX Oncology Inc *	136,000		960,160

See Notes to Financial Statements

See explanation of symbols on B-97

B-9

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Illumina Inc *	181,000	$609,970
Lexicon Genetics Inc TX *	151,000	714,230
MedSource Technologies Inc *	53,200	345,268
Orthodontic Centers of America Inc *	51,600	562,956
Protein Design Labs Inc *	137,100	1,165,350
Quintiles Transnational Corp *	26,000	314,600
Scios Inc *	86,900	2,831,202
SICOR Inc *	45,900	727,515
Tanox Inc *	162,100	1,467,005
Transkaryotic Therapies Inc *	142,100	1,406,790
Triad Hospitals Inc *	56,200	1,676,446
Trimeris Inc *	41,000	1,766,690
Wright Medical Group Inc *	152,400	2,660,752

		27,869,743

Materials & Processing - 9.76%

AptarGroup Inc	178,000	5,560,720
Corn Products International Inc	121,700	3,666,821
Ferro Corp	346,500	8,464,995
GrafTech International Ltd *	159,800	952,408
Insignia Financial Group Inc *	200,000	1,450,000
Lyondell Chemical Co	95,900	1,212,176
Quanta Services Inc *	248,971	871,398
Spartech Corp	83,000	1,712,290
The Scotts Co ‘A’ *	116,800	5,727,872
Trammell Crow Co *	133,600	1,202,400
Wilson Greatbatch Technologies Inc *	185,900	5,428,280
York International Corp	96,500	2,467,505

		38,716,865

Producer Durables - 14.80%

Advanced Energy Industries Inc *	327,100	4,160,712
Astec Industries Inc *	54,900	545,157
Beazer Homes USA Inc *	14,300	866,580
Briggs & Stratton Corp	66,900	2,841,243
Cable Design Technologies Corp *	170,000	1,003,000
Columbus McKinnon Corp NY *	156,200	596,840
Credence Systems Corp *	406,700	3,794,511
Cummins Inc	37,000	1,040,810
Cymer Inc *	117,200	3,779,700
Donaldson Co Inc	43,200	1,555,200
Electro Scientific Industries Inc *	212,800	4,256,000
EMCORE Corp *	310,100	679,119
FEI Co *	278,800	4,262,852
Gardner Denver Inc *	68,400	1,388,520
Helix Technology Corp	253,400	2,838,080
Kulicke & Soffa Industries Inc *	639,400	3,657,368
LTX Corp *	630,500	3,801,915
MKS Instruments Inc *	136,500	2,242,695
Nanometrics Inc *	129,100	540,929
NVR Inc *	8,200	2,669,100
Pentair Inc	20,500	708,275
Photon Dynamics Inc *	105,900	2,414,520
Polycom Inc *	178,500	1,699,320
Power-One Inc *	317,900	1,802,493
Rayovac Corp *	72,800	970,424
Rudolph Technologies Inc *	54,100	1,036,556
Veeco Instruments Inc *	304,200	3,516,552
Zygo Corp *	4,900	34,251

		58,702,722

Technology - 6.46%

Advanced Fibre Communications Inc *	63,000	1,050,840
Alliance Fiber Optic Products Inc *	278,600	158,802
Alloy Inc *	137,900	1,510,005
Aspect Communications Corp *	341,000	968,440
Avanex Corp *	87,900	92,119
Carrier Access Corp *	183,100	73,240
Click Commerce Inc *	47,980	96,920
Exar Corp *	157,000	1,946,800
Gateway Inc *	1,019,600	3,201,544
Intergraph Corp *	83,600	1,484,736
Ixia *	272,300	993,895
Macromedia Inc *	85,000	905,250
MatrixOne Inc *	330,500	1,421,150
MIPS Technologies Inc ‘A’ *	165,700	502,071
MIPS Technologies Inc ‘B’ *	23,000	66,240
Monolithic System Technology Inc *	121,500	1,467,720
National Instruments Corp *	25,600	831,744
Newport Corp *	116,500	1,463,240
Novell Inc *	458,000	1,529,720
Pinnacle Systems Inc *	104,100	1,416,801
Power Integrations Inc *	120,400	2,046,800
Quest Software Inc *	77,300	796,963
TriQuint Semiconductor Inc *	91,992	390,046
UNOVA Inc *	200,000	1,200,000

		25,615,086

Utilities - 4.63%

Commonwealth Telephone Enterprises Inc *	44,700	1,602,048
Energen Corp	161,000	4,685,100
Mediacom Communications Corp *	394,500	3,475,545
New Jersey Resources Corp	70,650	2,231,834
South Jersey Industries Inc	75,700	2,499,614
Southwest Gas Corp	96,000	2,251,200
WGL Holdings Inc	67,900	1,624,168

		18,369,509


Total Common Stocks (Cost $522,967,993)		365,725,614


FOREIGN COMMON STOCKS - 3.87%

Barbados - 0.42%

Everest Re Group Ltd	30,300	1,675,590

Bermuda - 0.22%

Montpelier Re Holdings Ltd *	30,100	866,880


Canada - 1.92%

CP Ships Ltd	190,900	2,592,422
Fairmont Hotels & Resorts Inc	72,000	1,695,600
Nova Chemicals Corp	181,500	3,321,450

		7,609,472

Hong Kong - 0.02%

Novel Denim Holdings Ltd *	20,000	62,680

Netherlands - 0.75%

ASM International NV *	230,000	2,967,000

United Kingdom - 0.54%

Amdocs Ltd *	210,200	2,064,164
Bookham Technology PLC ADR *	97,900	97,900

		2,162,064


Total Foreign Common Stocks (Cost $16,733,965)		15,343,686

See Notes to Financial Statements

See explanation of symbols on B-97

B-10

PACIFIC SELECT FUND

SMALL - CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount	Value

SHORT-TERM INVESTMENT - 3.88%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 3.88%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $15,391,595; collateralized by U.S. Treasury Notes—market value $15,700,450 and due 11/30/04)	$15,390,953	$	15,390,953


Total Securities Held Under Repurchase Agreement			15,390,953


Total Short-Term Investment (Cost $15,390,953)			15,390,953


TOTAL INVESTMENTS - 99.98% (Cost $555,092,911)			396,460,253

OTHER ASSETS AND LIABILITIES, NET - 0.02%			66,294


NET ASSETS - 100.00%		$	396,526,547

See Notes to Financial Statements

B-11

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

PREFERRED STOCK - 0.33%

Brazil - 0.33%

Cia Vale do Rio Doce ‘A’ ADR	58,000	$	1,595,000

Total Preferred Stock (Cost $1,433,107)			1,595,000


COMMON STOCKS - 90.46%

Australia - 2.28%

Alumina Ltd	217,100		596,520
Australia & New Zealand Banking Group Ltd	151,100		1,470,054
BHP Billiton Ltd	57,991		330,062
Brambles Industries Ltd	91,300		240,623
Foster’s Group Ltd	681,316		1,719,216
National Australia Bank Ltd	91,203		1,623,764
QBE Insurance Group Ltd	189,700		866,950
The News Corp Ltd	215,291		1,385,917
WMC Resources Ltd *	217,100		513,738
Woolworths Ltd	385,200		2,462,410

			11,209,254

Brazil - 0.24%

Cia Vale do Rio Doce ADR	41,000		1,185,310

Canada - 2.57%

Abitibi-Consolidated Inc	119,100		918,075
Bank of Nova Scotia	29,400		983,861
BCE Inc	183,800		3,328,864
Placer Dome Inc	3,200		36,319
Suncor Energy Inc	80,500		1,263,568
TELUS Corp	142,000		1,457,359
The Thomson Corp	174,300		4,652,135

			12,640,181

Denmark - 0.17%

Novo-Nordisk A/S ‘B’	28,200		815,444

Finland - 1.91%

Nokia OYJ	456,300		7,257,901
UPM-Kymmene OYJ	66,500		2,136,442

			9,394,343

France - 9.74%

Accor SA	46,200		1,399,865
Air Liquide	23,062		3,043,548
BNP Paribas *	127,000		5,177,487
Bouygues *	176,030		4,919,746
Carrefour SA	20,000		890,945
Cie Generale D’Optique Essilor Int’l SA	38,739		1,596,379
Groupe Danone	19,500		2,624,645
LVMH Moet Hennessy Louis Vuitton SA	3,300		135,642
Pechiney SA ‘A’	26,300		923,358
Renault SA *	83,700		3,935,115
Sanofi-Synthelabo SA *	249,200		15,240,243
Schneider Electric SA	56,800		2,688,911
Societe Television Francaise 1	42,700		1,141,390
Vivendi Universal SA	259,400		4,191,375

			47,908,649

Germany - 3.66%

Aixtron AG	39,900		190,185
Allianz AG	13,100		1,239,208
Bayerische Motoren Werke AG	43,100		1,310,008
DaimlerChrysler AG *	57,500		1,759,764
Deutsche Telekom AG	247,900		3,180,502
EPCOS AG *	30,600		313,559
Infineon Technologies AG *	97,900		719,496
Infineon Technologies AG ADR *	800		5,752
Metro AG	53,300		1,287,072
Muenchener Rueckversicherungs AG *	15,600		1,865,504
SAP AG	7,400		580,364
Siemens AG	97,000		4,124,532
ThyssenKrupp AG	85,000		958,454
TUI AG	28,000		468,885

			18,003,285

Greece - 0.09%

Hellenic Telecommunications Org SA	40,000		440,958

Hong Kong - 2.77%

Cheung Kong Holdings Ltd	367,000		2,388,312
China Mobile Ltd *	375,500		893,188
Hang Lung Properties Ltd	920,000		890,684
Hang Seng Bank Ltd	205,800		2,190,344
Hong Kong Land Holdings Ltd	576,000		794,880
Hutchison Whampoa Ltd	330,200		2,066,264
Johnson Electric Holdings	1,231,000		1,349,625
Li & Fung Ltd	1,498,000		1,421,453
Sun Hung Kai Properties Ltd	126,000		746,451
Swire Pacific Ltd ‘A’	226,200		864,366

			13,605,567

Ireland - 0.78%

Allied Irish Banks PLC	69,896		943,716
CRH PLC	179,878		2,219,033
Irish Life & Permanent PLC	62,700		678,036

			3,840,785

Italy - 1.48%

Assicurazioni Generali SPA *	44,900		923,954
ENI SPA *	400,400		6,368,756

			7,292,710

Japan - 16.61%

Acom Co Ltd	36,200		1,189,084
Advantest Corp	62,900		2,818,395
Aeon Co Ltd	176,000		4,165,417
Aiful Corp	28,365		1,065,509
Canon Inc	53,000		1,995,368
Chubu Electric Power Co Inc	15,400		274,977
Chugai Pharmaceutical Co Ltd	131,300		1,249,634
Daiwa Securities Group Inc	306,000		1,358,225
Hirose Electric Co Ltd	21,600		1,648,244
Hitachi Ltd	233,000		892,908
Hoya Corp	32,300		2,260,701
Japan Airlines System Corps *	302,000		643,527
Japan Telecom Holdings Co Ltd	379		1,174,699
Keyence Corp	6,500		1,130,506
Mitsubishi Estate Co Ltd	247,000		1,880,637
Mitsubishi Heavy Industries Ltd	877,000		2,142,087
Mitsubishi Motors Corp *	474,000		1,018,024
Mitsui Fudosan Co Ltd	313,000		2,029,900
Mitsui Sumitomo Insurance Co Ltd	225,000		1,034,701
Murata Manufacturing Co Ltd	30,800		1,206,266
NEC Corp	471,000		1,761,341
Nikko Cordial Corp	468,000		1,576,687

See Notes to Financial Statements

See explanation of symbols on B-97

B-12

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Nikon Corp *	19,000	$142,744
Nintendo Co Ltd	11,700	1,092,841
Nippon Telegraph & Telephone Corp	225	816,769
Nissan Motor Co Ltd	658,000	5,131,879
Nitto Denko Corp	33,900	965,064
Nomura Holdings Inc	188,000	2,112,288
NTT DoCoMo Inc	1,492	2,752,026
ORIX Corp	44,400	2,860,777
Rohm Co Ltd	32,400	4,123,339
Sankyo Co Ltd	97,300	1,220,245
Sekisui House Ltd	263,000	1,860,692
Shimamura Co Ltd	3,600	229,226
Shionogi & Co Ltd	176,000	2,487,392
Sony Corp	108,800	4,545,170
Sumitomo Forestry Co Ltd	98,000	541,464
Sumitomo Realty & Development Co Ltd	113,000	459,690
Suzuki Motor Corp	282,000	3,063,927
TDK Corp	46,500	1,872,063
The Kansai Electric Power Co Inc	68,600	1,035,962
THK Co Ltd	200	2,202
Tokyo Electron Ltd	108,800	4,920,879
Tokyu Corp	355,000	1,249,810
Toray Industries Inc	747,000	1,585,480
Ushio Inc	124,000	1,357,702
Yamato Transport Co Ltd	56,000	731,070

		81,677,538


Luxembourg - 0.17%

SES GLOBAL FDR	126,000	846,639


Mexico - 1.34%

America Movil SA de CV ‘L’ ADR	132,700	1,905,572
Telefonos de Mexico SA de CV ‘L’ ADR	146,600	4,688,268

		6,593,840


Netherlands - 10.16%

ABN Amro Holding NV	322,830	5,280,673
Aegon NV	640,843	8,248,786
ASML Holding NV *	21,200	177,173
ASML Holding NV ‘NY’ *	105,000	877,800
Hagemeyer NV	55,700	403,508
Heineken NV	190,500	7,440,222
ING Groep NV	162,900	2,760,403
Koninklijke Philips Electronics NV	88,800	1,556,960
Koninklijke Philips Electronics NV ‘NY’	13,500	238,680
Numico NV	37,700	474,975
Royal Dutch Petroleum Co	274,500	12,089,887
Royal Dutch Petroleum Co ‘NY’	16,700	735,134
Royal KPN NV *	701,200	4,564,377
STMicroelectronics NV *	190,100	3,728,266
STMicroelectronics NV ‘NY’	6,700	130,717
VNU NV	48,348	1,261,400

		49,968,961


New Zealand - 0.39%

Telecom Corp of New Zealand Ltd (OTC) *	814,400	1,930,128


Norway - 0.89%

Norsk Hydro ASA	24,400	1,093,689
Statoil ASA	387,200	3,269,893

		4,363,582


Russia - 0.25%

LUKOIL ADR	19,900	1,209,920

Singapore - 1.77%

DBS Group Holdings Ltd	73,000	462,931
DBS Group Holdings Ltd ADR ~	528,000	3,348,471
Singapore Airlines Ltd	180,000	1,058,457
Singapore Telecommunications Ltd	5,390,600	3,853,536

		8,723,395


South Korea - 2.04%

Samsung Electronics Co GDR	76,330	10,018,312


Spain - 2.13%

Altadis SA	48,000	1,095,592
Banco Bilbao Vizcaya Argentaria SA	464,200	4,444,756
Inditex SA	165,400	3,908,939
Telefonica SA *	112,443	1,007,000

		10,456,287


Sweden - 1.15%

Assa Abloy AB ‘B’	225,100	2,581,809
ForeningsSparbanken AB	200,300	2,378,174
Svenska Handelsbanken ‘A’	49,500	661,894

		5,621,877


Switzerland - 9.02%

Compagnie Financiere Richemont AG ‘A’	284,961	5,322,132
Credit Suisse Group *	149,687	3,250,767
Holcim Ltd	22,133	764,257
Holcim Ltd ‘B’	15,932	2,894,840
Nestle SA *	29,465	6,249,634
Novartis AG *	202,550	7,397,313
Roche Holding AG *	29,200	2,036,644
Swiss Reinsurance Co *	116,510	7,649,817
Swisscom AG	19,506	5,655,243
Synthes-Stratec Inc	1,612	989,558
UBS AG (SMI) *	44,330	2,156,491

		44,366,696


Taiwan - 0.47%

Hon Hai Precision Industry Co Ltd GDR ~	54,648	377,208
Taiwan Semiconductor Co Ltd ADR *	274,646	1,936,254

		2,313,462


United Kingdom - 18.38%

ARM Holdings PLC *	433,400	335,244
AstraZeneca PLC ADR	700	24,563
AstraZeneca PLC (FTSE)	36,500	1,305,799
AstraZeneca PLC (OMX)	408,900	14,423,281
BAE Systems PLC	1,371,205	2,740,024
Barclays PLC	300,000	1,861,282
BG Group PLC	675,100	2,915,635
BHP Billiton PLC	828,730	4,430,516
BOC Group PLC	122,100	1,747,266
Brambles Industries PLC	273,500	669,933
Centrica PLC	427,100	1,176,945
Compass Group PLC	200,000	1,063,590
GlaxoSmithKline PLC	48,000	922,036
HBOS PLC	244,400	2,579,722
Marks & Spencer Group PLC	172,762	876,978
mmO2 PLC *	1,181,000	842,158
National Grid Transco PLC	401,900	2,956,576
Pearson PLC	380,100	3,518,992
Prudential PLC	416,800	2,948,645
Reuters Group PLC	647,400	1,851,831
Royal Bank of Scotland Group PLC	318,900	7,646,941
Shire Pharmaceuticals Group PLC *	117,000	749,468
Smiths Group PLC	404,420	4,532,732
Standard Chartered PLC	273,200	3,108,248

See Notes to Financial Statements

See explanation of symbols on B-97

B-13

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value
Tate & Lyle PLC		2,600	$	13,198
Unilever PLC		439,400		4,184,830
Vodafone Group PLC		11,363,203		20,738,115
Vodafone Group PLC ADR		11,000		199,320

				90,363,868


Total Common Stocks (Cost $568,396,186)				444,790,991

	Principal Amount

SHORT-TERM INVESTMENT - 9.00%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 9.00%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $44,272,826; collateralized by U.S. Treasury Notes - market value $45,161,119 and due 07/31/04)	$	44,270,982		44,270,982


Total Securities Held Under Repurchase Agreement				44,270,982


Total Short-Term Investment (Cost $44,270,982)				44,270,982


TOTAL INVESTMENTS - 99.79% (Cost $614,100,275)				490,656,973

OTHER ASSETS AND LIABILITIES, NET - 0.21%				1,036,304


NET ASSETS - 100.00%			$	491,693,277

Notes to Schedule of Investments

(a) Forward foreign currency contracts outstanding at December 31, 2002 are summarized as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts	Expiration Month	Unrealized Appreciation (Depreciation)

Sell	CD	3,837,635	02/03	$(16,597)
Buy	ED	2,912,216	01/03	225,563
Buy		8,574,635	02/03	404,155
Buy		13,824,290	03/03	932,529
Sell		2,175,802	03/03	(137,059)
Buy		1,726,222	04/03	122,280
Buy		1,954,209	06/03	84,863
Sell	JY	352,028,670	01/03	(136,244)
Sell		750,171,030	02/03	(170,386)
Buy		254,373,000	03/03	68,266
Sell		1,343,357,866	03/03	(218,420)
Sell		207,215,640	04/03	(70,168)
Sell		240,660,840	06/03	(84,481)
Sell	MP	24,593,100	03/03	65,339

				$1,069,640

Principal amount denoted in the indicated currency:

CD—Canadian Dollar

ED—Eurodollar

JY—Japanese Yen

MP—Mexican New Peso

(b) At December 31, 2002, the portfolio’s investments were diversified as a percentage of net assets as follows:

Financial Services	19.8	%
Utilities	14.4	%
Technology	10.3	%
Health Care	9.9	%
Consumer Discretionary	9.6	%
Short-Term Investment	9.0	%
Materials & Processing	6.1	%
Consumer Staples	5.5	%
Integrated Oils	4.6	%
Autos & Transportation	4.0	%
Diversified	3.1	%
Producer Durables	2.2	%
Energy	1.3	%
Other	0.2	%

Total	100.0	%

See Notes to Financial Statements

See explanation of symbols on B-97

B-14

PACIFIC SELECT FUND

I-NET TOLLKEEPER PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value

COMMON STOCKS - 98.04%

Consumer Discretionary - 35.78%

AOL Time Warner Inc *		101,460	$	1,329,126
Cendant Corp *		133,530		1,399,394
Clear Channel Communications Inc *		48,174		1,796,408
EchoStar Communications Corp ‘A’ *		25,700		572,082
Liberty Media Corp ‘A’ *		179,750		1,606,965
Metro-Goldwyn-Mayer Inc *		49,450		642,850
Sabre Holdings Corp *		24,080		436,089
TMP Worldwide Inc *		73,350		829,588
Univision Communications Inc ‘A’ *		67,620		1,656,690
Viacom Inc ‘B’ *		66,908		2,727,170
Westwood One Inc *		47,010		1,756,294
Williams-Sonoma Inc *		17,590		477,569

				15,230,225


Financial Services - 11.46%

CheckFree Corp *		58,650		938,459
First Data Corp		62,090		2,198,607
The Charles Schwab Corp		160,690		1,743,486

				4,880,552


Materials & Processing - 1.48%

Energizer Holdings Inc *		22,520		628,308


Producer Durables - 4.20%

Crown Castle International Corp *		348,470		1,306,762
W.W. Grainger Inc		9,390		484,055

				1,790,817


Technology - 34.15%

Avocent Corp *		28,600		635,492
Cisco Systems Inc *		93,150		1,220,265
Dell Computer Corp *		77,380		2,069,141
EMC Corp MA *		154,350		947,709
Integrated Circuit Systems Inc *		77,820		1,420,215
Intersil Corp ‘A’ *		24,170		336,930
Intuit Inc *		32,240		1,512,701
Microsoft Corp *		52,210		2,699,257
QUALCOMM Inc *		71,690		2,608,799
Texas Instruments Inc		46,560		698,866
Xilinx Inc *		18,790		387,074

				14,536,449


Utilities - 10.97%

Cablevision Systems Corp ‘A’ *		182,930		3,062,248
Cox Communications Inc ‘A’ *		56,560		1,606,304

				4,668,552


Total Common Stocks (Cost $63,971,863)				41,734,903


	Principal Amount

SHORT-TERM INVESTMENT - 3.32%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 3.32%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $1,411,059; collateralized by U.S. Treasury Notes—market value $1,442,179 and due 08/15/11)	$	1,411,000		1,411,000


Total Securities Held Under Repurchase Agreement				1,411,000


Total Short-Term Investment (Cost $1,411,000)				1,411,000


TOTAL INVESTMENTS - 101.36% (Cost $65,382,863)				43,145,903

OTHER ASSETS AND LIABILITIES, NET - (1.36%)				(577,276	)


NET ASSETS - 100.00%			$	42,568,627

See Notes to Financial Statements

See explanation of symbols on B-97

B-15

PACIFIC SELECT FUND

FINANCIAL SERVICES PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value
COMMON STOCKS - 89.57%

Financial Services - 89.57%

AFLAC Inc		27,800	$	837,336
AMBAC Financial Group Inc		32,800		1,844,672
American Express Co		42,900		1,516,515
American International Group Inc		56,500		3,268,525
Bank of America Corp		49,100		3,415,887
Bank One Corp		50,700		1,853,085
Citigroup Inc		91,850		3,232,202
Commerce Bancorp Inc NJ		1,100		47,509
Compass Bancshares Inc		19,200		600,384
Eaton Vance Corp		12,400		350,300
Federated Investors Inc ‘B’		33,400		847,358
Fifth Third Bancorp		45,200		2,646,460
Financial Select Sector SPDR Fund		75,900		1,669,800
First Tennessee National Corp		12,600		452,844
Franklin Resources Inc		12,800		436,224
Freddie Mac		56,000		3,306,800
Goldman Sachs Group Inc		13,800		939,780
Hibernia Corp ‘A’		22,300		429,498
Investors Financial Services Corp		15,800		432,762
iStar Financial Inc		34,600		970,530
John Hancock Financial Services Inc		11,200		312,480
Legg Mason Inc		19,000		922,260
Lehman Brothers Holdings Inc		32,300		1,721,267
M&T Bank Corp		12,900		1,023,615
Marsh & McLennan Cos Inc		26,500		1,224,565
MBIA Inc		9,600		421,056
Mellon Financial Corp		6,300		164,493
Merrill Lynch & Co Inc		83,800		3,180,210
Moody’s Corp		6,500		268,385
Morgan Stanley		22,000		878,240
National Commerce Financial Corp		49,500		1,180,575
Nationwide Financial Services Inc ‘A’		29,300		839,445
New York Community Bancorp Inc		11,300		326,344
Northern Trust Corp		22,500		788,625
Radian Group Inc		39,100		1,452,565
SAFECO Corp		30,700		1,064,369
SLM Corp		11,500		1,194,390
Synovus Financial Corp		51,500		999,100
TCF Financial Corp		37,500		1,638,375
The Allstate Corp		32,500		1,202,175
The Bank of New York Co Inc		57,900		1,387,284
The BISYS Group Inc *		6,900		109,710
The St. Paul Cos Inc		31,700		1,079,385
U.S. Bancorp		15,300		324,666
Wachovia Corp		73,200		2,667,408
Wells Fargo & Co		72,900		3,416,823
Zions Bancorp		12,600		495,797

				59,382,078

Total Common Stocks (Cost $64,242,240)				59,382,078


FOREIGN COMMON STOCKS - 6.51%

Bermuda - 5.23%

PartnerRe Ltd		18,100		937,942
Platinum Underwriters Holdings Ltd *		29,000		764,150
RenaissanceRe Holdings Ltd		35,400		1,401,840
XL Capital Ltd ‘A’		4,700		363,075

				3,467,007


Switzerland - 1.28%

Converium Holding AG *		2,900	$	140,654
UBS AG (NYSE) *		14,700		707,364

				848,018

Total Foreign Common Stocks (Cost $3,935,200)				4,315,025


	Principal Amount

SHORT-TERM INVESTMENT - 4.90%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 4.90%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $3,251,135; collateralized by U.S. Treasury Bonds—market value $3,319,150 and due 02/15/19)	$	3,251,000		3,251,000


Total Securities Held Under Repurchase Agreement				3,251,000


Total Short-Term Investment (Cost $3,251,000)				3,251,000


TOTAL INVESTMENTS - 100.98% (Cost $71,428,440)				66,948,103

OTHER ASSETS AND LIABILITIES, NET - (0.98%)				(650,840	)


NET ASSETS - 100.00%			$	66,297,263

See Notes to Financial Statements

See explanation of symbols on B-97

B-16

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value

COMMON STOCKS - 85.94%

Health Care - 85.94%

Abbott Laboratories		67,140	$	2,685,600
Allergan Inc		7,240		417,169
AmerisourceBergen Corp		26,468		1,437,499
Amgen Inc *		63,900		3,088,926
Biomet Inc		39,000		1,117,740
Boston Scientific Corp *		72,600		3,086,952
Bristol-Myers Squibb Co		124,600		2,884,490
C.R. Bard Inc		26,800		1,554,400
Charles River Laboratories Int’l Inc *		22,500		865,800
Edwards Lifesciences Corp *		22,500		573,075
Eli Lilly & Co		46,100		2,927,350
First Health Group Corp *		62,200		1,514,570
Forest Laboratories Inc *		40,080		3,936,657
Gilead Sciences Inc *		65,580		2,229,720
Guidant Corp *		51,000		1,573,350
HCA Inc		35,980		1,493,170
Health Management Associates Inc ‘A’		96,400		1,725,560
Johnson & Johnson		67,941		3,649,111
McKesson Corp		64,400		1,740,732
Medtronic Inc		53,400		2,435,040
Merck & Co Inc		51,000		2,887,110
Pfizer Inc		71,160		2,175,361
Pharmaceutical Resources Inc *		16,000		476,800
Pharmacia Corp		68,520		2,864,136
Schering-Plough Corp		131,100		2,910,420
Stryker Corp		24,500		1,644,440
Triad Hospitals Inc *		65,700		1,959,831
UnitedHealth Group Inc		8,400		701,400
Universal Health Services Inc ‘B’ *		47,200		2,128,720
Varian Medical Systems Inc *		51,880		2,573,248
Wyeth		78,000		2,917,200
Zimmer Holdings Inc *		47,180		1,958,914

				66,134,491

Total Common Stocks (Cost $67,126,099)				66,134,491


FOREIGN COMMON STOCKS - 9.59%

France - 1.68%

Sanofi-Synthelabo SA *		21,100		1,290,406


Israel—3.73%

Teva Pharmaceutical Industries Ltd ADR		74,240		2,866,406


Switzerland - 4.18%

Alcon Inc *		42,000		1,656,900
Novartis AG ADR		42,500		1,561,025

				3,217,925

Total Foreign Common Stocks (Cost $6,718,355)				7,374,737

	Principal Amount

SHORT-TERM INVESTMENT - 5.35%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 5.35%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $4,118,172; collateralized by U.S. Treasury Bonds—market value $4,201,072 and due 08/15/20)	$	4,118,000		4,118,000


Total Securities Held Under Repurchase Agreement				4,118,000


Total Short-Term Investment (Cost $4,118,000)				4,118,000


TOTAL INVESTMENTS—100.88% (Cost $77,962,454)				77,627,228

OTHER ASSETS AND LIABILITIES, NET—(0.88%)				(674,880	)


NET ASSETS—100.00%			$	76,952,348

See Notes to Financial Statements

See explanation of symbols on B-97

B-17

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 82.10%

Consumer Discretionary - 4.36%

Amazon.com Inc *	7,500	$	141,675
AOL Time Warner Inc *	32,200		421,820
eBay Inc *	14,100		956,262
Hotels.com ‘A’ *	2,900		158,427
Viacom Inc ‘B’ *	3,000		122,280

			1,800,464

Financial Services - 7.82%

Affiliated Computer Services Inc ‘A’ *	11,100		584,415
CheckFree Corp *	18,100		289,618
First Data Corp	21,100		747,151
Fiserv Inc *	22,100		750,295
Paychex Inc	15,100		421,290
The BISYS Group Inc *	27,100		430,890

			3,223,659

Producer Durables - 5.65%

Applied Materials Inc *	49,200		641,076
KLA-Tencor Corp *	7,000		247,590
Lam Research Corp *	15,100		163,080
Lexmark International Inc *	5,600		338,800
Lockheed Martin Corp	7,000		404,250
Novellus Systems Inc *	19,100		536,328

			2,331,124

Technology - 62.81%

ADC Telecommunications Inc *	16,000		33,440
Adobe Systems Inc	20,900		520,619
Altera Corp *	38,200		471,388
Analog Devices Inc *	8,600		205,282
Apple Computer Inc *	50,000		716,500
BEA Systems Inc *	73,100		838,457
Biotech HOLDRs Trust	5,000		422,800
BMC Software Inc *	36,200		619,382
Broadcom Corp ‘A’ *	13,100		197,286
Cadence Design Systems Inc *	21,100		248,769
CIENA Corp *	24,100		123,874
Cisco Systems Inc *	83,400		1,092,540
Cognizant Technology Solutions Corp *	1,200		86,676
Cypress Semiconductor Corp *	6,000		34,320
Dell Computer Corp *	38,200		1,021,468
EMC Corp MA *	68,300		419,362
Emulex Corp *	16,100		298,655
Extreme Networks Inc *	16,100		52,647
Fairchild Semiconductor Int’l Inc ‘A’ *	14,100		151,011
Hewlett-Packard Co	30,500		529,480
Intel Corp	85,500		1,331,235
International Business Machines Corp	8,000		620,000
Internet Security Systems Inc *	5,000		91,650
Intersil Corp ‘A’ *	6,900		96,186
Intuit Inc *	16,100		755,412
Jabil Circuit Inc *	50,200		899,584
Juniper Networks Inc *	15,100		102,680
Linear Technology Corp	26,100		671,292
Maxim Integrated Products Inc	17,800		588,112
Maxtor Corp *	9,300		47,058
McDATA Corp ‘A’ *	40,700		288,970
Mercury Interactive Corp *	18,100		536,665
Microchip Technology Inc	31,100		760,395
Micron Technology Inc *	6,300		61,362
Microsoft Corp *	53,000		2,740,100
National Semiconductor Corp *	12,100		181,621
NetScreen Technologies Inc *	9,000		151,560
Network Appliance Inc *	49,100		491,000
Network Associates Inc *	22,600		363,634
Oracle Corp *	87,200		941,760
PeopleSoft Inc *	25,100		459,330
QLogic Corp *	6,000		207,060
QUALCOMM Inc *	15,050		547,670
Rational Software Corp *	14,900		154,811
RF Micro Devices Inc *	25,100		183,983
Semiconductor HOLDRs Trust	22,000		487,300
Siebel Systems Inc *	38,700		289,476
Skyworks Solutions Inc *	16,700		143,954
Software HOLDRs Trust	23,100		623,469
Sun Microsystems Inc *	48,200		149,902
Symantec Corp *	33,200		1,342,940
Texas Instruments Inc	31,100		466,811
TIBCO Software Inc *	46,410		286,814
UTStarcom Inc *	6,000		118,980
Veritas Software Corp *	13,100		204,622
Xilinx Inc *	21,100		434,660

			25,906,014

Utilities - 1.46%

AT&T Wireless Services Inc *	15,100		85,315
Nextel Communications Inc ‘A’ *	12,100		139,755
SBC Communications Inc	13,900		376,829

			601,899

Total Common Stocks (Cost $40,201,873)			33,863,160

FOREIGN COMMON STOCKS - 9.82%

Canada - 1.41%

Celestica Inc *	41,200		580,920

Finland - 2.04%

Nokia OYJ ADR	54,300		841,650

India - 0.33%

Infosys Technologies Ltd ADR	1,000		69,550
Wipro Ltd ADR	2,000		67,000

			136,550

Ireland - 0.17%

SkillSoft PLC ADR *	25,600		70,400

Israel - 0.98%

Check Point Software Technologies Ltd *	31,150		404,016

Netherlands - 0.18%

ASML Holding NV ‘NY’ *	9,000		75,240

Singapore - 1.46%

Flextronics International Ltd *	73,300		600,327

South Korea - 0.95%

Samsung Electronics Co Ltd GDR	3,000		393,750

Taiwan - 1.11%

Taiwan Semiconductor Co Ltd ADR *	47,286		333,366
United Microelectronics Corp ADR *	36,476		122,559

			455,925

See Notes to Financial Statements

See explanation of symbols on B-97

B-18

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

United Kingdom - 1.19%

Amdocs Ltd *		14,700	$	144,354
Vodafone Group PLC ADR		19,100		346,092

				490,446


Total Foreign Common Stocks (Cost $6,730,363)				4,049,224

	Principal Amount

SHORT-TERM INVESTMENT - 7.57%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 7.57%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $3,124,130; collateralized by U.S. Treasury Bonds--market value $3,188,363 and due 11/15/28)	$	3,124,000		3,124,000


Total Securities Held Under Repurchase Agreement				3,124,000


Total Short-Term Investment (Cost $3,124,000)				3,124,000


TOTAL INVESTMENTS - 99.49% (Cost $50,056,236)				41,036,384

OTHER ASSETS AND LIABILITIES, NET - 0.51%				212,348


NET ASSETS - 100.00%			$	41,248,732



Notes to Schedule of Investments

(a) Transactions in options for the year ended December 31, 2002, were as follows:

	Number of Contracts		Premium

Outstanding, December 31, 2001		443	$	158,408
Options Written		3,526		881,918
Options Expired		423		142,137
Options Repurchased		3,391		870,755

Outstanding, December 31, 2002		155		$27,434


(b) Premiums received and value on written options outstanding at December 31, 2002:

Type	Number of Contracts	Premium		Value

Call - CME Dell Computer Corp Strike @ 30.00 Exp 02/22/03	155	$	27,434	$	7,750

See Notes to Financial Statements

See explanation of symbols on B-97

B-19

PACIFIC SELECT FUND

TELECOMMUNICATIONS PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value
COMMON STOCKS - 64.39%

Consumer Discretionary - 16.96%

AOL Time Warner Inc *		17,590	$	230,429
Clear Channel Communications Inc *		10,810		403,105
EchoStar Communications Corp ‘A’ *		17,910		398,677
Fox Entertainment Group Inc ‘A’ *		21,250		551,012
Liberty Media Corp ‘A’ *		30,150		269,541
Univision Communications Inc ‘A’ *		11,430		280,035
VeriSign Inc *		3,100		24,862
Viacom Inc ‘B’ *		9,930		404,747
Westwood One Inc *		1,500		56,040

				2,618,448

Technology - 18.09%

ADC Telecommunications Inc *		44,090		92,148
ADTRAN Inc *		2,590		85,211
Agere Systems Inc ‘A’ *		9,700		13,968
BEA Systems Inc *		5,000		57,350
Broadband HOLDRs Trust		25,640		193,582
CIENA Corp *		12,930		66,460
Cisco Systems Inc *		47,960		628,276
Comverse Technology Inc *		9,640		96,593
Foundry Networks Inc *		8,500		59,840
Juniper Networks Inc *		8,120		55,216
QUALCOMM Inc *		15,870		577,509
Semiconductor HOLDRs Trust		5,560		123,154
Skyworks Solutions Inc *		3,400		29,308
Software HOLDRs Trust		11,700		315,783
Symantec Corp *		9,860		398,837

				2,793,235

Utilities - 29.34%

Alltel Corp		7,750		395,250
AT&T Corp		10,788		281,675
AT&T Wireless Services Inc *		90,400		510,760
BellSouth Corp		12,690		328,290
CenturyTel Inc		10,820		317,892
Comcast Corp ‘A’ *		20,575		484,953
Cox Communications Inc ‘A’ *		11,960		339,664
Nextel Communications Inc ‘A’ *		46,160		533,148
Nextel Partners Inc ‘A’ *		7,980		48,438
Qwest Communications International Inc *		40,480		202,400
SBC Communications Inc		12,980		351,888
Sprint Corp-FON Group		12,560		181,869
Sprint Corp-PCS Group *		16,930		74,153
Verizon Communications Inc		12,380		479,725

				4,530,105


Total Common Stocks (Cost $10,717,779)				9,941,788


FOREIGN COMMON STOCKS - 23.49%

Canada - 1.73%

BCE Inc		13,170		238,526
Nortel Networks Corp *		17,900		28,819

				267,345

Finland - 3.40%

Nokia OYJ ADR		33,860		524,830

France - 0.52%

Alcatel SA ADR		18,020		80,009

Italy - 1.07%

Telecom Italia Mobile SPA		36,290		165,739

Mexico - 1.50%

Telefonos de Mexico SA de CV ‘L’ ADR		7,250		231,855

Portugal - 2.02%

Portugal Telecom SGPS SA ADR		45,700		312,131

Singapore - 0.46%

Flextronics International Ltd *		8,790		71,990

South Korea - 7.37%

KT Corp ADR		13,470		290,278
Samsung Electronics Co Ltd GDR ~		3,920		514,500
SK Telecom Co Ltd ADR		15,570		332,420

				1,137,198

United Kingdom - 5.42%

Amdocs Ltd *		9,980		98,004
Vodafone Group PLC ADR		40,750		738,390

				836,394

Total Foreign Common Stocks (Cost $3,822,314)				3,627,491

	Principal Amount

CORPORATE BOND - 0.37%

Utilities - 0.37%

Qwest Corp 7.200% due 11/01/04	$	60,000		57,300


Total Corporate Bond (Cost $57,066)				57,300

See Notes to Financial Statements

See explanation of symbols on B-97

B-20

PACIFIC SELECT FUND

TELECOMMUNICATIONS PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount	Value

SHORT-TERM INVESTMENT - 11.82%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 11.82%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $1,825,076; collateralized by U.S. Treasury Notes—market value $1,863,781 and due 06/30/04)	$1,825,000	$1,825,000


Total Securities Held Under Repurchase Agreement		1,825,000


Total Short-Term Investment (Cost $1,825,000)		1,825,000


TOTAL INVESTMENTS - 100.07% (Cost $16,422,159)		15,451,579

OTHER ASSETS AND LIABILITIES, NET - (0.07%)		(11,257	)


NET ASSETS - 100.00%		$15,440,322

Note to Schedule of Investments

(a) Transactions in options for the year ended December 31, 2002, were as follows:

	Number of Contracts	Premium

Outstanding, December 31, 2001	62	$9,269
Options Written	257	35,788
Options Exercised	31	5,332
Options Expired	72	10,564
Options Repurchased	216	29,161

Outstanding, December 31, 2002	0	$0

See Notes to Financial Statements

See explanation of symbols on B-97

B-21

PACIFIC SELECT FUND

MULTI-STRATEGY PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

CONVERTIBLE PREFERRED STOCKS - 0.23%

Financial Services - 0.18%

The Rouse Co	21,900	$	1,008,057

Utilities - 0.05%

Qwest Trends Trust ~	23,000		282,670


Total Convertible Preferred Stocks (Cost $1,334,334)			1,290,727


PREFERRED STOCK - 0.20%

Financial Services - 0.20%

Home Ownership Funding Corp ~	1,830		1,134,550


Total Preferred Stock (Cost $1,831,903)			1,134,550


COMMON STOCK WARRANT - 0.00%

Technology - 0.00%

MicroStrategy Inc *	4,413		265


Total Common Stock Warrant (Cost $0)			265


COMMON STOCKS - 45.08%

Autos & Transportation - 1.79%

BorgWarner Inc	36,300		1,830,246
Burlington Northern Santa Fe Corp	54,700		1,422,747
Delphi Corp	289,400		2,329,670
Delta Air Lines Inc	51,300		620,730
Swift Transportation Co Inc *	115,600		2,314,081
United Parcel Service Inc ‘B’	22,300		1,406,684

			9,924,158

Consumer Discretionary - 8.85%

Borders Group Inc *	101,500		1,634,150
Brinker International Inc *	86,500		2,789,625
Callaway Golf Co	143,600		1,902,700
Cox Radio Inc ‘A’ *	60,700		1,384,567
EchoStar Communications Corp ‘A’ *	114,400		2,546,544
International Flavors & Fragrances Inc	81,600		2,864,160
Mattel Inc	162,800		3,117,620
McDonald’s Corp	84,700		1,361,976
MGM MIRAGE *	47,100		1,552,887
Nike Inc ‘B’	41,500		1,845,505
Omnicom Group Inc	62,200		4,018,120
Sears Roebuck & Co	126,900		3,039,255
Service Corp International *	448,600		1,489,352
Talbots Inc	39,100		1,076,423
The Estee Lauder Cos Inc ‘A’	67,500		1,782,000
The Gap Inc	166,100		2,577,872
The Pittston Co	101,100		1,868,328
Tiffany & Co	49,700		1,188,327
Viacom Inc ‘B’ *	251,700		10,259,292
Yahoo! Inc *	43,400		709,590

			49,008,293

Consumer Staples - 2.25%

ConAgra Foods Inc	63,000		1,575,630
Philip Morris Cos Inc	96,700		3,919,251
Safeway Inc *	131,900		3,081,184
Sara Lee Corp	79,500		1,789,545
Tyson Foods Inc ‘A’	187,700		2,105,994

			12,471,604

Energy - 1.30%

Cooper Cameron Corp *	11,400		567,948
Devon Energy Corp	60,700		2,786,130
El Paso Corp	61,400		427,344
Ocean Energy Inc	60,900		1,216,173
The Houston Exploration Co *	22,200		679,320
Westport Resources Corp *	73,700		1,532,960

			7,209,875

Financial Services - 7.34%

American International Group Inc	39,000		2,256,150
AmSouth Bancorp	56,400		1,082,880
Bank of America Corp	97,200		6,762,204
Camden Property Trust	35,400		1,168,200
CarrAmerica Realty Corp	44,300		1,109,715
CIT Group Inc	132,600		2,598,960
Developers Diversified Realty Corp	52,900		1,163,271
Equity Office Properties Trust	57,400		1,433,852
Health Care Property Investors Inc	39,800		1,524,340
Host Marriott Corp *	292,300		2,586,855
J.P. Morgan Chase & Co	296,500		7,116,000
Merrill Lynch & Co Inc	30,900		1,172,655
The Bank of New York Co Inc	99,200		2,376,832
The Hartford Financial Services Group Inc	49,200		2,235,156
U.S. Bancorp	106,300		2,255,686
Washington Mutual Inc	110,200		3,805,206

			40,647,962

Health Care - 6.79%

Abbott Laboratories	125,900		5,036,000
Affymetrix Inc *	47,500		1,087,275
Beckman Coulter Inc	79,200		2,337,984
Boston Scientific Corp *	20,700		880,164
Bristol-Myers Squibb Co	88,100		2,039,515
Covance Inc *	105,000		2,581,950
Eli Lilly & Co	22,100		1,403,350
Guidant Corp *	77,400		2,387,790
Human Genome Sciences Inc *	75,000		660,750
Humana Inc *	200,000		2,000,000
Johnson & Johnson	102,700		5,516,017
Millennium Pharmaceuticals Inc *	45,300		359,682
Pharmacia Corp	49,000		2,048,200
Quintiles Transnational Corp *	77,600		938,960
Schering-Plough Corp	149,300		3,314,460
Watson Pharmaceuticals Inc *	92,300		2,609,321
Wyeth	65,000		2,431,000

			37,632,418

Integrated Oils - 2.26%

ChevronTexaco Corp	17,600		1,170,048
Exxon Mobil Corp	20,200		705,788
GlobalSantaFe Corp	89,600		2,179,072
Noble Corp *	94,400		3,318,160
Unocal Corp	168,900		5,164,962

			12,538,030

Materials & Processing - 3.40%

Alcoa Inc	73,600		1,676,608
Engelhard Corp	111,600		2,494,260
Ferro Corp	89,100		2,176,713

See Notes to Financial Statements

See explanation of symbols on B-97

B-22

PACIFIC SELECT FUND

MULTI-STRATEGY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Georgia-Pacific Corp	143,700	$	2,322,192
GrafTech International Ltd *	199,400		1,188,424
Hercules Inc *	233,500		2,054,800
Insituform Technologies Inc ‘A’ *	61,800		1,053,690
Monsanto Co	82,400		1,586,200
Praxair Inc	40,200		2,322,354
The Dow Chemical Co	38,400		1,140,480
Wolverine Tube Inc *	142,400		813,104

			18,828,825

Producer Durables - 2.33%

Active Power Inc *	165,500		294,590
Applied Materials Inc *	35,600		463,868
Cognex Corp *	81,600		1,503,888
KLA-Tencor Corp *	55,600		1,966,572
Northrop Grumman Corp	13,700		1,328,900
SureBeam Corp ‘A’ *	136,000		549,440
Teradyne Inc *	134,100		1,744,641
The Boeing Co	54,500		1,797,955
Toll Brothers Inc *	75,400		1,523,080
Waters Corp *	79,600		1,733,688

			12,906,622

Technology - 6.14%

Analog Devices Inc *	69,100		1,649,417
Applied Micro Circuits Corp *	78,400		289,296
BEA Systems Inc *	123,900		1,421,133
Brocade Communications Systems Inc *	65,400		270,756
Cisco Systems Inc *	114,600		1,501,260
EMC Corp MA *	116,800		717,152
i2 Technologies Inc *	132,200		152,030
Intel Corp	280,200		4,362,714
International Business Machines Corp	157,700		12,221,750
Juniper Networks Inc *	30,600		208,080
Millipore Corp *	39,400		1,339,600
Motorola Inc	130,900		1,132,285
PeopleSoft Inc *	95,000		1,738,500
Rational Software Corp *	86,400		897,696
Red Hat Inc *	131,600		777,756
Synopsys Inc *	26,200		1,209,130
Texas Instruments Inc	55,000		825,550
The Reynolds & Reynolds Co ‘A’	53,200		1,355,004
Titan Corp *	133,000		1,383,200
Veritas Software Corp *	36,700		573,254

			34,025,563

Utilities - 2.63%

American Electric Power Co Inc	37,400		1,022,142
AT&T Wireless Services Inc *	390,500		2,206,325
Comcast Corp ‘A’ *	141,400		3,332,798
Edison International *	79,000		936,150
Energy East Corp	74,200		1,639,078
NiSource Inc	68,000		1,360,000
Northeast Utilities Inc	110,900		1,682,353
Progress Energy Inc	35,800		1,551,930
Xcel Energy Inc	75,500		830,500

			14,561,276


Total Common Stocks (Cost $267,535,393)			249,754,626


FOREIGN PREFERRED STOCKS - 0.59%

Australia - 0.20%

News Corp Ltd ADR	48,700		1,103,055

Brazil - 0.39%

Cia Vale do Rio Doce ‘A’ ADR	78,500		2,158,750


Total Foreign Preferred Stocks (Cost $3,288,769)			3,261,805


FOREIGN COMMON STOCKS - 9.41%

Argentina - 0.03%

Inversiones y Representaciones SA GDR *	32,600		166,260

Bermuda - 0.28%

Tyco International Ltd	90,000		1,537,200

Canada - 0.76%

Canadian National Railway Co	26,200		1,088,872
Talisman Energy Inc	86,300		3,117,790

			4,206,662

Croatia - 0.05%

Pliva DD GDR	19,400		275,480

Finland - 0.25%

UPM-Kymmene OYJ	42,700		1,371,820

France - 0.41%

TotalFinaElf SA ADR	31,600		2,259,400

Germany - 1.00%

Wella AG	92,000		5,553,971

Hong Kong - 0.11%

SCMP Group Ltd	1,512,000		630,121

Italy - 0.43%

UniCredito Italiano SPA	594,100		2,376,471

Japan - 1.44%

Keyence Corp	13,300		2,313,190
Komatsu Ltd	229,000		746,425
Nintendo Co Ltd	16,700		1,559,867
Shimano Inc	159,800		2,422,640
Sony Corp ADR	22,700		937,737

			7,979,859

Luxembourg - 0.13%

SES GLOBAL FDR	108,800		731,066

See Notes to Financial Statements

See explanation of symbols on B-97

B-23

PACIFIC SELECT FUND

MULTI-STRATEGY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

Netherlands - 1.05%

ASML Holding NV ‘NY’ *		119,200	$	996,512
Core Laboratories NV *		98,400		1,116,840
STMicroelectronics NV ‘NY’		86,100		1,679,811
Unilever NV ‘NY’		33,100		2,042,601

				5,835,764

Singapore - 0.15%

Singapore Airlines Ltd		144,400		849,118

Switzerland - 1.28%

Compagnie Financiere Richemont AG ‘A’		45,700		853,525
Novartis AG *		126,800		4,630,853
UBS AG (SMI) *		32,700		1,590,734

				7,075,112

United Kingdom - 2.04%

AstraZeneca PLC (OMX)		62,800		2,215,168
BP PLC ADR		25,000		1,016,250
GlaxoSmithKline PLC ADR		90,200		3,378,892
Reed Elsevier PLC		439,700		3,769,627
The Morgan Crucible Co PLC *		1,087,200		911,052

				11,290,989

Total Foreign Common Stocks (Cost $53,253,958)				52,139,293

	Principal Amount

CORPORATE BONDS & NOTES - 2.63%

Autos & Transportation - 0.42%

Burlington Northern Santa Fe Corp
6.750% due 07/15/11	$	210,000		238,765
7.082% due 05/13/29		280,000		319,220
General Motors Corp 7.200% due 01/15/11		1,775,000		1,785,126

				2,343,111

Consumer Discretionary - 0.06%

Federated Department Stores Inc 6.625% due 04/01/11		115,000		125,813
Viacom Inc 7.875% due 07/30/30		155,000		193,563

				319,376

Consumer Staples - 0.18%

Albertson’s Inc 7.500% due 02/15/11		200,000		230,460
Kroger Co 6.800% due 04/01/11		365,000		400,735
Safeway Inc 6.500% due 03/01/11		325,000		354,374

				985,569

Financial Services - 1.38%

ABN Amro NA Holding Capital Trust I 6.523% due 12/29/49 ~ ++		670,000		688,469
AIG SunAmerica Global Financing IX 6.900% due 03/15/32 ~		210,000		245,114
CIT Group Inc 7.750% due 04/02/12		355,000		399,391
Ford Motor Credit Co 7.875% due 06/15/10		2,235,000		2,252,129
General Electric Capital Corp
5.875% due 02/15/12		1,530,000		1,638,603
6.750% due 03/15/32		230,000		255,141
General Motors Acceptance Corp 8.000% due 11/01/31		80,000		80,662
Household Finance Corp 6.750% due 05/15/11		1,075,000		1,147,990
8.000% due 07/15/10		85,000		96,161
Morgan Stanley
6.600% due 04/01/12		180,000		199,847
6.750% due 04/15/11		560,000		623,310
Sprint Capital Corp 8.750% due 03/15/32		25,000		23,822

				7,650,639

Utilities - 0.59%

AT&T Corp 6.000% due 03/15/09		52,000		52,005
AT&T Wireless Services Inc 7.875% due 03/01/11		360,000		362,446
Cox Communications Inc 6.875% due 06/15/05		325,000		350,454
Dominion Resources Inc VA 8.125% due 06/15/10		590,000		687,585
Duke Energy Corp 6.250% due 01/15/12		265,000		277,145
Kinder Morgan Inc 6.500% due 09/01/12		320,000		335,022
MidAmerican Energy Holdings Co 6.750% due 12/30/31		285,000		297,761
Progress Energy Inc
6.850% due 04/15/12		20,000		21,945
7.100% due 03/01/11		130,000		143,542
TCI Communications Inc 7.875% due 02/15/26		715,000		727,159

				3,255,064

Total Corporate Bonds & Notes (Cost $13,948,382)				14,553,759


CONVERTIBLE CORPORATE BOND - 0.00%

Technology - 0.00%

MicroStrategy Inc 7.500% due 06/24/07		1,869		757

Total Convertible Corporate Bond (Cost $0)				757


MORTGAGE-BACKED SECURITIES - 1.69%

Fannie Mae - 1.69%
6.500% due 03/01/28 “		1,541,088		1,609,697
6.500% due 05/01/28 “		7,312,140		7,632,781
7.000% due 08/01/28 “		113,423		119,682

Total Mortgage-Backed Securities (Cost $8,889,551)				9,362,160

See Notes to Financial Statements

See explanation of symbols on B-97

B-24

PACIFIC SELECT FUND

MULTI-STRATEGY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
ASSET-BACKED SECURITY - 0.07%

Ford Credit Auto Owner Trust 6.520% due 09/15/03 “	$	383,497	$	384,415

Total Asset-Backed Security (Cost $385,216)				384,415


U.S. TREASURY NOTES - 32.06%

3.000% due 11/15/07		59,000,000		59,728,296
5.625% due 05/15/08		52,500,000		59,579,310
7.000% due 07/15/06		50,300,000		58,334,268


Total U.S. Treasury Notes (Cost $177,698,732)				177,641,874


FOREIGN BONDS - 0.12%

France - 0.06%

France Telecom 9.250% due 03/01/11		280,000		324,328


Germany - 0.06%

Deutsche Telekom International Finance BV 8.750% due 06/15/30		300,000		347,728


Total Foreign Bonds (Cost $600,759)				672,056


SHORT-TERM INVESTMENTS - 12.45%

COMMERCIAL PAPER - 10.41%

Amsterdam Funding Corp 1.330% due 01/27/03		5,200,000		5,195,005
Compass Securitization Corp 1.350% due 03/07/03		5,000,000		4,987,812
Dakota CP Notes 1.360% due 02/12/03		5,000,000		4,992,067
Falcon Asset Securitization Corp 1.350% due 01/21/03		3,400,000		3,397,450
Gemini Securitization Corp 1.350% due 01/17/03		5,200,000		5,196,880
ING America Insurance Holdings 1.340% due 01/24/03		4,630,000		4,626,036
Morgan Stanley 1.360% due 02/12/03		5,200,000		5,191,749
Old Line Funding Corp
1.350% due 01/02/03		5,000,000		4,999,812
1.350% due 01/07/03		3,700,000		3,699,168
Salomon Brothers Holdings Inc 1.320% due 01/02/03		5,000,000		4,999,817
Special Purpose Accounts Receivable 1.360% due 01/17/03		5,200,000		5,196,857
Stadshypotek Delaware Inc 1.360% due 02/19/03		5,200,000		5,190,374


Total Commercial Paper				57,673,027


SECURITIES HELD UNDER REPURCHASE AGREEMENT - 2.04%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $11,285,126; collateralized by U.S. Treasury Bonds—market value $11,516,663 and due 08/15/13)		11,284,656		11,284,656


Total Securities Held Under Repurchase Agreement				11,284,656


Total Short-Term Investments (Cost $68,957,683)				68,957,683


TOTAL INVESTMENTS - 104.53% (Cost $597,724,680)				579,153,970

OTHER ASSETS AND LIABILITIES, NET - (4.53%)				(25,105,394	)


NET ASSETS - 100.00%			$	554,048,576

Note to Schedule of Investments

(a) Transactions in options for the year ended December 31, 2002, were as follows:

	Number of Contracts	Premium

Outstanding, December 31, 2001	330	$	131,050
Options Repurchased	330		131,050

Outstanding, December 31, 2002	0	$	0

See Notes to Financial Statements

See explanation of symbols on B-97

B-25

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCK WARRANT - 0.00%

Technology - 0.00%

MicroStrategy Inc *	17,632	$	1,058


Total Common Stock Warrant (Cost $0)			1,058


COMMON STOCKS - 94.32%

Autos & Transportation - 3.53%

Aftermarket Technology Corp *	12,600		182,700
American Axle & Manufacturing Holdings Inc *	17,800		416,876
AMR Corp *	75,600		498,960
ArvinMeritor Inc	13,100		218,377
BorgWarner Inc	16,800		847,056
Burlington Northern Santa Fe Corp	27,200		707,472
CNF Inc	2,000		66,480
Continental Airlines Inc ‘B’ *	33,200		240,700
Cooper Tire & Rubber Co	14,100		216,294
CSX Corp	46,800		1,324,908
Dana Corp	79,200		931,392
Delphi Corp	240,800		1,938,440
Delta Air Lines Inc	24,200		292,820
FedEx Corp	74,600		4,044,812
Ford Motor Co	370,500		3,445,650
General Motors Corp	101,900		3,756,034
J.B. Hunt Transport Services Inc *	3,900		114,270
Lear Corp *	39,000		1,297,920
Navistar International Corp *	12,100		294,151
Norfolk Southern Corp	100,400		2,006,996
Oshkosh Truck Corp	600		36,900
PACCAR Inc	2,600		119,938
Polaris Industries Inc	10,800		632,880
Roadway Corp	7,700		283,437
Superior Industries International Inc	800		33,088
The Goodyear Tire & Rubber Co	92,400		629,244
Tower Automotive Inc *	9,300		41,850
Union Pacific Corp	6,300		377,181
United Parcel Service Inc ‘B’	15,400		971,432
Winnebago Industries Inc	7,400		290,302

			26,258,560


Consumer Discretionary - 12.94%

Abercrombie & Fitch Co ‘A’ *	6,700		137,082
Action Performance Cos Inc	24,600		467,400
AFC Enterprises Inc *	500		10,505
Alliance Gaming Corp *	900		15,327
Amazon.com Inc *	78,300		1,479,087
American Eagle Outfitters Inc *	4,300		59,254
American Greetings Corp ‘A’ *	41,100		649,380
AnnTaylor Stores Corp *	50,200		1,025,084
AOL Time Warner Inc *	87,000		1,139,700
Apollo Group Inc ‘A’ *	2,600		114,400
Applebee’s International Inc	11,500		266,696
Arbitron Inc *	2,000		67,000
AutoNation Inc *	18,100		227,336
AutoZone Inc *	26,700		1,886,355
Avon Products Inc	21,900		1,179,753
Barnes & Noble Inc *	5,000		90,350
Bed Bath & Beyond Inc *	1,300		44,889
Big Lots Inc *	37,500		496,125
BJ’s Wholesale Club Inc *	27,200		497,760
Black & Decker Corp	28,000		1,200,920
Boyd Gaming Corp *	4,400		61,820
Brinker International Inc *	47,000		1,515,750
CDW Computer Centers Inc *	100		4,385
CEC Entertainment Inc *	14,900		457,430
Choice Hotels International Inc *	2,400		54,480
Christopher & Banks Corp *	25,800		535,350
Circuit City Stores Inc	110,500		819,910
Coach Inc *	14,100		464,172
Convergys Corp *	43,700		662,055
Costco Wholesale Corp *	300		8,418
Darden Restaurants Inc	75,700		1,548,065
Deb Shops Inc	700		15,547
Dillards Inc ‘A’	27,700		439,322
Eastman Kodak Co	88,800		3,111,552
Electronic Arts Inc *	51,300		2,553,201
Electronics Boutique Holdings Corp *	9,100		143,871
Federated Department Stores Inc *	75,900		2,182,884
Foot Locker Inc *	48,100		505,050
Fossil Inc *	400		8,136
Gannett Co Inc	3,200		229,760
Group 1 Automotive Inc *	800		19,104
GTECH Holdings Corp *	48,900		1,362,354
Harrah’s Entertainment Inc *	35,300		1,397,880
Harte-Hanks Inc	6,700		125,089
Hasbro Inc	66,400		766,920
Hollywood Entertainment Corp *	5,500		83,050
Home Depot Inc	262,900		6,299,084
Hot Topic Inc *	15,800		361,504
IKON Office Solutions Inc	11,700		83,655
International Flavors & Fragrances Inc	40,400		1,418,040
Iron Mountain Inc *	7,400		244,274
ITT Educational Services Inc *	8,000		188,400
J.C. Penney Co Inc	99,900		2,298,699
Jones Apparel Group Inc *	6,900		244,536
Kellwood Co	4,400		114,400
Limited Brands Inc	175,500		2,444,715
Liz Claiborne Inc	41,500		1,230,475
Lowe’s Cos Inc	9,000		337,500
Mandalay Resort Group *	19,900		609,139
Marriott International Inc ‘A’	21,300		700,131
Mattel Inc	104,600		2,003,090
Maytag Corp	55,700		1,587,450
McDonald’s Corp	54,200		871,536
Metro One Telecommunications Inc *	600		3,870
MGM MIRAGE *	12,400		408,828
Michaels Stores Inc *	29,000		907,700
Movie Gallery Inc *	4,000		52,000
Nautilus Group Inc *	19,300		257,848
Nike Inc ‘B’	42,300		1,881,081
Office Depot Inc *	50,500		745,380
P.F. Chang’s China Bistro Inc *	7,100		257,730
Pacific Sunwear of California Inc *	13,650		241,469
Panera Bread Co ‘A’ *	15,500		539,555
Papa John’s International Inc *	1,000		27,880
PETsMART Inc *	9,100		155,883
Pier 1 Imports Inc	42,700		808,311
Quiksilver Inc *	200		5,332
RadioShack Corp	40,200		753,348
Rare Hospitality International Inc *	400		11,048
Reebok International Ltd *	18,200		535,080
Regis Corp	3,100		80,569
Rent-A-Center Inc *	11,800		589,410
Right Management Consultants Inc *	2,400		31,800
Ross Stores Inc	41,800		1,771,902
Royal Caribbean Cruises Ltd	32,100		536,070
Ruby Tuesday Inc	39,100		676,039
Ryan’s Family Steak Houses Inc *	12,200		138,470
Sabre Holdings Corp *	50,200		909,122
Sears Roebuck & Co	53,400		1,278,930
ShopKo Stores Inc *	7,200		89,640
Staples Inc *	123,500		2,260,050

See Notes to Financial Statements

See explanation of symbols on B-97

B-26

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value

Starbucks Corp *	33,900	$	690,882
Take-Two Interactive Software Inc *	35,800		840,942
Talbots Inc	25,100		691,003
Tech Data Corp *	9,800		264,208
The Gap Inc	178,500		2,770,320
The May Department Stores Co	86,300		1,983,174
The New York Times Co ‘A’	3,600		164,628
The Pep Boys-Manny, Moe & Jack	8,800		102,080
The Pittston Co	4,200		77,616
The TJX Cos Inc	137,700		2,687,904
The Washington Post Co ‘B’	600		442,800
Timberland Co ‘A’ *	2,500		89,025
Too Inc *	11,800		277,536
United Auto Group Inc *	3,000		37,410
Urban Outfitters Inc *	1,300		30,641
USA Interactive *	74,900		1,712,214
VF Corp	18,600		670,530
Viacom Inc ‘B’ *	39,100		1,593,716
Viad Corp	9,600		214,560
Wal-Mart Stores Inc	217,600		10,990,976
Waste Management Inc	35,000		802,200
Wendy’s International Inc	22,300		603,661
Whirlpool Corp	26,800		1,399,496
Williams-Sonoma Inc *	4,500		122,175

			96,380,628

Consumer Staples - 6.73%

Adolph Coors Co ‘B’	11,300		692,125
Albertson’s Inc	73,600		1,638,336
Anheuser-Busch Cos Inc	23,700		1,147,080
Bunge Ltd	3,200		76,992
Campbell Soup Co	125,300		2,940,791
Clorox Co	47,700		1,967,625
ConAgra Foods Inc	108,600		2,716,086
CVS Corp	93,500		2,334,695
Dean Foods Co *	25,800		957,180
Dole Food Co	11,600		377,928
Hershey Foods Corp	21,400		1,443,216
Interstate Bakeries Corp	8,900		135,725
Kellogg Co	8,100		277,587
Kraft Foods Inc ‘A’	13,700		533,341
Kroger Co *	202,100		3,122,445
Pepsi Bottling Group Inc	15,600		400,920
PepsiCo Inc	34,600		1,460,812
Philip Morris Cos Inc	173,700		7,040,061
Procter & Gamble Co	72,900		6,265,026
R.J. Reynolds Tobacco Holdings Inc	23,900		1,006,429
Safeway Inc *	121,100		2,828,896
Sara Lee Corp	13,500		303,885
SUPERVALU Inc	16,700		275,717
The Coca-Cola Co	151,100		6,621,202
The Dial Corp	37,600		765,912
Universal Corp VA	1,300		48,048
Walgreen Co	2,200		64,218
William Wrigley Jr. Co	41,800		2,293,984
Winn-Dixie Stores Inc	25,500		389,640

			50,125,902

Diversified - 3.84%

3M Co	19,900		2,453,670
Brunswick Corp	48,600		965,196
Carlisle Cos Inc	4,100		169,658
Cooper Industries Ltd ‘A’	18,600		677,970
Eaton Corp	10,500		820,155
Fortune Brands Inc	43,100		2,004,581
General Electric Co	628,200		15,296,670
Hillenbrand Industries Inc	1,400		67,634
Honeywell International Inc	161,400		3,873,600
ITT Industries Inc	14,400		873,936
Johnson Controls Inc	17,200		1,378,924

			28,581,994

Energy - 1.87%

Apache Corp	26,600		1,515,934
Burlington Resources Inc	14,900		635,485
Chesapeake Energy Corp	98,400		761,616
Devon Energy Corp	30,200		1,386,180
Diamond Offshore Drilling Inc	8,800		192,280
El Paso Corp	165,300		1,150,488
EOG Resources Inc	27,600		1,101,792
Frontier Oil Corp	133,300		2,295,426
Helmerich & Payne Inc	5,400		150,714
Noble Energy Inc	11,700		439,335
Ocean Energy Inc	28,300		565,151
Sunoco Inc	40,700		1,350,426
Tom Brown Inc *	96,000		2,409,600

			13,954,427

Financial Services - 23.63%

AFLAC Inc	46,200		1,391,544
AMBAC Financial Group Inc	28,200		1,585,968
American Express Co	106,200		3,754,170
American International Group Inc	136,600		7,902,310
AmSouth Bancorp	69,200		1,328,640
Astoria Financial Corp	40,500		1,099,575
Bank of America Corp	160,900		11,193,813
Bank One Corp	130,100		4,755,155
Charter One Financial Inc	3,200		91,936
Chubb Corp	56,300		2,938,860
CIGNA Corp	43,200		1,776,384
Cincinnati Financial Corp	7,100		266,605
CIT Group Inc	14,400		282,240
Citigroup Inc	502,000		17,665,380
CNA Financial Corp *	2,700		69,120
Comerica Inc	45,400		1,963,096
Commercial Federal Corp	1,500		35,025
Compass Bancshares Inc	6,300		197,001
Concord EFS Inc *	38,800		610,712
Countrywide Financial Corp	39,300		2,029,845
Deluxe Corp	21,600		909,360
Doral Financial Corp	7,900		225,940
Downey Financial Corp	200		7,800
ETRADE Group Inc	139,400		677,484
Equity Office Properties Trust	37,700		941,746
Equity Residential	9,600		235,968
FactSet Research Systems Inc	9,800		277,046
Fannie Mae	93,300		6,001,989
Fidelity National Financial Inc	67,200		2,206,176
First Data Corp	89,900		3,183,359
First Tennessee National Corp	27,500		988,350
First Virginia Banks Inc	2,400		89,352
FleetBoston Financial Corp	171,200		4,160,160
Freddie Mac	68,800		4,062,640
Golden West Financial Corp	39,000		2,800,590
Goldman Sachs Group Inc	14,300		973,830
GreenPoint Financial Corp	46,000		2,078,280
H&R Block Inc	77,000		3,095,400
Hibernia Corp ‘A’	25,900		498,834
Household International Inc	80,100		2,227,581
Huntington Bancshares Inc	7,200		134,712
Independence Community Bank Corp	9,300		236,034
IndyMac Bancorp Inc *	10,000		184,900
J.P. Morgan Chase & Co	269,100		6,458,400
Jefferson-Pilot Corp	37,300		1,421,503
John H Harland Co	10,700		236,791
John Hancock Financial Services Inc	95,500		2,664,450
KeyCorp	123,100		3,094,734

See Notes to Financial Statements

See explanation of symbols on B-97

B-27

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value

Lehman Brothers Holdings Inc	15,100	$	804,679
Lincoln National Corp	79,100		2,497,978
Loews Corp	71,400		3,174,444
Marsh & McLennan Cos Inc	1,700		78,557
MBIA Inc	38,000		1,666,680
MBNA Corp	128,700		2,447,874
MetLife Inc	89,600		2,422,784
Moody’s Corp	15,500		639,995
Morgan Stanley	120,000		4,790,400
National City Corp	80,500		2,199,260
Nationwide Financial Services Inc ‘A’	20,900		598,785
New Century Financial Corp	18,700		474,793
North Fork Bancorp Inc	62,200		2,098,628
Old Republic International Corp	19,700		551,600
PNC Financial Services Group Inc	2,500		104,750
Protective Life Corp	1,100		30,272
Providian Financial Corp *	35,700		231,693
Radian Group Inc	35,800		1,329,970
Regions Financial Corp	6,600		220,176
Roslyn Bancorp Inc	1,800		32,454
Ryder System Inc	16,900		379,236
SAFECO Corp	29,200		1,012,364
SEI Investments Co	1,600		43,488
Sovereign Bancorp Inc	110,000		1,545,500
Stilwell Financial Inc	71,800		938,426
SunGard Data Systems Inc *	22,500		530,100
SunTrust Banks Inc	44,100		2,510,172
TCF Financial Corp	3,900		170,391
The Allstate Corp	74,100		2,740,959
The Bank of New York Co Inc	118,000		2,827,280
The Bear Stearns Cos Inc	25,700		1,526,580
The Phoenix Cos Inc	6,700		50,920
The PMI Group Inc	30,800		925,232
The Progressive Corp OH	54,100		2,684,983
The St. Paul Cos Inc	47,600		1,620,780
Travelers Property Casualty Corp ‘A’ *	82,800		1,213,020
Travelers Property Casualty Corp ‘B’ *	37,000		542,050
U.S. Bancorp	211,800		4,494,396
Union Planters Corp	32,500		914,550
UnionBanCal Corp	22,700		891,429
W.R. Berkley Corp	10,300		407,983
Wachovia Corp	223,700		8,151,628
Webster Financial Corp	4,300		149,640
Wells Fargo & Co	48,600		2,277,882

			175,955,549

Health Care - 10.81%

Abbott Laboratories	87,100		3,484,000
Advanced Medical Optics Inc *	200		2,394
Aetna Inc	55,700		2,290,384
Affymetrix Inc *	18,000		412,020
Apria Healthcare Group Inc *	17,800		395,872
Baxter International Inc	106,300		2,976,400
Becton Dickinson & Co	69,100		2,120,679
Bio-Rad Laboratories Inc ‘A’ *	2,600		100,620
Bristol-Myers Squibb Co	33,700		780,155
Caremark Rx Inc *	40,100		651,625
Charles River Laboratories Int’l Inc *	2,000		76,960
Cooper Cos Inc	19,100		477,882
Covance Inc *	13,700		336,883
DaVita Inc *	19,200		473,664
Diagnostic Products Corp	500		19,310
Eli Lilly & Co	46,500		2,952,750
Express Scripts Inc ‘A’ *	9,400		451,576
Forest Laboratories Inc *	2,300		225,906
Gilead Sciences Inc *	56,800		1,931,200
Guidant Corp *	78,600		2,424,810
HCA Inc	51,000		2,116,500
Health Net Inc *	28,200		744,480
HealthSouth Corp *	73,400		308,280
Humana Inc *	70,500		705,000
IMS Health Inc	94,500		1,512,000
IVAX Corp *	4,200		50,946
Johnson & Johnson	164,400		8,829,924
LifePoint Hospitals Inc *	2,300		68,841
Lincare Holdings Inc *	5,000		158,100
Manor Care Inc *	33,000		614,130
McKesson Corp	62,700		1,694,781
Merck & Co Inc	187,300		10,603,053
Mid Atlantic Medical Services Inc *	1,100		35,640
Myriad Genetics Inc *	18,100		264,260
Option Care Inc *	2,000		15,920
Oxford Health Plans Inc *	78,200		2,850,390
Pediatrix Medical Group Inc *	22,200		889,332
Per-Se Technologies Inc *	7,500		67,268
Pfizer Inc	571,300		17,464,641
Pharmaceutical Resources Inc *	6,300		187,740
Pharmacia Corp	114,900		4,802,820
Quest Diagnostics Inc *	1,100		62,590
Schering-Plough Corp	35,600		790,320
Sierra Health Services Inc *	10,900		130,909
St. Jude Medical Inc *	3,100		123,132
Steris Corp *	8,400		203,700
Tenet Healthcare Corp *	100,100		1,641,640
Triad Hospitals Inc *	8,400		250,572
Universal Health Services Inc ‘B’ *	15,300		690,030

			80,462,029

Integrated Oils - 4.93%

Amerada Hess Corp	26,100		1,436,805
ChevronTexaco Corp	79,800		5,305,104
Cimarex Energy Co *	2,900		51,910
ConocoPhillips	27,100		1,311,369
Enbridge Energy Management LLC	19,200		720,000
Exxon Mobil Corp	557,800		19,489,532
Kerr-McGee Corp	33,600		1,488,480
Marathon Oil Corp	65,900		1,403,011
Murphy Oil Corp	50,000		2,142,500
Occidental Petroleum Corp	71,400		2,031,330
Unocal Corp	42,500		1,299,650

			36,679,691

Materials & Processing - 3.99%

AK Steel Holding Corp *	3,900		31,200
Alcoa Inc	125,200		2,852,056
Ball Corp	31,000		1,586,890
Boise Cascade Corp	9,400		237,068
Bowater Inc	12,500		524,375
Cabot Microelectronics Corp *	22,200		1,047,840
Crown Cork & Seal Co Inc *	44,500		353,775
Cytec Industries Inc *	2,000		54,560
E.I. du Pont de Nemours & Co	71,300		3,023,120
ElkCorp	2,000		34,600
EMCOR Group Inc *	4,300		227,943
Energizer Holdings Inc *	5,800		161,820
Fluor Corp	2,100		58,800
Georgia Gulf Corp	700		16,198
Georgia-Pacific Corp	70,100		1,132,816
Hercules Inc *	1,500		13,200
IMC Global Inc	33,100		353,177
International Paper Co	80,500		2,815,085
Lennox International Inc	3,100		38,905
Masco Corp	115,100		2,422,855
OM Group Inc	62,100		427,248
Owens-Illinois Inc *	15,800		230,364
Phelps Dodge Corp *	2,400		75,960
PPG Industries Inc	43,800		2,196,570
Precision Castparts Corp	6,700		162,475

See Notes to Financial Statements

See explanation of symbols on B-97

B-28

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value

Quanex Corp	1,300	$	43,550
Rohm & Haas Co	33,800		1,097,824
Sealed Air Corp *	26,000		969,800
Temple-Inland Inc	16,100		721,441
The Dow Chemical Co	77,000		2,286,900
The Sherwin-Williams Co	20,100		567,825
The St. Joe Co	7,400		222,000
Timken Co	6,600		126,060
United States Steel Corp	47,600		624,512
Weyerhaeuser Co	60,800		2,991,968

			29,730,780

Producer Durables - 3.95%

Agilent Technologies Inc *	80,400		1,443,984
Beazer Homes USA Inc *	7,800		472,680
Centex Corp	36,500		1,832,300
Cummins Inc	22,600		635,738
D.R. Horton Inc	14,600		253,310
Deere & Co	1,400		64,190
Emerson Electric Co	12,100		615,285
EnPro Industries Inc *	7,500		30,000
Goodrich Corp	83,700		1,533,384
Hovnanian Enterprises Inc ‘A’ *	15,100		478,670
KB Home	46,500		1,992,525
Lam Research Corp *	45,800		494,640
Lennar Corp	38,100		1,965,960
Lexmark International Inc *	35,300		2,135,650
MDC Holdings Inc	2,200		84,172
Meritage Corp *	4,500		151,425
NVR Inc *	6,600		2,148,300
Pentair Inc	2,300		79,465
Photon Dynamics Inc *	19,400		442,320
Pulte Homes Inc	33,800		1,618,006
Rockwell Collins Inc	26,800		623,368
Standard-Pacific Corp	9,300		230,175
Teradyne Inc *	75,500		982,255
The Boeing Co	132,300		4,364,577
The Ryland Group Inc	48,500		1,617,475
Toll Brothers Inc *	59,600		1,203,920
Xerox Corp *	239,100		1,924,755

			29,418,529

Technology - 10.17%

Advanced Micro Devices Inc *	124,400		803,624
Apple Computer Inc *	43,100		617,623
Atmel Corp *	215,900		481,457
Avnet Inc *	50,100		542,583
Benchmark Electronics Inc *	24,200		693,572
Broadcom Corp ‘A’ *	49,700		748,482
Brocade Communications Systems Inc *	127,400		527,436
Cadence Design Systems Inc *	61,900		729,801
Cisco Systems Inc *	236,800		3,102,080
Citrix Systems Inc *	70,100		863,632
Cognizant Technology Solutions Corp *	11,300		816,199
Cypress Semiconductor Corp *	67,200		384,384
Dell Computer Corp *	209,800		5,610,052
Documentum Inc *	2,700		42,282
EMC Corp MA *	389,100		2,389,074
ESS Technology *	42,400		266,696
Handspring Inc *	7,100		6,745
Integrated Device Technology Inc *	48,600		406,782
Intel Corp	661,000		10,291,770
International Business Machines Corp	139,300		10,795,750
Intersil Corp ‘A’ *	9,800		136,612
Invision Technologies Inc *	20,200		532,472
Maxtor Corp *	28,600		144,716
Microsoft Corp *	337,100		17,428,070
Motorola Inc	425,900		3,684,035
National Semiconductor Corp *	72,700		1,091,227
Oracle Corp *	450,800		4,868,640
Rambus Inc *	43,100		289,201
Raytheon Co	3,400		104,550
RF Micro Devices Inc *	65,500		480,115
Rockwell Automation Inc	700		14,497
SanDisk Corp *	25,300		513,590
Scientific-Atlanta Inc	58,200		690,252
Silicon Laboratories Inc *	33,100		631,548
Skyworks Solutions Inc *	75,700		652,534
Solectron Corp *	271,900		965,245
Storage Technology Corp *	2,500		53,550
StorageNetworks Inc *	1,100		1,276
Sun Microsystems Inc *	583,600		1,814,996
Sybase Inc *	13,400		179,560
Symantec Corp *	6,300		254,835
Tellabs Inc *	52,900		384,583
Tellium Inc *	7,300		4,672
Unisys Corp *	25,600		253,440
UTStarcom Inc *	18,100		358,923
Websense Inc *	3,900		83,308

			75,736,471

Utilities - 7.93%

AT&T Corp	58,000		1,514,380
BellSouth Corp	260,300		6,733,961
Cablevision Systems Corp ‘A’ *	45,300		758,322
CenterPoint Energy Inc	56,600		481,100
CenturyTel Inc	12,000		352,560
Citizens Communications Co *	19,900		209,945
CMS Energy Corp	20,400		192,576
Comcast Corp ‘A’ *	98,200		2,314,574
Consolidated Edison Inc	10,000		428,200
Constellation Energy Group Inc	63,100		1,755,442
Cox Communications Inc ‘A’ *	30,300		860,520
DTE Energy Co	24,800		1,150,720
Edison International *	62,100		735,885
Energy East Corp	16,000		353,440
Entergy Corp	66,700		3,040,853
Exelon Corp	94,500		4,986,765
FirstEnergy Corp	95,900		3,161,823
FPL Group Inc	33,400		2,008,342
KeySpan Corp	8,400		296,016
Kinder Morgan Management LLC *	19,900		628,641
Nicor Inc	6,300		214,389
NiSource Inc	1,600		32,000
NSTAR	1,000		44,390
Peoples Energy Corp	3,600		139,140
PG&E Corp *	49,500		688,050
Pinnacle West Capital Corp	19,500		664,755
Progress Energy Inc	20,900		906,015
Puget Energy Inc	1,300		28,665
Qwest Communications International Inc *	143,700		718,500
SBC Communications Inc	386,300		10,472,593
Sprint Corp-FON Group	67,800		981,744
Sprint Corp-PCS Group *	98,800		432,744
TECO Energy Inc	39,300		607,971
Telephone & Data Systems Inc	2,700		126,954
Verizon Communications Inc	264,600		10,253,250
Wisconsin Energy Corp	20,600		519,120
Xcel Energy Inc	21,500		236,500

			59,030,845

Total Common Stocks (Cost $828,075,847)			702,315,405

See Notes to Financial Statements

See explanation of symbols on B-97

B-29

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

FOREIGN COMMON STOCKS - 2.77%

Bahamas - 0.01%

Teekay Shipping Corp		2,300	$	93,610

Bermuda - 0.90%

ACE Ltd		84,800		2,488,032
Ingersoll-Rand Co ‘A’		54,300		2,338,158
PartnerRe Ltd		7,400		383,468
RenaissanceRe Holdings Ltd		27,800		1,100,880
XL Capital Ltd ‘A’		4,700		363,075

				6,673,613

Canada - 1.57%

Alcan Inc		93,000		2,745,360
Barrick Gold Corp		83,900		1,292,899
Baytex Energy Ltd *		98,100		528,653
Canadian 88 Energy Corp *		389,400		628,543
Canadian Natural Resources Ltd		96,900		2,881,876
Meridian Gold Inc *		22,100		389,623
Paramount Resources Ltd *		131,400		1,252,542
Talisman Energy Inc		55,100		1,990,617

				11,710,113

Cayman Islands - 0.03%

Fresh Del Monte Produce Inc		9,100		172,081

Hong Kong - 0.01%

Tommy Hilfiger Corp *		10,200		70,890

Israel - 0.18%

Check Point Software Technologies Ltd *		54,400		705,568
Taro Pharmaceuticals Industries Ltd *		17,000		639,200

				1,344,768

United Kingdom - 0.07%

Amdocs Ltd *		55,200		542,064


Total Foreign Common Stocks (Cost $20,815,579)				20,607,139


	Principal Amount

CONVERTIBLE CORPORATE BOND - 0.00%

Technology - 0.00%

MicroStrategy Inc 7.500% due 06/24/07	$	7,470		3,025


Total Convertible Corporate Bond (Cost $0)				3,025


TOTAL INVESTMENTS - 97.09% (Cost $848,891,426)				722,926,627

OTHER ASSETS AND LIABILITIES, NET - 2.91%				21,702,234


NET ASSETS - 100.00%			$	744,628,861

See Notes to Financial Statements

See explanation of symbols on B-97

B-30

PACIFIC SELECT FUND

STRATEGIC VALUE PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value

CONVERTIBLE PREFERRED STOCK - 1.60%

Autos & Transportation - 1.60%

General Motors Corp		52,000	$	1,201,200

Total Convertible Preferred Stock (Cost $1,414,972)				1,201,200


COMMON STOCKS - 78.25%

Autos & Transportation - 3.90%

General Motors Corp		20,000		737,200
Lear Corp *		65,850		2,191,488

				2,928,688


Consumer Discretionary - 25.59%

Allied Waste Industries Inc *		246,645		2,466,450
Arbitron Inc *		8,407		281,635
Bally Total Fitness Holding Corp *		20,070		142,296
Blockbuster Inc ‘A’		44,315		542,859
EchoStar Communications Corp ‘A’ *		49,205		1,095,303
Liberty Media Corp ‘A’ *		571,714		5,111,123
Liz Claiborne Inc		49,860		1,478,349
Mattel Inc		83,435		1,597,780
Station Casinos Inc *		82,925		1,467,773
The McGraw-Hill Cos Inc		3,400		205,496
The New York Times Co ‘A’		19,035		870,471
Toys R Us Inc *		128,620		1,286,200
Valassis Communications Inc *		61,350		1,805,530
Viacom Inc ‘B’ *		21,340		869,818

				19,221,083


Consumer Staples - 0.55%

Vector Group Ltd		35,484		412,324


Diversified - 2.00%

SPX Corp *		40,020		1,498,749

Energy - 5.81%

Apache Corp		42,296		2,410,449
Ocean Energy Inc		97,845		1,953,965

				4,364,414


Financial Services - 15.70%

American Express Co		28,340		1,001,819
Berkshire Hathaway Inc ‘B’ *		1,425		3,452,775
Citigroup Inc		16,820		591,896
Fannie Mae		61,465		3,954,043
Moody’s Corp		29,960		1,237,048
SLM Corp		14,630		1,519,472
Travelers Property Casualty Corp ‘A’ *		726		10,636
Travelers Property Casualty Corp ‘B’ *		1,493		21,872

				11,789,561

Materials & Processing - 4.69%

Packaging Corp of America *		114,520		2,088,845
Rayonier Inc		31,745		1,436,461

				3,525,306


Producer Durables - 0.67%

Alliant Techsystems Inc *		8,055		502,229


Technology - 13.75%

Apple Computer Inc *		194,435		2,786,254
Cadence Design Systems Inc *		211,610		2,494,882
Ceridian Corp *		188,365		2,716,223
Computer Associates International Inc		172,605		2,330,168

				10,327,527


Utilities - 5.59%

Kinder Morgan Management LLC *		132,878		4,197,620

Total Common Stocks (Cost $67,603,256)				58,767,501


FOREIGN COMMON STOCKS - 12.70%

Bermuda - 3.46%

Tyco International Ltd		152,045		2,596,929


Japan - 1.45%

Nissan Motor Co Ltd		140,000		1,091,889


Mexico - 6.09%

Cemex SA de CV ADR		181,865		3,911,916
Grupo TMM SA de CV ADR ‘A’ *		128,050		659,458

				4,571,374


South Korea - 1.70%

SK Corp *		115,420		1,274,821

Total Foreign Common Stocks (Cost $9,671,581)				9,535,013

	Principal Amount

CORPORATE BOND - 0.00%

Consumer Discretionary - 0.00%

Ames Department Stores Inc
10.000% due 04/15/06 ##	$	125,000		1,875

Total Corporate Bond (Cost $60,245)				1,875


CONVERTIBLE CORPORATE BOND - 1.26%

Consumer Staples - 1.26%

Vector Group Ltd
6.250% due 07/15/08 ~		1,460,000		949,000

Total Convertible Corporate Bond (Cost $1,460,000)				949,000

See Notes to Financial Statements

See explanation of symbols on B-97

B-31

PACIFIC SELECT FUND

STRATEGIC VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2002


	Principal Amount		Value

SHORT-TERM INVESTMENT - 5.12%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 5.12%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $3,842,160; collateralized by U.S. Treasury Bonds—market value $3,919,988 and due 08/15/20)	$	3,842,000		$3,842,000


Total Securities Held Under Repurchase Agreement				3,842,000


Total Short-Term Investment (Cost $3,842,000)				3,842,000


TOTAL INVESTMENTS - 98.93% (Cost $84,052,054)				74,296,589

OTHER ASSETS AND LIABILITIES, NET - 1.07%				806,021


NET ASSETS - 100.00%			$	75,102,610

See Notes to Financial Statements

See explanation of symbols on B-97

B-32

PACIFIC SELECT FUND

GROWTH LT PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 85.13%

Consumer Discretionary - 21.69%

Amazon.com Inc *	978,500	$	18,483,865
AOL Time Warner Inc *	2,082,663		27,282,885
Avon Products Inc	270,500		14,571,835
Darden Restaurants Inc	195,855		4,005,235
Dollar Tree Stores Inc *	641,020		15,749,861
EchoStar Communications Corp ‘A’ *	411,920		9,169,339
Electronic Arts Inc *	239,845		11,937,086
Liberty Media Corp ‘A’ *	10,720,602		95,842,182
The Stanley Works	195,860		6,772,839
The TJX Cos Inc	879,050		17,159,056
TMP Worldwide Inc *	1,019,355		11,528,905
USA Interactive *	1,214,925		27,773,186
Viacom Inc ‘B’ *	342,479		13,959,444
Wendy’s International Inc	133,910		3,624,944
Yahoo! Inc *	1,410,520		23,062,002
Yum! Brands Inc *	466,935		11,309,166

			312,231,830


Energy - 4.48%

Anadarko Petroleum Corp	368,215		17,637,498
BJ Services Co *	564,020		18,223,486
Patterson-UTI Energy Inc *	155,365		4,687,362
Smith International Inc *	735,830		24,002,775

			64,551,121


Financial Services - 17.26%

AFLAC Inc	1,070,790		32,252,195
Berkshire Hathaway Inc ‘B’ *	31,293		75,822,939
Citigroup Inc	311,345		10,956,231
ETRADE Group Inc	1,543,040		7,499,174
Fannie Mae	335,025		21,552,158
Fifth Third Bancorp	350,040		20,494,842
Goldman Sachs Group Inc	523,370		35,641,497
The Allstate Corp	1,195,870		44,235,231

			248,454,267

Health Care - 22.77%

AmerisourceBergen Corp	554,170		30,096,973
Anthem Inc *	378,035		23,778,402
Cardinal Health Inc	381,620		22,588,088
Eli Lilly & Co	114,785		7,288,848
Forest Laboratories Inc *	458,545		45,038,290
Genentech Inc *	448,015		14,856,177
Genzyme Corp-General Division *	266,570		7,882,475
Guidant Corp *	652,700		20,135,795
McKesson Corp	754,750		20,400,892
MedImmune Inc *	576,380		15,660,245
Medtronic Inc	648,945		29,591,892
Pfizer Inc	1,599,875		48,908,179
UnitedHealth Group Inc	283,185		23,645,948
Wyeth	482,555		18,047,557

			327,919,761

Integrated Oils - 1.53%

Murphy Oil Corp	514,530		22,047,610


Producer Durables - 4.07%

Applied Materials Inc *	202,075		2,633,037
KLA-Tencor Corp *	86,085		3,044,826
Lockheed Martin Corp	455,610		26,311,478
Northrop Grumman Corp	246,830		23,942,510
Novellus Systems Inc *	96,435		2,707,895

			58,639,746


Technology - 8.29%

Analog Devices Inc *	163,990		3,914,441
Apple Computer Inc *	1,885,465		27,018,713
Computer Associates International Inc	905,120		12,219,120
General Dynamics Corp	190,570		15,125,541
Intuit Inc *	200,640		9,414,029
Microsoft Corp *	586,805		30,337,818
Raytheon Co	552,250		16,981,688
Synopsys Inc *	95,645		4,414,017

			119,425,367


Utilities - 5.04%

Cablevision Systems Corp ‘A’ *	2,376,811		39,787,816
Comcast Corp Special ‘A’ *	671,125		15,160,714
Cox Communications Inc ‘A’ *	621,980		17,664,232

			72,612,762


Total Common Stocks (Cost $1,356,056,075)			1,225,882,464


FOREIGN COMMON STOCKS - 13.23%

Bermuda - 2.04%

Platinum Underwriters Holdings Ltd *	309,685		8,160,200
XL Capital Ltd ‘A’	274,125		21,176,156

			29,336,356


Canada - 1.68%

Biovail Corp *	202,725		5,353,967
Canadian National Railway Co	452,265		18,796,133

			24,150,100


Finland - 4.32%

Nokia OYJ	366,918		5,836,192
Nokia OYJ ADR	3,632,440		56,302,820

			62,139,012


South Korea - 2.65%

Samsung Electronics Co Ltd	144,350		38,215,842


Switzerland - 1.54%

Novartis AG *	202,955		7,412,103
Novartis AG ADR	401,735		14,755,727

			22,167,830


United Kingdom - 1.00%

Willis Group Holdings Ltd *	502,890		14,417,856


Total Foreign Common Stocks (Cost $227,457,861)			190,426,996

See Notes to Financial Statements

See explanation of symbols on B-97

B-33

PACIFIC SELECT FUND

GROWTH LT PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

SHORT-TERM INVESTMENT - 2.60%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 2.60%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $37,379,557; collateralized by U.S. Treasury Notes—market value $38,127,500 and due 11/30/04)	$	37,378,000	$	37,378,000


Total Securities Held Under Repurchase Agreement				37,378,000


Total Short-Term Investment (Cost $37,378,000)				37,378,000


TOTAL INVESTMENTS - 100.96% (Cost $1,620,891,936)				1,453,687,460

OTHER ASSETS AND LIABILITIES, NET - (0.96%)				(13,787,564	)


NET ASSETS - 100.00%			$	1,439,899,896

Note to Schedule of Investments

(a) Forward foreign currency contracts outstanding at December 31, 2002, are summarized as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts	Expiration Month	Unrealized Appreciation (Depreciation)

Buy	ED	8,750,000	01/03	$	459,004
Sell		23,500,000	01/03		(1,886,135	)
Buy		5,700,000	04/03		117,125
Sell		23,000,000	04/03		(1,520,104	)
Sell	KW	26,350,000,000	02/03		(910,644	)
Sell	SF	16,700,000	03/03		(580,711	)

				$	(4,321,465	)

Principal amount denoted in the indicated currency:

ED—Eurodollar

KW—Korean Won

SF—Swiss Franc

See Notes to Financial Statements

B-34

PACIFIC SELECT FUND

FOCUSED 30 PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value

COMMON STOCKS - 70.81%

Consumer Discretionary - 33.32%

AMN Healthcare Services Inc *		40,715	$	688,491
AOL Time Warner Inc *		108,665		1,423,512
Avon Products Inc		8,265		445,236
Barnes & Noble Inc *		36,210		654,315
Best Buy Co Inc *		17,075		412,361
Costco Wholesale Corp *		38,545		1,081,573
Fox Entertainment Group Inc ‘A’ *		23,185		601,187
Fred’s Inc		14,205		365,068
Getty Images Inc *		41,115		1,256,063
Hispanic Broadcasting Corp *		46,225		949,924
Metro-Goldwyn-Mayer Inc *		55,435		720,655
Nike Inc ‘B’		14,645		651,263
Radio One Inc ‘D’ *		38,735		558,946
Six Flags Inc *		78,300		447,093
Univision Communications Inc ‘A’ *		22,595		553,577
USA Interactive *		82,440		1,884,578

				12,693,842

Consumer Staples - 5.36%

Performance Food Group Co *		60,110		2,041,275

Financial Services - 15.47%

Berkshire Hathaway Inc ‘B’ *		829		2,008,667
Chicago Mercantile Exchange Inc		12,405		541,602
Citigroup Inc		23,715		834,531
Paychex Inc		89,885		2,507,792

				5,892,592

Health Care - 6.81%

Forest Laboratories Inc *		6,645		652,672
Oxford Health Plans Inc *		11,400		415,530
Sepracor Inc *		51,335		496,409
Tenet Healthcare Corp *		62,782		1,029,625

				2,594,236

Materials & Processing - 3.37%

LNR Property Corp		36,255		1,283,427

Producer Durables - 4.82%

Flowserve Corp *		124,125		1,835,809

Technology - 1.66%

Apple Computer Inc *		29,500		422,735
Semtech Corp *		19,025		207,753

				630,488

Total Common Stocks (Cost $28,546,595)				26,971,669


FOREIGN COMMON STOCKS - 16.20%

Bermuda - 5.73%

Platinum Underwriters Holdings Ltd *		8,230		216,860
XL Capital Ltd ‘A’		25,420		1,963,695

				2,180,555

Canada - 6.74%

EnCana Corp (NYSE)		8,035		249,888
EnCana Corp (TSX)		58,491		1,813,162
Molson Inc ‘A’		23,768		505,236

				2,568,286

Israel - 3.00%

Check Point Software Technologies Ltd *		61,150		793,116
Taro Pharmaceuticals Industries Ltd *		9,335		350,996

				1,144,112

South Korea - 0.73%

KorAm Bank *		44,830		279,703

Total Foreign Common Stocks (Cost $6,217,509)				6,172,656

	Principal Amount

CONVERTIBLE CORPORATE BOND - 0.92%

Health Care - 0.92%

Sepracor Inc 7.000% due 12/15/05	$	420,000		348,600

Total Convertible Corporate Bond (Cost $321,949)				348,600


SHORT-TERM INVESTMENT - 10.61%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 10.61%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $4,042,168; collateralized by U.S. Treasury Bonds—market value $4,125,103 and due 08/15/20)		4,042,000		4,042,000


Total Securities Held Under Repurchase Agreement				4,042,000


Total Short-Term Investment (Cost $4,042,000)				4,042,000


TOTAL INVESTMENTS - 98.54% (Cost $39,128,053)				37,534,925

OTHER ASSETS AND LIABILITIES, NET - 1.46%				557,281


NET ASSETS - 100.00%			$	38,092,206

Note to Schedule of Investments

(a) Forward foreign currency contracts outstanding at December 31, 2002, are summarized as follows:

Contract to Sell	Currency	Principal Amount Covered by Contracts	Expiration Month	Unrealized Depreciation




Sell	KW	200,000,000	02/03	$(5,353)

Principal amount denoted in the indicated currency:

KW - Korean Won

See Notes to Financial Statements

See explanation of symbols on B-97

B-35

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value
COMMON STOCKS - 94.54%

Autos & Transportation - 1.91%

Swift Transportation Co Inc *	687,700	$	13,766,379


Consumer Discretionary - 25.16%

American Eagle Outfitters Inc *	814,400		11,222,432
ARAMARK Corp ‘B’ *	765,800		17,996,300
Black & Decker Corp	232,900		9,989,081
Convergys Corp *	539,000		8,165,850
International Game Technology *	146,000		11,084,320
Lee Enterprises Inc	273,700		9,174,424
Mattel Inc	747,200		14,308,880
Mohawk Industries Inc *	146,100		8,320,395
Newell Rubbermaid Inc	226,400		6,866,712
Nike Inc ‘B’	361,400		16,071,458
Polo Ralph Lauren Corp *	558,600		12,155,136
Republic Services Inc *	428,100		8,981,537
Starwood Hotels & Resorts Worldwide Inc	151,500		3,596,610
The Gap Inc	767,300		11,908,496
The TJX Cos Inc	721,600		14,085,632
Valassis Communications Inc *	266,900		7,854,867
Yum! Brands Inc *	375,600		9,097,032

			180,879,162

Consumer Staples - 0.95%

Loews Corp-Carolina Group	335,400		6,798,558


Diversified - 1.43%

Eaton Corp	131,300		10,255,843


Energy - 5.55%

Baker Hughes Inc	429,300		13,819,167
Burlington Resources Inc	328,200		13,997,730
Cooper Cameron Corp *	242,200		12,066,404

			39,883,301

Financial Services - 22.71%

AMB Property Corp	332,400		9,094,464
AMBAC Financial Group Inc	156,300		8,790,312
Archstone-Smith Trust	488,900		11,508,706
Charter One Financial Inc	491,000		14,106,430
Dun & Bradstreet Corp *	335,800		11,581,742
Equifax Inc	483,000		11,176,620
Federated Investors Inc ‘B’	458,600		11,634,682
Golden West Financial Corp	95,900		6,886,579
Health Care Property Investors Inc	331,000		12,677,300
Investment Technology Group Inc *	353,400		7,902,024
Jefferson-Pilot Corp	64,700		2,465,717
Mercantile Bankshares Corp	190,300		7,343,677
Northern Trust Corp	227,800		7,984,390
SEI Investments Co	384,000		10,437,120
SouthTrust Corp	391,600		9,731,260
Student Loan Corp	113,800		11,129,640
The St. Paul Cos Inc	259,700		8,842,785

			163,293,448


Health Care - 15.13%

Advanced Medical Optics Inc *	4		48
Allergan Inc	168,200		9,691,684
Barr Laboratories Inc *	156,300		10,173,567
Biogen Inc *	136,000		5,448,160
DaVita Inc *	348,900		8,607,363
First Health Group Corp *	410,600		9,998,110
Genzyme Corp-General Division *	274,200		8,108,094
Guidant Corp *	286,100		8,826,185
King Pharmaceuticals Inc *	644,500		11,078,955
Lincare Holdings Inc *	241,400		7,633,068
Universal Health Services Inc ‘B’ *	237,800		10,724,780
Watson Pharmaceuticals Inc *	347,200		9,815,344
WellChoice Inc *	362,800		8,689,060

			108,794,418


Materials & Processing - 5.73%

American Standard Cos Inc *	163,700		11,645,618
Bowater Inc	309,700		12,991,915
Cabot Microelectronics Corp *	136,300		6,433,360
PPG Industries Inc	202,500		10,155,375

			41,226,268


Producer Durables - 6.10%

Agilent Technologies Inc *	395,600		7,104,976
Lexmark International Inc *	129,000		7,804,500
Pitney Bowes Inc	438,500		14,321,410
Rockwell Collins Inc	629,400		14,639,844

			43,870,730


Technology - 5.27%

Apple Computer Inc *	392,300		5,621,659
BMC Software Inc *	665,500		11,386,705
Gartner Inc ‘A’ *	530,900		4,884,280
Harris Corp	342,500		9,007,750
Scientific-Atlanta Inc	591,400		7,014,004
Veritas Software Corp *	1		16

			37,914,414


Utilities - 4.60%

Entergy Corp	302,100		13,772,739
KeySpan Corp	272,800		9,613,472
NiSource Inc	482,600		9,652,000

			33,038,211


Total Common Stocks (Cost $696,495,066)			679,720,732


FOREIGN COMMON STOCK - 1.51%

Canada - 1.51%

Celestica Inc *	769,800		10,854,180


Total Foreign Common Stock (Cost $18,906,423)			10,854,180

See Notes to Financial Statements

See explanation of symbols on B-97

B-36

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

SHORT-TERM INVESTMENT - 4.58%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 4.58%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $32,894,371; collateralized by U.S. Treasury Bonds—market value $33,556,080 and due 02/15/19)	$	32,893,000	$	32,893,000


Total Securities Held Under Repurchase Agreement				32,893,000


Total Short-Term Investment (Cost $ 32,893,000)				32,893,000


TOTAL INVESTMENTS - 100.63% (Cost $ 748,294,489)				723,467,912

OTHER ASSETS AND LIABILITIES, NET - (0.63%)				(4,535,522	)


NET ASSETS - 100.00%			$	718,932,390

See Notes to Financial Statements

See explanation of symbols on B-97

B-37

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value
COMMON STOCKS - 93.72%

Denmark - 2.98%

Danske Bank AS		1,794,000	$	29,679,727


Finland - 4.10%

Nokia OYJ		2,566,600		40,824,301


France - 12.63%

Aventis SA		567,320		30,853,596
AXA		1,538,728		20,662,380
Societe Generale ‘A’		608,000		35,427,826
TotalFinaElf SA		271,595		38,808,587

				125,752,389


Germany - 3.62%

Deutsche Bank AG		397,000		18,297,972
Siemens AG		418,000		17,773,757

				36,071,729


Ireland - 2.76%

Allied Irish Banks PLC		2,034,000		27,462,486


Italy - 5.79%

ENI SPA *		2,835,250		45,097,444
Sanpaolo IMI SPA *		1,930,000		12,563,103

				57,660,547


Japan - 5.61%

Canon Inc		774,000		29,139,897
Kao Corp		1,218,000		26,723,575

				55,863,472


Netherlands - 9.84%

ABN Amro Holding NV		2,125,720		34,771,342
Heineken NV		850,112		33,202,232
Royal Dutch Petroleum Co		681,240		30,004,061

				97,977,635


Spain - 2.74%

Endesa SA		2,336,880		27,356,417


Switzerland - 13.10%

Compagnie Financiere Richemont AG ‘A’		534,800		9,988,302
Nestle SA *		204,630		43,402,773
Novartis AG *		1,020,200		37,258,643
UBS AG (SMI) *		819,000		39,841,320

				130,491,038


United Kingdom - 30.55%

AstraZeneca PLC (FTSE)		884,365		31,638,423
Barclays PLC		5,708,000		35,414,002
BP PLC		4,390,430		30,211,010
Cadbury Schweppes PLC		5,912,997		36,876,435
Diageo PLC		3,314,187		36,050,483
GlaxoSmithKline PLC		1,791,576		34,414,527
HSBC Holdings PLC		3,814,400		42,198,507
Tesco PLC		5,200,000		16,256,812
Unilever PLC		4,333,100		41,268,293

				304,328,492

Total Common Stocks (Cost $1,127,008,220)				933,468,233


	Principal Amount

SHORT-TERM INVESTMENT - 6.44%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 6.44%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $64,097,256; collateralized by U.S. Treasury Notes—market value $16,418,507 and due 07/31/04; and market value $48,963,831 and due 06/30/04)	$	64,094,586		64,094,586


Total Securities Held Under Repurchase Agreement				64,094,586


Total Short-Term Investment (Cost $64,094,586)				64,094,586


TOTAL INVESTMENTS - 100.16% (Cost $1,191,102,806)				997,562,819

OTHER ASSETS AND LIABILITIES, NET - (0.16%)				(1,590,281	)


NET ASSETS - 100.00%			$	995,972,538

Note to Schedule of Investments

(a) At December 31, 2002, the portfolio’s investments were diversified as a percentage of net assets as follows:

Financial Services	29.7%
Consumer Staples	20.8%
Health Care	13.5%
Integrated Oils	9.9%
Technology	7.0%
Short-Term Investment	6.4%
Energy	4.6%
Utilities	2.8%
Materials & Processing	2.7%
Diversified	1.8%
Consumer Discretionary	1.0%
Other	(0.2%	)

Total	100.0%

See Notes to Financial Statements

See explanation of symbols on B-97

B-38

PACIFIC SELECT FUND

CAPITAL OPPORTUNITIES PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 94.90%

Autos & Transportation - 1.21%

FedEx Corp	7,240	$	392,553
Harley-Davidson Inc	19,890		918,918
United Parcel Service Inc ‘B’	7,090		447,237

			1,758,708


Consumer Discretionary - 17.98%

AOL Time Warner Inc *	66,050		865,255
ARAMARK Corp ‘B’ *	40,140		943,290
Avon Products Inc	8,480		456,818
Best Buy Co Inc *	3,210		77,522
Brinker International Inc *	17,500		564,375
Clear Channel Communications Inc *	26,340		982,219
EchoStar Communications Corp ‘A’ *	34,880		776,429
Fox Entertainment Group Inc ‘A’ *	12,840		332,941
Hilton Hotels Corp	43,700		555,427
Home Depot Inc	79,500		1,904,820
Kimberly-Clark Corp	5,700		270,579
Kohl’s Corp *	13,400		749,730
Lamar Advertising Co *	30,980		1,042,477
Limited Brands Inc	28,490		396,866
Lowe’s Cos Inc	8,040		301,500
McDonald’s Corp	44,580		716,846
Nike Inc ‘B’	1,680		74,710
Outback Steakhouse Inc	8,040		276,898
Reebok International Ltd *	8,300		244,020
Sears Roebuck & Co	125,660		3,009,557
Starwood Hotels & Resorts Worldwide Inc	45,630		1,083,256
Target Corp	30,940		928,200
The Gap Inc	39,240		609,005
The May Department Stores Co	16,400		376,872
The New York Times Co ‘A’	17,720		810,336
The Walt Disney Co	67,610		1,102,719
Viacom Inc ‘B’ *	109,774		4,474,388
Wal-Mart Stores Inc	38,210		1,929,987
Westwood One Inc *	10,520		393,027

			26,250,069


Consumer Staples - 2.65%

Kroger Co *	120,830		1,866,824
PepsiCo Inc	28,940		1,221,847
Safeway Inc *	33,570		784,195

			3,872,866


Diversified - 1.98%

General Electric Co	84,260		2,051,731
Schlumberger Ltd	19,830		834,645

			2,886,376


Energy - 4.48%

Apache Corp	18,169		1,035,451
BJ Services Co *	29,100		940,221
Calpine Corp *	362,300		1,181,098
Cooper Cameron Corp *	24,520		1,221,586
Devon Energy Corp	47,200		2,166,480

			6,544,836


Financial Services - 21.08%

Affiliated Computer Services Inc ‘A’ *	29,980		1,578,447
American International Group Inc	14,620		845,767
Arthur J. Gallagher & Co	17,140		503,573
Automatic Data Processing Inc	32,530		1,276,802
Bank of America Corp	12,200		848,754
CIGNA Corp	5,380		221,226
Citigroup Inc	99,890		3,515,129
Concord EFS Inc *	6,370		100,264
DST Systems Inc *	6,100		216,855
First Data Corp	31,130		1,102,313
FleetBoston Financial Corp	72,000		1,749,600
Freddie Mac	47,910		2,829,086
Goldman Sachs Group Inc	13,390		911,859
Mellon Financial Corp	78,630		2,053,029
Merrill Lynch & Co Inc	72,970		2,769,212
MetLife Inc	15,400		416,416
Morgan Stanley	35,210		1,405,583
Nationwide Financial Services Inc ‘A’	29,480		844,602
SAFECO Corp	7,100		246,157
SLM Corp	5,880		610,697
SunGard Data Systems Inc *	36,700		864,652
The Allstate Corp	25,800		954,342
The BISYS Group Inc *	47,450		754,455
The Hartford Financial Services Group Inc	50,330		2,286,491
Travelers Property Casualty Corp ‘A’ *	109,823		1,608,907
UnumProvident Corp	14,340		251,524

			30,765,742


Health Care - 13.62%

Abbott Laboratories	22,620		904,800
Amgen Inc *	18,250		882,205
Baxter International Inc	26,993		755,804
Eli Lilly & Co	47,190		2,996,565
Express Scripts Inc ‘A’ *	5,360		257,494
Forest Laboratories Inc *	9,970		979,253
Genzyme Corp-General Division *	26,496		783,487
Johnson & Johnson	40,400		2,169,884
MedImmune Inc *	15,670		425,754
Merck & Co Inc	30,910		1,749,815
Pfizer Inc	168,600		5,154,102
Pharmacia Corp	17,980		751,564
Schering-Plough Corp	73,542		1,632,632
Wyeth	11,930		446,182

			19,889,541


Integrated Oils - 3.78%

ConocoPhillips	15,000		725,850
GlobalSantaFe Corp	55,953		1,360,777
Noble Corp *	56,320		1,979,648
Occidental Petroleum Corp	51,240		1,457,778

			5,524,053


Materials & Processing - 3.78%

Alcoa Inc	70,170		1,598,473
Bowater Inc	27,420		1,150,269
Lyondell Chemical Co	11,300		142,832
Owens-Illinois Inc *	71,790		1,046,698
Phelps Dodge Corp *	6,000		189,900
Praxair Inc	16,090		929,519
Smurfit-Stone Container Corp *	29,400		452,495

			5,510,186


Producer Durables - 1.73%

Danaher Corp	16,600		1,090,620
Deere & Co	15,300		701,505
Illinois Tool Works Inc	11,340		735,512

			2,527,637


Technology - 12.39%

Advanced Fibre Communications Inc *	41,980		700,226
Analog Devices Inc *	36,990		882,951
Applied Micro Circuits Corp *	34,000		125,460
Cadence Design Systems Inc *	35,140		414,301
Cisco Systems Inc *	153,910		2,016,221
Dell Computer Corp *	32,590		871,457
Intel Corp	26,900		418,833
International Business Machines Corp	15,600		1,209,000

See Notes to Financial Statements

See explanation of symbols on B-97

B-39

PACIFIC SELECT FUND

CAPITAL OPPORTUNITIES PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

Linear Technology Corp		20,010	$514,657
Maxim Integrated Products Inc		14,340	473,794
Microsoft Corp *		64,580	3,338,786
Motorola Inc		101,700	879,705
Network Associates Inc *		18,000	289,620
Oracle Corp *		261,560	2,824,848
PeopleSoft Inc *		65,970	1,207,251
Symantec Corp *		6,900	279,105
Texas Instruments Inc		26,520	398,065
Veritas Software Corp *		79,650	1,244,133

			18,088,413

Utilities - 10.22%

AT&T Corp		36,830	961,631
AT&T Wireless Services Inc *		507,680	2,868,392
Comcast Corp ‘A’ *		19,553	460,864
Comcast Corp Special ‘A’ *		97,250	2,196,878
National Fuel Gas Co		19,000	393,870
NiSource Inc		127,340	2,546,800
Telephone & Data Systems Inc		41,380	1,945,689
TXU Corp		44,100	823,789
Verizon Communications Inc		70,060	2,714,826

			14,912,739

Total Common Stocks (Cost $146,554,296)			138,531,166


FOREIGN COMMON STOCKS - 4.02%

Bermuda - 2.87%

Accenture Ltd ‘A’ *		45,080	810,989
ACE Ltd		33,270	976,142
Tyco International Ltd		81,150	1,386,042
XL Capital Ltd ‘A’		13,160	1,016,610

			4,189,783

Canada - 0.26%

Alcan Inc		13,130	387,598

France - 0.57%

Aventis SA		15,350	834,807

Israel - 0.18%

Check Point Software Technologies Ltd *		7,270	94,292
Partner Communications ADR *		45,590	161,844

			256,136

Switzerland - 0.14%

Alcon Inc *		5,250	207,112

Total Foreign Common Stocks (Cost $7,054,593)			5,875,436

	Principal Amount

SHORT-TERM INVESTMENTS - 3.68%

COMMERCIAL PAPER - 3.43%

Federal Home Loan Bank 0.750% due 01/02/03	$	5,006,000	5,005,896


Total Commercial Paper			5,005,896


SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.25%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $367,015; collateralized by U.S. Treasury Bonds—market value $380,339 and due 11/15/10)		367,000	367,000


Total Securities Held Under Repurchase Agreement			367,000


Total Short-Term Investments (Cost $5,372,896)			5,372,896


TOTAL INVESTMENTS - 102.60% (Cost $158,981,785)			149,779,498

OTHER ASSETS AND LIABILITIES, NET - (2.60%)			(3,796,135	)


NET ASSETS - 100.00%			$145,983,363

See Notes to Financial Statements

See explanation of symbols on B-97

B-40

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 91.06%

Autos & Transportation - 0.94%

Expeditors Int’l of Washington Inc	16,290	$	531,869
Swift Transportation Co Inc *	16,800		336,302

			868,171


Consumer Discretionary - 33.28%

Abercrombie & Fitch Co ‘A’ *	12,360		252,886
Apollo Group Inc ‘A’ *	13,400		589,600
Blockbuster Inc ‘A’	19,650		240,713
Brinker International Inc *	25,840		833,340
CDW Computer Centers Inc *	3,610		158,298
ChoicePoint Inc *	25,040		988,830
Cost Plus Inc CA *	8,640		247,709
Dollar Tree Stores Inc *	29,240		718,427
EchoStar Communications Corp ‘A’ *	86,880		1,933,949
Entercom Communications Corp *	12,360		579,931
Expedia Inc ‘A’ *	10,300		689,381
Family Dollar Stores Inc	40,580		1,266,502
Hearst-Argyle Television Inc *	36,160		871,818
Hilton Hotels Corp	53,620		681,510
LIN TV Corp ‘A’ *	8,450		205,758
Linens ‘n Things Inc *	17,100		386,460
Manpower Inc	19,700		628,430
Mattel Inc	24,420		467,643
Meredith Corp	15,260		627,339
Nordstrom Inc	35,370		670,969
Office Depot Inc *	44,720		660,067
Outback Steakhouse Inc	43,160		1,486,430
PETsMART Inc *	49,480		847,592
Scholastic Corp *	9,470		340,446
Starbucks Corp *	17,020		346,868
Starwood Hotels & Resorts Worldwide Inc	39,380		934,881
Talbots Inc	48,300		1,329,699
The E.W. Scripps Co ‘A’	13,190		1,014,970
The McGraw-Hill Cos Inc	34,010		2,055,564
The New York Times Co ‘A’	19,660		899,052
The TJX Cos Inc	30,810		601,411
Tiffany & Co	43,240		1,033,868
Tribune Co	27,200		1,236,512
Univision Communications Inc ‘A’ *	49,250		1,206,625
USA Interactive *	32,560		744,322
Weight Watchers International Inc *	21,430		985,137
Westwood One Inc *	30,100		1,124,536
Williams-Sonoma Inc *	9,480		257,382
Yahoo! Inc *	35,440		579,444

			30,724,299


Consumer Staples - 1.05%

Hershey Foods Corp	14,330		966,415


Diversified - 0.83%

ITT Industries Inc	12,610		765,301


Energy - 1.70%

BJ Services Co *	23,370		755,085
Cooper Cameron Corp *	16,390		816,550

			1,571,635


Financial Services - 9.38%

Arthur J. Gallagher & Co	42,640		1,252,763
DST Systems Inc *	9,760		346,968
First Tennessee National Corp	14,750		530,115
Investors Financial Services Corp	32,140		880,315
Lehman Brothers Holdings Inc	8,560		456,162
New York Community Bancorp Inc	41,760		1,206,029
SAFECO Corp	17,200		596,324
SunGard Data Systems Inc *	67,390		1,587,708
TCF Financial Corp	17,600		768,944
The BISYS Group Inc *	65,200		1,036,680

			8,662,008


Health Care - 20.17%

Biogen Inc *	28,030		1,122,882
Caremark Rx Inc *	110,640		1,797,900
Celgene Corp *	21,020		451,299
Cytyc Corp *	152,160		1,552,032
DENTSPLY International Inc	32,050		1,193,510
First Health Group Corp *	26,390		642,596
Genzyme Corp—General Division *	51,320		1,517,532
Guidant Corp *	50,700		1,564,095
Health Management Associates Inc ‘A’	33,400		597,860
IDEC Pharmaceuticals Corp *	5,570		184,757
IMS Health Inc	38,150		610,400
Invitrogen Corp *	30,700		961,831
LifePoint Hospitals Inc *	16,270		486,977
Lincare Holdings Inc *	34,800		1,100,376
MedImmune Inc *	57,700		1,567,709
Mylan Laboratories Inc	49,540		1,728,946
Stryker Corp	14,730		988,678
Varian Medical Systems Inc *	10,710		531,216
Visx Inc *	2,280		21,842

			18,622,438


Integrated Oils - 0.55%

Noble Corp *	14,530		510,730


Materials & Processing - 0.44%

Smurfit-Stone Container Corp *	26,090		401,551


Producer Durables - 5.37%

Alliant Techsystems Inc *	9,370		584,220
American Tower Corp ‘A’ *	156,030		550,786
Crown Castle International Corp *	193,290		724,838
KLA-Tencor Corp *	19,380		685,471
Novellus Systems Inc *	42,160		1,183,853
Waters Corp *	56,150		1,222,947

			4,952,115


Technology - 17.35%

Advanced Fibre Communications Inc *	43,110		719,075
Analog Devices Inc *	60,380		1,441,271
Applera Corp-Applied Biosystems Group	22,160		388,686
BEA Systems Inc *	95,180		1,091,715
Cadence Design Systems Inc *	19,180		226,132
Comverse Technology Inc *	21,730		217,735
Intuit Inc *	24,220		1,136,402
Linear Technology Corp	9,700		249,484
Macrovision Corp *	17,150		275,086
Maxim Integrated Products Inc	27,120		896,045
Mercury Interactive Corp *	36,060		1,069,179
Microchip Technology Inc	57,210		1,398,784
Millipore Corp *	41,080		1,396,720
Network Associates Inc *	42,720		687,365
PeopleSoft Inc *	83,060		1,519,998
QLogic Corp *	17,100		590,121
RF Micro Devices Inc *	31,360		229,869
Rockwell Automation Inc	37,190		770,205

See Notes to Financial Statements

See explanation of symbols on B-97

B-41

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value
Symantec Corp *		7,010	$	283,554
Veritas Software Corp *		91,770		1,433,447

				16,020,873


Total Common Stocks (Cost $86,180,491)				84,065,536


FOREIGN COMMON STOCKS - 3.41%

Bermuda - 0.96%

ACE Ltd		30,350		890,469


Israel - 0.84%

Teva Pharmaceutical Industries Ltd ADR		20,200		779,922


Netherlands - 0.25%

ASML Holding NV ‘NY’ *		27,250		227,810


United Kingdom - 1.36%

Shire Pharmaceuticals Group PLC ADR *		43,960		830,404
Willis Group Holdings Ltd *		14,670		420,589

				1,250,993


Total Foreign Common Stocks (Cost $3,605,384)				3,149,194


	Principal Amount

SHORT-TERM INVESTMENTS - 7.25%

COMMERCIAL PAPER - 6.80%

Federal Home Loan Bank 0.750% due 01/02/03	$	6,277,000		6,276,869


Total Commercial Paper				6,276,869


SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.45%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $416,017; collateralized by U.S. Treasury Bonds—market value $430,117 and due 11/15/16)		416,000		416,000


Total Securities Held Under Repurchase Agreement				416,000


Total Short-Term Investments (Cost $6,692,869)				6,692,869


TOTAL INVESTMENTS - 101.72% (Cost $96,478,744)				93,907,599

OTHER ASSETS AND LIABILITIES, NET - (1.72%)				(1,589,804	)


NET ASSETS - 100.00%			$	92,317,795

See Notes to Financial Statements

See explanation of symbols on B-97

B-42

PACIFIC SELECT FUND

GLOBAL GROWTH PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

PREFERRED STOCKS - 0.97%

Brazil - 0.04%

Gerdau SA ADR	1,300	$	11,570


Germany - 0.93%

Fresenius Medical Care AG	4,730		144,015
Porsche AG	259		107,682

			251,697

Total Preferred Stocks (Cost $300,471)			263,267


COMMON STOCKS - 94.98%

Australia - 1.22%

Australia & New Zealand Banking Group Ltd	11,570		112,565
John Fairfax Holdings Ltd	17,500		31,598
TABCORP Holdings Ltd	17,830		106,481
The News Corp Ltd	13,116		84,433

			335,077

Austria - 0.12%

Erste Bank Oesterreichischen Sparkassen AG	500		33,676


Belgium - 0.40%

Fortis	6,160		108,652


Bermuda - 0.86%

Accenture Ltd ‘A’ *	4,380		78,796
ACE Ltd	1,610		47,237
XL Capital Ltd ‘A’	1,410		108,922

			234,955


Brazil - 0.78%

Aracruz Celulose SA ADR	5,250		97,440
Cia Vale do Rio Doce ADR	800		23,128
Petroleo Brasileiro SA ADR	6,120		91,433

			212,001


Canada - 1.50%

Bank of Nova Scotia	1,500		50,197
EnCana Corp (NYSE)	3,770		117,247
EnCana Corp (TSX)	7,830		242,722

			410,166


China - 0.83%

Beijing Datang Power Generation Co Ltd ‘H’	42,000		13,599
China Oilfield Services Co Ltd *	228,000		55,549
China Telecom Corp Ltd *	178,000		31,270
Huaneng Power International Inc ‘H’	129,000		103,385
PetroChina Co Ltd ‘H’	114,000		22,658

			226,461


Denmark - 0.65%

Danske Bank AS	10,640		176,027


Egypt - 0.07%

Mobinil-Egyptian Mobile Netork	2,680		17,950


Estonia - 0.00%

Eesti Telekom GDR ~	40		734


Finland - 0.27%

Nokia OYJ ADR	4,840		75,020


France - 5.13%

Aventis SA	8,590		467,166
BNP Paribas *	1,935		78,885
Carrefour SA	1,200		53,457
Generale de Sante *	5,159		59,310
Sanofi-Synthelabo SA *	5,350		327,188
Schneider Electric SA	2,079		98,420
Societe Television Francaise 1	1,584		42,341
TotalFinaElf SA	1,915		273,637

			1,400,404


Germany - 1.34%

Bayerische Motoren Werke AG	4,870		148,022
Celanese AG *	3,420		75,404
Linde AG	2,840		104,360
Schering AG	900		39,214

			367,000


Greece - 0.16%

Coca-Cola Hellenic Bottling Co SA	3,210		44,621


Hong Kong - 1.61%

China Mobile Ltd *	56,000		133,205
China Mobile Ltd ADR *	1,970		23,798
Citic Pacific Ltd	11,000		20,312
CNOOC Ltd	18,000		23,428
Denway Motors Ltd	297,440		100,119
Hong Kong Electric Holdings Ltd	6,000		22,697
SmarTone Telecommunications Holding Ltd	48,000		53,549
TCL International Holdings Ltd	209,000		63,650

			440,758


Hungary - 0.19%

OTP Bank RT GDR	2,570		50,500


India - 0.14%

ICICI Bank Ltd ADR	6,042		39,273


Indonesia - 0.09%

P.T. Telekomunikasi Indonesia	54,500		23,444


Ireland - 0.81%

Bank of Ireland	15,860		163,017
Irish Life & Permanent PLC	5,400		58,395

			221,412


Israel - 0.53%

Bank Leumi Le-Israel BM *	21,400		22,343
Check Point Software Technologies Ltd *	3,630		47,081
Taro Pharmaceuticals Industries Ltd *	1,980		74,448

			143,872


Japan - 8.85%

Brother Industries Ltd	35,000		8221,974
Canon Inc	5,000		188,242
Credit Saison Co Ltd	8,000		136,444

See Notes to Financial Statements

See explanation of symbols on B-97

B-43

PACIFIC SELECT FUND

GLOBAL GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value

Fanuc Ltd	2,800	$	123,810
Fast Retailing Co Ltd	3,300		116,180
Honda Motor Co Ltd	5,600		207,058
Namco Ltd	5,100		85,394
Nippon Electric Glass Co Ltd	9,000		90,584
Nissan Motor Co Ltd	31,800		248,015
Shiseido Co Ltd	18,000		233,926
Sompo Japan Insurance Inc	18,000		105,062
Stanley Electric Co Ltd	12,000		133,917
Tokyo Gas Co Ltd	104,000		325,849
Uni-Charm Corp	5,000		198,349

			2,414,804

Malaysia - 0.57%

Malayan Banking Bhd	11,000		21,421
Resorts World Bhd	8,000		19,684
Sime Darby Bhd	45,000		58,737
Tenaga Nasional Bhd	22,000		55,000

			154,842

Mexico - 2.35%

America Movil SA de CV ‘L’ ADR	6,550		94,058
Coca-Cola Femsa SA ADR	4,000		71,600
Fomento Economica SA de CV ADR	610		22,216
Grupo Financiero Banorte SA de CV ‘O’	22,280		54,681
Grupo Financiero BBVA Bancomer ‘B’ *	31,200		23,753
Grupo Modelo SA de CV ‘C’	47,900		117,514
Grupo Televisa SA ADR *	800		22,344
Kimberly-Clark de Mexico SA de CV ‘A’	9,800		22,637
Telefonos de Mexico SA de CV ‘L’ ADR	5,270		168,535
Wal-Mart de Mexico SA de CV ‘V’	18,890		43,271

			640,609

Netherlands - 3.71%

AKZO Nobel NV	4,580		145,362
Fugro NV	1,874		84,859
Jomed NV *	5,250		46,556
Koninklijke Philips Electronics NV	6,520		114,317
Royal KPN NV *	32,720		212,987
Unilever NV CVA	4,530		278,467
VNU NV	4,959		129,380

			1,011,928

New Zealand - 0.55%

Telecom Corp of New Zealand Ltd (NZSE)	63,148		149,953

Norway - 0.17%

Tandberg ASA *	7,810		45,098

Philippines - 0.04%

Philippine Long Distance Telephone *	2,340		11,835

Russia - 1.41%

Golden Telecom Inc *	800		10,120
JSC MMC Norilsk Nickel ADR	2,150		43,473
LUKOIL ADR	1,710		103,968
LUKOIL ADR ~ # *	600		36,864
Mobile TeleSystems ADR	300		11,142
Surgutneftegaz SP ADR	4,000		62,800
YUKOS ADR	820		115,562

			383,929

Singapore - 0.60%

Haw Par Corp Ltd	164		308
United Overseas Bank Ltd	24,000		163,265

			163,573

South Africa - 1.57%

ABSA Group Ltd	9,740		35,912
African Bank Investments Ltd	18,040		11,893
Anglo American Platinum Corp Ltd	1,925		70,976
Barloworld Ltd	1,700		12,060
FirstRand Ltd	42,300		36,326
Gold Fields Ltd	5,500		76,944
Impala Platinum Holdings Ltd	1,150		73,129
MTN Group Ltd *	9,200		13,150
Sappi Ltd ADR	2,350		31,067
Sasol Ltd	5,400		66,157

			427,614

South Korea - 3.89%

Hana Bank *	50		687
Hyundai Mobis *	1,150		21,137
Hyundai Motor Co Ltd *	1,840		43,050
Kia Motors Corp *	1,500		11,129
Kookmin Bank *	2,496		88,388
Korea Electric Power Corp *	2,920		44,931
Korea Tobacco & Ginseng Corp *	1,650		22,815
Korea Tobacco & Ginseng Corp GDR	11,330		75,344
KT Corp ADR	2,100		45,255
KT Freetel Co Ltd *	1,700		40,420
LG Chemical Ltd *	300		10,269
LG Electronics Inc *	920		32,036
POSCO ADR	3,230		79,878
Samsung Electronics Co Ltd	1,510		399,764
Samsung Fire & Marine Insurance Co Ltd	400		21,854
Samsung SDI Co Ltd	550		31,765
Shinsegae Co Ltd *	100		12,605
SK Telecom Co Ltd *	410		79,162

			1,060,489

Spain - 1.21%

Iberdrola SA	8,680		121,660
Telefonica SA *	23,198		207,753

			329,413

Sweden - 0.97%

Alfa Laval AB *	9,070		73,186
Capio AB *	9,190		73,095
Hennes & Mauritz AB ‘B’	6,080		117,744

			264,025

Switzerland - 4.91%

Converium Holding AG *	4,060		196,916
Givaudan SA	130		58,347
Lonza Group AG	640		38,917
Novartis AG *	12,940		472,581
Syngenta AG	4,480		259,609
Synthes-Stratec Inc	150		92,080
UBS AG (SMI) *	4,572		222,411

			1,340,861

Taiwan - 0.91%

Chinatrust Financial Holding Co Ltd *	63,000		51,455
Formosa Plastics Corp	37,000		48,693
Fubon Financial Holdings Co Ltd	30,000		23,896
President Chain Store Corp	23,000		34,848
Taiwan Semiconductor Co Ltd ADR *	12,510		88,196

			247,088

Thailand - 0.50%

Bangkok Bank PCL *	16,800		23,371
BEC World PLC +	7,500		35,474
PTT Exploration & Production PCL +	8,100		26,668

See Notes to Financial Statements

See explanation of symbols on B-97

B-44

PACIFIC SELECT FUND

GLOBAL GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

PTT PCL +		24,900	$	24,392
Siam Cement PCL		900		26,084

				135,989

United Kingdom - 14.19%

Anglo American PLC		15,700		233,398
AstraZeneca PLC (FTSE)		3,880		138,808
Aviva PLC		14,600		104,229
BHP Billiton PLC		31,660		169,259
BP PLC ADR		13,880		564,222
British Sky Broadcasting PLC *		10,580		108,947
BT Group PLC		37,160		116,773
Diageo PLC		29,423		320,052
Intertek Testing Services PLC *		15,870		103,065
Johnston Press PLC		20,078		118,745
Lloyds TSB Group PLC		19,020		136,702
Lonmin PLC		8,460		118,064
Marks & Spencer Group PLC		9,020		45,788
National Grid Transco PLC		15,490		113,952
NEXT PLC		7,010		83,200
Old Mutual PLC (FTSE)		44,890		63,659
Reckitt Benckiser PLC		6,545		127,095
Reed Elsevier PLC		30,180		258,739
Rio Tinto PLC		8,470		169,253
Royal Bank of Scotland Group PLC		21,085		505,600
Standard Chartered PLC		10,952		124,603
Vodafone Group PLC ADR		6,398		115,932
Xstrata PLC *		3,020		31,585

				3,871,670


United States - 31.88%

3M Co		1,020		125,766
Abbott Laboratories		2,020		80,800
Affiliated Computer Services Inc ‘A’ *		1,340		70,551
American Express Co		3,480		123,018
Amgen Inc *		2,910		140,669
Analog Devices Inc *		6,010		143,459
AOL Time Warner Inc *		12,660		165,846
Apollo Group Inc ‘A’ *		890		39,160
Archer-Daniels-Midland Co		1,670		20,708
Automatic Data Processing Inc		1,860		73,005
Avon Products Inc		1,980		106,663
Baker Hughes Inc		1,880		60,517
Baxter International Inc		3,770		105,560
BJ Services Co *		310		10,016
Brinker International Inc *		2,300		74,175
Cadence Design Systems Inc *		2,770		32,658
Cardinal Health Inc		870		51,495
Cendant Corp *		5,710		59,841
Cisco Systems Inc *		20,660		270,646
Citigroup Inc		6,500		228,735
Clear Channel Communications Inc *		3,970		148,041
Comcast Corp ‘A’ *		4,360		102,765
Concord EFS Inc *		4,050		63,747
CVS Corp		2,160		53,935
Danaher Corp		1,770		116,289
Dell Computer Corp *		4,520		120,865
EchoStar Communications Corp ‘A’ *		4,390		97,721
Eli Lilly & Co		2,460		156,210
Express Scripts Inc ‘A’ *		2,320		111,453
Family Dollar Stores Inc		1,990		62,108
Fannie Mae		740		47,604
First Data Corp		3,010		106,584
Forest Laboratories Inc *		1,040		102,149
Fox Entertainment Group Inc ‘A’ *		4,140		107,350
Freddie Mac		3,320		196,046
Gannett Co Inc		1,570		112,726
General Electric Co		8,620		209,897
Goldman Sachs Group Inc		2,070		140,967
Harley-Davidson Inc		1,960		90,552
Health Management Associates Inc ‘A’		2,100		37,590
Home Depot Inc		6,520		156,219
International Business Machines Corp		1,880		145,700
International Paper Co		1,880		65,744
Johnson & Johnson		3,780		203,024
Kellogg Co		2,900		99,383
Kimberly-Clark Corp		1,020		48,419
Kohl’s Corp *		1,830		102,389
Lamar Advertising Co *		1,460		49,129
Limited Brands Inc		3,450		48,058
Linear Technology Corp		1,500		38,580
Manpower Inc		1,710		54,549
Maxim Integrated Products Inc		1,650		54,516
MedImmune Inc *		960		26,083
Medtronic Inc		2,190		99,864
Mellon Financial Corp		5,090		132,900
Merrill Lynch & Co Inc		3,110		118,025
MetLife Inc		3,670		99,237
Microsoft Corp *		6,160		318,472
Morgan Stanley		1,430		57,086
Network Associates Inc *		550		8,850
Newell Rubbermaid Inc		1,470		44,585
Nike Inc ‘B’		1,080		48,028
Northrop Grumman Corp		950		92,150
Novellus Systems Inc *		1,110		31,169
Oracle Corp *		17,060		184,248
PeopleSoft Inc *		4,270		78,141
PepsiCo Inc		3,670		154,947
Pfizer Inc		14,610		446,628
Philip Morris Cos Inc		1,170		47,420
Praxair Inc		1,160		67,013
Starwood Hotels & Resorts Worldwide Inc		1,550		36,797
SunGard Data Systems Inc *		4,290		101,072
Target Corp		5,110		153,300
Texas Instruments Inc		4,770		71,598
The BISYS Group Inc *		4,210		66,939
The E.W. Scripps Co ‘A’		310		23,855
The Gap Inc		2,570		39,886
The Gillette Co		4,300		130,548
The Hartford Financial Services Group Inc		950		43,158
The New York Times Co ‘A’		1,180		53,961
Travelers Property Casualty Corp ‘A’ *		7,391		108,278
Travelers Property Casualty Corp ‘B’ *		217		3,179
United Parcel Service Inc ‘B’		860		54,249
UnitedHealth Group Inc		510		42,585
Veritas Software Corp *		8,710		136,050
Viacom Inc ‘B’ *		5,640		229,886
Wal-Mart Stores Inc		2,300		116,173

				8,699,957


Total Common Stocks (Cost $27,353,771)				25,915,680

	Principal Amount

SHORT-TERM INVESTMENTS - 5.06%

COMMERCIAL PAPER - 4.31%

Federal Home Loan Bank 0.750% due 01/02/03	$	1,176,000		1,175,976


Total Commercial Paper				1,175,976

See Notes to Financial Statements

See explanation of symbols on B-97

B-45

PACIFIC SELECT FUND

GLOBAL GROWTH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.75%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $206,209; collateralized by U.S. Treasury Bonds—market value $211,853 and due 11/15/21)	$	206,000	$	206,000


Total Securities Held Under Repurchase Agreement				206,000


Total Short-Term Investments (Cost $1,381,976)				1,381,976


TOTAL INVESTMENTS - 101.01% (Cost $29,036,218)				27,560,923

OTHER ASSETS AND LIABILITIES, NET - (1.01%)				(274,850	)


NET ASSETS - 100.00%			$	27,286,073

Note to Schedule of Investments

(a) At December 31, 2002, the portfolio’s investments were diversified as a

percentage of net assets as follows:


Financial Services	18.2	%
Consumer Discretionary	16.2	%
Health Care	13.0	%
Technology	9.4	%
Utilities	9.0	%
Materials & Processing	8.3	%
Integrated Oils	6.4	%
Consumer Staples	5.4	%
Short-Term Investments	5.1	%
Autos & Transportation	3.8	%
Diversified	3.4	%
Producer Durables	2.5	%
Energy	0.3	%
Other	(1.0	%)

Total	100.0	%

See Notes to Financial Statements

See explanation of symbols on B-97

B-46

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 98.86%

Autos & Transportation - 2.55%

AMR Corp *	29,800	$	196,680
Burlington Northern Santa Fe Corp	73,510		1,911,995
Cooper Tire & Rubber Co	14,000		214,760
CSX Corp	33,600		951,216
Dana Corp	28,628		336,665
Delphi Corp	108,405		872,660
Delta Air Lines Inc	15,200		183,920
FedEx Corp	50,188		2,721,194
Ford Motor Co	331,944		3,087,079
General Motors Corp	93,244		3,436,974
Genuine Parts Co	30,675		944,790
Harley-Davidson Inc	51,100		2,360,820
Navistar International Corp *	12,060		293,179
Norfolk Southern Corp	72,800		1,455,272
PACCAR Inc	18,199		839,520
Southwest Airlines Co	147,430		2,049,277
The Goodyear Tire & Rubber Co	33,500		228,135
Union Pacific Corp	42,200		2,526,514
United Parcel Service Inc ‘B’	197,900		12,483,532
Visteon Corp	25,318		176,213

			37,270,395


Consumer Discretionary - 13.26%

Alberto-Culver Co ‘B’	9,438		475,675
Allied Waste Industries Inc *	38,200		382,000
American Greetings Corp ‘A’ *	13,260		209,508
AOL Time Warner Inc *	806,160		10,560,696
Apollo Group Inc ‘A’ *	27,600		1,214,400
AutoZone Inc *	19,600		1,384,740
Avon Products Inc	40,900		2,203,283
Bed Bath & Beyond Inc *	47,500		1,640,175
Best Buy Co Inc *	58,699		1,417,581
Big Lots Inc *	21,900		289,737
Black & Decker Corp	15,600		669,084
Carnival Corp	109,600		2,734,520
Cendant Corp *	189,628		1,987,301
Cintas Corp	27,700		1,267,275
Circuit City Stores Inc	35,900		266,378
Clear Channel Communications Inc *	108,412		4,042,683
Convergys Corp *	32,289		489,178
Costco Wholesale Corp *	75,844		2,128,183
Darden Restaurants Inc	34,800		711,660
Dillards Inc ‘A’	16,500		261,690
Dollar General Corp	63,993		764,716
Eastman Kodak Co	57,700		2,021,808
eBay Inc *	56,700		3,845,394
Electronic Arts Inc *	26,800		1,333,836
Family Dollar Stores Inc	25,600		798,976
Federated Department Stores Inc *	38,300		1,101,508
Gannett Co Inc	44,700		3,209,460
Harrah’s Entertainment Inc *	22,650		896,940
Hasbro Inc	39,425		455,359
Hilton Hotels Corp	64,900		824,879
Home Depot Inc	417,150		9,994,914
International Flavors & Fragrances Inc	18,600		652,860
International Game Technology *	13,400		1,017,328
J.C. Penney Co Inc	56,300		1,295,463
Jones Apparel Group Inc *	22,500		797,400
Kimberly-Clark Corp	93,661		4,446,088
Knight-Ridder Inc	14,200		898,150
Kohl’s Corp *	63,400		3,547,230
Leggett & Platt Inc	36,400		816,816
Limited Brands Inc	90,096		1,255,037
Liz Claiborne Inc	12,120		359,358
Lowe’s Cos Inc	137,700		5,163,750
Marriott International Inc ‘A’	47,200		1,551,464
Mattel Inc	83,650		1,601,898
Maytag Corp	14,700		418,950
McDonald’s Corp	222,700		3,581,016
Meredith Corp	8,900		365,879
Newell Rubbermaid Inc	51,134		1,550,894
Nike Inc ‘B’	48,500		2,156,795
Nordstrom Inc	25,920		491,702
Office Depot Inc *	63,100		931,356
Omnicom Group Inc	35,700		2,306,220
R.R. Donnelley & Sons Co	22,700		494,179
RadioShack Corp	35,944		673,591
Reebok International Ltd *	5,380		158,172
Robert Half International Inc *	36,400		586,404
Sabre Holdings Corp *	25,702		465,463
Sears Roebuck & Co	49,000		1,173,550
Snap-On Inc	11,150		313,427
Staples Inc *	74,450		1,362,435
Starbucks Corp *	62,800		1,279,864
Starwood Hotels & Resorts Worldwide Inc	31,170		739,976
Target Corp	159,400		4,782,000
The Gap Inc	156,650		2,431,208
The Gillette Co	186,200		5,653,032
The Interpublic Group of Cos Inc	74,358		1,046,961
The May Department Stores Co	54,500		1,252,410
The McGraw-Hill Cos Inc	32,700		1,976,388
The New York Times Co ‘A’	24,800		1,134,104
The Stanley Works	14,400		497,952
The TJX Cos Inc	99,500		1,942,240
The Walt Disney Co	369,706		6,029,905
Tiffany & Co	28,300		676,653
TMP Worldwide Inc *	13,200		149,292
Toys R Us Inc *	40,100		401,000
Tribune Co	57,614		2,619,132
Tupperware Corp	14,100		212,628
Univision Communications Inc ‘A’ *	40,400		989,800
VF Corp	21,700		782,285
Viacom Inc ‘A’ *	6,100		248,941
Viacom Inc ‘B’ *	308,586		12,577,965
Wal-Mart Stores Inc	781,600		39,478,616
Waste Management Inc	115,660		2,650,927
Wendy’s International Inc	15,700		424,999
Whirlpool Corp	9,400		490,868
Yahoo! Inc *	109,400		1,788,690
Yum! Brands Inc *	56,940		1,379,087

			193,653,335


Consumer Staples - 8.41%

Adolph Coors Co ‘B’	8,790		538,388
Albertson’s Inc	75,178		1,673,462
Anheuser-Busch Cos Inc	156,900		7,593,960
Brown-Forman Corp ‘B’	13,261		866,739
Campbell Soup Co	80,400		1,886,988
Clorox Co	42,100		1,736,625
Coca-Cola Enterprises Inc	83,200		1,807,104
Colgate-Palmolive Co	93,200		4,886,476
ConAgra Foods Inc	89,700		2,243,397
CVS Corp	68,600		1,712,942
Del Monte Foods Co *	9,238		71,131
General Mills Inc	66,800		3,136,260
H.J. Heinz Co	58,750		1,931,112
Hershey Foods Corp	24,800		1,672,512
Kellogg Co	69,000		2,364,630
Kroger Co *	135,100		2,087,295
Pepsi Bottling Group Inc	50,100		1,287,570
PepsiCo Inc	305,680		12,905,810
Philip Morris Cos Inc	364,952		14,791,505
Procter & Gamble Co	229,600		19,731,824
R.J. Reynolds Tobacco Holdings Inc	16,200		682,182

See Notes to Financial Statements

See explanation of symbols on B-97

B-47

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Safeway Inc *	81,000	$	1,892,160
Sara Lee Corp	144,925		3,262,262
SUPERVALU Inc	21,600		356,616
Sysco Corp	114,900		3,422,871
The Coca-Cola Co	439,400		19,254,508
UST Inc	31,600		1,056,388
Walgreen Co	179,800		5,248,362
William Wrigley Jr. Co	42,200		2,315,936
Winn-Dixie Stores Inc	27,200		415,616

			122,832,631


Diversified - 4.94%

3M Co	68,700		8,470,710
Brunswick Corp	17,200		341,592
Cooper Industries Ltd ‘A’	13,700		499,365
Eaton Corp	14,300		1,116,973
Fortune Brands Inc	22,900		1,065,079
General Electric Co	1,762,000		42,904,700
Honeywell International Inc	144,775		3,474,600
ITT Industries Inc	17,000		1,031,730
Johnson Controls Inc	15,900		1,274,703
Schlumberger Ltd	108,300		4,558,347
Textron Inc	29,200		1,255,308
Tyco International Ltd	359,783		6,145,094

			72,138,201


Energy - 1.00%

Anadarko Petroleum Corp	46,688		2,236,355
Apache Corp	21,450		1,222,436
Baker Hughes Inc	63,900		2,056,941
BJ Services Co *	25,500		823,905
Burlington Resources Inc	39,947		1,703,740
Calpine Corp *	84,200		274,492
Devon Energy Corp	25,589		1,174,535
Dynegy Inc ‘A’	73,200		86,376
El Paso Corp	95,625		665,550
EOG Resources Inc	20,700		826,344
Halliburton Co	83,100		1,554,801
McDermott International Inc *	9,600		42,048
Nabors Industries Ltd *	20,369		718,415
Rowan Cos Inc	17,700		401,790
Sunoco Inc	16,257		539,407
Williams Cos Inc	75,400		203,580

			14,530,715


Financial Services - 21.58%

ACE Ltd	44,300		1,299,762
AFLAC Inc	95,000		2,861,400
AMBAC Financial Group Inc	15,600		877,344
American Express Co	240,200		8,491,070
American International Group Inc	464,742		26,885,325
AmSouth Bancorp	69,650		1,337,280
Aon Corp	50,725		958,195
Automatic Data Processing Inc	104,800		4,113,400
Bank of America Corp	265,419		18,465,200
Bank One Corp	212,054		7,750,574
BB&T Corp	85,019		3,144,853
Capital One Financial Corp	42,700		1,269,044
Charter One Financial Inc	46,408		1,333,302
Chubb Corp	34,200		1,785,240
CIGNA Corp	23,400		962,208
Cincinnati Financial Corp	33,700		1,265,435
Citigroup Inc	909,819		32,016,531
Comerica Inc	28,450		1,230,178
Concord EFS Inc *	87,300		1,374,102
Countrywide Financial Corp	18,700		965,855
Deluxe Corp	13,700		576,770
Dow Jones & Co Inc	17,600		760,848
Equifax Inc	27,100		627,094
Equity Office Properties Trust	80,500		2,010,890
Equity Residential	48,100		1,182,298
Fannie Mae	179,600		11,553,668
Fifth Third Bancorp	99,743		5,839,953
First Data Corp	137,600		4,872,416
First Tennessee National Corp	23,800		855,372
Fiserv Inc *	30,550		1,037,172
FleetBoston Financial Corp	183,748		4,465,076
Franklin Resources Inc	51,200		1,744,896
Freddie Mac	125,600		7,416,680
Golden West Financial Corp	26,200		1,881,422
Goldman Sachs Group Inc	84,900		5,781,690
H&R Block Inc	27,600		1,109,520
Household International Inc	74,692		2,077,185
Huntington Bancshares Inc	43,923		821,799
J.P. Morgan Chase & Co	351,171		8,428,104
Jefferson-Pilot Corp	27,900		1,063,269
John Hancock Financial Services Inc	57,100		1,593,090
KeyCorp	82,200		2,066,508
Lehman Brothers Holdings Inc	41,400		2,206,206
Lincoln National Corp	36,300		1,146,354
Loews Corp	33,800		1,502,748
Marsh & McLennan Cos Inc	92,600		4,279,046
Marshall & Ilsley Corp	39,200		1,073,296
MBIA Inc	29,100		1,276,326
MBNA Corp	224,570		4,271,321
Mellon Financial Corp	76,900		2,007,859
Merrill Lynch & Co Inc	150,731		5,720,241
MetLife Inc	129,000		3,488,160
MGIC Investment Corp	20,700		854,910
Moody’s Corp	29,900		1,234,571
Morgan Stanley	198,003		7,904,280
National City Corp	111,100		3,035,252
North Fork Bancorp Inc	25,200		850,248
Northern Trust Corp	34,800		1,219,740
Paychex Inc	61,000		1,701,900
Plum Creek Timber Co Inc	33,500		790,600
PNC Financial Services Group Inc	45,400		1,902,260
Principal Financial Group Inc	60,100		1,810,813
Providian Financial Corp *	48,700		316,063
Prudential Financial Inc	97,000		3,078,780
Regions Financial Corp	44,000		1,467,840
Ryder System Inc	11,700		262,548
SAFECO Corp	24,740		857,736
Simon Property Group Inc	28,500		970,995
SLM Corp	28,700		2,980,782
SouthTrust Corp	54,600		1,356,810
State Street Corp	55,200		2,152,800
Stilwell Financial Inc	42,900		560,703
SunGard Data Systems Inc *	53,500		1,260,460
SunTrust Banks Inc	47,800		2,720,776
Synovus Financial Corp	56,150		1,089,310
T. Rowe Price Group Inc	23,800		649,264
The Allstate Corp	123,578		4,571,150
The Bank of New York Co Inc	122,800		2,942,288
The Bear Stearns Cos Inc	18,020		1,070,388
The Charles Schwab Corp	254,700		2,763,495
The Hartford Financial Services Group Inc	41,300		1,876,259
The Progressive Corp OH	39,900		1,980,237
The St. Paul Cos Inc	35,998		1,225,732
Torchmark Corp	23,500		858,455
Travelers Property Casualty Corp ‘B’ *	183,593		2,689,637
U.S. Bancorp	345,599		7,333,611
Union Planters Corp	41,550		1,169,217
UnumProvident Corp	46,705		819,206
Wachovia Corp	247,910		9,033,840
Washington Mutual Inc	174,633		6,030,077
Wells Fargo & Co	300,905		14,103,417

See Notes to Financial Statements

See explanation of symbols on B-97

B-48

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
XL Capital Ltd ‘A’	22,200	$	1,714,950
Zions Bancorp	17,500		688,608

			315,023,583

Health Care - 14.58%

Abbott Laboratories	276,600		11,064,000
Aetna Inc	23,239		955,588
Allergan Inc	24,100		1,388,642
AmerisourceBergen Corp	16,800		912,408
Amgen Inc *	225,540		10,902,604
Anthem Inc *	23,468		1,476,150
Bausch & Lomb Inc	8,600		309,600
Baxter International Inc	105,400		2,951,200
Becton Dickinson & Co	49,100		1,506,879
Biogen Inc *	29,500		1,181,770
Biomet Inc	42,965		1,231,377
Boston Scientific Corp *	74,200		3,154,984
Bristol-Myers Squibb Co	350,100		8,104,815
C.R. Bard Inc	6,300		365,400
Cardinal Health Inc	78,175		4,627,178
Chiron Corp *	32,200		1,210,720
Eli Lilly & Co	198,900		12,630,150
Forest Laboratories Inc *	33,900		3,329,658
Genzyme Corp-General Division *	34,200		1,011,294
Guidant Corp *	50,100		1,545,585
HCA Inc	87,284		3,622,286
Health Management Associates Inc ‘A’	45,900		821,610
HealthSouth Corp *	77,500		325,500
Humana Inc *	32,900		329,000
IMS Health Inc	58,300		932,800
Johnson & Johnson	526,922		28,300,981
King Pharmaceuticals Inc *	44,733		768,960
Manor Care Inc *	18,500		344,285
McKesson Corp	55,139		1,490,407
MedImmune Inc *	41,600		1,130,272
Medtronic Inc	217,200		9,904,320
Merck & Co Inc	398,400		22,553,424
Pfizer Inc	1,091,275		33,360,277
Pharmacia Corp	233,159		9,746,046
Quest Diagnostics Inc *	17,700		1,007,130
Quintiles Transnational Corp *	24,600		297,660
Schering-Plough Corp	258,900		5,747,580
St. Jude Medical Inc *	29,412		1,168,245
Stryker Corp	38,600		2,590,832
Tenet Healthcare Corp *	83,950		1,376,780
UnitedHealth Group Inc	55,900		4,667,650
Watson Pharmaceuticals Inc *	20,300		573,881
WellPoint Health Networks Inc *	24,900		1,771,884
Wyeth	239,500		8,957,300
Zimmer Holdings Inc *	30,730		1,275,910

			212,925,022

Integrated Oils - 4.66%

Amerada Hess Corp	13,700		754,185
ChevronTexaco Corp	188,468		12,529,353
ConocoPhillips	119,466		5,780,960
Exxon Mobil Corp	1,190,978		41,612,771
Kerr-McGee Corp	15,298		677,701
Marathon Oil Corp	59,800		1,273,142
Noble Corp *	21,200		745,180
Occidental Petroleum Corp	71,700		2,039,865
Transocean Inc	53,989		1,252,545
Unocal Corp	47,100		1,440,318

			68,106,020

Materials & Processing - 3.26%

Air Products & Chemicals Inc	37,500		1,603,125
Alcoa Inc	142,972		3,256,902
Allegheny Technologies Inc	15,502		96,577
American Standard Cos Inc *	12,500		889,250
Archer-Daniels-Midland Co	128,494		1,593,326
Ashland Inc	10,400		296,712
Avery Dennison Corp	21,100		1,288,788
Ball Corp	10,600		542,614
Bemis Co	10,200		506,226
Boise Cascade Corp	13,000		327,860
E.I. du Pont de Nemours & Co	181,882		7,711,797
Eastman Chemical Co	16,525		607,624
Ecolab Inc	24,740		1,224,630
Engelhard Corp	22,612		505,378
Fluor Corp	15,300		428,400
Freeport-McMoRan Copper & Gold Inc ‘B’ *	23,100		387,618
Georgia-Pacific Corp	43,176		697,724
Great Lakes Chemical Corp	12,100		288,948
Hercules Inc *	21,900		192,720
International Paper Co	85,727		2,997,873
Louisiana-Pacific Corp *	20,300		163,618
Masco Corp	89,000		1,873,450
MeadWestvaco Corp	36,227		895,169
Monsanto Co	46,749		899,918
Newmont Mining Corp	74,822		2,172,083
Nucor Corp	16,700		689,710
Pactiv Corp *	35,300		771,658
Phelps Dodge Corp *	13,050		413,032
PPG Industries Inc	28,100		1,409,215
Praxair Inc	25,300		1,461,581
Rohm & Haas Co	42,598		1,383,583
Sealed Air Corp *	16,160		602,768
Sigma-Aldrich Corp	9,500		462,650
Temple-Inland Inc	10,100		452,581
The Dow Chemical Co	159,585		4,739,674
The Sherwin-Williams Co	30,200		853,150
United States Steel Corp	12,060		158,227
Vulcan Materials Co	17,800		667,500
Weyerhaeuser Co	35,800		1,761,718
Worthington Industries Inc	18,155		276,682

			47,552,059

Producer Durables - 3.65%

Agilent Technologies Inc *	88,431		1,588,221
American Power Conversion Corp *	37,800		572,670
Andrew Corp *	15,725		161,653
Applied Materials Inc *	292,400		3,809,972
Caterpillar Inc	60,600		2,770,632
Centex Corp	14,300		717,860
Crane Co	12,150		242,150
Cummins Inc	8,000		225,040
Danaher Corp	28,900		1,898,730
Deere & Co	38,700		1,774,395
Dover Corp	39,400		1,148,904
Emerson Electric Co	76,500		3,890,025
Goodrich Corp	20,300		371,896
Illinois Tool Works Inc	53,100		3,444,066
Ingersoll-Rand Co ‘A’	28,150		1,212,139
KB Home	6,200		265,670
KLA-Tencor Corp *	29,400		1,039,878
Lexmark International Inc *	21,200		1,282,600
Lockheed Martin Corp	76,742		4,431,850
Molex Inc	30,600		705,024
Northrop Grumman Corp	26,460		2,566,662
Novellus Systems Inc *	29,400		825,552
Pall Corp	23,766		396,417
Parker Hannifin Corp	17,275		796,896
Pitney Bowes Inc	46,800		1,528,488
Power-One Inc *	13,100		74,277
Pulte Homes Inc	8,200		392,534
Rockwell Collins Inc	35,400		823,404
Tektronix Inc *	18,200		331,058

See Notes to Financial Statements

See explanation of symbols on B-97

B-49

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Teradyne Inc *	33,800	$	439,738
The Boeing Co	152,161		5,019,791
Thermo Electron Corp *	35,100		706,212
Thomas & Betts Corp *	11,300		190,970
United Technologies Corp	82,900		5,134,826
W.W. Grainger Inc	18,900		974,295
Waters Corp *	25,200		548,856
Xerox Corp *	121,900		981,295

			53,284,646


Technology - 13.43%

ADC Telecommunications Inc *	151,288		316,192
Adobe Systems Inc	40,600		1,011,346
Advanced Micro Devices Inc *	51,500		332,690
Altera Corp *	67,500		832,950
Analog Devices Inc *	67,300		1,606,451
Apple Computer Inc *	58,400		836,872
Applera Corp-Applied Biosystems Group	40,900		717,386
Applied Micro Circuits Corp *	44,800		165,312
Autodesk Inc	12,720		181,896
Avaya Inc *	57,462		140,782
BMC Software Inc *	46,500		795,615
Broadcom Corp ‘A’ *	49,976		752,639
BroadVision Inc *	11		38
CIENA Corp *	81,300		417,882
Cisco Systems Inc *	1,279,516		16,761,660
Citrix Systems Inc *	29,500		363,440
Computer Associates International Inc	109,900		1,483,650
Computer Sciences Corp *	30,900		1,064,505
Compuware Corp *	72,500		348,000
Comverse Technology Inc *	22,700		227,454
Corning Inc *	181,191		599,742
Dell Computer Corp *	458,100		12,249,594
Electronic Data Systems Corp	82,700		1,524,161
EMC Corp MA *	380,950		2,339,033
Gateway Inc *	62,500		196,250
General Dynamics Corp	35,340		2,804,936
Hewlett-Packard Co	540,173		9,377,403
Intel Corp	1,180,420		18,379,139
International Business Machines Corp	300,081		23,256,278
Intuit Inc *	39,000		1,829,880
Jabil Circuit Inc *	34,900		625,408
JDS Uniphase Corp *	282,595		698,010
Linear Technology Corp	56,500		1,453,180
LSI Logic Corp *	66,000		380,820
Lucent Technologies Inc *	574,151		723,430
Maxim Integrated Products Inc	60,204		1,989,140
Mercury Interactive Corp *	16,800		498,120
Micron Technology Inc *	109,100		1,062,634
Microsoft Corp *	948,086		49,016,046
Millipore Corp *	9,152		311,168
Motorola Inc	409,102		3,538,732
National Semiconductor Corp *	28,500		427,785
NCR Corp *	19,100		453,434
Network Appliance Inc *	65,409		654,090
Novell Inc *	51,000		170,340
NVIDIA Corp *	20,500		235,955
Oracle Corp *	966,436		10,437,509
Parametric Technology Corp *	51,200		129,024
PeopleSoft Inc *	48,698		891,173
PerkinElmer Inc	19,500		160,875
PMC-Sierra Inc *	24,600		136,776
QLogic Corp *	12,600		434,826
QUALCOMM Inc *	136,100		4,952,679
Rational Software Corp *	27,500		285,725
Raytheon Co	75,100		2,309,325
Rockwell Automation Inc	35,400		733,134
Sanmina-SCI Corp *	87,104		391,097
Scientific-Atlanta Inc	27,700		328,522
Siebel Systems Inc *	79,920		597,802
Solectron Corp *	154,366		547,999
Sun Microsystems Inc *	617,700		1,921,047
Symbol Technologies Inc	43,850		360,447
Tellabs Inc *	64,300		467,461
Texas Instruments Inc	308,070		4,624,131
Unisys Corp *	61,300		606,870
Veritas Software Corp *	79,023		1,234,339
Xilinx Inc *	64,600		1,330,760

			196,032,989


Utilities - 7.54%

Allegheny Energy Inc	17,500		132,300
Alltel Corp	59,100		3,014,100
Ameren Corp	22,900		951,953
American Electric Power Co Inc	66,960		1,830,017
AT&T Corp	135,430		3,536,077
AT&T Wireless Services Inc *	475,516		2,686,665
BellSouth Corp	338,300		8,751,821
CenterPoint Energy Inc	53,929		458,396
CenturyTel Inc	29,350		862,303
Cinergy Corp	30,813		1,039,014
Citizens Communications Co *	55,200		582,360
CMS Energy Corp	16,400		154,816
Comcast Corp ‘A’ *	281,018		6,623,594
Comcast Corp Special ‘A’ *	134,870		3,046,713
Consolidated Edison Inc	40,600		1,738,492
Constellation Energy Group Inc	31,450		874,939
Dominion Resources Inc VA	58,285		3,199,846
DTE Energy Co	25,600		1,187,840
Duke Energy Corp	158,052		3,088,336
Edison International *	63,100		747,735
Entergy Corp	42,800		1,951,252
Exelon Corp	55,512		2,929,368
FirstEnergy Corp	53,180		1,753,345
FPL Group Inc	29,200		1,755,796
KeySpan Corp	26,622		938,159
Kinder Morgan Inc	22,200		938,394
Mirant Corp *	87,998		166,316
National Grid Transco PLC ADR	1		37
Nextel Communications Inc ‘A’ *	175,600		2,028,180
Nicor Inc	8,800		299,464
NiSource Inc	39,973		799,460
Peoples Energy Corp	6,100		235,765
PG&E Corp *	75,000		1,042,500
Pinnacle West Capital Corp	17,900		610,211
PPL Corp	25,566		886,629
Progress Energy Inc	39,900		1,729,665
Public Service Enterprise Group Inc	40,900		1,312,890
Qwest Communications International Inc *	338,192		1,690,960
SBC Communications Inc	588,857		15,963,913
Sempra Energy	38,358		907,167
Sprint Corp-FON Group	154,600		2,238,608
Sprint Corp-PCS Group *	182,200		798,036
TECO Energy Inc	25,500		394,485
The AES Corp *	102,982		311,006
The Southern Co	123,400		3,503,326
TXU Corp	58,110		1,085,495
Verizon Communications Inc	483,054		18,718,342
Xcel Energy Inc	59,479		654,269

			110,150,355


Total Common Stocks (Cost $1,856,525,389)			1,443,499,951

See Notes to Financial Statements

See explanation of symbols on B-97

B-50

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

SHORT-TERM INVESTMENT - 1.04%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 1.04%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $15,170,632; collateralized by U.S. Treasury Bonds—market value $15,477,760 and due 05/15/17)	$	15,170,000	$	15,170,000


Total Securities Held Under Repurchase Agreement				15,170,000


Total Short-Term Investment (Cost $15,170,000)				15,170,000


TOTAL INVESTMENTS - 99.90% (Cost $1,871,695,389)				1,458,669,951

OTHER ASSETS AND LIABILITIES, NET - 0.10%				1,404,069

NET ASSETS - 100.00%			$	1,460,074,020


Note to Schedule of Investments (a) The amount of $2,645,000 in cash was segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2002:
Type	Number of Contracts		Unrealized Depreciation

S&P 500 (03/03)		92		$(279,441)

See Notes to Financial Statements

See explanation of symbols on B-97

B-51

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCK WARRANT - 0.00%

Technology - 0.00%

MicroStrategy Inc *	1,459	$	88

Total Common Stock Warrant (Cost $0)			88


COMMON STOCKS - 91.52%

Autos & Transportation - 3.43%

AAR Corp	12,900		66,435
Aftermarket Technology Corp *	4,800		69,600
Airborne Inc	20,600		305,498
AirTran Holdings Inc *	24,700		96,330
Alaska Air Group Inc *	9,700		210,005
Alexander & Baldwin Inc	17,800		459,062
Arctic Cat Inc	8,100		129,600
Arkansas Best Corp *	9,100		236,427
Atlantic Coast Airlines Holdings Inc *	21,300		256,239
Atlas Air Worldwide Holdings Inc *	7,350		11,099
Aviall Inc *	6,200		49,910
Bandag Inc	4,100		158,588
Coachmen Industries Inc	4,900		77,420
Collins & Aikman Corp *	9,800		43,610
Covenant Transport Inc ‘A’ *	1,100		20,856
Dura Automotive Systems Inc ‘A’ *	8,200		82,328
EGL Inc *	14,650		208,763
ExpressJet Holdings Inc *	11,500		117,875
Fleetwood Enterprises Inc *	16,600		130,310
Florida East Coast Industries ‘A’	10,800		250,560
Forward Air Corp *	5,400		104,814
Frontier Airlines Inc *	9,600		64,896
Genesee & Wyoming Inc ‘A’ *	3,800		77,330
Gulfmark Offshore Inc *	8,000		118,000
Hayes Lemmerz International Inc *	2,100		420
Heartland Express Inc *	14,122		323,549
IMPCO Technologies Inc *	6,300		29,547
J.B. Hunt Transport Services Inc *	10,400		304,720
Kansas City Southern *	26,700		320,400
Keystone Automotive Industries Inc *	3,200		48,064
Kirby Corp *	8,800		241,032
Knight Transportation Inc *	12,275		257,775
Landstar System Inc *	7,600		443,536
Marine Products Corp	200		1,970
Mesa Air Group Inc *	14,600		59,422
Mesaba Holdings Inc *	4,100		25,092
Midwest Express Holdings Inc *	3,400		18,190
Modine Manufacturing Co	14,800		261,664
Monaco Coach Corp *	11,325		187,429
Offshore Logistics Inc *	7,100		155,632
Oshkosh Truck Corp	7,650		470,475
Overseas Shipholding Group	12,900		230,910
PAM Transportation Services Inc *	400		10,084
Petroleum Helicopters Inc *	1,700		50,388
Quixote Corp	5,200		93,912
RailAmerica Inc *	13,500		96,795
Raytech Corp DE *	14,900		84,930
Roadway Corp	6,200		228,222
Sauer-Danfoss Inc	2,000		15,800
SCS Transportation Inc *	10,050		99,596
Spartan Motors Inc	5,300		60,314
Sports Resorts International Inc *	5,500		32,285
Standard Motor Products Inc	3,300		42,900
Stoneridge Inc *	6,100		72,590
Strattec Security Corp *	1,100		52,734
Superior Industries International Inc	9,900		409,464
TBC Corp *	8,000		96,080
Tenneco Automotive Inc *	14,300		57,772
Thor Industries Inc	6,300		216,909
Tower Automotive Inc *	25,300		113,850
U.S. Xpress Enterprises Inc ‘A’ *	5,200		45,552
UAL Corp *	34,700		49,621
USFreightways Corp	13,300		382,375
Wabash National Corp *	10,900		91,342
Wabtec Corp	13,410		188,277
Werner Enterprises Inc	19,666		423,409
Winnebago Industries Inc	6,100		239,303
Yellow Corp *	14,300		360,232

			10,340,118

Consumer Discretionary - 16.00%

1-800 CONTACTS Inc *	3,600		99,252
1-800-FLOWERS.com Inc ‘A’ *	4,500		28,125
4Kids Entertainment Inc *	3,800		83,904
Aaron Rents Inc	7,100		155,348
ABM Industries Inc	17,800		275,900
AC Moore Arts & Crafts Inc *	7,000		88,970
Acclaim Entertainment Inc *	29,800		19,668
ACME Communications Inc *	1,900		15,143
Action Performance Cos Inc	8,000		152,000
Administaff Inc *	10,600		63,600
Advanced Marketing Services Inc	8,100		119,070
ADVO Inc *	8,500		279,055
Aeropostale Inc *	4,800		50,736
AFC Enterprises Inc *	8,200		172,282
Alderwoods Group Inc *	15,300		72,354
Alliance Gaming Corp *	20,500		349,115
Ambassadors Group Inc *	700		9,059
AMC Entertainment Inc *	10,000		88,500
AMERCO Inc *	9,400		41,548
American Woodmark Corp	2,500		118,750
Ameristar Casinos Inc *	5,700		80,370
ANC Rental Corp *	7,300		365
Angelica Corp	3,000		61,950
AnnTaylor Stores Corp *	19,250		393,085
APAC Customer Services Inc *	12,200		28,548
Applica Inc *	7,600		38,000
Arbitron Inc *	12,700		425,450
Argosy Gaming Co *	10,300		194,979
Asbury Automotive Group Inc *	900		7,569
Ascent Media Group Inc ‘A’ *	2,300		2,576
Avenue A Inc *	9,900		28,710
Aztar Corp *	12,600		179,928
Bally Total Fitness Holding Corp *	14,600		103,514
Banta Corp	12,300		384,621
Bassett Furniture Industries Inc	4,200		60,144
Beasley Broadcasting Group Inc ‘A’ *	4,600		55,016
Bebe Stores Inc *	3,200		42,880
Benihana Inc ‘A’ *	2,645		35,707
Blair Corp	2,300		53,636
Blyth Inc	16,300		436,188
Bob Evans Farms Inc	17,900		417,965
Boca Resorts Inc ‘A’ *	10,900		116,630
Bowne & Co Inc	15,800		188,810
Boyd Gaming Corp *	15,700		220,585
Boyds Collection Ltd *	8,400		55,860
Bright Horizons Family Solutions Inc *	5,600		157,472
Brookstone Inc *	2,100		30,366
Brown Shoe Co Inc	8,600		204,938
BUCA Inc *	3,200		26,624
Burlington Coat Factory Warehouse Corp	8,400		150,780
Bush Industries Inc ‘A’	5,600		27,104
Cache Inc *	100		1,380
California Pizza Kitchen Inc *	7,700		194,040

See Notes to Financial Statements

See explanation of symbols on B-97

B-52

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Carmike Cinemas Inc *	300	$	5,895
Casella Waste Systems Inc ‘A’ *	7,300		64,897
CDI Corp *	5,800		156,484
Central Garden & Pet Co *	7,900		146,229
Central Parking Corp	6,600		124,476
Century Business Services Inc *	30,100		79,765
Championship Auto Racing Teams Inc *	6,300		23,310
Champps Entertainment Inc *	1,200		11,412
Charles River Associates Inc *	4,200		59,472
Charlotte Russe Holding Inc *	4,500		47,745
Charming Shoppes Inc *	58,400		244,112
Checkers Drive-In Restaurant *	1,400		8,764
Chemed Corp	4,600		162,610
Cherokee Inc *	800		11,680
Chicago Pizza & Brewery Inc *	6,500		44,850
Choice Hotels International Inc *	10,600		240,620
Christopher & Banks Corp *	10,200		211,650
Churchill Downs Inc	2,000		76,360
CKE Restaurants Inc *	21,300		91,590
Claire’s Stores Inc	18,300		403,881
CNET Networks Inc *	65,200		176,692
Coinstar Inc *	9,100		206,115
Coldwater Creek Inc *	1,000		19,200
Cole National Corp *	3,100		35,340
Concord Camera Corp *	7,400		40,182
Consolidated Graphics Inc *	3,300		73,425
Corinthian Colleges Inc *	18,300		692,838
Cornell Cos Inc *	3,900		35,100
Corporate Executive Board Co *	17,500		558,600
Cost Plus Inc CA *	7,975		228,644
CoStar Group Inc *	5,000		92,250
Courier Corp	900		41,256
CPI Corp	4,600		66,654
Cross Country Inc *	15,900		221,805
Cross Media Marketing Corp *	1,600		880
Crown Media Holdings Inc ‘A’ *	11,800		26,668
CSK Auto Corp *	11,400		125,400
CSS Industries Inc *	1,900		62,890
Daisytek International Corp *	9,000		71,370
Dave & Buster’s Inc *	2,400		20,760
Deb Shops Inc	800		17,768
DEL Laboratories Inc *	1,155		23,331
dELiAs Corp ‘A’	15,300		6,885
Department 56 Inc *	3,500		45,150
DiamondCluster International Inc ‘A’ *	12,500		39,250
Dollar Thrifty Automotive Group Inc *	11,000		232,650
DoubleClick Inc *	52,900		299,414
Dover Downs Gaming & Entertainment Inc	2,840		25,816
Dover Motorsports Inc	10,300		45,320
Dress Barn Inc *	13,170		175,161
drugstore.com Inc *	19,900		47,760
EarthLink Inc *	62,400		340,080
Electronics Boutique Holdings Corp *	5,500		86,955
Elizabeth Arden Inc *	5,100		75,480
Escalade Inc *	400		8,000
eUniverse Inc *	8,900		50,552
Exult Inc *	18,800		59,784
Factory 2-U Stores Inc *	6,700		22,854
FAO Inc *	5,100		2,397
Finlay Enterprises Inc *	800		9,648
First Consulting Group Inc *	6,000		34,560
Fisher Communications Inc	1,700		89,624
Footstar Inc *	7,500		52,200
Forrester Research Inc *	7,100		110,547
Fossil Inc *	10,150		206,451
Fred’s Inc	10,812		277,869
FreeMarkets Inc *	15,400		99,161
Friedman’s Inc ‘A’	7,200		62,496
FTI Consulting Inc *	9,250		371,387
G&K Services Inc ‘A’	9,900		350,470
Gaiam Inc *	700		7,259
Galyans Trading Co Inc *	6,000		60,000
Gart Sports Co *	3,800		73,530
Gaylord Entertainment Co *	10,400		214,240
Genesco Inc *	9,500		176,985
Global Imaging Systems Inc *	4,300		79,034
Goody’s Family Clothing Inc *	9,700		43,068
Gray Television Inc ‘A’	5,200		61,620
Grey Global Group Inc	340		207,774
Group 1 Automotive Inc *	7,500		179,100
GSI Commerce Inc *	8,100		29,565
Guess? Inc *	1,200		5,028
Guitar Center Inc *	6,900		114,264
Gymboree Corp *	12,500		198,250
Hall Kinion & Associates Inc *	3,100		17,332
Hancock Fabrics Inc	8,000		122,000
Handleman Co *	11,700		134,550
Harris Interactive Inc *	11,300		33,335
Haverty Furniture Cos Inc	8,800		122,320
Heidrick & Struggles International Inc *	9,500		139,365
Hibbett Sporting Goods Inc *	3,300		78,936
Hollinger International Inc	21,400		217,424
Hollywood Casino Corp ‘A’ *	4,900		60,172
Hollywood Entertainment Corp *	24,900		375,990
Hot Topic Inc *	15,200		347,776
ICT Group Inc *	3,500		40,565
IHOP Corp *	8,200		196,800
Infogrames Inc *	2,900		5,133
Information Holdings Inc *	5,300		82,256
InfoUSA Inc *	8,500		42,245
Insight Communications Co Inc *	20,631		255,412
Insight Enterprises Inc *	21,325		177,211
Insurance Auto Auctions Inc *	5,700		94,563
Inter Parfums Inc	5,700		44,118
InterTAN Inc *	11,000		78,650
Isle of Capri Casinos Inc *	7,900		104,596
ITT Educational Services Inc *	20,200		475,710
Jack in the Box Inc *	16,100		278,369
Jakks Pacific Inc *	14,100		189,927
Jarden Corp *	4,100		97,867
Jo-Ann Stores Inc ‘A’ *	7,100		163,087
Johnson Outdoors Inc ‘A’ *	3,100		30,597
Journal Register Co *	11,100		197,358
K2 Inc *	8,500		79,900
Kellwood Co	10,100		262,600
Kelly Services Inc ‘A’	8,000		197,680
Kenneth Cole Productions Inc ‘A’ *	3,350		68,005
Kforce Inc *	5,069		21,391
Korn/Ferry International *	15,100		112,948
Kroll Inc *	13,400		255,672
K-Swiss Inc ‘A’	6,700		145,457
Labor Ready Inc *	17,900		114,918
Landry’s Restaurants Inc	10,400		220,896
Lawson Products Inc	2,400		74,352
Learning Tree International Inc *	2,600		35,620
Libbey Inc	6,900		179,400
Liberty Corp	7,400		287,120
Lifeline Systems Inc *	2,700		60,561
Lightbridge Inc *	13,610		83,702
Linens ‘n Things Inc *	15,200		343,520
Lithia Motors Inc ‘A’ *	5,200		81,588
LodgeNet Entertainment Corp *	4,232		45,198
Lone Star Steakhouse & Saloon Inc	6,300		121,842
LookSmart Ltd *	23,200		57,536
Luby’s Inc *	9,400		27,354
Magna Entertainment Corp ‘A’ *	22,300		138,260
Mail-Well Inc *	8,300		20,750
Marcus Corp	6,900		97,980

See Notes to Financial Statements

See explanation of symbols on B-97

B-53

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
MarineMax Inc *	1,700	$	20,077
Martha Stewart Living Omnimedia Inc ‘A’ *	6,900		68,103
Marvel Enterprises Inc *	11,000		98,780
Matthews International Corp ‘A’	11,800		263,506
MAXIMUS Inc *	7,400		193,140
Maxwell Shoe Co ‘A’ *	4,200		48,804
Medical Staffing Network Holdings Inc *	2,600		41,600
MemberWorks Inc *	5,600		100,688
Metro One Telecommunications Inc *	12,000		77,400
Midas Inc *	3,200		20,576
Midway Games Inc *	12,000		50,040
Monarch Casino & Resort Inc *	3,600		49,428
Monro Muffler Inc *	1,000		16,900
Mossimo Inc *	500		2,750
Mothers Work Inc *	1,800		63,414
Movado Group Inc	2,300		43,263
Movie Gallery Inc *	9,325		121,225
MPS Group Inc *	40,700		225,478
MTR Gaming Group Inc *	9,900		78,804
Multimedia Games Inc *	4,100		112,586
National Presto Industries Inc	2,200		64,636
Nautica Enterprises Inc *	9,200		102,212
Nautilus Group Inc *	14,725		196,726
Navigant Consulting Inc *	14,600		86,140
Navigant International Inc *	7,300		90,009
Neoforma Inc *	1,800		21,510
NetFlix Inc *	1,100		12,111
NetRatings Inc *	1,300		9,359
NIC Inc *	2,000		2,880
Nu Skin Enterprises Inc ‘A’	18,700		223,839
Oakley Inc *	10,300		105,781
O’Charley’s Inc *	9,300		190,929
OfficeMax Inc *	48,300		241,500
On Assignment Inc *	12,400		105,648
Oneida Ltd	6,800		75,004
Oshkosh B’Gosh Inc ‘A’	4,830		135,482
Overstock.com Inc *	2,700		35,100
Overture Services Inc *	24,400		666,364
Oxford Industries Inc	2,500		64,125
P.F. Chang’s China Bistro Inc *	8,300		301,290
Pacific Sunwear of California Inc *	21,975		388,738
Panera Bread Co ‘A’ *	11,300		393,353
Papa John’s International Inc *	7,100		197,948
ParkerVision Inc *	2,500		20,400
Party City Corp *	5,500		66,000
Paxson Communications Corp *	14,500		29,870
Payless ShoeSource Inc *	9,600		494,112
PC Connection Inc *	1,750		8,872
PDI Inc *	3,900		42,085
Pegasus Solutions Inc *	11,900		119,357
Penn National Gaming Inc *	15,400		244,244
Penton Media Inc *	12,900		8,772
Phillips-Van Heusen Corp	10,900		126,004
Pinnacle Entertainment Inc *	11,400		79,002
PLATO Learning Inc *	3,666		21,776
Playboy Enterprises ‘B’ *	6,600		66,858
Playtex Products Inc *	10,600		104,728
Pre-Paid Legal Services Inc *	7,100		186,020
priceline.com Inc *	71,100		113,760
PriceSmart Inc *	1,800		41,814
Prime Hospitality Corp *	22,200		180,930
Primedia Inc *	57,000		117,420
Princeton Review Inc *	4,100		20,295
Private Media Group Inc *	11,800		38,350
ProBusiness Services Inc *	12,300		123,000
ProQuest Co *	8,300		162,680
Protection One Inc *	5,300		10,600
Pulitzer Inc	4,200		188,790
QRS Corp *	4,050		26,730
Quiksilver Inc *	8,150		217,279
R.H. Donnelley Corp *	12,100		354,651
Racing Champions Ertl Corp *	5,200		70,980
Raindance Communications Inc *	15,600		50,388
Rare Hospitality International Inc *	9,350		258,247
Regent Communications Inc *	11,800		69,738
Regis Corp	21,300		553,587
Register.com Inc *	11,700		52,650
RemedyTemp Inc ‘A’ *	4,600		64,400
Renaissance Learning Inc *	4,100		77,490
Rent-Way Inc *	13,000		45,500
Resources Connection Inc *	10,000		232,100
Restoration Hardware Inc *	10,600		53,106
Revlon Inc ‘A’ *	8,200		25,092
Rex Stores Corp *	2,300		23,483
Right Management Consultants Inc *	9,550		126,538
RMH Teleservices Inc *	3,500		36,750
Rollins Inc	6,700		170,515
Russ Berrie & Co Inc	4,700		158,766
Russell Corp	11,700		195,858
Ryan’s Family Steak Houses Inc *	17,900		203,165
Saga Communications Inc ‘A’ *	5,531		105,089
Salem Communications Corp DE ‘A’ *	4,200		104,874
Salton Inc *	3,050		29,341
Schawk Inc	7,100		70,361
School Specialty Inc *	8,000		159,840
Scientific Games Corp ‘A’ *	22,800		165,528
SCP Pool Corp *	9,075		264,990
Service Corp International *	131,900		437,908
Sharper Image Corp *	4,300		74,949
Shoe Carnival Inc *	1,900		26,621
ShopKo Stores Inc *	16,100		200,445
Shuffle Master Inc *	9,500		181,545
Sinclair Broadcast Group Inc ‘A’ *	16,200		188,406
Sirius Satellite Radio Inc *	47,800		30,592
SITEL Corp *	26,800		32,160
Skechers U.S.A. Inc ‘A’ *	9,200		78,108
Sonic Corp *	17,750		363,698
SOURCECORP Inc *	7,300		135,707
Spanish Broadcasting System Inc ‘A’ *	12,450		89,640
Speedway Motorsports Inc	5,100		131,478
Spherion Corp *	27,860		186,662
Spiegel Inc ‘A’ *	4,500		1,620
Sports Authority Inc *	13,600		95,200
Stage Stores Inc *	8,500		178,840
Stamps.com Inc *	20,400		95,268
Stanley Furniture Co Inc *	1,400		32,550
StarTek Inc *	3,700		102,120
Station Casinos Inc *	15,050		266,385
Stein Mart Inc *	8,800		53,680
Steinway Musical Instruments Inc *	2,000		32,540
Steven Madden Ltd *	4,900		88,543
Stewart Enterprises Inc ‘A’ *	43,200		240,667
Strayer Education Inc	4,900		281,750
Stride Rite Corp	18,800		134,796
Sturm Ruger & Co Inc	9,200		88,044
Summit America Television Inc *	8,168		21,809
Sylvan Learning Systems Inc *	15,900		260,760
Take-Two Interactive Software Inc *	19,800		465,102
TeleTech Holdings Inc *	18,400		133,584
Tetra Tech Inc *	26,218		319,860
The Advisory Board Co *	4,200		125,580
The Bombay Co Inc *	21,500		107,500
The Buckle Inc *	2,000		36,000
The Cato Corp ‘A’	7,600		164,084
The Children’s Place Retail Stores Inc *	7,300		77,672
The Finish Line Inc ‘A’ *	8,800		92,840
The J. Jill Group Inc *	7,200		100,656
The L.S. Starrett Co ‘A’	4,000		66,400

See Notes to Financial Statements

See explanation of symbols on B-97

B-54

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
The Men’s Wearhouse Inc *	12,386	$	212,420
The Pep Boys-Manny, Moe & Jack	19,700		228,520
The Steak N Shake Co *	10,760		107,600
The Topps Co Inc *	18,200		158,340
The Wet Seal Inc ‘A’ *	11,925		128,325
The Yankee Candle Co Inc *	12,100		193,600
Thomas Nelson Inc *	5,000		50,100
THQ Inc *	18,900		250,425
TiVo Inc *	8,700		45,501
Too Inc *	14,900		350,448
Toro Co	5,900		377,010
Tractor Supply Co *	6,900		259,440
Trans World Entertainment Corp *	7,900		28,677
Triarc Co Inc *	6,250		164,000
Tropical Sportswear International Corp *	4,300		38,571
Tuesday Morning Corp *	5,200		88,920
Tupperware Corp	25,300		381,524
Tweeter Home Entertainment Group Inc *	10,400		60,112
Ultimate Electronics Inc *	4,800		48,720
UniFirst Corp MA	2,300		46,460
United Auto Group Inc *	6,800		84,796
United Natural Foods Inc *	10,000		253,500
United Online Inc *	9,100		145,063
United Stationers Inc *	14,000		403,214
Universal Electronics Inc *	5,300		51,622
Urban Outfitters Inc *	4,200		98,994
Vail Resorts Inc *	2,200		33,374
ValueClick Inc *	25,400		70,866
ValueVision Media Inc ‘A’ *	9,900		148,302
Vans Inc *	10,700		60,776
Vialta Inc *	124		37
Volt Information Sciences Inc *	2,400		41,040
Wackenhut Corrections Corp *	1,900		21,109
Wallace Computer Services Inc	16,900		363,519
Waste Connections Inc *	13,300		513,513
Water Pik Technologies Inc *	2,100		15,435
Watson Wyatt & Co Holdings *	8,000		174,000
WESCO International Inc *	6,700		36,783
West Marine Inc *	3,700		50,653
WestPoint Stevens Inc *	16,500		9,735
Whitehall Jewellers Inc *	4,000		38,000
Wilsons The Leather Experts Inc *	8,200		41,000
Wireless Facilities Inc *	9,400		56,494
WMS Industries Inc *	8,600		128,828
Wolverine World Wide Inc	19,600		296,156
World Fuel Services Corp	2,500		51,250
World Wrestling Entertainment Inc *	2,500		20,125
Wyndham International Inc ‘A’ *	67,100		15,433
XM Satellite Radio Holdings Inc ‘A’ *	35,000		94,151
Young Broadcasting Inc ‘A’ *	7,700		101,410

			48,206,372


Consumer Staples - 2.40%

7-Eleven Inc *	11,000		82,500
American Italian Pasta Co ‘A’ *	8,600		309,428
Arden Group Inc ‘A’ *	700		42,364
Aurora Foods Inc *	9,800		7,644
Boston Beer Co Inc ‘A’ *	2,400		34,320
Casey’s General Stores Inc	18,500		225,885
Chiquita Brands International Inc *	14,100		186,966
Coca-Cola Bottling Co Consolidated	400		25,804
Del Monte Foods Co *	18,100		139,370
DIMON Inc	21,000		126,000
Duane Reade Inc *	9,100		154,700
Farmer Brothers Co	300		92,700
Fleming Cos Inc	24,200		158,994
Flowers Foods Inc	10,400		202,904
Great Atlantic & Pacific Tea Co *	10,600		85,436
Green Mountain Coffee Inc *	2,240		33,847
Horizon Organic Holding Corp *	1,200		19,428
Ingles Markets Inc ‘A’	6,700		78,852
International Multifoods Corp *	7,900		167,401
Interstate Bakeries Corp	19,000		289,750
J&J Snack Foods Corp *	2,900		103,559
Lance Inc	11,500		136,149
Longs Drug Stores Corp	12,500		259,250
Maui Land & Pineapple Co Inc *	3,100		49,104
Monterey Pasta Co *	2,500		9,375
Nash Finch Co	8,200		63,386
National Beverage Corp *	3,000		45,900
Nature’s Sunshine Products Inc	2,700		26,217
NBTY Inc *	20,900		367,422
Pathmark Stores Inc *	18,100		91,767
Peet’s Coffee & Tea Inc *	5,500		77,715
Penn Traffic Co *	1,800		6,300
Pilgrims Pride Corp ‘B’	4,800		39,360
Ralcorp Holdings Inc *	11,524		289,713
Riviana Foods Inc	2,800		75,659
Robert Mondavi Corp ‘A’ *	5,300		164,300
Ruddick Corp	17,200		235,468
Sanderson Farms Inc	2,400		50,184
Schweitzer-Mauduit International Inc	7,000		171,500
Seaboard Corp	100		24,000
Sensient Technologies Corp	20,800		467,376
Smart & Final Inc *	2,300		11,960
Standard Commercial Corp	3,600		65,160
The Hain Celestial Group Inc *	13,800		209,760
The J.M. Smucker Co	21,427		853,009
Universal Corp VA	12,800		473,088
Vector Group Ltd	12,257		142,426
Weis Markets Inc	5,200		161,460
Wild Oats Markets Inc *	9,000		92,880

			7,227,740


Diversified - 0.58%

Carlisle Cos Inc	14,600		604,148
FMC Corp *	12,400		338,768
GenCorp Inc	14,700		116,424
Kaman Corp ‘A’	10,600		116,600
Sequa Corp ‘A’ *	2,400		93,864
Trinity Industries Inc	18,000		341,280
Walter Industries Inc	12,700		137,795

			1,748,879


Energy - 3.72%

3TEC Energy Corp *	5,300		75,207
Arch Coal Inc	20,600		444,754
Atwood Oceanics Inc *	5,400		162,540
Berry Petroleum Co ‘A’	5,700		97,185
Cabot Oil & Gas Corp	11,200		277,536
Cal Dive International Inc *	18,100		425,350
Capstone Turbine Corp *	55,200		49,680
Carbo Ceramics Inc	3,800		128,060
Chesapeake Energy Corp	67,200		520,128
Comstock Resources Inc *	6,500		60,385
Covanta Energy Corp *	10,500		84
Denbury Resources Inc *	15,200		171,760
Dril-Quip Inc *	2,800		47,320
Encore Acquisition Co *	2,000		36,840
Energy Partners Ltd *	10,900		116,630
Evergreen Resources Inc *	9,400		421,590
Frontier Oil Corp	12,100		208,362
FuelCell Energy Inc *	16,100		105,487
Global Industries Ltd *	38,700		161,379
Global Power Equipment Group Inc *	15,400		75,922
Grey Wolf Inc *	71,100		283,689
Gulf Island Fabrication Inc *	1,300		21,125
Hanover Compressor Co *	19,700		180,846

See Notes to Financial Statements

See explanation of symbols on B-97

B-55

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Harvest Natural Resources Inc *	15,900	$	102,555
Horizon Offshore Inc *	11,300		56,274
Hydril Co *	6,800		160,276
Input/Output Inc *	21,200		90,100
Key Energy Services Inc *	53,100		476,307
Lufkin Industries Inc	2,400		56,280
Magnum Hunter Resources Inc *	25,100		149,345
Massey Energy Co	26,900		261,468
Meridian Resource Corp *	21,500		19,350
NATCO Group Inc ‘A’ *	7,500		47,100
Newpark Resources Inc *	34,000		147,900
Nuevo Energy Co *	9,100		101,010
Oceaneering International Inc *	9,600		237,504
Oil States International Inc *	4,800		61,920
Parker Drilling Co *	48,900		108,558
Patina Oil & Gas Corp	11,800		373,470
Penn Virginia Corp	3,400		123,590
PetroQuest Energy Inc *	23,300		96,695
Plains Resources Inc *	11,300		133,905
Plug Power Inc *	5,100		22,899
Prima Energy Corp *	4,750		106,210
Quicksilver Resources Inc *	4,500		100,935
Range Resources Corp *	18,200		98,280
Remington Oil & Gas Corp *	10,600		173,946
Resource America Inc ‘A’	7,100		63,978
RPC Inc	5,200		60,320
Seacor Smit Inc *	7,750		344,875
Spinnaker Exploration Co *	11,600		255,780
St. Mary Land & Exploration Co	14,000		350,000
Stone Energy Corp *	8,651		288,598
Superior Energy Services Inc *	19,300		158,260
Swift Energy Co *	11,700		113,139
Syntroleum Corp *	14,300		24,739
Tesoro Petroleum Corp *	31,400		141,928
Tetra Technologies Inc *	7,700		164,549
The Exploration Co of Delaware Inc *	3,800		11,324
The Houston Exploration Co *	3,600		110,160
Tom Brown Inc *	16,900		424,190
TransMontaigne Inc *	9,700		45,008
Trico Marine Services Inc *	10,400		34,632
Unit Corp *	18,900		350,595
Universal Compression Holdings Inc *	6,300		120,519
Veritas DGC Inc *	19,200		151,680
Vintage Petroleum Inc	22,200		234,210
Westport Resources Corp *	9,531		198,245
W-H Energy Services Inc *	12,400		180,916

			11,205,381


Financial Services - 21.46%

1st Source Corp	5,322		89,144
ABC Bancorp	1,600		20,720
Acadia Realty Trust	9,000		66,780
Advanta Corp ‘B’	8,100		76,059
Alabama National Bancorp	3,800		165,300
Alexander’s Inc *	500		32,275
Alexandria Real Estate Equities Inc	7,400		315,240
Alfa Corp	16,400		196,980
Allegiant Bancorp Inc	3,400		61,979
AMCORE Financial Inc	9,800		212,660
American Capital Strategies Ltd	20,500		442,595
American Financial Holdings Inc	10,800		322,704
American Home Mortgage Holdings Inc	900		9,900
American National Bankshares Inc	3,600		93,600
American Physicians Capital Inc *	5,700		107,217
Ameritrade Holding Corp *	83,500		472,610
AMLI Residential Properties Trust	7,400		157,472
Anchor Bancorp Wisconsin Inc	10,000		207,500
Anthracite Capital Inc	17,900		195,110
Anworth Mortgage Asset Corp	8,600		108,102
Apex Mortgage Capital Inc	19,200		125,568
Argonaut Group Inc	10,200		150,450
Arrow Financial Corp	2,299		70,740
Associated Estates Realty Corp	11,100		74,925
Baldwin & Lyons Inc ‘B’	3,600		84,780
Banc Corp	7,500		58,200
BancFirst Corp	1,800		84,600
Bank Mutual Corp	3,500		80,955
Bank of Granite Corp	6,450		112,875
Bank of the Ozarks Inc	600		14,064
BankAtlantic Bancorp Inc ‘A’	15,800		149,310
BankUnited Financial Corp ‘A’ *	11,700		189,306
Banner Corp	3,200		60,352
Barra Inc *	7,500		227,475
Bay View Capital Corp *	33,380		191,935
Bedford Property Investors Inc	8,200		210,658
Berkshire Hills Bancorp Inc	1,500		35,325
BKF Capital Group Inc *	3,400		60,010
Boston Private Financial Holdings Inc	10,600		210,516
BostonFed Bancorp Inc	2,600		69,420
Boykin Lodging Co	4,500		41,985
Brandywine Realty Trust	11,200		244,272
Brookline Bancorp Inc	24,042		286,100
Bryn Mawr Bank Corp	2,200		80,586
BSB Bancorp Inc	2,800		58,716
Burnham Pacific Properties Inc	32,200		24,472
California First National Bancorp	2,800		35,840
Camden National Corp	2,400		58,080
Capital Automotive REIT	11,100		263,070
Capital City Bank Group Inc	3,300		129,327
Capitol Bancorp Ltd	2,000		46,400
Capstead Mortgage Corp	6,000		147,900
Carreker Corp *	10,700		48,471
Cascade Bancorp	3,600		49,752
Cash America International Inc	7,000		66,640
Cathay Bancorp Inc	6,500		246,935
CB Bancshares Inc	698		29,679
CBL & Associates Properties Inc	9,900		396,495
CCBT Financial Cos Inc	4,100		105,288
CCC Information Services Group *	7,162		127,126
Center Trust Inc	10,100		78,780
Central Coast Bancorp *	4,675		92,378
Ceres Group Inc *	17,100		32,832
CFS Bancorp Inc	5,700		81,510
Charter Financial Corp	500		15,540
Charter Municipal Mtg Acceptance Co	18,500		321,345
Chateau Communities Inc	11,500		263,925
Chelsea Property Group Inc	15,300		509,643
Chemical Financial Corp	9,593		308,415
Chittenden Corp	12,302		313,455
Citizens First Bancorp Inc	2,600		54,753
Citizens Inc *	10,675		80,063
City Bank Lynnwood WA	3,600		89,100
City Holding Co	8,406		237,470
Clark/Bardes Inc *	5,600		107,800
CNA Surety Corp	4,900		38,465
Coastal Bancorp Inc	2,000		64,700
Coastal Financial Corp	5,500		75,020
CoBiz Inc	3,550		52,718
Colonial Properties Trust	6,600		224,004
Columbia Bancorp	3,900		85,917
Columbia Banking Systems Inc *	7,625		96,151
Comdisco Holding Co Inc *	27,200		2,230
Commerce Group Inc	10,800		404,892
Commercial Federal Corp	23,200		541,720
Commercial Net Lease Realty	16,900		259,077
Commonwealth Bancorp Inc	4,200		194,754
Community Bank System Inc	4,200		131,670
Community Banks Inc	3,714		102,878

See Notes to Financial Statements

See explanation of symbols on B-97

B-56

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Community First Bankshares Inc	19,300	$	510,678
Community Trust Bancorp Inc	4,400		110,616
CompuCredit Corp *	5,300		37,471
Connecticut Bancshares Inc DE	6,000		230,700
Cornerstone Realty Income Trust Inc	22,700		180,692
Corporate Office Properties Trust	5,600		78,568
Correctional Properties Trust	1,700		36,890
Corrections Corp of America *	12,298		210,911
Corus Bankshares Inc	3,500		152,810
CPB Inc	6,600		181,170
Crawford & Co ‘B’	12,600		63,000
Credit Acceptance Corp *	3,400		21,695
Crown American Realty Trust	8,300		76,360
CVB Financial Corp	11,677		296,946
Delphi Financial Group ‘A’	4,840		183,726
Digital Insight Corp *	13,300		115,577
Dime Community Bancshares	11,650		223,098
East West Bancorp Inc	11,700		422,136
EastGroup Properties Inc	6,400		163,200
eFunds Corp *	17,700		161,247
Electro Rent Corp *	3,900		47,272
Entertainment Properties Trust	6,600		155,232
Equity Inns Inc	14,500		87,290
Equity One Inc	400		5,340
eSpeed Inc ‘A’ *	12,500		211,763
Essex Property Trust Inc	7,200		366,120
Euronet Worldwide Inc *	3,900		29,289
F&M Bancorp Frederick MD	5,100		163,200
FactSet Research Systems Inc	9,800		277,046
Farmers Capital Bank Corp	1,600		53,200
FBL Financial Group Inc ‘A’	3,728		72,584
FBR Asset Investment Corp	8,400		284,760
Federal Agriculture Mortgage Corp ‘C’ *	2,500		76,600
Federal Realty Investment Trust	16,800		472,416
FelCor Lodging Trust Inc	22,900		261,976
Fidelity Bankshares Inc	6,800		121,720
Financial Federal Corp *	5,200		130,676
Financial Industries Corp	4,800		68,352
Financial Institutions Inc	2,700		79,272
First Bancorp NC	3,400		79,934
First Bancorp Puerto Rico	13,800		311,880
First Busey Corp	4,300		99,158
First Charter Corp	12,600		226,800
First Citizens BancShares Inc ‘A’	2,500		241,500
First Commonwealth Financial Corp	24,944		286,856
First Community Bancorp CA	3,800		125,138
First Community Banshares Inc VA	2,999		92,249
First Defiance Financial Corp	4,300		81,270
First Essex Bancorp Inc	3,900		130,260
First Federal Capital Corp	9,000		173,781
First Financial Bancorp	15,142		248,193
First Financial Bankshares Inc	4,950		188,100
First Financial Corp IN	3,200		155,616
First Financial Holdings Inc	6,500		160,940
First Indiana Corp	5,450		100,934
First Merchants Corp	5,482		124,935
First National Corp	4,400		105,600
First Niagara Financial Group Inc	5,200		135,824
First Oak Brook Bancshares Inc	900		28,278
First Place Financial Corp Warren OH	4,000		66,520
First Republic Bank *	2,800		55,972
First Sentinel Bancorp Inc	9,300		133,827
First South Bancorp Inc VA	1,900		67,602
First State Bancorp	3,300		81,840
FirstFed America Bancorp	1,602		39,810
FirstFed Financial Corp *	8,200		237,390
Flagstar Bancorp Inc	7,300		157,680
Flushing Financial Corp	2,950		48,315
FNB Corp VA	3,500		83,055
FPIC Insurance Group Inc *	5,200		35,880
Fremont General Corp	33,500		150,415
Friedman Billings Ramsey Group Inc ‘A’ *	6,000		56,160
Frontier Financial Corp	6,300		161,154
Gabelli Asset Management Inc ‘A’ *	2,000		60,080
Gables Residential Trust	12,400		309,132
GBC Bancorp CA	5,595		108,319
German American Bancorp	5,722		88,977
Getty Realty Corp	5,400		102,330
Glacier Bancorp Inc	6,000		141,425
Gladstone Capital Corp	2,300		37,881
Glenborough Realty Trust Inc	7,800		138,996
Glimcher Realty Trust Inc	16,400		291,100
Gold Banc Corp Inc	18,400		182,546
Granite State Bankshares Inc	3,300		144,177
Great American Financial Resources Inc	3,500		60,200
Great Lakes REIT Inc	6,200		103,230
Great Southern Bancorp Inc	2,700		99,225
Hancock Holding Co	5,400		241,110
Hanmi Financial Corp *	2,000		33,540
Harbor Florida Bancshares Inc	10,100		227,452
Harleysville Group Inc	12,600		333,018
Harleysville National Corp	9,095		243,018
Hawthorne Financial Corp *	2,600		74,204
Health Care REIT Inc	18,900		511,245
Healthcare Realty Trust Inc	18,000		526,500
HealthExtras Inc *	7,200		29,160
Heritage Property Investment Trust	7,100		177,287
Hilb, Rogal & Hamilton Co	17,400		711,660
Home Properties of NY Inc	12,400		427,180
Homestore Inc *	22,900		19,465
Horace Mann Educators Corp	16,300		249,879
HRPT Properties Trust	56,000		461,440
Hudson River Bancorp	5,800		143,550
Humboldt Bancorp	6,600		69,300
Hypercom Corp *	12,300		45,879
IBERIABANK Corp	1,700		68,272
iDine Rewards Network Inc *	4,300		45,537
IMPAC Mortgage Holdings Inc	22,600		259,900
Independence Holding Co	2,400		51,528
Independent Bank Corp MA	4,100		93,480
Independent Bank Corp MI	4,704		142,343
Innkeepers USA Trust	12,300		94,218
Integra Bank Corp	7,300		130,086
InterCept Inc *	8,400		142,220
Interchange Financial Services Corp NJ	5,050		81,305
International Bancshares Corp	9,733		383,967
Interpool Inc	2,700		43,362
Investors Real Estate Trust	10,500		104,790
IRT Property Co	18,600		220,782
Irwin Financial Corp	9,100		150,150
Itla Capital Corp *	2,300		76,429
JDN Realty Corp	18,300		200,385
Jefferies Group Inc	9,400		394,518
John H Harland Co	14,500		320,885
Kansas City Life Insurance Co	1,600		60,640
Keystone Property Trust	5,600		95,032
Kilroy Realty Corp	13,000		299,650
Knight Trading Group Inc *	36,300		173,877
Koger Equity Inc	10,100		157,560
Kramont Realty Trust	6,400		93,760
Kronos Inc MA *	8,375		309,791
La Quinta Corp *	61,200		269,280
Lakeland Bancorp Inc	5,522		98,678
Lakeland Financial Corp	3,300		77,385
LandAmerica Financial Group Inc	7,600		269,420
LaSalle Hotel Properties	5,500		77,000
Leeds Federal Bankshares Inc	1,700		54,230
LendingTree Inc *	4,600		59,248

See Notes to Financial Statements

See explanation of symbols on B-97

B-57

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Lexington Corporate Properties Trust	13,700	$	217,830
Local Financial Corp *	11,450		167,743
LSB Bancshares Inc	5,200		84,240
LTC Properties Inc	10,900		73,248
Macatawa Bank Corp	4,100		81,385
MAF Bancorp Inc	8,600		291,798
Main Street Banks Inc	3,100		59,520
MainSource Financial Group Inc	3,570		85,719
Manufactured Home Communities Inc	6,100		180,743
MASSBANK Corp	2,800		79,240
MB Financial Inc	4,400		153,076
MCG Capital Corp	13,400		143,916
McGrath RentCorp	2,700		62,748
MEEMIC Holdings Inc *	1,700		49,198
Merchants Bancshares Inc	3,200		72,128
MeriStar Hospitality Corp	19,000		125,400
Metris Cos Inc	19,800		48,906
MFA Mortgage Investments Inc	17,100		143,640
MID Atlantic Realty Trust	6,000		104,400
Mid-America Apartment Communities Inc	6,700		163,815
Mid-State Bancshares	11,400		187,211
Midwest Banc Holdings Inc	4,200		79,590
Mission West Properties Inc	4,100		40,590
Nara Bancorp Inc	3,400		70,618
National Health Investors Inc	8,500		137,870
National Health Realty Inc	4,600		67,160
National Penn Bancshares Inc	7,419		196,982
National Western Life Insurance ‘A’ *	1,500		144,000
Nationwide Health Properties Inc	25,800		385,194
Navigators Group Inc *	2,600		59,670
NBC Capital Corp	4,141		104,353
NBT Bancorp Inc	13,195		225,239
NCO Group Inc *	8,800		140,360
NCO Portfolio Management Inc *	44		271
NDCHealth Corp	13,200		262,680
NetBank Inc *	20,100		194,568
New Century Financial Corp	8,200		208,198
NextCard Inc *	7,300		44
Northwest Bancorp Inc	2,800		41,412
Novastar Financial Inc	5,900		183,077
NYMAGIC Inc *	2,700		52,515
OceanFirst Financial Corp	4,255		95,525
Ocwen Financial Corp *	12,900		36,120
Odyssey Re Holdings Corp	5,900		104,430
Ohio Casualty Corp *	25,600		331,520
Old Second Bancorp Inc	3,633		134,421
Omega Financial Corp	3,900		139,815
Omega Healthcare Investors Inc *	3,500		13,090
Oriental Financial Group	4,240		104,219
Pacific Capital Bancorp	18,066		459,780
Pacific Northwest Bancorp	7,300		182,500
Pacific Union Bank *	6,400		73,664
Pan Pacific Retail Properties Inc	15,900		580,827
Parkvale Financial Corp	3,000		69,150
Parkway Properties Inc MD	2,700		94,716
Partners Trust Financial Group Inc	1,100		17,732
Peapack-Gladstone Financial Corp	3,400		116,450
PennFed Financial Services Inc	2,394		64,997
PennRock Financial Services Corp	3,709		102,925
Pennsylvania REIT	5,300		137,800
Peoples Bancorp Inc OH	2,400		61,440
PFF Bancorp Inc	6,400		200,000
Philadelphia Consolidated Holding Corp *	9,000		318,600
PICO Holdings Inc *	5,300		71,179
Pinnacle Holdings Inc *	10,600		95
PMA Capital Corp ‘A’	14,000		200,620
Port Financial Corp	2,900		129,398
Portal Software Inc *	41,700		33,694
Post Properties Inc	16,500		394,350
Prentiss Properties Trust	13,300		376,124
Presidential Life Corp	9,800		97,314
PRG-Schultz International Inc *	16,550		147,295
Price Legacy Corp *	16,100		45,080
PrivateBancorp Inc	2,900		109,765
ProAssurance Corp *	13,750		288,750
Prosperity Bancshares Inc	4,500		85,500
Provident Bancorp Inc	1,400		43,470
Provident Bankshares Corp	12,295		284,150
PS Business Parks Inc	3,700		117,660
Quaker City Bancorp Inc *	3,175		104,553
R&G Financial Corp ‘B’	7,500		174,375
RAIT Investment Trust	5,900		127,440
Ramco-Gershenson Properties Trust	3,468		68,493
Realty Income Corp	14,600		511,000
Redwood Trust Inc	6,300		174,510
Republic Bancorp Inc KY ‘A’	5,000		56,350
Republic Bancorp Inc MI	23,128		272,217
Republic Bancshares Inc *	3,400		66,810
RFS Hotel Investors Inc	15,200		165,072
Riggs National Corp Washington DC	6,600		102,234
RLI Corp	5,900		164,610
Royal Bancshares of Pennsylvania ‘A’	3,338		71,433
S&T Bancorp Inc	11,100		278,066
S1 Corp *	33,518		149,490
Sandy Spring Bancorp Inc	5,750		181,125
Santander BanCorp	1,969		25,597
Saul Centers Inc	5,500		130,900
Saxon Capital Inc *	13,400		167,634
Seacoast Banking Corp of Florida	4,800		90,432
Seacoast Financial Services Corp	9,600		192,106
Second Bancorp Inc	3,900		103,350
Selective Insurance Group	13,400		337,412
Senior Housing Properties Trust	18,400		195,224
Shurgard Storage Centers Inc ‘A’	16,300		510,842
Simmons First National Corp ‘A’	3,400		124,610
Sizeler Property Investors Inc	2,500		23,225
SL Green Realty Corp	13,000		410,800
Sotheby’s Holdings Inc ‘A’ *	19,000		171,000
SoundView Technology Group Inc *	35,100		52,650
Southwest Bancorp Inc OK	3,400		88,366
Southwest Bancorp of Texas Inc *	14,100		406,221
Sovran Self Storage Inc	6,900		195,684
St. Francis Capital Corp	2,800		65,576
State Auto Financial Corp	3,900		60,450
State Bancorp Inc	900		16,200
Staten Island Bancorp Inc	24,300		489,402
Sterling Bancorp NY	3,756		98,858
Sterling Bancshares Inc TX	19,550		238,901
Sterling Financial Corp PA	6,325		149,586
Sterling Financial Corp WA *	3,700		69,634
Stewart Information Services Corp *	6,000		128,340
Suffolk Bancorp	4,400		139,128
Summit Bancshares Inc TX	500		9,750
Summit Properties Inc	11,900		211,820
Sun Bancorp Inc NJ *	5,500		73,150
Sun Bancorp Inc PA	3,200		58,499
Sun Communities Inc	7,600		277,932
Superior Financial Corp	5,100		93,692
Susquehanna Bancshares Inc	20,500		427,240
SWS Group Inc	7,030		95,327
SY Bancorp Inc	2,700		100,170
Tanger Factory Outlet Centers Inc	3,800		117,800
Taubman Centers Inc	15,500		251,565
Texas Regional Bancshares Inc ‘A’	10,545		374,780
The First of Long Island Corp	900		32,850
The Macerich Co	15,900		488,925
The Midland Co	2,200		41,800
The Mills Corp	10,500		308,070

See Notes to Financial Statements

See explanation of symbols on B-97

B-58

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
The Peoples Holdings Co	2,664	$	108,558
The South Financial Group Inc	22,087		456,317
The Town & Country Trust	5,200		109,720
The Trust Co of New Jersey	8,800		244,913
Thornburg Mortgage Inc	22,000		442,200
Tompkins Trustco Inc	2,700		119,070
Triad Guaranty Inc *	3,500		129,010
Trico Bancshares	3,700		91,020
Troy Financial Corp	2,600		70,148
TrustCo Bank Corp NY	33,108		356,904
U.S. Restaurants Properties Inc	8,400		118,272
UCBH Holdings Inc	9,000		382,050
UICI *	17,100		265,905
UMB Financial Corp	6,941		265,570
Umpqua Holdings Corp	12,038		219,694
Union Bankshares Corp	4,400		119,900
United Bankshares Inc	17,700		514,380
United Community Banks Inc GA	6,500		158,405
United Community Financial Corp OH	14,800		128,020
United Fire & Casualty Co	2,400		80,280
United National Bancorp NJ	6,668		153,697
Universal American Financial Corp *	11,000		64,009
Universal Health Realty Income Trust	3,800		99,750
Unizan Financial Corp	10,407		205,538
Urstadt Biddle Properties Inc ‘A’	7,500		83,100
USB Holding Co Inc	5,374		95,120
Value Line Inc	300		13,032
Ventas Inc	29,800		341,210
Vesta Insurance Group Inc	22,700		62,425
Virginia Financial Group Inc	3,843		114,521
W Holding Co Inc	17,700		290,457
Warwick Community Bancorp Inc	2,900		82,157
Washington REIT	16,200		413,100
Washington Trust Bancorp Inc	6,200		121,086
Waypoint Financial Corp	18,600		331,080
WesBanco Inc	10,100		236,239
West Coast Bancorp OR	5,100		77,265
Westcorp Inc	4,406		92,526
Westfield Financial Inc	2,200		34,100
WFS Financial Inc *	3,137		65,597
Winston Hotels Inc	5,100		39,780
Wintrust Financial Corp	7,700		241,164
World Acceptance Corp *	9,600		73,056
WSFS Financial Corp	3,700		121,989
Yardville National Bancorp	4,000		68,960
Zenith National Insurance Corp	2,800		65,856

			64,665,314


Health Care - 11.44%

aaiPharma Inc *	6,000		84,120
Abgenix Inc *	34,900		257,213
Abiomed Inc *	5,600		20,384
Acacia Research-CombiMatrix Corp *	3,483		12,677
Adolor Corp *	15,500		212,660
Advanced Neuromodulation Systems Inc *	5,200		182,520
Advanced Tissue Sciences Inc *	20,800		853
Aksys Ltd *	11,700		62,010
Alaris Medical Inc *	6,200		37,820
Albany Molecular Research Inc *	11,300		167,138
Alexion Pharmaceuticals Inc *	10,400		146,848
Align Technology Inc *	10,400		28,714
Alkermes Inc *	24,100		151,107
Alliance Imaging Inc *	3,600		19,080
Allos Therapeutics Inc *	8,400		63,168
Allscripts Healthcare Solutions Inc *	8,500		20,315
Alpharma Inc ‘A’	11,300		134,583
American Healthways Inc *	6,150		107,625
American Medical Security Group Inc *	4,100		57,318
American Medical Systems Holdings Inc *	10,800		175,068
American Pharmaceutical Partners Inc *	5,100		90,780
AMERIGROUP Corp *	5,500		166,705
AmeriPath Inc *	11,900		255,850
AmSurg Corp *	10,400		212,472
Amylin Pharmaceuticals Inc *	29,600		477,744
Antigenics Inc *	12,600		129,024
Aphton Corp *	11,300		43,957
Applera Corp-Celera Genomics Group *	30,699		293,175
Applied Molecular Evolution Inc *	3,300		6,765
Apria Healthcare Group Inc *	17,800		395,872
Arena Pharmaceuticals Inc *	9,800		63,798
Ariad Pharmaceuticals Inc *	13,700		32,880
ArQule Inc *	10,000		30,500
Array BioPharma Inc *	6,600		36,630
Arrow International Inc	4,100		166,747
ArthroCare Corp *	7,300		71,905
AtheroGenics Inc *	8,800		65,208
Atrix Labs Inc *	9,700		148,788
Avigen Inc *	7,300		41,683
Bentley Pharmaceuticals Inc *	3,300		26,565
Beverly Enterprises Inc *	42,700		121,695
BioMarin Pharmaceuticals Inc *	20,200		142,410
Biopure Corp *	9,100		33,852
Bio-Rad Laboratories Inc ‘A’ *	7,600		294,120
Bioreliance Corp *	700		16,219
Biosite Inc *	5,900		200,718
Bio-Technology General Corp *	27,600		88,348
Bone Care International Inc *	2,092		20,355
Bradley Pharmaceuticals Inc *	2,300		29,969
BriteSmile Inc *	5,300		1,749
Bruker Daltonics Inc *	8,800		42,768
Cantel Medical Corp *	1,400		17,724
Cardiac Science Inc *	26,000		57,460
CardioDynamics International Corp *	11,700		35,919
Cell Genesys Inc *	13,200		147,193
Cell Therapeutics Inc *	13,200		95,964
Centene Corp *	3,500		117,565
Cepheid Inc *	14,200		72,392
Cerus Corp *	7,200		154,800
Chattem Inc *	6,000		123,300
Cholestech Corp *	3,100		21,576
Cima Labs Inc *	7,300		176,594
Ciphergen Biosystems Inc *	5,800		20,010
Closure Medical Corp *	1,000		10,480
Cobalt Corp *	4,400		60,720
Columbia Laboratories Inc *	12,400		41,664
Computer Programs & Systems Inc *	2,400		59,424
Conceptus Inc *	9,100		109,018
CONMED Corp *	15,150		296,789
Connetics Corp *	14,200		170,684
Cooper Cos Inc	15,000		375,300
Corixa Corp *	24,710		157,897
CorVel Corp *	2,100		75,075
Covance Inc *	28,600		703,274
CryoLife Inc *	10,350		70,691
Cubist Pharmaceuticals Inc *	11,100		91,353
CuraGen Corp *	14,200		66,030
Curative Health Services Inc *	3,200		55,200
CV Therapeutics Inc *	11,600		211,352
Cyberonics Inc *	11,600		213,440
D&K Healthcare Resources Inc	6,200		63,494
Datascope Corp	6,000		148,806
Decode Genetics Inc *	11,500		21,275
Deltagen Inc *	8,300		3,984
Dianon Systems Inc *	4,460		212,787
Digene Corp *	6,800		77,928
Discovery Partners International Inc *	4,700		13,066
Diversa Corp *	11,400		103,170
DJ Orthopedics Inc *	300		1,128

See Notes to Financial Statements

See explanation of symbols on B-97

B-59

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Durect Corp *	8,700	$	17,574
DVI Inc *	8,200		61,910
Dynacq International Inc *	4,100		58,909
Eclipsys Corp *	11,700		62,595
Embrex Inc *	1,800		20,030
Endo Pharmaceuticals Holdings Inc *	7,700		59,282
Endocardial Solutions Inc *	3,400		11,492
Endocare Inc *	14,900		51,256
Enzo Biochem Inc *	9,145		128,030
Enzon Pharmaceuticals Inc *	20,500		342,760
Eon Labs Inc *	3,600		68,076
Epix Medical Inc *	3,800		27,474
eResearch Technology Inc *	5,000		83,750
Esperion Therapeutics Inc *	14,800		105,820
Exact Sciences Corp *	3,900		42,237
Exelixis Inc *	21,300		170,400
First Horizon Pharmaceutical Corp *	14,000		104,692
Gene Logic Inc *	12,700		79,883
Genencor International Inc *	1,800		17,604
Genesis Health Ventures Inc *	11,700		180,765
Genta Inc *	18,600		143,034
Gentiva Health Services Inc	14,600		128,626
Genzyme Biosurgery *	14,300		36,465
Geron Corp *	7,800		28,080
Guilford Pharmaceuticals Inc *	14,800		58,904
Haemonetics Corp MA *	8,400		180,264
Hanger Orthopedic Group Inc *	7,500		98,625
Harvard Bioscience Inc *	4,200		13,852
Healthcare Services Group Inc *	6,710		87,498
HealthTronics Surgical Services Inc *	5,200		41,657
Hologic Inc *	7,600		92,796
Hooper Holmes Inc	23,600		144,904
ICU Medical Inc *	5,300		197,690
IDEXX Laboratories Inc *	15,300		509,490
IDX Systems Corp *	7,500		127,725
IGEN International Inc *	6,600		282,810
ILEX Oncology Inc *	14,800		104,488
Illumina Inc *	7,500		25,275
ImClone Systems Inc *	20,100		213,482
Immucor Inc *	5,850		118,462
ImmunoGen Inc *	23,400		72,540
Immunomedics Inc	22,100		102,102
IMPATH Inc *	8,500		167,620
Impax Laboratories Inc *	9,700		38,897
INAMED Corp *	4,700		144,760
Incyte Genomics Inc *	27,700		126,312
Indevus Pharmaceuticals Inc *	25,900		55,400
Inhale Therapeutic Systems Inc *	24,300		196,344
Integra LifeSciences Holdings Corp *	10,100		178,265
InterMune Inc *	11,700		298,467
Interpore International Inc *	5,000		32,000
Intuitive Surgical Inc *	11,600		71,456
Invacare Corp	11,600		386,280
Inverness Medical Innovations Inc *	3,300		43,395
Isis Pharmaceuticals Inc *	24,300		160,137
Kendle International Inc *	6,500		57,207
Kensey Nash Corp *	1,800		32,886
Kindred Healthcare Inc *	6,400		116,166
KOS Pharmaceuticals Inc *	3,600		68,400
Kosan Biosciences Inc *	5,400		32,778
KV Pharmaceutical Co ‘A’ *	9,700		225,040
Kyphon Inc *	4,300		36,722
La Jolla Pharmaceutical Co *	16,000		104,000
LabOne Inc *	3,200		56,704
Landauer Inc	2,900		100,775
Lannett Co Inc *	3,600		58,968
Lexicon Genetics Inc TX *	12,400		58,652
Lifecore Biomedical Inc *	1,900		16,302
Ligand Pharmaceuticals Inc ‘B’ *	24,400		131,028
Luminex Corp *	6,700		27,537
Martek Biosciences Corp *	10,400		261,664
Matria Healthcare Inc *	6,008		52,210
Maxygen Inc *	11,000		83,820
Medarex Inc *	30,500		120,475
MedCath Corp *	1,700		17,000
Med-Design Corp *	5,400		43,513
Medicines Co *	12,300		197,046
MedQuist Inc *	4,016		81,364
MedSource Technologies Inc *	1,800		11,682
Mentor Corp MN	9,800		377,300
Meridian Medical Technologies Inc *	2,200		97,680
Merit Medical Systems Inc *	6,200		123,504
MGI Pharma Inc *	11,800		85,550
MIM Corp *	12,500		72,500
Molecular Devices Corp *	7,900		130,113
Myriad Genetics Inc *	11,900		173,740
Nabi Biopharmaceuticals *	18,300		113,460
Napro Biotherapeutics Inc *	15,000		10,200
Nastech Pharmaceutical Inc *	2,200		18,810
National Healthcare Corp *	2,500		43,750
Neopharm Inc *	5,850		59,319
Neose Technologies Inc *	7,100		62,977
Neurocrine Biosciences Inc *	13,200		602,712
Neurogen Corp *	3,500		12,705
Noven Pharmaceuticals Inc *	9,000		83,070
NPS Pharmaceuticals Inc *	14,100		354,897
Ocular Sciences Inc *	9,300		144,336
Odyssey HealthCare Inc *	6,000		208,200
Omnicell Inc *	3,400		9,010
Onyx Pharmaceuticals Inc *	5,600		32,536
Option Care Inc *	7,850		62,486
OraSure Technologies Inc *	16,400		89,380
Orthologic Corp *	9,700		35,017
OSI Pharmaceuticals Inc *	17,200		282,080
Owens & Minor Inc	16,100		264,362
PacifiCare Health Systems Inc *	16,600		466,460
Pain Therapeutics Inc *	6,800		16,252
Parexel International Corp *	11,500		126,385
Pediatrix Medical Group Inc *	10,100		404,606
Penwest Pharmaceuticals Co *	5,000		53,000
Peregrine Pharmaceuticals Inc *	37,600		29,328
Perrigo Co *	29,300		355,995
Per-Se Technologies Inc *	14,166		127,055
Pharmaceutical Resources Inc *	7,700		229,460
Pharmacopeia Inc *	11,700		104,364
PolyMedica Corp *	4,400		135,696
Possis Medical Inc *	7,600		136,800
Pozen Inc *	14,300		73,645
PracticeWorks Inc *	10,300		81,370
Praecis Pharmaceuticals Inc *	25,700		83,525
Prime Medical Services Inc *	7,300		63,291
Priority Healthcare Corp ‘B’ *	12,100		280,720
Progenics Pharmaceuticals Inc *	1,900		12,654
Protein Design Labs Inc *	37,400		317,900
Province Healthcare Co *	23,150		225,250
ProxyMed Inc *	1,000		10,440
PSS World Medical Inc *	37,000		253,080
QMed Inc *	1,300		8,138
Quidel Corp *	7,500		26,018
Radiologix Inc *	6,900		15,939
Regeneron Pharmaceuticals Inc *	14,100		260,991
RehabCare Group Inc *	6,100		116,388
Res-Care Inc *	2,300		8,347
ResMed Inc *	13,400		409,638
Respironics Inc *	16,200		492,982
Rigel Pharmaceuticals Inc *	6,400		6,976
Rita Medical Systems Inc *	2,600		13,130
Salix Pharmaceuticals Ltd *	11,000		76,890

See Notes to Financial Statements

See explanation of symbols on B-97

B-60

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Sangamo Biosciences Inc *	3,800	$	11,438
SangStat Medical Corp *	13,300		150,290
Scios Inc *	21,500		700,470
Seattle Genetics Inc WA *	3,200		9,920
Select Medical Corp *	6,500		87,685
Sepracor Inc *	29,500		285,265
Sequenom Inc *	12,900		23,220
Serologicals Corp *	11,800		129,800
Sierra Health Services Inc *	11,100		133,311
Sola International Inc *	8,700		113,100
Sonic Innovations Inc *	2,000		7,620
SonoSite Inc *	7,600		99,332
Specialty Laboratories Inc *	3,100		29,946
Stericycle Inc *	16,000		518,064
Sunrise Assisted Living Inc *	7,400		184,186
SuperGen Inc *	18,500		67,155
SurModics Inc *	6,800		195,024
Sybron Dental Specialties Inc *	16,232		241,857
Syncor International Corp DE *	9,000		249,570
Tanox Inc *	11,300		102,265
Techne Corp *	20,200		577,074
Telik Inc *	15,900		185,394
Texas Biotechnology Corp *	15,000		21,000
Theragenics Corp *	10,200		41,106
TheraSense Inc *	12,600		105,210
Thoratec Corp *	20,587		157,079
Transkaryotic Therapies Inc *	13,900		137,610
Triangle Pharmaceuticals Inc *	14,000		83,160
Trimeris Inc *	7,300		314,557
TriPath Imaging Inc *	14,700		39,396
Tularik Inc *	16,600		123,836
U.S. Physical Therapy Inc *	5,950		66,343
Unilab Corp *	6,600		120,780
United Surgical Partners Int’l Inc *	9,100		142,151
United Therapeutics Corp *	7,600		126,920
Urologix Inc *	5,600		18,536
US Oncology Inc *	33,500		290,445
VCA Antech Inc *	6,300		94,500
Ventana Medical Systems *	6,000		138,300
Versicor Inc *	8,200		88,478
Viasys Healthcare Inc *	10,300		153,367
Vical Inc *	10,200		35,394
Visx Inc *	22,700		217,466
Vital Signs Inc	2,600		77,688
VitalWorks Inc *	23,500		90,475
Vivus Inc *	12,200		45,506
West Pharmaceutical Services Inc	6,200		151,280
Women First Healthcare Inc *	4,600		20,981
Wright Medical Group Inc *	9,200		160,623
Young Innovations Inc *	600		13,962
ZOLL Medical Corp *	4,700		167,649
Zymogenetics Inc *	1,700		16,830

			34,474,599


Integrated Oils - 0.06%

Holly Corp	3,100		67,735
Plains Exploration & Production Co LP *	11,300		110,175

			177,910

Materials & Processing - 7.92%

A. Schulman Inc	15,700		292,177
A.M. Castle & Co *	4,980		22,659
Aaon Inc *	2,800		51,604
Acuity Brands Inc	17,300		234,242
AEP Industries Inc *	2,586		33,799
Airgas Inc *	25,000		431,250
Albany International Corp ‘A’	9,728		200,981
Alico Inc	1,500		39,900
AMCOL International Corp	3,900		22,620
Ameron International Corp	1,200		66,180
Apogee Enterprises Inc	16,100		144,111
Arch Chemicals Inc	9,200		167,900
Armor Holdings Inc *	9,400		129,438
Avatar Holdings Inc *	2,000		46,000
Barnes Group Inc	5,100		103,785
Brady Corp ‘A’	7,600		253,460
Brush Engineered Materials Inc *	12,600		69,300
Buckeye Technologies Inc *	9,500		58,425
Building Material Holding Corp	9,000		128,700
Butler Manufacturing Co	2,200		42,570
BWAY Corp *	3,600		71,208
Cabot Microelectronics Corp *	10,600		500,320
Cadiz Inc *	20,100		11,055
Calgon Carbon Corp	15,800		78,052
Cambrex Corp	11,000		332,310
Caraustar Industries Inc *	12,500		118,500
Carpenter Technology Corp	9,100		113,295
Centex Construction Products Inc	2,100		73,815
Century Aluminum Co	9,100		67,431
Chesapeake Corp	6,600		117,810
CIRCOR International Inc	2,900		46,110
Clarcor Inc	11,100		358,197
Cleveland-Cliffs Inc *	4,800		95,280
Comfort Systems USA Inc *	11,300		37,855
Commercial Metals Co	11,300		183,512
CompX International Inc	800		6,696
CoorsTek Inc *	4,500		114,975
Corn Products International Inc	14,900		448,937
Crompton Corp	48,919		291,068
Crown Cork & Seal Co Inc *	70,600		561,270
Culp Inc *	4,500		38,250
Cytec Industries Inc *	17,300		471,944
Delta & Pine Land Co	15,000		306,150
Deltic Timber Corp	4,700		125,490
DHB Industries Inc *	2,500		4,150
Drew Industries Inc *	1,600		25,680
Dycom Industries Inc *	19,400		257,050
EarthShell Corp *	6,100		3,538
ElkCorp	10,650		184,245
EMCOR Group Inc *	7,400		392,274
Encore Wire Corp *	3,900		35,295
Energy Conversion Devices Inc *	6,900		67,627
Ennis Business Forms Inc	4,900		56,938
Ferro Corp	16,100		393,323
Florida Rock Industries Inc	8,900		338,645
Foamex International Inc *	11,600		36,656
Georgia Gulf Corp	11,000		254,540
Gibraltar Steel Corp	4,000		76,160
Glatfelter	4,600		60,536
GrafTech International Ltd *	25,500		151,980
Granite Construction Inc	16,350		253,425
Graphic Packaging International Corp *	8,000		45,120
Great Lakes Chemical Corp	18,300		437,004
Greif Brothers Corp ‘A’	5,700		135,660
Griffon Corp *	12,570		171,204
H.B. Fuller Co	14,800		383,024
Hecla Mining Co *	45,600		230,736
Hexcel Corp *	8,500		25,500
Hughes Supply Inc	9,600		262,272
IMCO Recycling Inc *	2,600		21,138
Insignia Financial Group Inc *	13,400		97,150
Insituform Technologies Inc ‘A’ *	9,100		155,155
Integrated Electrical Services Inc *	9,600		36,960
Interface Inc ‘A’	21,100		64,777
Intermagnetics General Corp *	7,552		148,321
Intermet Corp	5,400		22,680
International Specialty Products Inc *	2,400		24,504
Jones Lang LaSalle Inc *	13,600		209,168

See Notes to Financial Statements

See explanation of symbols on B-97

B-61

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Kaiser Aluminum Corp *	18,930	$	1,098
Kaydon Corp	13,000		275,730
Lennox International Inc	19,200		240,960
Liquidmetal Technologies *	3,400		34,952
LNR Property Corp	10,900		385,860
Lone Star Technologies Inc *	13,500		201,015
Longview Fibre Co *	24,900		180,027
Louisiana-Pacific Corp *	43,100		347,386
LSI Industries Inc	6,800		94,180
Lydall Inc *	4,800		54,480
MacDermid Inc	10,700		244,495
Material Sciences Corp *	3,300		42,702
Maverick Tube Corp *	17,800		231,934
Medis Technologies Ltd *	7,560		37,800
Mestek Inc *	3,300		59,169
Millennium Chemicals Inc	29,000		276,080
Minerals Technologies Inc	8,600		371,090
Mobile Mini Inc *	3,600		56,412
Modtech Holdings Inc *	1,500		14,550
Mueller Industries Inc *	12,500		340,625
Myers Industries Inc	8,681		92,887
NCI Building Systems Inc *	8,700		189,834
New England Business Service Inc	4,100		100,040
NL Industries Inc	4,000		68,000
NN Inc	5,400		53,946
Nortek Holdings Inc *	3,200		146,400
Northwest Pipe Co *	3,800		65,740
NS Group Inc *	5,200		33,904
Octel Corp	3,200		50,560
Olin Corp	21,748		338,181
Omnova Solutions Inc *	18,700		75,361
Oregon Steel Mills Inc *	8,600		34,572
Penford Corp	2,300		32,407
Penn Engineering & Manufacturing Corp	3,300		35,145
PolyOne Corp	34,900		136,808
Pope & Talbot Inc	4,400		62,744
Potlatch Corp	14,600		348,648
Quaker Chemical Corp	3,000		69,600
Quaker Fabric Corp *	7,500		52,125
Quanex Corp	6,600		221,100
Quanta Services Inc *	14,900		52,150
Reliance Steel & Aluminum Co	9,950		207,358
Roanoke Electric Steel Corp	5,900		56,050
Rock-Tenn Co ‘A’	5,300		71,444
Rogers Corp *	7,400		164,650
Royal Gold Inc	7,900		196,876
RTI International Metals Inc *	6,600		66,660
Ryerson Tull Inc	7,222		44,054
Schnitzer Steel Industries Inc ‘A’	2,900		60,610
Seminis Inc ‘A’ *	12,500		36,000
Silgan Holdings Inc *	5,300		130,804
Simpson Manufacturing Co Inc *	5,800		190,820
Solutia Inc	54,900		199,287
Southern Peru Copper Corp	6,700		96,480
Spartech Corp	7,200		148,536
SPS Technologies Inc *	4,700		111,625
Steel Dynamics Inc *	17,700		212,931
Stepan Co	2,800		70,000
Stillwater Mining Co *	15,500		82,925
Symyx Technologies Inc *	11,400		143,526
Tejon Ranch Co *	2,050		60,885
Terra Industries Inc *	28,900		44,217
Texas Industries Inc	8,200		199,260
The Standard Register Co	7,000		126,000
Trammell Crow Co *	11,300		101,700
Tredegar Corp	10,600		159,000
Tremont Corp	1,400		41,720
Trex Co Inc *	2,400		84,720
U.S. Concrete Inc *	14,000		76,580
U.S. Industries Inc *	35,200		92,576
Unifi Inc *	23,700		124,425
Universal Forest Products Inc	7,300		155,643
URS Corp *	9,000		128,070
USEC Inc	36,800		221,536
USG Corp *	17,400		147,030
Valhi Inc	9,900		82,170
Valmont Industries Inc	5,100		98,940
Virbac Corp *	8,700		48,807
W.R. Grace & Co *	23,500		46,060
Watsco Inc	6,000		98,280
Wausau-Mosinee Paper Corp	17,200		192,984
WCI Communities Inc *	2,000		20,400
WD-40 Co	8,700		229,854
Wellman Inc	15,100		203,699
Wellsford Real Properties Inc *	3,500		55,160
Wilson Greatbatch Technologies Inc *	10,600		309,520
Worthington Industries Inc	33,000		502,920

			23,864,555


Producer Durables - 7.58%

A.O. Smith Corp	9,300		251,193
Acterna Corp *	12,600		2,016
Active Power Inc *	14,800		26,344
Actuant Corp ‘A’ *	3,600		167,220
ADE Corp *	7,100		42,387
Advanced Energy Industries Inc *	7,800		99,216
Alamo Group Inc	700		8,575
Allen Telecom Inc *	13,000		123,110
American Superconductor Corp *	15,400		46,354
American Tower Corp ‘A’ *	83,500		294,755
AMETEK Inc	16,500		635,085
Applied Films Corp *	6,700		133,933
Applied Industrial Technologies Inc	11,000		207,900
Arris Group Inc *	21,700		77,469
Artesyn Technologies Inc *	17,700		67,968
Astec Industries Inc *	10,500		104,265
AstroPower Inc *	8,650		69,114
Asyst Technologies Inc *	15,500		113,925
ATMI Inc *	11,900		220,388
Audiovox Corp ‘A’ *	5,100		52,739
August Technology Corp *	3,500		17,710
Axcelis Technologies Inc *	42,800		240,065
Baldor Electric Co	12,900		254,775
BE Aerospace Inc *	20,700		75,348
Beazer Homes USA Inc *	5,886		356,692
Belden Inc	8,900		135,458
Briggs & Stratton Corp	9,000		382,230
Brooks-PRI Automation Inc *	16,612		190,374
C&D Technologies Inc	10,900		192,603
Cable Design Technologies Corp *	20,950		123,605
Cascade Corp	2,100		33,495
C-COR.net Corp *	17,100		56,772
Champion Enterprises Inc *	24,700		70,395
Cognex Corp *	16,600		305,938
Cohu Inc	10,200		149,940
Columbus McKinnon Corp NY *	4,100		15,666
Credence Systems Corp *	25,340		236,422
Crown Castle International Corp *	87,300		327,375
CTS Corp	14,600		113,150
CUNO Inc *	7,400		245,088
Curtiss-Wright Corp	4,700		299,954
Dionex Corp *	8,900		264,419
Ducommun Inc *	4,000		63,400
Dupont Photomasks Inc *	6,400		148,800
Electro Scientific Industries Inc *	11,900		238,000
Electroglas Inc *	12,000		18,480
EMCORE Corp *	8,400		18,396
Engineered Support Systems Inc	6,650		243,789

See Notes to Financial Statements

See explanation of symbols on B-97

B-62

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Entegris Inc *	19,600	$	201,880
ESCO Technologies Inc *	4,600		170,200
Esterline Technologies Corp *	8,400		148,428
Federal Signal Corp	20,800		403,936
FEI Co *	10,300		157,487
Flow International Corp *	9,800		24,990
Franklin Electric Co Inc	3,000		144,030
FSI International Inc *	12,400		55,800
Gardner Denver Inc *	5,900		119,770
General Binding Corp *	1,400		11,872
General Cable Corp	15,600		59,280
Genlyte Group Inc *	6,800		211,888
Headwaters Inc *	14,300		221,793
Heico Corp	6,800		72,148
Helix Technology Corp	13,800		154,560
Hovnanian Enterprises Inc ‘A’ *	8,000		253,600
IDEX Corp	13,700		447,990
Imagistics International Inc *	7,000		140,000
Integrated Defense Technologies Inc *	2,200		31,900
InterDigital Communications Corp *	24,000		349,440
Ionics Inc *	9,300		212,040
Itron Inc *	10,500		201,285
JLG Industries Inc	18,700		140,811
Joy Global Inc *	22,235		250,366
Kadant Inc *	4,020		60,300
Keithley Instruments Inc	2,800		35,000
Kennametal Inc	17,300		596,504
Kimball International Inc ‘B’	13,700		195,225
Kulicke & Soffa Industries Inc *	18,100		103,532
Ladish Co Inc *	6,700		54,002
Lincoln Electric Holdings Inc	14,200		328,730
Lindsay Manufacturing Co	4,700		100,580
Littelfuse Inc *	9,300		156,798
LTX Corp *	19,700		118,791
M/I Schottenstein Homes Inc	6,100		169,580
Magnetek Inc *	6,200		27,528
Manitowoc Co Inc	10,750		274,125
MasTec Inc *	8,400		24,780
Mattson Technology Inc *	9,900		28,314
MDC Holdings Inc	8,906		340,744
Meritage Corp *	3,600		121,140
Milacron Inc	8,100		48,195
Mine Safety Appliances Co	2,853		92,009
Moog Inc ‘A’ *	6,150		190,896
MTS Systems Corp	7,200		72,144
Mykrolis Corp *	19,200		140,160
NACCO Industries Inc ‘A’	2,400		105,048
Nanometrics Inc *	3,400		14,246
Nordson Corp	10,500		260,715
Orbital Sciences Corp *	17,700		74,694
Osmonics Inc *	6,700		113,498
Palm Harbor Homes Inc *	6,600		115,302
Paxar Corp *	12,900		190,275
Photon Dynamics Inc *	8,400		191,520
Photronics Inc *	11,200		153,440
Plantronics Inc *	16,200		245,106
Powell Industries Inc *	4,800		81,979
Power-One Inc *	22,200		125,874
Powerwave Technologies Inc *	32,400		174,960
Presstek Inc *	14,500		66,845
Proton Energy Systems Inc *	8,100		24,300
Proxim Corp ‘A’ *	53,997		46,977
Rayovac Corp *	14,600		194,618
Regal-Beloit Corp	10,900		225,630
Robbins & Myers Inc	5,300		97,520
Roper Industries Inc	12,900		472,140
Rudolph Technologies Inc *	2,900		55,564
Semitool Inc *	5,200		32,292
Skyline Corp	1,800		53,100
Somera Communications Inc *	18,200		49,140
SpectraLink Corp *	7,000		50,260
Standard-Pacific Corp	13,000		321,750
Standex International Corp	5,100		121,584
Stewart & Stevenson Services Inc	15,700		221,998
SureBeam Corp ‘A’ *	34,000		137,360
Technical Olympic USA Inc *	2,700		39,987
Technitrol Inc	17,400		280,836
Tecumseh Products Co ‘A’	7,600		335,388
Teledyne Technologies Inc *	13,800		216,384
Tennant Co	4,300		140,180
Terayon Communication Systems *	35,000		71,750
Terex Corp *	22,400		249,536
The Gorman-Rupp Co	3,100		72,850
Therma-Wave Inc *	13,600		14,280
Thomas & Betts Corp *	18,000		304,200
Thomas Industries Inc	5,600		145,936
Tollgrade Communications Inc *	6,000		70,380
TRC Cos Inc *	4,150		54,490
Trikon Technologies Inc *	4,900		24,500
Triumph Group Inc *	6,300		201,222
Ultratech Stepper Inc *	12,700		124,955
United Defense Industries Inc *	8,600		200,380
United Industrial Corp	6,500		104,000
Varian Semiconductor Equipment *	14,600		346,911
Veeco Instruments Inc *	14,300		165,308
Vicor Corp *	8,800		72,609
Virco Manufacturing Corp	2,530		25,806
Watts Industries Inc ‘A’	7,400		116,476
William Lyon Homes Inc *	1,200		26,196
Woodhead Industries Inc	4,600		51,980
Woodward Governor Co	4,900		213,150
X-Rite Inc	10,600		74,094
Zygo Corp *	10,000		69,900

			22,858,285


Technology - 12.20%

3D Systems Corp *	5,300		41,340
Acacia Research-Acacia Technologies Corp *	6,239		15,036
Actel Corp *	9,400		152,468
Actuate Corp *	20,800		36,816
ADTRAN Inc *	10,200		335,580
Advanced Digital Information Corp *	29,900		200,629
Advanced Power Technology Inc *	900		2,924
Aeroflex Inc *	26,598		183,526
Aether Systems Inc *	19,200		72,192
Agile Software Corp DE *	17,800		137,772
Akamai Technologies Inc *	57,500		99,475
Alliance Semiconductor Corp *	16,400		64,452
Alloy Inc *	13,200		144,540
Altiris Inc *	5,500		87,560
American Management Systems Inc *	15,700		188,243
ANADIGICS Inc *	7,950		20,511
Analogic Corp	3,600		181,037
Anaren Microwave Inc *	11,100		97,680
Anixter International Inc *	12,900		299,925
answerthink Inc *	19,800		49,500
Ansys Inc *	7,900		159,580
Anteon International Corp *	6,200		148,800
Ariba Inc *	116,200		288,176
Artisan Components Inc *	8,500		131,155
Ascential Software Corp *	112,400		269,760
AsiaInfo Holdings Inc *	14,000		88,760
Aspect Communications Corp *	20,400		57,936
Aspen Technology Inc *	25,900		73,297
AT Road Inc *	7,200		29,736
Avanex Corp *	41,800		43,807
Avid Technology Inc *	12,900		296,055
Avocent Corp *	19,926		442,756

See Notes to Financial Statements

See explanation of symbols on B-97

B-63

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
AXT Inc *	9,600	$	17,280
BEI Technologies Inc	3,400		38,046
Bel Fuse Inc ‘B’	3,500		70,525
Bell Microproducts Inc *	7,800		43,212
Benchmark Electronics Inc *	11,300		323,858
Black Box Corp	9,800		439,040
Borland Software Corp *	27,100		333,330
CACI International Inc ‘A’ *	12,500		445,500
Caliper Technologies Corp *	12,500		37,500
Caminus Corp *	7,500		17,550
Catapult Communications Corp *	2,200		26,290
Centillium Communications Inc *	15,200		34,352
Checkpoint Systems Inc *	13,000		134,420
ChipPAC Inc ‘A’ *	19,000		67,450
Chordiant Software Inc *	16,900		24,336
CIBER Inc *	24,700		127,205
Cirrus Logic Inc *	36,900		106,272
ClearOne Communications Inc *	8,400		37,380
Cognizant Technology Solutions Corp *	4,000		288,920
Coherent Inc *	14,200		283,290
CommScope Inc *	22,000		173,800
Compucom Systems Inc *	8,100		45,441
Computer Horizons Corp *	17,600		57,552
Computer Network Technology Corp *	8,100		57,510
Concord Communications Inc *	8,800		79,112
Concurrent Computer Corp *	35,800		103,104
Constellation 3D Inc *	1,200		12
Covansys Corp *	5,700		21,421
Cray Inc *	20,600		158,002
Cree Inc *	34,700		567,345
Cubic Corp	7,292		134,391
Daktronics Inc *	5,200		69,576
Datastream Systems Inc *	7,400		47,360
DDi Corp CA *	32,200		7,084
Dendrite International Inc *	13,950		104,205
Digimarc Corp *	5,200		58,968
Digital River Inc *	13,400		160,130
Digitas Inc *	4,000		13,840
Divine Inc ‘A’ *	524		734
DocuCorp International Inc *	1,200		7,945
Documentum Inc *	17,300		270,918
Drexler Technology Corp *	5,000		63,000
DRS Technologies Inc *	9,900		310,167
DSP Group Inc *	13,800		218,316
Dynamics Research Corp *	2,100		29,421
E.piphany Inc *	29,800		124,266
Echelon Corp *	11,800		132,278
EDO Corp	6,100		126,758
Electronics for Imaging Inc *	23,200		377,255
Embarcadero Technologies Inc *	3,800		22,686
EMS Technologies Inc *	6,600		103,032
Enterasys Networks Inc *	65,100		101,556
Entrust Inc *	16,400		55,104
EPIQ Systems Inc *	6,650		101,878
ESS Technology *	14,100		88,689
Exar Corp *	17,000		210,800
Excel Technology Inc *	2,900		51,881
Extreme Networks Inc *	49,500		161,865
F5 Networks Inc *	9,300		99,882
FalconStor Software Inc *	14,900		57,812
Fidelity National Information Solutions Inc *	6,145		106,001
FileNet Corp *	13,600		165,920
Finisar Corp *	45,600		43,320
Flir Systems Inc *	7,300		356,240
Foundry Networks Inc *	38,700		272,448
Gartner Inc ‘A’ *	36,800		338,560
Genesis Microchip Inc *	14,900		194,445
GlobespanVirata Inc *	49,326		217,527
Handspring Inc *	11,900		11,305
Harmonic Inc *	28,200		64,860
Herley Industries Inc *	7,500		130,560
HPL Technologies Inc *	5,600		112
Hutchinson Technology Inc *	12,600		260,820
Hyperion Solutions Corp *	16,600		426,122
Identix Inc *	37,025		190,678
iGate Corp *	3,700		9,694
II-VI Inc *	3,000		48,180
I-Many Inc *	19,500		27,690
Imation Corp *	16,700		585,836
Inet Technologies Inc *	2,800		17,080
InFocus Corp *	13,100		80,696
Infonet Services Corp ‘B’ *	17,200		34,056
Informatica Corp *	25,400		146,304
Information Resources Inc *	10,200		16,320
Inforte Corp *	5,300		41,075
Inktomi Corp *	83,200		133,120
Inrange Technologies Corp ‘B’ *	200		470
Integral Systems Inc MD *	3,100		62,155
Integrated Silicon Solutions Inc *	12,600		54,936
Intergraph Corp *	22,600		401,376
Interland Inc *	44,000		57,200
Internet Security Systems Inc *	18,100		331,773
Inter-Tel Inc	9,200		192,372
Interwoven Inc *	44,600		115,960
Invision Technologies Inc *	6,000		158,160
Iomega Corp *	22,960		180,236
ITXC Corp *	14,800		34,336
Ixia *	10,200		37,230
IXYS Corp *	3,000		21,180
j2 Global Communications Inc *	3,100		59,024
JDA Software Group Inc *	10,800		104,328
Keane Inc *	25,300		227,447
Keynote Systems Inc *	7,400		57,128
Kopin Corp *	32,800		128,576
Lattice Semiconductor Corp *	41,400		363,078
Lawson Software Inc *	3,100		17,825
LeCroy Corp *	1,600		17,760
Legato Systems Inc *	41,125		206,859
Lexar Media Inc *	17,500		109,725
Liberate Technologies *	50,500		72,215
Macrovision Corp *	18,200		291,928
Magma Design Automation Inc *	8,700		83,346
Manhattan Associates Inc *	9,200		217,672
ManTech International Corp ‘A’ *	4,800		91,536
Manufacturers Services Ltd *	2,500		13,850
Manugistics Group Inc *	20,600		49,440
MAPICS Inc *	7,900		54,905
MapInfo Corp *	6,500		36,075
MatrixOne Inc *	22,200		95,460
Maxtor Corp *	89,300		451,858
McDATA Corp ‘A’ *	27,400		194,540
MCSi Inc *	14,600		69,350
MEMC Electronic Materials Inc *	25,476		192,854
Mentor Graphics Corp *	31,100		244,446
Mercury Computer Systems Inc *	9,200		280,784
Merix Corp *	4,800		40,320
MetaSolv Inc *	9,500		13,015
Methode Electronics ‘A’	15,800		173,326
Micromuse Inc *	31,600		120,712
Micros Systems Inc *	9,100		204,022
Microsemi Corp *	11,500		70,035
MicroStrategy Inc ‘A’ *	216		3,261
Microtune Inc *	19,600		61,348
MIPS Technologies Inc ‘A’ *	19,900		60,297
Monolithic System Technology Inc *	6,600		79,728
MRO Software Inc *	7,900		95,945
MRV Communications Inc *	34,100		36,487
MSC.Software Corp *	12,000		92,640

See Notes to Financial Statements

See explanation of symbols on B-97

B-64

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Nassda Corp *	1,000	$	11,220
Net2Phone Inc *	8,400		34,020
Netegrity Inc *	16,100		52,373
NetIQ Corp *	16,356		201,996
Netro Corp *	5,211		14,226
NetScout Systems Inc *	4,600		20,010
NetScreen Technologies Inc *	6,100		102,724
New Focus Inc *	25,500		97,920
Newport Corp *	18,800		236,128
Next Level Communications Inc *	21,600		17,496
Novadigm Inc *	9,400		21,902
Novell Inc *	157,047		524,537
NU Horizons Electronics Corp *	3,600		20,808
Nuance Communications Inc *	9,100		22,568
Numerical Technologies Inc *	6,000		20,760
NYFIX Inc *	13,900		62,550
Oak Technology Inc *	34,500		91,425
OmniVision Technologies Inc *	9,100		123,487
ON Semiconductor Corp *	12,600		17,262
Onyx Software Corp *	15,600		24,180
Openwave Systems Inc *	78,399		156,798
Oplink Communications Inc *	27,600		21,804
OPNET Technologies Inc *	2,500		20,201
Optical Communication Products Inc *	1,900		2,052
OSI Systems Inc *	2,700		45,846
Overland Storage Inc *	4,100		59,782
Packeteer Inc *	10,600		72,716
Palm Inc *	14,195		222,861
Paradyne Networks Corp *	6,500		8,320
Parametric Technology Corp *	111,200		280,224
Park Electrochemical Corp	8,050		154,560
PC-Tel Inc *	7,400		50,172
PDF Solutions Inc *	3,700		25,641
PEC Solutions Inc *	2,900		86,710
Pegasystems Inc *	700		3,577
Pericom Semiconductor Corp *	8,100		67,311
Phoenix Technologies Ltd *	9,900		57,123
Pinnacle Systems Inc *	27,900		379,719
Pioneer Standard Electronics Inc	17,900		164,322
Pixelworks Inc *	15,500		89,900
Planar Systems Inc *	7,700		158,851
Plexus Corp *	17,000		149,260
PLX Technology Inc *	8,000		31,280
Pomeroy Computer Resources *	2,700		31,590
Power Integrations Inc *	11,100		188,700
Progress Software Corp *	17,000		220,150
Quadramed Corp *	9,400		24,628
Quantum Corp *	58,000		154,860
Quest Software Inc *	15,900		163,929
Quovadx Inc *	6,500		15,730
Radiant Systems Inc *	8,150		78,483
RadiSys Corp *	6,450		51,471
Rainbow Technologies Inc *	9,700		69,549
Rambus Inc *	37,400		250,954
Read-Rite Corp *	62,100		21,735
Red Hat Inc *	48,600		287,226
Redback Networks Inc *	83,800		70,392
REMEC Inc *	30,650		118,922
Research Frontiers Inc *	3,400		28,356
Retek Inc *	28,000		76,160
Richardson Electronics Ltd	200		1,732
Riverstone Networks Inc *	59,285		125,684
Roxio Inc *	10,300		49,131
RSA Security Inc *	16,600		99,434
Safeguard Scientifics Inc *	45,600		62,016
Sanchez Computer Associates Inc *	2,500		7,200
SanDisk Corp *	28,800		584,640
Sapient Corp *	49,000		100,450
SBS Technologies Inc *	5,500		50,380
ScanSoft Inc *	23,600		122,720
ScanSource Inc *	2,700		133,110
SCM Microsystems Inc *	7,400		31,450
SeaChange International Inc *	11,000		67,650
Secure Computing Corp *	15,800		101,278
SeeBeyond Technology Corp *	23,900		58,077
Serena Software Inc *	8,200		129,478
Silicon Graphics Inc *	89,600		101,248
Silicon Image Inc *	25,700		154,200
Silicon Laboratories Inc *	12,600		240,408
Silicon Storage Technology Inc *	34,000		137,360
Siliconix Inc *	2,800		65,520
Sipex Corp *	9,400		34,780
Skyworks Solutions Inc *	66,500		573,230
SoftBrands Inc *	1,432		430
SONICblue Inc *	40,500		18,225
SonicWALL Inc *	24,000		87,120
Sonus Networks Inc *	100,000		100,000
SpeechWorks International Inc *	8,200		22,796
SPSS Inc *	4,200		58,758
SRA International Inc ‘A’ *	1,400		37,926
SS&C Technologies Inc *	1,700		18,106
Standard Microsystems Corp *	7,000		136,290
StorageNetworks Inc *	42,600		49,416
Stratex Networks Inc *	41,900		92,599
Stratos Lightwave Inc *	6,345		27,911
Supertex Inc *	3,000		44,670
Sycamore Networks Inc *	69,400		200,566
Sykes Enterprises Inc *	18,700		61,336
Synaptics Inc *	900		6,840
Synplicity Inc *	8,600		32,508
Syntel Inc *	900		18,909
Sypris Solutions Inc	1,000		10,210
Systems & Computer Technology Corp *	14,600		125,560
Talx Corp	8,490		109,690
Tekelec *	23,200		242,440
Tellium Inc *	20,000		12,800
The TriZetto Group Inc *	11,700		71,838
Three-Five Systems Inc *	7,600		49,020
TIBCO Software Inc *	34,200		211,356
Tier Technologies Inc ‘B’ *	8,800		140,800
Transaction Systems Architects Inc ‘A’ *	15,800		102,700
Transmeta Corp DE *	59,300		69,381
Trimble Navigation Ltd *	11,800		147,382
Tripos Inc *	4,400		32,252
TriQuint Semiconductor Inc *	56,404		239,153
TTM Technologies Inc *	3,500		11,581
Turnstone Systems Inc *	12,800		34,560
Tyler Technologies Inc *	10,400		43,368
Ulticom Inc *	3,900		29,211
Universal Display Corp *	5,500		43,395
UNOVA Inc *	19,500		117,000
USinternetworking Inc *	2,100		21
Varian Inc *	12,900		370,101
Vastera Inc *	11,300		63,856
Verint Systems Inc *	3,700		74,666
Verity Inc *	9,200		123,198
ViaSat Inc *	11,200		129,249
Viewpoint Corp *	13,400		25,059
Vignette Corp *	96,600		118,529
Virage Logic Corp *	4,600		46,139
Vitesse Semiconductor Corp *	100,200		218,938
Vitria Technology Inc *	20,000		15,001
WatchGuard Technologies *	8,700		55,515
WebEx Communications Inc *	10,900		163,501
webMethods Inc *	19,600		161,113
Websense Inc *	9,400		200,794
Western Digital Corp *	87,500		559,126
White Electronic Designs Corp *	4,500		34,426

See Notes to Financial Statements

See explanation of symbols on B-97

B-65

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
Wind River Systems *	29,200	$ 119,721
Witness Systems Inc *	5,000	17,201
Xicor Inc *	9,400	35,063
Zomax Inc MN *	13,900	59,076
Zoran Corp *	12,100	170,248

		36,790,651


Utilities - 4.73%

Adelphia Business Solutions Inc *	5,400	124
AGL Resources Inc	26,400	641,520
Alamosa Holdings Inc *	25,800	13,416
Alaska Communications Systems Group Inc *	5,400	9,936
Allegiance Telecom Inc *	54,800	36,716
American States Water Co	5,750	133,112
Atmos Energy Corp	17,800	415,096
Avista Corp	19,700	227,732
Black Hills Corp	13,800	365,976
Boston Communications Group *	7,600	96,596
Broadwing Inc *	85,200	299,904
California Water Service Group	6,300	149,247
Cascade Natural Gas Corp	4,200	84,000
Centennial Communications Corp *	800	2,088
Central Vermont Public Service Corp	5,500	100,540
CH Energy Group Inc	6,800	317,084
Cleco Corp	20,600	288,400
Commonwealth Telephone Enterprises Inc *	5,900	211,456
Connecticut Water Service Inc	4,150	104,708
CT Communications Inc	5,700	64,410
DQE Inc	34,600	527,304
El Paso Electric Co *	21,400	235,400
Energen Corp	14,400	419,040
EnergySouth Inc	3,100	87,420
General Communication Inc ‘A’ *	19,500	130,845
Golden Telecom Inc *	4,400	55,660
Hickory Tech Corp	5,430	51,748
IMPSAT Fiber Networks Inc *	1,600	11
Intrado Inc *	7,800	77,446
Mediacom Communications Corp *	27,200	239,632
MGE Energy Inc	6,400	171,335
Middlesex Water Co	4,400	92,268
NEON Communications Inc *	1,500	45
New Jersey Resources Corp	12,100	382,239
NewPower Holdings Inc *	19,900	2,686
Nextel Partners Inc ‘A’ *	35,600	216,092
North Pittsburgh Systems Inc	7,100	96,780
Northwest Natural Gas Co	12,800	346,368
Northwestern Corp	21,000	106,680
NUI Corp	9,000	155,340
ONEOK Inc	25,400	487,680
Otter Tail Corp	10,500	282,450
Piedmont Natural Gas Co	14,900	526,715
PNM Resources Inc	17,900	426,378
Price Communications Corp *	21,170	292,781
PTEK Holdings Inc *	17,800	78,320
RCN Corp *	40,100	21,253
SEMCO Energy Inc	10,900	66,490
Shenandoah Telecom Co	900	44,028
Sierra Pacific Resources	42,366	275,379
SJW Corp	1,000	78,050
South Jersey Industries Inc	5,300	175,006
Southern Union Co *	16,431	271,112
Southwest Gas Corp	14,000	328,300
Southwest Water Co	6,720	89,040
Southwestern Energy Co *	12,100	138,545
SureWest Communications	5,400	200,880
Talk America Holdings Inc *	7,766	43,490
The Empire District Electric Co	10,700	194,740
The Laclede Group Inc	7,300	176,660
Time Warner Telecom Inc ‘A’ *	27,100	57,181
Touch America Holdings Inc *	49,000	19,110
Triton PCS Holdings Inc ‘A’ *	5,400	21,222
Ubiquitel Inc *	26,000	10,400
UGI Corp	13,400	501,026
UIL Holdings Corp	6,600	230,142
UniSource Energy Corp	13,500	233,415
Unitil Corp	1,300	32,240
US Unwired Inc *	34,500	16,905
Westar Energy Inc	30,600	302,940
Western Gas Resources Inc	9,500	350,075
Western Wireless Corp ‘A’ *	28,100	148,930
WGL Holdings Inc	24,600	588,432
WPS Resources Corp	15,100	586,182
XO Communications Inc ‘A’ *	81,000	4,294

		14,256,191


Total Common Stocks (Cost $350,565,346)		275,815,995

	Principal Amount

CONVERTIBLE CORPORATE BOND - 0.00%

Technology - 0.00%

MicroStrategy Inc 7.500% due 06/24/07	$ 618	250


Total Convertible Corporate Bond (Cost $0)		250


SHORT-TERM INVESTMENT - 7.41%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 7.41%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $22,338,931; collateralized by U.S. Treasury Bonds—market value $22,785,600 due 11/30/04)	22,338,000	22,338,000


Total Securities Held Under Repurchase Agreement		22,338,000

Total Short-Term Investment (Cost $22,338,000)		22,338,000


TOTAL INVESTMENTS - 98.93% (Cost $372,903,346)		298,154,333

OTHER ASSETS AND LIABILITIES, NET - 1.07%		3,212,582

NET ASSETS - 100.00%		$301,366,915

Note to Schedule of Investments

(a) The amount of $2,660,000 in cash was segregated with the custodian to
cover margin requirements for the following open futures contracts at December 31, 2002:

Type	Number of Contracts	Unrealized Depreciation

Russell 2000 (03/03)	132	$(431,028)

See Notes to Financial Statements

See explanation of symbols on B-97

B-66

PACIFIC SELECT FUND

REAL ESTATE PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value

COMMON STOCKS - 90.84%

Consumer Discretionary - 6.59%

Hilton Hotels Corp		624,800	$	7,941,208
Interstate Hotels & Resorts Inc *		1,251		6,005
Starwood Hotels & Resorts Worldwide Inc		495,233		11,756,831
Wyndham International Inc ‘A’ *		233,700		53,751

				19,757,795

Financial Services - 83.81%

AMB Property Corp		390,800		10,692,288
AMLI Residential Properties Trust		97,800		2,081,184
Apartment Investment & Mgmt Co ‘A’		249,300		9,343,764
Archstone-Smith Trust		551,490		12,982,075
Arden Realty Inc		473,455		10,487,028
AvalonBay Communities Inc		444,800		17,409,472
Boston Properties Inc		342,800		12,635,608
Chateau Communities Inc		245,550		5,635,373
Chelsea Property Group Inc		2,800		93,268
Equity Office Properties Trust		591,835		14,784,038
Equity Residential		533,500		13,113,430
Essex Property Trust Inc		112,800		5,735,880
Federal Realty Investment Trust		318,500		8,956,220
Frontline Capital Group Inc *		318,400		350
Gables Residential Trust		5,800		144,594
General Growth Properties Inc		175,400		9,120,800
Host Marriott Corp *		1,239,600		10,970,460
Innkeepers USA Trust		69,500		532,370
Kilroy Realty Corp		172,400		3,973,820
Mack-Cali Realty Corp		50,200		1,521,060
Manufactured Home Communities Inc		98,900		2,930,407
Post Properties Inc		112,200		2,681,580
ProLogis Trust		570,463		14,347,145
Public Storage Inc		335,124		10,827,856
Reckson Associates Realty Corp		196,800		4,142,640
Regency Centers Corp		75,300		2,439,720
Shurgard Storage Centers Inc ‘A’		140,000		4,387,600
Simon Property Group Inc		703,100		23,954,617
SL Green Realty Corp		135,600		4,284,960
Summit Properties Inc		134,000		2,385,200
Sun Communities Inc		43,800		1,601,766
Taubman Centers Inc		171,645		2,785,798
The Macerich Co		8,400		258,300
The Rouse Co		422,700		13,399,590
Trizec Properties Inc		481,000		4,516,590
Ventas Inc		144,700		1,656,815
Vornado Realty Trust		118,300		4,400,760

				251,214,426

Materials & Processing - 0.44%

Forest City Enterprises Inc ‘A’		39,000		1,300,650


Total Common Stocks (Cost $283,144,758)				272,272,871


FOREIGN COMMON STOCK - 5.57%

Canada - 5.57%

Brookfield Properties Corp		826,900		16,703,380


Total Foreign Common Stock (Cost $13,668,133)				16,703,380


	Principal Amount

SHORT-TERM INVESTMENT - 2.68%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 2.68%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $8,043,335; collateralized by U.S. Treasury Bonds—market value $8,209,675 and due 08/15/20)	$	8,043,000		8,043,000


Total Securities Held Under Repurchase Agreement				8,043,000


Total Short-Term Investment (Cost $8,043,000)				8,043,000


TOTAL INVESTMENTS - 99.09% (Cost $304,855,891)				297,019,251

OTHER ASSETS AND LIABILITIES, NET - 0.91%				2,716,177


NET ASSETS - 100.00%			$	299,735,428

See Notes to Financial Statements

See explanation of symbols on B-97

B-67

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments

December 31, 2002



	Principal Amount		Value

CORPORATE BONDS & NOTES - 6.47%

Consumer Discretionary - 1.18%

The Walt Disney Co
4.500% due 09/15/04	$	15,000,000	$	15,384,300

Financial Services - 5.29%

Associates Corp of North America
1.860% due 05/08/03 ++		700,000		700,878
Ford Motor Credit Co
2.250% due 01/26/04 ++		3,000,000		2,912,565
2.263% due 07/18/05 ++		9,000,000		8,120,844
3.714% due 10/25/04 ++		8,000,000		7,680,704
General Motors Acceptance Corp
1.560% due 02/14/03 ++		5,000,000		4,998,315
1.570% due 03/10/03 ++		2,800,000		2,797,883
2.190% due 07/21/04 ++		8,300,000		8,039,372
2.250% due 03/22/04 ++		1,900,000		1,871,318
2.486% due 05/04/04 ++		4,200,000		4,115,630
J.P. Morgan & Co Inc
5.750% due 02/25/04		4,000,000		4,173,696
KeyBank National Association
6.052% due 04/24/03		4,500,000		4,561,726
Lehman Brothers Holdings Inc
1.986% due 08/04/03 ++		1,000,000		1,000,219
2.160% due 07/06/04 ++		1,100,000		1,101,062
Morgan Stanley
5.625% due 01/20/04		3,800,000		3,954,060
Pemex Project Funding Master Trust
7.375% due 12/15/14 ~		2,000,000		2,055,000
Racers
1.675% due 03/03/03 ~ ++		3,200,000		3,203,197
The Bear Stearns Cos Inc
1.730% due 05/16/03 ++		2,000,000		2,003,062
Washington Mutual Inc
1.720% due 05/14/04 ++		5,500,000		5,508,564

				68,798,095


Total Corporate Bonds & Notes (Cost $84,253,954)				84,182,395


CONVERTIBLE CORPORATE BOND - 0.16%

Financial Services - 0.16%

Verizon Global Funding Corp
4.250% due 09/15/05 ~		2,000,000		2,105,000


Total Convertible Corporate Bond (Cost $2,014,789)				2,105,000


MORTGAGE-BACKED SECURITIES - 1.49%

Collateralized Mortgage Obligations - 0.73%

Bear Stearns Mortgage Securities Inc
7.000% due 03/25/27 “		573,292		582,633
DLJ Mortgage Acceptance Corp
6.750% due 07/25/29 “		2,945,691		3,034,285
Home Savings of America
4.248% due 05/25/27 “ ++		117,293		117,832
Imperial Savings Association
8.445% due 02/25/18 “ ++		19,217		19,247
8.888% due 07/25/17 “ ++		4,555		4,546
NationsLink Funding Corp
1.781% due 04/10/07 “ ++		2,177,757		2,184,274
Residential Accredit Loans Inc
7.500% due 03/25/27 “		2,224,745		2,435,657
Residential Funding Mortgage Securities Inc
6.500% due 04/25/29 “		500,000		518,727
Ryland Mortgage Securities Corp
4.125% due 10/01/27 + “ ++		372,431		372,664
Salomon Brothers Mortgage Securities VII Inc
1.770% due 07/25/29 “ ++		194,272		192,232

				9,462,097


Fannie Mae - 0.34%

4.013% due 06/01/18 “ ++		42,181		42,972
4.013% due 07/01/26 “ ++		68,984		70,408
4.023% due 08/01/17 “ ++		1,344,897		1,374,638
4.542% due 03/01/18 “ ++		1,059,583		1,083,031
4.559% due 12/01/22 “ ++		144,841		149,552
4.962% due 08/01/24 “ ++		182,025		187,319
5.000% due 03/01/24 “ ++		107,959		111,103
5.180% due 01/01/25 “ ++		200,341		206,486
6.900% due 09/01/09 “		1,063,874		1,225,051

				4,450,560


Federal Housing Authority - 0.02%

7.400% due 07/25/19 + “		189,411		192,226


Government National Mortgage Association - 0.40%

5.375% due 05/20/23 “ ++		56,039		57,655
5.375% due 02/20/25 “ ++		267,892		274,507
5.375% due 05/20/26 “ ++		336,941		346,817
5.375% due 01/20/27 “ ++		386,835		397,071
5.750% due 09/20/22 “ ++		669,846		690,291
5.750% due 09/20/23 “ ++		25,774		26,559
5.750% due 07/20/25 “ ++		363,578		374,627
6.000% due 06/15/29 “		2,264,009		2,364,935
6.625% due 10/20/24 “ ++		220,152		227,438
6.625% due 11/20/26 “ ++		239,448		247,243
6.625% due 12/20/26 “ ++		181,678		187,592
9.000% due 01/15/17 “		6,189		6,895

				5,201,630


Total Mortgage-Backed Securities (Cost $18,435,212)				19,306,513


ASSET-BACKED SECURITIES - 0.11%

Champion Home Equity Loan Trust
6.738% due 05/25/28 “ ++		238,657		239,436
ContiMortgage Home Equity Loan Trust
1.630% due 08/15/28 “ ++		71,235		71,294
Countrywide Home Equity Loan Trust
1.660% due 08/15/25 “ ++		551,166		548,029
Option One Mortgage Loan Trust
1.920% due 02/25/29 “ ++		566,582		568,406


Total Asset-Backed Securities (Cost $1,432,435)				1,427,165

See Notes to Financial Statements

See explanation of symbols on B-97

B-68

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
U.S. TREASURY INFLATION INDEX BONDS - 95.84%

3.000% due 07/15/12 ^	$	60,500,400	$	64,310,049
3.375% due 01/15/07 ^		53,782,570		58,261,690
3.375% due 01/15/07 # ^		85,914,750		92,939,629
3.375% due 04/15/32 ^		3,983,265		4,596,317
3.375% due 04/15/32 # ^		12,269,880		14,140,407
3.500% due 01/15/11 ^		71,355,080		78,345,667
3.500% due 01/15/11 # ^		5,213,950		5,716,436
3.625% due 01/15/08 # ^		120,532,018		131,894,269
3.625% due 04/15/28 # ^		121,203,216		141,513,532
3.875% due 01/15/09 # ^		116,222,100		129,353,689
3.875% due 04/15/29 ^		84,918,680		103,866,245
3.875% due 04/15/29 # ^		188,773,740		230,573,055
4.250% due 01/15/10 ^		124,366,817		141,875,426
4.250% due 01/15/10 # ^		43,146,800		49,133,461

Total U.S. Treasury Inflation Index Bonds (Cost $1,202,736,828)				1,246,519,872


FOREIGN BONDS - 1.44%

Cayman Islands - 0.55%

Redwood Capital II Ltd 4.806% due 01/01/04 ~ ++		4,000,000		3,981,440
Residential Reinsurance Ltd 6.326% due 06/01/05 ~ ++		3,200,000		3,232,000

				7,213,440

France - 0.31%

France Telecom
4.160% due 03/14/03 ++		4,000,000		4,001,860

Ireland - 0.32%

Atlas Reinsurance PLC
4.135% due 01/07/05 ~ ++		2,000,000		2,013,780
5.470% due 04/04/03 ~		600,000		600,000
8.510% due 01/07/05 ~ ++		1,500,000		1,503,750

				4,117,530

Mexico - 0.09%

Petroleos Mexicanos 9.500% due 09/15/27		1,000,000		1,152,500

Philippines - 0.17%

Asian Development Bank 5.820% due 06/16/28		2,050,000		2,283,429


Total Foreign Bonds (Cost $18,414,925)				18,768,759


FOREIGN GOVERNMENT BONDS - 1.17%

Austria - 0.09%

Republic of Austria 5.500% due 01/15/10 (Principal in Euro)		1,000,000		1,146,491


France - 1.08%

France Government Bond OAT 3.000% due 07/25/12 ^ (Principal in Euro)		12,799,000		14,083,122


Total Foreign Government Bonds (Cost $12,444,351)				15,229,613


SHORT-TERM INVESTMENTS - 85.07%

COMMERCIAL PAPER - 84.39%

ABN AMRO North America Financial 1.310% due 03/18/03		13,300,000		13,263,218
BP America Inc 1.220% due 01/02/03		2,200,000		2,199,925
1.340% due 03/26/03		6,000,000		5,981,240
Caisse Des Depots 1.320% due 02/20/03 ~		50,000,000		49,908,333
Danske Corp 1.310% due 03/12/03		4,000,000		3,989,680
1.325% due 02/27/03		50,000,000		49,895,104
Eskport Finance Corp 1.310% due 03/10/03 ~		9,100,000		9,077,159
Fannie Mae
1.250% due 05/29/03		120,000,000		119,359,200
1.270% due 05/21/03		50,000,000		49,747,000
1.280% due 02/06/03		50,000,000		49,936,000
1.280% due 02/19/03		60,000,000		59,895,467
Federal Home Loan Bank 1.270% due 05/16/03		106,200,000		105,680,682
Freddie Mac
1.250% due 05/30/03		150,000,000		149,194,500
1.265% due 02/13/03		118,300,000		118,121,252
1.280% due 03/13/03		125,900,000		125,582,458
HBOS Treasury Services PLC 1.345% due 03/06/03		45,400,000		45,292,402
Lloyds TSB Bank PLC 1.305% due 03/26/03		4,000,000		3,987,820
National Australia Funding DE 1.410% due 01/02/03		15,800,000		15,799,381
Royal Bank of Scotland 1.310% due 02/28/03		60,000,000		59,873,367
UBS Finance (DE) LLC ‘C’ 1.320% due 03/05/03		61,000,000		60,857,870


Total Commercial Paper				1,097,642,058

U.S. TREASURY BILLS - 0.58%

1.185% due 02/20/03		6,250,000		6,239,714
1.195% due 02/13/03		1,300,000		1,298,300


Total U.S. Treasury Bills				7,538,014

See Notes to Financial Statements

See explanation of symbols on B-97

B-69

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.10%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $1,232,051; collateralized by U.S. Treasury Notes—market value $1,259,175 and due 02/15/10)	$	1,232,000	$	1,232,000







Total Securities Held Under Repurchase Agreement				1,232,000


Total Short-Term Investments (Cost $1,106,485,820)				1,106,412,072


TOTAL INVESTMENTS - 191.75% (Cost $2,446,218,314)				2,493,951,389

OTHER ASSETS AND LIABILITIES, NET - (91.75%)				(1,193,294,335	)


NET ASSETS - 100.00%			$	1,300,657,054

Notes to Schedule of Investments

(a) Transactions in options for the year ended December 31, 2002, were as follows:

	Number of Contracts	Premium
	Number of Contracts	Premium

Outstanding, December 31, 2001	0	$ 0
Options Written	500	598,750

Outstanding, December 31, 2002	500	$598,750

(b) Premiums received and value on written options outstanding at December 31, 2002:

Type	Number of Contracts	Premium	Value

Call - OTC Swaption (3 month LIBOR vs 4.0000%)
Strike @ 4.00 Exp 05/01/03	250	$292,500	$284,025
Put - OTC Swaption (3 month LIBOR vs 5.5000%)
Strike @ 5.50 Exp 05/01/03	250	306,250	80,600

		$598,750	$364,625

Contract to Sell	Currency	Principal Amount Covered by Contracts	Expiration Month	Unrealized Depreciation



Sell	ED	14,151,000	01/03	$(735,211)

(d) Swap agreements outstanding at December 31, 2002:

Type	Notional Amount		Unrealized Appreciation (Depreciation)



Receive floating rate based on 3-month USD-LIBOR and pay fixed rate equal to 6.0000%.

Broker: Bank of America
Exp. 06/15/03	$	17,800,000	$	60,734

Receive fixed rate equal to 0.2000% and the portfolio will pay to the counter party at par in the event of default of the Fannie Mae 7.0000% due 05/03/05.

Broker: Morgan Stanley
Exp. 05/03/05	$	20,000,000		24,632

Receive fixed rate equal to 5.2500% and pay floating rate based on 6-month BP-LIBOR.

Broker: Goldman Sachs
Exp. 03/19/06		BP 22,000,000		1,017,513

Receive floating rate based on 6-month JY-LIBOR and pay fixed rate equal to 1.6692%.

Broker: Goldman Sachs
Exp. 05/18/07		JY 875,000,000		(444,052	)

Receive floating rate based on 3-month USD-LIBOR and pay fixed rate equal to 5.0000%.

Broker: Goldman Sachs
Exp. 06/18/08	$	61,500,000		(1,200,296	)

Receive floating rate based on 6-month ED-LIBOR and pay fixed rate equal to 6.1750%.

Broker: Goldman Sachs
Exp. 05/22/30		ED 1,270,000		(257,477	)

			$	(798,946	)

(e) Notional and principal amount denoted in the indicated currency:

		BP - British Pound
		ED - Eurodollar
		JY - Japanese Yen

See Notes to Financial Statements

B-70

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments

December 31, 2002



	Principal Amount		Value
CORPORATE BONDS & NOTES - 14.02%

Autos & Transportation - 2.38%

American Airlines Inc 9.710% due 01/02/07 +	$	10,502,561	$	7,606,865
Continental Airlines Inc 7.256% due 03/15/20		214,032		187,722
DaimlerChrysler NA Holding Corp
2.207% due 08/01/03 ++		15,900,000		15,890,078
8.500% due 01/18/31		200,000		246,889
Delta Air Lines Inc
7.779% due 01/02/12		1,000,000		756,117
10.430% due 01/02/11 ~		1,478,000		962,173
Ford Motor Co
6.500% due 08/01/18		3,780,000		3,087,220
7.450% due 07/16/31		30,400,000		26,515,154
7.700% due 05/15/97		2,000,000		1,681,860
General Motors Corp 7.400% due 09/01/25		1,000,000		945,993
Northwest Airlines Inc 10.530% due 01/15/09 ~+		3,570,508		3,753,697
United Airlines Inc
9.210% due 01/21/17		800,000		194,884
9.350% due 04/07/16		150,000		30,491
9.560% due 10/19/18		1,650,000		412,211
10.850% due 02/19/15		1,000,000		190,485

				62,461,839

Consumer Discretionary - 0.65%

Allied Waste North America Inc 7.625% due 01/01/06		500,000		500,000
AOL Time Warner Inc
5.625% due 05/01/05		7,550,000		7,725,538
7.625% due 04/15/31		2,100,000		2,165,967
7.700% due 05/01/32		60,000		62,667
Chancellor Media Corp
8.000% due 11/01/08		250,000		274,062
8.125% due 12/15/07		250,000		261,562
Charter Communications Holdings LLC 8.250% due 04/01/07		500,000		225,000
Tele-Communications Inc-TCI Group 8.250% due 01/15/03		570,000		570,170
Turner Broadcasting System Inc 7.400% due 02/01/04		2,400,000		2,459,635
USA Waste Services Inc 7.000% due 10/01/04		300,000		314,203
Viacom Inc 7.750% due 06/01/05		2,260,000		2,533,406

				17,092,210

Consumer Staples - 0.62%

Nabisco Inc 6.125% due 02/01/33 ++		13,800,000		13,833,907
Philip Morris Cos Inc
7.000% due 07/15/05		340,000		369,511
7.750% due 01/15/27		900,000		993,072
Procter & Gamble Co 6.875% due 09/15/09		175,000		206,702
Safeway Inc 6.050% due 11/15/03		805,000		829,092

				16,232,284

Energy - 0.91%

CMS Panhandle Holding Co 7.000% due 07/15/29		290,000		257,833
Dynegy Holdings Inc 8.750% due 02/15/12		5,900,000		2,094,500
El Paso Coastal Corp 7.750% due 06/15/10		200,000		157,247
El Paso Corp 7.125% due 05/06/09		5,500,000		3,587,827
NRG Energy Inc 8.000% due 11/01/03 ##		5,600,000		1,484,000
Williams Cos Inc
6.500% due 08/01/06		2,200,000		1,540,000
7.500% due 01/15/31		3,270,000		2,060,100
7.625% due 07/15/19		12,440,000		7,899,400
8.750% due 03/15/32 ~		3,900,000		2,574,000
9.250% due 03/15/04		560,000		448,000
Williams Holdings of Delaware 6.250% due 02/01/06		2,600,000		1,820,000

				23,922,907

Financial Services - 6.01%

Associates Corp of North America 6.250% due 11/01/08		150,000		165,558
AT&T Capital Corp 6.600% due 05/15/05		2,200,000		2,244,519
Beneficial Corp 6.250% due 02/18/13		1,240,000		1,244,338
BVPS II Funding Corp 8.330% due 12/01/07		2,256,000		2,311,170
CitiCorp 8.000% due 02/01/03		1,000,000		1,004,433
Countrywide Funding Corp 6.970% due 03/28/03		1,500,000		1,517,858
Countrywide Home Loans Inc 6.250% due 04/15/09		40,000		43,516
Credit Asset Receivable LLC 6.274% due 10/31/03 ~		1,297,408		1,305,893
Ford Motor Credit Co 6.700% due 07/16/04		200,000		203,853
Gemstone Investors Ltd 7.710% due 10/31/04 ~		15,175,000		11,669,059
General Electric Capital Corp 5.450% due 01/15/13		14,800,000		15,402,982
General Motors Acceptance Corp
1.505% due 08/18/03 ++		4,387,000		4,343,284
6.850% due 06/17/04		1,200,000		1,250,147
6.875% due 08/28/12		5,100,000		5,036,061
8.000% due 11/01/31		17,800,000		17,947,331
Heller Financial Inc 2.060% due 04/28/03 ++		3,400,000		3,403,716
MBNA America Bank NA 6.875% due 07/15/04 ~		2,000,000		2,081,194
MIC Financing Trust I 8.375% due 02/01/27 ~		500,000		493,184
NationsBank Corp 7.250% due 10/15/25		840,000		982,729
Pemex Project Funding Master Trust 8.000% due 11/15/11 ~		17,800,000		19,179,500
Popular North America Inc 6.625% due 01/15/04		7,200,000		7,507,958
Premium Asset Trust 1.755% due 11/27/04 ~++		31,000,000		31,120,745
Qwest Capital Funding Inc
7.000% due 08/03/09		1,630,000		1,051,350
7.750% due 08/15/06		11,700,000		8,482,500
Salomon Smith Barney Holdings Inc 2.016% due 05/04/04 ++		1,000,000		1,003,212

See Notes to Financial Statements

See explanation of symbols on B-97

B-71

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
Sprint Capital Corp
5.700% due 11/15/03	$	1,500,000	$	1,492,884
6.000% due 01/15/07		8,700,000		8,230,174
6.900% due 05/01/19		3,090,000		2,540,620
8.375% due 03/15/12		750,000		747,670
8.750% due 03/15/32		3,250,000		3,096,902
The FINOVA Group Inc
7.500% due 11/15/09		2,700,000		945,000

				158,049,340


Health Care - 0.24%

Columbia/HCA Healthcare Corp
6.730% due 07/15/45		500,000		505,394
6.870% due 09/15/03		1,700,000		1,736,429
8.130% due 08/04/03		4,000,000		4,103,464

				6,345,287


Integrated Oils - 0.61%

Kerr-McGee Corp
2.150% due 06/28/04 ~ ++		11,000,000		11,007,744
Occidental Petroleum Corp
6.400% due 04/01/03 ++		400,000		403,945
7.200% due 04/01/28		745,000		837,773
8.450% due 02/15/29		595,000		765,616
Transocean Sedco Forex Inc
6.500% due 04/15/03		3,000,000		3,030,753

				16,045,831


Technology - 0.01%

PanAmSat Corp
6.125% due 01/15/05		385,000		375,375


Utilities - 2.59%

360 Communications Co
7.125% due 03/01/03		1,350,000		1,359,835
AT&T Corp
8.500% due 11/15/31		3,000,000		3,318,057
Calenergy Co Inc
7.230% due 09/15/05		600,000		646,223
Cleveland Electric-Toledo Edison Co
7.670% due 07/01/04		4,000,000		4,171,204
Cox Communications Inc
6.400% due 08/01/08		125,000		131,082
6.800% due 08/01/28		110,000		111,128
GTE California Inc
6.700% due 09/01/09		5,000,000		5,655,905
GTE Hawaiian Telephone Co
6.750% due 02/15/05		750,000		807,599
Lenfest Communications Inc
8.375% due 11/01/05		800,000		866,515
Limestone Electron Trust
8.625% due 03/15/03 ~		9,425,000		8,868,152
Niagara Mohawk Power Corp
6.875% due 04/01/03		550,000		555,756
7.750% due 05/15/06		2,400,000		2,721,946
8.000% due 06/01/04		500,000		537,244
Pacific Gas & Electric Co
7.583% due 10/31/49 ~		27,000,000		25,785,000
Qwest Communications International Inc
7.500% due 11/01/08		70,000		57,050
Qwest Corp
6.875% due 09/15/33		3,750,000		2,906,250
7.200% due 11/01/04		350,000		334,250
7.250% due 09/15/25		1,500,000		1,192,500
7.625% due 06/09/03		5,100,000		5,023,500
Verizon Inc PA
5.650% due 11/15/11		2,899,000		3,045,884

				68,095,080

Total Corporate Bonds & Notes (Cost $379,731,282)				368,620,153


MORTGAGE-BACKED SECURITIES - 42.74%

Collateralized Mortgage Obligations - 24.55%

BA Mortgage Securities Inc
6.750% due 10/25/28 “		2,880,900		2,904,192
Bank of America Mortgage Securities
6.190% due 07/25/31 “ ++		1,613,586		1,639,859
6.500% due 05/25/29 “		8,949,736		9,327,733
Bear Stearns Adjustable Rate Mortgage Trust
6.213% due 01/25/32 “ ++		11,279,614		11,378,733
6.621% due 09/25/31 “ ++		1,873,748		1,886,522
Cendant Mortgage Corp
6.750% due 04/25/31 “ ++		210,247		213,704
6.869% due 11/18/28 ~ + “ ++		11,230,516		12,227,786
Chase Mortgage Finance Corp
6.500% due 05/25/29 “		16,700,000		17,216,837
CitiCorp Mortgage Securities Inc
6.750% due 04/25/28 “		3,900,000		4,018,696
Commercial Mortgage Acceptance Corp
6.490% due 07/15/31 “		2,500,000		2,818,621
Countrywide Funding Corp
6.500% due 06/25/09 “		1,181,387		1,206,776
Countrywide Home Loans Inc
6.050% due 04/25/29 “		9,300,000		9,537,766
6.500% due 09/25/13 “		2,382,030		2,453,569
Credit Suisse First Boston USA Inc
1.850% due 03/25/32 + “ ++		11,281,162		11,157,775
CS First Boston Mortgage Securities Corp
1.820% due 02/25/32 “ ++		1,195,818		1,196,401
DLJ Commercial Mortgage Corp
7.300% due 06/10/32 “		1,200,000		1,396,119
Fannie Mae
1.770% due 02/25/25 “ ++		1,000,000		1,002,455
1.870% due 10/18/30 “ ++		31,680		31,763
1.920% due 03/25/17 “ ++		1,581,580		1,582,374
5.250% due 03/25/06 “		5,501,000		5,620,417
5.500% due 03/25/09 “		5,562,573		5,782,558
6.000% due 07/25/19 “		1,377,773		1,401,418
6.250% due 03/25/13 “		12,084,994		12,639,448
6.250% due 03/25/22 “		8,775,027		8,999,621
6.250% due 10/25/22 “		11,717,942		12,257,729
6.250% due 11/25/22 “		500,000		523,085
6.500% due 11/25/07 “		1,676,799		1,743,926
6.500% due 12/25/07 “		1,423,530		1,476,734
6.500% due 01/25/23 “		52,250,000		54,432,127
First Horizon Asset Securities Inc
6.250% due 04/25/31 “		1,765,797		1,769,902
First Nationwide Trust
6.240% due 02/27/29 “		2,734,854		2,740,747
Freddie Mac
5.000% due 06/15/09 “		3,724,000		3,798,749
5.000% due 05/15/18 “		13,537,514		13,895,083
5.000% due 02/15/29 “		31,686,489		32,249,051
5.500% due 06/15/12 “		19,522,694		19,782,869
5.500% due 10/15/13 “		2,478,444		2,537,735

See Notes to Financial Statements

See explanation of symbols on B-97

B-72

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
5.500% due 11/15/13 + “	$	2,521,452	$	2,582,565
5.500% due 02/15/17 “		5,334,314		5,409,261
5.750% due 12/15/16 “		6,000,000		6,195,524
5.750% due 06/15/21 “		813,276		813,999
6.000% due 12/15/09 “		4,334,896		4,362,663
6.000% due 09/15/22 “		30,109,306		30,219,967
6.000% due 12/15/28 “		32,512,723		33,171,876
6.250% due 02/15/22 “		15,000,000		15,424,838
6.250% due 04/15/22 “		6,877,789		7,267,834
6.250% due 02/15/27 “		12,780,641		13,029,576
6.300% due 05/15/26 “		3,257,479		3,316,159
6.375% due 11/15/08 “		5,448,400		5,531,331
6.500% due 03/15/08 “		2,901,648		3,016,951
6.500% due 02/15/25 “		12,379,238		12,642,149
6.650% due 06/15/23 “		1,000,000		1,054,480
7.000% due 09/15/21 “		634,160		654,686
7.500% due 01/15/23 “		19,100,410		20,746,056
GE Capital Mortgage Services Inc
6.250% due 07/25/29 “		5,023,659		5,134,120
6.500% due 04/25/24 “		525,570		534,817
6.500% due 05/25/29 “		24,107,750		24,964,809
9.042% due 12/25/23 “ ++		2,191,033		2,260,936
Government National Mortgage Association
5.500% due 11/20/31 “		41,329,408		42,749,734
6.500% due 11/25/23 “		553,374		555,487
7.500% due 09/20/26 “		3,191,332		3,450,543
Imperial Savings Association
8.445% due 02/25/18 “ ++		19,217		19,247
IndyMac ARM Trust
6.433% due 01/25/32 “ ++		4,549,062		4,633,881
Mellon Residential Funding Corp
6.750% due 01/25/13 “		397,694		408,197
MLCC Mortgage Investors Inc
1.800% due 03/15/25 “ ++		16,596,337		16,588,055
NationsBanc Montgomery Funding Corp
6.750% due 06/25/28 “		2,500,000		2,601,474
PNC Mortgage Securities Corp
7.430% due 05/25/40 “ ++		510,203		513,228
Prudential Home Mortgage Securities
6.800% due 05/25/24 “		899,614		977,995
Residential Accredit Loans Inc
5.500% due 06/25/17 + “		16,664,385		16,934,727
7.500% due 03/25/27 “		741,582		811,886
Residential Funding Mortgage Securities Inc
6.500% due 04/25/29 “		12,500,000		12,968,169
6.500% due 05/25/29 “		4,701,366		4,935,239
7.000% due 10/25/23 “		3,837,000		3,951,996
Security National Mortgage Loan Trust
5.790% due 02/25/17 ~ + “		1,603,802		1,618,647
Small Business Administration Inc
7.452% due 09/01/10 “		483,426		552,317
7.640% due 03/10/10 “		1,738,332		1,999,962
8.017% due 02/10/10 “		1,493,586		1,744,346
Structured Asset Mortgage Investments Inc
6.517% due 06/25/29 “ ++		828,787		856,317
7.139% due 02/25/30 “ ++		1,425,455		1,457,873
Union Planters Mortgage Finance Corp
6.800% due 01/25/28 “		4,500,000		4,972,976
Washington Mutual Inc
5.233% due 10/25/32 “ ++		10,265,919		10,578,520
Washington Mutual Mortgage Securities Corp
6.010% due 04/25/31 “ ++		4,542,494		4,606,629
Wells Fargo Mortgage-Backed Securities
4.955% due 09/25/32 “ ++		15,392,595		15,895,533
5.207% due 09/25/32 + “ ++		4,937,753		5,099,594
6.125% due 07/25/31 “		602,623		610,062
6.494% due 10/25/31 “ ++		1,785,684		1,797,484
6.581% due 10/25/31 + “ ++		8,206,549		8,385,112

				645,458,707

Fannie Mae - 3.32%

4.071% due 03/01/33 “ ++		4,940,061		5,066,662
4.389% due 11/01/23 “ ++		13,968		14,447
4.430% due 04/01/27 “ ++		704,193		727,304
4.450% due 05/01/36 “ ++		684,636		702,645
4.536% due 05/01/36 “ ++		21,194,098		21,797,954
4.538% due 05/01/36 “ ++		684,301		703,798
4.559% due 12/01/22 “ ++		220,009		227,165
5.180% due 01/01/25 “ ++		268,980		277,230
5.530% due 01/01/23 “ ++		674,317		695,572
6.500% due 09/01/05 “		934,498		959,046
6.500% due 01/01/13 “		497,146		527,869
6.500% due 12/01/14 “		336,483		356,345
6.500% due 11/01/15 “		72,755		76,974
6.500% due 01/01/16 “		95,119		100,636
6.500% due 02/01/16 “		171,564		181,813
6.500% due 03/01/16 “		53,146		56,228
6.500% due 05/01/16 “		1,071,122		1,132,791
6.500% due 06/01/16 “		601,367		635,989
6.500% due 07/01/16 “		3,050,263		3,225,876
6.500% due 08/01/16 “		541,347		572,514
6.500% due 09/01/16 “		692,669		732,548
6.500% due 10/01/16 “		448,733		474,569
6.500% due 11/01/16 “		8,092,070		8,557,961
6.500% due 12/01/16 “		565,383		597,935
6.500% due 01/01/17 “		1,299,252		1,374,055
6.500% due 02/01/17 “		6,352,055		6,717,647
6.500% due 03/01/17 “		15,833,786		16,715,344
6.500% due 04/01/17 “		1,356,363		1,431,750
6.500% due 05/01/17 “		9,270,382		9,786,081
6.500% due 06/01/17 “		1,763,168		1,861,167
6.986% due 06/01/27 “ ++		277,317		294,545
8.000% due 04/01/30 “		37,852		40,818
8.000% due 05/01/30 “		195,973		211,328
8.000% due 08/01/30 “		206,096		222,244
8.000% due 09/01/30 “		72,255		77,917

				87,134,767

Federal Housing Authority - 1.41%

6.260% due 02/01/23 + “		73,869		77,362
6.500% due 01/30/43 # + “		1,700,000		1,796,156
6.630% due 10/01/33 + “		9,857,151		10,921,123
7.422% due 09/01/19 + “		4,285,139		4,482,255
7.430% due 10/01/20 + “		3,711,439		3,585,839
7.430% due 08/01/21 + “		160,755		164,164
7.430% due 10/01/23 + “		7,523,396		7,696,769
7.430% due 12/01/23 + “		3,509,232		3,670,656
7.430% due 10/01/24 + “		3,835,945		3,924,343
7.860% due 11/01/22 + “		791,316		827,717

				37,146,384

Freddie Mac - 8.45%

4.768% due 01/01/28 “ ++		333,367		344,538
5.172% due 05/01/23 “ ++		55,168		57,159
5.500% due 01/01/30 “		38,903,707		39,827,760
5.918% due 07/01/32 “ ++		2,681,802		2,778,002
5.936% due 03/01/32 “ ++		13,160,003		13,636,987
6.000% due 07/01/06 “		545,441		567,180
6.125% due 05/01/32 “ ++		2,535,529		2,616,346
6.500% due 01/01/15 “		28,717		30,421
6.500% due 04/01/15 “		456,608		483,236
6.500% due 07/01/15 “		367,310		388,731
6.500% due 08/01/15 “		53,033		56,126
6.500% due 12/01/15 “		145,031		153,489
6.500% due 03/01/16 “		47,586		50,361
6.500% due 05/01/16 “		23,378,705		24,742,101
6.500% due 06/01/16 “		636,534		673,337
6.500% due 07/01/16 “		1,442,233		1,525,621

See Notes to Financial Statements

See explanation of symbols on B-97

B-73

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
6.500% due 08/01/16 “	$	565,200	$	597,880
6.500% due 09/01/16 “		647,108		684,522
6.500% due 11/01/16 “		576,705		610,049
6.500% due 01/01/17 “		236,897		250,594
6.500% due 02/01/17 “		1,409,870		1,489,683
6.500% due 03/01/17 “		4,586,823		4,842,375
6.500% due 04/01/17 “		877,025		927,733
6.500% due 05/01/17 “		4,769,887		5,044,045
6.500% due 01/14/33 # “		115,000,000		119,779,630
7.500% due 09/01/03 “		73,991		75,057
9.000% due 12/01/04 “		4,224		4,411

				222,237,374

Government National Mortgage Association - 4.92%

4.000% due 01/27/33 # + “		5,000,000		5,058,152
4.500% due 06/20/30 “ ++		4,129,451		4,246,304
5.000% due 06/20/31 “ ++		4,272,126		4,388,293
5.375% due 03/20/24 “ ++		483,939		496,621
5.375% due 02/20/27 “ ++		300,808		308,758
5.750% due 07/20/25 “ ++		285,668		294,349
5.750% due 07/20/26 “ ++		1,070,221		1,102,878
6.000% due 08/15/31 “		227,872		237,625
6.500% due 01/22/33 # “		4,000,000		4,196,248
6.625% due 11/20/23 “ ++		1,470,353		1,519,054
6.625% due 10/20/24 “ ++		330,229		341,156
6.625% due 11/20/26 “ ++		1,405,959		1,451,728
6.625% due 12/20/26 “ ++		181,678		187,592
7.000% due 01/15/29 “		192,440		204,333
7.000% due 02/15/29 “		1,866,294		1,980,694
7.000% due 03/15/29 “		9,798		10,409
7.000% due 04/15/29 “		1,550,085		1,645,102
7.000% due 05/15/29 “		597,296		633,910
7.000% due 06/15/29 “		2,423,678		2,572,245
7.000% due 07/15/29 “		4,804,299		5,098,794
7.000% due 08/15/29 “		699,994		743,105
7.000% due 09/15/29 “		334,647		355,160
7.000% due 10/15/29 “		118,160		125,403
7.000% due 11/15/29 “		389,482		413,357
7.000% due 12/15/29 “		628,083		666,583
7.000% due 10/15/30 “		649,897		689,397
7.000% due 12/15/30 “		286,323		303,726
7.000% due 01/15/31 “		34,405		36,483
7.000% due 02/15/31 “		17,385		18,436
7.000% due 04/15/31 “		58,622		62,164
7.000% due 06/15/31 “		13,193,397		13,990,414
7.000% due 07/15/31 “		698,302		740,487
7.000% due 08/15/31 “		2,992,256		3,173,021
7.000% due 09/15/31 “		6,075,793		6,442,834
7.000% due 10/15/31 “		1,001,117		1,061,594
7.000% due 12/15/31 “		689,466		731,117
7.000% due 01/15/32 “		1,330,399		1,410,834
7.000% due 03/15/32 “		316,717		335,865
7.000% due 04/15/32 “		892,669		946,930
7.000% due 05/15/32 “		63,409		67,242
7.000% due 06/15/32 “		6,347,869		6,731,659
7.000% due 07/15/32 “		881,722		935,030
7.500% due 04/15/30 “		152,652		162,931
7.500% due 01/15/31 “		88,388		94,315
7.500% due 02/15/31 “		299,914		320,022
7.500% due 07/15/31 “		43,089		45,978
7.500% due 12/15/31 “		3,688,618		3,937,026
8.000% due 11/15/29 “		2,842		3,078
8.000% due 12/15/29 “		149,830		162,264
8.000% due 02/15/30 “		95,955		103,825
8.000% due 02/20/30 “		175,115		187,925
8.000% due 03/15/30 “		363,274		393,072
8.000% due 04/15/30 “		316,040		341,980
8.000% due 05/15/30 “		119,349		129,139
8.000% due 06/15/30 “		2,687,008		2,907,407
8.000% due 07/15/30 “		52,760		57,087
8.000% due 08/15/30 “		2,043,612		2,211,254
8.000% due 09/15/30 “		2,701,145		2,923,702
8.000% due 10/15/30 “		356,234		385,453
8.000% due 11/15/30 “		12,521		13,548
8.000% due 12/15/30 “		2,307,842		2,497,139
8.000% due 01/15/31 “		387,065		417,757
8.000% due 02/15/31 “		364,329		393,219
8.000% due 06/15/31 “		63,442		68,473
8.000% due 07/15/31 “		105,659		114,036
8.000% due 08/15/31 “		150,327		162,247
8.000% due 09/15/31 “		106,916		115,394
8.000% due 10/15/31 “		70,154		75,717
8.000% due 11/15/31 “		3,280,411		3,540,529
8.000% due 03/15/32 “		3,206,664		3,469,932
8.000% due 07/15/32 “		48,987		52,869
8.000% due 08/15/32 “		796,041		859,131
8.500% due 09/15/16 “		50,490		55,872
8.500% due 12/15/21 “		856		945
8.500% due 08/15/22 “		5,605		6,180
8.500% due 12/15/22 “		3,429		3,781
8.500% due 01/15/28 “		31,851		34,677
8.500% due 01/15/29 “		58,707		63,807
8.500% due 09/15/29 “		313,801		341,065
8.500% due 10/15/29 “		356,360		387,321
8.500% due 11/15/29 “		215,832		234,585
8.500% due 12/15/29 “		602,673		655,038
8.500% due 01/15/30 “		718,077		780,083
8.500% due 02/15/30 “		1,243,991		1,351,408
8.500% due 03/15/30 “		1,274,757		1,384,830
8.500% due 04/15/30 “		2,994,471		3,253,161
8.500% due 05/15/30 “		1,584,784		1,721,628
8.500% due 06/15/30 “		3,664,668		3,981,104
8.500% due 07/15/30 “		3,698,225		4,017,558
8.500% due 08/15/30 “		2,310,633		2,510,153
8.500% due 09/15/30 “		627,033		681,176
8.500% due 10/15/30 “		2,166,084		2,353,123
8.500% due 11/15/30 “		952,305		1,034,535
8.500% due 12/15/30 “		1,704,180		1,851,333
8.500% due 01/15/31 “		247,104		267,992
9.000% due 02/15/17 “		18,598		20,719
9.000% due 02/15/20 “		69,975		77,951
9.000% due 04/15/20 “		23,213		25,859
9.500% due 08/15/17 “		10,318		11,613
9.500% due 04/15/18 “		1,602		1,804
10.000% due 05/15/19 “		3,058		3,522
10.000% due 07/15/22 “		73,096		84,112
10.000% due 02/15/25 “		71,902		82,760

				129,381,230

Stripped Mortgage-Backed Securities - 0.09%

Fannie Mae (IO)
6.500% due 09/25/21 “		126,473		5,530
7.500% due 04/25/21 “		269,353		2,691
Fannie Mae (Ioette) 859.771% due 02/25/22 “		2,527		11,923
Freddie Mac (IO)
3.500% due 01/25/04 + “		35,000,000		1,214,500
7.000% due 04/15/23 “		276,085		26,884
GMAC Commercial Mortgage Securities Inc (IO) 0.593% due 05/15/35 “ ++		14,172,566		449,996
Lehman Large Loan (IO) 0.716% due 04/12/12 “ ++		12,333,325		329,578
Mortgage Capital Funding Inc (IO) 1.335% due 11/20/27 “ ++		7,710,542		357,028

				2,398,130

Total Mortgage-Backed Securities (Cost $1,105,735,446)				1,123,756,592

See Notes to Financial Statements

See explanation of symbols on B-97

B-74

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

ASSET-BACKED SECURITIES - 3.36%

AESOP Funding II LLC 6.140% due 05/20/06 ~ “	$	2,500,000	$	2,695,752
American Business Financial Services 6.455% due 09/25/29 “		4,784,462		5,095,245
Ameriquest Mortgage Securities Inc 1.720% due 07/15/30 “ ++		917,579		918,999
Conseco Finance Securitizations Corp Inc
7.350% due 10/15/30 “		12,975,654		13,227,613
7.470% due 05/01/32 “		10,900,000		11,238,648
ContiMortgage Home Equity Loan Trust 6.470% due 12/25/13 “		2,578,967		2,731,411
Cross Country Master Credit Card Trust II 1.920% due 06/15/06 ~ “ ++		5,025,000		5,040,392
Delta Funding Home Equity Loan Trust 7.030% due 08/15/30 “		603,835		650,186
Embarcadero Aircraft Securitization Trust 1.900% due 08/15/25 ~ + “ ++		782,935		713,410
Equity One ABS Inc 7.550% due 02/25/32 “		5,473,663		5,620,782
Green Tree Financial Corp 7.300% due 12/15/26 “		207,425		114,023
Green Tree Home Equity Loan Trust 7.180% due 07/15/30 “		4,187,021		4,259,284
IMC Home Equity Loan Trust 6.340% due 08/20/29 “		1,915,173		2,031,003
MBNA Master Credit Card Trust 6.450% due 02/15/08 “		2,500,000		2,743,203
Mid-State Trust
7.340% due 07/01/35 “		4,098,257		4,393,086
8.330% due 04/01/30 “		9,997,602		11,007,510
NPF XII Inc 2.200% due 12/01/03 ~ + “ ++		6,000,000		1,200,000
Option One Mortgage Securities Corp 10.800% due 12/25/29 + “		23,603		23,965
Sallie Mae 2.039% due 04/25/11 “ ++		5,498,685		5,510,741
Salomon Brothers Mortgage Securities VII Inc 2.000% due 12/15/29 “ ++		9,000,000		8,999,735


Total Asset-Backed Securities (Cost $91,934,190)				88,214,988


U.S. GOVERNMENT AGENCY ISSUES - 2.30%

Fannie Mae
4.625% due 06/04/06		1,200,000		1,214,351
5.750% due 04/15/03		1,300,000		1,316,640
Federal Home Loan Bank 4.040% due 04/25/05		1,000,000		1,007,709
Freddie Mac
4.250% due 06/15/05		5,300,000		5,583,163
4.500% due 04/15/05		10,800,000		10,887,167
4.500% due 06/26/06		33,000,000		33,467,643
Tennessee Valley Authority 4.875% due 12/15/16		6,500,000		6,998,920


Total U.S. Government Agency Issues (Cost $60,147,740)				60,475,593


U.S. TREASURY BONDS - 12.61%

5.500% due 08/15/28	$	147,900,000	$	159,847,658
7.500% due 11/15/16		92,100,000		120,471,129
8.750% due 05/15/17		19,800,000		28,632,661
8.875% due 08/15/17		15,500,000		22,658,458


Total U.S. Treasury Bonds (Cost $332,215,449)				331,609,906


U.S. TREASURY INFLATION INDEX BONDS - 1.88%

3.625% due 01/15/08 ^		15,990,780		17,549,897
3.875% due 01/15/09 ^		11,496,472		12,816,773
4.250% due 01/15/10 ^		16,702,395		19,053,792


Total U.S. Treasury Inflation Index Bonds (Cost $48,597,093)				49,420,462


FOREIGN BONDS - 3.81%

Cayman Islands - 0.36%

G-Wing Ltd ‘B’ 4.090% due 11/06/11 ~ + ++		9,400,000		9,297,188


France - 1.78%

France Telecom
9.250% due 03/01/11		300,000		347,494
10.000% due 03/01/31		38,100,000		46,530,311

				46,877,805


Germany - 0.99%

Deutsche Telekom International Finance BV
8.250% due 06/15/05		18,540,000		20,285,281
8.750% due 06/15/30		4,850,000		5,621,601

				25,906,882


Mexico - 0.01%

Petroleos Mexicanos 9.500% due 09/15/27		220,000		253,550


Norway - 0.04%

Norsk Hydro ASA 7.150% due 01/15/29		1,000,000		1,149,328


South Korea - 0.15%

Export-Import Bank of Korea 6.500% due 11/15/06		3,600,000		3,975,041


United Kingdom - 0.48%

British Telecom PLC 2.705% due 12/15/03 ++		11,000,000		11,072,006
National Westminster Bank PLC 7.375% due 10/01/09		530,000		629,478
Orange PLC 8.750% due 06/01/06		1,000,000		1,038,600

				12,740,084

Total Foreign Bonds (Cost $92,289,531)				100,199,878

See Notes to Financial Statements

See explanation of symbols on B-97

B-75

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

FOREIGN GOVERNMENT BONDS - 10.01%

Brazil - 1.08%

Brazil ‘C’ Brady Bond 8.000% due 04/15/14	$	430,994	$	284,113
Republic of Brazil
2.563% due 04/15/06 ++		5,292,000		4,082,496
11.000% due 01/11/12		5,600,000		3,738,000
11.000% due 08/17/40		400,000		250,000
11.500% due 03/12/08		25,700,000		19,596,250
12.250% due 03/06/30		750,000		523,125

				28,473,984


Canada - 0.19%

Hydro Quebec 8.625% due 06/15/29		1,000,000		1,413,286
Province of Quebec 7.500% due 07/15/23		2,495,000		3,055,716
Province of Saskatchewan 8.500% due 07/15/22		340,000		472,491

				4,941,493


Germany - 6.23%

Bundesrepublik Deutschland
5.250% due 01/04/11 #		51,900,000		58,838,097
6.000% due 01/04/07 #		91,000,000		104,999,449
(All Principal in Euro)

				163,837,546


Mexico - 1.83%

United Mexican States
6.250% due 12/31/19		20,250,000		19,896,860
8.000% due 09/24/22		6,500,000		6,743,750
8.300% due 08/15/31		15,900,000		16,814,250
8.375% due 01/14/11		4,000,000		4,530,000
United Mexican States Value Recovery Right
0.000% due 06/30/04 (Notional Amount $21,250,000) ++				79,688
0.000% due 06/30/05 (Notional Amount $21,250,000) ++				11,688
0.000% due 06/30/06 (Notional Amount $21,250,000) ++				11,688
0.000% due 06/30/07 (Notional Amount $21,250,000)				11,688

				48,099,612


Panama - 0.07%

Republic of Panama
8.250% due 04/22/08		1,500,000		1,560,000
10.750% due 05/15/20		290,000		322,625

				1,882,625


Peru - 0.43%

Republic of Peru
4.000% due 03/07/17 ++		950,000		681,234
9.125% due 02/21/12		10,700,000		10,512,750

				11,193,984


Qatar - 0.02%

State of Qatar
9.500% due 05/21/09		230,000		291,714
9.750% due 06/15/30 ~		160,000		200,400

				492,114


South Africa - 0.16%

Republic of South Africa
7.375% due 04/25/12		3,350,000		3,634,750
9.125% due 05/19/09		500,000		597,500

				4,232,250


Total Foreign Government Bonds (Cost $257,856,426)				263,153,608


MUNICIPAL BONDS - 0.79%

Georgia State ‘B’ 5.000% due 05/01/20		2,750,000		2,864,180
Georgia State Road & Thruway Authority 5.125% due 03/01/20		4,000,000		4,237,960
Hamilton OH School Dist Gas Supply Revenue 7.740% due 02/01/12		5,500,000		6,722,870
Houston Independent School District 4.750% due 02/15/26		1,000,000		980,700
Illinois Health Facilities Authority 6.125% due 11/15/22		1,000,000		1,058,970
Lee County Florida Apartment Revenue 6.000% due 10/01/29		1,000,000		1,102,020
New Mexico Mortgage Finance Authority 7.070% due 03/01/28		765,000		829,757
New York City Transitional Finance Authority 4.750% due 11/01/23		1,000,000		997,310
Puerto Rico Commonwealth 5.125% due 07/01/31		500,000		507,385
Virginia Housing Development Authority 5.350% due 07/01/31		1,500,000		1,530,735


Total Municipal Bonds (Cost $19,584,805)				20,831,887


SHORT-TERM INVESTMENTS - 19.37%

COMMERCIAL PAPER - 17.42%

Alcon Capital Co 1.330% due 02/12/03 ~		900,000		898,603
AT&T Corp 3.573% due 04/18/03 ~+		9,700,000		9,700,000
BP America Inc 1.220% due 01/02/03		8,000,000		7,999,729
CDC Commercial Paper Inc 1.310% due 02/04/03 ~		2,000,000		1,997,526
Danske Corp
1.320% due 03/20/03		18,000,000		17,948,340
1.325% due 02/27/03		50,000,000		49,895,104
1.335% due 03/19/03		1,100,000		1,096,876
Eskport Finance Corp
1.305% due 02/10/03 ~		40,000,000		39,942,000
1.310% due 03/10/03 ~		28,300,000		28,228,967
Fannie Mae
1.235% due 02/12/03 **		3,005,000		3,000,670
1.285% due 03/27/03		1,100,000		1,096,557
1.290% due 03/31/03		13,000,000		12,957,490
1.290% due 05/21/03		20,000,000		19,898,800
Federal Home Loan Bank 1.270% due 05/14/03		10,700,000		10,648,426
Freddie Mac 1.290% due 04/14/03		16,000,000		15,939,680
HBOS Treasury Services PLC
1.340% due 02/19/03		2,300,000		2,295,805
1.340% due 03/07/03		23,000,000		22,944,800
1.345% due 03/06/03		1,900,000		1,895,497
1.350% due 02/12/03		24,600,000		24,561,255
1.770% due 03/27/03		3,300,000		3,289,671
Lloyds TSB Bank PLC 1.305% due 03/26/03		40,000,000		39,876,400

See Notes to Financial Statements

See explanation of symbols on B-97

B-76

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount	Value
	Principal Amount	Value

National Australia Funding DE
1.410% due 01/02/03	$24,700,000	$24,699,032
UBS Finance (DE) LLC 'C'
1.200% due 01/02/03	10,000,000	9,999,667
1.310% due 03/06/03	14,000,000	13,967,396
1.320% due 02/19/03	18,800,000	18,766,223
1.320% due 03/05/03	29,800,000	29,730,566
1.320% due 03/12/03	5,000,000	4,987,100
1.325% due 03/26/03	40,000,000	39,876,400


Total Commercial Paper		458,138,580


U.S. TREASURY BILLS - 0.69%
1.118% due 02/20/03 **	14,110,000	14,086,476
1.950% due 02/13/03 **	4,110,000	4,104,147

Total U.S. Treasury Bills		18,190,623


SECURITIES HELD UNDER REPURCHASE
AGREEMENT - 1.26%

Credit Suisse First Boston Corp 1.130% due 01/02/03 (Dated 12/31/02, repurchase price of $12,000,753; collateralized by U.S. Treasury Inflation Bonds—market value $12,265,572 and due 01/15/08)	12,000,000	12,000,000

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $21,090,879; collateralized by U.S. Treasury Notes—market value $21,513,000 and due 11/30/04)	21,090,000	21,090,000

Total Securities Held Under Repurchase Agreement		33,090,000


Total Short-Term Investments (Cost $509,423,479)		509,419,203


TOTAL INVESTMENTS - 110.89%
(Cost $2,897,515,441)		2,915,702,270

INVESTMENTS SOLD SHORT - 0.00%

Republic of Germany
6.000% and due 04/01/07		(109,688	)
U.S. Treasury Note
5.000% and due 08/15/11		(115,384	)


Total Investments Sold Short
(Proceeds $217,268)		(225,072	)


OTHER ASSETS AND
LIABILITIES, NET - (10.89%)		(286,177,310	)


NET ASSETS - 100.00%		$2,629,299,888



Notes to Schedule of Investments (a) Securities with an approximate aggregate market value of $20,941,681 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2002:
Type	Number of Contracts	Unrealized Appreciation

Euribor Lif (12/03)	903	$ 261,783
Eurodollar Futures (12/03)	2,159	4,777,609
EUX 5-Year Euro-Bond Futures (03/03)	95	193,628
EUX 10-Year Euro-Bond Futures (03/03)	2,916	7,661,484
U.S. Treasury 10-Year Notes (03/03)	923	3,005,604
U.S. Treasury 30-Year Bonds (03/03)	1,845	6,893,064

		$22,793,172

(b) Transactions in options for the year ended December 31, 2002, were as follows:

	Number of Contracts	Premium
	Number of Contracts	Premium

Outstanding, December 31, 2001	4,206	$ 2,575,785
Options Written	822,851	13,656,798
Options Expired	819,206	2,766,801

Outstanding, December 31, 2002	7,851	$13,465,782

(c) Premiums received and value on written options outstanding at December 31, 2002:

Type	Number of Contracts	Premium	Value

Call - CME U.S. Treasury Note March Futures
Strike @ 117.00 Exp 02/22/03	468	$107,932	$292,500

Put - CME U.S. Treasury Note March Futures
Strike @ 109.00 Exp 02/22/03	468	392,533	58,500

Call - CME Eurodollar June Futures
Strike @ 98.75 Exp 06/21/03	511	164,159	156,494

Call - OTC Swaption (3 month LIBOR vs 3.0000%)
Strike @ 3.00 Exp 11/22/03	1,640	1,288,798	1,288,712

Call - OTC Swaption (3 month LIBOR vs 5.6500%)
Strike @ 5.65 Exp 11/22/03	23,000	5,014,000	21,823,320

Call - OTC Swaption (3 month LIBOR vs 4.0000%)
Strike @ 4.00 Exp 10/07/04	513	1,287,630	837,267

Put - OTC Swaption (3 month LIBOR vs 6.0000%)
Strike @ 6.00 Exp 10/07/04	513	1,631,340	1,401,260

Call - OTC Swaption (3 month LIBOR vs 5.0000%)
Strike @ 5.00 Exp 01/07/05	610	1,656,150	2,945,934

Put - OTC Swaption (3 month LIBOR vs 7.0000%)
Strike @ 7.00 Exp 01/07/05	610	1,262,700	698,206

Call - OTC Swaption (3 month LIBOR vs 4.0000%)
Strike @ 4.00 Exp 09/23/05	109	291,030	188,548

Put - OTC Swaption (3 month LIBOR vs 6.0000%)
Strike @ 6.00 Exp 09/23/05	109	369,510	317,048

		$13,465,782	$30,007,789

See Notes to Financial Statements

See explanation of symbols on B-97

B-77

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002

(d) Forward foreign currency contracts outstanding at December 31, 2002, are summarized as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts	Expiration Month	Unrealized Appreciation (Depreciation)

Buy	ED	28,453,000	02/03	$1,254,759
Sell		3,810,000	02/03	(186,028)
Buy	JY	376,955,000	02/03	138,982

				$1,207,713

(e) Swap agreements outstanding at December 31, 2002:

Type	Notional Amount		Unrealized Appreciation (Depreciation)

Receive fixed rate equal to 6.0000% and pay floating rate based on 3-month USD-LIBOR.

Broker: Goldman Sachs Exp. 12/18/03	$	200,000	$	5,990

Receive floating rate based on 6-month JY-LIBOR and pay fixed rate equal to 1.6692%.

Broker: Goldman Sachs Exp. 05/18/07		JY 2,375,000,000		(1,205,283	)

Receive floating rate based on 6-month JY-LIBOR and pay fixed rate equal to 1.4000%.

Broker: Goldman Sachs Exp. 06/20/11		JY 7,530,000,000		(2,969,875	)

Receive floating rate based on 6-month ED-LIBOR and pay fixed rate equal to 5.0000%.

Broker: Citibank Exp. 06/17/12		ED 31,000,000		(1,908,226	)

Receive floating rate based on 6-month ED-LIBOR and pay fixed rate equal to 6.1750%.

Broker: Goldman Sachs Exp. 05/22/30		ED 3,580,000		(725,801	)

			$	(6,803,195	)

(f) Notional and principal amount denoted in the indicated currency:

ED—Eurodollar

JY—Japanese Yen

See Notes to Financial Statements

B-78

PACIFIC SELECT FUND

MONEY MARKET PORTFOLIO

Schedule of Investments

December 31, 2002



	Principal Amount		Value

SHORT-TERM INVESTMENTS - 100.13%

COMMERCIAL PAPER - 90.44%

American Honda Finance Corp
1.280% due 01/13/03	$	25,000,000	$	24,989,333
1.310% due 01/29/03		31,097,000		31,065,316
1.790% due 10/28/03 ++		35,000,000		34,992,808
Anheuser-Busch Cos Inc
1.270% due 01/10/03 ~		34,000,000		33,989,205
Aventis SA
1.320% due 01/16/03 ~		18,450,000		18,439,852
1.320% due 02/11/03 ~		33,900,000		33,849,037
Bayer Corp
1.320% due 01/13/03 ~		26,000,000		25,988,560
BellSouth Corp
1.270% due 02/06/03 ~		25,000,000		24,968,250
1.280% due 02/03/03 ~		20,000,000		19,976,533
Bemis Co
1.320% due 01/17/03 ~		34,780,000		34,759,679
1.330% due 01/10/03 ~		13,800,000		13,795,412
BMW U.S. Capital LLC
1.310% due 01/15/03		41,145,000		41,124,039
1.400% due 01/06/03		19,200,000		19,196,267
Caterpillar Financial Services Inc
1.290% due 01/09/03		20,000,000		19,994,267
1.290% due 01/15/03		20,000,000		19,989,967
1.290% due 02/12/03		17,000,000		16,974,415
ChevronTexaco Corp
1.300% due 01/23/03		20,600,000		20,583,634
Coca-Cola Enterprises Inc
1.310% due 01/14/03 ~		50,000,000		49,976,347
Equitable Resources Inc
1.290% due 01/07/03 ~		19,400,000		19,395,829
Fannie Mae
1.280% due 01/22/03		31,750,000		31,726,293
Federal Home Loan Bank
1.232% due 05/15/03		49,000,000		49,000,000
1.550% due 01/13/04		24,000,000		24,000,000
Florida Power & Light Co
1.330% due 01/13/03		14,200,000		14,193,705
1.360% due 01/21/03		19,000,000		18,985,644
Gannett Co
1.270% due 01/13/03 ~		14,946,000		14,939,673
1.280% due 01/07/03 ~		19,200,000		19,195,904
General Electric Co
1.320% due 01/16/03		27,000,000		26,985,150
1.340% due 01/21/03		55,620,000		55,578,594
Harley-Davidson Funding Corp
1.280% due 01/17/03 ~		15,200,000		15,191,353
1.290% due 02/13/03 ~		14,600,000		14,577,504
1.300% due 01/15/03 ~		10,000,000		9,994,944
Koch Industries Inc
1.300% due 01/09/03 ~		39,000,000		38,988,733
1.320% due 01/10/03 ~		29,100,000		29,090,397
Merck & Co Inc
1.280% due 01/06/03		29,500,000		29,494,756
1.280% due 01/07/03		34,900,000		34,892,555
Motiva Enterprises LLC
1.290% due 02/07/03		25,000,000		24,966,854
Pfizer Inc
1.280% due 02/20/03 ~		30,000,000		29,946,667
1.280% due 02/27/03 ~		47,400,000		47,303,936
Pharmacia Corp
1.280% due 01/17/03 ~		23,000,000		22,986,916
1.290% due 01/24/03 ~		25,000,000		24,979,396
1.300% due 01/02/03 ~		18,325,000		18,324,338
Sallie Mae
1.237% due 02/20/03		50,000,000		49,994,982
1.257% due 06/19/03		24,000,000		24,000,000
SBC International Inc
1.300% due 01/16/03 ~		20,000,000		19,989,167
1.300% due 02/10/03 ~		20,000,000		19,971,111
1.320% due 01/24/03 ~		30,000,000		29,974,700
1.340% due 01/23/03 ~		13,335,000		13,324,080
Schering Corp
1.280% due 02/03/03		20,000,000		19,976,533
1.280% due 02/10/03		23,200,000		23,167,004
Sharp Electronics Corp
1.330% due 01/23/03		19,100,000		19,084,476
Southern Co
1.350% due 01/10/03 ~		17,300,000		17,294,161
1.350% due 01/16/03 ~		18,300,000		18,289,706
The E.W. Scripps Co
1.320% due 02/05/03 ~		31,100,000		31,060,088
The New York Times Co
1.300% due 01/27/03		6,500,000		6,493,897
Toyota Motor Credit Corp
1.300% due 01/06/03 ~		23,100,000		23,095,829
1.300% due 01/08/03 ~		25,000,000		24,993,681
1.320% due 02/11/03 ~		30,000,000		29,954,900
Volkswagen of America
1.310% due 01/27/03 ~		20,000,000		19,981,078
1.320% due 01/15/03 ~		27,425,000		27,410,922
1.330% due 01/02/03 ~		18,340,000		18,339,322
Wells Fargo & Co
1.290% due 01/08/03		29,000,000		28,992,726
Wisconsin Electric Power Co
1.310% due 01/30/03		17,500,000		17,481,534


Total Commercial Paper				1,582,261,959


ASSET-BACKED SECURITIES - 6.84%

Honda Auto Receivables Owner Trust
1.380% due 12/15/03 “		43,848,477		43,848,477
1.950% due 06/13/03 “		4,391,297		4,391,297
Nissan Auto Lease Trust
1.400% due 11/17/03 “		27,221,301		27,221,301
Nissan Auto Receivables Owner Trust
1.704% due 09/08/03 “		29,842,049		29,842,049
2.090% due 05/09/03 “		2,627,964		2,627,964
Volkswagen Auto Lease Trust
1.385% due 11/20/03 “		11,700,215		11,700,215


Total Asset-Backed Securities				119,631,303


U.S. TREASURY BILL - 2.85%

1.185% due 02/06/03		50,000,000		49,940,875

Total U.S. Treasury Bill				49,940,875

See Notes to Financial Statements

See explanation of symbols on B-97

B-79

PACIFIC SELECT FUND

MONEY MARKET PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount	Value

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.00%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $24,001; collateralized by U.S. Treasury Bonds—market value $28,247 and due 11/15/21)	$24,000	$	24,000


Total Securities Held Under Repurchase Agreement			24,000


Total Short-Term Investments (Cost $1,751,858,137)			1,751,858,137


TOTAL INVESTMENTS - 100.13% (Cost $1,751,858,137)			1,751,858,137

OTHER ASSETS AND LIABILITIES, NET - (0.13%)			(2,313,528	)


NET ASSETS - 100.00%		$	1,749,544,609

See Notes to Financial Statements

B-80

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares		Value

PREFERRED STOCK - 0.47%

Financial Services - 0.47%

Sovereign REIT		22,000	$	2,447,500

Total Preferred Stock (Cost $1,958,000)				2,447,500


COMMON STOCK WARRANTS - 0.00%

Consumer Discretionary - 0.00%

Loral Space & Communications Ltd *		9,250		925


Utilities - 0.00%

Leap Wireless International Inc *		3,500		1,313
Metricom Inc *		3,000		30
NTELOS Inc *		4,000		6,500

				7,843

Total Common Stock Warrants (Cost $277,054)				8,768


FOREIGN COMMON STOCK - 0.01%

Canada - 0.01%

Call-Net Enterprises Inc ‘B’ *		55,945		34,686

Total Foreign Common Stock (Cost $566,243)				34,686

	Principal Amount

CORPORATE BONDS & NOTES - 81.75%

Autos & Transportation - 5.04%

Accuride Corp 9.250% due 02/01/08	$	2,000,000		1,210,000
American Axle & Manufacturing Inc 9.750% due 03/01/09		3,000,000		3,232,500
Amtran Inc
9.625% due 12/15/05		1,000,000		420,000
10.500% due 08/01/04		1,000,000		420,000
ArvinMeritor Inc 8.750% due 03/01/12		2,000,000		2,114,276
Collins & Aikman Products 10.750% due 12/31/11		3,000,000		2,872,500
Dana Corp 10.125% due 03/15/10		2,250,000		2,289,375
Delco Remy International Inc 10.625% due 08/01/06		2,000,000		1,040,000
Dura Operating Corp 8.625% due 04/15/12		2,500,000		2,525,000
K&F Industries Inc 9.625% due 12/15/10 ~		2,500,000		2,556,250
Lear Corp
7.960% due 05/15/05		2,000,000		2,062,500
8.110% due 05/15/09		1,000,000		1,062,500
Metaldyne Corp 11.000% due 06/15/12		2,750,000		2,268,750
Northwest Airlines Inc 9.875% due 03/15/07		2,000,000		1,290,000
Rexnord Corp 10.125% due 12/15/12 ~		1,000,000		1,030,000

				26,393,651


Consumer Discretionary - 29.03%

Allied Waste North America Inc
8.500% due 12/01/08		3,000,000		3,030,000
8.875% due 04/01/08		3,000,000		3,060,000
9.250% due 09/01/12 ~		1,000,000		1,030,000
10.000% due 08/01/09		2,000,000		1,995,000
Anvil Knitwear Inc 10.875% due 03/15/07		3,000,000		2,992,500
Asbury Automotive Group Inc 9.000% due 06/15/12		2,500,000		2,187,500
AutoNation Inc 9.000% due 08/01/08		2,500,000		2,537,500
Boyd Gaming Corp 7.750% due 12/15/12 ~		1,000,000		983,750
Capstar Hotel Co 8.750% due 08/15/07		500,000		337,500
Chancellor Broadcasting Co 8.750% due 06/15/07		3,000,000		3,146,250
Charter Communications Holdings LLC
0.000% due 05/15/11		5,000,000		1,275,000
10.750% due 10/01/09		3,000,000		1,372,500
CKE Restaurants Inc 9.125% due 05/01/09		2,000,000		1,770,000
Coinmach Corp 9.000% due 02/01/10		2,000,000		2,107,500
Cole National Group 8.875% due 05/15/12		1,500,000		1,417,500
CSC Holdings Inc
7.625% due 04/01/11		2,000,000		1,887,500
7.875% due 12/15/07		1,500,000		1,449,380
Dex Media East LLC 9.875% due 11/15/09 ~		1,000,000		1,075,000
EchoStar DBS Corp
9.125% due 01/15/09		4,500,000		4,758,750
10.375% due 10/01/07		2,500,000		2,718,750
Entravision Communications Corp 8.125% due 03/15/09		3,000,000		3,135,000
Ferrellgas Partners LP 8.750% due 06/15/12		3,500,000		3,640,000
Foodmaker Inc 8.375% due 04/15/08		3,000,000		3,056,250
Garden State Newspapers Inc
8.625% due 07/01/11		1,500,000		1,522,500
8.750% due 10/01/09		2,000,000		2,040,000
Gray Television Inc 9.250% due 12/15/11		4,000,000		4,325,000
Hilton Hotels Corp 7.625% due 12/01/12		2,500,000		2,528,982
Hollywood Entertainment Corp 9.625% due 03/15/11		1,000,000		1,025,000
Insight Communications Co 0.000% due 02/15/11		2,000,000		1,112,500
Iron Mountain Inc
7.750% due 01/15/15		2,000,000		2,010,000
8.625% due 04/01/13		2,000,000		2,100,000
John Q Hammons Hotels LP 8.875% due 05/15/12		2,500,000		2,525,000
Lamar Media Corp 7.250% due 01/01/13 ~		1,000,000		1,021,250
Levi Strauss & Co 12.250% due 12/15/12 ~		2,000,000		1,970,000

See Notes to Financial Statements

See explanation of symbols on B-97

B-81

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

Mandalay Resort Group
10.250% due 08/01/07	$	4,750,000	$	5,236,875
MGM Grand Inc
9.750% due 06/01/07		2,500,000		2,775,000
MGM MIRAG
8.375% due 02/01/11		2,000,000		2,165,000
Mohegan Tribal Gaming Authority
8.375% due 07/01/11		1,500,000		1,584,375
8.750% due 01/01/09		1,500,000		1,582,500
Nebraska Book Co Inc
8.750% due 02/15/08		4,000,000		3,940,000
Park Place Entertainment Corp
7.875% due 03/15/10		2,500,000		2,556,250
Primedia Inc
8.500% due 02/01/06		1,500,000		1,411,875
8.875% due 05/15/11		2,500,000		2,275,000
Rent-A-Center Inc
11.000% due 08/15/08		2,000,000		2,162,500
Riverwood International Corp
10.625% due 08/01/07		3,500,000		3,640,000
Roundy’s Inc
8.875% due 06/15/12 ~		2,000,000		1,970,000
8.875% due 06/15/12		1,000,000		985,000
Salem Communications Corp DE
7.750% due 12/15/10		3,000,000		3,007,500
Salton Inc
12.250% due 04/15/08		2,000,000		1,982,500
Service Corp International
7.375% due 04/15/04		3,000,000		3,003,750
Sinclair Broadcast Group Inc
8.000% due 03/15/12		2,500,000		2,618,750
8.000% due 03/15/12 ~		3,000,000		3,142,500
8.750% due 12/15/11		2,000,000		2,162,500
Six Flags Inc
8.875% due 02/01/10		3,000,000		2,835,000
Sleepmaster LLC
11.000% due 05/15/09 ##		2,500,000		396,875
Sonic Automotive Inc
11.000% due 08/01/08		1,500,000		1,537,500
Starwood Hotels & Resorts Worldwide Inc
7.375% due 05/01/07 ~		3,500,000		3,456,250
7.875% due 05/01/12 ~		2,000,000		1,990,000
Stater Brothers Holdings Inc
10.750% due 08/15/06		3,500,000		3,570,000
Station Casinos Inc
8.375% due 02/15/08		2,500,000		2,668,750
8.875% due 12/01/08		1,000,000		1,045,000
9.875% due 07/01/10		1,500,000		1,635,000
Stewart Enterprises Inc
10.750% due 07/01/08		2,500,000		2,775,000
The Gap Inc
9.900% due 12/15/05		2,500,000		2,668,750
Turning Stone Casino Resort Enterprise
9.125% due 12/15/10 ~		500,000		513,750
Venetian Casino Resort LLC
11.000% due 06/15/10 ~		3,000,000		3,150,000
Yum! Brands Inc
7.700% due 07/01/12		2,500,000		2,612,500

				152,199,612


Consumer Staples - 1.97%

American Seafoods Group LLC
10.125% due 04/15/10		2,000,000		2,050,000
B&G Foods Inc
9.625% due 08/01/07		1,000,000		1,033,750
Berry Plastics Corp
10.750% due 07/15/12		2,500,000		2,675,000
Eagle Family Foods Inc
8.750% due 01/15/08		3,000,000		2,055,000
Fleming Cos Inc
9.250% due 06/15/10		1,000,000		790,000
10.125% due 04/01/08		2,000,000		1,730,000

				10,333,750


Diversified - 1.04%

Sequa Corp
8.875% due 04/01/08		2,000,000		1,920,000
9.000% due 08/01/09		500,000		482,500
SPX Corp
7.500% due 01/01/13		3,000,000		3,056,250

				5,458,750


Energy - 5.26%

AmeriGas Partners LP
8.875% due 05/20/11 ~		5,000,000		5,225,000
Calpine Corp
8.500% due 02/15/11		2,400,000		1,056,000
10.500% due 05/15/06		1,500,000		712,500
Chesapeake Energy Corp
8.375% due 11/01/08		5,500,000		5,720,000
9.000% due 08/15/12		1,000,000		1,065,000
Denbury Management Inc Dallas
9.000% due 03/01/08		2,000,000		2,077,500
DI Industries Inc
8.875% due 07/01/07		1,750,000		1,793,750
Mirant Americas Generation Inc
8.300% due 05/01/11		2,000,000		960,000
Parker Drilling Co
9.750% due 11/15/06		2,000,000		2,040,000
Pride Petroleum Services Inc
9.375% due 05/01/07		3,000,000		3,150,000
Tesoro Petroleum Corp
9.000% due 07/01/08		1,000,000		665,000
Vintage Petroleum Inc
8.250% due 05/01/12		3,000,000		3,135,000

				27,599,750


Financial Services - 9.45%

Corrections Corp of America
9.875% due 05/01/09 ~		2,500,000		2,662,500
FelCor Lodging LP
8.500% due 06/01/11		2,250,000		2,227,500
H&E Equipment Services LLC
11.125% due 06/15/12 ~		3,500,000		2,642,500
HMH Properties Inc
7.875% due 08/01/08		2,000,000		1,950,000
Host Marriott LP
8.375% due 02/15/06		1,000,000		995,000
9.500% due 01/15/07		2,500,000		2,550,000
iStar Financial Inc
8.750% due 08/15/08		4,000,000		4,261,628
Mediacom LLC/Mediacom Capital Corp
9.500% due 01/15/13		3,500,000		3,167,500
MeriStar Hospitality Corp
9.000% due 01/15/08		3,000,000		2,655,000
9.125% due 01/15/11		2,000,000		1,750,000
RH Donnelley Finance Corp I
8.875% due 12/15/10 ~		1,500,000		1,612,500
10.875% due 12/15/12 ~		1,500,000		1,642,500
Sovereign Bancorp Inc
10.500% due 11/15/06		1,500,000		1,676,250
Sprint Capital Corp
8.375% due 03/15/12		5,000,000		4,984,465
The FINOVA Group Inc
7.500% due 11/15/09		3,000,000		1,050,000

See Notes to Financial Statements

See explanation of symbols on B-97

B-82

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
United Rentals (North America) Inc 10.750% due 04/15/08	$	2,500,000	$	2,500,000
United Rentals Inc 9.000% due 04/01/09		1,500,000		1,203,750
Ventas Realty LP
8.750% due 05/01/09		1,000,000		1,040,000
9.000% due 05/01/12		2,000,000		2,100,000
Von Hoffmann Press Inc 10.250% due 03/15/09		1,500,000		1,410,000
Western Financial Bank 9.625% due 05/15/12		1,500,000		1,462,500
Williams Scotsman Inc 9.875% due 06/01/07		2,000,000		1,860,000
Willis Corroon Corp 9.000% due 02/01/09		2,000,000		2,120,000

				49,523,593

Health Care - 5.02%

AdvancePCS 8.500% due 04/01/08		3,000,000		3,135,000
Alliance Imaging Inc 10.375% due 04/15/11		2,000,000		1,960,000
Beverly Enterprises Inc 9.625% due 04/15/09		2,000,000		1,690,000
Extendicare Health Services Inc 9.500% due 07/01/10 ~		1,500,000		1,462,500
Genesis Health Ventures Inc 6.806% due 04/02/07 ++		2,495,000		2,432,625
PacifiCare Health Systems Inc 10.750% due 06/01/09		2,500,000		2,687,500
Tenet Healthcare Corp 5.375% due 11/15/06		3,000,000		2,747,796
Triad Hospitals Inc 8.750% due 05/01/09		2,000,000		2,152,500
United Surgical Partners Int’l Inc 10.000% due 12/15/11		3,500,000		3,605,000
US Oncology Inc 9.625% due 02/01/12		2,000,000		2,040,000
Vanguard Health Systems Inc 9.750% due 08/01/11		2,500,000		2,400,000

				26,312,921

Integrated Oils - 1.85%

Giant Industries Inc 11.000% due 05/15/12		500,000		337,500
Grant Prideco Escrow Corp 9.000% due 12/15/09 ~		1,000,000		1,045,000
Plains All American Pipeline LP 7.750% due 10/15/12 ~		3,000,000		3,135,000
Plains Exploration & Production Co 8.750% due 07/01/12 ~		1,000,000		1,045,000
SESI LLC 8.875% due 05/15/11		2,500,000		2,562,500
Westport Resources Corp 8.250% due 11/01/11 ~		1,500,000		1,582,500

				9,707,500

Materials & Processing - 9.49%

AK Steel Corp 7.750% due 06/15/12 ~		3,500,000		3,543,750
Atrium Cos Inc 10.500% due 05/01/09		2,500,000		2,437,500
Bear Island Paper Co LLC 10.000% due 12/01/07		2,000,000		1,712,500
Graham Packaging Co Inc
5.545% due 01/15/08 ++		3,500,000		2,975,000
8.750% due 01/15/08 ~		1,500,000		1,479,375
Intermet Corp 9.750% due 06/15/09		1,500,000		1,357,500
Lyondell Chemical Co
9.500% due 12/15/08		1,000,000		935,000
9.500% due 12/15/08 ~		2,000,000		1,870,000
9.625% due 05/01/07		3,000,000		2,895,000
11.125% due 07/15/12		1,000,000		990,000
Millennium America Inc
9.250% due 06/15/08		1,000,000		1,047,500
9.250% due 06/15/08 ~		1,000,000		1,047,500
Nortek Holdings Inc
8.875% due 08/01/08		1,500,000		1,541,250
9.875% due 06/15/11		1,500,000		1,509,375
OM Group Inc 9.250% due 12/15/11		2,000,000		1,090,000
Owens-Brockway Glass Containers Inc
8.750% due 11/15/12 ~		7,000,000		7,140,000
8.875% due 02/15/09		3,000,000		3,105,000
Silgan Corp 9.000% due 06/01/09		2,500,000		2,618,750
Smurfit-Stone Container Corp 8.250% due 10/01/12 ~		3,000,000		3,075,000
Stone Container Corp 8.375% due 07/01/12		1,500,000		1,545,000
The Scotts Co 8.625% due 01/15/09		1,500,000		1,590,000
Trimas Corp 9.875% due 06/15/12 ~		3,000,000		2,985,000
Wesco Distribution Inc 9.125% due 06/01/08		1,500,000		1,207,500
Wheeling-Pittsburgh Corp 9.250% due 11/15/07 ##		3,000,000		45,000

				49,742,500

Producer Durables - 5.25%

Alliant Techsystems Inc 8.500% due 05/15/11		2,500,000		2,712,500
American Tower Corp 9.375% due 02/01/09		2,000,000		1,570,000
Crown Castle International Corp
0.000% due 05/15/11		1,000,000		655,000
9.375% due 08/01/11		500,000		417,500
10.625% due 11/15/07		1,000,000		905,000
D.R. Horton Inc 7.500% due 12/01/07		4,000,000		3,940,000
Dresser Inc 9.375% due 04/15/11		4,000,000		4,040,000
Flowserve Corp 12.250% due 08/15/10		1,000,000		1,095,000
Hanover Equipment Trust ‘B’ 9.737% due 09/01/11 ~		2,000,000		1,940,000
Manitowoc Co Inc 10.500% due 08/01/12 ~		1,250,000		1,303,125
Portola Packaging Inc 10.750% due 10/01/05		2,000,000		2,030,000
Standard-Pacific Corp
8.500% due 04/01/09		1,000,000		1,015,000
9.500% due 09/15/10		2,500,000		2,631,250
Terex Corp
9.250% due 07/15/11		1,000,000		916,250
10.375% due 04/01/11		2,500,000		2,362,500

				27,533,125

Technology - 2.98%

Amkor Technologies Inc
9.250% due 05/01/06		1,000,000		860,000
9.250% due 02/15/08		2,000,000		1,700,000
L-3 Communications Corp
7.625% due 06/15/12		1,500,000		1,552,500
8.500% due 05/15/08		3,500,000		3,648,750

See Notes to Financial Statements

See explanation of symbols on B-97

B-83

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value
PanAmSat Corp 8.500% due 02/01/12	$	3,000,000	$	2,880,000
Sanmina-SCI Corp 10.375% due 01/15/10 ~		3,000,000		3,045,000
Solectron Corp 9.625% due 02/15/09		2,000,000		1,960,000

				15,646,250

Utilities - 5.37%

Alamosa Delaware Inc 12.500% due 02/01/11		1,500,000		457,500
AT&T Wireless Services Inc
6.875% due 04/18/05		1,500,000		1,545,974
7.500% due 05/01/07		4,000,000		4,124,524
Illinois Power Co 11.500% due 12/15/10 ~		1,000,000		970,000
Insight Midwest LP 9.750% due 10/01/09 ~		1,000,000		955,000
Ipalco Enterprises Inc 8.625% due 11/14/11		1,500,000		1,307,406
Mission Energy Holding Co 13.500% due 07/15/08		1,500,000		352,500
National Waterworks Inc 10.500% due 12/01/12 ~		1,000,000		1,048,750
Nextel Communications Inc
9.375% due 11/15/09		3,000,000		2,730,000
9.500% due 02/01/11		1,000,000		905,000
9.750% due 10/31/07		2,500,000		2,325,000
Nextel Partners Inc 0.000% due 02/01/09		3,000,000		2,265,000
Qwest Corp
7.200% due 11/01/04		3,000,000		2,865,000
8.875% due 03/15/12 ~		1,000,000		975,000
SBA Communications Corp 10.250% due 02/01/09		2,000,000		1,090,000
The AES Corp
8.000% due 12/31/08		1,000,000		565,000
8.875% due 02/15/11		2,000,000		1,170,000
Triton PCS Inc
0.000% due 05/01/08		2,000,000		1,675,000
8.750% due 11/15/11		1,000,000		815,000

				28,141,654


Total Corporate Bonds & Notes (Cost $ 449,440,394)				428,593,056


CONVERTIBLE CORPORATE BONDS & NOTES - 2.52%

Consumer Discretionary - 0.78%

America Online Inc 0.000% due 12/06/19		3,000,000		1,665,000
Best Buy Co Inc 2.250% due 01/15/22		500,000		423,750
CKE Restaurants Inc 4.250% due 03/15/04		250,000		237,813
The Interpublic Group of Cos Inc 1.800% due 09/16/04		2,000,000		1,752,500

				4,079,063

Health Care - 0.13%

Total Renal Care Holdings Inc 7.000% due 05/15/09		700,000		702,625

Technology - 1.61%

BEA Systems Inc 4.000% due 12/15/06		1,000,000		910,000
Emulex Corp 1.750% due 02/01/07		1,000,000		813,750
Siebel Systems Inc 5.500% due 09/15/06		3,000,000		2,917,500
Solectron Corp 0.000% due 11/20/20		4,000,000		2,050,000
Veritas Software Corp 1.856% due 08/13/06		2,000,000		1,720,000

				8,411,250


Total Convertible Corporate Bonds & Notes (Cost $12,716,140)				13,192,938


U.S. TREASURY NOTE - 1.04%

4.750% due 11/15/08		5,000,000		5,459,380


Total U.S. Treasury Note (Cost $5,306,531)				5,459,380


FOREIGN BONDS - 6.44%

Bahamas - 0.78%

Sun International Hotels Ltd 8.875% due 08/15/11		4,000,000		4,100,000


Canada - 2.36%

CanWest Media Inc 10.625% due 05/15/11		2,000,000		2,145,000
MDC Corp Inc 10.500% due 12/01/06		258,000		232,200
Methanex Corp 8.750% due 08/15/12		2,000,000		2,130,000
Rogers Cable Inc 7.875% due 05/01/12		2,500,000		2,479,943
Rogers Cantel Inc 8.300% due 10/01/07		1,000,000		890,000
Tembec Industries Inc
7.750% due 03/15/12		2,000,000		1,950,000
8.500% due 02/01/11		1,000,000		1,012,500
8.625% due 06/30/09		1,500,000		1,518,750

				12,358,393

Cayman Islands - 0.64%

Bluewater Finance Ltd 10.250% due 02/15/12		1,000,000		985,000
PDVSA Finance Ltd 8.500% due 11/16/12		3,000,000		2,377,500

				3,362,500

Germany - 0.28%

Fresenius Medical Care Capital Trust 7.875% due 06/15/11		1,500,000		1,462,500

Luxembourg - 0.56%

Tyco International Group SA 6.375% due 02/15/06		3,000,000		2,912,412

See Notes to Financial Statements

See explanation of symbols on B-97

B-84

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount		Value

Philippines - 0.39%

Philippine Long Distance Telephone
8.350% due 03/06/17	$	1,000,000	$	694,767
11.375% due 05/15/12		1,500,000		1,367,243

				2,062,010


Singapore - 0.83%

Flextronics International Ltd 9.875% due 07/01/10		4,000,000		4,330,000


Sweden - 0.20%

Stena AB 9.625% due 12/01/12 ~		1,000,000		1,037,500


United Kingdom - 0.40%

British Sky Broadcasting PLC 7.300% due 10/15/06		2,000,000		2,082,048

Total Foreign Bonds (Cost $33,938,449)				33,707,363


FOREIGN GOVERNMENT BONDS - 0.35%

Brazil - 0.15%

Brazil ‘C’ Bond Var Brady 8.000% due 04/15/14		1,231,390		811,739


Philippines - 0.20%

Republic of Philippines 9.375% due 01/18/17		1,000,000		1,030,000

Total Foreign Government Bonds (Cost $1,984,657)				1,841,739


SHORT-TERM INVESTMENTS - 4.58%

COMMERCIAL PAPER - 4.58%

Bemis Co 1.200% due 01/02/03 ~		1,055,000		1,054,965
BMW U.S. Capital LLC 1.350% due 01/06/03		6,551,000		6,549,751
Caterpillar Financial Services Inc 1.310% due 01/03/03		6,200,000		6,199,549
General Electric Capital Corp 1.300% due 01/02/03		3,200,000		3,199,884
Harley-Davidson Funding Corp 1.320% due 01/08/03 ~		2,200,000		2,199,435
Volkswagen of America 1.360% due 01/09/03 ~		3,720,000		3,718,876
Wells Fargo & Co 1.320% due 01/08/03		1,100,000		1,099,718

Total Commercial Paper				24,022,178


SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.00%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $4,000; collateralized by U.S. Treasury Notes—market value $5,013 and due 12/31/04)		4,000		4,000

Total Securities Held Under Repurchase Agreement				4,000

Total Short-Term Investments (Cost $24,026,178)				24,026,178


TOTAL INVESTMENTS - 97.16% (Cost $530,213,646)				509,311,608

OTHER ASSETS AND LIABILITIES, NET - 2.84%				14,890,791


NET ASSETS - 100.00%			$	524,202,399

See Notes to Financial Statements

See explanation of symbols on B-97

B-85

PACIFIC SELECT FUND

EQUITY INCOME PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value
CONVERTIBLE PREFERRED STOCKS - 1.62%

Autos & Transportation - 0.66%

Ford Motor Co Capital Trust II	18,145	$	741,223


Financial Services - 0.02%

The Hartford Financial Services Group Inc	330		16,262


Health Care - 0.40%

Anthem Inc	5,800		450,544


Materials & Processing - 0.07%

Boise Cascade Corp	1,877		78,815


Producer Durables - 0.03%

Northrop Grumman Corp	316		34,046


Technology - 0.34%

Motorola Inc	9,215		294,880
Raytheon Co	1,414		77,204
Solectron Corp	1,223		14,309

			386,393

Utilities - 0.10%

Dominion Resources Inc VA	1,987		107,676


Total Convertible Preferred Stocks (Cost $2,081,640)			1,814,959


COMMON STOCKS - 86.26%

Autos & Transportation - 1.85%

Union Pacific Corp	34,619		2,072,640


Consumer Discretionary - 9.93%

BearingPoint Inc *	21,630		149,247
EchoStar Communications Corp ‘A’ *	379		8,437
Federated Department Stores Inc *	8,880		255,389
J.C. Penney Co Inc	48,504		1,116,077
Kimberly-Clark Corp	19,081		905,775
Knight-Ridder Inc	4,870		308,028
Liberty Media Corp ‘A’ *	160,886		1,438,321
Limited Brands Inc	24,710		344,210
Marriott International Inc ‘A’	13,550		445,388
McDonald’s Corp	37,690		606,055
Office Depot Inc *	39,840		588,038
Republic Services Inc *	54,136		1,135,773
Royal Caribbean Cruises Ltd	28,110		469,437
The TJX Cos Inc	30,270		590,870
The Walt Disney Co	61,187		997,960
USA Interactive *	20,530		469,316
Valassis Communications Inc *	7,570		222,785
Waste Management Inc	22,600		517,992
Whirlpool Corp	6,716		350,710
Yum! Brands Inc *	9,260		224,277

			11,144,085


Consumer Staples - 4.44%

Coca-Cola Enterprises Inc	14,200		308,424
Colgate-Palmolive Co	8,680		455,092
Del Monte Foods Co *	9,727		74,898
H.J. Heinz Co	22,386		735,828
Kraft Foods Inc ‘A’	14,940		581,614
Kroger Co *	17,540		270,993
Pepsi Bottling Group Inc	15,560		399,892
Philip Morris Cos Inc	48,998		1,985,889
Sara Lee Corp	7,300		164,323

			4,976,953


Diversified - 1.62%

Eaton Corp	2,820		220,270
Fortune Brands Inc	22,753		1,058,242
Honeywell International Inc	22,590		542,160

			1,820,672


Energy - 1.04%

BJ Services Co *	9,112		294,409
Burlington Resources Inc	8,880		378,732
El Paso Corp	29,970		208,591
Peabody Energy Corp	9,840		287,623

			1,169,355


Financial Services - 30.44%

AMBAC Financial Group Inc	3,470		195,153
American International Group Inc	15,720		909,402
Aon Corp	12,000		226,680
Archstone-Smith Trust	18,523		436,031
Bank of America Corp	36,067		2,509,181
Banknorth Group Inc	9,480		214,248
BB&T Corp	14,675		542,828
Berkshire Hathaway Inc ‘B’ *	359		869,857
Charter One Financial Inc	29,762		855,062
CIGNA Corp	8,758		360,129
CIT Group Inc	19,050		373,380
Citigroup Inc	123,193		4,335,162
Comerica Inc	36,779		1,590,324
Compass Bancshares Inc	9,348		292,312
Equity Office Properties Trust	29,818		744,854
Equity Residential	22,000		540,760
Fannie Mae	16,877		1,085,697
Freddie Mac	22,010		1,299,691
GreenPoint Financial Corp	12,729		575,096
Household International Inc	12,880		358,193
J.P. Morgan Chase & Co	55,141		1,323,384
Lehman Brothers Holdings Inc	3,790		201,969
M&T Bank Corp	6,600		523,710
MBIA Inc	11,980		525,443
MBNA Corp	14,560		276,931
Mellon Financial Corp	25,920		676,771
Merrill Lynch & Co Inc	33,706		1,279,143
Morgan Stanley	22,223		887,142
Radian Group Inc	26,022		966,717
SouthTrust Corp	7,598		188,810
TCF Financial Corp	2,800		122,332
The Bank of New York Co Inc	31,849		763,102
The Hartford Financial Services Group Inc	10,100		458,843
The PMI Group Inc	15,560		467,422
Travelers Property Casualty Corp ‘B’ *	36,912		540,761
U.S. Bancorp	118,174		2,507,652
Union Planters Corp	3,404		95,789
Wachovia Corp	40,270		1,467,439
Washington Mutual Inc	32,980		1,138,799

See Notes to Financial Statements

See explanation of symbols on B-97

B-86

PACIFIC SELECT FUND

EQUITY INCOME PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value
Wells Fargo & Co		14,439	$	676,756
Zions Bancorp		18,940		745,270

				34,148,225

Health Care - 3.96%

Abbott Laboratories		22,520		900,800
AmerisourceBergen Corp		3,900		211,809
Baxter International Inc		7,400		207,200
HCA Inc		15,670		650,305
King Pharmaceuticals Inc *		31,760		545,954
Merck & Co Inc		9,309		526,983
Pharmacia Corp		28,401		1,187,162
Wyeth		5,700		213,180

				4,443,393

Integrated Oils - 7.04%

ConocoPhillips		33,588		1,625,323
Exxon Mobil Corp		132,373		4,625,113
GlobalSantaFe Corp		11,100		269,952
Noble Corp *		7,800		274,170
Unocal Corp		36,208		1,107,241

				7,901,799

Materials & Processing - 3.92%

Alcoa Inc		694		15,809
Boise Cascade Corp		12,540		316,259
Engelhard Corp		28,180		629,823
PPG Industries Inc		4,310		216,147
Rohm & Haas Co		9,530		309,534
Smurfit-Stone Container Corp *		46,880		721,530
Sonoco Products Co		32,490		744,996
The Dow Chemical Co		37,389		1,110,453
Weyerhaeuser Co		6,800		334,628

				4,399,179

Producer Durables - 4.44%

Agilent Technologies Inc *		24,980		448,641
Dover Corp		14,367		418,942
Emerson Electric Co		13,460		684,441
Lexmark International Inc *		6,640		401,720
Lockheed Martin Corp		6,710		387,503
Northrop Grumman Corp		5,850		567,450
Pall Corp		6,680		111,422
Parker Hannifin Corp		13,891		640,792
Rockwell Collins Inc		10,540		245,160
The Boeing Co		17,243		568,847
W.W. Grainger Inc		9,840		507,252

				4,982,170

Technology - 3.92%

BMC Software Inc *		36,360		622,120
Computer Associates International Inc		49,970		674,595
Hewlett-Packard Co		108,816		1,889,046
International Business Machines Corp		8,120		629,300
NCR Corp *		13,830		328,324
Sun Microsystems Inc *		81,990		254,989

				4,398,374

Utilities - 13.66%

American Electric Power Co Inc		2,696		73,682
AT&T Corp		1,425		37,207
AT&T Wireless Services Inc *		33,250		187,862
BellSouth Corp		53,393		1,381,277
CenterPoint Energy Inc		38,450		326,825
Cinergy Corp		16,050		541,206
Comcast Corp ‘A’ *		2,137		50,369
Comcast Corp Special ‘A’ *		62,740		1,417,297
Consolidated Edison Inc		2,377		101,783
Constellation Energy Group Inc		8,620		239,808
Dominion Resources Inc VA		11,970		657,153
DPL Inc		35,010		537,053
DTE Energy Co		5,370		249,168
Edison International *		28,090		332,867
Entergy Corp		22,088		1,006,992
FirstEnergy Corp		10,930		360,362
Northeast Utilities Inc		22,640		343,449
PG&E Corp *		23,240		323,036
PPL Corp		4,310		149,471
Progress Energy Inc		20,119		872,159
Qwest Communications International Inc *		68,470		342,350
SBC Communications Inc		93,624		2,538,147
Sprint Corp-FON Group		23,120		334,778
Verizon Communications Inc		75,318		2,918,573

				15,322,874


Total Common Stocks (Cost 106,883,410)				96,779,719


FOREIGN COMMON STOCKS - 7.82%

Bermuda - 3.81%

ACE Ltd		34,738		1,019,213
Ingersoll-Rand Co ‘A’		22,101		951,669
Tyco International Ltd		44,130		753,740
XL Capital Ltd ‘A’		20,083		1,551,412

				4,276,034

Canada - 0.83%

Abitibi-Consolidated Inc		39,830		307,089
Canadian National Railway Co		9,250		384,430
Celestica Inc *		17,200		242,520

				934,039

France - 0.97%

TotalFinaElf SA ADR		15,212		1,087,658

Netherlands - 0.67%

Royal Dutch Petroleum Co ‘NY’		16,941		745,743

Singapore - 0.36%

Flextronics International Ltd *		49,870		408,435

United Kingdom - 1.18%

BP PLC ADR		32,596		1,325,027


Total Foreign Common Stocks (Cost $9,754,268)				8,776,936


	Principal Amount
CONVERTIBLE CORPORATE BONDS & NOTES - 0.83%

Consumer Discretionary - 0.39%

J.C. Penney Co Inc 5.000% due 10/15/08	$	74,000		79,272
Service Corp International 6.750% due 06/22/08		395,000		354,512

				433,784

See Notes to Financial Statements

See explanation of symbols on B-97

B-87

PACIFIC SELECT FUND

EQUITY INCOME PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Principal Amount	Value
Consumer Staples - 0.20%

Rite Aid Corp 4.750% due 12/01/06	$280,000	$224,000

Materials & Processing - 0.24%

Freeport-McMoRan Copper & Gold Inc
8.250% due 01/31/06	163,000	232,071
8.250% due 01/31/06 ~	25,000	35,594

		267,665


Total Convertible Corporate Bonds & Notes (Cost $924,691)		925,449

U.S. TREASURY BOND - 0.16%

6.250% due 05/15/30	145,000	173,564


Total U.S. Treasury Bond (Cost $172,159)		173,564

U.S. TREASURY NOTES - 4.18%

1.750% due 12/31/04	2,620,000	2,628,599
3.000% due 11/15/07	1,480,000	1,498,269
4.000% due 11/15/12	555,000	563,022


Total U.S. Treasury Notes (Cost $4,656,917)		4,689,890


SHORT-TERM INVESTMENT - 3.08%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 3.08%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $3,458,144; collateralized by U.S. Treasury Bonds—market value $3,532,050 and due 11/15/28)	3,458,000	3,458,000


Total Securities Held Under Repurchase Agreement		3,458,000


Total Short-Term Investment (Cost $3,458,000)		3,458,000


TOTAL INVESTMENTS - 103.95% (Cost $127,931,085)		116,618,517

OTHER ASSETS AND LIABILITIES, NET - (3.95%)		(4,426,991	)


NET ASSETS - 100.00%		$112,191,526

See Notes to Financial Statements

See explanation of symbols on B-97

B-88

PACIFIC SELECT FUND

RESEARCH PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 92.49%

Autos & Transportation - 2.69%

Southwest Airlines Co	17,570	$	244,223
Union Pacific Corp	5,127		306,953

			551,176

Consumer Discretionary - 15.75%

AOL Time Warner Inc *	6,200		81,220
AutoZone Inc *	2,710		191,462
Avon Products Inc	1,370		73,802
BearingPoint Inc *	3,880		26,772
Best Buy Co Inc *	2,600		62,790
EchoStar Communications Corp ‘A’ *	7,048		156,888
Hilton Hotels Corp	17,880		227,255
International Game Technology *	800		60,736
J.C. Penney Co Inc	2,735		62,932
Kimberly-Clark Corp	6,980		331,341
Kohl’s Corp *	1,498		83,813
Liberty Media Corp ‘A’ *	27,888		249,319
Lowe’s Cos Inc	7,300		273,750
Office Depot Inc *	13,630		201,179
Royal Caribbean Cruises Ltd	9,970		166,499
Target Corp	11,000		330,000
The TJX Cos Inc	4,520		88,230
The Walt Disney Co	5,100		83,181
Wal-Mart Stores Inc	5,600		282,856
Waste Management Inc	2,830		64,864
Yum! Brands Inc *	5,210		126,186

			3,225,075

Consumer Staples - 6.37%

General Mills Inc	1,559		73,195
Kraft Foods Inc ‘A’	7,491		291,625
PepsiCo Inc	10,770		454,709
Philip Morris Cos Inc	11,990		485,955

			1,305,484

Diversified - 0.84%

Honeywell International Inc	7,140		171,360

Energy - 0.77%

Burlington Resources Inc	1,600		68,240
Reliant Resources Inc *	28,117		89,974

			158,214

Financial Services - 18.86%

American International Group Inc	13,050		754,942
Bank of America Corp	1,010		70,266
Capital One Financial Corp	3,620		107,586
Citigroup Inc	23,600		830,484
Comerica Inc	3,075		132,963
Equity Office Properties Trust	2,504		62,550
Fifth Third Bancorp	1,250		73,188
Freddie Mac	7,160		422,798
MBNA Corp	7,575		144,076
Radian Group Inc	3,440		127,796
TCF Financial Corp	1,600		69,904
The Bank of New York Co Inc	12,120		290,395
U.S. Bancorp	20,610		437,344
Wells Fargo & Co	2,678		125,518
Zions Bancorp	5,380		211,698

			3,861,508

Health Care - 15.40%

Abbott Laboratories	9,570		382,800
Amgen Inc *	3,256		157,395
Baxter International Inc	9,200		257,600
Boston Scientific Corp *	1,590		67,607
Cardinal Health Inc	6,055		358,395
Forest Laboratories Inc *	3,210		315,286
HCA Inc	2,300		95,450
Johnson & Johnson	9,450		507,560
King Pharmaceuticals Inc *	40		688
MedImmune Inc *	2,334		63,415
Medtronic Inc	1,150		52,440
Pfizer Inc	9,120		278,798
Pharmacia Corp	11,680		488,224
WellPoint Health Networks Inc *	912		64,898
Wyeth	1,700		63,580

			3,154,136

Integrated Oils - 4.98%

Exxon Mobil Corp	27,090		946,525
GlobalSantaFe Corp	3,050		74,176

			1,020,701

Materials & Processing - 2.11%

Alcoa Inc	2,700		61,506
PPG Industries Inc	3,000		150,450
Rohm & Haas Co	2,000		64,960
Smurfit-Stone Container Corp *	4,800		73,877
Weyerhaeuser Co	1,670		82,181

			432,974

Producer Durables - 3.76%

Dover Corp	7,500		218,700
Emerson Electric Co	1,401		71,241
Lexmark International Inc *	2,140		129,470
Lockheed Martin Corp	2,100		121,275
Parker Hannifin Corp	4,970		229,266

			769,952

Technology - 12.92%

Adobe Systems Inc	2,500		62,275
Analog Devices Inc *	2,400		57,288
BMC Software Inc *	3,770		64,505
Computer Associates International Inc	14,650		197,775
Dell Computer Corp *	8,600		229,964
Hewlett-Packard Co	28,430		493,545
Intel Corp	26,100		406,377
Microsoft Corp *	15,700		811,690
Motorola Inc	11,580		100,167
NCR Corp *	2,700		64,098
PeopleSoft Inc *	20		366
QUALCOMM Inc *	1,700		61,863
Raytheon Co	3,100		95,325

			2,645,238

Utilities - 8.04%

AT&T Corp	2,802		73,160
BellSouth Corp	11,270		291,555
CenterPoint Energy Inc	9,590		81,515
CenturyTel Inc	2,400		70,512
Comcast Corp ‘A’ *	11,508		271,244
Edison International *	14,634		173,413
Entergy Corp	1,700		77,503
FirstEnergy Corp	2,100		69,237
NiSource Inc	3,400		68,000
PG&E Corp *	5,500		76,450

See Notes to Financial Statements

See explanation of symbols on B-97

B-89

PACIFIC SELECT FUND

RESEARCH PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value
Progress Energy Inc		1,600	$	69,360
Verizon Communications Inc		8,400		325,500

				1,647,449


Total Common Stocks (Cost $19,796,004)				18,943,267


FOREIGN COMMON STOCKS - 7.21%

Australia - 0.32%

BHP Billiton Ltd		11,403		64,901


Bermuda - 4.73%

ACE Ltd		7,320		214,769
Ingersoll-Rand Co ‘A’		5,800		249,748
Tyco International Ltd		21,190		361,925
XL Capital Ltd ‘A’		1,830		141,367

				967,809


Finland - 0.28%

Nokia OYJ ADR		3,733		57,861


France - 0.74%

TotalFinaElf SA ADR		2,120		151,580


Italy - 0.57%

Eni SPA ADR		1,500		117,735


Japan - 0.27%

Advantest Corp ADR		5,200		55,796


Switzerland - 0.30%

CIBA Specialty Chemicals AG		878		61,271
Novartis AG ADR		5		184

				61,455


Total Foreign Common Stocks (Cost $1,533,583)				1,477,137

	Principal Amount

SHORT-TERM INVESTMENT - 0.32%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.32%

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $65,003; collateralized by U.S. Treasury Bonds—market value $68,681 and due 02/15/16)	$	65,000		65,000


Total Securities Held Under Repurchase Agreement				65,000


Total Short-Term Investment (Cost $65,000)				65,000


TOTAL INVESTMENTS - 100.02% (Cost $21,394,587)				20,485,404

OTHER ASSETS AND LIABILITIES, NET - (0.02%)				(4,831	)


NET ASSETS - 100.00%			$	20,480,573

Note to Schedule of Investments

(a) Forward foreign currency contracts outstanding at December 31, 2002, are summarized as follows:

Contracts to Buy or to Sell	Currency	Principal Amount Covered by Contracts	Expiration Month	Unrealized Appreciation (Depreciation)

Sell	AD	120,000	03/03	$	(501	)
Buy	BP	64,000	03/03		1,027
Sell		64,000	03/03		(2,895	)
Sell	ED	307,900	03/03		(16,434	)
Sell	JY	6,591,000	03/03		(2,505	)
Buy	SF	73,000	03/03		3,189
Sell		158,000	03/03		(6,983	)

				$	(25,102	)

Principal amount denoted in the indicated currency:

AD - Australian Dollar

BP - British Pound

ED - Eurodollar

JY - Japanese Yen

SF - Swiss Franc

See Notes to Financial Statements

B-90

PACIFIC SELECT FUND

EQUITY PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 98.64%

Autos & Transportation - 0.48%

Burlington Northern Santa Fe Corp	16,500	$	429,165
General Motors Corp	16,227		598,127
Lear Corp *	11,000		366,080
Southwest Airlines Co	34,800		483,720

			1,877,092

Consumer Discretionary - 16.95%

Activision Inc *	22,300		325,357
Advance Auto Parts Inc *	13,100		640,590
American Greetings Corp ‘A’ *	36,500		576,700
AOL Time Warner Inc *	174,018		2,279,636
Apollo Group Inc ‘A’ *	16,700		734,800
AutoZone Inc *	20,250		1,430,663
Bed Bath & Beyond Inc *	46,100		1,591,833
Black & Decker Corp	11,500		493,235
Career Education Corp *	17,400		696,000
CDW Computer Centers Inc *	6,500		285,025
Chico’s FAS Inc *	18,700		353,617
ChoicePoint Inc *	13,100		517,319
Cintas Corp	16,700		764,025
Clear Channel Communications Inc *	20,484		763,848
Darden Restaurants Inc	40,100		820,045
EchoStar Communications Corp ‘A’ *	56,800		1,264,368
Electronic Arts Inc *	19,500		970,515
Expedia Inc ‘A’ *	5,100		341,344
Family Dollar Stores Inc	24,300		758,403
Federated Department Stores Inc *	11,204		322,227
Fox Entertainment Group Inc ‘A’ *	37,100		962,003
GTECH Holdings Corp *	22,200		618,492
Harrah’s Entertainment Inc *	47,733		1,890,227
Home Depot Inc	66,488		1,593,052
Hotels.com ‘A’ *	5,493		300,083
International Flavors & Fragrances Inc	8,600		301,860
International Game Technology *	8,100		614,952
J.C. Penney Co Inc	36,100		830,661
Kohl’s Corp *	49,400		2,763,930
Krispy Kreme Doughnuts Inc *	15,500		523,435
Lamar Advertising Co *	20,380		685,787
Limited Brands Inc	34,138		475,542
Liz Claiborne Inc	16,000		474,400
Lowe’s Cos Inc	144,559		5,420,962
Marriott International Inc ‘A’	10,100		331,987
Mattel Inc	15,061		288,418
Michaels Stores Inc *	27,600		863,880
Newell Rubbermaid Inc	26,000		788,580
Office Depot Inc *	49,500		730,620
Pier 1 Imports Inc	31,700		600,081
Reebok International Ltd *	54,400		1,599,360
Royal Caribbean Cruises Ltd	39,900		666,330
Staples Inc *	43,450		795,135
Starbucks Corp *	76,100		1,550,918
Target Corp	62,400		1,872,000
The Interpublic Group of Cos Inc	31,800		447,744
The McGraw-Hill Cos Inc	10,900		658,796
The TJX Cos Inc	195,050		3,807,376
The Washington Post Co ‘B’	400		295,200
Viacom Inc ‘B’ *	69,018		2,813,174
Wal-Mart Stores Inc	231,070		11,671,346
Westwood One Inc *	9,800		366,128
Whirlpool Corp	12,629		659,486
Williams-Sonoma Inc *	29,700		806,355
Yum! Brands Inc *	63,048		1,527,023

			66,524,873

Consumer Staples - 8.38%

Anheuser-Busch Cos Inc	33,914		1,641,438
Coca-Cola Enterprises Inc	50,600		1,099,032
Dole Food Co	10,700		348,606
Kraft Foods Inc ‘A’	57,403		2,234,699
Kroger Co *	72,249		1,116,247
McCormick & Co Inc	8,100		187,920
Pepsi Bottling Group Inc	91,317		2,346,847
PepsiCo Inc	161,495		6,818,319
Philip Morris Cos Inc	114,010		4,620,825
Procter & Gamble Co	79,001		6,789,346
Sysco Corp	21,100		628,569
The Coca-Cola Co	61,535		2,696,464
The Dial Corp	22,800		464,436
Walgreen Co	41,700		1,217,223
Whole Foods Market Inc *	12,844		677,264

			32,887,235

Diversified - 5.44%

3M Co	42,000		5,178,600
Fortune Brands Inc	10,263		477,332
General Electric Co	644,379		15,690,629

			21,346,561

Energy - 0.71%

BJ Services Co *	37,734		1,219,186
Burlington Resources Inc	15,600		665,340
Cooper Cameron Corp *	18,200		906,724

			2,791,250

Financial Services - 13.69%

Affiliated Computer Services Inc ‘A’ *	33,000		1,737,450
American International Group Inc	122,592		7,091,947
Annaly Mortgage Management Inc	30,400		571,520
Automatic Data Processing Inc	21,736		853,138
Bank of America Corp	14,500		1,008,765
Bank One Corp	13,772		503,367
Capital One Financial Corp	53,100		1,578,132
Citigroup Inc	173,026		6,088,785
Commerce Bancorp Inc NJ	14,581		629,753
Concord EFS Inc *	26,300		413,962
Countrywide Financial Corp	6,100		315,065
Doral Financial Corp	20,600		589,160
DST Systems Inc *	11,950		424,822
Equifax Inc	16,400		379,496
Fannie Mae	109,203		7,025,029
Federated Investors Inc ‘B’	12,375		313,954
Fidelity National Financial Inc	33,530		1,100,790
Fifth Third Bancorp	20,100		1,176,855
Fiserv Inc *	16,600		563,570
Freddie Mac	18,348		1,083,449
Golden West Financial Corp	13,800		990,978
GreenPoint Financial Corp	18,400		831,312
H&R Block Inc	11,571		465,154
Investment Technology Group Inc *	9,450		211,302
Investors Financial Services Corp	16,200		443,718
MBNA Corp	128,600		2,445,972
National City Corp	55,800		1,524,456
Paychex Inc	27,600		770,040
Radian Group Inc	13,900		516,385
SEI Investments Co	27,650		751,527
SLM Corp	5,200		540,072
SouthTrust Corp	19,550		485,818
State Street Corp	18,200		709,800
SunGard Data Systems Inc *	36,800		867,008
SunTrust Banks Inc	23,488		1,336,937
TCF Financial Corp	6,000		262,140

See Notes to Financial Statements

See explanation of symbols on B-97

B-91

PACIFIC SELECT FUND

EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares	Value
The BISYS Group Inc *	30,050	$	477,795
Travelers Property Casualty Corp ‘A’ *	1		15
Travelers Property Casualty Corp ‘B’ *	12,422		181,982
U.S. Bancorp	101,040		2,144,069
Waddell & Reed Financial Inc ‘A’	26,400		519,288
Washington Mutual Inc	17,890		617,742
Wells Fargo & Co	53,900		2,526,293
Zions Bancorp	17,400		684,673

			53,753,485


Health Care - 25.57%

Abbott Laboratories	124,280		4,971,200
Advanced Medical Optics Inc *	1		12
AdvancePCS *	15,700		348,697
Allergan Inc	36,650		2,111,773
AmerisourceBergen Corp	38,572		2,094,845
Amgen Inc *	147,836		7,146,392
Anthem Inc *	10,400		654,160
Apogent Technologies Inc *	23,800		495,040
Barr Laboratories Inc *	6,300		410,067
Boston Scientific Corp *	24,200		1,028,984
Bristol-Myers Squibb Co	16,297		377,276
Cardinal Health Inc	41,600		2,462,304
Caremark Rx Inc *	71,550		1,162,688
Cephalon Inc *	15,500		754,354
Charles River Laboratories Int’l Inc *	20,700		796,536
Coventry Health Care Inc *	4,600		133,538
Cytyc Corp *	23,600		240,720
Eli Lilly & Co	23,000		1,460,500
Express Scripts Inc ‘A’ *	24,500		1,176,980
Forest Laboratories Inc *	18,451		1,812,257
Genzyme Corp-General Division *	22,800		674,196
Gilead Sciences Inc *	32,400		1,101,600
Guidant Corp *	29,000		894,650
HCA Inc	19,600		813,400
Health Management Associates Inc ‘A’	33,100		592,490
Health Net Inc *	16,047		423,641
IDEC Pharmaceuticals Corp *	30,000		995,100
IDEXX Laboratories Inc *	2,250		74,925
Johnson & Johnson	266,781		14,328,808
King Pharmaceuticals Inc *	39,950		686,740
MedImmune Inc *	29,600		804,232
Medtronic Inc	107,393		4,897,121
Merck & Co Inc	128,219		7,258,478
Mylan Laboratories Inc	16,390		572,011
Oxford Health Plans Inc *	26,046		949,377
Pfizer Inc	450,548		13,773,252
Pharmacia Corp	176,069		7,359,684
Quest Diagnostics Inc *	13,850		788,065
Schering-Plough Corp	17,100		379,620
St. Jude Medical Inc *	13,300		528,276
Steris Corp *	10,600		257,050
Stryker Corp	8,100		543,672
Triad Hospitals Inc *	9,700		289,351
UnitedHealth Group Inc	41,216		3,441,536
Universal Health Services Inc ‘B’ *	17,100		771,210
Varian Medical Systems Inc *	8,600		426,560
WellChoice Inc *	175		4,191
WellPoint Health Networks Inc *	43,150		3,070,554
Wyeth	92,293		3,451,758
Zimmer Holdings Inc *	13,600		564,672

			100,354,543


Integrated Oils - 1.70%

ConocoPhillips	22,882		1,107,260
Exxon Mobil Corp	71,592		2,501,424
GlobalSantaFe Corp	24,650		599,488
Noble Corp *	18,100		636,215
Occidental Petroleum Corp	33,394		950,059
Unocal Corp	29,021		887,462

			6,681,908


Materials & Processing - 1.06%

Eastman Chemical Co	9,200		338,284
Ecolab Inc	5,500		272,250
Energizer Holdings Inc *	11,400		318,060
Freeport-McMoRan Copper & Gold Inc ‘B’ *	82,100		1,377,638
Lubrizol Corp	7,200		219,600
Rohm & Haas Co	20,420		663,242
Smurfit-Stone Container Corp *	61,952		953,503

			4,142,577


Producer Durables - 3.16%

Applied Materials Inc *	101,800		1,326,454
Brooks-PRI Automation Inc *	25,150		288,219
Deere & Co	8,800		403,480
Dover Corp	26,450		771,282
Illinois Tool Works Inc	8,309		538,922
KB Home	7,800		334,230
KLA-Tencor Corp *	21,200		749,844
Lam Research Corp *	64,050		691,740
Lennar Corp	14,300		737,880
Lexmark International Inc *	45,250		2,737,625
Lockheed Martin Corp	18,342		1,059,250
Novellus Systems Inc *	17,000		477,360
Parker Hannifin Corp	14,250		657,352
Pitney Bowes Inc	13,950		455,607
Teradyne Inc *	28,400		369,484
United Technologies Corp	13,094		811,042

			12,409,771


Technology - 18.92%

Adobe Systems Inc	49,450		1,231,800
BMC Software Inc *	18,600		318,246
Broadcom Corp ‘A’ *	16,100		242,466
Cisco Systems Inc *	587,656		7,698,294
Computer Sciences Corp *	19,627		676,150
Dell Computer Corp *	330,110		8,827,141
Emulex Corp *	46,700		866,285
Extreme Networks Inc *	53,150		173,800
Hewlett-Packard Co	148,875		2,584,470
Intel Corp	634,082		9,872,657
International Business Machines Corp	76,402		5,921,155
Jabil Circuit Inc *	15,200		272,384
L-3 Communications Holdings Inc *	8,244		370,238
Linear Technology Corp	31,900		820,468
Maxim Integrated Products Inc	20,200		667,408
McDATA Corp ‘A’ *	7,100		50,410
Mercury Interactive Corp *	4,200		124,530
Microchip Technology Inc	36,100		882,645
Microsoft Corp *	370,823		19,171,549
Motorola Inc	88,469		765,257
NetIQ Corp *	14,450		178,458
Network Associates Inc *	86,290		1,388,406
Oracle Corp *	306,534		3,310,567
QLogic Corp *	84,300		2,909,193
QUALCOMM Inc *	37,900		1,379,181
Silicon Laboratories Inc *	17,300		330,084
Symantec Corp *	42,500		1,719,125
Texas Instruments Inc	59,400		891,594
Xilinx Inc *	29,735		612,541

			74,256,502


Utilities - 2.58%

AT&T Wireless Services Inc *	80,100		452,565
BellSouth Corp	31,500		814,905

See Notes to Financial Statements

See explanation of symbols on B-97

B-92

PACIFIC SELECT FUND

EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

CenturyTel Inc		24,300	$	713,934
Citizens Communications Co *		13,000		137,150
Comcast Corp ‘A’ *		15,283		360,220
Duke Energy Corp		20,700		404,478
Edison International *		20,600		244,110
Entergy Corp		23,700		1,080,483
Exelon Corp		12,100		638,517
FPL Group Inc		4,700		282,611
Nextel Communications Inc ‘A’ *		121,300		1,401,015
Progress Energy Inc		7,900		342,465
SBC Communications Inc		42,051		1,140,003
Sprint Corp-FON Group		39,365		570,005
Verizon Communications Inc		39,775		1,541,281

				10,123,742

Total Common Stocks (Cost $473,741,877)				387,149,539


FOREIGN COMMON STOCKS - 0.59%

Bermuda - 0.35%

Marvell Technology Group Ltd *		14,450		272,527
Tyco International Ltd		63,300		1,081,164

				1,353,691

Canada - 0.05%

Four Seasons Hotels Inc		7,450		210,462

France - 0.07%

Business Objects SA ADR *		18,300		274,500

United Kingdom - 0.12%

Shire Pharmaceuticals Group PLC ADR *		25,612		483,811


Total Foreign Common Stocks (Cost $2,410,080)				2,322,464


	Principal Amount

SHORT-TERM INVESTMENT - 0.84%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 0.84%

Lehman Brothers Inc 1.150% due 01/02/03 (Dated 12/31/02, repurchase price of $3,305,211; collateralized by Fannie Mae—market value $3,375,555 and due 10/7/04)	$	3,305,000		3,305,000


Total Securities Held Under Repurchase Agreement				3,305,000


Total Short-Term Investment (Cost $3,305,000)				3,305,000


TOTAL INVESTMENTS - 100.07% (Cost $479,456,957)				392,777,003

OTHER ASSETS AND LIABILITIES, NET - (0.07%)				(286,686	)


NET ASSETS - 100.00%			$	392,490,317

See Notes to Financial Statements

See explanation of symbols on B-97

B-93

PACIFIC SELECT FUND

AGGRESSIVE EQUITY PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

COMMON STOCKS - 93.20%

Autos & Transportation - 2.98%

Mesa Air Group Inc *	328,543	$	1,337,170
Pacer International Inc *	148,277		1,972,084
USFreightways Corp	56,300		1,618,625
Visteon Corp	300,500		2,091,480

			7,019,359


Consumer Discretionary - 22.75%

ADVO Inc *	58,200		1,910,706
Argosy Gaming Co *	142,941		2,705,873
Barnes & Noble Inc *	133,300		2,408,731
BearingPoint Inc *	367,900		2,538,510
Belo Corp ‘A’	62,500		1,332,500
Charlotte Russe Holding Inc *	85,880		911,187
Cost Plus Inc CA *	42,100		1,207,007
Cox Radio Inc ‘A’ *	51,700		1,179,277
Emmis Communications Corp ‘A’ *	205,400		4,278,482
Foot Locker Inc *	199,100		2,090,550
Global Imaging Systems Inc *	145,500		2,674,290
Heidrick & Struggles International Inc *	109,300		1,603,431
International Flavors & Fragrances Inc	24,100		845,910
Learning Tree International Inc *	105,900		1,450,830
MAXIMUS Inc *	104,149		2,718,289
Media General Inc ‘A’	35,362		2,119,952
On Assignment Inc *	155,300		1,323,156
Park Place Entertainment Corp *	436,329		3,665,163
Regal Entertainment Group ‘A’	137,500		2,945,250
Sinclair Broadcast Group Inc ‘A’ *	276,722		3,218,277
The ServiceMaster Co	301,459		3,346,195
The Yankee Candle Co Inc *	145,300		2,324,800
Viad Corp	213,700		4,776,195

			53,574,561


Consumer Staples - 0.66%

Duane Reade Inc *	91,400		1,553,800


Diversified - 3.05%

Brunswick Corp	239,095		4,748,427
FMC Corp *	88,400		2,415,088

			7,163,515


Energy - 0.76%

Pioneer Natural Resources Co *	70,800		1,787,700


Financial Services - 21.98%

A.G. Edwards Inc	99,700		3,286,112
Arden Realty Inc	87,000		1,927,050
Astoria Financial Corp	86,315		2,343,452
Barra Inc *	91,500		2,775,195
Brandywine Realty Trust	52,900		1,153,749
Brookline Bancorp Inc	264,700		3,149,930
Equifax Inc	95,300		2,205,242
Federated Investors Inc ‘B’	124,800		3,166,176
FelCor Lodging Trust Inc	194,100		2,220,504
Interactive Data Corp *	170,524		2,344,705
New York Community Bancorp Inc	41,009		1,184,340
Odyssey Re Holdings Corp	98,200		1,738,140
Pan Pacific Retail Properties Inc	51,500		1,881,295
Sovereign Bancorp Inc	385,067		5,410,191
T. Rowe Price Group Inc	165,200		4,506,656
Waddell & Reed Financial Inc ‘A’	269,000		5,291,230
Webster Financial Corp	75,572		2,629,906
Westamerica Bancorp	56,100		2,254,098
Wilmington Trust Corp	72,400		2,293,632

			51,761,603


Health Care - 7.88%

AdvancePCS *	92,317		2,050,361
Bio-Rad Laboratories Inc ‘A’ *	40,800		1,578,960
C.R. Bard Inc	95,360		5,530,880
CONMED Corp *	29,700		581,823
First Health Group Corp *	83,590		2,035,416
Oxford Health Plans Inc *	52,909		1,928,533
Pediatrix Medical Group Inc *	44,000		1,762,640
Renal Care Group Inc *	37,000		1,170,680
Sybron Dental Specialties Inc *	129,000		1,922,100

			18,561,393


Materials & Processing - 7.98%

AK Steel Holding Corp *	311,200		2,489,600
Albemarle Corp	43,800		1,246,110
Ferro Corp	87,100		2,127,853
FMC Technologies Inc *	103,900		2,122,677
Freeport-McMoRan Copper & Gold Inc ‘B’ *	215,500		3,616,090
Insituform Technologies Inc ‘A’ *	137,800		2,349,490
Mueller Industries Inc *	68,207		1,858,641
Smurfit-Stone Container Corp *	194,007		2,985,962

			18,796,423


Producer Durables - 15.54%

Actuant Corp ‘A’ *	50,900		2,364,305
Applied Films Corp *	108,088		2,160,679
BE Aerospace Inc *	306,000		1,113,840
Belden Inc	118,526		1,803,966
Briggs & Stratton Corp	70,269		2,984,324
Cognex Corp *	137,500		2,534,125
HON Industries Inc	47,000		1,329,160
Kennametal Inc	72,800		2,510,144
Mykrolis Corp *	295,000		2,153,500
Pall Corp	203,700		3,397,716
Pentair Inc	107,400		3,710,670
Polycom Inc *	166,396		1,584,090
Teledyne Technologies Inc *	119,700		1,876,896
Thermo Electron Corp *	180,300		3,627,636
Triumph Group Inc *	63,774		2,036,942
United Defense Industries Inc *	59,811		1,393,596

			36,581,589


Technology - 6.02%

Avocent Corp *	125,000		2,777,500
Lattice Semiconductor Corp *	396,792		3,479,866
Merix Corp *	65,052		546,437
Network Associates Inc *	143,600		2,310,524
PerkinElmer Inc	270,252		2,229,579
RadiSys Corp *	170,700		1,362,186
SBS Technologies Inc *	160,700		1,472,012

			14,178,104


Utilities - 3.60%

PNM Resources Inc	121,700		2,898,894
SCANA Corp	72,600		2,247,696
Sierra Pacific Resources	510,946		3,321,149

			8,467,739


Total Common Stocks (Cost $263,021,401)			219,445,786

See Notes to Financial Statements

See explanation of symbols on B-97

B-94

PACIFIC SELECT FUND

AGGRESSIVE EQUITY PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value

FOREIGN COMMON STOCKS - 5.24%

Bahamas - 1.22%

Teekay Shipping Corp		70,332	$	2,862,512

Bermuda - 1.77%

IPC Holdings Ltd *		85,500		2,696,670
Orient-Express Hotels Ltd ‘A’ *		109,251		1,474,888

				4,171,558

Canada - 0.96%

Four Seasons Hotels Inc		32,400		915,300
Zarlink Semiconductor Inc *		600,300		1,356,678

				2,271,978

Cayman Islands - 1.29%

Garmin Ltd *		103,340		3,027,862


Total Foreign Common Stocks (Cost $16,876,231)				12,333,910


	Principal Amount

SHORT-TERM INVESTMENTS - 1.80%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 1.80%

Lehman Brothers Inc 1.150% due 01/02/03 (Dated 12/31/02, repurchase price of $3,376,216; collateralized by Freddie Mac—market value $3,456,211 and due 03/15/31)	$	3,376,000		3,376,000

State Street Bank and Trust Co 0.750% due 01/02/03 (Dated 12/31/02, repurchase price of $871,036; collateralized by U.S. Treasury Bonds—market value $889,200 and due 05/15/18)		871,000		871,000


Total Securities Held Under Repurchase Agreement				4,247,000


Total Short-Term Investments (Cost $4,247,000)				4,247,000


TOTAL INVESTMENTS - 100.24% (Cost $284,144,632)				236,026,696

OTHER ASSETS AND LIABILITIES, NET - (0.24%)				(553,430	)


NET ASSETS - 100.00%			$	235,473,266

See Notes to Financial Statements

See explanation of symbols on B-97

B-95

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments

December 31, 2002



	Shares	Value

CONVERTIBLE PREFERRED STOCK - 0.62%

Autos & Transportation - 0.62%

Ford Motor Co Capital Trust II	153,800	$	6,282,730


Total Convertible Preferred Stock (Cost $7,598,240)			6,282,730


COMMON STOCKS - 83.83%

Consumer Discretionary - 12.26%

Costco Wholesale Corp *	323,300		9,071,798
Federated Department Stores Inc *	459,100		13,203,716
Home Depot Inc	575,000		13,777,000
Kimberly-Clark Corp	346,200		16,434,114
Liberty Media Corp ‘A’ *	1,775,731		15,875,035
McDonald’s Corp	915,100		14,714,808
MGM MIRAGE *	344,393		11,354,638
Target Corp	491,700		14,751,000
The Gap Inc	890,300		13,817,456

			122,999,565


Consumer Staples - 6.01%

General Mills Inc	223,000		10,469,850
Philip Morris Cos Inc	473,500		19,190,955
R.J. Reynolds Tobacco Holdings Inc	312,200		13,146,742
Safeway Inc *	751,300		17,550,368

			60,357,915


Diversified - 2.36%

Fortune Brands Inc	213,100		9,911,281
Honeywell International Inc	573,300		13,759,200

			23,670,481


Energy - 1.38%

Burlington Resources Inc	326,000		13,903,900


Financial Services - 25.12%

American Express Co	393,000		13,892,550
American International Group Inc	275,500		15,937,675
Bank of America Corp	202,200		14,067,054
Comerica Inc	48,000		2,075,520
Equity Office Properties Trust	546,300		13,646,574
FleetBoston Financial Corp	469,500		11,408,850
Freddie Mac	183,100		10,812,055
Goldman Sachs Group Inc	179,800		12,244,380
J.P. Morgan Chase & Co	411,200		9,868,800
MBNA Corp	618,150		11,757,213
Merrill Lynch & Co Inc	436,800		16,576,560
Morgan Stanley	376,600		15,033,872
The Bank of New York Co Inc	605,000		14,495,800
The Hartford Financial Services Group Inc	140,900		6,401,087
The St. Paul Cos Inc	318,600		10,848,330
U.S. Bancorp	806,100		17,105,442
Wachovia Corp	406,100		14,798,284
Waddell & Reed Financial Inc ‘A’	777,600		15,295,392
Washington Mutual Inc	378,800		13,079,964
Wells Fargo & Co	270,100		12,659,587

			252,004,989


Health Care - 8.08%

HCA Inc	338,300		14,039,450
Pfizer Inc	412,900		12,622,353
Pharmacia Corp	335,000		14,003,000
Schering-Plough Corp	799,900		17,757,780
Tenet Healthcare Corp *	499,200		8,186,880
Wyeth	387,400		14,488,760

			81,098,223


Integrated Oils - 3.82%

ChevronTexaco Corp	122,500		8,143,800
ConocoPhillips	259,392		12,551,979
Marathon Oil Corp	354,700		7,551,563
Transocean Inc	433,500		10,057,200

			38,304,542


Materials & Processing - 3.69%

Alcoa Inc	685,800		15,622,524
International Paper Co	347,200		12,141,584
The Dow Chemical Co	312,100		9,269,370

			37,033,478


Producer Durables - 1.40%

United Technologies Corp	226,500		14,029,410


Technology - 11.53%

3Com Corp *	1,019,800		4,721,674
Agere Systems Inc ‘B’ *	951,474		1,332,064
Comverse Technology Inc *	1,305,300		13,079,106
Hewlett-Packard Co	1,208,200		20,974,352
Intel Corp	101,400		1,578,798
International Business Machines Corp	111,100		8,610,250
Lucent Technologies Inc *	13,607,200		17,145,072
Micron Technology Inc *	390,600		3,804,444
Motorola Inc	1,148,900		9,937,985
National Semiconductor Corp *	652,900		9,800,029
Solectron Corp *	3,154,000		11,196,700
Sun Microsystems Inc *	4,338,000		13,491,180

			115,671,654


Utilities - 8.18%

AT&T Corp	236,740		6,181,281
AT&T Wireless Services Inc *	2,697,600		15,241,440
Comcast Corp ‘A’ *	382,926		9,025,566
Comcast Corp Special ‘A’ *	298,400		6,740,856
Progress Energy Inc	242,900		10,529,715
SBC Communications Inc	399,900		10,841,289
Verizon Communications Inc	579,000		22,436,250
Xcel Energy Inc	93,900		1,032,900

			82,029,297


Total Common Stocks (Cost $1,033,304,715)			841,103,454


FOREIGN PREFERRED STOCK - 1.84%

Australia - 1.84%

The News Corp Ltd ADR	815,200		18,464,280


Total Foreign Preferred Stock (Cost $23,709,147)			18,464,280


FOREIGN COMMON STOCKS - 6.69%

Bermuda - 1.49%

XL Capital Ltd ‘A’	193,000		14,909,250

See Notes to Financial Statements

See explanation of symbols on B-97

B-96

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

December 31, 2002



	Shares		Value
Finland - 1.76%

Nokia OYJ ADR		1,138,900	$	17,652,950

France - 1.26%

TotalFinaElf SA ADR		177,100		12,662,650

Netherlands - 1.06%

Royal Dutch Petroleum Co ‘NY’		241,200		10,617,624

United Kingdom - 1.12%

BP PLC ADR		276,600		11,243,790


Total Foreign Common Stocks (Cost $72,945,476)				67,086,264


	Principal Amount

CONVERTIBLE CORPORATE BOND - 0.25%

Consumer Discretionary - 0.25%

Charter Communications Inc 5.750% due 10/15/05	$	11,512,000		2,532,640


Total Convertible Corporate Bond (Cost $6,238,457)				2,532,640


SHORT-TERM INVESTMENT - 6.44%

SECURITIES HELD UNDER REPURCHASE AGREEMENT - 6.44%

State Street Bank and Trust Co 1.050% due 01/02/03 (Dated 12/31/02, repurchase price of $64,569,766; collateralized by U.S. Treasury Bonds—market value $1,977,294 and due 11/15/21; and market value $63,901,069 and due 08/15/29)		64,566,000		64,566,000


Total Securities Held Under Repurchase Agreement				64,566,000


Total Short-Term Investment (Cost $64,566,000)				64,566,000


TOTAL INVESTMENTS - 99.67% (Cost $1,208,362,035)				1,000,035,368

OTHER ASSETS AND LIABILITIES, NET - 0.33%				3,292,544


NET ASSETS - 100.00%			$	1,003,327,912

Explanation of Symbols for Schedules of Investments

~	Securities purchased in a private placement transaction; resale to the public may require registration.

#	Securities purchased on a when-issued or delayed delivery basis.

+	Securities were valued under procedures established by the Board of Trustees.

*	Non-income producing securities.

**	Securities have been fully/partially segregated with the custodian to cover margin requirements for open futures contracts as of December 31, 2002.

“	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.

^	Securities with their principal amount adjusted for inflation.

++	Variable rate securities. The rate listed was as of December 31, 2002.

##	Securities were in default.

See Notes to Financial Statements

B-97

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2002

(In thousands, except per share amounts)	Blue		Aggressive		Emerging		Diversified		Small-Cap		International		I-Net		Financial		Health
	Chip		Growth		Markets		Research		Equity		Large-Cap		Tollkeeper		Services		Sciences
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

ASSETS
Investments, at value	$581,518		$45,331		$142,367		$212,889		$396,460		$490,657		$43,146		$66,948		$77,627
Collateral held for securities loaned, at fair value	8,202		11,492		—		15,075		90,732		73,065		3,699		175		—
Cash	—		—		9,463		1		—		—		—		1		1
Foreign currency held, at value (1)	—		—		593		—		—		80		—		—		—
Receivables:
Dividends and interest	378		7		346		289		614		405		2		90		60
Fund shares sold	1,158		53		392		282		179		716		23		28		25
Securities sold	369		—		10,425		—		25		1,169		—		417		—
Forward foreign currency contracts appreciation	—		—		—		—		—		1,903		—		—		—
Variation margin	12		—		—		—		—		—		—		—		—
Other assets	—		—		97		—		—		7		—		—		—

Total Assets	591,637		56,883		163,683		228,536		488,010		568,002		46,870		67,659		77,713

LIABILITIES
Payable upon return of securities loaned	8,202		11,492		—		15,075		90,732		73,065		3,699		175		—
Payables:
Fund shares redeemed	29		12		48		11		248		898		63		627		683
Securities purchased	—		—		14,569		66		218		866		484		480		—
Due to custodian	1		—		—		—		—		73		—		—		—
Accrued advisory fees	470		40		142		165		224		433		48		62		72
Accrued custodian and portfolio accounting fees	31		8		96		11		32		97		3		8		3
Accrued deferred trustee compensation	5		1		2		2		4		4		—		1		1
Accrued other	26		4		24		9		25		28		4		9		2
Forward foreign currency contracts depreciation	—		—		—		—		—		833		—		—		—
Other liabilities	—		—		112		—		—		12		—		—		—

Total Liabilities	8,764		11,557		14,993		15,339		91,483		76,309		4,301		1,362		761

NET ASSETS	$582,873		$45,326		$148,690		$213,197		$396,527		$491,693		$42,569		$66,297		$76,952

NET ASSETS CONSIST OF:
Paid-in capital	$813,668		$67,688		$239,504		$282,256		$709,277		$719,573		$157,284		$81,069		$97,834
Accumulated undistributed net investment income (loss)	129		(8	)	102		122		462		3,072		8		141		(8	)
Accumulated undistributed net realized loss	(132,454	)	(21,291	)	(86,639	)	(19,350	)	(154,579	)	(110,819	)	(92,485	)	(10,433	)	(20,539	)
Net unrealized depreciation on investments and assets and liabilities in foreign currencies	(98,470	)	(1,063	)	(4,277	)	(49,831	)	(158,633	)	(120,133	)	(22,238	)	(4,480	)	(335	)

NET ASSETS	$582,873		$45,326		$148,690		$213,197		$396,527		$491,693		$42,569		$66,297		$76,952

Shares of beneficial interest outstanding of $.001 par value	96,837		7,274		25,091		26,455		29,994		94,731		15,464		8,416		10,870

Net Asset Value Per Share	$6.02		$6.23		$5.93		$8.06		$13.22		$5.19		$2.75		$7.88		$7.08



Investments, at cost	$679,877		$46,394		$146,715		$262,721		$555,093		$614,100		$65,383		$71,428		$77,962
Securities on loan, at value	7,933		11,082		—		14,222		85,238		69,553		3,533		171		—
Foreign currency held, at cost (1)	—		—		502		—		—		80		—		—		—

(1)

The total value and cost of foreign currency held by the Health Sciences Portfolio in full dollar were $19 and $18, respectively, and are not shown on the above Statements of Assets and Liabilities due to rounding.

See Notes to Financial Statements

C-1

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2002

(In thousands, except per share amounts)			Telecom-		Multi-		Large-Cap		Strategic		Growth		Focused		Mid-Cap		International
	Technology		munications		Strategy		Core		Value		LT		30		Value		Value
	Portfolio		Portfolio		Portfolio		Portfolio (1)		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

ASSETS
Investments, at value	$41,036		$15,452		$579,154		$722,927		$74,297		$1,453,687		$37,535		$723,468		$997,563
Collateral held for securities loaned, at fair value	1,307		3,112		—		—		1,498		108,029		5,313		23,145		165,319
Cash	1		5		73		—		1		—		—		—		—
Foreign currency held, at value	—		—		—		180		—		—		3		—		—
Receivables:
Dividends and interest	5		20		2,873		963		53		562		5		659		1,814
Fund shares sold	192		—		55		4		851		494		8		167		625
Securities sold	90		47		148,102		167,590		—		—		588		—		—
Forward foreign currency contracts appreciation	—		—		—		—		—		577		—		—		—
Other assets	—		—		1		17		—		—		—		—		—

Total Assets	42,631		18,636		730,258		891,681		76,700		1,563,349		43,452		747,439		1,165,321

LIABILITIES
Payable upon return of securities loaned	1,307		3,112		—		—		1,498		108,029		5,313		23,145		165,319
Payables:
Fund shares redeemed	10		50		24,645		1,397		15		69		3		839		438
Securities purchased	6		15		151,149		137,848		—		9,325		—		3,889		2,718
Due to custodian	—		—		—		7,286		—		9		—		—		—
Accrued advisory fees	41		14		324		425		61		944		32		522		706
Accrued custodian and portfolio accounting fees	7		4		32		44		8		83		4		51		116
Accrued deferred trustee compensation	—		—		6		9		1		16		—		7		10
Accrued other	3		1		26		43		14		75		3		54		38
Outstanding options written, at value	8		—		—		—		—		—		—		—		—
Forward foreign currency contracts depreciation	—		—		—		—		—		4,898		5		—		—
Other liabilities	—		—		27		—		—		1		—		—		3

Total Liabilities	1,382		3,196		176,209		147,052		1,597		123,449		5,360		28,507		169,348

NET ASSETS	$41,249		$15,440		$554,049		$744,629		$75,103		$1,439,900		$38,092		$718,932		$995,973

NET ASSETS CONSIST OF:
Paid-in capital	$79,647		$34,583		$696,647		$1,259,582		$109,134		$3,295,169		$71,882		$807,596		$1,399,250
Accumulated undistributed net investment income (loss)	(8	)	(9	)	929		815		22		—		7		507		4,542
Accumulated undistributed net realized loss	(29,390	)	(18,164	)	(124,932	)	(389,819	)	(24,298	)	(1,688,640	)	(32,204	)	(64,344	)	(214,477	)
Net unrealized depreciation on investments and assets and liabilities in foreign currencies	(9,000	)	(970	)	(18,595	)	(125,949	)	(9,755	)	(166,629	)	(1,593	)	(24,827	)	(193,342	)

NET ASSETS	$41,249		$15,440		$554,049		$744,629		$75,103		$1,439,900		$38,092		$718,932		$995,973

Shares of beneficial interest outstanding of $.001 par value	13,016		5,479		44,405		49,997		11,009		110,084		7,592		63,124		96,961

Net Asset Value Per Share	$3.17		$2.82		$12.48		$14.89		$6.82		$13.08		$5.02		$11.39		$10.27



Investments, at cost	$50,056		$16,422		$597,725		$848,891		$84,052		$1,620,892		$39,128		$748,294		$1,191,103
Securities on loan, at value	1,254		2,986		—		—		1,353		102,792		5,129		22,315		157,253
Foreign currency held, at cost	—		—		—		181		—		—		3		—		—

(1)

Formerly named Equity Income Portfolio.

See Notes to Financial Statements

C-2

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2002

(In thousands, except per share amounts)	Capital		Mid-Cap		Global		Equity		Small-Cap		Real		Inflation	Managed	Money
	Opportunities		Growth		Growth		Index		Index		Estate		Managed	Bond	Market
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio (1)		Portfolio	Portfolio	Portfolio

ASSETS
Investments, at value	$149,779		$93,908		$27,561		$1,458,670		$298,154		$297,019		$2,493,951	$2,915,702	$1,751,858
Collateral held for securities loaned, at fair value	3,591		7,778		1,361		30,409		48,588		—		62,359	292,403	—
Cash (2)	1		1		12		2,646		2,660		28		6	—	—
Foreign currency held, at value	—		—		63		—		—		—		120	21,414	—
Receivables:
Dividends and interest	244		59		39		2,268		413		2,231		6,808	24,803	589
Fund shares sold	115		932		25		78		583		250		9,821	4,461	4,961
Securities sold	290		566		194		3		243		1,018		96,727	20,679	—
Other	—		—		—		—		—		—		2	921	—
Forward foreign currency contracts appreciation	—		—		—		—		—		—		—	1,394	—
Variation margin	—		—		—		34		9		—		—	—	—
Other assets	—		—		1		—		—		—		—	—	—

Total Assets	154,020		103,244		29,256		1,494,108		350,650		300,546		2,669,794	3,281,777	1,757,408

LIABILITIES
Payable upon return of securities loaned	3,591		7,778		1,361		30,409		48,588		—		62,359	292,403	—
Payables:
Fund shares redeemed	3,196		—		—		3,133		—		10		1	430	7,190
Securities purchased	1,130		3,057		536		—		496		485		1,300,567	313,216	—
Due to custodian	—		—		—		—		21		—		—	5	—
Accrued advisory fees	102		69		25		320		126		275		635	1,311	472
Accrued custodian and portfolio accounting fees	10		16		42		76		32		21		58	156	99
Accrued deferred trustee compensation	1		1		—		15		3		3		9	22	15
Accrued swap agreements (net)	—		—		—		—		—		—		3,560	927	—
Accrued other	7		5		6		81		17		17		49	128	87
Outstanding options written, at value	—		—		—		—		—		—		365	30,008	—
Forward foreign currency contracts depreciation	—		—		—		—		—		—		735	186	—
Interest rate swaps depreciation	—		—		—		—		—		—		799	6,803	—
Variation margin	—		—		—		—		—		—		—	935	—
Other liabilities	—		—		—		—		—		—		—	5,947	—

Total Liabilities	8,037		10,926		1,970		34,034		49,283		811		1,369,137	652,477	7,863

NET ASSETS	$145,983		$92,318		$27,286		$1,460,074		$301,367		$299,735		$1,300,657	$2,629,300	$1,749,545

NET ASSETS CONSIST OF:
Paid-in capital	$215,865		$165,078		$36,519		$1,907,848		$398,005		$301,271		$1,177,809	$2,485,842	$1,749,520
Accumulated undistributed net investment income (loss)	90		(8	)	(12	)	248		259		5,979		1,205	7,241	25
Accumulated undistributed net realized gain (loss)	(60,770	)	(70,180	)	(7,747	)	(34,718	)	(21,717	)	322		74,618	124,075	—
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies	(9,202	)	(2,572	)	(1,474	)	(413,304	)	(75,180	)	(7,837	)	47,025	12,142	—

NET ASSETS	$145,983		$92,318		$27,286		$1,460,074		$301,367		$299,735		$1,300,657	$2,629,300	$1,749,545

Shares of beneficial interest outstanding of $.001 par value	23,678		21,465		3,986		69,840		37,396		24,806		107,815	226,848	173,417

Net Asset Value Per Share	$6.17		$4.30		$6.85		$20.91		$8.06		$12.08		$12.06	$11.59	$10.09



Investments, at cost	$158,982		$96,479		$29,036		$1,871,695		$372,903		$304,856		$2,446,218	$2,897,515	$1,751,858
Securities on loan, at value	3,213		7,476		1,303		28,351		45,145		—		61,073	286,615	—
Foreign currency held, at cost	—		—		63		—		—		—		116	20,911	—

(1)

Formerly named REIT Portfolio.

(2)

Includes margin deposits segregated for futures contracts in the Equity Index and Small-Cap Index Portfolios of $2,645 and $2,660, respectively.

See Notes to Financial Statements

C-3

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2002

(In thousands, except per share amounts)	High Yield		Equity						Aggressive		Large-Cap
	Bond		Income		Research		Equity		Equity		Value
	Portfolio		Portfolio (1)		Portfolio (1)		Portfolio		Portfolio		Portfolio

ASSETS
Investments, at value	$509,312		$116,619		$20,485		$392,777		$236,027		$1,000,035
Collateral held for securities loaned, at fair value	90,774		1,753		1,484		14,051		29,145		44,091
Cash	—		1		1		—		1		1,156
Receivables:
Dividends and interest	10,255		228		31		426		223		1,946
Fund shares sold	5,075		5		13		56		96		838
Securities sold	1,118		94		—		279		—		2,707
Forward foreign currency contracts appreciation	—		—		4		—		—		—

Total Assets	616,534		118,700		22,018		407,589		265,492		1,050,773

LIABILITIES
Payable upon return of securities loaned	90,774		1,753		1,484		14,051		29,145		44,091
Payables:
Fund shares redeemed	120		2,932		—		125		313		1,270
Securities purchased	—		1,706		—		311		346		1,234
Due to custodian	1,118		—		—		263		—		—
Accrued advisory fees	265		91		18		224		163		736
Accrued custodian and portfolio accounting fees	30		21		4		77		26		53
Accrued deferred trustee compensation	4		—		—		5		3		9
Accrued other	21		5		2		43		23		52
Forward foreign currency contracts depreciation	—		—		29		—		—		—

Total Liabilities	92,332		6,508		1,537		15,099		30,019		47,445

NET ASSETS	$524,202		$112,192		$20,481		$392,490		$235,473		$1,003,328

NET ASSETS CONSIST OF:
Paid-in capital	$714,297		$127,723		$24,325		$890,208		$429,170		$1,325,617
Accumulated undistributed net investment income (loss)	248		(9	)	(37	)	(266	)	237		1,032
Accumulated undistributed net realized loss	(169,441	)	(4,209	)	(2,898	)	(410,773	)	(145,815	)	(114,994	)
Net unrealized depreciation on investments and assets and liabilities in foreign currencies	(20,902	)	(11,313	)	(909	)	(86,679	)	(48,119	)	(208,327	)

NET ASSETS	$524,202		$112,192		$20,481		$392,490		$235,473		$1,003,328

Shares of beneficial interest outstanding of $.001 par value	83,424		13,091		2,607		27,925		34,270		112,158

Net Asset Value Per Share	$6.28		$8.57		$7.86		$14.06		$6.87		$8.95



Investments, at cost	$530,214		$127,931		$21,395		$479,457		$284,145		$1,208,362
Securities on loan, at value	88,625		1,702		1,419		13,455		27,675		36,098

(1) Operations commenced on January 2, 2002.

See Notes to Financial Statements

C-4

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	Blue		Aggressive		Emerging		Diversified		Small-Cap		International		I-Net		Financial		Health
	Chip		Growth		Markets		Research		Equity		Large-Cap		Tollkeeper		Services		Sciences
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio

INVESTMENT INCOME
Dividends, net of foreign taxes withheld	$5,747		$123		$2,816		$2,576		$4,834		$7,765		$14		$1,117		$472
Interest	534		66		46		91		669		365		17		48		74
Securities lending	28		22		109		53		390		381		26		8		10
Other	—		—		—		—		222		4		—		—		—

Total Investment Income	6,309		211		2,971		2,720		6,115		8,515		57		1,173		556

EXPENSES
Advisory fees	5,204		644		1,863		1,927		3,221		5,143		676		764		935
Custodian fees and expenses	36		29		262		15		39		261		3		20		12
Portfolio accounting fees	101		13		61		40		92		106		9		14		18
Printing expenses	45		6		14		18		44		41		4		6		7
Postage and mailing expenses	14		2		3		5		10		11		7		2		2
Distribution expenses	71		16		—		43		19		—		—		32		41
Legal fees	13		2		9		5		12		11		1		2		2
Trustees’ fees and expenses	12		2		4		4		11		11		1		1		2
Interest expense	3		—		18		3		4		2		—		1		—
Other	28		3		26		11		23		31		2		4		4

Total Expenses	5,527		717		2,260		2,071		3,475		5,617		703		846		1,023
Custodian Credits	—		—		(2	)	—		—		—		—		—		—
Recaptured Distribution Expenses	(71	)	(16	)	—		(43	)	(19	)	—		—		(32	)	(41	)
Recoupment of Adviser's Reimbursement	—		8		—		—		—		—		—		23		4

Net Expenses	5,456		709		2,258		2,028		3,456		5,617		703		837		986

NET INVESTMENT INCOME (LOSS)	853		(498	)	713		692		2,659		2,898		(646	)	336		(430	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment security transactions	(99,055	)	(9,998	)	(16,416	)	(15,121	)	(43,400	)	(74,570	)	(38,040	)	(7,572	)	(18,444	)
Future contracts and written option transactions	(2,045	)	—		—		—		—		—		—		—		—
Foreign currency transactions	—		—		(428	)	—		—		6,286		—		(5	)	(18	)

Net Realized Loss on Investments and Foreign Currency Transactions	(101,100	)	(9,998	)	(16,844	)	(15,121	)	(43,400	)	(68,284	)	(38,040	)	(7,577	)	(18,462	)

Net change in unrealized appreciation (depreciation) on:
Investment security transactions	(68,234	)	(2,174	)	10,290		(52,011	)	(99,337	)	(15,106	)	11,087		(5,799	)	(4,352	)
Futures contracts and written options	(65	)	—		—		—		—		—		—		—		—
Foreign currency transactions	—		—		136		—		—		(2,216	)	—		—		—

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions	(68,299	)	(2,174	)	10,426		(52,011	)	(99,337	)	(17,322	)	11,087		(5,799	)	(4,352	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS	(169,399	)	(12,172	)	(6,418	)	(67,132	)	(142,737	)	(85,606	)	(26,953	)	(13,376	)	(22,814	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	($168,546	)	($12,670	)	($5,705	)	($66,440	)	($140,078	)	($82,708	)	($27,599	)	($13,040	)	($23,244	)

See Notes to Financial Statements

C-5

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	Technology Portfolio		Telecom- munications Portfolio		Multi- Strategy Portfolio		Large-Cap Core Portfolio (1)		Strategic Value Portfolio		Growth LT Portfolio		Focused 30 Portfolio		Mid-Cap Value Portfolio		International Value Portfolio

INVESTMENT INCOME
Dividends, net of foreign taxes withheld	$42		$119		$5,414		$13,764		$711		$11,334		$196		$10,513		$24,039
Interest	43		26		12,470		183		198		3,544		168		439		515
Securities lending	17		13		66		97		21		538		17		189		1,412
Other	—		—		12		19		—		20		—		2		23

Total Investment Income	102		158		17,962		14,063		930		15,436		381		11,143		25,989

EXPENSES
Advisory fees	449		145		4,329		6,417		823		13,192		459		6,873		9,086
Custodian fees and expenses	20		15		33		37		16		81		17		34		422
Portfolio accounting fees	9		4		135		177		18		310		10		149		200
Printing expenses	4		1		57		88		7		154		4		69		90
Postage and mailing expenses	1		—		12		20		2		21		1		20		17
Distribution expenses	—		—		51		119		—		1,364		—		597		—
Legal fees	1		—		18		25		3		40		3		19		24
Trustees’ fees and expenses	1		—		15		22		2		39		1		18		23
Interest expense	—		—		7		7		2		27		—		25		5
Other	2		1		31		42		4		74		3		40		43

Total Expenses	487		166		4,688		6,954		877		15,302		498		7,844		9,910
Custodian Credits	—		—		(2	)	(1	)	—		—		—		(1	)	(1	)
Recaptured Distribution Expenses	—		—		(51	)	(119	)	—		(1,364	)	—		(597	)	—
Adviser Expense Reimbursement	—		(6	)	—		—		—		—		—		—		—
Recoupment of Adviser’s Reimbursement	3		—		—		—		36		—		8		—		—

Net Expenses	490		160		4,635		6,834		913		13,938		506		7,246		9,909

NET INVESTMENT INCOME (LOSS)	(388	)	(2	)	13,327		7,229		17		1,498		(125	)	3,897		16,080

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment security transactions	(21,558	)	(12,086	)	(115,819	)	(337,028	)	(12,195	)	(625,724	)	(7,954	)	(57,062	)	(158,587	)
Future contracts and written option transactions	276		18		1,535		—		—		—		—		—		—
Foreign currency transactions	—		(3	)	(83	)	6		(1	)	(1,897	)	—		—		(526	)

Net Realized Loss on Investments and Foreign Currency Transactions	(21,282	)	(12,071	)	(114,367	)	(337,022	)	(12,196	)	(627,621	)	(7,954	)	(57,062	)	(159,113	)

Net change in unrealized appreciation (depreciation) on:
Investment security transactions	(6,112	)	3,082		881		(21,643	)	(11,795	)	(21,191	)	(9,454	)	(82,798	)	15,573
Futures contracts and written options	21		2		(34	)	—		—		—		—		—		—
Foreign currency transactions	—		—		(25	)	17		—		(4,898	)	(5	)	—		314

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions	(6,091	)	3,084		822		(21,626	)	(11,795	)	(26,089	)	(9,459	)	(82,798	)	15,887

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS	(27,373	)	(8,987	)	(113,545	)	(358,648	)	(23,991	)	(653,710	)	(17,413	)	(139,860	)	(143,226	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	($27,761	)	($8,989	)	($100,218	)	($351,419	)	($23,974	)	($652,212	)	($17,538	)	($135,963	)	($127,146	)

(1) Formerly named Equity Income Portfolio.

See Notes to Financial Statements

C-6

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	Capital Opportunities Portfolio	Mid-Cap Growth Portfolio	Global Growth Portfolio	Equity Index Portfolio	Small-Cap Index Portfolio	Real Estate Portfolio (1)	Inflation Managed Portfolio	Managed Bond Portfolio	Money Market Portfolio

INVESTMENT INCOME
Dividends, net of foreign taxes withheld	$1,449	$278	$412	$26,832	$3,678	$16,932	$—	$—	$—
Interest	201	152	33	363	201	100	17,786	125,839	30,357
Securities lending	18	30	17	88	165	26	32	236	—
Other	—	—	—	57	15	—	660	747	—

Total Investment Income	1,668	460	462	27,340	4,059	17,058	18,478	126,822	30,357

EXPENSES
Advisory fees	1,168	843	322	4,264	1,374	3,332	5,611	14,715	5,525
Custodian fees and expenses	33	53	157	37	67	20	51	181	66
Portfolio accounting fees	28	19	17	306	52	58	172	497	320
Printing expenses	12	8	2	147	21	24	66	195	136
Postage and mailing expenses	4	3	1	55	6	7	17	53	36
Distribution expenses	85	80	3	—	—	—	—	—	—
Legal fees	4	2	1	38	9	7	25	58	43
Trustees’ fees and expenses	3	2	1	37	6	7	19	52	36
Interest expense	3	—	1	11	5	2	17	78	9
Other	7	5	5	76	14	15	44	122	81

Total Expenses	1,347	1,015	510	4,971	1,554	3,472	6,022	15,951	6,252
Custodian Credits	—	—	—	(1)	(1)	(1)	(20)	(53)	(4)
Recaptured Distribution Expenses	(85)	(80)	(3)	—	—	—	—	—	—
Adviser Expense Reimbursement	—	—	(28)	—	—	—	—	—	—
Recoupment of Adviser's Reimbursement	13	2	—	—	—	—	—	—	—

Net Expenses	1,275	937	479	4,970	1,553	3,471	6,002	15,898	6,248

NET INVESTMENT INCOME (LOSS)	393	(477)	(17)	22,370	2,506	13,587	12,476	110,924	24,109

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment security transactions	(39,544)	(66,694)	(4,672)	(20,930)	(15,587)	907	69,569	65,417	—
Future contracts and written option transactions	—	—	—	(10,136)	(2,911)	—	306	88,346	—
Foreign currency transactions	2	—	(16)	—	—	—	(1,741)	6,568	—

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions	(39,542)	(66,694)	(4,688)	(31,066)	(18,498)	907	68,134	160,331	—

Net change in unrealized appreciation (depreciation) on:
Investment security transactions	(8,408)	3,465	(1,625)	(439,231)	(65,392)	(24,441)	55,136	(15,956)	—
Futures contracts and written options	—	—	—	(710)	(612)	—	135	4,395	—
Foreign currency transactions	—	—	1	—	—	—	(1,006)	(4,093)	—

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions	(8,408)	3,465	(1,624)	(439,941)	(66,004)	(24,441)	54,265	(15,654)	—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS	(47,950)	(63,229)	(6,312)	(471,007)	(84,502)	(23,534)	122,399	144,677	—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	($47,557)	($63,706)	($6,329)	($448,637)	($81,996)	($9,947)	$134,875	$255,601	$24,109

(1)

Formerly named REIT Portfolio.

See Notes to Financial Statements

C-7

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	High Yield Bond Portfolio		Equity Income Portfolio (1)		Research Portfolio (1)		Equity Portfolio		Aggressive Equity Portfolio		Large-Cap Value Portfolio


INVESTMENT INCOME
Dividends, net of foreign taxes withheld	$665		$1,615		$227		$5,764		$2,269		$18,458
Interest	43,786		89		6		61		140		1,766
Securities lending	240		12		6		53		160		161
Other	181		—		—		2		58		—

Total Investment Income	44,872		1,716		239		5,880		2,627		20,385


EXPENSES
Advisory fees	2,879		652		163		3,484		2,227		8,558
Custodian fees and expenses	36		89		30		147		37		34
Portfolio accounting fees	105		13		4		97		51		183
Printing expenses	40		4		1		48		24		84
Postage and mailing expenses	10		1		1		15		12		25
Distribution expenses	—		1		1		169		319		58
Legal fees	12		3		1		13		7		23
Trustees’ fees and expenses	10		1		—		12		6		22
Interest expense	4		1		—		23		14		11
Organization expenses	—		11		11		—		—		—
Other	22		3		1		24		13		50

Total Expenses	3,118		779		213		4,032		2,710		9,048
Custodian Credits	(5	)	—		—		—		(1	)	(2	)
Recaptured Distribution Expenses	—		(1	)	(1	)	(169	)	(319	)	(58	)
Adviser Expense Reimbursement	—		(57	)	(32	)	—		—		—

Net Expenses	3,113		721		180		3,863		2,390		8,988

NET INVESTMENT INCOME	41,759		995		59		2,017		237		11,397

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment security transactions	(71,246	)	(4,209	)	(2,898	)	(141,878	)	(22,181	)	(92,644	)
Future contracts and written option transactions	—		—		—		—		—		—
Foreign currency transactions	—		—		(8	)	—		—		—

Net Realized Loss on Investments and Foreign Currency Transactions	(71,246	)	(4,209	)	(2,906	)	(141,878	)	(22,181	)	(92,644	)

Net change in unrealized appreciation (depreciation) on:
Investment security transactions	19,710		(11,313	)	(909	)	(33,072	)	(65,569	)	(183,892	)
Futures contracts and written options	—		—		—		—		—		—
Foreign currency transactions	—		—		(25	)	—		—		—

Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions	19,710		(11,313	)	(934	)	(33,072	)	(65,569	)	(183,892	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS	(51,536	)	(15,522	)	(3,840	)	(174,950	)	(87,750	)	(276,536	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	($9,777	)	($14,527	)	($3,781	)	($172,933	)	($87,513	)	($265,139	)

(1) Operations commenced on January 2, 2002.

See Notes to Financial Statements

C-8

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	Blue Chip Portfolio		Aggressive Growth Portfolio		Emerging Markets Portfolio		Diversified Research Portfolio		Small-Cap Equity Portfolio		International Large-Cap Portfolio		I-Net Tollkeeper Portfolio		Financial Services Portfolio		Health Sciences Portfolio

OPERATIONS
Net investment income (loss)	$853		($498	)	$713		$692		$2,659		$2,898		($646	)	$336		($430	)
Net realized loss on investments and foreign currency transactions	(101,100	)	(9,998	)	(16,844	)	(15,121	)	(43,400	)	(68,284	)	(38,040	)	(7,577	)	(18,462	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(68,299	)	(2,174	)	10,426		(52,011	)	(99,337	)	(17,322	)	11,087		(5,799	)	(4,352	)

Net Decrease in Net Assets Resulting from Operations	(168,546	)	(12,670	)	(5,705	)	(66,440	)	(140,078	)	(82,708	)	(27,599	)	(13,040	)	(23,244	)

Net Equalization Credits (Debits)	713		—		(100	)	182		(320	)	635		—		60		—

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income	(711	)	—		(861	)	(623	)	(2,514	)	(4,572	)	—		(182	)	—
Net realized gains	—		—		—		—		—		—		—		—		—

Net Decrease in Net Assets Resulting from Distributions to Shareholders	(711	)	—		(861	)	(623	)	(2,514	)	(4,572	)	—		(182	)	—

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	258,389		59,356		152,746		93,024		193,514		847,513		34,511		49,215		45,461
Dividend reinvestments	708		—		850		620		2,498		4,570		—		181		—
Cost of shares repurchased	(38,701	)	(90,880	)	(161,390	)	(56,214	)	(219,671	)	(778,532	)	(38,637	)	(31,905	)	(32,176	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	220,396		(31,524	)	(7,794	)	37,430		(23,659	)	73,551		(4,126	)	17,491		13,285

NET INCREASE (DECREASE) IN NET ASSETS	51,852		(44,194	)	(14,460	)	(29,451	)	(166,571	)	(13,094	)	(31,725	)	4,329		(9,959	)

NET ASSETS

Beginning of Year	531,021		89,520		163,150		242,648		563,098		504,787		74,294		61,968		86,911

End of Year	$582,873		$45,326		$148,690		$213,197		$396,527		$491,693		$42,569		$66,297		$76,952

See Notes to Financial Statements

C-9

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	Technology Portfolio		Telecom- munications Portfolio		Multi- Strategy Portfolio		Large-Cap Core Portfolio (1)		Strategic Value Portfolio		Growth LT Portfolio		Focused 30 Portfolio		Mid-Cap Value Portfolio		International Value Portfolio

OPERATIONS
Net investment income (loss)	($388	)	($2	)	$13,327		$7,229		$17		$1,498		($125	)	$3,897		$16,080
Net realized loss on investments and foreign currency transactions	(21,282	)	(12,071	)	(114,367	)	(337,022	)	(12,196	)	(627,621	)	(7,954	)	(57,062	)	(159,113	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(6,091	)	3,084		822		(21,626	)	(11,795	)	(26,089	)	(9,459	)	(82,798	)	15,887

Net Decrease in Net Assets Resulting from Operations	(27,761	)	(8,989	)	(100,218	)	(351,419	)	(23,974	)	(652,212	)	(17,538	)	(135,963	)	(127,146	)

Net Equalization Credits (Debits)	—		16		(1,425	)	(1,317	)	36		(466	)	3		315		974

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income	—		(1	)	(13,194	)	(6,866	)	(89	)	(17,804	)	(79	)	(3,390	)	(10,425	)
Net realized gains	—		—		(7,397	)	—		—		—		—		(52,037	)	—

Net Decrease in Net Assets Resulting from Distributions to Shareholders	—		(1	)	(20,591	)	(6,866	)	(89	)	(17,804	)	(79	)	(55,427	)	(10,425	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	33,026		15,007		52,256		59,913		57,213		186,508		12,886		282,773		1,713,222
Dividend reinvestments	—		1		20,386		6,837		89		17,772		79		55,096		10,083
Cost of shares repurchased	(16,176	)	(6,993	)	(156,866	)	(262,959	)	(44,912	)	(374,888	)	(15,354	)	(254,820	)	(1,722,734	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	16,850		8,015		(84,224	)	(196,209	)	12,390		(170,608	)	(2,389	)	83,049		571

NET DECREASE IN NET ASSETS	(10,911	)	(959	)	(206,458	)	(555,811	)	(11,637	)	(841,090	)	(20,003	)	(108,026	)	(136,026	)

NET ASSETS

Beginning of Year	52,160		16,399		760,507		1,300,440		86,740		2,280,990		58,095		826,958		1,131,999

End of Year	$41,249		$15,440		$554,049		$744,629		$75,103		$1,439,900		$38,092		$718,932		$995,973

(1) Formerly named Equity Income Portfolio.

See Notes to Financial Statements

C-10

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	Capital Opportunities Portfolio		Mid-Cap Growth Portfolio		Global Growth Portfolio		Equity Index Portfolio		Small-Cap Index Portfolio		Real Estate Portfolio (1)		Inflation Managed Portfolio		Managed Bond Portfolio		Money Market Portfolio

OPERATIONS
Net investment income (loss)	$393		($477	)	($17	)	$22,370		$2,506		$13,587		$12,476		$110,924		$24,109
Net realized gain (loss) on investments and foreign currency transactions	(39,542	)	(66,694	)	(4,688	)	(31,066	)	(18,498	)	907		68,134		160,331		—
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(8,408	)	3,465		(1,624	)	(439,941	)	(66,004	)	(24,441	)	54,265		(15,654	)	—

Net Increase (Decrease) in Net Assets Resulting from Operations	(47,557	)	(63,706	)	(6,329	)	(448,637	)	(81,996	)	(9,947	)	134,875		255,601		24,109

Net Equalization Credits	173		14		—		123		1,518		2,928		10,897		4,283		1,733

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income	(296	)	—		—		(22,183	)	(2,329	)	(8,328	)	(10,203	)	(113,468	)	(24,280	)
Net realized gains	—		—		—		(140,937	)	—		(8,573	)	(12,716	)	(18,975	)	—

Net Decrease in Net Assets Resulting from Distributions to Shareholders	(296	)	—		—		(163,120	)	(2,329	)	(16,901	)	(22,919	)	(132,443	)	(24,280	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	61,391		77,641		48,672		299,270		266,478		157,184		704,739		483,948		3,253,978
Dividend reinvestments	294		—		—		162,242		2,305		16,149		22,494		128,683		24,006
Cost of shares repurchased	(22,113	)	(21,014	)	(38,393	)	(399,025	)	(104,334	)	(85,980	)	(169,923	)	(463,827	)	(3,134,903	)

Net Increase in Net Assets Derived from Capital Share Transactions	39,572		56,627		10,279		62,487		164,449		87,353		557,310		148,804		143,081

NET INCREASE (DECREASE) IN NET ASSETS	(8,108	)	(7,065	)	3,950		(549,147	)	81,642		63,433		680,163		276,245		144,643

NET ASSETS

Beginning of Year	154,091		99,383		23,336		2,009,221		219,725		236,302		620,494		2,353,055		1,604,902

End of Year	$145,983		$92,318		$27,286		$1,460,074		$301,367		$299,735		$1,300,657		$2,629,300		$1,749,545

(1) Formerly named REIT Portfolio.

See Notes to Financial Statements

C-11

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2002

(In thousands)	High Yield Bond Portfolio		Equity Income Portfolio (1)		Research Portfolio (1)		Equity Portfolio		Aggressive Equity Portfolio		Large-Cap Value Portfolio



OPERATIONS
Net investment income	$41,759		$995		$59		$2,017		$237		$11,397
Net realized loss on investments and foreign currency transactions	(71,246	)	(4,209	)	(2,906	)	(141,878	)	(22,181	)	(92,644	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	19,710		(11,313	)	(934	)	(33,072	)	(65,569	)	(183,892	)

Net Decrease in Net Assets Resulting from Operations	(9,777	)	(14,527	)	(3,781	)	(172,933	)	(87,513	)	(265,139	)

Net Equalization Credits (Debits)	2,872		645		18		(293	)	(3	)	2,960

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (2)	(42,081	)	(1,004	)	(63	)	(1,808	)	—		(10,627	)
Net realized gains	—		—		—		—		—		—

Net Decrease in Net Assets Resulting from Distributions to Shareholders	(42,081	)	(1,004	)	(63	)	(1,808	)	—		(10,627	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	334,039		165,938		26,971		55,525		132,737		342,574
Dividend reinvestments	41,024		998		63		1,808		—		10,509
Cost of shares repurchased	(286,558	)	(39,858	)	(2,727	)	(184,960	)	(113,600	)	(125,281	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	88,505		127,078		24,307		(127,627	)	19,137		227,802

NET INCREASE (DECREASE) IN NET ASSETS .	39,519		112,192		20,481		(302,661	)	(68,379	)	(45,004	)

NET ASSETS

Beginning of Year	484,683		—		—		695,151		303,852		1,048,332

End of Year	$524,202		$112,192		$20,481		$392,490		$235,473		$1,003,328

(1) Operations commenced on January 2, 2002.

(2) For the Research Portfolio, the amount included $28 of tax basis return of capital.

See Notes to Financial Statements

C-12

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2001

(In thousands)	Blue Chip Portfolio (1)		Aggressive Growth Portfolio (1)		Emerging Markets Portfolio		Diversified Research Portfolio		Small-Cap Equity Portfolio		International Large-Cap Portfolio		I-Net Tollkeeper Portfolio		Financial Services Portfolio (1)		Health Sciences Portfolio (1)



OPERATIONS
Net investment income (loss)	$344		($356	)	$1,631		$490		$3,549		$1,922		($1,220	)	$147		($194	)
Net realized loss on investments and foreign currency transactions	(31,354	)	(11,293	)	(61,942	)	(1,137	)	(98,846	)	(29,631	)	(45,555	)	(2,862	)	(2,105	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(30,171	)	1,111		39,118		(1,997	)	80,307		(55,232	)	5,886		1,319		4,017

Net Increase (Decrease) in Net Assets Resulting from Operations .	(61,181	)	(10,538	)	(21,193	)	(2,644	)	(14,990	)	(82,941	)	(40,889	)	(1,396	)	1,718

Net Equalization Credits (Debits)	1,210		3		(135	)	336		977		882		(14	)	175		71

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (2) .	(357	)	—		(247	)	(440	)	(3,229	)	(3,633	)	—		(154	)	—
Net realized gains	—		—		—		—		(81,595	)	—		—		—		—

Net Decrease in Net Assets Resulting from Distributions to Shareholders	(357	)	—		(247	)	(440	)	(84,824	)	(3,633	)	—		(154	)	—

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	605,774		121,819		151,210		153,335		312,394		731,590		39,752		74,408		111,588
Dividend reinvestments	356		—		242		438		83,877		3,631		—		154		—
Cost of shares repurchased	(14,781	)	(21,764	)	(145,630	)	(53,275	)	(316,980	)	(507,510	)	(40,109	)	(11,219	)	(26,466	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	591,349		100,055		5,822		100,498		79,291		227,711		(357	)	63,343		85,122

NET INCREASE (DECREASE) IN NET ASSETS	531,021		89,520		(15,753	)	97,750		(19,546	)	142,019		(41,260	)	61,968		86,911

NET ASSETS

Beginning of Year	—		—		178,903		144,898		582,644		362,768		115,554		—		—

End of Year	$531,021		$89,520		$163,150		$242,648		$563,098		$504,787		$74,294		$61,968		$86,911

(1) Operations commenced on January 2, 2001.

(2) For the Blue Chip Portfolio, the amount included $4 of tax basis return of capital.

See Notes to Financial Statements

C-13

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2001

(In thousands)	Technology Portfolio (1)		Telecom- munications Portfolio (1)		Multi- Strategy Portfolio		Large-Cap Core Portfolio (2)		Strategic Value Portfolio		Growth LT Portfolio		Focused 30 Portfolio		Mid-Cap Value Portfolio		International Value Portfolio



OPERATIONS
Net investment income (loss)	($182	)	$11		$19,170		$10,312		$305		$8,299		$87		$5,162		$13,685
Net realized gain (loss) on investments and foreign currency transactions	(8,108	)	(6,101	)	1,812		(31,038	)	(11,506	)	(992,532	)	(21,926	)	45,814		(23,611	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(2,909	)	(4,054	)	(29,084	)	(127,356	)	2,372		(51,719	)	14,381		20,091		(318,861	)

Net Increase (Decrease) in Net Assets Resulting from Operations	(11,199	)	(10,144	)	(8,102	)	(148,082	)	(8,829	)	(1,035,952	)	(7,458	)	71,067		(328,787	)

Net Equalization Credits (Debits)	11		30		269		(1,874	)	205		(489	)	45		1,772		(2,834	)

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (3)	—		(15	)	(18,747	)	(9,847	)	(283	)	(28,724	)	(34	)	(5,211	)	(12,573	)
Net realized gains	—		—		(1,375	)	(16,523	)	—		(424,360	)	—		(15,623	)	(21,381	)

Net Decrease in Net Assets Resulting from Distributions to Shareholders	—		(15	)	(20,122	)	(26,370	)	(283	)	(453,084	)	(34	)	(20,834	)	(33,954	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	77,716		36,734		126,048		157,815		74,049		437,317		31,898		493,848		2,138,854
Dividend reinvestments	—		15		19,960		26,259		282		449,927		34		20,729		33,083
Cost of shares repurchased	(14,368	)	(10,221	)	(120,048	)	(648,074	)	(21,560	)	(691,924	)	(15,339	)	(146,152	)	(2,310,100	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	63,348		26,528		25,960		(464,000	)	52,771		195,320		16,593		368,425		(138,163	)

NET INCREASE (DECREASE) IN NET ASSETS	52,160		16,399		(1,995	)	(640,326	)	43,864		(1,294,205	)	9,146		420,430		(503,738	)

NET ASSETS

Beginning of Year	—		—		762,502		1,940,766		42,876		3,575,195		48,949		406,528		1,635,737

End of Year	$52,160		$16,399		$760,507		$1,300,440		$86,740		$2,280,990		$58,095		$826,958		$1,131,999

(1) Operations commenced on January 2, 2001.

(2) Formerly named Equity Income Portfolio.

(3) For the International Value Portfolio, the amount included $539 of tax basis return of capital.

See Notes to Financial Statements

C-14

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2001

(In thousands)	Capital Opportunities Portfolio (1)		Mid-Cap Growth Portfolio (1)		Global Growth Portfolio (1)		Equity Index Portfolio		Small-Cap Index Portfolio		Real Estate Portfolio (2)		Inflation Managed Portfolio (3)		Managed Bond Portfolio		Money Market Portfolio



OPERATIONS
Net investment income (loss)	$167		($99	)	($39	)	$22,957		$1,790		$9,181		$22,057		$102,242		$54,958
Net realized gain (loss) on investments and foreign currency transactions	(21,226	)	(3,485	)	(3,084	)	143,259		(1,439	)	6,596		18,565		17,498		—
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	(794	)	(6,037	)	150		(468,471	)	5,277		(868	)	(17,824	)	14,976		—

Net Increase (Decrease) in Net Assets Resulting from Operations	(21,853	)	(9,621	)	(2,973	)	(302,255	)	5,628		14,909		22,798		134,716		54,958

Net Equalization Credits (Debits)	490		202		43		(716	)	488		2,054		1,854		22,276		3,756

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income	(176	)	—		—		(22,886	)	(1,710	)	(6,907	)	(21,426	)	(103,197	)	(54,924	)
Net realized gains	—		—		—		(8,020	)	(13,440	)	(660	)	—		—		—

Net Decrease in Net Assets Resulting from Distributions to Shareholders	(176	)	—		—		(30,906	)	(15,150	)	(7,567	)	(21,426	)	(103,197	)	(54,924	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	189,371		131,195		35,429		399,239		139,374		117,253		338,409		852,175		4,218,582
Dividend reinvestments	175		—		—		30,820		15,026		7,316		20,001		100,138		54,372
Cost of shares repurchased	(13,916	)	(22,393	)	(9,163	)	(672,026	)	(107,996	)	(66,605	)	(313,969	)	(266,801	)	(3,928,200	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	175,630		108,802		26,266		(241,967	)	46,404		57,964		44,441		685,512		344,754

NET INCREASE (DECREASE) IN NET ASSETS .	154,091		99,383		23,336		(575,844	)	37,370		67,360		47,667		739,307		348,544

NET ASSETS

Beginning of Year	—		—		—		2,585,065		182,355		168,942		572,827		1,613,748		1,256,358

End of Year	$154,091		$99,383		$23,336		$2,009,221		$219,725		$236,302		$620,494		$2,353,055		$1,604,902

(1) Operations commenced on January 2, 2001.

(2) Formerly named REIT Portfolio.

(3) Formerly named Government Securities Portfolio.

See Notes to Financial Statements

C-15

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

FOR THE YEAR ENDED DECEMBER 31, 2001

(In thousands)	High Yield Bond Portfolio		Equity Portfolio		Aggressive Equity Portfolio		Large-Cap Value Portfolio

OPERATIONS
Net investment income (loss)	$46,087		$515		($1,372	)	$6,860
Net realized loss on investments and foreign currency transactions	(62,094	)	(267,389	)	(119,822	)	(20,336	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions	21,539		44,045		48,311		(36,525	)

Net Increase (Decrease) in Net Assets Resulting from Operations	5,532		(222,829	)	(72,883	)	(50,001	)

Net Equalization Credits	2,239		—		—		5,509

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income .	(46,346	)	(352	)	—		(6,598	)
Net realized gains (1)	—		(49,136	)	—		(23,041	)

Net Decrease in Net Assets Resulting from Distributions to Shareholders	(46,346	)	(49,488	)	—		(29,639	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	321,379		176,810		146,106		796,049
Dividend reinvestments	45,279		49,488		—		29,409
Cost of shares repurchased	(268,367	)	(302,841	)	(216,832	)	(74,749	)

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions	98,291		(76,543	)	(70,726	)	750,709

NET INCREASE (DECREASE) IN NET ASSETS	59,716		(348,860	)	(143,609	)	676,578

NET ASSETS

Beginning of Year	424,967		1,044,011		447,461		371,754

End of Year	$484,683		$695,151		$303,852		$1,048,332

(1) For the Equity Portfolio, the amount included $424 of tax basis return of capital.

See Notes to Financial Statements

C-16

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS

Selected per share, ratios and supplemental data for each year or period ended were as follows:


		Investment Activities						Distributions							Ratios/Supplemental Data

For the Year or Period Ended December 31,	Net Asset Value, Beginning of Year	Net Invest-ment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Securities		Total from Investment Operations		Dividends from Net Investment Income		Distri-butions from Capital Gains		Tax Basis Return of Capital	Total Distri-butions		Net Asset Value, End of Year	Total Returns (1)		Net Assets, End of Year (in thousands)	Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)		Portfolio Turnover Rates

Blue Chip

2002	$8.14	$0.01		($2.12	)	($2.11	)	($0.01	)	$—		$—	($0.01	)	$6.02	(25.94	%)	$582,873	1.00	%	1.01	%	0.16	%	0.14	%	36.04	%

01/02/2001 – 12/31/2001	10.00	0.01		(1.86	)	(1.85	)	(0.01	)	—		—	(0.01	)	8.14	(18.57	%)	531,021	1.00	%	1.04	%	0.11	%	0.07	%	23.71	%


Aggressive Growth

2002	$8.02	($0.04	)	($1.75	)	($1.79	)	$—		$—		$—	$—		$6.23	(22.32	%)	$45,326	1.10	%	1.13	%	(0.77	%)	(0.80	%)	121.51	%

01/02/2001 – 12/31/2001	10.00	(0.03	)	(1.95	)	(1.98	)	—		—		—	—		8.02	(19.78	%)	89,520	1.10	%	1.24	%	(0.65	%)	(0.79	%)	83.91	%


Emerging Markets

2002	$6.14	$0.03		($0.21	)	($0.18	)	($0.03	)	$—		$—	($0.03	)	$5.93	(3.07	%)	$148,690	1.33	%	1.33	%	0.42	%	0.42	%	136.43	%

2001	6.73	0.04		(0.62	)	(0.58	)	(0.01	)	—		—	(0.01	)	6.14	(8.68	%)	163,150	1.31	%	1.32	%	0.92	%	0.91	%	84.53	%

2000	10.48	(0.03	)	(3.71	)	(3.74	)	(0.01	)	—		—	(0.01	)	6.73	(35.69	%)	178,903	1.30	%	1.30	%	0.01	%	0.00	%	120.01	%

1999	6.85	0.03		3.63		3.66		(0.03	)	—		—	(0.03	)	10.48	53.56	%	217,030	1.41	%	1.42	%	0.74	%	0.74	%	48.52	%

1998	9.47	0.10		(2.64	)	(2.54	)	(0.08	)	—		—	(0.08	)	6.85	(26.83	%)	106,570	1.46	%	1.46	%	1.42	%	1.42	%	29.82	%


Diversified Research

2002	$10.66	$0.03		($2.61	)	($2.58	)	($0.02	)	$—		$—	($0.02	)	$8.06	(24.19	%)	$213,197	0.95	%	0.97	%	0.32	%	0.30	%	35.32	%

2001	10.99	0.02		(0.33	)	(0.31	)	(0.02	)	—		—	(0.02	)	10.66	(2.74	%)	242,648	0.94	%	0.96	%	0.28	%	0.26	%	34.80	%

01/03/2000 – 12/31/2000	10.00	0.03		0.99		1.02		(0.03	)	—		—	(0.03	)	10.99	10.21	%	144,898	0.98	%	0.99	%	0.51	%	0.50	%	23.71	%


Small-Cap Equity

2002	$17.40	$0.09		($4.19	)	($4.10	)	($0.08	)	$—		$—	($0.08	)	$13.22	(23.58	%)	$396,527	0.70	%	0.70	%	0.54	%	0.53	%	36.56	%

2001	21.19	0.12		(0.61	)	(0.49	)	(0.11	)	(3.19	)	—	(3.30	)	17.40	(2.54	%)	563,098	0.69	%	0.70	%	0.67	%	0.67	%	49.93	%

2000	29.79	0.15		(6.51	)	(6.36	)	(0.15	)	(2.09	)	—	(2.24	)	21.19	(22.41	%)	582,644	0.69	%	0.69	%	0.62	%	0.61	%	45.54	%

1999	22.92	0.05		9.75		9.80		(0.05	)	(2.88	)	—	(2.93	)	29.79	47.52	%	425,107	0.70	%	0.70	%	0.22	%	0.22	%	49.34	%

1998	24.61	0.02		0.90		0.92		(0.02	)	(2.59	)	—	(2.61	)	22.92	2.69	%	267,958	0.70	%	0.70	%	0.11	%	0.11	%	48.48	%


International Large-Cap

2002	$6.36	$0.07		($1.18	)	($1.11	)	($0.06	)	$—		$—	($0.06	)	$5.19	(17.63	%)	$491,693	1.15	%	1.15	%	0.59	%	0.59	%	28.96	%

2001	7.84	0.05		(1.48	)	(1.43	)	(0.05	)	—		—	(0.05	)	6.36	(18.29	%)	504,787	1.14	%	1.14	%	0.44	%	0.44	%	25.64	%

01/03/2000 – 12/31/2000	10.00	0.06		(2.21	)	(2.15	)	(0.01	)	—		—	(0.01	)	7.84	(21.51	%)	362,768	1.17	%	1.17	%	0.41	%	0.41	%	21.25	%


I-Net Tollkeeper

2002	$4.48	$0.08		($1.81	)	($1.73	)	$—		$—		$—	$—		$2.75	(38.62	%)	$42,569	1.43	%	1.44	%	(1.32	%)	(1.32	%)	53.36	%

2001	6.78	(0.08	)	(2.22	)	(2.30	)	—		—		—	—		4.48	(33.89	%)	74,294	1.57	%	1.57	%	(1.35	%)	(1.35	%)	46.78	%

05/01/2000 – 12/31/2000	10.00	(0.04	)	(3.18	)	(3.22	)	—		—		—	—		6.78	(32.17	%)	115,554	1.60	%	1.63	%	(1.03	%)	(1.06	%)	47.56	%


Financial Services

2002	$9.25	$0.04		($1.39	)	($1.35	)	($0.02	)	$—		$—	($0.02	)	$7.88	(14.59	%)	$66,297	1.20	%	1.25	%	0.48	%	0.44	%	86.15	%

01/02/2001 – 12/31/2001	10.00	0.02		(0.75	)	(0.73	)	(0.02	)	—		—	(0.02	)	9.25	(7.28	%)	61,968	1.20	%	1.34	%	0.43	%	0.29	%	82.16	%

See Notes to Financial Statements

See explanation of references on D-5

D-1

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended were as follows:

		Investment Activities						Distributions							Ratios/Supplemental Data
For the Year or Period Ended December 31,	Net Asset Value, Begin-ning of Year	Net Invest-ment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Securities		Total from Investment Operations		Dividends from Net Investment Income		Distri-butions from Capital Gains		Tax Basis Return of Capital	Total Distri-butions		Net Asset Value, End of Year	Total Returns (1)		Net Assets, End of Year (in thousands)	Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)		Portfolio Turnover Rates


Health Sciences

2002	$9.23	($0.02	)	($2.13	)	($2.15	)	$—		$—		$—	$—		$7.08	(23.30	%)	$76,952	1.16	%	1.21	%	(0.51	%)	(0.55	%)	139.61	%

01/02/2001 – 12/31/2001	10.00	(0.02	)	(0.75	)	(0.77	)	—		—		—	—		9.23	(7.69	%)	86,911	1.20	%	1.24	%	(0.42	%)	(0.46	%)	94.37	%


Technology

2002	$5.91	($0.01	)	($2.73	)	($2.74	)	$—		$—		$—	$—		$3.17	(46.34	%)	$41,249	1.20	%	1.20	%	(0.95	%)	(0.95	%)	106.38	%

01/02/2001 – 12/31/2001	10.00	(0.02	)	(4.07	)	(4.09	)	—		—		—	—		5.91	(40.94	%)	52,160	1.20	%	1.31	%	(0.71	%)	(0.82	%)	69.22	%


Telecommunications

2002	$5.32	$—		($2.50	)	($2.50	)	$—		$—		$—	$—		$2.82	(47.06	%)	$15,440	1.21	%	1.26	%	(0.02	%)	(0.07	%)	154.53	%

01/02/2001 – 12/31/2001	10.00	—		(4.67	)	(4.67	)	(0.01	)	—		—	(0.01	)	5.32	(46.72	%)	16,399	1.21	%	1.39	%	0.08	%	(0.10	%)	77.40	%


Multi-Strategy

2002	$14.82	$0.28		($2.20	)	($1.92	)	($0.28	)	($0.14	)	$—	($0.42	)	$12.48	(13.06	%)	$554,049	0.70	%	0.70	%	2.00	%	1.99	%	336.62	%

2001	15.40	0.38		(0.56	)	(0.18	)	(0.37	)	(0.03	)	—	(0.40	)	14.82	(1.15	%)	760,507	0.69	%	0.70	%	2.55	%	2.54	%	220.34	%

2000	16.98	0.44		(0.33	)	0.11		(0.43	)	(1.26	)	—	(1.69	)	15.40	0.75	%	762,502	0.69	%	0.70	%	2.68	%	2.67	%	237.43	%

1999	17.32	0.44		0.74		1.18		(0.43	)	(1.09	)	—	(1.52	)	16.98	7.04	%	739,506	0.70	%	0.70	%	2.57	%	2.56	%	196.97	%

1998	16.18	0.46		2.34		2.80		(0.46	)	(1.20	)	—	(1.66	)	17.32	18.17	%	576,424	0.70	%	0.71	%	2.81	%	2.81	%	102.38	%


Large-Cap Core (4)

2002	$20.98	$0.14		($6.10	)	($5.96	)	($0.13	)	$—		$—	($0.13	)	$14.89	(28.40	%)	$744,629	0.69	%	0.71	%	0.73	%	0.72	%	71.88	%

2001	23.46	0.16		(2.23	)	(2.07	)	(0.15	)	(0.26	)	—	(0.41	)	20.98	(8.87	%)	1,300,440	0.69	%	0.71	%	0.68	%	0.66	%	40.87	%

2000	27.75	0.22		(1.98	)	(1.76	)	(0.22	)	(2.31	)	—	(2.53	)	23.46	(6.71	%)	1,940,766	0.69	%	0.69	%	0.85	%	0.84	%	45.41	%

1999	26.89	0.24		3.20		3.44		(0.24	)	(2.34	)	—	(2.58	)	27.75	13.26	%	1,813,224	0.70	%	0.70	%	0.91	%	0.91	%	69.34	%

1998	24.47	0.20		5.44		5.64		(0.20	)	(3.02	)	—	(3.22	)	26.89	24.18	%	1,262,143	0.69	%	0.70	%	0.84	%	0.84	%	80.78	%


Strategic Value

2002	$8.77	$—		($1.94	)	($1.94	)	($0.01	)	$—		$—	($0.01	)	$6.82	(22.15	%)	$75,103	1.05	%	1.05	%	0.02	%	0.02	%	51.01	%

2001	9.76	0.03		(0.99	)	(0.96	)	(0.03	)	—		—	(0.03	)	8.77	(9.87	%)	86,740	1.05	%	1.05	%	0.44	%	0.43	%	91.97	%

10/02/2000 – 12/31/2000	10.00	0.03		(0.25	)	(0.22	)	(0.02	)	—		—	(0.02	)	9.76	(2.19	%)	42,876	1.05	%	1.44	%	1.30	%	0.91	%	9.88	%


Growth LT

2002	$18.59	($0.04	)	($5.32	)	($5.36	)	($0.15	)	$—		$—	($0.15	)	$13.08	(28.97	%)	$1,439,900	0.79	%	0.87	%	0.09	%	0.01	%	113.39	%

2001	31.30	0.19		(8.71	)	(8.52	)	(0.26	)	(3.93	)	—	(4.19	)	18.59	(29.55	%)	2,280,990	0.79	%	0.82	%	0.31	%	0.27	%	90.93	%

2000	47.67	0.33		(9.43	)	(9.10	)	(0.22	)	(7.05	)	—	(7.27	)	31.30	(21.70	%)	3,575,195	0.79	%	0.80	%	0.30	%	0.30	%	68.37	%

1999	26.20	0.15		23.95		24.10		—		(2.63	)	—	(2.63	)	47.67	98.08	%	3,655,851	0.79	%	0.79	%	(0.33	%)	(0.33	%)	111.56	%

1998	17.31	(0.04	)	9.86		9.82		(0.05	)	(0.88	)	—	(0.93	)	26.20	58.29	%	1,279,759	0.80	%	0.80	%	(0.08	%)	(0.08	%)	116.96	%

See Notes to Financial Statements

See explanation of references on D-5

D-2

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended were as follows:

		Investment Activities						Distributions								Ratios/Supplemental Data
For the Year or Period Ended December 31,	Net Asset Value, Beginning of Year	Net Invest-ment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Securities		Total from Investment Operations		Dividends from Net Investment Income		Distri-butions from Capital Gains		Tax Basis Return of Capital		Total Distri-butions		Net Asset Value, End of Year	Total Returns (1)		Net Assets, End of Year (in thousands)	Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)		Portfolio Turnover Rates

Focused 30
2002	$7.12	($0.01	)	($2.08	)	($2.09	)	($0.01	)	$—		$—		($0.01	)	$5.02	(29.41	%)	$38,092	1.05	%	1.05	%	(0.26	%)	(0.26	%)	164.99	%
2001	8.22	0.01		(1.11	)	(1.10	)	—		—		—		—		7.12	(13.35	%)	58,095	1.05	%	1.06	%	0.17	%	0.17	%	213.23	%
10/02/2000 – 12/31/2000	10.00	0.04		(1.78	)	(1.74	)	(0.04	)	—		—		(0.04	)	8.22	(17.39	%)	48,949	1.05	%	1.37	%	2.15	%	1.83	%	23.51	%

Mid-Cap Value
2002	$14.16	$0.06		($1.98	)	($1.92	)	($0.05	)	($0.80	)	$—		($0.85	)	$11.39	(14.46	%)	$718,932	0.90	%	0.97	%	0.48	%	0.41	%	115.94	%
2001	12.90	0.10		1.60		1.70		(0.10	)	(0.34	)	—		(0.44	)	14.16	13.30	%	826,958	0.89	%	1.00	%	0.83	%	0.72	%	148.32	%
2000	10.50	0.05		2.54		2.59		(0.05	)	(0.14	)	—		(0.19	)	12.90	24.91	%	406,528	0.88	%	0.98	%	0.57	%	0.47	%	136.97	%
01/04/1999 – 12/31/1999	10.00	0.02		0.50		0.52		(0.02	)	—		—		(0.02	)	10.50	5.22	%	107,434	0.97	%	0.97	%	0.44	%	0.44	%	84.14	%

International Value
2002	$12.06	$0.19		($1.87	)	($1.68	)	($0.11	)	$—		$—		($0.11	)	$10.27	(13.91	%)	$995,973	0.93	%	0.93	%	1.50	%	1.50	%	14.67	%
2001	15.85	0.08		(3.50	)	(3.42	)	(0.14	)	(0.22	)	(0.01	)	(0.37	)	12.06	(21.87	%)	1,131,999	0.93	%	0.93	%	1.06	%	1.06	%	91.89	%
2000	18.49	0.09		(2.19	)	(2.10	)	(0.02	)	(0.52	)	—		(0.54	)	15.85	(11.40	%)	1,635,737	0.96	%	0.96	%	1.09	%	1.09	%	63.27	%
1999	15.80	0.06		3.37		3.43		(0.12	)	(0.62	)	—		(0.74	)	18.49	22.82	%	1,683,446	1.01	%	1.01	%	1.12	%	1.12	%	55.56	%
1998	16.21	0.11		0.90		1.01		(0.17	)	(1.25	)	—		(1.42	)	15.80	5.60	%	996,215	1.00	%	1.00	%	1.36	%	1.36	%	45.61	%

Capital Opportunities
2002	$8.44	$0.02		($2.28	)	($2.26	)	($0.01	)	$—		$—		($0.01	)	$6.17	(26.78	%)	$145,983	0.87	%	0.93	%	0.27	%	0.21	%	103.67	%
01/02/2001 – 12/31/2001	10.00	0.01		(1.56	)	(1.55	)	(0.01	)	—		—		(0.01	)	8.44	(15.54	%)	154,091	0.91	%	0.94	%	0.19	%	0.16	%	98.40	%

Mid-Cap Growth
2002	$8.12	($0.01	)	($3.81	)	($3.82	)	$—		$—		$—		$—		$4.30	(47.03	%)	$92,318	1.00	%	1.09	%	(0.51	%)	(0.60	%)	157.58	%
01/02/2001 – 12/31/2001	10.00	(0.01	)	(1.87	)	(1.88	)	—		—		—		—		8.12	(18.81	%)	99,383	1.00	%	1.03	%	(0.20	%)	(0.23	%)	95.48	%

Global Growth
2002	$8.50	$0.01		($1.66	)	($1.65	)	$—		$—		$—		$—		$6.85	(19.48	%)	$27,286	1.64	%	1.74	%	(0.06	%)	(0.16	%)	149.86	%
01/02/2001 – 12/31/2001	10.00	(0.02	)	(1.48	)	(1.50	)	—		—		—		—		8.50	(14.97	%)	23,336	1.76	%	2.15	%	(0.23	%)	(0.62	%)	123.50	%

Equity Index
2002	$29.54	$0.32		($6.56	)	($6.24	)	($0.32	)	($2.07	)	$—		($2.39	)	$20.91	(22.34	%)	$1,460,074	0.29	%	0.29	%	1.31	%	1.31	%	10.07	%
2001	34.12	0.33		(4.46	)	(4.13	)	(0.33	)	(0.12	)	—		(0.45	)	29.54	(12.15	%)	2,009,221	0.29	%	0.29	%	1.06	%	1.06	%	4.58	%
2000	38.41	0.35		(3.88	)	(3.53	)	(0.35	)	(0.41	)	—		(0.76	)	34.12	(9.29	%)	2,585,065	0.29	%	0.29	%	0.96	%	0.96	%	4.13	%
1999	32.33	0.39		6.24		6.63		(0.39	)	(0.16	)	—		(0.55	)	38.41	20.59	%	2,423,611	0.20	%	0.21	%	1.14	%	1.13	%	4.16	%
1998	25.71	0.38		6.83		7.21		(0.37	)	(0.22	)	—		(0.59	)	32.33	28.45	%	1,496,457	0.21	%	0.21	%	1.33	%	1.33	%	2.48	%


See Notes to Financial Statements		See explanation of references on D-5

D-3

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended were as follows:

		Investment Activities					Distributions						Ratios/Supplemental Data

For the Year or Period Ended December 31,	Net Asset Value, Beginning of Year	Net Invest-ment Income	Net Realized and Unrealized Gain (Loss) on Securities		Total from Investment Operations		Dividends from Net Investment Income	Distri-butions from Capital Gains		Tax Basis Return of Capital	Total Distri-butions		Net Asset Value, End of Year	Total Returns (1)	Net Assets, End of Year (in thousands)	Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)	Ratios of Expenses Before Expense Reductions to Average Net Assets (3)	Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)	Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)	Portfolio Turnover Rates

Small-Cap Index
2002	$10.30	$0.07	($2.24	)	($2.17	)	($0.07)	$—		$—	($0.07	)	$8.06	(21.19%)	$301,367	0.56%	0.56%	0.91%	0.91%	49.51	%
2001	11.13	0.10	0.08		0.18		(0.09)	(0.92	)	—	(1.01	)	10.30	1.74%	219,725	0.57%	0.57%	1.05%	1.05%	51.78	%
2000	11.74	0.13	(0.55	)	(0.42	)	(0.13)	(0.06	)	—	(0.19	)	11.13	(3.61%)	182,355	0.60%	0.62%	1.18%	1.16%	67.45	%
01/04/1999 – 12/31/1999	10.00	0.06	1.87		1.93		(0.06)	(0.13	)	—	(0.19	)	11.74	19.36%	115,052	0.75%	0.94%	0.99%	0.80%	52.06	%

Real Estate (5)
2002	$12.80	$0.46	($0.47	)	($0.01	)	($0.35)	($0.36	)	$—	($0.71	)	$12.08	(0.32%)	$299,735	1.15%	1.15%	4.48%	4.48%	27.12	%
2001	12.23	0.53	0.49		1.02		(0.40)	(0.05	)	—	(0.45	)	12.80	8.55%	236,302	1.15%	1.15%	4.78%	4.78%	30.13	%
2000	9.59	0.46	2.65		3.11		(0.46)	(0.01	)	—	(0.47	)	12.23	32.77%	168,942	1.14%	1.14%	5.16%	5.16%	18.22	%
01/04/1999 – 12/31/1999	10.00	0.39	(0.39	)	—		(0.39)	(0.02	)	—	(0.41	)	9.59	(0.01%)	50,101	1.28%	1.28%	6.09%	6.09%	20.24	%

Inflation Managed

2002	$10.73	$0.11	$1.52		$1.63		($0.12)	($0.18	)	$—	($0.30	)	$12.06	15.45%	$1,300,657	0.64%	0.64%	1.33%	1.33%	621.35	%
2001	10.68	0.41	0.04		0.45		(0.40)	—		—	(0.40	)	10.73	4.27%	620,494	0.66%	0.67%	3.73%	3.72%	873.05	%
2000	10.10	0.58	0.58		1.16		(0.58)	—		—	(0.58	)	10.68	11.85%	572,827	0.62%	0.65%	5.77%	5.74%	589.38	%
1999	10.98	0.52	(0.74	)	(0.22	)	(0.52)	(0.14	)	—	(0.66	)	10.10	(1.95%)	428,174	0.66%	0.66%	5.19%	5.19%	370.28	%
1998	10.78	0.54	0.42		0.96		(0.55)	(0.21	)	—	(0.76	)	10.98	9.24%	190,428	0.66%	0.66%	5.16%	5.16%	266.83	%

Managed Bond

2002	$11.03	$0.54	$0.63		$1.17		($0.52)	($0.09	)	$—	($0.61	)	$11.59	10.93%	$2,629,300	0.65%	0.65%	4.52%	4.52%	379.20	%
2001	10.82	0.55	0.23		0.78		(0.57)	—		—	(0.57	)	11.03	7.33%	2,353,055	0.64%	0.65%	5.09%	5.09%	412.87	%
2000	10.33	0.68	0.47		1.15		(0.66)	—		—	(0.66	)	10.82	11.53%	1,613,748	0.64%	0.65%	6.42%	6.41%	406.54	%
1999	11.38	0.59	(0.79	)	(0.20	)	(0.59)	(0.26	)	—	(0.85	)	10.33	(1.91%)	1,090,978	0.65%	0.66%	5.68%	5.67%	374.74	%
1998	11.14	0.57	0.40		0.97		(0.58)	(0.15	)	—	(0.73	)	11.38	9.20%	765,989	0.66%	0.66%	5.40%	5.40%	230.99	%

Money Market

2002	$10.09	$0.14	$—		$0.14		($0.14)	$—		$—	($0.14	)	$10.09	1.41%	$1,749,545	0.36%	0.36%	1.40%	1.40%	N/A
2001	10.09	0.38	—		0.38		(0.38)	—		—	(0.38	)	10.09	3.86%	1,604,902	0.36%	0.36%	3.70%	3.70%	N/A
2000	10.08	0.60	0.01		0.61		(0.60)	—		—	(0.60	)	10.09	6.18%	1,256,358	0.38%	0.38%	6.01%	6.01%	N/A
1999	10.05	0.46	0.03		0.49		(0.46)	—		—	(0.46	)	10.08	4.94%	1,057,072	0.39%	0.40%	4.87%	4.87%	N/A
1998	10.06	0.52	—		0.52		(0.53)	—		—	(0.53	)	10.05	5.29%	479,121	0.42%	0.43%	5.17%	5.16%	N/A

High Yield Bond

2002	$7.07	$0.57	($0.78	)	($0.21	)	($0.58)	$—		$—	($0.58	)	$6.28	(3.00%)	$524,202	0.65%	0.65%	8.70%	8.70%	94.99	%
2001	7.70	0.73	(0.62	)	0.11		(0.74)	—		—	(0.74	)	7.07	1.35%	484,683	0.63%	0.64%	9.77%	9.76%	114.19	%
2000	8.81	0.82	(1.13	)	(0.31	)	(0.80)	—		—	(0.80	)	7.70	(3.72%)	424,967	0.64%	0.65%	10.04%	10.04%	70.45	%
1999	9.34	0.78	(0.53	)	0.25		(0.78)	—		—	(0.78	)	8.81	2.90%	448,747	0.65%	0.66%	8.65%	8.65%	52.38	%
1998	9.98	0.78	(0.55	)	0.23		(0.78)	(0.09	)	—	(0.87	)	9.34	2.46%	389,385	0.65%	0.66%	8.18%	8.17%	75.27	%

See Notes to Financial Statements

See explanation of references on D-5

D-4

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (Continued)

Selected per share, ratios and supplemental data for each year or period ended were as follows:

		Investment Activities						Distributions									Ratios/Supplemental Data
For the Year or Period Ended December 31,	Net Asset Value, Begin-ning of Year	Net Invest-ment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Securities		Total from Investment Operations		Dividends from Net Investment Income		Distri-butions from Capital Gains		Tax Basis Return of Capital		Total Distri-butions		Net Asset Value, End of Year	Total Returns (1)		Net Assets, End of Year (in thousands)	Ratios of Expenses After Expense Reductions to Average Net Assets (2), (3)		Ratios of Expenses to Before Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) After Expense Reductions to Average Net Assets (3)		Ratios of Net Investment Income (Loss) Before Expense Reductions to Average Net Assets (2), (3)		Portfolio Turnover Rates


Equity Income (6)

01/02/2002 – 12/31/2002	$10.00	$0.08		($1.43	)	($1.35	)	($0.08	)	$—		$—		($0.08	)	$8.57	(13.54	%)	$112,192	1.05	%	1.14	%	1.45	%	1.36	%	42.76	%


Research (6)

01/02/2002 – 12/31/2002	$10.00	$0.01		($2.13	)	($2.12	)	($0.01	)	$—		($0.01	)	($0.02	)	$7.86	(21.18	%)	$20,481	1.10	%	1.31	%	0.36	%	0.16	%	173.87	%


Equity

2002	$19.21	$0.07		($5.16	)	($5.09	)	($0.06	)	$—		$—		($0.06	)	$14.06	(26.51	%)	$392,490	0.72	%	0.75	%	0.38	%	0.35	%	96.16	%

2001	26.12	0.01		(5.56	)	(5.55	)	(0.01	)	(1.34	)	(0.01	)	(1.36	)	19.21	(21.76	%)	695,151	0.70	%	0.70	%	0.06	%	0.06	%	132.39	%

2000	37.50	(0.01	)	(8.94	)	(8.95	)	—		(2.43	)	—		(2.43	)	26.12	(25.17	%)	1,044,011	0.69	%	0.69	%	(0.05	%)	(0.05	%)	62.74	%

1999	29.27	0.03		10.56		10.59		(0.03	)	(2.33	)	—		(2.36	)	37.50	38.54	%	1,042,678	0.69	%	0.69	%	0.11	%	0.11	%	58.72	%

1998	23.89	0.09		7.01		7.10		(0.09	)	(1.63	)	—		(1.72	)	29.27	30.28	%	502,629	0.71	%	0.71	%	0.35	%	0.35	%	130.51	%


Aggressive Equity

2002	$9.17	$0.09		($2.39	)	($2.30	)	$—		$—		$—		$—		$6.87	(25.09	%)	$235,473	0.86	%	0.97	%	0.09	%	(0.03	%)	122.32	%

2001	11.08	(0.05	)	(1.86	)	(1.91	)	—		—		—		—		9.17	(17.24	%)	303,852	0.87	%	0.91	%	(0.40	%)	(0.45	%)	209.96	%

2000	14.55	(0.02	)	(2.98	)	(3.00	)	—		(0.47	)	—		(0.47	)	11.08	(21.06	%)	447,461	0.84	%	0.86	%	(0.28	%)	(0.30	%)	171.29	%

1999	12.66	(0.01	)	3.27		3.26		—		(1.37	)	—		(1.37	)	14.55	27.35	%	466,360	0.85	%	0.85	%	(0.12	%)	(0.13	%)	100.85	%

1998	11.18	0.01		1.47		1.48		—		—		—		—		12.66	13.22	%	218,712	0.89	%	0.89	%	0.01	%	0.01	%	184.42	%


Large-Cap Value

2002	$11.73	$0.10		($2.79	)	($2.69	)	($0.09	)	$—		$—		($0.09	)	$8.95	(22.96	%)	$1,003,328	0.89	%	0.90	%	1.13	%	1.13	%	41.03	%

2001	12.60	0.09		(0.54	)	(0.45	)	(0.09	)	(0.33	)	—		(0.42	)	11.73	(3.65	%)	1,048,332	0.88	%	0.90	%	0.91	%	0.89	%	40.69	%

2000	11.09	0.11		1.58		1.69		(0.10	)	(0.08	)	—		(0.18	)	12.60	15.26	%	371,754	0.90	%	0.95	%	1.06	%	1.00	%	80.70	%

01/04/1999 – 12/31/1999	10.00	0.05		1.09		1.14		(0.05	)	—		—		(0.05	)	11.09	11.46	%	169,531	0.97	%	0.97	%	0.86	%	0.86	%	55.23	%

(1)

Total returns are not annualized for periods of less than one full year.

(2)

The ratios of expenses after expense reductions to average daily net assets are after custodian credits, recaptured distribution expenses, adviser expense reimbursements, and recoupment of adviser's reimbursements, if any, as discussed in Note 6 to the Financial Statements. The ratios of net investment income (loss) before expense reductions to average daily net assets are grossed up by these custodian credits, recaptured distribution expenses, adviser expense reimbursements, and recoupment of adviser's reimbursements, if any.

(3)

The ratios are annualized for periods of less than one full year.

(4)

The Large-Cap Core Portfolio was formerly named Equity Income Portfolio.

(5)

The Real Estate Portfolio was formerly named REIT Portfolio.

(6)

Operations commenced on 01/02/2002.

See Notes to Financial Statements

D-5

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, as an open-end, diversified management investment company, organized as a Massachusetts business trust and as of December 31, 2002 is comprised of thirty-three separate portfolios: the Blue Chip, Aggressive Growth, Emerging Markets, Diversified Research, Small-Cap Equity, International Large-Cap, I-Net Tollkeeper, Financial Services, Health Sciences, Technology, Telecommunications, Multi-Strategy, Large-Cap Core (formerly Equity Income), Strategic Value, Growth LT, Focused 30, Mid-Cap Value, International Value, Capital Opportunities, Mid-Cap Growth, Global Growth, Equity Index, Small-Cap Index, Real Estate (formerly REIT), Inflation Managed, Managed Bond, Money Market, High Yield Bond, Equity Income, Research, Equity, Aggressive Equity, and Large-Cap Value Portfolios. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are owned.

Shares of the Fund are offered only to Pacific Select Separate Account, Pacific Select Exec Separate Account, Pacific COLI Separate Account, Pacific COLI Separate Account II, Pacific COLI Separate Account III, Pacific Select Variable Annuity Separate Account, Separate Account A, Separate Account B, and Pacific Corinthian Variable Separate Account of Pacific Life Insurance Company, and Pacific Select Exec Separate Account and Separate Account A of Pacific Life & Annuity Company, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”).

The portfolios commenced operations as follows: January 4, 1988 - Small-Cap Equity, Multi-Strategy, Large-Cap Core, International Value, Inflation Managed, Managed Bond, Money Market, High Yield Bond; January 30, 1991 - Equity Index; January 4, 1994 - Growth LT; April 1, 1996 - Emerging Markets, Aggressive Equity; January 4, 1999 - Mid-Cap Value, Small-Cap Index, Real Estate, Large-Cap Value; January 3, 2000 - Diversified Research, International Large-Cap; May 1, 2000 - I-Net Tollkeeper; October 2, 2000 - Strategic Value, Focused 30; January 2, 2001 - Blue Chip, Aggressive Growth, Financial Services, Health Sciences, Technology, Telecommunications, Capital Opportunities, Mid-Cap Growth, Global Growth; January 2, 2002 - Equity Income, Research; August 31, 1983 - Equity as a series of the Pacific Corinthian Variable Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) for investment companies. These principles require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Portfolio Valuation

Net asset value per share is calculated generally at or about 4:00 p.m. Eastern time on each day the New York Stock Exchange is open. Equity securities are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign) and on the NASDAQ National Market as reported by a pricing source approved by the Fund’s Board of Trustees. Securities traded on over-the-counter markets and listed securities for which no sales are reported are generally valued at the mean between the most recent bid and asked quotes obtained from a quotation reporting system, from established market makers, brokers, or dealers. Fixed income securities are generally valued at prices obtained from pricing services or brokers and dealers. Certain bonds are valued by a benchmarking process approved by the Fund’s Board. Securities for which market quotations are not readily available or are deemed to be unreliable or inaccurate, are valued at their fair value as determined in good faith pursuant to procedures established by the Fund’s Board. If events occur that materially affect net asset value (including non-U.S. securities) between the close of trading in those securities affected and the close of regular trading on the New York Stock Exchange, the securities may be valued at fair value under procedures approved by the Fund’s Board. Money market instruments and short-term securities maturing within 60 days are valued at amortized cost, which approximate market value.

B. Securities Transactions and Investment Income

Securities transactions are recorded on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discount and premium are recorded on a daily basis using the effective yield method except for short-term securities and the Money Market Portfolio, which recognize discount and premium on a straight-line basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost.

C. Foreign Currency Translation

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 the period. Purchases and sales of securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

Net realized foreign exchange gains and losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the period-end, resulting from changes in the exchange rate.

D. Foreign Taxes on Dividends

Dividend income in the Statements of Operations for the year ended December 31, 2002 is shown net of foreign taxes withheld on dividends from foreign securities. Foreign taxes withheld were as follows: Blue Chip Portfolio - $19,803; Aggressive Growth Portfolio - $567; Emerging Markets Portfolio - $332,310; Diversified Research

E-1

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Portfolio - $34,770; Small-Cap Equity Portfolio - $4,851; International Large-Cap Portfolio - $924,779; Financial Services Portfolio - $966; Health Sciences Portfolio - $9,927; Technology Portfolio - $1,466; Telecommunications Portfolio - $5,965; Multi-Strategy Portfolio - $14,337; Large-Cap Core Portfolio - $33,918; Strategic Value Portfolio - $5,485; Growth LT Portfolio - $289,783; Focused 30 Portfolio - $8,862; International Value Portfolio - $3,197,557; Capital Opportunities Portfolio - $18,050; Mid-Cap Growth Portfolio - $242; Global Growth Portfolio - $31,724; Equity Index Portfolio - $74,030; Small-Cap Index Portfolio - $1,548; Real Estate Portfolio - $44,523; Equity Income Portfolio - $8,155; Research Portfolio - $1,634; Equity Portfolio - $1,990; Aggressive Equity Portfolio - ($3,270); Large-Cap Value Portfolio - $214,768.

E. Expense Allocation

General expenses of the Fund (including trustees, portfolio accounting, custodial asset-based fees, legal and audit fees, and proxy and shareholder meeting costs) are allocated among the portfolios in proportion to their relative average daily net assets. Expenses that relate exclusively to a particular portfolio (including advisory fees, custodial transaction-based fees, registration fees, brokerage commissions, interest expenses and certain taxes) are borne directly by the particular portfolio.

F. Organization Costs

Expenses incurred in connection with the Fund’s organization and establishment of the Equity Income and Research Portfolios and the offering of their shares, aggregated approximately $11,469 per portfolio. These costs were expensed as incurred.

G. Equalization

The Fund follows the accounting practice known as equalization, by which a portion of the proceeds from sales and costs of repurchases of Fund shares, equivalent on a per share basis to the amount of distributable investment income on the date of the transaction, is credited or charged to undistributed income. As a result, undistributed investment income per share is unaffected by sales or redemptions of Fund shares.

H. Futures Contracts

Certain portfolios may use futures contracts to manage their exposure to the stock markets and to fluctuations in interest rates and foreign currency values. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses 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 unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Fund’s cost of the contract. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

I. Options on Futures Contracts

The Inflation Managed and Managed Bond Portfolios write options on interest rate futures. When the Fund writes (sells) an option, an amount equal to the premium received is recorded as an asset with an equal liability that is “marked-to-market” based on the option’s quoted daily settlement price. Any fluctuation in the value of such an instrument is recorded as unrealized appreciation or depreciation until terminated, at which time realized gains and losses are recognized. The purposes of using options on futures contracts include hedging exposure to rising interest rates while retaining capital gain potential from falling rates and capitalizing on anticipated changes in market volatility. These investments involve, to varying degrees, elements of market risk and risks in excess of the amount recognized in the Statements of Assets and Liabilities. Risks may include an imperfect correlation between the changes in the market values of the securities held by the Fund and the prices of futures options, an illiquid secondary market for the instruments, or the inability of counterparty to perform.

J. Forward Foreign Currency Contracts

Certain portfolios may enter into forward foreign currency contracts for the purpose of hedging against foreign exchange risk arising from the Fund’s investment in foreign securities. These contracts are “marked-to-market” daily at the applicable translation rates and any result of unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund 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. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.

K. Swaps

Certain portfolios may enter into interest rate, total return and currency exchange swap agreements in order to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are “marked-to-market” daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statements of Operations. The Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty.

L. Inflation-Indexed Bonds

Inflation-Indexed bonds are fixed income 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

E-2

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

amount of an inflation-indexed bond will result in an adjustment of interest income, even though investors do not receive their principal until maturity.

M. Stripped Mortgage-Backed Securities

Stripped Mortgage-Backed Securities (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. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a portfolio may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

N. When-Issued Securities and Delayed-Delivery Transactions

Certain portfolios may purchase or sell securities on a when-issued or 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. The market values of the securities purchased on a when-issued or delayed-delivery basis are identified as such in each applicable portfolio’s schedule of investments. When delayed-delivery purchases are outstanding, the Fund 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, the Fund 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 net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When selling a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Risks 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.

O. 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 in anticipation of a decline in the market price of the securities. The Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

P. 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 the Fund are fully collateralized by U.S. Government securities and such collateral is in the possession of the Fund’s custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

Q. Reverse Repurchase Agreements

Certain portfolios may enter into reverse repurchase agreements. Under the agreement, the portfolio sells securities for cash to another party, usually a bank or a broker-dealer, and agrees to repurchase them within a specified time at an agreed-upon price. A reverse repurchase agreement involves the risk that the market value of the securities sold by the portfolio may decline below the repurchase price of the securities.

R. Investment Risk

Fixed income securities are affected primarily by the financial condition of the companies that have issued them, and by changes in interest rates.

There are certain additional risks involved in investing in foreign securities that are not inherent in investments in domestic securities. These risks may involve adverse political 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.

INVESTMENT ADVISORY, AGENCY, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, Pacific Life serves as Investment Adviser to the Fund, and receives from the Fund the following advisory fee rates based on an annual percentage of the average daily net assets of each portfolio and the fees are accrued daily by the Fund:


Blue Chip	0.95%	International Value	0.85%

Aggressive Growth	1.00%	Capital Opportunities	0.80%

Emerging Markets	1.10%	Mid-Cap Growth	0.90%

Diversified Research	0.90%	Global Growth	1.10%

Small-Cap Equity	0.65%	Equity Index	0.25%

International Large-Cap	1.05%	Small-Cap Index	0.50%

I-Net Tollkeeper (1)	1.25%	Real Estate (3)	1.10%

Financial Services	1.10%	Inflation Managed	0.60%

Health Sciences	1.10%	Managed Bond	0.60%

Technology	1.10%	Money Market	See (4)

Telecommunications	1.10%	High Yield Bond	0.60%

Multi-Strategy	0.65%	Equity Income	0.95%

Large-Cap Core (2)	0.65%	Research	1.00%

Strategic Value	0.95%	Equity	0.65%

Growth LT	0.75%	Aggressive Equity	0.80%

Focused 30	0.95%	Large-Cap Value	0.85%

Mid-Cap Value	0.85%

(1)

Prior to November 1, 2002, the advisory fee rate for the I-Net Tollkeeper Portfolio was 1.40%.

(2)

Formerly named Equity Income Portfolio.

(3)

Formerly named REIT Portfolio.

(4)

For Money Market Portfolio, an annual rate of 0.40% of the first $250 million of the average daily net assets, 0.35% of the next $250 million, and 0.30% of the excess of over $500 million.

E-3

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Pursuant to Fund Management Agreements, the Fund and Pacific Life engage portfolio managers under Pacific Life’s supervision for thirty-one of the thirty-three portfolios of the Fund. Pacific Life, as Investment Adviser to the Fund, pays the related management fees as compensation for advisory services provided to the Fund.

Pursuant to an Agreement for Support Services (the “Agreement”), Pacific Life provides support services to the Fund that is outside the scope of Pacific Life’s responsibilities under the Advisory Contract. Under the Agreement, the Fund compensates Pacific Life for its 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 and accounting services, 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 reimburses Pacific Life for these support services on a cost reimbursement basis.

Pursuant to an Agency Agreement, Pacific Life serves as transfer agent and dividend disbursing agent for the Fund, without remuneration from the Fund.

Pacific Select Distributors, Inc., a wholly-owned subsidiary of Pacific Life, serves as distributor of the Fund’s shares without direct remuneration from the Fund, except for the amount of recaptured commissions received from the Fund under the brokerage enhancement 12b-1 plan (Note 6) for promoting and marketing fund shares.

4. TRUSTEE DEFERRED COMPENSATION PLAN

Each independent trustee is eligible to participate in the 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. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain underlying Pacific Funds. Pacific Funds is a Delaware business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Pacific Life is the Investment Adviser to the Pacific Funds. The market value appreciation/ depreciation of the trustee’s deferred compensation accounts will cause the expenses of the Fund to increase or decrease due to market fluctuation.

5. DISTRIBUTIONS TO SHAREHOLDERS

The Fund currently declares and pays dividends on net investment income at least annually, except for the Inflation Managed, Managed Bond, Money Market, and High Yield Bond Portfolios, for which dividends are declared and paid monthly. All realized capital gains are distributed at least annually for all portfolios. All dividends are reinvested in additional shares of the related portfolios unless a shareholder elects to receive a dividend in cash.

Dividends on net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures and options, foreign currency transactions, passive foreign investment companies (PFICs), post-October 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 paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

The tax character of distributions paid during the year ended December 31, 2002 was as follows:

	Distribution Paid From

Portfolios	Ordinary Income	Long-term Capital Gain	Tax Basis Return of Capital

Blue Chip	$710,860	$—	$—
Emerging Markets	860,684	—	—
Diversified Research	623,119	—	—
Small-Cap Equity	2,513,787	—	—
International Large-Cap	4,572,457	—	—
Financial Services	181,595	—	—
Telecommunications	836	—	—
Multi-Strategy	13,193,957	7,396,690	—
Large-Cap Core	6,865,581	—	—
Strategic Value	89,037	—	—
Growth LT	17,804,259	—	—
Focused 30	78,675	—	—
Mid-Cap Value	49,274,951	6,152,290	—
International Value	10,425,482	—	—
Capital Opportunities	296,194	—	—
Equity Index	22,183,074	140,937,222	—
Small-Cap Index	2,329,454	—	—
Real Estate	10,750,292	6,150,719	—
Inflation Managed	22,918,621	—	—
Managed Bond	115,755,538	16,687,307	—
Money Market	24,279,752	—	—
High Yield Bond	42,080,737	—	—
Equity Income	1,004,242	—	—
Research	35,548	—	27,766
Equity	1,808,124	—	—
Large-Cap Value	10,627,452	—	—

As of December 31, 2002, the components of distributable earnings on a tax basis were as follows:

Portfolios	Accumulated Capital and Other Losses		Undistributed Ordinary Income	Undistributed Long-term Capital Gains

Blue Chip	($230,923,940	)	$140,445	$—
Aggressive Growth	(22,353,727	)	—	—
Emerging Markets	(91,206,866	)	209,749	—
Diversified Research	(69,181,677	)	113,308	—
Small-Cap Equity	(313,211,772	)	482,777	—
International Large-Cap	(234,261,848	)	6,347,701	—
I-Net Tollkeeper	(114,721,874	)	—	—
Financial Services	(14,912,860	)	147,780	—
Health Sciences	(20,877,972	)	—	—
Technology	(38,389,391	)	—	—

E-4

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Portfolios	Accumulated Capital and Other Losses		Undistributed Ordinary Income	Undistributed Long-term Capital Gains

Telecommunications	($19,136,357	)	$—	$—
Multi-Strategy	(143,584,974	)	1,032,655	—
Large-Cap Core	(515,784,151	)	835,807	—
Strategic Value	(34,054,635	)	8,497	—
Growth LT	(1,856,030,222	)	—	—
Focused 30	(33,797,621	)	—	—
Mid-Cap Value	(89,171,676	)	507,077	—
International Value	(408,666,575	)	5,747,781	—
Capital Opportunities	(69,973,279	)	97,374	—
Mid-Cap Growth	(72,750,480	)	—	—
Global Growth	(9,222,403	)	—	—
Equity Index	(448,023,548	)	257,948	—
Small-Cap Index	(96,896,870	)	256,135	—
Real Estate	(11,103,095	)	6,537,385	3,030,228
Inflation Managed	30,265,461		91,482,016	1,879,593
Managed Bond	18,186,829		82,433,153	55,147,574
Money Market	—		48,018	—
High Yield Bond	(190,343,062	)	254,997	—
Equity Income	(15,521,417	)	—	—
Research	(3,807,806	)	—	—
Equity	(497,452,312	)	208,377	—
Aggressive Equity	(193,932,694	)	236,819	—
Large-Cap Value	(323,321,154	)	1,031,026	—

The components of the accumulated capital and other losses as of December 31, 2002 are summarized in Note 10.

6. EXPENSE REDUCTIONS

Pacific Life contractually waives its fees or otherwise reimburses the Fund for its operating expenses, exclusive of advisory fees, additional cost associated with foreign investing, interest, taxes, expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons,” and extraordinary expenses, in excess of 0.10% of average daily net assets, through December 31, 2003. Such waiver or reimbursement is subject to repayment to Pacific Life to the extent such expenses fall below the 0.10% expense cap in future years. For each portfolio, Pacific Life’s right to repayment is limited to amounts waived and/or reimbursed that exceed the 0.10% expense cap and, except for portfolios that started on or after October 2, 2000, that do not exceed the previously established 0.25% expense cap with respect to expenses incurred through December 31, 2001. Any amounts repaid to Pacific Life will have the effect of increasing such expenses of the portfolio, but not above the 0.10% expense cap. For the year ended December 31, 2002, such operating expenses were below the 0.10% expense cap for all portfolios except the Telecommunications, Global Growth, Equity Income, and Research Portfolios.

The Fund has entered into an arrangement with its custodian, whereby credits realized as a result of uninvested cash balances were used to reduce a portion of the Fund’s custodian fees and expenses.

The Fund has a brokerage enhancement 12b-1 plan, under which brokerage transactions, subject to best price and execution, may be placed with certain broker-dealers in return for credits, cash or other compensation (“recaptured commissions” or “recaptured distribution expenses”). While a portfolio pays the cost of brokerage transactions when it buys or sells a portfolio security, there are no fees or charges to the Fund under the plan. Recaptured commissions may be used to promote and market fund shares and the distributor may therefore defray expenses for distribution that it might otherwise incur. The Fund discloses the amount of recaptured commissions as a distribution expense. The adviser expense reimbursement, recoupment of adviser’s reimbursement, custodian credits, and recaptured distribution expenses are presented in the accompanying Statements of Operations.

7. TRANSACTIONS WITH AFFILIATES

The Fund has incurred $117,266,090 of investment advisory fees and $621,256 of support services expenses to Pacific Life for the year ended December 31, 2002 (Note 3). As of December 31, 2002, $9,559,346 and $159,775 respectively, remained payable. For the year ended December 31, 2002, the Fund also incurred $3,068,638 of distribution expenses paid to Pacific Select Distributors, Inc. under the brokerage enhancement 12b-1 plan. There were no outstanding payables as of December 31, 2002.

Certain officers and directors of Pacific Life are also officers and trustees of the Fund.

8. SECURITIES LENDING

The Fund may loan securities to certain brokers, dealers and other financial institutions who pay the Fund’s negotiated lenders’ fees. The Fund receives cash collateral, letters of credit, or U.S. Government Securities in an amount equal to 102% of the market value of loaned U.S. securities (105% for foreign securities) at the inception of each loan. The loans will be collateralized at all times in an amount equal to at least 100% of the market value of the securities loaned. Income generated from securities lending is presented in the accompanying Statements of Operations. The market value of securities loaned by the Fund and the collateral held for securities on loan as of December 31, 2002 are presented in the accompanying Statements of Assets and Liabilities.

9. COMMITTED LINE OF CREDIT

The Fund has an unsecured $75,000,000 committed revolving line of credit agreement. The interest rate on the borrowing is the bank’s overnight Federal funding rate plus 0.50%. The Fund agrees to pay to the bank a commitment fee equal to 0.10% per annum on the daily-unused portion of the committed line amount up to a maximum of $75,000 annually. The commitment fees and interest incurred by the Fund are combined and presented in the accompanying Statements of Operations.

E-5

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

10. FEDERAL INCOME TAX

The Fund declared and paid sufficient dividends on net investment income and capital gains distributions during 2002 to qualify as a regulated investment company and is not required to pay the Federal income tax under Regulation M of the Internal Revenue Code (“the Code”). The Fund intends to continue to qualify as a regulated investment company and distribute substantially all its taxable income and capital gains to its shareholders. 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 on a tax basis and may differ from such amounts for financial reporting purposes. 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 the Fund.

Net capital loss carryovers and post-October capital losses, if any, as of December 31, 2002, are available to offset future realized capital gains and thereby reduce future capital gain distributions. Post-October foreign currency losses, if any, will offset future net investment income and thereby reduce future ordinary income distributions. The estimated net capital loss carryovers, the post-October capital and foreign currency losses deferred, the composition of unrealized appreciation and depreciation of investment securities, the accumulated capital and other losses and the aggregate cost of investments for Federal income tax purposes as of December 31, 2002, were as follows:


Portfolio	Net Capital Loss Carryover		Expiration	Post-October Capital Loss Deferral		Post-October Foreign Currency Loss Deferral		Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)		Accumulated Capital and Other Losses		Total Cost on Tax Basis


Blue Chip	($105,248,400	)	2009-2010	($6,076,949	)	$—		$6,968,090	($126,566,681	)	($119,598,591	)	($230,923,940	)	$701,116,298


Aggressive Growth	(19,652,671	)	2009-2010	(1,036,625	)	—		1,963,041	(3,627,472	)	(1,664,431	)	(22,353,727	)	46,995,016


Emerging Markets	(79,765,896	)	2005-2010	(4,477,496	)	(219,170	)	3,612,226	(10,356,530	)	(6,744,304	)	(91,206,866	)	149,111,127


Diversified Research	(13,226,420	)	2008-2010	(5,708,995	)	—		12,067,806	(62,314,068	)	(50,246,262	)	(69,181,677	)	263,135,437


Small-Cap Equity	(124,563,589	)	2009-2010	(29,844,549	)	—		34,862,048	(193,665,682	)	(158,803,634	)	(313,211,772	)	555,263,887


International Large-Cap	(93,833,150	)	2008-2010	(15,022,380	)	—		18,812,768	(144,219,086	)	(125,406,318	)	(234,261,848	)	616,063,291


I-Net Tollkeeper	(84,207,053	)	2008-2010	(852,276	)	—		1,250,996	(30,913,541	)	(29,662,545	)	(114,721,874	)	72,808,448


Financial Services	(7,549,237	)	2009-2010	(1,198,213	)	(47	)	1,559,615	(7,724,978	)	(6,165,363	)	(14,912,860	)	73,113,466


Health Sciences	(15,371,531	)	2009-2010	(3,221,726	)	(3,874	)	3,639,360	(5,920,201	)	(2,280,841	)	(20,877,972	)	79,908,069


Technology	(22,892,687	)	2009-2010	(2,014,733	)	—		594,124	(14,076,095	)	(13,481,971	)	(38,389,391	)	54,518,355


Telecommunications	(16,829,943	)	2009-2010	(461,727	)	(1,377	)	220,189	(2,063,499	)	(1,843,310	)	(19,136,357	)	17,294,889


Multi-Strategy	(31,311,185	)	2010	(87,955,437	)	(83,360	)	6,642,198	(30,877,190	)	(24,234,992	)	(143,584,974	)	603,388,962


Large-Cap Core	(170,451,911	)	2009-2010	(204,922,913	)	—		8,816,650	(149,225,977	)	(140,409,327	)	(515,784,151	)	863,335,954


Strategic Value	(22,554,288	)	2008-2010	(151,437	)	(1,719	)	3,572,846	(14,920,037	)	(11,347,191	)	(34,054,635	)	85,643,780


Growth LT	(1,597,693,724	)	2009-2010	(28,099,168	)	(186,268	)	39,719,260	(269,770,322	)	(230,051,062	)	(1,856,030,222	)	1,683,738,522


Focused 30	(31,307,503	)	2008-2010	(793,829	)	—		1,936,909	(3,633,198	)	(1,696,289	)	(33,797,621	)	39,231,214


Mid-Cap Value	(47,806,775	)	2010	(6,371,560	)	—		28,705,136	(63,698,477	)	(34,993,341	)	(89,171,676	)	758,461,253


International Value	(203,277,550	)	2009-2010	(10,533,926	)	(649,170	)	24,915,125	(219,121,054	)	(194,205,929	)	(408,666,575	)	1,191,768,748


Capital Opportunities	(52,651,998	)	2009-2010	(1,596,550	)	(246	)	3,808,802	(19,533,287	)	(15,724,485	)	(69,973,279	)	165,503,983


Mid-Cap Growth	(64,333,425	)	2009-2010	(2,081,741	)	—		3,564,921	(9,900,235	)	(6,335,314	)	(72,750,480	)	100,242,913


Global Growth	(5,967,322	)	2009-2010	(418,853	)	—		759,195	(3,595,423	)	(2,836,228	)	(9,222,403	)	30,397,151


Equity Index	(30,545,663	)	2010	—		—		111,433,718	(528,911,603	)	(417,477,885	)	(448,023,548	)	1,876,147,836


Small-Cap Index	(16,680,294	)	2009-2010	—		—		12,739,745	(92,956,321	)	(80,216,576	)	(96,896,870	)	378,370,909


Real Estate	—		—	(2,233,525	)	—		16,628,884	(25,498,454	)	(8,869,570	)	(11,103,095	)	305,888,821


Inflation Managed	—		—	(4,182,090	)	(283,272	)	147,055,906	(112,325,083	)	34,730,823		30,265,461		2,459,220,566


Managed Bond	—		—	—		—		50,069,093	(31,882,264	)	18,186,829		18,186,829		2,897,515,441


Money Market	—		—	—		—		—	—		—		—		1,751,858,137


High Yield Bond	(152,779,378	)	2006-2010	(16,579,357	)	—		13,958,738	(34,943,065	)	(20,984,327	)	(190,343,062	)	530,295,935


Equity Income	(2,302,562	)	2010	(951,526	)	—		1,124,279	(13,391,608	)	(12,267,329	)	(15,521,417	)	128,885,846


Research	(1,043,643	)	2010	(489,028	)	—		432,377	(2,707,512	)	(2,275,135	)	(3,807,806	)	22,760,539


Equity	(368,468,969	)	2009-2010	(15,353,157	)	—		5,582,105	(119,212,291	)	(113,630,186	)	(497,452,312	)	506,407,189


Aggressive Equity	(134,433,658	)	2008-2010	(6,647,444	)	—		6,333,186	(59,184,778	)	(52,851,592	)	(193,932,694	)	288,878,288


Large-Cap Value	(72,255,077	)	2009-2010	(38,495,475	)	—		28,400,988	(240,971,590	)	(212,570,602	)	(323,321,154	)	1,212,605,970

E-6

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

11. SHARES OF BENEFICIAL INTEREST

Transactions in Fund shares for the years ended December 31, 2002 and 2001 were as follows:

	Blue Chip Portfolio (1)				Aggressive Growth Portfolio (1)				Emerging Markets Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	65,257,054		—		11,158,860		—		26,570,622		26,572,280
Shares sold	37,478,236		66,996,816		7,932,796		13,562,299		24,299,483		23,022,311
Distributions reinvested	110,851		42,126		—		—		125,790		40,429
Shares redeemed	(6,008,889	)	(1,781,888	)	(11,817,982	)	(2,403,439	)	(25,904,509	)	(23,064,398	)

Ending Balances	96,837,252		65,257,054		7,273,674		11,158,860		25,091,386		26,570,622


	Diversified Research Portfolio				Small-Cap Equity Portfolio				International Large-Cap Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	22,759,316		13,187,015		32,355,054		27,493,348		79,387,610		46,261,440
Shares sold	10,160,641		14,594,496		11,725,645		17,339,032		151,102,173		104,308,279
Distributions reinvested	75,648		43,548		182,921		4,763,927		737,340		522,038
Shares redeemed	(6,540,271	)	(5,065,743	)	(14,270,052	)	(17,241,253	)	(136,496,134	)	(71,704,147	)

Ending Balances	26,455,334		22,759,316		29,993,568		32,355,054		94,730,989		79,387,610


	I-Net Tollkeeper Portfolio				Financial Services Portfolio (1)				Health Sciences Portfolio (1)
	2002		2001		2002		2001		2002		2001

Beginning Balances	16,566,958		17,036,792		6,700,460		—		9,415,503		—
Shares sold	10,316,021		7,169,491		5,648,024		7,895,388		5,616,112		12,452,382
Distributions reinvested	—		—		22,981		16,654		—		—
Shares redeemed	(11,418,920	)	(7,639,325	)	(3,955,815	)	(1,211,582	)	(4,161,986	)	(3,036,879	)

Ending Balances	15,464,059		16,566,958		8,415,650		6,700,460		10,869,629		9,415,503


	Technology Portfolio (1)				Telecommunications Portfolio (1)				Multi-Strategy Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	8,831,195		—		3,080,767		—		51,332,228		49,526,752
Shares sold	8,027,490		11,069,141		4,318,323		4,556,040		3,832,359		8,546,325
Distributions reinvested	—		—		240		2,827		1,555,203		1,353,034
Shares redeemed	(3,842,908	)	(2,237,946	)	(1,919,965	)	(1,478,100	)	(12,315,239	)	(8,093,883	)

Ending Balances	13,015,777		8,831,195		5,479,365		3,080,767		44,404,551		51,332,228


	Large-Cap Core Portfolio (2)				Strategic Value Portfolio				Growth LT Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	61,989,421		82,740,147		9,890,361		4,390,891		122,707,395		114,213,571
Shares sold	3,552,846		7,102,056		6,934,568		7,850,827		11,948,317		18,017,122
Distributions reinvested	436,916		1,213,361		10,056		30,465		1,136,178		20,115,958
Shares redeemed	(15,982,239	)	(29,066,143	)	(5,825,487	)	(2,381,822	)	(25,707,568	)	(29,639,256	)

Ending Balances	49,996,944		61,989,421		11,009,498		9,890,361		110,084,322		122,707,395


	Focused 30 Portfolio				Mid-Cap Value Portfolio				International Value Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	8,161,649		5,953,728		58,380,911		31,502,747		93,853,490		103,170,273
Shares sold	2,009,397		4,469,580		21,198,833		36,780,485		163,691,074		156,376,075
Distributions reinvested	12,280		5,155		4,119,289		1,521,691		1,022,389		2,536,360
Shares redeemed	(2,591,639	)	(2,266,814	)	(20,574,568	)	(11,424,012	)	(161,606,128	)	(168,229,218	)

Ending Balances	7,591,687		8,161,649		63,124,465		58,380,911		96,960,825		93,853,490


	Capital Opportunities Portfolio (1)				Mid-Cap Growth Portfolio (1)				Global Growth Portfolio (1)
	2002		2001		2002		2001		2002		2001

Beginning Balances	18,264,164		—		12,240,331		—		2,744,771		—
Shares sold	8,675,036		19,774,795		13,072,149		14,934,803		6,342,942		3,829,921
Distributions reinvested	48,161		20,616		—		—		—		—
Shares redeemed	(3,309,286	)	(1,531,247	)	(3,847,533	)	(2,694,472	)	(5,102,152	)	(1,085,150	)

Ending Balances	23,678,075		18,264,164		21,464,947		12,240,331		3,985,561		2,744,771


	Equity Index Portfolio				Small-Cap Index Portfolio				Real Estate Portfolio (3)
	2002		2001		2002		2001		2002		2001

Beginning Balances	68,008,727		75,763,980		21,334,945		16,388,483		18,465,757		13,809,524
Shares sold	12,257,429		12,947,874		27,468,732		13,708,546		12,375,135		9,625,246
Distributions reinvested	6,549,110		1,004,221		283,020		1,463,382		1,312,299		617,084
Shares redeemed	(16,975,566	)	(21,707,348	)	(11,690,661	)	(10,225,466	)	(7,347,390	)	(5,586,097	)

Ending Balances	69,839,700		68,008,727		37,396,036		21,334,945		24,805,801		18,465,757

(1)

Operations commenced on January 2, 2001 for the Blue Chip, Aggressive Growth, Financial Services, Health Sciences, Technology, Telecommunications, Capital Opportunities, Mid-Cap Growth, and Global Growth Portfolios.

(2)

The Large-Cap Core Portfolio was formerly named Equity Income Portfolio.

(3)

The Real Estate Portfolio was formerly named REIT Portfolio.

E-7

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	Inflation Managed Portfolio				Managed Bond Portfolio				Money Market Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	57,826,741		53,645,799		213,354,961		149,175,286		159,073,367		124,517,027
Shares sold	63,120,819		31,808,239		44,331,187		79,745,182		326,209,053		422,919,254
Distributions reinvested	2,052,697		1,989,830		11,788,941		9,365,083		2,406,599		5,444,968
Shares redeemed	(15,185,502	)	(29,617,127	)	(42,627,553	)	(24,930,590	)	(314,271,826	)	(393,807,882	)

Ending Balances	107,814,755		57,826,741		226,847,536		213,354,961		173,417,193		159,073,367


	High Yield Bond Portfolio				Equity Income Portfolio (1)				Research Portfolio (1)
	2002		2001		2002		2001		2002		2001

Beginning Balances	68,582,506		55,199,774		—		—		—		—
Shares sold	53,335,249		43,203,198		17,354,191		—		2,937,042		—
Distributions reinvested	6,378,511		6,186,465		117,480		—		8,094		—
Shares redeemed	(44,871,896	)	(36,006,931	)	(4,380,295	)	—		(338,602	)	—

Ending Balances	83,424,370		68,582,506		13,091,376		—		2,606,534		—


	Equity Portfolio				Aggressive Equity Portfolio				Large-Cap Value Portfolio
	2002		2001		2002		2001		2002		2001

Beginning Balances	36,181,196		39,968,081		33,124,899		40,373,757		89,335,743		29,514,280
Shares sold	3,111,873		8,241,908		14,876,167		15,898,332		34,143,624		63,645,044
Distributions reinvested	128,554		2,322,190		—		—		1,158,501		2,407,549
Shares redeemed	(11,496,877	)	(14,350,983	)	(13,731,235	)	(23,147,190	)	(12,479,953	)	(6,231,130	)

Ending Balances	27,924,746		36,181,196		34,269,831		33,124,899		112,157,915		89,335,743

(1) Operations commenced on January 2, 2002 for Equity Income and Research Portfolios.

12. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term investments and the Money Market Portfolio since it trades exclusively in short-term debt securities) for the year ended December 31, 2002 are summarized in the following tables:

	U.S. Government Securities		Other Securities
Portfolios	Purchases	Sales	Purchases	Sales

Blue Chip	$—	$—	$402,932,748	$186,057,271
Aggressive Growth	—	—	71,795,396	98,544,037
Emerging Markets	—	—	220,559,699	247,637,563
Diversified Research	—	—	120,705,953	73,380,836
Small-Cap Equity	—	—	191,708,294	167,518,296
International Large-Cap	—	—	210,757,614	132,924,838
I-Net Tollkeeper	—	—	25,896,938	28,998,626
Financial Services	—	—	75,785,259	56,446,660
Health Sciences	—	—	127,128,668	111,515,965
Technology	—	—	56,635,041	40,865,503
Telecommunications	—	—	26,630,569	17,545,115
Multi-Strategy	1,753,084,607	1,752,204,097	431,309,310	533,359,125
Large-Cap Core	—	4,000,000	701,710,321	884,760,225
Strategic Value	—	—	64,339,620	40,823,962
Growth LT	—	—	1,803,016,975	1,824,050,587
Focused 30	—	—	70,764,739	68,354,876
Mid-Cap Value	—	—	940,161,153	900,293,892
International Value	—	—	150,900,979	199,797,977
Capital Opportunities	—	—	192,516,738	140,637,279
Mid-Cap Growth	—	—	196,706,674	136,382,827
Global Growth	—	—	51,282,834	40,856,779
Equity Index	—	—	169,171,694	180,303,106
Small-Cap Index	—	—	284,025,470	125,381,186
Real Estate	—	—	171,406,859	79,061,461
Inflation Managed	6,689,308,845	6,356,892,565	35,764,629	20,161,008
Managed Bond	7,376,182,579	6,935,704,638	2,057,225,590	2,120,030,746
High Yield Bond	32,796,094	38,385,950	524,858,034	427,804,699
Equity Income	7,004,259	2,190,920	151,454,870	27,626,240
Research	—	—	52,897,566	28,669,470
Equity	—	—	513,010,458	640,145,474
Aggressive Equity	—	—	353,893,812	331,558,257
Large-Cap Value	—	—	642,292,939	393,902,616

E-8

INDEPENDENT AUDITORS’ REPORT

The Board of Trustees and Shareholders

Pacific Select Fund:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Pacific Select Fund (the “Fund”) (comprised of the Blue Chip, Aggressive Growth, Emerging Markets, Diversified Research, Small-Cap Equity, International Large-Cap, I-Net Tollkeeper, Financial Services, Health Sciences, Technology, Telecommunications, Multi-Strategy, Large-Cap Core (formerly Equity Income), Strategic Value, Growth LT, Focused 30, Mid-Cap Value, International Value, Capital Opportunities, Mid-Cap Growth, Global Growth, Equity Index, Small-Cap Index, Real Estate (formerly REIT), Inflation Managed, Managed Bond, Money Market, High Yield Bond, Equity Income, Research, Equity, Aggressive Equity, and Large-Cap Value Portfolios) as of December 31, 2002 and the related statements of operations for the year then ended, (as to the Equity Income and Research Portfolios, for the period from commencement of operations through December 31, 2002), and the statements of changes in net assets for each of the two years in the period then ended (as to the Blue Chip, Aggressive Growth, Financial Services, Health Sciences, Technology, Telecommunications, Capital Opportunities, Mid-Cap Growth, and Global Growth Portfolios, for the year ended December 31, 2002, and for the period from commencement of operations through December 31, 2001, and as to the Equity Income and Research Portfolios, for the period from commencement of operations through December 31, 2002), and the financial highlights for each of the five years in the period then ended (as to the Blue Chip, Aggressive Growth, Diversified Research, International Large-Cap, I-Net Tollkeeper, Financial Services, Health Sciences, Technology, Telecommunications, Strategic Value, Focused 30, Mid-Cap Value, Capital Opportunities, Mid-Cap Growth, Global Growth, Small-Cap Index, Real Estate, Equity Income, Research, and Large-Cap Value Portfolios, for each of the periods from commencement of operations through December 31, 2002). These financial statements and financial highlights are the responsibility of the Fund’s 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 auditing standards generally accepted in the United States of America. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2002, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements and financial highlights presentation. 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 portfolios constituting Pacific Select Fund as of December 31, 2002, the results of their operations, the changes in their net assets, and the related financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Costa Mesa, California

February 7, 2003

F-1

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION

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. Trustees who are not deemed to be “interested persons” of the Fund as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Fund are referred to as “Interested Trustees”. The Fund’s Statement of Additional Information (SAI) includes additional information about the trustees and is available without charge, upon request, by calling the following toll-free numbers:

Pacific Life’s Annuity Contract Owners: 1-800-722-2333

Pacific Life’s 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

The address of each Independent Trustee, Interested Trustees and officers, 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	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen (1)

INDEPENDENT TRUSTEES

Lucie H. Moore Age 46	Trustee since 10/1/98	Former Partner with Gibson, Dunn & Crutcher (Law).	48

Richard L. Nelson Age 72	Trustee since 7/21/87	Business Consultant; retired Partner with Ernst & Young LLP (Accounting); Former Director of Wynn’s International, Inc. (Industrial). Trustee Emeritus PIMCO Funds: Multi- Manager Series.	93

Lyman W. Porter Age 72	Trustee since 7/21/87	Professor Emeritus of Management in the Graduate School of Management at the University of California, Irvine; Former Member of the Academic Advisory Board of Czechoslovak Management Center and of the Board of Trustees of the American University of Armenia. Trustee Emeritus PIMCO Funds: Multi-Manager Series.	93

Alan Richards Age 72	Trustee since 7/21/87	Retired Chairman of E.F. Hutton Insurance Group; Former Director of E.F. Hutton and Company, Inc. (Financial); Chairman of IBIS Capital, LLC (Financial); Former Director of Western National Corporation (Insurance Holding Company). Trustee Emeritus PIMCO Funds: Multi-Manager Series; Chairman of the Board and Director, NETirement.com, Inc. (on-line retirement calculators).	93

INTERESTED TRUSTEES & OFFICERS

Thomas C. Sutton (2) Age 60	Chairman of the Board and Trustee since 7/21/87	Chairman of the Board, Director and Chief Executive Officer of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp; and similar positions with other subsidiaries and affiliates of Pacific Life; Director of Newhall Land & Farming; Director of The Irvine Company (Real Estate); Director of Edison International (Utilities); Former Management Board Member of PIMCO Advisors L.P.; Former Equity Board Member of PIMCO Advisors L.P.	48

F-2

PACIFIC SELECT FUND

TRUSTEES AND OFFICERS INFORMATION (Continued)

Name and Age	Position(s) with the Fund and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen (1)

INTERESTED TRUSTEES & OFFICERS (Continued)

Glenn S. Schafer Age 53	President since 2/25/99	President and Director of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; Former Management Board Member of PIMCO Advisors L.P.; Former Equity Board Member of PIMCO Advisors L.P.	15

Brian D. Klemens Age 46	Vice President and Treasurer since 4/29/96	Vice President and Treasurer (12/98 to present); Assistant Vice President and Assistant Controller (4/94 to 12/98) of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life.	N/A

Diane N. Ledger Age 63	Vice President and Assistant Secretary since 7/21/87	Vice President, Variable Regulatory Compliance, Pacific Life.	N/A

Sharon A. Cheever Age 47	Vice President and General Counsel since 5/20/92	Vice President and Investment Counsel of Pacific Life.	N/A

Audrey L. Milfs Age 57	Secretary since 7/21/87	Vice President, Director and Corporate Secretary of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries of Pacific Life.	N/A

(1)

In addition to the Pacific Select Fund (33 Portfolios), each trustee also serves as a trustee of Pacific Funds (15 Funds) and Messrs. Nelson, Porter, and Richards formerly served as trustees of the PIMCO Funds: Multi-Manager Series (45 Funds) and for which they currently provide advisory and consulting services (collectively “Fund Complex”).

(2)

Mr. Sutton is an interested person of the Fund (as that term is defined in the Investment Company Act) because of his position with Pacific Life as shown above.

F-3

Annual Report

as of December 31, 2002

•

Pacific Select Fund

Accountants

Deloitte & Touche LLP

695 Town Center Drive

Suite 1200

Costa Mesa, CA 92626

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Pacific Select Fund

700 Newport Center Drive

P.O. Box 7500

Newport Beach, California 92658-7500

ADDRESS SERVICE REQUESTED

Form No. 15-20951-05

1331-3A

85-23211-02

N353-3A


Item 2.	Code of Ethics—not applicable

Item 3.	Audit Committee Financial Expert—not applicable

Items 4-8.	(Reserved)

Item 9.	Controls and Procedures—not applicable

Item 10.	Exhibits

	(a)	Not applicable
	(b)	Exhibit 99.CERT—Certification required by Item 10(b) of Form N-CSR—filed herewith

		Exhibit 99.1350 CERT—Certification required by Section 906 of the Sarbanes-Oxley Act—filed herewith

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/ GLENN S. SCHAFER
		Glenn S. Schafer President Date: March 3, 2003

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/ THOMAS C. SUTTON
		Thomas C. Sutton Chairman of the Board of Trustees Date: March 3, 2003

By:		/s/ GLENN S. SCHAFER
		Glenn S. Schafer President Date: March 3, 2003

By:		/s/ BRIAN D. KLEMENS
		Brian D. Klemens Treasurer (Principal Financial and Accounting Officer) Date: March 3, 2003