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)

Mark Karpe, Esq.

Pacific Life Insurance Company

700 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Registrant’s telephone number, including area code: (949) 219-3224

Date of fiscal year end: December 31

Date of reporting period: January 1, 2023-June 30, 2023

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

PACIFIC SELECT FUND

Schedules of Investments	A-1
Financial Statements:
Statements of Assets and Liabilities	B-1
Statements of Operations	B-11
Statements of Changes in Net Assets	B-21
Financial Highlights	B-31
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Statement Regarding Liquidity Risk Management Program	D-5
Approval of Sub-Advisory Agreements	D-6
Where to Go for More Information	D-9

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 50.8%
Basic Materials - 1.6%
Anglo American Capital PLC (South Africa)
2.625% due 09/10/30 ~		$7,100,000		$5,862,046
5.500% due 05/02/33 ~		1,350,000		1,319,651
Glencore Funding LLC (Australia)
2.625% due 09/23/31 ~		2,550,000		2,054,694
5.400% due 05/08/28 ~		1,800,000		1,783,437
South32 Treasury Ltd. (Australia) 4.350% due 04/14/32 ~		4,100,000		3,601,438
				14,621,266
Communications - 3.6%
AT&T, Inc.
3.500% due 09/15/53		2,953,000		2,092,568
3.850% due 06/01/60		2,900,000		2,102,424
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% due 06/01/41		2,600,000		1,760,790
3.850% due 04/01/61		5,200,000		3,149,549
Comcast Corp.
4.800% due 05/15/33		3,350,000		3,316,409
5.350% due 05/15/53		3,000,000		3,048,716
Cox Communications, Inc. 1.800% due 10/01/30 ~		2,000,000		1,574,384
Rogers Communications, Inc. (Canada) 4.550% due 03/15/52 ~		2,700,000		2,173,266
T-Mobile USA, Inc.
2.250% due 02/15/26		2,000,000		1,839,511
2.250% due 11/15/31		1,000,000		800,617
3.375% due 04/15/29		600,000		542,369
5.050% due 07/15/33		3,900,000		3,831,040
Verizon Communications, Inc.
1.680% due 10/30/30		1,200,000		948,186
3.400% due 03/22/41		5,800,000		4,480,007
5.050% due 05/09/33		1,200,000		1,187,284
				32,847,120
Consumer, Cyclical - 5.2%
American Airlines Pass-Through Trust Class A
2.875% due 01/11/36		5,814,801		4,872,851
3.200% due 12/15/29		2,334,950		2,095,223
American Airlines Pass-Through Trust Class AA 3.600% due 03/22/29		2,606,764		2,427,415
American Airlines Pass-Through Trust Class B 3.950% due 01/11/32		620,750		541,779
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.750% due 04/20/29 ~		2,000,000		1,943,758
British Airways Pass-Through Trust Class A (United Kingdom)
3.350% due 12/15/30 ~		940,430		822,360
4.625% due 12/20/25 ~		438,266		432,886
British Airways Pass-Through Trust Class AA (United Kingdom) 3.300% due 06/15/34 ~		2,505,757		2,178,561
Continental Airlines Pass-Through Trust Class A 4.000% due 04/29/26		1,054,180		1,021,256
Delta Air Lines Pass-Through Trust Class AA 3.625% due 01/30/29		269,350		245,679
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% due 10/20/25 ~		3,030,308		2,965,522
4.750% due 10/20/28 ~		2,000,000		1,942,989

	Principal Amount		Value
Ferguson Finance PLC 4.250% due 04/20/27 ~		$1,150,000		$1,104,374
Ford Motor Credit Co. LLC
2.300% due 02/10/25		2,325,000		2,175,619
3.375% due 11/13/25		1,050,000		977,345
4.542% due 08/01/26		1,550,000		1,458,388
Genting New York LLC/GENNY Capital, Inc. 3.300% due 02/15/26 ~		1,900,000		1,692,792
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875% due 07/01/31 ~		3,450,000		2,897,987
Kohl’s Corp. 4.625% due 05/01/31		1,750,000		1,219,750
Marriott International, Inc.
2.750% due 10/15/33		2,500,000		1,988,854
5.000% due 10/15/27		1,350,000		1,340,203
Meritage Homes Corp. 3.875% due 04/15/29 ~		3,375,000		2,982,239
New Red Finance, Inc. (Canada) 3.875% due 01/15/28 ~		2,000,000		1,830,217
United Airlines Pass-Through Trust 5.800% due 07/15/37		2,750,000		2,799,158
United Airlines Pass-Through Trust Class A 2.900% due 11/01/29		341,313		296,791
United Airlines Pass-Through Trust Class AA 4.150% due 02/25/33		562,562		516,807
US Airways Pass-Through Trust Class A 4.625% due 12/03/26		815,682		765,332
Warnermedia Holdings, Inc. 5.050% due 03/15/42		2,750,000		2,319,407
				47,855,542
Consumer, Non-Cyclical - 7.2%
AmerisourceBergen Corp. 2.700% due 03/15/31		3,500,000		2,977,288
Amgen, Inc. 5.650% due 03/02/53		1,650,000		1,672,160
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.000% due 01/17/43		6,500,000		5,628,683
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 5.450% due 01/23/39		2,500,000		2,588,921
BAT Capital Corp. (United Kingdom) 5.650% due 03/16/52		1,050,000		913,499
Block, Inc. 2.750% due 06/01/26		2,000,000		1,822,985
Cigna Group 5.400% due 03/15/33		4,250,000		4,326,678
Constellation Brands, Inc. 4.900% due 05/01/33		1,000,000		982,937
Elevance Health, Inc. 5.500% due 10/15/32		1,100,000		1,131,610
General Mills, Inc. 4.950% due 03/29/33		1,450,000		1,437,690
Global Payments, Inc. 5.300% due 08/15/29		2,150,000		2,096,541
HCA, Inc. 5.200% due 06/01/28		3,000,000		2,977,703
Humana, Inc. 5.500% due 03/15/53		2,600,000		2,591,871
IQVIA, Inc. 5.700% due 05/15/28 ~		2,200,000		2,180,750
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 3.000% due 05/15/32 ~		3,000,000		2,305,066
Keurig Dr Pepper, Inc. 4.500% due 04/15/52		3,250,000		2,865,992

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-1

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Kraft Heinz Foods Co. 4.375% due 06/01/46		$3,700,000		$3,147,000
Mars, Inc. 4.650% due 04/20/31 ~		1,000,000		993,362
McCormick & Co., Inc. 4.950% due 04/15/33		2,100,000		2,062,101
Merck & Co., Inc. 5.150% due 05/17/63		3,900,000		3,986,913
Pfizer Investment Enterprises Pte. Ltd.
4.750% due 05/19/33		2,200,000		2,192,566
5.340% due 05/19/63		1,000,000		1,012,784
UnitedHealth Group, Inc.
4.750% due 05/15/52		3,000,000		2,848,694
5.050% due 04/15/53		4,000,000		3,978,827
Universal Health Services, Inc.
2.650% due 10/15/30		2,000,000		1,634,959
2.650% due 01/15/32		2,675,000		2,110,432
Viatris, Inc. 3.850% due 06/22/40		4,750,000		3,286,342
				65,754,354
Energy - 3.2%
Cheniere Energy Partners LP 4.500% due 10/01/29		3,000,000		2,755,969
Enbridge, Inc. (Canada) 7.375% due 01/15/83		2,450,000		2,408,616
Energy Transfer LP
4.750% due 01/15/26		3,600,000		3,520,787
5.000% due 05/15/44		3,050,000		2,576,574
5.750% due 02/15/33		3,700,000		3,729,308
6.500% due 11/15/26		1,000,000		910,820
MPLX LP
4.950% due 03/14/52		1,000,000		850,533
5.200% due 12/01/47		1,600,000		1,400,889
5.650% due 03/01/53		4,150,000		3,883,926
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		1,400,000		848,104
Sabine Pass Liquefaction LLC 5.900% due 09/15/37 ~		2,700,000		2,743,029
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.000% due 01/15/32		4,350,000		3,766,189
				29,394,744
Financial - 15.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.300% due 01/30/32		2,000,000		1,637,161
5.750% due 06/06/28		1,200,000		1,191,415
Air Lease Corp.
3.000% due 02/01/30		2,500,000		2,093,418
4.650% due 06/15/26		2,700,000		2,260,062
Aon Corp./Aon Global Holdings PLC 5.350% due 02/28/33		3,250,000		3,276,339
Assured Guaranty US Holdings, Inc. 3.600% due 09/15/51		2,150,000		1,476,862
Avolon Holdings Funding Ltd. (Ireland) 2.750% due 02/21/28 ~		2,400,000		2,024,442
Bank of America Corp.
2.482% due 09/21/36		2,500,000		1,913,712
2.687% due 04/22/32		2,000,000		1,658,312
2.972% due 02/04/33		2,000,000		1,667,961
4.375% due 01/27/27		1,500,000		1,282,875
5.015% due 07/22/33		3,000,000		2,936,405
BNP Paribas SA (France) 4.625% due 02/25/31 ~		1,200,000		859,500
Broadstone Net Lease LLC REIT 2.600% due 09/15/31		1,000,000		717,620
Citigroup, Inc.
4.150% due 11/15/26		1,750,000		1,412,250
4.600% due 03/09/26		3,000,000		2,905,974

	Principal Amount		Value
4.658% due 05/24/28		$2,000,000		$1,951,693
6.174% (SOFR + 2.661%) due 05/25/34 §		4,300,000		4,339,803
6.270% due 11/17/33		2,000,000		2,123,974
Crown Castle, Inc. 4.800% due 09/01/28		900,000		873,970
Fidelity National Financial, Inc. 3.200% due 09/17/51		2,000,000		1,170,296
GLP Capital LP/GLP Financing II, Inc. REIT 3.250% due 01/15/32		2,600,000		2,101,927
Goldman Sachs Group, Inc.
2.615% due 04/22/32		4,000,000		3,281,597
3.102% due 02/24/33		5,200,000		4,395,070
4.482% due 08/23/28		4,000,000		3,869,879
Hill City Funding Trust 4.046% due 08/15/41 ~		1,200,000		821,624
Host Hotels & Resorts LP REIT 2.900% due 12/15/31		3,700,000		2,914,157
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		1,450,000		1,088,097
JPMorgan Chase & Co.
2.963% due 01/25/33		8,450,000		7,121,205
4.851% due 07/25/28		4,000,000		3,948,925
4.912% due 07/25/33		2,150,000		2,101,756
5.717% due 09/14/33		5,850,000		5,937,651
Liberty Mutual Group, Inc. 4.300% due 02/01/61 ~		2,650,000		1,674,568
LSEGA Financing PLC (United Kingdom) 3.200% due 04/06/41 ~		1,800,000		1,343,747
Massachusetts Mutual Life Insurance Co. 5.672% due 12/01/52 ~		4,050,000		4,135,052
Metropolitan Life Global Funding I 5.150% due 03/28/33 ~		900,000		890,799
Mitsubishi UFJ Financial Group, Inc. (Japan) 5.541% due 04/17/26		1,000,000		994,507
Morgan Stanley
2.475% due 01/21/28		2,200,000		1,987,071
2.484% due 09/16/36		9,100,000		6,908,439
2.943% due 01/21/33		3,000,000		2,495,241
5.123% due 02/01/29		2,000,000		1,973,668
6.342% due 10/18/33		2,000,000		2,128,521
Nasdaq, Inc. 5.950% due 08/15/53		2,450,000		2,510,291
Northwestern Mutual Life Insurance Co. 3.625% due 09/30/59 ~		3,500,000		2,474,321
OneMain Finance Corp.
5.375% due 11/15/29		1,750,000		1,489,438
6.125% due 03/15/24		2,100,000		2,094,726
PNC Financial Services Group, Inc. 6.250% due 03/15/30		1,200,000		1,080,300
Principal Financial Group, Inc. 5.375% due 03/15/33		1,550,000		1,537,480
Prologis LP 5.125% due 01/15/34		2,500,000		2,483,671
Prudential Financial, Inc. 6.750% due 03/01/53		1,900,000		1,916,473
State Street Corp. 5.159% (SOFR + 1.890%) due 05/18/34 §		1,800,000		1,790,037
Sun Communities Operating LP 5.700% due 01/15/33		2,850,000		2,779,700
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		2,000,000		1,656,293
U.S. Bancorp 4.839% due 02/01/34		3,000,000		2,803,645
UBS Group AG (Switzerland) 4.875% due 02/12/27 ~		1,000,000		803,050
VICI Properties LP/VICI Note Co., Inc. REIT
3.750% due 02/15/27 ~		1,500,000		1,377,354
4.625% due 12/01/29 ~		7,750,000		7,042,968

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-2

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Wells Fargo & Co.
4.400% due 06/14/46		$2,200,000		$1,789,260
4.897% due 07/25/33		1,000,000		959,753
				138,476,305
Industrial - 4.3%
Allegion US Holding Co., Inc. 3.550% due 10/01/27		4,289,000		3,970,110
Amcor Finance USA, Inc. 5.625% due 05/26/33		1,750,000		1,729,545
Amcor Flexibles North America, Inc. 2.690% due 05/25/31		2,000,000		1,639,471
Berry Global, Inc. 4.875% due 07/15/26 ~		2,000,000		1,924,300
Eaton Corp. 4.350% due 05/18/28		2,000,000		1,963,573
Flowserve Corp. 2.800% due 01/15/32		5,300,000		4,227,570
Honeywell International, Inc. 4.500% due 01/15/34		5,000,000		4,893,914
Jabil, Inc. 5.450% due 02/01/29		2,100,000		2,085,066
Masco Corp. 7.750% due 08/01/29		950,000		1,039,034
nVent Finance SARL (United Kingdom) 2.750% due 11/15/31		4,100,000		3,272,754
Raytheon Technologies Corp.
5.150% due 02/27/33		2,500,000		2,535,268
5.375% due 02/27/53		1,350,000		1,403,264
Republic Services, Inc. 5.000% due 04/01/34		1,700,000		1,697,382
TransDigm, Inc. 6.250% due 03/15/26 ~		4,271,000		4,253,970
Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		3,650,000		3,271,267
				39,906,488
Technology - 3.2%
Broadcom, Inc.
3.137% due 11/15/35 ~		5,500,000		4,220,795
4.926% due 05/15/37 ~		1,500,000		1,358,349
Fiserv, Inc. 5.600% due 03/02/33		4,050,000		4,124,014
Intel Corp. 5.700% due 02/10/53		2,500,000		2,545,051
Kyndryl Holdings, Inc.
2.050% due 10/15/26		2,500,000		2,158,515
3.150% due 10/15/31		3,000,000		2,252,726
NXP BV/NXP Funding LLC/NXP USA, Inc. (China) 3.875% due 06/18/26		5,000,000		4,805,078
Oracle Corp.
2.875% due 03/25/31		2,000,000		1,707,999
3.950% due 03/25/51		4,500,000		3,405,096
6.150% due 11/09/29		850,000		885,895
Skyworks Solutions, Inc. 3.000% due 06/01/31		600,000		485,060
Texas Instruments, Inc. 5.050% due 05/18/63		2,000,000		2,005,674
				29,954,252
Utilities - 7.4%
AES Corp. 5.450% due 06/01/28		4,000,000		3,931,282
American Electric Power Co., Inc. 5.625% due 03/01/33		1,750,000		1,780,342
Appalachian Power Co. 4.500% due 08/01/32		1,650,000		1,547,592
Arizona Public Service Co.
5.550% due 08/01/33		2,050,000		2,053,522

	Principal Amount		Value
6.350% due 12/15/32		$710,000		$753,894
Brooklyn Union Gas Co. 4.632% due 08/05/27 ~		2,175,000		2,086,771
Dominion Energy, Inc. 4.350% due 01/15/27		1,550,000		1,309,938
DPL, Inc.
4.125% due 07/01/25		1,500,000		1,430,190
4.350% due 04/15/29		1,125,000		985,816
Duke Energy Ohio, Inc. 5.650% due 04/01/53		1,000,000		1,026,944
Duke Energy Progress LLC 5.250% due 03/15/33		3,400,000		3,456,559
Duke Energy Progress NC Storm Funding LLC 2.387% due 07/01/39		2,650,000		2,111,246
Edison International 8.125% due 06/15/53		5,000,000		5,114,758
Eversource Energy 5.125% due 05/15/33		3,500,000		3,451,700
FirstEnergy Corp. 4.150% due 07/15/27		2,500,000		2,376,830
Florida Power & Light Co. 4.625% due 05/15/30		3,350,000		3,300,377
IPALCO Enterprises, Inc. 4.250% due 05/01/30		3,000,000		2,717,435
KeySpan Gas East Corp. 3.586% due 01/18/52 ~		1,500,000		1,016,781
Louisville Gas & Electric Co. 5.450% due 04/15/33		2,000,000		2,038,638
National Grid PLC (United Kingdom) 5.809% due 06/12/33		2,400,000		2,443,857
Nevada Power Co. 5.900% due 05/01/53		2,650,000		2,765,655
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		3,350,000		3,279,430
NSTAR Electric Co.
4.550% due 06/01/52		2,050,000		1,845,973
4.950% due 09/15/52		1,650,000		1,604,161
PacifiCorp 5.500% due 05/15/54		2,050,000		1,926,172
PG&E Energy Recovery Funding LLC 2.280% due 01/15/38		1,200,000		930,002
PG&E Wildfire Recovery Funding LLC 3.594% due 06/01/32		881,290		835,615
Piedmont Natural Gas Co., Inc. 5.050% due 05/15/52		1,000,000		902,874
Sempra Energy
4.125%due 04/01/52		2,350,000		1,904,196
5.500% due 08/01/33		4,100,000		4,075,967
Southwestern Electric Power Co. 3.250% due 11/01/51		1,900,000		1,277,817
Texas Electric Market Stabilization Funding N LLC 4.265% due 08/01/36 ~		1,024,087		975,542
Virginia Electric & Power Co. 5.000% due 04/01/33		350,000		346,119
				67,603,995
Total Corporate Bonds & Notes (Cost $500,735,682)				466,414,066
SENIOR LOAN NOTES - 8.0%
Consumer, Cyclical - 2.2%
Carnival Corp. Term B 8.217% (USD LIBOR + 3.000%) due 06/30/25 §		994,872		994,405
ClubCorp Holdings, Inc. Term B 8.288% (USD LIBOR + 2.750%) due 09/18/24 §		3,376,874		3,243,005

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-3

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Marriott Ownership Resorts, Inc. Term B 6.943% (USD LIBOR + 1.750%) due 08/29/25 §		$3,231,949		$3,228,918
SeaWorld Parks & Entertainment, Inc. Term B 8.250% (USD LIBOR + 3.000%) due 08/25/28 §		6,914,810		6,914,810
Stars Group Holdings BV Term B (Canada) 7.753% (USD LIBOR + 2.250%) due 07/21/26 § µ		3,503,924		3,507,484
United Airlines, Inc. Term B 9.292% (USD LIBOR + 3.750%) due 04/21/28 §		2,478,054		2,480,532
				20,369,154
Consumer, Non-Cyclical - 2.2%
Allied Universal Holdco LLC Term B 8.952% (SOFR + 3.750%) due 05/12/28 § µ		2,127,087		2,066,731
CoreLogic, Inc. Term B 8.750% (USD LIBOR + 3.500%) due 06/02/28 §		2,701,875		2,446,324
Heartland Dental LLC Term B 10.102% (SOFR + 5.000%) due 04/28/28 §		466,160		450,195
Pathway Vet Alliance LLC Term B 8.943% (USD LIBOR + 3.750%) due 03/31/27 §		6,383,956		5,654,589
PetVet Care Centers LLC Term B3 8.693% (USD LIBOR + 3.500%) due 02/14/25 §		4,507,542		4,436,174
Sunshine Luxembourg VII SARL Term B3 (Luxembourg) 9.092% (USD LIBOR + 3.750%) due 10/01/26 §		2,702,023		2,691,515
Verscend Holding Corp. Term B 9.217% (USD LIBOR + 4.000%) due 08/27/25 §		2,487,310		2,488,476
				20,234,004
Financial - 1.9%
AssuredPartners, Inc. Term B 8.717% (USD LIBOR + 3.500%) due 02/12/27 §		2,698,518		2,680,978
HUB International Ltd. Term B 9.341% (USD LIBOR + 4.250%) due 06/20/30 §		5,500,000		5,516,560
NFP Corp. Term B 8.467% (USD LIBOR + 3.250%) due 02/15/27 §		1,511,875		1,483,056
USI, Inc. Term B 8.992% (SOFR + 3.750%) due 11/22/29 §		7,759,201		7,758,510
				17,439,104
Industrial - 0.7%
Proampac PG Borrower LLC Term B 7.829% (USD LIBOR + 3.750%) due 11/03/25 § µ		3,465,043		3,436,456
TransDigm, Inc. Term I 8.492% (SOFR + 3.250%) due 08/24/28 §		2,760,104		2,760,574
				6,197,030
Technology - 1.0%
CDK Global, Inc. Term B 9.492% (SOFR + 4.250%) due 07/06/29 § µ		2,989,987		2,984,890

	Principal Amount		Value
Ultimate Software Group, Inc. 8.618% (USD LIBOR + 3.250%) due 05/04/26 §		$6,159,034		$6,052,692
				9,037,582
Total Senior Loan Notes (Cost $73,515,561)				73,276,874
MORTGAGE-BACKED SECURITIES - 3.4%
Fannie Mae - 0.6%
5.000% due 04/01/38		3,869,093		3,845,793
5.500% due 05/01/38		1,689,575		1,700,322
				5,546,115
Freddie Mac - 2.4%
4.500% due 05/01/38		4,358,998		4,277,447
5.000% due 01/01/53		2,184,558		2,141,838
5.500% due 04/01/38 - 06/01/53		13,718,824		13,722,170
6.500% due 07/01/53		2,250,000		2,298,884
				22,440,339
Government National Mortgage Association - 0.4%
6.000% due 12/20/52		3,431,702		3,457,217
Total Mortgage-Backed Securities (Cost $31,525,770)				31,443,671
ASSET-BACKED SECURITIES - 16.1%
AIMCO CLO 11 Ltd. (Cayman) 6.390% (USD LIBOR + 1.130%) due 10/17/34 § ~		1,500,000		1,478,529
Ally Auto Receivables Trust 5.070% due 04/15/27		3,000,000		2,975,713
AmeriCredit Automobile Receivables Trust
0.760% due 12/18/25		2,400,000		2,342,079
0.890% due 10/19/26		1,050,000		975,243
1.410% due 08/18/27		1,500,000		1,355,344
Buttermilk Park CLO Ltd. (Cayman) 6.360% (USD LIBOR + 1.100%) due 10/15/31 § ~		1,200,000		1,183,673
Carlyle Global Market Strategies CLO Ltd. 7.001% (USD LIBOR + 1.680%) due 08/14/30 § ~		2,000,000		1,972,281
CIFC Funding Ltd. (Cayman)
6.135% (USD LIBOR + 0.870%) due 04/19/29 § ~		2,302,216		2,284,781
6.362% (USD LIBOR + 1.100%) due 07/18/31 § ~		3,630,000		3,599,145
Dryden 55 CLO Ltd. (Cayman) 7.160% (USD LIBOR + 1.900%) due 04/15/31 § ~		1,000,000		963,418
Dryden 58 CLO Ltd. (Cayman)
6.760% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,000,000		969,658
7.060% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,000,000		958,171
Dryden 61 CLO Ltd. (Cayman) 6.250% (USD LIBOR + 0.990%) due 01/17/32 § ~		2,250,000		2,216,804
Dryden 64 CLO Ltd. (Cayman) 6.662% (USD LIBOR + 1.400%) due 04/18/31 § ~		800,000		777,470
Ford Credit Auto Owner Trust
0.790% due 11/15/25		2,420,000		2,363,196
1.290% due 06/15/26		500,000		480,311
2.040% due 12/15/26		500,000		487,039
3.190% due 07/15/31 ~		3,000,000		2,884,199

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-4

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.880% due 11/15/34 ~		$2,650,000		$2,515,779
5.140% due 03/15/26		2,550,000		2,538,434
5.270% due 05/17/27		2,000,000		1,994,515
5.570% due 06/15/26		3,500,000		3,496,206
GM Financial Consumer Automobile Receivables Trust 5.100% due 05/18/26		1,800,000		1,790,713
GM Financial Revolving Receivables Trust 5.120% due 04/11/35 ~		2,400,000		2,376,359
Hilton Grand Vacations Trust 3.610% due 06/20/34 ~		226,295		213,769
Honda Auto Receivables Owner Trust 0.600% due 12/20/27		1,580,000		1,459,976
Madison Park Funding XXVIII Ltd. (Cayman) 6.860% (USD LIBOR + 1.600%) due 07/15/30 § ~		1,400,000		1,371,071
Magnetite XII Ltd. (Cayman) 6.360% (USD LIBOR + 1.100%) due 10/15/31 § ~		4,775,000		4,746,988
Magnetite XIV-R Ltd. (Cayman) 6.382% (USD LIBOR + 1.120%) due 10/18/31 § ~		2,500,000		2,484,258
Magnetite XIX Ltd. (Cayman) 6.310% (USD LIBOR + 1.050%) due 04/17/34 § ~		4,500,000		4,405,720
Magnetite XVIII Ltd. (Cayman) 6.201% (USD LIBOR + 0.880%) due 11/15/28 § ~		1,694,147		1,683,410
Magnetite XXI Ltd. (Cayman) 6.270% (USD LIBOR + 1.020%) due 04/20/34 § ~		5,000,000		4,890,852
Magnetite XXII Ltd. (Cayman) 6.860% (USD LIBOR + 1.600%) due 04/15/31 § ~		1,500,000		1,472,812
Magnetite XXIX Ltd. (Cayman) 6.250% (USD LIBOR + 0.990%) due 01/15/34 § ~		1,300,000		1,288,625
Mercedes-Benz Auto Receivables Trust 5.260% due 10/15/25		434,773		433,834
MVW LLC 1.740% due 10/20/37 ~		128,630		117,447
MVW Owner Trust 4.930% due 10/20/40 ~		1,931,704		1,895,176
Navient Private Education Refi Loan Trust
0.840% due 05/15/69 ~		290,939		252,607
0.940% due 07/15/69 ~		4,281,304		3,700,760
1.220% due 07/15/69 ~		647,865		575,509
1.310% due 01/15/69 ~		464,495		419,937
1.690% due 05/15/69 ~		2,193,582		1,958,606
2.230% due 07/15/70 ~		4,149,737		3,601,752
2.460% due 11/15/68 ~		334,851		307,583
2.640% due 05/15/68 ~		377,971		355,172
4.160% due 10/15/70 ~		3,620,470		3,425,152
5.510% due 10/15/71 ~		5,552,944		5,479,158
Navient Student Loan Trust
1.310% due 12/26/69 ~		1,145,994		976,580
1.320% due 08/26/69 ~		931,573		785,526
3.390% due 12/15/59 ~		1,591,725		1,504,472
5.750% (USD LIBOR + 0.600%) due 12/26/69 § ~		688,285		670,160
6.200% (USD LIBOR + 1.050%) due 06/25/69 § ~		678,552		670,277
Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman) 6.612% (USD LIBOR + 1.350%) due 10/18/29 § ~		1,500,000		1,457,341
Neuberger Berman Loan Advisers CLO 31 Ltd. (Cayman) 6.290% (USD LIBOR + 1.040%) due 04/20/31 § ~		1,000,000		986,313

	Principal Amount		Value
OneMain Financial Issuance Trust 4.130% due 05/14/35 ~		$1,350,000		$1,291,403
Palmer Square CLO Ltd. (Cayman)
6.360% (USD LIBOR + 1.100%) due 07/16/31 § ~		1,000,000		991,290
6.401% (USD LIBOR + 1.080%) due 11/15/31 § ~		4,000,000		3,971,160
Palmer Square Loan Funding Ltd. (Cayman)
6.050% (USD LIBOR + 0.800%) due 07/20/29 § ~		1,951,300		1,927,806
6.150% (USD LIBOR + 0.900%) due 04/20/29 § ~		1,215,605		1,207,471
6.629% (USD LIBOR + 1.250%) due 05/20/29 § ~		4,000,000		3,919,260
6.650% (USD LIBOR + 1.400%) due 07/20/29 § ~		2,500,000		2,444,956
6.660% (USD LIBOR + 1.400%) due 10/15/29 § ~		4,800,000		4,710,691
7.279% (USD LIBOR + 1.900%) due 02/20/28 § ~		600,000		595,569
Santander Drive Auto Receivables Trust
0.750% due 02/17/26		553,146		548,658
4.420% due 11/15/27		1,700,000		1,656,056
SLM Student Loan Trust 5.805% (USD LIBOR + 0.550%) due 10/25/64 § ~		510,985		499,960
SMB Private Education Loan Trust
1.070% due 01/15/53 ~		1,580,592		1,352,511
1.290% due 07/15/53 ~		670,691		598,149
1.680% due 02/15/51 ~		936,737		834,617
2.230% due 09/15/37 ~		2,127,432		1,951,414
2.340% due 09/15/34 ~		167,008		160,844
2.700% due 05/15/31 ~		194,272		188,549
2.820% due 10/15/35 ~		633,306		602,762
2.880% due 09/15/34 ~		1,312,444		1,257,444
3.440% due 07/15/36 ~		868,675		826,464
3.500% due 02/15/36 ~		506,599		484,316
3.600% due 01/15/37 ~		568,175		541,814
3.630% due 11/15/35 ~		467,199		445,046
4.480% due 05/16/50 ~		1,303,211		1,248,410
5.923% (USD LIBOR + 0.730%) due 01/15/53 § ~		3,844,621		3,754,016
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		659,535		607,406
Stratus CLO Ltd. (Cayman) 6.650% (USD LIBOR + 1.400%) due 12/29/29 § ~		4,000,000		3,903,665
Tiaa CLO III Ltd. (Cayman) 6.410% (USD LIBOR + 1.150%) due 01/16/31 § ~		1,767,566		1,746,805
Toyota Auto Receivables Owner Trust 0.430% due 01/15/26		1,027,755		989,435
Verizon Master Trust 4.730% due 04/21/31 ~		4,200,000		4,163,030
Total Asset-Backed Securities (Cost $151,427,512)				147,990,880
U.S. TREASURY OBLIGATIONS - 18.6%
U.S. Treasury Bonds - 9.7%
1.125% due 05/15/40		6,000,000		3,894,375
1.250% due 05/15/50		3,750,000		2,110,767
1.375% due 08/15/50		2,750,000		1,599,565
1.750% due 08/15/41		5,500,000		3,868,047
1.875% due 11/15/51		3,350,000		2,212,832
2.000% due 02/15/50		1,750,000		1,200,630
2.000% due 08/15/51		2,500,000		1,705,078

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-5

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
2.250% due 08/15/46		$1,950,000		$1,425,747
2.250% due 02/15/52		7,500,000		5,423,145
2.500% due 02/15/46		6,500,000		5,007,412
2.750% due 11/15/47		3,500,000		2,817,773
2.875% due 05/15/52		8,250,000		6,840,732
3.000% due 08/15/52		10,000,000		8,506,250
3.625% due 02/15/53		23,000,000		22,080,000
3.875% due 02/15/43		15,000,000		14,629,688
4.000% due 11/15/42		5,500,000		5,467,344
				88,789,385
U.S. Treasury Notes - 8.9%
0.625% due 05/15/30		8,500,000		6,811,621
1.125% due 02/15/31		6,000,000		4,935,703
1.875% due 02/28/29		21,000,000		18,679,336
2.125% due 03/31/24		2,000,000		1,952,258
2.500% due 03/31/27		10,000,000		9,373,242
2.750% due 08/15/32		9,000,000		8,252,402
3.500% due 02/15/33		15,000,000		14,613,281
4.000% due 02/29/28		17,000,000		16,877,481
				81,495,324
Total U.S. Treasury Obligations (Cost $185,565,954)				170,284,709

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 2.5%
Repurchase Agreements - 2.5%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $22,547,101; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $22,989,062)		$22,538,274		$22,538,274
Total Short-Term Investments (Cost $22,538,274)				22,538,274
TOTAL INVESTMENTS - 99.4% (Cost $965,308,753)				911,948,474
OTHER ASSETS & LIABILITIES, NET - 0.6%				5,825,947
NET ASSETS - 100.0%				$917,774,421

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	50.8%
U.S. Treasury Obligations	18.6%
Asset-Backed Securities	16.1%
Senior Loan Notes	8.0%
Mortgage-Backed Securities	3.4%
Others (each less than 3.0%)	2.5%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$466,414,066		$-		$466,414,066		$-
	Senior Loan Notes		73,276,874		-		73,276,874		-
	Mortgage-Backed Securities		31,443,671		-		31,443,671		-
	Asset-Backed Securities		147,990,880		-		147,990,880		-
	U.S. Treasury Obligations		170,284,709		-		170,284,709		-
	Short-Term Investments		22,538,274		-		22,538,274		-
	Total		$911,948,474		$-		$911,948,474		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-6

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 37.8%
Basic Materials - 1.4%
Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$500,000		$486,152
4.000% due 09/11/27 ~		1,080,000		1,016,370
4.750% due 04/10/27 ~		750,000		725,413
ArcelorMittal SA (Luxembourg) 7.000% due 10/15/39		630,000		658,507
Barrick North America Finance LLC (Canada)
5.700% due 05/30/41		823,000		835,008
5.750% due 05/01/43		550,000		565,808
BHP Billiton Finance USA Ltd. (Australia) 5.000% due 09/30/43		720,000		720,860
First Quantum Minerals Ltd. (Zambia) 8.625% due 06/01/31 ~		390,000		400,191
Freeport-McMoRan, Inc.
4.550% due 11/14/24		120,000		118,395
4.625% due 08/01/30		500,000		471,575
5.450% due 03/15/43		2,310,000		2,157,064
Glencore Funding LLC (Australia)
4.000% due 03/27/27 ~		1,730,000		1,650,509
4.125% due 03/12/24 ~		1,070,000		1,057,349
4.625% due 04/29/24 ~		2,000,000		1,976,286
MEGlobal BV (Kuwait) 4.250% due 11/03/26 ~		1,260,000		1,210,951
OCP SA (Morocco)
3.750% due 06/23/31 ~		970,000		804,644
4.500% due 10/22/25 ~		1,170,000		1,136,579
5.125% due 06/23/51 ~		950,000		694,678
Orbia Advance Corp. SAB de CV (Mexico)
1.875% due 05/11/26 ~		2,050,000		1,838,850
2.875% due 05/11/31 ~		2,140,000		1,700,690
Southern Copper Corp. (Mexico) 5.250% due 11/08/42		2,340,000		2,240,410
Suzano Austria GmbH (Brazil)
3.125% due 01/15/32		1,560,000		1,249,830
3.750% due 01/15/31		2,420,000		2,067,103
Vale Overseas Ltd. (Brazil) 6.875% due 11/21/36		993,000		1,039,282
Yamana Gold, Inc. (Canada) 4.625% due 12/15/27		1,810,000		1,709,358
				28,531,862
Communications - 4.9%
Alphabet, Inc.
1.100% due 08/15/30		690,000		558,624
1.900% due 08/15/40		960,000		661,748
2.050% due 08/15/50		230,000		144,083
Altice France SA (France) 5.500% due 10/15/29 ~		450,000		322,264
Amazon.com, Inc.
0.800% due 06/03/25		720,000		665,312
1.200% due 06/03/27		1,720,000		1,510,255
1.500% due 06/03/30		1,310,000		1,077,742
2.100% due 05/12/31		1,120,000		942,394
2.500% due 06/03/50		690,000		459,552
3.150% due 08/22/27		1,070,000		1,007,549
3.300% due 04/13/27		530,000		505,107
3.450% due 04/13/29		1,130,000		1,064,751
3.600% due 04/13/32		830,000		774,325
3.875% due 08/22/37		800,000		731,163
4.050% due 08/22/47		1,720,000		1,545,230
4.250% due 08/22/57		390,000		351,379
4.950% due 12/05/44		190,000		192,408
AT&T, Inc.
1.650% due 02/01/28		1,430,000		1,229,724
2.250% due 02/01/32		250,000		198,650

	Principal Amount		Value
2.300% due 06/01/27		$1,990,000		$1,790,688
2.550% due 12/01/33		510,000		400,769
3.500% due 09/15/53		730,000		517,296
3.550% due 09/15/55		2,244,000		1,572,593
3.650% due 09/15/59		550,000		383,312
3.800% due 12/01/57		180,000		130,469
4.350% due 03/01/29		900,000		864,900
4.350% due 06/15/45		744,000		624,123
5.350% due 09/01/40		490,000		475,431
5.550% due 08/15/41		550,000		543,303
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% due 03/01/42		370,000		247,810
4.200% due 03/15/28		2,020,000		1,894,574
4.400% due 04/01/33		380,000		333,677
4.800% due 03/01/50		230,000		173,724
4.908% due 07/23/25		1,970,000		1,932,465
5.125% due 07/01/49		330,000		259,889
5.375% due 04/01/38		1,590,000		1,355,678
5.375% due 05/01/47		200,000		165,506
5.750% due 04/01/48		240,000		205,645
6.384% due 10/23/35		270,000		263,321
6.484% due 10/23/45		650,000		611,511
6.834% due 10/23/55		370,000		349,190
Comcast Corp.
2.800% due 01/15/51		620,000		410,949
2.937% due 11/01/56		254,000		165,590
3.150% due 03/01/26		490,000		469,523
3.250% due 11/01/39		190,000		150,880
3.300% due 04/01/27		1,510,000		1,428,824
3.400% due 04/01/30		1,000,000		919,438
3.400% due 07/15/46		170,000		129,177
3.450% due 02/01/50		240,000		182,896
3.750% due 04/01/40		260,000		219,226
3.950% due 10/15/25		1,560,000		1,521,084
3.969% due 11/01/47		4,290,000		3,557,827
3.999% due 11/01/49		240,000		198,354
4.000% due 08/15/47		340,000		283,687
4.000% due 03/01/48		270,000		225,309
4.150% due 10/15/28		2,240,000		2,171,432
4.250% due 10/15/30		1,630,000		1,570,662
4.950% due 10/15/58		140,000		134,590
5.650% due 06/15/35		290,000		304,388
6.500% due 11/15/35		307,000		344,395
CSC Holdings LLC
3.375% due 02/15/31 ~		330,000		223,694
4.125% due 12/01/30 ~		5,860,000		4,104,877
4.500% due 11/15/31 ~		3,060,000		2,136,740
DISH DBS Corp.
5.125% due 06/01/29		1,120,000		521,182
5.250% due 12/01/26 ~		690,000		554,793
5.875% due 11/15/24		1,361,000		1,192,075
7.750% due 07/01/26		690,000		423,919
FOX Corp. 5.476% due 01/25/39		1,010,000		944,359
Prosus NV (China)
3.061% due 07/13/31 ~		4,880,000		3,817,346
3.832% due 02/08/51 ~		450,000		276,742
4.027% due 08/03/50 ~		2,450,000		1,541,212
Sprint Capital Corp. 8.750% due 03/15/32		1,420,000		1,717,805
Sprint LLC
7.625% due 02/15/25		910,000		930,353
7.875% due 09/15/23		40,000		40,133
T-Mobile USA, Inc.
2.250% due 02/15/26		410,000		377,100
2.550% due 02/15/31		2,510,000		2,087,123
2.625% due 02/15/29		1,290,000		1,121,562
2.875% due 02/15/31		950,000		803,852

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-7

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.000% due 02/15/41		$330,000		$241,459
3.375% due 04/15/29		480,000		433,895
3.500% due 04/15/25		3,080,000		2,962,817
3.500% due 04/15/31		2,920,000		2,579,479
3.750% due 04/15/27		330,000		312,539
3.875% due 04/15/30		2,600,000		2,396,850
Telefonica Emisiones SA (Spain) 5.520% due 03/01/49		1,050,000		944,742
Time Warner Cable Enterprises LLC 8.375% due 07/15/33		990,000		1,088,158
Time Warner Cable LLC
5.500% due 09/01/41		250,000		208,182
6.550% due 05/01/37		520,000		498,916
6.750% due 06/15/39		1,310,000		1,259,828
7.300% due 07/01/38		2,580,000		2,631,447
Verizon Communications, Inc.
1.750% due 01/20/31		1,620,000		1,278,708
2.100% due 03/22/28		970,000		852,606
2.355% due 03/15/32		1,522,000		1,224,642
2.550% due 03/21/31		1,050,000		876,990
2.625% due 08/15/26		1,970,000		1,832,009
2.650% due 11/20/40		1,400,000		974,467
2.875% due 11/20/50		2,740,000		1,787,482
3.150% due 03/22/30		860,000		764,708
3.850% due 11/01/42		960,000		777,431
4.000% due 03/22/50		610,000		495,633
4.125% due 03/16/27		286,000		277,818
4.125% due 08/15/46		980,000		806,561
4.329% due 09/21/28		715,000		689,627
4.400% due 11/01/34		1,750,000		1,616,151
4.500% due 08/10/33		5,540,000		5,229,918
4.862% due 08/21/46		630,000		578,006
5.500% due 03/16/47		250,000		251,527
				102,113,828
Consumer, Cyclical - 3.6%
Costco Wholesale Corp.
1.375% due 06/20/27		1,480,000		1,307,516
1.600% due 04/20/30		1,160,000		966,518
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% due 10/20/25 ~		1,499,998		1,467,929
4.750% due 10/20/28 ~		1,650,000		1,602,966
Ford Motor Co.
4.750% due 01/15/43		300,000		230,959
6.100% due 08/19/32		1,000,000		970,131
Ford Motor Credit Co. LLC
2.900% due 02/16/28		650,000		557,328
3.625% due 06/17/31		1,770,000		1,452,630
3.664% due 09/08/24		270,000		261,151
4.000% due 11/13/30		4,360,000		3,729,907
4.125% due 08/17/27		1,590,000		1,453,331
5.113% due 05/03/29		300,000		278,512
5.125% due 06/16/25		760,000		739,807
7.350% due 11/04/27		1,390,000		1,422,832
7.350% due 03/06/30		480,000		490,736
General Motors Co.
5.150% due 04/01/38		440,000		391,981
5.600% due 10/15/32		590,000		571,088
5.950% due 04/01/49		660,000		617,157
6.125% due 10/01/25		140,000		141,008
6.250% due 10/02/43		570,000		558,056
General Motors Financial Co., Inc. 4.350% due 01/17/27		520,000		498,770
H&E Equipment Services, Inc. 3.875% due 12/15/28 ~		270,000		234,058
Home Depot, Inc.
2.500% due 04/15/27		730,000		677,532
2.700% due 04/15/30		860,000		764,680
3.300% due 04/15/40		480,000		390,161
3.350% due 04/15/50		1,490,000		1,138,340

	Principal Amount		Value
3.900% due 12/06/28		$190,000		$184,040
3.900% due 06/15/47		210,000		178,668
Las Vegas Sands Corp.
2.900% due 06/25/25		5,000,000		4,701,248
3.200% due 08/08/24		3,400,000		3,295,255
Lennar Corp.
4.500% due 04/30/24		1,040,000		1,031,404
4.750% due 05/30/25		200,000		195,517
Lowe’s Cos., Inc. 4.500% due 04/15/30		500,000		486,419
McDonald’s Corp.
1.450% due 09/01/25		260,000		240,192
3.300% due 07/01/25		580,000		559,369
3.500% due 07/01/27		1,390,000		1,324,177
3.600% due 07/01/30		730,000		679,803
3.625% due 09/01/49		190,000		150,022
3.700% due 01/30/26		1,220,000		1,179,872
3.800% due 04/01/28		740,000		709,705
4.200% due 04/01/50		1,320,000		1,143,580
MDC Holdings, Inc. 6.000% due 01/15/43		90,000		81,293
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.500% due 06/20/27 ~		1,071,988		1,075,629
New Red Finance, Inc. (Canada)
3.500% due 02/15/29 ~		1,540,000		1,352,006
3.875% due 01/15/28 ~		1,550,000		1,418,418
Newell Brands, Inc. 4.700% due 04/01/26		10,000		9,403
NIKE, Inc.
2.750% due 03/27/27		1,060,000		996,228
3.250% due 03/27/40		750,000		617,076
3.375% due 03/27/50		970,000		787,005
Nissan Motor Co. Ltd. (Japan)
3.043% due 09/15/23 ~		1,040,000		1,032,722
3.522% due 09/17/25 ~		2,700,000		2,512,933
4.345% due 09/17/27 ~		2,620,000		2,384,768
Sands China Ltd. (Macau)
2.800% due 03/08/27		1,590,000		1,381,206
3.350% due 03/08/29		2,010,000		1,676,925
4.300% due 01/08/26		950,000		893,918
5.625% due 08/08/25		3,980,000		3,885,445
5.900% due 08/08/28		1,010,000		963,692
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.000% due 09/20/25 ~		1,409,999		1,421,928
Target Corp. 2.250% due 04/15/25		990,000		943,298
United Airlines, Inc.
4.375% due 04/15/26 ~		90,000		85,590
4.625% due 04/15/29 ~		1,870,000		1,705,567
VOC Escrow Ltd. 5.000% due 02/15/28 ~		1,320,000		1,212,301
Walmart, Inc.
1.500% due 09/22/28		390,000		338,870
1.800% due 09/22/31		450,000		373,932
Warnermedia Holdings, Inc.
3.755% due 03/15/27		570,000		531,905
4.054% due 03/15/29		730,000		667,637
4.279% due 03/15/32		3,120,000		2,768,494
5.141% due 03/15/52		2,400,000		1,955,786
6.412% due 03/15/26		1,060,000		1,061,118
Wynn Macau Ltd. (Macau) 5.625% due 08/26/28 ~		2,500,000		2,184,175
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 7.125% due 02/15/31 ~		820,000		815,770
				76,109,393

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-8

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Consumer, Non-Cyclical - 5.9%
Abbott Laboratories
3.750% due 11/30/26		$885,000		$863,334
4.750% due 11/30/36		1,000,000		1,004,763
4.900% due 11/30/46		760,000		767,845
AbbVie, Inc.
2.600% due 11/21/24		2,660,000		2,553,475
2.950% due 11/21/26		1,110,000		1,037,510
3.200% due 11/21/29		2,700,000		2,443,269
3.600% due 05/14/25		1,600,000		1,547,268
3.750% due 11/14/23		370,000		367,440
3.800% due 03/15/25		2,430,000		2,363,836
4.250% due 11/21/49		1,930,000		1,667,080
Altria Group, Inc.
2.350% due 05/06/25		2,240,000		2,109,013
2.450% due 02/04/32		470,000		366,790
3.400% due 02/04/41		2,610,000		1,823,857
3.875% due 09/16/46		820,000		575,555
4.400% due 02/14/26		1,988,000		1,946,236
5.800% due 02/14/39		250,000		244,998
5.950% due 02/14/49		2,440,000		2,318,967
6.200% due 02/14/59		270,000		260,960
Amgen, Inc.
3.625% due 05/22/24		410,000		402,943
4.663% due 06/15/51		289,000		259,071
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.650% due 02/01/26		410,000		397,258
4.900% due 02/01/46		580,000		554,847
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.500% due 06/01/30		1,640,000		1,526,469
4.000% due 04/13/28		1,010,000		977,587
4.350% due 06/01/40		1,540,000		1,417,737
4.750% due 01/23/29		590,000		587,762
5.550% due 01/23/49		1,850,000		1,951,673
BAT Capital Corp. (United Kingdom)
3.557% due 08/15/27		3,890,000		3,579,456
4.540% due 08/15/47		950,000		700,081
Bausch Health Americas, Inc. 9.250% due 04/01/26 ~		750,000		632,704
Bausch Health Cos., Inc.
5.000% due 02/15/29 ~		2,560,000		1,072,231
5.250% due 01/30/30 ~		7,880,000		3,280,523
6.250% due 02/15/29 ~		2,740,000		1,181,735
7.250% due 05/30/29 ~		800,000		340,952
Becton Dickinson & Co.
3.363% due 06/06/24		1,400,000		1,369,940
3.734% due 12/15/24		272,000		264,168
4.685% due 12/15/44		714,000		648,277
Bristol-Myers Squibb Co.
3.200% due 06/15/26		959,000		918,177
3.400% due 07/26/29		473,000		439,618
Centene Corp.
3.375% due 02/15/30		370,000		318,326
4.625% due 12/15/29		380,000		350,108
Cigna Group
3.750% due 07/15/23		2,027,000		2,025,200
4.125% due 11/15/25		1,010,000		983,596
4.375% due 10/15/28		3,500,000		3,386,115
4.900% due 12/15/48		2,350,000		2,188,604
Coca-Cola Co.
1.450% due 06/01/27		700,000		626,007
2.500% due 06/01/40		70,000		52,788
2.600% due 06/01/50		370,000		258,811
3.375% due 03/25/27		1,180,000		1,138,346
CommonSpirit Health 4.350% due 11/01/42		420,000		360,994

	Principal Amount		Value
Constellation Brands, Inc.
2.250% due 08/01/31		$220,000		$179,909
3.600% due 05/09/24		620,000		608,231
4.350% due 05/09/27		640,000		624,441
CVS Health Corp.
1.875% due 02/28/31		430,000		341,768
2.125% due 09/15/31		910,000		731,292
3.625% due 04/01/27		550,000		522,402
3.750% due 04/01/30		670,000		614,970
3.875% due 07/20/25		1,278,000		1,242,440
4.125% due 04/01/40		580,000		489,258
4.250% due 04/01/50		180,000		149,252
5.050% due 03/25/48		4,440,000		4,095,703
5.125% due 07/20/45		1,440,000		1,333,038
CVS Pass-Through Trust 6.036% due 12/10/28		1,572,193		1,559,713
Danone SA (France) 2.589% due 11/02/23 ~		2,730,000		2,701,796
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		2,090,000		1,956,668
Elevance Health, Inc.
3.350% due 12/01/24		560,000		541,740
3.650% due 12/01/27		460,000		434,598
4.100% due 05/15/32		450,000		419,666
4.550% due 05/15/52		720,000		644,020
Gilead Sciences, Inc.
3.650% due 03/01/26		730,000		702,523
4.750% due 03/01/46		920,000		866,835
HCA, Inc.
3.500% due 09/01/30		450,000		394,673
4.500% due 02/15/27		110,000		106,169
5.000% due 03/15/24		1,333,000		1,324,810
5.250% due 06/15/26		180,000		178,096
5.375% due 02/01/25		517,000		512,744
5.375% due 09/01/26		440,000		436,727
5.500% due 06/15/47		450,000		424,408
5.625% due 09/01/28		200,000		200,269
5.875% due 02/01/29		630,000		634,412
Hershey Co. 0.900% due 06/01/25		340,000		313,232
Humana, Inc.
3.950% due 03/15/27		661,000		632,096
4.500% due 04/01/25		300,000		294,603
4.625% due 12/01/42		1,090,000		965,627
4.800% due 03/15/47		130,000		117,929
Johnson & Johnson 3.625% due 03/03/37		2,090,000		1,882,524
Kenvue, Inc. 4.900% due 03/22/33 ~		1,900,000		1,923,634
Kraft Heinz Foods Co.
3.000% due 06/01/26		587,000		554,111
4.250% due 03/01/31		420,000		399,972
4.375% due 06/01/46		560,000		476,303
4.625% due 10/01/39		30,000		27,139
5.000% due 06/04/42		210,000		196,640
5.200% due 07/15/45		990,000		943,319
5.500% due 06/01/50		830,000		823,950
6.750% due 03/15/32		50,000		55,041
6.875% due 01/26/39		140,000		157,925
7.125% due 08/01/39 ~		30,000		33,442
Mars, Inc.
2.700% due 04/01/25 ~		900,000		860,148
3.200% due 04/01/30 ~		590,000		535,704
Merck & Co., Inc. 1.450% due 06/24/30		800,000		652,748
Mondelez International, Inc. 1.500% due 05/04/25		1,540,000		1,435,956
PayPal Holdings, Inc. 1.650% due 06/01/25		630,000		589,852
PepsiCo, Inc.
1.625% due 05/01/30		620,000		515,727

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-9

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
2.250% due 03/19/25		$190,000		$181,359
2.625% due 03/19/27		190,000		177,198
2.875% due 10/15/49		400,000		300,858
Pfizer, Inc.
0.800% due 05/28/25		20,000		18,475
1.700% due 05/28/30		620,000		514,758
2.625% due 04/01/30		780,000		693,870
Philip Morris International, Inc. 2.100% due 05/01/30		260,000		215,325
Procter & Gamble Co.
2.800% due 03/25/27		300,000		282,617
3.000% due 03/25/30		650,000		601,954
Reynolds American, Inc. (United Kingdom) 5.850% due 08/15/45		1,090,000		970,664
Service Corp. International 7.500% due 04/01/27		510,000		524,049
Teva Pharmaceutical Finance Co. LLC (Israel) 6.150% due 02/01/36		280,000		249,233
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.800% due 07/21/23		377,000		376,516
3.150% due 10/01/26		7,115,000		6,384,331
4.100% due 10/01/46		1,800,000		1,185,756
4.750% due 05/09/27		730,000		676,215
5.125% due 05/09/29		5,940,000		5,394,475
7.125% due 01/31/25		1,140,000		1,156,433
8.125% due 09/15/31		540,000		566,639
UnitedHealth Group, Inc.
1.250% due 01/15/26		590,000		539,261
2.000% due 05/15/30		560,000		471,666
2.300% due 05/15/31		320,000		270,720
3.125% due 05/15/60		200,000		139,767
3.875% due 08/15/59		570,000		464,000
4.000% due 05/15/29		720,000		688,587
4.200% due 05/15/32		380,000		362,927
4.250% due 06/15/48		420,000		370,665
4.450% due 12/15/48		410,000		373,979
5.700% due 10/15/40		10,000		10,558
5.800% due 03/15/36		860,000		920,136
				122,897,484
Energy - 5.9%
BP Capital Markets America, Inc.
3.000% due 02/24/50		2,570,000		1,793,734
3.119% due 05/04/26		920,000		876,118
3.410% due 02/11/26		1,200,000		1,153,530
3.633% due 04/06/30		540,000		502,433
Cameron LNG LLC
2.902% due 07/15/31 ~		540,000		465,462
3.302% due 01/15/35 ~		1,730,000		1,444,005
Cheniere Energy Partners LP
3.250% due 01/31/32		1,340,000		1,104,227
4.000% due 03/01/31		400,000		352,636
Cheniere Energy, Inc. 4.625% due 10/15/28		1,020,000		953,483
Chevron Corp.
1.554% due 05/11/25		600,000		562,448
1.995% due 05/11/27		720,000		654,207
3.078% due 05/11/50		220,000		164,016
Chevron USA, Inc. 3.850% due 01/15/28		1,110,000		1,083,494
ConocoPhillips 6.500% due 02/01/39		370,000		427,052
Continental Resources, Inc.
2.268% due 11/15/26 ~		560,000		498,840
3.800% due 06/01/24		730,000		715,764
4.375% due 01/15/28		660,000		620,233
4.900% due 06/01/44		290,000		225,615
5.750% due 01/15/31 ~		1,300,000		1,236,346

	Principal Amount		Value
Coterra Energy, Inc.
3.900% due 05/15/27		$1,620,000		$1,528,019
4.375% due 03/15/29		1,710,000		1,598,291
Devon Energy Corp.
4.750% due 05/15/42		70,000		59,100
5.000% due 06/15/45		2,910,000		2,526,475
5.600% due 07/15/41		1,240,000		1,168,594
8.250% due 08/01/23		3,290,000		3,291,733
Diamondback Energy, Inc. 3.500% due 12/01/29		2,320,000		2,090,413
Ecopetrol SA (Colombia)
4.625% due 11/02/31		850,000		656,935
5.875% due 05/28/45		3,880,000		2,662,009
Energy Transfer LP
2.900% due 05/15/25		1,010,000		957,392
3.750% due 05/15/30		2,010,000		1,815,080
4.950% due 06/15/28		680,000		660,089
5.250% due 04/15/29		410,000		400,532
5.300% due 04/01/44		160,000		138,920
5.400% due 10/01/47		590,000		520,856
6.250% due 04/15/49		1,030,000		1,007,081
6.750% due 05/15/25		1,950,000		1,742,844
7.125% due 05/15/30		890,000		756,875
7.600% due 02/01/24		1,560,000		1,569,292
9.349% (USD LIBOR + 4.028%) due 07/17/23 §		390,000		350,513
Energy Transfer LP/Regency Energy Finance Corp. 4.500% due 11/01/23		520,000		517,939
Enterprise Products Operating LLC
2.800% due 01/31/30		2,460,000		2,155,721
3.700% due 01/31/51		1,180,000		904,179
3.950% due 01/31/60		400,000		308,944
4.150% due 10/16/28		1,040,000		994,994
4.200% due 01/31/50		2,100,000		1,758,249
4.800% due 02/01/49		470,000		430,674
4.850% due 03/15/44		420,000		388,166
7.550% due 04/15/38		360,000		413,966
EOG Resources, Inc.
3.900% due 04/01/35		1,460,000		1,311,850
4.150% due 01/15/26		1,040,000		1,018,357
4.375% due 04/15/30		80,000		78,314
4.950% due 04/15/50		890,000		879,556
EQT Corp.
3.125% due 05/15/26 ~		50,000		46,017
3.625% due 05/15/31 ~		900,000		775,361
3.900% due 10/01/27		1,430,000		1,323,350
5.000% due 01/15/29		630,000		593,718
6.125% due 02/01/25		67,000		66,684
Exxon Mobil Corp.
2.992% due 03/19/25		1,910,000		1,840,979
3.043% due 03/01/26		750,000		717,168
3.482% due 03/19/30		1,300,000		1,220,811
4.114% due 03/01/46		2,150,000		1,893,835
4.327% due 03/19/50		220,000		199,638
Halliburton Co. 3.800% due 11/15/25		79,000		76,351
KazMunayGas National Co. JSC (Kazakhstan) 6.375% due 10/24/48 ~		1,500,000		1,285,782
Kinder Morgan Energy Partners LP 3.500% due 09/01/23		1,410,000		1,404,760
Kinder Morgan, Inc.
4.300% due 03/01/28		450,000		430,418
5.200% due 03/01/48		60,000		52,689
5.550% due 06/01/45		210,000		193,717
MPLX LP
4.500% due 04/15/38		1,510,000		1,301,328
4.700% due 04/15/48		520,000		427,521
4.800% due 02/15/29		930,000		897,458

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-10

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.875% due 12/01/24		$1,190,000		$1,173,301
5.200% due 03/01/47		70,000		61,488
5.500% due 02/15/49		730,000		662,326
Occidental Petroleum Corp.
3.000% due 02/15/27		870,000		783,359
4.100% due 02/15/47		2,510,000		1,779,075
4.200% due 03/15/48		1,200,000		890,706
4.400% due 04/15/46		510,000		394,578
4.625% due 06/15/45		1,280,000		992,262
6.450% due 09/15/36		1,610,000		1,654,629
7.875% due 09/15/31		2,702,000		3,016,074
Petrobras Global Finance BV (Brazil)
5.299% due 01/27/25		8,001,000		7,930,510
6.250% due 03/17/24		150,000		150,338
7.250% due 03/17/44		1,270,000		1,254,793
Petroleos Mexicanos (Mexico)
6.375% due 01/23/45		520,000		319,903
6.750% due 09/21/47		160,000		100,620
6.875% due 08/04/26		1,350,000		1,261,915
Pioneer Natural Resources Co.
1.125% due 01/15/26		410,000		369,396
1.900% due 08/15/30		780,000		632,611
2.150% due 01/15/31		1,020,000		835,262
Reliance Industries Ltd. (India)
2.875% due 01/12/32 ~		850,000		709,392
3.625% due 01/12/52 ~		2,500,000		1,786,716
Sabine Pass Liquefaction LLC 5.750% due 05/15/24		730,000		728,950
Schlumberger Holdings Corp. 3.900% due 05/17/28 ~		1,232,000		1,161,646
Shell International Finance BV (Netherlands)
2.750% due 04/06/30		1,070,000		956,464
2.875% due 05/10/26		560,000		533,578
3.250% due 04/06/50		970,000		722,789
4.375% due 05/11/45		1,010,000		911,709
4.550% due 08/12/43		1,200,000		1,110,722
Sinopec Group Overseas Development Ltd. (China) 4.375% due 04/10/24 ~		1,790,000		1,771,518
Southwestern Energy Co.
4.750% due 02/01/32		770,000		679,726
5.375% due 02/01/29		60,000		56,560
5.375% due 03/15/30		250,000		233,534
Targa Resources Corp.
4.950% due 04/15/52		400,000		330,992
5.200% due 07/01/27		210,000		206,300
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.000% due 01/15/32		170,000		147,184
4.875% due 02/01/31		770,000		712,469
5.000% due 01/15/28		450,000		429,861
5.500% due 03/01/30		540,000		520,201
6.500% due 07/15/27		530,000		526,638
6.875% due 01/15/29		270,000		275,638
Teck Resources Ltd. (Canada) 6.000% due 08/15/40		90,000		88,036
Tennessee Gas Pipeline Co. LLC 2.900% due 03/01/30 ~		4,600,000		3,931,594
Venture Global Calcasieu Pass LLC 3.875% due 11/01/33 ~		1,150,000		943,254
Western Midstream Operating LP
3.350% due 02/01/25		1,120,000		1,071,594
4.300% due 02/01/30		2,824,000		2,538,065
4.500% due 03/01/28		680,000		641,883
4.650% due 07/01/26		460,000		442,934
5.300% due 03/01/48		130,000		108,718
5.500% due 08/15/48		960,000		805,235
5.500% due 02/01/50		600,000		492,366

	Principal Amount		Value
Williams Cos., Inc.
3.750% due 06/15/27		$330,000		$311,618
7.500% due 01/15/31		5,385,000		5,925,157
7.750% due 06/15/31		100,000		110,934
				122,430,301
Financial - 12.6%
ABN AMRO Bank NV (Netherlands) 4.750% due 07/28/25 ~		2,220,000		2,143,146
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.450% due 10/29/26		920,000		822,408
3.000% due 10/29/28		1,840,000		1,592,402
3.150% due 02/15/24		2,180,000		2,139,085
3.300% due 01/30/32		780,000		638,493
Air Lease Corp.
3.375% due 07/01/25		1,160,000		1,100,095
5.300% due 02/01/28		1,230,000		1,208,026
American Express Co.
3.375% due 05/03/24		1,180,000		1,157,355
4.050% due 05/03/29		1,150,000		1,096,074
American International Group, Inc. 2.500% due 06/30/25		1,887,000		1,778,210
Banco Santander SA (Spain)
2.746% due 05/28/25		400,000		375,747
4.175% due 03/24/28		200,000		187,344
Bank of America Corp.
2.572% due 10/20/32		3,040,000		2,477,253
2.592% due 04/29/31		2,550,000		2,142,092
2.972% due 02/04/33		1,920,000		1,601,243
3.419% due 12/20/28		3,934,000		3,611,046
3.974% due 02/07/30		3,230,000		2,993,161
4.000% due 04/01/24		2,280,000		2,253,864
4.083% due 03/20/51		3,820,000		3,170,422
4.125% due 01/22/24		3,295,000		3,266,988
4.200% due 08/26/24		4,930,000		4,839,438
4.250% due 10/22/26		310,000		299,429
4.330% due 03/15/50		1,190,000		1,024,856
4.450% due 03/03/26		660,000		641,825
5.000% due 01/21/44		370,000		354,929
Bank of Montreal (Canada)
1.850% due 05/01/25		2,120,000		1,981,044
3.803% due 12/15/32		550,000		484,992
Bank of New York Mellon Corp. 1.600% due 04/24/25		970,000		909,328
Bank of Nova Scotia (Canada)
1.300% due 06/11/25		690,000		634,511
4.588% due 05/04/37		980,000		845,399
Barclays PLC (United Kingdom)
4.972% due 05/16/29		2,496,000		2,361,054
5.088% due 06/20/30		4,250,000		3,868,546
Berkshire Hathaway Finance Corp. 4.250% due 01/15/49		2,370,000		2,161,989
BNP Paribas SA (France)
2.219% due 06/09/26 ~		2,260,000		2,091,317
2.824% due 01/26/41 ~		910,000		607,921
3.375% due 01/09/25 ~		910,000		874,462
4.375% due 03/01/33 ~		970,000		878,412
4.400% due 08/14/28 ~		2,110,000		1,993,863
4.625% due 03/13/27 ~		1,110,000		1,062,708
4.705% due 01/10/25 ~		2,360,000		2,339,418
5.125% due 01/13/29 ~		2,280,000		2,232,812
5.198% due 01/10/30 ~		920,000		890,095
BPCE SA (France) 5.150% due 07/21/24 ~		1,370,000		1,345,635
Chubb INA Holdings, Inc. 3.350% due 05/03/26		440,000		423,087
Citigroup, Inc.
3.106% due 04/08/26		1,310,000		1,251,415

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-11

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.980% due 03/20/30		$2,000,000		$1,850,951
4.075% due 04/23/29		2,840,000		2,676,122
4.400% due 06/10/25		3,030,000		2,944,656
4.412% due 03/31/31		890,000		837,273
4.450% due 09/29/27		1,330,000		1,270,589
4.650% due 07/30/45		2,171,000		1,927,611
4.650% due 07/23/48		1,430,000		1,296,587
4.658% due 05/24/28		730,000		712,368
4.750% due 05/18/46		440,000		377,036
4.910% due 05/24/33		1,920,000		1,858,853
5.300% due 05/06/44		240,000		222,217
5.500% due 09/13/25		630,000		626,618
5.950% due 05/15/25		2,220,000		2,131,817
6.300% due 05/15/24		2,520,000		2,460,150
6.625% due 06/15/32		480,000		508,179
6.675% due 09/13/43		580,000		625,528
8.125% due 07/15/39		200,000		256,085
9.341% (USD LIBOR + 4.068%) due 10/30/23 §		1,820,000		1,830,920
Cooperatieve Rabobank UA (Netherlands) 1.339% due 06/24/26 ~		250,000		228,738
3.649% due 04/06/28 ~		1,560,000		1,445,920
3.758% due 04/06/33 ~		1,160,000		1,008,749
4.375% due 08/04/25		3,420,000		3,302,633
Credit Agricole SA (France) 1.907% due 06/16/26 ~		1,500,000		1,381,651
Credit Suisse AG (Switzerland)
2.950% due 04/09/25		1,580,000		1,485,680
7.500% due 02/15/28		3,400,000		3,614,990
7.950% due 01/09/25		3,210,000		3,276,748
Danske Bank AS (Denmark)
3.244% due 12/20/25 ~		800,000		759,895
5.375% due 01/12/24 ~		1,470,000		1,461,644
Goldman Sachs Capital II 6.264% (USD LIBOR + 0.768%) due 07/31/23 §		298,000		233,185
Goldman Sachs Group, Inc.
2.908% due 07/21/42		370,000		261,650
3.210% due 04/22/42		160,000		118,402
3.500% due 04/01/25		2,050,000		1,970,580
3.500% due 11/16/26		40,000		37,526
3.615% due 03/15/28		710,000		666,739
3.625% due 02/20/24		420,000		413,926
4.223% due 05/01/29		1,000,000		945,132
4.250% due 10/21/25		3,150,000		3,037,095
4.750% due 10/21/45		20,000		18,205
5.150% due 05/22/45		3,100,000		2,896,392
5.950% due 01/15/27		1,733,000		1,758,126
6.250% due 02/01/41		3,450,000		3,711,337
6.750% due 10/01/37		1,485,000		1,598,458
Guardian Life Global Funding 1.100% due 06/23/25 ~		690,000		628,083
HSBC Bank USA NA 7.000% due 01/15/39		1,240,000		1,348,736
HSBC Holdings PLC (United Kingdom)
2.099% due 06/04/26		200,000		185,175
3.973% due 05/22/30		1,480,000		1,330,381
4.250% due 03/14/24		2,070,000		2,044,098
4.250% due 08/18/25		1,100,000		1,056,978
4.762% due 03/29/33		1,190,000		1,074,789
Intercontinental Exchange, Inc.
4.600% due 03/15/33		980,000		949,744
4.950% due 06/15/52		540,000		516,171
Intesa Sanpaolo SpA (Italy)
5.017% due 06/26/24 ~		10,470,000		10,145,348
5.710% due 01/15/26 ~		350,000		333,429
JPMorgan Chase & Co.
2.083% due 04/22/26		3,000,000		2,810,669
2.522% due 04/22/31		2,660,000		2,251,403
3.109% due 04/22/51		460,000		321,928

	Principal Amount		Value
3.875% due 09/10/24		$1,760,000		$1,718,950
4.023% due 12/05/24		2,730,000		2,706,836
4.203% due 07/23/29		3,010,000		2,863,297
4.250% due 10/01/27		870,000		843,686
4.452% due 12/05/29		4,010,000		3,846,033
4.950% due 06/01/45		2,540,000		2,374,143
KKR Group Finance Co. II LLC 5.500% due 02/01/43 ~		350,000		319,790
Lloyds Banking Group PLC (United Kingdom)
3.900% due 03/12/24		1,910,000		1,880,526
4.375% due 03/22/28		2,430,000		2,306,554
Mastercard, Inc. 3.850% due 03/26/50		880,000		758,481
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.837% due 04/17/26		910,000		875,368
4.080% due 04/19/28		940,000		892,552
Morgan Stanley
2.188% due 04/28/26		3,400,000		3,193,124
2.699% due 01/22/31		2,830,000		2,408,076
3.622% due 04/01/31		3,040,000		2,740,900
3.772% due 01/24/29		200,000		186,870
4.431% due 01/23/30		170,000		161,880
National Securities Clearing Corp. 1.500% due 04/23/25 ~		1,000,000		930,284
Natwest Group PLC (United Kingdom)
4.892% due 05/18/29		360,000		342,835
5.076% due 01/27/30		500,000		477,421
New York Life Global Funding 0.950% due 06/24/25 ~		840,000		767,658
Nuveen LLC 4.000% due 11/01/28 ~		1,500,000		1,416,558
Park Aerospace Holdings Ltd. (Ireland) 5.500% due 02/15/24 ~		630,000		622,986
PNC Financial Services Group, Inc.
5.582% due 06/12/29		2,110,000		2,101,596
5.812% due 06/12/26		590,000		586,763
Principal Life Global Funding II 1.250% due 06/23/25 ~		640,000		584,235
Royal Bank of Canada (Canada)
1.150% due 06/10/25		1,170,000		1,080,447
3.875% due 05/04/32		570,000		522,530
Santander UK Group Holdings PLC (United Kingdom) 5.625% due 09/15/45 ~		408,000		335,480
Standard Chartered PLC (United Kingdom) 6.783% (USD LIBOR + 1.510%) due 01/30/27 § ~		3,900,000		3,605,375
Teachers Insurance & Annuity Association of America 6.850% due 12/16/39 ~		132,000		146,087
Toronto-Dominion Bank (Canada)
1.150% due 06/12/25		1,720,000		1,585,683
4.456% due 06/08/32		1,940,000		1,842,409
Truist Financial Corp. 6.047% due 06/08/27		1,100,000		1,100,952
U.S. Bancorp
2.215% due 01/27/28		170,000		150,799
5.775% due 06/12/29		1,180,000		1,180,436
5.836% due 06/12/34		460,000		463,540
UBS Group AG (Switzerland)
2.193% due 06/05/26 ~		1,718,000		1,576,260
2.593% due 09/11/25 ~		250,000		238,396
2.746% due 02/11/33 ~		850,000		662,559
3.091% due 05/14/32 ~		2,240,000		1,812,931
4.125% due 09/24/25 ~		1,050,000		1,003,815
4.194% due 04/01/31 ~		3,760,000		3,348,581
4.488% due 05/12/26 ~		1,050,000		1,015,617
4.550% due 04/17/26		440,000		423,195

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-12

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.751% due 05/12/28 ~		$1,350,000		$1,280,452
7.000% due 01/31/24 ~		7,030,000		6,806,084
9.016% due 11/15/33 ~		780,000		935,520
US Bancorp 1.450% due 05/12/25		2,450,000		2,285,983
Visa, Inc.
3.150% due 12/14/25		2,010,000		1,927,421
4.300% due 12/14/45		1,570,000		1,457,970
WEA Finance LLC/Westfield UK & Europe Finance PLC REIT (France) 3.750% due 09/17/24 ~		6,230,000		5,885,835
Wells Fargo & Co.
2.188% due 04/30/26		1,310,000		1,228,027
2.879% due 10/30/30		980,000		847,232
3.000% due 10/23/26		2,240,000		2,080,838
3.350% due 03/02/33		590,000		505,184
3.750% due 01/24/24		1,700,000		1,680,701
4.150% due 01/24/29		1,150,000		1,090,856
4.400% due 06/14/46		1,650,000		1,341,945
4.478% due 04/04/31		3,350,000		3,186,485
4.650% due 11/04/44		1,600,000		1,359,183
4.750% due 12/07/46		2,550,000		2,173,758
4.900% due 11/17/45		1,490,000		1,313,182
5.013% due 04/04/51		7,140,000		6,655,810
5.375% due 11/02/43		2,030,000		1,913,964
5.606% due 01/15/44		1,567,000		1,506,590
				264,662,346
Industrial - 1.9%
3M Co.
2.375% due 08/26/29		990,000		850,945
3.050% due 04/15/30		340,000		306,639
3.700% due 04/15/50		2,220,000		1,759,898
Ball Corp. 3.125% due 09/15/31		1,220,000		1,005,036
Boeing Co.
2.196% due 02/04/26		1,190,000		1,092,692
2.700% due 02/01/27		610,000		557,870
3.200% due 03/01/29		1,480,000		1,324,253
3.250% due 02/01/35		3,350,000		2,718,458
3.550% due 03/01/38		460,000		358,486
3.750% due 02/01/50		1,380,000		1,037,249
4.875% due 05/01/25		1,340,000		1,321,406
5.150% due 05/01/30		1,900,000		1,882,901
5.705% due 05/01/40		2,190,000		2,186,203
5.805% due 05/01/50		1,720,000		1,715,181
5.930% due 05/01/60		150,000		148,678
Builders FirstSource, Inc. 4.250% due 02/01/32 ~		130,000		113,271
Carrier Global Corp. 3.577% due 04/05/50		100,000		74,016
Deere & Co.
3.100% due 04/15/30		370,000		338,597
3.750% due 04/15/50		760,000		673,731
Eaton Corp. 4.150% due 11/02/42		410,000		365,336
General Dynamics Corp.
3.250% due 04/01/25		420,000		406,302
4.250% due 04/01/40		100,000		92,106
4.250% due 04/01/50		340,000		312,274
L3Harris Technologies, Inc.
4.854% due 04/27/35		370,000		355,816
5.054% due 04/27/45		570,000		524,426
Lockheed Martin Corp.
3.550% due 01/15/26		605,000		587,037
3.900% due 06/15/32		600,000		565,640
4.150% due 06/15/53		2,290,000		2,018,944
4.500% due 05/15/36		580,000		560,330
Northrop Grumman Corp.
2.930% due 01/15/25		1,790,000		1,721,049
3.250% due 01/15/28		2,110,000		1,969,199
5.250% due 05/01/50		890,000		905,627

	Principal Amount		Value
Otis Worldwide Corp. 2.056% due 04/05/25		$870,000		$820,360
Raytheon Technologies Corp.
2.250% due 07/01/30		640,000		540,260
3.150% due 12/15/24		750,000		723,359
3.950% due 08/16/25		950,000		931,175
4.125% due 11/16/28		390,000		375,884
4.500% due 06/01/42		380,000		350,032
Republic Services, Inc. 2.500% due 08/15/24		1,000,000		965,014
Union Pacific Corp.
2.150% due 02/05/27		650,000		594,287
2.400% due 02/05/30		840,000		730,831
2.891% due 04/06/36		1,060,000		846,439
3.750% due 07/15/25		430,000		417,614
3.750% due 02/05/70		1,950,000		1,478,017
3.839% due 03/20/60		365,000		290,976
Vertiv Group Corp. 4.125% due 11/15/28 ~		570,000		514,079
				39,427,923
Technology - 1.3%
Apple, Inc.
1.125% due 05/11/25		2,110,000		1,966,721
2.450% due 08/04/26		1,610,000		1,507,961
Broadcom, Inc. 3.137% due 11/15/35 ~		4,110,000		3,154,085
Intel Corp.
1.600% due 08/12/28		530,000		456,482
3.050% due 08/12/51		240,000		161,108
3.700% due 07/29/25		620,000		603,157
4.750% due 03/25/50		920,000		832,468
5.125% due 02/10/30		880,000		885,917
International Business Machines Corp. 3.000% due 05/15/24		2,800,000		2,737,322
Micron Technology, Inc.
5.875% due 02/09/33		1,220,000		1,214,454
5.875% due 09/15/33		270,000		267,695
Microsoft Corp.
2.525% due 06/01/50		41,000		28,388
2.921% due 03/17/52		1,497,000		1,114,699
3.041% due 03/17/62		908,000		663,137
3.300% due 02/06/27		960,000		923,646
3.450% due 08/08/36		72,000		65,711
NVIDIA Corp.
2.850% due 04/01/30		580,000		526,373
3.500% due 04/01/40		1,520,000		1,302,626
3.500% due 04/01/50		1,250,000		1,017,270
3.700% due 04/01/60		1,590,000		1,312,754
NXP BV/NXP Funding LLC/NXP USA, Inc. (China) 2.700% due 05/01/25		1,030,000		976,652
Oracle Corp.
1.650% due 03/25/26		2,150,000		1,951,926
2.875% due 03/25/31		1,830,000		1,562,819
2.950% due 04/01/30		260,000		227,089
4.650% due 05/06/30		900,000		870,135
Salesforce, Inc. 3.700% due 04/11/28		680,000		656,237
Texas Instruments, Inc. 1.750% due 05/04/30		890,000		748,705
				27,735,537
Utilities - 0.3%
Berkshire Hathaway Energy Co. 6.125% due 04/01/36		586,000		611,910
Consolidated Edison Co. of New York, Inc.
3.350% due 04/01/30		390,000		354,764
3.950% due 04/01/50		470,000		384,976
Duke Energy Ohio, Inc. 3.650% due 02/01/29		1,390,000		1,292,686
Pacific Gas and Electric Co.
2.100% due 08/01/27		810,000		692,513
2.500% due 02/01/31		350,000		274,285
3.300% due 08/01/40		210,000		141,761
3.500% due 08/01/50		490,000		312,358

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-13

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Virginia Electric & Power Co. 6.350% due 11/30/37		$2,130,000		$2,264,451
				6,329,704
Total Corporate Bonds & Notes (Cost $887,424,201)				790,238,378
SENIOR LOAN NOTES - 3.0%
Communications - 0.2%
Charter Communications Operating LLC Term B1 6.795% (SOFR + 1.750%) due 04/30/25 §		922,155		922,827
Term B2 6.795% (SOFR + 1.750%) due 02/01/27 §		7,367		7,332
Virgin Media Bristol LLC
Term N
7.693% (USD LIBOR + 2.500%) due 01/31/28 §		1,811,848		1,798,824
Term Q
8.443% (USD LIBOR + 3.250%) due 01/31/29 §		620,000		618,295
				3,347,278
Consumer, Cyclical - 0.8%
Air Canada Term B (Canada) 8.839% (USD LIBOR + 3.500%) due 08/11/28 §		1,653,300		1,655,367
Alterra Mountain Co. Term B 8.693% (USD LIBOR + 3.500%) due 08/17/28 §		1,340,937		1,340,267
Caesars Entertainment Corp. Term B 8.452% (SOFR + 3.250%) due 02/06/30 §		159,600		159,790
Great Outdoors Group LLC Term B1 8.943% (USD LIBOR + 3.750%) due 03/06/28 §		1,020,125		1,013,749
GVC Holdings Gibraltar Ltd. Term B4 (United Kingdom) 7.437% (USD LIBOR + 2.500%) due 03/29/27 §		285,857		285,440
Harbor Freight Tools USA, Inc. Term B 7.967% (SOFR + 2.750%) due 10/19/27 §		2,604,776		2,573,844
PCI Gaming Authority Term B 7.717% (SOFR + 2.500%) due 05/29/26 §		1,637,523		1,639,570
Scientific Games International, Inc. Term B 8.248% (SOFR + 3.000%) due 04/14/29 §		1,863,886		1,864,052
SkyMiles IP Ltd. Term B 8.798% (SOFR + 3.750%) due 10/20/27 §		558,000		580,181
Solis IV BV Term B1 (Netherlands) 8.666% (SOFR + 3.500%) due 02/26/29 §		2,043,923		1,948,754
Station Casinos LLC Term B 7.450% (USD LIBOR + 2.250%) due 02/08/27 §		1,037,434		1,035,859
UFC Holdings LLC Term B 8.050% (USD LIBOR + 2.750%) due 04/29/26 §		1,278,642		1,278,908
United Airlines, Inc. Term B 9.292% (USD LIBOR + 3.750%) due 04/21/28 §		849,479		850,329
				16,226,110

	Principal Amount		Value
Consumer, Non-Cyclical - 0.8%
Allied Universal Holdco LLC Term B 8.952% (SOFR + 3.750%) due 05/12/28 §		$2,054,333		$1,996,041
Belron Finance US LLC Term B 7.625% (USD LIBOR + 2.250%) due 11/13/25 §		644,808		646,017
Eyecare Partners LLC 9.253% (SOFR + 3.750%) due 02/18/27 §		939,999		699,417
Gainwell Acquisition Corp. Term B 9.342% (SOFR + 4.000%) due 10/01/27 §		1,424,547		1,403,178
Garda World Security Corp. Term B (Canada) 9.427% (SOFR + 4.250%) due 10/30/26 §		631,822		629,295
Global Medical Response, Inc. Term B 9.439% (USD LIBOR + 4.250%) due 10/02/25 §		2,912,740		1,664,424
ICON Luxembourg SARL Term B (Luxembourg) 7.410% (SOFR + 2.250%) due 07/03/28 §		1,597,946		1,599,278
Medline Borrower LP Term B 8.467% (SOFR + 3.250%) due 10/23/28 §		13,014		12,882
Phoenix Guarantor, Inc.
Term B
8.352% (USD LIBOR + 3.250%) due 03/05/26 §		1,445,846		1,429,680
Term B3 8.602% (USD LIBOR + 3.500%) due 03/05/26 §		279,796		276,668
PRA Health Sciences, Inc. Term B 7.489% (SOFR + 2.250%) due 07/03/28 §		398,129		398,461
Prime Security Services Borrower LLC 7.977% (USD LIBOR + 2.750%) due 09/23/26 §		972,898		973,455
Sotera Health Holdings LLC 8.023% (USD LIBOR + 2.750%) due 12/11/26 §		1,490,000		1,476,730
Trans Union LLC Term B5 6.952% (SOFR + 1.750%) due 11/16/26 §		991,210		989,894
Triton Water Holdings, Inc. Term B 5.242% (USD LIBOR + 3.500%) due 03/31/28 §		1,903,127		1,846,509
Verscend Holding Corp. Term B 9.217% (USD LIBOR + 4.000%) due 08/27/25 §		174,460		174,542
				16,216,471
Diversified - 0.0%
First Eagle Holdings, Inc. Term B 8.038% (USD LIBOR + 2.500%) due 02/01/27 §		932,402		919,290
Financial - 0.5%
Allspring Buyer LLC Term B 8.753% (USD LIBOR + 3.000%) due 11/01/28 §		824,851		812,684
AmWINS Group, Inc.
Term B 7.442% (USD LIBOR + 2.250%) due 02/19/28 §		304,400		301,840
7.834% (SOFR + 2.750%) due 02/19/28 §		218,900		218,604

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-14

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Asurion LLC
Term B8 8.788% (USD LIBOR + 3.250%) due 12/23/26 §		$1,419,101		$1,368,250
Term B9
8.788% (USD LIBOR + 3.250%) due 07/31/27 §		131,848		125,544
Term B11
9.452% (SOFR + 4.250%) due 08/19/28 §		1,945,868		1,854,047
Castlelake Aviation Ltd. Term B 8.302% (USD LIBOR + 2.750%) due 10/22/26 §		1,064,669		1,061,046
Citadel Securities LP Term B 7.717% (SOFR + 2.500%) due 02/02/28 §		157,342		157,299
Deerfield Dakota Holding LLC Term B 8.992% (SOFR + 3.750%) due 04/09/27 §		1,307,202		1,270,028
Setanta Aircraft Leasing DAC Term B (Ireland) 7.538% (USD LIBOR + 2.000%) due 11/05/28 §		2,290,000		2,293,398
VFH Parent LLC Term B 8.189% (SOFR + 3.000%) due 01/13/29 §		1,574,100		1,570,656
				11,033,396
Industrial - 0.3%
Ali Group North America Corp. Term B 7.217% (SOFR + 2.000%) due 07/30/29 §		925,805		925,660
Brown Group Holding LLC Term B 7.584% (SOFR + 2.500%) due 06/07/28 §		2,237,298		2,207,701
Genesee & Wyoming, Inc. 7.342% (SOFR + 2.000%) due 12/30/26 §		1,804,654		1,804,572
GFL Environmental, Inc. Term B (Canada) 8.145% (SOFR + 3.000%) due 05/28/27 §		54,808		54,920
II-VI, Inc. Term B 7.967% (SOFR + 2.750%) due 07/02/29 §		1,381,787		1,382,938
				6,375,791
Technology - 0.4%
AthenaHealth Group, Inc.
Term B 8.259% (SOFR + 3.500%) due 02/15/29 § f		155,868		149,494
8.589% (SOFR + 3.500%) due 02/15/29 §		1,265,595		1,213,841
Cloudera, Inc. Term B 8.952% (SOFR + 3.750%) due 10/08/28 §		713,294		698,137
Dcert Buyer, Inc. Term B 9.264% (SOFR + 4.000%) due 10/16/26 § µ		1,996,797		1,986,190
Magenta Buyer LLC (1st Lien) 10.030% (USD LIBOR + 4.750%) due 07/27/28 §		1,842,566		1,392,672
Peraton Corp. Term B 8.952% (SOFR + 3.750%) due 02/01/28 §		3,285,122		3,234,084
				8,674,418
Total Senior Loan Notes (Cost $65,156,507)				62,792,754

	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 42.5%
Collateralized Mortgage Obligations - Commercial - 5.5%
280 Park Avenue Mortgage Trust 6.062% (USD LIBOR + 0.880%) due 09/15/34 § ~		$1,340,000		$1,300,649
Bank 2019-BN17(IO) 1.160% due 04/15/52 §		35,830,268		1,614,831
BANK 2019-BNK22 2.978% due 11/15/62		1,200,000		1,040,280
BANK 2023-BNK45 5.203% due 02/15/56		2,040,000		2,032,647
BBCCRE Trust 4.715% due 08/10/33 § ~		4,965,000		3,707,224
BHMS 6.443% (USD LIBOR + 1.250%) due 07/15/35 § ~		3,500,000		3,416,602
BX Commercial Mortgage Trust
6.044% (USD LIBOR + 0.850%) due 11/15/38 § ~		2,480,000		2,420,834
11.018% (SOFR + 5.871%) due 06/15/40 § ~		4,110,000		4,115,356
BX Trust 5.045% due 02/15/28 ~		1,240,000		1,182,427
CD Mortgage Trust (IO) 1.380% due 05/10/50 §		25,299,227		899,974
Citigroup Commercial Mortgage Trust
2.896% due 11/15/49		1,835,476		1,679,058
4.175% due 07/10/47 §		1,970,000		1,815,191
Commercial Mortgage Trust
4.300% due 10/10/46		510,000		449,704
4.762% due 10/10/46 §		450,000		340,874
5.037% due 08/15/45 § ~		2,390,000		2,162,950
5.201% due 10/10/46 §		220,000		109,704
Commercial Mortgage Trust (IO) 1.380% due 10/15/45 §		2,123,812		65
Credit Suisse Mortgage Capital Certificates 7.843% (USD LIBOR + 2.650%) due 05/15/36 § ~		5,416,524		5,297,111
Credit Suisse Mortgage Trust
3.953% due 09/15/37 ~		6,800,000		5,880,049
4.373% due 09/15/37 ~		1,700,000		926,548
10.543% (USD LIBOR + 5.350%) due 07/15/32 § ~		3,750,000		3,418,389
CSMC 7.842% (SOFR + 2.695%) due 06/15/39 § ~		1,830,000		1,824,582
DBJPM Mortgage Trust 2.890% due 08/10/49		2,010,000		1,830,272
Fannie Mae
2.232% due 02/25/27		2,007,086		1,865,166
2.560% due 09/25/29		964,606		867,529
2.720% due 10/25/31 §		366,762		322,318
3.209% due 04/25/28 §		82,491		77,256
3.894% due 08/25/32 §		600,000		569,558
Fannie Mae (IO) 0.672% due 06/25/29 §		9,361,398		245,933
Fannie Mae - Aces
2.500% due 10/25/37		428,335		371,072
3.061% due 05/25/27 §		498,711		468,805
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates 0.487% due 06/25/32 §		18,320,039		522,324
Freddie Mac (IO)
0.578% due 02/25/36 §		4,985,182		198,392
0.654% due 12/25/27 §		5,977,420		123,904
0.868% due 03/25/28 §		6,089,292		151,391
1.666% due 08/27/28 §		4,000,000		276,136

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-15

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Freddie Mac Multifamily Structured Pass-Through Certificates
0.352% due 06/25/54 §		$16,530,416		$319,528
0.403% due 03/25/32 §		6,896,616		151,951
0.450% due 04/25/55 §		13,203,038		339,713
0.612% due 03/25/31 §		16,872,003		525,873
1.477% due 01/25/30 §		3,481,239		245,409
1.558% due 04/25/30		900,000		745,416
2.350% due 03/25/32		500,000		425,554
3.000% due 09/25/29		100,000		92,128
3.530% due 08/25/32		200,000		186,287
4.200% due 05/25/33		500,000		490,099
4.412% due 03/25/30		500,000		496,176
Freddie Mac Multifamily Structured Pass-Through Certificates (IO)
0.748% due 10/25/26 §		16,620,134		273,622
1.015% due 06/25/29 §		7,220,610		307,492
1.283% due 06/25/29 §		6,050,000		357,210
1.349% due 06/25/27 §		1,518,165		41,113
1.411% due 07/25/26 §		4,962,541		154,400
Government National Mortgage Association
0.611% due 06/16/64		6,000,000		380,625
1.450% due 01/16/63		2,408,203		1,850,964
1.850% due 02/16/61		1,700,000		890,183
2.000% due 06/16/64		6,000,000		4,744,391
2.200% due 10/16/63		2,000,000		1,533,357
2.841% due 11/16/47 §		906,679		814,736
3.000% due 10/16/64 §		2,900,000		2,175,684
Government National Mortgage Association (IO)
0.062% due 10/16/48 §		4,546,140		6,158
0.325% due 01/16/53 §		24,643,942		164,346
0.449% due 08/16/58 §		1,233,411		30,501
0.504% due 12/16/59 §		1,848,071		56,531
0.506% due 04/16/57 §		1,606,801		46,288
0.526% due 02/16/59 §		1,864,218		58,066
0.567% due 01/16/63 §		4,895,178		249,845
0.570% due 11/16/47 §		7,937,436		116,161
0.571% due 02/16/62 §		3,424,367		174,336
0.593% due 07/16/58 §		1,024,621		27,863
0.640% due 02/16/61 §		2,142,779		106,114
0.666% due 11/16/55 §		6,620,917		158,590
0.805% due 01/16/61 §		12,335,382		733,560
0.826% due 05/16/63 §		4,638,212		278,062
0.840% due 05/16/60 §		1,773,604		99,547
0.870% due 10/16/62 §		2,723,313		168,845
0.913% due 11/16/60 §		5,663,577		349,523
1.422% due 10/16/60 §		30,516,413		2,437,743
GS Mortgage Securities Corp. Trust
6.344% (USD LIBOR + 1.150%) due 05/15/26 § ~		2,360,000		2,123,534
6.993% (USD LIBOR + 1.800%) due 09/15/31 § ~		3,845,893		3,172,402
GS Mortgage Securities Trust
3.164% due 05/10/50		3,038,756		2,790,450
3.777% due 05/10/50 §		3,880,000		3,639,038
4.160% due 05/10/50 §		550,000		494,746
5.161% due 11/10/46 §		1,070,000		1,047,018
JP Morgan Chase Commercial Mortgage Securities Trust
2.822% due 08/15/49		3,400,000		3,093,716
4.776% due 08/15/48 §		2,470,000		2,034,517
5.048% due 01/15/47 §		510,000		460,757
6.735% due 02/15/51 §		17,632		15,580
MHC Commercial Mortgage Trust 6.062% (SOFR + 0.915%) due 04/15/38 § ~		1,240,000		1,218,444
ML-CFC Commercial Mortgage Trust
5.450% due 08/12/48 §		426,934		109,143
5.450% due 08/12/48 § ~		53,906		13,781
6.193% due 09/12/49 §		40,635		39,509

	Principal Amount		Value
Ready Capital Mortgage Financing LLC
6.350% (USD LIBOR + 1.200%) due 11/25/36 § ~		$4,299,761		$4,207,926
7.556% (SOFR + 2.467%) due 06/25/37 § ~		897,180		896,104
Shops at Crystals Trust 3.126% due 07/05/36 ~		7,500,000		6,742,414
SHOW Trust 8.116% (SOFR + 2.984%) due 01/15/27 § ~		1,250,000		1,252,861
SLG Office Trust 2.585% due 07/15/41 ~		1,280,000		1,029,075
Waterfall Commercial Mortgage Trust 4.104% due 01/14/26 § ~		413,964		392,326
WFRBS Commercial Mortgage Trust
4.204% due 11/15/47 §		3,830,000		3,439,861
4.723% due 03/15/47 §		340,000		326,938
WFRBS Commercial Mortgage Trust (IO) 1.115% due 03/15/47 §		5,784,669		20,250
				114,889,485
Collateralized Mortgage Obligations - Residential - 6.8%
Adjustable Rate Mortgage Trust
3.893% due 10/25/35 §		1,146,665		975,577
5.650% (USD LIBOR + 0.500%) due 03/25/36 §		333,863		97,052
Alternative Loan Trust
5.609% (16.940% - USD LIBOR) due 06/25/35 §		2,087,935		1,648,975
6.000% due 03/25/27		9,962		9,712
6.500% due 09/25/36		1,013,151		602,445
7.998% (28.600% - USD LIBOR) due 07/25/36 §		713,421		634,044
Angel Oak Mortgage Trust 4.750% due 09/26/67 § ~		4,830,339		4,621,635
Chevy Chase Funding LLC Mortgage-Backed Certificates 5.330% (USD LIBOR + 0.180%) due 08/25/47 § ~		124,411		104,413
CHL Mortgage Pass-Through Trust
5.500% due 07/25/35		472,117		254,062
5.750% due 02/25/37		3,092,599		1,566,186
Citigroup Mortgage Loan Trust, Inc.
4.193% due 04/25/37 §		205,190		183,033
6.500% due 10/25/36 § ~		1,267,392		722,893
Connecticut Avenue Securities Trust
7.200% (USD LIBOR + 2.050%) due 01/25/40 § ~		1,111,798		1,116,600
7.250% (USD LIBOR + 2.100%) due 10/25/39 § ~		366,610		367,222
9.250% (USD LIBOR + 4.100%) due 09/25/31 § ~		1,010,000		1,058,782
Credit Suisse Mortgage Trust
2.000% due 01/25/60 ~		1,425,321		1,204,029
3.500% due 02/25/48 § ~		6,913,843		6,135,386
4.079% due 01/27/36 § ~		7,441,520		6,726,198
CSMC 7.317% (SOFR + 2.500%) due 10/25/66 § ~		4,885,397		4,770,414
CSMC Trust
1.101% due 05/25/66 § ~		1,630,736		1,317,100
2.961% due 07/25/57 § ~		9,880,000		8,790,473
Fannie Mae
2.000% due 04/25/41 - 04/25/50		4,669,812		3,993,190
3.000% due 11/25/42		1,087,314		981,739
4.000% due 07/25/40		1,842,248		1,782,319
5.500% (USD LIBOR + 0.350%) due 05/25/34 §		166,512		165,405
6.000% due 05/25/42		445,808		463,148
6.500% due 06/25/39		18,753		18,956
7.000% due 05/25/42		177,688		188,845

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-16

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Fannie Mae (IO)
0.092% due 10/25/35 §		$147,559		$7,745
0.255% due 08/25/44 §		1,162,414		51,153
0.255% due 03/25/36 §		87,905		4,091
0.309% due 08/25/55 §		410,884		15,346
0.932% due 07/25/36 §		154,327		12,586
1.000% (6.150% - USD LIBOR) due 09/25/41 - 08/25/45 §		4,074,041		324,695
1.330% (6.480% - USD LIBOR) due 04/25/40 §		234,407		24,154
1.450% (6.600% - USD LIBOR) due 07/25/42 §		154,688		16,345
1.500% (6.650% - USD LIBOR) due 03/25/42 §		578,197		32,494
2.500% due 08/25/50 - 02/25/51		4,029,361		618,646
3.000% due 11/25/26 - 09/25/32		1,595,318		71,133
3.500% due 07/25/28 - 11/25/41		933,875		109,922
4.000% due 11/25/41		1,016,883		183,320
4.500% due 11/25/39		136,032		24,903
5.000% due 01/25/38 - 01/25/39		377,503		69,352
5.000% due 01/25/39 §		95,671		18,796
5.371% due 12/25/36 §		386,701		29,347
5.500% due 01/25/39 §		88,929		19,013
5.708% due 12/25/36 §		285,595		16,375
6.000% due 01/25/38 - 07/25/38		385,304		82,561
Fannie Mae (PO) due 03/25/42		75,829		67,173
Fannie Mae Connecticut Avenue Securities
10.150% (USD LIBOR + 5.000%) due 11/25/24 §		78,717		79,264
10.400% (USD LIBOR + 5.250%) due 10/25/23 §		585,590		592,252
Fannie Mae REMICS
2.000% due 08/25/50 - 4/25/51		3,474,466		2,732,434
2.500% due 02/25/44		3,795,378		3,168,508
Freddie Mac
3.000% due 08/15/48		352,876		306,287
4.000% due 04/25/52		1,200,000		1,102,591
5.000% due 02/15/30		551,727		547,040
6.000% due 05/15/36		811,197		834,776
6.193% (USD LIBOR + 1.000%) due 02/15/32 §		27,250		26,224
6.867% (SOFR + 1.800%) due 01/25/51 § ~		2,215,017		2,211,713
7.450% (USD LIBOR + 2.300%) due 01/25/50 § ~		2,570,000		2,572,865
Freddie Mac (IO)
0.212% due 04/15/41 §		502,854		21,858
0.250% due 01/15/38 §		45,977		394
0.757% (5.950% - USD LIBOR) due 10/15/41 §		421,308		34,331
0.807% (6.000% - USD LIBOR) due 05/15/44 §		2,260,872		194,117
0.837% (6.030% - USD LIBOR) due 09/15/37 §		616,799		46,473
0.857% (6.050% - USD LIBOR) due 08/15/39 §		589,715		43,508
1.037% (6.230% - USD LIBOR) due 01/15/40 §		106,084		9,064
1.057% (6.250% - USD LIBOR) due 09/15/42 §		361,890		26,477
1.097% (6.290% - USD LIBOR) due 11/15/36 §		206,716		17,093
2.000% due 10/25/50		2,109,968		279,784
2.500% due 05/25/49 - 01/25/51		11,468,979		1,693,031
3.000% due 12/15/31		290,659		14,297
3.500% due 06/15/27 - 04/15/43		866,313		60,363
4.000% due 04/15/43		53,598		2,005
Freddie Mac REMICS
2.000% due 03/25/51		5,189,258		589,821
3.000% due 09/15/44		2,339,551		2,014,446

	Principal Amount		Value
Freddie Mac STACR Trust 7.000% (USD LIBOR + 1.850%) due 02/25/50 § ~		$1,703,201		$1,709,406
Freddie Mac Structured Agency Credit Risk Debt Notes 14.500% (USD LIBOR + 9.350%) due 04/25/28 §		2,831,969		3,045,350
Government National Mortgage Association
1.250% due 07/20/50		1,257,420		994,589
2.500% due 05/20/51 - 01/20/52		4,688,820		2,468,460
2.750% due 03/20/48		492,753		434,130
3.000% due 07/20/49		2,292,696		2,039,594
4.389% (USD LIBOR + 0.450%) due 07/20/70 §		494,541		478,102
4.548% (USD LIBOR + 0.500%) due 07/20/70 §		529,366		514,572
5.394% (USD LIBOR + 0.300%) due 02/20/68 - 07/20/68 §		1,577,933		1,561,077
5.494% (USD LIBOR + 0.400%) due 08/20/70 §		140,194		138,893
5.594% (USD LIBOR + 0.500%) due 03/20/61 §		580,698		577,828
6.160% (USD LIBOR + 1.000%) due 05/20/60 §		152,694		152,894
Government National Mortgage Association (IO)
0.475% due 11/20/42 §		122,182		3,410
0.942% (6.100% - USD LIBOR) due 08/16/42 §		404,161		37,326
0.992% (6.150% - USD LIBOR) due 06/16/43 §		359,995		11,542
1.042% (6.200% - USD LIBOR) due 10/16/42 §		553,402		54,241
1.334% (6.480% - USD LIBOR) due 04/20/40 §		57,719		5,774
1.404% (6.550% - USD LIBOR) due 06/20/40 §		1,122,125		112,722
1.442% (6.600% - USD LIBOR) due 04/16/42 §		1,109,463		134,362
1.504% (6.650% - USD LIBOR) due 01/20/40 §		12,949		85
2.000% due 12/20/50		7,435,884		791,113
2.500% due 08/20/50 - 02/20/51		22,249,645		3,083,317
3.500% due 04/20/27 - 04/20/50		3,186,759		511,306
4.000% due 04/16/45		601,724		105,326
5.000% due 10/20/44		2,900,839		564,475
GS Mortgage-Backed Securities Trust 4.000% due 05/25/62 § ~		1,783,449		1,607,410
Impac CMB Trust 5.670% (USD LIBOR + 0.520%) due 11/25/35 §		942,269		813,025
IndyMac INDX Mortgage Loan Trust 5.670% (USD LIBOR + 0.520%) due 06/25/35 §		828,298		664,109
JP Morgan Mortgage Trust
3.500% due 09/25/48 § ~		737,769		650,150
3.500% due 10/25/48 § ~		1,570,639		1,389,546
4.357% due 08/25/35 §		254,427		237,877
Legacy Mortgage Asset Trust
1.750% due 04/25/61 § ~		1,890,320		1,757,180
2.250% due 07/25/67 § ~		3,589,234		3,334,304
Lehman Mortgage Trust
5.500% (USD LIBOR + 0.750%) due 12/25/35 §		2,746,015		1,328,158
6.000% due 05/25/37		16,393		15,868
MASTR Reperforming Loan Trust 7.000% due 08/25/34 ~		877,554		674,907
Merrill Lynch Mortgage Investors Trust 4.391% due 06/25/35 §		443,675		418,305
Morgan Stanley Mortgage Loan Trust
4.248% due 07/25/34 §		118,097		108,126
4.616% due 07/25/35 §		457,697		382,571

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-17

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Morgan Stanley Resecuritization Trust 4.079% (US FED + 0.710%) due 12/27/46 § ~		$5,337,354		$4,712,749
NAAC Reperforming Loan REMIC Trust Certificates 6.500% due 02/25/35 ~		1,016,699		910,806
New Residential Mortgage Loan Trust 4.000% due 05/25/57 § ~		1,753,961		1,610,374
Nomura Resecuritization Trust 3.690% (US FED + 1.000%) due 08/26/46 § ~		3,306,493		3,061,792
PMT Credit Risk Transfer Trust 8.928% (USD LIBOR + 3.750%) due 05/29/25 § ~		4,107,500		4,046,082
PRKCM Trust 2.071% due 11/25/56 § ~		1,971,846		1,623,413
RAAC Trust 6.000% due 09/25/34		8,416		7,800
Radnor RE Ltd. (Bermuda) 7.767% (SOFR + 2.700%) due 12/27/33 § ~		8,010,000		8,140,054
Residential Asset Securitization Trust
5.650% (USD LIBOR + 0.500%) due 07/25/36 §		314,030		216,327
6.000% due 08/25/36		690,596		464,617
Structured Adjustable Rate Mortgage Loan Trust
4.172% due 05/25/36 §		1,113,634		720,801
4.300% due 08/25/36 §		2,587,252		1,834,187
Verus Securitization Trust
4.910% due 06/25/67 § ~		1,638,297		1,585,227
6.743% due 03/25/68 ~		4,019,145		3,993,020
WaMu Mortgage Pass-Through Certificates Trust
3.230% due 10/25/36 §		395,319		357,894
4.081% due 07/25/37 §		1,408,152		1,314,163
4.154% due 09/25/33 §		55,796		51,929
Washington Mutual Mortgage Pass-Through Certificates Trust
4.676% (US FED + 0.700%) due 01/25/47 §		3,063,405		2,490,821
6.000% due 07/25/36		362,742		253,611
				141,827,096
Fannie Mae - 14.5%
due 07/13/53 #		16,800,000		13,704,469
due 07/13/53 #		21,000,000		17,810,625
due 07/13/53 #		13,200,000		12,611,508
1.500% due 01/01/42 - 03/01/51		4,442,721		3,462,747
2.000% due 06/01/41 - 03/01/52		56,599,076		46,886,484
2.149% due 02/01/32 §		716,564		597,664
2.500% due 03/01/38 - 09/01/61		58,391,856		49,882,507
2.810% due 04/01/25		130,000		124,184
2.930% due 06/01/30		244,960		225,797
3.000% due 07/01/35 - 03/01/52		59,262,497		53,100,709
3.200% due 02/01/29		89,104		83,405
3.250% due 05/01/29		174,101		162,984
3.345% due 06/01/32		300,000		274,580
3.450% due 03/01/29		151,895		143,797
3.500% due 12/01/34 - 06/01/52		40,572,815		37,654,132
3.800% due 06/01/30		2,200,000		2,098,749
3.850% due 08/01/32		400,000		373,054
3.900% due 08/01/32		500,000		468,179
4.000% due 10/01/42 - 06/01/57		26,175,546		24,883,496
4.060% due 07/01/32		600,000		568,966
4.310% due 02/01/30		800,000		787,174
4.320% due 06/01/33		300,000		296,891
4.420% due 04/01/33		199,698		197,813
4.480% due 05/01/33		100,000		100,232
4.490% due 06/01/28		1,600,000		1,585,921
4.500% due 04/01/31 - 08/01/58		18,845,176		18,371,902
4.510% due 08/01/33 ±		500,000		498,800

	Principal Amount		Value
4.680% due 07/01/33 ±		$100,000		$100,473
4.720% due 07/01/33 ±		300,000		303,576
5.000% due 01/01/39 - 04/01/53		6,933,586		6,908,959
5.500% due 04/01/37 - 05/01/53		3,272,075		3,283,352
6.000% due 07/01/41 - 07/13/53		2,699,795		2,757,798
6.500% due 05/01/40 - 02/01/53		2,990,722		3,094,153
7.000% due 02/01/39		382,365		402,945
				303,808,025
Freddie Mac - 8.4%
1.500% due 11/01/40 - 02/01/51		13,567,597		10,988,775
2.000% due 09/01/41 - 02/01/52		41,309,813		34,522,166
2.107% (UST + 1.285%) due 03/01/47 §		610,063		573,500
2.500% due 04/01/41 - 04/01/52		58,511,750		50,257,180
2.872% (USD LIBOR + 1.619%) due 11/01/47 §		1,688,649		1,598,320
3.000% due 05/01/42 - 04/01/52		12,492,038		11,165,682
3.005% (USD LIBOR + 1.628%) due 11/01/48 §		4,771,312		4,471,900
3.098% (USD LIBOR + 1.621%) due 02/01/50 §		1,749,526		1,658,591
3.500% due 01/01/38 - 06/01/52		9,876,033		9,085,411
4.000% due 10/01/42 - 02/01/53		20,618,214		19,687,950
4.500% due 07/01/23 - 12/01/52		11,782,329		11,526,663
5.000% due 12/01/35 - 04/01/53		5,930,464		5,882,325
5.500% due 08/01/37 - 05/01/53		7,680,902		7,680,992
6.000% due 10/01/36 - 12/01/52		1,872,465		1,936,067
6.500% due 09/01/39 - 05/01/53		4,075,910		4,190,544
7.000% due 03/01/39		109,512		117,036
				175,343,102
Government National Mortgage Association - 7.3%
due 07/20/53 #		8,400,000		7,647,133
due 07/20/53 #		11,700,000		11,497,992
2.000% due 02/20/51 - 01/20/52		12,965,815		10,937,283
2.500% due 08/20/50 - 02/20/53		40,072,994		34,638,898
3.000% due 09/15/42 - 04/20/52		30,384,648		27,232,221
3.500% due 06/20/44 - 12/20/52		19,669,077		18,292,807
4.000% due 02/20/33 - 04/20/53		15,118,919		14,476,209
4.500% due 01/20/40 - 09/20/52		15,783,137		15,440,051
5.000% due 01/15/40 - 12/20/52		8,069,271		8,036,990
5.452% (USD LIBOR + 0.619%) due 08/20/60 §		246,047		244,960
5.500% due 06/15/36 - 02/20/53		2,632,922		2,644,188
6.000% due 06/20/35 - 03/20/42		1,915,021		2,004,634
6.500% due 10/20/37		267,658		282,151
				153,375,517
Total Mortgage-Backed Securities (Cost $952,685,387)				889,243,225
ASSET-BACKED SECURITIES - 3.0%
ACRES Commercial Realty Ltd. 6.416% (SOFR + 1.314%) due 06/15/36 § ~		2,375,306		2,299,840
Arbor Realty Commercial Real Estate Notes Ltd. 6.543% (USD LIBOR + 1.350%) due 11/15/36 § ~		3,107,000		3,056,946
Avis Budget Rental Car Funding AESOP LLC 5.780% due 04/20/28 ~		4,140,000		4,109,341
Citigroup Mortgage Loan Trust, Inc. 5.220% (USD LIBOR + 0.070%) due 05/25/37 §		143,503		94,215
College Ave Student Loans LLC
3.280% due 12/28/48 ~		1,295,951		1,184,410
6.550% (USD LIBOR + 1.400%) due 12/28/48 § ~		1,549,403		1,537,552

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-18

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Credit Suisse European Mortgage Capital Ltd. (Ireland) 8.199% (USD LIBOR + 2.900%) due 08/09/24 § ~		$3,989,700		$3,854,501
Credit-Based Asset Servicing & Securitization LLC 5.930% (USD LIBOR + 0.780%) due 07/25/33 §		539,809		517,348
DB Master Finance LLC 2.791% due 11/20/51 ~		2,314,750		1,839,792
ECMC Group Student Loan Trust 6.500% (USD LIBOR + 1.350%) due 07/26/66 § ~		3,618,241		3,573,683
Fannie Mae Grantor Trust 2.898% due 06/25/27		536,218		496,532
FNA VI LLC 1.350% due 01/10/32 ~		1,834,343		1,659,200
Foundation Finance Trust 1.270% due 05/15/41 ~		1,745,286		1,534,659
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		465,020		431,957
GoodLeap Sustainable Home Solutions Trust 1.930% due 07/20/48 ~		1,874,078		1,429,072
Hildene Community Funding CDO Ltd. (Cayman) 2.600% due 11/01/35 ~		4,769,516		3,883,401
Magnolia Finance X DAC (Ireland) 3.980% due 08/13/24		4,168,643		4,023,241
MF1 Ltd. (Cayman) 6.417% (SOFR + 1.350%) due 02/19/37 § ~		3,655,000		3,569,469
National Collegiate Student Loan Trust 5.510% (USD LIBOR + 0.360%) due 01/26/32 §		1,200,000		893,588
Navient Private Education Refi Loan Trust 1.690% due 05/15/69 ~		3,096,927		2,782,555
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		4,230,425		3,759,875
Origen Manufactured Housing Contract Trust
6.769% due 10/15/37 §		2,317,992		2,104,519
7.644% due 04/15/37 §		1,559,177		1,436,601
SBA Small Business Investment Cos. 3.548% due 09/10/28		450,919		420,907
SMB Private Education Loan Trust 1.390% due 01/15/53 ~		1,310,986		1,134,817
SoFi Professional Loan Program Trust 3.340% due 08/25/47 ~		841,560		812,958
Stonepeak ABS 2.301% due 02/28/33 ~		6,427,638		5,821,422
Structured Asset Investment Loan Trust 6.150% (USD LIBOR + 1.000%) due 10/25/33 §		205,740		207,524
Sunrun Vulcan Issuer LLC 2.460% due 01/30/52 ~		1,950,892		1,609,584
Thrust Engine Leasing DAC 4.163% due 07/15/40 ~		2,172,220		1,833,419
United States Small Business Administration
2.690% due 07/01/44		1,178,079		1,028,719
2.980% due 04/01/39		622,030		566,856
Total Asset-Backed Securities (Cost $68,321,388)				63,508,503
U.S. TREASURY OBLIGATIONS - 5.3%
U.S. Treasury Bonds - 4.2%
1.875% due 11/15/51		8,375,000		5,532,080
2.000% due 08/15/51		10,880,000		7,420,500

	Principal Amount		Value
2.375% due 05/15/51 ‡		$16,210,000		$12,059,987
3.000% due 02/15/49		1,000,000		846,348
3.250% due 05/15/42		150,000		133,928
3.375% due 11/15/48		10,000		9,042
3.625% due 08/15/43		1,020,000		957,923
3.625% due 02/15/44 ‡		2,697,000		2,528,332
3.625% due 02/15/53		420,000		403,200
3.625% due 05/15/53 ‡		36,770,000		35,345,162
4.000% due 11/15/52 ‡		20,540,000		21,104,850
				86,341,352
U.S. Treasury Inflation Protected Securities - 1.1%
1.125% due 01/15/33 ^		24,213,985		23,214,492
U.S. Treasury Notes - 0.0%
3.375% due 05/15/33		475,000		458,152
Total U.S. Treasury Obligations (Cost $124,408,212)				110,013,996
FOREIGN GOVERNMENT BONDS & NOTES - 7.3%
Argentine Bonos del Tesoro (Argentina) 16.000% due 10/17/23 W		ARS 20,030,000		33,073
Argentine Republic Government (Argentina)
0.500% due 07/09/30 §		$1,384,820		463,314
1.000% due 07/09/29		412,501		134,559
3.500% due 07/09/41 §		4,140,000		1,336,933
Brazilian Government (Brazil)
4.625% due 01/13/28		580,000		563,755
4.750% due 01/14/50		3,780,000		2,792,297
5.000% due 01/27/45		4,390,000		3,432,676
5.625% due 01/07/41		560,000		496,813
5.625% due 02/21/47		3,600,000		3,039,911
Colombia Government (Colombia)
3.250% due 04/22/32		1,810,000		1,343,581
4.125% due 02/22/42		1,850,000		1,184,349
5.625% due 02/26/44		2,180,000		1,628,750
Indonesia Government (Indonesia)
4.350% due 01/11/48		770,000		682,595
4.750% due 07/18/47 ~		400,000		378,097
Indonesia Treasury (Indonesia)
6.375% due 04/15/32		IDR 37,919,000,000		2,541,850
6.500% due 02/15/31		254,574,000,000		17,133,658
7.000% due 05/15/27		123,765,000,000		8,553,983
Israel Government International (Israel) 2.750% due 07/03/30		$1,290,000		1,141,134
Kenya Government (Kenya)
6.300% due 01/23/34 ~		3,210,000		2,432,619
7.250% due 02/28/28 ~		510,000		443,704
Mexican Bonos (Mexico)
7.750% due 11/23/34		MXN 346,790,000		18,927,882
7.750% due 11/13/42		660,067,500		34,615,078
8.000% due 11/07/47		346,070,000		18,487,259
8.500% due 05/31/29		55,030,000		3,186,223
10.000% due 12/05/24		28,960,000		1,680,569
Mexico Government (Mexico)
4.600% due 02/10/48		$3,370,000		2,777,659
5.750% due 10/12/10		1,450,000		1,297,632
Nigeria Government (Nigeria)
6.500% due 11/28/27 ~		650,000		568,016
7.143% due 02/23/30 ~		750,000		630,594
Panama Government (Panama)
2.252% due 09/29/32		2,630,000		2,016,334
4.500% due 04/01/56		1,230,000		926,772
Paraguay Government (Paraguay) 3.849% due 06/28/33 ~		790,000		687,630
Peruvian Government (Peru)
2.783% due 01/23/31		1,600,000		1,371,776
5.625% due 11/18/50		950,000		983,164
Provincia de Buenos Aires (Argentina) 5.250% due 09/01/37 § ~		4,742,772		1,820,039

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-19

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Russian Federal (Russia)
6.900% due 05/23/29 * Y		RUB 107,830,000		$72,288
7.050% due 01/19/28 * Y		656,291,000		3,838,752
7.250% due 05/10/34 * Y		41,210,000		165,761
7.650% due 04/10/30 * Y		754,940,000		3,036,630
7.700% due 03/16/39 * Y		690,870,000		2,778,918
8.150% due 02/03/27 * Y		458,179,000		2,679,963
State of Israel (Israel) 3.375% due 01/15/50		$990,000		745,865
Total Foreign Government Bonds & Notes (Cost $191,762,609)				153,052,455
SHORT-TERM INVESTMENTS - 2.6%
Repurchase Agreements - 2.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $55,184,925; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $56,266,670)		55,163,319		55,163,319
Total Short-Term Investments (Cost $55,163,319)				55,163,319
TOTAL INVESTMENTS - 101.5% (Cost $2,344,921,623)				2,124,012,630
DERIVATIVES - 0.4%				8,330,082
OTHER ASSETS & LIABILITIES, NET - (1.9%)				(39,938,540	)
NET ASSETS - 100.0%				$2,092,404,172

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Mortgage-Backed Securities	42.5%
Corporate Bonds & Notes	37.8%
Foreign Government Bonds & Notes	7.3%
U.S. Treasury Obligations	5.3%
Asset-Backed Securities	3.0%
Senior Loan Notes	3.0%
Others (each less than 3.0%)	2.6%
	101.5%
Derivatives	0.4%
Other Assets & Liabilities, Net	(1.9%	)
	100.0%

(b) As of June 30, 2023, investments with a total aggregate value of $47,244,018 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and swap agreements.

(c) An investment with a value of $33,073 or less than 0.1% of the Fund’s net assets was determined by a valuation committee established under the Valuation Policy.

(d) Investments with a total aggregate value of $12,572,312 or 0.6% of the Fund’s net assets were in default as of June 30, 2023.

(e) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
3-Month USD SOFR		03/25		1,260		$302,987,649		$302,321,250		($666,399	)
3-Month USD SOFR		03/26		238		57,349,402		57,438,325		88,923
AUD FX		09/23		103		6,956,001		6,878,340		(77,661	)
Australia Treasury 10-Year Notes		09/23		260		20,370,276		20,120,933		(249,343	)
EUR FX		09/23		269		36,360,807		36,829,463		468,656
Euro-Bobl		09/23		81		10,323,953		10,227,286		(96,667	)
Euro-Bund		09/23		125		18,242,160		18,242,142		(18	)
Euro-OAT		09/23		114		16,002,755		15,972,554		(30,201	)
GBP FX		09/23		63		4,927,278		5,000,231		72,953
JPY FX		09/23		503		45,735,542		44,091,094		(1,644,448	)
Long Gilt		09/23		177		21,760,846		21,422,475		(338,371	)
MXN FX		09/23		919		25,896,572		26,412,060		515,488
U.S. Treasury 5-Year Notes		09/23		6,012		654,105,245		643,847,625		(10,257,620	)
U.S. Treasury 10-Year Notes		09/23		386		46,270,902		45,716,875		(554,027	)
U.S. Treasury 30-Year Bonds		09/23		1,804		228,981,068		228,938,875		(42,193	)
U.S. Treasury Ultra Long Bonds		09/23		1,215		164,280,233		165,505,781		1,225,548
										(11,585,380	)
Short Futures Outstanding
3-Month USD SOFR		09/23		20		4,744,208		4,739,000		5,208
3-Month USD SOFR		12/23		280		66,729,578		66,220,000		509,578
3-Month USD SOFR		03/24		1,521		364,085,160		359,868,600		4,216,560
CAD FX		09/23		38		2,849,271		2,873,940		(24,669	)
Euro-Bund		07/23		189		25,349,848		25,373,000		(23,152	)
Euro-Bund		08/23		23		3,127,872		3,128,000		(128	)
Euro-Buxl		09/23		71		10,716,193		10,815,541		(99,348	)
Japan 10-Year Bonds		09/23		57		58,418,871		58,680,828		(261,957	)
U.S. Treasury 2-Year Notes		09/23		611		125,874,522		124,243,031		1,631,490
U.S. Treasury 10-Year Notes		09/23		5,274		601,239,156		592,088,906		9,150,250
										15,103,832
Total Futures Contracts										$3,518,452

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-20

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(f) Forward foreign currency contracts outstanding as of June 30, 2023 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
AUD	34,900,000	USD	23,665,341		07/23		JPM		$-		($408,245	)
AUD	23,203,161	USD	15,600,993		07/23		MSC		-		(138,582	)
CAD	54,637,472	USD	40,628,601		07/23		BNP		622,808		-
GBP	3,259,000	USD	4,151,999		07/23		MSC		-		(12,715	)
INR	347,679,333	USD	4,204,612		07/23		MSC		28,998		-
JPY	1,727,711,936	USD	13,023,646		07/23		GSC		-		(1,026,889	)
JPY	1,537,500,000	USD	11,032,300		07/23		JPM		-		(356,322	)
MXN	410,251,000	USD	23,628,521		07/23		MSC		279,180		-
MXN	47,229,000	USD	2,730,000		09/23		GSC		-		(3,011	)
NOK	125,617,894	EUR	11,006,851		07/23		MSC		-		(309,686	)
USD	18,898,252	CNH	129,282,942		07/23		MSC		1,096,918		-
USD	31,728,285	EUR	28,925,070		07/23		BOA		145,435		-
USD	13,846,006	GBP	11,103,008		07/23		MSC		-		(256,018	)
USD	24,222,108	IDR	362,847,182,811		07/23		JPM		103,045		-
USD	442,443	JPY	63,000,000		07/23		GSC		4,988		-
USD	46,726,145	MXN	859,599,696		07/23		MSC		-		(3,367,706	)
ZAR	57,802,295	USD	3,204,882		07/23		GSC		-		(137,649	)
Total Forward Foreign Currency Contracts									$2,281,372		($6,016,823	)

(g) Purchased options outstanding as of June 30, 2023 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counter- party	Notional Amount		Cost		Value
Put - AUD versus USD		$0.68		08/25/23	BOA		$20,860,000		$181,566		$140,513

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - EUR FX (07/23)		$1.08		07/07/23		CME		12		$1,620,000		$11,730		$23,250
Call - EUR FX (07/23)		1.09		07/07/23		CME		26		3,526,250		21,353		35,750
Call - AUD FX (07/23)		65.50		07/07/23		CME		12		786,000		7,950		15,840
Call - AUD FX (07/23)		66.00		07/07/23		CME		12		792,000		7,830		10,680
Call - AUD FX (07/23)		67.50		07/07/23		CME		24		1,620,000		8,460		2,640
Call - JPY FX (07/23)		73.00		07/07/23		CME		24		2,190,000		20,460		150
Call - U.S. Treasury 5-Year Notes (08/23)		107.00		07/21/23		CME		136		14,552,000		69,157		78,626
Call - U.S. Treasury 5-Year Notes (08/23)		107.25		07/21/23		CME		51		5,469,750		23,596		23,109
Call - U.S. Treasury 5-Year Notes (08/23)		107.75		07/21/23		CME		50		5,387,500		26,063		13,672
Call - U.S. Treasury 5-Year Notes (08/23)		108.00		07/21/23		CME		276		29,808,000		151,610		56,063
Call - U.S. Treasury 5-Year Notes (08/23)		108.25		07/21/23		CME		25		2,706,250		14,301		3,711
Call - U.S. Treasury 10-Year Notes (08/23)		112.00		07/21/23		CME		102		11,424,000		70,302		86,062
Call - U.S. Treasury 10-Year Notes (08/23)		113.25		07/21/23		CME		41		4,643,250		28,321		13,453
Call - U.S. Treasury 10-Year Notes (08/23)		113.50		07/21/23		CME		119		13,506,500		84,409		31,609
Call - U.S. Treasury 30-Year Bonds (08/23)		126.00		07/21/23		CME		34		4,284,000		42,293		59,500
Call - U.S. Treasury 30-Year Bonds (08/23)		126.50		07/21/23		CME		8		1,012,000		9,389		11,625
Call - U.S. Treasury 30-Year Bonds (08/23)		128.00		07/21/23		CME		46		5,888,000		62,720		35,219
Call - U.S. Treasury 30-Year Bonds (08/23)		128.50		07/21/23		CME		34		4,369,000		41,762		20,719
												701,706		521,678
Put - U.S. Treasury 6-7-Year Notes (07/23)		113.00		07/05/23		CME		25		2,825,000		9,809		19,531
Put - U.S. Treasury 5-Year Notes (08/23)		108.25		07/21/23		CME		73		7,902,250		53,259		95,242
Put - SOFR Midcurve 1-Year (10/23)		97.00		10/13/23		CME		793		192,302,500		854,340		2,190,663
Put - SOFR Midcurve 1-Year (12/23)		95.88		12/15/23		CME		416		99,710,000		374,399		434,200
Put - SOFR Midcurve 1-Year (12/23)		96.00		12/15/23		CME		973		233,520,000		895,443		1,167,600
												2,187,250		3,907,236
Total Options on Futures												$2,888,956		$4,428,914
Total Purchased Options												$3,070,522		$4,569,427

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-21

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(h) Premiums received and value of written options outstanding as of June 30, 2023 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - MXN versus USD		MXN  16.87		08/25/23		JPM		$10,510,000		$57,279		($45,708	)
Put - MXN versus USD		16.85		08/29/23		MSC		10,510,000		57,679		(46,475	)
Put - MXN versus USD		16.86		08/31/23		GSC		10,510,000		58,646		(48,504	)
										$173,604		($140,687	)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 5-Year Notes (07/23)		$108.75		07/07/23		CME		17		$1,848,750		$1,830		($133	)
Call - U.S. Treasury 5-Year Notes (07/23)		108.50		07/14/23		CME		76		8,246,000		18,275		(5,344	)
Call - U.S. Treasury 5-Year Notes (07/23)		108.75		07/14/23		CME		84		9,135,000		15,277		(3,937	)
Call - U.S. Treasury Long Bonds (07/23)		128.00		07/14/23		CME		25		3,200,000		24,035		(14,062	)
Call - U.S. Treasury 5-Year Notes (08/23)		108.75		07/21/23		CME		136		14,790,000		45,319		(11,688	)
Call - U.S. Treasury 5-Year Notes (08/23)		109.00		07/21/23		CME		102		11,118,000		40,863		(6,375	)
Call - U.S. Treasury 5-Year Notes (08/23)		109.25		07/21/23		CME		127		13,874,750		35,499		(5,953	)
Call - U.S. Treasury 5-Year Notes (08/23)		109.50		07/21/23		CME		254		27,813,000		119,022		(7,937	)
Call - U.S. Treasury 10-Year Notes (08/23)		113.00		07/21/23		CME		87		9,831,000		52,584		(35,344	)
Call - U.S. Treasury 10-Year Notes (08/23)		114.00		07/21/23		CME		255		29,070,000		112,965		(43,828	)
Call - U.S. Treasury 10-Year Notes (08/23)		114.50		07/21/23		CME		225		25,762,500		96,923		(24,609	)
Call - U.S. Treasury 10-Year Notes (08/23)		115.00		07/21/23		CME		271		31,165,000		143,562		(21,172	)
Call - U.S. Treasury 10-Year Notes (08/23)		115.50		07/21/23		CME		50		5,775,000		21,398		(2,344	)
Call - U.S. Treasury 30-Year Bonds (08/23)		127.00		07/21/23		CME		59		7,493,000		62,085		(70,063	)
Call - U.S. Treasury 30-Year Bonds (08/23)		129.00		07/21/23		CME		102		13,158,000		75,386		(47,813	)
Call - U.S. Treasury 30-Year Bonds (08/23)		130.00		07/21/23		CME		169		21,970,000		117,192		(47,531	)
Call - U.S. Treasury 5-Year Notes (09/23)		108.00		08/25/23		CME		85		9,180,000		42,681		(44,492	)
Call - U.S. Treasury 5-Year Notes (09/23)		109.50		08/25/23		CME		323		35,368,500		288,285		(63,086	)
Call - U.S. Treasury 10-Year Notes (09/23)		113.00		08/25/23		CME		68		7,684,000		62,039		(59,500	)
Call - U.S. Treasury 30-Year Bonds (09/23)		130.00		08/25/23		CME		9		1,170,000		9,547		(9,141	)
												1,384,767		(524,352	)
Put - U.S. Treasury 5-Year Notes (08/23)		107.25		07/21/23		CME		146		15,658,500		52,919		(88,969	)
Put - U.S. Treasury 5-Year Notes (08/23)		107.50		07/21/23		CME		331		35,582,500		136,060		(250,836	)
Put - U.S. Treasury 5-Year Notes (08/23)		108.00		07/21/23		CME		85		9,180,000		54,306		(94,297	)
Put - U.S. Treasury 10-Year Notes (08/23)		112.50		07/21/23		CME		34		3,825,000		20,129		(28,156	)
Put - U.S. Treasury 10-Year Notes (08/23)		113.00		07/21/23		CME		34		3,842,000		24,504		(38,781	)
Put - U.S. Treasury 30-Year Bonds (08/23)		127.00		07/21/23		CME		8		1,016,000		8,423		(10,250	)
Put - U.S. Treasury 30-Year Bonds (08/23)		128.00		07/21/23		CME		16		2,048,000		20,097		(29,750	)
Put - SOFR Midcurve 1-Year (10/23)		96.25		10/13/23		CME		793		190,815,625		290,785		(1,070,550	)
Put - SOFR Midcurve 1-Year (10/23)		96.50		10/13/23		CME		793		191,311,250		429,685		(1,407,575	)
Put - SOFR Midcurve 1-Year (12/23)		95.25		12/15/23		CME		832		198,120,000		331,053		(374,400	)
Put - SOFR Midcurve 1-Year (12/23)		95.38		12/15/23		CME		1,946		463,999,375		812,326		(1,058,138	)
												2,180,287		(4,451,702	)
Total Options on Futures												$3,565,054		($4,976,054	)
Total Written Options												$3,738,658		($5,116,741	)

(i) Swap agreements outstanding as of June 30, 2023 were as follows:

Credit Default Swaps on Corporate Issues – Sell Protection (1)

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange	Implied Credit Spread at 06/30/23 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Apache Corp.		Q		1.000%		06/20/26	ICE		1.187%		$3,337,000		($16,043	)		($165,771	)		$149,728
Apache Corp.		Q		1.000%		12/20/26	ICE		1.410%		8,446,000		(106,381	)		(247,245	)		140,864
													($122,424	)		($413,016	)		$290,592

Credit Default Swaps on Credit Indices – Buy Protection (4)

Referenced Obligation

Payment Frequency

Fixed Deal Pay Rate

Expiration Date

Exchange

Notional Amount (3)

Value (5)

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

CDX HY40 5Y

Q

5.000%

06/20/28

ICE

$27,410,600

($828,283

)

$83,094

($911,377

)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-22

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

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

Referenced Obligation

Payment Frequency

Fixed Deal Receive Rate

Expiration Date

Exchange

Notional Amount (3)

Value (5)

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

CDX IG40 5Y

Q

1.000%

06/20/28

ICE

$330,028,000

$5,055,079

$2,634,079

$2,421,000

Total Credit Default Swaps

$4,104,372

$2,304,157

$1,800,215

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swaps on corporate issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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

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

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

Interest Rate Swaps – Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.980%	1-Day U.S. SOFR	A/A	LCH		11/30/27		$110,753,000		($4,085,870	)		$21,493			($4,107,363	)
3.450%	1-Day U.S. SOFR	A/A	LCH		11/30/27		167,601,000		(3,167,282	)		(23,693	)		(3,143,589	)
7.450%	28-Day MXN TIIE	L/L	CME		07/18/29		MXN 331,270,000		(703,860	)		231,686			(935,546	)
7.440%	28-Day MXN TIIE	L/L	CME		07/20/29		594,730,000		(1,381,555	)		303,480			(1,685,035	)
									($9,338,567	)		$532,966			($9,871,533	)

Interest Rate Swaps – Short

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.850%	1-Day U.S. SOFR		A/A		CME		02/15/29		$27,350,000		$1,551,987		$76,992			$1,474,995
3.270%	1-Day U.S. SOFR		A/A		CME		04/30/29		19,902,000		618,314		118,951			499,363
3.850%	1-Day U.S. SOFR		A/A		CME		06/30/29		11,482,000		15,308		(3,960	)		19,268
0.641%	1-Day JPY-TONAR		S/S		CME		05/09/46	JPY	2,649,800,000		1,347,138		3,542			1,343,596
1.520%	1-Day U.S. SOFR		A/A		CME		02/15/47		$16,888,000		5,147,964		(10,812	)		5,158,776
2.600%	1-Day U.S. SOFR		A/A		CME		02/15/48		11,792,000		1,494,006		1,338,839			155,167
3.050%	1-Day U.S. SOFR		A/A		CME		02/15/48		33,779,000		1,710,226		1,199,230			510,996
3.150%	1-Day U.S. SOFR		A/A		CME		05/15/48		29,222,000		847,435		(6,459,313	)		7,306,748
2.500%	1-Day U.S. SOFR		A/A		CME		04/21/52		5,275,000		717,141		20,337			696,804
											$13,449,519		($3,716,194	)		$17,165,713
Total Interest Rate Swaps											$4,110,952		($3,183,228	)		$7,294,180
Total Swap Agreements											$8,215,324		($879,071	)		$9,094,395

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-23

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

	Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared Swap Agreements (1)
Assets		$6,031,723			$19,877,305
Liabilities		(6,910,794	)		(10,782,910	)
		($879,071	)		$9,094,395

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

(j) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$790,238,378			$ -			$790,238,378			$ -
	Senior Loan Notes		62,792,754			-			61,889,905			902,849
	Mortgage-Backed Securities		889,243,225			-			889,243,225			-
	Asset-Backed Securities		63,508,503			-			63,508,503			-
	U.S. Treasury Obligations		110,013,996			-			110,013,996			-
	Foreign Government Bonds & Notes		153,052,455			-			153,052,455			-
	Short-Term Investments		55,163,319			-			55,163,319			-
	Derivatives:
	Credit Contracts					-						-
	Swaps		2,711,592			-			2,711,592			-
	Foreign Currency Contracts								-			-
	Futures		1,057,097			1,057,097			-			-
	Forward Foreign Currency Contracts		2,281,372			-			2,281,372			-
	Purchased Options		228,823			-			228,823			-
	Total Foreign Currency Contracts		3,567,292			1,057,097			2,510,195			-
	Interest Rate Contracts											-
	Futures		16,827,557			16,827,557			-			-
	Purchased Options		4,340,604			-			4,340,604			-
	Swaps		17,165,713			-			17,165,713			-
	Total Interest Rate Contracts		38,333,874			16,827,557			21,506,317			-
	Total Asset - Derivatives		44,612,758			17,884,654			26,728,104			-
	Total Assets		2,168,625,388			17,884,654			2,149,837,885			902,849
Liabilities	Due to Custodian		(20,556,181	)		-			(20,556,181	)		-
	Derivatives:
	Credit Contracts											-
	Swaps		(911,377	)		-			(911,377	)		-
	Foreign Currency Contracts								-			-
	Futures		(1,746,778	)		(1,746,778	)		-			-
	Forward Foreign Currency Contracts		(6,016,823	)		-			(6,016,823	)		-
	Written Options		(140,687	)		-			(140,687	)		-
	Total Foreign Currency Contracts		(7,904,288	)		(1,746,778	)		(6,157,510	)		-
	Interest Rate Contracts											-
	Futures		(12,619,424	)		(12,619,424	)		-			-
	Written Options		(4,976,054	)		-			(4,976,054	)		-
	Swaps		(9,871,533	)		-			(9,871,533	)		-
	Total Interest Rate Contracts		(27,467,011	)		(12,619,424	)		(14,847,587	)		-
	Total Liabilities - Derivatives		(36,282,676	)		(14,366,202	)		(21,916,474	)		-
	Total Liabilities		(56,838,857	)		(14,366,202	)		(42,472,655	)		-
	Total		$2,111,786,531			$3,518,452			$2,107,365,230			$902,849

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-24

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 1.1%
Invesco Senior Loan ETF		72,080		$1,516,563
SPDR Bloomberg Short Term High Yield Bond		62,000		1,531,400
				3,047,963
Total Exchange-Traded Funds (Cost $3,025,963)				3,047,963
	Principal Amount
CORPORATE BONDS & NOTES - 5.7%
Consumer, Non-Cyclical - 1.7%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625% due 07/15/26 ~		$2,000,000		1,900,467
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625% due 06/01/28 ~		3,000,000		2,527,125
				4,427,592
Financial - 3.8%
Acrisure LLC/Acrisure Finance, Inc. 7.000% due 11/15/25 ~		2,000,000		1,938,772
AssuredPartners, Inc. 7.000% due 08/15/25 ~		7,450,000		7,366,891
Ryan Specialty LLC 4.375% due 02/01/30 ~		1,250,000		1,108,063
				10,413,726
Technology - 0.2%
Central Parent, Inc./CDK Global, Inc. 7.250% due 06/15/29 ~		500,000		494,905
Total Corporate Bonds & Notes (Cost $15,802,896)				15,336,223
SENIOR LOAN NOTES - 91.1%
Basic Materials - 1.0%
Lonza Group AG Term B 9.267% (SOFR + 3.925%) due 07/03/28 §		1,910,812		1,615,592
PMHC II, Inc. Term B 9.304% (SOFR + 4.250%) due 04/23/29 §		1,124,948		994,776
Starfruit Finco BV Term B 8.068% (SOFR + 2.750%) due 10/01/25 §		17,373		17,393
				2,627,761
Communications - 5.0%
Arches Buyer, Inc. Term B 8.452% (SOFR + 3.250%) due 12/06/27 §		1,366,021		1,316,503
CNT Holdings I Corp. (2nd Lien) 11.709% (SOFR + 6.750%) due 11/06/28 § ±		3,620,000		3,475,200
MH Sub I LLC 8.967% (USD LIBOR + 3.750%) due 09/13/24 § µ		289,186		289,458
9.867% (SOFR + 3.750%) due 09/13/24 § µ		2,984,605		2,987,873

	Principal Amount		Value
Pug LLC Term B
8.717% (SOFR + 3.500%) due 02/12/27 §		$3,508,959		$3,141,613
9.452% (SOFR + 4.250%) due 02/12/27 § ±		804,345		729,943
SBA Senior Finance II LLC Term B 6.950% (USD LIBOR + 1.750%) due 04/11/25 §		1,406,488		1,407,744
Xplornet Communications, Inc. (Canada) (2nd Lien) 12.217% (SOFR + 7.000%) due 10/01/29 §		500,000		251,250
				13,599,584
Consumer, Cyclical - 10.0%
Aramark Services, Inc. Term B6 7.717% (SOFR + 2.500%) due 06/22/30 § ±		250,000		249,688
BCPE Empire Holdings, Inc. 9.832% (SOFR + 4.750%) due 12/11/28 §		3,259,601		3,255,526
Caesars Entertainment Corp. Term B 8.452% (SOFR + 3.250%) due 02/06/30 §		2,493,750		2,496,713
Carnival Corp.
Term B 8.217% (USD LIBOR + 3.000%) due 06/30/25 §		3,862,890		3,861,078
8.467% (SOFR + 3.250%) due 10/18/28 §		1,830,707		1,817,740
ClubCorp Holdings, Inc. Term B 8.288% (USD LIBOR + 2.750%) due 09/18/24 §		4,520,872		4,341,651
Fertitta Entertainment LLC Term B 9.102% (SOFR + 4.000%) due 01/27/29 § µ		2,204,317		2,181,240
SeaWorld Parks & Entertainment, Inc. Term B 8.250% (USD LIBOR + 3.000%) due 08/25/28 §		1,989,873		1,989,873
Solis IV BV Term B1 (Netherlands) 8.666% (SOFR + 3.500%) due 02/26/29 §		1,085,934		1,035,370
Springs Windows Fashions LLC Term B 9.217% (SOFR + 4.000%) due 10/06/28 § µ		2,571,067		2,088,992
SRS Distribution, Inc. Term B 8.693% (USD LIBOR + 3.500%) due 06/02/28 §		4,146,786		4,066,442
				27,384,313
Consumer, Non-Cyclical - 17.3%
Allied Universal Holdco LLC
Term B 8.952% (SOFR + 3.750%) due 05/12/28 §		41,857		40,670
9.881% (SOFR + 4.750%) due 05/12/28 § µ		2,125,000		2,072,937
Bausch & Lomb, Inc. Term B 8.592% (SOFR + 3.250%) due 05/10/27 §		4,059,748		3,950,642
CoreLogic, Inc. (2nd Lien) 11.750% (USD LIBOR + 6.500%) due 06/04/29 §		1,750,000		1,424,062
Gainwell Acquisition Corp. Term B 9.342% (SOFR + 4.000%) due 10/01/27 §		2,702,440		2,661,903
Heartland Dental LLC Term B 10.102% (SOFR + 5.000%) due 04/28/28 §		883,967		853,691

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-25

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Mavis Tire Express Services Corp. Term B 9.217% (SOFR + 4.000%) due 05/04/28 § µ		$2,511,143		$2,490,740
Midwest Veterinary Partners LLC 9.193% (USD LIBOR + 4.000%) due 04/27/28 § µ		4,242,773		4,136,704
Naked Juice LLC 8.300% (SOFR + 3.250%) due 01/24/29 §		997,481		931,933
Packaging Coordinators Midco, Inc. (1st Lien) 9.003% (SOFR + 3.500%) due 11/30/27 §		993,097		981,304
Pathway Vet Alliance LLC Term B 8.943% (USD LIBOR + 3.750%) due 03/31/27 §		5,041,689		4,465,676
Pearl Intermediate Parent LLC
(1st Lien) 7.943% (USD LIBOR + 2.750%) due 02/14/25 §		3,241,449		3,157,372
(2nd Lien) 11.443% (USD LIBOR + 6.250%) due 02/13/26 §		2,500,000		2,290,625
Term B 8.443% (USD LIBOR + 3.250%) due 02/14/25 §		1,349,501		1,314,498
PECF USS Intermediate Holding III Corp. Term B 9.523% (USD LIBOR + 4.250%) due 12/15/28 §		1,231,250		1,001,845
PetVet Care Centers LLC Term B3 8.693% (USD LIBOR + 3.500%) due 02/14/25 § µ		2,235,386		2,199,993
Southern Veterinary Partners LLC 9.217% (SOFR + 4.000%) due 10/05/27 §		2,742,967		2,702,966
Spin Holdco, Inc. Term B 9.230% (USD LIBOR + 4.000%) due 03/04/28 §		2,761,334		2,356,799
Sunshine Luxembourg VII SARL Term B3 (Luxembourg) 9.092% (SOFR + 3.750%) due 10/01/26 § µ		5,700,381		5,678,213
Wand NewCo 3, Inc. Term B1 7.943% (USD LIBOR + 2.750%) due 02/05/26 § µ		2,368,863		2,353,688
				47,066,261
Energy - 0.5%
Traverse Midstream Partners LLC Term B 8.937% (SOFR + 3.750%) due 02/16/28 §		1,375,000		1,367,266
Financial - 13.8%
Acrisure LLC Term B 9.443% (USD LIBOR + 4.250%) due 02/15/27 §		6,159,333		6,048,976
Alliant Holdings Intermediate LLC Term B5 8.647% (SOFR + 3.500%) due 11/05/27 § µ		2,588,419		2,577,095
Apex Group Treasury LLC Term B 9.074% (USD LIBOR + 3.750%) due 07/27/28 § ±		3,730,381		3,688,415
AssuredPartners, Inc. Term B 8.717% (SOFR + 3.500%) due 02/12/27 §		3,343,706		3,316,672
Broadstreet Partners, Inc. Term B3 9.160% (SOFR + 4.000%) due 01/27/29 §		1,000,000		996,875

	Principal Amount		Value
Cushman & Wakefield US Borrower LLC Term B 7.967% (SOFR + 2.750%) due 08/21/25 §		$1,125,000		$1,115,156
Deerfield Dakota Holding LLC (2nd Lien) 12.288% (USD LIBOR + 6.750%) due 04/07/28 §		7,460,000		7,021,725
Howden Group Holdings Ltd. Term B (United Kingdom) 9.102% (SOFR + 4.000%) due 04/18/30 § µ		2,244,375		2,242,972
HUB International Ltd. Term B 9.341% (SOFR + 4.250%) due 06/20/30 §		7,500,000		7,522,582
Hyperion Insurance Group Ltd. Term B (United Kingdom) 8.500% (USD LIBOR + 3.250%) due 11/12/27 § µ		748,082		746,212
USI, Inc. Term B 8.992% (SOFR + 3.750%) due 11/22/29 §		2,236,222		2,236,023
				37,512,703
Industrial - 23.9%
Brown Group Holding LLC Term B2 8.795% (SOFR + 3.750%) due 07/02/29 §		1,278,892		1,277,979
Chamberlain Group, Inc. Term B 8.452% (SOFR + 3.250%) due 11/03/28 §		1,496,203		1,464,719
Charter NEX US, Inc. 8.967% (SOFR + 3.750%) due 12/01/27 §		2,984,694		2,961,998
Crosby US Acquisition Corp. 10.071% (SOFR + 5.000%) due 06/27/26 § ±		500,000		498,125
Term B 9.921% (SOFR + 4.750%) due 06/26/26 § µ		3,117,862		3,098,376
Dynasty Acquisition Co., Inc.
Term B1 8.702% (SOFR + 3.500%) due 04/06/26 § µ		3,204,186		3,180,821
Term B2 8.702% (SOFR + 3.500%) due 04/06/26 § µ		1,722,681		1,710,119
Emrld Borrower LP Term B 8.264% (SOFR + 3.000%) due 05/31/30 §		2,087,156		2,089,765
Engineered Components & Systems LLC Term B 11.146% (USD LIBOR + 6.000%) due 08/02/28 § ±		577,071		577,792
Filtration Group Corp. 9.326% (SOFR + 4.250%) due 10/21/28 § µ		3,238,750		3,236,220
Flynn Canada Term B (Canada) 9.717% (SOFR + 4.500%) due 07/31/28 § ±		629,257		583,636
Kenan Advantage Group, Inc. Term B 9.727% (SOFR + 4.000%) due 03/24/26 § ±		1,000,000		1,000,000
KKR Apple Bidco LLC Term B 9.102% (SOFR + 4.000%) due 09/22/28 § µ		3,241,855		3,235,102
LABL, Inc. (1st Lien) 10.202% (SOFR + 5.100%) due 10/29/28 §		3,025,671		3,002,349
LaserShip, Inc. 9.693% (USD LIBOR + 4.500%) due 05/07/28 §		2,569,349		2,116,501

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-26

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
LTI Holdings, Inc. (1st Lien) 8.717% (USD LIBOR + 3.500%) due 09/06/25 §		$1,900,062		$1,828,810
Pretium PKG Holdings, Inc.
(1st Lien) 9.513% (USD LIBOR + 4.000%) due 10/02/28 §		1,587,574		1,191,474
(2nd Lien) 12.263% (USD LIBOR + 6.750%) due 10/01/29 §		1,250,000		675,000
Pro Mach Group, Inc. Term B 9.193% (USD LIBOR + 4.000%) due 08/31/28 §		2,683,022		2,679,668
Proampac PG Borrower LLC Term B 7.829% (USD LIBOR + 2.750%) due 11/03/25 §		3,952,942		3,920,330
Roper Industrial Products Investment Co. LLC 9.742% (SOFR + 4.500%) due 11/22/29 § µ		3,740,625		3,730,106
SPX FLOW, Inc. Term B 9.702% (SOFR + 4.500%) due 04/05/29 §		2,919,091		2,877,737
Star US Bidco LLC Term B 9.352% (SOFR + 4.250%) due 03/17/27 §		2,169,306		2,136,766
Titan Acquisition Ltd. Term B (Canada) 8.731% (USD LIBOR + 3.000%) due 03/28/25 § µ		4,608,902		4,505,202
TransDigm, Inc.
Term H 8.492% (SOFR + 3.250%) due 02/22/27 §		7,223,752		7,233,194
Term I 8.492% (SOFR + 3.250%) due 08/24/28 §		2,992,500		2,993,009
USIC Holdings, Inc. Term B 8.693% (USD LIBOR + 3.500%) due 05/12/28 § µ		1,246,827		1,183,239
				64,988,037
Technology - 18.9%
Applied Systems, Inc.
(1st Lien) 9.742% (SOFR + 4.500%) due 09/18/26 §		2,858,909		2,866,057
(2nd Lien) 11.992% (SOFR + 6.750%) due 09/17/27 §		3,003,223		3,010,731
Central Parent, Inc. Term B 9.492% (SOFR + 4.250%) due 07/06/29 § µ		3,481,253		3,475,318
Dun & Bradstreet Corp. Term B 8.434% (SOFR + 3.250%) due 02/06/26 §		5,734,881		5,748,708
Epicor Software Corp. (2nd Lien) 12.952% (SOFR + 7.750%) due 07/31/28 §		5,002,673		5,024,560
Finastra USA, Inc. (1st Lien) 9.029% (USD LIBOR + 3.500%) due 06/13/24 §		5,032,246		4,846,289
Peraton Corp.
(2nd Lien) 12.979% (SOFR + 7.750%) due 02/01/29 §		1,241,617		1,206,696
Term B 8.952% (SOFR + 3.750%) due 02/01/28 §		2,192,674		2,158,609

	Principal Amount		Value
Polaris Newco LLC Term B 9.538% (USD LIBOR + 4.000%) due 06/02/28 §		$2,480,809		$2,285,446
RealPage, Inc. (2nd Lien) 11.693% (USD LIBOR + 6.500%) due 04/23/29 §		5,075,549		4,904,249
Sophia LP (2nd Lien) 13.202% (SOFR + 8.000%) due 10/09/28 §		4,750,000		4,747,031
Sovos Compliance LLC Term B 9.717% (SOFR + 4.500%) due 08/11/28 § µ		3,609,069		3,486,296
UKG, Inc. 8.618% (SOFR + 3.250%) due 05/04/26 §		2,810,535		2,762,008
Ultimate Software Group, Inc. (2nd Lien) 10.618% (SOFR + 5.250%) due 05/03/27 §		750,000		727,969
Term B 8.895% (SOFR + 3.750%) due 05/04/26 § µ		997,409		985,168
9.776% (SOFR + 4.500%) due 05/04/26 §		3,250,000		3,250,676
				51,485,811
Utilities - 0.7%
Pacific Gas & Electric Co. Term B 8.217% (SOFR + 3.000%) due 06/23/25 §		1,994,859		1,996,104
Total Senior Loan Notes (Cost $249,931,102)				248,027,840
SHORT-TERM INVESTMENTS - 5.4%
Repurchase Agreements - 5.4%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $14,751,136; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $15,040,361)		14,745,361		14,745,361
Total Short-Term Investments (Cost $14,745,361)				14,745,361
TOTAL INVESTMENTS - 103.3% (Cost $283,505,322)				281,157,387
OTHER ASSETS & LIABILITIES, NET - (3.3%)				(8,885,331	)
NET ASSETS - 100.0%				$272,272,056

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Industrial	23.9%
Technology	19.1%
Consumer, Non-Cyclical	19.0%
Financial	17.6%
Consumer, Cyclical	10.0%
Short-Term Investments	5.4%
Communications	5.0%
Others (each less than 3.0%)	3.3%
	103.3%
Other Assets & Liabilities, Net	(3.3%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-27

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$3,047,963		$3,047,963		$-		$-
	Corporate Bonds & Notes		15,336,223		-		15,336,223		-
	Senior Loan Notes		248,027,840		-		237,225,041		10,802,799
	Short-Term Investments		14,745,361		-		14,745,361		-
	Total		$281,157,387		$3,047,963		$267,306,625		$10,802,799

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the period ended June 30, 2023:

	Senior Loan Notes
Value, Beginning of Period		$33,014,103
Purchases		3,587,590
Sales (Includes Paydowns)		(29,507,868	)
Accrued Discounts (Premiums)		37,162
Net Realized Gains (Losses)		(770,980	)
Change in Net Unrealized Appreciation (Depreciation)		1,667,131
Transfers In		7,163,615
Transfers Out		(4,387,954	)
Value, End of Period		$10,802,799
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$331,083

The table below shows transfers to/from Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
	$7,163,615		2		3	Vendor Price (Observable Inputs)	Unobservable Single Broker Quote
	4,387,954		3		2	Unobservable Single Broker Quote	Vendor Price (Observable Inputs)

All other significant unobservable inputs used to value Senior Loan Notes with the aggregate value of $10,802,799 were provided by a single broker quote. Significant changes to a single broker quote would have direct and proportional changes to the fair value of the security.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-28

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Industrial - 0.0%
TNT Crane & Rigging, Inc. *		11,518		$82,544
Total Common Stocks (Cost $4,391,414)				82,544
EXCHANGE-TRADED FUNDS - 1.6%
iShares iBoxx High Yield Corporate Bond		44,785		3,362,010
SPDR Bloomberg High Yield Bond		50,435		4,641,533
				8,003,543
Total Exchange-Traded Funds (Cost $7,991,613)				8,003,543
	Principal Amount
CORPORATE BONDS & NOTES - 86.9%
Basic Materials - 4.8%
Herens Holdco SARL (Luxembourg) 4.750% due 05/15/28 ~		$4,175,000		3,239,779
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		3,200,000		2,923,298
Novelis Corp.
3.875% due 08/15/31 ~		2,025,000		1,668,664
4.750% due 01/30/30 ~		3,033,000		2,698,345
Perenti Finance Pty Ltd. (Australia) 6.500% due 10/07/25 ~		2,500,000		2,450,000
South32 Treasury Ltd. (Australia) 4.350% due 04/14/32 ~		4,500,000		3,952,797
SPCM SA (France) 3.375% due 03/15/30 ~		3,650,000		3,039,556
TMS International Corp. 6.250% due 04/15/29 ~		4,825,000		4,057,970
				24,030,409
Communications - 10.4%
Altice France Holding SA (Luxembourg) 10.500% due 05/15/27 ~		1,300,000		788,690
Altice France SA (France) 8.125% due 02/01/27 ~		1,300,000		1,127,135
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% due 02/01/31 ~		1,300,000		1,052,831
4.250% due 01/15/34 ~		1,000,000		756,798
4.750% due 03/01/30 ~		7,900,000		6,762,271
5.375% due 06/01/29 ~		5,700,000		5,158,642
Ciena Corp. 4.000% due 01/31/30 ~		2,950,000		2,572,842
Clear Channel Outdoor Holdings, Inc. 5.125% due 08/15/27 ~		3,100,000		2,818,560
CommScope, Inc.
4.750% due 09/01/29 ~		725,000		572,287
6.000% due 03/01/26 ~		1,350,000		1,259,771
8.250% due 03/01/27 ~		2,500,000		2,003,444
CSC Holdings LLC
5.250% due 06/01/24		1,800,000		1,676,174
5.375% due 02/01/28 ~		450,000		362,250
5.750% due 01/15/30 ~		1,600,000		757,736
6.500% due 02/01/29 ~		2,900,000		2,347,219
11.250% due 05/15/28 ~		1,200,000		1,165,098
DISH Network Corp. 11.750% due 11/15/27 ~		5,775,000		5,642,413
Frontier Communications Holdings LLC
5.000% due 05/01/28 ~		1,550,000		1,338,852
5.875% due 10/15/27 ~		825,000		757,965

	Principal Amount		Value
8.625% due 03/15/31 ~		$1,700,000		$1,646,803
Level 3 Financing, Inc.
4.625% due 09/15/27 ~		4,650,000		3,240,990
10.500% due 05/15/30 ~		427,000		433,641
Lumen Technologies, Inc. 4.000% due 02/15/27 ~		2,800,000		2,089,794
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.250% due 01/15/29 ~		850,000		715,207
5.000% due 08/15/27 ~		3,325,000		3,022,807
Virgin Media Finance PLC (United Kingdom) 5.000% due 07/15/30 ~		2,650,000		2,112,328
				52,182,548
Consumer, Cyclical - 20.2%
American Airlines Pass-Through Trust Class B
3.950% due 01/11/32		1,400,985		1,222,754
5.250% due 07/15/25		2,314,858		2,280,766
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.750% due 04/20/29 ~		2,220,000		2,157,571
Boyd Gaming Corp. 4.750% due 06/15/31 ~		5,963,000		5,333,332
Caesars Entertainment, Inc.
4.625% due 10/15/29 ~		5,100,000		4,457,964
8.125% due 07/01/27 ~		1,950,000		1,997,958
Cedar Fair LP 5.250% due 07/15/29		4,350,000		3,960,958
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 6.500% due 10/01/28		1,225,000		1,196,180
Churchill Downs, Inc. 6.750% due 05/01/31 ~		1,925,000		1,905,750
Clarios Global LP/Clarios U.S. Finance Co. 6.750% due 05/15/28 ~		3,575,000		3,566,267
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.625% due 01/15/29 ~		1,700,000		1,493,408
6.750% due 01/15/30 ~		2,550,000		2,172,644
Ford Motor Co.
3.250% due 02/12/32		7,250,000		5,710,132
4.750% due 01/15/43		1,750,000		1,347,262
6.100% due 08/19/32		1,125,000		1,091,397
Ford Motor Credit Co. LLC 6.800% due 05/12/28		700,000		701,401
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.875% due 07/01/31 ~		2,575,000		2,162,990
5.000% due 06/01/29 ~		1,925,000		1,710,170
Jacobs Entertainment, Inc. 6.750% due 02/15/29 ~		3,450,000		3,091,027
Las Vegas Sands Corp. 3.900% due 08/08/29		4,950,000		4,422,879
LBM Acquisition LLC 6.250% due 01/15/29 ~		2,675,000		2,216,572
LGI Homes, Inc. 4.000% due 07/15/29 ~		4,600,000		3,833,881
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		6,193,000		4,924,271
Marriott Ownership Resorts, Inc.
4.500% due 06/15/29 ~		1,650,000		1,425,542
4.750% due 01/15/28		3,100,000		2,793,983
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875% due 05/01/29 ~		3,650,000		3,226,410
New Red Finance, Inc. (Canada)
3.500% due 02/15/29 ~		1,900,000		1,668,060

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-29

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.875% due 01/15/28 ~		$650,000		$594,821
4.000% due 10/15/30 ~		5,700,000		4,885,086
4.375% due 01/15/28 ~		1,900,000		1,756,633
Royal Caribbean Cruises Ltd.
7.250% due 01/15/30 ~		2,125,000		2,154,206
9.250% due 01/15/29 ~		1,875,000		1,999,382
11.625% due 08/15/27 ~		650,000		707,446
SeaWorld Parks & Entertainment, Inc. 5.250% due 08/15/29 ~		4,000,000		3,584,147
Six Flags Entertainment Corp. 5.500% due 04/15/27 ~		3,775,000		3,558,268
STL Holding Co. LLC 7.500% due 02/15/26 ~		3,100,000		2,853,491
Viking Cruises Ltd.
6.250% due 05/15/25 ~		895,000		878,111
7.000% due 02/15/29 ~		1,225,000		1,140,353
9.125% due 07/15/31 ~		2,200,000		2,224,156
Viking Ocean Cruises Ship VII Ltd. 5.625% due 02/15/29 ~		175,000		160,283
Windsor Holdings III LLC due 06/15/30 # ~		2,450,000		2,441,597
				101,009,509
Consumer, Non-Cyclical - 14.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.500% due 03/15/29 ~		950,000		823,275
5.875% due 02/15/28 ~		5,875,000		5,715,200
Allied Universal Holdco LLC/Allied Universal Finance Corp. 9.750% due 07/15/27 ~		7,150,000		6,330,526
Avantor Funding, Inc.
3.875% due 11/01/29 ~		350,000		306,750
4.625% due 07/15/28 ~		2,775,000		2,574,708
Bausch Health Cos., Inc.
4.875% due 06/01/28 ~		1,475,000		879,749
11.000% due 09/30/28 ~		1,937,000		1,380,694
Charles River Laboratories International, Inc.
3.750% due 03/15/29 ~		575,000		506,545
4.000% due 03/15/31 ~		2,150,000		1,869,656
4.250% due 05/01/28 ~		2,350,000		2,153,808
Chobani LLC/Chobani Finance Corp., Inc. 4.625% due 11/15/28 ~		2,400,000		2,187,324
CHS/Community Health Systems, Inc.
4.750% due 02/15/31 ~		905,000		684,993
5.250% due 05/15/30 ~		300,000		236,629
5.625% due 03/15/27 ~		2,150,000		1,896,736
CoreLogic, Inc. 4.500% due 05/01/28 ~		3,150,000		2,543,137
Garda World Security Corp. (Canada) 7.750% due 02/15/28 ~		2,150,000		2,136,436
Hertz Corp. 5.000% due 12/01/29 ~		3,100,000		2,566,428
Medline Borrower LP 3.875% due 04/01/29 ~		3,675,000		3,197,280
MPH Acquisition Holdings LLC
5.500% due 09/01/28 ~		675,000		576,115
5.750% due 11/01/28 ~		3,400,000		2,563,192
Option Care Health, Inc. 4.375% due 10/31/29 ~		3,050,000		2,687,640
PECF USS Intermediate Holding III Corp. 8.000% due 11/15/29 ~		3,350,000		1,888,160
Performance Food Group, Inc. 4.250% due 08/01/29 ~		4,525,000		4,033,294
Pilgrim’s Pride Corp. 4.250% due 04/15/31		2,800,000		2,403,757
Post Holdings, Inc. 4.625% due 04/15/30 ~		6,350,000		5,571,706

	Principal Amount		Value
Select Medical Corp. 6.250% due 08/15/26 ~		$2,400,000		$2,361,622
Tenet Healthcare Corp.
4.250% due 06/01/29		1,075,000		972,216
4.375% due 01/15/30		1,350,000		1,219,530
6.125% due 10/01/28		2,875,000		2,770,522
6.125% due 06/15/30		425,000		419,454
6.750% due 05/15/31 ~		1,325,000		1,329,884
US Foods, Inc. 4.625% due 06/01/30 ~		4,800,000		4,306,773
				71,093,739
Energy - 10.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375% due 06/15/29 ~		6,250,000		5,813,628
Archrock Partners LP/Archrock Partners Finance Corp.
6.250% due 04/01/28 ~		425,000		399,627
6.875% due 04/01/27 ~		2,250,000		2,162,790
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.875% due 06/30/29 ~		3,200,000		2,858,180
Callon Petroleum Co. 7.500% due 06/15/30 ~		3,525,000		3,330,533
Civitas Resources, Inc.
8.375% due 07/01/28 ~		225,000		227,824
8.750% due 07/01/31 ~		225,000		228,386
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500% due 06/15/31 ~		3,925,000		3,507,076
Endeavor Energy Resources LP/EER Finance, Inc. 5.750% due 01/30/28 ~		4,475,000		4,381,428
EQM Midstream Partners LP
5.500% due 07/15/28		1,075,000		1,018,150
6.000% due 07/01/25 ~		240,000		237,566
6.500% due 07/01/27 ~		1,550,000		1,530,278
7.500% due 06/01/27 ~		50,000		50,527
7.500% due 06/01/30 ~		50,000		50,644
Genesis Energy LP/Genesis Energy Finance Corp.
7.750% due 02/01/28		3,070,000		2,923,589
8.875% due 04/15/30		100,000		97,792
ITT Holdings LLC 6.500% due 08/01/29 ~		2,850,000		2,404,659
Range Resources Corp.
4.750% due 02/15/30 ~		2,450,000		2,198,299
8.250% due 01/15/29		1,550,000		1,615,255
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000% due 12/31/30 ~		1,750,000		1,543,920
6.000% due 09/01/31 ~		1,675,000		1,445,196
Tap Rock Resources LLC 7.000% due 10/01/26 ~		3,225,000		3,324,652
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.000% due 01/15/32		3,900,000		3,376,583
USA Compression Partners LP/USA Compression Finance Corp. 6.875% due 09/01/27		950,000		908,095
Venture Global Calcasieu Pass LLC
3.875% due 08/15/29 ~		675,000		590,295
3.875% due 11/01/33 ~		3,815,000		3,129,142
4.125% due 08/15/31 ~		675,000		581,429
6.250% due 01/15/30 ~		150,000		148,932
Venture Global LNG, Inc.
8.125% due 06/01/28 ~		1,600,000		1,626,808
8.375% due 06/01/31 ~		1,075,000		1,085,220
				52,796,503

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-30

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Financial - 4.3%
Avolon Holdings Funding Ltd. (Ireland) 2.875% due 02/15/25 ~		$3,500,000		$3,256,838
3.250% due 02/15/27 ~		1,500,000		1,337,747
Howard Hughes Corp. 4.375% due 02/01/31 ~		3,925,000		3,136,154
5.375% due 08/01/28 ~		2,375,000		2,117,003
Iron Mountain, Inc. REIT 4.500% due 02/15/31 ~		450,000		387,062
4.875% due 09/15/29 ~		2,400,000		2,150,487
5.000% due 07/15/28 ~		625,000		579,674
5.250% due 03/15/28 ~		500,000		468,001
OneMain Finance Corp. 3.875% due 09/15/28		2,500,000		2,046,000
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer REIT 4.875% due 05/15/29 ~		3,800,000		3,278,545
VICI Properties LP/VICI Note Co., Inc. REIT 3.750% due 02/15/27 ~		1,750,000		1,606,913
4.625% due 12/01/29 ~		1,375,000		1,249,559
				21,613,983
Industrial - 18.2%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		510,980		414,725
BWX Technologies, Inc. 4.125% due 06/30/28 ~		5,150,000		4,703,543
4.125% due 04/15/29 ~		3,150,000		2,847,600
Chart Industries, Inc. 7.500% due 01/01/30 ~		1,775,000		1,813,171
9.500% due 01/01/31 ~		2,625,000		2,787,798
Clydesdale Acquisition Holdings, Inc. 6.625% due 04/15/29 ~		1,125,000		1,074,205
8.750% due 04/15/30 ~		775,000		684,964
Emerald Debt Merger Sub LLC 6.625% due 12/15/30 ~		2,275,000		2,257,938
First Student Bidco, Inc./First Transit Parent, Inc. 4.000% due 07/31/29 ~		3,350,000		2,841,671
GFL Environmental, Inc. (Canada) 3.500% due 09/01/28 ~		4,950,000		4,410,670
3.750% due 08/01/25 ~		1,725,000		1,642,664
4.000% due 08/01/28 ~		750,000		671,517
4.375% due 08/15/29 ~		2,000,000		1,782,855
4.750% due 06/15/29 ~		400,000		365,911
Husky III Holding Ltd. (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		5,174,000		4,721,275
LABL, Inc. 5.875% due 11/01/28 ~		2,500,000		2,278,388
6.750% due 07/15/26 ~		1,300,000		1,279,564
8.250% due 11/01/29 ~		1,025,000		859,078
9.500% due 11/01/28 ~		150,000		152,795
10.500% due 07/15/27 ~		1,750,000		1,682,273
Madison IAQ LLC 4.125% due 06/30/28 ~		1,350,000		1,189,944
5.875% due 06/30/29 ~		1,050,000		851,717
Mauser Packaging Solutions Holding Co. 7.875% due 08/15/26 ~		1,375,000		1,367,559
9.250% due 04/15/27 ~		5,000,000		4,620,885
OT Merger Corp. 7.875% due 10/15/29 ~		5,157,000		3,228,982
Owens-Brockway Glass Container, Inc. 7.250% due 05/15/31 ~		275,000		278,781
Pentair Finance SARL 5.900% due 07/15/32		4,750,000		4,792,882

	Principal Amount		Value
Sealed Air Corp./Sealed Air Corp. 6.125% due 02/01/28 ~		$3,350,000		$3,328,955
Sensata Technologies BV 4.000% due 04/15/29 ~		1,100,000		980,303
Sensata Technologies, Inc. 4.375% due 02/15/30 ~		3,350,000		2,998,743
Spirit AeroSystems, Inc. 9.375% due 11/30/29 ~		2,725,000		2,920,723
SPX FLOW, Inc. 8.750% due 04/01/30 ~		4,525,000		4,077,696
Standard Industries, Inc. 3.375% due 01/15/31 ~		450,000		362,764
4.375% due 07/15/30 ~		1,000,000		866,997
4.750% due 01/15/28 ~		3,425,000		3,192,944
TK Elevator Holdco GmbH (Germany) 7.625% due 07/15/28 ~		3,081,000		2,798,734
TK Elevator US Newco, Inc. (Germany) 5.250% due 07/15/27 ~		3,200,000		2,960,200
TransDigm UK Holdings PLC 6.875% due 05/15/26		1,850,000		1,835,059
TransDigm, Inc. 4.625% due 01/15/29		925,000		823,923
4.875% due 05/01/29		1,200,000		1,073,362
5.500% due 11/15/27		1,525,000		1,440,149
6.250% due 03/15/26 ~		2,875,000		2,863,537
6.750% due 08/15/28 ~		2,975,000		2,989,994
				91,117,438
Technology - 1.8%
Entegris Escrow Corp. 4.750% due 04/15/29 ~		3,575,000		3,322,091
Entegris, Inc. 3.625% due 05/01/29 ~		750,000		647,055
4.375% due 04/15/28 ~		1,675,000		1,517,348
Open Text Corp. (Canada) 3.875% due 12/01/29 ~		650,000		543,915
Open Text Holdings, Inc. (Canada) 4.125% due 12/01/31 ~		2,400,000		1,970,753
Rackspace Technology Global, Inc. 3.500% due 02/15/28 ~		2,025,000		913,413
				8,914,575
Utilities - 2.5%
Calpine Corp. 5.125% due 03/15/28 ~		4,950,000		4,424,221
Vistra Operations Co. LLC 4.375% due 05/01/29 ~		5,500,000		4,822,714
5.000% due 07/31/27 ~		3,350,000		3,138,672
				12,385,607
Total Corporate Bonds & Notes (Cost $465,087,082)				435,144,311
SENIOR LOAN NOTES - 1.5%
Consumer, Cyclical - 1.5%
K-Mac Holdings Corp. (2nd Lien) 11.952% (USD LIBOR + 6.750%) due 07/30/29 § ±		1,750,000		1,592,500
SRS Distribution, Inc. Term B 8.693% (USD LIBOR + 3.500%) due 06/02/28 §		3,989,848		3,912,544
Tacala LLC (2nd Lien) 12.693% (USD LIBOR + 7.500%) due 02/04/28 §		2,250,000		2,131,875
				7,636,919

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-31

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Technology - 0.0%
Ultimate Software Group, Inc. 8.618% (SOFR + 3.250%) due 05/04/26 §		$619		$608
Total Senior Loan Notes (Cost $7,886,112)				7,637,527
ASSET-BACKED SECURITIES - 5.6%
AIG CLO LLC 11.850% (USD LIBOR + 6.600%) due 04/20/32 § ~		500,000		479,696
AIMCO CLO (Cayman) 11.860% (USD LIBOR + 6.600%) due 10/17/34 § ~		500,000		467,697
AIMCO CLO 10 Ltd. (Cayman) 11.223% (USD LIBOR + 5.950%) due 07/22/32 § ~		2,200,000		2,016,718
Benefit Street Partners CLO V-B Ltd. (Cayman) 11.200% (USD LIBOR + 5.950%) due 04/20/31 § ~		1,250,000		1,108,300
Benefit Street Partners CLO XVI Ltd. (Cayman) 11.960% (USD LIBOR + 6.700%) due 01/17/32 § ~		4,000,000		3,531,943
Burnham Park Clo Ltd. (Cayman) 10.650% (USD LIBOR + 5.400%) due 10/20/29 § ~		500,000		419,772
CarVal CLO III Ltd. (Cayman) 11.690% (USD LIBOR + 6.440%) due 07/20/32 § ~		3,975,000		3,552,833
CIFC Funding Ltd. (Cayman) 11.410% (USD LIBOR + 6.150%) due 01/15/32 § ~		1,000,000		902,574
12.660% (USD LIBOR + 7.400%) due 01/16/33 § ~		4,550,000		4,274,101
Dryden 55 CLO Ltd. (Cayman) 10.660% (USD LIBOR + 5.400%) due 04/15/31 § ~		1,000,000		826,001
12.460% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		183,018
Magnetite VIII Ltd. (Cayman) 12.700% (USD LIBOR + 7.440%) due 04/15/31 § ~		2,000,000		1,678,691
Magnetite XXIII Ltd. (Cayman) 11.555% (USD LIBOR + 6.300%) due 01/25/35 § ~		500,000		471,871
Neuberger Berman Loan Advisers CLO 31 Ltd. (Cayman) 11.750% (USD LIBOR + 6.500%) due 04/20/31 § ~		2,500,000		2,325,648
Neuberger Berman Loan Advisers CLO 35 Ltd. (Cayman) 12.265% (USD LIBOR + 7.000%) due 01/19/33 § ~		2,100,000		1,954,363

	Principal Amount		Value
Parallel Ltd. (Cayman) 12.450% (USD LIBOR + 7.200%) due 10/20/34 § ~		$2,000,000		$1,787,269
Rad CLO 2 Ltd. (Cayman) 12.710% (USD LIBOR + 7.450%) due 10/15/31 § ~		1,750,000		1,358,726
RR 19 Ltd. (Cayman) 11.760% (USD LIBOR + 6.500%) due 10/15/35 § ~		625,000		589,778
Total Asset-Backed Securities (Cost $30,189,017)				27,928,999
SHORT-TERM INVESTMENTS - 0.9%
Repurchase Agreements - 0.9%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $4,496,681; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $4,584,867)		4,494,920		4,494,920
Total Short-Term Investments (Cost $4,494,920)				4,494,920
TOTAL INVESTMENTS - 96.5% (Cost $520,040,158)				483,291,844
OTHER ASSETS & LIABILITIES, NET - 3.5%				17,369,748
NET ASSETS - 100.0%				$500,661,592

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	21.7%
Industrial	18.2%
Consumer, Non-Cyclical	14.2%
Energy	10.5%
Communications	10.4%
Asset-Backed Securities	5.6%
Basic Materials	4.8%
Financial	4.3%
Others (each less than 3.0%)	6.8%
	96.5%
Other Assets & Liabilities, Net	3.5%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-32

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$82,544		$-		$82,544		$-
	Exchange-Traded Funds		8,003,543		8,003,543		-		-
	Corporate Bonds & Notes		435,144,311		-		435,144,311		-
	Senior Loan Notes		7,637,527		-		6,045,027		1,592,500
	Asset-Backed Securities		27,928,999		-		27,928,999		-
	Short-Term Investments		4,494,920		-		4,494,920		-
	Total		$483,291,844		$8,003,543		$473,695,801		$1,592,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-33

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 2.6%
Consumer, Cyclical - 0.1%
Toyota Tsusho Corp. (Japan) 3.625% due 09/13/23 ~		$500,000		$497,787
Financial - 2.5%
Avolon Holdings Funding Ltd. (Ireland) 2.528% due 11/18/27 ~		6,000		5,065
Bank of America Corp. 5.875% due 03/15/28		410,000		376,175
Jyske Realkredit AS (Denmark)
0.500% due 10/01/43		DKK 1,792,026		198,492
1.000% due 10/01/50 ~		22,918,761		2,418,335
1.000% due 10/01/53		5,513,760		535,983
1.500% due 10/01/53		3,325,912		355,449
2.500% due 10/01/47		687		88
Nordea Kredit Realkreditaktieselskab (Denmark)
0.500% due 10/01/43		708,748		78,226
1.000% due 10/01/50 ~		5,711,090		605,271
1.000% due 10/01/50		8,515,827		846,362
1.500% due 10/01/53		5,199,398		535,902
2.000% due 10/01/53 ~		199,887		22,980
2.000% due 10/01/53		999,840		108,218
2.500% due 10/01/47		344		44
Nykredit Realkredit AS (Denmark)
0.500% due 10/01/43 ~		5,353,241		591,339
1.000% due 10/01/50 ~		20,966,309		2,218,206
1.000% due 10/01/53 ~		496,688		48,187
1.500% due 10/01/53 ~		8,779,977		958,972
2.500% due 10/01/47 ~		1,848		238
Realkredit Danmark AS (Denmark)
1.000% due 10/01/50 ~		4,835,736		510,256
1.000% due 10/01/53 ~		7,130,354		700,451
1.500% due 10/01/53 ~		497,054		51,505
2.000% due 10/01/53 ~		1,594,067		172,512
2.500% due 04/01/47 ~		8,502		1,096
UBS Group AG (Switzerland)
0.650% due 01/14/28 ~		EUR 100,000		93,860
4.177% (EUR LIBOR + 1.000%) due 01/16/26 § ~		100,000		107,456
7.750% due 03/01/29 ~		100,000		121,019
UniCredit SpA (Italy) 7.830% due 12/04/23 ~		$1,750,000		1,760,521
				13,422,208
Technology - 0.0%
VMware, Inc. 3.900% due 08/21/27		100,000		94,869
Total Corporate Bonds & Notes (Cost $19,086,029)				14,014,864
MORTGAGE-BACKED SECURITIES - 10.6%
Collateralized Mortgage Obligations - Commercial - 0.4%
BAMLL Commercial Mortgage Securities Trust 6.243% (USD LIBOR + 1.050%) due 09/15/38 § ~		500,000		456,419
GS Mortgage Securities Corp. II 8.547% (SOFR + 3.400%) due 08/15/39 § ~		1,600,000		1,601,622
				2,058,041
Collateralized Mortgage Obligations - Residential - 2.3%
Angel Oak Mortgage Trust 1.469% due 06/25/65 § ~		240,556		221,527

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust 4.963% due 01/25/35 §		$60,053		$51,368
Chevy Chase Funding LLC Mortgage-Backed Certificates 5.510% (USD LIBOR + 0.360%) due 03/25/35 § ~		167,257		161,561
Citigroup Mortgage Loan Trust, Inc.
3.915% due 05/25/42 § ~		531,828		484,878
6.980% (UST + 2.400%) due 05/25/35 §		4,886		4,754
Eurosail-UK PLC (United Kingdom) 5.940% (SONIO + 1.069%) due 06/13/45 § ~		GBP 346,109		436,299
Fannie Mae REMICS
4.082% due 05/25/35 §		$197,737		201,194
5.036% (USD LIBOR + 0.060%) due 07/25/37 §		239,662		232,312
5.288% (USD LIBOR + 0.150%) due 08/25/34 §		13,658		13,429
5.500% (USD LIBOR + 0.350%) due 07/25/37 §		2,575		2,522
Freddie Mac 5.643% (USD LIBOR + 0.450%) due 09/15/42 §		578,446		561,687
Freddie Mac REMICS
4.401% (USD LIBOR + 0.350%) due 07/15/44 §		288,870		278,603
5.543% (USD LIBOR + 0.350%) due 01/15/47 §		937,340		902,092
Government National Mortgage Association REMICS
3.858% (USD LIBOR + 0.150%) due 08/20/68 §		613,252		597,319
5.966% (SOFR + 0.900%) due 10/20/72 §		2,417,965		2,395,658
6.166% (SOFR + 1.000%) due 05/20/73 §		501,576		503,822
6.464% (USD LIBOR + 0.750%) due 04/20/67 §		546,626		543,730
Great Hall Mortgages No 1 PLC (United Kingdom)
5.152% (SONIO + 0.249%) due 03/18/39 § ~		GBP 6,069		7,634
5.172% (SONIO + 0.269%) due 06/18/38 § ~		5,750		7,249
GSMPS Mortgage Loan Trust 7.000% due 06/25/43 ~		$121,876		123,889
GSR Mortgage Loan Trust 4.367% due 01/25/35 §		64,291		59,308
HarborView Mortgage Loan Trust 5.837% (USD LIBOR + 0.680%) due 06/20/35 §		1,604,959		1,463,019
Impac CMB Trust 6.150% (USD LIBOR + 1.000%) due 07/25/33 § W ±		15,697		15,181
JP Morgan Mortgage Trust 4.367% due 07/25/35 § W ±		32,867		31,235
Mellon Residential Funding Corp. Mortgage Pass-Through Certificate Trust
5.633% (USD LIBOR + 0.440%) due 12/15/30 §		55,185		52,051
5.893% (USD LIBOR + 0.700%) due 11/15/31 §		72,081		68,717
New Residential Mortgage Loan Trust 3.250% due 02/25/59 § ~		329,868		308,778
Residential Mortgage Securities 32 PLC (United Kingdom) 6.159% (SONIO + 1.250%) due 06/20/70 § ~		GBP 415,724		529,003

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-34

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Sequoia Mortgage Trust 5.846% (USD LIBOR + 0.700%) due 10/19/26 § W ±		$40,505		$37,653
Structured Adjustable Rate Mortgage Loan Trust 5.282% due 02/25/34 §		15,787		14,754
Structured Asset Mortgage Investments II Trust
5.646% (USD LIBOR + 0.500%) due 07/19/35 §		169,226		153,152
5.806% (USD LIBOR + 0.660%) due 10/19/34 §		78,852		73,808
Thornburg Mortgage Securities Trust 5.770% (USD LIBOR + 0.620%) due 06/25/44 §		1,050,846		957,929
Towd Point Mortgage Funding PLC (United Kingdom) 5.635% (SONIA + 1.144) due 10/20/51 § ~		GBP 660,808		839,896
WaMu Mortgage Pass-Through Certificates Trust 3.852% due 08/25/35 § W ±		$17,401		15,373
				12,351,384
Fannie Mae - 7.9%
due 07/13/53 #		13,397,280		12,574,080
due 08/14/53 #		2,270,720		2,132,969
due 08/14/53 #		7,500,000		7,214,648
due 09/14/53 #		3,300,000		3,235,805
due 08/14/53 #		9,500,000		9,453,242
due 08/14/53 #		8,400,000		8,571,938
3.175% (USD LIBOR + 0.675%) due 02/01/36 §		29,070		28,325
3.522% (USD LIBOR + 1.272%) due 11/01/35 §		19,796		19,316
3.621% (USD LIBOR + 1.371%) due 12/01/34 §		16,889		16,451
4.030% (USD LIBOR + 1.780%) due 11/01/35 §		7,683		7,509
4.192% (USD LIBOR + 1.942%) due 09/01/35 §		105		103
4.394% (USD LIBOR + 1.644%) due 03/01/35 §		74,393		72,743
4.663% (USD LIBOR + 1.538%) due 01/01/36 §		6,016		5,881
4.944% (US FED + 1.200%) due 11/01/42 - 10/01/44 §		66,814		64,595
5.000% (US FED + 1.250%) due 08/01/24 §		919		909
5.326% (USD LIBOR + 2.000%) due 04/01/35 §		81,409		79,153
5.850% (USD LIBOR + 1.725%) due 05/01/35 §		660		646
				43,478,313
Freddie Mac - 0.0%
3.981% (USD LIBOR + 1.731%) due 08/01/35 §		1,171		1,152
4.350% (UST + 2.225%) due 01/01/34 §		32,491		32,372
4.815% (USD LIBOR + 1.815%) due 03/01/36 §		826		804
				34,328
Government National Mortgage Association - 0.0%
2.625% (UST + 1.500%) due 09/20/23 - 07/20/25 §		2,383		2,339
2.750% (UST + 1.500%) due 11/20/26 §		1,995		1,925

	Principal Amount		Value
3.000% (UST + 1.500%) due 10/20/24 - 12/20/26 §		$4,511		$4,383
3.625% (UST + 1.500%) due 02/20/25 - 01/20/27 §		3,409		3,296
				11,943
Total Mortgage-Backed Securities (Cost $58,586,237)				57,934,009
ASSET-BACKED SECURITIES - 10.1%
522 Funding CLO Ltd. 6.290% (USD LIBOR + 1.040%) due 10/20/31 § ~		1,100,000		1,085,073
ABFC Trust
5.750% (USD LIBOR + 0.600%) due 10/25/34 §		24,435		24,498
5.850% (USD LIBOR + 0.700%) due 06/25/34 §		896,775		871,481
ACAS CLO Ltd. (Cayman) 6.152% (USD LIBOR + 0.890%) due 10/18/28 § ~		314,395		312,442
ACE Securities Corp. Home Equity Loan Trust 5.930% (USD LIBOR + 0.780%) due 04/25/34 §		605,155		566,853
AMMC CLO 16 Ltd. (Cayman) 6.231% (USD LIBOR + 0.980%) due 04/14/29 § ~		172,027		172,113
Apidos CLO XXVI (Cayman) 6.162% (USD LIBOR + 0.900%) due 07/18/29 § ~		296,362		294,135
Apidos CLO XXVII (Cayman) 6.190% (USD LIBOR + 0.930%) due 07/17/30 § ~		296,688		294,382
Ares European CLO VI DAC (Ireland) 3.787% (EUR LIBOR + 0.610%) due 04/15/30 § ~		EUR 491,781		525,579
Ares European CLO X DAC (Ireland) 3.957% (EUR LIBOR + 0.780%) due 10/15/31 § ~		900,000		963,499
ARES L CLO Ltd. (Cayman) 6.310% (USD LIBOR + 1.050%) due 01/15/32 § ~		$810,000		801,487
ARES LII CLO Ltd. (Cayman) 6.323% (USD LIBOR + 1.050%) due 04/22/31 § ~		300,000		296,636
Atlas Senior Loan Fund Ltd. (Cayman) 6.410% (USD LIBOR + 1.150%) due 01/16/30 § ~		450,085		447,926
Barings CLO Ltd. (Cayman) 6.320% (USD LIBOR + 1.070%) due 01/20/32 § ~		1,500,000		1,481,104
BDS LLC 6.876% (SOFR + 1.800%) due 03/19/39 § ~		1,000,000		988,120
Benefit Street Partners CLO XVII Ltd. (Cayman) 6.340% (USD LIBOR + 1.080%) due 07/15/32 § ~		1,800,000		1,782,724
Black Diamond CLO Ltd. (Ireland) 4.060% (EUR LIBOR + 0.860%) due 01/20/32 § ~		EUR 502,034		540,173
Carlyle Euro CLO DAC (Ireland) 3.953% (EUR LIBOR + 0.630%) due 08/15/30 § ~		452,755		483,004
Carlyle Global Market Strategies CLO Ltd.
6.271% (USD LIBOR + 0.950%) due 08/14/30 § ~		$364,041		361,661
6.353% (USD LIBOR + 1.080%) due 04/22/32 § ~		500,000		494,375

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-35

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Carlyle Global Market Strategies Euro CLO Ltd. (Ireland) 4.073% (EUR LIBOR + 0.750%) due 11/15/31 § ~		EUR 1,700,000		$1,820,063
Catamaran CLO Ltd. (Cayman) 6.373% (USD LIBOR + 1.100%) due 04/22/30 § ~		$352,828		350,719
CBAM Ltd. (Cayman) 6.500% (USD LIBOR + 1.250%) due 07/20/30 § ~		559,252		557,164
CIFC Funding Ltd. (Cayman)
6.223% (USD LIBOR + 0.950%) due 10/24/30 § ~		380,803		378,145
6.262% (USD LIBOR + 1.000%) due 04/18/31 § ~		500,000		495,833
Citigroup Mortgage Loan Trust, Inc. 5.440% (USD LIBOR + 0.290%) due 09/25/36 § ~		253,328		239,587
Credit-Based Asset Servicing & Securitization LLC 3.485% (USD LIBOR + 1.050%) due 06/25/35 §		1,083,000		1,026,545
Crestline Denali CLO XIV Ltd. (Cayman) 6.413% (USD LIBOR + 1.140%) due 10/23/31 § ~		298,932		295,216
Crestline Denali CLO XV Ltd. (Cayman) 6.280% (USD LIBOR + 1.030%) due 04/20/30 § ~		292,830		290,272
Dryden 52 Euro CLO DAC (Ireland) 4.183% (EUR LIBOR + 0.860%) due 05/15/34 § ~		EUR 400,000		427,124
Dryden 60 CLO Ltd. (Cayman) 6.310% (USD LIBOR + 1.050%) due 07/15/31 § ~		$1,500,000		1,488,812
Dryden 64 CLO Ltd. (Cayman) 6.232% (USD LIBOR + 0.970%) due 04/18/31 § ~		600,000		594,300
Dryden XXVI Senior Loan Fund (Cayman) 6.160% (USD LIBOR + 0.900%) due 04/15/29 § ~		1,401,292		1,392,497
Freddie Mac Structured Pass-Through Certificates 5.280% (USD LIBOR + 0.260%) due 08/25/31 §		41,672		41,785
Gallatin CLO VIII Ltd. (Cayman) 6.350% (USD LIBOR + 1.090%) due 07/15/31 § ~		300,000		294,244
Goldentree Loan Management US Clo 2 Ltd. (Cayman) 6.160% (USD LIBOR + 0.910%) due 11/20/30 § ~		300,000		298,239
Goldentree Loan Opportunities XI Ltd. (Cayman) 6.332% (USD LIBOR + 1.070%) due 01/18/31 § ~		600,000		596,144
HalseyPoint CLO 3 Ltd. (Cayman) 6.749% (USD LIBOR + 1.450%) due 11/30/32 § ~		950,000		942,068
Harvest CLO XXII DAC (Ireland) 4.027% (EUR LIBOR + 0.850%) due 01/15/32 § ~		EUR 1,200,000		1,276,453
Home Equity Asset Trust
6.005% (USD LIBOR + 0.855%) due 08/25/34 §		$109,373		106,893
6.350% (USD LIBOR + 1.200%) due 07/25/35 §		936,335		897,682
KKR CLO 9 Ltd. (Cayman) 6.210% (USD LIBOR + 0.950%) due 07/15/30 § ~		240,827		238,956
LCM CLO XIII LP (Cayman) 6.135% (USD LIBOR + 0.870%) due 07/19/27 § ~		622,581		619,428

	Principal Amount		Value
LCM XV LP (Cayman) 6.250% (USD LIBOR + 1.000%) due 07/20/30 § ~		$1,085,340		$1,078,102
LCM XVIII LP (Cayman) 6.270% (USD LIBOR + 1.020%) due 04/20/31 § ~		1,000,000		989,349
LoanCore Issuer Ltd. (Cayman) 6.616% (SOFR + 1.550%) due 01/17/37 § ~		600,000		590,228
Madison Park Euro Funding IX DAC (Ireland) 4.057% (EUR LIBOR + 0.880%) due 07/15/35 § ~		EUR 1,000,000		1,061,119
Madison Park Funding XLI Ltd. (Cayman) 6.103% (USD LIBOR + 0.830%) due 04/22/27 § ~		$1,582,179		1,573,812
Magnetite CLO XVIII Ltd. (Cayman) 6.201% (USD LIBOR + 0.880%) due 11/15/28 § ~		254,122		252,512
Man GLG Euro CLO II DAC (Ireland) 4.047% (EUR LIBOR + 0.870%) due 01/15/30 § ~		EUR 109,913		118,465
Merrill Lynch Mortgage Investors Trust 5.870% (USD LIBOR + 0.720%) due 10/25/35 §		$622,129		586,606
MF1 LLC 7.226% (SOFR + 2.150%) due 06/19/37 § ~		600,000		599,030
MidOcean Credit CLO II (Cayman) 6.329% (USD LIBOR + 1.030%) due 01/29/30 § ~		233,087		231,794
Midocean Credit CLO VIII (Cayman) 6.429% (USD LIBOR + 1.050%) due 02/20/31 § ~		297,746		294,884
Morgan Stanley ABS Capital I, Inc. Trust
5.810% (USD LIBOR + 0.660%) due 01/25/35 §		495,819		480,025
6.125% (USD LIBOR + 0.975%) due 07/25/34 §		72,135		69,747
OAK Hill European Credit Partners VII DAC (Ireland) 3.940% (EUR LIBOR + 0.740%) due 10/20/31 § ~		EUR 600,000		637,633
Oaktree CLO Ltd. (Cayman) 6.383% (USD LIBOR + 1.110%) due 04/22/30 § ~		$300,000		295,425
Octagon Investment Partners Ltd. (Cayman) 6.220% (USD LIBOR + 0.960%) due 04/16/31 § ~		600,000		594,130
OSD CLO Ltd. (Cayman) 6.130% (USD LIBOR + 0.870%) due 04/17/31 § ~		1,464,975		1,448,707
OZLM CLO XXIV Ltd. (Cayman) 6.410% (USD LIBOR + 1.160%) due 07/20/32 § ~		200,000		195,954
OZLM VIII Ltd. (Cayman) 6.240% (USD LIBOR + 0.980%) due 10/17/29 § ~		216,402		215,048
Palmer Square Loan Funding Ltd. (Cayman)
6.050% (USD LIBOR + 0.800%) due 07/20/29 § ~		520,347		514,082
6.060% (USD LIBOR + 0.800%) due 10/15/29 § ~		603,627		597,360
Rad CLO 5 Ltd. (Cayman) 6.393% (USD LIBOR + 1.120%) due 07/24/32 § ~		500,000		493,190
Regatta VIII Funding Ltd. (Cayman) 6.510% (USD LIBOR + 1.250%) due 10/17/30 § ~		631,444		628,776
Renaissance Home Equity Loan Trust 5.910% (USD LIBOR + 0.760%) due 12/25/32 § W ±		163,417		146,159

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-36

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Romark CLO Ltd. (Cayman) 6.303% (USD LIBOR + 1.030%) due 10/23/30 § ~		$496,381		$490,801
Saranac CLO VI Ltd. (Jersey) 6.684% (USD LIBOR + 1.140%) due 08/13/31 § ~		300,000		296,438
Saxon Asset Securities Trust 5.460% (USD LIBOR + 0.310%) due 09/25/37 §		130,514		123,224
Segovia European CLO 6- DAC (Ireland) 4.080% (EUR LIBOR + 0.880%) due 07/20/32 § ~		EUR 400,000		425,284
SLM Student Loan Trust 5.805% (USD LIBOR + 0.550%) due 10/25/64 § ~		$601,158		588,188
Sound Point CLO IX Ltd. (Cayman) 6.460% (USD LIBOR + 1.210%) due 07/20/32 § ~		600,000		589,095
Sound Point CLO XIV Ltd. (Cayman) 6.263% (USD LIBOR + 0.990%) due 01/23/29 § ~		99,301		99,352
Sound Point CLO XV Ltd. (Cayman) 6.173% (USD LIBOR + 0.900%) due 01/23/29 § ~		134,062		133,885
Stratus CLO Ltd. (Cayman) 6.200% (USD LIBOR + 0.950%) due 12/29/29 § ~		320,090		317,549
Structured Asset Securities Corp. Mortgage Loan Trust 6.670% (USD LIBOR + 1.500%) due 04/25/35 §		136,604		134,198
TCI-Symphony CLO Ltd. (Cayman) 6.190% (USD LIBOR + 0.930%) due 07/15/30 § ~		1,890,855		1,873,479
TCW CLO Ltd. (Cayman) 6.225% (USD LIBOR + 0.970%) due 04/25/31 § ~		500,000		494,915
THL Credit Wind River CLO Ltd. (Cayman) 6.340% (USD LIBOR + 1.080%) due 04/15/31 § ~		300,000		296,318
TRTX Issuer Ltd. (Cayman) 6.717% (SOFR + 1.650%) due 02/15/39 § ~		500,000		486,272
TSTAT Ltd. (Bermuda) 7.349% (SOFR + 2.300%) due 07/20/31 § ~		564,051		565,569
United States Small Business Administration 5.290% due 12/01/27		283,743		279,037
Venture XIV CLO Ltd. (Cayman) 6.493% (USD LIBOR + 1.030%) due 08/28/29 § ~		539,185		536,416
Venture XVII CLO Ltd. (Cayman) 6.140% (USD LIBOR + 0.880%) due 04/15/27 § ~		1,276,568		1,272,492
Venture XXIV CLO Ltd. (Cayman) 6.150% (USD LIBOR + 0.900%) due 10/20/28 § ~		256,367		255,256
Venture XXVIII CLO Ltd. (Cayman) 6.240% (USD LIBOR + 0.990%) due 07/20/30 § ~		282,997		279,001
Vibrant CLO XI Ltd. (Cayman) 6.370% (USD LIBOR + 1.120%) due 07/20/32 § ~		300,000		292,175
Voya CLO Ltd. (Cayman)
6.210% (USD LIBOR + 0.950%) due 04/17/30 § ~		1,571,132		1,559,773
6.351% (USD LIBOR + 1.100%) due 07/14/31 § ~		495,483		489,849

	Principal Amount		Value
Wellfleet CLO Ltd. (Cayman)
6.160% (USD LIBOR + 0.910%) due 04/20/28 § ~		$279,268		$278,986
6.360% (USD LIBOR + 1.100%) due 07/17/31 § ~		2,000,000		1,971,500
Total Asset-Backed Securities (Cost $56,013,250)				55,276,623
U.S. TREASURY OBLIGATIONS - 76.7%
U.S. Treasury Inflation Protected Securities - 76.7%
0.125% due 07/15/24 ^		2,171,563		2,106,673
0.125% due 10/15/24 ^		14,311,759		13,804,521
0.125% due 04/15/25 ^ ‡		3,957,256		3,765,079
0.125% due 10/15/25 ^		19,297,410		18,296,144
0.125% due 04/15/26 ^		6,592,449		6,182,956
0.125% due 07/15/26 ^		14,331,120		13,463,329
0.125% due 10/15/26 ^		17,322,162		16,198,190
0.125% due 04/15/27 ^		5,586,152		5,171,959
0.125% due 01/15/30 ^		14,076,066		12,632,068
0.125% due 07/15/30 ^		18,700,722		16,776,595
0.125% due 01/15/31 ^		22,615,356		20,106,773
0.125% due 07/15/31 ^ ‡		1,618,288		1,435,773
0.125% due 01/15/32 ^		7,878,168		6,939,245
0.125% due 02/15/51 ^		4,671,690		3,121,334
0.125% due 02/15/52 ^		5,121,026		3,402,270
0.250% due 01/15/25 ^ ‡		2,689,239		2,578,303
0.250% due 07/15/29 ^		11,978,649		10,942,394
0.250% due 02/15/50 ^		3,232,570		2,263,767
0.375% due 07/15/25 ^		9,921,358		9,495,885
0.375% due 01/15/27 ^ ‡		1,054,738		989,912
0.375% due 07/15/27 ^ ‡		37,278,497		34,952,091
0.500% due 04/15/24 ^ ‡		2,044,454		1,995,133
0.500% due 01/15/28 ^		11,775,128		11,017,629
0.625% due 01/15/24 ^		5,558,458		5,464,511
0.625% due 01/15/26 ^		3,779,746		3,604,758
0.625% due 07/15/32 ^		28,617,656		26,316,690
0.625% due 02/15/43 ^		10,857,510		8,915,980
0.750% due 07/15/28 ^		4,652,071		4,409,907
0.750% due 02/15/42 ^		11,074,140		9,418,667
0.750% due 02/15/45 ^		12,069,029		9,984,906
0.875% due 01/15/29 ^		18,628,210		17,638,132
0.875% due 02/15/47 ^		6,663,273		5,596,770
1.000% due 02/15/46 ^		9,255,123		8,037,412
1.000% due 02/15/48 ^		7,748,937		6,673,089
1.000% due 02/15/49 ^		3,133,936		2,698,233
1.125% due 01/15/33 ^ ‡		101,825		97,622
1.375% due 02/15/44 ^		14,466,109		13,639,046
1.500% due 02/15/53 ^		2,244,836		2,181,590
1.625% due 10/15/27 ^ ‡		12,082,138		11,908,283
1.750% due 01/15/28 ^ ‡		2,604,610		2,575,229
2.000% due 01/15/26 ^		7,570,653		7,471,198
2.125% due 02/15/40 ^		4,588,856		4,927,547
2.125% due 02/15/41 ^		4,168,970		4,477,191
2.375% due 01/15/25 ^		13,362,170		13,224,163
2.375% due 01/15/27 ^ ‡		135,364		136,081
2.500% due 01/15/29 ^		7,060,825		7,274,195
3.625% due 04/15/28 ^		13,418,797		14,408,193
3.875% due 04/15/29 ^		9,894,950		10,935,957
				419,653,373
Total U.S. Treasury Obligations (Cost $473,730,225)				419,653,373

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-37

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 7.6%
Canadian Government (Canada) 4.250% due 12/01/26 ^		CAD 2,670,570		$2,172,440
French Republic Government OAT (France)
0.100% due 03/01/26 ^ ~		EUR 4,087,055		4,370,689
0.100% due 07/25/31 ^ ~		1,169,540		1,241,229
0.100% due 07/25/38 ^ ~		2,411,472		2,448,748
0.250% due 07/25/24 ^ ~		1,991,488		2,153,048
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		2,490,243		2,484,718
1.400% due 05/26/25 ^ ~		12,029,400		12,996,376
Japanese Government CPI Linked (Japan)
0.005% due 03/10/31 ^		JPY 83,515,640		622,193
0.100% due 03/10/28 ^		512,636,880		3,748,099
0.100% due 03/10/29 ^		943,462,253		6,947,078
New Zealand Government Inflation Linked (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 4,093,440		2,542,563
Total Foreign Government Bonds & Notes (Cost $46,265,318)				41,727,181
SHORT-TERM INVESTMENTS - 10.5%
Commercial Paper - 0.3%
AT&T, Inc. 5.700% due 03/19/24		$1,700,000		1,627,396
Repurchase Agreements - 10.2%
BNP Paribas SA 5.060% due 07/05/23 (Dated 07/03/23, repurchase price of $300,084; collateralized by U.S. Treasury Bond: 2.250% due 05/15/41 and value $305,749)		300,000		300,000
5.140% due 07/05/23 (Dated 07/03/23, repurchase price of $45,212,907; collateralized by U.S. Treasury Notes: 1.880% due 08/31/24 and value $45,762,921)		45,200,000		45,200,000
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $4,707,857; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $4,800,163)		4,706,013		4,706,013

	Principal Amount		Value
TD Securities, Inc. 5.160% due 07/03/23 (Dated 06/30/23, repurchase price of $5,802,494; collateralized by U.S. Treasury Notes: 0.250% due 05/31/25 and value $5,920,429)		$5,800,000		$5,800,000
				56,006,013
Total Short-Term Investments (Cost $57,635,491)				57,633,409
TOTAL INVESTMENTS - 118.1% (Cost $711,316,550)				646,239,459
DERIVATIVES - (0.4%)				(2,037,622	)
OTHER ASSETS & LIABILITIES, NET - (17.7%)				(97,125,707	)
NET ASSETS - 100.0%				$547,076,130

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	76.7%
Mortgage-Backed Securities	10.6%
Short-Term Investments	10.5%
Asset-Backed Securities	10.1%
Foreign Government Bonds & Notes	7.6%
Others (each less than 3.0%)	2.6%
	118.1%
Derivatives	(0.4%	)
Other Assets & Liabilities, Net	(17.7%	)
	100.0%

(b) Investments with a total aggregate value of $245,601 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) As of June 30, 2023, investments with a total aggregate value of $7,158,051 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts, swap agreements and delayed delivery securities (including sale-buyback financing transactions).

(d) The average amount of borrowings by the Fund on reverse repurchase agreements during the period ended June 30, 2023 was $13,731,492 at a weighted average interest rate of 4.784%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the period ended June 30, 2023 was $12,218,312 at a weighted average interest rate of 4.261%.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-38

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(e) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		09/23		41		$8,455,984		$8,337,094		($118,890	)
U.S. Treasury Ultra Long Bonds		09/23		45		6,100,711		6,129,844		29,133
										(89,757	)
Short Futures Outstanding
3-Month USD SOFR		12/23		271		64,596,237		64,091,499		504,738
Australia Treasury 3-Year Bond		09/23		16		1,132,054		1,125,851		6,203
Euro-Bobl		09/23		65		8,314,115		8,207,082		107,033
Euro-BTP		09/23		28		3,518,830		3,547,580		(28,750	)
Euro-Bund		09/23		21		3,056,203		3,064,680		(8,477	)
Euro-Buxl		09/23		31		4,653,239		4,722,279		(69,040	)
Euro-OAT		09/23		43		6,057,863		6,024,736		33,127
Euro-Schatz		09/23		1,118		128,815,612		127,913,014		902,598
Japan 10-Year Bonds		09/23		24		24,618,508		24,707,717		(89,209	)
Short Euro-BTP		09/23		60		6,913,161		6,851,647		61,514
U.S. Treasury 5-Year Notes		09/23		108		11,773,688		11,566,125		207,563
U.S. Treasury 10-Year Notes		09/23		51		5,833,849		5,725,546		108,303
U.S. Treasury 30-Year Bonds		09/23		265		33,680,290		33,630,157		50,133
U.S. Treasury Ultra 10-Year Notes		09/23		16		1,912,682		1,895,000		17,682
										1,803,418
Total Futures Contracts										$1,713,661

(f) Forward foreign currency contracts outstanding as of June 30, 2023 were as follows:

Currency Purchased		Currency Sold		Settlement Month	Counterparty	Unrealized Appreciation		Unrealized Depreciation
CAD	2,128,781	USD	1,610,273	07/23	TDB		$-		($3,343	)
CAD	635,922	USD	479,145	07/23	TDB		886		-
DKK	37,204,829	USD	5,471,914	07/23	BOA		-		(19,459	)
DKK	4,505,000	USD	662,991	07/23	JPM		-		(2,773	)
DKK	2,045,000	USD	296,840	07/23	JPM		2,860		-
DKK	29,751,929	USD	4,361,602	07/23	MSC		-		(1,387	)
EUR	32,690,000	USD	35,818,433	07/23	BNP		-		(147,094	)
EUR	331,000	USD	362,085	07/23	CIT		-		(898	)
EUR	351,000	USD	377,107	07/23	HSB		5,904		-
GBP	1,478,000	USD	1,878,095	07/23	TDB		-		(1,036	)
JPY	570,270,966	USD	3,987,630	07/23	JPM		-		(35,511	)
JPY	1,104,230,993	USD	7,668,271	07/23	TDB		-		(15,677	)
NZD	3,889,854	USD	2,368,921	07/23	TDB		18,282		-
USD	2,028,731	CAD	2,764,511	07/23	CIT		-		(58,086	)
USD	479,145	CAD	635,670	08/23	TDB		-		(890	)
USD	1,610,273	CAD	2,127,936	08/23	TDB		3,330		-
USD	42,500	DKK	295,000	07/23	BNP		-		(733	)
USD	11,921,496	DKK	82,556,716	07/23	BOA		-		(177,385	)
USD	5,471,914	DKK	37,142,723	08/23	BOA		19,620		-
USD	4,361,602	DKK	29,702,316	08/23	MSC		1,508		-
USD	1,360,672	DKK	9,331,324	08/23	UBS		-		(9,102	)
USD	1,056,337	EUR	969,000	07/23	BNP		-		(1,037	)
USD	34,857,187	EUR	32,403,000	07/23	SGN		-		(500,978	)
USD	35,868,743	EUR	32,690,000	08/23	BNP		148,541		-
USD	1,829,560	GBP	1,478,000	07/23	HSB		-		(47,499	)
USD	1,878,504	GBP	1,478,000	08/23	TDB		1,069		-
USD	12,052,982	JPY	1,674,578,643	07/23	BNP		447,738		-
USD	3,987,630	JPY	567,847,683	08/23	JPM		35,672		-
USD	7,668,271	JPY	1,099,547,980	08/23	TDB		15,924		-
USD	51,148	NZD	85,000	07/23	BNP		-		(1,016	)
USD	2,164,691	NZD	3,567,947	07/23	BOA		-		(24,957	)
USD	143,381	NZD	236,907	07/23	MSC		-		(2,009	)
USD	2,368,676	NZD	3,889,854	08/23	TDB		-		(18,250	)
Total Forward Foreign Currency Contracts							$701,334		($1,069,120	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-39

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(g) Purchased options outstanding as of June 30, 2023 were as follows:

Interest Rate Swaptions

Description

Pay/Receive Floating Rate

Floating Rate Index

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Cost

Value

Put - 30-Year Interest Rate Swap

Receive

3-Month USD-LIBOR

2.237%

11/17/23

DUB

$4,100,000

$254,483

$899,558

(h) Premiums received and value of written options outstanding as of June 30, 2023 were as follows:

Inflation Floor/Cap Options

Description	Initial Index		Floating Rate	Expiration Date		Counter- party	Notional Amount		Premium		Value
Cap - U.S. CPI Urban Consumers		233.92	Maximum of [0, Final Index/Initial Index - (1.000+ 4.000%)^10]		04/22/24	JPM		$13,400,000		$97,485		($1	)
Cap - Eurostat Eurozone HICP		117.20	Maximum of [0, (Final Index/Initial Index) - (1+3.000%)^20)]		06/22/35	GSC		EUR 2,200,000		100,087		(68,732	)
										$197,572		($68,733	)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate	Floating Rate Index	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - 2-Year Interest Rate Swap	Receive	SOFR		3.750%		09/12/23	BNP		$13,400,000		$38,040		($15,474	)
Call - 2-Year Interest Rate Swap	Receive	SOFR		3.750%		09/12/23	JPM		18,800,000		52,640		(21,710	)
Call - 2-Year Interest Rate Swap	Receive	SOFR		4.420%		09/21/23	BOA		31,800,000		182,850		(136,003	)
											273,530		(173,187	)
Put - 5-Year Interest Rate Swap	Pay	3-Month USD-LIBOR		2.340%		11/17/23	DUB		20,200,000		254,520		(1,489,972	)
Total Interest Rate Swaptions											$528,050		($1,663,159	)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange	Number of Contracts		Notional Amount		Premium		Value
Put - U.S. Treasury 10-Year Notes (08/23)		$113.00		07/21/23	CME		84		$9,492,000		$59,291		($95,813	)
Total Written Options											$784,913		($1,827,705	)

(i) Swap agreements outstanding as of June 30, 2023 were as follows:

Credit Default Swaps on Corporate Issues - Sell Protection (1)

Referenced Obligation

Payment Frequency

Fixed Deal Receive Rate

Expiration Date

Exchange

Implied Credit Spread at 06/30/23 (2)

Notional Amount (3)

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

General Electric Co.

Q

1.000%

12/20/23

ICE

0.267%

$300,000

$1,114

$883

$231

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swaps on corporate issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-40

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Interest Rate Swaps – Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
(0.526%)	3-Month EUR-LIBOR	A/Q	LCH		11/21/23		EUR 16,000,000		($405,181	)		($243,405	)		($161,776	)
0.550%	6-Month EUR-LIBOR	A/S	LCH		08/10/24		200,000		(9,613	)		(6,915	)		(2,698	)
0.700%	6-Month EUR-LIBOR	A/S	LCH		04/11/27		700,000		(76,593	)		(67,462	)		(9,131	)
0.650%	6-Month EUR-LIBOR	A/S	LCH		04/12/27		1,400,000		(155,866	)		(137,559	)		(18,307	)
0.650%	6-Month EUR-LIBOR	A/S	LCH		05/11/27		900,000		(100,195	)		(90,171	)		(10,024	)
1.000%	6-Month EUR-LIBOR	A/S	LCH		05/13/27		1,600,000		(155,415	)		(139,324	)		(16,091	)
1.000%	6-Month EUR-LIBOR	A/S	LCH		05/18/27		700,000		(68,028	)		(61,092	)		(6,936	)
1.954%	U.S. CPI Urban Consumers	Z/Z	LCH		06/03/29		$2,350,000		(312,168	)		(305,429	)		(6,739	)
1.998%	U.S. CPI Urban Consumers	Z/Z	LCH		07/25/29		7,700,000		(975,357	)		(954,412	)		(20,945	)
1.760%	U.S. CPI Urban Consumers	Z/Z	LCH		11/04/29		3,100,000		(470,387	)		(462,962	)		(7,425	)
1.883%	U.S. CPI Urban Consumers	Z/Z	LCH		11/20/29		700,000		(98,445	)		(96,657	)		(1,788	)
1.380%	Eurostat Eurozone HICP	Z/Z	LCH		03/15/31		EUR 5,300,000		(1,211,606	)		(1,165,781	)		(45,825	)
2.879%	6-Month EUR-LIBOR	A/S	LCH		08/15/32		7,600,000		(95,243	)		1,248			(96,491	)
3.000%	6-Month EUR-LIBOR	A/S	LCH		09/20/33		19,500,000		27,481			3,224			24,257
3.085%	1-Day USD-SOFR	A/A	LCH		02/13/34		$21,200,000		(545,145	)		(342,581	)		(202,564	)
2.488%	Eurostat Eurozone HICP	Z/Z	LCH		05/15/37		EUR 1,620,000		(117,739	)		(101,271	)		(16,468	)
2.421%	Eurostat Eurozone HICP	Z/Z	LCH		05/15/52		240,000		(38,302	)		(30,243	)		(8,059	)
2.590%	Eurostat Eurozone HICP	Z/Z	LCH		12/15/52		900,000		(46,519	)		(20,415	)		(26,104	)
2.700%	Eurostat Eurozone HICP	Z/Z	LCH		04/15/53		900,000		(1,437	)		6,015			(7,452	)
1.888%	1-Day USD-SOFR	S/Q	LCH		11/21/53		$1,100,000		(310,324	)		(289,732	)		(20,592	)
									($5,166,082	)		($4,504,924	)		($661,158	)

Interest Rate Swaps – Short

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
4.250%	1-Day USD-SOFR		A/A		LCH		12/20/25		$16,300,000		$30,641			($67,185	)		$97,826
2.314%	U.S. CPI Urban Consumers		Z/Z		LCH		02/26/26		2,100,000		207,200			203,223			3,977
2.419%	U.S. CPI Urban Consumers		Z/Z		LCH		03/05/26		2,800,000		261,980			255,476			6,504
2.768%	U.S. CPI Urban Consumers		Z/Z		LCH		05/13/26		1,700,000		124,034			118,816			5,218
2.813%	U.S. CPI Urban Consumers		Z/Z		LCH		05/14/26		1,000,000		70,630			67,532			3,098
2.703%	U.S. CPI Urban Consumers		Z/Z		LCH		05/25/26		1,210,000		90,914			86,786			4,128
2.965%	Eurostat Eurozone HICP		Z/Z		LCH		05/15/27		EUR 800,000		29,890			30,996			(1,106	)
3.000%	Eurostat Eurozone HICP		Z/Z		LCH		05/15/27		1,300,000		46,099			47,983			(1,884	)
3.130%	Eurostat Eurozone HICP		Z/Z		LCH		05/15/27		300,000		8,512			9,023			(511	)
1.798%	U.S. CPI Urban Consumers		Z/Z		LCH		08/25/27		$900,000		129,891			129,014			877
1.890%	U.S. CPI Urban Consumers		Z/Z		LCH		08/27/27		1,000,000		137,931			136,950			981
0.300%	1-Day JPY-TONAR		S/S		LCH		09/20/27		JPY 377,560,000		(6,863	)		(4,127	)		(2,736	)
2.573%	U.S. CPI Urban Consumers		Z/Z		LCH		08/26/28		$400,000		24,676			23,914			762
2.645%	U.S. CPI Urban Consumers		Z/Z		LCH		09/10/28		500,000		27,085			26,277			808
1.840%	1-Day USD-SOFR		S/Q		LCH		11/21/28		5,500,000		523,615			441,159			82,456
2.311%	U.S. CPI Urban Consumers		Z/Z		LCH		02/24/31		5,100,000		550,438			535,506			14,932
0.500%	1-Day JPY-TONAR		A/A		LCH		12/15/31		JPY 1,174,000,000		(31,116	)		23,082			(54,198	)
2.600%	Eurostat Eurozone HICP		Z/Z		LCH		05/15/32		EUR 1,500,000		75,587			71,769			3,818
2.720%	Eurostat Eurozone HICP		Z/Z		LCH		06/15/32		1,400,000		29,415			27,531			1,884
2.470%	Eurostat Eurozone HICP		Z/Z		LCH		07/15/32		800,000		37,534			35,407			2,127
0.190%	6-Month EUR-LIBOR		A/S		LCH		11/04/52		1,500,000		773,068			752,211			20,857
0.195%	6-Month EUR-LIBOR		A/S		LCH		11/04/52		1,550,000		797,105			775,648			21,457
0.197%	6-Month EUR-LIBOR		A/S		LCH		11/08/52		2,800,000		1,438,128			1,400,392			37,736
2.500%	6-Month EUR-LIBOR		A/S		LCH		09/20/53		2,700,000		10,047			15,991			(5,944	)
2.865%	1-Day USD-SOFR		A/A		LCH		02/13/54		$9,400,000		399,862			240,548			159,314
											$5,786,303			$5,383,922			$402,381
Total Interest Rate Swaps											$620,221			$878,998			($258,777	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-41

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Total Return Swaps – Long

Receive	Pay		Payment Frequency Receive Rate/ Pay Rate		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
U.S. Treasury Inflation Protected Securities 0.625% due 01/15/26		5.370%		Z		MSC		07/06/23		$10,000,000		($100,155	)		$-		($100,155	)
U.S. Treasury Inflation Protected Securities 0.750% due 07/15/28		5.370%		Z		MSC		07/06/23		25,000,000		(277,309	)		-		(277,309	)
U.S. Treasury Inflation Protected Securities 0.125% due 01/15/32		5.370%		Z		MSC		07/06/23		30,000,000		(188,494	)		-		(188,494	)
U.S. Treasury Inflation Protected Securities 0.625% due 01/15/24		5.240%		Z		MSC		07/24/23		15,000,000		(63,510	)		-		(63,510	)
U.S. Treasury Inflation Protected Securities 0.500% due 04/15/24		5.240%		Z		MSC		07/24/23		5,000,000		(15,587	)		-		(15,587	)
U.S. Treasury Inflation Protected Securities 0.125% due 10/15/24		5.240%		Z		MSC		07/24/23		10,000,000		(89,052	)		-		(89,052	)
U.S. Treasury Inflation Protected Securities 0.250% due 01/15/25		5.240%		Z		MSC		07/24/23		10,000,000		(152,876	)		-		(152,876	)
U.S. Treasury Inflation Protected Securities 0.125% due 04/15/25		5.240%		Z		MSC		07/24/23		15,000,000		(246,107	)		-		(246,107	)
U.S. Treasury Inflation Protected Securities 0.375% due 01/15/27		5.240%		Z		MSC		07/24/23		20,000,000		(508,052	)		-		(508,052	)
U.S. Treasury Inflation Protected Securities 0.125% due 07/15/31		5.240%		Z		MSC		07/24/23		20,000,000		(555,662	)		-		(555,662	)
												($2,196,804	)		$-		($2,196,804	)
Total Swap Agreements												($1,575,469	)		$879,881		($2,455,350	)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

	Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$-			$-
Liabilities		-			(2,196,804	)
Centrally Cleared Swap Agreements (1)
Assets		5,466,604			493,248
Liabilities		(4,586,723	)		(751,794	)
		$879,881			($2,455,350	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-42

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(j) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$14,014,864			$-			$14,014,864			$-
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		2,058,041			-			2,058,041			-
	Collateralized Mortgage Obligations - Residential		12,351,384			-			12,251,942			99,442
	Fannie Mae		43,478,313			-			43,478,313			-
	Freddie Mac		34,328			-			34,328			-
	Government National Mortgage Association		11,943			-			11,943			-
	Total Mortgage-Backed Securities		57,934,009			-			57,834,567			99,442
	Asset-Backed Securities		55,276,623			-			55,130,464			146,159
	U.S. Treasury Obligations		419,653,373			-			419,653,373			-
	Foreign Government Bonds & Notes		41,727,181			-			41,727,181			-
	Short-Term Investments		57,633,409			-			57,633,409			-
	Derivatives:
	Credit Contracts
	Swaps		231			-			231			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		701,334			-			701,334			-
	Interest Rate Contracts
	Futures		2,028,027			2,028,027			-			-
	Purchased Options		899,558			-			899,558			-
	Swaps		493,107			-			493,107			-
	Total Interest Rate Contracts		3,420,692			2,028,027			1,392,665			-
	Total Asset - Derivatives		4,122,257			2,028,027			2,094,230			-
	Total Assets		650,361,716			2,028,027			648,088,088			245,601
Liabilities	Due to Custodian		(1,332,175	)		-			(1,332,175	)		-
	Sale-buyback Financing Transactions		(216,449,643	)		-			(216,449,643	)		-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(1,069,120	)		-			(1,069,120	)		-
	Interest Rate Contracts
	Futures		(314,366	)		(314,366	)		-			-
	Written Options		(1,827,705	)		-			(1,827,705	)		-
	Swaps		(2,948,598	)		-			(2,948,598	)		-
	Total Interest Rate Contracts		(5,090,669	)		(314,366	)		(4,776,303	)		-
	Total Liabilities - Derivatives		(6,159,789	)		(314,366	)		(5,845,423	)		-
	Total Liabilities		(223,941,607	)		(314,366	)		(223,627,241	)		-
	Total		$426,420,109			$1,713,661			$424,460,847			$245,601

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-43

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 25.9%
Basic Materials - 0.7%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$1,200,000		$1,166,765
CF Industries, Inc. 4.950% due 06/01/43		960,000		832,438
DuPont de Nemours, Inc. 5.319% due 11/15/38		685,000		679,661
EIDP, Inc.
4.500% due 05/15/26		788,000		773,929
4.800% due 05/15/33		825,000		808,137
Glencore Funding LLC (Australia)
2.500% due 09/01/30 ~		760,000		622,881
5.400% due 05/08/28 ~		845,000		837,225
International Flavors & Fragrances, Inc. 2.300% due 11/01/30 ~		1,126,000		893,189
LYB International Finance III LLC 1.250% due 10/01/25		329,000		297,635
Nutrien Ltd. (Canada) 5.000% due 04/01/49		375,000		338,350
Steel Dynamics, Inc. 1.650% due 10/15/27		750,000		637,724
Vale Overseas Ltd. (Brazil) 3.750% due 07/08/30		780,000		687,334
				8,575,268
Communications - 1.7%
Amazon.com, Inc.
3.875% due 08/22/37		800,000		731,163
3.950% due 04/13/52		875,000		763,296
AT&T, Inc.
2.750% due 06/01/31		3,100,000		2,616,665
3.550% due 09/15/55		1,434,000		1,004,946
5.400% due 02/15/34		400,000		400,884
Charter Communications Operating LLC/Charter Communications Operating Capital
2.800% due 04/01/31		3,050,000		2,455,350
3.500% due 06/01/41		1,285,000		870,237
3.700% due 04/01/51		860,000		544,072
Comcast Corp.
2.650% due 02/01/30		1,500,000		1,312,968
2.800% due 01/15/51		736,000		487,837
3.250% due 11/01/39		1,970,000		1,564,382
5.350% due 05/15/53		760,000		772,342
Corning, Inc. 5.750% due 08/15/40		300,000		302,912
Cox Communications, Inc. 2.950% due 10/01/50 ~		555,000		349,269
Deutsche Telekom AG (Germany) 3.625% due 01/21/50 ~		700,000		531,310
Discovery Communications LLC 3.625% due 05/15/30		980,000		860,236
Meta Platforms, Inc. 5.600% due 05/15/53		760,000		781,096
Paramount Global 2.900% due 01/15/27		575,000		518,185
Sprint Capital Corp. 6.875% due 11/15/28		357,000		378,739
Sprint LLC 7.625% due 03/01/26		244,000		253,680
T-Mobile USA, Inc. 5.050% due 07/15/33		895,000		879,175
Verizon Communications, Inc.
2.650% due 11/20/40		2,046,000		1,424,113
3.700% due 03/22/61		600,000		436,708
5.050% due 05/09/33		1,255,000		1,241,701

	Principal Amount		Value
Walt Disney Co. 2.650% due 01/13/31		$600,000		$522,586
				22,003,852
Consumer, Cyclical - 2.3%
7-Eleven, Inc.
1.800% due 02/10/31 ~		1,780,000		1,408,603
2.500% due 02/10/41 ~		283,000		189,643
Alimentation Couche-Tard, Inc. (Canada) 3.625% due 05/13/51 ~		875,000		602,082
American Airlines Pass-Through Trust Class A 3.650% due 12/15/29		1,129,140		972,081
American Airlines Pass-Through Trust Class AA 3.200% due 12/15/29		1,449,760		1,300,915
American Airlines Pass-Through Trust Class B 3.950% due 01/11/32		2,159,255		1,884,558
Delta Air Lines Pass-Through Trust Class A  2.500% due 12/10/29		1,858,025		1,603,518
Delta Air Lines Pass-Through Trust Class B  4.250% due 01/30/25		475,742		474,381
General Motors Financial Co., Inc.
1.200% due 10/15/24		1,600,000		1,505,879
2.700% due 06/10/31		230,000		183,596
3.800% due 04/07/25		390,000		376,328
Hasbro, Inc. 3.900% due 11/19/29		682,000		616,736
Home Depot, Inc. 4.950% due 09/15/52		625,000		621,236
Hyundai Capital America
1.300% due 01/08/26 ~		1,825,000		1,633,765
1.800% due 01/10/28 ~		395,000		333,302
2.650% due 02/10/25 ~		600,000		568,963
5.650% due 06/26/26 ~		3,024,000		3,006,839
JetBlue Pass-Through Trust Class B 7.750% due 05/15/30		1,056,989		1,061,832
Lear Corp. 2.600% due 01/15/32		265,000		206,074
Lowe’s Cos., Inc. 4.500% due 04/15/30		1,000,000		972,839
MDC Holdings, Inc. 2.500% due 01/15/31		530,000		416,959
O’Reilly Automotive, Inc. 3.900% due 06/01/29		1,135,000		1,065,639
Starbucks Corp.
2.550% due 11/15/30		2,000,000		1,704,933
3.350% due 03/12/50		565,000		414,856
4.800% due 02/15/33		1,200,000		1,185,757
Stellantis Finance US, Inc. 1.711% due 01/29/27 ~		791,000		693,529
United Airlines Pass-Through Trust Class A
3.100% due 04/07/30		453,926		385,240
3.700% due 09/01/31		1,188,261		1,031,327
United Airlines Pass-Through Trust Class B
3.650% due 04/07/27		1,155,723		1,072,769
3.650% due 07/07/27		1,738,148		1,601,916
Volkswagen Group of America Finance LLC (Germany) 1.250% due 11/24/25 ~		1,500,000		1,352,580
				30,448,675
Consumer, Non-Cyclical - 3.4%
AbbVie, Inc.
3.200% due 11/21/29		1,675,000		1,515,732
4.050% due 11/21/39		2,120,000		1,846,863
4.250% due 11/21/49		910,000		786,032
Altria Group, Inc. 2.450% due 02/04/32		835,000		651,638

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-44

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Amgen, Inc.
3.150% due 02/21/40		$1,125,000		$861,203
5.250% due 03/02/33		995,000		996,744
5.600% due 03/02/43		500,000		501,856
5.650% due 03/02/53		535,000		542,185
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		205,000		235,175
Baptist Healthcare System Obligated Group  3.540% due 08/15/50		540,000		400,345
BAT Capital Corp. (United Kingdom) 2.259% due 03/25/28		3,125,000		2,680,500
Bon Secours Mercy Health, Inc. 3.205% due 06/01/50		700,000		488,955
Boston Scientific Corp.
4.550% due 03/01/39		167,000		155,712
6.500% due 11/15/35		215,000		240,633
Bristol-Myers Squibb Co. 4.125% due 06/15/39		1,000,000		912,672
Bunge Ltd. Finance Corp. 2.750% due 05/14/31		805,000		676,135
CommonSpirit Health
2.782% due 10/01/30		1,065,000		896,116
3.910% due 10/01/50		650,000		503,122
CVS Health Corp.
4.875% due 07/20/35		850,000		808,360
5.050% due 03/25/48		430,000		396,656
5.250% due 02/21/33		900,000		896,900
CVS Pass-Through Trust 4.163% due 08/11/36 ~		478,253		412,956
DH Europe Finance II SARL 3.250% due 11/15/39		285,000		231,950
Element Fleet Management Corp. (Canada)  6.271% due 06/26/26 ~		535,000		533,448
Elevance Health, Inc. 2.250% due 05/15/30		1,135,000		951,569
Gilead Sciences, Inc.
1.650% due 10/01/30		1,125,000		918,796
2.600% due 10/01/40		675,000		489,350
Global Payments, Inc.
3.200% due 08/15/29		1,234,000		1,073,521
5.300% due 08/15/29		285,000		277,914
Haleon US Capital LLC 3.375% due 03/24/29		300,000		272,797
HCA, Inc.
5.250% due 06/15/26		2,430,000		2,404,294
5.500% due 06/15/47		700,000		660,190
Kellogg Co. 5.250% due 03/01/33		775,000		779,024
Keurig Dr Pepper, Inc. 3.200% due 05/01/30		400,000		358,982
Kraft Heinz Foods Co.
4.375% due 06/01/46		360,000		306,195
4.625% due 10/01/39		640,000		578,974
Kroger Co. 1.700% due 01/15/31		1,300,000		1,020,277
MedStar Health, Inc. 3.626% due 08/15/49		520,000		393,650
Merck & Co., Inc.
5.000% due 05/17/53		530,000		537,325
5.150% due 05/17/63		410,000		419,137
MultiCare Health System 2.803% due 08/15/50		560,000		340,777
MyMichigan Health 3.409% due 06/01/50		1,000,000		716,546
Nationwide Children’s Hospital, Inc. 4.556% due 11/01/52		150,000		139,130
PeaceHealth Obligated Group 3.218% due 11/15/50		655,000		442,572
Pfizer Investment Enterprises Pte. Ltd.
4.750% due 05/19/33		505,000		503,294
5.300% due 05/19/53		1,245,000		1,295,380

	Principal Amount		Value
Piedmont Healthcare, Inc. 2.864% due 01/01/52		$515,000		$333,042
Quanta Services, Inc. 2.350% due 01/15/32		890,000		701,009
Regeneron Pharmaceuticals, Inc. 1.750% due 09/15/30		1,125,000		897,286
Royalty Pharma PLC 2.150% due 09/02/31		84,000		65,887
S&P Global, Inc. 2.700% due 03/01/29		853,000		768,346
Smithfield Foods, Inc. 3.000% due 10/15/30 ~		1,025,000		804,426
Takeda Pharmaceutical Co. Ltd. (Japan) 3.025% due 07/09/40		1,695,000		1,284,253
Thermo Fisher Scientific, Inc. 2.000% due 10/15/31		835,000		681,820
Triton Container International Ltd. (Bermuda) 2.050% due 04/15/26 ~		1,100,000		960,818
Tyson Foods, Inc. 3.550% due 06/02/27		850,000		798,923
UnitedHealth Group, Inc.
2.750% due 05/15/40		945,000		702,747
3.250% due 05/15/51		525,000		392,176
5.875% due 02/15/53		420,000		466,957
University of Miami 4.063% due 04/01/52		240,000		203,998
Verisk Analytics, Inc. 5.750% due 04/01/33		660,000		691,615
Viatris, Inc. 3.850% due 06/22/40		340,000		235,233
Zoetis, Inc. 5.600% due 11/16/32		715,000		747,657
				43,787,775
Energy - 1.6%
Aker BP ASA (Norway) 2.000% due 07/15/26 ~		207,000		185,989
BG Energy Capital PLC (United Kingdom) 5.125% due 10/15/41 ~		280,000		263,141
Boardwalk Pipelines LP 4.450% due 07/15/27		480,000		458,463
BP Capital Markets America, Inc.
3.633% due 04/06/30		1,685,000		1,567,778
4.812% due 02/13/33		860,000		847,907
Coterra Energy, Inc. 3.900% due 05/15/27		495,000		466,895
DT Midstream, Inc. 4.300% due 04/15/32 ~		790,000		684,904
Enbridge, Inc. (Canada) 5.700% due 03/08/33		700,000		709,931
Energy Transfer LP
3.900% due 07/15/26		2,470,000		2,348,828
4.150% due 09/15/29		605,000		557,318
6.100% due 02/15/42		455,000		430,969
Enterprise Products Operating LLC 3.700% due 02/15/26		740,000		713,867
Exxon Mobil Corp. 4.114% due 03/01/46		1,060,000		933,705
Flex Intermediate Holdco LLC
3.363% due 06/30/31 ~		475,000		378,284
4.317% due 12/30/39 ~		335,000		242,539
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.940% due 09/30/40 ~		522,418		420,391
Gray Oak Pipeline LLC 2.600% due 10/15/25 ~		1,685,000		1,548,498
HF Sinclair Corp. 5.875% due 04/01/26		842,000		846,084
Kinder Morgan, Inc. 5.050% due 02/15/46		310,000		265,277

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-45

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
MPLX LP 4.500% due 04/15/38		$580,000		$499,848
NGPL PipeCo LLC 3.250% due 07/15/31 ~		860,000		709,932
Phillips 66 Co.
3.550% due 10/01/26		560,000		525,685
5.300% due 06/30/33		620,000		618,541
Pioneer Natural Resources Co. 1.900% due 08/15/30		760,000		616,390
Sabine Pass Liquefaction LLC
4.500% due 05/15/30		300,000		285,468
5.625% due 03/01/25		1,130,000		1,126,051
Saudi Arabian Oil Co. (Saudi Arabia) 1.625% due 11/24/25 ~		200,000		183,033
Shell International Finance BV (Netherlands) 2.375% due 11/07/29		1,135,000		992,516
Suncor Energy, Inc. (Canada) 5.950% due 12/01/34		690,000		693,406
Targa Resources Corp. 4.200% due 02/01/33		190,000		168,326
TotalEnergies Capital International SA (France) 2.986% due 06/29/41		1,130,000		861,274
				21,151,238
Financial - 10.4%
ABN AMRO Bank NV (Netherlands) 2.470% due 12/13/29 ~		400,000		335,269
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.450% due 10/29/26		470,000		420,143
3.300% due 01/30/32		550,000		450,219
6.500% due 07/15/25		300,000		301,679
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		600,000		586,411
Air Lease Corp.
2.875% due 01/15/26		610,000		564,641
3.375% due 07/01/25		2,555,000		2,423,053
Alexandria Real Estate Equities, Inc. REIT 3.375% due 08/15/31		1,130,000		969,117
American International Group, Inc. 4.375% due 06/30/50		770,000		651,340
American Tower Corp. REIT
2.950% due 01/15/51		229,000		144,693
3.100% due 06/15/50		351,000		229,492
Athene Global Funding
0.950% due 01/08/24 ~		772,000		749,268
1.450% due 01/08/26 ~		905,000		794,385
2.500% due 01/14/25 ~		1,418,000		1,325,459
2.500% due 03/24/28 ~		885,000		748,701
Australia & New Zealand Banking Group Ltd. (Australia) 4.400% due 05/19/26 ~		1,140,000		1,082,761
Aviation Capital Group LLC 5.500% due 12/15/24 ~		1,000,000		979,351
Avolon Holdings Funding Ltd. (Ireland)
2.125% due 02/21/26 ~		305,000		271,294
2.528% due 11/18/27 ~		5,605,000		4,731,636
4.250% due 04/15/26 ~		765,000		713,212
Banco Santander SA (Spain)
1.722% due 09/14/27		200,000		173,778
1.849% due 03/25/26		2,000,000		1,790,778
5.147% due 08/18/25		400,000		393,072
Bank of America Corp.
1.197% due 10/24/26		1,385,000		1,246,779
2.676% due 06/19/41		1,900,000		1,335,279
3.705% due 04/24/28		6,445,000		6,045,341
4.376% due 04/27/28		740,000		710,976
5.080% due 01/20/27		900,000		886,495

	Principal Amount		Value
5.202% due 04/25/29		$1,060,000		$1,049,078
5.288% due 04/25/34		1,460,000		1,447,088
Bank of Ireland Group PLC (Ireland)
2.029% due 09/30/27 ~		1,212,000		1,049,713
6.253% due 09/16/26 ~		903,000		897,371
Bank of Montreal (Canada) 5.300% due 06/05/26		750,000		748,356
Bank of Nova Scotia (Canada) 4.850% due 02/01/30		1,081,000		1,044,008
Banque Federative du Credit Mutuel SA (France) 1.604% due 10/04/26 ~		1,365,000		1,205,934
Barclays PLC (United Kingdom)
1.007% due 12/10/24		1,341,000		1,307,581
2.894% due 11/24/32		358,000		282,000
6.224% due 05/09/34		945,000		941,870
Berkshire Hathaway Finance Corp. 3.850% due 03/15/52		1,285,000		1,063,404
BNP Paribas SA (France)
1.904% due 09/30/28 ~		550,000		469,022
2.159% due 09/15/29 ~		874,000		728,700
BPCE SA (France)
1.652% due 10/06/26 ~		1,670,000		1,498,572
3.116% due 10/19/32 ~		660,000		510,095
5.975% due 01/18/27 ~		1,810,000		1,793,795
Brixmor Operating Partnership LP REIT
2.250% due 04/01/28		400,000		336,595
2.500% due 08/16/31		260,000		202,152
4.125% due 05/15/29		600,000		536,046
Brookfield Finance, Inc. (Canada) 3.500% due 03/30/51		1,200,000		796,443
Brown & Brown, Inc. 2.375% due 03/15/31		1,125,000		907,591
Camden Property Trust REIT 3.150% due 07/01/29		1,100,000		975,639
Capital One Financial Corp. 3.800% due 01/31/28		1,930,000		1,775,216
Citigroup, Inc.
2.520% due 11/03/32		225,000		181,411
3.057% due 01/25/33		1,909,000		1,594,652
3.520% due 10/27/28		1,140,000		1,059,700
Commonwealth Bank of Australia (Australia) 3.305% due 03/11/41 ~		660,000		461,117
Corebridge Financial, Inc.
3.650% due 04/05/27		985,000		920,559
3.850% due 04/05/29		270,000		243,194
Credit Agricole Corporate & Investment Bank SA (France) due 07/05/26 # ~		565,000		564,368
due 07/05/33 # ~		290,000		291,959
Credit Agricole SA (France)
2.811% due 01/11/41 ~		250,000		165,427
4.375% due 03/17/25 ~		1,125,000		1,084,222
Credit Suisse AG (Switzerland)
1.250% due 08/07/26		1,175,000		1,012,383
3.700% due 02/21/25		500,000		478,107
7.950% due 01/09/25		1,117,000		1,140,227
Crown Castle, Inc. REIT 2.900% due 04/01/41		2,000,000		1,404,884
Danske Bank AS (Denmark) 6.466% due 01/09/26 ~		460,000		459,157
Deutsche Bank AG (Germany)
2.129% due 11/24/26		1,220,000		1,086,022
6.720% due 01/18/29		365,000		365,803
DNB Bank ASA (Norway) 1.605% due 03/30/28 ~		805,000		695,281
Empower Finance 2020 LP (Canada) 3.075% due 09/17/51 ~		625,000		403,754

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-46

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Equinix, Inc. REIT 2.900% due 11/18/26		$840,000		$770,934
F&G Global Funding 1.750% due 06/30/26 ~		460,000		407,660
Federal Realty OP LP REIT 1.250% due 02/15/26		785,000		701,481
Federation des Caisses Desjardins du Quebec (Canada)
4.400% due 08/23/25 ~		745,000		720,015
5.700% due 03/14/28 ~		800,000		799,346
Goldman Sachs Group, Inc.
1.431% due 03/09/27		925,000		826,953
1.948% due 10/21/27		2,713,000		2,414,311
2.640% due 02/24/28		716,000		650,207
3.691% due 06/05/28		1,785,000		1,678,249
4.250% due 10/21/25		1,850,000		1,783,691
Healthcare Realty Holdings LP REIT 2.000% due 03/15/31		1,125,000		864,684
Healthpeak OP LLC REIT
2.125% due 12/01/28		813,000		686,078
2.875% due 01/15/31		1,130,000		956,018
HSBC Holdings PLC (United Kingdom)
2.013% due 09/22/28		4,175,000		3,580,899
2.206% due 08/17/29		495,000		414,572
Huntington National Bank 5.650% due 01/10/30		1,293,000		1,235,890
ING Groep NV (Netherlands) 1.726% due 04/01/27		675,000		601,631
KeyCorp 4.789% due 06/01/33		115,000		96,463
Life Storage LP REIT 2.400% due 10/15/31		1,230,000		976,340
Lloyds Banking Group PLC (United Kingdom)
1.627% due 05/11/27		590,000		522,314
4.716% due 08/11/26		1,150,000		1,117,924
LSEGA Financing PLC (United Kingdom) 2.000% due 04/06/28 ~		1,160,000		995,685
Macquarie Group Ltd. (Australia)
1.340% due 01/12/27 ~		1,075,000		957,397
2.871% due 01/14/33 ~		600,000		479,760
6.207% due 11/22/24 ~		2,736,000		2,733,922
Mitsubishi UFJ Financial Group, Inc. (Japan)
1.538% due 07/20/27		500,000		441,585
3.741% due 03/07/29		2,065,000		1,887,683
5.242% due 04/19/29		210,000		206,771
5.441% due 02/22/34		560,000		558,314
Mizuho Financial Group, Inc. (Japan) due 07/06/29 #		2,440,000		2,447,597
1.234% due 05/22/27		515,000		452,808
Morgan Stanley
2.475% due 01/21/28		1,600,000		1,445,142
3.217% due 04/22/42		805,000		611,403
4.457% due 04/22/39		855,000		762,438
5.123% due 02/01/29		440,000		434,207
5.164% due 04/20/29		1,110,000		1,097,276
Nasdaq, Inc. 5.550% due 02/15/34		295,000		296,294
Natwest Group PLC (United Kingdom)
4.445% due 05/08/30		515,000		473,847
4.892% due 05/18/29		1,400,000		1,333,248
NatWest Markets PLC (United Kingdom) 1.600% due 09/29/26 ~		1,000,000		877,599
New York Life Insurance Co. 3.750% due 05/15/50 ~		1,140,000		872,347
Nordea Bank Abp (Finland) 5.375% due 09/22/27 ~		580,000		573,037
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		490,000		418,709

	Principal Amount		Value
Physicians Realty LP REIT 2.625% due 11/01/31		$315,000		$245,592
PNC Financial Services Group, Inc. 5.068% due 01/24/34		503,000		482,536
Public Storage REIT
1.950% due 11/09/28		382,000		327,970
2.250% due 11/09/31		320,000		261,737
Realty Income Corp. REIT
1.800% due 03/15/33		705,000		514,375
4.850% due 03/15/30		810,000		784,160
Sabra Health Care LP REIT 3.200% due 12/01/31		515,000		384,785
Santander UK Group Holdings PLC (United Kingdom)
1.532% due 08/21/26		1,000,000		890,948
1.673% due 06/14/27		560,000		482,895
6.534% due 01/10/29		1,400,000		1,411,047
6.833% due 11/21/26		706,000		708,011
Scentre Group Trust 1/Scentre Group Trust 2 REIT (Australia) 3.625% due 01/28/26 ~		1,225,000		1,162,096
Societe Generale SA (France)
1.792% due 06/09/27 ~		455,000		398,075
4.250% due 04/14/25 ~		1,935,000		1,846,058
Standard Chartered PLC (United Kingdom)
1.214% due 03/23/25 ~		2,520,000		2,423,776
1.456% due 01/14/27 ~		565,000		501,267
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.520% due 01/13/28		1,600,000		1,607,642
Teachers Insurance & Annuity Association of America 3.300% due 05/15/50 ~		555,000		384,644
Truist Financial Corp.
5.122% due 01/26/34		520,000		492,964
6.047% due 06/08/27		470,000		470,407
UBS Group AG (Switzerland)
1.305% due 02/02/27 ~		940,000		823,598
2.593% due 09/11/25 ~		339,000		323,265
3.091% due 05/14/32 ~		745,000		602,961
3.869% due 01/12/29 ~		1,115,000		1,008,954
4.282% due 01/09/28 ~		1,135,000		1,049,875
UDR, Inc. REIT
1.900% due 03/15/33		185,000		135,572
2.100% due 08/01/32		1,130,000		860,169
UniCredit SpA (Italy)
1.982% due 06/03/27 ~		1,440,000		1,269,330
5.861% due 06/19/32 ~		315,000		286,591
Wells Fargo & Co.
2.393% due 06/02/28		1,600,000		1,426,937
4.611% due 04/25/53		780,000		684,712
Welltower OP LLC REIT 2.800% due 06/01/31		1,200,000		993,069
Westpac Banking Corp. (Australia)
3.133% due 11/18/41		541,000		367,191
5.405% due 08/10/33		780,000		739,572
WP Carey, Inc. REIT
2.250% due 04/01/33		325,000		244,319
2.400% due 02/01/31		1,130,000		909,564
				135,902,511
Industrial - 1.2%
BAE Systems PLC (United Kingdom) 3.400% due 04/15/30 ~		935,000		846,359
Boeing Co.
2.700% due 02/01/27		2,115,000		1,934,256
2.750% due 02/01/26		162,000		150,925
3.100% due 05/01/26		2,537,000		2,384,577
Canadian Pacific Railway Co. (Canada) 4.700% due 05/01/48		1,500,000		1,366,767

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-47

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
CRH America, Inc. (Ireland) 3.875% due 05/18/25 ~		$450,000		$433,521
CSX Corp. 3.800% due 11/01/46		1,000,000		805,105
Graphic Packaging International LLC 1.512% due 04/15/26 ~		594,000		529,704
Masco Corp. 2.000% due 10/01/30		1,125,000		889,685
Norfolk Southern Corp. 3.050% due 05/15/50		400,000		277,157
Northrop Grumman Corp. 3.850% due 04/15/45		1,120,000		914,001
Otis Worldwide Corp. 3.112% due 02/15/40		500,000		386,667
Penske Truck Leasing Co. LP/PTL Finance Corp. 1.200% due 11/15/25 ~		1,365,000		1,214,738
Raytheon Technologies Corp.
2.250% due 07/01/30		975,000		823,053
3.750% due 11/01/46		1,530,000		1,234,461
5.150% due 02/27/33		604,000		612,521
Siemens Financieringsmaatschappij NV (Germany) 3.300% due 09/15/46 ~		860,000		667,421
Union Pacific Corp. 3.550% due 08/15/39		765,000		643,559
				16,114,477
Technology - 1.6%
Analog Devices, Inc. 2.800% due 10/01/41		259,000		192,558
Apple, Inc. 3.950% due 08/08/52		2,000,000		1,764,142
Broadcom, Inc.
1.950% due 02/15/28 ~		2,800,000		2,423,385
3.187% due 11/15/36 ~		148,000		111,935
CGI, Inc. (Canada) 2.300% due 09/14/31		925,000		725,689
Dell International LLC/EMC Corp. 6.200% due 07/15/30		695,000		722,590
Intel Corp.
4.900% due 08/05/52		780,000		720,552
5.625% due 02/10/43		160,000		162,596
5.700% due 02/10/53		270,000		274,865
KLA Corp. 3.300% due 03/01/50		1,455,000		1,092,589
Leidos, Inc. 2.300% due 02/15/31		1,185,000		934,483
Microchip Technology, Inc. 0.983% due 09/01/24		186,000		175,757
NXP BV/NXP Funding LLC/NXP USA, Inc. (China)
2.500% due 05/11/31		1,870,000		1,524,995
3.250% due 05/11/41		895,000		652,203
Oracle Corp.
3.800% due 11/15/37		575,000		470,466
3.950% due 03/25/51		645,000		488,064
4.900% due 02/06/33		850,000		825,410
5.550% due 02/06/53		600,000		581,440
QUALCOMM, Inc. 4.500% due 05/20/52		300,000		273,244
Roper Technologies, Inc. 1.750% due 02/15/31		825,000		654,836
Take-Two Interactive Software, Inc. 3.700% due 04/14/27		886,000		839,317
Texas Instruments, Inc. 5.050% due 05/18/63		670,000		671,901
TSMC Global Ltd. (Taiwan) 1.375% due 09/28/30 ~		1,385,000		1,087,041

	Principal Amount		Value
VMware, Inc.
1.400% due 08/15/26		$1,028,000		$908,271
4.700% due 05/15/30		2,415,000		2,306,325
				20,584,654
Utilities - 3.0%
Alexander Funding Trust 1.841% due 11/15/23 ~		800,000		782,578
APA Infrastructure Ltd. (Australia) 4.200% due 03/23/25 ~		450,000		436,424
Atmos Energy Corp. 1.500% due 01/15/31		705,000		554,356
Baltimore Gas & Electric Co. 5.400% due 06/01/53		930,000		945,991
CenterPoint Energy Resources Corp. 1.750% due 10/01/30		560,000		449,478
Commonwealth Edison Co. 3.650% due 06/15/46		1,300,000		1,018,906
Constellation Energy Generation LLC
3.250% due 06/01/25		2,330,000		2,219,044
5.800% due 03/01/33		819,000		838,824
Consumers Energy Co. 3.250% due 08/15/46		265,000		195,937
Dominion Energy, Inc. 3.300% due 04/15/41		1,000,000		744,060
DTE Electric Co. 3.250% due 04/01/51		500,000		362,459
DTE Energy Co. 4.875% due 06/01/28		750,000		734,207
Duke Energy Corp. 3.750% due 09/01/46		1,500,000		1,136,298
Duke Energy Indiana LLC 3.250% due 10/01/49		395,000		283,514
Duquesne Light Holdings, Inc. 2.775% due 01/07/32 ~		800,000		625,547
Edison International 5.750% due 06/15/27		255,000		255,180
Emera US Finance LP (Canada) 4.750% due 06/15/46		550,000		446,974
Entergy Arkansas LLC 2.650% due 06/15/51		995,000		622,098
Entergy Louisiana LLC
2.900% due 03/15/51		260,000		171,864
4.000% due 03/15/33		430,000		390,695
Entergy Mississippi LLC 5.000% due 09/01/33		1,115,000		1,094,782
Evergy, Inc. 2.900% due 09/15/29		1,160,000		1,013,334
Eversource Energy 5.125% due 05/15/33		755,000		744,581
Fells Point Funding Trust 3.046% due 01/31/27 ~		1,370,000		1,260,325
FirstEnergy Transmission LLC 4.550% due 04/01/49 ~		525,000		438,671
Fortis, Inc. (Canada) 3.055% due 10/04/26		750,000		691,408
ITC Holdings Corp.
2.950% due 05/14/30 ~		360,000		309,920
4.950% due 09/22/27 ~		1,792,000		1,765,418
Jersey Central Power & Light Co. 4.300% due 01/15/26 ~		1,130,000		1,093,591
NRG Energy, Inc.
2.000% due 12/02/25 ~		430,000		386,022
2.450% due 12/02/27 ~		1,020,000		860,433
Ohio Power Co. 5.000% due 06/01/33		825,000		810,167
Pacific Gas and Electric Co.
1.700% due 11/15/23		420,000		412,855
2.950% due 03/01/26		1,490,000		1,365,643
3.450% due 07/01/25		475,000		448,712

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-48

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.750% due 08/15/42		$191,000		$132,359
4.300% due 03/15/45		325,000		232,411
6.400% due 06/15/33		765,000		761,349
PacifiCorp
4.150% due 02/15/50		450,000		348,572
5.500% due 05/15/54		29,000		27,248
PG&E Recovery Funding LLC 5.536% due 07/15/49		975,000		1,018,652
PG&E Wildfire Recovery Funding LLC
4.263% due 06/01/38		325,000		309,661
5.099% due 06/01/54		415,000		420,395
5.212% due 12/01/49		225,000		224,817
Public Service Co. of Oklahoma 5.250% due 01/15/33		930,000		925,960
Puget Energy, Inc. 2.379% due 06/15/28		330,000		284,892
San Diego Gas & Electric Co. 2.950% due 08/15/51		1,100,000		746,056
SCE Recovery Funding LLC
4.697% due 06/15/42		595,000		580,077
5.112% due 12/14/49		240,000		237,465
Sigeco Securitization I LLC 5.026% due 11/15/38		604,000		603,754
Southern California Edison Co.
1.200% due 02/01/26		540,000		482,638
4.125% due 03/01/48		1,290,000		1,048,369
5.875% due 12/01/53		841,000		858,581
Southern California Gas Co. 6.350% due 11/15/52		600,000		665,752
Southern Co. Gas Capital Corp. 4.400% due 06/01/43		1,000,000		828,910
Southern Power Co. 5.150% due 09/15/41		895,000		839,846
Union Electric Co. 3.900% due 04/01/52		520,000		425,130
Vistra Operations Co. LLC 4.875% due 05/13/24 ~		1,063,000		1,043,477
WEC Energy Group, Inc. 1.375% due 10/15/27		615,000		525,664
				39,482,331
Total Corporate Bonds & Notes (Cost $380,465,629)				338,050,781
MORTGAGE-BACKED SECURITIES - 31.1%
Collateralized Mortgage Obligations - Commercial - 3.2%
ACRE Commercial Mortgage Ltd. CLO
6.035% (SOFR + 0.944%) due 12/18/37 § ~		970,947		958,544
6.605% (SOFR + 1.514%) due 12/18/37 § ~		1,198,000		1,125,015
BAMLL RE-Remic Trust 1.976% due 11/26/47 § ~		1,955,000		1,801,944
BPR Trust 6.512% (SOFR + 1.364%) due 02/15/29 § ~		1,790,000		1,757,352
Commercial Mortgage Trust 2.399% due 01/10/38 § ~		1,900,000		1,543,289
Fannie Mae
1.764% due 11/25/31 §		3,500,000		2,831,809
2.680% due 06/25/32 §		4,798,000		4,139,004
Freddie Mac 6.867% (SOFR + 1.800%) due 07/25/41 § ~		3,638,481		3,381,117
Freddie Mac (IO)
1.291% due 11/25/30 §		18,945,000		1,372,421
1.306% due 10/25/30 §		15,300,000		1,092,062
1.467% due 12/25/29 §		8,830,000		529,907

	Principal Amount		Value
Freddie Mac Multifamily Structured Pass-Through Certificates
1.981% due 12/25/31 §		$3,800,000		$3,111,151
2.920% due 06/25/32		2,100,000		1,860,394
3.820% due 12/25/32 §		2,900,000		2,756,025
FREMF Mortgage Trust
3.690% due 01/25/26 § ~		2,100,000		1,771,157
4.010% due 01/25/50 § ~		2,385,000		2,231,351
4.191% due 04/25/48 § ~		2,000,000		1,898,785
4.282% due 08/25/47 § ~		2,000,000		1,945,365
FRR RE REMIC Trust 0.301% due 10/27/46 § ~		688,008		683,675
MHC Commercial Mortgage Trust 7.362% (SOFR + 2.215%) due 04/15/38 § ~		750,000		729,183
PFP Ltd. (Cayman) 6.558% (USD LIBOR + 1.400%) due 04/14/38 § ~		1,570,922		1,487,466
SLG Office Trust 2.585% due 07/15/41 ~		2,470,000		1,985,793
Wells Fargo Commercial Mortgage Trust 6.343% (USD LIBOR + 1.150%) due 02/15/40 § ~		1,099,916		1,036,814
				42,029,623
Collateralized Mortgage Obligations - Residential - 4.2%
Ajax Mortgage Loan Trust 2.239% due 06/25/66 § ~		1,247,969		1,177,250
Anchor Mortgage Trust 2.600% due 10/25/26 ~		1,301,275		1,240,683
ANTLR Mortgage Trust 2.115% due 11/25/24 § ~		1,416,672		1,406,160
CFMT LLC 1.374% due 02/25/31 § ~		3,815,000		3,579,888
Credit Suisse Mortgage Trust 3.023% due 08/25/60 § ~		1,503,117		1,465,624
CSMC Trust 1.668% due 09/27/60 § ~		2,479,978		2,289,861
Fannie Mae REMICS 3.500% due 11/25/57		3,926,826		3,670,793
Freddie Mac REMICS
1.500% due 01/25/51		2,815,330		2,209,833
2.000% due 12/25/51		2,317,691		1,990,367
3.500% due 01/15/48		4,819,592		4,302,877
Government National Mortgage Association
4.655% (USD LIBOR + 1.280%) due 02/20/71 §		3,213,523		3,231,143
6.374% (USD LIBOR + 1.280%) due 01/20/71 §		4,759,359		4,755,273
Government National Mortgage Association (IO) 0.103% due 03/20/71 §		40,504,854		748,684
LHOME Mortgage Trust 2.090% due 02/25/26 § ~		539,090		531,978
PRPM LLC
2.115% due 01/25/26 § ~		1,312,205		1,228,905
2.115% due 03/25/26 § ~		863,940		818,835
Seasoned Credit Risk Transfer Trust
2.000% due 05/25/60		5,283,760		4,322,311
3.000% due 05/25/60		10,346,331		9,335,116
3.250% due 11/25/61		1,648,874		1,439,504
3.500% due 11/25/57		2,367,280		2,112,553
Towd Point Mortgage Trust
2.918% due 11/30/60 § ~		3,293,987		2,710,111
4.000% due 11/25/47 § ~		751,769		695,814
				55,263,563
Fannie Mae - 16.3%
0.970% due 07/01/27		5,617,062		4,857,191
1.090% due 04/01/28		2,881,620		2,457,720
1.275% due 04/01/30		3,612,602		2,931,990

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-49

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
1.370% due 03/01/30		$3,584,150		$2,947,878
1.410% due 12/01/30		10,170,000		8,108,943
1.440% due 01/01/31		1,400,000		1,116,701
1.460% due 12/01/30		5,000,000		4,002,560
1.560% due 01/01/31		2,700,000		2,174,396
1.754% due 03/01/32 §		3,298,286		2,662,815
1.815% due 01/01/31		1,015,804		845,257
1.870% due 05/01/31		6,400,000		5,251,054
1.960% due 09/01/33		3,750,000		2,979,402
2.010% due 01/01/32		2,200,000		1,814,233
2.140% due 12/01/33		2,550,000		2,096,001
2.160% due 12/01/33		3,100,000		2,552,678
2.290% due 01/01/37		4,006,670		3,205,638
2.320% due 02/01/35		1,912,000		1,533,159
2.500% due 11/01/51 - 03/01/62		12,610,620		10,542,754
2.510% due 10/01/30		2,730,000		2,372,613
2.550% due 10/01/30		905,000		796,210
3.000% due 05/01/47 - 06/01/62		27,803,179		24,535,568
3.040% due 07/01/32		2,987,622		2,670,169
3.080% due 05/01/32		1,875,000		1,680,823
3.140% due 07/01/32		1,710,000		1,552,077
3.190% due 07/01/33		1,764,199		1,597,442
3.260% due 02/01/31		800,000		730,386
3.500% due 01/01/50 - 03/01/61		9,392,906		8,629,993
3.510% due 09/01/32		5,000,000		4,629,696
3.540% due 10/01/32		2,686,778		2,500,976
3.610% due 01/01/37		2,506,861		2,353,398
3.650% due 10/01/32		4,566,000		4,275,627
3.670% due 09/01/32		546,000		508,782
3.700% due 10/01/32		3,958,878		3,723,481
3.730% due 10/01/32		4,916,406		4,633,814
3.750% due 09/01/32		2,610,000		2,466,697
3.790% due 12/01/30		2,610,000		2,468,917
3.800% due 09/01/32		2,210,061		2,095,015
3.805% due 11/01/32		1,470,000		1,393,941
3.810% due 10/01/32		3,930,000		3,728,139
3.830% due 09/01/32		2,500,000		2,375,552
3.870% due 03/01/30		4,592,000		4,404,488
3.895% due 02/01/33		3,600,000		3,439,173
3.910% due 08/01/32		1,300,000		1,239,384
4.000% due 10/01/43 - 04/01/52		4,174,883		3,957,904
4.090% due 09/01/31 - 02/01/34		4,484,000		4,284,152
4.100% due 06/01/33		4,000,000		3,885,776
4.210% due 02/01/33		3,000,000		2,940,376
4.510% due 10/01/32		4,160,000		4,162,325
4.550% due 10/01/32		1,030,000		1,035,359
4.600% due 10/01/32		4,000,000		4,033,993
4.900% due 12/01/32		3,045,000		3,117,870
5.000% due 12/01/49 - 12/01/61		21,510,975		21,244,565
5.500% due 09/01/52 - 05/01/58		7,693,264		7,782,894
6.000% due 12/01/61		2,789,847		2,928,242
				212,256,187
Freddie Mac - 1.0%
2.500% due 07/01/50		3,774,528		3,226,711
3.000% due 10/01/51 - 02/01/52		4,733,791		4,205,520
3.500% due 04/01/37		1,204,912		1,140,940
3.700% due 06/01/34		5,000,000		4,676,768
				13,249,939
Government National Mortgage Association - 6.4%
2.500% due 10/20/45 - 10/20/50		2,977,476		2,566,788
2.808% due 07/20/71 §		2,434,338		2,080,385
2.931% due 10/20/70 §		1,876,462		1,634,250
3.000% due 08/20/50 - 03/20/52		4,943,783		4,423,083
3.075% due 09/20/70 §		5,700,294		4,984,264
3.093% due 12/20/71 §		2,959,898		2,558,328
3.500% due 10/20/50 - 03/20/52		17,815,651		16,450,467
4.000% due 12/20/51 - 03/20/52		4,655,401		4,394,192
4.500% due 07/20/52 - 09/20/52		9,979,507		9,702,325

	Principal Amount		Value
5.000% due 07/20/52 - 09/15/52		$14,609,596		$14,526,492
5.500% due 09/20/52		1,994,221		1,986,320
6.185% (UST + 1.710%) due 03/20/72 §		2,006,668		2,075,033
6.192% (UST + 1.735%) due 10/20/71 §		2,494,283		2,574,208
6.197% (UST + 1.730%) due 02/20/72 §		1,957,333		2,023,050
6.294% (UST + 1.836%) due 08/20/71 §		2,367,859		2,454,604
6.297% (UST + 1.830%) due 07/20/72 §		3,606,713		3,763,669
6.384% (UST + 1.923%) due 08/20/72 §		4,508,976		4,702,816
				82,900,274
Total Mortgage-Backed Securities (Cost $444,069,243)				405,699,586
ASSET-BACKED SECURITIES - 12.0%
American Credit Acceptance Receivables Trust 5.830% due 10/13/28 ~		1,617,000		1,575,487
American Homes 4 Rent Trust 5.885% due 04/17/52 ~		2,135,000		2,083,605
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		3,060,000		2,793,210
AMSR Trust
2.006% due 11/17/37 ~		2,120,000		1,895,605
2.327% due 10/17/38 ~		1,342,000		1,145,524
2.751% due 06/17/38 § ~		3,650,000		3,003,120
4.000% due 10/17/39 ~		3,000,000		2,556,477
Aqua Finance Trust 3.970% due 07/17/46 ~		1,225,000		1,036,077
Business Jet Securities LLC 2.918% due 04/15/36 ~		3,879,876		3,440,949
2.981% due 11/15/35 ~		937,604		886,531
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		424,625		360,841
Carvana Auto Receivables Trust 3.430% due 01/15/26 ~		1,694,971		1,675,363
Cascade MH Asset Trust
2.708% due 02/25/46 ~		1,420,000		1,100,871
4.250% due 08/25/54 § ~		3,356,509		2,956,248
CFIN Issuer LLC 3.250% due 02/16/26 ~		2,000,000		1,878,988
Consumer Receivables Asset Investment Trust 8.736% (SOFR + 3.750%) due 12/15/24 § ~		453,971		455,883
Continental Finance Credit Card ABS Master Trust
2.240% due 12/15/28 ~		2,170,000		2,078,825
6.190% due 10/15/30 ~		2,870,000		2,756,970
Credit Acceptance Auto Loan Trust
1.640% due 06/17/30 ~		3,815,000		3,543,177
2.730% due 11/15/29 ~		2,500,000		2,466,435
Credito Real USA Auto Receivables Trust 1.350% due 02/16/27 ~		170,693		168,424
Crossroads Asset Trust 1.120% due 06/20/25 ~		340,086		337,809
DataBank Issuer 2.060% due 02/27/51 ~		1,300,000		1,140,961
Diversified Abs Phase VI LLC 7.500% due 11/28/39		1,792,762		1,759,427
Drive Auto Receivables Trust 3.180% due 10/15/26		1,757,939		1,746,194
DT Auto Owner Trust
1.100% due 02/16/27 ~		1,155,000		1,117,483
2.960% due 04/15/25 ~		1,015,160		1,007,368

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-50

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Exeter Automobile Receivables Trust 5.980% due 12/15/28		$3,400,000		$3,338,697
FHF Trust 1.270% due 03/15/27 ~		139,338		133,890
FirstKey Homes Trust
2.389% due 08/17/38 ~		5,500,000		4,709,093
5.197% due 05/17/39 ~		915,000		856,767
Flagship Credit Auto Trust
2.180% due 02/16/27 ~		1,762,000		1,634,256
6.000% due 07/17/28 ~		3,148,000		3,078,108
FMC GMSR Issuer Trust
3.620% due 07/25/26 § ~		4,600,000		3,749,094
3.690% due 02/25/24		4,260,000		4,068,769
3.850% due 10/25/26 § ~		2,100,000		1,717,671
4.450% due 01/25/26 § ~		2,700,000		2,322,190
6.190% due 04/25/27 ~		3,000,000		2,773,467
7.900% due 07/25/27 ~		3,000,000		2,955,293
GLS Auto Receivables Issuer Trust
1.140% due 11/17/25 ~		350,832		346,351
1.640% due 10/15/26 ~		425,000		405,355
5.340% due 06/15/28 ~		1,889,000		1,846,661
6.420% due 06/15/28 ~		2,000,000		1,983,710
Goodgreen Trust (Jersey) 5.900% due 01/17/61 ~ ±		2,038,454		1,936,531
Hilton Grand Vacations Trust 4.300% due 01/25/37 ~		1,877,483		1,798,668
Jonah Energy Abs I LLC 7.200% due 12/10/37 ~		1,451,596		1,424,904
Jonah Energy LLC 7.800% due 11/10/37		1,805,292		1,767,381
LendingPoint Asset Securitization Trust 2.731% due 10/15/28 ~		193,334		192,332
LFT CRE Ltd. 7.143% (USD LIBOR + 1.950%) due 06/15/39 § ~		2,590,000		2,353,046
LP LMS Asset Securitization Trust
1.750% due 01/15/29 ~		680,539		668,695
3.228% due 10/15/28		108,762		109,195
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		411,041		408,110
MVW LLC 1.140% due 01/22/41 ~		664,626		597,796
New Residential Mortgage Loan Trust 4.000% due 09/04/39 ~		2,537,000		2,183,315
NRZ Excess Spread-Collateralized Notes
2.981% due 03/25/26 ~		1,201,436		1,084,769
3.104% due 07/25/26 ~		2,587,024		2,306,705
3.228% due 05/25/26 ~		1,415,388		1,276,092
3.844% due 12/25/25 ~		947,063		880,184
Octane Receivables Trust
2.890% due 03/20/26 ~		2,600,000		2,501,347
6.290% due 07/20/28 ~		2,613,000		2,578,476
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		675,000		574,253
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		113,266		113,020
Pagaya AI Technology in Housing Trust 4.250% due 08/25/25 ~		3,000,000		2,838,113
PNMAC GMSR Issuer Trust 9.317% (SOFR + 4.250%) due 05/25/27 § ~		1,730,000		1,731,835
PRET LLC 2.487% due 10/25/51 § ~		3,296,971		3,000,537
Pretium Mortgage Credit Partners I LLC 2.240% due 09/27/60 § ~		1,656,332		1,565,761
Progress Residential Trust
2.106% due 04/17/38 ~		3,250,000		2,818,646
2.409% due 05/17/38 ~		1,570,000		1,358,544
2.425% due 07/17/38 ~		2,530,000		2,185,252

	Principal Amount		Value
2.538% due 05/17/26 ~		$1,650,000		$1,433,166
2.547% due 04/19/38 ~		2,550,000		2,236,427
2.811% due 11/17/40 ~		1,000,000		818,443
5.200% due 04/17/39 ~		1,685,000		1,543,595
Regional Management Issuance Trust
1.680% due 03/17/31 ~		1,217,000		1,126,150
2.420% due 03/17/31 ~		895,000		792,035
3.800% due 10/15/30 ~		2,000,000		1,783,828
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		1,400,000		1,278,585
Santander Drive Auto Receivables Trust 4.430% due 03/15/27		1,539,000		1,509,282
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		2,055,000		1,829,640
Sierra Timeshare Receivables Funding LLC 1.340% due 11/20/37 ~		498,217		458,975
Tricolor Auto Securitization Trust 1.920% due 05/15/26 ~		725,231		718,671
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		627,392		619,755
Upstart Securitization Trust 5.980% due 08/20/32 ~		2,690,645		2,656,660
VCAT LLC 2.289% due 12/26/50 § ~		1,215,584		1,169,231
VOLT XCII LLC 1.893% due 02/27/51 § ~		576,701		523,671
VOLT XCIII LLC 1.893% due 02/27/51 § ~		2,089,498		1,899,152
VOLT XCIV LLC 2.240% due 02/27/51 § ~		1,455,553		1,344,476
VOLT XCIX LLC 2.116% due 04/25/51 § ~		998,675		910,814
VOLT XCVI LLC 2.116% due 03/27/51 § ~		1,128,391		1,061,460
VOLT XCVII LLC 2.240% due 04/25/51 § ~		1,176,479		1,077,252
Westlake Automobile Receivables Trust
5.480% due 09/15/27 ~		3,300,000		3,209,300
6.680% due 04/17/28 ~		2,900,000		2,885,983
Total Asset-Backed Securities (Cost $167,086,856)				156,027,282
U.S. TREASURY OBLIGATIONS - 29.4%
U.S. Treasury Bonds - 11.2%
1.125% due 08/15/40		6,945,000		4,471,115
1.250% due 05/15/50		127,000		71,485
1.375% due 08/15/50		11,770,000		6,846,140
1.625% due 11/15/50		6,885,000		4,279,592
1.875% due 02/15/41		3,025,000		2,199,151
1.875% due 02/15/51		7,498,800		4,969,127
1.875% due 11/15/51		8,070,000		5,330,613
2.000% due 11/15/41		5,200,000		3,810,016
2.000% due 08/15/51		6,815,000		4,648,043
2.250% due 05/15/41		13,162,000		10,147,336
2.250% due 08/15/46		950,000		694,595
2.375% due 02/15/42		4,790,000		3,731,522
2.375% due 05/15/51		260,000		193,436
2.750% due 08/15/42		5,700,000		4,699,717
2.875% due 08/15/45		4,210,000		3,476,704
2.875% due 05/15/52		21,300,000		17,661,527
3.125% due 02/15/43		368,000		321,137
3.250% due 05/15/42		43,715,000		39,031,006
3.625% due 02/15/53		13,750,000		13,200,000
3.875% due 08/15/40		2,000,000		1,986,055
3.875% due 02/15/43		12,435,000		12,128,011

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-51

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.875% due 05/15/43		$260,000		$253,744
4.250% due 05/15/39		2,000,000		2,093,203
				146,243,275
U.S. Treasury Notes - 18.2%
0.250% due 09/30/25		9,755,000		8,837,611
0.375% due 01/31/26		115,000		103,273
0.875% due 06/30/26		600,000		540,738
1.250% due 03/31/28		5,485,000		4,801,625
1.500% due 02/15/30		1,075,000		921,015
1.625% due 05/15/31		565,000		480,294
1.875% due 02/28/27		20,000,000		18,336,719
1.875% due 02/28/29		7,300,000		6,493,293
1.875% due 02/15/32		6,000,000		5,140,664
2.500% due 02/28/26		270,000		255,973
2.625% due 07/31/29		28,130,000		25,991,681
2.750% due 07/31/27		71,080,000		67,026,219
2.875% due 04/30/29		15,475,000		14,515,066
2.875% due 05/15/32		6,175,000		5,726,468
3.125% due 08/31/27		1,925,000		1,841,345
3.125% due 08/31/29		1,900,000		1,805,000
3.250% due 06/30/29		7,400,000		7,081,453
3.500% due 04/30/28		52,000,000		50,535,469
3.500% due 04/30/30		10,800,000		10,487,812
3.500% due 02/15/33		6,500,000		6,332,422
				237,254,140
Total U.S. Treasury Obligations (Cost $429,729,395)				383,497,415
FOREIGN GOVERNMENT BONDS & NOTES - 0.4%
Chile Government (Chile) 2.550% due 01/27/32		272,000		232,903
Mexico Government (Mexico)
2.659% due 05/24/31		596,000		496,947
3.500% due 02/12/34		868,000		729,180
3.750% due 01/11/28		730,000		695,730
4.400% due 02/12/52		475,000		375,690
4.600% due 01/23/46		480,000		400,324
4.875% due 05/19/33		1,000,000		956,060
6.338% due 05/04/53		200,000		204,232
Panama Government (Panama)
3.160% due 01/23/30		480,000		421,442
4.500% due 04/16/50		415,000		322,655
Saudi Government (Saudi Arabia) 2.250% due 02/02/33 ~		338,000		272,705
Total Foreign Government Bonds & Notes (Cost $6,044,857)				5,107,868

	Principal Amount		Value
MUNICIPAL BONDS - 0.3%
California State Build America Bonds 7.350% due 11/01/39		$1,000,000		$1,218,657
Oklahoma Development Finance Authority 4.714% due 05/01/52		445,000		429,513
Texas Natural Gas Securitization Finance Corp.
5.102% due 04/01/35		445,000		447,061
5.169% due 04/01/41		745,000		768,186
University of California 3.706% due 05/15/20		675,000		453,108
Total Municipal Bonds (Cost $3,881,351)				3,316,525
SHORT-TERM INVESTMENTS - 1.1%
Repurchase Agreements - 1.1%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $14,388,704; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $14,670,746)		14,383,071		14,383,071
Total Short-Term Investments (Cost $14,383,071)				14,383,071
TOTAL INVESTMENTS - 100.2% (Cost $1,445,660,402)				1,306,082,528
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(2,829,617	)
NET ASSETS - 100.0%				$1,303,252,911

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Mortgage-Backed Securities	31.1%
U.S. Treasury Obligations	29.4%
Corporate Bonds & Notes	25.9%
Asset-Backed Securities	12.0%
Others (each less than 3.0%)	1.8%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$338,050,781		$-		$338,050,781		$-
	Mortgage-Backed Securities		405,699,586		-		405,699,586		-
	Asset-Backed Securities		156,027,282		-		154,090,751		1,936,531
	U.S. Treasury Obligations		383,497,415		-		383,497,415		-
	Foreign Government Bonds & Notes		5,107,868		-		5,107,868		-
	Municipal Bonds		3,316,525		-		3,316,525		-
	Short-Term Investments		14,383,071		-		14,383,071		-
	Total		$1,306,082,528		$-		$1,304,145,997		$1,936,531

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-52

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Energy - 0.0%
Drillco Holdings Luxembourg SA * W ± (Luxembourg)		34,769		$717,997
Financial - 0.0%
CBL & Associates Properties, Inc. REIT		9,021		198,823
Total Common Stocks (Cost $820,792)				916,820
	Principal Amount
CORPORATE BONDS & NOTES - 32.8%
Communications - 0.8%
AT&T, Inc. 1.700% due 03/25/26		$3,700,000		3,373,844
Charter Communications Operating LLC/Charter Communications Operating Capital 3.850% due 04/01/61		7,500,000		4,542,619
Level 3 Financing, Inc. 3.400% due 03/01/27 ~		2,000,000		1,699,160
Lumen Technologies, Inc. 4.000% due 02/15/27 ~		2,600,000		1,940,523
Sprint LLC 7.875% due 09/15/23		1,200,000		1,203,978
T-Mobile USA, Inc. 3.375% due 04/15/29		7,200,000		6,508,425
				19,268,549
Consumer, Cyclical - 3.0%
Air Canada Pass-Through Trust (Canada) 3.750% due 06/15/29 ~		1,457,391		1,328,361
Alaska Airlines Pass-Through Trust 4.800% due 02/15/29 ~		5,226,191		5,027,353
American Airlines Pass-Through Trust 2.875% due 01/11/36		4,627,511		3,877,892
American Airlines Pass-Through Trust A 3.250% due 04/15/30		2,090,298		1,773,155
4.000% due 01/15/27		574,351		518,759
American Airlines Pass-Through Trust AA 3.000% due 04/15/30		3,207,543		2,848,183
Daimler Truck Finance North America LLC (Germany) 5.841% (SOFR + 0.750%) due 12/13/24 § ~		6,650,000		6,642,017
Ford Motor Credit Co. LLC
2.748% due 06/14/24		GBP 300,000		364,645
3.021% due 03/06/24		EUR 1,900,000		2,048,463
3.375% due 11/13/25		$2,300,000		2,140,850
Hyatt Hotels Corp. 1.800% due 10/01/24		7,200,000		6,855,733
Hyundai Capital America
1.650% due 09/17/26 ~		7,200,000		6,347,564
5.650% due 06/26/26 ~		3,400,000		3,380,705
JetBlue Pass-Through Trust Class A 4.000% due 05/15/34		7,360,386		6,722,523
Nissan Motor Acceptance Co. LLC
2.750% due 03/09/28 ~		5,900,000		4,853,372
3.875% due 09/21/23 ~		3,400,000		3,381,262
Starbucks Corp. 2.550% due 11/15/30		1,100,000		937,714

	Principal Amount		Value
Toyota Motor Credit Corp. 5.810% (SOFR + 0.750%) due 12/11/23 §	$	3,300,000	$	3,304,490
United Airlines Pass-Through Trust
2.700% due 11/01/33		4,192,767		3,522,779
5.800% due 07/15/37		4,700,000		4,784,015
Volkswagen Group of America Finance LLC (Germany) 4.625% due 11/13/25 ~		1,000,000		975,188
				71,635,023
Consumer, Non-Cyclical - 3.4%
Amgen, Inc. 5.250% due 03/02/33		3,700,000		3,706,485
Bacardi Ltd. (Bermuda) 4.450% due 05/15/25 ~		6,700,000		6,523,941
Bayer US Finance II LLC (Germany) 4.375% due 12/15/28 ~		7,400,000		7,023,422
Becton Dickinson & Co. 1.957% due 02/11/31		7,900,000		6,402,775
Block Financial LLC 3.875% due 08/15/30		6,600,000		5,827,298
CommonSpirit Health 6.073% due 11/01/27		4,200,000		4,283,421
Constellation Brands, Inc. 3.700% due 12/06/26		4,400,000		4,188,089
CVS Health Corp. 2.125% due 09/15/31		3,500,000		2,812,661
CVS Pass-Through Trust 6.943% due 01/10/30		140,334		143,058
Duke University 2.682% due 10/01/44		9,600,000		7,104,642
Elevance Health, Inc. 2.375% due 01/15/25		3,400,000		3,233,575
General Mills, Inc. 6.270% (USD LIBOR + 1.010%) due 10/17/23 §		1,000,000		1,002,114
HCA, Inc. 3.375% due 03/15/29 ~		7,300,000		6,495,866
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		6,200,000		5,992,392
3.875% due 07/26/29 ~		3,300,000		2,911,444
Mylan, Inc. 4.200% due 11/29/23		1,500,000		1,489,570
Pfizer Investment Enterprises Pte. Ltd. 4.450% due 05/19/28		4,400,000		4,326,789
Zoetis, Inc. 2.000% due 05/15/30		7,000,000		5,844,242
				79,311,784
Energy - 1.0%
Midwest Connector Capital Co. LLC 3.900% due 04/01/24 ~		4,100,000		4,015,095
Odebrecht Oil & Gas Finance Ltd. (Brazil) 0.000% due 07/31/23 ~		1,012,000		2,631
Petroleos Mexicanos (Mexico) 10.000% due 02/07/33 ~		1,900,000		1,742,056
Pioneer Natural Resources Co. 5.100% due 03/29/26		2,300,000		2,286,962
Rio Oil Finance Trust (Brazil) 9.250% due 07/06/24 ~		464,532		469,052
9.750% due 01/06/27 ~		2,917,254		3,012,211
Sabine Pass Liquefaction LLC 4.500% due 05/15/30		6,800,000		6,470,609
Targa Resources Corp. 5.200% due 07/01/27		6,600,000		6,483,730
				24,482,346

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-53

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Financial - 17.1%
AIB Group PLC (Ireland) 7.583% due 10/14/26 ~		$7,500,000		$7,622,117
American Tower Corp. REIT 2.100% due 06/15/30		8,000,000		6,471,638
Aviation Capital Group LLC 4.125% due 08/01/25 ~		6,620,000		6,187,187
Banco Bilbao Vizcaya Argentaria SA (Spain)
0.875% due 09/18/23		2,100,000		2,078,365
1.125% due 09/18/25		3,400,000		3,062,990
Banco Espirito Santo SA (Portugal)
2.625% * y ~		EUR 1,000,000		267,344
4.750% * y ~		5,600,000		1,497,127
Bank of America Corp. 5.015% due 07/22/33		$6,500,000		6,362,210
Bank of Ireland Group PLC (Ireland) 6.253% due 09/16/26 ~		6,400,000		6,360,106
Bank of Montreal (Canada) 4.689% due 07/28/29 ~		5,500,000		5,469,488
Bank of Nova Scotia (Canada) 5.450% due 06/12/25		1,000,000		995,076
Barclays PLC (United Kingdom)
3.375% due 04/02/25 ~		EUR 900,000		970,757
7.325% due 11/02/26		$4,100,000		4,193,496
7.385% due 11/02/28		4,000,000		4,169,915
BGC Partners, Inc.
3.750% due 10/01/24		700,000		661,268
8.000% due 05/25/28 ~		2,400,000		2,321,293
BNP Paribas SA (France)
1.904% due 09/30/28 ~		3,600,000		3,069,965
3.132% due 01/20/33 ~		7,800,000		6,406,482
Citigroup, Inc.
2.572% due 06/03/31		8,100,000		6,761,556
3.070% due 02/24/28		3,600,000		3,314,900
Commonwealth Bank of Australia (Australia) 2.552% due 03/14/27 ~		2,900,000		2,657,348
Cooperatieve Rabobank UA (Netherlands) 4.655% due 08/22/28 ~		6,700,000		6,417,809
Corebridge Global Funding due 07/02/26 # ~		1,400,000		1,396,304
Credit Suisse AG (Switzerland)
6.500% due 08/08/23 ~		3,200,000		3,188,352
7.500% due 02/15/28		2,000,000		2,126,465
7.950% due 01/09/25		2,000,000		2,041,588
Crown Castle, Inc. REIT
2.250% due 01/15/31		7,900,000		6,445,848
3.700% due 06/15/26		2,277,000		2,164,530
CTP NV (Netherlands) 0.875% due 01/20/26 ~		EUR 2,100,000		1,956,741
CubeSmart LP REIT 2.500% due 02/15/32		$3,200,000		2,535,660
Deutsche Bank AG (Germany) 3.961% due 11/26/25		13,500,000		12,878,718
Digital Realty Trust LP REIT 3.600% due 07/01/29		4,500,000		4,001,956
EPR Properties REIT 4.500% due 04/01/25		2,200,000		2,085,228
Essex Portfolio LP REIT 3.375% due 04/15/26		3,500,000		3,316,204
Federation des Caisses Desjardins du Quebec (Canada) 4.400% due 08/23/25 ~		7,000,000		6,765,242
FORESEA Holding SA (Luxembourg) 7.500% due 06/15/30 ~ W ±		358,998		321,303
GA Global Funding Trust 1.250% due 12/08/23 ~		7,000,000		6,837,644

	Principal Amount		Value
GLP Capital LP/GLP Financing II, Inc. REIT 4.000% due 01/15/30	$	1,800,000	$	1,561,604
Host Hotels & Resorts LP REIT
3.875% due 04/01/24		700,000		688,918
4.000% due 06/15/25		1,350,000		1,298,382
HSBC Holdings PLC (United Kingdom) 7.390% due 11/03/28		8,500,000		8,978,726
HSBC USA, Inc. 5.625% due 03/17/25		4,600,000		4,582,296
Intercontinental Exchange, Inc. 2.100% due 06/15/30		4,400,000		3,673,129
Intesa Sanpaolo SpA (Italy) 3.250% due 09/23/24 ~		7,300,000		7,005,869
JPMorgan Chase & Co.
1.578% due 04/22/27		7,000,000		6,290,977
4.851% due 07/25/28		4,800,000		4,738,710
4.912% due 07/25/33		6,400,000		6,256,390
5.546% due 12/15/25		5,100,000		5,081,006
KBC Group NV (Belgium) 5.796% due 01/19/29 ~		2,600,000		2,584,628
Kilroy Realty LP REIT 4.375% due 10/01/25		2,600,000		2,437,221
Life Storage LP REIT
2.400% due 10/15/31		7,000,000		5,556,406
3.875% due 12/15/27		2,600,000		2,417,193
Lloyds Banking Group PLC (United Kingdom)
4.450% due 05/08/25		4,500,000		4,362,226
4.947% due 06/27/25 ~		EUR 300,000		299,264
Logicor Financing SARL (Luxembourg) 1.625% due 01/17/30 ~		2,300,000		1,859,984
Manulife Financial Corp. (Canada) 4.150% due 03/04/26		$500,000		484,398
MassMutual Global Funding II 5.050% due 12/07/27 ~		4,000,000		3,997,305
Mid-America Apartments LP REIT 4.200% due 06/15/28		3,000,000		2,866,800
Mitsubishi UFJ Financial Group, Inc. (Japan)
1.412% due 07/17/25		6,900,000		6,320,618
5.133% due 07/20/33		6,500,000		6,377,789
6.029% (SOFR + 0.940%) due 02/20/26 §		500,000		500,836
Mizuho Financial Group, Inc. (Japan)
2.201% due 07/10/31		8,700,000		6,972,431
5.414% due 09/13/28		3,300,000		3,276,215
Morgan Stanley 4.889% due 07/20/33		6,500,000		6,259,583
Natwest Group PLC (United Kingdom) 2.000% due 03/04/25 ~		EUR 4,600,000		4,927,971
NNN REIT, Inc. 3.500% due 10/15/27		$5,600,000		5,146,187
Nomura Holdings, Inc. (Japan)
2.172% due 07/14/28		500,000		422,253
2.679% due 07/16/30		6,700,000		5,487,642
5.842% due 01/18/28		1,700,000		1,704,771
6.181% due 01/18/33		2,500,000		2,581,871
Northwestern Mutual Global Funding 4.900% due 06/12/28 ~		3,700,000		3,674,215
Omega Healthcare Investors, Inc. REIT
4.375% due 08/01/23		453,000		452,038
4.750% due 01/15/28		590,000		539,375
Pricoa Global Funding I 4.200% due 08/28/25 ~		4,500,000		4,364,865
Principal Life Global Funding II 5.500% due 06/28/28 ~		6,300,000		6,265,839
Protective Life Global Funding 5.209% due 04/14/26 ~		3,200,000		3,151,577
Public Storage REIT 3.094% due 09/15/27		600,000		560,223

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-54

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Regency Centers LP REIT 4.125% due 03/15/28		$3,500,000		$3,274,219
Santander Holdings USA, Inc. 2.490% due 01/06/28		6,025,000		5,209,210
Scentre Group Trust 1/Scentre Group Trust 2 REIT (Australia) 3.625% due 01/28/26 ~		7,300,000		6,925,143
Societe Generale SA (France)
3.337% due 01/21/33 ~		8,000,000		6,412,750
4.250% due 09/14/23 ~		7,700,000		7,663,826
Spirit Realty LP REIT 3.200% due 01/15/27		8,100,000		7,298,461
Standard Chartered PLC (United Kingdom)
1.456% due 01/14/27 ~		4,000,000		3,548,792
6.021% (SOFR + 0.930%) due 11/23/25 § ~		5,400,000		5,357,355
STORE Capital Corp. REIT 4.500% due 03/15/28		7,600,000		6,645,325
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.902% due 09/17/28		6,000,000		5,045,949
5.464% due 01/13/26		1,600,000		1,595,486
5.520% due 01/13/28		3,100,000		3,114,807
Synchrony Bank 5.625% due 08/23/27		5,600,000		5,259,865
Synchrony Financial 5.150% due 03/19/29		4,700,000		4,270,671
Tesco Property Finance 4 PLC (United Kingdom) 5.801% due 10/13/40 ~		GBP 184,919		218,876
Tesco Property Finance 5 PLC (United Kingdom) 5.661% due 10/13/41 ~		94,921		110,484
Toronto-Dominion Bank (Canada) 4.701% due 06/05/27 ~		$3,400,000		3,364,140
Truist Financial Corp. 5.900% due 10/28/26		6,000,000		5,949,942
UBS Group AG (Switzerland)
3.869% due 01/12/29 ~		9,100,000		8,234,510
5.711% due 01/12/27 ~		2,800,000		2,773,555
6.537% due 08/12/33 ~		8,500,000		8,712,616
UniCredit SpA (Italy) 7.830% due 12/04/23 ~		8,700,000		8,752,302
Virgin Money UK PLC (United Kingdom) 4.000% due 09/03/27 ~		GBP 500,000		555,847
Wells Fargo & Co.
2.393% due 06/02/28		$2,200,000		1,962,038
4.808% due 07/25/28		600,000		586,976
				404,231,096
Industrial - 1.5%
AP Moller - Maersk AS (Denmark) 4.500% due 06/20/29 ~		8,600,000		8,274,716
Boeing Co. 1.433% due 02/04/24		3,500,000		3,407,661
Canadian Pacific Railway Co. (Canada) 3.125% due 06/01/26		9,800,000		9,176,175
Fortune Brands Innovations, Inc.
3.250% due 09/15/29		8,200,000		7,174,204
GATX Corp.
4.000% due 06/30/30		7,400,000		6,759,606
SMBC Aviation Capital Finance DAC (Ireland) 4.125% due 07/15/23 ~		1,800,000		1,798,579
				36,590,941
Technology - 2.1%
Amdocs Ltd. 2.538% due 06/15/30		4,700,000		3,927,286
Broadcom, Inc. 2.600% due 02/15/33 ~		1,800,000		1,407,975

	Principal Amount		Value
3.137% due 11/15/35 ~		$7,388,000		$5,669,679
3.187% due 11/15/36 ~		2,900,000		2,193,313
3.469% due 04/15/34 ~		3,639,000		2,986,403
Dell International LLC/EMC Corp. 5.850% due 07/15/25		9,200,000		9,238,028
NXP BV/NXP Funding LLC (China) 4.875% due 03/01/24		5,900,000		5,858,974
NXP BV/NXP Funding LLC/NXP USA, Inc. (China)
3.875% due 06/18/26		4,000,000		3,844,063
Open Text Corp. (Canada) 6.900% due 12/01/27 ~		8,100,000		8,255,034
Oracle Corp.
2.875% due 03/25/31		2,900,000		2,476,599
6.150% due 11/09/29		2,700,000		2,814,018
				48,671,372
Utilities - 3.9%
AES Corp. 5.450% due 06/01/28		4,000,000		3,931,282
DTE Electric Co. 4.050% due 05/15/48		100,000		83,431
Enel Finance America LLC (Italy) 7.100% due 10/14/27 ~		2,900,000		3,049,320
Enel Finance International NV (Italy) 2.250% due 07/12/31 ~		7,500,000		5,881,469
Entergy Louisiana LLC 2.350% due 06/15/32		7,700,000		6,184,046
Evergy, Inc. 2.450% due 09/15/24		8,800,000		8,433,612
National Grid PLC (United Kingdom) 5.602% due 06/12/28		3,400,000		3,416,172
National Rural Utilities Cooperative Finance Corp. 4.800% due 03/15/28		2,600,000		2,571,683
New York State Electric & Gas Corp. 2.150% due 10/01/31 ~		7,200,000		5,639,202
NextEra Energy Capital Holdings, Inc. 2.250% due 06/01/30		9,600,000		7,995,265
Pacific Gas & Electric Co.
1.700% due 11/15/23		3,300,000		3,243,863
2.950% due 03/01/26		2,100,000		1,924,732
3.500% due 06/15/25		2,400,000		2,273,262
5.450% due 06/15/27		6,800,000		6,618,274
6.400% due 06/15/33		4,800,000		4,777,091
Pennsylvania Electric Co. 3.600% due 06/01/29 ~		4,300,000		3,908,326
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries (India) 4.500% due 07/14/28 ~		5,900,000		5,033,801
Southern California Edison Co. 2.500% due 06/01/31		7,000,000		5,826,493
Southern Co. 3.250% due 07/01/26		5,700,000		5,364,647
WEC Energy Group, Inc. 1.800% due 10/15/30		8,400,000		6,686,156
				92,842,127
Total Corporate Bonds & Notes (Cost $842,427,984)				777,033,238
MORTGAGE-BACKED SECURITIES - 62.9%
Collateralized Mortgage Obligations - Commercial - 7.6%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		9,600,000		8,945,454
Arbor Multifamily Mortgage Securities Trust 2.756% due 05/15/53 ~		4,900,000		4,190,340

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and  A-297

A-55

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
AREIT LLC 7.333% (SOFR + 2.242%) due 06/17/39 § ~		$5,600,000		$5,592,563
Ashford Hospitality Trust 6.319% (USD LIBOR + 1.000%) due 06/15/35 § ~		7,400,000		6,254,312
Atrium Hotel Portfolio Trust 6.393% (USD LIBOR + 0.950%) due 06/15/35 § ~		6,500,000		6,359,688
Austin Fairmont Hotel Trust 6.243% (USD LIBOR + 1.050%) due 09/15/32 § ~		4,500,000		4,473,600
BAMLL Commercial Mortgage Securities Trust 6.243% (USD LIBOR + 1.050%) due 09/15/38 § ~		7,000,000		6,389,858
BDS LLC 7.227% (SOFR + 2.137%) due 08/19/38 § ~		6,500,000		6,476,379
Benchmark Mortgage Trust 3.458% due 03/15/55		6,500,000		5,692,746
BX Commercial Mortgage Trust 5.882% (USD LIBOR + 0.689%) due 10/15/38 § ~		5,430,550		5,276,976
Cantor Commercial Real Estate Lending 2.874% due 11/15/52		6,200,000		5,194,167
CFCRE Commercial Mortgage Trust 3.060% due 11/10/49		3,517,899		3,355,309
Citigroup Commercial Mortgage Trust
2.984% due 11/15/49		4,910,820		4,705,857
3.778% due 09/10/58		5,900,000		5,571,018
CLNC Ltd. (Cayman) 6.455% (SOFR + 1.364%) due 08/20/35 § ~		875,503		208,637
DBGS Mortgage Trust 3.843% due 04/10/37 ~		8,700,000		7,115,351
DBWF Mortgage Trust 6.276% (USD LIBOR + 1.130%) due 12/19/30 § ~		6,600,000		6,511,427
DOLP Trust 2.956% due 05/10/41 ~		7,000,000		5,500,276
Extended Stay America Trust 6.274% (USD LIBOR + 1.080%) due 07/15/38 § ~		6,746,165		6,620,927
GS Mortgage Securities Corp. II 8.547% (SOFR + 3.400%) due 08/15/39 § ~		6,700,000		6,706,794
GS Mortgage Securities Trust 3.722% due 10/10/49 § ~		7,000,000		5,593,790
JP Morgan Chase Commercial Mortgage Securities Trust 6.443% (USD LIBOR + 1.250%) due 09/15/29 § ~		2,409,756		2,237,131
6.643% (USD LIBOR + 1.450%) due 12/15/31 § ~		3,269,759		2,915,931
Manhattan West 2020-1MW Mortgage Trust 2.130% due 09/10/39 ~		8,600,000		7,350,099
MF1 Multifamily Housing Mortgage Loan Trust 6.112% (SOFR + 0.964%) due 07/15/36 § ~		2,264,561		2,227,957
Morgan Stanley Bank of America Merrill Lynch Trust 3.150% due 03/15/48		1,941,547		1,885,425
Morgan Stanley Capital I Trust 2.509% due 04/05/42 § ~		4,900,000		3,713,107

	Principal Amount		Value
NYO Commercial Mortgage Trust 6.357% (SOFR + 1.209%) due 11/15/38 § ~		$11,200,000		$10,200,001
One New York Plaza Trust 6.143% (USD LIBOR + 0.950%) due 01/15/36 § ~		3,780,000		3,587,554
PFP Ltd. (Bermuda) 7.376% (SOFR + 2.274%) due 08/19/35 § ~		6,400,000		6,393,638
Ready Capital Mortgage Financing LLC 7.636% (SOFR + 2.552%) due 10/25/39 § ~		6,091,339		6,086,131
STWD Ltd. (Cayman) 6.296% (SOFR + 1.194%) due 07/15/38 § ~		5,445,905		5,399,658
STWD Mortgage Trust (Cayman) 6.051% (USD LIBOR + 0.858%) due 11/15/36 § ~		7,100,000		6,915,424
Wells Fargo Commercial Mortgage Trust 3.809% due 12/15/48		4,837,000		4,576,222
				180,223,747
Collateralized Mortgage Obligations - Residential - 8.0%
Alternative Loan Trust 5.770% (USD LIBOR + 0.620%) due 10/25/35 § W ±		4,254		4,155
Alternative Loan Trust (IO) 0.154% (5.000% - USD LIBOR) due 05/25/35 §		638,931		23,965
Banc of America Funding Trust
2.874% due 08/25/47 § ~		3,321,906		2,701,692
4.449% due 02/20/36 §		233,567		219,703
Banc of America Mortgage Trust 6.000% due 05/25/37		1,796,454		1,406,319
BCAP LLC Trust
4.590% due 03/26/37 § ~		127,242		122,977
5.250% due 02/26/36 § ~		946,401		422,081
Bear Stearns Adjustable Rate Mortgage Trust 4.108% due 08/25/33 §		449,624		421,766
Bear Stearns ALT-A Trust 4.365% due 01/25/36 §		631,537		575,601
Bear Stearns Structured Products, Inc. Trust
3.484% due 12/26/46 §		379,687		281,391
4.098% due 01/26/36 §		366,853		263,642
CHL Mortgage Pass-Through Trust
4.501% due 05/20/34 §		331,067		306,515
5.790% (USD LIBOR + 0.640%) due 03/25/35 §		377,760		353,726
6.500% due 10/25/37		744,426		361,601
Citigroup Mortgage Loan Trust 3.938% due 08/25/36 §		395,196		349,442
Citigroup Mortgage Loan Trust, Inc.
4.418% due 08/25/35 §		67,127		55,460
Credit Suisse First Boston Mortgage Securities Corp. (Switzerland) 5.449% due 03/25/32 § ~		78,261		72,634
DSLA Mortgage Loan Trust 5.235% due 07/19/44 §		273,590		249,414
Fannie Mae REMICS
5.036% (USD LIBOR + 0.060%) due 07/25/37 §		49,930		48,398
5.195% due 10/25/42 §		318,349		316,408
5.530% (USD LIBOR + 0.380%) due 11/25/42 §		1,123,151		1,103,241

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-56

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
5.546% (USD LIBOR + 0.400%) due 04/18/28 §		$10,175		$10,169
5.596% (USD LIBOR + 0.450%) due 10/18/30 §		157		157
Fannie Mae REMICS (IO) 1.550% (6.700% - USD LIBOR) due 10/25/35 §		1,441		115
First Horizon Alternative Mortgage Securities Trust
4.386% due 03/25/35 §		368,099		230,306
6.227% due 06/25/34 §		1,215,586		1,142,450
Freddie Mac 7.500% due 09/20/26		18,129		18,262
Freddie Mac REMICS
4.189% (USD LIBOR + 0.350%) due 08/15/40 §		2,276,614		2,199,111
4.299% (USD LIBOR + 0.350%) due 10/15/40 §		2,187,995		2,102,390
5.383% (USD LIBOR + 0.190%) due 10/15/43 §		2,562,512		2,509,866
5.543% (USD LIBOR + 0.350%) due 12/15/29 §		3,975		3,961
Freddie Mac Structured Pass-Through Certificates
5.176% (US FED + 1.200%) due 10/25/44 §		482,899		443,945
5.376% (US FED + 1.400%) due 07/25/44 §		2,322,487		2,158,844
Government National Mortgage Association
5.566% (SOFR + 0.500%) due 01/20/72 §		2,557,037		2,492,600
5.866% (SOFR + 0.800%) due 01/20/73 §		4,558,932		4,513,457
5.946% (SOFR + 0.880%) due 02/20/73 §		5,131,924		5,104,175
5.966% (SOFR + 0.900%) due 01/20/73 §		7,527,318		7,498,093
Government National Mortgage Association REMICS
4.628% (USD LIBOR + 0.750%) due 01/20/66 §		3,673,490		3,625,298
5.129% (USD LIBOR + 0.600%) due 07/20/65 §		2,820,577		2,796,338
5.594% (USD LIBOR + 0.500%) due 04/20/64 §		1,120,931		1,116,642
5.644% (USD LIBOR + 0.550%) due 05/20/65 §		867,900		857,762
5.694% (USD LIBOR + 0.600%) due 08/20/65 §		2,700,480		2,674,199
5.816% (SOFR + 0.750%) due 10/20/72 §		4,786,848		4,760,990
5.946% (SOFR + 0.880%) due 03/20/73 §		5,012,574		4,985,405
6.086% (SOFR + 1.020%) due 12/20/72 §		3,134,463		3,142,675
6.464% (USD LIBOR + 0.750%) due 04/20/67 §		4,472,398		4,448,697
Great Hall Mortgages No 1 PLC (United Kingdom)
5.644% (USD LIBOR + 0.130%) due 06/18/39 § ~		1,219,396		1,206,210
GreenPoint Mortgage Funding Trust 5.690% (USD LIBOR + 0.540%) due 11/25/45 §		18,774		16,566
GS Mortgage-Backed Securities Corp. Trust 2.500% due 06/25/52 § ~		6,305,031		5,091,424

	Principal Amount		Value
HarborView Mortgage Loan Trust 5.310% (USD LIBOR + 0.320%) due 05/25/38 §		$638,224		$512,186
Impac CMB Trust 5.690% (USD LIBOR + 0.270%) due 05/25/35 §		23,704		21,904
IndyMac ARM Trust 3.544% due 01/25/32 § W ±		6,461		5,820
JP Morgan Alternative Loan Trust
5.510% (USD LIBOR + 0.360%) due 05/25/36 §		1,828,592		1,556,752
6.000% due 12/27/36 ~		889,517		492,714
JP Morgan Mortgage Trust
3.758% due 12/26/37 § ~		3,155,900		2,710,743
5.450% (USD LIBOR + 0.300%) due 10/25/35 §		1,028,212		741,560
Legacy Mortgage Asset Trust 5.882% due 10/25/59 § ~		5,267,382		5,180,647
Lehman Mortgage Trust 5.750% due 02/25/37		4,972,790		3,508,668
MASTR Adjustable Rate Mortgages Trust 4.578% due 04/21/34 § W ±		7,193		6,767
MASTR Alternative Loan Trust 5.550% (USD LIBOR + 0.400%) due 03/25/36 §		689,664		69,823
Merrill Lynch Mortgage Investors Trust 4.391% due 06/25/35 §		13,136		12,402
Metlife Securitization Trust 3.750% due 03/25/57 § ~		4,442,484		4,162,735
New Residential Mortgage Loan Trust
3.000% due 03/25/52 § ~		6,387,600		5,393,225
3.500% due 12/25/57 § ~		3,719,765		3,489,311
OBX Trust
5.800% (USD LIBOR + 0.650%) due 06/25/57 § ~		3,773,630		3,579,468
6.120% due 11/25/62 § ~		4,719,509		4,699,950
PHH Alternative Mortgage Trust 5.470% (USD LIBOR + 0.320%) due 02/25/37 §		6,575,570		4,947,941
RBSSP Resecuritization Trust 6.250% due 12/26/36 § ~		632,392		235,409
Reperforming Loan REMIC Trust 5.490% (USD LIBOR + 0.340%) due 06/25/35 § ~		865,889		792,641
Residential Asset Securitization Trust (IO) 0.104% (4.950% - USD LIBOR) due 11/25/35 §		1,752,202		104,439
Resloc UK PLC (United Kingdom) 3.686% (EUR LIBOR + 0.160%) due 12/15/43 § ~		EUR1,685,761		1,755,066
RFMSI Trust 4.149% due 09/25/35 §		$362,980		234,910
Ripon Mortgages PLC (United Kingdom) 5.491% (SONIO + 0.700%) due 08/28/56 § ~		GBP 7,725,801		9,769,405
RMAC Securities No. 1 PLC (United Kingdom) 5.454% (SONIO + 0.589%) due 06/12/44 § ~		3,556,523		4,239,528
Seasoned Credit Risk Transfer Trust 14.094% due 09/25/60 § ~		$2,988,378		2,140,233
Sequoia Mortgage Trust 5.857% (USD LIBOR + 0.700%) due 07/20/33 §		194,286		177,912
Structured Adjustable Rate Mortgage Loan Trust 3.934% due 01/25/35 §		49,492		49,020

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-57

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Structured Asset Mortgage Investments II Trust
5.570% (USD LIBOR + 0.420%) due 05/25/36 §		$383,286		$258,397
5.610% (USD LIBOR + 0.460%) due 02/25/36 §		561,859		470,874
5.646% (USD LIBOR + 0.500%) due 07/19/35 §		64,040		59,652
5.710% (USD LIBOR + 0.560%) due 02/25/36 §		348,881		293,775
Structured Asset Mortgage Investments Trust 5.806% (USD LIBOR + 0.660%) due 09/19/32 §		13,177		12,657
Structured Asset Securities Corp. Trust 5.750% due 04/25/35		2,326,392		1,380,672
Suntrust Alternative Loan Trust (IO) 0.079% (5.100% - USD LIBOR) due 12/25/35 §		1,999,656		55,115
Towd Point Mortgage Funding (United Kingdom) 5.841% (SONIA + 1.350%) due 07/20/45 § ~		GBP 17,277,204		21,941,906
Towd Point Mortgage Funding PLC (United Kingdom) 5.531% (SONIA + 1.144) due 10/20/51 § ~		7,303,668		9,283,065
Towd Point Mortgage Trust 3.750% due 07/25/62 § ~		4,260,428		3,947,039
UWM Mortgage Trust
2.500% due 11/25/51 § ~		$6,227,681		5,028,963
2.500% due 12/25/51 § ~		6,289,638		5,078,995
Verus Securitization Trust 5.850% due 12/25/67 § ~		4,670,130		4,616,314
Wachovia Mortgage Loan Trust LLC Trust 4.295% due 05/20/36 § W ±		53,261		49,953
WaMu Mortgage Pass-Through Certificates Trust
3.975% due 01/25/36 §		330,345		301,410
5.690% (USD LIBOR + 0.540%) due 12/25/45 §		17,385		16,789
5.730% (USD LIBOR + 0.580%) due 10/25/45 §		17,108		16,163
Washington Mutual Mortgage Pass-Through Certificates Trust
4.806% (US FED + 0.830%) due 11/25/46 §		883,146		748,620
6.000% due 07/25/36		1,182,038		881,850
Washington Mutual Mortgage Pass-Through Certificates Trust (IO)
0.004% (4.850% - USD LIBOR) due 11/25/35 §		6,656,090		243,659
0.104% (4.950% - USD LIBOR) due 11/25/35 §		1,979,078		103,579
Washington Mutual MSC Mortgage Pass- Through Certificates Trust 3.975% due 02/25/33 § W ±		1,715		1,653
				190,192,517
Fannie Mae - 43.5%
due 07/13/53 #		34,000,000		33,066,407
due 07/13/53 - 09/14/53 #		12,300,000		12,056,914
due 08/14/53 #		24,100,000		24,308,992
due 08/14/53 #		85,300,000		80,125,356
due 08/14/53 #		111,500,000		107,257,774
due 08/14/53 #		111,100,000		108,886,680
due 08/14/53 #		149,300,000		136,207,090
due 08/14/53 #		157,900,000		157,122,837
due 08/14/53 #		230,900,000		203,543,760
3.000% due 04/01/27		42,398,697		37,444,924

	Principal Amount		Value
3.000% due 08/01/52		$28,021,394		$24,690,066
3.000% due 09/01/52		52,928,028		46,651,318
3.500% due 05/01/33 - 08/01/52		13,510,838		12,612,065
3.505% (USD LIBOR + 1.255%) due 07/01/35 §		122,317		120,181
3.539% (US FED + 1.271%) due 03/01/33 §		75,410		73,189
3.575% (USD LIBOR + 1.316%) due 08/01/35 §		96,438		94,137
3.585% (USD LIBOR + 1.335%) due 12/01/34 §		168,631		164,534
3.663% (USD LIBOR + 1.413%) due 07/01/33 §		7,122		6,916
3.668% (USD LIBOR + 1.395%) due 12/01/34 §		1,474		1,430
3.691% (USD LIBOR + 1.373%) due 09/01/35 §		32,600		31,806
3.820% (UST + 1.695%) due 02/01/33 §		133,038		131,040
4.000% due 04/01/24 - 10/01/52		6,203,068		5,898,232
4.050% (UST + 1.925%) due 02/01/33 §		1,850		1,796
4.073% (US FED + 1.255%) due 05/01/36 §		8,268		8,007
4.090% (USD LIBOR + 1.840%) due 09/01/35 §		14,428		14,223
4.150% (UST + 2.025%) due 01/01/34 §		3,686		3,717
4.317% (USD LIBOR + 1.691%) due 03/01/33 §		1,925		1,885
4.337% (US FED + 1.255%) due 05/01/36 §		262,158		254,229
4.378% (UST + 2.068%) due 03/01/34 §		1,981		1,916
4.382% (US FED + 1.259%) due 05/01/36 §		6,028		5,946
4.415% (UST + 2.360%) due 11/01/34 §		703,719		718,946
4.500% due 01/01/24 - 05/01/53		8,915,767		8,598,715
4.663% (USD LIBOR + 1.538%) due 01/01/36 §		5,231		5,114
4.830% (USD LIBOR + 1.455%) due 04/01/35 §		63,078		61,270
4.944% (US FED + 1.200%) due 08/01/42 - 10/01/44 §		386,369		373,260
5.000% due 05/01/25 - 06/01/53		26,241,693		25,747,338
5.000% (USD LIBOR + 2.250%) due 06/01/34 §		1,676		1,639
5.055% (UST + 2.055%) due 04/01/34 §		40,982		40,372
5.095% (UST + 2.095%) due 04/01/27 §		217		213
5.348% (US FED + 1.734%) due 09/01/34 §		21,354		21,510
5.500% due 09/01/23 - 09/01/41		2,194,224		2,244,563
5.730% (USD LIBOR + 1.605%) due 08/01/36 §		16,853		16,868
5.954% (USD LIBOR + 1.550%) due 09/01/33 §		8,698		8,726
6.000% due 02/01/24 - 09/01/39		1,251,215		1,282,685
6.500% due 09/01/28 - 09/01/37		229,181		235,437
7.500% due 01/01/33		6,975		7,151
8.000% due 05/01/30		1,207		1,211
				1,030,152,385
Freddie Mac - 3.5%
3.000% due 04/01/52 - 08/01/52		24,961,336		21,997,977
3.500% due 08/01/27 - 08/01/52		8,631,389		7,952,173
3.622% (USD LIBOR + 1.345%) due 09/01/35 §		67,348		67,156

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-58

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.000% (UST + 2.250%) due 07/01/32 §		$5,739		$5,634
4.000% due 11/01/33 - 10/01/52		5,328,576		5,048,237
4.262% (UST + 2.137%) due 01/01/28 §		2,034		1,975
4.583% (UST + 2.249%) due 03/01/32 §		10,203		9,897
4.624% (UST + 2.249%) due 03/01/32 §		13,774		13,419
5.000% due 12/01/52 - 06/01/53		47,539,433		46,617,956
5.500% due 12/01/24 - 05/01/40		2,072,392		2,125,028
6.000% due 05/01/29		4,211		4,250
7.000% due 10/01/37		10,393		10,759
				83,854,461
Government National Mortgage Association - 0.3%
2.625% (UST + 1.500%) due 07/20/23 - 09/20/32 §		69,310		67,062
2.750% (UST + 1.500%) due 10/20/23 - 12/20/32 §		75,115		72,258
2.875% (UST + 1.500%) due 04/20/24 - 06/20/32 §		103,489		101,388
3.000% (UST + 1.500%) due 10/20/24 - 09/20/30 §		12,607		12,152
3.500% (UST + 1.500%) due 11/20/24 §		1,638		1,609
3.500% (UST + 2.000%) due 11/20/24 §		4,860		4,764
3.625% (UST + 1.500%) due 01/20/24 - 03/20/33 §		100,255		97,105
4.000% due 03/15/44 - 09/15/49		927,339		888,781
4.125% (UST + 2.000%) due 03/20/29 §		17,537		17,106
5.000% due 05/15/33 - 07/20/49		4,471,208		4,499,082
6.000% due 06/15/38 - 09/15/38		2,214		2,252
7.500% due 07/15/31 - 12/15/31		11,921		12,464
8.000% due 12/15/29 - 08/15/32		113,257		114,925
8.500% due 09/15/29 - 12/15/30		108,058		108,201
				5,999,149
Total Mortgage-Backed Securities (Cost $1,534,482,679)				1,490,422,259
ASSET-BACKED SECURITIES - 13.6%
ABFC Trust 5.975% (USD LIBOR + 0.825%) due 07/25/35 §		4,540,094		4,128,864
ACAS CLO Ltd. (Cayman) 6.152% (USD LIBOR + 0.890%) due 10/18/28 § ~		5,501,921		5,467,731
Apres Static CLO Ltd. (Cayman) 6.330% (USD LIBOR + 1.070%) due 10/15/28 § ~		1,594,344		1,592,838
Ares XL CLO Ltd. (Cayman) 6.130% (USD LIBOR + 0.870%) due 01/15/29 § ~		4,503,393		4,475,074
Argent Securities, Inc. Asset-Backed Pass- Through Certificates 5.910% (USD LIBOR + 0.760%) due 02/25/36 §		1,524,726		1,165,268
Asset-Backed Securities Corp. Home Equity Loan Trust 6.170% (USD LIBOR + 1.020%) due 07/25/35 §		2,000,000		1,900,918
Avoca CLO XVII DAC (Netherlands) 3.997% (EUR LIBOR + 0.820%) due 10/15/32 § ~		EUR 6,000,000		6,400,454

	Principal Amount		Value
Benefit Street Partners CLO XVI Ltd. (Cayman) 6.290% (USD LIBOR + 1.030%) due 01/17/32 § ~		$7,000,000		$6,923,000
Benefit Street Partners CLO XVII Ltd. (Cayman) 6.340% (USD LIBOR + 1.080%) due 07/15/32 § ~		7,000,000		6,932,815
BSPDF Issuer Ltd. (Cayman) 6.393% (USD LIBOR + 1.200%) due 10/15/36 § ~		7,000,000		6,825,189
Catamaran CLO Ltd. (Cayman) 6.373% (USD LIBOR + 1.100%) due 04/22/30 § ~		7,938,639		7,891,166
CIT Mortgage Loan Trust 6.500% (USD LIBOR + 1.350%) due 10/25/37 § ~		263,698		263,230
Citigroup Mortgage Loan Trust
5.450% (USD LIBOR + 0.300%) due 12/25/36 §		8,792,756		3,547,349
5.470% (USD LIBOR + 0.320%) due 12/25/36 § ~		1,823,258		1,024,943
Countrywide Asset-Backed Certificates 6.050% (USD LIBOR + 0.900%) due 03/25/47 § ~		1,290,749		1,062,162
CVC Cordatus Loan Fund XI DAC (Ireland) 3.827% (EUR LIBOR + 0.650%) due 10/15/31 § ~		EUR 6,100,000		6,519,370
CWABS Asset-Backed Certificates Trust
5.290% (USD LIBOR + 0.140%) due 06/25/47 §		$4,555,784		4,060,429
5.380% (USD LIBOR + 0.230%) due 10/25/47 §		258,213		253,316
5.430% (USD LIBOR + 0.280%) due 03/25/37 §		2,099,945		2,019,512
Discover Card Execution Note Trust 5.793% (USD LIBOR + 0.600%) due 12/15/26 §		6,600,000		6,603,273
DLLAD LLC 5.190% due 04/20/26 ~		4,100,000		4,062,766
Dryden 52 Euro CLO DAC (Ireland) 4.183% (EUR LIBOR + 0.860%) due 05/15/34 § ~		EUR 5,600,000		5,979,732
FBR Securitization Trust 5.915% (USD LIBOR + 0.765%) due 09/25/35 §		$28,530,000		27,631,750
First Franklin Mortgage Loan Trust 5.460% (USD LIBOR + 0.310%) due 10/25/36 §		13,900,000		11,163,233
GLS Auto Receivables Issuer Trust 3.550% due 01/15/26 ~		3,008,521		2,977,079
GSAA Home Equity Trust 5.490% (USD LIBOR + 0.340%) due 09/25/36 §		8,504,419		2,056,753
Halseypoint CLO II Ltd. (Cayman) 6.350% (USD LIBOR + 1.100%) due 07/20/31 § ~		6,626,404		6,583,000
Harvest CLO XI DAC (Ireland) 4.250% (EUR LIBOR + 0.650%) due 06/26/30 § ~		EUR 5,139,997		5,502,523
Home Equity Asset Trust 5.930% (USD LIBOR + 0.780%) due 10/25/34 §		$1,245,092		1,221,954
Home Equity Mortgage Loan Asset-Backed Trust 5.470% (USD LIBOR + 0.320%) due 04/25/37 §		3,466,761		2,949,371
HSI Asset Securitization Corp. Trust 5.645% (USD LIBOR + 0.495%) due 02/25/36 §		433,958		408,051
Imc Home Equity Loan Trust 5.432% due 08/20/29 § W ±		383		355

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-59

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
IXIS Real Estate Capital Trust 5.350% (USD LIBOR + 0.200%) due 01/25/37 §		$10,204,775		$3,710,053
JP Morgan Mortgage Acquisition Trust 5.585% (USD LIBOR + 0.435%) due 05/25/36 §		9,681,732		9,079,460
LCCM CLO Trust 6.462% (SOFR + 1.314%) due 12/13/38 § ~		8,000,000		7,832,728
LCM CLO XIII LP (Cayman) 6.135% (USD LIBOR + 0.870%) due 07/19/27 § ~		3,631,724		3,613,329
LCM CLO XXIV Ltd. (Cayman) 6.230% (USD LIBOR + 0.980%) due 03/20/30 § ~		654,775		650,026
LCM CLO XXV Ltd. (Cayman) 6.149% (SOFR + 1.100%) due 07/20/30 § ~		6,018,646		5,986,447
Lehman ABS Mortgage Loan CLO Trust 5.240% (USD LIBOR + 0.090%) due 06/25/37 § ~		782,862		503,293
LFT CRE CLO Ltd. 6.363% (USD LIBOR + 1.170%) due 06/15/39 § ~		7,000,000		6,873,552
Magnetite CLO XVIII Ltd. (Cayman) 6.201% (USD LIBOR + 0.880%) due 11/15/28 § ~		5,929,513		5,891,936
Marble Point CLO X Ltd. (Cayman) 6.300% (USD LIBOR + 1.040%) due 10/15/30 § ~		6,225,381		6,183,548
Mastr Asset-Backed Securities Trust 5.650% (USD LIBOR + 0.500%) due 04/25/36 §		7,269,823		1,870,226
Merrill Lynch Mortgage Investors Trust 5.900% (USD LIBOR + 0.750%) due 09/25/35 §		906,803		855,915
MKS CLO Ltd. (Cayman) 6.250% (USD LIBOR + 1.000%) due 07/20/30 § ~		4,428,000		4,381,121
Morgan Stanley ABS Capital I, Inc. Trust
5.210% (USD LIBOR + 0.060%) due 05/25/37 §		140,743		122,273
5.330% (USD LIBOR + 0.180%) due 03/25/37 §		2,302,782		1,016,903
5.330% (USD LIBOR + 0.180%) due 05/25/37 §		6,155,109		5,359,945
5.370% (USD LIBOR + 0.220%) due 11/25/36 §		5,469,110		2,590,257
5.400% (USD LIBOR + 0.250%) due 03/25/37 §		3,855,821		1,703,304
Morgan Stanley Capital I, Inc. Trust 5.510% (USD LIBOR + 0.360%) due 03/25/36 §		1,488,992		1,202,278
Option One Mortgage Loan Trust
5.290% (USD LIBOR + 0.140%) due 02/25/37 §		4,185,927		2,751,290
5.370% (USD LIBOR + 0.220%) due 02/25/37 §		11,598,290		5,898,591
OZLM VI Ltd. (Cayman) 6.340% (USD LIBOR + 1.080%) due 04/17/31 § ~		6,108,258		6,024,242
OZLM VIII Ltd. (Cayman) 6.240% (USD LIBOR + 0.980%) due 10/17/29 § ~		5,770,716		5,734,602
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 5.975% (USD LIBOR + 0.825%) due 07/25/35 §		6,700,000		6,262,217

	Principal Amount		Value
RAAC Trust 5.800% (USD LIBOR + 0.650%) due 06/25/47 §		$1,553,694		$1,501,599
Renaissance Home Equity Loan Trust 3.823% (USD LIBOR + 0.880%) due 08/25/33 §		135,739		122,740
Santander Drive Auto Receivables Trust
3.980% due 01/15/25		1,629,593		1,627,613
4.370% due 05/15/25		3,095,258		3,090,588
Saranac CLO VI Ltd. (Jersey) 6.684% (USD LIBOR + 1.140%) due 08/13/31 § ~		6,800,000		6,719,255
Saxon Asset Securities Trust 5.810% (USD LIBOR + 0.660%) due 10/25/35 §		2,264,125		2,138,390
Securitized Asset-Backed Receivables LLC Trust 5.810% (USD LIBOR + 0.660%) due 08/25/35 §		3,515,532		2,710,544
Sound Point CLO XVI Ltd. (Cayman) 6.235% (USD LIBOR + 0.980%) due 07/25/30 § ~		6,658,759		6,583,180
Sound Point CLO XVII Ltd. (Cayman) 6.230% (USD LIBOR + 0.980%) due 10/20/30 § ~		4,869,798		4,815,024
Soundview Home Loan Trust 5.260% (USD LIBOR + 0.110%) due 02/25/37 §		1,386,886		394,880
Stratus CLO Ltd. (Cayman) 6.150% (USD LIBOR + 0.900%) due 12/28/29 § ~		5,758,499		5,690,952
Structured Asset Investment Loan Trust 5.770% (USD LIBOR + 0.620%) due 01/25/36 §		4,462,456		4,108,939
Structured Asset Securities Corp. Mortgage Loan Trust
5.420% (USD LIBOR + 0.270%) due 03/25/36 §		1,284,432		1,182,421
5.490% (USD LIBOR + 0.340%) due 12/25/36 § W ±		173,989		163,722
Terwin Mortgage Trust 5.570% (USD LIBOR + 0.420%) due 04/25/37 § ~ W ±		156,161		145,736
THL Credit Wind River CLO Ltd. (Cayman) 6.340% (USD LIBOR + 1.080%) due 04/15/31 § ~		7,000,000		6,914,092
Tikehau CLO DAC (Ireland) 4.144% (EUR LIBOR + 0.870%) due 08/04/34 § ~		EUR 6,000,000		6,397,473
TRTX Issuer Ltd. (Cayman) 6.717% (SOFR + 1.650%) due 02/15/39 § ~		$6,600,000		6,418,796
Venture XXVIII CLO Ltd. (Cayman) 6.240% (USD LIBOR + 0.990%) due 07/20/30 § ~		6,225,934		6,155,675
Voya CLO Ltd. (Cayman) 6.210% (USD LIBOR + 0.950%) due 04/17/30 § ~		5,788,382		5,746,531
Wellfleet CLO Ltd. (Cayman) 6.140% (USD LIBOR + 0.890%) due 04/20/29 § ~		3,106,484		3,103,223
Total Asset-Backed Securities (Cost $335,134,767)				321,422,377
U.S. GOVERNMENT AGENCY ISSUES - 1.4%
Freddie Mac 0.680% due 08/06/25		35,600,000		32,588,546
Total U.S. Government Agency Issues (Cost $35,600,000)				32,588,546

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-60

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 16.0%
U.S. Treasury Bonds - 12.6%
1.375% due 11/15/40		$25,850,000		$17,315,461
1.625% due 11/15/50 ‡		10,200,000		6,340,137
1.875% due 02/15/41 ‡		4,700,000		3,416,863
2.000% due 02/15/50 ‡		2,900,000		1,989,615
2.250% due 08/15/49 ‡		2,800,000		2,036,125
2.500% due 02/15/45 ‡		1,300,000		1,007,170
2.750% due 08/15/42		26,200,000		21,602,207
2.875% due 05/15/43 ‡		5,500,000		4,603,887
2.875% due 08/15/45		30,100,000		24,857,191
3.000% due 02/15/49 ‡		2,050,000		1,735,013
3.125% due 02/15/42 ‡		8,000,000		7,036,094
3.125% due 08/15/44		35,400,000		30,651,422
3.250% due 05/15/42		72,200,000		64,463,882
3.375% due 05/15/44		26,300,000		23,725,477
3.625% due 02/15/44		13,500,000		12,655,723
3.750% due 11/15/43		20,900,000		19,986,033
3.875% due 05/15/43		13,400,000		13,077,562
4.250% due 05/15/39 ‡		4,900,000		5,128,348
4.375% due 11/15/39		20,700,000		21,939,574
4.500% due 08/15/39		7,700,000		8,282,914
4.625% due 02/15/40 ‡		5,500,000		6,001,123
				297,851,821
U.S. Treasury Inflation Protected Securities - 3.4%
0.125% due 10/15/24 ^ ‡		1,063,980		1,026,382
0.125% due 07/15/31 ^		16,069,714		14,257,324
0.125% due 01/15/32 ^		4,814,436		4,240,650
0.250% due 02/15/50 ^		1,179,770		826,192
0.500% due 04/15/24 ^ ‡		1,322,882		1,290,969
0.625% due 01/15/24 ^		10,529,352		10,351,388
0.625% due 07/15/32 ^		19,939,063		18,337,332
0.750% due 02/15/45 ^		7,213,080		5,967,500
0.875% due 02/15/47 ^		2,387,369		2,005,254
1.000% due 02/15/46 ^		1,152,090		1,000,508
1.000% due 02/15/48 ^		12,422,899		10,698,127
1.000% due 02/15/49 ^		1,687,504		1,452,895
1.250% due 04/15/28 ^		7,584,075		7,340,978
1.500% due 02/15/53 ^		2,346,874		2,280,754
				81,076,253
U.S. Treasury Notes - 0.0%
2.250% due 08/15/27 ‡		20,000		18,492
Total U.S. Treasury Obligations (Cost $435,028,882)				378,946,566
FOREIGN GOVERNMENT BONDS & NOTES - 1.6%
Chile Government (Chile) 3.500% due 01/31/34		7,000,000		6,182,520
Hydro-Quebec (Canada) 8.625% due 06/15/29		1,000,000		1,186,902
Israel Government International (Israel) 3.875% due 07/03/50		2,600,000		2,137,307
Japan Finance Organization for Municipalities (Japan) 3.375% due 09/27/23 ~		3,200,000		3,182,676
Republic of Poland Government (Poland) 5.500% due 04/04/53		2,100,000		2,118,799
Romanian Government (Romania) 3.000% due 02/27/27 ~		6,500,000		5,899,887
Saudi Government (Saudi Arabia)
4.875% due 07/18/33 ~		5,000,000		5,001,070
5.000% due 01/18/53 ~		5,000,000		4,638,725

	Principal Amount		Value
State of Israel (Israel) 3.800% due 05/13/60 ~		$9,000,000		$6,856,488
Total Foreign Government Bonds & Notes (Cost $41,669,220)				37,204,374
SHORT-TERM INVESTMENTS - 9.9%
Commercial Paper - 3.9%
Amcor Flexibles North America, Inc. 5.430% due 07/20/23		4,000,000		3,987,882
American Electric Power Co., Inc. 5.440% due 08/08/23		5,900,000		5,865,012
AT&T, Inc. 5.700% due 03/19/24		5,800,000		5,552,292
Dominion Energy, Inc.
5.430% due 07/31/23		1,900,000		1,891,198
5.490% due 07/10/23		5,650,000		5,641,815
Electricite de France SA (France)
5.510% due 08/03/23		3,149,000		3,132,393
5.510% due 08/04/23		3,151,000		3,133,897
Enbridge US, Inc. 5.450% due 07/03/23		500,000		499,775
Entergy Corp. 5.450% due 07/20/23		1,950,000		1,944,207
Leidos, Inc. 5.900% due 07/10/23		9,600,000		9,585,080
Mondelez International, Inc. 5.370% due 07/24/23		4,800,000		4,782,992
National Grid North America, Inc. 5.450% due 07/13/23		2,500,000		2,495,247
Northrop Grumman Corp. 5.600% due 08/22/23		4,700,000		4,662,033
Penske Truck Leasing Co. LP 5.350% due 07/11/23		5,000,000		4,991,845
Raytheon Technologies Corp. 5.450% due 07/12/23		9,500,000		9,483,201
S&P Global, Inc. 5.400% due 07/06/23		4,800,000		4,795,789
Thomson Reuters Corp. (Canada) 5.450% due 07/05/23		4,700,000		4,696,534
VW Credit, Inc. (Germany) 5.400% due 07/21/23		5,000,000		4,984,410
Walgreens Boots Alliance, Inc.
5.850% due 07/07/23		4,750,000		4,744,699
6.000% due 07/05/23		3,600,000		3,597,134
6.000% due 07/06/23		1,900,000		1,898,184
				92,365,619
Repurchase Agreements - 6.0%
BNP Paribas SA 5.120% due 07/03/23 (Dated 06/30/23, repurchase price of $65,427,904; collateralized by U.S. Treasury Notes: 3.500% due 01/31/30 and value $65,707,072)		65,400,000		65,400,000
Deutsche Bank Securities, Inc. 5.140% due 07/05/23 (Dated 07/03/23, repurchase price of $65,818,790; collateralized by U.S. Treasury Bond: 2.250% due 05/15/41 and value $66,793,512)		65,800,000		65,800,000
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $8,972,388; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $9,148,323)		8,968,875		8,968,875

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-61

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Toronto-Dominion Bank 5.160% due 07/03/23 (Dated 06/30/23, repurchase price of $2,601,118; collateralized by U.S. Treasury Notes: 0.250% due 05/31/25 and value $2,658,245)		$2,600,000		$2,600,000
				142,768,875
Total Short-Term Investments (Cost $235,153,561)				235,134,494
TOTAL INVESTMENTS - 138.2% (Cost $3,460,317,885)				3,273,668,674
TOTAL SECURITIES SOLD SHORT - (1.5%) (Proceeds $35,808,961)				(35,638,032	)
DERIVATIVES - (0.3%)				(7,072,453	)
OTHER ASSETS & LIABILITIES, NET - (36.4%)				(862,842,136	)
NET ASSETS - 100.0%				$2,368,116,053

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Mortgage-Backed Securities	62.9%
Corporate Bonds & Notes	32.8%
U.S. Treasury Obligations	16.0%
Asset-Backed Securities	13.6%
Short-Term Investments	9.9%
Others (each less than 3.0%)	3.0%
	138.2%
Securities Sold Short	(1.5%	)
Derivatives	(0.3%	)
Other Assets & Liabilities, Net	(36.4%	)
	100.0%

(b) Investments with a total aggregate value of $1,417,461 or less than 0.1% of the Fund’s net assets determined by a valuation committee established under the Valuation Policy.

(c) Investments with a total aggregate value of $1,764,471 or less than 0.1% of the Fund’s net assets were in default as of June 30, 2023.

(d) As of June 30, 2023, investments with a total aggregate value of $27,061,497 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts, swap agreements and delayed delivery securities (including sale-buyback financing transactions).

(e) The average amount of borrowings by the Fund on reverse repurchase agreements during the period ended June 30, 2023 was $ 67,338,674 at a weighted average interest rate of 4.679%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the period ended June 30, 2023 was $294,306 at a weighted average interest rate of 2.926%.

(f) Securities sold short outstanding as of June 30, 2023 were as follows:

Description	Principal Amount			Value
Mortgage-Backed Securities - (1.5%)
Fannie Mae 2.000% due 08/14/53		($16,800,000	)		($13,724,157	)
2.500% due 08/14/53		(25,800,000	)		(21,913,875	)
Total Securities Sold Short (Proceeds $35,808,961)					($35,638,032	)

(g) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
3-Month USD SOFR		03/24		41		$9,798,139		$9,700,600		($97,539	)
Euro-Bobl		09/23		151		19,324,531		19,065,682		(258,849	)
U.S. Treasury 5-Year Notes		09/23		2,277		248,485,916		243,852,469		(4,633,447	)
U.S. Treasury Ultra Long Bonds		09/23		62		8,368,160		8,445,563		77,403
										(4,912,432	)
Short Futures Outstanding
Euro-BTP		09/23		56		7,039,341		7,095,159		(55,818	)
Euro-Bund		09/23		621		91,441,956		90,626,960		814,996
Euro-Buxl		09/23		28		4,202,925		4,265,284		(62,359	)
Euro-OAT		09/23		61		8,593,794		8,546,718		47,076
Japan 10-Year Bonds		09/23		97		99,536,304		99,860,356		(324,052	)
U.S. Treasury 2-Year Notes		09/23		595		122,781,503		120,989,531		1,791,972
U.S. Treasury 10-Year Notes		09/23		1,012		115,546,929		113,612,812		1,934,117
U.S. Treasury 30-Year Bonds		09/23		18		2,289,067		2,284,313		4,754
U.S. Treasury Ultra 10-Year Notes		09/23		796		94,906,903		94,276,250		630,653
										4,781,339
Total Futures Contracts										($131,093	)

(h) Forward foreign currency contracts outstanding as of June 30, 2023 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
AUD	31,775,000	USD	21,479,055		08/23	BOA		$-		($286,825	)
CAD	775,054	USD	585,745		07/23	TDB		-		(689	)
DKK	3,639,406	USD	535,267		07/23	BOA		-		(1,903	)
DKK	3,245,712	USD	475,818		07/23	MSC		-		(151	)
GBP	2,428,000	USD	3,102,989		08/23	HSB		-		(18,684	)
GBP	1,132,000	USD	1,401,230		08/23	JPM		36,758		-
IDR	23,078,848,968	USD	1,535,928		07/23	MSC		3,432		-
IDR	87,548,527,050	USD	5,848,265		09/23	BOA		-		(35,154	)
IDR	36,622,295,012	USD	2,434,022		09/23	JPM		-		(2,221	)
IDR	23,098,910,823	USD	1,543,220		09/23	MSC		-		(9,481	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-62

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
INR	370,486,991	USD	4,479,188		09/23		BOA		$23,297		$-
INR	350,492,241	USD	4,239,593		09/23		UBS		19,898		-
INR	490,001,362	USD	5,937,881		12/23		JPM		-		(4,178	)
JPY	60,729,469	USD	458,879		08/23		BRC		-		(35,313	)
JPY	869,620,771	USD	6,543,869		08/23		MSC		-		(478,578	)
JPY	400,513,495	USD	3,020,487		08/23		TDB		-		(227,050	)
PEN	12,251,497	USD	3,360,718		07/23		BNP		14,848		-
PEN	1,652,449	USD	450,627		07/23		BOA		4,574		-
PEN	24,099,321	USD	6,603,197		07/23		CIT		37,672		-
PEN	12,247,922	USD	3,348,714		07/23		DUB		27,462		-
PEN	4,596,609	USD	1,259,000		07/23		GSC		6,309		-
PEN	1,986,149	USD	508,448		08/23		CIT		37,112		-
PEN	2,516,789	USD	689,720		08/23		GSC		1,597		-
PEN	1,246,003	USD	340,187		09/23		BRC		1,359		-
PEN	13,710,524	USD	3,744,436		09/23		GSC		12,155		-
PEN	5,174,304	USD	1,404,199		09/23		SCB		14,255		-
PLN	13,000	USD	3,161		07/23		BRC		34		-
THB	151,226,074	USD	4,409,952		09/23		JPM		-		(112,536	)
THB	68,932,324	USD	2,013,446		09/23		MSC		-		(54,584	)
THB	156,493,456	USD	4,531,970		09/23		SCB		-		(84,870	)
TWD	560,477	USD	18,381		08/23		MSC		-		(378	)
TWD	217,837,512	USD	7,157,702		09/23		GSC		-		(148,097	)
USD	354,576	CAD	471,000		07/23		DUB		-		(963	)
USD	224,321	CAD	304,000		07/23		HSB		-		(5,156	)
USD	585,745	CAD	774,746		08/23		TDB		684		-
USD	120,671	CNH	829,000		08/23		HSB		6,262		-
USD	31,268	CNH	218,000		08/23		CIT		1,182		-
USD	4,322	DKK	30,000		07/23		BNP		-		(75	)
USD	1,137,119	DKK	7,874,583		07/23		BOA		-		(16,920	)
USD	535,267	DKK	3,633,331		08/23		BOA		1,919		-
USD	475,818	DKK	3,240,299		08/23		MSC		164		-
USD	148,439	DKK	1,017,977		08/23		UBS		-		(993	)
USD	47,642,542	EUR	43,175,000		08/23		HSB		432,667		-
USD	8,912,172	GBP	7,100,616		08/23		BRC		-		(107,790	)
USD	31,677,520	GBP	25,010,787		08/23		JPM		-		(93,857	)
USD	27,690,743	GBP	21,907,597		08/23		UBS		-		(138,631	)
USD	1,543,220	IDR	23,078,848,968		07/23		MSC		3,860		-
USD	9,559	IDR	142,325,440		09/23		JPM		108		-
USD	9,478,809	IDR	140,942,778,344		09/23		SCB		119,655		-
USD	2,404,952	JPY	343,500,000		08/23		BOA		9,164		-
USD	3,152,294	PEN	12,247,922		07/23		CIT		-		(223,882	)
USD	6,719,572	PEN	24,495,845		07/23		DUB		-		(31,185	)
USD	1,881,156	PEN	6,871,926		07/23		GSC		-		(12,085	)
USD	3,355,471	PEN	12,251,497		08/23		BNP		-		(13,318	)
USD	6,462,473	PEN	23,794,826		09/23		JPM		-		(57,149	)
USD	8,662,995	SGD	11,577,790		09/23		UBS		77,315		-
USD	763	THB	26,175		09/23		BNP		19		-
USD	1,059,717	TWD	32,354,220		08/23		BNP		20,476		-
USD	1,103,458	TWD	33,684,426		08/23		CIT		21,490		-
USD	1,148,071	TWD	34,815,253		08/23		MSC		29,780		-
USD	2,129,314	TWD	64,639,326		09/23		BOA		49,341		-
USD	1,771,589	TWD	54,012,206		09/23		SCB		33,577		-
Total Forward Foreign Currency Contracts									$1,048,425		($2,202,696	)

(i) Purchased options outstanding as of June 30, 2023 were as follows:

Interest Rate Swaptions

Description

Pay/Receive Floating Rate

Floating Rate Index

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Cost

Value

Put - 10-Year Interest Rate Swap

Receive

SOFR

4.200%

09/06/23

GSC

$7,900,000

$79,000

$11,384

Put - 1-Year Interest Rate Swap

Receive

SOFR

3.750%

09/12/23

BOA

75,600,000

604,800

1,096,525

Put - 10-Year Interest Rate Swap

Receive

SOFR

3.850%

03/04/24

BOA

6,100,000

146,145

85,071

Total Purchased Options

$829,945

$1,192,980

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-63

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(j) Premiums received and value of written options outstanding as of June 30, 2023 were as follows:

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 10-Year Interest Rate Swap		Receive		SOFR		3.200%		07/06/23		BNP		$1,200,000		$3,840		($17	)
Call - 10-Year Interest Rate Swap		Receive		SOFR		3.200%		07/06/23		MSC		1,300,000		4,192		(18	)
Call - 30-Year Interest Rate Swap		Receive		SOFR		3.060%		07/14/23		BOA		1,000,000		7,300		(4,469	)
Call - 10-Year Interest Rate Swap		Receive		SOFR		3.260%		07/26/23		BRC		1,000,000		3,250		(2,015	)
Call - 10-Year Interest Rate Swap		Receive		SOFR		3.260%		07/26/23		GSC		1,000,000		3,250		(2,015	)
Call - 7-Year Interest Rate Swap		Receive		SOFR		3.350%		07/27/23		BRC		1,200,000		2,790		(2,302	)
Call - 7-Year Interest Rate Swap		Receive		SOFR		3.350%		07/27/23		GSC		1,200,000		2,850		(2,302	)
Call - 1-Year Interest Rate Swap		Receive		SOFR		2.910%		11/10/23		GSC		9,300,000		61,729		(1,647	)
Call - 1-Year Interest Rate Swap		Receive		SOFR		2.150%		11/20/23		GSC		9,600,000		33,480		(784	)
														122,681		(15,569	)
Put - 10-Year Interest Rate Swap		Pay		SOFR		3.650%		07/06/23		BNP		1,200,000		3,840		(1,292	)
Put - 10-Year Interest Rate Swap		Pay		SOFR		3.650%		07/06/23		MSC		1,300,000		4,193		(1,400	)
Put - 30-Year Interest Rate Swap		Pay		SOFR		3.360%		07/14/23		BOA		1,000,000		7,300		(2,364	)
Put - 10-Year Interest Rate Swap		Pay		SOFR		3.660%		07/26/23		BRC		1,000,000		3,250		(4,831	)
Put - 10-Year Interest Rate Swap		Pay		SOFR		3.660%		07/26/23		GSC		1,000,000		3,250		(4,831	)
Put - 7-Year Interest Rate Swap		Pay		SOFR		3.850%		07/27/23		BRC		1,200,000		2,790		(4,240	)
Put - 7-Year Interest Rate Swap		Pay		SOFR		3.850%		07/27/23		GSC		1,200,000		2,850		(4,240	)
Put - 1-Year Interest Rate Swap		Pay		SOFR		4.715%		09/11/23		MSC		142,500,000		399,000		(844,512	)
Put - 1-Year Interest Rate Swap		Pay		SOFR		4.250%		09/12/23		BOA		75,600,000		378,000		(749,143	)
Put - 1-Year Interest Rate Swap		Pay		SOFR		4.750%		09/12/23		BOA		75,600,000		226,800		(427,904	)
Put - 1-Year Interest Rate Swap		Pay		SOFR		2.910%		11/10/23		GSC		9,300,000		61,729		(193,089	)
Put - 1-Year Interest Rate Swap		Pay		SOFR		3.650%		11/20/23		GSC		9,600,000		33,480		(133,022	)
Put - 1-Year Interest Rate Swap		Pay		SOFR		5.100%		03/04/24		BOA		50,800,000		146,685		(134,986	)
														1,273,167		(2,505,854	)
Total Interest Rate Swaptions														$1,395,848		($2,521,423	)

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Put - 3-Month SOFR (12/23)		$96.75		12/15/23		CME		466		$112,713,750		$489,764		($2,481,450	)
Total Written Options												$1,885,612		($5,002,873	)

(k) Swap agreements outstanding as of June 30, 2023 were as follows:

Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (1)

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Counter- party		Implied Credit Spread at 06/30/23 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Banco do Brasil SA		Q		1.000%		12/20/24		JPM		1.596%		$2,500,000		($27,524	)		($45,331	)		$17,807
South Africa Government		Q		1.000%		12/20/26		MSC		2.143%		4,800,000		(169,649	)		(150,904	)		(18,745	)
Colombia Government		Q		1.000%		06/20/27		GSC		1.866%		4,600,000		(140,001	)		(144,109	)		4,108
Colombia Government		Q		1.000%		06/20/27		MSC		1.866%		1,600,000		(48,696	)		(68,978	)		20,282
Colombia Government		Q		1.000%		12/20/27		GSC		2.132%		2,100,000		(92,742	)		(162,535	)		69,793
Colombia Government		Q		1.000%		12/20/27		MSC		2.132%		1,900,000		(83,910	)		(147,055	)		63,145
														(562,522	)		(718,912	)		156,390
							Exchange
Barclays Bank PLC		Q		1.000%		12/20/23		ICE		0.840%		EUR 2,400,000		2,796			1,278			1,518
General Electric Co.		Q		1.000%		12/20/23		ICE		0.276%		$2,900,000		10,772			(12,769	)		23,541
General Electric Co.		Q		1.000%		06/20/24		ICE		0.348%		3,950,000		25,779			(15,629	)		41,408
General Electric Co.		Q		1.000%		12/20/24		ICE		0.420%		2,200,000		18,843			(10,287	)		29,130
Boeing Co.		Q		1.000%		06/20/25		ICE		1.000%		6,900,000		56,816			(70,008	)		126,824
Rolls-Royce PLC		Q		1.000%		06/20/25		ICE		1.279%		EUR 4,300,000		(22,747	)		(283,940	)		261,193
Verizon Communications, Inc.		Q		1.000%		12/20/26		ICE		0.796%		$7,300,000		49,457			115,982			(66,525	)
AT&T, Inc.		Q		1.000%		06/20/28		ICE		0.962%		5,100,000		10,144			(17,146	)		27,290

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-64

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Implied Credit Spread at 06/30/22 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
British Telecommunications PLC		Q		1.000%		06/20/28		ICE		1.083%		EUR 6,200,000		($21,462	)		($24,096	)		$2,634
T-Mobile USA Inc.		Q		5.000%		06/20/28		ICE		1.014%		$2,400,000		421,621			411,557			10,064
														552,019			94,942			457,077
Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection														($10,503	)		($623,970	)		$613,467

Credit Default Swaps on Credit Indices – Buy Protection (4)

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Exchange	Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX HY35 5Y		Q		5.000%		12/20/25	ICE		$2,450,000		($112,172	)		($86,592	)		($25,580	)
CDX HY36 5Y		Q		5.000%		06/20/26	ICE		4,704,000		(223,154	)		(260,582	)		37,428
											($335,326	)		($347,174	)		$11,848

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

Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG39 5Y		Q		1.000%		12/20/27		ICE		$2,400,000		$35,748			$15,049			$20,699
Total Credit Default Swaps												($310,081	)		($956,095	)		$646,014

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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

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

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

Interest Rate Swaps - Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.000%	1-Day JPY-TONAR		A/A		LCH		03/17/24		JPY 21,440,000,000		$47,767			$111,294			($63,527	)
4.000%	1-Day CAD-OIS		S/S		LCH		06/21/25		CAD 125,100,000		(1,315,758	)		(1,360,931	)		45,173
1.788%	1-Day USD-SOFR		A/A		LCH		05/03/27		$21,500,000		(1,880,419	)		(57,944	)		(1,822,475	)
1.000%	6-Month EUR-LIBOR		A/S		LCH		05/18/27		EUR 29,000,000		(2,818,323	)		(457,109	)		(2,361,214	)
2.850%	1-Day USD-SOFR		A/A		LCH		08/29/27		$50,500,000		(2,895,370	)		(256,075	)		(2,639,295	)
2.547%	6-Month EUR-LIBOR		A/S		LCH		03/09/33		EUR 4,500,000		(200,707	)		(97,873	)		(102,834	)
3.000%	6-Month EUR-LIBOR		A/S		LCH		09/20/33		68,200,000		96,113			(481,930	)		578,043
0.450%	1-Day JPY-TONAR		A/A		LCH		12/15/51		JPY 310,000,000		(311,596	)		(215,045	)		(96,551	)
											($9,278,293	)		($2,815,613	)		($6,462,680	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-65

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Interest Rate Swaps - Short

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
3.750%	1-Day USD-SOFR		A/A		LCH		06/21/25		$55,500,000		$1,119,497			$913,501			$205,996
1.750%	1-Day USD-SOFR		A/A		CME		06/15/32		34,800,000		4,872,970			4,852,205			20,765
3.156%	1-Day USD-SOFR		A/A		LCH		03/10/33		27,600,000		(17,882	)		-			(17,882	)
0.750%	1-Day JPY-TONAR		S/S		LCH		03/20/38		JPY 50,000,000		4,347			(17,367	)		21,714
0.800%	1-Day JPY-TONAR		S/S		LCH		10/22/38		220,000,000		14,750			109			14,641
0.705%	1-Day JPY-TONAR		S/S		LCH		10/31/38		170,000,000		28,289			8,630			19,659
0.785%	1-Day JPY-TONAR		S/S		LCH		11/12/38		310,000,000		27,253			874			26,379
0.750%	1-Day JPY-TONAR		S/S		LCH		12/20/38		42,800,000		5,755			(18,183	)		23,938
0.500%	1-Day JPY-TONAR		A/A		LCH		03/15/42		2,459,000,000		1,260,887			670,844			590,043
0.662%	1-Day JPY-TONAR		A/A		LCH		04/19/42		138,000,000		44,397			-			44,397
0.800%	1-Day JPY-TONAR		A/A		LCH		06/15/52		3,770,000,000		1,581,815			(6,806	)		1,588,621
1.750%	1-Day USD-SOFR		A/A		CME		12/21/52		$11,600,000		3,280,926			2,109,637			1,171,289
3.250%	1-Day GBP-SONIA		A/A		LCH		09/20/53		GBP 1,200,000		144,177			14,267			129,910
											$12,367,181			$8,527,711			$3,839,470
Total Interest Rate Swaps											$3,088,888			$5,712,098			($2,623,210	)
Total Swap Agreements											$2,778,807			$4,756,003			($1,977,196	)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

	Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$-			$175,135
Liabilities		(718,912	)		(18,745	)
Centrally Cleared Swap Agreements (1)
Assets		9,225,227			5,062,297
Liabilities		(3,750,312	)		(7,195,883	)
		$4,756,003			($1,977,196	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-66

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(l) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Energy		$717,997			$-			$-			$717,997
	Financial		198,823			198,823			-			-
	Total Common Stocks		916,820			198,823			-			717,997
	Corporate Bonds & Notes		777,033,238			-			776,711,935			321,303
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		180,223,747			-			180,223,747			-
	Collateralized Mortgage Obligations - Residential		190,192,517			-			190,124,169			68,348
	Fannie Mae		1,030,152,385			-			1,030,152,385			-
	Freddie Mac		83,854,461			-			83,854,461			-
	Government National Mortgage Association		5,999,149			-			5,999,149			-
	Total Mortgage-Backed Securities		1,490,422,259			-			1,490,353,911			68,348
	Asset-Backed Securities		321,422,377			-			321,112,564			309,813
	U.S. Government Agency Issues		32,588,546			-			32,588,546			-
	U.S. Treasury Obligations		378,946,566			-			378,946,566			-
	Foreign Government Bonds & Notes		37,204,374			-			37,204,374			-
	Short-Term Investments		235,134,494			-			235,134,494			-
	Derivatives:
	Credit Contracts
	Swaps		756,864			-			756,864			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		1,048,425			-			1,048,425			-
	Interest Rate Contracts
	Futures		5,300,971			5,300,971			-			-
	Purchased Options		1,192,980			-			1,192,980			-
	Swaps		4,480,568			-			4,480,568			-
	Total Interest Rate Contracts		10,974,519			5,300,971			5,673,548			-
	Total Asset - Derivatives		12,779,808			5,300,971			7,478,837			-
	Total Assets		3,286,448,482			5,499,794			3,279,531,227			1,417,461
Liabilities	Securities Sold Short
	Mortgage-Backed Securities		(35,638,032	)		-			(35,638,032	)		-
	Derivatives:
	Credit Contracts
	Swaps		(110,850	)		-			(110,850	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(2,202,696	)		-			(2,202,696	)		-
	Interest Rate Contracts
	Futures		(5,432,064	)		(5,432,064	)		-			-
	Written Options		(5,002,873	)		-			(5,002,873	)		-
	Swaps		(7,103,778	)		-			(7,103,778	)		-
	Total Interest Rate Contracts		(17,538,715	)		(5,432,064	)		(12,106,651	)		-
	Total Liabilities - Derivatives		(19,852,261	)		(5,432,064	)		(14,420,197	)		-
	Total Liabilities		(55,490,293	)		(5,432,064	)		(50,058,229	)		-
	Total		$3,230,958,189			$67,730			$3,229,472,998			$1,417,461

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-67

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 45.5%
Basic Materials - 1.9%
ArcelorMittal SA (Luxembourg) 3.600% due 07/16/24		$1,585,000		$1,547,442
Celanese US Holdings LLC
5.900% due 07/05/24		6,270,000		6,258,692
6.050% due 03/15/25		7,505,000		7,478,099
Celulosa Arauco y Constitucion SA (Chile) 4.500% due 08/01/24		1,300,000		1,278,693
Ecolab, Inc.
1.650% due 02/01/27		1,425,000		1,281,607
5.250% due 01/15/28		4,110,000		4,178,043
LG Chem Ltd. (South Korea) 3.250% due 10/15/24 ~		3,000,000		2,902,367
LYB International Finance III LLC 1.250% due 10/01/25		2,618,000		2,368,411
Nucor Corp.
2.000% due 06/01/25		1,145,000		1,071,344
3.950% due 05/23/25		1,780,000		1,726,966
Nutrien Ltd. (Canada) 4.900% due 03/27/28		1,520,000		1,491,936
POSCO (South Korea)
4.375% due 08/04/25 ~		2,000,000		1,941,707
5.625% due 01/17/26 ~		4,500,000		4,480,740
Sherwin-Williams Co.
4.050% due 08/08/24		480,000		472,384
4.250% due 08/08/25		1,470,000		1,439,798
Steel Dynamics, Inc. 2.800% due 12/15/24		2,000,000		1,909,675
Westlake Corp. 0.875% due 08/15/24		2,505,000		2,366,843
				44,194,747
Communications - 2.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% due 07/23/25		13,049,000		12,800,376
Comcast Corp.
3.375% due 08/15/25		1,710,000		1,650,472
3.950% due 10/15/25		250,000		243,763
Cox Communications, Inc.
3.150% due 08/15/24 ~		4,606,000		4,451,992
3.350% due 09/15/26 ~		2,443,000		2,288,943
3.500% due 08/15/27 ~		895,000		833,000
Crown Castle Towers LLC 4.241% due 07/15/48 ~		1,040,000		966,626
KT Corp. (South Korea) 4.000% due 08/08/25 ~		1,680,000		1,629,386
Meta Platforms, Inc. 4.600% due 05/15/28		5,805,000		5,744,316
NBN Co. Ltd. (Australia) 1.450% due 05/05/26 ~		3,725,000		3,351,668
NTT Finance Corp. (Japan)
0.583% due 03/01/24 ~		1,065,000		1,029,184
4.142% due 07/26/24 ~		440,000		433,203
4.239% due 07/25/25 ~		885,000		861,260
Rogers Communications, Inc. (Canada)
2.950% due 03/15/25 ~		5,060,000		4,805,141
3.200% due 03/15/27 ~		4,345,000		4,041,133
T-Mobile USA, Inc.
2.250% due 02/15/26		1,895,000		1,742,936
3.500% due 04/15/25		3,470,000		3,337,978
Verizon Communications, Inc.
0.850% due 11/20/25		5,120,000		4,619,907
1.450% due 03/20/26		4,550,000		4,127,507
2.625% due 08/15/26		5,110,000		4,752,065
				63,710,856
Consumer, Cyclical - 4.0%
7-Eleven, Inc. 0.800% due 02/10/24 ~		2,285,000		2,215,106

	Principal Amount		Value
Advance Auto Parts, Inc. 5.900% due 03/09/26	$	935,000	$	924,959
American Airlines Pass-Through Trust Class AA 3.700% due 04/15/27		810,929		762,645
Aptiv PLC/Aptiv Corp. 2.396% due 02/18/25		2,665,000		2,530,546
AutoZone, Inc. 3.625% due 04/15/25		1,820,000		1,757,344
Brunswick Corp. 0.850% due 08/18/24		4,840,000		4,552,988
Daimler Truck Finance North America LLC (Germany)
1.625% due 12/13/24 ~		3,665,000		3,451,890
5.150% due 01/16/26 ~		965,000		960,925
5.200% due 01/17/25 ~		1,325,000		1,315,000
General Motors Financial Co., Inc.
2.900% due 02/26/25		6,670,000		6,332,545
5.400% due 04/06/26		1,770,000		1,750,280
Genuine Parts Co. 1.750% due 02/01/25		1,440,000		1,349,511
Hasbro, Inc. 3.000% due 11/19/24		6,300,000		6,056,805
Hyatt Hotels Corp. 1.300% due 10/01/23		1,150,000		1,139,555
Hyundai Capital America
0.800% due 01/08/24 ~		2,570,000		2,503,191
0.875% due 06/14/24 ~		2,765,000		2,637,758
1.000% due 09/17/24 ~		1,805,000		1,698,308
5.500% due 03/30/26 ~		1,575,000		1,561,545
5.600% due 03/30/28 ~		2,255,000		2,244,928
Hyundai Capital Services, Inc. (South Korea) 2.125% due 04/24/25 ~		1,385,000		1,298,212
Lowe’s Cos., Inc.
3.350% due 04/01/27		1,125,000		1,063,085
4.400% due 09/08/25		4,272,000		4,188,078
4.800% due 04/01/26		2,260,000		2,238,707
Marriott International, Inc.
3.750% due 03/15/25		650,000		629,815
4.900% due 04/15/29		685,000		666,761
5.750% due 05/01/25		655,000		656,557
Mercedes-Benz Finance North America LLC (Germany)
4.800% due 03/30/26 ~		2,425,000		2,401,939
4.950% due 03/30/25 ~		1,900,000		1,886,458
Nissan Motor Acceptance Co. LLC 3.875% due 09/21/23 ~		250,000		248,622
Nissan Motor Co. Ltd. (Japan) 3.043% due 09/15/23 ~		4,460,000		4,428,789
Nordstrom, Inc. 2.300% due 04/08/24		320,000		308,243
Ross Stores, Inc.
0.875% due 04/15/26		1,960,000		1,732,429
4.600% due 04/15/25		7,315,000		7,177,164
Starbucks Corp. 4.750% due 02/15/26		2,605,000		2,581,864
Stellantis Finance US, Inc. 1.711% due 01/29/27 ~		2,615,000		2,292,765
United Airlines Pass-Through Trust Class AA 3.500% due 11/01/29		491,240		442,175
Volkswagen Group of America Finance LLC (Germany)
0.875% due 11/22/23 ~		1,415,000		1,389,205
3.950% due 06/06/25 ~		2,440,000		2,370,200
Warnermedia Holdings, Inc.
3.755% due 03/15/27		6,730,000		6,280,211
6.412% due 03/15/26		1,595,000		1,596,682
				91,623,790

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-68

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Consumer, Non-Cyclical - 8.3%
AbbVie, Inc.
2.600% due 11/21/24	$	10,040,000	$	9,637,928
2.950% due 11/21/26		7,105,000		6,641,000
3.200% due 05/14/26		685,000		649,475
Amgen, Inc. 5.250% due 03/02/25		2,395,000		2,383,520
Astrazeneca Finance LLC (United Kingdom) 1.200% due 05/28/26		4,930,000		4,450,535
BAT International Finance PLC (United Kingdom)
1.668% due 03/25/26		3,270,000		2,941,632
4.448% due 03/16/28		6,415,000		6,059,597
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		3,750,000		3,714,362
Becton Dickinson & Co.
3.363% due 06/06/24		1,616,000		1,581,302
3.734% due 12/15/24		1,473,000		1,430,589
4.693% due 02/13/28		4,860,000		4,796,755
Cardinal Health, Inc.
3.079% due 06/15/24		1,285,000		1,251,702
3.500% due 11/15/24		2,100,000		2,032,176
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		8,235,000		7,908,828
CSL Finance PLC (Australia) 3.850% due 04/27/27 ~		1,255,000		1,198,996
CVS Health Corp.
2.875% due 06/01/26		1,540,000		1,448,095
3.000% due 08/15/26		1,435,000		1,345,806
5.000% due 02/20/26		3,440,000		3,425,401
Diageo Capital PLC (United Kingdom)
1.375% due 09/29/25		1,300,000		1,196,442
5.200% due 10/24/25		2,100,000		2,103,460
Elevance Health, Inc.
2.375% due 01/15/25		780,000		741,820
5.350% due 10/15/25		1,130,000		1,127,921
ERAC USA Finance LLC 4.600% due 05/01/28 ~		4,305,000		4,185,682
HCA, Inc.
3.125% due 03/15/27 ~		3,505,000		3,220,879
5.375% due 02/01/25		2,085,000		2,067,834
Health Care Service Corp. A Mutual Legal Reserve Co. 1.500% due 06/01/25 ~		5,295,000		4,854,609
HPHT Finance 19 Ltd. (Hong Kong) 2.875% due 11/05/24 ~		1,880,000		1,806,841
HPHT Finance 21 II Ltd. (Hong Kong) 1.500% due 09/17/26 ~		3,450,000		3,017,231
Humana, Inc.
0.650% due 08/03/23		1,140,000		1,135,766
1.350% due 02/03/27		1,675,000		1,458,362
3.850% due 10/01/24		2,120,000		2,071,344
4.500% due 04/01/25		2,015,000		1,978,753
5.750% due 03/01/28		1,050,000		1,069,144
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		6,615,000		6,393,496
4.250% due 07/21/25 ~		3,045,000		2,921,638
JDE Peet’s NV (Netherlands) 0.800% due 09/24/24 ~		2,060,000		1,932,697
Kenvue, Inc.
5.350% due 03/22/26 ~		1,500,000		1,512,156
5.500% due 03/22/25 ~		2,800,000		2,808,364
Mars, Inc.
4.550% due 04/20/28 ~		4,490,000		4,421,029

	Principal Amount		Value
Mondelez International Holdings
Netherlands BV 4.250% due 09/15/25 ~		1,960,000		1,907,966
Mondelez International, Inc. 2.625% due 03/17/27		2,570,000		2,373,945
Moody’s Corp. 3.750% due 03/24/25		3,160,000		3,073,399
Nestle Holdings, Inc. 5.250% due 03/13/26 ~		2,925,000		2,947,936
PeaceHealth Obligated Group 1.375% due 11/15/25		455,000		410,296
Perrigo Finance Unlimited Co. 3.900% due 12/15/24		5,480,000		5,308,339
Pfizer Investment Enterprises Pte. Ltd.
4.450% due 05/19/26		11,430,000		11,295,609
4.450% due 05/19/28		3,430,000		3,372,929
Philip Morris International, Inc.
4.875% due 02/13/26		2,860,000		2,840,679
5.000% due 11/17/25		2,030,000		2,020,331
5.125% due 11/15/24		1,775,000		1,767,564
Revvity, Inc.
0.550% due 09/15/23		1,385,000		1,372,394
0.850% due 09/15/24		2,640,000		2,482,429
Royalty Pharma PLC 0.750% due 09/02/23		1,865,000		1,847,968
S&P Global, Inc. 2.450% due 03/01/27		4,790,000		4,421,070
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		930,000		923,925
Triton Container International Ltd. (Bermuda) 0.800% due 08/01/23 ~		2,770,000		2,757,311
UnitedHealth Group, Inc.
3.700% due 05/15/27		2,755,000		2,657,654
4.250% due 01/15/29		4,740,000		4,608,038
5.150% due 10/15/25		2,305,000		2,312,167
5.250% due 02/15/28		2,250,000		2,295,401
Utah Acquisition Sub, Inc. 3.950% due 06/15/26		5,570,000		5,292,150
Viatris, Inc. 1.650% due 06/22/25		3,440,000		3,166,654
Viterra Finance BV (Netherlands) 4.900% due 04/21/27 ~		3,270,000		3,151,655
Zoetis, Inc. 5.400% due 11/14/25		3,185,000		3,195,589
				192,726,565
Energy - 2.9%
Aker BP ASA (Norway) 2.000% due 07/15/26 ~		905,000		813,142
Canadian Natural Resources Ltd. (Canada)
2.050% due 07/15/25		5,520,000		5,143,426
3.800% due 04/15/24		500,000		491,942
Cheniere Corpus Christi Holdings LLC 5.875% due 03/31/25		5,410,000		5,386,819
DCP Midstream Operating LP 5.375% due 07/15/25		6,065,000		6,009,806
Devon Energy Corp. 8.250% due 08/01/23		1,005,000		1,005,529
Enbridge, Inc. (Canada)
2.150% due 02/16/24		2,350,000		2,295,828
2.500% due 01/15/25		4,505,000		4,286,296
2.500% due 02/14/25		1,980,000		1,881,647
Energy Transfer LP
2.900% due 05/15/25		890,000		843,643
4.200% due 09/15/23		510,000		508,137
4.250% due 04/01/24		135,000		132,959
4.900% due 02/01/24		2,360,000		2,344,384
5.875% due 01/15/24		8,465,000		8,467,205
Eni SpA (Italy) 4.000% due 09/12/23 ~		3,395,000		3,380,861
Gray Oak Pipeline LLC
2.000% due 09/15/23 ~		455,000		451,190
2.600% due 10/15/25 ~		1,435,000		1,318,750

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-69

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Ovintiv, Inc. 5.650% due 05/15/25	$	2,710,000	$	2,689,713
Pioneer Natural Resources Co. 5.100% due 03/29/26		2,130,000		2,117,926
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		3,935,000		3,921,249
5.750% due 05/15/24		3,633,000		3,627,776
Schlumberger Finance Canada Ltd. 1.400% due 09/17/25		1,155,000		1,063,320
Targa Resources Corp. 5.200% due 07/01/27		1,448,000		1,422,491
TransCanada PipeLines Ltd. (Canada) 6.203% due 03/09/26		4,375,000		4,379,016
Williams Cos., Inc.
4.300% due 03/04/24		1,190,000		1,176,800
5.400% due 03/02/26		2,215,000		2,210,067
				67,369,922
Financial - 18.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.650% due 10/29/24		8,945,000		8,409,850
4.500% due 09/15/23		412,000		410,487
4.875% due 01/16/24		2,405,000		2,388,588
American Express Co.
2.250% due 03/04/25		4,055,000		3,842,906
4.900% due 02/13/26		1,400,000		1,386,356
American International Group, Inc. 2.500% due 06/30/25		2,960,000		2,789,349
American Tower Corp. 2.400% due 03/15/25		1,730,000		1,629,877
Athene Global Funding
1.716% due 01/07/25 ~		5,985,000		5,541,878
2.514% due 03/08/24 ~		7,235,000		7,038,187
Avolon Holdings Funding Ltd. (Ireland)
2.125% due 02/21/26 ~		4,385,000		3,900,401
2.875% due 02/15/25 ~		3,500,000		3,256,838
3.950% due 07/01/24 ~		1,125,000		1,091,720
5.125% due 10/01/23 ~		1,890,000		1,882,566
6.375% due 05/04/28 ~		1,065,000		1,054,565
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		4,200,000		4,156,729
Banco del Estado de Chile (Chile) 2.704% due 01/09/25 ~		1,010,000		966,839
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico) 5.375% due 04/17/25 ~		3,955,000		3,915,708
Banco Santander SA (Spain)
3.496% due 03/24/25		3,600,000		3,449,007
5.770% due 06/30/24		600,000		596,791
Bank of America Corp.
0.810% due 10/24/24		2,500,000		2,458,722
0.976% due 04/22/25		4,375,000		4,195,610
1.734% due 07/22/27		3,150,000		2,813,981
1.843% due 02/04/25		2,880,000		2,806,389
3.384% due 04/02/26		3,705,000		3,553,327
3.841% due 04/25/25		2,435,000		2,387,452
5.080% due 01/20/27		2,000,000		1,969,989
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		5,470,000		5,419,125
Bank of Montreal (Canada)
3.700% due 06/07/25		4,725,000		4,562,791
4.250% due 09/14/24		2,390,000		2,343,547
5.300% due 06/05/26		2,695,000		2,689,093
Bank of New York Mellon Corp. 4.414% due 07/24/26		3,390,000		3,319,134
4.947% due 04/26/27		3,310,000		3,270,832
5.148% due 05/22/26		2,360,000		2,346,185

	Principal Amount		Value
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~	$	3,695,000	$	3,571,483
0.998% due 02/04/25 ~		2,850,000		2,629,312
4.935% due 01/26/26 ~		4,190,000		4,112,947
Barclays PLC (United Kingdom)
1.007% due 12/10/24		3,335,000		3,251,889
5.304% due 08/09/26		2,155,000		2,103,023
7.325% due 11/02/26		2,470,000		2,526,326
BPCE SA (France) 5.700% due 10/22/23 ~		5,665,000		5,640,886
Brighthouse Financial Global Funding 1.000% due 04/12/24 ~		3,485,000		3,352,448
Brixmor Operating Partnership LP 3.650% due 06/15/24		3,295,000		3,181,569
CaixaBank SA (Spain) 6.208% due 01/18/29 ~		3,770,000		3,764,401
Canadian Imperial Bank of Commerce (Canada) 5.144% due 04/28/25		6,030,000		5,982,033
Capital One Financial Corp.
2.636% due 03/03/26		3,675,000		3,433,728
3.900% due 01/29/24		1,290,000		1,274,428
4.250% due 04/30/25		515,000		497,409
4.985% due 07/24/26		2,830,000		2,744,063
6.312% due 06/08/29		1,495,000		1,486,144
Charles Schwab Corp.
2.450% due 03/03/27		7,145,000		6,407,402
3.200% due 03/02/27		1,640,000		1,509,772
Citigroup, Inc.
0.981% due 05/01/25		3,600,000		3,445,989
3.106% due 04/08/26		1,845,000		1,762,489
4.140% due 05/24/25		3,580,000		3,518,809
CNO Global Funding
1.650% due 01/06/25 ~		3,575,000		3,323,520
1.750% due 10/07/26 ~		4,220,000		3,730,356
Commonwealth Bank of Australia (Australia) 5.316% due 03/13/26		5,705,000		5,723,686
Corebridge Financial, Inc. 3.500% due 04/04/25		2,720,000		2,593,042
Credicorp Ltd. (Peru) 2.750% due 06/17/25 ~		665,000		628,688
Credit Suisse AG (Switzerland) 0.495% due 02/02/24		3,430,000		3,300,354
Crown Castle International Corp. REIT
1.050% due 07/15/26		2,400,000		2,102,913
2.900% due 03/15/27		1,635,000		1,497,752
3.150% due 07/15/23		1,140,000		1,138,618
Crown Castle, Inc.
4.450% due 02/15/26		4,410,000		4,294,229
5.000% due 01/11/28		555,000		545,252
Danske Bank AS (Denmark)
3.773% due 03/28/25 ~		2,410,000		2,356,246
5.375% due 01/12/24 ~		4,255,000		4,230,814
Equitable Financial Life Global Funding 1.100% due 11/12/24 ~		3,520,000		3,294,983
Essex Portfolio LP REIT 3.875% due 05/01/24		1,500,000		1,473,072
Fifth Third Bank NA
2.250% due 02/01/27		655,000		573,608
5.852% due 10/27/25		6,070,000		5,915,673
First American Financial Corp. 4.600% due 11/15/24		615,000		600,446
Goldman Sachs Group, Inc.
0.657% due 09/10/24		2,430,000		2,402,861
0.925% due 10/21/24		2,215,000		2,177,799
1.757% due 01/24/25		3,640,000		3,544,819
3.500% due 04/01/25		3,620,000		3,479,755
4.482% due 08/23/28		2,920,000		2,825,012

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-70

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
5.700% due 11/01/24	$	1,500,000	$	1,498,303
GTP Acquisition Partners I LLC 3.482% due 06/15/50 ~		9,535,000		9,108,603
HSBC Holdings PLC (United Kingdom)
1.162% due 11/22/24		2,260,000		2,212,289
1.645% due 04/18/26		5,875,000		5,414,300
2.099% due 06/04/26		1,585,000		1,467,512
Jackson Financial, Inc. 1.125% due 11/22/23		2,155,000		2,115,900
Jackson National Life Global Funding 1.750% due 01/12/25 ~		3,835,000		3,561,332
JPMorgan Chase & Co.
0.824% due 06/01/25		3,830,000		3,642,002
2.083% due 04/22/26		6,250,000		5,855,561
4.080% due 04/26/26		3,570,000		3,470,671
5.934% (SOFR + 0.885%) due 04/22/27 §		2,700,000		2,702,832
LeasePlan Corp. NV (Netherlands) 2.875% due 10/24/24 ~		3,960,000		3,774,309
Lloyds Banking Group PLC (United Kingdom) 4.500% due 11/04/24		2,250,000		2,185,350
LSEGA Financing PLC (United Kingdom)
0.650% due 04/06/24 ~		6,165,000		5,913,283
2.000% due 04/06/28 ~		920,000		789,681
Marsh & McLennan Cos., Inc.
3.750% due 03/14/26		435,000		421,418
3.875% due 03/15/24		1,815,000		1,790,918
Mitsubishi UFJ Financial Group, Inc. (Japan) 0.953% due 07/19/25		5,750,000		5,434,669
Morgan Stanley
1.164% due 10/21/25		2,950,000		2,758,548
2.630% due 02/18/26		3,420,000		3,244,123
3.620% due 04/17/25		2,660,000		2,607,956
4.754% due 04/21/26		2,960,000		2,917,772
5.050% due 01/28/27		1,370,000		1,358,970
5.519% (SOFR + 0.455%) due 01/25/24 §		3,095,000		3,092,336
6.138% due 10/16/26		3,000,000		3,031,486
Nasdaq, Inc. 5.650% due 06/28/25		580,000		581,922
NatWest Markets PLC (United Kingdom)
0.800% due 08/12/24 ~		1,255,000		1,182,310
3.479% due 03/22/25 ~		1,850,000		1,775,066
Northern Trust Corp. 3.950% due 10/30/25		1,955,000		1,884,745
Northwestern Mutual Global Funding 4.350% due 09/15/27 ~		2,840,000		2,771,483
Park Aerospace Holdings Ltd. (Ireland) 5.500% due 02/15/24 ~		505,000		499,378
PNC Financial Services Group, Inc.
4.758% due 01/26/27		3,290,000		3,216,998
5.671% due 10/28/25		4,585,000		4,549,056
5.812% due 06/12/26		1,260,000		1,253,087
Principal Life Global Funding II
0.750% due 04/12/24 ~		1,230,000		1,181,035
0.875% due 01/12/26 ~		2,450,000		2,179,873
Public Storage REIT 5.519% (SOFR + 0.470%) due 04/23/24 §		1,045,000		1,044,537
QNB Finance Ltd. (Qatar)
2.625% due 05/12/25 ~		4,330,000		4,113,747
3.500% due 03/28/24 ~		2,320,000		2,283,284
Realty Income Corp. 5.050% due 01/13/26		625,000		619,913
Royal Bank of Canada (Canada) 4.950% due 04/25/25		11,185,000		11,042,948
Santander Holdings USA, Inc. 2.490% due 01/06/28		2,580,000		2,230,666

	Principal Amount		Value
SBA Tower Trust REIT
1.631% due 05/15/51 ~	$	1,045,000	$	902,663
1.884% due 07/15/50 ~		725,000		651,878
2.836% due 01/15/50 ~		2,045,000		1,942,645
6.599% due 01/15/28 ~		990,000		1,007,976
Simon Property Group LP REIT
2.000% due 09/13/24		1,099,000		1,049,123
3.375% due 10/01/24		2,250,000		2,181,924
Societe Generale SA (France) 2.625% due 10/16/24 ~		335,000		317,183
Standard Chartered PLC (United Kingdom)
0.991% due 01/12/25 ~		1,525,000		1,479,083
1.214% due 03/23/25 ~		225,000		216,408
1.822% due 11/23/25 ~		1,825,000		1,707,279
State Street Corp.
4.857% due 01/26/26		1,515,000		1,493,176
5.104% due 05/18/26		5,210,000		5,172,746
Svenska Handelsbanken AB (Sweden)
0.550% due 06/11/24 ~		1,520,000		1,447,053
1.418% due 06/11/27 ~		1,120,000		983,166
Synchrony Financial 4.250% due 08/15/24		4,015,000		3,872,547
Toronto-Dominion Bank (Canada)
0.700% due 09/10/24		2,920,000		2,753,816
4.285% due 09/13/24		2,000,000		1,964,781
Truist Financial Corp. 5.490% (SOFR + 0.400%) due 06/09/25 §		2,995,000		2,899,785
UBS Group AG (Switzerland)
1.008% due 07/30/24 ~		5,955,000		5,930,385
1.494% due 08/10/27 ~		1,400,000		1,203,322
4.488% due 05/12/26 ~		1,135,000		1,097,834
4.490% due 08/05/25 ~		3,100,000		3,031,053
US Bancorp
4.548% due 07/22/28		6,290,000		6,020,060
5.727% due 10/21/26		1,940,000		1,939,707
Wells Fargo & Co.
2.188% due 04/30/26		2,725,000		2,554,485
3.526% due 03/24/28		2,195,000		2,050,959
3.908% due 04/25/26		3,760,000		3,637,114
4.540% due 08/15/26		3,465,000		3,387,141
Western Union Co. 2.850% due 01/10/25		6,945,000		6,609,299
WP Carey, Inc. REIT 4.600% due 04/01/24		4,000,000		3,945,996
				426,025,626
Industrial - 1.9%
Amcor Flexibles North America, Inc. 4.000% due 05/17/25		2,745,000		2,653,366
Amphenol Corp.
2.050% due 03/01/25		3,255,000		3,073,956
4.750% due 03/30/26		1,250,000		1,235,604
Canadian Pacific Railway Co. (Canada)
1.350% due 12/02/24		5,010,000		4,709,069
1.750% due 12/02/26		2,100,000		1,888,244
Carrier Global Corp. 2.242% due 02/15/25		899,000		850,764
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		990,000		940,135
GATX Corp.
3.250% due 03/30/25		2,908,000		2,762,161
4.350% due 02/15/24		5,655,000		5,586,656
Martin Marietta Materials, Inc. 0.650% due 07/15/23		855,000		853,231
Otis Worldwide Corp. 2.056% due 04/05/25		3,870,000		3,649,189
Parker-Hannifin Corp. 3.650% due 06/15/24		2,800,000		2,744,500
Penske Truck Leasing Co. Lp/PTL Finance Corp. 3.450% due 07/01/24 ~		2,403,000		2,341,572

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-71

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Penske Truck Leasing Co. LP/PTL Finance Corp. 5.750% due 05/24/26 ~	$	2,880,000	$	2,854,072
Regal Rexnord Corp. 6.050% due 02/15/26 ~		2,230,000		2,234,112
Republic Services, Inc.
0.875% due 11/15/25		675,000		607,637
2.500% due 08/15/24		1,725,000		1,664,649
4.875% due 04/01/29		1,015,000		1,014,191
SMBC Aviation Capital Finance DAC (Ireland)
3.550% due 04/15/24 ~		1,645,000		1,610,894
4.125% due 07/15/23 ~		766,000		765,395
				44,039,397
Technology - 2.1%
CDW LLC/CDW Finance Corp. 5.500% due 12/01/24		655,000		651,286
Fidelity National Information Services, Inc.
0.600% due 03/01/24		2,325,000		2,244,322
4.500% due 07/15/25		1,905,000		1,863,290
Fiserv, Inc.
2.750% due 07/01/24		6,545,000		6,351,915
3.800% due 10/01/23		1,070,000		1,064,736
Fortinet, Inc. 1.000% due 03/15/26		2,565,000		2,290,710
Intel Corp. 4.875% due 02/10/26		2,160,000		2,154,324
Microchip Technology, Inc.
0.972% due 02/15/24		2,770,000		2,684,242
0.983% due 09/01/24		3,900,000		3,685,219
2.670% due 09/01/23		2,125,000		2,116,355
Micron Technology, Inc. 5.375% due 04/15/28		3,360,000		3,329,788
NXP BV/NXP Funding LLC (China) 4.875% due 03/01/24		1,605,000		1,593,840
NXP BV/NXP Funding LLC/NXP USA, Inc. (China)
2.700% due 05/01/25		2,780,000		2,636,013
3.875% due 06/18/26		2,030,000		1,950,862
4.400% due 06/01/27		480,000		464,299
Oracle Corp. 5.800% due 11/10/25		1,975,000		1,997,711
Qorvo, Inc. 1.750% due 12/15/24 ~		1,660,000		1,545,257
Roper Technologies, Inc.
1.000% due 09/15/25		685,000		623,075
2.350% due 09/15/24		670,000		642,783
Take-Two Interactive Software, Inc.
3.300% due 03/28/24		110,000		107,874
3.550% due 04/14/25		1,520,000		1,466,571
5.000% due 03/28/26		3,590,000		3,557,038
Texas Instruments, Inc. 4.600% due 02/15/28		660,000		661,614
VMware, Inc. 0.600% due 08/15/23		1,375,000		1,366,793
Workday, Inc. 3.500% due 04/01/27		1,680,000		1,593,236
				48,643,153
Utilities - 3.1%
AES Corp. 3.300% due 07/15/25 ~		2,565,000		2,424,536
Alexander Funding Trust 1.841% due 11/15/23 ~		1,885,000		1,843,950
APA Infrastructure Ltd. (Australia) 4.200% due 03/23/25 ~		7,745,000		7,511,341
Constellation Energy Generation LLC 5.600% due 03/01/28		1,850,000		1,865,586
DTE Energy Co. 4.220% due 11/01/24		3,560,000		3,481,869
Enel Finance International NV (Italy) 1.375% due 07/12/26 ~		4,580,000		4,045,174

	Principal Amount		Value
2.650% due 09/10/24 ~	$	5,970,000	$	5,746,539
6.800% due 10/14/25 ~		500,000		509,511
Israel Electric Corp. Ltd. (Israel) 5.000% due 11/12/24 ~		3,600,000		3,563,460
NextEra Energy Capital Holdings, Inc.
1.875% due 01/15/27		2,360,000		2,105,129
4.450% due 06/20/25		3,195,000		3,136,018
6.051% due 03/01/25		1,520,000		1,526,393
NiSource, Inc. 5.250% due 03/30/28		535,000		535,100
NRG Energy, Inc. 3.750% due 06/15/24 ~		2,225,000		2,150,961
Pacific Gas and Electric Co. 3.500% due 06/15/25		3,760,000		3,561,444
Sempra Energy
3.300% due 04/01/25		2,450,000		2,351,127
5.400% due 08/01/26		2,025,000		2,016,238
Southern California Gas Co. 2.950% due 04/15/27		1,395,000		1,302,274
Southern Co. 3.250% due 07/01/26		1,420,000		1,336,456
Tenaga Nasional Bhd (Malaysia) 7.500% due 11/01/25 ~		1,200,000		1,238,794
Vistra Operations Co. LLC
3.550% due 07/15/24 ~		14,955,000		14,447,531
5.125% due 05/13/25 ~		3,885,000		3,791,744
				70,491,175
Total Corporate Bonds & Notes (Cost $1,076,121,267)				1,048,825,231
MORTGAGE-BACKED SECURITIES - 12.6%
Collateralized Mortgage Obligations - Commercial - 3.6%
280 Park Avenue Mortgage Trust 6.062% (USD LIBOR + 0.880%) due 09/15/34 § ~		1,640,000		1,591,839
BAMLL Commercial Mortgage Securities Trust
3.218% due 04/14/33 ~		2,030,000		1,886,947
3.490% due 04/14/33 ~		1,775,000		1,624,319
6.044% (USD LIBOR + 0.850%) due 09/15/34 § ~		5,645,000		5,610,246
6.344% (USD LIBOR + 1.150%) due 09/15/34 § ~		780,000		773,880
6.894% (USD LIBOR + 1.700%) due 09/15/34 § ~		2,015,000		1,992,375
7.193% (USD LIBOR + 2.000%) due 09/15/38 § ~		1,570,000		1,342,942
Bank
2.056% due 11/15/62		198,341		194,291
2.263% due 08/15/61		342,001		321,090
BCP Trust 5.992% (USD LIBOR + 0.799%) due 06/15/38 § ~		1,045,000		935,617
Benchmark Mortgage Trust due 07/15/55 #		1,059,000		1,056,729
BFLD Trust 7.102% (SOFR + 1.954%) due 10/15/34 § ~		4,575,000		4,492,929
BPR Trust 6.343% (USD LIBOR + 1.150%) due 09/15/38 § ~		1,585,000		1,476,925
BSREP Commercial Mortgage Trust 7.094% (USD LIBOR + 1.900%) due 08/15/38 § ~		700,000		595,611
BX Commercial Mortgage Trust 6.342% (SOFR + 1.194%) due 10/15/36 § ~		1,249,500		1,238,788

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-72

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
6.473% (USD LIBOR + 1.280%) due 06/15/36 § ~	$	935,000	$	890,231
6.594% (USD LIBOR + 1.400%) due 06/15/38 § ~		1,352,219		1,300,348
8.288% (SOFR + 3.141%) due 06/15/27 § ~		1,815,000		1,810,741
BX Trust
5.391% due 02/15/28 ~		2,950,000		2,822,778
6.243% (USD LIBOR + 1.050%) due 05/15/35 § ~		4,237,000		4,189,475
CGDB Commercial Mortgage Trust 6.843% (USD LIBOR + 1.650%) due 11/15/36 § ~		2,615,000		2,519,534
Cold Storage Trust 6.493% (USD LIBOR + 1.300%) due 11/15/37 § ~		1,484,316		1,459,855
COMM Mortgage Trust 4.343% due 10/10/29 § ~		1,893,000		1,698,157
Commercial Mortgage Trust
3.838% due 09/10/47		2,825,000		2,722,006
3.926% due 03/10/48 §		845,000		765,141
4.080% due 08/10/47		2,055,000		1,973,427
4.204% due 03/10/48 §		1,770,000		1,584,827
4.353% due 08/10/30 ~		1,180,000		1,082,281
4.763% due 02/10/47 §		1,715,000		1,622,349
4.853% due 08/10/47 § ~		710,000		607,951
Credit Suisse Mortgage Capital Certificates
6.623% (USD LIBOR + 1.430%) due 05/15/36 § ~		2,134,689		2,112,819
6.793% (USD LIBOR + 1.600%) due 05/15/36 § ~		1,571,091		1,553,095
CSAIL Commercial Mortgage Trust 2.360% due 06/15/52		321,649		314,074
Extended Stay America Trust
6.274% (USD LIBOR + 1.080%) due 07/15/38 § ~		742,078		728,302
6.894% (USD LIBOR + 1.700%) due 07/15/38 § ~		1,657,629		1,615,780
Fontainebleau Miami Beach Trust 3.447% due 12/10/36 ~		1,715,000		1,626,522
Great Wolf Trust 6.895% (SOFR + 1.747%) due 12/15/36 § ~		1,055,000		1,036,132
GS Mortgage Securities Corp. Trust 6.794% (USD LIBOR + 1.600%) due 05/15/26 § ~		1,440,000		1,241,409
GS Mortgage Securities Trust 3.433% due 05/10/50		1,825,000		1,670,316
JP Morgan Chase Commercial Mortgage Securities Trust
6.964% (USD LIBOR + 1.770%) due 10/15/33 § ~		2,345,000		2,058,802
7.043% (USD LIBOR + 1.850%) due 09/15/29 § ~		1,025,000		893,561
7.364% (USD LIBOR + 2.170%) due 10/15/33 § ~		1,890,000		1,600,488
JPMBB Commercial Mortgage Securities Trust 3.934% due 09/15/47		2,420,000		2,340,937
KIND Trust 7.012% (SOFR + 1.864%) due 08/15/38 § ~		2,050,183		1,927,675
KKR Industrial Portfolio Trust
6.262% (SOFR + 1.114%) due 12/15/37 § ~		660,000		639,342
6.512% (SOFR + 1.364%) due 12/15/37 § ~		476,250		459,059
Morgan Stanley Bank of America Merrill Lynch Trust 4.110% due 10/15/47 §		775,000		742,502

	Principal Amount		Value
Morgan Stanley Capital I Trust 6.993% (USD LIBOR + 1.800%) due 12/15/36 § ~	$	775,000	$	424,046
New Orleans Hotel Trust 6.482% (USD LIBOR + 1.289%) due 04/15/32 § ~		2,575,999		2,482,338
ONE Mortgage Trust
6.212% (SOFR + 1.064%) due 03/15/36 § ~		2,945,000		2,730,910
6.362% (SOFR + 1.214%) due 03/15/36 § ~		1,580,000		1,445,827
RLGH Trust 5.994% (USD LIBOR + 0.800%) due 04/15/36 § ~		1,370,000		1,330,492
WFRBS Commercial Mortgage Trust 4.045% due 03/15/47		1,465,000		1,443,926
				84,601,983
Collateralized Mortgage Obligations - Residential - 4.7%
Angel Oak Mortgage Trust
0.909% due 01/25/66 § ~		1,147,244		947,454
0.985% due 04/25/66 § ~		949,235		777,378
1.068% due 05/25/66 § ~		731,166		597,065
1.579% due 05/25/65 § ~		290,388		266,044
2.041% due 05/25/65 § ~		400,197		368,660
2.872% due 04/25/65 § ~		201,384		185,438
4.800% due 09/26/67 ~		5,805,000		5,518,454
Bayview MSR Opportunity Master Fund Trust (Cayman) 2.500% due 06/25/51 § ~		1,621,109		1,393,373
BINOM Securitization Trust 2.625% due 06/25/56 § ~		633,953		535,087
BRAVO Residential Funding Trust 1.699% due 04/25/60 § ~		1,028,071		907,364
CIM Trust 2.500% due 04/25/50 § ~		1,271,245		1,046,090
CIM TRUST 4.500% due 03/25/62 § ~		2,706,669		2,583,572
COLT Mortgage Loan Trust
1.167% due 06/25/66 § ~		949,142		759,413
1.506% due 04/27/65 § ~		127,677		118,714
6.503% due 04/25/68 ~		688,596		683,597
Connecticut Avenue Securities Trust 6.067% (SOFR + 1.000%) due 12/25/41 § ~		894,398		884,881
due 06/25/43 § # ~		3,400,000		3,405,321
7.067% (SOFR + 2.000%) due 03/25/42 § ~		918,520		921,011
7.167% (SOFR + 2.100%) due 03/25/42 § ~		1,398,972		1,404,972
7.367% (SOFR + 2.300%) due 05/25/43 § ~		4,806,955		4,832,599
7.617% (SOFR + 2.550%) due 07/25/42 § ~		632,958		642,329
8.017% (SOFR + 2.950%) due 06/25/42 § ~		1,487,502		1,523,439
Deephaven Residential Mortgage Trust
0.899% due 04/25/66 § ~		388,267		328,802
0.973% due 05/25/65 § ~		223,571		202,924
1.260% due 04/25/66 § ~		424,995		358,404
Eagle RE Ltd. (Bermuda) 6.617% (SOFR + 1.550%) due 04/25/34 § ~		490,472		490,649
Ellington Financial Mortgage Trust
0.797% due 02/25/66 § ~		246,858		205,614
0.931% due 06/25/66 § ~		574,820		457,404
1.106% due 02/25/66 § ~		212,045		173,446
1.291% due 06/25/66 § ~		553,863		436,423
1.550% due 09/25/66 § ~		551,091		419,963
3.046% due 11/25/59 § ~		200,865		183,911
Fannie Mae 3.000% due 11/25/47		1,828,919		1,677,312

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-73

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Fannie Mae Connecticut Avenue Securities 6.350% (USD LIBOR + 1.200%) due 01/25/30 §	$	28,918	$	28,915
Federal Home Loan Mortgage Corp. STACR REMIC Trust 7.367% (SOFR + 2.300%) due 08/25/42 § ~		3,373,902		3,396,997
Flagstar Mortgage Trust
4.000% due 09/25/48 § ~		182,430		174,449
5.988% (USD LIBOR + 0.850%) due 03/25/50 § ~		387,257		360,078
Freddie Mac
6.367% (SOFR + 1.300%) due 02/25/42 § ~		3,805,493		3,784,984
7.167% (SOFR + 2.100%) due 04/25/43 § ~		5,664,715		5,684,393
7.217% (SOFR + 2.150%) due 09/25/42 § ~		570,717		574,364
8.017% (SOFR + 2.950%) due 06/25/42 § ~		1,116,427		1,137,062
Freddie Mac STACR Trust
6.717% (SOFR + 1.650%) due 01/25/34 § ~		670,759		669,923
6.867% (SOFR + 1.800%) due 11/25/41 § ~		1,160,000		1,118,946
7.000% due 09/15/30		86,107		87,651
7.000% (USD LIBOR + 1.850%) due 02/25/50 § ~		1,072,037		1,075,942
7.067% (SOFR + 2.000%) due 04/25/42 § ~		3,851,665		3,864,116
7.167% (SOFR + 2.100%) due 03/25/42 § ~		1,780,631		1,784,551
7.267% (SOFR + 2.200%) due 05/25/42 § ~		2,089,091		2,103,329
8.250% (USD LIBOR + 3.100%) due 03/25/50 § ~		587,167		602,582
Freddie Mac Structured Agency Credit Risk Debt Notes 3.865% due 05/25/47 § ~		162,832		155,358
Galton Funding Mortgage Trust
2.832% due 01/25/60 § ~		1,085,000		813,631
3.339% due 10/25/59 § ~		680,000		615,416
3.500% due 11/25/57 § ~		203,052		180,774
4.000% due 02/25/59 § ~		98,056		91,593
4.500% due 02/25/59 § ~		134,159		128,078
GS Mortgage-Backed Securities Trust
2.500% due 06/25/52 § ~		3,173,979		2,707,526
3.952% due 07/25/44 § ~		15,681		15,519
Imperial Fund Mortgage Trust
1.516% due 09/25/56 § ~		917,939		706,063
4.767% due 06/25/67 § ~		1,449,714		1,389,062
JP Morgan Mortgage Trust
3.000% due 10/25/50 § ~		431,369		369,791
3.500% due 08/25/50 § ~		281,959		247,500
MFA Trust 0.852% due 01/25/56 § ~		485,537		427,615
New Residential Mortgage Loan Trust 2.500% due 06/25/51 § ~		1,067,608		923,991
2.500% due 09/25/51 § ~		2,877,378		2,472,008
NLT Trust 1.520% due 08/25/56 § ~		790,501		620,063
OBX Trust
3.000% due 01/25/60 § ~		513,794		441,132
3.000% due 05/25/60 § ~		1,030,430		880,090
3.500% due 12/25/49 § ~		154,179		137,059
3.500% due 02/25/60 § ~		576,324		507,657
5.035% (USD LIBOR + 1.200%) due 06/25/59 § ~		121,129		116,507
5.900% (USD LIBOR + 0.750%) due 02/25/60 § ~		309,837		287,639
6.050% (USD LIBOR + 0.900%) due 10/25/59 § ~		99,274		96,555

	Principal Amount		Value
6.100% (USD LIBOR + 0.950%) due 02/25/60 § ~	$	506,646	$	474,222
Oceanview Mortgage Trust 2.500% due 12/25/51 § ~		1,495,703		1,278,741
PSMC Trust 2.500% due 05/25/51 § ~		1,174,845		1,021,159
Sequoia Mortgage Trust
4.000% due 06/25/48 § ~		234,605		216,209
4.000% due 08/25/48 § ~		65,524		63,270
4.000% due 10/25/48 § ~		3,519		3,492
4.500% due 08/25/48 § ~		16,174		15,688
SG Residential Mortgage Trust
1.381% due 05/25/65 § ~		383,345		333,747
3.166% due 03/27/62 § ~		1,946,770		1,718,622
Starwood Mortgage Residential Trust
0.943% due 05/25/65 § ~		835,740		740,315
1.162% due 08/25/56 § ~		2,178,252		1,813,421
2.408% due 02/25/50 § ~		680,901		629,407
2.916% due 09/27/49 § ~		665,197		630,724
Towd Point Mortgage Trust
3.250% due 07/25/58 § ~		697,535		667,402
3.750% due 03/25/58 § ~		807,231		759,079
3.750% due 05/25/58 § ~		1,490,997		1,407,485
3.750% due 09/25/62 ~		2,769,745		2,549,228
TRK Trust 1.409% due 07/25/56 § ~		412,846		347,800
UWM Mortgage Trust 2.500% due 09/25/51 § ~		530,122		454,806
Verus Securitization Trust
0.918% due 02/25/64 § ~		681,592		585,740
1.031% due 02/25/66 § ~		622,932		523,517
1.046% due 06/25/66 § ~		4,065,475		3,409,715
1.052% due 01/25/66 § ~		479,289		402,796
1.155% due 01/25/66 § ~		285,378		240,307
1.373% due 09/25/66 § ~		759,273		592,957
1.829% due 10/25/66 § ~		2,818,692		2,400,336
1.977% due 03/25/60 § ~		47,549		46,336
2.226% due 05/25/60 § ~		361,953		353,326
2.913% due 07/25/59 § ~		343,968		332,449
3.117% due 07/25/59 § ~		458,094		442,755
3.288% due 01/25/67 § ~		3,089,953		2,640,470
6.438% due 03/25/68 ~		1,776,578		1,764,243
Vista Point Securitization Trust 2.496% due 04/25/65 § ~		209,882		186,390
Wells Fargo Mortgage-Backed Securities Trust
2.500% due 12/25/50 § ~		2,189,886		1,897,673
2.500% due 09/25/51 § ~		1,685,133		1,444,876
				108,404,719
Fannie Mae - 2.4%
due 07/18/38 #		2,290,000		2,245,452
due 07/13/53 #		2,935,000		2,921,013
2.000% due 10/01/50		664,731		547,890
2.500% due 11/01/51 - 01/01/52		3,374,832		2,871,579
3.000% due 09/01/28 - 06/01/52		9,213,292		8,316,176
3.500% due 01/01/44 - 01/01/52		1,520,917		1,407,022
3.963% (USD LIBOR + 1.502%) due 02/01/33 §		15,139		14,779
4.000% due 03/01/41 - 09/01/52		7,566,772		7,111,651
4.230% (USD LIBOR + 1.605%) due 04/01/33 §		17,019		16,616
4.354% (UST + 2.265%) due 06/01/33 §		202,020		205,647
4.398% (UST + 2.215%) due 02/01/33 §		34,791		33,796
4.500% due 05/01/41 - 08/01/52		14,739,584		14,248,544
5.000% due 07/01/24 - 10/01/52		3,567,552		3,532,605
5.096% (UST + 2.258%) due 06/01/35 §		64,272		62,892
5.500% due 01/01/36 - 02/01/49		2,559,778		2,628,150
5.908% (USD LIBOR + 1.543%) due 01/01/35 §		2,087		2,116
6.000% due 03/01/37 - 07/13/53		7,978,165		8,140,852

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-74

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
6.500% due 05/01/33	$	245,446	$	253,370
7.000% due 06/01/33		121,659		123,317
				54,683,467
Freddie Mac - 0.5%
2.500% due 01/01/52 - 04/01/52		4,651,698		3,976,996
3.000% due 06/01/52		904,429		796,893
3.500% due 02/01/52		2,641,907		2,419,713
4.000% due 12/01/49 - 09/01/52		1,213,489		1,143,377
4.076% (UST + 1.951%) due 02/01/35 §		53,432		51,765
4.269% (UST + 2.179%) due 09/01/35 §		86,177		85,755
4.500% due 09/01/37 - 05/01/50		755,381		740,264
4.564% (UST + 2.250%) due 08/01/35 §		140,452		141,881
5.000% due 12/01/41 - 03/01/50		2,034,620		2,026,475
5.500% due 07/01/38 - 06/01/41		254,555		261,342
7.000% due 03/01/39		160,825		166,932
7.500% due 06/01/38		137,775		141,940
				11,953,333
Government National Mortgage Association - 1.4%
due 07/20/53 #		2,610,000		2,656,083
due 07/20/53 #		2,970,000		2,918,721
due 07/20/53 #		3,560,000		3,543,591
2.625% (UST + 1.500%) due 09/20/34 §		267,095		258,406
3.000% due 09/20/47		3,510,655		3,179,380
3.500% due 07/20/52 - 12/20/52		8,980,435		8,292,561
3.625% (UST + 1.500%) due 01/20/35 §		411,503		401,918
4.000% due 10/20/50 - 10/20/52		2,963,735		2,811,018
4.500% due 08/20/47 - 10/20/52		5,100,307		4,928,387
5.000% due 12/20/34 - 05/20/48		1,298,019		1,302,901
5.500% due 09/15/45 - 02/20/49		1,161,839		1,182,144
6.000% due 07/15/36		164,244		171,689
				31,646,799
Total Mortgage-Backed Securities (Cost $308,217,456)				291,290,301
ASSET-BACKED SECURITIES - 11.7%
AmeriCredit Automobile Receivables Trust
0.890% due 10/19/26		1,665,000		1,546,457
0.970% due 02/18/26		417,677		414,134
1.060% due 08/18/26		980,000		923,007
1.210% due 12/18/26		1,030,000		940,198
1.290% due 06/18/27		2,095,000		1,882,473
1.590% due 10/20/25		1,104,410		1,084,094
1.800% due 12/18/25		1,175,000		1,124,806
2.770% due 04/19/27		4,310,000		4,054,549
4.810% due 04/18/28		4,195,000		4,109,071
5.800% due 12/18/28		1,150,000		1,140,090
Amur Equipment Finance Receivables X LLC 1.640% due 10/20/27 ~		580,439		556,324
Amur Equipment Finance Receivables XII LLC 6.090% due 12/20/29 ~		3,620,000		3,626,573
ARI Fleet Lease Trust 5.410% due 02/17/32 ~		4,110,000		4,068,183
Avis Budget Rental Car Funding AESOP LLC
2.330% due 08/20/26 ~		930,000		865,686
3.350% due 09/22/25 ~		1,355,000		1,315,463
4.950% due 03/20/25 ~		745,000		736,443
Blackbird Capital Aircraft Lease Securitization Ltd. 2.487% due 12/16/41 § ~		522,237		499,794
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		267,308		251,344
CarMax Auto Owner Trust
1.090% due 03/16/26		2,730,000		2,602,137
5.570% due 11/15/28		2,495,000		2,460,702

	Principal Amount		Value
6.550% due 10/15/29	$	1,625,000	$	1,605,759
CBAM Ltd. (Cayman) 6.540% (USD LIBOR + 1.280%) due 02/12/30 § ~		5,078,534		5,059,455
Cedar Funding XIV CLO Ltd. (Cayman) 6.360% (USD LIBOR + 1.100%) due 07/15/33 § ~		2,230,000		2,202,331
CIFC Funding Ltd. (Cayman)
6.310% (USD LIBOR + 1.050%) due 07/15/33 § ~		4,185,000		4,143,618
6.323% (USD LIBOR + 1.050%) due 04/24/30 § ~		3,652,456		3,633,044
CNH Equipment Trust
1.510% due 04/15/27		1,125,000		1,093,794
2.010% due 12/16/24		97,173		97,028
Dell Equipment Finance Trust 5.650% due 01/22/29 ~		3,485,000		3,488,764
Drive Auto Receivables Trust 1.390% due 03/15/29		1,070,000		999,369
Dryden 77 CLO Ltd. (Cayman) 6.499% (USD LIBOR + 1.120%) due 05/20/34 § ~		4,680,000		4,602,626
Dryden 86 CLO Ltd. (Cayman) 6.360% (USD LIBOR + 1.100%) due 07/17/34 § ~		5,775,000		5,667,771
Elara HGV Timeshare Issuer LLC
2.610% due 01/25/34 ~		1,385,108		1,285,305
2.690% due 03/25/30 ~		206,308		200,635
2.730% due 04/25/28 ~		367,939		367,030
Enterprise Fleet Financing LLC 5.560% due 04/22/30 ~		5,770,000		5,741,829
Exeter Automobile Receivables Trust
2.560% due 06/15/28		405,000		388,462
3.850% due 07/17/28		2,130,000		2,054,785
5.700% due 08/17/26		305,000		304,247
5.980% due 12/15/28		945,000		927,961
6.510% due 12/15/27		2,940,000		2,938,188
6.690% due 06/15/29		245,000		244,309
Finance of America HECM Buyout 4.000% due 08/01/32 § ~		2,569,893		2,482,299
FirstKey Homes Trust
1.339% due 08/17/37 ~		2,938,575		2,668,406
1.968% due 10/19/37 ~		2,580,000		2,310,893
2.241% due 08/17/37 ~		3,355,000		3,045,117
Ford Credit Auto Lease Trust
4.180% due 10/15/25		3,385,000		3,287,729
5.540% due 12/15/26		1,060,000		1,036,646
Ford Credit Auto Owner Trust
1.740% due 04/15/33 ~		1,470,000		1,328,655
3.520% due 07/15/30 ~		4,155,000		4,102,357
5.070% due 01/15/29		3,820,000		3,756,270
5.220% due 03/15/30		2,225,000		2,183,968
Ford Credit Floorplan Master Owner Trust A
5.750% due 05/15/28 ~		1,485,000		1,460,009
6.620% due 05/15/28 ~		1,765,000		1,735,345
Ford Credit Floorplan Master Owner Trust Class C 1.420% due 09/15/25		1,885,000		1,840,398
GM Financial Automobile Leasing Trust
5.130% due 08/20/26		2,425,000		2,377,862
5.760% due 01/20/27		2,920,000		2,884,788
GM Financial Consumer Automobile Receivables Trust
1.050% due 05/18/26		1,005,000		948,123
1.490% due 12/16/24		54,464		54,199
5.030% due 09/18/28		520,000		512,598
5.210% due 12/18/28		1,090,000		1,070,032
GMF Floorplan Owner Revolving Trust
1.030% due 08/15/25 ~		830,000		824,830
5.730% due 06/15/28 ~		5,330,000		5,320,789

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-75

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Hardee’s Funding LLC 4.959% due 06/20/48 ~	$	3,795,713	$	3,550,226
Hilton Grand Vacations Trust
2.660% due 12/26/28 ~		157,191		155,196
2.740% due 02/25/39 ~		634,470		591,432
2.960% due 12/26/28 ~		43,815		43,141
HPEFS Equipment Trust
5.910% due 04/20/28 ~		1,495,000		1,472,711
6.130% due 08/20/29 ~		3,555,000		3,538,146
Hyundai Auto Receivables Trust
1.410% due 11/15/24		187,400		186,291
1.600% due 12/15/26		1,360,000		1,298,508
KKR CLO 29 Ltd. (Cayman) 6.460% (USD LIBOR + 1.200%) due 01/15/32 § ~		2,500,000		2,479,005
Madison Park Funding XXIII Ltd. (Cayman)
6.262% (USD LIBOR + 0.970%) due 07/27/31 § ~		2,565,950		2,543,632
6.842% (USD LIBOR + 1.550%) due 07/27/31 § ~		1,675,000		1,656,733
Madison Park Funding XXXIII Ltd. (Cayman) 6.276% (SOFR + 1.290%) due 10/15/32 § ~		3,565,000		3,516,873
Madison Park Funding XXXV Ltd. (Cayman) 6.240% (USD LIBOR + 0.990%) due 04/20/32 § ~		5,565,000		5,491,752
Magnetite XXV Ltd. (Cayman) 6.455% (USD LIBOR + 1.200%) due 01/25/32 § ~		1,145,000		1,137,481
MMAF Equipment Finance LLC 5.610% due 07/10/28 ~		4,025,000		4,020,534
MVW LLC
2.230% due 05/20/39 ~		320,260		283,162
2.730% due 10/20/37 ~		237,966		221,280
MVW Owner Trust
2.420% due 12/20/34 ~		96,499		95,913
2.750% due 12/20/34 ~		32,862		32,646
2.890% due 11/20/36 ~		723,833		688,019
2.990% due 12/20/34 ~		88,675		88,005
4.930% due 10/20/40 ~		3,206,628		3,145,992
Navient Private Education Refi Loan Trust
1.170% due 09/16/69 ~		470,406		416,522
1.220% due 07/15/69 ~		390,069		346,504
1.310% due 01/15/69 ~		222,637		201,280
1.690% due 05/15/69 ~		705,169		633,586
2.150% due 11/15/68 ~		3,584,122		3,266,678
2.400% due 10/15/68 ~		549,934		506,502
2.460% due 11/15/68 ~		974,417		895,068
2.640% due 05/15/68 ~		1,041,310		978,499
3.420% due 01/15/43 ~		1,349,746		1,297,836
Nelnet Student Loan Trust 1.320% due 04/20/62 ~		910,622		809,567
Neuberger Berman Loan Advisers CLO 26 Ltd. (Cayman) 6.662% (USD LIBOR + 1.400%) due 10/18/30 § ~		1,755,000		1,702,417
Neuberger Berman Loan Advisers CLO 32 Ltd. (Cayman) 6.255% (USD LIBOR + 0.990%) due 01/20/32 § ~		3,755,000		3,705,605
Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman) 6.320% (USD LIBOR + 1.060%) due 04/16/33 § ~		1,085,000		1,073,336
Nissan Auto Receivables Owner Trust 1.380% due 12/16/24		106,252		105,535
OCP CLO Ltd. (Cayman)
6.370% (USD LIBOR + 1.120%) due 07/20/29 § ~		3,612,106		3,589,485

	Principal Amount		Value
6.810% (USD LIBOR + 1.550%) due 07/15/30 § ~	$	2,710,000	$	2,648,597
Octagon Investment Partners 36 Ltd. (Cayman) 6.230% (USD LIBOR + 0.970%) due 04/15/31 § ~		3,625,000		3,598,418
Octane Receivables Trust
1.210% due 09/20/28 ~		926,565		891,018
4.900% due 05/22/28 ~		1,290,000		1,251,466
5.870% due 05/21/29 ~		1,174,514		1,168,528
5.880% due 06/20/31 ~		5,030,000		5,001,722
5.960% due 07/20/29 ~		940,000		929,801
Palmer Square CLO Ltd. (Cayman) 6.401% (USD LIBOR + 1.080%) due 11/15/31 § ~		4,505,000		4,472,519
Progress Residential Trust
1.495% due 10/17/27 ~		4,777,000		4,304,119
2.078% due 06/17/37 ~		459,432		426,244
4.451% due 07/20/39 ~		1,630,000		1,548,279
Santander Bank Auto Credit-Linked Notes
5.916% due 08/16/32 ~		563,530		560,106
6.024% due 12/15/32 ~		441,166		439,085
6.451% due 12/15/32 ~		1,978,428		1,973,990
6.493% due 06/15/33 ~		2,155,000		2,152,299
6.736% due 06/15/33 ~		1,150,000		1,148,168
Santander Bank NA - SBCLN 1.833% due 12/15/31 ~		196,735		190,288
Santander Consumer Auto Receivables Trust 1.290% due 04/15/26 ~		1,810,000		1,765,468
Santander Drive Auto Receivables Trust
1.010% due 01/15/26		236,159		235,227
1.130% due 11/16/26		4,190,000		4,008,457
1.670% due 10/15/27		3,360,000		3,102,986
3.760% due 07/16/29		3,340,000		3,176,719
4.740% due 10/16/28		990,000		959,359
5.090% due 05/15/30		905,000		882,245
5.240% due 05/15/28		3,500,000		3,452,057
Santander Retail Auto Lease Trust
0.830% due 03/20/26 ~		4,240,000		4,054,720
1.110% due 03/20/26 ~		1,290,000		1,229,651
3.850% due 03/22/27 ~		990,000		953,045
SFS Auto Receivables Securitization Trust 5.710% due 01/22/30 ~		1,895,000		1,893,078
Sierra Timeshare Receivables Funding LLC
1.800% due 09/20/38 ~		1,375,032		1,257,020
3.200% due 01/20/36 ~		2,634,971		2,526,936
3.510% due 07/20/37 ~		297,927		280,852
SMB Private Education Loan Trust
1.290% due 07/15/53 ~		1,246,187		1,111,400
1.310% due 07/17/51 ~		2,014,439		1,776,254
1.600% due 09/15/54 ~		3,738,443		3,316,984
5.913% (USD LIBOR + 0.720%) due 01/15/37 § ~		1,579,795		1,557,964
6.693% (USD LIBOR + 1.500%) due 04/15/32 § ~		549,942		550,608
Symphony CLO XXIII Ltd. (Cayman) 6.280% (USD LIBOR + 1.020%) due 01/15/34 § ~		3,645,000		3,594,042
Symphony CLO XXVI Ltd. (Cayman) 6.330% (USD LIBOR + 1.080%) due 04/20/33 § ~		1,110,000		1,090,893
Symphony Static CLO I Ltd. (Cayman) 6.705% (USD LIBOR + 1.450%) due 10/25/29 § ~		2,825,000		2,753,307
Volkswagen Auto Loan Enhanced Trust
1.260% due 08/20/26		1,045,000		1,023,532
5.020% due 06/20/28		1,735,000		1,730,069
World Omni Auto Receivables Trust
1.640% due 08/17/26		825,000		799,469
2.550% due 09/15/28		1,105,000		1,015,019

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-76

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
World Omni Select Auto Trust
0.840% due 06/15/26	$	1,100,427	$	1,079,841
1.250% due 10/15/26		1,375,000		1,310,076
1.440% due 11/15/27		540,000		481,093
5.870% due 08/15/28		1,200,000		1,199,040
Total Asset-Backed Securities (Cost $274,656,522)				269,116,307
U.S. GOVERNMENT AGENCY ISSUES - 0.2%
Federal Home Loan Banks 5.000% due 02/28/25		4,190,000		4,179,372
Total U.S. Government Agency Issues (Cost $4,185,341)				4,179,372
U.S. TREASURY OBLIGATIONS - 28.3%
U.S. Treasury Notes - 28.3%
1.750% due 03/15/25		58,565,000		55,410,268
2.750% due 05/15/25		57,850,000		55,576,675
3.875% due 03/31/25		5,710,000		5,598,254
3.875% due 04/30/25 ‡		313,630,000		307,553,419
4.000% due 12/15/25		4,265,000		4,198,859
4.250% due 05/31/25		56,385,000		55,679,086
4.500% due 11/15/25		28,750,000		28,605,127
4.625% due 02/28/25		142,710,000		141,617,377
				654,239,065
Total U.S. Treasury Obligations (Cost $667,852,735)				654,239,065
FOREIGN GOVERNMENT BONDS & NOTES - 0.3%
Korea Housing Finance Corp. (South Korea) 4.625% due 02/24/28 ~		3,300,000		3,252,938
Korea Hydro & Nuclear Power Co. Ltd. (South Korea)
1.250% due 04/27/26 ~		1,790,000		1,588,591
4.250% due 07/27/27 ~		1,480,000		1,435,289
Total Foreign Government Bonds & Notes (Cost $6,553,651)				6,276,818
MUNICIPAL BONDS - 0.1%
Golden State Tobacco Securitization Corp. 1.711% due 06/01/24		1,505,000		1,450,819
Total Municipal Bonds (Cost $1,505,000)				1,450,819

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 1.6%
Repurchase Agreements - 1.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $37,734,151; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $38,473,830)		$37,719,378		$37,719,378
Total Short-Term Investments (Cost $37,719,378)				37,719,378
TOTAL INVESTMENTS - 100.3% (Cost $2,376,811,350)				2,313,097,291
DERIVATIVES - (0.2%)				(3,199,665	)
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(3,103,408	)
NET ASSETS - 100.0%				$2,306,794,218

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	45.5%
U.S. Treasury Obligations	28.3%
Mortgage-Backed Securities	12.6%
Asset-Backed Securities	11.7%
Others (each less than 3.0%)	2.2%
	100.3%
Derivatives	(0.2%	)
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) As of June 30, 2023, an investment with a value of $1,958,308 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes		09/23		1,665		$342,766,941		$338,567,344		($4,199,597	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes		09/23		169		18,441,885		18,098,844		343,041
U.S. Treasury 10-Year Notes		09/23		200		22,837,217		22,453,125		384,092
U.S. Treasury Ultra 10-Year Notes		09/23		191		22,894,362		22,621,563		272,799
										999,932
Total Futures Contracts										($3,199,665	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-77

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,048,825,231			$-			$1,048,825,231		$-
	Mortgage-Backed Securities		291,290,301			-			291,290,301		-
	Asset-Backed Securities		269,116,307			-			269,116,307		-
	U.S. Government Agency Issues		4,179,372			-			4,179,372		-
	U.S. Treasury Obligations		654,239,065			-			654,239,065		-
	Foreign Government Bonds & Notes		6,276,818			-			6,276,818		-
	Municipal Bonds		1,450,819			-			1,450,819		-
	Short-Term Investments		37,719,378			-			37,719,378		-
	Derivatives:
	Interest Rate Contracts
	Futures		999,932			999,932			-		-
	Total Assets		2,314,097,223			999,932			2,313,097,291		-
Liabilities	Derivatives:
	Interest Rate Contracts										-
	Futures		(4,199,597	)		(4,199,597	)		-		-
	Total Liabilities		(4,199,597	)		(4,199,597	)		-		-
	Total		$2,309,897,626			($3,199,665	)		$2,313,097,291		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-78

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 28.1%
Azerbaijan - 0.5%
SOCAR Turkey Enerji AS via Steas Funding 1 DAC 7.230% due 03/17/26 ~		$720,000		$688,800
Brazil - 0.3%
Usiminas International SARL 5.875% due 07/18/26 ~		400,000		388,156
China - 2.0%
Country Garden Holdings Co. Ltd.
4.200% due 02/06/26 ~		800,000		255,074
6.150% due 09/17/25 ~		200,000		66,091
7.250% due 04/08/26 ~		1,075,000		378,187
Powerlong Real Estate Holdings Ltd. 4.900% due 05/13/26 ~		400,000		42,000
6.250% due 08/10/24 ~		300,000		30,000
Prosus NV 3.257% due 01/19/27 ~		1,300,000		1,175,559
4.193% due 01/19/32 ~		925,000		779,450
				2,726,361
Colombia - 0.3%
Ecopetrol SA 8.875% due 01/13/33		450,000		445,992
Czech Republic - 0.9%
Energo-Pro AS 8.500% due 02/04/27 ~		675,000		641,250
Raiffeisenbank AS 7.125% (EUR LIBOR + 3.932%) due 01/19/26 ~		EUR 600,000		653,311
				1,294,561
Ghana - 1.1%
Kosmos Energy Ltd.
7.125% due 04/04/26 ~		$700,000		616,238
7.500% due 03/01/28 ~		725,000		603,506
7.750% due 05/01/27 ~		300,000		257,731
				1,477,475
Hong Kong - 1.0%
Melco Resorts Finance Ltd.
5.250% due 04/26/26 ~		350,000		324,325
5.625% due 07/17/27 ~		325,000		294,750
5.750% due 07/21/28 ~		900,000		796,500
				1,415,575
Hungary - 0.2%
OTP Bank Nyrt 7.350% due 03/04/26 ~		EUR 250,000		276,273
Israel - 5.4%
Bank Hapoalim BM 3.255% due 01/21/32 ~		$575,000		494,345
Bank Leumi Le-Israel BM 7.129% due 07/18/33 ~		1,000,000		990,973
Energean Israel Finance Ltd.
due 09/30/33 # ~		1,500,000		1,499,062
4.875% due 03/30/26 ~		325,000		302,471
5.375% due 03/30/28 ~		775,000		700,802
Israel Discount Bank Ltd. 5.375% due 01/26/28 ~		1,325,000		1,310,722
Leviathan Bond Ltd.
6.125% due 06/30/25 ~		1,050,000		1,029,000
6.500% due 06/30/27 ~		1,250,000		1,200,000
				7,527,375

	Principal Amount		Value
Kazakhstan - 2.4%
KazMunayGas National Co. JSC
5.375% due 04/24/30 ~		$1,525,000		$1,418,875
5.750% due 04/19/47 ~		225,000		183,592
6.375% due 10/24/48 ~		725,000		621,461
Tengizchevroil Finance Co. International Ltd. 4.000% due 08/15/26 ~		1,200,000		1,095,000
				3,318,928
Macau - 0.4%
MGM China Holdings Ltd. 5.250% due 06/18/25 ~		525,000		503,867
Mexico - 4.8%
Banco Mercantil del Norte SA
5.875% due 01/24/27 ~		1,400,000		1,195,250
BBVA Bancomer SA 5.125% due 01/18/33 ~		400,000		347,453
8.450% (UST + 4.661%) due 06/29/38 ~		1,100,000		1,102,074
Cemex SAB de CV 9.125% due 03/14/28 ~		1,200,000		1,216,796
Comision Federal de Electricidad 5.000% due 09/29/36 ~		1,196,800		1,020,333
Petroleos Mexicanos
6.490% due 01/23/27		1,700,000		1,511,989
7.690% due 01/23/50		350,000		237,526
				6,631,421
Nigeria - 0.4%
IHS Holding Ltd. 5.625% due 11/29/26 ~		725,000		634,520
Saudi Arabia - 1.2%
Greensaif Pipelines Bidco SARL 6.129% due 02/23/38 ~		1,075,000		1,099,555
TMS Issuer SARL 5.780% due 08/23/32 ~		600,000		618,995
				1,718,550
South Africa - 3.6%
Sasol Financing USA LLC
4.375% due 09/18/26		1,000,000		886,303
6.500% due 09/27/28		300,000		268,534
8.750% due 05/03/29 ~		925,000		902,066
Stillwater Mining Co.
4.000% due 11/16/26 ~		1,500,000		1,339,695
4.500% due 11/16/29 ~		550,000		447,219
Transnet SOC Ltd. 8.250% due 02/06/28 ~		1,200,000		1,168,500
				5,012,317
Tanzania - 0.8%
HTA Group Ltd. 7.000% due 12/18/25 ~		1,112,000		1,055,177
Ukraine - 0.1%
NPC Ukrenergo 6.875% due 11/09/28 y~		725,000		154,113
United Arab Emirates - 1.9%
Galaxy Pipeline Assets Bidco Ltd. 2.160% due 03/31/34 ~		2,750,010		2,341,757
MAF Global Securities Ltd. 7.875% due 06/30/27 ~		325,000		329,870
				2,671,627

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-79

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
United Kingdom - 0.6%
Standard Chartered PLC due 07/06/27 # ~	$	825,000	$	825,791
Venezuela - 0.2%
Petroleos de Venezuela SA
5.375% due 04/12/27 * y ~		1,432,000		50,564
9.000% * y ~		1,780,581		68,997
9.750% due 05/17/35 * y ~		2,733,498		107,290
12.750% * y ~		1,152,000		45,792
				272,643
Total Corporate Bonds & Notes (Cost $43,508,888)				39,039,522
FOREIGN GOVERNMENT BONDS & NOTES - 66.7%
Angola - 1.1%
Angolan Government
8.000% due 11/26/29 ~		1,525,000		1,296,212
9.375% due 05/08/48 ~		350,000		277,984
				1,574,196
Bahamas - 0.8%
Bahamas Government
6.000% due 11/21/28 ~		1,075,000		868,063
9.000% due 06/16/29 ~		250,000		222,443
				1,090,506
Brazil - 6.4%
Brazil Notas do Tesouro Nacional 6.000% due 08/15/50 ^		BRL 1,600,000		1,511,275
Brazil Notas do Tesouro Nacional Class F 10.000% due 01/01/27		35,700,000		7,414,143
				8,925,418
Colombia - 4.9%
Colombia Government
3.000% due 01/30/30		$275,000		214,440
4.500% due 03/15/29		1,100,000		966,148
5.200% due 05/15/49		1,125,000		775,688
7.500% due 02/02/34		625,000		612,765
Colombia TES
6.000% due 04/28/28		COP 14,200,000,000		2,920,000
13.250% due 02/09/33		4,900,000,000		1,379,038
				6,868,079
Czech Republic - 2.6%
Czech Republic Government
1.000% due 06/26/26 ~		CZK 33,800,000		1,384,137
1.250% due 02/14/25		25,800,000		1,109,953
2.400% due 09/17/25 ~		25,900,000		1,119,510
				3,613,600
Dominican Republic - 0.9%
Dominican Republic REGS 5.875% due 01/30/60 ~		$1,675,000		1,302,212
Ecuador - 0.8%
Ecuador Government 2.500% due 07/31/35 § ~		3,225,000		1,127,231
Egypt - 0.7%
Egypt Government
7.300% due 09/30/33 ~		675,000		373,477
7.903% due 02/21/48 ~		625,000		322,681
8.150% due 11/20/59 ~		500,000		260,343
				956,501

	Principal Amount		Value
El Salvador - 1.2%
El Salvador Government
7.625% due 09/21/34 ~	$	500,000	$	292,728
7.625% due 02/01/41 ~		725,000		416,121
7.650% due 06/15/35 ~		630,000		374,244
8.625% due 02/28/29 ~		850,000		570,921
				1,654,014
Ghana - 1.0%
Ghana Government
7.750% due 04/07/29 * y ~		550,000		236,532
8.125% due 03/26/32 * y ~		550,000		237,639
8.625% due 04/07/34 * y ~		2,100,000		904,575
				1,378,746
Guatemala - 1.0%
Guatemala Government
6.125% due 06/01/50 ~		275,000		253,323
6.600% due 06/13/36 ~		1,075,000		1,082,976
				1,336,299
Hungary - 4.5%
Hungary Government
3.000% due 06/26/24		HUF 435,000,000		1,185,224
6.250% due 09/22/32 ~		$925,000		950,022
6.750% due 09/25/52 ~		750,000		775,649
9.500% due 10/21/26		HUF 665,000,000		1,995,018
Magyar Export-Import Bank Zrt ~ 6.125% due 12/04/27		$1,350,000		1,337,955
				6,243,868
Indonesia - 4.2%
Indonesia Treasury
5.125% due 04/15/27		IDR 4,300,000,000		281,946
6.375% due 08/15/28		30,000,000,000		2,042,481
6.500% due 02/15/31		21,400,000,000		1,440,290
7.000% due 02/15/33		30,300,000,000		2,127,932
				5,892,649
Iraq - 2.0%
Iraq Government 5.800% due 01/15/28 ~		$2,984,375		2,750,188
Ivory Coast - 2.2%
Ivory Coast Government
4.875% due 01/30/32 ~		EUR 2,775,000		2,364,719
5.875% due 10/17/31 ~		386,000		353,786
6.625% due 03/22/48 ~		450,000		349,461
				3,067,966
Mexico - 8.8%
Mexican Bonos
7.750% due 11/23/34		MXN 128,500,000		7,013,561
7.750% due 11/13/42		27,300,000		1,431,659
Mexico Government
4.875% due 05/19/33		$2,275,000		2,175,037
6.350% due 02/09/35		1,525,000		1,607,032
				12,227,289
Nigeria - 1.8%
Nigeria Government
6.125% due 09/28/28 ~		1,350,000		1,127,810
7.625% due 11/28/47 ~		400,000		285,510
8.250% due 09/28/51 ~		575,000		430,807
7.875% due 02/16/32 ~		775,000		651,896
				2,496,023
Oman - 0.4%
Oman Government 6.750% due 01/17/48 ~		550,000		529,794

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-80

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Peru - 2.9%
Peru Government
5.400% due 08/12/34		PEN 11,600,000	$	2,824,919
6.150% due 08/12/32		4,500,000		1,185,449
				4,010,368
Poland - 3.9%
Republic of Poland Government
2.500% due 07/25/26		PLN 7,100,000		1,593,643
5.907% due 07/25/24		7,800,000		1,803,988
6.000% due 10/25/33		8,200,000		2,060,008
				5,457,639
Romania - 3.7%
Romanian Government
1.375% due 12/02/29 ~		EUR 350,000		296,943
2.000% due 04/14/33 ~		1,725,000		1,332,984
3.624% due 05/26/30 ~		475,000		455,464
4.850% due 07/25/29		RON 4,300,000		861,022
5.000% due 02/12/29		4,500,000		914,297
6.625% due 09/27/29 ~		EUR 650,000		737,424
7.625% due 01/17/53 ~		$450,000		495,773
				5,093,907
Saudi Arabia - 1.7%
Saudi Government
4.500% due 10/26/46 ~		1,975,000		1,734,935
5.000% due 01/18/53 ~		675,000		626,228
				2,361,163
Senegal - 1.9%
Senegal Government
4.750% due 03/13/28 ~		EUR 1,475,000		1,390,069
5.375% due 06/08/37 ~		425,000		311,067
6.250% due 07/30/24 ~		$200,000		196,786
6.750% due 03/13/48 ~		975,000		701,069
				2,598,991
South Africa - 3.6%
Republic of South Africa Government
7.300% due 04/20/52		2,000,000		1,686,360
8.750% due 01/31/44		ZAR 1,000		39
8.750% due 02/28/48		2,000		77
8.875% due 02/28/35		77,000,000		3,353,901
				5,040,377
Tunisia - 1.1%
Tunisian Republic 6.375% due 07/15/26 ~		EUR 2,325,000		1,480,972
Ukraine - 1.2%
State Agency of Roads of Ukraine 6.250% due 06/24/30 y ~		$2,000,000		435,569
Ukraine Government 6.876% due 05/21/31 * y ~		650,000		150,183
7.750% due 08/01/41 * y § ~		2,575,000		1,017,514
				1,603,266
Uzbekistan - 0.6%
Republic of Uzbekistan
4.750% due 02/20/24 ~		225,000		223,087
5.375% due 02/20/29 ~		650,000		596,277
				819,364
Venezuela - 0.5%
Venezuela Government
7.750% * y ~		913,000		54,780
8.250% due 10/13/24 * y ~		1,784,900		165,103
9.000% * y ~		816,000		73,440

	Principal Amount		Value
11.750% due 10/21/26 * y ~	$	2,249,400	$	208,070
12.750% * y ~		1,624,000		146,160
				647,553
Zambia - 0.3%
Zambia Government 8.500% due 04/14/24 * y ~		650,000		379,321
Total Foreign Government Bonds & Notes (Cost $92,790,778)				92,527,500
SHORT-TERM INVESTMENTS - 2.6%
Repurchase Agreements - 2.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $3,659,747; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $3,731,575)		3,658,314		3,658,314
Total Short-Term Investments (Cost $3,658,314)				3,658,314
TOTAL INVESTMENTS - 97.4% (Cost $139,957,980)				135,225,336
DERIVATIVES - 0.6%				825,574
OTHER ASSETS & LIABILITIES, NET - 2.0%				2,827,093
NET ASSETS - 100.0%				$138,878,003

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	66.7%
Corporate Bonds & Notes	28.1%
Others (each less than 3.0%)	2.6%
	97.4%
Derivatives	0.6%
Other Assets & Liabilities, Net	2.0%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Mexico	13.6%
South Africa	7.2%
Brazil	6.7%
Israel	5.4%
Colombia	5.2%
Hungary	4.7%
Indonesia	4.2%
Poland	3.9%
Romania	3.7%
Czech Republic	3.5%
Others (each less than 3.0%)	39.3%
	97.4%
Derivatives	0.6%
Other Assets & Liabilities, Net	2.0%
	100.0%

(c) Investments with a total aggregate value of $4,435,642 or 3.2% of the Fund’s net assets were in default as of June 30, 2023.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-81

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	09/23		121		$13,803,363		$13,584,140		($219,223	)
Short Futures Outstanding
Euro-BTP	09/23		16		2,028,560		2,027,188		1,372
Total Futures Contracts									($217,851	)

(e) Forward foreign currency contracts outstanding as of June 30, 2023 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
CLP	3,275,000,000	USD	4,092,911		07/23		HSB		$-		($19,378	)
CZK	60,725,000	USD	2,787,447		07/23		JPM		-		(2,548	)
EUR	725,000	USD	791,998		07/23		JPM		-		(537	)
HUF	552,825,000	USD	1,615,508		07/23		JPM		-		(5,389	)
INR	333,000,000	USD	4,060,480		07/23		CIT		-		(6,316	)
USD	3,022,465	BRL	14,700,000		07/23		CIT		-		(36,162	)
USD	6,608,812	CNH	47,200,000		07/23		CIT		105,702		-
USD	627,787	EUR	575,000		07/23		CIT		76		-
USD	10,363,349	EUR	9,572,000		07/23		JPM		-		(86,110	)
USD	715,767	HUF	244,749,440		07/23		CIT		2,927		-
USD	2,975,894	MXN	51,450,000		07/23		CIT		-		(17,816	)
USD	7,718,729	ZAR	142,250,000		07/23		CIT		176,389		-
Total Forward Foreign Currency Contracts									$285,094		($174,256	)

(f) Swap agreements outstanding as of June 30, 2023 were as follows:

Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection (1)

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Counter- party	Implied Credit Spread at 06/30/23 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
China Development Bank		Q		1.000%		12/20/25	GSC		0.420%		$2,800,000		($37,841	)		($29,748	)		($8,093	)
Industrial & Commercial Bank of China Ltd.		Q		1.000%		12/20/25	GSC		0.455%		3,350,000		(44,146	)		(34,752	)		(9,394	)
Bank of China Ltd.		Q		1.000%		12/20/25	GSC		0.471%		4,100,000		(53,896	)		(41,577	)		(12,319	)
China Construction Bank Corp.		Q		1.000%		12/20/25	GSC		0.473%		3,350,000		(43,184	)		(34,752	)		(8,432	)
													(179,067	)		(140,829	)		(38,238	)
							Exchange
Bahrain Government		Q		1.000%		06/20/28	ICE		2.554%		1,700,000		111,331			127,815			(16,484	)
Turkey Government		Q		1.000%		06/20/28	ICE		4.798%		4,375,000		656,645			775,414			(118,769	)
													767,976			903,229			(135,253	)
Total Credit default Swaps on Corporate and Sovereign Issues – Buy Protection													$588,909			$762,400			($173,491	)

Credit Default Swaps on Corporate Issues - Sell Protection (4)

Referenced Obligation

Payment Frequency

Fixed Deal Receive Rate

Expiration Date

Exchange

Implied Credit Spread at 06/30/23 (2)

Notional Amount (3)

Value (5)

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Bahrain Government

Q

1.000%

06/20/28

ICE

2.554%

$600,000

($39,477

)

($42,583

)

$3,106

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-82

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

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

Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date		Exchange		Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX HY40 5Y		Q		5.000%		06/20/28		ICE		$6,850,000		($207,187	)		($2,055	)		($205,132	)
CDX iTraxx Europe		Q		5.000%		06/20/28		ICE		EUR 7,300,000		(327,629	)		(261,289	)		(66,340	)
												($534,816	)		($263,344	)		($271,472	)
Total Credit Default Swaps												$14,616			$456,473			($441,857	)

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

(2) An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in the absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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

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

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

Interest Rate Swaps - Long

Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
7.372%	1-Day CLP CAMARA	S/S	LCH		11/29/24		CLP 11,000,000,000		($67,661	)		($485,973	)		$418,312
3.952%	1-Day USD SOFR	A/A	LCH		06/18/25		$35,100,000		(613,771	)		(222,328	)		(391,443	)
9.271%	28-Day MXN TIIE	L/L	LCH		09/17/25		MXN 210,000,000		(6,876	)		-			(6,876	)
11.240%	Brazil CETIP Interbank	Z/Z	LCH		01/04/27		BRL 14,962,425		119,964			-			119,964
11.950%	1-Day USD SOFR	Z/Z	LCH		01/04/27		$23,400,000		525,734			-			525,734
3.355%	3-Month ILS-TELBOR	A/Q	LCH		09/20/28		ILS 31,300,000		(101,946	)		-			(101,946	)
3.413%	3-Month KRW-KWCDC	Q/Q	LCH		09/20/28		KRW 5,450,000,000		(12,786	)		-			(12,786	)
									($157,342	)		($708,301	)		$550,959

Interest Rate Swaps - Short

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
7.372%	Brazil CETIP Interbank		S/S		LCH		11/29/24		BRL 37,999,875		$61,510		$13,992			$47,518
7.372%	1-Day CLP CAMARA		S/S		LCH		11/29/24		CLP 10,000,000,000		79,962		-			79,962
3.952%	1-Day CLP CAMARA		A/A		LCH		06/18/25		2,000,000,000		409,181		-			409,181
3.952%	1-Day CLP CAMARA		A/A		LCH		06/18/25		11,700,000		204,590		(30,981	)		235,571
4.420%	1-Day USD SOFR		A/A		LCH		09/17/25		$10,800,000		51,264		11			51,253
											$806,507		($16,978	)		$823,485
Total Interest Rate Swaps											$649,165		($725,279	)		$1,374,444
Total Swap Agreements											$663,781		($268,806	)		$932,587

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-83

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

	Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$-			$-
Liabilities		(140,829	)		(38,238	)
Centrally Cleared Swap Agreements (1)
Assets		917,232			1,890,601
Liabilities		(1,045,209	)		(919,776	)
		($268,806	)		$932,587

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

(g) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$39,039,522			$-			$39,039,522			$-
	Foreign Government Bonds & Notes		92,527,500			-			92,527,500			-
	Short-Term Investments		3,658,314			-			3,658,314			-
	Derivatives:
	Credit Contracts
	Swaps		3,106			-			3,106			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		285,094			-			285,094			-
	Interest Rate Contracts
	Futures		1,372			1,372			-			-
	Swaps		1,887,495			-			1,887,495			-
	Total Interest Rate Contracts		1,888,867			1,372			1,887,495			-
	Total Assets - Derivatives		2,177,067			1,372			2,175,695
	Total Assets		137,402,403			1,372			137,401,031			-
Liabilities	Derivatives:
	Credit Contracts
	Swaps		(444,963	)		-			(444,963	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(174,256	)		-			(174,256	)		-
	Interest Rate Contracts
	Futures		(219,223	)		(219,223	)		-			-
	Swaps		(513,051	)		-			(513,051	)		-
	Total Interest Rate Contracts		(732,274	)		(219,223	)		(513,051	)		-
	Total Liabilities - Derivatives		(1,351,493	)		(219,223	)		(1,132,270	)		-
	Total Liabilities		(1,351,493	)		(219,223	)		(1,132,270	)		-
	Total		$136,050,910			($217,851	)		$136,268,761			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-84

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.3%
Consumer, Cyclical - 0.3%
Dr Ing hc F Porsche AG ~		37,482		$4,656,339
Total Preferred Stocks (Cost $3,140,395)				4,656,339
COMMON STOCKS - 96.2%
Basic Materials - 3.0%
Air Products & Chemicals, Inc.		23,627		7,076,995
Linde PLC		46,049		17,548,353
Nutrien Ltd. (Canada)		68,733		4,058,684
RPM International, Inc.		48,889		4,386,810
Sherwin-Williams Co.		38,427		10,203,137
				43,273,979
Communications - 0.5%
Walt Disney Co. *		82,390		7,355,779
Consumer, Cyclical - 9.6%
Costco Wholesale Corp.		14,760		7,946,489
Cummins, Inc.		23,012		5,641,622
Dollar General Corp.		61,827		10,496,988
Hilton Worldwide Holdings, Inc.		102,335		14,894,859
Home Depot, Inc.		52,891		16,430,060
Las Vegas Sands Corp. *		109,231		6,335,398
Marriott International, Inc. Class A		18,969		3,484,416
McDonald’s Corp.		57,169		17,059,801
NIKE, Inc. Class B		63,992		7,062,797
Ross Stores, Inc.		148,744		16,678,665
Target Corp.		28,200		3,719,580
Tractor Supply Co.		24,566		5,431,543
Walmart, Inc.		91,085		14,316,740
Yum! Brands, Inc.		64,228		8,898,789
				138,397,747
Consumer, Non-Cyclical - 25.8%
AbbVie, Inc.		112,766		15,192,963
AstraZeneca PLC ADR (United Kingdom)		244,331		17,486,770
Automatic Data Processing, Inc.		31,837		6,997,454
Avery Dennison Corp.		61,327		10,535,979
Becton Dickinson & Co.		74,752		19,735,276
Cigna Group		25,407		7,129,204
Coca-Cola Co.		273,451		16,467,219
Colgate-Palmolive Co.		96,283		7,417,642
Constellation Brands, Inc. Class A		35,719		8,791,517
Danaher Corp.		74,459		17,870,160
Diageo PLC (United Kingdom)		155,753		6,695,969
Elevance Health, Inc.		23,518		10,448,812
Eli Lilly & Co.		40,870		19,167,213
Equifax, Inc.		27,965		6,580,165
GE HealthCare Technologies, Inc. *		100,403		8,156,740
Johnson & Johnson		83,549		13,829,031
Kenvue, Inc. *		184,720		4,880,302
McKesson Corp.		48,657		20,791,623
Medtronic PLC		54,202		4,775,196
Mondelez International, Inc. Class A		280,474		20,457,774
Nestle SA		48,995		5,893,683
PepsiCo, Inc.		94,951		17,586,824
Philip Morris International, Inc.		185,520		18,110,462
S&P Global, Inc.		18,877		7,567,601
Stryker Corp.		54,549		16,642,354
Thermo Fisher Scientific, Inc.		41,221		21,507,057

	Shares		Value
UnitedHealth Group, Inc.		61,842	$	29,723,739
Zoetis, Inc.		67,902		11,693,403
				372,132,132
Energy - 3.3%
EOG Resources, Inc.		107,333		12,283,189
EQT Corp.		197,800		8,135,514
Exxon Mobil Corp.		161,521		17,323,127
Schlumberger NV		58,500		2,873,520
TotalEnergies SE (France)		102,333		5,874,387
Williams Cos., Inc.		47,542		1,551,295
				48,041,032
Financial - 17.0%
American Express Co.		60,940		10,615,748
American Tower Corp. REIT		73,338		14,223,172
Aon PLC Class A		41,683		14,388,972
Bank of America Corp.		551,789		15,830,826
Charles Schwab Corp.		209,567		11,878,257
Chubb Ltd.		120,265		23,158,228
Equity Residential REIT		237,173		15,646,303
Goldman Sachs Group, Inc.		18,553		5,984,085
Hartford Financial Services Group, Inc.		120,784		8,698,864
JPMorgan Chase & Co.		178,065		25,897,774
Marsh & McLennan Cos., Inc.		140,310		26,389,505
Morgan Stanley		175,039		14,948,331
Progressive Corp.		60,576		8,018,445
Rexford Industrial Realty, Inc. REIT		139,592		7,289,494
Visa, Inc. Class A		121,559		28,867,831
Wells Fargo & Co.		308,087		13,149,153
				244,984,988
Industrial - 14.3%
Agilent Technologies, Inc.		102,172		12,286,183
Amphenol Corp. Class A		145,401		12,351,815
Ball Corp.		133,189		7,752,932
General Electric Co.		205,904		22,618,554
Honeywell International, Inc.		95,163		19,746,323
Howmet Aerospace, Inc.		196,405		9,733,832
Illinois Tool Works, Inc.		35,032		8,763,605
JB Hunt Transport Services, Inc.		41,279		7,472,737
Northrop Grumman Corp.		32,374		14,756,069
Old Dominion Freight Line, Inc.		25,576		9,456,726
Otis Worldwide Corp.		85,647		7,623,440
Schneider Electric SE		44,328		8,053,362
Stanley Black & Decker, Inc.		81,234		7,612,438
TE Connectivity Ltd.		88,395		12,389,443
Trane Technologies PLC		42,165		8,064,478
Union Pacific Corp.		83,970		17,181,941
United Parcel Service, Inc. Class B		28,808		5,163,834
Waste Connections, Inc.		103,813		14,837,992
				205,865,704
Technology - 19.7%
Accenture PLC Class A		87,256		26,925,457
Apple, Inc.		350,658		68,017,132
Applied Materials, Inc.		99,031		14,313,941
Broadridge Financial Solutions, Inc.		89,947		14,897,922
Fidelity National Information Services, Inc.		36,118		1,975,655
KLA Corp.		31,760		15,404,235
Microchip Technology, Inc.		129,460		11,598,321
Microsoft Corp.		254,778		86,762,100
QUALCOMM, Inc.		37,297		4,439,835
Roper Technologies, Inc.		44,164		21,234,051
Texas Instruments, Inc.		100,916		18,166,898
				283,735,547

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-85

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Utilities - 3.0%
Ameren Corp.		152,420	$	12,448,142
Atmos Energy Corp.		60,579		7,047,761
CMS Energy Corp.		191,223		11,234,351
NextEra Energy, Inc.		64,505		4,786,271
WEC Energy Group, Inc.		79,842		7,045,258
				42,561,783
Total Common Stocks (Cost $985,749,375)				1,386,348,691
	Principal Amount
SHORT-TERM INVESTMENTS - 3.5%
Repurchase Agreements - 3.5%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $50,018,701; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $50,999,110)		$49,999,118		49,999,118
Total Short-Term Investments (Cost $49,999,118)				49,999,118
TOTAL INVESTMENTS - 100.0% (Cost $1,038,888,888)				1,441,004,148
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(352,467	)
NET ASSETS - 100.0%				$1,440,651,681

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	25.8%
Technology	19.7%
Financial	17.0%
Industrial	14.3%
Consumer, Cyclical	9.9%
Short-Term Investments	3.5%
Energy	3.3%
Basic Materials	3.0%
Utilities	3.0%
Others (each less than 3.0%)	0.5%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-86

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$4,656,339		$-		$4,656,339		$-
	Common Stocks
	Basic Materials		43,273,979		43,273,979		-		-
	Communications		7,355,779		7,355,779		-		-
	Consumer, Cyclical		138,397,747		138,397,747		-		-
	Consumer, Non-Cyclical		372,132,132		359,542,480		12,589,652		-
	Energy		48,041,032		42,166,645		5,874,387		-
	Financial		244,984,988		244,984,988		-		-
	Industrial		205,865,704		197,812,342		8,053,362		-
	Technology		283,735,547		283,735,547		-		-
	Utilities		42,561,783		42,561,783		-		-
	Total Common Stocks		1,386,348,691		1,359,831,290		26,517,401		-
	Short-Term Investments		49,999,118		-		49,999,118		-
	Total		$1,441,004,148		$1,359,831,290		$81,172,858		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-87

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.3%
Basic Materials - 2.0%
Air Products & Chemicals, Inc.		25,212		$7,551,750
Albemarle Corp.		13,583		3,030,232
Celanese Corp.		10,995		1,273,221
CF Industries Holdings, Inc.		22,841		1,585,622
Dow, Inc.		79,905		4,255,740
DuPont de Nemours, Inc.		52,575		3,755,958
Eastman Chemical Co.		14,195		1,188,406
Ecolab, Inc.		27,911		5,210,705
FMC Corp.		14,448		1,507,504
Freeport-McMoRan, Inc.		161,705		6,468,200
International Flavors & Fragrances, Inc.		29,169		2,321,561
International Paper Co.		42,181		1,341,778
Linde PLC		55,866		21,289,415
LyondellBasell Industries NV Class A		28,992		2,662,335
Mosaic Co.		38,002		1,330,070
Newmont Corp.		91,689		3,911,453
Nucor Corp.		29,232		4,793,463
PPG Industries, Inc.		27,149		4,026,197
Sherwin-Williams Co.		26,727		7,096,553
Steel Dynamics, Inc.		18,798		2,047,666
				86,647,829
Communications - 12.8%
Alphabet, Inc. Class A *		679,055		81,282,883
Alphabet, Inc. Class C *		583,121		70,540,147
Amazon.com, Inc. *		1,016,430		132,501,815
Arista Networks, Inc. *		27,867		4,516,126
AT&T, Inc.		809,721		12,915,050
Booking Holdings, Inc. *		4,214		11,379,191
CDW Corp.		15,320		2,811,220
Charter Communications, Inc. Class A *		12,088		4,440,769
Cisco Systems, Inc.		468,373		24,233,619
Comcast Corp. Class A		474,607		19,719,921
Corning, Inc.		87,934		3,081,207
eBay, Inc.		62,933		2,812,476
Etsy, Inc. *		14,276		1,207,892
Expedia Group, Inc. *		17,141		1,875,054
F5, Inc. *		7,043		1,030,109
FactSet Research Systems, Inc.		4,457		1,785,697
Fox Corp. Class A		30,451		1,035,334
Fox Corp. Class B		14,368		458,196
Gen Digital, Inc.		65,904		1,222,519
Interpublic Group of Cos., Inc.		45,604		1,759,402
Juniper Networks, Inc.		36,259		1,135,994
Match Group, Inc. *		30,383		1,271,529
Meta Platforms, Inc. Class A *		252,418		72,438,918
Motorola Solutions, Inc.		18,887		5,539,179
Netflix, Inc. *		50,775		22,365,880
News Corp. Class A		44,294		863,733
News Corp. Class B		11,270		222,244
Omnicom Group, Inc.		22,852		2,174,368
Palo Alto Networks, Inc. *		34,529		8,822,505
Paramount Global Class B		56,064		891,978
T-Mobile US, Inc. *		65,719		9,128,369
VeriSign, Inc. *		10,174		2,299,019
Verizon Communications, Inc.		478,605		17,799,320
Walt Disney Co. *		208,278		18,595,060
Warner Bros Discovery, Inc. *		249,694		3,131,163
				547,287,886
Consumer, Cyclical - 9.4%
Advance Auto Parts, Inc.		6,813		478,954
Alaska Air Group, Inc. *		13,969		742,871
American Airlines Group, Inc. *		73,874		1,325,300
Aptiv PLC *		31,299		3,195,315

	Shares		Value
AutoZone, Inc. *		2,099	$	5,233,563
Bath & Body Works, Inc.		27,606		1,035,225
Best Buy Co., Inc.		22,158		1,815,848
BorgWarner, Inc.		27,071		1,324,043
Caesars Entertainment, Inc. *		25,691		1,309,470
CarMax, Inc. *		17,570		1,470,609
Carnival Corp. *		111,201		2,093,915
Chipotle Mexican Grill, Inc. *		3,135		6,705,765
Copart, Inc. *		48,142		4,391,032
Costco Wholesale Corp.		50,590		27,236,644
Cummins, Inc.		16,322		4,001,502
Darden Restaurants, Inc.		13,788		2,303,699
Delta Air Lines, Inc. *		72,066		3,426,018
Dollar General Corp.		25,560		4,339,577
Dollar Tree, Inc. *		24,023		3,447,300
Domino’s Pizza, Inc.		4,229		1,425,131
DR Horton, Inc.		35,921		4,371,226
Fastenal Co.		65,940		3,889,801
Ford Motor Co.		442,311		6,692,165
General Motors Co.		159,970		6,168,443
Genuine Parts Co.		16,283		2,755,572
Hasbro, Inc.		15,081		976,796
Hilton Worldwide Holdings, Inc.		30,042		4,372,613
Home Depot, Inc.		115,551		35,894,763
Las Vegas Sands Corp. *		37,334		2,165,372
Lennar Corp. Class A		28,430		3,562,563
Live Nation Entertainment, Inc. *		16,213		1,477,166
LKQ Corp.		29,051		1,692,802
Lowe’s Cos., Inc.		68,777		15,522,969
Marriott International, Inc. Class A		29,422		5,404,527
McDonald’s Corp.		83,505		24,918,727
MGM Resorts International		35,988		1,580,593
Newell Brands, Inc.		39,580		344,346
NIKE, Inc. Class B		141,778		15,648,038
Norwegian Cruise Line Holdings Ltd. *		48,659		1,059,306
NVR, Inc. *		338		2,146,510
O’Reilly Automotive, Inc. *		6,947		6,636,469
PACCAR, Inc.		59,253		4,956,513
Pool Corp.		4,427		1,658,531
PulteGroup, Inc.		25,006		1,942,466
Ralph Lauren Corp.		4,766		587,648
Ross Stores, Inc.		39,127		4,387,311
Royal Caribbean Cruises Ltd. *		24,428		2,534,161
Southwest Airlines Co.		67,815		2,455,581
Starbucks Corp.		130,421		12,919,504
Tapestry, Inc.		28,065		1,201,182
Target Corp.		52,252		6,892,039
Tesla, Inc. *		306,634		80,267,582
TJX Cos., Inc.		131,939		11,187,108
Tractor Supply Co.		12,539		2,772,373
Ulta Beauty, Inc. *		5,652		2,659,803
United Airlines Holdings, Inc. *		38,529		2,114,086
VF Corp.		36,418		695,220
Walgreens Boots Alliance, Inc.		81,786		2,330,083
Walmart, Inc.		159,883		25,130,410
Whirlpool Corp.		6,457		960,737
WW Grainger, Inc.		5,027		3,964,242
Wynn Resorts Ltd.		12,045		1,272,072
Yum! Brands, Inc.		31,925		4,423,209
				401,894,409
Consumer, Non-Cyclical - 20.1%
Abbott Laboratories		198,788		21,671,868
AbbVie, Inc.		201,628		27,165,340
Align Technology, Inc. *		8,087		2,859,887
Altria Group, Inc.		203,548		9,220,724
AmerisourceBergen Corp.		18,691		3,596,709
Amgen, Inc.		60,637		13,462,627
Archer-Daniels-Midland Co.		63,147		4,771,387

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-88

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Automatic Data Processing, Inc.		47,316	$	10,399,584
Avery Dennison Corp.		9,367		1,609,251
Baxter International, Inc.		57,089		2,600,975
Becton Dickinson & Co.		32,308		8,529,635
Bio-Rad Laboratories, Inc. Class A *		2,591		982,300
Bio-Techne Corp.		17,632		1,439,300
Biogen, Inc. *		16,379		4,665,558
Boston Scientific Corp. *		163,109		8,822,566
Bristol-Myers Squibb Co.		242,045		15,478,778
Brown-Forman Corp. Class B		20,644		1,378,606
Bunge Ltd.		16,867		1,591,401
Campbell Soup Co.		22,767		1,040,680
Cardinal Health, Inc.		29,069		2,749,055
Catalent, Inc. *		21,035		912,078
Centene Corp. *		62,643		4,225,270
Charles River Laboratories International, Inc. *		5,633		1,184,338
Church & Dwight Co., Inc.		27,868		2,793,210
Cigna Group		33,761		9,473,337
Cintas Corp.		9,755		4,849,015
Clorox Co.		14,269		2,269,342
Coca-Cola Co.		443,742		26,722,143
Colgate-Palmolive Co.		94,868		7,308,631
Conagra Brands, Inc.		54,974		1,853,723
Constellation Brands, Inc. Class A		18,257		4,493,595
Cooper Cos., Inc.		5,567		2,134,555
Corteva, Inc.		80,999		4,641,243
CoStar Group, Inc. *		46,979		4,181,131
CVS Health Corp.		145,704		10,072,518
Danaher Corp.		74,704		17,928,960
DaVita, Inc. *		6,693		672,446
Dentsply Sirona, Inc.		24,679		987,654
Dexcom, Inc. *		44,330		5,696,848
Edwards Lifesciences Corp. *		70,154		6,617,627
Elevance Health, Inc.		27,081		12,031,817
Eli Lilly & Co.		89,915		42,168,337
Equifax, Inc.		14,004		3,295,141
Estee Lauder Cos., Inc. Class A		26,101		5,125,714
FleetCor Technologies, Inc. *		8,377		2,103,297
Gartner, Inc. *		9,128		3,197,630
GE HealthCare Technologies, Inc. *		40,965		3,327,997
General Mills, Inc.		66,982		5,137,519
Gilead Sciences, Inc.		142,619		10,991,646
Global Payments, Inc.		30,192		2,974,516
HCA Healthcare, Inc.		23,542		7,144,526
Henry Schein, Inc. *		15,796		1,281,056
Hershey Co.		16,549		4,132,285
Hologic, Inc. *		27,402		2,218,740
Hormel Foods Corp.		32,734		1,316,561
Humana, Inc.		14,206		6,351,929
IDEXX Laboratories, Inc. *		9,491		4,766,665
Illumina, Inc. *		18,171		3,406,881
Incyte Corp. *		21,164		1,317,459
Insulet Corp. *		7,813		2,252,800
Intuitive Surgical, Inc. *		40,140		13,725,472
IQVIA Holdings, Inc. *		21,451		4,821,541
J M Smucker Co.		12,294		1,815,455
Johnson & Johnson		296,529		49,081,480
Kellogg Co.		28,444		1,917,126
Keurig Dr Pepper, Inc.		96,540		3,018,806
Kimberly-Clark Corp.		38,987		5,382,545
Kraft Heinz Co.		91,974		3,265,077
Kroger Co.		75,247		3,536,609
Laboratory Corp. of America Holdings		10,118		2,441,777
Lamb Weston Holdings, Inc.		16,937		1,946,908
MarketAxess Holdings, Inc.		4,303		1,124,890
McCormick & Co., Inc.		28,263		2,465,381
McKesson Corp.		15,715		6,715,177
Medtronic PLC		152,201		13,408,908

	Shares		Value
Merck & Co., Inc.		289,066	$	33,355,326
Moderna, Inc. *		37,860		4,599,990
Molina Healthcare, Inc. *		6,482		1,952,638
Molson Coors Beverage Co. Class B		22,107		1,455,525
Mondelez International, Inc. Class A		155,782		11,362,739
Monster Beverage Corp. *		87,994		5,054,375
Moody’s Corp.		17,827		6,198,804
Organon & Co.		28,657		596,352
PayPal Holdings, Inc. *		128,237		8,557,255
PepsiCo, Inc.		157,023		29,083,800
Pfizer, Inc.		639,985		23,474,650
Philip Morris International, Inc.		176,540		17,233,835
Procter & Gamble Co.		268,971		40,813,660
Quanta Services, Inc.		16,274		3,197,027
Quest Diagnostics, Inc.		12,931		1,817,581
Regeneron Pharmaceuticals, Inc. *		12,273		8,818,641
ResMed, Inc.		16,602		3,627,537
Revvity, Inc.		13,889		1,649,874
Robert Half International, Inc.		12,427		934,759
Rollins, Inc.		27,278		1,168,317
S&P Global, Inc.		37,685		15,107,540
STERIS PLC		11,737		2,640,590
Stryker Corp.		38,539		11,757,864
Sysco Corp.		57,397		4,258,857
Teleflex, Inc.		5,288		1,279,855
Thermo Fisher Scientific, Inc.		44,013		22,963,783
Tyson Foods, Inc. Class A		32,118		1,639,303
United Rentals, Inc.		8,043		3,582,111
UnitedHealth Group, Inc.		106,527		51,201,137
Universal Health Services, Inc. Class B		7,429		1,172,073
Verisk Analytics, Inc.		16,521		3,734,242
Vertex Pharmaceuticals, Inc. *		29,311		10,314,834
Viatris, Inc.		136,711		1,364,376
Waters Corp. *		6,649		1,772,224
West Pharmaceutical Services, Inc.		8,531		3,262,852
Zimmer Biomet Holdings, Inc.		23,807		3,466,299
Zoetis, Inc.		53,111		9,146,245
				855,880,433
Energy - 4.2%
APA Corp.		37,604		1,284,929
Baker Hughes Co.		116,759		3,690,752
Chevron Corp.		198,849		31,288,890
ConocoPhillips		139,209		14,423,445
Coterra Energy, Inc.		89,891		2,274,242
Devon Energy Corp.		73,380		3,547,189
Diamondback Energy, Inc.		21,229		2,788,641
Enphase Energy, Inc. *		15,774		2,641,830
EOG Resources, Inc.		66,864		7,651,916
EQT Corp.		41,200		1,694,556
Exxon Mobil Corp.		461,327		49,477,321
First Solar, Inc. *		11,176		2,124,446
Halliburton Co.		104,435		3,445,311
Hess Corp.		32,053		4,357,605
Kinder Morgan, Inc.		228,518		3,935,080
Marathon Oil Corp.		69,387		1,597,289
Marathon Petroleum Corp.		48,413		5,644,956
Occidental Petroleum Corp.		81,561		4,795,787
ONEOK, Inc.		50,686		3,128,340
Phillips 66		52,529		5,010,216
Pioneer Natural Resources Co.		26,844		5,561,540
Schlumberger NV		161,370		7,926,494
SolarEdge Technologies, Inc. *		6,567		1,766,851
Targa Resources Corp.		25,252		1,921,677
Valero Energy Corp.		41,251		4,838,742
Williams Cos., Inc.		137,238		4,478,076
				181,296,121

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-89

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Financial - 13.4%
Aflac, Inc.		63,376	$	4,423,645
Alexandria Real Estate Equities, Inc. REIT		18,195		2,064,950
Allstate Corp.		30,219		3,295,080
American Express Co.		68,043		11,853,091
American International Group, Inc.		83,873		4,826,052
American Tower Corp. REIT		53,213		10,320,129
Ameriprise Financial, Inc.		11,934		3,963,997
Aon PLC Class A		23,271		8,033,149
Arch Capital Group Ltd. *		43,160		3,230,526
Arthur J Gallagher & Co.		24,500		5,379,465
Assurant, Inc.		5,817		731,313
AvalonBay Communities, Inc. REIT		16,004		3,029,077
Bank of America Corp.		795,748		22,830,010
Bank of New York Mellon Corp.		81,940		3,647,969
Berkshire Hathaway, Inc. Class B *		203,483		69,387,703
BlackRock, Inc.		17,127		11,837,155
Boston Properties, Inc. REIT		15,602		898,519
Brown & Brown, Inc.		26,420		1,818,753
Camden Property Trust REIT		12,249		1,333,549
Capital One Financial Corp.		43,017		4,704,769
Cboe Global Markets, Inc.		11,891		1,641,077
CBRE Group, Inc. Class A *		36,618		2,955,439
Charles Schwab Corp.		169,569		9,611,171
Chubb Ltd.		47,301		9,108,281
Cincinnati Financial Corp.		17,742		1,726,651
Citigroup, Inc.		221,333		10,190,171
Citizens Financial Group, Inc.		58,508		1,525,889
CME Group, Inc.		40,883		7,575,211
Comerica, Inc.		13,906		589,058
Crown Castle, Inc. REIT		49,114		5,596,049
Digital Realty Trust, Inc. REIT		32,250		3,672,307
Discover Financial Services		28,977		3,385,962
Equinix, Inc. REIT		10,521		8,247,833
Equity Residential REIT		39,346		2,595,656
Essex Property Trust, Inc. REIT		7,361		1,724,682
Everest Re Group Ltd.		4,342		1,484,356
Extra Space Storage, Inc. REIT		15,508		2,308,366
Federal Realty Investment Trust REIT		8,328		805,901
Fifth Third Bancorp		77,136		2,021,735
Franklin Resources, Inc.		31,577		843,422
Globe Life, Inc.		10,410		1,141,144
Goldman Sachs Group, Inc.		37,934		12,235,232
Hartford Financial Services Group, Inc.		36,853		2,654,153
Healthpeak Properties, Inc. REIT		61,010		1,226,301
Host Hotels & Resorts, Inc. REIT		83,118		1,398,876
Huntington Bancshares, Inc.		169,115		1,823,060
Intercontinental Exchange, Inc.		63,421		7,171,647
Invesco Ltd.		50,174		843,425
Invitation Homes, Inc. REIT		67,588		2,325,027
Iron Mountain, Inc. REIT		33,579		1,907,959
JPMorgan Chase & Co.		334,421		48,638,190
KeyCorp		103,882		959,870
Kimco Realty Corp. REIT		67,408		1,329,286
Lincoln National Corp.		18,100		466,256
Loews Corp.		22,736		1,350,064
M&T Bank Corp.		18,819		2,329,039
Marsh & McLennan Cos., Inc.		56,494		10,625,391
Mastercard, Inc. Class A		95,479		37,551,891
MetLife, Inc.		75,462		4,265,867
Mid-America Apartment Communities, Inc. REIT		12,943		1,965,524
Morgan Stanley		148,957		12,720,928
Nasdaq, Inc.		38,864		1,937,370
Northern Trust Corp.		23,614		1,750,742
PNC Financial Services Group, Inc.		45,984		5,791,685
Principal Financial Group, Inc.		25,167		1,908,665
Progressive Corp.		66,624		8,819,019

	Shares		Value
Prologis, Inc. REIT		105,660	$	12,957,086
Prudential Financial, Inc.		41,373		3,649,926
Public Storage REIT		18,260		5,329,729
Raymond James Financial, Inc.		21,934		2,276,091
Realty Income Corp. REIT		72,446		4,331,546
Regency Centers Corp. REIT		17,121		1,057,564
Regions Financial Corp.		108,560		1,934,539
SBA Communications Corp. REIT		12,484		2,893,292
Simon Property Group, Inc. REIT		37,767		4,361,333
State Street Corp.		38,141		2,791,158
Synchrony Financial		50,155		1,701,258
T Rowe Price Group, Inc.		25,299		2,833,994
Travelers Cos., Inc.		26,312		4,569,342
Truist Financial Corp.		150,486		4,567,250
UDR, Inc. REIT		33,910		1,456,774
US Bancorp		156,981		5,186,652
Ventas, Inc. REIT		46,222		2,184,914
VICI Properties, Inc. REIT		115,942		3,644,057
Visa, Inc. Class A		184,648		43,850,207
W R Berkley Corp.		23,655		1,408,892
Wells Fargo & Co.		428,148		18,273,357
Welltower, Inc. REIT		54,583		4,415,219
Weyerhaeuser Co. REIT		81,743		2,739,208
Willis Towers Watson PLC		11,941		2,812,105
Zions Bancorp NA		17,603		472,817
				572,053,039
Industrial - 7.7%
3M Co.		62,310		6,236,608
Agilent Technologies, Inc.		33,600		4,040,400
Allegion PLC		10,056		1,206,921
Amcor PLC		162,973		1,626,470
AMETEK, Inc.		26,529		4,294,514
Amphenol Corp. Class A		68,686		5,834,876
AO Smith Corp.		14,802		1,077,290
Axon Enterprise, Inc. *		7,756		1,513,351
Ball Corp.		35,791		2,083,394
Boeing Co. *		64,377		13,593,847
Carrier Global Corp.		95,845		4,764,455
Caterpillar, Inc.		58,805		14,468,970
CH Robinson Worldwide, Inc.		13,856		1,307,314
CSX Corp.		231,982		7,910,586
Deere & Co.		30,674		12,428,798
Dover Corp.		16,269		2,402,118
Eaton Corp. PLC		45,208		9,091,329
Emerson Electric Co.		65,108		5,885,112
Expeditors International of Washington, Inc.		18,108		2,193,422
FedEx Corp.		26,378		6,539,106
Fortive Corp.		40,754		3,047,177
Garmin Ltd.		17,915		1,868,355
Generac Holdings, Inc. *		7,119		1,061,656
General Dynamics Corp.		25,407		5,466,316
General Electric Co.		124,595		13,686,761
Honeywell International, Inc.		75,954		15,760,455
Howmet Aerospace, Inc.		43,244		2,143,173
Huntington Ingalls Industries, Inc.		4,604		1,047,870
IDEX Corp.		8,858		1,906,773
Illinois Tool Works, Inc.		31,554		7,893,549
Ingersoll Rand, Inc.		45,835		2,995,776
Jacobs Solutions, Inc.		14,550		1,729,849
JB Hunt Transport Services, Inc.		9,458		1,712,182
Johnson Controls International PLC		77,877		5,306,539
Keysight Technologies, Inc. *		20,360		3,409,282
L3Harris Technologies, Inc.		21,529		4,214,732
Lockheed Martin Corp.		25,806		11,880,566
Martin Marietta Materials, Inc.		7,051		3,255,376
Masco Corp.		24,488		1,405,121
Mettler-Toledo International, Inc. *		2,498		3,276,477
Mohawk Industries, Inc. *		5,906		609,263

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-90

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Nordson Corp.		5,993	$	1,487,343
Norfolk Southern Corp.		26,185		5,937,711
Northrop Grumman Corp.		16,367		7,460,079
Old Dominion Freight Line, Inc.		10,422		3,853,534
Otis Worldwide Corp.		47,924		4,265,715
Packaging Corp. of America		10,504		1,388,209
Parker-Hannifin Corp.		14,499		5,655,190
Pentair PLC		18,808		1,214,997
Raytheon Technologies Corp.		166,782		16,337,965
Republic Services, Inc.		23,790		3,643,914
Rockwell Automation, Inc.		13,259		4,368,178
Sealed Air Corp.		16,000		640,000
Snap-on, Inc.		6,242		1,798,882
Stanley Black & Decker, Inc.		16,912		1,584,823
TE Connectivity Ltd.		35,584		4,987,453
Teledyne Technologies, Inc. *		5,427		2,231,094
Textron, Inc.		24,771		1,675,263
Trane Technologies PLC		26,237		5,018,089
TransDigm Group, Inc.		5,836		5,218,376
Trimble, Inc. *		28,669		1,517,737
Union Pacific Corp.		69,583		14,238,073
United Parcel Service, Inc. Class B		82,968		14,872,014
Vulcan Materials Co.		15,124		3,409,555
Waste Management, Inc.		42,485		7,367,749
Westinghouse Air Brake Technologies Corp.		20,015		2,195,045
Westrock Co.		27,481		798,873
Xylem, Inc.		27,131		3,055,493
				328,397,483
Technology - 27.1%
Accenture PLC Class A		71,798		22,155,427
Activision Blizzard, Inc. *		80,763		6,808,321
Adobe, Inc. *		52,195		25,522,833
Advanced Micro Devices, Inc. *		183,828		20,939,847
Akamai Technologies, Inc. *		17,441		1,567,423
Analog Devices, Inc.		57,699		11,240,342
ANSYS, Inc. *		9,838		3,249,196
Apple, Inc.		1,687,042		327,235,537
Applied Materials, Inc.		96,121		13,893,329
Autodesk, Inc. *		24,443		5,001,282
Broadcom, Inc.		47,644		41,327,835
Broadridge Financial Solutions, Inc.		13,133		2,175,219
Cadence Design Systems, Inc. *		31,168		7,309,519
Ceridian HCM Holding, Inc. *		17,149		1,148,469
Cognizant Technology Solutions Corp. Class A		58,586		3,824,494
DXC Technology Co. *		27,250		728,120
Electronic Arts, Inc.		29,986		3,889,184
EPAM Systems, Inc. *		6,682		1,501,780
Fair Isaac Corp. *		2,906		2,351,564
Fidelity National Information Services, Inc.		68,619		3,753,459
Fiserv, Inc. *		70,438		8,885,754
Fortinet, Inc. *		73,645		5,566,826
Hewlett Packard Enterprise Co.		147,770		2,482,536
HP, Inc.		100,376		3,082,547
Intel Corp.		470,292		15,726,564
International Business Machines Corp.		103,506		13,850,138
Intuit, Inc.		32,179		14,744,096
Jack Henry & Associates, Inc.		8,352		1,397,540
KLA Corp.		15,740		7,634,215
Lam Research Corp.		15,344		9,864,044
Leidos Holdings, Inc.		15,121		1,337,906
Microchip Technology, Inc.		61,704		5,528,061
Micron Technology, Inc.		124,856		7,879,662
Microsoft Corp.		848,683		289,010,509
Monolithic Power Systems, Inc.		5,170		2,792,989
MSCI, Inc.		9,152		4,294,942
NetApp, Inc.		25,211		1,926,120

	Shares		Value
NVIDIA Corp.		282,197	$	119,374,975
NXP Semiconductors NV (China)		29,750		6,089,230
ON Semiconductor Corp. *		48,646		4,600,939
Oracle Corp.		175,142		20,857,661
Paychex, Inc.		36,286		4,059,315
Paycom Software, Inc.		5,716		1,836,208
PTC, Inc. *		11,906		1,694,224
Qorvo, Inc. *		10,835		1,105,495
QUALCOMM, Inc.		126,756		15,089,034
Roper Technologies, Inc.		11,984		5,761,907
Salesforce, Inc. *		111,712		23,600,277
Seagate Technology Holdings PLC		21,636		1,338,619
ServiceNow, Inc. *		23,196		13,035,456
Skyworks Solutions, Inc.		18,644		2,063,704
Synopsys, Inc. *		17,341		7,550,445
Take-Two Interactive Software, Inc. *		17,842		2,625,629
Teradyne, Inc.		18,041		2,008,505
Texas Instruments, Inc.		103,311		18,598,046
Tyler Technologies, Inc. *		4,643		1,933,670
Western Digital Corp. *		34,800		1,319,964
Zebra Technologies Corp. Class A *		5,848		1,730,014
				1,157,900,946
Utilities - 2.6%
AES Corp.		75,668		1,568,598
Alliant Energy Corp.		28,136		1,476,577
Ameren Corp.		29,641		2,420,781
American Electric Power Co., Inc.		57,887		4,874,086
American Water Works Co., Inc.		22,291		3,182,040
Atmos Energy Corp.		16,538		1,924,031
CenterPoint Energy, Inc.		71,434		2,082,301
CMS Energy Corp.		32,240		1,894,100
Consolidated Edison, Inc.		40,238		3,637,515
Constellation Energy Corp.		37,176		3,403,463
Dominion Energy, Inc.		96,256		4,985,098
DTE Energy Co.		21,893		2,408,668
Duke Energy Corp.		87,576		7,859,070
Edison International		43,214		3,001,212
Entergy Corp.		23,801		2,317,503
Evergy, Inc.		25,703		1,501,569
Eversource Energy		40,278		2,856,516
Exelon Corp.		111,735		4,552,084
FirstEnergy Corp.		62,744		2,439,487
NextEra Energy, Inc.		230,883		17,131,519
NiSource, Inc.		46,075		1,260,151
NRG Energy, Inc.		27,231		1,018,167
PG&E Corp. *		186,482		3,222,409
Pinnacle West Capital Corp.		13,040		1,062,239
PPL Corp.		82,607		2,185,781
Public Service Enterprise Group, Inc.		57,772		3,617,105
Sempra Energy		35,648		5,189,992
Southern Co.		124,013		8,711,913
WEC Energy Group, Inc.		35,918		3,169,404
Xcel Energy, Inc.		63,216		3,930,139
				108,883,518
Total Common Stocks (Cost $2,338,531,328)				4,240,241,664

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-91

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.6%
Repurchase Agreements - 0.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $25,988,816; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $26,498,236)		$25,978,641	$	25,978,641
Total Short-Term Investments (Cost $25,978,641)				25,978,641
TOTAL INVESTMENTS - 99.9% (Cost $2,364,509,969)				4,266,220,305
DERIVATIVES - 0.1%				860,330
OTHER ASSETS & LIABILITIES, NET - 0.0%				1,541,053
NET ASSETS - 100.0%				$4,268,621,688

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	27.1%
Consumer, Non-Cyclical	20.1%
Financial	13.4%
Communications	12.8%
Consumer, Cyclical	9.4%
Industrial	7.7%
Energy	4.2%
Others (each less than 3.0%)	5.2%
	99.9%
Derivatives	0.1%
Other Assets & Liabilities, Net	0.0%
	100.0%

(b) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/23		131		$28,537,708		$29,398,038		$860,330

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$4,240,241,664		$4,240,241,664		$-		$-
	Short-Term Investments		25,978,641		-		25,978,641		-
	Derivatives:
	Equity Contracts Futures		860,330		860,330		-		-
	Total		$4,267,080,635		$4,241,101,994		$25,978,641		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-92

PACIFIC SELECT FUND

FOCUSED GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Basic Materials - 3.6%
Freeport-McMoRan, Inc.		237,473		$9,498,920
Linde PLC		44,419		16,927,193
Sherwin-Williams Co.		29,269		7,771,505
				34,197,618
Communications - 14.3%
Alphabet, Inc. Class C *		184,623		22,333,844
Amazon.com, Inc. *		467,840		60,987,622
Booking Holdings, Inc. *		8,571		23,144,529
Meta Platforms, Inc. Class A *		98,545		28,280,444
				134,746,439
Consumer, Cyclical - 9.1%
Caesars Entertainment, Inc. *		184,959		9,427,360
Core & Main, Inc. Class A *		898,455		28,157,580
LVMH Moet Hennessy Louis Vuitton SE (France)		20,718		19,535,255
NIKE, Inc. Class B		71,192		7,857,461
Rivian Automotive, Inc. Class A *		197,287		3,286,801
TJX Cos., Inc.		201,555		17,089,849
				85,354,306
Consumer, Non-Cyclical - 13.9%
AbbVie, Inc.		159,555		21,496,845
Apellis Pharmaceuticals, Inc. *		53,009		4,829,120
Argenx SE ADR * (Netherlands)		13,052		5,086,756
CoStar Group, Inc. *		292,832		26,062,048
Danaher Corp.		97,817		23,476,080
Illumina, Inc. *		100,269		18,799,435
Madrigal Pharmaceuticals, Inc. *		27,414		6,332,634
Teleflex, Inc.		85,161		20,611,517
Vaxcyte, Inc. *		83,271		4,158,553
				130,852,988
Financial - 11.7%
American Tower Corp. REIT		106,406		20,636,379
Charles Schwab Corp.		244,913		13,881,669
Cullen/Frost Bankers, Inc.		108,022		11,615,606
Mastercard, Inc. Class A		72,700		28,592,910
Progressive Corp.		95,784		12,678,928
Visa, Inc. Class A		97,523		23,159,762
				110,565,254
Industrial - 8.5%
Crown Holdings, Inc.		285,097		24,766,377
Deere & Co.		61,606		24,962,135
Howmet Aerospace, Inc.		605,043		29,985,931
				79,714,443
Technology - 38.3%
Adobe, Inc. *		23,151		11,320,608
Advanced Micro Devices, Inc. *		214,568		24,441,441
Apple, Inc.		410,488		79,622,357
ASML Holding NV (Netherlands)		38,047		27,574,563
Atlassian Corp. Class A *		116,361		19,526,539
Microsoft Corp.		305,759		104,123,170
NVIDIA Corp.		97,672		41,317,209
Texas Instruments, Inc.		117,225		21,102,845
Workday, Inc. Class A *		140,900		31,827,901
				360,856,633
Total Common Stocks (Cost $831,883,802)				936,287,681

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.8%
Repurchase Agreements - 0.0%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $100,047; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $102,024)		$100,008		$100,008
U.S. Government Agency Issues - 0.8%
Fannie Mae 0.000% due 07/03/23		7,400,000		7,400,000
Total Short-Term Investments (Cost $7,498,096)				7,500,008
TOTAL INVESTMENTS - 100.2% (Cost $839,381,898)				943,787,689
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,528,705	)
NET ASSETS - 100.0%				$942,258,984

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	38.3%
Communications	14.3%
Consumer, Non-Cyclical	13.9%
Financial	11.7%
Consumer, Cyclical	9.1%
Industrial	8.5%
Basic Materials	3.6%
Others (each less than 3.0%)	0.8%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-93

PACIFIC SELECT FUND

FOCUSED GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$34,197,618		$34,197,618		$-		$-
	Communications		134,746,439		134,746,439		-		-
	Consumer, Cyclical		85,354,306		65,819,051		19,535,255		-
	Consumer, Non-Cyclical		130,852,988		130,852,988		-		-
	Financial		110,565,254		110,565,254		-		-
	Industrial		79,714,443		79,714,443		-		-
	Technology		360,856,633		360,856,633		-		-
	Total Common Stocks		936,287,681		916,752,426		19,535,255		-
	Short-Term Investments		7,500,008		-		7,500,008		-
	Total		$943,787,689		$916,752,426		$27,035,263		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-94

PACIFIC SELECT FUND

GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.7%
Basic Materials - 3.2%
Air Products & Chemicals, Inc.		49,856		$14,933,368
Linde PLC		56,163		21,402,596
Sherwin-Williams Co.		31,898		8,469,557
				44,805,521
Communications - 15.6%
Alphabet, Inc. Class A *		619,332		74,134,040
Alphabet, Inc. Class C *		169,415		20,494,133
Amazon.com, Inc. *		584,148		76,149,533
Arista Networks, Inc. *		35,230		5,709,374
Meta Platforms, Inc. Class A *		122,901		35,270,129
Spotify Technology SA *		51,106		8,205,068
				219,962,277
Consumer, Cyclical - 4.8%
Chipotle Mexican Grill, Inc. *		3,934		8,414,826
Hilton Worldwide Holdings, Inc.		108,015		15,721,583
Las Vegas Sands Corp. *		115,676		6,709,208
Lululemon Athletica, Inc. *		14,487		5,483,330
LVMH Moet Hennessy Louis Vuitton SE (France)		20,525		19,353,273
O’Reilly Automotive, Inc. *		11,843		11,313,618
				66,995,838
Consumer, Non-Cyclical - 16.7%
Abbott Laboratories		60,184		6,561,260
Becton Dickinson & Co.		45,875		12,111,459
Boston Scientific Corp. *		521,714		28,219,510
Colgate-Palmolive Co.		98,460		7,585,358
CoStar Group, Inc. *		198,999		17,710,911
Danaher Corp.		18,631		4,471,440
Eli Lilly & Co.		44,548		20,892,121
Equifax, Inc.		14,952		3,518,206
Estee Lauder Cos., Inc. Class A		70,173		13,780,574
Gartner, Inc. *		29,287		10,259,529
ICON PLC *		18,095		4,527,369
Novo Nordisk AS ADR (Denmark)		19,405		3,140,311
Regeneron Pharmaceuticals, Inc. *		14,619		10,504,336
STERIS PLC		27,090		6,094,708
Thermo Fisher Scientific, Inc.		29,116		15,191,273
UnitedHealth Group, Inc.		19,262		9,258,088
Verisk Analytics, Inc.		110,815		25,047,514
Vertex Pharmaceuticals, Inc. *		67,511		23,757,796
Zoetis, Inc.		76,228		13,127,224
				235,758,987
Energy - 0.5%
Hess Corp.		52,210		7,097,950
Financial - 10.9%
American Express Co.		23,989		4,178,884
American Tower Corp. REIT		46,358		8,990,670
Aon PLC Class A		60,366		20,838,343
Arthur J Gallagher & Co.		42,058		9,234,675
CME Group, Inc.		42,604		7,894,095
Mastercard, Inc. Class A		137,579		54,109,821
Visa, Inc. Class A		200,733		47,670,073
				152,916,561
Industrial - 8.8%
Agilent Technologies, Inc.		15,084		1,813,851
AMETEK, Inc.		113,536		18,379,208
Amphenol Corp. Class A		113,305		9,625,260
Canadian Pacific Kansas City Ltd. (NYSE) (Canada)		144,240		11,650,265
Caterpillar, Inc.		9,030		2,221,831

	Shares		Value
Eaton Corp. PLC		80,474		$16,183,321
Howmet Aerospace, Inc.		148,887		7,378,840
Johnson Controls International PLC		180,875		12,324,822
Martin Marietta Materials, Inc.		12,484		5,763,738
Rockwell Automation, Inc.		32,327		10,650,130
Vulcan Materials Co.		123,533		27,849,280
				123,840,546
Technology - 38.2%
Adobe, Inc. *		12,519		6,121,666
Advanced Micro Devices, Inc. *		125,917		14,343,205
Apple, Inc.		418,660		81,207,480
Applied Materials, Inc.		71,318		10,308,304
ASML Holding NV (Netherlands)		30,299		21,959,200
Autodesk, Inc. *		20,277		4,148,877
Cadence Design Systems, Inc. *		99,749		23,393,136
Electronic Arts, Inc.		73,423		9,522,963
Intuit, Inc.		31,534		14,448,563
KLA Corp.		17,528		8,501,431
Lam Research Corp.		22,482		14,452,779
Microsoft Corp.		536,788		182,797,786
MSCI, Inc.		44,706		20,980,079
NVIDIA Corp.		189,301		80,078,109
ServiceNow, Inc. *		32,668		18,358,436
Synopsys, Inc. *		38,245		16,652,255
Take-Two Interactive Software, Inc. *		42,596		6,268,427
Veeva Systems, Inc. Class A *		18,470		3,652,073
				537,194,769
Total Common Stocks (Cost $980,232,257)				1,388,572,449
	Principal Amount
SHORT-TERM INVESTMENTS - 1.4%
Repurchase Agreements - 1.4%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $20,263,145; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $20,660,368)		$20,255,211		20,255,211
Total Short-Term Investments (Cost $20,255,211)				20,255,211
TOTAL INVESTMENTS - 100.1% (Cost $1,000,487,468)				1,408,827,660
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,537,743	)
NET ASSETS - 100.0%				$1,407,289,917

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-95

PACIFIC SELECT FUND

GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	38.2%
Consumer, Non-Cyclical	16.7%
Communications	15.6%
Financial	10.9%
Industrial	8.8%
Consumer, Cyclical	4.8%
Basic Materials	3.2%
Others (each less than 3.0%)	1.9%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$44,805,521		$44,805,521		$-		$-
	Communications		219,962,277		219,962,277		-		-
	Consumer, Cyclical		66,995,838		47,642,565		19,353,273		-
	Consumer, Non-Cyclical		235,758,987		235,758,987		-		-
	Energy		7,097,950		7,097,950		-		-
	Financial		152,916,561		152,916,561		-		-
	Industrial		123,840,546		123,840,546		-		-
	Technology		537,194,769		537,194,769		-		-
	Total Common Stocks		1,388,572,449		1,369,219,176		19,353,273		-
	Short-Term Investments		20,255,211		-		20,255,211		-
	Total		$1,408,827,660		$1,369,219,176		$39,608,484		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-96

PACIFIC SELECT FUND

HEDGED EQUITY PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Basic Materials - 2.4%
Air Products & Chemicals, Inc.		2,115		$633,506
Dow, Inc.		13,759		732,804
Eastman Chemical Co. ‡		6,194		518,562
Freeport-McMoRan, Inc.		7,465		298,600
Linde PLC		3,648		1,390,180
LyondellBasell Industries NV Class A		4,073		374,024
Nucor Corp.		1,963		321,893
PPG Industries, Inc. ‡		3,935		583,560
				4,853,129
Communications - 12.6%
Alphabet, Inc. Class A * ‡		31,941		3,823,338
Alphabet, Inc. Class C * ‡		26,993		3,265,343
Amazon.com, Inc. * ‡		56,016		7,302,246
AT&T, Inc.		9,406		150,026
Booking Holdings, Inc. * ‡		448		1,209,748
Charter Communications, Inc. Class A * ‡		2,648		972,796
Comcast Corp. Class A ‡		35,385		1,470,247
Corning, Inc.		6,785		237,746
Expedia Group, Inc. *		5,517		603,505
Meta Platforms, Inc. Class A * ‡		13,825		3,967,498
Motorola Solutions, Inc.		1,526		447,545
Netflix, Inc. * ‡		3,150		1,387,543
T-Mobile US, Inc. * ‡		3,622		503,096
Uber Technologies, Inc. *		7,306		315,400
				25,656,077
Consumer, Cyclical - 8.8%
Aptiv PLC *		4,304		439,395
AutoNation, Inc. *		2,298		378,274
AutoZone, Inc. *		414		1,032,251
Best Buy Co., Inc. ‡		7,788		638,227
Burlington Stores, Inc. *		1,602		252,139
Chipotle Mexican Grill, Inc. *		644		1,377,516
Costco Wholesale Corp. ‡		3,779		2,034,538
Delta Air Lines, Inc. *		3,499		166,343
Domino’s Pizza, Inc.		687		231,512
Home Depot, Inc.		694		215,584
Lennar Corp. Class A		1,500		187,965
LKQ Corp.		3,300		192,291
Lowe’s Cos., Inc. ‡		9,256		2,089,079
Marriott International, Inc. Class A		3,505		643,833
McDonald’s Corp. ‡		2,349		700,965
NIKE, Inc. Class B ‡		8,519		940,242
O’Reilly Automotive, Inc. *		334		319,070
Royal Caribbean Cruises Ltd. *		1,124		116,604
Southwest Airlines Co.		9,491		343,669
Tesla, Inc. * ‡		13,285		3,477,614
TJX Cos., Inc. ‡		8,039		681,627
Toll Brothers, Inc.		3,248		256,819
Ulta Beauty, Inc. *		206		96,943
Whirlpool Corp.		797		118,586
Yum! Brands, Inc.		6,533		905,147
				17,836,233
Consumer, Non-Cyclical - 18.8%
Abbott Laboratories ‡		10,367		1,130,210
AbbVie, Inc. ‡		16,861		2,271,683
Altria Group, Inc. ‡		6,604		299,161
Baxter International, Inc.		12,360		563,122
Biogen, Inc. *		2,170		618,125
BioMarin Pharmaceutical, Inc. *		1,649		142,935
Booz Allen Hamilton Holding Corp.		1,580		176,328
Boston Scientific Corp. * ‡		17,998		973,512
Bristol-Myers Squibb Co. ‡		26,414		1,689,175
Centene Corp. * ‡		8,358		563,747

	Shares		Value
Church & Dwight Co., Inc.		3,620		$362,833
Cintas Corp.		849		422,021
Coca-Cola Co. ‡		36,492		2,197,548
Colgate-Palmolive Co. ‡		11,776		907,223
Constellation Brands, Inc. Class A ‡		2,650		652,244
CVS Health Corp.		4,007		277,004
Danaher Corp. ‡		3,923		941,520
Dexcom, Inc. *		2,075		266,658
Elevance Health, Inc. ‡		2,014		894,800
Eli Lilly & Co. ‡		4,002		1,876,858
FleetCor Technologies, Inc. *		2,883		723,864
Humana, Inc.		1,098		490,949
Intuitive Surgical, Inc. * ‡		2,905		993,336
Johnson & Johnson ‡		13,966		2,311,652
Kenvue, Inc. *		1,845		48,745
McKesson Corp.		979		418,336
Medtronic PLC		7,624		671,674
Merck & Co., Inc. ‡		10,801		1,246,327
Mondelez International, Inc. Class A ‡		9,957		726,264
Monster Beverage Corp. *		4,143		237,974
Neurocrine Biosciences, Inc. *		1,150		108,445
PepsiCo, Inc. ‡		10,250		1,898,505
Philip Morris International, Inc. ‡		5,912		577,129
Procter & Gamble Co. ‡		9,266		1,406,023
Regeneron Pharmaceuticals, Inc. * ‡		1,481		1,064,158
ResMed, Inc.		739		161,472
S&P Global, Inc. ‡		2,487		997,013
Sarepta Therapeutics, Inc. *		1,676		191,936
Stryker Corp.		1,324		403,939
Thermo Fisher Scientific, Inc.		3,745		1,953,954
UnitedHealth Group, Inc. ‡		6,524		3,135,695
Vertex Pharmaceuticals, Inc. * ‡		3,427		1,205,996
				38,200,093
Energy - 4.0%
Baker Hughes Co.		9,438		298,335
Chevron Corp. ‡		6,016		946,618
ConocoPhillips		15,009		1,555,082
Diamondback Energy, Inc. ‡		7,682		1,009,107
EOG Resources, Inc. ‡		11,229		1,285,047
Exxon Mobil Corp. ‡		25,843		2,771,662
Marathon Oil Corp.		15,684		361,046
				8,226,897
Financial - 13.9%
Aflac, Inc.		4,485		313,053
American Express Co. ‡		2,863		498,735
Bank of America Corp.		75,209		2,157,746
Berkshire Hathaway, Inc. Class B * ‡		8,361		2,851,101
Charles Schwab Corp.		3,723		211,020
Citigroup, Inc. ‡		12,446		573,014
CME Group, Inc.		6,689		1,239,405
Equinix, Inc. REIT		716		561,301
Equity LifeStyle Properties, Inc. REIT		5,381		359,935
Fifth Third Bancorp		18,239		478,044
Globe Life, Inc.		5,232		573,532
Intercontinental Exchange, Inc. ‡		7,655		865,627
Mastercard, Inc. Class A ‡		7,943		3,123,982
MetLife, Inc.		1,777		100,454
Morgan Stanley ‡		11,093		947,342
Progressive Corp. ‡		11,969		1,584,336
Prologis, Inc. REIT		10,802		1,324,649
Raymond James Financial, Inc.		6,680		693,184
SBA Communications Corp. REIT		2,990		692,962
State Street Corp. ‡		4,101		300,111
Sun Communities, Inc. REIT ‡		3,428		447,217
Travelers Cos., Inc. ‡		6,575		1,141,814
Truist Financial Corp. ‡		30,073		912,716
UDR, Inc. REIT		10,602		455,462
US Bancorp		31,346		1,035,672

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-97

PACIFIC SELECT FUND

HEDGED EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Ventas, Inc. REIT		14,602		$690,236
Visa, Inc. Class A ‡		9,491		2,253,923
Wells Fargo & Co. ‡		42,523		1,814,882
				28,201,455
Industrial - 7.8%
CSX Corp.		12,769		435,423
Deere & Co. ‡		3,609		1,462,331
Dover Corp.		3,234		477,500
Eaton Corp. PLC		6,812		1,369,893
FedEx Corp.		2,343		580,830
Honeywell International, Inc. ‡		11,068		2,296,610
Howmet Aerospace, Inc.		4,113		203,840
Keysight Technologies, Inc. *		1,324		221,704
Masco Corp. ‡		8,324		477,631
Norfolk Southern Corp. ‡		2,391		542,183
Otis Worldwide Corp.		8,689		773,408
Parker-Hannifin Corp. ‡		2,865		1,117,465
Raytheon Technologies Corp. ‡		17,097		1,674,822
Textron, Inc.		10,589		716,134
Trane Technologies PLC		6,660		1,273,791
Union Pacific Corp. ‡		3,013		616,520
United Parcel Service, Inc. Class B ‡		9,684		1,735,857
				15,975,942
Technology - 27.1%
Accenture PLC Class A		5,405		1,667,875
Adobe, Inc. * ‡		4,747		2,321,235
Advanced Micro Devices, Inc. * ‡		15,070		1,716,624
Analog Devices, Inc. ‡		9,147		1,781,927
Apple, Inc. ‡		79,925		15,503,052
Broadcom, Inc.		394		341,767
Cadence Design Systems, Inc. *		1,644		385,551
Cognizant Technology Solutions Corp. Class A		11,564		754,898
DocuSign, Inc. *		1,453		74,234
Intuit, Inc. ‡		2,643		1,210,996
Lam Research Corp. ‡		2,639		1,696,507
Leidos Holdings, Inc. ‡		4,620		408,778
Microsoft Corp. ‡		42,277		14,397,010
NVIDIA Corp. ‡		13,168		5,570,327
NXP Semiconductors NV (China)		8,517		1,743,260
Oracle Corp. ‡		7,753		923,305
Qorvo, Inc. *		3,702		377,715
Salesforce, Inc. * ‡		3,366		711,101
Seagate Technology Holdings PLC		10,092		624,392
ServiceNow, Inc. *		526		295,596
Teradyne, Inc.		4,508		501,876
Texas Instruments, Inc. ‡		12,006		2,161,320
				55,169,346
Utilities - 2.6%
Ameren Corp.		5,294		432,361
CenterPoint Energy, Inc. ‡		15,920		464,068
CMS Energy Corp.		3,820		224,425
Dominion Energy, Inc.		6,648		344,300
NextEra Energy, Inc. ‡		23,078		1,712,388
PG&E Corp. *		50,016		864,276
Public Service Enterprise Group, Inc.		18,939		1,185,771
				5,227,589
Total Common Stocks (Cost $180,673,204)				199,346,761

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 4.6%
Repurchase Agreements - 4.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $9,259,395; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $9,440,976)		$9,255,770		$9,255,770
Total Short-Term Investments (Cost $9,255,770)				9,255,770
TOTAL INVESTMENTS - 102.6% (Cost $189,928,974)				208,602,531
DERIVATIVES - 0.1%				154,018
OTHER ASSETS & LIABILITIES, NET - (2.7%)				(5,400,420	)
NET ASSETS - 100.0%				$203,356,129

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	27.1%
Consumer, Non-Cyclical	18.8%
Financial	13.9%
Communications	12.6%
Consumer, Cyclical	8.8%
Industrial	7.8%
Short-Term Investments	4.6%
Energy	4.0%
Others (each less than 3.0%)	5.0%
	102.6%
Derivatives	0.1%
Other Assets & Liabilities, Net	(2.7%	)
	100.0%

(b) As of June 30, 2023, investments with a total aggregate value of $77,684,895 were fully or partially segregated with the broker(s)/custodian as collateral for option contracts.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-98

PACIFIC SELECT FUND

HEDGED EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/23		15		$3,307,719		$3,366,187		$58,468

(d) Purchased options outstanding as of June 30, 2023 were as follows:

Options on Indices

Description

Exercise Price

Expiration Date

Counter- party

Number of Contracts

Notional Amount

Cost

Value

Put - S&P 500 Index

4,210.00

09/29/23

CBOE

455

$191,555,000

$1,909,180

$1,908,725

Total Purchased Options

$1,909,180

$1,908,725

(e) Premiums received and value of written options outstanding as of June 30, 2023 were as follows:

Options on Indices

Description	Exercise Price		Expiration Date		Counter- party		Number of Contracts		Notional Amount		Premium		Value
Call - S&P 500 Index		4,665.00		09/29/23		CBOE		455		$212,257,500		$1,439,620		($1,440,075	)
Put - S&P 500 Index		3,550.00		09/29/23		CBOE		455		161,525,000		372,645		(373,100	)
Total Written Options												$1,812,265		($1,813,175	)

(f) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$199,346,761			$199,346,761		$-			$-
	Short-Term Investments		9,255,770			-		9,255,770			-
	Derivatives:
	Equity Contracts
	Futures		58,468			58,468		-			-
	Purchased Options		1,908,725			-		1,908,725			-
	Total Equity Contracts		1,967,193			58,468		1,908,725			-
	Total Asset - Derivatives		1,967,193			58,468		1,908,725			-
	Total Assets		210,569,724			199,405,229		11,164,495			-
Liabilities	Due to custodian		(195,142	)		-		(195,142	)		-
	Derivatives:
	Equity Contracts
	Written Options		(1,813,175	)		-		(1,813,175	)		-
	Total Liabilities		(2,008,317	)		-		(2,008,317	)		-
	Total		$208,561,407			$199,405,229		$9,156,178			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-99

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.8%
Basic Materials - 2.3%
Eastman Chemical Co.		129,800		$10,866,856
PPG Industries, Inc.		156,873		23,264,266
				34,131,122
Communications - 11.2%
Alphabet, Inc. Class A *		361,418		43,261,735
Amazon.com, Inc. *		413,857		53,950,399
Meta Platforms, Inc. Class A *		116,985		33,572,355
Uber Technologies, Inc. *		469,497		20,268,185
Verizon Communications, Inc.		313,820		11,670,966
				162,723,640
Consumer, Cyclical - 7.6%
Dollar General Corp.		76,004		12,903,959
Lowe’s Cos., Inc.		159,194		35,930,086
McDonald’s Corp.		110,984		33,118,735
Tesla, Inc. *		62,916		16,469,521
TJX Cos., Inc.		138,010		11,701,868
				110,124,169
Consumer, Non-Cyclical - 17.4%
AbbVie, Inc.		323,846		43,631,771
Biogen, Inc. *		49,518		14,105,202
Bristol-Myers Squibb Co.		513,977		32,868,829
Coca-Cola Co.		510,267		30,728,279
Danaher Corp.		50,668		12,160,320
Regeneron Pharmaceuticals, Inc. *		38,979		28,007,971
S&P Global, Inc.		69,915		28,028,224
UnitedHealth Group, Inc.		96,034		46,157,782
Vertex Pharmaceuticals, Inc. *		51,137		17,995,622
				253,684,000
Energy - 5.2%
Baker Hughes Co.		1,005,658		31,788,849
ConocoPhillips		190,348		19,721,956
Pioneer Natural Resources Co.		115,504		23,930,119
				75,440,924
Financial - 14.0%
American Express Co.		141,246		24,605,053
Ameriprise Financial, Inc.		58,929		19,573,857
Mastercard, Inc. Class A		97,199		38,228,367
Morgan Stanley		362,556		30,962,282
Progressive Corp.		152,184		20,144,596
Prologis, Inc. REIT		226,448		27,769,318
Truist Financial Corp.		170,804		5,183,901
US Bancorp		167,498		5,534,134
Wells Fargo & Co.		740,817		31,618,070
				203,619,578
Industrial - 10.1%
Deere & Co.		83,850		33,975,182
Eaton Corp. PLC		178,542		35,904,796
Norfolk Southern Corp.		97,910		22,202,072
Northrop Grumman Corp.		63,428		28,910,482
Trane Technologies PLC		82,913		15,857,940
Vulcan Materials Co.		42,920		9,675,885
				146,526,357

	Shares		Value
Technology - 27.7%
Accenture PLC Class A		55,355		$17,081,446
Advanced Micro Devices, Inc. *		91,285		10,398,274
Apple, Inc.		451,567		87,590,451
ASML Holding NV (Netherlands)		6,807		4,933,373
Intuit, Inc.		30,878		14,147,991
Microsoft Corp.		409,452		139,434,784
NVIDIA Corp.		129,406		54,741,326
NXP Semiconductors NV (China)		230,388		47,155,816
Oracle Corp.		204,772		24,386,298
Seagate Technology Holdings PLC		55,293		3,420,978
				403,290,737
Utilities - 4.3%
NextEra Energy, Inc.		553,077		41,038,313
PG&E Corp. *		1,257,985		21,737,981
				62,776,294
Total Common Stocks (Cost $1,298,302,426)				1,452,316,821
	Principal Amount
SHORT-TERM INVESTMENTS - 0.1%
Repurchase Agreements - 0.1%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $1,453,923; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $1,482,506)		$1,453,354		1,453,354
Total Short-Term Investments (Cost $1,453,354)				1,453,354
TOTAL INVESTMENTS - 99.9% (Cost $1,299,755,780)				1,453,770,175
OTHER ASSETS & LIABILITIES, NET - 0.1%				1,996,386
NET ASSETS - 100.0%				$1,455,766,561

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	27.7%
Consumer, Non-Cyclical	17.4%
Financial	14.0%
Communications	11.2%
Industrial	10.1%
Consumer, Cyclical	7.6%
Energy	5.2%
Utilities	4.3%
Others (each less than 3.0%)	2.4%
	99.9%
Other Assets & Liabilities, Net	0.1%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-100

PACIFIC SELECT FUND

LARGE-CAP CORE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,452,316,821		$1,452,316,821		$-		$-
	Short-Term Investments		1,453,354		-		1,453,354		-
	Total		$1,453,770,175		$1,452,316,821		$1,453,354		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-101

PACIFIC SELECT FUND

LARGE-CAP GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.8%
Basic Materials - 0.0%
Codexis, Inc. *		56,294		$157,623
Communications - 16.6%
Airbnb, Inc. Class A *		57,857		7,414,953
Alphabet, Inc. Class A *		415,127		49,690,702
Amazon.com, Inc. *		251,920		32,840,291
Booking Holdings, Inc. *		1,989		5,370,956
Innovid Corp. * (Israel)		37,308		40,666
MercadoLibre, Inc. * (Brazil)		7,340		8,694,964
Netflix, Inc. *		42,763		18,836,674
Nice Ltd. ADR * (Israel)		13,800		2,849,700
Shopify, Inc. Class A * (Canada)		64,300		4,153,780
Uber Technologies, Inc. *		815,628		35,210,661
				165,103,347
Consumer, Cyclical - 9.5%
BYD Co. Ltd. Class H (China)		137,000		4,392,855
Cie Financiere Richemont SA Class A (Switzerland)		1,620		275,186
Dollarama, Inc. (Canada)		8,600		582,443
Ferguson PLC		56,452		8,916,675
Ferrari NV (Italy)		22,775		7,406,658
Five Below, Inc. *		38,992		7,663,488
Flutter Entertainment PLC * (Australia)		47,881		9,623,457
Kura Sushi USA, Inc. Class A *		16,577		1,540,832
LVMH Moet Hennessy Louis Vuitton SE (France)		7,180		6,770,110
Mobileye Global, Inc. Class A * (Israel)		6,100		234,362
Ryanair Holdings PLC ADR * (Ireland)		49,362		5,459,437
Samsonite International SA * ~		1,758,600		4,972,957
TJX Cos., Inc.		125,178		10,613,843
Universal Music Group NV (Netherlands)		760,341		16,890,813
Warner Music Group Corp. Class A		372,051		9,706,810
				95,049,926
Consumer, Non-Cyclical - 19.7%
2seventy bio, Inc. *		8,822		89,279
Aclaris Therapeutics, Inc. *		24,112		250,041
Affimed NV * (Germany)		51,869		31,028
Alnylam Pharmaceuticals, Inc. *		29,400		5,584,236
Arcellx, Inc. *		6,448		203,886
AstraZeneca PLC ADR (United Kingdom)		81,872		5,859,579
Beam Therapeutics, Inc. *		7,095		226,543
Bio-Techne Corp.		28,083		2,292,415
Biogen, Inc. *		18,884		5,379,107
Block, Inc. *		88,549		5,894,707
Boston Beer Co., Inc. Class A *		8,138		2,510,085
Boston Scientific Corp. *		245,235		13,264,761
Bruker Corp.		67,316		4,975,999
Charles River Laboratories International, Inc. *		16,226		3,411,516
Cytokinetics, Inc. *		21,249		693,142
Danaher Corp.		19,675		4,722,000
Eli Lilly & Co.		43,660		20,475,667
Equifax, Inc.		24,627		5,794,733
Estee Lauder Cos., Inc. Class A		15,000		2,945,700
Evelo Biosciences, Inc. *		2,067		6,718
Galapagos NV ADR * (Belgium)		57,203		2,325,874
Gamida Cell Ltd. * (Israel)		323,100		623,583
Gartner, Inc. *		8,700		3,047,697
Genmab AS * (Denmark)		4,470		1,693,941
HealthEquity, Inc. *		145,418		9,181,693
Hookipa Pharma, Inc. *		103,059		90,692
Immunocore Holdings PLC ADR * (United Kingdom)		20,657		1,238,594
Insmed, Inc. *		93,227		1,967,090
Insulet Corp. *		806		232,402

	Shares		Value
Laureate Education, Inc.		97,985		$1,184,639
Monster Beverage Corp. *		166,551		9,566,689
Option Care Health, Inc. *		7,139		231,946
Penumbra, Inc. *		7,125		2,451,427
Regeneron Pharmaceuticals, Inc. *		10,886		7,822,026
Repligen Corp. *		17,000		2,404,820
Revance Therapeutics, Inc. *		75,205		1,903,439
Rubius Therapeutics, Inc. *		12,600		264
Sartorius Stedim Biotech (France)		10,100		2,522,515
Seagen, Inc. *		44,381		8,541,567
Synlogic, Inc. *		8,800		3,784
Thermo Fisher Scientific, Inc.		8,828		4,606,009
TransUnion		53,200		4,167,156
UnitedHealth Group, Inc.		47,102		22,639,105
Vertex Pharmaceuticals, Inc. *		64,758		22,788,988
Vor BioPharma, Inc. *		73,032		225,669
XOMA Corp. *		44,775		845,800
				196,918,551
Energy - 4.1%
Baker Hughes Co.		155,017		4,900,087
Cheniere Energy, Inc.		94,482		14,395,278
Denbury, Inc. *		14,262		1,230,240
New Fortress Energy, Inc.		67,368		1,804,115
Range Resources Corp.		176,400		5,186,160
Reliance Industries Ltd. GDR ~ (India)		216,883		13,511,391
				41,027,271
Financial - 5.6%
American Financial Group, Inc.		35,081		4,165,869
Arthur J Gallagher & Co.		38,046		8,353,760
BRP Group, Inc. Class A *		70,699		1,751,921
CME Group, Inc.		99,082		18,358,904
HDFC Bank Ltd. ADR (India)		7,466		520,380
Marsh & McLennan Cos., Inc.		23,354		4,392,421
Mastercard, Inc. Class A		46,971		18,473,694
Rocket Cos., Inc. Class A *		5,100		45,696
				56,062,645
Industrial - 8.0%
Aspen Aerogels, Inc. *		78,613		620,257
Bloom Energy Corp. Class A *		13,357		218,387
Boeing Co. *		38,006		8,025,347
Eaton Corp. PLC		56,380		11,338,018
Energy Recovery, Inc. *		29,913		836,068
Flex Ltd. *		240,811		6,656,016
General Electric Co.		135,193		14,850,951
Hubbell, Inc.		7,956		2,637,891
Ingersoll Rand, Inc.		156,164		10,206,879
Jabil, Inc.		49,847		5,379,987
Parker-Hannifin Corp.		16,535		6,449,311
Spirit AeroSystems Holdings, Inc. Class A		150,156		4,383,054
Universal Display Corp.		36,781		5,301,246
Westinghouse Air Brake Technologies Corp.		24,599		2,697,772
				79,601,184
Technology - 36.3%
AIXTRON SE (Germany)		98,910		3,358,741
Allegro MicroSystems, Inc. * (Japan)		38,231		1,725,747
Apple, Inc.		221,257		42,917,220
ASML Holding NV (Netherlands)		7,820		5,667,545
BE Semiconductor Industries NV (Netherlands)		49,568		5,375,855
Confluent, Inc. Class A *		171,173		6,044,119
HashiCorp, Inc. Class A *		71,669		1,876,294
HubSpot, Inc. *		14,645		7,792,458
KBR, Inc.		184,900		12,029,594
KLA Corp.		12,629		6,125,317
Manhattan Associates, Inc. *		34,620		6,919,846

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-102

PACIFIC SELECT FUND

LARGE-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Microsoft Corp.		363,095		$123,648,371
MongoDB, Inc. *		29,624		12,175,168
Monolithic Power Systems, Inc.		6,149		3,321,874
NVIDIA Corp.		174,335		73,747,192
NXP Semiconductors NV (China)		36,423		7,455,060
Oracle Corp.		139,514		16,614,722
ServiceNow, Inc. *		5,300		2,978,441
Simulations Plus, Inc.		14,478		627,332
SiTime Corp. *		40,280		4,751,832
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		167,944		16,948,908
Volue ASA * (Norway)		185,769		312,569
				362,414,205
Utilities - 0.0%
Brookfield Renewable Partners LP * (Canada)		12,726		375,290
Total Common Stocks (Cost $826,037,426)				996,710,042
	Principal Amount
SHORT-TERM INVESTMENTS - 0.3%
Repurchase Agreements - 0.3%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $2,652,713; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $2,704,723)		$2,651,674		2,651,674
Total Short-Term Investments (Cost $2,651,674)				2,651,674
TOTAL INVESTMENTS - 100.1% (Cost $828,689,100)				999,361,716
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,278,725	)
NET ASSETS - 100.0%				$998,082,991

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	36.3%
Consumer, Non-Cyclical	19.7%
Communications	16.6%
Consumer, Cyclical	9.5%
Industrial	8.0%
Financial	5.6%
Energy	4.1%
Others (each less than 3.0%)	0.3%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$157,623			$157,623		$-			$-
	Communications		165,103,347			165,103,347		-			-
	Consumer, Cyclical		95,049,926			43,207,873		51,842,053			-
	Consumer, Non-Cyclical		196,918,551			192,702,095		4,216,456			-
	Energy		41,027,271			39,987,281		1,039,990			-
	Financial		56,062,645			56,062,645		-			-
	Industrial		79,601,184			79,601,184		-			-
	Technology		362,414,205			353,679,609		8,734,596			-
	Utilities		375,290			375,290		-			-
	Total Common Stocks		996,710,042			930,876,947		65,833,095			-
	Short-Term Investments		2,651,674			-		2,651,674			-
	Total Assets		999,361,716			930,876,947		68,484,769			-
Liabilities	Due to custodian		(83	)		-		(83	)		-
	Total Liabilities		(83	)		-		(83	)		-
	Total		$999,361,633			$930,876,947		$68,484,686			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-103

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Basic Materials - 4.2%
Air Products & Chemicals, Inc.		100,265		$30,032,376
Sherwin-Williams Co.		72,900		19,356,408
				49,388,784
Communications - 10.3%
Alphabet, Inc. Class A *		121,832		14,583,290
Charter Communications, Inc. Class A *		60,572		22,252,336
Comcast Corp. Class A		473,647		19,680,033
Meta Platforms, Inc. Class A *		101,908		29,245,558
Motorola Solutions, Inc.		117,592		34,487,382
				120,248,599
Consumer, Cyclical - 1.7%
Home Depot, Inc.		61,790		19,194,446
Consumer, Non-Cyclical - 15.7%
Becton Dickinson & Co.		93,051		24,566,394
Elevance Health, Inc.		59,203		26,303,301
Haleon PLC ADR		2,244,242		18,806,748
Johnson & Johnson		129,042		21,359,032
McKesson Corp.		62,048		26,513,731
Merck & Co., Inc.		130,895		15,103,974
PepsiCo, Inc.		100,034		18,528,297
UnitedHealth Group, Inc.		66,056		31,749,156
				182,930,633
Energy - 9.7%
Chevron Corp.		192,824		30,340,856
ConocoPhillips		485,341		50,286,181
Enterprise Products Partners LP		1,225,648		32,295,825
				112,922,862
Financial - 24.3%
American Express Co.		214,458		37,358,583
American Tower Corp. REIT		86,873		16,848,150
Bank of America Corp.		1,112,204		31,909,133
Bank of New York Mellon Corp.		300,504		13,378,438
Berkshire Hathaway, Inc. Class B *		63,249		21,567,909
Charles Schwab Corp.		497,325		28,188,381
JPMorgan Chase & Co.		320,174		46,566,106
Marsh & McLennan Cos., Inc.		107,122		20,147,506
Progressive Corp.		142,264		18,831,486
Travelers Cos., Inc.		92,094		15,993,044
US Bancorp		387,143		12,791,205
Visa, Inc. Class A		87,338		20,741,028
				284,320,969
Industrial - 18.6%
Deere & Co.		83,426		33,803,381
Illinois Tool Works, Inc.		77,396		19,361,383
Martin Marietta Materials, Inc.		39,906		18,424,201
Northrop Grumman Corp.		46,983		21,414,851
Otis Worldwide Corp.		168,396		14,988,928
Raytheon Technologies Corp.		365,969		35,850,323
TE Connectivity Ltd.		259,028		36,305,365
United Parcel Service, Inc. Class B		120,536		21,606,078
Vertiv Holdings Co.		645,263		15,983,165
				217,737,675
Technology - 7.7%
Intel Corp.		1,083,283		36,224,984
Lam Research Corp.		29,727		19,110,299
Microsoft Corp.		42,665		14,529,139
Oracle Corp.		166,450		19,822,530
				89,686,952

	Shares		Value
Utilities - 5.8%
Edison International		306,639		$21,296,079
Sempra Energy		318,638		46,390,506
				67,686,585
Total Common Stocks (Cost $783,200,584)				1,144,117,505
	Principal Amount
SHORT-TERM INVESTMENTS - 1.3%
Repurchase Agreements - 1.3%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $15,276,582; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $15,576,037)		$15,270,601		15,270,601
Total Short-Term Investments (Cost $15,270,601)				15,270,601
TOTAL INVESTMENTS - 99.3% (Cost $798,471,185)				1,159,388,106
OTHER ASSETS & LIABILITIES, NET - 0.7%				8,685,561
NET ASSETS - 100.0%				$1,168,073,667

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	24.3%
Industrial	18.6%
Consumer, Non-Cyclical	15.7%
Communications	10.3%
Energy	9.7%
Technology	7.7%
Utilities	5.8%
Basic Materials	4.2%
Others (each less than 3.0%)	3.0%
	99.3%
Other Assets & Liabilities, Net	0.7%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-104

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,144,117,505		$1,144,117,505		$-		$-
	Short-Term Investments		15,270,601		-		15,270,601		-
	Total		$1,159,388,106		$1,144,117,505		$15,270,601		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-105

PACIFIC SELECT FUND

MID-CAP EQUITY PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.5%
Basic Materials - 3.6%
Agnico Eagle Mines Ltd. (Canada)		59,136		$2,955,617
Alamos Gold, Inc. Class A (Canada)		144,248		1,719,436
Albemarle Corp.		29,671		6,619,304
CF Industries Holdings, Inc.		16,181		1,123,285
Freeport-McMoRan, Inc.		27,887		1,115,480
Mosaic Co.		64,829		2,269,015
Nucor Corp.		19,061		3,125,623
Westlake Corp.		19,928		2,380,798
				21,308,558
Communications - 2.1%
Arista Networks, Inc. *		28,917		4,686,289
Fox Corp. Class A		39,934		1,357,756
Spotify Technology SA *		11,220		1,801,371
World Wrestling Entertainment, Inc. Class A		19,882		2,156,601
Zillow Group, Inc. Class A *		54,112		2,662,310
				12,664,327
Consumer, Cyclical - 15.1%
Best Buy Co., Inc.		6,929		567,832
Brunswick Corp.		16,965		1,469,848
Casey’s General Stores, Inc.		18,528		4,518,609
Chipotle Mexican Grill, Inc. *		2,651		5,670,489
Copart, Inc. *		25,743		2,348,019
Darden Restaurants, Inc.		15,944		2,663,924
Delta Air Lines, Inc. *		221,361		10,523,502
DR Horton, Inc.		25,507		3,103,947
Floor & Decor Holdings, Inc. Class A *		9,420		979,303
Las Vegas Sands Corp. *		133,184		7,724,672
Live Nation Entertainment, Inc. *		40,827		3,719,748
Lululemon Athletica, Inc. *		18,712		7,082,492
Murphy USA, Inc.		12,944		4,027,008
NVR, Inc. *		744		4,724,861
O’Reilly Automotive, Inc. *		4,415		4,217,649
Polaris, Inc.		16,404		1,983,736
Ross Stores, Inc.		5,471		613,463
Southwest Airlines Co.		52,887		1,915,038
Texas Roadhouse, Inc.		32,798		3,682,559
Thor Industries, Inc.		6,475		670,162
Tractor Supply Co.		16,901		3,736,811
Ulta Beauty, Inc. *		9,212		4,335,121
Vail Resorts, Inc.		17,421		4,385,911
WW Grainger, Inc.		6,515		5,137,664
YETI Holdings, Inc. *		12,646		491,171
				90,293,539
Consumer, Non-Cyclical - 23.0%
Albertsons Cos., Inc. Class A		185,877		4,055,836
Align Technology, Inc. *		889		314,386
AmerisourceBergen Corp.		62,589		12,044,001
BioMarin Pharmaceutical, Inc. *		130,710		11,329,943
Booz Allen Hamilton Holding Corp.		22,207		2,478,301
Corteva, Inc.		56,131		3,216,306
CoStar Group, Inc. *		31,679		2,819,431
Darling Ingredients, Inc. *		100,232		6,393,799
Edwards Lifesciences Corp. *		159,813		15,075,160
Exelixis, Inc. *		71,752		1,371,181
FTI Consulting, Inc. *		4,907		933,311
Gartner, Inc. *		17,715		6,205,742
Henry Schein, Inc. *		47,170		3,825,487
Hershey Co.		23,417		5,847,225
Insulet Corp. *		29,025		8,369,069
Lamb Weston Holdings, Inc.		49,671		5,709,681
Molina Healthcare, Inc. *		1,496		450,655
Monster Beverage Corp. *		77,545		4,454,185
Morningstar, Inc.		8,009		1,570,325

	Shares		Value
Neurocrine Biosciences, Inc. *		48,609		$4,583,829
Omnicell, Inc. *		56,071		4,130,751
Quanta Services, Inc.		109,294		21,470,806
RB Global, Inc. (Canada)		21,163		1,269,780
Service Corp. International		4,587		296,274
Tyson Foods, Inc. Class A		22,699		1,158,557
U-Haul Holding Co.		54,888		2,781,175
United Rentals, Inc.		5,626		2,505,652
Vertex Pharmaceuticals, Inc. *		7,142		2,513,341
				137,174,189
Energy - 4.4%
Baker Hughes Co.		137,880		4,358,387
Cheniere Energy, Inc.		17,357		2,644,512
Enphase Energy, Inc. *		4,378		733,227
Hess Corp.		44,982		6,115,303
Noble Corp. PLC *		124,971		5,162,552
Pioneer Natural Resources Co.		34,242		7,094,258
				26,108,239
Financial - 15.7%
Agree Realty Corp. REIT		89,965		5,882,811
Arch Capital Group Ltd. *		35,938		2,689,959
Axis Capital Holdings Ltd.		51,861		2,791,678
Brown & Brown, Inc.		67,625		4,655,305
Cboe Global Markets, Inc.		100,379		13,853,306
Citizens Financial Group, Inc.		123,550		3,222,184
Commerce Bancshares, Inc.		11,020		536,674
Discover Financial Services		64,581		7,546,290
EastGroup Properties, Inc. REIT		28,506		4,948,642
Evercore, Inc. Class A		30,394		3,756,394
Everest Re Group Ltd.		9,190		3,141,693
First American Financial Corp.		50,714		2,891,712
First Horizon Corp.		515,861		5,813,754
Healthcare Realty Trust, Inc. REIT		341,500		6,440,690
Host Hotels & Resorts, Inc. REIT		301,102		5,067,547
Kinsale Capital Group, Inc.		6,982		2,612,664
Mid-America Apartment Communities, Inc. REIT		26,122		3,966,887
STAG Industrial, Inc. REIT		252,072		9,044,343
White Mountains Insurance Group Ltd.		3,381		4,695,905
				93,558,438
Industrial - 14.0%
AGCO Corp.		19,217		2,525,498
Agilent Technologies, Inc.		40,578		4,879,504
AMETEK, Inc.		14,776		2,391,939
Builders FirstSource, Inc. *		13,852		1,883,872
BWX Technologies, Inc.		31,394		2,246,869
Carrier Global Corp.		71,869		3,572,608
Chart Industries, Inc. *		47,005		7,510,929
Clean Harbors, Inc. *		26,132		4,296,885
Eagle Materials, Inc.		29,159		5,435,821
Flex Ltd. *		135,998		3,758,985
Garmin Ltd.		7,722		805,327
Generac Holdings, Inc. *		9,611		1,433,288
Hubbell, Inc.		27,860		9,237,262
Huntington Ingalls Industries, Inc.		11,144		2,536,374
Keysight Technologies, Inc. *		25,570		4,281,696
Knight-Swift Transportation Holdings, Inc.		31,254		1,736,472
L3Harris Technologies, Inc.		6,856		1,342,199
Martin Marietta Materials, Inc.		6,443		2,974,669
Owens Corning		27,951		3,647,606
Parker-Hannifin Corp.		4,638		1,809,006
Rockwell Automation, Inc.		3,666		1,207,764
Textron, Inc.		68,817		4,654,094
Timken Co.		46,232		4,231,615
Universal Display Corp.		10,465		1,508,320
Vulcan Materials Co.		16,053		3,618,988
				83,527,590

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-106

PACIFIC SELECT FUND

MID-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Technology - 15.6%
AppLovin Corp. Class A *		68,339		$1,758,362
Cadence Design Systems, Inc. *		12,272		2,878,029
Crowdstrike Holdings, Inc. Class A *		25,775		3,785,574
DXC Technology Co. *		137,791		3,681,776
Jack Henry & Associates, Inc.		15,921		2,664,061
KLA Corp.		6,733		3,265,640
Lumentum Holdings, Inc. *		46,087		2,614,516
Microchip Technology, Inc.		7,393		662,339
Monolithic Power Systems, Inc.		6,449		3,483,943
ON Semiconductor Corp. *		64,749		6,123,960
Palantir Technologies, Inc. Class A *		1,154,852		17,703,881
Paycom Software, Inc.		844		271,127
Pure Storage, Inc. Class A *		159,205		5,861,928
Skyworks Solutions, Inc.		27,018		2,990,622
Splunk, Inc. *		72,835		7,727,065
Take-Two Interactive Software, Inc. *		27,930		4,110,179
Teradata Corp. *		216,881		11,583,614
Teradyne, Inc.		62,050		6,908,027
Workday, Inc. Class A *		21,317		4,815,297
Zebra Technologies Corp. Class A *		2,212		654,376
				93,544,316
Utilities - 6.0%
Atmos Energy Corp.		43,566		5,068,468
CenterPoint Energy, Inc.		503,124		14,666,064
Evergy, Inc.		44,611		2,606,175
PPL Corp.		316,332		8,370,145
WEC Energy Group, Inc.		60,840		5,368,522
				36,079,374
Total Common Stocks (Cost $548,910,071)				594,258,570

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 1.0%
Repurchase Agreements - 1.0%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $5,794,693; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $5,908,319)		$5,792,424		$5,792,424
Total Short-Term Investments (Cost $5,792,424)				5,792,424
TOTAL INVESTMENTS - 100.5% (Cost $554,702,495)				600,050,994
OTHER ASSETS & LIABILITIES, NET - (0.5%)				(2,832,240	)
NET ASSETS - 100.0%				$597,218,754

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	23.0%
Financial	15.7%
Technology	15.6%
Consumer, Cyclical	15.1%
Industrial	14.0%
Utilities	6.0%
Energy	4.4%
Basic Materials	3.6%
Others (each less than 3.0%)	3.1%
	100.5%
Other Assets & Liabilities, Net	(0.5%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$594,258,570		$594,258,570		$-		$-
	Short-Term Investments		5,792,424		-		5,792,424		-
	Total		$600,050,994		$594,258,570		$5,792,424		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-107

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.5%
Communications - 7.2%
Arista Networks, Inc. *		72,467		$11,744,002
Pinterest, Inc. Class A *		718,858		19,653,578
Shutterstock, Inc.		62,437		3,038,809
Trade Desk, Inc. Class A *		222,752		17,200,909
				51,637,298
Consumer, Cyclical - 17.8%
BorgWarner, Inc.		353,221		17,276,039
Copart, Inc. *		114,272		10,422,749
Fastenal Co.		190,795		11,254,997
Floor & Decor Holdings, Inc. Class A *		117,358		12,200,538
Foot Locker, Inc.		241,232		6,539,799
Fox Factory Holding Corp. *		37,410		4,059,359
Levi Strauss & Co. Class A		453,425		6,542,923
Lululemon Athletica, Inc. *		28,157		10,657,424
National Vision Holdings, Inc. *		245,686		5,967,713
On Holding AG Class A * (Switzerland)		336,459		11,103,147
Petco Health & Wellness Co., Inc. *		449,387		3,999,544
Pool Corp.		39,440		14,775,802
Vail Resorts, Inc.		49,789		12,534,879
				127,334,913
Consumer, Non-Cyclical - 25.5%
Bio-Techne Corp.		142,201		11,607,868
Brown-Forman Corp. Class B		137,728		9,197,476
Cooper Cos., Inc.		21,380		8,197,733
CoStar Group, Inc. *		338,125		30,093,125
Dexcom, Inc. *		187,362		24,077,891
Edwards Lifesciences Corp. *		106,492		10,045,390
Envista Holdings Corp. *		312,659		10,580,381
Genmab AS ADR * (Denmark)		258,090		9,810,001
Inspire Medical Systems, Inc. *		19,531		6,340,544
Intuitive Surgical, Inc. *		45,472		15,548,696
MarketAxess Holdings, Inc.		71,227		18,620,162
Repligen Corp. *		80,635		11,406,627
West Pharmaceutical Services, Inc.		28,995		11,089,718
WillScot Mobile Mini Holdings Corp. *		123,526		5,903,307
				182,518,919
Financial - 1.2%
Kinsale Capital Group, Inc.		23,119		8,651,130
Industrial - 22.3%
Agilent Technologies, Inc.		74,578		8,968,005
AO Smith Corp.		149,300		10,866,054
Coherent Corp. *		218,725		11,150,601
Generac Holdings, Inc. *		80,005		11,931,146
HEICO Corp. Class A		104,084		14,634,210
Howmet Aerospace, Inc.		178,118		8,827,528
Keysight Technologies, Inc. *		70,523		11,809,076
Lincoln Electric Holdings, Inc.		46,435		9,223,384
Littelfuse, Inc.		32,477		9,460,875
Martin Marietta Materials, Inc.		21,248		9,809,989
Novanta, Inc. *		57,957		10,669,884
Trex Co., Inc. *		223,824		14,673,901
Trimble, Inc. *		195,459		10,347,599
Universal Display Corp.		78,103		11,256,985
Westinghouse Air Brake Technologies Corp.		51,447		5,642,193
				159,271,430
Technology - 25.5%
Crowdstrike Holdings, Inc. Class A *		73,573		10,805,666
DocuSign, Inc. *		183,669		9,383,649
DoubleVerify Holdings, Inc. *		149,124		5,803,906

	Shares		Value
EngageSmart, Inc. *		202,874		$3,872,865
HubSpot, Inc. *		17,173		9,137,582
Lattice Semiconductor Corp. *		64,232		6,170,768
Marvell Technology, Inc.		231,718		13,852,102
Microchip Technology, Inc.		188,637		16,899,989
Monolithic Power Systems, Inc.		38,438		20,765,361
Paycom Software, Inc.		44,315		14,235,751
Teradyne, Inc.		131,686		14,660,602
Tyler Technologies, Inc. *		34,538		14,384,041
Veeva Systems, Inc. Class A *		40,061		7,921,261
Workday, Inc. Class A *		43,512		9,828,926
Workiva, Inc. *		91,435		9,295,282
Zebra Technologies Corp. Class A *		24,692		7,304,634
ZoomInfo Technologies, Inc. *		330,502		8,391,446
				182,713,831
Total Common Stocks (Cost $632,110,884)				712,127,521
	Principal Amount
SHORT-TERM INVESTMENTS - 0.7%
Repurchase Agreements - 0.7%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $4,885,639; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $4,981,419)		$4,883,726		4,883,726
Total Short-Term Investments (Cost $4,883,726)				4,883,726
TOTAL INVESTMENTS - 100.2% (Cost $636,994,610)				717,011,247
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,121,821	)
NET ASSETS - 100.0%				$715,889,426

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	25.5%
Consumer, Non-Cyclical	25.5%
Industrial	22.3%
Consumer, Cyclical	17.8%
Communications	7.2%
Others (each less than 3.0%)	1.9%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-108

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$712,127,521		$712,127,521		$-		$-
	Short-Term Investments		4,883,726		-		4,883,726		-
	Total		$717,011,247		$712,127,521		$4,883,726		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-109

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.0%
Basic Materials - 4.0%
Axalta Coating Systems Ltd. *		114,460		$3,755,432
DuPont de Nemours, Inc.		66,302		4,736,615
FMC Corp.		31,214		3,256,869
PPG Industries, Inc.		36,612		5,429,559
Valvoline, Inc.		58,968		2,211,890
				19,390,365
Communications - 3.3%
CDW Corp.		9,401		1,725,083
eBay, Inc.		59,619		2,664,373
Expedia Group, Inc. *		31,671		3,464,491
Gen Digital, Inc.		131,280		2,435,244
Interpublic Group of Cos., Inc.		66,841		2,578,726
Nexstar Media Group, Inc.		8,685		1,446,487
TEGNA, Inc.		87,901		1,427,512
				15,741,916
Consumer, Cyclical - 13.9%
Alaska Air Group, Inc. *		50,470		2,683,995
AutoZone, Inc. *		3,009		7,502,520
Boyd Gaming Corp.		33,428		2,318,900
Darden Restaurants, Inc.		18,145		3,031,667
Dollar General Corp.		10,707		1,817,834
Domino’s Pizza, Inc.		5,587		1,882,763
Ferguson PLC		26,010		4,091,633
Gentex Corp.		99,242		2,903,821
Harley-Davidson, Inc.		70,017		2,465,299
International Game Technology PLC		45,528		1,451,888
Las Vegas Sands Corp. *		52,775		3,060,950
Lear Corp.		10,542		1,513,304
LKQ Corp.		37,974		2,212,745
Marriott International, Inc. Class A		22,246		4,086,368
NVR, Inc. *		484		3,073,700
Polaris, Inc.		32,123		3,884,634
Resideo Technologies, Inc. *		99,819		1,762,804
Ross Stores, Inc.		44,329		4,970,611
Tempur Sealy International, Inc.		94,836		3,800,078
WESCO International, Inc.		13,688		2,450,973
Whirlpool Corp.		21,356		3,177,559
Wyndham Hotels & Resorts, Inc.		42,422		2,908,877
				67,052,923
Consumer, Non-Cyclical - 15.3%
AmerisourceBergen Corp.		42,923		8,259,673
AMN Healthcare Services, Inc. *		14,094		1,537,937
ASGN, Inc. *		17,529		1,325,718
Avantor, Inc. *		139,625		2,867,898
Avery Dennison Corp.		12,227		2,100,599
Centene Corp. *		39,606		2,671,425
Cigna Group		4,803		1,347,722
Coca-Cola Europacific Partners PLC (United Kingdom)		46,603		3,002,631
Corteva, Inc.		85,426		4,894,910
FleetCor Technologies, Inc. *		9,606		2,411,874
Fortrea Holdings, Inc. *		17,927		609,697
Global Payments, Inc.		12,641		1,245,391
H&R Block, Inc.		45,783		1,459,104
HCA Healthcare, Inc.		12,083		3,666,949
Humana, Inc.		4,762		2,129,233
ICON PLC *		26,237		6,564,497
IQVIA Holdings, Inc. *		8,074		1,814,793
Kenvue, Inc. *		63,118		1,667,578
Laboratory Corp. of America Holdings		9,786		2,361,655
Molina Healthcare, Inc. *		11,799		3,554,331
RB Global, Inc. (Canada)		60,365		3,621,900
Robert Half International, Inc.		20,208		1,520,046

	Shares		Value
TransUnion		39,920		$3,126,934
US Foods Holding Corp. *		132,577		5,833,388
Zimmer Biomet Holdings, Inc.		28,804		4,193,862
				73,789,745
Energy - 5.4%
Devon Energy Corp.		53,750		2,598,275
Diamondback Energy, Inc.		14,762		1,939,136
Halliburton Co.		180,711		5,961,656
Marathon Petroleum Corp.		24,171		2,818,339
Pioneer Natural Resources Co.		13,528		2,802,731
Schlumberger NV		78,480		3,854,938
Teck Resources Ltd. Class B (Canada)		43,403		1,827,266
Valero Energy Corp.		16,525		1,938,382
Weatherford International PLC *		31,373		2,083,795
				25,824,518
Financial - 20.5%
Aflac, Inc.		39,574		2,762,265
Allstate Corp.		10,873		1,185,592
American Homes 4 Rent Class A REIT		64,583		2,289,467
Ameriprise Financial, Inc.		30,147		10,013,628
Aon PLC Class A		14,563		5,027,148
Arch Capital Group Ltd. *		30,662		2,295,051
Ares Management Corp. Class A		34,333		3,307,985
Arthur J Gallagher & Co.		18,408		4,041,845
Discover Financial Services		52,405		6,123,524
East West Bancorp, Inc.		21,385		1,128,914
EastGroup Properties, Inc. REIT		9,541		1,656,318
Equity LifeStyle Properties, Inc. REIT		29,001		1,939,877
Equity Residential REIT		47,263		3,117,940
Essex Property Trust, Inc. REIT		12,373		2,898,994
Evercore, Inc. Class A		18,572		2,295,313
Everest Re Group Ltd.		12,125		4,145,052
Fifth Third Bancorp		143,065		3,749,734
First American Financial Corp.		48,338		2,756,233
Globe Life, Inc.		32,268		3,537,218
Healthpeak Properties, Inc. REIT		108,925		2,189,392
Huntington Bancshares, Inc.		273,536		2,948,718
Lamar Advertising Co. Class A REIT		39,063		3,877,003
LPL Financial Holdings, Inc.		14,169		3,080,766
Regency Centers Corp. REIT		72,355		4,469,368
RenaissanceRe Holdings Ltd. (Bermuda)		10,001		1,865,387
Rexford Industrial Realty, Inc. REIT		30,553		1,595,478
Simon Property Group, Inc. REIT		36,656		4,233,035
SLM Corp.		60,352		984,945
Travelers Cos., Inc.		8,181		1,420,712
VICI Properties, Inc. REIT		82,308		2,586,940
Voya Financial, Inc.		17,516		1,256,072
Welltower, Inc. REIT		46,360		3,750,060
				98,529,974
Industrial - 22.3%
Advanced Drainage Systems, Inc.		14,949		1,700,897
Allegion PLC		42,171		5,061,363
AMETEK, Inc.		56,563		9,156,419
Builders FirstSource, Inc. *		15,911		2,163,896
BWX Technologies, Inc.		53,334		3,817,114
Curtiss-Wright Corp.		20,905		3,839,412
Dover Corp.		50,443		7,447,909
Eaton Corp. PLC		31,571		6,348,928
Expeditors International of Washington, Inc.		37,149		4,499,858
Flex Ltd. *		81,852		2,262,389
Fortive Corp.		37,505		2,804,249
Frontdoor, Inc. *		82,310		2,625,689
Garmin Ltd.		24,712		2,577,215
Hexcel Corp.		43,654		3,318,577
Howmet Aerospace, Inc.		138,727		6,875,310
ITT, Inc.		19,428		1,810,884
L3Harris Technologies, Inc.		7,056		1,381,353

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-110

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Landstar System, Inc.		20,401		$3,928,009
Masco Corp.		84,629		4,856,012
Mohawk Industries, Inc. *		13,953		1,439,392
Norfolk Southern Corp.		18,274		4,143,812
nVent Electric PLC		57,499		2,970,973
Otis Worldwide Corp.		46,659		4,153,118
Parker-Hannifin Corp.		20,400		7,956,816
TE Connectivity Ltd.		31,424		4,404,388
Textron, Inc.		84,883		5,740,637
				107,284,619
Technology - 9.5%
Check Point Software Technologies Ltd. * (Israel)		34,172		4,292,687
Cognizant Technology Solutions Corp. Class A		48,781		3,184,424
Dell Technologies, Inc. Class C		68,419		3,702,152
Fidelity National Information Services, Inc.		34,781		1,902,521
KLA Corp.		3,536		1,715,031
Leidos Holdings, Inc.		22,950		2,030,616
Microchip Technology, Inc.		57,194		5,124,011
NetApp, Inc.		32,748		2,501,947
NXP Semiconductors NV (China)		13,401		2,742,917
Qorvo, Inc. *		29,476		3,007,436
Science Applications International Corp.		28,732		3,231,775
SS&C Technologies Holdings, Inc.		66,302		4,017,901
Take-Two Interactive Software, Inc. *		23,134		3,404,399
Teradyne, Inc.		30,261		3,368,957
Western Digital Corp. *		37,899		1,437,509
				45,664,283
Utilities - 4.8%
American Electric Power Co., Inc.		49,031		4,128,410
CenterPoint Energy, Inc.		281,824		8,215,170
DTE Energy Co.		27,319		3,005,636
Entergy Corp.		49,331		4,803,360
FirstEnergy Corp.		79,288		3,082,717
				23,235,293
Total Common Stocks (Cost $387,719,987)				476,513,636

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 1.2%
Repurchase Agreements - 1.2%
State Street Bank & Trust Co. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $5,808,769; collateralized by U.S. Treasury Notes and Federal Home Loan Mortgage Corp: 1.500% - 4.000% due 01/31/27 - 07/01/47 and value $5,922,670)		$5,806,495		$5,806,495
Total Short-Term Investments (Cost $5,806,495)				5,806,495
TOTAL INVESTMENTS - 100.2% (Cost $393,526,482)				482,320,131
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,126,369	)
NET ASSETS - 100.0%				$481,193,762

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Industrial	22.3%
Financial	20.5%
Consumer, Non-Cyclical	15.3%
Consumer, Cyclical	13.9%
Technology	9.5%
Energy	5.4%
Utilities	4.8%
Basic Materials	4.0%
Communications	3.3%
Others (each less than 3.0%)	1.2%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$476,513,636		$476,513,636		$-		$-
	Short-Term Investments		5,806,495		-		5,806,495
	Total		$482,320,131		$476,513,636		$5,806,495		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-111

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies, Inc. - Contingent Value Rights * W ±		154		$391
OmniAb, Inc. $12.50 - Earn Out Shares * W ±		660		-
OmniAb, Inc. $15.00 - Earn Out Shares * W ±		660		-
				391
Total Rights (Cost $0)				391
COMMON STOCKS - 98.9%
Basic Materials - 3.8%
5E Advanced Materials, Inc. *		806		2,644
AdvanSix, Inc.		2,424		84,791
Alcoa Corp.		1,608		54,559
American Vanguard Corp.		2,008		35,883
Amyris, Inc. *		18,832		19,397
Arconic Corp. *		8,964		265,155
Ashland, Inc.		636		55,275
Avient Corp.		49,519		2,025,327
Caledonia Mining Corp. PLC (South Africa)		1,328		15,431
Carpenter Technology Corp.		4,366		245,064
Centrus Energy Corp. Class A *		995		32,397
Codexis, Inc. *		5,527		15,476
Coeur Mining, Inc. *		29,096		82,633
Commercial Metals Co.		25,128		1,323,240
Constellium SE *		4,383		75,388
Contango ORE, Inc. *		119		3,032
Dakota Gold Corp. *		1,458		4,257
Danimer Scientific, Inc. *		7,699		18,324
Ecovyst, Inc. *		6,573		75,327
Elementis PLC * (United Kingdom)		1,497,351		1,939,667
Encore Energy Corp. * (Canada)		12,800		30,848
Energy Fuels, Inc. *		2,040		12,730
Glatfelter Corp.		4,460		13,469
Haynes International, Inc.		1,150		58,443
HB Fuller Co.		462		33,038
Hecla Mining Co.		43,003		221,465
i-80 Gold Corp. * (Canada)		15,881		35,732
Innospec, Inc.		260		26,114
Intrepid Potash, Inc. *		934		21,192
Kaiser Aluminum Corp.		105		7,522
Koppers Holdings, Inc.		1,804		61,516
Kronos Worldwide, Inc.		2,231		19,477
Mativ Holdings, Inc.		4,964		75,056
Minerals Technologies, Inc.		6,837		394,427
Oil-Dri Corp. of America		316		18,641
Origin Materials, Inc. *		9,596		40,879
Perimeter Solutions SA *		14,123		86,856
Piedmont Lithium, Inc. *		1,084		62,558
PolyMet Mining Corp. * (Canada)		2,143		1,693
Rayonier Advanced Materials, Inc. *		6,048		25,885
Rogers Corp. *		420		68,011
Schnitzer Steel Industries, Inc. Class A		2,400		71,976
Stepan Co.		1,705		162,930
Terawulf, Inc. *		4,417		7,730
Trinseo PLC		3,411		43,217
Tronox Holdings PLC		24,119		306,552
Uranium Energy Corp. *		33,585		114,189
Valhi, Inc.		283		3,637
				8,399,050

	Shares		Value
Communications - 2.3%
1-800-Flowers.com, Inc. Class A *		2,495		$19,461
ADTRAN Holdings, Inc.		7,173		75,532
Advantage Solutions, Inc. *		8,655		20,253
Allbirds, Inc. Class A *		9,147		11,525
AMC Networks, Inc. Class A *		2,957		35,336
Anterix, Inc. *		192		6,084
ATN International, Inc.		972		35,575
Aviat Networks, Inc. *		984		32,836
BARK, Inc. *		9,621		12,796
Blacksky Technology, Inc. *		11,129		24,706
Blade Air Mobility, Inc. *		5,882		23,175
Boston Omaha Corp. Class A *		1,849		34,798
Bumble, Inc. Class A *		9,270		155,551
Clear Channel Outdoor Holdings, Inc. *		33,605		46,039
Clearfield, Inc. *		28,439		1,346,587
Cogent Communications Holdings, Inc.		1,445		97,234
Consolidated Communications Holdings, Inc. *		6,477		24,807
ContextLogic, Inc. Class A *		2,105		13,851
DHI Group, Inc. *		4,226		16,186
DigitalBridge Group, Inc.		10,336		152,043
DZS, Inc. *		1,951		7,745
EchoStar Corp. Class A *		3,094		53,650
ePlus, Inc. *		2,308		129,940
Eventbrite, Inc. Class A *		827		7,898
EW Scripps Co. Class A *		3,097		28,338
Figs, Inc. Class A *		1,459		12,066
fuboTV, Inc. *		19,280		40,102
Gannett Co., Inc. *		13,547		30,481
Globalstar, Inc. *		7,561		8,166
Gogo, Inc. *		5,527		94,014
Gray Television, Inc.		7,234		57,004
HealthStream, Inc.		1,263		31,019
IDT Corp. Class B *		274		7,083
iHeartMedia, Inc. Class A *		9,741		35,457
KVH Industries, Inc. *		1,367		12,494
Lands’ End, Inc. *		1,379		10,701
Liberty Latin America Ltd. Class A *		2,986		26,127
Liberty Latin America Ltd. Class C *		13,335		114,948
Liquidity Services, Inc. *		836		13,794
Lumen Technologies, Inc.		91,684		207,206
Magnite, Inc. *		7,047		96,192
MediaAlpha, Inc. Class A *		504		5,196
Mondee Holdings, Inc. *		514		4,580
NETGEAR, Inc. *		2,543		36,009
Nextdoor Holdings, Inc. *		5,630		18,354
Open Lending Corp. Class A *		866		9,102
Opendoor Technologies, Inc. *		47,576		191,255
Overstock.com, Inc. *		4,160		135,491
Preformed Line Products Co.		119		18,576
Quotient Technology, Inc. *		8,485		32,582
Ribbon Communications, Inc. *		7,985		22,278
Scholastic Corp.		2,578		100,258
Shenandoah Telecommunications Co.		4,391		85,317
Sinclair, Inc.		2,707		37,411
Solo Brands, Inc. Class A *		543		3,073
Spok Holdings, Inc.		1,442		19,164
Squarespace, Inc. Class A *		2,813		88,722
Stagwell, Inc. *		9,885		71,271
Stitch Fix, Inc. Class A *		4,593		17,683
TEGNA, Inc.		20,232		328,568
Telephone & Data Systems, Inc.		9,116		75,025
Terran Orbital Corp. *		7,332		10,998
Thryv Holdings, Inc. *		2,816		69,274
TrueCar, Inc. *		8,358		18,889

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-112

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Tucows, Inc. Class A *		551		$15,285
Urban One, Inc. *		1,785		10,702
Value Line, Inc.		32		1,469
Viavi Solutions, Inc. *		3,711		42,046
Vivid Seats, Inc. Class A *		1,404		11,120
WideOpenWest, Inc. *		4,700		39,668
Ziff Davis, Inc. *		3,281		229,867
				4,958,033
Consumer, Cyclical - 13.8%
A-Mark Precious Metals, Inc.		1,712		64,089
Abercrombie & Fitch Co. Class A *		2,145		80,824
Adient PLC *		60,151		2,304,986
Aeva Technologies, Inc. *		7,276		9,095
Allegiant Travel Co. *		1,296		163,659
America’s Car-Mart, Inc. *		575		57,373
American Axle & Manufacturing Holdings, Inc. *		10,465		86,546
American Eagle Outfitters, Inc.		12,868		151,842
Asbury Automotive Group, Inc. *		1,967		472,906
Aurora Innovation, Inc. *		28,020		82,379
Bally’s Corp. *		1,368		21,286
Beacon Roofing Supply, Inc. *		3,981		330,343
Beazer Homes USA, Inc. *		2,640		74,686
Big 5 Sporting Goods Corp.		2,154		19,731
Big Lots, Inc.		2,744		24,230
Biglari Holdings, Inc. Class B *		55		10,843
BJ’s Restaurants, Inc. *		827		26,299
Blue Bird Corp. *		1,460		32,821
Bluegreen Vacations Holding Corp.		217		7,736
BlueLinx Holdings, Inc. *		800		75,024
Bowlero Corp. *		324		3,771
Boyd Gaming Corp.		7,362		510,702
Brinker International, Inc. *		45,077		1,649,818
Brunswick Corp.		15,273		1,323,253
Build-A-Bear Workshop, Inc.		308		6,597
Caleres, Inc.		3,155		75,499
Capri Holdings Ltd. *		19,435		697,522
Carrols Restaurant Group, Inc. *		3,243		16,345
Carter’s, Inc.		15,016		1,090,162
Carvana Co. *		700		18,144
Cato Corp. Class A		1,574		12,639
Century Casinos, Inc. *		307		2,180
Century Communities, Inc.		7,026		538,332
Chico’s FAS, Inc. *		11,040		59,064
Children’s Place, Inc. *		27,752		644,124
Chuy’s Holdings, Inc. *		282		11,511
Cinemark Holdings, Inc. *		1,717		28,330
Clarus Corp.		766		7,001
Clean Energy Fuels Corp. *		15,507		76,915
Commercial Vehicle Group, Inc. *		2,549		28,294
CompX International, Inc.		141		3,074
Cooper-Standard Holdings, Inc. *		171		2,438
Daktronics, Inc. *		3,453		22,099
Dalata Hotel Group PLC * (Ireland)		159,576		809,133
Dana, Inc.		12,032		204,544
Denny’s Corp. *		13,021		160,419
Designer Brands, Inc. Class A		4,625		46,712
Destination XL Group, Inc. *		5,314		26,039
Dine Brands Global, Inc.		144		8,356
Dr. Martens PLC (United Kingdom)		326,107		507,766
Dream Finders Homes, Inc. Class A *		1,327		32,631
Duluth Holdings, Inc. Class B *		1,289		8,095
El Pollo Loco Holdings, Inc.		2,440		21,399
Escalade, Inc.		751		10,026
Ethan Allen Interiors, Inc.		2,012		56,899
Everi Holdings, Inc. *		2,964		42,859
EVgo, Inc. *		5,799		23,196
Fiesta Restaurant Group, Inc. *		1,535		12,188
First Watch Restaurant Group, Inc. *		698		11,796

	Shares		Value
Foot Locker, Inc.		7,428		$201,373
Forestar Group, Inc. *		1,620		36,531
Fossil Group, Inc. *		4,925		12,657
Franchise Group, Inc.		206		5,900
Full House Resorts, Inc. *		405		2,714
Funko, Inc. Class A *		992		10,733
G-III Apparel Group Ltd. *		3,922		75,577
Genesco, Inc. *		1,041		26,067
Global Industrial Co.		293		8,137
GMS, Inc. *		2,565		177,498
Goodyear Tire & Rubber Co. *		25,530		349,250
Green Brick Partners, Inc. *		1,601		90,937
Group 1 Automotive, Inc.		2,056		530,654
GrowGeneration Corp. *		5,337		18,146
Guess?, Inc.		2,445		47,555
Hanesbrands, Inc.		11,217		50,925
Haverty Furniture Cos., Inc.		1,317		39,800
Hawaiian Holdings, Inc. *		4,932		53,118
Hibbett, Inc.		185		6,714
Hilton Grand Vacations, Inc. *		46,855		2,129,091
HNI Corp.		3,866		108,944
Holley, Inc. *		4,952		20,254
Hooker Furnishings Corp.		976		18,212
Hovnanian Enterprises, Inc. Class A *		440		43,652
Hudson Technologies, Inc. *		3,311		31,852
Hyliion Holdings Corp. *		14,444		24,121
indie Semiconductor, Inc. Class A * (China)		834		7,840
Interface, Inc.		5,365		47,158
iRobot Corp. *		260		11,765
J Jill, Inc. *		332		7,115
Jack in the Box, Inc.		8,263		805,890
JAKKS Pacific, Inc. *		619		12,361
JetBlue Airways Corp. *		30,017		265,951
Johnson Outdoors, Inc. Class A		460		28,267
KB Home		6,751		349,094
La-Z-Boy, Inc.		3,885		111,266
Landsea Homes Corp. *		1,129		10,545
Lazydays Holdings, Inc. *		1,032		11,930
LCI Industries		11,539		1,458,068
Leslie’s, Inc. *		15,015		140,991
LGI Homes, Inc. *		1,764		237,946
Life Time Group Holdings, Inc. *		2,774		54,565
Light & Wonder, Inc. *		4,434		304,882
Lindblad Expeditions Holdings, Inc. *		3,027		32,934
Lions Gate Entertainment Corp. Class A *		2,070		18,278
Lions Gate Entertainment Corp. Class B *		2,958		24,699
M/I Homes, Inc. *		6,078		529,941
Madison Square Garden Entertainment Corp. *		622		20,912
Malibu Boats, Inc. Class A *		721		42,294
Marcus Corp.		2,113		31,336
MarineMax, Inc. *		1,931		65,963
Mattel, Inc. *		87,900		1,717,566
MDC Holdings, Inc.		5,382		251,716
Meritage Homes Corp.		5,155		733,402
Methode Electronics, Inc.		3,190		106,929
Microvast Holdings, Inc. *		9,719		15,550
Miller Industries, Inc.		906		32,136
MillerKnoll, Inc.		7,009		103,593
Movado Group, Inc.		1,363		36,569
MRC Global, Inc. *		5,126		51,619
National Vision Holdings, Inc. *		6,575		159,707
Nikola Corp. *		54,847		75,689
Nu Skin Enterprises, Inc. Class A		4,612		153,118
ODP Corp. *		3,099		145,095
OneWater Marine, Inc. Class A *		1,021		37,001
OPENLANE, Inc. *		9,885		150,450
Oxford Industries, Inc.		328		32,282
Papa John’s International, Inc.		722		53,305
Patrick Industries, Inc.		1,731		138,480

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-113

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
PC Connection, Inc.		1,030		$46,453
PetMed Express, Inc.		1,848		25,484
PriceSmart, Inc.		697		51,620
Proterra, Inc. *		20,499		24,599
Purple Innovation, Inc.		5,475		15,221
Red Rock Resorts, Inc. Class A		1,964		91,876
Reservoir Media, Inc. *		1,737		10,457
Resideo Technologies, Inc. *		13,324		235,302
REV Group, Inc.		2,934		38,905
Rocky Brands, Inc.		657		13,797
Rush Enterprises, Inc. Class A		3,734		226,803
Rush Enterprises, Inc. Class B		570		38,794
Sally Beauty Holdings, Inc. *		707		8,731
ScanSource, Inc. *		2,363		69,850
SeaWorld Entertainment, Inc. *		213		11,930
SES AI Corp. *		10,816		26,391
Shoe Carnival, Inc.		1,524		35,784
Signet Jewelers Ltd. (NYSE)		4,033		263,194
Six Flags Entertainment Corp. *		1,404		36,476
Skyline Champion Corp. *		2,141		140,128
SkyWest, Inc. *		4,391		178,802
Sleep Number Corp. *		967		26,380
Snap One Holdings Corp. *		1,865		21,727
Solid Power, Inc. *		14,515		36,868
Sonic Automotive, Inc. Class A		1,451		69,169
Sphere Entertainment Co. *		2,405		65,873
Spirit Airlines, Inc.		9,990		171,428
Sportsman’s Warehouse Holdings, Inc. *		2,895		16,501
Standard Motor Products, Inc.		1,881		70,575
Steelcase, Inc. Class A		8,073		62,243
Sun Country Airlines Holdings, Inc. *		1,501		33,742
Sweetgreen, Inc. Class A *		1,831		23,473
Taylor Morrison Home Corp. *		11,687		569,975
ThredUp, Inc. Class A *		4,983		12,159
Tile Shop Holdings, Inc. *		2,641		14,631
Tilly’s, Inc. Class A *		1,746		12,239
Titan International, Inc. *		4,766		54,714
Titan Machinery, Inc. *		1,853		54,663
Topgolf Callaway Brands Corp. *		13,105		260,134
Traeger, Inc. *		3,205		13,621
Tri Pointe Homes, Inc. *		8,891		292,158
TuSimple Holdings, Inc. Class A *		15,687		26,040
UniFirst Corp.		1,383		214,379
United Homes Group, Inc. *		455		5,078
Urban Outfitters, Inc. *		3,880		128,544
Vera Bradley, Inc. *		2,336		14,927
Veritiv Corp.		1,201		150,858
Virgin Galactic Holdings, Inc. *		10,216		39,638
Vista Outdoor, Inc. *		5,099		141,089
Vizio Holding Corp. Class A *		806		5,441
VOXX International Corp. *		1,183		14,764
VSE Corp.		965		52,776
Weyco Group, Inc.		426		11,370
Winmark Corp.		257		85,445
Winnebago Industries, Inc.		2,717		181,197
Wolverine World Wide, Inc.		705		10,356
Workhorse Group, Inc. *		15,729		13,709
Xperi, Inc. *		4,069		53,507
Xponential Fitness, Inc. Class A *		313		5,399
Zumiez, Inc. *		1,512		25,190
				30,305,757
Consumer, Non-Cyclical - 15.1%
23andMe Holding Co. Class A *		23,562		41,234
2seventy bio, Inc. *		4,595		46,501
2U, Inc. *		6,680		26,920
4D Molecular Therapeutics, Inc. *		2,650		47,886
Aadi Bioscience, Inc. *		1,566		10,711
Aaron’s Co., Inc.		2,958		41,826
ABM Industries, Inc.		6,025		256,966

	Shares		Value
Acacia Research Corp. *		3,393		$14,115
ACCO Brands Corp.		8,365		43,582
Accolade, Inc. *		375		5,051
Acrivon Therapeutics, Inc. *		796		10,316
AdaptHealth Corp. *		3,261		39,686
Adaptive Biotechnologies Corp. *		2,976		19,969
Addus HomeCare Corp. *		752		69,710
Adicet Bio, Inc. *		2,772		6,736
ADMA Biologics, Inc. *		8,701		32,107
Adtalem Global Education, Inc. *		4,053		139,180
Agenus, Inc. *		26,564		42,502
Agiliti, Inc. *		348		5,742
Agios Pharmaceuticals, Inc. *		5,025		142,308
Alico, Inc.		758		19,299
Alight, Inc. Class A *		36,198		334,470
Allakos, Inc. *		5,968		26,020
Allogene Therapeutics, Inc. *		7,772		38,627
Allovir, Inc. *		3,899		13,257
Alphatec Holdings, Inc. *		4,107		73,844
Alpine Immune Sciences, Inc. *		1,429		14,690
Altimmune, Inc. *		4,440		15,673
ALX Oncology Holdings, Inc. *		2,108		15,831
American Well Corp. Class A *		22,402		47,044
Amneal Pharmaceuticals, Inc. *		11,221		34,785
AnaptysBio, Inc. *		306		6,224
Andersons, Inc.		2,934		135,404
AngioDynamics, Inc. *		3,342		34,857
ANI Pharmaceuticals, Inc. *		265		14,265
Anika Therapeutics, Inc. *		1,302		33,826
Annexon, Inc. *		3,918		13,791
API Group Corp. *		6,239		170,075
Arbutus Biopharma Corp. *		3,841		8,834
Arcturus Therapeutics Holdings, Inc. *		1,919		55,037
Arcus Biosciences, Inc. *		3,362		68,282
Ardelyx, Inc. *		6,443		21,842
Arlo Technologies, Inc. *		863		9,415
ARS Pharmaceuticals, Inc. *		1,598		10,707
Artivion, Inc. *		3,000		51,570
Arvinas, Inc. *		285		7,074
ASGN, Inc. *		3,254		246,100
Assertio Holdings, Inc. *		4,858		26,330
Astria Therapeutics, Inc. *		331		2,757
Atara Biotherapeutics, Inc. *		8,637		13,906
Atea Pharmaceuticals, Inc. *		7,417		27,740
AtriCure, Inc. *		1,176		58,047
Aura Biosciences, Inc. *		2,498		30,850
Avanos Medical, Inc. *		4,228		108,068
Aveanna Healthcare Holdings, Inc. *		4,980		8,416
Avidity Biosciences, Inc. *		6,378		70,732
B&G Foods, Inc.		6,501		90,494
Bakkt Holdings, Inc. *		7,630		9,385
Barrett Business Services, Inc.		76		6,627
Beam Therapeutics, Inc. *		612		19,541
BellRing Brands, Inc. *		8,872		324,715
Benson Hill, Inc. *		15,715		20,430
Beyond Air, Inc. *		524		2,232
BioAtla, Inc. *		3,983		11,949
BioCryst Pharmaceuticals, Inc. *		4,224		29,737
Biohaven Ltd. *		5,305		126,896
BioLife Solutions, Inc. *		302		6,674
Biote Corp. Class A *		534		3,610
Bluebird Bio, Inc. *		10,064		33,111
BRC, Inc. Class A *		616		3,179
Bridgebio Pharma, Inc. *		3,176		54,627
BrightView Holdings, Inc. *		3,898		27,988
Brookdale Senior Living, Inc. *		15,569		65,701
Butterfly Network, Inc. *		12,958		29,803
Cabaletta Bio, Inc. *		261		3,370
Cal-Maine Foods, Inc.		260		11,700
Cano Health, Inc. *		20,341		28,274

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-114

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Cara Therapeutics, Inc. *		4,121		$11,662
CareDx, Inc. *		4,841		41,149
CareMax, Inc. *		7,035		21,879
Caribou Biosciences, Inc. *		5,376		22,848
Carisma Therapeutics, Inc.		2,447		21,460
Cass Information Systems, Inc.		128		4,964
Castle Biosciences, Inc. *		1,375		18,865
Celcuity, Inc. *		1,514		16,624
Celldex Therapeutics, Inc. *		3,118		105,794
Central Garden & Pet Co. *		1,005		38,964
Central Garden & Pet Co. Class A *		3,421		124,730
Century Therapeutics, Inc. *		2,465		7,789
Chegg, Inc. *		1,546		13,728
Chinook Therapeutics, Inc. *		3,767		144,728
Cimpress PLC * (Ireland)		719		42,766
Cipher Mining, Inc. *		4,105		11,740
Citius Pharmaceuticals, Inc. *		9,416		11,299
Cogent Biosciences, Inc. *		2,880		34,099
Coherus Biosciences, Inc. *		1,451		6,196
Community Health Systems, Inc. *		11,464		50,442
Compass Therapeutics, Inc. *		7,256		23,074
CompoSecure, Inc. *		266		1,825
CoreCivic, Inc. *		10,462		98,447
Crinetics Pharmaceuticals, Inc. *		3,979		71,702
Cross Country Healthcare, Inc. *		2,658		74,637
Cullinan Oncology, Inc. *		2,215		23,833
Cutera, Inc. *		1,378		20,849
Cytokinetics, Inc. *		618		20,159
Day One Biopharmaceuticals, Inc. *		416		4,967
Deciphera Pharmaceuticals, Inc. *		3,077		43,324
Deluxe Corp.		4,216		73,696
Design Therapeutics, Inc. *		3,218		20,273
DICE Therapeutics, Inc. *		625		29,038
Disc Medicine, Inc. *		61		2,708
Distribution Solutions Group, Inc. *		39		2,030
Dole PLC		2,736		36,991
Duckhorn Portfolio, Inc. *		3,204		41,556
Dynavax Technologies Corp. *		1,921		24,819
Dyne Therapeutics, Inc. *		2,728		30,690
Eagle Pharmaceuticals, Inc. *		939		18,254
Edgewell Personal Care Co.		4,623		190,976
Edgewise Therapeutics, Inc. *		3,700		28,675
Editas Medicine, Inc. *		6,344		52,211
Embecta Corp.		4,672		100,915
Emerald Holding, Inc. *		1,491		6,113
Emergent BioSolutions, Inc. *		4,563		33,538
Enanta Pharmaceuticals, Inc. *		1,598		34,197
Enhabit, Inc. *		4,551		52,337
Enliven Therapeutics, Inc. *		2,100		42,861
Ennis, Inc.		2,346		47,811
Entrada Therapeutics, Inc. *		1,933		29,266
Envista Holdings Corp. *		90,698		3,069,220
EQRx, Inc. *		29,136		54,193
Erasca, Inc. *		7,006		19,337
European Wax Center, Inc. Class A *		217		4,043
EyePoint Pharmaceuticals, Inc. *		1,224		10,649
Fate Therapeutics, Inc. *		7,874		37,480
Fennec Pharmaceuticals, Inc. * (Canada)		1,104		9,748
FibroGen, Inc. *		8,190		22,113
First Advantage Corp. *		4,628		71,317
FiscalNote Holdings, Inc. *		4,821		17,548
Forafric Global PLC * (Gibraltar)		289		3,170
Fresh Del Monte Produce, Inc.		2,992		76,924
Fulgent Genetics, Inc. *		1,868		69,172
Genelux Corp. *		179		5,857
Generation Bio Co. *		4,407		24,239
GEO Group, Inc. *		10,779		77,178
Geron Corp. *		10,852		34,835
Glanbia PLC (Ireland)		205,185		3,067,402
Graham Holdings Co. Class B		327		186,874

	Shares		Value
Graphite Bio, Inc. *		2,395		$6,227
Green Dot Corp. Class A *		4,101		76,853
Gritstone bio, Inc. *		8,026		15,651
Hackett Group, Inc.		351		7,845
Hain Celestial Group, Inc. *		8,166		102,157
Healthcare Services Group, Inc.		479		7,151
Heidrick & Struggles International, Inc.		1,913		50,637
Helen of Troy Ltd. *		2,201		237,752
Herbalife Ltd. *		2,437		32,266
Herc Holdings, Inc.		13,069		1,788,493
HF Foods Group, Inc. *		3,731		17,498
HilleVax, Inc. *		1,509		25,940
Hostess Brands, Inc. *		9,613		243,401
Humacyte, Inc. *		1,123		3,212
ICF International, Inc.		6,448		802,067
Icosavax, Inc. *		2,566		25,480
Ideaya Biosciences, Inc. *		1,750		41,125
IGM Biosciences, Inc. *		1,105		10,199
Ikena Oncology, Inc. *		1,848		12,123
Immuneering Corp. Class A *		451		4,573
ImmunityBio, Inc. *		2,254		6,266
ImmunoGen, Inc. *		9,190		173,415
Inari Medical, Inc. *		325		18,896
Information Services Group, Inc.		1,461		7,831
Ingles Markets, Inc. Class A		1,266		104,635
Inhibrx, Inc. *		1,065		27,647
Innoviva, Inc. *		4,934		62,810
Inogen, Inc. *		2,112		24,394
Inozyme Pharma, Inc. *		2,981		16,604
Integer Holdings Corp. *		31,820		2,819,570
Intellia Therapeutics, Inc. *		6,857		279,628
Invitae Corp. *		4,116		4,651
Iovance Biotherapeutics, Inc. *		18,937		133,316
Ironwood Pharmaceuticals, Inc. *		7,206		76,672
iTeos Therapeutics, Inc. *		2,295		30,386
Janux Therapeutics, Inc. *		1,402		16,642
John Wiley & Sons, Inc. Class A		3,932		133,806
KalVista Pharmaceuticals, Inc. *		2,264		20,376
Kelly Services, Inc. Class A		3,009		52,989
Kezar Life Sciences, Inc. *		6,775		16,599
Kforce, Inc.		9,254		579,856
Kiniksa Pharmaceuticals Ltd. Class A *		2,861		40,283
Kodiak Sciences, Inc. *		2,937		20,265
Korn Ferry		4,812		238,386
Krispy Kreme, Inc.		5,186		76,390
Kura Oncology, Inc. *		5,918		62,612
Larimar Therapeutics, Inc. *		2,226		6,967
Laureate Education, Inc.		1,631		19,719
Lexicon Pharmaceuticals, Inc. *		3,735		8,553
LifeStance Health Group, Inc. *		4,389		40,072
Ligand Pharmaceuticals, Inc. *		1,297		93,514
Limoneira Co.		1,486		23,122
Lincoln Educational Services Corp. *		1,832		12,348
Liquidia Corp. *		1,182		9,279
LivaNova PLC *		4,633		238,275
LiveRamp Holdings, Inc. *		5,846		166,962
Longboard Pharmaceuticals, Inc. *		816		5,989
Lyell Immunopharma, Inc. *		15,792		50,219
MacroGenics, Inc. *		3,860		20,651
MannKind Corp. *		4,223		17,188
Maple Leaf Foods, Inc. (Canada)		83,630		1,633,776
MarketWise, Inc.		3,146		6,292
Marqeta, Inc. Class A *		38,886		189,375
Matthews International Corp. Class A		2,027		86,391
MaxCyte, Inc. *		7,537		34,595
MeiraGTx Holdings PLC *		899		6,041
Mersana Therapeutics, Inc. *		3,686		12,127
MiMedx Group, Inc. *		10,225		67,587
Mineralys Therapeutics, Inc. *		961		16,385
Mission Produce, Inc. *		3,730		45,208

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-115

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Monro, Inc.		2,781		$112,992
Monte Rosa Therapeutics, Inc. *		3,016		20,660
Morphic Holding, Inc. *		290		16,626
Multiplan Corp. *		34,983		73,814
Myriad Genetics, Inc. *		7,341		170,164
Nano-X Imaging Ltd. * (Israel)		3,724		57,685
NanoString Technologies, Inc. *		562		2,276
National HealthCare Corp.		1,080		66,766
Natural Grocers by Vitamin Cottage, Inc. Class C		789		9,673
Nature’s Sunshine Products, Inc. *		1,180		16,107
Nautilus Biotechnology, Inc. SPAC *		4,475		17,318
Neogen Corp. *		19,859		431,933
NeoGenomics, Inc. *		10,530		169,217
Nevro Corp. *		2,147		54,577
NGM Biopharmaceuticals, Inc. *		4,182		10,831
Nkarta, Inc. *		2,614		5,725
Novavax, Inc. *		1,580		11,739
Nurix Therapeutics, Inc. *		4,212		42,078
NuVasive, Inc. *		691		28,739
Nuvation Bio, Inc. *		13,497		24,295
Ocean Biomedical, Inc. *		717		4,309
Olema Pharmaceuticals, Inc. *		2,469		22,295
Omeros Corp. *		3,257		17,718
OmniAb, Inc. *		8,478		42,644
Omnicell, Inc. *		2,068		152,350
OPKO Health, Inc. *		36,702		79,643
OraSure Technologies, Inc. *		6,420		32,164
Organogenesis Holdings, Inc. *		5,798		19,249
ORIC Pharmaceuticals, Inc. *		3,579		27,773
Orthofix Medical, Inc. *		3,181		57,449
OrthoPediatrics Corp. *		150		6,578
Oscar Health, Inc. Class A *		13,048		105,167
Ovid therapeutics, Inc. *		5,165		16,941
Owens & Minor, Inc. *		6,764		128,787
Pacific Biosciences of California, Inc. *		10,319		137,243
Patterson Cos., Inc.		6,153		204,649
Paysafe Ltd. *		3,033		30,603
Pediatrix Medical Group, Inc. *		7,634		108,479
PepGen, Inc. *		644		5,757
Perdoceo Education Corp. *		5,941		72,896
Performant Financial Corp. *		1,568		4,234
PetIQ, Inc. *		418		6,341
Phathom Pharmaceuticals, Inc. *		1,641		23,499
Phibro Animal Health Corp. Class A		1,249		17,111
PMV Pharmaceuticals, Inc. *		3,865		24,195
Point Biopharma Global, Inc. SPAC *		8,138		73,730
Poseida Therapeutics, Inc. *		6,179		10,875
Precigen, Inc. *		12,328		14,177
Prelude Therapeutics, Inc. *		769		3,461
Prestige Consumer Healthcare, Inc. *		4,425		262,978
Primo Water Corp.		11,956		149,928
PROG Holdings, Inc. *		3,398		109,144
ProKidney Corp. *		4,148		46,416
Protagonist Therapeutics, Inc. *		1,821		50,296
Protalix BioTherapeutics, Inc. *		4,723		9,446
PTC Therapeutics, Inc. *		1,215		49,414
Pulse Biosciences, Inc. *		980		7,046
QinetiQ Group PLC (United Kingdom)		295,201		1,330,543
Quad/Graphics, Inc. *		3,253		12,231
Quanex Building Products Corp.		3,028		81,302
Quanterix Corp. *		2,702		60,930
Quantum-Si, Inc. *		9,435		16,889
Rallybio Corp. *		2,819		15,956
RAPT Therapeutics, Inc. *		667		12,473
Reata Pharmaceuticals, Inc. Class A *		2,587		263,771
Recursion Pharmaceuticals, Inc. Class A *		12,503		93,397
REGENXBIO, Inc. *		3,710		74,163
Relay Therapeutics, Inc. *		8,281		104,009
Rent the Runway, Inc. Class A *		4,318		8,550

	Shares		Value
Repay Holdings Corp. *		7,433		$58,200
Replimune Group, Inc. *		3,717		86,309
Resources Connection, Inc.		3,157		49,596
Rigel Pharmaceuticals, Inc. *		2,637		3,402
Riot Platforms, Inc. *		4,415		52,185
Rocket Pharmaceuticals, Inc. *		604		12,001
Sabre Corp. *		22,823		72,805
Sage Therapeutics, Inc. *		293		13,777
Sana Biotechnology, Inc. *		7,854		46,810
Sangamo Therapeutics, Inc. *		11,843		15,396
Savara, Inc. *		6,368		20,346
Scholar Rock Holding Corp. *		2,569		19,370
Scilex Holding Co. *		6,965		38,795
SEACOR Marine Holdings, Inc. *		2,134		24,392
Seer, Inc. *		5,538		23,647
Selecta Biosciences, Inc. *		7,871		8,816
Seneca Foods Corp. Class A *		414		13,530
Seres Therapeutics, Inc. *		2,969		14,222
SomaLogic, Inc. *		13,090		30,238
SpartanNash Co.		3,156		71,042
Sterling Check Corp. *		2,098		25,721
Stoke Therapeutics, Inc. *		2,530		26,894
StoneCo Ltd. Class A * (Brazil)		10,407		132,585
Strategic Education, Inc.		2,037		138,190
SunOpta, Inc. * (Canada)		518		3,465
Surgery Partners, Inc. *		578		26,004
Sutro Biopharma, Inc. *		5,169		24,036
Syndax Pharmaceuticals, Inc. *		1,003		20,993
Tango Therapeutics, Inc. *		3,965		13,164
Taro Pharmaceutical Industries Ltd. *		746		28,296
Tarsus Pharmaceuticals, Inc. *		2,102		37,983
Tejon Ranch Co. *		1,849		31,821
Tenaya Therapeutics, Inc. *		4,212		24,724
Terns Pharmaceuticals, Inc. *		1,293		11,314
Textainer Group Holdings Ltd. (China)		3,858		151,928
Theravance Biopharma, Inc. *		5,341		55,279
Theseus Pharmaceuticals, Inc. *		1,655		15,441
Third Harmonic Bio, Inc. *		1,802		8,668
Thorne HealthTech, Inc. *		708		3,328
Travere Therapeutics, Inc. *		570		8,755
TreeHouse Foods, Inc. *		4,058		204,442
Trevi Therapeutics, Inc. *		3,729		8,912
Triton International Ltd. (Bermuda)		4,192		349,026
TrueBlue, Inc. *		2,900		51,359
Twist Bioscience Corp. *		5,275		107,927
Tyra Biosciences, Inc. *		813		13,845
United Natural Foods, Inc. *		5,409		105,746
Universal Corp.		2,140		106,872
Universal Technical Institute, Inc. *		2,272		15,700
Upbound Group, Inc.		310		9,650
UroGen Pharma Ltd. *		283		2,929
Utah Medical Products, Inc.		11		1,025
V2X, Inc. *		1,033		51,195
Vanda Pharmaceuticals, Inc. *		4,909		32,350
Varex Imaging Corp. *		3,470		81,788
Vector Group Ltd.		10,893		139,539
Vera Therapeutics, Inc. *		1,634		26,226
Veracyte, Inc. *		6,611		168,382
Verve Therapeutics, Inc. *		4,624		86,700
Vicarious Surgical, Inc. *		3,422		6,262
ViewRay, Inc. *		9,090		3,202
Vigil Neuroscience, Inc. *		1,411		13,263
Village Super Market, Inc. Class A		758		17,298
Vir Biotechnology, Inc. *		7,212		176,910
Viridian Therapeutics, Inc. *		819		19,484
Vor BioPharma, Inc. *		3,426		10,586
Waldencast PLC Class A *		1,649		12,747
WaVe Life Sciences Ltd. *		5,224		19,015
Weis Markets, Inc.		1,492		95,801
Willdan Group, Inc. *		1,082		20,731

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-116

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
WillScot Mobile Mini Holdings Corp. *		1,501		$71,733
WW International, Inc. *		5,293		35,569
X4 Pharmaceuticals, Inc. *		5,760		11,174
Xencor, Inc. *		2,368		59,129
XOMA Corp. *		609		11,504
Y-mAbs Therapeutics, Inc. *		1,754		11,910
Zevia PBC Class A *		999		4,306
Zevra Therapeutics, Inc. *		3,172		16,177
Zimvie, Inc. *		2,444		27,446
Zura Bio Ltd. * (United Kingdom)		702		5,756
Zymeworks, Inc. *		4,778		41,282
				33,352,567
Energy - 7.6%
Alpha Metallurgical Resources, Inc.		1,094		179,810
Amplify Energy Corp. *		3,331		22,551
Arch Resources, Inc.		1,657		186,843
Archrock, Inc.		10,232		104,878
Aris Water Solutions, Inc. Class A		2,557		26,388
Atlas Energy Solutions, Inc. Class A		1,248		21,665
Berry Corp.		6,954		47,844
Bristow Group, Inc. *		2,133		61,281
California Resources Corp.		6,508		294,747
Callon Petroleum Co. *		5,678		199,128
Chord Energy Corp.		3,795		583,671
Civitas Resources, Inc.		6,303		437,239
Cleanspark, Inc. *		6,126		26,281
CNX Resources Corp. *		14,877		263,620
Comstock Resources, Inc.		8,477		98,333
CONSOL Energy, Inc.		3,072		208,312
Core Laboratories, Inc.		2,894		67,286
Crescent Energy Co. Class A		2,457		25,602
Crescent Point Energy Corp. (Canada)		411,594		2,771,405
CVR Energy, Inc.		258		7,730
Delek US Holdings, Inc.		6,079		145,592
Diamond Offshore Drilling, Inc. *		9,112		129,755
DMC Global, Inc. *		1,153		20,477
Dril-Quip, Inc. *		3,068		71,392
Earthstone Energy, Inc. Class A *		5,299		75,723
Energy Vault Holdings, Inc. *		9,352		25,531
Eneti, Inc.		2,374		28,749
Eos Energy Enterprises, Inc. *		1,306		5,668
Equitrans Midstream Corp.		28,190		269,496
Excelerate Energy, Inc. Class A		393		7,990
Expro Group Holdings NV *		5,006		88,706
Forum Energy Technologies, Inc. *		847		21,675
FuelCell Energy, Inc. *		37,493		80,985
FutureFuel Corp.		2,405		21,284
Gevo, Inc. *		21,805		33,144
Golar LNG Ltd. (Cameroon)		8,544		172,333
Granite Ridge Resources, Inc.		2,364		15,673
Green Plains, Inc. *		71,417		2,302,484
Gulfport Energy Corp. *		910		95,614
Hallador Energy Co. *		1,952		16,729
Helix Energy Solutions Group, Inc. *		12,961		95,652
Helmerich & Payne, Inc.		9,195		325,963
HighPeak Energy, Inc.		246		2,677
Kinetik Holdings, Inc.		1,463		51,410
KLX Energy Services Holdings, Inc. *		998		9,711
Liberty Energy, Inc.		14,674		196,191
Magnolia Oil & Gas Corp. Class A		1,278		26,710
Mammoth Energy Services, Inc. *		2,022		9,766
Matador Resources Co.		8,528		446,185
Maxeon Solar Technologies Ltd. *		739		20,810
Murphy Oil Corp.		13,577		519,999
Nabors Industries Ltd. *		116		10,792
NACCO Industries, Inc. Class A		404		14,003
Newpark Resources, Inc. *		6,691		34,994
NexTier Oilfield Solutions, Inc. *		15,393		137,613
Noble Corp. PLC *		1,653		68,285

	Shares		Value
Northern Oil & Gas, Inc.		868		$29,790
NOW, Inc. *		10,076		104,387
Oil States International, Inc. *		5,686		42,474
Par Pacific Holdings, Inc. *		3,078		81,906
Patterson-UTI Energy, Inc.		18,885		226,053
PBF Energy, Inc. Class A		10,561		432,367
Peabody Energy Corp.		11,307		244,910
Permian Resources Corp.		19,446		213,128
PrimeEnergy Resources Corp. *		53		4,878
ProFrac Holding Corp. Class A *		1,811		20,211
ProPetro Holding Corp. *		9,246		76,187
Ramaco Resources, Inc. Class A		2,044		17,251
Ramaco Resources, Inc. Class B *		409		4,340
Ranger Energy Services, Inc. *		1,136		11,633
REX American Resources Corp. *		1,051		36,585
Ring Energy, Inc. *		11,599		19,834
RPC, Inc.		7,807		55,820
SandRidge Energy, Inc.		830		12,658
Seadrill Ltd. * (Bermuda)		4,568		188,521
Select Water Solutions, Inc.		7,608		61,625
SilverBow Resources, Inc. *		1,492		43,447
Sitio Royalties Corp. Class A		4,108		107,917
SM Energy Co.		11,019		348,531
Solaris Oilfield Infrastructure, Inc. Class A		2,671		22,249
Stem, Inc. *		13,182		75,401
SunCoke Energy, Inc.		7,369		57,994
Sunnova Energy International, Inc. *		4,762		87,192
Talos Energy, Inc. *		10,298		142,833
TechnipFMC PLC * (United Kingdom)		131,561		2,186,544
Tellurian, Inc. *		45,884		64,696
US Silica Holdings, Inc. *		6,837		82,933
VAALCO Energy, Inc.		8,881		33,393
Verde Clean Fuels, Inc. *		454		2,956
Vital Energy, Inc. *		1,574		71,066
Vitesse Energy, Inc.		2,296		51,430
Warrior Met Coal, Inc.		4,678		182,208
				16,679,723
Financial - 29.6%
1st Source Corp.		1,482		62,140
Acadia Realty Trust REIT		8,522		122,632
ACNB Corp.		782		25,939
AFC Gamma, Inc. REIT		1,601		19,932
Alerus Financial Corp.		1,741		31,303
Alexander & Baldwin, Inc. REIT *		76,942		1,429,582
Alpine Income Property Trust, Inc. REIT		1,376		22,360
Amalgamated Financial Corp.		1,737		27,948
Ambac Financial Group, Inc. *		3,934		56,020
Amerant Bancorp, Inc.		2,544		43,731
American Assets Trust, Inc. REIT		4,804		92,237
American Equity Investment Life Holding Co.		7,038		366,750
American National Bankshares, Inc.		925		26,807
American Realty Investors, Inc. *		134		2,919
Ameris Bancorp		6,229		213,094
AMERISAFE, Inc.		813		43,349
Ames National Corp.		563		10,151
Angel Oak Mortgage REIT, Inc.		1,145		9,435
Anywhere Real Estate, Inc. *		9,207		61,503
Apartment Investment & Management Co. Class A REIT		13,413		114,279
Apollo Commercial Real Estate Finance, Inc. REIT		12,753		144,364
Apple Hospitality REIT, Inc.		19,862		300,115
Arbor Realty Trust, Inc. REIT		16,035		237,639
Ares Commercial Real Estate Corp. REIT		5,027		51,024
Argo Group International Holdings Ltd.		2,908		86,106
Armada Hoffler Properties, Inc. REIT		6,492		75,827
ARMOUR Residential REIT, Inc.		17,578		93,691
Arrow Financial Corp.		1,388		27,954

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-117

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Artisan Partners Asset Management, Inc. Class A		1,625		$63,879
Associated Banc-Corp.		14,099		228,827
Atlantic Union Bankshares Corp.		16,946		439,749
Atlanticus Holdings Corp. *		421		17,686
Avantax, Inc. *		398		8,907
Axos Financial, Inc. *		4,580		180,635
Banc of California, Inc.		5,056		58,548
BancFirst Corp.		1,730		159,160
Banco Latinoamericano de Comercio Exterior SA (Panama)		2,336		51,532
Bank First Corp.		849		70,637
Bank of Hawaii Corp.		1,553		64,030
Bank of Marin Bancorp		1,533		27,088
Bank of NT Butterfield & Son Ltd. (Bermuda)		4,307		117,840
Bank7 Corp.		193		4,734
BankUnited, Inc.		6,980		150,419
Bankwell Financial Group, Inc.		580		14,140
Banner Corp.		3,172		138,521
Bar Harbor Bankshares		1,345		33,141
BayCom Corp.		1,032		17,214
BCB Bancorp, Inc.		1,414		16,600
Berkshire Hills Bancorp, Inc.		4,011		83,148
BGC Partners, Inc. Class A		14,901		66,011
Bit Digital, Inc. * (China)		5,666		23,004
Blackstone Mortgage Trust, Inc. Class A REIT		15,909		331,066
Blue Foundry Bancorp *		2,132		21,555
Blue Ridge Bankshares, Inc.		1,859		16,452
Braemar Hotels & Resorts, Inc. REIT		6,177		24,832
Brandywine Realty Trust REIT		16,592		77,153
Bread Financial Holdings, Inc.		22,137		694,880
Bridgewater Bancshares, Inc. *		2,105		20,734
Brightsphere Investment Group, Inc.		1,731		36,264
BrightSpire Capital, Inc. REIT		12,096		81,406
Broadstone Net Lease, Inc. REIT		17,082		263,746
Brookline Bancorp, Inc.		7,924		69,256
BRT Apartments Corp. REIT		1,243		24,611
Burke & Herbert Financial Services Corp.		529		33,962
Business First Bancshares, Inc.		2,297		34,616
Byline Bancorp, Inc.		2,409		43,579
C&F Financial Corp.		253		13,586
Cadence Bank		16,239		318,934
Cambridge Bancorp		743		40,352
Camden National Corp.		24,968		773,259
Cannae Holdings, Inc. *		6,799		137,408
Capital Bancorp, Inc.		982		17,774
Capital City Bank Group, Inc.		743		22,766
Capitol Federal Financial, Inc.		11,988		73,966
Capstar Financial Holdings, Inc.		1,745		21,411
CareTrust REIT, Inc.		8,485		168,512
Carter Bankshares, Inc. *		2,137		31,606
Cathay General Bancorp		6,652		214,128
CBL & Associates Properties, Inc. REIT		687		15,141
Centerspace REIT		1,464		89,831
Central Pacific Financial Corp.		2,615		41,082
Central Valley Community Bancorp		894		13,812
Chatham Lodging Trust REIT		4,689		43,889
Chemung Financial Corp.		269		10,332
Chicago Atlantic Real Estate Finance, Inc. REIT		1,444		21,877
Chimera Investment Corp. REIT		21,513		124,130
ChoiceOne Financial Services, Inc.		558		12,834
Citizens & Northern Corp.		1,476		28,487
Citizens Financial Services, Inc.		288		21,447
City Holding Co.		1,274		114,647
City Office REIT, Inc.		4,304		23,973
Civista Bancshares, Inc.		1,339		23,299
Claros Mortgage Trust, Inc. REIT		8,340		94,576

	Shares		Value
Clipper Realty, Inc. REIT		659		$3,737
CNB Financial Corp.		1,810		31,947
CNO Financial Group, Inc.		92,583		2,191,440
Codorus Valley Bancorp, Inc.		806		15,806
Colony Bankcorp, Inc.		1,455		13,706
Columbia Banking System, Inc.		110,176		2,234,369
Columbia Financial, Inc. *		1,644		28,425
Community Bank System, Inc.		4,891		229,290
Community Financial Corp.		392		10,619
Community Healthcare Trust, Inc. REIT		813		26,845
Community Trust Bancorp, Inc.		1,440		51,221
Compass Diversified Holdings		5,842		126,713
Compass, Inc. Class A *		4,082		14,287
ConnectOne Bancorp, Inc.		3,625		60,139
Consumer Portfolio Services, Inc. *		894		10,433
Corporate Office Properties Trust REIT		10,422		247,522
CrossFirst Bankshares, Inc. *		4,386		43,860
CTO Realty Growth, Inc. REIT		2,093		35,874
Cushman & Wakefield PLC *		3,883		31,763
Customers Bancorp, Inc. *		2,688		81,339
CVB Financial Corp.		12,361		164,154
DiamondRock Hospitality Co. REIT		19,739		158,109
Dime Community Bancshares, Inc.		3,182		56,099
Diversified Healthcare Trust REIT		22,539		50,713
Donegal Group, Inc. Class A		1,194		17,229
Douglas Elliman, Inc.		6,929		15,382
Douglas Emmett, Inc. REIT		5,086		63,931
Dynex Capital, Inc. REIT		4,488		56,504
Eagle Bancorp, Inc.		2,877		60,877
Easterly Government Properties, Inc. REIT		8,729		126,571
Eastern Bankshares, Inc.		14,156		173,694
eHealth, Inc. *		1,652		13,282
Ellington Financial, Inc. REIT		5,912		81,586
Elme Communities REIT		8,178		134,446
Empire State Realty Trust, Inc. Class A REIT		12,501		93,632
Employers Holdings, Inc.		2,409		90,121
Enact Holdings, Inc.		2,632		66,142
Encore Capital Group, Inc. *		2,112		102,685
Enova International, Inc. *		2,779		147,620
Enstar Group Ltd. *		1,078		263,291
Enterprise Bancorp, Inc.		826		23,904
Enterprise Financial Services Corp.		3,382		132,236
Equity Bancshares, Inc. Class A		1,474		33,578
Equity Commonwealth REIT		9,519		192,855
Esquire Financial Holdings, Inc.		54		2,470
ESSA Bancorp, Inc.		693		10,360
Essent Group Ltd.		9,617		450,076
Essential Properties Realty Trust, Inc. REIT		12,245		288,247
Evans Bancorp, Inc.		426		10,620
F&G Annuities & Life, Inc.		1,608		39,846
Farmers & Merchants Bancorp, Inc.		1,293		29,105
Farmers National Banc Corp.		3,425		42,367
Farmland Partners, Inc. REIT		4,881		59,597
FB Financial Corp.		3,550		99,578
Federal Agricultural Mortgage Corp. Class C		661		95,012
Fidelity D&D Bancorp, Inc.		409		19,873
Finance Of America Cos., Inc. Class A *		4,239		8,096
Financial Institutions, Inc.		1,290		20,305
First BanCorp		15,029		183,654
First Bancorp, Inc.		862		20,981
First Bancshares, Inc.		2,776		71,732
First Bank		1,473		15,290
First Busey Corp.		4,852		97,525
First Business Financial Services, Inc.		747		22,029
First Commonwealth Financial Corp.		16,709		211,369
First Community Bankshares, Inc.		1,586		47,152
First Community Corp.		486		8,437
First Financial Bancorp		8,631		176,418

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-118

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
First Financial Corp.		1,071		$34,775
First Foundation, Inc.		4,997		19,838
First Interstate BancSystem, Inc. Class A		71,029		1,693,331
First Merchants Corp.		5,615		158,511
First Mid Bancshares, Inc.		1,834		44,273
First of Long Island Corp.		2,124		25,530
First Western Financial, Inc. *		790		14,694
FirstCash Holdings, Inc.		15,793		469,842
Five Star Bancorp		742		16,599
Flushing Financial Corp.		2,731		33,564
Forge Global Holdings, Inc. *		10,377		25,216
Four Corners Property Trust, Inc. REIT		7,148		181,559
Franklin BSP Realty Trust, Inc. REIT		7,329		103,779
FRP Holdings, Inc. *		601		34,600
FS Bancorp, Inc.		385		11,577
FTAI Infrastructure, Inc.		8,722		32,184
Fulton Financial Corp.		15,088		179,849
FVCBankcorp, Inc. *		1,543		16,618
GCM Grosvenor, Inc. Class A		170		1,282
Genworth Financial, Inc. Class A *		43,680		218,400
German American Bancorp, Inc.		33,027		897,674
Getty Realty Corp. REIT		4,137		139,913
Glacier Bancorp, Inc.		10,206		318,121
Gladstone Commercial Corp. REIT		3,551		43,926
Gladstone Land Corp. REIT		3,215		52,308
Global Medical REIT, Inc.		6,295		57,473
Global Net Lease, Inc. REIT		10,174		104,589
GoHealth, Inc. Class A *		386		7,608
Granite Point Mortgage Trust, Inc. REIT		4,962		26,299
Great Southern Bancorp, Inc.		817		41,446
Greene County Bancorp, Inc.		304		9,059
Greenlight Capital Re Ltd. Class A *		2,038		21,470
Guaranty Bancshares, Inc.		877		23,749
Hamilton Lane, Inc. Class A		1,390		111,172
Hancock Whitney Corp.		8,075		309,918
Hanmi Financial Corp.		2,972		44,372
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		8,774		219,350
Hanover Insurance Group, Inc.		25,565		2,889,612
HarborOne Bancorp, Inc.		3,916		33,991
HBT Financial, Inc.		1,208		22,276
Heartland Financial USA, Inc.		4,048		112,818
Heritage Commerce Corp.		5,774		47,809
Heritage Financial Corp.		3,396		54,913
Hersha Hospitality Trust Class A REIT		3,490		21,254
Highwoods Properties, Inc. REIT		35,253		842,899
Hilltop Holdings, Inc.		4,236		133,265
Hingham Institution For Savings		150		31,977
Hippo Holdings, Inc. *		1,004		16,596
Home Bancorp, Inc.		604		20,059
Home BancShares, Inc.		17,380		396,264
Home Point Capital, Inc.		1,000		2,320
HomeStreet, Inc.		1,585		9,383
HomeTrust Bancshares, Inc.		1,275		26,635
Hope Bancorp, Inc.		10,685		89,968
Horace Mann Educators Corp.		59,792		1,773,431
Horizon Bancorp, Inc.		3,931		40,922
Hudson Pacific Properties, Inc. REIT		4,288		18,095
Independence Realty Trust, Inc. REIT		20,869		380,233
Independent Bank Corp.		4,130		183,826
Independent Bank Corp. MI		1,978		33,547
Independent Bank Group, Inc.		3,482		120,233
Innovative Industrial Properties, Inc. REIT		2,565		187,271
International Bancshares Corp.		4,860		214,812
InvenTrust Properties Corp. REIT		6,449		149,230
Invesco Mortgage Capital, Inc. REIT		3,822		43,838
Investors Title Co.		79		11,534
Jackson Financial, Inc. Class A		7,408		226,759
James River Group Holdings Ltd.		3,362		61,390
JBG SMITH Properties REIT		10,185		153,182

	Shares		Value
John Marshall Bancorp, Inc.		1,089		$21,878
Kearny Financial Corp.		5,373		37,880
Kennedy-Wilson Holdings, Inc.		11,114		181,492
Kite Realty Group Trust REIT		19,878		444,075
KKR Real Estate Finance Trust, Inc. REIT		5,312		64,647
Ladder Capital Corp. REIT		10,362		112,428
Lakeland Bancorp, Inc.		5,871		78,613
Lakeland Financial Corp.		1,131		54,876
LCNB Corp.		644		9,505
Legacy Housing Corp. *		842		19,526
Lemonade, Inc. *		3,945		66,473
LendingClub Corp. *		10,096		98,436
LendingTree, Inc. *		794		17,555
Live Oak Bancshares, Inc.		3,224		84,823
LTC Properties, Inc. REIT		3,916		129,306
Luther Burbank Corp.		1,257		11,212
LXP Industrial Trust REIT		26,576		259,116
Macatawa Bank Corp.		2,049		19,015
Macerich Co. REIT		20,080		226,302
Maiden Holdings Ltd. *		7,589		15,937
MainStreet Bancshares, Inc.		406		9,200
Marcus & Millichap, Inc.		1,551		48,872
MBIA, Inc. *		4,686		40,487
McGrath RentCorp		33,983		3,142,748
Melrose Industries PLC (United Kingdom)		87,236		562,069
Mercantile Bank Corp.		1,531		42,286
Merchants Bancorp		1,420		36,324
Mercury General Corp.		2,488		75,312
Metrocity Bankshares, Inc.		1,622		29,018
Metropolitan Bank Holding Corp. *		931		32,334
MFA Financial, Inc. REIT		9,234		103,790
Mid Penn Bancorp, Inc.		1,281		28,284
Middlefield Banc Corp.		645		17,286
Midland States Bancorp, Inc.		1,928		38,386
MidWestOne Financial Group, Inc.		1,399		29,897
Moelis & Co. Class A		2,560		116,070
Mr Cooper Group, Inc. *		6,030		305,359
MVB Financial Corp.		999		21,059
National Bank Holdings Corp. Class A		2,491		72,339
National Bankshares, Inc.		449		13,106
National Health Investors, Inc. REIT		3,491		182,998
National Western Life Group, Inc. Class A		207		86,021
Navient Corp.		8,437		156,759
NBT Bancorp, Inc.		3,827		121,890
Necessity Retail REIT, Inc.		12,479		84,358
Nelnet, Inc. Class A		1,289		124,363
NETSTREIT Corp. REIT		5,624		100,501
New York Mortgage Trust, Inc. REIT		8,182		81,165
Newmark Group, Inc. Class A		13,000		80,860
NewtekOne, Inc.		2,215		35,219
NexPoint Diversified Real Estate Trust REIT		3,089		38,674
Nexpoint Real Estate Finance, Inc. REIT		1,123		17,508
NexPoint Residential Trust, Inc. REIT		1,595		72,541
NI Holdings, Inc. *		657		9,756
Nicolet Bankshares, Inc.		1,194		81,085
NMI Holdings, Inc. Class A *		6,831		176,376
Northeast Bank		646		26,919
Northeast Community Bancorp, Inc.		941		14,002
Northfield Bancorp, Inc.		3,846		42,229
Northwest Bancshares, Inc.		11,351		120,321
Norwood Financial Corp.		579		17,098
Oak Valley Bancorp		468		11,789
OceanFirst Financial Corp.		5,650		88,253
Ocwen Financial Corp. *		576		17,263
Office Properties Income Trust REIT		4,645		35,767
OFG Bancorp		4,330		112,926
Old National Bancorp		26,895		374,916
Old Second Bancorp, Inc.		4,151		54,212
One Liberty Properties, Inc. REIT		1,596		32,431
OppFi, Inc. *		1,579		3,221

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-119

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Orange County Bancorp, Inc.		424		$15,688
Orchid Island Capital, Inc. REIT		3,640		37,674
Origin Bancorp, Inc.		2,775		81,308
Orion Office REIT, Inc.		6,040		39,924
Orrstown Financial Services, Inc.		1,041		19,935
Outfront Media, Inc. REIT		7,677		120,682
Pacific Premier Bancorp, Inc.		8,738		180,702
PacWest Bancorp		11,089		90,375
Pagseguro Digital Ltd. Class A * (Brazil)		7,070		66,741
Paramount Group, Inc. REIT		18,303		81,082
Park National Corp.		1,311		134,142
Parke Bancorp, Inc.		931		15,818
Pathward Financial, Inc.		1,664		77,143
PCB Bancorp		1,148		16,887
Peakstone Realty Trust REIT *		2,588		72,257
Peapack-Gladstone Financial Corp.		1,689		45,738
Pebblebrook Hotel Trust REIT		11,463		159,794
Penns Woods Bancorp, Inc.		490		12,265
PennyMac Financial Services, Inc.		2,177		153,065
PennyMac Mortgage Investment Trust REIT		8,074		108,838
Peoples Bancorp, Inc.		47,019		1,248,354
Peoples Financial Services Corp.		687		30,084
Phillips Edison & Co., Inc. REIT		8,934		304,471
Physicians Realty Trust REIT		21,978		307,472
Piedmont Office Realty Trust, Inc. Class A REIT		12,490		90,802
Pioneer Bancorp, Inc. *		989		8,852
Piper Sandler Cos.		284		36,710
Plumas Bancorp		370		13,205
Plymouth Industrial REIT, Inc.		3,963		91,228
Ponce Financial Group, Inc. *		1,825		15,859
Postal Realty Trust, Inc. Class A REIT		1,840		27,066
PotlatchDeltic Corp. REIT		7,261		383,744
PRA Group, Inc. *		3,522		80,478
Preferred Bank		787		43,277
Premier Financial Corp.		3,459		55,413
Primis Financial Corp.		2,199		18,516
Princeton Bancorp, Inc.		418		11,420
ProAssurance Corp.		4,913		74,137
Provident Financial Services, Inc.		6,911		112,926
QCR Holdings, Inc.		1,554		63,761
Radian Group, Inc.		14,198		358,925
Radius Global Infrastructure, Inc. Class A *		7,722		115,058
RBB Bancorp		1,738		20,752
RE/MAX Holdings, Inc. Class A		1,735		33,416
Ready Capital Corp. REIT		14,550		164,124
Red River Bancshares, Inc.		408		20,049
Redwood Trust, Inc. REIT		10,421		66,382
Regional Management Corp.		711		21,686
Renasant Corp.		5,095		133,132
Republic Bancorp, Inc. Class A		792		33,660
Retail Opportunity Investments Corp. REIT		12,224		165,146
RLJ Lodging Trust REIT		14,925		153,280
RMR Group, Inc. Class A		567		13,137
RPT Realty REIT		8,219		85,889
S&T Bancorp, Inc.		3,546		96,416
Sabra Health Care REIT, Inc.		21,433		252,266
Safehold, Inc. REIT		2,772		65,780
Safety Insurance Group, Inc.		1,347		96,607
Sandy Spring Bancorp, Inc.		4,271		96,866
Saul Centers, Inc. REIT		230		8,471
Sculptor Capital Management, Inc.		1,038		9,166
Seacoast Banking Corp. of Florida		35,263		779,312
Security National Financial Corp. Class A *		858		7,610
Selective Insurance Group, Inc.		2,514		241,218
Selectquote, Inc. *		13,851		27,009
Service Properties Trust REIT		15,130		131,480
ServisFirst Bancshares, Inc.		3,072		125,706
Shore Bancshares, Inc.		1,727		19,964

	Shares		Value
Sierra Bancorp		1,348		$22,876
Simmons First National Corp. Class A		11,467		197,806
SiriusPoint Ltd. * (Bermuda)		7,438		67,165
SITE Centers Corp. REIT		18,180		240,340
Skyward Specialty Insurance Group, Inc. *		644		16,358
SL Green Realty Corp. REIT		1,229		36,931
SmartFinancial, Inc.		1,404		30,200
South Plains Financial, Inc.		977		21,992
Southern First Bancshares, Inc. *		839		20,765
Southern Missouri Bancorp, Inc.		822		31,606
Southern States Bancshares, Inc.		528		11,141
Southside Bancshares, Inc.		2,681		70,135
SouthState Corp.		38,087		2,506,125
STAG Industrial, Inc. REIT		30,893		1,108,441
Star Holdings *		1,253		18,382
Stellar Bancorp, Inc.		4,325		98,999
Sterling Bancorp, Inc. *		1,711		9,359
Stewart Information Services Corp.		2,447		100,670
Stock Yards Bancorp, Inc.		376		17,059
StoneX Group, Inc. *		1,453		120,715
Stratus Properties, Inc.		554		14,543
Summit Financial Group, Inc.		1,121		23,160
Summit Hotel Properties, Inc. REIT		10,230		66,597
Sunstone Hotel Investors, Inc. REIT		206,878		2,093,605
SWK Holdings Corp. *		130		2,176
Tanger Factory Outlet Centers, Inc. REIT		5,036		111,145
Terreno Realty Corp. REIT		7,396		444,500
Texas Capital Bancshares, Inc. *		4,439		228,608
Third Coast Bancshares, Inc. *		993		15,759
Timberland Bancorp, Inc.		550		14,069
Tiptree, Inc.		1,647		24,721
Tompkins Financial Corp.		1,307		72,800
Towne Bank		6,449		149,875
TPG RE Finance Trust, Inc. REIT		6,335		46,942
Transcontinental Realty Investors, Inc. REIT *		176		6,447
TriCo Bancshares		30,606		1,016,119
Triumph Financial, Inc. *		1,351		82,033
TrustCo Bank Corp.		1,701		48,666
Trustmark Corp.		5,672		119,793
Two Harbors Investment Corp. REIT		8,895		123,463
UMB Financial Corp.		4,078		248,350
UMH Properties, Inc. REIT		4,237		67,707
United Bankshares, Inc.		11,964		354,972
United Community Banks, Inc.		10,106		252,549
United Fire Group, Inc.		1,913		43,349
United Insurance Holdings Corp. *		1,744		7,778
Uniti Group, Inc. REIT		22,452		103,728
Unity Bancorp, Inc.		584		13,777
Universal Insurance Holdings, Inc.		1,815		28,005
Univest Financial Corp.		2,709		48,979
Urban Edge Properties REIT		11,004		169,792
Urstadt Biddle Properties, Inc. Class A REIT		2,649		56,318
USCB Financial Holdings, Inc. *		1,135		11,577
Valley National Bancorp		39,892		309,163
Velocity Financial, Inc. *		901		10,389
Veris Residential, Inc. REIT *		7,293		117,053
Veritex Holdings, Inc.		4,003		71,774
Victory Capital Holdings, Inc. Class A		268		8,453
Virginia National Bankshares Corp.		318		10,224
Virtus Investment Partners, Inc.		564		111,373
Walker & Dunlop, Inc.		2,920		230,943
Washington Federal, Inc.		6,063		160,791
Washington Trust Bancorp, Inc.		1,664		44,612
Waterstone Financial, Inc.		1,613		23,372
WesBanco, Inc.		5,394		138,140
West BanCorp, Inc.		1,481		27,265
Westamerica BanCorp		1,758		67,331
Whitestone REIT		5,049		48,975

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-120

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
World Acceptance Corp. *		321		$43,017
WSFS Financial Corp.		49,838		1,879,889
Xenia Hotels & Resorts, Inc. REIT		10,357		127,495
				65,352,685
Industrial - 17.6%
908 Devices, Inc. *		2,123		14,564
AAR Corp. *		3,165		182,810
AerSale Corp. *		2,202		32,369
Air Transport Services Group, Inc. *		5,200		98,124
Albany International Corp. Class A		311		29,010
American Woodmark Corp. *		1,425		108,827
AMMO, Inc. *		8,916		18,991
Apogee Enterprises, Inc.		1,227		58,246
ArcBest Corp.		1,337		132,096
Archer Aviation, Inc. Class A *		14,148		58,290
Arcosa, Inc.		4,387		332,403
Ardmore Shipping Corp. (Ireland)		3,667		45,287
Argan, Inc.		1,061		41,814
Aspen Aerogels, Inc. *		4,712		37,178
Astec Industries, Inc.		2,086		94,788
Astronics Corp. *		2,325		46,174
Atmus Filtration Technologies, Inc. *		41,187		904,467
AZZ, Inc.		2,280		99,089
Babcock & Wilcox Enterprises, Inc. *		4,896		28,886
Barnes Group, Inc.		4,440		187,324
Bel Fuse, Inc. Class B		874		50,176
Belden, Inc.		1,458		139,458
Benchmark Electronics, Inc.		48,602		1,255,390
Blink Charging Co. *		2,260		13,537
Boise Cascade Co.		3,607		325,892
CECO Environmental Corp. *		2,640		35,270
Chart Industries, Inc. *		1,485		237,288
Chase Corp.		96		11,637
CIRCOR International, Inc. *		196		11,064
Clearwater Paper Corp. *		1,507		47,199
Coherent Corp. *		64,980		3,312,680
Columbus McKinnon Corp.		47,326		1,923,802
Comtech Telecommunications Corp.		2,519		23,024
Concrete Pumping Holdings, Inc. *		838		6,729
Core Molding Technologies, Inc. *		516		11,739
Costamare, Inc. (Monaco)		4,466		43,186
Covenant Logistics Group, Inc.		746		32,697
CryoPort, Inc. *		629		10,850
CTS Corp.		1,781		75,924
DHT Holdings, Inc.		12,410		105,857
Dorian LPG Ltd.		1,092		28,010
Ducommun, Inc. *		971		42,306
DXP Enterprises, Inc. *		1,320		48,061
Eagle Bulk Shipping, Inc.		1,244		59,762
Eastman Kodak Co. *		5,296		24,468
Encore Wire Corp.		1,527		283,915
EnerSys		286		31,037
EnPro Industries, Inc.		1,912		255,309
Enviri Corp. *		7,242		71,479
ESCO Technologies, Inc.		925		95,858
ESS Tech, Inc. *		9,293		13,661
Evolv Technologies Holdings, Inc. *		8,209		49,254
FARO Technologies, Inc. *		1,693		27,427
FLEX LNG Ltd. * (Norway)		831		25,370
Fluor Corp. *		926		27,410
GATX Corp.		3,007		387,121
Genco Shipping & Trading Ltd.		3,852		54,044
Gencor Industries, Inc. *		796		12,402
Gibraltar Industries, Inc. *		1,249		78,587
Golden Ocean Group Ltd. * (Norway)		11,180		84,409
GoPro, Inc. Class A *		11,844		49,034
Gorman-Rupp Co.		1,574		45,378
GrafTech International Ltd.		8,017		40,406
Granite Construction, Inc.		3,464		137,798
Great Lakes Dredge & Dock Corp. *		6,059		49,441

	Shares		Value
Greenbrier Cos., Inc.		2,893		$124,688
Greif, Inc. Class A		2,266		156,105
Greif, Inc. Class B		439		33,913
Griffon Corp.		1,626		65,528
Heartland Express, Inc.		4,079		66,936
Heritage-Crystal Clean, Inc. *		1,272		48,069
Hillman Solutions Corp. *		15,676		141,241
Himalaya Shipping Ltd. * (Bermuda)		1,902		10,575
Hub Group, Inc. Class A *		2,984		239,675
Ichor Holdings Ltd. *		2,651		99,412
INNOVATE Corp. *		3,851		6,739
Insteel Industries, Inc.		4,197		130,611
International Seaways, Inc.		3,660		139,958
Intevac, Inc. *		2,028		7,605
Iteris, Inc. *		1,353		5,358
Itron, Inc. *		3,739		269,582
JELD-WEN Holding, Inc. *		7,771		136,303
Joby Aviation, Inc. *		16,911		173,507
Kaman Corp.		2,579		62,747
Kennametal, Inc.		7,456		211,676
Kimball Electronics, Inc. *		1,616		44,650
Knife River Corp. *		4,697		204,319
Knowles Corp. *		149,494		2,699,862
Kratos Defense & Security Solutions, Inc. *		11,396		163,419
Latham Group, Inc. *		3,639		13,501
Li-Cycle Holdings Corp. * (Canada)		12,892		71,551
Limbach Holdings, Inc. *		644		15,926
Louisiana-Pacific Corp.		15,620		1,171,188
LSB Industries, Inc. *		5,026		49,506
LSI Industries, Inc.		490		6,154
Luxfer Holdings PLC (United Kingdom)		2,364		33,640
Manitowoc Co., Inc. *		3,184		59,955
Marten Transport Ltd.		1,083		23,284
Masonite International Corp. *		16,464		1,686,572
Masterbrand, Inc. *		11,731		136,432
Matson, Inc.		3,242		252,001
Mayville Engineering Co., Inc. *		907		11,301
Mirion Technologies, Inc. *		18,131		153,207
Mistras Group, Inc. *		1,806		13,942
Modine Manufacturing Co. *		1,709		56,431
Moog, Inc. Class A		2,056		222,932
Mueller Industries, Inc.		2,877		251,105
Mueller Water Products, Inc. Class A		69,044		1,120,584
National Presto Industries, Inc.		445		32,574
NL Industries, Inc.		952		5,265
nLight, Inc. *		4,003		61,726
Nordic American Tankers Ltd.		18,490		67,858
Northwest Pipe Co. *		896		27,095
NV5 Global, Inc. *		142		15,729
NVE Corp.		35		3,410
O-I Glass, Inc. *		2,071		44,174
Olympic Steel, Inc.		874		42,826
Overseas Shipholding Group, Inc. Class A *		4,224		17,614
Pactiv Evergreen, Inc.		3,762		28,478
PAM Transportation Services, Inc. *		502		13,439
Pangaea Logistics Solutions Ltd.		2,893		19,586
Park Aerospace Corp.		1,636		22,577
Park-Ohio Holdings Corp.		751		14,269
Plexus Corp. *		283		27,802
Powell Industries, Inc.		823		49,866
Primoris Services Corp.		59,315		1,807,328
Proto Labs, Inc. *		2,416		84,463
PureCycle Technologies, Inc. *		8,337		89,123
Radiant Logistics, Inc. *		3,308		22,230
Ranpak Holdings Corp. *		4,057		18,338
Regal Rexnord Corp.		11,115		1,710,598
RXO, Inc. *		1,498		33,960
Ryerson Holding Corp.		14,492		628,663
Safe Bulkers, Inc. (Greece)		6,639		21,643
Saia, Inc. *		592		202,707
Sanmina Corp. *		4,919		296,468

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-121

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Scorpio Tankers, Inc. (Monaco)		4,754		$224,531
Senior PLC (United Kingdom)		180,939		403,056
SFL Corp. Ltd. (Norway)		10,068		93,934
SmartRent, Inc. *		16,794		64,321
Smith & Wesson Brands, Inc.		4,151		54,129
Southland Holdings, Inc. *		349		2,865
SPX Technologies, Inc. *		696		59,139
Standex International Corp.		191		27,021
Stantec, Inc. (Canada)		20,250		1,322,078
Sterling Infrastructure, Inc. *		322		17,968
Stoneridge, Inc. *		1,992		37,549
Sturm Ruger & Co., Inc.		92		4,872
Summit Materials, Inc. Class A *		39,686		1,502,115
Teekay Corp. * (Bermuda)		5,685		34,337
Teekay Tankers Ltd. Class A (Canada)		2,140		81,812
Tennant Co.		771		62,536
Terex Corp.		2,591		155,020
Thermon Group Holdings, Inc. *		2,653		70,570
Timken Co.		811		74,231
TimkenSteel Corp. *		3,978		85,805
Tredegar Corp.		2,091		13,947
TriMas Corp.		3,769		103,610
Trinity Industries, Inc.		6,069		156,034
Triumph Group, Inc. *		5,989		74,084
TTM Technologies, Inc. *		9,185		127,671
Turtle Beach Corp. *		1,466		17,079
Tutor Perini Corp. *		3,986		28,500
U.S. Xpress Enterprises, Inc. Class A *		2,807		17,235
UFP Industries, Inc.		31,575		3,064,354
Universal Logistics Holdings, Inc.		605		17,430
Vishay Intertechnology, Inc.		11,582		340,511
Werner Enterprises, Inc.		4,831		213,434
Willis Lease Finance Corp. *		235		9,196
World Kinect Corp.		5,606		115,932
Worthington Industries, Inc.		2,779		193,057
Xometry, Inc. Class A *		2,808		59,473
Zurn Elkay Water Solutions Corp. Class C		58,649		1,577,072
				38,754,090
Technology - 6.1%
3D Systems Corp. *		11,803		117,204
ACI Worldwide, Inc. *		169,950		3,937,741
ACM Research, Inc. Class A *		3,734		48,841
Adeia, Inc.		1,215		13,377
Alpha & Omega Semiconductor Ltd. *		2,156		70,717
Ambarella, Inc. *		1,293		108,185
American Software, Inc. Class A		709		7,452
Amkor Technology, Inc.		9,283		276,169
Asure Software, Inc. *		978		11,892
Atomera, Inc. *		563		4,938
Avid Technology, Inc. *		983		25,066
AvidXchange Holdings, Inc. *		1,251		12,985
Bandwidth, Inc. Class A *		1,795		24,556
Brightcove, Inc. *		3,978		15,952
C3.ai, Inc. Class A *		1,296		47,213
Cantaloupe, Inc. *		1,664		13,245
Cardlytics, Inc. *		3,110		19,655
Cerence, Inc. *		3,709		108,414
CEVA, Inc. *		293		7,486
Cohu, Inc. *		42,872		1,781,760
CommVault Systems, Inc. *		245		17,792
Computer Programs & Systems, Inc. *		1,240		30,616
Conduent, Inc. *		16,618		56,501
Consensus Cloud Solutions, Inc. *		797		24,707
CS Disco, Inc. *		2,324		19,103
Daily Journal Corp. *		91		26,324
Definitive Healthcare Corp. *		2,912		32,032
Desktop Metal, Inc. Class A *		26,174		46,328
Digi International, Inc. *		350		13,787
Digital Turbine, Inc. *		6,432		59,689

	Shares		Value
Diodes, Inc. *		861		$79,634
Donnelley Financial Solutions, Inc. *		670		30,505
E2open Parent Holdings, Inc. *		18,365		102,844
Ebix, Inc.		1,838		46,318
EverCommerce, Inc. *		470		5,565
Fastly, Inc. Class A *		1,830		28,859
Grid Dynamics Holdings, Inc. *		1,044		9,657
Health Catalyst, Inc. *		2,386		29,825
HireRight Holdings Corp. *		1,424		16,105
Immersion Corp.		1,745		12,355
IonQ, Inc. *		12,377		167,461
Kulicke & Soffa Industries, Inc. (Singapore)		1,511		89,829
Matterport, Inc. *		23,237		73,197
MeridianLink, Inc. *		766		15,933
Mitek Systems, Inc. *		275		2,981
N-Able, Inc. *		578		8,329
Navitas Semiconductor Corp. *		7,825		82,475
NetScout Systems, Inc. *		63,489		1,964,985
NextGen Healthcare, Inc. *		2,041		33,105
Olo, Inc. Class A *		4,200		27,132
ON24, Inc.		3,278		26,617
OneSpan, Inc. *		300		4,452
Onto Innovation, Inc. *		15,882		1,849,777
Outbrain, Inc. *		4,039		19,872
PAR Technology Corp. *		2,246		73,961
Parsons Corp. *		2,009		96,713
Photronics, Inc. *		5,534		142,722
Planet Labs PBC *		1,559		5,020
Playstudios, Inc. *		7,771		38,156
PROS Holdings, Inc. *		1,185		36,498
PubMatic, Inc. Class A *		3,326		60,799
Rackspace Technology, Inc. *		7,937		21,589
Richardson Electronics Ltd.		1,085		17,902
Semtech Corp. *		5,907		150,392
Sharecare, Inc. *		27,103		47,430
Skillsoft Corp. *		8,492		10,530
SMART Global Holdings, Inc. *		3,496		101,419
SolarWinds Corp. *		4,717		48,396
Synaptics, Inc. *		3,336		284,828
System1, Inc. *		2,370		10,665
Tingo Group, Inc. *		10,136		12,265
Ultra Clean Holdings, Inc. *		4,060		156,148
Unisys Corp. *		6,156		24,501
Veeco Instruments, Inc. *		4,536		116,484
Veradigm, Inc. *		9,727		122,560
Verint Systems, Inc. *		453		15,882
Vimeo, Inc. *		4,272		17,601
Vishay Precision Group, Inc. *		1,066		39,602
Vuzix Corp. *		5,624		28,682
Xerox Holdings Corp.		10,584		157,596
				13,545,880
Utilities - 3.0%
ALLETE, Inc.		5,255		304,632
Altus Power, Inc. *		6,020		32,508
Artesian Resources Corp. Class A		164		7,744
Avista Corp.		6,808		267,350
Black Hills Corp.		21,418		1,290,649
Brookfield Infrastructure Corp. Class A (Canada)		8,059		367,329
California Water Service Group		3,442		177,710
Chesapeake Utilities Corp.		556		66,164
Consolidated Water Co. Ltd. (Cayman)		982		23,794
Genie Energy Ltd. Class B		771		10,902
IDACORP, Inc.		9,965		1,022,409
MGE Energy, Inc.		1,632		129,108
New Jersey Resources Corp.		4,232		199,750
Northwest Natural Holding Co.		3,283		141,333
NorthWestern Corp.		5,474		310,704
ONE Gas, Inc.		5,017		385,356

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-122

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Ormat Technologies, Inc.		1,758		$141,449
Otter Tail Corp.		1,757		138,733
PNM Resources, Inc.		6,933		312,678
Portland General Electric Co.		8,713		408,030
RGC Resources, Inc.		655		13,120
SJW Group		2,801		196,378
Southwest Gas Holdings, Inc. *		5,670		360,896
Spire, Inc.		4,655		295,313
Unitil Corp.		995		50,456
				6,654,495
Total Common Stocks (Cost $234,211,110)				218,002,280
	Principal Amount
SHORT-TERM INVESTMENTS - 1.3%
Repurchase Agreements - 0.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $1,273,563; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $1,298,686)		$1,273,065		1,273,065

	Principal Amount		Value
U.S. Government Agency Issues - 0.7%
Federal Home Loan Bank 0.000% due 07/03/23		$1,545,000		$1,545,000
Total Short-Term Investments (Cost $2,817,653)				2,818,065
TOTAL INVESTMENTS - 100.2% (Cost $237,028,763)				220,820,736
DERIVATIVES - 0.0%				20,656
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(375,790	)
NET ASSETS - 100.0%				$220,465,602

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	29.6%
Industrial	17.6%
Consumer, Non-Cyclical	15.1%
Consumer, Cyclical	13.8%
Energy	7.6%
Technology	6.1%
Basic Materials	3.8%
Utilities	3.0%
Others (each less than 3.0%)	3.6%
	100.2%
Derivatives	0.0%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Investments with a total aggregate value of $391 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration         Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Micro Russell 2000 E-Mini Index	09/23		120		$1,121,564		$1,142,220		$20,656

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-123

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Rights		$391			$-		$-			$391
	Common Stocks
	Basic Materials		8,399,050			8,399,050		-			-
	Communications		4,958,033			4,958,033		-			-
	Consumer, Cyclical		30,305,757			28,988,858		1,316,899			-
	Consumer, Non-Cyclical		33,352,567			31,983,229		1,369,338			-
	Energy		16,679,723			16,679,723		-			-
	Financial		65,352,685			64,790,616		562,069			-
	Industrial		38,754,090			38,754,090		-			-
	Technology		13,545,880			13,545,880		-			-
	Utilities		6,654,495			6,654,495		-			-
	Total Common Stocks		218,002,280			214,753,974		3,248,306			-
	Short-Term Investments		2,818,065			-		2,818,065			-
	Derivatives:
	Equity Contracts Futures		20,656			20,656		-			-
	Total Assets		220,841,392			214,774,630		6,066,371			391
Liabilities	Due to custodian		(1,117	)		-		(1,117	)		-
	Total Liabilities		(1,117	)		-		(1,117	)		-
	Total		$220,840,275			$214,774,630		$6,065,254			$391

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-124

PACIFIC SELECT FUND

SMALL-CAP GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Optinose, Inc. Exercise @ $2.57 Exp 11/23/27 *		73,697		$-
Total Warrants (Cost $737)				-
COMMON STOCKS - 95.8%
Basic Materials - 4.1%
Axalta Coating Systems Ltd. *		151,641		4,975,341
Element Solutions, Inc.		186,839		3,587,309
Ingevity Corp. *		52,708		3,065,497
				11,628,147
Communications - 1.6%
Q2 Holdings, Inc. *		82,435		2,547,241
Vivid Seats, Inc. Class A *		252,714		2,001,495
				4,548,736
Consumer, Cyclical - 11.0%
Brunswick Corp.		38,532		3,338,412
Deckers Outdoor Corp. *		5,476		2,889,466
Five Below, Inc. *		12,883		2,532,025
Funko, Inc. Class A *		95,780		1,036,340
Genius Sports Ltd. * (United Kingdom)		300,656		1,861,061
Methode Electronics, Inc.		43,124		1,445,516
Ollie’s Bargain Outlet Holdings, Inc. *		60,293		3,492,773
On Holding AG Class A * (Switzerland)		47,991		1,583,703
Penn Entertainment, Inc. *		181,758		4,367,645
Petco Health & Wellness Co., Inc. *		256,128		2,279,539
Skechers USA, Inc. Class A *		54,948		2,893,562
Visteon Corp. *		26,053		3,741,471
				31,461,513
Consumer, Non-Cyclical - 25.5%
Abcam PLC ADR * (United Kingdom)		148,420		3,631,837
ACELYRIN, Inc. *		49,887		1,042,638
Adaptive Biotechnologies Corp. *		120,478		808,407
Allovir, Inc. *		67,907		230,884
Amicus Therapeutics, Inc. *		115,223		1,447,201
Annexon, Inc. *		64,988		228,758
BioAtla, Inc. *		43,207		129,621
Bioxcel Therapeutics, Inc. *		48,388		322,264
Boyd Group Services, Inc. (Canada)		14,937		2,849,841
Bright Horizons Family Solutions, Inc. *		31,753		2,935,565
Bruker Corp.		34,946		2,583,208
Certara, Inc. *		122,656		2,233,566
Collegium Pharmaceutical, Inc. *		53,078		1,140,646
Duckhorn Portfolio, Inc. *		218,665		2,836,085
Envista Holdings Corp. *		122,128		4,132,812
European Wax Center, Inc. Class A *		166,666		3,104,988
Harmony Biosciences Holdings, Inc. *		39,691		1,396,726
HealthEquity, Inc. *		60,617		3,827,357
Immunocore Holdings PLC ADR * (United Kingdom)		29,249		1,753,770
Inari Medical, Inc. *		37,758		2,195,250
Kymera Therapeutics, Inc. *		26,283		604,246
Legend Biotech Corp. ADR *		20,281		1,399,997
Lyell Immunopharma, Inc. *		85,941		273,292
Maravai LifeSciences Holdings, Inc. Class A *		85,673		1,064,915
MaxCyte, Inc. *		154,563		709,444
Neurocrine Biosciences, Inc. *		13,184		1,243,251
Nuvei Corp. * ~ (Canada)		98,363		2,907,610
Oatly Group AB ADR *		307,730		630,847
Optinose, Inc. *		238,386		293,215

	Shares		Value
Oxford Nanopore Technologies PLC * (United Kingdom)		272,219		$737,071
Paylocity Holding Corp. *		9,057		1,671,288
Prelude Therapeutics, Inc. *		41,703		187,664
PROCEPT BioRobotics Corp. *		52,325		1,849,689
RB Global, Inc. (Canada)		91,893		5,513,580
Remitly Global, Inc. *		122,044		2,296,868
Sabre Corp. *		443,724		1,415,480
Sana Biotechnology, Inc. *		66,462		396,114
Shockwave Medical, Inc. *		11,021		3,145,504
Silk Road Medical, Inc. *		38,627		1,254,991
SpringWorks Therapeutics, Inc. *		37,841		992,191
TriNet Group, Inc. *		17,015		1,615,915
US Foods Holding Corp. *		82,287		3,620,628
				72,655,224
Energy - 5.6%
ChampionX Corp.		178,926		5,553,863
Matador Resources Co.		88,515		4,631,105
Permian Resources Corp.		278,538		3,052,777
TechnipFMC PLC * (United Kingdom)		163,765		2,721,774
				15,959,519
Financial - 4.5%
Corp. Inmobiliaria Vesta SAB de CV ADR * (Mexico)		42,589		1,372,218
GCM Grosvenor, Inc. Class A		260,777		1,966,259
Hamilton Lane, Inc. Class A		26,019		2,081,000
STAG Industrial, Inc. REIT		135,005		4,843,979
WisdomTree, Inc.		385,511		2,644,605
				12,908,061
Industrial - 22.4%
Advanced Energy Industries, Inc.		42,749		4,764,376
AeroVironment, Inc. *		13,376		1,368,097
AZEK Co., Inc. *		85,459		2,588,553
Cactus, Inc. Class A		81,116		3,432,829
Crane Co.		47,068		4,194,700
CryoPort, Inc. *		82,016		1,414,776
Gerresheimer AG (Germany)		32,900		3,703,702
GFL Environmental, Inc. (Canada)		188,334		7,307,359
Jacobs Solutions, Inc.		41,948		4,987,198
Knight-Swift Transportation Holdings, Inc.		63,905		3,550,562
Kratos Defense & Security Solutions, Inc. *		48,204		691,245
Littelfuse, Inc.		13,113		3,819,948
NEXTracker, Inc. Class A *		17,612		701,134
nVent Electric PLC		82,026		4,238,284
Sensata Technologies Holding PLC		141,199		6,352,543
Summit Materials, Inc. Class A *		105,797		4,004,417
TopBuild Corp. *		13,066		3,475,817
XPO, Inc. *		57,996		3,421,764
				64,017,304
Technology - 21.1%
ACV Auctions, Inc. Class A *		121,656		2,100,999
Alkami Technology, Inc. *		158,017		2,589,899
Allegro MicroSystems, Inc. * (Japan)		83,409		3,765,082
CACI International, Inc. Class A *		11,312		3,855,582
Corsair Gaming, Inc. *		34,818		617,671
Definitive Healthcare Corp. *		156,109		1,717,199
DoubleVerify Holdings, Inc. *		109,423		4,258,743
ExlService Holdings, Inc. *		35,469		5,357,947
Five9, Inc. *		51,331		4,232,241
FormFactor, Inc. *		93,109		3,186,190
KBR, Inc.		74,750		4,863,235
Keywords Studios PLC (Ireland)		113,752		2,614,816
Kinaxis, Inc. * (Canada)		19,302		2,758,157
Nova Ltd. * (Israel)		16,072		1,885,246
Outset Medical, Inc. *		40,476		885,210
Paycor HCM, Inc. *		138,685		3,282,674

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-125

PACIFIC SELECT FUND

SMALL-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Procore Technologies, Inc. *		46,084		$2,998,686
Rapid7, Inc. *		46,042		2,084,782
Thoughtworks Holding, Inc. *		359,809		2,716,558
WNS Holdings Ltd. ADR * (India)		59,205		4,364,592
				60,135,509
Total Common Stocks (Cost $287,207,260)				273,314,013

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 4.8%
Repurchase Agreements - 4.8%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $13,718,272; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $13,987,165)		$13,712,901		$13,712,901
Total Short-Term Investments (Cost $13,712,901)				13,712,901
TOTAL INVESTMENTS - 100.6% (Cost $300,920,898)				287,026,914
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(1,639,718	)
NET ASSETS - 100.0%				$285,387,196

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	25.5%
Industrial	22.4%
Technology	21.1%
Consumer, Cyclical	11.0%
Energy	5.6%
Short-Term Investments	4.8%
Financial	4.5%
Basic Materials	4.1%
Others (each less than 3.0%)	1.6%
	100.6%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$11,628,147		$11,628,147		$-		$-
	Communications		4,548,736		4,548,736		-		-
	Consumer, Cyclical		31,461,513		31,461,513		-		-
	Consumer, Non-Cyclical		72,655,224		72,655,224		-		-
	Energy		15,959,519		15,959,519		-		-
	Financial		12,908,061		12,908,061		-		-
	Industrial		64,017,304		60,313,602		3,703,702		-
	Technology		60,135,509		60,135,509		-		-
	Total Common Stocks		273,314,013		269,610,311		3,703,702		-
	Short-Term Investments		13,712,901		-		13,712,901		-
	Total		$287,026,914		$269,610,311		$17,416,603		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-126

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies, Inc. - Contingent Value Rights * W ±		3,861		$9,803
Gtx, Inc. - Contingent Value Rights * W ±		216		222
OmniAb, Inc. $12.50 - Earn Out Shares * W ±		1,693		-
OmniAb, Inc. $15.00 - Earn Out Shares * W ±		1,693		-
				10,025
Total Rights (Cost $443)				10,025
COMMON STOCKS - 99.1%
Basic Materials - 3.6%
5E Advanced Materials, Inc. *		11,337		37,185
AdvanSix, Inc.		7,074		247,449
American Vanguard Corp.		7,396		132,167
Amyris, Inc. *		62,696		64,577
Arconic Corp. *		27,112		801,973
ATI, Inc. *		34,998		1,547,962
Avient Corp.		24,735		1,011,661
Balchem Corp.		8,575		1,155,996
Cabot Corp.		14,951		1,000,072
Caledonia Mining Corp. PLC (South Africa)		3,545		41,193
Carpenter Technology Corp.		13,274		745,070
Centrus Energy Corp. Class A *		2,692		87,652
Century Aluminum Co. *		14,853		129,518
Codexis, Inc. *		19,484		54,555
Coeur Mining, Inc. *		85,518		242,871
Commercial Metals Co.		31,501		1,658,843
Compass Minerals International, Inc.		9,837		334,458
Constellium SE *		33,968		584,250
Contango ORE, Inc. *		766		19,518
Dakota Gold Corp. *		14,809		43,242
Danimer Scientific, Inc. *		25,743		61,268
Diversey Holdings Ltd. *		21,973		184,353
Ecovyst, Inc. *		25,155		288,276
Encore Energy Corp. * (Canada)		37,890		91,315
Energy Fuels, Inc. *		42,466		264,988
Glatfelter Corp.		12,856		38,825
Hawkins, Inc.		5,475		261,103
Haynes International, Inc.		3,199		162,573
HB Fuller Co.		14,551		1,040,542
Hecla Mining Co.		164,067		844,945
i-80 Gold Corp. * (Canada)		49,398		111,145
Ingevity Corp. *		10,140		589,742
Innospec, Inc.		6,774		680,381
Intrepid Potash, Inc. *		3,035		68,864
Ivanhoe Electric, Inc. *		15,013		195,770
Kaiser Aluminum Corp.		4,444		318,368
Koppers Holdings, Inc.		5,257		179,264
Kronos Worldwide, Inc.		6,400		55,872
Lightwave Logic, Inc. *		31,166		217,227
Livent Corp. *		49,245		1,350,790
Mativ Holdings, Inc.		15,234		230,338
Minerals Technologies, Inc.		8,683		500,922
Novagold Resources, Inc. * (Canada)		63,984		255,296
Oil-Dri Corp. of America		1,236		72,912
Origin Materials, Inc. *		29,507		125,700
Orion SA (Germany)		16,097		341,578
Perimeter Solutions SA *		44,252		272,150
Perpetua Resources Corp. *		8,988		32,986
Piedmont Lithium, Inc. *		4,848		279,778
PolyMet Mining Corp. * (Canada)		15,717		12,416

	Shares		Value
Quaker Chemical Corp.		3,774		$735,553
Rayonier Advanced Materials, Inc. *		17,403		74,485
Rogers Corp. *		4,715		763,500
Schnitzer Steel Industries, Inc. Class A		6,946		208,311
Sensient Technologies Corp.		11,411		811,664
Stepan Co.		5,722		546,794
Sylvamo Corp.		9,503		384,396
Terawulf, Inc. *		13,767		24,092
Trinseo PLC		9,800		124,166
Tronox Holdings PLC		31,498		400,340
Uranium Energy Corp. *		100,960		343,264
US Lime & Minerals, Inc.		588		122,827
Valhi, Inc.		693		8,905
				23,618,196
Communications - 3.7%
1-800-Flowers.com, Inc. Class A *		7,662		59,764
A10 Networks, Inc.		18,130		264,517
ADTRAN Holdings, Inc.		21,613		227,585
Advantage Solutions, Inc. *		24,694		57,784
Allbirds, Inc. Class A *		26,001		32,761
AMC Networks, Inc. Class A *		8,364		99,950
Anterix, Inc. *		5,125		162,411
AST SpaceMobile, Inc. *		16,715		78,560
ATN International, Inc.		3,134		114,704
Aviat Networks, Inc. *		1,902		63,470
BARK, Inc. *		31,852		42,363
Blacksky Technology, Inc. *		32,746		72,696
Blade Air Mobility, Inc. *		15,595		61,444
Boston Omaha Corp. Class A *		6,130		115,367
Bumble, Inc. Class A *		27,511		461,635
Calix, Inc. *		16,251		811,087
Cambium Networks Corp. *		3,080		46,878
Cargurus, Inc. *		27,223		616,056
CarParts.com, Inc. *		13,897		59,062
Cars.com, Inc. *		17,745		351,706
Clear Channel Outdoor Holdings, Inc. *		103,484		141,773
Clearfield, Inc. *		3,559		168,519
Cogent Communications Holdings, Inc.		11,730		789,312
CommScope Holding Co., Inc. *		57,266		322,408
Consolidated Communications Holdings, Inc. *		20,547		78,695
ContextLogic, Inc. Class A *		6,135		40,368
Couchbase, Inc. *		9,105		144,041
Credo Technology Group Holding Ltd. *		26,620		461,591
DHI Group, Inc. *		12,431		47,611
DigitalBridge Group, Inc.		44,387		652,933
DZS, Inc. *		6,055		24,038
EchoStar Corp. Class A *		8,598		149,089
Entravision Communications Corp. Class A		16,640		73,050
ePlus, Inc. *		7,206		405,698
Eventbrite, Inc. Class A *		21,386		204,236
EverQuote, Inc. Class A *		5,385		35,002
EW Scripps Co. Class A *		16,290		149,053
Extreme Networks, Inc. *		34,451		897,449
Figs, Inc. Class A *		35,864		296,595
fuboTV, Inc. *		55,930		116,334
Gambling.com Group Ltd. * (Malta)		2,447		25,057
Gannett Co., Inc. *		39,559		89,008
Globalstar, Inc. *		193,182		208,637
Gogo, Inc. *		17,868		303,935
Gray Television, Inc.		22,223		175,117
Grindr, Inc. * (Singapore)		10,321		57,075
Harmonic, Inc. *		29,248		472,940
HealthStream, Inc.		6,408		157,380
Hims & Hers Health, Inc. *		33,010		310,294
IDT Corp. Class B *		4,166		107,691
iHeartMedia, Inc. Class A *		31,356		114,136
Infinera Corp. *		53,103		256,487
InterDigital, Inc.		7,555		729,435

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-127

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
KVH Industries, Inc. *		5,055		$46,203
Lands’ End, Inc. *		4,088		31,723
Liberty Latin America Ltd. Class A *		9,569		83,729
Liberty Latin America Ltd. Class C *		39,329		339,016
Liquidity Services, Inc. *		6,539		107,893
Lumen Technologies, Inc.		281,655		636,540
Luna Innovations, Inc. *		8,391		76,526
Magnite, Inc. *		36,232		494,567
MediaAlpha, Inc. Class A *		7,196		74,191
Mondee Holdings, Inc. *		11,749		104,684
Nerdy, Inc. *		16,070		67,012
NETGEAR, Inc. *		8,143		115,305
Nextdoor Holdings, Inc. *		39,792		129,722
Ooma, Inc. *		5,971		89,386
Open Lending Corp. Class A *		29,019		304,990
Opendoor Technologies, Inc. *		149,232		599,913
OptimizeRx Corp. *		4,522		64,619
Overstock.com, Inc. *		12,286		400,155
Perficient, Inc. *		9,414		784,469
Preformed Line Products Co.		730		113,953
Q2 Holdings, Inc. *		15,455		477,559
QuinStreet, Inc. *		14,148		124,927
Quotient Technology, Inc. *		24,701		94,852
Revolve Group, Inc. *		11,485		188,354
Ribbon Communications, Inc. *		23,089		64,418
Rover Group, Inc. *		25,790		126,629
Scholastic Corp.		8,091		314,659
Shenandoah Telecommunications Co.		12,773		248,179
Shutterstock, Inc.		6,597		321,076
Sinclair, Inc.		10,484		144,889
Solo Brands, Inc. Class A *		5,125		29,007
Spok Holdings, Inc.		4,396		58,423
Sprinklr, Inc. Class A *		23,343		322,834
Squarespace, Inc. Class A *		12,572		396,521
Stagwell, Inc. *		29,071		209,602
Stitch Fix, Inc. Class A *		23,149		89,124
TechTarget, Inc. *		7,109		221,303
TEGNA, Inc.		61,265		994,944
Telephone & Data Systems, Inc.		26,743		220,095
Terran Orbital Corp. *		23,670		35,505
Thryv Holdings, Inc. *		7,997		196,726
Townsquare Media, Inc. Class A		2,508		29,870
TrueCar, Inc. *		24,636		55,677
Tucows, Inc. Class A *		2,783		77,200
Upwork, Inc. *		34,546		322,660
Urban One, Inc. *		4,210		25,238
Value Line, Inc.		334		15,331
Viavi Solutions, Inc. *		60,790		688,751
Vivid Seats, Inc. Class A *		6,633		52,533
WideOpenWest, Inc. *		15,069		127,182
Yelp, Inc. *		18,257		664,737
Ziff Davis, Inc. *		12,777		895,157
				24,503,345
Consumer, Cyclical - 11.6%
A-Mark Precious Metals, Inc.		4,974		186,202
Abercrombie & Fitch Co. Class A *		13,117		494,249
Academy Sports & Outdoors, Inc.		20,432		1,104,350
Accel Entertainment, Inc. *		14,056		148,431
Acushnet Holdings Corp.		9,067		495,784
Adient PLC *		26,358		1,010,039
Aeva Technologies, Inc. *		30,039		37,549
Allegiant Travel Co. *		4,301		543,130
America’s Car-Mart, Inc. *		1,621		161,743
American Axle & Manufacturing Holdings, Inc. *		31,386		259,562
American Eagle Outfitters, Inc.		49,754		587,097
Arko Corp.		21,757		172,968
Asbury Automotive Group, Inc. *		5,967		1,434,586
Aurora Innovation, Inc. *		82,919		243,782

	Shares		Value
Bally’s Corp. *		9,143		$142,265
Beacon Roofing Supply, Inc. *		13,811		1,146,037
Beazer Homes USA, Inc. *		8,418		238,145
Big 5 Sporting Goods Corp.		5,932		54,337
Big Lots, Inc.		9,888		87,311
Biglari Holdings, Inc. Class B *		230		45,342
BJ’s Restaurants, Inc. *		6,392		203,266
Bloomin’ Brands, Inc.		23,639		635,653
Blue Bird Corp. *		5,026		112,985
Bluegreen Vacations Holding Corp.		2,658		94,758
BlueLinx Holdings, Inc. *		2,289		214,662
Boot Barn Holdings, Inc. *		7,996		677,181
Bowlero Corp. *		8,239		95,902
Brinker International, Inc. *		11,930		436,638
Buckle, Inc.		7,959		275,381
Build-A-Bear Workshop, Inc.		3,742		80,154
Caleres, Inc.		9,093		217,596
Camping World Holdings, Inc. Class A		11,105		334,261
Carrols Restaurant Group, Inc. *		9,201		46,373
Carvana Co. *		3,721		96,448
Cato Corp. Class A		5,395		43,322
Cavco Industries, Inc. *		2,375		700,625
Century Casinos, Inc. *		7,401		52,547
Century Communities, Inc.		7,755		594,188
Cheesecake Factory, Inc.		12,932		447,189
Chico’s FAS, Inc. *		34,362		183,837
Children’s Place, Inc. *		3,065		71,139
Chuy’s Holdings, Inc. *		4,772		194,793
Cinemark Holdings, Inc. *		29,668		489,522
Clarus Corp.		6,816		62,298
Clean Energy Fuels Corp. *		47,494		235,570
Commercial Vehicle Group, Inc. *		8,348		92,663
CompX International, Inc.		719		15,674
Cooper-Standard Holdings, Inc. *		736		10,495
Cracker Barrel Old Country Store, Inc.		5,996		558,707
Daktronics, Inc. *		9,866		63,142
Dana, Inc.		36,836		626,212
Dave & Buster’s Entertainment, Inc. *		11,692		520,996
Denny’s Corp. *		14,657		180,574
Designer Brands, Inc. Class A		13,394		135,279
Destination XL Group, Inc. *		15,629		76,582
Dillard’s, Inc. Class A		1,036		338,026
Dine Brands Global, Inc.		4,348		252,314
Dorman Products, Inc. *		7,162		564,580
Douglas Dynamics, Inc.		5,789		172,975
Dragonfly Energy Holdings Corp. *		4,273		6,324
Dream Finders Homes, Inc. Class A *		6,969		171,368
Duluth Holdings, Inc. Class B *		3,374		21,189
El Pollo Loco Holdings, Inc.		6,163		54,050
Envela Corp. *		831		6,116
Escalade, Inc.		1,761		23,509
Ethan Allen Interiors, Inc.		6,270		177,316
Everi Holdings, Inc. *		23,005		332,652
EVgo, Inc. *		20,621		82,484
EVI Industries, Inc. *		1,044		22,968
Fiesta Restaurant Group, Inc. *		3,847		30,545
First Watch Restaurant Group, Inc. *		4,458		75,340
FirstCash, Inc.		10,105		943,100
Fisker, Inc. *		53,146		299,743
Foot Locker, Inc.		21,834		591,920
Forestar Group, Inc. *		4,745		107,000
Fossil Group, Inc. *		14,174		36,427
Fox Factory Holding Corp. *		11,654		1,264,576
Franchise Group, Inc.		7,091		203,086
Frontier Group Holdings, Inc. *		10,591		102,415
Full House Resorts, Inc. *		9,322		62,457
Funko, Inc. Class A *		9,070		98,137
G-III Apparel Group Ltd. *		11,416		219,986
Genesco, Inc. *		3,464		86,739
Gentherm, Inc. *		9,006		508,929

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-128

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Global Business Travel Group I *		8,135		$58,816
Global Industrial Co.		3,607		100,166
GMS, Inc. *		11,290		781,268
Golden Entertainment, Inc. *		5,662		236,672
Goodyear Tire & Rubber Co. *		77,495		1,060,132
Green Brick Partners, Inc. *		7,386		419,525
Group 1 Automotive, Inc.		3,823		986,716
GrowGeneration Corp. *		17,333		58,932
Guess?, Inc.		8,388		163,147
H&E Equipment Services, Inc.		8,812		403,149
Hanesbrands, Inc.		100,081		454,368
Haverty Furniture Cos., Inc.		3,582		108,248
Hawaiian Holdings, Inc. *		15,025		161,819
Hibbett, Inc.		3,533		128,213
Hilton Grand Vacations, Inc. *		23,357		1,061,342
HNI Corp.		13,194		371,807
Holley, Inc. *		13,491		55,178
Hooker Furnishings Corp.		2,387		44,541
Hovnanian Enterprises, Inc. Class A *		1,399		138,795
Hudson Technologies, Inc. *		11,587		111,467
Hyliion Holdings Corp. *		40,985		68,445
IMAX Corp. *		12,581		213,751
indie Semiconductor, Inc. Class A * (China)		36,666		344,660
Installed Building Products, Inc.		6,476		907,676
Interface, Inc.		16,564		145,598
International Game Technology PLC		29,254		932,910
iRobot Corp. *		7,514		340,009
J Jill, Inc. *		367		7,865
Jack in the Box, Inc.		5,609		547,046
JAKKS Pacific, Inc. *		1,543		30,814
JetBlue Airways Corp. *		90,081		798,118
Johnson Outdoors, Inc. Class A		1,483		91,130
KB Home		20,384		1,054,057
Kontoor Brands, Inc.		15,124		636,720
Kura Sushi USA, Inc. Class A *		1,586		147,419
La-Z-Boy, Inc.		11,979		343,079
Landsea Homes Corp. *		3,087		28,833
Lazydays Holdings, Inc. *		3,740		43,234
LCI Industries		6,732		850,656
Leslie’s, Inc. *		48,801		458,241
LGI Homes, Inc. *		5,647		761,724
Liberty Media Corp. - Liberty Braves Class A *		2,808		114,903
Liberty Media Corp. - Liberty Braves Class C *		10,412		412,523
Life Time Group Holdings, Inc. *		12,496		245,796
Light & Wonder, Inc. *		25,393		1,746,023
Lindblad Expeditions Holdings, Inc. *		9,393		102,196
Lions Gate Entertainment Corp. Class A *		15,888		140,291
Lions Gate Entertainment Corp. Class B *		31,197		260,495
Livewire Group, Inc. * (Cayman)		2,710		32,005
Loop Media, Inc. *		9,470		22,633
Lovesac Co. *		4,381		118,068
Luminar Technologies, Inc. *		74,013		509,209
M/I Homes, Inc. *		6,933		604,488
Madison Square Garden Entertainment Corp. *		11,722		394,094
Malibu Boats, Inc. Class A *		5,379		315,532
Marcus Corp.		5,942		88,120
Marine Products Corp.		2,063		34,782
MarineMax, Inc. *		5,854		199,973
MasterCraft Boat Holdings, Inc. *		4,460		136,699
MDC Holdings, Inc.		15,938		745,420
Meritage Homes Corp.		9,773		1,390,405
Methode Electronics, Inc.		9,523		319,211
Microvast Holdings, Inc. *		35,930		57,488
Miller Industries, Inc.		3,086		109,460
MillerKnoll, Inc.		22,149		327,362
Monarch Casino & Resort, Inc.		3,702		260,806
Movado Group, Inc.		3,883		104,181

	Shares		Value
MRC Global, Inc. *		23,331		$234,943
National Vision Holdings, Inc. *		20,998		510,041
Nikola Corp. *		164,338		226,786
Noodles & Co. *		11,028		37,275
Nu Skin Enterprises, Inc. Class A		13,947		463,040
ODP Corp. *		10,198		477,470
ONE Group Hospitality, Inc. *		5,568		40,758
OneSpaWorld Holdings Ltd. * (Bahamas)		20,015		242,182
OneWater Marine, Inc. Class A *		3,002		108,793
OPENLANE, Inc. *		29,195		444,348
Oxford Industries, Inc.		4,055		399,093
Papa John’s International, Inc.		9,508		701,976
Patrick Industries, Inc.		5,943		475,440
PC Connection, Inc.		2,813		126,866
PetMed Express, Inc.		5,625		77,569
Portillo’s, Inc. Class A *		11,218		252,742
Potbelly Corp. *		6,190		54,348
PriceSmart, Inc.		6,894		510,570
Proterra, Inc. *		61,591		73,909
Purple Innovation, Inc.		16,412		45,625
RCI Hospitality Holdings, Inc.		2,406		182,832
Red Robin Gourmet Burgers, Inc. *		4,105		56,772
Red Rock Resorts, Inc. Class A		13,712		641,447
Reservoir Media, Inc. *		5,058		30,449
Resideo Technologies, Inc. *		39,132		691,071
REV Group, Inc.		8,098		107,380
Rocky Brands, Inc.		1,966		41,286
Rush Enterprises, Inc. Class A		11,240		682,718
Rush Enterprises, Inc. Class B		1,632		111,074
Rush Street Interactive, Inc. *		15,494		48,341
Sally Beauty Holdings, Inc. *		28,605		353,272
ScanSource, Inc. *		7,177		212,152
SeaWorld Entertainment, Inc. *		10,827		606,420
SES AI Corp. *		33,991		82,938
Shake Shack, Inc. Class A *		10,396		807,977
Shoe Carnival, Inc.		4,250		99,790
Shyft Group, Inc.		9,179		202,489
Signet Jewelers Ltd. (NYSE)		12,106		790,038
Six Flags Entertainment Corp. *		18,978		493,048
Skyline Champion Corp. *		14,537		951,447
SkyWest, Inc. *		13,189		537,056
Sleep Number Corp. *		6,003		163,762
Snap One Holdings Corp. *		6,258		72,906
Solid Power, Inc. *		43,183		109,685
Sonic Automotive, Inc. Class A		4,790		228,339
Sonos, Inc. *		34,594		564,920
Sovos Brands, Inc. *		11,048		216,099
Sphere Entertainment Co. *		7,019		192,250
Spirit Airlines, Inc.		29,737		510,287
Sportsman’s Warehouse Holdings, Inc. *		10,339		58,932
Standard Motor Products, Inc.		5,668		212,663
Steelcase, Inc. Class A		24,411		188,209
Steven Madden Ltd.		20,726		677,533
Sun Country Airlines Holdings, Inc. *		9,977		224,283
Super Group SGHC Ltd. * (Guernsey)		34,549		100,192
Sweetgreen, Inc. Class A *		26,395		338,384
Taylor Morrison Home Corp. *		28,269		1,378,679
ThredUp, Inc. Class A *		19,238		46,941
Tile Shop Holdings, Inc. *		8,920		49,417
Tilly’s, Inc. Class A *		6,305		44,198
Titan International, Inc. *		14,386		165,151
Titan Machinery, Inc. *		6,043		178,269
Topgolf Callaway Brands Corp. *		39,227		778,656
Torrid Holdings, Inc. *		3,599		10,113
Traeger, Inc. *		9,951		42,292
Tri Pointe Homes, Inc. *		27,141		891,853
TuSimple Holdings, Inc. Class A *		46,369		76,973
UniFirst Corp.		4,072		631,201
United Homes Group, Inc. *		2,451		27,353
Urban Outfitters, Inc. *		17,046		564,734

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-129

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Vera Bradley, Inc. *		6,105		$39,011
Veritiv Corp.		3,636		456,718
Virgin Galactic Holdings, Inc. *		72,788		282,417
Vista Outdoor, Inc. *		15,438		427,169
Visteon Corp. *		7,682		1,103,212
Vizio Holding Corp. Class A *		19,665		132,739
VOXX International Corp. *		4,794		59,829
VSE Corp.		3,009		164,562
Wabash National Corp.		12,847		329,397
Warby Parker, Inc. Class A *		22,961		268,414
Weyco Group, Inc.		1,051		28,051
Winmark Corp.		737		245,030
Winnebago Industries, Inc.		7,966		531,253
Wolverine World Wide, Inc.		22,006		323,268
Workhorse Group, Inc. *		50,408		43,936
XPEL, Inc. *		6,285		529,323
Xperi, Inc. *		11,679		153,579
Xponential Fitness, Inc. Class A *		6,425		110,831
Zumiez, Inc. *		4,234		70,538
				76,051,563
Consumer, Non-Cyclical - 24.2%
23andMe Holding Co. Class A *		71,199		124,598
2seventy bio, Inc. *		13,604		137,672
2U, Inc. *		22,224		89,563
4D Molecular Therapeutics, Inc. *		8,593		155,276
89bio, Inc. *		16,692		316,313
Aadi Bioscience, Inc. *		4,854		33,201
Aaron’s Co., Inc.		8,577		121,279
ABM Industries, Inc.		17,969		766,378
Acacia Research Corp. *		9,931		41,313
ACADIA Pharmaceuticals, Inc. *		32,550		779,572
ACCO Brands Corp.		26,556		138,357
Accolade, Inc. *		17,948		241,760
Accuray, Inc. *		23,942		92,656
Aclaris Therapeutics, Inc. *		18,900		195,993
Acrivon Therapeutics, Inc. *		3,469		44,958
Actinium Pharmaceuticals, Inc. *		6,707		49,766
AdaptHealth Corp. *		20,246		246,394
Adaptive Biotechnologies Corp. *		31,382		210,573
Addus HomeCare Corp. *		4,172		386,744
Adicet Bio, Inc. *		8,114		19,717
ADMA Biologics, Inc. *		57,137		210,836
Adtalem Global Education, Inc. *		12,073		414,587
Aerovate Therapeutics, Inc. *		2,539		43,544
Agenus, Inc. *		93,420		149,472
Agiliti, Inc. *		7,750		127,875
Agios Pharmaceuticals, Inc. *		15,494		438,790
AirSculpt Technologies, Inc.		2,943		25,369
Akero Therapeutics, Inc. *		12,520		584,559
Akoya Biosciences, Inc. *		4,926		36,403
Alarm.com Holdings, Inc. *		12,995		671,582
Aldeyra Therapeutics, Inc. *		12,256		102,828
Alector, Inc. *		16,790		100,908
Alico, Inc.		2,189		55,732
Alight, Inc. Class A *		105,755		977,176
Alkermes PLC *		44,827		1,403,085
Allakos, Inc. *		17,704		77,189
Allogene Therapeutics, Inc. *		22,463		111,641
Allovir, Inc. *		11,603		39,450
Alphatec Holdings, Inc. *		20,735		372,815
Alpine Immune Sciences, Inc. *		8,597		88,377
Alta Equipment Group, Inc.		6,047		104,795
Altimmune, Inc. *		12,878		45,459
ALX Oncology Holdings, Inc. *		5,781		43,415
American Well Corp. Class A *		67,311		141,353
Amicus Therapeutics, Inc. *		76,937		966,329
AMN Healthcare Services, Inc. *		11,263		1,229,019
Amneal Pharmaceuticals, Inc. *		32,772		101,593
Amphastar Pharmaceuticals, Inc. *		10,639		611,423

	Shares		Value
Amylyx Pharmaceuticals, Inc. *		13,771		$297,040
AnaptysBio, Inc. *		5,435		110,548
Anavex Life Sciences Corp. *		19,000		154,470
Andersons, Inc.		8,672		400,213
AngioDynamics, Inc. *		10,544		109,974
ANI Pharmaceuticals, Inc. *		3,417		183,937
Anika Therapeutics, Inc. *		3,717		96,568
Annexon, Inc. *		17,013		59,886
API Group Corp. *		56,452		1,538,882
Arbutus Biopharma Corp. *		30,997		71,293
Arcellx, Inc. *		10,167		321,481
Arcturus Therapeutics Holdings, Inc. *		6,511		186,735
Arcus Biosciences, Inc. *		14,271		289,844
Arcutis Biotherapeutics, Inc. *		14,169		135,031
Ardelyx, Inc. *		56,681		192,149
Arlo Technologies, Inc. *		23,889		260,629
Arrowhead Pharmaceuticals, Inc. *		27,834		992,560
ARS Pharmaceuticals, Inc. *		6,025		40,368
Artivion, Inc. *		10,719		184,260
Arvinas, Inc. *		13,423		333,159
ASGN, Inc. *		13,143		994,005
Assertio Holdings, Inc. *		13,617		73,804
Astria Therapeutics, Inc. *		6,612		55,078
Atara Biotherapeutics, Inc. *		25,754		41,464
Atea Pharmaceuticals, Inc. *		21,675		81,065
AtriCure, Inc. *		12,809		632,252
Atrion Corp.		361		204,218
Aura Biosciences, Inc. *		7,457		92,094
Aurinia Pharmaceuticals, Inc. * (Canada)		36,509		353,407
Avanos Medical, Inc. *		12,690		324,356
Aveanna Healthcare Holdings, Inc. *		15,325		25,899
Avid Bioservices, Inc. *		16,291		227,585
Avidity Biosciences, Inc. *		19,253		213,516
Avita Medical, Inc. *		6,750		114,818
Axogen, Inc. *		11,451		104,548
Axonics, Inc. *		13,269		669,686
Axsome Therapeutics, Inc. *		8,862		636,823
B&G Foods, Inc.		19,313		268,837
Babylon Holdings Ltd. Class A * (United Kingdom)		1,198		87
Bakkt Holdings, Inc. *		22,825		28,075
Barrett Business Services, Inc.		1,784		155,565
Beam Therapeutics, Inc. *		19,031		607,660
Beauty Health Co. *		23,615		197,658
BellRing Brands, Inc. *		36,221		1,325,689
Benson Hill, Inc. *		48,043		62,456
Beyond Air, Inc. *		6,824		29,070
Beyond Meat, Inc. *		16,288		211,418
BioAtla, Inc. *		11,616		34,848
BioCryst Pharmaceuticals, Inc. *		50,952		358,702
Biohaven Ltd. *		16,370		391,570
BioLife Solutions, Inc. *		9,481		209,530
Biomea Fusion, Inc. *		5,321		116,796
Biote Corp. Class A *		2,509		16,961
Bioxcel Therapeutics, Inc. *		5,161		34,372
Bluebird Bio, Inc. *		29,315		96,446
Blueprint Medicines Corp. *		16,697		1,055,250
BRC, Inc. Class A *		10,298		53,138
Bridgebio Pharma, Inc. *		30,909		531,635
Bright Green Corp. *		15,824		15,982
BrightView Holdings, Inc. *		11,545		82,893
Brink’s Co.		12,672		859,542
Brookdale Senior Living, Inc. *		48,455		204,480
Butterfly Network, Inc. *		39,616		91,117
Cabaletta Bio, Inc. *		6,741		87,026
Cadiz, Inc. *		11,057		44,891
Cal-Maine Foods, Inc.		10,220		459,900
Calavo Growers, Inc.		4,921		142,807
Cano Health, Inc. *		64,630		89,836
Cara Therapeutics, Inc. *		12,408		35,115

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-130

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
CareDx, Inc. *		14,543		$123,616
CareMax, Inc. *		20,803		64,697
Caribou Biosciences, Inc. *		15,527		65,990
Carisma Therapeutics, Inc.		7,211		63,240
Carriage Services, Inc.		3,507		113,872
Cass Information Systems, Inc.		3,612		140,073
Cassava Sciences, Inc. *		10,696		262,266
Castle Biosciences, Inc. *		6,778		92,994
Catalyst Pharmaceuticals, Inc. *		26,621		357,786
CBIZ, Inc. *		13,042		694,878
Celcuity, Inc. *		4,441		48,762
Celldex Therapeutics, Inc. *		12,962		439,801
Central Garden & Pet Co. *		2,832		109,797
Central Garden & Pet Co. Class A *		10,573		385,492
Century Therapeutics, Inc. *		6,092		19,251
Cerevel Therapeutics Holdings, Inc. *		16,678		530,194
Cerus Corp. *		48,351		118,943
Chefs’ Warehouse, Inc. *		9,953		355,919
Chegg, Inc. *		32,964		292,720
Chinook Therapeutics, Inc. *		15,650		601,273
Cimpress PLC * (Ireland)		4,842		288,002
Cipher Mining, Inc. *		11,672		33,382
Citius Pharmaceuticals, Inc. *		30,842		37,010
ClearPoint Neuro, Inc. *		5,685		41,159
Coca-Cola Consolidated, Inc.		1,279		813,470
Cogent Biosciences, Inc. *		18,612		220,366
Coherus Biosciences, Inc. *		22,075		94,260
Collegium Pharmaceutical, Inc. *		8,932		191,949
Community Health Systems, Inc. *		35,405		155,782
Compass Therapeutics, Inc. *		23,787		75,643
CompoSecure, Inc. *		3,159		21,671
CONMED Corp.		8,367		1,136,992
Corcept Therapeutics, Inc. *		22,991		511,550
CoreCivic, Inc. *		32,617		306,926
CorMedix, Inc. *		11,550		45,796
CorVel Corp. *		2,363		457,240
Coursera, Inc. *		35,323		459,905
CPI Card Group, Inc. *		952		22,134
CRA International, Inc.		1,840		187,680
Crinetics Pharmaceuticals, Inc. *		14,198		255,848
Cross Country Healthcare, Inc. *		9,393		263,755
Cue Biopharma, Inc. *		8,606		31,412
Cullinan Oncology, Inc. *		6,382		68,670
Custom Truck One Source, Inc. *		15,744		106,115
Cutera, Inc. *		4,734		71,625
CVRx, Inc. *		2,942		45,424
Cymabay Therapeutics, Inc. *		25,898		283,583
Cytek Biosciences, Inc. *		32,763		279,796
Cytokinetics, Inc. *		25,558		833,702
Day One Biopharmaceuticals, Inc. *		13,327		159,124
Deciphera Pharmaceuticals, Inc. *		13,903		195,754
Deluxe Corp.		12,645		221,035
Denali Therapeutics, Inc. *		31,678		934,818
Design Therapeutics, Inc. *		9,609		60,537
DICE Therapeutics, Inc. *		10,844		503,812
Disc Medicine, Inc. *		2,085		92,574
Distribution Solutions Group, Inc. *		1,588		82,671
DocGo, Inc. *		22,021		206,337
Dole PLC		18,666		252,364
Duckhorn Portfolio, Inc. *		11,347		147,171
Dynavax Technologies Corp. *		34,448		445,068
Dyne Therapeutics, Inc. *		11,359		127,789
Eagle Pharmaceuticals, Inc. *		2,602		50,583
Edgewell Personal Care Co.		13,942		575,944
Edgewise Therapeutics, Inc. *		11,607		89,954
Editas Medicine, Inc. *		19,015		156,493
elf Beauty, Inc. *		13,629		1,556,841
Embecta Corp.		15,577		336,463
Emerald Holding, Inc. *		3,581		14,682
Emergent BioSolutions, Inc. *		14,083		103,510

	Shares		Value
Enanta Pharmaceuticals, Inc. *		5,538		$118,513
Enhabit, Inc. *		13,216		151,984
Enliven Therapeutics, Inc. *		6,174		126,011
Ennis, Inc.		7,255		147,857
Ensign Group, Inc.		14,587		1,392,475
Entrada Therapeutics, Inc. *		5,715		86,525
EQRx, Inc. *		86,081		160,111
Erasca, Inc. *		22,117		61,043
European Wax Center, Inc. Class A *		9,887		184,195
EVERTEC, Inc.		17,910		659,625
Evolus, Inc. *		10,779		78,363
Eyenovia, Inc. *		6,160		14,599
EyePoint Pharmaceuticals, Inc. *		6,947		60,439
Fate Therapeutics, Inc. *		23,469		111,712
Fennec Pharmaceuticals, Inc. * (Canada)		4,558		40,247
FibroGen, Inc. *		24,328		65,686
First Advantage Corp. *		16,191		249,503
FiscalNote Holdings, Inc. *		17,475		63,609
Flywire Corp. *		26,414		819,891
Foghorn Therapeutics, Inc. *		5,573		39,234
Forafric Global PLC * (Gibraltar)		571		6,264
Forrester Research, Inc. *		3,244		94,368
Franklin Covey Co. *		3,488		152,356
Fresh Del Monte Produce, Inc.		8,627		221,800
Fresh Market, Inc. (Escrow)* W ±		19,545		-
Fulgent Genetics, Inc. *		5,932		219,662
Genelux Corp. *		722		23,624
Generation Bio Co. *		13,156		72,358
GEO Group, Inc. *		33,214		237,812
Geron Corp. *		133,606		428,875
Glaukos Corp. *		12,584		896,107
Graham Holdings Co. Class B		996		569,194
Graphite Bio, Inc. *		6,680		17,368
Green Dot Corp. Class A *		13,260		248,492
Gritstone bio, Inc. *		23,677		46,170
Guardant Health, Inc. *		30,039		1,075,396
Hackett Group, Inc.		6,645		148,516
Haemonetics Corp. *		13,646		1,161,820
Hain Celestial Group, Inc. *		23,949		299,602
Halozyme Therapeutics, Inc. *		36,199		1,305,698
Harmony Biosciences Holdings, Inc. *		8,808		309,954
Harrow Health, Inc. *		6,782		129,129
Harvard Bioscience, Inc. *		9,903		54,367
Healthcare Services Group, Inc.		20,431		305,035
HealthEquity, Inc. *		22,916		1,446,916
Heidrick & Struggles International, Inc.		5,551		146,935
Helen of Troy Ltd. *		6,422		693,704
Herbalife Ltd. *		27,888		369,237
Herc Holdings, Inc.		7,711		1,055,250
Heron Therapeutics, Inc. *		28,366		32,905
HF Foods Group, Inc. *		10,129		47,505
HilleVax, Inc. *		5,782		99,393
HireQuest, Inc.		1,321		34,386
Hostess Brands, Inc. *		35,765		905,570
Humacyte, Inc. *		16,084		46,000
Huron Consulting Group, Inc. *		5,440		461,910
I3 Verticals, Inc. Class A *		6,213		142,029
ICF International, Inc.		5,198		646,579
Icosavax, Inc. *		7,606		75,528
Ideaya Biosciences, Inc. *		14,619		343,547
IGM Biosciences, Inc. *		3,557		32,831
Ikena Oncology, Inc. *		5,262		34,519
Immuneering Corp. Class A *		5,394		54,695
ImmunityBio, Inc. *		29,909		83,147
ImmunoGen, Inc. *		66,035		1,246,080
Immunovant, Inc. *		14,468		274,458
Inari Medical, Inc. *		14,232		827,448
Information Services Group, Inc.		9,851		52,801
InfuSystem Holdings, Inc. *		3,934		37,884
Ingles Markets, Inc. Class A		3,806		314,566

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-131

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Inhibrx, Inc. *		9,411		$244,310
Inmode Ltd. *		20,771		775,797
Innovage Holding Corp. *		5,223		39,173
Innoviva, Inc. *		17,672		224,965
Inogen, Inc. *		6,640		76,692
Inozyme Pharma, Inc. *		8,784		48,927
Insmed, Inc. *		36,479		769,707
Insperity, Inc.		10,012		1,191,028
Integer Holdings Corp. *		8,890		787,743
Intellia Therapeutics, Inc. *		24,256		989,160
Inter Parfums, Inc.		5,021		678,990
Intercept Pharmaceuticals, Inc. *		6,425		71,061
Intra-Cellular Therapies, Inc. *		25,489		1,613,963
Invitae Corp. *		72,554		81,986
Iovance Biotherapeutics, Inc. *		56,298		396,338
iRadimed Corp.		2,073		98,965
iRhythm Technologies, Inc. *		8,262		861,892
Ironwood Pharmaceuticals, Inc. *		36,012		383,168
iTeos Therapeutics, Inc. *		6,653		88,086
IVERIC bio, Inc. *		37,695		1,482,921
J & J Snack Foods Corp.		4,111		651,018
Janux Therapeutics, Inc. *		4,413		52,382
John B Sanfilippo & Son, Inc.		2,349		275,467
John Wiley & Sons, Inc. Class A		11,553		393,149
Joint Corp. *		3,930		53,055
KalVista Pharmaceuticals, Inc. *		6,622		59,598
Karyopharm Therapeutics, Inc. *		30,474		54,548
Kelly Services, Inc. Class A		9,458		166,555
Keros Therapeutics, Inc. *		6,020		241,884
Kezar Life Sciences, Inc. *		19,013		46,582
Kforce, Inc.		5,345		334,918
Kiniksa Pharmaceuticals Ltd. Class A *		8,746		123,144
Kodiak Sciences, Inc. *		9,520		65,688
Korn Ferry		14,539		720,262
KORU Medical Systems, Inc. *		6,804		23,474
Krispy Kreme, Inc.		24,217		356,716
Krystal Biotech, Inc. *		5,825		683,855
Kura Oncology, Inc. *		17,822		188,557
Kymera Therapeutics, Inc. *		10,398		239,050
Lancaster Colony Corp.		5,218		1,049,288
Lantheus Holdings, Inc. *		18,383		1,542,701
Larimar Therapeutics, Inc. *		6,325		19,797
Laureate Education, Inc.		36,110		436,570
Legalzoom.com, Inc. *		28,130		339,810
LeMaitre Vascular, Inc.		5,430		365,330
Lexicon Pharmaceuticals, Inc. *		24,799		56,790
LifeStance Health Group, Inc. *		28,468		259,913
Ligand Pharmaceuticals, Inc. *		4,381		315,870
Limoneira Co.		3,965		61,695
Lincoln Educational Services Corp. *		3,896		26,259
Lineage Cell Therapeutics, Inc. *		31,120		43,879
Liquidia Corp. *		12,971		101,822
LivaNova PLC *		14,907		766,667
LiveRamp Holdings, Inc. *		17,831		509,253
Longboard Pharmaceuticals, Inc. *		3,716		27,275
Lyell Immunopharma, Inc. *		48,670		154,771
MacroGenics, Inc. *		16,274		87,066
Madrigal Pharmaceuticals, Inc. *		3,750		866,250
MannKind Corp. *		70,182		285,641
Marathon Digital Holdings, Inc. *		47,070		652,390
Marinus Pharmaceuticals, Inc. *		13,393		145,448
MarketWise, Inc.		8,455		16,910
Marqeta, Inc. Class A *		137,001		667,195
Matthews International Corp. Class A		8,087		344,668
MaxCyte, Inc. *		23,744		108,985
Medifast, Inc.		3,048		280,904
MeiraGTx Holdings PLC *		9,359		62,892
Merit Medical Systems, Inc. *		15,184		1,269,990
Merrimack Pharmaceuticals, Inc. *		2,525		31,058
Mersana Therapeutics, Inc. *		27,499		90,472

	Shares		Value
MGP Ingredients, Inc.		4,323		$459,448
MiMedx Group, Inc. *		31,650		209,207
Mineralys Therapeutics, Inc. *		3,713		63,307
Mirum Pharmaceuticals, Inc. *		7,218		186,730
Mission Produce, Inc. *		12,456		150,967
ModivCare, Inc. *		3,350		151,454
Monro, Inc.		8,610		349,824
Monte Rosa Therapeutics, Inc. *		8,298		56,841
Morphic Holding, Inc. *		8,174		468,615
Multiplan Corp. *		106,862		225,479
Myriad Genetics, Inc. *		21,786		504,999
Nano-X Imaging Ltd. * (Israel)		12,598		195,143
NanoString Technologies, Inc. *		12,958		52,480
Nathan’s Famous, Inc.		490		38,485
National Beverage Corp. *		6,592		318,723
National HealthCare Corp.		3,484		215,381
National Research Corp.		3,989		173,561
Natural Grocers by Vitamin Cottage, Inc. Class C		2,889		35,419
Nature’s Sunshine Products, Inc. *		3,409		46,533
Nautilus Biotechnology, Inc. SPAC *		13,513		52,295
Neogen Corp. *		58,807		1,279,052
NeoGenomics, Inc. *		34,677		557,259
Nevro Corp. *		10,272		261,114
NGM Biopharmaceuticals, Inc. *		11,285		29,228
Nkarta, Inc. *		9,173		20,089
Novavax, Inc. *		23,869		177,347
Nurix Therapeutics, Inc. *		12,900		128,871
Nuvalent, Inc. Class A *		6,420		270,731
NuVasive, Inc. *		14,520		603,887
Nuvation Bio, Inc. *		39,687		71,437
Nuvectis Pharma, Inc. *		1,636		26,127
Ocean Biomedical, Inc. *		1,777		10,680
Ocular Therapeutix, Inc. *		22,034		113,695
Olema Pharmaceuticals, Inc. *		7,332		66,208
Omega Therapeutics, Inc. *		6,249		34,994
Omeros Corp. *		16,105		87,611
OmniAb, Inc. *		25,195		126,731
Omnicell, Inc. *		12,376		911,740
OPKO Health, Inc. *		114,128		247,658
Optinose, Inc. *		16,504		20,300
Option Care Health, Inc. *		46,313		1,504,709
OraSure Technologies, Inc. *		20,519		102,800
Orchestra BioMed Holdings, Inc. *		628		4,396
Organogenesis Holdings, Inc. *		19,948		66,227
ORIC Pharmaceuticals, Inc. *		10,604		82,287
Orthofix Medical, Inc. *		9,501		171,588
OrthoPediatrics Corp. *		4,138		181,451
Oscar Health, Inc. Class A *		42,111		339,415
Outlook Therapeutics, Inc. *		40,599		70,642
Ovid therapeutics, Inc. *		14,981		49,138
Owens & Minor, Inc. *		20,967		399,212
P3 Health Partners, Inc. *		11,463		34,274
Pacific Biosciences of California, Inc. *		69,334		922,142
Pacira BioSciences, Inc. *		12,545		502,678
Paragon 28, Inc. *		12,892		228,704
Patterson Cos., Inc.		23,912		795,313
Payoneer Global, Inc. *		68,686		330,380
Paysafe Ltd. *		8,666		87,440
PDS Biotechnology Corp. *		7,081		35,617
Pediatrix Medical Group, Inc. *		21,990		312,478
Pennant Group, Inc. *		7,562		92,861
PepGen, Inc. *		3,473		31,049
Perdoceo Education Corp. *		17,601		215,964
Performant Financial Corp. *		17,570		47,439
PetIQ, Inc. *		7,522		114,109
Phathom Pharmaceuticals, Inc. *		6,496		93,023
Phibro Animal Health Corp. Class A		5,008		68,610
Pliant Therapeutics, Inc. *		15,236		276,076
PMV Pharmaceuticals, Inc. *		10,583		66,250

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-132

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Point Biopharma Global, Inc. SPAC *		24,011		$217,540
Poseida Therapeutics, Inc. *		17,865		31,442
Precigen, Inc. *		34,261		39,400
Prelude Therapeutics, Inc. *		2,107		9,482
Prestige Consumer Healthcare, Inc. *		13,334		792,440
Prime Medicine, Inc. *		10,696		156,696
Primo Water Corp.		42,625		534,517
Priority Technology Holdings, Inc. *		6,741		24,402
PROCEPT BioRobotics Corp. *		9,748		344,592
PROG Holdings, Inc. *		12,914		414,798
Progyny, Inc. *		21,582		849,036
ProKidney Corp. *		16,541		185,094
Protagonist Therapeutics, Inc. *		14,576		402,589
Protalix BioTherapeutics, Inc. *		13,792		27,584
Prothena Corp. PLC * (Ireland)		11,417		779,553
PTC Therapeutics, Inc. *		19,094		776,553
Pulmonx Corp. *		9,917		130,012
Pulse Biosciences, Inc. *		3,868		27,811
Quad/Graphics, Inc. *		10,046		37,773
Quanex Building Products Corp.		9,382		251,907
Quanterix Corp. *		9,476		213,684
Quantum-Si, Inc. *		29,849		53,430
Quipt Home Medical Corp. *		8,631		46,090
RadNet, Inc. *		13,742		448,264
Rain Oncology, Inc. *		15,622		18,746
Rallybio Corp. *		8,383		47,448
RAPT Therapeutics, Inc. *		8,381		156,725
Reata Pharmaceuticals, Inc. Class A *		7,885		803,955
Recursion Pharmaceuticals, Inc. Class A *		38,141		284,913
REGENXBIO, Inc. *		11,287		225,627
Relay Therapeutics, Inc. *		24,642		309,504
Remitly Global, Inc. *		23,903		449,854
Reneo Pharmaceuticals, Inc. *		2,156		14,143
Rent the Runway, Inc. Class A *		14,271		28,257
Repay Holdings Corp. *		21,953		171,892
Replimune Group, Inc. *		11,809		274,205
Resources Connection, Inc.		9,146		143,684
Revance Therapeutics, Inc. *		23,154		586,028
REVOLUTION Medicines, Inc. *		27,223		728,215
Rhythm Pharmaceuticals, Inc. *		13,849		228,370
Rigel Pharmaceuticals, Inc. *		46,759		60,319
Riot Platforms, Inc. *		43,301		511,818
Rocket Pharmaceuticals, Inc. *		15,018		298,408
RxSight, Inc. *		7,288		209,894
Sabre Corp. *		89,553		285,674
Sage Therapeutics, Inc. *		14,201		667,731
Sana Biotechnology, Inc. *		24,818		147,915
Sanara Medtech, Inc. *		893		35,809
Sangamo Therapeutics, Inc. *		39,707		51,619
Savara, Inc. *		20,057		64,082
Scholar Rock Holding Corp. *		7,566		57,048
Scilex Holding Co. *		18,410		102,544
scPharmaceuticals, Inc. *		7,529		76,721
SEACOR Marine Holdings, Inc. *		6,130		70,066
Seer, Inc. *		16,474		70,344
Select Medical Holdings Corp.		28,044		893,482
Selecta Biosciences, Inc. *		29,379		32,904
Semler Scientific, Inc. *		1,180		30,963
Seneca Foods Corp. Class A *		1,197		39,118
Seres Therapeutics, Inc. *		26,358		126,255
SI-BONE, Inc. *		9,359		252,506
SIGA Technologies, Inc.		13,267		66,998
Silk Road Medical, Inc. *		10,926		354,986
Simply Good Foods Co. *		24,193		885,222
SomaLogic, Inc. *		42,206		97,496
SoundThinking, Inc. *		2,409		52,661
SP Plus Corp. *		5,484		214,479
SpartanNash Co.		9,573		215,488
SpringWorks Therapeutics, Inc. *		16,414		430,375
Sprouts Farmers Market, Inc. *		28,781		1,057,126

	Shares		Value
STAAR Surgical Co. *		13,395		$704,175
Sterling Check Corp. *		6,714		82,314
Stoke Therapeutics, Inc. *		7,532		80,065
StoneCo Ltd. Class A * (Brazil)		79,924		1,018,232
Strategic Education, Inc.		6,158		417,759
Stride, Inc. *		11,368		423,231
Summit Therapeutics, Inc. *		31,083		78,018
SunOpta, Inc. * (Canada)		27,036		180,871
Supernus Pharmaceuticals, Inc. *		13,188		396,431
Surgery Partners, Inc. *		18,564		835,194
Surmodics, Inc. *		3,813		119,385
Sutro Biopharma, Inc. *		15,888		73,879
Syndax Pharmaceuticals, Inc. *		17,747		371,445
Tactile Systems Technology, Inc. *		6,234		155,414
Tango Therapeutics, Inc. *		13,129		43,588
Target Hospitality Corp. *		8,395		112,661
Taro Pharmaceutical Industries Ltd. *		2,130		80,791
Tarsus Pharmaceuticals, Inc. *		6,297		113,787
Tejon Ranch Co. *		5,981		102,933
Tela Bio, Inc. *		4,026		40,783
Tenaya Therapeutics, Inc. *		12,368		72,600
Terns Pharmaceuticals, Inc. *		11,451		100,196
Textainer Group Holdings Ltd. (China)		11,996		472,402
TG Therapeutics, Inc. *		37,680		935,971
Theravance Biopharma, Inc. *		17,771		183,930
Theseus Pharmaceuticals, Inc. *		5,260		49,076
Third Harmonic Bio, Inc. *		5,161		24,824
Thorne HealthTech, Inc. *		4,618		21,705
Transcat, Inc. *		2,020		172,326
TransMedics Group, Inc. *		8,531		716,433
Travere Therapeutics, Inc. *		19,685		302,362
Treace Medical Concepts, Inc. *		11,965		306,065
TreeHouse Foods, Inc. *		13,750		692,725
Trevi Therapeutics, Inc. *		10,876		25,994
TriNet Group, Inc. *		10,376		985,409
Triton International Ltd. (Bermuda)		14,920		1,242,239
TrueBlue, Inc. *		9,091		161,002
Turning Point Brands, Inc.		5,078		121,923
Twist Bioscience Corp. *		15,898		325,273
Tyra Biosciences, Inc. *		3,839		65,378
Udemy, Inc. *		23,307		250,084
UFP Technologies, Inc. *		1,872		362,887
United Natural Foods, Inc. *		16,345		319,545
Universal Corp.		6,409		320,065
Universal Technical Institute, Inc. *		8,476		58,569
Upbound Group, Inc.		15,310		476,600
UroGen Pharma Ltd. *		5,092		52,702
US Physical Therapy, Inc.		3,446		418,310
USANA Health Sciences, Inc. *		2,971		187,292
Utah Medical Products, Inc.		985		91,802
Utz Brands, Inc.		19,823		324,304
V2X, Inc. *		3,277		162,408
Vanda Pharmaceuticals, Inc. *		14,200		93,578
Varex Imaging Corp. *		10,049		236,855
Vaxcyte, Inc. *		25,137		1,255,342
Vaxxinity, Inc. Class A *		11,045		27,833
Vector Group Ltd.		38,892		498,207
Ventyx Biosciences, Inc. *		12,589		412,919
Vera Therapeutics, Inc. *		9,306		149,361
Veracyte, Inc. *		19,793		504,128
Vericel Corp. *		12,677		476,275
Verrica Pharmaceuticals, Inc. *		5,294		30,546
Verve Therapeutics, Inc. *		13,763		258,056
Viad Corp. *		5,741		154,318
Vicarious Surgical, Inc. *		18,531		33,912
Viemed Healthcare, Inc. *		7,495		73,301
ViewRay, Inc. *		39,648		13,964
Vigil Neuroscience, Inc. *		4,068		38,239
Viking Therapeutics, Inc. *		25,775		417,813
Village Super Market, Inc. Class A		2,310		52,714

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-133

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Vir Biotechnology, Inc. *		22,936		$562,620
Viridian Therapeutics, Inc. *		11,409		271,420
Vita Coco Co., Inc. *		7,497		201,444
Vital Farms, Inc. *		8,027		96,244
Vor BioPharma, Inc. *		10,063		31,095
Voyager Therapeutics, Inc. *		8,477		97,062
Waldencast PLC Class A *		3,899		30,139
WaVe Life Sciences Ltd. *		15,422		56,136
WD-40 Co.		3,696		697,250
Weis Markets, Inc.		4,410		283,166
Westrock Coffee Co. *		7,316		79,525
Willdan Group, Inc. *		4,234		81,123
WW International, Inc. *		15,006		100,840
X4 Pharmaceuticals, Inc. *		33,620		65,223
Xencor, Inc. *		15,446		385,687
Xeris Biopharma Holdings, Inc. *		37,515		98,289
XOMA Corp. *		1,671		31,565
Y-mAbs Therapeutics, Inc. *		9,957		67,608
Zentalis Pharmaceuticals, Inc. *		13,253		373,867
Zevia PBC Class A *		6,773		29,192
Zevra Therapeutics, Inc. *		9,296		47,410
Zimvie, Inc. *		6,970		78,273
ZipRecruiter, Inc. Class A *		19,363		343,887
Zura Bio Ltd. * (United Kingdom)		1,989		16,310
Zymeworks, Inc. *		16,098		139,087
Zynex, Inc. *		6,493		62,268
				158,930,040
Energy - 6.9%
Alpha Metallurgical Resources, Inc.		3,633		597,120
Amplify Energy Corp. *		9,684		65,561
Arch Resources, Inc.		5,027		566,845
Archrock, Inc.		37,344		382,776
Aris Water Solutions, Inc. Class A		8,175		84,366
Array Technologies, Inc. *		41,087		928,566
Atlas Energy Solutions, Inc. Class A		4,681		81,262
Berry Corp.		19,990		137,531
Borr Drilling Ltd. * (Mexico)		61,459		462,786
Bristow Group, Inc. *		6,213		178,500
California Resources Corp.		20,112		910,872
Callon Petroleum Co. *		17,094		599,487
ChampionX Corp.		54,576		1,694,039
Chord Energy Corp.		11,353		1,746,091
Civitas Resources, Inc.		19,663		1,364,022
Cleanspark, Inc. *		20,273		86,971
CNX Resources Corp. *		45,574		807,571
Comstock Resources, Inc.		24,771		287,344
CONSOL Energy, Inc.		9,264		628,192
Core Laboratories, Inc.		13,358		310,574
Crescent Energy Co. Class A		11,431		119,111
CVR Energy, Inc.		8,751		262,180
Delek US Holdings, Inc.		19,607		469,588
Denbury, Inc. *		13,495		1,164,079
Diamond Offshore Drilling, Inc. *		27,758		395,274
DMC Global, Inc. *		5,294		94,021
Dril-Quip, Inc. *		8,931		207,824
Earthstone Energy, Inc. Class A *		15,106		215,865
Empire Petroleum Corp. *		2,766		25,171
Energy Vault Holdings, Inc. *		27,544		75,195
Eneti, Inc.		6,442		78,013
Enviva, Inc.		9,490		102,967
Eos Energy Enterprises, Inc. *		29,755		129,137
Equitrans Midstream Corp.		118,061		1,128,663
Evolution Petroleum Corp.		7,880		63,592
Excelerate Energy, Inc. Class A		5,325		108,257
Expro Group Holdings NV *		23,434		415,250
Fluence Energy, Inc. *		10,582		281,904
Forum Energy Technologies, Inc. *		2,275		58,217
FuelCell Energy, Inc. *		111,523		240,890

	Shares		Value
FutureFuel Corp.		7,097		$62,808
Gevo, Inc. *		70,791		107,602
Golar LNG Ltd. (Cameroon)		27,268		549,996
Granite Ridge Resources, Inc.		6,005		39,813
Green Plains, Inc. *		10,265		330,944
Gulfport Energy Corp. *		2,878		302,391
Hallador Energy Co. *		5,529		47,384
Helix Energy Solutions Group, Inc. *		38,090		281,104
Helmerich & Payne, Inc.		28,017		993,203
HighPeak Energy, Inc.		2,892		31,465
Kinetik Holdings, Inc.		4,740		166,564
KLX Energy Services Holdings, Inc. *		3,095		30,114
Kosmos Energy Ltd. * (Ghana)		123,293		738,525
Liberty Energy, Inc.		45,534		608,790
Magnolia Oil & Gas Corp. Class A		48,873		1,021,446
Mammoth Energy Services, Inc. *		5,587		26,985
Matador Resources Co.		30,878		1,615,537
Maxeon Solar Technologies Ltd. *		7,282		205,061
Montauk Renewables, Inc. *		18,769		139,641
Murphy Oil Corp.		40,435		1,548,661
Nabors Industries Ltd. *		2,509		233,412
NACCO Industries, Inc. Class A		1,080		37,433
Newpark Resources, Inc. *		21,149		110,609
NextDecade Corp. *		8,872		72,839
NexTier Oilfield Solutions, Inc. *		52,290		467,473
Noble Corp. PLC *		29,246		1,208,152
Northern Oil & Gas, Inc.		20,555		705,448
NOW, Inc. *		29,266		303,196
Oceaneering International, Inc. *		27,215		508,921
Oil States International, Inc. *		17,196		128,454
Par Pacific Holdings, Inc. *		15,334		408,038
Patterson-UTI Energy, Inc.		58,393		698,964
PBF Energy, Inc. Class A		31,738		1,299,354
Peabody Energy Corp.		34,268		742,245
Permian Resources Corp.		69,885		765,940
PrimeEnergy Resources Corp. *		75		6,902
ProFrac Holding Corp. Class A *		6,958		77,651
ProPetro Holding Corp. *		26,847		221,219
Ramaco Resources, Inc. Class A		6,187		52,218
Ramaco Resources, Inc. Class B *		1,237		13,129
Ranger Energy Services, Inc. *		2,906		29,757
REX American Resources Corp. *		4,754		165,487
Riley Exploration Permian, Inc.		2,803		100,123
Ring Energy, Inc. *		29,944		51,204
RPC, Inc.		21,688		155,069
SandRidge Energy, Inc.		5,917		90,234
Seadrill Ltd. * (Bermuda)		14,029		578,977
Select Water Solutions, Inc.		22,204		179,852
Shoals Technologies Group, Inc. Class A *		46,912		1,199,071
SilverBow Resources, Inc. *		4,715		137,301
Sitio Royalties Corp. Class A		22,033		578,807
SM Energy Co.		32,846		1,038,919
Solaris Oilfield Infrastructure, Inc. Class A		8,990		74,887
Stem, Inc. *		40,545		231,917
SunCoke Energy, Inc.		23,274		183,166
Sunnova Energy International, Inc. *		28,172		515,829
SunPower Corp. *		25,108		246,058
Talos Energy, Inc. *		30,270		419,845
Tellurian, Inc. *		143,054		201,706
TETRA Technologies, Inc. *		34,967		118,188
Tidewater, Inc. *		12,663		702,037
TPI Composites, Inc. *		11,288		117,057
US Silica Holdings, Inc. *		19,962		242,139
VAALCO Energy, Inc.		29,265		110,036
Valaris Ltd. *		16,697		1,050,742
Verde Clean Fuels, Inc. *		1,130		7,356
Vertex Energy, Inc. *		18,034		112,713
Vital Energy, Inc. *		4,556		205,703
Vitesse Energy, Inc.		6,654		149,050
W&T Offshore, Inc. *		26,922		104,188

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-134

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Warrior Met Coal, Inc.		14,191		$552,739
Weatherford International PLC *		19,549		1,298,445
				45,413,907
Financial - 19.9%
1st Source Corp.		4,422		185,414
Acadia Realty Trust REIT		24,153		347,562
ACNB Corp.		2,162		71,714
AFC Gamma, Inc. REIT		4,115		51,232
Alerus Financial Corp.		5,194		93,388
Alexander & Baldwin, Inc. REIT *		19,821		368,274
Alexander’s, Inc. REIT		658		120,980
Alpine Income Property Trust, Inc. REIT		3,888		63,180
AlTi Global, Inc. *		5,444		41,701
Amalgamated Financial Corp.		5,172		83,217
Ambac Financial Group, Inc. *		12,470		177,573
Amerant Bancorp, Inc.		7,762		133,429
American Assets Trust, Inc. REIT		13,629		261,677
American Equity Investment Life Holding Co.		21,091		1,099,052
American National Bankshares, Inc.		2,720		78,826
American Realty Investors, Inc. *		308		6,708
Ameris Bancorp		17,990		615,438
AMERISAFE, Inc.		5,085		271,132
Ames National Corp.		1,904		34,329
Angel Oak Mortgage REIT, Inc.		3,681		30,331
Anywhere Real Estate, Inc. *		32,222		215,243
Apartment Investment & Management Co. Class A REIT		40,850		348,042
Apollo Commercial Real Estate Finance, Inc. REIT		37,921		429,266
Apple Hospitality REIT, Inc.		58,715		887,184
Applied Digital Corp. *		18,677		174,630
Arbor Realty Trust, Inc. REIT		44,628		661,387
Ares Commercial Real Estate Corp. REIT		14,675		148,951
Argo Group International Holdings Ltd.		8,821		261,190
Armada Hoffler Properties, Inc. REIT		18,168		212,202
ARMOUR Residential REIT, Inc.		53,540		285,368
Arrow Financial Corp.		4,299		86,582
Artisan Partners Asset Management, Inc. Class A		16,209		637,176
AssetMark Financial Holdings, Inc. *		5,895		174,846
Associated Banc-Corp.		43,231		701,639
Atlantic Union Bankshares Corp.		20,360		528,342
Atlanticus Holdings Corp. *		1,279		53,731
Avantax, Inc. *		12,011		268,806
Axos Financial, Inc. *		15,615		615,856
B Riley Financial, Inc.		5,588		256,936
Banc of California, Inc.		12,967		150,158
BancFirst Corp.		5,937		546,204
Banco Latinoamericano de Comercio Exterior SA (Panama)		7,106		156,758
Bancorp, Inc. *		14,708		480,216
Bank First Corp.		2,520		209,664
Bank of Hawaii Corp.		4,620		190,483
Bank of Marin Bancorp		4,931		87,131
Bank of NT Butterfield & Son Ltd. (Bermuda)		13,788		377,240
Bank7 Corp.		510		12,510
BankUnited, Inc.		20,187		435,030
Bankwell Financial Group, Inc.		1,898		46,273
Banner Corp.		9,125		398,489
Bar Harbor Bankshares		4,199		103,463
BayCom Corp.		3,365		56,128
BCB Bancorp, Inc.		4,808		56,446
Berkshire Hills Bancorp, Inc.		11,394		236,198
BGC Partners, Inc. Class A		85,462		378,597
Bit Digital, Inc. * (China)		20,274		82,312
Blackstone Mortgage Trust, Inc. Class A REIT		48,179		1,002,605

	Shares		Value
Blue Foundry Bancorp *		7,307		$73,874
Blue Ridge Bankshares, Inc.		4,942		43,737
Braemar Hotels & Resorts, Inc. REIT		18,208		73,196
Brandywine Realty Trust REIT		48,359		224,869
Bread Financial Holdings, Inc.		8,017		251,654
Bridgewater Bancshares, Inc. *		6,000		59,100
Brightsphere Investment Group, Inc.		8,467		177,384
BrightSpire Capital, Inc. REIT		34,934		235,106
Broadstone Net Lease, Inc. REIT		50,490		779,566
Brookfield Business Corp. Class A (Canada)		7,170		135,370
Brookline Bancorp, Inc.		23,849		208,440
BRP Group, Inc. Class A *		16,411		406,665
BRT Apartments Corp. REIT		3,643		72,131
Burke & Herbert Financial Services Corp.		1,672		107,342
Business First Bancshares, Inc.		6,834		102,988
Byline Bancorp, Inc.		6,572		118,887
C&F Financial Corp.		697		37,429
Cadence Bank		46,120		905,797
Cambridge Bancorp		2,257		122,578
Camden National Corp.		4,127		127,813
Cannae Holdings, Inc. *		19,264		389,325
Capital Bancorp, Inc.		2,234		40,435
Capital City Bank Group, Inc.		3,827		117,259
Capitol Federal Financial, Inc.		33,292		205,412
Capstar Financial Holdings, Inc.		5,885		72,209
CareTrust REIT, Inc.		27,561		547,361
Carter Bankshares, Inc. *		6,979		103,219
Cathay General Bancorp		19,502		627,769
CBL & Associates Properties, Inc. REIT		7,378		162,611
Centerspace REIT		4,477		274,709
Central Pacific Financial Corp.		6,796		106,765
Central Valley Community Bancorp		2,544		39,305
Chatham Lodging Trust REIT		13,379		125,227
Chemung Financial Corp.		710		27,271
Chicago Atlantic Real Estate Finance, Inc. REIT		4,445		67,342
Chimera Investment Corp. REIT		67,128		387,329
ChoiceOne Financial Services, Inc.		1,666		38,318
Citizens & Northern Corp.		4,459		86,059
Citizens Financial Services, Inc.		1,059		78,864
City Holding Co.		4,031		362,750
City Office REIT, Inc.		12,675		70,600
Civista Bancshares, Inc.		4,343		75,568
Claros Mortgage Trust, Inc. REIT		26,001		294,851
Clipper Realty, Inc. REIT		4,893		27,743
CNB Financial Corp.		5,235		92,398
CNO Financial Group, Inc.		30,872		730,740
Coastal Financial Corp. *		2,871		108,093
Codorus Valley Bancorp, Inc.		2,326		45,613
Cohen & Steers, Inc.		7,309		423,849
Colony Bankcorp, Inc.		4,665		43,944
Columbia Financial, Inc. *		8,740		151,115
Community Bank System, Inc.		14,574		683,229
Community Financial Corp.		942		25,519
Community Healthcare Trust, Inc. REIT		6,975		230,315
Community Trust Bancorp, Inc.		4,268		151,813
Compass Diversified Holdings		17,056		369,945
Compass, Inc. Class A *		81,017		283,559
ConnectOne Bancorp, Inc.		10,790		179,006
Consumer Portfolio Services, Inc. *		2,941		34,321
Corporate Office Properties Trust REIT		31,573		749,859
Crawford & Co. Class A		4,680		51,901
CrossFirst Bankshares, Inc. *		11,653		116,530
CTO Realty Growth, Inc. REIT		6,957		119,243
Cushman & Wakefield PLC *		43,347		354,578
Customers Bancorp, Inc. *		8,392		253,942
CVB Financial Corp.		35,939		477,270
Diamond Hill Investment Group, Inc.		751		128,646
DiamondRock Hospitality Co. REIT		57,973		464,364
Dime Community Bancshares, Inc.		9,431		166,269

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-135

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Diversified Healthcare Trust REIT		70,553		$158,744
Donegal Group, Inc. Class A		4,250		61,328
Douglas Elliman, Inc.		21,679		48,128
Douglas Emmett, Inc. REIT		15,096		189,757
Dynex Capital, Inc. REIT		13,884		174,800
Eagle Bancorp, Inc.		7,888		166,910
Easterly Government Properties, Inc. REIT		27,321		396,154
Eastern Bankshares, Inc.		42,463		521,021
eHealth, Inc. *		6,957		55,934
Ellington Financial, Inc. REIT		17,910		247,158
Elme Communities REIT		23,704		389,694
Empire State Realty Trust, Inc. Class A REIT		37,332		279,617
Employers Holdings, Inc.		7,209		269,689
Enact Holdings, Inc.		8,054		202,397
Encore Capital Group, Inc. *		6,183		300,617
Enova International, Inc. *		8,269		439,249
Enstar Group Ltd. *		3,217		785,720
Enterprise Bancorp, Inc.		2,665		77,125
Enterprise Financial Services Corp.		9,819		383,923
Equity Bancshares, Inc. Class A		4,136		94,218
Equity Commonwealth REIT		28,666		580,773
Esquire Financial Holdings, Inc.		1,920		87,821
ESSA Bancorp, Inc.		1,983		29,646
Essent Group Ltd.		28,743		1,345,172
Essential Properties Realty Trust, Inc. REIT		41,200		969,848
Evans Bancorp, Inc.		1,257		31,337
eXp World Holdings, Inc.		18,930		383,900
F&G Annuities & Life, Inc.		4,833		119,762
Farmers & Merchants Bancorp, Inc.		3,857		86,821
Farmers National Banc Corp.		10,298		127,386
Farmland Partners, Inc. REIT		13,795		168,437
FB Financial Corp.		10,336		289,925
Federal Agricultural Mortgage Corp. Class C		2,423		348,282
Fidelity D&D Bancorp, Inc.		1,200		58,308
Finance Of America Cos., Inc. Class A *		13,751		26,264
Financial Institutions, Inc.		4,452		70,074
First BanCorp		49,813		608,715
First Bancorp, Inc.		2,438		59,341
First Bancshares, Inc.		8,289		214,188
First Bank		4,430		45,983
First Busey Corp.		14,756		296,596
First Business Financial Services, Inc.		2,084		61,457
First Commonwealth Financial Corp.		26,911		340,424
First Community Bankshares, Inc.		4,815		143,150
First Community Corp.		1,369		23,766
First Financial Bancorp		25,021		511,429
First Financial Bankshares, Inc.		36,106		1,028,660
First Financial Corp.		2,998		97,345
First Foundation, Inc.		15,734		62,464
First Interstate BancSystem, Inc. Class A		24,379		581,195
First Merchants Corp.		16,847		475,591
First Mid Bancshares, Inc.		5,628		135,860
First of Long Island Corp.		7,037		84,585
First Western Financial, Inc. *		2,110		39,246
FirstCash Holdings, Inc.		10,320		307,020
Five Star Bancorp		3,543		79,257
Flushing Financial Corp.		8,348		102,597
Focus Financial Partners, Inc. Class A *		15,754		827,243
Forge Global Holdings, Inc. *		30,558		74,256
Four Corners Property Trust, Inc. REIT		23,423		594,944
Franklin BSP Realty Trust, Inc. REIT		22,518		318,855
FRP Holdings, Inc. *		1,863		107,253
FS Bancorp, Inc.		1,310		39,392
FTAI Aviation Ltd.		27,274		863,495
FTAI Infrastructure, Inc.		25,931		95,685
Fulton Financial Corp.		44,113		525,827
FVCBankcorp, Inc. *		3,783		40,743
GCM Grosvenor, Inc. Class A		11,898		89,711
Genworth Financial, Inc. Class A *		130,031		650,155

	Shares		Value
German American Bancorp, Inc.		7,922		$215,320
Getty Realty Corp. REIT		12,137		410,473
Glacier Bancorp, Inc.		31,106		969,574
Gladstone Commercial Corp. REIT		12,866		159,152
Gladstone Land Corp. REIT		9,528		155,021
Global Medical REIT, Inc.		18,813		171,763
Global Net Lease, Inc. REIT		29,962		308,009
GoHealth, Inc. Class A *		1,146		22,588
Goosehead Insurance, Inc. Class A *		6,146		386,522
Granite Point Mortgage Trust, Inc. REIT		15,191		80,512
Great Southern Bancorp, Inc.		2,460		124,796
Greene County Bancorp, Inc.		1,884		56,143
Greenlight Capital Re Ltd. Class A *		7,649		80,582
Guaranty Bancshares, Inc.		2,295		62,149
Hamilton Lane, Inc. Class A		10,053		804,039
Hancock Whitney Corp.		23,408		898,399
Hanmi Financial Corp.		8,694		129,801
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		28,199		704,975
HarborOne Bancorp, Inc.		12,421		107,814
HBT Financial, Inc.		3,469		63,968
HCI Group, Inc.		1,797		111,019
Heartland Financial USA, Inc.		11,395		317,579
Heritage Commerce Corp.		17,738		146,871
Heritage Financial Corp.		9,657		156,154
Hersha Hospitality Trust Class A REIT		7,973		48,556
Hilltop Holdings, Inc.		13,465		423,609
Hingham Institution For Savings		444		94,652
Hippo Holdings, Inc. *		3,833		63,359
Home Bancorp, Inc.		2,196		72,929
Home BancShares, Inc.		52,503		1,197,068
Home Point Capital, Inc.		1,960		4,547
HomeStreet, Inc.		5,106		30,228
HomeTrust Bancshares, Inc.		4,310		90,036
Hope Bancorp, Inc.		30,631		257,913
Horace Mann Educators Corp.		10,803		320,417
Horizon Bancorp, Inc.		13,471		140,233
Hudson Pacific Properties, Inc. REIT		12,758		53,839
Independence Realty Trust, Inc. REIT		62,489		1,138,550
Independent Bank Corp.		12,355		549,921
Independent Bank Corp. MI		5,801		98,385
Independent Bank Group, Inc.		9,758		336,944
Innovative Industrial Properties, Inc. REIT		7,642		557,942
International Bancshares Corp.		14,618		646,116
International Money Express, Inc. *		8,259		202,593
InvenTrust Properties Corp. REIT		19,550		452,387
Invesco Mortgage Capital, Inc. REIT		13,020		149,339
Investors Title Co.		373		54,458
Jackson Financial, Inc. Class A		22,447		687,103
James River Group Holdings Ltd.		9,238		168,686
JBG SMITH Properties REIT		30,157		453,561
John Marshall Bancorp, Inc.		3,207		64,429
Kearny Financial Corp.		16,274		114,732
Kennedy-Wilson Holdings, Inc.		32,985		538,645
Kingsway Financial Services, Inc. * (Canada)		1,264		10,302
Kite Realty Group Trust REIT		59,800		1,335,932
KKR Real Estate Finance Trust, Inc. REIT		16,175		196,850
Ladder Capital Corp. REIT		30,782		333,985
Lakeland Bancorp, Inc.		17,688		236,842
Lakeland Financial Corp.		6,547		317,660
LCNB Corp.		1,883		27,793
Legacy Housing Corp. *		2,286		53,012
Lemonade, Inc. *		14,107		237,703
LendingClub Corp. *		30,588		298,233
LendingTree, Inc. *		3,022		66,816
Live Oak Bancshares, Inc.		9,463		248,972
LTC Properties, Inc. REIT		11,452		378,145
Luther Burbank Corp.		4,448		39,676
LXP Industrial Trust REIT		77,548		756,093

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-136

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Macatawa Bank Corp.		7,514		$69,730
Macerich Co. REIT		59,851		674,521
Maiden Holdings Ltd. *		17,861		37,508
MainStreet Bancshares, Inc.		760		17,222
Marcus & Millichap, Inc.		6,955		219,152
Maui Land & Pineapple Co., Inc. *		1,508		21,474
MBIA, Inc. *		13,661		118,031
McGrath RentCorp		6,653		615,269
Mercantile Bank Corp.		4,456		123,075
Merchants Bancorp		4,198		107,385
Mercury General Corp.		7,482		226,480
Metrocity Bankshares, Inc.		5,458		97,644
Metropolitan Bank Holding Corp. *		2,959		102,766
MFA Financial, Inc. REIT		27,699		311,337
Mid Penn Bancorp, Inc.		4,078		90,042
Middlefield Banc Corp.		1,846		49,473
Midland States Bancorp, Inc.		6,065		120,754
MidWestOne Financial Group, Inc.		4,126		88,173
Moelis & Co. Class A		17,370		787,556
Mr Cooper Group, Inc. *		18,797		951,880
MVB Financial Corp.		3,422		72,136
National Bank Holdings Corp. Class A		7,808		226,744
National Bankshares, Inc.		1,326		38,706
National Health Investors, Inc. REIT		11,831		620,181
National Western Life Group, Inc. Class A		618		256,816
Navient Corp.		27,674		514,183
NBT Bancorp, Inc.		11,309		360,192
Necessity Retail REIT, Inc. REIT		37,120		250,931
Nelnet, Inc. Class A		3,870		373,378
NerdWallet, Inc. Class A *		9,453		88,953
NETSTREIT Corp. REIT		16,901		302,021
New York Mortgage Trust, Inc. REIT		25,592		253,873
Newmark Group, Inc. Class A		37,322		232,143
NewtekOne, Inc.		6,627		105,369
NexPoint Diversified Real Estate Trust REIT		9,245		115,747
Nexpoint Real Estate Finance, Inc. REIT		3,070		47,861
NexPoint Residential Trust, Inc. REIT		6,478		294,619
NI Holdings, Inc. *		2,437		36,189
Nicolet Bankshares, Inc.		3,534		239,994
NMI Holdings, Inc. Class A *		22,051		569,357
Northeast Bank		1,878		78,256
Northeast Community Bancorp, Inc.		3,646		54,252
Northfield Bancorp, Inc.		10,985		120,615
Northrim BanCorp, Inc.		1,526		60,018
Northwest Bancshares, Inc.		32,331		342,709
Norwood Financial Corp.		2,376		70,163
Oak Valley Bancorp		1,267		31,916
OceanFirst Financial Corp.		17,076		266,727
Ocwen Financial Corp. *		1,643		49,241
Office Properties Income Trust REIT		13,833		106,514
OFG Bancorp		12,930		337,214
Old National Bancorp		81,465		1,135,622
Old Second Bancorp, Inc.		12,234		159,776
One Liberty Properties, Inc. REIT		4,590		93,269
OppFi, Inc. *		2,693		5,494
Orange County Bancorp, Inc.		1,670		61,790
Orchid Island Capital, Inc. REIT		10,855		112,349
Origin Bancorp, Inc.		8,095		237,183
Orion Office REIT, Inc. REIT		18,349		121,287
Orrstown Financial Services, Inc.		3,134		60,016
Outfront Media, Inc. REIT		41,339		649,849
P10, Inc. Class A		10,152		114,718
Pacific Premier Bancorp, Inc.		24,843		513,753
PacWest Bancorp		33,136		270,058
Pagseguro Digital Ltd. Class A * (Brazil)		53,293		503,086
Palomar Holdings, Inc. *		6,634		385,037
Paramount Group, Inc. REIT		53,098		235,224
Park National Corp.		4,084		417,875
Parke Bancorp, Inc.		3,261		55,404
Pathward Financial, Inc.		7,274		337,223

	Shares		Value
Patria Investments Ltd. Class A (Cayman)		14,004		$200,257
Paysign, Inc. *		6,943		17,010
PCB Bancorp		3,596		52,897
Peakstone Realty Trust REIT *		7,751		216,408
Peapack-Gladstone Financial Corp.		4,693		127,086
Pebblebrook Hotel Trust REIT		34,268		477,696
Penns Woods Bancorp, Inc.		1,539		38,521
PennyMac Financial Services, Inc.		7,196		505,951
PennyMac Mortgage Investment Trust REIT		24,429		329,303
Peoples Bancorp, Inc.		9,735		258,464
Peoples Financial Services Corp.		1,981		86,748
Perella Weinberg Partners		11,157		92,938
Phillips Edison & Co., Inc. REIT		31,845		1,085,278
Physicians Realty Trust REIT		66,066		924,263
Piedmont Office Realty Trust, Inc. Class A REIT		35,862		260,717
Pioneer Bancorp, Inc. *		3,302		29,553
Piper Sandler Cos.		4,727		611,012
PJT Partners, Inc. Class A		6,665		464,151
Plumas Bancorp		1,142		40,758
Plymouth Industrial REIT, Inc. REIT		11,888		273,662
Ponce Financial Group, Inc. *		5,820		50,576
Postal Realty Trust, Inc. Class A REIT		5,903		86,833
PotlatchDeltic Corp. REIT		21,769		1,150,492
PRA Group, Inc. *		11,153		254,846
Preferred Bank		2,729		150,068
Premier Financial Corp.		10,508		168,338
Primis Financial Corp.		6,934		58,384
Princeton Bancorp, Inc.		1,149		31,391
ProAssurance Corp.		14,137		213,327
Provident Financial Services, Inc.		19,430		317,486
QCR Holdings, Inc.		4,401		180,573
Radian Group, Inc.		42,876		1,083,905
Radius Global Infrastructure, Inc. Class A *		22,900		341,210
RBB Bancorp		4,998		59,676
RE/MAX Holdings, Inc. Class A		4,707		90,657
Ready Capital Corp. REIT		42,528		479,716
Red River Bancshares, Inc.		1,125		55,283
Redfin Corp. *		29,053		360,838
Redwood Trust, Inc. REIT		31,017		197,578
Regional Management Corp.		2,179		66,460
Renasant Corp.		14,687		383,771
Republic Bancorp, Inc. Class A		2,481		105,443
Retail Opportunity Investments Corp. REIT		35,462		479,092
RLJ Lodging Trust REIT		44,615		458,196
RMR Group, Inc. Class A		4,505		104,381
RPT Realty REIT		23,181		242,241
Ryman Hospitality Properties, Inc. REIT		15,570		1,446,764
S&T Bancorp, Inc.		10,345		281,281
Sabra Health Care REIT, Inc.		65,292		768,487
Safehold, Inc. REIT		9,713		230,489
Safety Insurance Group, Inc.		3,743		268,448
Sandy Spring Bancorp, Inc.		12,893		292,413
Saul Centers, Inc. REIT		3,600		132,588
Sculptor Capital Management, Inc.		6,599		58,269
Seacoast Banking Corp. of Florida		17,753		392,341
Security National Financial Corp. Class A *		1,930		17,119
Selective Insurance Group, Inc.		16,324		1,566,288
Selectquote, Inc. *		38,528		75,130
Service Properties Trust REIT		44,592		387,504
ServisFirst Bancshares, Inc.		13,709		560,972
Shore Bancshares, Inc.		5,990		69,244
Sierra Bancorp		4,016		68,152
Silvercrest Asset Management Group, Inc. Class A		2,703		54,736
Simmons First National Corp. Class A		32,914		567,766
SiriusPoint Ltd. * (Bermuda)		24,256		219,032
SITE Centers Corp. REIT		54,090		715,070
Skyward Specialty Insurance Group, Inc. *		3,241		82,321
SL Green Realty Corp. REIT		3,659		109,953
SmartFinancial, Inc.		3,979		85,588

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-137

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
South Plains Financial, Inc.		2,964		$66,720
Southern First Bancshares, Inc. *		2,115		52,346
Southern Missouri Bancorp, Inc.		2,466		94,818
Southern States Bancshares, Inc.		2,252		47,517
Southside Bancshares, Inc.		8,002		209,332
SouthState Corp.		21,071		1,386,472
St. Joe Co.		9,271		448,160
Star Holdings *		3,395		49,805
Stellar Bancorp, Inc.		13,569		310,594
StepStone Group, Inc. Class A		14,887		369,346
Sterling Bancorp, Inc. *		5,290		28,936
Stewart Information Services Corp.		7,083		291,395
Stock Yards Bancorp, Inc.		7,873		357,198
StoneX Group, Inc. *		4,838		401,941
Stratus Properties, Inc.		1,416		37,170
Summit Financial Group, Inc.		3,094		63,922
Summit Hotel Properties, Inc. REIT		29,249		190,411
Sunstone Hotel Investors, Inc. REIT		57,423		581,121
SWK Holdings Corp. *		1,531		25,629
Tanger Factory Outlet Centers, Inc. REIT		27,668		610,633
Terreno Realty Corp. REIT		21,899		1,316,130
Texas Capital Bancshares, Inc. *		13,250		682,375
Third Coast Bancshares, Inc. *		3,504		55,608
Timberland Bancorp, Inc.		1,498		38,319
Tiptree, Inc.		6,469		97,100
Tompkins Financial Corp.		3,821		212,830
Towne Bank		19,314		448,857
TPG RE Finance Trust, Inc. REIT		19,270		142,791
Transcontinental Realty Investors, Inc. REIT *		349		12,784
TriCo Bancshares		8,617		286,084
Triumph Financial, Inc. *		6,284		381,564
Trupanion, Inc. *		10,883		214,177
TrustCo Bank Corp.		5,333		152,577
Trustmark Corp.		16,544		349,409
Two Harbors Investment Corp. REIT		26,352		365,766
UMB Financial Corp.		11,853		721,848
UMH Properties, Inc. REIT		15,428		246,539
United Bankshares, Inc.		35,278		1,046,698
United Community Banks, Inc.		28,350		708,466
United Fire Group, Inc.		5,938		134,555
United Insurance Holdings Corp. *		5,229		23,321
Uniti Group, Inc. REIT		66,310		306,352
Unity Bancorp, Inc.		2,261		53,337
Universal Health Realty Income Trust REIT		4,293		204,261
Universal Insurance Holdings, Inc.		6,721		103,705
Univest Financial Corp.		8,159		147,515
Upstart Holdings, Inc. *		19,590		701,518
Urban Edge Properties REIT		31,929		492,664
Urstadt Biddle Properties, Inc. Class A REIT		8,007		170,229
USCB Financial Holdings, Inc. *		2,558		26,092
Valley National Bancorp		121,353		940,486
Velocity Financial, Inc. *		2,465		28,421
Veris Residential, Inc. REIT *		22,820		366,261
Veritex Holdings, Inc.		13,677		245,229
Victory Capital Holdings, Inc. Class A		7,653		241,376
Virginia National Bankshares Corp.		1,504		48,354
Virtus Investment Partners, Inc.		1,880		371,244
Walker & Dunlop, Inc.		8,929		706,195
Washington Federal, Inc.		17,448		462,721
Washington Trust Bancorp, Inc.		5,413		145,123
Waterstone Financial, Inc.		5,473		79,304
WesBanco, Inc.		16,310		417,699
West BanCorp, Inc.		4,871		89,675
Westamerica BanCorp		6,938		265,725
Whitestone REIT		14,451		140,175
WisdomTree, Inc.		37,968		260,460
World Acceptance Corp. *		1,113		149,153
WSFS Financial Corp.		16,763		632,300
Xenia Hotels & Resorts, Inc. REIT		30,651		377,314
				130,764,552

	Shares		Value
Industrial - 14.9%
374Water, Inc. *		14,856		$35,506
908 Devices, Inc. *		6,002		41,174
AAON, Inc.		12,192		1,155,924
AAR Corp. *		9,377		541,616
Advanced Energy Industries, Inc.		10,220		1,139,019
Aerojet Rocketdyne Holdings, Inc. *		21,387		1,173,505
AeroVironment, Inc. *		6,706		685,890
AerSale Corp. *		7,056		103,723
Air Transport Services Group, Inc. *		15,337		289,409
Akoustis Technologies, Inc. *		18,777		59,711
Alamo Group, Inc.		2,728		501,706
Albany International Corp. Class A		8,499		792,787
Allied Motion Technologies, Inc.		3,446		137,633
American Woodmark Corp. *		4,645		354,739
AMMO, Inc. *		24,273		51,702
Amprius Technologies, Inc. *		1,179		8,465
Apogee Enterprises, Inc.		5,639		267,683
Applied Industrial Technologies, Inc.		10,459		1,514,777
ArcBest Corp.		6,566		648,721
Archer Aviation, Inc. Class A *		42,174		173,757
Arcosa, Inc.		13,155		996,754
Ardmore Shipping Corp. (Ireland)		10,774		133,059
Argan, Inc.		3,217		126,782
Aspen Aerogels, Inc. *		13,861		109,363
Astec Industries, Inc.		6,382		289,998
Astronics Corp. *		7,034		139,695
Atkore, Inc. *		10,745		1,675,575
AZZ, Inc.		6,648		288,922
Babcock & Wilcox Enterprises, Inc. *		15,816		93,314
Badger Meter, Inc.		7,858		1,159,526
Barnes Group, Inc.		13,021		549,356
Bel Fuse, Inc. Class B		2,738		157,189
Belden, Inc.		11,369		1,087,445
Benchmark Electronics, Inc.		9,797		253,057
Berkshire Grey, Inc. *		19,126		26,968
Blink Charging Co. *		13,647		81,746
Bloom Energy Corp. Class A *		53,309		871,602
Boise Cascade Co.		10,660		963,131
Bowman Consulting Group Ltd. *		2,909		92,739
Cactus, Inc. Class A		18,000		761,760
Cadre Holdings, Inc.		5,135		111,943
Casella Waste Systems, Inc. Class A *		15,140		1,369,413
CECO Environmental Corp. *		7,180		95,925
Charge Enterprises, Inc. *		35,341		34,634
Chart Industries, Inc. *		11,474		1,833,430
Chase Corp.		1,970		238,803
CIRCOR International, Inc. *		5,191		293,032
Clearwater Paper Corp. *		4,741		148,488
Columbus McKinnon Corp.		7,211		293,127
Comfort Systems USA, Inc.		9,572		1,571,722
Comtech Telecommunications Corp.		7,330		66,996
Concrete Pumping Holdings, Inc. *		7,352		59,037
Construction Partners, Inc. Class A *		11,088		348,052
Core Molding Technologies, Inc. *		2,036		46,319
Costamare, Inc. (Monaco)		14,551		140,708
Covenant Logistics Group, Inc.		2,358		103,351
CryoPort, Inc. *		12,389		213,710
CSW Industrials, Inc.		4,161		691,517
CTS Corp.		8,529		363,591
Daseke, Inc. *		11,415		81,389
DHT Holdings, Inc.		37,261		317,836
Dorian LPG Ltd.		8,021		205,739
Ducommun, Inc. *		2,897		126,222
DXP Enterprises, Inc. *		4,005		145,822
Dycom Industries, Inc. *		7,855		892,721
Eagle Bulk Shipping, Inc.		3,708		178,132
Eastman Kodak Co. *		16,400		75,768
Encore Wire Corp.		4,738		880,936

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-138

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Energizer Holdings, Inc.		19,754		$663,339
Energy Recovery, Inc. *		15,179		424,253
Enerpac Tool Group Corp.		15,642		422,334
EnerSys		11,116		1,206,308
Enovix Corp. *		38,000		685,520
EnPro Industries, Inc.		5,623		750,839
Enviri Corp. *		22,315		220,249
ESCO Technologies, Inc.		7,031		728,623
ESS Tech, Inc. *		27,490		40,410
Eve Holding, Inc. *		4,758		49,864
Evolv Technologies Holdings, Inc. *		30,217		181,302
Exponent, Inc.		13,675		1,276,151
Fabrinet * (Thailand)		10,094		1,311,009
FARO Technologies, Inc. *		5,625		91,125
Federal Signal Corp.		16,072		1,029,090
FLEX LNG Ltd. * (Norway)		7,906		241,370
Fluor Corp. *		38,792		1,148,243
Forward Air Corp.		7,179		761,764
Franklin Electric Co., Inc.		12,389		1,274,828
Frontdoor, Inc. *		22,410		714,879
GATX Corp.		9,535		1,227,536
Genco Shipping & Trading Ltd.		10,958		153,741
Gencor Industries, Inc. *		3,054		47,581
Gibraltar Industries, Inc. *		8,614		541,993
Golden Ocean Group Ltd. * (Norway)		34,268		258,723
GoPro, Inc. Class A *		36,282		150,207
Gorman-Rupp Co.		5,805		167,358
GrafTech International Ltd.		54,729		275,834
Granite Construction, Inc.		11,934		474,735
Great Lakes Dredge & Dock Corp. *		18,291		149,255
Greenbrier Cos., Inc.		8,915		384,237
Greif, Inc. Class A		6,792		467,901
Greif, Inc. Class B		1,362		105,215
Griffon Corp.		11,848		477,474
Heartland Express, Inc.		12,942		212,378
Helios Technologies, Inc.		9,072		599,568
Heritage-Crystal Clean, Inc. *		4,452		168,241
Hillenbrand, Inc.		18,850		966,628
Hillman Solutions Corp. *		44,985		405,315
Himalaya Shipping Ltd. * (Bermuda)		5,065		28,161
Hub Group, Inc. Class A *		8,742		702,157
Hyster-Yale Materials Handling, Inc.		3,213		179,414
Ichor Holdings Ltd. *		7,313		274,238
IES Holdings, Inc. *		2,461		139,982
INNOVATE Corp. *		11,555		20,221
Insteel Industries, Inc.		5,299		164,905
International Seaways, Inc.		11,538		441,213
Intevac, Inc. *		4,951		18,566
Iteris, Inc. *		9,159		36,270
Itron, Inc. *		12,532		903,557
Janus International Group, Inc. *		22,097		235,554
JELD-WEN Holding, Inc. *		22,549		395,509
Joby Aviation, Inc. *		75,538		775,020
John Bean Technologies Corp.		8,596		1,042,695
Kadant, Inc.		3,154		700,503
Kaman Corp.		7,854		191,088
Karat Packaging, Inc.		1,306		23,835
Kennametal, Inc.		22,388		635,595
Kimball Electronics, Inc. *		6,838		188,934
Knife River Corp. *		14,014		609,609
Knowles Corp. *		24,139		435,950
Kratos Defense & Security Solutions, Inc. *		34,979		501,599
LanzaTech Global, Inc. *		5,941		40,577
Latham Group, Inc. *		12,303		45,644
Leonardo DRS, Inc. *		13,274		230,171
Li-Cycle Holdings Corp. * (Canada)		39,186		217,482
Limbach Holdings, Inc. *		2,187		54,085
Lindsay Corp.		2,958		353,008
LSB Industries, Inc. *		16,178		159,353
LSI Industries, Inc.		6,226		78,199

	Shares		Value
Luxfer Holdings PLC (United Kingdom)		6,787		$96,579
Manitowoc Co., Inc. *		9,869		185,833
Marten Transport Ltd.		15,506		333,379
Masonite International Corp. *		5,971		611,669
Masterbrand, Inc. *		34,077		396,316
Materion Corp.		5,551		633,924
Matson, Inc.		9,972		775,124
Mayville Engineering Co., Inc. *		2,789		34,751
Mesa Laboratories, Inc.		1,427		183,370
MicroVision, Inc. *		47,491		217,509
Mirion Technologies, Inc. *		53,511		452,168
Mistras Group, Inc. *		4,998		38,585
Modine Manufacturing Co. *		13,894		458,780
Montrose Environmental Group, Inc. *		7,599		320,070
Moog, Inc. Class A		7,703		835,236
Mueller Industries, Inc.		15,179		1,324,823
Mueller Water Products, Inc. Class A		41,534		674,097
Myers Industries, Inc.		9,513		184,838
MYR Group, Inc. *		4,452		615,890
Napco Security Technologies, Inc.		8,336		288,842
National Presto Industries, Inc.		1,361		99,625
NEXTracker, Inc. Class A *		8,268		329,149
NL Industries, Inc.		2,103		11,630
nLight, Inc. *		12,119		186,875
Nordic American Tankers Ltd.		54,274		199,186
Northwest Pipe Co. *		2,663		80,529
Novanta, Inc. *		9,704		1,786,506
NuScale Power Corp. *		14,548		98,926
NV5 Global, Inc. *		3,787		419,486
NVE Corp.		1,310		127,646
O-I Glass, Inc. *		42,008		896,031
Olympic Steel, Inc.		2,532		124,068
Omega Flex, Inc.		916		95,062
OSI Systems, Inc. *		4,334		510,675
Overseas Shipholding Group, Inc. Class A *		10,472		43,668
Pactiv Evergreen, Inc.		12,227		92,558
PAM Transportation Services, Inc. *		2,014		53,915
Pangaea Logistics Solutions Ltd.		8,909		60,314
Park Aerospace Corp.		5,378		74,216
Park-Ohio Holdings Corp.		2,044		38,836
PGT Innovations, Inc. *		15,353		447,540
Plexus Corp. *		7,432		730,120
Powell Industries, Inc.		2,377		144,022
Primoris Services Corp.		14,675		447,147
Proto Labs, Inc. *		7,484		261,641
Pure Cycle Corp. *		5,726		62,986
PureCycle Technologies, Inc. *		31,807		340,017
Radiant Logistics, Inc. *		11,157		74,975
Ranpak Holdings Corp. *		12,405		56,071
Redwire Corp. *		6,759		17,235
Rocket Lab USA, Inc. *		75,662		453,972
RXO, Inc. *		31,486		713,788
Ryerson Holding Corp.		6,443		279,497
Safe Bulkers, Inc. (Greece)		19,002		61,947
Sanmina Corp. *		15,260		919,720
Scorpio Tankers, Inc. (Monaco)		13,997		661,078
SFL Corp. Ltd. (Norway)		31,383		292,803
Sight Sciences, Inc. *		6,414		53,108
Simpson Manufacturing Co., Inc.		11,622		1,609,647
SKYX Platforms Corp. *		13,296		35,367
SmartRent, Inc. *		49,437		189,344
Smith & Wesson Brands, Inc.		12,689		165,465
Southland Holdings, Inc. *		2,263		18,579
SPX Technologies, Inc. *		11,973		1,017,346
Standex International Corp.		3,173		448,884
Sterling Infrastructure, Inc. *		7,997		446,233
Stoneridge, Inc. *		7,159		134,947
Sturm Ruger & Co., Inc.		4,755		251,825
Summit Materials, Inc. Class A *		32,336		1,223,918
Teekay Corp. * (Bermuda)		19,788		119,520

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-139

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Teekay Tankers Ltd. Class A (Canada)		6,299		$240,811
Tennant Co.		4,844		392,897
Terex Corp.		18,194		1,088,547
Thermon Group Holdings, Inc. *		9,371		249,269
TimkenSteel Corp. *		11,882		256,295
Transphorm, Inc. *		5,790		19,686
Tredegar Corp.		7,911		52,766
TriMas Corp.		11,117		305,606
Trinity Industries, Inc.		22,151		569,502
Triumph Group, Inc. *		17,961		222,178
TTM Technologies, Inc. *		27,907		387,907
Turtle Beach Corp. *		4,263		49,664
Tutor Perini Corp. *		11,284		80,681
U.S. Xpress Enterprises, Inc. Class A *		7,878		48,371
UFP Industries, Inc.		16,274		1,579,392
Universal Logistics Holdings, Inc.		1,745		50,273
Vicor Corp. *		6,066		327,564
Vishay Intertechnology, Inc.		34,882		1,025,531
Watts Water Technologies, Inc. Class A		7,436		1,366,216
Werner Enterprises, Inc.		17,306		764,579
Willis Lease Finance Corp. *		500		19,565
World Kinect Corp.		16,885		349,182
Worthington Industries, Inc.		8,659		601,541
Xometry, Inc. Class A *		9,527		201,782
Zurn Elkay Water Solutions Corp. Class C		40,233		1,081,865
				97,743,401
Technology - 11.4%
3D Systems Corp. *		36,309		360,548
8x8, Inc. *		31,623		133,765
ACI Worldwide, Inc. *		30,575		708,423
ACM Research, Inc. Class A *		13,302		173,990
ACV Auctions, Inc. Class A *		35,196		607,835
Adeia, Inc.		29,025		319,565
Aehr Test Systems *		7,371		304,054
Agilysys, Inc. *		5,566		382,050
Alignment Healthcare, Inc. *		25,253		145,205
Alkami Technology, Inc. *		10,631		174,242
Alpha & Omega Semiconductor Ltd. *		6,115		200,572
Altair Engineering, Inc. Class A *		14,662		1,111,966
Ambarella, Inc. *		10,000		836,700
American Software, Inc. Class A		8,132		85,467
Amkor Technology, Inc.		27,655		822,736
Amplitude, Inc. Class A *		18,497		203,467
Apollo Medical Holdings, Inc. *		12,003		379,295
Appfolio, Inc. Class A *		5,301		912,514
Appian Corp. Class A *		11,145		530,502
Asana, Inc. Class A *		21,558		475,138
Asure Software, Inc. *		3,543		43,083
Atomera, Inc. *		6,243		54,751
AvePoint, Inc. *		41,079		236,615
Avid Technology, Inc. *		9,399		239,675
AvidXchange Holdings, Inc. *		40,615		421,584
Axcelis Technologies, Inc. *		8,854		1,623,204
Bandwidth, Inc. Class A *		6,640		90,835
BigBear.ai Holdings, Inc. *		7,716		18,133
BigCommerce Holdings, Inc. *		19,002		189,070
Blackbaud, Inc. *		12,224		870,104
Blackline, Inc. *		15,427		830,281
Box, Inc. Class A *		38,391		1,127,928
Braze, Inc. Class A *		9,399		411,582
Brightcove, Inc. *		12,051		48,325
C3.ai, Inc. Class A *		16,183		589,547
Cantaloupe, Inc. *		16,603		132,160
Cardlytics, Inc. *		10,026		63,364
Cerence, Inc. *		11,241		328,574
CEVA, Inc. *		6,475		165,436
Clear Secure, Inc. Class A		23,280		539,398
Climb Global Solutions, Inc.		1,242		59,442
Cohu, Inc. *		12,683		527,105

	Shares		Value
CommVault Systems, Inc. *		12,157		$882,841
Computer Programs & Systems, Inc. *		4,031		99,525
Conduent, Inc. *		47,287		160,776
Consensus Cloud Solutions, Inc. *		5,162		160,022
CoreCard Corp. *		1,548		39,257
Corsair Gaming, Inc. *		10,756		190,811
Cricut, Inc. Class A		12,731		155,318
CS Disco, Inc. *		7,156		58,822
CSG Systems International, Inc.		8,367		441,276
CXApp, Inc. *		471		5,143
Daily Journal Corp. *		344		99,512
Definitive Healthcare Corp. *		12,369		136,059
Desktop Metal, Inc. Class A *		77,111		136,486
Digi International, Inc. *		9,707		382,359
Digimarc Corp. *		3,820		112,461
Digital Turbine, Inc. *		25,475		236,408
DigitalOcean Holdings, Inc. *		17,788		714,010
Diodes, Inc. *		11,938		1,104,146
Domo, Inc. Class B *		8,752		128,304
Donnelley Financial Solutions, Inc. *		6,807		309,923
Duolingo, Inc. *		7,859		1,123,365
E2open Parent Holdings, Inc. *		54,310		304,136
Ebix, Inc.		7,481		188,521
eGain Corp. *		5,873		43,989
Enfusion, Inc. Class A *		7,114		79,819
EngageSmart, Inc. *		13,616		259,929
Envestnet, Inc. *		14,048		833,749
Everbridge, Inc. *		11,006		296,061
EverCommerce, Inc. *		6,233		73,799
Evolent Health, Inc. Class A *		29,463		892,729
ExlService Holdings, Inc. *		8,865		1,339,147
Expensify, Inc. Class A *		15,132		120,753
Fastly, Inc. Class A *		32,175		507,400
ForgeRock, Inc. Class A *		12,692		260,694
FormFactor, Inc. *		20,913		715,643
Freshworks, Inc. Class A *		44,607		784,191
Grid Dynamics Holdings, Inc. *		15,176		140,378
Health Catalyst, Inc. *		15,442		193,025
HireRight Holdings Corp. *		5,265		59,547
IBEX Holdings Ltd. *		2,665		56,578
Immersion Corp.		5,194		36,774
Impinj, Inc. *		6,394		573,222
Innodata, Inc. *		6,678		75,662
Insight Enterprises, Inc. *		8,129		1,189,598
Inspired Entertainment, Inc. *		5,923		87,127
Instructure Holdings, Inc. *		4,867		122,454
Intapp, Inc. *		4,139		173,465
Integral Ad Science Holding Corp. *		10,215		183,666
inTEST Corp. *		2,510		65,913
IonQ, Inc. *		43,474		588,203
Jamf Holding Corp. *		18,761		366,215
Kaltura, Inc. *		20,900		44,308
Kulicke & Soffa Industries, Inc. (Singapore)		15,197		903,462
LivePerson, Inc. *		20,407		92,240
LiveVox Holdings, Inc. *		6,467		17,784
MACOM Technology Solutions Holdings, Inc. *		14,775		968,206
Matterport, Inc. *		68,396		215,447
Maximus, Inc.		16,653		1,407,345
MaxLinear, Inc. *		20,530		647,927
MeridianLink, Inc. *		6,942		144,394
MicroStrategy, Inc. Class A *		2,979		1,020,069
Mitek Systems, Inc. *		12,097		131,131
Model N, Inc. *		10,009		353,918
N-Able, Inc. *		18,794		270,822
Navitas Semiconductor Corp. *		27,182		286,498
NetScout Systems, Inc. *		18,384		568,985
NextGen Healthcare, Inc. *		14,849		240,851
NextNav, Inc. *		17,389		51,124
Olo, Inc. Class A *		27,897		180,215
ON24, Inc.		11,692		94,939

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-140

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
OneSpan, Inc. *		10,665		$158,269
Onto Innovation, Inc. *		13,517		1,574,325
Outbrain, Inc. *		11,464		56,403
Outset Medical, Inc. *		13,435		293,823
PagerDuty, Inc. *		23,478		527,785
PAR Technology Corp. *		7,150		235,450
Parsons Corp. *		11,119		535,269
PDF Solutions, Inc. *		8,366		377,307
Photronics, Inc. *		16,051		413,955
Phreesia, Inc. *		13,781		427,349
Pitney Bowes, Inc.		36,845		130,431
Planet Labs PBC *		51,866		167,009
PlayAGS, Inc. *		8,986		50,771
Playstudios, Inc. *		23,050		113,176
Power Integrations, Inc.		15,252		1,443,907
PowerSchool Holdings, Inc. Class A *		14,838		283,999
Presto Automation, Inc. *		1,409		7,355
Privia Health Group, Inc. *		19,269		503,114
Progress Software Corp.		11,604		674,192
PROS Holdings, Inc. *		12,021		370,247
PubMatic, Inc. Class A *		11,723		214,296
Qualys, Inc. *		10,367		1,339,105
Rackspace Technology, Inc. *		23,338		63,479
Rambus, Inc. *		29,589		1,898,726
Rapid7, Inc. *		16,203		733,672
Red Violet, Inc. *		2,802		57,637
Richardson Electronics Ltd.		2,917		48,131
Rimini Street, Inc. *		12,495		59,851
Sapiens International Corp. NV (Israel)		8,792		233,867
Schrodinger, Inc. *		14,739		735,771
SEMrush Holdings, Inc. Class A *		10,321		98,772
Semtech Corp. *		17,224		438,523
Sharecare, Inc. *		83,457		146,050
Silicon Laboratories, Inc. *		8,636		1,362,243
Simulations Plus, Inc.		4,218		182,766
SiTime Corp. *		4,782		564,133
Skillsoft Corp. *		22,120		27,429
SkyWater Technology, Inc. *		4,267		40,195
SMART Global Holdings, Inc. *		13,085		379,596
SolarWinds Corp. *		13,154		134,960
SoundHound AI, Inc. Class A *		38,582		175,548
Sprout Social, Inc. Class A *		12,924		596,572
SPS Commerce, Inc. *		9,911		1,903,507
Super Micro Computer, Inc. *		12,560		3,130,580
Synaptics, Inc. *		10,758		918,518
System1, Inc. *		7,040		31,680
Tenable Holdings, Inc. *		31,242		1,360,589
Thoughtworks Holding, Inc. *		24,944		188,327
Tingo Group, Inc. *		29,289		35,440
TTEC Holdings, Inc.		5,453		184,530
Ultra Clean Holdings, Inc. *		12,071		464,251
Unisys Corp. *		18,871		75,107
Varonis Systems, Inc. *		30,096		802,058
Veeco Instruments, Inc. *		13,152		337,743
Velo3D, Inc. *		23,543		50,853
Veradigm, Inc. *		29,643		373,502
Verint Systems, Inc. *		17,441		611,481
Veritone, Inc. *		8,078		31,666
Verra Mobility Corp. *		38,212		753,541
Viant Technology, Inc. Class A *		3,169		14,609
Vimeo, Inc. *		41,420		170,650
Vishay Precision Group, Inc. *		3,263		121,220
Vuzix Corp. *		16,544		84,374
Weave Communications, Inc. *		8,919		99,090
Workiva, Inc. *		13,306		1,352,688
Xerox Holdings Corp.		31,584		470,286
Yext, Inc. *		29,752		336,495
Zeta Global Holdings Corp. Class A *		36,225		309,361
Zuora, Inc. Class A *		33,930		372,212
				74,866,922

	Shares		Value
Utilities - 2.9%
ALLETE, Inc.		15,597		$904,158
Altus Power, Inc. *		20,418		110,257
Ameresco, Inc. Class A *		8,757		425,853
American States Water Co.		10,072		876,264
Artesian Resources Corp. Class A		2,171		102,515
Avista Corp.		19,936		782,887
Black Hills Corp.		18,430		1,110,592
Brookfield Infrastructure Corp. Class A (Canada)		26,765		1,219,949
California Water Service Group		15,163		782,866
Chesapeake Utilities Corp.		4,725		562,275
Consolidated Water Co. Ltd. (Cayman)		4,027		97,574
FTC Solar, Inc. *		16,442		52,943
Genie Energy Ltd. Class B		4,744		67,080
Global Water Resources, Inc.		4,109		52,102
MGE Energy, Inc.		9,930		785,562
Middlesex Water Co.		4,750		383,135
New Jersey Resources Corp.		26,425		1,247,260
Northwest Natural Holding Co.		10,144		436,699
NorthWestern Corp.		16,549		939,321
ONE Gas, Inc.		14,766		1,134,176
Ormat Technologies, Inc.		14,615		1,175,923
Otter Tail Corp.		11,200		884,352
PNM Resources, Inc.		22,936		1,034,414
Portland General Electric Co.		25,999		1,217,533
RGC Resources, Inc.		2,124		42,544
SJW Group		8,456		592,850
Southwest Gas Holdings, Inc. *		17,664		1,124,313
Spire, Inc.		13,911		882,514
Unitil Corp.		4,173		211,613
York Water Co.		3,936		162,439
				19,401,963
Total Common Stocks (Cost $586,544,367)				651,293,889
	Principal Amount
SHORT-TERM INVESTMENTS - 1.5%
Repurchase Agreements - 1.5%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $9,902,515; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $10,096,634)		$9,898,638		9,898,638
Total Short-Term Investments (Cost $9,898,638)				9,898,638
TOTAL INVESTMENTS - 100.6% (Cost $596,443,448)				661,202,552
DERIVATIVES - 0.0%				95,398
OTHER ASSETS & LIABILITIES, NET - (0.6%)				(4,180,771	)
NET ASSETS - 100.0%				$657,117,179

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-141

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.2%
Financial	19.9%
Industrial	14.9%
Consumer, Cyclical	11.6%
Technology	11.4%
Energy	6.9%
Communications	3.7%
Basic Materials	3.6%
Others (each less than 3.0%)	4.4%
	100.6%
Derivatives	0.0%
Other Assets & Liabilities, Net	(0.6%	)
	100.0%

(b) Investments with a total aggregate value of $10,025 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 E-Mini Index	09/23		60		$5,615,702		$5,711,100		$95,398

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$10,025		$-		$-		$10,025
	Common Stocks
	Basic Materials		23,618,196		23,618,196		-		-
	Communications		24,503,345		24,503,345		-		-
	Consumer, Cyclical		76,051,563		76,051,563		-		-
	Consumer, Non-Cyclical		158,930,040		158,827,496		102,544		-
	Energy		45,413,907		45,413,907		-		-
	Financial		130,764,552		130,764,552		-		-
	Industrial		97,743,401		97,743,401		-		-
	Technology		74,866,922		74,866,922		-		-
	Utilities		19,401,963		19,401,963		-		-
	Total Common Stocks		651,293,889		651,191,345		102,544		-
	Short-Term Investments		9,898,638		-		9,898,638		-
	Derivatives:
	Equity Contracts
	Futures		95,398		95,398		-		-
	Total		$661,297,950		$651,286,743		$10,001,182		$10,025

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-142

PACIFIC SELECT FUND

SMALL-CAP VALUE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Basic Materials - 4.5%
AdvanSix, Inc.		77,850		$2,723,193
ATI, Inc. *		76,489		3,383,109
Haynes International, Inc.		70,461		3,580,828
HB Fuller Co.		37,392		2,673,902
				12,361,032
Communications - 2.8%
A10 Networks, Inc.		234,214		3,417,182
Casa Systems, Inc. *		391,021		477,046
Criteo SA ADR * (France)		116,533		3,931,824
				7,826,052
Consumer, Cyclical - 17.7%
Alaska Air Group, Inc. *		64,840		3,448,191
Blue Bird Corp. *		121,306		2,726,959
Citi Trends, Inc. *		84,469		1,491,723
Dana, Inc.		167,428		2,846,276
Dine Brands Global, Inc.		47,135		2,735,244
Genesco, Inc. *		72,710		1,820,658
Goodyear Tire & Rubber Co. *		269,414		3,685,584
H&E Equipment Services, Inc.		10,774		492,910
Hilton Grand Vacations, Inc. *		64,635		2,937,014
IMAX Corp. *		130,380		2,215,156
KB Home		67,331		3,481,686
Papa John’s International, Inc.		39,801		2,938,508
REV Group, Inc.		253,323		3,359,063
Sally Beauty Holdings, Inc. *		324,820		4,011,527
Shyft Group, Inc.		151,693		3,346,348
Six Flags Entertainment Corp. *		126,590		3,288,808
Taylor Morrison Home Corp. *		87,761		4,280,104
				49,105,759
Consumer, Non-Cyclical - 12.6%
Acadia Healthcare Co., Inc. *		49,239		3,921,394
Adtalem Global Education, Inc. *		97,096		3,334,277
Envista Holdings Corp. *		88,330		2,989,087
Hain Celestial Group, Inc. *		221,025		2,765,023
Herc Holdings, Inc.		31,540		4,316,249
ICF International, Inc.		25,000		3,109,750
Integra LifeSciences Holdings Corp. *		75,765		3,116,214
Korn Ferry		72,250		3,579,265
Nomad Foods Ltd. * (United Kingdom)		222,635		3,900,565
Pediatrix Medical Group, Inc. *		266,219		3,782,972
				34,814,796
Energy - 5.0%
ChampionX Corp.		135,140		4,194,746
HF Sinclair Corp.		54,520		2,432,137
Magnolia Oil & Gas Corp. Class A		205,203		4,288,743
Northern Oil & Gas, Inc.		83,200		2,855,424
				13,771,050
Financial - 27.2%
1st Source Corp.		62,540		2,622,302
Apartment Income REIT Corp.		74,310		2,681,848
Associated Banc-Corp.		190,946		3,099,054
Bank of Marin Bancorp		63,348		1,119,359
BankUnited, Inc.		83,815		1,806,213
Berkshire Hills Bancorp, Inc.		137,150		2,843,120
Broadstone Net Lease, Inc. REIT		190,154		2,935,978
Carter Bankshares, Inc. *		132,398		1,958,166
First BanCorp		326,928		3,995,060
First Busey Corp.		120,032		2,412,643
First Industrial Realty Trust, Inc. REIT		39,412		2,074,648
Hanover Insurance Group, Inc.		25,307		2,860,450
HarborOne Bancorp, Inc.		240,437		2,086,993

	Shares		Value
Heritage Financial Corp.		156,346		$2,528,115
Independent Bank Group, Inc.		45,704		1,578,159
Moelis & Co. Class A		73,620		3,337,931
National Storage Affiliates Trust REIT		57,593		2,005,964
NETSTREIT Corp. REIT		161,210		2,880,823
Nicolet Bankshares, Inc.		24,818		1,685,390
Pacific Premier Bancorp, Inc.		120,882		2,499,840
Peoples Bancorp, Inc.		60,213		1,598,655
Physicians Realty Trust REIT		213,730		2,990,083
Premier Financial Corp.		136,571		2,187,867
Sandy Spring Bancorp, Inc.		26,288		596,212
Selective Insurance Group, Inc.		36,141		3,467,729
STAG Industrial, Inc. REIT		132,195		4,743,157
Synovus Financial Corp.		52,623		1,591,846
Texas Capital Bancshares, Inc. *		69,497		3,579,095
TriCo Bancshares		77,809		2,583,259
WSFS Financial Corp.		79,877		3,012,960
				75,362,919
Industrial - 17.1%
ArcBest Corp.		45,750		4,520,100
Arcosa, Inc.		23,831		1,805,675
Belden, Inc.		33,561		3,210,110
Cactus, Inc. Class A		70,117		2,967,351
Dycom Industries, Inc. *		42,923		4,878,199
Fluor Corp. *		141,589		4,191,034
Great Lakes Dredge & Dock Corp. *		426,499		3,480,232
Heritage-Crystal Clean, Inc. *		103,859		3,924,832
Hillman Solutions Corp. *		363,787		3,277,721
Ichor Holdings Ltd. *		110,620		4,148,250
Masonite International Corp. *		23,949		2,453,335
Spirit AeroSystems Holdings, Inc. Class A		86,160		2,515,010
Star Bulk Carriers Corp. (Greece)		97,740		1,729,998
TTM Technologies, Inc. *		303,083		4,212,854
				47,314,701
Technology - 8.9%
ACI Worldwide, Inc. *		117,300		2,717,841
Amkor Technology, Inc.		114,550		3,407,862
Cohu, Inc. *		79,270		3,294,461
CommVault Systems, Inc. *		35,808		2,600,377
Crane NXT Co.		37,480		2,115,371
FormFactor, Inc. *		89,689		3,069,158
Kulicke & Soffa Industries, Inc. (Singapore)		50,014		2,973,332
Magnachip Semiconductor Corp. * (South Korea)		287,282		3,211,813
Unisys Corp. *		281,212		1,119,224
				24,509,439
Utilities - 3.0%
IDACORP, Inc.		41,700		4,278,420
Portland General Electric Co.		85,887		4,022,088
				8,300,508
Total Common Stocks (Cost $309,399,346)				273,366,256

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-143

PACIFIC SELECT FUND

SMALL-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.2%
Repurchase Agreements - 0.2%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $500,297; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $510,120)		$500,101		$500,101
Total Short-Term Investments (Cost $500,101)				500,101
TOTAL INVESTMENTS - 99.0% (Cost $309,899,447)				273,866,357
OTHER ASSETS & LIABILITIES, NET - 1.0%				2,789,684
NET ASSETS - 100.0%				$276,656,041

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	27.2%
Consumer, Cyclical	17.7%
Industrial	17.1%
Consumer, Non-Cyclical	12.6%
Technology	8.9%
Energy	5.0%
Basic Materials	4.5%
Utilities	3.0%
Others (each less than 3.0%)	3.0%
	99.0%
Other Assets & Liabilities, Net	1.0%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$273,366,256		$273,366,256		$-		$-
	Short-Term Investments		500,101		-		500,101		-
	Total		$273,866,357		$273,366,256		$500,101		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-144

PACIFIC SELECT FUND

VALUE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.4%
Consumer, Non-Cyclical - 0.4%
Henkel AG & Co. KGaA		49,588		$3,965,863
Total Preferred Stocks (Cost $3,314,479)				3,965,863
COMMON STOCKS - 96.4%
Basic Materials - 0.7%
Akzo Nobel NV (Netherlands)		93,075		7,609,176
Communications - 7.1%
Cisco Systems, Inc.		332,562		17,206,758
F5, Inc. *		91,236		13,344,177
Juniper Networks, Inc.		224,653		7,038,378
Verizon Communications, Inc.		565,852		21,044,036
Walt Disney Co. *		147,524		13,170,943
				71,804,292
Consumer, Cyclical - 4.9%
Dollar Tree, Inc. *		112,774		16,183,069
General Motors Co.		185,278		7,144,320
Southwest Airlines Co.		351,627		12,732,414
Walmart, Inc.		87,323		13,725,429
				49,785,232
Consumer, Non-Cyclical - 37.6%
Anheuser-Busch InBev SA (Belgium)		89,444		5,069,457
Automatic Data Processing, Inc.		49,507		10,881,144
Becton Dickinson & Co.		47,043		12,419,822
Cigna Group		41,935		11,766,961
Colgate-Palmolive Co.		267,231		20,587,476
Conagra Brands, Inc.		527,397		17,783,827
CVS Health Corp.		147,388		10,188,932
Henry Schein, Inc. *		204,706		16,601,657
Johnson & Johnson		312,790		51,773,001
Kenvue, Inc. *		160,374		4,237,081
Kimberly-Clark Corp.		130,980		18,083,099
Koninklijke Ahold Delhaize NV (Netherlands)		370,994		12,648,304
Medtronic PLC		466,483		41,097,152
Merck & Co., Inc.		79,407		9,162,774
Mondelez International, Inc. Class A		186,472		13,601,268
PepsiCo, Inc.		41,304		7,650,327
Pfizer, Inc.		235,722		8,646,283
Procter & Gamble Co.		69,883		10,604,046
Quest Diagnostics, Inc.		138,833		19,514,366
Roche Holding AG		36,753		11,226,935
Unilever PLC ADR (United Kingdom)		373,158		19,452,727
Universal Health Services, Inc. Class B		99,811		15,747,181
Zimmer Biomet Holdings, Inc.		227,657		33,146,859
				381,890,679
Energy - 7.5%
Baker Hughes Co.		365,860		11,564,835
Chevron Corp.		52,375		8,241,206
ConocoPhillips		86,588		8,971,383
Exxon Mobil Corp.		258,138		27,685,300
Shell PLC (Netherlands)		169,907		5,068,608
TotalEnergies SE ADR (France)		264,184		15,227,566
				76,758,898
Financial - 18.6%
Allstate Corp.		197,782		21,566,149
Ameriprise Financial, Inc.		18,115		6,017,078

	Shares		Value
Bank of New York Mellon Corp.		434,350		$19,337,262
Berkshire Hathaway, Inc. Class B *		132,697		45,249,677
BlackRock, Inc.		21,720		15,011,561
Charles Schwab Corp.		201,924		11,445,052
Chubb Ltd.		34,281		6,601,149
JPMorgan Chase & Co.		155,304		22,587,414
MetLife, Inc.		82,850		4,683,511
Northern Trust Corp.		93,612		6,940,394
Truist Financial Corp.		474,092		14,388,692
US Bancorp		452,639		14,955,193
				188,783,132
Industrial - 12.5%
Emerson Electric Co.		76,304		6,897,119
Norfolk Southern Corp.		42,567		9,652,493
nVent Electric PLC		254,191		13,134,049
Oshkosh Corp.		157,499		13,637,838
Packaging Corp. of America		101,784		13,451,773
Raytheon Technologies Corp.		300,426		29,429,731
Siemens AG (Germany)		45,635		7,607,394
Sonoco Products Co.		222,830		13,151,427
TE Connectivity Ltd.		84,969		11,909,255
United Parcel Service, Inc. Class B		42,955		7,699,684
				126,570,763
Technology - 1.0%
Texas Instruments, Inc.		58,718		10,570,414
Utilities - 6.5%
Duke Energy Corp.		198,434		17,807,467
Edison International		152,165		10,567,859
Eversource Energy		143,251		10,159,361
Pinnacle West Capital Corp.		121,406		9,889,733
Xcel Energy, Inc.		276,489		17,189,321
				65,613,741
Total Common Stocks (Cost $961,145,539)				979,386,327
EXCHANGE-TRADED FUNDS - 0.7%
iShares Russell 1000 Value		48,043		7,582,627
Total Exchange-Traded Funds (Cost $7,251,165)				7,582,627
	Principal Amount
SHORT-TERM INVESTMENTS - 1.9%
Repurchase Agreements - 1.9%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $19,083,350; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $19,457,490)		$19,075,879		19,075,879
Total Short-Term Investments (Cost $19,075,879)				19,075,879
TOTAL INVESTMENTS - 99.4% (Cost $990,787,062)				1,010,010,696
DERIVATIVES - 0.0%				60,601
OTHER ASSETS & LIABILITIES, NET - 0.6%				5,973,545
NET ASSETS - 100.0%				$1,016,044,842

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-145

PACIFIC SELECT FUND

VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	38.0%
Financial	18.6%
Industrial	12.5%
Energy	7.5%
Communications	7.1%
Utilities	6.5%
Consumer, Cyclical	4.9%
Others (each less than 3.0%)	4.3%
	99.4%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) Forward foreign currency contracts outstanding as of June 30, 2023 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
EUR	1,376,199	USD	1,515,044		09/23	BOA		$-		($6,905	)
EUR	1,184,121	USD	1,297,857		09/23	MSC		-		(212	)
USD	9,689,201	CHF	8,586,328		09/23	MSC		9,145		-
USD	11,890,793	EUR	10,837,625		09/23	BOA		14,142		-
USD	23,061,950	EUR	21,038,853		09/23	JPM		6,056		-
USD	11,891,671	EUR	10,837,625		09/23	MSC		15,019		-
USD	20,688,765	GBP	16,268,885		09/23	BOA		23,356		-
Total Forward Foreign Currency Contracts								$67,718		($7,117	)

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$3,965,863			$-		$3,965,863			$-
	Common Stocks
	Basic Materials		7,609,176			-		7,609,176			-
	Communications		71,804,292			71,804,292		-			-
	Consumer, Cyclical		49,785,232			49,785,232		-			-
	Consumer, Non-Cyclical		381,890,679			352,945,983		28,944,696			-
	Energy		76,758,898			71,690,290		5,068,608			-
	Financial		188,783,132			188,783,132		-			-
	Industrial		126,570,763			118,963,369		7,607,394			-
	Technology		10,570,414			10,570,414		-			-
	Utilities		65,613,741			65,613,741		-			-
	Total Common Stocks		979,386,327			930,156,453		49,229,874			-
	Exchange-Traded Funds		7,582,627			7,582,627		-			-
	Short-Term Investments		19,075,879			-		19,075,879			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		67,718			-		67,718			-
	Total Assets		1,010,078,414			937,739,080		72,339,334			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(7,117	)		-		(7,117	)		-
	Total Liabilities		(7,117	)		-		(7,117	)		-
	Total		$1,010,071,297			$937,739,080		$72,332,217			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-146

PACIFIC SELECT FUND

VALUE ADVANTAGE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Basic Materials - 0.6%
Axalta Coating Systems Ltd. *		135,858		$4,457,501
Communications - 6.6%
Alphabet, Inc. Class C *		46,189		5,587,484
Booking Holdings, Inc. *		2,624		7,085,666
CDW Corp.		13,786		2,529,731
Cisco Systems, Inc.		82,408		4,263,790
IAC, Inc. *		90,692		5,695,458
Liberty Broadband Corp. Class C *		60,882		4,877,257
Liberty Media Corp. - Liberty SiriusXM Class C *		189,281		6,195,167
Meta Platforms, Inc. Class A *		23,590		6,769,858
Nexstar Media Group, Inc.		12,924		2,152,492
T-Mobile US, Inc. *		24,128		3,351,379
Verizon Communications, Inc.		116,053		4,316,011
				52,824,293
Consumer, Cyclical - 6.8%
AutoZone, Inc. *		3,450		8,602,092
Bath & Body Works, Inc.		67,066		2,514,975
Best Buy Co., Inc.		45,634		3,739,706
Columbia Sportswear Co.		35,636		2,752,525
Dick’s Sporting Goods, Inc.		34,278		4,531,209
Dollar General Corp.		15,812		2,684,561
Home Depot, Inc.		15,584		4,841,014
Lowe’s Cos., Inc.		31,104		7,020,173
Murphy USA, Inc.		13,972		4,346,829
Newell Brands, Inc.		366,495		3,188,507
Ralph Lauren Corp.		49,145		6,059,578
Texas Roadhouse, Inc.		35,236		3,956,298
				54,237,467
Consumer, Non-Cyclical - 20.5%
AbbVie, Inc.		94,677		12,755,832
Albertsons Cos., Inc. Class A		210,707		4,597,627
AmerisourceBergen Corp.		69,091		13,295,181
Bristol-Myers Squibb Co.		238,042		15,222,786
Cigna Group		20,268		5,687,201
CVS Health Corp.		84,544		5,844,527
FleetCor Technologies, Inc. *		28,118		7,059,867
HCA Healthcare, Inc.		26,170		7,942,072
Henry Schein, Inc. *		45,251		3,669,856
Johnson & Johnson		76,348		12,637,121
Kenvue, Inc. *		119,121		3,147,177
Keurig Dr Pepper, Inc.		197,861		6,187,113
Kraft Heinz Co.		174,470		6,193,685
Laboratory Corp. of America Holdings		27,101		6,540,284
Medtronic PLC		46,241		4,073,832
Merck & Co., Inc.		51,771		5,973,856
Philip Morris International, Inc.		66,205		6,462,932
Post Holdings, Inc. *		71,104		6,161,162
Procter & Gamble Co.		60,808		9,227,006
Regeneron Pharmaceuticals, Inc. *		8,672		6,231,179
UnitedHealth Group, Inc.		11,058		5,314,917
Vertex Pharmaceuticals, Inc. *		13,407		4,718,057
Zimmer Biomet Holdings, Inc.		32,179		4,685,262
				163,628,532
Energy - 8.0%
Chevron Corp.		104,714		16,476,748
ConocoPhillips		134,964		13,983,620
Coterra Energy, Inc.		138,145		3,495,068
EOG Resources, Inc.		59,921		6,857,359
Kinder Morgan, Inc.		458,926		7,902,706
Phillips 66		68,983		6,579,598
Williams Cos., Inc.		246,228		8,034,420
				63,329,519

	Shares		Value
Financial - 33.5%
American Express Co.		36,246		$6,314,053
American Homes 4 Rent Class A REIT		163,751		5,804,973
Apple Hospitality REIT, Inc.		206,226		3,116,075
Bank of America Corp.		530,560		15,221,766
Berkshire Hathaway, Inc. Class B *		72,718		24,796,838
Brixmor Property Group, Inc. REIT		253,748		5,582,456
Capital One Financial Corp.		169,613		18,550,574
CBRE Group, Inc. Class A *		97,287		7,852,034
Charles Schwab Corp.		109,074		6,182,314
Chubb Ltd.		25,433		4,897,379
Citigroup, Inc.		87,400		4,023,896
Citizens Financial Group, Inc.		155,231		4,048,425
CNA Financial Corp.		72,299		2,792,187
Cullen/Frost Bankers, Inc.		18,140		1,950,594
EastGroup Properties, Inc. REIT		14,078		2,443,941
Fairfax Financial Holdings Ltd. (Canada)		6,270		4,695,598
Federal Realty Investment Trust REIT		48,285		4,672,539
First Citizens BancShares, Inc. Class A		3,838		4,925,881
Hartford Financial Services Group, Inc.		39,036		2,811,373
Kimco Realty Corp. REIT		407,283		8,031,621
Lamar Advertising Co. Class A REIT		48,946		4,857,891
Loews Corp.		231,506		13,746,826
M&T Bank Corp.		113,361		14,029,557
MGIC Investment Corp.		246,963		3,899,546
Mid-America Apartment Communities, Inc. REIT		43,050		6,537,573
Morgan Stanley		51,545		4,401,943
Northern Trust Corp.		60,828		4,509,788
PNC Financial Services Group, Inc.		51,239		6,453,552
Progressive Corp.		35,993		4,764,393
Public Storage REIT		22,785		6,650,486
Rayonier, Inc. REIT		182,948		5,744,567
Regions Financial Corp.		338,443		6,031,054
T Rowe Price Group, Inc.		38,308		4,291,262
Travelers Cos., Inc.		46,784		8,124,509
W R Berkley Corp.		63,801		3,799,988
Wells Fargo & Co.		402,957		17,198,205
Welltower, Inc. REIT		38,271		3,095,741
Weyerhaeuser Co. REIT		302,268		10,129,001
				266,980,399
Industrial - 14.8%
Carlisle Cos., Inc.		19,936		5,114,182
Dover Corp.		56,320		8,315,648
Eaton Corp. PLC		31,755		6,385,930
Energizer Holdings, Inc.		107,861		3,621,972
FedEx Corp.		27,391		6,790,229
Fortune Brands Innovations, Inc.		83,684		6,021,064
General Dynamics Corp.		28,183		6,063,572
Honeywell International, Inc.		28,873		5,991,148
ITT, Inc.		23,684		2,207,586
Martin Marietta Materials, Inc.		23,319		10,766,149
Middleby Corp. *		29,851		4,412,873
Mohawk Industries, Inc. *		49,874		5,145,002
Norfolk Southern Corp.		9,388		2,128,823
Northrop Grumman Corp.		9,494		4,327,365
Packaging Corp. of America		63,603		8,405,772
Raytheon Technologies Corp.		87,302		8,552,104
Silgan Holdings, Inc.		41,310		1,937,026
TD SYNNEX Corp.		48,054		4,517,076
Timken Co.		46,834		4,286,716
Union Pacific Corp.		30,561		6,253,392
Vulcan Materials Co.		14,583		3,287,592
Westrock Co.		104,079		3,025,577
				117,556,798

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-147

PACIFIC SELECT FUND

VALUE ADVANTAGE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Technology - 3.2%
Analog Devices, Inc.		20,082		$3,912,174
International Business Machines Corp.		29,552		3,954,353
Leidos Holdings, Inc.		30,597		2,707,223
NXP Semiconductors NV (China)		32,773		6,707,978
Texas Instruments, Inc.		47,703		8,587,494
				25,869,222
Utilities - 4.1%
Dominion Energy, Inc.		94,602		4,899,437
Edison International		64,535		4,481,956
Entergy Corp.		24,104		2,347,006
NextEra Energy, Inc.		68,483		5,081,439
PG&E Corp. *		348,369		6,019,816
Public Service Enterprise Group, Inc.		61,360		3,841,750
Xcel Energy, Inc.		95,658		5,947,058
				32,618,462
Total Common Stocks (Cost $627,883,336)				781,502,193
	Principal Amount
SHORT-TERM INVESTMENTS - 1.7%
Repurchase Agreements - 1.7%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $13,935,432; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $14,208,579)		$13,929,976		13,929,976
Total Short-Term Investments (Cost $13,929,976)				13,929,976
TOTAL INVESTMENTS - 99.8% (Cost $641,813,312)				795,432,169
OTHER ASSETS & LIABILITIES, NET - 0.2%				1,212,658
NET ASSETS - 100.0%				$796,644,827

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.5%
Consumer, Non-Cyclical	20.5%
Industrial	14.8%
Energy	8.0%
Consumer, Cyclical	6.8%
Communications	6.6%
Utilities	4.1%
Technology	3.2%
Others (each less than 3.0%)	2.3%
	99.8%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$781,502,193		$781,502,193		$-		$-
	Short-Term Investments		13,929,976		-		13,929,976		-
	Total		$795,432,169		$781,502,193		$13,929,976		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-148

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
WARRANTS - 0.1%
Switzerland - 0.1%
Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		535,142		$738,395
Total Warrants (Cost $0)				738,395
PREFERRED STOCKS - 0.6%
Brazil - 0.6%
Banco Bradesco SA		1,463,872		5,029,175
Total Preferred Stocks (Cost $5,299,300)				5,029,175
COMMON STOCKS - 94.9%
Australia - 0.6%
Glencore PLC *		826,231		4,684,629
Brazil - 5.8%
Ambev SA		5,568,721		17,921,973
Arezzo Industria e Comercio SA		33,200		548,249
B3 SA - Brasil Bolsa Balcao		2,122,900		6,477,501
NU Holdings Ltd. Class A *		1,498,809		11,825,603
Vale SA ADR		420,392		5,641,661
WEG SA		450,875		3,554,682
				45,969,669
Chile - 0.8%
Antofagasta PLC		49,901		927,981
Banco Santander Chile		111,873,673		5,293,995
				6,221,976
China - 25.6%
BeiGene Ltd. ADR *		38,202		6,811,417
H World Group Ltd. *		65,600		254,224
H World Group Ltd. ADR *		809,106		31,377,131
Meituan Class B * ~		526,172		8,250,859
MicroTech Medical Hangzhou Co. Ltd. Class H * ~		252,100		172,120
NetEase, Inc. ADR		300,503		29,055,635
New Horizon Health Ltd. * ~		503,000		1,768,290
PDD Holdings, Inc. ADR *		108,927		7,531,213
Silergy Corp.		102,000		1,270,633
Tencent Holdings Ltd.		688,625		29,198,506
Wuxi Biologics Cayman, Inc. * ~		1,268,500		6,096,475
Yum China Holdings, Inc.		802,831		45,359,952
Zai Lab Ltd. ADR *		104,780		2,905,549
ZTO Express Cayman, Inc.		83,177		2,087,579
ZTO Express Cayman, Inc. ADR		1,236,976		31,023,358
				203,162,941
France - 6.1%
L’Oreal SA		3,797		1,771,210
Pernod Ricard SA		172,810		38,186,634
TotalEnergies SE		142,960		8,206,565
				48,164,409
Hong Kong - 1.5%
AIA Group Ltd.		873,618		8,872,898
Hong Kong Exchanges & Clearing Ltd.		50,900		1,928,551
Hongkong Land Holdings Ltd.		206,900		809,030
				11,610,479
India - 18.1%
Havells India Ltd.		207,177		3,245,929
Housing Development Finance Corp. Ltd.		1,524,239		52,586,641

	Shares		Value
Kotak Mahindra Bank Ltd.		1,867,402		$42,116,404
Oberoi Realty Ltd.		555,150		6,678,018
Tata Consultancy Services Ltd.		968,655		39,140,748
				143,767,740
Indonesia - 0.8%
P.T. Bank Central Asia Tbk		10,364,200		6,356,344
Italy - 1.9%
Ermenegildo Zegna NV		224,367		2,844,973
PRADA SpA		1,825,400		12,281,731
				15,126,704
Japan - 0.5%
Daiichi Sankyo Co. Ltd.		121,200		3,851,040
Mexico - 11.0%
America Movil SAB de CV ADR *		666,798		14,429,509
Fomento Economico Mexicano SAB de CV		1,259,768		13,948,930
Grupo Mexico SAB de CV		8,487,006		40,860,791
Wal-Mart de Mexico SAB de CV		4,533,186		17,934,647
				87,173,877
Netherlands - 0.1%
Argenx SE ADR *		1,177		458,712
Peru - 1.0%
Credicorp Ltd.		53,753		7,936,093
Philippines - 1.1%
SM Investments Corp.		531,849		8,939,918
Portugal - 0.6%
Galp Energia SGPS SA		432,277		5,051,540
Russia - 0.0%
Novatek PJSC GDR (LI) * ~ W ±		258,603		1
Polyus PJSC GDR * ~ W ±		41,905		-
Sberbank of Russia PJSC * W ±		156,504		-
Yandex NV Class A * W ±		4,890		-
				1
South Africa - 0.6%
FirstRand Ltd.		1,360,419		4,957,067
South Korea - 7.1%
LG Chem Ltd.		43,712		22,252,107
LG H&H Co. Ltd.		5,787		2,022,356
Samsung Biologics Co. Ltd. * ~		23,411		13,254,780
Samsung Electronics Co. Ltd.		338,878		18,659,718
				56,188,961
Switzerland - 3.4%
Cie Financiere Richemont SA Class A		160,735		27,303,732
Taiwan - 8.1%
MediaTek, Inc.		31,000		686,211
Taiwan Semiconductor Manufacturing Co. Ltd.		3,462,376		63,961,568
				64,647,779
United Kingdom - 0.2%
AstraZeneca PLC ADR		16,823		1,204,022
Total Common Stocks (Cost $702,498,947)				752,777,633

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-149

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 4.4%
Repurchase Agreements - 4.4%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $34,713,141; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $35,393,571)		$34,699,550		$34,699,550
Total Short-Term Investments (Cost $34,699,550)				34,699,550
TOTAL INVESTMENTS - 100.0% (Cost $742,497,797)				793,244,753
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(61,606	)
NET ASSETS - 100.0%				$793,183,147

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	20.3%
Technology	19.1%
Consumer, Cyclical	17.4%
Consumer, Non-Cyclical	15.0%
Basic Materials	9.4%
Communications	7.5%
Industrial	5.2%
Short-Term Investments	4.4%
Others (each less than 3.0%)	1.7%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	25.6%
India	18.1%
Mexico	11.0%
Taiwan	8.1%
South Korea	7.1%
Brazil	6.4%
France	6.1%
United States (Includes Short-Term Investments)	4.4%
Switzerland	3.5%
Others (each less than 3.0%)	9.7%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(c) Investments with a total aggregate value of $1 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$738,395		$738,395		$-		$-
	Preferred Stocks		5,029,175		5,029,175		-		-
	Common Stocks
	Australia		4,684,629		-		4,684,629		-
	Brazil		45,969,669		45,969,669		-		-
	Chile		6,221,976		5,293,995		927,981		-
	China		203,162,941		154,236,375		48,926,566		-
	France		48,164,409		-		48,164,409		-
	Hong Kong		11,610,479		-		11,610,479		-
	India		143,767,740		-		143,767,740		-
	Indonesia		6,356,344		-		6,356,344		-
	Italy		15,126,704		2,844,973		12,281,731		-
	Japan		3,851,040		-		3,851,040		-
	Mexico		87,173,877		87,173,877		-		-
	Netherlands		458,712		458,712		-		-
	Peru		7,936,093		7,936,093		-		-
	Philippines		8,939,918		-		8,939,918		-
	Portugal		5,051,540		-		5,051,540		-
	Russia		1		-		-		1
	South Africa		4,957,067		-		4,957,067		-
	South Korea		56,188,961		-		56,188,961		-
	Switzerland		27,303,732		-		27,303,732		-
	Taiwan		64,647,779		-		64,647,779		-
	United Kingdom		1,204,022		1,204,022		-		-
	Total Common Stocks		752,777,633		305,117,716		447,659,916		1
	Short-Term Investments		34,699,550		-		34,699,550		-
	Total		$793,244,753		$310,885,286		$482,359,466		$1

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-150

PACIFIC SELECT FUND

INTERNATIONAL GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Australia - 2.0%
Brambles Ltd.		1,044,297		$10,041,512
Computershare Ltd.		346,135		5,401,785
				15,443,297
Canada - 7.6%
CAE, Inc. *		331,577		7,421,218
Canadian Pacific Kansas City Ltd.		248,212		20,048,072
Loblaw Cos. Ltd.		127,214		11,646,359
Shopify, Inc. Class A *		56,769		3,667,277
Suncor Energy, Inc.		310,218		9,099,884
Thomson Reuters Corp. *		54,557		7,365,977
				59,248,787
China - 1.7%
Tencent Holdings Ltd.		238,353		10,106,446
Zai Lab Ltd. *		399,800		1,099,998
Zai Lab Ltd. ADR *		74,040		2,053,129
				13,259,573
Denmark - 4.5%
Novo Nordisk AS Class B		213,575		34,500,841
France - 13.2%
Airbus SE		84,743		12,252,293
BNP Paribas SA		62,459		3,941,535
Edenred		58,000		3,885,093
EssilorLuxottica SA		32,924		6,208,485
Kering SA		21,915		12,101,445
L’Oreal SA		30,251		14,111,373
LVMH Moet Hennessy Louis Vuitton SE		30,852		29,090,728
Safran SA		101,168		15,854,006
Teleperformance		28,771		4,826,454
				102,271,412
Germany - 6.8%
Deutsche Boerse AG		69,217		12,778,457
Deutsche Telekom AG		906,342		19,775,026
SAP SE		146,515		20,015,038
				52,568,521
Hong Kong - 4.1%
AIA Group Ltd.		1,967,226		19,980,124
Hong Kong Exchanges & Clearing Ltd.		314,683		11,923,027
				31,903,151
Ireland - 0.7%
CRH PLC		104,620		5,771,607
Israel - 1.0%
Nice Ltd. ADR *		37,266		7,695,429
Italy - 1.1%
Intesa Sanpaolo SpA		3,293,116		8,633,729
Japan - 13.4%
Daiichi Sankyo Co. Ltd.		457,555		14,538,471
Keyence Corp.		32,315		15,354,680
MonotaRO Co. Ltd.		168,820		2,155,901
Nomura Research Institute Ltd.		55,000		1,519,509
Olympus Corp.		865,936		13,703,738
Recruit Holdings Co. Ltd.		188,164		6,005,315
Shiseido Co. Ltd.		242,009		10,970,202

	Shares		Value
Sony Group Corp.		240,592		$21,718,280
Tokyo Electron Ltd.		124,795		17,974,028
				103,940,124
Netherlands - 4.9%
Adyen NV * ~		6,590		11,411,692
Argenx SE *		17,357		6,769,153
ASML Holding NV		26,753		19,404,720
				37,585,565
New Zealand - 0.5%
Xero Ltd. *		52,127		4,176,412
Portugal - 2.2%
EDP - Energias de Portugal SA		3,517,391		17,191,830
Spain - 6.7%
Amadeus IT Group SA *		194,456		14,807,895
Cellnex Telecom SA ~		154,887		6,258,021
Iberdrola SA		705,970		9,219,124
Industria de Diseno Textil SA		553,022		21,450,505
				51,735,545
Sweden - 2.6%
Atlas Copco AB Class A		577,222		8,333,283
Sandvik AB		594,985		11,616,599
				19,949,882
Switzerland - 4.1%
Alcon, Inc.		191,215		15,863,648
Givaudan SA		2,187		7,254,149
Straumann Holding AG		51,368		8,352,742
				31,470,539
United Kingdom - 10.9%
3i Group PLC		315,810		7,827,963
Compass Group PLC		310,083		8,683,288
Diageo PLC		401,764		17,272,216
London Stock Exchange Group PLC		264,984		28,203,130
RELX PLC		292,069		9,743,620
Rentokil Initial PLC		1,589,450		12,427,439
				84,157,656
United States - 10.8%
Accenture PLC Class A		47,831		14,759,690
Haleon PLC		2,864,904		11,758,898
Linde PLC		33,926		12,928,520
Nestle SA		248,067		29,840,357
Roche Holding AG		36,139		11,039,377
SolarEdge Technologies, Inc. *		12,277		3,303,127
				83,629,969
Total Common Stocks (Cost $761,904,523)				765,133,869
TOTAL INVESTMENTS - 98.8% (Cost $761,904,523)				765,133,869
OTHER ASSETS & LIABILITIES, NET - 1.2%				9,511,049
NET ASSETS - 100.0%				$774,644,918

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-151

PACIFIC SELECT FUND

INTERNATIONAL GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	35.9%
Industrial	13.3%
Financial	12.0%
Consumer, Cyclical	12.0%
Technology	11.4%
Communications	6.6%
Utilities	3.4%
Others (each less than 3.0%)	4.2%
	98.8%
Other Assets & Liabilities, Net	1.2%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	13.4%
France	13.2%
United Kingdom	10.9%
United States	10.8%
Canada	7.6%
Germany	6.8%
Spain	6.7%
Netherlands	4.8%
Denmark	4.5%
Hong Kong	4.1%
Switzerland	4.1%
Others (each less than 3.0%)	11.9%
	98.8%
Other Assets & Liabilities, Net	1.2%
	100.0%

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$15,443,297		$-		$15,443,297		$-
	Canada		59,248,787		59,248,787		-		-
	China		13,259,573		2,053,129		11,206,444		-
	Denmark		34,500,841		-		34,500,841		-
	France		102,271,412		-		102,271,412		-
	Germany		52,568,521		-		52,568,521		-
	Hong Kong		31,903,151		-		31,903,151		-
	Ireland		5,771,607		-		5,771,607		-
	Israel		7,695,429		7,695,429		-		-
	Italy		8,633,729		-		8,633,729		-
	Japan		103,940,124		-		103,940,124		-
	Netherlands		37,585,565		-		37,585,565		-
	New Zealand		4,176,412		-		4,176,412		-
	Portugal		17,191,830		-		17,191,830		-
	Spain		51,735,545		-		51,735,545		-
	Sweden		19,949,882		-		19,949,882		-
	Switzerland		31,470,539		-		31,470,539		-
	United Kingdom		84,157,656		-		84,157,656		-
	United States		83,629,969		30,991,337		52,638,632		-
	Total Common Stocks		765,133,869		99,988,682		665,145,187		-
	Total		$765,133,869		$99,988,682		$665,145,187		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-152

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Australia - 0.8%
Rio Tinto PLC		124,332		$7,901,254
Belgium - 0.6%
KBC Group NV		88,811		6,199,078
Canada - 3.7%
Canadian National Railway Co.		107,908		13,064,422
Intact Financial Corp.		45,165		6,973,428
Suncor Energy, Inc.		191,530		5,618,310
Toronto-Dominion Bank		166,869		10,342,792
				35,998,952
China - 2.2%
NetEase, Inc.		374,600		7,255,592
Tencent Holdings Ltd.		194,223		8,235,283
Yum China Holdings, Inc.		103,433		5,843,964
				21,334,839
Denmark - 2.9%
Carlsberg AS Class B		54,791		8,773,745
Novo Nordisk AS Class B		119,127		19,243,740
				28,017,485
France - 16.2%
Air Liquide SA		157,546		28,253,527
Capgemini SE		102,363		19,381,676
Cie de Saint-Gobain		169,655		10,329,675
Cie Generale des Etablissements Michelin SCA		205,832		6,088,783
Dassault Systemes SE		126,700		5,614,198
Engie SA		805,294		13,410,499
EssilorLuxottica SA		79,908		15,068,268
L’Oreal SA		17,814		8,309,808
Legrand SA		89,609		8,889,558
LVMH Moet Hennessy Louis Vuitton SE		27,670		26,090,381
Pernod Ricard SA		73,902		16,330,471
				157,766,844
Germany - 9.2%
Bayer AG		235,520		13,037,218
Beiersdorf AG		134,155		17,765,281
Deutsche Boerse AG		93,654		17,289,879
Merck KGaA		87,113		14,419,801
MTU Aero Engines AG		24,581		6,375,551
SAP SE		149,461		20,417,484
				89,305,214
Hong Kong - 2.8%
AIA Group Ltd.		1,867,607		18,968,344
Prudential PLC		579,926		8,190,518
				27,158,862
India - 2.0%
HDFC Bank Ltd.		241,510		5,012,009
Housing Development Finance Corp. Ltd.		216,216		7,459,508
Tata Consultancy Services Ltd.		164,270		6,637,710
				19,109,227
Ireland - 1.2%
Ryanair Holdings PLC ADR *		107,244		11,861,186
Israel - 1.2%
Check Point Software Technologies Ltd. *		92,002		11,557,291

	Shares		Value
Italy - 2.4%
Eni SpA		754,984		$10,869,041
Intesa Sanpaolo SpA		4,978,340		13,051,967
				23,921,008
Japan - 14.5%
Daikin Industries Ltd.		79,800		16,351,443
Denso Corp.		181,700		12,256,047
Hitachi Ltd.		349,900		21,755,558
Hoya Corp.		94,400		11,296,487
Koito Manufacturing Co. Ltd.		312,200		5,665,537
Kose Corp.		62,000		5,960,021
Kubota Corp.		239,000		3,498,690
Kyocera Corp.		190,900		10,377,717
Mitsubishi Electric Corp.		369,200		5,219,322
Olympus Corp.		548,900		8,686,533
Shin-Etsu Chemical Co. Ltd.		171,600		5,734,517
SMC Corp.		19,300		10,726,203
Sony Group Corp.		153,900		13,892,579
Terumo Corp.		305,200		9,720,513
				141,141,167
Netherlands - 3.3%
Akzo Nobel NV		148,156		12,112,222
ING Groep NV		1,058,975		14,276,670
Randstad NV		101,213		5,337,945
				31,726,837
Portugal - 0.6%
Galp Energia SGPS SA		539,084		6,299,675
Singapore - 1.1%
DBS Group Holdings Ltd.		455,514		10,637,513
South Korea - 0.5%
Samsung Electronics Co. Ltd.		94,455		5,200,998
Spain - 1.1%
Amadeus IT Group SA *		141,836		10,800,863
Switzerland - 8.8%
Cie Financiere Richemont SA Class A		124,455		21,140,921
Julius Baer Group Ltd.		114,620		7,233,386
Novartis AG		149,747		15,097,404
Sika AG		26,040		7,457,871
Sonova Holding AG		27,262		7,274,516
UBS Group AG (XVTX)		678,985		13,762,118
Zurich Insurance Group AG		28,521		13,567,115
				85,533,331
Taiwan - 1.3%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		121,401		12,251,789
United Kingdom - 8.7%
Compass Group PLC		768,043		21,507,592
Diageo PLC		303,568		13,050,676
London Stock Exchange Group PLC		114,857		12,224,613
Reckitt Benckiser Group PLC		106,286		7,987,474
RELX PLC		452,576		15,098,228
Rolls-Royce Holdings PLC *		3,469,866		6,672,557
Tesco PLC		2,535,245		7,997,538
				84,538,678

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-153

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
United States - 12.6%
Experian PLC		411,153		$15,780,453
Linde PLC		37,903		14,444,075
Nestle SA		262,721		31,603,109
QIAGEN NV *		208,601		9,376,611
Roche Holding AG		79,171		24,184,358
Schneider Electric SE		151,692		27,558,891
				122,947,497
Total Common Stocks (Cost $757,640,901)				951,209,588
	Principal Amount
SHORT-TERM INVESTMENTS - 1.2%
Repurchase Agreements - 1.2%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $11,289,126; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $11,510,466)		$11,284,706		11,284,706
Total Short-Term Investments (Cost $11,284,706)				11,284,706
TOTAL INVESTMENTS - 98.9% (Cost $768,925,607)				962,494,294
OTHER ASSETS & LIABILITIES, NET - 1.1%				10,870,367
NET ASSETS - 100.0%				$973,364,661

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	30.9%
Financial	17.0%
Industrial	16.4%
Consumer, Cyclical	12.8%
Technology	9.1%
Basic Materials	7.0%
Others (each less than 3.0%)	5.7%
	98.9%
Other Assets & Liabilities, Net	1.1%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

France	16.2%
Japan	14.5%
United States (Includes Short-Term Investments)	13.8%
Germany	9.2%
Switzerland	8.8%
United Kingdom	8.7%
Canada	3.7%
Netherlands	3.3%
Others (each less than 3.0%)	20.7%
	98.9%
Other Assets & Liabilities, Net	1.1%
	100.0%

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$7,901,254		$-		$7,901,254		$-
	Belgium		6,199,078		-		6,199,078		-
	Canada		35,998,952		35,998,952		-		-
	China		21,334,839		5,843,964		15,490,875		-
	Denmark		28,017,485		-		28,017,485		-
	France		157,766,844		-		157,766,844		-
	Germany		89,305,214		-		89,305,214		-
	Hong Kong		27,158,862		-		27,158,862		-
	India		19,109,227		-		19,109,227		-
	Ireland		11,861,186		11,861,186		-		-
	Israel		11,557,291		11,557,291		-		-
	Italy		23,921,008		-		23,921,008		-
	Japan		141,141,167		-		141,141,167		-
	Netherlands		31,726,837		-		31,726,837		-
	Portugal		6,299,675		-		6,299,675		-
	Singapore		10,637,513		-		10,637,513		-
	South Korea		5,200,998		-		5,200,998		-
	Spain		10,800,863		-		10,800,863		-
	Switzerland		85,533,331		-		85,533,331		-
	Taiwan		12,251,789		12,251,789		-		-
	United Kingdom		84,538,678		-		84,538,678		-
	United States		122,947,497		14,444,075		108,503,422		-
	Total Common Stocks		951,209,588		91,957,257		859,252,331		-
	Short-Term Investments		11,284,706		-		11,284,706		-
	Total		$962,494,294		$91,957,257		$870,537,037		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-154

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 94.5%
Australia - 3.4%
EBOS Group Ltd.		41,460		$936,772
GUD Holdings Ltd.		222,643		1,314,870
Imdex Ltd.		998,017		1,261,428
Inghams Group Ltd.		1,045,045		1,829,839
Nanosonics Ltd. *		303,498		965,294
Servcorp Ltd.		189,984		379,674
SomnoMed Ltd. *		361,595		230,383
				6,918,260
Austria - 1.8%
Mayr Melnhof Karton AG		12,500		1,832,559
Strabag SE		15,800		642,226
Wienerberger AG		40,900		1,251,974
				3,726,759
Belgium - 1.4%
Econocom Group SA NV		327,600		948,727
Fagron		116,200		1,956,572
				2,905,299
Brazil - 1.9%
Atacadao SA		319,200		746,635
Hypera SA		184,042		1,768,467
LOG Commercial Properties e Participacoes SA		267,295		1,305,716
				3,820,818
Canada - 2.7%
CCL Industries, Inc. Class B		32,500		1,597,584
ECN Capital Corp.		147,500		297,283
North West Co., Inc.		52,300		1,239,645
Open Text Corp.		40,700		1,692,825
Parkland Corp.		25,300		630,232
				5,457,569
Cayman - 0.2%
Patria Investments Ltd. Class A		25,300		361,790
China - 3.5%
Best Pacific International Holdings Ltd.		2,187,726		298,732
Far East Horizon Ltd.		1,957,657		1,552,909
Precision Tsugami China Corp. Ltd.		1,039,972		1,116,152
Qingdao Port International Co. Ltd. Class H ~		2,599,372		1,427,175
Shenzhen YUTO Packaging Technology Co. Ltd. Class A		357,016		1,200,314
TravelSky Technology Ltd. Class H		630,128		1,073,452
Xingda International Holdings Ltd.		2,210,865		398,241
				7,066,975
Denmark - 0.6%
Spar Nord Bank AS		76,315		1,194,353
Finland - 1.4%
Huhtamaki OYJ		42,200		1,384,942
Nanoform Finland PLC *		81,300		169,445
Rovio Entertainment OYJ ~		123,600		1,231,385
				2,785,772
France - 3.3%
Altarea SCA REIT		9,300		1,032,868
Antin Infrastructure Partners SA		31,100		504,973
ARGAN SA REIT		13,041		968,165
Elior Group SA * ~		283,000		810,423
Lectra		27,600		822,007
Maisons du Monde SA ~		93,000		936,523
Thermador Groupe		18,700		1,681,409
				6,756,368

	Shares		Value
Germany - 4.6%
DWS Group GmbH & Co. KGaA ~		25,300		$774,848
JOST Werke SE ~		28,000		1,516,971
Norma Group SE		37,873		700,920
Rheinmetall AG		6,570		1,799,866
Stabilus SE		18,100		1,088,031
Takkt AG		81,900		1,244,021
Talanx AG *		37,500		2,152,895
				9,277,552
Greece - 0.9%
Mytilineos SA		51,700		1,825,286
Hong Kong - 1.7%
ASMPT Ltd.		178,256		1,761,089
Sino Land Co. Ltd.		953,514		1,173,878
WH Group Ltd. ~		883,000		470,263
				3,405,230
Hungary - 1.1%
Richter Gedeon Nyrt		88,586		2,186,974
Indonesia - 0.9%
P.T. Avia Avian Tbk		15,679,383		695,467
P.T. Selamat Sempurna Tbk		9,767,100		1,140,065
				1,835,532
Ireland - 2.2%
AerCap Holdings NV *		18,387		1,167,942
Dalata Hotel Group PLC *		250,600		1,270,672
Irish Residential Properties REIT PLC REIT ◇		1,146,000		1,196,806
Mincon Group PLC		818,000		910,454
				4,545,874
Italy - 1.2%
Banca Generali SpA		30,700		1,056,197
Recordati Industria Chimica e Farmaceutica SpA		29,700		1,418,851
				2,475,048
Japan - 21.4%
Amano Corp.		68,300		1,441,608
ASKUL Corp.		98,600		1,372,221
Capcom Co. Ltd.		31,900		1,264,530
Daiichikosho Co. Ltd.		47,900		845,105
Daikyonishikawa Corp.		189,215		1,042,787
Daiwa Industries Ltd.		77,400		744,532
Dexerials Corp.		47,700		1,047,859
Dip Corp.		36,500		911,724
GMO internet group, Inc.		78,000		1,498,154
Inaba Denki Sangyo Co. Ltd.		56,400		1,286,778
Isuzu Motors Ltd.		102,500		1,243,451
Kamigumi Co. Ltd.		62,000		1,405,783
Lixil Corp.		68,700		874,421
Maruwa Co. Ltd.		10,000		1,553,044
Meitec Corp.		69,200		1,194,036
Minebea Mitsumi, Inc.		74,000		1,403,532
Mitani Corp.		71,400		675,711
Nishimoto Co. Ltd.		36,419		1,184,190
NOF Corp.		37,300		1,602,368
NSD Co. Ltd.		82,700		1,662,684
PALTAC Corp.		43,300		1,439,613
Park24 Co. Ltd. *		53,200		723,107
Persol Holdings Co. Ltd.		48,600		879,553
Relo Group, Inc.		75,000		1,024,104
Renesas Electronics Corp. *		156,400		2,951,629
Roland Corp.		48,000		1,383,729
S Foods, Inc.		82,300		1,798,493
San-Ai Obbli Co. Ltd.		107,700		1,139,954
Ship Healthcare Holdings, Inc.		103,100		1,705,611

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-155

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
SUMCO Corp.		89,000		$1,262,660
TechnoPro Holdings, Inc.		55,300		1,203,013
TIS, Inc.		49,000		1,227,711
TKC Corp.		24,700		668,323
Tsuruha Holdings, Inc.		25,700		1,914,085
				43,576,103
Mexico - 2.7%
Bolsa Mexicana de Valores SAB de CV		815,759		1,692,806
Gruma SAB de CV Class B		122,366		1,964,347
Grupo Comercial Chedraui SA de CV		311,300		1,777,013
				5,434,166
Netherlands - 1.4%
Acomo NV		69,100		1,651,302
Arcadis NV		28,900		1,208,722
				2,860,024
Norway - 1.2%
Europris ASA ~		261,400		1,743,007
SpareBank 1 SMN		59,188		778,142
				2,521,149
Peru - 0.6%
Intercorp Financial Services, Inc.		50,995		1,266,716
Philippines - 1.6%
Century Pacific Food, Inc.		4,041,055		1,874,130
Robinsons Land Corp.		5,189,749		1,345,786
				3,219,916
Singapore - 1.6%
Hour Glass Ltd.		604,682		895,419
HRnetgroup Ltd.		1,787,935		979,261
Mapletree Industrial Trust REIT		836,869		1,369,112
				3,243,792
South Korea - 2.0%
Hyundai Marine & Fire Insurance Co. Ltd.		34,854		822,376
Soulbrain Co. Ltd.		9,900		1,900,712
Vitzrocell Co. Ltd.		80,600		1,389,975
				4,113,063
Spain - 4.0%
Cia de Distribucion Integral Logista Holdings SA		88,300		2,381,128
CIE Automotive SA		57,100		1,747,083
Grupo Catalana Occidente SA		55,700		1,713,210
Indra Sistemas SA		59,800		756,513
Prosegur Cia de Seguridad SA		479,800		852,058
Viscofan SA		10,700		739,581
				8,189,573
Sweden - 1.4%
Granges AB		143,000		1,364,683
Hexpol AB		111,900		1,188,149
Nordnet AB publ		27,300		365,759
				2,918,591
Taiwan - 3.1%
International Games System Co. Ltd. Class C		100,350		1,999,775
Sporton International, Inc.		152,990		1,250,728
Test Research, Inc.		454,727		883,321
Tripod Technology Corp.		279,609		1,109,728
Yageo Corp.		68,964		1,092,556
				6,336,108
Thailand - 0.5%
Star Petroleum Refining PCL		4,310,277		981,156

	Shares		Value
United Kingdom - 15.4%
Ashtead Technology Holdings PLC		389,500		$1,889,619
B&M European Value Retail SA		313,333		2,219,125
Bodycote PLC		128,844		1,048,880
DCC PLC		9,400		525,850
Direct Line Insurance Group PLC		450,000		778,039
Grainger PLC		534,688		1,542,809
Harbour Energy PLC		263,590		766,212
Hiscox Ltd.		126,770		1,757,551
Indivior PLC *		30,000		694,563
Informa PLC		206,198		1,903,861
J D Wetherspoon PLC *		133,814		1,142,871
JET2 PLC		96,980		1,534,745
John Wood Group PLC *		724,168		1,247,635
Lancashire Holdings Ltd.		304,885		2,240,748
LSL Property Services PLC		267,604		951,599
On the Beach Group PLC * ~		666,849		814,714
Pets at Home Group PLC		207,100		990,521
Premier Foods PLC		806,100		1,304,253
Rathbones Group PLC		25,300		598,689
Sabre Insurance Group PLC ~		774,986		1,332,650
Savills PLC		101,685		1,099,075
Tate & Lyle PLC		219,096		2,020,108
Vistry Group PLC		110,296		925,201
WH Smith PLC		103,354		2,037,830
				31,367,148
United States - 4.8%
Adient PLC *		29,800		1,141,936
Adtalem Global Education, Inc. *		35,800		1,229,372
Antero Resources Corp. *		52,341		1,205,413
GCC SAB de CV		254,110		2,177,237
GrafTech International Ltd.		144,691		729,243
Impro Precision Industries Ltd. ~		1,709,821		552,354
Ovintiv, Inc.		25,300		963,171
RHI Magnesita NV		54,500		1,835,581
				9,834,307
Total Common Stocks (Cost $201,590,323)				192,407,271
EXCHANGE-TRADED FUNDS - 2.9%
iShares MSCI India		135,700		5,930,090
Total Exchange-Traded Funds (Cost $6,422,928)				5,930,090

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-156

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 1.0%
Repurchase Agreements - 1.0%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $2,033,378; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $2,073,240)		$2,032,582		$2,032,582
Total Short-Term Investments (Cost $2,032,582)				2,032,582
TOTAL INVESTMENTS - 98.4% (Cost $210,045,833)				200,369,943
OTHER ASSETS & LIABILITIES, NET - 1.6%				3,159,172
NET ASSETS - 100.0%				$203,529,115

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Industrial	20.7%
Consumer, Non-Cyclical	20.4%
Consumer, Cyclical	17.5%
Financial	16.9%
Technology	8.6%
Energy	4.6%
Others (each less than 3.0%)	9.7%
	98.4%
Other Assets & Liabilities, Net	1.6%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	21.4%
United Kingdom	15.4%
United States (Includes Short-Term Investments)	5.8%
Germany	4.6%
Spain	4.0%
China	3.5%
Australia	3.4%
France	3.3%
Taiwan	3.1%
Others (each less than 3.0%)	33.9%
	98.4%
Other Assets & Liabilities, Net	1.6%
	100.0%

(c) Restricted securities as of June 30, 2023 were as follows

Issuer and Acquisition Date	Cost		Value		Value as a % of Net Assets
Irish Residential Properties REIT PLC Acq 10/20/21		$2,015,063		$1,196,806		0.6%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-157

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$6,918,260		$379,674		$6,538,586		$-
	Austria		3,726,759		642,226		3,084,533		-
	Belgium		2,905,299		-		2,905,299		-
	Brazil		3,820,818		3,820,818		-		-
	Canada		5,457,569		5,457,569		-		-
	Cayman		361,790		361,790		-		-
	China		7,066,975		1,414,884		5,652,091		-
	Denmark		1,194,353		-		1,194,353		-
	Finland		2,785,772		1,400,830		1,384,942		-
	France		6,756,368		2,186,382		4,569,986		-
	Germany		9,277,552		1,244,021		8,033,531		-
	Greece		1,825,286		-		1,825,286		-
	Hong Kong		3,405,230		-		3,405,230		-
	Hungary		2,186,974		-		2,186,974		-
	Indonesia		1,835,532		1,835,532		-		-
	Ireland		4,545,874		2,078,396		2,467,478		-
	Italy		2,475,048		-		2,475,048		-
	Japan		43,576,103		-		43,576,103		-
	Mexico		5,434,166		5,434,166		-		-
	Netherlands		2,860,024		1,651,302		1,208,722		-
	Norway		2,521,149		-		2,521,149		-
	Peru		1,266,716		1,266,716		-		-
	Philippines		3,219,916		1,874,130		1,345,786		-
	Singapore		3,243,792		-		3,243,792		-
	South Korea		4,113,063		-		4,113,063		-
	Spain		8,189,573		-		8,189,573		-
	Sweden		2,918,591		-		2,918,591		-
	Taiwan		6,336,108		-		6,336,108		-
	Thailand		981,156		-		981,156		-
	United Kingdom		31,367,148		13,843,074		17,524,074		-
	United States		9,834,307		9,281,953		552,354		-
	Total Common Stocks		192,407,271		54,173,463		138,233,808		-
	Exchange-Traded Funds		5,930,090		5,930,090		-		-
	Short-Term Investments		2,032,582		-		2,032,582		-
	Total		$200,369,943		$60,103,553		$140,266,390		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-158

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 1.4%
Brazil - 0.7%
Raizen SA		6,304,400		$5,793,275
Germany - 0.7%
Henkel AG & Co. KGaA		82,939		6,633,152
Total Preferred Stocks (Cost $10,206,211)				12,426,427
COMMON STOCKS - 94.9%
Austria - 1.9%
ams-OSRAM AG *		390,694		2,815,684
Erste Group Bank AG		229,087		8,035,882
Mondi PLC		370,572		5,653,597
				16,505,163
Belgium - 1.1%
Ageas SA		154,121		6,247,947
Proximus SADP		458,212		3,417,006
				9,664,953
Brazil - 3.4%
Atacadao SA		1,768,747		4,137,247
Banco Bradesco SA ADR		2,872,279		9,938,085
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		380,173		4,491,539
Telefonica Brasil SA		781,705		7,064,111
Ultrapar Participacoes SA		976,641		3,852,961
				29,483,943
Burkina Faso - 0.3%
Endeavour Mining PLC		122,750		2,941,923
Canada - 1.6%
ARC Resources Ltd.		246,571		3,288,854
Barrick Gold Corp. (TSE)		428,165		7,243,010
Cameco Corp. (NYSE)		96,012		3,008,056
				13,539,920
China - 0.7%
Alibaba Group Holding Ltd. *		274,360		2,856,040
Baidu, Inc. Class A *		60,960		1,039,719
Dongfeng Motor Group Co. Ltd. Class H		5,169,272		2,369,471
				6,265,230
Finland - 1.4%
Nokia OYJ (OMXH)		1,609,270		6,742,609
Wartsila OYJ Abp		466,608		5,261,463
				12,004,072
France - 11.1%
AXA SA		444,748		13,142,892
BNP Paribas SA		166,274		10,492,880
Carrefour SA		346,513		6,566,669
Cie de Saint-Gobain		153,387		9,339,176
Dassault Aviation SA		9,195		1,842,228
Engie SA		833,456		13,879,479
Orange SA		734,670		8,585,681
Renault SA		145,438		6,136,548
Societe Generale SA		305,705		7,950,241
TotalEnergies SE		295,912		16,986,717
				94,922,511
Germany - 5.5%
CECONOMY AG *		410,556		1,032,080
Continental AG		66,764		5,044,048

	Shares		Value
Daimler Truck Holding AG		292,786		$10,552,630
Evonik Industries AG		277,181		5,281,620
Fresenius SE & Co. KGaA		277,426		7,694,900
Heidelberg Materials AG		142,433		11,713,495
Mercedes-Benz Group AG		67,616		5,442,500
				46,761,273
Hong Kong - 1.2%
CK Asset Holdings Ltd.		1,081,694		6,010,710
WH Group Ltd. ~		7,958,100		4,238,275
				10,248,985
India - 0.8%
Canara Bank		1,142,828		4,219,278
Oil & Natural Gas Corp. Ltd.		1,280,312		2,506,046
				6,725,324
Indonesia - 0.5%
P.T. Bank Mandiri Persero Tbk		11,722,624		4,079,558
Ireland - 1.3%
AIB Group PLC		1,249,891		5,260,290
Bank of Ireland Group PLC		604,471		5,771,149
				11,031,439
Italy - 4.4%
Assicurazioni Generali SpA		33,411		679,445
BPER Banca		1,815,179		5,518,848
Eni SpA		934,408		13,452,098
UniCredit SpA		776,466		18,055,605
				37,705,996
Japan - 23.9%
Alfresa Holdings Corp.		213,880		3,199,433
Alps Alpine Co. Ltd.		267,546		2,349,028
Amada Co. Ltd.		383,890		3,787,406
Dai-ichi Life Holdings, Inc.		394,085		7,495,454
DeNA Co. Ltd.		203,351		2,647,955
Eisai Co. Ltd.		42,154		2,856,947
Fuji Media Holdings, Inc.		134,872		1,414,601
Hakuhodo DY Holdings, Inc.		237,640		2,508,498
Hino Motors Ltd. *		544,498		2,314,223
Honda Motor Co. Ltd.		379,370		11,492,581
Inpex Corp.		497,996		5,471,213
Isuzu Motors Ltd.		515,711		6,256,211
Japan Airlines Co. Ltd.		219,277		4,754,683
JGC Holdings Corp.		289,980		3,770,442
Kirin Holdings Co. Ltd.		470,347		6,868,328
Makita Corp.		256,398		7,247,414
Mitsubishi Estate Co. Ltd.		483,237		5,741,007
Mitsubishi Gas Chemical Co., Inc.		88,600		1,290,661
Mitsubishi UFJ Financial Group, Inc.		1,732,593		12,771,071
MS&AD Insurance Group Holdings, Inc.		249,155		8,823,147
Nikon Corp.		387,622		5,032,450
Nippon Television Holdings, Inc.		252,407		2,404,458
Nissan Motor Co. Ltd.		1,856,018		7,617,342
Nomura Holdings, Inc.		772,277		2,944,318
Ono Pharmaceutical Co. Ltd.		282,920		5,104,847
Resona Holdings, Inc.		1,355,895		6,491,988
Stanley Electric Co. Ltd.		216,546		4,388,553
Subaru Corp.		349,708		6,586,318
Sumitomo Electric Industries Ltd.		549,543		6,733,101
Sumitomo Heavy Industries Ltd.		165,981		3,975,473
Sumitomo Mitsui Trust Holdings, Inc.		248,507		8,815,926
Sumitomo Rubber Industries Ltd.		320,697		3,117,223
T&D Holdings, Inc.		808,846		11,862,401
Taiheiyo Cement Corp.		164,091		3,244,147
Takeda Pharmaceutical Co. Ltd.		223,398		7,019,734
THK Co. Ltd.		221,059		4,550,012
Tsuruha Holdings, Inc.		59,926		4,463,169
Yamato Holdings Co. Ltd.		411,607		7,460,709
				204,872,472

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-159

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Luxembourg - 0.4%
RTL Group SA *		79,048		$3,164,358
Malaysia - 0.4%
CIMB Group Holdings Bhd		3,205,787		3,479,779
Mexico - 0.3%
Fresnillo PLC		344,913		2,676,358
Netherlands - 7.3%
ABN AMRO Bank NV GDR ~		594,192		9,235,673
ING Groep NV		710,417		9,577,553
Koninklijke Philips NV *		497,497		10,779,589
NN Group NV		180,280		6,673,544
Shell PLC		874,845		26,098,082
				62,364,441
Norway - 0.1%
Norsk Hydro ASA		156,860		935,083
Russia - 0.1%
Gazprom PJSC * W ±		340,336		-
Gazprom PJSC ADR (OTC) * W ±		143,066		-
LUKOIL PJSC ADR (OTC) * W ±		24,064		-
Mobile TeleSystems PJSC ADR * W ±		327,186		-
Sberbank of Russia PJSC * W ±		927,996		-
VEON Ltd. ADR *		60,476		1,236,130
				1,236,130
South Africa - 1.2%
Anglo American PLC		188,223		5,359,365
MTN Group Ltd.		138,256		1,015,814
Old Mutual Ltd.		5,668,529		3,650,266
				10,025,445
South Korea - 4.3%
Coway Co. Ltd.		87,371		2,919,637
Hankook Tire & Technology Co. Ltd.		121,307		3,182,585
Hyundai Mobis Co. Ltd.		44,413		7,863,184
KB Financial Group, Inc. *		240,693		8,735,874
KT Corp. ADR		555,112		6,272,766
Shinhan Financial Group Co. Ltd.		303,539		7,847,152
				36,821,198
Spain - 0.4%
CaixaBank SA (SIBE)		778,788		3,225,984
Sweden - 1.8%
SKF AB Class B		469,863		8,187,598
Telefonaktiebolaget LM Ericsson Class B		1,280,391		6,956,744
				15,144,342
Switzerland - 5.6%
Adecco Group AG		216,652		7,095,645
Novartis AG		188,460		19,000,425
Swatch Group AG		23,767		6,949,282
UBS Group AG (XVTX)		739,275		14,984,116
				48,029,468
Taiwan - 1.0%
Catcher Technology Co. Ltd.		702,409		3,963,083
Hon Hai Precision Industry Co. Ltd.		1,349,870		4,907,773
				8,870,856

	Shares		Value
Thailand - 0.9%
Kasikornbank PCL		1,873,553		$6,887,289
Kasikornbank PCL NVDR		114,350		418,535
				7,305,824
United Kingdom - 9.3%
Babcock International Group PLC *		766,856		2,754,637
BP PLC		2,681,059		15,610,128
British American Tobacco PLC		371,866		12,355,403
British Land Co. PLC REIT		646,747		2,494,089
BT Group PLC		3,117,574		4,851,359
easyJet PLC *		1,083,545		6,658,272
J Sainsbury PLC		1,006,441		3,440,492
Kingfisher PLC		1,359,360		4,006,356
Land Securities Group PLC REIT		444,232		3,248,164
Marks & Spencer Group PLC *		585,810		1,435,951
Standard Chartered PLC		1,457,121		12,677,072
WPP PLC		938,870		9,841,038
				79,372,961
United States - 2.7%
GSK PLC		836,688		14,828,247
Holcim AG *		116,938		7,882,461
				22,710,708
Total Common Stocks (Cost $747,458,870)				812,115,697
EXCHANGE-TRADED FUNDS - 0.9%
iShares Core MSCI EAFE		113,354		7,651,395
Total Exchange-Traded Funds (Cost $7,559,696)				7,651,395
	Principal Amount
SHORT-TERM INVESTMENTS - 1.8%
Repurchase Agreements - 1.8%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $15,447,097; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $15,749,892)		$15,441,049		15,441,049
Total Short-Term Investments (Cost $15,441,049)				15,441,049
TOTAL INVESTMENTS - 99.0% (Cost $780,665,826)				847,634,568
OTHER ASSETS & LIABILITIES, NET - 1.0%				8,218,414
NET ASSETS - 100.0%				$855,852,982

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-160

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	30.8%
Consumer, Cyclical	14.5%
Consumer, Non-Cyclical	14.2%
Industrial	11.0%
Energy	10.2%
Communications	8.1%
Basic Materials	4.0%
Others (each less than 3.0%)	6.2%
	99.0%
Other Assets & Liabilities, Net	1.0%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	23.9%
France	11.1%
United Kingdom	9.3%
Netherlands	7.3%
Germany	6.2%
Switzerland	5.6%
United States (Includes Short-Term Investments)	4.5%
Italy	4.4%
South Korea	4.3%
Brazil	4.1%
Others (each less than 3.0%)	18.3%
	99.0%
Other Assets & Liabilities, Net	1.0%
	100.0%

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Brazil		$5,793,275		$5,793,275		$-		$-
	Germany		6,633,152		-		6,633,152		-
	Total Preferred Stocks		12,426,427		5,793,275		6,633,152		-
	Common Stocks
	Austria		16,505,163		-		16,505,163		-
	Belgium		9,664,953		-		9,664,953		-
	Brazil		29,483,943		29,483,943		-		-
	Burkina Faso		2,941,923		2,941,923		-		-
	Canada		13,539,920		13,539,920		-		-
	China		6,265,230		-		6,265,230		-
	Finland		12,004,072		-		12,004,072		-
	France		94,922,511		-		94,922,511		-
	Germany		46,761,273		-		46,761,273		-
	Hong Kong		10,248,985		-		10,248,985		-
	India		6,725,324		-		6,725,324		-
	Indonesia		4,079,558		-		4,079,558		-
	Ireland		11,031,439		-		11,031,439		-
	Italy		37,705,996		-		37,705,996		-
	Japan		204,872,472		-		204,872,472		-
	Luxembourg		3,164,358		-		3,164,358		-
	Malaysia		3,479,779		-		3,479,779		-
	Mexico		2,676,358		-		2,676,358		-
	Netherlands		62,364,441		-		62,364,441		-
	Norway		935,083		-		935,083		-
	Russia		1,236,130		1,236,130		-		-
	South Africa		10,025,445		3,650,266		6,375,179		-
	South Korea		36,821,198		6,272,766		30,548,432		-
	Spain		3,225,984		-		3,225,984		-
	Sweden		15,144,342		-		15,144,342		-
	Switzerland		48,029,468		-		48,029,468		-
	Taiwan		8,870,856		-		8,870,856		-
	Thailand		7,305,824		-		7,305,824		-
	United Kingdom		79,372,961		-		79,372,961		-
	United States		22,710,708		-		22,710,708		-
	Total Common Stocks		812,115,697		57,124,948		754,990,749		-
	Exchange-Traded Funds		7,651,395		7,651,395		-		-
	Short-Term Investments		15,441,049		-		15,441,049		-
	Total		$847,634,568		$70,569,618		$777,064,950		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-161

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Abiomed, Inc. - Contingent Value Rights * W ±		11,083		$31,254
Total Rights (Cost $11,304)				31,254
WARRANTS - 0.0%
Consumer, Non-Cyclical - 0.0%
CareMax, Inc. Exercise @ $ 11.50 Exp 07/16/25 *		3,646		1,349
Nuvation Bio, Inc. Exercise @ $ 11.50 Exp 07/07/27 *		3,472		574
				1,923
Total Warrants (Cost $16,587)				1,923
COMMON STOCKS - 96.1%
Consumer, Non-Cyclical - 95.3%
10X Genomics, Inc. Class A *		6,807		380,103
Abbott Laboratories		82,689		9,014,755
AbbVie, Inc.		77,490		10,440,228
Abcam PLC ADR * (United Kingdom)		39,915		976,720
Agiliti, Inc. *		29,088		479,952
Alcon, Inc. (Switzerland)		65,454		5,374,428
Align Technology, Inc. *		4,165		1,472,911
Alkermes PLC *		22,807		713,859
Alnylam Pharmaceuticals, Inc. *		11,422		2,169,495
AmerisourceBergen Corp.		40,464		7,786,487
Amgen, Inc.		41,905		9,303,748
Apellis Pharmaceuticals, Inc. *		9,440		859,984
Argenx SE ADR * (Netherlands)		3,805		1,482,923
Arvinas, Inc. *		9,101		225,887
AstraZeneca PLC (United Kingdom)		18,368		2,633,130
Avantor, Inc. *		58,070		1,192,758
Bausch & Lomb Corp. *		57,594		1,155,912
Baxter International, Inc.		77,158		3,515,318
Becton Dickinson & Co.		27,985		7,388,320
BeiGene Ltd. ADR * (China)		4,545		810,373
Bio-Techne Corp.		7,390		603,246
Biogen, Inc. *		26,726		7,612,901
BioMarin Pharmaceutical, Inc. *		18,307		1,586,851
Biomea Fusion, Inc. *		6,443		141,424
Blueprint Medicines Corp. *		18,580		1,174,256
Boston Scientific Corp. *		302,457		16,359,899
Bristol-Myers Squibb Co.		28,146		1,799,937
Catalent, Inc. *		14,315		620,698
Centene Corp. *		20,829		1,404,916
Cerevel Therapeutics Holdings, Inc. *		14,624		464,897
Cigna Group		15,646		4,390,268
Cooper Cos., Inc.		9,112		3,493,814
CureVac NV * (Germany)		14,364		149,673
Daiichi Sankyo Co. Ltd. (Japan)		23,600		749,872
Danaher Corp.		29,730		7,135,200
Decibel Therapeutics, Inc. *		20,803		80,092
Design Therapeutics, Inc. *		11,344		71,467
Dexcom, Inc. *		38,066		4,891,862
Edwards Lifesciences Corp. *		25,917		2,444,751
Elanco Animal Health, Inc. *		35,545		357,583
Elevance Health, Inc.		8,788		3,904,420
Eli Lilly & Co.		54,473		25,546,748
Envista Holdings Corp. *		14,915		504,724
Exact Sciences Corp. *		13,120		1,231,968
Frequency Therapeutics, Inc. *		19,740		6,830
GE HealthCare Technologies, Inc. *		47,560		3,863,774

	Shares		Value
Genmab AS * (Denmark)		1,934		$732,904
Genmab AS ADR * (Denmark)		13,000		494,130
Gilead Sciences, Inc.		127,624		9,835,982
Glaukos Corp. *		3,530		251,371
Guardant Health, Inc. *		9,782		350,196
HCA Healthcare, Inc.		14,762		4,479,972
Hologic, Inc. *		7,745		627,113
Horizon Therapeutics PLC *		5,304		545,516
Humana, Inc.		8,150		3,644,109
ICON PLC *		5,965		1,492,443
IDEXX Laboratories, Inc. *		5,040		2,531,239
Illumina, Inc. *		8,050		1,509,294
Immuneering Corp. Class A *		11,507		116,681
Immunocore Holdings PLC ADR * (United Kingdom)		7,997		479,500
ImmunoGen, Inc. *		12,608		237,913
Incyte Corp. *		23,005		1,432,061
Inspire Medical Systems, Inc. *		3,925		1,274,212
Insulet Corp. *		5,970		1,721,390
Intuitive Surgical, Inc. *		43,516		14,879,861
Ionis Pharmaceuticals, Inc. *		19,495		799,880
IQVIA Holdings, Inc. *		18,215		4,094,186
iRhythm Technologies, Inc. *		1,670		174,214
IVERIC bio, Inc. *		8,505		334,587
Johnson & Johnson		62,972		10,423,125
Karuna Therapeutics, Inc. *		1,790		388,161
Legend Biotech Corp. ADR *		21,832		1,507,063
Masimo Corp. *		8,755		1,440,635
McKesson Corp.		17,617		7,527,920
Medtronic PLC		97,292		8,571,425
Merck & Co., Inc.		168,147		19,402,482
Merus NV * (Netherlands)		10,280		270,672
Mirati Therapeutics, Inc. *		10,615		383,520
Moderna, Inc. *		10,819		1,314,508
Monte Rosa Therapeutics, Inc. *		22,869		156,653
MoonLake Immunotherapeutics *		10,591		540,141
Morphic Holding, Inc. *		8,805		504,791
Nautilus Biotechnology, Inc. SPAC *		13,880		53,716
Neurocrine Biosciences, Inc. *		13,880		1,308,884
Novo Nordisk AS Class B (Denmark)		12,360		1,996,631
Novocure Ltd. *		19,560		811,740
Nuvalent, Inc. Class A *		9,450		398,506
Omnicell, Inc. *		5,822		428,907
Orchestra BioMed Holdings, Inc. *		11,840		82,880
Penumbra, Inc. *		12,410		4,269,785
Pfizer, Inc.		123,741		4,538,820
Pliant Therapeutics, Inc. *		8,876		160,833
PMV Pharmaceuticals, Inc. *		14,248		89,192
Prime Medicine, Inc. *		16,502		241,754
Protagonist Therapeutics, Inc. *		18,865		521,051
Prothena Corp. PLC * (Ireland)		5,925		404,559
PTC Therapeutics, Inc. *		13,480		548,232
QIAGEN NV *		22,146		997,234
Quest Diagnostics, Inc.		28,025		3,939,194
Rapid Micro Biosystems, Inc. Class A *		16,316		16,316
Reata Pharmaceuticals, Inc. Class A *		4,565		465,447
Regeneron Pharmaceuticals, Inc. *		7,365		5,292,047
Repligen Corp. *		5,535		782,981
ResMed, Inc.		9,062		1,980,047
REVOLUTION Medicines, Inc. *		13,995		374,366
Rhythm Pharmaceuticals, Inc. *		34,632		571,082
Roche Holding AG		7,957		2,430,624
Rocket Pharmaceuticals, Inc. *		12,263		243,666
Sage Therapeutics, Inc. *		4,350		204,537
Sanofi		17,776		1,913,689
Sarepta Therapeutics, Inc. *		15,576		1,783,764
Seagen, Inc. *		15,481		2,979,473
STERIS PLC		6,715		1,510,741
Structure Therapeutics, Inc. ADR *		9,293		386,310
Stryker Corp.		46,189		14,091,802

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-162

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Tenaya Therapeutics, Inc. *		19,591		$114,999
Thermo Fisher Scientific, Inc.		27,751		14,479,084
Ultragenyx Pharmaceutical, Inc. *		4,520		208,508
UnitedHealth Group, Inc.		67,048		32,225,951
Vaxcyte, Inc. *		8,315		415,251
Vertex Pharmaceuticals, Inc. *		33,264		11,705,934
Viking Therapeutics, Inc. *		11,710		189,819
West Pharmaceutical Services, Inc.		10,661		4,077,513
Zimmer Biomet Holdings, Inc.		10,825		1,576,120
Zoetis, Inc.		42,391		7,300,154
				390,551,355
Industrial - 0.8%
Agilent Technologies, Inc.		17,852		2,146,703
Mettler-Toledo International, Inc. *		755		990,288
				3,136,991
Total Common Stocks (Cost $331,393,100)				393,688,346
	Principal Amount
SHORT-TERM INVESTMENTS - 3.6%
Repurchase Agreements - 3.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $14,899,445; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $15,191,522)		$14,893,612		14,893,612
Total Short-Term Investments (Cost $14,893,612)				14,893,612
TOTAL INVESTMENTS - 99.7% (Cost $346,314,603)				408,615,135
DERIVATIVES - (0.0%)				(113,630	)
OTHER ASSETS & LIABILITIES, NET - 0.3%				1,305,626
NET ASSETS - 100.0%				$409,807,131

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by health care sector as a percentage of net assets was as follows:

Medical-Drugs	22.6%
Medical-Biomedical/Gene	17.9%
Medical Products	13.8%
Medical-HMO	10.0%
Medical Instruments	9.7%
Diagnostic Equipment	5.9%
Medical-Wholesale Drug Distributor	3.7%
Others (each less than 3.0%)	12.5%
	96.1%
Short-Term Investments	3.6%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.3%
	100.0%

(b) An investment with a value of $31,254 or less than 0.1% of the Fund’s net assets was determined by a valuation committee established under the Valuation Policy.

(c) Forward foreign currency contracts outstanding as of June 30, 2023 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
USD	1,896,255	EUR	1,763,000		09/23	BNY		$-		($34,301	)
USD	1,462,697	EUR	1,360,000		09/23	CIT		-		(26,557	)
USD	2,703,755	GBP	2,170,000		09/23	HSB		-		(52,772	)
Total Forward Foreign Currency Contracts								$-		($113,630	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-163

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Rights		$31,254			$-		$-			$31,254
	Warrants		1,923			1,923		-			-
	Common Stocks
	Consumer, Non-Cyclical		390,551,355			380,094,505		10,456,850			-
	Industrial		3,136,991			3,136,991		-			-
	Total Common Stocks		393,688,346			383,231,496		10,456,850			-
	Short-Term Investments		14,893,612			-		14,893,612			-
	Total Assets		408,615,135			383,233,419		25,350,462			31,254
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(113,630	)		-		(113,630	)		-
	Total Liabilities		(113,630	)		-		(113,630	)		-
	Total		$408,501,505			$383,233,419		$25,236,832			$31,254

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-164

PACIFIC SELECT FUND

REAL ESTATE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Consumer, Cyclical - 0.9%
Marriott Vacations Worldwide Corp.		26,999		$3,313,317
Financial - 98.5%
Agree Realty Corp. REIT		65,791		4,302,074
Alexandria Real Estate Equities, Inc. REIT		97,935		11,114,643
American Homes 4 Rent Class A REIT		358,807		12,719,708
American Tower Corp. REIT		68,761		13,335,508
Apartment Income REIT Corp.		178,186		6,430,733
Apple Hospitality REIT, Inc.		206,986		3,127,558
AvalonBay Communities, Inc. REIT		95,476		18,070,743
Boston Properties, Inc. REIT		39,365		2,267,030
Broadstone Net Lease, Inc. REIT		294,924		4,553,627
Cousins Properties, Inc. REIT		182,206		4,154,297
CubeSmart REIT		152,935		6,830,077
DiamondRock Hospitality Co. REIT		283,580		2,271,476
Digital Realty Trust, Inc. REIT		116,379		13,252,077
Equinix, Inc. REIT		17,732		13,900,824
Equity LifeStyle Properties, Inc. REIT		160,579		10,741,129
Equity Residential REIT		47,882		3,158,776
Essex Property Trust, Inc. REIT		57,191		13,399,851
Extra Space Storage, Inc. REIT		100,643		14,980,711
First Industrial Realty Trust, Inc. REIT		170,534		8,976,910
Gaming & Leisure Properties, Inc. REIT		162,782		7,888,416
Healthcare Realty Trust, Inc. REIT		196,752		3,710,743
InvenTrust Properties Corp. REIT		74,860		1,732,260
Invitation Homes, Inc. REIT		396,147		13,627,457
Kilroy Realty Corp. REIT		113,041		3,401,404
National Health Investors, Inc. REIT		53,682		2,814,010
NETSTREIT Corp. REIT		119,771		2,140,308
Prologis, Inc. REIT		211,275		25,908,653
Public Storage REIT		25,499		7,442,648

	Shares		Value
Regency Centers Corp. REIT		180,677		$11,160,418
Rexford Industrial Realty, Inc. REIT		219,615		11,468,295
Sabra Health Care REIT, Inc.		423,692		4,986,855
Simon Property Group, Inc. REIT		41,321		4,771,749
Sun Communities, Inc. REIT		98,799		12,889,318
Terreno Realty Corp. REIT		98,913		5,944,671
Ventas, Inc. REIT		403,178		19,058,224
VICI Properties, Inc. REIT		513,987		16,154,611
Welltower, Inc. REIT		210,705		17,043,927
				339,731,719
Total Common Stocks (Cost $350,419,098)				343,045,036
TOTAL INVESTMENTS - 99.4% (Cost $350,419,098)				343,045,036
OTHER ASSETS & LIABILITIES, NET - 0.6%				1,993,588
NET ASSETS - 100.0%				$345,038,624

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by real estate sector as a percentage of net assets was as follow:

REITS-Diversified	20.5%
REITS-Apartments	19.5%
REITS-Warehouse/Industrial	15.2%
REITS-Health Care	13.8%
REITS-Storage	8.5%
REITS-Manufactured Homes	6.8%
REITS-Office Property	6.1%
REITS-Shopping Centers	3.9%
Others (each less than 3.0%)	5.1%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$343,045,036		$343,045,036		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-165

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.7%
Communications - 23.9%
Alphabet, Inc. Class A *		216,972		$25,971,548
Amazon.com, Inc. *		19,752		2,574,871
Arista Networks, Inc. *		16,660		2,699,920
Booking Holdings, Inc. *		1,756		4,741,780
FactSet Research Systems, Inc.		1,380		552,897
Meta Platforms, Inc. Class A *		49,078		14,084,404
Palo Alto Networks, Inc. *		21,140		5,401,481
Pinterest, Inc. Class A *		97,573		2,667,646
Shopify, Inc. Class A * (Canada)		66,674		4,307,140
				63,001,687
Consumer, Cyclical - 0.6%
Mobileye Global, Inc. Class A * (Israel)		43,220		1,660,512
Consumer, Non-Cyclical - 5.7%
Dun & Bradstreet Holdings, Inc.		106,801		1,235,688
Equifax, Inc.		5,913		1,391,329
FleetCor Technologies, Inc. *		5,561		1,396,256
Gartner, Inc. *		10,463		3,665,293
PayPal Holdings, Inc. *		15,156		1,011,360
S&P Global, Inc.		4,541		1,820,441
Verisk Analytics, Inc.		11,169		2,524,529
WEX, Inc. *		10,442		1,901,175
				14,946,071
Financial - 3.5%
Aon PLC Class A		9,063		3,128,548
Arthur J Gallagher & Co.		22,419		4,922,540
Mastercard, Inc. Class A		3,160		1,242,828
				9,293,916
Industrial - 3.0%
Amphenol Corp. Class A		35,609		3,024,985
Hitachi Ltd. (Japan)		77,600		4,824,896
				7,849,881
Technology - 62.0%
Accenture PLC Class A		25,342		7,820,034
Adobe, Inc. *		17,072		8,348,037
Advanced Micro Devices, Inc. *		47,181		5,374,388
Apple, Inc.		6,551		1,270,698
Broadcom, Inc.		12,154		10,542,744
Cadence Design Systems, Inc. *		22,627		5,306,484
Constellation Software, Inc. (Canada)		1,832		3,795,735
Descartes Systems Group, Inc. * (Canada)		31,376		2,513,396
Endava PLC ADR * (United Kingdom)		22,162		1,147,770
HubSpot, Inc. *		3,856		2,051,739
Intel Corp.		41,904		1,401,270
Intuit, Inc.		14,363		6,580,983
KLA Corp.		7,335		3,557,622
Lam Research Corp.		3,901		2,507,797
Marvell Technology, Inc.		76,209		4,555,774

	Shares		Value
Microsoft Corp.		105,671		$35,985,202
MSCI, Inc.		3,392		1,591,832
NVIDIA Corp.		66,497		28,129,561
Oracle Corp.		42,424		5,052,274
Salesforce, Inc. *		36,954		7,806,902
ServiceNow, Inc. *		16,284		9,151,120
Synopsys, Inc. *		3,007		1,309,278
Take-Two Interactive Software, Inc. *		19,359		2,848,870
Thoughtworks Holding, Inc. *		109,464		826,453
Topicus.com, Inc. * (Netherlands)		18,558		1,522,043
Tyler Technologies, Inc. *		5,442		2,266,430
				163,264,436
Total Common Stocks (Cost $201,449,580)				260,016,503
	Principal Amount
SHORT-TERM INVESTMENTS - 1.5%
Repurchase Agreements - 1.5%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $3,917,405; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $3,994,233)		$3,915,871		3,915,871
Total Short-Term Investments (Cost $3,915,871)				3,915,871
TOTAL INVESTMENTS - 100.2% (Cost $205,365,451)				263,932,374
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(567,353	)
NET ASSETS - 100.0%				$263,365,021

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by technology sector as a percentage of net assets was as follows:

Applications Software	20.6%
Electronic Components-Semiconductor	19.0%
Web Portals/ISP	9.9%
Enterprise Software/Serv	8.5%
Internet Content-Entertainment	6.4%
Computer Services	3.7%
Electronic Forms	3.2%
Insurance Brokers	3.0%
Others (each less than 3.0%)	24.4%
	98.7%
Short-Term Investments	1.5%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-166

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Communications		$63,001,687		$63,001,687		$-		$-
	Consumer, Cyclical		1,660,512		1,660,512		-		-
	Consumer, Non-Cyclical		14,946,071		14,946,071		-		-
	Financial		9,293,916		9,293,916		-		-
	Industrial		7,849,881		3,024,985		4,824,896		-
	Technology		163,264,436		163,264,436		-		-
	Total Common Stocks		260,016,503		255,191,607		4,824,896		-
	Short-Term Investments		3,915,871		-		3,915,871		-
	Total		$263,932,374		$255,191,607		$8,740,767		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-167

PACIFIC SELECT FUND

ESG DIVERSIFIED PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 100.2%
Aristotle ESG Core Bond Fund Class I		420,687		$3,580,044
BlackRock Advantage ESG Emerging Markets Equity Fund Class K		74,034		617,445
Calvert Green Bond Fund Class R6		260,577		3,580,323
Calvert High Yield Bond Fund Class R6		36,998		863,159
Calvert Small Cap Fund Class R6		22,872		745,162
Calvert US Mid Cap Core Responsible Index Fund Class R6		34,815		1,241,512
Fidelity International Sustainability Index Fund Institutional		225,566		2,600,778
Fidelity US Sustainability Index Fund Institutional		480,797		9,418,812
PIMCO Low Duration ESG Fund Institutional		239,106		2,099,354
Total Mutual Funds (Cost $24,542,845)				24,746,589
TOTAL INVESTMENTS - 100.2% (Cost $24,542,845)				24,746,589
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(53,379	)
NET ASSETS - 100.0%				$24,693,210

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Equity Funds	59.2%
Fixed Income Funds	41.0%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Mutual Funds		$24,746,589		$24,746,589		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-168

PACIFIC SELECT FUND

ESG DIVERSIFIED GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 100.3%
Aristotle ESG Core Bond Fund Class I		117,434		$999,364
BlackRock Advantage ESG Emerging Markets Equity Fund Class K		64,222		535,609
Calvert Green Bond Fund Class R6		72,780		999,992
Calvert High Yield Bond Fund Class R6		20,060		468,009
Calvert Small Cap Fund Class R6		20,835		678,812
Calvert US Mid Cap Core Responsible Index Fund Class R6		24,736		882,079
Fidelity International Sustainability Index Fund Institutional		180,991		2,086,830
Fidelity US Sustainability Index Fund Institutional		290,437		5,689,669
PIMCO Low Duration ESG Fund Institutional		129,288		1,135,146
Total Mutual Funds (Cost $13,264,368)				13,475,510
TOTAL INVESTMENTS - 100.3% (Cost $13,264,368)				13,475,510
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(39,558	)
NET ASSETS - 100.0%				$13,435,952

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Equity Funds	73.5%
Fixed Income Funds	26.8%
	100.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Mutual Funds		$13,475,510		$13,475,510		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-169

PACIFIC SELECT FUND

PSF AVANTIS BALANCED ALLOCATION PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUNDS - 86.0%
American Century Diversified Corporate Bond *		428,790		$19,558,570
Avantis Core Fixed Income *		1,305,310		53,974,568
Avantis Emerging Markets Equity *		155,432		8,363,796
Avantis International Equity *		562,705		32,299,267
Avantis Real Estate *		80,379		3,290,716
Avantis Short-Term Fixed Income *		425,869		19,526,094
Avantis US Equity *		1,956,274		147,092,242
Avantis US Small Cap Value *		22,661		1,758,720
				285,863,973
Total Exchange-Traded Funds (Cost $265,459,194)				285,863,973
MUTUAL FUNDS - 14.0%
American Century Diversified Bond Fund Class I *		3,693,381		34,052,973
American Century Short Duration Bond Fund Class I *		1,105,865		10,671,597
American Century Small Cap Growth Fund Class I *		91,327		1,734,298
Total Mutual Funds (Cost $46,097,571)				46,458,868
TOTAL INVESTMENTS - 100.0% (Cost $311,556,765)				332,322,841
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(144,719	)
NET ASSETS - 100.0%				$332,178,122

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Exchange-Traded Funds	86.0%
Fixed Income Mutual funds	13.5%
Equity Mutual Funds	0.5%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Funds		$285,863,973		$285,863,973		$-		$-
	Mutual Funds		46,458,868		46,458,868		-		-
	Total		$332,322,841		$332,322,841		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-170

PACIFIC SELECT FUND

PACIFIC DYNAMIX - CONSERVATIVE GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD 1-3 Year Corporate Bond Portfolio Class P  *		5,051,194		$56,185,305
PD Aggregate Bond Index Portfolio Class P *		18,560,923		229,458,314
PD High Yield Bond Market Portfolio Class P *		1,444,554		25,748,733
PD Large-Cap Growth Index Portfolio Class P *		729,099		54,668,437
PD Large-Cap Value Index Portfolio Class P *		1,609,787		67,665,131
PD Mid-Cap Index Portfolio Class P *		1,896,519		23,454,341
PD Small-Cap Growth Index Portfolio Class P *		132,305		5,211,640
PD Small-Cap Value Index Portfolio Class P *		163,435		5,193,595
PD Emerging Markets Index Portfolio Class P *		603,193		10,288,438
PD International Large-Cap Index Portfolio Class P *		1,492,021		36,268,790
Total Affiliated Mutual Funds (Cost $480,503,685)				514,142,724
TOTAL INVESTMENTS - 100.0% (Cost $480,503,685)				514,142,724
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(231,036	)
NET ASSETS - 100.0%				$513,911,688

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	60.5%
Affiliated Equity Funds	39.5%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$514,142,724		$514,142,724		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-171

PACIFIC SELECT FUND

PACIFIC DYNAMIX - MODERATE GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD 1-3 Year Corporate Bond Portfolio Class P *		20,679,064		$230,016,806
PD Aggregate Bond Index Portfolio Class P *		56,741,803		701,467,197
PD High Yield Bond Market Portfolio Class P *		5,522,358		98,434,305
PD Large-Cap Growth Index Portfolio Class P *		5,921,299		443,983,534
PD Large-Cap Value Index Portfolio Class P *		11,451,888		481,364,137
PD Mid-Cap Index Portfolio Class P *		12,390,286		153,231,288
PD Small-Cap Growth Index Portfolio Class P *		647,163		25,492,400
PD Small-Cap Value Index Portfolio Class P *		1,195,233		37,981,723
PD Emerging Markets Index Portfolio Class P *		3,626,410		61,854,291
PD International Large-Cap Index Portfolio Class P *		10,291,857		250,179,532
Total Affiliated Mutual Funds (Cost $2,131,703,956)				2,484,005,213
TOTAL INVESTMENTS - 100.0% (Cost $2,131,703,956)				2,484,005,213
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(1,081,612	)
NET ASSETS - 100.0%				$2,482,923,601

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	58.5%
Affiliated Fixed Income Funds	41.5%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$2,484,005,213		$2,484,005,213		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-172

PACIFIC SELECT FUND

PACIFIC DYNAMIX - GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD 1-3 Year Corporate Bond Portfolio Class P *		15,529,882		$172,741,563
PD Aggregate Bond Index Portfolio Class P *		21,302,455		263,350,343
PD High Yield Bond Market Portfolio Class P *		3,104,316		55,333,460
PD Large-Cap Growth Index Portfolio Class P *		4,851,764		363,788,972
PD Large-Cap Value Index Portfolio Class P *		10,698,969		449,716,220
PD Mid-Cap Index Portfolio Class P *		12,502,293		154,616,486
PD Small-Cap Growth Index Portfolio Class P *		979,030		38,564,980
PD Small-Cap Value Index Portfolio Class P *		1,203,959		38,259,021
PD Emerging Markets Index Portfolio Class P *		4,363,963		74,434,452
PD International Large-Cap Index Portfolio Class P *		11,198,064		272,208,060
Total Affiliated Mutual Funds (Cost $1,689,435,612)				1,883,013,557
TOTAL INVESTMENTS - 100.0% (Cost $1,689,435,612)				1,883,013,557
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(794,910	)
NET ASSETS - 100.0%				$1,882,218,647

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	73.9%
Affiliated Fixed Income Funds	26.1%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,883,013,557		$1,883,013,557		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-173

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION CONSERVATIVE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio Class P *		8,302,482		$97,265,274
Diversified Bond Portfolio Class P *		12,010,609		163,485,014
Floating Rate Income Portfolio Class P *		769,173		11,414,986
High Yield Bond Portfolio Class P *		4,442,525		45,634,840
Inflation Managed Portfolio Class P *		2,510,114		33,998,275
Intermediate Bond Portfolio Class P *		16,143,854		143,900,775
Managed Bond Portfolio Class P *		13,198,779		190,917,799
Short Duration Bond Portfolio Class P *		13,594,444		147,497,812
Emerging Markets Debt Portfolio Class P *		2,349,283		28,468,782
Dividend Growth Portfolio Class P *		399,557		15,586,503
Equity Index Portfolio Class P *		87,618		10,369,622
Focused Growth Portfolio Class P *		342,123		18,443,918
Growth Portfolio Class P *		306,514		18,447,318
Large-Cap Core Portfolio Class P *		233,442		16,679,483
Large-Cap Growth Portfolio Class P *		940,946		22,425,026
Large-Cap Value Portfolio Class P *		568,000		21,332,770
Mid-Cap Equity Portfolio Class P *		305,679		11,537,665
Mid-Cap Growth Portfolio Class P *		599,925		17,376,281
Mid-Cap Value Portfolio Class P *		425,317		17,346,180
Small-Cap Equity Portfolio Class P *		80,187		2,874,112
Small-Cap Value Portfolio Class P *		91,293		2,868,946
Value Portfolio Class P *		1,040,946		23,564,525
Value Advantage Portfolio Class P *		831,180		20,164,958
Emerging Markets Portfolio Class P *		892,195		16,959,749
International Growth Portfolio Class P *		2,805,422		24,536,821
International Large-Cap Portfolio Class P *		553,395		8,011,220
International Value Portfolio Class P *		421,677		7,451,786
Total Affiliated Mutual Funds (Cost $1,140,529,301)				1,138,560,440
TOTAL INVESTMENTS - 100.0% (Cost $1,140,529,301)				1,138,560,440
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(405,767	)
NET ASSETS - 100.0%				$1,138,154,673

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	75.8%
Affiliated Equity Funds	24.2%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,138,560,440		$1,138,560,440		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-174

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio Class P *		9,894,108		$115,911,492
Diversified Bond Portfolio Class P *		14,412,916		196,184,528
Floating Rate Income Portfolio Class P *		551,585		8,185,852
High Yield Bond Portfolio Class P *		3,971,958		40,801,049
Inflation Managed Portfolio Class P *		2,379,515		32,229,386
Intermediate Bond Portfolio Class P *		19,243,991		171,534,336
Managed Bond Portfolio Class P *		15,710,051		227,242,872
Short Duration Bond Portfolio Class P *		17,077,652		185,290,128
Emerging Markets Debt Portfolio Class P *		1,348,215		16,337,775
Dividend Growth Portfolio Class P *		1,175,330		45,849,000
Equity Index Portfolio Class P *		274,531		32,490,712
Focused Growth Portfolio Class P *		680,626		36,692,734
Growth Portfolio Class P *		664,809		40,011,092
Large-Cap Core Portfolio Class P *		673,846		48,146,471
Large-Cap Growth Portfolio Class P *		1,813,245		43,214,014
Large-Cap Value Portfolio Class P *		1,242,367		46,660,444
Mid-Cap Equity Portfolio Class P *		443,372		16,734,779
Mid-Cap Growth Portfolio Class P *		874,766		25,336,776
Mid-Cap Value Portfolio Class P *		617,851		25,198,524
Small-Cap Equity Portfolio Class P *		185,662		6,654,597
Small-Cap Growth Portfolio Class P *		190,411		5,870,465
Small-Cap Index Portfolio Class P *		189,354		5,819,320
Small-Cap Value Portfolio Class P *		211,214		6,637,558
Value Portfolio Class P *		2,377,572		53,822,537
Value Advantage Portfolio Class P *		1,818,127		44,108,928
Emerging Markets Portfolio Class P *		1,703,818		32,387,920
International Growth Portfolio Class P *		6,183,837		54,085,154
International Large-Cap Portfolio Class P *		1,590,226		23,020,885
International Value Portfolio Class P *		2,145,071		37,907,220
Real Estate Portfolio Class P *		252,461		8,290,398
Total Affiliated Mutual Funds (Cost $1,535,061,289)				1,632,656,946
TOTAL INVESTMENTS - 100.0% (Cost $1,535,061,289)				1,632,656,946
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(572,306	)
NET ASSETS - 100.0%				$1,632,084,640

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Fixed Income Funds	60.9%
Affiliated Equity Funds	39.1%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,632,656,946		$1,632,656,946		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-175

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION MODERATE PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio Class P *		27,925,561		$327,153,650
Diversified Bond Portfolio Class P *		40,398,478		549,892,650
High Yield Bond Portfolio Class P *		13,841,982		142,188,657
Inflation Managed Portfolio Class P *		7,738,343		104,812,124
Intermediate Bond Portfolio Class P *		54,066,786		481,932,785
Managed Bond Portfolio Class P *		44,219,241		639,622,830
Short Duration Bond Portfolio Class P *		64,415,920		698,903,717
Emerging Markets Debt Portfolio Class P *		5,890,110		71,376,797
Dividend Growth Portfolio Class P *		9,038,310		352,579,798
Equity Index Portfolio Class P *		2,210,251		261,582,778
Focused Growth Portfolio Class P *		5,259,679		283,550,653
Growth Portfolio Class P *		4,466,481		268,812,115
Large-Cap Core Portfolio Class P *		5,119,290		365,774,578
Large-Cap Growth Portfolio Class P *		11,104,956		264,657,999
Large-Cap Value Portfolio Class P *		7,840,711		294,478,973
Mid-Cap Equity Portfolio Class P *		1,934,064		73,000,029
Mid-Cap Growth Portfolio Class P *		3,811,204		110,387,949
Mid-Cap Value Portfolio Class P *		3,593,678		146,565,086
Small-Cap Equity Portfolio Class P *		1,214,627		43,535,294
Small-Cap Growth Portfolio Class P *		1,777,397		54,797,986
Small-Cap Index Portfolio Class P *		1,180,096		36,267,264
Small-Cap Value Portfolio Class P *		1,497,442		47,058,270
Value Portfolio Class P *		13,893,224		314,509,311
Value Advantage Portfolio Class P *		11,521,210		279,511,942
Emerging Markets Portfolio Class P *		9,295,302		176,694,616
International Growth Portfolio Class P *		36,400,264		318,364,463
International Large-Cap Portfolio Class P *		10,411,133		150,716,627
International Small-Cap Portfolio Class P *		2,132,665		35,325,685
International Value Portfolio Class P *		12,010,161		212,240,908
Real Estate Portfolio Class P *		1,100,969		36,154,030
Total Affiliated Mutual Funds (Cost $6,345,085,871)				7,142,449,564
TOTAL INVESTMENTS - 100.0% (Cost $6,345,085,871)				7,142,449,564
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(2,360,014	)
NET ASSETS - 100.0%				$7,140,089,550

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	57.8%
Affiliated Fixed Income Funds	42.2%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$7,142,449,564		$7,142,449,564		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-176

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio Class P *		24,770,513		$290,191,613
Diversified Bond Portfolio Class P *		36,262,324		493,592,494
High Yield Bond Portfolio Class P *		3,207,325		32,946,529
Inflation Managed Portfolio Class P *		7,171,021		97,128,010
Intermediate Bond Portfolio Class P *		48,297,661		430,508,781
Managed Bond Portfolio Class P *		39,645,615		573,466,208
Short Duration Bond Portfolio Class P *		62,680,087		680,070,173
Dividend Growth Portfolio Class P *		8,669,558		338,194,968
Equity Index Portfolio Class P *		2,114,983		250,307,919
Focused Growth Portfolio Class P *		5,019,416		270,598,012
Growth Portfolio Class P *		4,267,381		256,829,399
Large-Cap Core Portfolio Class P *		4,951,602		353,793,180
Large-Cap Growth Portfolio Class P *		10,479,415		249,749,833
Large-Cap Value Portfolio Class P *		7,483,445		281,060,873
Mid-Cap Equity Portfolio Class P *		2,163,984		81,678,194
Mid-Cap Growth Portfolio Class P *		4,502,159		130,400,829
Mid-Cap Value Portfolio Class P *		3,185,843		129,931,867
Small-Cap Equity Portfolio Class P *		1,604,013		57,491,853
Small-Cap Growth Portfolio Class P *		1,435,941		44,270,751
Small-Cap Index Portfolio Class P *		1,540,657		47,348,181
Small-Cap Value Portfolio Class P *		644,308		20,247,864
Value Portfolio Class P *		13,226,940		299,426,220
Value Advantage Portfolio Class P *		11,004,569		266,977,901
Emerging Markets Portfolio Class P *		8,632,879		164,102,604
International Growth Portfolio Class P *		33,018,392		288,785,887
International Large-Cap Portfolio Class P *		10,588,147		153,279,156
International Small-Cap Portfolio Class P *		3,959,313		65,582,473
International Value Portfolio Class P *		12,685,805		224,180,748
Real Estate Portfolio Class P *		2,047,355		67,231,827
Total Affiliated Mutual Funds (Cost $5,726,470,907)				6,639,374,347
TOTAL INVESTMENTS - 100.0% (Cost $5,726,470,907)				6,639,374,347
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(2,168,302	)
NET ASSETS - 100.0%				$6,637,206,045

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	60.9%
Affiliated Fixed Income Funds	39.1%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$6,639,374,347		$6,639,374,347		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-177

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio Class P *		3,331,191		$39,025,577
Diversified Bond Portfolio Class P *		4,885,445		66,499,302
High Yield Bond Portfolio Class P *		767,739		7,886,430
Inflation Managed Portfolio Class P *		572,154		7,749,556
Intermediate Bond Portfolio Class P *		6,519,568		58,113,195
Managed Bond Portfolio Class P *		5,361,843		77,558,026
Short Duration Bond Portfolio Class P *		15,003,059		162,781,087
Dividend Growth Portfolio Class P *		2,404,167		93,785,325
Equity Index Portfolio Class P *		587,651		69,548,449
Focused Growth Portfolio Class P *		1,201,706		64,784,282
Growth Portfolio Class P *		940,836		56,623,590
Large-Cap Core Portfolio Class P *		1,173,157		83,822,349
Large-Cap Growth Portfolio Class P *		2,949,704		70,298,587
Large-Cap Value Portfolio Class P *		2,367,328		88,911,378
Mid-Cap Equity Portfolio Class P *		731,084		27,594,288
Mid-Cap Growth Portfolio Class P *		1,214,494		35,176,685
Mid-Cap Value Portfolio Class P *		658,611		26,860,886
Small-Cap Equity Portfolio Class P *		474,368		17,002,529
Small-Cap Growth Portfolio Class P *		818,443		25,232,974
Small-Cap Index Portfolio Class P *		448,109		13,771,502
Small-Cap Value Portfolio Class P *		282,772		8,886,332
Value Portfolio Class P *		3,904,255		88,382,983
Value Advantage Portfolio Class P *		3,560,528		86,380,698
Emerging Markets Portfolio Class P *		3,316,321		63,040,028
International Growth Portfolio Class P *		9,742,795		85,212,564
International Large-Cap Portfolio Class P *		3,647,537		52,803,519
International Small-Cap Portfolio Class P *		1,426,645		23,631,097
International Value Portfolio Class P *		3,944,502		69,706,360
Real Estate Portfolio Class P *		735,565		24,154,757
Total Affiliated Mutual Funds (Cost $1,335,278,164)				1,595,224,335
TOTAL INVESTMENTS - 100.0% (Cost $1,335,278,164)				1,595,224,335
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(539,948	)
NET ASSETS - 100.0%				$1,594,684,387

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

Affiliated Equity Funds	73.7%
Affiliated Fixed Income Funds	26.3%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Affiliated Mutual Funds		$1,595,224,335		$1,595,224,335		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-178

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 98.9%
Basic Materials - 1.5%
Air Products & Chemicals, Inc. 1.500% due 10/15/25		$350,000		$323,112
BHP Billiton Finance USA Ltd. (Australia) 4.875% due 02/27/26		500,000		497,746
Celanese US Holdings LLC
5.900% due 07/05/24		150,000		149,729
6.050% due 03/15/25		950,000		946,595
DuPont de Nemours, Inc. 4.493% due 11/15/25		750,000		734,855
Eastman Chemical Co. 3.800% due 03/15/25		250,000		242,838
EIDP, Inc.
1.700% due 07/15/25		250,000		232,467
4.500% due 05/15/26		180,000		176,786
Fibria Overseas Finance Ltd. (Brazil) 4.000% due 01/14/25		250,000		242,688
Freeport-McMoRan, Inc. 4.550% due 11/14/24		350,000		345,320
Linde, Inc. 4.700% due 12/05/25		250,000		248,209
LYB International Finance III LLC 1.250% due 10/01/25		350,000		316,632
Nucor Corp. 2.000% due 06/01/25		250,000		233,918
Nutrien Ltd. (Canada) 5.950% due 11/07/25		570,000		573,666
PPG Industries, Inc. 1.200% due 03/15/26		250,000		224,086
Sherwin-Williams Co. 4.250% due 08/08/25		840,000		822,742
Steel Dynamics, Inc. 2.800% due 12/15/24		150,000		143,226
Westlake Corp. 0.875% due 08/15/24		250,000		236,212
				6,690,827
Communications - 6.7%
Alibaba Group Holding Ltd. (China) 3.600% due 11/28/24		1,000,000		969,088
Alphabet, Inc. 0.450% due 08/15/25		750,000		686,787
Amazon.com, Inc.
0.800% due 06/03/25		350,000		323,416
1.000% due 05/12/26		500,000		449,641
3.000% due 04/13/25		250,000		241,282
3.800% due 12/05/24		1,750,000		1,717,307
4.600% due 12/01/25		250,000		248,145
4.700% due 11/29/24		1,700,000		1,689,633
5.200% due 12/03/25		250,000		250,917
AT&T, Inc. 5.539% due 02/20/26		1,450,000		1,450,425
Baidu, Inc. (China) 4.125% due 06/30/25		750,000		725,627
Booking Holdings, Inc.
3.600% due 06/01/26		500,000		481,841
3.650% due 03/15/25		150,000		145,714
Charter Communications Operating LLC/ Charter Communications Operating Capital 4.908% due 07/23/25		1,250,000		1,226,184
Cisco Systems, Inc.
2.950% due 02/28/26		500,000		480,174
3.500% due 06/15/25		250,000		242,833
Comcast Corp.
3.150% due 03/01/26		500,000		479,105
3.375% due 08/15/25		2,250,000		2,171,674
5.250% due 11/07/25		355,000		357,023

	Principal Amount		Value
Discovery Communications LLC
3.900% due 11/15/24	$	200,000	$	194,060
3.950% due 06/15/25		1,250,000		1,200,660
eBay, Inc.
1.400% due 05/10/26		350,000		316,185
1.900% due 03/11/25		750,000		705,001
5.900% due 11/22/25		175,000		176,953
Expedia Group, Inc. 5.000% due 02/15/26		250,000		246,610
Fox Corp. 3.050% due 04/07/25		500,000		478,671
Netflix, Inc. 5.875% due 02/15/25		500,000		502,450
Omnicom Group, Inc./Omnicom Capital, Inc.
3.600% due 04/15/26		250,000		240,219
3.650% due 11/01/24		250,000		242,898
Paramount Global 4.000% due 01/15/26		750,000		714,160
Rogers Communications, Inc. (Canada)
2.950% due 03/15/25 ~		610,000		579,276
3.625% due 12/15/25		250,000		236,684
Sprint LLC
7.625% due 02/15/25		750,000		766,775
7.625% due 03/01/26		1,250,000		1,299,592
T-Mobile USA, Inc.
2.250% due 02/15/26		1,000,000		919,755
3.500% due 04/15/25		1,250,000		1,202,442
TCI Communications, Inc.
7.875% due 02/15/26		250,000		265,986
Thomson Reuters Corp. (Canada) 3.350% due 05/15/26		250,000		238,085
TWDC Enterprises 18 Corp.
3.000% due 02/13/26		250,000		238,917
3.150% due 09/17/25		1,250,000		1,200,566
VeriSign, Inc. 5.250% due 04/01/25		200,000		197,985
Verizon Communications, Inc.
1.450% due 03/20/26		1,000,000		907,144
3.376% due 02/15/25		750,000		724,770
Vodafone Group PLC (United Kingdom) 4.125% due 05/30/25		750,000		732,101
Walt Disney Co.
1.750% due 08/30/24		1,000,000		958,672
3.350% due 03/24/25		250,000		242,372
Weibo Corp. (China) 3.500% due 07/05/24		250,000		244,035
WPP Finance 2010 (United Kingdom) 3.750% due 09/19/24		500,000		484,941
				30,794,781
Consumer, Cyclical - 7.1%
American Honda Finance Corp.
0.550% due 07/12/24		500,000		475,234
0.750% due 08/09/24		165,000		156,651
1.000% due 09/10/25		350,000		319,433
1.200% due 07/08/25		1,250,000		1,150,946
4.600% due 04/17/25		500,000		493,736
AutoNation, Inc. 3.500% due 11/15/24		250,000		241,065
AutoZone, Inc. 3.625% due 04/15/25		500,000		482,787
Brunswick Corp. 0.850% due 08/18/24		250,000		235,175
Dollar General Corp. 4.250% due 09/20/24		500,000		490,539
Dollar Tree, Inc. 4.000% due 05/15/25		500,000		484,245
DR Horton, Inc.
2.500% due 10/15/24		250,000		239,162
2.600% due 10/15/25		250,000		234,039

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-179

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
General Motors Co. 6.125% due 10/01/25	$	350,000	$	352,520
General Motors Financial Co., Inc.
1.200% due 10/15/24		1,115,000		1,049,410
1.500% due 06/10/26		500,000		442,066
2.750% due 06/20/25		2,500,000		2,356,266
2.900% due 02/26/25		350,000		332,293
3.500% due 11/07/24		250,000		241,790
3.800% due 04/07/25		130,000		125,443
4.350% due 04/09/25		250,000		243,615
5.400% due 04/06/26		280,000		276,880
6.050% due 10/10/25		300,000		300,644
Genuine Parts Co. 1.750% due 02/01/25		250,000		234,290
Harley-Davidson, Inc. 3.500% due 07/28/25		250,000		239,431
Hasbro, Inc. 3.000% due 11/19/24		250,000		240,349
Home Depot, Inc.
2.700% due 04/15/25		135,000		129,546
3.350% due 09/15/25		1,000,000		965,297
4.000% due 09/15/25		80,000		78,476
Honda Motor Co. Ltd. (Japan) 2.271% due 03/10/25		165,000		157,016
Hyatt Hotels Corp. 1.800% due 10/01/24		590,000		561,789
Lennar Corp. 5.250% due 06/01/26		250,000		247,723
Lowe’s Cos., Inc.
4.000% due 04/15/25		250,000		243,525
4.400% due 09/08/25		1,055,000		1,034,275
4.800% due 04/01/26		140,000		138,681
Magna International, Inc. (Canada) 5.980% due 03/21/26		250,000		250,176
Marriott International, Inc.
3.750% due 03/15/25		150,000		145,342
3.750% due 10/01/25		250,000		240,038
5.750% due 05/01/25		500,000		501,188
McDonald’s Corp.
1.450% due 09/01/25		250,000		230,954
3.700% due 01/30/26		1,250,000		1,208,885
NIKE, Inc. 2.400% due 03/27/25		500,000		478,392
PACCAR Financial Corp.
0.500% due 08/09/24		140,000		132,602
2.850% due 04/07/25		100,000		95,780
3.550% due 08/11/25		850,000		824,742
4.450% due 03/30/26		200,000		198,477
4.950% due 10/03/25		100,000		99,446
PVH Corp. 4.625% due 07/10/25		250,000		241,915
Ralph Lauren Corp. 3.750% due 09/15/25		250,000		241,369
Southwest Airlines Co. 5.250% due 05/04/25		500,000		494,923
Starbucks Corp.
3.800% due 08/15/25		250,000		242,195
4.750% due 02/15/26		845,000		837,495
Tapestry, Inc. 4.250% due 04/01/25		200,000		194,813
Target Corp. 2.250% due 04/15/25		850,000		809,902
Toyota Motor Credit Corp.
0.625% due 09/13/24		440,000		415,749
1.125% due 06/18/26		500,000		447,219
1.450% due 01/13/25		1,650,000		1,557,110
3.000% due 04/01/25		350,000		336,891
3.650% due 08/18/25		620,000		599,460
3.950% due 06/30/25		175,000		171,245
4.400% due 09/20/24		1,500,000		1,481,968

	Principal Amount		Value
4.450% due 05/18/26	$	500,000	$	492,857
4.800% due 01/10/25		200,000		198,660
5.400% due 11/10/25		100,000		100,697
United Airlines Pass-Through Trust 4.300% due 02/15/27		578,180		556,655
VF Corp. 2.400% due 04/23/25		250,000		234,426
Walgreens Boots Alliance, Inc.
3.450% due 06/01/26		500,000		469,131
3.800% due 11/18/24		500,000		487,563
Walmart, Inc. 2.850% due 07/08/24		750,000		731,525
3.900% due 09/09/25		870,000		852,902
4.000% due 04/15/26		135,000		132,666
Warnermedia Holdings, Inc.
3.638% due 03/15/25		250,000		241,267
6.412% due 03/15/26		165,000		165,174
Whirlpool Corp. 3.700% due 05/01/25		350,000		338,865
WW Grainger, Inc. 1.850% due 02/15/25		150,000		142,491
				32,617,492
Consumer, Non-Cyclical - 14.4%
Abbott Laboratories
2.950% due 03/15/25		500,000		484,093
3.875% due 09/15/25		350,000		342,011
AbbVie, Inc.
2.600% due 11/21/24		1,350,000		1,295,937
3.200% due 05/14/26		500,000		474,069
3.600% due 05/14/25		2,250,000		2,175,845
3.800% due 03/15/25		350,000		340,470
Aetna, Inc. 3.500% due 11/15/24		250,000		242,293
Altria Group, Inc.
2.350% due 05/06/25		250,000		235,381
4.400% due 02/14/26		500,000		489,496
AmerisourceBergen Corp. 3.250% due 03/01/25		150,000		144,018
Amgen, Inc.
1.900% due 02/21/25		250,000		235,932
3.125% due 05/01/25		750,000		718,669
5.250% due 03/02/25		70,000		69,664
5.507% due 03/02/26		625,000		623,961
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.650% due 02/01/26		1,100,000		1,065,814
Astrazeneca Finance LLC (United Kingdom) 1.200% due 05/28/26		500,000		451,373
AstraZeneca PLC (United Kingdom) 3.375% due 11/16/25		1,000,000		961,822
Automatic Data Processing, Inc. 3.375% due 09/15/25		250,000		241,834
Avery Dennison Corp. 0.850% due 08/15/24		250,000		235,928
BAT Capital Corp. (United Kingdom) 2.789% due 09/06/24		1,250,000		1,202,857
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		750,000		674,686
Baxalta, Inc. 4.000% due 06/23/25		250,000		242,660
Baxter International, Inc. 1.322% due 11/29/24		600,000		563,242
Becton Dickinson & Co. 3.734% due 12/15/24		750,000		728,406
Biogen, Inc. 4.050% due 09/15/25		850,000		822,649
Boston Scientific Corp. 1.900% due 06/01/25		500,000		468,956

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-180

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Bristol-Myers Squibb Co.
2.900% due 07/26/24	$	1,250,000	$	1,217,698
3.200% due 06/15/26		500,000		478,716
Brown-Forman Corp. 3.500% due 04/15/25		200,000		193,918
Bunge Ltd. Finance Corp. 1.630% due 08/17/25		250,000		230,134
Campbell Soup Co. 3.950% due 03/15/25		250,000		243,065
Cigna Group
1.250% due 03/15/26		250,000		224,636
3.250% due 04/15/25		750,000		718,709
4.125% due 11/15/25		250,000		243,464
4.500% due 02/25/26		250,000		244,669
5.685% due 03/15/26		250,000		250,352
Cintas Corp. No. 2 3.450% due 05/01/25		250,000		242,070
Colgate-Palmolive Co.
3.100% due 08/15/25		50,000		48,156
4.800% due 03/02/26		145,000		145,581
CommonSpirit Health 1.547% due 10/01/25		500,000		454,984
Conagra Brands, Inc. 4.600% due 11/01/25		750,000		733,395
Constellation Brands, Inc.
4.400% due 11/15/25		500,000		489,829
4.750% due 11/15/24		150,000		147,936
5.000% due 02/02/26		85,000		84,716
CVS Health Corp.
2.625% due 08/15/24		1,500,000		1,451,173
2.875% due 06/01/26		500,000		470,161
3.875% due 07/20/25		250,000		243,044
4.100% due 03/25/25		250,000		244,775
5.000% due 02/20/26		705,000		702,008
DH Europe Finance II SARL
2.200% due 11/15/24		600,000		574,895
Diageo Capital PLC (United Kingdom) 1.375% due 09/29/25		750,000		690,255
Elevance Health, Inc.
1.500% due 03/15/26		500,000		452,352
2.375% due 01/15/25		250,000		237,763
4.900% due 02/08/26		1,070,000		1,052,813
5.350% due 10/15/25		145,000		144,733
Eli Lilly & Co. 5.000% due 02/27/26		110,000		110,106
Equifax, Inc.
2.600% due 12/01/24		250,000		238,226
2.600% due 12/15/25		250,000		232,747
GE HealthCare Technologies, Inc. 5.600% due 11/15/25		1,000,000		1,000,897
General Mills, Inc.
4.000% due 04/17/25		500,000		487,504
5.241% due 11/18/25		80,000		80,017
Gilead Sciences, Inc.
3.500% due 02/01/25		1,350,000		1,309,580
3.650% due 03/01/26		500,000		481,180
GlaxoSmithKline Capital, Inc. (United Kingdom) 3.625% due 05/15/25		750,000		729,418
Global Payments, Inc.
1.200% due 03/01/26		350,000		311,196
1.500% due 11/15/24		460,000		432,509
Haleon UK Capital PLC 3.125% due 03/24/25		350,000		334,575
HCA, Inc.
5.250% due 04/15/25		350,000		345,724
5.375% due 02/01/25		1,000,000		991,767
5.875% due 02/15/26		1,000,000		1,000,869
Hershey Co. 3.200% due 08/21/25		500,000		481,077

	Principal Amount		Value
Humana, Inc.
3.850% due 10/01/24	$	150,000	$	146,557
5.700% due 03/13/26		900,000		900,666
Illumina, Inc. 5.800% due 12/12/25		350,000		350,986
J M Smucker Co. 3.500% due 03/15/25		250,000		241,675
Johnson & Johnson
0.550% due 09/01/25		750,000		685,679
2.450% due 03/01/26		250,000		236,190
2.625% due 01/15/25		100,000		96,877
Kenvue, Inc. 5.350% due 03/22/26 ~		500,000		504,052
Keurig Dr Pepper, Inc.
3.400% due 11/15/25		250,000		239,295
4.417% due 05/25/25		100,000		98,064
Kraft Heinz Foods Co. 3.000% due 06/01/26		500,000		471,986
Kroger Co. 3.500% due 02/01/26		350,000		335,463
Laboratory Corp. of America Holdings
1.550% due 06/01/26		250,000		223,418
3.250% due 09/01/24		250,000		242,190
3.600% due 02/01/25		600,000		580,010
McCormick & Co., Inc. 0.900% due 02/15/26		600,000		535,184
McKesson Corp.
0.900% due 12/03/25		250,000		224,152
5.250% due 02/15/26		1,065,000		1,061,457
Mead Johnson Nutrition Co. (United Kingdom) 4.125% due 11/15/25		250,000		243,967
Merck & Co., Inc.
0.750% due 02/24/26		250,000		225,982
2.750% due 02/10/25		1,250,000		1,203,758
Mondelez International, Inc. 1.500% due 05/04/25		500,000		466,219
Moody’s Corp. 3.750% due 03/24/25		250,000		243,149
Novartis Capital Corp. (Switzerland)
1.750% due 02/14/25		250,000		237,142
3.000% due 11/20/25		1,250,000		1,196,091
PayPal Holdings, Inc.
1.650% due 06/01/25		750,000		702,204
2.400% due 10/01/24		185,000		177,845
PeaceHealth Obligated Group 1.375% due 11/15/25		250,000		225,437
PepsiCo, Inc.
2.250% due 03/19/25		500,000		477,261
2.750% due 04/30/25		250,000		239,580
2.850% due 02/24/26		500,000		476,559
3.500% due 07/17/25		250,000		243,207
4.550% due 02/13/26		195,000		194,509
Pfizer Investment Enterprises Pte. Ltd.
4.450% due 05/19/26		780,000		770,829
4.650% due 05/19/25		450,000		446,252
Pfizer, Inc.
0.800% due 05/28/25		1,000,000		923,754
2.750% due 06/03/26		350,000		330,884
Philip Morris International, Inc.
0.875% due 05/01/26		250,000		223,113
1.500% due 05/01/25		1,250,000		1,169,642
3.375% due 08/11/25		250,000		240,916
4.875% due 02/13/26		985,000		978,346
5.000% due 11/17/25		240,000		238,857
Procter & Gamble Co.
0.550% due 10/29/25		250,000		226,630
2.700% due 02/02/26		500,000		479,059
4.100% due 01/26/26		50,000		49,415
Quanta Services, Inc. 0.950% due 10/01/24		250,000		235,029

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-181

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Quest Diagnostics, Inc. 3.500% due 03/30/25	$	250,000	$	241,175
Revvity, Inc. 0.850% due 09/15/24		250,000		235,079
Reynolds American, Inc. (United Kingdom) 4.450% due 06/12/25		350,000		340,274
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		140,000		139,085
Stryker Corp.
1.150% due 06/15/25		500,000		460,377
3.375% due 11/01/25		250,000		239,323
3.500% due 03/15/26		250,000		239,942
Sysco Corp. 3.750% due 10/01/25		250,000		241,820
Thermo Fisher Scientific, Inc. 1.215% due 10/18/24		1,000,000		946,045
Tyson Foods, Inc. 3.950% due 08/15/24		1,250,000		1,227,296
Unilever Capital Corp. (United Kingdom) 0.626% due 08/12/24		165,000		156,330
UnitedHealth Group, Inc.
1.150% due 05/15/26		500,000		452,390
3.100% due 03/15/26		350,000		335,067
3.750% due 07/15/25		250,000		243,430
5.000% due 10/15/24		125,000		124,586
5.150% due 10/15/25		1,305,000		1,309,058
Utah Acquisition Sub, Inc. 3.950% due 06/15/26		750,000		712,587
Verisk Analytics, Inc. 4.000% due 06/15/25		250,000		242,746
Zimmer Biomet Holdings, Inc.
1.450% due 11/22/24		180,000		169,587
3.550% due 04/01/25		750,000		722,930
Zoetis, Inc. 5.400% due 11/14/25		595,000		596,978
				66,171,100
Energy - 5.7%
Boardwalk Pipelines LP 4.950% due 12/15/24		500,000		492,066
BP Capital Markets America, Inc.
3.119% due 05/04/26		750,000		714,226
3.410% due 02/11/26		750,000		720,956
3.796% due 09/21/25		250,000		243,792
Canadian Natural Resources Ltd. (Canada)
2.050% due 07/15/25		250,000		232,945
3.900% due 02/01/25		500,000		483,588
Cheniere Corpus Christi Holdings LLC 5.875% due 03/31/25		500,000		497,858
Chevron Corp.
1.554% due 05/11/25		1,000,000		937,414
2.954% due 05/16/26		750,000		714,198
3.326% due 11/17/25		250,000		241,523
Chevron USA, Inc.
0.687% due 08/12/25		250,000		228,423
3.900% due 11/15/24		350,000		344,230
Columbia Pipeline Group, Inc. 4.500% due 06/01/25		250,000		244,058
ConocoPhillips Co. 2.400% due 03/07/25		22,000		20,980
Devon Energy Corp. 5.850% due 12/15/25		500,000		504,159
Enbridge, Inc. (Canada)
2.500% due 01/15/25		250,000		237,863
2.500% due 02/14/25		540,000		513,176
5.969% due 03/08/26		180,000		180,311
Energy Transfer LP
2.900% due 05/15/25		250,000		236,978
4.050% due 03/15/25		500,000		486,203
4.750% due 01/15/26		750,000		733,497
5.950% due 12/01/25		250,000		250,961

	Principal Amount		Value
Enterprise Products Operating LLC
3.750% due 02/15/25	$	200,000	$	194,599
5.050% due 01/10/26		555,000		554,266
EOG Resources, Inc. 4.150% due 01/15/26		250,000		244,797
EQT Corp. 6.125% due 02/01/25		500,000		497,640
Exxon Mobil Corp.
2.709% due 03/06/25		1,000,000		960,291
2.992% due 03/19/25		1,000,000		963,863
3.043% due 03/01/26		850,000		812,790
Halliburton Co. 3.800% due 11/15/25		250,000		241,616
Hess Corp. 3.500% due 07/15/24		250,000		243,966
Kinder Morgan, Inc. 4.300% due 06/01/25		1,100,000		1,073,353
Marathon Petroleum Corp. 4.700% due 05/01/25		750,000		736,154
MPLX LP
1.750% due 03/01/26		250,000		227,048
4.875% due 12/01/24		500,000		492,984
4.875% due 06/01/25		500,000		490,782
Occidental Petroleum Corp. 5.875% due 09/01/25		500,000		497,029
ONEOK, Inc. 2.200% due 09/15/25		1,000,000		926,047
Ovintiv Exploration, Inc. 5.375% due 01/01/26		250,000		248,399
Ovintiv, Inc. 5.650% due 05/15/25		85,000		84,364
Phillips 66 1.300% due 02/15/26		500,000		452,137
Pioneer Natural Resources Co. 5.100% due 03/29/26		240,000		238,640
Plains All American Pipeline LP/PAA Finance Corp. 3.600% due 11/01/24		850,000		822,772
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		1,150,000		1,145,981
Shell International Finance BV (Netherlands)
2.000% due 11/07/24		350,000		335,194
2.875% due 05/10/26		1,000,000		952,817
3.250% due 05/11/25		850,000		821,870
TotalEnergies Capital International SA (France) 2.434% due 01/10/25		350,000		335,601
TransCanada PipeLines Ltd. (Canada)
1.000% due 10/12/24		400,000		375,996
6.203% due 03/09/26		250,000		250,230
Transcontinental Gas Pipe Line Co. LLC 7.850% due 02/01/26		250,000		261,861
Williams Cos., Inc.
3.900% due 01/15/25		1,350,000		1,310,840
5.400% due 03/02/26		175,000		174,610
				26,227,942
Financial - 44.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.650% due 10/29/24		1,435,000		1,349,149
1.750% due 10/29/24		785,000		737,625
3.500% due 01/15/25		685,000		656,228
6.500% due 07/15/25		250,000		251,399
Air Lease Corp.
0.800% due 08/18/24		85,000		80,099
2.300% due 02/01/25		650,000		611,587
2.875% due 01/15/26		750,000		694,231
3.375% due 07/01/25		250,000		237,089
Aircastle Ltd. 4.250% due 06/15/26		250,000		235,620

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-182

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Alexandria Real Estate Equities, Inc. REIT 3.450% due 04/30/25	$	250,000	$	239,335
Allied World Assurance Co. Holdings Ltd. 4.350% due 10/29/25		250,000		237,515
Allstate Corp. 0.750% due 12/15/25		250,000		224,079
Ally Financial, Inc.
5.125% due 09/30/24		350,000		343,527
5.800% due 05/01/25		250,000		245,905
American Express Co.
2.250% due 03/04/25		160,000		151,631
3.000% due 10/30/24		250,000		241,119
3.950% due 08/01/25		2,250,000		2,184,830
4.200% due 11/06/25		1,000,000		972,927
4.900% due 02/13/26		45,000		44,561
4.990% (SOFR + 0.999%) due 05/01/26 §		500,000		494,038
American International Group, Inc. 2.500% due 06/30/25		583,000		549,389
American Tower Corp. REIT
1.300% due 09/15/25		250,000		226,670
1.600% due 04/15/26		500,000		448,676
4.400% due 02/15/26		500,000		484,882
Ameriprise Financial, Inc.
3.000% due 04/02/25		250,000		238,167
3.700% due 10/15/24		250,000		243,700
Aon Global Ltd. 3.875% due 12/15/25		1,250,000		1,205,566
Ares Capital Corp.
3.250% due 07/15/25		250,000		231,373
4.250% due 03/01/25		500,000		477,303
Australia & New Zealand Banking Group Ltd. (Australia)
3.700% due 11/16/25		250,000		240,882
5.088% due 12/08/25		250,000		248,943
AvalonBay Communities, Inc. REIT
2.950% due 05/11/26		250,000		235,521
3.500% due 11/15/24		250,000		242,435
Banco Bilbao Vizcaya Argentaria SA (Spain)
1.125% due 09/18/25		250,000		225,220
5.862% due 09/14/26		200,000		197,327
Banco Santander SA (Spain)
1.849% due 03/25/26		200,000		179,078
2.746% due 05/28/25		250,000		234,842
3.496% due 03/24/25		1,200,000		1,149,669
5.147% due 08/18/25		1,310,000		1,287,312
Bank of America Corp.
0.981% due 09/25/25		1,500,000		1,409,851
1.319% due 06/19/26		3,700,000		3,390,851
1.530% due 12/06/25		350,000		327,339
2.456% due 10/22/25		500,000		477,608
3.366% due 01/23/26		2,750,000		2,636,191
3.384% due 04/02/26		350,000		335,672
3.559% due 04/23/27		1,000,000		948,535
3.875% due 08/01/25		500,000		486,008
4.000% due 01/22/25		1,000,000		973,006
4.200% due 08/26/24		250,000		245,408
4.450% due 03/03/26		1,000,000		972,462
4.827% due 07/22/26		2,150,000		2,114,206
5.080% due 01/20/27		950,000		935,745
Bank of Montreal (Canada)
0.625% due 07/09/24		285,000		270,757
0.949% due 01/22/27		500,000		446,302
1.500% due 01/10/25		145,000		136,319
1.850% due 05/01/25		250,000		233,614
3.700% due 06/07/25		1,610,000		1,554,729
4.250% due 09/14/24		150,000		147,085
5.200% due 12/12/24		900,000		892,746
5.300% due 06/05/26		350,000		349,233

	Principal Amount		Value
Bank of New York Mellon 5.148% (SOFR + 1.067%) due 05/22/26 §	$	250,000	$	248,537
Bank of New York Mellon Corp.
0.850% due 10/25/24		200,000		187,790
2.800% due 05/04/26		250,000		235,278
3.350% due 04/25/25		200,000		192,441
4.414% due 07/24/26		1,490,000		1,458,852
4.947% due 04/26/27		730,000		721,362
Bank of Nova Scotia (Canada)
0.650% due 07/31/24		2,135,000		2,023,038
1.450% due 01/10/25		190,000		178,030
3.450% due 04/11/25		1,120,000		1,078,764
4.500% due 12/16/25		250,000		241,370
4.750% due 02/02/26		580,000		571,110
5.250% due 12/06/24		165,000		163,588
5.450% due 06/12/25		125,000		124,384
Barclays PLC (United Kingdom)
2.852% due 05/07/26		1,500,000		1,405,635
3.650% due 03/16/25		250,000		239,778
4.375% due 09/11/24		1,500,000		1,456,872
4.375% due 01/12/26		250,000		240,277
5.200% due 05/12/26		250,000		241,337
5.829% due 05/09/27		1,065,000		1,051,179
7.325% due 11/02/26		250,000		255,701
Berkshire Hathaway, Inc. 3.125% due 03/15/26		750,000		722,933
Blackstone Private Credit Fund
2.350% due 11/22/24		200,000		186,963
2.700% due 01/15/25		115,000		107,338
4.700% due 03/24/25		200,000		192,743
7.050% due 09/29/25		600,000		598,815
BNP Paribas SA (France)
4.250% due 10/15/24		250,000		243,359
Boston Properties LP REIT
3.200% due 01/15/25		350,000		332,190
3.650% due 02/01/26		500,000		464,247
Brandywine Operating Partnership LP REIT 4.100% due 10/01/24		250,000		240,002
Brixmor Operating Partnership LP REIT 3.850% due 02/01/25		150,000		143,549
Brookfield Corp. (Canada)
4.000% due 01/15/25		350,000		339,660
Brookfield Finance, Inc. (Canada) 4.250% due 06/02/26		250,000		240,285
Canadian Imperial Bank of Commerce (Canada)
0.950% due 10/23/25		250,000		227,004
1.000% due 10/18/24		150,000		141,320
1.250% due 06/22/26		250,000		221,928
2.250% due 01/28/25		750,000		711,337
3.300% due 04/07/25		35,000		33,618
3.945% due 08/04/25		700,000		676,957
5.144% due 04/28/25		250,000		248,011
Capital One Financial Corp.
2.636% due 03/03/26		435,000		406,441
3.200% due 02/05/25		500,000		475,830
3.300% due 10/30/24		750,000		720,987
4.200% due 10/29/25		1,000,000		956,389
4.985% due 07/24/26		150,000		145,445
Capital One NA 2.280% due 01/28/26		750,000		700,270
Charles Schwab Corp.
0.900% due 03/11/26		1,000,000		884,146
1.150% due 05/13/26		350,000		309,999
3.625% due 04/01/25		200,000		192,398
3.850% due 05/21/25		250,000		240,759
Chubb INA Holdings, Inc.
3.150% due 03/15/25		400,000		386,357
3.350% due 05/03/26		500,000		480,780

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-183

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Citigroup, Inc.
1.122% due 01/28/27	$	2,500,000	$	2,229,657
1.281% due 11/03/25		650,000		609,214
3.106% due 04/08/26		500,000		477,639
3.290% due 03/17/26		2,750,000		2,631,526
3.300% due 04/27/25		2,000,000		1,925,137
3.400% due 05/01/26		500,000		475,779
4.400% due 06/10/25		1,000,000		971,834
5.610% due 09/29/26		750,000		749,381
Citizens Bank NA 6.064% due 10/24/25		250,000		237,036
CME Group, Inc. 3.000% due 03/15/25		150,000		144,580
CNA Financial Corp. 4.500% due 03/01/26		350,000		339,782
CNO Financial Group, Inc. 5.250% due 05/30/25		250,000		245,716
Commonwealth Bank of Australia (Australia) 5.316% due 03/13/26		500,000		501,638
Cooperatieve Rabobank UA (Netherlands)
1.375% due 01/10/25		100,000		94,073
3.875% due 08/22/24		835,000		818,212
4.375% due 08/04/25		1,000,000		965,682
Corebridge Financial, Inc. 3.500% due 04/04/25		500,000		476,662
Credit Suisse AG (Switzerland)
3.625% due 09/09/24		250,000		240,860
3.700% due 02/21/25		1,875,000		1,792,902
4.750% due 08/09/24		750,000		733,269
Crown Castle, Inc. REIT
3.200% due 09/01/24		250,000		242,394
3.700% due 06/15/26		500,000		475,303
4.450% due 02/15/26		500,000		486,874
Deutsche Bank AG (Germany)
3.961% due 11/26/25		500,000		476,990
4.100% due 01/13/26		350,000		327,868
4.162% due 05/13/25		1,000,000		963,800
6.119% due 07/14/26		165,000		163,226
Discover Financial Services
3.950% due 11/06/24		1,000,000		964,191
4.500% due 01/30/26		250,000		239,533
EPR Properties REIT 4.500% due 04/01/25		200,000		189,566
Equinix, Inc. REIT
1.000% due 09/15/25		350,000		316,199
1.450% due 05/15/26		350,000		312,759
2.625% due 11/18/24		500,000		477,729
Fifth Third Bancorp 2.375% due 01/28/25		250,000		234,093
Fifth Third Bank NA
3.950% due 07/28/25		500,000		477,094
5.852% due 10/27/25		320,000		311,864
First-Citizens Bank & Trust Co. 2.969% due 09/27/25		500,000		473,109
FS KKR Capital Corp.
1.650% due 10/12/24		200,000		186,066
4.125% due 02/01/25		500,000		473,172
4.625% due 07/15/24		250,000		242,630
GLP Capital LP/GLP Financing II, Inc. REIT 5.250% due 06/01/25		350,000		343,143
Goldman Sachs BDC, Inc. 3.750% due 02/10/25		250,000		239,055
Goldman Sachs Group, Inc.
0.855% due 02/12/26		2,000,000		1,844,142
1.093% due 12/09/26		250,000		222,913
3.272% due 09/29/25		1,500,000		1,449,927
3.500% due 04/01/25		350,000		336,440
3.750% due 05/22/25		500,000		482,820
3.750% due 02/25/26		250,000		240,092

	Principal Amount		Value
3.850% due 07/08/24	$	500,000	$	490,498
4.250% due 10/21/25		250,000		241,039
5.700% due 11/01/24		3,885,000		3,880,606
Host Hotels & Resorts LP REIT 4.000% due 06/15/25		250,000		240,441
HSBC Holdings PLC (United Kingdom)
1.589% due 05/24/27		500,000		441,535
1.645% due 04/18/26		1,850,000		1,704,929
2.099% due 06/04/26		250,000		231,469
2.633% due 11/07/25		1,850,000		1,758,158
2.999% due 03/10/26		200,000		189,731
3.900% due 05/25/26		750,000		715,104
4.180% due 12/09/25		2,500,000		2,427,922
4.250% due 08/18/25		250,000		240,222
4.292% due 09/12/26		500,000		481,082
7.336% due 11/03/26		200,000		205,927
HSBC USA, Inc. 5.625% due 03/17/25		250,000		249,038
ING Groep NV (Netherlands) 3.869% due 03/28/26		750,000		720,758
Intercontinental Exchange, Inc.
3.650% due 05/23/25		95,000		93,084
3.750% due 12/01/25		1,000,000		971,263
JPMorgan Chase & Co.
0.768% due 08/09/25		315,000		296,795
1.045% due 11/19/26		2,250,000		2,016,330
1.561% due 12/10/25		250,000		234,187
1.578% due 04/22/27		1,500,000		1,348,067
2.083% due 04/22/26		2,300,000		2,154,847
2.301% due 10/15/25		250,000		238,326
2.595% due 02/24/26		500,000		474,362
3.200% due 06/15/26		1,000,000		953,449
3.960% due 01/29/27		500,000		480,949
4.080% due 04/26/26		350,000		340,262
5.546% due 12/15/25		4,500,000		4,483,240
7.750% due 07/15/25		250,000		259,295
KeyBank NA
4.150% due 08/08/25		250,000		231,136
4.700% due 01/26/26		1,000,000		931,499
Kilroy Realty LP REIT 3.450% due 12/15/24		750,000		710,918
Kimco Realty OP LLC REIT 3.300% due 02/01/25		150,000		143,506
Lazard Group LLC 3.750% due 02/13/25		250,000		240,619
Lloyds Banking Group PLC (United Kingdom)
1.627% due 05/11/27		500,000		442,639
3.511% due 03/18/26		200,000		190,493
3.870% due 07/09/25		1,750,000		1,705,123
4.450% due 05/08/25		250,000		242,346
4.500% due 11/04/24		250,000		242,817
4.650% due 03/24/26		350,000		334,496
4.716% due 08/11/26		200,000		194,422
Manufacturers & Traders Trust Co.
4.650% due 01/27/26		250,000		238,920
5.400% due 11/21/25		250,000		242,361
Manulife Financial Corp. (Canada) 4.150% due 03/04/26		250,000		242,199
Marsh & McLennan Cos., Inc.
3.500% due 03/10/25		250,000		242,585
3.750% due 03/14/26		500,000		484,388
Mastercard, Inc. 2.000% due 03/03/25		750,000		713,275
MetLife, Inc. 3.600% due 11/13/25		500,000		480,639
Mitsubishi UFJ Financial Group, Inc. (Japan)
0.962% due 10/11/25		350,000		326,736
1.412% due 07/17/25		2,250,000		2,061,071

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-184

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
2.193% due 02/25/25	$	250,000	$	235,724
2.801% due 07/18/24		500,000		484,400
4.788% due 07/18/25		200,000		197,201
5.063% due 09/12/25		1,200,000		1,186,017
5.541% due 04/17/26		200,000		198,901
5.719% due 02/20/26		1,500,000		1,492,801
Mizuho Financial Group, Inc. (Japan)
1.234% due 05/22/27		350,000		307,733
2.555% due 09/13/25		1,000,000		955,220
2.651% due 05/22/26		350,000		327,603
Morgan Stanley
0.864% due 10/21/25		1,500,000		1,395,527
0.985% due 12/10/26		250,000		223,021
1.164% due 10/21/25		2,555,000		2,389,183
1.593% due 05/04/27		750,000		671,781
2.188% due 04/28/26		1,000,000		939,154
3.875% due 01/27/26		500,000		482,828
4.000% due 07/23/25		3,750,000		3,642,032
4.679% due 07/17/26		345,000		338,693
5.050% due 01/28/27		300,000		297,585
6.138% due 10/16/26		750,000		757,871
Morgan Stanley Bank NA 4.754% due 04/21/26		360,000		354,864
Nasdaq, Inc. 5.650% due 06/28/25		45,000		45,149
National Australia Bank Ltd. (Australia)
3.375% due 01/14/26		1,000,000		958,857
4.966% due 01/12/26		250,000		248,696
5.132% due 11/22/24		250,000		248,956
5.200% due 05/13/25		335,000		334,390
National Bank of Canada (Canada) 5.250% due 01/17/25		800,000		793,138
Natwest Group PLC (United Kingdom)
1.642% due 06/14/27		500,000		440,380
4.800% due 04/05/26		250,000		242,837
5.847% due 03/02/27		500,000		494,848
7.472% due 11/10/26		750,000		767,511
Nomura Holdings, Inc. (Japan)
1.851% due 07/16/25		250,000		228,761
2.648% due 01/16/25		850,000		805,127
5.709% due 01/09/26		500,000		495,803
Northern Trust Corp. 3.950% due 10/30/25		250,000		241,016
Oaktree Specialty Lending Corp. 3.500% due 02/25/25		150,000		142,090
Old Republic International Corp. 4.875% due 10/01/24		150,000		147,142
Omega Healthcare Investors, Inc. REIT 4.500% due 01/15/25		400,000		383,521
Owl Rock Capital Corp. 4.000% due 03/30/25		350,000		328,383
PNC Bank NA
2.500% due 08/27/24		2,000,000		1,917,122
3.875% due 04/10/25		250,000		238,807
PNC Financial Services Group, Inc.
4.758% due 01/26/27		90,000		88,003
5.671% due 10/28/25		200,000		198,432
5.812% due 06/12/26		290,000		288,409
Prudential Financial, Inc. 1.500% due 03/10/26		500,000		456,994
Radian Group, Inc. 6.625% due 03/15/25		250,000		249,978
Realty Income Corp. REIT
3.875% due 04/15/25		200,000		193,950
5.050% due 01/13/26		1,045,000		1,036,494
Royal Bank of Canada (Canada)
0.650% due 07/29/24		200,000		189,555
0.750% due 10/07/24		500,000		469,512
1.150% due 06/10/25		250,000		230,865
1.600% due 01/21/25		2,650,000		2,492,011

	Principal Amount		Value
3.375% due 04/14/25	$	250,000	$	240,769
3.970% due 07/26/24		150,000		147,328
4.650% due 01/27/26		1,500,000		1,460,868
4.875% due 01/12/26		200,000		197,819
4.950% due 04/25/25		715,000		705,919
Santander Holdings USA, Inc.
4.500% due 07/17/25		250,000		242,793
5.807% due 09/09/26		60,000		58,959
Santander UK Group Holdings PLC (United Kingdom)
1.532% due 08/21/26		750,000		668,211
6.833% due 11/21/26		700,000		701,994
Simon Property Group LP REIT
3.375% due 10/01/24		350,000		339,410
3.500% due 09/01/25		750,000		718,977
SITE Centers Corp. REIT 3.625% due 02/01/25		250,000		235,405
Sixth Street Specialty Lending, Inc. 3.875% due 11/01/24		350,000		337,646
Sumitomo Mitsui Banking Corp. (Japan) 3.400% due 07/11/24		250,000		243,962
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.474% due 07/08/25		1,000,000		918,735
2.448% due 09/27/24		350,000		335,405
3.784% due 03/09/26		250,000		239,087
5.464% due 01/13/26		1,785,000		1,779,964
Synchrony Bank 5.400% due 08/22/25		250,000		239,380
Synchrony Financial
4.250% due 08/15/24		750,000		723,390
4.875% due 06/13/25		130,000		123,590
Toronto-Dominion Bank (Canada)
0.750% due 09/11/25		250,000		226,378
0.750% due 01/06/26		500,000		446,517
1.150% due 06/12/25		250,000		230,477
1.250% due 12/13/24		130,000		122,403
4.285% due 09/13/24		2,700,000		2,652,455
5.103% due 01/09/26		200,000		199,250
Truist Bank
2.150% due 12/06/24		400,000		377,353
2.636% due 09/17/29		1,500,000		1,385,236
3.300% due 05/15/26		250,000		229,370
3.625% due 09/16/25		250,000		233,678
Truist Financial Corp.
1.200% due 08/05/25		250,000		226,658
1.267% due 03/02/27		250,000		220,606
2.500% due 08/01/24		250,000		240,208
3.700% due 06/05/25		350,000		335,707
4.260% due 07/28/26		1,200,000		1,153,847
5.900% due 10/28/26		110,000		109,082
6.047% (SOFR + 2.050%) due 06/08/27 §		115,000		115,099
UBS Group AG (Switzerland)
3.750% due 03/26/25		750,000		718,221
4.550% due 04/17/26		500,000		480,904
US Bancorp
3.100% due 04/27/26		500,000		467,523
3.600% due 09/11/24		2,000,000		1,944,572
5.727% due 10/21/26		95,000		94,986
US Bank NA
2.050% due 01/21/25		500,000		471,878
2.800% due 01/27/25		350,000		334,255
Ventas Realty LP REIT
2.650% due 01/15/25		350,000		329,327
4.125% due 01/15/26		500,000		478,555
Visa, Inc. 3.150% due 12/14/25		1,500,000		1,438,374
Vornado Realty LP REIT 3.500% due 01/15/25		250,000		235,483

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-185

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Wells Fargo & Co.
2.164% due 02/11/26	$	2,000,000	$	1,884,374
2.188% due 04/30/26		250,000		234,356
2.406% due 10/30/25		750,000		714,496
3.000% due 02/19/25		500,000		480,141
3.000% due 04/22/26		1,500,000		1,411,260
3.196% due 06/17/27		750,000		704,697
3.550% due 09/29/25		1,750,000		1,678,038
3.908% due 04/25/26		295,000		285,359
4.100% due 06/03/26		750,000		719,884
4.540% due 08/15/26		1,650,000		1,612,924
Welltower OP LLC REIT 4.000% due 06/01/25		500,000		483,382
Western Union Co. 2.850% due 01/10/25		250,000		237,916
Westpac Banking Corp. (Australia)
1.019% due 11/18/24		135,000		127,077
2.350% due 02/19/25		600,000		572,843
2.850% due 05/13/26		350,000		329,518
2.894% due 02/04/30		1,500,000		1,402,255
3.735% due 08/26/25		250,000		242,393
5.350% due 10/18/24		500,000		499,533
WP Carey, Inc. REIT 4.000% due 02/01/25		500,000		484,469
				203,746,977
Industrial - 6.7%
3M Co.
2.000% due 02/14/25		250,000		235,923
3.000% due 08/07/25		500,000		477,527
Amcor Flexibles North America, Inc. 4.000% due 05/17/25		350,000		338,316
Amphenol Corp. 4.750% due 03/30/26		255,000		252,063
Arrow Electronics, Inc.
3.250% due 09/08/24		350,000		337,864
6.125% due 03/01/26		100,000		99,810
Berry Global, Inc. 1.570% due 01/15/26		250,000		225,558
Boeing Co.
2.196% due 02/04/26		2,500,000		2,295,573
2.250% due 06/15/26		250,000		227,547
2.850% due 10/30/24		150,000		144,247
4.875% due 05/01/25		1,500,000		1,479,186
Burlington Northern Santa Fe LLC
3.000% due 04/01/25		350,000		337,061
7.000% due 12/15/25		250,000		259,803
Canadian Pacific Railway Co. (Canada)
1.350% due 12/02/24		725,000		681,452
2.900% due 02/01/25		150,000		144,069
Carlisle Cos., Inc. 3.500% due 12/01/24		150,000		144,815
Carrier Global Corp. 2.242% due 02/15/25		350,000		331,221
Caterpillar Financial Services Corp.
0.600% due 09/13/24		300,000		283,315
0.800% due 11/13/25		250,000		226,394
3.400% due 05/13/25		1,250,000		1,210,978
3.650% due 08/12/25		200,000		194,202
4.350% due 05/15/26		250,000		246,221
4.800% due 01/06/26		1,625,000		1,622,112
4.900% due 01/17/25		200,000		199,108
5.400% due 03/10/25		200,000		200,471
CNH Industrial Capital LLC
1.875% due 01/15/26		250,000		228,430
3.950% due 05/23/25		95,000		91,984
5.450% due 10/14/25		65,000		64,592
CSX Corp. 3.400% due 08/01/24		250,000		244,173
Flex Ltd. 3.750% due 02/01/26		600,000		570,658
Fortive Corp. 3.150% due 06/15/26		250,000		235,888

	Principal Amount		Value
General Dynamics Corp.
3.250% due 04/01/25	$	600,000	$	580,432
3.500% due 05/15/25		250,000		242,886
Hexcel Corp. 4.950% due 08/15/25		250,000		243,924
Honeywell International, Inc.
1.350% due 06/01/25		850,000		793,404
4.850% due 11/01/24		100,000		99,445
John Deere Capital Corp.
0.625% due 09/10/24		70,000		66,169
1.050% due 06/17/26		500,000		449,228
1.250% due 01/10/25		120,000		113,152
2.050% due 01/09/25		1,000,000		952,705
2.125% due 03/07/25		65,000		61,853
2.650% due 06/10/26		500,000		471,292
3.400% due 06/06/25		555,000		537,744
3.450% due 03/13/25		150,000		145,800
4.550% due 10/11/24		110,000		108,975
4.750% due 06/08/26		215,000		214,681
4.800% due 01/09/26		165,000		164,465
4.950% due 06/06/25		85,000		84,885
5.050% due 03/03/26		600,000		602,277
5.150% due 03/03/25		100,000		100,045
Johnson Controls International PLC 3.625% due 07/02/24		500,000		490,206
Keysight Technologies, Inc. 4.550% due 10/30/24		250,000		245,869
L3Harris Technologies, Inc. 3.832% due 04/27/25		500,000		484,445
Legrand France SA (France) 8.500% due 02/15/25		100,000		104,739
Lennox International, Inc. 1.350% due 08/01/25		250,000		228,074
Lockheed Martin Corp. 3.550% due 01/15/26		500,000		485,154
Norfolk Southern Corp. 2.900% due 06/15/26		250,000		235,329
Northrop Grumman Corp. 2.930% due 01/15/25		100,000		96,148
Otis Worldwide Corp. 2.056% due 04/05/25		500,000		471,471
Owens Corning 4.200% due 12/01/24		150,000		146,840
Packaging Corp. of America 3.650% due 09/15/24		100,000		97,972
Raytheon Technologies Corp.
3.950% due 08/16/25		250,000		245,046
5.000% due 02/27/26		805,000		804,324
Regal Rexnord Corp. 6.050% due 02/15/26 ~		500,000		500,922
Republic Services, Inc.
0.875% due 11/15/25		500,000		450,101
2.500% due 08/15/24		350,000		337,755
Ryder System, Inc.
3.350% due 09/01/25		250,000		237,503
4.625% due 06/01/25		500,000		488,572
Stanley Black & Decker, Inc.
3.400% due 03/01/26		250,000		236,716
6.272% due 03/06/26		750,000		756,974
TD SYNNEX Corp. 1.250% due 08/09/24		250,000		236,558
Trane Technologies Luxembourg Finance SA 3.500% due 03/21/26		250,000		238,859
Tyco Electronics Group SA 4.500% due 02/13/26		620,000		611,072
Union Pacific Corp.
2.750% due 03/01/26		750,000		709,813
3.250% due 08/15/25		250,000		240,511
4.750% due 02/21/26		65,000		64,590

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-186

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
United Parcel Service, Inc. 3.900% due 04/01/25	$	750,000	$	734,251
Vulcan Materials Co. 5.800% due 03/01/26		165,000		165,059
Waste Management, Inc. 0.750% due 11/15/25		500,000		451,492
WRKCo, Inc.
3.750% due 03/15/25		250,000		240,665
4.650% due 03/15/26		250,000		242,677
				30,743,630
Technology - 7.0%
Adobe, Inc. 3.250% due 02/01/25		250,000		242,643
Analog Devices, Inc. 2.950% due 04/01/25		200,000		192,315
Apple, Inc.
0.550% due 08/20/25		350,000		319,809
1.125% due 05/11/25		2,500,000		2,330,238
2.500% due 02/09/25		1,350,000		1,296,937
2.750% due 01/13/25		500,000		482,319
3.200% due 05/13/25		350,000		338,751
3.250% due 02/23/26		500,000		481,707
4.421% due 05/08/26		355,000		353,609
Applied Materials, Inc. 3.900% due 10/01/25		250,000		244,548
Broadcom, Inc. 3.150% due 11/15/25		500,000		475,206
Broadridge Financial Solutions, Inc. 3.400% due 06/27/26		250,000		235,566
CDW LLC/CDW Finance Corp. 4.125% due 05/01/25		250,000		240,965
Dell International LLC/EMC Corp.
4.000% due 07/15/24		500,000		491,807
5.850% due 07/15/25		500,000		502,067
6.020% due 06/15/26		1,500,000		1,525,305
Fidelity National Information Services, Inc.
1.150% due 03/01/26		500,000		446,277
4.500% due 07/15/25		110,000		107,592
Fiserv, Inc.
2.750% due 07/01/24		350,000		339,675
3.850% due 06/01/25		750,000		724,879
Genpact Luxembourg SARL 3.375% due 12/01/24		250,000		241,095
Hewlett Packard Enterprise Co.
4.900% due 10/15/25		1,100,000		1,086,683
5.900% due 10/01/24		500,000		500,337
6.102% due 04/01/26		250,000		250,701
HP, Inc.
1.450% due 06/17/26		250,000		224,434
2.200% due 06/17/25		500,000		470,539
Intel Corp.
2.600% due 05/19/26		250,000		235,353
3.400% due 03/25/25		1,750,000		1,696,799
4.875% due 02/10/26		920,000		917,582
International Business Machines Corp.
3.300% due 05/15/26		750,000		715,168
4.000% due 07/27/25		900,000		880,008
4.500% due 02/06/26		250,000		246,518
7.000% due 10/30/25		250,000		260,290
Intuit, Inc. 0.950% due 07/15/25		250,000		228,522
KLA Corp. 4.650% due 11/01/24		250,000		246,955
Lam Research Corp.
3.750% due 03/15/26		250,000		242,754
3.800% due 03/15/25		250,000		244,277
Microchip Technology, Inc.
4.250% due 09/01/25		350,000		339,182
Micron Technology, Inc. 4.975% due 02/06/26		350,000		344,985

	Principal Amount		Value
Microsoft Corp.
2.700% due 02/12/25	$	250,000	$	241,217
3.125% due 11/03/25		1,500,000		1,444,342
NetApp, Inc. 1.875% due 06/22/25		600,000		557,784
NXP BV/NXP Funding LLC (China) 5.350% due 03/01/26		750,000		745,252
Oracle Corp.
1.650% due 03/25/26		500,000		453,936
2.500% due 04/01/25		350,000		332,349
2.950% due 11/15/24		1,950,000		1,883,733
2.950% due 05/15/25		500,000		477,082
5.800% due 11/10/25		1,070,000		1,082,304
QUALCOMM, Inc. 3.450% due 05/20/25		750,000		727,690
Roper Technologies, Inc. 1.000% due 09/15/25		250,000		227,400
Salesforce, Inc. 0.625% due 07/15/24		345,000		328,523
Skyworks Solutions, Inc. 1.800% due 06/01/26		250,000		223,419
Take-Two Interactive Software, Inc.
3.550% due 04/14/25		500,000		482,425
5.000% due 03/28/26		500,000		495,409
Texas Instruments, Inc.
1.375% due 03/12/25		150,000		140,928
4.700% due 11/18/24		50,000		49,887
VMware, Inc.
1.000% due 08/15/24		155,000		146,811
4.500% due 05/15/25		750,000		734,869
Western Digital Corp. 4.750% due 02/15/26		500,000		476,709
				31,996,466
Utilities - 5.4%
Ameren Corp. 2.500% due 09/15/24		500,000		479,370
American Electric Power Co., Inc. 5.699% due 08/15/25		340,000		338,127
Appalachian Power Co. 3.400% due 06/01/25		500,000		479,192
Avangrid, Inc.
3.150% due 12/01/24		250,000		239,917
3.200% due 04/15/25		350,000		332,989
Berkshire Hathaway Energy Co.
3.500% due 02/01/25		250,000		241,707
4.050% due 04/15/25		200,000		195,352
Black Hills Corp. 1.037% due 08/23/24		135,000		127,586
CenterPoint Energy, Inc. 1.450% due 06/01/26		250,000		223,557
Cleco Corporate Holdings LLC 3.743% due 05/01/26		350,000		327,900
CMS Energy Corp. 3.000% due 05/15/26		250,000		234,223
Commonwealth Edison Co.
2.550% due 06/15/26		250,000		233,684
Constellation Energy Generation LLC 3.250% due 06/01/25		250,000		238,095
Dominion Energy, Inc.
3.071% due 08/15/24		750,000		724,660
3.300% due 03/15/25		150,000		143,719
DTE Energy Co.
1.050% due 06/01/25		1,250,000		1,145,438
4.220% due 11/01/24		150,000		146,708
Duke Energy Corp.
0.900% due 09/15/25		750,000		682,948
5.000% due 12/08/25		90,000		89,404
Eastern Energy Gas Holdings LLC 2.500% due 11/15/24		750,000		716,634
Edison International 4.700% due 08/15/25		100,000		97,721

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-187

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Emera US Finance LP (Canada) 3.550% due 06/15/26	$	500,000	$	473,083
Entergy Corp. 0.900% due 09/15/25		350,000		314,480
Entergy Louisiana LLC
0.950% due 10/01/24		145,000		136,753
5.400% due 11/01/24		750,000		747,414
Evergy, Inc. 2.450% due 09/15/24		500,000		479,182
Eversource Energy
0.800% due 08/15/25		250,000		225,242
2.900% due 10/01/24		500,000		481,440
4.750% due 05/15/26		125,000		122,579
Exelon Corp. 3.950% due 06/15/25		250,000		241,859
Florida Power & Light Co.
2.850% due 04/01/25		350,000		336,381
4.450% due 05/15/26		250,000		247,532
Georgia Power Co. 3.250% due 04/01/26		250,000		237,285
Iberdrola International BV (Spain) 5.810% due 03/15/25		250,000		251,003
National Fuel Gas Co. 5.200% due 07/15/25		250,000		244,991
National Rural Utilities Cooperative Finance Corp.
1.000% due 10/18/24		315,000		296,393
1.000% due 06/15/26		500,000		443,065
1.875% due 02/07/25		200,000		188,930
4.450% due 03/13/26		565,000		556,598
5.450% due 10/30/25		100,000		100,083
NextEra Energy Capital Holdings, Inc.
4.255% due 09/01/24		150,000		147,578
4.450% due 06/20/25		1,370,000		1,344,709
6.051% due 03/01/25		1,340,000		1,345,636
NiSource, Inc. 0.950% due 08/15/25		750,000		684,288
Oncor Electric Delivery Co. LLC 2.950% due 04/01/25		750,000		717,849
Pacific Gas and Electric Co.
2.950% due 03/01/26		750,000		687,404
3.150% due 01/01/26		250,000		232,106
3.400% due 08/15/24		750,000		725,983
4.950% due 06/08/25		50,000		48,489
Pinnacle West Capital Corp. 1.300% due 06/15/25		250,000		227,842
PPL Capital Funding, Inc. 3.100% due 05/15/26		250,000		236,129
Puget Energy, Inc. 3.650% due 05/15/25		250,000		239,180
Sempra Energy 3.300% due 04/01/25		245,000		235,113
Southern California Edison Co.
0.975% due 08/01/24		525,000		498,573
1.200% due 02/01/26		750,000		670,330

	Principal Amount		Value
4.200% due 06/01/25	$	65,000	$	63,421
Southern California Gas Co.
2.600% due 06/15/26		250,000		233,127
3.200% due 06/15/25		250,000		239,456
Southern Co. 4.475% due 08/01/24		165,000		162,048
Southern Co. Gas Capital Corp. 3.250% due 06/15/26		250,000		235,775
Southern Power Co. 0.900% due 01/15/26		1,000,000		896,622
Virginia Electric & Power Co. 3.150% due 01/15/26		500,000		476,696
WEC Energy Group, Inc.
4.750% due 01/09/26		385,000		379,373
5.000% due 09/27/25		530,000		525,280
				24,816,231
Total Corporate Bonds & Notes (Cost $461,473,605)				453,805,446
	Shares
SHORT-TERM INVESTMENTS - 3.1%
Money Market Funds - 3.1%
BlackRock Liquidity Funds: T-Fund Institutional Shares 4.980%		14,234,815		14,234,815
Total Short-Term Investments (Cost $14,234,815)				14,234,815
TOTAL INVESTMENTS - 102.0% (Cost $475,708,420)				468,040,261
OTHER ASSETS & LIABILITIES, NET - (2.0%)				(9,110,527	)
NET ASSETS - 100.0%				$458,929,734

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	44.4%
Consumer, Non-Cyclical	14.4%
Consumer, Cyclical	7.1%
Technology	7.0%
Communications	6.7%
Industrial	6.7%
Energy	5.7%
Utilities	5.4%
Short-Term Investments	3.1%
Others (each less than 3.0%)	1.5%
	102.0%
Other Assets & Liabilities, Net	(2.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$453,805,446			$-		$453,805,446			$-
	Short-Term Investments		14,234,815			14,234,815		-			-
	Total Assets		468,040,261			14,234,815		453,805,446			-
Liabilities	Due to custodian		(1,462,723	)		-		(1,462,723	)		-
	Total Liabilities		(1,462,723	)		-		(1,462,723	)		-
	Total		$466,577,538			$14,234,815		$452,342,723			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-188

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 26.3%
Basic Materials - 0.6%
Air Products & Chemicals, Inc.
3.350% due 07/31/24		$100,000		$97,452
4.800% due 03/03/33		100,000		100,966
Albemarle Corp.
5.050% due 06/01/32		100,000		96,869
5.450% due 12/01/44		50,000		47,229
ArcelorMittal SA (Luxembourg) 6.550% due 11/29/27		200,000		205,258
BHP Billiton Finance USA Ltd. (Australia) 5.000% due 09/30/43		500,000		500,597
Celanese US Holdings LLC
1.400% due 08/05/26		25,000		21,681
6.165% due 07/15/27		250,000		248,881
Dow Chemical Co.
2.100% due 11/15/30		250,000		206,651
3.600% due 11/15/50		250,000		186,389
4.250% due 10/01/34		141,000		128,218
4.800% due 05/15/49		65,000		56,679
DuPont de Nemours, Inc.
4.493% due 11/15/25		350,000		342,932
4.725% due 11/15/28		150,000		147,629
5.319% due 11/15/38		65,000		64,493
5.419% due 11/15/48		75,000		74,049
Eastman Chemical Co.
3.800% due 03/15/25		100,000		97,135
4.650% due 10/15/44		50,000		42,271
4.800% due 09/01/42		100,000		87,308
Ecolab, Inc.
1.650% due 02/01/27		100,000		89,937
2.125% due 02/01/32		100,000		81,914
2.700% due 12/15/51		100,000		66,419
EIDP, Inc. 4.800% due 05/15/33		200,000		195,912
Fibria Overseas Finance Ltd. (Brazil) 5.500% due 01/17/27		50,000		50,100
Freeport-McMoRan, Inc.
4.125% due 03/01/28		150,000		140,683
4.625% due 08/01/30		100,000		94,315
5.450% due 03/15/43		100,000		93,379
Georgia-Pacific LLC 8.875% due 05/15/31		100,000		123,199
Huntsman International LLC
4.500% due 05/01/29		45,000		41,191
International Paper Co.
4.350% due 08/15/48		54,000		45,672
6.000% due 11/15/41		200,000		205,298
Kinross Gold Corp. (Canada) due 07/15/33 #		100,000		98,977
Linde, Inc.
1.100% due 08/10/30		50,000		39,782
2.000% due 08/10/50		30,000		17,101
4.700% due 12/05/25		100,000		99,284
LYB International Finance III LLC
1.250% due 10/01/25		20,000		18,093
2.250% due 10/01/30		25,000		20,489
3.375% due 10/01/40		30,000		22,069
3.625% due 04/01/51		40,000		27,716
3.800% due 10/01/60		30,000		20,304
4.200% due 05/01/50		300,000		229,097
LyondellBasell Industries NV
4.625% due 02/26/55		75,000		60,784
Mosaic Co. 5.450% due 11/15/33		163,000		158,904
NewMarket Corp. 2.700% due 03/18/31		100,000		81,802

	Principal Amount		Value
Newmont Corp.
2.250% due 10/01/30	$	65,000	$	53,296
2.600% due 07/15/32		100,000		81,758
5.875% due 04/01/35		100,000		102,646
Nucor Corp.
2.000% due 06/01/25		250,000		233,918
2.979% due 12/15/55		25,000		16,025
Nutrien Ltd. (Canada)
2.950% due 05/13/30		50,000		43,477
4.200% due 04/01/29		55,000		51,989
5.250% due 01/15/45		139,000		128,889
5.950% due 11/07/25		35,000		35,225
PPG Industries, Inc.
1.200% due 03/15/26		70,000		62,744
2.800% due 08/15/29		50,000		44,179
Reliance Steel & Aluminum Co. 1.300% due 08/15/25		40,000		36,538
Rio Tinto Finance USA Ltd. (Australia)
2.750% due 11/02/51		50,000		34,128
7.125% due 07/15/28		50,000		55,216
Rio Tinto Finance USA PLC (Australia) 4.750% due 03/22/42		200,000		189,735
RPM International, Inc. 5.250% due 06/01/45		50,000		44,647
Sherwin-Williams Co.
3.450% due 06/01/27		60,000		56,585
3.950% due 01/15/26		150,000		145,301
4.000% due 12/15/42		50,000		41,185
4.500% due 06/01/47		29,000		25,415
Southern Copper Corp. (Mexico)
5.250% due 11/08/42		150,000		143,616
7.500% due 07/27/35		50,000		58,112
Steel Dynamics, Inc.
1.650% due 10/15/27		10,000		8,503
2.400% due 06/15/25		15,000		14,018
3.250% due 01/15/31		40,000		34,693
3.250% due 10/15/50		20,000		13,169
Suzano Austria GmbH (Brazil)
2.500% due 09/15/28		40,000		34,097
3.125% due 01/15/32		40,000		32,047
3.750% due 01/15/31		125,000		106,772
Vale Overseas Ltd. (Brazil)
6.875% due 11/21/36		150,000		156,991
Westlake Corp. 4.375% due 11/15/47		100,000		78,586
				7,038,608
Communications - 2.5%
Alibaba Group Holding Ltd. (China)
2.700% due 02/09/41		350,000		234,071
3.600% due 11/28/24		200,000		193,818
Alphabet, Inc.
0.800% due 08/15/27		150,000		129,931
1.900% due 08/15/40		150,000		103,398
1.998% due 08/15/26		200,000		185,205
2.250% due 08/15/60		150,000		91,364
Amazon.com, Inc.
0.800% due 06/03/25		565,000		522,085
1.000% due 05/12/26		100,000		89,928
1.500% due 06/03/30		85,000		69,930
1.650% due 05/12/28		100,000		87,395
2.100% due 05/12/31		100,000		84,142
2.500% due 06/03/50		40,000		26,641
2.700% due 06/03/60		300,000		193,233
2.875% due 05/12/41		100,000		77,202
3.000% due 04/13/25		400,000		386,051
3.100% due 05/12/51		100,000		74,707
3.250% due 05/12/61		100,000		72,474
3.300% due 04/13/27		150,000		142,955
3.600% due 04/13/32		200,000		186,584

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-189

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.875% due 08/22/37	$	195,000	$	178,221
3.950% due 04/13/52		150,000		130,851
4.050% due 08/22/47		70,000		62,887
4.100% due 04/13/62		100,000		86,198
4.250% due 08/22/57		100,000		90,097
4.550% due 12/01/27		100,000		99,432
4.600% due 12/01/25		100,000		99,258
4.650% due 12/01/29		500,000		501,623
4.700% due 12/01/32		100,000		100,870
5.200% due 12/03/25		50,000		50,183
America Movil SAB de CV (Mexico)
2.875% due 05/07/30		200,000		173,946
6.375% due 03/01/35		125,000		135,641
AT&T, Inc.
1.650% due 02/01/28		300,000		257,984
2.250% due 02/01/32		165,000		131,109
2.550% due 12/01/33		250,000		196,455
2.750% due 06/01/31		100,000		84,409
3.500% due 06/01/41		200,000		153,731
3.500% due 09/15/53		597,000		423,049
3.550% due 09/15/55		433,000		303,446
3.650% due 06/01/51		350,000		257,141
3.650% due 09/15/59		121,000		84,329
3.800% due 12/01/57		200,000		144,966
3.850% due 06/01/60		45,000		32,624
4.250% due 03/01/27		100,000		97,262
4.300% due 12/15/42		393,000		333,964
4.350% due 03/01/29		150,000		144,150
4.350% due 06/15/45		177,000		148,481
4.500% due 05/15/35		90,000		82,785
4.550% due 03/09/49		100,000		84,981
4.850% due 03/01/39		70,000		64,446
5.350% due 09/01/40		161,000		156,213
5.400% due 02/15/34		150,000		150,332
5.539% due 02/20/26		300,000		300,088
Baidu, Inc. (China)
1.625% due 02/23/27		200,000		175,755
2.375% due 08/23/31		200,000		161,815
Bell Telephone Co. of Canada or Bell Canada (Canada)
2.150% due 02/15/32		40,000		32,167
3.200% due 02/15/52		20,000		13,796
3.650% due 08/15/52		70,000		53,161
4.464% due 04/01/48		65,000		56,454
Booking Holdings, Inc.
3.600% due 06/01/26		50,000		48,184
4.625% due 04/13/30		200,000		195,022
British Telecommunications PLC (United Kingdom)
5.125% due 12/04/28		200,000		196,746
9.625% due 12/15/30		50,000		61,554
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% due 06/01/41		60,000		40,634
3.750% due 02/15/28		100,000		91,721
3.850% due 04/01/61		335,000		202,904
3.900% due 06/01/52		175,000		114,674
4.200% due 03/15/28		200,000		187,582
4.400% due 12/01/61		100,000		67,588
4.800% due 03/01/50		350,000		264,362
4.908% due 07/23/25		150,000		147,142
5.125% due 07/01/49		100,000		78,754
5.375% due 05/01/47		50,000		41,376
6.384% due 10/23/35		70,000		68,268
6.484% due 10/23/45		165,000		155,230
6.834% due 10/23/55		50,000		47,188
Cisco Systems, Inc.
2.950% due 02/28/26		50,000		48,017
5.900% due 02/15/39		300,000		332,227

	Principal Amount		Value
Comcast Corp.
1.500% due 02/15/31	$	700,000	$	557,114
1.950% due 01/15/31		140,000		114,607
2.350% due 01/15/27		40,000		36,746
2.450% due 08/15/52		100,000		61,229
2.800% due 01/15/51		55,000		36,455
2.987% due 11/01/63		101,000		64,108
3.300% due 02/01/27		100,000		94,949
3.400% due 07/15/46		55,000		41,793
3.750% due 04/01/40		155,000		130,692
3.950% due 10/15/25		350,000		341,269
3.999% due 11/01/49		211,000		174,386
4.000% due 08/15/47		100,000		83,437
4.049% due 11/01/52		97,000		80,687
4.150% due 10/15/28		95,000		92,092
4.250% due 10/15/30		420,000		404,711
4.400% due 08/15/35		77,000		72,433
4.600% due 10/15/38		85,000		79,225
4.700% due 10/15/48		325,000		304,322
4.750% due 03/01/44		300,000		276,703
4.800% due 05/15/33		200,000		197,995
4.950% due 10/15/58		80,000		76,909
5.350% due 11/15/27		65,000		66,195
Corning, Inc.
4.375% due 11/15/57		100,000		81,380
4.700% due 03/15/37		50,000		46,409
5.350% due 11/15/48		100,000		97,072
Deutsche Telekom International Finance BV (Germany) 8.750% due 06/15/30		185,000		221,683
Discovery Communications LLC
3.450% due 03/15/25		100,000		95,788
3.625% due 05/15/30		250,000		219,448
3.950% due 03/20/28		60,000		55,819
4.000% due 09/15/55		118,000		78,548
5.200% due 09/20/47		30,000		24,581
eBay, Inc.
1.900% due 03/11/25		50,000		47,000
2.700% due 03/11/30		100,000		85,951
3.600% due 06/05/27		50,000		47,305
5.900% due 11/22/25		70,000		70,781
Expedia Group, Inc. 3.800% due 02/15/28		250,000		234,030
Fox Corp.
3.050% due 04/07/25		150,000		143,601
5.576% due 01/25/49		200,000		187,429
Interpublic Group of Cos., Inc.
2.400% due 03/01/31		100,000		81,526
3.375% due 03/01/41		70,000		51,202
JD.com, Inc. (China) 4.125% due 01/14/50		200,000		156,340
Juniper Networks, Inc. 3.750% due 08/15/29		100,000		89,975
Meta Platforms, Inc.
3.500% due 08/15/27		200,000		189,999
3.850% due 08/15/32		200,000		185,867
4.450% due 08/15/52		200,000		174,040
4.600% due 05/15/28		200,000		197,909
4.650% due 08/15/62		200,000		175,834
4.950% due 05/15/33		100,000		99,963
5.750% due 05/15/63		100,000		103,574
Motorola Solutions, Inc.
2.750% due 05/24/31		100,000		81,986
4.600% due 02/23/28		100,000		97,046
Omnicom Group, Inc. 2.600% due 08/01/31		100,000		82,957
Omnicom Group, Inc./Omnicom Capital, Inc. 3.600% due 04/15/26		50,000		48,044

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-190

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Orange SA (France)
5.375% due 01/13/42	$	150,000	$	149,056
9.000% due 03/01/31		50,000		61,431
Paramount Global
2.900% due 01/15/27		50,000		45,060
3.375% due 02/15/28		55,000		48,921
4.200% due 05/19/32		300,000		251,541
4.375% due 03/15/43		70,000		49,434
5.900% due 10/15/40		50,000		43,591
6.875% due 04/30/36		100,000		97,371
7.875% due 07/30/30		100,000		105,589
Rogers Communications, Inc. (Canada)
3.200% due 03/15/27 ~		65,000		60,454
3.800% due 03/15/32 ~		65,000		56,844
4.300% due 02/15/48		85,000		66,326
4.350% due 05/01/49		75,000		59,305
4.500% due 03/15/43		25,000		20,784
4.550% due 03/15/52 ~		100,000		80,491
5.000% due 03/15/44		100,000		88,025
Sprint LLC 7.625% due 03/01/26		300,000		311,902
T-Mobile USA, Inc.
2.250% due 11/15/31		50,000		40,031
2.400% due 03/15/29		25,000		21,501
2.550% due 02/15/31		300,000		249,457
2.700% due 03/15/32		55,000		45,467
3.000% due 02/15/41		20,000		14,634
3.300% due 02/15/51		50,000		35,119
3.400% due 10/15/52		150,000		107,198
3.500% due 04/15/25		200,000		192,391
3.600% due 11/15/60		220,000		154,636
3.750% due 04/15/27		500,000		473,544
3.875% due 04/15/30		300,000		276,560
4.500% due 04/15/50		200,000		171,734
4.800% due 07/15/28		500,000		489,894
4.950% due 03/15/28		60,000		59,075
5.050% due 07/15/33		160,000		157,171
5.200% due 01/15/33		130,000		129,220
5.650% due 01/15/53		65,000		66,048
5.800% due 09/15/62		95,000		96,637
Telefonica Emisiones SA (Spain)
5.213% due 03/08/47		150,000		130,575
7.045% due 06/20/36		150,000		163,679
Telefonica Europe BV (Spain) 8.250% due 09/15/30		250,000		289,043
TELUS Corp. (Canada)
3.400% due 05/13/32		50,000		42,817
4.600% due 11/16/48		100,000		86,301
Thomson Reuters Corp. (Canada)
5.650% due 11/23/43		150,000		142,901
5.850% due 04/15/40		25,000		24,744
Time Warner Cable LLC
5.875% due 11/15/40		150,000		132,445
6.550% due 05/01/37		100,000		95,945
6.750% due 06/15/39		50,000		48,085
7.300% due 07/01/38		150,000		152,991
VeriSign, Inc. 2.700% due 06/15/31		80,000		66,635
Verizon Communications, Inc.
0.850% due 11/20/25		100,000		90,233
1.450% due 03/20/26		40,000		36,286
1.500% due 09/18/30		90,000		71,177
1.750% due 01/20/31		100,000		78,933
2.100% due 03/22/28		60,000		52,739
2.355% due 03/15/32		500,000		402,313
2.550% due 03/21/31		140,000		116,932
2.650% due 11/20/40		450,000		313,221
2.850% due 09/03/41		45,000		32,041
2.875% due 11/20/50		100,000		65,237
2.987% due 10/30/56		383,000		243,510

	Principal Amount		Value
3.000% due 11/20/60	$	90,000	$	56,274
3.150% due 03/22/30		500,000		444,598
3.376% due 02/15/25		200,000		193,272
3.400% due 03/22/41		580,000		448,001
3.550% due 03/22/51		55,000		41,060
3.700% due 03/22/61		45,000		32,753
4.000% due 03/22/50		250,000		203,128
4.125% due 03/16/27		300,000		291,417
4.272% due 01/15/36		57,000		51,434
4.329% due 09/21/28		250,000		241,128
Vodafone Group PLC (United Kingdom)
5.125% due 06/19/59		100,000		88,859
5.625% due 02/10/53		175,000		171,679
6.150% due 02/27/37		150,000		157,086
7.875% due 02/15/30		50,000		57,433
Walt Disney Co.
1.750% due 08/30/24		50,000		47,934
1.750% due 01/13/26		70,000		64,806
2.000% due 09/01/29		35,000		29,812
2.650% due 01/13/31		310,000		270,003
2.750% due 09/01/49		45,000		30,508
3.350% due 03/24/25		350,000		339,321
3.375% due 11/15/26		200,000		190,482
3.600% due 01/13/51		200,000		159,275
4.700% due 03/23/50		200,000		191,404
5.400% due 10/01/43		100,000		102,061
6.400% due 12/15/35		39,000		43,891
6.650% due 11/15/37		150,000		173,556
Weibo Corp. (China) 3.375% due 07/08/30		200,000		159,428
				29,651,559
Consumer, Cyclical - 1.5%
Advance Auto Parts, Inc. 1.750% due 10/01/27		20,000		16,655
American Airlines Pass-Through Trust Class AA 3.200% due 12/15/29		104,550		93,816
American Honda Finance Corp.
0.750% due 08/09/24		65,000		61,711
1.200% due 07/08/25		50,000		46,038
1.500% due 01/13/25		150,000		141,436
2.000% due 03/24/28		45,000		39,510
2.250% due 01/12/29		150,000		130,530
5.000% due 05/23/25		300,000		298,893
Aptiv PLC
3.100% due 12/01/51		200,000		125,919
4.400% due 10/01/46		100,000		77,816
AutoNation, Inc. 4.500% due 10/01/25		100,000		96,123
AutoZone, Inc.
1.650% due 01/15/31		85,000		66,371
3.750% due 06/01/27		100,000		95,219
4.750% due 02/01/33		65,000		62,296
Best Buy Co., Inc. 4.450% due 10/01/28		50,000		48,436
BorgWarner, Inc. 2.650% due 07/01/27		25,000		22,745
Choice Hotels International, Inc. 3.700% due 12/01/29		25,000		21,587
Continental Airlines Pass-Through Trust Class A
4.000% due 04/29/26		15,813		15,319
Costco Wholesale Corp.
1.375% due 06/20/27		200,000		176,691
1.750% due 04/20/32		200,000		161,547
Cummins, Inc.
0.750% due 09/01/25		35,000		31,878
1.500% due 09/01/30		100,000		80,976
2.600% due 09/01/50		100,000		64,588

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-191

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Darden Restaurants, Inc. 3.850% due 05/01/27	$	130,000	$	124,074
Delta Air Lines Pass-Through Trust Class AA 2.000% due 12/10/29		41,031		36,158
Dick’s Sporting Goods, Inc. 3.150% due 01/15/32		300,000		246,044
Dollar General Corp.
3.875% due 04/15/27		50,000		47,738
4.150% due 11/01/25		25,000		24,280
5.200% due 07/05/28		140,000		138,607
Dollar Tree, Inc.
2.650% due 12/01/31		100,000		81,833
4.200% due 05/15/28		45,000		42,660
DR Horton, Inc. 1.300% due 10/15/26		85,000		74,568
General Motors Co.
4.200% due 10/01/27		50,000		47,401
5.400% due 10/15/29		250,000		243,950
5.400% due 04/01/48		50,000		43,010
6.125% due 10/01/25		250,000		251,800
6.250% due 10/02/43		100,000		97,905
6.750% due 04/01/46		25,000		25,304
General Motors Financial Co., Inc.
1.250% due 01/08/26		500,000		446,317
2.700% due 06/10/31		100,000		79,825
3.500% due 11/07/24		100,000		96,716
3.600% due 06/21/30		350,000		302,708
4.000% due 10/06/26		50,000		47,442
4.300% due 04/06/29		100,000		91,835
5.000% due 04/09/27		60,000		58,420
5.400% due 04/06/26		75,000		74,164
5.800% due 06/23/28		250,000		249,172
Hasbro, Inc.
3.500% due 09/15/27		30,000		27,920
3.900% due 11/19/29		100,000		90,430
Home Depot, Inc.
1.375% due 03/15/31		300,000		237,101
2.125% due 09/15/26		100,000		92,276
2.375% due 03/15/51		200,000		124,070
2.700% due 04/15/30		300,000		266,749
3.000% due 04/01/26		25,000		23,923
3.250% due 04/15/32		65,000		58,424
3.350% due 09/15/25		45,000		43,438
3.500% due 09/15/56		55,000		42,361
3.625% due 04/15/52		250,000		199,546
3.900% due 12/06/28		40,000		38,745
4.200% due 04/01/43		300,000		268,333
4.500% due 12/06/48		100,000		92,733
5.875% due 12/16/36		75,000		81,694
Honda Motor Co. Ltd. (Japan) 2.271% due 03/10/25		250,000		237,902
Hyatt Hotels Corp.
due 01/30/27 #		95,000		94,795
4.850% due 03/15/26		25,000		24,495
JetBlue Pass-Through Trust 4.000% due 05/15/34		12,546		11,459
Lear Corp.
2.600% due 01/15/32		100,000		77,764
3.550% due 01/15/52		100,000		66,888
Leggett & Platt, Inc. 3.800% due 11/15/24		50,000		48,451
LKQ Corp. 5.750% due 06/15/28 ~		300,000		299,198
Lowe’s Cos., Inc.
1.300% due 04/15/28		20,000		16,902
1.700% due 09/15/28		25,000		21,204
1.700% due 10/15/30		20,000		16,039
2.625% due 04/01/31		100,000		84,499
2.800% due 09/15/41		50,000		35,402

	Principal Amount		Value
3.000% due 10/15/50	$	15,000	$	9,843
3.500% due 04/01/51		50,000		35,714
3.650% due 04/05/29		35,000		32,451
3.700% due 04/15/46		250,000		190,470
3.750% due 04/01/32		200,000		181,098
4.250% due 04/01/52		50,000		40,843
4.450% due 04/01/62		250,000		200,979
4.500% due 04/15/30		250,000		243,210
5.150% due 07/01/33		300,000		300,040
Magna International, Inc. (Canada)
4.150% due 10/01/25		25,000		24,242
5.980% due 03/21/26		200,000		200,141
Marriott International, Inc.
2.750% due 10/15/33		150,000		119,331
3.125% due 06/15/26		200,000		187,926
3.500% due 10/15/32		40,000		34,579
McDonald’s Corp.
3.375% due 05/26/25		100,000		96,742
3.500% due 03/01/27		50,000		47,725
3.500% due 07/01/27		300,000		285,794
3.600% due 07/01/30		100,000		93,124
3.700% due 02/15/42		200,000		163,254
3.800% due 04/01/28		25,000		23,977
4.200% due 04/01/50		150,000		129,952
4.450% due 09/01/48		10,000		8,994
4.875% due 07/15/40		10,000		9,559
Mercedes-Benz Finance North America LLC (Germany) 8.500% due 01/18/31		50,000		62,121
NIKE, Inc.
2.850% due 03/27/30		350,000		316,341
3.375% due 11/01/46		200,000		160,975
3.625% due 05/01/43		25,000		21,018
O’Reilly Automotive, Inc.
4.350% due 06/01/28		100,000		96,873
4.700% due 06/15/32		50,000		48,177
PACCAR Financial Corp.
1.100% due 05/11/26		70,000		62,997
2.000% due 02/04/27		70,000		63,446
3.550% due 08/11/25		100,000		97,029
PulteGroup, Inc. 5.500% due 03/01/26		200,000		198,970
Ralph Lauren Corp. 3.750% due 09/15/25		50,000		48,274
Ross Stores, Inc.
0.875% due 04/15/26		100,000		88,389
1.875% due 04/15/31		100,000		78,962
Southwest Airlines Co. 5.250% due 05/04/25		180,000		178,172
Starbucks Corp.
2.450% due 06/15/26		50,000		46,613
3.500% due 03/01/28		100,000		93,909
3.500% due 11/15/50		200,000		152,060
3.550% due 08/15/29		100,000		93,294
3.750% due 12/01/47		35,000		27,643
4.300% due 06/15/45		35,000		30,566
4.450% due 08/15/49		100,000		88,431
4.800% due 02/15/33		70,000		69,169
Tapestry, Inc. 4.125% due 07/15/27		23,000		21,612
Target Corp.
1.950% due 01/15/27		250,000		228,982
2.250% due 04/15/25		150,000		142,924
2.950% due 01/15/52		200,000		140,323
3.375% due 04/15/29		100,000		93,757
4.800% due 01/15/53		35,000		33,530
Toyota Motor Credit Corp.
0.800% due 10/16/25		50,000		45,307
1.125% due 06/18/26		200,000		178,887
1.150% due 08/13/27		120,000		103,814

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-192

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
1.800% due 02/13/25	$	50,000	$	47,337
1.900% due 04/06/28		100,000		87,665
2.150% due 02/13/30		100,000		85,632
3.050% due 03/22/27		200,000		187,443
3.200% due 01/11/27		100,000		94,413
3.950% due 06/30/25		175,000		171,245
4.700% due 01/12/33		300,000		297,267
United Airlines Pass-Through Trust Class A
4.000% due 10/11/27		60,114		56,600
5.875% due 04/15/29		64,682		64,206
United Airlines Pass-Through Trust Class AA
2.700% due 11/01/33		214,749		180,433
2.875% due 04/07/30		106,389		93,916
3.100% due 01/07/30		35,489		32,139
Walgreens Boots Alliance, Inc. 3.450% due 06/01/26		30,000		28,148
Walmart, Inc.
1.050% due 09/17/26		150,000		133,995
1.800% due 09/22/31		300,000		249,288
2.500% due 09/22/41		250,000		186,205
2.650% due 12/15/24		100,000		96,396
2.650% due 09/22/51		200,000		142,227
2.850% due 07/08/24		90,000		87,783
3.050% due 07/08/26		65,000		62,209
3.250% due 07/08/29		80,000		74,945
4.500% due 04/15/53		200,000		195,212
Warnermedia Holdings, Inc.
3.638% due 03/15/25		300,000		289,521
4.279% due 03/15/32		300,000		266,201
5.050% due 03/15/42		300,000		253,026
5.141% due 03/15/52		400,000		325,964
Whirlpool Corp.
2.400% due 05/15/31		5,000		4,068
4.600% due 05/15/50		50,000		41,714
4.700% due 05/14/32		30,000		28,816
4.750% due 02/26/29		60,000		58,426
WW Grainger, Inc.
1.850% due 02/15/25		25,000		23,748
3.750% due 05/15/46		50,000		40,590
4.600% due 06/15/45		20,000		18,901
				17,449,004
Consumer, Non-Cyclical - 4.5%
Abbott Laboratories
2.950% due 03/15/25		100,000		96,819
3.750% due 11/30/26		227,000		221,443
4.750% due 11/30/36		100,000		100,476
4.900% due 11/30/46		100,000		101,032
6.150% due 11/30/37		25,000		27,972
AbbVie, Inc.
2.600% due 11/21/24		80,000		76,796
2.950% due 11/21/26		455,000		425,286
3.200% due 05/14/26		100,000		94,814
3.200% due 11/21/29		175,000		158,360
3.600% due 05/14/25		175,000		169,232
3.800% due 03/15/25		70,000		68,094
4.050% due 11/21/39		70,000		60,981
4.250% due 11/21/49		300,000		259,132
4.300% due 05/14/36		50,000		45,953
4.400% due 11/06/42		125,000		112,006
4.500% due 05/14/35		160,000		152,106
4.625% due 10/01/42		100,000		90,492
4.700% due 05/14/45		50,000		45,717
4.750% due 03/15/45		330,000		302,084
Adventist Health System 3.630% due 03/01/49		15,000		11,211
Advocate Health & Hospitals Corp. 3.387% due 10/15/49		50,000		37,451
Aetna, Inc.
3.500% due 11/15/24		100,000		96,917

	Principal Amount		Value
3.875% due 08/15/47	$	30,000	$	23,409
4.125% due 11/15/42		100,000		82,435
Altria Group, Inc.
2.350% due 05/06/25		75,000		70,614
3.400% due 05/06/30		50,000		44,166
3.400% due 02/04/41		250,000		174,699
4.400% due 02/14/26		13,000		12,727
4.450% due 05/06/50		75,000		55,199
4.500% due 05/02/43		100,000		79,612
4.800% due 02/14/29		300,000		291,973
5.800% due 02/14/39		65,000		63,700
5.950% due 02/14/49		75,000		71,280
AmerisourceBergen Corp. 3.450% due 12/15/27		50,000		46,843
Amgen, Inc.
1.900% due 02/21/25		35,000		33,030
2.200% due 02/21/27		35,000		31,815
2.300% due 02/25/31		200,000		166,290
2.450% due 02/21/30		50,000		42,895
2.770% due 09/01/53		311,000		193,506
3.200% due 11/02/27		50,000		46,720
3.350% due 02/22/32		145,000		127,851
3.375% due 02/21/50		250,000		183,381
4.200% due 03/01/33		200,000		186,769
4.400% due 05/01/45		100,000		86,688
5.150% due 03/02/28		100,000		99,981
5.150% due 11/15/41		174,000		168,356
5.250% due 03/02/25		35,000		34,832
5.250% due 03/02/30		100,000		100,276
5.250% due 03/02/33		290,000		290,508
5.507% due 03/02/26		40,000		39,934
5.600% due 03/02/43		45,000		45,167
5.650% due 03/02/53		280,000		283,760
5.750% due 03/02/63		395,000		401,017
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.650% due 02/01/26		750,000		726,691
4.700% due 02/01/36		525,000		511,003
4.900% due 02/01/46		750,000		717,475
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.625% due 02/01/44		300,000		275,589
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.500% due 06/01/30		350,000		325,771
4.000% due 04/13/28		80,000		77,433
4.375% due 04/15/38		35,000		32,445
4.439% due 10/06/48		200,000		180,225
4.600% due 04/15/48		50,000		46,459
4.750% due 01/23/29		55,000		54,791
4.900% due 01/23/31		65,000		66,122
5.450% due 01/23/39		65,000		67,312
5.550% due 01/23/49		100,000		105,496
5.800% due 01/23/59		45,000		49,111
Archer-Daniels-Midland Co.
2.700% due 09/15/51		250,000		168,951
2.900% due 03/01/32		45,000		39,168
4.500% due 08/15/33		200,000		195,266
Ascension Health 3.945% due 11/15/46		70,000		58,816
Astrazeneca Finance LLC (United Kingdom)
1.200% due 05/28/26		35,000		31,596
2.250% due 05/28/31		20,000		16,886
4.875% due 03/03/28		150,000		149,985
AstraZeneca PLC (United Kingdom)
1.375% due 08/06/30		300,000		241,520
3.000% due 05/28/51		15,000		11,140
3.125% due 06/12/27		100,000		93,978
3.375% due 11/16/25		100,000		96,182
4.000% due 09/18/42		25,000		22,297

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-193

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.375% due 11/16/45	$	25,000	$	23,253
6.450% due 09/15/37		100,000		114,719
Automatic Data Processing, Inc.
1.250% due 09/01/30		40,000		32,462
1.700% due 05/15/28		40,000		35,146
3.375% due 09/15/25		25,000		24,183
Avery Dennison Corp.
2.650% due 04/30/30		30,000		25,256
5.750% due 03/15/33		100,000		102,128
Banner Health
1.897% due 01/01/31		40,000		32,351
2.913% due 01/01/51		50,000		33,693
BAT Capital Corp. (United Kingdom)
2.259% due 03/25/28		325,000		278,772
2.726% due 03/25/31		250,000		199,212
2.789% due 09/06/24		35,000		33,680
3.215% due 09/06/26		50,000		46,499
3.222% due 08/15/24		100,000		97,079
3.462% due 09/06/29		50,000		43,354
3.557% due 08/15/27		100,000		92,017
4.390% due 08/15/37		70,000		56,050
4.700% due 04/02/27		200,000		193,771
4.758% due 09/06/49		50,000		37,797
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		25,000		22,490
Baxalta, Inc.
4.000% due 06/23/25		15,000		14,560
5.250% due 06/23/45		9,000		8,881
Baxter International, Inc.
1.322% due 11/29/24		400,000		375,495
1.915% due 02/01/27		100,000		88,871
2.539% due 02/01/32		100,000		81,060
3.950% due 04/01/30		150,000		138,517
Baylor Scott & White Holdings 2.839% due 11/15/50		200,000		134,350
Becton Dickinson & Co.
2.823% due 05/20/30		70,000		61,262
3.734% due 12/15/24		36,000		34,963
3.794% due 05/20/50		350,000		277,080
4.669% due 06/06/47		50,000		45,992
Biogen, Inc.
2.250% due 05/01/30		55,000		45,976
3.150% due 05/01/50		440,000		301,406
Boston Scientific Corp.
2.650% due 06/01/30		350,000		305,173
4.550% due 03/01/39		50,000		46,620
4.700% due 03/01/49		70,000		65,725
Bristol-Myers Squibb Co.
0.750% due 11/13/25		50,000		45,448
1.125% due 11/13/27		50,000		43,562
1.450% due 11/13/30		280,000		224,942
2.350% due 11/13/40		20,000		14,068
2.550% due 11/13/50		30,000		19,530
2.950% due 03/15/32		50,000		44,201
3.200% due 06/15/26		50,000		47,872
3.250% due 08/01/42		100,000		78,288
3.400% due 07/26/29		118,000		109,672
3.700% due 03/15/52		70,000		56,840
3.900% due 02/20/28		100,000		97,150
3.900% due 03/15/62		250,000		201,088
4.125% due 06/15/39		35,000		31,944
4.250% due 10/26/49		365,000		323,806
4.350% due 11/15/47		50,000		45,256
Brown-Forman Corp. 4.500% due 07/15/45		40,000		37,212
Bunge Ltd. Finance Corp.
2.750% due 05/14/31		100,000		83,992
3.250% due 08/15/26		20,000		18,827
3.750% due 09/25/27		30,000		28,347
California Institute of Technology 3.650% due 09/01/19		20,000		13,657

	Principal Amount		Value
Campbell Soup Co.
4.150% due 03/15/28	$	100,000	$	95,789
4.800% due 03/15/48		20,000		18,075
Cardinal Health, Inc.
3.410% due 06/15/27		100,000		94,307
3.750% due 09/15/25		50,000		48,202
4.368% due 06/15/47		50,000		41,310
4.900% due 09/15/45		50,000		44,015
Centene Corp.
3.000% due 10/15/30		200,000		166,851
4.625% due 12/15/29		200,000		184,267
Children’s Hospital of Philadelphia 2.704% due 07/01/50		250,000		163,804
Church & Dwight Co., Inc.
2.300% due 12/15/31		40,000		33,041
5.000% due 06/15/52		100,000		99,012
Cigna Group
1.250% due 03/15/26		65,000		58,405
2.375% due 03/15/31		60,000		50,335
2.400% due 03/15/30		120,000		102,032
3.050% due 10/15/27		30,000		27,683
3.200% due 03/15/40		85,000		65,427
3.400% due 03/15/50		65,000		47,546
3.400% due 03/15/51		40,000		29,206
3.875% due 10/15/47		50,000		39,507
4.125% due 11/15/25		45,000		43,824
4.375% due 10/15/28		80,000		77,397
4.800% due 08/15/38		60,000		56,702
4.900% due 12/15/48		555,000		516,883
Cintas Corp. No. 2
3.450% due 05/01/25		25,000		24,207
3.700% due 04/01/27		50,000		48,224
Coca-Cola Co.
1.375% due 03/15/31		200,000		160,312
1.500% due 03/05/28		60,000		52,737
2.000% due 03/05/31		65,000		54,657
2.125% due 09/06/29		100,000		87,744
2.250% due 01/05/32		100,000		85,172
2.875% due 05/05/41		100,000		79,123
3.000% due 03/05/51		415,000		316,728
Colgate-Palmolive Co.
3.100% due 08/15/27		50,000		47,628
3.700% due 08/01/47		100,000		87,421
4.800% due 03/02/26		60,000		60,240
CommonSpirit Health
4.350% due 11/01/42		150,000		128,926
6.073% due 11/01/27		80,000		81,589
Conagra Brands, Inc.
4.600% due 11/01/25		35,000		34,225
4.850% due 11/01/28		45,000		43,911
5.300% due 11/01/38		50,000		48,094
5.400% due 11/01/48		40,000		38,160
Conopco, Inc. 7.250% due 12/15/26		200,000		214,286
Constellation Brands, Inc.
2.250% due 08/01/31		160,000		130,843
3.500% due 05/09/27		15,000		14,210
4.350% due 05/09/27		150,000		146,353
4.400% due 11/15/25		35,000		34,288
4.650% due 11/15/28		30,000		29,441
5.250% due 11/15/48		30,000		28,758
CVS Health Corp.
1.300% due 08/21/27		335,000		288,473
1.750% due 08/21/30		200,000		159,701
2.625% due 08/15/24		30,000		29,023
2.700% due 08/21/40		65,000		45,422
2.875% due 06/01/26		100,000		94,032
3.000% due 08/15/26		35,000		32,825
3.250% due 08/15/29		65,000		58,410
3.750% due 04/01/30		100,000		91,787

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-194

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.875% due 07/20/25	$	200,000	$	194,435
4.100% due 03/25/25		37,000		36,227
4.125% due 04/01/40		300,000		253,064
4.250% due 04/01/50		200,000		165,836
4.300% due 03/25/28		72,000		69,488
4.780% due 03/25/38		95,000		87,725
5.125% due 07/20/45		105,000		97,201
5.250% due 02/21/33		500,000		498,278
5.300% due 06/01/33		80,000		79,915
5.300% due 12/05/43		200,000		191,470
Danaher Corp.
2.600% due 10/01/50		125,000		84,454
2.800% due 12/10/51		100,000		69,101
3.350% due 09/15/25		30,000		28,896
4.375% due 09/15/45		30,000		27,221
Diageo Capital PLC (United Kingdom)
2.000% due 04/29/30		350,000		295,328
3.875% due 04/29/43		100,000		84,888
Dignity Health 5.267% due 11/01/64		100,000		94,358
Elevance Health, Inc.
2.550% due 03/15/31		100,000		84,083
3.350% due 12/01/24		400,000		386,957
3.600% due 03/15/51		30,000		22,977
3.650% due 12/01/27		30,000		28,343
4.375% due 12/01/47		30,000		26,180
4.625% due 05/15/42		100,000		90,048
4.650% due 01/15/43		50,000		45,733
4.750% due 02/15/33		100,000		97,167
5.500% due 10/15/32		200,000		205,747
Eli Lilly & Co.
2.250% due 05/15/50		200,000		130,560
3.375% due 03/15/29		27,000		25,384
4.700% due 02/27/33		125,000		126,686
4.950% due 02/27/63		250,000		255,352
Equifax, Inc.
2.350% due 09/15/31		150,000		119,746
2.600% due 12/01/24		25,000		23,823
Estee Lauder Cos., Inc.
1.950% due 03/15/31		45,000		36,981
2.000% due 12/01/24		10,000		9,542
2.375% due 12/01/29		10,000		8,654
3.125% due 12/01/49		15,000		10,969
3.150% due 03/15/27		50,000		47,617
4.150% due 03/15/47		30,000		26,290
Flowers Foods, Inc. 2.400% due 03/15/31		45,000		36,742
GE HealthCare Technologies, Inc. 5.857% due 03/15/30		500,000		513,455
General Mills, Inc.
2.250% due 10/14/31		50,000		41,040
3.000% due 02/01/51		60,000		42,431
3.200% due 02/10/27		100,000		94,453
4.200% due 04/17/28		50,000		48,561
4.950% due 03/29/33		70,000		69,406
5.241% due 11/18/25		30,000		30,006
George Washington University 4.300% due 09/15/44		50,000		44,839
Georgetown University 2.943% due 04/01/50		25,000		16,956
Gilead Sciences, Inc.
1.200% due 10/01/27		45,000		38,856
1.650% due 10/01/30		40,000		32,668
2.600% due 10/01/40		450,000		326,234
2.800% due 10/01/50		100,000		67,728
2.950% due 03/01/27		100,000		93,964
3.650% due 03/01/26		100,000		96,236
4.150% due 03/01/47		75,000		65,154
4.600% due 09/01/35		45,000		43,367
4.750% due 03/01/46		50,000		47,111

	Principal Amount		Value
GlaxoSmithKline Capital PLC (United Kingdom) 3.375% due 06/01/29	$	250,000	$	232,261
GlaxoSmithKline Capital, Inc. (United Kingdom)
3.625% due 05/15/25		85,000		82,667
6.375% due 05/15/38		100,000		114,020
Global Payments, Inc.
2.900% due 05/15/30		300,000		254,552
5.400% due 08/15/32		200,000		194,999
Hackensack Meridian Health, Inc. 4.500% due 07/01/57		100,000		89,683
Haleon UK Capital PLC 3.125% due 03/24/25		350,000		334,575
Haleon US Capital LLC
3.375% due 03/24/27		250,000		234,103
3.625% due 03/24/32		250,000		224,224
HCA, Inc.
3.125% due 03/15/27 ~		45,000		41,352
3.500% due 07/15/51		350,000		242,497
3.625% due 03/15/32 ~		600,000		521,067
4.125% due 06/15/29		35,000		32,407
4.500% due 02/15/27		60,000		57,910
4.625% due 03/15/52 ~		25,000		20,566
5.125% due 06/15/39		50,000		46,427
5.200% due 06/01/28		165,000		163,774
5.250% due 04/15/25		70,000		69,145
5.250% due 06/15/26		75,000		74,207
5.250% due 06/15/49		100,000		90,327
5.500% due 06/15/47		75,000		70,735
Hershey Co.
2.300% due 08/15/26		50,000		46,700
4.250% due 05/04/28		140,000		138,641
Hormel Foods Corp.
1.700% due 06/03/28		35,000		30,417
3.050% due 06/03/51		25,000		17,840
Humana, Inc.
3.700% due 03/23/29		85,000		77,901
3.850% due 10/01/24		100,000		97,705
4.625% due 12/01/42		100,000		88,590
5.700% due 03/13/26		75,000		75,055
Ingredion, Inc. 3.200% due 10/01/26		100,000		93,430
J M Smucker Co.
2.375% due 03/15/30		65,000		55,447
2.750% due 09/15/41		100,000		70,099
3.550% due 03/15/50		50,000		36,761
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.750% due 04/01/33 ~		500,000		470,401
Johns Hopkins Health System Corp. 3.837% due 05/15/46		50,000		41,198
Johns Hopkins University 4.705% due 07/01/32		30,000		29,953
Johnson & Johnson
0.550% due 09/01/25		400,000		365,696
1.300% due 09/01/30		70,000		57,529
2.100% due 09/01/40		65,000		45,835
2.250% due 09/01/50		100,000		66,336
2.450% due 03/01/26		50,000		47,238
3.400% due 01/15/38		50,000		43,618
3.500% due 01/15/48		65,000		55,302
3.550% due 03/01/36		25,000		22,470
3.625% due 03/03/37		132,000		118,896
3.700% due 03/01/46		25,000		22,038
3.750% due 03/03/47		50,000		44,007
4.850% due 05/15/41		50,000		50,295
5.950% due 08/15/37		100,000		112,783
Kaiser Foundation Hospitals 2.810% due 06/01/41		65,000		47,807

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-195

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.002% due 06/01/51	$	70,000	$	49,073
3.150% due 05/01/27		225,000		211,830
4.150% due 05/01/47		20,000		17,488
Kellogg Co.
3.400% due 11/15/27		100,000		93,706
4.300% due 05/15/28		100,000		96,595
Kenvue, Inc.
5.050% due 03/22/28 ~		200,000		201,745
5.050% due 03/22/53 ~		200,000		204,328
Keurig Dr Pepper, Inc.
2.550% due 09/15/26		50,000		45,988
3.430% due 06/15/27		35,000		33,019
4.420% due 12/15/46		250,000		215,553
Kimberly-Clark Corp.
1.050% due 09/15/27		25,000		21,596
2.000% due 11/02/31		100,000		82,404
3.050% due 08/15/25		50,000		48,069
3.950% due 11/01/28		10,000		9,717
6.625% due 08/01/37		100,000		117,666
Kraft Heinz Foods Co.
3.875% due 05/15/27		250,000		240,168
4.375% due 06/01/46		500,000		425,270
Kroger Co.
3.500% due 02/01/26		50,000		47,923
3.950% due 01/15/50		100,000		80,292
4.650% due 01/15/48		100,000		88,655
5.150% due 08/01/43		25,000		23,027
Laboratory Corp. of America Holdings
1.550% due 06/01/26		70,000		62,557
2.700% due 06/01/31		100,000		84,579
3.600% due 09/01/27		100,000		94,581
4.700% due 02/01/45		50,000		43,402
Leland Stanford Junior University 3.647% due 05/01/48		125,000		107,379
Mass General Brigham, Inc. 3.342% due 07/01/60		30,000		21,012
Massachusetts Institute of Technology
3.067% due 04/01/52		100,000		75,762
5.600% due 07/01/11		100,000		113,106
Mayo Clinic 3.196% due 11/15/61		100,000		67,837
McCormick & Co., Inc.
0.900% due 02/15/26		95,000		84,737
3.400% due 08/15/27		50,000		46,849
McKesson Corp. 1.300% due 08/15/26		165,000		146,630
Mead Johnson Nutrition Co. (United Kingdom) 4.600% due 06/01/44		200,000		181,452
Medtronic Global Holdings SCA 4.500% due 03/30/33		200,000		196,102
Medtronic, Inc. 4.625% due 03/15/45		65,000		63,326
Memorial Sloan-Kettering Cancer Center 2.955% due 01/01/50		55,000		38,215
Merck & Co., Inc.
0.750% due 02/24/26		350,000		316,375
1.700% due 06/10/27		50,000		44,818
2.150% due 12/10/31		50,000		41,447
3.400% due 03/07/29		200,000		187,279
3.600% due 09/15/42		300,000		250,551
4.050% due 05/17/28		250,000		245,842
4.150% due 05/18/43		100,000		90,981
4.500% due 05/17/33		120,000		119,084
5.000% due 05/17/53		100,000		101,382
Molson Coors Beverage Co.
4.200% due 07/15/46		40,000		33,159
5.000% due 05/01/42		100,000		92,715
Mondelez International, Inc. 1.500% due 02/04/31		40,000		31,435

	Principal Amount		Value
1.875% due 10/15/32	$	300,000	$	234,543
2.625% due 09/04/50		25,000		16,230
Moody’s Corp.
2.000% due 08/19/31		100,000		80,668
2.750% due 08/19/41		100,000		70,267
4.875% due 12/17/48		50,000		46,937
Mount Sinai Hospitals Group, Inc. 3.981% due 07/01/48		50,000		39,990
New York & Presbyterian Hospital 3.954% due 08/01/19		35,000		25,374
Northwell Healthcare, Inc. 3.809% due 11/01/49		100,000		75,118
Northwestern University 3.662% due 12/01/57		25,000		20,269
Novartis Capital Corp. (Switzerland)
3.000% due 11/20/25		100,000		95,687
3.100% due 05/17/27		30,000		28,599
4.000% due 11/20/45		100,000		90,345
NYU Langone Hospitals 4.368% due 07/01/47		25,000		22,054
OhioHealth Corp. 2.297% due 11/15/31		100,000		81,822
PayPal Holdings, Inc.
1.650% due 06/01/25		315,000		294,926
2.300% due 06/01/30		55,000		46,667
3.250% due 06/01/50		65,000		47,192
4.400% due 06/01/32		100,000		96,393
5.050% due 06/01/52		100,000		97,991
PeaceHealth Obligated Group 1.375% due 11/15/25		15,000		13,526
PepsiCo, Inc.
1.625% due 05/01/30		60,000		49,909
1.950% due 10/21/31		75,000		62,107
2.375% due 10/06/26		55,000		51,620
2.750% due 04/30/25		100,000		95,832
2.750% due 03/19/30		500,000		450,117
2.750% due 10/21/51		500,000		359,271
3.450% due 10/06/46		60,000		49,399
3.500% due 07/17/25		50,000		48,641
4.200% due 07/18/52		55,000		51,303
Pfizer Investment Enterprises Pte. Ltd.
4.450% due 05/19/26		195,000		192,707
4.450% due 05/19/28		250,000		245,840
4.750% due 05/19/33		265,000		264,105
5.110% due 05/19/43		600,000		601,747
5.300% due 05/19/53		80,000		83,237
5.340% due 05/19/63		200,000		202,557
Pfizer, Inc.
0.800% due 05/28/25		30,000		27,713
1.700% due 05/28/30		350,000		290,589
1.750% due 08/18/31		100,000		81,445
2.550% due 05/28/40		25,000		18,419
2.625% due 04/01/30		250,000		222,394
2.700% due 05/28/50		25,000		17,675
3.000% due 12/15/26		100,000		94,467
3.600% due 09/15/28		100,000		96,012
3.900% due 03/15/39		25,000		22,379
4.100% due 09/15/38		50,000		45,544
4.200% due 09/15/48		35,000		32,287
Philip Morris International, Inc.
0.875% due 05/01/26		100,000		89,245
1.750% due 11/01/30		100,000		79,080
3.250% due 11/10/24		125,000		121,454
3.375% due 08/11/25		50,000		48,183
4.250% due 11/10/44		30,000		24,986
4.500% due 03/20/42		200,000		172,540
4.875% due 02/13/26		400,000		397,298
4.875% due 02/15/28		100,000		98,557
5.125% due 02/15/30		100,000		98,964
5.375% due 02/15/33		100,000		99,835
6.375% due 05/16/38		100,000		109,308

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-196

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Pilgrim’s Pride Corp. 6.250% due 07/01/33	$	200,000	$	193,968
President & Fellows of Harvard College 4.875% due 10/15/40		100,000		101,808
Procter & Gamble Co.
0.550% due 10/29/25		50,000		45,326
1.000% due 04/23/26		250,000		226,374
1.200% due 10/29/30		50,000		40,352
3.000% due 03/25/30		300,000		277,825
3.950% due 01/26/28		100,000		98,302
Providence St Joseph Health Obligated Group
2.700% due 10/01/51		75,000		45,007
3.930% due 10/01/48		35,000		27,641
Quanta Services, Inc.
0.950% due 10/01/24		15,000		14,102
2.350% due 01/15/32		25,000		19,691
3.050% due 10/01/41		30,000		20,860
Quest Diagnostics, Inc.
2.800% due 06/30/31		70,000		60,294
2.950% due 06/30/30		55,000		48,397
RELX Capital, Inc. (United Kingdom) 4.000% due 03/18/29		100,000		95,398
Revvity, Inc.
2.550% due 03/15/31		85,000		70,219
3.300% due 09/15/29		30,000		26,827
Reynolds American, Inc. (United Kingdom) 6.150% due 09/15/43		300,000		289,341
Royalty Pharma PLC
2.150% due 09/02/31		55,000		43,140
3.300% due 09/02/40		300,000		213,801
3.350% due 09/02/51		60,000		38,703
RWJ Barnabas Health, Inc. 3.477% due 07/01/49		25,000		19,087
S&P Global, Inc.
2.450% due 03/01/27		250,000		230,745
2.700% due 03/01/29		200,000		180,152
3.900% due 03/01/62		250,000		206,915
Shire Acquisitions Investments Ireland DAC 3.200% due 09/23/26		250,000		234,829
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		250,000		202,508
Stanford Health Care 3.027% due 08/15/51		30,000		20,877
Stryker Corp.
1.150% due 06/15/25		250,000		230,189
4.100% due 04/01/43		100,000		85,579
Sutter Health
2.294% due 08/15/30		55,000		45,511
3.361% due 08/15/50		55,000		39,543
Sysco Corp.
2.450% due 12/14/31		105,000		85,907
3.150% due 12/14/51		125,000		86,689
3.250% due 07/15/27		50,000		46,714
3.750% due 10/01/25		25,000		24,182
4.450% due 03/15/48		50,000		42,859
4.500% due 04/01/46		25,000		21,284
4.850% due 10/01/45		15,000		13,351
Takeda Pharmaceutical Co. Ltd. (Japan)
3.175% due 07/09/50		250,000		176,302
5.000% due 11/26/28		100,000		99,464
Thermo Fisher Scientific, Inc.
1.215% due 10/18/24		250,000		236,511
1.750% due 10/15/28		20,000		17,246
2.000% due 10/15/31		35,000		28,579
2.800% due 10/15/41		320,000		238,807
5.300% due 02/01/44		100,000		101,151
Toledo Hospital 5.750% due 11/15/38		50,000		49,264
Trustees of Princeton University 5.700% due 03/01/39		50,000		56,248

	Principal Amount		Value
Tyson Foods, Inc.
3.550% due 06/02/27	$	350,000	$	328,968
4.000% due 03/01/26		15,000		14,503
4.350% due 03/01/29		20,000		19,042
5.100% due 09/28/48		10,000		9,091
Unilever Capital Corp. (United Kingdom)
1.750% due 08/12/31		140,000		113,114
5.900% due 11/15/32		50,000		54,631
UnitedHealth Group, Inc.
1.150% due 05/15/26		50,000		45,239
2.000% due 05/15/30		405,000		341,116
2.300% due 05/15/31		50,000		42,300
2.375% due 08/15/24		70,000		67,670
2.875% due 08/15/29		75,000		67,446
2.900% due 05/15/50		300,000		209,380
3.050% due 05/15/41		50,000		38,692
3.250% due 05/15/51		50,000		37,350
3.500% due 08/15/39		60,000		50,382
3.700% due 12/15/25		20,000		19,322
3.700% due 08/15/49		65,000		52,281
3.750% due 07/15/25		75,000		73,029
3.850% due 06/15/28		100,000		95,931
3.875% due 12/15/28		25,000		23,966
3.875% due 08/15/59		100,000		81,404
4.200% due 05/15/32		65,000		62,080
4.250% due 06/15/48		50,000		44,127
4.450% due 12/15/48		25,000		22,804
4.500% due 04/15/33		150,000		146,184
4.750% due 07/15/45		50,000		47,907
5.050% due 04/15/53		150,000		149,206
5.150% due 10/15/25		25,000		25,078
5.250% due 02/15/28		70,000		71,412
5.350% due 02/15/33		100,000		103,973
5.875% due 02/15/53		530,000		589,255
6.875% due 02/15/38		250,000		297,852
University of Chicago 2.761% due 04/01/45		10,000		7,482
University of Notre Dame du Lac 3.394% due 02/15/48		50,000		40,945
University of Southern California
2.805% due 10/01/50		50,000		34,497
3.028% due 10/01/39		50,000		40,276
Utah Acquisition Sub, Inc. 3.950% due 06/15/26		100,000		95,012
Verisk Analytics, Inc. 5.750% due 04/01/33		115,000		120,509
Viatris, Inc. 3.850% due 06/22/40		400,000		276,745
Wyeth LLC
5.950% due 04/01/37		50,000		54,694
6.500% due 02/01/34		100,000		111,862
Zimmer Biomet Holdings, Inc. 2.600% due 11/24/31		100,000		83,020
Zoetis, Inc. 5.600% due 11/16/32		135,000		141,166
				53,495,929
Energy - 1.8%
Baker Hughes Holdings LLC 5.125% due 09/15/40		50,000		48,559
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc.
3.337% due 12/15/27		100,000		92,712
4.080% due 12/15/47		50,000		40,426
Boardwalk Pipelines LP 4.950% due 12/15/24		100,000		98,413
BP Capital Markets America, Inc.
1.749% due 08/10/30		130,000		106,535
2.772% due 11/10/50		130,000		86,125
3.000% due 02/24/50		150,000		104,693
3.001% due 03/17/52		50,000		34,555

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-197

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.119% due 05/04/26	$	25,000	$	23,808
3.588% due 04/14/27		100,000		95,695
4.234% due 11/06/28		400,000		388,120
4.812% due 02/13/33		535,000		527,477
Canadian Natural Resources Ltd. (Canada)
2.050% due 07/15/25		300,000		279,534
3.850% due 06/01/27		50,000		47,250
4.950% due 06/01/47		25,000		22,317
6.750% due 02/01/39		90,000		94,000
Cenovus Energy, Inc. (Canada)
2.650% due 01/15/32		65,000		52,509
3.750% due 02/15/52		225,000		159,503
Cheniere Corpus Christi Holdings LLC
3.700% due 11/15/29		60,000		54,379
5.125% due 06/30/27		300,000		295,120
Cheniere Energy Partners LP 5.950% due 06/30/33 ~		125,000		125,520
Chevron Corp.
1.554% due 05/11/25		35,000		32,809
1.995% due 05/11/27		350,000		318,017
2.236% due 05/11/30		25,000		21,784
2.954% due 05/16/26		100,000		95,226
3.326% due 11/17/25		50,000		48,305
Chevron USA, Inc. 3.850% due 01/15/28		50,000		48,806
ConocoPhillips Co.
3.758% due 03/15/42		250,000		210,789
4.025% due 03/15/62		200,000		163,073
6.950% due 04/15/29		100,000		110,105
Devon Energy Corp.
5.000% due 06/15/45		105,000		91,161
5.850% due 12/15/25		50,000		50,416
Diamondback Energy, Inc.
3.125% due 03/24/31		500,000		428,527
3.500% due 12/01/29		100,000		90,104
4.250% due 03/15/52		60,000		46,089
6.250% due 03/15/33		300,000		310,467
Enbridge Energy Partners LP 7.500% due 04/15/38		50,000		56,271
Enbridge, Inc. (Canada)
1.600% due 10/04/26		55,000		48,997
2.500% due 01/15/25		50,000		47,573
2.500% due 08/01/33		400,000		312,761
3.400% due 08/01/51		70,000		48,910
3.700% due 07/15/27		100,000		94,476
4.500% due 06/10/44		150,000		125,291
Energy Transfer LP
2.900% due 05/15/25		40,000		37,917
3.750% due 05/15/30		310,000		279,938
3.900% due 07/15/26		100,000		95,094
4.050% due 03/15/25		100,000		97,241
4.200% due 04/15/27		100,000		95,548
4.400% due 03/15/27		200,000		191,351
5.000% due 05/15/50		350,000		295,973
5.250% due 04/15/29		25,000		24,423
5.300% due 04/15/47		100,000		87,115
5.750% due 02/15/33		350,000		352,772
5.950% due 10/01/43		100,000		93,622
6.125% due 12/15/45		200,000		190,300
6.500% due 02/01/42		100,000		101,408
Enterprise Products Operating LLC
3.125% due 07/31/29		100,000		89,696
4.150% due 10/16/28		50,000		47,836
4.200% due 01/31/50		450,000		376,768
4.250% due 02/15/48		25,000		21,213
4.800% due 02/01/49		50,000		45,816
5.350% due 01/31/33		100,000		101,733
5.375% due 02/15/78		300,000		248,931
6.125% due 10/15/39		115,000		122,221
6.875% due 03/01/33		150,000		169,106

	Principal Amount		Value
Equinor ASA (Norway)
2.375% due 05/22/30	$	125,000	$	108,618
3.250% due 11/18/49		200,000		150,372
3.950% due 05/15/43		300,000		257,498
Exxon Mobil Corp.
2.019% due 08/16/24		50,000		48,212
2.440% due 08/16/29		50,000		44,416
2.610% due 10/15/30		250,000		219,667
2.992% due 03/19/25		500,000		481,932
2.995% due 08/16/39		50,000		39,733
3.043% due 03/01/26		150,000		143,434
3.452% due 04/15/51		200,000		155,539
4.114% due 03/01/46		65,000		57,255
4.327% due 03/19/50		300,000		272,233
Halliburton Co.
3.800% due 11/15/25		6,000		5,799
4.850% due 11/15/35		50,000		47,129
5.000% due 11/15/45		342,000		309,850
7.450% due 09/15/39		25,000		29,005
Hess Corp.
4.300% due 04/01/27		50,000		47,981
5.600% due 02/15/41		50,000		47,904
5.800% due 04/01/47		50,000		48,640
7.125% due 03/15/33		50,000		54,577
Kinder Morgan, Inc.
2.000% due 02/15/31		210,000		166,820
3.250% due 08/01/50		220,000		142,403
4.300% due 03/01/28		300,000		286,945
4.800% due 02/01/33		100,000		94,378
5.300% due 12/01/34		70,000		67,456
5.550% due 06/01/45		350,000		322,861
Magellan Midstream Partners LP
4.200% due 10/03/47		50,000		37,129
4.250% due 09/15/46		70,000		51,773
5.000% due 03/01/26		50,000		49,544
Marathon Oil Corp.
4.400% due 07/15/27		100,000		95,430
5.200% due 06/01/45		50,000		42,385
Marathon Petroleum Corp.
3.800% due 04/01/28		30,000		27,948
4.500% due 04/01/48		25,000		19,748
5.125% due 12/15/26		50,000		49,534
6.500% due 03/01/41		100,000		103,168
MPLX LP
2.650% due 08/15/30		45,000		37,675
4.250% due 12/01/27		250,000		237,590
4.500% due 04/15/38		30,000		25,854
4.700% due 04/15/48		45,000		36,997
4.875% due 12/01/24		250,000		246,492
4.900% due 04/15/58		15,000		12,113
4.950% due 03/14/52		200,000		170,107
5.650% due 03/01/53		75,000		70,191
NOV, Inc. 3.950% due 12/01/42		100,000		73,483
Occidental Petroleum Corp.
6.600% due 03/15/46		300,000		309,300
6.625% due 09/01/30		300,000		312,000
ONEOK, Inc.
2.200% due 09/15/25		25,000		23,151
3.100% due 03/15/30		25,000		21,489
4.000% due 07/13/27		130,000		121,760
4.350% due 03/15/29		100,000		93,049
4.500% due 03/15/50		25,000		19,152
4.550% due 07/15/28		50,000		47,439
4.950% due 07/13/47		50,000		41,295
5.200% due 07/15/48		25,000		21,345
Ovintiv, Inc. 6.250% due 07/15/33		115,000		113,502
Phillips 66 1.300% due 02/15/26		20,000		18,085

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-198

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.300% due 03/15/52	$	100,000	$	68,708
4.650% due 11/15/34		200,000		189,019
Phillips 66 Co.
3.550% due 10/01/26		50,000		46,936
4.900% due 10/01/46		25,000		22,163
4.950% due 12/01/27		250,000		247,961
Pioneer Natural Resources Co. 2.150% due 01/15/31		385,000		315,271
Plains All American Pipeline LP/PAA Finance Corp.
4.500% due 12/15/26		150,000		145,343
4.650% due 10/15/25		100,000		97,456
4.700% due 06/15/44		50,000		39,067
Sabine Pass Liquefaction LLC
4.500% due 05/15/30		205,000		195,070
5.625% due 03/01/25		165,000		164,423
Schlumberger Investment SA
2.650% due 06/26/30		100,000		87,491
4.500% due 05/15/28		50,000		49,242
Shell International Finance BV (Netherlands)
2.500% due 09/12/26		50,000		46,617
2.750% due 04/06/30		85,000		75,981
2.875% due 05/10/26		100,000		95,282
2.875% due 11/26/41		200,000		149,689
3.000% due 11/26/51		200,000		141,112
3.250% due 05/11/25		100,000		96,691
3.250% due 04/06/50		100,000		74,514
3.625% due 08/21/42		100,000		82,963
3.750% due 09/12/46		50,000		40,825
4.000% due 05/10/46		100,000		85,069
4.125% due 05/11/35		263,000		244,472
Spectra Energy Partners LP 3.375% due 10/15/26		20,000		18,792
Suncor Energy, Inc. (Canada)
4.000% due 11/15/47		70,000		54,172
6.800% due 05/15/38		200,000		212,427
Targa Resources Corp.
5.200% due 07/01/27		85,000		83,503
6.125% due 03/15/33		70,000		71,562
6.250% due 07/01/52		200,000		195,765
TC PipeLines LP 3.900% due 05/25/27		20,000		19,064
Teck Resources Ltd. (Canada) 3.900% due 07/15/30		250,000		227,642
TotalEnergies Capital International SA (France)
2.434% due 01/10/25		50,000		47,943
2.829% due 01/10/30		50,000		44,789
3.127% due 05/29/50		100,000		72,733
3.461% due 07/12/49		50,000		38,818
TotalEnergies Capital SA (France) 3.883% due 10/11/28		25,000		23,982
TransCanada PipeLines Ltd. (Canada)
1.000% due 10/12/24		420,000		394,796
4.100% due 04/15/30		200,000		185,921
4.250% due 05/15/28		50,000		47,732
5.100% due 03/15/49		50,000		46,637
7.625% due 01/15/39		50,000		57,941
Transcontinental Gas Pipe Line Co. LLC
3.250% due 05/15/30		25,000		22,245
4.000% due 03/15/28		50,000		47,112
4.450% due 08/01/42		150,000		128,520
Valero Energy Corp.
2.150% due 09/15/27		100,000		88,654
2.800% due 12/01/31		100,000		81,861
6.625% due 06/15/37		150,000		161,113
Western Midstream Operating LP
4.300% due 02/01/30		200,000		179,750
6.150% due 04/01/33		40,000		40,371

	Principal Amount		Value
Williams Cos., Inc.
2.600% due 03/15/31	$	350,000	$	290,245
3.750% due 06/15/27		50,000		47,215
5.100% due 09/15/45		100,000		90,042
5.300% due 08/15/52		250,000		230,847
5.400% due 03/02/26		70,000		69,844
5.750% due 06/24/44		35,000		34,151
6.300% due 04/15/40		20,000		21,024
				21,101,192
Financial - 9.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
1.650% due 10/29/24		150,000		141,026
1.750% due 10/29/24		150,000		140,947
2.450% due 10/29/26		150,000		134,088
3.300% due 01/30/32		150,000		122,787
3.875% due 01/23/28		150,000		138,064
5.750% due 06/06/28		150,000		148,927
6.500% due 07/15/25		250,000		251,399
Affiliated Managers Group, Inc. 3.500% due 08/01/25		50,000		47,305
African Development Bank (Multi-National)
0.875% due 03/23/26		400,000		361,493
0.875% due 07/22/26		116,000		103,621
Air Lease Corp.
0.800% due 08/18/24		40,000		37,694
2.100% due 09/01/28		300,000		249,444
2.300% due 02/01/25		100,000		94,090
3.000% due 02/01/30		100,000		83,737
3.250% due 03/01/25		100,000		95,268
5.300% due 02/01/28		300,000		294,640
Alexandria Real Estate Equities, Inc. REIT
2.750% due 12/15/29		50,000		42,347
2.950% due 03/15/34		40,000		31,589
3.375% due 08/15/31		60,000		51,458
3.550% due 03/15/52		70,000		47,856
3.950% due 01/15/27		25,000		23,724
4.000% due 02/01/50		100,000		74,748
4.500% due 07/30/29		20,000		18,926
4.750% due 04/15/35		20,000		18,581
Allstate Corp. 3.280% due 12/15/26		350,000		329,716
Ally Financial, Inc.
5.800% due 05/01/25		200,000		196,724
6.992% due 06/13/29		125,000		123,560
American Express Co.
2.500% due 07/30/24		35,000		33,846
3.000% due 10/30/24		50,000		48,224
3.300% due 05/03/27		415,000		387,771
3.950% due 08/01/25		250,000		242,759
4.050% due 12/03/42		125,000		108,991
5.043% due 05/01/34		450,000		440,390
5.850% due 11/05/27		60,000		61,472
American Financial Group, Inc. 4.500% due 06/15/47		50,000		40,922
American Homes 4 Rent LP REIT 3.625% due 04/15/32		70,000		60,561
American International Group, Inc.
4.375% due 06/30/50		100,000		84,590
4.800% due 07/10/45		50,000		44,494
5.125% due 03/27/33		165,000		161,255
American Tower Corp. REIT
1.875% due 10/15/30		200,000		158,061
2.300% due 09/15/31		350,000		278,846
2.900% due 01/15/30		50,000		43,179
2.950% due 01/15/25		100,000		95,692
3.100% due 06/15/50		50,000		32,691
3.375% due 10/15/26		100,000		93,392
3.600% due 01/15/28		100,000		92,182
Ameriprise Financial, Inc. 5.150% due 05/15/33		60,000		59,616

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-199

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Aon Corp./Aon Global Holdings PLC
2.050% due 08/23/31	$	100,000	$	79,915
2.900% due 08/23/51		100,000		65,423
4.500% due 12/15/28		200,000		192,666
Arch Capital Group Ltd. 3.635% due 06/30/50		200,000		146,839
Arch Capital Group US, Inc. 5.144% due 11/01/43		200,000		183,080
Ares Capital Corp.
2.150% due 07/15/26		350,000		303,773
3.250% due 07/15/25		50,000		46,275
Arthur J Gallagher & Co. 5.500% due 03/02/33		265,000		265,678
Asian Development Bank (Multi-National)
0.500% due 02/04/26		400,000		359,837
0.625% due 04/29/25		500,000		461,933
1.000% due 04/14/26		200,000		181,273
1.250% due 06/09/28		50,000		43,365
1.500% due 10/18/24		150,000		142,906
1.750% due 08/14/26		250,000		230,076
2.625% due 01/12/27		200,000		187,927
2.750% due 01/19/28		100,000		93,750
2.875% due 05/06/25		225,000		216,507
3.125% due 09/26/28		200,000		189,369
3.750% due 04/25/28		345,000		337,240
3.875% due 09/28/32		120,000		118,913
4.000% due 01/12/33		85,000		85,007
4.125% due 09/27/24		250,000		246,145
Asian Infrastructure Investment Bank (Multi-National)
0.500% due 05/28/25		150,000		137,325
3.375% due 06/29/25		200,000		193,045
4.000% due 01/18/28		100,000		98,151
Assurant, Inc. 4.900% due 03/27/28		100,000		95,445
Assured Guaranty US Holdings, Inc. 3.150% due 06/15/31		70,000		59,230
Athene Holding Ltd.
3.450% due 05/15/52		100,000		60,932
3.500% due 01/15/31		20,000		16,551
6.650% due 02/01/33		100,000		100,898
AvalonBay Communities, Inc. REIT
2.050% due 01/15/32		200,000		160,160
2.450% due 01/15/31		105,000		88,444
3.350% due 05/15/27		25,000		23,350
4.150% due 07/01/47		50,000		41,423
AXA SA (France) 8.600% due 12/15/30		75,000		90,817
Banco Bilbao Vizcaya Argentaria SA (Spain) 6.138% due 09/14/28		200,000		200,635
Banco Santander SA (Spain)
1.722% due 09/14/27		200,000		173,778
2.749% due 12/03/30		200,000		156,938
5.294% due 08/18/27		200,000		196,281
Bank of America Corp.
1.197% due 10/24/26		100,000		90,020
1.319% due 06/19/26		500,000		458,223
1.530% due 12/06/25		200,000		187,051
1.658% due 03/11/27		350,000		315,127
1.734% due 07/22/27		410,000		366,264
1.922% due 10/24/31		100,000		79,190
2.015% due 02/13/26		100,000		93,695
2.299% due 07/21/32		100,000		80,012
2.456% due 10/22/25		50,000		47,761
2.482% due 09/21/36		200,000		153,097
2.496% due 02/13/31		100,000		83,773
2.572% due 10/20/32		100,000		81,489
2.592% due 04/29/31		500,000		420,018
2.651% due 03/11/32		100,000		82,865

	Principal Amount		Value
2.676% due 06/19/41	$	350,000	$	245,972
2.831% due 10/24/51		25,000		16,441
2.884% due 10/22/30		50,000		43,088
2.972% due 02/04/33		350,000		291,893
2.972% due 07/21/52		100,000		68,088
3.248% due 10/21/27		150,000		139,856
3.311% due 04/22/42		400,000		305,100
3.366% due 01/23/26		100,000		95,861
3.384% due 04/02/26		100,000		95,906
3.419% due 12/20/28		169,000		155,126
3.483% due 03/13/52		100,000		74,252
3.500% due 04/19/26		150,000		143,971
3.593% due 07/21/28		100,000		93,037
3.824% due 01/20/28		300,000		283,858
3.846% due 03/08/37		400,000		342,300
3.875% due 08/01/25		100,000		97,202
3.946% due 01/23/49		100,000		81,204
3.950% due 04/21/25		200,000		193,772
3.970% due 03/05/29		100,000		93,709
4.078% due 04/23/40		200,000		171,996
4.083% due 03/20/51		350,000		290,484
4.183% due 11/25/27		100,000		95,081
4.450% due 03/03/26		85,000		82,659
4.750% due 04/21/45		85,000		77,577
5.015% due 07/22/33		250,000		244,700
5.080% due 01/20/27		800,000		787,996
5.202% due 04/25/29		200,000		197,939
5.288% due 04/25/34		200,000		198,231
6.110% due 01/29/37		250,000		263,847
6.204% due 11/10/28		65,000		66,863
7.750% due 05/14/38		200,000		237,637
Bank of Montreal (Canada)
0.949% due 01/22/27		100,000		89,260
3.700% due 06/07/25		165,000		159,336
5.200% due 12/12/24		225,000		223,187
5.203% due 02/01/28		300,000		300,050
5.300% due 06/05/26		150,000		149,671
Bank of New York Mellon Corp.
1.600% due 04/24/25		300,000		281,236
2.800% due 05/04/26		50,000		47,056
3.000% due 10/30/28		55,000		49,435
3.350% due 04/25/25		100,000		96,221
4.706% due 02/01/34		130,000		124,961
5.802% due 10/25/28		500,000		509,979
Bank of Nova Scotia (Canada)
0.650% due 07/31/24		70,000		66,329
1.300% due 06/11/25		100,000		91,958
1.300% due 09/15/26		50,000		44,016
2.450% due 02/02/32		100,000		81,553
3.450% due 04/11/25		60,000		57,791
4.588% due 05/04/37		40,000		34,506
4.750% due 02/02/26		240,000		236,321
5.250% due 12/06/24		335,000		332,134
Barclays PLC (United Kingdom)
2.645% due 06/24/31		200,000		160,559
2.894% due 11/24/32		200,000		157,542
3.330% due 11/24/42		200,000		140,637
4.337% due 01/10/28		300,000		282,888
4.375% due 01/12/26		200,000		192,222
4.950% due 01/10/47		200,000		176,440
5.829% due 05/09/27		400,000		394,809
6.224% due 05/09/34		400,000		398,675
7.385% due 11/02/28		200,000		208,496
Berkshire Hathaway Finance Corp.
1.450% due 10/15/30		80,000		65,203
2.500% due 01/15/51		410,000		268,401
2.850% due 10/15/50		90,000		62,749
3.850% due 03/15/52		200,000		165,510
4.300% due 05/15/43		200,000		182,701
5.750% due 01/15/40		25,000		27,748

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-200

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
BlackRock, Inc.
1.900% due 01/28/31	$	15,000	$	12,313
2.100% due 02/25/32		100,000		80,742
2.400% due 04/30/30		45,000		38,992
3.200% due 03/15/27		56,000		53,063
3.250% due 04/30/29		60,000		55,702
4.750% due 05/25/33		365,000		358,947
Blackstone Private Credit Fund
2.625% due 12/15/26		100,000		85,167
3.250% due 03/15/27		150,000		129,768
7.050% due 09/29/25		50,000		49,901
Blackstone Secured Lending Fund
2.750% due 09/16/26		100,000		87,499
Boston Properties LP REIT
2.450% due 10/01/33		50,000		36,080
2.550% due 04/01/32		250,000		188,690
3.250% due 01/30/31		150,000		122,380
6.500% due 01/15/34		250,000		251,745
Brandywine Operating Partnership LP REIT
4.550% due 10/01/29		50,000		36,226
Brighthouse Financial, Inc.
3.700% due 06/22/27		100,000		91,916
4.700% due 06/22/47		50,000		38,332
Brixmor Operating Partnership LP REIT
2.500% due 08/16/31		50,000		38,875
4.050% due 07/01/30		10,000		9,028
4.125% due 06/15/26		50,000		46,744
Brookfield Capital Finance LLC (Canada) 6.087% due 06/14/33		250,000		253,990
Brookfield Finance, Inc. (Canada)
3.500% due 03/30/51		50,000		33,185
4.700% due 09/20/47		50,000		41,888
4.850% due 03/29/29		100,000		96,022
Brown & Brown, Inc.
4.200% due 03/17/32		35,000		31,470
4.500% due 03/15/29		50,000		47,244
4.950% due 03/17/52		200,000		171,505
Camden Property Trust REIT
3.150% due 07/01/29		30,000		26,608
4.100% due 10/15/28		20,000		18,935
Canadian Imperial Bank of Commerce (Canada)
0.950% due 10/23/25		20,000		18,160
1.250% due 06/22/26		100,000		88,771
3.600% due 04/07/32		45,000		40,497
Capital One Financial Corp.
1.878% due 11/02/27		100,000		85,729
2.618% due 11/02/32		100,000		77,103
3.200% due 02/05/25		200,000		190,332
3.300% due 10/30/24		100,000		96,132
3.750% due 07/28/26		250,000		232,955
3.750% due 03/09/27		50,000		46,606
3.800% due 01/31/28		200,000		183,960
4.927% due 05/10/28		100,000		94,955
4.985% due 07/24/26		100,000		96,963
5.468% due 02/01/29		65,000		62,311
6.312% due 06/08/29		65,000		64,615
CBRE Services, Inc. 4.875% due 03/01/26		100,000		97,192
Charles Schwab Corp.
0.900% due 03/11/26		135,000		119,360
1.150% due 05/13/26		75,000		66,428
1.950% due 12/01/31		100,000		76,282
2.300% due 05/13/31		150,000		119,656
2.450% due 03/03/27		250,000		224,192
3.200% due 03/02/27		100,000		92,059
3.850% due 05/21/25		100,000		96,304
Chubb INA Holdings, Inc.
1.375% due 09/15/30		250,000		199,013
2.850% due 12/15/51		25,000		17,448

	Principal Amount		Value
3.050% due 12/15/61	$	10,000	$	6,742
3.150% due 03/15/25		100,000		96,589
4.150% due 03/13/43		25,000		21,528
Citigroup, Inc.
1.122% due 01/28/27		750,000		668,897
1.281% due 11/03/25		30,000		28,118
1.462% due 06/09/27		100,000		88,842
2.014% due 01/25/26		145,000		136,293
2.520% due 11/03/32		70,000		56,439
2.561% due 05/01/32		55,000		44,933
2.572% due 06/03/31		600,000		500,856
2.666% due 01/29/31		150,000		127,033
2.904% due 11/03/42		50,000		35,459
2.976% due 11/05/30		100,000		86,739
3.057% due 01/25/33		135,000		112,770
3.070% due 02/24/28		650,000		598,524
3.106% due 04/08/26		200,000		191,056
3.290% due 03/17/26		100,000		95,692
3.400% due 05/01/26		100,000		95,156
3.520% due 10/27/28		100,000		92,956
3.668% due 07/24/28		100,000		93,559
3.785% due 03/17/33		450,000		397,810
3.875% due 03/26/25		100,000		96,633
3.878% due 01/24/39		100,000		83,782
3.887% due 01/10/28		100,000		94,826
4.000% due 08/05/24		50,000		48,991
4.125% due 07/25/28		100,000		94,337
4.300% due 11/20/26		100,000		95,768
4.750% due 05/18/46		50,000		42,845
5.300% due 05/06/44		400,000		370,362
6.125% due 08/25/36		100,000		101,940
6.174% due 05/25/34		115,000		116,064
6.270% due 11/17/33		235,000		249,567
CME Group, Inc.
3.000% due 03/15/25		50,000		48,193
3.750% due 06/15/28		100,000		95,791
4.150% due 06/15/48		50,000		45,273
CNA Financial Corp.
3.450% due 08/15/27		100,000		92,801
4.500% due 03/01/26		50,000		48,540
Comerica Bank 4.000% due 07/27/25		250,000		230,604
Cooperatieve Rabobank UA (Netherlands)
3.375% due 05/21/25		250,000		241,004
5.250% due 05/24/41		200,000		209,418
Corebridge Financial, Inc. 3.650% due 04/05/27		500,000		467,289
Corp Andina de Fomento (Multi-National) 2.250% due 02/08/27		200,000		179,585
Corporate Office Properties LP REIT
2.250% due 03/15/26		35,000		31,031
2.900% due 12/01/33		65,000		45,121
Council Of Europe Development Bank (Multi-National)
3.625% due 01/26/28		250,000		242,963
3.750% due 05/25/26		300,000		293,136
Credit Suisse AG (Switzerland)
3.700% due 02/21/25		250,000		239,054
5.000% due 07/09/27		300,000		289,833
Crown Castle, Inc. REIT
2.100% due 04/01/31		200,000		160,199
3.200% due 09/01/24		35,000		33,935
3.250% due 01/15/51		200,000		136,553
3.650% due 09/01/27		35,000		32,751
3.700% due 06/15/26		35,000		33,271
3.800% due 02/15/28		50,000		46,654
4.000% due 03/01/27		40,000		38,068
4.300% due 02/15/29		60,000		56,486
4.450% due 02/15/26		35,000		34,081
4.750% due 05/15/47		25,000		21,536
5.000% due 01/11/28		35,000		34,385

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-201

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
CubeSmart LP REIT
2.000% due 02/15/31	$	15,000	$	11,753
3.125% due 09/01/26		50,000		46,058
Deutsche Bank AG (Germany)
2.129% due 11/24/26		350,000		311,564
2.552% due 01/07/28		150,000		130,175
3.547% due 09/18/31		500,000		415,540
Digital Realty Trust LP REIT
3.700% due 08/15/27		50,000		45,989
4.450% due 07/15/28		100,000		93,711
Discover Bank 3.450% due 07/27/26		250,000		230,267
Enstar Group Ltd. 4.950% due 06/01/29		25,000		23,316
EPR Properties REIT 3.600% due 11/15/31		30,000		23,434
Equinix, Inc. REIT
2.000% due 05/15/28		35,000		29,844
2.150% due 07/15/30		350,000		283,295
2.500% due 05/15/31		100,000		81,519
2.625% due 11/18/24		65,000		62,105
3.400% due 02/15/52		10,000		7,005
Equitable Holdings, Inc. 4.350% due 04/20/28		300,000		281,034
ERP Operating LP REIT
2.850% due 11/01/26		70,000		65,005
3.500% due 03/01/28		100,000		92,671
4.500% due 06/01/45		75,000		63,266
Essex Portfolio LP REIT
2.550% due 06/15/31		65,000		52,610
2.650% due 03/15/32		30,000		24,160
3.375% due 04/15/26		50,000		47,374
4.000% due 03/01/29		25,000		23,116
European Bank for Reconstruction & Development (Multi-National)
0.500% due 01/28/26		300,000		269,780
4.375% due 03/09/28		120,000		120,540
European Investment Bank (Multi-National)
0.375% due 03/26/26		300,000		267,870
0.625% due 10/21/27		250,000		214,492
0.750% due 10/26/26		83,000		73,507
1.250% due 02/14/31		300,000		246,849
1.375% due 03/15/27		350,000		313,561
1.625% due 03/14/25		230,000		217,300
1.625% due 10/09/29		195,000		169,000
2.750% due 08/15/25		600,000		574,856
3.625% due 07/15/30		160,000		155,537
3.750% due 02/14/33		325,000		320,398
3.875% due 03/15/28		400,000		393,780
Extra Space Storage LP REIT 3.900% due 04/01/29		220,000		200,704
Fairfax Financial Holdings Ltd. (Canada) 5.625% due 08/16/32		150,000		145,009
Federal Realty OP LP REIT
1.250% due 02/15/26		300,000		268,082
4.500% due 12/01/44		50,000		39,477
Fidelity National Financial, Inc.
3.400% due 06/15/30		200,000		174,909
4.500% due 08/15/28		50,000		47,563
Fifth Third Bancorp
1.707% due 11/01/27		155,000		132,502
2.550% due 05/05/27		60,000		53,045
4.772% due 07/28/30		200,000		187,076
8.250% due 03/01/38		25,000		28,690
FS KKR Capital Corp.
2.625% due 01/15/27		100,000		85,341
3.250% due 07/15/27		50,000		42,935
4.125% due 02/01/25		50,000		47,317
Globe Life, Inc. 4.550% due 09/15/28		50,000		48,413

	Principal Amount		Value
GLP Capital LP/GLP Financing II, Inc. REIT
3.250% due 01/15/32	$	50,000	$	40,422
4.000% due 01/15/31		50,000		43,273
5.250% due 06/01/25		25,000		24,510
5.375% due 04/15/26		50,000		48,991
5.750% due 06/01/28		25,000		24,482
Goldman Sachs Group, Inc.
1.093% due 12/09/26		290,000		258,579
1.431% due 03/09/27		80,000		71,520
1.542% due 09/10/27		100,000		87,955
1.948% due 10/21/27		250,000		222,476
2.383% due 07/21/32		70,000		56,098
2.615% due 04/22/32		70,000		57,428
2.640% due 02/24/28		250,000		227,028
2.650% due 10/21/32		250,000		203,864
2.908% due 07/21/42		60,000		42,430
3.102% due 02/24/33		250,000		211,301
3.210% due 04/22/42		60,000		44,401
3.272% due 09/29/25		255,000		246,488
3.436% due 02/24/43		450,000		342,812
3.500% due 01/23/25		150,000		144,808
3.500% due 04/01/25		100,000		96,126
3.500% due 11/16/26		100,000		93,815
3.615% due 03/15/28		200,000		187,814
3.750% due 05/22/25		150,000		144,846
3.750% due 02/25/26		60,000		57,622
3.800% due 03/15/30		250,000		231,454
3.814% due 04/23/29		150,000		139,368
3.850% due 01/26/27		160,000		152,224
4.017% due 10/31/38		100,000		84,747
4.223% due 05/01/29		200,000		189,026
4.411% due 04/23/39		450,000		393,084
4.482% due 08/23/28		500,000		483,735
4.750% due 10/21/45		100,000		91,027
6.750% due 10/01/37		200,000		215,281
Golub Capital BDC, Inc. 2.500% due 08/24/26		60,000		51,941
Hartford Financial Services Group, Inc. 2.900% due 09/15/51		100,000		65,048
Healthcare Realty Holdings LP REIT
2.000% due 03/15/31		25,000		19,215
3.100% due 02/15/30		50,000		42,895
Healthpeak OP LLC REIT
2.875% due 01/15/31		200,000		169,207
3.000% due 01/15/30		100,000		87,001
3.400% due 02/01/25		7,000		6,729
Hercules Capital, Inc. 3.375% due 01/20/27		35,000		30,353
Highwoods Realty LP REIT
4.125% due 03/15/28		20,000		17,519
4.200% due 04/15/29		50,000		42,177
Host Hotels & Resorts LP REIT
3.375% due 12/15/29		25,000		21,386
3.500% due 09/15/30		100,000		84,840
HSBC Holdings PLC (United Kingdom)
1.645% due 04/18/26		250,000		230,396
2.251% due 11/22/27		250,000		222,019
2.357% due 08/18/31		250,000		199,700
2.804% due 05/24/32		200,000		161,860
2.848% due 06/04/31		200,000		166,066
2.999% due 03/10/26		200,000		189,731
3.900% due 05/25/26		200,000		190,694
3.973% due 05/22/30		290,000		260,683
4.250% due 08/18/25		200,000		192,178
4.375% due 11/23/26		200,000		189,167
4.762% due 03/29/33		300,000		270,955
5.210% due 08/11/28		300,000		293,594
6.254% due 03/09/34		200,000		205,122
6.547% due 06/20/34		350,000		348,856
6.800% due 06/01/38		150,000		151,628
7.336% due 11/03/26		200,000		205,927

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-202

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Hudson Pacific Properties LP REIT 4.650% due 04/01/29	$	50,000	$	35,330
Huntington Bancshares, Inc.
2.625% due 08/06/24		300,000		287,102
5.023% due 05/17/33		70,000		64,018
ING Groep NV (Netherlands)
4.252% due 03/28/33		200,000		183,038
4.550% due 10/02/28		200,000		191,531
Inter-American Development Bank (Multi-National)
0.500% due 09/23/24		150,000		141,348
0.625% due 07/15/25		700,000		642,684
0.875% due 04/20/26		250,000		225,619
1.125% due 07/20/28		300,000		257,249
1.125% due 01/13/31		150,000		121,438
1.750% due 03/14/25		300,000		283,753
2.000% due 06/02/26		150,000		139,215
2.000% due 07/23/26		100,000		92,622
3.200% due 08/07/42		100,000		85,152
3.250% due 07/01/24		175,000		171,185
3.500% due 09/14/29		200,000		192,907
4.000% due 01/12/28		100,000		98,847
Inter-American Investment Corp. (Multi- National) 4.125% due 02/15/28		150,000		147,654
Intercontinental Exchange, Inc.
1.850% due 09/15/32		65,000		50,208
2.650% due 09/15/40		65,000		46,051
3.000% due 09/15/60		65,000		42,603
3.100% due 09/15/27		100,000		93,486
5.200% due 06/15/62		350,000		347,259
International Bank for Reconstruction & Development (Multi-National)
0.375% due 07/28/25		350,000		319,583
0.500% due 10/28/25		200,000		181,589
0.625% due 04/22/25		1,100,000		1,017,021
0.750% due 11/24/27		195,000		167,530
0.875% due 05/14/30		350,000		282,325
1.125% due 09/13/28		160,000		136,739
1.250% due 02/10/31		500,000		408,387
1.375% due 04/20/28		250,000		218,879
1.625% due 01/15/25		150,000		142,245
1.625% due 11/03/31		190,000		158,686
1.750% due 10/23/29		100,000		86,778
2.500% due 03/29/32		200,000		178,685
3.125% due 11/20/25		50,000		48,202
3.125% due 06/15/27		600,000		571,504
3.500% due 07/12/28		160,000		154,568
3.625% due 09/21/29		250,000		242,774
International Finance Corp. (Multi-National)
0.750% due 10/08/26		100,000		88,563
0.750% due 08/27/30		250,000		198,718
1.375% due 10/16/24		90,000		85,636
3.625% due 09/15/25		67,000		65,426
Invesco Finance PLC 5.375% due 11/30/43		200,000		194,756
Invitation Homes Operating Partnership LP REIT 2.000% due 08/15/31		300,000		230,188
Jackson Financial, Inc. 5.170% due 06/08/27		55,000		52,425
Jefferies Financial Group, Inc.
2.625% due 10/15/31		100,000		77,618
2.750% due 10/15/32		40,000		30,782
JPMorgan Chase & Co.
0.768% due 08/09/25		350,000		329,773
1.040% due 02/04/27		500,000		445,509
1.045% due 11/19/26		100,000		89,615
1.470% due 09/22/27		75,000		66,257
1.561% due 12/10/25		100,000		93,675

	Principal Amount		Value
1.578% due 04/22/27	$	65,000	$	58,416
1.764% due 11/19/31		100,000		79,175
2.069% due 06/01/29		140,000		120,173
2.083% due 04/22/26		250,000		234,222
2.182% due 06/01/28		650,000		578,149
2.301% due 10/15/25		615,000		586,282
2.525% due 11/19/41		100,000		68,884
2.545% due 11/08/32		375,000		307,402
2.580% due 04/22/32		75,000		62,323
2.595% due 02/24/26		100,000		94,872
2.739% due 10/15/30		75,000		64,677
2.947% due 02/24/28		60,000		55,135
2.956% due 05/13/31		65,000		55,765
2.963% due 01/25/33		100,000		84,275
3.109% due 04/22/51		250,000		174,961
3.157% due 04/22/42		300,000		226,759
3.200% due 06/15/26		100,000		95,345
3.328% due 04/22/52		70,000		51,073
3.509% due 01/23/29		185,000		171,176
3.540% due 05/01/28		100,000		93,554
3.702% due 05/06/30		150,000		137,600
3.882% due 07/24/38		150,000		129,588
3.964% due 11/15/48		100,000		82,343
4.032% due 07/24/48		150,000		124,620
4.080% due 04/26/26		250,000		243,044
4.452% due 12/05/29		150,000		143,867
4.851% due 07/25/28		500,000		493,616
4.912% due 07/25/33		500,000		488,780
5.500% due 10/15/40		100,000		102,797
5.546% due 12/15/25		200,000		199,255
5.600% due 07/15/41		100,000		104,135
5.717% due 09/14/33		190,000		192,847
6.400% due 05/15/38		300,000		334,959
KeyBank NA 5.850% due 11/15/27		250,000		235,619
KeyCorp
2.250% due 04/06/27		350,000		290,607
4.150% due 10/29/25		30,000		27,775
Kimco Realty OP LLC REIT
2.250% due 12/01/31		70,000		54,565
3.700% due 10/01/49		25,000		17,779
4.125% due 12/01/46		50,000		37,186
Kite Realty Group Trust REIT 4.750% due 09/15/30		25,000		22,503
Kreditanstalt fuer Wiederaufbau (Germany)
0.375% due 07/18/25		250,000		228,333
0.625% due 01/22/26		730,000		659,676
1.250% due 01/31/25		500,000		470,545
1.375% due 08/05/24		400,000		382,849
1.750% due 09/14/29		100,000		87,395
2.500% due 11/20/24		375,000		361,145
3.000% due 05/20/27		200,000		189,852
3.625% due 04/01/26		155,000		151,101
3.750% due 02/15/28		440,000		430,563
4.123% due 06/29/37		200,000		113,561
Landwirtschaftliche Rentenbank (Germany)
0.500% due 05/27/25		200,000		183,629
0.875% due 09/03/30		200,000		160,035
1.750% due 07/27/26		100,000		91,865
Lazard Group LLC
3.625% due 03/01/27		50,000		46,529
4.375% due 03/11/29		50,000		46,461
Legg Mason, Inc. 4.750% due 03/15/26		50,000		49,393
Life Storage LP REIT 4.000% due 06/15/29		100,000		90,843
Lincoln National Corp.
3.625% due 12/12/26		150,000		139,612
3.800% due 03/01/28		35,000		31,685
4.350% due 03/01/48		25,000		17,951

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-203

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Lloyds Banking Group PLC (United Kingdom)
3.750% due 03/18/28	$	200,000	$	184,885
3.870% due 07/09/25		500,000		487,178
4.582% due 12/10/25		200,000		191,658
7.953% due 11/15/33		200,000		217,098
LXP Industrial Trust REIT 2.375% due 10/01/31		70,000		53,349
M&T Bank Corp. 4.553% due 08/16/28		65,000		60,880
Main Street Capital Corp. 3.000% due 07/14/26		100,000		88,023
Manufacturers & Traders Trust Co. 4.650% due 01/27/26		300,000		286,705
Manulife Financial Corp. (Canada)
3.703% due 03/16/32		100,000		90,978
4.150% due 03/04/26		50,000		48,440
5.375% due 03/04/46		50,000		49,611
Markel Group, Inc.
3.450% due 05/07/52		70,000		49,329
3.500% due 11/01/27		50,000		46,627
5.000% due 05/20/49		30,000		26,937
Marsh & McLennan Cos., Inc.
2.375% due 12/15/31		45,000		36,713
3.500% due 03/10/25		75,000		72,775
3.750% due 03/14/26		100,000		96,878
4.200% due 03/01/48		100,000		84,646
4.375% due 03/15/29		70,000		68,075
5.750% due 11/01/32		100,000		105,177
Mastercard, Inc.
1.900% due 03/15/31		100,000		83,210
2.000% due 11/18/31		200,000		165,328
2.950% due 11/21/26		50,000		47,284
2.950% due 06/01/29		50,000		45,542
2.950% due 03/15/51		45,000		32,878
3.650% due 06/01/49		50,000		41,658
3.800% due 11/21/46		50,000		42,547
3.950% due 02/26/48		15,000		13,335
MetLife, Inc.
4.550% due 03/23/30		350,000		342,499
5.700% due 06/15/35		100,000		102,950
5.875% due 02/06/41		200,000		204,794
6.375% due 06/15/34		100,000		109,459
Mid-America Apartments LP REIT
3.600% due 06/01/27		100,000		94,534
3.950% due 03/15/29		25,000		23,569
Mitsubishi UFJ Financial Group, Inc. (Japan)
0.962% due 10/11/25		200,000		186,706
1.640% due 10/13/27		200,000		176,134
2.048% due 07/17/30		200,000		162,327
2.852% due 01/19/33		200,000		165,024
3.677% due 02/22/27		100,000		96,216
3.777% due 03/02/25		50,000		48,452
3.850% due 03/01/26		200,000		191,721
3.961% due 03/02/28		50,000		47,590
4.050% due 09/11/28		150,000		141,547
4.788% due 07/18/25		250,000		246,502
5.441% due 02/22/34		200,000		199,398
5.475% due 02/22/31		200,000		199,079
5.719% due 02/20/26		500,000		497,600
Mizuho Financial Group, Inc. (Japan)
due 07/06/29 #		200,000		200,623
2.201% due 07/10/31		200,000		160,286
3.261% due 05/22/30		200,000		176,667
3.663% due 02/28/27		200,000		188,682
5.754% due 05/27/34		250,000		251,441
Morgan Stanley
0.864% due 10/21/25		70,000		65,125
1.164% due 10/21/25		225,000		210,398
1.512% due 07/20/27		100,000		88,634

	Principal Amount		Value
1.593% due 05/04/27	$	145,000	$	129,878
1.794% due 02/13/32		65,000		50,456
2.188% due 04/28/26		500,000		469,577
2.239% due 07/21/32		100,000		79,520
2.475% due 01/21/28		170,000		153,546
2.484% due 09/16/36		100,000		75,917
2.699% due 01/22/31		445,000		378,655
2.720% due 07/22/25		565,000		545,028
2.802% due 01/25/52		400,000		262,925
2.943% due 01/21/33		135,000		112,286
3.125% due 07/27/26		70,000		65,587
3.217% due 04/22/42		55,000		41,773
3.591% due 07/22/28 §		100,000		92,349
3.622% due 04/01/31		200,000		180,322
3.625% due 01/20/27		300,000		285,088
4.300% due 01/27/45		100,000		87,606
4.350% due 09/08/26		90,000		86,974
4.431% due 01/23/30		95,000		90,463
4.457% due 04/22/39		150,000		133,761
5.050% due 01/28/27		560,000		555,491
5.123% due 02/01/29		600,000		592,100
5.164% due 04/20/29		155,000		153,223
5.250% due 04/21/34		180,000		177,825
5.597% due 03/24/51		100,000		104,487
5.948% due 01/19/38		300,000		296,282
6.342% due 10/18/33		325,000		345,885
7.250% due 04/01/32		100,000		113,473
Morgan Stanley Domestic Holdings, Inc.
3.800% due 08/24/27		15,000		14,235
4.500% due 06/20/28		50,000		48,211
Nasdaq, Inc.
1.650% due 01/15/31		150,000		116,532
2.500% due 12/21/40		150,000		100,707
National Australia Bank Ltd. (Australia) 5.132% due 11/22/24		250,000		248,956
Natwest Group PLC (United Kingdom)
3.032% due 11/28/35		350,000		268,795
3.073% due 05/22/28		200,000		180,077
7.472% due 11/10/26		300,000		307,004
NNN REIT, Inc. 4.300% due 10/15/28		35,000		32,594
Nomura Holdings, Inc. (Japan)
1.653% due 07/14/26		100,000		88,037
1.851% due 07/16/25		200,000		183,009
2.329% due 01/22/27		300,000		265,427
Nordic Investment Bank (Multi-National) 0.500% due 01/21/26		300,000		270,120
Northern Trust Corp.
1.950% due 05/01/30		75,000		61,734
3.375% due 05/08/32		63,000		55,935
3.650% due 08/03/28		50,000		47,439
4.000% due 05/10/27		35,000		33,750
Oaktree Specialty Lending Corp. 2.700% due 01/15/27		50,000		43,199
Oesterreichische Kontrollbank AG (Austria)
0.375% due 09/17/25		90,000		81,709
1.500% due 02/12/25		300,000		283,000
4.250% due 03/01/28		35,000		34,933
4.625% due 11/03/25		70,000		69,689
Old Republic International Corp. 3.850% due 06/11/51		55,000		39,330
Omega Healthcare Investors, Inc. REIT
4.500% due 01/15/25		25,000		23,970
4.750% due 01/15/28		50,000		45,710
ORIX Corp. (Japan)
3.700% due 07/18/27		50,000		47,090
4.000% due 04/13/32		100,000		92,480
Owl Rock Capital Corp.
2.875% due 06/11/28		100,000		81,591
3.750% due 07/22/25		100,000		92,723
4.000% due 03/30/25		25,000		23,456

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-204

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
OWL Rock Core Income Corp.
5.500% due 03/21/25	$	100,000	$	96,283
7.950% due 06/13/28 ~		100,000		100,280
Physicians Realty LP REIT 2.625% due 11/01/31		50,000		38,983
Piedmont Operating Partnership LP REIT 2.750% due 04/01/32		35,000		23,636
PNC Bank NA
2.950% due 02/23/25		300,000		285,763
4.050% due 07/26/28		350,000		322,724
PNC Financial Services Group, Inc.
2.550% due 01/22/30		350,000		294,358
5.068% due 01/24/34		40,000		38,373
5.582% due 06/12/29		120,000		119,522
Principal Financial Group, Inc.
3.700% due 05/15/29		25,000		22,974
4.625% due 09/15/42		100,000		86,101
5.375% due 03/15/33		30,000		29,758
Private Export Funding Corp. 2.450% due 07/15/24		100,000		96,813
Progressive Corp.
2.500% due 03/15/27		40,000		36,710
3.000% due 03/15/32		50,000		43,569
3.700% due 03/15/52		175,000		137,213
4.000% due 03/01/29		25,000		23,964
4.125% due 04/15/47		100,000		86,433
Prologis LP REIT
1.250% due 10/15/30		55,000		42,529
1.625% due 03/15/31		100,000		79,203
1.750% due 02/01/31		20,000		15,926
2.125% due 04/15/27		25,000		22,550
2.125% due 10/15/50		40,000		22,484
2.250% due 04/15/30		30,000		25,469
2.250% due 01/15/32		50,000		40,428
2.875% due 11/15/29		40,000		35,074
3.000% due 04/15/50		25,000		17,020
3.375% due 12/15/27		60,000		55,845
4.375% due 02/01/29		15,000		14,428
4.875% due 06/15/28		200,000		198,356
Prudential Financial, Inc.
1.500% due 03/10/26		20,000		18,280
2.100% due 03/10/30		15,000		12,691
3.000% due 03/10/40		25,000		18,736
3.700% due 10/01/50		175,000		148,076
3.700% due 03/13/51		150,000		115,116
3.935% due 12/07/49		132,000		105,254
4.350% due 02/25/50		50,000		42,484
6.625% due 06/21/40		50,000		54,606
Public Storage REIT
0.875% due 02/15/26		50,000		44,855
1.500% due 11/09/26		50,000		44,799
2.300% due 05/01/31		250,000		208,184
3.094% due 09/15/27		30,000		28,011
Raymond James Financial, Inc. 4.950% due 07/15/46		100,000		90,272
Realty Income Corp. REIT
1.800% due 03/15/33		50,000		36,481
2.200% due 06/15/28		35,000		30,353
2.850% due 12/15/32		30,000		24,444
3.000% due 01/15/27		50,000		46,144
3.875% due 04/15/25		150,000		145,463
4.625% due 11/01/25		50,000		49,239
4.850% due 03/15/30		65,000		62,926
4.875% due 06/01/26		25,000		24,744
Regency Centers LP REIT
3.600% due 02/01/27		30,000		28,235
3.700% due 06/15/30		35,000		31,329
4.400% due 02/01/47		35,000		28,429
Regions Financial Corp. 1.800% due 08/12/28		300,000		242,580

	Principal Amount		Value
Reinsurance Group of America, Inc.
3.950% due 09/15/26	$	60,000	$	56,571
6.000% due 09/15/33		50,000		50,357
RenaissanceRe Finance, Inc. (Bermuda) 3.450% due 07/01/27		30,000		28,118
Royal Bank of Canada (Canada)
1.150% due 06/10/25		490,000		452,495
1.150% due 07/14/26		50,000		44,264
2.050% due 01/21/27		100,000		89,814
3.625% due 05/04/27		150,000		142,003
3.970% due 07/26/24		75,000		73,664
4.650% due 01/27/26		200,000		194,782
4.900% due 01/12/28		150,000		148,085
Santander Holdings USA, Inc.
2.490% due 01/06/28		70,000		60,522
4.400% due 07/13/27		145,000		136,315
6.565% due 06/12/29		100,000		98,180
Santander UK Group Holdings PLC (United Kingdom)
1.532% due 08/21/26		200,000		178,190
2.896% due 03/15/32		200,000		161,875
Simon Property Group LP REIT
1.375% due 01/15/27		300,000		263,177
2.000% due 09/13/24		100,000		95,462
2.450% due 09/13/29		100,000		84,307
2.650% due 07/15/30		100,000		85,073
3.250% due 11/30/26		50,000		46,928
3.250% due 09/13/49		100,000		67,319
3.375% due 06/15/27		100,000		93,107
4.250% due 11/30/46		50,000		40,221
5.850% due 03/08/53		200,000		198,959
Spirit Realty LP REIT 3.400% due 01/15/30		50,000		42,527
Stifel Financial Corp. 4.250% due 07/18/24		50,000		48,963
STORE Capital Corp. REIT 4.500% due 03/15/28		150,000		131,158
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.948% due 01/12/26		200,000		178,399
1.474% due 07/08/25		200,000		183,747
1.710% due 01/12/31		200,000		155,941
1.902% due 09/17/28		250,000		210,248
2.296% due 01/12/41		200,000		133,870
2.348% due 01/15/25		200,000		189,736
3.010% due 10/19/26		200,000		184,986
3.202% due 09/17/29		150,000		131,045
3.364% due 07/12/27		150,000		140,131
3.784% due 03/09/26		100,000		95,635
5.766% due 01/13/33		200,000		205,899
Sun Communities Operating LP REIT 2.300% due 11/01/28		65,000		54,718
Synchrony Financial
3.700% due 08/04/26		50,000		44,910
3.950% due 12/01/27		100,000		87,230
4.875% due 06/13/25		100,000		95,069
Tanger Properties LP REIT 3.875% due 07/15/27		50,000		44,788
Toronto-Dominion Bank (Canada)
0.700% due 09/10/24		350,000		330,081
0.750% due 01/06/26		200,000		178,607
1.200% due 06/03/26		100,000		88,951
4.285% due 09/13/24		200,000		196,478
4.693% due 09/15/27		200,000		195,814
5.103% due 01/09/26		100,000		99,625
5.156% due 01/10/28		500,000		496,797
Travelers Cos., Inc.
3.050% due 06/08/51		50,000		35,696
5.450% due 05/25/53		250,000		261,875
6.250% due 06/15/37		125,000		138,440

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-205

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Travelers Property Casualty Corp. 6.375% due 03/15/33	$	100,000	$	110,348
Truist Financial Corp.
1.125% due 08/03/27		100,000		84,271
1.200% due 08/05/25		135,000		122,395
1.267% due 03/02/27		120,000		105,891
1.887% due 06/07/29		125,000		104,003
1.950% due 06/05/30		135,000		107,407
2.500% due 08/01/24		300,000		288,250
3.700% due 06/05/25		100,000		95,916
4.000% due 05/01/25		100,000		96,609
4.873% due 01/26/29		40,000		38,473
4.916% due 07/28/33		100,000		91,450
5.867% due 06/08/34		200,000		200,173
U.S. Bancorp
4.839% due 02/01/34		200,000		186,910
5.775% due 06/12/29		250,000		250,092
UBS Group AG (Switzerland) 3.750% due 03/26/25		250,000		239,407
UDR, Inc. REIT
2.100% due 06/15/33		100,000		73,902
3.100% due 11/01/34		50,000		39,866
3.200% due 01/15/30		50,000		44,232
4.400% due 01/26/29		25,000		23,543
Unum Group
4.000% due 06/15/29		70,000		64,496
4.125% due 06/15/51		100,000		73,213
US Bancorp
1.375% due 07/22/30		150,000		114,805
1.450% due 05/12/25		150,000		139,958
2.491% due 11/03/36		200,000		146,427
3.600% due 09/11/24		400,000		388,914
4.548% due 07/22/28		100,000		95,708
5.850% due 10/21/33		30,000		30,054
Ventas Realty LP REIT
3.000% due 01/15/30		50,000		42,846
3.250% due 10/15/26		100,000		91,668
4.000% due 03/01/28		50,000		46,318
4.125% due 01/15/26		31,000		29,670
Visa, Inc.
1.100% due 02/15/31		200,000		157,707
1.900% due 04/15/27		250,000		228,175
2.050% due 04/15/30		300,000		257,293
3.650% due 09/15/47		25,000		21,184
4.150% due 12/14/35		30,000		28,587
4.300% due 12/14/45		100,000		92,864
Voya Financial, Inc.
3.650% due 06/15/26		50,000		47,199
4.800% due 06/15/46		30,000		24,753
W R Berkley Corp. 4.000% due 05/12/50		115,000		90,831
Wachovia Corp. 5.500% due 08/01/35		200,000		196,289
Wells Fargo & Co.
2.188% due 04/30/26		300,000		281,228
2.393% due 06/02/28		500,000		445,918
2.406% due 10/30/25		130,000		123,846
3.000% due 04/22/26		150,000		141,126
3.000% due 10/23/26		150,000		139,342
3.068% due 04/30/41		500,000		368,178
3.196% due 06/17/27		260,000		244,295
3.350% due 03/02/33		390,000		333,935
3.526% due 03/24/28		355,000		331,704
3.908% due 04/25/26		250,000		241,829
4.150% due 01/24/29		200,000		189,714
4.478% due 04/04/31		200,000		190,238
4.540% due 08/15/26		100,000		97,753
4.611% due 04/25/53		250,000		219,459
4.808% due 07/25/28		65,000		63,589
4.897% due 07/25/33		65,000		62,384

	Principal Amount		Value
5.013% due 04/04/51	$	250,000	$	233,047
5.389% due 04/24/34		130,000		129,230
5.606% due 01/15/44		100,000		96,145
Wells Fargo Bank NA 6.600% due 01/15/38		100,000		108,518
Welltower OP LLC REIT
2.050% due 01/15/29		60,000		49,950
2.750% due 01/15/31		145,000		119,774
2.750% due 01/15/32		50,000		40,468
2.800% due 06/01/31		100,000		82,756
4.125% due 03/15/29		100,000		92,639
Westpac Banking Corp. (Australia)
1.953% due 11/20/28		100,000		85,814
2.150% due 06/03/31		100,000		84,160
2.700% due 08/19/26		150,000		139,533
2.894% due 02/04/30		200,000		186,967
2.963% due 11/16/40		200,000		134,269
3.400% due 01/25/28		100,000		93,772
4.043% due 08/26/27		100,000		96,975
4.110% due 07/24/34		65,000		56,584
4.421% due 07/24/39		45,000		37,069
5.457% due 11/18/27		100,000		101,569
Weyerhaeuser Co. REIT
4.000% due 11/15/29		100,000		92,285
7.375% due 03/15/32		100,000		111,671
Willis North America, Inc.
2.950% due 09/15/29		75,000		64,601
3.875% due 09/15/49		35,000		25,552
4.650% due 06/15/27		100,000		97,215
XL Group Ltd. (Bermuda) 5.250% due 12/15/43		50,000		49,298
				115,099,340
Industrial - 1.8%
3M Co.
2.375% due 08/26/29		300,000		257,862
2.875% due 10/15/27		100,000		91,584
3.250% due 08/26/49		200,000		145,189
4.000% due 09/14/48		250,000		219,450
Agilent Technologies, Inc. 2.300% due 03/12/31		100,000		81,897
Allegion US Holding Co., Inc.
3.200% due 10/01/24		50,000		48,037
3.550% due 10/01/27		50,000		46,283
Amcor Finance USA, Inc. 5.625% due 05/26/33		65,000		64,240
Amcor Flexibles North America, Inc.
2.690% due 05/25/31		65,000		53,283
4.000% due 05/17/25		65,000		62,830
Amphenol Corp.
2.050% due 03/01/25		25,000		23,610
2.200% due 09/15/31		60,000		48,909
4.350% due 06/01/29		50,000		48,432
Arrow Electronics, Inc.
3.250% due 09/08/24		100,000		96,533
3.875% due 01/12/28		25,000		23,085
Avnet, Inc.
4.625% due 04/15/26		25,000		24,296
6.250% due 03/15/28		100,000		101,033
Berry Global, Inc. 1.570% due 01/15/26		200,000		180,446
Boeing Co.
2.196% due 02/04/26		500,000		459,115
2.750% due 02/01/26		50,000		46,582
2.950% due 02/01/30		100,000		86,988
3.200% due 03/01/29		200,000		178,953
3.250% due 02/01/28		50,000		45,940
3.250% due 03/01/28		25,000		22,760
3.550% due 03/01/38		15,000		11,690
3.625% due 02/01/31		30,000		27,029

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-206

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.625% due 03/01/48	$	10,000	$	7,127
3.750% due 02/01/50		100,000		75,163
3.825% due 03/01/59		50,000		35,755
3.850% due 11/01/48		35,000		25,858
4.875% due 05/01/25		85,000		83,821
5.150% due 05/01/30		150,000		148,650
5.705% due 05/01/40		200,000		199,653
5.805% due 05/01/50		400,000		398,879
5.875% due 02/15/40		50,000		50,374
5.930% due 05/01/60		150,000		148,678
Burlington Northern Santa Fe LLC
3.050% due 02/15/51		200,000		142,121
3.300% due 09/15/51		200,000		149,546
3.550% due 02/15/50		150,000		119,242
3.650% due 09/01/25		50,000		48,488
4.125% due 06/15/47		50,000		43,289
4.450% due 01/15/53		300,000		274,998
4.700% due 09/01/45		50,000		46,642
5.200% due 04/15/54		60,000		61,260
5.750% due 05/01/40		100,000		105,919
Canadian National Railway Co. (Canada)
2.950% due 11/21/24		100,000		96,533
3.850% due 08/05/32		100,000		93,172
6.200% due 06/01/36		50,000		55,268
Canadian Pacific Railway Co. (Canada)
2.450% due 12/02/31		200,000		175,263
2.900% due 02/01/25		150,000		144,069
3.100% due 12/02/51		200,000		142,150
4.000% due 06/01/28		35,000		33,473
4.800% due 09/15/35		20,000		19,551
4.950% due 08/15/45		100,000		93,988
6.125% due 09/15/15		30,000		31,066
Carlisle Cos., Inc.
2.200% due 03/01/32		100,000		78,987
3.750% due 12/01/27		50,000		47,502
Carrier Global Corp.
2.242% due 02/15/25		35,000		33,122
2.493% due 02/15/27		35,000		31,918
2.722% due 02/15/30		50,000		43,077
3.377% due 04/05/40		15,000		11,526
3.577% due 04/05/50		450,000		333,074
Caterpillar Financial Services Corp.
0.800% due 11/13/25		60,000		54,335
0.900% due 03/02/26		200,000		179,944
3.400% due 05/13/25		100,000		96,878
4.350% due 05/15/26		302,000		297,435
Caterpillar, Inc.
2.600% due 04/09/30		500,000		444,214
3.250% due 09/19/49		100,000		78,850
3.803% due 08/15/42		100,000		87,663
CNH Industrial Capital LLC 1.450% due 07/15/26		100,000		88,454
CNH Industrial NV (United Kingdom) 3.850% due 11/15/27		35,000		32,919
CSX Corp.
3.250% due 06/01/27		250,000		235,480
3.400% due 08/01/24		200,000		195,338
4.100% due 11/15/32		100,000		94,671
4.500% due 03/15/49		65,000		58,297
4.650% due 03/01/68		45,000		40,372
5.500% due 04/15/41		75,000		76,048
Deere & Co.
2.875% due 09/07/49		15,000		11,282
3.900% due 06/09/42		100,000		90,801
Dover Corp. 5.375% due 03/01/41		50,000		49,122
Eagle Materials, Inc. 2.500% due 07/01/31		50,000		40,814
Eaton Corp.
4.000% due 11/02/32		100,000		94,243
4.150% due 03/15/33		55,000		52,274

	Principal Amount		Value
Emerson Electric Co.
0.875% due 10/15/26	$	35,000	$	30,874
2.200% due 12/21/31		100,000		82,763
3.150% due 06/01/25		100,000		95,919
FedEx Corp.
3.100% due 08/05/29		50,000		45,031
3.875% due 08/01/42		100,000		80,708
4.200% due 10/17/28		100,000		96,324
4.400% due 01/15/47		50,000		42,321
4.750% due 11/15/45		50,000		44,487
5.250% due 05/15/50		350,000		336,658
Flex Ltd.
3.750% due 02/01/26		50,000		47,555
4.750% due 06/15/25		50,000		48,841
4.875% due 06/15/29		25,000		23,926
Fortive Corp. 4.300% due 06/15/46		125,000		99,218
Fortune Brands Innovations, Inc. 5.875% due 06/01/33		125,000		125,226
GATX Corp.
3.250% due 03/30/25		100,000		94,985
4.550% due 11/07/28		25,000		23,839
5.450% due 09/15/33		100,000		98,467
GE Capital International Funding Co. Unlimited Co. 4.418% due 11/15/35		350,000		331,040
General Dynamics Corp.
2.250% due 06/01/31		5,000		4,212
2.850% due 06/01/41		10,000		7,579
3.750% due 05/15/28		180,000		172,545
4.250% due 04/01/50		200,000		183,691
Honeywell International, Inc.
1.100% due 03/01/27		300,000		264,712
2.300% due 08/15/24		100,000		96,686
2.500% due 11/01/26		100,000		93,431
2.700% due 08/15/29		60,000		53,441
4.250% due 01/15/29		375,000		365,217
Hubbell, Inc. 3.350% due 03/01/26		50,000		47,593
Huntington Ingalls Industries, Inc. 2.043% due 08/16/28		50,000		42,020
IDEX Corp.
2.625% due 06/15/31		100,000		83,664
3.000% due 05/01/30		15,000		13,162
Illinois Tool Works, Inc. 4.875% due 09/15/41		100,000		99,173
Jabil, Inc.
1.700% due 04/15/26		65,000		58,187
3.950% due 01/12/28		55,000		51,401
John Deere Capital Corp.
0.625% due 09/10/24		70,000		66,169
1.300% due 10/13/26		250,000		222,194
1.750% due 03/09/27		50,000		44,913
2.000% due 06/17/31		100,000		82,332
2.350% due 03/08/27		50,000		45,813
2.650% due 06/10/26		100,000		94,258
2.800% due 09/08/27		50,000		46,366
3.400% due 09/11/25		50,000		48,138
3.450% due 03/13/25		50,000		48,600
3.900% due 06/07/32		20,000		18,904
4.150% due 09/15/27		100,000		97,629
4.800% due 01/09/26		65,000		64,789
Johnson Controls International PLC
3.625% due 07/02/24		40,000		39,216
3.900% due 02/14/26		19,000		18,281
4.500% due 02/15/47		40,000		34,899
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
1.750% due 09/15/30		15,000		12,113
4.900% due 12/01/32		40,000		39,658
Kennametal, Inc. 4.625% due 06/15/28		50,000		47,604

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-207

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Keysight Technologies, Inc. 4.550% due 10/30/24	$	100,000	$	98,347
L3Harris Technologies, Inc.
2.900% due 12/15/29		30,000		26,006
3.850% due 12/15/26		25,000		23,842
4.400% due 06/15/28		100,000		96,210
Lockheed Martin Corp.
3.550% due 01/15/26		50,000		48,515
3.600% due 03/01/35		25,000		22,369
3.800% due 03/01/45		20,000		16,874
3.900% due 06/15/32		45,000		42,423
4.150% due 06/15/53		385,000		339,429
4.450% due 05/15/28		70,000		69,057
4.500% due 05/15/36		20,000		19,322
4.700% due 05/15/46		44,000		42,353
4.750% due 02/15/34		250,000		249,543
6.150% due 09/01/36		100,000		110,902
Martin Marietta Materials, Inc.
2.500% due 03/15/30		65,000		54,978
3.450% due 06/01/27		21,000		19,770
Masco Corp.
2.000% due 02/15/31		100,000		78,950
3.500% due 11/15/27		100,000		93,521
Mohawk Industries, Inc. 3.625% due 05/15/30		50,000		45,175
Norfolk Southern Corp.
2.300% due 05/15/31		250,000		207,839
3.155% due 05/15/55		20,000		13,703
3.800% due 08/01/28		30,000		28,396
3.942% due 11/01/47		63,000		51,006
4.550% due 06/01/53		145,000		131,165
4.650% due 01/15/46		50,000		44,972
4.837% due 10/01/41		50,000		46,323
Northrop Grumman Corp.
3.250% due 01/15/28		350,000		326,644
3.850% due 04/15/45		100,000		81,607
4.700% due 03/15/33		60,000		58,918
nVent Finance SARL (United Kingdom) 2.750% due 11/15/31		50,000		39,912
Oshkosh Corp. 3.100% due 03/01/30		15,000		13,099
Otis Worldwide Corp.
2.056% due 04/05/25		20,000		18,859
2.293% due 04/05/27		20,000		18,156
3.112% due 02/15/40		50,000		38,667
3.362% due 02/15/50		30,000		22,067
Owens Corning 3.875% due 06/01/30		150,000		137,186
Packaging Corp. of America
3.400% due 12/15/27		35,000		32,653
3.650% due 09/15/24		100,000		97,972
Parker-Hannifin Corp.
3.250% due 06/14/29		300,000		273,064
4.000% due 06/14/49		20,000		16,686
6.250% due 05/15/38		100,000		107,290
Precision Castparts Corp.
3.250% due 06/15/25		50,000		48,323
4.375% due 06/15/45		50,000		44,685
Raytheon Technologies Corp.
2.250% due 07/01/30		100,000		84,416
3.030% due 03/15/52		250,000		176,012
3.125% due 07/01/50		100,000		72,528
3.500% due 03/15/27		200,000		190,223
3.750% due 11/01/46		50,000		40,342
3.950% due 08/16/25		25,000		24,505
4.125% due 11/16/28		60,000		57,828
4.350% due 04/15/47		200,000		177,501
4.450% due 11/16/38		20,000		18,415
4.500% due 06/01/42		300,000		276,341
4.625% due 11/16/48		35,000		32,696

	Principal Amount		Value
5.375% due 02/27/53	$	100,000	$	103,946
Regal Rexnord Corp. 6.050% due 04/15/28 ~		250,000		248,401
Republic Services, Inc.
3.200% due 03/15/25		100,000		96,266
3.375% due 11/15/27		120,000		112,970
3.950% due 05/15/28		100,000		95,965
Ryder System, Inc.
1.750% due 09/01/26		65,000		58,145
4.300% due 06/15/27		75,000		71,903
Snap-on, Inc. 3.100% due 05/01/50		35,000		25,950
Stanley Black & Decker, Inc.
2.750% due 11/15/50		50,000		29,771
4.250% due 11/15/28		100,000		95,378
6.272% due 03/06/26		100,000		100,930
Teledyne Technologies, Inc. 2.750% due 04/01/31		200,000		167,185
Textron, Inc.
3.650% due 03/15/27		100,000		93,767
4.000% due 03/15/26		25,000		24,159
Trane Technologies Financing Ltd. 5.250% due 03/03/33		45,000		45,578
Trane Technologies Luxembourg Finance SA 3.800% due 03/21/29		100,000		94,276
Trimble, Inc. 4.900% due 06/15/28		50,000		48,832
Tyco Electronics Group SA
2.500% due 02/04/32		45,000		37,768
4.500% due 02/13/26		60,000		59,136
Union Pacific Corp.
2.375% due 05/20/31		40,000		33,862
2.750% due 03/01/26		25,000		23,660
2.891% due 04/06/36		125,000		99,816
2.973% due 09/16/62		25,000		16,315
3.000% due 04/15/27		100,000		94,119
3.200% due 05/20/41		370,000		291,301
3.250% due 08/15/25		50,000		48,102
3.350% due 08/15/46		50,000		37,268
3.550% due 05/20/61		100,000		73,790
3.600% due 09/15/37		20,000		17,089
3.750% due 07/15/25		50,000		48,560
3.799% due 04/06/71		30,000		22,944
4.750% due 02/21/26		125,000		124,211
4.950% due 05/15/53		200,000		199,287
United Parcel Service, Inc.
3.400% due 11/15/46		200,000		155,525
4.875% due 03/03/33		260,000		262,863
5.300% due 04/01/50		250,000		262,914
6.200% due 01/15/38		50,000		55,955
Vulcan Materials Co.
4.500% due 06/15/47		100,000		87,152
5.800% due 03/01/26		35,000		35,012
Waste Connections, Inc.
3.500% due 05/01/29		100,000		92,060
4.200% due 01/15/33		70,000		65,854
Waste Management, Inc.
0.750% due 11/15/25		206,000		186,015
2.950% due 06/01/41		35,000		25,987
3.150% due 11/15/27		100,000		93,729
4.625% due 02/15/33		200,000		196,068
Westinghouse Air Brake Technologies Corp. 4.950% due 09/15/28		100,000		96,400
WRKCo, Inc.
3.000% due 09/15/24		100,000		96,211
4.000% due 03/15/28		100,000		93,157
4.200% due 06/01/32		50,000		45,532
Xylem, Inc. 3.250% due 11/01/26		30,000		28,220

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-208

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.375% due 11/01/46	$	25,000	$	21,135
				22,169,488
Technology - 1.9%
Activision Blizzard, Inc.
1.350% due 09/15/30		35,000		28,018
2.500% due 09/15/50		100,000		64,393
3.400% due 09/15/26		50,000		47,588
Adobe, Inc. 1.900% due 02/01/25		230,000		218,710
Analog Devices, Inc.
2.100% due 10/01/31		60,000		49,688
2.800% due 10/01/41		50,000		37,173
2.950% due 10/01/51		55,000		38,905
3.450% due 06/15/27 ~		100,000		94,838
3.500% due 12/05/26		100,000		96,427
Apple, Inc.
0.700% due 02/08/26		400,000		360,719
1.125% due 05/11/25		65,000		60,586
1.400% due 08/05/28		100,000		86,372
1.650% due 05/11/30		410,000		345,464
1.650% due 02/08/31		200,000		165,856
1.700% due 08/05/31		100,000		82,624
1.800% due 09/11/24		100,000		96,219
2.050% due 09/11/26		100,000		92,193
2.200% due 09/11/29		100,000		87,803
2.550% due 08/20/60		250,000		165,169
2.650% due 05/11/50		100,000		69,682
2.650% due 02/08/51		450,000		311,107
2.700% due 08/05/51		100,000		69,747
2.850% due 08/05/61		100,000		68,151
2.950% due 09/11/49		65,000		48,393
3.000% due 11/13/27		100,000		94,285
3.250% due 02/23/26		570,000		549,146
3.350% due 02/09/27		200,000		192,161
3.750% due 09/12/47		75,000		64,888
3.750% due 11/13/47		50,000		43,327
3.850% due 08/04/46		35,000		30,835
4.250% due 02/09/47		100,000		95,451
4.300% due 05/10/33		250,000		248,782
4.500% due 02/23/36		50,000		50,884
4.650% due 02/23/46		445,000		439,315
Applied Materials, Inc.
1.750% due 06/01/30		30,000		24,995
3.900% due 10/01/25		35,000		34,237
4.350% due 04/01/47		45,000		42,053
5.100% due 10/01/35		35,000		35,497
Autodesk, Inc.
2.400% due 12/15/31		80,000		65,513
2.850% due 01/15/30		55,000		48,258
Broadcom, Inc.
2.450% due 02/15/31 ~		200,000		162,743
3.419% due 04/15/33 ~		250,000		209,180
3.459% due 09/15/26		26,000		24,578
3.500% due 02/15/41 ~		315,000		235,853
3.750% due 02/15/51 ~		140,000		103,095
4.110% due 09/15/28		211,000		199,487
4.150% due 04/15/32 ~		40,000		36,250
4.300% due 11/15/32		200,000		183,535
4.750% due 04/15/29		150,000		145,206
5.000% due 04/15/30		200,000		196,504
Broadridge Financial Solutions, Inc. 3.400% due 06/27/26		50,000		47,113
CDW LLC/CDW Finance Corp. 3.569% due 12/01/31		250,000		211,315
Dell International LLC/EMC Corp.
4.000% due 07/15/24		50,000		49,181
4.900% due 10/01/26		100,000		99,336
5.300% due 10/01/29		100,000		99,332
5.850% due 07/15/25		200,000		200,827

	Principal Amount		Value
6.020% due 06/15/26	$	500,000	$	508,435
8.100% due 07/15/36		27,000		31,610
8.350% due 07/15/46		13,000		15,958
Electronic Arts, Inc.
1.850% due 02/15/31		30,000		24,314
2.950% due 02/15/51		20,000		13,548
4.800% due 03/01/26		50,000		49,644
Fidelity National Information Services, Inc.
1.150% due 03/01/26		350,000		312,394
1.650% due 03/01/28		20,000		16,900
2.250% due 03/01/31		50,000		39,934
3.100% due 03/01/41		10,000		6,891
Fiserv, Inc.
2.250% due 06/01/27		100,000		89,854
2.650% due 06/01/30		100,000		85,282
2.750% due 07/01/24		100,000		97,050
3.200% due 07/01/26		25,000		23,467
3.500% due 07/01/29		245,000		223,744
3.850% due 06/01/25		100,000		96,651
4.400% due 07/01/49		40,000		33,829
Genpact Luxembourg SARL 3.375% due 12/01/24		25,000		24,109
Hewlett Packard Enterprise Co.
4.900% due 10/15/25		250,000		246,973
6.200% due 10/15/35		50,000		52,404
6.350% due 10/15/45		50,000		52,155
HP, Inc.
2.650% due 06/17/31		100,000		80,647
4.000% due 04/15/29		100,000		93,231
4.200% due 04/15/32		100,000		89,730
4.750% due 01/15/28		100,000		97,480
6.000% due 09/15/41		55,000		55,667
Intel Corp.
1.600% due 08/12/28		25,000		21,532
2.000% due 08/12/31		50,000		40,874
2.450% due 11/15/29		150,000		129,825
2.600% due 05/19/26		100,000		94,141
2.800% due 08/12/41		40,000		28,537
3.050% due 08/12/51		20,000		13,426
3.200% due 08/12/61		25,000		16,267
3.250% due 11/15/49		500,000		352,981
3.700% due 07/29/25		145,000		141,061
4.150% due 08/05/32		100,000		95,092
4.600% due 03/25/40		400,000		374,670
4.875% due 02/10/26		200,000		199,474
4.875% due 02/10/28		75,000		74,755
4.900% due 08/05/52		100,000		92,379
5.200% due 02/10/33		315,000		318,148
5.625% due 02/10/43		50,000		50,811
5.700% due 02/10/53		35,000		35,631
5.900% due 02/10/63		250,000		258,400
International Business Machines Corp.
2.850% due 05/15/40		100,000		73,413
3.300% due 05/15/26		300,000		286,067
3.500% due 05/15/29		170,000		156,991
4.150% due 05/15/39		100,000		87,943
4.250% due 05/15/49		300,000		255,472
4.750% due 02/06/33		200,000		196,304
5.100% due 02/06/53		200,000		192,791
5.600% due 11/30/39		26,000		26,723
Intuit, Inc. 1.650% due 07/15/30		15,000		12,177
KLA Corp.
4.650% due 07/15/32		60,000		59,816
4.950% due 07/15/52		100,000		98,578
Lam Research Corp.
4.000% due 03/15/29		55,000		53,110
4.875% due 03/15/49		25,000		24,227
Leidos, Inc.
2.300% due 02/15/31		55,000		43,373
5.750% due 03/15/33		45,000		44,727

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-209

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Micron Technology, Inc.
2.703% due 04/15/32	$	20,000	$	15,790
3.366% due 11/01/41		15,000		10,498
3.477% due 11/01/51		25,000		16,702
5.875% due 09/15/33		100,000		99,146
6.750% due 11/01/29		250,000		260,032
Microsoft Corp.
2.400% due 08/08/26		250,000		234,761
2.525% due 06/01/50		485,000		335,806
2.675% due 06/01/60		166,000		111,472
2.921% due 03/17/52		278,000		207,005
3.125% due 11/03/25		100,000		96,290
3.300% due 02/06/27		300,000		288,639
3.450% due 08/08/36		72,000		65,711
3.700% due 08/08/46		500,000		437,849
NVIDIA Corp.
2.000% due 06/15/31		100,000		83,815
2.850% due 04/01/30		250,000		226,885
3.500% due 04/01/50		200,000		162,763
NXP BV/NXP Funding LLC/NXP USA, Inc. (China)
2.500% due 05/11/31		100,000		81,551
3.250% due 05/11/41		60,000		43,723
4.300% due 06/18/29		150,000		141,460
4.400% due 06/01/27		40,000		38,692
5.000% due 01/15/33		50,000		48,036
Oracle Corp.
1.650% due 03/25/26		545,000		494,791
2.300% due 03/25/28		70,000		61,815
2.800% due 04/01/27		500,000		459,821
2.875% due 03/25/31		75,000		64,050
2.950% due 05/15/25		150,000		143,125
3.250% due 11/15/27		350,000		324,867
3.600% due 04/01/40		500,000		387,030
3.650% due 03/25/41		80,000		61,687
3.850% due 07/15/36		50,000		41,762
3.850% due 04/01/60		300,000		211,630
3.900% due 05/15/35		105,000		90,666
3.950% due 03/25/51		120,000		90,803
4.000% due 07/15/46		250,000		192,314
4.100% due 03/25/61		95,000		70,192
4.300% due 07/08/34		100,000		90,855
4.375% due 05/15/55		200,000		160,070
6.125% due 07/08/39		100,000		103,250
6.250% due 11/09/32		200,000		212,384
6.500% due 04/15/38		100,000		106,514
Qorvo, Inc. 1.750% due 12/15/24 ~		30,000		27,926
QUALCOMM, Inc.
3.250% due 05/20/27		50,000		47,378
3.450% due 05/20/25		150,000		145,538
4.250% due 05/20/32		20,000		19,490
4.300% due 05/20/47		30,000		27,227
4.500% due 05/20/52		45,000		40,987
4.800% due 05/20/45		150,000		145,754
6.000% due 05/20/53		350,000		392,039
Roper Technologies, Inc.
1.750% due 02/15/31		200,000		158,748
2.350% due 09/15/24		15,000		14,391
3.800% due 12/15/26		30,000		28,709
4.200% due 09/15/28		95,000		91,200
Salesforce, Inc.
0.625% due 07/15/24		55,000		52,373
1.500% due 07/15/28		65,000		56,030
1.950% due 07/15/31		80,000		66,068
2.700% due 07/15/41		60,000		44,127
2.900% due 07/15/51		100,000		70,398
3.050% due 07/15/61		50,000		33,963
ServiceNow, Inc. 1.400% due 09/01/30		65,000		51,503

	Principal Amount		Value
Take-Two Interactive Software, Inc. 5.000% due 03/28/26	$	250,000	$	247,705
Texas Instruments, Inc.
1.375% due 03/12/25		250,000		234,881
4.150% due 05/15/48		100,000		90,935
4.900% due 03/14/33		60,000		61,498
TSMC Arizona Corp. (Taiwan)
3.125% due 10/25/41		200,000		159,927
3.875% due 04/22/27		200,000		192,660
VMware, Inc.
2.200% due 08/15/31		250,000		196,548
3.900% due 08/21/27		30,000		28,461
Western Digital Corp.
2.850% due 02/01/29		30,000		23,998
3.100% due 02/01/32		55,000		40,784
				22,626,102
Utilities - 2.1%
AEP Texas, Inc.
3.450% due 05/15/51		35,000		24,958
4.700% due 05/15/32		100,000		95,853
5.400% due 06/01/33		145,000		144,346
AEP Transmission Co. LLC 4.250% due 09/15/48		35,000		30,158
AES Corp.
1.375% due 01/15/26		75,000		67,033
2.450% due 01/15/31		100,000		80,887
Alabama Power Co.
3.125% due 07/15/51		100,000		69,332
4.150% due 08/15/44		90,000		75,132
4.300% due 07/15/48		15,000		12,805
Ameren Illinois Co.
3.250% due 03/01/25		50,000		48,336
3.800% due 05/15/28		50,000		47,673
3.850% due 09/01/32		50,000		45,974
4.150% due 03/15/46		50,000		42,250
American Electric Power Co., Inc.
1.000% due 11/01/25		30,000		27,101
5.950% due 11/01/32		100,000		104,344
American Water Capital Corp.
2.300% due 06/01/31		50,000		41,543
2.950% due 09/01/27		35,000		32,314
3.250% due 06/01/51		50,000		36,406
3.450% due 06/01/29		100,000		92,921
3.750% due 09/01/47		50,000		39,645
4.300% due 12/01/42		100,000		88,272
4.450% due 06/01/32		75,000		72,680
Appalachian Power Co.
3.700% due 05/01/50		150,000		113,341
7.000% due 04/01/38		150,000		169,006
Arizona Public Service Co.
2.200% due 12/15/31		65,000		50,878
2.950% due 09/15/27		50,000		45,416
4.500% due 04/01/42		100,000		85,751
Atmos Energy Corp.
2.625% due 09/15/29		150,000		132,000
3.000% due 06/15/27		30,000		28,032
4.150% due 01/15/43		64,000		55,389
4.300% due 10/01/48		50,000		43,548
Avangrid, Inc. 3.150% due 12/01/24		50,000		47,984
Baltimore Gas and Electric Co.
2.900% due 06/15/50		30,000		20,109
3.200% due 09/15/49		70,000		50,923
3.750% due 08/15/47		50,000		39,156
Berkshire Hathaway Energy Co.
3.250% due 04/15/28		30,000		27,641
3.800% due 07/15/48		25,000		19,367
4.250% due 10/15/50		200,000		162,489
4.450% due 01/15/49		50,000		42,236
4.600% due 05/01/53		250,000		214,509
6.125% due 04/01/36		99,000		103,377

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-210

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Black Hills Corp.
3.150% due 01/15/27	$	50,000	$	46,377
4.350% due 05/01/33		30,000		26,746
5.950% due 03/15/28		100,000		101,250
CenterPoint Energy Houston Electric LLC
2.350% due 04/01/31		55,000		46,250
2.400% due 09/01/26		50,000		45,996
3.000% due 02/01/27		50,000		46,759
3.350% due 04/01/51		85,000		63,560
CenterPoint Energy Resources Corp.
4.000% due 04/01/28		100,000		95,474
5.250% due 03/01/28		200,000		200,076
Commonwealth Edison Co.
3.150% due 03/15/32		35,000		30,784
3.700% due 08/15/28		20,000		18,890
3.750% due 08/15/47		50,000		39,647
3.800% due 10/01/42		100,000		83,058
4.900% due 02/01/33		45,000		44,836
Connecticut Light & Power Co.
0.750% due 12/01/25		150,000		134,390
4.150% due 06/01/45		25,000		21,328
Consolidated Edison Co. of New York, Inc.
2.400% due 06/15/31		50,000		41,653
3.600% due 06/15/61		50,000		36,365
3.950% due 03/01/43		100,000		81,678
3.950% due 04/01/50		250,000		204,774
4.000% due 12/01/28		100,000		95,511
4.125% due 05/15/49		50,000		41,074
4.300% due 12/01/56		50,000		40,669
4.500% due 12/01/45		100,000		87,318
6.150% due 11/15/52		70,000		77,096
Constellation Energy Generation LLC 5.600% due 03/01/28		155,000		156,306
Consumers Energy Co.
3.250% due 08/15/46		50,000		36,969
3.600% due 08/15/32		65,000		58,670
3.800% due 11/15/28		100,000		94,506
4.350% due 04/15/49		100,000		88,009
Dominion Energy, Inc.
1.450% due 04/15/26		40,000		35,937
2.250% due 08/15/31		45,000		36,285
2.850% due 08/15/26		30,000		27,736
3.071% due 08/15/24		70,000		67,635
3.300% due 04/15/41		30,000		22,322
3.375% due 04/01/30		350,000		313,411
4.250% due 06/01/28		50,000		47,737
4.700% due 12/01/44		100,000		86,660
Dominion Energy South Carolina, Inc.
4.600% due 06/15/43		100,000		91,089
5.300% due 05/15/33		50,000		50,500
5.450% due 02/01/41		50,000		49,847
DTE Electric Co.
2.250% due 03/01/30		50,000		42,744
2.950% due 03/01/50		50,000		34,083
3.000% due 03/01/32		150,000		129,302
3.375% due 03/01/25		50,000		48,451
3.650% due 03/01/52		55,000		42,938
DTE Energy Co.
4.220% due 11/01/24		75,000		73,354
4.875% due 06/01/28		465,000		455,208
Duke Energy Carolinas LLC
3.750% due 06/01/45		200,000		157,824
4.950% due 01/15/33		215,000		213,517
5.350% due 01/15/53		100,000		101,453
6.050% due 04/15/38		110,000		116,345
6.100% due 06/01/37		25,000		26,270
Duke Energy Corp.
2.450% due 06/01/30		160,000		134,522
2.550% due 06/15/31		100,000		82,468
3.150% due 08/15/27		50,000		46,202

	Principal Amount		Value
3.300% due 06/15/41	$	100,000	$	73,799
3.500% due 06/15/51		100,000		72,569
3.950% due 08/15/47		50,000		38,908
4.200% due 06/15/49		65,000		52,813
4.500% due 08/15/32		180,000		169,764
Duke Energy Florida LLC
1.750% due 06/15/30		250,000		203,651
2.500% due 12/01/29		50,000		43,218
5.950% due 11/15/52		40,000		43,659
Duke Energy Indiana LLC
2.750% due 04/01/50		60,000		38,412
3.250% due 10/01/49		50,000		35,888
3.750% due 05/15/46		50,000		38,917
4.900% due 07/15/43		100,000		95,426
5.400% due 04/01/53		200,000		201,913
Duke Energy Ohio, Inc. 2.125% due 06/01/30		35,000		29,072
Duke Energy Progress LLC 3.700% due 09/01/28		100,000		94,549
Edison International
4.700% due 08/15/25		200,000		195,442
5.750% due 06/15/27		10,000		10,007
El Paso Electric Co. 5.000% due 12/01/44		50,000		44,369
Emera US Finance LP (Canada)
3.550% due 06/15/26		35,000		33,116
4.750% due 06/15/46		200,000		162,536
Enel Chile SA (Chile) 4.875% due 06/12/28		50,000		48,109
Entergy Arkansas LLC
3.500% due 04/01/26		50,000		47,894
4.200% due 04/01/49		50,000		42,000
Entergy Corp.
0.900% due 09/15/25		150,000		134,777
2.800% due 06/15/30		100,000		84,889
2.950% due 09/01/26		30,000		27,719
Entergy Louisiana LLC
2.350% due 06/15/32		100,000		80,312
3.100% due 06/15/41		400,000		301,651
3.250% due 04/01/28		50,000		46,033
4.200% due 09/01/48		50,000		41,898
4.950% due 01/15/45		40,000		37,041
5.590% due 10/01/24		50,000		49,859
Essential Utilities, Inc.
2.400% due 05/01/31		100,000		81,263
5.300% due 05/01/52		25,000		23,605
Evergy Kansas Central, Inc.
3.100% due 04/01/27		50,000		46,717
4.100% due 04/01/43		100,000		83,237
5.700% due 03/15/53		65,000		67,057
Evergy Metro, Inc. 3.650% due 08/15/25		50,000		48,004
Eversource Energy
2.900% due 10/01/24		50,000		48,144
2.900% due 03/01/27		100,000		92,202
3.300% due 01/15/28		100,000		92,154
3.375% due 03/01/32		100,000		87,255
4.250% due 04/01/29		25,000		23,841
4.750% due 05/15/26		100,000		98,064
Exelon Corp.
3.950% due 06/15/25		100,000		96,743
4.050% due 04/15/30		300,000		280,685
4.100% due 03/15/52		350,000		282,765
4.450% due 04/15/46		100,000		85,041
4.950% due 06/15/35		35,000		33,608
5.100% due 06/15/45		35,000		32,461
Florida Power & Light Co.
2.850% due 04/01/25		350,000		336,381
2.875% due 12/04/51		300,000		207,769
3.700% due 12/01/47		200,000		162,524

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-211

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.950% due 06/01/35	$	100,000	$	99,703
5.100% due 04/01/33		65,000		65,986
5.690% due 03/01/40		35,000		36,827
5.950% due 02/01/38		125,000		134,950
Georgia Power Co.
4.300% due 03/15/42		100,000		86,334
4.700% due 05/15/32		100,000		96,752
4.950% due 05/17/33		250,000		246,904
5.125% due 05/15/52		100,000		97,317
Indiana Michigan Power Co.
3.250% due 05/01/51		60,000		41,878
4.250% due 08/15/48		25,000		21,094
Interstate Power & Light Co. 3.500% due 09/30/49		25,000		18,274
ITC Holdings Corp. 3.350% due 11/15/27		50,000		46,710
Kentucky Utilities Co. 4.375% due 10/01/45		40,000		33,633
Louisville Gas & Electric Co. 4.250% due 04/01/49		35,000		29,190
MidAmerican Energy Co.
3.650% due 08/01/48		100,000		77,144
6.750% due 12/30/31		100,000		111,599
Mississippi Power Co. 3.950% due 03/30/28		25,000		23,534
National Fuel Gas Co. 3.950% due 09/15/27		50,000		45,988
National Rural Utilities Cooperative Finance Corp.
1.350% due 03/15/31		100,000		76,380
1.650% due 06/15/31		200,000		155,539
4.023% due 11/01/32		100,000		92,020
5.450% due 10/30/25		100,000		100,083
8.000% due 03/01/32		50,000		58,578
Nevada Power Co. 5.900% due 05/01/53		250,000		260,911
NextEra Energy Capital Holdings, Inc.
2.250% due 06/01/30		80,000		66,627
4.800% due 12/01/77		100,000		88,005
5.050% due 02/28/33		200,000		197,019
5.650% due 05/01/79		100,000		92,997
6.051% due 03/01/25		250,000		251,052
NiSource, Inc.
0.950% due 08/15/25		200,000		182,477
3.490% due 05/15/27		50,000		47,083
3.950% due 03/30/48		50,000		40,220
4.800% due 02/15/44		100,000		90,870
5.250% due 02/15/43		100,000		95,805
Northern States Power Co.
2.600% due 06/01/51		50,000		32,121
4.500% due 06/01/52		75,000		67,658
Oglethorpe Power Corp. 5.050% due 10/01/48		100,000		88,385
Ohio Edison Co. 6.875% due 07/15/36		150,000		165,628
Ohio Power Co. 1.625% due 01/15/31		65,000		51,298
Oklahoma Gas & Electric Co.
3.850% due 08/15/47		50,000		39,054
5.400% due 01/15/33		70,000		71,183
Oncor Electric Delivery Co. LLC
0.550% due 10/01/25		70,000		63,307
3.700% due 11/15/28		100,000		94,526
3.800% due 09/30/47		50,000		40,897
4.150% due 06/01/32		40,000		38,030
5.300% due 06/01/42		100,000		102,768
Pacific Gas and Electric Co.
2.500% due 02/01/31		100,000		78,367
3.300% due 08/01/40		250,000		168,763
3.450% due 07/01/25		400,000		377,863

	Principal Amount		Value
3.500% due 08/01/50	$	45,000	$	28,686
4.400% due 03/01/32		100,000		86,741
4.500% due 07/01/40		300,000		233,617
4.550% due 07/01/30		300,000		271,733
4.950% due 07/01/50		200,000		157,347
6.150% due 01/15/33		45,000		44,037
6.400% due 06/15/33		200,000		199,045
6.700% due 04/01/53		105,000		103,186
6.750% due 01/15/53		100,000		98,814
PacifiCorp
2.900% due 06/15/52		80,000		49,978
3.500% due 06/15/29		35,000		31,377
4.125% due 01/15/49		70,000		54,364
5.350% due 12/01/53		300,000		274,375
PECO Energy Co.
2.800% due 06/15/50		45,000		29,852
3.000% due 09/15/49		55,000		38,381
3.150% due 10/15/25		50,000		47,835
3.900% due 03/01/48		60,000		49,448
Piedmont Natural Gas Co., Inc.
3.350% due 06/01/50		225,000		154,649
4.650% due 08/01/43		35,000		30,900
PPL Electric Utilities Corp.
3.000% due 10/01/49		70,000		49,610
4.150% due 10/01/45		25,000		21,459
4.150% due 06/15/48		100,000		86,210
4.750% due 07/15/43		50,000		46,488
Progress Energy, Inc. 7.750% due 03/01/31		100,000		113,476
Public Service Co. of Colorado
1.875% due 06/15/31		200,000		159,632
2.700% due 01/15/51		100,000		63,435
3.700% due 06/15/28		50,000		47,500
3.800% due 06/15/47		50,000		39,370
5.250% due 04/01/53		115,000		110,596
Public Service Co. of New Hampshire 2.200% due 06/15/31		30,000		24,887
Public Service Co. of Oklahoma 2.200% due 08/15/31		100,000		80,947
Public Service Electric & Gas Co. 3.100% due 03/15/32		100,000		87,491
Public Service Electric and Gas Co.
0.950% due 03/15/26		100,000		90,272
2.050% due 08/01/50		100,000		59,026
3.000% due 03/01/51		100,000		70,706
3.200% due 08/01/49		60,000		44,469
4.050% due 05/01/48		25,000		21,339
Public Service Enterprise Group, Inc. 2.450% due 11/15/31		100,000		80,926
Puget Energy, Inc.
3.650% due 05/15/25		100,000		95,672
4.224% due 03/15/32		70,000		62,985
Puget Sound Energy, Inc.
2.893% due 09/15/51		55,000		36,397
5.795% due 03/15/40		25,000		25,458
San Diego Gas & Electric Co.
1.700% due 10/01/30		95,000		76,055
3.750% due 06/01/47		50,000		39,071
4.100% due 06/15/49		100,000		82,287
4.150% due 05/15/48		25,000		20,898
Sempra Energy
3.400% due 02/01/28		65,000		59,882
3.800% due 02/01/38		100,000		82,969
4.125% due 04/01/52		300,000		243,089
Southern California Edison Co.
2.250% due 06/01/30		120,000		100,445
2.850% due 08/01/29		75,000		65,605
2.950% due 02/01/51		320,000		210,006
3.650% due 03/01/28		50,000		46,705
3.650% due 02/01/50		70,000		52,165

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-212

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.700% due 08/01/25	$	30,000	$	28,891
3.900% due 03/15/43		50,000		39,834
4.125% due 03/01/48		10,000		8,127
4.500% due 09/01/40		50,000		43,687
5.300% due 03/01/28		200,000		200,155
5.875% due 12/01/53		300,000		306,272
Southern California Gas Co.
2.600% due 06/15/26		50,000		46,625
5.200% due 06/01/33		200,000		197,462
Southern Co.
4.000% due 01/15/51		350,000		324,562
4.250% due 07/01/36		30,000		26,750
4.400% due 07/01/46		450,000		385,503
5.700% due 10/15/32		65,000		67,322
Southwest Gas Corp.
3.800% due 09/29/46		50,000		36,347
4.050% due 03/15/32		60,000		54,072
Southwestern Electric Power Co.
3.250% due 11/01/51		200,000		134,507
3.900% due 04/01/45		50,000		38,303
4.100% due 09/15/28		50,000		47,463
6.200% due 03/15/40		50,000		51,319
Southwestern Public Service Co. 3.750% due 06/15/49		100,000		76,849
Spire Missouri, Inc. 4.800% due 02/15/33		60,000		59,068
Tampa Electric Co.
4.300% due 06/15/48		50,000		41,848
4.450% due 06/15/49		50,000		42,508
Tucson Electric Power Co.
3.050% due 03/15/25		50,000		47,853
4.850% due 12/01/48		100,000		88,822
Union Electric Co.
2.625% due 03/15/51		200,000		128,563
3.900% due 04/01/52		30,000		24,527
8.450% due 03/15/39		100,000		130,963
Virginia Electric & Power Co.
2.300% due 11/15/31		100,000		81,220
2.400% due 03/30/32		50,000		40,814
2.950% due 11/15/26		50,000		46,378
3.150% due 01/15/26		35,000		33,369
3.750% due 05/15/27		80,000		76,672
3.800% due 09/15/47		50,000		39,183
4.000% due 11/15/46		20,000		15,977
5.000% due 04/01/33		200,000		197,782
8.875% due 11/15/38		25,000		33,276
Washington Gas Light Co. 3.650% due 09/15/49		25,000		18,694
WEC Energy Group, Inc.
2.200% due 12/15/28		100,000		86,116
4.750% due 01/09/26		250,000		246,346
4.750% due 01/15/28		50,000		48,905
Wisconsin Electric Power Co. 4.300% due 10/15/48		10,000		8,639
Wisconsin Power & Light Co.
3.050% due 10/15/27		100,000		93,010
4.950% due 04/01/33		90,000		89,100
Xcel Energy, Inc.
4.000% due 06/15/28		50,000		47,622
4.600% due 06/01/32		35,000		33,073
				25,606,306
Total Corporate Bonds & Notes (Cost $351,805,152)				314,237,528
MORTGAGE-BACKED SECURITIES - 28.6%
Collateralized Mortgage Obligations - Commercial - 1.7%
Bank
1.844% due 03/15/63		131,250		104,104
1.997% due 11/15/53		250,000		193,829

	Principal Amount		Value
2.470% due 09/15/64	$	500,000	$	407,425
2.649% due 01/15/63		200,000		169,213
2.920% due 12/15/52		200,000		173,299
3.175% due 09/15/60		200,000		182,049
3.625% due 05/15/50		500,000		459,290
BBCMS Mortgage Trust
2.299% due 02/15/54		300,000		243,890
2.639% due 02/15/53		200,000		169,883
3.662% due 04/15/55 §		300,000		265,757
Benchmark Mortgage Trust due 07/15/55 #		181,000		186,202
1.850% due 09/15/53		250,000		194,088
1.925% due 07/15/53		197,917		154,891
2.576% due 11/15/54		350,000		284,571
2.577% due 04/15/54		200,000		159,399
2.732% due 02/15/53		200,000		169,695
4.121% due 07/15/51 §		200,000		186,511
CD Mortgage Trust 3.456% due 11/13/50		175,000		158,701
Citigroup Commercial Mortgage Trust
3.372% due 10/10/47		285,194		274,913
3.778% due 09/10/58		600,000		566,544
Commercial Mortgage Trust 4.228% due 05/10/51		400,000		373,963
CSAIL Commercial Mortgage Trust 3.458% due 11/15/50 §		600,000		541,300
Fannie Mae - Aces
1.270% due 07/25/30		200,000		161,149
1.513% due 02/25/31 §		245,000		196,589
1.725% due 10/25/31 §		250,000		201,124
1.744% due 11/25/32 §		500,000		395,582
1.821% due 02/25/30		47,692		40,506
2.723% due 10/25/24		132,665		127,284
2.980% due 08/25/29		499,013		458,264
3.003% due 01/25/28 §		473,662		439,122
3.061% due 05/25/27 §		166,237		156,268
3.086% due 12/25/27 §		133,519		125,053
3.758% due 08/25/30 §		300,000		283,105
Freddie Mac Multifamily Structured Pass-Through Certificates
1.350% due 05/25/30		575,000		468,467
1.406% due 08/25/30		250,000		202,852
1.477% due 04/25/30		107,143		88,349
1.517% due 03/25/30		222,222		184,218
1.547% due 10/25/30		200,000		163,176
1.558% due 04/25/30		140,000		115,954
1.621% due 12/25/30		186,667		152,771
1.872% due 01/25/30		166,667		141,729
1.940% due 02/25/35		352,000		269,585
2.020% due 03/25/31		250,000		210,168
2.361% due 10/25/36		250,000		192,715
2.524% due 10/25/29		200,000		177,987
2.673% due 03/25/26 - 09/25/29		800,000		745,046
2.745% due 01/25/26		400,000		378,535
2.862% due 05/25/26		493,540		467,002
3.171% due 10/25/24		850,000		825,225
3.208% due 02/25/26		375,000		359,900
3.303% due 11/25/27 §		609,000		576,880
3.422% due 02/25/29		196,721		185,812
3.800% due 10/25/32 §		350,000		332,352
3.926% due 06/25/28		100,000		97,225
3.990% due 08/25/33 §		42,000		39,961
4.200% due 05/25/33		484,691		475,093
4.430% due 04/25/60 §		70,370		70,186
GS Mortgage Securities Trust 3.734% due 11/10/48		1,000,000		941,567
JPMBB Commercial Mortgage Securities Trust 4.274% due 12/15/48		600,000		538,036
JPMDB Commercial Mortgage Securities Trust 2.180% due 05/13/53		300,000		242,354
Morgan Stanley Bank of America Merrill Lynch Trust
3.720% due 12/15/49		570,000		533,134
3.753% due 12/15/47		700,000		661,301

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-213

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Morgan Stanley Capital I Trust
2.728% due 05/15/54	$	250,000	$	207,231
3.596% due 12/15/49		400,000		369,844
Wells Fargo Commercial Mortgage Trust
2.626% due 04/15/54		250,000		204,156
2.652% due 08/15/49		350,000		316,956
2.925% due 04/15/50		300,000		284,119
3.453% due 07/15/50		500,000		458,775
4.184% due 06/15/51		200,000		187,580
				20,069,804
Fannie Mae - 13.8%
due 07/18/38 #		1,175,000		1,116,675
due 07/01/53 - 07/13/53 #		9,825,000		9,410,612
1.500% due 12/01/35 - 11/01/51		12,983,337		10,626,153
2.000% due 11/01/35 - 04/01/52		62,107,989		51,526,025
2.500% due 10/01/27 - 04/01/52		35,487,047		30,614,358
3.000% due 02/01/27 - 05/01/52		23,414,220		20,998,108
3.500% due 10/01/25 - 07/01/52		14,211,593		13,183,810
3.940% (USD LIBOR + 1.690%) due 08/01/39 §		2,325		2,315
4.000% due 04/01/24 - 05/01/53		12,363,914		11,754,035
4.500% due 05/01/24 - 03/01/53		7,402,496		7,181,854
5.000% due 09/01/23 - 06/01/53		2,278,767		2,262,505
5.246% (USD LIBOR + 1.695%) due 06/01/38 §		743		723
5.500% due 11/01/33 - 05/01/53		3,106,879		3,114,309
6.000% due 09/01/34 - 05/01/53		3,303,559		3,340,477
6.500% due 09/01/36 - 07/01/38		39,457		40,459
				165,172,418
Freddie Mac - 7.1%
1.500% due 02/01/37 - 05/01/51		5,285,552		4,346,057
2.000% due 09/01/35 - 03/01/52		27,682,613		23,112,407
2.500% due 08/01/28 - 04/01/52		27,598,754		23,714,584
3.000% due 09/01/26 - 08/01/52		12,102,725		10,886,125
3.500% due 03/01/26 - 09/01/52		8,877,927		8,239,642
4.000% due 02/01/25 - 01/01/53		4,981,186		4,735,027
4.500% due 08/01/24 - 05/01/53		4,596,281		4,454,047
5.000% due 12/01/31 - 02/01/53		4,382,388		4,316,155
5.500% due 04/01/34 - 12/01/52		419,990		428,045
6.000% due 04/01/36 - 05/01/40		337,206		351,424
6.500% due 08/01/37 - 04/01/39		27,218		28,264
				84,611,777
Government National Mortgage Association - 6.0%
due 07/01/53 - 07/20/53 #		5,650,000		5,408,676
2.000% due 10/20/50 - 05/20/52		17,234,046		14,520,607
2.500% due 01/20/43 - 05/20/52		17,623,255		15,306,884
3.000% due 08/20/42 - 06/20/52		12,729,093		11,485,078
3.500% due 10/15/41 - 10/20/52		10,057,011		9,390,276
4.000% due 06/15/39 - 11/20/52		5,470,475		5,238,590
4.500% due 02/15/39 - 03/20/53		5,164,883		5,018,843
5.000% due 05/15/36 - 05/20/53		2,638,184		2,609,055
5.500% due 04/15/37 - 05/20/53		1,604,445		1,603,450
6.000% due 01/15/38 - 12/20/52		731,333		739,088
6.500% due 10/15/38 - 02/15/39		18,064		18,578
				71,339,125
Total Mortgage-Backed Securities (Cost $383,689,733)				341,193,124
ASSET-BACKED SECURITIES - 0.4%
American Express Credit Account Master Trust
0.900% due 11/15/26		109,000		102,359
3.750% due 08/15/27		350,000		339,563
Americredit Automobile Receivables Trust 5.620% due 11/18/27		97,000		96,407
Capital One Multi-Asset Execution Trust
1.040% due 11/15/26		350,000		329,485
4.420% due 05/15/28		237,000		233,119
Capital One Prime Auto Receivables Trust 4.870% due 02/15/28		175,000		173,266

	Principal Amount		Value
CarMax Auto Owner Trust 4.750% due 10/15/27	$	180,000	$	177,577
Chase Issuance Trust 3.970% due 09/15/27		180,000		175,488
Citibank Credit Card Issuance Trust 6.150% due 06/15/39		250,000		275,134
Discover Card Execution Note Trust
1.030% due 09/15/28		272,000		239,557
5.030% due 10/15/27		100,000		99,564
GM Financial Automobile Leasing Trust 5.050% due 07/20/26		90,000		89,320
GM Financial Consumer Automobile Receivables Trust
4.470% due 02/16/28		250,000		245,754
4.660% due 02/16/28		55,000		54,316
Harley-Davidson Motorcycle Trust 5.050% due 12/15/27		300,000		297,603
Honda Auto Receivables Owner Trust 5.040% due 04/21/27		67,000		66,608
John Deere Owner Trust 5.180% due 03/15/28		83,000		82,956
Santander Drive Auto Receivables Trust 3.760% due 07/16/29		300,000		285,334
Synchrony Card Funding LLC 3.370% due 04/15/28		180,000		173,671
Verizon Master Trust 0.500% due 05/20/27		350,000		334,238
VERIZON MASTER Trust 5.160% due 06/20/29		125,000		124,801
Volkswagen Auto Loan Enhanced Trust 5.020% due 06/20/28		100,000		99,716
World Omni Auto Receivables Trust 0.840% due 09/15/27		272,000		246,994
Total Asset-Backed Securities (Cost $4,495,630)				4,342,830
U.S. GOVERNMENT AGENCY ISSUES - 1.0%
Fannie Mae
0.375% due 08/25/25		95,000		86,463
0.500% due 11/07/25		1,115,000		1,010,774
0.625% due 04/22/25		430,000		397,740
0.750% due 10/08/27		300,000		260,398
0.875% due 08/05/30		500,000		402,190
2.625% due 09/06/24		960,000		931,648
5.625% due 07/15/37		100,000		114,750
6.625% due 11/15/30		500,000		580,475
7.125% due 01/15/30		525,000		616,951
Federal Farm Credit Banks Funding Corp. 3.375% due 08/26/24		1,000,000		977,577
Federal Home Loan Bank
0.375% due 09/04/25		475,000		432,798
0.500% due 04/14/25		500,000		462,678
1.250% due 12/21/26		300,000		269,928
5.500% due 07/15/36		100,000		112,932
Federal Home Loan Banks
3.250% due 11/16/28		1,000,000		956,137
4.500% due 10/03/24		750,000		742,268
4.625% due 06/06/25		225,000		223,427
Freddie Mac
0.375% due 07/21/25		680,000		620,548
0.375% due 09/23/25		825,000		748,739
1.500% due 02/12/25		1,250,000		1,180,151
6.250% due 07/15/32		475,000		552,174
Tennessee Valley Authority
3.500% due 12/15/42		100,000		83,892
3.875% due 03/15/28		318,000		313,011
4.250% due 09/15/65		200,000		179,671
5.250% due 09/15/39		25,000		26,543

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-214

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
5.375% due 04/01/56	$	50,000	$	55,149
6.750% due 11/01/25		150,000		157,591
7.125% due 05/01/30		50,000		58,263
Total U.S. Government Agency Issues (Cost $13,290,943)				12,554,866
U.S. TREASURY OBLIGATIONS - 40.8%
U.S. Treasury Bonds - 8.4%
1.125% due 05/15/40		1,750,000		1,135,859
1.125% due 08/15/40		3,700,000		2,382,020
1.250% due 05/15/50		3,350,000		1,885,618
1.375% due 11/15/40		4,500,000		3,014,297
1.375% due 08/15/50		3,600,000		2,093,977
1.625% due 11/15/50		3,100,000		1,926,904
1.750% due 08/15/41		4,750,000		3,340,586
1.875% due 02/15/41		3,100,000		2,253,676
1.875% due 02/15/51		3,100,000		2,054,234
1.875% due 11/15/51		2,900,000		1,915,586
2.000% due 11/15/41		4,500,000		3,297,129
2.000% due 02/15/50		2,250,000		1,543,667
2.000% due 08/15/51		4,200,000		2,864,531
2.250% due 05/15/41		1,200,000		925,148
2.250% due 08/15/46		2,150,000		1,571,978
2.250% due 08/15/49		2,850,000		2,072,484
2.250% due 02/15/52		2,700,000		1,952,332
2.375% due 02/15/42		3,250,000		2,531,826
2.375% due 11/15/49		1,950,000		1,457,282
2.375% due 05/15/51		3,500,000		2,603,945
2.500% due 02/15/45		2,800,000		2,169,289
2.500% due 02/15/46		2,600,000		2,002,965
2.500% due 05/15/46		1,000,000		769,688
2.750% due 08/15/42		450,000		371,030
2.750% due 11/15/42		1,850,000		1,522,854
2.750% due 11/15/47		2,500,000		2,012,695
2.875% due 08/15/45		1,000,000		825,820
2.875% due 05/15/49		1,275,000		1,054,764
2.875% due 05/15/52		2,750,000		2,280,244
3.000% due 05/15/42		1,075,000		924,668
3.000% due 05/15/45		1,500,000		1,267,881
3.000% due 11/15/45		1,900,000		1,603,496
3.000% due 02/15/47		500,000		421,328
3.000% due 05/15/47		1,700,000		1,432,748
3.000% due 02/15/48		2,000,000		1,687,500
3.000% due 08/15/48		1,500,000		1,266,475
3.000% due 02/15/49		2,000,000		1,692,695
3.000% due 08/15/52		2,000,000		1,701,250
3.125% due 11/15/41		975,000		859,143
3.125% due 02/15/43		1,000,000		872,656
3.125% due 08/15/44		600,000		519,516
3.125% due 05/15/48		2,700,000		2,330,912
3.250% due 05/15/42		1,000,000		892,852
3.375% due 08/15/42		3,000,000		2,724,492
3.625% due 08/15/43		1,525,000		1,432,189
3.625% due 02/15/44		500,000		468,731
3.625% due 02/15/53		3,350,000		3,216,000
3.625% due 05/15/53		2,500,000		2,403,125
3.750% due 08/15/41		1,300,000		1,256,303
3.750% due 11/15/43		1,000,000		956,270
3.875% due 02/15/43		750,000		731,484
3.875% due 05/15/43		2,500,000		2,439,844
4.000% due 11/15/52		2,200,000		2,260,500
4.250% due 11/15/40		750,000		780,483
4.375% due 05/15/40		1,025,000		1,083,797
4.375% due 05/15/41		775,000		816,066
4.500% due 02/15/36		1,750,000		1,890,308
4.500% due 05/15/38		500,000		538,975
4.500% due 08/15/39		700,000		752,992

	Principal Amount		Value
4.750% due 02/15/41	$	1,350,000	$	1,491,249
5.375% due 02/15/31		1,100,000		1,205,574
6.250% due 05/15/30		1,050,000		1,191,668
				100,945,598
U.S. Treasury Notes - 32.4%
0.250% due 05/31/25		2,750,000		2,517,109
0.250% due 06/30/25		3,500,000		3,197,168
0.250% due 07/31/25		5,000,000		4,550,879
0.250% due 08/31/25		3,500,000		3,176,250
0.250% due 09/30/25		4,200,000		3,805,020
0.250% due 10/31/25		6,000,000		5,416,406
0.375% due 07/15/24		5,000,000		4,748,871
0.375% due 04/30/25		3,000,000		2,760,820
0.375% due 11/30/25		2,500,000		2,257,178
0.375% due 12/31/25		3,500,000		3,155,537
0.375% due 01/31/26		4,000,000		3,592,109
0.500% due 03/31/25		3,000,000		2,775,527
0.500% due 02/28/26		3,500,000		3,144,805
0.500% due 05/31/27		3,500,000		3,026,748
0.500% due 06/30/27		1,000,000		862,363
0.500% due 08/31/27		2,500,000		2,145,264
0.500% due 10/31/27		2,000,000		1,707,500
0.625% due 10/15/24		2,750,000		2,591,499
0.625% due 07/31/26		3,250,000		2,896,055
0.625% due 12/31/27		5,000,000		4,273,535
0.625% due 05/15/30		3,350,000		2,684,580
0.625% due 08/15/30		3,400,000		2,709,508
0.750% due 11/15/24		3,500,000		3,292,598
0.750% due 03/31/26		2,500,000		2,260,059
0.750% due 04/30/26		2,500,000		2,251,660
0.750% due 05/31/26		3,000,000		2,695,371
0.750% due 08/31/26		3,000,000		2,676,152
0.750% due 01/31/28		2,500,000		2,144,971
0.875% due 06/30/26		4,500,000		4,055,537
0.875% due 09/30/26		2,950,000		2,639,904
0.875% due 11/15/30		4,250,000		3,440,342
1.000% due 12/15/24		2,000,000		1,882,656
1.000% due 07/31/28		2,000,000		1,715,703
1.125% due 01/15/25		3,000,000		2,821,758
1.125% due 02/28/25		3,500,000		3,281,250
1.125% due 10/31/26		5,000,000		4,497,070
1.125% due 02/28/27		750,000		669,419
1.125% due 02/29/28		2,750,000		2,397,173
1.125% due 08/31/28		2,750,000		2,370,049
1.125% due 02/15/31		3,500,000		2,879,160
1.250% due 08/31/24		3,250,000		3,100,513
1.250% due 11/30/26		5,000,000		4,505,957
1.250% due 12/31/26		3,500,000		3,150,752
1.250% due 03/31/28		4,000,000		3,501,641
1.250% due 04/30/28		2,500,000		2,184,521
1.250% due 05/31/28		3,000,000		2,617,500
1.250% due 06/30/28		1,500,000		1,306,055
1.250% due 09/30/28		3,000,000		2,597,695
1.250% due 08/15/31		5,500,000		4,515,049
1.375% due 01/31/25		4,000,000		3,773,125
1.375% due 08/31/26		3,500,000		3,185,479
1.375% due 10/31/28		5,000,000		4,351,270
1.375% due 12/31/28		2,400,000		2,082,281
1.375% due 11/15/31		7,500,000		6,186,182
1.500% due 09/30/24		3,000,000		2,863,008
1.500% due 10/31/24		2,000,000		1,903,437
1.500% due 02/15/25		2,000,000		1,888,086
1.500% due 08/15/26		3,200,000		2,925,625
1.500% due 01/31/27		3,500,000		3,171,055
1.500% due 11/30/28		2,500,000		2,187,354
1.500% due 02/15/30		3,250,000		2,784,463
1.625% due 02/15/26		1,900,000		1,761,211
1.625% due 05/15/26		1,300,000		1,199,758

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-215

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
1.625% due 10/31/26	$	5,500,000	$	5,031,103
1.625% due 08/15/29		2,000,000		1,744,609
1.625% due 05/15/31		6,000,000		5,100,469
1.750% due 12/31/24		1,600,000		1,521,437
1.750% due 03/15/25		1,500,000		1,419,199
1.750% due 12/31/26		2,500,000		2,290,283
1.750% due 01/31/29		1,500,000		1,326,299
1.875% due 08/31/24		3,000,000		2,883,164
1.875% due 07/31/26		1,000,000		926,035
1.875% due 02/28/27		3,000,000		2,750,508
1.875% due 02/28/29		3,000,000		2,668,477
1.875% due 02/15/32		3,500,000		2,998,721
2.000% due 02/15/25		2,000,000		1,904,102
2.000% due 11/15/26		1,000,000		925,195
2.125% due 05/15/25		3,500,000		3,324,658
2.125% due 05/31/26		3,000,000		2,806,406
2.250% due 10/31/24		800,000		769,000
2.250% due 11/15/24		2,000,000		1,921,055
2.250% due 12/31/24		2,500,000		2,394,238
2.250% due 11/15/25		2,200,000		2,079,000
2.250% due 08/15/27		4,200,000		3,883,359
2.250% due 11/15/27		2,300,000		2,118,965
2.375% due 08/15/24		9,550,000		9,243,542
2.375% due 04/30/26		1,000,000		943,203
2.375% due 05/15/27		2,750,000		2,561,367
2.375% due 03/31/29		2,675,000		2,442,714
2.375% due 05/15/29		1,000,000		911,973
2.500% due 01/31/25		4,000,000		3,839,687
2.500% due 03/31/27		2,500,000		2,343,311
2.625% due 04/15/25		2,000,000		1,918,789
2.625% due 05/31/27		2,500,000		2,349,463
2.625% due 02/15/29		2,750,000		2,548,799
2.625% due 07/31/29		2,000,000		1,847,969
2.750% due 04/30/27		2,000,000		1,889,648
2.750% due 07/31/27		1,500,000		1,414,453
2.750% due 02/15/28		3,500,000		3,290,205
2.750% due 05/31/29		2,000,000		1,862,422
2.750% due 08/15/32		3,000,000		2,750,801
2.875% due 05/31/25		1,200,000		1,155,211
2.875% due 06/15/25		1,000,000		962,148
2.875% due 05/15/28		2,500,000		2,359,473
2.875% due 08/15/28		1,750,000		1,648,896
2.875% due 04/30/29		2,000,000		1,875,937
2.875% due 05/15/32		3,500,000		3,245,771
3.000% due 07/31/24		3,500,000		3,412,295
3.000% due 07/15/25		1,500,000		1,446,006
3.125% due 08/31/27		2,500,000		2,391,357
3.125% due 11/15/28		3,000,000		2,858,555
3.125% due 08/31/29		3,000,000		2,850,000
3.250% due 08/31/24		2,000,000		1,952,305
3.250% due 06/30/27		4,000,000		3,847,656
3.250% due 06/30/29		1,750,000		1,674,668
3.375% due 05/15/33		2,250,000		2,170,195
3.500% due 01/31/28		1,500,000		1,456,816
3.500% due 04/30/28		2,500,000		2,429,590
3.500% due 01/31/30		1,500,000		1,455,879
3.500% due 04/30/30		1,750,000		1,699,414
3.500% due 02/15/33		4,750,000		4,627,539
3.625% due 05/15/26		3,500,000		3,415,098
3.625% due 03/31/28		750,000		732,627
3.625% due 05/31/28		3,500,000		3,423,711
3.625% due 03/31/30		2,000,000		1,956,680
3.750% due 05/31/30		2,500,000		2,465,430
3.750% due 06/30/30		2,000,000		1,973,750
3.875% due 03/31/25		2,000,000		1,960,859
3.875% due 11/30/27		2,500,000		2,464,990
3.875% due 12/31/27		1,500,000		1,479,228
3.875% due 09/30/29		1,500,000		1,485,557
3.875% due 12/31/29		2,000,000		1,982,969
4.000% due 12/15/25		3,000,000		2,953,477

	Principal Amount		Value
4.000% due 02/29/28	$	5,000,000	$	4,963,965
4.000% due 06/30/28		2,250,000		2,237,871
4.000% due 10/31/29		1,500,000		1,496,426
4.000% due 02/28/30		2,000,000		1,998,906
4.125% due 09/30/27		1,000,000		994,590
4.125% due 10/31/27		3,000,000		2,984,883
4.125% due 11/15/32		3,450,000		3,526,008
4.250% due 12/31/24		3,500,000		3,451,602
4.250% due 05/31/25		3,000,000		2,962,441
4.375% due 10/31/24		1,000,000		988,105
4.500% due 11/30/24		3,500,000		3,463,359
4.500% due 11/15/25		3,500,000		3,482,363
4.625% due 06/30/25		2,000,000		1,990,977
4.625% due 03/15/26		2,000,000		2,002,422
				387,010,213
Total U.S. Treasury Obligations (Cost $541,719,336)				487,955,811
FOREIGN GOVERNMENT BONDS & NOTES - 1.7%
Canada Government (Canada)
0.750% due 05/19/26		300,000		269,315
1.625% due 01/22/25		150,000		142,206
3.750% due 04/26/28		380,000		372,130
Chile Government (Chile)
due 01/05/36 #		200,000		197,671
2.550% due 07/27/33		250,000		204,920
3.100% due 01/22/61		400,000		262,270
3.125% due 01/21/26		75,000		72,050
3.500% due 01/31/34		200,000		176,643
3.860% due 06/21/47		300,000		247,050
Export Development Canada (Canada)
3.000% due 05/25/27		200,000		189,566
3.375% due 08/26/25		90,000		87,335
3.875% due 02/14/28		100,000		98,267
4.375% due 06/29/26		200,000		198,960
Export-Import Bank of Korea (South Korea)
0.625% due 02/09/26		200,000		176,846
1.625% due 01/18/27		400,000		357,456
5.125% due 01/11/33		200,000		205,181
Indonesia Government (Indonesia)
2.850% due 02/14/30		200,000		178,250
3.200% due 09/23/61		200,000		136,900
3.550% due 03/31/32		200,000		181,466
4.200% due 10/15/50		300,000		256,572
4.550% due 01/11/28		200,000		197,838
4.850% due 01/11/33		200,000		199,525
Israel Government International (Israel) 2.750% due 07/03/30		200,000		176,920
Japan Bank for International Cooperation (Japan)
0.625% due 07/15/25		235,000		214,913
1.250% due 01/21/31		500,000		395,427
1.875% due 07/21/26		200,000		182,674
1.875% due 04/15/31		200,000		165,463
3.250% due 07/20/28		200,000		187,474
4.250% due 01/26/26		500,000		491,843
Japan International Cooperation Agency (Japan) 3.375% due 06/12/28		200,000		187,573
Korea Development Bank (South Korea)
2.000% due 09/12/26		200,000		180,322
4.000% due 09/08/25		200,000		194,167
4.250% due 09/08/32		200,000		193,701
Korea International (South Korea)
1.750% due 10/15/31		200,000		166,803
2.750% due 01/19/27		200,000		189,071
Mexico Government (Mexico)
2.659% due 05/24/31		200,000		166,761
3.500% due 02/12/34		200,000		168,014

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-216

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
3.900% due 04/27/25	$	350,000	$	344,393
4.150% due 03/28/27		200,000		196,158
4.280% due 08/14/41		200,000		165,033
4.400% due 02/12/52		400,000		316,370
4.500% due 01/31/50		200,000		163,618
4.600% due 01/23/46		250,000		208,502
4.600% due 02/10/48		200,000		164,846
4.750% due 04/27/32		350,000		334,335
4.750% due 03/08/44		264,000		226,604
5.400% due 02/09/28		300,000		305,788
6.750% due 09/27/34		225,000		245,810
Panama Government (Panama)
3.870% due 07/23/60		200,000		133,065
4.500% due 05/15/47		350,000		279,242
6.400% due 02/14/35		265,000		277,012
6.700% due 01/26/36		100,000		107,326
6.853% due 03/28/54		200,000		208,549
8.875% due 09/30/27		100,000		114,996
Peruvian Government (Peru)
2.780% due 12/01/60		200,000		122,812
2.783% due 01/23/31		300,000		257,208
3.300% due 03/11/41		250,000		193,353
4.125% due 08/25/27		150,000		146,090
8.750% due 11/21/33		200,000		254,154
Philippine Government (Philippines)
1.648% due 06/10/31		200,000		157,971
2.650% due 12/10/45		200,000		135,040
2.950% due 05/05/45		200,000		142,778
3.000% due 02/01/28		200,000		186,710
5.000% due 07/17/33		200,000		202,767
5.609% due 04/13/33		200,000		211,583
6.375% due 10/23/34		250,000		279,644
7.750% due 01/14/31		200,000		235,004
Province of Alberta Canada (Canada)
1.300% due 07/22/30		250,000		203,568
1.875% due 11/13/24		350,000		333,760
Province of British Columbia Canada (Canada) 1.300% due 01/29/31		500,000		405,578
Province of Manitoba Canada (Canada) 1.500% due 10/25/28		155,000		133,791
Province of New Brunswick Canada (Canada) 3.625% due 02/24/28		50,000		47,992
Province of Ontario Canada (Canada)
0.625% due 01/21/26		300,000		270,045
1.050% due 04/14/26		200,000		180,907
1.050% due 05/21/27		200,000		174,987
2.000% due 10/02/29		100,000		87,379
2.125% due 01/21/32		150,000		127,384
2.300% due 06/15/26		250,000		233,472
Province of Quebec Canada (Canada)
0.600% due 07/23/25		100,000		91,526
1.350% due 05/28/30		50,000		41,235
1.500% due 02/11/25		350,000		330,041
1.900% due 04/21/31		200,000		168,929
3.625% due 04/13/28		200,000		192,980
7.500% due 09/15/29		75,000		87,475
Republic of Italy Government International Bond (Italy)
2.875% due 10/17/29		200,000		174,611
3.875% due 05/06/51		200,000		144,583
4.000% due 10/17/49		200,000		155,626
Republic of Poland Government (Poland)
5.500% due 11/16/27		250,000		256,850
5.750% due 11/16/32		315,000		330,977
State of Israel (Israel) 3.375% due 01/15/50		500,000		376,699
Svensk Exportkredit AB (Sweden)
0.375% due 07/30/24		250,000		236,574
0.625% due 10/07/24		560,000		527,337

	Principal Amount		Value
Uruguay Government International Bond (Uruguay)
4.125% due 11/20/45	$	143,467	$	130,983
4.375% due 10/27/27		200,000		198,946
5.100% due 06/18/50		200,000		199,789
Total Foreign Government Bonds & Notes (Cost $22,095,135)				19,830,328
MUNICIPAL BONDS - 0.6%
American Municipal Power, Inc.
6.449% due 02/15/44		25,000		27,942
8.084% due 02/15/50		300,000		406,782
Bay Area Toll Authority CA
6.263% due 04/01/49		25,000		29,684
7.043% due 04/01/50		50,000		64,349
California State University 2.975% due 11/01/51		50,000		36,069
Central Puget Sound Regional Transit Authority 5.491% due 11/01/39		25,000		26,289
Chicago O’Hare International Airport 4.472% due 01/01/49		50,000		46,744
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue IL 6.899% due 12/01/40		95,000		107,843
City of Atlanta GA Water & Wastewater Revenue 2.257% due 11/01/35		100,000		80,543
City of Chicago 7.750% due 01/01/42		42,000		43,144
City of Houston TX 3.961% due 03/01/47		50,000		44,426
City of New York NY 5.517% due 10/01/37		40,000		41,977
Commonwealth of Massachusetts
4.910% due 05/01/29		100,000		99,680
5.456% due 12/01/39		25,000		26,353
County of Clark Department of Aviation NV 6.820% due 07/01/45		125,000		152,465
Dallas Area Rapid Transit 2.613% due 12/01/48		200,000		142,730
Dallas Fort Worth International Airport 4.507% due 11/01/51		100,000		93,342
Dallas Independent School District 6.450% due 02/15/35		50,000		50,496
Golden State Tobacco Securitization Corp. 4.214% due 06/01/50		150,000		112,527
Grand Parkway Transportation Corp. 3.236% due 10/01/52		250,000		184,319
JobsOhio Beverage System 2.833% due 01/01/38		10,000		7,998
Los Angeles Unified School District CA 6.758% due 07/01/34		100,000		113,255
Louisiana Local Government Environmental Facilities & Community Development Authority 5.198% due 12/01/39		300,000		306,540
Massachusetts School Building Authority
2.950% due 05/15/43		50,000		37,542
3.395% due 10/15/40		20,000		16,577
Metropolitan Transportation Authority NY
5.871% due 11/15/39		25,000		24,789
6.668% due 11/15/39		55,000		58,523
Municipal Electric Authority of Georgia
6.637% due 04/01/57		25,000		28,603
6.655% due 04/01/57		95,000		109,045
New Jersey Economic Development Authority 7.425% due 02/15/29		125,000		134,395
New Jersey Turnpike Authority 7.102% due 01/01/41		100,000		122,064

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-217

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
New York City Municipal Water Finance Authority
5.952% due 06/15/42	$	50,000	$	56,874
6.011% due 06/15/42		10,000		11,439
New York City Transitional Finance Authority Future Tax Secured Revenue NY 5.572% due 11/01/38		30,000		31,505
New York State Dormitory Authority 3.142% due 07/01/43		100,000		81,172
New York State Urban Development Corp.
3.900% due 03/15/33		50,000		46,797
5.770% due 03/15/39		25,000		26,179
Pennsylvania Turnpike Commission 5.511% due 12/01/45		75,000		79,359
Permanent University Fund - University of Texas System 3.376% due 07/01/47		185,000		150,668
Port Authority of New York & New Jersey
3.175% due 07/15/60		250,000		177,905
4.031% due 09/01/48		50,000		44,139
4.229% due 10/15/57		30,000		26,871
4.458% due 10/01/62		100,000		91,652
5.647% due 11/01/40		150,000		161,410
Rutgers The State University of New Jersey 3.915% due 05/01/19		15,000		10,850
Sales Tax Securitization Corp. 4.787% due 01/01/48		50,000		46,565
San Diego County Regional Transportation Commission CA 5.911% due 04/01/48		50,000		56,768
State Board of Administration Finance Corp. 2.154% due 07/01/30		100,000		83,456
State of California
1.700% due 02/01/28		200,000		175,586
3.500% due 04/01/28		100,000		95,008
5.125% due 03/01/38		200,000		201,314
7.300% due 10/01/39		100,000		120,966
7.500% due 04/01/34		50,000		60,978
7.600% due 11/01/40		270,000		345,429
7.625% due 03/01/40		40,000		50,376
State of Connecticut 5.090% due 10/01/30		50,000		49,434
State of Illinois 6.725% due 04/01/35		369,231		388,056
State of Texas 5.517% due 04/01/39		100,000		107,372
State of Utah 4.554% due 07/01/24		5,000		4,957
State of Wisconsin 3.154% due 05/01/27		250,000		235,603
Texas Natural Gas Securitization Finance Corp. 5.102% due 04/01/35		300,000		301,389

	Principal Amount		Value
Texas Transportation Commission 2.562% due 04/01/42	$	350,000	$	266,999
Texas Transportation Commission State Highway Fund 5.178% due 04/01/30		25,000		25,333
University of California
3.063% due 07/01/25		50,000		48,144
4.132% due 05/15/32		100,000		95,166
4.767% due 05/15/15		75,000		65,613
4.858% due 05/15/12		100,000		89,154
University of Michigan
3.599% due 04/01/47		80,000		69,787
4.454% due 04/01/22		100,000		87,002
Total Municipal Bonds (Cost $7,395,930)				6,844,310
	Shares
SHORT-TERM INVESTMENTS - 1.8%
Money Market Funds - 1.8%
BlackRock Liquidity Funds: T-Fund Institutional Shares 4.980%		22,102,431		22,102,431
Total Short-Term Investments (Cost $22,102,431)				22,102,431
TOTAL INVESTMENTS - 101.2% (Cost $1,346,594,290)				1,209,061,228
OTHER ASSETS & LIABILITIES, NET - (1.2%)				(14,777,394	)
NET ASSETS - 100.0%				$1,194,283,834

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	40.8%
Mortgage-Backed Securities	28.6%
Corporate Bonds & Notes	26.3%
Others (each less than 3.0%)	5.5%
	101.2%
Other Assets & Liabilities, Net	(1.2%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$314,237,528			$ -		$314,237,528			$ -
	Mortgage-Backed Securities		341,193,124			-		341,193,124			-
	Asset-Backed Securities		4,342,830			-		4,342,830			-
	U.S. Government Agency Issues		12,554,866			-		12,554,866			-
	U.S. Treasury Obligations		487,955,811			-		487,955,811			-
	Foreign Government Bonds & Notes		19,830,328			-		19,830,328			-
	Municipal Bonds		6,844,310			-		6,844,310			-
	Short-Term Investments		22,102,431			22,102,431		-			-
	Total Assets		1,209,061,228			22,102,431		1,186,958,797			-
Liabilities	Due to custodian		(589,125	)		-		(589,125	)		-
	Total Liabilities		(589,125	)		-		(589,125	)		-
	Total		$1,208,472,103			$22,102,431		$1,186,369,672			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-218

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Energy - 0.0%
Patterson-UTI Energy, Inc.		306		$ 3,663
Financial - 0.0%
Stearns Holdings LLC Class B * W ±		3,570		-
Total Common Stocks (Cost $44,991)				3,663
	Principal Amount
CORPORATE BONDS & NOTES - 97.7%
Basic Materials - 4.4%
Arconic Corp.
6.000% due 05/15/25 ~		$90,000		90,941
6.125% due 02/15/28 ~		240,000		243,193
Ashland, Inc. 3.375% due 09/01/31 ~		200,000		159,940
ATI, Inc.
5.125% due 10/01/31		50,000		44,621
5.875% due 12/01/27		200,000		193,851
Carpenter Technology Corp. 6.375% due 07/15/28		125,000		122,626
Cerdia Finanz GmbH (Germany) 10.500% due 02/15/27 ~		100,000		98,478
Chemours Co.
4.625% due 11/15/29 ~		100,000		84,602
5.750% due 11/15/28 ~		170,000		156,374
Cleveland-Cliffs, Inc.
4.625% due 03/01/29 ~		120,000		108,216
6.250% due 10/01/40		100,000		86,121
6.750% due 03/15/26 ~		137,000		138,574
6.750% due 04/15/30 ~		100,000		96,470
Commercial Metals Co.
3.875% due 02/15/31		200,000		171,571
4.125% due 01/15/30		95,000		84,644
Compass Minerals International, Inc. 6.750% due 12/01/27 ~		135,000		130,314
Consolidated Energy Finance SA (Switzerland) 5.625% due 10/15/28 ~		200,000		170,494
Constellium SE 5.625% due 06/15/28 ~		250,000		235,601
Cornerstone Chemical Co. 10.250% Cash or 8.250% PIK due 09/01/27 ~		150,000		132,187
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% due 06/15/28 ~		150,000		130,617
FMG Resources August 2006 Pty. Ltd. (Australia)
4.375% due 04/01/31 ~		474,000		405,378
5.875% due 04/15/30 ~		100,000		95,338
GPD Cos., Inc. 10.125% due 04/01/26 ~		50,000		46,077
HB Fuller Co. 4.250% due 10/15/28		100,000		89,127
Herens Holdco SARL (Luxembourg) 4.750% due 05/15/28 ~		200,000		155,199
Hudbay Minerals, Inc. (Canada) 6.125% due 04/01/29 ~		350,000		322,658
INEOS Finance PLC (Luxembourg) 6.750% due 05/15/28 ~		250,000		240,370

	Principal Amount		Value
Infrabuild Australia Pty. Ltd. (Australia) 12.000% due 10/01/24 ~	$	100,000	$	97,329
Ingevity Corp. 3.875% due 11/01/28 ~		115,000		98,289
Innophos Holdings, Inc. 9.375% due 02/15/28 ~		125,000		124,130
Kaiser Aluminum Corp.
4.500% due 06/01/31 ~		131,000		104,615
4.625% due 03/01/28 ~		114,000		99,867
Mativ Holdings, Inc. 6.875% due 10/01/26 ~		75,000		65,731
Mercer International, Inc. (Germany)
5.125% due 02/01/29		294,000		229,156
5.500% due 01/15/26		150,000		140,519
Methanex Corp. (Canada)
5.125% due 10/15/27		125,000		116,503
5.650% due 12/01/44		50,000		41,057
Mineral Resources Ltd. (Australia)
8.000% due 11/01/27 ~		175,000		174,936
8.125% due 05/01/27 ~		213,000		213,222
New Gold, Inc. (Canada) 7.500% due 07/15/27 ~		165,000		154,285
Novelis Corp. 3.250% due 11/15/26 ~		375,000		339,854
OCI NV (Netherlands) 4.625% due 10/15/25 ~		160,000		152,650
Olympus Water US Holding Corp.
4.250% due 10/01/28 ~		400,000		316,579
6.250% due 10/01/29 ~		150,000		108,630
9.750% due 11/15/28 ~		50,000		48,827
Rayonier AM Products, Inc. 5.500% due 06/01/24 ~		81,000		80,701
SCIH Salt Holdings, Inc.
4.875% due 05/01/28 ~		221,000		197,644
6.625% due 05/01/29 ~		105,000		88,093
SK Invictus Intermediate II SARL 5.000% due 10/30/29 ~		165,000		131,262
TMS International Corp. 6.250% due 04/15/29 ~		50,000		42,051
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% due 09/01/25 ~		175,000		146,441
Valvoline, Inc.
3.625% due 06/15/31 ~		50,000		40,696
4.250% due 02/15/30 ~		176,000		172,973
WR Grace Holdings LLC 5.625% due 08/15/29 ~		390,000		319,897
				7,879,519
Communications - 15.0%
Acuris Finance Us, Inc./Acuris Finance SARL 5.000% due 05/01/28 ~		200,000		155,479
Altice Financing SA (Luxembourg) 5.750% due 08/15/29 ~		600,000		465,420
Altice France Holding SA (Luxembourg) 10.500% due 05/15/27 ~		205,000		124,370
Altice France SA (France)
5.125% due 01/15/29 ~		350,000		249,908
5.125% due 07/15/29 ~		500,000		355,447
5.500% due 10/15/29 ~		640,000		458,331
AMC Networks, Inc.
4.250% due 02/15/29		148,000		79,727
4.750% due 08/01/25		200,000		175,114
5.000% due 04/01/24		160,000		157,666
Arches Buyer, Inc. 4.250% due 06/01/28 ~		250,000		217,841
Audacy Capital Corp. 6.500% due 05/01/27 ~		150,000		3,008
Cable One, Inc. 4.000% due 11/15/30 ~		110,000		86,041

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-219

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Cablevision Lightpath LLC 3.875% due 09/15/27 ~	$	200,000	$	167,765
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% due 02/01/31 ~		945,000		765,327
4.250% due 01/15/34 ~		200,000		151,360
4.500% due 08/15/30 ~		500,000		416,796
4.500% due 05/01/32		879,000		702,700
4.750% due 02/01/32 ~		190,000		155,144
5.125% due 05/01/27 ~		100,000		93,227
5.375% due 06/01/29 ~		289,000		261,552
5.500% due 05/01/26 ~		225,000		219,585
6.375% due 09/01/29 ~		270,000		254,676
7.375% due 03/01/31 ~		200,000		195,011
Cengage Learning, Inc. 9.500% due 06/15/24 ~		4,000		4,020
Ciena Corp. 4.000% due 01/31/30 ~		180,000		156,987
Clear Channel Outdoor Holdings, Inc. 7.500% due 06/01/29 ~		225,000		166,755
Cogent Communications Group, Inc. 7.000% due 06/15/27 ~		180,000		174,312
CommScope Technologies LLC 6.000% due 06/15/25 ~		313,000		292,137
CommScope, Inc.
4.750% due 09/01/29 ~		395,000		311,797
6.000% due 03/01/26 ~		230,000		214,628
7.125% due 07/01/28 ~		119,000		84,646
8.250% due 03/01/27 ~		100,000		80,138
Connect Finco SARL/Connect US Finco LLC (United Kingdom) 6.750% due 10/01/26 ~		227,000		220,693
Consolidated Communications, Inc. 6.500% due 10/01/28 ~		102,000		80,580
CSC Holdings LLC
3.375% due 02/15/31 ~		200,000		135,572
4.125% due 12/01/30 ~		200,000		140,098
4.625% due 12/01/30 ~		566,000		252,423
5.000% due 11/15/31 ~		300,000		140,011
5.250% due 06/01/24		204,000		189,966
5.375% due 02/01/28 ~		350,000		281,750
7.500% due 04/01/28 ~		200,000		114,302
11.250% due 05/15/28 ~		200,000		194,183
Cumulus Media New Holdings, Inc. 6.750% due 07/01/26 ~		50,000		34,431
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 5.875% due 08/15/27 ~		740,000		671,040
DISH DBS Corp.
5.250% due 12/01/26 ~		575,000		462,327
5.875% due 11/15/24		365,000		319,697
7.375% due 07/01/28		80,000		42,915
7.750% due 07/01/26		618,000		379,684
DISH Network Corp. 11.750% due 11/15/27 ~		725,000		708,355
EquipmentShare.com, Inc. 9.000% due 05/15/28 ~		110,000		106,917
Frontier Communications Holdings LLC
5.000% due 05/01/28 ~		475,000		410,293
5.875% due 10/15/27 ~		210,000		192,937
6.750% due 05/01/29 ~		200,000		155,365
8.625% due 03/15/31 ~		150,000		145,306
8.750% due 05/15/30 ~		270,000		264,134
Gen Digital, Inc.
5.000% due 04/15/25 ~		200,000		196,051
6.750% due 09/30/27 ~		150,000		149,740
7.125% due 09/30/30 ~		74,000		74,190
Getty Images, Inc. 9.750% due 03/01/27 ~		100,000		98,871
Gray Escrow II, Inc. 5.375% due 11/15/31 ~		350,000		232,362

	Principal Amount		Value
Gray Television, Inc.
5.875% due 07/15/26 ~	$	75,000	$	67,316
7.000% due 05/15/27 ~		340,000		290,428
GrubHub Holdings, Inc. 5.500% due 07/01/27 ~		100,000		57,560
iHeartCommunications, Inc.
5.250% due 08/15/27 ~		191,000		146,319
6.375% due 05/01/26		200,000		168,032
8.375% due 05/01/27		350,000		233,660
Iliad Holding SASU (France) 6.500% due 10/15/26 ~		500,000		472,361
Intelsat Jackson Holdings SA (Luxembourg) 6.500% due 03/15/30 ~		415,000		378,836
Lamar Media Corp.
3.625% due 01/15/31		120,000		101,208
4.875% due 01/15/29		200,000		186,324
Level 3 Financing, Inc.
3.400% due 03/01/27 ~		240,000		203,899
3.625% due 01/15/29 ~		100,000		60,095
3.875% due 11/15/29 ~		200,000		159,368
4.250% due 07/01/28 ~		175,000		112,869
4.625% due 09/15/27 ~		400,000		278,795
10.500% due 05/15/30 ~		118,000		119,835
Lumen Technologies, Inc.
4.000% due 02/15/27 ~		560,000		417,959
4.500% due 01/15/29 ~		150,000		72,135
Match Group Holdings II LLC
3.625% due 10/01/31 ~		125,000		102,862
4.125% due 08/01/30 ~		150,000		128,610
4.625% due 06/01/28 ~		135,000		124,145
Midcontinent Communications/Midcontinent Finance Corp. 5.375% due 08/15/27 ~		100,000		93,814
Millennium Escrow Corp. 6.625% due 08/01/26 ~		192,000		141,535
News Corp.
3.875% due 05/15/29 ~		85,000		74,697
5.125% due 02/15/32 ~		100,000		91,337
Nexstar Media, Inc.
4.750% due 11/01/28 ~		285,000		247,560
5.625% due 07/15/27 ~		238,000		222,078
Nokia OYJ (Finland) 6.625% due 05/15/39		50,000		47,885
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750% due 04/30/27 ~		20,000		17,682
6.000% due 02/15/28 ~		200,000		159,910
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.000% due 08/15/27 ~		115,000		104,548
Paramount Global 6.250% due 02/28/57		292,000		222,792
Qwest Corp. 7.250% due 09/15/25		35,000		33,873
Radiate Holdco LLC/Radiate Finance, Inc. 6.500% due 09/15/28 ~		83,000		48,555
Rakuten Group, Inc. (Japan)
6.250% due 04/22/31 ~		300,000		170,067
10.250% due 11/30/24 ~		200,000		198,498
RCN Corp. 11.625% * y W ±		9,000		-
Rogers Communications, Inc. (Canada) 5.250% due 03/15/82 ~		100,000		92,659
Scripps Escrow II, Inc.
3.875% due 01/15/29 ~		175,000		141,473
5.375% due 01/15/31 ~		100,000		70,570
Scripps Escrow, Inc. 5.875% due 07/15/27 ~		150,000		121,616
Sirius XM Radio, Inc.
3.125% due 09/01/26 ~		146,000		130,864
4.000% due 07/15/28 ~		275,000		239,234

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-220

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
4.125% due 07/01/30 ~	$	250,000	$	204,364
5.000% due 08/01/27 ~		160,000		148,608
5.500% due 07/01/29 ~		560,000		505,681
Summer BC Bidco B LLC 5.500% due 10/31/26 ~		200,000		168,529
TEGNA, Inc.
4.625% due 03/15/28		235,000		208,269
4.750% due 03/15/26 ~		141,000		134,768
5.000% due 09/15/29		224,000		193,464
Telecom Italia Capital SA (Italy)
6.000% due 09/30/34		200,000		161,525
7.200% due 07/18/36		250,000		215,192
Telenet Finance Luxembourg Notes SARL (Belgium) 5.500% due 03/01/28 ~		200,000		184,960
Telesat Canada/Telesat LLC (Canada) 6.500% due 10/15/27 ~		134,000		55,155
Uber Technologies, Inc. 4.500% due 08/15/29 ~		500,000		461,137
Univision Communications, Inc.
4.500% due 05/01/29 ~		172,000		147,965
6.625% due 06/01/27 ~		255,000		246,860
7.375% due 06/30/30 ~		206,000		196,322
UPC Broadband Finco BV (Netherlands) 4.875% due 07/15/31 ~		250,000		206,055
UPC Holding BV (Netherlands) 5.500% due 01/15/28 ~		200,000		174,857
Videotron Ltd. (Canada)
3.625% due 06/15/29 ~		175,000		150,930
5.125% due 04/15/27 ~		200,000		191,930
Virgin Media Secured Finance PLC (United Kingdom)
4.500% due 08/15/30 ~		200,000		167,844
5.500% due 05/15/29 ~		223,000		201,925
Vmed O2 UK Financing I PLC (United Kingdom) 4.750% due 07/15/31 ~		400,000		333,025
Vodafone Group PLC (United Kingdom)
5.125% due 06/04/81		100,000		72,691
7.000% due 04/04/79		600,000		616,308
VZ Secured Financing BV (Netherlands) 5.000% due 01/15/32 ~		350,000		282,260
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.750% due 08/15/28 ~		396,000		329,068
Zayo Group Holdings, Inc. 4.000% due 03/01/27 ~		250,000		176,846
Ziff Davis, Inc. 4.625% due 10/15/30 ~		215,000		186,422
Ziggo Bond Co. BV (Netherlands) 5.125% due 02/28/30 ~		200,000		151,693
Ziggo BV (Netherlands) 4.875% due 01/15/30 ~		200,000		166,182
				26,985,806
Consumer, Cyclical - 23.6%
99 Escrow Issuer, Inc. 7.500% due 01/15/26 ~		213,000		81,999
Adient Global Holdings Ltd.
7.000% due 04/15/28 ~		63,000		63,755
8.250% due 04/15/31 ~		63,000		64,051
Air Canada (Canada) 3.875% due 08/15/26 ~		205,000		190,189
AMC Entertainment Holdings, Inc. 7.500% due 02/15/29 ~		165,000		116,207
American Airlines Group, Inc. 3.750% due 03/01/25 ~		150,000		142,483
American Airlines, Inc.
7.250% due 02/15/28 ~		200,000		199,016
11.750% due 07/15/25 ~		700,000		768,200

	Principal Amount		Value
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500% due 04/20/26 ~	$	235,000	$	233,024
5.750% due 04/20/29 ~		45,000		43,735
American Axle & Manufacturing, Inc.
6.250% due 03/15/26		34,000		33,107
6.875% due 07/01/28		150,000		140,428
American Builders & Contractors Supply Co., Inc. 4.000% due 01/15/28 ~		129,000		117,692
Aramark Services, Inc. 5.000% due 04/01/25 ~		100,000		98,657
Asbury Automotive Group, Inc.
4.500% due 03/01/28		150,000		137,681
4.750% due 03/01/30		218,000		193,957
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.625% due 01/15/28 ~		250,000		239,327
At Home Group, Inc. 4.875% due 07/15/28 ~		90,000		47,596
Bath & Body Works, Inc.
6.694% due 01/15/27		195,000		196,223
6.750% due 07/01/36		90,000		81,102
6.875% due 11/01/35		300,000		274,954
BCPE Empire Holdings, Inc. 7.625% due 05/01/27 ~		190,000		176,907
Beacon Roofing Supply, Inc. 4.500% due 11/15/26 ~		150,000		142,494
Beazer Homes USA, Inc. 6.750% due 03/15/25		250,000		249,046
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC 5.125% due 04/15/29 ~		100,000		89,473
BlueLinx Holdings, Inc. 6.000% due 11/15/29 ~		100,000		87,613
Boyne USA, Inc. 4.750% due 05/15/29 ~		100,000		90,206
Brinker International, Inc.
5.000% due 10/01/24 ~		100,000		97,630
8.250% due 07/15/30 ~		50,000		49,312
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada)
4.875% due 02/15/30 ~		65,000		51,096
5.000% due 06/15/29 ~		100,000		80,202
6.250% due 09/15/27 ~		263,000		241,948
Caesars Entertainment, Inc.
6.250% due 07/01/25 ~		500,000		498,135
7.000% due 02/15/30 ~		550,000		552,827
Carnival Corp.
4.000% due 08/01/28 ~		725,000		643,379
5.750% due 03/01/27 ~		387,000		356,626
6.650% due 01/15/28		200,000		182,711
7.625% due 03/01/26 ~		420,000		411,736
Carnival PLC 7.875% due 06/01/27		185,000		187,589
Carvana Co.
4.875% due 09/01/29 ~		200,000		113,669
5.500% due 04/15/27 ~		89,000		59,656
5.625% due 10/01/25 ~		165,000		142,953
5.875% due 10/01/28 ~		125,000		72,675
10.250% due 05/01/30 ~		215,000		169,633
CD&R Smokey Buyer, Inc. 6.750% due 07/15/25 ~		120,000		111,682
CEC Entertainment LLC 6.750% due 05/01/26 ~		88,000		84,037
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.375% due 04/15/27		280,000		266,520
6.500% due 10/01/28		100,000		97,647

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-221

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Churchill Downs, Inc.
4.750% due 01/15/28 ~	$	236,000	$	219,145
5.500% due 04/01/27 ~		230,000		221,389
6.750% due 05/01/31 ~		110,000		108,900
Cinemark USA, Inc. 8.750% due 05/01/25 ~		72,000		73,172
Clarios Global LP/Clarios US Finance Co.
6.750% due 05/15/28 ~		47,000		46,885
8.500% due 05/15/27 ~		657,000		659,307
Constellation Merger Sub, Inc. 8.500% due 09/15/25 ~		100,000		82,167
Cooper-Standard Automotive, Inc.
5.625% Cash or 10.625% PIK due 05/15/27 ~		312,218		179,709
13.500% Cash or 4.500% PIK due 03/31/27 ~		4,795		4,870
Crocs, Inc. 4.125% due 08/15/31 ~		150,000		121,336
Dana, Inc.
4.250% due 09/01/30		100,000		83,343
4.500% due 02/15/32		300,000		249,336
Dave & Buster’s, Inc. 7.625% due 11/01/25 ~		140,000		142,099
Dealer Tire LLC/DT Issuer LLC 8.000% due 02/01/28 ~		250,000		228,048
Delta Air Lines, Inc. 7.375% due 01/15/26		90,000		93,904
eG Global Finance PLC (United Kingdom) 8.500% due 10/30/25 ~		200,000		194,291
Evergreen Acqco 1 LP/TVI, Inc. 9.750% due 04/26/28 ~		200,000		207,006
Everi Holdings, Inc. 5.000% due 07/15/29 ~		200,000		175,332
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% due 04/01/26 ~		240,000		223,442
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 6.750% due 01/15/30 ~		515,000		438,789
FirstCash, Inc.
4.625% due 09/01/28 ~		150,000		134,137
5.625% due 01/01/30 ~		175,000		158,327
Ford Motor Co. 3.250% due 02/12/32		565,000		444,996
Ford Motor Credit Co. LLC
2.700% due 08/10/26		380,000		339,621
3.375% due 11/13/25		300,000		279,241
3.625% due 06/17/31		240,000		196,967
3.815% due 11/02/27		400,000		357,881
4.000% due 11/13/30		200,000		171,097
4.271% due 01/09/27		200,000		185,334
4.389% due 01/08/26		250,000		236,828
4.687% due 06/09/25		350,000		337,458
4.950% due 05/28/27		200,000		188,882
6.800% due 05/12/28		200,000		200,400
6.950% due 06/10/26		200,000		201,184
7.200% due 06/10/30		200,000		202,046
7.350% due 11/04/27		250,000		255,905
7.350% due 03/06/30		245,000		250,480
Forestar Group, Inc. 5.000% due 03/01/28 ~		150,000		137,749
Gap, Inc.
3.625% due 10/01/29 ~		345,000		244,139
3.875% due 10/01/31 ~		145,000		99,451
Genting New York LLC/GENNY Capital, Inc. 3.300% due 02/15/26 ~		200,000		178,189
Goodyear Tire & Rubber Co.
5.000% due 05/31/26		480,000		469,592
5.250% due 07/15/31		85,000		73,935
5.625% due 04/30/33		100,000		87,167
9.500% due 05/31/25		145,000		148,403

	Principal Amount		Value
Group 1 Automotive, Inc. 4.000% due 08/15/28 ~	$	100,000	$	88,151
Hanesbrands, Inc. 9.000% due 02/15/31 ~		195,000		196,709
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.750% due 01/20/26 ~		600,000		568,487
Hilton Domestic Operating Co., Inc.
3.625% due 02/15/32 ~		50,000		41,735
4.000% due 05/01/31 ~		190,000		165,184
5.375% due 05/01/25 ~		50,000		49,486
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% due 04/01/27		215,000		208,761
International Game Technology PLC
4.125% due 04/15/26 ~		200,000		190,110
6.500% due 02/15/25 ~		200,000		200,180
IRB Holding Corp. 7.000% due 06/15/25 ~		250,000		251,579
Jacobs Entertainment, Inc. 6.750% due 02/15/29 ~		160,000		143,352
JB Poindexter & Co., Inc. 7.125% due 04/15/26 ~		119,000		116,485
KB Home
6.875% due 06/15/27		75,000		76,188
7.250% due 07/15/30		185,000		187,562
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750% due 06/01/27 ~		200,000		193,251
Kohl’s Corp. 4.250% due 07/17/25		58,000		53,723
4.625% due 05/01/31		138,000		96,186
Las Vegas Sands Corp.
2.900% due 06/25/25		150,000		141,037
3.500% due 08/18/26		306,000		285,208
LCM Investments Holdings II LLC 4.875% due 05/01/29 ~		100,000		85,685
Levi Strauss & Co. 3.500% due 03/01/31 ~		105,000		86,988
LGI Homes, Inc. 4.000% due 07/15/29 ~		75,000		62,509
Life Time, Inc. 5.750% due 01/15/26 ~		122,000		119,003
Lindblad Expeditions Holdings, Inc. 9.000% due 05/15/28 ~		100,000		101,553
Lindblad Expeditions LLC 6.750% due 02/15/27 ~		100,000		95,344
Lithia Motors, Inc.
3.875% due 06/01/29 ~		90,000		78,297
4.375% due 01/15/31 ~		150,000		129,615
4.625% due 12/15/27 ~		150,000		140,261
Live Nation Entertainment, Inc.
3.750% due 01/15/28 ~		160,000		143,200
4.750% due 10/15/27 ~		110,000		102,744
5.625% due 03/15/26 ~		81,000		79,231
6.500% due 05/15/27 ~		225,000		226,400
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.750% due 02/15/26 ~		100,000		93,215
Macy’s Retail Holdings LLC 4.300% due 02/15/43		300,000		183,463
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		200,000		159,027
Marriott Ownership Resorts, Inc.
4.500% due 06/15/29 ~		135,000		116,635
4.750% due 01/15/28		150,000		135,193
Melco Resorts Finance Ltd. (Hong Kong) 5.375% due 12/04/29 ~		200,000		166,165
Meritage Homes Corp. 5.125% due 06/06/27		200,000		192,352

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-222

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PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
MGM China Holdings Ltd. (Macau) 4.750% due 02/01/27 ~	$	200,000	$	182,213
MGM Resorts International 6.750% due 05/01/25		80,000		80,256
Michaels Cos., Inc.
5.250% due 05/01/28 ~		300,000		242,691
7.875% due 05/01/29 ~		115,000		77,625
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875% due 05/01/29 ~		259,000		228,943
Mohegan Tribal Gaming Authority
8.000% due 02/01/26 ~		260,000		248,547
13.250% due 12/15/27 ~		150,000		159,136
Murphy Oil USA, Inc.
3.750% due 02/15/31 ~		85,000		71,324
4.750% due 09/15/29		99,000		90,982
5.625% due 05/01/27		100,000		97,386
NCL Corp. Ltd.
5.875% due 03/15/26 ~		260,000		243,481
5.875% due 02/15/27 ~		100,000		97,438
7.750% due 02/15/29 ~		100,000		95,071
8.375% due 02/01/28 ~		83,000		86,805
NCL Finance Ltd. 6.125% due 03/15/28 ~		125,000		112,615
New Red Finance, Inc. (Canada)
3.500% due 02/15/29 ~		10,000		8,779
4.000% due 10/15/30 ~		758,000		649,631
5.750% due 04/15/25 ~		50,000		49,970
Newell Brands, Inc.
4.700% due 04/01/26		535,000		503,050
4.875% due 06/01/25		165,000		159,300
5.875% due 04/01/36		130,000		108,883
6.375% due 09/15/27		168,000		161,298
6.625% due 09/15/29		90,000		86,446
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125% due 04/01/26 ~		125,000		116,483
Nordstrom, Inc.
4.375% due 04/01/30		410,000		339,275
6.950% due 03/15/28		172,000		170,986
Odeon Finco PLC (United Kingdom) 12.750% due 11/01/27 ~		100,000		98,081
OPENLANE, Inc. 5.125% due 06/01/25 ~		108,000		105,966
Park River Holdings, Inc. 5.625% due 02/01/29 ~		100,000		77,629
Patrick Industries, Inc. 7.500% due 10/15/27 ~		100,000		96,840
Penn Entertainment, Inc.
4.125% due 07/01/29 ~		200,000		164,320
5.625% due 01/15/27 ~		100,000		93,625
Penske Automotive Group, Inc. 3.500% due 09/01/25		139,000		132,244
PetSmart, Inc./PetSmart Finance Corp. 4.750% due 02/15/28 ~		250,000		231,319
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625% due 09/01/29 ~		438,000		332,192
QVC, Inc.
4.450% due 02/15/25		335,000		296,408
4.750% due 02/15/27		175,000		113,310
4.850% due 04/01/24		100,000		97,877
Resideo Funding, Inc. 4.000% due 09/01/29 ~		100,000		83,077
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625% due 04/16/29 ~		400,000		330,388
Ritchie Bros Holdings, Inc. (Canada)
6.750% due 03/15/28 ~		81,000		81,743
7.750% due 03/15/31 ~		87,000		90,365

	Principal Amount		Value
Rite Aid Corp. 8.000% due 11/15/26 ~	$	150,000	$	73,727
Royal Caribbean Cruises Ltd.
5.500% due 08/31/26 ~		200,000		189,809
5.500% due 04/01/28 ~		450,000		420,091
7.250% due 01/15/30 ~		230,000		233,161
11.500% due 06/01/25 ~		240,000		254,856
11.625% due 08/15/27 ~		167,000		181,759
Sands China Ltd. (Macau)
2.800% due 03/08/27		200,000		173,737
3.350% due 03/08/29		200,000		166,858
4.875% due 06/18/30		130,000		115,850
5.625% due 08/08/25		405,000		395,378
5.900% due 08/08/28		200,000		190,830
Scientific Games International, Inc.
7.000% due 05/15/28 ~		224,000		223,006
7.250% due 11/15/29 ~		156,000		156,335
Scotts Miracle-Gro Co.
4.500% due 10/15/29		200,000		172,120
5.250% due 12/15/26		100,000		95,470
SeaWorld Parks & Entertainment, Inc. 5.250% due 08/15/29 ~		112,000		100,356
Six Flags Entertainment Corp. 7.250% due 05/15/31 ~		200,000		194,995
Sonic Automotive, Inc. 4.875% due 11/15/31 ~		390,000		320,442
Speedway Motorsports LLC/Speedway Funding II, Inc. 4.875% due 11/01/27 ~		250,000		231,748
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.000% due 09/20/25 ~		280,000		282,352
SRS Distribution, Inc.
4.625% due 07/01/28 ~		81,000		72,427
6.000% due 12/01/29 ~		310,000		267,993
6.125% due 07/01/29 ~		133,000		115,037
Staples, Inc. 7.500% due 04/15/26 ~		550,000		454,997
Station Casinos LLC
4.500% due 02/15/28 ~		190,000		170,769
4.625% due 12/01/31 ~		86,000		72,545
Studio City Finance Ltd. (Macau) 5.000% due 01/15/29 ~		400,000		296,804
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% due 03/01/27		300,000		290,123
Thor Industries, Inc. 4.000% due 10/15/29 ~		110,000		93,500
Titan International, Inc. 7.000% due 04/30/28		200,000		187,195
Travel & Leisure Co. 5.650% due 04/01/24		300,000		296,833
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. 5.875% due 06/15/24		200,000		198,680
Tri Pointe Homes, Inc. 5.250% due 06/01/27		100,000		94,690
Under Armour, Inc. 3.250% due 06/15/26		300,000		275,940
United Airlines Holdings, Inc. 4.875% due 01/15/25		150,000		147,415
United Airlines, Inc. 4.375% due 04/15/26 ~		96,000		91,297
Universal Entertainment Corp. (Japan) 8.750% due 12/11/24 ~		250,000		246,551
US Airways Pass-Through Trust Class A 3.950% due 05/15/27		82,204		76,758
Vail Resorts, Inc. 6.250% due 05/15/25 ~		235,000		235,492
Victoria’s Secret & Co. 4.625% due 07/15/29 ~		188,000		137,576

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-223

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Viking Cruises Ltd.
5.875% due 09/15/27 ~	$	27,000	$	24,847
7.000% due 02/15/29 ~		190,000		176,871
9.125% due 07/15/31 ~		150,000		151,647
Viking Ocean Cruises Ship VII Ltd. 5.625% due 02/15/29 ~		300,000		274,770
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland)
7.875% due 05/01/27 ~		455,000		409,216
9.500% due 06/01/28 ~		67,000		61,578
Wesco Aircraft Holdings, Inc.
8.500% due 11/15/24 * y ~		222,000		14,430
13.125% due 11/15/27 * y ~		262,000		18,340
Wheel Pros, Inc. 6.500% due 05/15/29 ~		100,000		30,265
White Cap Buyer LLC 6.875% due 10/15/28 ~		170,000		154,289
William Carter Co. 5.625% due 03/15/27 ~		214,000		207,845
Windsor Holdings III LLC due 06/15/30 #		183,000		182,372
Winnebago Industries, Inc. 6.250% due 07/15/28 ~		200,000		196,238
WMG Acquisition Corp.
3.000% due 02/15/31 ~		221,000		178,983
3.875% due 07/15/30 ~		200,000		172,703
Wyndham Hotels & Resorts, Inc. 4.375% due 08/15/28 ~		106,000		96,895
Wynn Macau Ltd. (Macau)
5.125% due 12/15/29 ~		390,000		328,099
5.625% due 08/26/28 ~		300,000		262,101
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 7.125% due 02/15/31 ~		175,000		174,097
Yum! Brands, Inc.
5.350% due 11/01/43		100,000		87,563
6.875% due 11/15/37		100,000		108,038
ZF North America Capital, Inc. (Germany)
6.875% due 04/14/28 ~		150,000		152,053
7.125% due 04/14/30 ~		150,000		152,721
				42,358,379
Consumer, Non-Cyclical - 13.8%
Acadia Healthcare Co., Inc. 5.000% due 04/15/29 ~		225,000		207,694
AdaptHealth LLC
4.625% due 08/01/29 ~		190,000		151,826
5.125% due 03/01/30 ~		177,000		143,542
ADT Security Corp.
4.125% due 08/01/29 ~		465,000		402,153
4.875% due 07/15/32 ~		200,000		171,286
Adtalem Global Education, Inc. 5.500% due 03/01/28 ~		50,000		45,433
AHP Health Partners, Inc. 5.750% due 07/15/29 ~		150,000		129,483
Akumin Escrow, Inc. 7.500% due 08/01/28 ~		100,000		65,971
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.250% due 03/15/26 ~		203,000		187,682
6.500% due 02/15/28 ~		225,000		225,629
7.500% due 03/15/26 ~		125,000		127,231
Allied Universal Holdco LLC/Allied Universal Finance Corp. 9.750% due 07/15/27 ~		297,000		262,960
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625% due 06/01/28 ~		266,000		225,470
AMN Healthcare, Inc. 4.625% due 10/01/27 ~		217,000		201,069

	Principal Amount		Value
APi Group DE, Inc. 4.125% due 07/15/29 ~	$	150,000	$	129,668
Aptim Corp. 7.750% due 06/15/25 ~		150,000		122,250
APX Group, Inc. 6.750% due 02/15/27 ~		200,000		196,207
Arrow Bidco LLC 9.500% due 03/15/24 ~		78,000		78,226
ASGN, Inc. 4.625% due 05/15/28 ~		129,000		116,833
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% due 03/01/29 ~		90,000		83,577
B&G Foods, Inc. 5.250% due 04/01/25		150,000		143,413
Bausch Health Cos., Inc.
4.875% due 06/01/28 ~		410,000		244,540
5.500% due 11/01/25 ~		346,000		306,193
5.750% due 08/15/27 ~		140,000		85,938
6.125% due 02/01/27 ~		185,000		118,650
7.000% due 01/15/28 ~		388,000		169,665
7.250% due 05/30/29 ~		98,000		41,767
9.000% due 12/15/25 ~		50,000		43,677
11.000% due 09/30/28 ~		239,000		170,359
BC Ltd. (Canada) 9.000% due 01/30/28 ~		106,000		106,387
Block, Inc. 3.500% due 06/01/31		483,000		400,666
Brink’s Co.
4.625% due 10/15/27 ~		197,000		183,065
5.500% due 07/15/25 ~		150,000		148,353
C&S Group Enterprises LLC 5.000% due 12/15/28 ~		300,000		231,316
Cano Health LLC 6.250% due 10/01/28 ~		125,000		78,353
Catalent Pharma Solutions, Inc. 3.500% due 04/01/30 ~		200,000		162,195
Central Garden & Pet Co. 4.125% due 10/15/30		335,000		281,052
Charles River Laboratories International, Inc.
3.750% due 03/15/29 ~		133,000		117,166
4.250% due 05/01/28 ~		192,000		175,971
Chobani LLC/Chobani Finance Corp., Inc. 4.625% due 11/15/28 ~		100,000		91,139
CHS/Community Health Systems, Inc.
4.750% due 02/15/31 ~		115,000		87,043
5.250% due 05/15/30 ~		695,000		548,190
5.625% due 03/15/27 ~		105,000		92,631
6.000% due 01/15/29 ~		300,000		252,697
6.125% due 04/01/30 ~		194,000		115,790
6.875% due 04/15/29 ~		200,000		125,124
CoreCivic, Inc.
4.750% due 10/15/27		60,000		51,442
8.250% due 04/15/26		135,000		136,350
Darling Ingredients, Inc.
5.250% due 04/15/27 ~		99,000		96,203
6.000% due 06/15/30 ~		145,000		141,762
DaVita, Inc. 3.750% due 02/15/31 ~		454,000		363,567
Deluxe Corp. 8.000% due 06/01/29 ~		70,000		54,879
Edgewell Personal Care Co.
4.125% due 04/01/29 ~		125,000		109,203
5.500% due 06/01/28 ~		100,000		94,630
Elanco Animal Health, Inc. 6.650% due 08/28/28		130,000		126,460
Embecta Corp.
5.000% due 02/15/30 ~		80,000		66,501
6.750% due 02/15/30 ~		100,000		90,011

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-224

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Encompass Health Corp. 5.750% due 09/15/25	$	100,000	$	99,206
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg) 5.625% due 08/15/26 ~		100,000		94,687
Fortrea Holdings, Inc. 7.500% due 07/01/30 ~		140,000		143,531
Garda World Security Corp. (Canada)
4.625% due 02/15/27 ~		100,000		91,590
6.000% due 06/01/29 ~		150,000		123,069
9.500% due 11/01/27 ~		78,000		75,451
Gartner, Inc.
3.750% due 10/01/30 ~		150,000		130,786
4.500% due 07/01/28 ~		169,000		158,034
GEO Group, Inc. 10.500% due 06/30/28		163,000		163,554
Graham Holdings Co. 5.750% due 06/01/26 ~		100,000		98,189
Grifols Escrow Issuer SA (Spain) 4.750% due 10/15/28 ~		200,000		173,788
H-Food Holdings LLC/Hearthside Finance Co., Inc. 8.500% due 06/01/26 ~		50,000		19,819
HealthEquity, Inc. 4.500% due 10/01/29 ~		100,000		88,258
Heartland Dental LLC/Heartland Dental Finance Corp. 10.500% due 04/30/28 ~		100,000		99,500
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875% due 09/01/25 ~		200,000		182,243
Hologic, Inc. 4.625% due 02/01/28 ~		191,000		180,151
Ingles Markets, Inc. 4.000% due 06/15/31 ~		100,000		83,962
IQVIA, Inc. 6.500% due 05/15/30 ~		200,000		202,225
Kevlar SpA (Italy) 6.500% due 09/01/29 ~		150,000		128,625
Korn Ferry 4.625% due 12/15/27 ~		150,000		141,084
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada) 5.000% due 12/31/26 ~		255,000		233,602
Land O’Lakes Capital Trust I 7.450% due 03/15/28 ~		43,000		40,850
Legacy LifePoint Health LLC
4.375% due 02/15/27 ~		230,000		178,250
6.750% due 04/15/25 ~		380,000		353,400
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc. 5.000% due 02/01/26 ~		100,000		90,139
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 11.500% due 12/15/28 y ~		250,000		210,960
Medline Borrower LP
3.875% due 04/01/29 ~		255,000		221,852
5.250% due 10/01/29 ~		388,000		337,067
Metis Merger Sub LLC 6.500% due 05/15/29 ~		100,000		86,376
Mobius Merger Sub, Inc. 9.000% due 06/01/30 ~		17,335		15,232
ModivCare Escrow Issuer, Inc. 5.000% due 10/01/29 ~		405,000		300,083
ModivCare, Inc. 5.875% due 11/15/25 ~		72,000		66,765
Molina Healthcare, Inc.
3.875% due 05/15/32 ~		345,000		289,679
4.375% due 06/15/28 ~		150,000		138,428
MPH Acquisition Holdings LLC 5.500% due 09/01/28 ~		290,000		247,516

	Principal Amount		Value
Nathan’s Famous, Inc. 6.625% due 11/01/25 ~	$	13,000	$	12,979
Neptune Bidco US, Inc. 9.290% due 04/15/29 ~		325,000		298,715
NESCO Holdings II, Inc. 5.500% due 04/15/29 ~		100,000		89,623
Option Care Health, Inc. 4.375% due 10/31/29 ~		63,000		55,515
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.125% due 04/30/28 ~		504,000		447,857
5.125% due 04/30/31 ~		200,000		165,273
Oriflame Investment Holding PLC (Switzerland) 5.125% due 05/04/26 ~		200,000		93,896
Owens & Minor, Inc.
4.500% due 03/31/29 ~		80,000		66,510
6.625% due 04/01/30 ~		139,000		126,244
PECF USS Intermediate Holding III Corp. 8.000% due 11/15/29 ~		206,000		116,108
Performance Food Group, Inc. 4.250% due 08/01/29 ~		158,000		140,831
Perrigo Finance Unlimited Co.
3.900% due 12/15/24		200,000		193,735
4.900% due 12/15/44		200,000		154,975
Post Holdings, Inc.
4.500% due 09/15/31 ~		500,000		427,469
5.750% due 03/01/27 ~		322,000		314,741
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375% due 08/31/27 ~		100,000		88,296
5.250% due 04/15/24 ~		158,000		156,839
5.750% due 04/15/26 ~		246,000		241,702
6.250% due 01/15/28 ~		50,000		46,912
Primo Water Holdings, Inc. (Canada) 4.375% due 04/30/29 ~		188,000		161,292
Radiology Partners, Inc. 9.250% due 02/01/28 ~		105,000		38,376
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.750% due 12/01/26 ~		50,000		42,003
RP Escrow Issuer LLC 5.250% due 12/15/25 ~		150,000		110,814
Sabre GLBL, Inc.
7.375% due 09/01/25 ~		218,000		193,759
9.250% due 04/15/25 ~		7,000		6,535
11.250% due 12/15/27 ~		105,000		89,053
Safeway, Inc. 7.250% due 02/01/31		150,000		155,849
SEG Holding LLC/SEG Finance Corp. 5.625% due 10/15/28 ~		200,000		189,670
Select Medical Corp. 6.250% due 08/15/26 ~		200,000		196,802
Service Corp. International
3.375% due 08/15/30		126,000		105,487
5.125% due 06/01/29		206,000		194,612
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 4.625% due 11/01/26 ~		50,000		46,939
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed 4.625% due 03/01/29 ~		345,000		276,807
Sotheby’s 7.375% due 10/15/27 ~		200,000		180,186
Sotheby’s/Bidfair Holdings, Inc. 5.875% due 06/01/29 ~		150,000		116,792
Spectrum Brands, Inc.
5.000% due 10/01/29 ~		86,000		76,848
5.750% due 07/15/25		200,000		200,001

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-225

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Surgery Center Holdings, Inc. 10.000% due 04/15/27 ~	$	100,000	$	102,373
Teleflex, Inc. 4.250% due 06/01/28 ~		95,000		86,899
Tenet Healthcare Corp.
4.375% due 01/15/30		236,000		213,192
4.875% due 01/01/26		545,000		531,372
5.125% due 11/01/27		276,000		263,797
6.125% due 10/01/28		655,000		631,197
6.250% due 02/01/27		530,000		525,163
6.750% due 05/15/31 ~		212,000		212,781
Toledo Hospital 5.325% due 11/15/28		164,000		133,455
TriNet Group, Inc. 3.500% due 03/01/29 ~		115,000		100,104
Turning Point Brands, Inc. 5.625% due 02/15/26 ~		100,000		91,353
United Natural Foods, Inc. 6.750% due 10/15/28 ~		65,000		53,958
United Rentals North America, Inc.
3.875% due 11/15/27		175,000		163,582
4.875% due 01/15/28		115,000		109,541
5.250% due 01/15/30		142,000		135,678
5.500% due 05/15/27		130,000		128,061
US Acute Care Solutions LLC 6.375% due 03/01/26 ~		294,000		252,040
US Foods, Inc. 6.250% due 04/15/25 ~		169,000		169,083
Verscend Escrow Corp. 9.750% due 08/15/26 ~		325,000		326,437
WASH Multifamily Acquisition, Inc. 5.750% due 04/15/26 ~		255,000		238,344
Williams Scotsman International, Inc.
4.625% due 08/15/28 ~		100,000		91,545
6.125% due 06/15/25 ~		105,000		104,341
ZipRecruiter, Inc. 5.000% due 01/15/30 ~		100,000		85,249
				24,784,079
Diversified - 0.2%
Benteler International AG (Austria) 10.500% due 05/15/28 ~		200,000		202,191
Stena AB (Sweden) 7.000% due 02/01/24 ~		100,000		100,024
				302,215
Energy - 11.3%
Aethon United BR LP/Aethon United Finance Corp. 8.250% due 02/15/26 ~		100,000		98,341
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375% due 06/15/29 ~		135,000		125,574
5.750% due 03/01/27 ~		200,000		193,067
5.750% due 01/15/28 ~		197,000		187,981
Antero Resources Corp. 7.625% due 02/01/29 ~		74,000		75,154
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000% due 11/01/26 ~		80,000		77,507
8.250% due 12/31/28 ~		165,000		162,410
Athabasca Oil Corp. (Canada) 9.750% due 11/01/26 ~		211,000		222,396
Baytex Energy Corp. (Canada)
8.500% due 04/30/30 ~		128,000		125,133
8.750% due 04/01/27 ~		185,000		187,511
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.625% due 07/15/26 ~		50,000		49,554
7.625% due 12/15/25 ~		100,000		101,181
Buckeye Partners LP
3.950% due 12/01/26		175,000		158,208
4.125% due 03/01/25 ~		127,000		120,929

	Principal Amount		Value
4.500% due 03/01/28 ~	$	105,000	$	94,180
5.850% due 11/15/43		250,000		185,762
Callon Petroleum Co. 6.375% due 07/01/26		155,000		151,223
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.750% due 07/15/28 ~		50,000		49,232
CGG SA (France) 8.750% due 04/01/27 ~		300,000		251,590
Chesapeake Energy Corp.
5.875% due 02/01/29 ~		185,000		175,902
6.750% due 04/15/29 ~		300,000		297,941
Chord Energy Corp. 6.375% due 06/01/26 ~		150,000		148,849
Civitas Resources, Inc.
5.000% due 10/15/26 ~		60,000		56,630
8.375% due 07/01/28 ~		205,000		207,573
8.750% due 07/01/31 ~		212,000		215,191
CNX Midstream Partners LP 4.750% due 04/15/30 ~		40,000		33,967
CNX Resources Corp.
6.000% due 01/15/29 ~		250,000		231,972
7.250% due 03/14/27 ~		23,000		22,782
Comstock Resources, Inc.
5.875% due 01/15/30 ~		270,000		234,702
6.750% due 03/01/29 ~		85,000		77,857
Crescent Energy Finance LLC 7.250% due 05/01/26 ~		235,000		220,761
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.625% due 05/01/27 ~		140,000		132,860
5.750% due 04/01/25		85,000		83,590
6.000% due 02/01/29 ~		105,000		98,150
8.000% due 04/01/29 ~		150,000		152,182
CrownRock LP/CrownRock Finance, Inc. 5.625% due 10/15/25 ~		94,000		92,717
CSI Compressco LP/CSI Compressco Finance, Inc. 7.500% due 04/01/25 ~		200,000		191,786
CVR Energy, Inc. 5.750% due 02/15/28 ~		125,000		110,156
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.125% due 06/01/28 ~		100,000		92,749
DT Midstream, Inc.
4.125% due 06/15/29 ~		95,000		83,462
4.375% due 06/15/31 ~		200,000		172,553
Earthstone Energy Holdings LLC
8.000% due 04/15/27 ~		190,000		183,678
9.875% due 07/15/31 ~		100,000		98,977
Encino Acquisition Partners Holdings LLC 8.500% due 05/01/28 ~		325,000		295,289
Energy Ventures Gom LLC/EnVen Finance Corp. 11.750% due 04/15/26 ~		80,000		82,075
EnLink Midstream LLC
5.625% due 01/15/28 ~		75,000		72,652
6.500% due 09/01/30 ~		245,000		244,975
EnLink Midstream Partners LP
4.150% due 06/01/25		120,000		116,520
5.450% due 06/01/47		50,000		41,177
EnQuest PLC (United Kingdom) 11.625% due 11/01/27 ~		200,000		181,203
Enviva Partners LP/Enviva Partners Finance Corp.
6.500% due 01/15/26 ~		260,000		205,078
EQM Midstream Partners LP
4.000% due 08/01/24		43,000		42,104
4.750% due 01/15/31 ~		108,000		94,732
6.000% due 07/01/25 ~		221,000		218,759

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-226

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
7.500% due 06/01/27 ~	$	100,000	$	101,054
7.500% due 06/01/30 ~		457,000		462,884
FTAI Infra Escrow Holdings LLC 10.500% due 06/01/27 ~		200,000		196,612
Genesis Energy LP/Genesis Energy Finance Corp. 8.875% due 04/15/30		150,000		146,688
Global Partners LP/GLP Finance Corp.
6.875% due 01/15/29		100,000		92,970
7.000% due 08/01/27		150,000		145,755
Gulfport Energy Corp. 8.000% due 05/17/26 ~		200,000		201,161
Harbour Energy PLC (United Kingdom) 5.500% due 10/15/26 ~		200,000		184,104
Hess Midstream Operations LP
4.250% due 02/15/30 ~		230,000		200,903
5.625% due 02/15/26 ~		200,000		196,930
Hilcorp Energy I LP/Hilcorp Finance Co.
6.000% due 04/15/30 ~		50,000		45,580
6.250% due 04/15/32 ~		250,000		223,219
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000% due 02/01/28 ~		159,000		146,820
6.375% due 04/15/27 ~		35,000		34,610
Howard Midstream Energy Partners LLC
6.750% due 01/15/27 ~		100,000		95,345
due 07/15/28 #		83,000		83,519
Ithaca Energy North Sea PLC (United Kingdom) 9.000% due 07/15/26 ~		200,000		186,598
KCA Deutag U.K. Finance PLC (United Kingdom) 9.875% due 12/01/25 ~		100,000		99,375
Kinetik Holdings LP 5.875% due 06/15/30 ~		290,000		275,934
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 6.000% due 08/01/26 ~		100,000		96,851
Martin Midstream Partners LP/Martin Midstream Finance Corp. 11.500% due 02/15/28 ~		275,000		265,570
Matador Resources Co.
5.875% due 09/15/26		330,000		320,082
6.875% due 04/15/28 ~		55,000		54,499
Moss Creek Resources Holdings, Inc.
7.500% due 01/15/26 ~		50,000		45,966
10.500% due 05/15/27 ~		100,000		95,928
Murphy Oil Corp.
5.750% due 08/15/25		43,000		42,512
5.875% due 12/01/27		117,000		113,769
6.375% due 07/15/28		323,000		318,679
Nabors Industries Ltd. 7.250% due 01/15/26 ~		363,000		339,302
Nabors Industries, Inc.
5.750% due 02/01/25		85,000		82,353
7.375% due 05/15/27 ~		271,000		258,122
Neptune Energy Bondco PLC (United Kingdom) 6.625% due 05/15/25 ~		250,000		249,790
New Fortress Energy, Inc.
6.500% due 09/30/26 ~		300,000		268,730
6.750% due 09/15/25 ~		100,000		93,913
Noble Finance II LLC 8.000% due 04/15/30 ~		90,000		91,594
Northern Oil & Gas, Inc. 8.750% due 06/15/31 ~		58,000		57,057
Northriver Midstream Finance LP (Canada) 5.625% due 02/15/26 ~		250,000		233,374
NuStar Logistics LP 6.000% due 06/01/26		171,000		166,726

	Principal Amount		Value
Occidental Petroleum Corp. 3.500% due 08/15/29	$	334,635	$	287,749
Oceaneering International, Inc.
4.650% due 11/15/24		200,000		195,458
6.000% due 02/01/28		100,000		94,844
Parkland Corp. (Canada)
4.500% due 10/01/29 ~		140,000		121,589
5.875% due 07/15/27 ~		132,000		127,482
Patterson-UTI Energy, Inc. 3.950% due 02/01/28		250,000		224,211
PBF Holding Co. LLC/PBF Finance Corp. 6.000% due 02/15/28		150,000		140,346
PDC Energy, Inc. 6.125% due 09/15/24		100,000		100,039
Precision Drilling Corp. (Canada)
6.875% due 01/15/29 ~		125,000		113,058
7.125% due 01/15/26 ~		200,000		197,733
Puma International Financing SA (Singapore) 5.000% due 01/24/26 ~		200,000		180,285
Range Resources Corp. 4.750% due 02/15/30 ~		29,000		26,021
Rockies Express Pipeline LLC 3.600% due 05/15/25 ~		250,000		236,484
SM Energy Co.
5.625% due 06/01/25		113,000		110,554
6.625% due 01/15/27		100,000		97,215
6.750% due 09/15/26		60,000		58,537
Southwestern Energy Co.
5.375% due 03/15/30		50,000		46,707
5.700% due 01/23/25		14,000		13,939
8.375% due 09/15/28		150,000		156,304
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 5.750% due 04/15/25		140,000		127,351
Sunnova Energy Corp. 5.875% due 09/01/26 ~		110,000		100,639
Sunoco LP/Sunoco Finance Corp.
4.500% due 05/15/29		200,000		177,664
6.000% due 04/15/27		359,000		354,035
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000% due 12/31/30 ~		215,000		189,682
6.000% due 09/01/31 ~		200,000		172,561
7.500% due 10/01/25 ~		300,000		299,716
Tap Rock Resources LLC 7.000% due 10/01/26 ~		260,000		268,034
TerraForm Power Operating LLC 4.750% due 01/15/30 ~		177,000		156,373
TransMontaigne Partners LP/TLP Finance Corp. 6.125% due 02/15/26		50,000		43,315
Transocean, Inc. 9.350% due 12/15/41		490,000		391,522
Valaris Ltd. 8.375% due 04/30/30 ~		89,000		89,385
Venture Global Calcasieu Pass LLC
4.125% due 08/15/31 ~		44,000		37,901
6.250% due 01/15/30 ~		243,000		241,269
Venture Global LNG, Inc.
8.125% due 06/01/28 ~		344,000		349,764
8.375% due 06/01/31 ~		313,000		315,976
Vital Energy, Inc.
9.500% due 01/15/25		180,000		178,844
10.125% due 01/15/28		125,000		122,691
W&T Offshore, Inc. 11.750% due 02/01/26 ~		150,000		149,734
				20,238,373

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-227

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Financial - 10.5%
Acrisure LLC/Acrisure Finance, Inc.
4.250% due 02/15/29 ~	$	340,000	$	293,823
7.000% due 11/15/25 ~		275,000		266,581
Advisor Group Holdings, Inc. 10.750% due 08/01/27 ~		100,000		100,766
AG Issuer LLC 6.250% due 03/01/28 ~		70,000		66,755
AG TTMT Escrow Issuer LLC 8.625% due 09/30/27 ~		120,000		123,111
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.250% due 10/15/27 ~		220,000		197,745
5.875% due 11/01/29 ~		200,000		174,189
6.750% due 10/15/27 ~		350,000		329,500
6.750% due 04/15/28 ~		80,000		79,428
Ally Financial, Inc.
5.750% due 11/20/25		300,000		289,099
6.700% due 02/14/33		150,000		132,855
AmWINS Group, Inc. 4.875% due 06/30/29 ~		85,000		76,847
Apollo Commercial Real Estate Finance, Inc. REIT 4.625% due 06/15/29 ~		150,000		117,131
Aretec Escrow Issuer, Inc. 7.500% due 04/01/29 ~		300,000		260,943
Assurant, Inc. 7.000% due 03/27/48		200,000		192,384
AssuredPartners, Inc. 7.000% due 08/15/25 ~		64,000		63,286
Blackstone Mortgage Trust, Inc. REIT 3.750% due 01/15/27 ~		250,000		209,803
Brightsphere Investment Group, Inc. 4.800% due 07/27/26		100,000		93,734
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC
4.500% due 04/01/27 ~		150,000		126,501
5.750% due 05/15/26 ~		300,000		275,178
Burford Capital Global Finance LLC 6.875% due 04/15/30 ~		200,000		182,513
Castlelake Aviation Finance DAC 5.000% due 04/15/27 ~		100,000		88,643
Coinbase Global, Inc. 3.625% due 10/01/31 ~		85,000		50,313
Credit Acceptance Corp. 6.625% due 03/15/26		200,000		192,366
CTR Partnership LP/CareTrust Capital Corp. REIT 3.875% due 06/30/28 ~		100,000		86,104
Cushman & Wakefield US Borrower LLC 6.750% due 05/15/28 ~		200,000		181,180
Enstar Finance LLC 5.500% due 01/15/42		250,000		186,965
Freedom Mortgage Corp.
6.625% due 01/15/27 ~		200,000		173,350
7.625% due 05/01/26 ~		190,000		175,128
Genworth Holdings, Inc. 6.500% due 06/15/34		100,000		87,660
GGAM Finance Ltd. (Ireland)
7.750% due 05/15/26 ~		150,000		150,700
8.000% due 06/15/28 ~		100,000		100,150
Global Aircraft Leasing Co. Ltd. (Cayman) 6.500% Cash or 7.250% PIK due 09/15/24 ~		350,000		320,789
Global Net Lease, Inc./Global Net Lease Operating Partnership LP REIT 3.750% due 12/15/27 ~		250,000		183,655

	Principal Amount		Value
goeasy Ltd. (Canada)
4.375% due 05/01/26 ~	$	75,000	$	68,486
5.375% due 12/01/24 ~		82,000		79,624
GTCR AP Finance, Inc. 8.000% due 05/15/27 ~		50,000		49,072
HAT Holdings I LLC/HAT Holdings II LLC REIT 3.375% due 06/15/26 ~		300,000		269,184
Hightower Holding LLC 6.750% due 04/15/29 ~		83,000		71,870
HUB International Ltd.
7.000% due 05/01/26 ~		245,000		244,655
7.250% due 06/15/30 ~		360,000		372,064
Hunt Cos., Inc. 5.250% due 04/15/29 ~		200,000		159,008
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.250% due 05/15/27		600,000		518,028
6.250% due 05/15/26		100,000		91,102
6.375% due 12/15/25		50,000		46,525
Intesa Sanpaolo SpA (Italy) 5.017% due 06/26/24 ~		400,000		387,597
Iron Mountain Information Management Services, Inc. REIT 5.000% due 07/15/32 ~		150,000		129,709
Iron Mountain, Inc. REIT
4.875% due 09/15/27 ~		425,000		401,876
5.000% due 07/15/28 ~		65,000		60,286
5.250% due 07/15/30 ~		125,000		112,749
7.000% due 02/15/29 ~		183,000		183,505
Jane Street Group/JSG Finance, Inc. 4.500% due 11/15/29 ~		350,000		301,524
Jefferson Capital Holdings LLC 6.000% due 08/15/26 ~		5,000		4,069
Jones Deslauriers Insurance Management, Inc. (Canada) 8.500% due 03/15/30 ~		245,000		250,232
Kennedy-Wilson, Inc.
4.750% due 03/01/29		155,000		122,702
4.750% due 02/01/30		180,000		135,920
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT
4.750% due 06/15/29 ~		225,000		183,331
5.250% due 10/01/25 ~		250,000		236,297
LD Holdings Group LLC 6.500% due 11/01/25 ~		96,000		75,869
Liberty Mutual Group, Inc. 4.300% due 02/01/61 ~		100,000		63,191
Macquarie Airfinance Holdings Ltd. (United Kingdom) 8.375% due 05/01/28 ~		95,000		96,422
Midcap Financial Issuer Trust 5.625% due 01/15/30 ~		250,000		198,758
MPT Operating Partnership LP/MPT Finance Corp. REIT
3.500% due 03/15/31		190,000		131,105
5.250% due 08/01/26		500,000		444,981
Nationstar Mortgage Holdings, Inc. 5.125% due 12/15/30 ~		105,000		85,271
Navient Corp.
5.000% due 03/15/27		390,000		349,254
5.625% due 08/01/33		150,000		112,957
6.125% due 03/25/24		100,000		99,308
6.750% due 06/25/25		200,000		196,820
6.750% due 06/15/26		100,000		96,510
9.375% due 07/25/30		67,000		66,702
NFP Corp.
6.875% due 08/15/28 ~		70,000		60,860
7.500% due 10/01/30 ~		133,000		128,891

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-228

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Office Properties Income Trust REIT 4.250% due 05/15/24	$	100,000	$	94,405
Ohio National Financial Services, Inc. 6.800% due 01/24/30 ~		400,000		372,390
OneMain Finance Corp.
3.500% due 01/15/27		355,000		304,934
4.000% due 09/15/30		160,000		123,344
6.625% due 01/15/28		216,000		203,962
6.875% due 03/15/25		238,000		235,869
7.125% due 03/15/26		210,000		206,513
9.000% due 01/15/29		68,000		68,636
Oxford Finance LLC/Oxford Finance Co.- Issuer II, Inc. 6.375% due 02/01/27 ~		75,000		69,870
Pacific Western Bank 3.250% due 05/01/31		100,000		51,541
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co- Issuer REIT 4.875% due 05/15/29 ~		388,000		334,757
PennyMac Financial Services, Inc.
5.375% due 10/15/25 ~		225,000		212,862
5.750% due 09/15/31 ~		100,000		81,658
PRA Group, Inc. 8.375% due 02/01/28 ~		75,000		68,016
Provident Funding Associates LP/PFG Finance Corp. 6.375% due 06/15/25 ~		50,000		44,189
Radian Group, Inc. 4.875% due 03/15/27		150,000		141,600
Realogy Group LLC/Realogy Co-Issuer Corp. 5.250% due 04/15/30 ~		273,000		194,320
RHP Hotel Properties LP/RHP Finance Corp. REIT
4.500% due 02/15/29 ~		110,000		97,449
7.250% due 07/15/28 ~		66,000		66,735
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
2.875% due 10/15/26 ~		242,000		214,425
4.000% due 10/15/33 ~		50,000		39,160
Ryan Specialty Group LLC 4.375% due 02/01/30 ~		120,000		106,374
SBA Communications Corp. REIT 3.125% due 02/01/29		315,000		267,295
Service Properties Trust REIT
4.650% due 03/15/24		100,000		98,470
4.750% due 10/01/26		150,000		130,397
5.500% due 12/15/27		350,000		308,063
SLM Corp.
3.125% due 11/02/26		175,000		151,553
4.200% due 10/29/25		110,000		102,310
Starwood Property Trust, Inc. REIT
3.625% due 07/15/26 ~		110,000		94,797
3.750% due 12/31/24 ~		63,000		59,121
4.375% due 01/15/27 ~		125,000		107,773
4.750% due 03/15/25		138,000		130,570
StoneX Group, Inc. 8.625% due 06/15/25 ~		75,000		75,814
Synchrony Financial 7.250% due 02/02/33		188,000		169,486
Synovus Financial Corp. 5.900% due 02/07/29		100,000		91,200
UniCredit SpA (Italy) 5.459% due 06/30/35 ~		450,000		382,256
United Wholesale Mortgage LLC 5.500% due 11/15/25 ~		95,000		90,500
Uniti Group LP/Uniti Fiber Holdings,
Inc./CSL Capital LLC REIT 6.000% due 01/15/30 ~		150,000		101,769

	Principal Amount		Value
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT
4.750% due 04/15/28 ~	$	250,000	$	207,702
6.500% due 02/15/29 ~		275,000		194,891
10.500% due 02/15/28 ~		186,000		184,691
USI, Inc. 6.875% due 05/01/25 ~		105,000		104,350
Western Alliance Bancorp 3.000% due 06/15/31		200,000		149,500
				18,851,006
Industrial - 12.3%
Advanced Drainage Systems, Inc. 6.375% due 06/15/30 ~		82,000		81,214
AECOM 5.125% due 03/15/27		165,000		159,812
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.250% due 09/01/28 ~		100,000		86,010
4.000% due 09/01/29 ~		350,000		277,588
6.000% due 06/15/27 ~		200,000		196,676
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.250% due 04/30/25 ~		200,000		195,853
Artera Services LLC 9.033% due 12/04/25 ~		90,000		78,876
ATS Corp. (Canada) 4.125% due 12/15/28 ~		200,000		179,214
Ball Corp.
4.000% due 11/15/23		71,000		70,531
4.875% due 03/15/26		265,000		258,007
5.250% due 07/01/25		190,000		188,528
6.000% due 06/15/29		175,000		173,906
6.875% due 03/15/28		155,000		158,227
Berry Global, Inc. 4.500% due 02/15/26 ~		89,000		84,851
Bombardier, Inc. (Canada)
6.000% due 02/15/28 ~		67,000		63,403
7.125% due 06/15/26 ~		366,000		363,926
7.500% due 02/01/29 ~		115,000		113,801
BWX Technologies, Inc. 4.125% due 04/15/29 ~		200,000		180,800
Calderys Financing LLC (France) 11.250% due 06/01/28 ~		125,000		128,255
Cargo Aircraft Management, Inc. 4.750% due 02/01/28 ~		390,000		342,018
Cascades, Inc./Cascades USA, Inc. (Canada) 5.125% due 01/15/26 ~		250,000		239,514
Chart Industries, Inc.
7.500% due 01/01/30 ~		402,000		410,645
9.500% due 01/01/31 ~		100,000		106,202
Clean Harbors, Inc. 5.125% due 07/15/29 ~		100,000		94,776
Clearwater Paper Corp.
4.750% due 08/15/28 ~		250,000		220,309
5.375% due 02/01/25 ~		50,000		48,825
Clydesdale Acquisition Holdings, Inc. 8.750% due 04/15/30 ~		327,000		289,010
Coherent Corp. 5.000% due 12/15/29 ~		200,000		180,761
Covanta Holding Corp. 5.000% due 09/01/30		200,000		170,060
CP Atlas Buyer, Inc. 7.000% due 12/01/28 ~		200,000		157,225
Crown Americas LLC/Crown Americas Capital Corp. V 4.250% due 09/30/26		190,000		180,099
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750% due 02/01/26		250,000		242,517

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-229

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Emerald Debt Merger Sub LLC 6.625% due 12/15/30 ~	$	360,000	$	357,300
Energizer Holdings, Inc.
4.750% due 06/15/28 ~		100,000		89,300
6.500% due 12/31/27 ~		100,000		96,265
EnerSys 4.375% due 12/15/27 ~		150,000		138,285
EnPro Industries, Inc. 5.750% due 10/15/26		100,000		97,090
F-Brasile SpA/F-Brasile US LLC (Italy) 7.375% due 08/15/26 ~		200,000		181,227
Fluor Corp. 3.500% due 12/15/24		155,000		150,283
FXI Holdings, Inc. 12.250% due 11/15/26 ~		113,000		101,983
GFL Environmental, Inc. (Canada)
3.750% due 08/01/25 ~		506,000		481,848
4.250% due 06/01/25 ~		265,000		255,965
GrafTech Global Enterprises, Inc. 9.875% due 12/15/28 ~		90,000		89,438
Graphic Packaging International LLC
3.750% due 02/01/30 ~		125,000		107,950
4.125% due 08/15/24		100,000		97,883
4.750% due 07/15/27 ~		200,000		190,426
Great Lakes Dredge & Dock Corp. 5.250% due 06/01/29 ~		250,000		209,033
Griffon Corp. 5.750% due 03/01/28		125,000		117,039
Hillenbrand, Inc.
3.750% due 03/01/31		125,000		105,113
5.750% due 06/15/25		165,000		163,581
Howmet Aerospace, Inc.
5.950% due 02/01/37		147,000		149,828
6.750% due 01/15/28		257,000		266,514
6.875% due 05/01/25		12,000		12,202
Husky III Holding Ltd. (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		200,000		182,500
Imola Merger Corp. 4.750% due 05/15/29 ~		530,000		461,482
James Hardie International Finance DAC 5.000% due 01/15/28 ~		200,000		187,578
Knife River Corp. 7.750% due 05/01/31 ~		65,000		65,898
LABL, Inc.
5.875% due 11/01/28 ~		40,000		36,454
9.500% due 11/01/28 ~		43,000		43,801
Likewize Corp. 9.750% due 10/15/25 ~		120,000		115,546
Louisiana-Pacific Corp. 3.625% due 03/15/29 ~		99,000		86,766
LSB Industries, Inc. 6.250% due 10/15/28 ~		283,000		252,964
Madison IAQ LLC 4.125% due 06/30/28 ~		210,000		185,102
MasTec, Inc. 6.625% due 08/15/29 ~		100,000		90,527
Mauser Packaging Solutions Holding Co.
7.875% due 08/15/26 ~		350,000		348,106
9.250% due 04/15/27 ~		505,000		466,709
Moog, Inc. 4.250% due 12/15/27 ~		100,000		92,628
Mueller Water Products, Inc. 4.000% due 06/15/29 ~		50,000		44,417
NAC Aviation 29 DAC (Ireland) 4.750% due 06/30/26		219,174		188,490
New Enterprise Stone & Lime Co., Inc.
5.250% due 07/15/28 ~		120,000		109,372
9.750% due 07/15/28 ~		250,000		241,699

	Principal Amount		Value
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.500% due 04/15/30 ~	$	100,000	$	91,990
Owens-Brockway Glass Container, Inc.
6.375% due 08/15/25 ~		300,000		300,963
7.250% due 05/15/31 ~		100,000		101,375
Pactiv Evergreen Group Issuer LLC/Pactiv
Evergreen Group Issuer, Inc. 4.375% due 10/15/28 ~		100,000		86,702
Pactiv Evergreen Group Issuer, Inc./Pactiv
Evergreen Group Issuer LLC 4.000% due 10/15/27 ~		200,000		177,098
Pactiv LLC
7.950% due 12/15/25		100,000		100,969
8.375% due 04/15/27		100,000		101,386
Railworks Holdings LP/Railworks Rally, Inc. 8.250% due 11/15/28 ~		150,000		139,566
Rand Parent LLC 8.500% due 02/15/30 ~		230,000		208,438
Roller Bearing Co. of America, Inc. 4.375% due 10/15/29 ~		50,000		44,858
Sealed Air Corp.
5.000% due 04/15/29 ~		100,000		93,153
5.125% due 12/01/24 ~		50,000		49,455
5.500% due 09/15/25 ~		290,000		285,719
6.125% due 02/01/28 ~		107,000		106,328
6.875% due 07/15/33 ~		54,000		56,093
Seaspan Corp. (Hong Kong) 5.500% due 08/01/29 ~		121,000		94,903
Sensata Technologies BV
5.000% due 10/01/25 ~		250,000		244,981
5.875% due 09/01/30 ~		109,000		106,095
Silgan Holdings, Inc. 4.125% due 02/01/28		140,000		128,583
Spirit AeroSystems, Inc.
3.850% due 06/15/26		350,000		325,607
4.600% due 06/15/28		55,000		46,196
7.500% due 04/15/25 ~		75,000		74,206
9.375% due 11/30/29 ~		150,000		160,774
SPX FLOW, Inc. 8.750% due 04/01/30 ~		167,000		150,492
Standard Industries, Inc.
3.375% due 01/15/31 ~		466,000		375,663
5.000% due 02/15/27 ~		460,000		438,844
Stericycle, Inc.
3.875% due 01/15/29 ~		324,000		288,115
5.375% due 07/15/24 ~		201,000		198,583
Summit Materials LLC/Summit Materials Finance Corp.
5.250% due 01/15/29 ~		165,000		156,082
6.500% due 03/15/27 ~		175,000		174,062
Tervita Corp. (Canada) 11.000% due 12/01/25 ~		210,000		223,635
Titan Acquisition Ltd./Titan Co.-Borrower
LLC (Canada) 7.750% due 04/15/26 ~		155,000		140,853
TopBuild Corp. 4.125% due 02/15/32 ~		35,000		29,855
TransDigm UK Holdings PLC 6.875% due 05/15/26		235,000		233,102
TransDigm, Inc.
4.625% due 01/15/29		488,000		434,675
6.250% due 03/15/26 ~		590,000		587,648
6.750% due 08/15/28 ~		689,000		692,473
Trident TPI Holdings, Inc. 12.750% due 12/31/28 ~		110,000		114,208
TriMas Corp. 4.125% due 04/15/29 ~		100,000		89,206
Trinity Industries, Inc.
4.550% due 10/01/24		175,000		171,658
7.750% due 07/15/28 ~		70,000		70,481

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-230

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Triumph Group, Inc. 9.000% due 03/15/28 ~	$	137,000	$	140,054
Trivium Packaging Finance BV (Netherlands) 8.500% due 08/15/27 ~		200,000		192,767
TTM Technologies, Inc. 4.000% due 03/01/29 ~		390,000		331,894
Tutor Perini Corp. 6.875% due 05/01/25 ~		150,000		124,591
Waste Pro USA, Inc. 5.500% due 02/15/26 ~		240,000		222,905
Watco Cos LLC/Watco Finance Corp. 6.500% due 06/15/27 ~		200,000		190,313
Werner FinCo LP/Werner FinCo, Inc. 11.500% due 06/15/28 ~		100,000		97,110
WESCO Distribution, Inc. 7.125% due 06/15/25 ~		220,000		222,516
7.250% due 06/15/28 ~		190,000		193,982
XPO CNW, Inc. 6.700% due 05/01/34		250,000		249,673
XPO, Inc. 7.125% due 06/01/31 ~		83,000		83,732
				22,124,641
Technology - 3.6%
Ahead DB Holdings LLC 6.625% due 05/01/28 ~		33,000		26,874
Alteryx, Inc. 8.750% due 03/15/28 ~		94,000		92,426
ams-OSRAM AG (Austria) 7.000% due 07/31/25 ~		200,000		176,784
AthenaHealth Group, Inc. 6.500% due 02/15/30 ~		435,000		366,548
Black Knight InfoServ LLC 3.625% due 09/01/28 ~		164,000		147,190
Capstone Borrower, Inc. 8.000% due 06/15/30 ~		100,000		98,848
Central Parent, Inc./CDK Global, Inc. 7.250% due 06/15/29 ~		185,000		183,115
Cloud Software Group, Inc.
6.500% due 03/31/29 ~		775,000		690,781
9.000% due 09/30/29 ~		620,000		542,156
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. 6.000% due 11/01/29 ~		100,000		81,925
Consensus Cloud Solutions, Inc. 6.500% due 10/15/28 ~		90,000		77,031
Crane NXT Co.
4.200% due 03/15/48		50,000		34,269
6.550% due 11/15/36		50,000		51,964
Crowdstrike Holdings, Inc. 3.000% due 02/15/29		115,000		99,272
CWT Travel Group, Inc. 8.500% due 11/19/26 ~		148,000		81,567
Elastic NV 4.125% due 07/15/29 ~		165,000		142,494
Entegris Escrow Corp. 5.950% due 06/15/30 ~		250,000		239,907
Exela Intermediate LLC/Exela Finance, Inc. 11.500% due 07/15/26 ~		296,000		28,120
Fair Isaac Corp.
4.000% due 06/15/28 ~		100,000		91,831
5.250% due 05/15/26 ~		100,000		97,675
McAfee Corp. 7.375% due 02/15/30 ~		465,000		404,809
NCR Corp. 5.125% due 04/15/29 ~		96,000		85,074
ON Semiconductor Corp. 3.875% due 09/01/28 ~		205,000		186,801
Open Text Corp. (Canada) 3.875% due 12/01/29 ~		117,000		97,905

	Principal Amount		Value
Presidio Holdings, Inc. 4.875% due 02/01/27 ~	$	150,000	$	140,926
PTC, Inc.
3.625% due 02/15/25 ~		77,000		74,424
4.000% due 02/15/28 ~		363,000		334,507
Rackspace Technology Global, Inc. 3.500% due 02/15/28 ~		200,000		90,214
Rocket Software, Inc. 6.500% due 02/15/29 ~		200,000		168,621
Science Applications International Corp. 4.875% due 04/01/28 ~		160,000		149,014
Seagate HDD Cayman
5.750% due 12/01/34		50,000		44,421
8.250% due 12/15/29 ~		150,000		156,805
8.500% due 07/15/31 ~		150,000		157,482
SS&C Technologies, Inc. 5.500% due 09/30/27 ~		318,000		304,853
Synaptics, Inc. 4.000% due 06/15/29 ~		200,000		168,147
Unisys Corp. 6.875% due 11/01/27 ~		200,000		144,270
Veritas US, Inc./Veritas Bermuda Ltd. 7.500% due 09/01/25 ~		50,000		40,642
Western Digital Corp. 4.750% due 02/15/26		220,000		209,752
Xerox Corp. 6.750% due 12/15/39		150,000		112,382
				6,421,826
Utilities - 3.0%
Algonquin Power & Utilities Corp. (Canada) 4.750% due 01/18/82		100,000		79,636
AmeriGas Partners LP/AmeriGas Finance Corp.
5.500% due 05/20/25		65,000		62,814
5.875% due 08/20/26		484,000		455,686
9.375% due 06/01/28 ~		63,000		64,043
Calpine Corp.
3.750% due 03/01/31 ~		265,000		214,934
4.500% due 02/15/28 ~		107,000		96,974
4.625% due 02/01/29 ~		200,000		168,971
5.000% due 02/01/31 ~		185,000		153,245
5.125% due 03/15/28 ~		339,000		302,992
5.250% due 06/01/26 ~		83,000		80,228
Clearway Energy Operating LLC
3.750% due 02/15/31 ~		35,000		29,077
3.750% due 01/15/32 ~		175,000		142,724
4.750% due 03/15/28 ~		174,000		160,701
DPL, Inc.
4.125% due 07/01/25		150,000		143,019
4.350% due 04/15/29		150,000		131,442
Edison International 8.125% due 06/15/53		200,000		204,590
FirstEnergy Corp.
1.600% due 01/15/26		100,000		90,769
2.050% due 03/01/25		100,000		93,672
7.375% due 11/15/31		450,000		513,803
NextEra Energy Operating Partners LP
3.875% due 10/15/26 ~		300,000		279,068
4.500% due 09/15/27 ~		158,000		146,924
NRG Energy, Inc.
3.375% due 02/15/29 ~		90,000		73,693
3.875% due 02/15/32 ~		639,000		493,091
5.750% due 01/15/28		103,000		97,705
Pattern Energy Operations LP/Pattern Energy Operations, Inc. 4.500% due 08/15/28 ~		185,000		169,133
PG&E Corp. 5.000% due 07/01/28		115,000		105,630
Pike Corp. 5.500% due 09/01/28 ~		171,000		153,696

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-231

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Principal Amount		Value
Solaris Midstream Holdings LLC 7.625% due 04/01/26 ~	$	100,000	$	96,875
Talen Energy Supply LLC 8.625% due 06/01/30 ~		230,000		238,264
TransAlta Corp. (Canada) 6.500% due 03/15/40		100,000		95,319
Vistra Operations Co. LLC
5.000% due 07/31/27 ~		74,000		69,332
5.625% due 02/15/27 ~		250,000		239,844
				5,447,894
Total Corporate Bonds & Notes (Cost $192,916,307)				175,393,738
TOTAL INVESTMENTS - 97.7% (Cost $192,961,298)				175,397,401
OTHER ASSETS & LIABILITIES, NET - 2.3%				4,115,377
NET ASSETS - 100.0%				$179,512,778

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	23.6%
Communications	15.0%
Consumer, Non-Cyclical	13.8%
Industrial	12.3%
Energy	11.3%
Financial	10.5%
Basic Materials	4.4%
Technology	3.6%
Utilities	3.0%
Others (each less than 3.0%)	0.2%
	97.7%
Other Assets & Liabilities, Net	2.3%
	100.0%

(b) Investments with a total aggregate value of $243,730 or less than 0.1% of the Fund’s net assets were in default as of June 30, 2023.

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$3,663		$3,663		$-		$-
	Corporate Bonds & Notes		175,393,738		-		175,393,738		-
	Total		$175,397,401		$3,663		$175,393,738		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-232

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Basic Materials - 0.6%
Axalta Coating Systems Ltd. *		926		$30,382
Ecolab, Inc.		7,565		1,412,310
FMC Corp.		728		75,960
Linde PLC		1,805		687,849
PPG Industries, Inc.		2,305		341,831
RPM International, Inc.		950		85,243
Sherwin-Williams Co.		7,755		2,059,108
Southern Copper Corp. (Mexico)		3,336		239,325
Valvoline, Inc.		1,758		65,943
				4,997,951
Communications - 18.1%
Airbnb, Inc. Class A *		15,866		2,033,387
Alphabet, Inc. Class A *		232,652		27,848,444
Alphabet, Inc. Class C *		201,622		24,390,213
Amazon.com, Inc. *		352,724		45,981,101
Arista Networks, Inc. *		9,814		1,590,457
Booking Holdings, Inc. *		1,453		3,923,579
Cable One, Inc.		16		10,513
CDW Corp.		4,982		914,197
Charter Communications, Inc. Class A *		4,068		1,494,461
Coupang, Inc. * (South Korea)		42,865		745,851
DoorDash, Inc. Class A *		9,242		706,274
eBay, Inc.		1,296		57,918
Etsy, Inc. *		2,693		227,855
Expedia Group, Inc.*		4,112		449,812
FactSet Research Systems, Inc.		1,501		601,376
Gen Digital, Inc.		3,380		62,699
GoDaddy, Inc. Class A *		3,654		274,525
Iridium Communications, Inc.		4,564		283,516
Liberty Broadband Corp. Class A *		98		7,813
Liberty Broadband Corp. Class C *		943		75,544
Lyft, Inc. Class A *		11,133		106,765
Match Group, Inc.*		10,247		428,837
Meta Platforms, Inc. Class A *		86,596		24,851,320
Motorola Solutions, Inc.		5,949		1,744,723
Netflix, Inc. *		17,167		7,561,892
Nexstar Media Group, Inc.		459		76,446
Okta, Inc. *		376		26,076
Palo Alto Networks, Inc.*		11,673		2,982,568
Pinterest, Inc. Class A *		23,208		634,507
Roku, Inc. *		598		38,248
Spotify Technology SA *		5,369		861,993
Trade Desk, Inc. Class A *		17,298		1,335,752
Uber Technologies, Inc. *		75,924		3,277,639
Ubiquiti, Inc.		78		13,708
VeriSign, Inc. *		188		42,482
Wayfair, Inc. Class A *		1,126		73,201
World Wrestling Entertainment, Inc. Class A		1,561		169,322
				155,905,014
Consumer, Cyclical - 11.5%
Allison Transmission Holdings, Inc.		345		19,479
American Airlines Group, Inc. *		9,425		169,085
AutoZone, Inc. *		600		1,496,016
Best Buy Co., Inc.		1,044		85,556
BJ’s Wholesale Club Holdings, Inc. *		1,800		113,418
Brunswick Corp.		343		29,718
Burlington Stores, Inc. *		2,567		404,020
Caesars Entertainment, Inc. *		3,290		167,691
CarMax, Inc. *		567		47,458
Casey’s General Stores, Inc.		210		51,215
Chipotle Mexican Grill, Inc. *		1,076		2,301,564
Choice Hotels International, Inc.		1,350		158,652
Churchill Downs, Inc.		2,816		391,903
Copart, Inc. *		16,786		1,531,051

	Shares		Value
Costco Wholesale Corp.		17,345	$	9,338,201
Crocs, Inc. *		2,379		267,495
Darden Restaurants, Inc.		2,205		368,411
Deckers Outdoor Corp. *		1,025		540,852
Delta Air Lines, Inc. *		1,280		60,851
Dick’s Sporting Goods, Inc.		186		24,587
Dollar General Corp.		8,567		1,454,505
Domino’s Pizza, Inc.		1,384		466,394
DraftKings, Inc. Class A *		16,353		434,499
Fastenal Co.		16,734		987,139
Ferguson PLC		436		68,587
Five Below, Inc. *		2,153		423,151
Floor & Decor Holdings, Inc. Class A *		4,066		422,701
Freshpet, Inc. *		491		32,313
Hilton Worldwide Holdings, Inc.		4,607		670,549
Home Depot, Inc.		39,649		12,316,565
Las Vegas Sands Corp. *		12,067		699,886
Live Nation Entertainment, Inc. *		1,383		126,005
Lowe’s Cos., Inc.		17,125		3,865,112
Lululemon Athletica, Inc. *		4,319		1,634,742
Marriott International, Inc. Class A		9,876		1,814,122
McDonald’s Corp.		11,792		3,518,851
Murphy USA, Inc.		732		227,733
NIKE, Inc. Class B		24,813		2,738,611
Norwegian Cruise Line Holdings Ltd. *		3,984		86,732
NVR, Inc. *		10		63,506
O’Reilly Automotive, Inc. *		2,026		1,935,438
Ollie’s Bargain Outlet Holdings, Inc. *		774		44,838
Peloton Interactive, Inc. Class A *		12,054		92,695
Planet Fitness, Inc. Class A *		1,590		107,230
Polaris, Inc.		185		22,372
Pool Corp.		1,502		562,709
RH *		104		34,277
Ross Stores, Inc.		12,261		1,374,826
Royal Caribbean Cruises Ltd. *		2,756		285,907
Scotts Miracle-Gro Co.		1,614		101,182
SiteOne Landscape Supply, Inc. *		560		93,722
Skechers USA, Inc. Class A *		592		31,175
Starbucks Corp.		44,168		4,375,282
Tapestry, Inc.		531		22,727
Target Corp.		18,005		2,374,859
Tempur Sealy International, Inc.		1,324		53,053
Tesla, Inc. *		108,021		28,276,657
Texas Roadhouse, Inc.		2,614		293,500
TJX Cos., Inc.		44,915		3,808,343
Tractor Supply Co.		4,244		938,348
Travel & Leisure Co.		1,315		53,047
Ulta Beauty, Inc. *		1,933		909,660
Vail Resorts, Inc.		155		39,023
Victoria’s Secret, Inc. *		1,859		32,402
Watsco, Inc.		323		123,215
Wendy’s Co.		7,159		155,708
Williams-Sonoma, Inc.		329		41,171
Wingstop, Inc.		1,171		234,387
WW Grainger, Inc.		1,742		1,373,724
Wyndham Hotels & Resorts, Inc.		233		15,977
Wynn Resorts Ltd.		248		26,191
YETI Holdings, Inc. *		3,374		131,046
Yum! Brands, Inc.		9,633		1,334,652
				98,918,269
Consumer, Non-Cyclical - 15.3%
10X Genomics, Inc. Class A *		3,361		187,678
Abbott Laboratories		4,270		465,515
AbbVie, Inc.		69,086		9,307,957
agilon health, Inc. *		9,633		167,036
Albertsons Cos., Inc. Class A		1,401		30,570
Align Technology, Inc. *		2,987		1,056,323
Alnylam Pharmaceuticals, Inc. *		3,889		738,677
AmerisourceBergen Corp.		6,300		1,212,309

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-233

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Amgen, Inc.		14,221	$	3,157,346
Apellis Pharmaceuticals, Inc. *		3,900		355,290
Automatic Data Processing, Inc.		13,892		3,053,323
Avery Dennison Corp.		1,039		178,500
Avis Budget Group, Inc. *		275		62,884
Bio-Techne Corp.		5,740		468,556
BioMarin Pharmaceutical, Inc. *		864		74,892
Block, Inc. *		7,892		525,370
Booz Allen Hamilton Holding Corp.		5,182		578,311
Boston Beer Co., Inc. Class A *		356		109,805
Bright Horizons Family Solutions, Inc. *		278		25,701
Brown-Forman Corp. Class A		1,570		106,870
Brown-Forman Corp. Class B		5,711		381,381
Bruker Corp.		4,159		307,433
Cardinal Health, Inc.		5,167		488,643
Celsius Holdings, Inc. *		2,126		317,178
Certara, Inc. *		2,623		47,765
Chemed Corp.		410		222,085
Church & Dwight Co., Inc.		8,563		858,269
Cigna Group		846		237,388
Cintas Corp.		3,017		1,499,690
Clorox Co.		4,838		769,436
Coca-Cola Co.		75,629		4,554,378
Constellation Brands, Inc. Class A		599		147,432
CoStar Group, Inc. *		6,802		605,378
DaVita, Inc. *		2,077		208,676
Dexcom, Inc. *		15,134		1,944,870
Edwards Lifesciences Corp. *		23,566		2,222,981
Elevance Health, Inc.		1,234		548,254
Eli Lilly & Co.		33,132		15,538,245
Equifax, Inc.		3,299		776,255
Estee Lauder Cos., Inc. Class A		2,834		556,541
Euronet Worldwide, Inc. *		923		108,333
Exact Sciences Corp. *		2,423		227,520
Exelixis, Inc. *		9,256		176,882
FleetCor Technologies, Inc. *		2,615		656,574
FTI Consulting, Inc. *		241		45,838
Gartner, Inc. *		3,031		1,061,790
GE HealthCare Technologies, Inc. *		929		75,472
Ginkgo Bioworks Holdings, Inc. *		9,821		18,267
Grand Canyon Education, Inc. *		330		34,059
H&R Block, Inc.		3,747		119,417
HCA Healthcare, Inc.		1,657		502,866
Hershey Co.		4,277		1,067,967
Horizon Therapeutics PLC *		7,880		810,458
Humana, Inc.		2,122		948,810
ICON PLC *		475		118,845
IDEXX Laboratories, Inc. *		3,231		1,622,705
Illumina, Inc. *		1,844		345,732
Incyte Corp. *		5,321		331,232
Inspire Medical Systems, Inc. *		1,124		364,895
Insulet Corp. *		2,716		783,131
Intuitive Surgical, Inc. *		13,673		4,675,346
Ionis Pharmaceuticals, Inc. *		4,700		192,841
IQVIA Holdings, Inc. *		6,687		1,503,037
Jazz Pharmaceuticals PLC *		1,237		153,351
Karuna Therapeutics, Inc. *		1,243		269,545
Kimberly-Clark Corp.		12,407		1,712,910
Lamb Weston Holdings, Inc.		5,469		628,662
Maravai LifeSciences Holdings, Inc. Class A *		2,487		30,913
MarketAxess Holdings, Inc.		1,467		383,503
Masimo Corp. *		1,858		305,734
McKesson Corp.		2,043		872,994
Medpace Holdings, Inc. *		911		218,795
Merck & Co., Inc.		18,298		2,111,406
Molina Healthcare, Inc. *		1,229		370,224
Monster Beverage Corp. *		29,118		1,672,538
Moody’s Corp.		5,665		1,969,834
Morningstar, Inc.		1,005		197,050

	Shares		Value
Natera, Inc. *		4,048	$	196,976
Neurocrine Biosciences, Inc. *		3,752		353,814
Novocure Ltd. *		4,004		166,166
Paylocity Holding Corp. *		1,678		309,641
PayPal Holdings, Inc. *		39,821		2,657,255
Penumbra, Inc. *		1,408		484,436
PepsiCo, Inc.		37,269		6,902,964
Performance Food Group Co. *		2,816		169,636
Procter & Gamble Co.		17,328		2,629,351
Quanta Services, Inc.		1,479		290,550
RB Global, Inc. (Canada)		5,435		326,100
Regeneron Pharmaceuticals, Inc. *		276		198,317
Repligen Corp. *		960		135,802
ResMed, Inc.		5,702		1,245,887
Roivant Sciences Ltd. *		9,026		90,982
Rollins, Inc.		8,385		359,130
S&P Global, Inc.		1,042		417,727
Sarepta Therapeutics, Inc. *		3,513		402,309
Seagen, Inc. *		5,483		1,055,258
Service Corp. International		2,118		136,802
Shift4 Payments, Inc. Class A *		2,119		143,901
Shockwave Medical, Inc. *		1,418		404,711
Sotera Health Co. *		2,714		51,132
Stryker Corp.		3,532		1,077,578
Sysco Corp.		19,644		1,457,585
Tandem Diabetes Care, Inc. *		340		8,344
Thermo Fisher Scientific, Inc.		9,304		4,854,362
Toast, Inc. Class A *		13,855		312,707
U-Haul Holding Co.		1,212		61,412
Ultragenyx Pharmaceutical, Inc. *		2,749		126,811
United Rentals, Inc.		550		244,954
UnitedHealth Group, Inc.		30,605		14,709,987
Verisk Analytics, Inc.		5,583		1,261,925
Vertex Pharmaceuticals, Inc. *		9,228		3,247,425
Waters Corp. *		2,238		596,517
West Pharmaceutical Services, Inc.		2,923		1,117,960
WEX, Inc. *		766		139,466
WillScot Mobile Mini Holdings Corp.*		1,938		92,617
Zoetis, Inc.		18,220		3,137,666
				132,360,830
Energy - 0.6%
Antero Midstream Corp.		4,428		51,365
APA Corp.		10,752		367,396
Cheniere Energy, Inc.		9,488		1,445,592
Enphase Energy, Inc. *		5,206		871,901
Halliburton Co.		7,066		233,107
Hess Corp.		6,068		824,944
New Fortress Energy, Inc.		2,391		64,031
ONEOK, Inc.		962		59,375
Ovintiv, Inc.		4,203		160,008
Targa Resources Corp.		8,569		652,101
Texas Pacific Land Corp.		221		290,946
				5,020,766
Financial - 6.0%
American Express Co.		7,597		1,323,397
American Tower Corp. REIT		18,225		3,534,557
Ameriprise Financial, Inc.		4,114		1,366,506
Apollo Global Management, Inc.		20,414		1,567,999
Arch Capital Group Ltd. *		1,973		147,679
Ares Management Corp. Class A		6,324		609,317
Arthur J Gallagher & Co.		464		101,881
Blackstone, Inc.		27,452		2,552,212
Blue Owl Capital, Inc.		2,604		30,337
Brown & Brown, Inc.		3,617		248,994
Crown Castle, Inc. REIT		1,795		204,522
Equinix, Inc. REIT		1,834		1,437,746
Equitable Holdings, Inc.		13,980		379,697
Equity LifeStyle Properties, Inc. REIT		2,272		151,974

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-234

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PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Everest Re Group Ltd.		223	$	76,235
Extra Space Storage, Inc. REIT		302		44,953
First Citizens BancShares, Inc. Class A		46		59,039
Iron Mountain, Inc. REIT		5,608		318,647
Kinsale Capital Group, Inc.		854		319,567
KKR & Co., Inc.		6,217		348,152
Lamar Advertising Co. Class A REIT		2,620		260,035
Lincoln National Corp.		615		15,842
LPL Financial Holdings, Inc.		3,022		657,073
Marsh & McLennan Cos., Inc.		15,521		2,919,190
Mastercard, Inc. Class A		32,846		12,918,332
NU Holdings Ltd. Class A * (Brazil)		61,818		487,744
Primerica, Inc.		921		182,137
Progressive Corp.		17,136		2,268,292
Public Storage REIT		3,563		1,039,968
RenaissanceRe Holdings Ltd. (Bermuda)		509		94,939
RLI Corp.		348		47,492
Rocket Cos., Inc. Class A *		2,998		26,862
Ryan Specialty Holdings, Inc. *		3,700		166,093
SBA Communications Corp. REIT		424		98,266
Simon Property Group, Inc. REIT		2,768		319,649
SLM Corp.		3,715		60,629
Sun Communities, Inc. REIT		1,048		136,722
TPG, Inc.		844		24,695
Tradeweb Markets, Inc. Class A		1,557		106,623
UDR, Inc. REIT		719		30,888
UWM Holdings Corp.		3,214		17,998
Visa, Inc. Class A		63,399		15,055,995
Western Union Co.		3,455		40,527
Willis Towers Watson PLC		521		122,696
XP, Inc. Class A * (Brazil)		1,078		25,290
				51,947,388
Industrial - 4.1%
Advanced Drainage Systems, Inc.		2,363		268,862
Agilent Technologies, Inc.		9,395		1,129,749
Allegion PLC		3,175		381,063
Amphenol Corp. Class A		11,477		974,971
AO Smith Corp.		514		37,409
Ardagh Metal Packaging SA		7,049		26,504
Armstrong World Industries, Inc.		511		37,538
Axon Enterprise, Inc. *		2,721		530,921
Boeing Co. *		2,969		626,934
BWX Technologies, Inc.		611		43,729
Caterpillar, Inc.		15,163		3,730,856
CH Robinson Worldwide, Inc.		3,503		330,508
ChargePoint Holdings, Inc. *		8,809		77,431
CSX Corp.		8,821		300,796
Deere & Co.		9,982		4,044,607
Donaldson Co., Inc.		1,965		122,832
Eagle Materials, Inc.		919		171,320
EMCOR Group, Inc.		634		117,151
Expeditors International of Washington, Inc.		812		98,358
Graco, Inc.		2,673		230,814
Graphic Packaging Holding Co.		6,371		153,095
HEICO Corp.		1,614		285,581
HEICO Corp. Class A		2,911		409,287
Honeywell International, Inc.		3,362		697,615
Hubbell, Inc.		956		316,971
IDEX Corp.		240		51,662
Illinois Tool Works, Inc.		9,675		2,420,298
Jabil, Inc.		3,177		342,894
JB Hunt Transport Services, Inc.		634		114,773
Keysight Technologies, Inc. *		1,777		297,559
Landstar System, Inc.		1,195		230,085
Lincoln Electric Holdings, Inc.		2,041		405,404
Lockheed Martin Corp.		8,867		4,082,189
Mettler-Toledo International, Inc. *		848		1,112,271
MSA Safety, Inc.		244		42,446
National Instruments Corp.		4,007		230,002

	Shares		Value
Northrop Grumman Corp.		319	$	145,400
Old Dominion Freight Line, Inc.		3,593		1,328,512
Otis Worldwide Corp.		954		84,916
Rockwell Automation, Inc.		4,496		1,481,207
Saia, Inc. *		114		39,035
Sealed Air Corp.		3,110		124,400
Spirit AeroSystems Holdings, Inc. Class A		421		12,289
Tetra Tech, Inc.		375		61,402
TopBuild Corp. *		81		21,548
Toro Co.		4,119		418,696
Trane Technologies PLC		2,629		502,823
TransDigm Group, Inc.		347		310,277
Trex Co., Inc. *		4,162		272,861
Union Pacific Corp.		10,214		2,089,989
United Parcel Service, Inc. Class B		7,853		1,407,650
Universal Display Corp.		826		119,051
Valmont Industries, Inc.		44		12,806
Vertiv Holdings Co.		923		22,863
Vontier Corp.		2,057		66,256
Vulcan Materials Co.		1,140		257,002
Waste Management, Inc.		14,312		2,481,987
Xylem, Inc.		1,104		124,332
				35,859,787
Technology - 42.0%
Accenture PLC Class A		24,737		7,633,343
Adobe, Inc. *		17,938		8,771,503
Advanced Micro Devices, Inc. *		35,706		4,067,270
Allegro MicroSystems, Inc. * (Japan)		2,782		125,579
Alteryx, Inc. Class A *		2,321		105,373
ANSYS, Inc. *		2,801		925,086
Apple, Inc.		584,265		113,329,882
Applied Materials, Inc.		27,925		4,036,280
AppLovin Corp. Class A *		2,289		58,896
Atlassian Corp. Class A *		5,604		940,407
Autodesk, Inc. *		8,417		1,722,202
Bentley Systems, Inc. Class B		7,040		381,779
Broadcom, Inc.		15,980		13,861,531
Broadridge Financial Solutions, Inc.		3,833		634,860
Cadence Design Systems, Inc. *		10,549		2,473,952
Ceridian HCM Holding, Inc. *		496		33,217
Cloudflare, Inc. Class A *		11,251		735,478
Confluent, Inc. Class A *		7,237		255,538
Crowdstrike Holdings, Inc. Class A *		8,328		1,223,133
Datadog, Inc. Class A *		10,684		1,051,092
DocuSign, Inc. *		7,799		398,451
DoubleVerify Holdings, Inc. *		4,397		171,131
Doximity, Inc. Class A *		2,096		71,306
Dropbox, Inc. Class A *		9,423		251,311
Dynatrace, Inc. *		8,727		449,179
Elastic NV *		2,868		183,896
Entegris, Inc.		304		33,689
EPAM Systems, Inc. *		2,167		487,033
Fair Isaac Corp. *		954		771,986
Fiserv, Inc. *		6,596		832,085
Five9, Inc. *		2,610		215,195
Fortinet, Inc. *		25,703		1,942,890
Genpact Ltd.		1,746		65,597
Gitlab, Inc. Class A *		1,911		97,671
Globant SA*		1,573		282,700
HashiCorp, Inc. Class A *		2,484		65,031
HP, Inc.		6,897		211,807
HubSpot, Inc. *		1,779		946,588
Intuit, Inc.		10,664		4,886,138
Jack Henry & Associates, Inc.		902		150,932
KBR, Inc.		1,925		125,241
KLA Corp.		5,358		2,598,737
Lam Research Corp.		4,973		3,196,943
Lattice Semiconductor Corp. *		5,357		514,647
Manhattan Associates, Inc. *		2,410		481,711

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-235

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PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Microchip Technology, Inc.		15,006	$	1,344,388
Microsoft Corp.		291,369		99,222,799
MongoDB, Inc. *		2,595		1,066,519
Monolithic Power Systems, Inc.		1,761		951,345
MSCI, Inc.		1,521		713,790
nCino, Inc. *		506		15,241
NetApp, Inc.		3,330		254,412
New Relic, Inc. *		2,116		138,471
Nutanix, Inc. Class A *		2,183		61,233
NVIDIA Corp.		93,026		39,351,859
Oracle Corp.		24,466		2,913,656
Palantir Technologies, Inc. Class A *		73,291		1,123,551
Paychex, Inc.		12,473		1,395,355
Paycom Software, Inc.		2,020		648,905
Paycor HCM, Inc. *		1,065		25,209
Pegasystems, Inc.		1,787		88,099
Playtika Holding Corp. *		2,535		29,406
Procore Technologies, Inc. *		3,069		199,700
PTC, Inc. *		2,224		316,475
Pure Storage, Inc. Class A *		8,601		316,689
QUALCOMM, Inc.		38,086		4,533,757
RingCentral, Inc. Class A *		3,089		101,103
ROBLOX Corp. Class A *		17,960		723,788
Salesforce, Inc. *		27,940		5,902,604
SentinelOne, Inc. Class A *		986		14,889
ServiceNow, Inc. *		7,971		4,479,463
Smartsheet, Inc. Class A *		4,826		184,643
Snowflake, Inc. Class A *		12,128		2,134,285
Splunk, Inc. *		6,190		656,697
Synopsys, Inc. *		5,953		2,591,996
Teradata Corp. *		3,977		212,412
Teradyne, Inc.		5,079		565,445
Texas Instruments, Inc.		14,499		2,610,110
Twilio, Inc. Class A *		1,092		69,473
Tyler Technologies, Inc.*		1,231		512,675
UiPath, Inc. Class A *		11,268		186,711
Unity Software, Inc. *		4,429		192,307
Veeva Systems, Inc. Class A *		5,666		1,120,338
VMware, Inc. Class A *		8,419		1,209,726
Workday, Inc. Class A *		7,723		1,744,548
Zebra Technologies Corp. Class A *		360		106,499
ZoomInfo Technologies, Inc. *		6,307		160,135
Zscaler, Inc. *		3,332		487,472
				362,476,474
Utilities - 0.1%
AES Corp.		15,964		330,934
Vistra Corp.		4,272		112,140
				443,074
Total Common Stocks (Cost $660,163,675)				847,929,553
EXCHANGE-TRADED FUNDS - 1.4%
iShares Russell 1000 Growth		45,361		12,482,440
Total Exchange-Traded Funds (Cost $12,330,390)				12,482,440

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.3%
Repurchase Agreements - 0.3%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $2,262,329; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $2,306,691)		$2,261,443		$2,261,443
Total Short-Term Investments (Cost $2,261,443)				2,261,443
TOTAL INVESTMENTS - 100.0% (Cost $674,755,508)				862,673,436
DERIVATIVES - 0.0%				23,137
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(255,582	)
NET ASSETS - 100.0%				$862,440,991

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	42.0%
Communications	18.1%
Consumer, Non-Cyclical	15.3%
Consumer, Cyclical	11.5%
Financial	6.0%
Industrial	4.1%
Others (each less than 3.0%)	3.0%
	100.0%
Derivatives	0.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Nasdaq 100 E-Mini Index		09/23		5		$1,521,610		$1,533,700		$12,090
S&P 500 E-Mini Index		09/23		4		886,603		897,650		11,047
Total Futures Contracts										$23,137

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-236

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(c) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$847,929,553		$847,929,553		$-		$-
	Exchange-Traded Funds		12,482,440		12,482,440		-		-
	Short-Term Investments		2,261,443		-		2,261,443		-
	Derivatives:
	Equity Contracts
	Futures		23,137		23,137		-		-
	Total		$862,696,573		$860,435,130		$2,261,443		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-237

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Basic Materials - 3.8%
Air Products & Chemicals, Inc.		11,174		$3,346,948
Albemarle Corp.		5,896		1,315,339
Alcoa Corp.		9,183		311,579
Ashland, Inc.		2,408		209,279
Axalta Coating Systems Ltd. *		9,946		326,328
Celanese Corp.		4,976		576,221
CF Industries Holdings, Inc.		9,844		683,371
Chemours Co.		7,482		276,011
Cleveland-Cliffs, Inc. *		26,545		444,894
Dow, Inc.		35,648		1,898,613
DuPont de Nemours, Inc.		23,125		1,652,050
Eastman Chemical Co.		5,852		489,929
Ecolab, Inc.		2,778		518,625
Element Solutions, Inc.		11,900		228,480
FMC Corp.		5,350		558,219
Freeport-McMoRan, Inc.		71,971		2,878,840
Huntsman Corp.		9,469		255,852
International Flavors & Fragrances, Inc.		12,816		1,020,025
International Paper Co.		17,436		554,639
Linde PLC		22,397		8,535,049
LyondellBasell Industries NV Class A		12,967		1,190,760
Mosaic Co.		16,662		583,170
MP Materials Corp. *		5,235		119,777
NewMarket Corp.		317		127,472
Newmont Corp.		40,082		1,709,898
Nucor Corp.		12,680		2,079,266
Olin Corp.		6,445		331,209
PPG Industries, Inc.		8,854		1,313,048
Reliance Steel & Aluminum Co.		2,919		792,771
Royal Gold, Inc.		3,209		368,329
RPM International, Inc.		5,179		464,712
Sherwin-Williams Co.		2,001		531,306
SSR Mining, Inc. (Canada)		10,078		142,906
Steel Dynamics, Inc.		8,072		879,283
United States Steel Corp.		11,705		292,742
Valvoline, Inc.		6,375		239,126
Westlake Corp.		1,787		213,493
				37,459,559
Communications - 6.1%
AT&T, Inc.		360,772		5,754,313
Cable One, Inc.		264		173,469
CDW Corp.		395		72,483
Ciena Corp. *		7,654		325,218
Cisco Systems, Inc.		206,626		10,690,829
Comcast Corp. Class A		208,379		8,658,147
Corning, Inc.		38,306		1,342,242
DISH Network Corp. Class A *		12,609		83,093
DoorDash, Inc. Class A *		3,297		251,957
eBay, Inc.		25,247		1,128,288
Etsy, Inc. *		2,712		229,462
Expedia Group, Inc. *		1,938		211,998
F5, Inc. *		3,093		452,382
Fox Corp. Class A		15,154		515,236
Fox Corp. Class B		6,637		211,654
Frontier Communications Parent, Inc. *		12,722		237,138
GCI Liberty, Inc. (Escrow) * W ±		4,340		-
Gen Digital, Inc.		23,539		436,648
GoDaddy, Inc. Class A *		3,058		229,748
IAC, Inc. *		3,777		237,196
Interpublic Group of Cos., Inc.		19,410		748,838
Iridium Communications, Inc.		470		29,196
Juniper Networks, Inc.		15,681		491,286
Liberty Broadband Corp. Class A *		516		41,141
Liberty Broadband Corp. Class C *		4,649		372,431

	Shares		Value
Liberty Media Corp. - Liberty Formula One Class A *		1,224	$	82,767
Liberty Media Corp. - Liberty Formula One Class C *		9,764		735,034
Liberty Media Corp. - Liberty SiriusXM Class A *		3,738		122,644
Liberty Media Corp. - Liberty SiriusXM Class C *		7,730		253,003
Match Group, Inc. *		831		34,777
Motorola Solutions, Inc.		666		195,324
New York Times Co. Class A		8,436		332,210
News Corp. Class A		19,732		384,774
News Corp. Class B		5,501		108,480
Nexstar Media Group, Inc.		1,132		188,535
Okta, Inc. *		6,790		470,887
Omnicom Group, Inc.		9,935		945,315
Paramount Global Class A		114		2,116
Paramount Global Class B		29,961		476,680
Robinhood Markets, Inc. Class A *		33,418		333,512
Roku, Inc. *		5,435		347,623
Sirius XM Holdings, Inc.		32,782		148,502
T-Mobile US, Inc. *		27,368		3,801,415
TripAdvisor, Inc. *		4,343		71,616
Ubiquiti, Inc.		32		5,624
VeriSign, Inc. *		4,285		968,281
Verizon Communications, Inc.		212,066		7,886,735
Viasat, Inc. *		3,959		163,348
Walt Disney Co. *		92,152		8,227,331
Warner Bros Discovery, Inc. *		110,967		1,391,526
Wayfair, Inc. Class A *		2,691		174,942
Zillow Group, Inc. Class A *		2,529		124,427
Zillow Group, Inc. Class C *		7,820		393,033
				61,294,854
Consumer, Cyclical - 7.5%
Advance Auto Parts, Inc.		2,834		199,230
Alaska Air Group, Inc. *		6,499		345,617
Allison Transmission Holdings, Inc.		4,129		233,123
AMC Entertainment Holdings, Inc. Class A *		25,688		113,027
American Airlines Group, Inc. *		20,568		368,990
Aptiv PLC *		13,631		1,391,589
Aramark		11,500		495,075
AutoNation, Inc. *		1,533		252,347
AutoZone, Inc. *		153		381,484
Bath & Body Works, Inc.		11,885		445,687
Best Buy Co., Inc.		8,466		693,789
BJ’s Wholesale Club Holdings, Inc. *		4,379		275,921
BorgWarner, Inc.		11,498		562,367
Boyd Gaming Corp.		3,771		261,594
Brunswick Corp.		3,100		268,584
Caesars Entertainment, Inc. *		6,120		311,936
Capri Holdings Ltd. *		6,533		234,469
CarMax, Inc. *		7,250		606,825
Carnival Corp. *		50,679		954,286
Carter’s, Inc.		1,865		135,399
Casey’s General Stores, Inc.		1,605		391,427
Columbia Sportswear Co.		1,979		152,858
Core & Main, Inc. Class A *		4,267		133,728
Cummins, Inc.		7,141		1,750,688
Darden Restaurants, Inc.		3,240		541,339
Delta Air Lines, Inc. *		30,670		1,458,052
Dick’s Sporting Goods, Inc.		2,761		364,977
Dolby Laboratories, Inc. Class A		2,900		242,672
Dollar Tree, Inc. *		10,503		1,507,180
DR Horton, Inc.		15,672		1,907,126
Fastenal Co.		7,218		425,790
Ferguson PLC		9,831		1,546,515
Ford Motor Co.		197,689		2,991,035
Freshpet, Inc. *		1,666		109,639

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-238

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
GameStop Corp. Class A *		14,146	$	343,040
Gap, Inc.		9,067		80,968
General Motors Co.		69,867		2,694,071
Gentex Corp.		12,204		357,089
Genuine Parts Co.		7,063		1,195,271
Harley-Davidson, Inc.		6,988		246,047
Hasbro, Inc.		6,825		442,055
Hilton Worldwide Holdings, Inc.		7,018		1,021,470
Hyatt Hotels Corp. Class A		2,472		283,242
Kohl’s Corp.		5,646		130,140
Las Vegas Sands Corp. *		1,133		65,714
Lear Corp.		3,056		438,689
Leggett & Platt, Inc.		6,911		204,704
Lennar Corp. Class A		12,526		1,569,633
Lennar Corp. Class B		706		79,764
Lithia Motors, Inc.		1,344		408,724
Live Nation Entertainment, Inc. *		6,098		555,589
LKQ Corp.		12,986		756,694
Lowe’s Cos., Inc.		8,029		1,812,145
Lucid Group, Inc. *		37,502		258,389
Macy’s, Inc.		12,793		205,328
Madison Square Garden Sports Corp.		936		176,015
Marriott Vacations Worldwide Corp.		1,942		238,322
Mattel, Inc. *		17,719		346,229
McDonald’s Corp.		21,573		6,437,599
MGM Resorts International		15,100		663,192
MSC Industrial Direct Co., Inc. Class A		2,400		228,672
Newell Brands, Inc.		20,687		179,977
NIKE, Inc. Class B		27,984		3,088,594
Nordstrom, Inc.		5,743		117,559
Norwegian Cruise Line Holdings Ltd. *		16,151		351,607
NVR, Inc. *		136		863,684
O’Reilly Automotive, Inc. *		467		446,125
Ollie’s Bargain Outlet Holdings, Inc. *		2,106		122,001
PACCAR, Inc.		25,824		2,160,178
Penn Entertainment, Inc. *		8,075		194,042
Penske Automotive Group, Inc.		1,011		168,463
Petco Health & Wellness Co., Inc. *		4,181		37,211
Planet Fitness, Inc. Class A *		2,244		151,335
Polaris, Inc.		2,475		299,302
PulteGroup, Inc.		11,169		867,608
PVH Corp.		3,180		270,205
QuantumScape Corp. *		15,218		121,592
Ralph Lauren Corp.		2,106		259,670
RH *		617		203,357
Rivian Automotive, Inc. Class A *		26,997		449,770
Ross Stores, Inc.		1,133		127,043
Royal Caribbean Cruises Ltd. *		8,238		854,610
SiteOne Landscape Supply, Inc. *		1,517		253,885
Skechers USA, Inc. Class A *		5,971		314,433
Southwest Airlines Co.		29,928		1,083,693
Tapestry, Inc.		10,611		454,151
Tempur Sealy International, Inc.		6,694		268,229
Thor Industries, Inc.		2,488		257,508
Toll Brothers, Inc.		5,558		439,471
Travel & Leisure Co.		2,141		86,368
Under Armour, Inc. Class A *		9,235		66,677
Under Armour, Inc. Class C *		9,903		66,449
United Airlines Holdings, Inc. *		16,395		899,594
Univar Solutions, Inc. *		7,541		270,269
Vail Resorts, Inc.		1,814		456,693
VF Corp.		18,161		346,693
Victoria’s Secret, Inc. *		948		16,524
Walgreens Boots Alliance, Inc.		36,077		1,027,834
Walmart, Inc.		71,928		11,305,643
Watsco, Inc.		1,255		478,745
WESCO International, Inc.		2,227		398,767
Whirlpool Corp.		2,798		416,314
Williams-Sonoma, Inc.		2,857		357,525
Wyndham Hotels & Resorts, Inc.		3,931		269,549

	Shares		Value
Wynn Resorts Ltd.		4,732	$	499,746
Yum! Brands, Inc.		1,723		238,722
				74,900,575
Consumer, Non-Cyclical - 24.3%
Abbott Laboratories		81,737		8,910,968
Acadia Healthcare Co., Inc. *		4,626		368,415
ADT, Inc.		13,022		78,523
Affirm Holdings, Inc. *		10,454		160,260
agilon health, Inc. *		1,043		18,086
Albertsons Cos., Inc. Class A		19,166		418,202
Alnylam Pharmaceuticals, Inc. *		1,228		233,246
Altria Group, Inc.		90,004		4,077,181
Amedisys, Inc. *		1,500		137,160
Amgen, Inc.		8,614		1,912,480
Archer-Daniels-Midland Co.		27,322		2,064,450
Automatic Data Processing, Inc.		2,959		650,359
Avantor, Inc. *		33,972		697,785
Avery Dennison Corp.		2,728		468,670
Avis Budget Group, Inc. *		675		154,352
Azenta, Inc. *		3,427		159,972
Baxter International, Inc.		25,458		1,159,866
Becton Dickinson & Co.		14,280		3,770,063
Bio-Rad Laboratories, Inc. Class A *		1,032		391,252
Bio-Techne Corp.		447		36,489
Biogen, Inc. *		7,256		2,066,872
BioMarin Pharmaceutical, Inc. *		8,310		720,311
Block, Inc. *		17,149		1,141,609
Boston Scientific Corp. *		72,347		3,913,249
Bright Horizons Family Solutions, Inc. *		2,532		234,083
Bristol-Myers Squibb Co.		105,932		6,774,351
Brown-Forman Corp. Class A		431		29,338
Brown-Forman Corp. Class B		1,907		127,349
Bunge Ltd.		7,519		709,418
Campbell Soup Co.		9,437		431,365
Cardinal Health, Inc.		6,340		599,574
Catalent, Inc. *		9,054		392,581
Centene Corp. *		27,616		1,862,699
Certara, Inc. *		3,835		69,835
Charles River Laboratories International, Inc. *		2,555		537,189
Chemed Corp.		210		113,751
Church & Dwight Co., Inc.		1,279		128,194
Cigna Group		13,623		3,822,614
Cintas Corp.		480		238,598
Clarivate PLC *		25,602		243,987
Coca-Cola Co.		98,917		5,956,782
Colgate-Palmolive Co.		41,351		3,185,681
Conagra Brands, Inc.		24,456		824,656
Constellation Brands, Inc. Class A		6,935		1,706,912
Cooper Cos., Inc.		2,445		937,486
Corteva, Inc.		35,931		2,058,846
CoStar Group, Inc. *		11,605		1,032,845
Coty, Inc. Class A *		18,355		225,583
CVS Health Corp.		64,525		4,460,613
Danaher Corp.		33,166		7,959,840
Darling Ingredients, Inc. *		7,738		493,607
Dentsply Sirona, Inc.		10,507		420,490
Driven Brands Holdings, Inc. *		2,917		78,934
Dun & Bradstreet Holdings, Inc.		14,117		163,334
Elanco Animal Health, Inc. *		24,180		243,251
Elevance Health, Inc.		10,357		4,601,511
Encompass Health Corp.		4,632		313,633
Enovis Corp. *		2,526		161,967
Envista Holdings Corp. *		8,651		292,750
Equifax, Inc.		1,890		444,717
Estee Lauder Cos., Inc. Class A		7,933		1,557,883
Euronet Worldwide, Inc. *		1,193		140,022
Exact Sciences Corp. *		5,870		551,193
Exelixis, Inc. *		4,230		80,835

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-239

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
FleetCor Technologies, Inc. *		253	$	63,523
Flowers Foods, Inc.		9,736		242,232
FTI Consulting, Inc. *		1,365		259,623
GE HealthCare Technologies, Inc. *		18,147		1,474,262
General Mills, Inc.		29,592		2,269,706
Gilead Sciences, Inc.		62,983		4,854,100
Ginkgo Bioworks Holdings, Inc. *		70,244		130,654
Global Payments, Inc.		13,176		1,298,099
Globus Medical, Inc. Class A *		3,872		230,539
Grand Canyon Education, Inc. *		1,097		113,221
Grocery Outlet Holding Corp. *		3,952		120,971
GXO Logistics, Inc. *		5,890		370,010
H&R Block, Inc.		2,690		85,730
HCA Healthcare, Inc.		8,170		2,479,432
Henry Schein, Inc. *		6,561		532,097
Hershey Co.		1,914		477,926
Hertz Global Holdings, Inc. *		6,768		124,463
Hologic, Inc. *		12,235		990,668
Horizon Therapeutics PLC *		1,308		134,528
Hormel Foods Corp.		14,894		599,037
Humana, Inc.		3,562		1,592,677
ICON PLC *		3,492		873,698
ICU Medical, Inc. *		1,018		181,397
Illumina, Inc. *		5,590		1,048,069
Incyte Corp. *		2,431		151,330
Ingredion, Inc.		3,405		360,760
Integra LifeSciences Holdings Corp. *		3,774		155,225
Ionis Pharmaceuticals, Inc. *		1,095		44,928
IQVIA Holdings, Inc. *		678		152,394
J M Smucker Co.		5,139		758,876
Jazz Pharmaceuticals PLC *		1,481		183,600
Johnson & Johnson		131,079		21,696,196
Karuna Therapeutics, Inc. *		190		41,201
Kellogg Co.		13,084		881,862
Keurig Dr Pepper, Inc.		48,011		1,501,304
Kimberly-Clark Corp.		1,001		138,198
Kraft Heinz Co.		40,462		1,436,401
Kroger Co.		32,865		1,544,655
Laboratory Corp. of America Holdings		4,455		1,075,125
Lamb Weston Holdings, Inc.		410		47,129
ManpowerGroup, Inc.		2,393		190,004
Maravai LifeSciences Holdings, Inc. Class A *		2,328		28,937
McCormick & Co., Inc.		12,655		1,103,896
McKesson Corp.		4,273		1,825,896
Medtronic PLC		66,932		5,896,709
Merck & Co., Inc.		104,448		12,052,255
Mirati Therapeutics, Inc. *		2,008		72,549
Mister Car Wash, Inc. *		1,318		12,719
Moderna, Inc. *		16,940		2,058,210
Molina Healthcare, Inc. *		1,326		399,444
Molson Coors Beverage Co. Class B		8,658		570,043
Mondelez International, Inc. Class A		68,525		4,998,213
Moody’s Corp.		704		244,795
Organon & Co.		13,446		279,811
PayPal Holdings, Inc. *		5,318		354,870
PepsiCo, Inc.		21,451		3,973,154
Performance Food Group Co. *		4,088		246,261
Perrigo Co. PLC		6,638		225,360
Pfizer, Inc.		284,734		10,444,043
Philip Morris International, Inc.		78,203		7,634,177
Pilgrim’s Pride Corp. *		1,067		22,930
Post Holdings, Inc. *		2,699		233,868
Premier, Inc. Class A		6,503		179,873
Procter & Gamble Co.		96,333		14,617,569
QIAGEN NV *		11,783		530,588
Quanta Services, Inc.		5,335		1,048,061
Quest Diagnostics, Inc.		5,747		807,798
QuidelOrtho Corp. *		2,610		216,265
R1 RCM, Inc. *		7,695		141,973

	Shares		Value
RB Global, Inc. (Canada)		2,149	$	128,940
Regeneron Pharmaceuticals, Inc. *		4,866		3,496,416
Repligen Corp. *		1,560		220,678
Revvity, Inc.		6,334		752,416
Reynolds Consumer Products, Inc.		2,762		78,026
Robert Half International, Inc.		5,294		398,215
Royalty Pharma PLC Class A		18,400		565,616
S&P Global, Inc.		14,824		5,942,793
Seaboard Corp.		11		39,168
Service Corp. International		4,764		307,707
Spectrum Brands Holdings, Inc.		1,866		145,641
STERIS PLC		4,995		1,123,775
Stryker Corp.		13,354		4,074,172
Syneos Health, Inc. *		5,192		218,791
Tandem Diabetes Care, Inc. *		2,805		68,835
Teladoc Health, Inc. *		7,906		200,180
Teleflex, Inc.		2,437		589,827
Tenet Healthcare Corp. *		5,081		413,492
Thermo Fisher Scientific, Inc.		7,465		3,894,864
TransUnion		9,723		761,603
Tyson Foods, Inc. Class A		13,807		704,709
U-Haul Holding Co.		2,907		149,172
United Rentals, Inc.		2,747		1,223,431
United Therapeutics Corp. *		2,317		511,478
UnitedHealth Group, Inc.		7,448		3,579,807
Universal Health Services, Inc. Class B		3,028		477,728
US Foods Holding Corp. *		11,406		501,864
Vertex Pharmaceuticals, Inc. *		1,103		388,157
Viatris, Inc.		60,110		599,898
WEX, Inc. *		1,166		212,294
WillScot Mobile Mini Holdings Corp. *		7,405		353,885
Zimmer Biomet Holdings, Inc.		10,576		1,539,866
				242,707,678
Energy - 7.9%
Antero Midstream Corp.		11,365		131,834
Antero Resources Corp. *		14,234		327,809
APA Corp.		1,781		60,857
Baker Hughes Co.		51,023		1,612,837
Chesapeake Energy Corp.		6,291		526,431
Chevron Corp.		87,139		13,711,322
ConocoPhillips		61,100		6,330,571
Coterra Energy, Inc.		38,127		964,613
Devon Energy Corp.		32,281		1,560,463
Diamondback Energy, Inc.		9,124		1,198,529
DTE Midstream LLC *		5,034		249,535
EOG Resources, Inc.		29,612		3,388,797
EQT Corp.		18,151		746,551
Exxon Mobil Corp.		204,698		21,953,860
First Solar, Inc. *		5,359		1,018,692
Halliburton Co.		36,153		1,192,687
Hess Corp.		6,187		841,123
HF Sinclair Corp.		7,007		312,582
Kinder Morgan, Inc.		98,790		1,701,164
Marathon Oil Corp.		31,295		720,411
Marathon Petroleum Corp.		22,237		2,592,834
NOV, Inc.		20,499		328,804
Occidental Petroleum Corp.		35,141		2,066,291
ONEOK, Inc.		21,271		1,312,846
Ovintiv, Inc.		6,802		258,952
PDC Energy, Inc.		4,364		310,455
Phillips 66		23,212		2,213,961
Pioneer Natural Resources Co.		11,726		2,429,393
Plug Power, Inc. *		26,150		271,698
Range Resources Corp.		11,784		346,450
Schlumberger NV		71,787		3,526,177
Southwestern Energy Co. *		53,662		322,509
Sunrun, Inc. *		10,140		181,100
TechnipFMC PLC * (United Kingdom)		22,097		367,252
Valero Energy Corp.		18,159		2,130,051

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-240

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Williams Cos., Inc.		61,344	$	2,001,655
				79,211,096
Financial - 22.8%
Affiliated Managers Group, Inc.		1,826		273,699
Aflac, Inc.		30,316		2,116,057
AGNC Investment Corp. REIT		29,635		300,203
Agree Realty Corp. REIT		4,479		292,882
Air Lease Corp.		4,953		207,283
Alexandria Real Estate Equities, Inc. REIT		8,637		980,213
Allstate Corp.		13,210		1,440,418
Ally Financial, Inc.		13,621		367,903
American Express Co.		20,034		3,489,923
American Financial Group, Inc.		3,495		415,031
American Homes 4 Rent Class A REIT		16,815		596,092
American International Group, Inc.		36,956		2,126,448
Americold Realty Trust, Inc. REIT		13,962		450,973
Annaly Capital Management, Inc. REIT		24,280		485,843
Aon PLC Class A		10,187		3,516,552
Apartment Income REIT Corp.		7,146		257,899
Arch Capital Group Ltd. *		15,472		1,158,079
Arthur J Gallagher & Co.		10,068		2,210,631
Assurant, Inc.		2,662		334,667
Assured Guaranty Ltd.		2,613		145,805
AvalonBay Communities, Inc. REIT		7,037		1,331,893
Axis Capital Holdings Ltd.		4,042		217,581
Bank of America Corp.		351,006		10,070,362
Bank of New York Mellon Corp.		39,800		1,771,896
Bank OZK		5,411		217,306
Berkshire Hathaway, Inc. Class B *		92,278		31,466,798
BlackRock, Inc.		7,491		5,177,330
Blue Owl Capital, Inc.		19,141		222,993
BOK Financial Corp.		1,332		107,599
Boston Properties, Inc. REIT		8,142		468,898
Brighthouse Financial, Inc. *		3,012		142,618
Brixmor Property Group, Inc. REIT		14,528		319,616
Brown & Brown, Inc.		7,282		501,293
Camden Property Trust REIT		5,224		568,737
Capital One Financial Corp.		19,095		2,088,420
Carlyle Group, Inc.		10,754		343,590
Cboe Global Markets, Inc.		5,287		729,659
CBRE Group, Inc. Class A *		15,601		1,259,157
Charles Schwab Corp.		74,684		4,233,089
Chubb Ltd.		20,770		3,999,471
Cincinnati Financial Corp.		7,635		743,038
Citigroup, Inc.		98,006		4,512,196
Citizens Financial Group, Inc.		24,303		633,822
CME Group, Inc.		18,091		3,352,081
CNA Financial Corp.		1,353		52,253
Coinbase Global, Inc. Class A *		8,295		593,507
Columbia Banking System, Inc.		10,968		222,431
Comerica, Inc.		6,839		289,700
Commerce Bancshares, Inc.		5,905		287,574
Cousins Properties, Inc. REIT		7,980		181,944
Credit Acceptance Corp. *		281		142,728
Crown Castle, Inc. REIT		19,485		2,220,121
CubeSmart REIT		11,611		518,547
Cullen/Frost Bankers, Inc.		3,037		326,569
Digital Realty Trust, Inc. REIT		14,562		1,658,175
Discover Financial Services		12,765		1,491,590
East West Bancorp, Inc.		6,800		358,972
EastGroup Properties, Inc. REIT		2,137		370,983
EPR Properties REIT		4,046		189,353
Equinix, Inc. REIT		2,342		1,835,988
Equity LifeStyle Properties, Inc. REIT		6,019		402,611
Equity Residential REIT		18,714		1,234,563
Essex Property Trust, Inc. REIT		3,214		753,040
Evercore, Inc. Class A		1,715		211,957
Everest Re Group Ltd.		1,843		630,048
Extra Space Storage, Inc. REIT		6,317		940,285

	Shares		Value
Federal Realty Investment Trust REIT		4,169	$	403,434
Fidelity National Financial, Inc.		13,493		485,748
Fifth Third Bancorp		34,259		897,928
First American Financial Corp.		4,796		273,468
First Citizens BancShares, Inc. Class A		487		625,040
First Hawaiian, Inc.		7,045		126,880
First Horizon Corp.		27,488		309,790
First Industrial Realty Trust, Inc. REIT		6,849		360,531
FNB Corp.		18,590		212,670
Franklin Resources, Inc.		14,822		395,896
Gaming & Leisure Properties, Inc. REIT		12,683		614,618
Globe Life, Inc.		4,645		509,185
Goldman Sachs Group, Inc.		16,269		5,247,403
Hanover Insurance Group, Inc.		1,839		207,862
Hartford Financial Services Group, Inc.		15,336		1,104,499
Healthcare Realty Trust, Inc. REIT		19,695		371,448
Healthpeak Properties, Inc. REIT		26,953		541,755
Highwoods Properties, Inc. REIT		4,691		112,162
Host Hotels & Resorts, Inc. REIT		35,031		589,572
Houlihan Lokey, Inc.		2,317		227,784
Howard Hughes Corp. *		1,869		147,501
Huntington Bancshares, Inc.		71,859		774,640
Interactive Brokers Group, Inc. Class A		4,823		400,647
Intercontinental Exchange, Inc.		27,922		3,157,420
Invesco Ltd.		19,396		326,047
Invitation Homes, Inc. REIT		30,778		1,058,763
Iron Mountain, Inc. REIT		7,364		418,423
Janus Henderson Group PLC		6,375		173,719
Jefferies Financial Group, Inc.		10,540		349,612
Jones Lang LaSalle, Inc. *		2,480		386,384
JPMorgan Chase & Co.		147,330		21,427,675
Kemper Corp.		3,299		159,210
KeyCorp		48,274		446,052
Kilroy Realty Corp. REIT		5,709		171,784
Kimco Realty Corp. REIT		31,377		618,754
KKR & Co., Inc.		24,528		1,373,568
Lamar Advertising Co. Class A REIT		1,002		99,449
Lazard Ltd. Class A		5,601		179,232
Life Storage, Inc. REIT		4,370		581,035
Lincoln National Corp.		7,517		193,638
Loews Corp.		9,530		565,891
M&T Bank Corp.		8,329		1,030,797
Markel Group, Inc. *		662		915,665
Marsh & McLennan Cos., Inc.		4,963		933,441
Medical Properties Trust, Inc. REIT		28,477		263,697
MetLife, Inc.		32,581		1,841,804
MGIC Investment Corp.		14,368		226,871
Mid-America Apartment Communities, Inc. REIT		5,965		905,845
Morgan Stanley		60,584		5,173,874
Nasdaq, Inc.		17,199		857,370
National Storage Affiliates Trust REIT		3,750		130,613
New York Community Bancorp, Inc.		34,768		390,792
NNN REIT, Inc. REIT		9,401		402,269
Northern Trust Corp.		10,284		762,456
NU Holdings Ltd. Class A * (Brazil)		36,590		288,695
Old Republic International Corp.		13,324		335,365
Omega Healthcare Investors, Inc. REIT		12,207		374,633
OneMain Holdings, Inc.		5,592		244,314
Park Hotels & Resorts, Inc. REIT		10,959		140,494
Pinnacle Financial Partners, Inc.		3,620		205,073
PNC Financial Services Group, Inc.		20,065		2,527,187
Popular, Inc.		3,708		224,408
Primerica, Inc.		641		126,764
Principal Financial Group, Inc.		12,174		923,276
Progressive Corp.		7,392		978,479
Prologis, Inc. REIT		46,488		5,700,823
Prosperity Bancshares, Inc.		4,548		256,871
Prudential Financial, Inc.		18,488		1,631,011
Public Storage REIT		3,307		965,247

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-241

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Raymond James Financial, Inc.		9,841	$	1,021,201
Rayonier, Inc. REIT		7,907		248,280
Realty Income Corp. REIT		33,294		1,990,648
Regency Centers Corp. REIT		8,424		520,351
Regions Financial Corp.		46,941		836,489
Reinsurance Group of America, Inc.		3,471		481,393
RenaissanceRe Holdings Ltd. (Bermuda)		1,817		338,907
Rexford Industrial Realty, Inc. REIT		10,156		530,346
Rithm Capital Corp. REIT		23,318		218,023
RLI Corp.		1,577		215,213
Rocket Cos., Inc. Class A *		3,602		32,274
SBA Communications Corp. REIT		4,862		1,126,817
SEI Investments Co.		5,342		318,490
Simon Property Group, Inc. REIT		12,780		1,475,834
SLM Corp.		7,354		120,017
SoFi Technologies, Inc. *		46,175		385,100
Spirit Realty Capital, Inc. REIT		7,228		284,639
STAG Industrial, Inc. REIT		9,038		324,283
Starwood Property Trust, Inc. REIT		14,206		275,596
State Street Corp.		16,808		1,230,009
Stifel Financial Corp.		5,027		299,961
Sun Communities, Inc. REIT		4,839		631,296
Synchrony Financial		21,484		728,737
Synovus Financial Corp.		7,677		232,229
T Rowe Price Group, Inc.		11,108		1,244,318
TFS Financial Corp.		3,338		41,959
TPG, Inc.		2,293		67,093
Tradeweb Markets, Inc. Class A		3,773		258,375
Travelers Cos., Inc.		11,613		2,016,714
Truist Financial Corp.		66,818		2,027,926
UDR, Inc. REIT		15,595		669,961
Unum Group		10,293		490,976
US Bancorp		77,211		2,551,051
UWM Holdings Corp.		2,320		12,992
Ventas, Inc. REIT		20,105		950,363
VICI Properties, Inc. REIT		50,559		1,589,069
Virtu Financial, Inc. Class A		5,096		87,091
Vornado Realty Trust REIT		8,797		159,578
Voya Financial, Inc.		5,056		362,566
W R Berkley Corp.		10,695		636,994
Webster Financial Corp.		8,977		338,882
Wells Fargo & Co.		190,457		8,128,705
Welltower, Inc. REIT		25,029		2,024,596
Western Alliance Bancorp		5,441		198,433
Western Union Co.		11,397		133,687
Weyerhaeuser Co. REIT		36,884		1,235,983
White Mountains Insurance Group Ltd.		133		184,725
Willis Towers Watson PLC		4,697		1,106,144
Wintrust Financial Corp.		2,827		205,297
WP Carey, Inc. REIT		10,796		729,378
XP, Inc. Class A * (Brazil)		15,333		359,712
Zions Bancorp NA		7,044		189,202
				227,812,137
Industrial - 12.5%
3M Co.		27,704		2,772,893
Acuity Brands, Inc.		1,707		278,378
AECOM		6,423		543,964
AGCO Corp.		3,150		413,973
Agilent Technologies, Inc.		2,781		334,415
Allegion PLC		331		39,727
Amcor PLC		73,854		737,063
AMETEK, Inc.		11,584		1,875,218
Amphenol Corp. Class A		14,597		1,240,015
AO Smith Corp.		5,517		401,527
AptarGroup, Inc.		3,201		370,868
Ardagh Group SA * W		291		1,711
Armstrong World Industries, Inc.		1,595		117,169
Arrow Electronics, Inc. *		2,721		389,729
Avnet, Inc.		4,724		238,326

	Shares		Value
AZEK Co., Inc. *		5,437	$	164,687
Ball Corp.		15,513		903,012
Berry Global Group, Inc.		6,113		393,310
Boeing Co. *		24,277		5,126,331
Builders FirstSource, Inc. *		6,411		871,896
BWX Technologies, Inc.		3,810		272,682
Carlisle Cos., Inc.		2,551		654,408
Carrier Global Corp.		41,964		2,086,030
Caterpillar, Inc.		6,506		1,600,801
CH Robinson Worldwide, Inc.		1,279		120,674
Clean Harbors, Inc. *		2,648		435,411
CNH Industrial NV (United Kingdom)		49,209		708,610
Cognex Corp.		8,695		487,094
Coherent Corp. *		5,999		305,829
Crane Co.		2,469		220,037
Crown Holdings, Inc.		5,340		463,886
CSX Corp.		90,932		3,100,781
Curtiss-Wright Corp.		1,989		365,300
Deere & Co.		893		361,835
Donaldson Co., Inc.		3,565		222,848
Dover Corp.		7,024		1,037,094
Eagle Materials, Inc.		614		114,462
Eaton Corp. PLC		20,066		4,035,273
EMCOR Group, Inc.		1,543		285,116
Emerson Electric Co.		28,755		2,599,164
Esab Corp.		2,669		177,595
Expeditors International of Washington, Inc.		6,698		811,329
FedEx Corp.		11,684		2,896,464
Flowserve Corp.		7,016		260,644
Fortive Corp.		17,810		1,331,654
Fortune Brands Innovations, Inc.		6,363		457,818
Garmin Ltd.		7,734		806,579
Gates Industrial Corp. PLC *		5,996		80,826
Generac Holdings, Inc. *		3,061		456,487
General Dynamics Corp.		12,332		2,653,230
General Electric Co.		54,631		6,001,215
Graco, Inc.		4,972		429,332
Graphic Packaging Holding Co.		7,127		171,262
Hayward Holdings, Inc. *		4,006		51,477
HEICO Corp.		131		23,179
HEICO Corp. Class A		230		32,338
Hexcel Corp.		4,353		330,915
Honeywell International, Inc.		29,222		6,063,565
Howmet Aerospace, Inc.		19,099		946,546
Hubbell, Inc.		1,467		486,399
Huntington Ingalls Industries, Inc.		1,973		449,055
IDEX Corp.		3,498		752,979
Illinois Tool Works, Inc.		2,827		707,202
Ingersoll Rand, Inc.		20,383		1,332,233
ITT, Inc.		4,336		404,159
Jabil, Inc.		2,422		261,406
Jacobs Solutions, Inc.		6,290		747,818
JB Hunt Transport Services, Inc.		3,328		602,468
Johnson Controls International PLC		34,608		2,358,189
Keysight Technologies, Inc. *		6,649		1,113,375
Kirby Corp. *		3,101		238,622
Knight-Swift Transportation Holdings, Inc.		8,104		450,258
L3Harris Technologies, Inc.		9,527		1,865,101
Landstar System, Inc.		367		70,662
Lennox International, Inc.		1,659		540,950
Lincoln Electric Holdings, Inc.		183		36,349
Littelfuse, Inc.		1,183		344,620
Louisiana-Pacific Corp.		3,060		229,439
Martin Marietta Materials, Inc.		3,109		1,435,394
Masco Corp.		11,095		636,631
MasTec, Inc. *		3,247		383,049
MDU Resources Group, Inc.		10,492		219,702
Mercury Systems, Inc. *		2,521		87,201
Middleby Corp. *		2,586		382,288
Mohawk Industries, Inc. *		2,767		285,444

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-242

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
MSA Safety, Inc.		1,541	$	268,072
National Instruments Corp.		1,438		82,541
Nordson Corp.		2,879		714,510
Norfolk Southern Corp.		11,447		2,595,722
Northrop Grumman Corp.		6,802		3,100,352
nVent Electric PLC		8,581		443,380
Old Dominion Freight Line, Inc.		343		126,824
Oshkosh Corp.		3,411		295,359
Otis Worldwide Corp.		19,593		1,743,973
Owens Corning		4,520		589,860
Packaging Corp. of America		4,455		588,773
Parker-Hannifin Corp.		6,437		2,510,687
Pentair PLC		8,070		521,322
Raytheon Technologies Corp.		73,638		7,213,578
RBC Bearings, Inc. *		1,423		309,460
Regal Rexnord Corp.		3,382		520,490
Republic Services, Inc.		10,403		1,593,428
Ryder System, Inc.		2,328		197,391
Saia, Inc. *		1,190		407,468
Schneider National, Inc. Class B		2,847		81,766
Sealed Air Corp.		3,234		129,360
Sensata Technologies Holding PLC		7,854		353,351
Silgan Holdings, Inc.		4,415		207,019
Snap-on, Inc.		2,620		755,058
Sonoco Products Co.		5,054		298,287
Spirit AeroSystems Holdings, Inc. Class A		4,719		137,748
Stanley Black & Decker, Inc.		7,671		718,849
Stericycle, Inc. *		4,762		221,147
TD SYNNEX Corp.		2,092		196,648
Teledyne Technologies, Inc. *		2,333		959,120
Tetra Tech, Inc.		2,185		357,772
Textron, Inc.		10,139		685,701
Timken Co.		3,242		296,740
TopBuild Corp. *		1,491		396,636
Trane Technologies PLC		8,086		1,546,528
TransDigm Group, Inc.		2,194		1,961,809
Trimble, Inc. *		12,228		647,350
Union Pacific Corp.		17,570		3,595,173
United Parcel Service, Inc. Class B		26,384		4,729,332
Universal Display Corp.		1,289		185,784
Valmont Industries, Inc.		940		273,587
Vertiv Holdings Co.		15,131		374,795
Vontier Corp.		5,186		167,041
Vulcan Materials Co.		5,204		1,173,190
Waste Management, Inc.		2,070		358,979
Westinghouse Air Brake Technologies Corp.		8,979		984,727
Westrock Co.		13,166		382,736
Woodward, Inc.		3,076		365,767
XPO, Inc. *		5,734		338,306
Xylem, Inc.		10,521		1,184,875
				124,983,366
Technology - 8.1%
Activision Blizzard, Inc. *		39,263		3,309,871
Advanced Micro Devices, Inc. *		34,813		3,965,549
Akamai Technologies, Inc. *		7,727		694,425
Amdocs Ltd.		6,172		610,102
Analog Devices, Inc.		25,474		4,962,590
ANSYS, Inc. *		765		252,657
Applied Materials, Inc.		6,593		952,952
AppLovin Corp. Class A *		8,520		219,220
Aspen Technology, Inc. *		1,404		235,324
Bentley Systems, Inc. Class B		706		38,286
BILL Holdings, Inc. *		5,137		600,258
Black Knight, Inc. *		7,805		466,193
Broadridge Financial Solutions, Inc.		968		160,330
CACI International, Inc. Class A *		1,114		379,696
CCC Intelligent Solutions Holdings, Inc. *		10,125		113,501
Ceridian HCM Holding, Inc. *		6,787		454,525

	Shares		Value
Cirrus Logic, Inc. *		2,846	$	230,554
Cognizant Technology Solutions Corp. Class A		25,586		1,670,254
Concentrix Corp.		2,306		186,210
Crane NXT Co.		2,469		139,350
Doximity, Inc. Class A *		3,268		111,177
Dropbox, Inc. Class A *		1,160		30,937
DXC Technology Co. *		11,949		319,277
Electronic Arts, Inc.		13,798		1,789,601
Entegris, Inc.		7,127		789,814
Fidelity National Information Services, Inc.		29,817		1,630,990
Fiserv, Inc. *		22,494		2,837,618
Genpact Ltd.		6,777		254,612
GLOBALFOUNDRIES, Inc. *		3,948		254,962
Guidewire Software, Inc. *		4,257		323,873
HashiCorp, Inc. Class A *		1,477		38,668
Hewlett Packard Enterprise Co.		65,081		1,093,361
HP, Inc.		34,639		1,063,764
Informatica, Inc. Class A *		1,890		34,965
Intel Corp.		210,374		7,034,907
International Business Machines Corp.		45,787		6,126,758
IPG Photonics Corp. *		1,509		204,952
Jack Henry & Associates, Inc.		2,501		418,492
KBR, Inc.		4,330		281,710
Kyndryl Holdings, Inc. *		10,616		140,980
Lam Research Corp.		358		230,144
Leidos Holdings, Inc.		7,076		626,084
Lumentum Holdings, Inc. *		3,223		182,841
Marvell Technology, Inc.		43,046		2,573,290
Microchip Technology, Inc.		7,775		696,562
Micron Technology, Inc.		55,071		3,475,531
MKS Instruments, Inc.		3,341		361,162
MSCI, Inc.		1,958		918,870
nCino, Inc. *		3,329		100,269
NCR Corp. *		5,603		141,196
NetApp, Inc.		6,483		495,301
Nutanix, Inc. Class A *		8,753		245,522
ON Semiconductor Corp. *		21,717		2,053,994
Oracle Corp.		45,130		5,374,532
Paycor HCM, Inc. *		1,507		35,671
PTC, Inc. *		2,611		371,545
Pure Storage, Inc. Class A *		3,086		113,627
Qorvo, Inc. *		5,175		528,005
QUALCOMM, Inc.		7,196		856,612
Roper Technologies, Inc.		5,325		2,560,260
Salesforce, Inc. *		11,734		2,478,925
Science Applications International Corp.		2,621		294,810
SentinelOne, Inc. Class A *		8,204		123,880
Skyworks Solutions, Inc.		7,983		883,638
SS&C Technologies Holdings, Inc.		10,941		663,025
Take-Two Interactive Software, Inc. *		8,304		1,222,017
Teradyne, Inc.		1,311		145,954
Texas Instruments, Inc.		27,080		4,874,942
Twilio, Inc. Class A *		7,116		452,720
Tyler Technologies, Inc. *		511		212,816
UiPath, Inc. Class A *		4,406		73,007
Unity Software, Inc. *		8,768		380,707
Western Digital Corp. *		16,513		626,338
Wolfspeed, Inc. *		6,396		355,554
Zebra Technologies Corp. Class A *		2,113		625,089
Zoom Video Communications, Inc. Class A *		12,448		844,970
ZoomInfo Technologies, Inc. *		7,585		192,583
				80,815,258
Utilities - 5.1%
AES Corp.		13,082		271,190
Alliant Energy Corp.		12,476		654,740
Ameren Corp.		13,312		1,087,191
American Electric Power Co., Inc.		25,948		2,184,822

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-243

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
American Water Works Co., Inc.		9,784	$	1,396,666
Atmos Energy Corp.		7,349		854,983
Avangrid, Inc.		3,279		123,553
Brookfield Renewable Corp. Class A		6,805		214,494
CenterPoint Energy, Inc.		31,742		925,279
Clearway Energy, Inc. Class A		1,745		47,115
Clearway Energy, Inc. Class C		4,123		117,753
CMS Energy Corp.		14,561		855,459
Consolidated Edison, Inc.		17,477		1,579,921
Constellation Energy Corp.		16,502		1,510,758
Dominion Energy, Inc.		42,111		2,180,929
DTE Energy Co.		10,376		1,141,567
Duke Energy Corp.		38,840		3,485,502
Edison International		19,025		1,321,286
Entergy Corp.		10,548		1,027,059
Essential Utilities, Inc.		12,021		479,758
Evergy, Inc.		11,056		645,892
Eversource Energy		17,825		1,264,149
Exelon Corp.		50,076		2,040,096
FirstEnergy Corp.		27,349		1,063,329
Hawaiian Electric Industries, Inc.		5,387		195,009
IDACORP, Inc.		2,614		268,196
National Fuel Gas Co.		4,477		229,939
NextEra Energy, Inc.		102,012		7,569,290
NiSource, Inc.		21,094		576,921
NRG Energy, Inc.		10,920		408,299
OGE Energy Corp.		10,373		372,494
PG&E Corp. *		90,735		1,567,901
Pinnacle West Capital Corp.		5,864		477,681
PPL Corp.		37,170		983,518
Public Service Enterprise Group, Inc.		25,047		1,568,193
Sempra Energy		15,870		2,310,513
Southern Co.		54,908		3,857,287
UGI Corp.		10,875		293,299
Vistra Corp.		13,399		351,724
WEC Energy Group, Inc.		15,893		1,402,398
Xcel Energy, Inc.		27,750		1,725,217
				50,631,370
Total Common Stocks (Cost $869,665,183)				979,815,893
EXCHANGE-TRADED FUNDS - 1.4%
iShares Russell 1000 Value		89,309		14,095,639
Total Exchange-Traded Funds (Cost $13,482,153)				14,095,639

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 0.4%
Repurchase Agreements - 0.4%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $4,154,767; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $4,236,268)		$4,153,141	$	4,153,141
Total Short-Term Investments (Cost $4,153,141)				4,153,141
TOTAL INVESTMENTS - 99.9% (Cost $887,300,477)				998,064,673
DERIVATIVES - 0.0%				156,200
OTHER ASSETS & LIABILITIES, NET - 0.1%				524,826
NET ASSETS - 100.0%				$998,745,699

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.3%
Financial	22.8%
Industrial	12.5%
Technology	8.1%
Energy	7.9%
Consumer, Cyclical	7.5%
Communications	6.1%
Utilities	5.1%
Basic Materials	3.8%
Others (each less than 3.0%)	1.8%
	99.9%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Investments with a total aggregate value of $1,711 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/23		13		$2,850,529		$2,917,362		$66,833
S&P MID 400 E-Mini Index		09/23		9		2,290,323		2,379,690		89,367
Total Futures Contracts										$156,200

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-244

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$37,459,559		$37,459,559		$-		$-
	Communications		61,294,854		61,294,854		-		-
	Consumer, Cyclical		74,900,575		74,900,575		-		-
	Consumer, Non-Cyclical		242,707,678		242,707,678		-		-
	Energy		79,211,096		79,211,096		-		-
	Financial		227,812,137		227,812,137		-		-
	Industrial		124,983,366		124,981,655		1,711		-
	Technology		80,815,258		80,815,258		-		-
	Utilities		50,631,370		50,631,370		-		-
	Total Common Stocks		979,815,893		979,814,182		1,711		-
	Exchange-Traded Funds		14,095,639		14,095,639		-		-
	Short-Term Investments		4,153,141		-		4,153,141		-
	Derivatives:
	Equity Contracts
	Futures		156,200		156,200		-		-
	Total		$998,220,873		$994,066,021		$4,154,852		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-245

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.8%
Basic Materials - 3.7%
Albemarle Corp.		3,805		$848,857
Alcoa Corp.		5,708		193,672
Ashland, Inc.		1,632		141,837
Axalta Coating Systems Ltd. *		7,187		235,806
Celanese Corp.		3,219		372,760
CF Industries Holdings, Inc.		6,368		442,067
Chemours Co.		4,788		176,629
Cleveland-Cliffs, Inc. *		16,549		277,361
DuPont de Nemours, Inc.		14,937		1,067,099
Eastman Chemical Co.		3,894		326,006
Element Solutions, Inc.		7,338		140,890
FMC Corp.		4,113		429,150
Huntsman Corp.		5,686		153,636
International Flavors & Fragrances, Inc.		8,377		666,725
International Paper Co.		11,280		358,817
LyondellBasell Industries NV Class A		8,446		775,596
Mosaic Co.		10,779		377,265
MP Materials Corp. *		3,386		77,472
NewMarket Corp.		186		74,794
Nucor Corp.		8,203		1,345,128
Olin Corp.		4,205		216,095
PPG Industries, Inc.		7,647		1,134,050
Reliance Steel & Aluminum Co.		1,909		518,465
Royal Gold, Inc.		2,121		243,448
RPM International, Inc.		4,142		371,662
SSR Mining, Inc. (Canada)		6,705		95,077
Steel Dynamics, Inc.		5,233		570,031
United States Steel Corp.		7,281		182,098
Valvoline, Inc.		5,590		209,681
Westlake Corp.		1,074		128,311
				12,150,485
Communications - 5.2%
Cable One, Inc.		188		123,531
CDW Corp.		4,389		805,381
Ciena Corp. *		4,758		202,167
Corning, Inc.		24,780		868,291
Coupang, Inc. * (South Korea)		35,692		621,041
DISH Network Corp. Class A *		8,156		53,748
DoorDash, Inc. Class A *		9,829		751,132
eBay, Inc.		17,412		778,142
Etsy, Inc. *		3,996		338,102
Expedia Group, Inc. *		4,678		511,726
F5, Inc. *		1,941		283,891
FactSet Research Systems, Inc.		1,242		497,607
Fox Corp. Class A		9,486		322,524
Fox Corp. Class B		4,231		134,927
Frontier Communications Parent, Inc. *		7,972		148,598
GCI Liberty, Inc. (Escrow) * W ±		4,166		-
Gen Digital, Inc.		17,885		331,767
GoDaddy, Inc. Class A *		5,021		377,228
IAC, Inc. *		2,502		157,126
Interpublic Group of Cos., Inc.		12,457		480,591
Iridium Communications, Inc.		4,060		252,207
Juniper Networks, Inc.		10,391		325,550
Liberty Broadband Corp. Class A *		567		45,207
Liberty Broadband Corp. Class C *		3,793		303,857
Liberty Media Corp. - Liberty Formula One Class A *		669		45,238
Liberty Media Corp. - Liberty Formula One Class C *		6,316		475,468
Liberty Media Corp. - Liberty SiriusXM Class A *		2,443		80,155
Liberty Media Corp. - Liberty SiriusXM Class C *		5,038		164,894
Lyft, Inc. Class A *		10,611		101,759

	Shares		Value
Match Group, Inc. *		9,079	$	379,956
New York Times Co. Class A		5,286		208,163
News Corp. Class A		12,365		241,117
News Corp. Class B		3,852		75,961
Nexstar Media Group, Inc.		1,114		185,537
Okta, Inc. *		4,891		339,191
Omnicom Group, Inc.		6,427		611,529
Paramount Global Class A		512		9,503
Paramount Global Class B		18,629		296,387
Pinterest, Inc. Class A *		19,437		531,408
Robinhood Markets, Inc. Class A *		21,618		215,748
Roku, Inc. *		3,965		253,601
Sirius XM Holdings, Inc.		20,279		91,864
Spotify Technology SA *		4,601		738,691
Trade Desk, Inc. Class A *		14,423		1,113,744
TripAdvisor, Inc. *		3,324		54,813
Ubiquiti, Inc.		135		23,726
VeriSign, Inc. *		2,948		666,160
Viasat, Inc. *		2,364		97,539
Warner Bros Discovery, Inc. *		71,785		900,184
Wayfair, Inc. Class A *		2,567		166,881
World Wrestling Entertainment, Inc. Class A		1,401		151,966
Zillow Group, Inc. Class A *		1,834		90,233
Zillow Group, Inc. Class C *		5,138		258,236
				17,283,993
Consumer, Cyclical - 13.2%
Advance Auto Parts, Inc.		2,005		140,951
Alaska Air Group, Inc. *		4,100		218,038
Allison Transmission Holdings, Inc.		2,998		169,267
AMC Entertainment Holdings, Inc. Class A *		16,823		74,021
American Airlines Group, Inc. *		21,033		377,332
Aptiv PLC *		8,790		897,371
Aramark		7,692		331,141
AutoNation, Inc. *		992		163,293
Bath & Body Works, Inc.		7,462		279,825
Best Buy Co., Inc.		6,346		520,055
BJ’s Wholesale Club Holdings, Inc. *		4,326		272,581
BorgWarner, Inc.		7,601		371,765
Boyd Gaming Corp.		2,354		163,297
Brunswick Corp.		2,353		203,864
Burlington Stores, Inc. *		2,103		330,991
Caesars Entertainment, Inc. *		6,670		339,970
Capri Holdings Ltd. *		3,941		141,442
CarMax, Inc. *		5,175		433,147
Carnival Corp. *		32,006		602,673
Carter’s, Inc.		1,214		88,136
Casey’s General Stores, Inc.		1,211		295,339
Choice Hotels International, Inc.		1,047		123,043
Churchill Downs, Inc.		2,330		324,266
Columbia Sportswear Co.		1,172		90,525
Copart, Inc. *		14,010		1,277,852
Core & Main, Inc. Class A *		2,760		86,498
Crocs, Inc. *		1,981		222,744
Cummins, Inc.		4,633		1,135,826
Darden Restaurants, Inc.		3,932		656,959
Deckers Outdoor Corp. *		860		453,788
Delta Air Lines, Inc. *		21,039		1,000,194
Dick’s Sporting Goods, Inc.		1,957		258,696
Dolby Laboratories, Inc. Class A		1,927		161,251
Dollar Tree, Inc. *		6,791		974,508
Domino’s Pizza, Inc.		1,148		386,865
DR Horton, Inc.		10,139		1,233,815
DraftKings, Inc. Class A *		13,616		361,777
Fastenal Co.		18,604		1,097,450
Ferguson PLC		6,722		1,057,438
Five Below, Inc. *		1,775		348,858
Floor & Decor Holdings, Inc. Class A *		3,358		349,098
Freshpet, Inc. *		1,480		97,399
GameStop Corp. Class A *		8,821		213,909

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-246

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Gap, Inc.		6,332	$	56,545
Gentex Corp.		7,649		223,810
Genuine Parts Co.		4,563		772,196
Harley-Davidson, Inc.		4,266		150,206
Hasbro, Inc.		4,313		279,353
Hilton Worldwide Holdings, Inc.		8,377		1,219,272
Hyatt Hotels Corp. Class A		1,543		176,797
Kohl’s Corp.		3,579		82,496
Lear Corp.		1,912		274,468
Leggett & Platt, Inc.		4,331		128,284
Lennar Corp. Class A		8,103		1,015,387
Lennar Corp. Class B		482		54,456
Lithia Motors, Inc.		883		268,529
Live Nation Entertainment, Inc. *		5,102		464,843
LKQ Corp.		8,677		505,609
Lucid Group, Inc. *		24,260		167,151
Macy’s, Inc.		8,646		138,768
Madison Square Garden Sports Corp.		606		113,958
Marriott Vacations Worldwide Corp.		1,189		145,914
Mattel, Inc. *		11,442		223,577
MGM Resorts International		9,768		429,011
MSC Industrial Direct Co., Inc. Class A		1,504		143,301
Murphy USA, Inc.		643		200,044
Newell Brands, Inc.		12,288		106,906
Nordstrom, Inc.		3,642		74,552
Norwegian Cruise Line Holdings Ltd. *		13,701		298,271
NVR, Inc. *		95		603,309
Ollie’s Bargain Outlet Holdings, Inc. *		2,031		117,656
PACCAR, Inc.		16,698		1,396,788
Peloton Interactive, Inc. Class A *		10,032		77,146
Penn Entertainment, Inc. *		5,028		120,823
Penske Automotive Group, Inc.		654		108,976
Petco Health & Wellness Co., Inc. *		2,619		23,309
Planet Fitness, Inc. Class A *		2,717		183,234
Polaris, Inc.		1,792		216,707
Pool Corp.		1,237		463,430
PulteGroup, Inc.		7,225		561,238
PVH Corp.		2,071		175,973
QuantumScape Corp. *		9,686		77,391
Ralph Lauren Corp.		1,320		162,756
RH *		530		174,683
Rivian Automotive, Inc. Class A *		17,009		283,370
Ross Stores, Inc.		10,942		1,226,926
Royal Caribbean Cruises Ltd. *		7,624		790,914
Scotts Miracle-Gro Co.		1,314		82,375
SiteOne Landscape Supply, Inc. *		1,448		242,337
Skechers USA, Inc. Class A *		4,355		229,334
Southwest Airlines Co.		19,449		704,248
Tapestry, Inc.		7,688		329,046
Tempur Sealy International, Inc.		5,413		216,899
Texas Roadhouse, Inc.		2,177		244,434
Thor Industries, Inc.		1,680		173,880
Toll Brothers, Inc.		3,610		285,443
Tractor Supply Co.		3,568		788,885
Travel & Leisure Co.		2,359		95,162
Ulta Beauty, Inc. *		1,630		767,070
Under Armour, Inc. Class A *		6,133		44,280
Under Armour, Inc. Class C *		6,180		41,468
United Airlines Holdings, Inc. *		10,687		586,396
Univar Solutions, Inc. *		5,234		187,587
Vail Resorts, Inc.		1,312		330,309
VF Corp.		11,321		216,118
Victoria’s Secret, Inc. *		2,640		46,015
Walgreens Boots Alliance, Inc.		23,338		664,900
Watsco, Inc.		1,074		409,699
Wendy’s Co.		5,551		120,734
WESCO International, Inc.		1,453		260,174
Whirlpool Corp.		1,738		258,597
Williams-Sonoma, Inc.		2,122		265,547
Wingstop, Inc.		975		195,156

	Shares		Value
WW Grainger, Inc.		1,454	$	1,146,610
Wyndham Hotels & Resorts, Inc.		2,825		193,710
Wynn Resorts Ltd.		3,383		357,279
YETI Holdings, Inc. *		2,807		109,024
Yum! Brands, Inc.		9,135		1,265,654
				43,663,961
Consumer, Non-Cyclical - 19.1%
10X Genomics, Inc. Class A *		3,010		168,078
Acadia Healthcare Co., Inc. *		2,899		230,876
ADT, Inc.		6,803		41,022
Affirm Holdings, Inc. *		7,200		110,376
agilon health, Inc. *		8,872		153,841
Albertsons Cos., Inc. Class A		13,565		295,988
Align Technology, Inc. *		2,487		879,503
Alnylam Pharmaceuticals, Inc. *		4,040		767,358
Amedisys, Inc. *		1,041		95,189
AmerisourceBergen Corp.		5,266		1,013,336
Apellis Pharmaceuticals, Inc. *		3,247		295,802
Avantor, Inc. *		21,977		451,408
Avery Dennison Corp.		2,660		456,988
Avis Budget Group, Inc. *		665		152,066
Azenta, Inc. *		2,224		103,816
Baxter International, Inc.		16,469		750,328
Bio-Rad Laboratories, Inc. Class A *		684		259,318
Bio-Techne Corp.		5,080		414,680
Biogen, Inc. *		4,712		1,342,213
BioMarin Pharmaceutical, Inc. *		6,053		524,674
Block, Inc. *		17,665		1,175,959
Booz Allen Hamilton Holding Corp.		4,195		468,162
Boston Beer Co., Inc. Class A *		307		94,691
Bright Horizons Family Solutions, Inc. *		1,878		173,621
Brown-Forman Corp. Class A		1,481		100,812
Brown-Forman Corp. Class B		5,975		399,011
Bruker Corp.		3,458		255,615
Bunge Ltd.		4,864		458,918
Campbell Soup Co.		6,229		284,728
Cardinal Health, Inc.		8,468		800,819
Catalent, Inc. *		5,971		258,903
Celsius Holdings, Inc. *		1,771		264,216
Certara, Inc. *		3,783		68,888
Charles River Laboratories International, Inc. *		1,643		345,441
Chemed Corp.		475		257,293
Church & Dwight Co., Inc.		7,981		799,936
Cintas Corp.		2,823		1,403,257
Clarivate PLC *		15,230		145,142
Clorox Co.		4,050		644,112
Conagra Brands, Inc.		15,440		520,637
Cooper Cos., Inc.		1,595		611,571
Corteva, Inc.		23,244		1,331,881
CoStar Group, Inc. *		13,144		1,169,816
Coty, Inc. Class A *		11,438		140,573
Darling Ingredients, Inc. *		5,236		334,004
DaVita, Inc. *		1,810		181,851
Dentsply Sirona, Inc.		6,884		275,498
Dexcom, Inc. *		12,595		1,618,583
Driven Brands Holdings, Inc. *		2,024		54,769
Dun & Bradstreet Holdings, Inc.		8,184		94,689
Elanco Animal Health, Inc. *		15,957		160,527
Encompass Health Corp.		3,211		217,417
Enovis Corp. *		1,648		105,670
Envista Holdings Corp. *		5,298		179,284
Equifax, Inc.		3,995		940,024
Euronet Worldwide, Inc. *		1,542		180,985
Exact Sciences Corp. *		5,824		546,874
Exelixis, Inc. *		10,411		198,954
FleetCor Technologies, Inc. *		2,356		591,545
Flowers Foods, Inc.		6,085		151,395
FTI Consulting, Inc. *		1,094		208,079

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-247

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Gartner, Inc.*		2,495	$	874,023
Ginkgo Bioworks Holdings, Inc.*		49,990		92,981
Global Payments, Inc.		8,582		845,499
Globus Medical, Inc. Class A *		2,512		149,564
Grand Canyon Education, Inc.*		998		103,004
Grocery Outlet Holding Corp.*		2,871		87,881
GXO Logistics, Inc.*		3,810		239,344
H&R Block, Inc.		4,926		156,992
Henry Schein, Inc.*		4,244		344,188
Hertz Global Holdings, Inc.*		4,378		80,511
Hologic, Inc.*		7,875		637,639
Horizon Therapeutics PLC*		7,275		748,234
Hormel Foods Corp.		9,337		375,534
ICON PLC *		2,655		664,281
ICU Medical, Inc.*		656		116,893
IDEXX Laboratories, Inc.*		2,682		1,346,981
Illumina, Inc.*		5,151		965,761
Incyte Corp.*		6,089		379,040
Ingredion, Inc.		2,141		226,839
Inspire Medical Systems, Inc.*		936		303,863
Insulet Corp.*		2,262		652,225
Integra LifeSciences Holdings Corp.*		2,357		96,943
Ionis Pharmaceuticals, Inc.*		4,630		189,969
IQVIA Holdings, Inc.*		6,007		1,350,193
J M Smucker Co.		3,376		498,534
Jazz Pharmaceuticals PLC *		1,988		246,452
Karuna Therapeutics, Inc.*		1,158		251,112
Kellogg Co.		8,370		564,138
Kroger Co.		21,260		999,220
Laboratory Corp. of America Holdings		2,868		692,134
Lamb Weston Holdings, Inc.		4,724		543,024
ManpowerGroup, Inc.		1,636		129,898
Maravai LifeSciences Holdings, Inc. Class A *		3,574		44,425
MarketAxess Holdings, Inc.		1,203		314,488
Masimo Corp. *		1,539		253,242
McCormick & Co., Inc.		8,239		718,688
Medpace Holdings, Inc. *		759		182,289
Mirati Therapeutics, Inc. *		1,453		52,497
Mister Car Wash, Inc. *		3,163		30,523
Molina Healthcare, Inc. *		1,877		565,428
Molson Coors Beverage Co. Class B		5,729		377,197
Morningstar, Inc.		812		159,209
Natera, Inc. *		3,371		164,033
Neurocrine Biosciences, Inc. *		3,114		293,650
Novocure Ltd.*		3,363		139,565
Olaplex Holdings, Inc. *		5,197		19,333
Organon & Co.		8,234		171,350
Paylocity Holding Corp. *		1,358		250,592
Penumbra, Inc. *		1,165		400,830
Performance Food Group Co. *		4,954		298,429
Perrigo Co. PLC		4,351		147,716
Pilgrim’s Pride Corp. *		1,515		32,557
Post Holdings, Inc. *		1,754		151,984
Premier, Inc. Class A		3,832		105,993
QIAGEN NV*		7,374		332,051
Quanta Services, Inc.		4,677		918,797
Quest Diagnostics, Inc.		3,622		509,108
QuidelOrtho Corp. *		1,740		144,176
R1 RCM, Inc. *		4,978		91,844
RB Global, Inc. (Canada)		5,915		354,900
Repligen Corp. *		1,799		254,487
ResMed, Inc.		4,749		1,037,657
Revvity, Inc.		4,129		490,484
Reynolds Consumer Products, Inc.		1,768		49,946
Robert Half International, Inc.		3,425		257,629
Roivant Sciences Ltd. *		7,944		80,076
Rollins, Inc.		7,200		308,376
Royalty Pharma PLC Class A		12,123		372,661
Sarepta Therapeutics, Inc. *		2,913		333,597

	Shares		Value
Seaboard Corp.		8	$	28,486
Seagen, Inc. *		4,566		878,772
Service Corp. International		4,865		314,230
Shift4 Payments, Inc. Class A *		1,796		121,966
Shockwave Medical, Inc. *		1,181		337,069
Sotera Health Co. *		3,217		60,608
Spectrum Brands Holdings, Inc.		1,297		101,231
STERIS PLC		3,231		726,910
Syneos Health, Inc. *		3,335		140,537
Tandem Diabetes Care, Inc. *		2,077		50,970
Teladoc Health, Inc. *		5,227		132,348
Teleflex, Inc.		1,527		369,580
Tenet Healthcare Corp. *		3,287		267,496
Toast, Inc. Class A *		11,537		260,390
TransUnion		6,292		492,852
Tyson Foods, Inc. Class A		9,105		464,719
U-Haul Holding Co.		3,014		154,477
Ultragenyx Pharmaceutical, Inc. *		2,174		100,287
United Rentals, Inc.		2,235		995,402
United Therapeutics Corp. *		1,449		319,867
Universal Health Services, Inc. Class B		1,959		309,071
US Foods Holding Corp. *		7,379		324,676
Verisk Analytics, Inc.		4,649		1,050,813
Viatris, Inc.		39,414		393,352
Waters Corp. *		1,898		505,893
West Pharmaceutical Services, Inc.		2,407		920,605
WEX, Inc. *		1,417		257,993
WillScot Mobile Mini Holdings Corp. *		6,404		306,047
Zimmer Biomet Holdings, Inc.		6,829		994,302
				63,464,660
Energy - 5.0%
Antero Midstream Corp.		10,944		126,950
Antero Resources Corp. *		9,231		212,590
APA Corp.		10,105		345,288
Baker Hughes Co.		33,007		1,043,351
Cheniere Energy, Inc.		7,901		1,203,796
Chesapeake Energy Corp.		4,132		345,766
Coterra Energy, Inc.		24,665		624,024
Devon Energy Corp.		20,883		1,009,484
Diamondback Energy, Inc.		5,885		773,054
DTE Midstream LLC *		3,151		156,195
Enphase Energy, Inc. *		4,302		720,499
EQT Corp.		11,742		482,948
First Solar, Inc. *		3,491		663,604
Halliburton Co.		29,227		964,199
Hess Corp.		9,055		1,231,027
HF Sinclair Corp.		4,585		204,537
Marathon Oil Corp.		20,245		466,040
New Fortress Energy, Inc.		2,109		56,479
NOV, Inc.		12,642		202,778
ONEOK, Inc.		14,611		901,791
Ovintiv, Inc.		7,900		300,753
PDC Energy, Inc.		2,885		205,239
Phillips 66		15,016		1,432,226
Plug Power, Inc. *		16,907		175,664
Range Resources Corp.		7,738		227,497
Southwestern Energy Co. *		35,874		215,603
Sunrun, Inc. *		6,780		121,091
Targa Resources Corp.		7,268		553,095
TechnipFMC PLC * (United Kingdom)		14,295		237,583
Texas Pacific Land Corp.		192		252,768
Williams Cos., Inc.		39,684		1,294,889
				16,750,808
Financial - 19.2%
Affiliated Managers Group, Inc.		1,154		172,973
Aflac, Inc.		19,611		1,368,848
AGNC Investment Corp. REIT		18,571		188,124
Agree Realty Corp. REIT		2,898		189,500

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-248

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Air Lease Corp.		3,382	$	141,537
Alexandria Real Estate Equities, Inc. REIT		5,561		631,118
Allstate Corp.		8,546		931,856
Ally Financial, Inc.		8,811		237,985
American Financial Group, Inc.		2,369		281,319
American Homes 4 Rent Class A REIT		10,845		384,455
Americold Realty Trust, Inc. REIT		8,758		282,883
Ameriprise Financial, Inc.		3,425		1,137,648
Annaly Capital Management, Inc. REIT		16,078		321,721
Apartment Income REIT Corp.		4,874		175,903
Apollo Global Management, Inc.		16,999		1,305,693
Arch Capital Group Ltd. *		11,641		871,329
Ares Management Corp. Class A		5,220		502,947
Arthur J Gallagher & Co.		6,899		1,514,813
Assurant, Inc.		1,732		217,747
Assured Guaranty Ltd.		1,875		104,625
AvalonBay Communities, Inc. REIT		4,540		859,286
Axis Capital Holdings Ltd.		2,533		136,351
Bank of New York Mellon Corp.		25,747		1,146,256
Bank OZK		3,640		146,182
Blue Owl Capital, Inc.		14,564		169,671
BOK Financial Corp.		945		76,337
Boston Properties, Inc. REIT		5,104		293,939
Brighthouse Financial, Inc. *		2,206		104,454
Brixmor Property Group, Inc. REIT		9,709		213,598
Brown & Brown, Inc.		7,740		532,822
Camden Property Trust REIT		3,375		367,436
Carlyle Group, Inc.		7,040		224,928
Cboe Global Markets, Inc.		3,462		477,791
CBRE Group, Inc. Class A *		10,093		814,606
Cincinnati Financial Corp.		5,020		488,546
Citizens Financial Group, Inc.		15,595		406,718
CNA Financial Corp.		888		34,295
Coinbase Global, Inc. Class A *		5,328		381,218
Columbia Banking System, Inc.		6,908		140,094
Comerica, Inc.		4,252		180,115
Commerce Bancshares, Inc.		3,859		187,933
Cousins Properties, Inc. REIT		4,916		112,085
Credit Acceptance Corp. *		216		109,713
CubeSmart REIT		7,258		324,142
Cullen/Frost Bankers, Inc.		1,898		204,092
Digital Realty Trust, Inc. REIT		9,472		1,078,577
Discover Financial Services		8,258		964,947
East West Bancorp, Inc.		4,573		241,409
EastGroup Properties, Inc. REIT		1,428		247,901
EPR Properties REIT		2,410		112,788
Equitable Holdings, Inc.		11,633		315,952
Equity LifeStyle Properties, Inc. REIT		5,785		386,959
Equity Residential REIT		12,172		802,987
Essex Property Trust, Inc. REIT		2,099		491,796
Evercore, Inc. Class A		1,187		146,701
Everest Re Group Ltd.		1,389		474,844
Extra Space Storage, Inc. REIT		4,355		648,242
Federal Realty Investment Trust REIT		2,609		252,473
Fidelity National Financial, Inc.		8,456		304,416
Fifth Third Bancorp		22,008		576,830
First American Financial Corp.		3,284		187,254
First Citizens BancShares, Inc. Class A		350		449,207
First Hawaiian, Inc.		4,158		74,886
First Horizon Corp.		17,226		194,137
First Industrial Realty Trust, Inc. REIT		4,290		225,826
FNB Corp.		11,650		133,276
Franklin Resources, Inc.		9,289		248,109
Gaming & Leisure Properties, Inc. REIT		8,146		394,755
Globe Life, Inc.		2,890		316,802
Hanover Insurance Group, Inc.		1,143		129,193
Hartford Financial Services Group, Inc.		9,921		714,510
Healthcare Realty Trust, Inc. REIT		12,316		232,280
Healthpeak Properties, Inc. REIT		17,757		356,916
Highwoods Properties, Inc. REIT		3,381		80,840

	Shares		Value
Host Hotels & Resorts, Inc. REIT		23,027	$	387,544
Houlihan Lokey, Inc.		1,619		159,164
Howard Hughes Corp. *		1,063		83,892
Huntington Bancshares, Inc.		47,007		506,735
Interactive Brokers Group, Inc. Class A		3,249		269,894
Invesco Ltd.		12,155		204,326
Invitation Homes, Inc. REIT		20,057		689,961
Iron Mountain, Inc. REIT		9,458		537,404
Janus Henderson Group PLC		4,428		120,663
Jefferies Financial Group, Inc.		6,440		213,615
Jones Lang LaSalle, Inc. *		1,552		241,802
Kemper Corp.		2,067		99,753
KeyCorp		30,068		277,828
Kilroy Realty Corp. REIT		3,783		113,830
Kimco Realty Corp. REIT		19,679		388,070
Kinsale Capital Group, Inc.		711		266,056
KKR & Co., Inc.		21,044		1,178,464
Lamar Advertising Co. Class A REIT		2,811		278,992
Lazard Ltd. Class A		3,563		114,016
Life Storage, Inc. REIT		2,742		364,576
Lincoln National Corp.		5,523		142,272
Loews Corp.		6,165		366,078
LPL Financial Holdings, Inc.		2,541		552,490
M&T Bank Corp.		5,388		666,819
Markel Group, Inc. *		426		589,235
Medical Properties Trust, Inc. REIT		19,332		179,014
MGIC Investment Corp.		9,613		151,789
Mid-America Apartment Communities, Inc. REIT		3,767		572,057
Nasdaq, Inc.		11,113		553,983
National Storage Affiliates Trust REIT		2,763		96,235
New York Community Bancorp, Inc.		23,189		260,644
NNN REIT, Inc. REIT		5,888		251,948
Northern Trust Corp.		6,731		499,036
NU Holdings Ltd. Class A * (Brazil)		75,144		592,886
Old Republic International Corp.		8,712		219,281
Omega Healthcare Investors, Inc. REIT		7,661		235,116
OneMain Holdings, Inc.		3,736		163,226
Park Hotels & Resorts, Inc. REIT		7,255		93,009
Pinnacle Financial Partners, Inc.		2,439		138,169
Popular, Inc.		2,292		138,712
Primerica, Inc.		1,193		235,928
Principal Financial Group, Inc.		7,943		602,397
Prosperity Bancshares, Inc.		2,834		160,064
Prudential Financial, Inc.		11,960		1,055,111
Raymond James Financial, Inc.		6,396		663,713
Rayonier, Inc. REIT		4,713		147,988
Realty Income Corp. REIT		21,538		1,287,757
Regency Centers Corp. REIT		5,574		344,306
Regions Financial Corp.		30,668		546,504
Reinsurance Group of America, Inc.		2,186		303,176
RenaissanceRe Holdings Ltd. (Bermuda)		1,607		299,738
Rexford Industrial Realty, Inc. REIT		6,525		340,735
Rithm Capital Corp. REIT		15,687		146,673
RLI Corp.		1,309		178,639
Rocket Cos., Inc. Class A *		3,693		33,089
Ryan Specialty Holdings, Inc. *		3,021		135,613
SBA Communications Corp. REIT		3,505		812,319
SEI Investments Co.		3,347		199,548
Simon Property Group, Inc. REIT		10,573		1,220,970
SLM Corp.		7,795		127,214
SoFi Technologies, Inc. *		29,871		249,124
Spirit Realty Capital, Inc. REIT		4,526		178,234
STAG Industrial, Inc. REIT		5,846		209,754
Starwood Property Trust, Inc. REIT		9,507		184,436
State Street Corp.		10,874		795,759
Stifel Financial Corp.		3,324		198,343
Sun Communities, Inc. REIT		3,986		520,014
Synchrony Financial		13,898		471,420
Synovus Financial Corp.		4,686		141,752

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-249

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
T Rowe Price Group, Inc.		7,146	$	800,495
TFS Financial Corp.		1,778		22,349
TPG, Inc.		2,089		61,124
Tradeweb Markets, Inc. Class A		3,626		248,308
UDR, Inc. REIT		10,687		459,114
Unum Group		6,496		309,859
UWM Holdings Corp.		2,763		15,473
Ventas, Inc. REIT		13,106		619,521
VICI Properties, Inc. REIT		32,648		1,026,127
Virtu Financial, Inc. Class A		3,071		52,483
Vornado Realty Trust REIT		5,743		104,178
Voya Financial, Inc.		3,180		228,038
W R Berkley Corp.		6,869		409,118
Webster Financial Corp.		5,613		211,891
Welltower, Inc. REIT		16,191		1,309,690
Western Alliance Bancorp		3,442		125,530
Western Union Co.		9,529		111,775
Weyerhaeuser Co. REIT		23,860		799,549
White Mountains Insurance Group Ltd.		81		112,502
Willis Towers Watson PLC		3,472		817,656
Wintrust Financial Corp.		2,077		150,832
WP Carey, Inc. REIT		6,829		461,367
XP, Inc. Class A * (Brazil)		10,817		253,767
Zions Bancorp NA		4,774		128,230
				63,468,323
Industrial - 15.4%
Acuity Brands, Inc.		1,043		170,092
Advanced Drainage Systems, Inc.		2,046		232,794
AECOM		4,263		361,033
AGCO Corp.		2,024		265,994
Agilent Technologies, Inc.		9,622		1,157,045
Allegion PLC		2,855		342,657
Amcor PLC		48,538		484,409
AMETEK, Inc.		7,494		1,213,129
Amphenol Corp. Class A		18,999		1,613,965
AO Smith Corp.		3,996		290,829
AptarGroup, Inc.		2,132		247,014
Ardagh Group SA * W		1,329		7,815
Ardagh Metal Packaging SA		4,302		16,176
Armstrong World Industries, Inc.		1,474		108,280
Arrow Electronics, Inc. *		1,896		271,564
Avnet, Inc.		2,960		149,332
Axon Enterprise, Inc. *		2,266		442,142
AZEK Co., Inc. *		3,991		120,887
Ball Corp.		10,118		588,969
Berry Global Group, Inc.		3,966		255,172
Builders FirstSource, Inc. *		4,147		563,992
BWX Technologies, Inc.		2,972		212,706
Carlisle Cos., Inc.		1,650		423,274
Carrier Global Corp.		27,147		1,349,477
CH Robinson Worldwide, Inc.		3,744		353,246
ChargePoint Holdings, Inc. *		8,238		72,412
Clean Harbors, Inc. *		1,664		273,612
CNH Industrial NV (United Kingdom)		31,834		458,410
Cognex Corp.		5,675		317,913
Coherent Corp. *		3,862		196,885
Crane Co.		1,615		143,929
Crown Holdings, Inc.		3,455		300,136
Curtiss-Wright Corp.		1,243		228,289
Donaldson Co., Inc.		3,958		247,415
Dover Corp.		4,536		669,740
Eagle Materials, Inc.		1,175		219,044
EMCOR Group, Inc.		1,527		282,159
Esab Corp.		1,845		122,766
Expeditors International of Washington, Inc.		5,009		606,740
Flowserve Corp.		4,238		157,442
Fortive Corp.		11,503		860,079
Fortune Brands Innovations, Inc.		4,171		300,103
Garmin Ltd.		5,054		527,082

	Shares		Value
Gates Industrial Corp. PLC *		3,512	$	47,342
Generac Holdings, Inc. *		1,953		291,251
Graco, Inc.		5,442		469,917
Graphic Packaging Holding Co.		9,972		239,627
Hayward Holdings, Inc. *		3,596		46,209
HEICO Corp.		1,462		258,686
HEICO Corp. Class A		2,641		371,325
Hexcel Corp.		2,728		207,383
Howmet Aerospace, Inc.		12,376		613,355
Hubbell, Inc.		1,754		581,556
Huntington Ingalls Industries, Inc.		1,280		291,328
IDEX Corp.		2,489		535,782
Ingersoll Rand, Inc.		13,186		861,837
ITT, Inc.		2,716		253,158
Jabil, Inc.		4,249		458,595
Jacobs Solutions, Inc.		4,119		489,708
JB Hunt Transport Services, Inc.		2,695		487,876
Keysight Technologies, Inc. *		5,781		968,028
Kirby Corp. *		1,943		149,514
Knight-Swift Transportation Holdings, Inc.		5,083		282,411
Landstar System, Inc.		1,161		223,539
Lennox International, Inc.		1,044		340,417
Lincoln Electric Holdings, Inc.		1,827		362,897
Littelfuse, Inc.		787		229,261
Louisiana-Pacific Corp.		2,092		156,858
Martin Marietta Materials, Inc.		2,011		928,459
Masco Corp.		7,323		420,194
MasTec, Inc. *		1,995		235,350
MDU Resources Group, Inc.		6,575		137,681
Mercury Systems, Inc. *		1,601		55,379
Mettler-Toledo International, Inc. *		710		931,264
Middleby Corp. *		1,740		257,224
Mohawk Industries, Inc. *		1,711		176,507
MSA Safety, Inc.		1,207		209,970
National Instruments Corp.		4,277		245,500
Nordson Corp.		1,863		462,359
nVent Electric PLC		5,392		278,605
Old Dominion Freight Line, Inc.		3,214		1,188,376
Oshkosh Corp.		2,123		183,831
Otis Worldwide Corp.		13,469		1,198,876
Owens Corning		2,924		381,582
Packaging Corp. of America		2,882		380,885
Parker-Hannifin Corp.		4,164		1,624,127
Pentair PLC		5,374		347,160
RBC Bearings, Inc. *		921		200,290
Regal Rexnord Corp.		2,186		336,425
Republic Services, Inc.		6,713		1,028,230
Rockwell Automation, Inc.		3,744		1,233,461
Ryder System, Inc.		1,463		124,048
Saia, Inc. *		865		296,185
Schneider National, Inc. Class B		1,758		50,490
Sealed Air Corp.		4,682		187,280
Sensata Technologies Holding PLC		4,908		220,811
Silgan Holdings, Inc.		2,737		128,338
Snap-on, Inc.		1,681		484,447
Sonoco Products Co.		3,184		187,920
Spirit AeroSystems Holdings, Inc. Class A		3,397		99,158
Stanley Black & Decker, Inc.		4,927		461,709
Stericycle, Inc. *		2,983		138,531
TD SYNNEX Corp.		1,353		127,182
Teledyne Technologies, Inc. *		1,521		625,298
Tetra Tech, Inc.		1,710		279,995
Textron, Inc.		6,559		443,585
Timken Co.		1,991		182,236
TopBuild Corp. *		1,038		276,129
Toro Co.		3,395		345,102
Trane Technologies PLC		7,420		1,419,149
TransDigm Group, Inc.		1,708		1,527,242
Trex Co., Inc. *		3,607		236,475
Trimble, Inc. *		8,026		424,896

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-250

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Universal Display Corp.		1,521	$	219,222
Valmont Industries, Inc.		684		199,078
Vertiv Holdings Co.		10,526		260,729
Vontier Corp.		5,139		165,527
Vulcan Materials Co.		4,304		970,294
Westinghouse Air Brake Technologies Corp.		5,808		636,963
Westrock Co.		8,263		240,205
Woodward, Inc.		1,904		226,405
XPO, Inc. *		3,709		218,831
Xylem, Inc.		7,731		870,665
				51,159,869
Technology - 12.6%
Akamai Technologies, Inc. *		5,066		455,281
Allegro MicroSystems, Inc. * (Japan)		2,157		97,367
Alteryx, Inc. Class A *		1,954		88,712
Amdocs Ltd.		3,868		382,352
ANSYS, Inc. *		2,827		933,673
AppLovin Corp. Class A *		7,123		183,275
Aspen Technology, Inc. *		924		154,872
Bentley Systems, Inc. Class B		6,258		339,371
BILL Holdings, Inc. *		3,340		390,279
Black Knight, Inc. *		5,031		300,502
Broadridge Financial Solutions, Inc.		3,831		634,529
CACI International, Inc. Class A *		755		257,334
CCC Intelligent Solutions Holdings, Inc. *		6,550		73,425
Ceridian HCM Holding, Inc. *		4,803		321,657
Cirrus Logic, Inc. *		1,784		144,522
Cloudflare, Inc. Class A *		9,285		606,960
Cognizant Technology Solutions Corp. Class A		16,552		1,080,515
Concentrix Corp.		1,461		117,976
Confluent, Inc. Class A *		6,026		212,778
Crane NXT Co.		1,615		91,151
Crowdstrike Holdings, Inc. Class A *		6,859		1,007,381
Datadog, Inc. Class A *		8,897		875,287
DocuSign, Inc.*		6,592		336,785
DoubleVerify Holdings, Inc. *		3,661		142,486
Doximity, Inc. Class A *		3,638		123,765
Dropbox, Inc. Class A *		8,412		224,348
DXC Technology Co. *		7,513		200,747
Dynatrace, Inc. *		7,094		365,128
Elastic NV *		2,519		161,518
Electronic Arts, Inc.		8,907		1,155,238
Entegris, Inc.		4,865		539,139
EPAM Systems, Inc. *		1,795		403,426
Fair Isaac Corp. *		785		635,230
Fidelity National Information Services, Inc.		19,289		1,055,108
Five9, Inc. *		2,279		187,904
Genpact Ltd.		5,769		216,741
Gitlab, Inc. Class A *		1,591		81,316
GLOBALFOUNDRIES, Inc. *		2,554		164,937
Globant SA *		1,325		238,129
Guidewire Software, Inc. *		2,672		203,286
HashiCorp, Inc. Class A *		3,023		79,142
Hewlett Packard Enterprise Co.		42,247		709,750
HP, Inc.		28,151		864,517
HubSpot, Inc. *		1,488		791,750
Informatica, Inc. Class A *		1,151		21,294
IPG Photonics Corp. *		976		132,560
Jack Henry & Associates, Inc.		2,367		396,070
KBR, Inc.		4,457		289,972
Kyndryl Holdings, Inc. *		6,652		88,339
Lattice Semiconductor Corp. *		4,416		424,245
Leidos Holdings, Inc.		4,432		392,143
Lumentum Holdings, Inc. *		2,217		125,770
Manhattan Associates, Inc. *		2,032		406,156
Marvell Technology, Inc.		27,847		1,664,694
Microchip Technology, Inc.		17,497		1,567,556

	Shares		Value
MKS Instruments, Inc.		2,161	$	233,604
MongoDB, Inc. *		2,140		879,519
Monolithic Power Systems, Inc.		1,478		798,460
MSCI, Inc.		2,533		1,188,712
nCino, Inc. *		2,267		68,282
NCR Corp. *		4,180		105,336
NetApp, Inc.		6,966		532,202
New Relic, Inc. *		1,734		113,473
Nutanix, Inc. Class A *		7,475		209,674
ON Semiconductor Corp. *		14,049		1,328,754
Palantir Technologies, Inc. Class A *		61,070		936,203
Paychex, Inc.		10,499		1,174,523
Paycom Software, Inc.		1,674		537,756
Paycor HCM, Inc. *		1,750		41,423
Pegasystems, Inc.		1,346		66,358
Playtika Holding Corp. *		767		8,897
Procore Technologies, Inc. *		2,556		166,319
PTC, Inc. *		3,550		505,165
Pure Storage, Inc. Class A *		9,068		333,884
Qorvo, Inc. *		3,245		331,087
RingCentral, Inc. Class A *		2,773		90,760
ROBLOX Corp. Class A *		14,955		602,686
Science Applications International Corp.		1,789		201,227
SentinelOne, Inc. Class A *		6,216		93,862
Skyworks Solutions, Inc.		5,212		576,916
Smartsheet, Inc. Class A *		4,139		158,358
Splunk, Inc. *		5,243		556,230
SS&C Technologies Holdings, Inc.		7,078		428,927
Take-Two Interactive Software, Inc. *		5,362		789,072
Teradata Corp. *		3,331		177,909
Teradyne, Inc.		5,047		561,883
Twilio, Inc. Class A *		5,513		350,737
Tyler Technologies, Inc. *		1,349		561,818
UiPath, Inc. Class A *		12,232		202,684
Unity Software, Inc. *		9,360		406,411
Veeva Systems, Inc. Class A *		4,718		932,890
Western Digital Corp. *		10,375		393,524
Wolfspeed, Inc. *		4,156		231,032
Zebra Technologies Corp. Class A *		1,686		498,769
Zoom Video Communications, Inc. Class A *		8,059		547,045
ZoomInfo Technologies, Inc. *		10,158		257,912
Zscaler, Inc. *		2,843		415,931
				41,734,602
Utilities - 5.4%
AES Corp.		21,795		451,810
Alliant Energy Corp.		8,182		429,391
Ameren Corp.		8,460		690,928
American Water Works Co., Inc.		6,342		905,321
Atmos Energy Corp.		4,660		542,144
Avangrid, Inc.		2,307		86,928
Brookfield Renewable Corp. Class A		4,156		130,997
CenterPoint Energy, Inc.		20,699		603,376
Clearway Energy, Inc. Class A		1,129		30,483
Clearway Energy, Inc. Class C		2,667		76,170
CMS Energy Corp.		9,499		558,066
Consolidated Edison, Inc.		11,306		1,022,063
Constellation Energy Corp.		10,734		982,698
DTE Energy Co.		6,712		738,454
Edison International		12,358		858,263
Entergy Corp.		6,896		671,464
Essential Utilities, Inc.		7,749		309,263
Evergy, Inc.		7,253		423,720
Eversource Energy		11,328		803,382
FirstEnergy Corp.		17,849		693,969
Hawaiian Electric Industries, Inc.		3,541		128,184
IDACORP, Inc.		1,634		167,648
National Fuel Gas Co.		3,020		155,107
NiSource, Inc.		13,553		370,675

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-251

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
NRG Energy, Inc.		7,516	$	281,023
OGE Energy Corp.		6,491		233,092
PG&E Corp. *		58,697		1,014,284
Pinnacle West Capital Corp.		3,672		299,121
PPL Corp.		24,224		640,967
Public Service Enterprise Group, Inc.		16,203		1,014,470
UGI Corp.		6,725		181,373
Vistra Corp.		12,225		320,906
WEC Energy Group, Inc.		10,267		905,960
Xcel Energy, Inc.		17,927		1,114,522
				17,836,222
Total Common Stocks (Cost $318,589,052)				327,512,923
EXCHANGE-TRADED FUNDS - 0.4%
iShares Russell Mid-Cap		18,356		1,340,538
Total Exchange-Traded Funds (Cost $1,258,921)				1,340,538
	Principal Amount
SHORT-TERM INVESTMENTS - 0.7%
Repurchase Agreements - 0.7%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $2,224,751; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $2,268,408)		$2,223,880		2,223,880
Total Short-Term Investments (Cost $2,223,880)				2,223,880
TOTAL INVESTMENTS - 99.9% (Cost $322,071,853)				331,077,341
DERIVATIVES - 0.0%				88,277
OTHER ASSETS & LIABILITIES, NET - 0.1%				136,980
NET ASSETS - 100.0%				$331,302,598

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	19.2%
Consumer, Non-Cyclical	19.1%
Industrial	15.4%
Consumer, Cyclical	13.2%
Technology	12.6%
Utilities	5.4%
Communications	5.2%
Energy	5.0%
Basic Materials	3.7%
Others (each less than 3.0%)	1.1%
	99.9%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Investments with a total aggregate value of $7,815 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/23		5		$1,097,330		$1,122,062		$24,732
S&P MID 400 E-Mini Index		09/23		6		1,522,915		1,586,460		63,545
Total Futures Contracts										$88,277

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-252

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$12,150,485			$12,150,485		$-			$-
	Communications		17,283,993			17,283,993		-			-
	Consumer, Cyclical		43,663,961			43,663,961		-			-
	Consumer, Non-Cyclical		63,464,660			63,464,660		-			-
	Energy		16,750,808			16,750,808		-			-
	Financial		63,468,323			63,468,323		-			-
	Industrial		51,159,869			51,152,054		7,815			-
	Technology		41,734,602			41,734,602		-			-
	Utilities		17,836,222			17,836,222		-			-
	Total Common Stocks		327,512,923			327,505,108		7,815			-
	Exchange-Traded Funds		1,340,538			1,340,538		-			-
	Short-Term Investments		2,223,880			-		2,223,880			-
	Derivatives:
	Equity Contracts
	Futures		88,277			88,277		-			-
	Total Assets		331,165,618			328,933,923		2,231,695			-
Liabilities	Due to custodian		(10,218	)		-		(10,218	)		-
	Total Liabilities		(10,218	)		-		(10,218	)		-
	Total		$331,155,400			$328,933,923		$2,221,477			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-253

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies, Inc. - Contingent Value Rights * W ±		758		$1,924
Gtx, Inc. - Contingent Value Rights * W ±		33		34
OmniAb, Inc. $12.50 - Earn Out Shares * W ±		40		-
OmniAb, Inc. $15.00 - Earn Out Shares * W ±		40		-
				1,958
Total Rights (Cost $68)				1,958
COMMON STOCKS - 98.0%
Basic Materials - 4.0%
5E Advanced Materials, Inc. *		2,097		6,878
American Vanguard Corp.		257		4,593
Amyris, Inc. *		3,144		3,238
ATI, Inc. *		7,338		324,560
Balchem Corp.		1,817		244,950
Cabot Corp.		3,159		211,306
Century Aluminum Co. *		3,002		26,177
Codexis, Inc. *		545		1,526
Compass Minerals International, Inc.		1,932		65,688
Constellium SE *		4,379		75,319
Contango ORE, Inc. *		89		2,268
Dakota Gold Corp. *		1,981		5,785
Diversey Holdings Ltd. *		4,445		37,294
Ecovyst, Inc. *		1,102		12,629
Energy Fuels, Inc. *		7,654		47,761
Hawkins, Inc.		1,089		51,934
HB Fuller Co.		2,712		193,935
Hecla Mining Co.		7,066		36,390
i-80 Gold Corp. * (Canada)		917		2,063
Ingevity Corp. *		2,143		124,637
Innospec, Inc.		1,256		126,153
Ivanhoe Electric, Inc. *		3,135		40,880
Kaiser Aluminum Corp.		878		62,900
Lightwave Logic, Inc. *		6,494		45,263
Livent Corp. *		10,280		281,980
Novagold Resources, Inc. * (Canada)		13,376		53,370
Oil-Dri Corp. of America		71		4,188
Orion SA (Germany)		3,150		66,843
Perpetua Resources Corp. *		2,061		7,564
Piedmont Lithium, Inc. *		344		19,852
Quaker Chemical Corp.		792		154,361
Rogers Corp. *		726		117,561
Sensient Technologies Corp.		2,399		170,641
Stepan Co.		140		13,378
Sylvamo Corp.		2,046		82,761
US Lime & Minerals, Inc.		114		23,813
				2,750,439
Communications - 4.1%
A10 Networks, Inc.		4,097		59,775
Anterix, Inc. *		951		30,137
AST SpaceMobile, Inc. *		3,455		16,239
Boston Omaha Corp. Class A *		81		1,524
Calix, Inc. *		3,367		168,047
Cambium Networks Corp. *		616		9,376
Cargurus, Inc. *		5,562		125,868
CarParts.com, Inc. *		3,292		13,991
Cars.com, Inc. *		3,722		73,770
Clearfield, Inc. *		742		35,134
Cogent Communications Holdings, Inc.		1,553		104,501
CommScope Holding Co., Inc. *		11,719		65,978
Consolidated Communications Holdings, Inc. *		375		1,436

	Shares		Value
Couchbase, Inc. *		1,914	$	30,279
Credo Technology Group Holding Ltd. *		5,501		95,387
DigitalBridge Group, Inc.		2,945		43,321
Entravision Communications Corp. Class A		3,343		14,676
ePlus, Inc. *		94		5,292
Eventbrite, Inc. Class A *		3,970		37,914
EverQuote, Inc. Class A *		1,071		6,962
EW Scripps Co. Class A *		1,570		14,366
Extreme Networks, Inc. *		7,103		185,033
Figs, Inc. Class A *		6,368		52,663
Gambling.com Group Ltd. * (Malta)		683		6,994
Globalstar, Inc. *		34,226		36,964
Gogo, Inc. *		375		6,379
Gray Television, Inc.		338		2,663
Grindr, Inc. * (Singapore)		2,278		12,597
Harmonic, Inc. *		6,309		102,017
HealthStream, Inc.		511		12,550
Hims & Hers Health, Inc. *		6,862		64,503
IDT Corp. Class B *		664		17,164
Infinera Corp. *		11,208		54,135
InterDigital, Inc.		1,546		149,266
Liquidity Services, Inc. *		776		12,804
Luna Innovations, Inc. *		1,813		16,535
Magnite, Inc. *		3,214		43,871
MediaAlpha, Inc. Class A *		1,321		13,620
Mondee Holdings, Inc. *		2,168		19,317
Nerdy, Inc. *		3,482		14,520
Nextdoor Holdings, Inc. *		5,001		16,303
Ooma, Inc. *		1,441		21,572
Open Lending Corp. Class A *		5,207		54,726
Opendoor Technologies, Inc. *		1,786		7,180
OptimizeRx Corp. *		1,035		14,790
Perficient, Inc. *		1,936		161,327
Preformed Line Products Co.		63		9,834
Q2 Holdings, Inc. *		3,217		99,405
QuinStreet, Inc. *		2,925		25,828
Revolve Group, Inc. *		2,314		37,950
Rover Group, Inc. *		5,229		25,674
Shutterstock, Inc.		1,427		69,452
Sinclair, Inc.		321		4,436
Solo Brands, Inc. Class A *		905		5,122
Sprinklr, Inc. Class A *		4,925		68,113
Squarespace, Inc. Class A *		768		24,223
Stitch Fix, Inc. Class A *		2,357		9,074
TechTarget, Inc. *		1,506		46,882
Townsquare Media, Inc. Class A		639		7,610
Tucows, Inc. Class A *		227		6,297
Upwork, Inc. *		7,077		66,099
Value Line, Inc.		55		2,525
Viavi Solutions, Inc. *		10,598		120,075
Vivid Seats, Inc. Class A *		360		2,851
Yelp, Inc. *		3,850		140,179
Ziff Davis, Inc. *		606		42,456
				2,867,551
Consumer, Cyclical - 10.4%
Abercrombie & Fitch Co. Class A *		1,426		53,732
Academy Sports & Outdoors, Inc.		4,237		229,010
Accel Entertainment, Inc. *		2,992		31,596
Acushnet Holdings Corp.		1,790		97,877
Allegiant Travel Co. *		95		11,997
American Eagle Outfitters, Inc.		2,294		27,069
Arko Corp.		4,724		37,556
Bally’s Corp. *		929		14,455
Beacon Roofing Supply, Inc. *		290		24,064
BJ’s Restaurants, Inc. *		807		25,663
Bloomin’ Brands, Inc.		4,951		133,132
Blue Bird Corp. *		72		1,619
Bluegreen Vacations Holding Corp.		487		17,362
Boot Barn Holdings, Inc. *		1,703		144,227

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-254

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Bowlero Corp. *		1,388	$	16,156
Brinker International, Inc. *		2,331		85,315
Buckle, Inc.		1,726		59,720
Build-A-Bear Workshop, Inc.		621		13,302
Camping World Holdings, Inc. Class A		2,370		71,337
Carvana Co. *		348		9,020
Cavco Industries, Inc. *		498		146,910
Century Casinos, Inc. *		1,205		8,556
Cheesecake Factory, Inc.		2,815		97,343
Chuy’s Holdings, Inc. *		829		33,840
Cinemark Holdings, Inc. *		5,175		85,388
Clarus Corp.		137		1,252
Commercial Vehicle Group, Inc. *		209		2,320
Cooper-Standard Holdings, Inc. *		48		684
Cracker Barrel Old Country Store, Inc.		1,241		115,636
Dave & Buster’s Entertainment, Inc. *		2,494		111,133
Denny’s Corp. *		2,391		29,457
Dillard’s, Inc. Class A		205		66,887
Dine Brands Global, Inc.		792		45,960
Dorman Products, Inc. *		1,510		119,033
Douglas Dynamics, Inc.		1,276		38,127
Dragonfly Energy Holdings Corp. *		1,333		1,973
Dream Finders Homes, Inc. Class A *		559		13,746
Duluth Holdings, Inc. Class B *		8		50
Envela Corp. *		395		2,907
Everi Holdings, Inc. *		2,967		42,903
EVgo, Inc. *		797		3,188
EVI Industries, Inc. *		218		4,796
First Watch Restaurant Group, Inc. *		277		4,681
FirstCash, Inc.		2,149		200,566
Fisker, Inc. *		11,074		62,457
Fox Factory Holding Corp. *		2,435		264,222
Franchise Group, Inc.		1,235		35,370
Frontier Group Holdings, Inc. *		2,209		21,361
Full House Resorts, Inc. *		1,588		10,640
Funko, Inc. Class A *		1,352		14,629
Gentherm, Inc. *		1,906		107,708
Global Business Travel Group I *		1,820		13,159
Global Industrial Co.		591		16,412
GMS, Inc. *		737		51,000
Golden Entertainment, Inc. *		1,142		47,736
Green Brick Partners, Inc. *		484		27,491
Guess?, Inc.		219		4,260
H&E Equipment Services, Inc.		1,820		83,265
Hanesbrands, Inc.		13,377		60,732
Hibbett, Inc.		590		21,411
Hilton Grand Vacations, Inc. *		4,604		209,206
HNI Corp.		284		8,003
Hudson Technologies, Inc. *		386		3,713
IMAX Corp. *		2,526		42,917
indie Semiconductor, Inc. Class A * (China)		7,270		68,338
Installed Building Products, Inc.		1,353		189,636
International Game Technology PLC		6,199		197,686
iRobot Corp. *		1,405		63,576
Jack in the Box, Inc.		1,190		116,061
Kontoor Brands, Inc.		3,140		132,194
Kura Sushi USA, Inc. Class A *		331		30,766
LCI Industries		536		67,729
Leslie’s, Inc. *		882		8,282
LGI Homes, Inc. *		88		11,870
Liberty Media Corp. - Liberty Braves Class A *		595		24,347
Liberty Media Corp. - Liberty Braves Class C *		2,204		87,322
Life Time Group Holdings, Inc. *		776		15,264
Light & Wonder, Inc. *		2,445		168,118
Lindblad Expeditions Holdings, Inc. *		142		1,545
Lions Gate Entertainment Corp. Class A *		2,383		21,042
Lions Gate Entertainment Corp. Class B *		4,271		35,663
Livewire Group, Inc. * (Cayman)		632		7,464
Loop Media, Inc. *		2,041		4,878
Lovesac Co. *		826		22,261

	Shares		Value
Luminar Technologies, Inc. *		15,391	$	105,890
Madison Square Garden Entertainment Corp. *		2,094		70,400
Malibu Boats, Inc. Class A *		700		41,062
Marine Products Corp.		446		7,520
MasterCraft Boat Holdings, Inc. *		1,013		31,048
Miller Industries, Inc.		44		1,561
Monarch Casino & Resort, Inc.		756		53,260
MRC Global, Inc. *		1,622		16,334
National Vision Holdings, Inc. *		335		8,137
Noodles & Co. *		2,192		7,409
ONE Group Hospitality, Inc. *		1,210		8,857
OneSpaWorld Holdings Ltd. * (Bahamas)		4,079		49,356
Oxford Industries, Inc.		633		62,300
Papa John’s International, Inc.		1,564		115,470
Patrick Industries, Inc.		152		12,160
Portillo’s, Inc. Class A *		2,394		53,937
Potbelly Corp. *		1,445		12,687
PriceSmart, Inc.		1,020		75,541
Qurate Retail, Inc. Class B *		246		2,042
RCI Hospitality Holdings, Inc.		481		36,551
Red Robin Gourmet Burgers, Inc. *		893		12,350
Red Rock Resorts, Inc. Class A		1,462		68,392
Rocky Brands, Inc.		24		504
Rush Street Interactive, Inc. *		3,913		12,209
Sally Beauty Holdings, Inc. *		5,669		70,012
SeaWorld Entertainment, Inc. *		2,179		122,046
SES AI Corp. *		990		2,416
Shake Shack, Inc. Class A *		2,159		167,797
Shyft Group, Inc.		1,951		43,039
Six Flags Entertainment Corp. *		3,230		83,915
Skyline Champion Corp. *		1,680		109,956
Sleep Number Corp. *		639		17,432
Sonos, Inc. *		7,286		118,980
Sovos Brands, Inc. *		2,221		43,443
Steven Madden Ltd.		4,307		140,796
Sun Country Airlines Holdings, Inc. *		1,187		26,684
Super Group SGHC Ltd. * (Guernsey)		7,680		22,272
Sweetgreen, Inc. Class A *		4,411		56,549
ThredUp, Inc. Class A *		414		1,010
Torrid Holdings, Inc. *		483		1,357
Urban Outfitters, Inc. *		1,214		40,220
Virgin Galactic Holdings, Inc. *		8,039		31,191
Visteon Corp. *		1,609		231,069
Vizio Holding Corp. Class A *		3,919		26,453
Wabash National Corp.		2,669		68,433
Warby Parker, Inc. Class A *		4,783		55,913
Wolverine World Wide, Inc.		3,966		58,261
Workhorse Group, Inc. *		1,173		1,022
XPEL, Inc. *		1,277		107,549
Xponential Fitness, Inc. Class A *		1,185		20,441
				7,194,512
Consumer, Non-Cyclical - 31.2%
2U, Inc. *		500		2,015
4D Molecular Therapeutics, Inc. *		161		2,909
89bio, Inc. *		3,486		66,060
ACADIA Pharmaceuticals, Inc. *		6,821		163,363
Accolade, Inc. *		3,525		47,482
Accuray, Inc. *		4,964		19,211
Aclaris Therapeutics, Inc. *		3,927		40,723
Actinium Pharmaceuticals, Inc. *		1,373		10,188
AdaptHealth Corp. *		2,126		25,873
Adaptive Biotechnologies Corp. *		4,748		31,859
Addus HomeCare Corp. *		415		38,470
ADMA Biologics, Inc. *		6,237		23,015
Aerovate Therapeutics, Inc. *		557		9,553
Agenus, Inc. *		3,110		4,976
Agiliti, Inc. *		1,495		24,667
AirSculpt Technologies, Inc.		710		6,120
Akero Therapeutics, Inc. *		2,569		119,947

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-255

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Akoya Biosciences, Inc. *		1,108	$	8,188
Alarm.com Holdings, Inc. *		2,756		142,430
Aldeyra Therapeutics, Inc. *		2,615		21,940
Alector, Inc. *		3,607		21,678
Alkermes PLC *		9,409		294,502
Alphatec Holdings, Inc. *		1,799		32,346
Alpine Immune Sciences, Inc. *		966		9,930
Alta Equipment Group, Inc.		1,066		18,474
Amicus Therapeutics, Inc. *		15,951		200,345
AMN Healthcare Services, Inc. *		2,304		251,412
Amphastar Pharmaceuticals, Inc. *		2,169		124,652
Amylyx Pharmaceuticals, Inc. *		2,855		61,582
AnaptysBio, Inc. *		871		17,716
Anavex Life Sciences Corp. *		3,944		32,065
ANI Pharmaceuticals, Inc. *		555		29,876
API Group Corp. *		8,021		218,652
Arbutus Biopharma Corp. *		4,333		9,966
Arcellx, Inc. *		2,190		69,248
Arcturus Therapeutics Holdings, Inc. *		112		3,212
Arcus Biosciences, Inc. *		900		18,279
Arcutis Biotherapeutics, Inc. *		2,917		27,799
Ardelyx, Inc. *		7,826		26,530
Arlo Technologies, Inc. *		4,304		46,957
Arrowhead Pharmaceuticals, Inc. *		5,830		207,898
ARS Pharmaceuticals, Inc. *		319		2,137
Artivion, Inc. *		337		5,793
Arvinas, Inc. *		2,700		67,014
ASGN, Inc. *		727		54,983
Astria Therapeutics, Inc. *		1,254		10,446
Atara Biotherapeutics, Inc. *		408		657
AtriCure, Inc. *		1,885		93,044
Atrion Corp.		76		42,993
Aurinia Pharmaceuticals, Inc. * (Canada)		7,621		73,771
Aveanna Healthcare Holdings, Inc. *		1,351		2,283
Avid Bioservices, Inc. *		3,486		48,699
Avita Medical, Inc. *		1,424		24,222
Axogen, Inc. *		2,392		21,839
Axonics, Inc. *		2,821		142,376
Axsome Therapeutics, Inc. *		1,874		134,666
Babylon Holdings Ltd. Class A * (United Kingdom)		249		18
Barrett Business Services, Inc.		360		31,392
Beam Therapeutics, Inc. *		3,558		113,607
Beauty Health Co. *		4,598		38,485
BellRing Brands, Inc. *		2,020		73,932
Beyond Air, Inc. *		1,269		5,406
Beyond Meat, Inc. *		3,455		44,846
BioCryst Pharmaceuticals, Inc. *		8,041		56,609
BioLife Solutions, Inc. *		1,797		39,714
Biomea Fusion, Inc. *		1,119		24,562
Biote Corp. Class A *		329		2,224
BioVie, Inc. *		337		1,452
Bioxcel Therapeutics, Inc. *		1,077		7,173
Blueprint Medicines Corp. *		3,461		218,735
BRC, Inc. Class A *		1,958		10,103
Bridgebio Pharma, Inc. *		4,498		77,366
Bright Green Corp. *		3,410		3,444
Brink’s Co.		2,645		179,410
Cabaletta Bio, Inc. *		1,288		16,628
Cadiz, Inc. *		2,313		9,391
Cal-Maine Foods, Inc.		2,007		90,315
Calavo Growers, Inc.		989		28,701
Cano Health, Inc. *		1,149		1,597
Carriage Services, Inc.		712		23,119
Cass Information Systems, Inc.		675		26,176
Cassava Sciences, Inc. *		2,239		54,900
Castle Biosciences, Inc. *		529		7,258
Catalyst Pharmaceuticals, Inc. *		5,416		72,791
CBIZ, Inc. *		2,770		147,586
Celldex Therapeutics, Inc. *		676		22,937

	Shares		Value
Cerevel Therapeutics Holdings, Inc. *		3,490	$	110,947
Cerus Corp. *		10,122		24,900
Chefs’ Warehouse, Inc. *		2,054		73,451
Chegg, Inc. *		5,758		51,131
Chinook Therapeutics, Inc. *		932		35,807
Cimpress PLC * (Ireland)		575		34,201
Citius Pharmaceuticals, Inc. *		1,523		1,828
ClearPoint Neuro, Inc. *		1,191		8,623
Coca-Cola Consolidated, Inc.		272		172,997
Cogent Biosciences, Inc. *		2,108		24,959
Coherus Biosciences, Inc. *		3,427		14,633
Collegium Pharmaceutical, Inc. *		1,925		41,368
Compass Therapeutics, Inc. *		595		1,892
CompoSecure, Inc. *		780		5,351
CONMED Corp.		1,747		237,400
Corcept Therapeutics, Inc. *		4,499		100,103
CorMedix, Inc. *		2,328		9,231
CorVel Corp. *		496		95,976
Coursera, Inc. *		7,533		98,080
CPI Card Group, Inc. *		242		5,626
CRA International, Inc.		392		39,984
Crinetics Pharmaceuticals, Inc. *		492		8,866
Cross Country Healthcare, Inc. *		327		9,182
Cue Biopharma, Inc. *		1,916		6,993
Custom Truck One Source, Inc. *		3,173		21,386
Cutera, Inc. *		129		1,952
CVRx, Inc. *		553		8,538
Cymabay Therapeutics, Inc. *		5,494		60,159
Cytek Biosciences, Inc. *		6,834		58,362
Cytokinetics, Inc. *		4,897		159,740
Day One Biopharmaceuticals, Inc. *		2,536		30,280
Deciphera Pharmaceuticals, Inc. *		1,025		14,432
Denali Therapeutics, Inc. *		6,730		198,602
DICE Therapeutics, Inc. *		1,836		85,301
Disc Medicine, Inc. *		411		18,248
Distribution Solutions Group, Inc. *		231		12,026
DocGo, Inc. *		4,423		41,444
Dole PLC		2,279		30,812
Duckhorn Portfolio, Inc. *		455		5,901
Dynavax Technologies Corp. *		6,128		79,174
Dyne Therapeutics, Inc. *		692		7,785
elf Beauty, Inc. *		2,854		326,012
Embecta Corp.		343		7,409
Enanta Pharmaceuticals, Inc. *		180		3,852
Ensign Group, Inc.		3,104		296,308
European Wax Center, Inc. Class A *		1,804		33,609
EVERTEC, Inc.		3,747		138,002
Evolus, Inc. *		2,306		16,765
Eyenovia, Inc. *		1,506		3,569
EyePoint Pharmaceuticals, Inc. *		972		8,456
Fennec Pharmaceuticals, Inc. * (Canada)		268		2,366
First Advantage Corp. *		383		5,902
FiscalNote Holdings, Inc. *		797		2,901
Flywire Corp. *		5,498		170,658
Foghorn Therapeutics, Inc. *		1,304		9,180
Forrester Research, Inc. *		673		19,578
Franklin Covey Co. *		707		30,882
Fresh Market, Inc. (Escrow) * W ±		5,869		-
Genelux Corp. *		54		1,767
Geron Corp. *		21,165		67,940
Glaukos Corp. *		2,668		189,988
Guardant Health, Inc. *		6,327		226,507
Hackett Group, Inc.		1,339		29,927
Haemonetics Corp. *		2,842		241,968
Halozyme Therapeutics, Inc. *		7,582		273,483
Harmony Biosciences Holdings, Inc. *		1,856		65,313
Harrow Health, Inc. *		1,454		27,684
Harvard Bioscience, Inc. *		2,188		12,012
Healthcare Services Group, Inc.		4,023		60,063
HealthEquity, Inc. *		4,779		301,746

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-256

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Herbalife Ltd. *		4,078	$	53,993
Herc Holdings, Inc.		1,621		221,834
Heron Therapeutics, Inc. *		5,516		6,399
HilleVax, Inc. *		302		5,191
HireQuest, Inc.		309		8,043
Hostess Brands, Inc. *		1,351		34,207
Humacyte, Inc. *		3,151		9,012
Huron Consulting Group, Inc. *		1,099		93,316
I3 Verticals, Inc. Class A *		1,327		30,335
ICF International, Inc.		1,065		132,475
Ideaya Biosciences, Inc. *		1,970		46,295
Immuneering Corp. Class A *		885		8,974
ImmunityBio, Inc. *		5,125		14,247
ImmunoGen, Inc. *		8,055		151,998
Immunovant, Inc. *		3,040		57,669
Inari Medical, Inc. *		2,749		159,827
Information Services Group, Inc.		1,223		6,555
InfuSystem Holdings, Inc. *		984		9,476
Inhibrx, Inc. *		1,287		33,411
Inmode Ltd. *		4,424		165,236
Innovage Holding Corp. *		1,069		8,017
Innoviva, Inc. *		253		3,221
Insmed, Inc. *		7,429		156,752
Insperity, Inc.		2,088		248,388
Intellia Therapeutics, Inc. *		722		29,443
Inter Parfums, Inc.		1,049		141,856
Intercept Pharmaceuticals, Inc. *		1,478		16,347
Intra-Cellular Therapies, Inc. *		5,320		336,862
Invitae Corp. *		12,965		14,650
iRadimed Corp.		424		20,242
iRhythm Technologies, Inc. *		1,747		182,247
Ironwood Pharmaceuticals, Inc. *		3,070		32,665
IVERIC bio, Inc. *		7,847		308,701
J & J Snack Foods Corp.		846		133,973
John B Sanfilippo & Son, Inc.		522		61,215
Joint Corp. *		754		10,179
Karyopharm Therapeutics, Inc. *		6,386		11,431
Keros Therapeutics, Inc. *		1,263		50,747
Kforce, Inc.		1,103		69,114
KORU Medical Systems, Inc. *		1,884		6,500
Krispy Kreme, Inc.		1,556		22,920
Krystal Biotech, Inc. *		1,235		144,989
Kymera Therapeutics, Inc. *		2,136		49,107
Lancaster Colony Corp.		1,109		223,009
Lantheus Holdings, Inc. *		3,863		324,183
Laureate Education, Inc.		6,178		74,692
Legalzoom.com, Inc. *		5,879		71,018
LeMaitre Vascular, Inc.		1,106		74,412
Lexicon Pharmaceuticals, Inc. *		2,512		5,752
LifeStance Health Group, Inc. *		3,264		29,800
Ligand Pharmaceuticals, Inc. *		134		9,661
Lineage Cell Therapeutics, Inc. *		7,194		10,144
Liquidia Corp. *		1,872		14,695
LivaNova PLC *		205		10,543
Longboard Pharmaceuticals, Inc. *		285		2,092
MacroGenics, Inc. *		1,033		5,527
Madrigal Pharmaceuticals, Inc. *		774		178,794
MannKind Corp. *		11,730		47,741
Marathon Digital Holdings, Inc. *		9,650		133,749
Marinus Pharmaceuticals, Inc. *		2,814		30,560
Marqeta, Inc. Class A *		3,762		18,321
Matthews International Corp. Class A		472		20,117
MaxCyte, Inc. *		417		1,914
Medifast, Inc.		632		58,245
MeiraGTx Holdings PLC *		1,381		9,280
Merit Medical Systems, Inc. *		3,219		269,237
Merrimack Pharmaceuticals, Inc. *		577		7,097
Mersana Therapeutics, Inc. *		3,510		11,548
MGP Ingredients, Inc.		910		96,715
Mineralys Therapeutics, Inc. *		223		3,802

	Shares		Value
Mirum Pharmaceuticals, Inc. *		1,508	$	39,012
Mission Produce, Inc. *		324		3,927
ModivCare, Inc. *		713		32,235
Morphic Holding, Inc. *		1,549		88,804
Nano-X Imaging Ltd. * (Israel)		326		5,050
NanoString Technologies, Inc. *		2,718		11,008
Nathan’s Famous, Inc.		138		10,839
National Beverage Corp. *		1,330		64,305
National Research Corp.		827		35,983
NeoGenomics, Inc. *		629		10,108
Nevro Corp. *		681		17,311
Novavax, Inc. *		4,043		30,039
Nuvalent, Inc. Class A *		1,350		56,929
NuVasive, Inc. *		2,587		107,593
Nuvectis Pharma, Inc. *		378		6,037
Ocular Therapeutix, Inc. *		4,559		23,524
Omega Therapeutics, Inc. *		1,371		7,678
Omeros Corp. *		1,410		7,670
Omnicell, Inc. *		1,255		92,456
Optinose, Inc. *		3,945		4,852
Option Care Health, Inc. *		9,686		314,698
Orchestra BioMed Holdings, Inc. *		201		1,407
Organogenesis Holdings, Inc. *		519		1,723
OrthoPediatrics Corp. *		821		36,001
Oscar Health, Inc. Class A *		724		5,835
Outlook Therapeutics, Inc. *		9,412		16,377
P3 Health Partners, Inc. *		2,328		6,961
Pacific Biosciences of California, Inc. *		7,936		105,549
Pacira BioSciences, Inc. *		2,603		104,302
Paragon 28, Inc. *		2,468		43,782
Patterson Cos., Inc.		1,126		37,451
Payoneer Global, Inc. *		13,932		67,013
PDS Biotechnology Corp. *		1,552		7,807
Pennant Group, Inc. *		1,633		20,053
PepGen, Inc. *		170		1,520
Performant Financial Corp. *		2,868		7,744
PetIQ, Inc. *		1,297		19,675
Phathom Pharmaceuticals, Inc. *		362		5,184
Phibro Animal Health Corp. Class A		296		4,055
Pliant Therapeutics, Inc. *		3,183		57,676
Prime Medicine, Inc. *		2,235		32,743
Primo Water Corp.		1,134		14,220
Priority Technology Holdings, Inc. *		1,041		3,768
PROCEPT BioRobotics Corp. *		2,033		71,867
PROG Holdings, Inc. *		499		16,028
Progyny, Inc. *		4,473		175,968
ProKidney Corp. *		902		10,093
Protagonist Therapeutics, Inc. *		1,918		52,975
Prothena Corp. PLC * (Ireland)		2,360		161,141
PTC Therapeutics, Inc. *		3,259		132,544
Pulmonx Corp. *		2,070		27,138
Pulse Biosciences, Inc. *		329		2,366
Quanterix Corp. *		344		7,757
Quipt Home Medical Corp. *		2,151		11,486
RadNet, Inc. *		2,782		90,749
RAPT Therapeutics, Inc. *		1,258		23,525
Remitly Global, Inc. *		4,759		89,564
Reneo Pharmaceuticals, Inc. *		340		2,230
Rent the Runway, Inc. Class A *		255		505
Revance Therapeutics, Inc. *		4,763		120,552
REVOLUTION Medicines, Inc. *		5,707		152,662
Rhythm Pharmaceuticals, Inc. *		2,895		47,739
Rigel Pharmaceuticals, Inc. *		7,966		10,276
Riot Platforms, Inc. *		6,294		74,395
Rocket Pharmaceuticals, Inc. *		2,800		55,636
RxSight, Inc. *		1,529		44,035
Sabre Corp. *		4,707		15,015
Sage Therapeutics, Inc. *		2,791		131,233
Sana Biotechnology, Inc. *		395		2,354
Sanara Medtech, Inc. *		207		8,301

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-257

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Savara, Inc. *		687	$	2,195
Scilex Holding Co. * (Singapore)		509		2,835
scPharmaceuticals, Inc. *		1,614		16,447
Select Medical Holdings Corp.		5,912		188,356
Selecta Biosciences, Inc. *		1,685		1,887
Semler Scientific, Inc. *		275		7,216
Seres Therapeutics, Inc. *		3,776		18,087
SI-BONE, Inc. *		1,959		52,854
SIGA Technologies, Inc.		2,525		12,751
Silk Road Medical, Inc. *		2,160		70,178
Simply Good Foods Co. *		5,159		188,768
SoundThinking, Inc. *		479		10,471
SP Plus Corp. *		1,132		44,273
SpringWorks Therapeutics, Inc. *		3,351		87,863
Sprouts Farmers Market, Inc. *		5,883		216,083
STAAR Surgical Co. *		2,774		145,829
Sterling Check Corp. *		117		1,434
StoneCo Ltd. Class A * (Brazil)		10,098		128,649
Stride, Inc. *		2,383		88,719
Summit Therapeutics, Inc. *		6,552		16,446
SunOpta, Inc. * (Canada)		4,879		32,641
Supernus Pharmaceuticals, Inc. *		2,815		84,619
Surgery Partners, Inc. *		3,516		158,185
Surmodics, Inc. *		800		25,048
Syndax Pharmaceuticals, Inc. *		3,092		64,716
Tactile Systems Technology, Inc. *		1,313		32,733
Target Hospitality Corp. *		1,754		23,539
Tela Bio, Inc. *		897		9,087
Terns Pharmaceuticals, Inc. *		1,593		13,939
TG Therapeutics, Inc. *		7,802		193,802
Thorne HealthTech, Inc. *		311		1,462
Transcat, Inc. *		421		35,916
TransMedics Group, Inc. *		1,811		152,088
Travere Therapeutics, Inc. *		3,809		58,506
Treace Medical Concepts, Inc. *		2,532		64,769
TreeHouse Foods, Inc. *		345		17,381
TriNet Group, Inc. *		2,150		204,185
Triton International Ltd. (Bermuda)		465		38,716
Turning Point Brands, Inc.		957		22,978
Tyra Biosciences, Inc. *		288		4,905
Udemy, Inc. *		4,847		52,008
UFP Technologies, Inc. *		399		77,346
Universal Technical Institute, Inc. *		317		2,190
Upbound Group, Inc.		2,974		92,581
UroGen Pharma Ltd. *		900		9,315
US Physical Therapy, Inc.		730		88,615
USANA Health Sciences, Inc. *		635		40,030
Utah Medical Products, Inc.		170		15,844
Utz Brands, Inc.		4,020		65,767
Vaxcyte, Inc. *		5,223		260,837
Vaxxinity, Inc. Class A *		2,443		6,156
Vector Group Ltd.		1,463		18,741
Ventyx Biosciences, Inc. *		2,694		88,363
Vera Therapeutics, Inc. *		922		14,798
Vericel Corp. *		2,674		100,462
Verrica Pharmaceuticals, Inc. *		1,173		6,768
Viad Corp. *		1,170		31,450
Vicarious Surgical, Inc. *		1,913		3,501
Viemed Healthcare, Inc. *		1,853		18,122
ViewRay, Inc. *		5,736		2,020
Viking Therapeutics, Inc. *		5,503		89,204
Vir Biotechnology, Inc. *		236		5,789
Viridian Therapeutics, Inc. *		1,875		44,606
Vita Coco Co., Inc. *		1,612		43,314
Vital Farms, Inc. *		1,755		21,042
Voyager Therapeutics, Inc. *		1,795		20,553
WD-40 Co.		765		144,317
Westrock Coffee Co. *		1,593		17,316
X4 Pharmaceuticals, Inc. *		3,572		6,930
Xencor, Inc. *		1,763		44,022

	Shares		Value
Xeris Biopharma Holdings, Inc. *		7,793	$	20,418
Y-mAbs Therapeutics, Inc. *		972		6,600
Zentalis Pharmaceuticals, Inc. *		2,764		77,972
Zevia PBC Class A *		840		3,620
ZipRecruiter, Inc. Class A *		4,040		71,750
Zynex, Inc. *		1,155		11,076
				21,632,170
Energy - 5.0%
Alpha Metallurgical Resources, Inc.		50		8,218
Archrock, Inc.		1,399		14,340
Aris Water Solutions, Inc. Class A		122		1,259
Array Technologies, Inc. *		8,618		194,767
Atlas Energy Solutions, Inc. Class A		151		2,621
Borr Drilling Ltd. * (Mexico)		13,182		99,260
ChampionX Corp.		11,355		352,459
Cleanspark, Inc. *		516		2,214
Core Laboratories, Inc.		850		19,763
Crescent Energy Co. Class A		957		9,972
CVR Energy, Inc.		1,585		47,487
Denbury, Inc. *		2,856		246,359
DMC Global, Inc. *		385		6,838
Empire Petroleum Corp. *		553		5,032
Enviva, Inc.		1,865		20,235
Eos Energy Enterprises, Inc. *		5,569		24,169
Equitrans Midstream Corp.		7,180		68,641
Evolution Petroleum Corp.		1,781		14,373
Excelerate Energy, Inc. Class A		784		15,939
Expro Group Holdings NV *		1,853		32,835
Fluence Energy, Inc. *		2,223		59,221
Golar LNG Ltd. (Cameroon)		304		6,132
HighPeak Energy, Inc.		524		5,701
Kinetik Holdings, Inc.		160		5,622
Kosmos Energy Ltd. * (Ghana)		26,087		156,261
Liberty Energy, Inc.		584		7,808
Magnolia Oil & Gas Corp. Class A		9,728		203,315
Matador Resources Co.		1,154		60,377
Maxeon Solar Technologies Ltd. *		948		26,696
Montauk Renewables, Inc. *		3,801		28,279
Nabors Industries Ltd. *		469		43,631
NextDecade Corp. *		1,910		15,681
NexTier Oilfield Solutions, Inc. *		1,552		13,875
Noble Corp. PLC *		5,016		207,211
Northern Oil & Gas, Inc.		3,817		130,999
Oceaneering International, Inc. *		5,772		107,936
Par Pacific Holdings, Inc. *		1,316		35,019
Permian Resources Corp.		2,265		24,824
ProFrac Holding Corp. Class A *		338		3,772
REX American Resources Corp. *		222		7,728
Riley Exploration Permian, Inc.		499		17,824
Shoals Technologies Group, Inc. Class A *		9,756		249,363
SilverBow Resources, Inc. *		111		3,232
Sitio Royalties Corp. Class A		2,041		53,617
Solaris Oilfield Infrastructure, Inc. Class A		162		1,349
Sunnova Energy International, Inc. *		2,765		50,627
SunPower Corp. *		4,920		48,216
Tellurian, Inc. *		1,885		2,658
TETRA Technologies, Inc. *		7,146		24,154
Tidewater, Inc. *		2,710		150,242
TPI Composites, Inc. *		2,372		24,598
VAALCO Energy, Inc.		731		2,749
Valaris Ltd. *		3,490		219,626
Vertex Energy, Inc. *		3,804		23,775
W&T Offshore, Inc. *		5,518		21,355
Weatherford International PLC *		4,037		268,138
				3,498,392
Financial - 6.3%
Alexander’s, Inc. REIT		126		23,166
AlTi Global, Inc. *		1,218		9,330

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-258

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
AMERISAFE, Inc.		547	$	29,166
Anywhere Real Estate, Inc. *		610		4,075
Applied Digital Corp. *		3,874		36,222
Artisan Partners Asset Management, Inc. Class A		2,104		82,708
AssetMark Financial Holdings, Inc. *		1,326		39,329
Atlanticus Holdings Corp. *		36		1,512
Avantax, Inc. *		1,991		44,559
Axos Financial, Inc. *		384		15,145
B Riley Financial, Inc.		1,067		49,061
BancFirst Corp.		198		18,216
Bancorp, Inc. *		2,492		81,364
Bank of NT Butterfield & Son Ltd. (Bermuda)		260		7,114
Bank7 Corp.		82		2,011
BayCom Corp.		159		2,652
BGC Partners, Inc. Class A		8,523		37,757
Bit Digital, Inc. * (China)		749		3,041
Brightsphere Investment Group, Inc.		779		16,320
Brookfield Business Corp. Class A (Canada)		1,440		27,187
BRP Group, Inc. Class A *		3,357		83,186
Burke & Herbert Financial Services Corp.		38		2,440
Capital City Bank Group, Inc.		304		9,315
CareTrust REIT, Inc.		515		10,228
CBL & Associates Properties, Inc. REIT		1,129		24,883
Citizens Financial Services, Inc.		50		3,723
Clipper Realty, Inc. REIT		547		3,101
Coastal Financial Corp. *		639		24,058
Cohen & Steers, Inc.		1,519		88,087
Columbia Financial, Inc. *		753		13,019
Community Healthcare Trust, Inc. REIT		917		30,279
Compass, Inc. Class A *		14,876		52,066
Crawford & Co. Class A		821		9,105
Diamond Hill Investment Group, Inc.		173		29,635
Douglas Elliman, Inc.		20		45
eHealth, Inc. *		434		3,489
Esquire Financial Holdings, Inc.		364		16,649
Essential Properties Realty Trust, Inc. REIT		921		21,680
eXp World Holdings, Inc.		3,920		79,498
Federal Agricultural Mortgage Corp. Class C		96		13,799
First BanCorp		567		6,929
First Financial Bankshares, Inc.		7,451		212,279
Five Star Bancorp		364		8,143
Focus Financial Partners, Inc. Class A *		3,395		178,271
Four Corners Property Trust, Inc. REIT		490		12,446
FS Bancorp, Inc.		90		2,706
FTAI Aviation Ltd.		5,722		181,159
GCM Grosvenor, Inc. Class A		2,220		16,739
Gladstone Commercial Corp. REIT		508		6,284
Goosehead Insurance, Inc. Class A *		1,219		76,663
Greene County Bancorp, Inc.		226		6,735
Hamilton Lane, Inc. Class A		1,258		100,615
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		459		11,475
HCI Group, Inc.		369		22,797
HomeTrust Bancshares, Inc.		275		5,745
International Money Express, Inc. *		1,760		43,173
Investors Title Co.		16		2,336
Kingsway Financial Services, Inc. * (Canada)		546		4,450
Lakeland Financial Corp.		154		7,472
Lemonade, Inc. *		515		8,678
LendingTree, Inc. *		171		3,781
Marcus & Millichap, Inc.		527		16,606
Maui Land & Pineapple Co., Inc. *		369		5,255
McGrath RentCorp		1,416		130,952
Metropolitan Bank Holding Corp. *		102		3,542
Moelis & Co. Class A		1,708		77,441
MVB Financial Corp.		104		2,192
National Health Investors, Inc. REIT		273		14,311
NerdWallet, Inc. Class A *		1,971		18,547
NexPoint Residential Trust, Inc. REIT		391		17,783

	Shares		Value
NMI Holdings, Inc. Class A *		383	$	9,889
Outfront Media, Inc. REIT		3,979		62,550
P10, Inc. Class A		2,159		24,397
Pagseguro Digital Ltd. Class A * (Brazil)		6,804		64,230
Palomar Holdings, Inc. *		1,382		80,211
Pathward Financial, Inc.		415		19,239
Patria Investments Ltd. Class A (Cayman)		3,139		44,888
Paysign, Inc. *		1,760		4,312
PennyMac Financial Services, Inc.		114		8,015
Perella Weinberg Partners		2,492		20,758
Phillips Edison & Co., Inc. REIT		1,129		38,476
Piper Sandler Cos.		839		108,449
PJT Partners, Inc. Class A		1,425		99,237
Plumas Bancorp		55		1,963
Redfin Corp. *		6,004		74,570
Regional Management Corp.		111		3,386
RMR Group, Inc. Class A		599		13,879
Ryman Hospitality Properties, Inc. REIT		3,297		306,357
Saul Centers, Inc. REIT		622		22,908
Sculptor Capital Management, Inc.		857		7,567
Selective Insurance Group, Inc.		3,422		328,341
ServisFirst Bancshares, Inc.		1,033		42,270
Silvercrest Asset Management Group, Inc. Class A		585		11,846
SiriusPoint Ltd. * (Bermuda)		652		5,888
Skyward Specialty Insurance Group, Inc. *		180		4,572
St. Joe Co.		1,976		95,520
Stellar Bancorp, Inc.		228		5,219
StepStone Group, Inc. Class A		3,132		77,705
Stock Yards Bancorp, Inc.		1,394		63,246
StoneX Group, Inc. *		117		9,720
Tanger Factory Outlet Centers, Inc. REIT		2,706		59,721
Third Coast Bancshares, Inc. *		51		809
Tiptree, Inc.		401		6,019
Trupanion, Inc. *		2,247		44,221
UMH Properties, Inc. REIT		506		8,086
Universal Health Realty Income Trust REIT		729		34,686
Universal Insurance Holdings, Inc.		268		4,135
Upstart Holdings, Inc. *		4,079		146,069
Victory Capital Holdings, Inc. Class A		1,517		47,846
Virtus Investment Partners, Inc.		62		12,243
Westamerica BanCorp		349		13,367
WisdomTree, Inc.		7,303		50,099
World Acceptance Corp. *		19		2,546
				4,343,180
Industrial - 16.9%
374Water, Inc. *		3,321		7,937
AAON, Inc.		2,570		243,662
Advanced Energy Industries, Inc.		2,146		239,172
Aerojet Rocketdyne Holdings, Inc. *		4,520		248,012
AeroVironment, Inc. *		1,432		146,465
Akoustis Technologies, Inc. *		4,001		12,723
Alamo Group, Inc.		565		103,909
Albany International Corp. Class A		1,564		145,890
Allied Motion Technologies, Inc.		774		30,914
American Woodmark Corp. *		54		4,124
Amprius Technologies, Inc. *		297		2,132
Apogee Enterprises, Inc.		468		22,216
Applied Industrial Technologies, Inc.		2,200		318,626
ArcBest Corp.		558		55,130
Atkore, Inc. *		2,256		351,801
Babcock & Wilcox Enterprises, Inc. *		325		1,918
Badger Meter, Inc.		1,675		247,163
Bel Fuse, Inc. Class B		47		2,698
Belden, Inc.		1,508		144,240
Berkshire Grey, Inc. *		4,127		5,819
Blink Charging Co. *		1,456		8,721
Bloom Energy Corp. Class A *		11,007		179,964
Bowman Consulting Group Ltd. *		557		17,757

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-259

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Cactus, Inc. Class A		3,657	$	154,764
Cadre Holdings, Inc.		1,118		24,372
Casella Waste Systems, Inc. Class A *		3,173		286,998
Charge Enterprises, Inc. *		6,972		6,833
Chart Industries, Inc. *		1,475		235,690
Chase Corp.		360		43,639
CIRCOR International, Inc. *		916		51,708
Comfort Systems USA, Inc.		2,012		330,370
Concrete Pumping Holdings, Inc. *		776		6,231
Construction Partners, Inc. Class A *		2,267		71,161
CryoPort, Inc. *		2,083		35,932
CSW Industrials, Inc.		882		146,580
CTS Corp.		1,760		75,029
Daseke, Inc. *		2,447		17,447
Dorian LPG Ltd.		1,043		26,753
Dycom Industries, Inc. *		1,633		185,590
Energizer Holdings, Inc.		4,116		138,215
Energy Recovery, Inc. *		3,132		87,539
Enerpac Tool Group Corp.		3,230		87,210
EnerSys		2,191		237,767
Enovix Corp. *		7,856		141,722
ESCO Technologies, Inc.		822		85,184
Eve Holding, Inc. *		1,030		10,794
Evolv Technologies Holdings, Inc. *		1,189		7,134
Exponent, Inc.		2,893		269,975
Fabrinet * (Thailand)		2,094		271,969
FARO Technologies, Inc. *		79		1,280
Federal Signal Corp.		3,407		218,150
FLEX LNG Ltd. * (Norway)		1,131		34,529
Fluor Corp. *		7,581		224,398
Forward Air Corp.		1,478		156,831
Franklin Electric Co., Inc.		2,621		269,701
Frontdoor, Inc. *		4,633		147,793
GATX Corp.		125		16,093
Gibraltar Industries, Inc. *		975		61,347
Gorman-Rupp Co.		294		8,476
GrafTech International Ltd.		6,193		31,213
Granite Construction, Inc.		342		13,605
Griffon Corp.		1,486		59,886
Helios Technologies, Inc.		1,879		124,183
Heritage-Crystal Clean, Inc. *		158		5,971
Hillenbrand, Inc.		3,891		199,530
Himalaya Shipping Ltd. * (Bermuda)		345		1,918
Hyster-Yale Materials Handling, Inc.		612		34,174
IES Holdings, Inc. *		454		25,824
INNOVATE Corp. *		1,123		1,965
Iteris, Inc. *		1,204		4,768
Itron, Inc. *		246		17,737
Janus International Group, Inc. *		4,737		50,496
Joby Aviation, Inc. *		5,311		54,491
John Bean Technologies Corp.		1,820		220,766
Kadant, Inc.		657		145,920
Karat Packaging, Inc.		354		6,461
Kimball Electronics, Inc. *		289		7,985
LanzaTech Global, Inc. *		1,211		8,271
Leonardo DRS, Inc. *		2,842		49,280
Limbach Holdings, Inc. *		90		2,226
Lindsay Corp.		641		76,497
LSI Industries, Inc.		1,092		13,716
Marten Transport Ltd.		2,617		56,266
Masonite International Corp. *		1,273		130,406
Materion Corp.		1,155		131,901
Mayville Engineering Co., Inc. *		145		1,807
Mesa Laboratories, Inc.		289		37,137
MicroVision, Inc. *		10,025		45,915
Modine Manufacturing Co. *		1,868		61,681
Montrose Environmental Group, Inc. *		1,582		66,634
Moog, Inc. Class A		323		35,023
Mueller Industries, Inc.		1,368		119,399
Mueller Water Products, Inc. Class A		8,863		143,846

	Shares		Value
Myers Industries, Inc.		2,059	$	40,006
MYR Group, Inc. *		923		127,688
Napco Security Technologies, Inc.		1,777		61,573
NEXTracker, Inc. Class A *		1,795		71,459
Novanta, Inc. *		2,038		375,196
NuScale Power Corp. *		3,030		20,604
NV5 Global, Inc. *		690		76,431
NVE Corp.		234		22,801
O-I Glass, Inc. *		7,448		158,866
Omega Flex, Inc.		194		20,133
OSI Systems, Inc. *		889		104,751
PAM Transportation Services, Inc. *		54		1,446
PGT Innovations, Inc. *		3,331		97,099
Plexus Corp. *		1,389		136,455
Primoris Services Corp.		227		6,917
Pure Cycle Corp. *		1,044		11,484
PureCycle Technologies, Inc. *		1,502		16,056
Redwire Corp. *		237		604
Rocket Lab USA, Inc. *		15,766		94,596
RXO, Inc. *		5,800		131,486
Ryerson Holding Corp.		106		4,598
Sanmina Corp. *		155		9,342
Sight Sciences, Inc. *		1,212		10,035
Simpson Manufacturing Co., Inc.		2,440		337,940
SKYX Platforms Corp. *		3,106		8,262
SPX Technologies, Inc. *		2,076		176,398
Standex International Corp.		533		75,404
Sterling Infrastructure, Inc. *		1,476		82,361
Stoneridge, Inc. *		244		4,599
Sturm Ruger & Co., Inc.		895		47,399
Tennant Co.		542		43,962
Terex Corp.		2,210		132,224
Thermon Group Holdings, Inc. *		212		5,639
Transphorm, Inc. *		1,723		5,858
Trinity Industries, Inc.		852		21,905
UFP Industries, Inc.		516		50,078
Vicor Corp. *		1,256		67,824
Watts Water Technologies, Inc. Class A		1,555		285,700
Werner Enterprises, Inc.		491		21,692
Xometry, Inc. Class A *		234		4,956
Zurn Elkay Water Solutions Corp. Class C		1,683		45,256
				11,720,178
Technology - 18.5%
8x8, Inc. *		6,563		27,762
ACI Worldwide, Inc. *		5,258		121,828
ACM Research, Inc. Class A *		514		6,723
ACV Auctions, Inc. Class A *		7,265		125,467
Adeia, Inc.		5,267		57,990
Aehr Test Systems *		1,460		60,225
Agilysys, Inc. *		1,126		77,289
Alignment Healthcare, Inc. *		4,797		27,583
Alkami Technology, Inc. *		2,234		36,615
Altair Engineering, Inc. Class A *		3,032		229,947
Ambarella, Inc. *		1,262		105,592
American Software, Inc. Class A		1,431		15,040
Amplitude, Inc. Class A *		3,835		42,185
Apollo Medical Holdings, Inc. *		2,408		76,093
Appfolio, Inc. Class A *		1,094		188,321
Appian Corp. Class A *		2,321		110,480
Asana, Inc. Class A *		4,575		100,833
Asure Software, Inc. *		134		1,629
Atomera, Inc. *		858		7,525
AvePoint, Inc. *		8,632		49,720
Avid Technology, Inc. *		1,354		34,527
AvidXchange Holdings, Inc. *		7,746		80,403
Axcelis Technologies, Inc. *		1,855		340,077
Bandwidth, Inc. Class A *		385		5,267
BigBear.ai Holdings, Inc. *		1,569		3,687
BigCommerce Holdings, Inc. *		3,843		38,238

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-260

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Blackbaud, Inc. *		2,480	$	176,526
Blackline, Inc. *		3,221		173,354
Box, Inc. Class A *		8,020		235,628
Braze, Inc. Class A *		1,957		85,697
C3.ai, Inc. Class A *		2,524		91,949
Cantaloupe, Inc. *		2,201		17,520
CEVA, Inc. *		1,145		29,255
Clear Secure, Inc. Class A		4,699		108,876
Climb Global Solutions, Inc.		190		9,093
CommVault Systems, Inc. *		2,396		173,998
Consensus Cloud Solutions, Inc. *		628		19,468
CoreCard Corp. *		402		10,195
Corsair Gaming, Inc. *		2,097		37,201
Cricut, Inc. Class A		2,715		33,123
CSG Systems International, Inc.		1,801		94,985
Daily Journal Corp. *		13		3,761
Definitive Healthcare Corp. *		877		9,647
Digi International, Inc. *		1,755		69,129
Digimarc Corp. *		802		23,611
Digital Turbine, Inc. *		1,381		12,816
DigitalOcean Holdings, Inc. *		3,637		145,989
Diodes, Inc. *		1,987		183,778
Domo, Inc. Class B *		1,790		26,241
Donnelley Financial Solutions, Inc. *		1,003		45,667
Duolingo, Inc. *		1,634		233,564
Ebix, Inc.		393		9,904
eGain Corp. *		1,185		8,876
Enfusion, Inc. Class A *		1,436		16,112
EngageSmart, Inc. *		2,736		52,230
Envestnet, Inc. *		2,818		167,248
Everbridge, Inc. *		2,297		61,789
EverCommerce, Inc. *		1,017		12,041
Evolent Health, Inc. Class A *		6,269		189,951
ExlService Holdings, Inc. *		1,846		278,857
Expensify, Inc. Class A *		3,143		25,081
Fastly, Inc. Class A *		5,729		90,346
ForgeRock, Inc. Class A *		2,658		54,595
FormFactor, Inc. *		4,409		150,876
Freshworks, Inc. Class A *		9,304		163,564
Grid Dynamics Holdings, Inc. *		2,540		23,495
Health Catalyst, Inc. *		1,720		21,500
IBEX Holdings Ltd. *		611		12,972
Impinj, Inc. *		1,319		118,248
Innodata, Inc. *		1,427		16,168
Insight Enterprises, Inc. *		1,640		239,998
Inspired Entertainment, Inc. *		1,220		17,946
Instructure Holdings, Inc. *		1,083		27,248
Intapp, Inc. *		881		36,923
Integral Ad Science Holding Corp. *		2,151		38,675
inTEST Corp. *		603		15,835
IonQ, Inc. *		1,448		19,591
Jamf Holding Corp. *		3,957		77,241
Kaltura, Inc. *		4,655		9,869
Kulicke & Soffa Industries, Inc. (Singapore)		2,236		132,930
LivePerson, Inc. *		3,771		17,045
LiveVox Holdings, Inc. *		1,256		3,454
MACOM Technology Solutions Holdings, Inc. *		3,101		203,209
Maximus, Inc.		3,467		292,996
MaxLinear, Inc. *		4,279		135,045
MeridianLink, Inc. *		1,021		21,237
MicroStrategy, Inc. Class A *		629		215,382
Mitek Systems, Inc. *		2,287		24,791
Model N, Inc. *		2,104		74,397
N-Able, Inc. *		3,527		50,824
Navitas Semiconductor Corp. *		923		9,728
NextGen Healthcare, Inc. *		1,872		30,364
NextNav, Inc. *		2,853		8,388
Olo, Inc. Class A *		3,360		21,706
OneSpan, Inc. *		2,106		31,253
Onto Innovation, Inc. *		2,390		278,363

	Shares		Value
Outset Medical, Inc. *		2,792	$	61,061
PagerDuty, Inc. *		4,792		107,724
PAR Technology Corp. *		129		4,248
Parsons Corp. *		1,067		51,365
PDF Solutions, Inc. *		1,724		77,752
Phreesia, Inc. *		2,944		91,293
Pitney Bowes, Inc.		6,619		23,431
Planet Labs PBC *		9,738		31,356
PlayAGS, Inc. *		2,058		11,628
Power Integrations, Inc.		3,232		305,973
PowerSchool Holdings, Inc. Class A *		3,159		60,463
Presto Automation, Inc. *		437		2,281
Privia Health Group, Inc. *		3,819		99,714
Progress Software Corp.		2,445		142,055
PROS Holdings, Inc. *		1,810		55,748
PubMatic, Inc. Class A *		463		8,464
Qualys, Inc. *		2,120		273,840
Rambus, Inc. *		6,206		398,239
Rapid7, Inc. *		3,426		155,129
Red Violet, Inc. *		625		12,856
Rimini Street, Inc. *		2,645		12,670
Sapiens International Corp. NV (Israel)		1,732		46,071
Schrodinger, Inc. *		3,075		153,504
SEMrush Holdings, Inc. Class A *		1,759		16,834
Sharecare, Inc. *		1,176		2,058
Silicon Laboratories, Inc. *		1,807		285,036
Simulations Plus, Inc.		898		38,910
SiTime Corp. *		971		114,549
SkyWater Technology, Inc. *		985		9,279
SMART Global Holdings, Inc. *		620		17,986
SoundHound AI, Inc. Class A *		7,959		36,213
Sprout Social, Inc. Class A *		2,696		124,447
SPS Commerce, Inc. *		2,090		401,405
Super Micro Computer, Inc. *		2,636		657,023
Synaptics, Inc. *		188		16,051
Tenable Holdings, Inc. *		6,510		283,511
Thoughtworks Holding, Inc. *		5,246		39,607
TTEC Holdings, Inc.		1,114		37,698
Varonis Systems, Inc. *		6,229		166,003
Velo3D, Inc. *		5,079		10,971
Verint Systems, Inc. *		3,375		118,328
Veritone, Inc. *		1,677		6,574
Verra Mobility Corp. *		7,861		155,019
Viant Technology, Inc. Class A *		851		3,923
Vimeo, Inc. *		1,882		7,754
Weave Communications, Inc. *		1,928		21,420
Workiva, Inc. *		2,786		283,225
Yext, Inc. *		6,203		70,156
Zeta Global Holdings Corp. Class A *		7,576		64,699
Zuora, Inc. Class A *		6,998		76,768
				12,782,720
Utilities - 1.6%
Ameresco, Inc. Class A *		1,863		90,598
American States Water Co.		2,103		182,961
Artesian Resources Corp. Class A		332		15,677
Brookfield Infrastructure Corp. Class A (Canada)		550		25,069
California Water Service Group		990		51,114
Chesapeake Utilities Corp.		648		77,112
Consolidated Water Co. Ltd. (Cayman)		254		6,154
FTC Solar, Inc. *		3,571		11,499
Genie Energy Ltd. Class B		560		7,918
Global Water Resources, Inc.		729		9,244
MGE Energy, Inc.		1,049		82,986
Middlesex Water Co.		990		79,853
New Jersey Resources Corp.		2,890		136,408
Ormat Technologies, Inc.		1,963		157,943
Otter Tail Corp.		1,231		97,200
PNM Resources, Inc.		517		23,317

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-261

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Unitil Corp.		239	$	12,120
York Water Co.		831		34,295
				1,101,468
Total Common Stocks (Cost $66,459,383)				67,890,610
EXCHANGE-TRADED FUNDS - 1.4%
iShares Russell 2000 Growth		4,166		1,010,922
Total Exchange-Traded Funds (Cost $937,745)				1,010,922
	Principal Amount
SHORT-TERM INVESTMENTS - 0.6%
Repurchase Agreements - 0.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $397,636; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $405,432)		$397,480		397,480
Total Short-Term Investments (Cost $397,480)				397,480
TOTAL INVESTMENTS - 100.0% (Cost $67,794,676)				69,300,970
DERIVATIVES - 0.1%				15,372
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(47,154	)
NET ASSETS - 100.0%				$69,269,188

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	31.2%
Technology	18.5%
Industrial	16.9%
Consumer, Cyclical	10.4%
Financial	6.3%
Energy	5.0%
Communications	4.1%
Basic Materials	4.0%
Others (each less than 3.0%)	3.6%
	100.0%
Derivatives	0.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

(b) Investments with a total aggregate value of $1,958 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Micro Russell 2000 E-Mini Index	09/23		45		$412,960		$428,332		$15,372

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-262

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$1,958		$-		$-		$1,958
	Common Stocks
	Basic Materials		2,750,439		2,750,439		-		-
	Communications		2,867,551		2,867,551		-		-
	Consumer, Cyclical		7,194,512		7,194,512		-		-
	Consumer, Non-Cyclical		21,632,170		21,629,335		2,835		-
	Energy		3,498,392		3,498,392		-		-
	Financial		4,343,180		4,343,180		-		-
	Industrial		11,720,178		11,720,178		-		-
	Technology		12,782,720		12,782,720		-		-
	Utilities		1,101,468		1,101,468		-		-
	Total Common Stocks		67,890,610		67,887,775		2,835		-
	Exchange-Traded Funds		1,010,922		1,010,922		-		-
	Short-Term Investments		397,480		-		397,480		-
	Derivatives:
	Equity Contracts
	Futures		15,372		15,372		-		-
	Total		$69,316,342		$68,914,069		$400,315		$1,958

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-263

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies, Inc. - Contingent Value Rights * W ±		123		$312
OmniAb, Inc. $12.50 - Earn Out Shares * W ±		588		-
OmniAb, Inc. $15.00 - Earn Out Shares * W ±		588		-
				312
Total Rights (Cost $0)				312
COMMON STOCKS - 97.9%
Basic Materials - 3.2%
5E Advanced Materials, Inc. *		579		1,899
AdvanSix, Inc.		1,776		62,124
American Vanguard Corp.		1,470		26,269
Amyris, Inc. *		13,520		13,926
Arconic Corp. *		6,567		194,252
Avient Corp.		6,033		246,750
Caledonia Mining Corp. PLC (South Africa)		978		11,364
Carpenter Technology Corp.		3,194		179,279
Centrus Energy Corp. Class A *		722		23,508
Codexis, Inc. *		4,037		11,304
Coeur Mining, Inc. *		21,305		60,506
Commercial Metals Co.		7,787		410,063
Constellium SE *		3,213		55,264
Contango ORE, Inc. *		89		2,268
Dakota Gold Corp. *		1,066		3,113
Danimer Scientific, Inc. *		6,051		14,401
Ecovyst, Inc. *		4,821		55,249
Encore Energy Corp. * (Canada)		9,377		22,599
Energy Fuels, Inc. *		1,490		9,298
Glatfelter Corp.		3,303		9,975
Haynes International, Inc.		833		42,333
HB Fuller Co.		337		24,099
Hecla Mining Co.		31,498		162,215
i-80 Gold Corp. * (Canada)		11,642		26,194
Innospec, Inc.		189		18,983
Intrepid Potash, Inc. *		792		17,970
Kaiser Aluminum Corp.		76		5,445
Koppers Holdings, Inc.		1,321		45,046
Kronos Worldwide, Inc.		1,632		14,247
Mativ Holdings, Inc.		3,613		54,629
Minerals Technologies, Inc.		2,152		124,149
Oil-Dri Corp. of America		234		13,804
Origin Materials, Inc. *		7,029		29,944
Perimeter Solutions SA *		10,343		63,609
Piedmont Lithium, Inc. *		794		45,822
PolyMet Mining Corp. * (Canada)		1,428		1,128
Rayonier Advanced Materials, Inc. *		4,391		18,793
Rogers Corp. *		308		49,874
Schnitzer Steel Industries, Inc. Class A		1,751		52,512
Stepan Co.		1,248		119,259
Terawulf, Inc. *		3,850		6,738
Trinseo PLC		2,487		31,510
Tronox Holdings PLC		7,964		101,222
Uranium Energy Corp. *		24,597		83,630
Valhi, Inc.		160		2,056
				2,568,622
Communications - 3.2%
1-800-Flowers.com, Inc. Class A *		1,636		12,761
ADTRAN Holdings, Inc.		5,252		55,304
Advantage Solutions, Inc. *		6,200		14,508
Allbirds, Inc. Class A *		7,210		9,085
AMC Networks, Inc. Class A *		2,151		25,704
Anterix, Inc. *		142		4,500

	Shares		Value
ATN International, Inc.		701	$	25,657
Aviat Networks, Inc. *		692		23,092
BARK, Inc. *		8,126		10,808
Blacksky Technology, Inc. *		8,137		18,064
Blade Air Mobility, Inc. *		4,255		16,765
Boston Omaha Corp. Class A *		1,469		27,647
Bumble, Inc. Class A *		6,793		113,986
Clear Channel Outdoor Holdings, Inc. *		25,878		35,453
Cogent Communications Holdings, Inc.		1,062		71,462
Consolidated Communications Holdings, Inc. *		4,366		16,722
ContextLogic, Inc. Class A *		1,441		9,482
DHI Group, Inc. *		3,089		11,831
DigitalBridge Group, Inc.		7,564		111,266
DZS, Inc. *		1,420		5,637
EchoStar Corp. Class A *		2,250		39,015
ePlus, Inc. *		1,692		95,260
Eventbrite, Inc. Class A *		705		6,733
EW Scripps Co. Class A *		2,263		20,706
Figs, Inc. Class A *		1,062		8,783
fuboTV, Inc. *		13,829		28,764
Gannett Co., Inc. *		9,793		22,034
Globalstar, Inc. *		5,969		6,446
Gogo, Inc. *		4,053		68,941
Gray Television, Inc.		5,301		41,772
HealthStream, Inc.		937		23,013
IDT Corp. Class B *		204		5,273
iHeartMedia, Inc. Class A *		7,120		25,917
KVH Industries, Inc. *		1,016		9,286
Lands’ End, Inc. *		1,142		8,862
Liberty Latin America Ltd. Class A *		2,105		18,419
Liberty Latin America Ltd. Class C *		9,857		84,967
Liquidity Services, Inc. *		624		10,296
Lumen Technologies, Inc.		67,175		151,815
Magnite, Inc. *		5,161		70,448
MediaAlpha, Inc. Class A *		374		3,856
Mondee Holdings, Inc. *		381		3,395
NETGEAR, Inc. *		1,850		26,196
Nextdoor Holdings, Inc. *		4,147		13,519
Open Lending Corp. Class A *		627		6,590
Opendoor Technologies, Inc. *		34,831		140,021
Overstock.com, Inc. *		3,028		98,622
Preformed Line Products Co.		87		13,581
Quotient Technology, Inc. *		6,009		23,075
Ribbon Communications, Inc. *		6,247		17,429
Scholastic Corp.		1,890		73,502
Shenandoah Telecommunications Co.		3,223		62,623
Sinclair, Inc.		1,981		27,377
Solo Brands, Inc. Class A *		386		2,185
Spok Holdings, Inc.		1,069		14,207
Squarespace, Inc. Class A *		2,064		65,098
Stagwell, Inc. *		7,242		52,215
Stitch Fix, Inc. Class A *		3,128		12,043
TEGNA, Inc.		14,830		240,839
Telephone & Data Systems, Inc.		6,679		54,968
Terran Orbital Corp. *		5,328		7,992
Thryv Holdings, Inc. *		2,067		50,848
TrueCar, Inc. *		5,465		12,351
Tucows, Inc. Class A *		405		11,235
Urban One, Inc. *		1,054		6,321
Value Line, Inc.		9		413
Viavi Solutions, Inc. *		2,715		30,761
Vivid Seats, Inc. Class A *		1,102		8,728
WideOpenWest, Inc. *		3,445		29,076
Ziff Davis, Inc. *		2,409		168,774
				2,644,324
Consumer, Cyclical - 12.4%
A-Mark Precious Metals, Inc.		1,241		46,457
Abercrombie & Fitch Co. Class A *		1,571		59,195
Adient PLC *		6,405		245,440

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-264

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Aeva Technologies, Inc. *		6,817	$	8,521
Allegiant Travel Co. *		950		119,966
America’s Car-Mart, Inc. *		418		41,708
American Axle & Manufacturing Holdings, Inc. *		7,602		62,869
American Eagle Outfitters, Inc.		9,424		111,203
Asbury Automotive Group, Inc. *		1,441		346,445
Aurora Innovation, Inc. *		20,524		60,341
Bally’s Corp. *		978		15,218
Beacon Roofing Supply, Inc. *		2,916		241,970
Beazer Homes USA, Inc. *		1,934		54,713
Big 5 Sporting Goods Corp.		1,600		14,656
Big Lots, Inc.		2,017		17,810
Biglari Holdings, Inc. Class B *		44		8,674
BJ’s Restaurants, Inc. *		595		18,921
Blue Bird Corp. *		1,070		24,054
Bluegreen Vacations Holding Corp.		158		5,633
BlueLinx Holdings, Inc. *		586		54,955
Bowlero Corp. *		234		2,724
Brinker International, Inc. *		256		9,370
Build-A-Bear Workshop, Inc.		150		3,213
Caleres, Inc.		2,311		55,302
Carrols Restaurant Group, Inc. *		2,367		11,930
Carvana Co. *		520		13,478
Cato Corp. Class A		1,034		8,303
Century Casinos, Inc. *		415		2,947
Century Communities, Inc.		1,906		146,038
Chico’s FAS, Inc. *		8,089		43,276
Children’s Place, Inc. *		790		18,336
Chuy’s Holdings, Inc. *		201		8,205
Cinemark Holdings, Inc. *		1,256		20,724
Clarus Corp.		569		5,201
Clean Energy Fuels Corp. *		11,348		56,286
Commercial Vehicle Group, Inc. *		1,871		20,768
CompX International, Inc.		14		305
Cooper-Standard Holdings, Inc. *		127		1,811
Daktronics, Inc. *		2,535		16,224
Dana, Inc.		8,813		149,821
Denny’s Corp. *		884		10,891
Designer Brands, Inc. Class A		3,386		34,199
Destination XL Group, Inc. *		3,893		19,076
Dine Brands Global, Inc.		137		7,950
Dream Finders Homes, Inc. Class A *		970		23,852
Duluth Holdings, Inc. Class B *		878		5,514
El Pollo Loco Holdings, Inc.		1,778		15,593
Escalade, Inc.		552		7,369
Ethan Allen Interiors, Inc.		1,475		41,713
Everi Holdings, Inc. *		2,158		31,205
EVgo, Inc. *		4,257		17,028
Fiesta Restaurant Group, Inc. *		1,118		8,877
First Watch Restaurant Group, Inc. *		502		8,484
Foot Locker, Inc.		5,442		147,533
Forestar Group, Inc. *		1,188		26,789
Fossil Group, Inc. *		3,528		9,067
Franchise Group, Inc.		107		3,064
Full House Resorts, Inc. *		278		1,863
Funko, Inc. Class A *		724		7,834
G-III Apparel Group Ltd. *		2,866		55,228
Genesco, Inc. *		859		21,509
Global Industrial Co.		263		7,304
GMS, Inc. *		1,879		130,027
Goodyear Tire & Rubber Co. *		18,705		255,884
Green Brick Partners, Inc. *		1,172		66,570
Group 1 Automotive, Inc.		922		237,968
GrowGeneration Corp. *		4,295		14,603
Guess?, Inc.		1,790		34,816
Hanesbrands, Inc.		8,189		37,178
Haverty Furniture Cos., Inc.		952		28,769
Hawaiian Holdings, Inc. *		3,600		38,772
Hibbett, Inc.		135		4,899
HNI Corp.		2,833		79,834

	Shares		Value
Holley, Inc. *		3,628	$	14,839
Hooker Furnishings Corp.		712		13,286
Hovnanian Enterprises, Inc. Class A *		322		31,946
Hudson Technologies, Inc. *		2,428		23,357
Hyliion Holdings Corp. *		10,310		17,218
indie Semiconductor, Inc. Class A * (China)		610		5,734
Interface, Inc.		3,915		34,413
iRobot Corp. *		191		8,643
J Jill, Inc. *		245		5,250
JAKKS Pacific, Inc. *		454		9,066
JetBlue Airways Corp. *		21,972		194,672
Johnson Outdoors, Inc. Class A		361		22,183
KB Home		4,942		255,551
La-Z-Boy, Inc.		2,845		81,481
Landsea Homes Corp. *		911		8,509
Lazydays Holdings, Inc. *		756		8,739
LCI Industries		1,033		130,530
Leslie’s, Inc. *		10,985		103,149
LGI Homes, Inc. *		1,289		173,873
Life Time Group Holdings, Inc. *		2,029		39,910
Light & Wonder, Inc. *		3,246		223,195
Lindblad Expeditions Holdings, Inc. *		2,204		23,980
Lions Gate Entertainment Corp. Class A *		1,515		13,377
Lions Gate Entertainment Corp. Class B *		2,164		18,069
M/I Homes, Inc. *		1,797		156,680
Madison Square Garden Entertainment Corp. *		454		15,263
Malibu Boats, Inc. Class A *		526		30,855
Marcus Corp.		1,531		22,705
MarineMax, Inc. *		1,406		48,029
MDC Holdings, Inc.		3,935		184,040
Meritage Homes Corp.		2,430		345,716
Methode Electronics, Inc.		2,339		78,403
Microvast Holdings, Inc. *		7,083		11,333
Miller Industries, Inc.		666		23,623
MillerKnoll, Inc.		5,128		75,792
Movado Group, Inc.		987		26,481
MRC Global, Inc. *		3,749		37,752
National Vision Holdings, Inc. *		4,815		116,956
Nikola Corp. *		40,151		55,408
Nu Skin Enterprises, Inc. Class A		3,387		112,448
ODP Corp. *		2,271		106,328
OneWater Marine, Inc. Class A *		776		28,122
OPENLANE, Inc. *		7,238		110,162
Oxford Industries, Inc.		239		23,522
Papa John’s International, Inc.		523		38,613
Patrick Industries, Inc.		1,268		101,440
PC Connection, Inc.		748		33,735
PetMed Express, Inc.		1,357		18,713
PriceSmart, Inc.		510		37,771
Proterra, Inc. *		14,997		17,996
Purple Innovation, Inc.		4,416		12,276
Red Rock Resorts, Inc. Class A		1,429		66,849
Reservoir Media, Inc. *		1,275		7,676
Resideo Technologies, Inc. *		9,763		172,415
REV Group, Inc.		2,076		27,528
Rocky Brands, Inc.		489		10,269
Rush Enterprises, Inc. Class A		2,737		166,245
Rush Enterprises, Inc. Class B		417		28,381
Sally Beauty Holdings, Inc. *		377		4,656
ScanSource, Inc. *		1,716		50,725
SeaWorld Entertainment, Inc. *		152		8,514
SES AI Corp. *		7,901		19,278
Shoe Carnival, Inc.		1,099		25,805
Signet Jewelers Ltd. (NYSE)		2,955		192,843
Six Flags Entertainment Corp. *		1,024		26,604
Skyline Champion Corp. *		1,567		102,560
SkyWest, Inc. *		3,218		131,037
Sleep Number Corp. *		705		19,232
Snap One Holdings Corp. *		1,368		15,937
Solid Power, Inc. *		10,624		26,985

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-265

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Sonic Automotive, Inc. Class A		1,062	$	50,626
Sphere Entertainment Co. *		1,768		48,426
Spirit Airlines, Inc.		7,315		125,525
Sportsman’s Warehouse Holdings, Inc. *		2,160		12,312
Standard Motor Products, Inc.		1,370		51,402
Steelcase, Inc. Class A		6,188		47,710
Sun Country Airlines Holdings, Inc. *		1,101		24,751
Sweetgreen, Inc. Class A *		1,331		17,063
Taylor Morrison Home Corp. *		6,916		337,293
ThredUp, Inc. Class A *		3,742		9,130
Tile Shop Holdings, Inc. *		1,923		10,653
Tilly’s, Inc. Class A *		1,303		9,134
Titan International, Inc. *		3,497		40,146
Titan Machinery, Inc. *		1,354		39,943
Topgolf Callaway Brands Corp. *		9,592		190,401
Traeger, Inc. *		2,493		10,595
Tri Pointe Homes, Inc. *		6,504		213,721
TuSimple Holdings, Inc. Class A *		11,478		19,054
UniFirst Corp.		1,012		156,870
United Homes Group, Inc. *		332		3,705
Urban Outfitters, Inc. *		2,841		94,122
Vera Bradley, Inc. *		1,701		10,869
Veritiv Corp.		880		110,537
Virgin Galactic Holdings, Inc. *		7,471		28,988
Vista Outdoor, Inc. *		3,733		103,292
Vizio Holding Corp. Class A *		580		3,915
VOXX International Corp. *		866		10,808
VSE Corp.		706		38,611
Weyco Group, Inc.		379		10,116
Winmark Corp.		188		62,504
Winnebago Industries, Inc.		1,989		132,646
Wolverine World Wide, Inc.		510		7,492
Workhorse Group, Inc. *		11,484		10,009
Xperi, Inc. *		2,964		38,977
Xponential Fitness, Inc. Class A *		228		3,933
Zumiez, Inc. *		1,112		18,526
				10,132,749
Consumer, Non-Cyclical - 16.6%
23andMe Holding Co. Class A *		17,229		30,151
2seventy bio, Inc. *		3,364		34,044
2U, Inc. *		4,860		19,586
4D Molecular Therapeutics, Inc. *		1,941		35,074
Aadi Bioscience, Inc. *		1,143		7,818
Aaron’s Co., Inc.		2,081		29,425
ABM Industries, Inc.		4,411		188,129
Acacia Research Corp. *		2,482		10,325
ACCO Brands Corp.		6,436		33,532
Accolade, Inc. *		271		3,650
Acrivon Therapeutics, Inc. *		554		7,180
AdaptHealth Corp. *		2,384		29,013
Adaptive Biotechnologies Corp. *		2,173		14,581
Addus HomeCare Corp. *		550		50,985
Adicet Bio, Inc. *		2,267		5,509
ADMA Biologics, Inc. *		6,380		23,542
Adtalem Global Education, Inc. *		2,970		101,990
Agenus, Inc. *		19,457		31,131
Agiliti, Inc. *		253		4,175
Agios Pharmaceuticals, Inc. *		3,683		104,303
Alico, Inc.		525		13,367
Alight, Inc. Class A *		26,531		245,146
Allakos, Inc. *		4,372		19,062
Allogene Therapeutics, Inc. *		5,553		27,598
Allovir, Inc. *		2,855		9,707
Alphatec Holdings, Inc. *		3,007		54,066
Alpine Immune Sciences, Inc. *		981		10,085
Altimmune, Inc. *		3,253		11,483
ALX Oncology Holdings, Inc. *		1,605		12,054
American Well Corp. Class A *		16,309		34,249
Amneal Pharmaceuticals, Inc. *		8,211		25,454

	Shares		Value
AnaptysBio, Inc. *		224	$	4,556
Andersons, Inc.		2,152		99,315
AngioDynamics, Inc. *		2,646		27,598
ANI Pharmaceuticals, Inc. *		194		10,443
Anika Therapeutics, Inc. *		920		23,902
Annexon, Inc. *		2,869		10,099
API Group Corp. *		4,563		124,387
Arbutus Biopharma Corp. *		2,953		6,792
Arcturus Therapeutics Holdings, Inc. *		1,406		40,324
Arcus Biosciences, Inc. *		2,462		50,003
Ardelyx, Inc. *		4,723		16,011
Arlo Technologies, Inc. *		630		6,873
ARS Pharmaceuticals, Inc. *		1,170		7,839
Artivion, Inc. *		2,198		37,784
Arvinas, Inc. *		207		5,138
ASGN, Inc. *		2,384		180,302
Assertio Holdings, Inc. *		3,564		19,317
Astria Therapeutics, Inc. *		243		2,024
Atara Biotherapeutics, Inc. *		6,024		9,699
Atea Pharmaceuticals, Inc. *		5,227		19,549
AtriCure, Inc. *		861		42,499
Aura Biosciences, Inc. *		1,830		22,600
Avanos Medical, Inc. *		3,096		79,134
Aveanna Healthcare Holdings, Inc. *		3,393		5,734
Avidity Biosciences, Inc. *		4,641		51,469
B&G Foods, Inc.		4,765		66,329
Bakkt Holdings, Inc. *		4,370		5,375
Barrett Business Services, Inc.		73		6,366
Beam Therapeutics, Inc. *		446		14,241
BellRing Brands, Inc. *		6,505		238,083
Benson Hill, Inc. *		11,487		14,933
Beyond Air, Inc. *		384		1,636
BioAtla, Inc. *		2,915		8,745
BioCryst Pharmaceuticals, Inc. *		3,091		21,761
Biohaven Ltd. *		3,887		92,977
BioLife Solutions, Inc. *		219		4,840
Biote Corp. Class A *		392		2,650
Bluebird Bio, Inc. *		7,071		23,264
BRC, Inc. Class A *		451		2,327
Bridgebio Pharma, Inc. *		2,326		40,007
BrightView Holdings, Inc. *		3,060		21,971
Brookdale Senior Living, Inc. *		11,396		48,091
Butterfly Network, Inc. *		8,995		20,689
Cabaletta Bio, Inc. *		191		2,466
Cal-Maine Foods, Inc.		168		7,560
Cano Health, Inc. *		14,849		20,640
Cara Therapeutics, Inc. *		3,351		9,483
CareDx, Inc. *		3,538		30,073
CareMax, Inc. *		5,139		15,982
Caribou Biosciences, Inc. *		3,988		16,949
Carisma Therapeutics, Inc.		1,794		15,733
Cass Information Systems, Inc.		98		3,800
Castle Biosciences, Inc. *		1,004		13,775
Celcuity, Inc. *		1,111		12,199
Celldex Therapeutics, Inc. *		2,285		77,530
Central Garden & Pet Co. *		745		28,884
Central Garden & Pet Co. Class A *		2,507		91,405
Century Therapeutics, Inc. *		1,501		4,743
Chegg, Inc. *		1,128		10,017
Chinook Therapeutics, Inc. *		2,760		106,039
Cimpress PLC * (Ireland)		526		31,286
Cipher Mining, Inc. *		2,772		7,928
Citius Pharmaceuticals, Inc. *		6,908		8,290
Cogent Biosciences, Inc. *		2,110		24,982
Coherus Biosciences, Inc. *		1,057		4,513
Community Health Systems, Inc. *		8,320		36,608
Compass Therapeutics, Inc. *		5,320		16,918
CompoSecure, Inc. *		106		727
CoreCivic, Inc. *		7,660		72,081
Crinetics Pharmaceuticals, Inc. *		2,916		52,546

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-266

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Cross Country Healthcare, Inc. *		1,946	$	54,644
Cullinan Oncology, Inc. *		1,549		16,667
Cutera, Inc. *		1,006		15,221
Cytokinetics, Inc. *		452		14,744
Day One Biopharmaceuticals, Inc. *		302		3,606
Deciphera Pharmaceuticals, Inc. *		2,253		31,722
Deluxe Corp.		3,077		53,786
Design Therapeutics, Inc. *		2,117		13,337
DICE Therapeutics, Inc. *		457		21,232
Disc Medicine, Inc. *		45		1,998
Distribution Solutions Group, Inc. *		56		2,915
Dole PLC		2,021		27,324
Duckhorn Portfolio, Inc. *		2,354		30,531
Dynavax Technologies Corp. *		1,409		18,204
Dyne Therapeutics, Inc. *		1,998		22,477
Eagle Pharmaceuticals, Inc. *		688		13,375
Edgewell Personal Care Co.		3,396		140,289
Edgewise Therapeutics, Inc. *		2,914		22,583
Editas Medicine, Inc. *		4,627		38,080
Embecta Corp.		3,423		73,937
Emerald Holding, Inc. *		1,091		4,473
Emergent BioSolutions, Inc. *		3,326		24,446
Enanta Pharmaceuticals, Inc. *		1,164		24,910
Enhabit, Inc. *		3,330		38,295
Enliven Therapeutics, Inc. *		1,539		31,411
Ennis, Inc.		1,692		34,483
Entrada Therapeutics, Inc. *		1,417		21,453
EQRx, Inc. *		21,334		39,681
Erasca, Inc. *		5,396		14,893
European Wax Center, Inc. Class A *		209		3,894
EyePoint Pharmaceuticals, Inc. *		1,009		8,778
Fate Therapeutics, Inc. *		5,760		27,418
Fennec Pharmaceuticals, Inc. * (Canada)		815		7,196
FibroGen, Inc. *		6,003		16,208
First Advantage Corp. *		3,384		52,147
FiscalNote Holdings, Inc. *		3,530		12,849
Forafric Global PLC * (Gibraltar)		212		2,326
Fresh Del Monte Produce, Inc.		2,170		55,791
Fulgent Genetics, Inc. *		1,368		50,657
Genelux Corp. *		132		4,319
Generation Bio Co. *		2,948		16,214
GEO Group, Inc. *		7,897		56,543
Geron Corp. *		7,955		25,536
Graham Holdings Co. Class B		240		137,155
Graphite Bio, Inc. *		1,754		4,560
Green Dot Corp. Class A *		2,986		55,958
Gritstone bio, Inc. *		5,876		11,458
Hackett Group, Inc.		275		6,146
Hain Celestial Group, Inc. *		5,987		74,897
Healthcare Services Group, Inc.		347		5,181
Heidrick & Struggles International, Inc.		1,389		36,767
Helen of Troy Ltd. *		1,611		174,020
Herbalife Ltd. *		1,786		23,647
HF Foods Group, Inc. *		2,896		13,582
HilleVax, Inc. *		1,078		18,531
Hostess Brands, Inc. *		7,061		178,785
Humacyte, Inc. *		822		2,351
Icosavax, Inc. *		1,865		18,519
Ideaya Biosciences, Inc. *		1,282		30,127
IGM Biosciences, Inc. *		805		7,430
Ikena Oncology, Inc. *		1,355		8,889
Immuneering Corp. Class A *		330		3,346
ImmunityBio, Inc. *		1,257		3,494
ImmunoGen, Inc. *		6,734		127,071
Inari Medical, Inc. *		236		13,721
Information Services Group, Inc.		896		4,803
Ingles Markets, Inc. Class A		930		76,864
Inhibrx, Inc. *		780		20,249
Innoviva, Inc. *		3,622		46,108
Inogen, Inc. *		1,626		18,780

	Shares		Value
Inozyme Pharma, Inc. *		2,184	$	12,165
Integer Holdings Corp. *		2,208		195,651
Intellia Therapeutics, Inc. *		5,022		204,797
Invitae Corp. *		2,973		3,359
Iovance Biotherapeutics, Inc. *		13,871		97,652
Ironwood Pharmaceuticals, Inc. *		5,302		56,413
iTeos Therapeutics, Inc. *		1,633		21,621
Janux Therapeutics, Inc. *		1,087		12,903
John Wiley & Sons, Inc. Class A		2,881		98,040
KalVista Pharmaceuticals, Inc. *		1,493		13,437
Kelly Services, Inc. Class A		2,201		38,760
Kezar Life Sciences, Inc. *		4,886		11,971
Kiniksa Pharmaceuticals Ltd. Class A *		2,096		29,512
Kodiak Sciences, Inc. *		2,208		15,235
Korn Ferry		3,523		174,529
Krispy Kreme, Inc.		3,933		57,933
Kura Oncology, Inc. *		4,334		45,854
Larimar Therapeutics, Inc. *		1,636		5,121
Laureate Education, Inc.		1,197		14,472
Lexicon Pharmaceuticals, Inc. *		2,918		6,682
LifeStance Health Group, Inc. *		3,209		29,298
Ligand Pharmaceuticals, Inc. *		943		67,990
Limoneira Co.		1,102		17,147
Lincoln Educational Services Corp. *		1,347		9,079
Liquidia Corp. *		867		6,806
LivaNova PLC *		3,392		174,451
LiveRamp Holdings, Inc. *		4,284		122,351
Longboard Pharmaceuticals, Inc. *		600		4,404
Lyell Immunopharma, Inc. *		11,506		36,589
MacroGenics, Inc. *		2,825		15,114
MannKind Corp. *		3,096		12,601
MarketWise, Inc.		2,302		4,604
Marqeta, Inc. Class A *		28,476		138,678
Matthews International Corp. Class A		1,483		63,205
MaxCyte, Inc. *		5,513		25,305
MeiraGTx Holdings PLC *		655		4,402
Mersana Therapeutics, Inc. *		2,698		8,876
MiMedx Group, Inc. *		7,495		49,542
Mineralys Therapeutics, Inc. *		681		11,611
Mission Produce, Inc. *		2,742		33,233
Monro, Inc.		2,037		82,763
Monte Rosa Therapeutics, Inc. *		2,239		15,337
Morphic Holding, Inc. *		229		13,129
Multiplan Corp. *		25,611		54,039
Myriad Genetics, Inc. *		5,379		124,685
Nano-X Imaging Ltd. * (Israel)		2,727		42,241
NanoString Technologies, Inc. *		155		628
National HealthCare Corp.		792		48,961
Natural Grocers by Vitamin Cottage, Inc. Class C		591		7,246
Nature’s Sunshine Products, Inc. *		844		11,521
Nautilus Biotechnology, Inc. SPAC *		3,668		14,195
Neogen Corp. *		14,543		316,310
NeoGenomics, Inc. *		7,714		123,964
Nevro Corp. *		1,571		39,935
NGM Biopharmaceuticals, Inc. *		3,058		7,920
Nkarta, Inc. *		1,957		4,286
Novavax, Inc. *		1,150		8,545
Nurix Therapeutics, Inc. *		3,244		32,408
NuVasive, Inc. *		505		21,003
Nuvation Bio, Inc. *		10,086		18,155
Ocean Biomedical, Inc. *		525		3,155
Olema Pharmaceuticals, Inc. *		1,809		16,335
Omeros Corp. *		2,387		12,985
OmniAb, Inc. *		6,212		31,246
Omnicell, Inc. *		1,514		111,536
OPKO Health, Inc. *		26,875		58,319
OraSure Technologies, Inc. *		4,915		24,624
Organogenesis Holdings, Inc. *		4,248		14,103
ORIC Pharmaceuticals, Inc. *		2,621		20,339

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-267

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Orthofix Medical, Inc. *		2,317	$	41,845
OrthoPediatrics Corp. *		109		4,780
Oscar Health, Inc. Class A *		9,554		77,005
Ovid therapeutics, Inc. *		3,797		12,454
Owens & Minor, Inc. *		4,954		94,324
Pacific Biosciences of California, Inc. *		7,558		100,521
Patterson Cos., Inc.		4,509		149,969
Paysafe Ltd. *		2,215		22,349
Pediatrix Medical Group, Inc. *		5,586		79,377
PepGen, Inc. *		471		4,211
Perdoceo Education Corp. *		4,355		53,436
Performant Financial Corp. *		1,147		3,097
PetIQ, Inc. *		417		6,326
Phathom Pharmaceuticals, Inc. *		1,203		17,227
Phibro Animal Health Corp. Class A		916		12,549
PMV Pharmaceuticals, Inc. *		2,752		17,228
Point Biopharma Global, Inc. SPAC *		5,965		54,043
Poseida Therapeutics, Inc. *		4,514		7,945
Precigen, Inc. *		9,035		10,390
Prelude Therapeutics, Inc. *		564		2,538
Prestige Consumer Healthcare, Inc. *		3,243		192,731
Primo Water Corp.		8,776		110,051
PROG Holdings, Inc. *		2,490		79,979
ProKidney Corp. *		3,040		34,018
Protagonist Therapeutics, Inc. *		1,335		36,873
Protalix BioTherapeutics, Inc. *		3,474		6,948
PTC Therapeutics, Inc. *		890		36,196
Pulse Biosciences, Inc. *		715		5,141
Quad/Graphics, Inc. *		2,440		9,174
Quanex Building Products Corp.		2,219		59,580
Quanterix Corp. *		1,979		44,626
Quantum-Si, Inc. *		6,885		12,324
Rallybio Corp. *		2,065		11,688
RAPT Therapeutics, Inc. *		488		9,126
Reata Pharmaceuticals, Inc. Class A *		1,896		193,316
Recursion Pharmaceuticals, Inc. Class A *		9,156		68,395
REGENXBIO, Inc. *		2,715		54,273
Relay Therapeutics, Inc. *		6,064		76,164
Rent the Runway, Inc. Class A *		3,138		6,213
Repay Holdings Corp. *		5,444		42,627
Replimune Group, Inc. *		2,722		63,205
Resources Connection, Inc.		2,282		35,850
Rigel Pharmaceuticals, Inc. *		1,943		2,506
Riot Platforms, Inc. *		3,232		38,202
Rocket Pharmaceuticals, Inc. *		442		8,783
Sabre Corp. *		16,717		53,327
Sage Therapeutics, Inc. *		215		10,109
Sana Biotechnology, Inc. *		5,750		34,270
Sangamo Therapeutics, Inc. *		9,427		12,255
Savara, Inc. *		4,678		14,946
Scholar Rock Holding Corp. *		1,881		14,183
Scilex Holding Co. *		6,404		35,670
SEACOR Marine Holdings, Inc. *		1,566		17,899
Seer, Inc. *		3,871		16,529
Selecta Biosciences, Inc. *		5,775		6,468
Seneca Foods Corp. Class A *		307		10,033
Seres Therapeutics, Inc. *		2,175		10,418
SomaLogic, Inc. *		9,559		22,081
SpartanNash Co.		2,312		52,043
Sterling Check Corp. *		1,533		18,795
Stoke Therapeutics, Inc. *		1,852		19,687
StoneCo Ltd. Class A * (Brazil)		7,623		97,117
Strategic Education, Inc.		1,492		101,217
SunOpta, Inc. * (Canada)		159		1,064
Surgery Partners, Inc. *		442		19,886
Sutro Biopharma, Inc. *		4,028		18,730
Syndax Pharmaceuticals, Inc. *		734		15,363
Tango Therapeutics, Inc. *		2,827		9,386
Taro Pharmaceutical Industries Ltd. *		547		20,748
Tarsus Pharmaceuticals, Inc. *		1,540		27,828

	Shares		Value
Tejon Ranch Co. *		1,299	$	22,356
Tenaya Therapeutics, Inc. *		2,983		17,510
Terns Pharmaceuticals, Inc. *		947		8,286
Textainer Group Holdings Ltd. (China)		2,829		111,406
Theravance Biopharma, Inc. *		3,921		40,582
Theseus Pharmaceuticals, Inc. *		1,277		11,914
Third Harmonic Bio, Inc. *		1,315		6,325
Thorne HealthTech, Inc. *		519		2,439
Travere Therapeutics, Inc. *		416		6,390
TreeHouse Foods, Inc. *		2,978		150,032
Trevi Therapeutics, Inc. *		2,726		6,515
Triton International Ltd. (Bermuda)		3,071		255,691
TrueBlue, Inc. *		2,119		37,527
Twist Bioscience Corp. *		3,861		78,996
Tyra Biosciences, Inc. *		595		10,133
United Natural Foods, Inc. *		3,946		77,144
Universal Corp.		1,573		78,556
Universal Technical Institute, Inc. *		1,660		11,471
Upbound Group, Inc.		227		7,067
UroGen Pharma Ltd. *		209		2,163
Utah Medical Products, Inc.		9		839
V2X, Inc. *		754		37,368
Vanda Pharmaceuticals, Inc. *		3,947		26,011
Varex Imaging Corp. *		2,543		59,939
Vector Group Ltd.		8,002		102,506
Vera Therapeutics, Inc. *		1,196		19,196
Veracyte, Inc. *		4,843		123,351
Verve Therapeutics, Inc. *		3,386		63,487
Vicarious Surgical, Inc. *		2,496		4,568
ViewRay, Inc. *		6,417		2,260
Vigil Neuroscience, Inc. *		1,036		9,738
Village Super Market, Inc. Class A		537		12,254
Vir Biotechnology, Inc. *		5,284		129,617
Viridian Therapeutics, Inc. *		600		14,274
Vor BioPharma, Inc. *		2,509		7,753
Waldencast PLC Class A *		1,214		9,384
WaVe Life Sciences Ltd. *		3,832		13,948
Weis Markets, Inc.		1,093		70,182
Willdan Group, Inc. *		793		15,194
WW International, Inc. *		3,856		25,912
X4 Pharmaceuticals, Inc. *		4,226		8,198
Xencor, Inc. *		1,737		43,373
XOMA Corp. *		448		8,463
Y-mAbs Therapeutics, Inc. *		1,283		8,712
Zevia PBC Class A *		733		3,159
Zevra Therapeutics, Inc. *		2,327		11,868
Zimvie, Inc. *		1,755		19,709
Zura Bio Ltd. * (United Kingdom)		516		4,231
Zymeworks, Inc. *		3,500		30,240
				13,529,477
Energy - 8.6%
Alpha Metallurgical Resources, Inc.		802		131,817
Amplify Energy Corp. *		2,438		16,505
Arch Resources, Inc.		1,215		137,003
Archrock, Inc.		7,500		76,875
Aris Water Solutions, Inc. Class A		1,870		19,298
Atlas Energy Solutions, Inc. Class A		915		15,884
Berry Corp.		5,114		35,184
Bristow Group, Inc. *		1,561		44,848
California Resources Corp.		4,771		216,079
Callon Petroleum Co. *		4,156		145,751
Chord Energy Corp.		2,781		427,718
Civitas Resources, Inc.		4,618		320,351
Cleanspark, Inc. *		4,486		19,245
CNX Resources Corp. *		10,891		192,989
Comstock Resources, Inc.		6,206		71,990
CONSOL Energy, Inc.		2,252		152,708
Core Laboratories, Inc.		2,121		49,313
Crescent Energy Co. Class A		1,795		18,704

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-268

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
CVR Energy, Inc.		191	$	5,722
Delek US Holdings, Inc.		4,454		106,673
Diamond Offshore Drilling, Inc. *		6,675		95,052
DMC Global, Inc. *		893		15,860
Dril-Quip, Inc. *		2,246		52,264
Earthstone Energy, Inc. Class A *		3,880		55,445
Energy Vault Holdings, Inc. *		6,824		18,630
Eneti, Inc.		1,664		20,151
Eos Energy Enterprises, Inc. *		938		4,071
Equitrans Midstream Corp.		20,652		197,433
Excelerate Energy, Inc. Class A		282		5,733
Expro Group Holdings NV *		3,661		64,873
Forum Energy Technologies, Inc. *		623		15,943
FuelCell Energy, Inc. *		27,446		59,283
FutureFuel Corp.		1,658		14,673
Gevo, Inc. *		16,451		25,006
Golar LNG Ltd. (Cameroon)		6,264		126,345
Granite Ridge Resources, Inc.		1,738		11,523
Green Plains, Inc. *		3,195		103,007
Gulfport Energy Corp. *		667		70,082
Hallador Energy Co. *		1,433		12,281
Helix Energy Solutions Group, Inc. *		9,490		70,036
Helmerich & Payne, Inc.		6,730		238,578
HighPeak Energy, Inc.		180		1,958
Kinetik Holdings, Inc.		1,053		37,002
KLX Energy Services Holdings, Inc. *		728		7,083
Liberty Energy, Inc.		10,741		143,607
Magnolia Oil & Gas Corp. Class A		930		19,437
Mammoth Energy Services, Inc. *		1,483		7,163
Matador Resources Co.		6,247		326,843
Maxeon Solar Technologies Ltd. *		542		15,263
Murphy Oil Corp.		9,948		381,008
Nabors Industries Ltd. *		81		7,535
NACCO Industries, Inc. Class A		288		9,982
Newpark Resources, Inc. *		4,887		25,559
NexTier Oilfield Solutions, Inc. *		11,268		100,736
Noble Corp. PLC *		1,208		49,902
Northern Oil & Gas, Inc.		665		22,823
NOW, Inc. *		7,372		76,374
Oil States International, Inc. *		4,382		32,734
Par Pacific Holdings, Inc. *		2,258		60,085
Patterson-UTI Energy, Inc.		13,804		165,234
PBF Energy, Inc. Class A		7,738		316,794
Peabody Energy Corp.		8,259		178,890
Permian Resources Corp.		14,245		156,125
PrimeEnergy Resources Corp. *		40		3,681
ProFrac Holding Corp. Class A *		1,319		14,720
ProPetro Holding Corp. *		6,753		55,645
Ramaco Resources, Inc. Class A		1,497		12,635
Ramaco Resources, Inc. Class B *		299		3,172
Ranger Energy Services, Inc. *		838		8,581
REX American Resources Corp. *		771		26,838
Ring Energy, Inc. *		8,465		14,475
RPC, Inc.		5,712		40,841
SandRidge Energy, Inc.		617		9,409
Seadrill Ltd. * (Bermuda)		3,347		138,131
Select Water Solutions, Inc.		5,570		45,117
SilverBow Resources, Inc. *		1,092		31,799
Sitio Royalties Corp. Class A		3,008		79,020
SM Energy Co.		8,071		255,286
Solaris Oilfield Infrastructure, Inc. Class A		1,954		16,277
Stem, Inc. *		9,647		55,181
SunCoke Energy, Inc.		5,417		42,632
Sunnova Energy International, Inc. *		3,486		63,829
Talos Energy, Inc. *		7,541		104,594
Tellurian, Inc. *		33,583		47,352
US Silica Holdings, Inc. *		5,010		60,771
VAALCO Energy, Inc.		6,505		24,459
Verde Clean Fuels, Inc. *		333		2,168
Vital Energy, Inc. *		1,152		52,013

	Shares		Value
Vitesse Energy, Inc.		1,685	$	37,744
Warrior Met Coal, Inc.		3,429		133,560
				7,002,993
Financial - 33.1%
1st Source Corp.		1,085		45,494
Acadia Realty Trust REIT		6,624		95,319
ACNB Corp.		575		19,073
AFC Gamma, Inc. REIT		1,160		14,442
Alerus Financial Corp.		1,249		22,457
Alexander & Baldwin, Inc. REIT *		5,022		93,309
Alpine Income Property Trust, Inc. REIT		1,011		16,429
Amalgamated Financial Corp.		1,255		20,193
Ambac Financial Group, Inc. *		2,889		41,139
Amerant Bancorp, Inc.		1,848		31,767
American Assets Trust, Inc. REIT		3,512		67,430
American Equity Investment Life Holding Co.		5,159		268,835
American National Bankshares, Inc.		728		21,097
American Realty Investors, Inc. *		146		3,180
Ameris Bancorp		4,584		156,819
AMERISAFE, Inc.		598		31,885
Ames National Corp.		416		7,500
Angel Oak Mortgage REIT, Inc.		848		6,988
Anywhere Real Estate, Inc. *		6,731		44,963
Apartment Investment & Management Co. Class A REIT		9,841		83,845
Apollo Commercial Real Estate Finance, Inc. REIT		9,338		105,706
Apple Hospitality REIT, Inc.		14,541		219,715
Arbor Realty Trust, Inc. REIT		11,743		174,031
Ares Commercial Real Estate Corp. REIT		3,611		36,652
Argo Group International Holdings Ltd.		2,130		63,069
Armada Hoffler Properties, Inc. REIT		4,772		55,737
ARMOUR Residential REIT, Inc.		12,801		68,229
Arrow Financial Corp.		1,008		20,301
Artisan Partners Asset Management, Inc. Class A		1,190		46,779
Associated Banc-Corp.		10,308		167,299
Atlantic Union Bankshares Corp.		5,067		131,489
Atlanticus Holdings Corp. *		308		12,939
Avantax, Inc. *		294		6,580
Axos Financial, Inc. *		3,352		132,203
Banc of California, Inc.		3,643		42,186
BancFirst Corp.		1,266		116,472
Banco Latinoamericano de Comercio Exterior SA (Panama)		1,721		37,965
Bank First Corp.		622		51,750
Bank of Hawaii Corp.		1,152		47,497
Bank of Marin Bancorp		1,114		19,684
Bank of NT Butterfield & Son Ltd. (Bermuda)		3,156		86,348
Bank7 Corp.		141		3,459
BankUnited, Inc.		5,138		110,724
Bankwell Financial Group, Inc.		360		8,777
Banner Corp.		2,350		102,624
Bar Harbor Bankshares		952		23,457
BayCom Corp.		711		11,859
BCB Bancorp, Inc.		1,022		11,998
Berkshire Hills Bancorp, Inc.		3,042		63,061
BGC Partners, Inc. Class A		10,917		48,362
Bit Digital, Inc. * (China)		4,150		16,849
Blackstone Mortgage Trust, Inc. Class A REIT		11,623		241,875
Blue Foundry Bancorp *		1,569		15,863
Blue Ridge Bankshares, Inc.		1,210		10,709
Braemar Hotels & Resorts, Inc. REIT		4,851		19,501
Brandywine Realty Trust REIT		12,057		56,065
Bread Financial Holdings, Inc.		3,439		107,950
Bridgewater Bancshares, Inc. *		1,531		15,080
Brightsphere Investment Group, Inc.		1,276		26,732
BrightSpire Capital, Inc. REIT		8,833		59,446
Broadstone Net Lease, Inc. REIT		12,515		193,232

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-269

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Brookline Bancorp, Inc.		6,051	$	52,886
BRT Apartments Corp. REIT		903		17,879
Burke & Herbert Financial Services Corp.		387		24,845
Business First Bancshares, Inc.		1,675		25,242
Byline Bancorp, Inc.		1,748		31,621
C&F Financial Corp.		187		10,042
Cadence Bank		12,136		238,351
Cambridge Bancorp		542		29,436
Camden National Corp.		1,023		31,682
Cannae Holdings, Inc. *		4,937		99,777
Capital Bancorp, Inc.		639		11,566
Capital City Bank Group, Inc.		541		16,576
Capitol Federal Financial, Inc.		8,654		53,395
Capstar Financial Holdings, Inc.		1,270		15,583
CareTrust REIT, Inc.		6,214		123,410
Carter Bankshares, Inc. *		1,538		22,747
Cathay General Bancorp		4,860		156,443
CBL & Associates Properties, Inc. REIT		501		11,042
Centerspace REIT		1,071		65,717
Central Pacific Financial Corp.		1,841		28,922
Central Valley Community Bancorp		655		10,120
Chatham Lodging Trust REIT		3,335		31,216
Chemung Financial Corp.		198		7,605
Chicago Atlantic Real Estate Finance, Inc. REIT		1,064		16,120
Chimera Investment Corp. REIT		15,707		90,629
ChoiceOne Financial Services, Inc.		411		9,453
Citizens & Northern Corp.		1,072		20,690
Citizens Financial Services, Inc.		212		15,788
City Holding Co.		933		83,961
City Office REIT, Inc.		2,924		16,287
Civista Bancshares, Inc.		1,050		18,270
Claros Mortgage Trust, Inc. REIT		6,099		69,163
Clipper Realty, Inc. REIT		449		2,546
CNB Financial Corp.		1,304		23,016
CNO Financial Group, Inc.		7,553		178,780
Codorus Valley Bancorp, Inc.		592		11,609
Colony Bankcorp, Inc.		1,268		11,945
Columbia Financial, Inc. *		1,200		20,748
Community Bank System, Inc.		3,579		167,784
Community Financial Corp.		290		7,856
Community Healthcare Trust, Inc. REIT		596		19,680
Community Trust Bancorp, Inc.		1,051		37,384
Compass Diversified Holdings		4,280		92,833
Compass, Inc. Class A *		2,979		10,427
ConnectOne Bancorp, Inc.		2,639		43,781
Consumer Portfolio Services, Inc. *		707		8,251
Corporate Office Properties Trust REIT		7,634		181,307
CrossFirst Bankshares, Inc. *		3,173		31,730
CTO Realty Growth, Inc. REIT		1,567		26,858
Cushman & Wakefield PLC *		2,885		23,599
Customers Bancorp, Inc. *		1,966		59,491
CVB Financial Corp.		9,085		120,649
DiamondRock Hospitality Co. REIT		14,440		115,664
Dime Community Bancshares, Inc.		2,320		40,902
Diversified Healthcare Trust REIT		16,938		38,111
Donegal Group, Inc. Class A		888		12,814
Douglas Elliman, Inc.		5,542		12,303
Douglas Emmett, Inc. REIT		3,778		47,489
Dynex Capital, Inc. REIT		3,302		41,572
Eagle Bancorp, Inc.		2,087		44,161
Easterly Government Properties, Inc. REIT		6,483		94,003
Eastern Bankshares, Inc.		10,363		127,154
eHealth, Inc. *		1,073		8,627
Ellington Financial, Inc. REIT		4,295		59,271
Elme Communities REIT		5,993		98,525
Empire State Realty Trust, Inc. Class A REIT		9,119		68,301
Employers Holdings, Inc.		1,769		66,178
Enact Holdings, Inc.		1,932		48,551
Encore Capital Group, Inc. *		1,548		75,264
Enova International, Inc. *		2,036		108,152

	Shares		Value
Enstar Group Ltd. *		789	$	192,705
Enterprise Bancorp, Inc.		622		18,001
Enterprise Financial Services Corp.		2,451		95,834
Equity Bancshares, Inc. Class A		1,069		24,352
Equity Commonwealth REIT		6,981		141,435
Esquire Financial Holdings, Inc.		29		1,326
ESSA Bancorp, Inc.		511		7,639
Essent Group Ltd.		7,042		329,566
Essential Properties Realty Trust, Inc. REIT		8,968		211,107
Evans Bancorp, Inc.		313		7,803
F&G Annuities & Life, Inc.		1,176		29,141
Farmers & Merchants Bancorp, Inc.		945		21,272
Farmers National Banc Corp.		2,482		30,702
Farmland Partners, Inc. REIT		3,550		43,346
FB Financial Corp.		2,545		71,387
Federal Agricultural Mortgage Corp. Class C		486		69,858
Fidelity D&D Bancorp, Inc.		300		14,577
Finance Of America Cos., Inc. Class A *		3,068		5,860
Financial Institutions, Inc.		929		14,622
First BanCorp		10,998		134,396
First Bancorp, Inc.		691		16,819
First Bancshares, Inc.		2,029		52,429
First Bank		955		9,913
First Busey Corp.		3,545		71,255
First Business Financial Services, Inc.		485		14,303
First Commonwealth Financial Corp.		6,933		87,702
First Community Bankshares, Inc.		1,201		35,706
First Community Corp.		359		6,232
First Financial Bancorp		6,320		129,181
First Financial Corp.		788		25,586
First Foundation, Inc.		3,601		14,296
First Interstate BancSystem, Inc. Class A		5,672		135,220
First Merchants Corp.		4,070		114,896
First Mid Bancshares, Inc.		1,325		31,986
First of Long Island Corp.		1,539		18,499
First Western Financial, Inc. *		623		11,588
FirstCash Holdings, Inc.		2,727		81,128
Five Star Bancorp		515		11,521
Flushing Financial Corp.		1,987		24,420
Forge Global Holdings, Inc. *		7,599		18,466
Four Corners Property Trust, Inc. REIT		5,239		133,071
Franklin BSP Realty Trust, Inc. REIT		5,368		76,011
FRP Holdings, Inc. *		435		25,043
FS Bancorp, Inc.		284		8,540
FTAI Infrastructure, Inc.		6,375		23,524
Fulton Financial Corp.		11,040		131,597
FVCBankcorp, Inc. *		1,004		10,813
GCM Grosvenor, Inc. Class A		277		2,089
Genworth Financial, Inc. Class A *		32,028		160,140
German American Bancorp, Inc.		1,969		53,517
Getty Realty Corp. REIT		2,999		101,426
Glacier Bancorp, Inc.		7,473		232,933
Gladstone Commercial Corp. REIT		2,593		32,075
Gladstone Land Corp. REIT		2,351		38,251
Global Medical REIT, Inc.		4,590		41,907
Global Net Lease, Inc. REIT		7,410		76,175
GoHealth, Inc. Class A *		282		5,558
Granite Point Mortgage Trust, Inc. REIT		3,876		20,543
Great Southern Bancorp, Inc.		597		30,286
Greene County Bancorp, Inc.		223		6,645
Greenlight Capital Re Ltd. Class A *		1,508		15,887
Guaranty Bancshares, Inc.		578		15,652
Hamilton Lane, Inc. Class A		1,017		81,340
Hancock Whitney Corp.		5,906		226,672
Hanmi Financial Corp.		2,105		31,428
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		6,425		160,625
HarborOne Bancorp, Inc.		2,848		24,721
HBT Financial, Inc.		915		16,873
Heartland Financial USA, Inc.		2,921		81,408

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-270

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Heritage Commerce Corp.		4,177	$	34,586
Heritage Financial Corp.		2,456		39,714
Hersha Hospitality Trust Class A REIT		2,601		15,840
Hilltop Holdings, Inc.		3,103		97,620
Hingham Institution For Savings		108		23,023
Hippo Holdings, Inc. *		730		12,067
Home Bancorp, Inc.		448		14,878
Home BancShares, Inc.		12,715		289,902
Home Point Capital, Inc.		1,073		2,489
HomeStreet, Inc.		1,340		7,933
HomeTrust Bancshares, Inc.		843		17,610
Hope Bancorp, Inc.		8,241		69,389
Horace Mann Educators Corp.		2,681		79,518
Horizon Bancorp, Inc.		2,866		29,835
Hudson Pacific Properties, Inc. REIT		3,183		13,432
Independence Realty Trust, Inc. REIT		15,271		278,238
Independent Bank Corp.		3,020		134,420
Independent Bank Corp. MI		1,378		23,371
Independent Bank Group, Inc.		2,545		87,879
Innovative Industrial Properties, Inc. REIT		1,879		137,186
International Bancshares Corp.		3,558		157,264
InvenTrust Properties Corp. REIT		4,715		109,105
Invesco Mortgage Capital, Inc. REIT		2,789		31,990
Investors Title Co.		58		8,468
Jackson Financial, Inc. Class A		5,429		166,182
James River Group Holdings Ltd.		2,461		44,938
JBG SMITH Properties REIT		7,445		111,973
John Marshall Bancorp, Inc.		797		16,012
Kearny Financial Corp.		3,906		27,537
Kennedy-Wilson Holdings, Inc.		8,143		132,975
Kite Realty Group Trust REIT		14,554		325,136
KKR Real Estate Finance Trust, Inc. REIT		4,061		49,422
Ladder Capital Corp. REIT		7,579		82,232
Lakeland Bancorp, Inc.		4,262		57,068
Lakeland Financial Corp.		836		40,563
LCNB Corp.		479		7,070
Legacy Housing Corp. *		660		15,305
Lemonade, Inc. *		2,885		48,612
LendingClub Corp. *		7,350		71,663
LendingTree, Inc. *		578		12,780
Live Oak Bancshares, Inc.		2,354		61,934
LTC Properties, Inc. REIT		2,842		93,843
Luther Burbank Corp.		933		8,322
LXP Industrial Trust REIT		19,350		188,662
Macatawa Bank Corp.		1,491		13,836
Macerich Co. REIT		14,702		165,692
Maiden Holdings Ltd. *		5,646		11,857
MainStreet Bancshares, Inc.		303		6,866
Marcus & Millichap, Inc.		1,134		35,732
MBIA, Inc. *		3,414		29,497
Mercantile Bank Corp.		1,095		30,244
Merchants Bancorp		1,028		26,296
Mercury General Corp.		1,820		55,091
Metrocity Bankshares, Inc.		1,188		21,253
Metropolitan Bank Holding Corp. *		679		23,582
MFA Financial, Inc. REIT		6,745		75,814
Mid Penn Bancorp, Inc.		989		21,837
Middlefield Banc Corp.		474		12,703
Midland States Bancorp, Inc.		1,367		27,217
MidWestOne Financial Group, Inc.		1,006		21,498
Moelis & Co. Class A		1,871		84,831
Mr Cooper Group, Inc. *		4,420		223,829
MVB Financial Corp.		728		15,346
National Bank Holdings Corp. Class A		1,931		56,076
National Bankshares, Inc.		332		9,691
National Health Investors, Inc. REIT		2,557		134,038
National Western Life Group, Inc. Class A		152		63,165
Navient Corp.		6,189		114,992
NBT Bancorp, Inc.		2,801		89,212
Necessity Retail REIT, Inc.		9,138		61,773

	Shares		Value
Nelnet, Inc. Class A		945	$	91,174
NETSTREIT Corp. REIT		4,117		73,571
New York Mortgage Trust, Inc. REIT		5,985		59,371
Newmark Group, Inc. Class A		9,509		59,146
NewtekOne, Inc.		1,622		25,790
NexPoint Diversified Real Estate Trust REIT		2,256		28,245
Nexpoint Real Estate Finance, Inc. REIT		778		12,129
NexPoint Residential Trust, Inc. REIT		1,166		53,030
NI Holdings, Inc. *		512		7,603
Nicolet Bankshares, Inc.		873		59,285
NMI Holdings, Inc. Class A *		5,008		129,307
Northeast Bank		490		20,418
Northeast Community Bancorp, Inc.		695		10,342
Northfield Bancorp, Inc.		2,752		30,217
Northwest Bancshares, Inc.		8,379		88,817
Norwood Financial Corp.		426		12,580
Oak Valley Bancorp		346		8,716
OceanFirst Financial Corp.		4,127		64,464
Ocwen Financial Corp. *		421		12,617
Office Properties Income Trust REIT		3,260		25,102
OFG Bancorp		3,186		83,091
Old National Bancorp		19,666		274,144
Old Second Bancorp, Inc.		3,012		39,337
One Liberty Properties, Inc. REIT		1,160		23,571
OppFi, Inc. *		431		879
Orange County Bancorp, Inc.		310		11,470
Orchid Island Capital, Inc. REIT		2,659		27,521
Origin Bancorp, Inc.		2,022		59,245
Orion Office REIT, Inc.		4,419		29,210
Orrstown Financial Services, Inc.		728		13,941
Outfront Media, Inc. REIT		5,613		88,236
Pacific Premier Bancorp, Inc.		6,545		135,351
PacWest Bancorp		8,118		66,162
Pagseguro Digital Ltd. Class A * (Brazil)		5,178		48,880
Paramount Group, Inc. REIT		13,316		58,990
Park National Corp.		960		98,227
Parke Bancorp, Inc.		639		10,857
Pathward Financial, Inc.		1,219		56,513
PCB Bancorp		809		11,900
Peakstone Realty Trust REIT *		1,897		52,964
Peapack-Gladstone Financial Corp.		1,217		32,956
Pebblebrook Hotel Trust REIT		8,380		116,817
Penns Woods Bancorp, Inc.		364		9,111
PennyMac Financial Services, Inc.		1,594		112,074
PennyMac Mortgage Investment Trust REIT		5,885		79,330
Peoples Bancorp, Inc.		2,311		61,357
Peoples Financial Services Corp.		497		21,764
Phillips Edison & Co., Inc. REIT		6,547		223,122
Physicians Realty Trust REIT		16,041		224,414
Piedmont Office Realty Trust, Inc. Class A REIT		9,083		66,033
Pioneer Bancorp, Inc. *		681		6,095
Piper Sandler Cos.		208		26,886
Plumas Bancorp		273		9,743
Plymouth Industrial REIT, Inc.		2,905		66,873
Ponce Financial Group, Inc. *		1,319		11,462
Postal Realty Trust, Inc. Class A REIT		1,344		19,770
PotlatchDeltic Corp. REIT		5,318		281,056
PRA Group, Inc. *		2,580		58,953
Preferred Bank		417		22,931
Premier Financial Corp.		2,519		40,354
Primis Financial Corp.		1,575		13,262
Princeton Bancorp, Inc.		309		8,442
ProAssurance Corp.		3,630		54,777
Provident Financial Services, Inc.		5,064		82,746
QCR Holdings, Inc.		1,125		46,159
Radian Group, Inc.		10,403		262,988
Radius Global Infrastructure, Inc. Class A *		5,655		84,259
RBB Bancorp		1,244		14,853
RE/MAX Holdings, Inc. Class A		1,264		24,345
Ready Capital Corp. REIT		10,700		120,696

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-271

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Red River Bancshares, Inc.		310	$	15,233
Redwood Trust, Inc. REIT		7,601		48,418
Regional Management Corp.		484		14,762
Renasant Corp.		3,758		98,197
Republic Bancorp, Inc. Class A		565		24,013
Retail Opportunity Investments Corp. REIT		8,940		120,779
RLJ Lodging Trust REIT		10,915		112,097
RMR Group, Inc. Class A		435		10,079
RPT Realty REIT		6,008		62,784
S&T Bancorp, Inc.		2,597		70,612
Sabra Health Care REIT, Inc.		15,691		184,683
Safehold, Inc. REIT		2,031		48,196
Safety Insurance Group, Inc.		971		69,640
Sandy Spring Bancorp, Inc.		3,107		70,467
Saul Centers, Inc. REIT		170		6,261
Sculptor Capital Management, Inc.		710		6,269
Seacoast Banking Corp. of Florida		5,130		113,373
Security National Financial Corp. Class A *		635		5,632
Selectquote, Inc. *		9,625		18,769
Service Properties Trust REIT		11,079		96,277
ServisFirst Bancshares, Inc.		2,246		91,906
Shore Bancshares, Inc.		1,265		14,623
Sierra Bancorp		977		16,580
Simmons First National Corp. Class A		8,647		149,161
SiriusPoint Ltd. * (Bermuda)		5,445		49,168
SITE Centers Corp. REIT		13,306		175,905
Skyward Specialty Insurance Group, Inc. *		473		12,014
SL Green Realty Corp. REIT		913		27,436
SmartFinancial, Inc.		998		21,467
South Plains Financial, Inc.		694		15,622
Southern First Bancshares, Inc. *		631		15,617
Southern Missouri Bancorp, Inc.		605		23,262
Southern States Bancshares, Inc.		389		8,208
Southside Bancshares, Inc.		1,961		51,300
SouthState Corp.		5,124		337,159
Star Holdings *		859		12,602
Stellar Bancorp, Inc.		3,128		71,600
Sterling Bancorp, Inc. *		1,330		7,275
Stewart Information Services Corp.		1,794		73,805
Stock Yards Bancorp, Inc.		269		12,205
StoneX Group, Inc. *		1,065		88,480
Stratus Properties, Inc.		451		11,839
Summit Financial Group, Inc.		791		16,342
Summit Hotel Properties, Inc. REIT		7,448		48,486
Sunstone Hotel Investors, Inc. REIT		14,096		142,652
SWK Holdings Corp. *		92		1,540
Tanger Factory Outlet Centers, Inc. REIT		3,692		81,482
Terreno Realty Corp. REIT		5,416		325,502
Texas Capital Bancshares, Inc. *		3,247		167,220
Third Coast Bancshares, Inc. *		854		13,553
Timberland Bancorp, Inc.		405		10,360
Tiptree, Inc.		1,205		18,087
Tompkins Financial Corp.		987		54,976
Towne Bank		4,717		109,623
TPG RE Finance Trust, Inc. REIT		4,813		35,664
Transcontinental Realty Investors, Inc. REIT *		99		3,626
TriCo Bancshares		2,106		69,919
Triumph Financial, Inc. *		1,030		62,542
TrustCo Bank Corp.		1,237		35,391
Trustmark Corp.		4,183		88,345
Two Harbors Investment Corp. REIT		6,510		90,359
UMB Financial Corp.		2,984		181,726
UMH Properties, Inc. REIT		3,108		49,666
United Bankshares, Inc.		8,755		259,761
United Community Banks, Inc.		7,559		188,899
United Fire Group, Inc.		1,396		31,633
United Insurance Holdings Corp. *		1,278		5,700
Uniti Group, Inc. REIT		16,335		75,468
Unity Bancorp, Inc.		507		11,960
Universal Insurance Holdings, Inc.		1,291		19,920

	Shares		Value
Univest Financial Corp.		1,927	$	34,840
Urban Edge Properties REIT		8,136		125,538
Urstadt Biddle Properties, Inc. Class A REIT		2,030		43,158
USCB Financial Holdings, Inc. *		630		6,426
Valley National Bancorp		29,188		226,207
Velocity Financial, Inc. *		607		6,999
Veris Residential, Inc. REIT *		5,341		85,723
Veritex Holdings, Inc.		3,201		57,394
Victory Capital Holdings, Inc. Class A		198		6,245
Virginia National Bankshares Corp.		235		7,555
Virtus Investment Partners, Inc.		414		81,753
Walker & Dunlop, Inc.		2,138		169,094
Washington Federal, Inc.		4,436		117,643
Washington Trust Bancorp, Inc.		1,215		32,574
Waterstone Financial, Inc.		1,183		17,142
WesBanco, Inc.		3,946		101,057
West BanCorp, Inc.		1,085		19,975
Westamerica BanCorp		1,311		50,211
Whitestone REIT		3,705		35,939
World Acceptance Corp. *		235		31,492
WSFS Financial Corp.		4,171		157,330
Xenia Hotels & Resorts, Inc. REIT		7,630		93,925
				26,935,415
Industrial - 12.6%
908 Devices, Inc. *		1,572		10,784
AAR Corp. *		2,311		133,483
AerSale Corp. *		1,715		25,211
Air Transport Services Group, Inc. *		3,809		71,876
Albany International Corp. Class A		227		21,175
American Woodmark Corp. *		1,043		79,654
AMMO, Inc. *		6,628		14,118
Apogee Enterprises, Inc.		902		42,818
ArcBest Corp.		980		96,824
Archer Aviation, Inc. Class A *		10,307		42,465
Arcosa, Inc.		3,214		243,525
Ardmore Shipping Corp. (Ireland)		2,690		33,221
Argan, Inc.		781		30,779
Aspen Aerogels, Inc. *		3,444		27,173
Astec Industries, Inc.		1,528		69,432
Astronics Corp. *		1,780		35,351
AZZ, Inc.		1,682		73,100
Babcock & Wilcox Enterprises, Inc. *		3,584		21,146
Barnes Group, Inc.		3,253		137,244
Bel Fuse, Inc. Class B		642		36,857
Belden, Inc.		1,070		102,345
Benchmark Electronics, Inc.		2,386		61,630
Blink Charging Co. *		1,632		9,776
Boise Cascade Co.		2,642		238,705
CECO Environmental Corp. *		1,936		25,865
Chart Industries, Inc. *		1,088		173,852
Chase Corp.		70		8,485
CIRCOR International, Inc. *		143		8,072
Clearwater Paper Corp. *		1,103		34,546
Columbus McKinnon Corp.		1,910		77,641
Comtech Telecommunications Corp.		1,754		16,032
Concrete Pumping Holdings, Inc. *		617		4,955
Core Molding Technologies, Inc. *		382		8,691
Costamare, Inc. (Monaco)		3,283		31,747
Covenant Logistics Group, Inc.		548		24,019
CryoPort, Inc. *		457		7,883
DHT Holdings, Inc.		9,095		77,580
Dorian LPG Ltd.		805		20,648
Ducommun, Inc. *		710		30,935
DXP Enterprises, Inc. *		966		35,172
Eagle Bulk Shipping, Inc.		903		43,380
Eastman Kodak Co. *		3,833		17,708
Encore Wire Corp.		1,118		207,870
EnerSys		208		22,572
EnPro Industries, Inc.		1,401		187,076

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-272

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Enviri Corp. *		5,300	$	52,311
ESCO Technologies, Inc.		678		70,261
ESS Tech, Inc. *		6,754		9,928
Evolv Technologies Holdings, Inc. *		5,914		35,484
FARO Technologies, Inc. *		1,237		20,039
FLEX LNG Ltd. * (Norway)		611		18,654
Fluor Corp. *		675		19,980
GATX Corp.		2,203		283,614
Genco Shipping & Trading Ltd.		2,826		39,649
Gencor Industries, Inc. *		587		9,145
Gibraltar Industries, Inc. *		914		57,509
Golden Ocean Group Ltd. * (Norway)		8,197		61,887
GoPro, Inc. Class A *		8,617		35,674
Gorman-Rupp Co.		1,152		33,212
GrafTech International Ltd.		5,867		29,570
Granite Construction, Inc.		2,538		100,962
Great Lakes Dredge & Dock Corp. *		4,435		36,190
Greenbrier Cos., Inc.		2,118		91,286
Greif, Inc. Class A		1,660		114,357
Greif, Inc. Class B		322		24,875
Griffon Corp.		1,190		47,957
Heartland Express, Inc.		2,999		49,214
Heritage-Crystal Clean, Inc. *		929		35,107
Hillman Solutions Corp. *		11,482		103,453
Himalaya Shipping Ltd. * (Bermuda)		1,399		7,778
Hub Group, Inc. Class A *		2,186		175,580
Ichor Holdings Ltd. *		1,931		72,412
INNOVATE Corp. *		2,804		4,907
Insteel Industries, Inc.		1,250		38,900
International Seaways, Inc.		2,683		102,598
Intevac, Inc. *		1,495		5,606
Iteris, Inc. *		1,000		3,960
Itron, Inc. *		2,740		197,554
JELD-WEN Holding, Inc. *		5,692		99,838
Joby Aviation, Inc. *		12,382		127,039
Kaman Corp.		1,885		45,862
Kennametal, Inc.		5,461		155,038
Kimball Electronics, Inc. *		1,187		32,797
Knife River Corp. *		3,440		149,640
Knowles Corp. *		6,003		108,414
Kratos Defense & Security Solutions, Inc. *		8,339		119,581
Latham Group, Inc. *		2,646		9,817
Li-Cycle Holdings Corp. * (Canada)		9,427		52,320
Limbach Holdings, Inc. *		474		11,722
LSB Industries, Inc. *		3,680		36,248
LSI Industries, Inc.		359		4,509
Luxfer Holdings PLC (United Kingdom)		1,736		24,703
Manitowoc Co., Inc. *		2,330		43,874
Marten Transport Ltd.		795		17,093
Masterbrand, Inc. *		8,592		99,925
Matson, Inc.		2,376		184,686
Mayville Engineering Co., Inc. *		667		8,311
Mirion Technologies, Inc. *		13,286		112,267
Mistras Group, Inc. *		1,325		10,229
Modine Manufacturing Co. *		1,253		41,374
Moog, Inc. Class A		1,503		162,970
Mueller Industries, Inc.		2,108		183,986
National Presto Industries, Inc.		324		23,717
NL Industries, Inc.		509		2,815
nLight, Inc. *		2,933		45,227
Nordic American Tankers Ltd.		13,552		49,736
Northwest Pipe Co. *		663		20,049
NV5 Global, Inc. *		103		11,409
NVE Corp.		25		2,436
O-I Glass, Inc. *		1,516		32,336
Olympic Steel, Inc.		669		32,781
Overseas Shipholding Group, Inc. Class A *		3,127		13,040
Pactiv Evergreen, Inc.		2,748		20,802
PAM Transportation Services, Inc. *		369		9,878
Pangaea Logistics Solutions Ltd.		2,141		14,495

	Shares		Value
Park Aerospace Corp.		1,293	$	17,843
Park-Ohio Holdings Corp.		550		10,450
Plexus Corp. *		208		20,434
Powell Industries, Inc.		603		36,536
Primoris Services Corp.		3,322		101,221
Proto Labs, Inc. *		1,769		61,844
PureCycle Technologies, Inc. *		6,103		65,241
Radiant Logistics, Inc. *		2,481		16,672
Ranpak Holdings Corp. *		3,259		14,731
RXO, Inc. *		1,094		24,801
Ryerson Holding Corp.		1,419		61,556
Safe Bulkers, Inc. (Greece)		4,692		15,296
Sanmina Corp. *		3,606		217,334
Scorpio Tankers, Inc. (Monaco)		3,484		164,549
SFL Corp. Ltd. (Norway)		7,406		69,098
SmartRent, Inc. *		12,305		47,128
Smith & Wesson Brands, Inc.		3,013		39,290
Southland Holdings, Inc. *		256		2,102
SPX Technologies, Inc. *		509		43,250
Standex International Corp.		140		19,806
Sterling Infrastructure, Inc. *		237		13,225
Stoneridge, Inc. *		1,451		27,351
Sturm Ruger & Co., Inc.		66		3,495
Summit Materials, Inc. Class A *		7,958		301,210
Teekay Corp. * (Bermuda)		4,182		25,259
Teekay Tankers Ltd. Class A (Canada)		1,562		59,715
Tennant Co.		566		45,908
Terex Corp.		1,897		113,498
Thermon Group Holdings, Inc. *		1,946		51,764
TimkenSteel Corp. *		2,908		62,726
Tredegar Corp.		1,652		11,019
TriMas Corp.		2,760		75,872
Trinity Industries, Inc.		4,447		114,332
Triumph Group, Inc. *		4,358		53,908
TTM Technologies, Inc. *		6,736		93,630
Turtle Beach Corp. *		1,074		12,512
Tutor Perini Corp. *		3,141		22,458
U.S. Xpress Enterprises, Inc. Class A *		2,053		12,605
UFP Industries, Inc.		3,373		327,350
Universal Logistics Holdings, Inc.		446		12,849
Vishay Intertechnology, Inc.		8,492		249,665
Werner Enterprises, Inc.		3,540		156,397
Willis Lease Finance Corp. *		171		6,691
World Kinect Corp.		4,110		84,995
Worthington Industries, Inc.		2,033		141,233
Xometry, Inc. Class A *		2,056		43,546
Zurn Elkay Water Solutions Corp. Class C		7,901		212,458
				10,218,851
Technology - 4.0%
3D Systems Corp. *		8,645		85,845
ACI Worldwide, Inc. *		962		22,290
ACM Research, Inc. Class A *		2,733		35,748
Adeia, Inc.		893		9,832
Alpha & Omega Semiconductor Ltd. *		1,581		51,857
Ambarella, Inc. *		947		79,235
American Software, Inc. Class A		387		4,067
Amkor Technology, Inc.		6,804		202,419
Asure Software, Inc. *		726		8,828
Atomera, Inc. *		413		3,622
Avid Technology, Inc. *		721		18,386
AvidXchange Holdings, Inc. *		914		9,487
Bandwidth, Inc. Class A *		1,334		18,249
Brightcove, Inc. *		2,944		11,805
C3.ai, Inc. Class A *		949		34,572
Cantaloupe, Inc. *		1,223		9,735
Cardlytics, Inc. *		2,270		14,346
Cerence, Inc. *		2,718		79,447
CEVA, Inc. *		215		5,493
Cohu, Inc. *		3,092		128,504

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-273

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
CommVault Systems, Inc. *		182	$	13,217
Computer Programs & Systems, Inc. *		962		23,752
Conduent, Inc. *		12,071		41,041
Consensus Cloud Solutions, Inc. *		585		18,135
CS Disco, Inc. *		1,700		13,974
Daily Journal Corp. *		67		19,382
Definitive Healthcare Corp. *		2,132		23,452
Desktop Metal, Inc. Class A *		19,059		33,734
Digi International, Inc. *		258		10,163
Digital Turbine, Inc. *		4,711		43,718
Diodes, Inc. *		631		58,361
Donnelley Financial Solutions, Inc. *		490		22,310
E2open Parent Holdings, Inc. *		13,454		75,342
Ebix, Inc.		1,347		33,944
EverCommerce, Inc. *		348		4,120
Fastly, Inc. Class A *		1,339		21,116
Grid Dynamics Holdings, Inc. *		763		7,058
Health Catalyst, Inc. *		1,741		21,763
HireRight Holdings Corp. *		1,041		11,774
Immersion Corp.		1,296		9,176
IonQ, Inc. *		9,069		122,704
Kulicke & Soffa Industries, Inc. (Singapore)		1,109		65,930
Matterport, Inc. *		17,018		53,607
MeridianLink, Inc. *		566		11,773
Mitek Systems, Inc. *		221		2,396
N-Able, Inc. *		431		6,211
Navitas Semiconductor Corp. *		5,734		60,436
NetScout Systems, Inc. *		4,507		139,492
NextGen Healthcare, Inc. *		1,501		24,346
Olo, Inc. Class A *		3,074		19,858
ON24, Inc.		2,398		19,472
OneSpan, Inc. *		222		3,294
Onto Innovation, Inc. *		460		53,576
Outbrain, Inc. *		2,767		13,614
PAR Technology Corp. *		1,646		54,203
Parsons Corp. *		1,475		71,006
Photronics, Inc. *		4,057		104,630
Planet Labs PBC *		1,001		3,223
Playstudios, Inc. *		5,706		28,016
PROS Holdings, Inc. *		871		26,827
PubMatic, Inc. Class A *		2,438		44,567
Rackspace Technology, Inc. *		5,792		15,754
Richardson Electronics Ltd.		794		13,101
Semtech Corp. *		4,325		110,114
Sharecare, Inc. *		19,796		34,643
Skillsoft Corp. *		6,126		7,596
SMART Global Holdings, Inc. *		2,563		74,353
SolarWinds Corp. *		3,599		36,926
Synaptics, Inc. *		2,443		208,583
System1, Inc. *		1,732		7,794
Tingo Group, Inc. *		7,434		8,995
Ultra Clean Holdings, Inc. *		2,976		114,457
Unisys Corp. *		4,506		17,934
Veeco Instruments, Inc. *		3,330		85,514
Veradigm, Inc. *		7,132		89,863
Verint Systems, Inc. *		334		11,710
Vimeo, Inc. *		3,174		13,077
Vishay Precision Group, Inc. *		786		29,200
Vuzix Corp. *		4,115		20,987
Xerox Holdings Corp.		7,756		115,487
				3,284,568
Utilities - 4.2%
ALLETE, Inc.		3,848		223,069
Altus Power, Inc. *		4,382		23,663
Artesian Resources Corp. Class A		120		5,666
Avista Corp.		4,986		195,800
Black Hills Corp.		4,467		269,181
Brookfield Infrastructure Corp. Class A (Canada)		5,906		269,195

	Shares		Value
California Water Service Group		2,519	$	130,056
Chesapeake Utilities Corp.		408		48,552
Consolidated Water Co. Ltd. (Cayman)		720		17,446
Genie Energy Ltd. Class B		567		8,017
MGE Energy, Inc.		1,193		94,378
New Jersey Resources Corp.		3,095		146,084
Northwest Natural Holding Co.		2,404		103,492
NorthWestern Corp.		4,008		227,494
ONE Gas, Inc.		3,674		282,200
Ormat Technologies, Inc.		1,286		103,472
Otter Tail Corp.		1,287		101,622
PNM Resources, Inc.		5,077		228,973
Portland General Electric Co.		6,412		300,274
RGC Resources, Inc.		481		9,634
SJW Group		2,051		143,796
Southwest Gas Holdings, Inc. *		4,151		264,211
Spire, Inc.		3,408		216,204
Unitil Corp.		730		37,018
				3,449,497
Total Common Stocks (Cost $88,192,063)				79,766,496
EXCHANGE-TRADED FUNDS - 1.8%
iShares Russell 2000 Value		10,338		1,455,590
Total Exchange-Traded Funds (Cost $1,393,183)				1,455,590
	Principal Amount
SHORT-TERM INVESTMENTS - 0.2%
Repurchase Agreements - 0.2%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $137,949; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $140,702)		$137,895		137,895
Total Short-Term Investments (Cost $137,895)				137,895
TOTAL INVESTMENTS - 99.9% (Cost $89,723,141)				81,360,293
DERIVATIVES - 0.0%				4,967
OTHER ASSETS & LIABILITIES, NET - 0.1%				69,305
NET ASSETS - 100.0%				$81,434,565

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-274

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.1%
Consumer, Non-Cyclical	16.6%
Industrial	12.6%
Consumer, Cyclical	12.4%
Energy	8.6%
Utilities	4.2%
Technology	4.0%
Communications	3.2%
Basic Materials	3.2%
Others (each less than 3.0%)	2.0%
	99.9%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Investments with a total aggregate value of $312 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

(c) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Micro Russell 2000 E-Mini Index	09/23		30		$280,588		$285,555		$4,967

(d) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$312		$-		$-		$312
	Common Stocks
	Basic Materials		2,568,622		2,568,622		-		-
	Communications		2,644,324		2,644,324		-		-
	Consumer, Cyclical		10,132,749		10,132,749		-		-
	Consumer, Non-Cyclical		13,529,477		13,493,807		35,670		-
	Energy		7,002,993		7,002,993		-		-
	Financial		26,935,415		26,935,415		-		-
	Industrial		10,218,851		10,218,851		-		-
	Technology		3,284,568		3,284,568		-		-
	Utilities		3,449,497		3,449,497		-		-
	Total Common Stocks		79,766,496		79,730,826		35,670		-
	Exchange-Traded Funds		1,455,590		1,455,590		-		-
	Short-Term Investments		137,895		-		137,895		-
	Derivatives:
	Equity Contracts
	Futures		4,967		4,967		-		-
	Total		$81,365,260		$81,191,383		$173,565		$312

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-275

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 2.2%
Brazil - 1.4%
Banco Bradesco SA		113,890		$391,272
Centrais Eletricas Brasileiras SA Class B		5,300		49,279
Cia Energetica de Minas Gerais		29,345		78,814
Gerdau SA		24,485		128,198
Itau Unibanco Holding SA		102,400		607,788
Itausa SA		107,673		216,776
Petroleo Brasileiro SA		100,500		619,808
				2,091,935
Chile - 0.2%
Sociedad Quimica y Minera de Chile SA Class B		3,017		219,755
Colombia - 0.0%
Bancolombia SA		9,736		65,322
Russia - 0.0%
Surgutneftegas PJSC * W ±		44,600		-
South Korea - 0.6%
Hyundai Motor Co.		806		67,318
Hyundai Motor Co.		448		37,078
LG Chem Ltd.		165		44,327
Samsung Electronics Co. Ltd.		17,497		794,001
				942,724
Total Preferred Stocks (Cost $3,209,605)				3,319,736
COMMON STOCKS - 94.5%
Australia - 0.1%
AngloGold Ashanti Ltd.		8,860		187,542
Brazil - 3.9%
Ambev SA		99,900		321,511
Atacadao SA		13,600		31,812
B3 SA - Brasil Bolsa Balcao		123,000		375,304
Banco Bradesco SA		32,000		97,841
Banco BTG Pactual SA		25,000		164,206
Banco do Brasil SA		18,200		187,770
Banco Santander Brasil SA		7,900		50,536
BB Seguridade Participacoes SA		14,800		95,108
CCR SA		21,300		62,501
Centrais Eletricas Brasileiras SA		25,600		212,522
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		7,200		85,064
Cia Siderurgica Nacional SA		13,700		34,706
Cosan SA		25,700		95,861
CPFL Energia SA		4,800		34,475
Energisa SA		4,500		47,178
Eneva SA *		18,100		46,382
Engie Brasil Energia SA		4,200		40,077
Equatorial Energia SA		21,900		147,046
Equatorial Energia SA *		306		2,044
Hapvida Participacoes e Investimentos SA * ~		111,543		102,034
Hypera SA		8,700		83,599
Klabin SA		16,100		73,200
Localiza Rent a Car SA		18,932		270,841
Lojas Renner SA		20,391		85,172
Magazine Luiza SA *		63,400		44,622
Natura & Co. Holding SA *		18,900		66,076
Petroleo Brasileiro SA		78,800		544,731

	Shares		Value
PRIO SA *		15,900	$	123,130
Raia Drogasil SA		27,624		170,768
Rede D’Or Sao Luiz SA ~		12,140		83,465
Rumo SA		27,400		127,037
Sendas Distribuidora SA		28,500		81,842
Suzano SA		16,800		155,151
Telefonica Brasil SA		8,900		80,428
TIM SA		17,800		54,349
TOTVS SA		11,000		68,873
Ultrapar Participacoes SA		15,200		59,966
Vale SA		71,953		965,044
Vibra Energia SA		24,626		92,832
WEG SA		35,500		279,881
				5,744,985
Chile - 0.4%
Banco de Chile		958,041		100,004
Banco de Credito e Inversiones SA		1,225		37,430
Banco Santander Chile		1,388,555		65,708
Cencosud SA		27,056		52,438
Cia Cervecerias Unidas SA		2,785		22,457
Cia Sud Americana de Vapores SA		331,541		22,516
Empresas CMPC SA		24,220		46,340
Empresas COPEC SA		8,201		60,861
Enel Americas SA *		451,144		60,203
Enel Chile SA		569,693		37,020
Falabella SA		18,588		44,630
				549,607
China - 28.5%
360 Security Technology, Inc. Class A *		9,200		15,913
37 Interactive Entertainment Network Technology Group Co. Ltd. Class A		2,900		13,950
3SBio, Inc. * ~		38,500		38,742
AAC Technologies Holdings, Inc.		15,500		36,635
Advanced Micro-Fabrication Equipment, Inc. China Class A *		795		17,211
AECC Aero-Engine Control Co. Ltd. Class A		1,700		5,716
AECC Aviation Power Co. Ltd. Class A		3,400		19,818
Agricultural Bank of China Ltd. Class A		98,500		47,895
Agricultural Bank of China Ltd. Class H		630,000		248,112
Aier Eye Hospital Group Co. Ltd. Class A		11,636		29,780
AIMA Technology Group Co. Ltd. Class A		900		3,999
Air China Ltd. Class A *		8,500		9,655
Air China Ltd. Class H *		40,000		28,575
Airtac International Group		3,232		106,813
Akeso, Inc. * ~		11,000		49,896
Alibaba Group Holding Ltd. *		349,620		3,639,484
Alibaba Health Information Technology Ltd. *		100,000		60,515
Aluminum Corp. of China Ltd. Class A		13,800		10,465
Aluminum Corp. of China Ltd. Class H		88,000		38,089
Amlogic Shanghai Co. Ltd. Class A *		381		4,431
Angel Yeast Co. Ltd. Class A		1,200		5,989
Anhui Conch Cement Co. Ltd. Class A		4,500		14,727
Anhui Conch Cement Co. Ltd. Class H		26,500		70,505
Anhui Gujing Distillery Co. Ltd. Class A		500		17,042
Anhui Gujing Distillery Co. Ltd. Class B		2,300		39,661
Anhui Honglu Steel Construction Group Co. Ltd. Class A		780		3,098
Anhui Kouzi Distillery Co. Ltd. Class A		800		5,449
Anhui Yingjia Distillery Co. Ltd. Class A		900		7,920
Anjoy Foods Group Co. Ltd. Class A		400		8,099
ANTA Sports Products Ltd.		25,800		265,119
Apeloa Pharmaceutical Co. Ltd. Class A		1,300		3,179
Asia - Potash International Investment Guangzhou Co. Ltd. Class A *		1,200		3,798
ASR Microelectronics Co. Ltd. Class A *		521		5,409
Asymchem Laboratories Tianjin Co. Ltd. Class A		380		6,179
Autobio Diagnostics Co. Ltd. Class A		800		5,697
Autohome, Inc. ADR		1,572		45,840

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-276

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PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Avary Holding Shenzhen Co. Ltd. Class A		2,500	$	8,371
AVIC Industry-Finance Holdings Co. Ltd. Class A		11,600		6,125
AviChina Industry & Technology Co. Ltd. Class H		53,000		25,784
Avicopter PLC Class A		800		4,391
Baidu, Inc. Class A *		47,634		812,434
Bank of Beijing Co. Ltd. Class A		27,400		17,479
Bank of Changsha Co. Ltd. Class A		5,300		5,673
Bank of Chengdu Co. Ltd. Class A		4,700		7,910
Bank of China Ltd. Class A		78,700		42,371
Bank of China Ltd. Class H		1,625,000		652,425
Bank of Communications Co. Ltd. Class A		60,700		48,516
Bank of Communications Co. Ltd. Class H		171,000		113,457
Bank of Hangzhou Co. Ltd. Class A		7,600		12,312
Bank of Jiangsu Co. Ltd. Class A		19,080		19,341
Bank of Nanjing Co. Ltd. Class A		13,400		14,777
Bank of Ningbo Co. Ltd. Class A		8,510		29,696
Bank of Shanghai Co. Ltd. Class A		18,400		14,577
Bank of Suzhou Co. Ltd. Class A		4,700		4,245
Baoshan Iron & Steel Co. Ltd. Class A		28,800		22,300
BBMG Corp. Class A		10,000		3,004
BeiGene Ltd. *		14,489		198,667
Beijing Capital International Airport Co. Ltd. Class H *		40,000		25,960
Beijing Dabeinong Technology Group Co. Ltd. Class A		5,800		5,272
Beijing E-Hualu Information Technology Co. Ltd. Class A *		800		3,664
Beijing Easpring Material Technology Co. Ltd. Class A		600		4,181
Beijing Enlight Media Co. Ltd. Class A		3,100		3,458
Beijing Enterprises Holdings Ltd.		10,500		38,095
Beijing Enterprises Water Group Ltd.		86,000		20,458
Beijing Kingsoft Office Software, Inc. Class A		428		27,887
Beijing New Building Materials PLC Class A		2,200		7,427
Beijing Shiji Information Technology Co. Ltd. Class A *		2,948		5,699
Beijing Tiantan Biological Products Corp. Ltd. Class A		2,000		7,489
Beijing Tongrentang Co. Ltd. Class A		1,800		14,280
Beijing United Information Technology Co. Ltd. Class A		986		5,020
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A		1,092		10,055
Beijing Yanjing Brewery Co. Ltd. Class A		3,600		6,188
Beijing-Shanghai High Speed Railway Co. Ltd. Class A		41,400		30,017
Bethel Automotive Safety Systems Co. Ltd. Class A		500		5,457
Betta Pharmaceuticals Co. Ltd. Class A		600		3,974
BGI Genomics Co. Ltd. Class A		600		4,960
Bilibili, Inc. Class Z *		4,162		62,637
Bloomage Biotechnology Corp. Ltd. Class A		618		7,598
BOC Aviation Ltd. ~		4,300		34,852
BOC International China Co. Ltd. Class A		3,500		5,147
BOE Technology Group Co. Ltd. Class A		48,300		27,254
Bosideng International Holdings Ltd.		80,000		33,794
BTG Hotels Group Co. Ltd. Class A *		1,400		3,658
By-health Co. Ltd. Class A		2,300		7,600
BYD Co. Ltd. Class A		2,300		82,027
BYD Co. Ltd. Class H		21,000		673,357
BYD Electronic International Co. Ltd.		16,500		50,193
C&D International Investment Group Ltd.		13,000		29,647
Caitong Securities Co. Ltd. Class A		5,950		5,942
Cambricon Technologies Corp. Ltd. Class A *		524		13,625
Canmax Technologies Co. Ltd. Class A		1,040		5,143
CECEP Solar Energy Co. Ltd. Class A		5,100		4,769
CECEP Wind-Power Corp. Class A		7,120		3,603
CETC Cyberspace Security Technology Co. Ltd. Class A		1,200		4,615

	Shares		Value
CGN Power Co. Ltd. Class H ~		222,000	$	53,612
Changchun High & New Technology Industry Group, Inc. Class A		500		9,405
Changjiang Securities Co. Ltd. Class A		6,000		4,797
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A		375		6,388
Chaozhou Three-Circle Group Co. Ltd. Class A		2,500		10,117
Chengxin Lithium Group Co. Ltd. Class A		1,200		5,278
Chifeng Jilong Gold Mining Co. Ltd. Class A *		2,000		3,723
China Baoan Group Co. Ltd. Class A		2,900		4,825
China Cinda Asset Management Co. Ltd. Class H		203,000		20,291
China CITIC Bank Corp. Ltd. Class H		189,000		88,860
China Coal Energy Co. Ltd. Class H		44,000		32,763
China Communications Services Corp. Ltd. Class H		50,000		24,686
China Conch Venture Holdings Ltd.		30,500		39,850
China Construction Bank Corp. Class H		2,050,000		1,327,218
China CSSC Holdings Ltd. Class A		5,800		26,335
China Eastern Airlines Corp. Ltd. Class A *		14,700		9,642
China Energy Engineering Corp. Ltd.		41,700		13,446
China Everbright Bank Co. Ltd. Class A		62,400		26,386
China Everbright Bank Co. Ltd. Class H		61,000		17,544
China Everbright Environment Group Ltd.		79,000		31,226
China Feihe Ltd. ~		76,000		42,421
China Galaxy Securities Co. Ltd. Class A		4,400		7,045
China Galaxy Securities Co. Ltd. Class H		77,000		41,217
China Gas Holdings Ltd.		57,400		65,831
China Great Wall Securities Co. Ltd. Class A		5,500		6,171
China Greatwall Technology Group Co. Ltd. Class A		4,200		8,005
China Hongqiao Group Ltd.		50,500		41,248
China International Capital Corp. Ltd. Class A		1,500		7,343
China International Capital Corp. Ltd. Class H ~		32,800		57,824
China Jinmao Holdings Group Ltd.		129,624		19,110
China Jushi Co. Ltd. Class A		5,101		9,960
China Lesso Group Holdings Ltd.		23,000		15,157
China Life Insurance Co. Ltd. Class A		2,900		13,982
China Life Insurance Co. Ltd. Class H		159,000		266,163
China Literature Ltd. * ~		8,400		35,428
China Longyuan Power Group Corp. Ltd. Class H		71,000		73,334
China Medical System Holdings Ltd.		28,000		45,686
China Meheco Co. Ltd. Class A		2,100		3,763
China Meidong Auto Holdings Ltd.		14,000		16,223
China Mengniu Dairy Co. Ltd. *		67,000		253,212
China Merchants Bank Co. Ltd. Class A		25,600		115,734
China Merchants Bank Co. Ltd. Class H		83,000		378,570
China Merchants Energy Shipping Co. Ltd. Class A		10,500		8,374
China Merchants Port Holdings Co. Ltd.		29,192		41,297
China Merchants Securities Co. Ltd. Class A		9,500		17,783
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A		10,000		17,954
China Minsheng Banking Corp. Ltd. Class A		80,700		41,694
China Minsheng Banking Corp. Ltd. Class H		87,500		32,395
China National Building Material Co. Ltd. Class H		82,000		50,671
China National Chemical Engineering Co. Ltd. Class A		7,900		9,019
China National Medicines Corp. Ltd. Class A		900		4,818
China National Nuclear Power Co. Ltd. Class A		24,300		23,614
China National Software & Service Co. Ltd. Class A		1,170		7,564
China Northern Rare Earth Group High-Tech Co. Ltd. Class A		4,700		15,551

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-277

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PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
China Oilfield Services Ltd. Class H		38,000	$	39,349
China Overseas Land & Investment Ltd.		81,000		177,199
China Overseas Property Holdings Ltd.		30,000		30,319
China Pacific Insurance Group Co. Ltd. Class A		8,000		28,659
China Pacific Insurance Group Co. Ltd. Class H		56,600		146,943
China Petroleum & Chemical Corp. Class A		36,200		31,722
China Petroleum & Chemical Corp. Class H		530,000		311,608
China Power International Development Ltd.		106,108		39,142
China Railway Group Ltd. Class A		24,600		25,720
China Railway Group Ltd. Class H		91,000		60,213
China Railway Signal & Communication Corp. Ltd. Class A		9,535		7,622
China Rare Earth Resources & Technology Co. Ltd. Class A		1,100		4,491
China Resources Beer Holdings Co. Ltd.		34,000		224,679
China Resources Cement Holdings Ltd.		52,000		21,509
China Resources Gas Group Ltd.		19,500		66,873
China Resources Land Ltd.		68,000		289,385
China Resources Microelectronics Ltd. Class A		1,646		11,902
China Resources Mixc Lifestyle Services Ltd. ~		14,400		71,729
China Resources Pharmaceutical Group Ltd. ~		32,500		28,369
China Resources Power Holdings Co. Ltd.		40,000		90,599
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A		1,300		10,856
China Ruyi Holdings Ltd. *		128,000		30,168
China Shenhua Energy Co. Ltd. Class A		7,500		31,776
China Shenhua Energy Co. Ltd. Class H		72,500		222,185
China Southern Airlines Co. Ltd. Class A *		12,700		10,549
China Southern Airlines Co. Ltd. Class H *		42,000		23,777
China State Construction Engineering Corp. Ltd. Class A		52,400		41,432
China State Construction International Holdings Ltd.		42,000		48,007
China Taiping Insurance Holdings Co. Ltd.		31,000		32,295
China Three Gorges Renewables Group Co. Ltd. Class A		36,800		27,236
China Tourism Group Duty Free Corp. Ltd. Class A		2,444		37,303
China Tourism Group Duty Free Corp. Ltd. Class H * ~		1,700		23,066
China Tower Corp. Ltd. Class H ~		936,000		104,242
China Traditional Chinese Medicine Holdings Co. Ltd.		64,000		29,886
China United Network Communications Ltd. Class A		41,100		27,183
China Vanke Co. Ltd. Class A		13,300		25,678
China Vanke Co. Ltd. Class H		45,000		60,620
China Yangtze Power Co. Ltd. Class A		29,900		90,821
China Zhenhua Group Science & Technology Co. Ltd. Class A		700		9,255
China Zheshang Bank Co. Ltd. Class A		28,080		10,215
Chinasoft International Ltd. *		58,000		36,578
Chongqing Brewery Co. Ltd. Class A		600		7,619
Chongqing Changan Automobile Co. Ltd. Class A		10,696		19,125
Chongqing Fuling Zhacai Group Co. Ltd. Class A		1,300		3,283
Chongqing Rural Commercial Bank Co. Ltd. Class A		10,400		5,145
Chongqing Zhifei Biological Products Co. Ltd. Class A		3,000		18,299
Chow Tai Fook Jewellery Group Ltd.		42,200		76,096
CITIC Ltd.		123,000		147,273
CITIC Securities Co. Ltd. Class A		14,480		39,513
CITIC Securities Co. Ltd. Class H		40,075		72,869
CMOC Group Ltd. Class A		21,000		15,452
CMOC Group Ltd. Class H		81,000		42,646

	Shares		Value
CNGR Advanced Material Co. Ltd. Class A		700	$	5,822
CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A		4,965		4,030
Contemporary Amperex Technology Co. Ltd. Class A		5,560		175,675
COSCO SHIPPING Development Co. Ltd. Class A		10,700		3,644
COSCO SHIPPING Energy Transportation Co. Ltd. Class A *		4,500		7,830
COSCO SHIPPING Energy Transportation Co. Ltd. Class H *		28,000		28,178
COSCO SHIPPING Holdings Co. Ltd. Class A		15,110		19,600
COSCO SHIPPING Holdings Co. Ltd. Class H		68,400		61,831
COSCO SHIPPING Ports Ltd.		32,000		19,104
Country Garden Holdings Co. Ltd. *		260,707		53,182
Country Garden Services Holdings Co. Ltd.		46,000		59,692
CRRC Corp. Ltd. Class A		28,200		25,273
CRRC Corp. Ltd. Class H		96,000		52,623
CSC Financial Co. Ltd. Class A		5,600		18,707
CSPC Pharmaceutical Group Ltd.		188,000		163,612
Daan Gene Co. Ltd. Class A		1,760		2,419
Dajin Heavy Industry Co. Ltd. Class A		800		3,403
Dali Foods Group Co. Ltd. ~		44,500		19,907
Daqin Railway Co. Ltd. Class A		19,200		19,655
Daqo New Energy Corp. ADR *		1,252		49,704
DaShenLin Pharmaceutical Group Co. Ltd. Class A		1,488		5,747
Datang International Power Generation Co. Ltd. Class A *		10,700		4,876
DHC Software Co. Ltd. Class A		3,700		3,601
Do-Fluoride Chemicals Co. Ltd. Class A		1,540		4,215
Dong-E-E-Jiao Co. Ltd. Class A		900		6,630
Dongfang Electric Corp. Ltd. Class A		3,600		9,259
Dongfeng Motor Group Co. Ltd. Class H		56,000		25,669
Dongxing Securities Co. Ltd. Class A		3,500		3,871
Dongyue Group Ltd.		34,000		25,538
East Buy Holding Ltd. * ~		8,500		27,776
East Money Information Co. Ltd. Class A		19,776		38,796
Ecovacs Robotics Co. Ltd. Class A		700		7,511
ENN Energy Holdings Ltd.		16,700		208,885
ENN Natural Gas Co. Ltd. Class A		3,300		8,622
Eve Energy Co. Ltd. Class A		2,600		21,726
Everbright Securities Co. Ltd. Class A		5,000		10,963
Fangda Carbon New Material Co. Ltd. Class A *		4,300		3,675
Far East Horizon Ltd.		27,000		21,418
FAW Jiefang Group Co. Ltd. *		3,600		4,156
First Capital Securities Co. Ltd. Class A		6,000		4,732
Flat Glass Group Co. Ltd. Class A		2,100		11,156
Flat Glass Group Co. Ltd. Class H		9,000		30,859
Focus Media Information Technology Co. Ltd. Class A		18,600		17,443
Foshan Haitian Flavouring & Food Co. Ltd. Class A		5,788		37,396
Fosun International Ltd.		53,000		36,521
Founder Securities Co. Ltd. Class A		10,000		9,017
Foxconn Industrial Internet Co. Ltd. Class A		12,600		43,706
Fujian Sunner Development Co. Ltd. Class A		1,648		4,347
Fuyao Glass Industry Group Co. Ltd. Class A		1,900		9,390
Fuyao Glass Industry Group Co. Ltd. Class H ~		13,600		56,413
G-bits Network Technology Xiamen Co. Ltd. Class A		100		6,761
GalaxyCore, Inc. Class A *		2,019		4,405
Ganfeng Lithium Group Co. Ltd. Class A		3,360		28,330
Ganfeng Lithium Group Co. Ltd. Class H ~		6,560		43,027
GCL Technology Holdings Ltd.		429,000		99,595
GD Power Development Co. Ltd. Class A *		23,000		12,136
GDS Holdings Ltd. Class A *		19,892		27,276
Geely Automobile Holdings Ltd.		127,000		155,936
GEM Co. Ltd. Class A		6,600		6,295
Gemdale Corp. Class A		6,100		6,058

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-278

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Genscript Biotech Corp.*		24,000	$	54,291
GF Securities Co. Ltd. Class A		5,700		11,576
GF Securities Co. Ltd. Class H		24,200		33,457
Giant Network Group Co. Ltd. Class A		2,500		6,171
GigaDevice Semiconductor, Inc. Class A		880		12,920
Ginlong Technologies Co. Ltd. Class A *		450		6,470
GoerTek, Inc. Class A		4,400		10,782
Gotion High-tech Co. Ltd. Class A *		2,300		8,770
Great Wall Motor Co. Ltd. Class A		2,500		8,685
Great Wall Motor Co. Ltd. Class H		51,500		59,313
Gree Electric Appliances, Inc. of Zhuhai Class A		3,600		18,120
Greenland Holdings Corp. Ltd. Class A *		14,400		5,460
Greentown China Holdings Ltd.		21,500		21,626
Greentown Service Group Co. Ltd.		30,000		14,375
GRG Banking Equipment Co. Ltd. Class A		3,500		5,659
Guangdong Haid Group Co. Ltd. Class A		2,200		14,200
Guangdong HEC Technology Holding Co. Ltd. Class A		3,900		3,876
Guangdong Investment Ltd.		62,000		53,552
Guangdong Kinlong Hardware Products Co. Ltd. Class A		400		3,568
Guanghui Energy Co. Ltd. Class A		8,500		8,045
Guangzhou Automobile Group Co. Ltd. Class A		2,800		4,024
Guangzhou Automobile Group Co. Ltd. Class H		70,000		41,848
Guangzhou Baiyun International Airport Co. Ltd. Class A *		2,800		5,538
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A		1,800		7,903
Guangzhou Great Power Energy & Technology Co. Ltd. Class A *		600		3,978
Guangzhou Haige Communications Group, Inc. Co. Class A		2,600		3,704
Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A		600		6,246
Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A		900		8,294
Guangzhou Tinci Materials Technology Co. Ltd. Class A		2,460		13,998
Guangzhou Yuexiu Capital Holdings Group Co. Ltd. Class A		5,515		4,830
Guolian Securities Co. Ltd. Class A		3,500		4,398
Guosen Securities Co. Ltd. Class A		8,200		9,876
Guotai Junan Securities Co. Ltd. Class A		9,600		18,526
Guoyuan Securities Co. Ltd. Class A		4,600		4,141
H World Group Ltd. ADR *		4,076		158,067
Haidilao International Holding Ltd. ~		35,000		77,399
Haier Smart Home Co. Ltd. Class A		8,400		27,186
Haier Smart Home Co. Ltd. Class H		51,000		160,831
Hainan Airlines Holding Co. Ltd. Class A *		53,400		11,628
Hainan Airport Infrastructure Co. Ltd. Class A *		14,200		7,945
Haitian International Holdings Ltd.		12,000		28,144
Haitong Securities Co. Ltd. Class A		9,400		11,951
Haitong Securities Co. Ltd. Class H		62,800		38,566
Hangzhou Binjiang Real Estate Group Co. Ltd. Class A		4,000		4,865
Hangzhou Chang Chuan Technology Co. Ltd. Class A		800		5,242
Hangzhou First Applied Material Co. Ltd. Class A		2,419		12,403
Hangzhou Lion Electronics Co. Ltd. Class A		900		4,563
Hangzhou Oxygen Plant Group Co. Ltd. Class A		1,300		6,153
Hangzhou Robam Appliances Co. Ltd. Class A		1,100		3,837
Hangzhou Silan Microelectronics Co. Ltd. Class A		1,800		7,518

	Shares		Value
Hangzhou Tigermed Consulting Co. Ltd. Class A		700	$	6,230
Hangzhou Tigermed Consulting Co. Ltd. Class H ~		2,300		13,142
Hansoh Pharmaceutical Group Co. Ltd. ~		24,000		38,695
Haohua Chemical Science & Technology Co. Ltd. Class A		900		4,672
Hebei Hengshui Laobaigan Liquor Co. Ltd. Class A		1,100		3,718
Hebei Yangyuan Zhihui Beverage Co. Ltd. Class A		1,600		5,445
Heilongjiang Agriculture Co. Ltd. Class A		2,600		4,778
Henan Shenhuo Coal & Power Co. Ltd. Class A		2,900		5,198
Henan Shuanghui Investment & Development Co. Ltd. Class A		4,470		15,089
Hengan International Group Co. Ltd.		13,500		56,922
Hengdian Group DMEGC Magnetics Co. Ltd. Class A		2,100		5,273
Hengli Petrochemical Co. Ltd. Class A *		8,900		17,597
Hengtong Optic-electric Co. Ltd. Class A		3,100		6,265
Hengyi Petrochemical Co. Ltd. Class A		4,700		4,391
Hesteel Co. Ltd. Class A		12,225		3,809
Hithink RoyalFlush Information Network Co. Ltd. Class A		700		16,933
Hongfa Technology Co. Ltd. Class A		720		3,164
Hoshine Silicon Industry Co. Ltd. Class A		1,000		9,661
Hoyuan Green Energy Co. Ltd. Class A		520		5,349
Hua Hong Semiconductor Ltd. * ~		12,000		39,486
Huadian Power International Corp. Ltd. Class A		10,500		9,681
Huadong Medicine Co. Ltd. Class A		2,300		13,749
Huafon Chemical Co. Ltd. Class A		6,700		6,336
Huagong Tech Co. Ltd. Class A		1,300		6,822
Huaibei Mining Holdings Co. Ltd. Class A		3,200		5,081
Hualan Biological Engineering, Inc. Class A		2,500		7,730
Huaneng Power International, Inc. Class A *		10,800		13,768
Huaneng Power International, Inc. Class H *		90,000		56,427
Huatai Securities Co. Ltd. Class A		8,300		15,772
Huatai Securities Co. Ltd. Class H ~		28,600		35,429
Huaxi Securities Co. Ltd. Class A		3,600		4,128
Huaxia Bank Co. Ltd. Class A		17,200		12,824
Huaxin Cement Co. Ltd. Class A		1,900		3,236
Huayu Automotive Systems Co. Ltd. Class A		4,100		10,436
Hubei Feilihua Quartz Glass Co. Ltd. Class A		700		4,752
Hubei Jumpcan Pharmaceutical Co. Ltd. Class A		1,200		4,804
Hubei Xingfa Chemicals Group Co. Ltd. Class A		1,500		4,600
Huizhou Desay Sv Automotive Co. Ltd. Class A		700		15,044
Humanwell Healthcare Group Co. Ltd. Class A		2,200		8,170
Hunan Changyuan Lico Co. Ltd. Class A		2,469		3,839
Hunan Valin Steel Co. Ltd. Class A		9,200		6,051
Hundsun Technologies, Inc. Class A		2,476		15,126
Hygeia Healthcare Holdings Co. Ltd. Class C ~		7,400		40,194
Iflytek Co. Ltd. Class A		3,000		28,104
Imeik Technology Development Co. Ltd. Class A		300		18,403
Industrial & Commercial Bank of China Ltd. Class A		72,800		48,345
Industrial & Commercial Bank of China Ltd. Class H		1,202,000		642,363
Industrial Bank Co. Ltd. Class A		26,161		56,488
Industrial Securities Co. Ltd. Class A		10,960		9,253
Ingenic Semiconductor Co. Ltd. Class A		600		7,316
Inner Mongolia BaoTou Steel Union Co. Ltd. Class A *		59,000		14,565
Inner Mongolia Dian Tou Energy Corp. Ltd. Class A		2,500		4,560

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-279

PACIFIC SELECT FUND

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A		11,600	$	6,556
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		8,300		32,387
Inner Mongolia Yitai Coal Co. Ltd. Class B		21,900		29,991
Inner Mongolia Yuan Xing Energy Co. Ltd. Class A		5,100		5,053
Innovent Biologics, Inc. * ~		24,500		93,059
Inspur Electronic Information Industry Co. Ltd. Class A		1,900		12,686
iQIYI, Inc. ADR *		9,370		50,036
Isoftstone Information Technology Group Co. Ltd. Class A *		1,200		4,506
JA Solar Technology Co. Ltd. Class A		4,256		24,450
Jafron Biomedical Co. Ltd. Class A		900		2,877
Jason Furniture Hangzhou Co. Ltd. Class A		1,110		5,834
JCET Group Co. Ltd. Class A		2,300		9,896
JD Health International, Inc. * ~		23,550		149,586
JD Logistics, Inc. 144A * ~		41,900		65,605
JD.com, Inc. Class A		49,525		844,627
Jiangsu Eastern Shenghong Co. Ltd. Class A		7,800		12,717
Jiangsu Expressway Co. Ltd. Class H		26,000		23,977
Jiangsu Hengli Hydraulic Co. Ltd. Class A		1,700		15,076
Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A		8,000		52,814
Jiangsu King’s Luck Brewery JSC Ltd. Class A		1,600		11,649
Jiangsu Pacific Quartz Co. Ltd. Class A		500		7,841
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A		1,900		34,398
Jiangsu Yangnong Chemical Co. Ltd. Class A		400		4,816
Jiangsu Yoke Technology Co. Ltd. Class A		600		6,033
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A		1,200		5,948
Jiangsu Zhongtian Technology Co. Ltd. Class A		4,400		9,650
Jiangxi Copper Co. Ltd. Class A		800		2,099
Jiangxi Copper Co. Ltd. Class H		26,000		40,190
Jiangxi Special Electric Motor Co. Ltd. Class A *		2,200		3,624
Jinduicheng Molybdenum Co. Ltd. Class A		4,000		6,148
Jinko Solar Co. Ltd. Class A		8,409		16,315
JiuGui Liquor Co. Ltd. Class A		400		4,977
Jiumaojiu International Holdings Ltd. ~		20,000		32,890
Jizhong Energy Resources Co. Ltd. Class A		4,700		4,132
Joincare Pharmaceutical Group Industry Co. Ltd. Class A		2,700		4,730
Joinn Laboratories China Co. Ltd. Class A		620		3,496
Jointown Pharmaceutical Group Co. Ltd. Class A		3,725		5,325
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. Class A		1,100		5,576
JOYY, Inc. ADR		952		29,236
Juewei Food Co. Ltd. Class A		700		3,588
Juneyao Airlines Co. Ltd. Class A *		3,000		6,381
Kanzhun Ltd. ADR *		3,839		57,777
KE Holdings, Inc. ADR *		13,920		206,712
Keda Industrial Group Co. Ltd.		2,500		3,919
Kingboard Holdings Ltd.		14,000		38,292
Kingdee International Software Group Co. Ltd. *		59,000		79,227
Kingsoft Corp. Ltd.		20,200		79,842
Kuaishou Technology * ~		49,000		336,784
Kuang-Chi Technologies Co. Ltd. Class A		2,400		5,053
Kunlun Energy Co. Ltd.		82,000		64,596
Kunlun Tech Co. Ltd. Class A		1,500		8,320
Kweichow Moutai Co. Ltd. Class A		1,600		372,966
LB Group Co. Ltd. Class A		3,100		7,052
Lenovo Group Ltd.		154,000		161,373

	Shares		Value
Lens Technology Co. Ltd. Class A		6,400	$	10,383
Lepu Medical Technology Beijing Co. Ltd. Class A		2,300		7,163
Li Auto, Inc. Class A *		23,746		411,138
Li Ning Co. Ltd.		50,000		270,009
Liaoning Port Co. Ltd. Class A		24,200		5,203
Lingyi iTech Guangdong Co. Class A *		9,600		9,145
Livzon Pharmaceutical Group, Inc. Class A		700		3,755
Longfor Group Holdings Ltd. ~		40,500		98,899
LONGi Green Energy Technology Co. Ltd. Class A		9,502		37,596
Lufax Holding Ltd. ADR		14,765		21,114
Luxi Chemical Group Co. Ltd. Class A		2,600		3,785
Luxshare Precision Industry Co. Ltd. Class A		9,200		41,293
Luzhou Laojiao Co. Ltd. Class A		1,900		54,894
Mango Excellent Media Co. Ltd. Class A		2,400		11,338
Maxscend Microelectronics Co. Ltd. Class A		680		9,070
Meihua Holdings Group Co. Ltd. Class A		3,900		4,802
Meinian Onehealth Healthcare Holdings Co. Ltd. Class A *		4,300		4,217
Meituan Class B * ~		106,890		1,676,133
Metallurgical Corp. of China Ltd. Class A		23,000		12,588
Microport Scientific Corp. *		17,300		31,468
Ming Yang Smart Energy Group Ltd. Class A		2,900		6,753
MINISO Group Holding Ltd. ADR		2,046		34,762
Minth Group Ltd.		16,000		43,992
Montage Technology Co. Ltd. Class A		1,462		11,594
Muyuan Foods Co. Ltd. Class A		6,860		39,831
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. Class A		2,343		4,362
Nanjing Securities Co. Ltd. Class A		4,400		4,971
NARI Technology Co. Ltd. Class A		10,358		32,983
National Silicon Industry Group Co. Ltd. Class A *		3,404		9,812
NAURA Technology Group Co. Ltd. Class A		700		30,733
NavInfo Co. Ltd. Class A *		2,500		3,995
NetEase, Inc.		41,605		805,843
New China Life Insurance Co. Ltd. Class A		3,900		19,781
New China Life Insurance Co. Ltd. Class H		15,000		39,638
New Hope Liuhe Co. Ltd. Class A *		5,900		9,494
New Oriental Education & Technology Group, Inc. *		32,300		127,319
Ninestar Corp. Class A		1,800		8,500
Ningbo Deye Technology Co. Ltd. Class A		340		7,021
Ningbo Joyson Electronic Corp. Class A		1,700		4,137
Ningbo Orient Wires & Cables Co. Ltd. Class A		900		6,087
Ningbo Ronbay New Energy Technology Co. Ltd. Class A		579		4,322
Ningbo Shanshan Co. Ltd. Class A		2,900		6,057
Ningbo Tuopu Group Co. Ltd. Class A		1,400		15,580
Ningxia Baofeng Energy Group Co. Ltd. Class A		9,500		16,536
NIO, Inc. ADR *		28,934		280,370
Nongfu Spring Co. Ltd. Class H ~		37,200		205,885
North Industries Group Red Arrow Co. Ltd. Class A		1,800		4,494
Offcn Education Technology Co. Ltd. Class A *		7,900		5,123
Offshore Oil Engineering Co. Ltd. Class A		5,200		4,193
Oppein Home Group, Inc. Class A		600		7,927
Orient Securities Co. Ltd. Class A		9,592		12,843
Ovctek China, Inc. Class A		1,120		4,665
Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A *		11,100		5,986
PDD Holdings, Inc. ADR *		10,688		738,968
People’s Insurance Co. Group of China Ltd. Class A		46,500		37,425
People’s Insurance Co. Group of China Ltd. Class H		102,000		37,049
Perfect World Co. Ltd. Class A		2,497		5,814

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-280

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
PetroChina Co. Ltd. Class A		16,500	$	16,993
PetroChina Co. Ltd. Class H		462,000		320,793
Pharmaron Beijing Co. Ltd. Class A		1,300		6,861
Pharmaron Beijing Co. Ltd. Class H ~		4,200		13,022
PICC Property & Casualty Co. Ltd. Class H		146,000		162,565
Ping An Bank Co. Ltd. Class A		24,200		37,510
Ping An Healthcare and Technology Co. Ltd. * ~		11,900		28,843
Ping An Insurance Group Co. of China Ltd. Class A		13,400		85,678
Ping An Insurance Group Co. of China Ltd. Class H		134,000		855,846
Pingdingshan Tianan Coal Mining Co. Ltd. Class A		3,100		3,220
Poly Developments & Holdings Group Co. Ltd. Class A		15,400		27,635
Pop Mart International Group Ltd. ~		10,200		22,741
Porton Pharma Solutions Ltd. Class A		700		2,859
Postal Savings Bank of China Co. Ltd. Class A		27,700		18,673
Postal Savings Bank of China Co. Ltd. Class H ~		179,000		110,382
Power Construction Corp. of China Ltd. Class A		22,200		17,564
Pylon Technologies Co. Ltd. Class A		226		6,182
Qi An Xin Technology Group, Inc. Class A *		840		5,999
Qifu Technology, Inc. ADR		2,344		40,504
Qinghai Salt Lake Industry Co. Ltd. Class A *		7,000		18,506
Raytron Technology Co. Ltd. Class A		570		3,521
Risen Energy Co. Ltd. Class A *		1,500		5,305
Riyue Heavy Industry Co. Ltd. Class A		1,200		3,143
Rockchip Electronics Co. Ltd. Class A		400		4,024
Rongsheng Petrochemical Co. Ltd. Class A		13,097		21,031
SAIC Motor Corp. Ltd. Class A		10,100		19,733
Sailun Group Co. Ltd. Class A		4,000		6,281
Sanan Optoelectronics Co. Ltd. Class A		6,200		14,759
Sangfor Technologies, Inc. Class A *		500		7,817
Sany Heavy Equipment International Holdings Co. Ltd.		24,000		31,520
Sany Heavy Industry Co. Ltd. Class A		11,000		25,219
Satellite Chemical Co. Ltd. Class A		4,298		8,865
SDIC Capital Co. Ltd. Class A		8,200		8,048
SDIC Power Holdings Co. Ltd. Class A		9,300		16,212
Seazen Holdings Co. Ltd. Class A *		3,014		5,988
Seres Group Co. Ltd. Class A *		1,800		9,139
SF Holding Co. Ltd. Class A		6,300		39,157
SG Micro Corp. Class A		617		6,994
Shaanxi Coal Industry Co. Ltd. Class A		12,500		31,333
Shan Xi Hua Yang Group New Energy Co. Ltd. Class A		4,650		5,069
Shandong Buchang Pharmaceuticals Co. Ltd. Class A		1,200		3,404
Shandong Gold Mining Co. Ltd. Class A		3,500		11,365
Shandong Gold Mining Co. Ltd. Class H ~		17,750		32,626
Shandong Hualu Hengsheng Chemical Co. Ltd. Class A		2,710		11,442
Shandong Linglong Tyre Co. Ltd. Class A		1,600		4,899
Shandong Nanshan Aluminum Co. Ltd. Class A		15,800		6,584
Shandong Sun Paper Industry JSC Ltd. Class A		3,800		5,599
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		52,400		68,757
Shanghai Aiko Solar Energy Co. Ltd. Class A		2,380		10,093
Shanghai Bairun Investment Holding Group Co. Ltd. Class A *		1,316		6,600
Shanghai Baosight Software Co. Ltd. Class A		2,456		17,214
Shanghai Baosight Software Co. Ltd. Class B		12,468		32,960
Shanghai Construction Group Co. Ltd. Class A		8,800		3,262
Shanghai Electric Group Co. Ltd. Class A *		16,300		10,267

	Shares		Value
Shanghai Electric Power Co. Ltd. Class A		3,600	$	5,342
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A		4,800		20,475
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		7,000		18,753
Shanghai Friendess Electronic Technology Corp. Ltd. Class A		96		2,496
Shanghai Fudan Microelectronics Group Co. Ltd. Class A		729		5,036
Shanghai Fudan Microelectronics Group Co. Ltd. Class H		6,000		14,803
Shanghai International Airport Co. Ltd. Class A *		1,600		10,024
Shanghai International Port Group Co. Ltd. Class A		7,700		5,574
Shanghai Jinjiang International Hotels Co. Ltd. Class A		1,200		7,006
Shanghai Junshi Biosciences Co. Ltd. Class A *		985		5,232
Shanghai Lingang Holdings Corp. Ltd. Class A		2,700		4,449
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		23,700		14,743
Shanghai M&G Stationery, Inc. Class A		1,200		7,385
Shanghai Pharmaceuticals Holding Co. Ltd. Class A		2,000		6,176
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		17,800		35,335
Shanghai Pudong Development Bank Co. Ltd. Class A		36,536		36,460
Shanghai Putailai New Energy Technology Co. Ltd. Class A		2,639		13,920
Shanghai RAAS Blood Products Co. Ltd. Class A		8,600		8,900
Shanghai Rural Commercial Bank Co. Ltd. Class A		12,500		9,387
Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A		5,200		4,917
Shanxi Coal International Energy Group Co. Ltd. Class A		2,400		4,790
Shanxi Coking Coal Energy Group Co. Ltd. Class A		7,000		8,788
Shanxi Lu’an Environmental Energy Development Co. Ltd. Class A		3,900		8,772
Shanxi Meijin Energy Co. Ltd. Class A *		5,700		5,930
Shanxi Securities Co. Ltd. Class A		3,800		2,923
Shanxi Taigang Stainless Steel Co. Ltd. Class A		6,200		3,310
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A		1,540		39,285
Shede Spirits Co. Ltd. Class A		400		6,847
Shenergy Co. Ltd. Class A		6,000		5,778
Shenghe Resources Holding Co. Ltd. Class A		2,300		4,085
Shengyi Technology Co. Ltd. Class A		3,000		5,872
Shennan Circuits Co. Ltd. Class A		700		7,276
Shenwan Hongyuan Group Co. Ltd. Class A		28,900		18,414
Shenzhen Capchem Technology Co. Ltd. Class A		920		6,594
Shenzhen Dynanonic Co. Ltd. Class A		320		4,878
Shenzhen Energy Group Co. Ltd. Class A		6,200		5,630
Shenzhen Inovance Technology Co. Ltd. Class A		1,650		14,625
Shenzhen International Holdings Ltd.		29,618		26,129
Shenzhen Kaifa Technology Co. Ltd. Class A		2,000		5,511
Shenzhen Kangtai Biological Products Co. Ltd. Class A *		1,460		5,113
Shenzhen Kedali Industry Co. Ltd. Class A		300		5,478
Shenzhen Kstar Science & Technology Co. Ltd. Class A		800		4,418

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-281

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A		1,500	$	62,073
Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A		1,000		8,122
Shenzhen Overseas Chinese Town Co. Ltd. Class A *		11,200		6,795
Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A		1,500		6,450
Shenzhen SC New Energy Technology Corp. Class A		400		6,200
Shenzhen Senior Technology Material Co. Ltd. Class A		1,698		4,029
Shenzhen Sunlord Electronics Co. Ltd. Class A		1,200		3,955
Shenzhen Transsion Holdings Co. Ltd. Class A		1,037		21,021
Shenzhen YUTO Packaging Technology Co. Ltd. Class A		1,200		4,034
Shenzhou International Group Holdings Ltd.		17,500		168,078
Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A		2,120		7,513
Shuangliang Eco-Energy Systems Co. Ltd. Class A		2,300		4,436
Sichuan Chuantou Energy Co. Ltd. Class A		5,500		11,407
Sichuan Hebang Biotechnology Co. Ltd. Class A		9,900		3,320
Sichuan Kelun Pharmaceutical Co. Ltd. Class A		2,000		8,182
Sichuan New Energy Power Co. Ltd. *		2,000		3,974
Sichuan Road & Bridge Co. Ltd. Class A		9,380		12,674
Sichuan Swellfun Co. Ltd. Class A		582		4,736
Sichuan Yahua Industrial Group Co. Ltd. Class A		1,300		3,190
Sieyuan Electric Co. Ltd. Class A		1,000		6,441
Silergy Corp.		7,000		87,200
Sinolink Securities Co. Ltd. Class A		4,400		5,262
Sinoma International Engineering Co. Class A		3,200		5,620
Sinoma Science & Technology Co. Ltd. Class A		2,300		6,514
Sinomine Resource Group Co. Ltd. Class A		868		6,110
Sinopec Shanghai Petrochemical Co. Ltd. Class A		10,100		4,332
Sinopharm Group Co. Ltd. Class H		28,400		88,906
Skshu Paint Co. Ltd. Class A *		728		6,565
Smoore International Holdings Ltd. ~		39,000		39,804
Songcheng Performance Development Co. Ltd. Class A		3,600		6,166
SooChow Securities Co. Ltd. Class A		5,410		5,179
Southwest Securities Co. Ltd. Class A		7,100		3,573
Spring Airlines Co. Ltd. Class A *		1,200		9,508
StarPower Semiconductor Ltd. Class A		200		5,942
Sungrow Power Supply Co. Ltd. Class A		1,900		30,606
Sunny Optical Technology Group Co. Ltd.		15,100		151,402
Sunresin New Materials Co. Ltd. Class A		600		5,162
Sunwoda Electronic Co. Ltd. Class A		2,200		4,960
Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A		2,200		7,864
Suzhou Maxwell Technologies Co. Ltd. Class A		416		9,713
TAL Education Group ADR *		9,462		56,394
Tangshan Jidong Cement Co. Ltd. Class A		3,300		3,352
TBEA Co. Ltd. Class A		5,000		15,375
TCL Technology Group Corp. Class A *		24,200		13,148
TCL Zhonghuan Renewable Energy Technology Co. Ltd. Class A		5,250		24,029
Tencent Holdings Ltd.		131,400		5,571,514
Tencent Music Entertainment Group ADR *		15,037		110,973
Thunder Software Technology Co. Ltd. Class A		600		7,983

	Shares		Value
Tianjin 712 Communication & Broadcasting Co. Ltd. Class A		900	$	3,745
Tianma Microelectronics Co. Ltd. Class A *		2,700		3,416
Tianqi Lithium Corp. Class A		1,900		18,360
Tianshan Aluminum Group Co. Ltd. Class A		6,600		5,454
Tianshui Huatian Technology Co. Ltd. Class A		4,400		5,588
Tibet Summit Resources Co. Ltd. Class A *		1,000		2,523
Tingyi Cayman Islands Holding Corp.		42,000		65,399
Titan Wind Energy Suzhou Co. Ltd. Class A *		2,400		5,040
Toly Bread Co. Ltd. Class A		1,881		2,624
Tongcheng Travel Holdings Ltd.*		25,600		53,772
TongFu Microelectronics Co. Ltd. Class A		2,000		6,245
Tongkun Group Co. Ltd. Class A		3,100		5,659
Tongling Nonferrous Metals Group Co. Ltd. Class A		13,600		5,431
Tongwei Co. Ltd. Class A		5,800		27,455
Topchoice Medical Corp. Class A *		400		5,343
Topsports International Holdings Ltd. ~		40,000		34,801
TravelSky Technology Ltd. Class H		20,000		34,071
Trina Solar Co. Ltd. Class A		2,801		16,461
Trip.com Group Ltd. *		11,749		410,150
Tsingtao Brewery Co. Ltd. Class A		700		10,003
Tsingtao Brewery Co. Ltd. Class H		14,000		127,820
Uni-President China Holdings Ltd.		28,000		23,613
Unigroup Guoxin Microelectronics Co. Ltd. Class A		1,039		13,373
Unisplendour Corp. Ltd. Class A		3,700		16,265
Universal Scientific Industrial Shanghai Co. Ltd. Class A		2,200		4,542
Verisilicon Microelectronics Shanghai Co. Ltd. Class A *		623		6,185
Vipshop Holdings Ltd. ADR *		7,518		124,047
Walvax Biotechnology Co. Ltd. Class A		2,100		7,651
Wanda Film Holding Co. Ltd. Class A *		2,800		4,841
Wanhua Chemical Group Co. Ltd. Class A		4,000		48,402
Want Want China Holdings Ltd.		100,000		66,510
Weibo Corp. ADR		1,526		20,006
Weichai Power Co. Ltd. Class A		6,500		11,173
Weichai Power Co. Ltd. Class H		43,000		63,265
Weihai Guangwei Composites Co. Ltd. Class A		960		4,081
Wens Foodstuffs Group Co. Ltd. Class A		8,500		21,500
Western Mining Co. Ltd. Class A		3,100		4,497
Western Securities Co. Ltd. Class A		4,800		4,204
Western Superconducting Technologies Co. Ltd. Class A		702		5,394
Will Semiconductor Co. Ltd. Class A		1,480		20,056
Wingtech Technology Co. Ltd. Class A		1,600		10,809
Wintime Energy Group Co. Ltd. *		24,600		4,814
Wuchan Zhongda Group Co. Ltd. Class A		6,000		4,086
Wuhan Guide Infrared Co. Ltd. Class A		5,454		5,843
Wuliangye Yibin Co. Ltd. Class A		4,900		110,620
WUS Printed Circuit Kunshan Co. Ltd. Class A		2,100		6,066
WuXi AppTec Co. Ltd. Class A		3,100		26,660
WuXi AppTec Co. Ltd. Class H ~		7,840		62,833
Wuxi Biologics Cayman, Inc. * ~		80,500		386,887
XCMG Construction Machinery Co. Ltd. Class A		15,200		14,186
Xiamen C & D, Inc. Class A		4,000		6,015
Xiamen Faratronic Co. Ltd. Class A		300		5,680
Xiamen Tungsten Co. Ltd. Class A		1,600		4,200
Xiaomi Corp. Class B * ~		323,200		444,378
Xinjiang Daqo New Energy Co. Ltd. Class A		2,218		12,379
Xinjiang Goldwind Science & Technology Co. Ltd. Class A		4,400		6,444
Xinjiang Zhongtai Chemical Co. Ltd. Class A		3,100		2,757
Xinyi Solar Holdings Ltd.		104,081		120,838
XPeng, Inc. Class A *		21,808		144,868
Xtep International Holdings Ltd.		30,500		31,219
Yadea Group Holdings Ltd. ~		26,000		59,310

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-282

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Yangzhou Yangjie Electronic Technology Co. Ltd. Class A		700	$	3,921
Yankuang Energy Group Co. Ltd. Class A		2,800		11,544
Yankuang Energy Group Co. Ltd. Class H		32,000		91,876
Yantai Jereh Oilfield Services Group Co. Ltd. Class A		1,400		4,851
Yealink Network Technology Corp. Ltd. Class A		1,680		8,120
Yifeng Pharmacy Chain Co. Ltd. Class A		1,372		7,002
Yihai International Holding Ltd. *		11,000		23,693
Yihai Kerry Arawana Holdings Co. Ltd. Class A		1,900		10,482
Yintai Gold Co. Ltd. Class A		3,800		6,147
Yonghui Superstores Co. Ltd. Class A *		12,400		5,349
YongXing Special Materials Technology Co. Ltd. Class A		650		5,622
Yonyou Network Technology Co. Ltd. Class A		4,400		12,431
Youngor Group Co. Ltd. Class A		5,900		5,128
Youngy Co. Ltd. Class A		300		2,768
YTO Express Group Co. Ltd. Class A		4,400		8,829
Yuan Longping High-tech Agriculture Co. Ltd. Class A *		1,500		3,173
Yuexiu Property Co. Ltd.		47,480		55,322
Yum China Holdings, Inc.		8,832		499,008
Yunda Holding Co. Ltd. Class A		3,700		4,878
Yunnan Aluminium Co. Ltd. Class A		4,600		8,099
Yunnan Baiyao Group Co. Ltd. Class A		2,260		16,345
Yunnan Botanee Bio-Technology Group Co. Ltd. Class A		500		6,129
Yunnan Energy New Material Co. Ltd. Class A *		1,100		14,647
Yunnan Tin Co. Ltd. Class A		1,800		3,866
Yunnan Yuntianhua Co. Ltd. Class A		2,400		5,655
Zai Lab Ltd. *		18,980		51,904
Zangge Mining Co. Ltd. Class A		2,000		6,227
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A		800		31,600
Zhaojin Mining Industry Co. Ltd. Class H		27,500		34,699
Zhefu Holding Group Co. Ltd. Class A		7,800		4,441
Zhejiang Century Huatong Group Co. Ltd. Class A *		10,020		10,484
Zhejiang China Commodities City Group Co. Ltd. Class A		6,700		7,878
Zhejiang Chint Electrics Co. Ltd. Class A		2,800		10,677
Zhejiang Dahua Technology Co. Ltd. Class A		4,200		11,450
Zhejiang Dingli Machinery Co. Ltd. Class A		700		5,404
Zhejiang Expressway Co. Ltd. Class H		26,000		19,784
Zhejiang Huahai Pharmaceutical Co. Ltd. Class A		2,100		5,327
Zhejiang Huayou Cobalt Co. Ltd. Class A		2,075		13,151
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A		1,700		16,652
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A		1,200		4,527
Zhejiang Juhua Co. Ltd. Class A		3,500		6,648
Zhejiang Longsheng Group Co. Ltd. Class A		3,700		4,769
Zhejiang NHU Co. Ltd. Class A		4,004		8,498
Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A		2,300		9,606
Zhejiang Supcon Technology Co. Ltd. Class A		648		5,619
Zhejiang Supor Co. Ltd. Class A		600		4,136
Zhejiang Weiming Environment Protection Co. Ltd. Class A		1,820		4,395
Zhejiang Weixing New Building Materials Co. Ltd. Class A		2,000		5,656
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A		700		3,244
Zhejiang Zheneng Electric Power Co. Ltd. Class A *		14,000		9,780
Zheshang Securities Co. Ltd. Class A		4,900		6,676
ZhongAn Online P&C Insurance Co. Ltd. Class H * ~		14,800		40,413

	Shares		Value
Zhongji Innolight Co. Ltd. Class A		1,000	$	20,336
Zhongjin Gold Corp. Ltd. Class A		6,000		8,567
Zhongsheng Group Holdings Ltd.		15,000		57,583
Zhongtai Securities Co. Ltd. Class A		8,000		7,618
Zhuzhou CRRC Times Electric Co. Ltd.		11,500		42,956
Zhuzhou CRRC Times Electric Co. Ltd. Class A		532		3,073
Zhuzhou Kibing Group Co. Ltd. Class A		3,900		4,639
Zibo Qixiang Tengda Chemical Co. Ltd. Class A *		2,900		2,544
Zijin Mining Group Co. Ltd. Class A		24,100		37,879
Zijin Mining Group Co. Ltd. Class H		118,000		174,744
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A		9,100		8,466
ZTE Corp. Class A		4,500		28,252
ZTE Corp. Class H		16,800		67,521
ZTO Express Cayman, Inc. ADR		8,928		223,914
				41,787,906
Colombia - 0.1%
Bancolombia SA		5,140		38,195
Interconexion Electrica SA ESP		9,542		38,632
				76,827
Czech Republic - 0.2%
CEZ AS		3,407		140,749
Komercni banka AS		1,583		48,265
Moneta Money Bank AS ~		7,149		26,186
				215,200
Egypt - 0.1%
Commercial International Bank Egypt SAE		53,449		88,647
Eastern Co. SAE		22,277		15,385
Egyptian Financial Group-Hermes Holding Co. *		16,282		9,970
				114,002
Greece - 0.4%
Alpha Services and Holdings SA *		47,028		77,030
Eurobank Ergasias Services and Holdings SA Class A *		54,998		90,614
Hellenic Telecommunications Organization SA		4,129		70,784
JUMBO SA		2,432		66,876
Motor Oil Hellas Corinth Refineries SA		1,404		35,543
Mytilineos SA		2,270		80,143
National Bank of Greece SA *		11,595		75,372
OPAP SA *		4,016		70,032
Public Power Corp. SA *		4,381		49,965
Terna Energy SA		1,094		24,102
				640,461
Hong Kong - 0.1%
China Common Rich Renewable Energy Investments Ltd. * W ±		122,000		-
Kingboard Laminates Holdings Ltd.		20,000		18,855
Nine Dragons Paper Holdings Ltd.		35,000		21,610
Orient Overseas International Ltd.		3,000		40,298
Sino Biopharmaceutical Ltd.		218,000		95,250
Vinda International Holdings Ltd.		7,000		17,450
				193,463
Hungary - 0.2%
MOL Hungarian Oil & Gas PLC		9,497		83,150
OTP Bank Nyrt		5,029		178,783
Richter Gedeon Nyrt		2,939		72,557
				334,490
India - 14.1%
ABB India Ltd.		1,109		59,901
ACC Ltd. *		1,414		31,332
Adani Enterprises Ltd.		3,614		105,578

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

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Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Adani Green Energy Ltd. *		6,691	$	77,149
Adani Ports & Special Economic Zone Ltd.		11,161		100,833
Adani Power Ltd. *		16,111		49,232
Ambuja Cements Ltd. *		12,534		65,256
Apollo Hospitals Enterprise Ltd.		2,128		132,462
Asian Paints Ltd.		8,109		332,987
AU Small Finance Bank Ltd. ~		3,586		33,041
Aurobindo Pharma Ltd.		5,669		50,346
Avenue Supermarts Ltd. * ~		3,447		163,807
Axis Bank Ltd.		48,127		580,717
Bajaj Auto Ltd.		1,434		82,166
Bajaj Finance Ltd.		5,759		504,408
Bajaj Finserv Ltd.		8,078		150,882
Bajaj Holdings & Investment Ltd.		556		47,535
Balkrishna Industries Ltd.		1,612		46,659
Bandhan Bank Ltd. * ~		15,318		45,324
Bank of Baroda		21,587		50,271
Berger Paints India Ltd.		5,234		43,333
Bharat Electronics Ltd.		77,073		118,364
Bharat Forge Ltd.		5,354		54,726
Bharat Petroleum Corp. Ltd.		16,027		71,319
Bharti Airtel Ltd.		47,112		505,355
Britannia Industries Ltd.		2,294		140,663
CG Power & Industrial Solutions Ltd.		12,800		59,183
Cholamandalam Investment and Finance Co. Ltd.		8,692		121,268
Cipla Ltd.		11,069		137,148
Coal India Ltd.		32,519		91,739
Colgate-Palmolive India Ltd.		2,635		54,288
Container Corp. Of India Ltd.		5,710		46,155
Dabur India Ltd.		13,111		91,713
Divi’s Laboratories Ltd.		2,521		110,316
DLF Ltd.		13,054		78,256
Dr Reddy’s Laboratories Ltd.		2,282		143,720
Eicher Motors Ltd.		2,890		126,355
GAIL India Ltd.		48,407		62,089
Godrej Consumer Products Ltd. *		8,668		114,370
Godrej Properties Ltd. *		2,600		49,837
Grasim Industries Ltd.		5,566		117,911
Havells India Ltd.		5,300		83,037
HCL Technologies Ltd.		20,026		291,129
HDFC Life Insurance Co. Ltd. ~		20,457		162,513
Hero MotoCorp Ltd.		2,320		82,469
Hindalco Industries Ltd.		26,013		134,144
Hindustan Aeronautics Ltd.		1,764		81,700
Hindustan Petroleum Corp. Ltd.		11,964		39,997
Hindustan Unilever Ltd.		17,396		568,762
Housing Development Finance Corp. Ltd.		36,776		1,268,782
ICICI Bank Ltd.		109,221		1,250,470
ICICI Lombard General Insurance Co. Ltd. ~		5,070		83,167
ICICI Prudential Life Insurance Co. Ltd. ~		7,744		54,143
Indian Hotels Co. Ltd.		18,014		86,373
Indian Oil Corp. Ltd.		59,413		66,215
Indian Railway Catering & Tourism Corp. Ltd.		4,968		38,556
Indraprastha Gas Ltd.		6,783		39,194
Info Edge India Ltd.		1,496		82,036
Infosys Ltd.		70,129		1,142,253
InterGlobe Aviation Ltd. * ~		2,858		91,649
ITC Ltd.		63,043		347,620
Jindal Steel & Power Ltd.		7,458		53,004
JSW Steel Ltd.		12,791		122,741
Jubilant Foodworks Ltd.		8,238		50,466
Kotak Mahindra Bank Ltd.		23,094		520,850
Larsen & Toubro Ltd.		14,559		440,228
LTIMindtree Ltd. ~		1,878		119,460
Lupin Ltd.		4,404		48,525
Mahindra & Mahindra Ltd.		19,704		350,088
Marico Ltd.		10,908		70,701
Maruti Suzuki India Ltd.		2,873		343,607
Max Healthcare Institute Ltd. *		16,429		120,214

	Shares		Value
Mphasis Ltd.		1,592	$	36,924
MRF Ltd.		40		49,437
Muthoot Finance Ltd.		2,483		37,585
Nestle India Ltd.		714		199,537
NTPC Ltd.		92,162		212,856
Oil & Natural Gas Corp. Ltd.		66,412		129,993
Page Industries Ltd.		129		59,317
Petronet LNG Ltd.		15,606		42,446
PI Industries Ltd.		1,596		76,413
Pidilite Industries Ltd.		3,223		102,227
Power Grid Corp. of India Ltd.		73,731		229,852
Reliance Industries Ltd.		64,335		2,005,392
Samvardhana Motherson International Ltd.		50,292		52,706
SBI Cards & Payment Services Ltd.		6,010		62,193
SBI Life Insurance Co. Ltd. ~		9,529		152,025
Shree Cement Ltd.		191		55,699
Shriram Finance Ltd.		4,736		100,393
Siemens Ltd.		1,882		86,557
Sona Blw Precision Forgings Ltd. 144A ~		8,673		54,685
SRF Ltd.		3,129		87,534
State Bank of India		37,759		264,461
Sun Pharmaceutical Industries Ltd.		20,257		259,897
Tata Consultancy Services Ltd.		19,332		781,154
Tata Consumer Products Ltd.		11,830		124,384
Tata Elxsi Ltd.		719		66,765
Tata Motors Ltd. *		35,099		255,813
Tata Power Co. Ltd.		30,370		82,345
Tata Steel Ltd.		154,991		212,356
Tech Mahindra Ltd.		11,320		156,728
Titan Co. Ltd.		7,521		280,041
Torrent Pharmaceuticals Ltd.		2,183		50,765
Trent Ltd.		3,822		82,331
Tube Investments of India Ltd.		2,241		86,925
TVS Motor Co. Ltd.		5,022		81,375
UltraTech Cement Ltd.		2,441		247,158
United Spirits Ltd. *		6,111		68,105
UPL Ltd.		10,283		86,358
Varun Beverages Ltd.		9,614		94,274
Vedanta Ltd.		15,592		53,106
Wipro Ltd.		29,008		138,091
Yes Bank Ltd. *		273,222		54,216
Zomato Ltd. *		90,369		82,916
				20,725,422
Indonesia - 1.9%
Aneka Tambang Tbk		181,100		23,629
P.T. Adaro Energy Indonesia Tbk		300,900		44,782
P.T. Astra International Tbk		427,800		194,041
P.T. Bank Central Asia Tbk		1,172,000		718,785
P.T. Bank Mandiri Persero Tbk		788,600		274,438
P.T. Bank Negara Indonesia Persero Tbk		157,100		96,389
P.T. Bank Rakyat Indonesia Persero Tbk		1,441,197		526,169
P.T. Barito Pacific Tbk		607,991		30,299
P.T. Charoen Pokphand Indonesia Tbk *		154,500		54,307
P.T. GoTo Gojek Tokopedia Tbk *		17,527,300		129,347
P.T. Indah Kiat Pulp & Paper Tbk		58,900		33,480
P.T. Indofood CBP Sukses Makmur Tbk		50,200		37,920
P.T. Indofood Sukses Makmur Tbk		94,500		46,338
P.T. Kalbe Farma Tbk		443,300		60,666
P.T. Merdeka Copper Gold Tbk *		252,062		51,600
P.T. Sarana Menara Nusantara Tbk		439,100		31,120
P.T. Semen Indonesia Persero Tbk		72,933		29,702
P.T. Sumber Alfaria Trijaya Tbk		349,900		60,292
P.T. Telkom Indonesia Persero Tbk		1,045,600		279,722
P.T. Unilever Indonesia Tbk		159,400		45,381
P.T. United Tractors Tbk		31,400		48,698
P.T. Vale Indonesia Tbk		53,500		22,579
				2,839,684

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-284

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Kuwait - 0.8%
Agility Public Warehousing Co. KSC *		34,033	$	69,531
Boubyan Bank KSCP		29,076		60,778
Gulf Bank KSCP		38,914		33,674
Kuwait Finance House KSCP		171,739		418,665
Mabanee Co. KPSC		14,156		39,001
Mobile Telecommunications Co.		40,914		69,200
National Bank of Kuwait SAKP		159,242		485,646
				1,176,495
Luxembourg - 0.0%
Reinet Investments SCA		2,883		63,868
Malaysia - 1.3%
AMMB Holdings Bhd		34,800		27,037
Axiata Group Bhd		57,000		32,418
CELCOMDIGI Bhd		74,100		65,305
CIMB Group Holdings Bhd		135,120		146,668
Dialog Group Bhd		71,400		31,583
Gamuda Bhd		39,400		37,184
Genting Bhd		44,400		38,693
Genting Malaysia Bhd		61,200		32,308
Hong Leong Bank Bhd		13,700		55,726
Hong Leong Financial Group Bhd		5,000		18,918
IHH Healthcare Bhd		46,600		58,855
Inari Amertron Bhd		55,000		32,440
IOI Corp. Bhd		54,200		43,392
Kuala Lumpur Kepong Bhd		10,300		48,562
Malayan Banking Bhd		114,688		212,176
Malaysia Airports Holdings Bhd		15,792		23,298
Maxis Bhd		49,000		43,093
MISC Bhd		28,000		42,990
MR DIY Group M Bhd ~		70,050		23,901
Nestle Malaysia Bhd		1,500		42,100
Petronas Chemicals Group Bhd		59,100		76,085
Petronas Dagangan Bhd		6,400		30,440
Petronas Gas Bhd		16,700		59,751
PPB Group Bhd		13,400		45,188
Press Metal Aluminium Holdings Bhd		78,400		79,129
Public Bank Bhd		307,700		254,051
QL Resources Bhd		23,600		27,101
RHB Bank Bhd		31,168		36,297
Sime Darby Bhd		58,700		25,802
Sime Darby Plantation Bhd		44,702		39,813
Telekom Malaysia Bhd		24,681		25,998
Tenaga Nasional Bhd		54,800		106,317
Top Glove Corp. Bhd *		104,100		18,109
				1,880,728
Mexico - 2.8%
Alfa SAB de CV Class A		65,900		41,002
America Movil SAB de CV		667,700		725,549
Arca Continental SAB de CV		11,100		114,093
Banco del Bajio SA ~		16,200		49,233
Cemex SAB de CV *		320,100		226,279
Coca-Cola Femsa SAB de CV		11,085		92,659
Controladora AXTEL SAB DE CV *		62,200		807
Fibra Uno Administracion SA de CV REIT		60,600		88,508
Fomento Economico Mexicano SAB de CV		41,100		455,085
Gruma SAB de CV Class B		3,915		62,848
Grupo Aeroportuario del Pacifico SAB de CV Class B		8,100		145,385
Grupo Aeroportuario del Sureste SAB de CV Class B		4,090		114,026
Grupo Bimbo SAB de CV		28,100		150,457
Grupo Carso SAB de CV Series A1		11,900		86,443
Grupo Financiero Banorte SAB de CV Class O		54,800		452,083
Grupo Financiero Inbursa SAB de CV Class O *		45,300		107,606

	Shares		Value
Grupo Mexico SAB de CV		65,800	$	316,795
Grupo Televisa SAB		53,400		54,938
Industrias Penoles SAB de CV *		4,200		58,994
Kimberly-Clark de Mexico SAB de CV Class A		32,100		71,394
Operadora De Sites Mexicanos SAB de CV REIT		27,900		26,552
Orbia Advance Corp. SAB de CV		20,900		45,031
Promotora y Operadora de Infraestructura SAB de CV		3,980		39,872
Southern Copper Corp.		1,793		128,630
Wal-Mart de Mexico SAB de CV		111,300		440,336
				4,094,605
Peru - 0.2%
Cia de Minas Buenaventura SAA ADR		4,647		34,156
Credicorp Ltd.		1,427		210,682
				244,838
Philippines - 0.6%
Aboitiz Equity Ventures, Inc.		36,310		35,817
ACEN Corp. *		13,230		1,297
Ayala Corp.		6,410		72,898
Ayala Land, Inc.		142,500		63,039
Bank of the Philippine Islands		40,651		80,270
BDO Unibank, Inc.		50,022		125,259
International Container Terminal Services, Inc.		21,420		79,113
JG Summit Holdings, Inc.		55,550		44,878
Jollibee Foods Corp.		9,610		41,693
Manila Electric Co.		6,060		36,819
Metropolitan Bank & Trust Co.		38,660		39,113
PLDT, Inc.		1,595		37,785
SM Investments Corp.		5,160		86,735
SM Prime Holdings, Inc.		213,600		127,473
Universal Robina Corp.		18,170		45,358
				917,547
Poland - 0.8%
Allegro.eu SA * ~		10,070		79,348
Bank Polska Kasa Opieki SA		3,873		105,643
CD Projekt SA		1,410		53,737
Cyfrowy Polsat SA		5,518		22,416
Dino Polska SA * ~		1,041		121,624
KGHM Polska Miedz SA		2,951		81,711
LPP SA		24		82,731
mBank SA *		320		31,988
PGE Polska Grupa Energetyczna SA *		19,336		34,526
Polski Koncern Naftowy ORLEN SA		12,259		194,301
Powszechna Kasa Oszczednosci Bank Polski SA		18,468		164,366
Powszechny Zaklad Ubezpieczen SA		12,770		123,864
Santander Bank Polska SA *		753		72,106
				1,168,361
Qatar - 0.9%
Barwa Real Estate Co.		46,027		33,089
Commercial Bank PSQC		68,462		109,897
Dukhan Bank*		38,815		42,082
Industries Qatar QSC		32,024		99,638
Masraf Al Rayan QSC		117,975		83,577
Mesaieed Petrochemical Holding Co.		92,080		48,550
Ooredoo QPSC		16,741		50,315
Qatar Electricity & Water Co. QSC		9,479		45,312
Qatar Fuel QSC		12,516		58,787
Qatar Gas Transport Co. Ltd.		52,305		58,528
Qatar International Islamic Bank QSC		20,643		57,125
Qatar Islamic Bank SAQ		34,973		171,137
Qatar National Bank QPSC		97,646		415,330
				1,273,367

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-285

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Romania - 0.0%
NEPI Rockcastle NV*		9,986	$	58,612
Russia - 0.0%
Alrosa PJSC * W ±		104,260		-
Gazprom PJSC *W ±		58,020		-
Gazprom PJSC ADR (OTC) * W ±		8,195		-
Gazprom PJSC ADR (SEAQ) * W ±		194,171		-
Inter RAO UES PJSC *W ±		1,499,500		-
LUKOIL PJSC *W ±		2,583		-
LUKOIL PJSC ADR (SEAQ) * W ±		13,502		-
Magnit PJSC GDR * ~ W ±		3,308		-
Magnit PJSC GDR (LI) * ~ W ±		10,327		-
MMC Norilsk Nickel PJSC *W ±		298		-
MMC Norilsk Nickel PJSC ADR * W ±		21,092		-
Mobile TeleSystems PJSC ADR * W ±		17,555		-
Moscow Exchange MICEX-RTS PJSC *W ±		58,150		-
Novatek PJSC GDR (LI) * ~ W ±		3,551		-
Novolipetsk Steel PJSC * W ±		4,620		-
Novolipetsk Steel PJSC GDR * W ±		5,165		-
Novolipetsk Steel PJSC GDR * W ±		312		-
Ozon Holdings PLC ADR * W ±		1,985		-
PhosAgro PJSC * W ±		34		-
PhosAgro PJSC GDR * ~ W ±		5,315		-
Polyus PJSC * W ±		241		-
Polyus PJSC ADR * W ±		2,028		-
Polyus PJSC GDR * ~ W ±		262		-
Rosneft Oil Co. PJSC *W ±		3,660		-
Rosneft Oil Co. PJSC GDR * ~ W ±		41,896		-
Sberbank of Russia PJSC *W ±		41,510		-
Sberbank of Russia PJSC ADR (OTC) * W ±		2,527		-
Sberbank of Russia PJSC ADR (SEAQ) * W ±		92,176		-
Severstal PAO * W ±		812		-
Severstal PAO GDR * ~ W ±		7,476		-
Surgutneftegas PJSC ADR (LI) * W ±		49,470		-
Tatneft PJSC *W ±		9,037		-
Tatneft PJSC ADR * W ±		7,942		-
TCS Group Holding PLC GDR * ~ W ±		4,555		-
United Co. RUSAL International PJSC * W ±		114,970		-
VK Co. Ltd. GDR * W ±		4,153		-
VTB Bank PJSC * W ±		21,000,000		1
VTB Bank PJSC GDR * ~ W ±		57,906		-
X5 Retail Group NV GDR * ~ W ±		4,592		-
X5 Retail Group NV GDR * ~ W ±		154		-
Yandex NV Class A * W ±		11,538		-
				1
Saudi Arabia - 4.1%
ACWA Power Co.		1,696		75,812
Advanced Petrochemical Co.		2,744		32,541
Al Rajhi Bank		41,425		810,777
Alinma Bank		20,717		186,203
Almarai Co. JSC		5,287		85,643
Arab National Bank		14,266		100,596
Arabian Internet & Communications Services Co.		517		44,587
Bank Al-Jazira		8,340		40,833
Bank AlBilad		10,353		107,399
Banque Saudi Fransi		12,482		139,437
Bupa Arabia for Cooperative Insurance Co.		1,584		78,383
Dallah Healthcare Co.		723		32,485
Dar Al Arkan Real Estate Development Co. *		11,025		45,538
Dr Sulaiman Al Habib Medical Services Group Co.		1,850		141,543
Elm Co.		505		78,636
Emaar Economic City *		8,525		21,360
Etihad Etisalat Co.		7,965		102,177
Jarir Marketing Co.		12,626		55,807

	Shares		Value
Mobile Telecommunications Co. Saudi Arabia *		9,480	$	35,790
Mouwasat Medical Services Co.		1,032		66,908
Nahdi Medical Co.		840		38,243
National Industrialization Co. Class C *		7,062		28,266
Rabigh Refining & Petrochemical Co. *		8,998		27,812
Riyad Bank		31,077		280,613
SABIC Agri-Nutrients Co.		4,931		171,273
Sahara International Petrochemical Co.		7,586		75,760
Saudi Arabian Mining Co.*		27,316		308,595
Saudi Arabian Oil Co. ~		56,284		487,535
Saudi Aramco Base Oil Co. *		1,074		39,488
Saudi Basic Industries Corp.		19,023		450,308
Saudi British Bank		21,284		216,709
Saudi Electricity Co.		17,626		106,649
Saudi Industrial Investment Group		7,744		55,211
Saudi Investment Bank		10,236		46,708
Saudi Kayan Petrochemical Co. *		15,421		57,056
Saudi National Bank		62,137		612,840
Saudi Research & Media Group *		748		37,758
Saudi Tadawul Group Holding Co.		1,000		50,340
Saudi Telecom Co.		42,279		492,962
Savola Group		5,488		61,041
Yanbu National Petrochemical Co.		5,815		73,942
				6,001,564
South Africa - 2.9%
Absa Group Ltd.		17,873		159,522
African Rainbow Minerals Ltd.		2,423		25,563
Anglo American Platinum Ltd.		1,402		63,375
Aspen Pharmacare Holdings Ltd.		7,998		78,028
Bid Corp. Ltd.		7,129		156,543
Bidvest Group Ltd.		6,098		84,767
Capitec Bank Holdings Ltd.		1,837		153,024
Clicks Group Ltd.		5,254		72,940
Discovery Ltd. *		11,322		87,737
Exxaro Resources Ltd.		5,101		44,521
FirstRand Ltd.		106,630		388,536
Foschini Group Ltd.		7,125		35,643
Gold Fields Ltd.		18,880		262,477
Growthpoint Properties Ltd. REIT		71,364		44,211
Harmony Gold Mining Co. Ltd.		11,678		49,189
Impala Platinum Holdings Ltd.		18,084		120,476
Kumba Iron Ore Ltd.		1,388		32,636
Mr Price Group Ltd.		5,310		40,505
MTN Group Ltd.		35,785		262,925
MultiChoice Group		6,522		33,089
Naspers Ltd. Class N		4,143		748,479
Nedbank Group Ltd.		9,709		117,914
Northam Platinum Holdings Ltd. *		7,537		50,249
Old Mutual Ltd.		103,311		66,527
OUTsurance Group Ltd.		18,149		32,776
Pepkor Holdings Ltd. ~		41,662		36,515
Remgro Ltd.		11,134		86,990
Sanlam Ltd.		37,559		116,441
Sasol Ltd.		12,057		149,377
Shoprite Holdings Ltd.		10,826		129,853
Sibanye Stillwater Ltd.		59,788		92,213
Standard Bank Group Ltd.		28,344		267,611
Vodacom Group Ltd.		13,083		81,524
Woolworths Holdings Ltd.		20,219		76,649
				4,248,825
South Korea - 11.3%
Amorepacific Corp.		612		45,554
BGF retail Co. Ltd.		168		22,316
Celltrion Healthcare Co. Ltd.		2,261		113,199
Celltrion Pharm, Inc. *		383		22,339
Celltrion, Inc.		2,318		270,558
CJ CheilJedang Corp.		178		36,476

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-286

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
CJ Corp.		314	$	16,293
CosmoAM&T Co. Ltd. *		485		69,269
Coway Co. Ltd.		1,152		38,496
DB Insurance Co. Ltd.		965		54,810
Doosan Bobcat, Inc. *		1,043		46,622
Doosan Enerbility Co. Ltd. *		9,429		130,285
E-MART, Inc.		417		24,417
Ecopro BM Co. Ltd.		1,033		196,507
F&F Co. Ltd.		371		33,817
GS Holdings Corp.		1,002		27,928
Hana Financial Group, Inc.		6,252		186,638
Hankook Tire & Technology Co. Ltd.		1,548		40,613
Hanmi Pharm Co. Ltd.		149		35,008
Hanon Systems		4,026		28,072
Hanwha Aerospace Co. Ltd.		747		72,347
Hanwha Solutions Corp. *		2,176		70,171
HD Hyundai Co. Ltd.		911		41,579
HD Hyundai Heavy Industries Co. Ltd. *		469		47,134
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. *		895		79,561
HLB, Inc. *		2,354		58,444
HMM Co. Ltd.		5,155		74,125
Hotel Shilla Co. Ltd.		652		36,487
HYBE Co. Ltd.*		393		84,757
Hyundai Engineering & Construction Co. Ltd.		1,629		47,353
Hyundai Glovis Co. Ltd.		393		59,168
Hyundai Mipo Dockyard Co. Ltd. *		516		33,050
Hyundai Mobis Co. Ltd.		1,295		229,276
Hyundai Motor Co.		2,901		456,311
Hyundai Steel Co.		1,813		46,719
Industrial Bank of Korea		5,897		46,388
Kakao Corp.		6,589		247,482
Kakao Games Corp. *		796		20,032
KakaoBank Corp.		3,527		64,119
Kakaopay Corp. *		573		20,603
Kangwon Land, Inc.		2,070		27,413
KB Financial Group, Inc. *		8,207		297,870
Kia Corp.		5,567		374,999
Korea Aerospace Industries Ltd.		1,536		62,382
Korea Electric Power Corp. *		5,420		84,826
Korea Investment Holdings Co. Ltd.		899		35,456
Korea Zinc Co. Ltd.		168		62,401
Korean Air Lines Co. Ltd.		3,877		71,923
Krafton, Inc. *		623		92,784
KT Corp.		1,375		31,126
KT&G Corp.		2,172		136,437
Kumho Petrochemical Co. Ltd.		364		36,807
L&F Co. Ltd.		532		99,014
LG Chem Ltd.		1,043		530,951
LG Corp.		1,993		133,651
LG Display Co. Ltd. *		4,885		58,711
LG Electronics, Inc.		2,248		217,580
LG Energy Solution Ltd. *		742		312,821
LG H&H Co. Ltd.		198		69,194
LG Innotek Co. Ltd.		299		70,830
LG Uplus Corp.		4,607		37,591
Lotte Chemical Corp.		454		53,432
Lotte Energy Materials Corp.		496		18,286
Lotte Shopping Co. Ltd.		5		261
Meritz Financial Group, Inc. *		2,200		69,753
Mirae Asset Securities Co. Ltd.		5,686		31,361
NAVER Corp.		2,773		388,178
NCSoft Corp.		301		67,784
Netmarble Corp. * ~		462		17,351
NH Investment & Securities Co. Ltd. Class C		3,211		23,356
Orion Corp.		495		45,144
Pan Ocean Co. Ltd.		5,754		22,746
Pearl Abyss Corp. *		670		26,959
POSCO Future M Co. Ltd.		654		176,445
POSCO Holdings, Inc.		1,519		449,551

	Shares		Value
Posco International Corp.		1,114	$	33,907
S-Oil Corp.		944		47,966
Samsung Biologics Co. Ltd. * ~		376		212,883
Samsung C&T Corp.		1,778		143,100
Samsung Electro-Mechanics Co. Ltd.		1,182		130,497
Samsung Electronics Co. Ltd.		100,837		5,552,411
Samsung Engineering Co. Ltd. *		3,312		71,424
Samsung Fire & Marine Insurance Co. Ltd.		651		113,603
Samsung Heavy Industries Co. Ltd. *		12,935		65,814
Samsung Life Insurance Co. Ltd.		1,691		86,484
Samsung SDI Co. Ltd.		1,162		593,357
Samsung SDS Co. Ltd.		816		76,491
Samsung Securities Co. Ltd.		1,345		36,916
Shinhan Financial Group Co. Ltd.		9,072		234,531
SK Biopharmaceuticals Co. Ltd. *		674		41,534
SK Bioscience Co. Ltd. *		567		34,395
SK Hynix, Inc.		11,539		1,013,867
SK IE Technology Co. Ltd. * ~		537		39,784
SK Innovation Co. Ltd. *		1,172		142,086
SK Square Co. Ltd. *		2,088		70,526
SK, Inc.		773		87,685
SKC Co. Ltd.		398		29,687
Woori Financial Group, Inc.		11,536		103,626
Yuhan Corp.		1,124		51,597
				16,523,868
Taiwan - 14.9%
Accton Technology Corp.		11,000		123,730
Acer, Inc.		61,000		61,550
Advantech Co. Ltd.		9,000		118,491
ASE Technology Holding Co. Ltd.		65,000		231,149
Asia Cement Corp.		49,000		69,956
Asustek Computer, Inc.		15,000		151,861
AUO Corp. *		138,400		83,058
Catcher Technology Co. Ltd.		14,000		78,990
Cathay Financial Holding Co. Ltd. *		202,202		280,706
Chailease Holding Co. Ltd.		32,155		211,413
Chang Hwa Commercial Bank Ltd.		112,336		67,340
Cheng Shin Rubber Industry Co. Ltd.		41,000		52,962
China Airlines Ltd.		60,000		50,667
China Development Financial Holding Corp. *		338,214		134,809
China Steel Corp.		249,000		235,461
Chunghwa Telecom Co. Ltd.		80,000		299,633
Compal Electronics, Inc.		88,000		82,767
CTBC Financial Holding Co. Ltd.		373,000		298,277
Delta Electronics, Inc.		41,000		454,375
E Ink Holdings, Inc.		18,000		130,938
E.Sun Financial Holding Co. Ltd.		283,291		237,350
Eclat Textile Co. Ltd.		4,000		64,321
eMemory Technology, Inc.		1,000		71,575
Eva Airways Corp.		55,000		70,561
Evergreen Marine Corp. Taiwan Ltd.		21,000		63,305
Far Eastern New Century Corp.		62,000		66,668
Far EasTone Telecommunications Co. Ltd.		33,000		83,342
Feng TAY Enterprise Co. Ltd.		9,000		56,935
First Financial Holding Co. Ltd.		223,954		199,183
Formosa Chemicals & Fibre Corp.		74,000		159,606
Formosa Petrochemical Corp.		24,000		65,059
Formosa Plastics Corp.		81,000		223,128
Fubon Financial Holding Co. Ltd.		157,270		307,843
Giant Manufacturing Co. Ltd.		6,181		45,867
Global Unichip Corp.		2,000		103,517
Globalwafers Co. Ltd.		5,000		80,243
Hon Hai Precision Industry Co. Ltd.		264,000		959,835
Hotai Motor Co. Ltd.		6,000		157,017
Hua Nan Financial Holdings Co. Ltd. Class C		187,316		133,736
Innolux Corp.		191,990		94,498
Inventec Corp.		57,000		79,243
Largan Precision Co. Ltd.		2,000		137,195
Lite-On Technology Corp.		42,000		139,857

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-287

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
MediaTek, Inc.		32,000	$	708,347
Mega Financial Holding Co. Ltd.		236,250		289,946
Micro-Star International Co. Ltd.		14,000		79,607
momo.com, Inc.		1,200		26,594
Nan Ya Plastics Corp.		101,000		235,596
Nan Ya Printed Circuit Board Corp.		5,000		42,660
Nanya Technology Corp.		26,000		59,274
Nien Made Enterprise Co. Ltd.		4,000		44,091
Novatek Microelectronics Corp.		12,000		164,762
Pegatron Corp.		42,000		101,119
PharmaEssentia Corp. *		5,000		54,542
Pou Chen Corp.		47,000		47,640
Powerchip Semiconductor Manufacturing Corp.		64,000		63,888
President Chain Store Corp.		12,000		108,972
Quanta Computer, Inc.		57,000		278,380
Realtek Semiconductor Corp.*		10,000		124,686
Ruentex Development Co. Ltd.		37,000		42,834
Shanghai Commercial & Savings Bank Ltd.		81,178		118,443
Shin Kong Financial Holding Co. Ltd. *		277,344		79,438
SinoPac Financial Holdings Co. Ltd.		218,204		121,763
Synnex Technology International Corp.		26,000		48,493
Taishin Financial Holding Co. Ltd.		228,148		138,879
Taiwan Business Bank		127,000		58,212
Taiwan Cement Corp.		128,493		157,266
Taiwan Cooperative Financial Holding Co. Ltd. *		207,016		186,795
Taiwan High Speed Rail Corp.		42,000		43,382
Taiwan Mobile Co. Ltd. *		36,000		110,578
Taiwan Semiconductor Manufacturing Co. Ltd.		521,000		9,624,598
Uni-President Enterprises Corp.		102,000		250,085
Unimicron Technology Corp.		29,000		164,913
United Microelectronics Corp.		238,000		373,948
Vanguard International Semiconductor Corp.		19,000		53,958
Voltronic Power Technology Corp.		1,000		63,242
Walsin Lihwa Corp.		54,727		72,325
Wan Hai Lines Ltd.		14,500		27,608
Win Semiconductors Corp.		7,000		37,076
Winbond Electronics Corp.		62,000		54,838
Wistron Corp.		55,000		160,477
Wiwynn Corp.		2,000		91,405
WPG Holdings Ltd.		34,000		59,822
Yageo Corp.		6,571		104,101
Yang Ming Marine Transport Corp.		37,000		75,141
Yuanta Financial Holding Co. Ltd.		211,620		157,385
Zhen Ding Technology Holding Ltd.		14,000		47,341
				21,772,467
Thailand - 1.9%
Advanced Info Service PCL		3,100		18,731
Advanced Info Service PCL NVDR		22,200		134,137
Airports of Thailand PCL *		30,300		61,318
Airports of Thailand PCL NVDR *		60,700		123,353
Asset World Corp. PCL NVDR		172,200		24,030
B Grimm Power PCL		5,900		5,796
B Grimm Power PCL NVDR		11,300		11,101
Bangkok Dusit Medical Services PCL NVDR		235,900		184,987
Bangkok Expressway & Metro PCL		14,600		3,525
Bangkok Expressway & Metro PCL NVDR		150,000		36,217
Banpu PCL NVDR		172,900		43,243
Berli Jucker PCL NVDR		22,200		21,805
BTS Group Holdings PCL NVDR		170,100		35,793
Bumrungrad Hospital PCL NVDR		12,700		81,045
Carabao Group PCL NVDR		7,500		13,883
Central Pattana PCL NVDR		43,500		80,541
Central Retail Corp. PCL NVDR		39,000		43,013
Charoen Pokphand Foods PCL NVDR		86,200		47,927
CP ALL PCL NVDR		124,800		220,305
CP Axtra PCL NVDR		47,900		47,704
Delta Electronics Thailand PCL		9,900		25,772
Delta Electronics Thailand PCL NVDR		56,000		145,779

	Shares		Value
Electricity Generating PCL NVDR		5,100	$	18,792
Energy Absolute PCL		2,500		4,026
Energy Absolute PCL NVDR		33,600		54,107
Global Power Synergy PCL NVDR		15,200		23,318
Gulf Energy Development PCL NVDR		63,200		83,484
Home Product Center PCL		30,300		11,992
Home Product Center PCL NVDR		97,100		38,428
Indorama Ventures PCL NVDR		36,300		35,141
Intouch Holdings PCL NVDR		24,200		50,569
JMT Network Services PCL NVDR		100		106
Kasikornbank PCL NVDR		12,800		46,850
Krung Thai Bank PCL NVDR		75,300		41,268
Krungthai Card PCL NVDR		22,200		31,060
Land & Houses PCL		2,800		668
Land & Houses PCL NVDR		177,200		42,287
Minor International PCL NVDR		68,090		65,934
Muangthai Capital PCL		4,900		5,447
Muangthai Capital PCL NVDR		11,000		12,228
Osotspa PCL NVDR		32,400		27,223
PTT Exploration & Production PCL NVDR		29,500		124,996
PTT Global Chemical PCL		8,100		8,531
PTT Global Chemical PCL NVDR		40,500		42,653
PTT Oil & Retail Business PCL NVDR		64,600		38,662
PTT PCL		59,500		56,410
PTT PCL NVDR		152,800		144,630
Ratch Group PCL NVDR		24,800		25,029
SCB X PCL		4,250		12,796
SCB X PCL NVDR		13,900		41,851
SCG Packaging PCL NVDR		27,800		29,258
Siam Cement PCL		3,400		30,913
Siam Cement PCL NVDR		13,400		121,835
Srisawad Corp. PCL NVDR		14,800		19,803
Thai Oil PCL		4,014		5,022
Thai Oil PCL NVDR		22,483		28,131
Thai Union Group PCL		700		255
Thai Union Group PCL NVDR		700		255
True Corp. PCL		37,887		7,022
True Corp. PCL NVDR		182,474		33,819
				2,774,804
Turkey - 0.5%
Akbank T.A.S		65,141		50,624
Aselsan Elektronik Sanayi Ve Ticaret AS		14,723		30,870
BIM Birlesik Magazalar AS		9,589		62,828
Eregli Demir ve Celik Fabrikalari TAS *		29,202		41,449
Ford Otomotiv Sanayi AS		1,513		44,257
Haci Omer Sabanci Holding AS		21,964		38,868
Hektas Ticaret TAS *		24,525		28,362
KOC Holding AS		15,971		63,957
Koza Altin Isletmeleri AS		20,697		19,854
Pegasus Hava Tasimaciligi AS *		991		23,533
Sasa Polyester Sanayi AS *		22,194		48,583
Tofas Turk Otomobil Fabrikasi AS		2,583		25,145
Turk Hava Yollari AO *		11,536		85,931
Turkcell Iletisim Hizmetleri AS		26,053		36,351
Turkiye Is Bankasi AS Class C		75,392		40,607
Turkiye Petrol Rafinerileri AS		20,216		62,162
Turkiye Sise ve Cam Fabrikalari AS		28,681		49,102
Yapi ve Kredi Bankasi AS		63,680		31,819
				784,302
United Arab Emirates - 1.3%
Abu Dhabi Commercial Bank PJSC		61,817		136,492
Abu Dhabi Islamic Bank PJSC		30,648		88,782
Abu Dhabi National Oil Co. for Distribution PJSC		65,969		70,046
Aldar Properties PJSC		81,384		113,822
Americana Restaurants International PLC		53,358		61,450
Dubai Islamic Bank PJSC		61,072		91,291
Emaar Properties PJSC		140,095		246,248

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-288

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Emirates NBD Bank PJSC		40,054	$	163,049
Emirates Telecommunications Group Co. PJSC		73,490		450,961
First Abu Dhabi Bank PJSC		93,376		348,012
Multiply Group PJSC *		82,834		71,786
				1,841,939
United Kingdom - 0.0%
Pepco Group NV *		3,717		33,682
United States - 0.2%
JBS SA		16,300		59,437
Legend Biotech Corp. ADR *		1,220		84,217
Parade Technologies Ltd.		2,000		69,330
				212,984
Total Common Stocks (Cost $164,833,389)				138,482,446
	Principal Amount
SHORT-TERM INVESTMENTS - 2.7%
Repurchase Agreements - 2.6%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $3,785,382; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $3,859,648)		$3,783,900		3,783,900
U.S. Treasury Bills - 0.1%
5.126% due 09/07/23 ‡		100,000		99,060
Total Short-Term Investments (Cost $3,882,931)				3,882,960
TOTAL INVESTMENTS - 99.4% (Cost $171,925,925)				145,685,142
DERIVATIVES - (0.0%)				(56,168	)
OTHER ASSETS & LIABILITIES, NET - 0.6%				948,743
NET ASSETS - 100.0%				$146,577,717

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	23.1%
Technology	17.4%
Communications	15.3%
Consumer, Non-Cyclical	9.6%
Consumer, Cyclical	9.1%
Industrial	7.4%
Basic Materials	6.7%
Energy	5.4%
Others (each less than 3.0%)	5.4%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	28.5%
Taiwan	14.9%
India	14.1%
South Korea	11.9%
Brazil	5.3%
Saudi Arabia	4.1%
Others (each less than 3.0%)	20.6%
	99.4%
Other Assets & Liabilities, Net	0.6%
	100.0%

(c) As of June 30, 2023, investments with a total aggregate value of $99,060 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Investments with a total aggregate value of $1 or less than 0.1% of the Fund’s net assets were determined by a valuation committee established under the Valuation Policy.

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-289

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(e) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Index	09/23		104		$5,245,248		$5,189,080		($56,168	)

(f) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks
	Brazil		$2,091,935			$2,091,935			$-			$-
	Chile		219,755			219,755			-			-
	Colombia		65,322			65,322			-			-
	South Korea		942,724			-			942,724			-
	Total Preferred Stocks		3,319,736			2,377,012			942,724			-
	Common Stocks
	Australia		187,542			-			187,542			-
	Brazil		5,744,985			5,744,985			-			-
	Chile		549,607			549,607			-			-
	China		41,787,906			2,845,545			38,942,361			-
	Colombia		76,827			76,827			-			-
	Czech Republic		215,200			166,935			48,265			-
	Egypt		114,002			15,385			98,617			-
	Greece		640,461			66,876			573,585			-
	Hong Kong		193,463			-			193,463			-
	Hungary		334,490			-			334,490			-
	India		20,725,422			77,149			20,648,273			-
	Indonesia		2,839,684			37,920			2,801,764			-
	Kuwait		1,176,495			-			1,176,495			-
	Luxembourg		63,868			63,868			-			-
	Malaysia		1,880,728			223,498			1,657,230			-
	Mexico		4,094,605			4,094,605			-			-
	Peru		244,838			244,838			-			-
	Philippines		917,547			-			917,547			-
	Poland		1,168,361			-			1,168,361			-
	Qatar		1,273,367			95,627			1,177,740			-
	Romania		58,612			58,612			-			-
	Russia		1			-			-			1
	Saudi Arabia		6,001,564			114,173			5,887,391			-
	South Africa		4,248,825			1,335,042			2,913,783			-
	South Korea		16,523,868			-			16,523,868			-
	Taiwan		21,772,467			-			21,772,467			-
	Thailand		2,774,804			-			2,774,804			-
	Turkey		784,302			129,191			655,111			-
	United Arab Emirates		1,841,939			356,770			1,485,169			-
	United Kingdom		33,682			-			33,682			-
	United States		212,984			143,654			69,330			-
	Total Common Stocks		138,482,446			16,441,107			122,041,338			1
	Short-Term Investments		3,882,960			-			3,882,960			-
	Total Assets		145,685,142			18,818,119			126,867,022			1
Liabilities	Due to custodian		(134,627	)		-			(134,627	)		-
	Derivatives:
	Equity Contracts
	Futures		(56,168	)		(56,168	)		-			-
	Total Liabilities		(190,795	)		(56,168	)		(134,627	)		-
	Total		$145,494,347			$18,761,951			$126,732,395			$1

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-290

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.6%
Germany - 0.6%
Bayerische Motoren Werke AG		2,286		$260,501
Dr Ing hc F Porsche AG ~		4,387		544,991
Henkel AG & Co. KGaA		6,521		521,525
Porsche Automobil Holding SE		5,899		355,530
Sartorius AG		1,010		349,923
Volkswagen AG		7,944		1,068,251
				3,100,721
Total Preferred Stocks (Cost $3,755,175)				3,100,721
COMMON STOCKS - 96.5%
Australia - 6.4%
ANZ Group Holdings Ltd.		115,697		1,831,458
Aristocrat Leisure Ltd.		22,735		588,218
BHP Group Ltd.		195,148		5,866,530
Coles Group Ltd.		51,558		633,075
Commonwealth Bank of Australia		65,042		4,354,352
Flutter Entertainment PLC *		6,796		1,367,768
Fortescue Metals Group Ltd.		65,235		968,004
Glencore PLC *		411,172		2,331,295
Goodman Group REIT		65,195		876,406
Macquarie Group Ltd.		14,144		1,682,964
National Australia Bank Ltd.		120,910		2,126,549
Newcrest Mining Ltd.		34,448		614,498
Rio Tinto Ltd.		14,300		1,095,090
Rio Tinto PLC		43,367		2,755,957
Santos Ltd.		127,180		636,344
Telstra Group Ltd.		155,784		446,897
Transurban Group >>		118,671		1,129,910
Wesfarmers Ltd.		43,704		1,440,891
Westpac Banking Corp.		135,179		1,924,762
Woodside Energy Group Ltd.		73,144		1,691,936
Woolworths Group Ltd.		46,947		1,243,919
				35,606,823
Austria - 0.0%
Verbund AG		2,623		210,432
Belgium - 0.6%
Anheuser-Busch InBev SA		33,461		1,896,484
Groupe Bruxelles Lambert NV		3,831		302,011
KBC Group NV		9,642		673,019
UCB SA		4,870		431,767
				3,303,281
Brazil - 0.1%
Wheaton Precious Metals Corp.		17,403		752,608
Canada - 10.2%
Agnico Eagle Mines Ltd.		18,956		946,548
Alimentation Couche-Tard, Inc.		30,272		1,552,276
Bank of Montreal		27,342		2,469,294
Bank of Nova Scotia		45,909		2,296,923
Barrick Gold Corp.		67,858		1,146,433
BCE, Inc.		2,811		128,163
Brookfield Corp.		54,297		1,828,002
Canadian Imperial Bank of Commerce		34,901		1,490,093
Canadian National Railway Co.		21,889		2,650,639
Canadian Natural Resources Ltd. (TSE)		42,656		2,398,203
Canadian Pacific Kansas City Ltd.		35,859		2,896,330
Cenovus Energy, Inc.		55,116		936,109

	Shares		Value
CGI, Inc. *		8,155	$	859,976
Constellation Software, Inc.		776		1,607,801
Enbridge, Inc.		78,004		2,899,352
Fairfax Financial Holdings Ltd.		870		651,664
Fortis, Inc.		18,658		804,065
Franco-Nevada Corp.		7,401		1,054,828
George Weston Ltd.		2,421		286,225
Great-West Lifeco, Inc.		10,775		312,900
Hydro One Ltd. ~		12,685		362,429
Imperial Oil Ltd.		7,876		402,971
Intact Financial Corp.		6,751		1,042,347
Loblaw Cos. Ltd.		6,185		566,233
Magna International, Inc.		10,471		591,150
Manulife Financial Corp.		71,275		1,347,217
National Bank of Canada		13,006		969,007
Nutrien Ltd.		19,254		1,136,709
Pembina Pipeline Corp.		21,201		666,557
Power Corp. of Canada		22,380		602,431
Restaurant Brands International, Inc.		11,387		882,852
Rogers Communications, Inc. Class B (TSE)		13,668		623,585
Royal Bank of Canada		53,389		5,098,906
Shopify, Inc. Class A *		46,118		2,980,655
Sun Life Financial, Inc.		22,604		1,178,360
Suncor Energy, Inc.		51,293		1,504,620
TC Energy Corp.		39,216		1,584,921
Teck Resources Ltd. Class B		17,553		738,558
TELUS Corp.		17,841		347,191
TELUS Corp. *		294		5,721
Thomson Reuters Corp. *		6,233		841,535
Toronto-Dominion Bank		70,175		4,349,552
				57,039,331
China - 0.6%
BOC Hong Kong Holdings Ltd.		142,500		436,524
Budweiser Brewing Co. APAC Ltd. ~		66,300		171,562
Prosus NV *		30,877		2,261,250
Wilmar International Ltd.		74,000		208,473
				3,077,809
Denmark - 2.9%
AP Moller - Maersk AS Class A		119		207,500
AP Moller - Maersk AS Class B		194		341,100
Carlsberg AS Class B		3,793		607,378
Coloplast AS Class B		4,576		572,623
DSV AS		7,171		1,506,207
Genmab AS *		2,542		963,311
Novo Nordisk AS Class B		63,771		10,301,548
Orsted AS ~		7,287		690,824
Vestas Wind Systems AS *		38,902		1,034,300
				16,224,791
Finland - 0.8%
Fortum OYJ		17,282		231,276
Kone OYJ Class B		13,093		684,038
Neste OYJ		16,298		627,526
Nokia OYJ (OMXH)		206,120		863,613
Nordea Bank Abp		124,979		1,361,356
Sampo OYJ Class A		17,716		795,669
				4,563,478
France - 9.8%
Air Liquide SA		20,170		3,617,189
Airbus SE		22,836		3,301,669
AXA SA		70,673		2,088,481
BNP Paribas SA		42,795		2,700,620
Capgemini SE		6,352		1,202,704
Cie de Saint-Gobain		18,876		1,149,291
Cie Generale des Etablissements Michelin SCA		26,134		773,078

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-291

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Credit Agricole SA		46,626	$	553,631
Danone SA		24,733		1,515,724
Dassault Systemes SE		25,719		1,139,633
Engie SA		70,360		1,171,700
EssilorLuxottica SA		11,416		2,152,717
Hermes International		1,220		2,651,937
Kering SA		2,868		1,583,707
L’Oreal SA		9,277		4,327,500
Legrand SA		10,278		1,019,617
LVMH Moet Hennessy Louis Vuitton SE		10,637		10,029,757
Orange SA		71,730		838,269
Pernod Ricard SA		7,949		1,756,528
Safran SA		13,167		2,063,397
Sartorius Stedim Biotech		1,065		265,988
Societe Generale SA		28,021		728,721
Thales SA		4,049		606,657
TotalEnergies SE		91,135		5,231,570
Vinci SA		20,474		2,378,985
				54,849,070
Germany - 7.3%
adidas AG		6,241		1,211,553
Allianz SE		15,537		3,618,937
BASF SE		34,433		1,672,866
Bayer AG		37,845		2,094,911
Bayerische Motoren Werke AG		12,757		1,569,201
Beiersdorf AG		3,883		514,201
Daimler Truck Holding AG		19,021		685,557
Deutsche Bank AG		74,666		784,946
Deutsche Boerse AG		7,319		1,351,193
Deutsche Post AG		38,771		1,894,438
Deutsche Telekom AG		124,859		2,724,237
E.ON SE		86,487		1,104,820
Fresenius SE & Co. KGaA		16,273		451,360
Hannover Rueck SE		2,323		493,170
Henkel AG & Co. KGaA		4,002		281,718
Infineon Technologies AG		50,307		2,071,754
Mercedes-Benz Group AG		32,970		2,653,798
Merck KGaA		4,979		824,173
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,397		2,026,102
RWE AG		24,356		1,061,344
SAP SE		40,226		5,495,171
Siemens AG		29,277		4,880,502
Siemens Healthineers AG ~		10,863		615,664
Volkswagen AG		1,136		189,881
Vonovia SE		27,592		538,862
				40,810,359
Hong Kong - 2.2%
AIA Group Ltd.		448,600		4,556,204
CK Asset Holdings Ltd.		76,062		422,658
CLP Holdings Ltd.		63,500		494,576
Hang Seng Bank Ltd.		29,500		420,541
Henderson Land Development Co. Ltd.		56,000		166,769
Hong Kong & China Gas Co. Ltd.		431,150		373,371
Hong Kong Exchanges & Clearing Ltd.		46,400		1,758,050
Jardine Matheson Holdings Ltd.		6,100		309,332
Link REIT		97,409		542,288
MTR Corp. Ltd.		59,500		273,913
Prudential PLC		106,061		1,497,940
Sun Hung Kai Properties Ltd.		56,000		707,538
Techtronic Industries Co. Ltd.		53,000		579,587
				12,102,767
Ireland - 0.4%
CRH PLC		28,522		1,573,483
Kerry Group PLC Class A		6,139		599,185
				2,172,668

	Shares		Value
Israel - 0.2%
Check Point Software Technologies Ltd. *		3,722		$467,557
Nice Ltd. *		2,447		503,635
				971,192
Italy - 1.7%
Assicurazioni Generali SpA		39,046		794,038
Enel SpA		313,316		2,112,509
Eni SpA		89,429		1,287,454
Ferrari NV		4,856		1,587,659
Intesa Sanpaolo SpA		621,774		1,630,136
Snam SpA		77,680		405,983
UniCredit SpA		71,025		1,651,585
				9,469,364
Japan - 18.3%
Aeon Co. Ltd.		25,200		516,008
Ajinomoto Co., Inc.		17,300		689,178
Asahi Group Holdings Ltd.		18,600		721,677
Astellas Pharma, Inc.		69,700		1,038,006
Bandai Namco Holdings, Inc.		23,100		534,934
Bridgestone Corp.		22,000		903,797
Canon, Inc.		38,500		1,012,035
Central Japan Railway Co.		5,600		701,631
Chugai Pharmaceutical Co. Ltd.		25,900		737,607
Dai-ichi Life Holdings, Inc.		36,200		688,520
Daiichi Sankyo Co. Ltd.		71,300		2,265,505
Daikin Industries Ltd.		10,200		2,090,034
Daiwa House Industry Co. Ltd.		23,100		610,347
Denso Corp.		16,700		1,126,450
East Japan Railway Co.		11,600		643,260
Eisai Co. Ltd.		9,700		657,408
FANUC Corp.		36,900		1,295,398
Fast Retailing Co. Ltd.		6,700		1,718,381
FUJIFILM Holdings Corp.		14,400		857,997
Fujitsu Ltd.		6,800		880,483
Hitachi Ltd.		36,100		2,244,572
Honda Motor Co. Ltd.		59,300		1,796,426
Hoya Corp.		13,800		1,651,393
ITOCHU Corp.		45,800		1,819,247
Japan Post Bank Co. Ltd.		56,900		443,720
Japan Post Holdings Co. Ltd.		84,400		606,604
Japan Tobacco, Inc.		46,200		1,012,056
Kao Corp.		17,900		649,589
KDDI Corp.		57,700		1,781,956
Keyence Corp.		7,500		3,563,673
Kirin Holdings Co. Ltd.		29,900		436,620
Komatsu Ltd.		35,600		962,909
Kubota Corp.		39,000		570,916
Kyocera Corp.		12,400		674,090
M3, Inc.		17,000		370,678
Marubeni Corp.		58,900		1,003,892
Mitsubishi Corp.		47,700		2,306,147
Mitsubishi Electric Corp.		74,400		1,051,781
Mitsubishi Estate Co. Ltd.		43,400		515,606
Mitsubishi UFJ Financial Group, Inc.		439,900		3,242,535
Mitsui & Co. Ltd.		50,600		1,915,100
Mitsui Fudosan Co. Ltd.		34,700		691,619
Mizuho Financial Group, Inc.		92,900		1,420,020
MS&AD Insurance Group Holdings, Inc.		16,500		584,303
Murata Manufacturing Co. Ltd.		22,100		1,269,444
Nexon Co. Ltd.		15,000		287,650
Nidec Corp.		16,100		887,197
Nintendo Co. Ltd.		40,000		1,823,532
Nippon Paint Holdings Co. Ltd.		36,500		302,074
Nippon Telegraph & Telephone Corp.		1,150,000		1,360,802
Nissan Motor Co. Ltd.		89,400		366,909
Nomura Holdings, Inc.		112,100		427,383
Nomura Research Institute Ltd.		14,900		411,649

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-292

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
NTT Data Corp.		24,300	$	340,708
Obic Co. Ltd.		2,700		433,372
Olympus Corp.		46,300		732,714
Omron Corp.		6,800		417,532
Oriental Land Co. Ltd.		42,000		1,637,411
ORIX Corp.		45,200		824,276
Otsuka Holdings Co. Ltd.		15,000		550,225
Panasonic Holdings Corp.		85,100		1,043,490
Recruit Holdings Co. Ltd.		55,500		1,771,300
Renesas Electronics Corp. *		49,000		924,743
Secom Co. Ltd.		8,100		548,196
Sekisui House Ltd.		23,700		478,730
Seven & i Holdings Co. Ltd.		29,000		1,252,862
Shimano, Inc.		3,000		502,222
Shin-Etsu Chemical Co. Ltd.		70,200		2,345,939
Shionogi & Co. Ltd.		10,100		426,012
Shiseido Co. Ltd.		15,400		698,078
SMC Corp.		2,200		1,222,676
SoftBank Corp.		110,600		1,181,793
SoftBank Group Corp.		39,600		1,867,520
Sompo Holdings, Inc.		12,100		542,918
Sony Group Corp.		48,600		4,387,130
Sumitomo Corp.		43,400		920,730
Sumitomo Mitsui Financial Group, Inc.		50,300		2,155,829
Sumitomo Realty & Development Co. Ltd.		11,000		272,590
Suzuki Motor Corp.		14,200		514,932
Sysmex Corp.		6,500		445,230
Takeda Pharmaceutical Co. Ltd.		61,000		1,916,775
Terumo Corp.		25,900		824,906
Tokio Marine Holdings, Inc.		69,400		1,599,917
Tokyo Electron Ltd.		17,300		2,491,692
Toshiba Corp.		15,900		498,931
Toyota Industries Corp.		5,600		401,207
Toyota Motor Corp.		408,500		6,565,446
Toyota Tsusho Corp.		8,200		409,804
Unicharm Corp.		15,500		576,365
Z Holdings Corp.		102,900		247,998
				102,112,947
Luxembourg - 0.1%
ArcelorMittal SA		18,599		507,458
Macau - 0.2%
Galaxy Entertainment Group Ltd. *		84,000		535,140
Sands China Ltd. *		93,600		320,553
				855,693
Netherlands - 5.3%
Adyen NV * ~		836		1,447,674
Akzo Nobel NV		6,565		536,710
Argenx SE *		2,145		836,541
ASML Holding NV		15,530		11,264,355
Ferrovial SE		19,616		620,102
Heineken Holding NV		4,438		386,204
Heineken NV		9,985		1,026,823
ING Groep NV		139,433		1,879,779
Koninklijke Ahold Delhaize NV		37,586		1,281,420
Koninklijke Philips NV *		35,859		776,980
Shell PLC		263,791		7,869,325
Universal Music Group NV		31,562		701,143
Wolters Kluwer NV		9,920		1,259,577
				29,886,633
Norway - 0.4%
Aker BP ASA		12,173		285,596
DNB Bank ASA		35,835		670,140
Equinor ASA		36,698		1,068,603
Telenor ASA		26,955		273,311
				2,297,650

	Shares		Value
Portugal - 0.1%
EDP - Energias de Portugal SA		112,828	$	551,465
Singapore - 1.2%
DBS Group Holdings Ltd.		69,754		1,628,949
Grab Holdings Ltd. Class A *		71,959		246,819
Oversea-Chinese Banking Corp. Ltd.		130,457		1,186,766
Sea Ltd. ADR *		14,055		815,752
Singapore Telecommunications Ltd.		318,100		589,175
STMicroelectronics NV		26,329		1,313,116
United Overseas Bank Ltd.		48,700		1,010,586
				6,791,163
South Africa - 0.2%
Anglo American PLC		48,950		1,393,777
Spain - 2.4%
Aena SME SA ~		2,889		467,575
Amadeus IT Group SA *		17,354		1,321,513
Banco Bilbao Vizcaya Argentaria SA		232,296		1,784,662
Banco Santander SA		633,851		2,346,604
CaixaBank SA (SIBE)		158,950		658,421
Cellnex Telecom SA ~		21,772		879,671
EDP Renovaveis SA		9,990		199,635
Endesa SA		12,235		262,901
Iberdrola SA		224,252		2,928,463
Industria de Diseno Textil SA		42,021		1,629,902
Naturgy Energy Group SA		4,856		144,760
Telefonica SA		200,229		812,921
				13,437,028
Sweden - 2.4%
Assa Abloy AB Class B		38,610		928,067
Atlas Copco AB Class A		103,535		1,494,722
Atlas Copco AB Class B		60,054		748,782
Epiroc AB Class A		25,397		481,066
Epiroc AB Class B		15,009		242,927
EQT AB		13,699		263,729
Essity AB Class B		23,464		624,885
Evolution AB ~		7,060		894,670
H & M Hennes & Mauritz AB Class B		25,320		435,436
Hexagon AB Class B		79,975		983,718
Investor AB Class A		17,709		354,416
Investor AB Class B		65,784		1,316,014
Sandvik AB		41,073		801,917
Skandinaviska Enskilda Banken AB Class A		62,248		688,479
Svenska Handelsbanken AB Class A		56,188		470,420
Swedbank AB Class A		32,706		551,950
Telefonaktiebolaget LM Ericsson Class B		112,436		610,898
Volvo AB Class A		7,703		164,178
Volvo AB Class B		58,142		1,203,249
				13,259,523
Switzerland - 5.6%
ABB Ltd.		60,549		2,382,048
Alcon, Inc.		19,249		1,596,942
Chocoladefabriken Lindt & Spruengli AG		43		986,822
Cie Financiere Richemont SA Class A		20,109		3,415,875
DSM-Firmenich AG *		6,733		724,566
Givaudan SA		356		1,180,831
Kuehne & Nagel International AG		2,093		620,003
Lonza Group AG		2,869		1,714,837
Novartis AG		78,961		7,960,801
Partners Group Holding AG		874		824,042
Schindler Holding AG		2,473		571,909
SGS SA		5,774		546,226
Sika AG		5,626		1,611,290

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-293

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

	Shares		Value
Sonova Holding AG		2,003	$	534,475
Straumann Holding AG		4,300		699,206
Swisscom AG		998		622,893
UBS Group AG (XVTX)		126,732		2,568,688
Zurich Insurance Group AG		5,796		2,757,091
				31,318,545
United Arab Emirates - 0.0%
NMC Health PLC*		4,009		8
United Kingdom - 9.5%
Ashtead Group PLC		16,894		1,171,275
Associated British Foods PLC		13,517		342,289
AstraZeneca PLC		59,704		8,558,819
Aviva PLC		107,316		539,934
BAE Systems PLC		117,628		1,386,979
Barclays PLC		598,938		1,170,079
BP PLC		681,647		3,968,804
British American Tobacco PLC		81,827		2,718,736
BT Group PLC		267,822		416,767
CK Hutchison Holdings Ltd.		103,500		631,696
Coca-Cola Europacific Partners PLC		7,924		510,543
Compass Group PLC		67,218		1,882,313
Diageo PLC		86,857		3,734,065
HSBC Holdings PLC		769,629		6,093,795
Imperial Brands PLC		33,819		748,565
Legal & General Group PLC		230,118		666,260
Lloyds Banking Group PLC		2,552,535		1,414,994
London Stock Exchange Group PLC		15,469		1,646,417
National Grid PLC		141,663		1,878,219
NatWest Group PLC		220,905		675,194
Reckitt Benckiser Group PLC		27,588		2,073,259
RELX PLC		73,304		2,445,471
SSE PLC		42,001		984,927
Standard Chartered PLC		92,721		806,680
Tesco PLC		281,918		889,322
Unilever PLC		97,308		5,067,234
Vodafone Group PLC		883,857		833,326
				53,255,962
United States - 7.6%
CSL Ltd.		18,582		3,440,993
Experian PLC		35,408		1,358,994
GSK PLC		157,747		2,795,679
Haleon PLC		195,656		803,063
Holcim AG *		21,354		1,439,413
Nestle SA		105,937		12,743,323
Roche Holding AG		28,297		8,672,105
Sanofi		43,713		4,705,956
Schneider Electric SE		20,900		3,797,042
Stellantis NV		86,653		1,523,429
Swiss Re AG		11,620		1,170,864
				42,450,861
Total Common Stocks (Cost $508,078,444)				539,272,686

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 2.1%
Repurchase Agreement - 2.0%
Fixed Income Clearing Corp. 4.700% due 07/03/23 (Dated 06/30/23, repurchase price of $11,369,538; collateralized by U.S. Treasury Notes: 3.750% due 04/15/26 and value $11,592,460)		$11,365,087		$11,365,087
U.S. Treasury Bills - 0.1%
5.126% due 09/07/23 ‡		300,000		297,179
Total Short-Term Investments (Cost $11,662,180)				11,662,266
TOTAL INVESTMENTS - 99.2% (Cost $523,495,799)				554,035,673
DERIVATIVES - 0.0%				153,109
OTHER ASSETS & LIABILITIES, NET - 0.8%				4,469,148
NET ASSETS - 100.0%				$558,657,930

Notes to Schedule of Investments

(a) As of June 30, 2023, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.4%
Financial	21.8%
Consumer, Cyclical	13.8%
Industrial	12.1%
Energy	6.2%
Technology	5.8%
Basic Materials	5.5%
Communications	4.6%
Others (each less than 3.0%)	5.0%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

(b) As of June 30, 2023, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	18.3%
Canada	10.2%
France	9.8%
United States (Includes Short-Term Investments)	9.7%
United Kingdom	9.5%
Germany	7.9%
Australia	6.4%
Switzerland	5.6%
Netherlands	5.3%
Others (each less than 3.0%)	16.5%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-294

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2023 (Unaudited)

(c) As of June 30, 2023, investments with a total aggregate value of $297,179 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of June 30, 2023 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Index	09/23		135		$14,417,861		$14,549,625		$131,764
S&P/TSX 60 Index	09/23		8		1,450,450		1,471,795		21,345
Total Futures Contracts									$153,109

(e) Fair Value Measurements

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of June 30, 2023:

		Total Value at June 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$3,100,721			$-		$3,100,721			$-
	Common Stocks
	Australia		35,606,823			-		35,606,823			-
	Austria		210,432			-		210,432			-
	Belgium		3,303,281			-		3,303,281			-
	Brazil		752,608			752,608		-			-
	Canada		57,039,331			56,806,113		233,218			-
	China		3,077,809			-		3,077,809			-
	Denmark		16,224,791			-		16,224,791			-
	Finland		4,563,478			-		4,563,478			-
	France		54,849,070			-		54,849,070			-
	Germany		40,810,359			-		40,810,359			-
	Hong Kong		12,102,767			-		12,102,767			-
	Ireland		2,172,668			-		2,172,668			-
	Israel		971,192			467,557		503,635			-
	Italy		9,469,364			-		9,469,364			-
	Japan		102,112,947			-		102,112,947			-
	Luxembourg		507,458			-		507,458			-
	Macau		855,693			-		855,693			-
	Netherlands		29,886,633			620,102		29,266,531			-
	Norway		2,297,650			-		2,297,650			-
	Portugal		551,465			-		551,465			-
	Singapore		6,791,163			1,062,571		5,728,592			-
	South Africa		1,393,777			-		1,393,777			-
	Spain		13,437,028			-		13,437,028			-
	Sweden		13,259,523			-		13,259,523			-
	Switzerland		31,318,545			724,566		30,593,979			-
	United Arab Emirates		8			-		8			-
	United Kingdom		53,255,962			510,543		52,745,419			-
	United States		42,450,861			-		42,450,861			-
	Total Common Stocks		539,272,686			60,944,060		478,328,626			-
	Short-Term Investments		11,662,266			-		11,662,266			-
	Derivatives:
	Equity Contracts
	Futures		153,109			153,109		-			-
	Total Assets		554,188,782			61,097,169		493,091,613			-
Liabilities	Due to custodian		(312,837	)		-		(312,837	)		-
	Total Liabilities		(312,837	)		-		(312,837	)		-
	Total		$553,875,945			$61,097,169		$492,778,776			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on page A-296 and A-297

A-295

PACIFIC SELECT FUND

Schedule of Investments (Continued)

Explanation of Symbols and Terms

June 30, 2023 (Unaudited)

Explanation of Symbols:
*	Non-income producing investments.
^	Investments with their principal amount adjusted for inflation.
§	Variable rate investments. The rate shown is based on the latest available information as of June 30, 2023. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less, or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
Y	Issuer filed bankruptcy and/or is in default as of June 30, 2023. If the maturity date has expired, no date will be shown.
µ	All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
#	Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
~	Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
‡	Investments were fully or partially segregated with the broker(s)/custodian as collateral for delayed delivery securities, futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of June 30, 2023.
W	The values of these investments were determined by a valuation committee established under the Valuation Policy. The Board of Trustees (“Board”) has designated Pacific Life Fund Advisors LLC (“PLFA”) as its “valuation designee” for fair valuation determinations, and PLFA’s Valuation Oversight Committee values the Funds’ investments in accordance with the Valuation Policy. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.
>>	Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
±	Investments categorized as a significant unobservable input (Level 3).
f	All or a portion of this senior loan is unfunded as of June 30, 2023. The interest rate for fully unfunded terms loans is to be determined.
◇	Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Board.
Counterparty and Exchange Abbreviations:
BNP	BNP Paribas
BNY	Bank of New York Mellon
BOA	Bank of America
BRC	Barclays
CBOE	Chicago Board of Options Exchange
CIT	Citigroup
CME	Chicago Mercantile Exchange
DUB	Deutsche Bank
GSC	Goldman Sachs
HSB	HSBC

ICE	Intercontinental Exchange Inc
JPM	JPMorgan Chase
LCH	London Clearing House
MSC	Morgan Stanley
SCB	Standard Chartered Bank
SGN	Societe Generale
TDB	Toronto Dominion Bank
UBS	UBS
Reference Rate Abbreviations:
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
US FED	United States Federal Reserve Bank Rate
UST	United State Treasury Rate
Payment Frequency Abbreviations:
A	Annual
L	Lunar
M	Monthly
Q	Quarterly
S	Semiannual
Z	At Maturity
Currency Abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Renminbi Offshore (Hong Kong)
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian leu
RUB	Russian Ruble
THB	Thai Baht
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
Other Abbreviations:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
IO	Interest Only
NVDR	Non-Voting Depositary Receipt
NY	New York Shares
PIK	Payment In Kind
PO	Principal Only
REIT	Real Estate Investment Trust
SPAC	Special Purpose Acquisition Company

See Notes to Financial Statements

A-296

PACIFIC SELECT FUND

Schedule of Investments (Continued)

Explanation of Symbols and Terms

June 30, 2023 (Unaudited)

Notes:

For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.

The sectors and countries (based on country of risk) listed in the Schedules of Investments are obtained from a third-party source that is not affiliated with the Trust or the investment adviser, and are believed to be reliable. Sector names, country names and weightings could be different if obtained from another source.

See Notes to Financial Statements

A-297

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2023 (Unaudited)

		Core Income Portfolio		Diversified Bond Portfolio		Floating Rate Income Portfolio		High Yield Bond Portfolio		Inflation Managed Portfolio			Intermediate Bond Portfolio
ASSETS
Investments, at value (excluding derivatives)			$911,948,474		$2,124,012,630		$281,157,387		$483,291,844		$646,239,459			$1,306,082,528
Cash			1,452,524		-		1,108,378		-		-			-
Cash (segregated for derivative investments)			-		2,490,548		-		-		2,031,000			-
Foreign currency held, at value			-		15,692,024		-		-		1,758,330			59
Receivables:
	Dividends and interest		9,051,267		15,875,429		2,755,422		8,819,478		2,027,668			8,098,961
	Fund shares sold		74,380		284,734		-		5,019,494		129,751			343,114
	Securities sold		13,633,820		9,345,426		29,970,055		10,718,935		238,324,001			2,462,237
	Variation margin on futures contracts		-		5,595,046		-		-		247,613			-
	Variation margin on swap agreements		-		26,139,767		-		-		1,471,872			-
Forward foreign currency contracts appreciation			-		2,281,372		-		-		701,334			-
Outstanding purchased options, at value			-		4,569,427		-		-		899,558			-
Prepaid expenses and other assets			3,504		12,938		3,142		5,056		12,845			7,416
Total Assets			936,163,969		2,206,299,341		314,994,384		507,854,807		893,843,431			1,316,994,315
LIABILITIES
Payables:
	Fund shares redeemed		11		11,947		155,421		39,239		233,459			10
	Securities purchased		17,929,895		80,731,642		42,142,370		6,792,272		123,003,164			13,166,538
	Sale-buyback financing transactions		-		-		-		-		216,449,643			-
	Due to custodian		-		20,556,181		-		-		1,332,175			-
	Due to broker		-		-		-		-		290,000			-
	Swap agreements		-		1,563		-		-		819			-
	Accrued advisory fees		376,077		685,354		144,089		163,567		180,415			428,421
	Accrued service fees		7,852		101,090		40,749		37,527		44,581			2,567
	Accrued support service expenses		7,910		45,904		14,326		19,602		12,901			26,193
	Accrued custodian and portfolio accounting fees		44,097		399,539		126,199		62,008		72,033			69,663
	Accrued shareholder report expenses		2,088		17,128		2,921		5,119		3,478			6,374
	Accrued trustees’ fees and deferred compensation		6,677		124,922		23,638		43,092		29,122			4,365
	Accrued foreign capital gains tax		-		12,391		-		-		-			-
	Accrued other		14,941		73,944		72,615		30,789		21,882			37,273
Forward foreign currency contracts depreciation			-		6,016,823		-		-		1,069,120			-
Outstanding options written, at value			-		5,116,741		-		-		1,827,705			-
Swap agreements depreciation			-		-		-		-		2,196,804			-
Total Liabilities			18,389,548		113,895,169		42,722,328		7,193,215		346,767,301			13,741,404
NET ASSETS			$917,774,421		$2,092,404,172		$272,272,056		$500,661,592		$547,076,130			$1,303,252,911
NET ASSETS CONSIST OF:
Paid-in capital			$854,230,892		$1,277,753,085		$127,473,890		$92,186,886		$566,727,465			$1,440,626,399
Undistributed/accumulated earnings (deficit)			63,543,529		814,651,087		144,798,166		408,474,706		(19,651,335	)		(137,373,488	)
NET ASSETS			$917,774,421		$2,092,404,172		$272,272,056		$500,661,592		$547,076,130			$1,303,252,911
Class I Shares:
	Net Assets		$47,965,325		$617,379,752		$250,443,466		$230,244,493		$269,937,566			$16,422,062
	Shares outstanding, $.001 par value (unlimited shares authorized)		4,161,550		61,731,278		17,220,386		24,741,686		22,817,489			1,848,491
	Net Asset Value Per Share		$11.53		$10.00		$14.54		$9.31		$11.83			$8.88
Class P Shares:
	Net Assets		$869,809,096		$1,475,024,420		$21,828,590		$270,417,099		$277,138,564			$1,286,830,849
	Shares outstanding, $.001 par value (unlimited shares authorized)		74,246,240		108,364,626		1,471,175		26,324,997		20,461,582			144,366,456
	Net Asset Value Per Share		$11.72		$13.61		$14.84		$10.27		$13.54			$8.91
Investments, at cost (excluding derivatives)			$965,308,753		$2,344,921,623		$283,505,322		$520,040,158		$711,316,550			$1,445,660,402
Foreign currency held, at cost			-		15,213,897		-		-		2,592,275			53
Outstanding purchased options, at cost			-		3,070,522		-		-		254,483			-
Premiums received from outstanding options written			-		3,738,658		-		-		784,913			-

See Notes to Financial Statements

B-1

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		Managed Bond Portfolio		Short Duration Bond Portfolio		Emerging Markets Debt Portfolio		Dividend Growth Portfolio		Equity Index Portfolio		Focused Growth Portfolio
ASSETS
Investments, at value (excluding derivatives)			$3,273,668,674		$2,313,097,291		$135,225,336		$1,441,004,148		$4,266,220,305		$943,787,689
Cash			1,462,200		1,850,058		876,871		33,341		24,782		-
Cash (segregated for derivative investments)			17,810,000		-		320,000		-		1,561,400		-
Foreign currency held, at value			4,645,114		443		25,592		102,589		-		-
Receivables:
	Dividends and interest		17,065,649		17,331,005		3,089,377		1,879,063		2,775,260		367,057
	Fund shares sold		439,954		658,246		3,784		3,710		740,283		-
	Securities sold		981,011,221		3,853,153		2,113,628		2,077,116		-		-
	Variation margin on futures contracts		369,236		-		52,396		-		360,552		-
	Variation margin on swap agreements		1,743,929		-		981,679		-		-		-
Forward foreign currency contracts appreciation			1,048,425		-		285,094		-		-		-
Outstanding purchased options, at value			1,192,980		-		-		-		-		-
Swap agreements appreciation			175,135		-		-		-		-		-
Prepaid expenses and other assets			14,450		7,983		3,116		7,675		21,584		5,455
Total Assets			4,300,646,967		2,336,798,179		142,976,873		1,445,107,642		4,271,704,166		944,160,201
LIABILITIES
Payables:
	Fund shares redeemed		1,467		25,680		3,987		949,185		1,903,726		860,763
	Securities purchased		1,885,944,229		26,952,990		3,276,213		2,511,654		-		352,512
	Securities sold short, at value		35,638,032		-		-		-		-		-
	Due to broker		1,621,000		-		250,000		-		-		-
	Swap agreements		205		-		63		-		-		-
	Variation margin on futures contracts		-		1,986,575		-		-		-		-
	Accrued advisory fees		750,330		759,679		83,624		723,374		168,478		541,704
	Accrued service fees		107,743		70,763		3,658		94,895		561,862		42,919
	Accrued support service expenses		46,420		21,321		4,429		24,888		71,592		18,437
	Accrued custodian and portfolio accounting fees		189,151		89,027		71,530		60,502		152,667		49,469
	Accrued shareholder report expenses		12,577		6,020		1,334		7,213		19,820		4,690
	Accrued trustees’ fees and deferred compensation		127,791		51,327		19,596		42,047		97,798		2,656
	Accrued foreign capital gains tax		-		-		15,737		-		-		-
	Accrued dividends and interest		73,761		-		-		-		-		3
	Accrued other		74,982		40,579		15,376		39,886		106,535		28,064
Forward foreign currency contracts depreciation			2,202,696		-		174,256		-		-		-
Outstanding options written, at value			5,002,873		-		-		-		-		-
Swap premiums received			718,912		-		140,829		-		-		-
Swap agreements depreciation			18,745		-		38,238		-		-		-
Other liabilities			-		-		-		2,317		-		-
Total Liabilities			1,932,530,914		30,003,961		4,098,870		4,455,961		3,082,478		1,901,217
NET ASSETS			$2,368,116,053		$2,306,794,218		$138,878,003		$1,440,651,681		$4,268,621,688		$942,258,984
NET ASSETS CONSIST OF:
Paid-in capital			$1,692,740,245		$2,222,541,178		$64,212,735		$185,152,804		$205,418,954		$913,772,862
Undistributed/accumulated earnings (deficit)			675,375,808		84,253,040		74,665,268		1,255,498,877		4,063,202,734		28,486,122
NET ASSETS			$2,368,116,053		$2,306,794,218		$138,878,003		$1,440,651,681		$4,268,621,688		$942,258,984
Class I Shares:
	Net Assets		$655,057,712		$429,050,203		$22,600,770		$591,932,779		$3,504,166,449		$268,189,377
	Shares outstanding, $.001 par value (unlimited shares authorized)		50,379,011		41,478,213		1,906,263		16,800,046		30,855,014		5,104,177
	Net Asset Value Per Share		$13.00		$10.34		$11.86		$35.23		$113.57		$52.54
Class P Shares:
	Net Assets		$1,713,058,341		$1,877,744,015		$116,277,233		$848,718,902		$764,455,239		$674,069,607
	Shares outstanding, $.001 par value (unlimited shares authorized)		118,428,453		173,067,604		9,595,368		21,756,738		6,459,282		12,503,549
	Net Asset Value Per Share		$14.46		$10.85		$12.12		$39.01		$118.35		$53.91
Investments, at cost (excluding derivatives)			$3,460,317,885		$2,376,811,350		$139,957,980		$1,038,888,888		$2,364,509,969		$839,381,898
Foreign currency held, at cost			4,733,446		443		9,369		102,144		-		-
Proceeds from securities sold short			35,808,961		-		-		-		-		-
Outstanding purchased options, at cost			829,945		-		-		-		-		-
Premiums received from outstanding options written			1,885,612		-		-		-		-		-

See Notes to Financial Statements

B-2

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		Growth Portfolio			Hedged Equity Portfolio		Large-Cap Core Portfolio		Large-Cap Growth Portfolio			Large-Cap Value Portfolio			Mid-Cap Equity Portfolio
ASSETS
Investments, at value (excluding derivatives)			$1,408,827,660			$208,602,531		$1,453,770,175		$999,361,716			$1,159,388,106			$600,050,994
Cash			-			-		64,052		-			-			-
Cash (segregated for derivative investments)			-			456,000		-		-			-			-
Foreign currency held, at value			453			-		302		228,225			302			-
Receivables:
	Dividends and interest		391,162			153,872		969,173		283,938			1,768,625			393,241
	Fund shares sold		14,394			562,359		19,570		-			29,487			39,840
	Securities sold		-			4,925,087		28,934,043		221,555			13,381,396			2,218,874
	Variation margin on futures contracts		-			98,713		-		-			-			-
Outstanding purchased options, at value			-			1,908,725		-		-			-			-
Prepaid expenses and other assets			9,118			907		6,504		4,854			6,453			3,411
Total Assets			1,409,242,787			216,708,194		1,483,763,819		1,000,100,288			1,174,574,369			602,706,360
LIABILITIES
Payables:
	Fund shares redeemed		1,011,286			3,359		877,595		923,643			1,026,914			326,204
	Securities purchased		-			11,137,385		26,290,291		389,252			4,711,038			4,683,886
	Due to custodian		-			195,142		-		83			-			-
	Accrued advisory fees		621,574			95,068		530,207		511,863			574,787			310,777
	Accrued service fees		122,138			30,816		94,655		55,793			69,547			61,546
	Accrued support service expenses		23,296			2,613		19,769		16,065			21,350			11,735
	Accrued custodian and portfolio accounting fees		64,188			41,542		54,222		44,887			-			35,644
	Accrued shareholder report expenses		7,151			385		5,281		4,629			6,035			3,456
	Accrued trustees’ fees and deferred compensation		64,632			-		66,953		46,841			66,718			34,030
	Accrued dividends and interest		41			-		-		7			-			-
	Accrued offering expenses		-			22,365		-		-			-			-
	Accrued other		38,564			10,215		58,285		24,234			24,313			20,328
Outstanding options written, at value			-			1,813,175		-		-			-			-
Total Liabilities			1,952,870			13,352,065		27,997,258		2,017,297			6,500,702			5,487,606
NET ASSETS			$1,407,289,917			$203,356,129		$1,455,766,561		$998,082,991			$1,168,073,667			$597,218,754
NET ASSETS CONSIST OF:
Paid-in capital			($282,703,675	)		$186,196,016		$401,204,707		($722,134,864	)		($1,099,442,962	)		$1,540,716,236
Undistributed/accumulated earnings (deficit)			1,689,993,592			17,160,113		1,054,561,854		1,720,217,855			2,267,516,629			(943,497,482	)
NET ASSETS			$1,407,289,917			$203,356,129		$1,455,766,561		$998,082,991			$1,168,073,667			$597,218,754
Class I Shares:
	Net Assets		$761,809,104			$197,754,793		$586,262,813		$346,714,045			$433,008,939			$386,507,694
	Shares outstanding, $.001 par value (unlimited shares authorized)		13,782,846			18,051,172		9,213,872		17,280,613			12,764,717			12,728,958
	Net Asset Value Per Share		$55.27			$10.96		$63.63		$20.06			$33.92			$30.36
Class P Shares:
	Net Assets		$645,480,813			$5,601,336		$869,503,748		$651,368,946			$735,064,728			$210,711,060
	Shares outstanding, $.001 par value (unlimited shares authorized)		10,725,047			509,079		12,168,986		27,331,283			19,571,586			5,582,591
	Net Asset Value Per Share		$60.18			$11.00		$71.45		$23.83			$37.56			$37.74
Investments, at cost (excluding derivatives)			$1,000,487,468			$189,928,974		$1,299,755,780		$828,689,100			$798,471,185			$554,702,495
Foreign currency held, at cost			456			-		304		225,154			302			-
Outstanding purchased options, at cost			-			1,909,180		-		-			-			-
Premiums received from outstanding options written			-			1,812,265		-		-			-			-
Commitments and contingent liabilities (1)			-			-		-		-			-			-

(1) The Hedged Equity Portfolio has expense reimbursements that are subject to recoupment as discussed in Note 7B in the Notes to Financial Statements.

See Notes to Financial Statements

B-3

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		Mid-Cap Growth Portfolio			Mid-Cap Value Portfolio			Small-Cap Equity Portfolio			Small-Cap Growth Portfolio		Small-Cap Index Portfolio		Small-Cap Value Portfolio
ASSETS
Investments, at value (excluding derivatives)			$717,011,247			$482,320,131			$220,820,736			$287,026,914		$661,202,552		$273,866,357
Cash			-			67,491			-			-		13,791		70,490
Cash (segregated for derivative investments)			-			-			78,800			-		394,600		-
Foreign currency held, at value			-			-			15,091			2,098		1,393		-
Receivables:
	Dividends and interest		223,128			459,205			329,616			67,915		644,806		213,724
	Fund shares sold		11,046			8,932			24,361			42,635		353,864		50,913
	Securities sold		1,218,497			953,152			800,935			1,564,740		2,323		3,789,178
	Variation margin on futures contracts		-			-			3,686			-		18,900		-
Prepaid expenses and other assets			4,546			3,572			2,793			1,544		3,656		2,164
Total Assets			718,468,464			483,812,483			222,076,018			288,705,846		662,635,885		277,992,826
LIABILITIES
Payables:
	Fund shares redeemed		670,428			706,191			125,769			163,153		100,093		83,868
	Securities purchased		1,346,229			1,515,613			1,268,491			2,934,159		5,027,565		989,978
	Due to custodian		-			-			1,117			-		-		-
	Accrued advisory fees		381,802			271,251			115,800			137,468		158,755		168,766
	Accrued service fees		62,018			21,611			14,728			24,802		86,232		30,870
	Accrued support service expenses		16,427			12,446			5,950			5,364		13,183		8,017
	Accrued custodian and portfolio accounting fees		42,190			37,080			41,770			29,614		51,225		19,663
	Accrued shareholder report expenses		4,769			3,723			1,865			1,405		3,797		2,496
	Accrued trustees’ fees and deferred compensation		27,867			28,785			14,334			12,165		30,890		16,665
	Accrued dividends and interest		-			-			-			5		-		-
	Accrued other		27,308			22,021			20,592			10,515		46,966		16,462
Total Liabilities			2,579,038			2,618,721			1,610,416			3,318,650		5,518,706		1,336,785
NET ASSETS			$715,889,426			$481,193,762			$220,465,602			$285,387,196		$657,117,179		$276,656,041
NET ASSETS CONSIST OF:
Paid-in capital			($338,023,415	)		($919,208,571	)		($224,074,245	)		$157,270,424		$103,676,316		($65,545,254	)
Undistributed/accumulated earnings (deficit)			1,053,912,841			1,400,402,333			444,539,847			128,116,772		553,440,863		342,201,295
NET ASSETS			$715,889,426			$481,193,762			$220,465,602			$285,387,196		$657,117,179		$276,656,041
Class I Shares:
	Net Assets		$396,295,925			$134,718,577			$92,163,250			$155,199,970		$536,071,453		$190,098,693
	Shares outstanding, $.001 par value (unlimited shares authorized)		15,131,168			4,928,203			3,382,759			5,986,377		17,833,249		7,429,923
	Net Asset Value Per Share		$26.19			$27.34			$27.24			$25.93		$30.06		$25.59
Class P Shares:
	Net Assets		$319,593,501			$346,475,185			$128,302,352			$130,187,226		$121,045,726		$86,557,348
	Shares outstanding, $.001 par value (unlimited shares authorized)		11,034,146			8,495,452			3,579,629			4,222,191		3,938,677		2,754,326
	Net Asset Value Per Share		$28.96			$40.78			$35.84			$30.83		$30.73		$31.43
Investments, at cost (excluding derivatives)			$636,994,610			$393,526,482			$237,028,763			$300,920,898		$596,443,448		$309,899,447
Foreign currency held, at cost			-			-			15,096			2,084		1,501		-

See Notes to Financial Statements

B-4

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		Value Portfolio		Value Advantage Portfolio			Emerging Markets Portfolio		International Growth Portfolio			International Large-Cap Portfolio			International Small-Cap Portfolio
ASSETS
Investments, at value (excluding derivatives)			$1,010,010,696		$795,432,169			$793,244,753		$765,133,869			$962,494,294			$200,369,943
Cash			-		-			-		8,677,700			54,701			-
Foreign currency held, at value			758		-			2,922,265		-			272,297			1,408,507
Receivables:
	Dividends and interest		2,280,901		797,761			1,504,078		1,455,182			12,266,085			1,877,702
	Fund shares sold		14,574		4,512			108,364		1,422			8,703			313,758
	Securities sold		10,483,133		6,301,318			290,457		-			-			151,938
Forward foreign currency contracts appreciation			67,718		-			-		-			-			-
Prepaid expenses and other assets			5,583		4,386			6,188		3,212			7,880			2,725
Total Assets			1,022,863,363		802,540,146			798,076,105		775,271,385			975,103,960			204,124,573
LIABILITIES
Payables:
	Fund shares redeemed		615,520		758,537			300,530		72,175			189,942			7,699
	Securities purchased		5,480,420		4,583,930			66,353		14,600			52,460			344,810
	Accrued advisory fees		527,209		428,326			524,337		447,742			592,903			139,948
	Accrued service fees		38,182		16,628			55,396		589			94,800			12,828
	Accrued support service expenses		17,022		14,247			13,789		9,774			20,669			6,236
	Accrued custodian and portfolio accounting fees		65,909		40,542			141,180		52,715			37,253			45,419
	Accrued shareholder report expenses		4,966		4,291			4,242		2,650			5,744			1,697
	Accrued trustees’ fees and deferred compensation		33,499		24,796			59,274		-			64,609			24,295
	Accrued foreign capital gains tax		-		-			3,702,658		-			637,399			-
	Accrued dividends and interest		-		-			-		-			31			-
	Accrued offering expenses		-		-			-		12,558			-			-
	Accrued other		28,677		24,022			25,199		13,664			43,396			12,526
Forward foreign currency contracts depreciation			7,117		-			-		-			-			-
Other liabilities			-		-			-		-			93			-
Total Liabilities			6,818,521		5,895,319			4,892,958		626,467			1,739,299			595,458
NET ASSETS			$1,016,044,842		$796,644,827			$793,183,147		$774,644,918			$973,364,661			$203,529,115
NET ASSETS CONSIST OF:
Paid-in capital			$89,433,138		($210,568,085	)		$47,034,997		$858,581,925			($302,569,769	)		($309,282,580	)
Undistributed/accumulated earnings (deficit)			926,611,704		1,007,212,912			746,148,150		(83,937,007	)		1,275,934,430			512,811,695
NET ASSETS			$1,016,044,842		$796,644,827			$793,183,147		$774,644,918			$973,364,661			$203,529,115
Class I Shares:
	Net Assets		$235,965,556		$98,199,182			$337,110,144		$3,513,435			$582,336,696			$78,062,531
	Shares outstanding, $.001 par value (unlimited shares authorized)		12,028,653		4,130,760			18,527,664		403,772			43,631,846			6,554,813
	Net Asset Value Per Share		$19.62		$23.77			$18.19		$8.70			$13.35			$11.91
Class P Shares:
	Net Assets		$780,079,286		$698,445,645			$456,073,003		$771,131,483			$391,027,965			$125,466,584
	Shares outstanding, $.001 par value (unlimited shares authorized)		34,459,042		28,789,208			23,992,335		88,167,476			27,011,216			7,574,634
	Net Asset Value Per Share		$22.64		$24.26			$19.01		$8.75			$14.48			$16.56
Investments, at cost (excluding derivatives)			$990,787,062		$641,813,312			$742,497,797		$761,904,523			$768,925,607			$210,045,833
Foreign currency held, at cost			762		-			2,979,474		-			271,401			1,425,879

See Notes to Financial Statements

B-5

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		International Value Portfolio			Health Sciences Portfolio			Real Estate Portfolio		Technology Portfolio		ESG Diversified Portfolio			ESG Diversified Growth Portfolio
ASSETS
Investments, at value (excluding derivatives)			$847,634,568			$408,615,135			$343,045,036		$263,932,374		$24,746,589			$13,475,510
Cash			-			-			52,737		-		-			-
Foreign currency held, at value			1,053,942			734			-		-		-			-
Receivables:
	Dividends and interest		9,161,457			444,169			1,765,457		16,633		23,092			7,990
	Fund shares sold		7,009			5,414			67,897		15,704		48,046			194
	Securities sold		8,091,980			1,627,690			527,345		-		-			200
	Due from adviser		-			-			-		-		3,024			3,613
Prepaid expenses and other assets			7,072			2,319			2,472		3,112		117			69
Total Assets			865,956,028			410,695,461			345,460,944		263,967,823		24,820,868			13,487,576
LIABILITIES
Payables:
	Fund shares redeemed		351,524			101,331			80,873		325,348		-			394
	Securities purchased		8,734,667			242,092			17,865		-		71,140			7,991
	Accrued advisory fees		453,733			300,062			210,790		193,897		3,863			2,172
	Accrued service fees		49,493			66,351			33,920		42,824		3,836			2,012
	Accrued support service expenses		18,701			7,858			8,522		4,062		402			185
	Accrued custodian and portfolio accounting fees		99,537			27,044			28,902		21,340		18,538			18,990
	Accrued shareholder report expenses		5,032			2,147			2,634		1,181		93			62
	Accrued trustees’ fees and deferred compensation		50,336			12,269			21,929		5,613		-			-
	Accrued foreign capital gains tax		275,230			-			-		-		-			-
	Accrued dividends and interest		-			-			-		8		-			-
	Accrued offering expenses		-			-			-		-		22,475			12,675
	Accrued other (1)		37,001			15,546			16,885		8,529		7,311			7,143
Forward foreign currency contracts depreciation			-			113,630			-		-		-			-
Other liabilities			27,792			-			-		-		-			-
Total Liabilities			10,103,046			888,330			422,320		602,802		127,658			51,624
NET ASSETS			$855,852,982			$409,807,131			$345,038,624		$263,365,021		$24,693,210			$13,435,952
NET ASSETS CONSIST OF:
Paid-in capital			$1,489,699,007			($79,123,000	)		$256,464,525		$121,846,238		$25,104,624			$14,104,876
Undistributed/accumulated earnings (deficit)			(633,846,025	)		488,930,131			88,574,099		141,518,783		(411,414	)		(668,924	)
NET ASSETS			$855,852,982			$409,807,131			$345,038,624		$263,365,021		$24,693,210			$13,435,952
Class I Shares:
	Net Assets		$303,720,360			$407,730,066			$209,108,094		$261,695,385		$24,527,495			$12,447,979
	Shares outstanding, $.001 par value (unlimited shares authorized)		19,428,539			6,576,123			6,702,905		18,801,353		2,523,273			1,361,172
	Net Asset Value Per Share		$15.63			$62.00			$31.20		$13.92		$9.72			$9.15
Class P Shares:
	Net Assets		$552,132,622			$2,077,065			$135,930,530		$1,669,636		$165,715			$987,973
	Shares outstanding, $.001 par value (unlimited shares authorized)		31,243,742			30,301			4,139,456		93,901		16,974			107,742
	Net Asset Value Per Share		$17.67			$68.55			$32.84		$17.78		$9.76			$9.17
Investments, at cost (excluding derivatives)			$780,665,826			$346,314,603			$350,419,098		$205,365,451		$24,542,845			$13,264,368
Foreign currency held, at cost			1,050,296			737			-		-		-			-
Commitments and contingent liabilities (2)			-			-			-		-		-			-

(1) Accrued other for the ESG Diversified and ESG Diversified Growth Portfolios includes $6,872 and $6,888 in accrued transfer agency fees, respectively.

(2) The ESG Diversified Portfolio and ESG Diversified Growth Portfolio have expense reimbursements that are subject to recoupment as discussed in Note 7B in the Notes to Financial Statements.

See Notes to Financial Statements

B-6

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		PSF Avantis Balanced Allocation Portfolio		Pacific Dynamix - Conservative Growth Portfolio		Pacific Dynamix - Moderate Growth Portfolio		Pacific Dynamix - Growth Portfolio		Portfolio Optimization Conservative Portfolio		Portfolio Optimization Moderate- Conservative Portfolio
ASSETS
Investments, at value (excluding derivatives)			$332,322,841		$-		$-		$-		$-		$-
Investments in affiliated mutual funds, at value			-		514,142,724		2,484,005,213		1,883,013,557		1,138,560,440		1,632,656,946
Receivables:
	Dividends and interest		158,619		-		-		-		-		-
	Fund shares sold		5,990		6,240		271,304		160,461		394		518,464
	Securities sold		734,958		1,103,208		164,291		222,167		1,139,933		-
Prepaid expenses and other assets			1,981		2,938		13,726		10,047		6,583		9,356
Total Assets			333,224,389		515,255,110		2,484,454,534		1,883,406,232		1,139,707,350		1,633,184,766
LIABILITIES
Payables:
	Fund shares redeemed		740,948		1,109,448		435,595		382,628		1,140,327		163,669
	Securities purchased		158,619		-		-		-		-		354,796
	Accrued advisory fees		37,947		84,530		404,563		304,494		93,643		133,510
	Accrued distribution fees		13,438		-		-		-		-		-
	Accrued service fees		53,753		83,168		397,848		299,005		187,257		266,951
	Accrued support service expenses		7,074		9,859		46,124		33,775		21,857		31,227
	Accrued custodian and portfolio accounting fees		15,915		18,200		17,668		17,732		20,963		20,792
	Accrued shareholder report expenses		1,124		2,899		13,204		9,020		6,513		9,396
	Accrued trustees’ fees and deferred compensation		2,978		12,535		51,517		16,885		45,993		71,208
	Accrued other		14,471		21,018		68,109		51,630		36,124		48,577
	Accrued adviser recoupment		-		1,765		96,305		72,416		-		-
Total Liabilities			1,046,267		1,343,422		1,530,933		1,187,585		1,552,677		1,100,126
NET ASSETS			$332,178,122		$513,911,688		$2,482,923,601		$1,882,218,647		$1,138,154,673		$1,632,084,640
NET ASSETS CONSIST OF:
Paid-in capital			$261,114,113		$277,817,755		$1,194,712,076		$1,287,354,607		$294,384,886		($102,411,650	)
Undistributed/accumulated earnings (deficit)			71,064,009		236,093,933		1,288,211,525		594,864,040		843,769,787		1,734,496,290
NET ASSETS			$332,178,122		$513,911,688		$2,482,923,601		$1,882,218,647		$1,138,154,673		$1,632,084,640
Class D Shares:
	Net Assets		$329,377,815
	Shares outstanding, $.001 par value (unlimited shares authorized)		21,454,485
	Net Asset Value Per Share		$15.35
Class I Shares:
	Net Assets				$505,174,455		$2,440,656,472		$1,847,337,524		$1,137,979,499		$1,631,652,146
	Shares outstanding, $.001 par value (unlimited shares authorized)				26,751,930		95,616,510		61,161,819		82,026,403		101,626,953
	Net Asset Value Per Share				$18.88		$25.53		$30.20		$13.87		$16.06
Class P Shares:
	Net Assets		$2,800,307		$8,737,233		$42,267,129		$34,881,123		$175,174		$432,494
	Shares outstanding, $.001 par value (unlimited shares authorized)		180,716		459,306		1,643,642		1,146,344		12,533		26,740
	Net Asset Value Per Share		$15.50		$19.02		$25.72		$30.43		$13.98		$16.17
Investments, at cost (excluding derivatives)			$311,556,765		$-		$-		$-		$-		$-
Investments in affiliated mutual funds, at cost			-		480,503,685		2,131,703,956		1,689,435,612		1,140,529,301		1,535,061,289
Commitments and contingent liabilities (1)			-		-		-		-		-		-

(1) The Pacific Dynamix - Conservative Growth Portfolio, Pacific Dynamix - Moderate Growth Portfolio, and Pacific Dynamix - Growth Portfolio have expense reimbursements that are subject to recoupment as discussed in Note 7B in the Notes to Financial Statements.

See Notes to Financial Statements

B-7

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		Portfolio Optimization Moderate Portfolio			Portfolio Optimization Growth Portfolio			Portfolio Optimization Aggressive- Growth Portfolio			PD 1-3 Year Corporate Bond Portfolio		PD Aggregate Bond Index Portfolio		PD High Yield Bond Market Portfolio
ASSETS
Investments, at value (excluding derivatives)			$-			$-			$-			$468,040,261		$1,209,061,228		$175,397,401
Investments in affiliated mutual funds, at value			7,142,449,564			6,639,374,347			1,595,224,335			-		-		-
Cash			-			-			-			-		-		28,103
Foreign currency held, at value			-			-			-			-		-		51
Receivables:
	Dividends and interest		-			-			-			4,248,795		7,164,609		3,077,077
	Fund shares sold		8,318			8,162			10,428			-		-		-
	Securities sold		5,243,903			2,651,141			55,088			4,083,947		750,870		1,767,593
Prepaid expenses and other assets			40,323			37,181			8,870			1,615		6,174		1,655
Total Assets			7,147,742,108			6,642,070,831			1,595,298,721			476,374,618		1,216,982,881		180,271,880
LIABILITIES
Payables:
	Fund shares redeemed		5,252,221			2,659,304			65,517			-		-		20,160
	Securities purchased		-			-			-			15,881,384		21,730,416		610,956
	Due to custodian		-			-			-			1,462,723		589,125		-
	Accrued advisory fees		582,536			540,548			129,913			57,273		138,690		32,467
	Accrued service fees		1,164,766			1,080,473			259,362			-		-		-
	Accrued support service expenses		135,030			125,171			30,158			2,712		19,094		7,186
	Accrued custodian and portfolio accounting fees		18,899			19,778			22,413			32,331		168,285		68,524
	Accrued shareholder report expenses		40,160			36,735			8,696			496		5,330		1,735
	Accrued trustees’ fees and deferred compensation		274,299			231,825			51,291			3,120		21,582		8,284
	Accrued other		184,647			170,952			46,984			4,845		26,525		9,790
Total Liabilities			7,652,558			4,864,786			614,334			17,444,884		22,699,047		759,102
NET ASSETS			$7,140,089,550			$6,637,206,045			$1,594,684,387			$458,929,734		$1,194,283,834		$179,512,778
NET ASSETS CONSIST OF:
Paid-in capital			($946,346,769	)		($1,487,392,675	)		($330,104,832	)		$441,006,571		$1,128,041,377		$85,557,461
Undistributed/accumulated earnings (deficit)			8,086,436,319			8,124,598,720			1,924,789,219			17,923,163		66,242,457		93,955,317
NET ASSETS			$7,140,089,550			$6,637,206,045			$1,594,684,387			$458,929,734		$1,194,283,834		$179,512,778
Class I Shares:
	Net Assets		$7,138,193,920			$6,633,319,139			$1,591,816,705
	Shares outstanding, $.001 par value (unlimited shares authorized)		390,475,288			325,344,939			73,738,306
	Net Asset Value Per Share		$18.28			$20.39			$21.59
Class P Shares:
	Net Assets		$1,895,630			$3,886,906			$2,867,682			$458,929,734		$1,194,283,834		$179,512,778
	Shares outstanding, $.001 par value (unlimited shares authorized)		102,938			189,248			131,869			41,260,140		96,605,181		10,071,227
	Net Asset Value Per Share		$18.42			$20.54			$21.75			$11.12		$12.36		$17.82
Investments, at cost			$-			$-			$-			$475,708,420		$1,346,594,290		$192,961,298
Investments in affiliated mutual funds, at cost			6,345,085,871			5,726,470,907			1,335,278,164			-		-		-
Foreign currency held, at cost			-			-			-			-		-		51

See Notes to Financial Statements

B-8

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		PD Large-Cap Growth Index Portfolio			PD Large-Cap Value Index Portfolio		PD Mid-Cap Index Portfolio		PD Small-Cap Growth Index Portfolio			PD Small-Cap Value Index Portfolio			PD Emerging Markets Index Portfolio
ASSETS
Investments, at value (excluding derivatives)			$862,673,436			$998,064,673		$331,077,341		$69,300,970			$81,360,293			$145,685,142
Cash			5,162			6,038		-		2,875			806			-
Cash (segregated for derivative investments)			148,000			304,000		175,000		31,000			22,400			55,273
Foreign currency held, at value			-			-		-		-			-			651,199
Receivables:
	Dividends and interest		241,984			1,083,458		350,863		21,418			139,524			749,449
	Securities sold		-			-		-		940			477			100,171
	Variation margin on futures contracts		38,622			52,890		43,244		1,524			1,158			38,769
Prepaid expenses and other assets			4,769			5,225		2,139		437			668			2,590
Total Assets			863,111,973			999,516,284		331,648,587		69,359,164			81,525,326			147,282,593
LIABILITIES
Payables:
	Fund shares redeemed		461,288			545,569		227,752		48,892			36,950			2,706
	Securities purchased		-			-		-		-			-			45,664
	Due to custodian		-			-		10,218		-			-			134,627
	Accrued advisory fees		88,132			101,686		36,856		7,837			9,281			20,214
	Accrued support service expenses		17,182			16,568		8,227		1,359			2,816			1,974
	Accrued custodian and portfolio accounting fees		48,253			48,928		34,404		23,540			28,933			123,833
	Accrued shareholder report expenses		4,491			4,356		2,496		433			746			703
	Accrued trustees’ fees and deferred compensation		16,826			16,575		1,901		2,077			3,199			4,716
	Accrued foreign capital gains tax		-			-		-		-			-			345,518
	Accrued dividends and interest		-			-		-		-			-			597
	Accrued other		34,810			36,903		24,135		5,838			8,836			24,324
Total Liabilities			670,982			770,585		345,989		89,976			90,761			704,876
NET ASSETS			$862,440,991			$998,745,699		$331,302,598		$69,269,188			$81,434,565			$146,577,717
NET ASSETS CONSIST OF:
Paid-in capital			($63,193,241	)		$367,430,604		$250,862,516		($1,139,979	)		($6,578,826	)		$96,724,664
Undistributed/accumulated earnings (deficit)			925,634,232			631,315,095		80,440,082		70,409,167			88,013,391			49,853,053
NET ASSETS			$862,440,991			$998,745,699		$331,302,598		$69,269,188			$81,434,565			$146,577,717
Shares outstanding, $.001 par value (unlimited shares authorized)			11,502,162			23,760,644		26,789,098		1,758,499			2,562,628			8,593,567
Net Asset Value Per Share			$74.98			$42.03		$12.37		$39.39			$31.78			$17.06
Investments, at cost (excluding derivatives)			$674,755,508			$887,300,477		$322,071,853		$67,794,676			$89,723,141			$171,925,925
Foreign currency held, at cost			-			-		-		-			-			686,258

See Notes to Financial Statements

B-9

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2023 (Unaudited)

		PD International Large-Cap Index Portfolio
ASSETS
Investments, at value (excluding derivatives)			$554,035,673
Cash (segregated for derivative investments)			251,083
Foreign currency held, at value			422,000
Receivables:
	Dividends and interest		4,119,609
	Securities sold		300,000
	Variation margin on futures contracts		189,230
Prepaid expenses and other assets			3,336
Total Assets			559,320,931
LIABILITIES
Payables:
	Fund shares redeemed		146,348
	Securities purchased		2,511
	Due to custodian		312,837
	Accrued advisory fees		68,132
	Accrued support service expenses		12,688
	Accrued custodian and portfolio accounting fees		43,302
	Accrued shareholder report expenses		3,491
	Accrued trustees’ fees and deferred compensation		13,347
	Accrued other (1)		59,952
Other liabilities			393
Total Liabilities			663,001
NET ASSETS			$558,657,930
NET ASSETS CONSIST OF:
Paid-in capital			$285,616,623
Undistributed/accumulated earnings (deficit)			273,041,307
NET ASSETS			$558,657,930
Shares outstanding, $.001 par value (unlimited shares authorized)			22,981,941
Net Asset Value Per Share			$24.31
Investments, at cost (excluding derivatives)			$523,495,799
Foreign currency held, at cost			420,918

(1) Accrued other for the PD International Large-Cap Index Portfolio includes $39,994 in accrued licensing fees.

See Notes to Financial Statements

B-10

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		Core Income Portfolio			Diversified Bond Portfolio			Floating Rate Income Portfolio			High Yield Bond Portfolio			Inflation Managed Portfolio			Intermediate Bond Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$-			$-			$512,452			$255,788			$-			$-
Interest, net of foreign taxes withheld			17,324,962			50,591,268			21,160,395			27,313,744			14,786,463			23,237,997
Total Investment Income			17,324,962			50,591,268			21,672,847			27,569,532			14,786,463			23,237,997
EXPENSES
Advisory fees			1,742,258			4,422,811			1,577,141			1,579,698			1,274,092			2,628,941
Service fees - Class I			45,646			608,209			244,602			226,970			272,423			12,260
Support services expenses			17,288			90,365			27,788			38,612			25,285			52,016
Custodian fees and expenses			4,610			160,960			5,612			5,590			17,985			11,185
Portfolio accounting fees			48,431			208,263			148,530			67,376			50,690			90,202
Shareholder report expenses			2,127			-			-			-			446			5,753
Legal and audit fees			9,282			50,233			10,848			17,681			13,284			26,527
Trustees’ fees			6,306			36,265			10,858			15,315			10,066			18,344
Interest expense			1,365			36,667			12,883			10,140			292,931			3,663
Other			9,371			23,969			7,304			12,470			11,697			17,599
Total Expenses			1,886,684			5,637,742			2,045,566			1,973,852			1,968,899			2,866,490
Net Expenses			1,886,684			5,637,742			2,045,566			1,973,852			1,968,899			2,866,490
NET INVESTMENT INCOME (LOSS)			15,438,278			44,953,526			19,627,281			25,595,680			12,817,564			20,371,507
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		(4,569,034	)		(34,655,718	)		(20,587,156	)		(69,118,851	)		(24,883,852	)		(21,154,725	)
	Foreign currency transactions		-			3,269,245			-			-			50,562			-
	Forward foreign currency contract transactions		-			(8,664,606	)		-			-			(458,243	)		-
	Futures contract transactions		-			(5,302,068	)		-			-			(479,672	)		-
	Purchased option transactions		-			(8,416,733	)		-			-			(663,259	)		-
	Written option transactions		-			11,815,797			-			-			920,859			-
	Swap transactions		-			33,132,199			-			-			(5,189,512	)		-
	Net Realized Gain (Loss)		(4,569,034	)		(8,821,884	)		(20,587,156	)		(69,118,851	)		(30,703,117	)		(21,154,725	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		9,055,770			67,669,191			33,507,496			83,268,707			26,436,438			33,703,465
	Foreign currencies		-			(228,547	)		-			-			(336,133	)		-
	Forward foreign currency contracts		-			(1,767,285	)		-			-			1,185,311			-
	Futures contracts		-			4,347,970			-			-			(1,645,268	)		-
	Purchased options		-			1,998,415			-			-			621,002			-
	Swaps		-			(37,979,682	)		-			-			4,007,017			-
	Written options		-			(1,114,779	)		-			-			(718,326	)		-
	Change in Net Unrealized Appreciation (Depreciation)		9,055,770			32,925,283			33,507,496			83,268,707			29,550,041			33,703,465
NET GAIN (LOSS)			4,486,736			24,103,399			12,920,340			14,149,856			(1,153,076	)		12,548,740
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$19,925,014			$69,056,925			$32,547,621			$39,745,536			$11,664,488			$32,920,247
Foreign taxes withheld on dividends and interest			$2,559			$88,213			$-			$4,187			$315			$-
Change in deferred foreign capital gains tax			-			12,391			-			-			-			-

See Notes to Financial Statements

B-11

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		Managed Bond Portfolio			Short Duration Bond Portfolio			Emerging Markets Debt Portfolio			Dividend Growth Portfolio			Equity Index Portfolio		Focused Growth Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$6,766			$-			$-			$11,968,234			$32,996,739		$3,712,606
Interest, net of foreign taxes withheld			52,276,519			30,935,100			7,407,350			1,127,054			544,786		544,778
Total Investment Income			52,283,285			30,935,100			7,407,350			13,095,288			33,541,525		4,257,384
EXPENSES
Advisory fees			4,767,356			3,286,678			772,075			4,462,963			972,054		3,415,491
Service fees - Class I			660,517			429,926			21,881			566,601			3,227,939		238,910
Support services expenses			92,673			44,673			8,663			50,146			142,814		35,968
Custodian fees and expenses			82,168			20,297			38,533			8,520			21,737		5,558
Portfolio accounting fees			141,915			85,245			34,445			66,945			164,443		48,902
Shareholder report expenses			541			3,863			-			2,277			8,065		3,542
Legal and audit fees			48,281			29,690			4,598			26,773			75,950		19,145
Trustees’ fees			36,674			17,849			3,108			19,912			56,897		12,952
Interest expense			201,228			4,463			13,539			3,617			10,713		4,587
Other			30,963			19,697			2,446			18,921			48,665		13,297
Total Expenses			6,062,316			3,942,381			899,288			5,226,675			4,729,277		3,798,352
Advisory Fee Waiver			(178,776	)		-			(49,177	)		(204,493	)		-		-
Net Expenses			5,883,540			3,942,381			850,111			5,022,182			4,729,277		3,798,352
NET INVESTMENT INCOME (LOSS)			46,399,745			26,992,719			6,557,239			8,073,106			28,812,248		459,032
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		(32,022,262	)		(7,360,816	)		(22,011,484	)		41,552,317			25,029,332		13,109,918
	Foreign currency transactions		95,907			-			(284,312	)		12,730			-		520
	Forward foreign currency contract transactions		(10,213,743	)		-			33,761			-			-		-
	Futures contract transactions		5,334,000			(1,168,220	)		(79,820	)		-			698,586		-
	Purchased option transactions		605,625			-			-			-			-		-
	Written option transactions		447,356			-			-			-			-		-
	Swap transactions		(8,494,433	)		-			(673,892	)		-			-		-
	Net Realized Gain (Loss)		(44,247,550	)		(8,529,036	)		(23,015,747	)		41,565,047			25,727,918		13,110,438
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		57,313,835			(4,694,629	)		28,860,024			45,662,118			560,709,963		207,032,747
	Foreign currencies		(263,553	)		-			79,933			428			-		916
	Forward foreign currency contracts		3,055,964			-			260,495			-			-		-
	Futures contracts		(7,602,605	)		(3,566,944	)		(59,526	)		-			1,622,361		-
	Purchased options		278,433			-			-			-			-		-
	Short positions		156,404			-			-			-			-		-
	Swaps		7,564,125			-			989,960			-			-		-
	Written options		(1,642,573	)		-			-			-			-		-
	Change in Net Unrealized Appreciation (Depreciation)		58,860,030			(8,261,573	)		30,130,886			45,662,546			562,332,324		207,033,663
NET GAIN (LOSS)			14,612,480			(16,790,609	)		7,115,139			87,227,593			588,060,242		220,144,101
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$61,012,225			$10,202,110			$13,672,378			$95,300,699			$616,872,490		$220,603,133
Foreign taxes withheld on dividends and interest			$-			$9,098			$26,100			$113,366			$9,050		$50,314
Foreign capital gains tax withheld			-			-			43,834			-			-		-
Change in deferred foreign capital gains tax			-			-			15,737			-			-		-

See Notes to Financial Statements

B-12

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		Growth Portfolio			Hedged Equity Portfolio			Large-Cap Core Portfolio			Large-Cap Growth Portfolio			Large-Cap Value Portfolio			Mid-Cap Equity Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$4,592,227			$1,284,712			$10,053,844			$3,265,893			$12,008,475			$4,003,167
Interest, net of foreign taxes withheld			601,075			76,784			133,386			92,621			573,260			106,933
Total Investment Income			5,193,302			1,361,496			10,187,230			3,358,514			12,581,735			4,110,100
EXPENSES
Advisory fees			3,580,044			498,319			2,747,640			3,166,983			3,450,224			1,930,235
Service fees - Class I			683,907			161,739			546,150			307,003			418,673			368,203
Support services expenses			46,404			5,587			40,013			31,652			42,859			23,267
Custodian fees and expenses			7,668			22,408			13,364			6,296			5,660			4,895
Portfolio accounting fees			62,951			27,884			55,362			46,322			61,597			37,893
Shareholder report expenses			384			752			2,360			-			239			-
Legal and audit fees			25,349			2,853			21,170			17,127			22,617			12,453
Trustees’ fees			18,688			1,994			15,980			12,745			16,949			9,205
Interest expense			3,375			4,524			9,932			8,709			3,082			1,699
Recoupment of adviser reimbursement (1)			-			17,588			-			-			-			-
Other			18,828			4,259			16,552			12,087			16,948			8,915
Total Expenses			4,447,598			747,907			3,468,523			3,608,924			4,038,848			2,396,765
Advisory Fee Waiver			-			-			-			(253,543	)		-			-
Net Expenses			4,447,598			747,907			3,468,523			3,355,381			4,038,848			2,396,765
NET INVESTMENT INCOME (LOSS)			745,704			613,589			6,718,707			3,133			8,542,887			1,713,335
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		50,836,710			(1,478,908	)		17,751,858			71,551,561			34,316,207			(17,323,693	)
	Foreign currency transactions		(48	)		-			(528	)		(13,874	)		(2	)		(155	)
	Futures contract transactions		-			414,505			(177,285	)		-			-			-
	Purchased option transactions		-			(6,194,794	)		-			-			-			-
	Written option transactions		-			(2,055,063	)		-			-			-			-
	Net Realized Gain (Loss)		50,836,662			(9,314,260	)		17,574,045			71,537,687			34,316,205			(17,323,848	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		232,456,001			29,705,132			177,448,743			169,507,155			23,891,691			58,254,154
	Foreign currencies		257			-			2,101			4,458			10,956			14
	Futures contracts		-			144,293			-			-			-			-
	Purchased options		-			(10,046	)		-			-			-			-
	Written options		-			(76	)		-			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		232,456,258			29,839,303			177,450,844			169,511,613			23,902,647			58,254,168
NET GAIN (LOSS)			283,292,920			20,525,043			195,024,889			241,049,300			58,218,852			40,930,320
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$284,038,624			$21,138,632			$201,743,596			$241,052,433			$66,761,739			$42,643,655
Foreign taxes withheld on dividends and interest			$48,243			$2,618			$64,415			$164,063			$-			$5,929

(1) Pacific Life Fund Advisors LLC recouped expenses from the Hedged Equity Portfolio (See Note 7B in Notes to Financial Statements).

See Notes to Financial Statements

B-13

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		Mid-Cap Growth Portfolio			Mid-Cap Value Portfolio			Small-Cap Equity Portfolio			Small-Cap Growth Portfolio			Small-Cap Index Portfolio		Small-Cap Value Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$1,994,877			$5,239,985			$2,697,970			$835,536			$5,371,511		$2,955,822
Interest, net of foreign taxes withheld			106,294			232,610			122,883			299,289			127,585		64,411
Total Investment Income			2,101,171			5,472,595			2,820,853			1,134,825			5,499,096		3,020,233
EXPENSES
Advisory fees			2,695,572			2,051,031			973,888			824,726			967,129		1,327,558
Service fees - Class I			365,101			131,893			90,106			150,993			512,875		193,978
Support services expenses			31,746			25,107			11,715			10,365			25,832		15,845
Custodian fees and expenses			4,956			5,541			15,678			3,747			10,259		3,598
Portfolio accounting fees			46,455			39,779			34,328			23,970			50,478		30,726
Shareholder report expenses			199			-			5			574			147		-
Legal and audit fees			17,199			13,176			6,604			5,515			15,952		8,282
Trustees’ fees			12,676			8,934			4,469			4,140			10,151		6,070
Interest expense			2,389			1,804			1,003			754			2,170		1,435
Licensing fee			-			-			12,651			-			52,555		-
Other			12,518			8,952			6,040			5,464			11,941		7,974
Total Expenses			3,188,811			2,286,217			1,156,487			1,030,248			1,659,489		1,595,466
Advisory Fee Waiver			(96,270	)		-			(129,852	)		-			-		-
Net Expenses			3,092,541			2,286,217			1,026,635			1,030,248			1,659,489		1,595,466
NET INVESTMENT INCOME (LOSS)			(991,370	)		3,186,378			1,794,218			104,577			3,839,607		1,424,767
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		26,791,168			57,398,970			(12,869,241	)		(17,818,746	)		10,707,420		(19,665,879	)
	Foreign currency transactions		-			(4	)		(7,193	)		(3	)		-		(5	)
	Futures contract transactions		-			-			44,396			-			642,403		(2,423	)
	Net Realized Gain (Loss)		26,791,168			57,398,966			(12,832,038	)		(17,818,749	)		11,349,823		(19,668,307	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		99,068,122			(21,724,760	)		17,873,809			46,455,401			33,203,709		13,745,885
	Foreign currencies		-			90			849			729			30		-
	Futures contracts		-			-			54,171			-			177,055		-
	Change in Net Unrealized Appreciation (Depreciation)		99,068,122			(21,724,670	)		17,928,829			46,456,130			33,380,794		13,745,885
NET GAIN (LOSS)			125,859,290			35,674,296			5,096,791			28,637,381			44,730,617		(5,922,422	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$124,867,920			$38,860,674			$6,891,009			$28,741,958			$48,570,224		($4,497,655	)
Foreign taxes withheld on dividends and interest			$-			$22,432			$19,911			$27,173			$6,870		$12,242

See Notes to Financial Statements

B-14

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		Value Portfolio			Value Advantage Portfolio			Emerging Markets Portfolio			International Growth Portfolio			International Large-Cap Portfolio			International Small-Cap Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$12,897,576			$9,883,226			$8,049,083			$7,206,424			$17,273,209			$4,894,843
Interest, net of foreign taxes withheld			475,230			333,108			566,446			-			184,827			48,954
Total Investment Income			13,372,806			10,216,334			8,615,529			7,206,424			17,458,036			4,943,797
EXPENSES
Advisory fees			3,414,692			2,549,632			3,053,484			2,183,101			4,007,044			1,137,316
Service fees - Class I			237,503			105,836			334,936			2,658			563,924			77,570
Support services expenses			34,824			28,990			26,909			19,766			40,768			12,171
Custodian fees and expenses			8,492			4,905			90,110			18,379			32,385			28,432
Portfolio accounting fees			48,081			43,919			80,488			26,302			77,528			36,141
Shareholder report expenses			1,265			200			-			1,774			-			915
Legal and audit fees			18,495			15,439			14,804			11,324			30,167			6,543
Trustees’ fees			13,748			10,317			10,761			7,002			16,114			4,780
Interest expense			2,503			2,019			2,186			2,352			5,964			22,921
Other			14,165			11,703			11,884			9,083			16,368			6,651
Total Expenses			3,793,768			2,772,960			3,625,562			2,281,741			4,790,262			1,333,440
Advisory Fee Waiver			(358,645	)		-			-			-			(154,775	)		(20,070	)
Net Expenses			3,435,123			2,772,960			3,625,562			2,281,741			4,635,487			1,313,370
NET INVESTMENT INCOME (LOSS)			9,937,683			7,443,374			4,989,967			4,924,683			12,822,549			3,630,427
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		12,698,562			18,132,527			(39,315,710	)		(34,973,449	)		58,730,105			(26,506,696	)
	Foreign currency transactions		6,410			-			(125,874	)		1,936			(163,718	)		(71,240	)
	Forward foreign currency contract transactions		(1,502,816	)		-			-			-			-			-
	Futures contract transactions		-			-			(202,550	)		-			285,691			194,855
	Net Realized Gain (Loss)		11,202,156			18,132,527			(39,644,134	)		(34,971,513	)		58,852,078			(26,383,081	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		(5,138,009	)		(8,106,743	)		108,879,131			103,138,498			69,422,192			45,653,705
	Foreign currencies		6,094			-			(57,080	)		15,673			286,731			(25,735	)
	Forward foreign currency contracts		291,162			-			-			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		(4,840,753	)		(8,106,743	)		108,822,051			103,154,171			69,708,923			45,627,970
NET GAIN (LOSS)			6,361,403			10,025,784			69,177,917			68,182,658			128,561,001			19,244,889
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$16,299,086			$17,469,158			$74,167,884			$73,107,341			$141,383,550			$22,875,316
Foreign taxes withheld on dividends and interest			$247,807			$23,509			$1,027,754			$813,501			$2,299,359			$466,175
Foreign capital gains tax withheld			-			-			635,793			-			213,534			-
Change in deferred foreign capital gains tax			-			-			362,117			-			(81,990	)		-

See Notes to Financial Statements

B-15

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		International Value Portfolio			Health Sciences Portfolio			Real Estate Portfolio			Technology Portfolio			ESG Diversified Portfolio			ESG Diversified Growth Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$21,145,690			$2,570,839			$8,936,651			$672,762			$146,704			$53,043
Interest, net of foreign taxes withheld			311,397			247,602			98,214			203,914			-			-
Total Investment Income			22,457,087			2,818,441			9,034,865			876,676			146,704			53,043
EXPENSES
Advisory fees			2,898,958			1,827,048			1,760,978			1,030,194			21,497			12,489
Service fees - Class I			299,127			404,135			208,112			227,599			21,061			11,791
Support services expenses			36,735			15,377			17,068			7,937			778			492
Custodian fees and expenses			51,030			3,766			2,878			2,258			-			-
Portfolio accounting fees			79,562			29,686			30,732			23,149			22,365			22,205
Shareholder report expenses			-			437			-			424			101			36
Legal and audit fees			26,247			8,712			9,167			4,323			412			247
Trustees’ fees			14,423			6,102			6,815			3,219			278			168
Interest expense			4,362			1,111			1,238			778			-			-
Other (1)			13,919			7,369			8,917			4,939			5,450			5,419
Total Expenses			3,424,363			2,303,743			2,045,905			1,304,820			71,942			52,847
Advisory Fee Waiver			-			-			(188,924	)		-			-			-
Adviser Reimbursement			-			-			-			-			(18,474	)		(22,257	)
Net Expenses			3,424,363			2,303,743			1,856,981			1,304,820			53,468			30,590
NET INVESTMENT INCOME (LOSS)			19,032,724			514,698			7,177,884			(428,144	)		93,236			22,453
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		62,572,667			11,559,906			2,213,144			5,349,617			(471,219	)		(312,803	)
	Investment securities from affiliated mutual fund investments		-			-			-						(279,123	)		(48,063	)
	Foreign currency transactions		(241,667	)		(13,850	)		-			(12,443	)		-			-
	Forward foreign currency contract transactions		-			(19,569	)		-			-			-			-
	Futures contract transactions		218,741			-			-			-			-			-
	Purchased option transactions		-			-			-			(779,946	)		-			-
	Net Realized Gain (Loss)		62,549,741			11,526,487			2,213,144			4,557,228			(750,342	)		(360,866	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		13,870,523			(5,360,860	)		7,139,195			59,311,856			2,505,365			1,579,896
	Foreign currencies		79,947			1,075			-			4			-			-
	Forward foreign currency contracts		-			(227,848	)		-			-			-			-
	Purchased options		-			-			-			(219,088	)		-			-
	Change in Net Unrealized Appreciation (Depreciation)		13,950,470			(5,587,633	)		7,139,195			59,092,772			2,505,365			1,579,896
NET GAIN (LOSS)			76,500,211			5,938,854			9,352,339			63,650,000			1,755,023			1,219,030
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$95,532,935			$6,453,552			$16,530,223			$63,221,856			$1,848,259			$1,241,483
Foreign taxes withheld on dividends and interest			$2,931,927			$22,896			$-			$11,019			$-			$-
Foreign capital gains tax withheld			50,450			-			-			-			-			-
Change in deferred foreign capital gains tax			(109,671	)		-			-			-			-			-

(1) Other expenses for the ESG Diversified and ESG Diversified Growth Portfolios includes $5,122 and $5,196 of transfer agency expenses, respectively.

See Notes to Financial Statements

B-16

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		PSF Avantis Balanced Allocation Portfolio			Pacific Dynamix - Conservative Growth Portfolio			Pacific Dynamix - Moderate Growth Portfolio			Pacific Dynamix - Growth Portfolio			Portfolio Optimization Conservative Portfolio			Portfolio Optimization Moderate- Conservative Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$4,182,854			$-			$-			$-			$-			$-
Total Investment Income			4,182,854			-			-			-			-			-
EXPENSES
Advisory fees			328,120			515,873			2,429,922			1,796,977			574,571			818,619
Distribution and/or service fees - Class D			406,603			-			-			-			-			-
Service fees - Class I			-			508,697			2,390,752			1,766,849			1,148,968			1,636,903
Support services expenses			13,636			19,694			92,045			67,341			43,900			62,639
Custodian fees and expenses			641			-			-			-			-			-
Portfolio accounting fees			21,060			22,638			23,793			23,242			26,533			27,167
Shareholder report expenses			397			-			2,370			5,606			-			-
Legal and audit fees			6,310			10,487			48,910			35,540			23,308			33,382
Trustees’ fees			4,337			7,087			33,080			24,197			15,778			22,515
Other			11,681			8,220			35,548			27,780			19,008			23,882
Total Expenses			792,785			1,092,696			5,056,420			3,747,532			1,852,066			2,625,107
Advisory Fee Waiver			(98,436	)		-			-			-			-			-
Adviser Reimbursement			-			(97,603	)		(348,322	)		(297,695	)		-			-
Net Expenses			694,349			995,093			4,708,098			3,449,837			1,852,066			2,625,107
NET INVESTMENT INCOME (LOSS)			3,488,505			(995,093	)		(4,708,098	)		(3,449,837	)		(1,852,066	)		(2,625,107	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		1,200,529			-			-			-			-			-
	Investment securities from affiliated mutual fund investments		-			17,099,430			103,505,606			82,305,458			21,967,490			49,427,913
	Net Realized Gain (Loss)		1,200,529			17,099,430			103,505,606			82,305,458			21,967,490			49,427,913
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		16,833,033			-			-			-			-			-
	Investment securities from affiliated mutual fund investments		-			15,750,196			102,524,035			91,793,488			35,948,013			50,916,654
	Change in Net Unrealized Appreciation (Depreciation)		16,833,033			15,750,196			102,524,035			91,793,488			35,948,013			50,916,654
NET GAIN (LOSS)			18,033,562			32,849,626			206,029,641			174,098,946			57,915,503			100,344,567
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$21,522,067			$31,854,533			$201,321,543			$170,649,109			$56,063,437			$97,719,460

See Notes to Financial Statements

B-17

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		Portfolio Optimization Moderate Portfolio			Portfolio Optimization Growth Portfolio			Portfolio Optimization Aggressive- Growth Portfolio			PD 1-3 Year Corporate Bond Portfolio			PD Aggregate Bond Index Portfolio			PD High Yield Bond Market Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$-			$-			$-			$-			$-			$49
Interest, net of foreign taxes withheld			-			-			-			6,577,416			16,358,391			9,003,053
Total Investment Income			$-			$-			$-			$6,577,416			$16,358,391			$9,003,102
EXPENSES
Advisory fees			3,543,342			3,275,989			784,164			258,347			788,740			256,518
Service fees - Class I			7,084,983			6,548,333			1,565,633			-			-			-
Support services expenses			270,231			249,262			59,665			6,588			38,991			13,782
Custodian fees and expenses			-			-			-			1,376			33,860			2,430
Portfolio accounting fees			30,594			30,831			28,403			38,223			169,943			79,375
Shareholder report expenses			-			-			-			975			1,407			-
Legal and audit fees			144,136			133,066			31,847			3,540			20,644			6,315
Trustees’ fees			97,063			89,562			21,424			2,373			13,763			4,816
Interest expense			-			-			-			42			989			372
Other			86,882			83,318			24,970			3,673			13,040			3,690
Total Expenses			11,257,231			10,410,361			2,516,106			315,137			1,081,377			367,298
Net Expenses			11,257,231			10,410,361			2,516,106			315,137			1,081,377			367,298
NET INVESTMENT INCOME (LOSS)			(11,257,231	)		(10,410,361	)		(2,516,106	)		6,262,279			15,277,014			8,635,804
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		-			-			-			(2,056,444	)		(2,282,944	)		(28,929,706	)
	Investment securities from affiliated mutual fund investments		222,602,780			317,731,545			85,880,097			-			-			-
	Net Realized Gain (Loss)		222,602,780			317,731,545			85,880,097			(2,056,444	)		(2,282,944	)		(28,929,706	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		-			-			-			(822,726	)		8,379,652			32,359,518
	Investment securities from affiliated mutual fund investments		337,108,838			229,819,969			59,787,928			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		337,108,838			229,819,969			59,787,928			(822,726	)		8,379,652			32,359,518
NET GAIN (LOSS)			559,711,618			547,551,514			145,668,025			(2,879,170	)		6,096,708			3,429,812
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$548,454,387			$537,141,153			$143,151,919			$3,383,109			$21,373,722			$12,065,616
Foreign taxes withheld on dividends and interest			$-			$-			$-			$797			$411			$5,955

See Notes to Financial Statements

B-18

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		PD Large-Cap Growth Index Portfolio		PD Large-Cap Value Index Portfolio		PD Mid-Cap Index Portfolio		PD Small-Cap Growth Index Portfolio			PD Small-Cap Value Index Portfolio			PD Emerging Markets Index Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld (1)			$4,357,022		$10,785,283		$3,077,624		$321,126			$1,346,727			$2,125,926
Interest, net of foreign taxes withheld			89,286		88,512		30,345		6,782			18,148			65,669
Total Investment Income			4,446,308		10,873,795		3,107,969		327,908			1,364,875			2,191,595
EXPENSES
Advisory fees			540,559		588,759		247,282		53,970			75,967			285,857
Support services expenses			33,515		33,677		15,947		2,740			5,406			3,944
Custodian fees and expenses			6,766		7,243		5,531		5,535			6,819			96,810
Portfolio accounting fees			49,705		51,676		33,440		20,297			24,922			32,542
Shareholder report expenses			1,575		2,055		735		175			-			-
Legal and audit fees			17,623		17,633		8,503		1,648			3,109			2,564
Trustees’ fees			11,848		11,775		5,635		962			1,863			1,400
Interest expense			2,799		2,947		1,378		964			457			340
Licensing fee			27,870		28,817		15,723		3,037			5,462			16,203
Other			10,381		11,214		5,156		1,568			2,001			2,923
Total Expenses			702,641		755,796		339,330		90,896			126,006			442,583
Advisory Fee Waiver			-		-		-		-			-			(179,599	)
Net Expenses			702,641		755,796		339,330		90,896			126,006			262,984
NET INVESTMENT INCOME (LOSS)			3,743,667		10,117,999		2,768,639		237,012			1,238,869			1,928,611
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		87,674,180		29,237,593		4,401,950		(6,017,929	)		(15,552,826	)		(1,120,209	)
	Foreign currency transactions		-		-		-		-			-			19,695
	Futures contract transactions		725,697		744,007		309,532		37,434			75,245			402,759
	Net Realized Gain (Loss)		88,399,877		29,981,600		4,711,482		(5,980,495	)		(15,477,581	)		(697,755	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		123,020,403		12,823,236		19,293,549		15,144,740			13,976,013			6,271,632
	Foreign currencies		-		-		-		-			-			(39,313	)
	Futures contracts		383,643		224,065		133,713		24,258			24,809			12,685
	Change in Net Unrealized Appreciation (Depreciation)		123,404,046		13,047,301		19,427,262		15,168,998			14,000,822			6,245,004
NET GAIN (LOSS)			211,803,923		43,028,901		24,138,744		9,188,503			(1,476,759	)		5,547,249
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$215,547,590		$53,146,900		$26,907,383		$9,425,515			($237,890	)		$7,475,860
Foreign taxes withheld on dividends and interest			$153		$1,385		$1,185		$909			$998			$245,549
Foreign capital gains tax withheld			-		-		-		-			-			16,966
Change in deferred foreign capital gains tax			-		-		-		-			-			130,321

(1) Dividend income for the PD Small-Cap Value Index Portfolio includes $85,597 of payment-in-kind income.

See Notes to Financial Statements

B-19

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2023 (Unaudited)

		PD International Large-Cap Index Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$11,217,140
Interest, net of foreign taxes withheld			119,448
Total Investment Income			11,336,588
EXPENSES
Advisory fees			599,529
Support services expenses			24,546
Custodian fees and expenses			41,270
Portfolio accounting fees			54,472
Shareholder report expenses			609
Legal and audit fees			13,801
Trustees’ fees			8,514
Interest expense			11,455
Licensing fee			66,649
Other			8,602
Total Expenses			829,447
Advisory Fee Waiver			(168,478	)
Net Expenses			660,969
NET INVESTMENT INCOME (LOSS)			10,675,619
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		28,393,599
	Foreign currency transactions		(196,776	)
	Futures contract transactions		695,483
	Net Realized Gain (Loss)		28,892,306
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		23,812,192
	Foreign currencies		49,535
	Futures contracts		444,167
	Change in Net Unrealized Appreciation (Depreciation)		24,305,894
NET GAIN (LOSS)			53,198,200
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$63,873,819
Foreign taxes withheld on dividends and interest			$1,283,896

See Notes to Financial Statements

B-20

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		Core Income Portfolio						Diversified Bond Portfolio						Floating Rate Income Portfolio
OPERATIONS
Net investment income (loss)			$15,438,278			$14,870,014			$44,953,526			$105,395,667			$19,627,281			$38,276,306
Net realized gain (loss)			(4,569,034	)		(17,799,486	)		(8,821,884	)		(513,021,455	)		(20,587,156	)		(7,549,194	)
Change in net unrealized appreciation (depreciation)			9,055,770			(68,294,107	)		32,925,283			(351,439,084	)		33,507,496			(38,544,812	)
Net Increase (Decrease) in Net Assets Resulting from Operations			19,925,014			(71,223,579	)		69,056,925			(759,064,872	)		32,547,621			(7,817,700	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		6,896,811			8,120,108			25,279,268			276,377,967			12,055,890			61,278,156
	Class P		468,553,782			1,100,416			36,892,469			13,008,725			703,677			460,836,156
Cost of shares repurchased
	Class I		(3,444,524	)		(6,363,405	)		(29,061,974	)		(111,855,217	)		(19,937,478	)		(85,636,618	)
	Class P		(19,831,829	)		(123,269,380	)		(404,673,079	)		(1,719,819,160	)		(487,844,346	)		(93,071,026	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			452,174,240			(120,412,261	)		(371,563,316	)		(1,542,287,685	)		(495,022,257	)		343,406,668
NET INCREASE (DECREASE) IN NET ASSETS			472,099,254			(191,635,840	)		(302,506,391	)		(2,301,352,557	)		(462,474,636	)		335,588,968
NET ASSETS
Beginning of Year or Period			445,675,167			637,311,007			2,394,910,563			4,696,263,120			734,746,692			399,157,724
End of Year or Period			$917,774,421			$445,675,167			$2,092,404,172			$2,394,910,563			$272,272,056			$734,746,692
		High Yield Bond Portfolio						Inflation Managed Portfolio						Intermediate Bond Portfolio
OPERATIONS
Net investment income (loss)			$25,595,680			$61,356,770			$12,817,564			$48,430,762			$20,371,507			$25,438,120
Net realized gain (loss)			(69,118,851	)		(20,544,876	)		(30,703,117	)		3,692,538			(21,154,725	)		(34,512,699	)
Change in net unrealized appreciation (depreciation)			83,268,707			(171,051,208	)		29,550,041			(142,115,718	)		33,703,465			(163,923,854	)
Net Increase (Decrease) in Net Assets Resulting from Operations			39,745,536			(130,239,314	)		11,664,488			(89,992,418	)		32,920,247			(172,998,433	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		35,439,883			39,000,543			13,957,908			18,766,148			8,132,007			8,097,414
	Class P		695,931			71,936,571			1,506,118			278,177,648			94,610,446			561,979,819
Cost of shares repurchased
	Class I		(36,355,098	)		(139,720,511	)		(17,789,904	)		(46,257,198	)		(230,609	)		(435,118	)
	Class P		(558,614,985	)		(139,599,945	)		(129,014,759	)		(38,017,938	)		(206,968,191	)		(277,157,493	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(558,834,269	)		(168,383,342	)		(131,340,637	)		212,668,660			(104,456,347	)		292,484,622
NET INCREASE (DECREASE) IN NET ASSETS			(519,088,733	)		(298,622,656	)		(119,676,149	)		122,676,242			(71,536,100	)		119,486,189
NET ASSETS
Beginning of Year or Period			1,019,750,325			1,318,372,981			666,752,279			544,076,037			1,374,789,011			1,255,302,822
End of Year or Period			$500,661,592			$1,019,750,325			$547,076,130			$666,752,279			$1,303,252,911			$1,374,789,011

(1) Unaudited.

See Notes to Financial Statements

B-21

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		Managed Bond Portfolio						Short Duration Bond Portfolio						Emerging Markets Debt Portfolio
OPERATIONS
Net investment income (loss)			$46,399,745			$63,852,017			$26,992,719			$22,953,159			$6,557,239			$17,050,580
Net realized gain (loss)			(44,247,550	)		(127,596,927	)		(8,529,036	)		(21,886,619	)		(23,015,747	)		(53,967,824	)
Change in net unrealized appreciation (depreciation)			58,860,030			(314,672,298	)		(8,261,573	)		(62,358,337	)		30,130,886			96,409
Net Increase (Decrease) in Net Assets Resulting from Operations			61,012,225			(378,417,208	)		10,202,110			(61,291,797	)		13,672,378			(36,820,835	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		13,013,161			35,834,933			21,950,033			50,545,969			1,188,242			2,842,259
	Class P		127,780,865			560,371,089			1,175,974,703			30,714,903			224,696			4,735,430
Cost of shares repurchased
	Class I		(36,883,080	)		(128,122,107	)		(25,277,949	)		(102,235,114	)		(1,945,393	)		(67,290,142	)
	Class P		(254,705,233	)		(390,251,746	)		(28,047,620	)		(201,352,836	)		(106,782,634	)		(229,243,953	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(150,794,287	)		77,832,169			1,144,599,167			(222,327,078	)		(107,315,089	)		(288,956,406	)
NET INCREASE (DECREASE) IN NET ASSETS			(89,782,062	)		(300,585,039	)		1,154,801,277			(283,618,875	)		(93,642,711	)		(325,777,241	)
NET ASSETS
Beginning of Year or Period			2,457,898,115			2,758,483,154			1,151,992,941			1,435,611,816			232,520,714			558,297,955
End of Year or Period			$2,368,116,053			$2,457,898,115			$2,306,794,218			$1,151,992,941			$138,878,003			$232,520,714
		Dividend Growth Portfolio						Equity Index Portfolio						Focused Growth Portfolio
OPERATIONS
Net investment income (loss)			$8,073,106			$14,134,292			$28,812,248			$54,276,756			$459,032			($707,053	)
Net realized gain (loss)			41,565,047			193,370,702			25,727,918			110,537,124			13,110,438			(107,334,018	)
Change in net unrealized appreciation (depreciation)			45,662,546			(387,042,631	)		562,332,324			(978,464,473	)		207,033,663			(283,895,607	)
Net Increase (Decrease) in Net Assets Resulting from Operations			95,300,699			(179,537,637	)		616,872,490			(813,650,593	)		220,603,133			(391,936,678	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		14,189,449			30,137,514			61,055,683			252,981,477			8,274,023			17,373,971
	Class P		96,097,622			2,915,500			133,541,929			178,426,214			22,822,308			483,687,754
Cost of shares repurchased
	Class I		(23,037,371	)		(48,260,568	)		(136,386,442	)		(413,372,432	)		(14,038,715	)		(31,646,759	)
	Class P		(56,581,510	)		(337,220,392	)		(66,337,884	)		(54,826,967	)		(206,892,000	)		(9,620,288	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			30,668,190			(352,427,946	)		(8,126,714	)		(36,791,708	)		(189,834,384	)		459,794,678
NET INCREASE (DECREASE) IN NET ASSETS			125,968,889			(531,965,583	)		608,745,776			(850,442,301	)		30,768,749			67,858,000
NET ASSETS
Beginning of Year or Period			1,314,682,792			1,846,648,375			3,659,875,912			4,510,318,213			911,490,235			843,632,235
End of Year or Period			$1,440,651,681			$1,314,682,792			$4,268,621,688			$3,659,875,912			$942,258,984			$911,490,235

(1) Unaudited.

See Notes to Financial Statements

B-22

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		Growth Portfolio						Hedged Equity Portfolio						Large-Cap Core Portfolio
OPERATIONS
Net investment income (loss)			$745,704			($667,095	)		$613,589			$777,018			$6,718,707			$11,794,478
Net realized gain (loss)			50,836,662			176,401,642			(9,314,260	)		9,096,072			17,574,045			63,861,060
Change in net unrealized appreciation (depreciation)			232,456,258			(785,584,310	)		29,839,303			(15,828,113	)		177,450,844			(334,531,305	)
Net Increase (Decrease) in Net Assets Resulting from Operations			284,038,624			(609,849,763	)		21,138,632			(5,955,023	)		201,743,596			(258,875,767	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		11,814,001			49,956,042			47,915,082			113,180,536			4,805,239			8,382,156
	Class P		79,420,839			7,171,296			2,143,442			3,498,840			338,184,597			243,871,787
Cost of shares repurchased
	Class I		(33,149,616	)		(111,367,962	)		(26,878,982	)		(9,843,031	)		(26,442,407	)		(58,107,935	)
	Class P		(124,784,662	)		(364,927,580	)		(743,906	)		(426,749	)		(81,671,937	)		(28,481,905	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(66,699,438	)		(419,168,204	)		22,435,636			106,409,596			234,875,492			165,664,103
NET INCREASE (DECREASE) IN NET ASSETS			217,339,186			(1,029,017,967	)		43,574,268			100,454,573			436,619,088			(93,211,664	)
NET ASSETS
Beginning of Year or Period			1,189,950,731			2,218,968,698			159,781,861			59,327,288			1,019,147,473			1,112,359,137
End of Year or Period			$1,407,289,917			$1,189,950,731			$203,356,129			$159,781,861			$1,455,766,561			$1,019,147,473
		Large-Cap Growth Portfolio						Large-Cap Value Portfolio						Mid-Cap Equity Portfolio
OPERATIONS
Net investment income (loss)			$3,133			($399,587	)		$8,542,887			$16,697,624			$1,713,335			$7,995,184
Net realized gain (loss)			71,537,687			(1,081,587	)		34,316,205			47,815,404			(17,323,848	)		(8,977,356	)
Change in net unrealized appreciation (depreciation)			169,511,613			(471,641,885	)		23,902,647			(152,526,019	)		58,254,168			(128,270,583	)
Net Increase (Decrease) in Net Assets Resulting from Operations			241,052,433			(473,123,059	)		66,761,739			(88,012,991	)		42,643,655			(129,252,755	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		10,060,659			17,913,055			9,213,254			36,979,434			7,286,130			16,898,065
	Class P		114,265,647			71,712,334			68,145,270			21,664,949			8,956,425			1,484,832
Cost of shares repurchased
	Class I		(18,779,622	)		(35,011,037	)		(24,459,112	)		(49,097,025	)		(12,629,404	)		(31,035,106	)
	Class P		(132,597,593	)		(23,207,366	)		(78,267,523	)		(138,592,936	)		(50,036,875	)		(73,246,711	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(27,050,909	)		31,406,986			(25,368,111	)		(129,045,578	)		(46,423,724	)		(85,898,920	)
NET INCREASE (DECREASE) IN NET ASSETS			214,001,524			(441,716,073	)		41,393,628			(217,058,569	)		(3,780,069	)		(215,151,675	)
NET ASSETS
Beginning of Year or Period			784,081,467			1,225,797,540			1,126,680,039			1,343,738,608			600,998,823			816,150,498
End of Year or Period			$998,082,991			$784,081,467			$1,168,073,667			$1,126,680,039			$597,218,754			$600,998,823

(1) Unaudited.

See Notes to Financial Statements

B-23

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		Mid-Cap Growth Portfolio						Mid-Cap Value Portfolio						Small-Cap Equity Portfolio
OPERATIONS
Net investment income (loss)			($991,370	)		($2,925,285	)		$3,186,378			$8,045,628			$1,794,218			$3,561,801
Net realized gain (loss)			26,791,168			90,234,318			57,398,966			90,956,871			(12,832,038	)		12,603,123
Change in net unrealized appreciation (depreciation)			99,068,122			(465,833,465	)		(21,724,670	)		(154,339,026	)		17,928,829			(64,750,755	)
Net Increase (Decrease) in Net Assets Resulting from Operations			124,867,920			(378,524,432	)		38,860,674			(55,336,527	)		6,891,009			(48,585,831	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		9,831,363			26,522,473			6,614,505			14,408,977			5,570,571			8,542,434
	Class P		4,823,630			6,118,276			13,390,119			3,245,393			825,437			2,043,740
Cost of shares repurchased
	Class I		(18,529,147	)		(62,343,872	)		(12,356,936	)		(24,462,389	)		(7,065,718	)		(18,209,752	)
	Class P		(210,666,218	)		(76,855,207	)		(215,708,126	)		(153,485,538	)		(84,137,251	)		(122,872,096	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(214,540,372	)		(106,558,330	)		(208,060,438	)		(160,293,557	)		(84,806,961	)		(130,495,674	)
NET INCREASE (DECREASE) IN NET ASSETS			(89,672,452	)		(485,082,762	)		(169,199,764	)		(215,630,084	)		(77,915,952	)		(179,081,505	)
NET ASSETS
Beginning of Year or Period			805,561,878			1,290,644,640			650,393,526			866,023,610			298,381,554			477,463,059
End of Year or Period			$715,889,426			$805,561,878			$481,193,762			$650,393,526			$220,465,602			$298,381,554
		Small-Cap Growth Portfolio						Small-Cap Index Portfolio						Small-Cap Value Portfolio
OPERATIONS
Net investment income (loss)			$104,577			($230,858	)		$3,839,607			$6,908,818			$1,424,767			$4,486,721
Net realized gain (loss)			(17,818,749	)		(26,817,342	)		11,349,823			12,302,224			(19,668,307	)		46,404,207
Change in net unrealized appreciation (depreciation)			46,456,130			(71,340,202	)		33,380,794			(195,977,161	)		13,745,885			(140,235,903	)
Net Increase (Decrease) in Net Assets Resulting from Operations			28,741,958			(98,388,402	)		48,570,224			(176,766,119	)		(4,497,655	)		(89,344,975	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		3,214,738			16,752,403			14,100,166			33,031,649			6,563,340			12,528,064
	Class P		18,775,684			78,645,860			5,104,806			22,785,502			2,396,153			2,992,258
Cost of shares repurchased
	Class I		(8,892,407	)		(13,240,577	)		(20,138,691	)		(62,668,979	)		(15,423,442	)		(40,764,395	)
	Class P		(18,052,676	)		(4,306,318	)		(35,476,682	)		(27,554,884	)		(113,624,487	)		(118,330,282	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(4,954,661	)		77,851,368			(36,410,401	)		(34,406,712	)		(120,088,436	)		(143,574,355	)
NET INCREASE (DECREASE) IN NET ASSETS			23,787,297			(20,537,034	)		12,159,823			(211,172,831	)		(124,586,091	)		(232,919,330	)
NET ASSETS
Beginning of Year or Period			261,599,899			282,136,933			644,957,356			856,130,187			401,242,132			634,161,462
End of Year or Period			$285,387,196			$261,599,899			$657,117,179			$644,957,356			$276,656,041			$401,242,132

(1) Unaudited.

See Notes to Financial Statements

B-24

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		Value Portfolio						Value Advantage Portfolio						Emerging Markets Portfolio
OPERATIONS
Net investment income (loss)			$9,937,683			$19,104,353			$7,443,374			$15,622,229			$4,989,967			$7,086,983
Net realized gain (loss)			11,202,156			88,672,182			18,132,527			107,589,122			(39,644,134	)		(27,003,555	)
Change in net unrealized appreciation (depreciation)			(4,840,753	)		(113,085,966	)		(8,106,743	)		(152,399,291	)		108,822,051			(287,931,273	)
Net Increase (Decrease) in Net Assets Resulting from Operations			16,299,086			(5,309,431	)		17,469,158			(29,187,940	)		74,167,884			(307,847,845	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		3,627,776			18,989,216			5,058,440			34,137,353			14,506,862			32,999,369
	Class P		132,520,455			4,670,281			91,315,244			3,811,409			99,668,581			6,739,242
Cost of shares repurchased
	Class I		(18,686,999	)		(33,269,451	)		(18,100,958	)		(17,396,112	)		(27,792,739	)		(31,441,402	)
	Class P		(44,083,966	)		(237,539,510	)		(55,764,144	)		(284,269,754	)		(62,450,921	)		(374,949,933	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			73,377,266			(247,149,464	)		22,508,582			(263,717,104	)		23,931,783			(366,652,724	)
NET INCREASE (DECREASE) IN NET ASSETS			89,676,352			(252,458,895	)		39,977,740			(292,905,044	)		98,099,667			(674,500,569	)
NET ASSETS
Beginning of Year or Period			926,368,490			1,178,827,385			756,667,087			1,049,572,131			695,083,480			1,369,584,049
End of Year or Period			$1,016,044,842			$926,368,490			$796,644,827			$756,667,087			$793,183,147			$695,083,480
		International Growth Portfolio						International Large-Cap Portfolio						International Small-Cap Portfolio
OPERATIONS
Net investment income (loss)			$4,924,683			$4,616,581			$12,822,549			$14,753,818			$3,630,427			$6,729,976
Net realized gain (loss)			(34,971,513	)		(61,261,428	)		58,852,078			15,728,394			(26,383,081	)		(10,258,960	)
Change in net unrealized appreciation (depreciation)			103,154,171			(94,646,973	)		69,708,923			(228,392,024	)		45,627,970			(53,700,173	)
Net Increase (Decrease) in Net Assets Resulting from Operations			73,107,341			(151,291,820	)		141,383,550			(197,909,812	)		22,875,316			(57,229,157	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		2,020,621			1,606,740			11,723,955			29,065,017			1,665,566			3,682,581
	Class P		264,877,949			26,022,398			9,835,880			61,062,285			1,992,893			128,841,669
Cost of shares repurchased
	Class I		(467,266	)		(298,163	)		(36,960,711	)		(56,311,804	)		(4,662,679	)		(7,434,969	)
	Class P		(74,800,245	)		(78,358,459	)		(207,213,283	)		(84,395,635	)		(137,940,643	)		(18,206,149	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			191,631,059			(51,027,484	)		(222,614,159	)		(50,580,137	)		(138,944,863	)		106,883,132
NET INCREASE (DECREASE) IN NET ASSETS			264,738,400			(202,319,304	)		(81,230,609	)		(248,489,949	)		(116,069,547	)		49,653,975
NET ASSETS
Beginning of Year or Period			509,906,518			712,225,822			1,054,595,270			1,303,085,219			319,598,662			269,944,687
End of Year or Period			$774,644,918			$509,906,518			$973,364,661			$1,054,595,270			$203,529,115			$319,598,662

(1) Unaudited.

See Notes to Financial Statements

B-25

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		International Value Portfolio						Health Sciences Portfolio						Real Estate Portfolio
OPERATIONS
Net investment income (loss)			$19,032,724			$30,257,875			$514,698			$740,968			$7,177,884			$7,676,481
Net realized gain (loss)			62,549,741			66,320,010			11,526,487			29,892,641			2,213,144			14,862,693
Change in net unrealized appreciation (depreciation)			13,950,470			(108,591,545	)		(5,587,633	)		(60,983,765	)		7,139,195			(172,234,204	)
Net Increase (Decrease) in Net Assets Resulting from Operations			95,532,935			(12,013,660	)		6,453,552			(30,350,156	)		16,530,223			(149,695,030	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		4,425,825			14,962,326			4,110,101			14,119,840			4,049,154			9,058,765
	Class P		44,011,482			274,373,729			313,399			650,280			7,720,742			89,830,125
Cost of shares repurchased
	Class I		(19,862,388	)		(35,143,031	)		(27,431,872	)		(51,905,770	)		(10,245,353	)		(36,614,250	)
	Class P		(231,143,119	)		(134,314,387	)		(119,563	)		(219,673	)		(111,970,093	)		(16,124,157	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(202,568,200	)		119,878,637			(23,127,935	)		(37,355,323	)		(110,445,550	)		46,150,483
NET INCREASE (DECREASE) IN NET ASSETS			(107,035,265	)		107,864,977			(16,674,383	)		(67,705,479	)		(93,915,327	)		(103,544,547	)
NET ASSETS
Beginning of Year or Period			962,888,247			855,023,270			426,481,514			494,186,993			438,953,951			542,498,498
End of Year or Period			$855,852,982			$962,888,247			$409,807,131			$426,481,514			$345,038,624			$438,953,951
		Technology Portfolio						ESG Diversified Portfolio						ESG Diversified Growth Portfolio
OPERATIONS
Net investment income (loss)			($428,144	)		($1,490,137	)		$93,236			$295,521			$22,453			$160,353
Net realized gain (loss)			4,557,228			2,263,241			(750,342	)		(541,446	)		(360,866	)		(912,908	)
Change in net unrealized appreciation (depreciation)			59,092,772			(112,845,011	)		2,505,365			(2,954,492	)		1,579,896			(1,298,659	)
Net Increase (Decrease) in Net Assets Resulting from Operations			63,221,856			(112,071,907	)		1,848,259			(3,200,417	)		1,241,483			(2,051,214	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		20,609,780			31,911,393			4,314,508			5,996,354			193,773			936,099
	Class P		260,276			478,814			52,160			493,304			557,310			3,085,457
Cost of shares repurchased
	Class I		(19,099,592	)		(31,725,994	)		(855,568	)		(385,497	)		(125,307	)		(134,352	)
	Class P		(79,824	)		(96,085	)		(494,316	)		(7,881	)		(166,431	)		(2,974,244	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			1,690,640			568,128			3,016,784			6,096,280			459,345			912,960
NET INCREASE (DECREASE) IN NET ASSETS			64,912,496			(111,503,779	)		4,865,043			2,895,863			1,700,828			(1,138,254	)
NET ASSETS
Beginning of Year or Period			198,452,525			309,956,304			19,828,167			16,932,304			11,735,124			12,873,378
End of Year or Period			$263,365,021			$198,452,525			$24,693,210			$19,828,167			$13,435,952			$11,735,124

(1) Unaudited.

See Notes to Financial Statements

B-26

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		PSF Avantis Balanced Allocation Portfolio						Pacific Dynamix - Conservative Growth Portfolio						Pacific Dynamix - Moderate Growth Portfolio
OPERATIONS
Net investment income (loss)			$3,488,505			$5,124,564			($995,093	)		($2,168,761	)		($4,708,098	)		($9,916,500	)
Net realized gain (loss)			1,200,529			(7,717,422	)		17,099,430			22,597,859			103,505,606			124,627,206
Change in net unrealized appreciation (depreciation)			16,833,033			(56,139,994	)		15,750,196			(114,417,071	)		102,524,035			(578,813,143	)
Net Increase (Decrease) in Net Assets Resulting from Operations			21,522,067			(58,732,852	)		31,854,533			(93,987,973	)		201,321,543			(464,102,437	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class D		2,097,562			21,338,907
	Class I								2,378,492			19,275,314			9,516,729			31,341,142
	Class P		287,443			1,341,656			2,732,294			4,648,572			9,569,577			24,902,830
Cost of shares repurchased
	Class D		(17,066,179	)		(34,393,895	)
	Class I								(40,687,177	)		(66,828,208	)		(118,928,587	)		(181,394,678	)
	Class P		(362,682	)		(255,472	)		(669,655	)		(779,092	)		(6,675,298	)		(6,676,459	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(15,043,856	)		(11,968,804	)		(36,246,046	)		(43,683,414	)		(106,517,579	)		(131,827,165	)
NET INCREASE (DECREASE) IN NET ASSETS			6,478,211			(70,701,656	)		(4,391,513	)		(137,671,387	)		94,803,964			(595,929,602	)
NET ASSETS
Beginning of Year or Period			325,699,911			396,401,567			518,303,201			655,974,588			2,388,119,637			2,984,049,239
End of Year or Period			$332,178,122			$325,699,911			$513,911,688			$518,303,201			$2,482,923,601			$2,388,119,637
		Pacific Dynamix - Growth Portfolio						Portfolio Optimization Conservative Portfolio						Portfolio Optimization Moderate-Conservative Portfolio
OPERATIONS
Net investment income (loss)			($3,449,837	)		($6,597,611	)		($1,852,066	)		($4,137,679	)		($2,625,107	)		($5,918,679	)
Net realized gain (loss)			82,305,458			47,116,764			21,967,490			54,316,413			49,427,913			111,896,118
Change in net unrealized appreciation (depreciation)			91,793,488			(363,280,703	)		35,948,013			(250,312,451	)		50,916,654			(427,894,484	)
Net Increase (Decrease) in Net Assets Resulting from Operations			170,649,109			(322,761,550	)		56,063,437			(200,133,717	)		97,719,460			(321,917,045	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		29,355,832			236,328,214			9,063,632			77,833,869			6,768,537			14,258,340
	Class P		8,389,205			15,300,688			771			11,534			257,532			24,095
Cost of shares repurchased
	Class I		(47,085,530	)		(50,486,101	)		(93,292,596	)		(207,777,708	)		(123,097,217	)		(268,114,948	)
	Class P		(2,837,901	)		(2,952,464	)		(42,817	)		(3,466	)		(121,086	)		(15,782	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(12,178,394	)		198,190,337			(84,271,010	)		(129,935,771	)		(116,192,234	)		(253,848,295	)
NET INCREASE (DECREASE) IN NET ASSETS			158,470,715			(124,571,213	)		(28,207,573	)		(330,069,488	)		(18,472,774	)		(575,765,340	)
NET ASSETS
Beginning of Year or Period			1,723,747,932			1,848,319,145			1,166,362,246			1,496,431,734			1,650,557,414			2,226,322,754
End of Year or Period			$1,882,218,647			$1,723,747,932			$1,138,154,673			$1,166,362,246			$1,632,084,640			$1,650,557,414

(1) Unaudited.

See Notes to Financial Statements

B-27

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
		Portfolio Optimization Moderate Portfolio						Portfolio Optimization Growth Portfolio						Portfolio Optimization Aggressive-Growth Portfolio
OPERATIONS
Net investment income (loss)			($11,257,231	)		($24,983,870	)		($10,410,361	)		($22,763,560	)		($2,516,106	)		($5,409,845	)
Net realized gain (loss)			222,602,780			543,309,733			317,731,545			470,230,735			85,880,097			122,575,278
Change in net unrealized appreciation (depreciation)			337,108,838			(1,971,647,849	)		229,819,969			(1,881,173,027	)		59,787,928			(468,271,758	)
Net Increase (Decrease) in Net Assets Resulting from Operations			548,454,387			(1,453,321,986	)		537,141,153			(1,433,705,852	)		143,151,919			(351,106,325	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		4,570,308			6,356,127			4,223,774			8,806,845			2,401,672			11,438,658
	Class P		212,572			261,798			413,092			1,896,108			296,352			1,574,362
Cost of shares repurchased
	Class I		(483,694,720	)		(991,933,363	)		(390,384,976	)		(782,233,794	)		(90,051,780	)		(163,126,367	)
	Class P		(56,075	)		(108,123	)		(179,176	)		(1,148,162	)		(95,480	)		(79,617	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(478,967,915	)		(985,423,561	)		(385,927,286	)		(772,679,003	)		(87,449,236	)		(150,192,964	)
NET INCREASE (DECREASE) IN NET ASSETS			69,486,472			(2,438,745,547	)		151,213,867			(2,206,384,855	)		55,702,683			(501,299,289	)
NET ASSETS
Beginning of Year or Period			7,070,603,078			9,509,348,625			6,485,992,178			8,692,377,033			1,538,981,704			2,040,280,993
End of Year or Period			$7,140,089,550			$7,070,603,078			$6,637,206,045			$6,485,992,178			$1,594,684,387			$1,538,981,704
		PD 1-3 Year Corporate Bond Portfolio						PD Aggregate Bond Index Portfolio						PD High Yield Bond Market Portfolio
OPERATIONS
Net investment income (loss)			$6,262,279			$2,697,006			$15,277,014			$23,235,902			$8,635,804			$24,035,077
Net realized gain (loss)			(2,056,444	)		(3,938,557	)		(2,282,944	)		(8,639,861	)		(28,929,706	)		(6,114,296	)
Change in net unrealized appreciation (depreciation)			(822,726	)		(6,075,187	)		8,379,652			(173,237,655	)		32,359,518			(70,992,345	)
Net Increase (Decrease) in Net Assets Resulting from Operations			3,383,109			(7,316,738	)		21,373,722			(158,641,614	)		12,065,616			(53,071,564	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P			288,411,160			20,789,713			158,237,759			108,072,024			1,872,117			9,919,578
Cost of shares repurchased - Class P			(1,496,623	)		(77,628,544	)		(11,803,877	)		(82,580,056	)		(196,703,539	)		(139,070,208	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			286,914,537			(56,838,831	)		146,433,882			25,491,968			(194,831,422	)		(129,150,630	)
NET INCREASE (DECREASE) IN NET ASSETS			290,297,646			(64,155,569	)		167,807,604			(133,149,646	)		(182,765,806	)		(182,222,194	)
NET ASSETS
Beginning of Year or Period			168,632,088			232,787,657			1,026,476,230			1,159,625,876			362,278,584			544,500,778
End of Year or Period			$458,929,734			$168,632,088			$1,194,283,834			$1,026,476,230			$179,512,778			$362,278,584

(1) Unaudited.

See Notes to Financial Statements

B-28

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022			Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
	PD Large-Cap Growth Index Portfolio						PD Large-Cap Value Index Portfolio						PD Mid-Cap Index Portfolio
OPERATIONS
Net investment income (loss)		$3,743,667			$6,910,326			$10,117,999			$18,140,304			$2,768,639			$6,918,007
Net realized gain (loss)		88,399,877			3,484,086			29,981,600			21,211,482			4,711,482			29,199,761
Change in net unrealized appreciation (depreciation)		123,404,046			(299,314,217	)		13,047,301			(112,155,775	)		19,427,262			(130,424,828	)
Net Increase (Decrease) in Net Assets Resulting from Operations		215,547,590			(288,919,805	)		53,146,900			(72,803,989	)		26,907,383			(94,307,060	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		5,092,357			389,581,208			109,121,328			201,049,175			1,994,116			25,596,353
Cost of shares repurchased - Class P		(197,200,637	)		(12,895,245	)		(41,489,159	)		(55,487,848	)		(106,997,948	)		(141,725,658	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(192,108,280	)		376,685,963			67,632,169			145,561,327			(105,003,832	)		(116,129,305	)
NET INCREASE (DECREASE) IN NET ASSETS		23,439,310			87,766,158			120,779,069			72,757,338			(78,096,449	)		(210,436,365	)
NET ASSETS
Beginning of Year or Period		839,001,681			751,235,523			877,966,630			805,209,292			409,399,047			619,835,412
End of Year or Period		$862,440,991			$839,001,681			$998,745,699			$877,966,630			$331,302,598			$409,399,047
	PD Small-Cap Growth Index Portfolio						PD Small-Cap Value Index Portfolio						PD Emerging Markets Index Portfolio
OPERATIONS
Net investment income (loss)		$237,012			$380,762			$1,238,869			$3,068,040			$1,928,611			$3,590,901
Net realized gain (loss)		(5,980,495	)		(11,849,717	)		(15,477,581	)		7,574,696			(697,755	)		17,472,513
Change in net unrealized appreciation (depreciation)		15,168,998			(19,546,984	)		14,000,822			(35,472,763	)		6,245,004			(63,287,706	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,425,515			(31,015,939	)		(237,890	)		(24,830,027	)		7,475,860			(42,224,292	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		17,220,939			13,792,620			1,151,805			8,746,976			40,915,037			9,020,707
Cost of shares repurchased - Class P		(25,395,136	)		(65,288,538	)		(56,511,744	)		(69,387,427	)		(5,323,634	)		(171,666,904	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,174,197	)		(51,495,918	)		(55,359,939	)		(60,640,451	)		35,591,403			(162,646,197	)
NET INCREASE (DECREASE) IN NET ASSETS		1,251,318			(82,511,857	)		(55,597,829	)		(85,470,478	)		43,067,263			(204,870,489	)
NET ASSETS
Beginning of Year or Period		68,017,870			150,529,727			137,032,394			222,502,872			103,510,454			308,380,943
End of Year or Period		$69,269,188			$68,017,870			$81,434,565			$137,032,394			$146,577,717			$103,510,454

(1) Unaudited.

See Notes to Financial Statements

B-29

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Period Ended June 30, 2023 (1)			Year Ended December 31, 2022
	PD International Large-Cap Index Portfolio
OPERATIONS
Net investment income (loss)		$10,675,619			$19,361,751
Net realized gain (loss)		28,892,306			(1,687,291	)
Change in net unrealized appreciation (depreciation)		24,305,894			(106,732,343	)
Net Increase (Decrease) in Net Assets Resulting from Operations		63,873,819			(89,057,883	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		49,685,658			71,983,901
Cost of shares repurchased - Class P		(194,739,293	)		(38,690,996	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(145,053,635	)		33,292,905
NET INCREASE (DECREASE) IN NET ASSETS		(81,179,816	)		(55,764,978	)
NET ASSETS
Beginning of Year or Period		639,837,746			695,602,724
End of Year or Period		$558,657,930			$639,837,746

(1) Unaudited.

See Notes to Financial Statements

B-30

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																		Ratios to Average Net Assets						Supplemental Data
			Investment Operations								Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Core Income
Class I
2023 (7)		$11.10		$0.24		$0.19			$0.43			$-		$-		$-		$11.53		0.73%		0.73%		4.22%		3.86%			$47,965		34%
2022		12.67		0.32		(1.89	)		(1.57	)		-		-		-		11.10		0.74%		0.74%		2.82%		(12.40%	)		42,839		88%
2021		12.72		0.23		(0.28	)		(0.05	)		-		-		-		12.67		0.74%		0.74%		1.80%		(0.39%	)		47,044		86%
2020		11.61		0.28		0.83			1.11			-		-		-		12.72		0.74%		0.74%		2.29%		9.58%			46,604		121%
2019		10.46		0.33		0.82			1.15			-		-		-		11.61		0.74%		0.74%		2.98%		10.92%			29,951		78%
2018		10.67		0.33		(0.54	)		(0.21	)		-		-		-		10.46		0.75%		0.75%		3.10%		(1.94%	)		21,244		83%
Class P
2023 (7)		11.27		0.26		0.19			0.45			-		-		-		11.72		0.53%		0.53%		4.47%		3.97%			869,809		34%
2022		12.84		0.35		(1.92	)		(1.57	)		-		-		-		11.27		0.54%		0.54%		2.96%		(12.23%	)		402,836		88%
2021		12.86		0.26		(0.28	)		(0.02	)		-		-		-		12.84		0.54%		0.54%		2.00%		(0.19%	)		590,267		86%
2020		11.72		0.31		0.83			1.14			-		-		-		12.86		0.54%		0.54%		2.53%		9.79%			563,135		121%
2019		10.54		0.36		0.82			1.18			-		-		-		11.72		0.55%		0.55%		3.17%		11.15%			523,920		78%
2018		10.73		0.35		(0.54	)		(0.19	)		-		-		-		10.54		0.55%		0.55%		3.28%		(1.75%	)		294,297		83%
Diversified Bond
Class I
2023 (7)		$9.72		$0.19		$0.09			$0.28			$-		$-		$-		$10.00		0.65%		0.65%		3.92%		2.93%			$617,380		108%
2022		11.94		0.31		(2.53	)		(2.22	)		-		-		-		9.72		0.65%		0.65%		3.06%		(18.62%	)		603,308		104%
2021		12.17		0.26		(0.49	)		(0.23	)		-		-		-		11.94		0.64%		0.64%		2.20%		(1.93%	)		564,741		106%
2020		11.03		0.30		0.84			1.14			-		-		-		12.17		0.65%		0.65%		2.62%		10.35%			474,148		176%
2019		9.76		0.34		0.93			1.27			-		-		-		11.03		0.65%		0.65%		3.21%		13.00%			568,139		276%
2018		9.90		0.33		(0.47	)		(0.14	)		-		-		-		9.76		0.65%		0.65%		3.37%		(1.36%	)		378,733		260%
Class P
2023 (7)		13.21		0.28		0.12			0.40			-		-		-		13.61		0.45%		0.45%		4.11%		3.03%			1,475,024		108%
2022		16.20		0.44		(3.43	)		(2.99	)		-		-		-		13.21		0.45%		0.45%		3.12%		(18.46%	)		1,791,603		104%
2021		16.49		0.39		(0.68	)		(0.29	)		-		-		-		16.20		0.44%		0.44%		2.40%		(1.73%	)		4,131,522		106%
2020		14.91		0.44		1.14			1.58			-		-		-		16.49		0.45%		0.45%		2.80%		10.57%			3,974,079		176%
2019		13.17		0.48		1.26			1.74			-		-		-		14.91		0.45%		0.45%		3.41%		13.22%			3,852,139		276%
2018		13.32		0.46		(0.61	)		(0.15	)		-		-		-		13.17		0.45%		0.45%		3.56%		(1.16%	)		2,753,754		260%
Floating Rate Income
Class I
2023 (7)		$13.58		$0.58		$0.38			$0.96			$-		$-		$-		$14.54		0.94%		0.94%		8.27%		7.13%			$250,443		51%
2022		13.79		0.71		(0.92	)		(0.21	)		-		-		-		13.58		0.91%		0.90%		5.26%		(1.54%	)		241,459		45%
2021		13.18		0.53		0.08			0.61			-		-		-		13.79		0.91%		0.86%		3.91%		4.62%			269,774		104%
2020		12.59		0.49		0.10			0.59			-		-		-		13.18		0.91%		0.86%		3.94%		4.71%			236,995		107%
2019		11.65		0.62		0.32			0.94			-		-		-		12.59		0.93%		0.88%		5.07%		8.11%			250,135		105%
2018		11.65		0.58		(0.58	)		-			-		-		-		11.65		0.94%		0.94%		4.86%		(0.03%	)		90,147		117%
Class P
2023 (7)		13.84		0.55		0.45			1.00			-		-		-		14.84		0.73%		0.73%		7.75%		7.23%			21,829		51%
2022		14.03		0.78		(0.97	)		(0.19	)		-		-		-		13.84		0.72%		0.71%		5.68%		(1.35%	)		493,288		45%
2021		13.38		0.56		0.09			0.65			-		-		-		14.03		0.71%		0.66%		4.10%		4.83%			129,383		104%
2020		12.76		0.53		0.09			0.62			-		-		-		13.38		0.71%		0.66%		4.19%		4.92%			239,179		107%
2019		11.78		0.66		0.32			0.98			-		-		-		12.76		0.73%		0.68%		5.29%		8.30%			394,144		105%
2018		11.76		0.59		(0.57	)		0.02			-		-		-		11.78		0.73%		0.73%		4.92%		0.17%			366,922		117%

See Notes to Financial Statements See explanation of references on B-45

B-31

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																		Ratios to Average Net Assets							Supplemental Data
			Investment Operations								Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)			Net Investment Income (Loss) (4), (5)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
High Yield Bond
Class I
2023 (7)		$8.87		$0.29		$0.15			$0.44			$-		$-		$-		$9.31		0.65%		0.65%			6.39%		4.96%			$230,244		21%
2022		9.89		0.48		(1.50	)		(1.02	)		-		-		-		8.87		0.63%		0.63%			5.31%		(10.35%	)		220,364		33%
2021		9.38		0.47		0.04			0.51			-		-		-		9.89		0.63%		0.63%			4.88%		5.42%			351,557		46%
2020		8.87		0.48		0.03			0.51			-		-		-		9.38		0.63%		0.63%			5.51%		5.74%			342,507		59%
2019		7.78		0.45		0.64			1.09			-		-		-		8.87		0.64%		0.64%			5.32%		13.98%			319,345		59%
2018		8.05		0.42		(0.69	)		(0.27	)		-		-		-		7.78		0.63%		0.63%			5.27%		(3.27%	)		269,670		43%
Class P
2023 (7)		9.78		0.32		0.17			0.49			-		-		-		10.27		0.44%		0.44%			6.48%		5.06%			270,417		21%
2022		10.88		0.55		(1.65	)		(1.10	)		-		-		-		9.78		0.43%		0.43%			5.52%		(10.17%	)		799,387		33%
2021		10.30		0.54		0.04			0.58			-		-		-		10.88		0.43%		0.43%			5.08%		5.63%			966,816		46%
2020		9.72		0.54		0.04			0.58			-		-		-		10.30		0.43%		0.43%			5.72%		5.96%			1,028,641		59%
2019		8.51		0.51		0.70			1.21			-		-		-		9.72		0.44%		0.44%			5.52%		14.21%			864,418		59%
2018		8.78		0.48		(0.75	)		(0.27	)		-		-		-		8.51		0.43%		0.43%			5.48%		(3.08%	)		771,581		43%
Inflation Managed
Class I
2023 (7)		$11.64		$0.24		($0.05	)		$0.19			$-		$-		$-		$11.83		0.73%		0.73%	(8)		4.05%		1.64%			$269,937		86%
2022		13.21		0.84		(2.41	)		(1.57	)		-		-		-		11.64		0.73%		0.73%			6.86%		(11.87%	)		269,220		47%
2021		12.50		0.62		0.09			0.71			-		-		-		13.21		0.67%		0.67%			4.88%		5.69%			335,607		115%
2020		11.22		0.12		1.16			1.28			-		-		-		12.50		0.88%		0.88%			0.99%		11.42%			292,256		226%
2019		10.32		0.20		0.70			0.90			-		-		-		11.22		1.93%		1.93%			1.88%		8.64%			278,484		284%
2018		10.55		0.31		(0.54	)		(0.23	)		-		-		-		10.32		1.56%		1.56%			2.94%		(2.15%	)		297,483		256%
Class P
2023 (7)		13.31		0.27		(0.04	)		0.23			-		-		-		13.54		0.53%		0.53%	(8)		4.00%		1.74%			277,139		86%
2022		15.08		1.03		(2.80	)		(1.77	)		-		-		-		13.31		0.53%		0.53%			7.43%		(11.70%	)		397,533		47%
2021		14.24		0.74		0.10			0.84			-		-		-		15.08		0.47%		0.47%			5.09%		5.90%			208,469		115%
2020		12.75		0.15		1.34			1.49			-		-		-		14.24		0.68%		0.68%			1.13%		11.64%			206,924		226%
2019		11.71		0.19		0.85			1.04			-		-		-		12.75		1.73%		1.73%			1.55%		8.86%			158,321		284%
2018		11.95		0.38		(0.62	)		(0.24	)		-		-		-		11.71		1.36%		1.36%			3.18%		(1.96%	)		362,227		256%
Intermediate Bond
Class I
2023 (7)		$8.69		$0.13		$0.06			$0.19			$-		$-		$-		$8.88		0.64%		0.64%			2.92%		2.29%			$16,422		16%
2022		9.98		0.19		(1.48	)		(1.29	)		-		-		-		8.69		0.63%		0.63%			2.16%		(12.98%	)		8,363		78%
11/01/2021 - 12/31/2021		9.99		0.02		(0.03	)		(0.01	)		-		-		-		9.98		0.62%		0.62%			1.12%		(0.16%	)		1,094		135%
Class P
2023 (7)		8.71		0.14		0.06			0.20			-		-		-		8.91		0.43%		0.43%			3.10%		2.39%			1,286,831		16%
2022		9.98		0.19		(1.46	)		(1.27	)		-		-		-		8.71		0.43%		0.43%			2.13%		(12.81%	)		1,366,426		78%
2021		10.16		0.12		(0.30	)		(0.18	)		-		-		-		9.98		0.43%		0.43%			1.20%		(1.70%	)		1,254,209		135%
10/23/2020 - 12/31/2020		10.00		0.01		0.15			0.16			-		-		-		10.16		0.45%		0.45%			0.55%		1.57%			1,090,654		82%
Managed Bond
Class I
2023 (7)		$12.69		$0.24		$0.07			$0.31			$-		$-		$-		$13.00		0.65%		0.64%	(8)		3.75%		2.46%			$655,058		256%
2022		14.76		0.33		(2.40	)		(2.07	)		-		-		-		12.69		0.64%		0.63%			2.46%		(14.02%	)		662,633		426%
2021		14.93		0.25		(0.42	)		(0.17	)		-		-		-		14.76		0.63%		0.62%			1.69%		(1.13%	)		871,592		320%
2020		13.78		0.30		0.85			1.15			-		-		-		14.93		0.70%		0.69%			2.04%		8.34%			898,530		574%
2019		12.70		0.38		0.70			1.08			-		-		-		13.78		1.00%		1.00%			2.87%		8.49%			829,816		606%
2018		12.78		0.33		(0.41	)		(0.08	)		-		-		-		12.70		1.04%		1.04%			2.65%		(0.60%	)		840,708		608%
Class P
2023 (7)		14.10		0.28		0.08			0.36			-		-		-		14.46		0.45%		0.44%	(8)		3.94%		2.56%			1,713,058		256%
2022		16.37		0.40		(2.67	)		(2.27	)		-		-		-		14.10		0.44%		0.43%			2.73%		(13.85%	)		1,795,265		426%
2021		16.52		0.31		(0.46	)		(0.15	)		-		-		-		16.37		0.43%		0.42%			1.89%		(0.93%	)		1,886,891		320%
2020		15.22		0.36		0.94			1.30			-		-		-		16.52		0.50%		0.49%			2.23%		8.56%			2,096,829		574%
2019		14.00		0.46		0.76			1.22			-		-		-		15.22		0.80%		0.80%			3.08%		8.71%			2,541,514		606%
2018		14.06		0.39		(0.45	)		(0.06	)		-		-		-		14.00		0.84%		0.84%			2.83%		(0.40%	)		1,456,611		608%

See Notes to Financial Statements See explanation of references on B-45

B-32

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																		Ratios to Average Net Assets							Supplemental Data
			Investment Operations								Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)			Net Investment Income (Loss) (4), (5)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Short Duration Bond
Class I
2023 (7)		$10.22		$0.16		($0.04	)		$0.12			$-		$-		$-		$10.34		0.63%		0.63%			3.05%		1.25%			$429,050		24%
2022		10.71		0.18		(0.67	)		(0.49	)		-		-		-		10.22		0.63%		0.63%			1.69%		(4.58%	)		427,005		83%
2021		10.75		0.12		(0.16	)		(0.04	)		-		-		-		10.71		0.63%		0.63%			1.10%		(0.45%	)		501,192		82%
2020		10.37		0.18		0.20			0.38			-		-		-		10.75		0.63%		0.63%			1.72%		3.73%			511,791		83%
2019		9.95		0.24		0.18			0.42			-		-		-		10.37		0.64%		0.64%			2.33%		4.22%			465,453		131%
2018		9.84		0.20		(0.09	)		0.11			-		-		-		9.95		0.64%		0.64%			2.00%		1.14%			483,827		101%
Class P
2023 (7)		10.71		0.18		(0.04	)		0.14			-		-		-		10.85		0.43%		0.43%			3.38%		1.36%			1,877,744		24%
2022		11.20		0.20		(0.69	)		(0.49	)		-		-		-		10.71		0.43%		0.43%			1.87%		(4.39%	)		724,988		83%
2021		11.22		0.15		(0.17	)		(0.02	)		-		-		-		11.20		0.43%		0.43%			1.30%		(0.25%	)		934,420		82%
2020		10.80		0.21		0.21			0.42			-		-		-		11.22		0.43%		0.43%			1.90%		3.94%			1,035,575		83%
2019		10.34		0.27		0.19			0.46			-		-		-		10.80		0.43%		0.43%			2.53%		4.43%			837,740		131%
2018		10.20		0.21		(0.07	)		0.14			-		-		-		10.34		0.43%		0.43%			2.07%		1.34%			518,877		101%
Emerging Markets Debt
Class I
2023 (7)		$11.05		$0.37		$0.44			$0.81			$-		$-		$-		$11.86		1.10%		1.05%	(8)		6.50%		7.29%			$22,601		72%
2022		12.21		0.60		(1.76	)		(1.16	)		-		-		-		11.05		1.11%		1.06%			5.31%		(9.27%	)		21,815		103%
2021		12.97		0.53		(1.29	)		(0.76	)		-		-		-		12.21		1.05%		1.03%			4.20%		(6.12%	)		90,598		145%
2020		12.75		0.54		(0.32	)		0.22			-		-		-		12.97		1.09%		1.07%			4.54%		1.75%			84,108		82%
2019		11.64		0.68		0.43			1.11			-		-		-		12.75		1.05%		1.03%			5.48%		9.52%			54,255		55%
2018		12.31		0.66		(1.33	)		(0.67	)		-		-		-		11.64		1.04%		1.04%			5.57%		(5.45%	)		45,110		46%
Class P
2023 (7)		11.28		0.39		0.45			0.84			-		-		-		12.12		0.89%		0.84%	(8)		6.68%		7.39%			116,277		72%
2022		12.44		0.65		(1.81	)		(1.16	)		-		-		-		11.28		0.92%		0.87%			5.68%		(9.08%	)		210,706		103%
2021		13.19		0.56		(1.31	)		(0.75	)		-		-		-		12.44		0.85%		0.82%			4.40%		(5.94%	)		467,700		145%
2020		12.94		0.59		(0.34	)		0.25			-		-		-		13.19		0.86%		0.84%			4.93%		1.96%			290,029		82%
2019		11.80		0.71		0.43			1.14			-		-		-		12.94		0.85%		0.83%			5.63%		9.74%			716,924		55%
2018		12.45		0.67		(1.32	)		(0.65	)		-		-		-		11.80		0.84%		0.83%			5.66%		(5.26%	)		1,029,570		46%
Dividend Growth
Class I
2023 (7)		$33.01		$0.18		$2.04			$2.22			$-		$-		$-		$35.23		0.88%		0.85%			1.07%		6.73%			$591,933		10%
2022		36.88		0.29		(4.16	)		(3.87	)		-		-		-		33.01		0.88%		0.88%			0.87%		(10.49%	)		563,348		16%
2021		29.32		0.21		7.35			7.56			-		-		-		36.88		0.87%		0.87%			0.63%		25.80%			649,523		10%
2020		25.85		0.23		3.24			3.47			-		-		-		29.32		0.88%		0.88%			0.92%		13.44%			526,309		28%
2019		19.78		0.25		5.82			6.07			-		-		-		25.85		0.88%		0.88%			1.06%		30.64%			487,210		23%
2018		20.04		0.27		(0.53	)		(0.26	)		-		-		-		19.78		0.89%		0.89%			1.32%		(1.28%	)		373,346		27%
Class P
2023 (7)		36.51		0.23		2.27			2.50			-		-		-		39.01		0.68%		0.65%			1.27%		6.83%			848,719		10%
2022		40.71		0.39		(4.59	)		(4.20	)		-		-		-		36.51		0.68%		0.68%			1.05%		(10.31%	)		751,335		16%
2021		32.30		0.30		8.11			8.41			-		-		-		40.71		0.67%		0.67%			0.84%		26.05%			1,197,125		10%
2020		28.42		0.31		3.57			3.88			-		-		-		32.30		0.68%		0.68%			1.12%		13.66%			1,356,736		28%
2019		21.71		0.32		6.39			6.71			-		-		-		28.42		0.69%		0.69%			1.25%		30.90%			950,491		23%
2018		21.95		0.35		(0.59	)		(0.24	)		-		-		-		21.71		0.70%		0.70%			1.55%		(1.09%	)		502,741		27%

See Notes to Financial Statements See explanation of references on B-45

B-33

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Equity Index
Class I
2023 (7)		$97.29		$0.75			$15.53			$16.28			$-		$-		$-		$113.57		0.28%		0.28%		1.44%			16.74%			$3,504,166		1%
2022		119.09		1.41			(23.21	)		(21.80	)		-		-		-		97.29		0.28%		0.28%		1.36%			(18.31%	)		3,072,629		6%
2021		92.77		1.21			25.11			26.32			-		-		-		119.09		0.27%		0.27%		1.14%			28.37%			3,929,164		2%
2020		78.55		1.25			12.97			14.22			-		-		-		92.77		0.28%		0.28%		1.59%			18.11%			3,129,087		7%
2019		59.92		1.22			17.41			18.63			-		-		-		78.55		0.28%		0.28%		1.74%			31.10%			2,672,446		6%
2018		62.89		1.08			(4.05	)		(2.97	)		-		-		-		59.92		0.28%		0.28%		1.66%			(4.73%	)		2,077,180		4%
Class P
2023 (7)		101.28		0.88			16.19			17.07			-		-		-		118.35		0.08%		0.08%		1.64%			16.85%			764,455		1%
2022		123.73		1.68			(24.13	)		(22.45	)		-		-		-		101.28		0.08%		0.08%		1.57%			(18.15%	)		587,247		6%
2021		96.20		1.47			26.06			27.53			-		-		-		123.73		0.07%		0.07%		1.36%			28.63%			581,154		2%
2020		81.29		1.45			13.46			14.91			-		-		-		96.20		0.08%		0.08%		1.79%			18.35%			778,542		7%
2019		61.88		1.40			18.01			19.41			-		-		-		81.29		0.08%		0.08%		1.91%			31.36%			718,257		6%
2018		64.82		1.24			(4.18	)		(2.94	)		-		-		-		61.88		0.08%		0.08%		1.85%			(4.54%	)		391,230		4%
Focused Growth
Class I
2023 (7)		$41.74		($0.01	)		$10.81			$10.80			$-		$-		$-		$52.54		0.94%		0.94%		(0.05%	)		25.90%			$268,189		28%
2022		63.04		(0.12	)		(21.18	)		(21.30	)		-		-		-		41.74		0.95%		0.95%		(0.26%	)		(33.80%	)		218,362		43%
2021		52.63		(0.30	)		10.71			10.41			-		-		-		63.04		0.95%		0.95%		(0.51%	)		19.79%			347,239		44%
2020		38.06		(0.19	)		14.76			14.57			-		-		-		52.63		0.97%		0.97%		(0.44%	)		38.29%			291,287		42%
2019		28.09		(0.06	)		10.03			9.97			-		-		-		38.06		0.97%		0.97%		(0.16%	)		35.46%			236,437		40%
2018		26.76		(0.07	)		1.40			1.33			-		-		-		28.09		0.97%		0.97%		(0.24%	)		4.99%			180,115		41%
Class P
2023 (7)		42.78		0.03			11.10			11.13			-		-		-		53.91		0.74%		0.74%		0.15%			26.02%			674,070		28%
2022		64.49		(0.01	)		(21.70	)		(21.71	)		-		-		-		42.78		0.75%		0.75%		(0.01%	)		(33.66%	)		693,129		43%
2021		53.73		(0.17	)		10.93			10.76			-		-		-		64.49		0.75%		0.75%		(0.28%	)		20.03%			496,393		44%
2020		38.77		(0.10	)		15.06			14.96			-		-		-		53.73		0.76%		0.76%		(0.23%	)		38.58%			45		42%
2019		28.56		0.02			10.19			10.21			-		-		-		38.77		0.76%		0.76%		0.05%			35.75%			33		40%
2018		27.14		(0.01	)		1.43			1.42			-		-		-		28.56		0.76%		0.76%		(0.03%	)		5.21%			24		41%
Growth
Class I
2023 (7)		$44.65		$0.01			$10.61			$10.62			$-		$-		$-		$55.27		0.78%		0.78%		0.02%			23.80%			$761,809		21%
2022		64.90		(0.07	)		(20.18	)		(20.25	)		-		-		-		44.65		0.78%		0.78%		(0.14%	)		(31.21%	)		634,578		19%
2021		52.59		(0.23	)		12.54			12.31			-		-		-		64.90		0.77%		0.77%		(0.38%	)		23.42%			999,552		13%
2020		39.97		(0.12	)		12.74			12.62			-		-		-		52.59		0.78%		0.78%		(0.28%	)		31.56%			833,240		40%
2019		28.94		(0.04	)		11.07			11.03			-		-		-		39.97		0.78%		0.78%		(0.12%	)		38.13%			709,513		28%
2018		28.26		(0.02	)		0.70			0.68			-		-		-		28.94		0.78%		0.78%		(0.05%	)		2.40%			541,763		33%
Class P
2023 (7)		48.56		0.06			11.56			11.62			-		-		-		60.18		0.58%		0.58%		0.22%			23.93%			645,481		21%
2022		70.46		0.03			(21.93	)		(21.90	)		-		-		-		48.56		0.58%		0.58%		0.05%			(31.07%	)		555,373		19%
2021		56.97		(0.12	)		13.61			13.49			-		-		-		70.46		0.57%		0.57%		(0.18%	)		23.67%			1,219,416		13%
2020		43.22		(0.04	)		13.79			13.75			-		-		-		56.97		0.58%		0.58%		(0.08%	)		31.82%			1,496,227		40%
2019		31.23		0.03			11.96			11.99			-		-		-		43.22		0.58%		0.58%		0.08%			38.41%			1,244,042		28%
2018		30.43		0.05			0.75			0.80			-		-		-		31.23		0.58%		0.58%		0.14%			2.61%			764,599		33%
Hedged Equity
Class I
2023 (7)		$9.69		$0.04			$1.23			$1.27			$-		$-		$-		$10.96		0.90%		0.90%		0.73%			12.95%			$197,755		27%
2022		10.55		0.07			(0.93	)		(0.86	)		-		-		-		9.69		0.92%		0.90%		0.72%			(7.95%	)		156,133		29%
04/30/2021 - 12/31/2021		10.00		0.03			0.52			0.55			-		-		-		10.55		1.13%		0.90%		0.48%			5.37%			58,694		34%
Class P
2023 (7)		9.72		0.05			1.23			1.28			-		-		-		11.00		0.70%		0.70%		0.95%			13.06%			5,601		27%
2022		10.57		0.10			(0.95	)		(0.85	)		-		-		-		9.72		0.72%		0.70%		0.98%			(7.76%	)		3,648		29%
04/30/2021 - 12/31/2021		10.00		0.05			0.52			0.57			-		-		-		10.57		0.93%		0.70%		0.70%			5.51%			633		34%

See Notes to Financial Statements See explanation of references on B-45

B-34

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Large-Cap Core
Class I
2023 (7)		$54.51		$0.29			$8.83			$9.12			$-		$-		$-		$63.63		0.68%		0.68%		1.01%			16.72%			$586,263		34%
2022		68.67		0.59			(14.75	)		(14.16	)		-		-		-		54.51		0.68%		0.68%		1.00%			(20.61%	)		522,329		126%
2021		53.74		0.53			14.40			14.93			-		-		-		68.67		0.67%		0.67%		0.87%			27.76%			715,346		42%
2020		47.17		0.46			6.11			6.57			-		-		-		53.74		0.68%		0.68%		0.99%			13.94%			625,521		56%
2019		35.70		0.51			10.96			11.47			-		-		-		47.17		0.68%		0.68%		1.20%			32.13%			626,936		42%
2018		38.70		0.50			(3.50	)		(3.00	)		-		-		-		35.70		0.68%		0.68%		1.27%			(7.74%	)		533,368		62%
Class P
2023 (7)		61.15		0.39			9.91			10.30			-		-		-		71.45		0.48%		0.48%		1.18%			16.84%			869,504		34%
2022		76.88		0.78			(16.51	)		(15.73	)		-		-		-		61.15		0.48%		0.48%		1.20%			(20.46%	)		496,819		126%
2021		60.05		0.78			16.05			16.83			-		-		-		76.88		0.47%		0.47%		1.14%			28.02%			397,013		42%
2020		52.60		0.61			6.84			7.45			-		-		-		60.05		0.48%		0.48%		1.17%			14.16%			578,315		56%
2019		39.73		0.66			12.21			12.87			-		-		-		52.60		0.48%		0.48%		1.40%			32.40%			459,756		42%
2018		42.98		0.63			(3.88	)		(3.25	)		-		-		-		39.73		0.48%		0.48%		1.44%			(7.56%	)		426,489		62%
Large-Cap Growth
Class I
2023 (7)		$15.30		($0.01	)		$4.77			$4.76			$-		$-		$-		$20.06		0.94%		0.89%		(0.12%	)		31.13%			$346,714		87%
2022		24.64		(0.03	)		(9.31	)		(9.34	)		-		-		-		15.30		0.94%		0.90%		(0.18%	)		(37.90%	)		271,862		67%
2021		20.49		(0.10	)		4.25			4.15			-		-		-		24.64		0.93%		0.89%		(0.44%	)		20.27%			460,251		40%
2020		14.81		(0.07	)		5.75			5.68			-		-		-		20.49		0.93%		0.89%		(0.40%	)		38.35%			420,994		42%
2019		11.19		(0.04	)		3.66			3.62			-		-		-		14.81		0.94%		0.89%		(0.30%	)		32.34%			308,203		42%
2018		10.98		(0.01	)		0.22			0.21			-		-		-		11.19		0.93%		0.89%		(0.09%	)		1.89%			241,246		65%
Class P
2023 (7)		18.16		0.01			5.66			5.67			-		-		-		23.83		0.74%		0.69%		0.07%			31.26%			651,369		87%
2022		29.18		0.01			(11.03	)		(11.02	)		-		-		-		18.16		0.74%		0.70%		0.03%			(37.77%	)		512,220		67%
2021		24.21		(0.06	)		5.03			4.97			-		-		-		29.18		0.73%		0.69%		(0.24%	)		20.51%			765,546		40%
2020		17.47		(0.04	)		6.78			6.74			-		-		-		24.21		0.73%		0.69%		(0.20%	)		38.62%			1,132,392		42%
2019		13.17		(0.02	)		4.32			4.30			-		-		-		17.47		0.74%		0.69%		(0.10%	)		32.61%			1,059,043		42%
2018		12.90		0.02			0.25			0.27			-		-		-		13.17		0.74%		0.69%		0.12%			2.09%			993,572		65%
Large-Cap Value
Class I
2023 (7)		$32.12		$0.22			$1.58			$1.80			$-		$-		$-		$33.92		0.84%		0.84%		1.38%			5.62%			$433,009		15%
2022		34.40		0.41			(2.69	)		(2.28	)		-		-		-		32.12		0.84%		0.84%		1.28%			(6.63%	)		425,091		9%
2021		27.28		0.33			6.79			7.12			-		-		-		34.40		0.83%		0.83%		1.03%			26.12%			469,171		18%
2020		25.76		0.35			1.17			1.52			-		-		-		27.28		0.83%		0.83%		1.48%			5.87%			376,337		33%
2019		20.05		0.35			5.36			5.71			-		-		-		25.76		0.84%		0.84%		1.52%			28.46%			377,392		10%
2018		22.12		0.30			(2.37	)		(2.07	)		-		-		-		20.05		0.83%		0.83%		1.36%			(9.35%	)		322,823		13%
Class P
2023 (7)		35.52		0.28			1.76			2.04			-		-		-		37.56		0.64%		0.64%		1.59%			5.73%			735,065		15%
2022		37.97		0.52			(2.97	)		(2.45	)		-		-		-		35.52		0.64%		0.64%		1.47%			(6.44%	)		701,589		9%
2021		30.05		0.43			7.49			7.92			-		-		-		37.97		0.63%		0.63%		1.25%			26.37%			874,567		18%
2020		28.32		0.43			1.30			1.73			-		-		-		30.05		0.63%		0.63%		1.65%			6.08%			1,216,921		33%
2019		22.00		0.44			5.88			6.32			-		-		-		28.32		0.64%		0.64%		1.73%			28.72%			833,371		10%
2018		24.23		0.37			(2.60	)		(2.23	)		-		-		-		22.00		0.63%		0.63%		1.54%			(9.17%	)		992,336		13%

See Notes to Financial Statements See explanation of references on B-45

B-35

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Mid-Cap Equity
Class I
2023 (7)		$28.28		$0.07			$2.01			$2.08			$-		$-		$-		$30.36		0.88%		0.88%		0.51%			7.37%			$386,508		66%
2022		34.18		0.34			(6.24	)		(5.90	)		-		-		-		28.28		0.88%		0.88%		1.12%			(17.26%	)		365,129		154%
2021		29.36		0.07			4.75			4.82			-		-		-		34.18		0.88%		0.88%		0.22%			16.40%			457,508		119%
2020		23.03		0.10			6.23			6.33			-		-		-		29.36		0.88%		0.88%		0.44%			27.51%			420,292		103%
2019		19.06		0.21			3.76			3.97			-		-		-		23.03		0.88%		0.88%		0.97%			20.84%			365,156		166%
2018		21.11		0.14			(2.19	)		(2.05	)		-		-		-		19.06		0.88%		0.88%		0.64%			(9.72%	)		319,749		146%
Class P
2023 (7)		35.12		0.12			2.50			2.62			-		-		-		37.74		0.68%		0.68%		0.68%			7.48%			210,711		66%
2022		42.36		0.49			(7.73	)		(7.24	)		-		-		-		35.12		0.68%		0.68%		1.30%			(17.09%	)		235,870		154%
2021		36.32		0.17			5.87			6.04			-		-		-		42.36		0.68%		0.68%		0.41%			16.63%			358,643		119%
2020		28.42		0.19			7.71			7.90			-		-		-		36.32		0.68%		0.68%		0.67%			27.77%			398,953		103%
2019		23.48		0.32			4.62			4.94			-		-		-		28.42		0.68%		0.68%		1.17%			21.09%			702,213		166%
2018		25.95		0.22			(2.69	)		(2.47	)		-		-		-		23.48		0.68%		0.68%		0.84%			(9.54%	)		480,884		146%
Mid-Cap Growth
Class I
2023 (7)		$22.20		($0.04	)		$4.03			$3.99			$-		$-		$-		$26.19		0.93%		0.91%		(0.36%	)		17.96%			$396,296		12%
2022		32.05		(0.11	)		(9.74	)		(9.85	)		-		-		-		22.20		0.93%		0.91%		(0.44%	)		(30.72%	)		344,219		29%
2021		27.47		(0.17	)		4.75			4.58			-		-		-		32.05		0.93%		0.90%		(0.56%	)		16.67%			541,746		37%
2020		18.30		(0.07	)		9.24			9.17			-		-		-		27.47		0.93%		0.91%		(0.34%	)		50.14%			474,569		21%
2019		13.22		(0.04	)		5.12			5.08			-		-		-		18.30		0.93%		0.91%		(0.27%	)		38.45%			367,697		24%
2018		13.19		(0.02	)		0.05			0.03			-		-		-		13.22		0.93%		0.90%		(0.17%	)		0.16%			280,053		55%
Class P
2023 (7)		24.53		(0.02	)		4.45			4.43			-		-		-		28.96		0.73%		0.71%		(0.17%	)		18.08%			319,594		12%
2022		35.34		(0.06	)		(10.75	)		(10.81	)		-		-		-		24.53		0.73%		0.71%		(0.24%	)		(30.59%	)		461,342		29%
2021		30.23		(0.12	)		5.23			5.11			-		-		-		35.34		0.73%		0.70%		(0.37%	)		16.90%			748,898		37%
2020		20.09		(0.03	)		10.17			10.14			-		-		-		30.23		0.73%		0.71%		(0.14%	)		50.44%			537,942		21%
2019		14.48		(0.01	)		5.62			5.61			-		-		-		20.09		0.73%		0.71%		(0.08%	)		38.73%			586,278		24%
2018		14.43		-	(9)		0.05			0.05			-		-		-		14.48		0.73%		0.71%		0.02%			0.36%			470,124		55%
Mid-Cap Value
Class I
2023 (7)		$25.42		$0.13			$1.79			$1.92			$-		$-		$-		$27.34		0.94%		0.94%		0.99%			7.54%			$134,719		18%
2022		27.41		0.25			(2.24	)		(1.99	)		-		-		-		25.42		0.93%		0.93%		0.97%			(7.26%	)		130,901		31%
2021		21.58		0.15			5.68			5.83			-		-		-		27.41		0.93%		0.93%		0.60%			27.03%			152,213		22%
2020		20.45		0.18			0.95			1.13			-		-		-		21.58		0.93%		0.93%		1.02%			5.52%			109,677		48%
2019		15.74		0.17			4.54			4.71			-		-		-		20.45		0.93%		0.93%		0.92%			29.94%			119,570		37%
2018		18.47		0.14			(2.87	)		(2.73	)		-		-		-		15.74		0.92%		0.92%		0.77%			(14.79%	)		94,015		56%
Class P
2023 (7)		37.89		0.22			2.67			2.89			-		-		-		40.78		0.73%		0.73%		1.11%			7.65%			346,475		18%
2022		40.77		0.44			(3.32	)		(2.88	)		-		-		-		37.89		0.73%		0.73%		1.16%			(7.08%	)		519,493		31%
2021		32.03		0.29			8.45			8.74			-		-		-		40.77		0.73%		0.73%		0.78%			27.29%			713,811		22%
2020		30.30		0.33			1.40			1.73			-		-		-		32.03		0.73%		0.73%		1.23%			5.73%			730,338		48%
2019		23.27		0.30			6.73			7.03			-		-		-		30.30		0.73%		0.73%		1.10%			30.20%			910,059		37%
2018		27.26		0.25			(4.24	)		(3.99	)		-		-		-		23.27		0.71%		0.71%		0.94%			(14.62%	)		973,693		56%

See Notes to Financial Statements See explanation of references on B-45

B-36

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Small-Cap Equity
Class I
2023 (7)		$26.30		$0.17			$0.77			$0.94			$-		$-		$-		$27.24		1.02%		0.92%		1.30%			3.58%			$92,163		25%
2022		30.21		0.25			(4.16	)		(3.91	)		-		-		-		26.30		1.01%		0.91%		0.91%			(12.92%	)		90,420		39%
2021		23.89		0.25			6.07			6.32			-		-		-		30.21		1.00%		0.90%		0.87%			26.46%			114,214		51%
2020		22.66		0.25			0.98			1.23			-		-		-		23.89		1.03%		0.93%		1.29%			5.42%			87,097		46%
2019		18.28		0.29			4.09			4.38			-		-		-		22.66		1.02%		0.92%		1.40%			23.96%			84,882		39%
2018		20.99		0.23			(2.94	)		(2.71	)		-		-		-		18.28		1.02%		0.92%		1.09%			(12.91%	)		70,229		35%
Class P
2023 (7)		34.57		0.25			1.02			1.27			-		-		-		35.84		0.82%		0.72%		1.42%			3.68%			128,302		25%
2022		39.62		0.39			(5.44	)		(5.05	)		-		-		-		34.57		0.81%		0.71%		1.07%			(12.74%	)		207,962		39%
2021		31.27		0.41			7.94			8.35			-		-		-		39.62		0.80%		0.70%		1.06%			26.71%			363,249		51%
2020		29.60		0.37			1.30			1.67			-		-		-		31.27		0.83%		0.73%		1.46%			5.63%			104,196		46%
2019		23.83		0.43			5.34			5.77			-		-		-		29.60		0.82%		0.72%		1.60%			24.21%			168,886		39%
2018		27.31		0.35			(3.83	)		(3.48	)		-		-		-		23.83		0.82%		0.72%		1.26%			(12.74%	)		167,917		35%
Small-Cap Growth
Class I
2023 (7)		$23.43		$-	(9)		$2.50			$2.50			$-		$-		$-		$25.93		0.84%		0.84%		(0.01%	)		10.63%			$155,200		38%
2022		33.44		(0.05	)		(9.96	)		(10.01	)		-		-		-		23.43		0.84%		0.84%		(0.19%	)		(29.92%	)		145,705		50%
2021		32.88		(0.16	)		0.72			0.56			-		-		-		33.44		0.84%		0.84%		(0.46%	)		1.69%			204,086		79%
2020		21.14		(0.09	)		11.83			11.74			-		-		-		32.88		0.84%		0.84%		(0.36%	)		55.58%			208,805		175%
2019		16.02		(0.15	)		5.27			5.12			-		-		-		21.14		0.84%		0.84%		(0.72%	)		31.90%			155,017		99%
2018		15.18		(0.10	)		0.94			0.84			-		-		-		16.02		0.84%		0.84%		(0.55%	)		5.55%			130,454		102%
Class P
2023 (7)		27.84		0.03			2.96			2.99			-		-		-		30.83		0.64%		0.64%		0.19%			10.74%			130,187		38%
2022		39.65		0.02			(11.83	)		(11.81	)		-		-		-		27.84		0.65%		0.65%		0.06%			(29.78%	)		115,895		50%
2021		38.91		(0.10	)		0.84			0.74			-		-		-		39.65		0.64%		0.64%		(0.25%	)		1.89%			78,051		79%
2020		24.96		(0.04	)		13.99			13.95			-		-		-		38.91		0.64%		0.64%		(0.13%	)		55.89%			99,319		175%
2019		18.89		(0.12	)		6.19			6.07			-		-		-		24.96		0.64%		0.64%		(0.52%	)		32.17%			42,086		99%
2018		17.86		(0.07	)		1.10			1.03			-		-		-		18.89		0.64%		0.64%		(0.33%	)		5.75%			46,225		102%
Small-Cap Index
Class I
2023 (7)		$27.88		$0.17			$2.01			$2.18			$-		$-		$-		$30.06		0.56%		0.56%		1.15%			7.81%			$536,071		8%
2022		35.23		0.28			(7.63	)		(7.35	)		-		-		-		27.88		0.55%		0.55%		0.93%			(20.86%	)		502,756		14%
2021		30.84		0.23			4.16			4.39			-		-		-		35.23		0.54%		0.54%		0.65%			14.24%			671,321		21%
2020		25.88		0.20			4.76			4.96			-		-		-		30.84		0.55%		0.55%		0.85%			19.16%			610,657		20%
2019		20.74		0.22			4.92			5.14			-		-		-		25.88		0.55%		0.55%		0.93%			24.80%			553,267		12%
2018		23.45		0.21			(2.92	)		(2.71	)		-		-		-		20.74		0.55%		0.55%		0.87%			(11.55%	)		450,257		16%
Class P
2023 (7)		28.48		0.20			2.05			2.25			-		-		-		30.73		0.35%		0.35%		1.33%			7.92%			121,046		8%
2022		35.91		0.34			(7.77	)		(7.43	)		-		-		-		28.48		0.35%		0.35%		1.13%			(20.70%	)		142,202		14%
2021		31.37		0.30			4.24			4.54			-		-		-		35.91		0.34%		0.34%		0.85%			14.47%			184,809		21%
2020		26.28		0.25			4.84			5.09			-		-		-		31.37		0.35%		0.35%		1.05%			19.39%			185,980		20%
2019		21.01		0.27			5.00			5.27			-		-		-		26.28		0.35%		0.35%		1.11%			25.05%			156,017		12%
2018		23.71		0.26			(2.96	)		(2.70	)		-		-		-		21.01		0.35%		0.35%		1.04%			(11.38%	)		248,932		16%

See Notes to Financial Statements See explanation of references on B-45

B-37

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																		Ratios to Average Net Assets						Supplemental Data
			Investment Operations								Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Small-Cap Value
Class I
2023 (7)		$25.64		$0.09		($0.14	)		($0.05	)		$-		$-		$-		$25.59		0.99%		0.99%		0.73%		(0.22%	)		$190,099		23%
2022		30.82		0.24		(5.42	)		(5.18	)		-		-		-		25.64		0.99%		0.99%		0.87%		(16.81%	)		199,012		40%
2021		22.73		0.13		7.96			8.09			-		-		-		30.82		0.98%		0.98%		0.44%		35.61%			270,629		56%
2020		21.97		0.14		0.62			0.76			-		-		-		22.73		0.99%		0.99%		0.81%		3.44%			201,788		51%
2019		17.93		0.12		3.92			4.04			-		-		-		21.97		0.98%		0.98%		0.59%		22.58%			207,494		36%
2018		21.41		0.06		(3.54	)		(3.48	)		-		-		-		17.93		0.98%		0.98%		0.28%		(16.29%	)		178,406		37%
Class P
2023 (7)		31.46		0.14		(0.17	)		(0.03	)		-		-		-		31.43		0.79%		0.79%		0.89%		(0.12%	)		86,557		23%
2022		37.74		0.35		(6.63	)		(6.28	)		-		-		-		31.46		0.78%		0.78%		1.05%		(16.64%	)		202,230		40%
2021		27.78		0.23		9.73			9.96			-		-		-		37.74		0.78%		0.78%		0.64%		35.88%			363,532		56%
2020		26.80		0.22		0.76			0.98			-		-		-		27.78		0.79%		0.79%		0.99%		3.64%			106,613		51%
2019		21.82		0.19		4.79			4.98			-		-		-		26.80		0.78%		0.78%		0.77%		22.83%			171,032		36%
2018		26.02		0.11		(4.31	)		(4.20	)		-		-		-		21.82		0.78%		0.78%		0.43%		(16.12%	)		186,530		37%
Value
Class I
2023 (7)		$19.46		$0.18		($0.02	)		$0.16			$-		$-		$-		$19.62		0.94%		0.87%		1.92%		0.79%			$235,966		23%
2022		19.57		0.34		(0.45	)		(0.11	)		-		-		-		19.46		0.94%		0.87%		1.77%		(0.53%	)		249,169		33%
2021		16.09		0.28		3.20			3.48			-		-		-		19.57		0.94%		0.86%		1.55%		21.64%			265,095		48%
2020		17.28		0.28		(1.47	)		(1.19	)		-		-		-		16.09		0.95%		0.92%		1.96%		(6.94%	)		242,064		123%
2019		13.86		0.29		3.13			3.42			-		-		-		17.28		0.94%		0.93%		1.84%		24.72%			268,920		31%
2018		15.81		0.23		(2.18	)		(1.95	)		-		-		-		13.86		0.94%		0.93%		1.44%		(12.37%	)		232,352		19%
Class P
2023 (7)		22.44		0.24		(0.04	)		0.20			-		-		-		22.64		0.74%		0.67%		2.13%		0.89%			780,079		23%
2022		22.51		0.43		(0.50	)		(0.07	)		-		-		-		22.44		0.74%		0.67%		1.96%		(0.34%	)		677,200		33%
2021		18.47		0.37		3.67			4.04			-		-		-		22.51		0.74%		0.66%		1.75%		21.89%			913,732		48%
2020		19.81		0.36		(1.70	)		(1.34	)		-		-		-		18.47		0.75%		0.72%		2.17%		(6.75%	)		547,526		123%
2019		15.85		0.37		3.59			3.96			-		-		-		19.81		0.75%		0.73%		2.02%		24.97%			807,432		31%
2018		18.05		0.30		(2.50	)		(2.20	)		-		-		-		15.85		0.74%		0.73%		1.63%		(12.20%	)		443,178		19%
Value Advantage
Class I
2023 (7)		$23.42		$0.20		$0.15			$0.35			$-		$-		$-		$23.77		0.89%		0.89%		1.76%		1.51%			$98,199		18%
2022		24.41		0.40		(1.39	)		(0.99	)		-		-		-		23.42		0.89%		0.89%		1.69%		(4.07%	)		109,885		20%
2021		18.99		0.27		5.15			5.42			-		-		-		24.41		0.89%		0.89%		1.21%		28.52%			97,936		26%
2020		19.54		0.28		(0.83	)		(0.55	)		-		-		-		18.99		0.89%		0.89%		1.68%		(2.78%	)		56,754		33%
2019		15.39		0.29		3.86			4.15			-		-		-		19.54		0.89%		0.89%		1.63%		26.96%			50,905		17%
2018		16.92		0.29		(1.82	)		(1.53	)		-		-		-		15.39		0.89%		0.88%		1.70%		(9.06%	)		34,468		20%
Class P
2023 (7)		23.88		0.23		0.15			0.38			-		-		-		24.26		0.69%		0.69%		1.95%		1.61%			698,446		18%
2022		24.84		0.45		(1.41	)		(0.96	)		-		-		-		23.88		0.69%		0.69%		1.87%		(3.87%	)		646,782		20%
2021		19.29		0.32		5.23			5.55			-		-		-		24.84		0.69%		0.69%		1.42%		28.78%			951,636		26%
2020		19.80		0.31		(0.82	)		(0.51	)		-		-		-		19.29		0.69%		0.69%		1.87%		(2.58%	)		1,029,439		33%
2019		15.56		0.33		3.91			4.24			-		-		-		19.80		0.69%		0.69%		1.82%		27.21%			886,218		17%
2018		17.08		0.32		(1.84	)		(1.52	)		-		-		-		15.56		0.69%		0.68%		1.87%		(8.88%	)		790,239		20%

See Notes to Financial Statements See explanation of references on B-45

B-38

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets								Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)			Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Emerging Markets
Class I
2023 (7)		$16.54		$0.11			$1.54			$1.65			$-		$-		$-		$18.19		1.06%		1.06%			1.19%			9.99%			$337,110		25%
2022		22.14		0.13			(5.73	)		(5.60	)		-		-		-		16.54		1.07%		1.07%			0.75%			(25.27%	)		318,746		46%
2021		24.13		0.09			(2.08	)		(1.99	)		-		-		-		22.14		1.05%		1.05%			0.39%			(8.28%	)		424,886		45%
2020		20.57		0.04			3.52			3.56			-		-		-		24.13		1.04%		1.04%			0.22%			17.33%			469,683		36%
2019		16.38		0.12			4.07			4.19			-		-		-		20.57		1.07%		1.07%			0.67%			25.60%			446,118		28%
2018		18.61		0.11			(2.34	)		(2.23	)		-		-		-		16.38		1.06%		1.06%			0.61%			(11.99%	)		383,056		35%
Class P
2023 (7)		17.26		0.13			1.62			1.75			-		-		-		19.01		0.86%		0.86%			1.40%			10.10%			456,073		25%
2022		23.06		0.17			(5.97	)		(5.80	)		-		-		-		17.26		0.86%		0.86%			0.90%			(25.12%	)		376,337		46%
2021		25.09		0.15			(2.18	)		(2.03	)		-		-		-		23.06		0.85%		0.85%			0.58%			(8.10%	)		944,698		45%
2020		21.34		0.09			3.66			3.75			-		-		-		25.09		0.84%		0.84%			0.44%			17.56%			1,112,611		36%
2019		16.96		0.15			4.23			4.38			-		-		-		21.34		0.87%		0.87%			0.81%			25.85%			1,011,549		28%
2018		19.23		0.15			(2.42	)		(2.27	)		-		-		-		16.96		0.86%		0.86%			0.79%			(11.82%	)		1,318,856		35%
International Growth
Class I
2023 (7)		$7.78		$0.07			$0.85			$0.92			$-		$-		$-		$8.70		0.95%		0.95%			1.60%			11.85%			$3,513		29%
2022		9.92		0.04			(2.18	)		(2.14	)		-		-		-		7.78		0.96%		0.96%			0.52%			(21.54%	)		1,720		32%
10/29/2021 - 12/31/2021		10.00		(0.01	)		(0.07	)		(0.08	)		-		-		-		9.92		1.02%		1.02%			(0.30%	)		(0.85%	)		538		3%
Class P
2023 (7)		7.80		0.07			0.88			0.95			-		-		-		8.75		0.76%		0.76%			1.64%			12.16%			771,131		29%
2022		9.92		0.07			(2.19	)		(2.12	)		-		-		-		7.80		0.77%		0.77%			0.83%			(21.38%	)		508,186		32%
10/29/2021 - 12/31/2021		10.00		-	(9)		(0.08	)		(0.08	)		-		-		-		9.92		0.84%		0.84%			0.04%			(0.81%	)		711,688		3%
International Large-Cap
Class I
2023 (7)		$11.68		$0.16			$1.51			$1.67			$-		$-		$-		$13.35		1.02%		0.99%			2.46%			14.23%			$582,337		3%
2022		13.78		0.14			(2.24	)		(2.10	)		-		-		-		11.68		1.02%		0.99%			1.22%			(15.19%	)		533,078		12%
2021		12.00		0.14			1.64			1.78			-		-		-		13.78		1.01%		0.98%			1.09%			14.78%			660,058		9%
2020		10.84		0.08			1.08			1.16			-		-		-		12.00		1.01%		1.01%			0.75%			10.74%			626,819		19%
2019		8.47		0.17			2.20			2.37			-		-		-		10.84		1.01%		1.01%			1.72%			28.03%			595,183		10%
2018		9.60		0.13			(1.26	)		(1.13	)		-		-		-		8.47		1.00%		1.00%			1.40%			(11.81%	)		493,737		15%
Class P
2023 (7)		12.66		0.17			1.65			1.82			-		-		-		14.48		0.82%		0.79%			2.51%			14.34%			391,028		3%
2022		14.90		0.18			(2.42	)		(2.24	)		-		-		-		12.66		0.82%		0.79%			1.44%			(15.02%	)		521,517		12%
2021		12.96		0.19			1.75			1.94			-		-		-		14.90		0.81%		0.78%			1.39%			15.01%			643,027		9%
2020		11.68		0.10			1.18			1.28			-		-		-		12.96		0.81%		0.81%			0.93%			10.96%			1,056,100		19%
2019		9.10		0.21			2.37			2.58			-		-		-		11.68		0.80%		0.80%			1.98%			28.29%			1,084,523		10%
2018		10.30		0.17			(1.37	)		(1.20	)		-		-		-		9.10		0.80%		0.80%			1.72%			(11.63%	)		1,413,770		15%
International Small-Cap
Class I
2023 (7)		$11.01		$0.18			$0.72			$0.90			$-		$-		$-		$11.91		1.14%		1.12%	(8)		3.00%			8.15%			$78,063		3%
2022		13.28		0.21			(2.48	)		(2.27	)		-		-		-		11.01		1.14%		1.12%			1.88%			(17.09%	)		75,004		18%
2021		11.66		0.26			1.36			1.62			-		-		-		13.28		1.11%		1.11%			2.01%			13.87%			94,703		128%
2020		10.76		0.12			0.78			0.90			-		-		-		11.66		1.10%		1.10%			1.28%			8.42%			89,998		48%
2019		8.96		0.17			1.63			1.80			-		-		-		10.76		1.13%		1.13%			1.71%			20.07%			95,316		55%
2018		11.51		0.16			(2.71	)		(2.55	)		-		-		-		8.96		1.09%		1.09%			1.44%			(22.16%	)		80,593		37%
Class P
2023 (7)		15.30		0.21			1.05			1.26			-		-		-		16.56		0.94%		0.92%	(8)		2.58%			8.25%			125,467		3%
2022		18.42		0.35			(3.47	)		(3.12	)		-		-		-		15.30		0.94%		0.92%			2.26%			(16.92%	)		244,595		18%
2021		16.14		0.40			1.88			2.28			-		-		-		18.42		0.91%		0.91%			2.18%			14.10%			175,242		128%
2020		14.86		0.20			1.08			1.28			-		-		-		16.14		0.90%		0.90%			1.54%			8.64%			186,062		48%
2019		12.35		0.22			2.29			2.51			-		-		-		14.86		0.91%		0.91%			1.64%			20.31%			180,917		55%
2018		15.83		0.24			(3.72	)		(3.48	)		-		-		-		12.35		0.89%		0.89%			1.58%			(22.00%	)		507,601		37%

See Notes to Financial Statements See explanation of references on B-45

B-39

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
International Value
Class I
2023 (7)		$14.08		$0.33			$1.22			$1.55			$-		$-		$-		$15.63		0.90%		0.90%		4.39%			11.00%			$303,720		25%
2022		14.26		0.40			(0.58	)		(0.18	)		-		-		-		14.08		0.91%		0.91%		2.93%			(1.26%	)		288,052		49%
2021		11.85		0.34			2.07			2.41			-		-		-		14.26		0.90%		0.90%		2.50%			20.36%			312,717		35%
2020		12.77		0.19			(1.11	)		(0.92	)		-		-		-		11.85		0.90%		0.90%		1.83%			(7.17%	)		272,016		66%
2019		10.95		0.32			1.50			1.82			-		-		-		12.77		0.89%		0.89%		2.70%			16.60%			290,316		27%
2018		12.87		0.28			(2.20	)		(1.92	)		-		-		-		10.95		0.89%		0.89%		2.20%			(14.96%	)		256,738		33%
Class P
2023 (7)		15.90		0.36			1.41			1.77			-		-		-		17.67		0.70%		0.70%		4.20%			11.11%			552,133		25%
2022		16.08		0.51			(0.69	)		(0.18	)		-		-		-		15.90		0.71%		0.71%		3.32%			(1.07%	)		674,837		49%
2021		13.33		0.40			2.35			2.75			-		-		-		16.08		0.70%		0.70%		2.60%			20.60%			542,306		35%
2020		14.33		0.23			(1.23	)		(1.00	)		-		-		-		13.33		0.70%		0.70%		1.94%			(6.98%	)		1,065,402		66%
2019		12.27		0.38			1.68			2.06			-		-		-		14.33		0.69%		0.69%		2.87%			16.83%			1,239,876		27%
2018		14.39		0.36			(2.48	)		(2.12	)		-		-		-		12.27		0.69%		0.69%		2.56%			(14.79%	)		1,384,976		33%
Health Sciences
Class I
2023 (7)		$60.97		$0.08			$0.95			$1.03			$-		$-		$-		$62.00		1.14%		1.14%		0.25%			1.68%			$407,730		17%
2022		64.73		0.10			(3.86	)		(3.76	)		-		-		-		60.97		1.14%		1.14%		0.17%			(5.80%	)		424,635		36%
2021		57.60		(0.02	)		7.15			7.13			-		-		-		64.73		1.13%		1.13%		(0.04%	)		12.38%			492,712		45%
2020		48.49		(0.01	)		9.12			9.11			-		-		-		57.60		1.14%		1.14%		(0.03%	)		18.79%			454,545		21%
2019		38.55		0.01			9.93			9.94			-		-		-		48.49		1.14%		1.14%		0.03%			25.77%			420,805		39%
2018		35.73		0.04			2.78			2.82			-		-		-		38.55		1.13%		1.13%		0.10%			7.90%			374,644		30%
Class P
2023 (7)		67.35		0.15			1.05			1.20			-		-		-		68.55		0.94%		0.94%		0.46%			1.78%			2,077		17%
2022		71.35		0.25			(4.25	)		(4.00	)		-		-		-		67.35		0.94%		0.94%		0.38%			(5.61%	)		1,846		36%
2021		63.36		0.11			7.88			7.99			-		-		-		71.35		0.93%		0.93%		0.16%			12.61%			1,475		45%
2020		53.23		0.10			10.03			10.13			-		-		-		63.36		0.93%		0.93%		0.16%			19.03%			530		21%
2019		42.24		0.11			10.88			10.99			-		-		-		53.23		0.93%		0.93%		0.24%			26.04%			41		39%
2018		39.06		0.13			3.05			3.18			-		-		-		42.24		0.92%		0.92%		0.31%			8.12%			33		30%
Real Estate
Class I
2023 (7)		$29.70		$0.54			$0.96			$1.50			$-		$-		$-		$31.20		1.08%		0.99%		3.52%			5.04%			$209,108		6%
2022		39.94		0.47			(10.71	)		(10.24	)		-		-		-		29.70		1.07%		0.98%		1.41%			(25.64%	)		204,962		23%
2021		28.46		(0.22	)		11.70			11.48			-		-		-		39.94		1.07%		0.98%		(0.65%	)		40.32%			308,201		22%
2020		29.43		0.99			(1.96	)		(0.97	)		-		-		-		28.46		1.07%		0.98%		3.73%			(3.28%	)		242,921		38%
2019		22.41		0.49			6.53			7.02			-		-		-		29.43		1.06%		0.97%		1.80%			31.28%			282,511		33%
2018		24.22		0.91			(2.72	)		(1.81	)		-		-		-		22.41		1.07%		1.05%		3.91%			(7.45%	)		232,920		87%
Class P
2023 (7)		31.23		0.53			1.08			1.61			-		-		-		32.84		0.87%		0.78%		3.31%			5.15%			135,931		6%
2022		41.91		0.60			(11.28	)		(10.68	)		-		-		-		31.23		0.87%		0.78%		1.71%			(25.49%	)		233,992		23%
2021		29.81		(0.18	)		12.28			12.10			-		-		-		41.91		0.87%		0.78%		(0.51%	)		40.60%			234,297		22%
2020		30.76		1.00			(1.95	)		(0.95	)		-		-		-		29.81		0.87%		0.78%		3.57%			(3.08%	)		235,401		38%
2019		23.38		0.56			6.82			7.38			-		-		-		30.76		0.87%		0.78%		1.95%			31.55%			404,175		33%
2018		25.22		0.92			(2.76	)		(1.84	)		-		-		-		23.38		0.87%		0.86%		3.81%			(7.27%	)		147,732		87%

See Notes to Financial Statements See explanation of references on B-45

B-40

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Technology
Class I
2023 (7)		$10.57		($0.02	)		$3.37			$3.35			$-		$-		$-		$13.92		1.14%		1.14%		(0.37%	)		31.69%			$261,695		38%
2022		16.53		(0.08	)		(5.88	)		(5.96	)		-		-		-		10.57		1.14%		1.14%		(0.64%	)		(36.06%	)		197,337		28%
2021		14.52		(0.13	)		2.14			2.01			-		-		-		16.53		1.14%		1.14%		(0.84%	)		13.86%			308,749		40%
2020		9.86		(0.09	)		4.75			4.66			-		-		-		14.52		1.14%		1.14%		(0.78%	)		47.24%			287,129		44%
2019		7.23		(0.06	)		2.69			2.63			-		-		-		9.86		1.15%		1.15%		(0.71%	)		36.32%			189,301		28%
2018		7.11		(0.05	)		0.17			0.12			-		-		-		7.23		1.14%		1.14%		(0.63%	)		1.79%			145,479		31%
Class P
2023 (7)		13.49		(0.01	)		4.30			4.29			-		-		-		17.78		0.94%		0.94%		(0.18%	)		31.82%			1,670		38%
2022		21.05		(0.07	)		(7.49	)		(7.56	)		-		-		-		13.49		0.94%		0.94%		(0.43%	)		(35.93%	)		1,116		28%
2021		18.45		(0.13	)		2.73			2.60			-		-		-		21.05		0.94%		0.94%		(0.66%	)		14.09%			1,207		40%
2020		12.51		(0.10	)		6.04			5.94			-		-		-		18.45		0.94%		0.94%		(0.61%	)		47.54%			482		44%
2019		9.15		(0.05	)		3.41			3.36			-		-		-		12.51		0.93%		0.93%		(0.48%	)		36.63%			26		28%
2018		8.97		(0.04	)		0.22			0.18			-		-		-		9.15		0.93%		0.93%		(0.42%	)		2.00%			17		31%
ESG Diversified
Class I
2023 (7)		$8.92		$0.04			$0.76			$0.80			$-		$-		$-		$9.72		0.67%		0.50%		0.86%			8.88%			$24,527		37%
2022		10.70		0.15			(1.93	)		(1.78	)		-		-		-		8.92		0.78%		0.50%		1.61%			(16.59%	)		19,257		55%
04/30/2021 - 12/31/2021		10.00		0.08			0.62			0.70			-		-		-		10.70		0.97%		0.50%		1.12%			7.00%			16,819		13%
Class P
2023 (7)		8.95		0.05			0.76			0.81			-		-		-		9.76		0.47%		0.30%		0.99%			8.99%			166		37%
2022		10.71		0.46			(2.22	)		(1.76	)		-		-		-		8.95		0.58%		0.30%		4.93%			(16.43%	)		571		55%
04/30/2021 - 12/31/2021		10.00		0.08			0.63			0.71			-		-		-		10.71		0.77%		0.30%		1.16%			7.15%			114		13%
ESG Diversified Growth
Class I
2023 (7)		$8.28		$0.02			$0.85			$0.87			$-		$-		$-		$9.15		0.86%		0.50%		0.35%			10.41%			$12,448		27%
2022		10.11		0.12			(1.95	)		(1.83	)		-		-		-		8.28		0.94%		0.50%		1.34%			(18.08%	)		11,210		83%
10/29/2021 - 12/31/2021		10.00		0.08			0.03			0.11			-		-		-		10.11		1.23%		0.50%		4.51%			1.09%			12,772		3%
Class P
2023 (7)		8.30		0.02			0.85			0.87			-		-		-		9.17		0.66%		0.30%		0.57%			10.52%			988		27%
2022		10.11		0.12			(1.93	)		(1.81	)		-		-		-		8.30		0.67%		0.30%		1.44%			(17.97%	)		525		83%
10/29/2021 - 12/31/2021		10.00		0.08			0.03			0.11			-		-		-		10.11		1.03%		0.30%		4.67%			1.12%			101		3%
PSF Avantis Balanced Allocation
Class D
2023 (7)		$14.39		$0.16			$0.80			$0.96			$-		$-		$-		$15.35		0.49%		0.43%		2.12%			6.72%			$329,378		8%
2022		16.92		0.22			(2.75	)		(2.53	)		-		-		-		14.39		0.48%		0.47%		1.48%			(14.99%	)		323,006		128%
2021		15.04		0.21			1.67			1.88			-		-		-		16.92		0.48%		0.48%		1.28%			12.50%			394,494		16%
2020		13.42		0.19			1.43			1.62			-		-		-		15.04		0.49%		0.49%		1.44%			12.11%			310,280		11%
2019		11.20		0.24			1.98			2.22			-		-		-		13.42		0.50%		0.50%		1.90%			19.75%			243,088		15%
2018		11.94		0.32			(1.06	)		(0.74	)		-		-		-		11.20		0.54%		0.54%		2.69%			(6.19%	)		161,971		11%
Class P
2023 (7)		14.50		0.18			0.82			1.00			-		-		-		15.50		0.24%		0.18%		2.37%			6.85%			2,800		8%
2022		17.02		0.29			(2.81	)		(2.52	)		-		-		-		14.50		0.23%		0.22%		1.87%			(14.78%	)		2,694		128%
2021		15.09		0.42			1.51			1.93			-		-		-		17.02		0.23%		0.23%		2.52%			12.78%			1,907		16%
2020		13.42		0.28			1.39			1.67			-		-		-		15.09		0.23%		0.23%		2.01%			12.40%			100		11%
10/31/2019 - 12/31/2019		12.97		0.08			0.37			0.45			-		-		-		13.42		0.23%		0.23%		3.77%			3.53%			24		15%

See Notes to Financial Statements See explanation of references on B-45

B-41

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Dynamix-Conservative Growth
Class I
2023 (7)		$17.76		($0.04	)		$1.16			$1.12			$-		$-		$-		$18.88		0.43%		0.39%		(0.39%	)		6.31%			$505,174		12%
2022		20.74		(0.07	)		(2.91	)		(2.98	)		-		-		-		17.76		0.43%		0.38%		(0.38%	)		(14.38%	)		512,069		17%
2021		19.49		(0.08	)		1.33			1.25			-		-		-		20.74		0.42%		0.39%		(0.39%	)		6.44%			652,973		14%
2020		17.37		(0.07	)		2.19			2.12			-		-		-		19.49		0.43%		0.37%		(0.37%	)		12.21%			644,310		24%
2019		15.04		(0.06	)		2.39			2.33			-		-		-		17.37		0.42%		0.37%		(0.37%	)		15.47%			573,500		13%
2018		15.64		(0.06	)		(0.54	)		(0.60	)		-		-		-		15.04		0.43%		0.38%		(0.38%	)		(3.84%	)		516,504		9%
Class P
2023 (7)		17.88		(0.02	)		1.16			1.14			-		-		-		19.02		0.23%		0.19%		(0.19%	)		6.42%			8,737		12%
2022		20.84		(0.03	)		(2.93	)		(2.96	)		-		-		-		17.88		0.23%		0.18%		(0.18%	)		(14.20%	)		6,234		17%
2021		19.53		(0.04	)		1.35			1.31			-		-		-		20.84		0.22%		0.19%		(0.19%	)		6.66%			3,001		14%
2020		17.37		(0.03	)		2.19			2.16			-		-		-		19.53		0.23%		0.17%		(0.17%	)		12.44%			565		24%
10/31/2019 - 12/31/2019		16.92		-	(9)		0.45			0.45			-		-		-		17.37		0.22%		0.17%		(0.17%	)		2.70%			58		13%
Pacific Dynamix-Moderate Growth
Class I
2023 (7)		$23.51		($0.05	)		$2.07			$2.02			$-		$-		$-		$25.53		0.42%		0.39%		(0.39%	)		8.59%			$2,440,656		13%
2022		27.88		(0.10	)		(4.27	)		(4.37	)		-		-		-		23.51		0.42%		0.39%		(0.39%	)		(15.69%	)		2,352,022		14%
2021		25.21		(0.10	)		2.77			2.67			-		-		-		27.88		0.42%		0.38%		(0.38%	)		10.62%			2,961,966		13%
2020		22.00		(0.08	)		3.29			3.21			-		-		-		25.21		0.42%		0.37%		(0.37%	)		14.58%			2,734,225		21%
2019		18.50		(0.07	)		3.57			3.50			-		-		-		22.00		0.42%		0.37%		(0.37%	)		18.94%			2,535,186		10%
2018		19.58		(0.07	)		(1.01	)		(1.08	)		-		-		-		18.50		0.42%		0.37%		(0.37%	)		(5.53%	)		2,250,973		8%
Class P
2023 (7)		23.66		(0.02	)		2.08			2.06			-		-		-		25.72		0.22%		0.19%		(0.19%	)		8.70%			42,267		13%
2022		28.01		(0.05	)		(4.30	)		(4.35	)		-		-		-		23.66		0.22%		0.19%		(0.19%	)		(15.52%	)		36,097		14%
2021		25.27		(0.05	)		2.79			2.74			-		-		-		28.01		0.22%		0.18%		(0.18%	)		10.85%			22,083		13%
2020		22.01		(0.04	)		3.30			3.26			-		-		-		25.27		0.22%		0.17%		(0.17%	)		14.81%			1,343		21%
10/31/2019 - 12/31/2019		21.21		(0.01	)		0.81			0.80			-		-		-		22.01		0.21%		0.16%		(0.16%	)		3.75%			303		10%
Pacific Dynamix-Growth
Class I
2023 (7)		$27.48		($0.06	)		$2.78			$2.72			$-		$-		$-		$30.20		0.42%		0.39%		(0.39%	)		9.93%			$1,847,338		16%
2022		32.98		(0.11	)		(5.39	)		(5.50	)		-		-		-		27.48		0.42%		0.38%		(0.38%	)		(16.69%	)		1,697,274		11%
2021		28.85		(0.12	)		4.25			4.13			-		-		-		32.98		0.42%		0.38%		(0.38%	)		14.33%			1,830,704		9%
2020		24.91		(0.09	)		4.03			3.94			-		-		-		28.85		0.42%		0.37%		(0.37%	)		15.79%			1,267,281		19%
2019		20.26		(0.08	)		4.73			4.65			-		-		-		24.91		0.42%		0.37%		(0.37%	)		22.94%			868,260		14%
2018		21.86		(0.08	)		(1.52	)		(1.60	)		-		-		-		20.26		0.42%		0.37%		(0.37%	)		(7.28%	)		717,105		14%
Class P
2023 (7)		27.65		(0.03	)		2.81			2.78			-		-		-		30.43		0.22%		0.19%		(0.19%	)		10.04%			34,881		16%
2022		33.13		(0.05	)		(5.43	)		(5.48	)		-		-		-		27.65		0.22%		0.18%		(0.18%	)		(16.52%	)		26,474		11%
2021		28.91		(0.06	)		4.28			4.22			-		-		-		33.13		0.22%		0.18%		(0.18%	)		14.57%			17,616		9%
2020		24.92		(0.04	)		4.03			3.99			-		-		-		28.91		0.22%		0.17%		(0.17%	)		16.02%			3,086		19%
10/31/2019 - 12/31/2019		23.78		(0.01	)		1.15			1.14			-		-		-		24.92		0.21%		0.18%		(0.18%	)		4.77%			85		14%
Portfolio Optimization Conservative
Class I
2023 (7)		$13.22		($0.02	)		$0.67			$0.65			$-		$-		$-		$13.87		0.32%		0.32%		(0.32%	)		4.91%			$1,137,979		16%
2022		15.32		(0.04	)		(2.06	)		(2.10	)		-		-		-		13.22		0.32%		0.32%		(0.32%	)		(13.67%	)		1,166,154		25%
2021		14.99		(0.05	)		0.38			0.33			-		-		-		15.32		0.32%		0.32%		(0.32%	)		2.20%			1,496,201		12%
2020		13.89		(0.04	)		1.14			1.10			-		-		-		14.99		0.32%		0.32%		(0.32%	)		7.88%			1,677,166		47%
2019		12.38		(0.04	)		1.55			1.51			-		-		-		13.89		0.32%		0.32%		(0.32%	)		12.20%			1,547,975		25%
2018		12.81		(0.04	)		(0.39	)		(0.43	)		-		-		-		12.38		0.32%		0.32%		(0.32%	)		(3.38%	)		1,513,368		18%
Class P
2023 (7)		13.31		(0.01	)		0.68			0.67			-		-		-		13.98		0.12%		0.12%		(0.12%	)		5.02%			175		16%
2022		15.38		(0.02	)		(2.05	)		(2.07	)		-		-		-		13.31		0.12%		0.12%		(0.12%	)		(13.49%	)		208		25%
2021		15.02		(0.02	)		0.38			0.36			-		-		-		15.38		0.12%		0.12%		(0.12%	)		2.41%			231		12%
2020		13.90		(0.02	)		1.14			1.12			-		-		-		15.02		0.12%		0.12%		(0.12%	)		8.10%			178		47%
10/31/2019 - 12/31/2019		13.68		-	(9)		0.22			0.22			-		-		-		13.90		0.11%		0.11%		(0.11%	)		1.61%			159		25%

See Notes to Financial Statements See explanation of references on B-45

B-42

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																			Ratios to Average Net Assets							Supplemental Data
			Investment Operations									Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Portfolio Optimization Moderate-Conservative
Class I
2023 (7)		$15.14		($0.02	)		$0.94			$0.92			$-		$-		$-		$16.06		0.32%		0.32%		(0.32%	)		6.08%			$1,631,652		19%
2022		17.79		(0.05	)		(2.60	)		(2.65	)		-		-		-		15.14		0.32%		0.32%		(0.32%	)		(14.90%	)		1,650,281		20%
2021		16.73		(0.05	)		1.11			1.06			-		-		-		17.79		0.32%		0.32%		(0.32%	)		6.28%			2,226,011		14%
2020		15.22		(0.05	)		1.56			1.51			-		-		-		16.73		0.32%		0.32%		(0.32%	)		9.97%			2,366,379		29%
2019		13.20		(0.05	)		2.07			2.02			-		-		-		15.22		0.32%		0.32%		(0.32%	)		15.28%			2,439,237		19%
2018		13.89		(0.04	)		(0.65	)		(0.69	)		-		-		-		13.20		0.32%		0.32%		(0.32%	)		(4.99%	)		2,436,704		19%
Class P
2023 (7)		15.23		(0.01	)		0.95			0.94			-		-		-		16.17		0.12%		0.12%		(0.12%	)		6.18%			432		19%
2022		17.86		(0.02	)		(2.61	)		(2.63	)		-		-		-		15.23		0.12%		0.12%		(0.12%	)		(14.73%	)		277		20%
2021		16.77		(0.02	)		1.11			1.09			-		-		-		17.86		0.12%		0.12%		(0.12%	)		6.49%			312		14%
2020		15.22		(0.02	)		1.57			1.55			-		-		-		16.77		0.12%		0.12%		(0.12%	)		10.19%			292		29%
10/31/2019 - 12/31/2019		14.84		-	(9)		0.38			0.38			-		-		-		15.22		0.11%		0.11%		(0.11%	)		2.56%			250		19%
Portfolio Optimization Moderate
Class I
2023 (7)		$16.93		($0.03	)		$1.38			$1.35			$-		$-		$-		$18.28		0.32%		0.32%		(0.32%	)		7.99%			$7,138,194		21%
2022		20.08		(0.06	)		(3.09	)		(3.15	)		-		-		-		16.93		0.32%		0.32%		(0.32%	)		(15.72%	)		7,068,997		19%
2021		18.40		(0.06	)		1.74			1.68			-		-		-		20.08		0.31%		0.31%		(0.31%	)		9.18%			9,507,628		13%
2020		16.45		(0.05	)		2.00			1.95			-		-		-		18.40		0.32%		0.32%		(0.32%	)		11.83%			9,839,706		23%
2019		13.89		(0.05	)		2.61			2.56			-		-		-		16.45		0.32%		0.32%		(0.32%	)		18.46%			9,999,658		24%
2018		14.86		(0.05	)		(0.92	)		(0.97	)		-		-		-		13.89		0.32%		0.32%		(0.32%	)		(6.55%	)		9,804,910		19%
Class P
2023 (7)		17.04		(0.01	)		1.39			1.38			-		-		-		18.42		0.12%		0.12%		(0.12%	)		8.10%			1,896		21%
2022		20.17		(0.02	)		(3.11	)		(3.13	)		-		-		-		17.04		0.12%		0.12%		(0.12%	)		(15.55%	)		1,606		19%
2021		18.44		(0.02	)		1.75			1.73			-		-		-		20.17		0.11%		0.11%		(0.11%	)		9.40%			1,720		13%
2020		16.46		(0.02	)		2.00			1.98			-		-		-		18.44		0.12%		0.12%		(0.12%	)		12.05%			1,410		23%
10/31/2019 - 12/31/2019		15.94		-	(9)		0.52			0.52			-		-		-		16.46		0.11%		0.11%		(0.11%	)		3.25%			1,026		24%
Portfolio Optimization Growth
Class I
2023 (7)		$18.79		($0.03	)		$1.63			$1.60			$-		$-		$-		$20.39		0.32%		0.32%		(0.32%	)		8.49%			$6,633,319		17%
2022		22.61		(0.06	)		(3.76	)		(3.82	)		-		-		-		18.79		0.32%		0.32%		(0.32%	)		(16.88%	)		6,482,637		16%
2021		19.99		(0.07	)		2.69			2.62			-		-		-		22.61		0.31%		0.31%		(0.31%	)		13.12%			8,689,159		15%
2020		17.73		(0.06	)		2.32			2.26			-		-		-		19.99		0.32%		0.32%		(0.32%	)		12.72%			8,618,177		20%
2019		14.58		(0.05	)		3.20			3.15			-		-		-		17.73		0.32%		0.32%		(0.32%	)		21.65%			8,651,630		28%
2018		15.88		(0.05	)		(1.25	)		(1.30	)		-		-		-		14.58		0.32%		0.32%		(0.32%	)		(8.19%	)		8,221,474		19%
Class P
2023 (7)		18.91		(0.01	)		1.64			1.63			-		-		-		20.54		0.12%		0.12%		(0.12%	)		8.60%			3,887		17%
2022		22.71		(0.02	)		(3.78	)		(3.80	)		-		-		-		18.91		0.12%		0.12%		(0.12%	)		(16.71%	)		3,356		16%
2021		20.03		(0.02	)		2.70			2.68			-		-		-		22.71		0.11%		0.11%		(0.11%	)		13.34%			3,218		15%
2020		17.74		(0.02	)		2.31			2.29			-		-		-		20.03		0.12%		0.12%		(0.12%	)		12.95%			1,990		20%
10/31/2019 - 12/31/2019		17.03		-	(9)		0.71			0.71			-		-		-		17.74		0.11%		0.11%		(0.11%	)		4.15%			886		28%
Portfolio Optimization Aggressive-Growth
Class I
2023 (7)		$19.71		($0.03	)		$1.91			$1.88			$-		$-		$-		$21.59		0.32%		0.32%		(0.32%	)		9.52%			$1,591,817		20%
2022		23.89		(0.07	)		(4.11	)		(4.18	)		-		-		-		19.71		0.32%		0.32%		(0.32%	)		(17.51%	)		1,536,560		16%
2021		20.65		(0.07	)		3.31			3.24			-		-		-		23.89		0.32%		0.32%		(0.32%	)		15.68%			2,039,105		16%
2020		18.37		(0.06	)		2.34			2.28			-		-		-		20.65		0.32%		0.32%		(0.32%	)		12.46%			1,962,163		19%
2019		14.84		(0.05	)		3.58			3.53			-		-		-		18.37		0.32%		0.32%		(0.32%	)		23.76%			1,975,940		24%
2018		16.38		(0.05	)		(1.49	)		(1.54	)		-		-		-		14.84		0.32%		0.32%		(0.32%	)		(9.39%	)		1,850,216		18%
Class P
2023 (7)		19.84		(0.01	)		1.92			1.91			-		-		-		21.75		0.12%		0.12%		(0.12%	)		9.63%			2,868		20%
2022		24.00		(0.02	)		(4.14	)		(4.16	)		-		-		-		19.84		0.12%		0.12%		(0.12%	)		(17.34%	)		2,422		16%
2021		20.70		(0.03	)		3.33			3.30			-		-		-		24.00		0.12%		0.12%		(0.12%	)		15.92%			1,176		16%
2020		18.37		(0.02	)		2.35			2.33			-		-		-		20.70		0.12%		0.12%		(0.12%	)		12.68%			579		19%
10/31/2019 - 12/31/2019		17.54		-	(9)		0.83			0.83			-		-		-		18.37		0.11%		0.11%		(0.11%	)		4.76%			203		24%

See Notes to Financial Statements See explanation of references on B-45

B-43

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																		Ratios to Average Net Assets						Supplemental Data
			Investment Operations								Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PD 1-3 Year Corporate Bond
Class P
2023 (7)		$10.97		$0.21		($0.06	)		$0.15			$-		$-		$-		$11.12		0.19%		0.19%		3.83%		1.36%			$458,930		14%
2022		11.35		0.16		(0.54	)		(0.38	)		-		-		-		10.97		0.23%		0.23%		1.44%		(3.32%	)		168,632		59%
2021		11.39		0.11		(0.15	)		(0.04	)		-		-		-		11.35		0.22%		0.22%		1.00%		(0.37%	)		232,788		49%
2020		11.07		0.23		0.09			0.32			-		-		-		11.39		0.22%		0.22%		2.02%		2.94%			219,296		78%
2019		10.55		0.28		0.24			0.52			-		-		-		11.07		0.23%		0.23%		2.62%		4.96%			240,371		53%
2018		10.41		0.23		(0.09	)		0.14			-		-		-		10.55		0.23%		0.23%		2.17%		1.33%			211,190		56%
PD Aggregate Bond Index
Class P
2023 (7)		$12.10		$0.17		$0.09			$0.26			$-		$-		$-		$12.36		0.19%		0.19%		2.74%		2.19%			$1,194,284		22%
2022		13.95		0.27		(2.12	)		(1.85	)		-		-		-		12.10		0.20%		0.20%		2.15%		(13.28%	)		1,026,476		64%
2021		14.21		0.22		(0.48	)		(0.26	)		-		-		-		13.95		0.19%		0.19%		1.58%		(1.84%	)		1,159,626		95%
2020		13.26		0.28		0.67			0.95			-		-		-		14.21		0.19%		0.19%		2.02%		7.15%			995,115		86%
2019		12.23		0.33		0.70			1.03			-		-		-		13.26		0.20%		0.20%		2.58%		8.43%			897,405		32%
2018		12.25		0.31		(0.33	)		(0.02	)		-		-		-		12.23		0.20%		0.20%		2.61%		(0.14%	)		1,033,233		43%
PD High Yield Bond Market
Class P
2023 (7)		$16.94		$0.56		$0.32			$0.88			$-		$-		$-		$17.82		0.28%		0.28%		6.50%		5.20%			$179,513		13%
2022		19.04		1.03		(3.13	)		(2.10	)		-		-		-		16.94		0.23%		0.23%		5.88%		(11.00%	)		362,279		21%
2021		18.12		0.97		(0.05	)		0.92			-		-		-		19.04		0.22%		0.22%		5.22%		5.07%			544,501		25%
2020		16.98		0.96		0.18			1.14			-		-		-		18.12		0.23%		0.23%		5.76%		6.71%			454,951		32%
2019		14.84		0.95		1.19			2.14			-		-		-		16.98		0.26%		0.26%		5.84%		14.39%			364,770		27%
2018		15.24		0.89		(1.29	)		(0.40	)		-		-		-		14.84		0.31%		0.31%		5.82%		(2.57%	)		183,329		24%
PD Large-Cap Growth Index
Class P
2023 (7)		$58.16		$0.28		$16.54			$16.82			$-		$-		$-		$74.98		0.16%		0.16%		0.88%		28.92%			$862,441		14%
2022		82.21		0.53		(24.58	)		(24.05	)		-		-		-		58.16		0.16%		0.16%		0.82%		(29.25%	)		839,002		25%
2021		64.56		0.41		17.24			17.65			-		-		-		82.21		0.17%		0.17%		0.57%		27.34%			751,236		21%
2020		46.71		0.44		17.41			17.85			-		-		-		64.56		0.17%		0.17%		0.84%		38.22%			832,075		28%
2019		34.32		0.45		11.94			12.39			-		-		-		46.71		0.17%		0.17%		1.10%		36.10%			788,137		26%
2018		34.94		0.44		(1.06	)		(0.62	)		-		-		-		34.32		0.17%		0.17%		1.17%		(1.78%	)		596,541		23%
PD Large-Cap Value Index
Class P
2023 (7)		$40.01		$0.44		$1.58			$2.02			$-		$-		$-		$42.03		0.16%		0.16%		2.17%		5.06%			$998,746		16%
2022		43.38		0.84		(4.21	)		(3.37	)		-		-		-		40.01		0.16%		0.16%		2.09%		(7.77%	)		877,967		20%
2021		34.69		0.75		7.94			8.69			-		-		-		43.38		0.17%		0.17%		1.87%		25.03%			805,209		24%
2020		33.65		0.74		0.30			1.04			-		-		-		34.69		0.17%		0.17%		2.48%		3.10%			788,962		47%
2019		26.64		0.77		6.24			7.01			-		-		-		33.65		0.17%		0.17%		2.51%		26.32%			801,722		21%
2018		29.08		0.71		(3.15	)		(2.44	)		-		-		-		26.64		0.17%		0.17%		2.46%		(8.41%	)		620,769		20%
PD Mid-Cap Index
Class P
2023 (7)		$11.36		$0.09		$0.92			$1.01			$-		$-		$-		$12.37		0.19%		0.19%		1.52%		8.88%			$331,303		10%
2022		13.76		0.18		(2.58	)		(2.40	)		-		-		-		11.36		0.18%		0.18%		1.51%		(17.45%	)		409,399		24%
2021		11.24		0.15		2.37			2.52			-		-		-		13.76		0.17%		0.17%		1.18%		22.37%			619,835		19%
2020		10.00		0.04		1.20			1.24			-		-		-		11.24		0.21%		0.21%		2.05%		12.44%			401,976		2%
PD Small-Cap Growth Index
Class P
2023 (7)		$34.75		$0.11		$4.53			$4.64			$-		$-		$-		$39.39		0.24%		0.24%		0.62%		13.36%			$69,269		47%
2022		47.25		0.17		(12.67	)		(12.50	)		-		-		-		34.75		0.24%		0.24%		0.44%		(26.46%	)		68,018		60%
2021		45.98		0.18		1.09			1.27			-		-		-		47.25		0.22%		0.22%		0.38%		2.76%			150,530		65%
2020		34.13		0.13		11.72			11.85			-		-		-		45.98		0.25%		0.25%		0.39%		34.71%			54,165		60%
2019		26.64		0.16		7.33			7.49			-		-		-		34.13		0.26%		0.26%		0.51%		28.15%			61,827		43%
2018		29.40		0.14		(2.90	)		(2.76	)		-		-		-		26.64		0.25%		0.25%		0.47%		(9.42%	)		35,898		40%

See Notes to Financial Statements See explanation of references on B-45

B-44

PACIFIC SELECT FUND

FINANCIAL HIGHLIGHTS (1) (Continued)

Selected per share, ratios and supplemental data for each year or period ended June 30, were as follows:

	Selected Per Share Data																		Ratios to Average Net Assets						Supplemental Data
			Investment Operations								Distributions (3)
For the Year or Period Ended (2)	Net Asset Value, Beginning of Year or Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss)			Total			Net Investment Income		Capital Gains		Total		Net Asset Value, End of Year or Period		Expenses Before Reductions (4)		Expenses After Reductions (4), (5)		Net Investment Income (Loss) (4), (5)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PD Small-Cap Value Index
Class P
2023 (7)		$31.05		$0.36		$0.37			$0.73			$-		$-		$-		$31.78		0.23%		0.23%		2.27%		2.36%			$81,435		23%
2022		36.44		0.64		(6.03	)		(5.39	)		-		-		-		31.05		0.21%		0.21%		1.94%		(14.81%	)		137,032		42%
2021		28.49		0.61		7.34			7.95			-		-		-		36.44		0.21%		0.21%		1.71%		27.90%			222,503		56%
2020		27.16		0.43		0.90			1.33			-		-		-		28.49		0.26%		0.26%		1.94%		4.92%			47,350		76%
2019		22.25		0.50		4.41			4.91			-		-		-		27.16		0.25%		0.25%		1.99%		22.06%			61,820		37%
2018		25.56		0.47		(3.78	)		(3.31	)		-		-		-		22.25		0.22%		0.22%		1.81%		(12.97%	)		80,421		37%
PD Emerging Markets Index
Class P
2023 (7)		$16.24		$0.25		$0.57			$0.82			$-		$-		$-		$17.06		0.69%		0.41%		3.02%		5.02%			$146,578		3%
2022		20.86		0.44		(5.06	)		(4.62	)		-		-		-		16.24		0.79%		0.53%		2.41%		(22.16%	)		103,510		32%
2021		21.15		0.41		(0.70	)		(0.29	)		-		-		-		20.86		0.59%		0.43%		1.88%		(1.38%	)		308,381		45%
2020		18.60		0.32		2.23			2.55			-		-		-		21.15		0.53%		0.53%		1.84%		13.76%			245,119		25%
2019		16.07		0.45		2.08			2.53			-		-		-		18.60		0.53%		0.53%		2.59%		15.75%			203,898		16%
2018		18.63		0.35		(2.91	)		(2.56	)		-		-		-		16.07		0.52%		0.52%		1.98%		(13.77%	)		194,831		13%
PD International Large-Cap
Class P
2023 (7)		$21.65		$0.43		$2.23			$2.66			$-		$-		$-		$24.31		0.29%		0.23%		3.70%		12.29%			$558,658		10%
2022		24.81		0.66		(3.82	)		(3.16	)		-		-		-		21.65		0.28%		0.22%		3.02%		(12.73%	)		639,838		6%
2021		21.72		0.64		2.45			3.09			-		-		-		24.81		0.28%		0.24%		2.67%		14.19%			695,603		57%
2020		20.06		0.41		1.25			1.66			-		-		-		21.72		0.26%		0.26%		2.24%		8.25%			613,055		11%
2019		16.49		0.53		3.04			3.57			-		-		-		20.06		0.26%		0.26%		2.88%		21.68%			558,259		10%
2018		19.28		0.50		(3.29	)		(2.79	)		-		-		-		16.49		0.26%		0.26%		2.67%		(14.44%	)		529,208		8%

(1) Per share amounts have been calculated using the average shares method.

(2) For Funds or classes that commenced operations after January 1, 2018, the first date reported represents the commencement date of operations for the Fund.

(3) No dividend and capital gain distributions have been made by the Funds under the current dividend and distribution policy.

(4) The ratios for periods of less than one full year are annualized.

(5) The ratios of expenses after expense reductions to average daily net assets are after custodian credits, advisory fee waivers and adviser expense reimbursements, if any. The expense ratios for the ESG Diversified, ESG Diversified Growth, Pacific Dynamix, Portfolio Optimization, and PSF Avantis Balanced Allocation Portfolios do not include expenses of their respective underlying funds in which they invest.

(6) Total returns for periods of less than one full year are not annualized.

(7) Unaudited for the period ended June 30, 2023.

(8) The ratios of expenses, excluding interest expense, after expense reductions to average net assets for the period ended June 30, 2023 are as follows:

Portfolio	Class I		Class P
Inflation Managed		0.64%		0.44%
Managed Bond		0.62%		0.42%
Emerging Markets Debt		1.04%		0.83%
International Small-Cap		1.10%		0.90%

(9) Reflects an amount rounding to less than $0.01 per share or 0.01%.

See Notes to Financial Statements

B-45

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. ORGANIZATION

Pacific Select Fund (the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, investment management company. The Trust was organized on May 4, 1987 as a Massachusetts business trust (and was reorganized as a Delaware statutory trust on June 30, 2016). Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of June 30, 2023, the Trust was comprised of the following fifty-five separate funds (each individually a “Fund”, and collectively the “Funds”):

Core Income Portfolio (1)	Mid-Cap Value Portfolio (1)	Pacific Dynamix — Moderate Growth Portfolio (3)
Diversified Bond Portfolio (1)	Small-Cap Equity Portfolio (1)	Pacific Dynamix — Growth Portfolio (3)
Floating Rate Income Portfolio (1)	Small-Cap Growth Portfolio (1)	Portfolio Optimization Conservative Portfolio (4)
High Yield Bond Portfolio (1)	Small-Cap Index Portfolio (1)	Portfolio Optimization Moderate-Conservative Portfolio (4)
Inflation Managed Portfolio (1)	Small-Cap Value Portfolio (1)	Portfolio Optimization Moderate Portfolio (4)
Intermediate Bond Portfolio (1)	Value Portfolio (1)	Portfolio Optimization Growth Portfolio (4)
Managed Bond Portfolio (1)	Value Advantage Portfolio (1)	Portfolio Optimization Aggressive-Growth Portfolio (4)
Short Duration Bond Portfolio (1)	Emerging Markets Portfolio (1)	PD 1-3 Year Corporate Bond Portfolio (5)
Emerging Markets Debt Portfolio (1)	International Growth Portfolio (1)	PD Aggregate Bond Index Portfolio (5)
Dividend Growth Portfolio (1)	International Large-Cap Portfolio (1)	PD High Yield Bond Market Portfolio (5)
Equity Index Portfolio (1)	International Small-Cap Portfolio (1)	PD Large-Cap Growth Index Portfolio (5)
Focused Growth Portfolio (1)	International Value Portfolio (1)	PD Large-Cap Value Index Portfolio (5)
Growth Portfolio (1)	Health Sciences Portfolio	PD Mid-Cap Index Portfolio (5)
Hedged Equity Portfolio	Real Estate Portfolio (1)	PD Small-Cap Growth Index Portfolio (5)
Large-Cap Core Portfolio (1)	Technology Portfolio	PD Small-Cap Value Index Portfolio (5)
Large-Cap Growth Portfolio (1)	ESG Diversified Portfolio (2)	PD Emerging Markets Index Portfolio (5)
Large-Cap Value Portfolio (1)	ESG Diversified Growth Portfolio (2)	PD International Large-Cap Index Portfolio (5)
Mid-Cap Equity Portfolio (1)	PSF Avantis Balanced Allocation Portfolio
Mid-Cap Growth Portfolio (1)	Pacific Dynamix — Conservative Growth Portfolio (3)

(1) These Funds are collectively known as the “Underlying Funds”

(2) These Funds are collectively known as the “ESG Portfolios”

(3) These Funds are collectively known as the “Pacific Dynamix Portfolios”

(4) These Funds are collectively known as the “Portfolio Optimization Portfolios”

(5) These Funds are collectively known as the “Pacific Dynamix Underlying Funds”

The Trust offers three separate share classes: Class D, Class I, and Class P. Each Fund, except for the PSF Avantis Balanced Allocation Portfolio and the Pacific Dynamix Underlying Funds, offers both Class I and Class P shares. The PSF Avantis Balanced Allocation Portfolio offers Class D and Class P shares. The Pacific Dynamix Underlying Funds offer Class P shares only.

The Portfolio Optimization Portfolios, Pacific Dynamix Portfolios, ESG Portfolios, and the PSF Avantis Balanced Allocation Portfolio are known as the “Funds of Funds”.

The Portfolio Optimization Portfolios invest their assets in Class P shares of certain Underlying Funds of the Trust.

The Pacific Dynamix Portfolios invest their assets in Class P shares of the Pacific Dynamix Underlying Funds.

The ESG Portfolios invest their assets in a variety of eligible third-party mutual funds (the “ESG Underlying Funds”) which, in turn, invest in U.S. and foreign equity and debt instruments. The ESG Underlying Funds are offered by Aristotle Pacific Capital, LLC, BlackRock Advisors, LLC, Calvert Research and Management, Fidelity Management & Research Company, J.P. Morgan Investment Management Inc., and Pacific Investment Management Company LLC, and are not funds of the Trust. Aristotle Pacific Capital, LLC, BlackRock Advisors, LLC, Calvert Research and Management, Fidelity Management & Research Company, J.P. Morgan Investment Management Inc., and Pacific Investment Management Company LLC are not affiliated with the Trust, the Distributor or the Investment Adviser.

The PSF Avantis Balanced Allocation Portfolio invests its assets in a variety of eligible third-party mutual funds, exchange-traded funds and/ or variable insurance trusts (the “Balanced Allocation Underlying Funds”) which, in turn, invest in U.S. and foreign equity and debt instruments. The Balanced Allocation Underlying Funds are currently advised by American Century Investment Management, Inc., including through its division Avantis Investors, and are not funds of the Trust. American Century Investment Management, Inc. and Avantis Investors are not affiliated with the Trust, the Distributor or the Investment Adviser.

Class D, Class I, and Class P shares of the Funds of the Trust in this report are offered to certain separate accounts of Pacific Life Insurance Company (“Pacific Life”) and Pacific Life & Annuity Company (“PL&A”), a wholly-owned subsidiary of Pacific Life. Pacific Life and PL&A determine which Funds (and share classes) of the Trust to make available. Not all share classes are available for each Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

C-1

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

A. INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

B. DISTRIBUTIONS TO SHAREHOLDERS

Each Fund of the Trust is treated as a partnership for Federal income tax purposes. As partnerships, none of these Funds are required to distribute taxable income and capital gains. No dividend and capital gain distributions have been paid by any Fund during the period ended June 30, 2023.

C. FOREIGN CURRENCY TRANSLATION

The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES

Income, non-class specific expenses, and realized and unrealized gains and losses, are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.

E. OFFERING COSTS

A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund, including legal, printing, and support services. All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

F. NEW ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820)”. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. ASU 2022-03 is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

In December 2022, the FASB issued ASU 2022-06, “Deferral of the Sunset Date of Topic 848.” ASU 2022-06 is an update of ASU 2020-04, which provided optional temporary financial reporting relief from the effect of certain types of contract modifications due to the discontinuation of the London Interbank Offered Rate (“LIBOR”) for the one week and two month U.S. dollar (“USD”) tenors as well as certain non-USD LIBOR tenors after December 31, 2021, and the discontinuation of certain non-USD LIBOR tenors after December 31, 2022 as well as the overnight and one, three, six and twelve month USD LIBOR tenors after June 30, 2023. ASU 2022-06 is effective for certain reference rate-related contract modifications that occur during the extended period of March 12, 2020 through December 31, 2024. Management does not expect ASU 2022-06 to have a material impact on these financial statements.

3. VALUATION AND FAIR VALUE MEASUREMENTS

A. VALUATION POLICY

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, and pursuant to regulatory authority, the Board has designated PLFA as its “valuation designee”

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for fair valuation determinations. PLFA’s Valuation Oversight Committee (“VOC”) values the Funds’ investments in accordance with the Valuation Policy. The methodologies used to value the Funds’ investments are described in greater detail in the Investment Valuation subsection below.

B. DETERMINATION OF NET ASSET VALUE (“NAV”)

Each Fund of the Trust is divided into shares and share classes, if applicable. The price per share of each class of a Fund’s shares is called its NAV, which is determined by taking the total value of its investments and other assets, subtracting any liabilities, and dividing by the total number of shares outstanding.

The NAVs are calculated once per day on each day that the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of 4:00 p.m. Eastern Time on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of an NAV on a particular day will not normally be used to retroactively adjust the price of a Fund’s investment or the NAV determined earlier that day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange. The NAVs will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission “SEC”), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders. Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year’s Day; Martin Luther King, Jr. Day; Washington’s Birthday; Good Friday; Memorial Day; Juneteenth; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.

Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.

In the event the NYSE closes prior to 4:00 p.m. Eastern Time, whether due to a scheduled or unscheduled early close, certain other markets or exchanges may remain open. Generally, the valuation of the securities in those markets or exchanges will follow the valuation procedures described below, which may be after the official closing time of the NYSE.

C. INVESTMENT VALUATION

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the VOC.

Domestic Equity Investments

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange and does not normally take into account trading, clearances or settlements that take place after the close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Foreign Equity Investments

For foreign equity investments, the Trust generally uses the official closing price or the last reported sale price from the principal foreign exchanges. The Trust may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. The Trust has retained an independent statistical analysis service approved by the VOC to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements

Exchange traded futures contracts, options and swap agreements are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts, options and swap agreements for which no settlement price is reported are valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Over-the-Counter (“OTC”) Investments

OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates are gathered from approved pricing services.

Domestic and Foreign Debt Investments

Debt investments, including short-term debt, are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt

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investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.

Investments in Mutual Funds and Variable Insurance Trusts

Fund investments in affiliated or unaffiliated mutual funds (and/or variable insurance trusts) are valued at their respective published NAVs.

Investment Values Determined by the Valuation Oversight Committee

The Trust’s Valuation Policy also includes methodologies approved for valuing investments in circumstances where pricing data from approved sources is not readily available or deemed to be unreliable. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with VOC approved formulas and methodologies (“PLFA Pre-Approved Fair Valuation Methodologies”). Under the Valuation Policy these PLFA Pre-Approved Fair Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, and matrix pricing. In the event pricing data from approved sources or PLFA Pre-Approved Fair Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the VOC or its delegate pursuant to the Valuation Policy. Valuations determined by the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value, a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

D. FAIR VALUE MEASUREMENTS AND DISCLOSURES

The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of Pacific Life, and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

●    Level 1 – Quoted prices (unadjusted) in active markets for identical investments

●    Level 2 – Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

●    Level 3 – Significant unobservable inputs that are not corroborated by observable market data

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange- traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Trust’s CCO, requiring approval by the Board.

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the VOC or its delegate (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of June 30, 2023, as categorized under the three-tier hierarchy of inputs, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments.

The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:

Equity Securities (Common and Preferred Stock) and Mutual Funds

Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published NAV and are categorized as Level 1.

U.S. Treasury Obligations

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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Mortgage-Backed and Asset-Backed Securities

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal Bonds

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Foreign Government Bonds and Notes

Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Corporate Bonds and Notes and U.S. Government Agency Issues

Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures Contracts

Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Option Contracts

Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to option contracts, or such valuation adjustments are observable and timely, otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker- dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward Foreign Currency Contracts

Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Swap Agreements

Interest Rate Swaps – Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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Credit Default Swaps – Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps – Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Senior Loan Notes

Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset under investments at value, and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended June 30, 2023 are summarized in the following table:

Portfolio	Unfunded Loan Commitments		Value		Net Unrealized Appreciation (Depreciation)
Diversified Bond		$155,868		$149,494		($6,374	)

4. INVESTMENTS AND RISKS

General Investment Risk

An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.

A Fund’s transactions in listed securities are settled/paid for upon delivery to or from their counterparties; therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

Market and Regulatory Risk

Events in the financial markets and economy may cause volatility and uncertainty and adversely affect Fund performance. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify investment risks and opportunities, in which case investment goals may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures in the first quarter of 2023 of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank in which a Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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Natural Disasters Risk

Natural disasters occur throughout the world and include events such as blizzards and ice storms, earthquakes, floods, hurricanes, pandemics, tidal waves, tornadoes, tsunamis, typhoons, volcanic eruptions, and wildfires. Although specific types of natural disasters may occur more frequently in certain geographic locations, such events are by their nature unpredictable and may cause sudden, severe and widespread damage that negatively impacts issuers, regions and economies in which a Fund invests. Should a Fund hold significant investments in, or have significant exposure to, an issuer, region or economy affected by a natural disaster, the Fund may lose money. Due to the interconnectedness of the global economy, natural disasters in one location may negatively impact issuers in other locations.

An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was first detected in China in 2019 before spreading worldwide and being declared a global pandemic by the World Health Organization in March 2020. COVID-19 resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and general concern and uncertainty. The impact of other infectious illness outbreaks that may arise in the future could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund. Health crises in the future may exacerbate other pre-existing political, social and economic risks, and its impact in developing or emerging market countries may be greater due to less established health care systems. The duration and ultimate impact of any future outbreak may be short term or may last for an extended period of time.

LIBOR Transition Risk

Certain investments may rely on, and are therefore subject to risks related to the expected discontinuation of, LIBOR. LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market as determined by ICE Benchmark Administration (“IBA”), the administrator of LIBOR. Previously, the Financial Conduct Authority (“FCA”), which regulates financial markets and financial services firms in the United Kingdom, announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. In 2021, the FCA announced that USD LIBOR will cease to be published by the IBA or any other administrator, or will no longer be representative after June 30, 2023 for the most common tenors (overnight and one, three, six and twelve month). The IBA ceased publication of the less common tenors of USD LIBOR (one week and two month) and most tenors of non-USD LIBOR after December 31, 2021. The FCA announced that it will compel the IBA to continue to publish the one, three and six month USD LIBOR settings after June 30, 2023 on a non-representative (i.e. “synthetic”) basis through September 30, 2024, and the three month sterling LIBOR setting on a “synthetic” basis through March 28, 2024.

Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Funds. The transition process away from LIBOR may result in increased volatility or illiquidity in markets for the Fund’s investments that currently rely on LIBOR as well as a reduction in the value of these investments. The potential risk of reduction in value of these investments may be heightened for those investments that do not include fallback provisions that address the cessation of LIBOR.

For investments that do not have adequate fallback provisions to address the cessation of LIBOR, the Adjustable Interest Rate (LIBOR) Act was signed into law on March 15, 2022. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate (“SOFR”) (which measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities) for certain investments that reference LIBOR and contain no, or insufficient, fallback provisions. It is uncertain what impact such legislation may have.

Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate (“IBOR”) with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. These federal income tax consequences would apply only to the shareholders of the Funds (the insurance companies offering the variable products and as applicable certain funds of funds of the Trust), but there would not be federal income tax consequences to the contract holders of the variable products. The IRS may provide additional guidance, with potential retroactive effect.

Fund of Funds Investments

The Portfolio Optimization Portfolios are exposed to the same risks as the Underlying Funds in direct proportion to the allocation of their assets among those Underlying Funds. Allocations by the Portfolio Optimization Portfolios among the Underlying Funds are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given the various levels of risk tolerance. The allocations of the Portfolio Optimization Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Underlying Funds may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Portfolios seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any single Underlying Fund.

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The Pacific Dynamix Portfolios are exposed to the same risks as the Pacific Dynamix Underlying Funds in direct proportion to the allocation of their assets among those Pacific Dynamix Underlying Funds. Allocations among the Pacific Dynamix Underlying Funds are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Pacific Dynamix Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Pacific Dynamix Underlying Funds may cause them to underperform other mutual funds with a similar investment objective. Although the Pacific Dynamix Portfolios seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any single Pacific Dynamix Underlying Fund.

The ESG Portfolios are exposed to the same risks as the ESG Underlying Funds in direct proportion to the allocation of their assets among the ESG Underlying Funds. Allocations among the ESG Underlying Funds are determined using an asset allocation process and may be adjusted based on PLFA’s views of market conditions, its outlook for various asset classes or other factors. The allocations of the ESG Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/ or ESG Underlying Funds may cause them to underperform other mutual funds with similar investment objectives. The ESG Portfolios may invest in any or all of the ESG Underlying Funds, but will not necessarily be invested in every ESG Underlying Fund at any particular time.

The PSF Avantis Balanced Allocation Portfolio is exposed to the same risks as the Balanced Allocation Underlying Funds in direct proportion to the allocation of its assets among the Balanced Allocation Underlying Funds. Allocations among the Balanced Allocation Underlying Funds are determined using an asset allocation process and may be adjusted based on PLFA’s views of market conditions, its outlook for various asset classes or other factors. The allocations of the PSF Avantis Balanced Allocation Portfolio may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Balanced Allocation Underlying Funds may cause it to underperform other mutual funds with a similar investment objective. The PSF Avantis Balanced Allocation Portfolio may invest in any or all of the Balanced Allocation Underlying Funds, but will not necessarily be invested in every Balanced Allocation Underlying Fund at any particular time.

Funds of Funds shareholders also bear indirectly their proportionate share of the expenses of the underlying funds in which the Funds of Funds invest.

Equity Investments

Stock markets are volatile. Equity investments tend to go up and down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.

Debt Investments

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk and liquidity risk, which may affect their value. Many debt securities give the issuer the right to redeem (“call”) the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the Federal Reserve’s recent interest rate raises in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Foreign and Emerging Markets Investments

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in, or foreign exchange rates with,

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another market, country, or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.

The governments of emerging market countries, some with histories of instability and upheaval, may act in an adverse or hostile manner toward private enterprise or foreign investment. Specific actions and effects have included limiting the ability of issuers to have reliable access to capital and the ability to conduct due diligence on issuers located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries; restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging market countries.

Among the foreign markets in which a Fund may invest are those countries that are members of the European Union (“EU”). Some of the countries of the EU are currently experiencing financial difficulties and have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank or other governments or institutions. The failure of such countries to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those countries and other countries within this “Eurozone.” In addition, certain EU countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, to the point where such countries could voluntarily abandon, or be forced out of, the euro. These events could globally impact the market values of securities and currencies, cause redenomination into less valuable local currencies and create more volatile and illiquid markets. The United Kingdom’s departure from the EU, commonly known as “Brexit,” may have significant political and financial consequences for EU markets. There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit may also increase the likelihood that other EU members may decide to leave or be expelled from the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events and other socio-political or geo-political issues that are not currently known could have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

On February 24, 2022, the Russian Federation commenced a military attack on the country of Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and global financial markets. In addition, the United States and other countries have imposed, and may impose additional, economic sanctions against certain countries, entities and/or individuals. Economic sanctions and other similar actions could, among other things, prohibit or otherwise limit a Fund’s ability to purchase or sell certain foreign securities and significantly delay or prevent the settlement of securities transactions, and there could be significant risks and uncertainties related to investment in Eastern Europe and Russia. Such actions could decrease the value and liquidity of securities held by a Fund and may require a Fund to sell or otherwise dispose of all or a portion of the impacted securities at inopportune times or prices. Sanctions could also result in retaliations or countermeasures, which may adversely impact a Fund’s investments or operations. Although it is not possible to predict the extent and duration of this military action, and the impact that any sanctions or retaliatory actions may have on a Fund, such events could significantly harm a Fund’s performance.

The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue, and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk and geographic focus risk, among other risks.

Senior Loan Participations and Assignments

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR, SOFR or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

A significant portion of the floating rate loans held by a Fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. As compared to a loan instrument that contains numerous covenants that allow lenders the option to force the borrowers to negotiate terms if risks became elevated, the majority of new floating rate loans that are issued are “covenant lite” loans which tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer, including the ability to make an acquisition, pay dividends or issue additional debt if they have met certain loan terms. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached, such as permitting an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans. When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender.

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Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of June 30, 2023, no participation interest in Senior Loans was held by any of the Funds.

Inflation-Indexed Bonds

Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are debt securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment to interest income.

Mortgage-Related and Other Asset-Backed Securities

Certain Funds may invest in mortgage-related and other asset-backed securities. These securities could include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust, or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.

SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other debt and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are recorded as interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income. Payments received from POs are treated as reductions to the cost and par value of the securities. Any excess principal paydown gains or losses associated with the payments received are recorded as interest income.

U.S. Government Securities

Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies, or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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When-Issued Securities

Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Delayed-Delivery Transactions Risk

Certain Funds may purchase or sell securities on a delayed-delivery basis, including TBA securities. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a 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, a 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 NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed- delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Repurchase Agreements

Certain Funds may enter into repurchase agreements with institutions that the Investment Adviser or sub-adviser has determined are creditworthy. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying security (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell the security at an agreed upon price and time. Repurchase agreements permit a Fund to maintain liquidity and potentially earn income over periods of time that may be as short as overnight. The collateral for all repurchase agreements are held in safekeeping for the benefit of the Funds at the Trust’s custodian, or broker-dealer, or a designated sub-custodian under a tri-party repurchase agreement. All repurchase agreements entered into by a Fund are collateralized with cash or securities of a type that the Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest, except in the case of a repurchase agreement entered into for the purposes of selling a security short, where the value of the collateral delivered to a Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement.

In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to the Fund under the repurchase agreement. Upon an event of default under the repurchase agreement, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited, or wholly denied.

Borrowings and Other Financing Transactions

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a Fund. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions see Note 5.

Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security.

Sale-Buyback Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed- upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

Short Sales – Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own.

A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

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When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.

The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increase a Fund’s volatility.

Collateral Risk

If a Fund engages in certain transactions, such as derivative investments, it may require collateral in the form of cash or investments to be held in collateral accounts at the Trust’s custodian, with an exchange or clearing member firm. In each instance that collateral is required, it is done so in accordance with the terms of each respective collateral agreement. In the event of the counterparty default on a transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are held as collateral or that the value of the collateral declines.

5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS

A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES

Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts, and swap agreements. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.

Interest Rate Risk – A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.

Foreign Investments and Currency Risk – A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.

Price Volatility Risk – Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

Credit and Counterparty Risk – Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or

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guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

B. DERIVATIVE INVESTMENTS

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Legal risks related to documentation/agreements, capacity or authority of a counterparty, or issues regarding the legality or enforceability of a contract, may limit a Fund’s ability to invest or remain invested in derivatives. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.

Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

During the reporting period, the following Funds entered into futures contracts for the following reasons: The Diversified Bond Portfolio used futures to manage duration, manage exposure to international bond markets and for yield curve exposure. The Inflation Managed and Managed Bond Portfolios entered into futures contracts to manage interest rate exposure, to provide liquidity, and as a substitute for cash bond exposure. The Short Duration Bond and Emerging Markets Debt Portfolios used interest rate futures contracts to manage duration and interest rate risk. The Emerging Markets Debt Portfolio also utilized U.S. Treasury futures to hedge duration. The Equity Index, Small-Cap Equity, Small-Cap Index, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Mid-Cap Index, PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios utilized futures contracts to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs. The Small-Cap Value, Emerging Markets, International Large-Cap, International Small-Cap, and International Value Portfolios utilized futures to gain market exposure with the cash generated during PLFA’s reallocation of assets for the funds-of-funds. The PD Emerging Markets Index Portfolio and the PD International Large-Cap Index Portfolio utilized futures to equitize cash flows. The Hedged Equity Portfolio and the Large-Cap Core Portfolio held futures to gain targeted equity exposure from cash positions.

Option Contracts – An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying reference asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying reference asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.

C-13

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

During the reporting period, the following Funds entered into option contracts for the following reasons: The Diversified Bond Portfolio used options to manage duration, manage exposure to international bond markets and yield curve exposure. The Managed Bond Portfolio sold/wrote options and swaptions on futures, currencies, bond indices, and swaps, and also purchased options on futures, bond indices, currencies and TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The Inflation Managed Portfolio sold/wrote options and swaptions on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Hedged Equity Portfolio and the Technology Portfolio purchased and wrote options on indices to manage risk.

Forward Foreign Currency Contracts – A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. The market value of a Forward Contract fluctuates with changes in foreign currency rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A 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. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into forward foreign currency contracts for the following reasons: The Diversified Bond Portfolio used Forward Contracts to hedge positions as well as take outright positions in a variety of emerging and developed market currencies. The Inflation Managed and Managed Bond Portfolios purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge against currency exposure associated with some or all of these investments, and as a part of the investment strategy for these Funds. The Emerging Markets Debt Portfolio used Forward Contracts to gain market exposure, for hedging purposes to help protect the Fund’s returns against adverse currency movements, and as a part of the Fund’s investment strategy. The Value Portfolio used Forward Contracts for hedging purpose to help protect the Fund’s returns against adverse currency movement and to isolate stock selection as the primary driver of performance. The Health Sciences Portfolio used Forward Contracts to hedge against currency fluctuations.

Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.

Interest Rate Swaps – Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the following reasons: The Diversified Bond Portfolio entered into interest rate swaps in order to manage duration, manage exposure to international bond markets and yield curve

C-14

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

exposure. The Inflation Managed and Managed Bond Portfolios entered into interest rate swaps to manage nominal or real interest rate risk in various global markets and as a substitute for cash bond exposure. The Emerging Markets Debt Portfolio entered into interest rate swaps to gain or manage market exposure, for hedging purposes, to manage duration, and as a part of the Fund’s investment strategy.

Credit Default Swaps – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

As a seller of protection, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write-downs or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset- backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

C-15

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

A Fund may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2023 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the reporting period, the following Funds entered into credit default swap agreements for the following reasons: The Diversified Bond Portfolio utilized credit default swaps on investment grade indices to adjust credit exposure to certain international bond markets. The Inflation Managed Portfolio sold, and the Managed Bond Portfolio bought and sold, credit protection through credit default swaps on securities and credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, mortgage, emerging markets or other sectors. The Inflation Managed and Managed Bond Portfolios purchased credit protection to reduce credit exposure to individual issuers, reduce broader credit risk, or to take advantage of the basis between the credit default swap and cash bond market. The Emerging Markets Debt Portfolio entered into credit default swaps to obtain exposure on sovereign credit spreads and for hedging purposes.

Total Return Swaps – A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.

A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.

During the reporting period, the Inflation Managed Portfolio used total return swaps to hedge duration.

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities. An exchange traded investment’s value reflects the cumulative value. Only the current day’s variation margin is reported on the Statements of Assets and Liabilities.

	Location on the Statements of Assets and Liabilities
Derivative Investments Risk Type	Asset Derivative Investments	Liability Derivative Investments
Credit contracts	Outstanding purchased options, at value	Outstanding options written, at value
Equity contracts	Receivable: Variation margin on futures contracts	Payable: Variation margin on futures contracts
Interest rate contracts	Receivable: Variation margin on swap agreements	Payable: Variation margin on swap agreements
	Swap premiums paid	Swap premiums received
	Swap agreements appreciation	Swap agreements depreciation
Foreign currency contracts	Outstanding purchased options, at value	Outstanding options written, at value
	Receivable: Variation margin on futures contracts	Payable: Variation margin on futures contracts
	Receivable: Variation margin on swap agreements	Payable: Variation margin on swap agreements
	Swap premiums paid	Swap premiums received
	Swap agreements appreciation	Swap agreements depreciation
	Forward foreign currency contracts appreciation	Forward foreign currency contracts depreciation

C-16

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of June 30, 2023:

			Asset Derivative Investments, Value
Portfolio	Total Value at June 30, 2023		Credit Contracts		Equity Contracts		Foreign Currency Contracts		Interest Rate Contracts
Diversified Bond		$44,612,758		$2,711,592		$-		$3,567,292		$38,333,874
Inflation Managed		4,122,257		231		-		701,334		3,420,692
Managed Bond		12,779,808		756,864		-		1,048,425		10,974,519
Short Duration Bond		999,932		-		-		-		999,932
Emerging Markets Debt		2,177,067		3,106		-		285,094		1,888,867
Equity Index		860,330		-		860,330		-		-
Hedged Equity		1,967,193		-		1,967,193		-		-
Small-Cap Equity		20,656		-		20,656		-		-
Small-Cap Index		95,398		-		95,398		-		-
Value		67,718		-		-		67,718		-
PD Large-Cap Growth Index		23,137		-		23,137		-		-
PD Large-Cap Value Index		156,200		-		156,200		-		-
PD Mid-Cap Index		88,277		-		88,277		-		-
PD Small-Cap Growth Index		15,372		-		15,372		-		-
PD Small-Cap Value Index		4,967		-		4,967		-		-
PD International Large-Cap Index		153,109		-		153,109		-		-

				Liability Derivative Investments, Value
Portfolio	Total Value at June 30, 2023			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
Diversified Bond		($36,282,676	)		($911,377	)		$-			($7,904,288	)		($27,467,011	)
Inflation Managed		(6,159,789	)		-			-			(1,069,120	)		(5,090,669	)
Managed Bond		(19,852,261	)		(110,850	)		-			(2,202,696	)		(17,538,715	)
Short Duration Bond		(4,199,597	)		-			-			-			(4,199,597	)
Emerging Markets Debt		(1,351,493	)		(444,963	)		-			(174,256	)		(732,274	)
Hedged Equity		(1,813,175	)		-			(1,813,175	)		-			-
Value		(7,117	)		-			-			(7,117	)		-
Health Sciences		(113,630	)		-			-			(113,630	)		-
PD Emerging Markets Index		(56,168	)		-			(56,168	)		-			-

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments, if any, disclosed in the Trust’s Statements of Operations:

Derivative Investments Risk Type	Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations
Credit contracts	Net realized gain (loss) on futures contract transactions
Equity contracts	Net realized gain (loss) on purchased option transactions
Interest rate contracts	Net realized gain (loss) on swap transactions
	Net realized gain (loss) on written option transactions
	Change in net unrealized appreciation (depreciation) on futures contracts
	Change in net unrealized appreciation (depreciation) on purchased options
	Change in net unrealized appreciation (depreciation) on swaps
	Change in net unrealized appreciation (depreciation) on written options
Foreign currency contracts	Net realized gain (loss) on forward foreign currency contract transactions
	Net realized gain (loss) on futures contract transactions
	Net realized gain (loss) on purchased option transactions
	Net realized gain (loss) on swap transactions
	Net realized gain (loss) on written option transactions
	Change in net unrealized appreciation (depreciation) on forward foreign currency contracts
	Change in net unrealized appreciation (depreciation) on futures contracts
	Change in net unrealized appreciation (depreciation) on purchased options
	Change in net unrealized appreciation (depreciation) on swaps
	Change in net unrealized appreciation (depreciation) on written options

C-17

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the period ended June 30, 2023:

	Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations
Portfolio	Total			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
Diversified Bond		$22,564,589			$4,946,779			$-			($9,085,868	)		$26,703,678
Inflation Managed		(5,869,827	)		5,696			-			(458,243	)		(5,417,280	)
Managed Bond		(12,321,195	)		(161,815	)		-			(10,214,544	)		(1,944,836	)
Short Duration Bond		(1,168,220	)		-			-			-			(1,168,220	)
Emerging Markets Debt		(719,951	)		(1,158,092	)		-			33,761			404,380
Equity Index		698,586			-			698,586			-			-
Hedged Equity		(7,835,352	)		-			(7,835,352	)		-			-
Large-Cap Core		(177,285	)		-			(177,285	)		-			-
Small-Cap Equity		44,396			-			44,396			-			-
Small-Cap Index		642,403			-			642,403			-			-
Small-Cap Value		(2,423	)		-			(2,423	)		-			-
Value		(1,502,816	)		-			-			(1,502,816	)		-
Emerging Markets		(202,550	)		-			(202,550	)		-			-
International Large-Cap		285,691			-			285,691			-			-
International Small-Cap		194,855			-			194,855			-			-
International Value		218,741			-			218,741			-			-
Health Sciences		(19,569	)		-			-			(19,569	)		-
Technology		(779,946	)		-			(779,946	)		-			-
PD Large-Cap Growth Index		725,697			-			725,697			-			-
PD Large-Cap Value Index		744,007			-			744,007			-			-
PD Mid-Cap Index		309,532			-			309,532			-			-
PD Small-Cap Growth Index		37,434			-			37,434			-			-
PD Small-Cap Value Index		75,245			-			75,245			-			-
PD Emerging Markets Index		402,759			-			402,759			-			-
PD International Large-Cap Index		695,483			-			695,483			-			-
	Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statements of Operations
Portfolio	Total			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
Diversified Bond		($34,515,361	)		($719,853	)		$-			($3,483,405	)		($30,312,103	)
Inflation Managed		3,449,736			(4,859	)		-			1,185,311			2,269,284
Managed Bond		1,653,344			755,261			-			3,055,964			(2,157,881	)
Short Duration Bond		(3,566,944	)		-			-			-			(3,566,944	)
Emerging Markets Debt		1,190,929			205,269			-			260,495			725,165
Equity Index		1,622,361			-			1,622,361			-			-
Hedged Equity		134,171			-			134,171			-			-
Small-Cap Equity		54,171			-			54,171			-			-
Small-Cap Index		177,055			-			177,055			-			-
Value		291,162			-			-			291,162			-
Health Sciences		(227,848	)		-			-			(227,848	)		-
Technology		(219,088	)		-			(219,088	)		-			-
PD Large-Cap Growth Index		383,643			-			383,643			-			-
PD Large-Cap Value Index		224,065			-			224,065			-			-
PD Mid-Cap Index		133,713			-			133,713			-			-
PD Small-Cap Growth Index		24,258			-			24,258			-			-
PD Small-Cap Value Index		24,809			-			24,809			-			-
PD Emerging Markets Index		12,685			-			12,685			-			-
PD International Large-Cap Index		444,167			-			444,167			-			-

For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

C-18

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

For applicable Funds, the following is a summary of the average number of positions and values of derivative investments by derivative type, which serve as indicators of volume of derivative activity, for the period ended June 30, 2023:

	Average Positions and Value of Derivative Investments by Derivative Type
	Futures Contracts					Forward Contracts					Option Contracts					Swap Agreements
Portfolio	Number of Positions		Value			Number of Positions		Value			Number of Positions		Value			Number of Positions		Value
Diversified Bond		27		$4,952,530			17		($4,573,644	)		50		($1,808,800	)		21		$27,590,869
Inflation Managed		18		248,750			29		(1,111,160	)		15		(661,318	)		70		(2,291,695	)
Managed Bond		12		1,873,638			53		(3,215,309	)		23		(2,664,907	)		43		(4,277,310	)
Short Duration Bond		5		(717,427	)		-		-			-		-			-		-
Emerging Markets Debt		2		(155,273	)		15		(323,183	)		-		-			17		596,673
Equity Index		1		225,852			-		-			-		-			-		-
Hedged Equity		1		1,953			-		-			3		(12,199	)		-		-
Small-Cap Equity		1		7,227			-		-			-		-			-		-
Small-Cap Index		1		62,299			-		-			-		-			-		-
Value		-		-			5		(250,543	)		-		-			-		-
Health Sciences		-		-			3		(30,574	)		-		-			-		-
Technology		-		-			-		-			1		373,528			-		-
PD Large-Cap Growth Index		2		9,182			-		-			-		-			-		-
PD Large-Cap Value Index		2		135,513			-		-			-		-			-		-
PD Mid Cap Index		2		58,147			-		-			-		-			-		-
PD Small-Cap Growth Index		1		7,686			-		-			-		-			-		-
PD Small-Cap Value Index		1		4,639			-		-			-		-			-		-
PD Emerging Markets Index		1		19,563			-		-			-		-			-		-
PD International Large-Cap Index		2		80,856			-		-			-		-			-		-

In addition to the table above, the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for each applicable Fund for the period ended June 30, 2023.

C. ENFORCEABLE MASTER NETTING ARRANGEMENTS

Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

C-19

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of June 30, 2023:

		Gross Amounts Presented in the Statement of Assets and Liabilities	Gross Amounts Not Offset in Statement of Assets and Liabilities						Gross Amounts Presented in the Statement of Assets and Liabilities		Gross Amounts Not Offset in Statement of Assets and Liabilities
Description			Financial Instrument		Collateral Received		Net Amount				Financial Instrument	Collateral Pledged	Net Amount
	Assets							Liabilities
Diversified Bond
Forward foreign currency contracts		$2,281,372	($1,513,129	)	$-		$768,243		($6,016,823	)	$1,513,129	$-	($4,503,694	)
Option contracts		140,513	-		-		140,513		(140,687	)	-	-	(140,687	)
Inflation Managed
Forward foreign currency contracts		701,334	(254,392	)	(290,000	)	156,942		(1,069,120	)	254,392	502,942	(311,786	)
Option contracts		899,558	(899,558	)	-		-		(1,731,892	)	899,558	368,118	(464,216	)
Swap agreements		-	-		-		-		(2,196,804	)	-	2,105,447	(91,357	)
Sale-buyback financing transactions		-	-		-		-		(216,449,643	)	214,717,669	-	(1,731,974	)
Managed Bond
Forward foreign currency contracts		1,048,425	(528,769	)	(435,730	)	83,926		(2,202,696	)	528,769	1,288,882	(385,045	)
Option contracts		1,192,980	(1,192,980	)	-		-		(2,521,423	)	1,192,980	1,211,678	(116,765	)
Swap agreements		175,135	(18,745	)	-		156,390		(18,745	)	18,745	-	-
Emerging Markets Debt
Forward foreign currency contracts		285,094	(60,294	)	-		224,800		(174,256	)	60,294	-	(113,962	)
Swap agreements		-	-		-		-		(38,238	)	-	38,238	-
Value
Forward foreign currency contracts		67,718	(7,117	)	-		60,601		(7,117	)	7,117	-	-
Health Sciences
Forward foreign currency contracts		-	-		-		-		(113,630	)	-	-	(113,630	)

During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral, if any, held by each applicable Fund exceeded the value of the repurchase agreements as of June 30, 2023.

6. INVESTMENT ADVISORY, ADMINISTRATION AND SUPPORT SERVICES, AGENCY, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life, serves as Investment Adviser to each Fund of the Trust. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise for certain Funds. PLFA manages the Pacific Dynamix, Portfolio Optimization, PSF Avantis Balanced Allocation, and ESG Portfolios directly. PLFA, as Investment Adviser to each Fund of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of June 30, 2023, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, the advisory fee waiver, and the sub-adviser of each Fund (if applicable), are as follows:

Portfolio	Investment Advisory Fee	Advisory Fee Waiver through April 30, 2024 (unless otherwise noted)	Sub-Adviser(s)
Core Income	0.50% on first $4 billion 0.48% on excess		Aristotle Pacific Capital, LLC (Pacific Asset Management LLC prior to April 17, 2023)
Diversified Bond	0.40% on first $4 billion 0.38% on excess		Western Asset Management Company, LLC
Floating Rate Income	0.65% on first $1 billion 0.62% on next $1 billion 0.59% on next $2 billion 0.57% on excess		Aristotle Pacific Capital, LLC (Pacific Asset Management LLC prior to April 17, 2023)
High Yield Bond	0.40% on first $4 billion 0.38% on excess		Aristotle Pacific Capital, LLC (Pacific Asset Management LLC prior to April 17, 2023)
Inflation Managed	0.40% on first $4 billion 0.38% on excess		Pacific Investment Management Company LLC
Intermediate Bond	0.40% on first $4 billion 0.38% on excess		J.P. Morgan Investment Management Inc.

C-20

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Portfolio	Investment Advisory Fee	Advisory Fee Waiver through April 30, 2024 (unless otherwise noted)	Sub-Adviser(s)
Managed Bond	0.40% on first $4 billion 0.38% on excess	0.015%	Pacific Investment Management Company LLC
Short Duration Bond	0.40% on first $4 billion 0.38% on excess		T. Rowe Price Associates, Inc.
Emerging Markets Debt	0.785% on first $1 billion 0.755% on next $1 billion 0.725% on next $2 billion 0.705% on excess	0.05%	Principal Global Investors, LLC
Dividend Growth	0.70% on first $100 million 0.66% on next $900 million 0.63% on next $3 billion 0.61% on excess	0.03%	T. Rowe Price Associates, Inc.
Equity Index	0.05% on first $4 billion 0.03% on excess		BlackRock Investment Management, LLC
Focused Growth	0.75% on first $100 million 0.71% on next $900 million 0.68% on next $3 billion 0.66% on excess		Janus Henderson Investors US LLC
Growth	0.55% on first $4 billion 0.53% on excess		MFS Investment Management, LLC
Hedged Equity	0.60%		J.P. Morgan Investment Management Inc.
Large-Cap Core	0.45% on first $4 billion 0.43% on excess		J.P. Morgan Investment Management Inc.
Large-Cap Growth	0.75% on first $100 million 0.71% on next $900 million 0.68% on next $3 billion 0.66% on excess	0.08% (0.045% prior to May 1, 2023)	FIAM LLC (BlackRock Investment Management, LLC prior to May 1, 2023)
Large-Cap Value	0.65% on first $100 million 0.61% on next $900 million 0.58% on next $3 billion 0.56% on excess		ClearBridge Investments, LLC
Mid-Cap Equity	0.65% on first $4 billion 0.63% on excess		Scout Investments, Inc.
Mid-Cap Growth	0.70% on first $4 billion 0.68% on excess	0.025%	Delaware Investments Fund Advisers
Mid-Cap Value	0.70% on first $1 billion 0.65% on next $1 billion 0.60% on excess		Boston Partners Global Investors, Inc.
Small-Cap Equity	0.75% on first $1 billion 0.72% on next $1 billion 0.69% on next $2 billion 0.67% on excess	0.10%	BlackRock Investment Management, LLC and Franklin Mutual Advisers, LLC (co-sub-advisers)
Small-Cap Growth	0.60% on first $4 billion 0.58% on excess		MFS Investment Management, LLC
Small-Cap Index	0.30% on first $4 billion 0.28% on excess		BlackRock Investment Management, LLC
Small-Cap Value	0.75% on first $1 billion 0.72% on next $1 billion 0.69% on next $2 billion 0.67% on excess		AllianceBernstein L.P.
Value	0.75% on first $100 million 0.71% on next $900 million 0.68% on next $3 billion 0.66% on excess	0.075%	American Century Investment Management, Inc.
Value Advantage	0.66% on first $4 billion 0.64% on excess		J.P. Morgan Investment Management Inc.
Emerging Markets	0.80% on first $4 billion 0.78% on excess		Invesco Advisers, Inc.
International Growth	0.85% on first $100 million 0.75% on next $100 million 0.70% on next $300 million 0.65% on excess		ClearBridge Investments, LLC

C-21

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Portfolio	Investment Advisory Fee	Advisory Fee Waiver through April 30, 2024 (unless otherwise noted)	Sub-Adviser(s)
International Large-Cap	0.85% on first $100 million 0.77% on next $900 million 0.75% on next $3 billion 0.73% on excess	0.03%	MFS Investment Management
International Small-Cap	0.85% on first $1 billion 0.82% on next $1 billion 0.79% on next $2 billion 0.77% on excess	0.015%	FIAM LLC
International Value	0.65% on first $4 billion 0.63% on excess		Wellington Management Company LLP
Health Sciences	0.90% on first $1 billion 0.87% on next $1 billion 0.84% on next $2 billion 0.82% on excess		BlackRock Investment Management, LLC
Real Estate	0.90% on first $100 million 0.82% on next $900 million 0.80% on next $3 billion 0.78% on excess	0.09%	Principal Real Estate Investors, LLC
Technology	0.90% on first $1 billion 0.87% on next $1 billion 0.84% on next $2 billion 0.82% on excess		MFS Investment Management
ESG Portfolios Pacific Dynamix Portfolios	0.20%
PSF Avantis Balanced Allocation	0.20%	0.06%
Portfolio Optimization Portfolios	0.10%
PD 1-3 Year Corporate Bond	0.20% on first $50 million 0.19% on next $50 million 0.14% on excess		SSGA Funds Management, Inc.
PD Aggregate Bond Index	0.16% on first $50 million 0.15% on next $50 million 0.14% on excess		SSGA Funds Management, Inc.
PD High Yield Bond Market	0.35% on first $50 million 0.22% on next $50 million 0.14% on excess		SSGA Funds Management, Inc.
PD Large-Cap Growth Index PD Large-Cap Value Index PD Mid-Cap Index PD Small-Cap Growth Index PD Small-Cap Value Index	0.14% on first $300 million 0.12% on excess		BlackRock Investment Management, LLC
PD Emerging Markets Index	0.60% on first $50 million 0.35% on excess	0.44% on first $50 million 0.18% on excess	FIAM LLC serves as the sub-adviser and Geode Capital Management, LLC serves as the sub-subadviser
PD International Large-Cap Index	0.25% on first $100 million 0.20% on excess	0.10% on first $100 million 0.05% on excess	FIAM LLC serves as the sub-adviser and Geode Capital Management, LLC serves as the sub-subadviser

Pursuant to an Agreement for Administration and Support Services (the “Administration Agreement”), Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Investment Adviser’s responsibilities under the Advisory Agreement. Under the Administration Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, including the expense of registering and qualifying the Trust on state and Federal levels, providing legal, compliance, accounting, tax, chief compliance officer services, and on-going compliance, maintaining the Trust’s legal existence, shareholders’ meetings and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a Transfer Agency Agreement, Pacific Life serves as transfer agent and dividend disbursing agent for Class I, Class D, and those Class P shares of the Trust that are offered to certain separate accounts, without remuneration from the Trust. Pursuant to a Transfer Agency and Service Agreement, State Street Bank and Trust Company serves as transfer agent for those Class P shares of the Trust that are utilized by the Funds of Funds and is compensated by the Trust for these services.

Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust. The Trust adopted a service plan (the “Service Plan”) for Class I shares of each applicable Fund, under which each applicable Fund pays the Distributor an amount at an annual rate of 0.20% of the average daily net assets of each Fund for shareholder servicing activities. Class P shares do not incur a service fee. Under the Service Plan, the service fee may be used by the Distributor for

C-22

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

services rendered to or procured for shareholders of the Trust, or the variable annuity and variable life insurance contract owners who use the Trust as the underlying investment vehicle for their contracts. These services may include, but are not limited to: providing electronic, telephonic, and technological servicing support in connection with existing investments in the Trust; answering shareholder questions regarding the Trust, the Funds, its managers and/or other service providers; payment of compensation to broker-dealers, including the Distributor itself, and other financial institutions and organizations which assist in providing any of these services; and other services as described in the Service Plan. The Service Plan was not adopted in accordance with Rule 12b-1 under the 1940 Act.

The Trust has also adopted a distribution and service plan (the “12b-1 Plan”) for Class D shares of each applicable Fund in accordance with Rule 12b-1 under the 1940 Act, pursuant to which Class D shares of each applicable Fund pay a service fee at an annual rate of 0.20% and a distribution fee at an annual rate of 0.05% of the average daily net assets attributed to that share class. The service fees may be used by the Distributor for the types of services provided under the Service Plan discussed above. The distribution fees may be used by the Distributor for any activities or expenses primarily intended to result in the sale of Class D shares or variable contracts offering Class D shares, which may include, but are not limited to: compensation to, and expenses (including overhead expenses) of, financial consultants or other employees of the Distributor or of selling group members who engage in distribution of Class D shares; printing of prospectuses and reports other than for existing contract owners; advertising; and the preparation, printing and distribution of sales literature.

The Service Plan and 12b-1 Plan will each remain in effect as long as their continuance is specifically approved at least annually.

7. TRANSACTIONS WITH AFFILIATES

A. ADVISORY FEES, DISTRIBUTION AND/OR SERVICE FEES AND EXPENSES FOR SUPPORT SERVICES

The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, distribution and/or service fees earned by the Distributor, and expenses for support services recovered by PLFA and Pacific Life from each Fund for the period ended June 30, 2023 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of June 30, 2023 are presented in the Statements of Assets and Liabilities.

B. EXPENSE LIMITATION AGREEMENTS

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund (other than the Pacific Dynamix Portfolios, Portfolio Optimization Portfolios and Pacific Dynamix Underlying Funds) for certain operating expenses that exceed an annual rate of 0.10% of a Fund’s average daily net assets through April 30, 2024 (“expense cap”). These operating expenses include, but are not limited to: organizational expenses; domestic custody expenses; expenses for accounting, audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees and expenses; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; additional costs associated with foreign investing (including foreign taxes on dividends, interest or gains); interest (including commitment fees); taxes; brokerage commissions and other transactional expenses; dividends on securities sold short; acquired fund fees and expenses; extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses and other expenses not incurred in the ordinary course of each Fund’s business; and expenses of counsel or other persons or services retained by the independent trustees. In the case of the Pacific Dynamix Portfolios, PLFA has contractually agreed to reimburse each Fund for its operating expenses (excluding extraordinary expenses) of each Pacific Dynamix Portfolio and its proportionate share of fees and expenses of the Pacific Dynamix Underlying Funds that exceed an annual rate of 0.59% of a Fund’s average net assets for Class I shares and 0.39% for Class P shares through April 30, 2024. There are no expense caps for the Portfolio Optimization Portfolios and the Pacific Dynamix Underlying Funds.

There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund for the period ended June 30, 2023 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of June 30, 2023 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of June 30, 2023 that are subject to recoupment by PLFA from the Funds are as follows:

Portfolio	2023		2024		2025		2026
Hedged Equity				$56,649		$25,072
ESG Diversified				44,602		50,681		$18,474
ESG Diversified Growth				16,372		51,416		22,257
Pacific Dynamix – Conservative Growth		$299,326		226,369		253,728		97,603
Pacific Dynamix – Moderate Growth		1,115,577		908,902		822,343		348,322
Pacific Dynamix – Growth		476,844		521,634		673,483		297,695

During the period ended June 30, 2023, PLFA recouped $17,588 from the Hedged Equity Portfolio under the expense cap. There was no recoupment of expense reimbursement by PLFA from any other Funds presented in these financial statements for the period ended June 30, 2023.

C-23

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

C. INVESTMENTS IN AFFILIATED MUTUAL FUNDS

A summary of holdings and transactions with affiliated mutual fund investments as of and for the period ended June 30, 2023 is as follows:

	Beginning Value as of January 1, 2023		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2023
													Ending Value		Share Balance
Pacific Dynamix – Conservative Growth
PD 1-3 Year Corporate Bond Class P		$28,620,678		$27,874,600		$784,355		$50,413			$423,969			$56,185,305		5,051,194
PD Aggregate Bond Index Class P		215,186,313		15,081,062		5,416,865		549,095			4,058,709			229,458,314		18,560,923
PD High Yield Bond Market Class P		57,074,225		12,070		33,230,197		3,385,829			(1,493,194	)		25,748,733		1,444,554
PD Large-Cap Growth Index Class P		58,194,749		153,981		18,140,796		7,566,440			6,894,063			54,668,437		729,099
PD Large-Cap Value Index Class P		62,692,209		8,389,689		7,083,730		2,222,889			1,444,074			67,665,131		1,609,787
PD Mid-Cap Index Class P		33,677,806		101,153		12,487,073		1,713,561			448,894			23,454,341		1,896,519
PD Small-Cap Growth Index Class P		2,552,649		2,711,437		695,741		(168,051	)		811,346			5,211,640		132,305
PD Small-Cap Value Index Class P		10,265,059		78,628		5,126,018		(919,836	)		895,762			5,193,595		163,435
PD Emerging Markets Index Class P		5,255,478		5,450,227		986,588		(299,467	)		868,788			10,288,438		603,193
PD International Large-Cap Index Class P		44,999,269		3,223,603		16,350,424		2,998,557			1,397,785			36,268,790		1,492,021
Total		$518,518,435		$63,076,450		$100,301,787		$17,099,430			$15,750,196			$514,142,724
Pacific Dynamix – Moderate Growth
PD 1-3 Year Corporate Bond Class P		$96,486,802		$132,321,077		$628,550		$56,868			$1,780,609			$230,016,806		20,679,064
PD Aggregate Bond Index Class P		622,379,275		71,549,419		5,608,735		591,410			12,555,828			701,467,197		56,741,803
PD High Yield Bond Market Class P		192,986,161		180,060		101,334,074		8,982,035			(2,379,877	)		98,434,305		5,522,358
PD Large-Cap Growth Index Class P		418,768,631		1,204,215		86,488,226		53,591,360			56,907,554			443,983,534		5,921,299
PD Large-Cap Value Index Class P		438,649,925		42,551,975		25,262,602		11,116,911			14,307,928			481,364,137		11,451,888
PD Mid-Cap Index Class P		204,015,410		134,274		63,394,420		7,564,362			4,911,662			153,231,288		12,390,286
PD Small-Cap Growth Index Class P		23,305,037		13,020,298		14,531,573		(5,026,581	)		8,725,219			25,492,400		647,163
PD Small-Cap Value Index Class P		58,875,325		438,726		21,502,958		(3,983,656	)		4,154,286			37,981,723		1,195,233
PD Emerging Markets Index Class P		36,518,054		24,991,250		2,885,387		171,467			3,058,907			61,854,291		3,626,410
PD International Large-Cap Index Class P		297,200,664		26,964,986		102,929,467		30,441,430			(1,498,081	)		250,179,532		10,291,857
Total		$2,389,185,284		$313,356,280		$424,565,992		$103,505,606			$102,524,035			$2,484,005,213
Pacific Dynamix – Growth
PD 1-3 Year Corporate Bond Class P		$43,521,954		$128,215,484		$83,719		$2,949			$1,084,895			$172,741,563		15,529,882
PD Aggregate Bond Index Class P		188,906,216		71,607,278		778,277		25,772			3,589,354			263,350,343		21,302,455
PD High Yield Bond Market Class P		112,220,115		1,679,987		62,139,267		8,075,992			(4,503,367	)		55,333,460		3,104,316
PD Large-Cap Growth Index Class P		362,031,425		3,734,161		92,571,614		52,809,922			37,785,078			363,788,972		4,851,764
PD Large-Cap Value Index Class P		376,623,299		58,179,664		9,142,826		3,960,914			20,095,169			449,716,220		10,698,969
PD Mid-Cap Index Class P		171,705,138		1,758,688		31,116,454		3,441,012			8,828,102			154,616,486		12,502,293
PD Small-Cap Growth Index Class P		42,159,967		1,489,205		10,167,825		(3,541,008	)		8,624,641			38,564,980		979,030
PD Small-Cap Value Index Class P		67,891,711		634,451		29,882,768		(4,391,950	)		4,007,577			38,259,021		1,203,959
PD Emerging Markets Index Class P		61,742,048		10,473,559		1,451,658		56,039			3,614,464			74,434,452		4,363,963
PD International Large-Cap Index Class P		297,637,001		19,497,069		75,459,401		21,865,816			8,667,575			272,208,060		11,198,064
Total		$1,724,438,874		$297,269,546		$312,793,809		$82,305,458			$91,793,488			$1,883,013,557
Portfolio Optimization Conservative
Core Income Class P		$46,158,428		$52,508,020		$3,637,325		$244,661			$1,991,490			$97,265,274		8,302,482
Diversified Bond Class P		205,012,875		1,554,648		49,025,225		2,153,412			3,789,304			163,485,014		12,010,609
Floating Rate Income Class P		52,792,915		44,191		43,502,397		1,371,870			708,407			11,414,986		769,173
High Yield Bond Class P		81,898,298		324,679		39,601,569		6,396,002			(3,382,570	)		45,634,840		4,442,525
Inflation Managed Class P		52,729,380		48,716		19,686,360		1,991,874			(1,085,335	)		33,998,275		2,510,114
Intermediate Bond Class P		156,656,884		434,643		17,018,206		(1,976,326	)		5,803,780			143,900,775		16,143,854
Managed Bond Class P		205,336,072		239,910		19,929,129		244,919			5,026,027			190,917,799		13,198,779
Short Duration Bond Class P		140,763,058		11,242,936		6,374,589		270,875			1,595,532			147,497,812		13,594,444
Emerging Markets Debt Class P		29,448,610		202,565		3,275,255		(200,509	)		2,293,371			28,468,782		2,349,283
Dividend Growth Class P		15,141,695		1,454,031		2,092,636		947,929			135,484			15,586,503		399,557
Equity Index Class P		10,285,707		470,682		2,040,620		967,801			686,052			10,369,622		87,618
Focused Growth Class P		13,272,753		5,566,909		4,353,311		(516,036	)		4,473,603			18,443,918		342,123
Growth Class P		10,210,757		8,349,409		3,676,118		1,216,950			2,346,320			18,447,318		306,514
Large-Cap Core Class P		10,234,665		6,810,030		2,833,775		1,246,774			1,221,789			16,679,483		233,442
Large-Cap Growth Class P		9,973,586		11,550,705		3,368,545		1,246,118			3,023,162			22,425,026		940,946
Large-Cap Value Class P		16,343,875		6,509,920		2,993,011		1,398,541			73,445			21,332,770		568,000
Mid-Cap Equity Class P		6,925,454		5,333,675		1,768,601		749,253			297,884			11,537,665		305,679
Mid-Cap Growth Class P		13,612,373		4,504,378		3,537,361		(85,013	)		2,881,904			17,376,281		599,925
Mid-Cap Value Class P		13,899,585		10,807,835		9,122,433		4,135,514			(2,374,321	)		17,346,180		425,317
Small-Cap Equity Class P		8,531,541		236,730		5,885,212		(804,492	)		795,545			2,874,112		80,187
Small-Cap Value Class P		8,500,609		267,093		5,746,137		(951,584	)		798,965			2,868,946		91,293
Value Class P		15,260,001		10,581,385		3,145,703		1,389,318			(520,476	)		23,564,525		1,040,946
Value Advantage Class P		14,476,330		7,567,836		2,671,925		1,300,020			(507,303	)		20,164,958		831,180
Emerging Markets Class P		5,827,734		12,098,080		2,164,856		(491,418	)		1,690,209			16,959,749		892,195
International Growth Class P		2,916,351		22,320,579		2,540,336		(283,553	)		2,123,780			24,536,821		2,805,422
International Large-Cap Class P		5,259,173		3,232,195		1,505,317		251,398			773,771			8,011,220		553,395
International Small-Cap Class P		5,890,236		14,018		6,058,237		(386,919	)		540,902			-		-
International Value Class P		9,442,422		176,450		3,054,489		140,111			747,292			7,451,786		421,677
Total		$1,166,801,367		$184,452,248		$270,608,678		$21,967,490			$35,948,013			$1,138,560,440

C-24

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Beginning Value as of January 1, 2023		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2023
													Ending Value		Share Balance
Portfolio Optimization Moderate-Conservative
Core Income Class P		$54,702,177		$61,716,517		$3,146,101	$	($147,450	)		$2,786,349			$115,911,492		9,894,108
Diversified Bond Class P		243,709,531		845,723		55,367,578		4,073,745			2,923,107			196,184,528		14,412,916
Floating Rate Income Class P		66,499,438		24,277		60,709,216		2,094,033			277,320			8,185,852		551,585
High Yield Bond Class P		116,218,895		7,844		78,817,513		7,130,265			(3,738,442	)		40,801,049		3,971,958
Inflation Managed Class P		58,007,614		88,202		26,864,642		3,851,913			(2,853,701	)		32,229,386		2,379,515
Intermediate Bond Class P		186,487,254		703,130		20,205,976		(2,346,625	)		6,896,553			171,534,336		19,243,991
Managed Bond Class P		244,071,521		691,293		23,748,600		1,466,914			4,761,744			227,242,872		15,710,051
Short Duration Bond Class P		82,953,511		104,466,695		3,006,729		113,813			762,838			185,290,128		17,077,652
Emerging Markets Debt Class P		25,201,269		13,475		10,208,218		(107,183	)		1,438,432			16,337,775		1,348,215
Dividend Growth Class P		40,585,961		6,035,940		3,937,005		1,776,733			1,387,371			45,849,000		1,175,330
Equity Index Class P		26,906,439		5,174,553		4,531,371		1,660,868			3,280,223			32,490,712		274,531
Focused Growth Class P		36,002,930		1,228		7,846,292		(818,578	)		9,353,446			36,692,734		680,626
Growth Class P		27,073,826		11,099,005		6,033,791		2,294,137			5,577,915			40,011,092		664,809
Large-Cap Core Class P		26,774,763		20,622,274		6,164,051		2,725,282			4,188,203			48,146,471		673,846
Large-Cap Growth Class P		24,980,975		13,759,710		4,561,364		1,738,357			7,296,336			43,214,014		1,813,245
Large-Cap Value Class P		41,573,185		6,549,252		4,331,508		1,995,331			874,184			46,660,444		1,242,367
Mid-Cap Equity Class P		13,955,665		3,366,929		1,938,031		502,920			847,296			16,734,779		443,372
Mid-Cap Growth Class P		25,044,000		115,777		4,122,408		1,500,480			2,798,927			25,336,776		874,766
Mid-Cap Value Class P		34,796,383		1,260,127		12,873,744		4,766,579			(2,750,821	)		25,198,524		617,851
Small-Cap Equity Class P		10,574,472		38,310		4,147,135		(559,594	)		748,544			6,654,597		185,662
Small-Cap Growth Class P		2,438,940		3,490,226		639,358		258,644			322,013			5,870,465		190,411
Small-Cap Index Class P		11,239,082		18,715		5,860,192		2,495,793			(2,074,078	)		5,819,320		189,354
Small-Cap Value Class P		8,102,900		168,302		1,648,489		(214,614	)		229,459			6,637,558		211,214
Value Class P		39,332,915		17,845,062		4,968,261		964,498			648,323			53,822,537		2,377,572
Value Advantage Class P		38,033,267		8,731,751		3,917,223		1,901,114			(639,981	)		44,108,928		1,818,127
Emerging Markets Class P		24,874,021		9,226,364		4,653,361		529,966			2,410,930			32,387,920		1,703,818
International Growth Class P		24,871,641		29,931,310		4,720,970		(811,872	)		4,815,045			54,085,154		6,183,837
International Large-Cap Class P		33,241,459		428,297		14,221,199		3,657,590			(85,262	)		23,020,885		1,590,226
International Small-Cap Class P		16,787,954		3,715		17,222,717		1,800,090			(1,369,042	)		-		-
International Value Class P		50,671,417		779,003		18,024,646		4,374,504			106,942			37,907,220		2,145,071
Real Estate Class P		15,465,452		1,134,231		8,766,026		760,260			(303,519	)		8,290,398		252,461
Total		$1,651,178,857		$308,337,237		$427,203,715		$49,427,913			$50,916,654			$1,632,656,946
Portfolio Optimization Moderate
Core Income Class P		$181,668,397		$142,878,057		$5,668,569		$529,799			$7,745,966			$327,153,650		27,925,561
Diversified Bond Class P		808,973,501		4,643,745		285,906,136		798,062			21,383,478			549,892,650		40,398,478
Floating Rate Income Class P		250,482,506		-		258,183,326		6,953,763			747,057			-		-
High Yield Bond Class P		357,046,620		-		225,940,849		32,339,855			(21,256,969	)		142,188,657		13,841,982
Inflation Managed Class P		141,721,348		-		39,466,609		5,949,083			(3,391,698	)		104,812,124		7,738,343
Intermediate Bond Class P		618,155,170		5,468,504		157,645,223		(17,866,902	)		33,821,236			481,932,785		54,066,786
Managed Bond Class P		808,307,970		3,939,165		193,336,013		2,299,165			18,412,543			639,622,830		44,219,241
Short Duration Bond Class P		320,501,058		379,554,532		4,581,393		276,726			3,152,794			698,903,717		64,415,920
Emerging Markets Debt Class P		72,800,976		-		6,557,879		(421,798	)		5,555,498			71,376,797		5,890,110
Dividend Growth Class P		264,349,903		84,188,824		20,823,909		9,165,029			15,699,951			352,579,798		9,038,310
Equity Index Class P		175,555,675		76,779,399		29,146,610		10,714,946			27,679,368			261,582,778		2,210,251
Focused Growth Class P		237,941,873		17,251,178		33,874,694		(2,498,368	)		64,730,664			283,550,653		5,259,679
Growth Class P		190,983,577		58,879,675		34,216,971		11,929,523			41,236,311			268,812,115		4,466,481
Large-Cap Core Class P		174,589,455		178,163,166		38,232,748		16,798,569			34,456,136			365,774,578		5,119,290
Large-Cap Growth Class P		176,406,232		49,857,276		20,893,202		8,046,382			51,241,311			264,657,999		11,104,956
Large-Cap Value Class P		251,567,405		45,676,544		20,960,196		9,649,485			8,545,735			294,478,973		7,840,711
Mid-Cap Equity Class P		81,159,789		-		13,276,582		3,108,703			2,008,119			73,000,029		1,934,064
Mid-Cap Growth Class P		166,670,951		-		78,200,919		33,762,051			(11,844,134	)		110,387,949		3,811,204
Mid-Cap Value Class P		171,693,280		183,003		36,051,352		13,241,840			(2,501,685	)		146,565,086		3,593,678
Small-Cap Equity Class P		77,338,337		348,310		35,086,434		(4,973,280	)		5,908,361			43,535,294		1,214,627
Small-Cap Growth Class P		45,293,004		10,160,382		6,368,236		2,601,782			3,111,054			54,797,986		1,777,397
Small-Cap Index Class P		48,363,019		-		14,865,473		6,179,761			(3,410,043	)		36,267,264		1,180,096
Small-Cap Value Class P		76,893,241		1,467,685		30,633,013		(5,053,534	)		4,383,891			47,058,270		1,497,442
Value Class P		246,034,188		83,303,457		22,890,942		4,440,143			3,622,465			314,509,311		13,893,224
Value Advantage Class P		231,951,000		58,032,541		18,608,103		6,862,214			1,274,290			279,511,942		11,521,210
Emerging Markets Class P		107,471,664		73,380,027		18,605,786		2,098,813			12,349,898			176,694,616		9,295,302
International Growth Class P		157,635,682		161,393,260		28,416,813		(4,958,967	)		32,711,301			318,364,463		36,400,264
International Large-Cap Class P		187,242,780		1,790,433		60,386,641		15,730,663			6,339,392			150,716,627		10,411,133
International Small-Cap Class P		72,621,911		475,849		41,667,814		9,991,292			(6,095,553	)		35,325,685		2,132,665
International Value Class P		272,600,151		37,738,306		120,956,522		36,567,554			(13,708,581	)		212,240,908		12,010,161
Real Estate Class P		99,145,547		-		64,532,625		8,340,426			(6,799,318	)		36,154,030		1,100,969
Total		$7,073,166,210		$1,475,553,318		$1,965,981,582		$222,602,780			$337,108,838			$7,142,449,564

C-25

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Beginning Value as of January 1, 2023		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2023
													Ending Value		Share Balance
Portfolio Optimization Growth
Core Income Class P		$107,736,766		$184,576,119		$6,562,235		$438,136			$4,002,827			$290,191,613		24,770,513
Diversified Bond Class P		477,364,532		14,891,830		13,022,977		(28,138	)		14,387,247			493,592,494		36,262,324
Floating Rate Income Class P		98,488,503		-		101,237,741		6,622,479			(3,873,241	)		-		-
High Yield Bond Class P		196,947,124		272		173,235,082		24,602,346			(15,368,131	)		32,946,529		3,207,325
Inflation Managed Class P		128,984,410		674,885		34,874,212		(3,238,600	)		5,581,527			97,128,010		7,171,021
Intermediate Bond Class P		363,474,496		70,184,938		10,896,591		(1,232,261	)		8,978,199			430,508,781		48,297,661
Managed Bond Class P		481,396,739		96,581,287		15,858,275		248,889			11,097,568			573,466,208		39,645,615
Short Duration Bond Class P		162,943,893		529,095,825		11,257,934		563,025			(1,274,636	)		680,070,173		62,680,087
Emerging Markets Debt Class P		67,242,257		-		70,123,497		(100,275	)		2,981,515			-		-
Dividend Growth Class P		339,652,186		2,607,835		26,588,508		9,460,648			13,062,807			338,194,968		8,669,558
Equity Index Class P		226,369,333		8,846,465		22,103,716		8,103,189			29,092,648			250,307,919		2,114,983
Focused Growth Class P		320,200,482		2,366		121,368,013		(11,328,178	)		83,091,355			270,598,012		5,019,416
Growth Class P		255,494,285		2,065		54,790,223		18,673,041			37,450,231			256,829,399		4,267,381
Large-Cap Core Class P		224,916,310		112,496,145		27,920,533		11,658,092			32,643,166			353,793,180		4,951,602
Large-Cap Growth Class P		237,581,571		24,956,761		79,679,866		29,406,892			37,484,475			249,749,833		10,479,415
Large-Cap Value Class P		309,209,521		2,351,030		46,645,837		18,558,132			(2,411,973	)		281,060,873		7,483,445
Mid-Cap Equity Class P		106,897,029		172,133		31,822,368		8,737,822			(2,306,422	)		81,678,194		2,163,984
Mid-Cap Growth Class P		200,854,576		2,939		97,988,183		40,012,085			(12,480,588	)		130,400,829		4,502,159
Mid-Cap Value Class P		241,307,151		821,626		124,472,788		57,475,865			(45,199,987	)		129,931,867		3,185,843
Small-Cap Equity Class P		84,509,932		22,325		29,019,351		9,575,504			(7,596,557	)		57,491,853		1,604,013
Small-Cap Growth Class P		38,564,519		4,733,617		3,337,668		1,376,443			2,933,840			44,270,751		1,435,941
Small-Cap Index Class P		54,073,410		2,430		10,504,711		4,511,431			(734,379	)		47,348,181		1,540,657
Small-Cap Value Class P		80,662,268		5,640		57,587,272		(3,614,365	)		781,593			20,247,864		644,308
Value Class P		298,253,891		8,627,831		10,509,503		2,119,795			934,206			299,426,220		13,226,940
Value Advantage Class P		286,645,908		4,075,108		28,158,018		10,399,842			(5,984,939	)		266,977,901		11,004,569
Emerging Markets Class P		165,549,244		2,934,472		20,996,286		6,218,527			10,396,647			164,102,604		8,632,879
International Growth Class P		252,514,387		37,170,279		31,660,961		(5,620,369	)		36,382,551			288,785,887		33,018,392
International Large-Cap Class P		227,774,185		2,325,117		107,694,196		32,687,677			(1,813,627	)		153,279,156		10,588,147
International Small-Cap Class P		100,714,113		1,037,928		44,473,318		11,769,832			(3,466,082	)		65,582,473		3,959,313
International Value Class P		261,270,865		4,162,747		68,888,041		25,544,936			2,090,241			224,180,748		12,685,805
Real Estate Class P		90,728,642		4,652,486		31,236,292		4,129,103			(1,042,112	)		67,231,827		2,047,355
Total		$6,488,322,528		$1,118,014,501		$1,514,514,196		$317,731,545			$229,819,969			$6,639,374,347
Portfolio Optimization Aggressive-Growth
Core Income Class P		$12,345,355		$26,839,391		$813,544		$55,538			$598,837			$39,025,577		3,331,191
Diversified Bond Class P		53,685,035		12,509,538		1,237,750		(2,518	)		1,544,997			66,499,302		4,885,445
Floating Rate Income Class P		23,339,977		-		23,991,201		575,765			75,459			-		-
High Yield Bond Class P		46,658,820		65		40,967,147		5,045,073			(2,850,381	)		7,886,430		767,739
Inflation Managed Class P		15,220,759		220,739		7,975,217		(743,958	)		1,027,233			7,749,556		572,154
Intermediate Bond Class P		41,351,624		17,103,293		1,091,499		(121,427	)		871,204			58,113,195		6,519,568
Managed Bond Class P		53,718,043		24,288,344		1,568,852		27,250			1,093,241			77,558,026		5,361,843
Short Duration Bond Class P		15,426,604		150,291,556		2,308,056		117,080			(746,097	)		162,781,087		15,003,059
Emerging Markets Debt Class P		15,928,504		-		16,611,636		(321,371	)		1,004,503			-		-
Dividend Growth Class P		90,045,861		648,540		2,995,846		1,061,097			5,025,673			93,785,325		2,404,167
Equity Index Class P		59,910,883		5,196,871		5,632,211		2,250,462			7,822,444			69,548,449		587,651
Focused Growth Class P		85,710,523		626		39,449,690		(3,705,918	)		22,228,741			64,784,282		1,201,706
Growth Class P		68,602,731		456		25,901,774		8,752,155			5,170,022			56,623,590		940,836
Large-Cap Core Class P		59,479,760		19,747,431		6,457,823		2,700,220			8,352,761			83,822,349		1,173,157
Large-Cap Growth Class P		63,067,400		13,434,798		24,038,938		8,868,779			8,966,548			70,298,587		2,949,704
Large-Cap Value Class P		80,684,866		6,602,851		3,154,893		1,261,249			3,517,305			88,911,378		2,367,328
Mid-Cap Equity Class P		26,820,194		35,526		1,228,315		633,823			1,333,060			27,594,288		731,084
Mid-Cap Growth Class P		54,482,569		5,479		26,738,718		11,878,108			(4,450,753	)		35,176,685		1,214,494
Mid-Cap Value Class P		57,413,203		12,407		33,043,833		13,202,126			(10,723,017	)		26,860,886		658,611
Small-Cap Equity Class P		26,349,270		9,771		9,888,523		2,543,004			(2,010,993	)		17,002,529		474,368
Small-Cap Growth Class P		29,596,741		391,459		7,707,415		2,791,595			160,594			25,232,974		818,443
Small-Cap Index Class P		16,638,562		5,603		3,962,043		1,680,830			(591,450	)		13,771,502		448,109
Small-Cap Value Class P		26,914,092		13,332		17,207,142		887,103			(1,721,053	)		8,886,332		282,772
Value Class P		78,095,772		12,011,202		2,544,850		505,125			315,734			88,382,983		3,904,255
Value Advantage Class P		74,457,179		12,705,090		2,266,168		975,008			509,589			86,380,698		3,560,528
Emerging Markets Class P		70,681,832		1,030,314		15,788,347		4,756,324			2,359,905			63,040,028		3,316,321
International Growth Class P		70,239,534		13,806,938		7,339,056		(1,339,252	)		9,844,400			85,212,564		9,742,795
International Large-Cap Class P		66,045,878		754,194		23,019,890		6,936,184			2,087,153			52,803,519		3,647,537
International Small-Cap Class P		47,804,784		339,350		28,483,813		5,651,025			(1,680,249	)		23,631,097		1,426,645
International Value Class P		80,261,729		1,154,977		20,219,422		7,975,073			534,003			69,706,360		3,944,502
Real Estate Class P		28,568,254		1,909,239		7,425,796		984,545			118,515			24,154,757		735,565
Total		$1,539,546,338		$321,069,380		$411,059,408		$85,880,097			$59,787,928			$1,595,224,335

C-26

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

As of June 30, 2023, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:

Portfolio	Ownership Percentage
ESG Diversified		39.44%
ESG Diversified Growth		85.10%

D. INDEPENDENT TRUSTEES

The Trust pays each independent trustee of the Board retainer fees and specified amounts as compensation for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed.

Amounts in the deferral account are obligations of certain Funds of the Trust at the time of such deferral and are payable in accordance with the Plan. An independent trustee who defers compensation has the option to select one or more credit rate options for their deferred account that track the total return of certain Funds and share classes of the Trust. The obligation of certain Funds of the Trust under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation).

Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of certain Funds of the Trust to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation due to the DCP Liability is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the period ended June 30, 2023, such expenses increased by $247,985 for the applicable Funds of the Trust as a result of the market value appreciation on such accounts. As of June 30, 2023, the total amount in the DCP Liability accounts was $2,475,586 for all applicable Funds of the Trust.

E. OFFICERS OF THE TRUST

None of the officers of the Trust received compensation from the Trust.

F. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

G. INTERFUND TRANSACTIONS

In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust if conducted at the independent “current market price” (the last sales price, intra-day bid offer, or official close, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board receives a written representation from the Trust’s Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the period ended June 30, 2023, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:

Portfolio	Purchases		Sales		Net Realized Gain (Loss)
Small-Cap Equity		$105,017		$329,082		$17,817
Small-Cap Index		109,288		402,568		118,451
PD Large-Cap Growth Index		913,019		3,033,023		626,274
PD Large-Cap Value Index		3,480,677		870,893		159,480
PD Small-Cap Growth Index		572,715		337,438		(145,362	)
PD Small-Cap Value Index		145,209		352,921		93,976

8. COMMITTED LINE OF CREDIT

The Trust has an unsecured $75,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”), which is renewed annually. The interest rate on borrowing under the line of credit agreement is Applicable Rate (0.10% plus (the higher of the Federal Funds Effective Rate or the Overnight Bank Funding Rate)) plus an applicable margin of 1.25%. The Trust pays the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line of credit, up to an annual maximum of $187,500. As of June 30, 2023, the actual interest rate on borrowing by the Trust was 6.32%. The committed line of credit will expire on October 10, 2023, unless renewed, and is available to all Funds except the ESG Diversified, ESG Diversified Growth, PSF Avantis Balanced Allocation, Pacific Dynamix, Portfolio Optimization, PD 1-3 Year Corporate Bond, PD Aggregate Bond Index, and PD High Yield Bond Market Portfolios.

The commitment fees and interest incurred by each applicable Fund are recorded as an expense. The commitment fees are allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

C-27

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

During the reporting period, the weighted average interest rate and the average dollar amount of borrowings on the days that each applicable Fund had a loan outstanding were as follows:

Portfolio	Weighted Average Interest Rate		Average Dollar Amount of Borrowing
Diversified Bond		6.25%		$8,710,368
Intermediate Bond		5.83%		1,662,267
Managed Bond		6.33%		3,557,685
Emerging Markets Debt		6.11%		1,623,220
Focused Growth		6.32%		7,221,572
Large-Cap Growth		6.33%		2,483,877
Mid-Cap Growth		5.82%		481,105
Small-Cap Equity		5.58%		283,521
Small-Cap Value		5.82%		1,207,876

Portfolio	Weighted Average Interest Rate		Average Dollar Amount of Borrowing
International Growth		6.08%		$1,442,518
International Large-Cap		5.89%		788,850
International Small-Cap		5.81%		1,485,119
Real Estate		6.32%		377,517
PD Large-Cap Growth Index		6.33%		332,977
PD Large-Cap Value Index		6.08%		1,012,414
PD Mid-Cap Index		5.83%		364,468
PD International Large-Cap Index		5.89%		1,906,357

As of June 30, 2023, no Fund had a loan outstanding in connection with this revolving line of credit agreement.

9. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended June 30, 2023, are summarized in the following table:

	U.S. Government Securities
Portfolio	Purchases		Sales
Core Income		$210,332,426		$83,550,540
Diversified Bond		2,320,540,035		2,449,083,549
Inflation Managed		553,205,531		647,611,464
Intermediate Bond		139,155,738		175,076,158
Managed Bond		7,288,153,859		7,060,161,800
Short Duration Bond		854,980,761		260,538,618
PD Aggregate Bond Index		343,452,245		236,286,246

	Other Securities
Portfolio	Purchases		Sales
Core Income		$457,157,293		$143,115,652
Diversified Bond		65,431,813		306,836,953
Floating Rate Income		212,508,345		611,870,673
High Yield Bond		159,590,722		694,894,753
Inflation Managed		299,323		22,648,849
Intermediate Bond		65,621,536		108,817,294
Managed Bond		153,276,280		227,418,760
Short Duration Bond		673,147,435		137,939,675
Emerging Markets Debt		125,057,010		207,062,816
Dividend Growth		175,401,756		133,224,411
Equity Index		90,002,442		26,790,635
Focused Growth		260,126,786		423,428,602
Growth		270,880,645		322,256,868
Hedged Equity		61,672,567		45,685,139
Large-Cap Core		771,270,702		791,916,732
Large-Cap Growth		166,546,484		190,248,463
Large-Cap Value		664,052,912		425,764,016
Mid-Cap Equity		391,728,284		430,620,584
Mid-Cap Growth		93,229,279		295,783,946
Mid-Cap Value		103,082,106		299,369,000
Small-Cap Equity		64,057,079		140,601,770
Small-Cap Growth		101,078,936		105,822,361
Small-Cap Index		52,841,946		83,326,142
Small-Cap Value		80,341,117		199,908,937
Value		276,463,739		213,265,697
Value Advantage		162,584,266		137,165,135
Emerging Markets		191,578,187		181,093,770
International Growth		367,473,944		177,582,771

	Other Securities
Portfolio	Purchases		Sales
International Large-Cap		$35,251,765		$250,360,264
International Small-Cap		8,254,733		145,237,717
International Value		218,397,227		404,466,953
Health Sciences		66,808,640		94,111,875
Real Estate		24,706,815		126,346,514
Technology		89,940,487		84,110,620
ESG Diversified		11,214,416		8,093,662
ESG Diversified Growth		3,930,326		3,448,790
PSF Avantis Balanced Allocation		26,819,975		36,647,783
Pacific Dynamix – Conservative Growth		63,076,450		100,301,787
Pacific Dynamix – Moderate Growth		313,356,280		424,565,992
Pacific Dynamix – Growth		297,269,546		312,793,809
Portfolio Optimization Conservative		184,452,248		270,608,678
Portfolio Optimization Moderate-Conservative		308,337,237		427,203,715
Portfolio Optimization Moderate		1,475,553,318		1,965,981,582
Portfolio Optimization Growth		1,118,014,501		1,514,514,196
Portfolio Optimization Aggressive-Growth		321,069,380		411,059,408
PD 1-3 Year Corporate Bond		330,687,748		45,084,816
PD Aggregate Bond Index		63,887,753		13,212,175
PD High Yield Bond Market		34,480,461		219,693,069
PD Large-Cap Growth Index		119,618,638		301,850,846
PD Large-Cap Value Index		231,201,961		150,786,894
PD Mid-Cap Index		37,495,876		137,887,562
PD Small-Cap Growth Index		34,992,223		42,900,473
PD Small-Cap Value Index		24,577,365		77,577,896
PD Emerging Markets Index		40,348,061		3,786,852
PD International Large-Cap Index		55,535,038		197,993,190

10. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of June 30, 2023, are summarized in the following table:

Remaining Contractual Maturity of the Agreements

Secured Borrowings

Collateral Type

Overnight and Continuous

Up to 30 days

31-90 days

Greater Than 90 Days

Total

Inflation Managed

Sale-buyback financing transactions

U.S. Treasury Obligations

$-

$216,449,643

$-

$-

$216,449,643

C-28

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

11. FEDERAL INCOME TAX INFORMATION

Each Fund is treated as a partnership for Federal income tax purposes. A Fund that is treated as a partnership for Federal income tax purposes is not subject to income tax; and any income, gains, losses, deductions, and credits of the Fund are instead “passed through” pro rata to the insurance companies whose separate accounts invest in the Fund and retain the same character for Federal income tax purposes. An insurance company may benefit from this tax treatment. No dividends and capital gains distributions have been made by the Funds under the current dividend and distribution policy since partnerships are not required to distribute taxable income and capital gains for Federal income tax purposes. The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments on a tax basis is not applicable to Funds that are treated as partnerships for Federal income tax purposes.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after December 31, 2018.

12. SHARES OF BENEFICIAL INTEREST

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the period ended June 30, 2023 and the year ended December 31, 2022 were as follows:

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	Core Income Portfolio						Diversified Bond Portfolio						Floating Rate Income Portfolio
Class I
Shares sold		601,600			695,529			2,533,936			25,695,165			855,447			4,486,437
Share repurchased		(300,438	)		(548,713	)		(2,896,212	)		(10,900,689	)		(1,417,151	)		(6,265,383	)
Net Increase (decrease)		301,162			146,816			(362,276	)		14,794,476			(561,704	)		(1,778,946	)
Shares outstanding, beginning of year or period		3,860,388			3,713,572			62,093,554			47,299,078			17,782,090			19,561,036
Shares outstanding, end of year or period		4,161,550			3,860,388			61,731,278			62,093,554			17,220,386			17,782,090
Class P
Shares sold		40,203,083			92,240			2,704,824			898,251			48,914			33,192,827
Shares repurchased		(1,706,531	)		(10,321,284	)		(29,957,337	)		(120,285,929	)		(34,220,881	)		(6,772,564	)
Net Increase (decrease)		38,496,552			(10,229,044	)		(27,252,513	)		(119,387,678	)		(34,171,967	)		26,420,263
Shares outstanding, beginning of year or period		35,749,688			45,978,732			135,617,139			255,004,817			35,643,142			9,222,879
Shares outstanding, end of year or period		74,246,240			35,749,688			108,364,626			135,617,139			1,471,175			35,643,142
	High Yield Bond Portfolio						Inflation Managed Portfolio						Intermediate Bond Portfolio
Class I
Shares sold		3,878,282			4,303,470			1,187,276			1,491,153			911,635			901,157
Share repurchased		(3,990,588	)		(14,997,452	)		(1,500,106	)		(3,772,748	)		(25,937	)		(47,951	)
Net Increase (decrease)		(112,306	)		(10,693,982	)		(312,830	)		(2,281,595	)		885,698			853,206
Shares outstanding, beginning of year or period		24,853,992			35,547,974			23,130,319			25,411,914			962,793			109,587
Shares outstanding, end of year or period		24,741,686			24,853,992			22,817,489			23,130,319			1,848,491			962,793
Class P
Shares sold		68,776			6,933,339			110,053			18,745,974			10,470,698			61,253,854
Shares repurchased		(55,503,171	)		(14,003,340	)		(9,510,294	)		(2,711,710	)		(23,052,496	)		(29,923,385	)
Net Increase (decrease)		(55,434,395	)		(7,070,001	)		(9,400,241	)		16,034,264			(12,581,798	)		31,330,469
Shares outstanding, beginning of year or period		81,759,392			88,829,393			29,861,823			13,827,559			156,948,254			125,617,785
Shares outstanding, end of year or period		26,324,997			81,759,392			20,461,582			29,861,823			144,366,456			156,948,254
	Managed Bond Portfolio						Short Duration Bond Portfolio						Emerging Markets Debt Portfolio
Class I
Shares sold		998,340			2,657,052			2,123,938			4,866,695			102,668			254,264
Share repurchased		(2,837,269	)		(9,491,848	)		(2,442,775	)		(9,884,250	)		(170,461	)		(5,700,298	)
Net Increase (decrease)		(1,838,929	)		(6,834,796	)		(318,837	)		(5,017,555	)		(67,793	)		(5,446,034	)
Shares outstanding, beginning of year or period		52,217,940			59,052,736			41,797,050			46,814,605			1,974,056			7,420,090
Shares outstanding, end of year or period		50,379,011			52,217,940			41,478,213			41,797,050			1,906,263			1,974,056
Class P
Shares sold		8,742,725			37,714,188			107,926,015			2,813,191			19,495			428,502
Shares repurchased		(17,606,187	)		(25,684,482	)		(2,582,153	)		(18,551,053	)		(9,097,191	)		(19,347,148	)
Net Increase (decrease)		(8,863,462	)		12,029,706			105,343,862			(15,737,862	)		(9,077,696	)		(18,918,646	)
Shares outstanding, beginning of year or period		127,291,915			115,262,209			67,723,742			83,461,604			18,673,064			37,591,710
Shares outstanding, end of year or period		118,428,453			127,291,915			173,067,604			67,723,742			9,595,368			18,673,064

C-29

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	Dividend Growth Portfolio						Equity Index Portfolio						Focused Growth Portfolio
Class I
Shares sold		420,700			910,609			584,234			2,488,466			173,227			381,377
Share repurchased		(684,794	)		(1,456,976	)		(1,312,310	)		(3,897,979	)		(301,073	)		(657,363	)
Net Increase (decrease)		(264,094	)		(546,367	)		(728,076	)		(1,409,513	)		(127,846	)		(275,986	)
Shares outstanding, beginning of year or period		17,064,140			17,610,507			31,583,090			32,992,603			5,232,023			5,508,009
Shares outstanding, end of year or period		16,800,046			17,064,140			30,855,014			31,583,090			5,104,177			5,232,023
Class P
Shares sold		2,680,221			80,006			1,262,186			1,597,528			493,907			8,677,868
Shares repurchased		(1,499,617	)		(8,908,039	)		(601,021	)		(496,176	)		(4,192,858	)		(172,765	)
Net Increase (decrease)		1,180,604			(8,828,033	)		661,165			1,101,352			(3,698,951	)		8,505,103
Shares outstanding, beginning of year or period		20,576,134			29,404,167			5,798,117			4,696,765			16,202,500			7,697,397
Shares outstanding, end of year or period		21,756,738			20,576,134			6,459,282			5,798,117			12,503,549			16,202,500
	Growth Portfolio						Hedged Equity Portfolio						Large-Cap Core Portfolio
Class I
Shares sold		240,243			994,796			4,591,883			11,556,878			82,770			149,259
Share repurchased		(671,151	)		(2,181,829	)		(2,652,926	)		(1,006,347	)		(451,149	)		(984,902	)
Net Increase (decrease)		(430,908	)		(1,187,033	)		1,938,957			10,550,531			(368,379	)		(835,643	)
Shares outstanding, beginning of year or period		14,213,754			15,400,787			16,112,215			5,561,684			9,582,251			10,417,894
Shares outstanding, end of year or period		13,782,846			14,213,754			18,051,172			16,112,215			9,213,872			9,582,251
Class P
Shares sold		1,546,146			127,831			204,337			359,091			5,260,452			3,386,828
Shares repurchased		(2,256,788	)		(5,998,798	)		(70,499	)		(43,785	)		(1,215,750	)		(426,733	)
Net Increase (decrease)		(710,642	)		(5,870,967	)		133,838			315,306			4,044,702			2,960,095
Shares outstanding, beginning of year or period		11,435,689			17,306,656			375,241			59,935			8,124,284			5,164,189
Shares outstanding, end of year or period		10,725,047			11,435,689			509,079			375,241			12,168,986			8,124,284
	Large-Cap Growth Portfolio						Large-Cap Value Portfolio						Mid-Cap Equity Portfolio
Class I
Shares sold		575,146			982,182			284,084			1,148,017			250,972			543,080
Share repurchased		(1,062,802	)		(1,894,425	)		(754,950	)		(1,551,967	)		(433,285	)		(1,017,929	)
Net Increase (decrease)		(487,656	)		(912,243	)		(470,866	)		(403,950	)		(182,313	)		(474,849	)
Shares outstanding, beginning of year or period		17,768,269			18,680,512			13,235,583			13,639,533			12,911,271			13,386,120
Shares outstanding, end of year or period		17,280,613			17,768,269			12,764,717			13,235,583			12,728,958			12,911,271
Class P
Shares sold		5,272,123			2,911,623			1,984,427			589,701			263,328			40,227
Shares repurchased		(6,152,477	)		(936,813	)		(2,162,538	)		(3,872,844	)		(1,397,171	)		(1,790,857	)
Net Increase (decrease)		(880,354	)		1,974,810			(178,111	)		(3,283,143	)		(1,133,843	)		(1,750,630	)
Shares outstanding, beginning of year or period		28,211,637			26,236,827			19,749,697			23,032,840			6,716,434			8,467,064
Shares outstanding, end of year or period		27,331,283			28,211,637			19,571,586			19,749,697			5,582,591			6,716,434
	Mid-Cap Growth Portfolio						Mid-Cap Value Portfolio						Small-Cap Equity Portfolio
Class I
Shares sold		399,040			1,075,706			252,153			556,685			208,866			316,243
Share repurchased		(771,340	)		(2,475,594	)		(473,492	)		(960,106	)		(263,574	)		(659,889	)
Net Increase (decrease)		(372,300	)		(1,399,888	)		(221,339	)		(403,421	)		(54,708	)		(343,646	)
Shares outstanding, beginning of year or period		15,503,468			16,903,356			5,149,542			5,552,963			3,437,467			3,781,113
Shares outstanding, end of year or period		15,131,168			15,503,468			4,928,203			5,149,542			3,382,759			3,437,467
Class P
Shares sold		185,534			222,864			365,382			84,851			23,814			57,470
Shares repurchased		(7,959,060	)		(2,608,010	)		(5,581,591	)		(3,880,137	)		(2,459,812	)		(3,210,263	)
Net Increase (decrease)		(7,773,526	)		(2,385,146	)		(5,216,209	)		(3,795,286	)		(2,435,998	)		(3,152,793	)
Shares outstanding, beginning of year or period		18,807,672			21,192,818			13,711,661			17,506,947			6,015,627			9,168,420
Shares outstanding, end of year or period		11,034,146			18,807,672			8,495,452			13,711,661			3,579,629			6,015,627

C-30

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	Small-Cap Growth Portfolio						Small-Cap Index Portfolio						Small-Cap Value Portfolio
Class I
Shares sold		126,036			643,916			493,366			1,114,311			255,749			465,155
Share repurchased		(357,666	)		(529,173	)		(691,757	)		(2,136,590	)		(587,422	)		(1,484,024	)
Net Increase (decrease)		(231,630	)		114,743			(198,391	)		(1,022,279	)		(331,673	)		(1,018,869	)
Shares outstanding, beginning of year or period		6,218,007			6,103,264			18,031,640			19,053,919			7,761,596			8,780,465
Shares outstanding, end of year or period		5,986,377			6,218,007			17,833,249			18,031,640			7,429,923			7,761,596
Class P
Shares sold		658,927			2,332,416			173,569			708,047			79,862			90,016
Shares repurchased		(599,385	)		(138,209	)		(1,228,408	)		(860,546	)		(3,753,234	)		(3,293,799	)
Net Increase (decrease)		59,542			2,194,207			(1,054,839	)		(152,499	)		(3,673,372	)		(3,203,783	)
Shares outstanding, beginning of year or period		4,162,649			1,968,442			4,993,516			5,146,015			6,427,698			9,631,481
Shares outstanding, end of year or period		4,222,191			4,162,649			3,938,677			4,993,516			2,754,326			6,427,698
	Value Portfolio						Value Advantage Portfolio						Emerging Markets Portfolio
Class I
Shares sold		189,686			993,109			217,312			1,411,874			805,667			1,875,180
Share repurchased		(963,925	)		(1,738,229	)		(778,720	)		(731,482	)		(1,547,010	)		(1,800,466	)
Net Increase (decrease)		(774,239	)		(745,120	)		(561,408	)		680,392			(741,343	)		74,714
Shares outstanding, beginning of year or period		12,802,892			13,548,012			4,692,168			4,011,776			19,269,007			19,194,293
Shares outstanding, end of year or period		12,028,653			12,802,892			4,130,760			4,692,168			18,527,664			19,269,007
Class P
Shares sold		6,248,276			208,854			4,034,437			157,482			5,502,496			341,306
Shares repurchased		(1,971,921	)		(10,613,263	)		(2,334,599	)		(11,380,426	)		(3,307,911	)		(19,515,220	)
Net Increase (decrease)		4,276,355			(10,404,409	)		1,699,838			(11,222,944	)		2,194,585			(19,173,914	)
Shares outstanding, beginning of year or period		30,182,687			40,587,096			27,089,370			38,312,314			21,797,750			40,971,664
Shares outstanding, end of year or period		34,459,042			30,182,687			28,789,208			27,089,370			23,992,335			21,797,750
	International Growth Portfolio						International Large-Cap Portfolio						International Small-Cap Portfolio
Class I
Shares sold		236,883			202,222			910,020			2,457,910			141,384			327,605
Share repurchased		(54,222	)		(35,386	)		(2,901,728	)		(4,742,781	)		(397,625	)		(646,939	)
Net Increase (decrease)		182,661			166,836			(1,991,708	)		(2,284,871	)		(256,241	)		(319,334	)
Shares outstanding, beginning of year or period		221,111			54,275			45,623,554			47,908,425			6,811,054			7,130,388
Shares outstanding, end of year or period		403,772			221,111			43,631,846			45,623,554			6,554,813			6,811,054
Class P
Shares sold		31,793,375			3,012,175			719,072			4,459,703			122,865			7,622,248
Shares repurchased		(8,796,384	)		(9,595,041	)		(14,898,983	)		(6,427,025	)		(8,533,685	)		(1,151,728	)
Net Increase (decrease)		22,996,991			(6,582,866	)		(14,179,911	)		(1,967,322	)		(8,410,820	)		6,470,520
Shares outstanding, beginning of year or period		65,170,485			71,753,351			41,191,127			43,158,449			15,985,454			9,514,934
Shares outstanding, end of year or period		88,167,476			65,170,485			27,011,216			41,191,127			7,574,634			15,985,454
	International Value Portfolio						Health Sciences Portfolio						Real Estate Portfolio
Class I
Shares sold		291,610			1,069,141			68,053			238,260			132,067			271,397
Share repurchased		(1,316,277	)		(2,540,134	)		(456,124	)		(885,764	)		(330,418	)		(1,086,827	)
Net Increase (decrease)		(1,024,667	)		(1,470,993	)		(388,071	)		(647,504	)		(198,351	)		(815,430	)
Shares outstanding, beginning of year or period		20,453,206			21,924,199			6,964,194			7,611,698			6,901,256			7,716,686
Shares outstanding, end of year or period		19,428,539			20,453,206			6,576,123			6,964,194			6,702,905			6,901,256
Class P
Shares sold		2,606,048			17,088,971			4,685			10,177			238,484			2,308,137
Shares repurchased		(13,792,376	)		(8,393,127	)		(1,796	)		(3,439	)		(3,591,405	)		(405,592	)
Net Increase (decrease)		(11,186,328	)		8,695,844			2,889			6,738			(3,352,921	)		1,902,545
Shares outstanding, beginning of year or period		42,430,070			33,734,226			27,412			20,674			7,492,377			5,589,832
Shares outstanding, end of year or period		31,243,742			42,430,070			30,301			27,412			4,139,456			7,492,377

C-31

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	Technology Portfolio						ESG Diversified Portfolio						ESG Diversified Growth Portfolio
Class I
Shares sold		1,667,432			2,563,552			456,633			629,622			21,899			106,240
Share repurchased		(1,536,135	)		(2,570,752	)		(91,060	)		(43,727	)		(14,419	)		(16,029	)
Net Increase (decrease)		131,297			(7,200	)		365,573			585,895			7,480			90,211
Shares outstanding, beginning of year or period		18,670,056			18,677,256			2,157,700			1,571,805			1,353,692			1,263,481
Shares outstanding, end of year or period		18,801,353			18,670,056			2,523,273			2,157,700			1,361,172			1,353,692
Class P
Shares sold		16,390			31,339			5,589			54,037			63,360			397,909
Shares repurchased		(5,208	)		(5,950	)		(52,388	)		(871	)		(18,926	)		(344,601	)
Net Increase (decrease)		11,182			25,389			(46,799	)		53,166			44,434			53,308
Shares outstanding, beginning of year or period		82,719			57,330			63,773			10,607			63,308			10,000
Shares outstanding, end of year or period		93,901			82,719			16,974			63,773			107,742			63,308
	PSF Avantis Balanced Allocation Portfolio						Pacific Dynamix - Conservative Growth Portfolio						Pacific Dynamix - Moderate Growth Portfolio
Class D
Shares sold		140,112			1,410,147
Share repurchased		(1,139,229	)		(2,268,320	)
Net Increase (decrease)		(999,117	)		(858,173	)
Shares outstanding, beginning of year or period		22,453,602			23,311,775
Shares outstanding, end of year or period		21,454,485			22,453,602
Class I
Shares sold								128,513			1,006,339			386,286			1,251,493
Share repurchased								(2,204,823	)		(3,654,510	)		(4,827,241	)		(7,424,244	)
Net Increase (decrease)								(2,076,310	)		(2,648,171	)		(4,440,955	)		(6,172,751	)
Shares outstanding, beginning of year or period								28,828,240			31,476,411			100,057,465			106,230,216
Shares outstanding, end of year or period								26,751,930			28,828,240			95,616,510			100,057,465
Class P
Shares sold		19,088			90,993			146,452			246,913			386,896			1,017,543
Shares repurchased		(24,139	)		(17,310	)		(35,897	)		(42,214	)		(269,031	)		(280,270	)
Net Increase (decrease)		(5,051	)		73,683			110,555			204,699			117,865			737,273
Shares outstanding, beginning of year or period		185,767			112,084			348,751			144,052			1,525,777			788,504
Shares outstanding, end of year or period		180,716			185,767			459,306			348,751			1,643,642			1,525,777
	Pacific Dynamix - Growth Portfolio						Portfolio Optimization Conservative Portfolio						Portfolio Optimization Moderate- Conservative Portfolio
Class I
Shares sold		1,016,341			8,065,890			664,245			5,555,489			429,032			894,891
Share repurchased		(1,626,411	)		(1,803,441	)		(6,826,239	)		(15,050,988	)		(7,837,700	)		(17,015,778	)
Net Increase (decrease)		(610,070	)		6,262,449			(6,161,994	)		(9,495,499	)		(7,408,668	)		(16,120,887	)
Shares outstanding, beginning of year or period		61,771,889			55,509,440			88,188,397			97,683,896			109,035,621			125,156,508
Shares outstanding, end of year or period		61,161,819			61,771,889			82,026,403			88,188,397			101,626,953			109,035,621
Class P
Shares sold		286,973			528,686			56			858			16,125			1,599
Shares repurchased		(97,984	)		(103,116	)		(3,153	)		(251	)		(7,556	)		(897	)
Net Increase (decrease)		188,989			425,570			(3,097	)		607			8,569			702
Shares outstanding, beginning of year or period		957,355			531,785			15,630			15,023			18,171			17,469
Shares outstanding, end of year or period		1,146,344			957,355			12,533			15,630			26,740			18,171
	Portfolio Optimization Moderate Portfolio						Portfolio Optimization Growth Portfolio						Portfolio Optimization Aggressive- Growth Portfolio
Class I
Shares sold		255,747			345,272			213,999			436,902			115,134			536,272
Share repurchased		(27,367,565	)		(56,133,729	)		(19,812,648	)		(39,815,875	)		(4,333,327	)		(7,922,468	)
Net Increase (decrease)		(27,111,818	)		(55,788,457	)		(19,598,649	)		(39,378,973	)		(4,218,193	)		(7,386,196	)
Shares outstanding, beginning of year or period		417,587,106			473,375,563			344,943,588			384,322,561			77,956,499			85,342,695
Shares outstanding, end of year or period		390,475,288			417,587,106			325,344,939			344,943,588			73,738,306			77,956,499
Class P
Shares sold		11,833			15,104			20,837			92,535			14,332			76,997
Shares repurchased		(3,148	)		(6,135	)		(9,012	)		(56,839	)		(4,554	)		(3,920	)
Net Increase (decrease)		8,685			8,969			11,825			35,696			9,778			73,077
Shares outstanding, beginning of year or period		94,253			85,284			177,423			141,727			122,091			49,014
Shares outstanding, end of year or period		102,938			94,253			189,248			177,423			131,869			122,091

C-32

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022			Period Ended June 30, 2023			Year Ended December 31, 2022
	PD 1-3 Year Corporate Bond Portfolio						PD Aggregate Bond Index Portfolio						PD High Yield Bond Market Portfolio
Class P
Shares sold		26,029,699			1,874,974			12,709,877			8,236,624			106,468			556,259
Shares repurchased		(135,250	)		(7,015,661	)		(953,626	)		(6,511,317	)		(11,416,694	)		(7,774,476	)
Net Increase (decrease)		25,894,449			(5,140,687	)		11,756,251			1,725,307			(11,310,226	)		(7,218,217	)
Shares outstanding, beginning of year or period		15,365,691			20,506,378			84,848,930			83,123,623			21,381,453			28,599,670
Shares outstanding, end of year or period		41,260,140			15,365,691			96,605,181			84,848,930			10,071,227			21,381,453
	PD Large-Cap Growth Index Portfolio						PD Large-Cap Value Index Portfolio						PD Mid-Cap Index Portfolio
Class P
Shares sold		83,351			5,468,389			2,833,049			4,748,838			173,322			2,124,001
Shares repurchased		(3,006,176	)		(181,247	)		(1,017,258	)		(1,367,001	)		(9,427,901	)		(11,129,316	)
Net Increase (decrease)		(2,922,825	)		5,287,142			1,815,791			3,381,837			(9,254,579	)		(9,005,315	)
Shares outstanding, beginning of year or period		14,424,987			9,137,845			21,944,853			18,563,016			36,043,677			45,048,992
Shares outstanding, end of year or period		11,502,162			14,424,987			23,760,644			21,944,853			26,789,098			36,043,677
	PD Small-Cap Growth Index Portfolio						PD Small-Cap Value Index Portfolio						PD Emerging Markets Index Portfolio
Class P
Shares sold		490,776			350,150			38,245			269,324			2,530,434			509,443
Shares repurchased		(689,651	)		(1,578,379	)		(1,889,395	)		(1,961,254	)		(310,611	)		(8,916,264	)
Net Increase (decrease)		(198,875	)		(1,228,229	)		(1,851,150	)		(1,691,930	)		2,219,823			(8,406,821	)
Shares outstanding, beginning of year or period		1,957,374			3,185,603			4,413,778			6,105,708			6,373,744			14,780,565
Shares outstanding, end of year or period		1,758,499			1,957,374			2,562,628			4,413,778			8,593,567			6,373,744
	PD International Large-Cap Index Portfolio
Class P
Shares sold		2,121,937			3,253,935
Shares repurchased		(8,696,090	)		(1,739,986	)
Net Increase (decrease)		(6,574,153	)		1,513,949
Shares outstanding, beginning of year or period		29,556,094			28,042,145
Shares outstanding, end of year or period		22,981,941			29,556,094

C-33

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES

(Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from January 1, 2023 to June 30, 2023.

ACTUAL EXPENSES

The first line of the table below for each Fund provides information about actual account values and actual expenses based on each Fund’s actual performance and each Fund’s actual expenses, after any applicable advisory fee waivers and adviser expense reimbursements (see Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 06/30/23” column shown is derived from the Fund’s actual performance; the “Annualized Expense Ratio” column shows the Fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 01/01/23-06/30/23” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from January 1, 2023 to June 30, 2023.

You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each Fund in your account, simply divide that Fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply this result by the number given for your fund(s) in the first line under the heading entitled “Expenses Paid During the Period 01/01/23-06/30/23.”

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and the actual Fund’s expenses, after any applicable advisory fee waivers and adviser expense reimbursements (see Notes 6 and 7B in Notes to Financial Statements). It assumes that the Fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

You may use the hypothetical example information to compare the ongoing costs of investing in the Fund to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
Core Income
Actual
Class I		$1,000.00		$1,038.60		0.73%		$3.69
Class P		1,000.00		1,039.70		0.53%		2.68
Hypothetical
Class I		$1,000.00		$1,021.17		0.73%		$3.66
Class P		1,000.00		1,022.17		0.53%		2.66
Diversified Bond
Actual
Class I		$1,000.00		$1,029.30		0.65%		$3.27
Class P		1,000.00		1,030.30		0.45%		2.27
Hypothetical
Class I		$1,000.00		$1,021.57		0.65%		$3.26
Class P		1,000.00		1,022.56		0.45%		2.26
Floating Rate Income
Actual
Class I		$1,000.00		$1,071.30		0.94%		$4.83
Class P		1,000.00		1,072.30		0.73%		3.75
Hypothetical
Class I		$1,000.00		$1,020.03		0.94%		$4.71
Class P		1,000.00		1,021.27		0.73%		3.66

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
High Yield Bond
Actual
Class I		$1,000.00		$1,049.60		0.65%		$3.30
Class P		1,000.00		1,050.60		0.44%		2.24
Hypothetical
Class I		$1,000.00		$1,021.57		0.65%		$3.26
Class P		1,000.00		1,022.61		0.44%		2.21
Inflation Managed
Actual
Class I		$1,000.00		$1,016.40		0.73%		$3.65
Class P		1,000.00		1,017.40		0.53%		2.65
Hypothetical
Class I		$1,000.00		$1,021.17		0.73%		$3.66
Class P		1,000.00		1,022.17		0.53%		2.66
Intermediate Bond
Actual
Class I		$1,000.00		$1,022.90		0.64%		$3.21
Class P		1,000.00		1,023.90		0.43%		2.16
Hypothetical
Class I		$1,000.00		$1,021.62		0.64%		$3.21
Class P		1,000.00		1,022.66		0.43%		2.16

D-1

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
Managed Bond
Actual
Class I		$1,000.00		$1,024.60		0.64%		$3.21
Class P		1,000.00		1,025.60		0.44%		2.21
Hypothetical
Class I		$1,000.00		$1,021.62		0.64%		$3.21
Class P		1,000.00		1,022.61		0.44%		2.21
Short Duration Bond
Actual
Class I		$1,000.00		$1,012.50		0.63%		$3.14
Class P		1,000.00		1,013.60		0.43%		2.15
Hypothetical
Class I		$1,000.00		$1,021.67		0.63%		$3.16
Class P		1,000.00		1,022.66		0.43%		2.16
Emerging Markets Debt
Actual
Class I		$1,000.00		$1,072.90		1.05%		$5.40
Class P		1,000.00		1,073.90		0.84%		4.32
Hypothetical
Class I		$1,000.00		$1,019.59		1.05%		$5.26
Class P		1,000.00		1,020.63		0.84%		4.21
Dividend Growth
Actual
Class I		$1,000.00		$1,067.30		0.85%		$4.36
Class P		1,000.00		1,068.30		0.65%		3.33
Hypothetical
Class I		$1,000.00		$1,020.58		0.85%		$4.26
Class P		1,000.00		1,021.57		0.65%		3.26
Equity Index
Actual
Class I		$1,000.00		$1,167.40		0.28%		$1.50
Class P		1,000.00		1,168.50		0.08%		0.43
Hypothetical
Class I		$1,000.00		$1,023.41		0.28%		$1.40
Class P		1,000.00		1,024.40		0.08%		0.40
Focused Growth
Actual
Class I		$1,000.00		$1,259.00		0.94%		$5.27
Class P		1,000.00		1,260.20		0.74%		4.15
Hypothetical
Class I		$1,000.00		$1,020.13		0.94%		$4.71
Class P		1,000.00		1,021.12		0.74%		3.71
Growth
Actual
Class I		$1,000.00		$1,238.00		0.78%		$4.33
Class P		1,000.00		1,239.30		0.58%		3.22
Hypothetical
Class I		$1,000.00		$1,020.93		0.78%		$3.91
Class P		1,000.00		1,021.92		0.58%		2.91
Hedged Equity
Actual
Class I		$1,000.00		$1,129.50		0.90%		$4.75
Class P		1,000.00		1,130.60		0.70%		3.70
Hypothetical
Class I		$1,000.00		$1,020.33		0.90%		$4.51
Class P		1,000.00		1,021.32		0.70%		3.51

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
Large-Cap Core
Actual
Class I		$1,000.00		$1,167.20		0.68%		$3.65
Class P		1,000.00		1,168.40		0.48%		2.58
Hypothetical
Class I		$1,000.00		$1,021.42		0.68%		$3.41
Class P		1,000.00		1,022.41		0.48%		2.41
Large-Cap Growth
Actual
Class I		$1,000.00		$1,311.30		0.89%		$5.10
Class P		1,000.00		1,312.60		0.69%		3.96
Hypothetical
Class I		$1,000.00		$1,020.38		0.89%		$4.46
Class P		1,000.00		1,021.37		0.69%		3.46
Large-Cap Value
Actual
Class I		$1,000.00		$1,056.20		0.84%		$4.28
Class P		1,000.00		1,057.30		0.64%		3.26
Hypothetical
Class I		$1,000.00		$1,020.63		0.84%		$4.21
Class P		1,000.00		1,021.62		0.64%		3.21
Mid-Cap Equity
Actual
Class I		$1,000.00		$1,073.70		0.88%		$4.52
Class P		1,000.00		1,074.80		0.68%		3.50
Hypothetical
Class I		$1,000.00		$1,020.43		0.88%		$4.41
Class P		1,000.00		1,021.42		0.68%		3.41
Mid-Cap Growth
Actual
Class I		$1,000.00		$1,179.60		0.91%		$4.92
Class P		1,000.00		1,180.80		0.71%		3.84
Hypothetical
Class I		$1,000.00		$1,020.28		0.91%		$4.56
Class P		1,000.00		1,021.27		0.71%		3.56
Mid-Cap Value
Actual
Class I		$1,000.00		$1,075.40		0.94%		$4.84
Class P		1,000.00		1,076.50		0.73%		3.76
Hypothetical
Class I		$1,000.00		$1,020.13		0.94%		$4.71
Class P		1,000.00		1,021.17		0.73%		3.66
Small-Cap Equity
Actual
Class I		$1,000.00		$1,035.80		0.92%		$4.64
Class P		1,000.00		1,036.80		0.72%		3.64
Hypothetical
Class I		$1,000.00		$1,020.23		0.92%		$4.61
Class P		1,000.00		1,021.22		0.72%		3.61
Small-Cap Growth
Actual
Class I		$1,000.00		$1,106.30		0.84%		$4.39
Class P		1,000.00		1,107.40		0.64%		3.34
Hypothetical
Class I		$1,000.00		$1,020.63		0.84%		$4.21
Class P		1,000.00		1,021.62		0.64%		3.21

D-2

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
Small-Cap Index
Actual
Class I		$1,000.00		$1,078.10		0.56%		$2.89
Class P		1,000.00		1,079.20		0.35%		1.80
Hypothetical
Class I		$1,000.00		$1,022.02		0.56%		$2.81
Class P		1,000.00		1,023.06		0.35%		1.76
Small-Cap Value
Actual
Class I		$1,000.00		$997.80		0.99%		$4.90
Class P		1,000.00		998.80		0.79%		3.92
Hypothetical
Class I		$1,000.00		$1,019.89		0.99%		$4.96
Class P		1,000.00		1,020.88		0.79%		3.96
Value
Actual
Class I		$1,000.00		$1,007.90		0.87%		$4.33
Class P		1,000.00		1,008.90		0.67%		3.34
Hypothetical
Class I		$1,000.00		$1,020.48		0.87%		$4.36
Class P		1,000.00		1,021.47		0.67%		3.36
Value Advantage
Actual
Class I		$1,000.00		$1,015.10		0.89%		$4.45
Class P		1,000.00		1,016.10		0.69%		3.45
Hypothetical
Class I		$1,000.00		$1,020.38		0.89%		$4.46
Class P		1,000.00		1,021.37		0.69%		3.46
Emerging Markets
Actual
Class I		$1,000.00		$1,099.90		1.06%		$5.52
Class P		1,000.00		1,101.00		0.86%		4.48
Hypothetical
Class I		$1,000.00		$1,019.54		1.06%		$5.31
Class P		1,000.00		1,020.53		0.86%		4.31
International Growth
Actual
Class I		$1,000.00		$1,118.50		0.95%		$4.99
Class P		1,000.00		1,121.60		0.76%		4.00
Hypothetical
Class I		$1,000.00		$1,020.08		0.95%		$4.76
Class P		1,000.00		1,021.03		0.76%		3.81
International Large-Cap
Actual
Class I		$1,000.00		$1,142.30		0.99%		$5.26
Class P		1,000.00		1,143.40		0.79%		4.20
Hypothetical
Class I		$1,000.00		$1,019.89		0.99%		$4.96
Class P		1,000.00		1,020.88		0.79%		3.96
International Small-Cap
Actual
Class I		$1,000.00		$1,081.50		1.12%		$5.78
Class P		1,000.00		1,082.50		0.92%		4.75
Hypothetical
Class I		$1,000.00		$1,019.24		1.12%		$5.61
Class P		1,000.00		1,020.23		0.92%		4.61

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
International Value
Actual
Class I		$1,000.00		$1,110.00		0.90%		$4.71
Class P		1,000.00		1,111.10		0.70%		3.66
Hypothetical
Class I		$1,000.00		$1,020.33		0.90%		$4.51
Class P		1,000.00		1,021.32		0.70%		3.51
Health Sciences
Actual
Class I		$1,000.00		$1,016.80		1.14%		$5.70
Class P		1,000.00		1,017.80		0.94%		4.70
Hypothetical
Class I		$1,000.00		$1,019.14		1.14%		$5.71
Class P		1,000.00		1,020.13		0.94%		4.71
Real Estate
Actual
Class I		$1,000.00		$1,050.40		0.99%		$5.03
Class P		1,000.00		1,051.50		0.78%		3.97
Hypothetical
Class I		$1,000.00		$1,019.89		0.99%		$4.96
Class P		1,000.00		1,020.93		0.78%		3.91
Technology
Actual
Class I		$1,000.00		$1,316.90		1.14%		$6.55
Class P		1,000.00		1,318.20		0.94%		5.40
Hypothetical
Class I		$1,000.00		$1,019.14		1.14%		$5.71
Class P		1,000.00		1,020.13		0.94%		4.71
ESG Diversified (2)
Actual
Class I		$1,000.00		$1,088.80		0.50%		$2.59
Class P		1,000.00		1,089.90		0.30%		1.55
Hypothetical
Class I		$1,000.00		$1,022.32		0.50%		$2.51
Class P		1,000.00		1,023.31		0.30%		1.51
ESG Diversified Growth (2)
Actual
Class I		$1,000.00		$1,104.10		0.50%		$2.61
Class P		1,000.00		1,105.20		0.30%		1.57
Hypothetical
Class I		$1,000.00		$1,022.32		0.50%		$2.51
Class P		1,000.00		1,023.31		0.30%		1.51
PSF Avantis Balanced Allocation (2)
Actual
Class D		$1,000.00		$1,067.20		0.43%		$2.20
Class P		1,000.00		1,068.50		0.18%		0.92
Hypothetical
Class D		$1,000.00		$1,022.66		0.43%		$2.16
Class P		1,000.00		1,023.90		0.18%		0.90
Pacific Dynamix-Conservative Growth (2)
Actual
Class I		$1,000.00		$1,063.10		0.39%		$1.99
Class P		1,000.00		1,064.20		0.19%		0.97
Hypothetical
Class I		$1,000.00		$1,022.86		0.39%		$1.96
Class P		1,000.00		1,023.85		0.19%		0.95

D-3

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
Pacific Dynamix-Moderate Growth (2)
Actual
Class I		$1,000.00		$1,085.90		0.39%		$2.02
Class P		1,000.00		1,087.00		0.19%		0.98
Hypothetical
Class I		$1,000.00		$1,022.86		0.39%		$1.96
Class P		1,000.00		1,023.85		0.19%		0.95
Pacific Dynamix-Growth (2)
Actual
Class I		$1,000.00		$1,099.30		0.39%		$2.03
Class P		1,000.00		1,100.40		0.19%		0.99
Hypothetical
Class I		$1,000.00		$1,022.86		0.39%		$1.96
Class P		1,000.00		1,023.85		0.19%		0.95
Portfolio Optimization Conservative (2)
Actual
Class I		$1,000.00		$1,049.10		0.32%		$1.63
Class P		1,000.00		1,050.20		0.12%		0.61
Hypothetical
Class I		$1,000.00		$1,023.21		0.32%		$1.61
Class P		1,000.00		1,024.20		0.12%		0.60
Portfolio Optimization Moderate-Conservative (2)
Actual
Class I		$1,000.00		$1,060.80		0.32%		$1.64
Class P		1,000.00		1,061.80		0.12%		0.61
Hypothetical
Class I		$1,000.00		$1,023.21		0.32%		$1.61
Class P		1,000.00		1,024.20		0.12%		0.60
Portfolio Optimization Moderate (2)
Actual
Class I		$1,000.00		$1,079.90		0.32%		$1.65
Class P		1,000.00		1,081.00		0.12%		0.62
Hypothetical
Class I		$1,000.00		$1,023.21		0.32%		$1.61
Class P		1,000.00		1,024.20		0.12%		0.60
Portfolio Optimization Growth (2)
Actual
Class I		$1,000.00		$1,084.90		0.32%		$1.65
Class P		1,000.00		1,086.00		0.12%		0.62
Hypothetical
Class I		$1,000.00		$1,023.21		0.32%		$1.61
Class P		1,000.00		1,024.20		0.12%		0.60
Portfolio Optimization Aggressive-Growth (2)
Actual
Class I		$1,000.00		$1,095.20		0.32%		$1.66
Class P		1,000.00		1,096.30		0.12%		0.62
Hypothetical
Class I		$1,000.00		$1,023.21		0.32%		$1.61
Class P		1,000.00		1,024.20		0.12%		0.60
PD 1-3 Year Corporate Bond
Actual
Class P		$1,000.00		$1,013.60		0.19%		$0.95
Hypothetical
Class P		$1,000.00		$1,023.85		0.19%		$0.95

Portfolio	Beginning Account Value at 01/01/23		Ending Account Value at 06/30/23		Annualized Expense Ratio		Expenses Paid During the Period 01/01/23- 06/30/23 (1)
PD Aggregate Bond Index
Actual
Class P		$1,000.00		$1,021.90		0.19%		$0.95
Hypothetical
Class P		$1,000.00		$1,023.85		0.19%		$0.95
PD High Yield Bond Market
Actual
Class P		$1,000.00		$1,052.00		0.28%		$1.42
Hypothetical
Class P		$1,000.00		$1,023.41		0.28%		$1.40
PD Large-Cap Growth Index
Actual
Class P		$1,000.00		$1,289.20		0.16%		$0.91
Hypothetical
Class P		$1,000.00		$1,024.00		0.16%		$0.80
PD Large-Cap Value Index
Actual
Class P		$1,000.00		$1,050.60		0.16%		$0.81
Hypothetical
Class P		$1,000.00		$1,024.00		0.16%		$0.80
PD Mid-Cap Index
Actual
Class P		$1,000.00		$1,088.80		0.19%		$0.98
Hypothetical
Class P		$1,000.00		$1,023.85		0.19%		$0.95
PD Small-Cap Growth Index
Actual
Class P		$1,000.00		$1,133.60		0.24%		$1.27
Hypothetical
Class P		$1,000.00		$1,023.60		0.24%		$1.20
PD Small-Cap Value Index
Actual
Class P		$1,000.00		$1,023.60		0.23%		$1.15
Hypothetical
Class P		$1,000.00		$1,023.65		0.23%		$1.15
PD Emerging Markets Index
Actual
Class P		$1,000.00		$1,050.20		0.41%		$2.08
Hypothetical
Class P		$1,000.00		$1,022.76		0.41%		$2.06
PD International Large-Cap Index
Actual
Class P		$1,000.00		$1,122.90		0.23%		$1.21
Hypothetical
Class P		$1,000.00		$1,023.65		0.23%		$1.15

(1) Expenses paid during the six-month period are equal to the Fund’s annualized expense ratio (shown in the table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365 days.

(2) The annualized expense ratios for the ESG Diversified, ESG Diversified Growth, PSF Avantis Balanced Allocation, Pacific Dynamix, and Portfolio Optimization Portfolios do not include expenses of their respective Underlying Funds in which these Funds invest.

D-4

PACIFIC SELECT FUND

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Trust has a liquidity risk management program (the “Program”). The Trust’s Board of Trustees (the “Board”) has designated the Liquidity Oversight Committee (the “Committee”) of Pacific Life Fund Advisors LLC (the “Investment Adviser”) as the administrator of the Program. Personnel of the Investment Adviser conduct the day-to-day operation of the Program pursuant to policies and procedures administered by the Committee.

Under the Program, the Committee manages the liquidity risk of each Fund of the Trust. Liquidity risk is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in that Fund. This risk is managed by monitoring the degree of liquidity of each Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee’s process for determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2022 through December 31, 2022. The report included, among other information, each Fund’s (i) investment strategy and the liquidity of its portfolio investments during both normal and reasonably foreseeable stressed market conditions; (ii) short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and (iii) holdings of cash and cash equivalents, as well as relevant borrowing arrangements.

The report indicated periods of volatility across various markets, though no significant liquidity events impacting any Fund were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.

D-5

PACIFIC SELECT FUND

APPROVAL OF SUB-ADVISORY AGREEMENTS

(Unaudited)

I. Introduction and Background

The Board of Trustees (the “Trustees” or “Board”) of Pacific Select Fund (the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and, after the initial period, determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each sub-advisory agreement (the “Sub-Advisory Agreements,” together with the Advisory Agreement, as may be amended from time to time, the “Agreements”) between the Trust, PLFA and the various sub-advisers, including affiliated sub-advisers, if any (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds.

PLFA also currently directly manages the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth and Portfolio Optimization Aggressive-Growth Portfolios (the “Portfolio Optimization Funds”); the Pacific Dynamix — Conservative Growth, Pacific Dynamix — Moderate Growth and Pacific Dynamix — Growth Portfolios (the “Pacific Dynamix Funds”); and the PSF Avantis Balanced Allocation, ESG Diversified and ESG Diversified Growth Portfolios (together with the Portfolio Optimization Funds and Pacific Dynamix Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained affiliated or unaffiliated investment management firms to serve as Sub-Advisers under PLFA’s oversight. The Board, including all of the Trustees who are not “interested persons” of the Trust, PLFA, the Sub-Advisers, or the distributor, as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at a meeting of the Trustees held on December 14, 2022.1

The description below does not relate to the annual renewal of the Advisory Agreement and Sub-Advisory Agreements discussed above, but to the approvals described in further detail below.

The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements. In the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to be all-inclusive.

II. Board Consideration of the New Sub-Advisory Agreements

The Board approved a change in sub-adviser and a new sub-advisory agreement for the Large-Cap Growth Portfolio, effective on or about May 1, 2023, and a new sub-advisory agreement with respect to the Core Income Portfolio, Floating Rate Income Portfolio and High Yield Bond Portfolio, effective on April 17, 2023. Under the 1940 Act, a change in sub-adviser generally requires shareholder approval of a new sub-advisory agreement; however, pursuant to an exemptive order (the “Order”) issued to Pacific Life Insurance Company (“Pacific Life”) and the Trust by the U.S. Securities and Exchange Commission (“SEC”) on October 13, 1999, PLFA — the investment adviser to the Trust — can hire, terminate, and replace sub-advisers and enter into new sub-advisory agreements without shareholder approval in accordance with the requirements of the Order on behalf of the Trust (except, as a general matter, with sub-advisers affiliated with PLFA).

Large-Cap Growth Portfolio

At a meeting held on March 15, 2023, based upon a recommendation from PLFA, the Board, including all the Independent Trustees, appointed FIAM LLC (“FIAM”) to serve as the sub-adviser for the Large-Cap Growth Portfolio. At that time, the Board, including all the Independent Trustees, also approved a sub-advisory agreement among the Trust, PLFA and FIAM with respect to the Fund (the “FIAM Sub-Advisory Agreement”) and terminated the sub-advisory agreement with the prior sub-adviser upon the effectiveness of the FIAM Sub-Advisory Agreement. In connection with the change in sub-adviser, changes were also made to the Fund’s principal investment strategies. These changes went into effect on May 1, 2023.

FIAM’s appointment as the sub-adviser and the Board’s approval of the FIAM Sub-Advisory Agreement were made in accordance with the requirements of the Order and do not require shareholder approval. In order to facilitate the sub-adviser change, a portion of the Fund’s holdings was sold and new investments were purchased in accordance with recommendations by FIAM. PLFA and/or the Trust retained a transition agent in order to reduce transaction costs associated with the purchase and sale of portfolio holdings in connection with the transition.

In considering the appointment of FIAM as a sub-adviser for the Fund, the Board reviewed with PLFA its rationale for recommending a change in sub-adviser for the Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA’s recommendation that FIAM be appointed as the new sub-adviser for the Fund and in evaluating the proposed FIAM Sub-Advisory Agreement. Additionally, the Board considered the process employed by PLFA in reaching a recommendation for a new sub-adviser, including due diligence conducted by PLFA on the investment resources and personnel of a potential sub-adviser and an assessment of the investment strategies used by a potential sub-adviser. In addition, the Board reviewed information provided by PLFA regarding the specific criteria and information evaluated by PLFA during the selection process of FIAM and PLFA’s analysis in reaching its conclusion to recommend FIAM as sub-adviser for the Fund. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the sub-advisers and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Board believed it to be appropriate.

1 At the December 14th meeting, the Board did not consider the continuance of the Sub-Advisory Agreement relating to the Large-Cap Core Portfolio as this agreement was not up for renewal at that time.

D-6

PACIFIC SELECT FUND

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

In evaluating the FIAM Sub-Advisory Agreement for the Large-Cap Growth Portfolio, the Board, including all the Independent Trustees, considered the following factors, among others:

    A. Nature, Extent and Quality of Services to be Provided

The Trustees considered the benefits to shareholders of retaining FIAM as the new sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by FIAM. In this regard, the Trustees considered various materials relating to FIAM, including copies of the proposed FIAM Sub-Advisory Agreement; copies of FIAM’s Form ADV; financial information; a written presentation from FIAM; a comprehensive report including an assessment by PLFA; responses from FIAM to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered a verbal presentation at a meeting held on March 15, 2023 from management and investment personnel from FIAM.

The Trustees considered that under the FIAM Sub-Advisory Agreement, FIAM would be responsible for providing investment advisory services for the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of FIAM, including the background and experience of FIAM’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.

In addition, the Trustees considered that they had previously reviewed and approved FIAM’s written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of FIAM’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics. The Trustees also took note of the due diligence PLFA conducted with respect to FIAM and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by FIAM.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by FIAM under the FIAM Sub-Advisory Agreement.

    B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a large-cap strategy and PLFA’s identification of FIAM to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. The Trustees considered that the Fund’s historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. However, the Trustees considered the investment process and techniques to be used by FIAM for the Fund and FIAM’s experience managing large-cap growth strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the FIAM Sub-Advisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of a proprietary mutual fund managed by the same FIAM portfolio management team that would manage the Fund using similar investment strategies (the “FIAM Comparable Performance”), which included a comparison of the FIAM Comparable Performance against a pertinent benchmark and an applicable peer group for the one-, three-, five- and ten-year or since inception periods as of December 31, 2022. Additionally, the Trustees considered the risk-adjusted returns of the FIAM Comparable Performance during certain periods.

The Board determined that FIAM’s performance record with respect to similarly managed mutual funds was acceptable.

    C. Sub-Advisory Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of FIAM with regard to other funds with substantially similar investment strategies as the Fund. The Trustees also considered that the advisory fee schedule would remain unchanged but that the sub-advisory fee would be reduced from its current levels. The Trustees considered that PLFA was proposing to share these fee savings with shareholders through an advisory fee waiver and that PLFA will monitor and report to the Board the competitiveness of the advisory fee and the reasonableness of the advisory fee retention going forward and recommend further changes to the Board as deemed appropriate. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by FIAM for other similarly managed funds, the Trustees noted that there were differences in: (i) the size and type of account, (ii) the services provided to each, (iii) the nature and size of the overall relationship with FIAM, and/or (iv) regulatory differences that could reasonably be expected to account for differences in fee schedules.

The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and FIAM, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with a sub-adviser change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase, and would likely decrease, as a result of this sub-adviser change.

The Board concluded that the compensation payable under the FIAM Sub-Advisory Agreement is fair and reasonable.

    D. Costs, Level of Profits and Economies of Scale

The Trustees considered information regarding the anticipated costs to FIAM of sub-advising the Fund and the projected profitability of the FIAM Sub-Advisory Agreement to FIAM, to the extent practicable based on the information provided by FIAM. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arms’-length nature of the relationship between PLFA and FIAM with respect to the negotiation of sub-advisory fees, the fact that such fees are paid by PLFA, and the fact that the projected profitability of the FIAM Sub-Advisory Agreement to FIAM is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for FIAM at this time was of limited utility. The Trustees also considered the impact of the sub-advisory change to the profitability of the PLFA advisory agreement with the Fund. In addition, the Trustees considered that in negotiating the sub-advisory fee, PLFA takes into account the current and future potential scale of the Fund.

D-7

PACIFIC SELECT FUND

APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

The Trustees considered the organizational strengths of FIAM and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund. The Board concluded that the Fund’s fee structure reflected in the FIAM Sub-Advisory Agreement is fair and reasonable.

    E. Ancillary Benefits

The Trustees received information from PLFA and FIAM concerning other benefits that may be received by FIAM and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with FIAM and the anticipated use of soft-dollars by FIAM. The Trustees considered potential benefits to be derived by FIAM from its relationship with the Fund and that such benefits are consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.

    F. Conclusion

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the FIAM Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the FIAM Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

Core Income Portfolio, Floating Rate Income Portfolio and High Yield Bond Portfolio

The Board approved a new sub-advisory agreement with respect to the Core Income Portfolio, Floating Rate Income Portfolio, and High Yield Bond Portfolio in connection with the acquisition of the Funds’ then-current sub-adviser, Pacific Asset Management LLC (“PAM”), by Aristotle Capital Management, LLC (“ACM”), effective on April 17, 2023 (the “Acquisition”). Effective upon the closing of the Acquisition, PAM became a subsidiary of ACM and was renamed Aristotle Pacific Capital, LLC (“Aristotle Pacific”). The Funds’ investment goals, principal investment strategies and portfolio management teams did not change as a result of the Acquisition.

The Acquisition caused an “assignment” under the 1940 Act of the sub-advisory agreement for the Funds then in effect with PAM (the “PAM Sub-Advisory Agreement”), resulting in its automatic termination. In anticipation of the Acquisition, at a meeting held on March 15, 2023, the Board, including all the Independent Trustees, approved, effective upon the date of the Acquisition, a new sub-advisory agreement among the Trust, PLFA and Aristotle Pacific with respect to the Funds (the “Aristotle Pacific Sub-Advisory Agreement”).

Aristotle Pacific’s appointment as the sub-adviser and the Board’s approval of the Aristotle Pacific Sub-Advisory Agreement were made in accordance with the requirements of the Order and do not require shareholder approval.

In evaluating the Aristotle Pacific Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

• The PAM Sub-Advisory Agreement was last renewed by the Board, including all the Independent Trustees, at an in-person meeting on December 14, 2022. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by PAM; the investment results of each Fund; the sub-advisory fees paid to PAM; PAM’s costs in managing each Fund and its profitability from each Fund; and other benefits received by PAM and its affiliates as a result of their relationship with the Funds.

• Aristotle Pacific represented to the Board that following the transaction, each Fund’s portfolio management team will be moved to Aristotle Pacific and that there will be no changes to the Fund’s portfolio management team under the Aristotle Pacific Sub-Advisory Agreement, other than those discussed with the Trustees.

• There is expected to be no change in the nature, quality or level of services provided to each Fund.

• The sub-advisory fee rates under the Aristotle Pacific Sub-Advisory Agreement are the same as those under the PAM Sub-Advisory Agreement.

• It was acknowledged that it is not necessary for the Board to approve the policies and procedures and Code of Ethics of Aristotle Pacific at this time because PAM is a current sub-adviser of the Trust and thus its policies and procedures and Code of Ethics once it becomes Aristotle Pacific will have previously been approved by the Board.

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the Aristotle Pacific Sub-Advisory Agreement is in the best interests of each Fund and its shareholders; and (ii) the compensation payable under the Aristotle Pacific Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.

D-8

PACIFIC SELECT FUND

WHERE TO GO FOR MORE INFORMATION

(Unaudited)

Availability of Quarterly Holdings

The Trust files Part F of Form N-PORT (complete schedules of Fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Part F of Form N-PORT (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

By August 31 of each year, the Trust files information regarding how the Trust’s managers voted proxies relating to Fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s website and on the SEC’s website noted below.

Information Relating to Investments Held by the Trust

For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectuses and Statement of Additional Information (“SAI”). The prospectuses and SAI are available as noted below.

Availability of Proxy Voting Policies

A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to Fund securities is described in the Trust’s SAI.

How to Obtain Information

The Trust’s prospectus, SAI (including Proxy Voting Policies), Information Statements, and shareholder reports are available:

• On the Trust’s website at http://www.pacificlife.com/pacificselectfund.htm

• On the SEC’s website at http://www.sec.gov

• Upon request, without charge by calling the applicable toll-free numbers below:

Pacific Life’s Annuity Contract Owners: 1-800-722-4448

Annuity Financial Advisors: 1-800-722-2333

Pacific Life Insurance Policy Owners: 1-800-347-7787

PL&A’s Annuity Contract Owners: 1-800-748-6907

PL&A’s Life Insurance Policy Owners: 1-888-595-6997

6 a.m. through 5 p.m. Pacific Time (Monday through Friday)

D-9

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule I.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The Chief Executive Officer and the Treasurer of the Registrant have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Separate certifications for the principal executive and principal financial officer of the Registrant pursuant to Rule  30a-2(a) under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.
(a)(3)	Not Applicable.
(a)(4)	Not applicable.
(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as Exhibit 99.906.CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pacific Select Fund
By:	/s/ Adrian S. Griggs
	Adrian S. Griggs
	Chief Executive Officer
Date:	August 31, 2023

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/ Adrian S. Griggs
	Adrian S. Griggs
	Chief Executive Officer
Date:	August 31, 2023
By:	/s/ Trevor T. Smith
	Trevor T. Smith
	Treasurer (Principal Financial and Accounting Officer)
Date:	August 31, 2023