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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-5141

Pacific Select Fund

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)

Robin S. Yonis

Vice President, General Counsel and Assistant Secretary of Pacific Select Fund

700 Newport Center Drive

Post Office Box 9000

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Anthony Zacharski, Esq

Dechert LLP

90 State House Square

Hartford, CT 06103-3702

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2021-June 30, 2021

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-10
Statements of Changes in Net Assets	B-19
Statements of Cash Flows	B-28
Financial Highlights	B-29
Notes to Financial Statements	C-1
Disclosure of Fund Expenses	D-1
Statement Regarding Liquidity Risk Management Program	D-5
Approval of Advisory and Sub-Advisory Agreements	D-6
Where to Go for More Information	D-14

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 47.2%
Basic Materials - 1.3%
Anglo American Capital PLC (South Africa) 2.625% due 09/10/30 ~		$3,100,000		$3,116,119
3.950% due 09/10/50 ~		1,500,000		1,632,043
Suzano Austria GmbH (Brazil) due 01/15/32 #		1,550,000		1,537,011
Teck Resources Ltd (Canada) 3.900% due 07/15/30		1,900,000		2,050,016
				8,335,189
Communications - 5.1%
AT&T Inc 2.250% due 02/01/32		500,000		491,276
2.550% due 12/01/33 ~		1,500,000		1,487,574
3.500% due 09/15/53 ~		2,953,000		2,971,272
3.850% due 06/01/60		1,900,000		2,006,860
CCO Holdings LLC 4.750% due 03/01/30 ~		1,500,000		1,588,125
Charter Communications Operating LLC 3.500% due 06/01/41		1,900,000		1,915,992
3.850% due 04/01/61		2,800,000		2,754,994
Cox Communications Inc 1.800% due 10/01/30 ~		1,000,000		954,726
Expedia Group Inc 2.950% due 03/15/31 4.625% due 08/01/27		800,000 2,000,000		812,318 2,263,212
Sprint Communications Inc 6.000% due 11/15/22		2,000,000		2,120,000
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		182,500		183,621
T-Mobile USA Inc 2.250% due 02/15/26 ~		1,000,000		1,008,750
2.250% due 11/15/31		1,000,000		990,205
2.550% due 02/15/31		1,500,000		1,521,000
2.625% due 04/15/26		50,000		51,249
3.375% due 04/15/29 ~		875,000		905,121
3.600% due 11/15/60		750,000		764,512
3.875% due 04/15/30		2,600,000		2,915,250
Tencent Holdings Ltd (China) 3.240% due 06/03/50 ~		1,500,000		1,472,512
Verizon Communications Inc 1.680% due 10/30/30		1,200,000		1,147,502
3.400% due 03/22/41		2,200,000		2,330,101
3.850% due 11/01/42		1,000,000		1,137,505
				33,793,677
Consumer, Cyclical – 6.5%
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		1,380,929		1,424,764
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		1,450,021		1,503,831
Beazer Homes USA Inc 7.250% due 10/15/29		1,000,000		1,113,920
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 06/15/34 ~		2,798,250		2,856,510
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		1,253,906		1,258,205
4.625% due 12/20/25 ~		817,309		862,691
Choice Hotels International Inc 3.700% due 01/15/31		1,400,000		1,519,665
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		1,250,829		1,324,774
Delta Air Lines Inc 4.500% due 10/20/25 ~		400,000		430,037

	Principal Amount		Value
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		$304,415		$327,733
DR Horton Inc 1.400% due 10/15/27		3,000,000		2,936,654
Ford Motor Co 8.500% due 04/21/23		600,000		670,320
Ford Motor Credit Co LLC 2.900% due 02/16/28		1,800,000		1,793,727
3.375% due 11/13/25		1,050,000		1,090,110
4.542% due 08/01/26		1,550,000		1,690,043
Genting New York LLC 3.300% due 02/15/26 ~		900,000		910,417
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		1,450,000		1,448,014
International Game Technology PLC 4.125% due 04/15/26 ~		2,500,000		2,606,250
Kohl’s Corp 3.375% due 05/01/31		2,750,000		2,850,184
Lennar Corp 4.500% due 04/30/24		1,000,000		1,095,000
Marriott International Inc 3.500% due 10/15/32		1,750,000		1,861,318
Meritage Homes Corp 3.875% due 04/15/29 ~		1,875,000		1,942,969
MGM Resorts International 6.000% due 03/15/23		1,200,000		1,286,010
New Red Finance Inc (Canada) 3.875% due 01/15/28 ~		1,000,000		1,013,750
Nordstrom Inc 2.300% due 04/08/24 ~		450,000		451,481
5.000% due 01/15/44		1,500,000		1,497,324
Sands China Ltd (Macau) 3.800% due 01/08/26		450,000		482,274
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,500,000		2,528,125
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		631,936		693,673
United Airlines Pass-Through Trust ‘A’ 2.900% due 11/01/29		382,273		381,744
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		993,406		1,003,041
				42,854,558
Consumer, Non-Cyclical - 7.3%
Altria Group Inc 2.450% due 02/04/32		1,850,000		1,791,160
AmerisourceBergen Corp 2.700% due 03/15/31		5,000,000		5,133,157
Amgen Inc 3.150% due 02/21/40		1,250,000		1,304,806
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		3,000,000		3,357,473
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		2,500,000		3,303,983
Anthem Inc 2.250% due 05/15/30		1,000,000		1,010,097
Centene Corp due 07/15/28 #		750,000		761,062
2.500% due 03/01/31		1,600,000		1,580,000
Cigna Corp 2.400% due 03/15/30		1,000,000		1,021,115
CoStar Group Inc 2.800% due 07/15/30 ~		1,800,000		1,831,502
CVS Health Corp 1.750% due 08/21/30		3,500,000		3,378,424
Global Payments Inc 3.200% due 08/15/29		2,500,000		2,679,536

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-1

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Humana Inc 3.950% due 03/15/27		$1,000,000		$1,123,234
Kraft Heinz Foods Co 4.375% due 06/01/46		3,700,000		4,199,629
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		2,550,000		2,497,385
Square Inc 3.500% due 06/01/31 ~		275,000		277,750
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		2,000,000		2,022,851
Transurban Finance Co Pty Ltd (Australia) 2.450% due 03/16/31 ~		2,000,000		2,015,710
Universal Health Services Inc 2.650% due 10/15/30 ~		3,050,000		3,070,679
Viatris Inc 3.850% due 06/22/40 ~		3,150,000		3,354,573
Viterra Finance BV (Netherlands) 3.200% due 04/21/31 ~		2,450,000		2,470,882
				48,185,008
Energy - 2.9%
Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29		800,000		874,622
Energy Transfer LP 3.750% due 05/15/30		1,000,000		1,087,246
4.750% due 01/15/26		5,000,000		5,634,181
6.500% due 11/15/26		2,050,000		2,095,100
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,403,769
MPLX LP 5.200% due 12/01/47		1,600,000		1,958,841
6.875% due 02/15/23		1,750,000		1,791,300
Petrobras Global Finance BV (Brazil) 5.500% due 06/10/51		1,200,000		1,201,920
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		1,400,000		1,195,019
Sabine Pass Liquefaction LLC 4.200% due 03/15/28		650,000		734,490
				18,976,488
Financial - 14.2%
Air Lease Corp 3.000% due 02/01/30		1,000,000		1,015,379
4.650% due 06/15/26		2,700,000		2,804,625
Ally Financial Inc 4.700% due 05/15/26		1,000,000		1,038,200
American Homes 4 Rent due 07/15/31 #		850,000		837,361
Ares Finance Co III LLC 4.125% due 06/30/51 ~		1,350,000		1,353,375
Ascot Group Ltd (Bermuda) 4.250% due 12/15/30 ~		500,000		527,905
Avolon Holdings Funding Ltd (Ireland) 2.750% due 02/21/28 ~		2,150,000		2,128,603
Banco Santander SA (Spain) 2.749% due 12/03/30		1,500,000		1,487,268
Bank of America Corp 1.922% due 10/24/31		2,000,000		1,951,116
2.687% due 04/22/32		2,850,000		2,933,982
BNP Paribas SA (France) 2.871% due 04/19/32 ~		3,500,000		3,596,879
4.625% due 02/25/31 ~		1,600,000		1,669,632
Citigroup Inc 2.666% due 01/29/31		2,500,000		2,583,051
4.600% due 03/09/26		3,400,000		3,873,079
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25		500,000		539,099
Commonwealth Bank of Australia (Australia) 2.688% due 03/11/31 ~		900,000		900,675

	Principal Amount		Value
Five Corners Funding Trust II 2.850% due 05/15/30 ~		$1,350,000		$1,423,627
GLP Capital LP REIT 5.250% due 06/01/25		5,000,000		5,634,750
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		1,900,000		1,994,595
3.500% due 09/15/30		500,000		525,258
HSBC Holdings PLC (United Kingdom) 4.700% due 03/09/31		1,450,000		1,508,000
JAB Holdings BV (Austria) 3.750% due 05/28/51 ~		1,000,000		1,073,043
JPMorgan Chase & Co 2.522% due 04/22/31		4,400,000		4,531,461
2.580% due 04/22/32		1,350,000		1,386,481
2.956% due 05/13/31		4,550,000		4,784,750
3.960% due 01/29/27		1,000,000		1,114,442
Liberty Mutual Group Inc 4.300% due 02/01/61 ~		2,650,000		2,432,065
LSEGA Financing PLC (United Kingdom) 2.500% due 04/06/31 ~		2,400,000		2,461,941
3.200% due 04/06/41 ~		1,800,000		1,889,873
Morgan Stanley 4.431% due 01/23/30		1,000,000		1,171,787
5.000% due 11/24/25		1,500,000		1,730,672
OneMain Finance Corp 5.375% due 11/15/29		1,750,000		1,907,045
6.125% due 03/15/24		2,600,000		2,801,500
Piedmont Operating Partnership LP REIT 3.150% due 08/15/30		1,050,000		1,068,163
4.450% due 03/15/24		2,200,000		2,373,119
Sun Communities Operating LP 2.700% due 07/15/31		1,000,000		1,002,086
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		2,000,000		2,398,164
The Goldman Sachs Group Inc 2.615% due 04/22/32		4,000,000		4,089,107
3.800% due 05/10/26		850,000		867,255
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		1,500,000		1,654,012
UBS Group AG (Switzerland) 4.375% due 02/10/31 ~		800,000		819,360
VICI Properties LP REIT 4.625% due 12/01/29 ~		3,000,000		3,193,500
Wells Fargo & Co 3.900% due 03/15/26		1,950,000		2,020,054
4.400% due 06/14/46		2,500,000		3,022,593
Willis North America Inc 2.950% due 09/15/29		2,750,000		2,890,072
				93,009,004
Industrial - 4.0%
Allegion US Holding Co Inc 3.550% due 10/01/27		5,289,000		5,759,895
Berry Global Inc 4.875% due 07/15/26 ~		2,000,000		2,118,820
Carrier Global Corp 2.722% due 02/15/30		1,000,000		1,037,631
Flowserve Corp 3.500% due 10/01/30		2,900,000		3,062,410
GXO Logistics Inc due 07/15/26 # ~		1,000,000		996,210
Masco Corp 7.750% due 08/01/29		950,000		1,304,277
SMBC Aviation Capital Finance DAC (Ireland) 2.300% due 06/15/28 ~		600,000		607,454
Standard Industries Inc 5.000% due 02/15/27 ~		1,000,000		1,036,875
Teledyne Technologies Inc 2.750% due 04/01/31		2,250,000		2,313,040

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-2

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
The Weir Group PLC (United Kingdom) 2.200% due 05/13/26 ~		$3,650,000		$3,668,209
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,500,000		1,582,500
TransDigm Inc 6.250% due 03/15/26 ~		771,000		814,369
Vontier Corp 2.400% due 04/01/28 ~		2,150,000		2,138,369
				26,440,059
Technology - 3.4%
Broadcom Inc 4.150% due 11/15/30		1,025,000		1,150,585
4.250% due 04/15/26		3,000,000		3,364,896
5.000% due 04/15/30		725,000		856,212
Citrix Systems Inc 3.300% due 03/01/30		2,500,000		2,633,143
Dell International LLC 4.900% due 10/01/26		2,000,000		2,310,402
Fiserv Inc 3.500% due 07/01/29		2,100,000		2,312,795
NXP BV (China) 3.875% due 06/18/26 ~		3,000,000		3,325,782
Oracle Corp 2.875% due 03/25/31		1,500,000		1,561,360
3.950% due 03/25/51		2,500,000		2,732,006
Skyworks Solutions Inc 3.000% due 06/01/31		600,000		613,912
VMware Inc 4.650% due 05/15/27		1,250,000		1,436,097
				22,297,190
Utilities - 2.5%
DPL Inc 4.125% due 07/01/25		300,000		322,125
4.350% due 04/15/29		1,125,000		1,222,408
Duquesne Light Holdings Inc 2.532% due 10/01/30 ~		2,000,000		1,968,901
Electricite de France SA (France) 4.500% due 09/21/28 ~		1,000,000		1,165,910
IPALCO Enterprises Inc 4.250% due 05/01/30		1,350,000		1,520,072
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		1,850,000		1,954,257
Pacific Gas and Electric Co 2.500% due 02/01/31		1,000,000		938,689
Pike Corp 5.500% due 09/01/28 ~		2,000,000		2,085,710
Southern California Edison Co 4.000% due 04/01/47		500,000		526,895
Talen Energy Supply LLC 6.500% due 06/01/25		750,000		504,998
6.625% due 01/15/28 ~		500,000		458,650
The AES Corp 2.450% due 01/15/31 ~		1,750,000		1,734,331
Vistra Operations Co LLC 3.550% due 07/15/24 ~		1,000,000		1,056,526
WEC Energy Group Inc 1.800% due 10/15/30		1,000,000		960,377
				16,419,849
Total Corporate Bonds & Notes (Cost $299,352,946)				310,311,022
SENIOR LOAN NOTES - 18.6%
Basic Materials - 0.3%
Asplundh Tree Expert LLC Term B 1.853% (USD LIBOR + 1.750%) due 09/04/27 §		1,985,000		1,981,415

	Principal Amount		Value
Communications - 1.4%
Charter Communications Operating LLC Term B2 1.835% (USD LIBOR + 1.750%) due 02/01/27 §		$989,924		$983,366
CSC Holdings LLC Term B 2.384% (USD LIBOR + 2.250%) due 01/15/26 §		994,911		982,941
Term B5 2.603% (USD LIBOR + 2.500%) due 04/15/27 §		2,476,212		2,457,383
MTN Infrastructure TopCo Inc Term B due 11/17/24 § µ		997,481		1,000,754
5.000% (USD LIBOR + 3.000%) due 11/17/24 §		2,992,268		2,994,404
SBA Senior Finance II LLC Term B 1.835% (USD LIBOR + 1.750%) due 04/11/25 §		596,923		592,745
				9,011,593
Consumer, Cyclical - 4.2%
ClubCorp Holdings Inc Term B 2.884% (USD LIBOR + 2.750%) due 09/18/24 § µ		1,924,785		1,853,273
Core & Main LP Term B 4.000% (USD LIBOR + 3.000%) due 08/01/24 §		1,989,691		1,991,348
Great Outdoors Group LLC Term B1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		1,243,750		1,252,745
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.250%) due 10/19/27 §		2,491,241		2,494,639
Hayward Industries Inc Term B 3.250% (USD LIBOR + 2.750%) due 05/28/28 §		1,000,000		999,375
Hilton Grand Vacations Borrower LLC Term B due 05/20/28 § µ		1,000,000		1,001,719
Marriott Ownership Resorts Inc Term B 1.853% (USD LIBOR + 1.750%) due 08/31/25 §		1,731,949		1,712,825
Mileage Plus Holdings LLC Term B 6.250% (USD LIBOR + 5.250%) due 06/21/27 §		1,000,000		1,068,828
Restaurant Brands Co Term B (Canada) 1.835% (USD LIBOR + 1.750%) due 11/19/26 §		3,828,601		3,780,744
SeaWorld Parks & Entertainment Inc Term B5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		4,863,697		4,831,130
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		1,250,000		1,250,489
Stars Group Holdings BV Term B (Canada) 3.629% (USD LIBOR + 3.500%) due 07/10/25 §		2,047,348		2,054,843
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28		3,491,250		3,541,126
				27,833,084
Consumer, Non-Cyclical - 4.9%
Avantor Funding Inc Term B3 3.250% (USD LIBOR + 2.250%) due 11/21/24 §		2,254,481		2,260,117
Bausch Health Americas Inc Term B 3.129% (USD LIBOR + 3.000%) due 06/01/25 §		6,582,802		6,564,291

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-3

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		$2,750,000		$2,748,710
Heartland Dental LLC Term B 4.073% (USD LIBOR + 4.000%) due 04/30/25 §		1,250,000		1,249,063
Mavis Tire Express Services TopCo LP 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		3,000,000		3,014,532
Organon & Co Term B 3.500% (USD LIBOR + 3.000%) due 06/02/28 §		1,750,000		1,753,594
Pathway Vet Alliance LLC Term A 3.853% (USD LIBOR + 3.750%) due 03/31/27 §		3,468,991		3,466,823
PetVet Care Centers LLC Term B3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § µ		3,333,038		3,345,537
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		1,995,000		1,998,741
Sunshine Luxembourg VII SARL Term Loan B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		1,234,406		1,239,814
US Foods Inc Term B 1.835% (USD LIBOR + 1.750%) due 06/27/23 §		3,713,799		3,684,256
Wand NewCo 3 Inc Term B1 3.101% (USD LIBOR + 3.000%) due 02/05/26 §		882,058		872,607
				32,198,085
Financial - 2.1%
Acrisure LLC Term B 3.593% (USD LIBOR + 3.500%) due 02/15/27 §		248,741		246,378
AssuredPartners Inc Term B 3.593% (USD LIBOR + 3.500%) due 02/13/27 §		1,231,250		1,225,973
Avolon TLB Borrower 1 US LLC Term B3 (Ireland) due 01/15/25 § µ		1,765,756		1,763,155
Hub International Ltd Term B 2.835% (USD LIBOR + 3.000%) due 04/25/25 §		2,937,202		2,907,524
NFP Corp Term B 3.343% (USD LIBOR + 3.250%) due 02/13/27 §		3,461,212		3,417,407
USI Inc Term B 3.131% (USD LIBOR + 3.000%) due 05/16/24 §		4,365,761		4,331,460
				13,891,897
Industrial - 3.1%
Berry Global Inc Term Z 1.853% (USD LIBOR + 1.750%) due 07/01/26 §		1,783,588		1,772,441
Filtration Group Corp Term B 3.145% (USD LIBOR + 3.000%) due 03/29/25 §		3,360,238		3,337,976
Flex Acquisition Co Inc Term B 4.000% (USD LIBOR + 3.500%) due 03/02/28 §		2,123,318		2,117,744
Madison IAQ LLC due 06/21/28 § µ		3,000,000		3,005,250
Pactiv Evergreen Group Holdings Inc Term B1 2.853% (USD LIBOR + 3.000%) due 02/05/23 §		1,762,234		1,760,888

	Principal Amount		Value
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		$1,496,250		$1,499,367
Quikrete Holdings Inc Term B1 due 06/11/28 § µ		1,000,000		993,375
The Hillman Group Inc Term B 4.131% (USD LIBOR + 3.500%) due 05/31/25 §		982,278		981,542
TransDigm Inc
Term E 2.352% (USD LIBOR + 2.250%) due 05/30/25 §		940,008		927,083
Term F 2.352% (USD LIBOR + 2.250%) due 12/09/25 §		3,844,856		3,792,255
TricorBraun Holdings Inc 3.750% (USD LIBOR + 3.250%) due 03/03/28 §		205,623		204,322
				20,392,243
Technology - 1.8%
Dell International LLC Term B2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		2,663,411		2,666,075
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		1,246,875		1,252,818
Sophia LP 4.500% (USD LIBOR + 3.750%) due 10/07/27 §		2,736,250		2,741,949
Tempo Acquisition LLC 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		867,037		869,096
The Dun & Bradstreet Corp Term B 3.335% (USD LIBOR + 3.250%) due 02/08/26 §		990,013		986,145
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		3,230,641		3,236,698
				11,752,781
Utilities - 0.8%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		1,237,500		1,222,805
Pike Corp Term B 3.085% (USD LIBOR + 3.000%) due 01/21/28 §		3,835,616		3,833,484
				5,056,289
Total Senior Loan Notes (Cost $121,878,685)				122,117,387
MORTGAGE-BACKED SECURITIES - 1.5%
Fannie Mae - 1.5%
due 07/01/36 #		9,250,000		9,541,411
Total Mortgage-Backed Securities (Cost $9,540,869)				9,541,411
ASSET-BACKED SECURITIES - 15.8%
AmeriCredit Automobile Receivables Trust 0.760% due 12/18/25		2,400,000		2,407,509
0.890% due 10/19/26		1,050,000		1,049,309
0.970% due 02/18/26		500,000		503,622
2.690% due 06/19/23		439,223		441,997
2.710% due 08/18/22		29,661		29,693
3.130% due 02/18/25		950,000		970,409
3.360% due 02/18/25		1,000,000		1,039,252

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-4

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Apidos CLO XXX (Cayman) 1.790% (USD LIBOR + 1.600%) due 10/18/31 § ~		$2,000,000		$2,001,494
Buttermilk Park CLO Ltd (Cayman) 1.284% (USD LIBOR + 1.100%) due 10/15/31 § ~		850,000		851,402
Capital Auto Receivables Asset Trust 3.090% due 08/22/22 ~		497,565		498,808
Citibank Credit Card Issuance Trust 0.843% (USD LIBOR + 0.770%) due 05/14/29 §		2,000,000		2,047,590
Dryden 55 CLO Ltd (Cayman) 2.084% (USD LIBOR + 1.900%) due 04/15/31 § ~		1,000,000		989,708
Dryden 58 CLO Ltd (Cayman) 1.690% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,000,000		1,004,997
1.990% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,000,000		996,567
Dryden 61 CLO Ltd (Cayman) 1.180% (USD LIBOR + 0.990%) due 01/17/32 § ~		2,250,000		2,249,885
1.940% (USD LIBOR + 1.750%) due 01/17/32 § ~		1,250,000		1,249,832
Dryden 64 CLO Ltd (Cayman) 1.590% (USD LIBOR + 1.400%) due 04/18/31 § ~		800,000		800,000
Ford Credit Auto Owner Trust 2.040% due 12/15/26		500,000		516,428
2.350% due 04/15/23		1,500,000		1,503,763
3.020% due 10/15/24		2,940,000		3,057,060
3.190% due 07/15/31 ~		3,000,000		3,239,636
Madison Park Funding XXIX CLO Ltd (Cayman) 1.940% (USD LIBOR + 1.750%) due 10/18/30 § ~		1,750,000		1,751,633
Madison Park Funding XXVIII CLO Ltd (Cayman) 1.784% (USD LIBOR + 1.600%) due 07/15/30 § ~		1,400,000		1,398,670
2.034% (USD LIBOR + 1.850%) due 07/15/30 § ~		600,000		600,300
Magnetite XII Ltd (Cayman) 1.284% (USD LIBOR + 1.100%) due 10/15/31 § ~		1,125,000		1,125,639
Magnetite XIV-R Ltd (Cayman) 1.310% (USD LIBOR + 1.120%) due 10/18/31 § ~		2,500,000		2,506,624
Magnetite XXIX Ltd (Cayman) 1.094% (USD LIBOR + 0.990%) due 01/15/34 § ~		1,300,000		1,300,105
MVW LLC 1.740% due 10/20/37 ~		307,096		313,433
Navient Private Education Refi Loan Trust 0.840% due 05/15/69 ~		592,389		591,829
1.220% due 07/15/69 ~		1,311,783		1,320,501
1.310% due 01/15/69 ~		1,079,886		1,087,987
1.690% due 05/15/69 ~		3,727,220		3,789,331
2.460% due 11/15/68 ~		500,000		516,932
2.640% due 05/15/68 ~		866,867		885,931
Navient Student Loan Trust 0.692% (USD LIBOR + 0.600%) due 12/26/69 § ~		1,307,481		1,317,445
0.812% (USD LIBOR + 0.720%) due 03/25/67 § ~		1,000,000		1,012,641
1.142% (USD LIBOR + 1.050%) due 06/25/69 § ~		928,469		953,216
1.310% due 12/26/69 ~		1,016,930		1,003,592
1.320% due 08/26/69 ~		1,363,326		1,354,054
3.390% due 12/15/59 ~		2,744,873		2,870,554

	Principal Amount		Value
Neuberger Berman CLO Ltd (Cayman) 1.248% (USD LIBOR + 1.060%) due 04/16/33 § ~		$500,000		$501,573
1.540% (USD LIBOR + 1.350%) due 10/18/29 § ~		1,500,000		1,496,705
OCP CLO Ltd (Cayman) 0.996% (USD LIBOR + 0.820%) due 10/26/27 § ~		324,719		324,801
Palmer Square CLO 2020-3 Ltd (Cayman) 1.526% (USD LIBOR + 1.370%) due 11/15/31 § ~		4,000,000		4,015,654
Palmer Square CLO Ltd (Cayman) 1.284% (USD LIBOR + 1.100%) due 07/16/31 § ~		1,000,000		999,964
Palmer Square Loan Funding Ltd (Cayman) due 07/20/29 # ~		2,500,000		2,500,000
0.946% (USD LIBOR + 0.800%) due 05/20/29 § ~		1,500,000		1,501,874
1.055% (USD LIBOR + 0.900%) due 04/20/29 § ~		2,500,000		2,502,986
1.396% (USD LIBOR + 1.250%) due 05/20/29 § ~		4,000,000		4,000,291
1.505% (USD LIBOR + 1.350%) due 02/20/28 § ~		1,350,000		1,346,510
2.055% (USD LIBOR + 1.900%) due 02/20/28 § ~		600,000		600,811
Regatta X Funding Ltd CLO (Cayman) 1.310% (USD LIBOR + 1.120%) due 01/17/31 § ~		2,000,000		2,001,648
Santander Drive Auto Receivables Trust 0.730% due 03/17/25		1,100,000		1,105,187
0.750% due 02/17/26		1,900,000		1,900,350
0.960% due 11/15/24		600,000		603,068
3.350% due 07/17/23		234,332		234,631
3.510% due 08/15/23		181,094		181,342
SLM Student Loan Trust 0.726% (USD LIBOR + 0.550%) due 10/25/64 § ~		728,740		728,322
SMB Private Education Loan Trust 0.831% (USD LIBOR + 0.730%) due 01/15/53 § ~		5,100,000		5,147,339
1.070% due 01/15/53 ~		2,791,072		2,753,241
1.290% due 07/15/53 ~		1,214,978		1,220,436
2.230% due 09/15/37 ~		3,500,000		3,602,458
2.340% due 09/15/34 ~		470,733		481,464
2.700% due 05/15/31 ~		595,564		611,013
2.820% due 10/15/35 ~		1,253,820		1,298,874
2.880% due 09/15/34 ~		1,344,715		1,384,841
3.440% due 07/15/36 ~		1,550,099		1,626,937
3.500% due 02/15/36 ~		951,673		1,002,656
3.600% due 01/15/37 ~		1,055,431		1,118,503
3.630% due 11/15/35 ~		837,778		882,856
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		1,100,000		1,137,353
Tiaa CLO III Ltd (Cayman) 1.334% (USD LIBOR + 1.150%) due 01/16/31 § ~		1,834,000		1,834,492
Total Asset-Backed Securities (Cost $102,616,814)				103,797,558
U.S. TREASURY OBLIGATIONS - 13.3%
U.S. Treasury Bonds - 3.2%
1.125% due 05/15/40		6,000,000		5,181,563
1.375% due 08/15/50		1,250,000		1,054,150
2.000% due 02/15/50		1,750,000		1,719,785
2.250% due 08/15/46		1,950,000		2,016,879

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-5

PACIFIC SELECT FUND

CORE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
2.500% due 02/15/46		$6,500,000		$7,043,359
2.750% due 11/15/47		3,500,000		3,985,352
				21,001,088
U.S. Treasury Notes - 10.1%
0.250% due 05/31/25		9,000,000		8,850,586
0.250% due 06/30/25		12,000,000		11,789,531
0.250% due 10/31/25		6,000,000		5,867,344
0.500% due 06/30/27		10,000,000		9,674,219
0.500% due 10/31/27		3,000,000		2,885,039
0.625% due 05/15/30		3,500,000		3,272,090
1.125% due 02/15/31		4,500,000		4,369,219
1.250% due 07/31/23		7,000,000		7,144,648
1.250% due 08/31/24		8,500,000		8,702,207
1.625% due 05/15/26		1,000,000		1,036,797
2.000% due 11/30/22		3,000,000		3,078,164
				66,669,844
Total U.S. Treasury Obligations (Cost $87,065,768)				87,670,932
FOREIGN GOVERNMENT BONDS & NOTES - 0.3%
Mexico Government (Mexico) 2.659% due 05/24/31		2,000,000		1,958,780
Total Foreign Government Bonds & Notes (Cost $2,000,000)				1,958,780
SHORT-TERM INVESTMENT - 6.3%
Repurchase Agreement - 6.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $41,520,662; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $42,351,140)		41,520,662		41,520,662
Total Short-Term Investment (Cost $41,520,662)				41,520,662
TOTAL INVESTMENTS - 103.0% (Cost $663,975,744)				676,917,752
OTHER ASSETS & LIABILITIES, NET - (3.0%)				(19,651,263	)
NET ASSETS - 100.0%				$657,266,489

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	47.2%
Senior Loan Notes	18.6%
Asset-Backed Securities	15.8%
U.S. Treasury Obligations	13.3%
Short-Term Investment	6.3%
Others (each less than 3.0%)	1.8%
	103.0%
Other Assets & Liabilities, Net	(3.0%	)
	100.0%

(b) Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment, which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitment		Value		Unrealized Appreciation (Depreciation)
TricorBraun Holdings Inc		$44,377		$44,096		($281	)

(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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$310,311,022		$-		$310,311,022		$-
	Senior Loan Notes		122,117,387		-		122,117,387		-
	Mortgage-Backed Securities		9,541,411		-		9,541,411		-
	Asset-Backed Securities		103,797,558		-		103,797,558		-
	U.S. Treasury Obligations		87,670,932		-		87,670,932		-
	Foreign Government Bonds & Notes		1,958,780		-		1,958,780		-
	Short-Term Investment		41,520,662		-		41,520,662		-
	Unfunded Loan Commitment		44,096		-		44,096		-
	Total		$676,961,848		$-		$676,961,848		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-6

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 37.7%
Basic Materials - 1.5%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$500,000		$539,361
4.000% due 09/11/27 ~		1,080,000		1,198,710
4.750% due 04/10/27 ~		5,000,000		5,755,163
ArcelorMittal SA (Luxembourg) 7.250% due 10/15/39		740,000		1,046,542
Barrick Gold Corp (Canada) 5.250% due 04/01/42		340,000		446,947
Barrick North America Finance LLC (Canada) 5.700% due 05/30/41		1,983,000		2,730,120
5.750% due 05/01/43		1,500,000		2,124,588
BHP Billiton Finance USA Ltd (Australia) 2.875% due 02/24/22		214,000		217,717
5.000% due 09/30/43		1,220,000		1,663,128
Equate Petrochemical BV (Kuwait) 4.250% due 11/03/26 ~		2,060,000		2,293,155
Freeport-McMoRan Inc 3.875% due 03/15/23		40,000		41,759
4.550% due 11/14/24		120,000		130,650
4.625% due 08/01/30		710,000		778,419
5.450% due 03/15/43		4,590,000		5,616,599
Glencore Funding LLC (Australia) 4.000% due 03/27/27 ~		5,530,000		6,135,524
4.125% due 05/30/23 ~		130,000		138,350
4.125% due 03/12/24 ~		6,520,000		7,033,051
4.625% due 04/29/24 ~		2,000,000		2,193,545
OCP SA (Morocco) 3.750% due 06/23/31 ~		1,650,000		1,670,212
4.500% due 10/22/25 ~		1,600,000		1,737,649
5.125% due 06/23/51 ~		1,450,000		1,467,835
Orbia Advance Corp SAB de CV (Mexico) 1.875% due 05/11/26 ~		3,320,000		3,366,862
2.875% due 05/11/31 ~		3,150,000		3,173,751
Southern Copper Corp (Peru) 5.250% due 11/08/42		6,410,000		8,225,184
6.750% due 04/16/40		600,000		856,806
Suzano Austria GmbH (Brazil) due 01/15/32 #		1,560,000		1,546,927
3.750% due 01/15/31		4,440,000		4,662,000
Teck Resources Ltd (Canada) 6.000% due 08/15/40		90,000		115,308
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		1,193,000		1,636,748
Yamana Gold Inc (Canada) 4.625% due 12/15/27		1,810,000		1,996,556
				70,539,166
Communications - 4.3%
Alphabet Inc 0.450% due 08/15/25		430,000		426,008
0.800% due 08/15/27		820,000		797,783
1.100% due 08/15/30		980,000		930,311
2.050% due 08/15/50		1,550,000		1,370,845
Altice France SA (France) 7.375% due 05/01/26 ~		2,053,000		2,137,543
Amazon.com Inc 0.800% due 06/03/25		2,100,000		2,105,029
1.200% due 06/03/27		2,570,000		2,563,718
1.500% due 06/03/30		1,310,000		1,281,682
2.100% due 05/12/31		1,120,000		1,139,568
2.500% due 06/03/50		2,080,000		1,969,970
3.150% due 08/22/27		2,710,000		2,995,947
3.875% due 08/22/37		1,310,000		1,564,759
4.050% due 08/22/47		2,720,000		3,324,238
4.250% due 08/22/57		390,000		500,590
4.950% due 12/05/44		190,000		258,065

	Principal Amount		Value
AT&T Inc 1.650% due 02/01/28		$3,200,000		$3,178,241
2.250% due 02/01/32		510,000		501,102
2.300% due 06/01/27		2,850,000		2,950,134
3.100% due 02/01/43		3,920,000		3,848,800
3.550% due 09/15/55 ~		3,014,000		3,028,494
4.350% due 06/15/45		744,000		856,230
CCO Holdings LLC 4.500% due 08/15/30 ~		170,000		177,219
4.500% due 05/01/32		2,520,000		2,620,082
5.000% due 02/01/28 ~		940,000		987,000
5.125% due 05/01/27 ~		1,270,000		1,333,691
Charter Communications Operating LLC 4.200% due 03/15/28		2,890,000		3,274,899
4.800% due 03/01/50		540,000		621,373
4.908% due 07/23/25		4,310,000		4,885,629
5.375% due 04/01/38		2,870,000		3,531,804
5.750% due 04/01/48		2,070,000		2,639,210
6.384% due 10/23/35		270,000		361,478
6.484% due 10/23/45		650,000		896,688
6.834% due 10/23/55		370,000		545,971
Comcast Corp 2.800% due 01/15/51		620,000		597,584
3.100% due 04/01/25		110,000		118,926
3.150% due 03/01/26		1,270,000		1,382,849
3.250% due 11/01/39		190,000		202,412
3.300% due 04/01/27		1,510,000		1,665,201
3.400% due 04/01/30		1,000,000		1,104,827
3.400% due 07/15/46		170,000		181,666
3.450% due 02/01/50		710,000		767,973
3.750% due 04/01/40		220,000		248,391
3.950% due 10/15/25		6,050,000		6,782,644
4.000% due 03/01/48		270,000		317,161
4.150% due 10/15/28		3,990,000		4,621,771
4.250% due 10/15/30		2,390,000		2,814,951
4.700% due 10/15/48		320,000		413,285
5.650% due 06/15/35		290,000		393,199
6.500% due 11/15/35		1,530,000		2,232,247
CSC Holdings LLC 4.125% due 12/01/30 ~		5,860,000		5,841,160
4.500% due 11/15/31 ~		2,160,000		2,175,962
DISH DBS Corp 5.125% due 06/01/29 ~		1,120,000		1,107,322
5.875% due 11/15/24		1,361,000		1,463,075
7.750% due 07/01/26		690,000		782,288
FOX Corp 5.476% due 01/25/39		1,450,000		1,878,252
5.576% due 01/25/49		700,000		947,418
Prosus NV (China) 3.832% due 02/08/51 ~		450,000		420,420
4.027% due 08/03/50 ~		2,450,000		2,365,264
4.850% due 07/06/27 ~		2,510,000		2,864,513
Sprint Capital Corp 8.750% due 03/15/32		1,420,000		2,160,175
Sprint Corp 7.625% due 02/15/25		910,000		1,082,336
7.875% due 09/15/23		40,000		45,493
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		50,000		50,307
T-Mobile USA Inc 2.050% due 02/15/28		380,000		386,815
2.250% due 02/15/26		410,000		413,588
2.550% due 02/15/31		3,590,000		3,640,260
2.625% due 02/15/29		1,290,000		1,275,488
2.875% due 02/15/31		950,000		944,063
3.000% due 02/15/41		330,000		326,756
3.300% due 02/15/51		50,000		49,980
3.500% due 04/15/25		6,930,000		7,529,861
3.500% due 04/15/31		1,500,000		1,553,700
3.500% due 04/15/31 ~		1,420,000		1,470,836
3.750% due 04/15/27		330,000		365,437
3.875% due 04/15/30		3,880,000		4,350,450

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-7

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Telecom Italia SPA (Italy) 5.303% due 05/30/24 ~		$680,000		$746,011
Telefonica Emisiones SA (Spain) 5.520% due 03/01/49		1,500,000		1,957,058
Tencent Holdings Ltd (China) 3.680% due 04/22/41 ~		2,130,000		2,287,745
3.840% due 04/22/51 ~		6,130,000		6,617,518
Time Warner Cable LLC 5.500% due 09/01/41		250,000		310,311
6.750% due 06/15/39		1,310,000		1,829,052
7.300% due 07/01/38		4,010,000		5,863,706
Time Warner Entertainment Co LP 8.375% due 07/15/33		990,000		1,501,883
Verizon Communications Inc 0.850% due 11/20/25		510,000		504,689
1.450% due 03/20/26		1,030,000		1,039,212
1.750% due 01/20/31		1,620,000		1,553,659
2.100% due 03/22/28		1,540,000		1,573,334
2.550% due 03/21/31		4,550,000		4,654,143
2.625% due 08/15/26		2,770,000		2,945,976
2.650% due 11/20/40		3,760,000		3,625,091
2.875% due 11/20/50		10,980,000		10,456,509
3.150% due 03/22/30		1,410,000		1,523,695
3.376% due 02/15/25		4,008,000		4,357,029
3.500% due 11/01/24		410,000		443,800
3.850% due 11/01/42		960,000		1,092,005
4.000% due 03/22/50		610,000		702,344
4.125% due 03/16/27		286,000		325,925
4.125% due 08/15/46		980,000		1,159,274
4.329% due 09/21/28		715,000		832,435
4.400% due 11/01/34		1,750,000		2,087,085
4.500% due 08/10/33		6,570,000		7,860,522
4.522% due 09/15/48		1,450,000		1,797,082
4.862% due 08/21/46		630,000		816,483
5.500% due 03/16/47		250,000		350,555
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		200,000		206,650
Vodafone Group PLC (United Kingdom) 4.375% due 05/30/28		2,640,000		3,073,510
				203,034,698
Consumer, Cyclical - 3.0%
BMW US Capital LLC (Germany) 1.850% due 09/15/21 ~		440,000		440,890
Costco Wholesale Corp 1.375% due 06/20/27		2,890,000		2,910,899
1.600% due 04/20/30		1,650,000		1,629,929
Delta Air Lines Inc 2.900% due 10/28/24		2,160,000		2,199,085
3.625% due 03/15/22		1,200,000		1,217,121
3.800% due 04/19/23		520,000		539,956
4.500% due 10/20/25 ~		1,800,000		1,935,167
4.750% due 10/20/28 ~		1,650,000		1,835,734
7.000% due 05/01/25 ~		8,510,000		9,936,900
7.375% due 01/15/26		2,130,000		2,500,888
Dollar General Corp 3.250% due 04/15/23		170,000		177,461
Ford Motor Co 4.750% due 01/15/43		300,000		319,125
Ford Motor Credit Co LLC 2.900% due 02/16/28		650,000		647,735
3.339% due 03/28/22		200,000		203,518
3.625% due 06/17/31		1,770,000		1,806,515
3.664% due 09/08/24		270,000		283,785
4.000% due 11/13/30		4,360,000		4,572,550
4.125% due 08/17/27		1,590,000		1,688,822
5.125% due 06/16/25		200,000		220,500
5.875% due 08/02/21		1,860,000		1,871,811

	Principal Amount		Value
General Motors Co 5.150% due 04/01/38		$440,000		$537,916
5.400% due 10/02/23		700,000		771,224
5.950% due 04/01/49		1,450,000		1,977,150
6.125% due 10/01/25		1,230,000		1,456,934
6.250% due 10/02/43		570,000		788,094
General Motors Financial Co Inc 3.450% due 04/10/22		720,000		733,340
4.250% due 05/15/23		1,250,000		1,329,103
4.350% due 01/17/27		520,000		585,122
4.375% due 09/25/21		180,000		181,684
Hanesbrands Inc 4.625% due 05/15/24 ~		2,170,000		2,302,912
4.875% due 05/15/26 ~		690,000		746,063
5.375% due 05/15/25 ~		1,110,000		1,178,526
Hilton Domestic Operating Co Inc 3.625% due 02/15/32 ~		430,000		425,201
5.375% due 05/01/25 ~		800,000		844,416
5.750% due 05/01/28 ~		530,000		574,870
Hilton Worldwide Finance LLC 4.875% due 04/01/27		2,050,000		2,142,762
Las Vegas Sands Corp 2.900% due 06/25/25		7,200,000		7,505,638
3.200% due 08/08/24		4,710,000		4,945,736
Lennar Corp 4.500% due 04/30/24		1,040,000		1,138,800
4.750% due 05/30/25		200,000		224,798
4.750% due 11/29/27		1,940,000		2,244,809
Levi Strauss & Co 5.000% due 05/01/25		206,000		210,741
Lowe’s Cos Inc 4.500% due 04/15/30		710,000		840,924
McDonald’s Corp 1.450% due 09/01/25		260,000		265,359
3.300% due 07/01/25		1,100,000		1,195,769
3.500% due 03/01/27		1,530,000		1,691,128
3.500% due 07/01/27		1,390,000		1,541,798
3.600% due 07/01/30		1,050,000		1,181,768
3.625% due 09/01/49		190,000		210,948
3.700% due 01/30/26		2,270,000		2,523,576
3.800% due 04/01/28		740,000		838,329
4.200% due 04/01/50		1,860,000		2,248,353
MDC Holdings Inc 6.000% due 01/15/43		90,000		116,098
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		1,890,000		2,083,252
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		1,540,000		1,522,675
3.875% due 01/15/28 ~		1,550,000		1,571,312
4.250% due 05/15/24 ~		1,684,000		1,703,576
Newell Brands Inc 4.350% due 04/01/23		989,000		1,038,776
4.700% due 04/01/26		10,000		11,164
NIKE Inc 2.400% due 03/27/25		930,000		984,258
2.750% due 03/27/27		1,510,000		1,629,115
2.850% due 03/27/30		1,520,000		1,653,858
3.250% due 03/27/40		750,000		824,674
3.375% due 03/27/50		5,190,000		5,857,552
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		2,080,000		2,170,321
3.522% due 09/17/25 ~		4,860,000		5,193,060
4.345% due 09/17/27 ~		4,500,000		4,950,503
Sands China Ltd (Macau) 3.800% due 01/08/26		950,000		1,018,134
4.600% due 08/08/23		4,000,000		4,261,260
5.125% due 08/08/25		1,030,000		1,153,384
5.400% due 08/08/28		620,000		720,558
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		1,409,999		1,597,529

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-8

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Target Corp 2.250% due 04/15/25		$1,690,000		$1,776,206
The Home Depot Inc 2.500% due 04/15/27		1,050,000		1,119,585
2.700% due 04/15/30		1,130,000		1,209,610
3.300% due 04/15/40		1,230,000		1,350,056
3.350% due 04/15/50		3,510,000		3,887,418
3.900% due 12/06/28		190,000		221,500
3.900% due 06/15/47		210,000		249,761
Toll Brothers Finance Corp 4.375% due 04/15/23		770,000		804,523
United Airlines Inc 4.375% due 04/15/26 ~		90,000		93,279
4.625% due 04/15/29 ~		1,690,000		1,751,262
VOC Escrow Ltd 5.000% due 02/15/28 ~		1,320,000		1,337,160
Walmart Inc 3.400% due 06/26/23		610,000		646,429
3.550% due 06/26/25		530,000		584,702
3.700% due 06/26/28		4,540,000		5,171,400
Wynn Macau Ltd (Macau) 5.125% due 12/15/29 ~		340,000		351,081
5.625% due 08/26/28 ~		2,500,000		2,614,075
				145,551,288
Consumer, Non-Cyclical - 6.7%
Abbott Laboratories 3.750% due 11/30/26		1,845,000		2,084,634
4.750% due 11/30/36		1,700,000		2,192,226
4.900% due 11/30/46		1,560,000		2,139,220
AbbVie Inc 2.300% due 11/21/22		7,590,000		7,792,135
2.600% due 11/21/24		7,360,000		7,763,762
2.950% due 11/21/26		1,590,000		1,710,290
3.200% due 11/21/29		4,960,000		5,390,931
3.450% due 03/15/22		1,420,000		1,444,035
3.600% due 05/14/25		1,600,000		1,746,765
3.750% due 11/14/23		370,000		397,062
3.800% due 03/15/25		5,830,000		6,380,348
4.250% due 11/21/49		4,060,000		4,873,746
Aetna Inc 2.800% due 06/15/23		540,000		562,218
Altria Group Inc 2.350% due 05/06/25		3,960,000		4,143,767
2.450% due 02/04/32		390,000		377,596
3.400% due 02/04/41		2,610,000		2,493,437
3.875% due 09/16/46		820,000		816,329
4.400% due 02/14/26		2,998,000		3,393,701
4.800% due 02/14/29		276,000		320,186
5.800% due 02/14/39		1,040,000		1,286,558
5.950% due 02/14/49		3,420,000		4,383,937
6.200% due 02/14/59		270,000		350,116
Amgen Inc 3.625% due 05/22/24		590,000		635,350
4.663% due 06/15/51		289,000		373,464
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		1,450,000		1,602,199
4.900% due 02/01/46		4,300,000		5,452,260
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 06/01/30		2,430,000		2,705,554
4.000% due 04/13/28		1,010,000		1,150,680
4.350% due 06/01/40		1,540,000		1,836,259
4.500% due 06/01/50		2,870,000		3,498,657
4.750% due 01/23/29		590,000		703,456
5.550% due 01/23/49		1,370,000		1,886,024
Anthem Inc 2.950% due 12/01/22		490,000		506,756
3.125% due 05/15/22		3,300,000		3,381,632
3.350% due 12/01/24		560,000		604,525
3.650% due 12/01/27		1,830,000		2,050,077

	Principal Amount		Value
BAT Capital Corp (United Kingdom) 3.557% due 08/15/27		$9,180,000		$9,835,829
4.540% due 08/15/47		5,450,000		5,806,420
Bausch Health Americas Inc 9.250% due 04/01/26 ~		670,000		729,597
Bausch Health Cos Inc 5.000% due 02/15/29 ~		2,560,000		2,390,451
5.250% due 01/30/30 ~		8,350,000		7,775,937
5.500% due 11/01/25 ~		60,000		61,635
6.250% due 02/15/29 ~		2,740,000		2,713,422
7.250% due 05/30/29 ~		800,000		819,764
9.000% due 12/15/25 ~		880,000		944,724
Becton Dickinson & Co 3.363% due 06/06/24		4,810,000		5,155,135
3.734% due 12/15/24		993,000		1,082,048
4.685% due 12/15/44		813,000		1,013,467
Bristol-Myers Squibb Co 2.250% due 08/15/21		1,680,000		1,684,146
2.600% due 05/16/22		2,260,000		2,308,663
2.900% due 07/26/24		1,244,000		1,327,497
3.200% due 06/15/26		3,290,000		3,613,798
3.400% due 07/26/29		1,530,000		1,716,407
3.550% due 08/15/22		910,000		942,679
3.875% due 08/15/25		862,000		960,270
5.000% due 08/15/45		2,018,000		2,764,526
Cargill Inc 1.375% due 07/23/23 ~		1,660,000		1,691,586
Centene Corp 3.375% due 02/15/30		370,000		387,270
4.625% due 12/15/29		380,000		418,388
5.375% due 06/01/26 ~		410,000		428,963
Cigna Corp 3.750% due 07/15/23		2,027,000		2,159,291
4.125% due 11/15/25		1,010,000		1,132,488
4.375% due 10/15/28		8,010,000		9,322,942
4.900% due 12/15/48		3,370,000		4,348,197
CommonSpirit Health 4.350% due 11/01/42		420,000		493,164
Constellation Brands Inc 4.250% due 05/01/23		590,000		629,526
CVS Health Corp 2.750% due 12/01/22		2,160,000		2,219,931
3.625% due 04/01/27		550,000		609,838
3.700% due 03/09/23		263,000		277,036
3.750% due 04/01/30		1,410,000		1,579,931
3.875% due 07/20/25		1,278,000		1,411,540
4.125% due 04/01/40		580,000		674,467
4.250% due 04/01/50		180,000		213,801
4.300% due 03/25/28		9,007,000		10,355,621
5.050% due 03/25/48		7,450,000		9,694,604
5.125% due 07/20/45		1,440,000		1,876,017
CVS Pass-Through Trust 5.298% due 01/11/27 ~		374,533		411,035
6.036% due 12/10/28		2,038,836		2,388,634
Danone SA (France) 2.077% due 11/02/21 ~		2,540,000		2,551,818
2.589% due 11/02/23 ~		4,030,000		4,203,989
Diageo Investment Corp (United Kingdom) 2.875% due 05/11/22		2,530,000		2,587,692
DP World PLC (United Arab Emirates) 5.625% due 09/25/48 ~		3,360,000		4,212,449
Fresenius Medical Care US Finance II Inc (Germany) 5.875% due 01/31/22 ~		1,160,000		1,195,650
Gilead Sciences Inc 3.650% due 03/01/26		1,660,000		1,830,959
4.750% due 03/01/46		2,400,000		3,048,980
GlaxoSmithKline Capital PLC (United Kingdom) 2.850% due 05/08/22		140,000		143,158

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-9

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
HCA Inc 3.500% due 09/01/30		$730,000		$778,176
4.500% due 02/15/27		110,000		124,436
4.750% due 05/01/23		720,000		771,813
5.000% due 03/15/24		1,333,000		1,473,438
5.250% due 06/15/26		180,000		208,512
5.375% due 02/01/25		1,287,000		1,453,345
5.375% due 09/01/26		980,000		1,128,960
5.500% due 06/15/47		640,000		834,961
5.625% due 09/01/28		200,000		237,250
5.875% due 02/01/29		630,000		762,612
Humana Inc 3.150% due 12/01/22		970,000		1,000,498
3.950% due 03/15/27		2,781,000		3,123,714
4.500% due 04/01/25		300,000		336,124
4.625% due 12/01/42		1,090,000		1,345,579
4.800% due 03/15/47		130,000		164,485
4.950% due 10/01/44		610,000		790,678
Johnson & Johnson 0.550% due 09/01/25		1,190,000		1,179,800
0.950% due 09/01/27		2,380,000		2,337,768
3.625% due 03/03/37		3,810,000		4,453,246
Kraft Heinz Foods Co 3.000% due 06/01/26		1,767,000		1,882,659
4.250% due 03/01/31		420,000		477,575
4.375% due 06/01/46		560,000		635,620
4.625% due 10/01/39		30,000		35,040
4.875% due 10/01/49		980,000		1,192,255
5.000% due 06/04/42		210,000		256,913
5.200% due 07/15/45		990,000		1,231,329
5.500% due 06/01/50		830,000		1,079,567
6.750% due 03/15/32		50,000		67,797
6.875% due 01/26/39		140,000		201,612
7.125% due 08/01/39 ~		30,000		43,931
Lamb Weston Holdings Inc 4.875% due 11/01/26 ~		1,410,000		1,459,350
4.875% due 05/15/28 ~		110,000		121,825
Mars Inc 2.700% due 04/01/25 ~		1,590,000		1,689,460
3.200% due 04/01/30 ~		850,000		930,884
Medtronic Inc 3.500% due 03/15/25		984,000		1,080,720
Merck & Co Inc 0.750% due 02/24/26		1,980,000		1,969,821
1.450% due 06/24/30		1,150,000		1,120,748
Molson Coors Beverage Co 3.500% due 05/01/22		500,000		513,237
Mondelez International Holdings Netherlands BV 2.125% due 09/19/22 ~		1,050,000		1,072,108
Mondelez International Inc 1.500% due 05/04/25		2,580,000		2,627,874
PayPal Holdings Inc 1.350% due 06/01/23		1,470,000		1,496,555
1.650% due 06/01/25		1,530,000		1,571,396
PepsiCo Inc 0.750% due 05/01/23		1,930,000		1,947,265
1.625% due 05/01/30		1,590,000		1,565,737
2.250% due 03/19/25		190,000		199,763
2.625% due 03/19/27		190,000		204,303
2.875% due 10/15/49		570,000		590,179
3.625% due 03/19/50		270,000		316,641
3.875% due 03/19/60		460,000		568,742
Pfizer Inc 0.800% due 05/28/25		2,510,000		2,519,654
1.700% due 05/28/30		1,580,000		1,575,990
2.625% due 04/01/30		1,600,000		1,706,046
Philip Morris International Inc 1.125% due 05/01/23		980,000		993,192
2.100% due 05/01/30		1,090,000		1,086,433

	Principal Amount		Value
2.500% due 08/22/22		$2,560,000		$2,628,148
2.500% due 11/02/22		2,670,000		2,742,326
2.900% due 11/15/21		1,460,000		1,474,983
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		1,260,000		1,395,198
Reynolds American Inc (United Kingdom) 5.850% due 08/15/45		1,090,000		1,336,744
Service Corp International 7.500% due 04/01/27		510,000		622,113
Spectrum Brands Inc 5.000% due 10/01/29 ~		100,000		106,298
5.750% due 07/15/25		42,000		43,092
Teva Pharmaceutical Finance Co BV (Israel) 2.950% due 12/18/22		1,020,000		1,028,211
3.650% due 11/10/21		40,000		40,152
Teva Pharmaceutical Finance Netherlands III BV (Israel) 2.200% due 07/21/21		2,630,000		2,629,605
2.800% due 07/21/23		2,630,000		2,624,056
3.150% due 10/01/26		6,755,000		6,434,137
4.100% due 10/01/46		2,080,000		1,825,200
6.000% due 04/15/24		250,000		265,733
7.125% due 01/31/25		1,140,000		1,258,360
The Coca-Cola Co 1.450% due 06/01/27		1,820,000		1,839,567
2.500% due 06/01/40		70,000		69,483
2.600% due 06/01/50		700,000		676,551
3.375% due 03/25/27		1,600,000		1,783,257
The Hershey Co 0.900% due 06/01/25		490,000		491,853
The Procter & Gamble Co 2.800% due 03/25/27		300,000		325,365
3.000% due 03/25/30		870,000		960,682
United Rentals North America Inc 3.875% due 11/15/27		1,390,000		1,462,252
3.875% due 02/15/31		1,850,000		1,884,687
5.500% due 05/15/27		800,000		849,000
UnitedHealth Group Inc 1.250% due 01/15/26		590,000		596,117
2.000% due 05/15/30		560,000		565,007
2.375% due 10/15/22		240,000		246,474
2.875% due 12/15/21		1,130,000		1,144,069
3.125% due 05/15/60		200,000		206,894
3.500% due 06/15/23		540,000		572,915
3.750% due 07/15/25		1,580,000		1,754,291
3.875% due 08/15/59		1,400,000		1,664,277
4.250% due 06/15/48		420,000		522,251
4.450% due 12/15/48		1,100,000		1,408,140
5.700% due 10/15/40		10,000		14,173
5.800% due 03/15/36		860,000		1,214,585
				319,819,134
Energy - 6.0%
Apache Corp 3.250% due 04/15/22		387,000		392,370
4.250% due 01/15/44		3,240,000		3,178,634
4.375% due 10/15/28		4,355,000		4,641,951
4.750% due 04/15/43		1,310,000		1,364,896
6.000% due 01/15/37		562,000		646,171
BP Capital Markets America Inc 3.000% due 02/24/50		3,670,000		3,555,094
3.119% due 05/04/26		1,990,000		2,159,842
3.216% due 11/28/23		960,000		1,016,822
3.410% due 02/11/26		5,590,000		6,118,763
3.633% due 04/06/30		1,110,000		1,245,449
3.790% due 02/06/24		350,000		377,736
BP Capital Markets PLC (United Kingdom) 3.506% due 03/17/25		520,000		569,255
3.535% due 11/04/24		350,000		381,483

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-10

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Cameron LNG LLC 2.902% due 07/15/31 ~		$540,000		$576,192
3.302% due 01/15/35 ~		2,620,000		2,816,381
Cheniere Energy Inc 4.625% due 10/15/28 ~		1,020,000		1,077,375
Chevron Corp 1.554% due 05/11/25		1,950,000		1,998,803
1.995% due 05/11/27		720,000		743,623
3.078% due 05/11/50		220,000		228,074
Chevron USA Inc 3.850% due 01/15/28		2,770,000		3,159,179
4.950% due 08/15/47		620,000		837,314
5.250% due 11/15/43		770,000		1,048,180
6.000% due 03/01/41		370,000		542,117
Cimarex Energy Co 3.900% due 05/15/27		4,630,000		5,108,980
4.375% due 06/01/24		240,000		261,313
4.375% due 03/15/29		1,710,000		1,945,873
ConocoPhillips 3.750% due 10/01/27 ~		650,000		731,161
4.300% due 08/15/28 ~		4,380,000		5,088,595
6.500% due 02/01/39		370,000		547,695
Continental Resources Inc 3.800% due 06/01/24		730,000		772,888
4.375% due 01/15/28		1,750,000		1,940,908
4.500% due 04/15/23		850,000		886,894
DCP Midstream Operating LP 6.450% due 11/03/36 ~		450,000		529,101
Devon Energy Corp 4.750% due 05/15/42		70,000		79,256
5.000% due 06/15/45		8,580,000		10,097,668
5.600% due 07/15/41		1,240,000		1,535,756
8.250% due 08/01/23 ~		3,290,000		3,750,150
Diamondback Energy Inc 3.500% due 12/01/29		3,280,000		3,514,271
Ecopetrol SA (Colombia) 5.875% due 05/28/45		5,180,000		5,556,845
Energy Transfer LP 2.900% due 05/15/25		1,010,000		1,063,457
3.750% due 05/15/30		5,370,000		5,838,510
4.500% due 11/01/23		520,000		558,396
4.950% due 06/15/28		680,000		787,190
5.250% due 04/15/29		410,000		484,667
5.300% due 04/01/44		160,000		185,068
5.875% due 03/01/22		210,000		214,523
6.250% due 04/15/49		2,500,000		3,286,139
6.750% due 05/15/25		1,430,000		1,444,658
7.600% due 02/01/24		1,560,000		1,775,270
Enterprise Products Operating LLC 2.800% due 01/31/30		3,620,000		3,827,341
3.700% due 01/31/51		3,060,000		3,289,004
3.950% due 01/31/60		400,000		446,969
4.150% due 10/16/28		4,710,000		5,420,437
4.200% due 01/31/50		2,900,000		3,350,625
4.800% due 02/01/49		1,000,000		1,234,454
4.850% due 03/15/44		420,000		514,376
7.550% due 04/15/38		360,000		553,879
EOG Resources Inc 3.900% due 04/01/35		1,460,000		1,691,594
4.150% due 01/15/26		1,460,000		1,644,870
4.375% due 04/15/30		460,000		545,099
4.950% due 04/15/50		2,150,000		2,868,053
EQT Corp 3.000% due 10/01/22		1,970,000		2,014,325
3.900% due 10/01/27		500,000		536,250
5.000% due 01/15/29		30,000		33,491
7.625% due 02/01/25		120,000		140,135
Exxon Mobil Corp 1.571% due 04/15/23		170,000		173,824
2.992% due 03/19/25		4,550,000		4,883,060

	Principal Amount		Value
3.043% due 03/01/26		$2,840,000		$3,084,600
3.482% due 03/19/30		3,590,000		4,034,422
4.114% due 03/01/46		3,750,000		4,431,184
4.327% due 03/19/50		220,000		273,518
Halliburton Co 3.800% due 11/15/25		199,000		220,117
KazMunayGas National Co JSC (Kazakhstan) 5.375% due 04/24/30 ~		1,310,000		1,568,986
6.375% due 10/24/48 ~		1,500,000		1,990,002
Kinder Morgan Energy Partners LP 3.500% due 09/01/23		1,410,000		1,488,357
Kinder Morgan Inc 4.300% due 03/01/28		820,000		936,565
5.200% due 03/01/48		60,000		75,767
5.550% due 06/01/45		210,000		272,310
MEG Energy Corp (Canada) 5.875% due 02/01/29 ~		310,000		323,615
MPLX LP 4.500% due 04/15/38		2,070,000		2,378,321
4.700% due 04/15/48		450,000		524,151
4.800% due 02/15/29		2,770,000		3,253,017
4.875% due 12/01/24		1,670,000		1,870,686
5.500% due 02/15/49		2,810,000		3,645,300
Occidental Petroleum Corp 2.900% due 08/15/24		3,260,000		3,337,425
3.000% due 02/15/27		870,000		864,706
3.400% due 04/15/26		1,890,000		1,937,826
4.100% due 02/15/47		2,510,000		2,340,588
4.200% due 03/15/48		1,200,000		1,123,554
4.400% due 04/15/46		510,000		490,495
4.625% due 06/15/45		1,280,000		1,252,499
5.550% due 03/15/26		2,110,000		2,337,532
6.450% due 09/15/36		1,610,000		1,927,025
6.600% due 03/15/46		5,240,000		6,239,582
7.875% due 09/15/31		2,702,000		3,480,149
Petrobras Global Finance BV (Brazil) 5.299% due 01/27/25		13,501,000		15,222,377
5.500% due 06/10/51		1,160,000		1,161,856
5.750% due 02/01/29		2,900,000		3,313,685
6.250% due 03/17/24		2,350,000		2,657,615
7.250% due 03/17/44		3,430,000		4,207,787
7.375% due 01/17/27		1,440,000		1,776,636
Petroleos Mexicanos (Mexico) 6.375% due 01/23/45		520,000		447,850
6.625% due 06/15/35		160,000		154,720
6.875% due 08/04/26		4,350,000		4,759,552
Pioneer Natural Resources Co 1.125% due 01/15/26		410,000		406,157
2.150% due 01/15/31		1,800,000		1,766,323
Qatar Petroleum (Qatar) due 07/12/31 # ~		4,190,000		4,145,460
due 07/12/41 # ~		2,680,000		2,670,111
due 07/12/51 # ~		2,690,000		2,690,000
Range Resources Corp 4.875% due 05/15/25		920,000		953,350
5.000% due 03/15/23		3,020,000		3,133,507
5.875% due 07/01/22		34,000		34,977
Sabine Pass Liquefaction LLC 5.750% due 05/15/24		1,030,000		1,156,445
Schlumberger Holdings Corp 3.900% due 05/17/28 ~		1,732,000		1,936,435
Shell International Finance BV (Netherlands) 2.750% due 04/06/30		1,510,000		1,610,881
2.875% due 05/10/26		790,000		853,999
3.250% due 04/06/50		5,390,000		5,743,014
4.375% due 05/11/45		2,050,000		2,517,819
4.550% due 08/12/43		1,200,000		1,497,827

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-11

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		$2,510,000		$2,743,160
Targa Resources Partners LP 4.000% due 01/15/32 ~		170,000		175,100
4.875% due 02/01/31 ~		1,220,000		1,322,315
5.375% due 02/01/27		180,000		187,978
5.500% due 03/01/30		540,000		594,551
5.875% due 04/15/26		250,000		263,266
6.500% due 07/15/27		530,000		576,036
6.875% due 01/15/29		270,000		304,730
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		8,820,000		9,158,820
The Williams Cos Inc 3.750% due 06/15/27		2,810,000		3,123,935
7.500% due 01/15/31		6,475,000		8,980,099
7.750% due 06/15/31		100,000		139,169
Western Midstream Operating LP 2.288% (USD LIBOR + 2.100%) due 01/13/23 §		550,000		547,378
4.350% due 02/01/25		1,580,000		1,671,537
4.500% due 03/01/28		680,000		728,487
4.650% due 07/01/26		990,000		1,059,760
5.300% due 02/01/30		3,924,000		4,406,142
6.500% due 02/01/50		1,190,000		1,381,144
				287,713,011
Financial - 11.8%
ABN AMRO Bank NV (Netherlands) 4.750% due 07/28/25 ~		2,220,000		2,492,101
AerCap Ireland Capital DAC (Ireland) 3.150% due 02/15/24		2,180,000		2,289,535
Air Lease Corp 3.375% due 07/01/25		1,160,000		1,246,980
Ambac Assurance Corp 5.100% due 06/07/22 ~		111,048		156,134
Ambac LSNI LLC (Cayman) 6.000% (USD LIBOR + 5.000%) due 02/12/23 § ~		402,809		403,061
American International Group Inc 2.500% due 06/30/25		4,990,000		5,269,713
3.750% due 07/10/25		2,610,000		2,878,804
Banco Santander SA (Spain) 1.308% (USD LIBOR + 1.120%) due 04/12/23 §		1,000,000		1,013,936
2.746% due 05/28/25		5,200,000		5,482,162
3.848% due 04/12/23		3,200,000		3,387,517
Bank of America Corp 2.592% due 04/29/31		9,420,000		9,718,238
3.004% due 12/20/23		8,404,000		8,711,204
3.300% due 01/11/23		3,190,000		3,330,178
3.419% due 12/20/28		7,274,000		7,927,473
3.500% due 04/19/26		5,410,000		5,962,972
3.550% due 03/05/24		3,370,000		3,541,494
3.593% due 07/21/28		1,290,000		1,421,516
3.974% due 02/07/30		3,230,000		3,667,148
4.000% due 04/01/24		2,280,000		2,488,602
4.083% due 03/20/51		5,320,000		6,369,909
4.125% due 01/22/24		11,745,000		12,792,379
4.200% due 08/26/24		4,930,000		5,406,411
4.250% due 10/22/26		310,000		350,264
4.330% due 03/15/50		3,330,000		4,106,791
4.450% due 03/03/26		660,000		749,959
5.000% due 01/21/44		370,000		493,366
Bank of Montreal (Canada) 1.850% due 05/01/25		3,210,000		3,313,693
3.803% due 12/15/32		550,000		607,026
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		1,290,000		1,304,955
Barclays PLC (United Kingdom) 4.972% due 05/16/29		6,976,000		8,175,585
5.088% due 06/20/30		4,250,000		4,960,234

	Principal Amount		Value
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		$3,420,000		$4,256,843
BNP Paribas SA (France) 2.219% due 06/09/26 ~		2,260,000		2,330,769
2.824% due 01/26/41 ~		2,000,000		1,894,444
3.375% due 01/09/25 ~		910,000		976,782
4.375% due 03/01/33 ~		970,000		1,073,063
4.400% due 08/14/28 ~		6,280,000		7,246,437
4.625% due 03/13/27 ~		1,110,000		1,253,360
4.705% due 01/10/25 ~		4,970,000		5,426,160
5.198% due 01/10/30 ~		920,000		1,109,168
BPCE SA (France) 5.150% due 07/21/24 ~		1,370,000		1,527,072
Canadian Imperial Bank of Commerce (Canada) 0.950% due 06/23/23		1,790,000		1,806,557
Chubb INA Holdings Inc 3.350% due 05/03/26		440,000		483,464
CIT Group Inc 4.750% due 02/16/24		910,000		988,838
5.250% due 03/07/25		930,000		1,048,947
Citigroup Inc 1.678% due 05/15/24		1,910,000		1,950,828
3.106% due 04/08/26		1,310,000		1,402,671
3.500% due 05/15/23		2,380,000		2,509,939
3.980% due 03/20/30		6,000,000		6,804,088
4.075% due 04/23/29		5,400,000		6,130,432
4.400% due 06/10/25		4,900,000		5,476,454
4.412% due 03/31/31		7,150,000		8,357,064
4.450% due 09/29/27		1,330,000		1,520,648
4.650% due 07/30/45		3,761,000		4,850,108
4.650% due 07/23/48		2,210,000		2,899,967
4.750% due 05/18/46		440,000		561,004
5.300% due 05/06/44		240,000		324,739
5.500% due 09/13/25		4,580,000		5,337,729
5.950% due 01/30/23		1,820,000		1,914,604
5.950% due 05/15/25		2,640,000		2,895,948
6.300% due 05/15/24		2,520,000		2,717,064
6.625% due 06/15/32		480,000		655,100
6.675% due 09/13/43		580,000		893,196
8.125% due 07/15/39		200,000		346,360
Cooperatieve Rabobank UA (Netherlands) 1.339% due 06/24/26 ~		250,000		251,206
4.375% due 08/04/25		6,300,000		7,039,619
4.625% due 12/01/23		5,190,000		5,676,710
Credit Agricole SA (France) 1.907% due 06/16/26 ~		1,500,000		1,530,111
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		1,580,000		1,692,840
Credit Suisse Group AG (Switzerland) 2.193% due 06/05/26 ~		3,448,000		3,532,286
2.593% due 09/11/25 ~		250,000		260,239
3.091% due 05/14/32 § ~		2,240,000		2,312,666
4.194% due 04/01/31 ~		7,550,000		8,492,452
4.550% due 04/17/26		440,000		498,620
Danske Bank AS (Denmark) 1.226% due 06/22/24 ~		3,400,000		3,436,855
3.001% due 09/20/22 ~		1,750,000		1,758,679
3.244% due 12/20/25 ~		800,000		851,996
5.000% due 01/12/22 ~		4,450,000		4,553,611
5.375% due 01/12/24 ~		4,050,000		4,493,113
GE Capital International Funding Co Unlimited Co 3.373% due 11/15/25		2,577,000		2,813,102
Goldman Sachs Capital II 4.000% (USD LIBOR + 0.768%) due 08/02/21 §		398,000		395,413
Guardian Life Global Funding 1.100% due 06/23/25 ~		690,000		692,740
HSBC Bank USA NA 7.000% due 01/15/39		1,240,000		1,934,701

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-12

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		$200,000		$205,679
3.973% due 05/22/30		1,480,000		1,657,872
4.250% due 03/14/24		2,900,000		3,142,598
4.250% due 08/18/25		4,460,000		4,943,519
4.950% due 03/31/30		220,000		265,769
International Lease Finance Corp 5.875% due 08/15/22		910,000		963,274
Intesa Sanpaolo SPA (Italy)
3.125% due 07/14/22 ~		2,100,000		2,155,089
3.375% due 01/12/23 ~		1,040,000		1,083,219
5.017% due 06/26/24 ~		10,470,000		11,397,642
5.710% due 01/15/26 ~		350,000		396,143
JPMorgan Chase & Co 1.514% due 06/01/24		5,070,000		5,171,096
2.083% due 04/22/26		3,000,000		3,103,376
2.522% due 04/22/31		6,340,000		6,529,423
3.109% due 04/22/51		460,000		475,461
3.875% due 09/10/24		4,840,000		5,278,309
4.023% due 12/05/24		4,730,000		5,107,485
4.203% due 07/23/29		3,010,000		3,461,755
4.250% due 10/01/27		870,000		992,464
4.452% due 12/05/29		7,410,000		8,671,896
4.950% due 06/01/45		5,380,000		7,142,486
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		350,000		467,431
Lloyds Banking Group PLC (United Kingdom) 3.900% due 03/12/24		1,910,000		2,071,626
4.375% due 03/22/28		6,140,000		7,059,401
Mastercard Inc 3.850% due 03/26/50		1,930,000		2,335,658
Mitsubishi UFJ Financial Group Inc (Japan) 2.998% due 02/22/22		2,090,000		2,127,331
Morgan Stanley 2.188% due 04/28/26		4,770,000		4,954,944
2.699% due 01/22/31		6,350,000		6,652,303
3.622% due 04/01/31		7,580,000		8,469,059
3.737% due 04/24/24		2,230,000		2,358,911
3.772% due 01/24/29		200,000		224,617
4.431% due 01/23/30		170,000		199,204
National Securities Clearing Corp 1.200% due 04/23/23 ~		950,000		965,161
1.500% due 04/23/25 ~		1,000,000		1,020,936
Natwest Group PLC (United Kingdom) 4.519% due 06/25/24 §		200,000		214,817
4.892% due 05/18/29		780,000		914,615
5.076% due 01/27/30		500,000		593,488
New York Life Global Funding 0.950% due 06/24/25 ~		1,290,000		1,292,452
Nuveen LLC 4.000% due 11/01/28 ~		1,500,000		1,731,809
Park Aerospace Holdings Ltd (Ireland) 4.500% due 03/15/23 ~		260,000		273,359
5.250% due 08/15/22 ~		101,000		105,711
5.500% due 02/15/24 ~		630,000		692,934
Principal Life Global Funding II 1.250% due 06/23/25 ~		640,000		644,534
Royal Bank of Canada (Canada) 1.150% due 06/10/25		1,730,000		1,740,163
1.600% due 04/17/23		2,760,000		2,820,740
Santander UK Group Holdings PLC (United Kingdom) 5.625% due 09/15/45 ~		408,000		529,855
Standard Chartered PLC (United Kingdom) 1.696% (USD LIBOR + 1.510%) due 01/30/27 § ~		3,900,000		3,773,250
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		2,320,000		2,321,567

	Principal Amount		Value
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		$2,200,000		$2,234,108
Teachers Insurance & Annuity Association of America 6.850% due 12/16/39 ~		132,000		200,452
The Bank of New York Mellon Corp 1.600% due 04/24/25		970,000		996,511
The Bank of Nova Scotia (Canada) 1.300% due 06/11/25		1,810,000		1,829,459
The Goldman Sachs Group Inc 3.200% due 02/23/23		1,780,000		1,857,651
3.210% due 04/22/42		80,000		83,803
3.500% due 04/01/25		2,050,000		2,225,075
3.500% due 11/16/26		2,430,000		2,644,515
3.625% due 02/20/24		3,000,000		3,216,905
3.850% due 07/08/24		1,690,000		1,828,541
4.223% due 05/01/29		3,130,000		3,572,155
4.250% due 10/21/25		4,270,000		4,776,694
4.750% due 10/21/45		960,000		1,257,345
5.150% due 05/22/45		3,100,000		4,156,253
5.250% due 07/27/21		2,570,000		2,578,967
5.750% due 01/24/22		400,000		412,398
5.950% due 01/15/27		1,733,000		2,110,032
6.250% due 02/01/41		8,560,000		12,765,214
6.750% due 10/01/37		2,145,000		3,128,314
The Toronto-Dominion Bank (Canada) 0.750% due 06/12/23		3,390,000		3,414,804
1.150% due 06/12/25		1,720,000		1,733,318
UBS AG (Switzerland) 1.750% due 04/21/22 ~		2,320,000		2,346,222
UBS Group AG (Switzerland) 2.859% due 08/15/23 ~		580,000		595,326
3.491% due 05/23/23 ~		5,620,000		5,773,543
4.125% due 09/24/25 ~		2,340,000		2,612,431
7.000% due 01/31/24 ~		9,870,000		10,876,197
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		5,390,000		5,556,997
US Bancorp 1.450% due 05/12/25		3,820,000		3,908,511
Visa Inc 3.150% due 12/14/25		3,940,000		4,312,804
4.300% due 12/14/45		3,020,000		3,882,618
WEA Finance LLC REIT (France) 3.750% due 09/17/24 ~		6,230,000		6,670,401
Wells Fargo & Co 2.188% due 04/30/26		3,060,000		3,178,156
2.879% due 10/30/30		3,860,000		4,090,922
3.000% due 10/23/26		3,850,000		4,155,741
3.450% due 02/13/23		2,330,000		2,443,032
3.750% due 01/24/24		3,780,000		4,066,558
4.150% due 01/24/29		1,150,000		1,325,799
4.400% due 06/14/46		1,650,000		1,994,911
4.478% due 04/04/31		5,150,000		6,093,464
4.650% due 11/04/44		1,600,000		1,977,414
4.750% due 12/07/46		2,550,000		3,233,542
4.900% due 11/17/45		4,920,000		6,329,895
5.013% due 04/04/51		17,920,000		24,597,705
5.375% due 11/02/43		2,030,000		2,711,763
5.606% due 01/15/44		1,567,000		2,147,651
				561,810,694
Industrial - 1.9%
3M Co 2.375% due 08/26/29		1,550,000		1,629,585
3.050% due 04/15/30		340,000		373,903
3.700% due 04/15/50		3,900,000		4,605,133
Carrier Global Corp 3.577% due 04/05/50		100,000		106,287
Deere & Co 3.100% due 04/15/30		370,000		408,826
3.750% due 04/15/50		1,750,000		2,120,390

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-13

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Eaton Corp 2.750% due 11/02/22		$3,849,000		$3,974,379
4.150% due 11/02/42		590,000		705,194
General Dynamics Corp 3.250% due 04/01/25		630,000		683,051
3.500% due 05/15/25		240,000		263,255
4.250% due 04/01/40		100,000		122,579
4.250% due 04/01/50		680,000		874,650
General Electric Co 3.450% due 05/01/27		350,000		384,957
3.625% due 05/01/30		720,000		803,593
6.750% due 03/15/32		400,000		554,870
6.875% due 01/10/39		1,235,000		1,852,134
GFL Environmental Inc (Canada) 4.250% due 06/01/25 ~		930,000		970,967
Honeywell International Inc 1.350% due 06/01/25		1,200,000		1,222,787
L3Harris Technologies Inc 4.854% due 04/27/35		530,000		664,847
5.054% due 04/27/45		1,470,000		1,940,386
Lockheed Martin Corp 3.100% due 01/15/23		300,000		311,385
3.550% due 01/15/26		3,240,000		3,582,658
4.500% due 05/15/36		580,000		726,504
Northrop Grumman Corp 2.930% due 01/15/25		2,560,000		2,730,576
3.250% due 01/15/28		5,430,000		5,936,801
5.250% due 05/01/50		1,270,000		1,786,691
Otis Worldwide Corp 2.056% due 04/05/25		870,000		904,382
Raytheon Technologies Corp 2.250% due 07/01/30		1,600,000		1,627,230
3.150% due 12/15/24		750,000		805,883
3.950% due 08/16/25		1,700,000		1,891,446
4.125% due 11/16/28		560,000		644,755
4.500% due 06/01/42		540,000		673,269
Republic Services Inc 2.500% due 08/15/24		1,430,000		1,501,719
The Boeing Co 2.196% due 02/04/26		1,190,000		1,201,563
2.700% due 02/01/27		610,000		631,098
2.800% due 03/01/27		790,000		822,077
3.100% due 05/01/26		630,000		666,613
3.200% due 03/01/29		2,330,000		2,447,640
3.250% due 02/01/35		4,780,000		4,848,713
3.550% due 03/01/38		460,000		473,168
3.750% due 02/01/50		1,380,000		1,425,976
4.875% due 05/01/25		5,450,000		6,109,375
5.150% due 05/01/30		2,660,000		3,152,378
5.705% due 05/01/40		2,190,000		2,824,596
5.805% due 05/01/50		6,960,000		9,387,935
5.930% due 05/01/60		150,000		207,521
Union Pacific Corp 2.150% due 02/05/27		1,430,000		1,486,850
2.400% due 02/05/30		2,070,000		2,141,403
2.891% due 04/06/36 ~		1,810,000		1,883,288
3.750% due 07/15/25		1,210,000		1,342,135
3.750% due 02/05/70		1,950,000		2,154,979
3.839% due 03/20/60		365,000		416,713
WestRock RKT LLC 4.000% due 03/01/23		1,150,000		1,206,284
				92,215,377
Technology - 1.6%
Apple Inc 1.125% due 05/11/25		4,140,000		4,190,416
2.450% due 08/04/26		3,590,000		3,822,474
Broadcom Inc 3.150% due 11/15/25		3,180,000		3,410,368
4.700% due 04/15/25		3,900,000		4,396,144

	Principal Amount		Value
Intel Corp 3.700% due 07/29/25		$890,000		$984,316
4.750% due 03/25/50		1,420,000		1,889,993
International Business Machines Corp 3.000% due 05/15/24		6,020,000		6,418,362
Micron Technology Inc 2.497% due 04/24/23		1,560,000		1,613,812
Microsoft Corp 2.400% due 08/08/26		9,230,000		9,845,508
2.525% due 06/01/50		841,000		828,177
2.675% due 06/01/60		192,000		190,699
2.700% due 02/12/25		1,080,000		1,157,410
2.875% due 02/06/24		4,410,000		4,665,036
2.921% due 03/17/52		1,497,000		1,591,538
3.041% due 03/17/62		908,000		970,933
3.300% due 02/06/27		2,650,000		2,949,913
3.450% due 08/08/36		72,000		83,486
NVIDIA Corp 2.850% due 04/01/30		830,000		899,333
3.500% due 04/01/40		2,240,000		2,545,525
3.500% due 04/01/50		5,820,000		6,584,096
3.700% due 04/01/60		1,590,000		1,882,561
NXP BV (China) 2.700% due 05/01/25 ~		1,030,000		1,087,262
Oracle Corp 1.650% due 03/25/26		4,720,000		4,786,835
2.875% due 03/25/31		5,140,000		5,350,261
salesforce.com Inc 3.250% due 04/11/23		1,720,000		1,804,922
3.700% due 04/11/28		1,610,000		1,836,033
Texas Instruments Inc 1.750% due 05/04/30		1,040,000		1,035,573
				76,820,986
Utilities - 0.9%
Berkshire Hathaway Energy Co 6.125% due 04/01/36		586,000		826,000
Consolidated Edison Co of New York Inc 3.350% due 04/01/30		610,000		671,262
3.950% due 04/01/50		470,000		534,792
Duke Energy Ohio Inc 3.650% due 02/01/29		1,880,000		2,096,317
FirstEnergy Corp 4.400% due 07/15/27		6,750,000		7,348,109
4.750% due 03/15/23		4,980,000		5,258,506
7.375% due 11/15/31		14,350,000		19,675,425
Pacific Gas and Electric Co 1.750% due 06/16/22		2,610,000		2,609,076
2.100% due 08/01/27		810,000		787,534
2.500% due 02/01/31		1,010,000		948,076
3.300% due 08/01/40		210,000		190,097
3.500% due 08/01/50		490,000		437,365
Virginia Electric & Power Co 6.350% due 11/30/37		2,130,000		3,102,631
				44,485,190
Total Corporate Bonds & Notes (Cost $1,652,412,530)				1,801,989,544
SENIOR LOAN NOTES - 6.0%
Basic Materials - 0.1%
Asplundh Tree Expert LLC Term B 1.851% (USD LIBOR + 1.750%) due 09/04/27 §		1,600,355		1,597,465
INEOS US Petrochem LLC Term B 3.250% (USD LIBOR + 2.750%) due 01/29/26 §		1,910,000		1,908,508
				3,505,973

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-14

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Communications - 0.9%
Altice France SA Term B12 (France) 3.864% (USD LIBOR + 3.688%) due 01/31/26 §		$2,186,716		$2,172,657
Audacy Capital Corp Term B2 2.573% (USD LIBOR + 2.500%) due 11/17/24 §		335,184		332,670
Charter Communications Operating LLC
Term B1 1.845% (USD LIBOR + 1.750%) due 04/30/25 §		5,921,422		5,917,384
Term B2 1.845% (USD LIBOR + 1.750%) due 02/01/27 §		494,962		491,683
CSC Holdings LLC Term B 2.380% (USD LIBOR + 2.250%) due 01/15/26 §		800,000		790,375
Delta TopCo Inc Term B 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		3,240,000		3,251,139
Go Daddy Operating Co LLC Term B2 1.851% (USD LIBOR + 1.750%) due 02/15/24 §		1,229,865		1,221,689
iHeartCommunications Inc Term B 3.100% (USD LIBOR + 3.000%) due 05/01/26 §		3,454,768		3,429,935
Level 3 Financing Inc Term B 1.850% (USD LIBOR + 1.750%) due 03/01/27 §		5,490,816		5,418,749
Nexstar Broadcasting Inc Term B 2.841% (USD LIBOR + 2.750%) due 09/19/26 §		5,146,520		5,140,087
Terrier Media Buyer Inc Term B 3.600% (USD LIBOR + 3.500%) due 12/17/26 §		1,077,778		1,074,036
Univision Communications Inc Term B 4.750% (USD LIBOR + 3.750%) due 03/24/26 §		2,923,327		2,931,366
Virgin Media Bristol LLC
Term N 2.582% (USD LIBOR + 2.500%) due 01/31/28 §		4,871,848		4,834,549
Term Q 3.351% (USD LIBOR + 3.250%) due 01/31/29 §		620,000		619,758
Zayo Group Holdings Inc Term B 3.100% (USD LIBOR + 3.000%) due 03/09/27 §		2,530,000		2,505,226
Ziggo Financing Partnership Term I (Netherlands) 2.593% (USD LIBOR + 2.500%) due 04/30/28 §		1,296,000		1,285,020
				41,416,323
Consumer, Cyclical - 1.2%
Academy Ltd 4.500% (USD LIBOR + 3.750%) due 11/06/27 §		658,350		662,602
Alterra Mountain Co Term B 2.825% (USD LIBOR + 2.750%) due 07/31/24 §		2,448,366		2,425,630
Aramark Services Inc
Term B3 1.851% (USD LIBOR + 1.750%) due 03/11/25 §		872,268		864,817
Term B4 1.832% (USD LIBOR + 1.750%) due 01/15/27 §		770,250		762,162
BJ’s Wholesale Club Inc Term B 2.100% (USD LIBOR + 2.000%) due 02/03/24 §		398,708		399,207

	Principal Amount		Value
Caesars Resort Collection LLC Term B 2.884% (USD LIBOR + 2.750%) due 12/22/24 §		$6,099,031		$6,053,605
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §		3,197,302		3,176,462
Clarios Global LP Term B 3.351% (USD LIBOR + 3.250%) due 04/30/26 §		3,951,073		3,923,087
Delta 2 Lux Sarl Term B3 (Luxembourg) 3.500% (USD LIBOR + 2.500%) due 02/01/24 §		160,000		159,588
Four Seasons Hotels Ltd Term B (Canada) 2.145% (USD LIBOR + 2.000%) due 11/30/23 §		2,335,011		2,331,282
Golden Nugget Inc LLC Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		1,774,914		1,763,542
Great Outdoors Group LLC Term B1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		1,233,800		1,242,723
Harbor Freight Tools USA Inc Term B 3.750% (USD LIBOR + 3.000%) due 10/19/27 §		3,076,345		3,080,542
Hilton Worldwide Finance LLC Term B2 1.889% (USD LIBOR + 1.750%) due 06/21/26 §		4,393,764		4,362,735
Michaels Cos Inc 5.000% (USD LIBOR + 4.250%) due 04/15/28 §		1,880,000		1,890,184
PCI Gaming Authority Term B 2.595% (USD LIBOR + 2.500%) due 05/31/26 §		1,847,215		1,841,875
Petco Health & Wellness Co Inc Term B 4.000% (USD LIBOR + 3.250%) due 03/04/28 §		2,234,400		2,233,403
Restaurant Brands Term B (Canada) 1.841% (USD LIBOR + 1.750%) due 11/19/26 §		5,728,500		5,656,894
Scientific Games International Inc Term B5 2.825% (USD LIBOR + 2.750%) due 08/14/24 §		5,575,644		5,542,536
SkyMiles IP Ltd Term B 4.750% (USD LIBOR + 3.750%) due 10/20/27 §		620,000		655,572
Station Casinos LLC Term B1 2.500% (USD LIBOR + 2.250%) due 02/08/27 §		2,682,534		2,655,542
UFC Holdings LLC Term B3 3.750% (USD LIBOR + 3.000%) due 04/29/26 §		3,601,839		3,601,465
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		3,371,550		3,419,716
				58,705,171
Consumer, Non-Cyclical - 2.1%
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		4,941,115		4,961,892
APi Group DE Inc Term B 2.600% (USD LIBOR + 2.500%) due 10/01/26 §		3,356,187		3,354,509
Bausch Health Americas Inc Term B 2.885% (USD LIBOR + 2.750%) due 11/27/25 §		973,125		967,043
3.123% (USD LIBOR + 3.000%) due 06/01/25 §		2,298,599		2,292,135

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-15

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Belron Finance US LLC Term B due 11/13/25 µ		$660,000		$658,075
BrightView Landscapes LLC Term B 2.655% (USD LIBOR + 2.500%) due 08/15/25 §		1,678,100		1,673,205
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		4,708,750		4,709,075
EyeCare Partners LLC 3.841% (USD LIBOR + 3.750%) due 02/20/27 §		959,281		952,286
Froneri US Inc Term B (United Kingdom) 2.351% (USD LIBOR + 2.250%) due 01/31/27 §		1,712,700		1,689,471
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		4,411,217		4,430,516
Garda World Security Corp Term B (Canada) 4.350% (USD LIBOR + 4.250%) due 10/30/26 §		1,071,822		1,078,043
Global Medical Response Inc Term B 5.750% (USD LIBOR + 4.750%) due 10/02/25 §		3,152,279		3,170,011
Grifols Worldwide Operations USA Inc Term B (Spain) 2.082% (USD LIBOR + 2.000%) due 11/15/27 §		5,344,458		5,297,390
Horizon Therapeutics USA Inc Term B2 2.500% (USD LIBOR + 2.000%) due 03/15/28 §		4,887,750		4,869,421
ICON Luxembourg S.A.R.L. (Ireland) 3.000% (USD LIBOR + 2.500%) due 07/01/28 §		4,340,000		4,353,562
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 04/22/28 §		4,710,000		4,733,131
LifePoint Health Inc Term B 3.846% (USD LIBOR + 3.750%) due 11/16/25 §		4,230,152		4,227,026
MPH Acquisition Holdings LLC Term B 4.000% (USD LIBOR + 3.000%) due 06/07/23 §		4,944,162		4,935,579
Option Care Health Inc 3.846% (USD LIBOR + 3.750%) due 08/06/26 §		2,098,050		2,100,673
PAREXEL International Corp Term B 2.896% (USD LIBOR + 2.750%) due 09/27/24 §		2,340,000		2,329,030
Phoenix Guarantor Inc
Term B 3.351% (USD LIBOR + 3.250%) due 03/05/26 §		3,149,605		3,131,888
3.583% (USD LIBOR + 3.500%) due 03/05/26 §		1,286,775		1,279,422
PPD Inc Term B 2.750% (USD LIBOR + 2.250%) due 01/13/28 §		5,286,750		5,286,422
Prime Security Services Borrower LLC Term B1 3.500% (USD LIBOR + 2.750%) due 09/23/26 §		4,806,850		4,807,349
Reynolds Consumer Products LLC Term B 1.851% (USD LIBOR + 1.750%) due 02/04/27 §		4,527,464		4,497,397
Sotera Health Holdings LLC 3.250% (USD LIBOR + 2.750%) due 12/13/26 §		5,850,000		5,837,200
Trans Union LLC Term B5 1.832% (USD LIBOR + 1.750%) due 11/15/26 §		3,507,197		3,488,017

	Principal Amount		Value
Triton Water Holdings Inc Term B 4.000% (USD LIBOR + 3.500%) due 03/31/28 §		$3,180,000		$3,181,704
US Foods Inc
Term B 1.846% (USD LIBOR + 1.750%) due 06/27/23 §		1,062,149		1,053,699
2.112% (USD LIBOR + 2.000%) due 09/13/26 §		973,001		960,027
Verscend Holding Corp Term B 4.100% (USD LIBOR + 4.000%) due 08/27/25 §		2,960,000		2,972,334
				99,277,532
Diversified - 0.0%
First Eagle Holdings Inc Term B 2.601% (USD LIBOR + 2.500%) due 02/02/27 §		2,100,202		2,075,426
Financial - 0.7%
AmWINS Group Inc Term B 3.000% (USD LIBOR + 2.250%) due 02/19/28 §		1,751,200		1,742,344
Asurion LLC
Term B6 3.101% (USD LIBOR + 3.000%) due 11/03/23 §		1,003,022		998,869
Term B7 3.101% (USD LIBOR + 3.000%) due 11/03/24 §		1,981,385		1,963,430
Term B8 3.341% (USD LIBOR + 3.250%) due 12/23/26 §		4,202,202		4,159,196
Term B9 3.351% (USD LIBOR + 3.250%) due 08/03/27 §		1,486,275		1,471,103
Citadel Securities LP Term B 2.601% (USD LIBOR + 2.500%) due 02/02/28 §		1,118,700		1,108,632
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		3,831,300		3,853,970
FinCo I LLC Term B 2.596% (USD LIBOR + 2.500%) due 06/27/25 §		1,637,699		1,635,141
FleetCor Technologies Operating Co LLC Term B 1.851% (USD LIBOR + 1.750%) due 04/30/28 §		1,710,000		1,708,664
Focus Financial Partners LLC Term B3 2.096% (USD LIBOR + 2.000%) due 07/03/24 §		1,052,726		1,043,679
Hudson River Trading LLC Term B 3.104% (USD LIBOR + 3.000%) due 03/18/28 §		1,755,600		1,751,576
Jane Street Group LLC Term B 2.846% (USD LIBOR + 2.750%) due 01/26/28 §		2,174,539		2,168,831
The Edelman Financial Engines Center LLC Term B 4.500% (USD LIBOR + 3.750%) due 04/07/28 §		1,642,200		1,645,621
VFH Parent LLC 3.101% (USD LIBOR + 3.000%) due 03/01/26 §		1,757,665		1,753,088
VICI Properties 1 LLC Term B 1.845% (USD LIBOR + 1.750%) due 12/22/24 §		4,170,000		4,140,026

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-16

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Zebra Buyer LLC Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		$2,330,000		$2,340,436
				33,484,606
Industrial - 0.3%
AECOM Term B 1.823% (USD LIBOR + 1.750%) due 04/13/28 §		560,000		560,280
Atlantic Aviation FBO Inc Term B 3.878% (USD LIBOR + 3.750%) due 12/06/25 §		487,500		487,927
Berry Global Inc Term Z 2.250% (USD LIBOR + 1.750%) due 07/01/26 §		2,654,004		2,637,416
Brookfield WEC Holdings Inc 3.250% (USD LIBOR + 2.750%) due 08/01/25 §		66,490		65,938
Genesee & Wyoming Inc 2.101% (USD LIBOR + 2.000%) due 12/30/26 §		5,412,296		5,383,546
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		98,222		98,418
Pactiv Evergreen Group Holdings Inc Term B1 2.851% (USD LIBOR + 2.750%) due 02/05/23 §		1,035,000		1,034,209
Quikrete Holdings Inc Term B1 3.100%(USD LIBOR + 3.000%) due 06/11/28 §		1,900,000		1,887,412
TransDigm Inc Term F 2.351% (USD LIBOR + 2.250%) due 12/09/25 §		228,838		225,708
XPO Logistics Inc Term B 1.851% (USD LIBOR + 1.750%) due 02/23/25 §		2,170,000		2,162,726
				14,543,580
Technology - 0.7%
Athenahealth Inc Term B1 4.351% (USD LIBOR + 4.250%) due 02/11/26 §		5,019,695		5,052,635
DCert Buyer Inc 4.188% (USD LIBOR + 4.000%) due 10/16/26 §		5,377,447		5,390,891
Dell International LLC Term B2 2.000% (USD LIBOR + 1.750%) due 09/19/25 §		2,467,864		2,470,332
MA Finance Co LLC Term B3 2.638% (USD LIBOR + 2.500%) due 06/21/24 §		67,558		66,924
Magenta Buyer LLC 5.750% (USD LIBOR + 5.000%) due 05/03/28 §		6,190,000		6,196,629
Peraton Corp Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		4,548,600		4,570,279
Rackspace Technology Global Inc Term B 3.500% (USD LIBOR + 2.750%) due 02/09/28 §		2,533,650		2,523,753
RealPage Inc Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		4,090,000		4,083,354
Seattle Spinco Inc Term B 2.638% (USD LIBOR + 2.500%) due 06/21/24 §		456,233		451,956

	Principal Amount		Value
Western Digital Corp Term B4 1.831% (USD LIBOR + 1.750%) due 04/29/23 §		$728,124		$729,099
				31,535,852
Total Senior Loan Notes (Cost $284,750,132)				284,544,463
MORTGAGE-BACKED SECURITIES - 24.8%
Collateralized Mortgage Obligations - Commercial - 3.7%
Bank 2019-BN17 (IO) 1.183% due 04/15/52 §		36,694,922		2,517,099
Bank of America Merrill Lynch Large Commercial Mortgage Securities Trust 2.823% (USD LIBOR + 2.750%) due 11/15/30 § ~		13,710,000		13,933,404
BBCCRE Trust 4.715% due 08/10/33 § ~		9,930,000		9,678,931
BENCHMARK Mortgage Trust 3.717% due 03/15/62		10,720,000		12,108,737
4.510% due 05/15/53 §		8,220,000		9,680,448
BHMS 1.323% (USD LIBOR + 1.250%) due 07/15/35 § ~		7,000,000		7,015,340
BX Commercial Mortgage Trust 3.073% (USD LIBOR + 3.000%) due 11/15/35 § ~		8,673,000		8,709,048
CD Mortgage Trust (IO) 1.439% due 05/10/50 §		31,314,713		1,629,937
Citigroup Commercial Mortgage Trust 4.175% due 07/10/47 §		1,970,000		2,112,772
Commercial Mortgage Trust 4.300% due 10/10/46		510,000		537,362
4.762% due 10/10/46 §		450,000		476,368
4.992% due 08/15/45 § ~		2,390,000		1,962,275
5.241% due 10/10/46 §		220,000		220,645
Commercial Mortgage Trust (IO) 1.997% due 10/15/45 §		24,472,910		361,054
Credit Suisse Mortgage Capital Certificates 2.723% (USD LIBOR + 2.650%) due 05/15/36 § ~		10,860,000		10,906,497
Credit Suisse Mortgage Trust 3.953% due 09/15/37 ~		6,800,000		7,336,796
4.024% (USD LIBOR + 3.024%) due 12/15/21 § ~		18,930,000		18,615,442
4.373% due 09/15/37 ~		1,700,000		1,536,038
5.673% (USD LIBOR + 5.350%) due 07/15/32 § ~		7,500,000		6,192,682
Fannie Mae 2.232% due 02/25/27		2,419,116		2,550,696
2.560% due 09/25/29		1,089,434		1,172,907
2.720% due 10/25/31 §		399,724		437,397
3.225% due 04/25/28 §		97,952		108,787
Fannie Mae (IO) 0.703% due 06/25/29 §		9,920,952		378,365
Fannie Mae - Aces 2.500% due 10/25/37		470,836		484,861
3.061% due 05/25/27 §		600,000		659,170
Fannie Mae - Aces (IO) 0.500% due 07/25/22 §		8,431,886		17,622
Freddie Mac (IO) 0.578% due 02/25/36 §		4,998,985		269,803
0.658% due 12/25/27 §		5,999,243		202,604
0.707% due 12/25/35 §		30,975,284		2,091,572
0.869% due 03/25/28 §		5,999,820		252,723
1.666% due 08/27/28 §		4,000,000		421,592

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-17

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) 0.751% due 10/25/26 §		$16,056,856		$476,789
0.948% due 10/25/29 §		2,493,026		155,469
1.016% due 06/25/29 §		7,261,350		457,805
1.283% due 06/25/29 §		4,850,000		414,869
1.341% due 06/25/27 §		1,574,891		79,225
1.437% due 07/25/26 §		5,356,451		296,722
1.650% due 10/25/21 §		631,459		25
FREMF Mortgage Trust (IO) 0.200% due 05/25/45 ~		51,754,218		63,668
GMAC Commercial Mortgage Securities Inc Trust 5.349% due 11/10/45 §		3,389		3,298
Government National Mortgage Association 0.805% due 01/16/61 §		12,821,389		1,002,221
2.756% due 11/16/47 §		1,335,350		1,395,388
Government National Mortgage Association (IO) 0.133% due 10/16/48 §		13,813,957		106,877
0.395% due 11/16/47 §		22,860,291		381,490
0.409% due 01/16/53 §		36,188,999		519,124
0.498% due 11/16/55 §		16,566,155		501,839
0.557% due 08/16/58 §		2,534,147		108,123
0.585% due 12/16/59 §		3,731,582		195,656
0.590% due 02/16/59 §		2,487,330		118,799
0.635% due 04/16/57 §		2,899,596		129,165
0.683% due 07/16/58 §		2,708,048		123,611
0.838% due 05/16/63 §		4,985,946		396,682
0.870% due 05/16/60 §		1,952,987		148,699
0.896% due 10/16/62 §		2,991,731		244,789
0.914% due 11/16/60 §		5,938,230		490,775
0.989% due 05/16/63 §		4,358,140		386,581
1.415% due 10/16/60 §		32,730,013		3,268,910
GS Mortgage Securities Corp II 1.623% (USD LIBOR + 1.300%) due 09/15/31 § ~		8,570,000		7,964,325
GS Mortgage Securities Corp Trust 1.223% (USD LIBOR + 1.150%) due 05/15/26 § ~		2,360,000		2,365,089
GS Mortgage Securities Trust 3.777% due 05/10/50 §		3,880,000		4,182,082
4.165% due 05/10/50 §		550,000		595,487
5.161% due 11/10/46 §		1,070,000		1,145,935
5.622% due 11/10/39		1,117,105		378,220
JP Morgan Chase Commercial Mortgage Securities Trust 6.101% due 02/12/49 §		68,137		77,696
6.715% due 02/15/51 §		18,635		17,195
JPMBB Commercial Mortgage Securities Trust 4.773% due 08/15/48 §		2,470,000		2,716,913
5.048% due 01/15/47 §		510,000		544,701
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		433,292		215,451
5.450% due 08/12/48 § ~		54,709		27,203
6.193% due 09/12/49 §		76,414		75,301
Morgan Stanley Capital I Trust 5.438% due 03/15/44		9,433		9,430
Shops at Crystals Trust 3.126% due 07/05/36 ~		15,000,000		15,787,812
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 § ~		1,627,887		1,658,482
WFRBS Commercial Mortgage Trust 4.204% due 11/15/47 §		3,830,000		3,894,932
4.723% due 03/15/47 §		340,000		361,977
WFRBS Commercial Mortgage Trust (IO) 1.176% due 03/15/47 §		8,814,220		170,944
1.451% due 06/15/45 § ~		2,482,553		13,216
				178,247,964

	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 5.7%
Adjustable Rate Mortgage Trust 0.592% (USD LIBOR + 0.500%) due 03/25/36 §		$389,642		$192,675
2.591% due 10/25/35 §		2,042,535		1,903,302
Alternative Loan Trust 6.000% due 03/25/27		13,552		13,586
6.000% due 05/25/36		2,652,841		1,794,647
6.500% due 09/25/36		1,204,149		953,909
16.739% (16.940% - USD LIBOR) due 06/25/35 §		2,786,303		3,083,916
28.234% (28.600% - USD LIBOR) due 07/25/36 §		852,338		1,289,990
BCAP LLC Trust 0.492% due 03/28/37 § ~		3,783,846		3,765,055
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.272% (USD LIBOR + 0.180%) due 08/25/47 § ~		210,256		189,294
Citigroup Mortgage Loan Trust 3.096% due 04/25/37 §		376,748		365,987
6.500% due 10/25/36 § ~		1,459,236		1,106,769
Connecticut Avenue Securities Trust 2.142% (USD LIBOR + 2.050%) due 01/25/40 § ~		3,371,458		3,388,885
2.192% (USD LIBOR + 2.100%) due 10/25/39 § ~		4,866,321		4,890,878
Countrywide Home Loan Mortgage Pass-Through Trust 5.500% due 07/25/35		717,572		584,386
5.750% due 02/25/37		3,510,920		2,490,198
Credit Suisse Mortgage Trust 1.836% (USD LIBOR + 1.750%) due 07/25/47 § ~		5,000,598		5,045,518
2.000% due 01/25/60 § ~		1,994,908		2,034,604
2.823% due 01/27/36 § ~		11,525,138		11,523,286
3.500% due 02/25/48 § ~		12,177,062		12,489,301
Fannie Mae 0.442% (USD LIBOR + 0.350%) due 05/25/34 §		260,341		262,160
2.000% due 07/25/50		1,530,277		1,415,179
4.000% due 04/25/40 - 07/25/40		7,948,287		8,263,593
5.500% due 04/25/42		2,012,023		2,309,387
6.000% due 05/25/42		675,271		793,796
6.500% due 06/25/39 - 07/25/42		1,514,492		1,805,616
7.000% due 05/25/42		284,575		349,555
Fannie Mae (IO) 0.157% due 12/25/36 §		998,175		76,983
1.532% due 08/25/55 §		720,935		30,834
1.648% due 10/25/35 §		202,980		11,435
1.817% due 08/25/44 §		1,896,462		108,591
1.850% due 03/25/36		141,225		9,372
2.500% due 08/25/50 - 02/25/51		6,462,643		957,280
2.549% due 07/25/36 §		245,468		20,337
3.000% due 11/25/26 - 09/25/32		3,996,241		215,536
3.500% due 07/25/28 - 11/25/41		1,666,084		138,538
4.000% due 11/25/41		1,599,345		236,415
4.500% due 11/25/39		206,706		37,954
5.000% due 01/25/38 - 01/25/39		574,044		102,136
5.000% due 01/25/39 §		153,050		23,754
5.500% due 01/25/39 §		135,482		22,171
6.000% due 01/25/38 - 07/25/38		602,130		120,917
6.059% (6.150% - USD LIBOR ) due 09/25/41 - 08/25/45 §		6,558,109		1,212,842
6.389% (6.480% - USD LIBOR ) due 04/25/40 §		365,069		73,995
6.509% (6.600% - USD LIBOR) due 07/25/42 §		243,891		44,677
6.559% (6.650%-USD LIBOR) due 02/25/41 - 03/25/42 §		1,045,055		165,053

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-18

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Fannie Mae (PO) due 03/25/42		$126,835		$120,676
Fannie Mae Connecticut Avenue Securities 5.092% (USD LIBOR + 5.000%) due 11/25/24 §		1,344,913		1,381,527
5.342% (USD LIBOR + 5.250%) due 10/25/23 §		1,093,444		1,144,683
Flagstar Mortgage Trust 3.500% due 04/25/48 § ~		954,599		959,540
Freddie Mac 1.073% (USD LIBOR + 1.000%) due 02/15/32 §		42,401		43,388
1.818% (SOFR + 1.800%) due 01/25/51 § ~		2,940,000		2,958,657
1.942% (USD LIBOR + 1.850%) due 02/25/50 § ~		4,520,000		4,561,910
2.392% (USD LIBOR + 2.300%) due 01/25/50 § ~		2,570,000		2,573,101
3.000% due 08/15/48		604,810		627,376
3.500% due 10/15/37		2,700,000		2,760,350
3.842% (USD LIBOR + 3.750%) due 08/25/50 § ~		4,049,334		4,095,643
4.000% due 12/15/39		1,617,350		1,666,705
5.000% due 02/15/30 - 03/15/35		6,463,440		7,326,435
6.000% due 05/15/36		1,280,527		1,510,801
Freddie Mac (IO) 0.250% due 01/15/38 §		74,827		529
1.930% due 04/15/41 §		857,489		49,052
2.000% due 10/25/50		2,409,817		314,597
2.500% due 09/25/50 - 01/25/51		9,400,362		1,452,021
3.000% due 12/15/31		505,958		32,326
3.500% due 06/15/27 - 04/15/43		2,033,219		144,007
4.000% due 04/15/43		206,900		9,144
5.877% (5.950% - USD LIBOR) due 10/15/41 §		798,031		127,122
5.927% (6.000% - USD LIBOR) due 05/15/44 §		3,759,638		703,067
5.957% (6.030% - USD LIBOR) due 09/15/37 §		917,254		176,803
5.977% (6.050% - USD LIBOR) due 08/15/39 §		844,775		159,119
6.127% (6.200% - USD LIBOR) due 05/15/39 §		198,720		5,503
6.157% (6.230% - USD LIBOR) due 01/15/40 §		162,695		32,193
6.177% (6.250% - USD LIBOR) due 09/15/42 §		591,365		82,385
6.217% (6.290% - USD LIBOR) due 11/15/36 §		315,757		61,478
Freddie Mac Structured Agency Credit Risk Debt Notes 3.342% (USD LIBOR + 3.250%) due 07/25/29 §		11,932,800		12,374,492
4.592% (USD LIBOR + 4.500%) due 02/25/24 §		2,937,228		3,022,816
5.042% (USD LIBOR + 4.950%) due 07/25/29 §		4,410,000		4,724,304
9.442% (USD LIBOR + 9.350%) due 04/25/28 §		2,838,825		3,340,697
Government National Mortgage Association 0.407% (USD LIBOR + 0.300%) due 02/20/68 - 07/20/68 §		4,925,331		4,931,290
0.457% (USD LIBOR + 0.350%) due 08/20/58 §		9,563,740		9,582,432
0.493% (USD LIBOR + 0.400%) due 08/20/70 §		258,934		260,130
0.543% (USD LIBOR + 0.450%) due 07/20/70 §		15,283,019		15,489,003
0.593% (USD LIBOR + 0.500%) due 07/20/70 §		1,042,677		1,058,637

	Principal Amount		Value
0.607% (USD LIBOR + 0.500%) due 03/20/61 §		$1,192,918		$1,198,932
1.090% (USD LIBOR + 1.000%) due 05/20/60 §		296,048		300,641
1.243% (USD LIBOR + 1.150%) due 05/20/70 §		3,122,279		3,291,666
2.500% due 02/20/51		2,976,497		580,720
2.750% due 03/20/48		836,997		889,821
3.000% due 07/20/49 - 10/20/49		4,734,476		4,901,971
4.500% due 10/20/39		1,384,037		1,423,219
5.000% due 07/20/39		638,976		658,179
Government National Mortgage Association (IO) 1.405% due 11/20/42 §		177,685		8,034
2.000% due 12/20/50		9,250,489		1,029,004
2.500% due 08/20/50 - 10/20/50		13,142,000		1,801,920
3.500% due 04/20/27 - 04/20/50		5,103,677		672,545
4.000% due 04/16/45		911,066		139,977
5.000% due 10/20/44		4,479,902		827,475
5.507% (5.600% - USD LIBOR) due 08/20/44 §		983,335		178,384
6.025% (6.100% - USD LIBOR) due 08/16/42 §		606,316		130,531
6.075% (6.150% - USD LIBOR) due 06/16/43 §		808,344		94,376
6.125% (6.200% - USD LIBOR) due 10/16/42 §		825,640		188,203
6.387% (6.480% - USD LIBOR) due 04/20/40 §		89,995		19,243
6.457% (6.550% - USD LIBOR) due 06/20/40 §		1,667,162		424,209
6.525% (6.600% - USD LIBOR) due 04/16/42 §		1,629,392		400,351
6.557% (6.650% - USD LIBOR) due 01/20/40 §		68,111		4,721
GSMSC Resecuritization Trust 0.702% (USD LIBOR + 0.610%) due 11/26/37 § ~		13,880,000		12,463,949
Impac CMB Trust 0.612% (USD LIBOR + 0.520%) due 11/25/35 §		1,573,963		1,488,230
IndyMac INDX Mortgage Loan Trust 0.612% (USD LIBOR + 0.520%) due 06/25/35 §		1,065,857		979,739
JP Morgan Mortgage Trust 2.979% due 08/25/35 §		381,449		386,594
3.500% due 09/25/48 § ~		1,612,337		1,642,317
3.500% due 10/25/48 § ~		3,505,133		3,553,410
Lehman Mortgage Trust 0.842% (USD LIBOR + 0.750%) due 12/25/35 §		3,268,008		1,881,933
6.000% due 05/25/37		521,935		525,462
MASTR Reperforming Loan Trust 7.000% due 08/25/34 ~		1,084,832		938,456
Merrill Lynch Mortgage Investors Trust 2.974% due 06/25/35 §		666,157		679,388
Morgan Stanley Mortgage Loan Trust 2.349% due 07/25/35 §		695,918		651,007
2.574% due 07/25/34 §		158,509		163,785
Morgan Stanley Resecuritization Trust 0.838% (US FED + 0.710%) due 12/27/46 § ~		25,403,840		22,855,946
0.897% (US FED + 0.770%) due 04/26/47 § ~		4,379,000		4,396,956
NAAC Reperforming Loan REMIC Trust Certificates 6.500% due 02/25/35 ~		1,364,797		1,369,756
New Residential Mortgage Loan Trust 4.000% due 05/25/57 § ~		3,105,975		3,315,520
4.250% due 12/25/57 § ~		5,734,650		6,050,203

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-19

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Nomura Resecuritization Trust 1.128% (US FED + 1.000%) due 08/26/46 § ~		$4,806,541		$4,469,249
PMT Credit Risk Transfer Trust 2.846% (USD LIBOR + 2.750%) due 05/27/23 § ~		5,644,643		5,595,561
RAAC Trust 6.000% due 09/25/34		9,597		9,537
Radnor RE Ltd (Bermuda) 2.710% (SOFR + 2.700%) due 12/27/33 § ~		2,390,000		2,397,402
Residential Asset Securitization Trust 0.592% (USD LIBOR + 0.500%) due 07/25/36 §		378,418		300,557
6.000% due 08/25/36		758,856		622,885
Structured Adjustable Rate Mortgage Loan Trust 2.850% due 08/25/36 §		3,332,413		2,677,342
3.146% due 05/25/36 §		1,433,162		1,197,854
WaMu Mortgage Pass-Through Certificates Trust 2.514% due 10/25/36 §		544,878		531,188
2.746% due 09/25/33 §		80,725		82,231
3.233% due 07/25/37 §		1,980,794		1,999,688
Washington Mutual Mortgage Pass-Through Certificates Trust 0.816% (US FED + 0.700%) due 01/25/47 §		3,940,450		3,507,822
6.000% due 07/25/36		445,957		389,937
				272,066,257
Fannie Mae - 8.7%
due 07/01/36 - 08/01/51 #		59,400,000		60,852,995
1.500% due 12/01/35 - 03/01/36		959,436		972,618
2.000% due 08/01/50 - 04/01/51		45,060,163		45,582,129
2.260% due 04/01/30		586,127		619,304
2.500% due 03/01/38 - 06/01/51		42,124,811		43,895,339
2.810% due 04/01/25		130,000		139,410
3.000% due 07/01/35 - 09/01/50		82,491,625		87,355,051
3.040% due 06/01/29		1,000,000		1,111,871
3.160% due 05/01/29		1,012,067		1,129,388
3.500% due 12/01/34 - 05/01/51		57,909,282		62,069,153
4.000% due 10/01/42 - 06/01/57		40,206,259		44,003,308
4.500% due 04/01/23 - 08/01/58		38,077,811		41,917,304
5.000% due 07/01/33 - 03/01/50		17,066,194		18,983,760
5.500% due 04/01/37 - 11/01/38		873,139		1,013,520
6.000% due 04/01/33 - 07/01/41		1,168,948		1,385,697
6.500% due 05/01/40		1,261,901		1,462,611
7.000% due 02/01/39		612,376		722,065
				413,215,523
Freddie Mac - 3.3%
1.500% due 03/01/51		5,222,737		5,063,700
2.000% due 11/01/50 - 06/01/51		30,655,702		31,022,972
2.077% (UST + 1.284%) due 03/01/47 §		1,080,916		1,121,056
2.500% due 04/01/41 - 03/01/51		11,700,982		12,194,560
3.000% due 09/01/32 - 07/01/50		34,564,402		36,744,938
3.500% due 04/01/33 - 05/01/50		14,934,882		16,031,229
4.000% due 10/01/42 - 03/01/50		24,490,372		26,579,966
4.500% due 07/01/23 - 03/01/50		10,867,826		12,020,013
5.000% due 12/01/35 - 03/01/50		9,992,855		11,127,355
5.500% due 08/01/37 - 12/01/38		847,419		984,778
6.000% due 10/01/36 - 11/01/39		2,306,481		2,735,592
6.500% due 09/01/39		390,068		447,511
7.000% due 03/01/39		187,572		219,688
				156,293,358

	Principal Amount		Value
Government National Mortgage Association - 3.4%
due 07/01/51 #		$28,800,000		$29,948,288
0.728% (USD LIBOR + 0.623%) due 08/20/60 §		538,393		550,636
2.000% due 12/20/50 - 03/20/51		9,288,692		9,473,892
2.500% due 12/20/50 - 03/20/51		2,957,490		3,077,319
3.000% due 09/15/42 - 09/20/50		16,797,692		17,665,971
3.500% due 06/20/44 - 11/20/50		31,358,222		33,193,448
4.000% due 02/20/33 - 04/20/50		29,286,231		31,380,773
4.500% due 01/20/40 - 01/20/49		20,777,566		22,476,135
5.000% due 01/15/40 - 01/20/49		8,224,644		9,227,437
5.500% due 06/15/36		238,297		279,110
6.000% due 06/20/35 - 03/20/42		2,922,945		3,371,482
6.500% due 10/20/37		381,689		452,452
				161,096,943
Total Mortgage-Backed Securities (Cost $1,153,963,830)				1,180,920,045
ASSET-BACKED SECURITIES - 3.1%
Accredited Mortgage Loan Trust 0.362% (USD LIBOR + 0.270%) due 09/25/36 §		2,430,000		2,305,959
ACRES Commercial Realty Ltd 1.273% (USD LIBOR + 1.200%) due 06/15/36 § ~		2,380,000		2,385,055
Applebee’s Funding LLC 4.194% due 06/07/49 ~		2,481,250		2,554,235
Asset-Backed Pass-Through Certificates 0.782% (USD LIBOR + 0.690%) due 04/25/34 §		30,825		30,850
Avis Budget Rental Car Funding AESOP LLC 3.340% due 08/20/26 ~		5,000,000		5,087,940
3.350% due 09/22/25 ~		6,570,000		7,054,614
Citigroup Mortgage Loan Trust 0.162% (USD LIBOR + 0.070%) due 05/25/37 §		175,022		138,611
College Ave Student Loans LLC 3.280% due 12/28/48 ~		1,865,072		1,928,586
Credit Suisse European Mortgage Capital Ltd (Ireland) 3.086% (USD LIBOR + 2.900%) due 08/09/24 § ~		4,161,300		4,014,731
3.980% due 08/13/24 ±		4,347,940		4,150,308
Credit Suisse Mortgage Trust 3.015% due 07/25/57 § ~		9,880,000		10,612,711
Credit-Based Asset Servicing & Securitization LLC 0.872% (USD LIBOR + 0.780%) due 07/25/33 §		644,577		634,506
ECMC Group Student Loan Trust 1.442% (USD LIBOR + 1.350%) due 07/26/66 § ~		4,294,803		4,408,279
Fannie Mae Grantor Trust 2.898% due 06/25/27		537,882		585,843
First Franklin Mortgage Loan Trust 0.212% (USD LIBOR + 0.120%) due 11/25/36 §		9,451,696		9,047,161
FNA VI LLC 1.350% due 01/10/32 ~		3,436,477		3,436,310
Ford Credit Floorplan Master 4.060% due 11/15/30		5,020,000		5,790,758
Foundation Finance Trust 1.270% due 05/15/41 ~		3,916,396		3,924,358
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		500,000		526,377

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-20

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Hildene Community Funding CDO Ltd (Cayman) 3.250% due 11/01/35 ~		$4,880,000		$4,834,307
Home Equity Asset Trust 1.037% (USD LIBOR + 0.945%) due 12/25/35 §		2,370,000		2,351,807
InStar Leasing III LLC 2.300% due 02/15/54 ~		3,654,100		3,678,039
Legacy Mortgage Asset Trust 3.200% due 05/25/59 § ~		8,206,521		8,245,959
National Collegiate Student Loan Trust 0.452% (USD LIBOR + 0.360%) due 01/26/32 §		1,200,000		985,614
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		4,384,935		4,454,226
Origen Manufactured Housing Contract Trust 2.238% due 10/15/37 §		4,159,315		4,057,982
2.757% due 04/15/37 §		2,931,235		2,824,277
RAMP Trust 0.362% (USD LIBOR + 0.270%) due 10/25/36 §		1,171,792		1,172,280
RASC Trust 0.312% (USD LIBOR + 0.220%) due 01/25/37 §		6,360,000		6,091,011
Saxon Asset Securities Trust 0.332% (USD LIBOR + 0.240%) due 10/25/46 §		8,780,000		7,875,164
SBA Small Business Investment Cos 3.548% due 09/10/28		896,881		970,890
SLC Student Loan Trust 0.269% (USD LIBOR + 0.150%) due 12/15/39 §		4,300,000		4,214,925
SLM Student Loan Trust 0.346% (USD LIBOR + 0.170%) due 01/25/40 §		3,000,000		2,924,177
0.869% (USD LIBOR + 0.750%) due 03/15/33 § ~		2,438,753		2,402,493
SMB Private Education Loan Trust 1.390% due 01/15/53 ~		2,370,000		2,365,506
1.590% due 01/15/53 ~		8,800,000		8,793,920
2.990% due 01/15/53 ~		2,200,000		2,236,093
Sofi Professional Loan Program Trust 3.340% due 08/25/47 ~		2,689,413		2,758,618
Structured Asset Investment Loan Trust 1.092% (USD LIBOR + 1.000%) due 10/25/33 §		693,794		694,361
Sunrun Vulcan Issuer LLC 2.460% due 01/30/52 ~		2,140,000		2,166,245
Thrust Engine Leasing Thrst 4.163% due 07/15/40 ~		2,400,000		2,405,458
United States Small Business Administration
2.690% due 07/01/44		1,528,317		1,646,430
2.980% due 04/01/39		810,311		879,591
Total Asset-Backed Securities (Cost $144,306,907)				149,646,565
U.S. GOVERNMENT AGENCY ISSUE - 0.5%
Fannie Mae 6.625% due 11/15/30		15,850,000		22,949,123
Total U.S. Government Agency Issue (Cost $19,899,489)				22,949,123

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 15.9%
U.S. Treasury Bonds - 8.4%
1.125% due 08/15/40		$24,350,000		$20,956,219
1.250% due 05/15/50		122,320,000		99,915,372
1.375% due 08/15/50		111,940,000		94,401,275
1.625% due 11/15/50		77,750,000		69,853,516
1.875% due 02/15/51		67,140,000		64,097,719
2.000% due 02/15/50		18,130,000		17,816,974
2.375% due 05/15/51		23,780,000		25,394,439
3.625% due 02/15/44		4,510,000		5,830,760
				398,266,274
U.S. Treasury Inflation Protected Securities - 0.8%
0.750% due 02/15/42 ^		5,989,893		7,306,520
1.375% due 02/15/44 ^ ‡		8,167,772		11,287,950
2.125% due 02/15/40 ^		13,451,655		20,076,521
				38,670,991
U.S. Treasury Notes - 6.7%
0.125% due 07/15/23		190,000		189,540
0.125% due 10/15/23		190,000		189,221
0.250% due 11/15/23		420,000		419,377
0.250% due 06/30/25		23,470,000		23,058,358
0.250% due 08/31/25		290,000		284,234
0.250% due 09/30/25		1,090,000		1,067,263
0.250% due 10/31/25		2,250,000		2,200,254
0.375% due 04/30/25		270,000		267,152
0.375% due 11/30/25		5,000,000		4,910,742
0.375% due 01/31/26		1,340,000		1,313,357
0.625% due 12/31/27		1,380,000		1,334,449
0.625% due 05/15/30		5,950,000		5,562,553
0.750% due 03/31/26		6,940,000		6,909,909
0.750% due 04/30/26		47,390,000		47,154,901
0.750% due 05/31/26		100,000		99,438
0.875% due 06/30/26		270,000		269,884
1.250% due 03/31/28		1,980,000		1,988,121
1.250% due 04/30/28		100,950,000		101,281,242
1.250% due 05/31/28		35,260,000		35,353,659
1.250% due 06/30/28		35,080,000		35,137,553
1.625% due 05/15/31		50,210,000		50,986,686
				319,977,893
Total U.S. Treasury Obligations (Cost $784,749,079)				756,915,158
FOREIGN GOVERNMENT BONDS & NOTES - 8.8%
Abu Dhabi Government (United Arab Emirates)
2.500% due 10/11/22 ~		3,650,000		3,753,952
3.125% due 09/30/49 ~		11,470,000		11,732,089
Argentine Bonos del Tesoro (Argentina) 16.000% due 10/17/23 W		ARS 20,030,000		72,433
Argentine Republic Government (Argentina)
0.125% due 07/09/30 §		$5,494,820		1,982,036
0.125% due 07/09/35 §		2,585,277		824,729
1.000% due 07/09/29		522,501		199,167
2.500% due 07/09/41 §		9,140,000		3,276,690
Brazil Notas do Tesouro Nacional Serie F (Brazil)
10.000% due 01/01/23		BRL 51,120,000		10,161,256
10.000% due 01/01/25		32,472,000		6,570,999
10.000% due 01/01/27		27,809,000		5,656,340
Brazilian Government (Brazil)
2.625% due 01/05/23		$660,000		681,047
4.625% due 01/13/28		2,620,000		2,835,927
5.000% due 01/27/45		4,870,000		4,941,954
5.625% due 01/07/41		3,690,000		4,024,425
5.625% due 02/21/47		7,120,000		7,776,998

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-21

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
China Government (China)
3.310% due 11/30/25 ~		CNY 109,500,000		$17,454,383
3.380% due 11/21/24 ~		17,000,000		2,699,894
3.390% due 05/21/25 ~		20,500,000		3,265,146
Colombia Government (Colombia)
3.250% due 04/22/32		$2,720,000		2,670,931
4.125% due 02/22/42		2,740,000		2,675,610
5.625% due 02/26/44		3,880,000		4,406,904
Egypt Government (Egypt) 5.577% due 02/21/23 ~		2,250,000		2,368,181
Indonesia Government (Indonesia)
3.500% due 01/11/28		530,000		579,821
3.750% due 04/25/22 ~		1,490,000		1,530,833
3.850% due 07/18/27 ~		1,190,000		1,328,255
4.350% due 01/11/48		2,260,000		2,571,941
4.750% due 02/11/29		5,300,000		6,236,816
4.750% due 07/18/47 ~		400,000		477,637
5.125% due 01/15/45 ~		2,540,000		3,150,843
5.250% due 01/08/47 ~		1,590,000		2,027,556
5.375% due 10/17/23 ~		400,000		444,814
5.875% due 01/15/24 ~		973,000		1,100,152
Indonesia Treasury (Indonesia)
6.500% due 02/15/31		IDR 437,967,000,000		30,017,352
7.000% due 05/15/27		236,437,000,000		17,310,450
Israel Government International (Israel) 2.750% due 07/03/30		$1,680,000		1,795,398
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 1,909,771,512		17,560,031
Kenya Government (Kenya)
6.300% due 01/23/34 ~		$3,210,000		3,216,019
6.875% due 06/24/24 ~		990,000		1,091,267
7.250% due 02/28/28 ~		1,210,000		1,339,893
Kuwait International Government Bond (Kuwait) 3.500% due 03/20/27 ~		3,530,000		3,943,328
Mexican Bonos (Mexico)
7.750% due 11/23/34		MXN 171,270,000		9,073,856
7.750% due 11/13/42		691,077,500		35,668,908
8.000% due 11/07/47		907,490,000		48,062,704
8.500% due 05/31/29		229,220,000		12,664,892
10.000% due 12/05/24		109,240,000		6,123,782
Mexico Government (Mexico)
4.600% due 02/10/48		$6,610,000		7,115,434
5.750% due 10/12/10		1,450,000		1,738,071
Nigeria Government (Nigeria)
6.500% due 11/28/27 ~		1,440,000		1,530,563
7.143% due 02/23/30 ~		1,110,000		1,174,527
Panama Government (Panama)
2.252% due 09/29/32		2,880,000		2,767,824
4.500% due 04/01/56		1,930,000		2,188,601
Peruvian Government (Peru)
2.783% due 01/23/31		3,650,000		3,727,599
5.625% due 11/18/50		2,350,000		3,241,566
Provincia de Buenos Aires (Argentina)
6.500% due 02/15/23 ~		2,060,000		916,721
7.875% due 06/15/27 ~		1,770,000		800,943
Qatar Government (Qatar)
4.000% due 03/14/29 ~		2,980,000		3,435,672
4.400% due 04/16/50 ~		1,990,000		2,426,745
4.817% due 03/14/49 ~		6,660,000		8,591,926
Republic of Poland Government (Poland) 4.000% due 01/22/24		4,710,000		5,130,047
Russian Federal (Russia)
6.900% due 05/23/29		RUB 1,033,350,000		14,078,855
7.000% due 01/25/23		198,150,000		2,724,376
7.000% due 08/16/23		234,570,000		3,226,496
7.050% due 01/19/28		656,291,000		9,040,885
7.250% due 05/10/34		41,210,000		571,586
7.650% due 04/10/30		1,343,710,000		19,130,204

	Principal Amount		Value
7.700% due 03/16/39		RUB 690,870,000		$10,000,680
8.150% due 02/03/27		458,179,000		6,625,760
State of Israel (Israel) 3.375% due 01/15/50		$990,000		1,059,874
Total Foreign Government Bonds & Notes (Cost $430,239,981)				418,592,594
SHORT-TERM INVESTMENTS - 2.7%
Mortgage-Backed Securities - 0.3%
MRA Issuance Trust 1.842% (USD LIBOR + 1.750%) due 10/08/21 § ~		7,000,000		7,006,163
1.842% (USD LIBOR + 1.750%) due 02/16/22 § ~		8,960,000		8,970,078
				15,976,241
Repurchase Agreement - 2.4%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $116,158,794; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $118,481,976)		116,158,794		116,158,794
U.S. Government Agency Issue - 0.0%
Federal Home Loan Bank 0.046% due 10/15/21		550,000		549,935
Total Short-Term Investments (Cost $132,668,721)				132,684,970
TOTAL INVESTMENTS - 99.5% (Cost $4,602,990,669)				4,748,242,462
DERIVATIVES - 0.9%				42,804,956
OTHER ASSETS & LIABILITIES, NET - (0.4%)				(17,436,910	)
NET ASSETS - 100.0%				$4,773,610,508

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	37.7%
Mortgage-Backed Securities	24.8%
U.S. Treasury Obligations	15.9%
Foreign Government Bonds & Notes	8.8%
Senior Loan Notes	6.0%
Asset-Backed Securities	3.1%
Others (each less than 3.0%)	3.2%
	99.5%
Derivatives	0.9%
Other Assets & Liabilities, Net	(0.4%	)
	100.0%

(b) As of June 30, 2021, an investment with a value of $3,316,826 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(c) An investment with a value of $72,433 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-22

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(d) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX		09/21		920		$71,197,152		$68,981,600		($2,215,552	)
Australia Treasury 10-Year Bonds		09/21		543		57,353,822		57,495,393		141,571
CAD FX		09/21		637		52,706,834		51,354,940		(1,351,894	)
CHF FX		09/21		51		7,133,753		6,897,113		(236,640	)
EUR FX		09/21		877		133,895,883		130,070,063		(3,825,820	)
Euro-Bobl		09/21		53		8,418,130		8,430,624		12,494
Euro-OAT		09/21		197		36,730,468		37,150,595		420,127
Eurodollar		03/22		7,830		1,952,426,943		1,953,585,000		1,158,057
Eurodollar		09/23		229		56,715,243		56,677,500		(37,743	)
Eurodollar		12/23		5,569		1,377,093,844		1,376,587,187		(506,657	)
GBP FX		09/21		340		30,043,170		29,335,625		(707,545	)
JPY FX		09/21		344		39,290,915		38,730,100		(560,815	)
Long Gilt		09/21		17		2,977,641		3,012,412		34,771
MXN FX		09/21		1,180		29,666,575		29,323,000		(343,575	)
RUB FX		09/21		136		4,640,827		4,591,700		(49,127	)
U.S. Treasury 5-Year Notes		09/21		10,273		1,270,456,885		1,267,993,185		(2,463,700	)
U.S. Treasury 30-Year Bonds		09/21		1,752		273,795,096		281,634,000		7,838,904
U.S. Treasury Ultra Long Bonds		09/21		2,246		413,611,179		432,776,125		19,164,946
										16,471,802
Short Futures Outstanding
Euro-Bund		09/21		1,420		288,090,652		290,634,708		(2,544,056	)
Euro-Buxl		09/21		127		29,834,502		30,605,966		(771,464	)
Eurodollar		09/21		1,541		384,745,939		384,710,650		35,289
Eurodollar		12/21		4,587		1,142,981,150		1,144,399,163		(1,418,013	)
Japan 10-Year Bonds		09/21		68		92,670,558		92,847,743		(177,185	)
U.S. Treasury 2-Year Notes		09/21		1,025		226,139,468		225,828,320		311,148
U.S. Treasury 10-Year Notes		09/21		4,251		560,866,734		563,257,500		(2,390,766	)
U.S. Treasury Ultra 10-Year Notes		09/21		780		112,287,366		114,818,437		(2,531,071	)
										(9,486,118	)
Total Futures Contracts										$6,985,684

(e) Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
AUD	1,576,634	USD	1,206,812		07/21		CIT		$-		($24,311	)
BRL	17,700,000	USD	3,160,037		07/21		CIT		392,067		-
BRL	48,585,838	USD	8,520,223		07/21		MSC		1,230,169		-
CAD	133,808,353	USD	106,884,567		07/21		CIT		1,058,997		-
EUR	5,835,000	USD	7,110,356		07/21		CIT		-		(189,044	)
GBP	14,402,011	USD	19,789,731		07/21		GSC		133,602		-
IDR	1,107,727,875,147	USD	75,453,162		07/21		JPM		497,161		-
INR	764,390,530	USD	10,277,520		07/21		CIT		-		(16,584	)
JPY	3,707,031,288	USD	33,733,405		07/21		MSC		-		(360,726	)
RUB	2,569,200,000	USD	32,863,045		07/21		CIT		2,168,855		-
RUB	2,161,645,764	USD	27,582,788		07/21		GSC		1,891,974		-
USD	13,213,519	BRL	67,830,280		07/21		GSC		-		(398,921	)
USD	6,846,483	CHF	6,375,000		07/21		JPM		-		(46,688	)
USD	26,118,639	CNH	172,194,963		07/21		JPM		-		(478,156	)
USD	113,348,047	EUR	94,969,433		07/21		BNP		697,991		-
USD	61,091,787	EUR	51,281,000		07/21		CIT		263,714		-
USD	20,458,803	GBP	14,513,292		07/21		MSC		381,526		-
USD	5,262,931	IDR	76,428,282,009		07/21		BOA		22,697		-
USD	25,990,262	IDR	373,015,033,638		07/21		JPM		414,836		-
USD	3,853,962	MXN	77,639,255		07/21		BOA		-		(32,709	)
USD	2,335,568	MXN	46,297,971		07/21		BOA		17,862		-
USD	52,250,797	MXN	1,064,255,430		07/21		CIT		-		(1,026,518	)
USD	5,223,781	MXN	103,415,193		07/21		CIT		46,750		-
USD	5,855,651	MXN	117,575,509		07/21		GSC		-		(30,256	)
USD	1,297,166	MXN	25,641,209		07/21		GSC		13,551		-
USD	2,619,553	RUB	189,340,000		07/21		CIT		37,839		-
USD	4,083,876	RUB	295,010,000		07/21		GSC		61,317		-
ZAR	107,540,000	USD	7,305,210		07/21		CIT		209,733		-
Total Forward Foreign Currency Contracts									$9,540,641		($2,603,913	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-23

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(f) Purchased options outstanding as of June 30, 2021 were as follows:

Foreign Currency Options

Description	Exercise Price		Expiration Date		Counter- party	Notional Amount		Cost		Value
Put - EUR versus USD		$1.19		07/06/21	BNP		$46,895,204		$571,324		$117,285
Put - JPY versus USD		JPY 107.45		07/08/21	CIT		46,740,000		282,543		327
Put - EUR versus USD		$1.21		07/20/21	GSC		18,590,000		220,849		12,028
Put - NOK versus USD		NOK 8.13		08/05/21	GSC		16,800,000		161,650		7,611
Put - NOK versus USD		8.14		08/09/21	CIT		15,900,000		148,506		9,890
Put - EUR versus USD		$1.23		08/11/21	BNP		48,710,000		355,997		11,544
Put - NOK versus USD		NOK 8.21		08/13/21	CIT		15,860,000		137,982		19,254
Put - EUR versus USD		$1.22		08/19/21	GSC		49,940,000		615,261		36,306
									$2,494,112		$214,245

Options on Futures

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - EUR FX (07/21)		$1.22		07/09/21		CME		17		$2,581,875		$11,305		$106
Call - U.S. Treasury 10-Year Notes (08/21)		132.25		07/23/21		CME		24		3,174,000		11,667		16,125
Call - U.S. Treasury 30-Year Bonds (08/21)		159.00		07/23/21		CME		30		4,770,000		43,552		71,250
Call - U.S. Treasury 30-Year Bonds (08/21)		160.00		07/23/21		CME		5		800,000		6,259		8,672
Call - U.S. Treasury 30-Year Bonds (08/21)		160.50		07/23/21		CME		48		7,704,000		62,333		69,750
Call - EUR FX (08/21)		1.19		08/06/21		CME		16		2,380,000		15,840		13,800
Call - AUD FX (08/21)		75.00		08/06/21		CME		33		2,475,000		27,472		27,060
Call - JPY FX (08/21)		90.50		08/06/21		CME		16		1,810,000		12,240		1
Call - GBP FX (08/21)		139.00		08/06/21		CME		65		5,646,875		31,831		29,250
												222,499		236,014
Put - AUD FX (07/21)		77.00		07/09/21		CME		17		1,309,000		12,452		34,680
Put - U.S. Treasury 10-Year Notes (08/21)		132.00		07/23/21		CME		23		3,036,000		11,540		7,547
Put - U.S. Treasury 30-Year Bonds (08/21)		160.00		07/23/21		CME		47		7,520,000		67,394		46,265
Put - U.S. Treasury 30-Year Bonds (08/21)		160.50		07/23/21		CME		29		4,654,500		35,847		34,891
Put - AUD FX (08/21)		75.00		08/06/21		CME		16		1,200,000		13,160		13,440
Put - U.S. Treasury 10-Year Notes (09/21)		132.00		08/27/21		CME		24		3,168,000		19,167		16,125
												159,560		152,948
Total Options on Futures												$382,059		$388,962
Total Purchased Options												$2,876,171		$603,207

(g) Premiums received and value of written options outstanding as of June 30, 2021 were as follows:

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - U.S. Treasury 10-Year Notes (07/21)		$132.25		07/02/21		CME		71		$9,389,750		$16,315		($28,844	)
Call - U.S. Treasury 30-Year Bonds (07/21)		159.00		07/02/21		CME		71		11,289,000		44,799		(129,797	)
Call - U.S. Treasury 30-Year Bonds (07/21)		160.00		07/02/21		CME		48		7,680,000		19,792		(48,750	)
Call - U.S. Treasury 30-Year Bonds (07/21)		161.00		07/02/21		CME		35		5,635,000		8,143		(16,406	)
Call - AUD FX (07/21)		79.00		07/09/21		CME		17		1,343,000		9,537		(85	)
Call - CAD FX (07/21)		83.00		07/09/21		CME		185		15,355,000		120,817		(925	)
Call - CAD FX (07/21)		83.50		07/09/21		CME		46		3,841,000		22,885		(230	)
Call - GBP FX (07/21)		142.00		07/09/21		CME		69		6,123,750		47,265		(431	)
Call - GBP FX (07/21)		142.50		07/09/21		CME		46		4,096,875		34,672		(287	)
Call - U.S. Treasury 5-Year Notes (08/21)		123.50		07/23/21		CME		240		29,640,000		63,804		(58,125	)
Call - U.S. Treasury 10-Year Notes (08/21)		132.00		07/23/21		CME		192		25,344,000		118,918		(159,000	)
Call - U.S. Treasury 10-Year Notes (08/21)		132.50		07/23/21		CME		1,099		145,617,500		460,771		(583,844	)
Call - U.S. Treasury 10-Year Notes (08/21)		133.00		07/23/21		CME		237		31,521,000		78,465		(74,063	)
Call - U.S. Treasury 10-Year Notes (08/21)		133.50		07/23/21		CME		77		10,279,500		26,945		(13,234	)
Call - U.S. Treasury 30-Year Bonds (08/21)		161.00		07/23/21		CME		70		11,270,000		96,254		(84,219	)
Call - U.S. Treasury 30-Year Bonds (08/21)		161.50		07/23/21		CME		25		4,037,500		17,972		(25,000	)
Call - U.S. Treasury 30-Year Bonds (08/21)		162.00		07/23/21		CME		140		22,680,000		182,508		(113,750)
Call - U.S. Treasury 30-Year Bonds (08/21)		163.00		07/23/21		CME		1		163,000		561		(531	)
Call - CAD FX (08/21)		82.00		08/06/21		CME		23		1,886,000		9,142		(4,140	)
Call - U.S. Treasury 30-Year Bonds (09/21)		160.00		08/27/21		CME		59		9,440,000		96,695		(151,188	)
Call - U.S. Treasury 30-Year Bonds (09/21)		162.00		08/27/21		CME		48		7,776,000		66,354		(77,250	)
Call - U.S. Treasury 30-Year Bonds (09/21)		165.00		08/27/21		CME		94		15,510,000		59,150		(70,500	)
Call - Eurodollar Midcurve 2-Year (12/21)		99.13		12/10/21		CME		168		41,632,500		58,447		(31,500	)
Call - Eurodollar Midcurve 2-Year (12/21)		99.25		12/10/21		CME		119		29,526,875		29,500		(11,900	)
												1,689,711		(1,683,999	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-24

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Put - EUR FX (07/21)		$1.19		07/09/21		CME		33		$4,908,750		$23,005		($26,400	)
Put - CAD FX (07/21)		82.50		07/09/21		CME		66		5,445,000		38,115		(124,740	)
Put - U.S. Treasury 5-Year Notes (08/21)		123.00		07/23/21		CME		144		17,712,000		33,220		(18,000	)
Put - U.S. Treasury 5-Year Notes (08/21)		123.25		07/23/21		CME		121		14,913,250		40,439		(25,524	)
Put - U.S. Treasury 5-Year Notes (08/21)		123.75		07/23/21		CME		120		14,850,000		22,292		(54,375	)
Put - U.S. Treasury 30-Year Bonds (08/21)		157.00		07/23/21		CME		19		2,983,000		13,327		(4,156	)
Put - U.S. Treasury 30-Year Bonds (08/21)		158.00		07/23/21		CME		141		22,278,000		104,975		(52,875	)
Put - EUR FX (08/21)		1.18		08/06/21		CME		33		4,867,500		25,917		(23,925	)
Put - Eurodollar Midcurve 2-Year (12/21)		98.75		12/10/21		CME		159		39,253,125		83,279		(55,650	)
												384,569		(385,645	)
Total Written Options												$2,074,280		($2,069,644)

(h) Swap agreements outstanding as of June 30, 2021 were as follows:

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

Referenced Obligation	Payment Frequency	Fixed Deal Receive Rate		Expiration Date		Exchange	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX IG36 5Y	Q		1.000%		06/20/26	ICE		$598,071,000		$15,331,330		$13,237,490		$2,093,840
CDX HY36 5Y	Q		5.000%		06/20/26	ICE		84,400,000		8,719,864		7,184,997		1,534,867
										$24,051,194		$20,422,487		$3,628,707
Total Credit Default Swaps										$24,051,194		$20,422,487		$3,628,707

(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) 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.

(3) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and 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	Counter- party	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
7.024%	Brazil CETIP Interbank	Z/Z	CIT		01/04/27		BRL 159,667,000		($147,891	)		$64,849			($212,740	)
7.044%	Brazil CETIP Interbank	Z/Z	JPM		01/04/27		38,100,000		(28,437	)		-			(28,437	)
									(176,328	)		64,849			(241,177	)
			Exchange
0.190%	3-Month USD-LIBOR	S/Q	CME		06/15/22		$158,541,000		34,224			(715	)		34,939
0.820%	3-Month USD-LIBOR	S/Q	CME		06/04/24		423,037,000		(692,639	)		-			(692,639	)
1.100%	3-Month USD-LIBOR	S/Q	CME		12/18/25		239,251,000		(1,058,423	)		-			(1,058,423	)
7.450%	28-Day MXN TIIE	L/L	CME		07/18/29		MXN 571,270,000		1,056,108			240,738			815,370
7.440%	28-Day MXN TIIE	L/L	CME		07/20/29		594,730,000		1,148,487			303,480			845,007
									487,757			543,503			(55,746	)
Total Interest Rate Swaps – Long									$311,429			$608,352			($296,923	)

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)
0.260%	1-Day U.S. Fed Funds	A/A	CME		05/15/27		$157,386,000		$5,587,125			($528,301	)		$6,115,426
0.450%	3-Month USD-LIBOR	S/Q	CME		05/15/27		117,785,000		4,157,662			(318,703	)		4,476,365
1.250%	3-Month USD-LIBOR	S/Q	CME		02/15/28		69,520,000		(427,640	)		69,561			(497,201	)
1.350%	3-Month USD-LIBOR	S/Q	CME		02/15/28		129,625,000		(1,636,975	)		(127,052	)		(1,509,923	)
0.560%	1-Day U.S. SOFR	A/A	CME		07/20/45		43,710,000		8,259,126			379,274			7,879,852
0.740%	1-Day U.S. SOFR	A/A	CME		08/19/45		19,420,000		2,837,202			-			2,837,202

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-25

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Pay	Receive	Payment Frequency Pay Rate/ Receive Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.800%	3-Month USD-LIBOR	S/Q	CME		11/15/45		$260,000		$50,496			$11,906			$38,590
0.641%	6-Month JPY-LIBOR	S/S	CME		05/09/46		JPY 2,649,800,000		(1,194,821	)		-			(1,194,821	)
1.000%	3-Month USD-LIBOR	S/Q	CME		02/15/47		$43,601,000		6,853,148			528,418			6,324,730
1.200%	3-Month USD-LIBOR	S/Q	CME		02/15/47		8,648,000		979,102			47,635			931,467
1.225%	3-Month USD-LIBOR	S/Q	CME		02/15/47		4,163,000		448,445			4,050			444,395
1.600%	3-Month USD-LIBOR	S/Q	CME		02/15/47		10,766,000		293,797			63,389			230,408
1.729%	1-Day U.S. SOFR	A/A	CME		02/15/47		6,755,000		(289,652	)		-			(289,652	)
2.000%	3-Month USD-LIBOR	S/Q	CME		02/15/47		15,646,000		(867,292	)		282,389			(1,149,681	)
0.900%	3-Month USD-LIBOR	S/Q	CME		03/17/50		43,314,000		8,583,290			8,389,020			194,270
1.200%	3-Month USD-LIBOR	S/Q	CME		10/07/50		22,220,000		2,875,988			112,662			2,763,326
2.000%	3-Month USD-LIBOR	S/Q	CME		06/03/51		1,936,000		(122,073	)		20,134			(142,207	)
2.050%	3-Month USD-LIBOR	S/Q	CME		06/07/51		5,806,000		(436,075	)		(726	)		(435,349	)
									$35,950,853			$8,933,656			$27,017,197
Total Interest Rate Swaps									$36,262,282			$9,542,008			$26,720,274
Total Swap Agreements									$60,313,476			$29,964,495			$30,348,981

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		$64,849			$-
Liabilities		-			(241,177	)
Centrally Cleared Swap Agreements (1)
Assets		30,875,143			37,560,054
Liabilities		(975,497	)		(6,969,896	)
		$29,964,495			$30,348,981

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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 A-298 and A-299

A-26

PACIFIC SELECT FUND

DIVERSIFIED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(i) 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, 2021:

		Total Value at June 30, 2021				Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$1,801,989,544				$-			$1,801,989,544			$-
	Senior Loan Notes		284,544,463				-			284,544,463			-
	Mortgage-Backed Securities		1,180,920,045				-			1,180,920,045			-
	Asset-Backed Securities		149,646,565				-			145,496,257			4,150,308
	U.S. Government Agency Issue		22,949,123				-			22,949,123			-
	U.S. Treasury Obligations		756,915,158				-			756,915,158			-
	Foreign Government Bonds & Notes		418,592,594		��		-			418,592,594			-
	Short-Term Investments		132,684,970				-			132,684,970			-
	Derivatives:
	Credit Contracts						-						-
	Swaps		3,628,707				-			3,628,707			-
	Foreign Currency Contracts												-
	Forward Foreign Currency Contracts		9,540,641				-			9,540,641			-
	Purchased Options		332,582				-			332,582			-
	Total Foreign Currency Contracts		9,873,223				-			9,873,223			-
	Interest Rate Contracts												-
	Futures		29,117,307				29,117,307			-			-
	Purchased Options		270,625				-			270,625			-
	Swaps		33,931,347				-			33,931,347			-
	Total Interest Rate Contracts		63,319,279				29,117,307			34,201,972			-
	Total Asset-Derivatives		76,821,209				29,117,307			47,703,902			-
	Total Assets		4,825,063,671				29,117,307			4,791,796,056			4,150,308
Liabilities	Derivatives:
	Foreign Currency Contracts												-
	Futures		(9,290,968	)			(9,290,968	)		-			-
	Forward Foreign Currency Contracts		(2,603,913	)			-			(2,603,913	)		-
	Written Options		(181,163	)			-			(181,163	)		-
	Total Foreign Currency Contracts		(12,076,044	)			(9,290,968	)		(2,785,076	)		-
	Interest Rate Contracts												-
	Futures		(12,840,655	)			(12,840,655	)		-			-
	Written Options		(1,888,481	)			-			(1,888,481	)		-
	Swaps		(7,211,073	)			-			(7,211,073	)		-
	Total Interest Rate Contracts		(21,940,209	)			(12,840,655	)		(9,099,554	)		-
	Total Liabilities-Derivatives		(34,016,253	)			(22,131,623	)		(11,884,630	)		-
	Total Liabilities		(34,016,253	)			(22,131,623	)		(11,884,630	)		-
	Total		$4,791,047,418				$6,985,684			$4,779,911,426			$4,150,308

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-27

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
EXCHANGE-TRADED FUND - 1.3%
SPDR Blackstone Senior Loan		113,070		$5,234,011
Total Exchange-Traded Fund (Cost $5,015,377)				5,234,011
	Principal Amount
CORPORATE BONDS & NOTES - 3.9%
Communications - 0.3%
CommScope Inc 5.500% due 03/01/24 ~		$1,200,000		1,238,100
iHeartCommunications Inc 8.375% due 05/01/27		1		1
				1,238,101
Consumer, Cyclical - 1.6%
American Airlines Inc 11.750% due 07/15/25 ~		1,000,000		1,256,250
Carnival Corp 9.875% due 08/01/27 ~		1,500,000		1,753,147
eG Global Finance PLC (United Kingdom)
6.750% due 02/07/25 ~		2,750,000		2,846,965
8.500% due 10/30/25 ~		500,000		530,548
				6,386,910
Consumer, Non-Cyclical - 0.8%
Allied Universal Holdco LLC 4.625% due 06/01/28 ~		3,000,000		3,014,580
Industrial - 1.2%
TransDigm Inc 6.250% due 03/15/26 ~		4,500,000		4,753,125
Total Corporate Bonds & Notes (Cost $14,985,645)				15,392,716
SENIOR LOAN NOTES - 95.0%
Basic Materials - 2.5%
Allnex & CY SCA Term B2 4.000% (USD LIBOR + 3.250%) due 09/13/23 §		831,153		831,673
Allnex USA Inc Term B3 4.000% (USD LIBOR + 3.250%) due 09/13/23 §		626,196		626,587
ASP Unifrax Holdings Inc Term B 3.868% (USD LIBOR + 3.750%) due 12/14/25 §		3,067,568		3,033,696
Lonza Group AG Term B (Switzerland) 4.750% (USD LIBOR + 4.000%) due 05/14/28 §		3,500,000		3,506,125
U.S. Silica Co Term B 5.000% (USD LIBOR + 4.000%) due 05/01/25 §		1,812,722		1,738,272
				9,736,353
Communications - 6.4%
Arches Buyer Inc 3.750% (USD LIBOR + 3.250%) due 12/06/27 §		2,238,750		2,236,885

	Principal Amount		Value
Clear Channel Outdoor Holdings Inc Term B 3.592% (USD LIBOR + 3.500%) due 08/21/26 §		$5,864,879		$5,733,834
CNT Holdings I Corp (2nd Lien) 7.500% (USD LIBOR + 6.750%) due 11/06/28 § ±		3,000,000		3,052,500
Term B 4.500% (USD LIBOR + 3.750%) due 11/08/27 §		3,156,116		3,162,279
MetroNet Systems Holdings LLC Term B 4.500% (USD LIBOR + 3.750%) due 06/02/28 §		1,125,000		1,126,640
MTN Infrastructure TopCo Inc Term B 4.000% - 5.000% (USD LIBOR + 3.000%, 4.000%) due 11/17/24 §		4,963,270		4,971,903
Proofpoint Inc (1st Lien) due 06/09/28 µ		3,000,000		2,987,343
Pug LLC Term B 3.573% (USD LIBOR + 3.500%) due 02/13/27 §		2,203,514		2,159,444
				25,430,828
Consumer, Cyclical - 15.9%
Alterra Mountain Co Term B 5.500% (USD LIBOR + 4.500%) due 08/01/26 §		3,709,940		3,729,648
American Airlines Inc 5.500% (USD LIBOR + 4.750%) due 04/20/28 §		1,375,000		1,435,156
BCPE Empire Holdings Inc 5.000% (USD LIBOR + 4.250%) due 06/12/26 §		1,246,875		1,249,992
Birkenstock GmbH & Co. KG Term B (Germany) 4.250% (USD LIBOR + 3.750%) due 04/28/28 §		250,000		250,125
Caesars Resort Collection LLC Term B 2.884% (USD LIBOR + 2.750%) due 12/22/24 §		906,770		900,017
Carnival Corp Term B 3.750% (USD LIBOR + 3.000%) due 06/30/25 §		3,220,291		3,301,803
ClubCorp Holdings Inc Term B 2.934% (USD LIBOR + 2.750%) due 09/18/24 §		3,418,216		3,291,219
Core & Main LP Term B 4.000% (USD LIBOR + 3.000%) due 08/01/24 §		5,540,116		5,544,731
Curium BidCo SARL Term B (Luxembourg) 5.000% (USD LIBOR + 4.250%) due 09/10/27 § ±		2,238,750		2,247,145
Diamond Resorts International Inc Term B 4.750% (USD LIBOR + 3.750%) due 09/02/23 § µ		5,476,851		5,483,012
First Brands International Inc Term B 6.000% (USD LIBOR + 5.000%) due 03/24/27 §		1,496,250		1,515,888
Golden Nugget Inc Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		2,977,127		2,958,053
Great Outdoors Group LLC Term B1 5.000% (USD LIBOR + 4.250%) due 03/05/28 §		3,482,500		3,507,685
Hilton Grand Vacations Borrower LLC Term B 3.500% (USD LIBOR + 3.000%) due 05/20/28 §		2,000,000		2,003,438

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-28

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
K-MAC Holdings Corp (2nd Lien) 6.875% (USD LIBOR + 6.750%) due 03/16/26 §		$1,700,000		$1,707,437
7.250% (USD LIBOR + 6.750%) due 06/23/29 §		750,000		757,734
LBM Acquisition LLC Term B2 due 12/17/27 µ		833,333		827,431
4.500% (USD LIBOR + 3.750%) due 12/18/27 §		1,666,667		1,654,862
Motion Finco SARL (United Kingdom) Term B1 3.351% (USD LIBOR + 3.250%) due 11/04/26 §		2,192,997		2,128,350
Term B2 3.351% (USD LIBOR + 3.250%) due 11/04/26 §		285,814		277,388
PetSmart Inc Term B 4.500% (USD LIBOR + 3.750%) due 02/12/28 §		2,250,000		2,254,219
Playa Resorts Holding BV Term B 3.750% (USD LIBOR + 2.750%) due 04/27/24 §		2,056,886		1,980,395
SeaWorld Parks & Entertainment Inc Term B5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		2,942,056		2,922,356
SRS Distribution Inc Term B 4.250% (USD LIBOR + 3.750%) due 06/02/28 §		5,500,000		5,502,150
Tecta America Corp 5.000% (USD LIBOR + 4.250%) due 04/09/28 § ±		750,000		752,344
The Michaels Cos Inc 5.000% (USD LIBOR + 4.250%) due 04/15/28 §		2,250,000		2,262,188
United Airlines Inc Term B 4.500% (USD LIBOR + 3.750%) due 04/21/28 §		2,493,750		2,529,376
				62,974,142
Consumer, Non-Cyclical - 22.8%
Accelerated Health Systems LLC Term B 3.676% (USD LIBOR + 3.500%) due 11/01/25 §		731,250		730,336
Aldevron LLC (2nd Lien) 7.620% (USD LIBOR + 7.500%) due 10/11/27 §		975,000		977,438
Term B 4.250% (USD LIBOR + 3.250%) due 10/11/26 §		1,240,578		1,242,387
Allied Universal Holdco LLC Term B 4.250% (USD LIBOR + 3.750%) due 05/14/28 §		5,179,451		5,201,230
Alphabet Holding Co Inc (2nd Lien) 7.897% (USD LIBOR + 7.750%) due 08/15/25 §		2,515,625		2,526,108
American Residential Services LLC Term B 4.250% (USD LIBOR + 3.500%) due 10/15/27 §		2,238,750		2,240,149
CoreLogic Inc Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 §		4,250,000		4,248,007
Ensemble RCM LLC Term B 3.926% (USD LIBOR + 3.750%) due 08/01/26 §		2,487,342		2,491,488
Gainwell Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		4,861,535		4,882,804

	Principal Amount		Value
Heartland Dental LLC 3.926% (USD LIBOR + 3.500%) due 04/30/25 §		$4,869,274		$4,820,961
Term B 4.093% (USD LIBOR + 4.000%) due 04/30/25 §		1,500,000		1,498,875
ICON Luxembourg SARL (Ireland) 3.000% (USD LIBOR + 2.500%) due 07/03/28 §		2,000,000		2,006,250
Jazz Financing Lux SARL Term B 4.000% (USD LIBOR + 3.500%) due 04/22/28 §		2,750,000		2,763,505
Mallinckrodt International Finance SA Term B 3.500% (USD LIBOR + 2.750%) due 09/24/24 § Y µ		1,866,586		1,811,367
Mavis Tire Express Services Corp 4.750% (USD LIBOR + 4.000%) due 05/04/28 §		3,250,000		3,265,743
Midwest Veterinary Partners LLC 4.750% (USD LIBOR + 4.000%) due 04/26/28 § ±		1,000,000		1,003,125
Mister Car Wash Holdings Inc 3.351% (USD LIBOR + 3.250%) due 05/14/26 §		353,977		352,993
PAREXEL International Corp Term B 2.896% (USD LIBOR + 2.750%) due 09/27/24 §		1,931,263		1,922,210
Pathway Vet Alliance LLC 3.851% (USD LIBOR + 3.750%) due 03/31/27 §		5,945,378		5,941,663
PetVet Care Centers LLC (2nd Lien) 6.405% (USD LIBOR + 6.250%) due 02/15/26 §		2,750,000		2,760,312
Term B 3.410% (USD LIBOR + 3.250%) due 02/14/25 §		4,627,967		4,575,181
Term B3 4.250% (USD LIBOR + 3.500%) due 02/15/25 §		1,937,620		1,944,887
Precision Medicine Group LLC Term B 3.750% (USD LIBOR + 3.000%) due 11/20/27 §		5,377,745		5,372,141
Shearer’s Foods Inc Term B 4.250% (USD LIBOR + 3.500%) due 09/23/27 §		1,491,256		1,494,984
Snacking Investments US LLC Term B (Australia) 5.000% (USD LIBOR + 4.000%) due 12/01/26 §		1,651,184		1,660,472
Spin Holdco Inc Term B 4.750% (USD LIBOR + 4.000%) due 03/04/28 §		2,244,375		2,248,583
Sunshine Luxembourg VII SARL Term B (Luxembourg) 4.500% (USD LIBOR + 3.750%) due 10/02/26 §		6,065,312		6,091,884
Team Health Holdings Inc Term B 3.750% (USD LIBOR + 2.750%) due 02/06/24 §		3,849,716		3,746,597
The Hertz Corp Term B 4.000% (USD LIBOR + 3.500%) due 06/14/28 §		1,051,780		1,051,780
Term C 4.000% (USD LIBOR + 3.500%) due 06/14/28 §		198,220		198,220
WCG Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 § µ		4,160,875		4,179,079

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-29

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
VetCor Professional Practices LLC 3.146% (USD LIBOR + 3.000%) due 07/02/25 §		$4,848,641		$4,800,155
				90,050,914
Energy - 3.6%
BCP Raptor II LLC Term B 4.926% (USD LIBOR + 4.750%) due 11/03/25 § µ		2,244,025		2,202,299
BCP Raptor LLC 5.250% (USD LIBOR + 4.250%) due 06/30/24 § µ		4,111,282		4,076,591
Brazos Delaware II LLC Term B 4.131% (USD LIBOR + 4.000%) due 05/29/25 §		2,234,772		2,182,628
CQP Holdco LP Term B 4.250% (USD LIBOR + 3.750%) due 06/04/28 §		1,500,000		1,496,016
ITT Holdings LLC 3.250% (USD LIBOR + 2.750%) due 07/30/28 § ±		1,000,000		1,000,000
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		3,412,981		3,434,312
				14,391,846
Financial - 7.2%
Acrisure LLC Term B 3.573% (USD LIBOR + 3.500%) due 02/15/27 §		3,692,599		3,657,519
Alliant Holdings Intermediate LLC Term B3 4.250% (USD LIBOR + 3.750%) due 11/06/27 § µ		1,247,376		1,250,982
AssuredPartners Inc Term B 3.573% - 5.500% (USD LIBOR + 3.500%, 4.500%) due 02/13/27 §		2,555,095		2,548,214
Brookfield Property REIT Inc Term A2 3.141% (USD LIBOR + 2.500%) due 08/24/23 §		3,726,704		3,698,754
Cushman & Wakefield U.S. Borrower LLC Term B 2.851% (USD LIBOR + 2.750%) due 08/21/25 §		225,626		224,047
Deerfield Dakota Holding LLC (2nd Lien) 7.500% (USD LIBOR + 6.750%) due 04/14/28 § ±		4,375,000		4,495,313
HUB International Ltd Term B 2.846% (USD LIBOR + 3.000%) due 04/25/25 §		2,946,682		2,916,909
Term B3 4.000% (USD LIBOR + 3.250%) due 04/25/25 §		2,225,019		2,228,098
OneDigital Borrower LLC Term B 5.250% (USD LIBOR + 4.500%) due 11/16/27 §		3,140,566		3,158,232
Paysafe Holdings US Corp Term B1 3.250% (USD LIBOR + 2.750%) due 06/28/28 § ±		500,000		498,125
USI Inc Term B 3.131% (USD LIBOR + 3.000%) due 05/16/24 §		4,037,623		4,005,900
				28,682,093
Industrial - 17.0%
Aegion Corp 5.500% (USD LIBOR + 4.750%) due 05/17/28 §		750,000		759,375

	Principal Amount		Value
Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		$1,830,918		$1,803,454
Brown Group Holding LLC Term B 3.250% (USD LIBOR + 2.750%) due 06/07/28 §		2,750,000		2,740,834
Dynasty Acquisition Co Inc 3.601% (USD LIBOR + 3.500%) due 04/08/26 §		3,300,676		3,217,472
Engineered Machinery Holdings Inc 4.000% - 5.250% (USD LIBOR + 3.250%, 4.250%) due 07/19/24 §		4,330,441		4,337,404
(2nd Lien) 7.250% (USD LIBOR + 6.500%) due 05/21/29 § ±		500,000		506,875
Filtration Group Corp Term B 3.145% (USD LIBOR + 3.000%) due 03/29/25 §		335,796		333,571
Graham Packaging Co Inc 3.750% (USD LIBOR + 3.000%) due 08/04/27 §		2,626,468		2,627,960
Ingram Micro Inc Term B 4.000% (USD LIBOR + 3.500%) due 04/01/28 §		1,500,000		1,504,844
Kenan Advantage Group Inc Term B1 4.500% (USD LIBOR + 3.750%) due 03/24/26 §		1,990,000		1,995,472
Klockner-Pentaplast of America Inc Term B (Luxembourg) 5.250% (USD LIBOR + 4.750%) due 02/09/26 § ±		3,615,938		3,643,057
LTI Holdings Inc Term B 3.628% (USD LIBOR + 3.500%) due 09/06/25 §		2,487,910		2,457,587
Madison IAQ LLC 3.750% (USD LIBOR + 3.250%) due 06/21/28 §		1,500,000		1,502,625
Mauser Packaging Solutions Holding Co Term B 3.391% (USD LIBOR + 3.250%) due 04/03/24 §		4,549,538		4,448,393
Osmose Utilities Services Inc 3.750% (USD LIBOR + 3.250%) due 06/17/28 §		1,000,000		998,125
PowerTeam Services LLC 4.500% (USD LIBOR + 3.500%) due 03/06/25 §		1,750,000		1,744,531
Pregis TopCo Corp 4.500% (USD LIBOR + 4.000%) due 08/01/26 §		750,000		751,719
Term B 4.101% (USD LIBOR + 4.000%) due 08/01/26 §		1,982,468		1,983,398
Pretium PKG Holdings Inc 4.750% (USD LIBOR + 4.000%) due 11/05/27 §		2,860,625		2,870,460
(2nd Lien) 9.000% (USD LIBOR + 8.250%) due 11/05/28 § ±		737,500		750,406
Pro Mach Group Inc Term B 2.873% - 4.500% (USD LIBOR + 2.750%, 3.500%) due 03/07/25 §		4,104,979		4,072,434
Proampac PG Borrower LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/03/25 §		2,992,500		2,998,733
Quikrete Holdings Inc Term B1 3.101% (USD LIBOR + 3.000%) due 06/11/28 §		3,250,000		3,228,469

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-30

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Standard Aero Ltd 3.601% (USD LIBOR + 3.500%) due 04/08/26 §		$1,774,557		$1,729,824
Star US Bidco LLC Term B 5.250% (USD LIBOR + 4.250%) due 03/17/27 §		1,496,222		1,497,468
Tamko Building Products LLC Term B 3.086% (USD LIBOR + 3.000%) due 05/31/26 §		2,487,342		2,487,342
The Hillman Group Inc Term B 4.131% (USD LIBOR + 3.500%) due 05/31/25 §		5,384,614		5,380,576
Tiger Acquisition LLC 3.750% (USD LIBOR + 3.250%) due 06/01/28 §		1,000,000		998,542
TransDigm Inc Term G 2.351% (USD LIBOR + 2.250%) due 08/22/24 §		1,427,040		1,411,357
Watlow Electric Manufacturing Co Term B 4.500% (USD LIBOR + 4.000%) due 03/02/28 §		1,496,250		1,501,861
WP CPP Holdings LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/30/25 §		1,033,667		1,013,425
				67,297,593
Technology - 18.3%
Applied Systems Inc (2nd Lien) 6.250% (USD LIBOR + 5.500%) due 09/19/25 §		3,585,850		3,645,913
Term B 3.500% (USD LIBOR + 3.000%) due 09/19/24 §		7,943,315		7,937,644
Athenahealth Inc Term B1 4.351% (USD LIBOR + 4.250%) due 02/11/26 §		944,716		950,916
BY Crown Parent LLC Term B 4.000% (USD LIBOR + 3.000%) due 01/30/26 §		670,509		671,347
Epicor Software Corp (2nd Lien) 8.750% (USD LIBOR + 7.750%) due 07/31/28 §		2,125,000		2,204,025
Term B 4.000% (USD LIBOR + 3.250%) due 07/31/27 §		6,998,968		6,997,379
Finastra USA Inc Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		6,934,264		6,832,961
Help System Holding Inc 4.500% (USD LIBOR + 3.750%) due 11/19/26 §		3,989,899		4,003,425
Peraton Holding Corp (2nd Lien) 8.500% (USD LIBOR + 7.750%) due 02/01/29 §		2,000,000		2,050,000
Term B 4.500% (USD LIBOR + 3.750%) due 02/01/28 §		5,486,250		5,512,397
Project Ruby Ultimate Parent Corp Term B 4.000% (USD LIBOR + 3.250%) due 03/10/28 §		2,992,500		2,989,561
RealPage Inc (2nd Lien) 7.250% (USD LIBOR + 6.500%) due 04/22/29 §		5,500,000		5,692,500
Term B 3.750% (USD LIBOR + 3.250%) due 04/22/28 §		2,500,000		2,495,938

	Principal Amount		Value
Solera LLC Term B 4.500% (USD LIBOR + 4.000%) due 06/04/28 §		$3,000,000		$3,011,931
Sophia LP 4.500% (USD LIBOR + 3.750%) due 10/07/27 §		746,250		747,804
(2nd Lien) 9.000% (USD LIBOR + 8.000%) due 10/07/28 §		4,750,000		4,916,250
The Dun & Bradstreet Corp Term B 3.346% (USD LIBOR + 3.250%) due 02/08/26 §		3,674,772		3,660,418
UKG Inc 3.926% (USD LIBOR + 3.750%) due 05/04/26 §		1,919,436		1,922,768
4.000% (USD LIBOR + 3.250%) due 05/04/26 §		4,714,434		4,723,274
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 05/03/27 §		1,375,000		1,403,073
				72,369,524
Utilities - 1.3%
PG&E Corp Term B 3.500% (USD LIBOR + 3.000%) due 06/23/25 §		5,079,643		5,019,322
Total Senior Loan Notes (Cost $371,779,384)				375,952,615
SHORT-TERM INVESTMENT - 4.2%
Repurchase Agreement - 4.2%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $16,493,779; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $16,823,709)		16,493,779		16,493,779
Total Short-Term Investment (Cost $16,493,779)				16,493,779
TOTAL INVESTMENTS - 104.4% (Cost $408,274,185)				413,073,121
OTHER ASSETS & LIABILITIES, NET - (4.4%)				(17,432,087	)
NET ASSETS - 100.0%				$395,641,034

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	23.6%
Technology	18.3%
Industrial	18.2%
Consumer, Cyclical	17.5%
Financial	7.2%
Communications	6.7%
Short-Term Investment	4.2%
Energy	3.6%
Others (each less than 3.0%)	5.1%
	104.4%
Other Assets & Liabilities, Net	(4.4%	)
	100.0%

(b) An investment with a value of $1,811,367 or 0.5% of the Fund’s net assets was in default as of June 30, 2021.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-31

PACIFIC SELECT FUND

FLOATING RATE INCOME PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(c) Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments, which could be extended at the option of the borrower:

Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
MetroNet Systems Holdings LLC		$124,690		$125,182		$492
OneDigital Borrower LLC		101,336		102,134		798
Precision Medicine Group LLC		595,296		594,611		(685	)
		$821,322		$821,927		$605

(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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Exchange-Traded Fund		$5,234,011		$5,234,011		$-		$-
	Corporate Bonds & Notes		15,392,716		-		15,392,716		-
	Senior Loan Notes		375,952,615		-		358,003,725		17,948,890
	Short-Term Investment		16,493,779		-		16,493,779		-
	Unfunded Loan Commitments		821,927		-		821,927		-
	Total		$413,895,048		$5,234,011		$390,712,147		$17,948,890

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, 2021:

	Senior Loan Notes
Value, Beginning of Period		$27,452,273
Purchases		20,049,063
Sales (Includes Paydowns)		(17,735,297	)
Accrued Discounts (Premiums)		6,972
Net Realized Gains (Losses)		(47,853	)
Change in Net Unrealized Appreciation (Depreciation)		(190,907	)
Transfers In		750,406
Transfers Out		(12,335,767	)
Value, End of Period		$17,948,890
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		$160,264

The table below shows transfers to/from Level 3:

Amount Transferred		Level Transfer				Change in Fair Valuation Measurement Inputs
		From		To		From	To
	$750,406		2		3	Vendor Price (Observable Inputs)	Unobservable Single Broker Quote
	12,335,767		3		2	Unobservable Single Broker Quote	Vendor Price (Observable Inputs)

All significant unobservable inputs used to value Senior Loan Notes with an aggregate value of $17,948,890 were provided by a single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-32

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 1.0%
Basic Materials - 0.2%
Constellium SE *		85,307		$1,616,568
Hexion Holdings Corp ‘B’ *		65,539		1,212,471
				2,829,039
Consumer, Cyclical - 0.2%
Beazer Homes USA Inc *		61,632		1,188,881
Cedar Fair LP *		27,534		1,234,349
Las Vegas Sands Corp *		16,818		886,141
				3,309,371
Consumer, Non-Cyclical - 0.1%
HCA Healthcare Inc		6,801		1,406,039
Industrial - 0.3%
GFL Environmental Inc (Canada)		38,085		1,215,673
TNT Crane & Rigging Inc *		11,518		215,243
Xylem Inc		16,647		1,996,974
				3,427,890
Utilities - 0.2%
Evoqua Water Technologies Corp *		69,231		2,338,623
Total Common Stocks (Cost $13,143,130)				13,310,962
EXCHANGE-TRADED FUNDS - 1.0%
iShares iBoxx High Yield Corporate Bond		66,953		5,894,542
SPDR Bloomberg Barclays High Yield Bond		73,890		8,124,945
				14,019,487
Total Exchange-Traded Funds (Cost $12,842,069)				14,019,487
	Principal Amount
CORPORATE BONDS & NOTES - 88.0%
Basic Materials - 3.0%
Alcoa Nederland Holding BV 4.125% due 03/31/29 ~		$2,200,000		2,297,757
5.500% due 12/15/27 ~		5,475,000		5,946,124
Constellium SE 5.625% due 06/15/28 ~		250,000		269,064
5.875% due 02/15/26 ~		500,000		515,475
Hecla Mining Co 7.250% due 02/15/28		4,350,000		4,757,812
Herens Holdco Sarl (Luxembourg) 4.750% due 05/15/28 ~		600,000		597,750
Hexion Inc 7.875% due 07/15/27 ~		3,950,000		4,266,415
INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~		3,600,000		3,652,128
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		4,800,000		5,063,184
Novelis Corp 4.750% due 01/30/30 ~		5,833,000		6,131,941
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		3,550,000		3,740,482
TMS International Corp 6.250% due 04/15/29 ~		3,575,000		3,758,219
				40,996,351

	Principal Amount		Value
Communications - 13.6%
Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		$5,875,000		$6,124,981
Altice France SA (France) 5.125% due 07/15/29 ~		2,800,000		2,817,220
7.375% due 05/01/26 ~		1,924,000		2,003,230
Arches Buyer Inc 4.250% due 06/01/28 ~		5,525,000		5,470,717
Avaya Inc 6.125% due 09/15/28 ~		5,525,000		5,920,866
CCO Holdings LLC 4.250% due 02/01/31 ~		600,000		612,000
4.750% due 03/01/30 ~		10,400,000		11,011,000
5.000% due 02/01/28 ~		675,000		708,750
5.375% due 06/01/29 ~		10,700,000		11,709,545
Clear Channel Outdoor Holdings Inc 7.750% due 04/15/28 ~		275,000		288,421
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		4,950,000		5,087,536
CommScope Inc 8.250% due 03/01/27 ~		700,000		749,035
CommScope Technologies LLC 6.000% due 06/15/25 ~		7,021,000		7,178,972
CSC Holdings LLC 3.375% due 02/15/31 ~		1,800,000		1,703,232
4.625% due 12/01/30 ~		2,400,000		2,357,664
5.250% due 06/01/24		2,600,000		2,820,879
5.375% due 02/01/28 ~		650,000		688,480
5.750% due 01/15/30 ~		4,300,000		4,472,000
6.500% due 02/01/29 ~		5,550,000		6,154,173
7.500% due 04/01/28 ~		625,000		687,791
Diamond Sports Group LLC 12.750% due 12/01/26 ~		4,404,000		3,413,100
Frontier Communications Holdings LLC 5.000% due 05/01/28 ~		3,750,000		3,881,550
5.875% due 10/15/27 ~		1,175,000		1,260,188
Lamar Media Corp 3.625% due 01/15/31 ~		1,750,000		1,714,125
3.750% due 02/15/28		5,425,000		5,527,912
4.000% due 02/15/30		325,000		329,813
Level 3 Financing Inc 3.625% due 01/15/29 ~		1,925,000		1,860,359
3.750% due 07/15/29 ~		575,000		559,906
4.625% due 09/15/27 ~		7,900,000		8,223,623
Logan Merger Sub Inc 5.500% due 09/01/27 ~		4,850,000		5,029,692
Lumen Technologies Inc 4.000% due 02/15/27 ~		5,500,000		5,616,875
4.500% due 01/15/29 ~		1,050,000		1,026,060
Nexstar Broadcasting Inc 5.625% due 07/15/27 ~		4,450,000		4,722,563
Outfront Media Capital LLC 4.250% due 01/15/29 ~		1,750,000		1,764,438
4.625% due 03/15/30 ~		450,000		457,650
5.000% due 08/15/27 ~		6,225,000		6,454,547
6.250% due 06/15/25 ~		1,825,000		1,935,221
Sprint Capital Corp 8.750% due 03/15/32		3,500,000		5,324,375
Sprint Corp 7.625% due 02/15/25		2,950,000		3,508,671
7.625% due 03/01/26		7,050,000		8,619,541
7.875% due 09/15/23		1,925,000		2,189,353
T-Mobile USA Inc 2.625% due 02/15/29		275,000		271,906
2.875% due 02/15/31		150,000		149,063
3.375% due 04/15/29		1,675,000		1,732,660
3.375% due 04/15/29 ~		1,425,000		1,474,054
3.500% due 04/15/31		550,000		569,690
3.500% due 04/15/31 ~		1,100,000		1,139,380

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-33

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Uber Technologies Inc 6.250% due 01/15/28 ~		$1,200,000		$1,293,852
7.500% due 05/15/25 ~		1,300,000		1,404,624
8.000% due 11/01/26 ~		6,075,000		6,563,187
Virgin Media Finance PLC (United Kingdom) 5.000% due 07/15/30 ~		1,000,000		1,011,620
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		12,100,000		12,502,325
Zayo Group Holdings Inc 4.000% due 03/01/27 ~		3,268,000		3,249,601
				183,348,016
Consumer, Cyclical - 18.9%
Affinity Gaming 6.875% due 12/15/27 ~		5,400,000		5,750,163
American Airlines Inc 5.750% due 04/20/29 ~		1,650,000		1,786,125
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		2,860,037		2,815,250
Aramark Services Inc 6.375% due 05/01/25 ~		5,935,000		6,313,356
Beazer Homes USA Inc 5.875% due 10/15/27		9,275,000		9,721,591
Boyd Gaming Corp
4.750% due 12/01/27		100,000		103,625
4.750% due 06/15/31 ~		1,650,000		1,713,938
8.625% due 06/01/25 ~		4,750,000		5,242,195
Caesars Entertainment Inc 6.250% due 07/01/25 ~		4,050,000		4,298,062
8.125% due 07/01/27 ~		4,525,000		5,038,361
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		7,375,000		7,476,406
Carvana Co 5.500% due 04/15/27 ~		550,000		569,498
5.625% due 10/01/25 ~		5,425,000		5,654,233
5.875% due 10/01/28 ~		1,200,000		1,264,308
Cedar Fair LP 5.250% due 07/15/29		9,250,000		9,547,757
6.500% due 10/01/28 ~		1,775,000		1,914,950
Clarios Global LP 6.250% due 05/15/26 ~		3,600,000		3,839,616
8.500% due 05/15/27 ~		1,175,000		1,282,454
Core & Main Holding LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		2,150,000		2,201,320
Core & Main LP 6.125% due 08/15/25 ~		6,796,000		6,955,910
Ford Motor Co 4.346% due 12/08/26		15,967,000		17,124,767
7.450% due 07/16/31		6,000,000		7,897,500
9.000% due 04/22/25		900,000		1,110,731
9.625% due 04/22/30		900,000		1,292,675
Ford Motor Credit Co LLC 3.375% due 11/13/25		600,000		622,920
4.000% due 11/13/30		600,000		629,250
Golden Nugget Inc 6.750% due 10/15/24 ~		9,150,000		9,254,950
Hilton Grand Vacations Borrower Escrow LLC 4.875% due 07/01/31 ~		4,175,000		4,169,280
5.000% due 06/01/29 ~		2,775,000		2,840,906
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		6,600,000		6,940,659
IRB Holding Corp 7.000% due 06/15/25 ~		6,075,000		6,573,271
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		6,975,000		7,308,475

	Principal Amount		Value
Jaguar Land Rover Automotive PLC (United Kingdom) 5.625% due 02/01/23 ~		$4,150,000		$4,170,957
LBM Acquisition LLC 6.250% due 01/15/29 ~		5,375,000		5,423,106
LGI Homes Inc 4.000% due 07/15/29 ~		6,550,000		6,590,937
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		5,900,000		5,892,625
Marriott Ownership Resorts Inc 4.500% due 06/15/29 ~		850,000		862,750
4.750% due 01/15/28		5,950,000		6,107,675
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		5,250,000		5,263,125
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		2,200,000		2,175,250
3.875% due 01/15/28 ~		900,000		912,375
4.375% due 01/15/28 ~		2,700,000		2,740,905
NMG Holding Co Inc 7.125% due 04/01/26 ~		5,275,000		5,637,656
PetSmart Inc 4.750% due 02/15/28 ~		750,000		780,000
7.750% due 02/15/29 ~		8,400,000		9,271,500
PM General Purchaser LLC 9.500% due 10/01/28 ~		1,937,000		2,044,426
Scientific Games International Inc 7.000% due 05/15/28 ~		1,350,000		1,477,170
7.250% due 11/15/29 ~		1,350,000		1,526,371
8.250% due 03/15/26 ~		3,475,000		3,731,212
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		7,000,000		7,078,750
5.500% due 04/15/27 ~		1,125,000		1,163,576
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		325,000		350,683
SRS Distribution Inc 4.625% due 07/01/28 ~		4,125,000		4,222,969
6.125% due 07/01/29 ~		550,000		567,287
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		2,750,000		2,849,880
STL Holding Co LLC 7.500% due 02/15/26 ~		5,900,000		6,224,500
Tesla Inc 5.300% due 08/15/25 ~		5,575,000		5,769,512
The Scotts Miracle-Gro Co 4.000% due 04/01/31 ~		5,875,000		5,864,014
United Airlines Pass-Through Trust ‘B’ 4.625% due 03/03/24		930,796		952,289
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		3,045,282		3,054,993
Viking Cruises Ltd 6.250% due 05/15/25 ~		2,920,000		2,916,905
7.000% due 02/15/29 ~		275,000		286,919
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		275,000		278,464
				255,443,283
Consumer, Non-Cyclical - 16.8%
Ahern Rentals Inc 7.375% due 05/15/23 ~		21,699,000		19,668,191
Albertsons Cos Inc 3.250% due 03/15/26 ~		900,000		915,413
3.500% due 03/15/29 ~		350,000		346,500
4.625% due 01/15/27 ~		550,000		575,960
5.875% due 02/15/28 ~		10,875,000		11,731,297
Allied Universal Holdco LLC 6.000% due 06/01/29 ~		250,000		253,778
6.625% due 07/15/26 ~		250,000		265,370
9.750% due 07/15/27 ~		13,000,000		14,332,500
Avantor Funding Inc 4.625% due 07/15/28 ~		5,475,000		5,787,184

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-34

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Bausch Health Americas Inc 8.500% due 01/31/27 ~		$13,125,000		$14,298,244
Bausch Health Cos Inc 4.875% due 06/01/28 ~		2,225,000		2,280,069
5.000% due 01/30/28 ~		1,075,000		1,021,422
5.000% due 02/15/29 ~		525,000		490,229
5.250% due 02/15/31 ~		275,000		257,483
6.125% due 04/15/25 ~		6,906,000		7,087,282
6.250% due 02/15/29 ~		1,375,000		1,361,663
Central Garden & Pet Co 4.125% due 04/30/31 ~		5,675,000		5,754,734
Charles River Laboratories International Inc 3.750% due 03/15/29 ~		825,000		837,515
4.000% due 03/15/31 ~		850,000		885,428
4.250% due 05/01/28 ~		5,850,000		6,056,622
CHS 4.750% due 02/15/31 ~		1,305,000		1,311,525
5.625% due 03/15/27 ~		600,000		641,289
6.125% due 04/01/30 ~		300,000		304,875
6.625% due 02/15/25 ~		11,625,000		12,307,852
6.875% due 04/15/29 ~		150,000		157,408
CoreLogic Inc 4.500% due 05/01/28 ~		6,000,000		5,955,000
Garda World Security Corp (Canada) 6.000% due 06/01/29 ~		1,100,000		1,093,186
9.500% due 11/01/27 ~		4,492,000		4,984,054
HCA Inc 5.250% due 06/15/26		2,450,000		2,838,075
5.625% due 09/01/28		675,000		800,719
5.875% due 02/01/29		21,250,000		25,723,019
Jaguar Holding Co II 5.000% due 06/15/28 ~		6,475,000		7,031,332
JBS USA Food Co 5.750% due 01/15/28 ~		800,000		856,976
7.000% due 01/15/26 ~		2,650,000		2,816,301
JBS USA LUX SA 3.750% due 12/01/31 ~		550,000		563,475
5.500% due 01/15/30 ~		1,425,000		1,595,573
6.500% due 04/15/29 ~		950,000		1,068,783
Kraft Heinz Foods Co 3.875% due 05/15/27		1,825,000		2,006,602
4.375% due 06/01/46		6,750,000		7,661,485
5.200% due 07/15/45		3,600,000		4,477,559
Legacy LifePoint Health LLC 4.375% due 02/15/27 ~		950,000		962,825
6.750% due 04/15/25 ~		550,000		587,521
LifePoint Health Inc 5.375% due 01/15/29 ~		625,000		610,259
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		5,550,000		5,584,604
Pilgrim’s Pride Corp 4.250% due 04/15/31 ~		2,800,000		2,905,000
5.875% due 09/30/27 ~		6,525,000		6,957,607
Post Holdings Inc 4.625% due 04/15/30 ~		6,000,000		6,108,480
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		4,125,000		4,451,803
Select Medical Corp 6.250% due 08/15/26 ~		6,550,000		6,990,880
Tenet Healthcare Corp 4.250% due 06/01/29 ~		2,775,000		2,813,156
4.625% due 06/15/28 ~		675,000		695,736
4.875% due 01/01/26 ~		1,795,000		1,864,018
6.125% due 10/01/28 ~		2,075,000		2,217,117
6.250% due 02/01/27 ~		1,275,000		1,332,375
6.750% due 06/15/23		2,825,000		3,086,312
7.500% due 04/01/25 ~		375,000		405,521
				225,975,186

	Principal Amount		Value
Energy - 13.0%
Antero Midstream Partners LP 5.375% due 06/15/29 ~		$1,100,000		$1,148,131
5.750% due 03/01/27 ~		6,000,000		6,258,270
Antero Resources Corp 5.375% due 03/01/30 ~		5,050,000		5,160,494
7.625% due 02/01/29 ~		2,350,000		2,611,555
Archrock Partners LP 6.250% due 04/01/28 ~		875,000		915,171
6.875% due 04/01/27 ~		3,450,000		3,673,249
Atlantica Sustainable Infrastructure PLC (Spain) 4.125% due 06/15/28 ~		600,000		612,030
Buckeye Partners LP 4.125% due 03/01/25 ~		300,000		311,855
4.500% due 03/01/28 ~		4,800,000		4,931,088
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		3,100,000		3,607,982
7.000% due 06/30/24		1,100,000		1,260,565
Cheniere Energy Partners LP 4.000% due 03/01/31 ~		3,425,000		3,583,406
4.500% due 10/01/29		1,000,000		1,076,250
Chesapeake Energy Corp 5.875% due 02/01/29 ~		4,400,000		4,768,500
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		4,800,000		4,986,000
Comstock Resources Inc 5.875% due 01/15/30 ~		6,850,000		6,995,562
CQP Holdco LP 5.500% due 06/15/31 ~		5,575,000		5,816,063
DT Midstream Inc 4.125% due 06/15/29 ~		1,100,000		1,118,238
4.375% due 06/15/31 ~		1,100,000		1,125,344
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		2,225,000		2,318,684
5.750% due 01/30/28 ~		5,375,000		5,738,726
6.625% due 07/15/25 ~		600,000		643,809
Energy Transfer LP 6.250% due 02/15/23		2,400,000		2,124,000
EnLink Midstream LLC 5.625% due 01/15/28 ~		275,000		291,347
EnLink Midstream Partners LP 4.150% due 06/01/25		725,000		760,228
Enterprise Products Operating LLC 5.375% due 02/15/78		5,400,000		5,628,433
EQM Midstream Partners LP 4.750% due 01/15/31 ~		2,350,000		2,424,471
5.500% due 07/15/28		2,025,000		2,192,224
6.000% due 07/01/25 ~		925,000		1,008,088
6.500% due 07/01/27 ~		2,950,000		3,297,864
Genesis Energy LP 7.750% due 02/01/28		5,920,000		6,126,016
8.000% due 01/15/27		1,100,000		1,157,063
ITT Holdings LLC due 08/01/29 # ~		2,775,000		2,830,500
MPLX LP 6.875% due 02/15/23		5,850,000		5,988,060
New Fortress Energy Inc 6.500% due 09/30/26 ~		2,800,000		2,864,540
Occidental Petroleum Corp 2.900% due 08/15/24		3,800,000		3,890,250
5.500% due 12/01/25		600,000		664,887
5.875% due 09/01/25		4,525,000		5,039,832
6.125% due 01/01/31		600,000		706,668
6.625% due 09/01/30		2,500,000		3,003,125
8.000% due 07/15/25		1,100,000		1,318,658
8.500% due 07/15/27		1,650,000		2,083,381
8.875% due 07/15/30		5,700,000		7,630,561

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-35

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Range Resources Corp 8.250% due 01/15/29 ~		$2,200,000		$2,483,283
9.250% due 02/01/26		2,700,000		2,981,475
SM Energy Co 6.500% due 07/15/28		5,875,000		6,043,906
Sunoco LP due 05/15/29 #		4,055,000		4,138,209
4.500% due 05/15/29 ~		4,055,000		4,138,209
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		5,000,000		5,211,550
Targa Resources Partners LP 4.000% due 01/15/32 ~		575,000		592,250
4.875% due 02/01/31 ~		1,900,000		2,059,344
5.000% due 01/15/28		1,350,000		1,425,938
5.375% due 02/01/27		750,000		783,240
5.875% due 04/15/26		2,275,000		2,395,723
6.500% due 07/15/27		625,000		679,288
USA Compression Partners LP 6.875% due 04/01/26		2,700,000		2,834,811
6.875% due 09/01/27		4,600,000		4,923,288
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		4,450,000		4,689,187
				175,070,869
Financial - 4.5%
Ally Financial Inc 5.750% due 11/20/25		4,975,000		5,717,299
Avolon Holdings Funding Ltd (Ireland) 3.250% due 02/15/27 ~		1,500,000		1,548,635
Barclays PLC (United Kingdom) 5.200% due 05/12/26		1,000,000		1,144,765
Iron Mountain Inc REIT 4.500% due 02/15/31 ~		650,000		658,938
4.875% due 09/15/29 ~		3,700,000		3,824,320
5.000% due 07/15/28 ~		925,000		963,064
5.250% due 03/15/28 ~		700,000		733,985
OneMain Finance Corp 4.000% due 09/15/30		1,050,000		1,042,125
5.375% due 11/15/29		3,650,000		3,977,551
Park Intermediate Holdings LLC 4.875% due 05/15/29 ~		5,550,000		5,748,135
SBA Communications Corp 3.875% due 02/15/27		5,800,000		5,970,375
Springleaf Finance Corp 6.625% due 01/15/28		2,500,000		2,874,575
6.875% due 03/15/25		3,900,000		4,406,415
7.125% due 03/15/26		4,100,000		4,780,436
The Howard Hughes Corp 4.375% due 02/01/31 ~		6,575,000		6,564,348
5.375% due 08/01/28 ~		1,925,000		2,047,488
VICI Properties LP REIT 3.750% due 02/15/27 ~		1,750,000		1,785,761
4.250% due 12/01/26 ~		1,775,000		1,848,609
4.625% due 12/01/29 ~		4,875,000		5,189,438
				60,826,262
Industrial - 14.3%
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		1,000,000		1,052,080
Ardagh Packaging Finance PLC 5.250% due 08/15/27 ~		3,950,000		4,034,254
Brand Industrial Services Inc 8.500% due 07/15/25 ~		5,475,000		5,582,748
BWX Technologies Inc 4.125% due 04/15/29 ~		2,800,000		2,856,112
4.125% due 06/30/28 ~		6,350,000		6,486,303
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		6,175,000		6,317,272

	Principal Amount		Value
Gates Global LLC 6.250% due 01/15/26 ~		$6,325,000		$6,646,879
GFL Environmental Inc (Canada) 3.500% due 09/01/28 ~		3,750,000		3,745,894
3.750% due 08/01/25 ~		2,025,000		2,083,219
4.000% due 08/01/28 ~		550,000		544,129
4.750% due 06/15/29 ~		550,000		571,753
5.125% due 12/15/26 ~		300,000		318,294
Granite US Holdings Corp 11.000% due 10/01/27 ~		6,325,000		7,076,821
Hillenbrand Inc 3.750% due 03/01/31		5,475,000		5,456,084
Husky III Holding Ltd (Canada) 13.000% Cash or 13.750% PIK due 02/15/25 ~		1,750,000		1,905,365
Madison IAQ LLC 4.125% due 06/30/28 ~		550,000		556,188
5.875% due 06/30/29 ~		9,200,000		9,372,500
Masco Corp 7.750% due 08/01/29		1,864,000		2,559,129
Mauser Packaging Solutions Holding Co 5.500% due 04/15/24 ~		8,075,000		8,165,844
7.250% due 04/15/25 ~		5,700,000		5,597,400
Owens-Brockway Glass Container Inc 5.875% due 08/15/23 ~		7,500,000		8,097,150
PowerTeam Services LLC 9.033% due 12/04/25 ~		5,075,000		5,588,844
Sensata Technologies BV 4.000% due 04/15/29 ~		3,600,000		3,658,800
5.625% due 11/01/24 ~		11,450,000		12,759,479
Sensata Technologies Inc 3.750% due 02/15/31 ~		575,000		569,296
4.375% due 02/15/30 ~		3,800,000		4,009,899
Standard Industries Inc 3.375% due 01/15/31 ~		650,000		623,064
4.375% due 07/15/30 ~		1,825,000		1,887,424
4.750% due 01/15/28 ~		10,875,000		11,396,456
The Boeing Co 3.200% due 03/01/29		4,350,000		4,569,628
5.705% due 05/01/40		9,325,000		12,027,103
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		8,290,000		8,613,973
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		4,150,000		4,378,250
TransDigm Inc 4.625% due 01/15/29 ~		1,325,000		1,329,359
4.875% due 05/01/29 ~		4,450,000		4,497,837
5.500% due 11/15/27		2,925,000		3,052,969
6.250% due 03/15/26 ~		6,075,000		6,416,719
8.000% due 12/15/25 ~		1,925,000		2,085,333
TransDigm UK Holdings PLC 6.875% due 05/15/26		2,650,000		2,803,740
TriMas Corp 4.125% due 04/15/29 ~		5,350,000		5,429,608
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		4,550,000		4,946,714
VM Consolidated Inc 5.500% due 04/15/29 ~		2,600,000		2,654,756
				192,324,669
Technology - 1.4%
Entegris Inc 3.625% due 05/01/29 ~		1,100,000		1,116,830
4.375% due 04/15/28 ~		5,225,000		5,464,044
Rackspace Technology Global Inc 3.500% due 02/15/28 ~		2,925,000		2,834,032
Tempo Acquisition LLC 5.750% due 06/01/25 ~		1,375,000		1,451,574
6.750% due 06/01/25 ~		3,075,000		3,126,906

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-36

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Twilio Inc 3.625% due 03/15/29		$1,100,000		$1,123,375
3.875% due 03/15/31		3,800,000		3,904,500
				19,021,261
Utilities - 2.5%
Calpine Corp 5.125% due 03/15/28 ~		6,300,000		6,419,164
NRG Energy Inc 3.625% due 02/15/31 ~		1,475,000		1,451,326
5.250% due 06/15/29 ~		2,700,000		2,875,797
7.250% due 05/15/26		3,510,000		3,647,662
Pike Corp 5.500% due 09/01/28 ~		5,725,000		5,970,345
Talen Energy Supply LLC 6.500% due 06/01/25		3,750,000		2,524,988
7.250% due 05/15/27 ~		2,350,000		2,195,781
7.625% due 06/01/28 ~		1,225,000		1,147,997
Vistra Operations Co LLC 4.375% due 05/01/29 ~		550,000		553,438
5.000% due 07/31/27 ~		3,800,000		3,905,944
5.500% due 09/01/26 ~		1,925,000		1,990,748
5.625% due 02/15/27 ~		700,000		727,125
				33,410,315
Total Corporate Bonds & Notes (Cost $1,117,907,478)				1,186,416,212
SENIOR LOAN NOTES - 1.9%
Consumer, Cyclical - 1.0%
18 Fremont Street Acquisition LLC 9.500% (USD LIBOR + 8.000%) due 08/09/25 § ±		2,743,125		2,804,845
MIC Glen LLC 7.250% (USD LIBOR + 6.750%) due 06/23/29 §		1,750,000		1,768,046
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		5,875,000		6,403,750
Tacala LLC (2nd Lien) Term B 9.412% (USD LIBOR + 7.750%) due 02/01/26 §		2,250,000		2,259,855
				13,236,496
Energy - 0.3%
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		3,700,165		3,723,291
Technology - 0.6%
Bright Bidco BV Term B (Netherlands) 4.500% (USD LIBOR + 3.500%) due 06/30/24 §		3,357,537		2,822,729
The Dun & Bradstreet Corp Term B 3.346% (USD LIBOR + 3.250%) due 02/08/26 §		5,332,703		5,311,873
UKG Inc 4.000% (USD LIBOR + 3.250%) due 05/03/26 §		248,128		248,593
				8,383,195
Total Senior Loan Notes (Cost $22,641,662)				25,342,982
ASSET-BACKED SECURITIES - 3.3%
AIMCO CLO (Cayman) 6.734% (USD LIBOR + 6.550%) due 07/22/32 § ~		2,200,000		2,200,626

	Principal Amount		Value
Benefit Street Partners CLO Ltd (Cayman) 6.890% (USD LIBOR + 6.700%) due 01/17/32 § ~		$4,000,000		$4,019,816
Benefit Street Partners CLO V-B Ltd (Cayman) 6.138% (USD LIBOR + 5.950%) due 04/20/31 § ~		1,250,000		1,190,743
Dryden 55 CLO Ltd (Cayman) 5.584% (USD LIBOR + 5.400%) due 04/15/31 § ~		1,000,000		979,436
7.384% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		225,905
Kayne CLO II Ltd (Cayman) 6.184% (USD LIBOR + 6.000%) due 10/15/31 § ~		3,600,000		3,591,413
7.634% (USD LIBOR + 7.450%) due 10/15/31 § ~		1,750,000		1,732,714
Magnetite VIII CLO Ltd (Cayman) 7.624% (USD LIBOR + 7.440%) due 04/15/31 § ~		2,000,000		1,902,807
Magnetite Xxix Ltd (Cayman) 5.854% (USD LIBOR + 5.750%) due 01/15/34 § ~		7,950,000		7,908,533
Neuberger Berman CLO XXIII Ltd (Cayman) 5.940% (USD LIBOR + 5.750%) due 10/17/27 § ~		2,200,000		2,168,557
Neuberger Berman Loan CLO Ltd (Cayman) 6.210% (USD LIBOR + 6.020%) due 04/19/30 § ~		2,500,000		2,493,970
6.388% (USD LIBOR + 6.200%) due 01/20/31 § ~		5,250,000		5,232,975
6.688% (USD LIBOR + 6.500%) due 04/20/31 § ~		2,500,000		2,510,536
OCP CLO Ltd (Cayman) 5.140% (USD LIBOR + 4.950%) due 10/18/28 § ~		3,625,000		3,601,207
OHA Credit Partners VII Ltd (Cayman) 6.405% (USD LIBOR + 6.250%) due 02/20/34 § ~		1,750,000		1,741,780
Voya CLO Ltd (Cayman) 7.664% (USD LIBOR + 7.480%) due 01/15/33 § ~		2,700,000		2,723,314
Total Asset-Backed Securities (Cost $44,129,882)				44,224,332
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $19,966,138; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $20,365,553)		19,966,138		19,966,138
Total Short-Term Investment (Cost $19,966,138)				19,966,138
TOTAL INVESTMENTS - 96.7% (Cost $1,230,630,359)				1,303,280,113
OTHER ASSETS & LIABILITIES, NET - 3.3%				44,886,280
NET ASSETS - 100.0%				$1,348,166,393

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-37

PACIFIC SELECT FUND

HIGH YIELD BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	20.1%
Consumer, Non-Cyclical	16.9%
Industrial	14.6%
Communications	13.6%
Energy	13.3%
Financial	4.5%
Asset-Backed Securities	3.3%
Basic Materials	3.2%
Others (each less than 3.0%)	7.2%
	96.7%
Other Assets & Liabilities, Net	3.3%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$2,829,039		$2,829,039		$-		$-
	Consumer, Cyclical		3,309,371		3,309,371		-		-
	Consumer, Non-Cyclical		1,406,039		1,406,039		-		-
	Industrial		3,427,890		3,212,647		215,243		-
	Utilities		2,338,623		2,338,623		-		-
	Total Common Stocks		13,310,962		13,095,719		215,243		-
	Exchange-Traded Funds		14,019,487		14,019,487		-		-
	Corporate Bonds & Notes		1,186,416,212		-		1,186,416,212		-
	Senior Loan Notes		25,342,982		-		22,538,137		2,804,845
	Asset-Backed Securities		44,224,332		-		44,224,332		-
	Short-Term Investment		19,966,138		-		19,966,138		-
	Total		$1,303,280,113		$27,115,206		$1,273,360,062		$2,804,845

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-38

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 5.5%
Communications - 0.1%
Charter Communications Operating LLC 4.464% due 07/23/22		$500,000		$517,711
Consumer, Cyclical - 0.5%
Nissan Motor Acceptance Corp
1.900% due 09/14/21 ~		100,000		100,282
2.650% due 07/13/22 ~		100,000		101,672
Toyota Tsusho Corp (Japan) 3.625% due 09/13/23 ~		500,000		532,540
Volkswagen Group of America Finance LLC (Germany) 0.994% (USD LIBOR + 0.860%) due 09/24/21 § ~		1,600,000		1,603,017
				2,337,511
Consumer, Non-Cyclical - 0.0%
RELX Capital Inc (United Kingdom) 3.500% due 03/16/23		100,000		104,909
Energy - 0.4%
BG Energy Capital PLC (United Kingdom) 4.000% due 10/15/21 ~		1,900,000		1,919,838
Energy Transfer LP 4.250% due 03/15/23		100,000		104,969
				2,024,807
Financial - 4.4%
Bank of America Corp 5.875% due 03/15/28		410,000		469,782
Credit Suisse Group Funding Guernsey Ltd (Switzerland) 3.800% due 09/15/22		1,600,000		1,665,355
JPMorgan Chase & Co 3.656% (USD LIBOR + 3.470%) due 07/30/21 §		836,000		839,135
Jyske Realkredit AS (Denmark)
0.500% due 10/01/43		DKK 1,986,540		302,277
1.000% due 10/01/50		2,921,006		444,585
1.000% due 10/01/50 ~		24,500,485		3,764,197
1.000% due 10/01/53		5,588,179		840,733
2.500% due 10/01/47		985		167
Mitsubishi HC Capital Inc (Japan) 2.652% due 09/19/22 ~		$200,000		204,779
Natwest Group PLC (United Kingdom) 1.697% (USD LIBOR + 1.550%) due 06/25/24 §		700,000		716,146
4.519% due 06/25/24		500,000		537,043
Nordea Kredit Realkreditaktieselskab (Denmark)
0.500% due 10/01/43		DKK 793,328		120,493
1.000% due 10/01/50		8,543,943		1,301,431
1.000% due 10/01/50 ~		7,762,152		1,193,796
1.500% due 10/01/53		3,900,000		613,335
2.500% due 10/01/47		474		81
Nykredit Realkredit (Denmark)
0.500% due 10/01/43 ~		5,944,849		904,347
1.000% due 10/01/50 ~		1,078,014		163,862
Nykredit Realkredit AS (Denmark)
1.000% due 10/01/50 ~		36,242,293		5,568,180
2.500% due 10/01/47 ~		2,598		442
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		$7,000		7,326
Realkredit Danmark AS (Denmark)
1.000% due 10/01/53 ~		DKK 8,776,761		1,319,751
2.500% due 04/01/47 ~		11,513		1,958

	Principal Amount		Value
UniCredit SPA (Italy) 7.830% due 12/04/23 ~		$1,750,000		$2,028,705
				23,007,906
Technology - 0.0%
VMware Inc 3.900% due 08/21/27		100,000		111,217
Utilities - 0.1%
Baltimore Gas & Electric Co 3.500% due 11/15/21		300,000		301,191
National Rural Utilities Cooperative Finance Corp 2.300% due 09/15/22		100,000		102,082
				403,273
Total Corporate Bonds & Notes (Cost $28,205,606)				28,507,334
MORTGAGE-BACKED SECURITIES - 9.1%
Collateralized Mortgage Obligation - Commercial - 0.1%
AREIT Trust 2.745% (USD LIBOR + 2.620%) due 04/15/37 § ~		538,838		542,419
Collateralized Mortgage Obligations - Residential - 3.6%
Angel Oak Mortgage Trust 1.469% due 06/25/65 § ~		744,570		749,623
Bear Stearns Adjustable Rate Mortgage Trust 4.341% due 01/25/35 §		113,111		117,650
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.452% (USD LIBOR + 0.360%) due 03/25/35 § ~		254,703		263,081
Citigroup Mortgage Loan Trust 2.470% (UST + 2.400%) due 05/25/35 §		10,343		10,490
3.083% due 05/25/42 § ~		734,949		728,566
Eurosail PLC (United Kingdom) 0.244% (GBP LIBOR + 0.160%) due 12/10/44 § ~		GBP 36,205		49,874
Eurosail-UK PLC (United Kingdom) 1.034% (GBP LIBOR + 0.950%) due 06/13/45 § ~		626,454		868,914
Fannie Mae
0.152% (USD LIBOR + 0.060%) due 07/25/37 §		$353,371		347,280
0.242% (USD LIBOR + 0.150%) due 08/25/34 §		77,646		77,063
0.442% (USD LIBOR + 0.350%) due 07/25/37 §		4,215		4,243
2.096% due 05/25/35 §		309,617		317,219
Freddie Mac
0.460% (USD LIBOR + 0.350%) due 07/15/44 §		510,537		514,552
0.523% (USD LIBOR + 0.450%) due 09/15/42 §		1,073,075		1,087,298
Government National Mortgage Association
0.599% (USD LIBOR + 0.150%) due 08/20/68 §		885,318		878,555
1.029% (USD LIBOR + 0.750%) due 04/20/67 §		792,712		805,146
Great Hall Mortgages No 1 PLC (United Kingdom)
0.210% (GBP LIBOR + 0.130%) due 03/18/39 § ~		GBP 18,299		25,059
0.230% (GBP LIBOR + 0.150%) due 06/18/38 § ~		21,392		29,305

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-39

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
GSMPS Mortgage Loan Trust 7.000% due 06/25/43 ~		$140,657		$159,219
GSR Mortgage Loan Trust 2.678% due 01/25/35 §		85,478		84,695
HarborView Mortgage Loan Trust 0.773% (USD LIBOR + 0.680%) due 06/20/35 §		2,170,548		2,133,801
Hawksmoor Mortgages (United Kingdom) 1.099% (SONIA + 1.050%) due 05/25/53 § ~		GBP 1,493,537		2,076,606
HomeBanc Mortgage Trust 0.752% (USD LIBOR + 0.660%) due 10/25/35 §		$35,337		35,425
Impac CMB Trust 1.092% (USD LIBOR + 1.000%) due 07/25/33 §		57,297		56,057
JP Morgan Mortgage Trust 3.179% due 07/25/35 §		95,039		98,941
Mellon Residential Funding Corp Mortgage Pass-Through Certificate Trust 0.513% (USD LIBOR + 0.440%) due 12/15/30 §		106,612		104,674
0.773% (USD LIBOR + 0.700%) due 11/15/31 §		122,093		124,346
New Residential Mortgage Loan Trust 3.250% due 02/25/59 § ~		575,258		606,317
Residential Mortgage Securities 32 PLC (United Kingdom) 1.299% (SONIA + 1.250%) due 06/20/70 § ~		GBP 617,017		863,830
Sequoia Mortgage Trust 0.793% (USD LIBOR + 0.700%) due 10/19/26 §		$94,941		94,097
Stratton Mortgage Funding PLC (United Kingdom) 1.249% (SONIA + 1.200%) due 05/25/51 § ~		GBP 732,845		1,019,177
Structured Adjustable Rate Mortgage Loan Trust 2.537% due 02/25/34 §		$28,154		28,362
Structured Asset Mortgage Investments II Trust
0.593% (USD LIBOR + 0.500%) due 07/19/35 §		246,645		240,000
0.753% (USD LIBOR + 0.660%) due 10/19/34 §		148,796		146,487
Thornburg Mortgage Securities Trust 0.712% (USD LIBOR + 0.620%) due 06/25/44 §		2,029,311		2,028,948
Towd Point Mortgage Funding PLC (United Kingdom) 1.111% (GBP LIBOR + 1.025%) due 10/20/51		GBP 1,227,913		1,712,045
WaMu Mortgage Pass-Through Certificates Trust 2.022% due 08/25/35 §		$19,023		18,694
				18,505,639
Fannie Mae - 5.4%
due 08/01/51 #		25,890,000		27,562,848
1.050% (USD LIBOR + 0.675%) due 02/01/36 §		32,729		33,128
1.328% (US FED + 1.200%) due 11/01/42 - 10/01/44 §		102,472		105,358
1.772% (USD LIBOR + 1.272%) due 11/01/35 §		22,340		22,504
1.788% (USD LIBOR + 1.538%) due 01/01/36 §		6,847		6,854
1.800% (USD LIBOR + 1.392%) due 12/01/34 §		26,721		28,003

	Principal Amount		Value
1.903% (USD LIBOR + 1.681%) due 05/01/35 §		$8,117		$8,207
2.019% (USD LIBOR + 1.644%) due 03/01/35 §		86,796		86,711
2.254% (USD LIBOR + 2.000%) due 04/01/35 §		211,900		215,773
2.280% (USD LIBOR + 1.780%) due 11/01/35 §		8,666		8,681
2.287% (USD LIBOR + 1.912%) due 03/01/36 §		44,707		44,727
2.440% (UST + 2.190%) due 12/01/22 §		554		556
2.442% (USD LIBOR + 1.942%) due 09/01/35 §		1,391		1,395
5.000% (US FED + 1.250%) due 08/01/24 §		2,359		2,380
				28,127,125
Freddie Mac - 0.0%
2.170% (USD LIBOR + 1.815%) due 03/01/36 §		17,367		17,320
2.265% due 10/01/35		15,579		15,579
2.350% (UST + 2.225%) due 01/01/34 §		60,263		64,272
2.429% (USD LIBOR + 1.731%) due 08/01/35 §		1,864		1,913
				99,084
Government National Mortgage Association - 0.0%
2.000% (UST + 1.500%) due 01/20/27 §		3,809		3,835
2.125% (UST + 1.500%) due 10/20/24 - 12/20/26 §		9,718		9,904
2.250% (UST + 1.500%) due 09/20/22 - 07/20/25 §		9,826		10,034
2.500% (UST + 1.500%) due 02/20/25 §		3,445		3,527
2.875% (UST + 1.500%) due 05/20/23 - 05/20/26 §		5,617		5,717
				33,017
Total Mortgage-Backed Securities (Cost $46,643,520)				47,307,284
ASSET-BACKED SECURITIES - 6.7%
ABFC Trust
0.692% (USD LIBOR + 0.600%) due 10/25/34 §		108,613		108,035
0.792% (USD LIBOR + 0.700%) due 06/25/34 §		1,090,628		1,074,436
ACE Securities Corp Home Equity Loan Trust 0.872% (USD LIBOR + 0.780%) due 04/25/34 §		800,414		789,802
AlbaCore Euro CLO I DAC (Ireland) 1.530% (EUR LIBOR + 1.530%) due 07/18/31 § ~		EUR 250,000		297,395
Anchorage Capital CLO16 Ltd (Cayman) 1.588% (USD LIBOR + 1.400%) due 10/20/31 § ~		$400,000		400,596
Apidos CLO XXVII (Cayman) 1.060% (USD LIBOR + 0.930%) due 07/17/30 § ~		300,000		299,761
Ares European CLO X DAC (Ireland) 0.780% (EUR LIBOR + 0.780%) due 10/15/31 § ~		EUR 900,000		1,067,175
ARES L CLO Ltd (Cayman) 1.190% (USD LIBOR + 1.050%) due 01/15/32 § ~		$400,000		400,022

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-40

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Argent Securities Inc Asset-Backed Pass-Through Certificates 1.132% (USD LIBOR + 1.040%) due 05/25/34 §		$145,138		$135,581
ASSURANT CLO Ltd (Cayman) 1.141% (USD LIBOR + 1.040%) due 10/20/31 § ~		300,000		300,000
Atlas Senior Loan Fund CLO Ltd (Cayman) 1.530% (USD LIBOR + 1.150%) due 01/16/30 § ~		600,000		600,321
Atrium CLO XII (Cayman) 1.014% (USD LIBOR + 0.830%) due 04/22/27 § ~		633,958		634,113
Black Diamond CLO Ltd (Cayman) 0.860% (EUR LIBOR + 0.860%) due 01/20/32 § ~		EUR 600,000		711,928
Brookside Mill CLO Ltd (Cayman) 1.010% (USD LIBOR + 0.820%) due 01/17/28 § ~		$1,828,450		1,827,498
Carlyle Global Market Strategies CLO Ltd due 08/14/30 # ~		400,000		400,000
Carlyle Global Market Strategies Euro CLO Ltd
0.730% (EUR LIBOR + 0.730%) due 09/21/29 § ~		EUR 149,053		176,831
0.750% (EUR LIBOR + 0.750%) due 11/15/31 § ~		1,100,000		1,298,698
Catamaran CLO Ltd (Cayman) 1.444% (USD LIBOR + 1.260%) due 04/22/30 § ~		$397,959		398,207
Cathedral Lake Ltd (Cayman) 1.034% (USD LIBOR + 0.850%) due 07/16/29 § ~		300,000		300,033
CIFC Funding Ltd (Cayman) 1.038% (USD LIBOR + 0.950%) due 10/24/30 § ~		400,000		400,104
Citigroup Mortgage Loan Trust 0.382% (USD LIBOR + 0.290%) due 09/25/36 § ~		427,408		414,390
CoreVest American Finance Trust 2.968% due 10/15/49 ~		44,932		45,042
Credit-Based Asset Servicing & Securitization LLC 1.142% (USD LIBOR + 1.050%) due 06/25/35 §		1,083,000		1,083,987
Dryden 52 Euro CLO DAC (Ireland) due 05/15/34 # ~		EUR 400,000		474,300
Freddie Mac Structured Pass-Through Certificates 0.352% (USD LIBOR + 0.260%) due 08/25/31 §		$63,416		61,968
Halcyon Loan Advisors Funding CLO Ltd (Cayman) 1.108% (USD LIBOR + 0.920%) due 04/20/27 § ~		74,946		75,021
Home Equity Asset Trust 0.947% (USD LIBOR + 0.855%) due 08/25/34 §		154,567		154,137
1.292% (USD LIBOR + 1.200%) due 07/25/35 §		1,000,000		1,005,787
ICG US CLO Ltd (Cayman) 1.584% (USD LIBOR + 1.400%) due 10/22/31 § ~		900,000		901,930
Jamestown CLO V Ltd (Cayman) 1.410% (USD LIBOR + 1.220%) due 01/17/27 § ~		131,827		132,008
Jubilee CLO BV (Netherlands) 0.295% (EUR LIBOR + 0.840%) due 07/12/28 § ~		EUR 237,174		280,911

	Principal Amount		Value
KKR CLO 9 Ltd (Cayman) 1.150% (USD LIBOR + 0.950%) due 07/15/30 § ~		$300,000		$300,010
LCM XV LP (Cayman) 1.188% (USD LIBOR + 1.000%) due 07/20/30 § ~		1,300,000		1,300,325
LoanCore Issuer CDO Ltd (Cayman) 1.203% (USD LIBOR + 1.130%) due 05/15/36 § ~		700,000		700,213
Mackay Shields Euro CLO-2 DAC (Ireland) 1.550% (EUR LIBOR + 1.550%) due 08/15/33 § ~		EUR 250,000		296,891
Man GLG Euro CLO II DAC (Ireland) 0.870% (EUR LIBOR + 0.870%) due 01/15/30 § ~		249,868		296,200
Marlette Funding Trust 2.690% due 09/17/29 ~		$17,366		17,443
Merrill Lynch Mortgage Investors Trust 0.812% (USD LIBOR + 0.720%) due 10/25/35 §		622,129		594,051
MidOcean Credit CLO II (Cayman) 1.220% (USD LIBOR + 1.030%) due 01/29/30 § ~		400,000		399,737
MidOcean Credit CLO VIII (Cayman) 1.205% (USD LIBOR + 1.050%) due 02/20/31 § ~		300,000		300,001
Morgan Stanley ABS Capital I Inc Trust
0.752% (USD LIBOR + 0.660%) due 01/25/35 §		602,187		601,480
1.067% (USD LIBOR + 0.975%) due 07/25/34 §		91,795		91,144
MP CLO VII Ltd (Cayman) 0.891% (USD LIBOR + 0.890%) due 10/18/28 § ~		400,000		400,000
OAK Hill European Credit Partners VII DAC (Ireland) 0.740% (EUR LIBOR + 0.740%) due 10/20/31 § ~		EUR 600,000		710,532
Ocean Trails CLO VI (Cayman) 0.984% (USD LIBOR + 0.800%) due 07/15/28 § ~		$1,007,919		1,007,206
OCP CLO Ltd (Cayman) 0.984% (USD LIBOR + 0.800%) due 07/15/27 § ~		93,230		93,253
Palmer Square European Loan Funding (Ireland) 1.150% (EUR LIBOR + 1.150%) due 01/15/30 § ~		EUR 858,143		1,021,082
Palmer Square European Loan Funding DAC (Ireland) 0.870% (EUR LIBOR + 0.870%) due 02/15/30 § ~		874,254		1,038,224
Palmer Square Loan Funding Ltd (Cayman)  due 07/20/29 # ~		$800,000		800,000
Park Place Securities Inc Asset-Backed Pass-Through Certificates 1.082% (USD LIBOR + 0.990%) due 09/25/34 §		240,140		240,469
RAMP Trust 0.872% (USD LIBOR + 0.780%) due 11/25/35 §		1,567,075		1,566,960
Renaissance Home Equity Loan Trust 0.852% (USD LIBOR + 0.760%) due 12/25/32 §		194,188		189,473
Romark CLO Ltd (Cayman) due 10/23/30 # ~		500,000		500,000
Saxon Asset Securities Trust 0.402% (USD LIBOR + 0.310%) due 09/25/37 §		215,005		211,769

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-41

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Segovia European CLO 6- DAC (Ireland) due 07/20/32 # ~		EUR 400,000		$474,300
SLM Student Loan Trust
0.000% (EUR LIBOR + 0.270%) due 06/17/24 §		4,149		4,924
0.726% (USD LIBOR + 0.550%) due 10/25/64 § ~		$857,341		856,850
Sound Point CLO XIV Ltd (Cayman) 1.163% (USD LIBOR + 0.990%) due 01/23/29 § ~		886,116		887,223
Sound Point CLO XV Ltd (Cayman) 1.073% (USD LIBOR + 0.900%) due 01/23/29 § ~		300,000		300,012
SP-STATIC CLO 1 Ltd (Cayman) 1.584% (USD LIBOR + 1.400%) due 07/22/28 § ~		450,807		451,342
Structured Asset Securities Corp Mortgage Loan Trust 1.592% (USD LIBOR + 1.500%) due 04/25/35 §		316,611		318,495
Symphony CLO XIV Ltd (Cayman) 1.136% (USD LIBOR + 0.950%) due 07/14/26 § ~		164,001		164,220
United States Small Business Administration 5.290% due 12/01/27		534,458		569,671
Venture XXI CLO Ltd (Cayman) 1.064% (USD LIBOR + 0.880%) due 07/15/27 § ~		324,056		324,462
Venture XXIV CLO Ltd (Cayman) 1.088% (USD LIBOR + 0.900%) due 10/20/28 § ~		393,051		393,149
Voya CLO Ltd (Cayman) 1.073% (USD LIBOR + 0.950%) due 04/17/30 § ~		1,300,000		1,300,186
Wind River 2015-2 CLO Ltd (Cayman) 1.054% (USD LIBOR + 0.870%) due 10/15/27 § ~		59,225		59,278
Total Asset-Backed Securities (Cost $34,945,670)				35,030,592
U.S. TREASURY OBLIGATIONS - 102.3%
U.S. Treasury Bonds - 1.0%
1.625% due 11/15/50		5,550,000		4,993,297
U.S. Treasury Inflation Protected Securities - 95.7%
0.125% due 01/15/22 ^ ‡		2,241,221		2,291,774
0.125% due 04/15/22 ^ ‡		20,550,441		21,086,701
0.125% due 01/15/23 ^ ‡		6,819,608		7,126,137
0.125% due 10/15/24 ^		11,030,360		11,890,740
0.125% due 04/15/25 ^		18,961,147		20,476,579
0.125% due 10/15/25 ^		2,160,795		2,352,316
0.125% due 04/15/26 ^		5,802,828		6,315,129
0.125% due 07/15/26 ^		15,927,850		17,451,728
0.125% due 01/15/30 ^		11,352,329		12,471,458
0.125% due 07/15/30 ^		6,247,800		6,898,013
0.125% due 02/15/51 ^ ‡		1,579,224		1,733,579
0.250% due 07/15/29 ^		7,934,511		8,833,602
0.250% due 02/15/50 ^		2,222,283		2,520,575
0.375% due 07/15/23 ^		7,342,272		7,812,095
0.375% due 07/15/25 ^		6,256,182		6,871,633
0.375% due 01/15/27 ^		20,355,801		22,546,329
0.375% due 07/15/27 ^		31,949,124		35,624,908
0.500% due 04/15/24 ^		12,074,196		13,021,014
0.500% due 01/15/28 ^		26,729,163		29,985,380
0.625% due 07/15/21 ^		1,196,406		1,201,177

	Principal Amount		Value
0.625% due 04/15/23 ^		$34,650,891		$36,644,637
0.625% due 01/15/24 ^		22,988,880		24,783,269
0.625% due 01/15/26 ^		13,439,140		14,933,824
0.625% due 02/15/43 ^		1,892,821		2,264,330
0.750% due 07/15/28 ^		13,986,209		16,062,057
0.750% due 02/15/42 ^		18,465,748		22,529,870
0.750% due 02/15/45 ^		4,047,559		5,000,230
0.875% due 01/15/29 ^		5,815,370		6,733,378
0.875% due 02/15/47 ^		4,537,959		5,848,758
1.000% due 02/15/46 ^		12,202,703		15,978,865
1.000% due 02/15/48 ^		1,407,471		1,880,591
1.375% due 02/15/44 ^		17,431,569		24,095,814
1.750% due 01/15/28 ^		2,674,966		3,234,631
2.000% due 01/15/26 ^		6,663,873		7,843,146
2.125% due 02/15/40 ^		5,397,955		8,056,418
2.125% due 02/15/41 ^		3,669,611		5,536,926
2.375% due 01/15/25 ^		11,755,705		13,668,525
2.375% due 01/15/27 ^ ‡		119,150		146,018
2.500% due 01/15/29 ^		6,215,063		8,010,453
3.625% due 04/15/28 ^		18,599,193		25,076,576
3.875% due 04/15/29 ^		8,709,727		12,255,412
				499,094,595
U.S. Treasury Notes - 5.6%
0.125% due 01/15/31 ^		26,121,950		28,768,673
1.750% due 12/31/24 ‡		550,000		572,451
				29,341,124
Total U.S. Treasury Obligations (Cost $492,126,781)				533,429,016
FOREIGN GOVERNMENT BONDS & NOTES - 10.4%
Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 2,590,000		2,337,294
Canadian Government (Canada) 4.250% due 12/01/26 ^		CAD 2,395,830		2,494,999
French Republic Government OAT (France)
0.100% due 03/01/26 ^ ~		EUR 3,551,275		4,581,672
0.250% due 07/25/24 ^ ~		1,730,416		2,192,901
Italy Buoni Poliennali Del Tesoro (Italy)
0.400% due 05/15/30 ^ ~		6,800,508		8,713,477
1.400% due 05/26/25 ^ ~		12,051,720		15,442,043
Japanese Government CPI Linked (Japan)
0.005% due 03/10/31 ^		JPY 200,990,000		1,850,783
0.100% due 03/10/28 ^		382,388,260		3,531,485
0.100% due 03/10/29 ^		451,888,470		4,183,512
0.200% due 03/10/30 ^		29,823,900		280,964
New Zealand Government Inflation Linked (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 4,714,500		3,677,443
Qatar Government (Qatar) 3.875% due 04/23/23 ~		$700,000		743,968
Saudi Government (Saudi Arabia) 4.000% due 04/17/25 ~		1,230,000		1,360,196
United Kingdom Gilt Inflation Linked (United Kingdom) 1.250% due 11/22/27 ^ ~		GBP 1,690,383		3,022,501
Total Foreign Government Bonds & Notes (Cost $51,825,261)				54,413,238

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-42

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENT - 0.5%
Repurchase Agreement - 0.5%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $2,786,212; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $2,842,026)		$2,786,212		$2,786,212
Total Short-Term Investment (Cost $2,786,212)				2,786,212
TOTAL INVESTMENTS - 134.5% (Cost $656,533,050)				701,473,676
DERIVATIVES - (0.1%)				(558,991	)
OTHER ASSETS & LIABILITIES, NET - (34.4%)				(179,337,282	)
NET ASSETS - 100.0%				$521,577,403

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	102.3%
Foreign Government Bonds & Notes	10.4%
Mortgage-Backed Securities	9.1%
Asset-Backed Securities	6.7%
Corporate Bonds & Notes	5.5%
Others (each less than 3.0%)	0.5%
	134.5%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	(34.4%	)
	100.0%

(b) As of June 30, 2021, investments with a total aggregate value of $1,949,800 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).

(c) The average amount of borrowings by the Fund on reverse repurchase agreements during the period ended June 30, 2021 was $964,333 at a weighted average interest rate of 0.039%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the period ended June 30, 2021 was $161,713,318 at a weighted average interest rate of 0.088%.

(d) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Bobl	09/21		45		$7,154,393		$7,158,077		$3,684
Euro-Bund	09/21		70		14,194,754		14,327,063		132,309
Euro-Schatz	08/21		600		67,980,612		67,980,000		(612	)
U.S. Treasury 5-Year Notes	09/21		301		37,286,772		37,152,336		(134,436	)
U.S. Treasury 10-Year Notes	09/21		16		2,107,772		2,120,000		12,228
U.S. Treasury Ultra 10-Year Notes	09/21		30		4,347,408		4,416,094		68,686
									81,859
Short Futures Outstanding
Australia Treasury 3-Year Bond	09/21		16		1,400,858		1,397,751		3,107
Euro-BTP	09/21		43		7,666,145		7,719,980		(53,835	)
Euro-Buxl	09/21		57		13,497,211		13,736,536		(239,325	)
Euro-OAT	09/21		1		187,857		188,582		(725	)
Euro-Schatz	09/21		671		89,234,133		89,222,883		11,250
Japan 10-Year Bonds	09/21		6		8,181,447		8,192,448		(11,001	)
Long Gilt	09/21		14		2,456,587		2,480,810		(24,223	)
Short Euro-BTP	09/21		14		1,876,410		1,878,513		(2,103	)
U.S. Treasury 2-Year Notes	09/21		72		15,888,283		15,863,062		25,221
U.S. Treasury 30-Year Bonds	09/21		94		14,633,023		15,110,500		(477,477	)
U.S. Treasury Ultra Long Bonds	09/21		74		13,585,731		14,258,875		(673,144	)
									(1,442,255	)
Total Futures Contracts									($1,360,396	)

(e) Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
DKK	3,270,000	USD	519,912		07/21	CIT		$1,517		$-
DKK	28,946,061	USD	4,646,264		07/21	JPM		-		(30,586	)
DKK	34,315,279	USD	5,511,007		07/21	MSC		-		(39,167	)
DKK	40,840,738	USD	6,558,722		07/21	SGN		-		(46,346	)
EUR	657,000	USD	784,455		07/21	BNP		-		(5,417	)
GBP	431,000	USD	598,749		07/21	BNP		-		(2,547	)
GBP	7,029,000	USD	9,728,663		07/21	HSB		-		(5,448	)
NZD	5,404,000	USD	3,780,917		07/21	BNP		-		(3,520	)
USD	2,289,410	AUD	2,960,000		07/21	CIT		69,558		-
USD	2,443,790	CAD	2,944,000		07/21	BNP		68,830		-
USD	2,377,396	CAD	2,944,000		08/21	TDB		2,474		-
USD	6,259,486	DKK	39,334,684		07/21	BOA		-		(12,739	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-43

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
USD	4,836,888	DKK	30,499,201		07/21		CIT		$-		($26,449	)
USD	608,830	DKK	3,800,000		07/21		GSC		2,890		-
USD	5,393,234	DKK	34,002,353		07/21		JPM		-		(28,708	)
USD	4,654,407	DKK	28,946,061		10/21		JPM		30,676		-
USD	5,520,574	DKK	34,315,279		10/21		MSC		39,185		-
USD	6,570,071	DKK	40,840,738		10/21		SGN		46,331		-
USD	1,580,114	EUR	1,328,000		07/21		HSB		5,437		-
USD	39,207,234	EUR	32,049,000		07/21		TDB		1,205,128		-
USD	38,828,090	EUR	32,720,000		08/21		TDB		4,719		-
USD	10,546,402	GBP	7,460,000		07/21		GSC		226,984		-
USD	9,729,436	GBP	7,029,000		08/21		HSB		5,294		-
USD	9,479,659	JPY	1,036,800,000		07/21		BRC		147,106		-
USD	480,708	JPY	52,700,000		07/21		CIT		6,339		-
USD	9,818,661	JPY	1,089,500,000		08/21		BNP		9,160		-
USD	3,943,765	NZD	5,404,000		07/21		JPM		166,368		-
USD	3,780,674	NZD	5,404,000		08/21		BNP		3,560		-
Total Forward Foreign Currency Contracts									$2,041,556		($200,927	)

(f) Purchased options outstanding as of June 30, 2021 were as follows:

Interest Rate Swaptions

Description

Pay/Receive Floating Rate

Floating Rate Index

Exercise Rate

Expiration Date

Counter- party

Notional Amount

Cost

Value

Call - 5-Year Interest Rate Swap

Pay

3-Month USD LIBOR

0.700%

08/24/21

MSC

$21,500,000

$77,400

$9,172

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.190%

11/02/22

MSC

EUR 1,500,000

109,402

222,044

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.195%

11/02/22

BNP

1,550,000

1,166

227,552

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.197%

11/04/22

BNP

1,840,000

140,020

269,736

Put - 30-Year Interest Rate Swap

Receive

6-Month EUR-LIBOR

0.197%

11/04/22

BRC

960,000

71,659

140,732

322,247

860,064

Total Interest Rate Swaptions

$399,647

$869,236

Options on Securities

Description	Exercise Price		Expiration Date		Counter- party	Notional Amount		Cost		Value
Put - Fannie Mae 2.000% due 07/14/51		$99.66		07/07/21	JPM		$200,000		$1,125		$27
Put - Fannie Mae 2.000% due 08/12/51		100.16		08/05/21	JPM		100,000		937		315
Put - Fannie Mae 2.000% due 08/12/51		100.47		08/05/21	JPM		200,000		1,875		800
Put - Fannie Mae 2.500% due 08/12/51		103.23		08/05/21	JPM		300,000		1,711		1,115
									$5,648		$2,257
Total Purchased Options									$405,295		$871,493

(g) Premiums received and value of written options outstanding as of June 30, 2021 were as follows:

Credit Default Swaptions on Credit Indices – Buy Protection

Description	Exercise Rate		Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - iTraxx Main 34 5Y		0.400%		07/21/21	BRC		EUR 1,000,000		$555		($646	)
Call - CDX IG36 5Y		0.475%		08/18/21	BRC		$800,000		600		(551	)
Call - CDX IG36 5Y		0.475%		08/18/21	CSF		400,000		324		(275	)
Call - CDX IG36 5Y		0.475%		08/18/21	DUB		900,000		720		(619	)
									2,199		(2,091	)
Credit Default Swaptions on Credit Indices – Sell Protection
Put - iTraxx Main 35 5Y		0.750%		07/21/21	BOA		EUR 700,000		724		(53	)
Put - iTraxx Main 34 5Y		0.750%		07/21/21	BRC		1,000,000		1,315		(47	)
Put - iTraxx Main 35 5Y		0.750%		07/21/21	BRC		500,000		526		(38	)
Put - iTraxx Main 34 5Y		0.750%		07/21/21	GSC		700,000		925		(33	)
Put - iTraxx Main 35 5Y		0.750%		07/21/21	GSC		700,000		716		(53	)
Put - CDX IG36 5Y		0.900%		07/21/21	GSC		$700,000		903		(31	)
Put - iTraxx Main 35 5Y		0.700%		08/18/21	BRC		EUR 1,500,000		2,012		(411	)
Put - CDX IG36 5Y		0.750%		08/18/21	BOA		$800,000		780		(157	)
Put - iTraxx Main 35 5Y		0.750%		08/18/21	BRC		EUR 700,000		791		(161	)
Put - CDX IG36 5Y		0.750%		08/18/21	CSF		$2,100,000		2,121		(413	)
Put - iTraxx Main 35 5Y		0.800%		08/18/21	BRC		EUR 700,000		762		(139	)
Put - CDX IG36 5Y		0.800%		08/18/21	CIT		$ 700,000		756		(114	)
Put - CDX IG36 5Y		0.800%		08/18/21	CSF		1,200,000		1,140		(196	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-44

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Description	Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Put - iTraxx Main 35 5Y		0.800%		08/18/21		DUB		EUR 700,000		$787		($139	)
Put - CDX IG36 5Y		0.800%		08/18/21		GSC		$800,000		804		(131	)
Put - iTraxx Main 35 5Y		0.825%		08/18/21		BNP		EUR 700,000		816		(130	)
Put - iTraxx Main 35 5Y		0.850%		08/18/21		BRC		700,000		767		(123	)
Put - iTraxx Main 35 5Y		0.850%		08/18/21		DUB		700,000		757		(123	)
Put - CDX IG36 5Y		0.800%		09/15/21		BRC		$800,000		992		(281	)
Put - CDX IG36 5Y		0.800%		09/15/21		DUB		900,000		1,080		(316	)
Put - CDX IG36 5Y		0.850%		09/15/21		CSF		200,000		196		(60	)
Put - CDX IG36 5Y		0.900%		09/15/21		CSF		1,700,000		1,793		(437	)
Put - CDX IG36 5Y		0.900%		09/15/21		DUB		2,700,000		2,763		(694	)
Put - iTraxx Main 35 5Y		0.850%		10/20/21		BRC		EUR 1,400,000		1,453		(843	)
										25,679		(5,123	)
Total Credit Default Swaptions on Credit Indices										$27,878		($7,214	)

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		$13,800,000		$100,395		($1	)
Cap - U.S. CPI Urban Consumers		234.78	Maximum of [0, Final Index/Initial Index - (1+4.000%)^10 ]		05/16/24	JPM		1,300,000		9,035		(13	)
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		(3,152	)
										$209,517		($3,166	)

Interest Rate Swaptions

Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate			Expiration Date		Counter- party	Notional Amount		Premium		Value
Call - 5-Year Interest Rate Swap		Receive		3-Month USD LIBOR		0.550	%		08/24/21	MSC		$43,000,000		$67,725		($3,565	)
Call - 1-Year Interest Rate Swap		Receive		3-Month EUR-LIBOR		(0.526	%)		11/17/22	GSC		EUR 32,000,000		49,740		(15,196	)
														117,465		(18,761	)
Put - 10-Year Interest Rate Swap		Pay		3-Month USD LIBOR		1.760	%		07/07/21	MSC		$100,000		765		(2	)
Put - 10-Year Interest Rate Swap		Pay		3-Month USD LIBOR		2.300	%		09/29/21	DUB		4,930,000		33,647		(3,093	)
Put - 10-Year Interest Rate Swap		Pay		3-Month USD LIBOR		2.300	%		09/29/21	JPM		100,000		720		(63	)
Put - 10-Year Interest Rate Swap		Pay		3-Month USD LIBOR		2.300	%		09/29/21	MSC		5,970,000		42,446		(3,746	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000	%		11/02/22	BNP		EUR 4,700,000		-		(210,796	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000	%		11/02/22	MSC		4,500,000		109,159		(201,826	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000	%		11/04/22	BNP		5,490,000		136,171		(247,282	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000	%		11/04/22	BRC		2,810,000		68,840		(126,569	)
														391,748		(793,377	)
Total Interest Rate Swaptions														$509,213		($812,138	)

Options on Securities

Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - Fannie Mae 2.000% due 07/14/51		$101.23		07/07/21		GSC		$200,000		$1,023		($318	)
Call - Fannie Mae 2.500% due 07/14/51		104.05		07/07/21		JPM		100,000		172		(7	)
Call - Fannie Mae 2.000% due 08/12/51		101.37		08/05/21		GSC		200,000		664		(560	)
Call - Fannie Mae 2.500% due 08/12/51		103.98		08/05/21		JPM		200,000		406		(152	)
Call - Fannie Mae 2.000% due 09/14/51		101.02		09/07/21		GSC		300,000		1,313		(1,636	)
Call - Fannie Mae 2.000% due 09/14/51		101.31		09/07/21		JPM		100,000		313		(405	)
										3,891		(3,078	)
Put - Fannie Mae 2.500% due 07/14/51		102.05		07/07/21		JPM		100,000		344		(3	)
Put - Fannie Mae 2.000% due 08/12/51		99.16		08/05/21		JPM		200,000		1,250		(314	)
Put - Fannie Mae 2.000% due 08/12/51		99.47		08/05/21		JPM		400,000		2,484		(776	)
Put - Fannie Mae 2.500% due 08/12/51		101.98		08/05/21		JPM		200,000		687		(223	)
Put - Fannie Mae 2.500% due 08/12/51		102.23		08/05/21		JPM		600,000		1,875		(830	)
Put - Fannie Mae 3.000% due 08/12/51		104.14		08/05/21		JPM		200,000		344		(325	)
Put - Ginnie Mae 2.500% due 08/19/51		102.23		08/12/21		JPM		500,000		1,602		(816	)
Put - Ginnie Mae 2.500% due 08/19/51		102.30		08/12/21		JPM		500,000		1,680		(857	)
Put - Fannie Mae 2.000% due 09/14/51		99.02		09/07/21		GSC		300,000		1,875		(1,085	)
Put - Fannie Mae 3.000% due 09/14/51		103.70		09/07/21		JPM		200,000		609		(317	)
Put - Fannie Mae 3.000% due 09/14/51		103.98		09/07/21		JPM		200,000		609		(471	)
										13,359		(6,017	)
Total Options on Securities										$17,250		($9,095	)
Total Written Options										$763,858		($831,613	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-45

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(h) Swap agreements outstanding as of June 30, 2021 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 06/30/21 (2)		Notional Amount (3)		Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Ally Financial Inc		Q		5.000%		06/20/22		ICE		0.290%		$200,000		$9,544		$5,027			$4,517
General Electric Co		Q		1.000%		12/20/23		ICE		0.385%		300,000		4,674		(8,449	)		13,123
Total Credit Default Swaps														$14,218		($3,422	)		$17,640

(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.

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)
1.335%	U.S. CPI Urban Consumers		Z/Z		LCH		07/01/21		$400,000		($11,306	)		$-			($11,306	)
1.690%	U.S. CPI Urban Consumers		Z/Z		LCH		08/07/21		5,300,000		(208,981	)		(250	)		(208,731	)
1.825%	U.S. CPI Urban Consumers		Z/Z		LCH		08/14/21		2,800,000		(105,826	)		-			(105,826	)
1.863%	U.S. CPI Urban Consumers		Z/Z		LCH		08/26/21		900,000		(33,076	)		(100	)		(32,976	)
1.280%	U.S. CPI Urban Consumers		Z/Z		LCH		11/02/21		1,300,000		(47,611	)		-			(47,611	)
2.180%	U.S. CPI Urban Consumers		Z/Z		LCH		01/19/22		4,100,000		(107,224	)		(58	)		(107,166	)
2.200%	U.S. CPI Urban Consumers		Z/Z		LCH		01/21/22		2,100,000		(54,480	)		-			(54,480	)
2.170%	U.S. CPI Urban Consumers		Z/Z		LCH		02/01/22		4,000,000		(104,780	)		-			(104,780	)
2.155%	U.S. CPI Urban Consumers		Z/Z		LCH		02/04/22		5,300,000		(138,909	)		(80	)		(138,829	)
2.200%	U.S. CPI Urban Consumers		Z/Z		LCH		02/05/22		2,700,000		(69,110	)		-			(69,110	)
3.465%	GBP Retail Price		Z/Z		LCH		02/15/22		GBP 1,700,000		(26,518	)		-			(26,518	)
3.220%	GBP Retail Price		Z/Z		LCH		03/15/22		1,900,000		(28,433	)		(26	)		(28,407	)
(0.526%)	3-Month EUR-LIBOR		A/Q		LCH		11/21/23		EUR 16,000,000		(23,123	)		-			(23,123	)
3.850%	GBP Retail Price		Z/Z		LCH		09/15/24		GBP 2,700,000		153,139			125			153,014
3.330%	GBP Retail Price		Z/Z		LCH		01/15/25		5,700,000		32,829			133,847			(101,018	)
3.603%	GBP Retail Price		Z/Z		LCH		11/15/28		120,000		5,817			-			5,817
3.633%	GBP Retail Price		Z/Z		LCH		12/15/28		700,000		37,419			-			37,419
1.954%	U.S. CPI Urban Consumers		Z/Z		LCH		06/03/29		$2,350,000		(138,970	)		-			(138,970	)
1.998%	U.S. CPI Urban Consumers		Z/Z		LCH		07/25/29		7,700,000		(407,508	)		-			(407,508	)
1.760%	U.S. CPI Urban Consumers		Z/Z		LCH		11/04/29		3,100,000		(253,114	)		(3,110	)		(250,004	)
1.883%	U.S. CPI Urban Consumers		Z/Z		LCH		11/20/29		700,000		(48,214	)		642			(48,856	)
3.438%	GBP Retail Price		Z/Z		LCH		01/15/30		GBP 100,000		(1,132	)		-			(1,132	)
3.190%	GBP Retail Price		Z/Z		LCH		04/15/30		3,800,000		(57,228	)		(214,684	)		157,456
3.400%	GBP Retail Price		Z/Z		LCH		06/15/30		2,500,000		103,703			57,700			46,003
3.325%	GBP Retail Price		Z/Z		LCH		08/15/30		830,000		9,707			7,797			1,910
3.475%	GBP Retail Price		Z/Z		LCH		08/15/30		700,000		(30,921	)		7,283			(38,204	)
1.380%	Eurostat Eurozone HICP		Z/Z		LCH		03/15/31		EUR 5,300,000		(183,339	)		(38,565	)		(144,774	)
3.750%	GBP Retail Price		Z/Z		LCH		04/15/31		GBP 770,000		(2,608	)		(364	)		(2,244	)
3.566%	GBP Retail Price		Z/Z		LCH		03/15/36		400,000		(8,980	)		-			(8,980	)
3.580%	GBP Retail Price		Z/Z		LCH		03/15/36		1,200,000		(21,885	)		(7,031	)		(14,854	)
											($1,770,662	)		($56,874	)		($1,713,788	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-46

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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)
0.090%	Eurostat Eurozone HICP		Z/Z		LCH		05/15/22		EUR 2,200,000		$68,183			$-			$68,183
0.330%	Eurostat Eurozone HICP		Z/Z		LCH		07/15/22		1,400,000		46,302			(160	)		46,462
2.069%	U.S. CPI Urban Consumers		Z/Z		LCH		07/15/22		$1,200,000		27,770			-			27,770
2.210%	U.S. CPI Urban Consumers		Z/Z		LCH		02/05/23		6,810,000		101,347			-			101,347
2.263%	U.S. CPI Urban Consumers		Z/Z		LCH		04/27/23		5,320,000		50,567			(801	)		51,368
2.263%	U.S. CPI Urban Consumers		Z/Z		LCH		05/09/23		1,150,000		11,650			-			11,650
2.281%	U.S. CPI Urban Consumers		Z/Z		LCH		05/10/23		1,760,000		13,039			-			13,039
2.314%	U.S. CPI Urban Consumers		Z/Z		LCH		02/26/26		2,100,000		57,769			-			57,769
2.419%	U.S. CPI Urban Consumers		Z/Z		LCH		03/05/26		2,800,000		60,242			-			60,242
2.768%	U.S. CPI Urban Consumers		Z/Z		LCH		05/13/26		1,700,000		(1,180	)		-			(1,180	)
2.813%	U.S. CPI Urban Consumers		Z/Z		LCH		05/14/26		1,000,000		(3,232	)		-			(3,232	)
2.703%	U.S. CPI Urban Consumers		Z/Z		LCH		05/25/26		1,210,000		2,221			190			2,031
1.798%	U.S. CPI Urban Consumers		Z/Z		LCH		08/25/27		900,000		69,113			-			69,113
1.890%	U.S. CPI Urban Consumers		Z/Z		LCH		08/27/27		1,000,000		69,676			-			69,676
0.300%	6-Month JPY-LIBOR		S/S		LCH		09/20/27		JPY 377,560,000		(65,759	)		(4,387	)		(61,372	)
3.250%	3-Month NZD Bank Bills		S/Q		CME		03/21/28		NZD 3,500,000		(287,509	)		7,523			(295,032	)
2.311%	U.S. CPI Urban Consumers		Z/Z		LCH		02/24/31		$5,100,000		155,157			(1,980	)		157,137
											$375,356			$385			$374,971
Total Interest Rate Swaps											($1,395,306	)		($56,489	)		($1,338,817	)

Total Return Swaps – Long

Receive	Pay		Payment Frequency		Counter- party	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
U.S. Treasury Inflation Protected Securities 0.125% due 07/12/21		0.060%		Z	BNP		07/12/21		$20,000,000		$242,073			$-			$242,073
Total Swap Agreements											($1,139,015	)		($59,911	)		($1,079,104	)

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		$-			$242,073
Liabilities		-			-
Centrally Cleared Swap Agreements (1)
Assets		220,134			1,155,046
Liabilities		(280,045	)		(2,476,223	)
		($59,911	)		($1,079,104	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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 A-298 and A-299

A-47

PACIFIC SELECT FUND

INFLATION MANAGED PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(i) 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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$28,507,334			$-			$28,507,334			$-
	Mortgage-Backed Securities		47,307,284			-			47,307,284			-
	Asset-Backed Securities		35,030,592			-			35,030,592			-
	U.S. Treasury Obligations		533,429,016			-			533,429,016			-
	Foreign Government Bonds & Notes		54,413,238			-			54,413,238			-
	Short-Term Investment		2,786,212			-			2,786,212			-
	Derivatives:
	Credit Contracts
	Swaps		17,640			-			17,640			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		2,041,556			-			2,041,556			-
	Interest Rate Contracts
	Futures		256,485			256,485			-			-
	Purchased Options		871,493			-			871,493			-
	Swaps		1,379,479			-			1,379,479			-
	Total Interest Rate Contracts		2,507,457			256,485			2,250,972			-
	Total Asset - Derivatives		4,566,653			256,485			4,310,168			-
	Total Assets		706,040,329			256,485			705,783,844			-
Liabilities	Sale-buyback Financial Transactions		(395,057,678	)		-			(395,057,678	)		-
	Derivatives:
	Credit Contracts
	Written Options		(7,214	)		-			(7,214	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(200,927	)		-			(200,927	)		-
	Interest Rate Contracts
	Futures		(1,616,881	)		(1,616,881	)		-			-
	Written Options		(824,399	)		-			(824,399	)		-
	Swaps		(2,476,223	)		-			(2,476,223	)		-
	Total Interest Rate Contracts		(4,917,503	)		(1,616,881	)		(3,300,622	)		-
	Total Liabilities - Derivatives		(5,125,644	)		(1,616,881	)		(3,508,763	)		-
	Total Liabilities		(400,183,322	)		(1,616,881	)		(398,566,441	)		-
	Total		$305,857,007			($1,360,396	)		$307,217,403			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-48

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 32.1%
Basic Materials - 0.8%
Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$1,200,000		$1,294,467
DuPont de Nemours Inc 5.319% due 11/15/38		685,000		907,177
Glencore Funding LLC (Australia) 2.500% due 09/01/30 ~		760,000		758,906
International Flavors & Fragrances Inc 2.300% due 11/01/30 ~		1,530,000		1,523,271
3.468% due 12/01/50 ~		790,000		822,686
LYB International Finance III LLC 1.250% due 10/01/25		335,000		334,524
3.375% due 05/01/30		485,000		526,376
Nutrien Ltd (Canada) 5.000% due 04/01/49		375,000		495,267
PPG Industries Inc 1.200% due 03/15/26		285,000		284,512
Steel Dynamics Inc 1.650% due 10/15/27		750,000		749,207
Teck Resources Ltd (Canada) 3.900% due 07/15/30		1,550,000		1,672,382
Vale Overseas Ltd (Brazil) 3.750% due 07/08/30		1,530,000		1,630,904
				10,999,679
Communications - 2.6%
America Movil SAB de CV (Mexico) 2.875% due 05/07/30		945,000		999,832
AT&T Inc 2.300% due 06/01/27		1,550,000		1,604,459
2.750% due 06/01/31		2,045,000		2,127,874
3.500% due 06/01/41		1,540,000		1,602,553
3.550% due 09/15/55 ~		1,125,000		1,130,410
Charter Communications Operating LLC 2.800% due 04/01/31		2,050,000		2,098,136
3.500% due 06/01/41		285,000		287,399
3.700% due 04/01/51		860,000		852,630
Comcast Corp 1.500% due 02/15/31		2,700,000		2,560,596
2.800% due 01/15/51		736,000		709,390
3.250% due 11/01/39		970,000		1,033,368
Corning Inc 5.750% due 08/15/40		300,000		408,819
Cox Communications Inc 1.800% due 10/01/30 ~		660,000		630,119
2.950% due 10/01/50 ~		555,000		526,997
Deutsche Telekom AG (Germany) 3.625% due 01/21/50 ~		1,000,000		1,058,645
Discovery Communications LLC 3.625% due 05/15/30		980,000		1,070,156
Rogers Communications Inc (Canada) 3.700% due 11/15/49		770,000		821,873
T-Mobile USA Inc 2.550% due 02/15/31		2,620,000		2,656,680
3.000% due 02/15/41		1,630,000		1,613,977
The Walt Disney Co 2.650% due 01/13/31		1,000,000		1,050,615
3.500% due 05/13/40		945,000		1,055,385
Verizon Communications Inc 2.100% due 03/22/28		500,000		510,823
2.650% due 11/20/40		546,000		526,409
3.150% due 03/22/30		1,440,000		1,556,114
3.400% due 03/22/41		610,000		646,073
3.700% due 03/22/61		600,000		643,640
3.850% due 11/01/42		1,815,000		2,064,572

	Principal Amount		Value
ViacomCBS Inc 4.000% due 01/15/26	$	575,000	$	639,818
4.375% due 03/15/43		620,000		719,118
5.850% due 09/01/43		10,000		13,723
				33,220,203
Consumer, Cyclical - 3.1%
7-Eleven Inc 0.625% due 02/10/23 ~		1,490,000		1,491,000
0.950% due 02/10/26 ~		345,000		338,993
1.300% due 02/10/28 ~		277,000		267,776
2.500% due 02/10/41 ~		283,000		263,953
Alimentation Couche-Tard Inc (Canada) 2.950% due 01/25/30 ~		1,130,000		1,174,497
3.439% due 05/13/41 ~		785,000		811,581
3.625% due 05/13/51 ~		875,000		916,565
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		1,636,960		1,673,880
American Honda Finance Corp 2.000% due 03/24/28		2,000,000		2,053,520
AutoZone Inc 3.625% due 04/15/25		1,010,000		1,106,129
Daimler Finance North America LLC (Germany) 1.450% due 03/02/26 ~		1,076,000		1,081,404
Delta Air Lines 2015-1 Class B Pass-Through Trust 4.250% due 01/30/25		604,092		616,751
Dollar General Corp 4.125% due 04/03/50		760,000		892,485
General Motors Co 6.125% due 10/01/25		270,000		319,815
General Motors Financial Co Inc 1.250% due 01/08/26		956,000		950,124
2.700% due 06/10/31		830,000		834,752
4.350% due 01/17/27		230,000		258,804
Hasbro Inc 3.900% due 11/19/29		682,000		759,038
Hyundai Capital America 1.150% due 11/10/22 ~		2,554,000		2,572,093
1.300% due 01/08/26 ~		225,000		222,626
1.800% due 01/10/28 ~		395,000		392,140
2.375% due 10/15/27 ~		1,685,000		1,725,248
2.650% due 02/10/25 ~		600,000		628,644
3.000% due 02/10/27 ~		200,000		212,096
Kia Corp (South Korea) 3.250% due 04/21/26 ~		950,000		1,018,505
Kohl’s Corp 3.375% due 05/01/31		979,000		1,014,666
Lennar Corp 4.500% due 04/30/24		195,000		213,525
Lowe’s Cos Inc 1.700% due 10/15/30		560,000		537,307
2.625% due 04/01/31		1,365,000		1,411,983
MDC Holdings Inc 2.500% due 01/15/31		530,000		517,010
Nissan Motor Acceptance Corp 2.800% due 01/13/22 ~		1,056,000		1,068,046
Nissan Motor Co Ltd (Japan) 3.522% due 09/17/25 ~		1,007,000		1,076,010
4.345% due 09/17/27 ~		1,535,000		1,688,671
Nordstrom Inc 4.250% due 08/01/31 ~		731,000		762,216
O’Reilly Automotive Inc 3.900% due 06/01/29		1,135,000		1,283,188
Starbucks Corp 3.350% due 03/12/50		565,000		592,301
Tractor Supply Co 1.750% due 11/01/30		1,000,000		954,574

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-49

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
United Airlines 2016-1 Class B Pass-Through Trust 3.650% due 07/07/27	$	2,258,889	$	2,247,481
United Airlines 2016-2 Class A Pass-Through Trust 3.100% due 04/07/30		521,589		527,986
United Airlines 2018-1 Class A Pass-Through Trust 3.700% due 09/01/31		1,338,444		1,367,668
United Airlines Pass-Through Trust ‘A’ 3.650% due 04/07/27		1,530,006		1,532,634
Volkswagen Group of America Finance LLC (Germany) 1.250% due 11/24/25 ~		1,500,000		1,492,059
				40,869,744
Consumer, Non-Cyclical - 4.6%
AbbVie Inc 3.200% due 11/21/29		1,175,000		1,277,086
4.050% due 11/21/39		1,120,000		1,302,616
4.250% due 11/21/49		910,000		1,092,391
Altria Group Inc 2.450% due 02/04/32		835,000		808,442
Amgen Inc 3.150% due 02/21/40		1,125,000		1,174,325
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 06/01/30		1,805,000		2,009,681
3.750% due 07/15/42		2,870,000		3,118,429
4.750% due 04/15/58		1,230,000		1,545,363
Anthem Inc 2.250% due 05/15/30		1,135,000		1,146,460
AstraZeneca PLC (United Kingdom) 6.450% due 09/15/37		205,000		306,831
Banner Health 1.897% due 01/01/31		1,210,000		1,190,077
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		540,000		583,951
BAT Capital Corp (United Kingdom) 2.259% due 03/25/28		3,125,000		3,104,910
3.734% due 09/25/40		760,000		744,082
Becton Dickinson and Co 3.794% due 05/20/50		570,000		640,164
4.669% due 06/06/47		265,000		330,749
Biogen Inc 2.250% due 05/01/30		640,000		642,272
3.150% due 05/01/50		550,000		541,327
Bon Secours Mercy Health Inc 3.205% due 06/01/50		700,000		726,942
Boston Scientific Corp 4.000% due 03/01/29		375,000		426,939
4.550% due 03/01/39		340,000		416,025
Bristol-Myers Squibb Co 2.350% due 11/13/40		165,000		159,162
3.400% due 07/26/29		1,330,000		1,492,040
Bunge Ltd Finance Corp 2.750% due 05/14/31		965,000		976,314
Cigna Corp 4.125% due 11/15/25		900,000		1,009,148
CommonSpirit Health 2.782% due 10/01/30		1,065,000		1,107,183
3.910% due 10/01/50		650,000		716,940
Conagra Brands Inc 1.375% due 11/01/27		1,085,000		1,059,471
CVS Health Corp 4.875% due 07/20/35		850,000		1,036,876
CVS Pass-Through Trust 4.163% due 08/11/36 ~		530,621		592,085
DH Europe Finance II Sarl 3.250% due 11/15/39		285,000		305,794

	Principal Amount		Value
Gilead Sciences Inc 1.650% due 10/01/30	$	1,125,000	$	1,088,423
2.600% due 10/01/40		675,000		651,112
Global Payments Inc 3.200% due 08/15/29		355,000		380,494
HCA Inc 5.250% due 06/15/26		2,430,000		2,814,907
5.500% due 06/15/47		700,000		913,238
IHS Markit Ltd 4.250% due 05/01/29		649,000		752,321
Keurig Dr Pepper Inc 3.200% due 05/01/30		655,000		708,981
3.800% due 05/01/50		610,000		688,932
Kimberly-Clark Corp 3.700% due 06/01/43		770,000		875,974
MedStar Health Inc 3.626% due 08/15/49		520,000		583,418
MidMichigan Health 3.409% due 06/01/50		1,000,000		1,077,547
Mondelez International Inc 1.875% due 10/15/32		750,000		727,682
MultiCare Health System 2.803% due 08/15/50		560,000		553,206
PeaceHealth Obligated Group 3.218% due 11/15/50		655,000		691,635
Quest Diagnostics Inc 2.800% due 06/30/31		870,000		909,319
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		1,125,000		1,067,411
Royalty Pharma PLC 1.750% due 09/02/27 ~		225,000		221,610
3.300% due 09/02/40 ~		600,000		605,312
3.550% due 09/02/50 ~		340,000		339,023
Smithfield Foods Inc 3.000% due 10/15/30 ~		1,025,000		1,034,713
Sysco Corp 2.400% due 02/15/30		1,615,000		1,644,006
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		1,695,000		1,714,366
The Kroger Co 3.950% due 01/15/50		565,000		644,226
Triton Container International Ltd (Bermuda) 2.050% due 04/15/26 ~		1,100,000		1,106,840
Tyson Foods Inc 3.550% due 06/02/27		1,095,000		1,213,627
UnitedHealth Group Inc 2.750% due 05/15/40		655,000		664,439
3.250% due 05/15/51		525,000		561,131
Utah Acquisition Sub Inc 3.950% due 06/15/26		585,000		644,853
Viatris Inc 3.850% due 06/22/40 ~		340,000		362,081
4.000% due 06/22/50 ~		770,000		815,711
West Virginia United Health System Obligated Group 3.129% due 06/01/50		1,205,000		1,218,033
Zimmer Biomet Holdings Inc 3.550% due 03/20/30		1,125,000		1,232,384
				60,091,030
Diversified - 0.2%
Hutchison Whampoa International 14 Ltd (United Kingdom) 3.625% due 10/31/24 ~		2,000,000		2,180,061
Energy - 2.9%
Baker Hughes a GE Co LLC 3.337% due 12/15/27		765,000		836,730
Boardwalk Pipelines LP 4.450% due 07/15/27		480,000		542,697

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-50

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
BP Capital Markets America Inc 2.772% due 11/10/50	$	565,000	$	524,414
3.633% due 04/06/30		1,685,000		1,890,614
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		1,115,000		1,297,710
Chevron Corp 2.978% due 05/11/40		1,135,000		1,192,225
Chevron USA Inc 3.250% due 10/15/29		875,000		970,014
Cimarex Energy Co 3.900% due 05/15/27		495,000		546,208
ConocoPhillips 3.750% due 10/01/27 ~		760,000		854,896
Diamondback Energy Inc 3.125% due 03/24/31		1,000,000		1,037,435
3.250% due 12/01/26		770,000		825,975
Enable Midstream Partners LP 4.150% due 09/15/29		605,000		662,972
Energy Transfer LP 3.900% due 07/15/26		1,700,000		1,857,801
5.000% due 05/15/50		1,000,000		1,158,051
6.100% due 02/15/42		455,000		567,976
Enterprise Products Operating LLC 4.450% due 02/15/43		1,130,000		1,340,393
Exxon Mobil Corp 2.995% due 08/16/39		1,690,000		1,737,575
Flex Intermediate Holdco LLC 3.363% due 06/30/31 ~		475,000		481,804
4.317% due 12/30/39 ~		335,000		341,713
Galaxy Pipeline Assets Bidco Ltd (United Arab Emirates) 2.940% due 09/30/40 ~		550,000		547,655
Gray Oak Pipeline LLC 2.600% due 10/15/25 ~		1,685,000		1,732,287
HollyFrontier Corp 2.625% due 10/01/23		540,000		558,697
5.875% due 04/01/26		842,000		974,795
Lundin Energy Finance BV (Netherlands) 2.000% due 07/15/26 ~		307,000		307,852
3.100% due 07/15/31 ~		200,000		202,452
MPLX LP 4.500% due 04/15/38		580,000		666,390
NGPL PipeCo LLC 3.250% due 07/15/31 ~		510,000		526,151
ONEOK Inc 2.200% due 09/15/25		1,125,000		1,157,762
Phillips 66 Partners LP 3.550% due 10/01/26		560,000		609,305
Pioneer Natural Resources Co 1.900% due 08/15/30		760,000		732,902
Plains All American Pipeline LP 4.650% due 10/15/25		1,685,000		1,886,398
5.150% due 06/01/42		1,000,000		1,123,230
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		1,130,000		1,292,448
Saudi Arabian Oil Co (Saudi Arabia) 1.625% due 11/24/25 ~		200,000		202,199
Schlumberger Holdings Corp 4.000% due 12/21/25 ~		770,000		855,149
Shell International Finance BV (Netherlands) 2.375% due 11/07/29		1,135,000		1,179,400
3.125% due 11/07/49		570,000		590,510
Suncor Energy Inc (Canada) 4.000% due 11/15/47		570,000		634,622
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		1,050,000		1,090,336
TotalEnergies Capital International SA (France) 2.986% due 06/29/41		1,130,000		1,152,826
TransCanada PipeLines Ltd (Canada) 4.100% due 04/15/30		1,120,000		1,288,102
				37,978,671

	Principal Amount		Value
Financial - 12.4%
ABN AMRO Bank NV (Netherlands) 1.542% due 06/16/27 ~	$	800,000	$	795,550
AerCap Ireland Capital DAC (Ireland) 4.450% due 10/01/25		1,170,000		1,289,109
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		600,000		646,968
4.750% due 10/12/23 ~		750,000		814,917
Air Lease Corp 1.875% due 08/15/26		1,785,000		1,787,774
2.875% due 01/15/26		610,000		641,413
3.375% due 07/01/25		1,005,000		1,080,357
Alexandria Real Estate Equities Inc REIT 3.375% due 08/15/31		1,130,000		1,243,365
American International Group Inc 3.400% due 06/30/30		770,000		845,101
4.375% due 06/30/50		770,000		938,883
American Tower Corp REIT 1.500% due 01/31/28		755,000		735,075
1.875% due 10/15/30		2,510,000		2,425,530
2.950% due 01/15/51		229,000		219,286
3.100% due 06/15/50		351,000		343,816
Athene Global Funding 0.950% due 01/08/24 ~		1,040,000		1,041,346
1.450% due 01/08/26 ~		905,000		906,442
2.500% due 01/14/25 ~		1,200,000		1,251,665
2.500% due 03/24/28 ~		885,000		908,245
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		1,140,000		1,285,615
Avolon Holdings Funding Ltd (Ireland) 2.125% due 02/21/26 ~		305,000		303,996
3.625% due 05/01/22 ~		1,400,000		1,432,545
4.250% due 04/15/26 ~		765,000		829,662
5.125% due 10/01/23 ~		4,375,000		4,731,532
Banco Santander SA (Spain) 1.849% due 03/25/26		600,000		606,709
2.749% due 12/03/30		600,000		594,907
Bank of America Corp 1.197% due 10/24/26		1,385,000		1,373,307
2.676% due 06/19/41		2,885,000		2,804,178
3.419% due 12/20/28		1,000,000		1,089,837
3.705% due 04/24/28		3,190,000		3,529,405
4.000% due 01/22/25		3,770,000		4,139,219
Barclays PLC (United Kingdom) 1.007% due 12/10/24		1,341,000		1,346,385
3.650% due 03/16/25		750,000		813,449
4.337% due 01/10/28		1,135,000		1,269,893
BNP Paribas SA (France) 1.904% due 09/30/28 ~		750,000		745,710
2.588% due 08/12/35 ~		660,000		645,432
BPCE SA (France) 1.652% due 10/06/26 ~		1,670,000		1,678,540
2.277% due 01/20/32 ~		250,000		245,565
Brixmor Operating Partnership LP 2.250% due 04/01/28		400,000		399,922
4.125% due 05/15/29		600,000		672,927
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		1,200,000		1,256,828
Brown & Brown Inc 2.375% due 03/15/31		1,125,000		1,125,644
Camden Property Trust REIT 3.150% due 07/01/29		1,100,000		1,196,802
Capital One Financial Corp
3.800% due 01/31/28		1,130,000		1,274,309
3.950% due 09/01/26		595,000		609,131
Citigroup Inc 1.122% due 01/28/27		721,000		711,111
2.561% due 05/01/32		975,000		993,191

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-51

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
3.520% due 10/27/28	$	1,140,000	$	1,249,128
3.875% due 03/26/25		3,390,000		3,721,725
3.875% due 02/18/26		265,000		271,294
3.878% due 01/24/39		915,000		1,057,354
Corporate Office Properties LP 2.750% due 04/15/31		655,000		660,794
Credit Agricole SA (France) 1.247% due 01/26/27 ~		817,000		804,792
2.811% due 01/11/41 ~		250,000		237,644
4.375% due 03/17/25 ~		1,125,000		1,239,462
Credit Suisse Group AG (Switzerland) 1.305% due 02/02/27 ~		1,560,000		1,529,503
3.091% due 05/14/32 ~		745,000		769,168
4.282% due 01/09/28 ~		3,935,000		4,063,448
Crown Castle International Corp REIT 3.100% due 11/15/29		1,135,000		1,207,020
CubeSmart LP REIT 2.000% due 02/15/31		1,345,000		1,308,923
Deutsche Bank AG (Germany) 1.686% due 03/19/26		1,964,000		1,983,715
2.129% due 11/24/26		1,220,000		1,238,800
Digital Realty Trust LP REIT 3.700% due 08/15/27		1,015,000		1,136,810
Discover Bank 3.450% due 07/27/26		940,000		1,027,206
Empower Finance 2020 LP 3.075% due 09/17/51 ~		625,000		635,428
Equinix Inc REIT 2.900% due 11/18/26		840,000		899,951
F&G Global Funding 1.750% due 06/30/26 ~		460,000		462,223
Federal Realty Investment Trust REIT 1.250% due 02/15/26		785,000		780,036
GE Capital Funding LLC 4.400% due 05/15/30		915,000		1,067,039
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		1,200,000		1,440,291
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		1,125,000		1,088,328
Healthpeak Properties Inc REIT 2.875% due 01/15/31		1,130,000		1,184,530
HSBC Holdings PLC (United Kingdom) 1.589% due 05/24/27		1,000,000		1,002,680
2.013% due 09/22/28		4,175,000		4,191,785
4.041% due 03/13/28		750,000		832,274
ING Groep NV (Netherlands) 1.726% due 04/01/27		675,000		681,163
Kilroy Realty LP 4.250% due 08/15/29		600,000		676,997
Lloyds Banking Group PLC (United Kingdom) 1.627% due 05/11/27		590,000		590,707
LSEGA Financing PLC (United Kingdom) 2.000% due 04/06/28 ~		1,160,000		1,173,908
Macquarie Group Ltd (Australia) 1.340% due 01/12/27 ~		1,075,000		1,066,733
Mid-America Apartments LP REIT 3.600% due 06/01/27		1,135,000		1,264,635
Mitsubishi UFJ Financial Group Inc (Japan) 3.741% due 03/07/29		2,065,000		2,330,888
Mizuho Financial Group Inc (Japan) 1.234% due 05/22/27		515,000		507,668
Morgan Stanley 0.529% due 01/25/24		700,000		699,784
3.217% due 04/22/42		805,000		854,269
4.457% due 04/22/39		855,000		1,058,912
5.000% due 11/24/25		4,640,000		5,353,545

	Principal Amount		Value
National Australia Bank Ltd (Australia) 2.648% due 01/14/41 ~	$	660,000	$	618,990
National Retail Properties Inc REIT 4.300% due 10/15/28		1,000,000		1,134,166
Natwest Group PLC (United Kingdom) 1.642% due 06/14/27		704,000		704,746
3.875% due 09/12/23		770,000		822,780
4.445% due 05/08/30		915,000		1,048,795
4.800% due 04/05/26		910,000		1,042,378
New York Life Insurance Co 3.750% due 05/15/50 ~		1,140,000		1,278,726
Northwestern Mutual Global Funding 1.700% due 06/01/28 ~		490,000		490,947
Park Aerospace Holdings Ltd (Ireland) 4.500% due 03/15/23 ~		945,000		993,556
5.250% due 08/15/22 ~		1,000,000		1,046,641
Realty Income Corp REIT 1.800% due 03/15/33		705,000		671,811
Safehold Operating Partnership LP REIT 2.800% due 06/15/31		1,300,000		1,301,520
Santander UK Group Holdings PLC (United Kingdom) 1.673% due 06/14/27		560,000		559,805
Scentre Group Trust REIT (Australia) 3.625% due 01/28/26 ~		1,225,000		1,340,197
Societe Generale SA (France) 1.488% due 12/14/26 ~		1,700,000		1,685,769
1.792% due 06/09/27 ~		455,000		454,428
2.889% due 06/09/32 ~		1,060,000		1,073,960
4.250% due 04/14/25 ~		1,935,000		2,102,127
4.250% due 08/19/26 ~		200,000		219,181
Standard Chartered PLC (United Kingdom) 1.214% due 03/23/25 ~		2,520,000		2,532,571
1.319% due 10/14/23 ~		1,830,000		1,848,044
1.456% due 01/14/27 ~		565,000		560,504
Sumitomo Mitsui Trust (Japan) 1.550% due 03/25/26 ~		811,000		822,387
Teachers Insurance & Annuity Association of America 3.300% due 05/15/50 ~		555,000		573,843
The Charles Schwab Corp 2.000% due 03/20/28		2,000,000		2,053,339
4.000% due 06/01/26		675,000		705,375
4.000% due 12/01/30		540,000		553,095
The Goldman Sachs Group Inc 0.673% due 03/08/24		1,729,000		1,732,411
1.431% due 03/09/27		925,000		922,790
3.691% due 06/05/28		1,785,000		1,972,133
4.017% due 10/31/38		685,000		804,860
4.223% due 05/01/29		1,200,000		1,369,516
4.250% due 10/21/25		3,350,000		3,747,523
UBS Group AG (Switzerland) 2.095% due 02/11/32 ~		1,320,000		1,294,333
UDR Inc REIT 1.900% due 03/15/33		185,000		173,259
2.100% due 08/01/32		1,130,000		1,086,482
UniCredit SPA (Italy) 1.982% due 06/03/27 ~		540,000		538,609
5.861% due 06/19/32 ~		315,000		348,214
6.572% due 01/14/22 ~		1,330,000		1,371,207
Wells Fargo & Co 2.393% due 06/02/28		900,000		934,006
3.068% due 04/30/41		1,040,000		1,068,749
3.900% due 03/15/26		495,000		512,783
4.300% due 07/22/27		3,775,000		4,306,466
Welltower Inc REIT 2.800% due 06/01/31		1,200,000		1,241,167
WP Carey Inc REIT 2.250% due 04/01/33		325,000		311,532
2.400% due 02/01/31		430,000		428,597
				161,375,471

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-52

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Industrial - 1.7%
BAE Systems PLC (United Kingdom) 3.400% due 04/15/30 ~	$	935,000	$	1,017,221
CSX Corp 3.800% due 11/01/46		770,000		882,914
Eaton Corp 4.150% due 11/02/42		760,000		908,386
General Electric Co 3.450% due 05/01/27		1,140,000		1,253,861
Graphic Packaging International LLC 1.512% due 04/15/26 ~		594,000		591,592
Kansas City Southern 4.700% due 05/01/48		800,000		1,001,159
L3Harris Technologies Inc 1.800% due 01/15/31		460,000		447,149
Lockheed Martin Corp 2.800% due 06/15/50		970,000		976,846
Masco Corp 2.000% due 10/01/30		1,125,000		1,098,828
Norfolk Southern Corp 3.050% due 05/15/50		770,000		771,230
Northrop Grumman Corp 3.850% due 04/15/45		1,120,000		1,293,259
Otis Worldwide Corp 3.112% due 02/15/40		750,000		776,590
Penske Truck Leasing Co LP 1.200% due 11/15/25 ~		1,365,000		1,352,997
Raytheon Technologies Corp 2.250% due 07/01/30		975,000		991,593
3.750% due 11/01/46		530,000		599,532
The Boeing Co 1.167% due 02/04/23		230,000		230,973
1.433% due 02/04/24		465,000		466,269
1.950% due 02/01/24		565,000		578,868
2.196% due 02/04/26		285,000		287,769
2.700% due 02/01/27		2,115,000		2,188,150
2.750% due 02/01/26		230,000		240,412
3.100% due 05/01/26		2,537,000		2,684,439
Union Pacific Corp 3.550% due 08/15/39		765,000		852,040
				21,492,077
Technology - 1.8%
Apple Inc 3.450% due 02/09/45		1,370,000		1,535,424
Broadcom Inc 1.950% due 02/15/28 ~		1,300,000		1,300,914
4.150% due 11/15/30		2,875,000		3,227,251
Citrix Systems Inc 1.250% due 03/01/26		190,000		187,763
Dell International LLC 6.200% due 07/15/30		1,780,000		2,290,757
International Business Machines Corp 4.000% due 06/20/42		455,000		538,638
Leidos Inc 2.300% due 02/15/31		185,000		180,967
Microchip Technology Inc 0.972% due 02/15/24 ~		675,000		674,946
0.983% due 09/01/24 ~		900,000		896,146
NXP BV (China) 2.500% due 05/11/31 ~		870,000		880,476
3.250% due 05/11/41 ~		895,000		921,622
Oracle Corp 2.300% due 03/25/28		710,000		728,884
2.950% due 04/01/30		1,445,000		1,523,400
3.650% due 03/25/41		1,500,000		1,593,031
3.800% due 11/15/37		1,375,000		1,510,836
3.950% due 03/25/51		645,000		704,857
Roper Technologies Inc 1.750% due 02/15/31		1,125,000		1,082,163

	Principal Amount		Value
TSMC Global Ltd (Taiwan) 1.375% due 09/28/30 ~	$	1,385,000	$	1,309,005
VMware Inc 4.700% due 05/15/30		915,000		1,083,590
Xilinx Inc 2.375% due 06/01/30		550,000		559,660
				22,730,330
Utilities - 2.0%
Alexander Funding Trust 1.841% due 11/15/23 ~		800,000		815,204
Appalachian Power Co 4.500% due 03/01/49		490,000		600,931
Atmos Energy Corp 0.625% due 03/09/23		205,000		205,070
1.500% due 01/15/31		705,000		669,325
Berkshire Hathaway Energy Co 2.850% due 05/15/51		1,100,000		1,067,007
CenterPoint Energy Resources Corp 1.750% due 10/01/30		560,000		537,897
Consumers Energy Co 3.250% due 08/15/46		265,000		285,771
Dominion Energy Inc 3.300% due 04/15/41		1,000,000		1,053,489
DTE Electric Co 3.250% due 04/01/51		500,000		543,244
Duke Energy Corp 3.400% due 06/15/29		1,040,000		1,139,269
Duke Energy Indiana LLC 3.250% due 10/01/49		395,000		419,039
Edison International 5.750% due 06/15/27		535,000		609,434
Emera US Finance LP (Canada) 4.750% due 06/15/46		550,000		654,352
Enel Finance International NV (Italy) 3.625% due 05/25/27 ~		815,000		896,247
Entergy Arkansas LLC 2.650% due 06/15/51		995,000		945,849
Entergy Louisiana LLC 2.900% due 03/15/51		260,000		256,896
4.000% due 03/15/33		430,000		504,812
Evergy Inc 2.900% due 09/15/29		1,160,000		1,230,527
Exelon Generation Co LLC 3.250% due 06/01/25		2,330,000		2,514,464
FirstEnergy Transmission LLC 4.550% due 04/01/49 ~		525,000		617,846
Fortis Inc (Canada) 3.055% due 10/04/26		750,000		805,305
ITC Holdings Corp 2.950% due 05/14/30 ~		360,000		379,523
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		530,000		587,078
NRG Energy Inc 2.000% due 12/02/25 ~		430,000		436,383
2.450% due 12/02/27 ~		520,000		523,920
OGE Energy Corp 0.703% due 05/26/23		345,000		345,127
Oklahoma Gas and Electric Co 0.553% due 05/26/23		415,000		415,038
Pacific Gas and Electric Co 1.367% due 03/10/23		575,000		575,041
2.950% due 03/01/26		300,000		307,269
3.450% due 07/01/25		475,000		498,176
3.750% due 08/15/42		191,000		174,603
4.300% due 03/15/45		325,000		313,178
PacifiCorp 4.150% due 02/15/50		450,000		549,592
Southern California Edison Co
1.200% due 02/01/26		540,000		536,402
4.125% due 03/01/48		340,000		363,426

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-53

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Southern Co Gas Capital Corp 4.400% due 06/01/43	$	1,000,000	$	1,194,067
Southern Power Co 5.150% due 09/15/41		895,000		1,094,403
WEC Energy Group Inc 1.375% due 10/15/27		615,000		601,344
				25,266,548
Total Corporate Bonds & Notes (Cost $413,475,483)				416,203,814
MORTGAGE-BACKED SECURITIES - 31.8%
Collateralized Mortgage Obligations - Commercial - 2.7%
ACRE Commercial Mortgage Ltd (Cayman) 0.913% (USD LIBOR + 0.830%) due 12/18/37 § ~		3,075,000		3,071,261
1.483% (USD LIBOR + 1.400%) due 12/18/37 § ~		1,198,000		1,195,031
BAMLL RE-Remic Trust 2.089% due 11/26/47 § ~		1,955,000		1,949,372
BPR Trust 1.323% (USD LIBOR + 1.250%) due 02/15/29 § ~		1,790,000		1,791,797
Bayview Financing Trust 1.845% (USD LIBOR + 1.750%) due 11/10/32 § ±		1,005,639		1,005,639
3.152% (USD LIBOR + 3.000%) due 11/10/22 § ±		2,017,861		2,017,861
Commercial Mortgage Trust 2.399% due 01/10/38 § ~		1,600,000		1,604,586
Freddie Mac (IO) 1.291% due 11/25/53 §		18,945,000		1,940,222
1.306% due 10/25/30 §		15,300,000		1,578,495
1.364% due 12/25/29		8,830,000		808,184
FREMF Mortgage Trust 3.690% due 01/25/26 § ~		2,100,000		2,167,377
4.003% due 01/25/50 § ~		2,385,000		2,641,459
4.189% due 04/25/48 § ~		2,000,000		2,150,760
4.281% due 08/25/47 § ~		2,000,000		2,162,248
FRR RE REMIC Trust 0.422% due 10/27/46 ~		2,400,000		2,339,297
MHC Commercial Mortgage Trust 2.174% (USD LIBOR + 2.101%) due 04/15/38 § ~		750,000		753,031
PFP Ltd (Cayman) 1.475% (USD LIBOR + 1.400%) due 04/14/38 § ~		1,571,000		1,572,590
SLG Office Trust 2.585% due 07/15/41 ~		2,470,000		2,580,256
Wells Fargo Commercial Mortgage Trust 1.223% (USD LIBOR + 1.150%) due 02/15/40 § ~		1,099,916		1,107,071
				34,436,537
Collateralized Mortgage Obligations - Residential - 7.0%
Anchor Mortgage Trust 2.600% due 10/25/26 ~		3,550,000		3,597,740
ANTLR Mortgage Trust 2.115% due 11/25/24 § ~		1,864,000		1,862,118
Cascade MH Asset Trust 2.708% due 02/25/46 ~		1,420,000		1,452,133
CFMT LLC 0.946% due 12/26/30 § ~		1,850,869		1,855,304
1.374% due 02/25/31 § ~		3,815,000		3,802,921
CSMC Trust 1.668% due 09/27/60 § ~		3,654,324		3,669,149
3.023% due 08/25/60 § ~		2,244,672		2,281,777
Fannie Mae REMICS 3.500% due 11/25/57		6,670,354		7,115,668

	Principal Amount		Value
FMC GMSR Issuer Trust 3.690% due 02/25/24 ±	$	3,630,000	$	3,630,439
4.450% due 01/25/26 § ~		2,700,000		2,719,958
Government National Mortgage Association (IO) 0.637% due 03/20/71 §		57,878,694		3,161,218
Government National Mortgage Association
1.373% (USD LIBOR + 1.280%) due 01/20/71 §		6,007,452		6,410,805
1.373% (USD LIBOR + 1.280%) due 02/20/71 §		3,946,230		4,216,296
LHOME Mortgage Trust 2.090% due 09/25/26 § ~		1,000,000		999,447
Pretium Mortgage Credit Partners I LLC 2.240% due 09/27/60 § ~		3,006,337		3,008,679
PRPM LLC 2.115% due 01/25/26 § ~		1,969,926		1,975,455
2.115% due 03/25/26 § ~		1,501,014		1,505,186
3.104% due 11/25/25 § ~		2,701,825		2,722,172
Seasoned Credit Risk Transfer Trust 2.000% due 05/25/60		7,029,422		7,117,375
3.000% due 05/25/60		15,657,224		16,591,317
Towd Point Mortgage Trust 2.918% due 11/30/60 § ~		3,586,458		3,669,029
VOLT XCII LLC 1.893% due 02/27/51 § ~		796,834		797,678
VOLT XCIII LLC 1.893% due 02/27/51 § ~		2,915,485		2,915,065
VOLT XCIV LLC 2.240% due 02/27/51 § ~		2,040,082		2,044,126
VOLT XCVIII LLC 2.116% due 04/25/51 § ~		1,626,325		1,628,573
				90,749,628
Fannie Mae - 11.3%
due 09/01/36 - 09/01/51 #		12,205,000		12,561,147
due 08/01/51 #		66,000,000		68,139,844
0.970% due 07/01/27		5,801,230		5,729,493
1.090% due 04/01/28		2,889,000		2,850,985
1.275% due 04/01/30		3,737,784		3,688,890
1.370% due 03/01/30		3,655,000		3,630,395
1.410% due 12/01/30		10,170,000		10,089,387
1.440% due 01/01/31		1,400,000		1,395,700
1.460% due 12/01/30		5,000,000		4,982,606
1.560% due 01/01/31		2,700,000		2,711,209
1.815% due 01/01/31		1,047,473		1,075,105
2.550% due 10/01/30		905,000		975,051
3.000% due 04/01/48 - 10/01/50		7,577,129		7,834,582
3.500% due 07/01/50 - 03/01/60		6,533,136		7,066,944
3.610% due 01/01/37		2,760,704		3,133,895
4.000% due 10/01/43 - 06/01/47		2,733,630		2,981,863
5.000% due 01/01/59		3,276,807		3,752,566
5.500% due 05/01/58		3,143,469		3,723,753
				146,323,415
Freddie Mac - 0.1%
3.500% due 04/01/37		1,788,082		1,925,890
Government National Mortgage Association - 10.7%
2.500% due 10/20/45 - 01/20/51		105,223,755		109,133,920
2.931% due 10/20/70 §		2,498,336		2,672,775
3.000% due 08/20/50 - 10/20/50		3,165,291		3,399,453
3.051% due 09/20/70 §		7,103,309		7,693,216
3.500% due 10/20/50 - 01/20/51		15,720,927		17,096,048
				139,995,412
Total Mortgage-Backed Securities (Cost $415,237,225)				413,430,882

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-54

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES – 9.6%
Ajax Mortgage Loan Trust 2.239% due 06/25/66 § ~	$	1,873,973	$	1,871,245
American Homes 4 Rent 5.885% due 04/17/52 ~		1,800,000		1,978,965
AmeriCredit Automobile Receivables Trust 1.210% due 12/18/26		3,060,000		3,054,767
AMSR Trust 2.006% due 11/17/37 ~		2,120,000		2,109,307
Aqua Finance Trust 3.970% due 07/17/46 ~		1,225,000		1,288,661
Business Jet Securities LLC 2.918% due 04/15/36 ~		1,982,373		2,003,560
2.981% due 11/15/35 ~		2,801,529		2,857,345
4.212% due 07/15/34 ~		1,035,803		1,067,388
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		428,925		440,974
Carvana Auto Receivables Trust 3.430% due 01/15/26 ~		2,500,000		2,607,812
Castlelake LP (United Arab Emirates) 3.340% (USD LIBOR + 3.250) due 03/15/23 § ±		3,870,000		3,870,000
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		2,170,000		2,189,409
Credit Acceptance Auto Loan Trust 1.640% due 06/17/30 ~		3,815,000		3,826,933
2.730% due 11/15/29 ~		2,500,000		2,595,615
Credito Real USA Auto Receivables Trust 1.350% due 02/16/27 ~		1,165,709		1,166,410
Crossroads Asset Trust 1.120% due 06/20/25 ~		679,000		679,845
DataBank Issuer 2.060% due 02/27/51 ~		1,300,000		1,319,500
Diamond Resorts Owner Trust 4.530% due 01/21/31 ~		266,780		275,313
Drive Auto Receivables Trust 3.180% due 10/15/26		3,000,000		3,121,876
DT Auto Owner Trust 1.100% due 02/16/27 ~		1,155,000		1,159,581
2.960% due 04/15/25 ~		2,510,000		2,595,971
FHF Trust 1.270% due 03/15/27 ~		449,557		449,589
Finance of America HECM Buyout 0.875% due 02/25/31 § ~		2,247,569		2,250,894
1.588% due 02/25/31 § ~		850,000		847,954
Firstkey Homes Trust due 08/17/28 # ~		2,500,000		2,518,705
Flagship Credit Auto Trust 0.530% due 04/15/25 ~		816,151		817,871
2.180% due 02/16/27 ~		1,762,000		1,800,405
Freed ABS Trust 0.660% due 03/20/28 ~		3,096,608		3,098,978
Freedom 2021 SAVF 4.400% due 03/25/22 ±		2,800,000		2,800,000
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		2,850,000		2,872,969
GLS Auto Receivables Issuer Trust 0.870% due 12/16/24 ~		850,000		853,124
1.140% due 11/17/25 ~		845,000		849,536
1.640% due 10/15/26 ~		425,000		427,539
LendingPoint Asset Securitization Trust 2.731% due 10/15/28 ~		1,000,000		1,011,217
LFT CRE Ltd (Cayman) 2.050% (USD LIBOR + 1.950%) due 06/15/39 § ~		2,590,000		2,599,062
LL ABS Trust 3.790% due 01/17/28 ~		1,900,000		1,953,932
LP LMS 2021 1 ASSET 10 3.228% due 10/15/28 ±		2,352,757		2,353,952

	Principal Amount		Value
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~	$	2,500,000	$	2,564,312
Mercury Financial Credit Card Master Trust 1.540% due 03/20/26 ~		1,125,000		1,129,112
MVW LLC 1.140% due 01/22/41 ~		1,430,683		1,432,072
NRZ Excess Spread-Collateralized Notes 2.981% due 03/25/26 ~		1,933,822		1,930,365
3.228% due 05/25/26 ~		2,205,430		2,206,131
3.844% due 12/25/25 ~		1,840,761		1,860,808
Octane Receivables Trust 2.890% due 03/20/26 ~		2,600,000		2,665,259
OneMain Financial Issuance Trust 3.450% due 09/14/35 ~		675,000		724,205
Oportun Funding LLC 2.200% due 05/15/24 ~		1,509,970		1,517,455
Pagaya AI Debt Selection Trust 1.180% due 11/15/27 ~		3,751,108		3,760,403
Pretium Mortgage Credit Partners I LLC 3.105% due 06/27/60 § ~		2,292,378		2,317,027
Progress Residential Trust due 07/17/38 # ~		2,200,000		2,216,410
2.106% due 04/17/38 ~		3,250,000		3,217,706
2.409% due 05/17/38 ~		1,570,000		1,570,092
2.538% due 05/17/26 ~		1,650,000		1,667,253
2.547% due 04/19/38 ~		2,550,000		2,578,853
Regional Management Issuance Trust 1.680% due 03/17/31 ~		1,217,000		1,217,054
2.420% due 03/17/31 ~		895,000		892,299
3.800% due 10/15/30 ~		2,000,000		2,046,790
Santander Consumer Auto Receivables Trust 1.570% due 01/15/27 ~		1,400,000		1,397,741
SCF Equipment Leasing LLC 1.540% due 10/21/30 ~		2,055,000		2,040,097
Sierra Timeshare Receivables Funding LLC 1.340% due 11/20/37 ~		1,441,804		1,445,406
Towd Point Mortgage Trust 4.000% due 11/25/47 § ~		1,422,791		1,439,734
United Auto Credit Securitization Trust 1.140% due 06/10/26 ~		850,000		851,134
Upstart Securitization Trust 0.870% due 03/20/31 ~		2,226,063		2,231,128
VCAT LLC 2.289% due 12/26/50 § ~		3,477,974		3,490,575
VOLT XCIX LLC 2.116% due 04/25/51 § ~		1,408,557		1,413,310
VOLT XCVI LLC 2.116% due 03/27/51 § ~		1,735,146		1,737,801
VOLT XCVII LLC 2.240% due 04/25/51 § ~		1,710,692		1,712,728
Total Asset-Backed Securities (Cost $124,234,536)				124,859,464
U.S. TREASURY OBLIGATIONS - 25.2%
U.S. Treasury Bonds - 4.0%
1.125% due 08/15/40		7,200,000		6,196,500
1.375% due 08/15/50		11,250,000		9,487,354
1.625% due 11/15/50		6,885,000		6,185,742
1.875% due 02/15/41		8,000,000		7,833,750
1.875% due 02/15/51		16,825,000		16,062,617
2.250% due 08/15/46		950,000		982,582
2.375% due 05/15/51		260,000		277,652
2.875% due 08/15/45		4,210,000		4,868,141
				51,894,338
U.S. Treasury Bond Strips - 1.0%
1.556% due 05/15/30		15,000,000		13,078,125

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-55

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
U.S. Treasury Notes - 20.2%
0.125% due 09/30/22	$	19,000,000	$	18,999,629
0.125% due 10/15/23		79,070,000		78,745,690
0.250% due 09/30/25		72,090,000		70,586,247
0.375% due 09/30/27		27,065,000		25,861,876
0.500% due 02/28/26		21,440,000		21,118,819
1.250% due 03/31/28		5,485,000		5,507,497
1.750% due 07/31/24		40,250,000		41,834,844
				262,654,602
Total U.S. Treasury Obligations (Cost $327,217,170)				327,627,065
FOREIGN GOVERNMENT BONDS & NOTES - 0.7%
Chile Government (Chile) 2.550% due 01/27/32		272,000		278,664
Colombia Government (Colombia)
4.000% due 02/26/24		550,000		583,421
4.500% due 01/28/26		530,000		579,717
5.000% due 06/15/45		490,000		522,315
5.200% due 05/15/49		325,000		356,779
5.625% due 02/26/44		460,000		522,468
Mexico Government (Mexico)
2.659% due 05/24/31		596,000		583,716
3.600% due 01/30/25		550,000		605,572
3.750% due 01/11/28		730,000		796,339
3.771% due 05/24/61		439,000		409,422
4.125% due 01/21/26		530,000		599,531
4.500% due 01/31/50		450,000		479,385
4.600% due 01/23/46		480,000		517,459
Panama Government (Panama)
3.160% due 01/23/30		480,000		504,605
4.500% due 04/16/50		415,000		472,332
Peruvian Government (Peru) 5.625% due 11/18/50		365,000		503,477
Saudi Government (Saudi Arabia) 2.250% due 02/02/33 ~		338,000		329,018
Total Foreign Government Bonds & Notes (Cost $8,924,213)				8,644,220
MUNICIPAL BONDS - 0.2%
California State Build America Bonds 7.350% due 11/01/39		1,000,000		1,611,879
University of California 3.706% due 05/15/20		675,000		731,037
Total Municipal Bonds (Cost $2,299,258)				2,342,916

	Principal Amount		Value
SHORT-TERM INVESTMENTS - 6.6%
Corporate Notes - 0.1%
Pacific Gas and Electric Co 1.531% (USD LIBOR + 1.375%) due 11/15/21 §	$	1,895,000	$	1,898,990
Mortgage-Backed Securities - 0.6%
MRA Issuance Trust 1.842% (USD LIBOR + 1.750%) due 02/16/22 § ~		4,100,000		4,132,497
3.650% (USD LIBOR + 2.750%) due 02/16/22 § ~		4,100,000		4,131,074
				8,263,571
Repurchase Agreement - 5.9%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $77,342,703; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $78,889,572)		77,342,703		77,342,703
Total Short-Term Investments (Cost $87,437,703)				87,505,264
TOTAL INVESTMENTS - 106.2% (Cost $1,378,825,588)				1,380,613,625
OTHER ASSETS & LIABILITIES, NET - (6.2%)				(80,528,289	)
NET ASSETS - 100.0%				$1,300,085,336

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Mortgage-Backed Securities	31.8%
Corporate Bonds & Notes	32.1%
U.S. Treasury Obligations	25.2%
Asset-Backed Securities	9.6%
Short-Term Investments	6.6%
Others (each less than 3.0%)	0.9%
	106.2%
Other Assets & Liabilities, Net	(6.2%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-56

PACIFIC SELECT FUND

INTERMEDIATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$416,203,814		$-		$416,203,814		$-
	Mortgage-Backed Securities
	Collateralized Mortgage Obligations - Commercial		34,436,537		-		31,413,037		3,023,500
	Collateralized Mortgage Obligations - Residential		90,749,628		-		87,119,189		3,630,439
	Fannie Mae		146,323,415		-		146,323,415		-
	Freddie Mac		1,925,890		-		1,925,890		-
	Government National Mortgage Association		139,995,412		-		139,995,412		-
	Total Mortgage-Backed Securities		413,430,882		-		406,776,943		6,653,939
	Asset-Backed Securities		124,859,464		-		115,835,512		9,023,952
	U.S. Treasury Obligations		327,627,065		-		327,627,065		-
	Foreign Government Bonds & Notes		8,644,220		-		8,644,220		-
	Municipal Bonds		2,342,916		-		2,342,916		-
	Short-Term Investments		87,505,264		-		87,505,264		-
	Total		$1,380,613,625		-		$1,364,935,734		$15,677,891

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, 2021:

	Mortgage-Backed Securities			Asset-Backed Securities			Total
Value, Beginning of Period		$11,268,017			$-			$11,268,017
Purchases	��	5,130,000			9,195,000			14,325,000
Sales (Includes Paydowns)		(9,744,517	)		(172,243	)		(9,916,760	)
Accrued Discounts (Premiums)		-			-			-
Net Realized Gains (Losses)		-			-			-
Change in Net Unrealized Appreciation (Depreciation)		439			1,195			1,634
Transfers In		-			-			-
Transfers Out		-			-			-
Value, End of Period		$6,653,939			$9,023,952			$15,677,891
Change in Net Unrealized Appreciation (Depreciation) on
Level 3 Investments Held at the End of Period, if Applicable		$439			$1,195			$1,634

Additional information about Level 3 fair value measurements as of June 30, 2021 was as follows:

	Value at 06/30/21		Valuation Technique(s)	Unobservable Input(s)	Single Input or Range of Inputs	Weighted Average
Mortgage-Backed Securities		$6,653,939	Cost	Trade price	100.00-100.01	100.01

All significant unobservable inputs used to value Asset-Backed Securities with an aggregate value of $9,023,952 were provided by a single broker quote.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-57

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 1.1%
Communications - 1.1%
AT&T Mobility II LLC Series A * ±		1,148,058		$30,382,386
Total Preferred Stocks (Cost $31,052,577)				30,382,386
	Principal Amount
CORPORATE BONDS & NOTES - 35.7%
Basic Materials - 0.4%
Reliance Steel & Aluminum Co 1.300% due 08/15/25		$5,400,000		5,419,560
Syngenta Finance NV (Switzerland) 4.441% due 04/24/23 ~		4,400,000		4,647,277
				10,066,837
Communications - 1.0%
Crown Castle Towers LLC 3.222% due 05/15/42 ~		300,000		300,709
Level 3 Financing Inc 3.400% due 03/01/27 ~		2,000,000		2,126,500
Lumen Technologies Inc 4.000% due 02/15/27 ~		2,600,000		2,655,250
SES SA (Luxembourg) 3.600% due 04/04/23 ~		800,000		836,805
Sprint Corp 7.875% due 09/15/23		1,200,000		1,364,791
T-Mobile USA Inc
2.050% due 02/15/28		3,000,000		3,053,805
2.550% due 02/15/31		8,400,000		8,517,600
3.875% due 04/15/30		3,100,000		3,475,875
The Walt Disney Co 2.650% due 01/13/31		6,600,000		6,934,061
				29,265,396
Consumer, Cyclical - 3.9%
Air Canada Pass-Through Trust ‘AA’ (Canada) 3.750% due 06/15/29 ~		1,669,565		1,738,665
Alaska Airlines Pass-Through Trust ‘A’ 4.800% due 02/15/29 ~		5,860,916		6,499,995
American Airlines Pass-Through Trust ‘A’
3.250% due 04/15/30		2,391,957		2,331,773
4.000% due 01/15/27		2,573,952		2,509,034
American Airlines Pass-Through Trust ‘AA’ 3.000% due 04/15/30		3,664,499		3,733,960
Daimler Finance North America LLC (Germany)
2.000% due 07/06/21 ~		1,400,000		1,400,285
2.850% due 01/06/22 ~		2,300,000		2,329,364
3.700% due 05/04/23 ~		6,200,000		6,547,688
DR Horton Inc 5.750% due 08/15/23		4,500,000		4,937,798
Ford Motor Credit Co LLC
2.748% due 06/14/24		GBP 3,400,000		4,776,656
3.021% due 03/06/24		EUR 5,400,000		6,724,881
3.375% due 11/13/25		$7,100,000		7,371,220
General Motors Financial Co Inc
1.275% (USD LIBOR + 1.100%) due 11/06/21 §		1,600,000		1,604,897
1.736% (USD LIBOR + 1.550%) due 01/14/22 §		1,100,000		1,107,580
JetBlue 2020-1 Class A Pass-Through Trust 4.000% due 05/15/34		8,512,077		9,417,392
Marriott International Inc 2.125% due 10/03/22		6,300,000		6,392,485

	Principal Amount		Value
Newell Brands Inc 4.350% due 04/01/23		$1,121,000		$1,177,420
Nissan Motor Acceptance Corp
2.600% due 09/28/22 ~		600,000		612,639
2.650% due 07/13/22 ~		3,000,000		3,050,170
2.750% due 03/09/28 ~		5,900,000		5,959,591
3.875% due 09/21/23 ~		3,400,000		3,600,213
Nissan Motor Co Ltd (Japan) 4.810% due 09/17/30 ~		8,900,000		10,057,284
Panasonic Corp (Japan) 2.536% due 07/19/22 ~		3,500,000		3,569,959
Starbucks Corp 2.550% due 11/15/30		9,700,000		10,059,618
Toyota Tsusho Corp (Japan) 3.625% due 09/13/23 ~		900,000		958,573
Volkswagen Group of America Finance LLC (Germany) 4.625% due 11/13/25 ~		1,000,000		1,140,641
Volkswagen Leasing GmbH (Germany) 1.000% due 02/16/23 ~		EUR 1,300,000		1,570,182
				111,179,963
Consumer, Non-Cyclical - 4.2%
AbbVie Inc 3.200% due 11/06/22		$4,400,000		4,546,084
Amgen Inc 2.600% due 08/19/26		8,100,000		8,605,281
Anthem Inc
2.375% due 01/15/25		3,400,000		3,562,134
2.550% due 03/15/31		7,300,000		7,529,518
Bacardi Ltd (Bermuda) 4.450% due 05/15/25 ~		6,700,000		7,455,963
Bayer US Finance II LLC (Germany)
1.129% (USD LIBOR + 1.010%) due 12/15/23 § ~		700,000		710,343
4.375% due 12/15/28 ~		7,400,000		8,486,183
Block Financial LLC 3.875% due 08/15/30		6,600,000		7,141,483
Conagra Brands Inc 4.300% due 05/01/24		3,900,000		4,280,185
Constellation Brands Inc 3.700% due 12/06/26		4,400,000		4,897,056
CVS Pass-Through Trust 6.943% due 01/10/30		171,826		209,093
Danone SA (France) 2.589% due 11/02/23 ~		2,300,000		2,399,299
Duke University 2.682% due 10/01/44		9,600,000		9,991,261
General Mills Inc 1.200% (USD LIBOR + 1.010%) due 10/17/23 §		1,000,000		1,018,125
HCA Inc
4.750% due 05/01/23		100,000		107,196
5.000% due 03/15/24		5,600,000		6,189,985
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		9,000,000		9,477,714
3.875% due 07/26/29 ~		3,300,000		3,582,778
Mylan Inc 4.200% due 11/29/23		1,500,000		1,609,820
Sysco Corp 5.650% due 04/01/25		7,300,000		8,461,264
Takeda Pharmaceutical Co Ltd (Japan) 2.050% due 03/31/30		2,600,000		2,581,478
Utah Acquisition Sub Inc 2.250% due 11/22/24 ~		EUR 6,100,000		7,729,829
Zoetis Inc 2.000% due 05/15/30		$9,700,000		9,670,585
				120,242,657

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-58

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Energy - 1.4%
ANR Pipeline Co 9.625% due 11/01/21	$	2,300,000	$	2,369,799
Cheniere Corpus Christi Holdings LLC 7.000% due 06/30/24		1,500,000		1,718,952
Chevron Corp 2.236% due 05/11/30		4,000,000		4,125,271
El Paso Natural Gas Co LLC 8.625% due 01/15/22		4,500,000		4,692,544
Energy Transfer LP 4.250% due 03/15/23		2,700,000		2,834,164
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		4,100,000		4,290,600
MPLX LP 3.500% due 12/01/22		1,400,000		1,454,798
Occidental Petroleum Corp 2.900% due 08/15/24		6,000,000		6,142,500
Odebrecht Drilling Norbe VIII (Brazil)
6.350% due 12/01/21 ~		44,030		43,810
7.350% PIK due 12/01/26 ~		2,141,926		1,100,200
Odebrecht Oil & Gas Finance Ltd (Brazil) 0.000% due 08/02/21 ~		1,012,000		13,925
Plains All American Pipeline LP 3.650% due 06/01/22		4,400,000		4,491,682
Rio Oil Finance Trust (Brazil)
9.250% due 07/06/24 ~		1,093,587		1,213,881
9.750% due 01/06/27 ~		4,100,669		4,854,208
				39,346,334
Financial - 15.4%
AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		7,400,000		8,040,514
Aircastle Ltd 5.500% due 02/15/22		1,710,000		1,761,049
American Campus Communities Operating Partnership LP REIT 2.850% due 02/01/30		5,000,000		5,151,947
American Tower Corp REIT
3.000% due 06/15/23		900,000		943,466
3.375% due 05/15/24		9,500,000		10,167,906
Aviation Capital Group LLC
2.875% due 01/20/22 ~		3,680,000		3,717,875
4.125% due 08/01/25 ~		6,620,000		7,158,987
Banco Bilbao Vizcaya Argentaria SA (Spain)
0.875% due 09/18/23		2,100,000		2,108,204
1.125% due 09/18/25		3,400,000		3,372,995
Banco Espirito Santo SA (Portugal)
2.625% due 05/08/22 * Y ~		EUR 1,000,000		189,720
4.750% due 01/15/22 * Y ~		5,600,000		1,062,432
Bank of America Corp 1.176% (USD LIBOR + 1.000%) due 04/24/23 §		$4,900,000		4,935,877
Banque Federative du Credit Mutuel SA (France) 3.750% due 07/20/23 ~		7,400,000		7,887,920
Barclays Bank PLC (United Kingdom) 7.625% due 11/21/22		1,659,000		1,810,047
Barclays PLC (United Kingdom)
3.375% due 04/02/25 ~		EUR 900,000		1,163,001
7.750% due 09/15/23		$3,000,000		3,303,750
7.875% due 03/15/22 ~		3,600,000		3,759,300
BNP Paribas SA (France)
1.904% due 09/30/28 ~		9,000,000		8,948,518
4.625% due 02/25/31 ~		1,500,000		1,565,280
Boston Properties LP REIT 3.250% due 01/30/31		3,200,000		3,431,101
BPCE SA (France) 4.000% due 09/12/23 ~		4,850,000		5,203,822

	Principal Amount		Value
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23	$	3,400,000	$	3,574,329
Cantor Fitzgerald LP 6.500% due 06/17/22 ~		8,200,000		8,649,834
Citigroup Inc 2.572% due 06/03/31		8,100,000		8,335,165
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		6,000,000		6,409,992
Credit Agricole SA (France) 1.907% due 06/16/26 ~		7,200,000		7,344,535
Credit Suisse AG (Switzerland) 6.500% due 08/08/23 ~		3,200,000		3,542,560
Credit Suisse Group AG (Switzerland)
1.359% (USD LIBOR + 1.240%) due 06/12/24 § ~		6,200,000		6,297,747
3.869% due 01/12/29 ~		2,600,000		2,865,622
7.125% due 07/29/22 ~		500,000		522,120
Crown Castle International Corp REIT 3.700% due 06/15/26		2,277,000		2,507,723
Deutsche Bank AG (Germany)
1.346% (USD LIBOR + 1.190%) due 11/16/22 §		5,800,000		5,850,248
1.750% due 01/17/28 ~		EUR 6,300,000		7,914,458
3.300% due 11/16/22		$9,400,000		9,741,194
Digital Realty Trust LP REIT 3.600% due 07/01/29		4,500,000		5,006,813
EPR Properties REIT 4.500% due 04/01/25		2,200,000		2,356,926
Essex Portfolio LP REIT 3.375% due 04/15/26		5,200,000		5,642,856
GE Capital Funding LLC 3.450% due 05/15/25		7,430,000		8,090,679
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		7,700,000		9,241,868
GLP Capital LP REIT 4.000% due 01/15/30		1,800,000		1,934,379
Hana Bank (South Korea) 3.375% due 01/30/22 ~		5,000,000		5,084,325
Host Hotels & Resorts LP REIT
3.875% due 04/01/24		700,000		747,669
4.000% due 06/15/25		1,350,000		1,462,253
ING Groep NV (Netherlands) 1.400% due 07/01/26 ~		8,200,000		8,226,679
Intercontinental Exchange Inc 2.100% due 06/15/30		7,100,000		7,059,253
Intesa Sanpaolo SPA (Italy) 3.250% due 09/23/24 ~		7,300,000		7,769,569
JPMorgan Chase & Co
1.578% due 04/22/27		7,000,000		7,039,531
2.182% due 06/01/28		9,600,000		9,837,055
Kilroy Realty LP REIT
3.450% due 12/15/24		2,200,000		2,349,450
4.375% due 10/01/25		2,600,000		2,884,122
Life Storage LP REIT 3.875% due 12/15/27		2,600,000		2,904,440
Lloyds Banking Group PLC (United Kingdom)
3.500% due 04/01/26 ~		EUR 3,300,000		4,405,125
4.450% due 05/08/25		$4,500,000		5,052,218
4.947% due 06/27/25 ~		EUR 300,000		393,324
Manulife Financial Corp (Canada) 4.150% due 03/04/26		$500,000		564,204
Mid-America Apartments LP REIT 4.200% due 06/15/28		3,000,000		3,444,517
Mitsubishi HC Capital Inc (Japan) 3.406% due 02/28/22 ~		1,800,000		1,830,591
Mitsubishi UFJ Financial Group Inc (Japan) 1.412% due 07/17/25		10,600,000		10,705,620

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-59

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Mizuho Financial Group Inc (Japan)
2.201% due 07/10/31	$	8,700,000	$	8,698,203
2.555% due 09/13/25		8,600,000		9,011,087
MPT Operating Partnership LP REIT 3.692% due 06/05/28		GBP 1,300,000		1,919,635
National Retail Properties Inc REIT 3.500% due 10/15/27		$5,600,000		6,058,395
Natwest Group PLC (United Kingdom)
2.000% due 03/04/25 ~		EUR 4,600,000		5,736,975
8.625% due 08/15/21		$8,400,000		8,480,178
Navient Corp 6.500% due 06/15/22		500,000		521,975
Nomura Holdings Inc (Japan) 2.679% due 07/16/30		6,700,000		6,815,272
Omega Healthcare Investors Inc REIT
4.375% due 08/01/23		453,000		482,567
4.750% due 01/15/28		590,000		665,695
Public Storage REIT 3.094% due 09/15/27		1,900,000		2,085,110
Regency Centers LP REIT 4.125% due 03/15/28		3,500,000		3,935,944
Scentre Group Trust REIT (Australia) 3.625% due 01/28/26 ~		9,700,000		10,612,175
Service Properties Trust REIT 4.950% due 10/01/29		8,400,000		8,301,300
Simon Property Group LP REIT 2.750% due 06/01/23		5,000,000		5,190,405
SL Green Realty Corp REIT 4.500% due 12/01/22		2,400,000		2,499,963
Societe Generale SA (France) 4.250% due 09/14/23 ~		7,700,000		8,279,048
Spirit Realty LP REIT 3.200% due 01/15/27		8,100,000		8,630,549
Standard Chartered PLC (United Kingdom) 1.456% due 01/14/27 ~		7,300,000		7,241,904
State Bank of India (India) 4.000% due 01/24/22 ~		3,900,000		3,966,690
STORE Capital Corp REIT 4.500% due 03/15/28		7,600,000		8,601,874
Synchrony Financial 5.150% due 03/19/29		4,700,000		5,572,190
Tesco Property Finance PLC (United Kingdom)
5.661% due 10/13/41 ~		GBP 97,730		181,571
5.801% due 10/13/40 ~		192,442		357,823
UBS Group AG (Switzerland)
4.125% due 04/15/26 ~		$7,100,000		7,966,526
7.125% due 08/10/21 ~		1,400,000		1,408,750
UniCredit SPA (Italy) 7.830% due 12/04/23 ~		11,800,000		13,679,268
Virgin Money UK PLC (United Kingdom) 4.000% due 09/03/27 ~		GBP 500,000		767,665
Wells Fargo & Co
2.393% due 06/02/28		$8,100,000		8,406,055
3.550% due 09/29/25		9,200,000		10,116,000
				439,463,496
Industrial - 3.1%
AP Moller - Maersk AS ‘B’ (Denmark) 4.500% due 06/20/29 ~		8,600,000		9,966,368
Arrow Electronics Inc
3.250% due 09/08/24		2,800,000		2,981,838
3.500% due 04/01/22		4,600,000		4,677,045
Central Japan Railway Co (Japan) 2.800% due 02/23/22 ~		2,200,000		2,229,425
Flex Ltd 4.875% due 05/12/30		9,500,000		11,038,848
Fortune Brands Home & Security Inc 3.250% due 09/15/29		8,200,000		8,834,401
GATX Corp 4.000% due 06/30/30		9,700,000		10,952,132

	Principal Amount		Value
Kansas City Southern 3.125% due 06/01/26	$	9,800,000	$	10,613,704
Komatsu Finance America Inc 2.437% due 09/11/22 ~		5,660,000		5,785,086
Penske Truck Leasing Co LP 4.875% due 07/11/22 ~		3,000,000		3,130,149
SMBC Aviation Capital Finance DAC (Ireland)
3.000% due 07/15/22 ~		3,800,000		3,887,940
4.125% due 07/15/23 ~		1,800,000		1,915,081
Spirit AeroSystems Inc 3.950% due 06/15/23		5,000,000		5,037,500
The Boeing Co 1.433% due 02/04/24		7,500,000		7,520,465
				88,569,982
Technology - 2.6%
Amdocs Ltd 2.538% due 06/15/30		6,100,000		6,106,932
Broadcom Corp 3.875% due 01/15/27		1,561,000		1,725,776
Broadcom Inc
3.459% due 09/15/26		5,046,000		5,498,848
3.469% due 04/15/34 ~		3,639,000		3,852,900
3.500% due 02/15/41 ~		9,000,000		9,218,685
4.110% due 09/15/28		3,472,000		3,909,293
5.000% due 04/15/30		2,900,000		3,424,849
Dell International LLC
5.850% due 07/15/25		9,200,000		10,801,785
6.100% due 07/15/27		2,400,000		2,943,598
Micron Technology Inc 4.975% due 02/06/26		4,000,000		4,601,838
NetApp Inc 3.250% due 12/15/22		2,400,000		2,466,669
NXP BV (China)
3.875% due 06/18/26 ~		4,000,000		4,434,376
4.875% due 03/01/24 ~		5,900,000		6,498,531
Seagate HDD Cayman 4.091% due 06/01/29 ~		1,000,000		1,025,190
VMware Inc 2.950% due 08/21/22		6,200,000		6,361,847
				72,871,117
Utilities - 3.7%
Alabama Power Co 1.450% due 09/15/30		3,900,000		3,728,368
American Transmission Systems Inc 5.250% due 01/15/22 ~		1,900,000		1,945,724
CenterPoint Energy Resources Corp 0.631% (USD LIBOR + 0.500%) due 03/02/23 §		7,300,000		7,301,904
DTE Electric Co 4.050% due 05/15/48		100,000		121,940
Enel Finance International NV (Italy) 4.250% due 09/14/23 ~		6,150,000		6,630,677
Engie SA (France) 2.875% due 10/10/22 ~		4,600,000		4,740,612
Entergy Corp 4.000% due 07/15/22		1,900,000		1,960,282
Evergy Inc 2.450% due 09/15/24		8,800,000		9,222,139
NextEra Energy Capital Holdings Inc 2.250% due 06/01/30		9,600,000		9,682,996
Oncor Electric Delivery Co LLC 7.000% due 09/01/22		2,400,000		2,582,534
Pacific Gas and Electric Co
1.367% due 03/10/23		7,300,000		7,300,519
3.150% due 01/01/26		3,300,000		3,406,055
3.300% due 12/01/27		400,000		411,594
3.400% due 08/15/24		5,300,000		5,566,325
3.500% due 06/15/25		2,400,000		2,518,675

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-60

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
4.250% due 08/01/23	$	2,600,000	$	2,756,549
4.550% due 07/01/30		1,500,000		1,605,757
Pennsylvania Electric Co 3.600% due 06/01/29 ~		4,300,000		4,605,875
Public Service Co of Colorado 1.900% due 01/15/31		6,300,000		6,258,422
SGSP Australia Assets Pty Ltd (Australia) 3.300% due 04/09/23 ~		1,200,000		1,254,620
Southern California Edison Co 2.500% due 06/01/31		7,000,000		7,023,142
The Southern Co 3.250% due 07/01/26		5,700,000		6,189,700
WEC Energy Group Inc 1.800% due 10/15/30		8,400,000		8,067,169
				104,881,578
Total Corporate Bonds & Notes (Cost $978,246,422)				1,015,887,360
SENIOR LOAN NOTES - 0.2%
Communications - 0.0%
Audacy Capital Corp Term B2 2.573% (USD LIBOR + 2.500%) due 11/17/24 §		756,958		751,281
Industrial - 0.2%
Cornerstone Building Brands Inc Term B 3.750% (USD LIBOR + 3.250%) due 04/12/28 §		3,880,275		3,885,125
Total Senior Loan Notes (Cost $4,621,684)				4,636,406
MORTGAGE-BACKED SECURITIES - 27.9%
Collateralized Mortgage Obligations - Commercial - 4.2%
1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		9,600,000		10,505,234
Arbor Multifamily Mortgage Securities Trust 2.756% due 05/15/53 ~		4,900,000		5,210,059
Ashford Hospitality Trust 1.073% (USD LIBOR + 1.000%) due 06/15/35 § ~		7,400,000		7,416,344
Bancorp Commercial Mortgage Trust 1.175% (USD LIBOR + 1.050%) due 09/15/36 § ~		1,767,008		1,767,634
CFCRE Commercial Mortgage Trust 3.060% due 11/10/49		5,613,000		5,902,040
Citigroup Commercial Mortgage Trust
2.984% due 11/15/49		8,000,000		8,409,986
3.778% due 09/10/58		5,900,000		6,490,063
DBGS Mortgage Trust 3.843% due 04/10/37 ~		8,700,000		9,822,773
DOLP Trust 2.956% due 05/10/41 ~		7,000,000		7,484,452
Extended Stay America Trust due 07/15/38 # ~		7,000,000		7,022,540
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) 1.336% due 08/25/22 §		19,386,194		224,199
GS Mortgage Securities Trust 3.722% due 10/10/49 § ~		7,000,000		6,937,285
JP Morgan Chase Commercial Mortgage Securities Trust
1.073% (USD LIBOR + 1.000%) due 06/15/32 § ~		2,799,760		2,805,401
1.523% (USD LIBOR + 1.450%) due 12/15/31 § ~		7,312,000		7,266,701

	Principal Amount		Value
Manhattan West 2020-1MW Mortgage Trust 2.130% due 09/10/39 ~	$	8,600,000	$	8,811,109
MF1 Multifamily Housing Mortgage Loan Trust 0.975% (USD LIBOR + 0.850%) due 07/15/36 § ~		7,300,000		7,318,710
Morgan Stanley Bank of America Merrill Lynch Trust 3.150% due 03/15/48		5,332,121		5,542,861
Morgan Stanley Capital I Trust 2.509% due 04/05/42 § ~		4,900,000		5,057,356
Wells Fargo Commercial Mortgage Trust 3.809% due 12/15/48		4,837,000		5,347,818
				119,342,565
Collateralized Mortgage Obligations - Residential - 8.3%
Alternative Loan Trust
0.432% (USD LIBOR + 0.340%) due 07/25/46 §		139,848		236,705
0.712% (USD LIBOR + 0.620%) due 10/25/35 §		27,026		23,025
Alternative Loan Trust (IO) 4.909% (5.000% - USD LIBOR) due 05/25/35 §		1,063,799		116,765
Angel Oak Mortgage Trust 3.628% due 03/25/49 § ~		1,697,614		1,719,781
Banc of America Funding Trust
0.302% due 08/25/47 § ~		4,115,156		3,535,265
2.707% due 02/20/36 §		501,448		503,056
Banc of America Mortgage Trust 6.000% due 05/25/37		2,414,812		2,214,255
BCAP LLC Trust
4.824% due 03/26/37 § ~		258,128		260,334
5.250% due 02/26/36 § ~		1,108,764		702,440
Bear Stearns Adjustable Rate Mortgage Trust 2.723% due 08/25/33 §		748,039		753,721
Bear Stearns ALT-A Trust 2.667% due 01/25/36 §		1,446,845		1,448,123
Bear Stearns Structured Products Inc Trust
2.986% due 12/26/46 §		506,986		451,884
3.227% due 01/26/36 §		587,624		481,326
CHL Mortgage Pass-Through Trust
0.732% (USD LIBOR + 0.640%) due 03/25/35 §		513,077		509,773
2.586% due 05/20/34 §		377,539		388,181
2.992% due 08/25/34 §		32,668		32,655
6.500% due 10/25/37		972,686		692,495
Citigroup Mortgage Loan Trust
2.996% due 08/25/35 §		98,421		84,218
3.206% due 08/25/36 §		618,596		592,967
Credit Suisse First Boston Mortgage Securities Corp 0.714% due 03/25/32 § ~		131,737		126,119
DSLA Mortgage Loan Trust 2.506% due 07/19/44 §		402,502		397,090
Fannie Mae
0.152% (USD LIBOR + 0.060%) due 07/25/37 §		73,619		72,350
0.483% (USD LIBOR + 0.400%) due 04/18/28 §		26,856		26,903
0.533% (USD LIBOR + 0.450%) due 10/18/30 §		239		240
5.634% due 10/25/42 §		428,452		489,541
Fannie Mae (IO) 6.609% (6.700% - USD LIBOR) due 10/25/35 §		2,247		403
Finsbury Square PLC (United Kingdom) 1.349% (SONIA + 1.300%) due 06/16/70 § ~		GBP 4,872,735		6,818,636

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-61

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
First Horizon Alternative Mortgage Securities Trust
2.179% due 06/25/34 §		$1,701,857	$	1,739,310
2.933% due 03/25/35 §		455,023		353,265
Freddie Mac
0.423% (USD LIBOR + 0.350%) due 12/15/29 §		6,444		6,455
0.460% (USD LIBOR + 0.350%) due 08/15/40-10/15/40 §		7,393,027		7,426,275
7.500% due 01/15/23-09/20/26		109,184		117,510
Freddie Mac Structured Pass-Through Certificates
1.316% (US FED + 1.200%) due 10/25/44 §		703,349		722,832
1.516% (US FED + 1.400%) due 07/25/44 §		3,493,291		3,606,719
Government National Mortgage Association
0.607% (USD LIBOR + 0.500%) due 04/20/64 §		3,420,719		3,436,273
0.657% (USD LIBOR + 0.550%) due 05/20/65 §		1,299,391		1,307,043
0.707% (USD LIBOR + 0.600%) due 07/20/65-08/20/65 §		8,511,823		8,602,331
0.757% (USD LIBOR + 0.650%) due 07/20/63 §		71,404		71,451
0.857% (USD LIBOR + 0.750%) due 01/20/66 §		5,893,826		5,989,172
1.029% (USD LIBOR + 0.750%) due 04/20/67 §		6,485,827		6,587,556
Great Hall Mortgages No 1 PLC (United Kingdom) 0.255% (USD LIBOR + 0.130%) due 06/18/39 § ~		3,073,274		3,031,942
GreenPoint Mortgage Funding Trust 0.632% (USD LIBOR + 0.540%) due 11/25/45 §		34,361		31,293
HarborView Mortgage Loan Trust 0.252% (USD LIBOR + 0.320%) due 05/25/38 §		1,027,723		936,020
Hawksmoor Mortgages (United Kingdom) 1.099% (SONIA + 1.050%) due 05/25/53 § ~		GBP 26,333,415		36,613,847
Impac CMB Trust 0.632% (USD LIBOR + 0.270%) due 05/25/35 §		$40,101		39,956
IndyMac ARM Trust 1.762% due 01/25/32 §		7,721		7,781
JP Morgan Alternative Loan Trust
0.452% (USD LIBOR + 0.360%) due 05/25/36 §		2,404,265		2,363,867
6.000% due 12/27/36 ~		1,062,565		792,238
JP Morgan Mortgage Trust
0.392% (USD LIBOR + 0.300%) due 10/25/35 §		1,503,768		1,263,887
3.340% due 12/26/37 § ~		4,458,193		4,130,267
Legacy Mortgage Asset Trust 2.882% due 10/25/59 § ~		7,319,867		7,379,837
Lehman Mortgage Trust 5.750% due 02/25/37		6,085,651		5,192,443
MASTR Adjustable Rate Mortgages Trust 2.701% due 04/21/34 §		11,289		11,491
MASTR Alternative Loan Trust 0.492% (USD LIBOR + 0.400%) due 03/25/36 §		694,598		39,140
Merrill Lynch Mortgage Investors Trust 2.974% due 06/25/35 §		19,723		20,147
Metlife Securitization Trust 3.750% due 03/25/57 § ~		7,218,150		7,542,691
New Residential Mortgage Loan Trust 3.500% due 12/25/57 § ~		6,993,369		7,271,739

	Principal Amount		Value
OBX Trust 0.742% (USD LIBOR + 0.650%) due 06/25/57 § ~	$	6,817,542	$	6,831,330
PHH Alternative Mortgage Trust 0.252% (USD LIBOR + 0.160%) due 02/25/37 §		9,241,640		7,374,392
RBSSP Resecuritization Trust 4.091% due 12/26/36 § ~		649,187		348,681
Reperforming Loan REMIC Trust 0.432% (USD LIBOR + 0.340%) due 06/25/35 § ~		1,393,594		1,340,832
Residential Asset Securitization Trust (IO) 4.859% (4.950%-USD LIBOR) due 11/25/35 §		2,066,248		416,480
Resloc UK PLC (United Kingdom) 0.123% (EUR LIBOR + 1.160%) due 12/15/43 § ~		EUR 2,271,729		2,620,135
RFMSI Trust 3.148% due 09/25/35 §		$441,211		334,279
Ripon Mortgages PLC (United Kingdom) 0.881% (GBP LIBOR + 0.800%) due 08/20/56 § ~		GBP 8,417,374		11,671,698
Sequoia Mortgage Trust 0.793% (USD LIBOR + 0.700%) due 07/20/33 §		$421,691		421,818
Structured Adjustable Rate Mortgage Loan Trust 2.978% due 01/25/35 §		98,109		99,640
Structured Asset Mortgage Investments II Trust
0.512% (USD LIBOR + 0.420%) due 05/25/36 §		662,759		580,434
0.552% (USD LIBOR + 0.460%) due 02/25/36 §		1,128,541		1,083,454
0.593% (USD LIBOR + 0.500%) due 07/19/35 §		107,362		104,317
0.652% (USD LIBOR + 0.560%) due 02/25/36 §		691,043		665,074
Structured Asset Mortgage Investments Trust 0.753% (USD LIBOR + 0.660%) due 09/19/32 §		25,651		25,598
Structured Asset Securities Corp Trust 5.750% due 04/25/35		2,685,817		2,156,910
Suntrust Alternative Loan Trust (IO) 5.009% (5.100%-USD LIBOR) due 12/25/35 §		3,296,588		349,315
Towd Point Mortgage Funding (United Kingdom) 0.949% (SONIA + 0.900%) due 07/20/45 § ~		GBP 25,363,086		35,238,427
Towd Point Mortgage Funding PLC (United Kingdom) 1.111% (GBP LIBOR + 1.025%) due 10/20/51 §		13,571,667		18,922,599
Tower Bridge Funding No 3 PLC (United Kingdom) 1.281% (GBP LIBOR + 1.200%) due 12/20/61 § ~		1,333,910		1,850,556
Wachovia Mortgage Loan Trust LLC Trust 2.400% due 05/20/36 §		$430,622		441,402
WaMu Mortgage Pass-Through Certificates Trust
0.632% (USD LIBOR + 0.540%) due 12/25/45 §		26,759		27,241
0.672% (USD LIBOR + 0.580%) due 10/25/45 §		27,707		27,720
2.814% due 01/25/36 §		447,085		460,200

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-62

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Washington Mutual Mortgage Pass-Through Certificates Trust
0.946% (US FED + 0.830%) due 11/25/46 §	$	1,097,998	$	1,004,689
6.000% due 07/25/36		1,619,277		1,521,639
Washington Mutual Mortgage Pass-Through Certificates Trust (IO)
4.759% (4.850%-USD LIBOR) due 11/25/35 §		8,877,029		1,212,891
4.859% (4.950%-USD LIBOR) due 11/25/35 §		2,346,393		408,084
Washington Mutual MSC Mortgage Pass-Through Certificates Trust 2.100% due 02/25/33 §		3,012		3,038
				236,855,902
Fannie Mae - 14.2%
due 07/01/36-08/01/51 #		24,500,000		25,793,251
due 08/01/36 #		54,000,000		55,622,190
due 08/01/51 #		126,800,000		127,790,626
due 09/01/51 #		150,100,000		152,211,459
1.328% (US FED + 1.200%) due 08/01/42-10/01/44 §		564,573		580,524
1.623% (USD LIBOR + 1.373%) due 09/01/35 §		93,158		94,066
1.663% (USD LIBOR + 1.413%) due 07/01/33 §		8,493		8,548
1.707% (US FED + 1.250%) due 03/01/33 §		128,024		131,500
1.720% (USD LIBOR + 1.345%) due 12/01/34 §		705,033		737,031
1.762% (USD LIBOR + 1.455%) due 04/01/35 §		132,401		133,145
1.788% (USD LIBOR + 1.538%) due 01/01/36 §		5,954		5,960
1.793% (USD LIBOR + 1.418%) due 12/01/34 §		2,601		2,603
1.800% (USD LIBOR + 1.550%) due 09/01/33 §		13,193		13,715
1.820% (UST + 1.695%) due 02/01/33 §		157,168		158,835
1.855% (USD LIBOR + 1.605%) due 08/01/36 §		18,836		18,973
1.984% (USD LIBOR + 1.245%) due 07/01/35 §		270,100		278,808
2.000% due 07/01/36		-		-
2.020% (UST + 1.895%) due 03/01/34 §		5,561		5,614
2.020% (USD LIBOR + 1.318%) due 08/01/35 §		167,407		168,235
2.050% (UST + 1.925%) due 02/01/33 §		4,130		4,118
2.067% (USD LIBOR + 1.442%) due 07/01/33 §		9,989		10,098
2.069% (USD LIBOR + 1.694%) due 03/01/33 §		4,061		4,063
2.150% (UST + 2.025%) due 01/01/34 §		5,066		5,409
2.180% (UST + 2.055%) due 04/01/34 §		46,975		46,993
2.199% (USD LIBOR + 1.699%) due 11/01/34 §		4,476		4,482
2.220% (UST + 2.095%) due 04/01/27 §		2,749		2,749
2.225% (UST + 2.102%) due 01/01/23 §		5,048		5,088
2.310% due 08/01/22		1,155,754		1,170,369
2.340% (USD LIBOR + 1.840%) due 09/01/35 §		16,843		16,983
2.440% (UST + 2.190%) due 12/01/22 §		842		844

	Principal Amount		Value
2.500% (USD LIBOR + 2.250%) due 06/01/34 §	$	1,919	$	1,937
2.581% (UST + 2.360%) due 11/01/34 §		1,123,295		1,198,818
2.990% (US FED + 1.250%) due 05/01/36 §		13,180		14,117
3.000% due 04/01/27-08/01/49		2,742,087		2,910,756
3.500% due 05/01/33-05/01/35		13,991,857		14,932,324
3.634% (US FED + 1.250%) due 05/01/36 §		10,376		10,722
3.643% (US FED + 1.250%) due 05/01/36 §		435,339		474,833
4.000% due 04/01/24-02/01/48		5,014,398		5,358,357
4.500% due 06/01/23-10/01/42		687,555		749,733
4.931% (US FED + 1.731%) due 09/01/34 §		44,229		46,798
5.000% due 05/01/25-02/01/44		2,551,922		2,843,422
5.500% due 07/01/21-09/01/41		5,040,446		5,589,571
6.000% due 02/01/24-09/01/39		2,882,375		3,318,959
6.500% due 11/01/21-09/01/37		517,518		587,671
7.500% due 01/01/33		11,396		13,109
8.000% due 05/01/30		2,483		2,540
8.500% due 07/01/32		491		493
				403,080,439
Freddie Mac - 0.7%
1.974% (USD LIBOR + 1.345%) due 09/01/35 §		102,291		107,117
2.262% (UST + 2.137%) due 01/01/28 §		4,305		4,335
2.374% (UST + 2.249%) due 03/01/32 §		32,651		32,702
2.375% (UST + 2.250%) due 05/01/23-05/01/32 §		2,774		2,775
2.625% (UST + 2.250%) due 07/01/32 §		7,232		7,215
3.500% due 08/01/27-06/01/48		11,312,876		11,934,787
4.000% due 11/01/33-04/01/48		3,440,111		3,671,362
5.500% due 03/01/23-05/01/40		3,073,867		3,557,792
6.000% due 11/01/21-04/01/33		1,370,094		1,535,445
7.000% due 10/01/37		15,971		18,435
				20,871,965
Government National Mortgage Association - 0.5%
due 08/01/51 #		1,200,000		1,352,437
2.000% (UST + 1.500%) due 01/20/23-03/20/33 §		233,237		240,014
2.125% (UST + 1.500%) due 10/20/23-12/20/32 §		200,354		204,777
2.250% (UST + 1.500%) due 07/20/23-09/20/32 §		159,522		163,945
2.500% (UST + 1.500%) due 11/20/24-02/20/25 §		10,176		10,328
2.500% (UST + 2.000%) due 03/20/29 §		22,902		23,212
2.625% (UST + 2.000%) due 11/20/24 §		26,788		26,988
2.750% (UST + 2.000%) due 09/20/22-07/20/24 §		16,587		16,687
2.875% (UST + 1.500%) due 05/20/22-06/20/32 §		313,454		320,543
4.000% due 03/15/44-09/15/49		2,429,401		2,613,009
5.000% due 05/15/33-07/01/51		6,837,636		7,554,090
6.000% due 06/15/38-09/15/38		7,639		8,670
7.500% due 07/15/31-12/15/31		18,531		22,012
8.000% due 12/15/29-08/15/32		146,962		158,736
8.500% due 08/15/22-12/15/30		167,284		170,549
				12,885,997
Total Mortgage-Backed Securities (Cost $774,482,135)				793,036,868

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-63

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
ASSET-BACKED SECURITIES - 12.7%
A10 Bridge Asset Financing LLC 2.021% due 08/15/40 ~	$	4,531,680	$	4,557,710
ABFC Trust 0.917% (USD LIBOR + 0.825%) due 07/25/35 §		5,600,000		5,560,547
Anchorage Capital CLO16 Ltd (Cayman) 1.588% (USD LIBOR + 1.400%) due 10/20/31 § ~		7,100,000		7,110,587
Apres Static CLO Ltd (Cayman) 1.254% (USD LIBOR + 1.070%) due 10/15/28 § ~		7,290,646		7,308,870
Argent Securities Inc Asset-Backed Pass-Through Certificates 0.852% (USD LIBOR + 0.760%) due 02/25/36 §		1,853,730		1,697,390
Asset-Backed Securities Corp Home Equity Loan Trust 1.112% (USD LIBOR + 1.020%) due 07/25/35 §		2,000,000		2,005,567
Bear Stearns Asset Backed Securities I Trust 2007-AQ1 0.202% (USD LIBOR + 0.110%) due 04/25/31 §		40,661		200,632
Bear Stearns Asset-Backed Securities Trust 2.192% (USD LIBOR + 2.100%) due 03/25/35 §		434,567		437,571
Catamaran CLO Ltd (Cayman) 1.444% (USD LIBOR + 1.260%) due 04/22/30 § ~		8,954,068		8,959,664
CIT Mortgage Loan Trust 1.442% (USD LIBOR + 1.350%) due 10/25/37 § ~		1,912,957		1,933,561
Citigroup Mortgage Loan Trust
0.232% (USD LIBOR + 0.140%) due 12/25/36 §		1,371,051		1,365,571
0.242% (USD LIBOR + 0.150%) due 12/25/36 §		10,024,336		5,255,965
0.252% (USD LIBOR + 0.160%) due 12/25/36 § ~		2,248,113		1,517,945
CLNC Ltd (Cayman) 1.375% (USD LIBOR + 1.250%) due 08/20/35 § ~		8,500,000		8,505,525
Countrywide Asset-Backed Certificates
0.232% (USD LIBOR + 0.140%) due 06/25/47 §		5,818,150		5,543,817
0.242% (USD LIBOR + 0.150%) due 05/25/37 §		239,555		239,280
0.322% (USD LIBOR + 0.230%) due 10/25/47 §		648,913		640,555
0.432% (USD LIBOR + 0.340%) due 09/25/36 §		7,602,119		7,570,551
0.992% (USD LIBOR + 0.900%) due 03/25/47 § ~		1,613,923		1,436,209
CVC Cordatus Loan Fund XI DAC (Ireland) 0.650% (EUR LIBOR + 0.650%) due 10/15/31 § ~		EUR 6,100,000		7,248,964
CWABS Asset-Backed Certificates Trust 0.232% (USD LIBOR + 0.140%) due 03/25/37 §		$3,197,840		3,094,187
Delta Funding Home Equity Loan Trust 7.030% due 08/15/30		12,782		12,880
Dryden 52 Euro CLO DAC (Ireland) due 05/15/34 # ~		EUR 5,600,000		6,640,201
Dryden XXV Senior Loan Fund (Cayman) 1.084% (USD LIBOR + 0.900%) due 10/15/27 § ~		$5,219,505		5,218,461
Evergreen Credit Card Trust (Canada) 1.900% due 09/16/24 ~		10,500,000		10,711,606

	Principal Amount		Value
FBR Securitization Trust 0.857% (USD LIBOR + 0.765%) due 09/25/35 §	$	28,530,000	$	27,974,664
First Franklin Mortgage Loan Trust 0.402% (USD LIBOR + 0.310%) due 10/25/36 §		13,900,000		12,014,839
Flagship Credit Auto Trust 1.490% due 07/15/24 ~		3,260,237		3,277,429
Ford Credit Floorplan Master Owner Trust ‘A’ 2.840% due 03/15/24		8,700,000		8,860,597
GSAA Home Equity Trust 0.432% (USD LIBOR + 0.340%) due 09/25/36 §		9,360,765		3,098,625
Harvest CLO XI DAC (Ireland) 0.650% (EUR LIBOR + 0.650%) due 06/26/30 § ~		EUR 5,800,000		6,869,657
Home Equity Asset Trust 0.872% (USD LIBOR + 0.780%) due 10/25/34 §		$2,145,397		2,135,064
Home Equity Mortgage Loan Asset-Backed Trust 0.412% (USD LIBOR + 0.320%) due 04/25/37 §		4,535,261		4,194,931
HSI Asset Securitization Corp Trust 0.422% (USD LIBOR + 0.330%) due 02/25/36 §		717,559		698,626
Hyundai Floorplan Master Owner Trust 2.680% due 04/15/24 ~		6,000,000		6,114,834
Imc Home Equity Loan Trust 5.432% due 08/20/29 §		856		879
IXIS Real Estate Capital Trust 0.192% (USD LIBOR + 0.100%) due 01/25/37 §		9,515,419		4,566,215
JP Morgan Mortgage Acquisition Trust 0.382% (USD LIBOR + 0.290%) due 05/25/36 §		10,000,000		9,662,291
Legacy Mortgage Asset Trust 3.750% due 04/25/59 § ~		6,860,406		6,924,327
Lehman ABS Mortgage Loan Trust 0.182% (USD LIBOR + 0.090%) due 06/25/37 § ~		1,007,882		790,069
Lument Commercial Trust (Cayman) 1.270% (USD LIBOR + 1.170%) due 06/15/39 § ~		7,000,000		7,028,721
Marble Point CLO X Ltd (Cayman) 1.224% (USD LIBOR + 1.040%) due 10/15/30 § ~		7,300,000		7,299,998
Mastr Asset-Backed Securities Trust 0.592% (USD LIBOR + 0.500%) due 04/25/36 §		8,101,736		3,072,793
Merrill Lynch Mortgage Investors Trust 0.842% (USD LIBOR + 0.750%) due 09/25/35 §		1,131,320		1,114,685
MKS CLO Ltd (Cayman) 1.188% (USD LIBOR + 1.000%) due 07/20/30 § ~		5,000,000		5,000,003
Morgan Stanley ABS Capital I Inc Trust
0.152% (USD LIBOR + 0.060%) due 05/25/37 §		187,563		170,710
0.272% (USD LIBOR + 0.180%) due 03/25/37 §		2,712,391		1,487,588
0.272% (USD LIBOR + 0.180%) due 05/25/37 §		8,202,694		7,531,076
0.312% (USD LIBOR + 0.220%) due 11/25/36 §		6,275,388		3,997,349
0.342% (USD LIBOR + 0.250%) due 03/25/37 §		4,541,678		2,513,923
Morgan Stanley Capital I Inc Trust 0.452% (USD LIBOR + 0.360%) due 03/25/36 §		1,791,177		1,598,341

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-64

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Mountain View CLO Ltd (Cayman) 0.984% (USD LIBOR + 0.800%) due 10/15/26 § ~	$	566,104	$	566,201
MP CLO VII Ltd (Cayman) 0.891% (USD LIBOR + 0.890%) due 10/18/28 § ~		7,000,000		7,000,000
Nassau Ltd (Cayman) 2.338% (USD LIBOR + 2.150%) due 07/20/29 § ~		5,500,000		5,505,547
Option One Mortgage Loan Trust
0.232% (USD LIBOR + 0.140%) due 02/25/37 §		5,177,048		3,971,322
0.312% (USD LIBOR + 0.220%) due 02/25/37 §		13,732,398		8,740,642
Palmer Square Loan Funding Ltd (Cayman) 1.888% (USD LIBOR + 1.700%) due 07/20/28 § ~		6,194,189		6,197,881
Park Place Securities Inc Asset-Backed Pass-Through Certificates 0.917% (USD LIBOR + 0.825%) due 07/25/35 §		6,700,000		6,679,634
RAAC Trust 0.742% (USD LIBOR + 0.650%) due 06/25/47 §		2,632,341		2,656,021
RASC Trust
0.252% (USD LIBOR + 0.160%) due 11/25/36 §		117,448		127,845
0.707% (USD LIBOR + 0.410%) due 01/25/36 §		279,323		279,478
Renaissance Home Equity Loan Trust 0.972% (USD LIBOR + 0.880%) due 08/25/33 §		161,961		159,920
Santander Drive Auto Receivables Trust
0.620% due 05/15/23		321,717		321,779
0.670% due 04/15/24		1,200,000		1,201,591
Saxon Asset Securities Trust 0.752% (USD LIBOR + 0.660%) due 10/25/35 §		3,710,393		3,671,640
Securitized Asset-Backed Receivables LLC Trust 0.752% (USD LIBOR + 0.660%) due 08/25/35 §		4,617,959		3,783,018
SLM Student Loan Trust 0.669% (USD LIBOR + 0.550%) due 12/15/25 § ~		1,711,098		1,711,406
Sound Point CLO XVI Ltd (Cayman) 1.156% (USD LIBOR + 0.980%) due 07/25/30 § ~		7,400,000		7,397,801
Soundview Home Loan Trust 0.202% (USD LIBOR + 0.110%) due 02/25/37 §		1,517,842		558,435
SP-STATIC CLO 1 Ltd (Cayman) 1.584% (USD LIBOR + 1.400%) due 07/22/28 § ~		6,826,513		6,834,614
Structured Asset Investment Loan Trust 0.712% (USD LIBOR + 0.620%) due 01/25/36 §		5,966,898		5,780,688
Structured Asset Securities Corp Mortgage Loan Trust
0.362% (USD LIBOR + 0.270%) due 03/25/36 §		1,727,926		1,646,834
0.432% (USD LIBOR + 0.340%) due 12/25/36 §		345,181		340,111
STWD Ltd (Cayman) 1.205% (USD LIBOR + 1.080%) due 07/15/38 § ~		8,700,000		8,703,896
Telos CLO Ltd (Cayman) 1.460% (USD LIBOR + 1.270%) due 01/17/27 § ~		706,138		705,505

	Principal Amount		Value
Terwin Mortgage Trust 0.512% (USD LIBOR + 0.420%) due 04/25/37 § ~	$	369,309	$	363,472
Tralee CLO V Ltd (Cayman) 1.298% (USD LIBOR + 1.110%) due 10/20/28 § ~		7,193,751		7,195,546
TRTX Issuer Ltd (Cayman) 1.275% (USD LIBOR + 1.150%) due 10/15/34 § ~		8,500,000		8,502,549
Venture XX CLO Ltd (Cayman) 1.004% (USD LIBOR + 0.820%) due 04/15/27 § ~		1,721,017		1,721,088
Voya CLO Ltd (Cayman) 1.073% (USD LIBOR + 0.950%) due 04/17/30 § ~		7,000,000		7,001,001
Wellfleet CLO Ltd (Cayman) 1.078% (USD LIBOR + 0.890%) due 04/20/29 § ~		7,300,000		7,289,885
Zais CLO 1 Ltd (Cayman) 1.334% (USD LIBOR + 1.150%) due 04/15/28 § ~		3,221,710		3,225,965
Total Asset-Backed Securities (Cost $353,964,930)				362,613,365
U.S. GOVERNMENT AGENCY ISSUES - 1.2%
Freddie Mac 0.680% due 08/06/25		35,600,000		35,488,283
United States Small Business Administration 6.120% due 09/01/21		9,338		9,387
Total U.S. Government Agency Issues (Cost $35,609,340)				35,497,670
U.S. TREASURY OBLIGATIONS - 14.7%
U.S. Treasury Bonds - 13.2%
1.250% due 05/15/50		16,700,000		13,641,160
1.375% due 11/15/40		35,050,000		31,498,449
1.375% due 08/15/50		6,900,000		5,818,910
1.625% due 11/15/50		35,700,000		32,074,219
1.875% due 02/15/41		8,700,000		8,519,203
2.000% due 02/15/50		2,900,000		2,849,930
2.500% due 02/15/45		1,300,000		1,406,945
2.750% due 08/15/42		26,200,000		29,533,336
2.875% due 05/15/43		27,500,000		31,635,742
2.875% due 08/15/45		30,100,000		34,805,476
3.125% due 02/15/42		8,000,000		9,545,938
3.125% due 08/15/44		35,400,000		42,495,211
3.375% due 05/15/44		26,300,000		32,802,059
3.625% due 02/15/44		13,500,000		17,453,496
3.750% due 11/15/43		20,900,000		27,441,047
4.250% due 05/15/39		4,900,000		6,707,066
4.375% due 11/15/39		20,700,000		28,802,918
4.500% due 08/15/39		7,700,000		10,858,805
4.625% due 02/15/40		5,500,000		7,896,797
				375,786,707
U.S. Treasury Notes - 1.5%
1.750% due 06/30/24 ‡		7,400,000		7,686,461
2.250% due 01/31/24 ‡		6,700,000		7,026,232
2.250% due 08/15/27		20,000		21,395
2.500% due 05/15/24 ‡		26,900,000		28,498,764
2.625% due 02/15/29		400,000		438,703
				43,671,555
Total U.S. Treasury Obligations (Cost $391,905,450)				419,458,262

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-65

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 4.7%
Abu Dhabi Government (United Arab Emirates) 3.125% due 04/16/30 ~	$	6,200,000	$	6,751,273
Brazil Letras do Tesouro Nacional (Brazil) 4.856% due 10/01/21		BRL 174,300,000		34,622,825
Hydro-Quebec (Canada) 8.625% due 06/15/29		$1,000,000		1,486,369
Israel Government International (Israel) 3.875% due 07/03/50		5,400,000		6,262,094
Japan Finance Organization for Municipalities (Japan) 3.375% due 09/27/23 ~		3,200,000		3,398,799
Kuwait Government (Kuwait) 2.750% due 03/20/22 ~		6,000,000		6,109,710
Peruvian Government (Peru)
5.940% due 02/12/29 ~		PEN 35,300,000		10,045,024
6.350% due 08/12/28 ~		26,000,000		7,569,003
6.950% due 08/12/31 ~		4,000,000		1,168,673
8.200% due 08/12/26 ~		14,800,000		4,784,533
Province of Ontario Canada (Canada) 3.150% due 06/02/22		CAD 11,300,000		9,354,405
Province of Quebec Canada (Canada)
2.750% due 08/25/21		$3,600,000		3,614,133
3.500% due 12/01/22		CAD 1,900,000		1,599,412
4.250% due 12/01/21		7,500,000		6,150,109
Qatar Government (Qatar)
3.875% due 04/23/23 ~		$200,000		212,562
4.000% due 03/14/29 ~		7,100,000		8,185,661
4.500% due 01/20/22 ~		3,600,000		3,685,590
4.500% due 04/23/28 ~		4,400,000		5,201,020
Saudi Government (Saudi Arabia) 2.375% due 10/26/21 ~		6,600,000		6,643,032
State of Israel (Israel) 3.800% due 05/13/60 ~		6,200,000		7,075,713
Total Foreign Government Bonds & Notes (Cost $133,055,534)				133,919,940
MUNICIPAL BONDS - 0.1%
City of Chicago IL ‘B’
5.630% due 01/01/22		830,000		845,608
7.750% due 01/01/42		952,000		1,087,069
Total Municipal Bonds (Cost $1,759,834)				1,932,677
SHORT-TERM INVESTMENTS - 14.5%
Foreign Government Issue - 0.0%
Letras del Tesoro en Pesos Badlar (Argentina) 0.000% due 09/13/21 ^ W		ARS 3,745,000		28,903
Repurchase Agreements - 1.7%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $9,222,423; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $9,406,961)		$9,222,423		9,222,423
RBC Capital Markets LLC 0.030% due 07/01/21 (Dated 06/30/21 repurchase price of $38,900,032; collateralized by U.S.Treasury Notes: 0.125% - 2.875% due 01/15/22 - 04/30/28 and value $39,546,405)		38,900,000		38,900,000
				48,122,423

	Principal Amount		Value
U.S. Cash Management Bills – 0.7%
0.035% due 09/28/21	$	16,900,000	$	16,898,538
0.040% due 09/14/21 ‡		2,400,000		2,399,800
				19,298,338
U.S. Government Agency Issues - 2.0%
Federal Agricultural Mortgage Corp Discount Notes 0.020% due 07/27/21		20,000,000		19,999,711
Federal Home Loan Bank
0.014% due 08/06/21		16,100,000		16,099,517
0.015% due 07/28/21		3,300,000		3,299,950
0.015% due 08/04/21		14,700,000		14,699,584
0.034% due 10/08/21		3,300,000		3,299,637
Total U.S. Government Agency Issues (Cost $57,398,932)				57,398,399
U.S. Treasury Bills - 10.1%
0.030% due 07/08/21		42,600,000		42,599,720
0.035% due 07/13/21		6,900,000		6,899,914
0.038% due 07/15/21		7,900,000		7,899,877
0.040% due 08/19/21		22,980,000		22,978,750
0.040% due 09/16/21		25,900,000		25,897,784
0.041% due 07/22/21		14,000,000		13,999,652
0.041% due 08/03/21 ‡		2,100,000		2,099,919
0.041% due 08/17/21		9,300,000		9,299,499
0.042% due 08/10/21		30,800,000		30,798,537
0.042% due 09/09/21 ‡		2,200,000		2,199,818
0.043% due 11/12/21		30,600,000		30,595,102
0.045% due 09/23/21		11,300,000		11,298,813
0.045% due 10/07/21		8,500,000		8,498,959
0.047% due 08/31/21		3,100,000		3,099,751
0.047% due 12/02/21		53,400,000		53,389,340
0.048% due 09/30/21		11,100,000		11,098,667
0.050% due 10/28/21		5,300,000		5,299,124
				287,953,226
Total Short-Term Investments (Cost $412,809,088)				412,801,289
TOTAL INVESTMENTS - 112.8% (Cost $3,117,506,994)				3,210,166,223
TOTAL SECURITIES SOLD SHORT - (2.0%) (Proceeds $56,702,031)				(56,486,407	)
DERIVATIVES - 0.3%				10,663,720
OTHER ASSETS & LIABILITIES, NET - (11.1%)				(317,277,278	)
NET ASSETS - 100.0%				$2,847,066,258

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	35.7%
Mortgage-Backed Securities	27.9%
U.S. Treasury Obligations	14.7%
Short-Term Investments	14.5%
Asset-Backed Securities	12.7%
Foreign Government Bonds & Notes	4.7%
Others (each less than 3.0%)	2.6%
	112.8%
Derivatives	0.3%
Securities Sold Short	(2.0%	)
Other Assets & Liabilities, Net	(11.1%	)
	100.0%

(b) Investments with a total aggregate value of $1,252,152 or less than 0.1% of the Fund’s net assets were in default as of June 30, 2021.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-66

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(c) An investment with a value of $28,903 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(d) As of June 30, 2021, investments with a total aggregate value of $27,330,239 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and 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, 2021 was $77,269,199 at a weighted average interest rate of 0.043%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the period ended June 30, 2021 was $20,227,158 at a weighted average interest rate of 0.179%.

(f) Securities sold short outstanding as of June 30, 2021 were as follows:

Description	Principal Amount			Value
Mortgage-Backed Securities - (2.0%)
Fannie Mae 4.000% due 08/12/51		($53,000,000	)		($56,486,407	)
Total Securities Sold Short (Proceeds $56,702,031)					($56,486,407	)

(g) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Notes	09/21		3,956		$521,601,434		$524,170,000		$2,568,566
U.S. Treasury Ultra Long Bonds	09/21		62		11,364,428		11,946,625		582,197
									3,150,763
Short Futures Outstanding
Euro-Buxl	09/21		64		15,151,727		15,423,479		(271,752	)
U.S. Treasury 5-Year Notes	09/21		607		75,096,721		74,921,820		174,901
U.S. Treasury 30-Year Bonds	09/21		112		17,435,091		18,004,000		(568,909	)
									(665,760	)
Total Futures Contracts									$2,485,003

(h) Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	96,538,620	USD	18,184,469		07/21	BOA		$1,224,960		$-
BRL	96,538,620	USD	19,299,232		07/21	GSC		110,197		-
BRL	96,538,620	USD	19,106,721		08/21	GSC		236,882		-
CAD	17,000,000	USD	14,111,559		07/21	BRC		-		(397,457	)
CAD	21,981,772	USD	17,874,142		07/21	CIT		-		(141,186	)
CLP	7,233,081,400	USD	10,069,302		09/21	MSC		-		(237,755	)
EUR	8,134,000	USD	9,759,226		08/21	BOA		-		(105,320	)
EUR	4,451,000	USD	5,448,364		08/21	CIT		-		(165,657	)
GBP	712,000	USD	997,731		08/21	HSB		-		(12,708	)
JPY	37,231,018	USD	342,657		08/21	HSB		-		(7,403	)
MXN	265,435,000	USD	12,622,091		09/21	HSB		590,976		-
PEN	15,649,729	USD	3,937,695		07/21	CIT		128,603		-
PEN	6,787,050	USD	1,705,075		07/21	SCB		59,170		-
RUB	898,000	USD	11,636		07/21	GSC		602		-
RUB	897,651	USD	11,980		08/21	GSC		202		-
RUB	898,000	USD	12,239		09/21	GSC		-		(107	)
USD	19,299,232	BRL	96,538,620		07/21	BOA		-		(110,197	)
USD	19,167,799	BRL	96,538,620		07/21	GSC		-		(241,630	)
USD	30,992,899	BRL	174,300,000		10/21	JPM		-		(3,650,579	)
USD	32,265,199	CAD	38,981,772		07/21	TDB		818,143		-
USD	17,873,955	CAD	21,981,772		08/21	CIT		141,285		-
USD	72,776,814	EUR	59,912,000		08/21	BOA		1,669,753		-
USD	126,125,822	GBP	89,219,000		08/21	HSB		2,694,993		-
USD	1,700,153	JPY	186,100,000		08/21	BNP		24,379		-
USD	2,731,446	PEN	10,843,295		07/21	CIT		-		(89,757	)
USD	6,113,911	PEN	22,436,778		07/21	CIT		283,368		-
USD	10,761,245	PEN	39,142,801		08/21	CIT		567,057		-
USD	1,208,710	PEN	4,806,433		09/21	CIT		-		(43,632	)
USD	2,933,123	PEN	11,051,843		09/21	CIT		53,113		-
USD	1,706,532	PEN	6,787,050		09/21	SCB		-		(61,933	)
USD	2,846,914	PEN	10,519,346		10/21	CIT		106,421		-
USD	3,307,841	PEN	12,398,781		11/21	GSC		78,980		-
Total Forward Foreign Currency Contracts								$8,789,084		($5,265,321	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-67

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(i) Purchased options outstanding as of June 30, 2021 was as follows:

Options on Securities

Description

Exercise Price

Expiration Date

Counter- party

Notional Amount

Cost

Value

Put-Fannie Mae 2.500% due 08/12/51

$103.23

08/05/21

JPM

$7,000,000

$39,922

$26,003

(j) Premiums received and value of written options outstanding as of June 30, 2021 were as follows:

Options on Securities

Description	Exercise Price		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call-Fannie Mae 2.000% due 07/14/51		$101.23		07/07/21		GSC		$8,000,000		$40,938		($12,710	)
Call-Fannie Mae 2.000% due 08/12/51		101.37		08/05/21		GSC		8,000,000		26,562		(22,383	)
Call-Fannie Mae 2.000% due 09/14/51		101.02		09/07/21		GSC		10,000,000		43,750		(54,550	)
										111,250		(89,643	)
Put-Fannie Mae 2.500% due 08/12/51		102.23		08/05/21		JPM		14,000,000		43,750		(19,363	)
Put-Ginnie Mae 2.500% due 08/19/51		102.23		08/12/21		JPM		7,000,000		22,422		(11,423	)
Put-Fannie Mae 2.000% due 09/14/51		99.02		09/07/21		GSC		10,000,000		62,500		(36,175	)
										128,672		(66,961	)
Total Written Options										$239,922		($156,604	)

(k) Swap agreements outstanding as of June 30, 2021 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 06/30/21 (2)		Notional Amount (3)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Q		1.000%		12/20/21	MSC		0.143%		EUR 6,100,000		$31,613			$19,547			$12,066
South Africa Government	Q		1.000%		06/20/24	GSC		1.204%		$4,600,000		(26,372	)		(112,194	)		85,822
												5,241			(92,647	)		97,888
						Exchange
The Boeing Co	Q		1.000%		12/20/21	ICE		0.455%		7,400,000		21,383			6,700			14,683
General Electric Co	Q		1.000%		12/20/23	ICE		0.385%		2,900,000		45,177			(65,198	)		110,375
General Electric Co	Q		1.000%		06/20/24	ICE		0.420%		3,950,000		69,344			(47,018	)		116,362
General Electric Co	Q		1.000%		12/20/24	ICE		0.501%		2,200,000		38,660			(23,896	)		62,556
Rolls-Royce PLC	Q		1.000%		06/20/25	ICE		2.045%		EUR 7,700,000		(353,849	)		(927,930	)		574,081
												(179,285	)		(1,057,342	)		878,057
Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection												($174,044	)		($1,149,989	)		$975,945

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		$2,500,000		($256,204	)		($159,368	)		($96,836	)
CDX HY36 5Y	Q		5.000%		06/20/26	ICE		4,800,000		(496,043	)		(441,247	)		(54,796	)
										($752,247	)		($600,615	)		($151,632	)

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 iTraxx Main HY34 5Y	Q		1.000%		12/20/25		ICE		EUR 27,100,000		$887,732		$617,458		$270,274
CDX iTraxx Main HY35 5Y	Q		1.000%		06/20/26		ICE		32,000,000		1,021,824		935,790		86,034
CDX iTraxx Main HY35 5Y	Q		5.000%		06/20/26		ICE		45,200,000		6,740,951		5,851,649		889,302
											$8,650,507		$7,404,897		$1,245,610
Total Credit Default Swaps											$7,724,216		$5,654,293		$2,069,923

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-68

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(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)
3.350%	Brazil CETIP Interbank	Z/Z	CME		01/03/22		BRL 711,500,000		($1,209,642	)		$41,073			($1,250,715	)
3.700%	Brazil CETIP Interbank	Z/Z	CME		01/03/22		660,000,000		(923,447	)		(22,499	)		(900,948	)
2.800%	3-Month USD-LIBOR	S/Q	CME		08/22/23		$106,300,000		6,618,436			(258,748	)		6,877,184
0.100%	6-Month JPY-LIBOR	S/S	LCH		03/20/24		JPY 29,700,000,000		1,043,242			668,247			374,995
1.235%	3-Month CAD-CDOR	S/S	LCH		03/04/25		CAD 13,300,000		26,186			10,741			15,445
									$5,554,775			$438,814			$5,115,961

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)
0.300%	6-Month JPY-LIBOR	S/S	CME		03/18/26			JPY 3,850,000,000		($548,052	)		($170,630	)		($377,422	)
0.300%	6-Month JPY-LIBOR	S/S	LCH		03/18/26	��		990,000,000		(140,928	)		(128,106	)		(12,822	)
0.300%	6-Month JPY-LIBOR	S/S	LCH		03/20/28			200,000,000		(36,563	)		9,198			(45,761	)
0.399%	6-Month JPY-LIBOR	S/S	LCH		06/18/28			500,000,000		(120,565	)		(325	)		(120,240	)
0.450%	6-Month JPY-LIBOR	S/S	LCH		03/20/29			1,250,000,000		(378,813	)		(73,172	)		(305,641	)
0.750%	6-Month JPY-LIBOR	S/S	LCH		03/20/38			50,000,000		(37,297	)		(18,885	)		(18,412	)
0.800%	6-Month JPY-LIBOR	S/S	LCH		10/22/38			220,000,000		(180,210	)		-			(180,210	)
0.705%	6-Month JPY-LIBOR	S/S	LCH		10/31/38			170,000,000		(113,819	)		9,384			(123,203	)
0.785%	6-Month JPY-LIBOR	S/S	LCH		11/12/38			310,000,000		(245,360	)		949			(246,309	)
0.750%	6-Month JPY-LIBOR	S/S	LCH		12/20/38			42,800,000		(31,236	)		(19,734	)		(11,502	)
0.538%	6-Month JPY-LIBOR	S/S	LCH		03/15/51			860,000,000		(94,738	)		(9,751	)		(84,987	)
0.556%	6-Month JPY-LIBOR	S/S	LCH		03/15/51			453,000,000		(71,507	)		(1,421	)		(70,086	)
0.520%	6-Month JPY-LIBOR	S/S	LCH		03/16/51			158,000,000		(10,239	)		-			(10,239	)
0.350%	6-Month JPY-LIBOR	S/S	LCH		03/17/51			369,000,000		137,854			201,106			(63,252	)
0.557%	6-Month JPY-LIBOR	S/S	LCH		03/17/51			1,438,000,000		(229,123	)		-			(229,123	)
0.565%	6-Month JPY-LIBOR	S/S	LCH		03/19/51			289,000,000		(52,053	)		-			(52,053	)
0.570%	6-Month JPY-LIBOR	S/S	LCH		03/19/51			354,000,000		(68,634	)		-			(68,634	)
0.572%	6-Month JPY-LIBOR	S/S	LCH		04/07/51			157,000,000		(30,416	)		-			(30,416	)
0.750%	12-Month GBP-SONIA	A/A	LCH		09/15/51			GBP 42,400,000		1,248,682			1,598,699			(350,017	)
										($1,003,017	)		$1,397,312			($2,400,329	)
Total Interest Rate Swaps										$4,551,758			$1,836,126			$2,715,632
Total Swap Agreements										$12,275,974			$7,490,419			$4,785,555

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-69

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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		$19,547			$97,888
Liabilities		(112,194	)		-
Centrally Cleared Swap Agreements (1)
Assets		9,950,994			9,391,291
Liabilities		(2,367,928	)		(4,703,624	)
		$7,490,419			$4,785,555

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

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$30,382,386			$-			$-			$30,382,386
	Corporate Bonds & Notes		1,015,887,360			-			1,015,887,360			-
	Senior Loan Notes		4,636,406			-			4,636,406			-
	Mortgage-Backed Securities		793,036,868			-			793,036,868			-
	Asset-Backed Securities		362,613,365			-			362,613,365			-
	U.S. Government Agency Issues		35,497,670			-			35,497,670			-
	U.S. Treasury Obligations		419,458,262			-			419,458,262			-
	Foreign Government Bonds & Notes		133,919,940			-			133,919,940			-
	Municipal Bonds		1,932,677			-			1,932,677			-
	Short-Term Investments		412,801,289			-			412,801,289			-
	Derivatives:
	Credit Contracts
	Swaps		2,221,555			-			2,221,555			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		8,789,084			-			8,789,084			-
	Interest Rate Contracts
	Futures		3,325,664			3,325,664			-			-
	Purchased Options		26,003			-			26,003			-
	Swaps		7,267,624			-			7,267,624			-
	Total Interest Rate Contracts		10,619,291			3,325,664			7,293,627			-
	Total Asset-Derivatives		21,629,930			3,325,664			18,304,266			-
	Total Assets		3,231,796,153			3,325,664			3,198,088,103			30,382,386
Liabilities	Securities Sold Short
	Mortgage-Backed Securities		(56,486,407	)		-			(56,486,407	)		-
	Derivatives:
	Credit Contracts
	Swaps		(151,632	)		-			(151,632	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(5,265,321	)		-			(5,265,321	)		-
	Interest Rate Contracts
	Futures		(840,661	)		(840,661	)		-			-
	Written Options		(156,604	)		-			(156,604	)		-
	Swaps		(4,551,992	)		-			(4,551,992	)		-
	Total Interest Rate Contracts		(5,549,257	)		(840,661	)		(4,708,596	)		-
	Total Liabilities - Derivatives		(10,966,210	)		(840,661	)		(10,125,549	)		-
	Total Liabilities		(67,452,617	)		(840,661	)		(66,611,956	)		-
	Total		$3,164,343,536			$2,485,003			$3,131,476,147			$30,382,386

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-70

PACIFIC SELECT FUND

MANAGED BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

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, 2021:

	Preferred Stocks
Value, Beginning of Period		$30,829,634
Purchases		-
Sales (Includes Paydowns)		-
Accrued Discounts (Premiums)		-
Net Realized Gains (Losses)		-
Change in Net Unrealized Appreciation (Depreciation)		(447,248	)
Transfers In		-
Transfers Out		-
Value, End of Period		$30,382,386
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable		($447,248	)

Additional information about Level 3 fair value measurements as of June 30, 2021 was as follows:

	Value at 06/30/21		Valuation Technique(s)	Unobservable Input(s)	Single Input or Range of Inputs	Weighted Average
Preferred Stocks		$30,382,386	Straight-line amortization	Purchase Price	26.23	N/A

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-71

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 50.3%
Basic Materials - 0.6%
LG Chem Ltd (South Korea) 3.250% due 10/15/24 ~		$3,000,000		$3,226,509
LYB International Finance III LLC 1.250% due 10/01/25		1,675,000		1,672,618
Nucor Corp 2.000% due 06/01/25		670,000		693,822
POSCO (South Korea) 2.375% due 11/12/22 ~		2,080,000		2,125,288
2.375% due 01/17/23 ~		1,055,000		1,080,813
				8,799,050
Communications - 3.1%
Baidu Inc (China) 2.875% due 07/06/22		1,675,000		1,711,474
3.500% due 11/28/22		1,430,000		1,484,278
Charter Communications Operating LLC 4.464% due 07/23/22		9,047,000		9,367,463
4.908% due 07/23/25		4,394,000		4,980,848
Comcast Corp 3.100% due 04/01/25		555,000		600,036
3.700% due 04/15/24		1,935,000		2,099,291
3.950% due 10/15/25		250,000		280,275
Cox Communications Inc 3.150% due 08/15/24 ~		1,316,000		1,404,800
Expedia Group Inc 3.600% due 12/15/23		2,535,000		2,696,289
Fox Corp 3.666% due 01/25/22		1,880,000		1,917,166
NBN Co Ltd (Australia) 1.450% due 05/05/26 ~		3,725,000		3,735,949
NTT Finance Corp (Japan) 0.373% due 03/03/23 ~		2,585,000		2,586,322
0.583% due 03/01/24 ~		1,065,000		1,063,980
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		710,000		776,397
T-Mobile USA Inc 2.250% due 02/15/26		1,895,000		1,911,581
3.500% due 04/15/25		1,905,000		2,069,897
Verizon Communications Inc 0.750% due 03/22/24		1,580,000		1,587,275
0.850% due 11/20/25		3,120,000		3,087,511
1.450% due 03/20/26		2,550,000		2,572,807
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		565,000		585,632
				46,519,271
Consumer, Cyclical - 4.8%
7-Eleven Inc 0.612% (USD LIBOR + 0.450%) due 08/10/22 § ~		720,000		720,335
0.625% due 02/10/23 ~		795,000		795,534
0.800% due 02/10/24 ~		1,285,000		1,282,305
American Airlines Pass-Through Trust ‘B’ 3.700% due 10/15/25		1,142,558		1,110,280
AutoZone Inc 3.625% due 04/15/25		920,000		1,007,563
BMW US Capital LLC (Germany) 0.660% (USD LIBOR + 0.500%) due 08/13/21 § ~		1,980,000		1,981,235
1.850% due 09/15/21 ~		2,450,000		2,454,956
Daimler Finance North America LLC (Germany) 1.750% due 03/10/23 ~		3,105,000		3,169,964
Ford Motor Credit Co LLC 3.813% due 10/12/21		905,000		912,919
5.875% due 08/02/21		525,000		528,334
General Motors Co 4.875% due 10/02/23		1,265,000		1,378,492
5.400% due 10/02/23		2,160,000		2,379,777

	Principal Amount		Value
General Motors Financial Co Inc 2.900% due 02/26/25	$	3,270,000	$	3,463,356
4.200% due 11/06/21		2,435,000		2,467,018
Harley-Davidson Financial Services Inc 2.550% due 06/09/22 ~		685,000		696,093
4.050% due 02/04/22 ~		2,675,000		2,731,629
Hasbro Inc 2.600% due 11/19/22		1,550,000		1,595,495
3.000% due 11/19/24		2,085,000		2,219,724
Hyundai Capital America 0.800% due 01/08/24 ~		1,570,000		1,563,939
0.875% due 06/14/24 ~		1,415,000		1,409,141
1.150% due 11/10/22 ~		1,760,000		1,772,468
2.375% due 02/10/23 ~		3,340,000		3,429,706
2.850% due 11/01/22 ~		893,000		918,560
3.000% due 06/20/22 ~		1,950,000		1,995,356
3.950% due 02/01/22 ~		955,000		974,072
Marriott International Inc 2.300% due 01/15/22		200,000		201,456
3.125% due 02/15/23		685,000		703,548
3.600% due 04/15/24		1,497,000		1,597,576
Nissan Motor Acceptance Corp 2.600% due 09/28/22 ~		2,905,000		2,966,193
2.650% due 07/13/22 ~		415,000		421,940
3.650% due 09/21/21 ~		1,365,000		1,374,185
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		2,335,000		2,436,394
Nordstrom Inc 2.300% due 04/08/24 ~		320,000		321,053
O’Reilly Automotive Inc 3.800% due 09/01/22		1,760,000		1,811,524
Panasonic Corp (Japan) 2.536% due 07/19/22 ~		1,395,000		1,422,884
QVC Inc 4.375% due 03/15/23		2,795,000		2,950,793
Ralph Lauren Corp 1.700% due 06/15/22		430,000		435,689
Ross Stores Inc 4.600% due 04/15/25		4,315,000		4,872,979
United Airlines Pass-Through Trust ‘B’ 3.500% due 05/01/28		671,840		666,665
Volkswagen Group of America Finance LLC (Germany) 0.750% due 11/23/22 ~		1,475,000		1,480,738
0.875% due 11/22/23 ~		1,415,000		1,419,321
2.500% due 09/24/21 ~		510,000		512,577
2.700% due 09/26/22 ~		1,190,000		1,223,377
2.900% due 05/13/22 ~		735,000		750,728
3.125% due 05/12/23 ~		680,000		710,471
				71,238,342
Consumer, Non-Cyclical - 8.3%
AbbVie Inc 2.600% due 11/21/24		7,590,000		8,006,379
2.900% due 11/06/22		3,195,000		3,301,970
3.200% due 11/06/22		260,000		268,632
3.250% due 10/01/22		330,000		339,342
3.450% due 03/15/22		1,100,000		1,118,618
AmerisourceBergen Corp 0.737% due 03/15/23		1,960,000		1,963,790
Anthem Inc 2.375% due 01/15/25		780,000		817,195
Archer-Daniels-Midland Co 2.750% due 03/27/25		545,000		581,356
Astrazeneca Finance LLC (United Kingdom) 0.700% due 05/28/24		2,095,000		2,092,431
1.200% due 05/28/26		2,930,000		2,923,477
AstraZeneca PLC (United Kingdom) 0.300% due 05/26/23		3,000,000		2,992,339
3.500% due 08/17/23		770,000		818,237
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		2,095,000		2,095,439

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-72

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Baxalta Inc 3.600% due 06/23/22	$	675,000	$	692,859
Bayer US Finance II LLC (Germany) 3.875% due 12/15/23 ~		3,750,000		4,017,731
Becton Dickinson & Co 2.894% due 06/06/22		6,094,000		6,228,873
3.363% due 06/06/24		2,385,000		2,556,133
3.734% due 12/15/24		675,000		735,531
Bristol-Myers Squibb Co 2.900% due 07/26/24		1,136,000		1,212,248
3.250% due 02/20/23		375,000		391,890
Bunge Ltd Finance Corp 3.000% due 09/25/22		5,565,000		5,718,388
4.350% due 03/15/24		235,000		255,786
Cardinal Health Inc 2.616% due 06/15/22		144,000		146,929
3.079% due 06/15/24		1,285,000		1,363,850
3.200% due 03/15/23		1,530,000		1,598,234
3.500% due 11/15/24		2,100,000		2,263,438
Cargill Inc 1.375% due 07/23/23 ~		1,175,000		1,197,357
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		3,737,000		3,777,534
Cigna Corp 3.000% due 07/15/23		1,245,000		1,304,394
3.750% due 07/15/23		706,000		752,077
Coca-Cola Europacific Partners PLC (United Kingdom) 0.800% due 05/03/24 ~		4,235,000		4,224,034
CVS Health Corp 2.625% due 08/15/24		615,000		649,373
3.700% due 03/09/23		705,000		742,625
Diageo Capital PLC (United Kingdom) 1.375% due 09/29/25		1,300,000		1,322,607
EMD Finance LLC (Germany) 2.950% due 03/19/22 ~		800,000		811,765
Equifax Inc 3.600% due 08/15/21		195,000		195,784
Gilead Sciences Inc 0.750% due 09/29/23		4,920,000		4,922,617
Global Payments Inc 2.650% due 02/15/25		1,420,000		1,497,357
Health Care Service Corp A Mutual Legal Reserve Co 1.500% due 06/01/25 ~		3,045,000		3,095,024
HPHT Finance 17 Ltd (Hong Kong) 2.750% due 09/11/22 ~		3,735,000		3,819,878
Humana Inc 2.900% due 12/15/22		550,000		568,158
3.150% due 12/01/22		800,000		825,153
3.850% due 10/01/24		1,470,000		1,596,003
4.500% due 04/01/25		2,015,000		2,257,634
IHS Markit Ltd 3.625% due 05/01/24		1,345,000		1,446,245
Imperial Brands Finance PLC (United Kingdom) 3.125% due 07/26/24 ~		1,630,000		1,716,519
3.500% due 02/11/23 ~		3,715,000		3,842,988
3.750% due 07/21/22 ~		5,595,000		5,741,872
Moody’s Corp 3.750% due 03/24/25		2,185,000		2,398,109
PayPal Holdings Inc 1.350% due 06/01/23		3,060,000		3,115,278
PeaceHealth Obligated Group 1.375% due 11/15/25		455,000		459,822
Perrigo Co PLC 4.000% due 11/15/23		1,355,000		1,416,473
Perrigo Finance Unlimited Co 3.900% due 12/15/24		5,705,000		6,150,939
Prosperous Ray Ltd (China) 4.625% due 11/12/23 ~		2,900,000		3,116,428

	Principal Amount		Value
Royalty Pharma PLC 0.750% due 09/02/23 ~	$	1,865,000	$	1,871,373
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		2,355,000		2,465,577
Thermo Fisher Scientific Inc 4.133% due 03/25/25		725,000		804,222
				122,606,314
Diversified - 0.1%
CK Hutchison International 17 II Ltd (United Kingdom) 2.750% due 03/29/23 ~		2,200,000		2,281,516
Energy - 7.0%
Aker BP ASA (Norway) 3.000% due 01/15/25 ~		1,725,000		1,813,584
BP Capital Markets America Inc 2.937% due 04/06/23		1,325,000		1,382,356
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		2,845,000		2,925,403
Cenovus Energy Inc (Canada) 3.000% due 08/15/22		4,173,000		4,258,928
3.800% due 09/15/23		1,200,000		1,266,763
Cheniere Corpus Christi Holdings LLC 5.875% due 03/31/25		2,805,000		3,216,709
7.000% due 06/30/24		4,035,000		4,623,981
Diamondback Energy Inc 2.875% due 12/01/24		4,735,000		5,004,414
4.750% due 05/31/25		2,280,000		2,569,604
Enbridge Inc (Canada) 0.435% (SOFR + 0.400%) due 02/17/23 §		815,000		816,838
2.500% due 01/15/25		2,070,000		2,170,670
Energy Transfer Operating LP 2.900% due 05/15/25		440,000		463,288
3.450% due 01/15/23		200,000		206,952
3.600% due 02/01/23		675,000		700,594
4.200% due 09/15/23		510,000		545,908
4.250% due 03/15/23		3,225,000		3,385,252
4.250% due 04/01/24		135,000		145,652
4.900% due 02/01/24		485,000		527,844
5.875% due 01/15/24		4,465,000		4,949,229
Eni SPA (Italy) 4.000% due 09/12/23 ~		2,800,000		2,992,127
Enterprise Products Operating LLC 3.500% due 02/01/22		3,085,000		3,144,323
EOG Resources Inc 2.625% due 03/15/23		520,000		536,944
EQT Corp 3.000% due 10/01/22		3,940,000		4,028,650
Exxon Mobil Corp 2.992% due 03/19/25		3,865,000		4,147,918
Gray Oak Pipeline LLC 2.000% due 09/15/23 ~		455,000		464,360
2.600% due 10/15/25 ~		910,000		935,538
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		260,000		268,360
MPLX LP 1.223% (USD LIBOR + 1.100%) due 09/09/22 §		1,550,000		1,551,012
Occidental Petroleum Corp 2.600% due 08/13/21		1,795,000		1,801,327
Pioneer Natural Resources Co 0.550% due 05/15/23		1,280,000		1,281,702
0.750% due 01/15/24		1,455,000		1,454,350
Plains All American Pipeline LP 2.850% due 01/31/23		2,688,000		2,758,974
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		3,300,000		3,391,856
Sabine Pass Liquefaction LLC 5.625% due 04/15/23		3,385,000		3,637,805
6.250% due 03/15/22		5,211,000		5,345,746

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-73

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Saudi Arabian Oil Co (Saudi Arabia) 2.750% due 04/16/22 ~	$	3,415,000	$	3,478,963
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		680,000		688,029
Schlumberger Holdings Corp 3.750% due 05/01/24 ~		3,040,000		3,273,847
4.000% due 12/21/25 ~		750,000		832,937
Suncor Energy Inc (Canada) 2.800% due 05/15/23		1,555,000		1,617,980
The Williams Cos Inc 3.350% due 08/15/22		875,000		896,168
3.700% due 01/15/23		3,835,000		3,994,911
4.300% due 03/04/24		565,000		614,045
Valero Energy Corp 1.200% due 03/15/24		1,680,000		1,695,582
2.700% due 04/15/23		3,565,000		3,697,572
3.650% due 03/15/25		480,000		523,783
Western Midstream Operating LP 4.000% due 07/01/22		3,155,000		3,210,339
				103,239,117
Financial - 17.9%
AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		2,875,000		2,923,797
4.125% due 07/03/23		1,847,000		1,960,588
4.450% due 12/16/21		2,895,000		2,939,276
4.500% due 09/15/23		2,095,000		2,247,219
4.875% due 01/16/24		1,505,000		1,639,356
AIA Group Ltd (Hong Kong) 0.655% (USD LIBOR + 0.520%) due 09/20/21 § ~		2,060,000		2,059,897
Air Lease Corp 2.250% due 01/15/23		1,480,000		1,519,974
3.500% due 01/15/22		900,000		914,976
American International Group Inc 2.500% due 06/30/25		2,865,000		3,025,597
4.875% due 06/01/22		1,420,000		1,478,421
Aon Corp 2.200% due 11/15/22		715,000		732,791
Avolon Holdings Funding Ltd (Ireland) 2.125% due 02/21/26 ~		1,635,000		1,629,617
2.875% due 02/15/25 ~		1,700,000		1,751,460
3.625% due 05/01/22 ~		2,800,000		2,865,089
3.950% due 07/01/24 ~		560,000		597,548
5.125% due 10/01/23 ~		1,890,000		2,044,022
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		4,200,000		4,216,408
Banco del Estado de Chile (Chile) 2.704% due 01/09/25 ~		1,010,000		1,052,935
Banco Santander Mexico SA Institucion de Banca (Mexico) 4.125% due 11/09/22 ~		3,500,000		3,641,750
5.375% due 04/17/25 ~		155,000		176,063
Banco Santander SA (Spain) 0.701% due 06/30/24		200,000		200,459
Bank of America Corp 0.976% due 04/22/25		2,225,000		2,232,870
1.348% (USD LIBOR + 1.160%) due 01/20/23 §		4,085,000		4,109,211
2.503% due 10/21/22		2,000,000		2,013,497
Bank of Ireland Group PLC (Ireland) 4.500% due 11/25/23 ~		5,470,000		5,918,763
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		2,045,000		2,040,481
2.125% due 11/21/22 ~		2,480,000		2,540,886
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		1,245,000		1,259,433
4.338% due 05/16/24		1,380,000		1,471,659

	Principal Amount		Value
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~	$	3,700,000	$	3,830,610
BPCE SA (France) 1.370% (USD LIBOR + 1.220%) due 05/22/22 § ~		815,000		822,918
5.700% due 10/22/23 ~		4,530,000		5,017,662
Brighthouse Financial Global Funding 0.600% due 06/28/23 ~		1,780,000		1,780,005
1.000% due 04/12/24 ~		1,785,000		1,789,221
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23		2,870,000		3,017,154
Capital One Financial Corp 3.200% due 01/30/23		1,335,000		1,390,339
3.500% due 06/15/23		965,000		1,020,968
3.900% due 01/29/24		1,290,000		1,392,672
CC Holdings GS V LLC REIT 3.849% due 04/15/23		5,825,000		6,169,895
Citigroup Inc 0.981% due 05/01/25		1,850,000		1,855,000
2.312% due 11/04/22		2,255,000		2,269,266
2.900% due 12/08/21		4,145,000		4,184,555
3.106% due 04/08/26		1,845,000		1,975,518
Citizens Bank NA 2.650% due 05/26/22		1,300,000		1,325,543
3.250% due 02/14/22		2,345,000		2,382,826
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		3,375,000		3,534,082
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		665,000		676,588
Credit Suisse AG (Switzerland) 0.495% due 02/02/24		1,930,000		1,923,005
1.000% due 05/05/23		3,030,000		3,063,417
2.800% due 04/08/22		2,420,000		2,467,125
2.997% due 12/14/23 ~		670,000		692,092
Crown Castle International Corp 1.050% due 07/15/26		2,400,000		2,346,230
Danske Bank AS (Denmark) 1.226% due 06/22/24 ~		3,065,000		3,098,224
3.001% due 09/20/22 ~		3,275,000		3,291,242
5.000% due 01/12/22 ~		1,835,000		1,877,725
5.375% due 01/12/24 ~		255,000		282,900
Deutsche Bank AG (Germany) 4.250% due 10/14/21		4,565,000		4,614,667
Discover Bank 3.200% due 08/09/21		380,000		380,249
Equitable Financial Life Global Funding 0.500% due 04/06/23 ~		4,245,000		4,252,836
First Niagara Financial Group Inc 7.250% due 12/15/21		1,140,000		1,175,521
Highwoods Realty LP REIT 3.625% due 01/15/23		1,305,000		1,349,543
HSBC Holdings PLC (United Kingdom) 0.976% due 05/24/25		1,545,000		1,544,362
1.645% due 04/18/26		1,375,000		1,394,109
2.099% due 06/04/26		3,515,000		3,614,812
ING Groep NV (Netherlands) 1.296% (USD LIBOR + 1.150%) due 03/29/22 §		1,970,000		1,986,162
JPMorgan Chase & Co 0.824% due 06/01/25		2,030,000		2,026,982
0.910% (SOFR + 0.885%) due 04/22/27 §		1,150,000		1,164,664
2.083% due 04/22/26		3,500,000		3,620,605
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		935,000		942,608
4.500% due 11/04/24		1,025,000		1,134,353
LSEGA Financing PLC (United Kingdom) 0.650% due 04/06/24 ~		2,875,000		2,873,215

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-74

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Marsh & McLennan Cos Inc 3.875% due 03/15/24	$	1,815,000	$	1,969,258
Mitsubishi UFJ Financial Group Inc (Japan) 0.826% (USD LIBOR + 0.650%) due 07/26/21 §		655,000		655,286
3.218% due 03/07/22		3,685,000		3,760,614
Mizuho Financial Group Cayman 2 Ltd (Japan) 4.200% due 07/18/22 ~		3,500,000		3,629,321
Morgan Stanley 0.529% due 01/25/24		1,745,000		1,744,463
0.560% due 11/10/23		2,595,000		2,598,710
0.731% due 04/05/24		2,085,000		2,089,859
2.750% due 05/19/22		2,005,000		2,050,031
Nasdaq Inc 0.445% due 12/21/22		1,680,000		1,679,979
Nationwide Building Society (United Kingdom) 3.622% due 04/26/23 ~		2,275,000		2,333,107
Natwest Group PLC (United Kingdom) 3.875% due 09/12/23		2,030,000		2,169,148
NatWest Markets PLC (United Kingdom) 0.800% due 08/12/24 ~		1,055,000		1,050,730
2.375% due 05/21/23 ~		2,970,000		3,074,753
New York Life Global Funding 1.100% due 05/05/23 ~		1,385,000		1,403,706
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		1,550,000		1,622,294
PNC Bank NA 2.950% due 01/30/23		1,305,000		1,355,064
Principal Life Global Funding II 0.750% due 04/12/24 ~		1,230,000		1,231,376
Public Storage REIT 0.495% (SOFR + 0.470%) due 04/23/24 §		1,045,000		1,047,283
QNB Finance Ltd (Qatar) 2.625% due 05/12/25 ~		1,280,000		1,341,407
3.500% due 03/28/24 ~		2,320,000		2,477,946
SBA TOWER Trust 1.631% due 11/15/26 ~		1,045,000		1,046,362
SBA Tower Trust REIT 1.884% due 01/15/26 ~		725,000		735,060
2.836% due 01/15/25 ~		1,725,000		1,811,721
3.448% due 03/15/23 ~		4,500,000		4,590,085
Simon Property Group LP REIT 2.000% due 09/13/24		899,000		931,748
3.375% due 10/01/24		1,850,000		1,991,235
Societe Generale SA (France) 2.625% due 10/16/24 ~		335,000		350,013
Standard Chartered PLC (United Kingdom) 0.991% due 01/12/25 ~		900,000		898,113
1.319% due 10/14/23 ~		945,000		954,318
1.338% (USD LIBOR + 1.150%) due 01/20/23 § ~		1,460,000		1,467,782
2.744% due 09/10/22 ~		2,965,000		2,977,468
3.885% due 03/15/24 ~		395,000		415,459
3.950% due 01/11/23 ~		1,245,000		1,299,316
State Street Corp 2.825% due 03/30/23		625,000		636,787
Svenska Handelsbanken AB (Sweden) 0.550% due 06/11/24 ~		1,520,000		1,515,124
1.418% due 06/11/27 ~		1,465,000		1,461,062
Swedbank AB (Sweden) 0.600% due 09/25/23 ~		2,540,000		2,542,718
1.300% due 06/02/23 ~		2,205,000		2,239,185
Synchrony Bank 3.000% due 06/15/22		705,000		720,990
Synchrony Financial 2.850% due 07/25/22		6,027,000		6,170,515
4.250% due 08/15/24		2,135,000		2,334,131
The Charles Schwab Corp 4.200% due 03/24/25		2,275,000		2,543,109

	Principal Amount		Value
The Goldman Sachs Group Inc 0.657% due 09/10/24	$	2,430,000	$	2,427,306
0.673% due 03/08/24		2,605,000		2,610,139
3.500% due 04/01/25		2,170,000		2,355,323
5.750% due 01/24/22		2,010,000		2,072,298
The Western Union Co 2.850% due 01/10/25		2,440,000		2,582,609
Trinity Acquisition PLC 3.500% due 09/15/21		1,045,000		1,048,985
Truist Financial Corp 0.446% (SOFR + 0.400%) due 06/09/25 §		1,495,000		1,498,144
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		2,455,000		2,473,702
1.370% (USD LIBOR + 1.220%) due 05/23/23 § ~		3,105,000		3,134,690
UniCredit SPA (Italy) 3.750% due 04/12/22 ~		3,665,000		3,753,715
Wells Fargo & Co 1.654% due 06/02/24		1,780,000		1,818,565
2.188% due 04/30/26		1,575,000		1,635,816
3.500% due 03/08/22		216,000		220,824
4.125% due 08/15/23		765,000		822,991
Wells Fargo Bank NA 2.082% due 09/09/22		2,020,000		2,026,817
				266,154,073
Industrial - 2.6%
Amphenol Corp 2.050% due 03/01/25		1,580,000		1,645,104
Avnet Inc 4.875% due 12/01/22		670,000		709,103
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		475,000		487,045
Carrier Global Corp 2.242% due 02/15/25		3,225,000		3,355,249
CNH Industrial Capital LLC 3.875% due 10/15/21		3,305,000		3,336,286
DAE Funding LLC (United Arab Emirates) 1.550% due 08/01/24 ~		990,000		989,871
5.250% due 11/15/21 ~		3,080,000		3,106,827
Eagle Materials Inc 4.500% due 08/01/26		2,175,000		2,230,548
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		3,060,000		3,056,815
GATX Corp 3.900% due 03/30/23		440,000		464,468
General Electric Co 3.450% due 05/15/24		905,000		969,344
Guangzhou Metro Investment Finance BVI Ltd (China) 1.507% due 09/17/25 ~		3,150,000		3,117,992
Heathrow Funding Ltd (United Kingdom) 4.875% due 07/15/21 ~		3,180,000		3,184,658
Martin Marietta Materials Inc due 07/15/23 #		855,000		857,059
Otis Worldwide Corp 2.056% due 04/05/25		1,870,000		1,943,901
Penske Truck Leasing Co LP 3.375% due 02/01/22 ~		1,467,000		1,485,091
Republic Services Inc 2.500% due 08/15/24		1,575,000		1,653,992
Siemens Financieringsmaatschappij (Germany) 0.650% due 03/11/24 ~		1,535,000		1,537,193
SMBC Aviation Capital Finance DAC (Ireland) 2.650% due 07/15/21 ~		500,000		500,377
3.550% due 04/15/24 ~		695,000		738,733
4.125% due 07/15/23 ~		311,000		330,884

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-75

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Yongda Investment Ltd (China) 2.250% due 06/16/25 ~	$	2,730,000	$	2,743,798
				38,444,338
Technology - 2.7%
Analog Devices Inc 2.950% due 04/01/25		555,000		594,370
Fidelity National Information Services Inc 0.375% due 03/01/23		2,555,000		2,552,508
0.600% due 03/01/24		1,225,000		1,223,975
Fiserv Inc 2.750% due 07/01/24		3,345,000		3,530,093
Fortinet Inc 1.000% due 03/15/26		1,490,000		1,477,081
HCL America Inc (India) 1.375% due 03/10/26 ~		3,900,000		3,879,879
Microchip Technology Inc 0.972% due 02/15/24 ~		2,770,000		2,769,779
0.983% due 09/01/24 ~		2,050,000		2,041,221
2.670% due 09/01/23		2,125,000		2,214,398
Micron Technology Inc 2.497% due 04/24/23		5,290,000		5,472,479
4.640% due 02/06/24		1,650,000		1,809,901
NXP BV (China) 2.700% due 05/01/25 ~		395,000		416,960
3.875% due 09/01/22 ~		2,790,000		2,893,915
4.625% due 06/01/23 ~		3,390,000		3,644,760
Roper Technologies Inc 0.450% due 08/15/22		660,000		660,693
1.000% due 09/15/25		510,000		508,102
2.350% due 09/15/24		670,000		703,143
3.125% due 11/15/22		2,755,000		2,838,813
3.650% due 09/15/23		695,000		742,642
Skyworks Solutions Inc 0.900% due 06/01/23		650,000		652,030
				40,626,742
Utilities - 3.2%
American Electric Power Co Inc 3.650% due 12/01/21		280,000		284,045
Edison International 2.950% due 03/15/23		1,520,000		1,570,009
3.125% due 11/15/22		1,140,000		1,174,634
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		520,000		546,957
2.750% due 04/06/23 ~		1,300,000		1,348,659
2.875% due 05/25/22 ~		4,165,000		4,257,050
4.250% due 09/14/23 ~		3,731,000	��	4,022,611
FirstEnergy Corp 3.350% due 07/15/22		3,135,000		3,187,682
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		1,750,000		1,960,394
6.875% due 06/21/23 ~		565,000		631,259
NextEra Energy Capital Holdings Inc 0.685% (USD LIBOR + 0.550%) due 08/28/21 §		2,085,000		2,085,844
NRG Energy Inc 3.750% due 06/15/24 ~		1,125,000		1,199,331
Pacific Gas and Electric Co 1.750% due 06/16/22		8,140,000		8,137,118
3.500% due 06/15/25		2,010,000		2,109,390
San Diego Gas & Electric Co 1.914% due 02/01/22		282,156		283,206
Sempra Energy 2.875% due 10/01/22		145,000		148,428
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		4,005,000		4,082,369
Tenaga Nasional Bhd (Malaysia) 7.500% due 11/01/25		1,200,000		1,482,847
The AES Corp 3.300% due 07/15/25 ~		1,565,000		1,674,871

	Principal Amount		Value
Vistra Operations Co LLC 3.550% due 07/15/24 ~	$	6,410,000	$	6,772,330
				46,959,034
Total Corporate Bonds & Notes (Cost $731,489,445)				746,867,797
MORTGAGE-BACKED SECURITIES - 18.7%
Collateralized Mortgage Obligations - Commercial - 6.3%
280 Park Avenue Mortgage Trust 0.953% (USD LIBOR + 0.880%) due 09/15/34 § ~		1,640,000		1,641,821
Austin Fairmont Hotel Trust 1.123% (USD LIBOR + 1.050%) due 09/15/32 § ~		1,180,000		1,182,062
BAMLL Commercial Mortgage Securities Trust 0.923% (USD LIBOR + 0.850%) due 09/15/34 § ~		4,770,000		4,776,790
3.490% due 04/14/33 ~		1,775,000		1,902,429
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		116,012		116,354
Bank 2.056% due 11/15/62		724,017		737,044
2.263% due 08/15/61		683,161		699,348
Beneria Cowen & Pritzer Collateral Funding Corp 0.899% (USD LIBOR + 0.799%) due 06/15/38 § ~		1,045,000		1,038,766
BX Commercial Mortgage Trust 1.153% (USD LIBOR + 1.080%) due 10/15/36 § ~		1,330,740		1,334,438
1.193% (USD LIBOR + 1.120%) due 12/15/36 § ~		1,324,716		1,326,370
1.323% (USD LIBOR + 1.250%) due 12/15/36 § ~		1,276,192		1,277,864
1.430% (USD LIBOR + 1.280%) due 06/15/23 § ~		935,000		936,743
1.500% (USD LIBOR + 1.400%) due 06/15/38 § ~		1,395,000		1,399,361
CD Mortgage Trust 1.965% due 02/10/50		49,276		49,318
CGDB Commercial Mortgage Trust 1.723% (USD LIBOR + 1.650%) due 11/15/36 § ~		2,615,000		2,615,726
Cold Storage Trust 1.373% (USD LIBOR + 1.300%) due 11/15/37 § ~		1,484,316		1,490,926
Commercial Mortgage Trust 3.754% due 02/10/37 § ~		2,115,000		2,065,253
3.838% due 09/10/47		2,825,000		3,064,805
3.926% due 03/10/48 §		845,000		912,059
3.961% due 03/10/47		2,155,000		2,318,827
4.244% due 03/10/48 §		1,770,000		1,889,417
4.353% due 08/10/30 ~		1,180,000		1,250,827
4.701% due 03/10/47		1,730,000		1,865,858
4.815% due 02/10/47 §		1,715,000		1,864,207
4.865% due 08/10/47 § ~		710,000		704,927
Credit Suisse Mortgage Capital Certificates 1.503% (USD LIBOR + 1.430%) due 05/15/36 § ~		2,140,000		2,150,525
1.673% (USD LIBOR + 1.600%) due 05/15/36 § ~		1,575,000		1,580,027
CSAIL Commercial Mortgage Trust 2.360% due 06/15/52		823,851		842,526
Extended Stay America Trust due 07/15/38 # ~		1,720,000		1,729,300
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		2,460,000		2,596,063

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-76

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
GCT Commercial Mortgage Trust 0.873% (USD LIBOR + 0.800%) due 02/15/38 § ~	$	1,325,000	$	1,327,314
Great Wolf Trust 1.706% (USD LIBOR + 1.633%) due 12/15/36 § ~		1,055,000		1,056,596
GS Mortgage Securities Corp Trust 0.973% (USD LIBOR + 0.900%) due 06/15/36 § ~		3,200,000		3,203,348
1.673% (USD LIBOR + 1.600%) due 05/15/26 § ~		1,440,000		1,443,530
InTown Hotel Portfolio Trust 1.023% (USD LIBOR + 0.950%) due 01/15/33 § ~		835,000		837,614
1.573% (USD LIBOR + 1.500%) due 01/15/33 § ~		685,000		686,991
JP Morgan Chase Commercial Mortgage Securities Trust 1.423% (USD LIBOR + 1.350%) due 09/15/29 § ~		3,240,000		3,243,329
1.673% (USD LIBOR + 1.600%) due 09/15/29 § ~		1,025,000		1,025,531
1.843% (USD LIBOR + 1.770%) due 10/15/33 § ~		2,345,000		2,356,134
2.243% (USD LIBOR + 2.170%) due 10/15/33 § ~		1,890,000		1,900,136
JPMBB Commercial Mortgage Securities Trust 3.934% due 09/15/47		2,420,000		2,635,428
KKR Industrial Portfolio Trust 1.073% (USD LIBOR + 1.000%) due 12/15/37 § ~		880,000		881,073
1.323% (USD LIBOR + 1.250%) due 12/15/37 § ~		635,000		635,872
Merit 1.473% (USD LIBOR + 1.400%) due 08/15/37 § ~		1,695,000		1,704,588
1.773% (USD LIBOR + 1.700%) due 08/15/37 § ~		835,000		840,122
2.423% (USD LIBOR + 2.350%) due 08/15/37 § ~		1,100,000		1,107,912
MHC Trust 1.173% (USD LIBOR + 1.100%) due 05/15/23 § ~		1,390,000		1,394,575
Morgan Stanley Bank of America Merrill Lynch Trust 4.110% due 10/15/47 §		775,000		835,841
Morgan Stanley Capital I Trust 3.300% (USD LIBOR + 1.800%) due 12/15/36 § ~		775,000		779,648
3.912% due 09/09/32 ~		2,700,000		2,902,893
New Orleans Hotel Trust 1.362% (USD LIBOR + 1.289%) due 04/15/32 § ~		3,355,000		3,340,110
ONE Mortgage Trust 1.023% (USD LIBOR + 0.950%) due 03/15/36 § ~		2,945,000		2,946,158
1.173% (USD LIBOR + 1.100%) due 03/15/36 § ~		1,580,000		1,580,746
RLGH Trust 0.873% (USD LIBOR + 0.800%) due 04/15/36 § ~		1,370,000		1,372,636
SLIDE 1.223% (USD LIBOR + 0.900%) due 06/15/31 § ~		1,624,978		1,628,405
2.173% (USD LIBOR + 1.850%) due 06/15/31 § ~		1,251,420		1,240,352
WFRBS Commercial Mortgage Trust 4.045% due 03/15/47		1,465,000		1,577,296
4.697% due 04/15/45		1,590,000		1,619,933
				93,464,092

	Principal Amount		Value
Collateralized Mortgage Obligations - Residential - 9.1%
Angel Oak Mortgage Trust 0.909% due 01/25/66 § ~	$	3,116,231	$	3,113,437
0.985% due 04/25/66 § ~		2,109,678		2,109,627
1.261% due 05/25/65 § ~		1,279,833		1,284,573
1.579% due 05/25/65 § ~		952,646		957,580
1.691% due 04/25/65 § ~		2,331,144		2,356,309
2.872% due 04/25/65 § ~		593,550		604,292
3.301% due 07/26/49 § ~		982,963		993,608
3.920% due 11/25/48 § ~		1,778,957		1,805,585
CIM Trust 2.500% due 04/25/50 § ~		2,138,465		2,178,094
COLT Funding LLC 1.167% due 06/25/66 § ~		1,507,828		1,505,913
COLT Mortgage Loan Trust 1.506% due 04/27/65 § ~		565,906		568,660
2.764% due 08/25/49 § ~		920,424		921,302
Deephaven Residential Mortgage Trust 0.899% due 04/25/66 § ~		740,000		740,036
0.973% due 05/25/65 § ~		697,011		697,280
1.260% due 04/25/66 § ~		810,000		810,047
1.692% due 05/25/65 ~		925,050		930,377
2.339% due 01/25/60 § ~		876,143		886,922
Ellington Financial Mortgage Trust 0.797% due 02/25/66 § ~		670,199		668,944
0.931% due 06/25/66 § ~		960,000		958,697
1.106% due 02/25/66 § ~		575,684		574,614
1.291% due 06/25/66 § ~		925,000		923,760
2.006% due 05/25/65 § ~		1,052,946		1,067,003
2.739% due 11/25/59 § ~		637,792		649,940
3.046% due 11/25/59 § ~		572,378		582,260
Fannie Mae 3.000% due 11/25/47		2,927,279		3,114,669
4.000% due 06/25/44		116,246		117,769
Fannie Mae Connecticut Avenue Securities 0.942% (USD LIBOR + 0.850%) due 07/25/30 §		1,702,166		1,703,164
1.192% (USD LIBOR + 1.100%) due 11/25/29 §		2,306,379		2,279,329
1.292% (USD LIBOR + 1.200%) due 01/25/30 §		967,869		944,811
1.442% (USD LIBOR + 1.350%) due 09/25/29 §		988,437		995,259
2.192% (USD LIBOR + 2.100%) due 03/25/31 §		1,944,333		1,968,944
4.542% (USD LIBOR + 4.450%) due 01/25/29 §		1,049,642		1,100,035
Flagstar Mortgage Trust 0.942% (USD LIBOR + 0.850%) due 03/25/50 § ~		741,199		741,966
4.000% due 09/25/48 § ~		867,763		881,967
Freddie Mac 0.668% (SOFR + 0.650%) due 01/25/51 § ~		841,016		841,297
0.718% (SOFR + 0.700%) due 08/25/33 § ~		2,950,000		2,951,310
0.818% (SOFR + 0.800%) due 08/25/33 § ~		1,870,000		1,876,486
1.942% (USD LIBOR + 1.850%) due 02/25/50 § ~		2,845,000		2,871,379
3.625% due 10/25/46 §		472,772		479,996
3.847% due 05/25/47 § ~		249,416		251,459
7.000% due 09/15/30		162,365		185,153
Freddie Mac STACR Trust
0.842% (USD LIBOR + 0.750%) due 10/25/48 - 02/25/50 § ~		333,692		333,732
0.892% (USD LIBOR + 0.800%) due 12/25/30 § ~		382,706		382,766
0.918% (SOFR + 0.900%) due 12/25/50 § ~		527,001		527,388

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-77

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
1.042% (USD LIBOR + 0.950%) due 12/25/30 § ~	$	700,000	$	701,146
1.192% (USD LIBOR + 1.100%) due 03/25/50 § ~		188,475		188,545
1.318% (SOFR + 1.300%) due 10/25/50 § ~		223,216		223,244
1.492% (USD LIBOR + 1.400%) due 02/25/49 § ~		1,152,077		1,160,439
2.442% (USD LIBOR + 2.350%) due 02/25/49 § ~		2,533,720		2,562,268
3.192% (USD LIBOR + 3.100%) due 03/25/50 § ~		1,565,000		1,591,376
3.242% (USD LIBOR + 3.150%) due 09/25/50 § ~		678,883		687,051
Freddie Mac Structured Agency Credit Risk Debt Notes 1.118% (SOFR + 1.100%) due 11/25/50 § ~		579,550		579,883
1.292% (USD LIBOR + 1.200%) due 10/25/29 §		272,269		272,521
4.742% (USD LIBOR + 4.650%) due 10/25/28 §		1,396,391		1,460,027
4.792% (USD LIBOR + 4.700%) due 04/25/28 §		1,587,710		1,644,850
FWD Securitization Trust 2.240% due 01/25/50 § ~		1,963,991		1,993,028
Galton Funding Mortgage Trust 2.310% due 01/25/60 § ~		445,558		454,195
2.832% due 01/25/60 § ~		1,085,000		1,092,259
3.339% due 10/25/59 § ~		680,000		687,641
3.500% due 11/25/57 § ~		733,361		743,983
4.000% due 02/25/59 § ~		480,076		486,551
4.500% due 02/25/59 § ~		627,907		643,031
GS Mortgage-Backed Securities Trust 1.017% due 07/25/61 § ~		1,191,173		1,191,434
1.673% due 07/25/44 § ~		34,595		34,929
2.500% due 10/25/51 § ~		3,170,286		3,247,811
Homeward Opportunities Fund I Trust 1.657% due 05/25/65 § ~		2,044,839		2,059,573
2.675% due 11/25/59 § ~		507,594		512,690
Hundred Acre Wood Trust 2.500% due 07/25/51 § ~		2,125,000		2,185,443
JP Morgan Mortgage Trust 3.000% due 10/25/50 § ~		862,792		881,307
3.500% due 06/25/50 § ~		496,090		497,769
3.500% due 08/25/50 § ~		627,614		642,069
MFA Trust 0.852% due 01/25/56 § ~		1,340,273		1,336,030
New Residential Mortgage Loan Trust 0.943% due 07/25/55 § ~		2,307,231		2,310,394
1.650% due 05/24/60 § ~		1,711,175		1,732,465
2.464% due 01/26/60 § ~		737,230		745,553
2.710% due 11/25/59 § ~		1,258,618		1,274,684
OBX Trust 0.842% (USD LIBOR + 0.750%) due 02/25/60 § ~		971,379		973,382
0.992% (USD LIBOR + 0.900%) due 06/25/59 § ~		364,003		365,828
0.992% (USD LIBOR + 0.900%) due 10/25/59 § ~		436,492		437,671
1.042% (USD LIBOR + 0.950%) due 02/25/60 § ~		1,588,399		1,584,286
1.292% (USD LIBOR + 1.200%) due 06/25/59 § ~		510,327		508,527
2.500% due 05/25/51 § ~		2,418,922		2,484,423
3.000% due 01/25/60 § ~		1,148,584		1,165,296
3.000% due 05/25/60 § ~		2,357,169		2,406,049
3.500% due 12/25/49 § ~		370,796		376,582
3.500% due 02/25/60 § ~		1,094,276		1,127,454

	Principal Amount		Value
PSMC Trust 2.500% due 03/25/51 § ~	$	3,652,246	$	3,751,144
2.500% due 05/25/51 § ~		2,740,000		2,834,741
Sequoia Mortgage Trust 4.000% due 06/25/48 § ~		780,779		792,671
4.000% due 08/25/48 § ~		726,092		741,818
4.000% due 10/25/48 § ~		181,181		183,170
4.500% due 08/25/48 § ~		179,235		183,910
SG Residential Mortgage Trust 1.381% due 05/25/65 § ~		985,688		989,775
STACR Trust 0.842% (USD LIBOR + 0.750%) due 09/25/48 § ~		4,736		4,736
0.992% (USD LIBOR + 0.900%) due 09/25/48 § ~		1,025,000		1,026,020
1.342% (USD LIBOR + 1.250%) due 02/25/47 § ~		735,836		736,034
Starwood Mortgage Residential Trust 0.943% due 05/25/65 § ~		1,518,601		1,519,909
2.408% due 02/25/50 § ~		804,654		813,859
2.610% due 09/27/49 § ~		141,491		143,443
2.916% due 09/27/49 § ~		665,197		673,830
2.941% due 06/25/49 § ~		702,561		707,096
3.299% due 06/25/49 § ~		979,913		985,078
Verus Securitization Trust 0.918% due 02/25/64 § ~		1,700,870		1,704,923
1.031% due 02/25/66 § ~		1,311,789		1,313,569
1.052% due 01/25/66 § ~		1,127,714		1,127,738
1.155% due 01/25/66 § ~		671,463		671,349
1.977% due 03/25/60 § ~		311,213		315,564
2.226% due 05/25/60 § ~		2,439,267		2,461,994
2.724% due 01/25/60 § ~		1,154,008		1,168,814
2.913% due 07/25/59 § ~		1,457,529		1,484,084
3.000% due 11/25/59 § ~		831,692		846,270
3.100% due 11/25/59 § ~		1,189,810		1,213,455
3.117% due 07/25/59 § ~		1,521,441		1,550,491
Vista Point Securitization Trust 1.763% due 03/25/65 § ~		1,395,475		1,410,322
2.496% due 04/25/65 § ~		649,981		656,921
Wells Fargo Mortgage-Backed Securities Trust 2.500% due 12/25/50 § ~		3,260,000		3,347,485
				135,051,639
Fannie Mae - 2.0%
due 07/01/36 - 07/01/51 #		4,845,000		5,166,018
1.797% (USD LIBOR + 1.547%) due 01/01/35 §		3,777		3,933
1.917% (USD LIBOR + 1.542%) due 02/01/33 §		42,825		43,323
1.999% (USD LIBOR + 1.615%) due 04/01/33 §		21,376		21,386
2.000% (USD LIBOR + 1.750%) due 05/01/33 §		35,394		35,353
2.340% (UST + 2.215%) due 02/01/33 §		42,367		42,795
2.383% (UST + 2.258%) due 06/01/35 §		95,689		96,401
2.500% due 11/01/50		550,026		569,596
2.601% (UST + 2.278%) due 06/01/33 §		333,849		354,942
3.000% due 09/01/28 - 07/01/51		5,049,270		5,327,453
3.500% due 01/01/44 - 07/01/50		1,668,154		1,780,825
4.000% due 03/01/41 - 12/01/49		820,418		877,457
4.500% due 05/01/25 - 01/01/50		5,115,752		5,559,856
5.000% due 07/01/24 - 02/01/49		2,294,285		2,595,794
5.500% due 01/01/36 - 06/01/39		1,457,200		1,693,759
6.000% due 03/01/37 - 02/01/49		3,835,716		4,574,905
6.500% due 05/01/33		367,517		428,009
7.000% due 05/01/33 - 06/01/33		251,233		280,077
				29,451,882

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-78

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Freddie Mac - 0.5%
due 07/01/51 #	$	1,245,000	$	1,325,828
2.000% due 01/01/36		2,668,742		2,760,742
2.076% (UST + 1.951%) due 02/01/35 §		93,144		93,139
2.100% (USD LIBOR + 1.725%) due 03/01/35 §		31,467		31,743
2.326% (UST + 2.201%) due 09/01/35 §		277,705		291,183
2.419% (UST + 2.250%) due 08/01/35 §		234,551		250,144
4.000% due 12/01/49		407,471		442,439
4.500% due 05/01/50		389,424		421,447
5.000% due 12/01/41		781,860		868,815
5.500% due 07/01/38 - 06/01/41		372,838		434,099
7.000% due 03/01/39		249,215		287,779
7.500% due 06/01/38		241,014		278,368
				7,485,726
Government National Mortgage Association - 0.8%
due 07/01/51 #		2,815,000		2,955,255
2.000% (UST + 1.500%) due 01/20/35 §		541,026		566,236
2.250% (UST + 1.500%) due 09/20/34 §		405,056		415,383
4.000% due 10/20/50		1,310,001		1,387,804
4.500% due 08/20/47		199,342		215,407
5.000% due 12/20/34 - 05/20/48		2,726,078		2,970,296
5.500% due 09/15/45 - 02/20/49		2,207,458		2,517,570
6.000% due 01/15/22 - 07/15/36		269,279		317,683
				11,345,634
Total Mortgage-Backed Securities (Cost $273,953,569)				276,798,973
ASSET-BACKED SECURITIES - 14.9%
American Express Credit Account Master Trust 3.070% due 10/15/24		6,695,000		6,826,794
AmeriCredit Automobile Receivables Trust 0.890% due 10/19/26		1,665,000		1,663,905
0.970% due 02/18/26		800,000		805,795
1.060% due 08/18/26		980,000		987,794
1.210% due 12/18/26		1,030,000		1,028,238
1.290% due 06/18/27		2,095,000		2,114,798
1.590% due 10/20/25		1,215,000		1,236,493
1.800% due 12/18/25		1,175,000		1,200,426
2.710% due 08/18/22		26,300		26,328
3.080% due 12/18/23		4,700,000		4,801,234
3.820% due 03/18/24		6,575,000		6,837,104
Applebee’s Funding LLC 4.194% due 06/07/49 ~		2,411,775		2,482,716
Ares LVIII CLO Ltd (Cayman) 1.456% (USD LIBOR + 1.220%) due 01/15/33 § ~		820,000		821,815
Avis Budget Rental Car Funding AESOP LLC 2.330% due 08/20/26 ~		930,000		971,049
3.350% due 09/22/25 ~		1,355,000		1,454,947
3.410% due 09/20/23 ~		1,135,000		1,163,107
3.700% due 03/20/23 ~		625,000		634,703
4.530% due 03/20/23 ~		850,000		863,751
4.950% due 03/20/25 ~		745,000		805,334
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 § ~		2,653,521		2,685,089
Bayview Opportunity Master Fund IVa Trust 3.500% due 06/28/57 § ~		2,292,919		2,348,386
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 § ~		1,164,185		1,195,910
3.500% due 08/28/57 § ~		2,094,080		2,098,540

	Principal Amount		Value
BlueMountain CLO Ltd (Cayman) 1.120% (USD LIBOR + 0.930%) due 07/18/27 § ~	$	1,202,105	$	1,202,997
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		466,224		489,502
Capital Auto Receivables Asset Trust 2.700% due 09/20/22 ~		565,753		566,387
3.090% due 08/22/22 ~		807,160		809,177
3.690% due 12/20/23 ~		401,600		402,353
CarMax Auto Owner Trust 1.090% due 03/16/26		2,730,000		2,757,297
3.010% due 12/16/24		3,280,000		3,419,240
Cayuga Park CLO Ltd (Cayman) 1.790% (USD LIBOR + 1.600%) due 07/17/31 § ~		2,420,000		2,422,422
CBAM Ltd (Cayman) 1.464% (USD LIBOR + 1.280%) due 02/12/30 § ~		5,835,000		5,837,919
Cedar Funding XIV CLO Ltd (Cayman) 1.223% (USD LIBOR + 1.100%) due 07/15/33 § ~		2,230,000		2,227,068
CIFC Funding Ltd (Cayman) 1.226% (USD LIBOR + 1.050%) due 04/24/30 § ~		3,990,000		3,990,526
1.538% (USD LIBOR + 1.350%) due 10/20/31 § ~		4,055,000		4,062,186
1.884% (USD LIBOR + 1.700%) due 07/15/32 § ~		2,810,000		2,811,616
CNH Equipment Trust 1.510% due 04/15/27		1,125,000		1,153,030
2.010% due 12/16/24		3,000,000		3,047,450
3.010% due 04/15/24		921,580		936,697
3.470% due 10/15/25		795,000		812,232
Daimler Trucks Retail Trust 1.370% due 06/15/27		1,940,000		1,956,091
Dryden 86 CLO Ltd (Cayman) due 07/17/34 # ~		2,225,000		2,225,000
1.840% (USD LIBOR + 1.650%) due 07/17/30 § ~		3,985,000		3,992,691
Elara HGV Timeshare Issuer LLC 2.530% due 02/25/27 ~		77,930		77,996
2.690% due 03/25/30 ~		465,516		479,308
2.730% due 04/25/28 ~		882,621		899,543
Ford Credit Auto Lease Trust 2.050% due 06/15/23		1,040,000		1,056,413
Ford Credit Auto Owner Trust 1.740% due 04/15/33 ~		1,355,000		1,363,638
3.520% due 07/15/30 ~		4,155,000		4,465,536
Ford Credit Floorplan Master Owner Trust 1.420% due 09/15/25		1,885,000		1,909,090
GM Financial Automobile Leasing Trust 1.560% due 07/22/24		3,280,000		3,339,405
2.560% due 07/22/24		860,000		887,899
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		1,005,000		1,008,250
1.490% due 12/16/24		620,000		627,922
GMF Floorplan Owner Revolving Trust 1.030% due 08/15/25 ~		830,000		838,646
Golub Capital Partners CLO Ltd (Cayman) 1.338% (USD LIBOR + 1.150%) due 10/20/28 § ~		1,333,535		1,335,501
Hilton Grand Vacations Trust 2.660% due 12/26/28 ~		430,324		440,868
2.740% due 02/25/39 ~		926,181		962,337
2.960% due 12/26/28 ~		119,947		122,498
Hyundai Auto Receivables Trust 1.410% due 11/15/24		1,375,000		1,395,158
1.600% due 12/15/26		1,360,000		1,385,179
2.940% due 05/15/25		1,340,000		1,389,260

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-79

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
KKR CLO 29 Ltd (Cayman) 1.341% (USD LIBOR + 1.200%) due 01/15/32 § ~	$	2,500,000	$	2,503,119
Kubota Credit Owner Trust 1.960% due 03/15/24 ~		1,245,000		1,269,643
Madison Park Funding XVIII Ltd (Cayman) 1.376% (USD LIBOR + 1.190%) due 10/21/30 § ~		3,245,000		3,246,561
Madison Park Funding XXIII Ltd (Cayman) 1.099% (USD LIBOR + 0.970%) due 07/27/31 § ~		2,610,000		2,608,016
1.679% (USD LIBOR + 1.550%) due 07/27/31 § ~		1,675,000		1,672,852
Madison Park Funding XXXVII Ltd (Cayman) 1.484% (USD LIBOR + 1.300%) due 07/15/32 § ~		370,000		370,205
Mill City Mortgage Loan Trust 2.500% due 04/25/57 § ~		108,671		109,297
MMAF Equipment Finance LLC 3.200% due 09/12/22 ~		683,779		687,371
MVW LLC 2.730% due 10/20/37 ~		568,127		586,818
MVW Owner Trust 2.420% due 12/20/34 ~		222,952		227,913
2.750% due 12/20/34 ~		75,924		77,441
2.890% due 11/20/36 ~		1,588,310		1,634,729
2.990% due 12/20/34 ~		204,874		208,017
Navient Private Education Refi Loan Trust 1.170% due 09/16/69 ~		960,456		964,929
1.220% due 07/15/69 ~		789,803		795,052
1.310% due 01/15/69 ~		517,600		521,483
1.690% due 05/15/69 ~		1,429,195		1,444,265
2.150% due 11/15/68 ~		4,645,000		4,777,981
2.400% due 10/15/68 ~		1,191,056		1,216,380
2.460% due 11/15/68 ~		1,455,000		1,504,273
2.640% due 05/15/68 ~		2,388,219		2,440,739
3.420% due 01/15/43 ~		3,575,690		3,667,606
Navient Student Loan Trust 0.362% (USD LIBOR + 0.270%) due 02/27/68 § ~		633,261		634,052
Navistar Financial Dealer Note Master Trust 1.042% (USD LIBOR + 0.950%) due 07/25/25 § ~		1,599,000		1,611,972
1.442% (USD LIBOR + 1.350%) due 07/25/25 § ~		1,720,000		1,735,361
Neuberger Berman CLO Ltd (Cayman) 1.248% (USD LIBOR + 1.060%) due 04/16/33 § ~		1,085,000		1,088,414
Neuberger Berman Loan Advisers CLO 32 Ltd (Cayman) 1.180% (USD LIBOR + 0.990%) due 01/20/32 § ~		3,755,000		3,758,610
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 1.488% (USD LIBOR + 1.300%) due 10/20/32 § ~		2,045,000		2,049,784
Nissan Auto Receivables Owner Trust 1.380% due 12/16/24		775,000		784,805
OCP CLO Ltd (Cayman) 1.308% (USD LIBOR + 1.120%) due 07/20/29 § ~		4,175,000		4,177,082
OZLM VIII Ltd (Cayman) 1.360% (USD LIBOR + 1.170%) due 10/17/29 § ~		1,597,428		1,598,649
Palmer Square CLO 2020-3 Ltd (Cayman) 1.526% (USD LIBOR + 1.370%) due 11/15/31 § ~		1,760,000		1,766,888

	Principal Amount		Value
Palmer Square CLO Ltd (Cayman) 1.884% (USD LIBOR + 1.700%) due 07/15/31 § ~	$	1,705,000	$	1,706,404
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		1,910,963		1,925,534
Santander Consumer Auto Receivables Trust 1.290% due 04/15/26 ~		1,810,000		1,828,403
Santander Drive Auto Receivables Trust 0.690% due 03/17/25		2,855,000		2,864,189
1.010% due 01/15/26		1,610,000		1,620,410
2.790% due 01/16/24		288,998		289,698
3.350% due 07/17/23		60,298		60,375
Santander Retail Auto Lease Trust 1.860% due 02/21/23 ~		4,965,000		5,016,698
2.520% due 11/20/24 ~		1,245,000		1,279,255
2.880% due 06/20/24 ~		3,130,000		3,218,790
3.300% due 05/22/23 ~		1,240,000		1,260,454
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		120,706		122,156
Sierra Timeshare Receivables Funding LLC 2.430% due 10/20/33 ~		531,076		533,809
3.510% due 07/20/37 ~		797,425		824,696
SLM Student Loan Trust 0.492% (USD LIBOR + 0.400%) due 03/25/25 §		2,088,361		2,055,505
0.826% (USD LIBOR + 0.650%) due 01/25/22 §		2,125,103		2,063,350
SMB Private Education Loan Trust 0.821% (USD LIBOR + 0.720%) due 01/15/37 § ~		2,934,594		2,946,543
1.073% (USD LIBOR + 1.000%) due 06/15/27 § ~		246,131		246,660
1.290% due 07/15/53 ~		2,257,507		2,267,650
1.310% due 07/17/51 ~		3,710,000		3,700,820
1.573% (USD LIBOR + 1.500%) due 04/15/32 § ~		2,250,000		2,272,006
1.600% due 09/15/54 ~		6,600,000		6,658,494
Symphony CLO XXVI Ltd (Cayman) 1.189% (USD LIBOR + 1.080%) due 04/20/33 § ~		1,110,000		1,109,723
Towd Point Mortgage Trust 2.750% due 02/25/55 § ~		47,971		48,098
2.750% due 08/25/55 § ~		189,166		191,017
3.000% due 02/25/55 § ~		175,560		177,148
3.250% due 07/25/58 § ~		1,557,161		1,589,950
3.722% due 03/25/58 § ~		1,338,632		1,414,265
3.750% due 05/25/58 § ~		737,555		778,714
Volkswagen Auto Loan Enhanced Trust 1.260% due 08/20/26		1,045,000		1,063,158
World Omni Auto Receivables Trust 1.640% due 08/17/26		825,000		838,951
World Omni Select Auto Trust 0.840% due 06/15/26		1,200,000		1,202,327
1.250% due 10/15/26		1,375,000		1,385,659
Total Asset-Backed Securities (Cost $217,973,496)				220,461,800
U.S. TREASURY OBLIGATIONS - 13.9%
U.S. Treasury Notes - 13.9%
0.125% due 10/31/22		25,145,000		25,139,106
0.125% due 11/30/22		33,240,000		33,224,419
0.125% due 01/31/23		7,500,000		7,493,555
0.125% due 03/31/23		7,420,000		7,409,421
0.125% due 04/30/23 ‡		91,735,000		91,573,747
0.125% due 05/31/23		9,690,000		9,669,939
0.125% due 06/30/23		22,195,000		22,142,547

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-80

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
0.125% due 07/15/23	$	6,380,000	$	6,364,548
0.125% due 08/15/23		2,795,000		2,786,921
				205,804,203
Total U.S. Treasury Obligations (Cost $205,930,176)				205,804,203
FOREIGN GOVERNMENT BONDS & NOTES - 0.1%
Korea Hydro & Nuclear Power Co Ltd (South Korea) 1.250% due 04/27/26 ~		1,790,000		1,782,705
Total Foreign Government Bonds & Notes (Cost $1,780,071)				1,782,705
MUNICIPAL BONDS - 0.7%
Chicago Transit Authority Sales Tax Receipts Fund 1.708% due 12/01/22		85,000		86,263
1.838% due 12/01/23		80,000		81,773
2.064% due 12/01/24		230,000		237,026
Dallas Fort Worth International Airport 1.329% due 11/01/25		490,000		495,524
Houston TX Airport System Revenue 0.883% due 07/01/22		170,000		170,920
1.054% due 07/01/23		285,000		288,047
1.272% due 07/01/24		950,000		964,743
Long Island Power Authority 0.764% due 03/01/23		720,000		722,948
Port Authority of New York & New Jersey 1.086% due 07/01/23		2,795,000		2,831,129
State Board of Administration Finance Corp 1.258% due 07/01/25		3,260,000		3,292,603
State of Connecticut 1.998% due 07/01/24		550,000		572,348
2.000% due 07/01/23		220,000		226,972
2.098% due 07/01/25		365,000		382,393
Total Municipal Bonds (Cost $10,200,868)				10,352,689
SHORT-TERM INVESTMENTS - 2.9%
Commercial Paper - 0.8%
AT&T Inc 0.407% due 12/14/21		5,235,000		5,230,604
Jabil Inc 0.528% due 08/09/21		2,768,000		2,766,385
0.558% due 07/19/21		4,110,000		4,108,894
				12,105,883

	Principal Amount		Value
Corporate Notes - 0.3%
Pacific Gas and Electric Co 1.531% (USD LIBOR + 1.375%) due 11/15/21 §		$4,385,000		$4,394,233
Repurchase Agreement - 1.8%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $27,062,543; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $27,603,851)		27,062,543		27,062,543
Total Short-Term Investments (Cost $43,549,067)				43,562,659
TOTAL INVESTMENTS - 101.5% (Cost $1,484,876,692)				1,505,630,826
DERIVATIVES - (0.0%)				(496,663	)
OTHER ASSETS & LIABILITIES, NET - (1.5%)				(21,831,667	)
NET ASSETS - 100.0%				$1,483,302,496

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Corporate Bonds & Notes	50.3%
Mortgage-Backed Securities	18.7%
Asset-Backed Securities	14.9%
U.S. Treasury Obligations	13.9%
Others (each less than 3.0%)	3.7%
	101.5%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	(1.5%	)
	100.0%

(b) As of June 30, 2021, an investment with a value of $ 814,566 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, 2021 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Notes	09/21		930		$205,166,461		$204,897,890		($268,571	)
U.S. Treasury Ultra 10-Year Notes	09/21		10		1,464,716		1,472,031		7,315
									(261,256	)
Short Futures Outstanding
U.S. Treasury 5-Year Notes	09/21		293		36,217,133		36,164,898		52,235
U.S. Treasury 10-Year Notes	09/21		375		49,399,858		49,687,500		(287,642	)
									(235,407	)
Total Futures Contracts									($496,663	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-81

PACIFIC SELECT FUND

SHORT DURATION BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$746,867,797			$-			$746,867,797		$-
	Mortgage-Backed Securities		276,798,973			-			276,798,973		-
	Asset-Backed Securities		220,461,800			-			220,461,800		-
	U.S. Treasury Obligations		205,804,203			-			205,804,203		-
	Foreign Government Bonds & Notes		1,782,705			-			1,782,705		-
	Municipal Bonds		10,352,689			-			10,352,689		-
	Short-Term Investments		43,562,659			-			43,562,659		-
	Derivatives:
	Interest Rate Contracts
	Futures		59,550			59,550			-		-
	Total Assets		1,505,690,376			59,550			1,505,630,826		-
Liabilities	Derivatives:
	Interest Rate Contracts
	Futures		(556,213	)		(556,213	)		-		-
	Total Liabilities		(556,213	)		(556,213	)		-		-
	Total		$1,505,134,163			($496,663	)		$1,505,630,826		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-82

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 30.3%
Azerbaijan - 0.6%
Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		$1,950,000		$2,336,295
State Oil Co of the Azerbaijan Republic 6.950% due 03/18/30 ~		987,000		1,247,493
				3,583,788
Bahrain - 0.4%
BBK BSC 5.500% due 07/09/24 ~		1,035,000		1,101,049
The Oil and Gas Holding Co BSCC
7.625% due 11/07/24 ~		576,000		645,840
8.375% due 11/07/28 ~		812,000		953,506
				2,700,395
Brazil - 5.9%
B2W Digital Lux Sarl 4.375% due 12/20/30 ~		600,000		602,031
Braskem America Finance Co 7.125% due 07/22/41 ~		460,000		573,767
Braskem Netherlands Finance BV
5.875% due 01/31/50 ~		1,295,000		1,422,402
8.500% due 01/23/81 ~		2,595,000		3,026,678
CSN Inova Ventures 6.750% due 01/28/28 ~		2,000,000		2,214,500
JSM Global SARL 4.750% due 10/20/30 ~		1,205,000		1,253,586
Klabin Austria GmbH 3.200% due 01/12/31 ~		875,000		861,193
7.000% due 04/03/49 ~		1,785,000		2,275,875
Movida Europe SA 5.250% due 02/08/31 ~		1,680,000		1,701,034
Natura Cosmeticos SA 4.125% due 05/03/28 ~		300,000		307,875
NBM US Holdings Inc 7.000% due 05/14/26 ~		1,910,000		2,061,387
Petrobras Global Finance BV 5.093% due 01/15/30		2,035,000		2,223,767
5.500% due 06/10/51		700,000		701,120
6.850% due 06/05/15		1,995,000		2,282,978
Rede D’or Finance SARL 4.500% due 01/22/30 ~		1,980,000		2,035,192
Simpar Europe SA 5.200% due 01/26/31		1,630,000		1,675,444
Suzano Austria GmbH 7.000% due 03/16/47 ~		860,000		1,164,109
Vale Overseas Ltd
6.875% due 11/21/36		1,590,000		2,181,416
6.875% due 11/10/39		1,605,000		2,247,433
Votorantim Cimentos International SA 7.250% due 04/05/41 ~		2,540,000		3,455,111
				34,266,898
Chile - 1.9%
AES Gener SA 7.125% due 03/26/79 ~		460,000		493,076
Banco del Estado de Chile 3.875% due 02/08/22 ~		539,000		549,678
Corp Nacional del Cobre de Chile
3.150% due 01/15/51 ~		444,000		430,366
4.250% due 07/17/42 ~		417,000		472,874
4.375% due 02/05/49 ~		658,000		772,637
4.500% due 08/01/47 ~		749,000		886,565
4.875% due 11/04/44 ~		1,781,000		2,196,228
5.625% due 10/18/43 ~		1,246,000		1,667,060
Empresa de Transporte de Pasajeros Metro SA 4.700% due 05/07/50 ~		941,000		1,064,506

	Principal Amount		Value
Empresa Nacional del Petroleo
3.750% due 08/05/26 ~		$635,000		$665,563
4.500% due 09/14/47 ~		1,055,000		1,043,456
VTR Comunicaciones SPA
4.375% due 04/15/29 ~		200,000		200,230
5.125% due 01/15/28 ~		404,000		422,978
				10,865,217
China - 1.4%
Central China Real Estate Ltd 7.650% due 08/27/23 ~		955,000		904,891
China Evergrande Group 7.500% due 06/28/23 ~		1,820,000		1,296,791
Kaisa Group Holdings Ltd 10.875% due 07/23/23 ~		1,035,000		1,036,400
Scenery Journey Ltd 12.000% due 10/24/23 ~		1,140,000		882,097
Sinopec Group Overseas Development Ltd
2.700% due 05/13/30 ~		835,000		862,825
3.350% due 05/13/50 ~		204,000		207,055
4.875% due 05/17/42 ~		565,000		701,009
Sunac China Holdings Ltd 7.500% due 02/01/24 ~		2,080,000		2,126,842
				8,017,910
Colombia - 1.4%
Bancolombia SA 4.625% due 12/18/29		810,000		824,183
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 1,198,000,000		304,518
Grupo Aval Ltd 4.375% due 02/04/30 ~		$1,280,000		1,266,784
Millicom International Cellular SA
4.500% due 04/27/31 ~		970,000		1,005,284
5.125% due 01/15/28 ~		1,561,500		1,629,019
6.625% due 10/15/26 ~		1,042,200		1,105,728
Oleoducto Central SA 4.000% due 07/14/27 ~		1,805,000		1,864,926
				8,000,442
Georgia - 0.1%
TBC Bank JSC 5.750% due 06/19/24 ~		670,000		721,925
Guatemala - 0.1%
Investment Energy Resources Ltd 6.250% due 04/26/29 ~		500,000		541,875
India - 1.3%
Bharti Airtel Ltd 4.375% due 06/10/25 ~		2,025,000		2,213,153
Greenko Solar Mauritius Ltd 5.550% due 01/29/25		1,065,000		1,097,297
India Green Energy Holdings 5.375% due 04/29/24 ~		550,000		576,204
Network i2i Ltd 3.975% due 03/03/26 ~		2,840,000		2,850,948
Vedanta Resources Ltd 6.125% due 08/09/24 ~		965,000		809,925
				7,547,527
Indonesia - 2.1%
P.T. Indonesia Asahan Aluminium Persero
4.750% due 05/15/25 ~		437,000		482,933
5.450% due 05/15/30 ~		489,000		569,137
5.710% due 11/15/23 ~		841,000		929,953
5.800% due 05/15/50 ~		366,000		433,390
6.757% due 11/15/48 ~		1,344,000		1,746,783

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-83

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
P.T. Pertamina Persero
4.175% due 01/21/50 ~		$595,000		$613,179
6.000% due 05/03/42 ~		3,291,000		4,040,230
6.450% due 05/30/44 ~		200,000		261,067
6.500% due 11/07/48 ~		529,000		702,870
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.250% due 05/15/47 ~		536,000		604,576
5.500% due 11/22/21 ~		786,000		800,305
6.150% due 05/21/48 ~		896,000		1,134,479
				12,318,902
Israel - 1.0%
Leviathan Bond Ltd
5.750% due 06/30/23 ~		195,000		204,528
6.125% due 06/30/25 ~		660,000		727,650
6.500% due 06/30/27 ~		312,000		347,880
6.750% due 06/30/30 ~		975,000		1,104,188
Teva Pharmaceutical Finance Netherlands III BV 6.750% due 03/01/28		3,060,000		3,359,115
				5,743,361
Jamaica - 0.1%
Digicel International Finance Ltd
8.000% due 12/31/26 ~		290,023		284,948
8.750% due 05/25/24 ~		456,700		477,313
				762,261
Kazakhstan - 1.1%
Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		1,773,000		1,849,727
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		807,000		1,111,255
KazMunayGas National Co JSC
3.500% due 04/14/33 ~		502,000		521,404
5.375% due 04/24/30 ~		1,222,000		1,463,588
6.375% due 10/24/48 ~		989,000		1,312,075
				6,258,049
Luxembourg - 0.3%
Altice Financing SA 7.500% due 05/15/26 ~		1,975,000		2,059,036
Malaysia - 1.0%
Petronas Capital Ltd
2.480% due 01/28/32 ~		953,000		960,335
3.404% due 04/28/61 ~		1,417,000		1,456,418
4.550% due 04/21/50 ~		1,829,000		2,261,365
4.800% due 04/21/60 ~		736,000		978,191
				5,656,309
Mexico - 3.6%
Alfa SAB de CV 6.875% due 03/25/44 ~		870,000		1,151,036
Axtel SAB de CV 6.375% due 11/14/24 ~		886,000		919,898
BBVA Bancomer SA 5.125% due 01/18/33 ~		1,585,000		1,655,849
Cemex SAB de CV
3.875% due 07/11/31 ~		550,000		559,763
5.450% due 11/19/29 ~		1,485,000		1,637,383
Comision Federal de Electricidad
4.875% due 01/15/24 ~		957,000		1,044,235
5.750% due 02/14/42 ~		1,154,000		1,287,876
8.180% due 12/23/27 ~		MXN 8,220,000		396,656
Petroleos Mexicanos
5.350% due 02/12/28		$211,000		207,772
6.350% due 02/12/48		1,278,000		1,090,882
6.750% due 09/21/47		3,447,000		3,054,938
6.950% due 01/28/60		3,257,000		2,886,353

	Principal Amount		Value
7.190% due 09/12/24 ~		MXN 13,000,000		$617,967
7.690% due 01/23/50		$3,506,000		3,378,907
Trust Fibra Uno REIT 6.390% due 01/15/50 ~		950,000		1,115,020
				21,004,535
Morocco - 0.4%
OCP SA 6.875% due 04/25/44 ~		1,835,000		2,244,251
Oman - 0.2%
Bank Muscat SAOG 4.750% due 03/17/26 ~		1,055,000		1,097,200
Pakistan - 0.2%
The Third Pakistan International Sukuk Co Ltd
5.500% due 10/13/21 ~		233,000		234,864
5.625% due 12/05/22 ~		930,000		958,026
				1,192,890
Panama - 1.4%
AES Panama Generation Holdings SRL 4.375% due 05/31/30 ~		2,115,000		2,215,885
C&W Senior Financing DAC
6.875% due 09/15/27 ~		3,080,000		3,297,294
7.500% due 10/15/26 ~		2,100,000		2,212,172
Cable Onda SA 4.500% due 01/30/30 ~		505,000		533,356
				8,258,707
Peru - 0.5%
InRetail Consumer 3.250% due 03/22/28 ~		230,000		227,796
InRetail Shopping Malls 5.750% due 04/03/28 ~		970,000		1,006,773
Petroleos del Peru SA 5.625% due 06/19/47 ~		1,546,000		1,649,968
				2,884,537
Qatar - 0.3%
Qatar Petroleum due 07/12/41 # ~		1,910,000		1,902,952
Russia - 0.2%
PJSC Koks via IMH Capital DAC 5.900% due 09/23/25 ~		520,000		558,740
TMK OAO 4.300% due 02/12/27 ~		550,000		555,486
				1,114,226
Saudi Arabia - 0.4%
Acwa Power Management & Investments One Ltd 5.950% due 12/15/39 ~		934,000		1,111,516
Arabian Centres Sukuk Ltd 5.375% due 11/26/24 ~		1,045,000		1,096,205
				2,207,721
Singapore - 0.2%
Puma International Financing SA 5.000% due 01/24/26 ~		1,085,000		1,098,237

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-84

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
South Africa - 0.5%
Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		$265,000		$280,634
Gold Fields Orogen Holdings BVI Ltd 6.125% due 05/15/29 ~		920,000		1,093,696
Liquid Telecommunications Financing PLC 5.500% due 09/04/26 ~		800,000		822,000
Sasol Financing USA LLC
4.375% due 09/18/26		200,000		207,251
5.500% due 03/18/31		400,000		422,200
				2,825,781
Switzerland - 0.1%
Oriflame Investment Holding PLC 5.125% due 05/04/26 ~		500,000		514,275
Tanzania - 0.1%
HTA Group Ltd 7.000% due 12/18/25 ~		660,000		704,807
Ukraine - 0.3%
Metinvest BV
7.750% due 10/17/29 ~		555,000		617,945
8.500% due 04/23/26 ~		535,000		611,064
VF Ukraine PAT 6.200% due 02/11/25 ~		835,000		873,686
				2,102,695
United Arab Emirates - 0.3%
DP World Crescent Ltd
3.750% due 01/30/30 ~		678,000		731,447
3.875% due 07/18/29 ~		767,000		834,630
				1,566,077
United Kingdom - 1.1%
Standard Chartered Bank
6.625% due 05/18/33 ~		IDR 13,600,000,000		936,252
7.000% due 05/24/27 ~		34,179,000,000		2,502,374
8.250% due 05/19/36 ~		10,824,000,000		820,870
8.375% due 03/19/24 ~		4,364,000,000		329,187
8.375% due 03/17/34 ~		9,864,000,000		754,575
9.000% due 03/20/29 ~		3,534,000,000		282,720
10.500% due 08/19/30 ~		2,589,000,000		226,527
11.000% due 09/17/25 ~		8,000,000,000		663,592
				6,516,097
United States - 0.6%
JBS Investments II GmbH 5.750% due 01/15/28 ~		$1,345,000		1,440,791
JBS USA Food Co 5.750% due 01/15/28 ~		200,000		214,844
JPMorgan Chase Bank NA 7.500% due 08/17/32 ~		IDR 22,645,000,000		1,650,742
				3,306,377
Venezuela - 1.0%
Petroleos de Venezuela SA
5.375% due 04/12/27 * Y ~		$1,432,000		64,440
8.500% due 10/27/21 * Y ~		21,468,500		5,742,824
9.000% due 11/17/21 * Y ~		1,780,581		81,017
9.750% due 05/17/35 * Y ~		2,733,498		123,007
12.750% due 02/17/22 * Y ~		1,152,000		52,266
				6,063,554
Zambia - 0.2%
First Quantum Minerals Ltd 6.875% due 03/01/26 ~		1,020,000		1,068,307
Total Corporate Bonds & Notes (Cost $182,896,712)				176,717,121

	Principal Amount		Value
FOREIGN GOVERNMENT BONDS & NOTES - 65.8%
Angola - 1.0%
Angolan Government
8.000% due 11/26/29 ~		$582,000		$598,732
8.250% due 05/09/28 ~		1,028,000		1,075,709
9.125% due 11/26/49 ~		589,000		604,743
9.375% due 05/08/48 ~		2,307,000		2,416,825
9.500% due 11/12/25 ~		731,000		802,207
				5,498,216
Argentina - 1.9%
Argentine Republic Government
0.125% due 07/09/30 §		13,782,144		4,971,357
0.125% due 07/09/35 §		9,902,502		3,158,997
0.125% due 01/09/38 §		1,690,916		641,416
0.125% due 07/09/41 §		3,999,197		1,433,712
1.000% due 07/09/29		1,531,350		583,720
				10,789,202
Bahrain - 0.1%
Bahrain Government (Bahrain) 7.500% due 09/20/47 ~		717,000		774,805
Belarus - 0.2%
Republic of Belarus
6.200% due 02/28/30 ~		372,000		324,365
7.625% due 06/29/27 ~		628,000		614,498
				938,863
Brazil - 6.7%
Brazil Letras do Tesouro Nacional
7.643% due 07/01/23		BRL 70,437,000		12,219,417
7.891% due 01/01/24		75,670,000		12,576,006
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/27		15,560,000		3,317,591
10.000% due 01/01/29		9,453,000		2,020,886
10.000% due 01/01/31		14,171,000		2,865,528
Brazilian Government
4.625% due 01/13/28		$752,000		813,976
5.000% due 01/27/45		1,075,000		1,090,883
5.625% due 01/07/41		495,000		539,862
5.625% due 02/21/47		698,000		762,408
6.000% due 04/07/26		745,000		871,549
7.125% due 01/20/37		845,000		1,073,594
8.250% due 01/20/34		592,000		818,665
				38,970,365
Chile - 0.4%
Chile Government (Chile)
3.240% due 02/06/28		500,000		546,177
5.000% due 10/01/28		CLP 1,115,000,000		1,578,773
				2,124,950
China - 0.5%
China Government
2.680% due 05/21/30		CNY 13,760,000		2,051,274
3.720% due 04/12/51		5,760,000		906,608
				2,957,882
Colombia - 3.0%
Colombia Government
3.875% due 04/25/27		$1,251,000		1,330,851
4.125% due 05/15/51		683,000		649,424
5.000% due 06/15/45		410,000		437,039
5.625% due 02/26/44		1,280,000		1,453,824
6.125% due 01/18/41		1,496,000		1,776,216

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-85

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
7.375% due 09/18/37		$945,000		$1,246,247
8.125% due 05/21/24		1,235,000		1,465,902
Colombian TES
4.750% due 02/23/23 ^		COP 4,839,207,610		1,366,860
5.750% due 11/03/27		10,243,600,000		2,615,112
6.000% due 04/28/28		3,444,400,000		882,021
6.250% due 11/26/25		527,100,000		142,487
7.500% due 08/26/26		6,294,100,000		1,777,108
10.000% due 07/24/24		8,487,900,000		2,578,944
				17,722,035
Costa Rica - 0.3%
Costa Rica Government
5.625% due 04/30/43 ~		$664,000		616,790
6.125% due 02/19/31 ~		785,000		834,659
7.000% due 04/04/44 ~		200,000		207,502
				1,658,951
Croatia - 0.4%
Croatia Government 6.000% due 01/26/24 ~		2,021,000		2,293,754
Czech Republic - 0.0%
Czech Republic Government (Czech Republic) 4.200% due 12/04/36 ~		CZK 1,290,000		78,311
Dominican Republic - 3.0%
Dominican Republic
4.875% due 09/23/32 ~		$3,593,000		3,709,772
5.300% due 01/21/41 ~		1,060,000		1,060,011
5.500% due 01/27/25 ~		675,000		742,770
5.875% due 01/30/60 ~		4,148,000		4,143,852
6.000% due 07/19/28 ~		523,000		595,697
6.400% due 06/05/49 ~		465,000		501,038
6.500% due 02/15/48 ~		555,000		606,893
6.850% due 01/27/45 ~		1,695,000		1,921,706
6.875% due 01/29/26 ~		2,300,000		2,670,530
7.450% due 04/30/44 ~		1,206,000		1,456,546
9.750% due 06/05/26 ~		DOP 8,000,000		158,716
				17,567,531
Ecuador - 4.0%
Ecuador Government
0.500% due 07/31/30 § ~		$5,395,926		4,627,061
0.500% due 07/31/35 § ~		21,721,422		14,987,781
0.500% due 07/31/40 § ~		5,834,862		3,639,495
				23,254,337
Egypt - 2.6%
Egypt Government
5.875% due 02/16/31 ~		1,119,000		1,090,186
6.588% due 02/21/28 ~		500,000		530,000
7.600% due 03/01/29 ~		879,000		968,087
7.625% due 05/29/32 ~		892,000		948,794
7.903% due 02/21/48 ~		2,220,000		2,203,949
8.150% due 11/20/59 ~		200,000		200,716
8.500% due 01/31/47 ~		2,593,000		2,710,787
8.700% due 03/01/49 ~		1,020,000		1,080,588
8.875% due 05/29/50 ~		3,376,000		3,648,041
14.051% due 07/21/22		EGP 2,884,000		185,243
14.138% due 10/20/22		1,764,000		113,159
14.313% due 10/13/23		2,536,000		162,540
14.483% due 04/06/26		22,500,000		1,435,709
				15,277,799

	Principal Amount		Value
El Salvador - 0.7%
El Salvador Government
7.125% due 01/20/50 ~		$732,000		$625,860
7.625% due 02/01/41 ~		1,279,000		1,138,323
7.650% due 06/15/35 ~		309,000		283,538
8.250% due 04/10/32 ~		370,000		352,425
8.625% due 02/28/29 ~		1,108,000		1,085,840
9.500% due 07/15/52 ~		772,000		762,350
				4,248,336
Gabon - 0.4%
Gabon Government
6.375% due 12/12/24 ~		911,222		973,133
6.625% due 02/06/31 ~		1,382,000		1,395,870
				2,369,003
Ghana - 1.0%
Ghana Government
8.875% due 05/07/42 ~		1,114,000		1,127,390
7.625% due 05/16/29 ~		703,000		712,881
7.875% due 02/11/35 ~		502,000		496,046
8.125% due 03/26/32 ~		802,000		815,279
8.625% due 04/07/34 ~		813,000		841,268
8.750% due 03/11/61 ~		230,000		221,732
8.950% due 03/26/51 ~		1,337,000		1,325,649
				5,540,245
Guatemala - 0.2%
Guatemala Government
5.375% due 04/24/32 ~		200,000		232,750
6.125% due 06/01/50 ~		690,000		846,975
				1,079,725
Hungary - 0.9%
Hungary Government
3.000% due 10/27/27		HUF 67,900,000		239,964
3.000% due 08/21/30		319,170,000		1,125,703
5.375% due 03/25/24		$1,152,000		1,300,815
5.750% due 11/22/23		1,694,000		1,904,547
6.750% due 10/22/28		HUF 154,080,000		672,532
				5,243,561
India - 0.4%
Export-Import Bank of India
2.250% due 01/13/31 ~		$853,000		792,421
3.375% due 08/05/26 ~		507,000		541,308
4.000% due 01/14/23 ~		909,000		950,742
				2,284,471
Indonesia - 3.7%
Indonesia Government
4.750% due 07/18/47 ~		712,000		850,193
5.125% due 01/15/45 ~		1,814,000		2,250,248
5.250% due 01/17/42 ~		718,000		896,768
5.250% due 01/08/47 ~		561,000		715,383
5.950% due 01/08/46 ~		712,000		982,511
Indonesia Treasury
6.125% due 05/15/28		IDR 4,411,000,000		304,663
6.625% due 05/15/33		8,016,000,000		551,838
7.000% due 05/15/27		19,727,000,000		1,444,288
7.000% due 09/15/30		31,016,000,000		2,215,826
7.500% due 06/15/35		10,661,000,000		760,975
7.500% due 05/15/38		2,751,000,000		195,131
8.250% due 05/15/29		44,455,000,000		3,423,096
8.250% due 05/15/36		7,350,000,000		557,409
8.375% due 03/15/24		23,484,000,000		1,771,455
8.375% due 09/15/26		17,695,000,000		1,373,840
8.375% due 04/15/39		20,970,000,000		1,606,013

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-86

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Perusahaan Penerbit SBSN Indonesia III
3.800% due 06/23/50 ~		$200,000		$210,016
4.325% due 05/28/25 ~		250,000		279,748
4.550% due 03/29/26 ~		1,045,000		1,190,516
				21,579,917
Iraq - 0.1%
Iraq Government (Iraq) 5.800% due 01/15/28 ~		529,375		513,814
Ivory Coast - 0.8%
Ivory Coast Government
4.875% due 01/30/32 ~		EUR 1,042,000		1,237,776
5.875% due 10/17/31 ~		1,186,000		1,515,428
6.875% due 10/17/40 ~		1,522,000		1,976,809
				4,730,013
Jamaica - 0.2%
Jamaica Government (Jamaica) 7.875% due 07/28/45		$783,000		1,094,243
Kazakhstan - 0.3%
Kazakhstan Government (Kazakhstan) 6.500% due 07/21/45 ~		1,199,000		1,757,127
Kenya - 0.3%
Kenya Government (Kenya)
6.300% due 01/23/34 ~		713,000		714,337
8.000% due 05/22/32 ~		850,000		958,847
				1,673,184
Lebanon - 0.5%
Lebanon Government
5.800% due 04/14/22 * Y ~		1,705,000		221,650
6.000% due 01/27/23 Y ~		770,000		101,386
6.100% due 10/04/22 Y ~		5,298,000		704,369
6.150% due 06/19/22 Y		3,402,000		442,260
6.375% due 03/09/22 * Y		2,389,000		310,570
6.600% due 11/27/26 Y ~		989,000		130,445
6.850% due 03/23/27 * Y ~		2,021,000		264,842
7.000% due 03/23/32 * Y ~		1,376,000		179,849
7.050% due 11/02/35 * Y ~		119,000		15,808
7.250% due 03/23/37 * Y ~		1,060,000		143,725
8.250% due 04/12/22 Y ~		4,795,000		623,350
				3,138,254
Malaysia - 0.5%
Malaysia Government
3.757% due 05/22/40		MYR 180,000		40,815
3.828% due 07/05/34		4,009,000		962,535
4.065% due 06/15/50		2,350,000		544,137
4.232% due 06/30/31		706,000		182,560
4.254% due 05/31/35		2,669,000		670,659
4.893% due 06/08/38		2,134,000		558,180
4.921% due 07/06/48		328,000		84,579
4.935% due 09/30/43		353,000		92,880
				3,136,345
Mexico - 3.3%
Mexican Bonos
5.750% due 03/05/26		MXN 68,970,000		3,367,303
7.500% due 06/03/27		13,320,000		697,060
7.750% due 11/23/34		15,360,000		813,770
10.000% due 12/05/24		87,030,000		4,878,732
Mexico Government
2.659% due 05/24/31		$688,000		673,820
3.750% due 04/19/71		2,048,000		1,877,811

	Principal Amount		Value
3.771% due 05/24/61		$3,297,000		$3,074,865
4.280% due 08/14/41		594,000		624,971
4.750% due 03/08/44		638,000		706,901
5.550% due 01/21/45		777,000		941,149
5.750% due 10/12/10		894,000		1,071,611
6.050% due 01/11/40		480,000		603,694
				19,331,687
Mongolia - 0.3%
Development Bank of Mongolia LLC (Mongolia) 7.250% due 10/23/23 ~		506,000		546,874
Mongolia Government
due 07/07/31 # ~		406,000		399,267
5.125% due 04/07/26 ~		203,000		217,236
5.625% due 05/01/23 ~		524,000		554,785
				1,718,162
Morocco - 0.3%
Morocco Government
4.000% due 12/15/50 ~		260,000		241,800
4.250% due 12/11/22 ~		1,045,000		1,098,957
5.500% due 12/11/42 ~		509,000		580,291
				1,921,048
Nigeria - 0.5%
Nigeria Government
6.500% due 11/28/27 ~		637,000		677,061
7.625% due 11/28/47 ~		932,000		934,676
7.696% due 02/23/38 ~		826,000		848,767
9.248% due 01/21/49 ~		549,000		627,296
				3,087,800
Oman - 1.4%
Oman Government
4.750% due 06/15/26 ~		550,000		571,849
6.000% due 08/01/29 ~		807,000		860,203
6.250% due 01/25/31 ~		420,000		452,199
6.500% due 03/08/47 ~		2,909,000		2,855,521
6.750% due 10/28/27 ~		752,000		844,233
6.750% due 01/17/48 ~		1,447,000		1,444,287
7.000% due 01/25/51 ~		845,000		862,246
				7,890,538
Pakistan - 1.2%
Pakistan Government
7.375% due 04/08/31 ~		2,286,000		2,357,438
6.875% due 12/05/27 ~		1,347,000		1,402,794
8.250% due 04/15/24 ~		2,236,000		2,445,647
8.250% due 09/30/25 ~		594,000		659,099
				6,864,978
Panama - 1.1%
Panama Government
4.000% due 09/22/24		517,000		563,478
4.300% due 04/29/53		1,203,000		1,337,110
4.500% due 05/15/47		580,000		661,516
6.700% due 01/26/36		1,085,000		1,476,463
7.125% due 01/29/26		216,000		268,019
8.875% due 09/30/27		649,000		896,860
9.375% due 04/01/29		603,000		893,682
				6,097,128
Paraguay - 0.2%
Paraguay Government
4.700% due 03/27/27 ~		355,000		404,171
5.400% due 03/30/50 ~		640,000		749,280
				1,153,451

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-87

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Peru - 1.9%
Fondo MIVIVIENDA SA (Peru) 7.000% due 02/14/24 ~		PEN 824,000		$231,313
Peru Government
5.400% due 08/12/34		4,339,000		1,068,081
5.350% due 08/12/40		750,000		172,905
Peruvian Government
2.780% due 12/01/60		$1,288,000		1,152,168
3.230% due 07/28/21		531,000		467,843
5.625% due 11/18/50		961,000		1,325,594
6.900% due 08/12/37 ~		PEN 532,000		146,842
6.950% due 08/12/31 ~		6,273,000		1,832,772
7.350% due 07/21/25		$1,335,000		1,640,795
8.750% due 11/21/33		2,078,000		3,267,468
				11,305,781
Philippines - 1.3%
Philippine Government
2.950% due 05/05/45		541,000		523,630
3.900% due 11/26/22		PHP 19,000,000		393,615
3.950% due 01/20/40		$1,157,000		1,288,081
6.250% due 01/14/36		PHP 21,000,000		515,862
6.375% due 10/23/34		$816,000		1,153,190
7.750% due 01/14/31		657,000		970,680
9.500% due 02/02/30		1,245,000		1,971,190
10.625% due 03/16/25		670,000		912,408
				7,728,656
Qatar - 1.4%
Qatar Government
3.250% due 06/02/26 ~		1,546,000		1,694,526
4.400% due 04/16/50 ~		559,000		681,684
4.817% due 03/14/49 ~		2,577,000		3,324,533
5.103% due 04/23/48 ~		1,838,000		2,444,691
				8,145,434
Romania - 2.0%
Romanian Government
3.000% due 02/14/31 ~		324,000		336,406
3.375% due 01/28/50 ~		EUR 1,324,000		1,678,361
3.624% due 05/26/30 ~		540,000		741,686
4.000% due 02/14/51 ~		$2,766,000		2,910,358
4.150% due 10/24/30		RON 2,845,000		729,505
4.375% due 08/22/23 ~		$1,788,000		1,931,070
5.800% due 07/26/27		RON 7,160,000		2,013,101
6.125% due 01/22/44 ~		$258,000		353,759
6.750% due 02/07/22 ~		1,014,000		1,053,139
				11,747,385
Russia - 2.2%
Russian Federal
4.250% due 06/23/27 ~		800,000		894,504
4.375% due 03/21/29 ~		1,400,000		1,579,698
5.250% due 06/23/47 ~		2,200,000		2,770,535
6.900% due 05/23/29		RUB 65,996,000		899,161
7.050% due 01/19/28		102,778,000		1,415,842
7.150% due 11/12/25		37,574,000		519,483
7.250% due 05/10/34		8,501,000		117,910
7.400% due 07/17/24		37,418,000		520,027
7.700% due 03/16/39		3,276,000		47,422
7.750% due 09/16/26		43,208,000		613,746
7.950% due 10/07/26		19,670,000		281,298
8.500% due 09/17/31		209,123,000		3,155,934
				12,815,560
Saudi Arabia - 1.7%
Saudi Government
3.450% due 02/02/61 ~		$923,000		923,660
3.750% due 01/21/55 ~		1,276,000		1,351,637

	Principal Amount		Value
4.500% due 04/22/60 ~		$1,006,000		$1,219,072
4.625% due 10/04/47 ~		594,000		710,950
5.000% due 04/17/49 ~		1,880,000		2,379,798
5.250% due 01/16/50 ~		2,286,000		2,999,851
				9,584,968
South Africa - 4.1%
Republic of South Africa Government
4.300% due 10/12/28		2,043,000		2,114,607
5.000% due 10/12/46		497,000		472,871
5.650% due 09/27/47		1,405,000		1,436,121
5.750% due 09/30/49		805,000		825,395
5.875% due 05/30/22		538,000		564,444
5.875% due 06/22/30		531,000		607,097
8.000% due 01/31/30		ZAR 53,471,000		3,554,542
8.250% due 03/31/32		147,650,411		9,452,753
8.500% due 01/31/37		31,358,000		1,890,526
8.750% due 01/31/44		1,000		59
8.750% due 02/28/48		2,000		119
8.875% due 02/28/35		20,090,000		1,278,130
9.000% due 01/31/40		13,089,000		805,856
10.500% due 12/21/26		10,616,000		845,786
				23,848,306
Sri Lanka - 0.3%
Sri Lanka Government
6.750% due 04/18/28 ~		$400,000		251,708
7.550% due 03/28/30 ~		1,106,000		700,054
7.850% due 03/14/29 ~		1,317,000		842,880
				1,794,642
Thailand - 0.5%
Thailand Government
2.000% due 06/17/42		THB 25,876,000		751,775
2.875% due 06/17/46		1,724,000		56,722
3.300% due 06/17/38		27,892,000		983,455
3.400% due 06/17/36		18,969,000		674,964
3.600% due 06/17/67		11,030,000		397,741
				2,864,657
Turkey - 1.8%
Turkey Government
3.250% due 03/23/23		$595,000		595,101
4.250% due 03/13/25		240,000		235,949
4.875% due 04/16/43		1,745,000		1,394,203
5.600% due 11/14/24		491,000		505,713
5.750% due 03/22/24		858,000		891,982
5.750% due 05/11/47		2,092,000		1,792,700
5.875% due 06/26/31		1,805,000		1,758,070
6.000% due 03/25/27		620,000		634,573
6.000% due 01/14/41		342,000		310,474
6.125% due 10/24/28		384,000		391,262
6.350% due 08/10/24		478,000		502,586
6.875% due 03/17/36		375,000		379,930
7.250% due 12/23/23		200,000		216,175
10.500% due 08/11/27		TRY 1,356,000		116,728
10.600% due 02/11/26		1,640,000		147,956
10.700% due 08/17/22		3,635,000		389,520
11.700% due 11/13/30		2,500,000		221,667
12.600% due 10/01/25		2,500,000		245,499
				10,730,088
Ukraine - 2.6%
Ukraine Government 6.876% due 05/21/29 ~		$974,000		1,013,603
7.253% due 03/15/33 ~		1,258,000		1,313,793
7.375% due 09/25/32 ~		4,579,000		4,826,866
7.750% due 09/01/21 ~		477,000		481,770
7.750% due 09/01/23 ~		1,260,000		1,360,437
7.750% due 09/01/24 ~		536,000		586,136
7.750% due 09/01/25 ~		1,459,000		1,601,691

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-88

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
7.750% due 09/01/26 ~		$1,288,000		$1,425,253
8.994% due 02/01/24 ~		407,000		451,986
9.750% due 11/01/28 ~		1,007,000		1,202,467
15.840% due 02/26/25 ~		UAH 20,510,000		833,535
17.000% due 05/11/22 ~		4,427,000		171,457
				15,268,994
United Arab Emirates - 0.6%
Abu Dhabi Government 3.125% due 09/30/49 ~		$1,370,000		1,401,305
3.875% due 04/16/50 ~		1,643,000		1,897,216
				3,298,521
Uruguay - 2.1%
Uruguay Government 3.875% due 07/02/40 ^		UYU 76,597,444		2,047,099
4.125% due 11/20/45		$771,086		914,099
4.375% due 12/15/28 ^		UYU 21,745,628		591,862
4.975% due 04/20/55		$1,898,770		2,454,635
5.100% due 06/18/50		949,124		1,245,939
7.625% due 03/21/36		922,000		1,410,669
7.875% due 01/15/33		1,159,000		1,751,550
8.250% due 05/21/31		UYU 62,289,000		1,461,372
Uruguay Monetary Regulation Bill 5.915% due 10/15/21		4,656,000		104,933
6.644% due 03/02/22		8,672,000		190,363
				12,172,521
Venezuela - 0.5%
Venezuela Government 7.750% due 10/13/21 * Y ~		$913,000		98,148
8.250% due 10/13/24 * Y ~		1,784,900		188,307
9.000% due 05/07/23 * Y ~		816,000		83,232
9.250% due 09/15/27 * Y		2,467,000		262,735
9.250% due 05/07/28 * Y ~		1,282,000		134,610
11.750% due 10/21/26 * Y ~		7,749,400		825,311
11.950% due 08/05/31 * Y ~		13,257,100		1,405,253
12.750% due 08/23/22 * Y ~		1,624,000		166,460
				3,164,056
Vietnam - 0.2%
Vietnam Government (Vietnam) 4.800% due 11/19/24 ~		1,099,000		1,228,159
Zambia - 0.2%
Zambia Government 8.970% due 07/30/27 Y ~		1,405,000		891,662
Total Foreign Government Bonds & Notes (Cost $382,797,708)				382,949,421
SHORT-TERM INVESTMENTS - 3.0%
Foreign Government Issues - 0.7%
Egypt Treasury Bills (Egypt) 8.001% due 08/10/21		EGP 55,925,000		3,532,645
9.510% due 08/24/21		6,000,000		377,104
13.093% due 11/30/21		4,900,000		296,550
Uruguay Monetary Regulation Bill (Uruguay) 6.351% due 12/03/21		UYU 3,801,000		84,862
				4,291,161

	Principal Amount		Value
Repurchase Agreement - 2.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $13,221,614; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $13,486,067)		$13,221,614		$13,221,614
Total Short-Term Investments (Cost $17,493,867)				17,512,775
TOTAL INVESTMENTS - 99.1% (Cost $583,188,287)				577,179,317
DERIVATIVES - (0.4%)				(2,255,565	)
OTHER ASSETS & LIABILITIES, NET - 1.3%				7,465,690
NET ASSETS - 100.0%				$582,389,442

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Foreign Government Bonds & Notes	65.8%
Corporate Bonds & Notes	30.3%
Short-Term Investments	3.0%
	99.1%
Derivatives	(0.4%	)
Other Assets & Liabilities, Net	1.3%
	100.0%

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Brazil	12.6%
Mexico	6.9%
Indonesia	5.8%
South Africa	4.6%
Colombia	4.4%
Ecuador	4.0%
Egypt	3.3%
Dominican Republic	3.0%
Others (each less than 3.0%)	54.5%
	99.1%
Derivatives	(0.4%	)
Other Assets & Liabilities, Net	1.3%
	100.0%

(c) Investments with a total aggregate value of $13,257,526 or 2.3% of the Fund’s net assets were in default as of June 30, 2021.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-89

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(d) Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	11,380,772	USD	2,145,000		07/21	BRC		$143,143		$-
BRL	9,089,681	USD	1,817,137		07/21	BSC		10,375		-
BRL	12,389,825	USD	2,476,875		07/21	DUB		14,142		-
BRL	54,253,646	USD	10,959,311		07/21	HSB		-		(51,423	)
BRL	33,300,694	USD	6,657,210		07/21	HSB		38,011		-
BRL	10,854,218	USD	2,169,889		07/21	MER		12,390		-
CLP	6,445,586,442	USD	9,064,248		07/21	MSC		-		(293,436	)
CNH	87,659,100	USD	13,698,778		08/21	HSB		-		(178,845	)
CNH	86,973,501	USD	13,366,761		08/21	HSB		45,510		-
CNH	43,692,526	USD	6,814,606		09/21	HSB		-		(89,416	)
CZK	169,973,069	USD	7,986,289		07/21	BNP		-		(84,183	)
CZK	21,592,514	USD	1,014,865		08/21	BNP		-		(11,265	)
CZK	64,700,104	USD	3,107,131		08/21	BRC		-		(99,931	)
CZK	64,777,543	USD	3,043,736		09/21	BNP		-		(33,877	)
HUF	1,254,230,197	USD	4,391,178		07/21	JPM		-		(160,362	)
HUF	701,847,475	USD	2,395,474		08/21	BRC		-		(29,483	)
IDR	13,691,470,000	USD	943,264		07/21	MER		-		(3,551	)
IDR	44,019,036,900	USD	2,997,000		07/21	SCB		16,238		-
ILS	6,554,995	USD	2,011,068		07/21	BNP		6		-
INR	660,823,497	USD	8,889,803		08/21	HSB		-		(65,657	)
KRW	1,198,714,200	USD	1,054,000		07/21	DUB		6,813		-
KRW	2,216,172,000	USD	1,960,000		07/21	SCB		1,222		-
KRW	2,233,460,040	USD	1,975,000		08/21	DUB		1,221		-
KRW	14,603,335,737	USD	13,089,414		09/21	HSB		-		(169,853	)
KRW	3,188,211,200	USD	2,824,350		10/21	JPM		-		(3,976	)
MXN	69,511,881	USD	3,455,030		07/21	CIT		20,136		-
MXN	157,395,033	USD	7,935,000		07/21	DUB		-		(66,220	)
MXN	74,156,288	USD	3,697,922		07/21	DUB		9,434		-
MYR	1,658,487	USD	399,154		08/21	DUB		-		(483	)
MYR	8,458,229	USD	2,038,116		08/21	HSB		-		(4,907	)
PEN	9,888,619	USD	2,643,520		08/21	CSF		-		(68,244	)
PHP	80,935,621	USD	1,681,465		07/21	HSB		-		(27,785	)
PLN	25,172,045	USD	6,654,377		07/21	BRC		-		(51,806	)
PLN	19,087,285	USD	5,060,041		08/21	HSB		-		(53,201	)
PLN	19,087,285	USD	5,062,782		09/21	BNP		-		(55,662	)
RON	7,413,792	USD	1,835,415		07/21	MER		-		(52,791	)
RON	3,935,256	USD	951,694		08/21	HSB		-		(6,634	)
RUB	1,060,458	USD	14,000		07/21	BNP		432		-
RUB	603,864,959	USD	8,327,392		07/21	BRC		-		(108,999	)
RUB	163,372,566	USD	2,161,150		07/21	JPM		62,294		-
RUB	225,007,634	USD	3,022,691		08/21	CIT		26,539		-
RUB	157,505,344	USD	2,115,915		08/21	DUB		18,546		-
RUB	67,502,290	USD	903,996		08/21	HSB		10,773		-
RUB	565,038,869	USD	7,722,275		09/21	MSC		-		(101,155	)
SGD	12,433,617	USD	9,325,928		08/21	MER		-		(79,606	)
THB	6,564,852	USD	210,000		07/21	BNP		-		(5,184	)
THB	11,002,005	USD	350,065		07/21	BRC		-		(6,814	)
THB	124,584,722	USD	3,954,845		07/21	HSB		-		(67,939	)
THB	140,566,000	USD	4,472,707		07/21	JPM		-		(87,203	)
THB	7,590,000	USD	240,418		08/21	JPM		-		(3,652	)
THB	34,714,206	USD	1,102,493		09/21	BRC		-		(19,744	)
THB	34,714,207	USD	1,086,449		09/21	SCB		-		(3,700	)
TRY	25,690,726	USD	2,905,172		07/21	BRC		2,528		-
TRY	25,690,726	USD	2,962,389		07/21	HSB		-		(54,689	)
TWD	210,075,273	USD	7,684,088		09/21	SCB		-		(116,603	)
USD	2,275,153	BRL	11,380,772		07/21	BRC		-		(12,991	)
USD	1,800,650	BRL	9,089,681		07/21	BSC		-		(26,862	)
USD	1,875,000	BRL	9,450,713		07/21	DUB		-		(25,099	)
USD	594,000	BRL	2,939,112		07/21	DUB		3,081		-
USD	17,137,535	BRL	87,554,340		07/21	HSB		-		(465,574	)
USD	2,149,350	BRL	10,854,218		07/21	MER		-		(32,929	)
USD	1,191,000	BRL	5,927,488		08/21	DUB		3,299		-
USD	10,924,598	BRL	54,253,646		08/21	HSB		53,706		-
USD	4,610,000	CLP	3,307,536,700		07/21	CSF		109,280		-
USD	1,015,670	CLP	744,689,244		07/21	DUB		2,337		-
USD	1,985,000	CLP	1,496,690,000		07/21	MSC		-		(51,616	)
USD	625,854	COP	2,289,186,564		07/21	BNP		16,699		-
USD	46,900	COP	177,539,950		07/21	MSC		-		(344	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-90

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
USD	1,555,600	COP	5,830,806,950		07/21	MSC		$4,015		$-
USD	7,354,444	EUR	6,039,247		07/21	JPM		191,590		-
USD	242,074	IDR	3,495,070,000		07/21	DUB		2,191		-
USD	690,299	IDR	10,196,400,000		07/21	HSB		-		(9,530	)
USD	2,334,967	IDR	33,569,820,000		07/21	HSB		37,010		-
USD	1,899,054	IDR	27,961,667,406		07/21	SCB		-		(15,008	)
USD	289,233	IDR	4,190,690,000		08/21	DUB		2,818		-
USD	170,620	IDR	2,498,900,000		08/21	HSB		-		(169	)
USD	1,435,992	IDR	20,943,950,000		08/21	JPM		7,978		-
USD	308,140	IDR	4,479,120,000		09/21	DUB		3,147		-
USD	171,631	IDR	2,485,900,000		09/21	HSB		2,361		-
USD	932,661	IDR	13,691,470,000		10/21	MER		3,916		-
USD	2,825,176	KRW	3,188,211,200		07/21	JPM		3,739		-
USD	2,241,720	MXN	45,125,824		07/21	BSC		-		(14,293	)
USD	978,280	MXN	19,880,098		07/21	MER		-		(15,602	)
USD	1,141,537	PEN	4,491,538		08/21	CSF		-		(28,187	)
USD	433,969	PEN	1,640,401		08/21	CSF		6,762		-
USD	165,305	ZAR	2,386,639		07/21	BRC		-		(1,249	)
USD	4,918,055	ZAR	71,068,358		07/21	SCB		-		(41,522	)
USD	2,198,775	ZAR	31,010,856		08/21	DUB		43,339		-
ZAR	20,857,946	USD	1,468,372		07/21	BRC		-		(12,779	)
ZAR	8,592,038	USD	601,410		07/21	HSB		-		(1,806	)
ZAR	12,837,745	USD	895,449		07/21	MSC		447		-
Total Forward Foreign Currency Contracts								$937,468		($3,073,839	)

(e) Swap agreements outstanding as of June 30, 2021 were as follows:

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)
6.680%	Brazil CETIP Interbank	Z/Z	CME		01/02/25		BRL 24,721,348		($89,396	)		$-		($89,396	)
2.535%	3-Month CNY-RRR	Q/Q	LCH		03/18/25		CNY 14,541,000		(13,691	)		-		(13,691	)
2.575%	3-Month CNY-RRR	Q/Q	LCH		03/18/25		16,822,000		(12,131	)		-		(12,131	)
2.580%	3-Month CNY-RRR	Q/Q	LCH		03/18/25		16,101,000		(11,168	)		-		(11,168	)
2.582%	3-Month CNY-RRR	Q/Q	LCH		03/18/25		8,446,000		(5,784	)		-		(5,784	)
2.833%	3-Month CNY-RRR	Q/Q	LCH		06/16/26		32,600,000		12,976			-		12,976
									($119,194	)		$-		($119,194	)
Total Swap Agreements									($119,194	)		$-		($119,194	)

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		$-		$12,976
Liabilities		-		(132,170	)
		$-		($119,194	)

(1) Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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 A-298 and A-299

A-91

PACIFIC SELECT FUND

EMERGING MARKETS DEBT PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$176,717,121			$-		$176,717,121			$-
	Foreign Government Bonds & Notes		382,949,421			-		382,949,421			-
	Short-Term Investments		17,512,775			-		17,512,775			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		937,468			-		937,468			-
	Interest Rate Contracts
	Swaps		12,976			-		12,976			-
	Total Asset - Derivatives		950,444			-		950,444			-
	Total Assets		578,129,761			-		578,129,761			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(3,073,839	)		-		(3,073,839	)		-
	Interest Rate Contracts
	Swaps		(132,170	)		-		(132,170	)		-
	Total Liabilities - Derivatives		(3,206,009	)		-		(3,206,009	)		-
	Total Liabilities		(3,206,009	)		-		(3,206,009	)		-
	Total		$574,923,752			$-		$574,923,752			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-92

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Basic Materials - 2.9%
Air Products & Chemicals Inc		37,336		$10,740,820
Ecolab Inc		8,285		1,706,461
Linde PLC (United Kingdom)		54,286		15,694,083
PPG Industries Inc		20,693		3,513,051
RPM International Inc		97,159		8,616,060
The Sherwin-Williams Co		41,218		11,229,844
				51,500,319
Communications - 3.0%
AT&T Inc		60,431		1,739,204
Comcast Corp ‘A’		537,787		30,664,615
The Walt Disney Co *		119,510		21,006,273
				53,410,092
Consumer, Cyclical - 9.1%
Costco Wholesale Corp		27,632		10,933,153
Cummins Inc		28,716		7,001,248
Dollar General Corp		108,153		23,403,228
Hilton Worldwide Holdings Inc *		110,424		13,319,343
Las Vegas Sands Corp *		141,339		7,447,152
Marriott International Inc ‘A’ *		58,341		7,964,713
McDonald’s Corp		74,311		17,165,098
NIKE Inc ‘B’		63,443		9,801,309
PACCAR Inc		50,799		4,533,811
Ross Stores Inc		185,350		22,983,400
The Home Depot Inc		70,664		22,534,043
Tractor Supply Co		35,042		6,519,915
Yum! Brands Inc		88,911		10,227,432
				163,833,845
Consumer, Non-Cyclical - 24.6%
AbbVie Inc		214,157		24,122,644
AstraZeneca PLC ADR (United Kingdom)		169,000		10,123,100
Automatic Data Processing Inc		56,225		11,167,409
Avery Dennison Corp		81,428		17,119,423
Becton Dickinson and Co		66,040		16,060,268
Cigna Corp		63,341		15,016,251
Cintas Corp		14,421		5,508,822
Colgate-Palmolive Co		73,254		5,959,213
Danaher Corp		167,500		44,950,300
Diageo PLC (United Kingdom)		113,726		5,450,715
Eli Lilly & Co		75,200		17,259,904
Equifax Inc		43,880		10,509,699
Johnson & Johnson		113,545		18,705,403
Kimberly-Clark Corp		30,600		4,093,668
McCormick & Co Inc		64,064		5,658,132
Medtronic PLC		144,265		17,907,614
Mondelez International Inc ‘A’		389,912		24,346,105
Nestle SA (Switzerland)		81,615		10,173,070
PepsiCo Inc		154,035		22,823,366
Philip Morris International Inc		121,338		12,025,809
S&P Global Inc		32,234		13,230,445
Stryker Corp		82,228		21,357,078
The Coca-Cola Co		372,453		20,153,432
Thermo Fisher Scientific Inc		55,825		28,162,038
UnitedHealth Group Inc		96,883		38,795,829
Zoetis Inc		111,880		20,849,957
				441,529,694
Energy - 1.2%
EOG Resources Inc		145,801		12,165,635
TotalEnergies SE (France)		218,179		9,883,899
				22,049,534

	Shares		Value
Financial - 19.4%
American Express Co		53,067		$8,768,260
American Tower Corp REIT		85,768		23,169,368
Aon PLC ‘A’		59,680		14,249,197
Bank of America Corp		481,400		19,848,122
Chubb Ltd		139,984		22,249,057
CME Group Inc		43,550		9,262,214
Crown Castle International Corp REIT		75,795		14,787,604
Equity Residential REIT		288,936		22,248,072
JPMorgan Chase & Co		227,632		35,405,881
Marsh & McLennan Cos Inc		213,353		30,014,500
Morgan Stanley		272,074		24,946,465
The Charles Schwab Corp		316,689		23,058,126
The PNC Financial Services Group Inc		52,139		9,946,036
The Progressive Corp		71,805		7,051,969
Visa Inc ‘A’		212,933		49,787,994
Wells Fargo & Co		548,311		24,833,005
Willis Towers Watson PLC		31,980		7,356,040
				346,981,910
Industrial - 14.3%
Agilent Technologies Inc		142,002		20,989,316
Amphenol Corp ‘A’		178,794		12,231,298
Ball Corp		237,172		19,215,675
Caterpillar Inc		16,587		3,609,829
Deere & Co		14,140		4,987,319
Fortive Corp		118,473		8,262,307
General Electric Co		1,993,931		26,838,311
Honeywell International Inc		114,153		25,039,461
Howmet Aerospace Inc *		196,523		6,774,148
Illinois Tool Works Inc		47,938		10,717,019
JB Hunt Transport Services Inc		70,724		11,524,476
Northrop Grumman Corp		36,517		13,271,373
Rockwell Automation Inc		20,319		5,811,640
Sealed Air Corp		189,024		11,199,672
TE Connectivity Ltd		102,864		13,908,241
Union Pacific Corp		90,503		19,904,325
United Parcel Service Inc ‘B’		102,841		21,387,843
Waste Connections Inc		172,748		20,631,294
				256,303,547
Technology - 18.4%
Accenture PLC ‘A’		111,434		32,849,629
Apple Inc		457,692		62,685,496
Applied Materials Inc		143,084		20,375,162
Broadridge Financial Solutions Inc		96,357		15,564,546
Fidelity National Information Services Inc		145,387		20,596,976
Microchip Technology Inc		82,537		12,359,091
Microsoft Corp		388,709		105,301,268
QUALCOMM Inc		50,938		7,280,568
Roper Technologies Inc		57,623		27,094,335
Texas Instruments Inc		136,800		26,306,640
				330,413,711
Utilities - 3.9%
Ameren Corp		122,218		9,782,329
American Electric Power Co Inc		94,055		7,956,112
American Water Works Co Inc		47,174		7,270,929
Atmos Energy Corp		100,082		9,618,881
CMS Energy Corp		24,161		1,427,432
Eversource Energy		74,110		5,946,586
NextEra Energy Inc		235,894		17,286,312
Sempra Energy		80,760		10,699,085
				69,987,666
Total Common Stocks (Cost $1,106,179,226)				1,736,010,318

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-93

PACIFIC SELECT FUND

DIVIDEND GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENT - 3.2%
Repurchase Agreement - 3.2%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $56,683,166; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $57,816,857)		$56,683,166		$56,683,166
Total Short-Term Investment (Cost $56,683,166)				56,683,166
TOTAL INVESTMENTS - 100.0% (Cost $1,162,862,392)				1,792,693,484
OTHER ASSETS & LIABILITIES, NET - 0.0%				184,011
NET ASSETS - 100.0%				$1,792,877,495

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.6%
Financial	19.4%
Technology	18.4%
Industrial	14.3%
Consumer, Cyclical	9.1%
Utilities	3.9%
Short-Term Investment	3.2%
Communications	3.0%
Others (each less than 3.0%)	4.1%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$51,500,319		$51,500,319		$-		$-
	Communications		53,410,092		53,410,092		-		-
	Consumer, Cyclical		163,833,845		163,833,845		-		-
	Consumer, Non-Cyclical		441,529,694		425,905,909		15,623,785		-
	Energy		22,049,534		12,165,635		9,883,899		-
	Financial		346,981,910		346,981,910		-		-
	Industrial		256,303,547		256,303,547		-		-
	Technology		330,413,711		330,413,711		-		-
	Utilities		69,987,666		69,987,666		-		-
	Total Common Stocks		1,736,010,318		1,710,502,634		25,507,684		-
	Short-Term Investment		56,683,166		-		56,683,166		-
	Total		$1,792,693,484		$1,710,502,634		$82,190,850		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-94

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Basic Materials - 2.1%
Air Products & Chemicals Inc		25,061		$7,209,548
Albemarle Corp		13,600		2,291,056
Celanese Corp		12,931		1,960,340
CF Industries Holdings Inc		24,078		1,238,813
Dow Inc		84,402		5,340,959
DuPont de Nemours Inc		64,871		5,021,664
Eastman Chemical Co		15,373		1,794,798
Ecolab Inc		28,166		5,801,351
FMC Corp		14,522		1,571,280
Freeport-McMoRan Inc		165,183		6,129,941
International Flavors & Fragrances Inc		28,171		4,208,747
International Paper Co		44,521		2,729,583
Linde PLC (United Kingdom)		58,795		16,997,634
LyondellBasell Industries NV ‘A’		29,139		2,997,529
Newmont Corp		90,641		5,744,827
Nucor Corp		33,756		3,238,213
PPG Industries Inc		26,836		4,555,948
The Mosaic Co		38,566		1,230,641
The Sherwin-Williams Co		26,949		7,342,255
				87,405,127
Communications - 16.3%
Alphabet Inc ‘A’ *		34,112		83,294,340
Alphabet Inc ‘C’ *		32,295		80,941,604
Amazon.com Inc *		48,618		167,253,699
Arista Networks Inc *		6,157		2,230,743
AT&T Inc		811,895		23,366,338
Booking Holdings Inc *		4,639		10,150,550
CDW Corp		15,968		2,788,811
Charter Communications Inc ‘A’ *		15,620		11,269,049
Cisco Systems Inc		478,147		25,341,791
Comcast Corp ‘A’		519,990		29,649,830
Corning Inc		87,023		3,559,241
Discovery Inc ‘A’ *		18,403		564,604
Discovery Inc ‘C’ *		32,808		950,776
DISH Network Corp ‘A’ *		26,394		1,103,269
eBay Inc		73,212		5,140,215
Etsy Inc *		14,276		2,938,572
Expedia Group Inc *		16,234		2,657,668
F5 Networks Inc *		6,337		1,182,864
Facebook Inc ‘A’ *		271,748		94,489,497
Fox Corp ‘A’		37,868		1,406,039
Fox Corp ‘B’		18,352		645,990
Juniper Networks Inc		36,259		991,684
Lumen Technologies Inc		116,988		1,589,867
Motorola Solutions Inc		19,144		4,151,376
Netflix Inc *		50,410		26,627,066
News Corp ‘A’		44,294		1,141,456
News Corp ‘B’		10,912		265,707
NortonLifeLock Inc		65,904		1,793,907
Omnicom Group Inc		24,352		1,947,916
T-Mobile US Inc *		66,995		9,702,886
The Interpublic Group of Cos Inc		45,630		1,482,519
The Walt Disney Co *		206,287		36,259,066
Twitter Inc *		90,396		6,220,149
VeriSign Inc *		11,272		2,566,522
Verizon Communications Inc		470,807		26,379,316
ViacomCBS Inc ‘B’		68,683		3,104,472
				675,149,399
Consumer, Cyclical - 9.4%
Advance Auto Parts Inc		7,421		1,522,344
Alaska Air Group Inc *		13,969		842,470
American Airlines Group Inc *		73,874		1,566,868
Aptiv PLC *		30,582		4,811,466
AutoZone Inc *		2,424		3,617,141

	Shares		Value
Best Buy Co Inc		25,015		$2,876,225
BorgWarner Inc		27,071		1,314,026
Caesars Entertainment Inc *		23,589		2,447,359
CarMax Inc *		18,409		2,377,522
Carnival Corp *		89,953		2,371,161
Chipotle Mexican Grill Inc *		3,188		4,942,484
Copart Inc *		23,553		3,104,992
Costco Wholesale Corp		50,134		19,836,520
Cummins Inc		16,274		3,967,764
Darden Restaurants Inc		14,761		2,154,958
Delta Air Lines Inc *		72,275		3,126,617
Dollar General Corp		26,789		5,796,872
Dollar Tree Inc *		26,637		2,650,382
Domino’s Pizza Inc		4,395		2,050,224
DR Horton Inc		37,485		3,387,519
Fastenal Co		65,048		3,382,496
Ford Motor Co *		442,591		6,576,902
General Motors Co *		145,619		8,616,276
Genuine Parts Co		16,355		2,068,417
Hanesbrands Inc		40,940		764,350
Hasbro Inc		15,216		1,438,216
Hilton Worldwide Holdings Inc *		31,441		3,792,413
L Brands Inc		26,458		1,906,563
Las Vegas Sands Corp *		37,200		1,960,068
Leggett & Platt Inc		14,366		744,302
Lennar Corp ‘A’		31,089		3,088,692
Live Nation Entertainment Inc *		16,254		1,423,688
LKQ Corp *		31,604		1,555,549
Lowe’s Cos Inc		80,172		15,550,963
Marriott International Inc ‘A’ *		30,129		4,113,211
McDonald’s Corp		84,958		19,624,448
MGM Resorts International		46,518		1,983,993
Mohawk Industries Inc *		6,654		1,278,832
Newell Brands Inc		40,483		1,112,068
NIKE Inc ‘B’		144,942		22,392,090
Norwegian Cruise Line Holdings Ltd *		42,134		1,239,161
NVR Inc *		392		1,949,534
O’Reilly Automotive Inc *		7,951		4,501,936
PACCAR Inc		39,293		3,506,900
Penn National Gaming Inc *		16,837		1,287,862
Pool Corp		4,700		2,155,702
PulteGroup Inc		30,114		1,643,321
PVH Corp *		8,349		898,269
Ralph Lauren Corp		5,904		695,550
Ross Stores Inc		40,320		4,999,680
Royal Caribbean Cruises Ltd *		24,794		2,114,432
Southwest Airlines Co *		66,899		3,551,668
Starbucks Corp		133,338		14,908,522
Tapestry Inc *		31,467		1,368,185
Target Corp		56,109		13,563,790
Tesla Inc *		87,405		59,409,179
The Gap Inc		23,476		789,967
The Home Depot Inc		120,589		38,454,626
The TJX Cos Inc		137,848		9,293,712
Tractor Supply Co		13,172		2,450,782
Ulta Beauty Inc *		6,013		2,079,115
Under Armour Inc ‘A’ *		19,997		422,937
Under Armour Inc ‘C’ *		23,012		427,333
United Airlines Holdings Inc *		36,072		1,886,205
VF Corp		36,379		2,984,533
Walgreens Boots Alliance Inc		81,223		4,273,142
Walmart Inc		155,725		21,960,340
Whirlpool Corp		7,109		1,549,904
WW Grainger Inc		4,983		2,182,554
Wynn Resorts Ltd *		12,045		1,473,104
Yum! Brands Inc		33,983		3,909,064
				390,069,460
Consumer, Non-Cyclical - 19.8%
Abbott Laboratories		201,745		23,388,298
AbbVie Inc		199,999		22,527,887

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-95

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
ABIOMED Inc *		5,097		$1,590,825
Alexion Pharmaceuticals Inc *		24,899		4,574,195
Align Technology Inc *		8,156		4,983,316
Altria Group Inc		210,510		10,037,117
AmerisourceBergen Corp		16,693		1,911,182
Amgen Inc		64,903		15,820,106
Anthem Inc		27,738		10,590,368
Archer-Daniels-Midland Co		63,244		3,832,586
Automatic Data Processing Inc		47,853		9,504,563
Avery Dennison Corp		9,402		1,976,676
Baxter International Inc		57,207		4,605,163
Becton Dickinson and Co		32,908		8,002,897
Bio-Rad Laboratories Inc ‘A’ *		2,353		1,516,014
Biogen Inc *		16,944		5,867,199
Boston Scientific Corp *		160,504		6,863,151
Bristol-Myers Squibb Co		253,750		16,955,575
Brown-Forman Corp ‘B’		20,644		1,547,061
Campbell Soup Co		22,767		1,037,948
Cardinal Health Inc		33,260		1,898,813
Catalent Inc *		19,594		2,118,503
Centene Corp *		65,870		4,803,899
Charles River Laboratories International Inc *		5,633		2,083,759
Church & Dwight Co Inc		27,758		2,365,537
Cigna Corp		38,918		9,226,290
Cintas Corp		9,992		3,816,944
Colgate-Palmolive Co		96,106		7,818,223
Conagra Brands Inc		55,335		2,013,087
Constellation Brands Inc ‘A’		19,257		4,504,020
Corteva Inc		84,270		3,737,375
CVS Health Corp		149,951		12,511,911
Danaher Corp		72,288		19,399,208
DaVita Inc *		7,816		941,281
Dentsply Sirona Inc		24,679		1,561,194
DexCom Inc *		10,893		4,651,311
Edwards Lifesciences Corp *		70,731		7,325,610
Eli Lilly & Co		90,642		20,804,152
Equifax Inc		13,795		3,304,040
FleetCor Technologies Inc *		9,447		2,418,999
Gartner Inc *		9,527		2,307,439
General Mills Inc		69,250		4,219,403
Gilead Sciences Inc		142,318		9,800,017
Global Payments Inc		33,438		6,270,963
HCA Healthcare Inc		29,446		6,087,666
Henry Schein Inc *		15,796		1,171,905
Hologic Inc *		29,182		1,947,023
Hormel Foods Corp		33,562		1,602,586
Humana Inc		14,595		6,461,498
IDEXX Laboratories Inc *		9,675		6,110,246
IHS Markit Ltd		42,222		4,756,731
Illumina Inc *		16,524		7,819,322
Incyte Corp *		21,164		1,780,527
Intuitive Surgical Inc *		13,473		12,390,310
IQVIA Holdings Inc *		21,664		5,249,620
Johnson & Johnson		298,667		49,202,402
Kellogg Co		28,517		1,834,499
Kimberly-Clark Corp		38,282		5,121,366
Laboratory Corp of America Holdings *		11,054		3,049,246
Lamb Weston Holdings Inc		15,816		1,275,719
MarketAxess Holdings Inc		4,303		1,994,828
McCormick & Co Inc		28,195		2,490,182
McKesson Corp		18,008		3,443,850
Medtronic PLC		152,679		18,952,044
Merck & Co Inc		288,190		22,412,536
Molson Coors Beverage Co ‘B’ *		20,023		1,075,035
Mondelez International Inc ‘A’		159,932		9,986,154
Monster Beverage Corp *		41,871		3,824,916
Moody’s Corp		18,224		6,603,831
Nielsen Holdings PLC		41,795		1,031,083
Organon & Co *		28,657		867,161
PayPal Holdings Inc *		133,232		38,834,463
PepsiCo Inc		157,073		23,273,506

	Shares		Value
PerkinElmer Inc		12,597		$1,945,103
Perrigo Co PLC		16,780		769,363
Pfizer Inc		634,863		24,861,235
Philip Morris International Inc		176,377		17,480,724
Quanta Services Inc		15,390		1,393,872
Quest Diagnostics Inc		15,115		1,994,727
Regeneron Pharmaceuticals Inc *		11,924		6,660,031
ResMed Inc		16,480		4,062,650
Robert Half International Inc		13,669		1,216,131
Rollins Inc		27,454		938,927
S&P Global Inc		27,261		11,189,277
STERIS PLC		11,074		2,284,566
Stryker Corp		37,068		9,627,672
Sysco Corp		57,808		4,494,572
Teleflex Inc		5,288		2,124,666
The Clorox Co		14,247		2,563,178
The Coca-Cola Co		441,459		23,887,346
The Cooper Cos Inc		5,567		2,206,035
The Estee Lauder Cos Inc ‘A’		26,423		8,404,628
The Hershey Co		16,598		2,891,040
The JM Smucker Co		12,411		1,608,093
The Kraft Heinz Co		73,423		2,994,190
The Kroger Co		86,228		3,303,395
The Procter & Gamble Co		277,666		37,465,473
Thermo Fisher Scientific Inc		44,600		22,499,362
Tyson Foods Inc ‘A’		33,379		2,462,035
United Rentals Inc *		8,177		2,608,545
UnitedHealth Group Inc		107,064		42,872,708
Universal Health Services Inc ‘B’		9,318		1,364,435
Verisk Analytics Inc		18,437		3,221,313
Vertex Pharmaceuticals Inc *		29,442		5,936,390
Viatris Inc		136,711		1,953,600
West Pharmaceutical Services Inc		8,393		3,013,926
Zimmer Biomet Holdings Inc		23,541		3,785,864
Zoetis Inc		53,816		10,029,150
				823,798,582
Energy - 2.9%
APA Corp		45,925		993,358
Baker Hughes Co		81,900		1,873,053
Cabot Oil & Gas Corp		41,154		718,549
Chevron Corp		219,284		22,967,806
ConocoPhillips		153,433		9,344,070
Devon Energy Corp		65,306		1,906,282
Diamondback Energy Inc		20,528		1,927,374
Enphase Energy Inc *		15,430		2,833,411
EOG Resources Inc		66,093		5,514,800
Exxon Mobil Corp		481,371		30,364,883
Halliburton Co		100,644		2,326,889
Hess Corp		30,944		2,702,030
Kinder Morgan Inc		220,496		4,019,642
Marathon Oil Corp		90,675		1,234,993
Marathon Petroleum Corp		73,762		4,456,700
NOV Inc *		41,581		637,021
Occidental Petroleum Corp		94,955		2,969,243
ONEOK Inc		50,398		2,804,145
Phillips 66		49,471		4,245,601
Pioneer Natural Resources Co		26,284		4,271,676
Schlumberger NV		158,364		5,069,231
The Williams Cos Inc		137,470		3,649,828
Valero Energy Corp		46,273		3,612,996
				120,443,581
Financial - 15.1%
Aflac Inc		70,323		3,773,532
Alexandria Real Estate Equities Inc REIT		15,558		2,830,623
American Express Co		73,903		12,210,993
American International Group Inc		97,944		4,662,134
American Tower Corp REIT		51,569		13,930,850
Ameriprise Financial Inc		13,223		3,290,940
Aon PLC ‘A’		25,594		6,110,823

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-96

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Arthur J Gallagher & Co		23,237		$3,255,039
Assurant Inc		7,206		1,125,433
AvalonBay Communities Inc REIT		15,803		3,297,928
Bank of America Corp		855,263		35,262,494
Berkshire Hathaway Inc ‘B’ *		214,961		59,741,961
BlackRock Inc		16,077		14,066,893
Boston Properties Inc REIT		16,735		1,917,664
Capital One Financial Corp		51,206		7,921,056
Cboe Global Markets Inc		11,891		1,415,624
CBRE Group Inc ‘A’ *		38,009		3,258,512
Chubb Ltd		50,991		8,104,510
Cincinnati Financial Corp		16,979		1,980,091
Citigroup Inc		234,434		16,586,206
Citizens Financial Group Inc		48,146		2,208,457
CME Group Inc		40,660		8,647,569
Comerica Inc		15,332		1,093,785
Crown Castle International Corp REIT		48,849		9,530,440
Digital Realty Trust Inc REIT		31,839		4,790,496
Discover Financial Services		34,735		4,108,803
Duke Realty Corp REIT		42,332		2,004,420
Equinix Inc REIT		10,264		8,237,886
Equity Residential REIT		38,830		2,989,910
Essex Property Trust Inc REIT		7,361		2,208,374
Everest Re Group Ltd		4,862		1,225,273
Extra Space Storage Inc REIT		15,490		2,537,572
Federal Realty Investment Trust REIT		8,326		975,557
Fifth Third Bancorp		80,531		3,078,700
First Republic Bank		19,931		3,730,485
Franklin Resources Inc		31,577		1,010,148
Globe Life Inc		10,566		1,006,412
Healthpeak Properties Inc REIT		61,010		2,031,023
Host Hotels & Resorts Inc REIT *		78,126		1,335,173
Huntington Bancshares Inc		167,012		2,383,261
Intercontinental Exchange Inc		63,617		7,551,338
Invesco Ltd		42,239		1,129,048
Iron Mountain Inc REIT		31,110		1,316,575
JPMorgan Chase & Co		343,322		53,400,304
KeyCorp		109,725		2,265,821
Kimco Realty Corp REIT		48,114		1,003,177
Lincoln National Corp		20,013		1,257,617
Loews Corp		25,708		1,404,942
M&T Bank Corp		14,569		2,117,021
Marsh & McLennan Cos Inc		57,556		8,096,978
Mastercard Inc ‘A’		99,302		36,254,167
MetLife Inc		83,224		4,980,956
Mid-America Apartment Communities Inc REIT		12,955		2,181,881
Morgan Stanley		168,612		15,460,034
Nasdaq Inc		12,909		2,269,402
Northern Trust Corp		23,593		2,727,823
People’s United Financial Inc		49,899		855,269
Principal Financial Group Inc		28,715		1,814,501
Prologis Inc REIT		83,754		10,011,116
Prudential Financial Inc		44,963		4,607,359
Public Storage REIT		17,223		5,178,784
Raymond James Financial Inc		13,801		1,792,750
Realty Income Corp REIT		42,453		2,833,313
Regency Centers Corp REIT		18,996		1,217,074
Regions Financial Corp		108,803		2,195,645
SBA Communications Corp REIT		12,382		3,946,143
Simon Property Group Inc REIT		37,205		4,854,508
State Street Corp		39,843		3,278,282
SVB Financial Group *		6,160		3,427,609
Synchrony Financial		61,512		2,984,562
T Rowe Price Group Inc		25,817		5,110,992
The Allstate Corp		33,378		4,353,826
The Bank of New York Mellon Corp		91,375		4,681,141
The Charles Schwab Corp		171,177		12,463,397
The Goldman Sachs Group Inc		38,586		14,644,545
The Hartford Financial Services Group Inc		40,491		2,509,227
The PNC Financial Services Group Inc		48,023		9,160,867

	Shares		Value
The Progressive Corp		66,340		$6,515,251
The Travelers Cos Inc		28,565		4,276,466
The Western Union Co		50,174		1,152,497
Truist Financial Corp		152,580		8,468,190
UDR Inc REIT		32,391		1,586,511
Unum Group		21,889		621,648
US Bancorp		152,728		8,700,914
Ventas Inc REIT		42,433		2,422,924
Visa Inc ‘A’		191,572		44,793,365
Vornado Realty Trust REIT		18,125		845,894
Wells Fargo & Co		468,217		21,205,548
Welltower Inc REIT		47,272		3,928,303
Weyerhaeuser Co REIT		84,690		2,915,030
Willis Towers Watson PLC		14,607		3,359,902
WR Berkley Corp		15,869		1,181,130
Zions Bancorp NA		17,488		924,416
				628,113,033
Industrial - 8.2%
3M Co		65,587		13,027,546
Agilent Technologies Inc		34,509		5,100,775
Allegion PLC		10,056		1,400,801
Amcor PLC		176,905		2,027,331
AMETEK Inc		26,113		3,486,085
Amphenol Corp ‘A’		67,858		4,642,166
AO Smith Corp		14,543		1,047,969
Ball Corp		37,140		3,009,083
Carrier Global Corp		92,545		4,497,687
Caterpillar Inc		62,317		13,562,049
CH Robinson Worldwide Inc		15,156		1,419,663
CSX Corp		255,351		8,191,660
Deere & Co		35,499		12,520,852
Dover Corp		16,269		2,450,111
Eaton Corp PLC		45,088		6,681,140
Emerson Electric Co		67,958		6,540,278
Expeditors International of Washington Inc		19,182		2,428,441
FedEx Corp		27,619		8,239,576
Fortive Corp		38,289		2,670,275
Fortune Brands Home & Security Inc		15,705		1,564,375
Garmin Ltd		16,923		2,447,743
Generac Holdings Inc *		7,119		2,955,453
General Dynamics Corp		25,626		4,824,351
General Electric Co		993,032		13,366,211
Honeywell International Inc		78,770		17,278,199
Howmet Aerospace Inc *		43,892		1,512,957
Huntington Ingalls Industries Inc		4,736		998,112
IDEX Corp		8,953		1,970,108
Illinois Tool Works Inc		32,636		7,296,104
Ingersoll Rand Inc *		42,004		2,050,215
Jacobs Engineering Group Inc		14,550		1,941,261
JB Hunt Transport Services Inc		9,458		1,541,181
Johnson Controls International PLC		81,576		5,598,561
Kansas City Southern		10,289		2,915,594
Keysight Technologies Inc *		21,075		3,254,191
L3Harris Technologies Inc		23,282		5,032,404
Lockheed Martin Corp		27,603		10,443,595
Martin Marietta Materials Inc		7,054		2,481,668
Masco Corp		29,123		1,715,636
Mettler-Toledo International Inc *		2,651		3,672,536
Norfolk Southern Corp		28,084		7,453,774
Northrop Grumman Corp		16,978		6,170,315
Old Dominion Freight Line Inc		10,860		2,756,268
Otis Worldwide Corp		46,169		3,775,239
Packaging Corp of America		10,535		1,426,650
Parker-Hannifin Corp		14,619		4,489,641
Pentair PLC		18,808		1,269,352
Raytheon Technologies Corp		172,092		14,681,169
Republic Services Inc		23,838		2,622,418
Rockwell Automation Inc		13,155		3,762,593
Sealed Air Corp		15,933		944,030
Snap-on Inc		5,837		1,304,161

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-97

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Stanley Black & Decker Inc		18,222		$3,735,328
TE Connectivity Ltd		37,476		5,067,130
Teledyne Technologies Inc *		5,433		2,275,503
Textron Inc		26,693		1,835,678
The Boeing Co *		62,631		15,003,882
Trane Technologies PLC		27,004		4,972,517
TransDigm Group Inc *		6,194		4,009,314
Trimble Inc *		28,425		2,326,018
Union Pacific Corp		75,314		16,563,808
United Parcel Service Inc ‘B’		82,093		17,072,881
Vulcan Materials Co		15,012		2,613,139
Waste Management Inc		44,091		6,177,590
Waters Corp *		7,000		2,419,270
Westinghouse Air Brake Technologies Corp		20,110		1,655,053
Westrock Co		29,845		1,588,351
Xylem Inc		20,427		2,450,423
				338,225,438
Technology - 23.0%
Accenture PLC ‘A’		72,260		21,301,525
Activision Blizzard Inc		87,746		8,374,478
Adobe Inc *		54,064		31,662,041
Advanced Micro Devices Inc *		138,763		13,034,009
Akamai Technologies Inc *		18,486		2,155,468
Analog Devices Inc		41,780		7,192,845
ANSYS Inc *		9,825		3,409,864
Apple Inc		1,779,071		243,661,564
Applied Materials Inc		103,932		14,799,917
Autodesk Inc *		24,904		7,269,478
Broadcom Inc		46,235		22,046,697
Broadridge Financial Solutions Inc		13,115		2,118,466
Cadence Design Systems Inc *		31,596		4,322,965
Cerner Corp		33,167		2,592,333
Citrix Systems Inc		13,886		1,628,411
Cognizant Technology Solutions Corp ‘A’		60,096		4,162,249
DXC Technology Co *		30,856		1,201,533
Electronic Arts Inc		32,576		4,685,406
Fidelity National Information Services Inc		70,347		9,966,059
Fiserv Inc *		67,549		7,220,313
Fortinet Inc *		15,341		3,654,073
Hewlett Packard Enterprise Co		147,364		2,148,567
HP Inc		136,240		4,113,086
Intel Corp		457,970		25,710,436
International Business Machines Corp		101,206		14,835,787
Intuit Inc		31,014		15,202,132
IPG Photonics Corp *		4,217		888,817
Jack Henry & Associates Inc		8,426		1,377,735
KLA Corp		17,450		5,657,464
Lam Research Corp		16,185		10,531,579
Leidos Holdings Inc		15,106		1,527,217
Maxim Integrated Products Inc		30,358		3,198,519
Microchip Technology Inc		31,290		4,685,365
Micron Technology Inc *		126,698		10,766,796
Microsoft Corp		854,210		231,405,489
Monolithic Power Systems Inc		4,791		1,789,199
MSCI Inc		9,352		4,985,364
NetApp Inc		25,211		2,062,764
NVIDIA Corp		70,658		56,533,466
NXP Semiconductors NV (China)		31,373		6,454,053
Oracle Corp		206,033		16,037,609
Paychex Inc		36,351		3,900,462
Paycom Software Inc *		5,559		2,020,530
PTC Inc *		11,906		1,681,842
Qorvo Inc *		12,828		2,509,798
QUALCOMM Inc		127,759		18,260,594
Roper Technologies Inc		11,885		5,588,327
salesforce.com Inc *		105,022		25,653,724
Seagate Technology Holdings PLC (Ireland)		22,750		2,000,407
ServiceNow Inc *		22,452		12,338,497
Skyworks Solutions Inc		18,676		3,581,123

	Shares		Value
Synopsys Inc *		17,257		$4,759,308
Take-Two Interactive Software Inc *		13,045		2,309,226
Teradyne Inc		18,879		2,529,031
Texas Instruments Inc		104,872		20,166,886
Tyler Technologies Inc *		4,596		2,079,092
Western Digital Corp *		34,668		2,467,322
Xilinx Inc		27,835		4,026,054
Zebra Technologies Corp ‘A’ *		6,056		3,206,591
				955,449,952
Utilities - 2.4%
Alliant Energy Corp		28,136		1,568,863
Ameren Corp		29,718		2,378,629
American Electric Power Co Inc		57,677		4,878,897
American Water Works Co Inc		20,549		3,167,217
Atmos Energy Corp		15,135		1,454,625
CenterPoint Energy Inc		68,947		1,690,580
CMS Energy Corp		32,453		1,917,323
Consolidated Edison Inc		38,781		2,781,373
Dominion Energy Inc		91,245		6,712,895
DTE Energy Co		21,946		2,844,202
Duke Energy Corp		87,057		8,594,267
Edison International		42,957		2,483,774
Entergy Corp		22,706		2,263,788
Evergy Inc		25,703		1,553,232
Eversource Energy		38,848		3,117,164
Exelon Corp		110,577		4,899,667
FirstEnergy Corp		61,523		2,289,271
NextEra Energy Inc		221,970		16,265,962
NiSource Inc		47,213		1,156,719
NRG Energy Inc		27,231		1,097,409
Pinnacle West Capital Corp		13,191		1,081,266
PPL Corp		87,093		2,435,991
Public Service Enterprise Group Inc		57,205		3,417,427
Sempra Energy		35,734		4,734,040
The AES Corp		75,668		1,972,665
The Southern Co		119,669		7,241,171
WEC Energy Group Inc		35,725		3,177,739
Xcel Energy Inc		60,893		4,011,631
				101,187,787
Total Common Stocks (Cost $2,167,532,438)				4,119,842,359
	Principal Amount
SHORT-TERM INVESTMENT - 0.7%
Repurchase Agreement - 0.7%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $30,085,001; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $30,686,794)		$30,085,001		30,085,001
Total Short-Term Investment (Cost $30,085,001)				30,085,001
TOTAL INVESTMENTS - 99.9% (Cost $2,197,617,439)				4,149,927,360
DERIVATIVES - 0.0%				369,990
OTHER ASSETS & LIABILITIES, NET - 0.1%				2,468,972
NET ASSETS - 100.0%				$4,152,766,322

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-98

PACIFIC SELECT FUND

EQUITY INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	23.0%
Consumer, Non-Cyclical	19.8%
Communications	16.3%
Financial	15.1%
Consumer, Cyclical	9.4%
Industrial	8.2%
Others (each less than 3.0%)	8.1%
	99.9%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index	09/21		153		$32,437,800		$32,807,790		$369,990

(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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$4,119,842,359		$4,119,842,359		$-		$-
	Short-Term Investment		30,085,001		-		30,085,001		-
	Derivatives:
	Equity Contracts
	Futures		369,990		369,990		-		-
	Total		$4,150,297,350		$4,120,212,349		$30,085,001		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-99

PACIFIC SELECT FUND

FOCUSED GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Diversified - 0.0%
Altimeter Growth Corp Exercise @ $11.50 Exp 09/30/25 *		14,921		$47,598
Total Warrants (Cost $42,682)				47,598
COMMON STOCKS - 99.0%
Basic Materials - 2.3%
The Sherwin-Williams Co		71,133		19,380,186
Communications - 32.0%
Alphabet Inc ‘C’ *		12,735		31,917,985
Amazon.com Inc *		20,641		71,008,343
Booking Holdings Inc *		9,570		20,940,021
Facebook Inc ‘A’ *		139,509		48,508,674
Match Group Inc *		76,670		12,363,038
Netflix Inc *		35,943		18,985,452
Snap Inc ‘A’ *		401,471		27,356,234
T-Mobile US Inc *		122,161		17,692,578
The Walt Disney Co *		46,880		8,240,098
Uber Technologies Inc *		87,579		4,389,459
Wix.com Ltd * (Israel)		38,429		11,155,170
				272,557,052
Consumer, Cyclical - 4.4%
Caesars Entertainment Inc *		83,925		8,707,219
LVMH Moet Hennessy Louis Vuitton SE (France)		24,601		19,352,543
NIKE Inc ‘B’		58,437		9,027,932
				37,087,694
Consumer, Non-Cyclical - 16.2%
Accolade Inc *		89,278		4,848,688
Align Technology Inc *		33,884		20,703,124
Ascendis Pharma AS ADR * (Denmark)		35,262		4,638,716
Boston Scientific Corp *		467,427		19,987,179
CoStar Group Inc *		186,970		15,484,856
Danaher Corp		102,176		27,419,951
DexCom Inc *		41,840		17,865,680
Dlocal Ltd * (Uruguay)		92,995		4,885,027
Neurocrine Biosciences Inc *		81,948		7,975,179
The Cooper Cos Inc		34,810		13,794,159
				137,602,559
Diversified - 0.1%
Altimeter Growth Corp ‘A’ *		74,605		872,878
Financial - 8.3%
American Tower Corp REIT		61,469		16,605,236
Mastercard Inc ‘A’		129,465		47,266,377
OneMain Holdings Inc		115,715		6,932,485
				70,804,098
Industrial - 6.3%
Crown Holdings Inc		209,984		21,462,465
Howmet Aerospace Inc *		545,329		18,797,490
L3Harris Technologies Inc		63,518		13,729,416
				53,989,371
Technology - 29.4%
Adobe Inc *		48,463		28,381,871
Apple Inc		252,522		34,585,413
ASML Holding NV (Netherlands)		37,824		26,130,332

	Shares		Value
Atlassian Corp PLC ‘A’ *		41,323		$10,614,226
Microsoft Corp		273,684		74,140,995
NVIDIA Corp		37,377		29,905,338
Texas Instruments Inc		127,542		24,526,327
Twilio Inc ‘A’ *		33,019		13,014,769
Workday Inc ‘A’ *		38,411		9,170,242
				250,469,513
Total Common Stocks (Cost $645,410,004)				842,763,351
	Principal Amount
SHORT-TERM INVESTMENT - 1.4%
Repurchase Agreement - 1.4%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $11,874,611; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $12,112,181)		$11,874,611		11,874,611
Total Short-Term Investment (Cost $11,874,611)				11,874,611
TOTAL INVESTMENTS - 100.4% (Cost $657,327,297)				854,685,560
OTHER ASSETS & LIABILITIES, NET - (0.4%)				(3,292,553	)
NET ASSETS - 100.0%				$851,393,007

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Communications	32.0%
Technology	29.4%
Consumer, Non-Cyclical	16.2%
Financial	8.3%
Industrial	6.3%
Consumer, Cyclical	4.4%
Others (each less than 3.0%)	3.8%
	100.4%
Other Assets & Liabilities, Net	(0.4%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-100

PACIFIC SELECT FUND

FOCUSED GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$47,598		$47,598		$-		$-
	Common Stocks
	Basic Materials		19,380,186		19,380,186		-		-
	Communications		272,557,052		272,557,052		-		-
	Consumer, Cyclical		37,087,694		17,735,151		19,352,543		-
	Consumer, Non-Cyclical		137,602,559		137,602,559		-		-
	Diversified		872,878		872,878		-		-
	Financial		70,804,098		70,804,098		-		-
	Industrial		53,989,371		53,989,371		-		-
	Technology		250,469,513		250,469,513		-		-
	Total Common Stocks		842,763,351		823,410,808		19,352,543		-
	Short-Term Investment		11,874,611		-		11,874,611		-
	Total		$854,685,560		$823,458,406		$31,227,154		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-101

PACIFIC SELECT FUND

GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Basic Materials - 1.4%
The Sherwin-Williams Co		117,837		$32,104,691
Communications - 25.8%
Airbnb Inc ‘A’ *		3,216		492,498
Alphabet Inc ‘A’ *		48,399		118,180,194
Alphabet Inc ‘C’ *		14,845		37,206,320
Amazon.com Inc *		51,901		178,547,744
Bumble Inc ‘A’ *		76,358		4,398,221
Charter Communications Inc ‘A’ *		52,219		37,673,398
Facebook Inc ‘A’ *		246,889		85,845,774
Match Group Inc *		150,256		24,228,780
Netflix Inc *		58,453		30,875,459
Pinterest Inc ‘A’ *		60,091		4,744,185
Sea Ltd ADR * (Taiwan)		64,639		17,749,869
Shopify Inc ‘A’ * (Canada)		7,606		11,112,214
Spotify Technology SA *		18,349		5,056,801
Uber Technologies Inc *		234,612		11,758,754
				567,870,211
Consumer, Cyclical - 3.1%
Chipotle Mexican Grill Inc *		7,610		11,798,087
Dollar General Corp		46,885		10,145,445
Lululemon Athletica Inc *		24,125		8,804,901
MGM Resorts International		97,801		4,171,213
NIKE Inc ‘B’		129,633		20,027,002
Ross Stores Inc		58,924		7,306,576
Starbucks Corp		51,508		5,759,110
				68,012,334
Consumer, Non-Cyclical - 20.8%
Abbott Laboratories		259,146		30,042,796
Alnylam Pharmaceuticals Inc *		25,987		4,405,316
Becton Dickinson and Co		39,785		9,675,314
Boston Scientific Corp *		500,396		21,396,933
Colgate-Palmolive Co		237,067		19,285,400
CoStar Group Inc *		203,244		16,832,668
Danaher Corp		172,937		46,409,373
Edwards Lifesciences Corp *		134,919		13,973,561
Equifax Inc		54,756		13,114,610
Global Payments Inc		50,544		9,479,022
ICON PLC * (Ireland)		82,068		16,964,276
PayPal Holdings Inc *		214,039		62,388,088
Square Inc ‘A’ *		104,838		25,559,504
STERIS PLC		29,918		6,172,083
The Estee Lauder Cos Inc ‘A’		103,621		32,959,768
Thermo Fisher Scientific Inc		76,946		38,816,949
TransUnion		192,208		21,106,361
UnitedHealth Group Inc		9,476		3,794,569
Verisk Analytics Inc		154,832		27,052,247
Vertex Pharmaceuticals Inc *		54,257		10,939,839
Zoetis Inc		144,008		26,837,331
				457,206,008
Financial - 8.5%
American Tower Corp REIT		51,875		14,013,513
Aon PLC ‘A’		50,867		12,145,005
Equinix Inc REIT		12,438		9,982,739
Mastercard Inc ‘A’		188,004		68,638,380
The Charles Schwab Corp		273,308		19,899,555
Visa Inc ‘A’		264,048		61,739,703
				186,418,895

	Shares		Value
Industrial - 3.2%
AMETEK Inc		147,592		$19,703,532
Canadian Pacific Railway Ltd (NYSE) (Canada)		190,605		14,659,431
Johnson Controls International PLC		126,834		8,704,617
Vulcan Materials Co		162,603		28,304,304
				71,371,884
Technology - 36.6%
Activision Blizzard Inc		181,436		17,316,252
Adobe Inc *		160,287		93,870,479
Apple Inc		385,647		52,818,213
Applied Materials Inc		169,103		24,080,267
ASML Holding NV (Netherlands)		31,441		21,720,701
Atlassian Corp PLC ‘A’ *		37,254		9,569,062
Autodesk Inc *		96,165		28,070,564
Black Knight Inc *		67,240		5,243,375
Cadence Design Systems Inc *		103,613		14,176,331
Clarivate PLC * (United Kingdom)		523,942		14,424,123
Electronic Arts Inc		147,930		21,276,772
Intuit Inc		101,661		49,831,172
Lam Research Corp		54,042		35,165,129
Microsoft Corp		837,858		226,975,732
MSCI Inc		71,776		38,262,350
NVIDIA Corp		66,913		53,537,091
Qualtrics International Inc ‘A’ *		25,074		959,081
ROBLOX Corp ‘A’ *		83,480		7,511,530
Roper Technologies Inc		27,007		12,698,691
salesforce.com Inc *		124,193		30,336,624
ServiceNow Inc *		45,929		25,240,282
Synopsys Inc *		39,295		10,837,168
Take-Two Interactive Software Inc *		63,376		11,218,820
				805,139,809
Total Common Stocks (Cost $1,291,056,394)				2,188,123,832
	Principal Amount
SHORT-TERM INVESTMENT - 0.7%
Repurchase Agreement - 0.7%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $15,753,795; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $16,068,967)		$15,753,795		15,753,795
Total Short-Term Investment (Cost $15,753,795)				15,753,795
TOTAL INVESTMENTS - 100.1% (Cost $1,306,810,189)				2,203,877,627
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(2,854,441	)
NET ASSETS - 100.0%				$2,201,023,186

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	36.6%
Communications	25.8%
Consumer, Non-Cyclical	20.8%
Financial	8.5%
Industrial	3.2%
Consumer, Cyclical	3.1%
Others (each less than 3.0%)	2.1%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-102

PACIFIC SELECT FUND

GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$2,188,123,832		$2,188,123,832		$-		$-
	Short-Term Investment		15,753,795		-		15,753,795		-
	Total		$2,203,877,627		$2,188,123,832		$15,753,795		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-103

PACIFIC SELECT FUND

HEDGED EQUITY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Basic Materials - 2.1%
Air Products & Chemicals Inc		111		$31,932
Celanese Corp		244		36,990
DuPont de Nemours Inc		1,077		83,371
Eastman Chemical Co		1,029		120,136
Freeport-McMoRan Inc		865		32,100
Linde PLC (United Kingdom)		264		76,322
LyondellBasell Industries NV ‘A’		184		18,928
PPG Industries Inc		863		146,512
				546,291
Communications - 16.3%
Alphabet Inc ‘A’ *		270		659,283
Alphabet Inc ‘C’ *		213		533,846
Altice USA Inc ‘A’ *		730		24,922
Amazon.com Inc *		336		1,155,894
Booking Holdings Inc *		48		105,028
Charter Communications Inc ‘A’ *		229		165,212
Cisco Systems Inc		1,546		81,938
Comcast Corp ‘A’		4,210		240,054
Facebook Inc ‘A’ *		1,684		585,544
Fox Corp ‘A’		163		6,052
Lyft Inc ‘A’ *		585		35,381
Motorola Solutions Inc		68		14,746
Netflix Inc *		393		207,586
T-Mobile US Inc *		1,532		221,880
The Walt Disney Co *		502		88,237
Verizon Communications Inc		2,889		161,871
				4,287,474
Consumer, Cyclical - 8.4%
Aptiv PLC *		176		27,690
AutoZone Inc *		16		23,875
Best Buy Co Inc		880		101,182
Carter’s Inc		521		53,752
Costco Wholesale Corp		218		86,256
Delta Air Lines Inc *		664		28,725
Dollar General Corp		106		22,937
Dollar Tree Inc *		488		48,556
DR Horton Inc		97		8,766
General Motors Co *		973		57,572
Hilton Worldwide Holdings Inc *		530		63,929
Lennar Corp ‘A’		1,148		114,054
Lowe’s Cos Inc		1,303		252,743
Magna International Inc (Canada)		630		58,363
NIKE Inc ‘B’		1,244		192,185
O’Reilly Automotive Inc *		228		129,096
Royal Caribbean Cruises Ltd *		153		13,048
Southwest Airlines Co *		860		45,657
Target Corp		431		104,190
Tesla Inc *		538		365,679
The Home Depot Inc		749		238,849
The TJX Cos Inc		1,488		100,321
Yum! Brands Inc		706		81,211
				2,218,636
Consumer, Non-Cyclical - 19.1%
Abbott Laboratories		1,398		162,070
AbbVie Inc		2,380		268,083
ABIOMED Inc *		31		9,675
Alexion Pharmaceuticals Inc *		149		27,373
Altria Group Inc		2,559		122,013
AmerisourceBergen Corp		229		26,218
Anthem Inc		346		132,103
Becton Dickinson and Co		303		73,687
Biogen Inc *		223		77,218
Booz Allen Hamilton Holding Corp		386		32,879

	Shares		Value
Boston Scientific Corp *		2,451		$104,805
Bristol-Myers Squibb Co		3,417		228,324
Centene Corp *		614		44,779
Cigna Corp		651		154,333
Cintas Corp		73		27,886
Constellation Brands Inc ‘A’		346		80,926
Danaher Corp		132		35,424
DexCom Inc *		66		28,182
Eli Lilly & Co		998		229,061
FleetCor Technologies Inc *		60		15,364
Illumina Inc *		149		70,508
Intuitive Surgical Inc *		47		43,223
Johnson & Johnson		1,562		257,324
Kimberly-Clark Corp		723		96,723
Medtronic PLC		1,758		218,221
Merck & Co Inc		1,750		136,097
Mondelez International Inc ‘A’		2,383		148,794
Organon & Co *		212		6,415
PayPal Holdings Inc *		755		220,067
Pfizer Inc		1,243		48,676
Philip Morris International Inc		1,834		181,768
Regeneron Pharmaceuticals Inc *		127		70,935
S&P Global Inc		554		227,389
The Coca-Cola Co		3,452		186,788
The Estee Lauder Cos Inc ‘A’		275		87,472
The Kroger Co		200		7,662
The Procter & Gamble Co		2,198		296,576
Thermo Fisher Scientific Inc		538		271,405
UnitedHealth Group Inc		840		336,370
Vertex Pharmaceuticals Inc *		508		102,428
Zimmer Biomet Holdings Inc		766		123,188
				5,018,432
Energy - 2.8%
Cabot Oil & Gas Corp		332		5,797
Cheniere Energy Inc *		424		36,778
Chevron Corp		1,346		140,980
ConocoPhillips		1,599		97,379
Diamondback Energy Inc		744		69,854
EOG Resources Inc		821		68,504
Kinder Morgan Inc		1,525		27,801
Phillips 66		758		65,052
Pioneer Natural Resources Co		720		117,014
The Williams Cos Inc		3,778		100,306
				729,465
Financial - 15.0%
American International Group Inc		868		41,317
Ameriprise Financial Inc		81		20,159
Bank of America Corp		3,352		138,203
Berkshire Hathaway Inc ‘B’ *		1,499		416,602
Camden Property Trust REIT		496		65,804
Capital One Financial Corp		870		134,580
Chubb Ltd		496		78,834
Citigroup Inc		2,668		188,761
Equinix Inc REIT		139		111,561
Equity LifeStyle Properties Inc REIT		288		21,401
Intercontinental Exchange Inc		1,032		122,498
KeyCorp		570		11,770
Marsh & McLennan Cos Inc		245		34,467
Mastercard Inc ‘A’		996		363,630
Mid-America Apartment Communities Inc REIT		309		52,042
Morgan Stanley		2,045		187,506
Prologis Inc REIT		1,038		124,072
Prudential Financial Inc		408		41,808
Public Storage REIT		67		20,146
Regions Financial Corp		3,774		76,159
State Street Corp		1,291		106,223
Sun Communities Inc REIT		142		24,339

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-104

PACIFIC SELECT FUND

HEDGED EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
SVB Financial Group *		83		$46,184
T Rowe Price Group Inc		672		133,036
The Allstate Corp		272		35,480
The Charles Schwab Corp		347		25,265
The Goldman Sachs Group Inc		591		224,302
The Hartford Financial Services Group Inc		1,092		67,671
The Progressive Corp		1,361		133,664
The Travelers Cos Inc		174		26,050
Truist Financial Corp		1,516		84,138
UDR Inc REIT		205		10,041
US Bancorp		2,002		114,054
Ventas Inc REIT		728		41,569
Visa Inc ‘A’		1,408		329,219
Voya Financial Inc		258		15,867
Wells Fargo & Co		5,637		255,300
				3,923,722
Industrial - 8.0%
Amphenol Corp ‘A’		404		27,637
Crown Holdings Inc		276		28,210
Deere & Co		632		222,913
Eaton Corp PLC		1,171		173,519
FedEx Corp		554		165,275
General Dynamics Corp		232		43,676
Honeywell International Inc		506		110,991
Ingersoll Rand Inc *		785		38,316
Johnson Controls International PLC		522		35,825
Masco Corp		1,336		78,704
Norfolk Southern Corp		531		140,933
Northrop Grumman Corp		249		90,494
Otis Worldwide Corp		669		54,704
Parker-Hannifin Corp		355		109,024
Raytheon Technologies Corp		1,561		133,169
Stanley Black & Decker Inc		700		143,493
Trane Technologies PLC		977		179,905
Union Pacific Corp		413		90,831
United Parcel Service Inc ‘B’		855		177,814
Waters Corp *		48		16,589
Westrock Co		742		39,489
				2,101,511
Technology - 22.8%
Accenture PLC ‘A’		993		292,727
Advanced Micro Devices Inc *		1,649		154,891
Analog Devices Inc		1,066		183,523
Apple Inc		11,172		1,530,117
Applied Materials Inc		1,476		210,182
Fiserv Inc *		105		11,223
Fortinet Inc *		99		23,581
Intel Corp		1,450		81,403
Intuit Inc		461		225,968
Lam Research Corp		341		221,889
Leidos Holdings Inc		813		82,194
Microchip Technology Inc		334		50,013
Micron Technology Inc *		311		26,429
Microsoft Corp		6,264		1,696,918
NVIDIA Corp		433		346,443
NXP Semiconductors NV (China)		631		129,809
Oracle Corp		1,280		99,635
QUALCOMM Inc		250		35,733
salesforce.com Inc *		600		146,562
Seagate Technology Holdings PLC (Ireland)		1,222		107,450
Texas Instruments Inc		1,379		265,182
Workday Inc ‘A’ *		212		50,613
				5,972,485
Utilities - 2.4%
CenterPoint Energy Inc		824		20,205
Duke Energy Corp		1,410		139,195
Evergy Inc		1,104		66,715

	Shares		Value
NextEra Energy Inc		2,558		$187,450
Public Service Enterprise Group Inc		419		25,031
Sempra Energy		788		104,394
Xcel Energy Inc		1,184		78,002
				620,992
Total Common Stocks (Cost $24,741,933)				25,419,008
	Principal Amount
SHORT-TERM INVESTMENT - 4.8%
Repurchase Agreement - 4.8%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $1,255,447; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $1,280,637)		$1,255,447		1,255,447
Total Short-Term Investment (Cost $1,255,447)				1,255,447
TOTAL INVESTMENTS - 101.7% (Cost $25,997,380)				26,674,455
DERIVATIVES - 0.1%				17,514
OTHER ASSETS & LIABILITIES, NET - (1.8%)				(464,910	)
NET ASSETS - 100.0%				$26,227,059

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	22.8%
Consumer, Non-Cyclical	19.1%
Communications	16.3%
Financial	15.0%
Consumer, Cyclical	8.4%
Industrial	8.0%
Short-Term Investment	4.8%
Others (each less than 3.0%)	7.3%
	101.7%
Derivatives	0.1%
Other Assets & Liabilities, Net	(1.8%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-105

PACIFIC SELECT FUND

HEDGED EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(b) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/21		2		$428,304		$428,860		$556

(c) Purchased options outstanding as of June 30, 2021 were as follows:

Options on Indices

Description

Exercise Price

Expiration Date

Exchange

Number of Contracts

Notional Amount

Cost

Value

Put - S&P 500 Index

$4,065.00

09/30/21

CBOE

61

$24,796,500

$406,931

$406,748

Total Purchased Options

$406,931

$406,748

(d) Premiums received and value of written options outstanding as of June 30, 2021 were as follows:

Options on Indices

Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - S&P 500 Index		$4,430.00		09/30/21		CBOE		61		$27,023,300		$294,325		($294,508	)
Put - S&P 500 Index		3,425.00		09/30/21		CBOE		61		20,892,500		98,454		(95,282	)
Total Written Options												$392,779		($389,790	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$25,419,008			$25,419,008		$-			$-
	Short-Term Investment		1,255,447			-		1,255,447			-
	Derivatives:
	Equity Contracts
	Futures		556			556		-			-
	Purchased options		406,748			-		406,748			-
	Total Equity Contracts		407,304			556		406,748			-
	Total Assets		27,081,759			25,419,564		1,662,195			-
Liabilities	Derivatives:
	Equity Contracts
	Written options		(389,790	)		-		(389,790	)		-
	Total Liabilities		(389,790	)		-		(389,790	)		-
	Total		$26,691,969			$25,419,564		$1,272,405			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-106

PACIFIC SELECT FUND

LARGE-CAP GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 100.0%
Basic Materials - 1.9%
Freeport-McMoRan Inc		203,033		$7,534,555
The Sherwin-Williams Co		59,541		16,221,945
				23,756,500
Communications - 31.2%
Alphabet Inc ‘A’ *		22,793		55,655,720
Amazon.com Inc *		31,977		110,005,996
Etsy Inc *		73,688		15,167,938
Facebook Inc ‘A’ *		131,335		45,666,493
Match Group Inc *		27,433		4,423,571
MercadoLibre Inc * (Argentina)		16,790		26,155,294
Netflix Inc *		51,343		27,119,886
Sea Ltd ADR * (Taiwan)		80,062		21,985,025
Shopify Inc ‘A’ * (Canada)		10,328		15,089,002
Snap Inc ‘A’ *		420,571		28,657,708
T-Mobile US Inc *		60,801		8,805,809
Tencent Holdings Ltd (China)		186,600		14,049,575
Wix.com Ltd * (Israel)		57,544		16,703,872
				389,485,889
Consumer, Cyclical - 6.5%
Dollar Tree Inc *		118,548		11,795,526
Domino’s Pizza Inc		16,252		7,581,395
Lowe’s Cos Inc		50,146		9,726,820
LVMH Moet Hennessy Louis Vuitton SE (France)		15,445		12,149,914
NIKE Inc ‘B’		208,837		32,263,228
The TJX Cos Inc		121,557		8,195,373
				81,712,256
Consumer, Non-Cyclical - 14.6%
AstraZeneca PLC ADR (United Kingdom)		136,742		8,190,846
CoStar Group Inc *		157,770		13,066,511
Danaher Corp		71,542		19,199,011
Eli Lilly & Co		26,643		6,115,101
Intuitive Surgical Inc *		10,208		9,387,685
Lonza Group AG (Switzerland)		17,290		12,257,858
PayPal Holdings Inc *		77,787		22,673,355
S&P Global Inc		90,633		37,200,315
TransUnion		145,918		16,023,256
UnitedHealth Group Inc		47,253		18,921,991
Zoetis Inc		102,757		19,149,794
				182,185,723
Financial - 9.0%
Mastercard Inc ‘A’		121,953		44,523,821
Morgan Stanley		180,278		16,529,690
Visa Inc ‘A’		217,582		50,875,023
				111,928,534
Industrial - 3.2%
Ball Corp		81,280		6,585,306
Fortive Corp		130,138		9,075,824
TransDigm Group Inc *		23,632		15,296,757
Union Pacific Corp		40,101		8,819,413
				39,777,300
Technology - 33.6%
Adobe Inc *		52,543		30,771,283
Analog Devices Inc		170,009		29,268,749
Apple Inc		289,837		39,696,076
ASML Holding NV (Netherlands)		56,182		38,812,773
Autodesk Inc *		55,990		16,343,481
Crowdstrike Holdings Inc ‘A’ *		25,028		6,289,787
Fidelity National Information Services Inc		47,561		6,737,967
Intuit Inc		73,390		35,973,576

	Shares		Value
Marvell Technology Inc		450,209		$26,260,691
Microsoft Corp		373,287		101,123,448
NVIDIA Corp		24,435		19,550,444
RingCentral Inc ‘A’ *		41,838		12,157,286
Roper Technologies Inc		43,697		20,546,329
ServiceNow Inc *		66,249		36,407,138
				419,939,028
Total Common Stocks (Cost $756,778,159)				1,248,785,230
	Principal Amount
SHORT-TERM INVESTMENT - 0.1%
Repurchase Agreement - 0.1%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $1,742,498; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $1,777,360)		$1,742,498		1,742,498
Total Short-Term Investment (Cost $1,742,498)				1,742,498
TOTAL INVESTMENTS - 100.1% (Cost $758,520,657)				1,250,527,728
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(1,483,682	)
NET ASSETS - 100.0%				$1,249,044,046

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	33.6%
Communications	31.2%
Consumer, Non-Cyclical	14.6%
Financial	9.0%
Consumer, Cyclical	6.5%
Industrial	3.2%
Others (each less than 3.0%)	2.0%
	100.1%
Other Assets & Liabilities, Net	(0.1%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-107

PACIFIC SELECT FUND

LARGE-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$23,756,500		$23,756,500		$-		$-
	Communications		389,485,889		375,436,314		14,049,575		-
	Consumer, Cyclical		81,712,256		69,562,342		12,149,914		-
	Consumer, Non-Cyclical		182,185,723		169,927,865		12,257,858		-
	Financial		111,928,534		111,928,534		-		-
	Industrial		39,777,300		39,777,300		-		-
	Technology		419,939,028		419,939,028		-		-
	Total Common Stocks		1,248,785,230		1,210,327,883		38,457,347		-
	Short-Term Investment		1,742,498		-		1,742,498		-
	Total		$1,250,527,728		$1,210,327,883		$40,199,845		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-108

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Basic Materials - 3.6%
Air Products & Chemicals Inc		99,300		$28,566,624
PPG Industries Inc		111,718		18,966,365
				47,532,989
Communications - 17.2%
Alphabet Inc ‘A’ *		8,650		21,121,483
Booking Holdings Inc *		13,752		30,090,614
Charter Communications Inc ‘A’ *		38,101		27,487,966
Cisco Systems Inc		446,510		23,665,030
Comcast Corp ‘A’		684,791		39,046,783
DISH Network Corp ‘A’ *		886,041		37,036,514
Motorola Solutions Inc		132,445		28,720,698
T-Mobile US Inc *		143,758		20,820,471
				227,989,559
Consumer, Cyclical - 3.1%
The Home Depot Inc		69,531		22,172,741
The TJX Cos Inc		284,284		19,166,427
				41,339,168
Consumer, Non-Cyclical - 7.9%
Amgen Inc		63,948		15,587,325
Anthem Inc		59,208		22,605,614
Johnson & Johnson		145,399		23,953,031
Merck & Co Inc		147,536		11,473,875
PepsiCo Inc		84,570		12,530,737
UnitedHealth Group Inc		46,347		18,559,193
				104,709,775
Energy - 5.2%
Chevron Corp		217,030		22,731,722
ConocoPhillips		452,220		27,540,198
Enterprise Products Partners LP		757,439		18,277,003
				68,548,923
Financial - 26.0%
American Express Co		301,004		49,734,891
American Tower Corp REIT		97,953		26,461,023
Bank of America Corp		1,417,733		58,453,132
Berkshire Hathaway Inc ‘B’ *		71,289		19,812,639
Capital One Financial Corp		156,350		24,185,781
JPMorgan Chase & Co		360,545		56,079,169
Marsh & McLennan Cos Inc		120,610		16,967,415
The Bank of New York Mellon Corp		338,499		17,341,304
The Charles Schwab Corp		397,634		28,951,732
The Progressive Corp		160,316		15,744,634
The Travelers Cos Inc		103,909		15,556,216
US Bancorp		261,494		14,897,313
				344,185,249
Industrial - 22.0%
Deere & Co		121,832		42,971,365
Honeywell International Inc		122,239		26,813,125
Illinois Tool Works Inc		99,011		22,134,899
Martin Marietta Materials Inc		44,989		15,827,580
Northrop Grumman Corp		62,799		22,823,041
Otis Worldwide Corp		189,707		15,512,341
Raytheon Technologies Corp		479,434		40,900,515
TE Connectivity Ltd		334,669		45,250,595
United Parcel Service Inc ‘B’		135,714		28,224,441
Vertiv Holdings Co		1,146,935		31,311,325
				291,769,227
Technology - 7.3%
Apple Inc		39,592		5,422,520
Lam Research Corp		43,035		28,002,874

	Shares		Value
Microsoft Corp		48,081		$13,025,143
NXP Semiconductors NV (China)		78,030		16,052,332
Oracle Corp		187,576		14,600,916
QUALCOMM Inc		143,130		20,457,571
				97,561,356
Utilities - 5.7%
Edison International		503,958		29,138,852
Sempra Energy		347,940		46,095,091
				75,233,943
Total Common Stocks (Cost $843,225,726)				1,298,870,189
	Principal Amount
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $19,447,091; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $19,836,037)		$19,447,091		19,447,091
Total Short-Term Investment (Cost $19,447,091)				19,447,091
TOTAL INVESTMENTS - 99.5% (Cost $862,672,817)				1,318,317,280
OTHER ASSETS & LIABILITIES, NET - 0.5%				6,470,768
NET ASSETS - 100.0%				$1,324,788,048

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	26.0%
Industrial	22.0%
Communications	17.2%
Consumer, Non-Cyclical	7.9%
Technology	7.3%
Utilities	5.7%
Energy	5.2%
Basic Materials	3.6%
Consumer, Cyclical	3.1%
Others (each less than 3.0%)	1.5%
	99.5%
Other Assets & Liabilities, Net	0.5%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-109

PACIFIC SELECT FUND

LARGE-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,298,870,189		$1,298,870,189		$-		$-
	Short-Term Investment		19,447,091		-		19,447,091		-
	Total		$1,318,317,280		$1,298,870,189		$19,447,091		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-110

PACIFIC SELECT FUND

MAIN STREET^® CORE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.9%
Basic Materials - 0.5%
Valvoline Inc		172,019		$5,583,737
Communications - 17.7%
Airbnb Inc ‘A’ *		45,158		6,915,496
Amazon.com Inc *		18,883		64,960,541
Booking Holdings Inc *		2,102		4,599,365
Comcast Corp ‘A’		328,347		18,722,346
Facebook Inc ‘A’ *		122,417		42,565,615
Motorola Solutions Inc		74,201		16,090,487
Netflix Inc *		27,538		14,545,847
Snap Inc ‘A’ *		73,457		5,005,360
Verizon Communications Inc		343,619		19,252,973
				192,658,030
Consumer, Cyclical - 7.6%
CarMax Inc *		84,711		10,940,426
DR Horton Inc		106,674		9,640,129
General Motors Co *		225,598		13,348,634
O’Reilly Automotive Inc *		17,671		10,005,497
Target Corp		60,592		14,647,510
The Home Depot Inc		68,356		21,798,045
Warner Music Group Corp ‘A’		82,387		2,969,227
				83,349,468
Consumer, Non-Cyclical - 20.0%
Alcon Inc (Switzerland)		30,108		2,115,388
AstraZeneca PLC ADR (United Kingdom)		398,251		23,855,235
Avantor Inc *		206,932		7,348,155
Bayer AG (Germany)		41,513		2,523,791
Constellation Brands Inc ‘A’		70,051		16,384,228
CVS Health Corp		245,027		20,445,053
Eli Lilly & Co		93,519		21,464,481
HCA Healthcare Inc		129,082		26,686,413
Mondelez International Inc ‘A’		202,176		12,623,869
Neurocrine Biosciences Inc *		25,842		2,514,943
Reckitt Benckiser Group PLC (United Kingdom)		40,832		3,607,513
Seagen Inc *		24,576		3,880,059
Sysco Corp		133,990		10,417,723
The a2 Milk Co Ltd * (New Zealand)		260,074		1,169,847
The Cooper Cos Inc		15,902		6,301,486
The Procter & Gamble Co		159,160		21,475,459
Thermo Fisher Scientific Inc		6,425		3,241,220
UnitedHealth Group Inc		79,994		32,032,797
				218,087,660
Energy - 1.9%
Cabot Oil & Gas Corp		383,616		6,697,936
Magellan Midstream Partners LP		148,276		7,252,179
Valero Energy Corp		79,492		6,206,735
				20,156,850
Financial - 15.8%
Capital One Financial Corp		154,210		23,854,745
CIT Group Inc		122,785		6,334,478
Equitable Holdings Inc		696,139		21,197,433
Intercontinental Exchange Inc		155,126		18,413,456
JPMorgan Chase & Co		217,864		33,886,567
Mastercard Inc ‘A’		45,156		16,486,004
Prologis Inc REIT		230,658		27,570,551
Rocket Cos Inc ‘A’		291,006		5,630,966
The Allstate Corp		68,542		8,940,618
The Progressive Corp		102,988		10,114,451
				172,429,269
Industrial - 11.5%
Caterpillar Inc		47,125		10,255,814
Hubbell Inc		29,172		5,450,496

	Shares		Value
Otis Worldwide Corp		225,004		$18,398,577
Raytheon Technologies Corp		228,076		19,457,164
Rockwell Automation Inc		30,219		8,643,238
Union Pacific Corp		56,398		12,403,612
United Parcel Service Inc ‘B’		144,683		30,089,724
Vulcan Materials Co		72,051		12,541,918
Waste Connections Inc		65,838		7,863,032
				125,103,575
Technology - 23.0%
Accenture PLC ‘A’		56,754		16,730,512
Amdocs Ltd		84,899		6,567,787
Apple Inc		137,028		18,767,355
Applied Materials Inc		172,078		24,503,907
Fiserv Inc *		138,714		14,827,139
Manhattan Associates Inc *		7,514		1,088,328
Microsoft Corp		303,275		82,157,197
QUALCOMM Inc		190,897		27,284,908
Snowflake Inc ‘A’ *		15,352		3,712,114
Texas Instruments Inc		103,042		19,814,977
VMware Inc ‘A’ *		68,372		10,937,469
Workday Inc ‘A’ *		58,193		13,892,997
Zynga Inc ‘A’ *		974,058		10,354,236
				250,638,926
Utilities - 1.9%
American Water Works Co Inc		31,105		4,794,214
FirstEnergy Corp		426,412		15,866,790
				20,661,004
Total Common Stocks (Cost $751,194,259)				1,088,668,519
	Principal Amount
SHORT-TERM INVESTMENT - 0.3%
Repurchase Agreement - 0.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $3,669,805; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $3,743,229)		$3,669,805		3,669,805
Total Short-Term Investment (Cost $3,669,805)				3,669,805
TOTAL INVESTMENTS - 100.2% (Cost $754,864,064)				1,092,338,324
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,712,400	)
NET ASSETS - 100.0%				$1,090,625,924

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	23.0%
Consumer, Non-Cyclical	20.0%
Communications	17.7%
Financial	15.8%
Industrial	11.5%
Consumer, Cyclical	7.6%
Others (each less than 3.0%)	4.6%
	100.2%
Other Assets & Liabilities, Net	(0.2%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-111

PACIFIC SELECT FUND

MAIN STREET CORE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$5,583,737		$5,583,737		$-		$-
	Communications		192,658,030		192,658,030		-		-
	Consumer, Cyclical		83,349,468		83,349,468		-		-
	Consumer, Non-Cyclical		218,087,660		210,786,509		7,301,151		-
	Energy		20,156,850		20,156,850		-		-
	Financial		172,429,269		172,429,269		-		-
	Industrial		125,103,575		125,103,575		-		-
	Technology		250,638,926		250,638,926		-		-
	Utilities		20,661,004		20,661,004		-		-
	Total Common Stocks		1,088,668,519		1,081,367,368		7,301,151		-
	Short-Term Investment		3,669,805		-		3,669,805		-
	Total		$1,092,338,324		$1,081,367,368		$10,970,956		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-112

PACIFIC SELECT FUND

MID-CAP EQUITY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.8%
Basic Materials - 5.9%
Alcoa Corp *		82,267		$3,030,716
CF Industries Holdings Inc		47,057		2,421,083
Eastman Chemical Co		12,853		1,500,588
Freeport-McMoRan Inc		458,579		17,017,867
Hecla Mining Co		809,825		6,025,098
Huntsman Corp		216,272		5,735,533
Kirkland Lake Gold Ltd (Canada)		129,063		4,972,797
The Mosaic Co		145,594		4,645,905
Westlake Chemical Corp		31,749		2,860,267
				48,209,854
Communications - 6.5%
Arista Networks Inc *		16,645		6,030,650
Booking Holdings Inc *		885		1,936,460
Chewy Inc ‘A’ *		10,071		802,759
Discovery Inc ‘A’ *		30,151		925,033
eBay Inc		17,517		1,229,869
Etsy Inc *		11,010		2,266,298
Expedia Group Inc *		15,051		2,463,999
IAC/InterActiveCorp *		7,899		1,217,789
Match Group Inc *		16,892		2,723,835
MediaAlpha Inc ‘A’ *		44,754		1,884,143
Pinterest Inc ‘A’ *		50,884		4,017,292
Roku Inc *		28,098		12,904,007
Spotify Technology SA *		8,153		2,246,885
The Trade Desk Inc ‘A’ *		35,943		2,780,551
Twitter Inc *		85,024		5,850,501
Vimeo Inc *		48,956		2,398,844
Wayfair Inc ‘A’ *		4,416		1,394,175
				53,073,090
Consumer, Cyclical - 11.9%
Alaska Air Group Inc *		12,531		755,745
American Eagle Outfitters Inc		95,654		3,589,895
Aptiv PLC *		26,040		4,096,873
Best Buy Co Inc		48,285		5,551,809
Brunswick Corp		26,794		2,669,218
Burlington Stores Inc *		6,306		2,030,469
Casey’s General Stores Inc		30,544		5,945,084
Chipotle Mexican Grill Inc *		4,130		6,402,904
Copart Inc *		14,505		1,912,194
Darden Restaurants Inc		28,751		4,197,358
Dollar General Corp		19,984		4,324,338
DR Horton Inc		49,122		4,439,155
Floor & Decor Holdings Inc ‘A’ *		26,956		2,849,249
IAA Inc *		32,276		1,760,333
JetBlue Airways Corp *		36,397		610,742
Lear Corp		28,787		5,045,785
Live Nation Entertainment Inc *		36,110		3,162,875
LKQ Corp *		68,932		3,392,833
O’Reilly Automotive Inc *		4,412		2,498,119
Ollie’s Bargain Outlet Holdings Inc *		23,654		1,990,011
Polaris Inc		35,721		4,892,348
Southwest Airlines Co *		49,230		2,613,621
Texas Roadhouse Inc		54,656		5,257,907
The Scotts Miracle-Gro Co		11,000		2,111,120
Thor Industries Inc		22,186		2,507,018
Tractor Supply Co		11,359		2,113,456
Ulta Beauty Inc *		9,764		3,376,098
Vail Resorts Inc *		2,285		723,248
WW Grainger Inc		11,172		4,893,336
YETI Holdings Inc *		20,090		1,844,664
				97,557,805
Consumer, Non-Cyclical - 20.1%
ABIOMED Inc *		12,107		3,778,716
Align Technology Inc *		2,353		1,437,683

	Shares		Value
AMERCO		5,684		$3,350,150
AmerisourceBergen Corp		72,048		8,248,776
Biogen Inc *		10,651		3,688,122
BioMarin Pharmaceutical Inc *		87,473		7,298,747
Booz Allen Hamilton Holding Corp		25,923		2,208,121
CareDx Inc *		8,648		791,465
CoStar Group Inc *		18,210		1,508,152
Darling Ingredients Inc *		244,115		16,477,762
DexCom Inc *		8,361		3,570,147
Edwards Lifesciences Corp *		23,822		2,467,245
Euronet Worldwide Inc *		9,118		1,234,121
Exelixis Inc *		180,250		3,284,155
Henry Schein Inc *		81,965		6,080,983
Horizon Therapeutics PLC *		192,144		17,992,364
IDEXX Laboratories Inc *		3,139		1,982,435
Insulet Corp *		17,436		4,786,356
Lamb Weston Holdings Inc		39,972		3,224,142
MarketAxess Holdings Inc		2,057		953,605
Masimo Corp *		10,632		2,577,728
Molina Healthcare Inc *		26,139		6,614,735
Neurocrine Biosciences Inc *		37,263		3,626,435
Novocure Ltd *		7,507		1,665,203
NuVasive Inc *		78,478		5,319,239
Omnicell Inc *		12,690		1,921,901
Quanta Services Inc		114,803		10,397,708
Robert Half International Inc		60,818		5,410,977
Teleflex Inc		6,478		2,602,796
The Boston Beer Co Inc ‘A’ *		2,445		2,495,856
The Hain Celestial Group Inc *		228,283		9,158,714
United Rentals Inc *		24,626		7,855,940
Universal Health Services Inc ‘B’		36,807		5,389,649
Vertex Pharmaceuticals Inc *		23,267		4,691,325
				164,091,453
Energy - 5.9%
Baker Hughes Co		57,514		1,315,345
Enphase Energy Inc *		35,753		6,565,323
EOG Resources Inc		257,121		21,454,176
EQT Corp *		73,483		1,635,732
Hess Corp		57,293		5,002,825
Marathon Petroleum Corp		26,011		1,571,585
Pioneer Natural Resources Co		52,906		8,598,283
SolarEdge Technologies Inc *		8,055		2,226,160
				48,369,429
Financial - 17.5%
Agree Realty Corp REIT		53,501		3,771,285
Ally Financial Inc		201,193		10,027,459
Americold Realty Trust REIT		238,694		9,034,568
Arch Capital Group Ltd *		195,926		7,629,358
Brown & Brown Inc		83,611		4,443,089
Citizens Financial Group Inc		99,030		4,542,506
Discover Financial Services		36,167		4,278,194
Evercore Inc ‘A’		63,775		8,977,607
Everest Re Group Ltd		20,583		5,187,122
eXp World Holdings Inc *		85,717		3,323,248
Healthcare Realty Trust Inc REIT		235,969		7,126,264
Host Hotels & Resorts Inc REIT *		144,451		2,468,668
Lincoln National Corp		147,182		9,248,917
Mid-America Apartment Communities Inc REIT		58,548		9,860,654
Signature Bank		26,841		6,593,492
STAG Industrial Inc REIT		449,404		16,821,192
SVB Financial Group *		12,322		6,856,330
Synovus Financial Corp		157,736		6,921,456
The Hartford Financial Services Group Inc		52,608		3,260,118
Voya Financial Inc		63,230		3,888,645
White Mountains Insurance Group Ltd		7,970		9,149,799
				143,409,971

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-113

PACIFIC SELECT FUND

MID-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Industrial - 12.7%
AGCO Corp		28,023		$3,653,639
BWX Technologies Inc		69,462		4,037,131
Carlisle Cos Inc		9,534		1,824,617
Carrier Global Corp		140,138		6,810,707
Chart Industries Inc *		37,801		5,531,042
Eagle Materials Inc		40,882		5,809,741
Eaton Corp PLC		19,696		2,918,553
Garmin Ltd		27,699		4,006,383
Generac Holdings Inc *		32,434		13,464,975
Hexcel Corp *		38,309		2,390,482
Huntington Ingalls Industries Inc		16,881		3,557,671
Knight-Swift Transportation Holdings Inc		73,749		3,352,630
L3Harris Technologies Inc		17,724		3,831,043
Martin Marietta Materials Inc		15,925		5,602,574
Owens Corning		48,141		4,713,004
Parker-Hannifin Corp		13,967		4,289,405
Pentair PLC		75,828		5,117,632
Textron Inc		75,620		5,200,387
The Timken Co		44,063		3,551,037
Universal Display Corp		18,379		4,086,203
Vulcan Materials Co		28,986		5,045,593
Xylem Inc		38,827		4,657,687
				103,452,136
Technology - 15.0%
C3.ai Inc ‘A’ *		48,148		3,010,694
Crowdstrike Holdings Inc ‘A’ *		25,116		6,311,902
DocuSign Inc *		23,296		6,512,863
DXC Technology Co *		218,890		8,523,577
KLA Corp		38,320		12,423,727
Lumentum Holdings Inc *		47,973		3,935,225
Monolithic Power Systems Inc		7,629		2,849,050
MSCI Inc		1,434		764,437
NXP Semiconductors NV (China)		9,045		1,860,737
ON Semiconductor Corp *		124,888		4,780,713
Pure Storage Inc ‘A’ *		39,623		773,837
Skyworks Solutions Inc		38,599		7,401,358
Splunk Inc *		40,249		5,819,200
Teradata Corp *		424,416		21,208,068
Teradyne Inc		63,539		8,511,684
Twilio Inc ‘A’ *		24,033		9,472,847
Zebra Technologies Corp ‘A’ *		15,105		7,997,947
Zscaler Inc *		22,061		4,766,500
Zynga Inc ‘A’ *		513,162		5,454,912
				122,379,278
Utilities - 4.3%
CenterPoint Energy Inc		462,499		11,340,475
Evergy Inc		145,895		8,816,435
ONE Gas Inc		43,621		3,233,189
WEC Energy Group Inc		127,837		11,371,101
				34,761,200
Total Common Stocks (Cost $666,753,551)				815,304,216

	Principal Amount		Value
SHORT-TERM INVESTMENT - 0.5%
Repurchase Agreement - 0.5%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $4,454,458; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $4,543,640)		$4,454,458		$4,454,458
Total Short-Term Investment (Cost $4,454,458)				4,454,458
TOTAL INVESTMENTS - 100.3% (Cost $671,208,009)				819,758,674
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(2,783,487	)
NET ASSETS - 100.0%				$816,975,187

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	20.1%
Financial	17.5%
Technology	15.0%
Industrial	12.7%
Consumer, Cyclical	11.9%
Communications	6.5%
Energy	5.9%
Basic Materials	5.9%
Utilities	4.3%
Others (each less than 3.0%)	0.5%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$815,304,216		$815,304,216		$-		$-
	Short-Term Investment		4,454,458		-		4,454,458		-
	Total		$819,758,674		$815,304,216		$4,454,458		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-114

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.0%
Basic Materials - 1.3%
RPM International Inc		192,594		$17,079,236
Communications - 6.6%
Arista Networks Inc *		79,678		28,868,136
Pinterest Inc ‘A’ *		177,241		13,993,177
Q2 Holdings Inc *		60,710		6,227,632
Twitter Inc *		282,376		19,430,292
Zendesk Inc *		113,946		16,446,966
				84,966,203
Consumer, Cyclical - 16.3%
BorgWarner Inc		494,825		24,018,805
Canada Goose Holdings Inc * (Canada)		346,477		15,154,904
Chipotle Mexican Grill Inc *		27,744		43,012,633
Dollar Tree Inc *		168,079		16,723,861
Fastenal Co		456,693		23,748,036
Lululemon Athletica Inc *		42,151		15,383,850
National Vision Holdings Inc *		316,627		16,189,139
The Scotts Miracle-Gro Co		73,405		14,087,888
Ulta Beauty Inc *		77,391		26,759,486
Vail Resorts Inc *		45,035		14,254,478
				209,333,080
Consumer, Non-Cyclical - 27.5%
10X Genomics Inc ‘A’ *		61,249		11,993,779
ABIOMED Inc *		59,111		18,449,134
Bio-Techne Corp		41,718		18,783,947
CoStar Group Inc *		461,560		38,226,399
DexCom Inc *		88,333		37,718,191
Edwards Lifesciences Corp *		184,410		19,099,344
Envista Holdings Corp *		394,470		17,045,049
Genmab AS ADR * (Denmark)		456,665		18,645,632
Glaukos Corp *		136,050		11,541,121
Horizon Therapeutics PLC *		173,901		16,284,090
Intuitive Surgical Inc *		21,097		19,401,645
MarketAxess Holdings Inc		73,275		33,969,557
Masimo Corp *		58,993		14,302,853
Repligen Corp *		43,171		8,617,795
Seagen Inc *		124,936		19,724,896
The Hershey Co		92,802		16,164,252
TransUnion		231,097		25,376,762
Zimmer Biomet Holdings Inc		39,914		6,418,969
				351,763,415
Financial - 3.7%
First Republic Bank		131,828		24,674,247
SVB Financial Group *		40,672		22,631,121
				47,305,368
Industrial - 17.3%
Agilent Technologies Inc		108,618		16,054,827
AO Smith Corp		306,643		22,096,695
CAE Inc * (Canada)		205,501		6,329,431
IDEX Corp		84,195		18,527,110
II-VI Inc *		360,033		26,134,795
Keysight Technologies Inc *		166,027		25,636,229
Novanta Inc *		70,482		9,498,154
The Middleby Corp *		140,077		24,269,741
Trane Technologies PLC		69,652		12,825,719
Trex Co Inc *		231,443		23,655,789
Trimble Inc *		215,640		17,645,821
Universal Display Corp		83,551		18,575,894
				221,250,205

	Shares		Value
Technology - 26.3%
Brooks Automation Inc		149,668		$14,260,367
Cerner Corp		336,537		26,303,732
Crowdstrike Holdings Inc ‘A’ *		95,369		23,967,183
DocuSign Inc *		145,778		40,755,155
Electronic Arts Inc ‡		198,314		28,523,503
Five9 Inc *		130,639		23,957,886
Guidewire Software Inc *		174,706		19,692,860
Marvell Technology Inc		420,621		24,534,823
Microchip Technology Inc		166,096		24,871,215
Monolithic Power Systems Inc		88,112		32,905,426
Paycom Software Inc *		57,603		20,936,962
SkyWater Technology Inc *		110,535		3,166,828
Teradyne Inc		232,111		31,093,590
Tyler Technologies Inc *		47,445		21,462,695
				336,432,225
Total Common Stocks (Cost $814,611,871)				1,268,129,732
	Principal Amount
SHORT-TERM INVESTMENT - 1.0%
Repurchase Agreement - 1.0%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $13,159,290; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $13,422,492)		$13,159,290		13,159,290
Total Short-Term Investment (Cost $13,159,290)				13,159,290
TOTAL INVESTMENTS - 100.0% (Cost $827,771,161)				1,281,289,022
DERIVATIVES - (0.0%)				(9,100	)
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(260,419	)
NET ASSETS - 100.0%				$1,281,019,503

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	27.5%
Technology	26.3%
Industrial	17.3%
Consumer, Cyclical	16.3%
Communications	6.6%
Financial	3.7%
Others (each less than 3.0%)	2.3%
	100.0%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) As of June 30, 2021, an investment with a value of $14,383,000 was 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 A-298 and A-299

A-115

PACIFIC SELECT FUND

MID-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(c) Premiums received and value of written options outstanding as of June 30, 2021 were as follows:

Options on Securities
Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Premium		Value
Call - Glaukos Corp		$90.00		07/16/21		OCC		130		$1,170,000		$11,565		($9,100	)
Total Written Options												$11,565		($9,100	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,268,129,732			$1,268,129,732		$-			$-
	Short-Term Investment		13,159,290			-		13,159,290			-
	Total Assets		1,281,289,022			1,268,129,732		13,159,290			-
Liabilities	Derivatives:
	Equity Contracts
	Written options		(9,100	)		-		(9,100	)		-
	Total Liabilities		(9,100	)		-		(9,100	)		-
	Total		$1,281,279,922			$1,268,129,732		$13,150,190			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-116

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.2%
Basic Materials - 4.0%
DuPont de Nemours Inc		85,213		$6,596,338
FMC Corp		83,573		9,042,599
Ingevity Corp *		44,521		3,622,228
PPG Industries Inc		27,169		4,612,481
Steel Dynamics Inc		37,806		2,253,238
The Mosaic Co		122,015		3,893,499
Valvoline Inc		131,639		4,273,002
				34,293,385
Communications - 3.8%
Altice USA Inc ‘A’ *		121,804		4,158,388
CommScope Holding Co Inc *		135,077		2,878,491
eBay Inc		73,795		5,181,147
Expedia Group Inc *		28,499		4,665,571
Maxar Technologies Inc		89,298		3,564,776
NortonLifeLock Inc		149,831		4,078,400
TEGNA Inc		268,935		5,045,221
Yelp Inc *		75,758		3,027,290
				32,599,284
Consumer, Cyclical - 15.1%
Alaska Air Group Inc *		92,865		5,600,688
Allison Transmission Holdings Inc		127,793		5,078,494
AutoZone Inc *		8,394		12,525,695
Best Buy Co Inc		22,048		2,535,079
Cummins Inc		20,778		5,065,884
Darden Restaurants Inc		27,476		4,011,221
Dollar Tree Inc *		23,351		2,323,425
Foot Locker Inc		74,483		4,590,387
Gentex Corp		124,811		4,129,996
Harley-Davidson Inc		176,334		8,079,624
Hasbro Inc		52,549		4,966,931
International Game Technology PLC *		84,617		2,027,423
Las Vegas Sands Corp *		92,153		4,855,542
Lear Corp		27,806		4,873,836
Live Nation Entertainment Inc *		46,127		4,040,264
LKQ Corp *		92,752		4,565,253
Marriott International Inc ‘A’ *		32,337		4,414,647
Mohawk Industries Inc *		36,186		6,954,587
Polaris Inc		33,957		4,650,751
Ross Stores Inc		47,346		5,870,904
Southwest Airlines Co *		53,936		2,863,462
Tempur Sealy International Inc		73,930		2,897,317
Travel & Leisure Co		58,244		3,462,606
Ulta Beauty Inc *		13,839		4,785,111
Whirlpool Corp		35,579		7,756,934
Wyndham Hotels & Resorts Inc		73,330		5,301,026
				128,227,087
Consumer, Non-Cyclical - 13.7%
AmerisourceBergen Corp		64,162		7,345,907
ASGN Inc *		60,797		5,893,053
Avantor Inc *		208,661		7,409,552
Avery Dennison Corp		15,874		3,337,350
Boston Scientific Corp *		73,589		3,146,666
Centene Corp *		87,340		6,369,706
Coca-Cola Europacific Partners PLC (United Kingdom)		122,446		7,263,497
Corteva Inc		143,928		6,383,207
EVERTEC Inc		117,327		5,121,324
HCA Healthcare Inc		25,466		5,264,841
Humana Inc		18,507		8,193,419
ICON PLC * (Ireland)		32,288		6,674,252
IQVIA Holdings Inc *		12,965		3,141,679
Jazz Pharmaceuticals PLC *		16,132		2,865,688
Laboratory Corp of America Holdings *		11,480		3,166,758

	Shares		Value
Molina Healthcare Inc *		17,654		$4,467,521
Nomad Foods Ltd * (United Kingdom)		116,575		3,295,575
Robert Half International Inc		73,407		6,531,021
Universal Health Services Inc ‘B’		59,054		8,647,277
US Foods Holding Corp *		101,010		3,874,744
Zimmer Biomet Holdings Inc		49,574		7,972,491
				116,365,528
Energy - 7.2%
ChampionX Corp *		229,849		5,895,627
ConocoPhillips		143,786		8,756,567
Diamondback Energy Inc		55,211		5,183,761
Halliburton Co		228,212		5,276,261
Helmerich & Payne Inc		123,998		4,046,055
HollyFrontier Corp		127,003		4,178,399
Marathon Petroleum Corp		121,954		7,368,461
Pioneer Natural Resources Co		40,384		6,563,208
Schlumberger NV		311,047		9,956,614
Valero Energy Corp		51,014		3,983,173
				61,208,126
Financial - 25.6%
Aflac Inc		63,354		3,399,576
Alleghany Corp *		11,323		7,553,234
American Homes 4 Rent ‘A’ REIT		129,170		5,018,254
American International Group Inc		113,656		5,410,026
Ameriprise Financial Inc		67,680		16,844,198
Aon PLC ‘A’		21,425		5,115,433
Capital One Financial Corp		27,043		4,183,282
Cousins Properties Inc REIT		128,411		4,722,957
CyrusOne Inc REIT		54,346		3,886,826
Discover Financial Services		93,640		11,076,676
Duke Realty Corp REIT		157,110		7,439,158
East West Bancorp Inc		131,745		9,444,799
Equity Residential REIT		97,055		7,473,235
Essent Group Ltd		52,078		2,340,906
Essex Property Trust Inc REIT		18,609		5,582,886
Everest Re Group Ltd		27,270		6,872,313
Fifth Third Bancorp		465,992		17,814,874
Globe Life Inc		48,464		4,616,196
Healthpeak Properties Inc REIT		129,690		4,317,380
Huntington Bancshares Inc		1,002,067		14,299,496
KeyCorp		624,177		12,889,255
Kilroy Realty Corp REIT		63,901		4,450,066
Lamar Advertising Co ‘A’ REIT		36,406		3,801,515
Regency Centers Corp REIT		110,232		7,062,564
RenaissanceRe Holdings Ltd (Bermuda)		18,837		2,803,322
SLM Corp		247,479		5,182,210
State Street Corp		52,074		4,284,649
Synchrony Financial		84,453		4,097,660
The Travelers Cos Inc		22,365		3,348,264
Truist Financial Corp		188,353		10,453,591
Welltower Inc REIT		99,504		8,268,782
Willis Towers Watson PLC		14,259		3,279,855
				217,333,438
Industrial - 18.9%
Altra Industrial Motion Corp		74,513		4,844,835
AMETEK Inc		85,392		11,399,832
BWX Technologies Inc		91,588		5,323,095
Crown Holdings Inc		48,691		4,976,707
Curtiss-Wright Corp		31,866		3,784,406
Dover Corp		84,695		12,755,067
Eagle Materials Inc		23,831		3,386,623
Eaton Corp PLC		81,111		12,019,028
Expeditors International of Washington Inc		33,205		4,203,753
Flex Ltd *		213,512		3,815,459
General Dynamics Corp		30,380		5,719,339
Hexcel Corp *		95,930		5,986,032
Howmet Aerospace Inc *		258,097		8,896,604

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-117

PACIFIC SELECT FUND

MID-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Hubbell Inc		13,688		$2,557,466
Huntington Ingalls Industries Inc		22,489		4,739,557
ITT Inc		72,561		6,645,862
L3Harris Technologies Inc		30,588		6,611,596
Masco Corp		68,553		4,038,457
Oshkosh Corp		60,258		7,510,557
Owens Corning		41,825		4,094,667
Parker-Hannifin Corp		28,184		8,655,588
Sensata Technologies Holding PLC *		51,941		3,011,020
TE Connectivity Ltd		82,495		11,154,149
Textron Inc		149,597		10,287,786
Vertiv Holdings Co		167,416		4,570,457
				160,987,942
Technology - 6.9%
Amdocs Ltd		40,787		3,155,282
KLA Corp		12,662		4,105,147
Leidos Holdings Inc		57,830		5,846,613
NetApp Inc		66,278		5,422,866
NXP Semiconductors NV (China)		50,675		10,424,861
Qorvo Inc *		59,603		11,661,327
Science Applications International Corp		44,807		3,930,918
SS&C Technologies Holdings Inc		61,353		4,421,097
Western Digital Corp *		95,968		6,830,043
Xerox Holdings Corp		127,970		3,006,015
				58,804,169
Utilities - 4.0%
American Electric Power Co Inc		39,178		3,314,067
CenterPoint Energy Inc		425,404		10,430,906
DTE Energy Co		42,345		5,487,912
Edison International		104,316		6,031,551
Entergy Corp		54,050		5,388,785
PG&E Corp *		350,259		3,562,134
				34,215,355
Total Common Stocks (Cost $596,327,249)				844,034,314

	Principal Amount		Value
SHORT-TERM INVESTMENT - 0.6%
Repurchase Agreement - 0.6%
State Street Bank & Trust Co 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $5,460,723; collateralized by Federal Home Loan Mortgage Corp 3.500% due 08/01/2047 and value $5,569,938)		$5,460,723		$5,460,723
Total Short-Term Investment (Cost $5,460,723)				5,460,723
TOTAL INVESTMENTS - 99.8% (Cost $601,787,972)				849,495,037
OTHER ASSETS & LIABILITIES, NET - 0.2%				1,561,343
NET ASSETS - 100.0%				$851,056,380

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows

Financial	25.6%
Industrial	18.9%
Consumer, Cyclical	15.1%
Consumer, Non-Cyclical	13.7%
Energy	7.2%
Technology	6.9%
Basic Materials	4.0%
Utilities	4.0%
Communications	3.8%
Others (each less than 3.0%)	0.6%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$844,034,314		$844,034,314		$-		$-
	Short-Term Investment		5,460,723		-		5,460,723		-
	Total		$849,495,037		$844,034,314		$5,460,723		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-118

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		154		$462
Total Rights (Cost $0)				462
WARRANTS - 0.0%
Energy - 0.0%
Nabors Industries Ltd Exercise @ $166.67 Exp 06/11/26 *		57		570
Total Warrants (Cost $0)				570
COMMON STOCKS - 98.3%
Basic Materials - 5.3%
AdvanSix Inc *		4,353		129,981
Allegheny Technologies Inc *		8,328		173,639
American Vanguard Corp		3,916		68,569
Amyris Inc *		24,106		394,615
Arconic Corp *		17,977		640,341
Ashland Global Holdings Inc		57,686		5,047,525
Cabot Corp		51,866		2,952,731
Carpenter Technology Corp		7,775		312,710
Century Aluminum Co *		7,788		100,387
Clearwater Paper Corp *		2,644		76,597
Coeur Mining Inc *		12,810		113,753
Commercial Metals Co		19,468		598,057
Constellium SE *		19,903		377,162
Domtar Corp *		8,258		453,860
Elementis PLC * (United Kingdom)		1,099,069		2,291,155
Energy Fuels Inc *		3,592		21,732
Ferro Corp *		2,444		52,717
Gatos Silver Inc *		995		17,402
GCP Applied Technologies Inc *		7,945		184,801
Glatfelter Corp		7,566		105,697
Hawkins Inc		1,330		43,557
HB Fuller Co		6,811		433,248
Hecla Mining Co		61,302		456,087
Innospec Inc		2,752		249,359
Intrepid Potash Inc *		1,673		53,302
Kaiser Aluminum Corp		14,324		1,768,871
Koppers Holdings Inc *		3,184		103,002
Kraton Corp *		5,210		168,231
Kronos Worldwide Inc		3,649		52,254
Minerals Technologies Inc		76,863		6,046,812
Neenah Inc		2,803		140,626
Oil-Dri Corp of America		1,131		38,658
PolyMet Mining Corp * (Canada)		2,617		9,447
PQ Group Holdings Inc		8,193		125,844
Rayonier Advanced Materials Inc *		10,145		67,870
Rogers Corp *		414		83,131
Schnitzer Steel Industries Inc ‘A’		3,993		195,857
Schweitzer-Mauduit International Inc		5,139		207,513
Sensient Technologies Corp		3,478		301,056
Stepan Co		3,210		386,067
Tronox Holdings PLC ‘A’		18,545		415,408
United States Lime & Minerals Inc		299		41,588
Valhi Inc		292		7,104
Verso Corp ‘A’		5,322		94,199
Zymergen Inc *		2,394		95,784
				25,698,306

	Shares		Value
Communications - 1.7%
A10 Network8s Inc *		1,592		$17,926
ADTRAN Inc		7,541		155,722
Advantage Solutions Inc *		12,365		133,418
AMC Networks Inc ‘A’ *		2,378		158,850
Anterix Inc *		1,269		76,127
ATN International Inc		1,833		83,383
Aviat Networks Inc *		1,084		35,523
Boston Omaha Corp ‘A’ *		2,819		89,390
Calix Inc *		1,519		72,152
Cars.com Inc *		9,903		141,910
ChannelAdvisor Corp *		1,360		33,334
Cincinnati Bell Inc *		3,938		60,724
Clear Channel Outdoor Holdings Inc *		54,216		143,130
comScore Inc *		11,373		56,865
Consolidated Communications Holdings Inc *		12,043		105,858
CuriosityStream Inc *		3,445		46,990
DZS Inc *		1,689		35,047
EchoStar Corp ‘A’ *		6,718		163,180
Entercom Communications Corp *		19,993		86,170
Entravision Communications Corp ‘A’		9,351		62,465
ePlus Inc *		2,090		181,182
Fluent Inc *		8,465		24,802
Gannett Co Inc *		22,964		126,072
Globalstar Inc *		11,794		20,993
Gogo Inc *		8,862		100,850
Gray Television Inc		13,862		324,371
Groupon Inc *		605		26,112
Harmonic Inc *		12,535		106,798
HC2 Holdings Inc *		7,318		29,126
HealthStream Inc *		4,386		122,545
Hemisphere Media Group Inc *		2,476		29,217
Houghton Mifflin Harcourt Co *		1,390		15,346
IDT Corp ‘B’ *		884		32,673
iHeartMedia Inc ‘A’ *		9,914		266,984
Inseego Corp *		10,622		107,176
InterDigital Inc		3,191		233,039
Iridium Communications Inc *		4,913		196,471
KVH Industries Inc *		2,716		33,407
Lands’ End Inc *		2,318		95,154
Liberty Latin America Ltd ‘A’ * (Chile)		7,262		100,651
Liberty Latin America Ltd ‘C’ * (Chile)		24,897		351,048
Limelight Networks Inc *		20,045		63,142
Maxar Technologies Inc		11,714		467,623
MDC Partners Inc ‘A’ *		8,863		51,848
MediaAlpha Inc ‘A’ *		325		13,682
Meredith Corp *		2,563		111,337
MSG Networks Inc ‘A’ *		4,903		71,486
National CineMedia Inc		9,394		47,628
NeoPhotonics Corp *		8,112		82,823
NETGEAR Inc *		4,988		191,140
Ooma Inc *		1,479		27,894
Plantronics Inc *		3,299		137,667
Preformed Line Products Co		563		41,775
Revolve Group Inc *		2,173		149,720
Ribbon Communications Inc *		11,922		90,726
Scholastic Corp		4,843		183,501
Shenandoah Telecommunications Co		5,223		253,368
Sinclair Broadcast Group Inc ‘A’		6,719		223,205
Stamps.com Inc *		938		187,872
TEGNA Inc		36,067		676,617
Telephone & Data Systems Inc		16,655		377,402
The EW Scripps Co ‘A’		9,319		190,014
Thryv Holdings Inc *		153		5,473
TrueCar Inc *		16,485		93,140
United States Cellular Corp *		2,487		90,303
Value Line Inc		232		7,192
Viavi Solutions Inc *		3,606		63,682

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-119

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
VirnetX Holding Corp *		10,078		$43,033
WideOpenWest Inc *		3,428		70,994
Yelp Inc *		1,100		43,956
				8,340,424
Consumer, Cyclical - 15.4%
A-Mark Precious Metals Inc		1,377		64,031
Abercrombie & Fitch Co ‘A’ *		9,286		431,149
Academy Sports & Outdoors Inc *		10,077		415,575
Acushnet Holdings Corp		4,021		198,637
Adient PLC *		13,525		611,330
Aeva Technologies Inc *		4,043		42,735
AMC Entertainment Holdings Inc ‘A’ *		66,563		3,772,791
America’s Car-Mart Inc *		190		26,927
American Axle & Manufacturing Holdings Inc *		9,352		96,793
Avient Corp		135,016		6,637,387
Barnes & Noble Education Inc *		6,144		44,298
Bassett Furniture Industries Inc		1,416		34,480
Beacon Roofing Supply Inc *		2,449		130,409
Beazer Homes USA Inc *		4,225		81,500
Bed Bath & Beyond Inc *		79,365		2,642,061
Big 5 Sporting Goods Corp		3,328		85,463
Big Lots Inc		5,686		375,333
Biglari Holdings Inc ‘B’ *		127		20,253
BJ’s Restaurants Inc *		317		15,577
BJ’s Wholesale Club Holdings Inc *		9,419		448,156
Blue Bird Corp *		1,501		37,315
Bluegreen Vacations Holding Corp *		1,233		22,194
BRP Inc		6,052		473,575
Brunswick Corp		37,292		3,715,029
Callaway Golf Co		18,802		634,191
Cannae Holdings Inc *		14,198		481,454
Canoo Inc *		7,085		70,425
CarLotz Inc *		7,037		38,422
Carrols Restaurant Group Inc *		5,742		34,509
Carter’s Inc		11,369		1,172,940
Cavco Industries Inc *		428		95,097
Century Communities Inc		1,747		116,245
Chicken Soup For The Soul Entertainment Inc *		1,309		54,193
Chico’s FAS Inc *		15,907		104,668
Chuy’s Holdings Inc *		1,785		66,509
Cinemark Holdings Inc *		3,264		71,645
Clean Energy Fuels Corp *		22,698		230,385
Commercial Vehicle Group Inc *		2,993		31,816
CompX International Inc		335		6,958
Conn’s Inc *		2,999		76,475
Cooper-Standard Holdings Inc *		2,672		77,488
Core-Mark Holding Co Inc		4,981		224,195
Daktronics Inc *		7,441		49,036
Dalata Hotel Group PLC * (Ireland)		429,708		1,958,242
Dana Inc		11,167		265,328
Dave & Buster’s Entertainment Inc *		3,842		155,985
Del Taco Restaurants Inc		5,131		51,361
Denny’s Corp *		250,221		4,126,144
Dillard’s Inc ‘A’		1,041		188,296
Drive Shack Inc *		7,329		24,259
Dufry AG * (Switzerland)		71,715		4,255,445
El Pollo Loco Holdings Inc *		3,360		61,454
Eros STX Global Corp * (United Arab Emirates)		51,468		78,746
Escalade Inc		1,360		31,212
Ethan Allen Interiors Inc		3,574		98,642
Fiesta Restaurant Group Inc *		2,993		40,196
FirstCash Inc		6,228		476,068
Fisker Inc *		2,092		40,334
Flexsteel Industries Inc		1,005		40,592
Forestar Group Inc *		2,307		48,239
Fossil Group Inc *		7,736		110,470

	Shares		Value
Franchise Group Inc		3,972		$140,092
G-III Apparel Group Ltd *		7,298		239,812
GAN Ltd * (United Kingdom)		5,791		95,204
Genesco Inc *		2,400		152,832
Global Industrial Co		591		21,696
GMS Inc *		6,869		330,674
Green Brick Partners Inc *		3,633		82,614
Group 1 Automotive Inc		24,669		3,809,634
Guess? Inc		5,865		154,836
Hall of Fame Resort & Entertainment Co *		9,094		35,739
Hamilton Beach Brands Holding Co ‘A’		873		19,442
Haverty Furniture Cos Inc		1,644		70,297
Hawaiian Holdings Inc *		8,478		206,609
Healthcare Services Group Inc		5,940		187,526
Herman Miller Inc		9,701		457,305
Hibbett Inc *		484		43,381
Hilton Grand Vacations Inc *		115,035		4,761,299
HNI Corp		6,625		291,301
Hooker Furniture Corp		1,912		66,232
Hovnanian Enterprises Inc ‘A’ *		802		85,245
Hyliion Holdings Corp *		15,518		180,785
IMAX Corp *		7,547		162,260
Interface Inc		7,629		116,724
iRobot Corp *		417		38,944
Jack in the Box Inc		48,740		5,431,586
Johnson Outdoors Inc ‘A’		355		42,955
KAR Auction Services Inc *		20,614		361,776
KB Home		11,819		481,270
Kimball International Inc ‘B’		6,233		81,964
Knoll Inc		7,910		205,581
La-Z-Boy Inc		7,406		274,318
Landsea Homes Corp *		1,129		9,450
Lazydays Holdings Inc *		1,061		23,342
LCI Industries		14,915		1,960,129
Liberty TripAdvisor Holdings Inc ‘A’ *		3,339		13,590
Lifetime Brands Inc		2,141		32,051
Lions Gate Entertainment Corp ‘A’ *		10,096		208,987
Lions Gate Entertainment Corp ‘B’ *		18,156		332,255
Lordstown Motors Corp ‘A’ *		16,447		181,904
Lumber Liquidators Holdings Inc *		4,621		97,503
M/I Homes Inc *		4,856		284,902
Macy’s Inc *		45,893		870,131
Madison Square Garden Entertainment Corp *		3,131		262,910
MarineMax Inc *		1,705		83,102
MDC Holdings Inc		7,036		356,022
Meritage Homes Corp *		5,642		530,799
Meritor Inc *		1,875		43,913
Mesa Air Group Inc *		5,666		52,864
Methode Electronics Inc		6,160		303,134
Miller Industries Inc		1,885		74,344
Modine Manufacturing Co *		7,092		117,656
Monarch Casino & Resort Inc *		481		31,828
Motorcar Parts of America Inc *		2,860		64,178
Movado Group Inc		2,576		81,067
Nautilus Inc *		3,679		61,991
Navistar International Corp *		6,857		305,136
Nu Skin Enterprises Inc ‘A’		4,542		257,304
OneSpaWorld Holdings Ltd * (Bahamas)		4,870		47,190
Oxford Industries Inc		2,520		249,077
PC Connection Inc		1,747		80,834
PetMed Express Inc		525		16,721
PriceSmart Inc		3,563		324,269
Regis Corp *		700		6,552
Resideo Technologies Inc *		20,927		627,810
REV Group Inc		58,892		924,015
Rite Aid Corp *		9,045		147,433
Rocky Brands Inc		1,027		57,101
Romeo Power Inc *		1,397		11,372
Rush Enterprises Inc ‘A’		6,875		297,275

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-120

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Rush Enterprises Inc ‘B’		1,041		$39,704
ScanSource Inc *		3,978		111,901
SeaWorld Entertainment Inc *		3,911		195,315
Shift Technologies Inc *		8,039		68,975
Shoe Carnival Inc		190		13,602
Signet Jewelers Ltd (NYSE) *		1,918		154,955
SkyWest Inc *		8,276		356,447
Sleep Number Corp *		2,030		223,198
Sonic Automotive Inc ‘A’		3,709		165,941
Spirit Airlines Inc *		16,178		492,458
Standard Motor Products Inc		3,364		145,829
Steelcase Inc ‘A’		14,932		225,623
Superior Group of Cos Inc		1,414		33,809
Target Hospitality Corp *		2,400		8,904
Taylor Morrison Home Corp *		17,651		466,339
Tenneco Inc ‘A’ *		1,065		20,576
The Buckle Inc		397		19,751
The Cato Corp ‘A’		3,475		58,623
The Children’s Place Inc *		5,326		495,638
The Container Store Group Inc *		5,164		67,339
The Goodyear Tire & Rubber Co *		45,007		771,870
The Marcus Corp *		3,821		81,043
The ODP Corp *		8,070		387,441
Thor Industries Inc		12,519		1,414,647
Tilly’s Inc ‘A’		3,814		60,948
Titan International Inc *		6,498		55,103
Titan Machinery Inc *		3,308		102,350
TravelCenters of America Inc *		2,003		58,568
Tri Pointe Homes Inc *		18,204		390,112
Tupperware Brands Corp *		8,011		190,261
Unifi Inc *		2,165		52,739
UniFirst Corp		2,472		580,030
Universal Electronics Inc *		2,103		101,995
Urban Outfitters Inc *		3,457		142,498
Vera Bradley Inc *		4,248		52,633
Veritiv Corp *		2,546		156,375
Vista Outdoor Inc *		9,531		441,095
VOXX International Corp *		2,619		36,692
VSE Corp		1,772		87,732
Wabash National Corp		8,388		134,208
WESCO International Inc *		6,019		618,874
Winmark Corp		340		65,307
Workhorse Group Inc *		18,236		302,535
World Fuel Services Corp		10,565		335,227
XL Fleet Corp *		5,305		44,191
Zumiez Inc *		3,558		174,306
				74,374,443
Consumer, Non-Cyclical - 11.5%
2U Inc *		1,807		75,298
4D Molecular Therapeutics Inc *		1,421		34,218
89bio Inc *		1,556		29,097
ABM Industries Inc		11,047		489,934
Acacia Research Corp *		7,859		53,127
ACCO Brands Corp		15,267		131,754
AdaptHealth Corp *		12,825		351,533
Addus HomeCare Corp *		1,446		126,149
Adicet Bio Inc *		3,244		33,381
Adtalem Global Education Inc *		7,914		282,055
Adverum Biotechnologies Inc *		14,248		49,868
Aeglea BioTherapeutics Inc *		6,436		44,795
Agios Pharmaceuticals Inc *		10,066		554,737
Akebia Therapeutics Inc *		15,112		57,274
Akero Therapeutics Inc *		1,028		25,505
Akouos Inc *		3,861		48,456
Albireo Pharma Inc *		720		25,330
Allogene Therapeutics Inc *		6,622		172,702
Alphatec Holdings Inc *		996		15,259
Alta Equipment Group Inc *		2,491		33,105
Altimmune Inc *		5,288		52,087

	Shares		Value
American Public Education Inc *		2,958		$83,830
American Well Corp ‘A’ *		31,829		400,409
Amphastar Pharmaceuticals Inc *		4,124		83,140
AnaptysBio Inc *		3,142		81,472
AngioDynamics Inc *		5,984		162,346
ANI Pharmaceuticals Inc *		1,535		53,802
Anika Therapeutics Inc *		2,371		102,641
Annexon Inc *		5,065		114,013
API Group Corp * ~		29,303		612,140
Applied Therapeutics Inc *		756		15,710
Apria Inc *		623		17,444
AquaBounty Technologies Inc *		5,646		30,263
Arbutus Biopharma Corp * (Canada)		11,665		35,345
Arcturus Therapeutics Holdings Inc *		3,442		116,477
Arcus Biosciences Inc *		7,352		201,886
Arcutis Biotherapeutics Inc *		4,071		111,098
Ardelyx Inc *		3,352		25,408
Arena Pharmaceuticals Inc *		9,066		618,301
Asensus Surgical Inc *		26,405		83,704
ASGN Inc *		999		96,833
Atara Biotherapeutics Inc *		12,363		192,245
Atea Pharmaceuticals Inc *		9,613		206,487
Athenex Inc *		5,835		26,958
Athersys Inc *		4,452		6,411
Athira Pharma Inc *		5,206		53,309
Atossa Therapeutics Inc *		17,837		112,730
Atreca Inc ‘A’ *		4,176		35,580
Avanos Medical Inc *		7,929		288,378
Avid Bioservices Inc *		720		18,468
Avidity Biosciences Inc *		4,114		101,657
Avis Budget Group Inc *		8,338		649,447
Avrobio Inc *		5,921		52,638
B&G Foods Inc		10,513		344,826
Barrett Business Services Inc		1,247		90,545
BellRing Brands Inc ‘A’ *		2,466		77,284
BioCryst Pharmaceuticals Inc *		26,020		411,376
Biohaven Pharmaceutical Holding Co Ltd *		2,893		280,852
Bioventus Inc ‘A’ *		274		4,822
Black Diamond Therapeutics Inc *		3,666		44,689
Bluebird Bio Inc *		11,080		354,338
Blueprint Medicines Corp *		614		54,007
Bolt Biotherapeutics Inc *		1,828		28,261
Bridgebio Pharma Inc *		5,721		348,752
BrightView Holdings Inc *		6,460		104,135
Brookdale Senior Living Inc *		30,727		242,743
Brooklyn ImmunoTherapeutics Inc *		434		7,816
Cadiz Inc *		2,756		37,482
CAI International Inc		2,070		115,920
Cal-Maine Foods Inc		5,825		210,923
Cara Therapeutics Inc *		7,265		103,672
Cardiff Oncology Inc *		5,777		38,417
Carriage Services Inc		2,250		83,183
Cass Information Systems Inc		1,833		74,695
Castle Biosciences Inc *		273		20,019
Catalyst Pharmaceuticals Inc *		15,792		90,804
CBIZ Inc *		8,033		263,241
CEL-SCI Corp *		496		4,305
Celldex Therapeutics Inc *		1,344		44,943
Central Garden & Pet Co *		958		50,707
Central Garden & Pet Co ‘A’ *		4,320		208,656
Cerecor Inc *		1,387		4,535
ChemoCentryx Inc *		8,314		111,324
Chimerix Inc *		3,700		29,600
Chinook Therapeutics Inc *		5,125		72,365
Citius Pharmaceuticals Inc *		18,430		64,136
Clene Inc *		1,206		13,555
Cogent Biosciences Inc *		4,244		34,419
Community Health Systems Inc *		2,857		44,112
Constellation Pharmaceuticals Inc *		5,974		201,921
CoreCivic Inc REIT *		20,122		210,677

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-121

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
CorMedix Inc *		5,575		$38,245
Coursera Inc *		1,938		76,667
Covetrus Inc *		17,198		464,346
CRA International Inc		257		21,999
Crinetics Pharmaceuticals Inc *		880		16,588
Cross Country Healthcare Inc *		5,285		87,255
CryoLife Inc *		840		23,856
Cullinan Oncology Inc *		2,011		51,783
Curis Inc *		1,633		13,178
Custom Truck One Source Inc *		1,714		16,317
Cymabay Therapeutics Inc *		10,953		47,755
Cytokinetics Inc *		775		15,337
CytomX Therapeutics Inc *		1,526		9,660
Deciphera Pharmaceuticals Inc *		923		33,791
Deluxe Corp		6,908		329,995
Design Therapeutics Inc *		931		18,518
Dyne Therapeutics Inc *		4,891		102,907
Eagle Pharmaceuticals Inc *		1,061		45,411
Edgewell Personal Care Co		8,870		389,393
Eiger BioPharmaceuticals Inc *		5,118		43,605
Emerald Holding Inc *		4,387		23,646
Emergent BioSolutions Inc *		8,011		504,613
Enanta Pharmaceuticals Inc *		2,994		131,766
Endo International PLC *		37,427		175,158
Ennis Inc		4,592		98,820
Envista Holdings Corp *		71,269		3,079,534
Exagen Inc *		1,162		17,418
EyePoint Pharmaceuticals Inc *		3,339		30,018
FibroGen Inc *		1,375		36,616
Finch Therapeutics Group Inc *		1,091		15,350
Foghorn Therapeutics Inc *		2,679		28,585
Forma Therapeutics Holdings Inc *		5,242		130,473
Frequency Therapeutics Inc *		5,207		51,862
Fresh Del Monte Produce Inc		5,451		179,229
Fulcrum Therapeutics Inc *		3,439		36,041
Fulgent Genetics Inc *		2,893		266,821
G1 Therapeutics Inc *		2,754		60,423
Gemini Therapeutics Inc *		2,897		18,744
Generation Bio Co *		561		15,091
Geron Corp *		49,001		69,091
Glanbia PLC (Ireland)		265,786		4,328,785
Gossamer Bio Inc *		9,970		80,956
GP Strategies Corp *		2,229		35,040
Graham Holdings Co ‘B’		629		398,723
Green Dot Corp ‘A’ *		6,944		325,326
Gritstone bio Inc *		6,604		60,295
Haemonetics Corp *		2,627		175,063
Harvard Bioscience Inc *		1,092		9,096
Heidrick & Struggles International Inc		2,052		91,417
Herc Holdings Inc *		4,549		509,806
HF Foods Group Inc *		6,216		32,883
Homology Medicines Inc *		6,899		50,156
Hookipa Pharma Inc *		1,010		9,252
Hostess Brands Inc *		20,875		337,966
Huron Consulting Group Inc *		3,373		165,783
iBio Inc *		34,598		52,243
ICF International Inc		3,012		264,634
Ideaya Biosciences Inc *		3,454		72,499
Ikena Oncology Inc *		1,263		17,733
Immunic Inc *		2,463		30,196
Immunitybio Inc *		9,555		136,445
ImmunoGen Inc *		15,189		100,096
Immunovant Inc *		2,117		22,377
Infinity Pharmaceuticals Inc *		1,493		4,464
Ingles Markets Inc ‘A’		2,251		131,166
Innoviva Inc *		8,997		120,650
Inovio Pharmaceuticals Inc *		33,923		314,466
Inozyme Pharma Inc *		2,286		38,953
Instil Bio Inc *		1,491		28,806
Integer Holdings Corp *		36,398		3,428,692

	Shares		Value
Invacare Corp *		5,327		$42,989
Invitae Corp *		24,326		820,516
iTeos Therapeutics Inc *		3,284		84,235
IVERIC bio Inc *		11,821		74,591
John B Sanfilippo & Son Inc		624		55,268
John Wiley & Sons Inc ‘A’		7,063		425,051
Jounce Therapeutics Inc *		5,387		36,632
Kala Pharmaceuticals Inc *		2,550		13,515
Kelly Services Inc ‘A’ *		5,698		136,581
KemPharm Inc *		2,393		30,678
Kezar Life Sciences Inc *		5,900		32,037
Kforce Inc		14,731		927,022
Kiniksa Pharmaceuticals Ltd ‘A’ *		2,638		36,747
Kinnate Biopharma Inc *		2,089		48,632
Korn Ferry		8,711		631,983
Kronos Bio Inc *		5,565		133,282
Krystal Biotech Inc *		1,861		126,548
Kura Oncology Inc *		10,343		215,652
Laird Superfood Inc *		116		3,465
Lancaster Colony Corp		386		74,695
Landec Corp *		4,132		46,485
Lantheus Holdings Inc *		9,391		259,567
Laureate Education Inc ‘A’ *		17,753		257,596
Lexicon Pharmaceuticals Inc *		6,634		30,450
Ligand Pharmaceuticals Inc *		2,174		285,207
Limoneira Co		1,904		33,415
Lineage Cell Therapeutics Inc *		19,788		56,396
LivaNova PLC *		1,616		135,922
LiveRamp Holdings Inc *		10,633		498,156
Macquarie Infrastructure Corp		8,666		331,648
MacroGenics Inc *		884		23,744
Magellan Health Inc *		3,858		363,424
Magenta Therapeutics Inc *		836		8,176
MannKind Corp *		35,799		195,105
Marathon Digital Holdings Inc *		14,655		459,727
MEDNAX Inc *		6,085		183,463
MeiraGTx Holdings PLC *		4,453		69,022
Meridian Bioscience Inc *		6,157		136,562
Merit Medical Systems Inc *		924		59,746
Mersana Therapeutics Inc *		3,379		45,887
MGP Ingredients Inc		446		30,167
MiMedx Group Inc *		5,991		74,947
Mirum Pharmaceuticals Inc *		511		8,835
Misonix Inc *		1,061		23,533
Mission Produce Inc *		5,282		109,390
ModivCare Inc *		1,363		231,805
MoneyGram International Inc *		12,699		128,006
Monro Inc		2,233		141,818
Multiplan Corp *		54,978		523,391
Mustang Bio Inc *		11,501		38,183
Myriad Genetics Inc *		12,558		384,024
NanoString Technologies Inc *		643		41,660
Nathan’s Famous Inc		215		15,334
National HealthCare Corp		2,173		151,893
Natural Grocers by Vitamin Cottage Inc		1,658		17,807
Nature’s Sunshine Products Inc		1,993		34,618
Natus Medical Inc *		5,503		142,968
Neogen Corp *		1,006		46,316
Neoleukin Therapeutics Inc *		4,336		40,021
Neuronetics Inc *		346		5,543
NewAge Inc *		8,826		19,682
NexImmune Inc *		322		5,255
NGM Biopharmaceuticals Inc *		4,602		90,751
Nkarta Inc *		2,282		72,317
Nurix Therapeutics Inc *		569		15,096
Nuvation Bio Inc *		915		8,519
Olema Pharmaceuticals Inc *		1,097		30,694
Oncocyte Corp *		2,811		16,135
Oncorus Inc *		3,294		45,457
Oncternal Therapeutics Inc *		7,082		33,640

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-122

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
OPKO Health Inc *		65,114		$263,712
Option Care Health Inc *		18,126		396,416
OraSure Technologies Inc *		11,613		117,756
ORIC Pharmaceuticals Inc *		4,087		72,299
Orthofix Medical Inc *		3,194		128,111
Owens & Minor Inc		2,142		90,671
Oyster Point Pharma Inc *		1,692		29,085
Pacific Biosciences of California Inc *		17,188		601,064
Passage Bio Inc *		6,053		80,142
Patterson Cos Inc		10,784		327,726
Perdoceo Education Corp *		11,260		138,160
Personalis Inc *		5,381		136,139
Pliant Therapeutics Inc *		393		11,444
Portage Biotech Inc * (Canada)		477		9,998
Poseida Therapeutics Inc *		4,648		46,573
Praxis Precision Medicines Inc *		3,647		66,667
Precigen Inc *		2,339		15,250
Prestige Consumer Healthcare Inc *		8,214		427,949
Primo Water Corp		25,765		431,048
PROG Holdings Inc		9,348		449,919
Prometheus Biosciences Inc *		1,622		39,836
Prothena Corp PLC * (Ireland)		1,378		70,843
Provention Bio Inc *		9,124		76,915
Quanex Building Products Corp		5,235		130,037
Rain Therapeutics Inc *		409		6,356
Reata Pharmaceuticals Inc ‘A’ *		597		84,493
Recursion Pharmaceuticals Inc ‘A’ *		1,162		42,413
REGENXBIO Inc *		3,113		120,940
Rekor Systems Inc *		1,572		15,972
Relay Therapeutics Inc *		1,169		42,774
Reneo Pharmaceuticals Inc *		531		4,954
Rent-A-Center Inc		839		44,526
Repay Holdings Corp *		6,875		165,275
Replimune Group Inc *		1,301		49,984
Resources Connection Inc		5,502		79,009
Revlon Inc ‘A’ *		1,116		14,329
REVOLUTION Medicines Inc *		8,351		265,061
Rhythm Pharmaceuticals Inc *		7,158		140,154
RR Donnelley & Sons Co *		11,541		72,477
Sana Biotechnology Inc *		287		5,642
Sanderson Farms Inc		541		101,692
Sangamo Therapeutics Inc *		2,011		24,072
Scholar Rock Holding Corp *		692		19,999
SeaSpine Holdings Corp *		2,706		55,500
Seer Inc *		1,515		49,662
Selecta Biosciences Inc *		13,206		55,201
Seneca Foods Corp ‘A’ *		1,127		57,567
Sensei Biotherapeutics Inc *		1,259		12,288
Shattuck Labs Inc *		770		22,322
Sientra Inc *		1,334		10,619
Sigilon Therapeutics Inc *		970		10,408
Silverback Therapeutics Inc *		2,072		64,004
SOC Telemed Inc *		1,264		7,192
Solid Biosciences Inc *		9,642		35,290
Sorrento Therapeutics Inc *		4,438		43,004
SpartanNash Co		6,038		116,594
Spero Therapeutics Inc *		341		4,760
Sprouts Farmers Market Inc *		10,831		269,150
Spruce Biosciences Inc *		1,275		14,293
SQZ Biotechnologies Co *		3,682		53,205
StoneMor Inc *		4,370		11,449
Strategic Education Inc		4,007		304,772
Stride Inc *		6,287		202,001
Supernus Pharmaceuticals Inc *		8,061		248,198
Surface Oncology Inc *		5,372		40,075
Sutro Biopharma Inc *		6,524		121,281
Syndax Pharmaceuticals Inc *		5,519		94,761
Syros Pharmaceuticals Inc *		4,859		26,482
Talaris Therapeutics Inc *		516		7,580
Talis Biomedical Corp *		2,315		25,534

	Shares		Value
Tarsus Pharmaceuticals Inc *		271		$7,854
Taysha Gene Therapies Inc *		626		13,271
TCR2 Therapeutics Inc *		4,951		81,246
Team Inc *		4,462		29,895
Tejon Ranch Co *		3,971		60,399
Tenet Healthcare Corp *		15,294		1,024,545
Terns Pharmaceuticals Inc *		754		9,244
Textainer Group Holdings Ltd * (China)		6,796		229,501
The Aaron’s Co Inc		5,644		180,552
The Andersons Inc		3,241		98,948
The Beauty Health Co *		640		10,752
The Chefs’ Warehouse Inc *		4,742		150,938
The Duckhorn Portfolio Inc *		1,209		26,671
The Hackett Group Inc		920		16,578
The Honest Co Inc *		1,113		18,019
The Simply Good Foods Co *		13,207		482,188
Theravance Biopharma Inc *		817		11,863
Tivity Health Inc *		3,099		81,535
Tonix Pharmaceuticals Holding Corp *		53,299		59,162
Tootsie Roll Industries Inc		2,606		88,369
Translate Bio Inc *		5,297		145,879
Travere Therapeutics Inc *		8,808		128,509
TreeHouse Foods Inc *		8,483		377,663
Trevena Inc *		17,600		29,744
Trillium Therapeutics Inc * (Canada)		13,528		131,222
Triple-S Management Corp ‘B’ *		4,240		94,425
Triton International Ltd (Bermuda)		10,884		569,669
TrueBlue Inc *		5,891		165,596
Turning Point Therapeutics Inc *		6,668		520,237
United Natural Foods Inc *		8,617		318,657
Universal Corp		4,049		230,672
UroGen Pharma Ltd *		1,188		18,141
Utah Medical Products Inc		482		40,989
Vanda Pharmaceuticals Inc *		9,130		196,386
Varex Imaging Corp *		5,597		150,112
Vaxart Inc *		1,768		13,242
Vaxcyte Inc *		4,618		103,951
VBI Vaccines Inc *		3,530		11,826
Vector Group Ltd		20,277		286,717
Vectrus Inc *		1,819		86,566
Veracyte Inc *		11,027		440,859
Veru Inc *		2,759		22,265
Viemed Healthcare Inc *		4,793		34,270
Viking Therapeutics Inc *		11,145		66,759
Village Super Market Inc ‘A’		1,820		42,788
Viracta Therapeutics Inc *		4,704		53,343
VistaGen Therapeutics Inc *		4,858		15,303
Vivint Smart Home Inc *		10,982		144,962
Vor BioPharma Inc *		1,675		31,239
Weis Markets Inc		2,792		144,235
Werewolf Therapeutics Inc *		419		7,307
Whole Earth Brands Inc *		5,726		83,027
Willdan Group Inc *		493		18,557
WW International Inc *		5,942		214,744
XBiotech Inc *		2,276		37,691
XOMA Corp *		858		29,172
Zogenix Inc *		9,167		158,406
				55,419,519
Energy - 6.6%
Advent Technologies Holdings Inc *		511		4,926
Aemetis Inc *		4,146		46,311
Alto Ingredients Inc *		12,627		77,151
Antero Resources Corp *		41,037		616,786
Arch Resources Inc *		2,035		115,954
Archrock Inc		21,952		195,592
Array Technologies Inc *		15,942		248,695
Beam Global *		154		5,900
Berry Corp		10,791		72,515
Bonanza Creek Energy Inc		5,041		237,280

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-123

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Brigham Minerals Inc ‘A’		7,421		$157,993
Bristow Group Inc *		1,047		26,814
California Resources Corp *		13,798		415,872
Callon Petroleum Co *		867		50,017
Centennial Resource Development Inc ‘A’ *		25,657		173,954
ChampionX Corp *		27,174		697,013
Chesapeake Energy Corp		16,158		838,923
Cleanspark Inc *		5,200		86,528
CNX Resources Corp *		35,750		488,345
Comstock Resources Inc *		14,790		98,649
CONSOL Energy Inc *		5,584		103,136
Crescent Point Energy Corp (TSE) (Canada)		1,788,598		8,094,575
CVR Energy Inc		5,466		98,169
Delek US Holdings Inc		11,249		243,203
Dril-Quip Inc *		5,696		192,696
Earthstone Energy Inc ‘A’ *		3,420		37,859
Equitrans Midstream Corp		66,859		568,970
Extraction Oil & Gas Inc *		1,537		84,397
Falcon Minerals Corp		2,689		13,660
Frank’s International NV *		23,861		72,299
FTS International Inc ‘A’ *		1,411		39,917
FuelCell Energy Inc *		12,373		110,120
FutureFuel Corp		4,858		46,637
Gevo Inc *		32,632		237,235
Golar LNG Ltd * (Bermuda)		16,715		221,474
Green Plains Inc *		104,034		3,497,623
Helix Energy Solutions Group Inc *		23,232		132,655
Helmerich & Payne Inc		17,357		566,359
HighPeak Energy Inc *		502		5,135
Hunting PLC (United Kingdom)		349,786		1,070,021
Laredo Petroleum Inc *		1,496		138,814
Liberty Oilfield Services Inc ‘A’ *		9,417		133,345
Matrix Service Co *		4,480		47,040
MRC Global Inc *		13,145		123,563
Murphy Oil Corp		24,017		559,116
Nabors Industries Ltd *		1,162		132,747
National Energy Services Reunited Corp *		4,535		64,624
Natural Gas Services Group Inc *		17,788		182,861
Newpark Resources Inc *		15,005		51,917
NexTier Oilfield Solutions Inc *		180,438		858,885
Northern Oil and Gas Inc		7,791		161,819
NOW Inc *		17,898		169,852
Oasis Petroleum Inc		505		50,778
Oceaneering International Inc *		16,179		251,907
Oil States International Inc *		10,192		80,007
Ovintiv Inc		40,657		1,279,476
Par Pacific Holdings Inc *		1,791		30,125
Patterson-UTI Energy Inc		30,436		302,534
PBF Energy Inc ‘A’ *		15,794		241,648
PDC Energy Inc		16,206		742,073
Peabody Energy Corp *		11,175		88,618
Penn Virginia Corp *		2,475		58,435
ProPetro Holding Corp *		13,649		125,025
Range Resources Corp *		39,005		653,724
Renewable Energy Group Inc *		7,327		456,765
REX American Resources Corp *		962		86,753
Riley Exploration Permian Inc		330		9,563
RPC Inc *		11,110		54,994
Select Energy Services Inc ‘A’ *		9,356		56,510
SM Energy Co		19,054		469,300
Solaris Oilfield Infrastructure Inc ‘A’		4,354		42,408
SunCoke Energy Inc		13,297		94,941
Sunnova Energy International Inc *		11,928		449,208
SunPower Corp *		2,750		80,355
Talos Energy Inc *		5,103		79,811
TechnipFMC PLC * (United Kingdom)		253,170		2,291,188
TETRA Technologies Inc *		3,943		17,113
US Silica Holdings Inc *		11,751		135,842
W&T Offshore Inc *		15,743		76,354

	Shares		Value
Warrior Met Coal Inc		7,817		$134,452
Whiting Petroleum Corp *		6,473		353,102
				31,508,950
Financial - 29.3%
1st Source Corp		3,054		141,889
Acadia Realty Trust REIT		13,385		293,935
Agree Realty Corp REIT		10,992		774,826
Alerus Financial Corp		2,691		78,066
Alexander & Baldwin Inc REIT *		13,827		253,311
Allegiance Bancshares Inc		3,027		116,358
Altabancorp		3,054		132,269
Altus Midstream Co ‘A’		463		31,257
Amalgamated Financial Corp		2,766		43,233
Ambac Financial Group Inc *		7,784		121,897
Amerant Bancorp Inc *		3,977		85,028
American Assets Trust Inc REIT		8,485		316,406
American Equity Investment Life Holding Co		14,318		462,758
American Finance Trust Inc REIT		18,325		155,396
American National Bankshares Inc		2,017		62,709
American National Group Inc		1,260		187,173
American Realty Investors Inc *		164		1,527
Ameris Bancorp		10,058		509,237
AMERISAFE Inc		3,331		198,827
Apartment Investment and Management Co ‘A’ REIT		24,345		163,355
Apollo Commercial Real Estate Finance Inc REIT		22,934		365,797
Apple Hospitality REIT Inc		34,322		523,754
Arbor Realty Trust Inc REIT		20,757		369,890
Ares Commercial Real Estate Corp REIT		6,156		90,432
Argo Group International Holdings Ltd		5,410		280,400
Armada Hoffler Properties Inc REIT		9,760		129,710
ARMOUR Residential REIT Inc		11,557		131,981
Arrow Financial Corp		2,428		87,287
Ashford Hospitality Trust Inc REIT *		18,643		85,012
Assetmark Financial Holdings Inc *		3,214		80,543
Associated Banc-Corp		25,318		518,513
Associated Capital Group Inc ‘A’		287		11,153
Atlantic Capital Bancshares Inc *		3,678		93,642
Atlantic Union Bankshares Corp		73,384		2,657,968
Axos Financial Inc *		8,370		388,284
B. Riley Financial Inc		3,263		246,356
Banc of California Inc		7,378		129,410
BancFirst Corp		2,994		186,915
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Panama)		5,588		85,888
BancorpSouth Bank		15,926		451,184
Bank First Corp		1,264		88,189
Bank of Marin Bancorp		2,378		75,858
BankUnited Inc		13,565		579,090
Banner Corp		4,733		256,576
Bar Harbor Bankshares		2,724		77,961
Berkshire Hills Bancorp Inc		6,669		182,797
BGC Partners Inc ‘A’		54,927		311,436
Blackstone Mortgage Trust Inc ‘A’ REIT		22,640		721,990
Blucora Inc *		5,595		96,849
Blue Ridge Bankshares Inc		3,547		62,143
Boston Private Financial Holdings Inc		11,907		175,628
Braemar Hotels & Resorts Inc REIT *		7,547		46,867
Brandywine Realty Trust REIT		27,736		380,261
Bridgewater Bancshares Inc *		3,426		55,330
BrightSpire Capital Inc REIT		11,927		112,114
Broadmark Realty Capital Inc REIT		21,377		226,382
Broadstone Net Lease Inc REIT		23,770		556,456
Brookline Bancorp Inc		10,837		162,013
BRT Apartments Corp REIT		2,258		39,154
Bryn Mawr Bank Corp		53,853		2,272,058
Business First Bancshares Inc		3,549		81,450
Byline Bancorp Inc		4,714		106,678

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-124

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Cadence BanCorp		12,314		$257,116
Cambridge Bancorp		1,255		104,152
Camden National Corp		10,908		520,966
Capital Bancorp Inc *		1,637		33,477
Capital City Bank Group Inc		2,548		65,713
Capitol Federal Financial Inc		20,525		241,784
Capstar Financial Holdings Inc		3,926		80,483
Capstead Mortgage Corp REIT		14,992		92,051
CareTrust REIT Inc		14,220		330,331
Carter Bankshares Inc *		5,156		64,502
CatchMark Timber Trust Inc ‘A’ REIT		3,382		39,569
Cathay General Bancorp		12,804		503,965
CBTX Inc		3,447		94,138
Centerspace REIT		2,318		182,890
Central Pacific Financial Corp		3,331		86,806
Century Bancorp Inc ‘A’		552		62,928
Chatham Lodging Trust REIT *		8,485		109,202
Chimera Investment Corp REIT		38,109		573,922
CIT Group Inc		16,446		848,449
Citizens & Northern Corp		3,018		73,941
Citizens Inc *		8,654		45,780
City Holding Co		2,254		169,591
City Office REIT Inc		7,948		98,794
Civista Bancshares Inc		2,991		66,101
Clipper Realty Inc REIT		939		6,902
CNB Financial Corp		3,153		71,951
CNO Financial Group Inc		207,873		4,909,960
Coastal Financial Corp *		879		25,104
Columbia Banking System Inc		90,014		3,470,940
Columbia Financial Inc *		4,887		84,154
Columbia Property Trust Inc REIT		19,436		337,992
Community Bank System Inc		8,006		605,654
Community Healthcare Trust Inc REIT		1,629		77,312
Community Trust Bancorp Inc		2,839		114,639
ConnectOne Bancorp Inc		6,551		171,440
CorePoint Lodging Inc REIT *		7,440		79,608
Corporate Office Properties Trust REIT		3,009		84,222
Cowen Inc ‘A’		4,238		173,970
Crawford & Co ‘A’		3,449		31,282
CrossFirst Bankshares Inc *		4,785		65,794
CTO Realty Growth Inc REIT		1,133		60,638
Customers Bancorp Inc *		4,214		164,304
CVB Financial Corp		20,437		420,798
Diamond Hill Investment Group Inc		568		95,032
DiamondRock Hospitality Co REIT *		32,179		312,136
DigitalBridge Group Inc REIT *		78,755		622,164
Dime Community Bancshares Inc		5,737		192,878
Diversified Healthcare Trust REIT		40,183		167,965
Donegal Group Inc ‘A’		3,074		44,788
Dynex Capital Inc REIT		4,933		92,050
Eagle Bancorp Inc		4,734		265,483
Easterly Government Properties Inc REIT		14,353		302,561
Eastern Bankshares Inc		22,693		466,795
eHealth Inc *		2,834		165,506
Ellington Financial Inc REIT		6,674		127,807
Empire State Realty Trust Inc ‘A’ REIT		24,130		289,560
Employers Holdings Inc		4,052		173,426
Encore Capital Group Inc *		5,100		241,689
Enova International Inc *		6,001		205,294
Enstar Group Ltd *		2,274		543,304
Enterprise Bancorp Inc		1,776		58,164
Enterprise Financial Services Corp		4,980		231,022
Equity Bancshares Inc ‘A’ *		2,496		76,103
Equity Commonwealth REIT		19,615		513,913
Essent Group Ltd		18,358		825,192
Essential Properties Realty Trust Inc REIT		19,578		529,389
EZCORP Inc ‘A’ *		9,003		54,288
Farmers National Banc Corp		4,814		74,665
Farmland Partners Inc REIT		4,504		54,273
FB Financial Corp		5,223		194,922

	Shares		Value
Federal Agricultural Mortgage Corp ‘C’		1,535		$151,812
Federated Hermes Inc		15,837		537,033
Fidelity D&D Bancorp Inc		824		44,578
Finance Of America Cos Inc ‘A’ *		5,368		40,958
Financial Institutions Inc		2,883		86,490
First BanCorp		16,393		195,405
First Bancorp NC		3,973		162,535
First Bank		3,170		42,922
First Busey Corp		8,780		216,515
First Choice Bancorp		1,984		60,413
First Commonwealth Financial Corp		13,397		188,496
First Community Bankshares Inc		3,126		93,311
First Financial Bancorp		14,101		333,207
First Financial Bankshares Inc		1,715		84,258
First Financial Corp		2,237		91,314
First Foundation Inc		7,024		158,110
First Horizon Corp		237,579		4,105,365
First Internet Bancorp		1,796		55,640
First Interstate BancSystem Inc ‘A’		6,975		291,764
First Merchants Corp		9,129		380,405
First Mid Bancshares Inc		3,006		121,773
First Midwest Bancorp Inc		16,735		331,855
Five Star Bancorp *		989		23,884
Flagstar Bancorp Inc		8,519		360,098
Flushing Financial Corp		5,384		115,379
Four Corners Property Trust Inc REIT		3,116		86,033
Franklin Street Properties Corp REIT		18,251		96,000
FRP Holdings Inc *		1,163		64,756
FS Bancorp Inc		706		50,317
Fulton Financial Corp		26,736		421,894
GAMCO Investors Inc ‘A’		277		6,953
GCM Grosvenor Inc ‘A’		624		6,502
Genworth Financial Inc ‘A’ *		82,780		322,842
German American Bancorp Inc		33,714		1,254,161
Getty Realty Corp REIT		6,513		202,880
Glacier Bancorp Inc		23,301		1,283,419
Gladstone Commercial Corp REIT		4,826		108,875
Gladstone Land Corp REIT		1,858		44,703
Global Medical REIT Inc		10,076		148,722
Global Net Lease Inc REIT		16,357		302,604
Goosehead Insurance Inc ‘A’		2,447		311,503
Granite Point Mortgage Trust Inc REIT		8,637		127,396
Great Ajax Corp REIT		3,562		46,235
Great Southern Bancorp Inc		1,910		102,949
Great Western Bancorp Inc		8,163		267,665
Greenlight Capital Re Ltd ‘A’ *		5,304		48,426
Guaranty Bancshares Inc		1,552		52,877
Hancock Whitney Corp		14,408		640,292
Hanmi Financial Corp		4,242		80,853
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		11,928		669,757
Harborone Bancorp Inc		9,026		129,433
Hawthorn Bancshares Inc		59		1,348
HBT Financial Inc		2,215		38,563
HCI Group Inc		975		96,944
Healthcare Realty Trust Inc REIT		39,032		1,178,766
Heartland Financial USA Inc		6,832		321,036
Heritage Commerce Corp		10,619		118,189
Heritage Financial Corp		5,205		130,229
Heritage Insurance Holdings Inc		3,634		31,180
Hersha Hospitality Trust REIT *		5,836		62,795
Highwoods Properties Inc REIT		13,757		621,404
Hilltop Holdings Inc		10,888		396,323
Hingham Institution for Savings		253		73,497
Home Bancorp Inc		1,503		57,279
Home BancShares Inc		25,408		627,069
Home Point Capital Inc *		2,125		12,601
HomeStreet Inc		2,714		110,568
HomeTrust Bancshares Inc		2,736		76,334
Hope Bancorp Inc		17,498		248,122

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-125

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Horace Mann Educators Corp		128,635		$4,813,522
Horizon Bancorp Inc		7,701		134,228
Houlihan Lokey Inc		1,234		100,929
Howard Bancorp Inc *		2,799		45,148
Independence Holding Co		895		41,456
Independence Realty Trust Inc REIT		17,361		316,491
Independent Bank Corp		4,851		366,250
Independent Bank Corp MI		3,833		83,214
Independent Bank Group Inc		6,314		467,110
Indus Realty Trust Inc REIT		189		12,408
Industrial Logistics Properties Trust REIT		11,084		289,736
Innovative Industrial Properties Inc REIT		1,912		365,230
International Bancshares Corp		9,060		389,036
Intertrust NV * ~ (Netherlands)		21,651		390,125
Invesco Mortgage Capital Inc REIT		40,745		158,906
Investors Bancorp Inc		18,214		259,732
Investors Title Co		187		32,656
iStar Inc REIT		5,366		111,237
James River Group Holdings Ltd		1,556		58,381
Kearny Financial Corp		9,198		109,916
Kennedy-Wilson Holdings Inc		20,237		402,109
Kite Realty Group Trust REIT		14,188		312,278
KKR Real Estate Finance Trust Inc REIT		5,292		114,466
Ladder Capital Corp REIT		18,714		215,960
Lakeland Bancorp Inc		8,677		151,674
Lakeland Financial Corp		23,260		1,433,746
Legacy Housing Corp *		972		16,437
LendingClub Corp *		15,862		287,578
Lexington Realty Trust REIT		45,822		547,573
LTC Properties Inc REIT		6,678		256,368
Luther Burbank Corp		3,342		39,636
Macatawa Bank Corp		5,294		46,323
Mack-Cali Realty Corp REIT		15,069		258,433
Maiden Holdings Ltd *		11,389		38,381
Marcus & Millichap Inc *		3,670		142,653
Marlin Business Services Corp		1,720		39,147
MBIA Inc *		8,187		90,057
McGrath RentCorp		48,128		3,925,801
Mercantile Bank Corp		2,852		86,130
Merchants Bancorp		1,904		74,713
Meridian Bancorp Inc		7,990		163,475
Meta Financial Group Inc		3,234		163,737
Metrocity Bankshares Inc		3,008		52,670
MetroMile Inc *		6,230		57,005
Metropolitan Bank Holding Corp *		1,337		80,514
MFA Financial Inc REIT		72,351		332,091
Mid Penn Bancorp Inc		2,048		56,218
Midland States Bancorp Inc		4,000		105,080
MidWestOne Financial Group Inc		2,679		77,075
Moelis & Co ‘A’		4,733		269,260
Monmouth Real Estate Investment Corp REIT		14,003		262,136
Mr Cooper Group Inc *		11,731		387,827
MVB Financial Corp		1,800		76,788
National Bank Holdings Corp ‘A’		4,049		152,809
National Health Investors Inc REIT		7,331		491,544
National Western Life Group Inc ‘A’		454		101,873
Navient Corp		29,447		569,211
NBT Bancorp Inc		6,314		227,115
Nelnet Inc ‘A’		2,832		213,051
NETSTREIT Corp		6,896		159,022
New Senior Investment Group Inc REIT		14,757		129,566
New York Mortgage Trust Inc REIT		62,051		277,368
NexPoint Residential Trust Inc REIT		3,139		172,582
NI Holdings Inc *		2,020		38,400
Nicolet Bankshares Inc *		1,566		110,152
NMI Holdings Inc ‘A’ *		13,044		293,229
Northfield Bancorp Inc		7,500		123,000
Northrim BanCorp Inc		1,224		52,326
Northwest Bancshares Inc		16,774		228,797

	Shares		Value
OceanFirst Financial Corp		10,246		$213,527
Ocwen Financial Corp *		1,457		45,138
Office Properties Income Trust REIT		8,241		241,544
OFG Bancorp		7,538		166,741
Old National Bancorp		24,256		427,148
Old Republic International Corp		243,164		6,057,215
Old Second Bancorp Inc		5,375		66,650
One Liberty Properties Inc REIT		3,049		86,561
Oportun Financial Corp *		3,411		68,322
Oppenheimer Holdings Inc ‘A’		1,498		76,158
Orchid Island Capital Inc REIT		15,457		80,222
Origin Bancorp Inc		3,284		139,439
Orrstown Financial Services Inc		2,249		51,884
Outfront Media Inc REIT *		19,538		469,498
Pacific Premier Bancorp Inc		12,796		541,143
Paramount Group Inc REIT		31,669		318,907
Park National Corp		2,353		276,289
PCSB Financial Corp		2,638		47,932
Peapack Gladstone Financial Corp		3,267		101,506
Pebblebrook Hotel Trust REIT		21,710		511,270
PennyMac Financial Services Inc		5,930		366,000
PennyMac Mortgage Investment Trust REIT		13,294		279,972
Peoples Bancorp Inc		30,746		910,697
Peoples Financial Services Corp		1,341		57,127
Physicians Realty Trust REIT		35,884		662,777
Piedmont Office Realty Trust Inc ‘A’ REIT		20,904		386,097
Pioneer Bancorp Inc *		2,764		33,223
Piper Sandler Cos		2,979		385,959
PJT Partners Inc ‘A’		734		52,393
Plymouth Industrial REIT Inc REIT		5,140		102,903
Postal Realty Trust Inc ‘A’ REIT		2,293		41,824
PotlatchDeltic Corp REIT		10,981		583,640
PRA Group Inc *		7,518		289,217
Preferred Apartment Communities Inc ‘A’ REIT		8,641		84,250
Preferred Bank		1,087		68,774
Premier Financial Bancorp Inc		2,743		46,220
Premier Financial Corp		6,466		183,699
Primis Financial Corp		4,721		72,042
ProAssurance Corp		7,895		179,611
ProSight Global Inc *		1,486		18,961
Provident Bancorp Inc		3,119		50,871
Provident Financial Services Inc		11,927		273,009
PS Business Parks Inc REIT		576		85,294
QCR Holdings Inc		2,768		133,113
QTS Realty Trust Inc ‘A’ REIT		6,655		514,431
Radian Group Inc		31,954		710,976
Radius Global Infrastructure Inc ‘A’ *		7,183		104,154
RBB Bancorp		2,582		62,536
RE/MAX Holdings Inc ‘A’		3,025		100,823
Ready Capital Corp REIT		9,304		147,654
Realogy Holdings Corp *		18,744		341,516
Red River Bancshares Inc		887		44,802
Redwood Trust Inc REIT		18,467		222,897
Regional Management Corp		1,001		46,587
Reliant Bancorp Inc		2,726		75,592
Renasant Corp		8,236		329,440
Republic Bancorp Inc ‘A’		1,790		82,573
Republic First Bancorp Inc *		7,149		28,525
Retail Opportunity Investments Corp REIT		19,687		347,672
Retail Properties of America Inc ‘A’ REIT		36,096		413,299
Retail Value Inc REIT		3,070		66,773
RLI Corp		607		63,486
RLJ Lodging Trust REIT		27,416		417,546
RPT Realty REIT		13,965		181,266
Ryman Hospitality Properties Inc REIT *		851		67,195
S&T Bancorp Inc		5,548		173,652
Sabra Health Care REIT Inc		35,923		653,799
Safehold Inc REIT		1,065		83,603
Safety Insurance Group Inc		2,084		163,136

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-126

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Sandy Spring Bancorp Inc		7,853		$346,553
Saul Centers Inc REIT		415		18,862
Sculptor Capital Management Inc		3,654		89,852
Seacoast Banking Corp of Florida		7,864		268,556
Selective Insurance Group Inc		61,567		4,996,162
Seritage Growth Properties REIT *		6,161		113,362
Service Properties Trust REIT		26,679		336,155
ServisFirst Bancshares Inc		1,541		104,757
Sierra Bancorp		2,649		67,417
Simmons First National Corp ‘A’		15,904		466,623
SiriusPoint Ltd * (Bermuda)		15,470		155,783
SITE Centers Corp REIT		29,140		438,848
SmartFinancial Inc		2,722		65,355
South Plains Financial Inc		2,175		50,308
South State Corp		50,240		4,107,622
Southern First Bancshares Inc *		1,058		54,127
Southern Missouri Bancorp Inc		1,492		67,080
Southside Bancshares Inc		4,861		185,836
Spirit of Texas Bancshares Inc		2,555		58,356
STAG Industrial Inc REIT		26,617		996,274
State Auto Financial Corp		3,338		57,147
Stewart Information Services Corp		3,786		214,628
Stock Yards Bancorp Inc		2,975		151,398
StoneX Group Inc *		2,616		158,713
Summit Financial Group Inc		2,238		49,258
Summit Hotel Properties Inc REIT *		17,950		167,473
Sunstone Hotel Investors Inc REIT *		45,159		560,875
SVB Financial Group *		271		151,907
Tanger Factory Outlet Centers Inc REIT		12,376		233,288
Terreno Realty Corp REIT		11,390		734,883
Texas Capital Bancshares Inc *		5,349		339,608
The Bancorp Inc *		8,624		198,438
The Bank of NT Butterfield & Son Ltd (Bermuda)		8,533		302,495
The First Bancorp Inc		2,000		58,900
The First Bancshares Inc		3,532		132,203
The First of Long Island Corp		62,352		1,323,733
The GEO Group Inc REIT		16,071		114,426
The Hanover Insurance Group Inc		55,974		7,592,313
The Macerich Co REIT		32,553		594,092
The RMR Group Inc ‘A’		2,547		98,416
Tiptree Inc		3,809		35,424
Tompkins Financial Corp		2,487		192,892
Towne Bank		11,371		345,906
TPG RE Finance Trust Inc REIT		9,868		132,725
Trean Insurance Group Inc *		2,973		44,833
TriCo Bancshares		34,008		1,448,061
TriState Capital Holdings Inc *		5,305		108,169
Triumph Bancorp Inc *		418		31,037
TrustCo Bank Corp		16,146		555,099
Trustmark Corp		10,702		329,622
Two Harbors Investment Corp REIT		44,762		338,401
UMB Financial Corp		7,157		666,030
UMH Properties Inc REIT		1,487		32,446
United Bankshares Inc		20,748		757,302
United Community Banks Inc		11,310		362,033
United Fire Group Inc		3,297		91,426
United Insurance Holdings Corp		4,807		27,400
Uniti Group Inc REIT		32,616		345,403
Universal Health Realty Income Trust REIT		350		21,543
Universal Insurance Holdings Inc		4,430		61,488
Univest Financial Corp		5,182		136,649
Urban Edge Properties REIT		19,548		373,367
Urstadt Biddle Properties Inc ‘A’ REIT		5,486		106,319
Valley National Bancorp		66,372		891,376
Velocity Financial Inc *		1,275		15,925
Veritex Holdings Inc		6,194		219,330
Walker & Dunlop Inc		4,406		459,898
Washington Federal Inc		12,083		383,998

	Shares		Value
Washington Real Estate Investment Trust REIT		14,377		$330,671
Washington Trust Bancorp Inc		32,890		1,688,901
Waterstone Financial Inc		3,806		74,826
Watford Holdings Ltd * (Bermuda)		2,923		102,276
WesBanco Inc		11,008		392,215
West Bancorporation Inc		2,428		67,377
Westamerica Bancorporation		3,782		219,469
Whitestone REIT		7,451		61,471
WisdomTree Investments Inc		7,607		47,163
World Acceptance Corp *		741		118,738
WSFS Financial Corp		6,131		285,643
Xenia Hotels & Resorts Inc REIT *		18,624		348,828
				141,389,911
Industrial - 20.7%
AAR Corp *		5,538		214,597
Aerojet Rocketdyne Holdings Inc		2,443		117,972
AerSale Corp *		1,089		13,569
AFC Gamma Inc		1,193		24,635
AgEagle Aerial Systems Inc *		3,701		19,504
Air Transport Services Group Inc *		9,523		221,219
Alamo Group Inc		262		40,002
Albany International Corp ‘A’		4,006		357,576
Allied Motion Technologies Inc		322		11,119
Altra Industrial Motion Corp		10,494		682,320
American Outdoor Brands Inc *		2,335		82,052
American Superconductor Corp *		4,345		75,560
American Woodmark Corp *		2,710		221,380
Apogee Enterprises Inc		69,194		2,818,272
ArcBest Corp		4,104		238,812
Arcosa Inc		7,833		460,110
Argan Inc		31,548		1,507,679
Astec Industries Inc		25,779		1,622,530
Astronics Corp *		4,131		72,334
Atlas Air Worldwide Holdings Inc *		4,688		319,300
Atlas Technical Consultants Inc *		1,495		14,472
AZZ Inc		3,978		205,981
Babcock & Wilcox Enterprises Inc *		6,222		49,029
Barnes Group Inc		7,759		397,649
Belden Inc		7,172		362,688
Benchmark Electronics Inc		114,746		3,265,671
Boise Cascade Co		5,118		298,635
Brady Corp ‘A’		7,809		437,616
Caesarstone Ltd		3,633		53,623
Casella Waste Systems Inc ‘A’ *		824		52,266
CECO Environmental Corp *		5,591		40,032
Centrus Energy Corp ‘A’ *		1,502		38,121
Chart Industries Inc *		2,393		350,144
Chase Corp		856		87,834
Columbus McKinnon Corp		44,591		2,151,070
Comtech Telecommunications Corp		4,309		104,105
Concrete Pumping Holdings Inc *		4,334		36,709
Costamare Inc (Monaco)		9,117		107,672
Covenant Logistics Group Inc ‘A’ *		2,188		45,248
DHT Holdings Inc		23,767		154,248
Diamond S Shipping Inc *		4,882		48,625
Dorian LPG Ltd *		4,056		57,271
Ducommun Inc *		1,808		98,644
DXP Enterprises Inc *		2,738		91,175
Dycom Industries Inc *		926		69,015
Eagle Bulk Shipping Inc *		1,334		63,125
Eastman Kodak Co *		680		5,658
Echo Global Logistics Inc *		3,189		98,030
EMCOR Group Inc		7,910		974,433
Encore Wire Corp		3,231		244,877
EnerSys		6,207		606,610
EnPro Industries Inc		3,327		323,218
ESCO Technologies Inc		3,769		353,570
Fabrinet * (Thailand)		813		77,942

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-127

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
FARO Technologies Inc *		1,449		$112,689
Flowserve Corp		3,748		151,119
Fluidigm Corp *		10,998		67,748
Fluor Corp *		23,223		411,047
Frontline Ltd (Norway)		19,589		176,301
GATX Corp		5,719		505,960
Genco Shipping & Trading Ltd		5,215		98,459
Gibraltar Industries Inc *		3,882		296,235
GrafTech International Ltd		3,119		36,243
Granite Construction Inc		7,398		307,239
Great Lakes Dredge & Dock Corp *		228,524		3,338,736
Greif Inc ‘A’		3,814		230,938
Greif Inc ‘B’		872		51,448
Griffon Corp		7,458		191,149
Harsco Corp *		7,575		154,682
Haynes International Inc		1,988		70,335
Heartland Express Inc		8,276		141,768
Heritage-Crystal Clean Inc *		1,799		53,394
Hillenbrand Inc		71,423		3,148,326
Hub Group Inc ‘A’ *		5,410		356,952
Hyster-Yale Materials Handling Inc		1,687		123,117
Ichor Holdings Ltd *		1,510		81,238
Ideanomics Inc *		66,303		188,301
II-VI Inc *		1,260		91,463
Infrastructure and Energy Alternatives Inc *		1,824		23,457
Insteel Industries Inc		48,056		1,545,000
International Seaways Inc		3,659		70,180
Itron Inc *		1,296		129,574
JELD-WEN Holding Inc *		8,478		222,632
Kaman Corp		4,536		228,614
Kennametal Inc		13,681		491,422
Kimball Electronics Inc *		3,853		83,764
Knowles Corp *		233,088		4,601,157
Kratos Defense & Security Solutions Inc *		15,433		439,686
Lindsay Corp		111		18,346
Luxfer Holdings PLC (United Kingdom)		2,973		66,149
Lydall Inc *		1,602		96,953
Marten Transport Ltd		9,696		159,887
Masonite International Corp *		10,464		1,169,771
Materion Corp		2,052		154,618
Matson Inc		7,040		450,560
Matthews International Corp ‘A’		5,018		180,447
Mayville Engineering Co Inc *		1,275		25,640
Meggitt PLC * (United Kingdom)		801,661		5,121,012
Mesa Laboratories Inc		754		204,462
Mistras Group Inc *		3,013		29,618
Moog Inc ‘A’		4,727		397,352
Mueller Industries Inc		33,181		1,437,069
Mueller Water Products Inc ‘A’		277,848		4,006,568
Myers Industries Inc		3,619		75,999
MYR Group Inc *		754		68,554
National Presto Industries Inc		856		87,012
NL Industries Inc		1,476		9,594
NN Inc *		6,869		50,487
Nordic American Tankers Ltd		25,846		84,775
Northwest Pipe Co *		1,662		46,952
NV5 Global Inc *		1,521		143,750
NVE Corp		156		11,552
Olympic Steel Inc		1,589		46,701
Oshkosh Corp		37,521		4,676,617
OSI Systems Inc *		2,398		243,733
Pactiv Evergreen Inc		7,025		105,867
PAM Transportation Services Inc *		328		17,302
Park Aerospace Corp		3,911		58,274
Park-Ohio Holdings Corp		1,368		43,968
PGT Innovations Inc *		5,157		119,797
Plexus Corp *		640		58,502
Powell Industries Inc		1,417		43,856
Primoris Services Corp		8,561		251,950
Proto Labs Inc *		3,808		349,574

	Shares		Value
Radiant Logistics Inc *		6,353		$44,026
Ranpak Holdings Corp *		4,599		115,113
RBC Bearings Inc *		3,429		683,811
Regal Beloit Corp		13,261		1,770,476
Rexnord Corp		83,070		4,156,823
Ryerson Holding Corp *		1,061		15,491
Safe Bulkers Inc * (Greece)		9,606		38,520
Sanmina Corp *		10,366		403,859
Scorpio Tankers Inc (Monaco)		8,055		177,613
SFL Corp Ltd (Norway)		17,004		130,081
SPX Corp *		1,409		86,062
SPX FLOW Inc		6,475		422,429
Standex International Corp		1,932		183,366
Stantec Inc (TSE) (Canada)		30,840		1,376,057
Sterling Construction Co Inc *		3,689		89,016
Stoneridge Inc *		3,599		106,171
Sturm Ruger & Co Inc		271		24,385
Summit Materials Inc ‘A’ *		202,698		7,064,025
Teekay Corp * (Bermuda)		10,711		39,845
Teekay Tankers Ltd ‘A’ * (Bermuda)		3,769		54,349
The Gorman-Rupp Co		2,953		101,701
The Greenbrier Cos Inc		120,079		5,233,043
The Manitowoc Co Inc *		5,406		132,447
The Timken Co		75,208		6,061,013
Thermon Group Holdings Inc *		5,159		87,909
Tidewater Inc *		6,352		76,542
TimkenSteel Corp *		7,454		105,474
Tredegar Corp		1,040		14,321
TriMas Corp *		6,687		202,817
Trinity Industries Inc		14,136		380,117
Triumph Group Inc *		8,446		175,255
TTM Technologies Inc *		16,834		240,726
Turtle Beach Corp *		496		15,832
Tutor Perini Corp *		6,679		92,504
UFP Industries Inc		58,772		4,369,110
UFP Technologies Inc *		1,036		59,487
Universal Logistics Holdings Inc		381		8,877
US Concrete Inc *		2,450		180,810
US Ecology Inc *		4,818		180,771
US Xpress Enterprises Inc ‘A’ *		4,219		36,283
View Inc *		13,826		117,244
Vishay Intertechnology Inc		19,354		436,433
Vishay Precision Group Inc *		1,977		67,297
Watts Water Technologies Inc ‘A’		2,069		301,888
Werner Enterprises Inc		9,079		404,197
Willis Lease Finance Corp *		425		18,216
WillScot Mobile Mini Holdings Corp *		155,527		4,334,537
Worthington Industries Inc		5,656		346,034
Yellow Corp *		7,481		48,701
				99,630,293
Technology - 4.3%
3D Systems Corp *		1,814		72,506
ACI Worldwide Inc *		142,874		5,306,340
Agilysys Inc *		316		17,971
Allscripts Healthcare Solutions Inc *		23,415		433,412
Alpha & Omega Semiconductor Ltd *		692		21,030
American Software Inc ‘A’		1,180		25,913
Amkor Technology Inc		13,217		312,846
Asana Inc ‘A’ *		967		59,983
AXT Inc *		6,354		69,767
Benefitfocus Inc *		936		13,198
BM Technologies Inc * W ±		318		3,749
Bottomline Technologies DE Inc *		5,975		221,553
Castlight Health Inc ‘B’ *		18,794		49,428
Cloudera Inc *		15,024		238,281
Cohu Inc *		1,131		41,609
Computer Programs & Systems Inc		2,291		76,130
Conduent Inc *		27,326		204,945
CSG Systems International Inc		2,896		136,633

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-128

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
CTS Corp		4,203		$156,183
Daily Journal Corp *		193		65,331
DarioHealth Corp *		2,162		46,180
Desktop Metal Inc ‘A’ *		2,716		31,234
Digi International Inc *		5,454		109,680
DigitalOcean Holdings Inc *		113		6,282
Diodes Inc *		1,776		141,672
Donnelley Financial Solutions Inc *		4,654		153,582
DSP Group Inc *		3,058		45,258
E2open Parent Holdings Inc *		6,774		77,359
Ebix Inc		4,348		147,397
eGain Corp *		2,119		24,326
EMCORE Corp *		4,910		45,270
Envestnet Inc *		571		43,316
Evolent Health Inc ‘A’ *		10,239		216,248
Forian Inc *		376		4,726
FormFactor Inc *		1,517		55,310
Genius Brands International Inc *		45,862		84,386
GTY Technology Holding Inc *		5,573		39,624
Insight Enterprises Inc *		3,839		383,938
KBR Inc		3,174		121,088
ManTech International Corp ‘A’		4,511		390,382
Model N Inc *		405		13,879
NantHealth Inc *		1,918		4,450
NetScout Systems Inc *		170,983		4,879,855
NextGen Healthcare Inc *		9,391		155,797
ON24 Inc *		508		18,024
Onto Innovation Inc *		5,599		408,951
Parsons Corp *		4,210		165,706
PDF Solutions Inc *		4,508		81,955
Photronics Inc *		9,760		128,930
Ping Identity Holding Corp *		7,095		162,476
QAD Inc ‘A’		254		22,103
Quantum Corp *		8,605		59,288
Rackspace Technology Inc *		2,324		45,574
Rambus Inc *		18,213		431,830
SecureWorks Corp ‘A’ *		1,784		33,058
Smith Micro Software Inc *		6,806		35,527
Software AG (Germany)		61,738		2,777,449
StarTek Inc *		3,122		22,260
Super Micro Computer Inc *		6,944		244,290
Sykes Enterprises Inc *		6,216		333,799
The ExOne Co *		2,530		54,749
Unisys Corp *		2,457		62,187
Veeco Instruments Inc *		8,203		197,200
Verint Systems Inc *		10,498		473,145
Xperi Holding Corp		17,147		381,349
				20,887,897
Utilities - 3.5%
ALLETE Inc		8,759		612,955
American States Water Co		2,940		233,906
Artesian Resources Corp ‘A’		1,475		54,236
Avista Corp		10,816		461,519
Black Hills Corp		69,117		4,536,149
Brookfield Infrastructure Corp ‘A’ (Canada)		5,969		450,062
California Water Service Group		8,303		461,149
Chesapeake Utilities Corp		2,800		336,924
Clearway Energy Inc ‘A’		4,343		109,530
Clearway Energy Inc ‘C’		10,171		269,328
IDACORP Inc		19,671		1,917,922
MGE Energy Inc		5,990		445,895
Middlesex Water Co		1,719		140,494
New Jersey Resources Corp		15,910		629,559
Northwest Natural Holding Co		5,143		270,110
NorthWestern Corp		8,499		511,810
ONE Gas Inc		8,688		643,954
Ormat Technologies Inc		7,400		514,522
Otter Tail Corp		6,922		337,863
PNM Resources Inc		14,013		683,414

	Shares		Value
Portland General Electric Co		14,910		$687,053
SJW Group		4,486		283,964
South Jersey Industries Inc		17,011		441,095
Southwest Gas Holdings Inc *		9,569		633,372
Spark Energy Inc ‘A’		443		5,019
Spire Inc		10,636		768,664
The York Water Co		702		31,801
Unitil Corp		2,443		129,406
				16,601,675
Total Common Stocks (Cost $441,600,355)				473,851,418
	Principal Amount
CORPORATE BONDS & NOTES - 0.0%
Financial - 0.0%
GAMCO Investors Inc 4.000% due 06/15/23 §		$554		554
Total Corporate Bonds & Notes (Cost $554)				554
SHORT-TERM INVESTMENTS - 1.7%
Repurchase Agreement - 1.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $6,227,591; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $6,352,284)		6,227,591		6,227,591
U.S. Government Agency Issue - 0.4%
Federal Home Loan Bank 0.000% due 07/01/21		1,895,000		1,895,000
Total Short-Term Investments (Cost $8,122,591)				8,122,591
TOTAL INVESTMENTS - 100.0% (Cost $449,723,500)				481,975,595
DERIVATIVES - (0.0%)				(294	)
OTHER ASSETS & LIABILITIES, NET - 0.0%				211,007
NET ASSETS - 100.0%				$482,186,308

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as

Financial	29.3%
Industrial	20.7%
Consumer, Cyclical	15.4%
Consumer, Non-Cyclical	11.5%
Energy	6.6%
Basic Materials	5.3%
Technology	4.3%
Utilities	3.5%
Others (each less than 3.0%)	3.4%
	100.0%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.0%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-129

PACIFIC SELECT FUND

SMALL-CAP EQUITY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(b) Investments with a total aggregate value of $4,211 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

(c) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Micro Russell 2000 E-Mini Index	09/21		292		$3,369,683		$3,369,389		($294	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$462			$-			$-		$462
	Warrants		570			570			-		-
	Common Stocks
	Basic Materials		25,698,306			25,698,306			-		-
	Communications		8,340,424			8,340,424			-		-
	Consumer, Cyclical		74,374,443			68,160,756			6,213,687		-
	Consumer, Non-Cyclical		55,419,519			51,090,734			4,328,785		-
	Energy		31,508,950			30,438,929			1,070,021		-
	Financial		141,389,911			140,999,786			390,125		-
	Industrial		99,630,293			94,509,281			5,121,012		-
	Technology		20,887,897			18,106,699			2,777,449		3,749
	Utilities		16,601,675			16,601,675			-		-
	Total Common Stocks		473,851,418			453,946,590			19,901,079		3,749
	Corporate Bonds & Notes		554			-			554		-
	Short-Term Investments		8,122,591			-			8,122,591		-
	Total Assets		481,975,595			453,947,160			28,024,224		4,211
Liabilities	Derivatives:
	Equity Contracts
	Futures		(294	)		(294	)		-		-
	Total Liabilities		(294	)		(294	)		-		-
	Total		$481,975,301			$453,946,866			$28,024,224		$4,211

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-130

PACIFIC SELECT FUND

SMALL-CAP GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.5%
Basic Materials - 2.5%
Axalta Coating Systems Ltd *		110,796		$3,378,170
Ingevity Corp *		41,845		3,404,509
Rogers Corp *		3,937		790,550
				7,573,229
Communications - 4.5%
Open Lending Corp ‘A’ *		73,012		3,146,087
Q2 Holdings Inc *		53,922		5,531,319
Stamps.com Inc *		17,820		3,569,168
Zendesk Inc*		10,678		1,541,262
				13,787,836
Consumer, Cyclical - 11.2%
Genius Sports Ltd * (United Kingdom)		191,502		3,594,493
JetBlue Airways Corp *		215,369		3,613,892
Leslie’s Inc *		169,541		4,660,682
Malibu Boats Inc ‘A’ *		46,005		3,373,547
Manchester United PLC ‘A’ (United Kingdom)		180,933		2,748,372
Ollie’s Bargain Outlet Holdings Inc *		14,519		1,221,483
Penn National Gaming Inc *		21,671		1,657,615
Petco Health & Wellness Co Inc *		90,515		2,028,441
Skechers U.S.A. Inc ‘A’ *		83,897		4,180,587
ThredUP Inc ‘A’ *		87,014		2,530,367
Thule Group AB ~ (Sweden)		30,006		1,330,108
Visteon Corp *		13,384		1,618,661
Vroom Inc *		41,887		1,753,390
				34,311,638
Consumer, Non-Cyclical - 30.5%
Abcam PLC * (United Kingdom)		122,769		2,345,302
Acutus Medical Inc *		74,527		1,265,468
Adaptive Biotechnologies Corp *		32,822		1,341,107
Allovir Inc *		41,784		824,816
Amicus Therapeutics Inc *		83,589		805,798
Annexon Inc *		48,970		1,102,315
Avalara Inc *		8,537		1,381,287
Berkeley Lights Inc *		24,968		1,118,816
BioAtla Inc *		28,072		1,189,691
Bioxcel Therapeutics Inc *		19,779		574,778
Boyd Group Services Inc (Canada)		10,595		1,928,058
Bridgebio Pharma Inc *		29,837		1,818,864
Bright Horizons Family Solutions Inc *		12,673		1,864,325
Certara Inc *		147,472		4,177,882
Charles River Laboratories International Inc		9,845		3,641,862
Collegium Pharmaceutical Inc *		50,768		1,200,156
Evo Payments Inc ‘A’ *		143,576		3,982,798
Guardant Health Inc *		9,619		1,194,584
Harmony Biosciences Holdings Inc *		45,239		1,277,097
HealthEquity Inc *		35,750		2,877,160
ICON PLC * (Ireland)		16,405		3,391,078
Immunocore Holdings PLC ADR * (United Kingdom)		6,369		248,709
Laird Superfood Inc *		17,083		510,269
Legalzoom.com Inc *		37,683		1,426,302
LifeStance Health Group Inc *		101,925		2,839,630
Lyell Immunopharma Inc *		64,759		1,051,686
Maravai LifeSciences Holdings Inc ‘A’ *		68,910		2,875,614
MorphoSys AG ADR * (Germany)		15,519		298,741
Neurocrine Biosciences Inc *		9,808		954,515
Nevro Corp *		14,393		2,386,215
Nuvei Corp * (Canada)		72,461		5,978,032
Oatly Group AB ADR *		125,206		3,062,539
Olink Holding AB ADR * (Sweden)		31,931		1,099,065
Optinose Inc *		121,869		379,013

	Shares		Value
Orchard Therapeutics PLC ADR * (United Kingdom)		34,393	$	150,985
Paylocity Holding Corp *		14,218		2,712,794
Payoneer Global Inc *		254,283		2,636,915
PerkinElmer Inc		10,232		1,579,923
PRA Health Sciences Inc *		8,584		1,418,163
Prelude Therapeutics Inc *		25,069		717,725
Recursion Pharmaceuticals Inc ‘A’ *		64,066		2,338,409
Ritchie Bros Auctioneers Inc (Canada)		73,007		4,327,855
Sana Biotechnology Inc *		31,845		626,073
Silk Road Medical Inc *		18,273		874,546
SpringWorks Therapeutics Inc *		26,476		2,181,887
Syneos Health Inc *		47,295		4,232,430
The Duckhorn Portfolio Inc *		112,404		2,479,632
TriNet Group Inc *		41,603		3,015,385
Turning Point Therapeutics Inc *		18,757		1,463,421
				93,169,715
Diversified - 0.2%
TPG Pace Tech Opportunities Corp ‘A’ *		70,337		698,447
Energy - 2.3%
Array Technologies Inc *		183,779		2,866,952
Shoals Technologies Group Inc ‘A’ *		113,152		4,016,896
				6,883,848
Financial - 11.2%
Bank OZK		38,577		1,626,406
Big Yellow Group PLC REIT (United Kingdom)		134,060		2,421,575
CoreSite Realty Corp REIT		33,801		4,549,614
Focus Financial Partners Inc ‘A’ *		98,448		4,774,728
GCM Grosvenor Inc ‘A’		79,730		830,787
Grosvenor Capital Management LP PIPE *		161,590		1,683,768
Hamilton Lane Inc ‘A’		23,216		2,115,442
Industrial Logistics Properties Trust REIT		96,992		2,535,371
MetroMile Inc *		243,555		2,228,528
Prosperity Bancshares Inc		31,036		2,228,385
STAG Industrial Inc REIT		112,846		4,223,826
TMX Group Ltd (Canada)		14,992		1,583,618
WisdomTree Investments Inc		541,640		3,358,168
				34,160,216
Industrial - 13.1%
Advanced Drainage Systems Inc		16,453		1,917,926
Advanced Energy Industries Inc		43,499		4,902,772
CryoPort Inc *		62,433		3,939,522
Generac Holdings Inc *		9,650		4,006,198
Gerresheimer AG (Germany)		33,312		3,684,552
GFL Environmental Inc (Canada)		81,720		2,608,502
Knight-Swift Transportation Holdings Inc		69,240		3,147,651
Kratos Defense & Security Solutions Inc *		50,372		1,435,098
Littelfuse Inc		6,230		1,587,342
Schneider National Inc ‘B’		96,621		2,103,439
Sensata Technologies Holding PLC *		64,487		3,738,311
StealthGas Inc * (Greece)		109,988		311,266
The AZEK Co Inc *		89,992		3,821,060
Trex Co Inc *		21,389		2,186,170
Xometry Inc ‘A’ *		7,637		667,398
				40,057,207
Technology - 22.0%
8x8 Inc *		93,551		2,596,976
ACV Auctions Inc ‘A’ *		137,784		3,531,404
Alkami Technology Inc *		48,800		1,740,696
CACI International Inc ‘A’ *		24,474		6,243,807
DoubleVerify Holdings Inc *		68,437		2,897,623
Endava PLC ADR * (United Kingdom)		33,160		3,759,681
Everbridge Inc *		31,757		4,321,492

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-131

PACIFIC SELECT FUND

SMALL-CAP GROWTH PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
ExlService Holdings Inc *		39,257	$	4,171,449
Health Catalyst Inc*		22,980		1,275,620
Keywords Studios PLC * (Ireland)		107,459		3,701,336
Latch Inc *		192,912		2,367,030
nCino Inc *		32,317		1,936,435
Outset Medical Inc *		26,901		1,344,512
PagerDuty Inc *		72,927		3,105,232
Ping Identity Holding Corp *		100,014		2,290,321
Procore Technologies Inc *		18,017		1,710,714
Rapid7 Inc *		65,661		6,213,500
Silicon Laboratories Inc *		15,937		2,442,345
Talkspace Inc *		245,121		2,036,955
TaskUS Inc ‘A’ * (Philippines)		47,125		1,613,560
Vertex Inc ‘A’ *		174,449		3,827,411
WNS Holdings Ltd ADR * (India)		51,404		4,105,637
				67,233,736
Total Common Stocks (Cost $236,728,416)				297,875,872
	Principal Amount
SHORT-TERM INVESTMENT - 2.8%
Repurchase Agreement - 2.8%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $8,555,435; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $8,726,556)		$8,555,435		8,555,435
Total Short-Term Investment (Cost $8,555,435)				8,555,435
TOTAL INVESTMENTS - 100.3% (Cost $245,283,851)				306,431,307
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(935,907	)
NET ASSETS - 100.0%				$305,495,400

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	30.5%
Technology	22.0%
Industrial	13.1%
Consumer, Cyclical	11.2%
Financial	11.2%
Communications	4.5%
Others (each less than 3.0%)	7.8%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$7,573,229		$7,573,229		$-		$-
	Communications		13,787,836		13,787,836		-		-
	Consumer, Cyclical		34,311,638		32,981,530		1,330,108		-
	Consumer, Non-Cyclical		93,169,715		93,169,715		-		-
	Diversified		698,447		698,447		-		-
	Energy		6,883,848		6,883,848		-		-
	Financial		34,160,216		31,738,641		2,421,575		-
	Industrial		40,057,207		36,372,655		3,684,552		-
	Technology		67,233,736		67,233,736		-		-
	Total Common Stocks		297,875,872		290,439,637		7,436,235		-
	Short-Term Investment		8,555,435		-		8,555,435		-
	Total		$306,431,307		$290,439,637		$15,991,670		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-132

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		3,861		$11,583
Oncternal Therapeutics Inc - Contingent Value Rights * W ±		216		221
				11,804
Total Rights (Cost $443)				11,804
WARRANTS - 0.0%
Energy - 0.0%
Nabors Industries Ltd Exercise @ $166.67 Exp 06/11/26 *		100		1,000
Total Warrants (Cost $0)				1,000
COMMON STOCKS - 98.7%
Basic Materials - 3.1%
AdvanSix Inc *		7,886		235,476
Allegheny Technologies Inc *		36,298		756,813
American Vanguard Corp		8,926		156,294
Amyris Inc *		47,646		779,965
Arconic Corp *		31,458		1,120,534
Balchem Corp		9,188		1,206,017
Cabot Corp		15,991		910,368
Carpenter Technology Corp		13,576		546,027
Century Aluminum Co *		14,853		191,455
Clearwater Paper Corp *		4,593		133,059
Codexis Inc *		16,889		382,705
Coeur Mining Inc *		69,063		613,280
Commercial Metals Co		34,224		1,051,361
Compass Minerals International Inc		9,868		584,778
Constellium SE *		34,981		662,890
Danimer Scientific Inc *		19,592		490,780
Domtar Corp *		14,243		782,795
Energy Fuels Inc *		40,177		243,071
Ferro Corp *		23,352		503,703
Gatos Silver Inc *		9,862		172,486
GCP Applied Technologies Inc *		14,020		326,105
Glatfelter Corp		12,856		179,598
Hawkins Inc		5,475		179,306
HB Fuller Co		14,860		945,245
Hecla Mining Co		151,483		1,127,034
Ingevity Corp *		11,470		933,199
Innospec Inc		7,210		653,298
Intrepid Potash Inc *		2,837		90,387
Kaiser Aluminum Corp		4,504		556,199
Koppers Holdings Inc *		5,918		191,447
Kraton Corp *		9,453		305,237
Kronos Worldwide Inc		5,567		79,719
Livent Corp *		42,843		829,441
Marrone Bio Innovations Inc *		28,545		47,385
Minerals Technologies Inc		9,580		753,659
MP Materials Corp *		20,787		766,209
Neenah Inc		4,990		250,348
Novagold Resources Inc * (Canada)		67,591		541,404
Oil-Dri Corp of America		1,862		63,643
Orion Engineered Carbons SA * (Germany)		17,267		327,900
Perpetua Resources Corp *		7,636		55,743
PolyMet Mining Corp * (Canada)		8,226		29,696
PQ Group Holdings Inc		14,632		224,748
Quaker Chemical Corp		3,843		911,521
Rayonier Advanced Materials Inc *		18,842		126,053

	Shares		Value
Rogers Corp *		5,332	$	1,070,666
Schnitzer Steel Industries Inc ‘A’		7,386		362,283
Schweitzer-Mauduit International Inc		8,948		361,320
Sensient Technologies Corp		12,052		1,043,221
Stepan Co		6,142		738,698
Tronox Holdings PLC ‘A’		31,255		700,112
United States Lime & Minerals Inc		700		97,363
Ur-Energy Inc *		51,555		72,177
Uranium Energy Corp *		60,473		160,858
Verso Corp ‘A’		8,902		157,565
Zymergen Inc *		5,334		213,413
				26,996,057
Communications - 4.8%
1-800-Flowers.com Inc ‘A’ *		7,393		235,615
A10 Networks Inc *		16,197		182,378
ADTRAN Inc		14,156		292,321
Advantage Solutions Inc *		21,768		234,877
AMC Networks Inc ‘A’ *		8,211		548,495
Anterix Inc *		3,373		202,346
ATN International Inc		3,540		161,035
Aviat Networks Inc *		1,902		62,329
Boston Omaha Corp ‘A’ *		4,967		157,504
CalAmp Corp *		10,272		130,660
Calix Inc *		15,501		736,297
Cambium Networks Corp *		2,388		115,460
Cargurus Inc *		26,241		688,301
CarParts.com Inc *		13,500		274,860
Cars.com Inc *		20,136		288,549
Casa Systems Inc *		8,003		70,987
ChannelAdvisor Corp *		7,521		184,340
Cincinnati Bell Inc *		14,974		230,899
Clear Channel Outdoor Holdings Inc *		103,484		273,198
Clearfield Inc *		2,864		107,257
Cogent Communications Holdings Inc		12,153		934,444
comScore Inc *		14,521		72,605
Consolidated Communications Holdings Inc *		20,547		180,608
CuriosityStream Inc *		7,414		101,127
DZS Inc *		4,476		92,877
EchoStar Corp ‘A’ *		11,781		286,160
Entercom Communications Corp *		35,074		151,169
Entravision Communications Corp ‘A’		16,640		111,155
ePlus Inc *		4,053		351,355
Eventbrite Inc ‘A’ *		21,386		406,334
EverQuote Inc ‘A’ *		5,385		175,982
Extreme Networks Inc *		37,179		414,918
Fluent Inc *		13,919		40,783
fuboTV Inc *		37,470		1,203,162
Gannett Co Inc *		39,559		217,179
Globalstar Inc *		172,984		307,911
Gogo Inc *		16,484		187,588
Gray Television Inc		24,351		569,813
Groupon Inc *		7,019		302,940
Harmonic Inc *		30,180		257,134
HC2 Holdings Inc *		12,525		49,849
HealthStream Inc *		8,148		227,655
Hemisphere Media Group Inc *		4,535		53,513
Houghton Mifflin Harcourt Co *		32,539		359,231
HyreCar Inc *		4,994		104,474
IDT Corp ‘B’ *		5,415		200,138
iHeartMedia Inc ‘A’ *		31,912		859,390
Infinera Corp *		47,402		483,500
Inseego Corp *		21,608		218,025
InterDigital Inc		9,358		683,415
Iridium Communications Inc *		34,055		1,361,859
KVH Industries Inc *		5,163		63,505
Lands’ End Inc *		4,088		167,812
Liberty Latin America Ltd ‘A’ * (Chile)		11,686		161,968
Liberty Latin America Ltd ‘C’ * (Chile)		44,039		620,950

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-133

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Limelight Networks Inc *		37,379	$	117,744
Liquidity Services Inc *		8,036		204,516
LiveXLive Media Inc *		12,773		60,289
Loral Space & Communications Inc (Canada)		3,925		152,486
Magnite Inc *		29,930		1,012,831
Maxar Technologies Inc		20,437		815,845
MDC Partners Inc ‘A’ *		15,592		91,213
MediaAlpha Inc ‘A’ *		5,377		226,372
Meredith Corp *		11,368		493,826
Mimecast Ltd *		17,157		910,179
MSG Networks Inc ‘A’ *		8,657		126,219
National CineMedia Inc		18,850		95,569
NeoPhotonics Corp *		14,558		148,637
NETGEAR Inc *		8,963		343,462
Ooma Inc *		5,971		112,613
Open Lending Corp ‘A’ *		29,711		1,280,247
ORBCOMM Inc *		21,548		242,200
Overstock.com Inc *		12,250		1,129,450
Perficient Inc *		9,275		745,895
Plantronics Inc *		10,423		434,952
Preformed Line Products Co		817		60,621
Q2 Holdings Inc *		15,580		1,598,196
QuinStreet Inc *		14,619		271,621
Quotient Technology Inc *		24,701		267,018
Revolve Group Inc *		10,232		704,985
Ribbon Communications Inc *		19,880		151,287
Scholastic Corp		8,281		313,767
Shenandoah Telecommunications Co		13,771		668,031
Shutterstock Inc		6,668		654,598
Sinclair Broadcast Group Inc ‘A’		13,054		433,654
Stamps.com Inc *		4,999		1,001,250
Stitch Fix Inc ‘A’ *		16,836		1,015,211
TechTarget Inc *		7,271		563,430
TEGNA Inc		63,026		1,182,368
Telephone & Data Systems Inc		28,796		652,517
The EW Scripps Co ‘A’		16,854		343,653
The RealReal Inc *		22,405		442,723
Thryv Holdings Inc *		1,843		65,924
TrueCar Inc *		29,342		165,782
Tucows Inc ‘A’ *		2,783		223,531
United States Cellular Corp *		4,356		158,166
Upwork Inc *		33,234		1,937,210
Value Line Inc		498		15,438
Viavi Solutions Inc *		65,144		1,150,443
VirnetX Holding Corp *		15,541		66,360
Vonage Holdings Corp *		68,542		987,690
WideOpenWest Inc *		14,671		303,836
Yelp Inc *		21,156		845,394
Zix Corp *		15,982		112,673
				42,260,158
Consumer, Cyclical - 13.8%
A-Mark Precious Metals Inc		2,487		115,646
Abercrombie & Fitch Co ‘A’ *		17,483		811,736
Academy Sports & Outdoors Inc *		17,620		726,649
Accel Entertainment Inc *		15,385		182,620
Acushnet Holdings Corp		9,769		482,589
Adient PLC *		26,993		1,220,084
Aeva Technologies Inc *		7,075		74,783
Allegiant Travel Co *		4,318		837,692
AMC Entertainment Holdings Inc ‘A’ *		116,054		6,577,941
America’s Car-Mart Inc *		1,870		265,016
American Axle & Manufacturing Holdings Inc *		32,140		332,649
American Eagle Outfitters Inc		43,371		1,627,714
Arcimoto Inc *		7,802		134,116
Arko Corp *		5,852		53,780
Asbury Automotive Group Inc *		5,701		976,980
Aspen Aerogels Inc *		5,239		156,751

	Shares		Value
At Home Group Inc *		18,704	$	689,055
Aterian Inc *		5,638		82,484
Avient Corp		25,943		1,275,358
Bally’s Corp *		9,304		503,439
Barnes & Noble Education Inc *		10,949		78,942
Bassett Furniture Industries Inc		2,653		64,601
Beacon Roofing Supply Inc *		15,991		851,521
Beazer Homes USA Inc *		7,647		147,511
Bed Bath & Beyond Inc *		31,278		1,041,245
Big 5 Sporting Goods Corp		5,932		152,334
Big Lots Inc		9,894		653,103
Biglari Holdings Inc ‘B’ *		331		52,785
BJ’s Restaurants Inc *		6,392		314,103
BJ’s Wholesale Club Holdings Inc *		39,058		1,858,380
Bloomin’ Brands Inc *		25,400		689,356
Blue Bird Corp *		5,026		124,946
Bluegreen Vacations Holding Corp *		4,311		77,598
BlueLinx Holdings Inc *		2,556		128,516
Boot Barn Holdings Inc *		8,188		688,201
Brinker International Inc *		12,946		800,710
Caleres Inc		10,743		293,176
Callaway Golf Co		32,979		1,112,382
Camping World Holdings Inc ‘A’		12,163		498,561
Cannae Holdings Inc *		24,890		844,020
Canoo Inc *		22,734		225,976
CarLotz Inc *		12,386		67,628
Carrols Restaurant Group Inc *		10,486		63,021
Casper Sleep Inc *		8,414		69,331
Cavco Industries Inc *		2,632		584,804
Century Casinos Inc *		7,401		99,395
Century Communities Inc		8,418		560,134
Chicken Soup For The Soul Entertainment Inc *		3,278		135,709
Chico’s FAS Inc *		35,720		235,038
Chuy’s Holdings Inc *		5,442		202,769
Cinemark Holdings Inc *		31,139		683,501
Citi Trends Inc *		2,540		220,980
Clarus Corp		7,501		192,776
Clean Energy Fuels Corp *		38,010		385,802
Commercial Vehicle Group Inc *		9,133		97,084
CompX International Inc		719		14,934
Conn’s Inc *		4,876		124,338
Cooper-Standard Holdings Inc *		4,891		141,839
Core-Mark Holding Co Inc		12,727		572,842
Cracker Barrel Old Country Store Inc		6,759		1,003,441
Crocs Inc *		18,406		2,144,667
Daktronics Inc *		10,275		67,712
Dana Inc		41,425		984,258
Dave & Buster’s Entertainment Inc *		12,316		500,030
Del Taco Restaurants Inc		9,590		95,996
Denny’s Corp *		17,853		294,396
Designer Brands Inc ‘A’ *		17,131		283,518
Diamond Resorts International Inc - Escrow Receipt * W ±		23,686		-
Dillard’s Inc ‘A’		1,790		323,775
Dine Brands Global Inc *		4,625		412,781
Dorman Products Inc *		7,621		790,069
Douglas Dynamics Inc		6,720		273,437
Drive Shack Inc *		23,537		77,907
Duluth Holdings Inc ‘B’ *		3,374		69,673
El Pollo Loco Holdings Inc *		5,169		94,541
Eros STX Global Corp * (United Arab Emirates)		90,511		138,482
Escalade Inc		2,878		66,050
Ethan Allen Interiors Inc		6,805		187,818
Everi Holdings Inc *		23,815		593,946
EVI Industries Inc *		1,572		44,645
Fiesta Restaurant Group Inc *		4,839		64,988
FirstCash Inc		11,476		877,225
Fisker Inc *		45,228		871,996

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-134

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Flexsteel Industries Inc		1,892	$	76,418
Forestar Group Inc *		4,745		99,218
Fossil Group Inc *		14,174		202,405
Fox Factory Holding Corp *		12,037		1,873,679
Franchise Group Inc		8,074		284,770
Frontier Group Holdings Inc *		9,921		169,054
Full House Resorts Inc *		9,322		92,661
Funko Inc ‘A’ *		7,554		160,749
G-III Apparel Group Ltd *		13,014		427,640
GAN Ltd * (United Kingdom)		9,605		157,906
Genesco Inc *		3,950		251,536
Gentherm Inc *		9,626		683,927
Global Industrial Co		3,607		132,413
GMS Inc *		11,998		577,584
Golden Entertainment Inc *		5,127		229,690
Golden Nugget Online Gaming Inc *		9,094		116,039
Green Brick Partners Inc *		9,122		207,434
Group 1 Automotive Inc		5,009		773,540
GrowGeneration Corp *		15,415		741,461
Guess? Inc		11,014		290,770
H&E Equipment Services Inc		9,573		318,494
Hall of Fame Resort & Entertainment Co *		15,666		61,567
Hamilton Beach Brands Holding Co ‘A’		2,122		47,257
Haverty Furniture Cos Inc		4,807		205,547
Hawaiian Holdings Inc *		14,198		346,005
Healthcare Services Group Inc		21,500		678,755
Herman Miller Inc		16,851		794,356
Hibbett Inc *		4,700		421,261
Hilton Grand Vacations Inc *		24,382		1,009,171
HNI Corp		12,325		541,930
Hooker Furniture Corp		3,586		124,219
Hovnanian Enterprises Inc ‘A’ *		1,458		154,971
Hyliion Holdings Corp *		33,404		389,157
IMAX Corp *		14,712		316,308
Installed Building Products Inc		6,899		844,162
Interface Inc		16,564		253,429
International Game Technology PLC *		28,492		682,668
iRobot Corp *		8,119		758,233
Jack in the Box Inc		6,716		748,431
JOANN Inc		3,306		52,070
Johnson Outdoors Inc ‘A’		1,483		179,443
KAR Auction Services Inc *		35,460		622,323
KB Home		25,560		1,040,803
Kimball International Inc ‘B’		10,953		144,032
Kirkland’s Inc *		3,993		91,360
Knoll Inc		13,565		352,554
Kontoor Brands Inc		14,885		839,663
Kopin Corp *		22,111		180,868
Kura Sushi USA Inc ‘A’ *		1,094		41,583
La-Z-Boy Inc		12,997		481,409
Lazydays Holdings Inc *		2,093		46,046
LCI Industries		7,063		928,219
LGI Homes Inc *		6,322		1,023,785
Liberty Media Corp-Liberty Braves ‘A’ *		2,808		79,242
Liberty Media Corp-Liberty Braves ‘C’ *		10,412		289,141
Liberty TripAdvisor Holdings Inc ‘A’ *		20,956		85,291
Lifetime Brands Inc		4,323		64,715
Lindblad Expeditions Holdings Inc *		7,836		125,454
Lions Gate Entertainment Corp ‘A’ *		16,595		343,517
Lions Gate Entertainment Corp ‘B’ *		32,835		600,880
Lordstown Motors Corp ‘A’ *		31,950		353,367
Lumber Liquidators Holdings Inc *		8,930		188,423
M/I Homes Inc *		8,454		495,996
Macy’s Inc *		89,524		1,697,375
Madison Square Garden Entertainment Corp *		5,388		452,430
Malibu Boats Inc ‘A’ *		6,043		443,133
Marine Products Corp		2,063		31,853
MarineMax Inc *		5,910		288,053
MasterCraft Boat Holdings Inc *		5,310		139,600

	Shares		Value
MDC Holdings Inc		16,294	$	824,476
Meritage Homes Corp *		10,682		1,004,963
Meritor Inc *		20,008		468,587
Mesa Air Group Inc *		8,473		79,053
Methode Electronics Inc		10,532		518,280
Miller Industries Inc		3,386		133,544
Modine Manufacturing Co *		14,759		244,852
Monarch Casino & Resort Inc *		3,702		244,961
Motorcar Parts of America Inc *		5,348		120,009
Movado Group Inc		4,459		140,325
Murphy USA Inc		7,178		957,330
National Vision Holdings Inc *		23,742		1,213,928
Nautilus Inc *		8,714		146,831
Navistar International Corp *		14,276		635,282
Neogames SA * (Israel)		1,604		98,598
Nikola Corp *		57,139		1,031,930
Noodles & Co *		9,140		114,067
Nu Skin Enterprises Inc ‘A’		14,162		802,277
OneSpaWorld Holdings Ltd * (Bahamas)		15,060		145,931
OneWater Marine Inc ‘A’		3,002		126,174
OptimizeRx Corp *		5,051		312,657
Oxford Industries Inc		4,579		452,588
Papa John’s International Inc		9,578		1,000,326
Party City Holdco Inc *		31,490		293,802
PC Connection Inc		3,267		151,164
PetMed Express Inc		5,625		179,156
PLBY Group Inc *		3,088		120,092
PriceSmart Inc		6,532		594,477
Purple Innovation Inc *		14,309		377,901
RCI Hospitality Holdings Inc		2,406		159,277
Red Robin Gourmet Burgers Inc *		4,542		150,386
Red Rock Resorts Inc ‘A’ *		17,568		746,640
Regis Corp *		7,201		67,401
Resideo Technologies Inc *		41,202		1,236,060
REV Group Inc		8,074		126,681
Rite Aid Corp *		16,461		268,314
Rocky Brands Inc		1,966		109,310
Romeo Power Inc *		11,913		96,972
Rush Enterprises Inc ‘A’		12,015		519,529
Rush Enterprises Inc ‘B’		1,946		74,220
Rush Street Interactive Inc *		14,910		182,797
Ruth’s Hospitality Group Inc *		9,823		226,224
Sally Beauty Holdings Inc *		32,501		717,297
ScanSource Inc *		7,420		208,725
Scientific Games Corp ‘A’ *		27,403		2,122,088
SeaWorld Entertainment Inc *		15,145		756,341
Shake Shack Inc ‘A’ *		10,388		1,111,724
Shift Technologies Inc *		17,684		151,729
Shoe Carnival Inc		2,516		180,120
Signet Jewelers Ltd (NYSE) *		14,859		1,200,459
Skyline Champion Corp *		14,970		797,901
SkyWest Inc *		14,748		635,196
Sleep Number Corp *		6,818		749,639
Sonic Automotive Inc ‘A’		6,237		279,043
Sonos Inc *		34,265		1,207,156
Spirit Airlines Inc *		28,019		852,898
Sportsman’s Warehouse Holdings Inc *		12,422		220,739
Standard Motor Products Inc		5,958		258,279
Steelcase Inc ‘A’		25,259		381,663
Steven Madden Ltd		23,375		1,022,890
Sun Country Airlines Holdings Inc *		4,940		182,829
Superior Group of Cos Inc		3,312		79,190
Target Hospitality Corp *		10,677		39,612
Taylor Morrison Home Corp *		35,780		945,308
Tenneco Inc ‘A’ *		20,140		389,105
Texas Roadhouse Inc		19,518		1,877,632
The Buckle Inc		8,634		429,542
The Cato Corp ‘A’		6,324		106,686
The Cheesecake Factory Inc *		12,459		675,029
The Children’s Place Inc *		4,140		385,268

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-135

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
The Container Store Group Inc *		9,489	$	123,737
The Goodyear Tire & Rubber Co *		78,761		1,350,751
The Lovesac Co *		3,639		290,356
The Marcus Corp *		6,988		148,215
The ODP Corp *		13,951		669,788
The ONE Group Hospitality Inc *		5,568		61,359
The Shyft Group Inc		9,863		368,975
Tilly’s Inc ‘A’		6,305		100,754
Titan International Inc *		14,386		121,993
Titan Machinery Inc *		5,393		166,859
TravelCenters of America Inc *		3,557		104,007
Tri Pointe Homes Inc *		33,514		718,205
Tupperware Brands Corp *		13,898		330,078
Unifi Inc *		4,126		100,509
UniFirst Corp		4,298		1,008,483
Universal Electronics Inc *		3,878		188,083
Urban Outfitters Inc *		19,549		805,810
Velodyne Lidar Inc *		20,143		214,322
Vera Bradley Inc *		6,262		77,586
Veritiv Corp *		4,317		265,150
Vista Outdoor Inc *		16,655		770,793
Visteon Corp *		7,912		956,877
VOXX International Corp *		5,631		78,890
VSE Corp		2,703		133,826
Wabash National Corp		14,661		234,576
WESCO International Inc *		12,689		1,304,683
Wingstop Inc		8,505		1,340,643
Winmark Corp		808		155,201
Winnebago Industries Inc		9,101		618,504
Wolverine World Wide Inc		23,174		779,573
Workhorse Group Inc *		35,215		584,217
World Fuel Services Corp		17,775		564,001
XL Fleet Corp *		10,927		91,022
XPEL Inc *		5,116		429,079
Zumiez Inc *		6,231		305,257
				120,509,390
Consumer, Non-Cyclical - 26.4%
22nd Century Group Inc *		43,019		199,178
2U Inc *		20,440		851,735
4D Molecular Therapeutics Inc *		2,276		54,806
89bio Inc *		2,155		40,299
9 Meters Biopharma Inc *		60,550		66,605
ABM Industries Inc		19,201		851,564
Acacia Research Corp *		14,527		98,203
ACADIA Pharmaceuticals Inc *		34,101		831,723
Accelerate Diagnostics Inc *		9,158		73,813
ACCO Brands Cor p		26,556		229,178
Accolade Inc *		14,343		778,968
Accuray Inc *		25,245		114,107
Aclaris Therapeutics Inc *		12,369		217,200
Acutus Medical Inc *		4,515		76,665
AdaptHealth Corp *		21,895		600,142
Addus HomeCare Corp *		4,434		386,822
Adicet Bio Inc *		5,959		61,318
Adtalem Global Education Inc *		14,108		502,809
Adverum Biotechnologies Inc *		26,915		94,202
Aeglea BioTherapeutics Inc *		11,891		82,761
Aerie Pharmaceuticals Inc *		12,061		193,097
Affimed NV * (Germany)		33,924		288,354
Agenus Inc *		56,167		308,357
Agiliti Inc *		6,440		140,843
Agios Pharmaceuticals Inc *		17,553		967,346
Akebia Therapeutics Inc *		44,682		169,345
Akero Therapeutics Inc *		7,325		181,733
Akouos Inc *		7,275		91,301
Alarm.com Holdings Inc *		13,474		1,141,248
Albireo Pharma Inc *		4,853		170,729
Aldeyra Therapeutics Inc *		13,828		156,671
Alector Inc *		16,414		341,904

	Shares		Value
Aligos Therapeutics Inc *		5,346	$	108,978
Alkermes PLC *		45,706		1,120,711
Allakos Inc *		9,957		850,029
Allogene Therapeutics Inc *		19,374		505,274
Allovir Inc *		8,823		174,166
Alphatec Holdings Inc *		19,613		300,471
Alpine Immune Sciences Inc *		3,309		29,781
Alta Equipment Group Inc *		4,207		55,911
Altimmune Inc *		9,259		91,201
ALX Oncology Holdings Inc *		5,237		286,359
American Public Education Inc *		3,960		112,226
American Well Corp ‘A’ *		55,470		697,813
Amicus Therapeutics Inc *		74,841		721,467
AMN Healthcare Services Inc *		13,433		1,302,732
Amneal Pharmaceuticals Inc *		26,987		138,173
Amphastar Pharmaceuticals Inc *		10,256		206,761
Ampio Pharmaceuticals Inc *		54,193		90,502
AnaptysBio Inc *		6,855		177,750
Anavex Life Sciences Corp *		17,522		400,553
AngioDynamics Inc *		10,544		286,059
Angion Biomedica Corp *		1,609		20,949
ANI Pharmaceuticals Inc *		2,447		85,767
Anika Therapeutics Inc *		4,185		181,169
Annexon Inc *		8,884		199,979
Antares Pharma Inc *		47,640		207,710
Apellis Pharmaceuticals Inc *		18,505		1,169,516
API Group Corp * ~		51,403		1,073,809
AppHarvest Inc *		13,662		218,592
Applied Molecular Transport Inc *		6,681		305,589
Applied Therapeutics Inc *		4,694		97,541
Apria Inc *		2,114		59,192
Apyx Medical Corp *		10,435		107,585
AquaBounty Technologies Inc *		14,952		80,143
Arbutus Biopharma Corp * (Canada)		22,252		67,424
Arcturus Therapeutics Holdings Inc *		6,087		205,984
Arcus Biosciences Inc *		12,310		338,033
Arcutis Biotherapeutics Inc *		7,881		215,072
Ardelyx Inc *		22,061		167,222
Arena Pharmaceuticals Inc *		17,226		1,174,813
Arlo Technologies Inc *		22,882		154,911
Arrowhead Pharmaceuticals Inc *		28,881		2,391,924
Arvinas Inc *		12,436		957,572
Asensus Surgical Inc *		66,666		211,331
ASGN Inc *		14,810		1,435,533
Aspira Women’s Health Inc *		20,713		116,407
Atara Biotherapeutics Inc *		22,814		354,758
Atea Pharmaceuticals Inc *		18,401		395,253
Athenex Inc *		24,637		113,823
Athersys Inc *		46,884		67,513
Athira Pharma Inc *		9,189		94,095
Atossa Therapeutics Inc *		33,332		210,658
Atreca Inc ‘A’ *		7,713		65,715
AtriCure Inc *		12,828		1,017,645
Atrion Corp		429		266,379
Avanos Medical Inc *		13,713		498,742
Aveanna Healthcare Holdings Inc *		10,995		136,008
Avid Bioservices Inc *		18,183		466,394
Avidity Biosciences Inc *		9,121		225,380
Avis Budget Group Inc *		14,575		1,135,247
Avita Medical Inc *		6,802		139,577
Avrobio Inc *		11,112		98,786
Axogen Inc *		11,451		247,456
Axonics Inc *		11,860		752,043
Axsome Therapeutics Inc *		8,286		558,974
B&G Foods Inc		18,512		607,194
Barrett Business Services Inc		2,186		158,725
Beam Therapeutics Inc *		13,386		1,722,912
BellRing Brands Inc ‘A’ *		11,852		371,442
Berkeley Lights Inc *		13,662		612,194
Beyondspring Inc *		6,382		66,628

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-136

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
BioAtla Inc *		3,459	$	146,592
BioCryst Pharmaceuticals Inc *		51,219		809,772
BioDelivery Sciences International Inc *		29,484		105,553
Biodesix Inc *		3,499		46,222
Biohaven Pharmaceutical Holding Co Ltd *		15,394		1,494,450
BioLife Solutions Inc *		6,955		309,567
Biomea Fusion Inc *		2,459		38,385
Bionano Genomics Inc *		80,145		587,463
Bioventus Inc ‘A’ *		1,992		35,059
Bioxcel Therapeutics Inc *		4,355		126,556
Black Diamond Therapeutics Inc *		5,220		63,632
Bluebird Bio Inc *		19,244		615,423
Blueprint Medicines Corp *		16,438		1,445,886
Bolt Biotherapeutics Inc *		3,714		57,418
Bridgebio Pharma Inc *		30,662		1,869,156
BrightView Holdings Inc *		12,711		204,901
Brookdale Senior Living Inc *		52,734		416,599
Brooklyn ImmunoTherapeutics Inc *		6,782		122,144
Butterfly Network Inc *		9,259		134,070
C4 Therapeutics Inc *		9,812		371,286
Cadiz Inc *		6,664		90,630
CAI International Inc		4,635		259,560
Cal-Maine Foods Inc		11,147		403,633
Calavo Growers Inc		4,700		298,074
Cara Therapeutics Inc *		12,408		177,062
Cardiff Oncology Inc *		10,302		68,508
Cardiovascular Systems Inc *		11,196		477,509
CareDx Inc *		14,258		1,304,892
Carriage Services Inc		5,125		189,471
Cass Information Systems Inc		4,473		182,275
Cassava Sciences Inc *		10,901		931,381
Castle Biosciences Inc *		6,071		445,186
Catalyst Pharmaceuticals Inc *		28,464		163,668
CBIZ Inc *		14,646		479,949
CEL-SCI Corp *		10,673		92,642
Celcuity Inc *		2,271		54,504
Celldex Therapeutics Inc *		11,171		373,558
Celsius Holdings Inc *		12,960		986,126
Central Garden & Pet Co *		2,635		139,471
Central Garden & Pet Co ‘A’ *		11,530		556,899
Cerecor Inc *		10,870		35,545
Cerevel Therapeutics Holdings Inc *		10,046		257,379
Cerus Corp *		49,941		295,151
ChemoCentryx Inc *		14,498		194,128
Chimerix Inc *		20,798		166,384
Chinook Therapeutics Inc *		8,960		126,515
ChromaDex Corp *		11,798		116,328
Cimpress PLC * (Ireland)		4,999		541,942
Citius Pharmaceuticals Inc *		32,353		112,588
ClearPoint Neuro Inc *		5,361		102,341
Clene Inc *		6,519		73,274
Clovis Oncology Inc *		28,381		164,610
Coca-Cola Consolidated Inc		1,340		538,854
Codiak Biosciences Inc *		4,474		82,903
Cogent Biosciences Inc *		10,586		85,852
Coherus Biosciences Inc *		17,624		243,740
Collegium Pharmaceutical Inc *		10,237		242,003
Community Health Systems Inc *		35,405		546,653
CONMED Corp		8,032		1,103,838
Constellation Pharmaceuticals Inc *		10,336		349,357
Corcept Therapeutics Inc *		28,335		623,370
CoreCivic Inc REIT *		33,991		355,886
CorMedix Inc *		9,645		66,165
Cortexyme Inc *		5,684		301,252
CorVel Corp *		2,669		358,447
Coursera Inc *		3,434		135,849
Covetrus Inc *		29,490		796,230
CRA International Inc		2,250		192,600
Crinetics Pharmaceuticals Inc *		10,392		195,889
Cross Country Healthcare Inc *		10,411		171,886

	Shares		Value
CryoLife Inc *		11,568	$	328,531
Cue Biopharma Inc *		7,748		90,264
Cullinan Oncology Inc *		3,930		101,197
Curis Inc *		24,675		199,127
Custom Truck One Source Inc *		4,575		43,554
Cutera Inc *		4,927		241,571
Cymabay Therapeutics Inc *		22,507		98,131
Cytokinetics Inc *		19,163		379,236
CytomX Therapeutics Inc *		18,231		115,402
CytoSorbents Corp *		12,390		93,545
Deciphera Pharmaceuticals Inc *		11,426		418,306
Deluxe Corp		12,001		573,288
Denali Therapeutics Inc *		25,922		2,033,322
DermTech Inc *		6,754		280,764
Design Therapeutics Inc *		3,840		76,378
Dicerna Pharmaceuticals Inc *		19,218		717,216
Durect Corp *		69,119		112,664
Dynavax Technologies Corp *		31,144		306,768
Dyne Therapeutics Inc *		8,556		180,018
Eagle Pharmaceuticals Inc *		3,346		143,209
Eargo Inc *		5,500		219,505
Edgewell Personal Care Co		15,478		679,484
Edgewise Therapeutics Inc *		3,515		74,975
Editas Medicine Inc *		19,546		1,107,085
Eiger BioPharmaceuticals Inc *		8,601		73,281
elf Beauty Inc *		13,013		353,173
Emerald Holding Inc *		8,320		44,845
Emergent BioSolutions Inc *		13,959		879,277
Enanta Pharmaceuticals Inc *		5,813		255,830
Endo International PLC *		67,203		314,510
Ennis Inc		8,063		173,516
Epizyme Inc *		27,812		231,118
Esperion Therapeutics Inc *		8,105		171,421
Evelo Biosciences Inc *		8,653		118,892
EVERTEC Inc		17,398		759,423
Evo Payments Inc ‘A’ *		13,724		380,704
Evolus Inc *		9,190		116,253
Exagen Inc *		3,087		46,274
EyePoint Pharmaceuticals Inc *		6,020		54,120
Fate Therapeutics Inc *		22,845		1,982,718
FibroGen Inc *		24,618		655,577
Finch Therapeutics Group Inc *		2,156		30,335
Flexion Therapeutics Inc *		12,665		104,233
Foghorn Therapeutics Inc *		5,573		59,464
Forma Therapeutics Holdings Inc *		9,028		224,707
Forrester Research Inc *		3,027		138,637
Forte Biosciences Inc *		3,214		108,055
Fortress Biotech Inc *		19,904		71,057
Franklin Covey Co *		3,660		118,401
Frequency Therapeutics Inc *		9,115		90,785
Fresh Del Monte Produce Inc		8,744		287,503
Fulcrum Therapeutics Inc *		6,311		66,139
Fulgent Genetics Inc *		5,782		533,274
G1 Therapeutics Inc *		11,170		245,070
Gemini Therapeutics Inc *		6,241		40,379
Generation Bio Co *		12,073		324,764
Geron Corp *		83,222		117,343
Glaukos Corp *		12,620		1,070,555
Global Blood Therapeutics Inc *		17,052		597,161
Gossamer Bio Inc *		16,348		132,746
GP Strategies Corp *		3,156		49,612
Graham Holdings Co ‘B’		1,104		699,826
Green Dot Corp ‘A’ *		15,545		728,283
Greenlane Holdings Inc ‘A’ *		4,786		21,393
GreenSky Inc ‘A’ *		18,600		103,230
Greenwich Lifesciences Inc *		1,150		51,681
Gritstone bio Inc *		11,504		105,032
GT Biopharma Inc *		6,794		105,307
Haemonetics Corp *		14,375		957,950
Halozyme Therapeutics Inc *		40,154		1,823,393

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-137

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Hanger Inc *		10,985	$	277,701
Harmony Biosciences Holdings Inc *		6,369		179,797
Harpoon Therapeutics Inc *		5,329		73,913
Harvard Bioscience Inc *		13,043		108,648
HealthEquity Inc *		23,309		1,875,908
Heidrick & Struggles International Inc		5,551		247,297
Helen of Troy Ltd *		6,969		1,589,768
Herc Holdings Inc *		7,111		796,930
Heron Therapeutics Inc *		26,918		417,767
Heska Corp *		2,730		627,163
HF Foods Group Inc *		10,129		53,582
Homology Medicines Inc *		10,280		74,736
Hookipa Pharma Inc *		4,329		39,654
Hostess Brands Inc *		38,226		618,879
Humanigen Inc *		12,779		222,099
Huron Consulting Group Inc *		6,371		313,135
iBio Inc *		58,059		87,669
ICF International Inc		5,515		484,548
Ideaya Biosciences Inc *		7,997		167,857
IGM Biosciences Inc *		2,248		187,034
Ikena Oncology Inc *		2,583		36,265
Immunic Inc *		4,419		54,177
ImmunityBio Inc *		19,055		272,105
ImmunoGen Inc *		55,268		364,216
Immunovant Inc *		11,376		120,244
Inari Medical Inc *		9,685		903,417
Infinity Pharmaceuticals Inc *		24,939		74,568
InfuSystem Holdings Inc *		4,899		101,850
Ingles Markets Inc ‘A’		4,001		233,138
Inhibrx Inc *		7,953		218,867
Innovage Holding Corp *		5,223		111,302
Innoviva Inc *		18,644		250,016
Inogen Inc *		5,380		350,615
Inotiv Inc *		3,690		98,449
Inovio Pharmaceuticals Inc *		58,910		546,096
Inozyme Pharma Inc *		3,692		62,912
Insmed Inc *		29,864		849,929
Insperity Inc		10,546		953,042
Inspire Medical Systems Inc *		7,770		1,501,630
Instil Bio Inc *		4,966		95,943
Integer Holdings Corp *		9,626		906,769
Intellia Therapeutics Inc *		18,201		2,946,924
Inter Parfums Inc		5,303		381,816
Intercept Pharmaceuticals Inc *		7,889		157,543
Intersect ENT Inc *		9,578		163,688
Intra-Cellular Therapies Inc *		19,814		808,807
Invacare Corp *		10,122		81,685
Invitae Corp *		57,096		1,925,848
iRadimed Corp *		2,073		60,967
iRhythm Technologies Inc *		8,545		566,961
Ironwood Pharmaceuticals Inc *		41,391		532,702
iTeos Therapeutics Inc *		5,866		150,463
IVERIC bio Inc *		25,806		162,836
J&J Snack Foods Corp		4,201		732,696
John B Sanfilippo & Son Inc		2,660		235,596
John Wiley & Sons Inc ‘A’		12,296		739,973
Jounce Therapeutics Inc *		9,392		63,866
Kadmon Holdings Inc *		51,387		198,868
Kala Pharmaceuticals Inc *		10,927		57,913
Kaleido Biosciences Inc *		3,724		27,707
KalVista Pharmaceuticals Inc *		5,759		137,986
Karuna Therapeutics Inc *		6,326		721,101
Karyopharm Therapeutics Inc *		21,360		220,435
Kelly Services Inc ‘A’ *		9,984		239,316
KemPharm Inc *		8,143		104,393
Keros Therapeutics Inc *		4,446		188,822
Kezar Life Sciences Inc *		9,434		51,227
Kforce Inc		5,878		369,903
Kiniksa Pharmaceuticals Ltd ‘A’ *		7,958		110,855
Kinnate Biopharma Inc *		3,970		92,422

	Shares		Value
Kodiak Sciences Inc *		9,744	$	906,192
Korn Ferry		15,213		1,103,703
Kronos Bio Inc *		11,060		264,887
Krystal Biotech Inc *		5,110		347,480
Kura Oncology Inc *		18,285		381,242
Kymera Therapeutics Inc *		8,236		399,446
Laird Superfood Inc *		1,003		29,960
Lancaster Colony Corp		5,411		1,047,083
Landec Corp *		7,169		80,651
Landos Biopharma Inc *		1,671		19,300
Lantheus Holdings Inc *		20,162		557,278
Laureate Education Inc ‘A’ *		31,124		451,609
LeMaitre Vascular Inc		5,218		318,402
Lexicon Pharmaceuticals Inc *		19,341		88,775
LHC Group Inc *		8,703		1,742,863
Ligand Pharmaceuticals Inc *		4,194		550,211
Limoneira Co		4,261		74,781
Lineage Cell Therapeutics Inc *		34,550		98,467
LivaNova PLC *		13,999		1,177,456
LiveRamp Holdings Inc *		18,549		869,021
Luminex Corp		12,667		466,146
Macquarie Infrastructure Corp		21,051		805,622
MacroGenics Inc *		16,337		438,812
Madrigal Pharmaceuticals Inc *		3,235		315,121
Magellan Health Inc *		6,842		644,516
Magenta Therapeutics Inc *		8,524		83,365
MannKind Corp *		68,033		370,780
Marathon Digital Holdings Inc *		27,201		853,295
Marinus Pharmaceuticals Inc *		10,523		188,783
Medifast Inc		3,300		933,834
MEDNAX Inc *		21,622		651,903
Medpace Holdings Inc *		8,201		1,448,543
MEI Pharma Inc *		29,730		84,731
MeiraGTx Holdings PLC *		8,487		131,548
Meridian Bioscience Inc *		12,491		277,050
Merit Medical Systems Inc *		14,626		945,717
Mersana Therapeutics Inc *		19,621		266,453
MGP Ingredients Inc		4,039		273,198
MiMedx Group Inc *		31,650		395,941
Mind Medicine MindMed Inc * (Canada)		91,764		316,586
Mirum Pharmaceuticals Inc *		1,842		31,848
Misonix Inc *		3,462		76,787
Mission Produce Inc *		10,566		218,822
ModivCare Inc *		3,662		622,796
Molecular Templates Inc *		10,534		82,376
MoneyGram International Inc *		22,215		223,927
Monro Inc		9,594		609,315
Morphic Holding Inc *		5,907		339,003
Multiplan Corp *		113,717		1,082,586
Mustang Bio Inc *		15,141		50,268
Myriad Genetics Inc *		21,812		667,011
NanoString Technologies Inc *		12,958		839,549
Nathan’s Famous Inc		1,050		74,886
National Beverage Corp		7,310		345,251
National HealthCare Corp		3,596		251,360
National Research Corp		3,989		183,095
Natural Grocers by Vitamin Cottage Inc		2,889		31,028
Nature’s Sunshine Products Inc		2,508		43,564
Natus Medical Inc *		10,194		264,840
Neogen Corp *		30,675		1,412,277
NeoGenomics Inc *		32,311		1,459,488
Neoleukin Therapeutics Inc *		10,032		92,595
Neuronetics Inc *		7,116		113,998
NeuroPace Inc *		1,984		47,199
Nevro Corp *		9,858		1,634,358
NewAge Inc *		23,088		51,486
NexImmune Inc *		1,713		27,956
NGM Biopharmaceuticals Inc *		8,977		177,026
Nkarta Inc *		4,020		127,394
Nurix Therapeutics Inc *		8,923		236,727

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-138

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
NuVasive Inc *		14,761	$	1,000,501
Nuvation Bio Inc *		10,092		93,957
Ocugen Inc *		52,611		422,466
Ocular Therapeutix Inc *		20,737		294,051
Olema Pharmaceuticals Inc *		3,564		99,721
Omeros Corp *		17,450		258,958
Omnicell Inc *		12,260		1,856,777
Oncocyte Corp *		21,028		120,701
Oncorus Inc *		5,819		80,302
Oncternal Therapeutics Inc *		12,609		59,893
Ontrak Inc *		2,270		73,730
OPKO Health Inc *		114,128		462,218
Option Care Health Inc *		29,844		652,688
Oramed Pharmaceuticals Inc * (Israel)		7,610		101,822
OraSure Technologies Inc *		20,519		208,063
Organogenesis Holdings Inc *		10,866		180,593
ORIC Pharmaceuticals Inc *		8,407		148,720
Ortho Clinical Diagnostics Holdings PLC *		26,258		562,184
Orthofix Medical Inc *		5,528		221,728
OrthoPediatrics Corp *		4,138		261,439
Outlook Therapeutics Inc *		24,952		62,130
Owens & Minor Inc		20,669		874,919
Oyster Point Pharma Inc *		3,166		54,424
Pacific Biosciences of California Inc *		55,408		1,937,618
Pacira BioSciences Inc *		12,530		760,320
Paratek Pharmaceuticals Inc *		10,627		72,476
Passage Bio Inc *		10,567		139,907
Patterson Cos Inc		24,794		753,490
PAVmed Inc *		18,752		120,013
Paya Holdings Inc *		23,425		258,143
Perdoceo Education Corp *		20,292		248,983
Performance Food Group Co *		37,601		1,823,272
Personalis Inc *		10,144		256,643
PetIQ Inc *		7,522		290,349
Phathom Pharmaceuticals Inc *		5,770		195,314
Phibro Animal Health Corp ‘A’		6,195		178,912
Pliant Therapeutics Inc *		7,159		208,470
PMV Pharmaceuticals Inc *		7,473		255,278
Portage Biotech Inc * (Canada)		1,027		21,526
Poseida Therapeutics Inc *		9,716		97,354
Praxis Precision Medicines Inc *		6,949		127,028
Precigen Inc *		27,023		176,190
Precision BioSciences Inc *		14,162		177,308
Prelude Therapeutics Inc *		2,960		84,745
Prestige Consumer Healthcare Inc *		14,271		743,519
Primo Water Corp		45,527		761,667
Priority Technology Holdings Inc *		1,876		14,333
PROG Holdings Inc		19,129		920,679
Progyny Inc *		17,975		1,060,525
Prometheus Biosciences Inc *		3,220		79,083
Protagonist Therapeutics Inc *		11,778		528,597
Prothena Corp PLC * (Ireland)		9,715		499,448
Provention Bio Inc *		15,006		126,501
PTC Therapeutics Inc *		19,789		836,481
Pulmonx Corp *		7,236		319,252
Pulse Biosciences Inc *		3,997		65,551
Puma Biotechnology Inc *		7,977		73,229
Quanex Building Products Corp		9,887		245,593
Quanterix Corp *		8,792		515,739
Quotient Ltd *		23,344		84,972
R1 RCM Inc *		36,655		815,207
Radius Health Inc *		13,669		249,323
RadNet Inc *		12,981		437,330
Rain Therapeutics Inc *		2,114		32,852
RAPT Therapeutics Inc *		5,120		162,765
Reata Pharmaceuticals Inc ‘A’ *		7,822		1,107,048
Recursion Pharmaceuticals Inc ‘A’ *		6,020		219,730
REGENXBIO Inc *		11,538		448,251
Rekor Systems Inc *		8,941		90,841
Relay Therapeutics Inc *		16,679		610,285

	Shares		Value
Relmada Therapeutics Inc *		4,336	$	138,795
Reneo Pharmaceuticals Inc *		1,797		16,766
Rent-A-Center Inc		18,786		996,973
Repay Holdings Corp *		21,936		527,341
Replimune Group Inc *		7,628		293,068
Resources Connection Inc		9,575		137,497
Retractable Technologies Inc *		4,733		54,713
Revance Therapeutics Inc *		20,000		592,800
Revlon Inc ‘A’ *		2,081		26,720
REVOLUTION Medicines Inc *		16,922		537,104
Rhythm Pharmaceuticals Inc *		12,551		245,749
Rigel Pharmaceuticals Inc *		46,759		202,934
Riot Blockchain Inc *		24,023		904,946
Rocket Pharmaceuticals Inc *		11,270		499,148
RR Donnelley & Sons Co *		20,189		126,787
Rubius Therapeutics Inc *		12,846		313,571
Sana Biotechnology Inc *		7,649		150,379
Sanderson Farms Inc		5,944		1,117,294
Sangamo Therapeutics Inc *		34,012		407,124
Scholar Rock Holding Corp *		7,882		227,790
SeaSpine Holdings Corp *		7,961		163,280
Seelos Therapeutics Inc *		21,600		57,024
Seer Inc *		4,276		140,167
Select Medical Holdings Corp		31,486		1,330,598
Selecta Biosciences Inc *		25,449		106,377
Seneca Foods Corp ‘A’ *		1,804		92,148
Sensei Biotherapeutics Inc *		2,007		19,588
Senseonics Holdings Inc *		118,354		454,479
Seres Therapeutics Inc *		19,829		472,922
Sesen Bio Inc *		48,707		225,026
Shattuck Labs Inc *		7,579		219,715
Shockwave Medical Inc *		9,614		1,824,064
ShotSpotter Inc *		2,409		117,487
SI-BONE Inc *		8,031		252,736
Sientra Inc *		13,463		107,165
SIGA Technologies Inc *		16,628		104,424
Sigilon Therapeutics Inc *		2,123		22,780
Silk Road Medical Inc *		9,665		462,567
Silverback Therapeutics Inc *		3,765		116,301
SOC Telemed Inc *		11,664		66,368
Solid Biosciences Inc *		16,988		62,176
Soliton Inc *		1,872		42,101
Sorrento Therapeutics Inc *		77,677		752,690
SP Plus Corp *		6,592		201,649
SpartanNash Co		10,425		201,307
Spectrum Pharmaceuticals Inc *		41,785		156,694
Spero Therapeutics Inc *		6,445		89,972
SpringWorks Therapeutics Inc *		8,319		685,569
Sprouts Farmers Market Inc *		33,828		840,626
Spruce Biosciences Inc *		2,245		25,166
SQZ Biotechnologies Co *		6,486		93,723
STAAR Surgical Co *		13,580		2,070,950
Stereotaxis Inc *		12,644		121,888
Stoke Therapeutics Inc *		5,438		183,043
StoneMor Inc *		9,166		24,015
Strategic Education Inc		7,263		552,424
Stride Inc *		11,912		382,733
Summit Therapeutics Inc *		6,404		47,774
Supernus Pharmaceuticals Inc *		14,181		436,633
Surface Oncology Inc *		9,480		70,721
Surgery Partners Inc *		9,031		601,645
Surmodics Inc *		4,131		224,107
Sutro Biopharma Inc *		12,354		229,661
Syndax Pharmaceuticals Inc *		12,811		219,965
Syros Pharmaceuticals Inc *		14,784		80,573
Tactile Systems Technology Inc *		5,500		286,000
Talaris Therapeutics Inc *		2,538		37,283
Talis Biomedical Corp *		3,692		40,723
Tarsus Pharmaceuticals Inc *		1,982		57,438
Tattooed Chef Inc *		13,324		285,800

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-139

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Taysha Gene Therapies Inc *		6,343	$	134,472
TCR2 Therapeutics Inc *		8,686		142,537
Team Inc *		7,415		49,681
Tejon Ranch Co *		5,981		90,971
Tenet Healthcare Corp *		30,264		2,027,385
Terns Pharmaceuticals Inc *		2,492		30,552
Textainer Group Holdings Ltd * (China)		13,657		461,197
TG Therapeutics Inc *		36,120		1,401,095
The Aaron’s Co Inc		10,143		324,475
The Andersons Inc		9,280		283,318
The Beauty Health Co *		13,227		222,214
The Brink’s Co		13,867		1,065,540
The Chefs’ Warehouse Inc *		9,160		291,563
The Duckhorn Portfolio Inc *		5,751		126,867
The Ensign Group Inc		14,973		1,297,710
The Hackett Group Inc		6,809		122,698
The Honest Co Inc *		7,075		114,544
The Joint Corp *		3,868		324,603
The Pennant Group Inc *		7,562		309,286
The Simply Good Foods Co *		24,260		885,733
TherapeuticsMD Inc *		99,017		117,830
Theravance Biopharma Inc *		15,189		220,544
Tivity Health Inc *		13,113		345,003
Tonix Pharmaceuticals Holding Corp *		93,077		103,315
Tootsie Roll Industries Inc		4,999		169,516
Transcat Inc *		2,020		114,150
Translate Bio Inc *		20,568		566,443
TransMedics Group Inc *		7,030		233,255
Travere Therapeutics Inc *		16,558		241,581
Treace Medical Concepts Inc *		3,116		97,406
TreeHouse Foods Inc *		14,816		659,608
Trevena Inc *		46,593		78,742
Trillium Therapeutics Inc * (Canada)		27,870		270,339
TriNet Group Inc *		11,551		837,216
Triple-S Management Corp ‘B’ *		7,128		158,741
Triton International Ltd (Bermuda)		18,281		956,828
TrueBlue Inc *		10,361		291,248
Turning Point Brands Inc		3,742		171,271
Turning Point Therapeutics Inc *		13,101		1,022,140
Twist Bioscience Corp *		13,452		1,792,479
United Natural Foods Inc *		15,900		587,982
Universal Corp		6,889		392,466
UroGen Pharma Ltd *		6,194		94,582
US Physical Therapy Inc		3,642		421,999
USANA Health Sciences Inc *		3,490		357,481
Utah Medical Products Inc		906		77,046
Utz Brands Inc		16,801		366,094
Vanda Pharmaceuticals Inc *		16,014		344,461
Vapotherm Inc *		5,539		130,942
Varex Imaging Corp *		11,316		303,495
Vaxart Inc *		34,034		254,915
Vaxcyte Inc *		11,324		254,903
VBI Vaccines Inc *		49,994		167,480
Vector Group Ltd		42,503		600,992
Vectrus Inc *		3,579		170,325
Veracyte Inc *		19,696		787,446
Verastem Inc *		47,442		193,089
Vericel Corp *		13,636		715,890
Verrica Pharmaceuticals Inc *		2,734		30,894
Veru Inc *		14,757		119,089
Viad Corp *		5,741		286,189
Viemed Healthcare Inc *		8,416		60,174
ViewRay Inc *		35,863		236,696
Viking Therapeutics Inc *		20,890		125,131
Village Super Market Inc ‘A’		2,310		54,308
Vincerx Pharma Inc *		1,340		17,407
Vir Biotechnology Inc *		17,127		809,765
Viracta Therapeutics Inc *		10,329		117,131
VistaGen Therapeutics Inc *		54,507		171,697
Vital Farms Inc *		7,129		142,295

	Shares		Value
Vivint Smart Home Inc *		26,106	$	344,599
Vor BioPharma Inc *		3,350		62,478
WaVe Life Sciences Ltd *		10,667		71,042
WD-40 Co		3,893		997,737
Weis Markets Inc		4,687		242,130
Werewolf Therapeutics Inc *		2,156		37,601
Whole Earth Brands Inc *		10,648		154,396
Willdan Group Inc *		2,977		112,054
WW International Inc *		15,006		542,317
XBiotech Inc *		3,393		56,188
Xencor Inc *		16,758		577,983
XOMA Corp *		1,362		46,308
Y-mAbs Therapeutics Inc *		9,957		336,547
Zentalis Pharmaceuticals Inc *		9,473		503,964
ZIOPHARM Oncology Inc *		64,470		170,201
Zogenix Inc *		16,407		283,513
Zynex Inc *		5,903		91,674
				231,271,731
Energy - 4.4%
Advent Technologies Holdings Inc *		4,865		46,899
Aemetis Inc *		6,612		73,856
Alto Ingredients Inc *		20,377		124,503
Antero Resources Corp *		81,542		1,225,576
Arch Resources Inc *		4,478		255,156
Archrock Inc		39,026		347,722
Array Technologies Inc *		36,394		567,746
Beam Global *		2,505		95,967
Berry Corp		20,837		140,025
Bonanza Creek Energy Inc		8,794		413,934
Brigham Minerals Inc ‘A’		12,418		264,379
Bristow Group Inc *		1,187		30,399
California Resources Corp *		23,958		722,094
Callon Petroleum Co *		11,368		655,820
Centennial Resource Development Inc ‘A’ *		51,593		349,801
ChampionX Corp *		57,797		1,482,493
Chesapeake Energy Corp		28,153		1,461,704
Cleanspark Inc *		9,327		155,201
CNX Resources Corp *		62,343		851,605
Comstock Resources Inc *		26,094		174,047
CONSOL Energy Inc *		8,959		165,473
Contango Oil & Gas Co *		41,851		180,796
CVR Energy Inc		8,849		158,928
Delek US Holdings Inc		18,708		404,467
Denbury Inc *		14,377		1,103,866
DMC Global Inc *		5,294		297,576
Dril-Quip Inc *		10,494		355,012
Earthstone Energy Inc ‘A’ *		7,279		80,579
Eos Energy Enterprises Inc *		5,005		89,890
Equitrans Midstream Corp		116,541		991,764
Extraction Oil & Gas Inc *		4,454		244,569
Falcon Minerals Corp		10,587		53,782
Frank’s International NV *		47,586		144,186
FTS International Inc ‘A’ *		2,533		71,659
FuelCell Energy Inc *		93,149		829,026
FutureFuel Corp		7,097		68,131
Gevo Inc *		55,615		404,321
Golar LNG Ltd * (Bermuda)		30,525		404,456
Green Plains Inc *		10,265		345,109
Helix Energy Solutions Group Inc *		42,053		240,123
Helmerich & Payne Inc		30,006		979,096
Kosmos Energy Ltd * (Ghana)		118,976		411,657
Laredo Petroleum Inc *		3,585		332,652
Liberty Oilfield Services Inc ‘A’ *		24,934		353,065
Magnolia Oil & Gas Corp ‘A’ *		39,674		620,105
Matador Resources Co		31,556		1,136,332
Matrix Service Co *		7,534		79,107
MRC Global Inc *		22,637		212,788
Murphy Oil Corp		41,758		972,126
Nabors Industries Ltd *		2,132		243,560

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-140

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
National Energy Services Reunited Corp *		8,484	$	120,897
Newpark Resources Inc *		29,709		102,793
NexTier Oilfield Solutions Inc *		47,565		226,409
Northern Oil and Gas Inc		13,631		283,116
NOW Inc *		30,629		290,669
Oasis Petroleum Inc		5,750		578,162
Oceaneering International Inc *		27,932		434,901
Oil States International Inc *		17,196		134,989
Ovintiv Inc		74,695		2,350,652
Par Pacific Holdings Inc *		11,518		193,733
Patterson-UTI Energy Inc		53,155		528,361
PBF Energy Inc ‘A’ *		28,846		441,344
PDC Energy Inc		28,332		1,297,322
Peabody Energy Corp *		19,732		156,475
Penn Virginia Corp *		4,571		107,921
ProPetro Holding Corp *		23,270		213,153
Range Resources Corp *		68,132		1,141,892
Renewable Energy Group Inc *		12,758		795,334
REX American Resources Corp *		1,666		150,240
Riley Exploration Permian Inc		652		18,895
RPC Inc *		17,583		87,036
Select Energy Services Inc ‘A’ *		16,232		98,041
SM Energy Co		33,017		813,209
Solaris Oilfield Infrastructure Inc ‘A’		7,346		71,550
Southwestern Energy Co *		190,113		1,077,941
Stem Inc *		17,847		642,670
SunCoke Energy Inc		25,112		179,300
Sunnova Energy International Inc *		24,522		923,498
SunPower Corp *		23,105		675,128
Talos Energy Inc *		10,506		164,314
Tellurian Inc *		90,313		419,955
TETRA Technologies Inc *		34,967		151,757
TPI Composites Inc *		10,178		492,819
US Silica Holdings Inc *		20,929		241,939
Vine Energy Inc ‘A’ *		5,877		91,622
W&T Offshore Inc *		28,811		139,733
Warrior Met Coal Inc		14,996		257,931
Whiting Petroleum Corp *		11,224		612,269
				38,121,098
Financial - 20.9%
1st Source Corp		4,446		206,561
Acadia Realty Trust REIT		24,153		530,400
Agree Realty Corp REIT		19,166		1,351,011
Alerus Financial Corp		4,370		126,774
Alexander & Baldwin Inc REIT *		21,048		385,599
Alexander’s Inc REIT		677		181,402
Allegiance Bancshares Inc		5,745		220,838
Altabancorp		4,536		196,454
Altus Midstream Co ‘A’		929		62,717
Amalgamated Financial Corp		4,599		71,882
Ambac Financial Group Inc *		12,746		199,602
Amerant Bancorp Inc *		5,981		127,874
American Assets Trust Inc REIT		14,231		530,674
American Equity Investment Life Holding Co		24,328		786,281
American Finance Trust Inc REIT		32,874		278,772
American National Bankshares Inc		3,137		97,529
American National Group Inc		2,124		315,520
Ameris Bancorp		18,950		959,438
AMERISAFE Inc		5,462		326,027
Apartment Investment and Management Co ‘A’ REIT		42,445		284,806
Apollo Commercial Real Estate Finance Inc REIT		40,957		653,264
Apple Hospitality REIT Inc		59,842		913,189
Arbor Realty Trust Inc REIT		35,196		627,193
Ares Commercial Real Estate Corp REIT		10,746		157,859
Argo Group International Holdings Ltd		9,034		468,232
Armada Hoffler Properties Inc REIT		17,038		226,435
ARMOUR Residential REIT Inc		19,007		217,060

	Shares		Value
Arrow Financial Corp		4,143	$	148,941
Artisan Partners Asset Management Inc ‘A’		17,071		867,548
Ashford Hospitality Trust Inc REIT *		31,229		142,404
Assetmark Financial Holdings Inc *		4,808		120,488
Associated Banc-Corp		43,145		883,610
Associated Capital Group Inc ‘A’		507		19,702
Atlantic Capital Bancshares Inc *		6,127		155,993
Atlantic Union Bankshares Corp		22,460		813,501
Atlanticus Holdings Corp *		1,514		60,106
Axos Financial Inc *		16,259		754,255
B. Riley Financial Inc		5,683		429,066
Banc of California Inc		13,352		234,194
BancFirst Corp		4,894		305,532
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Panama)		9,696		149,028
BancorpSouth Bank		29,070		823,553
Bank First Corp		1,891		131,935
Bank of Marin Bancorp		3,611		115,191
BankUnited Inc		26,546		1,133,249
Banner Corp		9,882		535,703
Bar Harbor Bankshares		3,867		110,674
Berkshire Hills Bancorp Inc		13,531		370,885
BGC Partners Inc ‘A’		94,503		535,832
Blackstone Mortgage Trust Inc ‘A’ REIT		39,460		1,258,379
Blucora Inc *		14,156		245,040
Blue Ridge Bankshares Inc		4,942		86,584
Boston Private Financial Holdings Inc		23,436		345,681
Braemar Hotels & Resorts Inc REIT *		12,678		78,730
Brandywine Realty Trust REIT		48,359		663,002
Bridgewater Bancshares Inc *		6,000		96,900
Brightsphere Investment Group Inc		16,526		387,204
BrightSpire Capital Inc REIT		25,932		243,761
Broadmark Realty Capital Inc REIT		38,541		408,149
Broadstone Net Lease Inc REIT		40,552		949,322
Brookline Bancorp Inc		21,880		327,106
BRP Group Inc ‘A’ *		13,152		350,501
BRT Apartments Corp REIT		2,962		51,361
Bryn Mawr Bank Corp		5,784		244,027
Business First Bancshares Inc		6,102		140,041
Byline Bancorp Inc		7,395		167,349
Cadence BanCorp		35,651		744,393
Cambridge Bancorp		1,939		160,918
Camden National Corp		4,199		200,544
Capital Bancorp Inc *		2,234		45,685
Capital City Bank Group Inc		4,322		111,464
Capitol Federal Financial Inc		37,031		436,225
Capstar Financial Holdings Inc		4,455		91,328
Capstead Mortgage Corp REIT		28,405		174,407
CareTrust REIT Inc		27,732		644,214
Carter Bankshares Inc *		5,667		70,894
CatchMark Timber Trust Inc ‘A’ REIT		15,295		178,952
Cathay General Bancorp		21,795		857,851
CBTX Inc		5,628		153,701
Centerspace REIT		3,925		309,683
Central Pacific Financial Corp		8,007		208,662
Century Bancorp Inc ‘A’		810		92,340
Chatham Lodging Trust REIT *		13,379		172,188
Chimera Investment Corp REIT		65,607		988,041
CIT Group Inc		28,291		1,459,533
Citizens & Northern Corp		3,883		95,134
Citizens Inc *		12,698		67,172
City Holding Co		4,412		331,959
City Office REIT Inc		12,171		151,286
Civista Bancshares Inc		4,668		103,163
Clipper Realty Inc REIT		2,459		18,074
CNB Financial Corp		4,429		101,070
CNO Financial Group Inc		37,421		883,884
Coastal Financial Corp *		2,644		75,513
Cohen & Steers Inc		6,996		574,302
Columbia Banking System Inc		20,508		790,788

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-141

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Columbia Financial Inc *		11,441	$	197,014
Columbia Property Trust Inc REIT		33,044		574,635
Community Bank System Inc		15,259		1,154,343
Community Healthcare Trust Inc REIT		6,592		312,856
Community Trust Bancorp Inc		4,607		186,031
ConnectOne Bancorp Inc		11,128		291,220
CorePoint Lodging Inc REIT *		12,680		135,676
Corporate Office Properties Trust REIT		5,263		147,311
Cowen Inc ‘A’		7,586		311,405
Crawford & Co ‘A’		3,594		32,598
CrossFirst Bankshares Inc *		13,443		184,841
CTO Realty Growth Inc REIT		1,609		86,114
Curo Group Holdings Corp		5,275		89,675
Cushman & Wakefield PLC *		32,447		566,849
Customers Bancorp Inc *		8,592		335,002
CVB Financial Corp		36,831		758,350
Diamond Hill Investment Group Inc		925		154,762
DiamondRock Hospitality Co REIT *		60,663		588,431
DigitalBridge Group Inc REIT *		136,246		1,076,343
Dime Community Bancshares Inc		10,003		336,301
Diversified Healthcare Trust REIT		70,553		294,912
Donegal Group Inc ‘A’		3,395		49,465
Dynex Capital Inc REIT		6,583		122,839
Eagle Bancorp Inc		9,014		505,505
Easterly Government Properties Inc REIT		24,029		506,531
Eastern Bankshares Inc		48,949		1,006,881
EastGroup Properties Inc REIT		11,330		1,863,218
eHealth Inc *		6,957		406,289
Ellington Financial Inc REIT		12,041		230,585
Empire State Realty Trust Inc ‘A’ REIT		40,751		489,012
Employers Holdings Inc		8,410		359,948
Encore Capital Group Inc *		9,308		441,106
Enova International Inc *		9,817		335,840
Enstar Group Ltd *		3,920		936,566
Enterprise Bancorp Inc		2,328		76,242
Enterprise Financial Services Corp		8,237		382,114
Equity Bancshares Inc ‘A’ *		4,136		126,107
Equity Commonwealth REIT		33,424		875,709
Essent Group Ltd		31,551		1,418,217
Essential Properties Realty Trust Inc REIT		33,360		902,054
eXp World Holdings Inc *		17,685		685,647
EZCORP Inc ‘A’ *		11,919		71,872
Farmers National Banc Corp		8,106		125,724
Farmland Partners Inc REIT		8,355		100,678
Fathom Holdings Inc *		1,503		49,283
FB Financial Corp		9,595		358,085
Federal Agricultural Mortgage Corp ‘C’		2,634		260,503
Federated Hermes Inc		26,978		914,824
Fidelity D&D Bancorp Inc		1,006		54,425
Finance Of America Cos Inc ‘A’ *		9,514		72,592
Financial Institutions Inc		4,884		146,520
First BanCorp		61,419		732,114
First Bancorp NC		8,026		328,344
First Bank		5,405		73,184
First Busey Corp		14,482		357,126
First Choice Bancorp		3,050		92,873
First Commonwealth Financial Corp		27,588		388,163
First Community Bankshares Inc		4,892		146,026
First Financial Bancorp		27,415		647,816
First Financial Bankshares Inc		37,010		1,818,301
First Financial Corp		3,438		140,339
First Foundation Inc		11,772		264,988
First Internet Bancorp		2,565		79,464
First Interstate BancSystem Inc ‘A’		11,781		492,799
First Merchants Corp		15,423		642,676
First Mid Bancshares Inc		4,187		169,615
First Midwest Bancorp Inc		32,461		643,702
Flagstar Bancorp Inc		14,512		613,422
Flushing Financial Corp		8,969		192,206
Focus Financial Partners Inc ‘A’ *		14,725		714,162

	Shares		Value
Four Corners Property Trust Inc REIT		22,141	$	611,313
Franklin Street Properties Corp REIT		29,405		154,670
FRP Holdings Inc *		1,863		103,732
FS Bancorp Inc		1,055		75,190
Fulton Financial Corp		45,301		714,850
GAMCO Investors Inc ‘A’		2,017		50,627
GCM Grosvenor Inc ‘A’		9,322		97,135
Genworth Financial Inc ‘A’ *		144,484		563,488
German American Bancorp Inc		6,932		257,870
Getty Realty Corp REIT		10,139		315,830
Glacier Bancorp Inc		27,313		1,504,400
Gladstone Commercial Corp REIT		10,080		227,405
Gladstone Land Corp REIT		6,224		149,749
Global Medical REIT Inc		16,157		238,477
Global Net Lease Inc REIT		27,368		506,308
Goosehead Insurance Inc ‘A’		5,046		642,356
Granite Point Mortgage Trust Inc REIT		16,333		240,912
Great Ajax Corp REIT		7,189		93,313
Great Southern Bancorp Inc		2,943		158,628
Great Western Bancorp Inc		16,087		527,493
Greenhill & Co Inc		3,810		59,284
Greenlight Capital Re Ltd ‘A’ *		8,495		77,559
Guaranty Bancshares Inc		2,185		74,443
Hamilton Lane Inc ‘A’		9,418		858,168
Hancock Whitney Corp		24,656		1,095,713
Hanmi Financial Corp		8,694		165,708
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		21,744		1,220,926
HarborOne Bancorp Inc		15,046		215,760
Hawthorn Bancshares Inc		36		835
HBT Financial Inc		1,783		31,042
HCI Group Inc		1,614		160,480
Healthcare Realty Trust Inc REIT		40,370		1,219,174
Heartland Financial USA Inc		11,486		539,727
Heritage Commerce Corp		16,489		183,523
Heritage Financial Corp		10,109		252,927
Heritage Insurance Holdings Inc		6,984		59,923
Hersha Hospitality Trust REIT *		9,820		105,663
Hilltop Holdings Inc		18,406		669,978
Hingham Institution for Savings		413		119,977
Home Bancorp Inc		2,196		83,690
Home BancShares Inc		43,463		1,072,667
Home Point Capital Inc *		1,960		11,623
HomeStreet Inc		6,097		248,392
HomeTrust Bancshares Inc		4,750		132,525
Hope Bancorp Inc		33,893		480,603
Horace Mann Educators Corp		11,891		444,961
Horizon Bancorp Inc		12,595		219,531
Houlihan Lokey Inc		14,802		1,210,656
Howard Bancorp Inc *		4,014		64,746
I3 Verticals Inc ‘A’ *		5,206		157,325
Independence Holding Co		1,280		59,290
Independence Realty Trust Inc REIT		28,905		526,938
Independent Bank Corp		9,589		723,969
Independent Bank Corp MI		6,447		139,964
Independent Bank Group Inc		10,793		798,466
Indus Realty Trust Inc REIT		846		55,540
Industrial Logistics Properties Trust REIT		18,516		484,008
Innovative Industrial Properties Inc REIT		6,753		1,289,958
International Bancshares Corp		15,322		657,927
International Money Express Inc *		9,016		133,888
Invesco Mortgage Capital Inc REIT		69,423		270,750
Investors Bancorp Inc		66,057		941,973
Investors Title Co		324		56,580
iStar Inc REIT		20,168		418,083
James River Group Holdings Ltd		9,238		346,610
Kearny Financial Corp		20,812		248,703
Kennedy-Wilson Holdings Inc		34,220		679,951
Kinsale Capital Group Inc		6,235		1,027,341
Kite Realty Group Trust REIT		23,769		523,156

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-142

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
KKR Real Estate Finance Trust Inc REIT		7,510	$	162,441
Ladder Capital Corp REIT		31,446		362,887
Lakeland Bancorp Inc		13,248		231,575
Lakeland Financial Corp		7,104		437,891
Legacy Housing Corp *		3,029		51,220
LendingClub Corp *		27,492		498,430
LendingTree Inc *		3,312		701,747
Lexington Realty Trust REIT		78,187		934,335
Live Oak Bancshares Inc		8,597		507,223
LTC Properties Inc REIT		11,094		425,899
Luther Burbank Corp		4,448		52,753
Macatawa Bank Corp		7,514		65,748
Mack-Cali Realty Corp REIT		26,368		452,211
Maiden Holdings Ltd *		19,807		66,750
Marcus & Millichap Inc *		6,765		262,956
Marlin Business Services Corp		2,910		66,232
MBIA Inc *		13,661		150,271
McGrath RentCorp		6,882		561,365
Mercantile Bank Corp		4,707		142,151
Merchants Bancorp		2,558		100,376
Meridian Bancorp Inc		13,322		272,568
Meta Financial Group Inc		9,118		461,644
Metrocity Bankshares Inc		4,064		71,161
MetroMile Inc *		10,462		95,727
Metropolitan Bank Holding Corp *		1,973		118,814
MFA Financial Inc REIT		126,155		579,051
Mid Penn Bancorp Inc		2,254		61,872
Midland States Bancorp Inc		6,493		170,571
MidWestOne Financial Group Inc		4,126		118,705
Moelis & Co ‘A’		17,431		991,650
Monmouth Real Estate Investment Corp REIT		27,145		508,154
Mr Cooper Group Inc *		20,215		668,308
MVB Financial Corp		2,630		112,196
National Bank Holdings Corp ‘A’		8,535		322,111
National Health Investors Inc REIT		12,468		835,979
National Storage Affiliates Trust REIT		20,005		1,011,453
National Western Life Group Inc ‘A’		737		165,375
Navient Corp		50,222		970,791
NBT Bancorp Inc		12,023		432,467
Nelnet Inc ‘A’		4,837		363,888
NETSTREIT Corp		11,308		260,762
New Senior Investment Group Inc REIT		23,342		204,943
New York Mortgage Trust Inc REIT		114,642		512,450
Newmark Group Inc ‘A’		42,273		507,699
NexPoint Residential Trust Inc REIT		6,628		364,407
NI Holdings Inc *		3,078		58,513
Nicolet Bankshares Inc *		2,544		178,945
NMI Holdings Inc ‘A’ *		24,198		543,971
Northfield Bancorp Inc		13,038		213,823
Northrim BanCorp Inc		1,861		79,558
Northwest Bancshares Inc		34,938		476,554
OceanFirst Financial Corp		16,852		351,196
Ocwen Financial Corp *		2,328		72,121
Office Properties Income Trust REIT		13,833		405,445
OFG Bancorp		15,145		335,007
Old National Bancorp		47,094		829,325
Old Second Bancorp Inc		7,898		97,935
One Liberty Properties Inc REIT		4,590		130,310
Oportun Financial Corp *		5,980		119,779
Oppenheimer Holdings Inc ‘A’		2,666		135,539
Orchid Island Capital Inc REIT		24,731		128,354
Origin Bancorp Inc		6,305		267,710
Orrstown Financial Services Inc		2,908		67,088
Outfront Media Inc REIT *		41,472		996,572
Pacific Premier Bancorp Inc		24,221		1,024,306
Palomar Holdings Inc *		7,002		528,371
Paramount Group Inc REIT		53,201		535,734
Park National Corp		4,192		492,225
PCSB Financial Corp		3,875		70,409

	Shares		Value
Peapack Gladstone Financial Corp		5,150	$	160,011
Pebblebrook Hotel Trust REIT		37,045		872,410
PennyMac Financial Services Inc		10,065		621,212
PennyMac Mortgage Investment Trust REIT		29,349		618,090
Peoples Bancorp Inc		5,386		159,533
Peoples Financial Services Corp		1,981		84,391
Physicians Realty Trust REIT		61,243		1,131,158
Piedmont Office Realty Trust Inc ‘A’ REIT		36,065		666,121
Pioneer Bancorp Inc *		4,488		53,946
Piper Sandler Cos		5,046		653,760
PJT Partners Inc ‘A’		6,806		485,812
Plymouth Industrial REIT Inc REIT		7,907		158,298
Postal Realty Trust Inc ‘A’ REIT		3,434		62,636
PotlatchDeltic Corp REIT		18,820		1,000,283
PRA Group Inc *		13,207		508,073
Preferred Apartment Communities Inc ‘A’ REIT		14,256		138,996
Preferred Bank		3,929		248,588
Premier Financial Bancorp Inc		3,421		57,644
Premier Financial Corp		10,542		299,498
Primis Financial Corp		5,868		89,546
ProAssurance Corp		16,026		364,592
ProSight Global Inc *		2,964		37,821
Provident Bancorp Inc		4,605		75,108
Provident Financial Services Inc		22,161		507,265
PS Business Parks Inc REIT		5,725		847,758
Pzena Investment Management Inc ‘A’		4,574		50,360
QCR Holdings Inc		4,385		210,875
QTS Realty Trust Inc ‘A’ REIT		19,584		1,513,843
Radian Group Inc		54,784		1,218,944
Radius Global Infrastructure Inc ‘A’ *		12,534		181,743
Rafael Holdings Inc ‘B’ *		2,908		148,453
RBB Bancorp		4,055		98,212
RE/MAX Holdings Inc ‘A’		5,257		175,216
Ready Capital Corp REIT		17,532		278,233
Realogy Holdings Corp *		33,361		607,837
Red River Bancshares Inc		1,395		70,461
Redfin Corp *		28,988		1,838,129
Redwood Trust Inc REIT		32,009		386,349
Regional Management Corp		2,523		117,420
Reliant Bancorp Inc		4,248		117,797
Renasant Corp		15,745		629,800
Republic Bancorp Inc ‘A’		2,670		123,167
Republic First Bancorp Inc *		12,170		48,558
Retail Opportunity Investments Corp REIT		33,136		585,182
Retail Properties of America Inc ‘A’ REIT		61,133		699,973
Retail Value Inc REIT		5,292		115,101
RLI Corp		11,404		1,192,744
RLJ Lodging Trust REIT		46,655		710,556
RPT Realty REIT		24,590		319,178
Ryman Hospitality Properties Inc REIT *		14,949		1,180,373
S&T Bancorp Inc		11,045		345,709
Sabra Health Care REIT Inc		60,468		1,100,518
Safehold Inc REIT		5,099		400,271
Safety Insurance Group Inc		4,280		335,038
Sandy Spring Bancorp Inc		13,216		583,222
Saul Centers Inc REIT		3,657		166,211
Sculptor Capital Management Inc		5,702		140,212
Seacoast Banking Corp of Florida		15,483		528,744
Selective Insurance Group Inc		16,935		1,374,275
Selectquote Inc *		38,189		735,520
Seritage Growth Properties REIT *		10,019		184,350
Service Properties Trust REIT		46,769		589,289
ServisFirst Bancshares Inc		14,398		978,776
Sierra Bancorp		4,016		102,207
Silvergate Capital Corp ‘A’ *		6,524		739,300
Simmons First National Corp ‘A’		30,606		897,980
SiriusPoint Ltd * (Bermuda)		26,349		265,334
SITE Centers Corp REIT		49,378		743,633
SmartFinancial Inc		3,979		95,536

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-143

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
South Plains Financial Inc		2,964	$	68,557
South State Corp		20,196		1,651,225
Southern First Bancshares Inc *		2,115		108,203
Southern Missouri Bancorp Inc		2,065		92,842
Southside Bancshares Inc		8,880		339,482
Spirit of Texas Bancshares Inc		3,800		86,792
STAG Industrial Inc REIT		45,859		1,716,502
State Auto Financial Corp		4,528		77,519
StepStone Group Inc ‘A’		10,638		365,947
Stewart Information Services Corp		7,835		444,166
Stock Yards Bancorp Inc		5,992		304,933
StoneX Group Inc *		4,838		293,521
Summit Financial Group Inc		3,486		76,727
Summit Hotel Properties Inc REIT *		30,915		288,437
Sunstone Hotel Investors Inc REIT *		61,251		760,737
SVB Financial Group *		534		297,323
Tanger Factory Outlet Centers Inc REIT		25,977		489,666
Terreno Realty Corp REIT		19,540		1,260,721
Texas Capital Bancshares Inc *		14,451		917,494
The Bancorp Inc *		14,910		343,079
The Bank of NT Butterfield & Son Ltd (Bermuda)		14,297		506,829
The First Bancorp Inc		3,166		93,239
The First Bancshares Inc		5,977		223,719
The First of Long Island Corp		6,523		138,483
The GEO Group Inc REIT		35,869		255,387
The Macerich Co REIT		56,323		1,027,895
The RMR Group Inc ‘A’		4,232		163,524
The St Joe Co		9,815		437,847
Tiptree Inc		6,469		60,162
Tompkins Financial Corp		4,261		330,483
Towne Bank		19,139		582,208
TPG RE Finance Trust Inc REIT		17,399		234,017
Trean Insurance Group Inc *		3,733		56,294
TriCo Bancshares		8,082		344,132
TriState Capital Holdings Inc *		8,384		170,950
Triumph Bancorp Inc *		6,881		510,914
Trupanion Inc *		11,011		1,267,366
TrustCo Bank Corp		5,333		183,349
Trustmark Corp		17,985		553,938
Two Harbors Investment Corp REIT		79,418		600,400
UMB Financial Corp		12,480		1,161,389
UMH Properties Inc REIT		11,357		247,810
United Bankshares Inc		35,610		1,299,765
United Community Banks Inc		23,686		758,189
United Fire Group Inc		5,938		164,661
United Insurance Holdings Corp		4,752		27,086
Uniti Group Inc REIT		57,062		604,287
Universal Health Realty Income Trust REIT		3,773		232,228
Universal Insurance Holdings Inc		8,902		123,560
Univest Financial Corp		8,474		223,459
Urban Edge Properties REIT		32,997		630,243
Urstadt Biddle Properties Inc ‘A’ REIT		9,586		185,777
Valley National Bancorp		114,149		1,533,021
Veritex Holdings Inc		13,677		484,303
Virtus Investment Partners Inc		2,080		577,762
Walker & Dunlop Inc		8,252		861,344
Washington Federal Inc		20,567		653,619
Washington Real Estate Investment Trust REIT		24,130		554,990
Washington Trust Bancorp Inc		4,856		249,356
Waterstone Financial Inc		6,183		121,558
Watford Holdings Ltd * (Bermuda)		5,055		176,874
WesBanco Inc		19,027		677,932
West Bancorporation Inc		5,139		142,607
Westamerica Bancorporation		7,527		436,792
Whitestone REIT		12,262		101,162
WisdomTree Investments Inc		41,901		259,786
World Acceptance Corp *		1,177		188,602
WSFS Financial Corp		13,396		624,120
Xenia Hotels & Resorts Inc REIT *		32,473		608,219
				182,780,714

	Shares		Value
Industrial - 12.1%
908 Devices Inc *		2,030	$	78,663
AAON Inc		11,950		747,951
AAR Corp *		9,691		375,526
Advanced Energy Industries Inc		10,964		1,235,752
Aerojet Rocketdyne Holdings Inc		21,243		1,025,825
AeroVironment Inc *		6,523		653,278
AFC Gamma Inc		2,067		42,684
AgEagle Aerial Systems Inc *		19,016		100,214
Air Transport Services Group Inc *		16,817		390,659
Akoustis Technologies Inc *		10,661		114,179
Alamo Group Inc		2,834		432,695
Albany International Corp ‘A’		8,769		782,721
Allied Motion Technologies Inc		3,217		111,083
Altra Industrial Motion Corp		18,463		1,200,464
American Outdoor Brands Inc *		3,717		130,615
American Superconductor Corp *		7,767		135,068
American Woodmark Corp *		5,019		410,002
AMMO Inc *		18,781		183,866
Apogee Enterprises Inc		7,687		313,092
Applied Industrial Technologies Inc		11,060		1,007,124
ArcBest Corp		7,243		421,470
Arcosa Inc		13,807		811,023
Argan Inc		4,303		205,640
Astec Industries Inc		6,565		413,201
Astronics Corp *		6,683		117,019
Atkore Inc *		13,391		950,761
Atlas Air Worldwide Holdings Inc *		8,204		558,774
AZZ Inc		7,087		366,965
Babcock & Wilcox Enterprises Inc *		15,816		124,630
Badger Meter Inc		8,322		816,555
Barnes Group Inc		13,831		708,839
Belden Inc		12,607		637,536
Benchmark Electronics Inc		10,801		307,396
Blink Charging Co *		10,403		428,292
Bloom Energy Corp ‘A’ *		39,679		1,066,175
Boise Cascade Co		11,223		654,862
Brady Corp ‘A’		13,442		753,290
Byrna Technologies Inc *		3,020		68,614
Cactus Inc ‘A’		15,553		571,106
Caesarstone Ltd		6,257		92,353
Casella Waste Systems Inc ‘A’ *		14,020		889,289
CECO Environmental Corp *		8,846		63,337
Centrus Energy Corp ‘A’ *		2,692		68,323
Chart Industries Inc *		10,407		1,522,752
Chase Corp		2,077		213,121
CIRCOR International Inc *		5,929		193,285
Columbus McKinnon Corp		7,327		353,455
Comfort Systems USA Inc		10,160		800,506
Comtech Telecommunications Corp		6,773		163,636
Concrete Pumping Holdings Inc *		7,352		62,271
Construction Partners Inc ‘A’ *		8,531		267,873
Cornerstone Building Brands Inc *		13,384		243,321
Costamare Inc (Monaco)		14,480		171,009
Covanta Holding Corp		34,467		606,964
Covenant Logistics Group Inc ‘A’ *		3,693		76,371
CryoPort Inc *		11,556		729,184
CSW Industrials Inc		3,899		461,876
Daseke Inc *		13,081		84,765
DHT Holdings Inc		41,257		267,758
Diamond S Shipping Inc *		7,202		71,732
Dorian LPG Ltd *		9,941		140,367
Ducommun Inc *		3,342		182,340
DXP Enterprises Inc *		4,701		156,543
Dycom Industries Inc *		8,516		634,698
Eagle Bulk Shipping Inc *		1,703		80,586
Eastman Kodak Co *		12,784		106,363
Echo Global Logistics Inc *		7,479		229,904
EMCOR Group Inc		15,416		1,899,097

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-144

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Encore Wire Corp		5,733	$	434,504
Energizer Holdings Inc		19,397		833,683
Energy Recovery Inc *		11,987		273,064
Enerpac Tool Group Corp		17,217		458,317
EnerSys		12,220		1,194,261
EnPro Industries Inc		6,103		592,906
ESCO Technologies Inc		7,288		683,687
Exponent Inc		14,799		1,320,219
Fabrinet * (Thailand)		10,535		1,009,990
FARO Technologies Inc *		5,114		397,716
Federal Signal Corp		17,171		690,789
Fluidigm Corp *		23,041		141,933
Fluor Corp *		41,367		732,196
Forterra Inc *		8,419		197,931
Forward Air Corp		7,746		695,204
Franklin Electric Co Inc		13,214		1,065,313
Frontline Ltd (Norway)		36,822		331,398
GATX Corp		10,240		905,933
Genco Shipping & Trading Ltd		9,153		172,809
Gibraltar Industries Inc *		9,579		730,974
GoPro Inc ‘A’ *		35,582		414,530
GrafTech International Ltd		48,576		564,453
Granite Construction Inc		13,573		563,687
Great Lakes Dredge & Dock Corp *		18,984		277,356
Greif Inc ‘A’		7,749		469,202
Greif Inc ‘B’		1,468		86,612
Griffon Corp		13,763		352,746
Harsco Corp *		22,315		455,672
Haynes International Inc		3,251		115,020
Heartland Express Inc		13,594		232,865
Helios Technologies Inc		9,063		707,367
Heritage-Crystal Clean Inc *		4,452		132,135
Hillenbrand Inc		21,853		963,280
Hub Group Inc ‘A’ *		9,614		634,332
Hydrofarm Holdings Group Inc *		2,744		162,198
Hyster-Yale Materials Handling Inc		2,847		207,774
Ichor Holdings Ltd *		8,092		435,350
Ideanomics Inc *		116,410		330,604
Identiv Inc *		5,886		100,062
IES Holdings Inc *		2,195		112,735
II-VI Inc *		29,805		2,163,545
Infrastructure and Energy Alternatives Inc *		5,956		76,594
Insteel Industries Inc		4,991		160,461
International Seaways Inc		6,657		127,681
Iteris Inc *		10,296		68,468
Itron Inc *		12,993		1,299,040
JELD-WEN Holding Inc *		23,936		628,559
John Bean Technologies Corp		8,943		1,275,451
Kadant Inc		3,282		577,927
Kaman Corp		8,187		412,625
Karat Packaging Inc *		1,306		26,603
Kennametal Inc		24,512		880,471
Kimball Electronics Inc *		7,258		157,789
Knowles Corp *		25,363		500,666
Kratos Defense & Security Solutions Inc *		34,957		995,925
Latham Group Inc *		6,614		211,383
Lawson Products Inc *		1,438		76,947
Lindsay Corp		3,135		518,153
Luna Innovations Inc *		8,681		94,015
Luxfer Holdings PLC (United Kingdom)		7,978		177,511
Lydall Inc *		4,984		301,632
Marten Transport Ltd		16,957		279,621
Masonite International Corp *		6,994		781,859
Materion Corp		5,806		437,482
Matson Inc		12,602		806,528
Matthews International Corp ‘A’		8,817		317,059
Mayville Engineering Co Inc *		2,023		40,683
Mesa Laboratories Inc		1,437		389,671
Meta Materials Inc *		17,533		131,318
MicroVision Inc *		45,117		755,710

	Shares		Value
Mistras Group Inc *		5,593	$	54,979
Montrose Environmental Group Inc *		6,415		344,229
Moog Inc ‘A’		8,248		693,327
Mueller Industries Inc		16,603		719,076
Mueller Water Products Inc ‘A’		44,882		647,198
Myers Industries Inc		10,437		219,177
MYR Group Inc *		4,705		427,779
Napco Security Technologies Inc *		4,168		151,590
National Presto Industries Inc		1,547		157,253
NL Industries Inc		2,103		13,670
nLight Inc *		12,119		439,677
NN Inc *		12,762		93,801
Nordic American Tankers Ltd		39,350		129,068
Northwest Pipe Co *		2,663		75,230
Novanta Inc *		10,143		1,366,871
NV5 Global Inc *		3,289		310,843
NVE Corp		1,443		106,854
O-I Glass Inc *		45,023		735,226
Olympic Steel Inc		2,927		86,025
Omega Flex Inc		738		108,272
OSI Systems Inc *		4,828		490,718
Pactiv Evergreen Inc		11,407		171,904
PAM Transportation Services Inc *		685		36,134
Park Aerospace Corp		5,378		80,132
Park-Ohio Holdings Corp		2,326		74,758
Patrick Industries Inc		6,463		471,799
PGT Innovations Inc *		17,009		395,119
Plexus Corp *		8,257		754,772
Powell Industries Inc		2,698		83,503
Primoris Services Corp		14,645		431,002
Proto Labs Inc *		7,859		721,456
Pure Cycle Corp *		5,726		79,133
PureCycle Technologies Inc *		9,385		221,955
Radiant Logistics Inc *		12,971		89,889
Ranpak Holdings Corp *		9,960		249,299
Raven Industries Inc		10,258		593,425
RBC Bearings Inc *		7,048		1,405,512
Rexnord Corp		34,185		1,710,617
Ryerson Holding Corp *		4,918		71,803
Safe Bulkers Inc * (Greece)		16,949		67,966
Saia Inc *		7,561		1,583,954
Sanmina Corp *		18,303		713,085
Scorpio Tankers Inc (Monaco)		13,897		306,429
SFL Corp Ltd (Norway)		27,512		210,467
Sharps Compliance Corp *		4,772		49,152
Simpson Manufacturing Co Inc		12,415		1,371,113
Smith & Wesson Brands Inc		15,152		525,774
SPX Corp *		12,498		763,378
SPX FLOW Inc		12,010		783,532
Standex International Corp		3,444		326,870
Sterling Construction Co Inc *		7,471		180,275
Stoneridge Inc *		7,629		225,056
Sturm Ruger & Co Inc		4,731		425,695
Summit Materials Inc ‘A’ *		33,844		1,179,463
Teekay Corp * (Bermuda)		19,788		73,611
Teekay Tankers Ltd ‘A’ * (Bermuda)		6,795		97,984
Tennant Co		5,185		414,022
Terex Corp		19,680		937,162
Tetra Tech Inc		15,367		1,875,389
The Gorman-Rupp Co		5,302		182,601
The Greenbrier Cos Inc		9,227		402,113
The Manitowoc Co Inc *		9,251		226,650
Thermon Group Holdings Inc *		9,759		166,293
Tidewater Inc *		12,502		150,649
TimkenSteel Corp *		13,717		194,096
Tredegar Corp		7,911		108,934
TriMas Corp *		12,338		374,212
Trinity Industries Inc		24,724		664,828
Trinseo SA		11,230		672,003
Triumph Group Inc *		15,038		312,039

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-145

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
TTM Technologies Inc *		29,983	$	428,757
Turtle Beach Corp *		4,263		136,075
Tutor Perini Corp *		11,284		156,283
UFP Industries Inc		17,159		1,275,600
UFP Technologies Inc *		2,005		115,127
Universal Logistics Holdings Inc		2,688		62,630
US Concrete Inc *		4,738		349,664
US Ecology Inc *		9,245		346,872
US Xpress Enterprises Inc ‘A’ *		6,043		51,970
Vicor Corp *		6,013		635,815
View Inc *		24,145		204,750
Vishay Intertechnology Inc		37,997		856,832
Vishay Precision Group Inc *		3,713		126,391
Watts Water Technologies Inc ‘A’		8,024		1,170,782
Welbilt Inc *		38,195		884,214
Werner Enterprises Inc		17,641		785,377
Willis Lease Finance Corp *		973		41,703
WillScot Mobile Mini Holdings Corp *		50,158		1,397,903
Worthington Industries Inc		9,869		603,785
Yellow Corp *		14,345		93,386
				105,440,658
Technology - 10.8%
1Life Healthcare Inc *		33,223		1,098,352
3D Systems Corp *		34,595		1,382,762
8x8 Inc *		30,332		842,016
ACI Worldwide Inc *		33,886		1,258,526
Agilysys Inc *		5,741		326,491
Alignment Healthcare Inc *		7,505		175,392
Alkami Technology Inc *		1,984		70,769
Allscripts Healthcare Solutions Inc *		39,879		738,160
Alpha & Omega Semiconductor Ltd *		6,115		185,835
Altair Engineering Inc ‘A’ *		13,082		902,266
Ambarella Inc *		9,925		1,058,303
American Software Inc ‘A’		9,100		199,836
Amkor Technology Inc		29,091		688,584
Apollo Medical Holdings Inc *		10,334		649,079
Appfolio Inc ‘A’ *		5,339		753,867
Appian Corp *		11,208		1,543,902
Asana Inc ‘A’ *		21,072		1,307,096
Atomera Inc *		5,135		110,094
Avaya Holdings Corp *		23,516		632,580
Avid Technology Inc *		10,302		403,323
Axcelis Technologies Inc *		9,490		383,586
AXT Inc *		11,917		130,849
Bandwidth Inc ‘A’ *		6,506		897,308
Benefitfocus Inc *		7,116		100,336
BigCommerce Holdings Inc *		13,389		869,214
Blackbaud Inc *		13,790		1,055,900
Blackline Inc *		15,132		1,683,738
BM Technologies Inc * W ±		1,441		16,990
Bottomline Technologies DE Inc *		12,614		467,727
Box Inc ‘A’ *		42,314		1,081,123
Brightcove Inc *		12,051		172,932
BTRS Holdings Inc *		13,509		170,484
Cantaloupe Inc *		16,603		196,912
Cardlytics Inc *		9,110		1,156,332
Castlight Health Inc ‘B’ *		34,025		89,486
Cerence Inc *		10,783		1,150,654
CEVA Inc *		6,208		293,638
Cloudera Inc *		65,953		1,046,015
CMC Materials Inc		8,325		1,254,910
Cohu Inc *		13,657		502,441
CommVault Systems Inc *		12,031		940,463
Computer Programs & Systems Inc		3,328		110,589
Conduent Inc *		47,287		354,653
Cornerstone OnDemand Inc *		18,375		947,782
Corsair Gaming Inc *		7,662		255,068
CSG Systems International Inc		9,276		437,642
CTS Corp		9,096		338,007

	Shares		Value
Daily Journal Corp *		386	$	130,661
DarioHealth Corp *		3,841		82,044
Desktop Metal Inc ‘A’ *		23,820		273,930
Diebold Nixdorf Inc *		20,849		267,701
Digi International Inc *		9,188		184,771
Digimarc Corp *		3,820		127,970
Digital Turbine Inc *		24,074		1,830,346
DigitalOcean Holdings Inc *		3,674		204,238
Diodes Inc *		12,423		990,983
Domo Inc ‘B’ *		8,064		651,813
Donnelley Financial Solutions Inc *		8,672		286,176
DSP Group Inc *		7,093		104,976
E2open Parent Holdings Inc *		11,903		135,932
Ebix Inc		8,028		272,149
eGain Corp *		4,726		54,254
EMCORE Corp *		10,406		95,943
Envestnet Inc *		15,327		1,162,706
Evolent Health Inc ‘A’ *		21,932		463,204
ExlService Holdings Inc *		9,358		994,381
Forian Inc *		5,171		64,999
FormFactor Inc *		22,769		830,158
Genius Brands International Inc *		80,418		147,969
GreenBox POS *		4,948		59,030
Grid Dynamics Holdings Inc *		7,302		109,749
GTY Technology Holding Inc *		10,824		76,959
Health Catalyst Inc *		12,738		707,086
IBEX Holdings Ltd *		1,980		38,650
iCAD Inc *		5,753		99,584
Impinj Inc *		5,263		271,518
Inovalon Holdings Inc ‘A’ *		21,526		733,606
Insight Enterprises Inc *		9,960		996,100
Intelligent Systems Corp *		2,518		79,216
j2 Global Inc *		12,385		1,703,557
JFrog Ltd * (Israel)		14,704		669,326
KBR Inc		40,295		1,537,254
Kulicke & Soffa Industries Inc (Singapore)		17,447		1,067,756
Lattice Semiconductor Corp *		38,672		2,172,593
LivePerson Inc *		18,258		1,154,636
MACOM Technology Solutions Holdings Inc ‘H’ *		14,009		897,697
ManTech International Corp ‘A’		7,877		681,676
MAXIMUS Inc		17,477		1,537,452
MaxLinear Inc *		19,787		840,750
MedAvail Holdings Inc *		3,339		40,903
MicroStrategy Inc ‘A’ *		2,168		1,440,636
Mitek Systems Inc *		12,977		249,937
Model N Inc *		10,459		358,430
Momentive Global Inc *		35,650		751,145
NantHealth Inc *		9,421		21,857
NetScout Systems Inc *		21,018		599,854
NextGen Healthcare Inc *		16,771		278,231
ON24 Inc *		2,529		89,729
OneSpan Inc *		9,722		248,300
Onto Innovation Inc *		13,877		1,013,576
Ouster Inc *		8,273		103,330
Outset Medical Inc *		13,035		651,489
PAE Inc *		16,258		144,696
PagerDuty Inc *		23,003		979,468
PAR Technology Corp *		6,757		472,585
Parsons Corp *		7,500		295,200
PDF Solutions Inc *		9,318		169,401
Photronics Inc *		17,818		235,376
Phreesia Inc *		10,168		623,298
Ping Identity Holding Corp *		12,398		283,914
Pitney Bowes Inc		49,845		437,141
PlayAGS Inc *		8,680		85,932
Porch Group Inc *		4,521		87,436
Power Integrations Inc		17,416		1,429,157
Privia Health Group Inc *		5,586		247,851
Progress Software Corp		12,530		579,513

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-146

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
PROS Holdings Inc *		11,587	$	528,020
QAD Inc ‘A’		3,600		313,272
Qualys Inc *		9,715		978,203
Quantum Corp *		13,045		89,880
Rackspace Technology Inc *		15,323		300,484
Rambus Inc *		31,935		757,179
Rapid7 Inc *		15,295		1,447,366
Rimini Street Inc *		12,495		76,969
SailPoint Technologies Holding Inc *		26,147		1,335,327
Sapiens International Corp (Israel)		8,444		221,824
Schrodinger Inc *		12,912		976,276
SecureWorks Corp ‘A’ *		3,091		57,276
Semtech Corp *		18,430		1,267,984
Silicon Laboratories Inc *		12,655		1,939,379
Simulations Plus Inc		4,480		245,997
SiTime Corp *		3,447		436,356
SkyWater Technology Inc *		2,240		64,176
SMART Global Holdings Inc *		4,441		211,747
Smith Micro Software Inc *		7,097		37,046
Sprout Social Inc ‘A’ *		12,588		1,125,619
SPS Commerce Inc *		10,281		1,026,558
StarTek Inc *		5,184		36,962
Sumo Logic Inc *		23,246		480,030
Super Micro Computer Inc *		12,467		438,589
Sykes Enterprises Inc *		10,941		587,532
Synaptics Inc *		10,056		1,564,512
Tabula Rasa HealthCare Inc *		6,353		317,650
Telos Corp *		4,824		164,064
Tenable Holdings Inc *		25,854		1,069,063
The ExOne Co *		3,842		83,141
TTEC Holdings Inc		5,268		543,078
Ultra Clean Holdings Inc *		12,303		660,917
Unisys Corp *		18,075		457,478
Upland Software Inc *		8,046		331,254
Varonis Systems Inc *		30,157		1,737,646
Veeco Instruments Inc *		14,003		336,632
Verint Systems Inc *		18,360		827,485
Veritone Inc *		8,078		159,217
Verra Mobility Corp *		38,206		587,226
Viant Technology Inc ‘A’ *		3,169		94,373
Vocera Communications Inc *		9,609		382,919
Vuzix Corp *		16,721		306,830
Workiva Inc *		11,750		1,308,127
Xperi Holding Corp		29,909		665,176
Yext Inc *		31,681		452,721
Zuora Inc ‘A’ *		30,283		522,382
				94,693,838
Utilities - 2.4%
ALLETE Inc		14,961		1,046,971
Ameresco Inc ‘A’ *		8,805		552,250
American States Water Co		10,512		836,335
Artesian Resources Corp ‘A’		2,171		79,828
Avista Corp		19,760		843,159
Black Hills Corp		17,968		1,179,240
Brookfield Infrastructure Corp ‘A’ (Canada)		10,432		786,573
California Water Service Group		14,453		802,720
Chesapeake Utilities Corp		4,974		598,521
Clearway Energy Inc ‘A’		9,933		250,510
Clearway Energy Inc ‘C’		23,206		614,495
Evoqua Water Technologies Corp *		32,978		1,113,997
FTC Solar Inc *		5,420		72,140
Global Water Resources Inc		4,109		70,182
MGE Energy Inc		10,380		772,687
Middlesex Water Co		4,923		402,357
New Jersey Resources Corp		27,535		1,089,560
Northwest Natural Holding Co		8,699		456,871
NorthWestern Corp		14,475		871,684
ONE Gas Inc		15,029		1,113,949
Ormat Technologies Inc		12,858		894,017

	Shares		Value
Otter Tail Corp		11,725	$	572,297
PNM Resources Inc		24,398		1,189,890
Portland General Electric Co		25,650		1,181,952
SJW Group		7,813		494,563
South Jersey Industries Inc		29,227		757,856
Southwest Gas Holdings Inc *		16,777		1,110,470
Spark Energy Inc ‘A’		3,905		44,244
Spire Inc		14,449		1,044,229
The York Water Co		3,613		163,669
Unitil Corp		4,220		223,533
				21,230,749
Total Common Stocks (Cost $592,686,331)				863,304,393
	Principal Amount
CORPORATE BONDS & NOTES - 0.0%
Financial - 0.0%
GAMCO Investors Inc 4.000% due 06/15/23 §		$4,034		4,034
Total Corporate Bonds & Notes (Cost $4,034)				4,034
SHORT-TERM INVESTMENT - 1.3%
Repurchase Agreement - 1.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $11,433,896; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $11,662,636)		11,433,896		11,433,896
Total Short-Term Investment (Cost $11,433,896)				11,433,896
TOTAL INVESTMENTS - 100.0% (Cost $604,124,704)				874,755,127
DERIVATIVES - (0.1%)				(58,538	)
OTHER ASSETS & LIABILITIES, NET - 0.1%				486,477
NET ASSETS - 100.0%				$875,183,066

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	26.4%
Financial	20.9%
Consumer, Cyclical	13.8%
Industrial	12.1%
Technology	10.8%
Communications	4.8%
Energy	4.4%
Basic Materials	3.1%
Others (each less than 3.0%)	3.7%
	100.0%
Derivatives	(0.1%	)
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Investments with a total aggregate value of $28,794 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-147

PACIFIC SELECT FUND

SMALL-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(c) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Russell 2000 E-Mini Index		09/21		107		$12,405,268		$12,346,730		($58,538	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$11,804			$-			$-		$11,804
	Warrants		1,000			1,000			-		-
	Common Stocks
	Basic Materials		26,996,057			26,996,057			-		-
	Communications		42,260,158			42,260,158			-		-
	Consumer, Cyclical		120,509,390			120,509,390			-		-
	Consumer, Non-Cyclical		231,271,731			231,271,731			-		-
	Energy		38,121,098			38,121,098			-		-
	Financial		182,780,714			182,780,714			-		-
	Industrial		105,440,658			105,440,658			-		-
	Technology		94,693,838			94,676,848			-		16,990
	Utilities		21,230,749			21,230,749			-		-
	Total Common Stocks		863,304,393			863,287,403			-		16,990
	Corporate Bonds & Notes		4,034			-			4,034		-
	Short-Term Investment		11,433,896			-			11,433,896		-
	Total Assets		874,755,127			863,288,403			11,437,930		28,794
Liabilities	Derivatives:
	Equity Contracts
	Futures		(58,538	)		(58,538	)		-		-
	Total Liabilities		(58,538	)		(58,538	)		-		-
	Total		$874,696,589			$863,229,865			$11,437,930		$28,794

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-148

PACIFIC SELECT FUND

SMALL-CAP VALUE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.4%
Basic Materials - 7.3%
AdvanSix Inc *		168,590		$5,034,097
Carpenter Technology Corp		206,752		8,315,566
Commercial Metals Co		270,270		8,302,694
GCP Applied Technologies Inc *		169,083		3,932,871
HB Fuller Co		90,790		5,775,152
Innospec Inc		40,840		3,700,512
Orion Engineered Carbons SA * (Germany)		365,793		6,946,409
Schnitzer Steel Industries Inc ‘A’		81,280		3,986,784
				45,994,085
Communications - 4.1%
A10 Networks Inc *		547,174		6,161,179
Casa Systems Inc *		480,521		4,262,221
Criteo SA ADR * (France)		167,781		7,588,735
Houghton Mifflin Harcourt Co *		670,678		7,404,285
				25,416,420
Consumer, Cyclical - 24.2%
Blue Bird Corp *		328,196		8,158,953
Dana Inc		254,416		6,044,924
Dine Brands Global Inc *		78,250		6,983,812
Foot Locker Inc		104,600		6,446,498
Genesco Inc *		93,940		5,982,099
Herman Miller Inc		220,580		10,398,141
Hilton Grand Vacations Inc *		140,130		5,799,981
IMAX Corp *		381,620		8,204,830
KB Home		204,550		8,329,276
Kontoor Brands Inc		121,250		6,839,713
Malibu Boats Inc ‘A’ *		52,388		3,841,612
Papa John’s International Inc		67,661		7,066,515
Regis Corp *		386,843		3,620,850
REV Group Inc		346,284		5,433,196
Ruth’s Hospitality Group Inc *		172,825		3,980,160
Sally Beauty Holdings Inc *		379,740		8,380,862
Scientific Games Corp ‘A’ *		112,340		8,699,610
SkyWest Inc *		168,988		7,278,313
Steven Madden Ltd		114,330		5,003,081
Taylor Morrison Home Corp *		292,028		7,715,380
The Goodyear Tire & Rubber Co *		511,030		8,764,164
The Shyft Group Inc		231,108		8,645,750
				151,617,720
Consumer, Non-Cyclical - 8.9%
BrightView Holdings Inc *		338,250		5,452,590
Herc Holdings Inc *		88,120		9,875,608
Korn Ferry		122,370		8,877,944
MEDNAX Inc *		349,590		10,540,139
Nomad Foods Ltd * (United Kingdom)		289,775		8,191,939
The Hain Celestial Group Inc *		203,262		8,154,871
Viad Corp *		95,690		4,770,147
				55,863,238
Energy - 3.9%
Cimarex Energy Co		85,520		6,195,924
Dril-Quip Inc *		140,225		4,743,812
Helix Energy Solutions Group Inc *		467,301		2,668,289
HollyFrontier Corp		191,220		6,291,138
MRC Global Inc *		494,075		4,644,305
				24,543,468
Financial - 31.7%
1st Source Corp		125,203		5,816,931
Armada Hoffler Properties Inc REIT		208,163		2,766,486
Associated Banc-Corp		296,743		6,077,297
Bank of Marin Bancorp		90,128		2,875,083
BankUnited Inc		206,823		8,829,274

	Shares		Value
Berkshire Hills Bancorp Inc		32,990		$904,256
Carter Bankshares Inc *		187,130		2,340,996
Cousins Properties Inc REIT		124,311		4,572,159
Harborone Bancorp Inc		526,578		7,551,128
Heritage Financial Corp		243,626		6,095,523
Independence Realty Trust Inc REIT		466,023		8,495,599
Independent Bank Group Inc		95,974		7,100,157
Moelis & Co ‘A’		117,821		6,702,837
National Storage Affiliates Trust REIT		117,163		5,923,761
Pacific Premier Bancorp Inc		154,612		6,538,541
Physicians Realty Trust REIT		519,700		9,598,859
Premier Financial Corp		146,460		4,160,929
RLJ Lodging Trust REIT		453,230		6,902,693
Sandy Spring Bancorp Inc		123,119		5,433,241
Selective Insurance Group Inc		99,001		8,033,931
STAG Industrial Inc REIT		268,658		10,055,869
Sterling Bancorp		352,876		8,747,796
Stifel Financial Corp		146,070		9,474,100
Synovus Financial Corp		196,763		8,633,960
Texas Capital Bancshares Inc *		148,579		9,433,281
The Hanover Insurance Group Inc		47,990		6,509,364
TriCo Bancshares		141,277		6,015,575
Umpqua Holdings Corp		370,664		6,838,751
Webster Financial Corp		152,919		8,156,699
WSFS Financial Corp		173,617		8,088,816
				198,673,892
Industrial - 12.0%
AAR Corp *		6,170		239,087
ArcBest Corp		113,690		6,615,621
Belden Inc		123,801		6,260,617
Cactus Inc ‘A’		224,150		8,230,788
Crane Co		58,952		5,445,396
GATX Corp		67,630		5,983,226
Hillenbrand Inc		120,240		5,300,179
Kennametal Inc		45,051		1,618,232
Masonite International Corp *		64,129		7,168,981
Regal Beloit Corp		57,368		7,659,202
Terex Corp		173,256		8,250,451
The Manitowoc Co Inc *		243,530		5,966,485
Trinseo SA		87,430		5,231,811
Welbilt Inc *		68,666		1,589,618
				75,559,694
Technology - 4.0%
CommVault Systems Inc *		59,133		4,622,427
Kulicke & Soffa Industries Inc (Singapore)		98,968		6,056,842
MagnaChip Semiconductor Corp * (South Korea)		235,797		5,626,116
NCR Corp *		84,213		3,840,955
Unisys Corp *		205,732		5,207,077
				25,353,417
Utilities - 2.3%
IDACORP Inc		83,940		8,184,150
Southwest Gas Holdings Inc *		94,870		6,279,445
				14,463,595
Total Common Stocks (Cost $532,256,220)				617,485,529

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-149

PACIFIC SELECT FUND

SMALL-CAP VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.8%
Repurchase Agreement - 1.8%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $11,308,126; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $11,534,381)		$11,308,126		$11,308,126
Total Short-Term Investment (Cost $11,308,126)				11,308,126
TOTAL INVESTMENTS - 100.2% (Cost $543,564,346)				628,793,655
OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,359,109	)
NET ASSETS - 100.0%				$627,434,546

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	31.7%
Consumer, Cyclical	24.2%
Industrial	12.0%
Consumer, Non-Cyclical	8.9%
Basic Materials	7.3%
Communications	4.1%
Technology	4.0%
Energy	3.9%
Others (each less than 3.0%)	4.1%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$617,485,529		$617,485,529		$-		$-
	Short-Term Investment		11,308,126		-		11,308,126		-
	Total		$628,793,655		$617,485,529		$11,308,126		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-150

PACIFIC SELECT FUND

VALUE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Basic Materials - 0.7%
Mondi PLC (Austria)		312,585		$8,229,823
Communications - 8.5%
Cisco Systems Inc		612,270		32,450,310
F5 Networks Inc*		66,986		12,503,607
The Walt Disney Co*		70,556		12,401,628
Verizon Communications Inc		740,661		41,499,236
				98,854,781
Consumer, Cyclical - 5.9%
Advance Auto Parts Inc		95,857		19,664,105
Dollar Tree Inc*		183,236		18,231,982
Honda Motor Co Ltd ADR (Japan)		275,503		8,865,686
Southwest Airlines Co*		120,398		6,391,930
Walmart Inc		108,136		15,249,339
				68,403,042
Consumer, Non-Cyclical - 31.6%
Automatic Data Processing Inc		60,058		11,928,720
Becton Dickinson and Co		75,519		18,365,466
Cigna Corp		56,929		13,496,158
Colgate-Palmolive Co		123,562		10,051,769
Conagra Brands Inc		307,706		11,194,344
CVS Health Corp		154,764		12,913,508
Danone SA (France)		87,934		6,186,588
Johnson & Johnson		328,966		54,193,859
Kimberly-Clark Corp		75,602		10,114,036
Koninklijke Ahold Delhaize NV (Netherlands)		325,770		9,701,284
McKesson Corp		45,851		8,768,545
Medtronic PLC		416,449		51,693,814
Merck & Co Inc		299,941		23,326,412
Mondelez International Inc ‘A’		262,317		16,379,073
PepsiCo Inc		129,627		19,206,833
Pfizer Inc		221,471		8,672,804
Quest Diagnostics Inc		68,171		8,996,527
Roche Holding AG (Switzerland)		21,639		8,154,394
The Procter & Gamble Co		69,391		9,362,928
Unilever PLC ADR (United Kingdom)		492,335		28,801,597
Universal Health Services Inc ‘B’		74,882		10,964,971
Zimmer Biomet Holdings Inc		101,527		16,327,572
				368,801,202
Energy - 6.2%
Baker Hughes Co		387,326		8,858,145
Chevron Corp		261,108		27,348,452
ConocoPhillips		314,409		19,147,508
TotalEnergies SE ADR (France)		382,411		17,307,922
				72,662,027
Financial - 23.3%
Aflac Inc		320,360		17,190,518
Ameriprise Financial Inc		47,877		11,915,628
Berkshire Hathaway Inc ‘B’ *		160,322		44,556,690
Chubb Ltd		134,106		21,314,808
Healthpeak Properties Inc REIT		394,467		13,131,806
JPMorgan Chase & Co		245,006		38,108,233
MetLife Inc		169,359		10,136,136
Northern Trust Corp		110,218		12,743,405
The Allstate Corp		92,465		12,061,135
The Bank of New York Mellon Corp		748,364		38,338,688
Truist Financial Corp		479,455		26,609,753
US Bancorp		454,551		25,895,770
				272,002,570

	Shares		Value
Industrial - 11.8%
Emerson Electric Co		303,311		$29,190,651
General Dynamics Corp		68,897		12,970,549
Johnson Controls International PLC		95,450		6,550,734
Norfolk Southern Corp		37,269		9,891,565
nVent Electric PLC		372,280		11,630,027
Raytheon Technologies Corp		224,966		19,191,850
Republic Services Inc		91,078		10,019,491
Siemens AG (Germany)		109,593		17,401,031
Sonoco Products Co		180,797		12,095,319
TE Connectivity Ltd		66,710		9,019,859
				137,961,076
Technology - 4.8%
Cerner Corp		267,458		20,904,517
Oracle Corp		233,172		18,150,109
Texas Instruments Inc		91,591		17,612,949
				56,667,575
Utilities - 5.3%
Duke Energy Corp		131,097		12,941,896
Eversource Energy		123,638		9,920,713
Pinnacle West Capital Corp		266,844		21,873,203
Xcel Energy Inc		267,167		17,600,962
				62,336,774
Total Common Stocks (Cost $1,017,530,710)				1,145,918,870
	Principal Amount
SHORT-TERM INVESTMENT - 1.6%
Repurchase Agreement - 1.6%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $19,261,998; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $19,647,326)		$19,261,998		19,261,998
Total Short-Term Investment (Cost $19,261,998)				19,261,998
TOTAL INVESTMENTS - 99.7% (Cost $1,036,792,708)				1,165,180,868
DERIVATIVES - 0.1%				437,537
OTHER ASSETS & LIABILITIES, NET - 0.2%				2,854,896
NET ASSETS - 100.0%				$1,168,473,301

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-151

PACIFIC SELECT FUND

VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	31.6%
Financial	23.3%
Industrial	11.8%
Communications	8.5%
Energy	6.2%
Consumer, Cyclical	5.9%
Utilities	5.3%
Technology	4.8%
Others (each less than 3.0%)	2.3%
	99.7%
Derivatives	0.1%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:

Currency Purchased		Currency Sold		Settlement Month		Counterparty		Unrealized Appreciation		Unrealized Depreciation
CHF	490,010	USD	534,159		09/21		MSC		$-		($3,310	)
GBP	1,228,759	USD	1,709,945		09/21		JPM		-		(9,862	)
USD	7,446,368	CHF	6,831,969		09/21		MSC		45,004		-
USD	43,333,642	EUR	36,330,867		09/21		CSF		175,112		-
USD	33,633,436	GBP	24,162,993		09/21		JPM		202,064		-
USD	7,615,144	JPY	842,190,802		09/21		BOA		28,529		-
Total Forward Foreign Currency Contracts									$450,709		($13,172	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Basic Materials		$8,229,823			$-		$8,229,823			$-
	Communications		98,854,781			98,854,781		-			-
	Consumer, Cyclical		68,403,042			68,403,042		-			-
	Consumer, Non-Cyclical		368,801,202			344,758,936		24,042,266			-
	Energy		72,662,027			72,662,027		-			-
	Financial		272,002,570			272,002,570		-			-
	Industrial		137,961,076			120,560,045		17,401,031			-
	Technology		56,667,575			56,667,575		-			-
	Utilities		62,336,774			62,336,774		-			-
	Total Common Stocks		1,145,918,870			1,096,245,750		49,673,120			-
	Short-Term Investment		19,261,998			-		19,261,998			-
	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		450,709			-		450,709			-
	Total Assets		1,165,631,577			1,096,245,750		69,385,827			-
Liabilities	Derivatives:
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(13,172	)		-		(13,172	)		-
	Total Liabilities		(13,172	)		-		(13,172	)		-
	Total		$1,165,618,405			$1,096,245,750		$69,372,655			$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-152

PACIFIC SELECT FUND

VALUE ADVANTAGE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Communications - 8.6%
Alphabet Inc ‘C’ *		2,965		$7,431,239
Booking Holdings Inc*		2,373		5,192,338
Cisco Systems Inc		105,051		5,567,703
CommScope Holding Co Inc*		436,469		9,301,154
Discovery Inc ‘C’ *		67,779		1,964,235
DISH Network Corp ‘A’ *		137,195		5,734,751
Liberty Broadband Corp ‘C’ *		60,857		10,568,427
Liberty Media Corp-Liberty SiriusXM ‘C’ *		155,874		7,230,995
Nexstar Media Group Inc ‘A’		39,964		5,909,876
T-Mobile US Inc*		58,590		8,485,590
The Walt Disney Co*		23,865		4,194,751
Verizon Communications Inc		322,867		18,090,238
				89,671,297
Consumer, Cyclical - 8.4%
AutoZone Inc*		10,803		16,120,453
Best Buy Co Inc		61,380		7,057,472
Columbia Sportswear Co		46,563		4,579,937
Dollar General Corp		25,794		5,581,564
Kohl’s Corp		77,976		4,297,257
Las Vegas Sands Corp*		117,303		6,180,695
Lowe’s Cos Inc		30,073		5,833,260
Mohawk Industries Inc*		41,796		8,032,773
Murphy USA Inc		62,735		8,366,967
Newell Brands Inc		269,112		7,392,507
Ralph Lauren Corp		49,792		5,865,996
The Gap Inc		233,796		7,867,235
				87,176,116
Consumer, Non-Cyclical - 15.8%
AbbVie Inc		164,395		18,517,453
AmerisourceBergen Corp		69,265		7,930,150
Amgen Inc		10,844		2,643,225
Biogen Inc*		5,500		1,904,485
Bristol-Myers Squibb Co		256,334		17,128,238
Cigna Corp		16,284		3,860,448
Constellation Brands Inc ‘A’		15,324		3,584,130
Coty Inc ‘A’ *		305,736		2,855,574
CVS Health Corp		104,419		8,712,721
HCA Healthcare Inc		24,868		5,141,210
Johnson & Johnson		78,261		12,892,717
Keurig Dr Pepper Inc		156,014		5,497,933
Medtronic PLC		65,414		8,119,840
Merck & Co Inc		71,949		5,595,474
Organon & Co*		68,200		2,063,732
Pfizer Inc		66,104		2,588,633
Philip Morris International Inc		67,446		6,684,573
Post Holdings Inc*		87,874		9,531,693
Regeneron Pharmaceuticals Inc*		6,404		3,576,890
Sysco Corp		75,807		5,893,994
The Kraft Heinz Co		150,950		6,155,741
The Procter & Gamble Co		72,747		9,815,753
UnitedHealth Group Inc		26,129		10,463,097
Viatris Inc		282,341		4,034,653
				165,192,357
Energy - 6.1%
Cabot Oil & Gas Corp		315,895		5,515,527
Chevron Corp		89,333		9,356,738
ConocoPhillips		252,612		15,384,071
Diamondback Energy Inc		34,625		3,250,941
Equitrans Midstream Corp		200,005		1,702,043
Kinder Morgan Inc		496,824		9,057,101
Marathon Petroleum Corp		89,100		5,383,422
Phillips 66		80,355		6,896,066
The Williams Cos Inc		279,225		7,413,424
				63,959,333

	Shares		Value
Financial - 39.2%
Alleghany Corp*		8,813		$5,878,888
American Express Co		68,452		11,310,324
American Homes 4 Rent ‘A’ REIT		185,963		7,224,663
American International Group Inc		82,343		3,919,527
Bank of America Corp		1,003,700		41,382,551
Berkshire Hathaway Inc ‘B’ *		94,176		26,173,394
Brixmor Property Group Inc REIT		340,549		7,795,167
Brookfield Asset Management Inc ‘A’ (Canada)		72,866		3,714,709
Brookfield Asset Management Reinsurance Partners Ltd ‘A’ * (Canada)		503		26,141
Capital One Financial Corp		126,222		19,525,281
CBRE Group Inc ‘A’ *		98,679		8,459,751
Chubb Ltd		47,593		7,564,431
Citigroup Inc		137,615		9,736,261
Citizens Financial Group Inc		287,011		13,165,195
CNA Financial Corp		62,287		2,833,436
EastGroup Properties Inc REIT		35,914		5,906,057
Fairfax Financial Holdings Ltd (Canada)		15,004		6,570,402
Federal Realty Investment Trust REIT		39,873		4,671,919
Invesco Ltd		135,662		3,626,245
Kimco Realty Corp REIT		400,611		8,352,739
Lamar Advertising Co ‘A’ REIT		17,046		1,779,943
Loews Corp		313,323		17,123,102
M&T Bank Corp		100,926		14,665,557
Marsh & McLennan Cos Inc		47,461		6,676,813
Mid-America Apartment Communities Inc REIT		59,473		10,016,443
Morgan Stanley		143,932		13,197,125
Northern Trust Corp		73,468		8,494,370
Public Storage REIT		37,359		11,233,478
Rayonier Inc REIT		233,657		8,395,296
T Rowe Price Group Inc		37,413		7,406,652
The Charles Schwab Corp		137,632		10,020,986
The Hartford Financial Services Group Inc		162,670		10,080,660
The PNC Financial Services Group Inc		72,832		13,893,432
The Progressive Corp		61,965		6,085,583
The Travelers Cos Inc		112,071		16,778,149
Truist Financial Corp		231,307		12,837,538
US Bancorp		176,133		10,034,297
Wells Fargo & Co		427,360		19,355,134
Welltower Inc REIT		40,417		3,358,653
Weyerhaeuser Co REIT		304,502		10,480,959
				409,751,251
Industrial - 12.0%
Arrow Electronics Inc*		26,419		3,007,275
Ball Corp		28,287		2,291,813
Carlisle Cos Inc		34,664		6,633,996
Dover Corp		88,542		13,334,425
Energizer Holdings Inc		131,799		5,664,721
FedEx Corp		19,460		5,805,502
Fortune Brands Home & Security Inc		30,376		3,025,753
General Dynamics Corp		38,971		7,336,681
Graphic Packaging Holding Co		218,568		3,964,824
Honeywell International Inc		43,937		9,637,581
ITT Inc		77,999		7,143,928
Martin Marietta Materials Inc		27,490		9,671,257
Northrop Grumman Corp		21,412		7,781,763
Packaging Corp of America		62,389		8,448,718
Raytheon Technologies Corp		143,810		12,268,431
Stanley Black & Decker Inc		31,002		6,355,100
SYNNEX Corp		42,876		5,220,582
Westrock Co		144,736		7,702,850
				125,295,200

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-153

PACIFIC SELECT FUND

VALUE ADVANTAGE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Technology - 3.2%
Analog Devices Inc		63,582		$10,946,277
International Business Machines Corp		31,782		4,658,923
Leidos Holdings Inc		51,307		5,187,138
Microsoft Corp		9,907		2,683,806
Texas Instruments Inc		50,565		9,723,650
				33,199,794
Utilities - 3.8%
American Electric Power Co Inc		86,826		7,344,611
Edison International		74,863		4,328,579
Entergy Corp		43,339		4,320,898
NextEra Energy Inc		114,279		8,374,365
PG&E Corp*		378,636		3,850,728
Xcel Energy Inc		178,185		11,738,828
				39,958,009
Total Common Stocks (Cost $696,860,306)				1,014,203,357
	Principal Amount
SHORT-TERM INVESTMENT - 2.9%
Repurchase Agreement - 2.9%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $29,975,122; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $30,574,634)		$29,975,122		29,975,122
Total Short-Term Investment (Cost $29,975,122)				29,975,122
TOTAL INVESTMENTS - 100.0% (Cost $726,835,428)				1,044,178,479
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(112,827	)
NET ASSETS - 100.0%				$1,044,065,652

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	39.2%
Consumer, Non-Cyclical	15.8%
Industrial	12.0%
Communications	8.6%
Consumer, Cyclical	8.4%
Energy	6.1%
Utilities	3.8%
Technology	3.2%
Others (each less than 3.0%)	2.9%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$1,014,203,357		$1,014,203,357		$-		$-
	Short-Term Investment		29,975,122		-		29,975,122		-
	Total		$1,044,178,479		$1,014,203,357		$29,975,122		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-154

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Switzerland - 0.0%
Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		535,142		$358,593
Total Warrants (Cost $0)				358,593
PREFERRED STOCKS - 2.0%
Brazil - 2.0%
Banco Bradesco SA		2,276,780		11,778,027
Lojas Americanas SA		4,679,325		20,302,351
				32,080,378
India - 0.0%
Zee Entertainment Enterprises Ltd 6.000% due 03/05/22 *		6,640,063		177,771
Total Preferred Stocks (Cost $34,372,715)				32,258,149
COMMON STOCKS - 95.8%
Brazil - 5.5%
Ambev SA		3,035,851		10,418,991
B3 SA - Brasil Bolsa Balcao		2,993,636		10,123,639
Lojas Renner SA		732,300		6,512,049
Pagseguro Digital Ltd ‘A’ *		185,680		10,383,226
Vale SA ADR		2,091,360		47,703,921
				85,141,826
Chile - 0.6%
Falabella SA		2,164,069		9,632,655
China - 33.4%
Alibaba Group Holding Ltd *		14,100		399,789
Alibaba Group Holding Ltd ADR *		91,103		20,660,338
BeiGene Ltd ADR *		53,382		18,320,169
Blue Moon Group Holdings Ltd ~		1,643,835		2,321,648
Budweiser Brewing Co APAC Ltd ~		3,133,400		9,866,303
Contemporary Amperex Technology Co Ltd ‘A’		32,600		2,689,429
Full Truck Alliance Co Ltd ADR *		366,297		7,465,133
Gree Electric Appliances Inc of Zhuhai ‘A’		630,600		5,081,510
Hansoh Pharmaceutical Group Co Ltd ~		250,000		1,092,409
Huazhu Group Ltd ADR *		884,428		46,706,643
Innovent Biologics Inc * ~		519,500		6,059,894
Jiangsu Hengrui Medicine Co Ltd ‘A’		618,565		6,498,139
Kuaishou Technology * W ±		420,700		10,051,277
Meituan ‘B’ * ~		951,100		39,233,963
NetEase Inc ADR		239,460		27,597,765
New Horizon Health Ltd * ~		330,500		3,368,933
New Oriental Education & Technology Group Inc ADR *		1,402,104		11,483,232
OneConnect Financial Technology Co Ltd ADR *		462,939		5,564,527
Pinduoduo Inc ADR *		244,561		31,064,138
Ping An Insurance Group Co of China Ltd ‘A’		2,260,029		22,465,125
Remegen Co Ltd ‘H’ * ~		156,599		2,388,426
Sunny Optical Technology Group Co Ltd		100,200		3,164,575
TAL Education Group ADR *		226,340		5,710,558
Tencent Holdings Ltd		1,374,925		103,521,503
Tencent Music Entertainment Group ADR *		540,038		8,359,788
Wuxi Biologics Cayman Inc * ~		1,645,500		30,129,569

	Shares		Value
Yum China Holdings Inc		838,014		$55,518,427
Zai Lab Ltd ADR *		36,798		6,512,878
ZTO Express Cayman Inc		68,277		2,067,928
ZTO Express Cayman Inc ADR		857,747		26,032,621
				521,396,637
Colombia - 0.3%
Grupo Aval Acciones y Valores SA ADR		855,521		4,876,470
Egypt - 0.5%
Commercial International Bank Egypt SAE *		2,510,780		8,350,970
France - 4.8%
Kering SA		61,257		53,674,435
LVMH Moet Hennessy Louis Vuitton SE		1,024		805,537
Pernod Ricard SA		89,023		19,786,458
				74,266,430
Hong Kong - 3.5%
AIA Group Ltd		4,357,018		54,051,314
India - 13.6%
Godrej Properties Ltd *		196,586		3,701,637
Havells India Ltd		101,316		1,337,667
HDFC Bank Ltd		379,264		7,660,317
HDFC Life Insurance Co Ltd ~		369,436		3,414,902
Housing Development Finance Corp Ltd		2,148,972		71,717,965
Infosys Ltd		1,054,243		22,302,497
Kotak Mahindra Bank Ltd *		2,000,649		45,986,990
Oberoi Realty Ltd *		797,058		6,746,634
Tata Consultancy Services Ltd		900,044		40,560,967
Zee Entertainment Enterprises Ltd		3,152,389		9,124,534
				212,554,110
Indonesia - 1.2%
P.T. Bank Central Asia Tbk		5,453,200		11,341,038
P.T. Bank Rakyat Indonesia Persero Tbk		13,239,700		3,599,809
P.T. Indocement Tunggal Prakarsa Tbk		3,212,281		2,284,421
P.T. Semen Indonesia Persero Tbk		2,769,100		1,817,010
				19,042,278
Italy - 1.8%
Moncler SPA		119,390		8,093,201
PRADA SPA		2,563,700		19,451,975
				27,545,176
Mexico - 5.9%
Alsea SAB de CV *		2,291,946		4,078,224
Fomento Economico Mexicano SAB de CV		2,940,757		24,803,325
Fomento Economico Mexicano SAB de CV ADR		66,996		5,661,832
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		251,222		4,636,403
Grupo Mexico SAB de CV ‘B’		7,345,545		34,549,930
Wal-Mart de Mexico SAB de CV		5,841,507		19,068,268
				92,797,982
Peru - 0.4%
Credicorp Ltd *		57,427		6,954,984
Philippines - 2.2%
Ayala Land Inc		14,716,400		10,868,098
SM Investments Corp		864,654		17,716,447
SM Prime Holdings Inc		7,621,387		5,698,671
				34,283,216

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-155

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Poland - 0.2%
InPost SA *		172,566		$3,463,401
Russia - 8.1%
Novatek PJSC GDR (LI) ~		283,367		62,170,764
Polyus PJSC *		41,025		7,953,491
Polyus PJSC GDR ~		40,342		3,911,124
Sberbank of Russia PJSC		819,952		3,426,091
Yandex NV ‘A’ *		689,473		48,780,215
				126,241,685
South Africa - 0.6%
FirstRand Ltd		2,581,119		9,684,053
South Korea - 2.6%
Samsung Biologics Co Ltd * ~		32,872		24,492,729
Samsung Electronics Co Ltd		230,735		16,517,425
				41,010,154
Switzerland - 2.0%
Cie Financiere Richemont SA		261,268		31,673,146
Taiwan - 7.8%
Taiwan Semiconductor Manufacturing Co Ltd		5,661,376		121,934,877
Turkey - 0.5%
Akbank T.A.S.		7,332,033		4,447,527
Turkiye Garanti Bankasi AS		2,727,043		2,603,791
				7,051,318
United Kingdom - 0.3%
Prudential PLC		278,478		5,298,258
Total Common Stocks (Cost $1,080,104,253)				1,497,250,940
	Principal Amount
SHORT-TERM INVESTMENT - 2.7%
Repurchase Agreement - 2.7%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $41,599,570; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $42,431,613)		$41,599,570		41,599,570
Total Short-Term Investment (Cost $41,599,570)				41,599,570
TOTAL INVESTMENTS - 100.5% (Cost $1,156,076,538)				1,571,467,252
OTHER ASSETS & LIABILITIES, NET - (0.5%)				(8,267,748	)
NET ASSETS - 100.0%				$1,563,199,504

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	20.8%
Consumer, Cyclical	19.1%
Communications	17.3%
Technology	15.0%
Consumer, Non-Cyclical	12.1%
Basic Materials	6.0%
Energy	4.0%
Industrial	3.5%
Others (each less than 3.0%)	2.7%
	100.5%
Other Assets & Liabilities, Net	(0.5%	)
	100.0%

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	33.4%
India	13.6%
Russia	8.1%
Taiwan	7.8%
Brazil	7.5%
Mexico	5.9%
France	4.8%
Hong Kong	3.5%
Others (each less than 3.0%)	15.9%
	100.5%
Other Assets & Liabilities, Net	(0.5%	)
	100.0%

(c) An Investment with a total aggregate value of $10,051,277 or 0.6% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-156

PACIFIC SELECT FUND

EMERGING MARKETS PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$358,593		$358,593		$-		$-
	Preferred Stocks		32,258,149		32,258,149		-		-
	Common Stocks
	Brazil		85,141,826		85,141,826		-		-
	Chile		9,632,655		9,632,655		-		-
	China		521,396,637		270,996,217		240,349,143		10,051,277
	Colombia		4,876,470		4,876,470		-		-
	Egypt		8,350,970		-		8,350,970		-
	France		74,266,430		-		74,266,430		-
	Hong Kong		54,051,314		-		54,051,314		-
	India		212,554,110		-		212,554,110		-
	Indonesia		19,042,278		-		19,042,278		-
	Italy		27,545,176		-		27,545,176		-
	Mexico		92,797,982		92,797,982		-		-
	Peru		6,954,984		6,954,984		-		-
	Philippines		34,283,216		16,566,769		17,716,447		-
	Poland		3,463,401		3,463,401		-		-
	Russia		126,241,685		64,473,104		61,768,581		-
	South Africa		9,684,053		-		9,684,053		-
	South Korea		41,010,154		-		41,010,154		-
	Switzerland		31,673,146		-		31,673,146		-
	Taiwan		121,934,877		-		121,934,877		-
	Turkey		7,051,318		-		7,051,318		-
	United Kingdom		5,298,258		-		5,298,258		-
	Total Common Stocks		1,497,250,940		554,903,408		932,296,255		10,051,277
	Short-Term Investment		41,599,570		-		41,599,570		-
	Total		$1,571,467,252		$587,520,150		$973,895,825		$10,051,277

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-157

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.7%
Australia - 1.1%
Rio Tinto PLC		226,131		$18,675,583
Belgium - 0.9%
KBC Group NV		203,217		15,515,885
Brazil - 0.3%
Ambev SA ADR		1,658,361		5,704,762
Canada - 3.4%
Canadian National Railway Co		283,190		29,882,209
Intact Financial Corp		60,977		8,284,234
Suncor Energy Inc		410,819		9,839,639
The Toronto-Dominion Bank		149,588		10,482,986
				58,489,068
China - 2.3%
NetEase Inc		322,400		7,409,140
Tencent Holdings Ltd		223,900		16,857,985
Yum China Holdings Inc		228,916		15,165,685
				39,432,810
Denmark - 2.9%
Carlsberg AS ‘B’		75,688		14,124,586
Novo Nordisk AS ‘B’		424,053		35,496,887
				49,621,473
France - 15.1%
Air Liquide SA		269,024		47,173,350
Capgemini SE		188,792		36,307,229
Cie Generale des Etablissements Michelin SCA		68,937		11,002,025
Danone SA		116,150		8,171,722
Dassault Systemes SE		52,006		12,621,655
Engie SA		1,022,847		14,025,859
EssilorLuxottica SA		114,629		21,175,785
L’Oreal SA		38,630		17,251,914
Legrand SA		162,882		17,262,765
LVMH Moet Hennessy Louis Vuitton SE		54,266		42,688,717
Pernod Ricard SA		138,095		30,693,315
				258,374,336
Germany - 9.1%
Bayer AG		356,353		21,664,549
Beiersdorf AG		246,437		29,746,409
Deutsche Boerse AG		176,347		30,780,709
Merck KGaA		131,952		25,318,441
MTU Aero Engines AG		36,775		9,118,148
SAP SE		271,389		38,119,210
				154,747,466
Hong Kong - 2.6%
AIA Group Ltd		3,603,151		44,699,160
India - 2.6%
HDFC Bank Ltd		362,357		7,318,832
Housing Development Finance Corp Ltd		439,424		14,664,963
Tata Consultancy Services Ltd		512,026		23,074,727
				45,058,522
Ireland - 0.9%
Ryanair Holdings PLC ADR *		145,263		15,718,909

	Shares		Value
Israel - 1.1%
Check Point Software Technologies Ltd *		154,833		$17,980,756
Italy - 1.5%
Eni SPA		765,791		9,336,168
Intesa Sanpaolo SPA		6,083,890		16,830,084
				26,166,252
Japan - 16.0%
Daikin Industries Ltd		153,000		28,511,501
Denso Corp		197,300		13,454,181
Hitachi Ltd		664,000		38,051,963
Hoya Corp		232,000		30,686,721
Japan Tobacco Inc		617,700		11,673,483
Koito Manufacturing Co Ltd		223,700		13,919,222
Kose Corp		74,500		11,703,730
Kubota Corp		1,135,200		22,964,749
Kyocera Corp		292,500		18,070,752
Olympus Corp		1,061,100		21,106,256
Shin-Etsu Chemical Co Ltd		62,300		10,420,338
SMC Corp		28,000		16,564,648
Sony Group Corp		131,000		12,702,705
Terumo Corp		576,300		23,341,579
				273,171,828
Netherlands - 5.8%
Akzo Nobel NV		222,268		27,521,403
ING Groep NV		1,515,311		20,114,769
Koninklijke Philips NV		538,681		26,736,979
Randstad NV		237,113		18,177,137
Wolters Kluwer NV		59,399		5,970,420
				98,520,708
Portugal - 0.6%
Galp Energia SGPS SA		907,323		9,865,012
Singapore - 1.1%
DBS Group Holdings Ltd		824,914		18,352,109
Spain - 1.1%
Amadeus IT Group SA *		254,488		17,940,541
Sweden - 0.4%
Essity AB ‘B’		211,640		7,020,132
Switzerland - 14.2%
Cie Financiere Richemont SA		200,549		24,312,269
Julius Baer Group Ltd		208,354		13,608,262
Nestle SA		508,960		63,440,366
Novartis AG		271,616		24,778,587
Roche Holding AG		139,025		52,389,880
Sika AG		51,289		16,804,208
UBS Group AG (XVTX)		1,721,483		26,368,342
Zurich Insurance Group AG		51,755		20,788,176
				242,490,090
Taiwan - 1.7%
Taiwan Semiconductor Manufacturing Co Ltd ADR		248,059		29,806,769
United Kingdom - 10.0%
Compass Group PLC *		1,125,841		23,719,117
Diageo PLC		596,702		28,599,022
Experian PLC		598,862		23,121,551

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-158

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Linde PLC		68,052		$19,675,873
Reckitt Benckiser Group PLC		192,455		17,003,428
RELX PLC		955,115		25,327,311
Rolls-Royce Holdings PLC *		6,296,644		8,620,207
Smiths Group PLC		469,630		10,343,052
Tesco PLC		4,595,476		14,196,252
				170,605,813
United States - 4.0%
QIAGEN NV *		322,132		15,571,369
Schneider Electric SE		336,704		53,079,547
				68,650,916
Total Common Stocks (Cost $1,255,494,646)				1,686,608,900
	Principal Amount
SHORT-TERM INVESTMENT - 0.8%
Repurchase Agreement - 0.8%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $13,996,590; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $14,276,619)		$13,996,590		13,996,590
Total Short-Term Investment (Cost $13,996,590)				13,996,590
TOTAL INVESTMENTS - 99.5% (Cost $1,269,491,236)				1,700,605,490
OTHER ASSETS & LIABILITIES, NET - 0.5%				8,649,278
NET ASSETS - 100.0%				$1,709,254,768

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	35.8%
Industrial	17.6%
Financial	14.5%
Consumer, Cyclical	10.1%
Technology	9.7%
Basic Materials	7.2%
Others (each less than 3.0%)	4.6%
	99.5%
Other Assets & Liabilities, Net	0.5%
	100.0%

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	16.0%
France	15.1%
Switzerland	14.2%
United Kingdom	10.0%
Germany	9.1%
Netherlands	5.8%
United States (Includes Short-Term Investments)	4.8%
Canada	3.4%
Others (each less than 3.0%)	21.1%
	99.5%
Other Assets & Liabilities, Net	0.5%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-159

PACIFIC SELECT FUND

INTERNATIONAL LARGE-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Australia		$18,675,583			$-		$18,675,583		$-
	Belgium		15,515,885			-		15,515,885		-
	Brazil		5,704,762			5,704,762		-		-
	Canada		58,489,068			58,489,068		-		-
	China		39,432,810			15,165,685		24,267,125		-
	Denmark		49,621,473			-		49,621,473		-
	France		258,374,336			-		258,374,336		-
	Germany		154,747,466			-		154,747,466		-
	Hong Kong		44,699,160			-		44,699,160		-
	India		45,058,522			-		45,058,522		-
	Ireland		15,718,909			15,718,909		-		-
	Israel		17,980,756			17,980,756		-		-
	Italy		26,166,252	��		-		26,166,252		-
	Japan		273,171,828			-		273,171,828		-
	Netherlands		98,520,708			-		98,520,708		-
	Portugal		9,865,012			-		9,865,012		-
	Singapore		18,352,109			-		18,352,109		-
	Spain		17,940,541			-		17,940,541		-
	Sweden		7,020,132			-		7,020,132		-
	Switzerland		242,490,090			-		242,490,090		-
	Taiwan		29,806,769			29,806,769		-		-
	United Kingdom		170,605,813			-		170,605,813		-
	United States		68,650,916			-		68,650,916		-
	Total Common Stocks		1,686,608,900			142,865,949		1,543,742,951		-
	Short-Term Investment		13,996,590			-		13,996,590		-
	Total		$1,700,605,490			$142,865,949		$1,557,739,541		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-160

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Australia - 0.0%
Costa Group Holdings Ltd * Exp 07/19/21		31,596		$6,872
Total Rights (Cost $0)				6,872
PREFERRED STOCKS - 0.6%
Germany - 0.6%
Draegerwerk AG & Co KGaA		7,000		662,360
Jungheinrich AG		17,777		869,519
				1,531,879
Total Preferred Stocks (Cost $1,551,855)				1,531,879
COMMON STOCKS - 97.7%
Australia - 2.4%
Austal Ltd		310,000		476,493
Codan Ltd		110,000		1,487,946
Costa Group Holdings Ltd		200,000		496,443
GrainCorp Ltd ‘A’		224,376		868,621
McMillan Shakespeare Ltd		150,000		1,454,731
Orora Ltd		360,000		900,071
Sandfire Resources Ltd		170,000		867,849
				6,552,154
Austria - 0.8%
BAWAG Group AG ~		18,897		1,006,322
Wienerberger AG		29,215		1,126,126
				2,132,448
Belgium - 1.1%
Bekaert SA		28,000		1,250,956
bpost SA *		39,896		478,658
D’ieteren Group		10,000		1,210,698
				2,940,312
Canada - 12.6%
Alaris Equity Partners Income		55,300		756,159
ARC Resources Ltd		257,974		2,195,568
Atco Ltd ‘I’		20,000		709,261
AutoCanada Inc *		50,000		2,014,359
Canadian Western Bank		33,000		926,428
Celestica Inc *		100,000		784,124
CI Financial Corp		50,000		917,635
Corus Entertainment Inc ‘B’		184,800		948,151
Crescent Point Energy Corp (TSE)		192,500		871,188
CT Real Estate Investment Trust REIT		60,800		803,408
Dream Office Real Estate Investment Trust REIT		44,500		824,234
Dundee Precious Metals Inc		168,400		1,020,236
Empire Co Ltd ‘A’		43,900		1,384,713
Enerplus Corp (TSE)		125,000		898,475
Extendicare Inc		86,300		592,460
Finning International Inc		35,000		916,223
HEXO Corp *		100,000		580,832
Home Capital Group Inc *		30,000		900,290
Linamar Corp		18,000		1,128,993
Martinrea International Inc		92,900		979,512
Medical Facilities Corp		253,600		1,434,121
New Gold Inc *		708,200		1,274,029
Parex Resources Inc *		69,500		1,160,576
Polaris Infrastructure Inc		90,800		1,415,912
Precision Drilling Corp*		12,410		517,183
Real Matters Inc *		79,700		1,149,593
ShawCor Ltd *		150,000		715,150
TFI International Inc		25,000		2,282,389
The North West Co Inc		30,000		851,646
Torex Gold Resources Inc *		66,800		769,526

	Shares		Value
Trican Well Service Ltd *		305,900		$658,884
Uni-Select Inc *		106,800		1,413,833
Western Forest Products Inc		318,300		541,798
Westshore Terminals Investment Corp		28,267		389,481
				34,726,370
China - 0.3%
S-Enjoy Service Group Co Ltd *		288,000		875,832
Denmark - 3.6%
Norden AS		35,642		1,133,838
Pandora AS		22,000		2,968,105
Royal Unibrew AS		13,925		1,774,365
SimCorp AS		10,292		1,292,701
Spar Nord Bank AS		96,488		1,086,235
Sydbank AS		25,000		770,375
Topdanmark AS		18,000		936,653
				9,962,272
Finland - 1.8%
Tokmanni Group Corp		50,000		1,382,585
Uponor OYJ		66,176		1,918,127
Valmet OYJ		40,408		1,764,590
				5,065,302
France - 4.8%
Alten SA		7,000		929,107
Biophytis SA *		500,000		518,173
Criteo SA ADR *		40,000		1,809,200
Elior Group SA * ~		55,000		411,380
Eutelsat Communications SA		34,028		398,080
IPSOS		20,000		843,849
Mercialys SA REIT		91,651		1,109,859
Metropole Television SA		42,000		883,479
Natixis SA		213,301		1,013,351
Nexity SA		15,000		750,646
Rexel SA *		69,000		1,444,733
SCOR SE *		30,000		955,054
Trigano SA		8,000		1,654,150
Virbac SA		1,300		445,856
				13,166,917
Georgia - 0.2%
Bank of Georgia Group PLC *		26,000		483,380
Germany - 5.9%
Bechtle AG		6,374		1,184,672
Brenntag SE		27,000		2,512,953
Cewe Stiftung & Co KGAA		5,000		774,295
Covestro AG ~		15,000		969,877
Deutsche Pfandbriefbank AG ~		68,346		676,602
GEA Group AG		35,000		1,418,205
HelloFresh SE *		27,000		2,624,645
InflaRx NV *		81,600		242,352
JOST Werke AG ~		21,000		1,252,508
LANXESS AG		18,000		1,235,322
Salzgitter AG *		30,000		893,260
Sixt SE *		5,000		673,672
TAG Immobilien AG		33,000		1,045,984
Talanx AG *		17,641		721,675
				16,226,022
Hong Kong - 2.3%
Dah Sing Financial Holdings Ltd		105,200		359,366
Hutchison Port Holdings Trust		2,500,000		563,777
Hysan Development Co Ltd		128,000		510,233
K Wah International Holdings Ltd		1,338,000		649,491
Kerry Properties Ltd		255,000		840,861
Luk Fook Holdings International Ltd		172,000		593,746
PAX Global Technology Ltd		1,245,000		1,434,284

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-161

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Stella International Holdings Ltd		255,000		$394,284
Swire Pacific Ltd ‘A’		160,000		1,084,096
				6,430,138
Indonesia - 0.2%
Golden Agri-Resources Ltd		3,000,000		514,147
Ireland - 0.6%
Hibernia REIT PLC REIT		530,000		779,275
ICON PLC *		3,928		811,957
				1,591,232
Israel - 0.9%
Bezeq The Israeli Telecommunication Corp Ltd *		800,000		871,446
Gazit-Globe Ltd		68,032		490,479
Plus500 Ltd		61,988		1,145,822
				2,507,747
Italy - 3.4%
Azimut Holding SPA		42,000		1,021,367
Banca IFIS SPA		53,387		849,219
Banca Sistema SPA * ~		300,000		729,696
BFF Bank SpA ~		126,270		1,265,767
El.En. SPA		9,000		464,587
Esprinet SPA		105,000		1,845,548
Reply SPA		9,804		1,610,221
Sesa SPA *		10,000		1,674,103
				9,460,508
Japan - 19.2%
Altech Corp		39,000		681,595
Aozora Bank Ltd		37,400		838,388
ASKUL Corp		40,000		623,606
Capcom Co Ltd		24,000		701,487
Cawachi Ltd		37,000		747,521
CTS Co Ltd		48,600		370,642
Cybernet Systems Co Ltd		97,600		631,938
Doshisha Co Ltd		38,000		591,371
Eiken Chemical Co Ltd		28,000		541,436
Enigmo Inc		74,900		950,866
Exedy Corp		30,000		440,109
FCC Co Ltd		34,900		508,243
Foster Electric Co Ltd		64,700		570,519
FULLCAST Holdings Co Ltd		30,000		623,326
Fuyo General Lease Co Ltd		15,000		948,465
Glory Ltd		25,200		523,374
H.U. Group Holdings Inc		30,000		774,104
Hanwa Co Ltd		32,900		952,103
Hokkaido Electric Power Co Inc		140,000		634,628
IR Japan Holdings Ltd		12,000		1,508,703
Itfor Inc		128,100		926,386
Itochu Enex Co Ltd		53,100		473,019
Japan Lifeline Co Ltd		53,400		649,365
Japan Logistics Fund Inc REIT		300		902,121
Kaken Pharmaceutical Co Ltd		13,800		592,162
Kamigumi Co Ltd		31,000		629,111
Kintetsu World Express Inc		40,000		842,764
Kito Corp		42,600		640,742
Kozo Keikaku Engineering Inc		22,200		563,947
Kyoei Steel Ltd		37,800		491,670
Kyudenko Corp		25,700		827,116
Lawson Inc		10,500		486,324
Megachips Corp		32,500		930,280
Meitec Corp		18,400		996,206
Mitsubishi Gas Chemical Co Inc		45,000		953,543
Mixi Inc		28,000		739,019
Mochida Pharmaceutical Co Ltd		20,000		656,707
Nakanishi Inc		39,000		853,891
Nippon Electric Glass Co Ltd		24,700		580,013

	Shares		Value
Nippon Gas Co Ltd		60,000		$1,021,593
Nishio Rent All Co Ltd		24,000		669,945
Noevir Holdings Co Ltd		15,000		761,715
Obara Group Inc		20,000		686,032
Okamoto Industries Inc		19,000		701,427
Pressance Corp		20,400		273,940
Prima Meat Packers Ltd		28,000		757,310
Relia Inc		78,000		951,874
Relo Group Inc		25,900		591,617
Roland DG Corp		40,000		960,534
Sangetsu Corp		40,000		558,010
Sanki Engineering Co Ltd		50,300		637,362
Sankyo Co Ltd		24,900		636,730
Sanwa Holdings Corp		81,000		996,205
Seikagaku Corp		55,000		534,553
Seven Bank Ltd		360,900		767,236
Shinoken Group Co Ltd		78,400		859,283
SKY Perfect JSAT Holdings Inc		156,900		572,472
Starts Corp Inc		29,100		743,804
Starts Proceed Investment Corp REIT		321		699,297
Sumitomo Osaka Cement Co Ltd		18,800		512,199
Sumitomo Rubber Industries Ltd		59,200		818,440
Sumitomo Seika Chemicals Co Ltd		20,000		647,622
Takara Leben Co Ltd		152,800		461,826
Tamron Co Ltd		35,100		770,312
The Okinawa Electric Power Co Inc		57,802		721,417
The Yokohama Rubber Co Ltd		40,000		859,117
Tokai Rika Co Ltd		36,300		583,724
Towa Pharmaceutical Co Ltd		32,000		778,680
Toyo Corp		68,500		671,110
Ube Industries Ltd		25,100		510,052
UNITED Inc		47,000		645,615
Warabeya Nichiyo Holdings Co Ltd		35,500		693,230
Will Group Inc		74,200		676,479
Yamaguchi Financial Group Inc		122,200		700,165
Yurtec Corp		85,000		552,214
				52,879,951
Jordan - 0.4%
Hikma Pharmaceuticals PLC		36,367		1,230,728
Luxembourg - 0.6%
APERAM SA		30,637		1,573,395
Malta - 0.6%
Kindred Group PLC SDR		110,000		1,725,728
Netherlands - 3.9%
ASM International NV		7,000		2,308,789
ASR Nederland NV		46,487		1,800,046
BE Semiconductor Industries NV		26,128		2,226,570
NSI NV REIT		18,000		694,731
Randstad NV		22,000		1,686,525
Signify NV ~		33,964		2,155,963
				10,872,624
Norway - 0.9%
Aker Solutions ASA *		477,211		888,994
Europris ASA ~		183,267		1,149,255
XXL ASA * ~		200,000		423,785
				2,462,034
Singapore - 1.1%
AEM Holdings Ltd		240,000		684,888
Ascendas India Trust UNIT		600,000		620,794
First Real Estate Investment Trust REIT		800,000		157,656
IGG Inc		600,000		792,710
Jardine Cycle & Carriage Ltd		40,000		636,721
				2,892,769

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-162

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
South Korea - 6.0%
Daesang Corp		26,222		$646,259
DGB Financial Group Inc		120,000		992,771
Dongkuk Steel Mill Co Ltd		65,000		1,279,805
DY POWER Corp		50,000		754,957
Huchems Fine Chemical Corp		33,363		690,257
i-SENS Inc		30,880		834,326
InBody Co Ltd		28,988		777,541
INTOPS Co Ltd		28,000		762,103
Korea Asset In Trust Co Ltd		193,658		824,635
Korea Petrochemical Ind Co Ltd		4,081		862,597
Korea Real Estate Investment & Trust Co Ltd		259,777		544,434
Korean Reinsurance Co		90,000		787,820
Kumho Petrochemical Co Ltd		4,500		876,770
LG Hausys Ltd		13,514		1,178,447
MagnaChip Semiconductor Corp *		32,600		777,836
Osstem Implant Co Ltd		16,000		1,615,716
Poongsan Corp		33,426		1,132,038
Tovis Co Ltd *		22,255		167,470
Value Added Technology Co Ltd		30,000		997,012
				16,502,794
Spain - 2.9%
Acerinox SA		80,882		979,362
Banco de Sabadell SA *		1,600,000		1,092,340
Cia de Distribucion Integral Logista Holdings SA		35,000		719,616
Enagas SA		56,870		1,314,433
Ercros SA *		222,807		887,261
Lar Espana Real Estate Socimi SA REIT		60,000		348,966
Pharma Mar SA		7,698		693,887
Vidrala SA		5,905		705,787
Viscofan SA		16,000		1,115,253
				7,856,905
Sweden - 3.9%
Axfood AB		30,000		830,163
Betsson AB ‘B’ *		103,414		843,446
Bilia AB ‘A’		55,000		1,166,099
Evolution AB ~		10,000		1,581,820
Humana AB *		35,000		274,763
Inwido AB		89,483		1,547,319
LeoVegas AB ~		143,166		635,691
Sweco AB ‘B’		45,000		818,698
Tethys Oil AB *		70,000		478,789
Trelleborg AB ‘B’		45,000		1,045,913
Vitrolife AB		15,000		623,540
Wihlborgs Fastigheter AB		40,000		867,521
				10,713,762
Switzerland - 6.2%
Adecco Group AG		27,000		1,837,127
ALSO Holding AG		3,586		1,035,143
Ascom Holding AG *		27,363		452,238
BKW AG		11,688		1,217,349
Cembra Money Bank AG		11,323		1,270,335
Emmi AG		800		820,535
Forbo Holding AG		541		1,024,144
Interroll Holding AG		350		1,388,011
Logitech International SA		27,327		3,318,656
Sonova Holding AG		7,046		2,653,909
Swiss Life Holding AG		4,177		2,031,915
				17,049,362
United Kingdom - 9.9%
Aggreko PLC		68,575		818,438
Balfour Beatty PLC		268,708		1,142,131
BMO Commercial Property Trust Ltd REIT		326,926		409,753
Computacenter PLC		27,000		962,258
Empiric Student Property PLC REIT *		400,000		476,408
Halfords Group PLC *		199,780		1,191,646

	Shares		Value
IG Group Holdings PLC		101,214		$1,186,057
IMI PLC		85,000		2,022,384
Inchcape PLC		121,257		1,290,482
Indivior PLC *		400,000		855,433
ITV PLC *		800,000		1,390,399
Jupiter Fund Management PLC		180,000		702,484
Keller Group PLC		149,796		1,661,847
Man Group PLC		467,071		1,161,823
Orchard Therapeutics PLC ADR *		75,000		329,250
Pagegroup PLC *		126,922		981,443
Quilter PLC ~		500,000		1,028,862
Redrow PLC		100,000		848,276
Rightmove PLC		163,484		1,469,426
Rotork PLC		230,000		1,084,771
Royal Mail PLC *		225,000		1,799,064
Safestore Holdings PLC REIT		75,000		982,489
Savills PLC		50,000		798,179
Spirent Communications PLC		313,621		1,069,113
Stagecoach Group PLC *		350,000		397,491
Travis Perkins PLC *		44,622		1,044,034
Wickes Group PLC *		50,000		170,146
				27,274,087
United States - 1.2%
Caesarstone Ltd		45,000		664,200
Inmode Ltd *		17,000		1,609,560
Reliance Worldwide Corp Ltd		295,000		1,162,897
				3,436,657
Total Common Stocks (Cost $198,597,459)				269,105,577
	Principal Amount
SHORT-TERM INVESTMENT - 0.9%
Repurchase Agreement - 0.9%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $2,559,475; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $2,610,765)		$2,559,475		2,559,475
Total Short-Term Investment (Cost $2,559,475)				2,559,475
TOTAL INVESTMENTS - 99.2% (Cost $202,708,789)				273,203,803
OTHER ASSETS & LIABILITIES, NET - 0.8%				2,337,388
NET ASSETS - 100.0%				$275,541,191

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Industrial	18.9%
Financial	18.7%
Consumer, Non-Cyclical	17.7%
Consumer, Cyclical	15.3%
Basic Materials	8.0%
Technology	7.6%
Communications	6.4%
Energy	3.6%
Others (each less than 3.0%)	3.0%
	99.2%
Other Assets & Liabilities, Net	0.8%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-163

PACIFIC SELECT FUND

INTERNATIONAL SMALL-CAP PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	19.2%
Canada	12.6%
United Kingdom	9.9%
Germany	6.5%
Switzerland	6.2%
South Korea	6.0%
France	4.8%
Netherlands	3.9%
Sweden	3.9%
Denmark	3.6%
Italy	3.4%
Others(each less than 3.0%)	19.2%
	99.2%
Other Assets & Liabilities, Net	0.8%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$6,872		$6,872		$-		$-
	Preferred Stocks
	Germany		1,531,879		662,360		869,519		-
	Common Stocks
	Australia		6,552,154		-		6,552,154		-
	Austria		2,132,448		-		2,132,448		-
	Belgium		2,940,312		-		2,940,312		-
	Canada		34,726,370		34,726,370		-		-
	China		875,832		-		875,832		-
	Denmark		9,962,272		2,220,073		7,742,199		-
	Finland		5,065,302		1,382,585		3,682,717		-
	France		13,166,917		3,210,852		9,956,065		-
	Georgia		483,380		483,380		-		-
	Germany		16,226,022		2,269,155		13,956,867		-
	Hong Kong		6,430,138		510,233		5,919,905		-
	Indonesia		514,147		-		514,147		-
	Ireland		1,591,232		1,591,232		-		-
	Israel		2,507,747		-		2,507,747		-
	Italy		9,460,508		-		9,460,508		-
	Japan		52,879,951		-		52,879,951		-
	Jordan		1,230,728		-		1,230,728		-
	Luxembourg		1,573,395		-		1,573,395		-
	Malta		1,725,728		-		1,725,728		-
	Netherlands		10,872,624		694,731		10,177,893		-
	Norway		2,462,034		-		2,462,034		-
	Singapore		2,892,769		157,656		2,735,113		-
	South Korea		16,502,794		777,836		15,724,958		-
	Spain		7,856,905		1,054,753		6,802,152		-
	Sweden		10,713,762		2,297,835		8,415,927		-
	Switzerland		17,049,362		820,535		16,228,827		-
	United Kingdom		27,274,087		9,068,537		18,205,550		-
	United States		3,436,657		2,273,760		1,162,897		-
	Total Common Stocks		269,105,577		63,539,523		205,566,054		-
	Short-Term Investment		2,559,475		-		2,559,475		-
	Total		$273,203,803		$64,208,755		$208,995,048		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-164

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.8%
Argentina - 0.1%
YPF SA ADR *		261,502		$1,223,829
Austria - 0.6%
Erste Group Bank AG		188,855		6,942,567
Belgium - 0.9%
Ageas SA NV		189,729		10,543,465
Brazil - 0.5%
Cia de Saneamento Basico do Estado de Sao Paulo		768,664		5,653,168
Burkina Faso - 0.2%
Endeavour Mining PLC		131,607		2,826,217
Canada - 2.4%
ARC Resources Ltd		456,931		3,888,853
Barrick Gold Corp (TSE)		467,549		9,670,826
Cameco Corp (NYSE)		265,014		5,082,968
Kinross Gold Corp		827,939		5,257,413
Tourmaline Oil Corp		135,627		3,876,464
				27,776,524
China - 0.8%
Dongfeng Motor Group Co Ltd ‘H’		10,716,991		9,619,910
Denmark - 0.3%
AP Moller - Maersk AS ‘B’		934		2,688,901
The Drilling Co of 1972 A/S *		15,039		629,624
				3,318,525
Finland - 1.5%
Nokia OYJ (OMXH) *		3,189,695		17,089,608
France - 12.9%
AXA SA		646,880		16,425,794
BNP Paribas SA		287,748		18,058,958
Cie de Saint-Gobain		377,228		24,895,482
Dassault Aviation SA		3,395		3,999,255
Engie SA		1,126,226		15,443,451
Orange SA		921,390		10,515,628
Renault SA *		179,998		7,296,662
Rexel SA *		427,337		8,947,648
SCOR SE *		182,926		5,823,476
Societe Generale SA		444,920		13,161,352
TotalEnergies SE		564,208		25,559,632
				150,127,338
Germany - 3.9%
CECONOMY AG *		637,736		3,117,409
Continental AG *		52,630		7,742,987
Daimler AG		176,325		15,756,154
Fresenius SE & Co KGaA		316,990		16,543,668
METRO AG		206,488		2,557,384
				45,717,602
Hong Kong - 0.9%
CK Asset Holdings Ltd		1,573,201		10,828,362

	Shares		Value
India - 1.3%
Canara Bank *		1,641,787		$3,362,473
NTPC Ltd		619,641		971,637
Oil & Natural Gas Corp Ltd		4,157,274		6,597,689
Zee Entertainment Enterprises Ltd		1,331,853		3,855,025
				14,786,824
Indonesia - 0.5%
P.T. Bank Mandiri Persero Tbk ADR		661,155		5,381,802
Ireland - 1.2%
AIB Group PLC *		2,440,883		6,299,062
Bank of Ireland Group PLC *		1,439,836		7,726,354
				14,025,416
Italy - 4.4%
Assicurazioni Generali SPA		637,087		12,790,602
BPER Banca		1,784,712		3,891,102
Eni SPA		1,354,969		16,519,153
Saipem SPA *		1,641,006		3,981,528
UniCredit SPA		1,245,303		14,722,837
				51,905,222
Japan - 24.6%
Alfresa Holdings Corp		232,790		3,476,921
Alps Alpine Co Ltd		275,510		2,915,753
Benesse Holdings Inc		23,549		584,836
Canon Inc		196,745		4,446,822
Chiyoda Corp *		376,533		1,497,130
Dai-ichi Life Holdings Inc		572,057		10,525,397
DeNA Co Ltd		296,348		6,317,183
Eisai Co Ltd		63,216		6,212,692
Fuji Media Holdings Inc		198,396		2,215,046
Fujitsu Ltd		28,995		5,424,933
Gree Inc		805,326		4,256,913
Hino Motors Ltd		1,108,930		9,808,604
Honda Motor Co Ltd		779,017		25,055,706
Inpex Corp		1,251,747		9,368,558
Isuzu Motors Ltd		1,120,120		14,863,610
Japan Airlines Co Ltd *		471,710		10,214,060
JGC Holdings Corp		683,878		6,372,018
Kamigumi Co Ltd		223,570		4,537,110
Mitsubishi Estate Co Ltd		640,916		10,359,489
Mitsubishi Heavy Industries Ltd		146,720		4,331,496
Mitsubishi Motors Corp *		887,029		2,498,273
Mitsubishi UFJ Financial Group Inc		3,375,485		18,181,226
Nikon Corp		599,099		6,390,880
Nippon Television Holdings Inc		364,010		4,245,981
Nissan Motor Co Ltd *		1,785,881		8,896,694
Nomura Holdings Inc		850,538		4,328,801
Ono Pharmaceutical Co Ltd		211,200		4,709,798
Resona Holdings Inc		2,958,770		11,407,986
Shimamura Co Ltd		96,917		9,298,078
Sumitomo Heavy Industries Ltd		181,210		5,010,823
Sumitomo Mitsui Financial Group Inc		443,352		15,283,215
Sumitomo Mitsui Trust Holdings Inc		320,914		10,237,223
T&D Holdings Inc		1,175,945		15,260,097
Taiheiyo Cement Corp		228,690		5,026,964
Takeda Pharmaceutical Co Ltd		433,985		14,564,774
THK Co Ltd		183,781		5,484,510
TOPPAN INC		219,360		3,527,712
				287,137,312
Luxembourg - 0.6%
RTL Group SA *		115,281		6,865,181

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-165

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Malaysia - 0.4%
CIMB Group Holdings Bhd		4,073,484		$4,526,520
Mexico - 0.9%
America Movil SAB de CV ‘L’ ADR		705,263		10,578,945
Netherlands - 5.4%
ABN AMRO Bank NV CVA * ~		803,916		9,741,339
ING Groep NV		1,450,153		19,249,840
PostNL NV		786,744		4,274,676
Royal Dutch Shell PLC ‘B’		1,530,088		29,703,267
				62,969,122
Norway - 1.2%
Norsk Hydro ASA		2,195,874		14,019,328
Russia - 1.9%
Gazprom PJSC ADR (OTC)		252,574		1,929,665
Gazprom PJSC ADR (SEAQ)		1,043,908		7,968,816
LUKOIL PJSC ADR (OTC)		34,314		3,156,888
Sberbank of Russia PJSC ADR (OTC)		185		3,088
Sberbank of Russia PJSC ADR (SEAQ)		335,358		5,572,640
VEON Ltd ADR *		1,997,814		3,655,999
				22,287,096
South Africa - 2.7%
Anglo American PLC		377,498		15,022,208
Gold Fields Ltd ADR		530,624		4,722,554
Impala Platinum Holdings Ltd		56,956		936,784
MTN Group *		780,119		5,636,039
Old Mutual Ltd		5,871,652		5,550,931
				31,868,516
South Korea - 4.3%
Hankook Tire & Technology Co Ltd		150,737		6,916,454
KB Financial Group Inc		329,915		16,373,687
KT Corp ADR		950,708		13,262,376
Shinhan Financial Group Co Ltd		374,196		13,510,143
				50,062,660
Spain - 1.2%
CaixaBank SA (SIBE)		4,541,155		13,980,878
Switzerland - 5.6%
Adecco Group AG		287,697		19,575,402
Holcim Ltd		321,483		19,323,724
Julius Baer Group Ltd		65,139		4,254,435
UBS Group AG (XVTX)		1,481,010		22,684,963
				65,838,524
Taiwan - 1.9%
Catcher Technology Co Ltd		1,282,361		8,375,870
Hon Hai Precision Industry Co Ltd		2,328,461		9,348,781
Shin Kong Financial Holding Co Ltd		11,922,283		4,075,413
				21,800,064
Thailand - 1.0%
Kasikornbank PCL		2,060,981		7,635,724
Kasikornbank PCL NVDR		1,080,975		3,989,775
				11,625,499
Turkey - 0.6%
Turk Telekomunikasyon AS		3,831,265		2,921,825
Turkcell Iletisim Hizmetleri AS		2,041,728		3,777,344
				6,699,169

	Shares		Value
United Kingdom - 11.4%
Babcock International Group PLC *		1,306,392		$5,243,350
BAE Systems PLC		2,036,910		14,718,747
BP PLC		5,488,165		24,067,745
BT Group PLC *		4,429,650		11,904,011
Centrica PLC *		6,112,076		4,356,548
J Sainsbury PLC		4,507,672		16,966,307
Kingfisher PLC		2,376,953		11,996,706
Land Securities Group PLC REIT		510,015		4,759,797
Marks & Spencer Group PLC *		2,306,652		4,678,202
Standard Chartered PLC		1,871,132		11,941,194
The British Land Co PLC REIT		761,854		5,211,541
WPP PLC		1,255,988		16,978,265
				132,822,413
United States - 0.7%
Ovintiv Inc		242,578		7,645,630
Total Common Stocks (Cost $925,309,528)				1,128,493,236
EXCHANGE-TRADED FUND - 0.3%
iShares Core MSCI EAFE		45,995		3,443,185
Total Exchange-Traded Fund (Cost $3,510,719)				3,443,185
	Principal Amount
SHORT-TERM INVESTMENT - 1.9%
Repurchase Agreement - 1.9%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $22,277,354; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $22,722,926)		$22,277,354		22,277,354
Total Short-Term Investment (Cost $22,277,354)				22,277,354
TOTAL INVESTMENTS - 99.0% (Cost $951,097,601)				1,154,213,775
OTHER ASSETS & LIABILITIES, NET - 1.0%				11,198,842
NET ASSETS - 100.0%				$1,165,412,617

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	33.0%
Consumer, Cyclical	13.1%
Energy	12.5%
Industrial	11.1%
Communications	9.7%
Consumer, Non-Cyclical	8.5%
Basic Materials	4.9%
Others (each less than 3.0%)	6.2%
	99.0%
Other Assets & Liabilities, Net	1.0%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-166

PACIFIC SELECT FUND

INTERNATIONAL VALUE PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	24.6%
France	12.9%
United Kingdom	11.4%
Switzerland	5.6%
Netherlands	5.4%
Italy	4.4%
South Korea	4.3%
Germany	3.9%
Others(each less than 3.0%)	26.5%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Argentina		$1,223,829		$1,223,829		$-		$-
	Austria		6,942,567		-		6,942,567		-
	Belgium		10,543,465		-		10,543,465		-
	Brazil		5,653,168		5,653,168		-		-
	Burkina Faso		2,826,217		2,826,217		-		-
	Canada		27,776,524		27,776,524		-		-
	China		9,619,910		-		9,619,910		-
	Denmark		3,318,525		-		3,318,525		-
	Finland		17,089,608		-		17,089,608		-
	France		150,127,338		-		150,127,338		-
	Germany		45,717,602		-		45,717,602		-
	Hong Kong		10,828,362		-		10,828,362		-
	India		14,786,824		-		14,786,824		-
	Indonesia		5,381,802		5,381,802		-		-
	Ireland		14,025,416		-		14,025,416		-
	Italy		51,905,222		-		51,905,222		-
	Japan		287,137,312		-		287,137,312		-
	Luxembourg		6,865,181		-		6,865,181		-
	Malaysia		4,526,520		-		4,526,520		-
	Mexico		10,578,945		10,578,945		-		-
	Netherlands		62,969,122		-		62,969,122		-
	Norway		14,019,328		-		14,019,328		-
	Russia		22,287,096		8,745,640		13,541,456		-
	South Africa		31,868,516		10,273,485		21,595,031		-
	South Korea		50,062,660		13,262,376		36,800,284		-
	Spain		13,980,878		-		13,980,878		-
	Switzerland		65,838,524		-		65,838,524		-
	Taiwan		21,800,064		-		21,800,064		-
	Thailand		11,625,499		-		11,625,499		-
	Turkey		6,699,169		2,921,825		3,777,344		-
	United Kingdom		132,822,413		-		132,822,413		-
	United States		7,645,630		7,645,630		-		-
	Total Common Stocks		1,128,493,236		96,289,441		1,032,203,795		-
	Exchange-Traded Fund		3,443,185		3,443,185		-		-
	Short-Term Investment		22,277,354		-		22,277,354		-
	Total		$1,154,213,775		$99,732,626		$1,054,481,149		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-167

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
WARRANTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Butterfly Network Inc Exercise @ $11.50 Exp 06/29/25 *		10,386		$50,164
CareMax Inc Exercise @ $11.50 Exp 07/16/25 *		3,646		17,209
Cerevel Therapeutics Holdings Inc Exercise @ $11.50 Exp 10/27/25 *		3,656		52,135
Health Assurance Acquisition Corp Exercise @ $11.50 Exp 11/12/25 *		19,133		34,248
MedTech Acquisition Corp Exercise @ $11.50 Exp 12/18/25 *		11,950		11,863
Nuvation Bio Inc Exercise @ $11.50 Exp 07/07/27 *		3,472		9,027
				174,646
Total Warrants (Cost $144,908)				174,646
COMMON STOCKS - 98.5%
Consumer, Non-Cyclical - 97.4%
Abbott Laboratories		212,954		24,687,757
AbbVie Inc		39,955		4,500,531
ABIOMED Inc *		9,188		2,867,667
Acceleron Pharma Inc *		32,755		4,110,425
Agiliti Inc *		60,923		1,332,386
agilon health Inc *		33,112		1,343,354
Agios Pharmaceuticals Inc *		18,111		998,097
Alcon Inc (Switzerland)		84,148		5,912,239
Allakos Inc *		18,151		1,549,551
Allogene Therapeutics Inc *		6,829		178,100
Alnylam Pharmaceuticals Inc *		27,662		4,689,262
Ambrx Biopharma Inc ADR *		21,548		422,341
Amedisys Inc *		16,158		3,957,579
AmerisourceBergen Corp		11,896		1,361,973
Amgen Inc		51,900		12,650,625
Anthem Inc		25,003		9,546,145
Apellis Pharmaceuticals Inc *		12,769		807,001
Arcutis Biotherapeutics Inc *		34,856		951,220
Arena Pharmaceuticals Inc *		12,564		856,865
Argenx SE ADR * (Netherlands)		3,900		1,174,173
Avantor Inc *		89,224		3,168,344
Baxter International Inc		29,268		2,356,074
Becton Dickinson and Co		9,971		2,424,848
Biogen Inc *		19,980		6,918,475
Biohaven Pharmaceutical Holding Co Ltd *		5,700		553,356
BioMarin Pharmaceutical Inc *		12,022		1,003,116
Blueprint Medicines Corp *		8,572		753,993
Boston Scientific Corp *		260,847		11,153,818
Bridgebio Pharma Inc *		15,545		947,623
Bristol-Myers Squibb Co		125,771		8,404,018
Butterfly Network Inc *		31,158		451,168
Cardinal Health Inc		65,080		3,715,417
CareMax Inc *		18,233		235,206
Centene Corp *		83,497		6,089,436
Cerevel Therapeutics Holdings Inc *		10,968		281,000
Cigna Corp		47,666		11,300,179
Connect Biopharma Holdings Ltd ADR * (China)		9,866		192,683
Cytokinetics Inc *		13,870		274,487
Decibel Therapeutics Inc *		20,803		178,906
DENTSPLY SIRONA Inc		41,970		2,655,022
Design Therapeutics Inc *		11,344		225,632
Dicerna Pharmaceuticals Inc *		12,595		470,045
Edwards Lifesciences Corp *		82,115		8,504,651
Eisai Co Ltd (Japan)		13,400		1,316,915
Elanco Animal Health Inc *		53,420		1,853,140
Eli Lilly & Co		93,427		21,443,365

	Shares		Value
Enanta Pharmaceuticals Inc *		4,460		$196,285
Encompass Health Corp		33,393		2,605,656
Exact Sciences Corp *		11,685		1,452,562
Forma Therapeutics Holdings Inc *		9,996		248,800
Genmab AS * (Denmark)		12,524		5,131,615
Genmab AS ADR * (Denmark)		41,930		1,712,002
Gilead Sciences Inc		171,474		11,807,700
Global Blood Therapeutics Inc *		20,310		711,256
Guardant Health Inc *		6,150		763,769
Hansoh Pharmaceutical Group Co Ltd ~ (China)		774,507		3,384,314
Henry Schein Inc *		33,285		2,469,414
Horizon Therapeutics PLC *		16,105		1,508,072
Hua Medicine * ~ (China)		334,500		201,766
Humana Inc		30,277		13,404,234
Ideaya Biosciences Inc *		12,774		268,126
Illumina Inc *		12,352		5,845,090
Immunocore Holdings PLC ADR * (United Kingdom)		7,997		312,283
Incyte Corp *		20,808		1,750,577
Innovage Holding Corp *		10,974		233,856
Intuitive Surgical Inc *		13,897		12,780,237
IQVIA Holdings Inc *		25,225		6,112,522
Johnson & Johnson		125,372		20,653,783
Krystal Biotech Inc *		3,091		210,188
LHC Group Inc *		16,858		3,375,983
LifeStance Health Group Inc *		58,543		1,631,008
Masimo Corp *		18,391		4,458,898
McKesson Corp		5,210		996,360
Medtronic PLC		134,624		16,710,877
Merck & Co Inc		59,997		4,665,967
Mersana Therapeutics Inc *		49,042		665,990
Mirati Therapeutics Inc *		11,836		1,911,869
Monte Rosa Therapeutics Inc *		22,869		519,126
Natera Inc *		10,985		1,247,127
Nautilus Biotechnology Inc *		13,880		140,188
Nektar Therapeutics *		20,913		358,867
Neurocrine Biosciences Inc*		15,608		1,518,971
Nevro Corp *		13,767		2,282,431
Novocure Ltd *		7,295		1,618,177
Pfizer Inc		408,605		16,000,972
Prothena Corp PLC * (Ireland)		18,100		930,521
PTC Therapeutics Inc *		3,860		163,162
RAPT Therapeutics Inc *		7,339		233,307
Regeneron Pharmaceuticals Inc *		9,605		5,364,777
Relay Therapeutics Inc *		9,429		345,007
ResMed Inc		22,564		5,562,477
Roche Holding AG (Switzerland)		6,627		2,497,304
Sanofi (France)		59,100		6,209,198
Sanofi ADR (France)		46,250		2,435,525
Sarepta Therapeutics Inc *		7,480		581,495
Seagen Inc *		55,436		8,752,236
Seres Therapeutics Inc *		9,760		232,776
Straumann Holding AG (Switzerland)		1,345		2,145,334
Stryker Corp		41,070		10,667,111
Talaris Therapeutics Inc *		19,297		283,473
Taysha Gene Therapies Inc *		11,664		247,277
TCR2 Therapeutics Inc *		8,814		144,638
Teladoc Health Inc *		18,740		3,116,275
Teleflex Inc		16,134		6,482,480
Therapeutics Acquisition Corp ‘A’ *		23,300		239,524
Thermo Fisher Scientific Inc		42,286		21,332,018
Translate Bio Inc *		12,550		345,627
UnitedHealth Group Inc		76,862		30,778,619
Vertex Pharmaceuticals Inc *		17,672		3,563,205
WuXi AppTec Co Ltd ‘H’ ~ (China)		187,586		4,378,551
Wuxi Biologics Cayman Inc * ~ (China)		226,000		4,138,124
Zimmer Biomet Holdings Inc		50,355		8,098,091
Zoetis Inc		44,309		8,257,425
				470,160,683

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-168

PACIFIC SELECT FUND

HEALTH SCIENCES PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Diversified - 0.3%
BCTG Acquisition Corp *		8,240		$93,689
Health Assurance Acquisition Corp ‘A’ *		76,534		766,105
Health Sciences Acquisitions Corp 2 *		11,840		120,768
Helix Acquisition Corp ‘A’ *		10,006		103,362
MedTech Acquisition Corp ‘A’ *		35,852		349,916
				1,433,840
Industrial - 0.4%
Agilent Technologies Inc		11,877		1,755,539
Technology - 0.4%
Alignment Healthcare Inc *		40,651		950,014
Privia Health Group Inc *		19,214		852,525
				1,802,539
Total Common Stocks (Cost $318,040,399)				475,152,601
	Principal Amount
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $7,262,614; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $7,407,896)		$7,262,614		7,262,614
Total Short-Term Investment (Cost $7,262,614)				7,262,614
TOTAL INVESTMENTS - 100.0% (Cost $325,447,921)				482,589,861
OTHER ASSETS & LIABILITIES, NET - 0.0%				5,685
NET ASSETS - 100.0%				$482,595,546

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by health care sector as a percentage of net assets was as follows:

Medical-Drugs	20.9%
Medical-Biomedical/Gene	19.5%
Medical Products	12.9%
Medical-HMO	12.4%
Medical Instruments	11.4%
Diagnostic Equipment	5.1%
Medical Labs & Testing Service	3.7%
Others (each less than 3.0%)	12.6%
	98.5%
Short-Term Investment	1.5%
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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Warrants		$174,646		$174,646		$-		$-
	Common Stocks
	Consumer, Non-Cyclical		470,160,683		440,757,562		29,403,121		-
	Diversified		1,433,840		1,433,840		-		-
	Industrial		1,755,539		1,755,539		-		-
	Technology		1,802,539		1,802,539		-		-
	Total Common Stocks		475,152,601		445,749,480		29,403,121		-
	Short-Term Investment		7,262,614		-		7,262,614		-
	Total		$482,589,861		$445,924,126		$36,665,735		$-

See Notes to Financial Statements See explanation of symbols and terms, if��any, on A-298 and A-299

A-169

PACIFIC SELECT FUND

REAL ESTATE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 99.7%
Consumer, Cyclical - 3.6%
Choice Hotels International Inc		13,075		$1,554,094
DR Horton Inc		56,445		5,100,935
Marriott Vacations Worldwide Corp *		44,735		7,126,285
Travel & Leisure Co		79,982		4,754,930
				18,536,244
Financial - 96.1%
Agree Realty Corp REIT		125,388		8,838,600
Alexandria Real Estate Equities Inc REIT		99,896		18,175,078
American Assets Trust Inc REIT		149,361		5,569,672
American Campus Communities Inc REIT		26,031		1,216,168
American Homes 4 Rent ‘A’ REIT		508,673		19,761,946
American Tower Corp REIT		61,314		16,563,364
Apartment Income REIT Corp		221,896		10,524,527
Apple Hospitality REIT Inc		319,675		4,878,241
AvalonBay Communities Inc REIT		122,773		25,621,497
Brandywine Realty Trust REIT		149,083		2,043,928
Broadstone Net Lease Inc REIT		321,070		7,516,249
CoreSite Realty Corp REIT		47,154		6,346,928
Cousins Properties Inc REIT		254,578		9,363,379
CubeSmart REIT		181,548		8,409,303
CyrusOne Inc REIT		32,874		2,351,148
DiamondRock Hospitality Co REIT *		203,792		1,976,782
Digital Realty Trust Inc REIT		31,563		4,748,969
Equinix Inc REIT		47,172		37,860,247
Equity LifeStyle Properties Inc REIT		136,328		10,130,534
Equity Residential REIT		1,201		92,477
Essex Property Trust Inc REIT		72,677		21,803,827
Extra Space Storage Inc REIT		116,814		19,136,470
First Industrial Realty Trust Inc REIT		207,100		10,816,833
Healthcare Realty Trust Inc REIT		113,920		3,440,384
Healthcare Trust of America Inc ‘A’ REIT		466,282		12,449,729
Invitation Homes Inc REIT		729,859		27,216,442
Kilroy Realty Corp REIT		155,348		10,818,435
MGM Growth Properties LLC ‘A’ REIT		157,485		5,767,101
Park Hotels & Resorts Inc REIT *		181,790		3,746,692
Prologis Inc REIT		295,538		35,325,657
PS Business Parks Inc REIT		47,224		6,992,930

	Shares		Value
Public Storage REIT		20,177		$6,067,022
Regency Centers Corp REIT		170,622		10,931,752
Rexford Industrial Realty Inc REIT		140,646		8,009,790
Sabra Health Care REIT Inc		403,941		7,351,726
Simon Property Group Inc REIT		47,009		6,133,734
STORE Capital Corp REIT		326,205		11,257,335
Sun Communities Inc REIT		115,935		19,871,259
Terreno Realty Corp REIT		134,826		8,698,974
Ventas Inc REIT		67,050		3,828,555
VICI Properties Inc REIT		333,079		10,332,111
Welltower Inc REIT		360,251		29,936,858
Weyerhaeuser Co REIT		119,094		4,099,215
				486,021,868
Total Common Stocks (Cost $393,327,342)				504,558,112
TOTAL INVESTMENTS - 99.7% (Cost $393,327,342)				504,558,112
OTHER ASSETS & LIABILITIES, NET - 0.3%				1,321,990
NET ASSETS - 100.0%				$505,880,102

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by real estate sector as a percentage of net assets was as follow:

REITS-Apartments	21.0%
REITS-Diversified	19.1%
REITS-Warehouse/Industrial	12.4%
REITS-Health Care	11.3%
REITS-Office Property	9.1%
REITS-Storage	6.7%
REITS-Manufactured Homes	5.9%
REITS-Single Tenant	4.0%
REITS-Hotels	3.2%
Others (each less than 3.0%)	7.0%
	99.7%
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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$504,558,112			$504,558,112		$-			$-
	Total Assets		504,558,112			504,558,112		-			-
Liabilities	Due to Custodian (Line of Credit)		(203,840	)		-		(203,840	)		-
	Total Liabilities		(203,840	)		-		(203,840	)		-
	Total		$504,354,272			$504,558,112		($203,840	)		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-170

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Communications - 32.3%
Alphabet Inc ‘A’ *		6,923		$16,904,512
Amazon.com Inc *		8,194		28,188,671
Booking Holdings Inc *		4,001		8,754,548
Charter Communications Inc ‘A’ *		856		617,561
Chewy Inc ‘A’ *		22,383		1,784,149
Eventbrite Inc ‘A’ *		54,374		1,033,106
Facebook Inc ‘A’ *		34,585		12,025,550
Farfetch Ltd ‘A’ * (United Kingdom)		85,948		4,328,341
Lyft Inc ‘A’ *		35,579		2,151,818
Match Group Inc *		16,151		2,604,349
MercadoLibre Inc * (Argentina)		1,309		2,039,147
Pinduoduo Inc ADR * (China)		8,395		1,066,333
Pinterest Inc ‘A’ *		33,892		2,675,773
Q2 Holdings Inc *		15,813		1,622,098
Sea Ltd ADR * (Taiwan)		7,210		1,979,866
Tencent Holdings Ltd (China)		44,700		3,365,574
Uber Technologies Inc *		62,621		3,138,565
Wix.com Ltd * (Israel)		7,107		2,063,020
Zendesk Inc *		13,815		1,994,057
				98,337,038
Consumer, Cyclical - 0.2%
ThredUP Inc ‘A’ *		26,304		764,920
Consumer, Non-Cyclical - 12.2%
Bio-Techne Corp		3,599		1,620,486
FleetCor Technologies Inc *		7,485		1,916,609
Global Payments Inc		40,245		7,547,547
Guardant Health Inc *		8,809		1,093,990
Legalzoom.com Inc *		6,065		229,560
LifeStance Health Group Inc *		30,953		862,351
Maravai LifeSciences Holdings Inc ‘A’ *		22,854		953,698
Nuvei Corp * (Canada)		31,001		2,557,583
Paya Holdings Inc *		143,353		1,579,750
PayPal Holdings Inc *		38,444		11,205,657
Square Inc ‘A’ *		8,928		2,176,646
TransUnion		20,363		2,236,061
Verisk Analytics Inc		4,199		733,649
WEX Inc *		13,238		2,566,848
				37,280,435
Financial - 7.4%
Mastercard Inc ‘A’		34,333		12,534,635
The Charles Schwab Corp		17,398		1,266,748
Tradeweb Markets Inc ‘A’		17,964		1,519,036
Visa Inc ‘A’		30,199		7,061,130
				22,381,549
Industrial - 0.1%
Xometry Inc ‘A’ *		2,766		241,721
Technology - 45.8%
Activision Blizzard Inc		35,647		3,402,150
ACV Auctions Inc ‘A’ *		12,400		317,812
Adobe Inc *		20,462		11,983,366
Advanced Micro Devices Inc *		56,226		5,281,308
Apple Inc		42,103		5,766,427
AppLovin Corp ‘A’ *		17,543		1,318,707
Asana Inc ‘A’ *		25,037		1,553,045
Atlassian Corp PLC ‘A’ *		8,437		2,167,128
Autodesk Inc*		13,360		3,899,784
Bentley Systems Inc ‘B’		8,476		549,075
Black Knight Inc *		23,994		1,871,052
Clarivate PLC * (United Kingdom)		100,422		2,764,618
Constellation Software Inc (Canada)		1,805		2,733,725
DoubleVerify Holdings Inc *		38,234		1,618,828
Endava PLC ADR * (United Kingdom)		30,101		3,412,851
EPAM Systems Inc *		6,186		3,160,799

	Shares		Value
HubSpot Inc *		6,543		$3,812,737
KLA Corp		12,265		3,976,436
Lam Research Corp		7,439		4,840,557
Marvell Technology Inc		53,879		3,142,762
Micron Technology Inc *		42,005		3,569,585
Microsoft Corp		115,486		31,285,157
NetEase Inc ADR (China)		25,299		2,915,710
NVIDIA Corp		9,553		7,643,355
Ping Identity Holding Corp *		26,031		596,110
Procore Technologies Inc *		4,471		424,521
Qualtrics International Inc ‘A’ *		17,607		673,468
Rakus Co Ltd (Japan)		8,200		222,891
RingCentral Inc ‘A’ *		12,299		3,573,843
salesforce.com Inc *		25,908		6,328,547
SentinelOne Inc ‘A’ *		21,414		910,095
ServiceNow Inc*		10,228		5,620,797
Skyworks Solutions Inc		11,114		2,131,109
Take-Two Interactive Software Inc *		14,337		2,537,936
TaskUS Inc ‘A’ * (Philippines)		21,087		722,019
The Descartes Systems Group Inc * (Canada)		27,645		1,911,912
Topicus.com Inc * (Netherlands)		9,058		658,013
				139,298,235
Total Common Stocks (Cost $171,358,140)				298,303,898
	Principal Amount
SHORT-TERM INVESTMENT - 2.3%
Repurchase Agreement - 2.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $6,888,392; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $7,026,250)		$6,888,392		6,888,392
Total Short-Term Investment (Cost $6,888,392)				6,888,392
TOTAL INVESTMENTS - 100.3% (Cost $178,246,532)				305,192,290
OTHER ASSETS & LIABILITIES, NET - (0.3%)				(768,013	)
NET ASSETS - 100.0%				$304,424,277

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by technology sector as a percentage of net assets was as follows:

Applications Software	13.8%
E-Commerce/Products	12.3%
Commercial Services-Finance	10.4%
Enterprise Software/Serv	7.2%
Electronic Components-Semiconductor	7.2%
E-Commerce/Services	6.5%
Finance-Credit Card	6.4%
Web Portals/ISP	5.6%
Internet Content-Entertainment	4.8%
Electronic Forms	3.9%
Entertainment Software	3.3%
Others (each less than 3.0%)	16.6%
	98.0%
Short-Term Investment	2.3%
Other Assets & Liabilities, Net	(0.3%	)
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-171

PACIFIC SELECT FUND

TECHNOLOGY PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks
	Communications		$98,337,038		$94,971,464		$3,365,574		$-
	Consumer, Cyclical		764,920		764,920		-		-
	Consumer, Non-Cyclical		37,280,435		37,280,435		-		-
	Financial		22,381,549		22,381,549		-		-
	Industrial		241,721		241,721		-		-
	Technology		139,298,235		139,075,344		222,891		-
	Total Common Stocks		298,303,898		294,715,433		3,588,465		-
	Short-Term Investment		6,888,392		-		6,888,392		-
	Total		$305,192,290		$294,715,433		$10,476,857		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-172

PACIFIC SELECT FUND

ESG DIVERSIFIED PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 100.1%
Affiliated Mutual Funds - 19.0%
Pacific Funds ESG Core Bond		240,662		$2,372,925
Unaffiliated Mutual Funds - 81.1%
Calvert Green Bond Fund		131,048		2,125,602
Calvert Short-Duration Income Fund		30,118		499,657
Calvert Small Cap Fund		23,910		874,147
Fidelity International Sustainability Index Fund		118,450		1,614,475
Fidelity US Sustainability Index Fund		265,223		5,025,980
				10,139,861
Total Mutual Funds (Cost $12,296,233)				12,512,786
TOTAL INVESTMENTS - 100.1% (Cost $12,296,233)				12,512,786
OTHER ASSETS & LIABILITIES, NET - (0.1%)				(7,189	)
NET ASSETS - 100.0%				$12,505,597

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Equity Funds	60.1%
Fixed Income Funds	40.0%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Mutual Funds		$12,512,786		$12,512,786		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-173

PACIFIC SELECT FUND

PSF DFA BALANCED ALLOCATION PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
MUTUAL FUNDS - 100.0%
DFA Intermediate Government Fixed Income Portfolio ‘I’		4,448,416		$57,473,530
DFA Intermediate Term Extended Quality Portfolio ‘I’		6,190,447		71,932,993
DFA Large Cap International Portfolio ‘I’		1,829,105		49,861,401
DFA Short-Term Extended Quality Portfolio ‘I’		1,301,302		14,327,330
DFA US Core Equity 1 Portfolio ‘I’		3,675,851		126,596,318
DFA US Large Company Portfolio ‘I’		787,072		25,359,446
DFA VA International Small Portfolio ‘I’		601,398		8,912,712
DFA VA US Targeted Value Portfolio ‘I’		223,879		5,386,518
Total Mutual Funds (Cost $302,101,684)				359,850,248
TOTAL INVESTMENTS - 100.0% (Cost $302,101,684)				359,850,248
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(102,526	)
NET ASSETS - 100.0%				$359,747,722

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

Equity Funds	60.0%
Fixed Income Funds	40.0%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Mutual Funds		$359,850,248		$359,850,248		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-174

PACIFIC SELECT FUND

PACIFIC DYNAMIX - CONSERVATIVE GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD 1-3 Year Corporate Bond Portfolio ‘P’ *		5,126,355		$58,471,897
PD Aggregate Bond Index Portfolio ‘P’ *		16,785,823		234,574,473
PD High Yield Bond Market Portfolio ‘P’ *		5,221,911		98,081,893
PD Large-Cap Growth Index Portfolio ‘P’ *		735,658		53,614,114
PD Large-Cap Value Index Portfolio ‘P’ *		1,435,516		58,265,998
PD Mid-Cap Index Portfolio ‘P’ *		3,256,436		42,522,792
PD Small-Cap Growth Index Portfolio ‘P’ *		264,281		13,242,391
PD Small-Cap Value Index Portfolio ‘P’ *		531,317		19,154,860
PD Emerging Markets Index Portfolio ‘P’ *		1,266,237		29,362,839
PD International Large-Cap Index Portfolio ‘P’ *		1,858,897		44,820,146
Total Affiliated Mutual Funds (Cost $519,174,188)				652,111,403
TOTAL INVESTMENTS - 100.0% (Cost $519,174,188)				652,111,403
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(161,270	)
NET ASSETS - 100.0%				$651,950,133

PACIFIC SELECT FUND

PACIFIC DYNAMIX - MODERATE GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD 1-3 Year Corporate Bond Portfolio ‘P’ *		12,439,213		$141,883,336
PD Aggregate Bond Index Portfolio ‘P’ *		49,213,472		687,736,562
PD High Yield Bond Market Portfolio ‘P’ *		16,938,049		318,143,311
PD Large-Cap Growth Index Portfolio ‘P’ *		5,281,070		384,879,940
PD Large-Cap Value Index Portfolio ‘P’ *		9,631,889		390,947,704
PD Mid-Cap Index Portfolio ‘P’ *		23,698,254		309,453,580
PD Small-Cap Growth Index Portfolio ‘P’ *		1,456,462		72,979,251
PD Small-Cap Value Index Portfolio ‘P’ *		3,173,103		114,395,663
PD Emerging Markets Index Portfolio ‘P’ *		6,898,461		159,968,760
PD International Large-Cap Index Portfolio ‘P’ *		13,764,473		331,877,324
Total Affiliated Mutual Funds (Cost $2,125,284,616)				2,912,265,431
TOTAL INVESTMENTS - 100.0% (Cost $2,125,284,616)				2,912,265,431
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(721,590	)
NET ASSETS - 100.0%				$2,911,543,841

Notes to Schedule of Investments

(a) As of June 30, 2021, the Funds’ composition as a percentage of net assets was as follows:

Pacific Dynamix - Conservative Growth Portfolio
Affiliated Fixed Income Funds	60.0%
Affiliated Equity Funds	40.0%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

Pacific Dynamix - Moderate Growth Portfolio
Affiliated Equity Funds	60.6%
Affiliated Fixed Income Funds	39.4%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of June 30, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Dynamix - Conservative Growth Portfolio
Assets	Affiliated Mutual Funds		$652,111,403		$652,111,403		$-		$-
Pacific Dynamix - Moderate Growth Portfolio
Assets	Affiliated Mutual Funds		$2,912,265,431		$2,912,265,431		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-175

PACIFIC SELECT FUND

PACIFIC DYNAMIX - GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
PD 1-3 Year Corporate Bond Portfolio ‘P’ *		2,044,624		$23,321,251
PD Aggregate Bond Index Portfolio ‘P’ *		13,375,701		186,919,525
PD High Yield Bond Market Portfolio ‘P’ *		5,396,802		101,366,833
PD Large-Cap Growth Index Portfolio ‘P’ *		3,746,245		273,023,174
PD Large-Cap Value Index Portfolio ‘P’ *		6,897,207		279,949,981
PD Mid-Cap Index Portfolio ‘P’ *		16,714,483		218,258,975
PD Small-Cap Growth Index Portfolio ‘P’ *		1,112,211		55,729,778
PD Small-Cap Value Index Portfolio ‘P’ *		1,923,709		69,352,928
PD Emerging Markets Index Portfolio ‘P’ *		4,369,123		101,315,809
PD International Large-Cap Index Portfolio ‘P’ *		10,525,456		253,780,871
Total Affiliated Mutual Funds (Cost $1,159,141,575)				1,563,019,125
TOTAL INVESTMENTS - 100.0% (Cost $1,159,141,575)				1,563,019,125
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(372,227	)
NET ASSETS - 100.0%				$1,562,646,898

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION CONSERVATIVE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio ‘P’ *		5,031,475		$64,466,193
Diversified Bond Portfolio ‘P’ *		28,071,615		453,393,493
Floating Rate Income Portfolio ‘P’*		1,139,971		15,697,013
High Yield Bond Portfolio ‘P’ *		8,814,959		94,330,274
Inflation Managed Portfolio ‘P’ *		3,254,796		47,218,585
Intermediate Bond Portfolio ‘P’ *		13,809,544		138,318,874
Managed Bond Portfolio ‘P’ *		12,732,456		208,319,996
Short Duration Bond Portfolio ‘P’ *		19,525,539		219,708,864
Emerging Markets Debt Portfolio ‘P’ *		4,813,207		62,657,757
Dividend Growth Portfolio ‘P’ *		606,037		22,026,575
Equity Index Portfolio ‘P’ *		92,442		10,243,847
Focused Growth Portfolio ‘P’ *		142,034		8,635,931
Growth Portfolio ‘P’ *		330,433		21,265,335
Large-Cap Growth Portfolio ‘P’ *		489,183		13,374,694
Large-Cap Value Portfolio ‘P’ *		464,568		16,471,973
Main Street Core Portfolio ‘P’ *		101,419		7,085,191
Mid-Cap Equity Portfolio ‘P’ *		229,670		9,413,689
Mid-Cap Growth Portfolio ‘P’ *		560,037		18,873,173
Mid-Cap Value Portfolio ‘P’ *		485,733		18,680,958
Small-Cap Equity Portfolio ‘P’ *		398,345		15,382,719
Small-Cap Value Portfolio ‘P’ *		426,386		15,356,443
Value Portfolio ‘P’ *		781,290		16,425,880
Value Advantage Portfolio ‘P’ *		765,967		17,958,538
Emerging Markets Portfolio ‘P’ *		1,181,663		31,194,845
International Large-Cap Portfolio ‘P’ *		1,107,195		15,502,608
International Value Portfolio ‘P’ *		488,913		7,655,308
Total Affiliated Mutual Funds (Cost $1,337,590,437)				1,569,658,756
TOTAL INVESTMENTS - 100.0% (Cost $1,337,590,437)				1,569,658,756
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(299,174	)
NET ASSETS - 100.0%				$1,569,359,582

Notes to Schedule of Investments

(a) As of June 30, 2021, the Funds’ composition as a percentage of net assets was as follows:

Pacific Dynamix - Growth Portfolio
Affiliated Equity Funds	80.1%
Affiliated Fixed Income Funds	19.9%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

Portfolio Optimization Conservative Portfolio
Affiliated Fixed Income Funds	83.1%
Affiliated Equity Funds	16.9%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of June 30, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Dynamix - Growth Portfolio
Assets	Affiliated Mutual Funds		$1,563,019,125		$1,563,019,125		$-		$-
Portfolio Optimization Conservative Portfolio
Assets	Affiliated Mutual Funds		$1,569,658,756		$1,569,658,756		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-176

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio ‘P’ *		6,467,200		$82,861,536
Diversified Bond Portfolio ‘P’ *		36,024,728		581,846,729
Floating Rate Income Portfolio ‘P’ *		1,690,274		23,274,496
High Yield Bond Portfolio ‘P’ *		12,002,866		128,444,576
Inflation Managed Portfolio ‘P’ *		4,829,584		70,064,646
Intermediate Bond Portfolio ‘P’ *		17,696,677		177,253,105
Managed Bond Portfolio ‘P’ *		16,260,297		266,040,194
Short Duration Bond Portfolio ‘P’ *		10,269,503		115,556,391
Emerging Markets Debt Portfolio ‘P’ *		5,335,247		69,453,606
Dividend Growth Portfolio ‘P’ *		1,867,297		67,867,435
Equity Index Portfolio ‘P’ *		286,569		31,755,721
Focused Growth Portfolio ‘P’ *		466,834		28,384,256
Growth Portfolio ‘P’ *		1,052,908		67,760,962
Large-Cap Growth Portfolio ‘P’ *		1,609,182		43,996,466
Large-Cap Value Portfolio ‘P’ *		1,431,823		50,767,450
Main Street Core Portfolio ‘P’ *		319,144		22,295,585
Mid-Cap Equity Portfolio ‘P’ *		566,544		23,221,415
Mid-Cap Growth Portfolio ‘P’ *		1,404,536		47,332,714
Mid-Cap Value Portfolio ‘P’ *		1,180,396		45,397,190
Small-Cap Equity Portfolio ‘P’ *		666,881		25,752,646
Small-Cap Growth Portfolio ‘P’ *		138,303		5,864,892
Small-Cap Index Portfolio ‘P’ *		314,873		11,596,316
Small-Cap Value Portfolio ‘P’ *		678,403		24,432,919
Value Portfolio ‘P’ *		2,505,107		52,667,474
Value Advantage Portfolio ‘P’ *		2,341,625		54,900,723
Emerging Markets Portfolio ‘P’ *		2,612,520		68,968,199
International Large-Cap Portfolio ‘P’ *		4,897,405		68,571,974
International Small-Cap Portfolio ‘P’ *		611,709		11,359,008
International Value Portfolio ‘P’ *		2,844,522		44,538,989
Real Estate Portfolio ‘P’ *		320,194		11,489,296
Total Affiliated Mutual Funds (Cost $1,828,513,154)				2,323,716,909
TOTAL INVESTMENTS - 100.0% (Cost $1,828,513,154)				2,323,716,909
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(434,471	)
NET ASSETS - 100.0%				$2,323,282,438

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION MODERATE PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio ‘P’ *		21,985,211		$281,687,339
Diversified Bond Portfolio ‘P’ *		122,227,701		1,974,138,102
Floating Rate Income Portfolio ‘P’ *		3,565,287		49,092,802
High Yield Bond Portfolio ‘P’ *		41,675,354		445,974,592
Inflation Managed Portfolio ‘P’		6,828,305		99,060,860
Intermediate Bond Portfolio ‘P’ *		60,022,869		601,199,864
Managed Bond Portfolio ‘P’ *		54,880,441		897,917,385
Short Duration Bond Portfolio ‘P’ *		34,446,112		387,600,876
Emerging Markets Debt Portfolio ‘P’ *		15,115,338		196,769,676
Dividend Growth Portfolio ‘P’ *		12,166,008		442,176,974
Equity Index Portfolio ‘P’ *		1,848,514		204,840,160
Focused Growth Portfolio ‘P’ *		2,978,171		181,077,753
Growth Portfolio ‘P’ *		6,909,598		444,674,151
Large-Cap Growth Portfolio ‘P’ *		10,360,882		283,275,676
Large-Cap Value Portfolio ‘P’ *		9,306,721		329,983,853
Main Street Core Portfolio ‘P’ *		2,139,968		149,499,586
Mid-Cap Equity Portfolio ‘P’ *		3,131,969		128,372,539
Mid-Cap Growth Portfolio ‘P’ *		8,503,788		286,576,696
Mid-Cap Value Portfolio ‘P’ *		5,918,498		227,621,308
Small-Cap Equity Portfolio ‘P’ *		3,952,604		152,635,831
Small-Cap Growth Portfolio ‘P’ *		470,236		19,940,861
Small-Cap Index Portfolio ‘P’ *		1,596,374		58,792,083
Small-Cap Value Portfolio ‘P’ *		4,214,103		151,772,340
Value Portfolio ‘P’ *		16,220,137		341,012,885
Value Advantage Portfolio ‘P’ *		15,182,515		355,962,707
Emerging Markets Portfolio ‘P’ *		14,834,746		391,624,034
International Large-Cap Portfolio ‘P’ *		24,370,013		341,221,489
International Small-Cap Portfolio ‘P’ *		2,607,550		48,420,358
International Value Portfolio ‘P’ *		18,210,228		285,132,269
Real Estate Portfolio ‘P’ *		2,731,924		98,027,650
Total Affiliated Mutual Funds (Cost $7,402,333,566)				9,856,082,699
TOTAL INVESTMENTS - 100.0% (Cost $7,402,333,566)				9,856,082,699
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(1,740,462	)
NET ASSETS - 100.0%				$9,854,342,237

Notes to Schedule of Investments

(a) As of June 30, 2021, the Funds’ composition as a percentage of net assets was as follows:

Portfolio Optimization Moderate-Conservative Portfolio
Affiliated Fixed Income Funds	65.2%
Affiliated Equity Funds	34.8%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

Portfolio Optimization Moderate Portfolio
Affiliated Fixed Income Funds	50.1%
Affiliated Equity Funds	49.9%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of June 30, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Portfolio Optimization Moderate-Conservative Portfolio
Assets	Affiliated Mutual Funds		$2,323,716,909		$2,323,716,909		$-		$-
Portfolio Optimization Moderate Portfolio
Assets	Affiliated Mutual Funds		$9,856,082,699		$9,856,082,699		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-177

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio ‘P’ *		12,733,059		$163,143,375
Diversified Bond Portfolio ‘P’ *		70,622,783		1,140,650,818
Floating Rate Income Portfolio ‘P’ *		3,174,057		43,705,694
High Yield Bond Portfolio ‘P’ *		24,889,435		266,345,803
Intermediate Bond Fund Portfolio ‘P’ *		34,185,246		342,405,580
Managed Bond Portfolio ‘P’ *		31,704,064		518,720,876
Short Duration Bond Portfolio ‘P’ *		19,154,616		215,535,097
Emerging Markets Debt Portfolio ‘P’ *		10,227,924		133,145,902
Dividend Growth Portfolio ‘P’ *		14,692,620		534,007,392
Equity Index Portfolio ‘P’ *		2,243,720		248,634,272
Focused Growth Portfolio ‘P’ *		3,983,529		242,205,191
Growth Portfolio ‘P’ *		9,210,284		592,737,128
Large-Cap Growth Portfolio ‘P’ *		13,634,610		372,782,264
Large-Cap Value Portfolio ‘P’ *		10,937,798		387,816,160
Main Street Core Portfolio ‘P’ *		2,579,585		180,211,506
Mid-Cap Equity Portfolio ‘P’ *		3,893,758		159,596,604
Mid-Cap Growth Portfolio ‘P’ *		9,727,439		327,813,591
Mid-Cap Value Portfolio ‘P’ *		8,203,542		315,502,525
Small-Cap Equity Portfolio ‘P’ *		3,326,177		128,445,412
Small-Cap Growth Portfolio ‘P’ *		1,062,283		45,047,279
Small-Cap Index Portfolio ‘P’ *		2,368,717		87,236,323
Small-Cap Value Portfolio ‘P’ *		3,563,566		128,343,035
Value Portfolio ‘P’ *		19,037,219		400,239,352
Value Advantage Portfolio ‘P’ *		17,880,306		419,213,940
Emerging Markets Portfolio ‘P’ *		16,639,045		439,255,921
International Large-Cap Portfolio ‘P’ *		34,649,530		485,152,146
International Small-Cap Portfolio ‘P’ *		4,723,954		87,720,471
International Value Portfolio ‘P’ *		24,746,232		387,471,780
Real Estate Portfolio ‘P’ *		2,484,508		89,149,798
Total Affiliated Mutual Funds (Cost $6,333,638,822)				8,882,235,235
TOTAL INVESTMENTS - 100.0% (Cost $6,333,638,822)				8,882,235,235
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(1,547,276	)
NET ASSETS - 100.0%				$8,880,687,959

PACIFIC SELECT FUND

PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%
Core Income Portfolio ‘P’ *		1,522,998		$19,513,544
Diversified Bond Portfolio ‘P’ *		8,384,681		135,423,632
High Yield Bond Portfolio ‘P’ *		5,790,082		61,960,585
Intermediate Bond Portfolio ‘P’ *		4,084,406		40,910,147
Managed Bond Portfolio ‘P’ *		3,756,445		61,460,464
Short Duration Bond Portfolio ‘P’ *		1,788,438		20,124,195
Emerging Markets Debt Portfolio ‘P’ *		2,385,355		31,052,272
Dividend Growth Portfolio ‘P’ *		3,826,756		139,084,501
Equity Index Portfolio ‘P’ *		580,209		64,294,973
Focused Growth Portfolio ‘P’ *		1,035,501		62,960,206
Growth Portfolio ‘P’ *		2,365,235		152,217,104
Large-Cap Growth Portfolio ‘P’ *		3,534,912		96,647,603
Large-Cap Value Portfolio ‘P’ *		2,720,054		96,443,644
Main Street Core Portfolio ‘P’ *		661,511		46,213,618
Mid-Cap Equity Portfolio ‘P’ *		1,160,681		47,573,766
Mid-Cap Growth Portfolio ‘P’ *		3,058,900		103,084,591
Mid-Cap Value Portfolio ‘P’ *		2,571,886		98,912,931
Small-Cap Equity Portfolio ‘P’ *		984,436		38,015,518
Small-Cap Growth Portfolio ‘P’ *		396,912		16,831,492
Small-Cap Index Portfolio ‘P’ *		775,470		28,559,396
Small-Cap Value Portfolio ‘P’ *		1,052,158		37,893,838
Value Portfolio ‘P’ *		4,717,925		99,189,866
Value Advantage Portfolio ‘P’ *		4,419,178		103,610,132
Emerging Markets Portfolio ‘P’ *		5,436,870		143,528,504
International Large-Cap Portfolio ‘P’ *		9,553,102		133,759,627
International Small-Cap Portfolio ‘P’ *		1,650,225		30,643,506
International Value Portfolio ‘P’*		8,335,011		130,508,004
Real Estate Portfolio ‘P’ *		869,304		31,192,608
Total Affiliated Mutual Funds (Cost $1,413,737,952)				2,071,610,267
TOTAL INVESTMENTS - 100.0% (Cost $1,413,737,952)				2,071,610,267
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(373,090	)
NET ASSETS - 100.0%				$2,071,237,177

Notes to Schedule of Investments

(a) As of June 30, 2021, the Funds’ composition as a percentage of net assets was as follows:

Portfolio Optimization Growth Portfolio
Affiliated Equity Funds	68.2%
Affiliated Fixed Income Funds	31.8%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

Portfolio Optimization Aggressive-Growth Portfolio
Affiliated Equity Funds	82.1%
Affiliated Fixed Income Funds	17.9%
	100.0%
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Fair Value Measurements

The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities as of June 30, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Portfolio Optimization Growth Portfolio
Assets	Affiliated Mutual Funds		$8,882,235,235		$8,882,235,235		$-		$-
Portfolio Optimization Aggressive-Growth Portfolio
Assets	Affiliated Mutual Funds		$2,071,610,267		$2,071,610,267		$-		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-178

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 99.1%
Basic Materials - 1.5%
BHP Billiton Finance USA Ltd (Australia) 3.850% due 09/30/23		$350,000		$376,154
Celanese US Holdings LLC 4.625% due 11/15/22		300,000		316,179
DuPont de Nemours Inc 4.205% due 11/15/23		405,000		438,851
Eastman Chemical Co 3.600% due 08/15/22		250,000		256,987
Ecolab Inc 2.375% due 08/10/22		200,000		204,235
Linde Inc 2.200% due 08/15/22		450,000		457,614
LYB International Finance BV 4.000% due 07/15/23		113,000		120,798
Nucor Corp 4.125% due 09/15/22		200,000		207,118
Nutrien Ltd (Canada) 1.900% due 05/13/23		370,000		379,204
The Mosaic Co 3.250% due 11/15/22		250,000		258,889
The Sherwin-Williams Co 3.125% due 06/01/24		350,000		373,996
				3,390,025
Communications - 5.1%
Alibaba Group Holding Ltd (China) 2.800% due 06/06/23		250,000		260,033
Amazon.com Inc
0.250% due 05/12/23		150,000		150,110
0.400% due 06/03/23		385,000		385,539
0.450% due 05/12/24		535,000		533,970
2.400% due 02/22/23		300,000		310,134
America Movil SAB de CV (Mexico) 3.125% due 07/16/22		350,000		359,747
AT&T Inc
0.900% due 03/25/24		400,000		400,911
2.625% due 12/01/22		350,000		359,224
3.000% due 06/30/22		700,000		715,874
Baidu Inc (China)
2.875% due 07/06/22		250,000		255,444
3.500% due 11/28/22		200,000		207,591
3.875% due 09/29/23		250,000		265,904
Charter Communications Operating LLC 4.464% due 07/23/22		800,000		828,338
Cisco Systems Inc
2.200% due 09/20/23		200,000		207,717
2.600% due 02/28/23		250,000		259,755
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		200,000		225,086
Comcast Corp
3.600% due 03/01/24		500,000		540,418
3.700% due 04/15/24		500,000		542,452
Discovery Communications LLC 2.950% due 03/20/23		200,000		208,190
E*TRADE Financial Corp 2.950% due 08/24/22		200,000		205,492
eBay Inc
2.750% due 01/30/23		200,000		207,069
3.800% due 03/09/22		400,000		408,312
Expedia Group Inc 3.600% due 12/15/23		250,000		265,906
Rogers Communications Inc (Canada) 4.100% due 10/01/23		350,000		374,316
TD Ameritrade Holding Corp 2.950% due 04/01/22		250,000		254,023

	Principal Amount		Value
Telefonica Emisiones SA (Spain) 4.570% due 04/27/23	$	150,000	$	160,780
The Bell Telephone Co of Canada (Canada) 0.750% due 03/17/24		250,000		250,706
The Interpublic Group of Cos Inc 3.750% due 10/01/21		125,000		126,102
The Walt Disney Co 3.000% due 09/15/22		250,000		258,147
Thomson Reuters Corp (Canada) 4.300% due 11/23/23		350,000		377,397
Time Warner Entertainment Co LP 8.375% due 03/15/23		350,000		395,683
TWDC Enterprises 18 Corp 2.350% due 12/01/22		200,000		205,635
Verizon Communications Inc 0.750% due 03/22/24		680,000		683,131
Vodafone Group PLC (United Kingdom) 3.750% due 01/16/24		300,000		324,883
				11,514,019
Consumer, Cyclical - 6.4%
American Honda Finance Corp
0.400% due 10/21/22		200,000		200,290
0.650% due 09/08/23		535,000		537,587
0.875% due 07/07/23		665,000		671,316
2.050% due 01/10/23		100,000		102,671
2.600% due 11/16/22		200,000		206,523
AutoZone Inc 3.125% due 07/15/23		300,000		313,986
Dollar General Corp 3.250% due 04/15/23		200,000		208,777
Dollar Tree Inc 3.700% due 05/15/23		250,000		264,268
General Motors Co
4.875% due 10/02/23		300,000		326,915
5.400% due 10/02/23		750,000		826,312
General Motors Financial Co Inc
1.050% due 03/08/24		345,000		347,079
1.700% due 08/18/23		320,000		326,703
3.250% due 01/05/23		200,000		207,613
3.550% due 07/08/22		450,000		464,534
5.200% due 03/20/23		485,000		522,375
Hasbro Inc 2.600% due 11/19/22		200,000		205,870
Lennar Corp 4.750% due 11/15/22		250,000		262,185
Magna International Inc (Canada) 3.625% due 06/15/24		250,000		269,680
McDonald’s Corp 3.350% due 04/01/23		500,000		524,779
Mohawk Industries Inc 3.850% due 02/01/23		250,000		261,076
NVR Inc 3.950% due 09/15/22		100,000		103,295
O’Reilly Automotive Inc 3.800% due 09/01/22		250,000		257,319
PACCAR Financial Corp
0.350% due 08/11/23		340,000		339,661
0.350% due 02/02/24		80,000		79,619
0.800% due 06/08/23		30,000		30,266
2.650% due 04/06/23		195,000		202,901
Southwest Airlines Co 4.750% due 05/04/23		210,000		225,347
Starbucks Corp 3.850% due 10/01/23		250,000		266,984
Stellantis NV 5.250% due 04/15/23		250,000		269,883
The Home Depot Inc 3.250% due 03/01/22		150,000		153,119

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-179

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Toyota Motor Corp (Japan)
0.681% due 03/25/24		$200,000		$200,410
2.157% due 07/02/22		55,000		56,074
Toyota Motor Credit Corp
0.350% due 10/14/22		500,000		500,823
0.400% due 04/06/23		345,000		345,194
0.450% due 07/22/22		200,000		200,607
0.450% due 01/11/24		250,000		249,307
0.500% due 08/14/23		590,000		591,304
0.500% due 06/18/24		250,000		249,009
1.350% due 08/25/23		500,000		510,229
2.900% due 03/30/23		680,000		710,407
Walmart Inc
2.350% due 12/15/22		200,000		205,880
2.550% due 04/11/23		500,000		518,642
3.300% due 04/22/24		350,000		375,553
3.400% due 06/26/23		450,000		476,874
Whirlpool Corp 4.700% due 06/01/22		200,000		207,831
				14,377,077
Consumer, Non-Cyclical - 13.9%
AbbVie Inc
2.300% due 11/21/22		735,000		754,574
2.850% due 05/14/23		200,000		208,202
2.900% due 11/06/22		350,000		361,718
3.250% due 10/01/22		400,000		411,323
3.450% due 03/15/22		300,000		305,078
3.750% due 11/14/23		385,000		413,159
Aetna Inc
2.750% due 11/15/22		250,000		256,817
2.800% due 06/15/23		200,000		208,229
Altria Group Inc 4.000% due 01/31/24		250,000		271,207
AmerisourceBergen Corp 0.737% due 03/15/23		215,000		215,416
Amgen Inc 2.650% due 05/11/22		300,000		305,155
Anthem Inc
0.450% due 03/15/23		170,000		170,211
2.950% due 12/01/22		450,000		465,388
3.300% due 01/15/23		250,000		260,898
Astrazeneca Finance LLC (United Kingdom) 0.700% due 05/28/24		200,000		199,755
AstraZeneca PLC (United Kingdom) 0.300% due 05/26/23		190,000		189,515
Becton Dickinson & Co 2.894% due 06/06/22		426,000		435,428
Biogen Inc 3.625% due 09/15/22		300,000		311,735
Bristol-Myers Squibb Co
0.537% due 11/13/23		230,000		230,289
2.000% due 08/01/22		200,000		203,955
2.750% due 02/15/23		500,000		518,857
Bunge Ltd Finance Corp 3.000% due 09/25/22		250,000		256,891
Campbell Soup Co 3.650% due 03/15/23		250,000		263,131
Cardinal Health Inc 2.616% due 06/15/22		240,000		244,881
Church & Dwight Co Inc 2.450% due 08/01/22		200,000		204,123
Cigna Corp
0.613% due 03/15/24		100,000		100,001
3.000% due 07/15/23		150,000		157,156
3.050% due 11/30/22		100,000		103,536
3.500% due 06/15/24		350,000		375,426
3.750% due 07/15/23		217,000		231,162
Colgate-Palmolive Co 2.250% due 11/15/22		300,000		308,073

	Principal Amount		Value
CommonSpirit Health 2.950% due 11/01/22	$	250,000	$	258,154
Conagra Brands Inc 3.200% due 01/25/23		131,000		135,430
Constellation Brands Inc
2.650% due 11/07/22		400,000		411,390
2.700% due 05/09/22		250,000		254,628
4.250% due 05/01/23		250,000		266,748
CVS Health Corp
2.750% due 12/01/22		1,250,000		1,284,683
3.700% due 03/09/23		308,000		324,438
DH Europe Finance II Sarl 2.050% due 11/15/22		150,000		153,483
Diageo Capital PLC (United Kingdom) 2.625% due 04/29/23		600,000		622,365
Equifax Inc 3.300% due 12/15/22		250,000		258,750
General Mills Inc
2.600% due 10/12/22		200,000		205,264
3.700% due 10/17/23		250,000		267,603
Gilead Sciences Inc
0.750% due 09/29/23		585,000		585,311
2.500% due 09/01/23		200,000		208,360
4.400% due 12/01/21		250,000		251,686
GlaxoSmithKline Capital Inc (United Kingdom) 3.375% due 05/15/23		350,000		369,925
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		750,000		752,879
Global Payments Inc 4.000% due 06/01/23		200,000		212,525
HCA Inc
4.750% due 05/01/23		500,000		535,981
5.000% due 03/15/24		250,000		276,339
Humana Inc 2.900% due 12/15/22		250,000		258,254
Illumina Inc 0.550% due 03/23/23		125,000		125,232
Kellogg Co 2.650% due 12/01/23		250,000		262,801
Keurig Dr Pepper Inc
0.750% due 03/15/24		85,000		85,102
4.057% due 05/25/23		276,000		294,338
McCormick & Co Inc 2.700% due 08/15/22		200,000		204,814
McKesson Corp 3.796% due 03/15/24		300,000		322,825
Merck & Co Inc 2.800% due 05/18/23		750,000		785,362
Moody’s Corp 2.625% due 01/15/23		250,000		258,153
Mylan Inc 4.200% due 11/29/23		250,000		268,303
Novartis Capital Corp (Switzerland)
2.400% due 05/17/22		300,000		305,338
2.400% due 09/21/22		300,000		307,695
3.400% due 05/06/24		500,000		539,336
PayPal Holdings Inc 1.350% due 06/01/23		560,000		570,116
PepsiCo Inc
0.400% due 10/07/23		130,000		130,179
0.750% due 05/01/23		345,000		348,086
2.750% due 03/01/23		500,000		520,346
3.100% due 07/17/22		250,000		256,305
Pfizer Inc
3.000% due 06/15/23		200,000		210,307
3.200% due 09/15/23		600,000		634,388

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-180

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Philip Morris International Inc
1.125% due 05/01/23		$335,000		$339,510
2.375% due 08/17/22		200,000		204,545
2.500% due 11/02/22		200,000		205,418
2.875% due 05/01/24		500,000		531,445
RELX Capital Inc (United Kingdom) 3.500% due 03/16/23		200,000		209,819
Reynolds American Inc (United Kingdom) 4.850% due 09/15/23		750,000		818,411
Royalty Pharma PLC 0.750% due 09/02/23 ~		535,000		536,828
Sanofi (France) 3.375% due 06/19/23		200,000		211,584
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		350,000		366,434
Stryker Corp 0.600% due 12/01/23		355,000		354,892
Takeda Pharmaceutical Co Ltd (Japan) 4.400% due 11/26/23		750,000		814,420
The Kroger Co 3.850% due 08/01/23		250,000		265,467
The Procter & Gamble Co 2.150% due 08/11/22		450,000		459,651
Tyson Foods Inc 2.250% due 08/23/21		200,000		200,241
Unilever Capital Corp (United Kingdom)
0.375% due 09/14/23		100,000		100,087
3.250% due 03/07/24		250,000		267,292
UnitedHealth Group Inc
0.550% due 05/15/24		165,000		164,833
2.750% due 02/15/23		350,000		361,727
2.875% due 03/15/23		300,000		312,934
3.500% due 06/15/23		450,000		477,429
3.500% due 02/15/24		250,000		269,342
Zoetis Inc 3.250% due 08/20/21		240,000		240,853
				30,977,673
Energy - 7.9%
Baker Hughes a GE Co LLC 2.773% due 12/15/22		235,000		242,843
BP Capital Markets America Inc
2.750% due 05/10/23		200,000		208,362
2.937% due 04/06/23		500,000		521,644
BP Capital Markets PLC (United Kingdom)
2.500% due 11/06/22		300,000		308,667
3.814% due 02/10/24		700,000		757,555
Canadian Natural Resources Ltd (Canada) 2.950% due 01/15/23		400,000		414,475
Cenovus Energy Inc (Canada) 4.000% due 04/15/24		250,000		267,748
Chevron Corp
1.141% due 05/11/23		785,000		796,942
2.355% due 12/05/22		350,000		358,494
2.895% due 03/03/24		250,000		264,731
Chevron USA Inc
0.333% due 08/12/22		165,000		165,194
0.426% due 08/11/23		75,000		75,111
Cimarex Energy Co 4.375% due 06/01/24		350,000		381,081
Diamondback Energy Inc 0.900% due 03/24/23		80,000		80,021
Enbridge Inc (Canada)
2.900% due 07/15/22		250,000		256,057
3.500% due 06/10/24		250,000		268,657
4.000% due 10/01/23		250,000		266,951
Energy Transfer LP
3.600% due 02/01/23		300,000		311,375
4.200% due 09/15/23		250,000		267,602
4.500% due 11/01/23		250,000		268,460

	Principal Amount		Value
5.200% due 02/01/22		$400,000		$406,204
5.875% due 01/15/24		250,000		277,112
Enterprise Products Operating LLC
3.350% due 03/15/23		250,000		260,292
4.875% due 08/16/77		150,000		147,295
EOG Resources Inc 2.625% due 03/15/23		200,000		206,517
Exxon Mobil Corp
1.571% due 04/15/23		250,000		255,623
1.902% due 08/16/22		650,000		662,238
3.176% due 03/15/24		350,000		372,917
Halliburton Co 3.500% due 08/01/23		300,000		316,418
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		500,000		516,078
Kinder Morgan Inc 3.150% due 01/15/23		350,000		364,295
Marathon Petroleum Corp 4.500% due 05/01/23		600,000		640,143
MPLX LP
3.500% due 12/01/22		200,000		207,828
4.500% due 07/15/23		200,000		213,989
ONEOK Inc
4.250% due 02/01/22		200,000		202,571
7.500% due 09/01/23		250,000		281,786
Phillips 66 4.300% due 04/01/22		481,000		495,009
Pioneer Natural Resources Co
0.550% due 05/15/23		50,000		50,067
0.750% due 01/15/24		355,000		354,841
Sabine Pass Liquefaction LLC
5.625% due 04/15/23		250,000		268,671
5.750% due 05/15/24		500,000		561,381
Schlumberger Investment SA 3.650% due 12/01/23		500,000		534,229
Shell International Finance BV (Netherlands)
0.375% due 09/15/23		350,000		349,890
2.250% due 01/06/23		400,000		411,816
2.375% due 08/21/22		200,000		204,827
3.500% due 11/13/23		250,000		267,053
Suncor Energy Inc (Canada) 2.800% due 05/15/23		65,000		67,633
The Williams Cos Inc
3.600% due 03/15/22		250,000		254,221
4.500% due 11/15/23		250,000		270,771
7.875% due 09/01/21		250,000		253,046
TotalEnergies Capital Canada Ltd (France) 2.750% due 07/15/23		400,000		418,426
TotalEnergies Capital International SA (France) 2.700% due 01/25/23		250,000		259,141
TransCanada PipeLines Ltd (Canada) 3.750% due 10/16/23		350,000		372,718
Valero Energy Corp
1.200% due 03/15/24		500,000		504,637
2.700% due 04/15/23		60,000		62,231
				17,773,884
Financial - 45.3%
AerCap Ireland Capital DAC (Ireland)
3.300% due 01/23/23		300,000		311,306
4.875% due 01/16/24		350,000		381,246
Affiliated Managers Group Inc 4.250% due 02/15/24		350,000		380,564
Air Lease Corp
0.700% due 02/15/24		200,000		199,368
2.250% due 01/15/23		250,000		256,752
2.625% due 07/01/22		200,000		203,855
3.500% due 01/15/22		350,000		355,824

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-181

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Aircastle Ltd 4.400% due 09/25/23		$250,000		$267,823
Ally Financial Inc
1.450% due 10/02/23		65,000		66,000
3.050% due 06/05/23		135,000		140,930
4.125% due 02/13/22		400,000		409,187
American Express Co
2.500% due 08/01/22		350,000		357,534
2.650% due 12/02/22		400,000		413,244
3.400% due 02/27/23		350,000		366,501
3.700% due 08/03/23		750,000		799,002
American International Group Inc 4.875% due 06/01/22		350,000		364,399
American Tower Corp REIT
3.000% due 06/15/23		200,000		209,659
3.375% due 05/15/24		750,000		802,729
3.500% due 01/31/23		250,000		261,981
Ares Capital Corp
3.625% due 01/19/22		200,000		202,843
4.200% due 06/10/24		250,000		268,774
Australia & New Zealand Banking Group Ltd (Australia) 2.050% due 11/21/22		550,000		563,536
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		200,000		200,781
Banco Santander SA (Spain)
0.701% due 06/30/24		715,000		716,640
3.125% due 02/23/23		200,000		208,383
3.848% due 04/12/23		200,000		211,720
Bank of America Corp
0.523% due 06/14/24		350,000		350,028
0.810% due 10/24/24		2,250,000		2,259,946
0.976% due 04/22/25		1,250,000		1,254,422
1.486% due 05/19/24		250,000		254,407
2.816% due 07/21/23		250,000		256,281
3.004% due 12/20/23		500,000		518,277
3.300% due 01/11/23		900,000		939,549
3.550% due 03/05/24		750,000		788,166
3.864% due 07/23/24		1,150,000		1,226,459
Bank of Montreal (Canada)
0.450% due 12/08/23		430,000		431,768
2.050% due 11/01/22		490,000		501,559
2.350% due 09/11/22		200,000		205,066
Barclays PLC (United Kingdom)
1.007% due 12/10/24		345,000		346,385
3.684% due 01/10/23		250,000		254,295
3.932% due 05/07/25		750,000		810,066
4.338% due 05/16/24		450,000		479,889
Berkshire Hathaway Inc 3.000% due 02/11/23		300,000		313,222
BGC Partners Inc 5.375% due 07/24/23		250,000		270,777
Blackstone Secured Lending Fund 3.650% due 07/14/23 ~		100,000		104,292
BNP Paribas SA (France) 3.250% due 03/03/23		200,000		209,660
Boston Properties LP REIT 3.850% due 02/01/23		400,000		417,812
BPCE SA (France) 4.000% due 04/15/24		350,000		382,094
Canadian Imperial Bank of Commerce (Canada)
0.450% due 06/22/23		185,000		185,009
0.500% due 12/14/23		250,000		249,438
0.950% due 06/23/23		440,000		444,070
2.606% due 07/22/23		250,000		255,810
3.100% due 04/02/24		250,000		265,803
3.500% due 09/13/23		250,000		267,280
Capital One Bank USA NA 3.375% due 02/15/23		1,050,000		1,098,964

	Principal Amount		Value
Capital One Financial Corp 2.600% due 05/11/23		$342,000		$355,246
CC Holdings GS V LLC REIT 3.849% due 04/15/23		450,000		476,644
Chubb INA Holdings Inc
2.875% due 11/03/22		300,000		308,935
3.350% due 05/15/24		250,000		269,868
Citigroup Inc
0.776% due 10/30/24		1,250,000		1,253,533
0.981% due 05/01/25		850,000		852,297
1.678% due 05/15/24		750,000		766,032
2.700% due 10/27/22		400,000		411,689
2.876% due 07/24/23		650,000		666,815
3.352% due 04/24/25		250,000		266,524
3.500% due 05/15/23		250,000		263,649
4.044% due 06/01/24		200,000		213,114
CME Group Inc 3.000% due 09/15/22		250,000		258,050
Comerica Inc 3.700% due 07/31/23		250,000		265,924
Cooperatieve Rabobank UA (Netherlands)
0.375% due 01/12/24		435,000		433,415
3.950% due 11/09/22		500,000		523,568
Credit Suisse AG (Switzerland)
0.495% due 02/02/24		290,000		288,949
1.000% due 05/05/23		1,100,000		1,112,132
Credit Suisse Group Funding Guernsey Ltd (Switzerland) 3.800% due 09/15/22		750,000		780,635
Crown Castle International Corp REIT 3.150% due 07/15/23		200,000		210,074
Deutsche Bank AG (Germany)
0.898% due 05/28/24		400,000		398,354
1.447% due 04/01/25		250,000		251,592
2.222% due 09/18/24		900,000		924,657
3.300% due 11/16/22		350,000		362,704
3.950% due 02/27/23		100,000		105,047
Discover Bank
3.350% due 02/06/23		350,000		364,743
4.200% due 08/08/23		300,000		323,194
Fifth Third Bancorp
1.625% due 05/05/23		90,000		91,836
3.650% due 01/25/24		500,000		535,778
Fifth Third Bank NA 1.800% due 01/30/23		300,000		306,639
First Horizon Corp 3.550% due 05/26/23		100,000		105,263
First Republic Bank 1.912% due 02/12/24		250,000		255,565
FNB Corp 2.200% due 02/24/23		35,000		35,567
HSBC Holdings PLC (United Kingdom)
0.976% due 05/24/25		850,000		849,649
3.033% due 11/22/23		300,000		310,837
3.600% due 05/25/23		400,000		423,629
3.803% due 03/11/25		750,000		806,811
3.950% due 05/18/24		650,000		690,622
Huntington Bancshares Inc 2.300% due 01/14/22		92,000		92,878
ING Groep NV (Netherlands)
3.550% due 04/09/24		500,000		538,885
4.100% due 10/02/23		250,000		269,689
Intercontinental Exchange Inc
0.700% due 06/15/23		570,000		572,379
4.000% due 10/15/23		323,000		348,087
International Lease Finance Corp 5.875% due 08/15/22		500,000		529,271
JPMorgan Chase & Co
0.563% due 02/16/25		750,000		746,278
0.653% due 09/16/24		400,000		400,417

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-182

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
0.697% due 03/16/24		$500,000		$501,671
0.824% due 06/01/25		755,000		753,878
0.969% due 06/23/25		500,000		500,811
1.514% due 06/01/24		1,300,000		1,325,922
3.200% due 01/25/23		200,000		208,968
3.220% due 03/01/25		250,000		265,663
3.250% due 09/23/22		500,000		518,133
3.559% due 04/23/24		750,000		791,009
3.797% due 07/23/24		600,000		639,451
4.023% due 12/05/24		850,000		917,836
KeyBank NA
0.423% due 01/03/24		250,000		250,113
0.433% due 06/14/24		250,000		250,262
1.250% due 03/10/23		250,000		253,794
2.300% due 09/14/22		250,000		256,049
Kimco Realty Corp REIT 3.400% due 11/01/22		250,000		258,658
Lincoln National Corp 4.000% due 09/01/23		250,000		268,460
Lloyds Banking Group PLC (United Kingdom)
0.695% due 05/11/24		200,000		200,602
2.907% due 11/07/23		350,000		360,977
3.900% due 03/12/24		250,000		271,155
4.050% due 08/16/23		750,000		804,249
Main Street Capital Corp 5.200% due 05/01/24		250,000		272,214
Marsh & McLennan Cos Inc 3.875% due 03/15/24		250,000		271,248
MetLife Inc 4.368% due 09/15/23		250,000		270,707
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		850,000		854,908
2.623% due 07/18/22		800,000		819,831
2.665% due 07/25/22		500,000		512,507
3.407% due 03/07/24		250,000		267,987
3.761% due 07/26/23		250,000		267,220
Mizuho Financial Group Inc (Japan)
0.849% due 09/08/24		200,000		201,072
1.241% due 07/10/24		400,000		405,650
2.721% due 07/16/23		200,000		204,802
3.549% due 03/05/23		400,000		420,952
Morgan Stanley
0.529% due 01/25/24	��	750,000		749,769
0.560% due 11/10/23		375,000		375,536
0.731% due 04/05/24		480,000		481,119
0.790% due 05/30/25		500,000		498,593
3.125% due 01/23/23		350,000		365,008
3.737% due 04/24/24		1,200,000		1,269,369
3.750% due 02/25/23		500,000		527,031
3.875% due 04/29/24		500,000		544,039
4.100% due 05/22/23		350,000		372,774
4.875% due 11/01/22		350,000		369,830
MUFG Union Bank NA 2.100% due 12/09/22		250,000		255,853
Nasdaq Inc
0.445% due 12/21/22		100,000		99,999
4.250% due 06/01/24		350,000		382,921
National Australia Bank Ltd (Australia)
1.875% due 12/13/22		500,000		511,752
3.625% due 06/20/23		250,000		265,460
National Bank of Canada (Canada)
0.550% due 11/15/24		350,000		348,866
2.100% due 02/01/23		250,000		256,585
Natwest Group PLC (United Kingdom)
2.359% due 05/22/24		200,000		206,164
3.875% due 09/12/23		1,220,000		1,303,626
4.269% due 03/22/25		500,000		542,635
4.519% due 06/25/24		300,000		322,226
5.125% due 05/28/24		350,000		388,862

	Principal Amount		Value
Omega Healthcare Investors Inc REIT 4.375% due 08/01/23		$52,000		$55,394
ORIX Corp (Japan) 2.900% due 07/18/22		200,000		205,268
Owl Rock Capital Corp 5.250% due 04/15/24		350,000		382,728
People’s United Financial Inc 3.650% due 12/06/22		200,000		207,044
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		190,000		197,439
PNC Bank NA
2.450% due 07/28/22		250,000		255,474
2.700% due 11/01/22		500,000		514,932
Prudential Financial Inc
5.625% due 06/15/43		200,000		214,725
5.875% due 09/15/42		200,000		211,451
Public Storage REIT 2.370% due 09/15/22		200,000		204,545
Royal Bank of Canada (Canada)
0.425% due 01/19/24		645,000		643,186
0.500% due 10/26/23		520,000		520,868
1.600% due 04/17/23		500,000		511,004
1.950% due 01/17/23		150,000		153,759
Santander Holdings USA Inc
3.500% due 06/07/24		250,000		267,577
3.700% due 03/28/22		500,000		510,382
Santander UK Group Holdings PLC (United Kingdom)
1.089% due 03/15/25		1,000,000		1,003,868
4.796% due 11/15/24		350,000		382,851
Simon Property Group LP REIT 2.750% due 02/01/23		200,000		206,125
SL Green Operating Partnership LP REIT 3.250% due 10/15/22		250,000		257,441
Sumitomo Mitsui Banking Corp (Japan)
3.000% due 01/18/23		250,000		260,058
3.950% due 07/19/23		250,000		268,044
Sumitomo Mitsui Financial Group Inc (Japan)
0.508% due 01/12/24		650,000		647,655
3.102% due 01/17/23		1,000,000		1,042,586
Svenska Handelsbanken AB (Sweden) 3.900% due 11/20/23		300,000		325,135
Synchrony Financial 2.850% due 07/25/22		295,000		302,025
The Allstate Corp 3.150% due 06/15/23		250,000		263,159
The Bank of New York Mellon Corp
0.350% due 12/07/23		415,000		414,716
0.500% due 04/26/24		250,000		249,847
1.850% due 01/27/23		480,000		491,368
3.450% due 08/11/23		500,000		532,696
3.500% due 04/28/23		250,000		264,634
The Bank of Nova Scotia (Canada)
0.550% due 09/15/23		150,000		150,402
0.700% due 04/15/24		250,000		250,363
1.625% due 05/01/23		250,000		255,590
1.950% due 02/01/23		500,000		512,725
2.000% due 11/15/22		500,000		511,450
3.400% due 02/11/24		250,000		268,117
The Charles Schwab Corp
0.750% due 03/18/24		400,000		402,395
2.650% due 01/25/23		250,000		258,489
The Goldman Sachs Group Inc
0.523% due 03/08/23		220,000		220,214
0.627% due 11/17/23		285,000		285,157
0.657% due 09/10/24		350,000		349,612
0.673% due 03/08/24		1,100,000		1,102,170
2.905% due 07/24/23		1,100,000		1,127,735
3.200% due 02/23/23		1,050,000		1,095,806
3.625% due 01/22/23		500,000		525,011

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-183

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
The Huntington National Bank 3.550% due 10/06/23		$500,000		$533,568
The PNC Financial Services Group Inc
2.854% due 11/09/22		200,000		206,987
3.500% due 01/23/24		250,000		268,496
The Toronto-Dominion Bank (Canada)
0.250% due 01/06/23		210,000		209,840
0.300% due 06/02/23		250,000		250,146
0.450% due 09/11/23		500,000		500,765
0.550% due 03/04/24		250,000		249,927
0.750% due 06/12/23		165,000		166,207
1.900% due 12/01/22		500,000		511,545
3.500% due 07/19/23		200,000		212,646
Truist Bank 1.250% due 03/09/23		750,000		761,422
Truist Financial Corp
2.200% due 03/16/23		400,000		411,853
2.750% due 04/01/22		200,000		203,413
3.750% due 12/06/23		250,000		269,024
US Bancorp 3.375% due 02/05/24		250,000		267,821
US Bank NA
1.950% due 01/09/23		500,000		512,226
3.400% due 07/24/23		250,000		265,040
Visa Inc
2.150% due 09/15/22		200,000		204,389
2.800% due 12/14/22		350,000		361,676
Wells Fargo & Co
0.805% due 05/19/25		60,000		59,896
1.654% due 06/02/24		1,010,000		1,031,882
3.450% due 02/13/23		150,000		157,277
3.750% due 01/24/24		500,000		537,905
4.125% due 08/15/23		1,250,000		1,344,756
Wells Fargo Bank NA 3.550% due 08/14/23		700,000		745,405
Welltower Inc REIT 3.625% due 03/15/24		500,000		536,382
Westpac Banking Corp (Australia)
2.000% due 01/13/23		560,000		574,763
3.300% due 02/26/24		500,000		536,019
Willis North America Inc 3.600% due 05/15/24		350,000		376,217
				101,234,328
Industrial - 6.1%
3M Co 3.250% due 02/14/24		250,000		267,850
Agilent Technologies Inc 3.875% due 07/15/23		250,000		265,477
Berry Global Inc 0.950% due 02/15/24 ~		500,000		501,060
Burlington Northern Santa Fe LLC
3.050% due 09/01/22		400,000		409,969
3.850% due 09/01/23		200,000		213,448
Caterpillar Financial Services Corp
0.250% due 03/01/23		165,000		164,661
0.450% due 09/14/23		430,000		431,031
0.450% due 05/17/24		150,000		149,550
0.650% due 07/07/23		300,000		301,819
0.950% due 05/13/22		200,000		201,422
1.900% due 09/06/22		895,000		911,645
1.950% due 11/18/22		250,000		255,578
CNH Industrial Capital LLC 1.950% due 07/02/23		330,000		338,407
CNH Industrial NV (United Kingdom) 4.500% due 08/15/23		250,000		269,660
Eaton Corp 2.750% due 11/02/22		350,000		361,401
Fortune Brands Home & Security Inc 4.000% due 09/21/23		250,000		267,720

	Principal Amount		Value
General Dynamics Corp
2.250% due 11/15/22		$250,000		$255,612
3.375% due 05/15/23		150,000		158,246
Honeywell International Inc 2.150% due 08/08/22		445,000		453,640
Jabil Inc 4.700% due 09/15/22		200,000		209,897
John Deere Capital Corp
0.250% due 01/17/23		200,000		199,987
0.400% due 10/10/23		275,000		275,374
0.450% due 01/17/24		200,000		199,854
0.450% due 06/07/24		165,000		164,555
0.550% due 07/05/22		110,000		110,455
0.700% due 07/05/23		700,000		705,144
2.150% due 09/08/22		100,000		102,214
2.800% due 03/06/23		200,000		208,465
Norfolk Southern Corp 3.000% due 04/01/22		200,000		202,753
Northrop Grumman Corp 3.250% due 08/01/23		300,000		317,391
Packaging Corp of America 4.500% due 11/01/23		250,000		270,286
Parker-Hannifin Corp 3.500% due 09/15/22		200,000		207,473
Precision Castparts Corp 2.500% due 01/15/23		200,000		205,607
Raytheon Technologies Corp 2.500% due 12/15/22		250,000		256,509
Ryder System Inc
2.800% due 03/01/22		300,000		304,427
3.750% due 06/09/23		100,000		105,977
Teledyne Technologies Inc
0.650% due 04/01/23		200,000		200,062
0.950% due 04/01/24		200,000		200,346
The Boeing Co
1.167% due 02/04/23		220,000		220,930
1.433% due 02/04/24		835,000		837,278
1.950% due 02/01/24		250,000		256,136
2.700% due 05/01/22		85,000		86,804
4.508% due 05/01/23		500,000		533,210
8.750% due 08/15/21		200,000		202,030
Union Pacific Corp
3.500% due 06/08/23		150,000		158,795
4.163% due 07/15/22		200,000		206,126
United Parcel Service Inc 2.500% due 04/01/23		200,000		207,320
Westinghouse Air Brake Technologies Corp 4.400% due 03/15/24		211,000		228,779
				13,562,380
Technology - 8.2%
Adobe Inc 1.700% due 02/01/23		95,000		97,153
Analog Devices Inc 2.500% due 12/05/21		150,000		151,173
Apple Inc
0.750% due 05/11/23		1,345,000		1,357,077
1.700% due 09/11/22		200,000		203,573
2.100% due 09/12/22		250,000		255,274
2.300% due 05/11/22		500,000		508,308
2.400% due 05/03/23		200,000		207,633
2.700% due 05/13/22		300,000		306,495
2.850% due 02/23/23		350,000		363,601
3.450% due 05/06/24		500,000		541,403
Broadcom Corp 3.625% due 01/15/24		500,000		534,081
Dell International LLC 5.450% due 06/15/23		850,000		922,377
DXC Technology Co 4.250% due 04/15/24		250,000		271,373

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-184

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Fidelity National Information Services Inc
0.375% due 03/01/23		$100,000		$99,902
0.600% due 03/01/24		335,000		334,720
Fiserv Inc
3.500% due 10/01/22		250,000		257,857
3.800% due 10/01/23		350,000		374,731
Hewlett Packard Enterprise Co
1.450% due 04/01/24		250,000		254,377
2.250% due 04/01/23		200,000		205,975
4.400% due 10/15/22		350,000		365,305
4.450% due 10/02/23		500,000		540,981
HP Inc 4.050% due 09/15/22		300,000		313,199
Intel Corp
2.700% due 12/15/22		400,000		414,101
3.100% due 07/29/22		200,000		206,341
International Business Machines Corp
1.875% due 08/01/22		300,000		305,171
2.875% due 11/09/22		150,000		155,283
3.000% due 05/15/24		1,100,000		1,172,790
3.375% due 08/01/23		250,000		265,591
3.625% due 02/12/24		250,000		269,485
Intuit Inc 0.650% due 07/15/23		65,000		65,371
Leidos Inc 2.950% due 05/15/23		35,000		36,499
Marvell Technology Inc 4.200% due 06/22/23 ~		250,000		265,877
Microchip Technology Inc 4.333% due 06/01/23		200,000		213,361
Micron Technology Inc 2.497% due 04/24/23		305,000		315,521
Microsoft Corp
2.000% due 08/08/23		1,000,000		1,032,896
2.375% due 05/01/23		250,000		258,467
2.650% due 11/03/22		100,000		102,881
2.875% due 02/06/24		350,000		370,241
NXP BV (China) 4.875% due 03/01/24 ~		500,000		550,723
Oracle Corp
2.400% due 09/15/23		600,000		622,386
2.500% due 05/15/22		300,000		304,677
2.500% due 10/15/22		300,000		308,219
2.625% due 02/15/23		250,000		258,473
QUALCOMM Inc 2.600% due 01/30/23		350,000		362,737
Roper Technologies Inc 0.450% due 08/15/22		450,000		450,473
salesforce.com Inc due 07/15/24 #		695,000		695,459
3.250% due 04/11/23		200,000		209,875
VMware Inc 2.950% due 08/21/22		350,000		359,137
Xilinx Inc 2.950% due 06/01/24		350,000		370,286
				18,408,889
Utilities - 4.7%
American Electric Power Co Inc 0.750% due 11/01/23		185,000		185,119
Atmos Energy Corp 0.625% due 03/09/23		85,000		85,029
Berkshire Hathaway Energy Co 2.800% due 01/15/23		300,000		310,479
CenterPoint Energy Inc 2.500% due 09/01/22		200,000		204,520
CenterPoint Energy Resources Corp 0.700% due 03/02/23		115,000		115,014
Consolidated Edison Inc 0.650% due 12/01/23		200,000		200,041

	Principal Amount		Value
Consumers Energy Co 0.350% due 06/01/23	$	125,000	$	124,849
Dominion Energy Inc 2.000% due 08/15/21		200,000		200,128
DTE Energy Co
0.550% due 11/01/22		395,000		395,892
2.250% due 11/01/22		100,000		102,286
2.600% due 06/15/22		105,000		107,290
Duke Energy Carolinas LLC 3.350% due 05/15/22		250,000		257,016
Duke Energy Florida LLC 3.100% due 08/15/21		250,000		250,570
Edison International 3.125% due 11/15/22		35,000		36,063
Emera US Finance LP (Canada) 0.833% due 06/15/24 ~		350,000		348,277
Entergy Louisiana LLC 0.620% due 11/17/23		250,000		250,399
Exelon Generation Co LLC 3.400% due 03/15/22		600,000		610,799
ITC Holdings Corp 2.700% due 11/15/22		200,000		205,679
National Rural Utilities Cooperative Finance Corp
0.350% due 02/08/24		95,000		94,691
2.400% due 04/25/22		200,000		203,225
3.050% due 02/15/22		350,000		353,706
NextEra Energy Capital Holdings Inc 0.650% due 03/01/23		955,000		959,130
Oncor Electric Delivery Co LLC 4.100% due 06/01/22		250,000		256,222
ONE Gas Inc
0.850% due 03/11/23		250,000		250,131
1.100% due 03/11/24		250,000		250,181
Pacific Gas and Electric Co
1.367% due 03/10/23		335,000		335,024
4.250% due 08/01/23		250,000		265,053
Public Service Co of New Hampshire 3.500% due 11/01/23		250,000		265,863
Public Service Enterprise Group Inc 2.650% due 11/15/22		250,000		257,355
Sempra Energy 2.900% due 02/01/23		200,000		207,117
Southern California Edison Co
0.700% due 04/03/23		155,000		155,110
1.100% due 04/01/24		255,000		256,828
Southern Co Gas Capital Corp 2.450% due 10/01/23		350,000		363,995
The Connecticut Light & Power Co 2.500% due 01/15/23		350,000		359,635
The Southern Co
0.600% due 02/26/24		115,000		114,736
2.950% due 07/01/23		500,000		521,874
WEC Energy Group Inc
0.550% due 09/15/23		250,000		250,042
0.800% due 03/15/24		125,000		125,335
Xcel Energy Inc 0.500% due 10/15/23		580,000		580,229
				10,414,932
Total Corporate Bonds & Notes (Cost $219,847,950)				221,653,207

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-185

PACIFIC SELECT FUND

PD 1-3 YEAR CORPORATE BOND PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.7%
Money Market Fund - 0.7%
BlackRock Liquidity Funds T-Fund Institutional 0.010%		1,665,582		$1,665,582
Total Short-Term Investment (Cost $1,665,582)				1,665,582
TOTAL INVESTMENTS - 99.8% (Cost $221,513,532)				223,318,789
OTHER ASSETS & LIABILITIES, NET - 0.2%				359,994
NET ASSETS - 100.0%				$223,678,783

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	45.3%
Consumer, Non-Cyclical	13.9%
Technology	8.2%
Energy	7.9%
Consumer, Cyclical	6.4%
Industrial	6.1%
Communications	5.1%
Utilities	4.7%
Others (each less than 3.0%)	2.2%
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$221,653,207		$-		$221,653,207		$-
	Short-Term Investment		1,665,582		1,665,582		-		-
	Total		$223,318,789		$1,665,582		$221,653,207		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-186

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 28.3%
Basic Materials - 0.7%
Air Products & Chemicals Inc 3.350% due 07/31/24		$100,000		$107,712
Albemarle Corp 5.450% due 12/01/44		50,000		63,352
Celanese US Holdings LLC 4.625% due 11/15/22		30,000		31,618
DuPont de Nemours Inc
4.493% due 11/15/25		100,000		113,762
4.725% due 11/15/28		150,000		178,991
5.319% due 11/15/38		65,000		86,082
5.419% due 11/15/48		75,000		104,326
Eastman Chemical Co
3.800% due 03/15/25		100,000		109,381
4.650% due 10/15/44		50,000		60,589
4.800% due 09/01/42		100,000		122,402
Ecolab Inc 2.375% due 08/10/22		200,000		204,235
Fibria Overseas Finance Ltd (Brazil) 5.500% due 01/17/27		50,000		58,063
FMC Corp 4.100% due 02/01/24		50,000		53,728
Georgia-Pacific LLC 8.875% due 05/15/31		100,000		158,073
Huntsman International LLC 4.500% due 05/01/29		45,000		51,224
International Paper Co
4.350% due 08/15/48		54,000		67,056
6.000% due 11/15/41		200,000		284,690
Kinross Gold Corp (Canada) 5.950% due 03/15/24		100,000		111,916
Linde Inc
1.100% due 08/10/30		50,000		47,059
2.000% due 08/10/50		30,000		25,856
2.200% due 08/15/22		100,000		101,692
LYB International Finance III LLC
1.250% due 10/01/25		20,000		19,972
2.250% due 10/01/30		25,000		25,001
3.375% due 05/01/30		250,000		271,328
3.375% due 10/01/40		30,000		31,144
3.625% due 04/01/51		40,000		42,333
3.800% due 10/01/60		30,000		31,802
4.200% due 05/01/50		300,000		346,226
LyondellBasell Industries NV 4.625% due 02/26/55		75,000		90,614
NewMarket Corp 2.700% due 03/18/31		100,000		100,140
Newmont Corp
2.250% due 10/01/30		65,000		64,881
5.875% due 04/01/35		100,000		135,873
Nucor Corp
2.000% due 06/01/25		250,000		258,889
2.979% due 12/15/55 ~		25,000		24,277
4.000% due 08/01/23		25,000		26,651
4.125% due 09/15/22		50,000		51,779
Nutrien Ltd (Canada)
1.900% due 05/13/23		15,000		15,373
2.950% due 05/13/30		50,000		52,806
4.200% due 04/01/29		55,000		63,299
5.250% due 01/15/45		145,000		193,685
PPG Industries Inc
1.200% due 03/15/26		70,000		69,880
2.800% due 08/15/29		50,000		53,219
Reliance Steel & Aluminum Co 1.300% due 08/15/25		40,000		40,145
Rio Tinto Finance USA Ltd (Australia) 7.125% due 07/15/28		50,000		67,762

	Principal Amount		Value
Rio Tinto Finance USA PLC (Australia) 4.750% due 03/22/42		$200,000		$261,412
RPM International Inc 5.250% due 06/01/45		50,000		62,403
Southern Copper Corp (Peru)
5.250% due 11/08/42		150,000		192,477
7.500% due 07/27/35		50,000		72,422
Steel Dynamics Inc
1.650% due 10/15/27		10,000		9,989
2.400% due 06/15/25		15,000		15,702
3.250% due 01/15/31		40,000		42,970
3.250% due 10/15/50		20,000		20,005
Suzano Austria GmbH (Brazil)
due 01/15/32 #		40,000		39,665
3.750% due 01/15/31		125,000		131,250
Teck Resources Ltd (Canada) 3.900% due 07/15/30		250,000		269,739
The Dow Chemical Co
2.100% due 11/15/30		250,000		247,160
3.600% due 11/15/50		250,000		270,619
4.250% due 10/01/34		200,000		231,829
4.800% due 05/15/49		65,000		83,715
The Mosaic Co 5.450% due 11/15/33		163,000		204,661
The Sherwin-Williams Co
3.125% due 06/01/24		25,000		26,714
3.450% due 06/01/27		60,000		66,238
3.950% due 01/15/26		150,000		167,642
4.000% due 12/15/42		50,000		57,531
4.500% due 06/01/47		29,000		36,338
Vale Overseas Ltd (Brazil)
6.875% due 11/21/36		150,000		205,794
8.250% due 01/17/34		100,000		146,250
Westlake Chemical Corp 4.375% due 11/15/47		100,000		117,824
				7,199,235
Communications - 2.9%
Alibaba Group Holding Ltd (China)
2.700% due 02/09/41		350,000		334,894
3.600% due 11/28/24		200,000		217,709
Alphabet Inc
0.800% due 08/15/27		150,000		145,936
1.900% due 08/15/40		150,000		136,696
1.998% due 08/15/26		200,000		209,366
2.250% due 08/15/60		150,000		132,754
Amazon.com Inc
0.250% due 05/12/23		35,000		35,026
0.450% due 05/12/24		45,000		44,913
0.800% due 06/03/25		565,000		566,353
1.000% due 05/12/26		100,000		100,067
1.500% due 06/03/30		85,000		83,163
1.650% due 05/12/28		100,000		100,917
2.100% due 05/12/31		100,000		101,747
2.400% due 02/22/23		200,000		206,756
2.500% due 06/03/50		40,000		37,884
2.700% due 06/03/60		300,000		288,217
2.875% due 05/12/41		100,000		103,301
3.100% due 05/12/51		100,000		105,180
3.250% due 05/12/61		100,000		105,564
3.875% due 08/22/37		195,000		232,922
4.050% due 08/22/47		70,000		85,550
4.250% due 08/22/57		100,000		128,356
5.200% due 12/03/25		50,000		58,700
America Movil SAB de CV (Mexico)
2.875% due 05/07/30		200,000		211,605
6.375% due 03/01/35		125,000		179,662
AT&T Inc
1.650% due 02/01/28		300,000		297,960
2.250% due 02/01/32		165,000		162,121

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-187

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
2.300% due 06/01/27		$550,000		$569,324
2.550% due 12/01/33 ~		250,000		247,929
2.750% due 06/01/31		100,000		104,053
3.500% due 06/01/41		400,000		416,247
3.500% due 09/15/53 ~		197,000		198,219
3.550% due 09/15/55 ~		433,000		435,082
3.650% due 06/01/51		350,000		364,283
3.650% due 09/15/59 ~		121,000		122,890
3.800% due 12/01/57 ~		200,000		208,756
3.850% due 06/01/60		45,000		47,531
4.125% due 02/17/26		300,000		337,445
4.250% due 03/01/27		100,000		113,539
4.300% due 12/15/42		393,000		448,215
4.350% due 03/01/29		150,000		173,792
4.350% due 06/15/45		177,000		203,700
4.500% due 05/15/35		90,000		105,779
4.550% due 03/09/49		100,000		117,801
4.850% due 03/01/39		70,000		85,187
5.350% due 09/01/40		161,000		208,005
Baidu Inc (China) 2.875% due 07/06/22		300,000		306,533
Bell Canada (Canada) 4.464% due 04/01/48		65,000		81,009
Booking Holdings Inc
3.600% due 06/01/26		50,000		55,455
4.625% due 04/13/30		200,000		239,006
British Telecommunications PLC (United Kingdom)
5.125% due 12/04/28		200,000		238,152
9.625% due 12/15/30		50,000		77,518
Charter Communications Operating LLC
3.500% due 06/01/41		60,000		60,505
3.750% due 02/15/28		100,000		110,371
3.850% due 04/01/61		335,000		329,615
3.900% due 06/01/52		175,000		178,699
4.200% due 03/15/28		200,000		226,637
4.400% due 12/01/61		100,000		107,658
4.464% due 07/23/22		100,000		103,542
4.500% due 02/01/24		100,000		108,980
4.908% due 07/23/25		150,000		170,034
5.125% due 07/01/49		100,000		119,308
5.375% due 05/01/47		50,000		61,373
6.384% due 10/23/35		70,000		93,717
6.484% due 10/23/45		165,000		227,621
6.834% due 10/23/55		50,000		73,780
Cisco Systems Inc
2.600% due 02/28/23		50,000		51,951
2.950% due 02/28/26		50,000		54,356
3.625% due 03/04/24		325,000		351,678
Comcast Corp
1.500% due 02/15/31		700,000		663,858
1.950% due 01/15/31		140,000		138,153
2.350% due 01/15/27		40,000		41,992
2.450% due 08/15/52		100,000		90,533
2.800% due 01/15/51		55,000		53,011
3.100% due 04/01/25		100,000		108,115
3.300% due 02/01/27		100,000		110,015
3.400% due 07/15/46		55,000		58,774
3.700% due 04/15/24		85,000		92,217
3.750% due 04/01/40		155,000		175,003
3.950% due 10/15/25		100,000		112,110
3.999% due 11/01/49		211,000		248,929
4.000% due 08/15/47		100,000		117,018
4.049% due 11/01/52		97,000		115,681
4.150% due 10/15/28		95,000		110,042
4.250% due 10/15/30		420,000		494,678
4.400% due 08/15/35		77,000		92,888
4.600% due 10/15/38		85,000		105,532
4.600% due 08/15/45		77,000		96,952
4.700% due 10/15/48		325,000		419,743

	Principal Amount		Value
4.750% due 03/01/44		$300,000		$383,834
4.950% due 10/15/58		80,000		110,999
Corning Inc
4.375% due 11/15/57		100,000		119,502
4.700% due 03/15/37		50,000		60,185
5.350% due 11/15/48		100,000		134,775
Deutsche Telekom International Finance BV (Germany) 8.750% due 06/15/30		185,000		277,453
Discovery Communications LLC
3.450% due 03/15/25		100,000		107,491
3.625% due 05/15/30		250,000		272,999
3.800% due 03/13/24		100,000		107,324
3.950% due 03/20/28		60,000		66,804
4.000% due 09/15/55		118,000		125,128
5.200% due 09/20/47		30,000		37,348
E*TRADE Financial Corp
3.800% due 08/24/27		15,000		16,692
4.500% due 06/20/28		50,000		57,972
eBay Inc
1.900% due 03/11/25		50,000		51,710
2.700% due 03/11/30		100,000		104,173
2.750% due 01/30/23		50,000		51,767
3.600% due 06/05/27		50,000		55,572
Expedia Group Inc
3.800% due 02/15/28		50,000		54,412
4.500% due 08/15/24		200,000		219,000
Fox Corp 3.050% due 04/07/25		150,000		160,757
FOX Corp 5.576% due 01/25/49		200,000		270,691
JD.com Inc (China) 4.125% due 01/14/50		200,000		214,292
Juniper Networks Inc 3.750% due 08/15/29		100,000		111,302
Motorola Solutions Inc
2.750% due 05/24/31		100,000		102,164
4.600% due 02/23/28		100,000		116,688
Omnicom Group Inc
2.600% due 08/01/31		100,000		101,738
3.600% due 04/15/26		50,000		55,280
Orange SA (France)
5.375% due 01/13/42		150,000		203,140
9.000% due 03/01/31		50,000		78,719
Rogers Communications Inc (Canada)
4.300% due 02/15/48		85,000		98,326
4.350% due 05/01/49		75,000		88,499
4.500% due 03/15/43		25,000		29,329
5.000% due 03/15/44		100,000		125,191
T-Mobile USA Inc
2.250% due 11/15/31		50,000		49,510
2.550% due 02/15/31		300,000		304,200
3.000% due 02/15/41		20,000		19,803
3.300% due 02/15/51		50,000		49,980
3.500% due 04/15/25		200,000		217,312
3.600% due 11/15/60		220,000		224,257
3.875% due 04/15/30		300,000		336,375
4.500% due 04/15/50		200,000		238,397
TD Ameritrade Holding Corp 3.750% due 04/01/24		50,000		54,160
Telefonica Emisiones SA (Spain)
5.213% due 03/08/47		150,000		187,623
7.045% due 06/20/36		150,000		216,280
Telefonica Europe BV (Spain) 8.250% due 09/15/30		250,000		366,773
TELUS Corp (Canada) 4.600% due 11/16/48		100,000		124,871
The Interpublic Group of Cos Inc
2.400% due 03/01/31		100,000		100,468
3.375% due 03/01/41		70,000		72,744

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-188

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
The Walt Disney Co
1.650% due 09/01/22		$20,000		$20,324
1.750% due 08/30/24		50,000		51,719
1.750% due 01/13/26		70,000		72,014
2.000% due 09/01/29		35,000		35,412
2.200% due 01/13/28		350,000		363,050
2.650% due 01/13/31		310,000		325,691
2.750% due 09/01/49		45,000		44,520
3.375% due 11/15/26		200,000		220,668
3.600% due 01/13/51		200,000		227,300
4.700% due 03/23/50		200,000		267,190
5.400% due 10/01/43		100,000		139,918
6.400% due 12/15/35		39,000		57,214
6.650% due 11/15/37		150,000		226,311
Thomson Reuters Corp (Canada)
5.650% due 11/23/43		150,000		201,747
5.850% due 04/15/40		25,000		34,650
Time Warner Cable LLC
5.875% due 11/15/40		150,000		194,594
6.550% due 05/01/37		100,000		136,550
6.750% due 06/15/39		50,000		69,811
7.300% due 07/01/38		150,000		219,341
TWDC Enterprises 18 Corp 2.350% due 12/01/22		100,000		102,817
VeriSign Inc 2.700% due 06/15/31		80,000		81,374
Verizon Communications Inc
0.750% due 03/22/24		535,000		537,464
0.850% due 11/20/25		100,000		98,959
1.450% due 03/20/26		40,000		40,358
1.500% due 09/18/30		90,000		86,108
1.750% due 01/20/31		100,000		95,905
2.100% due 03/22/28		60,000		61,299
2.550% due 03/21/31		140,000		143,204
2.650% due 11/20/40		450,000		433,854
2.875% due 11/20/50		100,000		95,232
2.987% due 10/30/56		683,000		643,146
3.000% due 11/20/60		90,000		84,255
3.150% due 03/22/30		500,000		540,317
3.376% due 02/15/25		200,000		217,417
3.400% due 03/22/41		80,000		84,731
3.550% due 03/22/51		55,000		58,842
3.700% due 03/22/61		45,000		48,273
4.000% due 03/22/50		250,000		287,846
4.125% due 03/16/27		300,000		341,879
4.272% due 01/15/36		57,000		67,905
4.522% due 09/15/48		309,000		382,964
ViacomCBS Inc
2.900% due 01/15/27		50,000		53,158
3.375% due 02/15/28		55,000		60,219
3.875% due 04/01/24		100,000		107,639
4.200% due 05/19/32		300,000		346,549
4.375% due 03/15/43		70,000		81,191
5.900% due 10/15/40		50,000		67,289
6.875% due 04/30/36		100,000		143,904
7.875% due 07/30/30		100,000		142,815
Vodafone Group PLC (United Kingdom)
4.375% due 05/30/28		300,000		349,262
5.000% due 05/30/38		40,000		50,492
5.125% due 06/19/59		100,000		131,001
5.250% due 05/30/48		75,000		99,005
6.150% due 02/27/37		150,000		207,821
7.875% due 02/15/30		50,000		71,484
Weibo Corp (China) 3.375% due 07/08/30		200,000		209,160
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		100,000		103,652
				32,194,661

	Principal Amount		Value
Consumer, Cyclical - 1.5%
Advance Auto Parts Inc 1.750% due 10/01/27		$20,000		$19,870
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		118,050		120,713
American Honda Finance Corp
0.400% due 10/21/22		200,000		200,290
1.200% due 07/08/25		50,000		50,386
2.000% due 03/24/28		45,000		46,204
2.900% due 02/16/24		250,000		264,597
3.625% due 10/10/23		25,000		26,798
Aptiv Corp 4.150% due 03/15/24		40,000		43,426
Aptiv PLC
4.250% due 01/15/26		50,000		56,508
4.400% due 10/01/46		100,000		116,450
AutoNation Inc 4.500% due 10/01/25		100,000		110,916
AutoZone Inc
1.650% due 01/15/31		85,000		80,988
3.750% due 06/01/27		100,000		111,900
Best Buy Co Inc 4.450% due 10/01/28		50,000		58,176
BorgWarner Inc 2.650% due 07/01/27		25,000		26,538
Choice Hotels International Inc 3.700% due 12/01/29		25,000		27,160
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		18,762		19,872
Costco Wholesale Corp
1.375% due 06/20/27		200,000		201,446
1.750% due 04/20/32		200,000		197,184
Cummins Inc
0.750% due 09/01/25		35,000		34,749
1.500% due 09/01/30		100,000		96,660
2.600% due 09/01/50		100,000		95,788
Daimler Finance North America LLC (Germany) 8.500% due 01/18/31		50,000		75,884
Darden Restaurants Inc 3.850% due 05/01/27		130,000		144,536
Delta Air Lines Pass Through Trust “AA”
2.000% due 12/10/29		47,010		47,372
3.204% due 10/25/25		25,000		26,467
Dollar General Corp
3.250% due 04/15/23		50,000		52,194
3.875% due 04/15/27		50,000		56,159
4.150% due 11/01/25		25,000		27,990
Dollar Tree Inc
3.700% due 05/15/23		45,000		47,568
4.200% due 05/15/28		45,000		51,365
General Motors Co
4.200% due 10/01/27		50,000		55,816
5.400% due 04/01/48		50,000		63,803
6.125% due 10/01/25		250,000		296,125
6.250% due 10/02/43		100,000		138,262
6.750% due 04/01/46		25,000		36,118
General Motors Financial Co Inc
1.250% due 01/08/26		500,000		496,927
2.700% due 06/10/31		100,000		100,572
3.500% due 11/07/24		100,000		107,378
3.550% due 07/08/22		350,000		361,304
3.600% due 06/21/30		350,000		379,316
3.700% due 05/09/23		200,000		210,051
3.950% due 04/13/24		100,000		107,643
4.000% due 10/06/26	��	50,000		55,238
4.150% due 06/19/23		250,000		265,615

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-189

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Hasbro Inc
3.500% due 09/15/27		$30,000		$32,709
3.900% due 11/19/29		100,000		111,296
Hyatt Hotels Corp 4.850% due 03/15/26		25,000		27,947
JetBlue 2020-1 Class A Pass-Through Trust 4.000% due 05/15/34		14,509		16,052
Kohl’s Corp 5.550% due 07/17/45		50,000		59,940
Las Vegas Sands Corp
2.900% due 06/25/25		30,000		31,273
3.200% due 08/08/24		45,000		47,252
3.500% due 08/18/26		30,000		31,918
3.900% due 08/08/29		40,000		42,616
Leggett & Platt Inc 3.800% due 11/15/24		50,000		53,854
Lennar Corp 4.750% due 11/15/22		200,000		209,748
Lowe’s Cos Inc
1.300% due 04/15/28		20,000		19,531
1.700% due 10/15/30		20,000		19,190
2.625% due 04/01/31		100,000		103,442
3.000% due 10/15/50		15,000		14,816
3.500% due 04/01/51		50,000		53,716
3.650% due 04/05/29		35,000		39,204
3.700% due 04/15/46		250,000		275,134
3.875% due 09/15/23		100,000		106,749
4.500% due 04/15/30		250,000		296,100
Magna International Inc (Canada) 4.150% due 10/01/25		25,000		27,957
Marriott International Inc
3.125% due 06/15/26		200,000		212,609
3.500% due 10/15/32		40,000		42,544
McDonald’s Corp
3.350% due 04/01/23		25,000		26,239
3.375% due 05/26/25		100,000		108,702
3.500% due 03/01/27		50,000		55,266
3.500% due 07/01/27		300,000		332,762
3.600% due 07/01/30		100,000		112,549
3.700% due 02/15/42		200,000		225,948
3.800% due 04/01/28		25,000		28,322
4.200% due 04/01/50		150,000		181,319
4.450% due 09/01/48		10,000		12,466
4.875% due 07/15/40		10,000		12,862
Mohawk Industries Inc 3.625% due 05/15/30		50,000		54,774
NIKE Inc
2.250% due 05/01/23		27,000		27,851
2.850% due 03/27/30		350,000		380,823
3.375% due 11/01/46		200,000		225,566
3.625% due 05/01/43		25,000		29,066
Nordstrom Inc 4.250% due 08/01/31 ~		20,000		20,854
O’Reilly Automotive Inc
3.800% due 09/01/22		100,000		102,928
4.350% due 06/01/28		100,000		115,829
PACCAR Financial Corp
1.100% due 05/11/26		70,000		70,141
2.300% due 08/10/22		100,000		102,288
3.400% due 08/09/23		25,000		26,562
PulteGroup Inc 5.500% due 03/01/26		200,000		234,071
Ralph Lauren Corp 3.750% due 09/15/25		50,000		55,134
Ross Stores Inc
0.875% due 04/15/26		100,000		97,982
1.875% due 04/15/31		100,000		96,952
Sands China Ltd (Macau) 3.800% due 01/08/26		350,000		375,102

	Principal Amount		Value
Southwest Airlines Co 5.250% due 05/04/25		$180,000		$205,484
Starbucks Corp
2.450% due 06/15/26		50,000		52,711
3.500% due 03/01/28		100,000		111,848
3.500% due 11/15/50		200,000		216,061
3.550% due 08/15/29		100,000		111,857
3.750% due 12/01/47		35,000		38,702
4.300% due 06/15/45		35,000		41,232
4.450% due 08/15/49		100,000		124,278
Tapestry Inc 4.125% due 07/15/27		100,000		109,748
Target Corp
2.250% due 04/15/25		500,000		525,505
3.375% due 04/15/29		100,000		112,410
The Home Depot Inc
1.375% due 03/15/31		300,000		287,551
2.125% due 09/15/26		100,000		105,359
2.375% due 03/15/51		200,000		185,373
2.700% due 04/01/23		100,000		103,694
2.700% due 04/15/30		300,000		321,135
3.000% due 04/01/26		25,000		27,266
3.350% due 09/15/25		45,000		49,297
3.500% due 09/15/56		55,000		61,873
3.900% due 12/06/28		40,000		46,632
4.200% due 04/01/43		300,000		368,923
4.500% due 12/06/48		100,000		130,686
5.875% due 12/16/36		75,000		107,378
Toyota Motor Credit Corp
0.350% due 10/14/22		50,000		50,082
0.400% due 04/06/23		55,000		55,031
0.450% due 07/22/22		100,000		100,303
0.500% due 06/18/24		200,000		199,207
0.800% due 10/16/25		50,000		49,586
1.125% due 06/18/26		200,000		199,263
1.150% due 08/13/27		120,000		118,571
1.350% due 08/25/23		50,000		51,023
1.800% due 02/13/25		50,000		51,640
1.900% due 04/06/28		100,000		101,948
2.150% due 02/13/30		100,000		102,694
2.625% due 01/10/23		100,000		103,551
3.200% due 01/11/27		100,000		109,845
3.350% due 01/08/24		100,000		107,025
United Airlines Pass-Through Trust ‘A’
2.875% due 04/07/30		122,247		125,155
3.100% due 01/07/30		40,766		43,069
4.000% due 10/11/27		71,641		75,684
5.875% due 04/15/29		85,649		95,213
Walgreens Boots Alliance Inc 3.450% due 06/01/26		30,000		32,666
Walmart Inc
2.650% due 12/15/24		100,000		106,596
2.850% due 07/08/24		90,000		96,086
2.950% due 09/24/49		500,000		530,970
3.050% due 07/08/26		65,000		71,202
3.250% due 07/08/29		80,000		89,537
3.300% due 04/22/24		300,000		321,903
3.400% due 06/26/23		50,000		52,986
3.700% due 06/26/28		100,000		113,907
3.950% due 06/28/38		25,000		30,153
4.050% due 06/29/48		65,000		81,771
Whirlpool Corp
2.400% due 05/15/31		5,000		5,046
4.600% due 05/15/50		50,000		62,209
4.750% due 02/26/29		60,000		71,118
WW Grainger Inc
1.850% due 02/15/25		25,000		25,897
3.750% due 05/15/46		50,000		57,640
4.600% due 06/15/45		20,000		25,920
				17,157,777

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-190

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Consumer, Non-Cyclical - 4.7%
Abbott Laboratories
2.950% due 03/15/25		$100,000		$107,592
3.400% due 11/30/23		70,000		74,726
3.750% due 11/30/26		227,000		256,483
4.750% due 11/30/36		100,000		128,955
4.900% due 11/30/46		100,000		137,129
6.150% due 11/30/37		25,000		36,884
AbbVie Inc
2.300% due 11/21/22		425,000		436,319
2.600% due 11/21/24		80,000		84,389
2.850% due 05/14/23		50,000		52,051
2.950% due 11/21/26		455,000		489,423
3.200% due 11/06/22		70,000		72,324
3.200% due 05/14/26		100,000		108,510
3.200% due 11/21/29		175,000		190,204
3.250% due 10/01/22		100,000		102,831
3.600% due 05/14/25		175,000		191,052
3.800% due 03/15/25		70,000		76,608
4.050% due 11/21/39		70,000		81,413
4.250% due 11/21/49		300,000		360,129
4.300% due 05/14/36		50,000		59,477
4.400% due 11/06/42		125,000		151,984
4.500% due 05/14/35		160,000		192,969
4.625% due 10/01/42		100,000		123,845
4.700% due 05/14/45		50,000		62,356
4.750% due 03/15/45		330,000		415,580
Adventist Health System 3.630% due 03/01/49		15,000		16,529
Advocate Health & Hospitals Corp 3.387% due 10/15/49		50,000		54,605
Aetna Inc
2.750% due 11/15/22		125,000		128,408
2.800% due 06/15/23		25,000		26,029
3.500% due 11/15/24		100,000		108,260
3.875% due 08/15/47		30,000		33,686
4.125% due 11/15/42		100,000		114,668
Altria Group Inc
2.350% due 05/06/25		75,000		78,480
3.400% due 05/06/30		50,000		52,789
3.400% due 02/04/41		250,000		238,835
4.400% due 02/14/26		13,000		14,716
4.450% due 05/06/50		75,000		80,150
4.500% due 05/02/43		100,000		107,720
4.800% due 02/14/29		300,000		348,028
5.800% due 02/14/39		65,000		80,410
5.950% due 02/14/49		75,000		96,139
AmerisourceBergen Corp
3.400% due 05/15/24		100,000		106,976
3.450% due 12/15/27		50,000		54,648
Amgen Inc
1.900% due 02/21/25		35,000		36,271
2.200% due 02/21/27		35,000		36,368
2.300% due 02/25/31		200,000		202,595
2.450% due 02/21/30		50,000		51,593
2.770% due 09/01/53		311,000		294,726
3.200% due 11/02/27		50,000		54,655
3.375% due 02/21/50		250,000		264,454
3.625% due 05/22/24		100,000		107,686
4.400% due 05/01/45		100,000		121,630
5.150% due 11/15/41		174,000		229,378
Anheuser-Busch Cos LLC (Belgium)
3.650% due 02/01/26		500,000		552,483
4.700% due 02/01/36		1,025,000		1,259,113
Anheuser-Busch InBev Finance Inc (Belgium) 4.625% due 02/01/44		300,000		364,952

	Principal Amount		Value
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 06/01/30		$350,000		$389,689
3.750% due 07/15/42		100,000		108,656
4.000% due 04/13/28		80,000		91,143
4.375% due 04/15/38		35,000		41,905
4.439% due 10/06/48		200,000		240,088
4.500% due 06/01/50		250,000		304,761
4.600% due 04/15/48		50,000		61,160
4.750% due 01/23/29		55,000		65,576
4.750% due 04/15/58		100,000		125,639
4.900% due 01/23/31		65,000		80,056
5.450% due 01/23/39		65,000		85,904
5.550% due 01/23/49		100,000		137,666
5.800% due 01/23/59		45,000		65,104
Anthem Inc
2.550% due 03/15/31		100,000		103,144
2.950% due 12/01/22		50,000		51,710
3.300% due 01/15/23		75,000		78,269
3.350% due 12/01/24		400,000		431,804
3.600% due 03/15/51		30,000		33,031
3.650% due 12/01/27		30,000		33,608
4.375% due 12/01/47		30,000		36,714
4.625% due 05/15/42		100,000		124,447
4.650% due 01/15/43		50,000		62,510
Ascension Health 3.945% due 11/15/46		70,000		85,902
Astrazeneca Finance LLC (United Kingdom)
1.200% due 05/28/26		35,000		34,922
2.250% due 05/28/31		20,000		20,331
AstraZeneca PLC (United Kingdom)
1.375% due 08/06/30		300,000		284,130
3.000% due 05/28/51		15,000		15,541
3.125% due 06/12/27		100,000		108,763
3.375% due 11/16/25		100,000		109,514
4.000% due 09/18/42		25,000		29,863
4.375% due 11/16/45		25,000		31,169
6.450% due 09/15/37		100,000		149,674
Automatic Data Processing Inc
1.250% due 09/01/30		40,000		38,194
1.700% due 05/15/28		40,000		40,365
3.375% due 09/15/25		25,000		27,422
Avery Dennison Corp 2.650% due 04/30/30		30,000		30,872
Banner Health
1.897% due 01/01/31		40,000		39,341
2.913% due 01/01/51		50,000		51,085
BAT Capital Corp (United Kingdom)
2.259% due 03/25/28		325,000		322,911
2.726% due 03/25/31		250,000		247,074
2.789% due 09/06/24		35,000		36,785
3.215% due 09/06/26		50,000		53,095
3.222% due 08/15/24		100,000		106,270
3.462% due 09/06/29		50,000		52,872
3.557% due 08/15/27		100,000		107,144
4.390% due 08/15/37		70,000		75,590
4.700% due 04/02/27		200,000		226,153
4.758% due 09/06/49		50,000		54,299
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		25,000		25,005
Baxalta Inc
4.000% due 06/23/25		15,000		16,571
5.250% due 06/23/45		9,000		11,970
Baxter International Inc 3.950% due 04/01/30		150,000		172,889
Baylor Scott & White Holdings 2.839% due 11/15/50		200,000		201,279
Becton Dickinson and Co
2.823% due 05/20/30		70,000		73,379

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-191

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
3.363% due 06/06/24		$50,000		$53,588
3.734% due 12/15/24		129,000		140,568
3.794% due 05/20/50		350,000		393,083
4.669% due 06/06/47		50,000		62,406
Bestfoods 7.250% due 12/15/26		200,000		263,657
Biogen Inc
2.250% due 05/01/30		55,000		55,195
3.150% due 05/01/50		440,000		433,062
Boston Scientific Corp
2.650% due 06/01/30		350,000		362,348
4.000% due 03/01/29		70,000		79,695
4.550% due 03/01/39		50,000		61,180
4.700% due 03/01/49		70,000		89,730
Bristol-Myers Squibb Co
0.537% due 11/13/23		35,000		35,044
0.750% due 11/13/25		50,000		49,588
1.125% due 11/13/27		50,000		49,286
1.450% due 11/13/30		30,000		28,993
2.350% due 11/13/40		20,000		19,292
2.550% due 11/13/50		30,000		28,759
2.900% due 07/26/24		55,000		58,692
3.200% due 06/15/26		50,000		54,921
3.250% due 08/15/22		100,000		103,443
3.250% due 02/20/23		48,000		50,162
3.250% due 02/27/27		100,000		110,778
3.250% due 08/01/42		100,000		107,561
3.400% due 07/26/29		380,000		426,297
3.450% due 11/15/27		50,000		55,836
3.900% due 02/20/28		100,000		114,446
4.125% due 06/15/39		35,000		42,329
4.250% due 10/26/49		365,000		461,809
4.350% due 11/15/47		50,000		63,450
Brown-Forman Corp 4.500% due 07/15/45		40,000		51,629
Bunge Ltd Finance Corp
2.750% due 05/14/31		100,000		101,172
3.000% due 09/25/22		55,000		56,516
3.250% due 08/15/26		20,000		21,625
3.750% due 09/25/27		30,000		33,085
California Institute of Technology 3.650% due 09/01/19		20,000		22,484
Campbell Soup Co
2.500% due 08/02/22		100,000		102,236
3.650% due 03/15/23		15,000		15,788
4.150% due 03/15/28		100,000		114,171
4.800% due 03/15/48		20,000		24,608
Cardinal Health Inc
3.079% due 06/15/24		50,000		53,068
3.410% due 06/15/27		100,000		109,373
3.750% due 09/15/25		50,000		55,023
4.368% due 06/15/47		50,000		56,133
4.900% due 09/15/45		50,000		59,866
Church & Dwight Co Inc 2.450% due 08/01/22		100,000		102,062
Cigna Corp
0.613% due 03/15/24		40,000		40,000
1.250% due 03/15/26		65,000		65,223
2.375% due 03/15/31		60,000		60,898
2.400% due 03/15/30		120,000		122,534
3.050% due 10/15/27		30,000		32,428
3.200% due 03/15/40		85,000		88,365
3.400% due 03/15/50		65,000		67,840
3.400% due 03/15/51		40,000		41,828
3.750% due 07/15/23		40,000		42,611
3.875% due 10/15/47		50,000		56,118
4.125% due 11/15/25		45,000		50,457
4.375% due 10/15/28		80,000		93,113
4.800% due 08/15/38		60,000		74,812
4.900% due 12/15/48		555,000		716,098

	Principal Amount		Value
Cintas Corp No 2 3.700% due 04/01/27		$50,000		$56,083
Colgate-Palmolive Co 3.700% due 08/01/47		100,000		121,097
CommonSpirit Health 4.350% due 11/01/42		150,000		176,130
Conagra Brands Inc
3.200% due 01/25/23		41,000		42,386
4.300% due 05/01/24		15,000		16,462
4.600% due 11/01/25		35,000		39,918
4.850% due 11/01/28		45,000		53,618
5.300% due 11/01/38		50,000		63,691
5.400% due 11/01/48		40,000		53,774
Constellation Brands Inc
3.500% due 05/09/27		15,000		16,532
4.250% due 05/01/23		85,000		90,694
4.400% due 11/15/25		35,000		39,518
4.650% due 11/15/28		30,000		35,269
5.250% due 11/15/48		30,000		40,278
CVS Health Corp
1.300% due 08/21/27		335,000		328,819
1.750% due 08/21/30		200,000		193,053
2.625% due 08/15/24		30,000		31,677
2.700% due 08/21/40		65,000		63,124
2.875% due 06/01/26		100,000		107,477
3.000% due 08/15/26		35,000		37,781
3.250% due 08/15/29		65,000		70,620
3.700% due 03/09/23		28,000		29,494
3.750% due 04/01/30		100,000		112,052
3.875% due 07/20/25		200,000		220,898
4.100% due 03/25/25		37,000		41,054
4.125% due 04/01/40		300,000		348,862
4.250% due 04/01/50		200,000		237,556
4.300% due 03/25/28		185,000		212,700
4.780% due 03/25/38		95,000		117,048
5.125% due 07/20/45		105,000		136,793
5.300% due 12/05/43		200,000		265,802
Danaher Corp
2.600% due 10/01/50		125,000		119,788
3.350% due 09/15/25		30,000		32,885
4.375% due 09/15/45		30,000		37,499
Diageo Capital PLC (United Kingdom)
2.000% due 04/29/30		350,000		350,696
3.875% due 04/29/43		100,000		117,985
Dignity Health 5.267% due 11/01/64		100,000		139,384
Eli Lilly and Co
2.250% due 05/15/50		200,000		181,737
3.375% due 03/15/29		65,000		73,080
3.950% due 03/15/49		100,000		121,538
4.150% due 03/15/59		50,000		63,755
Equifax Inc 2.600% due 12/01/24		25,000		26,336
Flowers Foods Inc 2.400% due 03/15/31		45,000		45,125
Fomento Economico Mexicano SAB de CV (Mexico) 3.500% due 01/16/50		150,000		158,173
General Mills Inc
3.000% due 02/01/51 ~		60,000		60,648
3.200% due 02/10/27		100,000		109,748
3.700% due 10/17/23		40,000		42,816
4.200% due 04/17/28		50,000		57,698
Gilead Sciences Inc
0.750% due 09/29/23		45,000		45,024
1.200% due 10/01/27		45,000		43,898
1.650% due 10/01/30		40,000		38,700
2.600% due 10/01/40		450,000		434,075
2.800% due 10/01/50		100,000		96,544
2.950% due 03/01/27		100,000		107,871

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-192

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
3.650% due 03/01/26		$100,000		$110,299
4.150% due 03/01/47		75,000		88,549
4.600% due 09/01/35		45,000		55,144
4.750% due 03/01/46		50,000		63,520
GlaxoSmithKline Capital Inc (United Kingdom)
3.625% due 05/15/25		85,000		93,905
6.375% due 05/15/38		100,000		150,050
GlaxoSmithKline Capital PLC (United Kingdom)
0.534% due 10/01/23		125,000		125,480
3.375% due 06/01/29		250,000		277,996
Global Payments Inc 4.000% due 06/01/23		300,000		318,787
Hackensack Meridian Health Inc 4.500% due 07/01/57		100,000		131,645
HCA Inc
4.125% due 06/15/29		35,000		39,441
4.500% due 02/15/27		60,000		67,874
4.750% due 05/01/23		60,000		64,318
5.125% due 06/15/39		50,000		62,625
5.250% due 04/15/25		70,000		80,149
5.250% due 06/15/26		75,000		86,880
5.250% due 06/15/49		100,000		127,713
5.500% due 06/15/47		75,000		97,847
Hormel Foods Corp
0.650% due 06/03/24		20,000		20,046
1.700% due 06/03/28		35,000		35,232
3.050% due 06/03/51		25,000		25,971
Humana Inc
3.850% due 10/01/24		100,000		108,572
4.625% due 12/01/42		100,000		123,448
Ingredion Inc 3.200% due 10/01/26		100,000		108,771
Johnson & Johnson
0.550% due 09/01/25		400,000		396,571
1.300% due 09/01/30		70,000		67,933
2.050% due 03/01/23		50,000		51,300
2.100% due 09/01/40		65,000		61,831
2.250% due 09/01/50		100,000		93,716
2.450% due 03/01/26		50,000		53,327
3.400% due 01/15/38		50,000		56,950
3.500% due 01/15/48		65,000		76,037
3.550% due 03/01/36		25,000		29,143
3.625% due 03/03/37		132,000		154,286
3.700% due 03/01/46		25,000		29,785
3.750% due 03/03/47		50,000		60,276
4.850% due 05/15/41		50,000		66,824
5.950% due 08/15/37		100,000		146,910
Kaiser Foundation Hospitals
2.810% due 06/01/41		65,000		66,445
3.002% due 06/01/51		70,000		72,457
3.150% due 05/01/27		225,000		246,405
4.150% due 05/01/47		20,000		24,947
Kellogg Co
3.400% due 11/15/27		100,000		109,994
4.300% due 05/15/28		100,000		116,036
Keurig Dr Pepper Inc
2.550% due 09/15/26		50,000		53,086
3.130% due 12/15/23		50,000		53,082
3.430% due 06/15/27		35,000		38,660
4.420% due 12/15/46		250,000		301,538
Kimberly-Clark Corp
1.050% due 09/15/27		25,000		24,470
3.050% due 08/15/25		50,000		54,342
3.950% due 11/01/28		10,000		11,582
6.625% due 08/01/37		100,000		155,628
Laboratory Corp of America Holdings
1.550% due 06/01/26		70,000		70,333
2.700% due 06/01/31		100,000		102,014

	Principal Amount		Value
3.600% due 09/01/27		$100,000		$110,688
4.700% due 02/01/45		50,000		60,119
Mass General Brigham Inc 3.342% due 07/01/60		30,000		33,113
Massachusetts Institute of Technology 5.600% due 07/01/11		100,000		171,067
Mayo Clinic 3.196% due 11/15/61		100,000		108,164
McCormick & Co Inc
0.900% due 02/15/26		95,000		93,459
3.400% due 08/15/27		50,000		55,242
McKesson Corp 3.796% due 03/15/24		300,000		322,825
Mead Johnson Nutrition Co (United Kingdom) 4.600% due 06/01/44		200,000		260,392
Medtronic Inc
3.500% due 03/15/25		119,000		130,697
4.625% due 03/15/45		65,000		85,423
Memorial Sloan-Kettering Cancer Center 2.955% due 01/01/50		55,000		56,181
Merck & Co Inc
0.750% due 02/24/26		350,000		348,201
2.400% due 09/15/22		100,000		102,059
3.400% due 03/07/29		200,000		224,324
3.600% due 09/15/42		300,000		344,431
4.150% due 05/18/43		100,000		122,992
Molson Coors Beverage Co
4.200% due 07/15/46		40,000		44,670
5.000% due 05/01/42		100,000		123,011
Mondelez International Inc
1.500% due 02/04/31		40,000		37,898
1.875% due 10/15/32		300,000		291,073
2.625% due 09/04/50		25,000		23,329
Moody’s Corp
2.550% due 08/18/60		50,000		44,467
4.875% due 02/15/24		50,000		54,960
4.875% due 12/17/48		50,000		65,842
Mount Sinai Hospitals Group Inc 3.981% due 07/01/48		50,000		55,997
Northwell Healthcare Inc 3.809% due 11/01/49		100,000		110,913
Northwestern University 3.662% due 12/01/57		25,000		30,629
Novartis Capital Corp (Switzerland)
2.400% due 09/21/22		75,000		76,924
3.000% due 11/20/25		100,000		108,527
3.100% due 05/17/27		30,000		32,825
3.400% due 05/06/24		150,000		161,801
4.000% due 11/20/45		100,000		122,462
NYU Langone Hospitals 4.368% due 07/01/47		25,000		30,236
PayPal Holdings Inc
1.350% due 06/01/23		35,000		35,632
1.650% due 06/01/25		315,000		323,523
2.300% due 06/01/30		55,000		56,969
3.250% due 06/01/50		65,000		70,869
PeaceHealth Obligated Group 1.375% due 11/15/25		15,000		15,159
PepsiCo Inc
0.750% due 05/01/23		85,000		85,760
1.625% due 05/01/30		60,000		59,084
2.375% due 10/06/26		55,000		58,598
2.750% due 03/01/23		100,000		104,069
2.750% due 04/30/25		100,000		106,870
2.750% due 03/19/30		500,000		539,168
3.100% due 07/17/22		50,000		51,261
3.450% due 10/06/46		60,000		67,718
3.500% due 07/17/25		50,000		54,975
3.600% due 03/01/24		71,000		76,348

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-193

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
3.625% due 03/19/50		$250,000		$293,186
4.000% due 05/02/47		35,000		42,578
4.600% due 07/17/45		35,000		45,864
PerkinElmer Inc
2.550% due 03/15/31		85,000		87,276
3.300% due 09/15/29		30,000		32,517
Pfizer Inc
0.800% due 05/28/25		30,000		30,115
1.700% due 05/28/30		350,000		349,112
2.550% due 05/28/40		25,000		25,184
2.625% due 04/01/30		250,000		266,570
2.700% due 05/28/50		25,000		24,933
3.000% due 12/15/26		100,000		109,972
3.200% due 09/15/23		50,000		52,866
3.400% due 05/15/24		150,000		162,474
3.600% due 09/15/28		100,000		113,575
3.900% due 03/15/39		25,000		30,009
4.100% due 09/15/38		50,000		61,072
4.200% due 09/15/48		35,000		44,027
Philip Morris International Inc
0.875% due 05/01/26		100,000		98,785
1.750% due 11/01/30		100,000		96,725
2.125% due 05/10/23		25,000		25,748
3.250% due 11/10/24		125,000		135,260
3.375% due 08/11/25		50,000		54,618
4.250% due 11/10/44		30,000		35,034
4.500% due 03/20/42		200,000		237,989
6.375% due 05/16/38		100,000		143,071
President & Fellows of Harvard College 4.875% due 10/15/40		100,000		137,661
Providence St Joseph Health Obligated Group 3.930% due 10/01/48		35,000		40,870
Quest Diagnostics Inc
2.800% due 06/30/31		70,000		73,164
2.950% due 06/30/30		55,000		58,422
RELX Capital Inc (United Kingdom)
3.500% due 03/16/23		60,000		62,946
4.000% due 03/18/29		100,000		113,765
Reynolds American Inc (United Kingdom) 6.150% due 09/15/43		300,000		376,303
Royalty Pharma PLC 3.300% due 09/02/40 ~		300,000		302,656
RWJ Barnabas Health Inc 3.477% due 07/01/49		25,000		27,911
S&P Global Inc 4.000% due 06/15/25		50,000		55,692
Sanofi (France) 3.375% due 06/19/23		100,000		105,792
Shire Acquisitions Investments Ireland DAC 3.200% due 09/23/26		250,000		271,637
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		250,000		244,842
SSM Health Care Corp 3.688% due 06/01/23		50,000		52,490
Stanford Health Care 3.027% due 08/15/51		30,000		31,090
Stryker Corp
1.150% due 06/15/25		250,000		251,992
4.100% due 04/01/43		100,000		117,757
Sutter Health
2.294% due 08/15/30		55,000		55,562
3.361% due 08/15/50		55,000		58,540
Sysco Corp
3.250% due 07/15/27		50,000		54,185
3.550% due 03/15/25		50,000		54,406
3.750% due 10/01/25		25,000		27,534
4.450% due 03/15/48		50,000		59,876
4.500% due 04/01/46		25,000		29,792
4.850% due 10/01/45		15,000		18,721

	Principal Amount		Value
Takeda Pharmaceutical Co Ltd (Japan)
3.175% due 07/09/50		$250,000		$253,215
4.400% due 11/26/23		100,000		108,589
5.000% due 11/26/28		100,000		120,498
The Children’s Hospital of Philadelphia 2.704% due 07/01/50		250,000		246,437
The Coca-Cola Co
1.375% due 03/15/31		200,000		191,401
1.500% due 03/05/28		60,000		60,268
2.000% due 03/05/31		65,000		65,700
2.125% due 09/06/29		100,000		103,249
2.250% due 01/05/32		100,000		102,465
2.875% due 05/05/41		100,000		104,083
3.000% due 03/05/51		415,000		432,682
The Estee Lauder Cos Inc
1.950% due 03/15/31		45,000		45,064
2.000% due 12/01/24		10,000		10,457
2.375% due 12/01/29		10,000		10,480
3.125% due 12/01/49		15,000		16,304
3.150% due 03/15/27		50,000		54,935
4.150% due 03/15/47		30,000		37,348
The George Washington University 4.300% due 09/15/44		50,000		63,261
The Georgetown University 2.943% due 04/01/50		25,000		25,291
The Hershey Co
2.300% due 08/15/26		50,000		53,179
3.375% due 05/15/23		50,000		52,685
The JM Smucker Co
2.375% due 03/15/30		65,000		66,293
3.550% due 03/15/50		50,000		54,381
The Johns Hopkins Health System Corp 3.837% due 05/15/46		50,000		59,302
The Kroger Co
2.800% due 08/01/22		100,000		102,435
3.500% due 02/01/26		50,000		54,938
3.950% due 01/15/50		100,000		114,022
4.650% due 01/15/48		100,000		123,517
5.150% due 08/01/43		25,000		32,267
The Leland Stanford Junior University 3.647% due 05/01/48		125,000		150,880
The New York and Presbyterian Hospital 3.954% due 08/01/19		35,000		41,600
The Procter & Gamble Co
0.550% due 10/29/25		50,000		49,452
1.000% due 04/23/26		250,000		252,043
1.200% due 10/29/30		50,000		47,725
3.000% due 03/25/30		300,000		331,270
The Toledo Hospital
5.750% due 11/15/38		50,000		60,956
6.015% due 11/15/48		50,000		62,100
The Trustees of Princeton University 5.700% due 03/01/39		50,000		72,676
The University of Chicago 2.761% due 04/01/45		10,000		10,167
Thermo Fisher Scientific Inc
2.950% due 09/19/26		30,000		32,391
3.650% due 12/15/25		100,000		110,489
5.300% due 02/01/44		100,000		138,890
Tyson Foods Inc
4.000% due 03/01/26		15,000		16,742
4.350% due 03/01/29		20,000		23,294
5.100% due 09/28/48		10,000		13,187
Unilever Capital Corp (United Kingdom) 5.900% due 11/15/32		50,000		68,844
UnitedHealth Group Inc
0.550% due 05/15/24		35,000		34,965
1.150% due 05/15/26		50,000		50,034
2.000% due 05/15/30		405,000		408,621
2.300% due 05/15/31		50,000		51,242

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-194

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
2.375% due 08/15/24		$70,000		$73,689
2.875% due 08/15/29		75,000		80,980
2.900% due 05/15/50		300,000		303,566
3.050% due 05/15/41		50,000		52,422
3.250% due 05/15/51		50,000		53,441
3.500% due 06/15/23		50,000		53,048
3.500% due 02/15/24		20,000		21,547
3.500% due 08/15/39		60,000		67,150
3.700% due 12/15/25		20,000		22,309
3.700% due 08/15/49		65,000		74,589
3.750% due 07/15/25		75,000		83,273
3.850% due 06/15/28		100,000		115,032
3.875% due 12/15/28		25,000		28,814
3.875% due 08/15/59		100,000		118,877
4.250% due 06/15/48		50,000		62,173
4.450% due 12/15/48		25,000		32,003
4.750% due 07/15/45		50,000		65,684
6.875% due 02/15/38		250,000		388,320
University of Notre Dame du Lac 3.394% due 02/15/48		50,000		58,529
University of Southern California
2.805% due 10/01/50		50,000		50,894
3.028% due 10/01/39		50,000		53,782
Utah Acquisition Sub Inc 3.950% due 06/15/26		100,000		110,231
Verisk Analytics Inc 4.125% due 09/12/22		100,000		104,260
Viatris Inc 3.850% due 06/22/40 ~		400,000		425,978
Wyeth LLC
5.950% due 04/01/37		50,000		71,973
6.500% due 02/01/34		100,000		145,979
Zimmer Biomet Holdings Inc 3.550% due 04/01/25		170,000		184,524
Zoetis Inc 3.250% due 02/01/23		300,000		311,651
				51,585,108
Energy - 2.1%
Baker Hughes a GE Co LLC
2.773% due 12/15/22		50,000		51,669
3.337% due 12/15/27		100,000		109,376
4.080% due 12/15/47		50,000		57,230
Baker Hughes Holdings LLC 5.125% due 09/15/40		50,000		64,111
Boardwalk Pipelines LP 4.950% due 12/15/24		100,000		111,910
BP Capital Markets America Inc
1.749% due 08/10/30		130,000		127,003
2.750% due 05/10/23		250,000		260,453
2.772% due 11/10/50		130,000		120,662
3.000% due 02/24/50		150,000		145,304
3.119% due 05/04/26		25,000		27,134
3.224% due 04/14/24		100,000		106,667
3.588% due 04/14/27		100,000		110,848
3.790% due 02/06/24		355,000		383,132
4.234% due 11/06/28		400,000		464,139
Burlington Resources LLC 7.400% due 12/01/31		100,000		147,660
Canadian Natural Resources Ltd (Canada)
2.050% due 07/15/25		300,000		308,478
2.950% due 01/15/23		50,000		51,809
3.800% due 04/15/24		43,000		46,266
3.850% due 06/01/27		50,000		55,094
4.950% due 06/01/47		25,000		31,144
6.750% due 02/01/39		90,000		126,138
Cheniere Corpus Christi Holdings LLC
3.700% due 11/15/29		60,000		65,597
5.125% due 06/30/27		300,000		349,160

	Principal Amount		Value
Chevron Corp
1.141% due 05/11/23		$200,000		$203,043
1.554% due 05/11/25		35,000		35,876
1.995% due 05/11/27		350,000		361,483
2.236% due 05/11/30		25,000		25,783
2.566% due 05/16/23		100,000		103,828
2.954% due 05/16/26		100,000		108,452
2.978% due 05/11/40		15,000		15,756
3.326% due 11/17/25		50,000		54,781
Chevron USA Inc
3.850% due 01/15/28		50,000		57,025
5.050% due 11/15/44		150,000		201,564
ConocoPhillips Co
4.300% due 08/15/28 ~		150,000		174,267
4.850% due 08/15/48 ~		350,000		465,292
4.950% due 03/15/26		50,000		58,274
6.950% due 04/15/29		100,000		136,395
Devon Energy Corp
5.000% due 06/15/45		105,000		123,573
5.850% due 12/15/25		50,000		58,742
Diamondback Energy Inc
2.875% due 12/01/24		65,000		68,698
3.500% due 12/01/29		100,000		107,142
Ecopetrol SA (Colombia)
5.375% due 06/26/26		85,000		93,827
5.875% due 09/18/23		50,000		54,111
5.875% due 05/28/45		200,000		214,550
Enable Midstream Partners LP 4.400% due 03/15/27		200,000		220,721
Enbridge Energy Partners LP 7.500% due 04/15/38		50,000		74,282
Enbridge Inc (Canada)
2.500% due 01/15/25		50,000		52,432
2.500% due 08/01/33		100,000		100,269
2.900% due 07/15/22		100,000		102,423
3.400% due 08/01/51		70,000		70,472
3.700% due 07/15/27		100,000		110,366
4.500% due 06/10/44		150,000		177,571
Energy Transfer LP
2.900% due 05/15/25		40,000		42,117
3.450% due 01/15/23		100,000		103,476
3.750% due 05/15/30		310,000		337,046
3.900% due 07/15/26		100,000		109,282
4.050% due 03/15/25		100,000		108,511
4.200% due 04/15/27		100,000		110,594
4.900% due 02/01/24		100,000		108,834
5.000% due 05/15/50		500,000		579,026
5.250% due 04/15/29		25,000		29,553
5.300% due 04/15/47		100,000		117,185
5.950% due 10/01/43		100,000		125,330
6.125% due 12/15/45		200,000		255,348
6.500% due 02/01/42		100,000		130,037
Enterprise Products Operating LLC
3.125% due 07/31/29		100,000		107,974
4.150% due 10/16/28		50,000		57,542
4.200% due 01/31/50		450,000		519,925
4.250% due 02/15/48		25,000		28,681
4.800% due 02/01/49		50,000		61,723
5.375% due 02/15/78		300,000		312,691
6.125% due 10/15/39		115,000		161,830
6.875% due 03/01/33		150,000		214,662
Equinor ASA (Norway)
2.375% due 05/22/30		125,000		129,000
2.450% due 01/17/23		100,000		103,178
3.950% due 05/15/43		300,000		351,853
Exxon Mobil Corp
1.571% due 04/15/23		600,000		613,495
1.902% due 08/16/22		20,000		20,377
2.019% due 08/16/24		50,000		52,041
2.440% due 08/16/29		50,000		52,411

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-195

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
2.610% due 10/15/30		$250,000		$263,715
2.995% due 08/16/39		50,000		51,408
3.043% due 03/01/26		150,000		162,919
3.176% due 03/15/24		200,000		213,095
3.452% due 04/15/51		200,000		218,129
4.114% due 03/01/46		65,000		76,807
4.327% due 03/19/50		300,000		372,980
Halliburton Co
3.800% due 11/15/25		15,000		16,592
4.850% due 11/15/35		50,000		58,937
5.000% due 11/15/45		342,000		417,382
7.450% due 09/15/39		25,000		36,845
Hess Corp
4.300% due 04/01/27		50,000		55,702
5.600% due 02/15/41		50,000		62,500
5.800% due 04/01/47		50,000		65,409
7.125% due 03/15/33		50,000		67,948
HollyFrontier Corp 2.625% due 10/01/23		45,000		46,558
Kinder Morgan Energy Partners LP
3.950% due 09/01/22		100,000		103,216
4.150% due 02/01/24		100,000		108,045
Kinder Morgan Inc
2.000% due 02/15/31		210,000		202,109
3.250% due 08/01/50		220,000		213,199
4.300% due 03/01/28		300,000		342,646
5.300% due 12/01/34		70,000		86,613
5.550% due 06/01/45		350,000		453,851
Magellan Midstream Partners LP
4.200% due 10/03/47		50,000		55,673
4.250% due 09/15/46		70,000		79,170
5.000% due 03/01/26		50,000		57,529
Marathon Oil Corp
3.850% due 06/01/25		50,000		54,483
4.400% due 07/15/27		100,000		113,374
5.200% due 06/01/45		50,000		60,168
Marathon Petroleum Corp
3.800% due 04/01/28		30,000		33,475
4.500% due 04/01/48		25,000		28,651
4.750% due 12/15/23		150,000		163,730
5.125% due 12/15/26		50,000		58,832
6.500% due 03/01/41		100,000		138,986
MPLX LP
2.650% due 08/15/30		45,000		45,459
3.375% due 03/15/23		25,000		26,148
4.250% due 12/01/27		250,000		283,556
4.500% due 04/15/38		30,000		34,468
4.700% due 04/15/48		45,000		52,415
4.875% due 12/01/24		250,000		280,043
4.900% due 04/15/58		15,000		17,992
NOV Inc 3.950% due 12/01/42		100,000		99,145
ONEOK Inc
2.200% due 09/15/25		25,000		25,728
3.100% due 03/15/30		25,000		26,164
4.000% due 07/13/27		130,000		143,909
4.350% due 03/15/29		100,000		112,975
4.500% due 03/15/50		25,000		27,905
4.550% due 07/15/28		50,000		57,086
4.950% due 07/13/47		50,000		58,826
5.200% due 07/15/48		25,000		30,685
ONEOK Partners LP 3.375% due 10/01/22		100,000		102,760
Phillips 66
0.900% due 02/15/24		35,000		35,048
1.300% due 02/15/26		20,000		20,004
4.650% due 11/15/34		200,000		240,536
Phillips 66 Partners LP
2.450% due 12/15/24		50,000		52,217
3.550% due 10/01/26		50,000		54,402
4.900% due 10/01/46		25,000		29,884

	Principal Amount		Value
Pioneer Natural Resources Co
0.550% due 05/15/23		$35,000		$35,047
2.150% due 01/15/31		35,000		34,345
4.450% due 01/15/26		50,000		56,417
Plains All American Pipeline LP
4.500% due 12/15/26		150,000		168,485
4.650% due 10/15/25		100,000		111,952
4.700% due 06/15/44		50,000		53,087
Sabine Pass Liquefaction LLC
4.500% due 05/15/30		205,000		236,824
5.625% due 03/01/25		165,000		188,720
Schlumberger Investment SA
2.650% due 06/26/30		100,000		105,151
3.650% due 12/01/23		42,000		44,875
Shell International Finance BV (Netherlands)
0.375% due 09/15/23		100,000		99,968
2.375% due 08/21/22		100,000		102,413
2.375% due 04/06/25		200,000		210,359
2.500% due 09/12/26		50,000		53,278
2.750% due 04/06/30		85,000		90,679
2.875% due 05/10/26		100,000		108,101
3.250% due 05/11/25		100,000		108,584
3.250% due 04/06/50		100,000		106,549
3.625% due 08/21/42		100,000		113,205
3.750% due 09/12/46		50,000		56,826
4.000% due 05/10/46		100,000		117,293
4.125% due 05/11/35		263,000		313,315
Spectra Energy Partners LP 3.375% due 10/15/26		20,000		21,768
Suncor Energy Inc (Canada)
4.000% due 11/15/47		70,000		77,936
6.800% due 05/15/38		200,000		287,437
TC PipeLines LP 3.900% due 05/25/27		20,000		22,087
The Williams Cos Inc
3.700% due 01/15/23		25,000		26,042
3.750% due 06/15/27		50,000		55,586
4.550% due 06/24/24		85,000		93,676
5.100% due 09/15/45		100,000		124,904
5.750% due 06/24/44		35,000		46,034
6.300% due 04/15/40		20,000		27,452
TotalEnergies Capital International SA (France)
2.434% due 01/10/25		50,000		52,566
2.829% due 01/10/30		50,000		53,744
3.127% due 05/29/50		100,000		101,590
3.461% due 07/12/49		50,000		54,462
3.700% due 01/15/24		200,000		215,456
TotalEnergies Capital SA (France) 3.883% due 10/11/28		25,000		28,702
TransCanada PipeLines Ltd (Canada)
2.500% due 08/01/22		100,000		102,301
3.750% due 10/16/23		100,000		106,491
4.100% due 04/15/30		200,000		230,018
4.250% due 05/15/28		50,000		57,495
5.100% due 03/15/49		50,000		65,732
7.625% due 01/15/39		50,000		77,634
Transcontinental Gas Pipe Line Co LLC
3.250% due 05/15/30		25,000		27,091
3.950% due 05/15/50		250,000		280,650
4.000% due 03/15/28		50,000		56,652
4.450% due 08/01/42		150,000		180,327
Valero Energy Corp
2.150% due 09/15/27		100,000		101,700
3.400% due 09/15/26		100,000		108,396
6.625% due 06/15/37		150,000		205,872
Valero Energy Partners LP 4.375% due 12/15/26		65,000		73,681
				23,772,690

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-196

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Financial - 9.9%
AerCap Ireland Capital DAC (Ireland)
3.875% due 01/23/28		$150,000		$160,673
4.500% due 09/15/23		150,000		160,899
6.500% due 07/15/25		250,000		293,412
Affiliated Managers Group Inc 3.500% due 08/01/25		50,000		54,300
African Development Bank (Ivory Coast)
0.875% due 03/23/26		400,000		399,773
1.625% due 09/16/22		85,000		86,471
Air Lease Corp
2.300% due 02/01/25		100,000		103,467
2.625% due 07/01/22		50,000		50,964
2.750% due 01/15/23		100,000		103,203
3.000% due 02/01/30		100,000		101,538
3.250% due 03/01/25		100,000		106,653
3.875% due 07/03/23		150,000		159,223
Aircastle Ltd
4.125% due 05/01/24		30,000		32,003
5.000% due 04/01/23		30,000		32,105
Alexandria Real Estate Equities Inc REIT
2.750% due 12/15/29		50,000		52,235
3.375% due 08/15/31		60,000		66,019
3.950% due 01/15/27		25,000		27,887
4.000% due 02/01/50		100,000		114,962
4.500% due 07/30/29		20,000		23,505
Ally Financial Inc
1.450% due 10/02/23		85,000		86,307
3.050% due 06/05/23		65,000		67,855
5.800% due 05/01/25		200,000		232,545
American Campus Communities Operating Partnership LP REIT 4.125% due 07/01/24		100,000		108,896
American Express Co
2.500% due 07/30/24		35,000		36,892
2.650% due 12/02/22		150,000		154,966
3.000% due 10/30/24		50,000		53,653
3.700% due 08/03/23		100,000		106,534
4.050% due 12/03/42		125,000		149,505
American Express Credit Corp 3.300% due 05/03/27		415,000		459,377
American Financial Group Inc 4.500% due 06/15/47		50,000		59,683
American International Group Inc
3.400% due 06/30/30		100,000		109,753
3.750% due 07/10/25		35,000		38,605
3.875% due 01/15/35		100,000		113,481
4.200% due 04/01/28		100,000		115,177
4.375% due 06/30/50		100,000		121,933
4.375% due 01/15/55		100,000		121,663
4.500% due 07/16/44		100,000		121,551
4.700% due 07/10/35		50,000		61,029
4.800% due 07/10/45		50,000		62,708
American Tower Corp REIT
1.875% due 10/15/30		200,000		193,269
2.900% due 01/15/30		50,000		52,662
2.950% due 01/15/25		100,000		106,436
3.100% due 06/15/50		50,000		48,977
3.375% due 10/15/26		100,000		109,064
3.600% due 01/15/28		100,000		110,111
Ameriprise Financial Inc 4.000% due 10/15/23		100,000		107,995
Aon Corp 4.500% due 12/15/28		200,000		234,146
Arch Capital Group Ltd 3.635% due 06/30/50		200,000		216,059
Arch Capital Group US Inc 5.144% due 11/01/43		200,000		263,034

	Principal Amount		Value
Ares Capital Corp
2.150% due 07/15/26		$350,000		$348,384
3.250% due 07/15/25		50,000		52,618
3.500% due 02/10/23		50,000		51,895
Asian Development Bank (Multi-National)
0.250% due 07/14/23		135,000		134,805
0.375% due 06/11/24		180,000		179,445
0.500% due 02/04/26		400,000		393,842
0.625% due 04/29/25		500,000		497,492
1.000% due 04/14/26		200,000		200,685
1.250% due 06/09/28		50,000		50,019
1.500% due 10/18/24		150,000		154,558
1.750% due 08/14/26		250,000		260,049
2.625% due 01/12/27		200,000		217,570
2.750% due 01/19/28		100,000		109,560
3.125% due 09/26/28		200,000		224,722
Assurant Inc 4.900% due 03/27/28		100,000		116,645
Assured Guaranty US Holdings Inc 3.150% due 06/15/31		70,000		72,778
Athene Holding Ltd 3.500% due 01/15/31		20,000		21,346
AvalonBay Communities Inc REIT
2.450% due 01/15/31		105,000		107,879
2.950% due 09/15/22		35,000		35,890
3.350% due 05/15/27		25,000		27,448
4.150% due 07/01/47		50,000		60,690
AXA SA (France) 8.600% due 12/15/30		75,000		114,055
Banco Santander SA (Spain)
0.701% due 06/30/24		250,000		250,574
2.706% due 06/27/24		200,000		210,525
2.749% due 12/03/30		200,000		198,302
Bank of America Corp
0.810% due 10/24/24		100,000		100,442
1.197% due 10/24/26		100,000		99,156
1.319% due 06/19/26		500,000		501,305
1.486% due 05/19/24		200,000		203,525
1.658% due 03/11/27		100,000		100,843
1.734% due 07/22/27		350,000		352,882
1.922% due 10/24/31		100,000		97,556
2.015% due 02/13/26		100,000		103,148
2.456% due 10/22/25		50,000		52,337
2.496% due 02/13/31		100,000		102,208
2.503% due 10/21/22		150,000		151,012
2.592% due 04/29/31		500,000		515,830
2.651% due 03/11/32		100,000		102,793
2.676% due 06/19/41		350,000		340,195
2.816% due 07/21/23		200,000		205,025
2.831% due 10/24/51		25,000		24,435
2.884% due 10/22/30		50,000		52,711
3.004% due 12/20/23		200,000		207,311
3.248% due 10/21/27		150,000		162,839
3.300% due 01/11/23		350,000		365,380
3.311% due 04/22/42		400,000		423,680
3.366% due 01/23/26		100,000		107,857
3.419% due 12/20/28		169,000		184,182
3.458% due 03/15/25		150,000		160,399
3.483% due 03/13/52		100,000		109,392
3.500% due 04/19/26		150,000		165,332
3.550% due 03/05/24		100,000		105,089
3.593% due 07/21/28		100,000		110,195
3.824% due 01/20/28		300,000		333,223
3.875% due 08/01/25		100,000		111,150
3.946% due 01/23/49		100,000		116,453
3.950% due 04/21/25		200,000		219,647
3.970% due 03/05/29		100,000		112,846
4.078% due 04/23/40		200,000		233,838
4.083% due 03/20/51		350,000		419,073
4.183% due 11/25/27		100,000		112,097

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-197

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
4.450% due 03/03/26		$85,000		$96,586
4.750% due 04/21/45		85,000		109,511
6.110% due 01/29/37		250,000		342,409
7.750% due 05/14/38		200,000		316,201
Bank of Montreal (Canada)
0.450% due 12/08/23		145,000		145,596
0.949% due 01/22/27		100,000		98,432
2.050% due 11/01/22		60,000		61,415
2.350% due 09/11/22		150,000		153,799
3.300% due 02/05/24		100,000		107,128
Barclays PLC (United Kingdom)
1.007% due 12/10/24		300,000		301,205
2.645% due 06/24/31		200,000		202,880
4.337% due 01/10/28		300,000		335,655
4.375% due 01/12/26		200,000		224,060
4.950% due 01/10/47		200,000		258,958
Berkshire Hathaway Finance Corp
1.450% due 10/15/30		80,000		78,230
2.500% due 01/15/51		410,000		384,322
2.850% due 10/15/50		90,000		90,025
4.300% due 05/15/43		200,000		249,838
5.750% due 01/15/40		25,000		36,286
Berkshire Hathaway Inc
2.750% due 03/15/23		350,000		363,324
3.000% due 02/11/23		50,000		52,204
BlackRock Inc
1.900% due 01/28/31		15,000		15,028
2.400% due 04/30/30		45,000		47,169
3.200% due 03/15/27		56,000		62,131
3.250% due 04/30/29		60,000		67,183
Blackstone Secured Lending Fund 2.750% due 09/16/26 ~		100,000		101,410
Boston Properties LP
2.550% due 04/01/32		250,000		251,813
3.250% due 01/30/31		150,000		160,833
Brandywine Operating Partnership LP REIT
4.550% due 10/01/29		50,000		56,090
Brighthouse Financial Inc
3.700% due 06/22/27		100,000		108,845
4.700% due 06/22/47		50,000		55,628
Brixmor Operating Partnership LP REIT
3.250% due 09/15/23		100,000		105,127
4.050% due 07/01/30		10,000		11,206
4.125% due 06/15/26		50,000		55,706
Brookfield Finance Inc (Canada)
3.500% due 03/30/51		50,000		52,368
4.000% due 04/01/24		50,000		54,065
4.700% due 09/20/47		50,000		61,234
4.850% due 03/29/29		100,000		117,849
Brown & Brown Inc 4.500% due 03/15/29		50,000		57,569
Camden Property Trust REIT
3.150% due 07/01/29		30,000		32,640
4.100% due 10/15/28		20,000		23,016
Canadian Imperial Bank of Commerce (Canada)
0.500% due 12/14/23		100,000		99,775
0.950% due 10/23/25		20,000		19,886
1.250% due 06/22/26		100,000		99,634
2.606% due 07/22/23		50,000		51,162
3.100% due 04/02/24		150,000		159,482
Capital One Financial Corp
3.200% due 02/05/25		200,000		215,055
3.300% due 10/30/24		100,000		107,774
3.750% due 07/28/26		250,000		276,073
3.750% due 03/09/27		50,000		55,615
3.800% due 01/31/28		200,000		225,541
CBRE Services Inc 4.875% due 03/01/26		100,000		115,700

	Principal Amount		Value
CC Holdings GS V LLC REIT 3.849% due 04/15/23		$100,000		$105,921
Chubb INA Holdings Inc
1.375% due 09/15/30		250,000		237,981
2.700% due 03/13/23		25,000		26,010
3.150% due 03/15/25		100,000		108,220
4.150% due 03/13/43		25,000		30,490
Citigroup Inc
0.776% due 10/30/24		100,000		100,283
0.981% due 05/01/25		50,000		50,135
1.122% due 01/28/27		750,000		739,713
1.462% due 06/09/27		100,000		99,688
2.561% due 05/01/32		55,000		56,026
2.572% due 06/03/31		600,000		617,420
2.666% due 01/29/31		150,000		154,983
2.700% due 10/27/22		100,000		102,922
2.876% due 07/24/23		200,000		205,174
2.976% due 11/05/30		100,000		106,063
3.106% due 04/08/26		600,000		642,445
3.400% due 05/01/26		100,000		109,242
3.520% due 10/27/28		100,000		109,573
3.668% due 07/24/28		100,000		110,391
3.750% due 06/16/24		100,000		108,824
3.875% due 03/26/25		100,000		109,785
3.878% due 01/24/39		100,000		115,558
3.887% due 01/10/28		100,000		111,384
4.000% due 08/05/24		50,000		54,480
4.125% due 07/25/28		100,000		112,747
4.300% due 11/20/26		100,000		113,041
4.750% due 05/18/46		50,000		63,750
5.300% due 05/06/44		400,000		541,231
6.125% due 08/25/36		100,000		138,530
CME Group Inc
3.000% due 09/15/22		50,000		51,610
3.000% due 03/15/25		50,000		53,579
3.750% due 06/15/28		100,000		114,096
4.150% due 06/15/48		50,000		65,026
CNA Financial Corp
3.450% due 08/15/27		100,000		109,743
4.500% due 03/01/26		50,000		56,796
Comerica Bank 4.000% due 07/27/25		250,000		276,233
Cooperatieve Rabobank UA (Netherlands)
0.375% due 01/12/24		250,000		249,089
3.375% due 05/21/25		250,000		273,294
5.250% due 05/24/41		200,000		276,396
Corp Andina de Fomento (Multi-National) 2.750% due 01/06/23		200,000		206,990
Corporate Office Properties LP REIT 2.250% due 03/15/26		35,000		36,006
Council Of Europe Development Bank (France)
0.250% due 10/20/23		250,000		249,245
2.625% due 02/13/23		60,000		62,248
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		500,000		505,514
Credit Suisse Group Funding Guernsey Ltd (Switzerland)
3.750% due 03/26/25		250,000		271,364
3.800% due 09/15/22		250,000		260,212
Crown Castle International Corp 2.100% due 04/01/31		200,000		195,094
Crown Castle International Corp REIT
3.150% due 07/15/23		30,000		31,511
3.200% due 09/01/24		35,000		37,401
3.250% due 01/15/51		200,000		199,492
3.650% due 09/01/27		35,000		38,633
3.700% due 06/15/26		35,000		38,546
3.800% due 02/15/28		50,000		55,594
4.000% due 03/01/27		40,000		44,824

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-198

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
4.300% due 02/15/29		$60,000		$69,103
4.450% due 02/15/26		35,000		39,586
4.750% due 05/15/47		25,000		30,572
CubeSmart LP REIT
2.000% due 02/15/31		15,000		14,598
3.125% due 09/01/26		50,000		53,521
CyrusOne LP REIT 3.450% due 11/15/29		60,000		63,876
Deutsche Bank AG (Germany)
2.129% due 11/24/26		350,000		355,393
2.222% due 09/18/24		150,000		154,110
3.700% due 05/30/24		285,000		305,623
Digital Realty Trust LP REIT
3.700% due 08/15/27		50,000		56,000
4.450% due 07/15/28		100,000		115,980
Discover Bank
3.350% due 02/06/23		250,000		260,531
3.450% due 07/27/26		250,000		273,193
Duke Realty LP REIT
1.750% due 02/01/31		20,000		19,221
2.875% due 11/15/29		40,000		42,158
3.375% due 12/15/27		60,000		66,036
Enstar Group Ltd 4.950% due 06/01/29		25,000		28,779
Equinix Inc
2.000% due 05/15/28		35,000		35,181
2.500% due 05/15/31		100,000		101,791
3.400% due 02/15/52		10,000		10,305
Equinix Inc REIT
2.150% due 07/15/30		350,000		348,083
2.625% due 11/18/24		65,000		68,421
Equitable Holdings Inc 4.350% due 04/20/28		300,000		344,384
ERP Operating LP REIT
2.850% due 11/01/26		70,000		74,878
3.500% due 03/01/28		100,000		110,491
4.500% due 06/01/45		75,000		94,074
Essex Portfolio LP REIT
2.550% due 06/15/31		65,000		65,981
2.650% due 03/15/32		30,000		30,499
3.375% due 04/15/26		50,000		54,258
3.875% due 05/01/24		50,000		53,845
4.000% due 03/01/29		25,000		28,246
European Bank for Reconstruction & Development (United Kingdom) 0.250% due 07/10/23		250,000		249,658
European Investment Bank (Multi-National)
0.250% due 09/15/23		865,000		863,572
0.375% due 03/26/26		300,000		292,644
0.625% due 10/21/27		250,000		240,249
1.250% due 02/14/31		300,000		292,431
1.375% due 05/15/23		125,000		127,645
1.625% due 03/14/25		230,000		237,806
1.625% due 10/09/29		195,000		199,344
2.250% due 06/24/24		250,000		263,127
2.875% due 08/15/23		450,000		474,657
3.125% due 12/14/23		200,000		213,503
Federal Realty Investment Trust REIT
1.250% due 02/15/26		300,000		298,103
3.950% due 01/15/24		50,000		53,647
4.500% due 12/01/44		50,000		59,326
Fidelity National Financial Inc
3.400% due 06/15/30		200,000		215,748
4.500% due 08/15/28		50,000		57,457
Fifth Third Bancorp
2.550% due 05/05/27		60,000		63,470
8.250% due 03/01/38		25,000		41,801
Franklin Resources Inc 2.800% due 09/15/22		25,000		25,734
FS KKR Capital Corp
2.625% due 01/15/27		100,000		98,990
4.125% due 02/01/25		50,000		53,158

	Principal Amount		Value
GE Capital Funding LLC 4.400% due 05/15/30		$200,000		$233,233
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		413,000		495,700
Globe Life Inc 4.550% due 09/15/28		50,000		58,646
GLP Capital LP REIT
4.000% due 01/15/31		50,000		53,937
5.250% due 06/01/25		25,000		28,174
5.375% due 11/01/23		25,000		27,230
5.375% due 04/15/26		50,000		57,677
5.750% due 06/01/28		25,000		29,781
Golub Capital BDC Inc 2.500% due 08/24/26		60,000		60,378
Healthcare Realty Trust REIT 2.400% due 03/15/30		25,000		25,182
Healthcare Trust of America Holdings LP REIT
2.000% due 03/15/31		25,000		24,185
3.100% due 02/15/30		50,000		53,171
Healthpeak Properties Inc REIT
2.875% due 01/15/31		200,000		209,651
3.000% due 01/15/30		100,000		106,194
3.400% due 02/01/25		7,000		7,522
Highwoods Realty LP REIT
4.125% due 03/15/28		20,000		22,447
4.200% due 04/15/29		50,000		56,201
Host Hotels & Resorts LP REIT
3.375% due 12/15/29		25,000		26,245
3.500% due 09/15/30		100,000		105,052
3.750% due 10/15/23		100,000		105,511
HSBC Holdings PLC (United Kingdom)
1.589% due 05/24/27		500,000		501,340
1.645% due 04/18/26		250,000		253,474
2.357% due 08/18/31		250,000		250,400
2.804% due 05/24/32		200,000		205,401
2.848% due 06/04/31		200,000		207,783
3.803% due 03/11/25		200,000		215,150
3.900% due 05/25/26		200,000		222,595
3.973% due 05/22/30		290,000		324,853
4.250% due 08/18/25		200,000		221,683
4.375% due 11/23/26		200,000		225,712
6.800% due 06/01/38		150,000		215,725
HSBC USA Inc 3.500% due 06/23/24		250,000		270,954
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		50,000		57,532
Huntington Bancshares Inc 2.625% due 08/06/24		300,000		316,824
ING Groep NV (Netherlands) 4.550% due 10/02/28		200,000		235,111
Inter-American Development Bank (Multi-National)
0.500% due 05/24/23		500,000		502,208
0.625% due 07/15/25		700,000		697,101
0.875% due 04/20/26		250,000		250,095
1.125% due 01/13/31		150,000		144,909
1.750% due 03/14/25		300,000		311,561
2.000% due 06/02/26		150,000		157,828
2.000% due 07/23/26		100,000		105,081
2.500% due 01/18/23		200,000		207,018
2.625% due 01/16/24		150,000		158,289
3.200% due 08/07/42		100,000		115,329
Intercontinental Exchange Inc
0.700% due 06/15/23		45,000		45,188
1.850% due 09/15/32		65,000		61,668
2.350% due 09/15/22		100,000		102,314
2.650% due 09/15/40		65,000		62,526	��
3.000% due 09/15/60		65,000		63,026

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-199

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
3.100% due 09/15/27		$100,000		$108,805
4.000% due 10/15/23		100,000		107,767
International Bank for Reconstruction & Development (Multi-National)
0.125% due 04/20/23		250,000		249,460
0.250% due 11/24/23		50,000		49,854
0.375% due 07/28/25		350,000		345,033
0.500% due 10/28/25		200,000		197,622
0.625% due 04/22/25		500,000		498,392
0.750% due 11/24/27		195,000		189,998
0.875% due 05/14/30		350,000		333,611
1.250% due 02/10/31		500,000		488,801
1.375% due 04/20/28		250,000		252,247
1.625% due 01/15/25		150,000		155,212
1.750% due 10/23/29		100,000		102,855
1.875% due 06/19/23		300,000		309,338
2.125% due 07/01/22		500,000		509,577
2.125% due 02/13/23		100,000		103,036
2.500% due 03/19/24		200,000		211,045
3.000% due 09/27/23		250,000		264,629
3.125% due 11/20/25		50,000		55,021
7.625% due 01/19/23		100,000		111,399
International Finance Corp (Multi-National)
0.750% due 08/27/30		250,000		233,295
1.375% due 10/16/24		90,000		92,339
2.875% due 07/31/23		130,000		137,012
Invesco Finance PLC 5.375% due 11/30/43		200,000		263,391
Jefferies Group LLC
2.750% due 10/15/32		40,000		40,245
5.125% due 01/20/23		150,000		160,376
JPMorgan Chase & Co
0.824% due 06/01/25		170,000		169,747
0.969% due 06/23/25		300,000		300,486
1.040% due 02/04/27		500,000		492,051
1.045% due 11/19/26		100,000		98,782
1.514% due 06/01/24		350,000		356,979
1.578% due 04/22/27		65,000		65,367
1.764% due 11/19/31		100,000		95,981
2.069% due 06/01/29		140,000		141,236
2.083% due 04/22/26		250,000		258,615
2.182% due 06/01/28		650,000		666,051
2.301% due 10/15/25		615,000		640,949
2.525% due 11/19/41		100,000		95,522
2.580% due 04/22/32		75,000		77,027
2.739% due 10/15/30		75,000		78,560
2.956% due 05/13/31		65,000		68,354
3.109% due 04/22/51		250,000		258,403
3.157% due 04/22/42		100,000		104,208
3.200% due 06/15/26		100,000		108,929
3.250% due 09/23/22		400,000		414,507
3.328% due 04/22/52		70,000		74,851
3.509% due 01/23/29		185,000		204,054
3.540% due 05/01/28		100,000		110,009
3.559% due 04/23/24		75,000		79,101
3.625% due 05/13/24		200,000		216,945
3.702% due 05/06/30		150,000		167,719
3.882% due 07/24/38		150,000		173,153
3.964% due 11/15/48		100,000		117,577
4.023% due 12/05/24		200,000		215,961
4.032% due 07/24/48		150,000		178,356
4.452% due 12/05/29		150,000		175,544
5.500% due 10/15/40		100,000		137,375
5.600% due 07/15/41		100,000		140,569
6.400% due 05/15/38		300,000		441,162
KeyCorp
2.250% due 04/06/27		350,000		362,853
4.150% due 10/29/25		30,000		33,822
Kilroy Realty LP REIT 3.800% due 01/15/23		100,000		104,122

	Principal Amount		Value
Kimco Realty Corp REIT
3.125% due 06/01/23		$100,000		$104,306
3.700% due 10/01/49		25,000		26,985
4.125% due 12/01/46		50,000		56,857
Kreditanstalt fuer Wiederaufbau (Germany)
0.250% due 04/25/23		130,000		130,042
0.250% due 10/19/23		400,000		399,271
0.375% due 07/18/25		250,000		246,855
0.625% due 01/22/26		730,000		723,846
1.375% due 08/05/24		400,000		410,648
1.625% due 02/15/23		250,000		255,705
1.750% due 08/22/22		200,000		203,681
1.750% due 09/14/29		100,000		103,278
1.925% due 06/29/37		200,000		147,397
2.000% due 10/04/22		250,000		255,777
2.125% due 01/17/23		650,000		669,237
2.375% due 12/29/22		350,000		361,237
2.500% due 11/20/24		375,000		399,014
Landwirtschaftliche Rentenbank (Germany)
0.875% due 09/03/30		200,000		189,497
1.750% due 07/27/26		100,000		104,176
3.125% due 11/14/23		200,000		212,898
Lazard Group LLC
3.625% due 03/01/27		50,000		54,598
4.375% due 03/11/29		50,000		56,863
Legg Mason Inc 4.750% due 03/15/26		50,000		58,251
Life Storage LP REIT 4.000% due 06/15/29		100,000		112,117
Lincoln National Corp
3.625% due 12/12/26		150,000		166,319
3.800% due 03/01/28		35,000		39,201
4.000% due 09/01/23		15,000		16,108
4.350% due 03/01/48		25,000		29,844
Lloyds Banking Group PLC (United Kingdom)
3.870% due 07/09/25		500,000		541,912
4.050% due 08/16/23		200,000		214,466
4.582% due 12/10/25		200,000		224,854
Loews Corp 2.625% due 05/15/23		150,000		155,347
Manulife Financial Corp (Canada)
4.150% due 03/04/26		50,000		56,420
5.375% due 03/04/46		50,000		70,235
Markel Corp
3.450% due 05/07/52		70,000		72,195
3.500% due 11/01/27		50,000		55,016
5.000% due 05/20/49		30,000		38,986
Marsh & McLennan Cos Inc
3.500% due 03/10/25		75,000		81,595
3.750% due 03/14/26		100,000		111,323
4.200% due 03/01/48		100,000		124,058
4.375% due 03/15/29		70,000		82,108
Mastercard Inc
1.900% due 03/15/31		100,000		101,166
2.950% due 11/21/26		50,000		54,616
2.950% due 06/01/29		50,000		54,625
2.950% due 03/15/51		45,000		47,128
3.650% due 06/01/49		50,000		58,390
3.800% due 11/21/46		50,000		59,699
3.950% due 02/26/48		15,000		18,298
MetLife Inc
4.550% due 03/23/30		350,000		420,020
5.700% due 06/15/35		100,000		138,781
5.875% due 02/06/41		200,000		289,603
6.375% due 06/15/34		100,000		143,267
Mid-America Apartments LP REIT
3.600% due 06/01/27		100,000		111,422
3.950% due 03/15/29		25,000		28,390

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-200

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Mitsubishi UFJ Financial Group Inc (Japan)
0.848% due 09/15/24		$350,000		$352,021
2.048% due 07/17/30		200,000		199,472
2.665% due 07/25/22		100,000		102,501
3.455% due 03/02/23		50,000		52,531
3.677% due 02/22/27		100,000		111,734
3.761% due 07/26/23		150,000		160,332
3.777% due 03/02/25		50,000		54,954
3.850% due 03/01/26		200,000		223,740
3.961% due 03/02/28		50,000		56,887
4.050% due 09/11/28		150,000		172,990
Mizuho Financial Group Inc (Japan)
1.241% due 07/10/24		200,000		202,825
2.201% due 07/10/31		200,000		199,959
2.601% due 09/11/22		200,000		205,458
3.663% due 02/28/27		200,000		221,851
3.922% due 09/11/24		200,000		214,358
Morgan Stanley
0.560% due 11/10/23		75,000		75,107
0.731% due 04/05/24		95,000		95,221
0.864% due 10/21/25		70,000		69,997
1.593% due 05/04/27		145,000		146,089
1.794% due 02/13/32		65,000		62,512
1.928% due 04/28/32		400,000		389,197
2.188% due 04/28/26		500,000		519,386
2.699% due 01/22/31		445,000		466,185
2.720% due 07/22/25		565,000		594,574
2.802% due 01/25/52		400,000		393,007
3.125% due 07/27/26		70,000		75,916
3.217% due 04/22/42		55,000		58,366
3.591% due 07/22/28		100,000		110,844
3.622% due 04/01/31		200,000		223,458
3.625% due 01/20/27		300,000		332,922
3.737% due 04/24/24		90,000		95,203
4.300% due 01/27/45		100,000		123,820
4.350% due 09/08/26		90,000		101,993
4.431% due 01/23/30		95,000		111,320
4.457% due 04/22/39		150,000		185,774
4.875% due 11/01/22		100,000		105,666
5.597% due 03/24/51		100,000		149,197
7.250% due 04/01/32		100,000		145,555
Nasdaq Inc
1.650% due 01/15/31		150,000		141,833
2.500% due 12/21/40		150,000		139,734
National Australia Bank Ltd (Australia) 3.000% due 01/20/23		200,000		208,248
National Bank of Canada (Canada) 0.550% due 11/15/24		250,000		249,190
National Retail Properties Inc REIT 4.300% due 10/15/28		35,000		39,696
Natwest Group PLC (United Kingdom)
3.032% due 11/28/35		350,000		350,998
3.073% due 05/22/28		200,000		211,195
3.875% due 09/12/23		250,000		267,136
Nomura Holdings Inc (Japan) 1.851% due 07/16/25		200,000		204,608
Nordic Investment Bank (Multi-National)
0.375% due 05/19/23		250,000		250,428
0.500% due 01/21/26		300,000		294,738
Northern Trust Corp
1.950% due 05/01/30		75,000		75,725
3.375% due 05/08/32		63,000		68,558
3.650% due 08/03/28		50,000		56,482
Oaktree Specialty Lending Corp 2.700% due 01/15/27		50,000		50,057
Oesterreichische Kontrollbank AG (Austria)
0.375% due 09/17/25		90,000		88,495
1.500% due 02/12/25		300,000		308,961
1.625% due 09/17/22		40,000		40,684

	Principal Amount		Value
Office Properties Income Trust REIT
4.000% due 07/15/22		$100,000		$103,303
4.250% due 05/15/24		50,000		53,209
Old Republic International Corp 3.850% due 06/11/51		55,000		58,670
Omega Healthcare Investors Inc REIT
4.500% due 01/15/25		25,000		27,328
4.750% due 01/15/28		50,000		56,415
4.950% due 04/01/24		100,000		108,898
ORIX Corp (Japan)
2.900% due 07/18/22		30,000		30,790
3.700% due 07/18/27		50,000		56,012
4.050% due 01/16/24		25,000		27,079
Owl Rock Capital Corp
2.875% due 06/11/28		100,000		99,405
3.750% due 07/22/25		100,000		105,844
4.000% due 03/30/25		25,000		26,672
PNC Bank NA
2.950% due 02/23/25		300,000		322,024
4.050% due 07/26/28		350,000		405,409
Principal Financial Group Inc
3.700% due 05/15/29		25,000		28,041
4.625% due 09/15/42		100,000		124,530
Private Export Funding Corp 2.450% due 07/15/24		100,000		105,489
Prologis LP REIT
1.250% due 10/15/30		55,000		51,834
1.625% due 03/15/31		100,000		96,576
2.125% due 04/15/27		25,000		26,081
2.125% due 10/15/50		40,000		34,252
2.250% due 04/15/30		30,000		30,675
3.000% due 04/15/50		25,000		25,554
4.375% due 02/01/29		15,000		17,701
Prudential Financial Inc
1.500% due 03/10/26		20,000		20,322
2.100% due 03/10/30		15,000		15,276
3.000% due 03/10/40		25,000		25,591
3.700% due 10/01/50		175,000		182,656
3.700% due 03/13/51		150,000		171,356
3.935% due 12/07/49		132,000		154,722
4.350% due 02/25/50		50,000		62,843
5.200% due 03/15/44		100,000		107,428
5.875% due 09/15/42		100,000		105,725
6.625% due 06/21/40		50,000		75,790
Public Storage REIT
0.875% due 02/15/26		50,000		49,615
2.300% due 05/01/31		250,000		255,241
3.094% due 09/15/27		30,000		32,923
Raymond James Financial Inc 4.950% due 07/15/46		100,000		129,647
Realty Income Corp REIT
1.800% due 03/15/33		50,000		47,646
3.000% due 01/15/27		50,000		54,071
3.875% due 04/15/25		150,000		165,690
4.650% due 08/01/23		50,000		53,793
Regency Centers LP REIT
3.600% due 02/01/27		30,000		33,291
3.700% due 06/15/30		35,000		38,781
4.400% due 02/01/47		35,000		40,907
Regions Financial Corp 3.800% due 08/14/23		50,000		53,333
Reinsurance Group of America Inc 3.950% due 09/15/26		60,000		66,691
RenaissanceRe Finance Inc (Bermuda) 3.450% due 07/01/27		30,000		32,853
Retail Properties of America Inc REIT 4.750% due 09/15/30		25,000		27,756
Royal Bank of Canada (Canada)
0.500% due 10/26/23		35,000		35,058
1.150% due 06/10/25		490,000		492,878
4.650% due 01/27/26		200,000		229,321

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-201

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Sabra Health Care LP REIT 4.800% due 06/01/24		$50,000		$54,695
Santander Holdings USA Inc 4.400% due 07/13/27		145,000		163,048
Santander UK Group Holdings PLC (United Kingdom)
1.532% due 08/21/26		200,000		200,435
2.896% due 03/15/32		200,000		206,278
Santander UK PLC (United Kingdom) 4.000% due 03/13/24		100,000		108,960
Simon Property Group LP REIT
2.000% due 09/13/24		100,000		103,643
2.450% due 09/13/29		100,000		102,970
2.650% due 07/15/30		100,000		103,733
3.250% due 11/30/26		50,000		54,687
3.250% due 09/13/49		100,000		101,169
3.375% due 06/15/27		100,000		108,904
4.250% due 11/30/46		50,000		57,731
Spirit Realty LP REIT 3.400% due 01/15/30		50,000		53,385
Stifel Financial Corp 4.250% due 07/18/24		50,000		54,849
STORE Capital Corp REIT 4.500% due 03/15/28		150,000		169,774
Sumitomo Mitsui Financial Group Inc (Japan)
0.948% due 01/12/26		200,000		198,096
1.474% due 07/08/25		200,000		202,114
1.710% due 01/12/31		200,000		194,922
2.296% due 01/12/41		200,000		186,676
2.348% due 01/15/25		200,000		209,011
2.778% due 10/18/22		100,000		103,134
2.784% due 07/12/22		150,000		153,851
3.010% due 10/19/26		200,000		216,078
3.202% due 09/17/29		150,000		160,008
3.364% due 07/12/27		150,000		165,401
3.784% due 03/09/26		100,000		111,375
Synchrony Financial
3.700% due 08/04/26		50,000		54,645
3.950% due 12/01/27		100,000		111,560
Tanger Properties LP REIT 3.875% due 07/15/27		50,000		53,968
The Allstate Corp 3.280% due 12/15/26		350,000		386,610
The Asian Infrastructure Investment Bank (Multi-National) 0.250% due 09/29/23		135,000		134,792
0.500% due 05/28/25		150,000		148,587
2.250% due 05/16/24		250,000		262,678
The Bank of New York Mellon Corp 0.350% due 12/07/23		210,000		209,856
0.500% due 04/26/24		250,000		249,847
1.600% due 04/24/25		300,000		308,199
2.800% due 05/04/26		50,000		53,818
3.000% due 10/30/28		55,000		60,238
3.400% due 05/15/24		100,000		107,806
The Bank of Nova Scotia (Canada) 0.700% due 04/15/24		85,000		85,123
1.300% due 06/11/25		100,000		101,075
1.625% due 05/01/23		300,000		306,708
2.000% due 11/15/22		100,000		102,290
The Charles Schwab Corp 0.900% due 03/11/26		135,000		134,065
1.150% due 05/13/26		75,000		75,061
2.300% due 05/13/31		150,000		153,388
3.200% due 03/02/27		100,000		109,320
3.850% due 05/21/25		100,000		110,643
The Goldman Sachs Group Inc 0.481% due 01/27/23		500,000		500,316
0.523% due 03/08/23		65,000		65,063

	Principal Amount		Value
0.657% due 09/10/24		$100,000		$99,889
0.673% due 03/08/24		100,000		100,197
1.093% due 12/09/26		290,000		285,633
1.431% due 03/09/27		80,000		79,809
1.542% due 09/10/27		100,000		99,842
2.615% due 04/22/32		70,000		71,559
3.200% due 02/23/23		255,000		266,124
3.210% due 04/22/42		60,000		62,852
3.272% due 09/29/25		255,000		272,884
3.500% due 01/23/25		150,000		162,235
3.500% due 04/01/25		100,000		108,540
3.500% due 11/16/26		100,000		108,828
3.625% due 02/20/24		180,000		193,014
3.750% due 05/22/25		150,000		164,155
3.750% due 02/25/26		60,000		66,406
3.800% due 03/15/30		250,000		281,302
3.814% due 04/23/29		150,000		167,939
3.850% due 01/26/27		160,000		176,434
4.017% due 10/31/38		100,000		117,498
4.223% due 05/01/29		200,000		228,253
4.411% due 04/23/39		450,000		548,638
4.750% due 10/21/45		100,000		130,973
6.750% due 10/01/37		200,000		291,684
The PNC Financial Services Group Inc 2.550% due 01/22/30		350,000		368,501
The Progressive Corp 4.000% due 03/01/29		25,000		28,742
4.125% due 04/15/47		100,000		122,716
The Toronto-Dominion Bank (Canada)
0.300% due 06/02/23		100,000		100,059
0.750% due 06/12/23		350,000		352,561
0.750% due 01/06/26		200,000		197,402
1.200% due 06/03/26		100,000		100,197
3.250% due 03/11/24		100,000		107,114
The Travelers Cos Inc 3.050% due 06/08/51		50,000		52,967
6.250% due 06/15/37		125,000		184,888
The Western Union Co 4.250% due 06/09/23		100,000		106,891
Travelers Property Casualty Corp 6.375% due 03/15/33		100,000		141,369
Truist Bank 2.450% due 08/01/22		100,000		102,178
3.689% due 08/02/24		50,000		53,325
Truist Financial Corp 1.125% due 08/03/27		100,000		97,690
1.200% due 08/05/25		135,000		136,535
1.267% due 03/02/27		120,000		119,927
1.887% due 06/07/29		125,000		125,500
1.950% due 06/05/30		135,000		135,137
3.700% due 06/05/25		100,000		110,144
4.000% due 05/01/25		100,000		111,284
UDR Inc REIT 2.100% due 06/15/33		100,000		95,408
3.100% due 11/01/34		50,000		52,684
3.200% due 01/15/30		50,000		54,113
4.400% due 01/26/29		25,000		28,981
Unum Group 4.000% due 06/15/29		70,000		78,741
4.125% due 06/15/51		100,000		101,322
US Bancorp 1.375% due 07/22/30		150,000		144,755
1.450% due 05/12/25		150,000		153,476
2.950% due 07/15/22		250,000		256,544
3.600% due 09/11/24		400,000		436,203
Ventas Realty LP REIT 3.000% due 01/15/30		50,000		52,330
3.125% due 06/15/23		90,000		93,736
3.250% due 10/15/26		100,000		108,554
4.000% due 03/01/28		50,000		56,177
4.125% due 01/15/26		31,000		34,661

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-202

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
VEREIT Operating Partnership LP REIT 2.200% due 06/15/28		$35,000		$35,571
2.850% due 12/15/32		30,000		31,385
4.600% due 02/06/24		25,000		27,256
4.625% due 11/01/25		50,000		56,655
4.875% due 06/01/26		25,000		28,845
Visa Inc 1.100% due 02/15/31		200,000		189,559
1.900% due 04/15/27		250,000		258,297
2.000% due 08/15/50		250,000		221,168
2.050% due 04/15/30		300,000		308,648
2.150% due 09/15/22		45,000		45,988
2.800% due 12/14/22		50,000		51,668
3.650% due 09/15/47		25,000		29,410
4.150% due 12/14/35		30,000		36,943
4.300% due 12/14/45		100,000		128,564
Voya Financial Inc 3.650% due 06/15/26		50,000		55,427
4.800% due 06/15/46		30,000		38,072
W R Berkley Corp 4.000% due 05/12/50		115,000		131,962
Wachovia Corp 5.500% due 08/01/35		200,000		258,756
Wells Fargo & Co 0.805% due 05/19/25		25,000		24,956
1.654% due 06/02/24		500,000		510,833
2.188% due 04/30/26		300,000		311,584
2.393% due 06/02/28		500,000		518,892
2.406% due 10/30/25		130,000		136,077
3.000% due 04/22/26		150,000		161,382
3.000% due 10/23/26		150,000		161,912
3.068% due 04/30/41		500,000		513,822
3.196% due 06/17/27		260,000		280,769
3.450% due 02/13/23		300,000		314,554
4.150% due 01/24/29		200,000		230,574
4.478% due 04/04/31		200,000		236,639
5.013% due 04/04/51		250,000		343,160
5.606% due 01/15/44		100,000		137,055
Wells Fargo Bank NA
3.550% due 08/14/23		250,000		266,216
6.600% due 01/15/38		100,000		147,805
Welltower Inc REIT 2.050% due 01/15/29		60,000		60,185
2.750% due 01/15/31		145,000		149,641
2.800% due 06/01/31		100,000		103,431
4.125% due 03/15/29		100,000		113,890
Westpac Banking Corp (Australia) 2.150% due 06/03/31		100,000		101,167
2.700% due 08/19/26		150,000		161,099
2.894% due 02/04/30		200,000		207,684
2.963% due 11/16/40		200,000		196,989
3.300% due 02/26/24		100,000		107,204
3.400% due 01/25/28		100,000		111,721
4.110% due 07/24/34		65,000		71,509
4.421% due 07/24/39		45,000		53,342
Weyerhaeuser Co REIT 4.000% due 11/15/29		100,000		114,215
7.375% due 03/15/32		100,000		144,434
Willis North America Inc 2.950% due 09/15/29		75,000		78,820
3.875% due 09/15/49		35,000		39,486
WP Carey Inc REIT 4.600% due 04/01/24		100,000		109,282
XLIT Ltd (Bermuda) 5.250% due 12/15/43		50,000		69,530
				110,285,133
Industrial - 2.1%
3M Co 2.375% due 08/26/29		300,000		315,403

	Principal Amount		Value
2.875% due 10/15/27		$100,000		$108,792
3.250% due 08/26/49		200,000		218,784
Agilent Technologies Inc 2.300% due 03/12/31		100,000		100,088
Allegion US Holding Co Inc 3.200% due 10/01/24		50,000		53,217
3.550% due 10/01/27		50,000		54,452
Amcor Flexibles North America Inc 2.690% due 05/25/31		65,000		66,435
Amphenol Corp 2.050% due 03/01/25		25,000		26,030
4.350% due 06/01/29		50,000		58,943
Arrow Electronics Inc 3.250% due 09/08/24		100,000		106,494
3.875% due 01/12/28		25,000		28,008
Avnet Inc 4.625% due 04/15/26		25,000		28,145
Berry Global Inc 1.570% due 01/15/26 ~		200,000		200,320
Burlington Northern Santa Fe LLC 3.000% due 03/15/23		150,000		156,001
3.050% due 02/15/51		200,000		209,211
3.300% due 09/15/51		200,000		218,877
3.550% due 02/15/50		150,000		170,047
3.650% due 09/01/25		50,000		55,147
4.125% due 06/15/47		50,000		60,795
4.700% due 09/01/45		50,000		65,390
5.750% due 05/01/40		100,000		142,513
Canadian National Railway Co (Canada) 2.950% due 11/21/24		100,000		106,583
6.200% due 06/01/36		50,000		70,459
Canadian Pacific Railway Co (Canada) 2.900% due 02/01/25		150,000		159,341
4.000% due 06/01/28		35,000		39,822
4.800% due 09/15/35		20,000		24,750
6.125% due 09/15/15		30,000		46,577
Carlisle Cos Inc 3.750% due 12/01/27		50,000		55,739
Carrier Global Corp 2.242% due 02/15/25		35,000		36,414
2.493% due 02/15/27		35,000		36,660
2.722% due 02/15/30		50,000		51,882
3.377% due 04/05/40		15,000		15,759
3.577% due 04/05/50		450,000		478,292
Caterpillar Financial Services Corp 0.450% due 05/17/24		50,000		49,850
0.650% due 07/07/23		50,000		50,303
0.800% due 11/13/25		60,000		59,685
0.900% due 03/02/26		200,000		199,850
3.450% due 05/15/23		100,000		105,746
Caterpillar Inc 2.600% due 04/09/30		500,000		533,539
3.250% due 09/19/49		100,000		110,574
3.803% due 08/15/42		100,000		120,035
CNH Industrial Capital LLC 1.450% due 07/15/26		100,000		99,419
4.200% due 01/15/24		50,000		54,132
CNH Industrial NV (United Kingdom) 3.850% due 11/15/27		35,000		38,829
CSX Corp 3.250% due 06/01/27		250,000		274,494
3.400% due 08/01/24		200,000		215,415
4.500% due 03/15/49		65,000		81,954
5.500% due 04/15/41		75,000		102,205
Deere & Co 2.875% due 09/07/49		15,000		15,656
3.900% due 06/09/42		100,000		123,415
Dover Corp 5.375% due 03/01/41		50,000		65,018
Eagle Materials Inc due 07/01/31 #		50,000		49,600

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-203

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Eaton Corp 4.000% due 11/02/32		$100,000		$116,582
Emerson Electric Co 0.875% due 10/15/26		35,000		34,476
3.150% due 06/01/25		100,000		108,313
FedEx Corp 3.100% due 08/05/29		50,000		54,276
3.875% due 08/01/42		100,000		111,942
4.200% due 10/17/28		100,000		116,712
4.400% due 01/15/47		50,000		59,905
4.750% due 11/15/45		50,000		62,474
5.250% due 05/15/50		350,000		475,895
Flex Ltd 3.750% due 02/01/26		50,000		54,726
4.750% due 06/15/25		50,000		55,845
4.875% due 06/15/29		25,000		28,882
Flowserve Corp 4.000% due 11/15/23		143,000		152,817
Fortive Corp 4.300% due 06/15/46		125,000		148,667
Fortune Brands Home & Security Inc 4.000% due 09/21/23		50,000		53,544
GATX Corp 3.250% due 03/30/25		100,000		106,953
4.350% due 02/15/24		25,000		27,213
4.550% due 11/07/28		25,000		29,181
General Dynamics Corp 2.250% due 06/01/31		5,000		5,135
2.850% due 06/01/41		10,000		10,276
3.375% due 05/15/23		50,000		52,749
3.750% due 05/15/28		180,000		204,514
4.250% due 04/01/50		200,000		257,250
General Electric Co 3.450% due 05/01/27		350,000		384,957
6.750% due 03/15/32		101,000		140,105
6.875% due 01/10/39		8,000		11,998
Honeywell International Inc 0.483% due 08/19/22		145,000		145,048
2.150% due 08/08/22		45,000		45,874
2.300% due 08/15/24		100,000		105,031
2.500% due 11/01/26		100,000		106,617
2.700% due 08/15/29		60,000		64,483
Hubbell Inc 3.350% due 03/01/26		50,000		54,091
IDEX Corp 2.625% due 06/15/31		100,000		101,766
3.000% due 05/01/30		15,000		15,882
Illinois Tool Works Inc 4.875% due 09/15/41		100,000		132,971
Jabil Inc 1.700% due 04/15/26		65,000		65,530
3.950% due 01/12/28		55,000		61,240
JB Hunt Transport Services Inc 3.300% due 08/15/22		50,000		51,320
John Deere Capital Corp 0.450% due 06/07/24		35,000		34,906
0.550% due 07/05/22		300,000		301,240
1.750% due 03/09/27		50,000		51,231
2.000% due 06/17/31		100,000		101,212
2.150% due 09/08/22		50,000		51,107
2.600% due 03/07/24		100,000		105,453
2.650% due 06/10/26		100,000		107,794
2.800% due 03/06/23		50,000		52,116
2.800% due 09/08/27		50,000		54,196
3.400% due 09/11/25		50,000		55,304
3.450% due 06/07/23		25,000		26,518
3.450% due 03/13/25		50,000		54,823
Johnson Controls International PLC 1.750% due 09/15/30		15,000		14,468
3.625% due 07/02/24		40,000		42,992
3.900% due 02/14/26		19,000		21,051
4.500% due 02/15/47		40,000		50,356

	Principal Amount		Value
Kansas City Southern 4.950% due 08/15/45		$100,000		$127,183
Kennametal Inc 4.625% due 06/15/28		50,000		56,561
Keysight Technologies Inc 4.550% due 10/30/24		100,000		111,179
L3Harris Technologies Inc 2.900% due 12/15/29		30,000		31,842
3.850% due 06/15/23		70,000		74,435
3.850% due 12/15/26		25,000		28,086
4.400% due 06/15/28		100,000		116,244
Lockheed Martin Corp 2.900% due 03/01/25		50,000		53,648
3.550% due 01/15/26		100,000		110,576
3.600% due 03/01/35		25,000		28,655
3.800% due 03/01/45		20,000		23,325
4.500% due 05/15/36		20,000		25,052
4.700% due 05/15/46		44,000		58,344
6.150% due 09/01/36		100,000		143,970
Martin Marietta Materials Inc 2.500% due 03/15/30		65,000		66,182
3.450% due 06/01/27		21,000		22,965
Masco Corp 2.000% due 02/15/31		100,000		97,745
3.500% due 11/15/27		100,000		109,903
Norfolk Southern Corp 2.300% due 05/15/31		250,000		253,037
2.903% due 02/15/23		100,000		103,525
3.155% due 05/15/55		20,000		20,171
3.800% due 08/01/28		30,000		33,942
3.942% due 11/01/47		63,000		72,805
4.650% due 01/15/46		50,000		62,851
4.837% due 10/01/41		50,000		64,168
Northrop Grumman Corp 3.250% due 08/01/23		100,000		105,797
3.250% due 01/15/28		350,000		382,667
3.850% due 04/15/45		100,000		115,470
Oshkosh Corp 3.100% due 03/01/30		15,000		15,938
Otis Worldwide Corp 2.056% due 04/05/25		20,000		20,790
2.293% due 04/05/27		20,000		20,735
3.112% due 02/15/40		50,000		51,773
3.362% due 02/15/50		30,000		31,644
Owens Corning 3.875% due 06/01/30		150,000		167,608
Packaging Corp of America 3.400% due 12/15/27		35,000		38,500
3.650% due 09/15/24		100,000		108,122
Parker-Hannifin Corp 3.250% due 06/14/29		20,000		21,921
4.000% due 06/14/49		20,000		23,850
6.250% due 05/15/38		100,000		142,638
Precision Castparts Corp 2.500% due 01/15/23		100,000		102,803
3.250% due 06/15/25		50,000		54,282
4.375% due 06/15/45		50,000		60,405
Raytheon Technologies Corp 2.250% due 07/01/30		100,000		101,702
2.500% due 12/15/22		125,000		128,255
3.125% due 07/01/50		100,000		102,933
3.200% due 03/15/24		300,000		319,243
3.500% due 03/15/27		200,000		220,743
3.750% due 11/01/46		50,000		56,560
3.950% due 08/16/25		25,000		27,815
4.125% due 11/16/28		60,000		69,081
4.350% due 04/15/47		200,000		247,009
4.450% due 11/16/38		20,000		24,271
4.500% due 06/01/42		300,000		374,038
4.625% due 11/16/48		35,000		45,118

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-204

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Republic Services Inc 3.200% due 03/15/25		$100,000		$107,491
3.375% due 11/15/27		120,000		132,023
3.950% due 05/15/28		100,000		113,924
Ryder System Inc 2.500% due 09/01/22		95,000		97,143
3.400% due 03/01/23		100,000		104,530
Snap-on Inc 3.100% due 05/01/50		35,000		37,153
Stanley Black & Decker Inc 2.750% due 11/15/50		50,000		48,736
4.250% due 11/15/28		100,000		117,123
Teledyne Technologies Inc 2.750% due 04/01/31		200,000		205,604
Textron Inc 3.650% due 03/15/27		100,000		110,915
4.000% due 03/15/26		25,000		27,956
The Boeing Co 1.433% due 02/04/24		485,000		486,323
1.950% due 02/01/24		30,000		30,736
2.196% due 02/04/26		200,000		201,943
2.750% due 02/01/26		50,000		52,263
2.800% due 03/01/23		25,000		25,848
2.950% due 02/01/30		100,000		102,497
3.200% due 03/01/29		200,000		210,098
3.250% due 02/01/28		50,000		53,063
3.250% due 03/01/28		25,000		26,277
3.550% due 03/01/38		15,000		15,429
3.625% due 02/01/31		30,000		32,298
3.625% due 03/01/48		10,000		10,051
3.750% due 02/01/50		100,000		103,332
3.825% due 03/01/59		50,000		51,121
3.850% due 11/01/48		35,000		36,038
4.508% due 05/01/23		200,000		213,284
4.875% due 05/01/25		85,000		95,284
5.150% due 05/01/30		150,000		177,766
5.705% due 05/01/40		200,000		257,954
5.805% due 05/01/50		150,000		202,326
5.875% due 02/15/40		50,000		64,567
5.930% due 05/01/60		150,000		207,521
Trane Technologies Global Holding Co Ltd 4.250% due 06/15/23		100,000		107,379
Trane Technologies Luxembourg Finance SA 3.800% due 03/21/29		100,000		112,987
Trimble Inc 4.150% due 06/15/23		50,000		53,185
4.900% due 06/15/28		50,000		58,694
Union Pacific Corp 2.375% due 05/20/31		40,000		40,901
2.750% due 03/01/26		25,000		26,705
2.891% due 04/06/36 ~		125,000		130,061
2.973% due 09/16/62		25,000		24,114
3.000% due 04/15/27		100,000		108,450
3.200% due 05/20/41		70,000		74,368
3.250% due 08/15/25		50,000		54,236
3.350% due 08/15/46		50,000		53,520
3.500% due 06/08/23		50,000		52,932
3.550% due 05/20/61		100,000		107,869
3.600% due 09/15/37		20,000		22,451
3.646% due 02/15/24		92,000		98,711
3.750% due 07/15/25		50,000		55,460
3.799% due 04/06/71 ~		30,000		33,403
3.839% due 03/20/60		530,000		605,090
United Parcel Service Inc 3.400% due 11/15/46		200,000		225,174
5.300% due 04/01/50		500,000		733,234
6.200% due 01/15/38		50,000		74,065
Vulcan Materials Co 4.500% due 06/15/47		100,000		121,460

	Principal Amount		Value
Waste Connections Inc 3.500% due 05/01/29		$100,000		$110,217
Waste Management Inc 0.750% due 11/15/25		206,000		204,142
2.950% due 06/01/41		35,000		36,146
3.150% due 11/15/27		100,000		109,480
Westinghouse Air Brake Technologies Corp 4.400% due 03/15/24		100,000		108,426
4.950% due 09/15/28		100,000		116,150
WRKCo Inc
3.000% due 09/15/24		100,000		105,982
4.000% due 03/15/28		100,000		113,016
4.200% due 06/01/32		50,000		57,897
Xylem Inc
3.250% due 11/01/26		30,000		32,886
4.375% due 11/01/46		25,000		29,919
				23,690,528
Technology - 2.2%
Activision Blizzard Inc 1.350% due 09/15/30		35,000		32,786
2.500% due 09/15/50		100,000		89,993
3.400% due 09/15/26		50,000		55,046
Adobe Inc 1.700% due 02/01/23		20,000		20,453
1.900% due 02/01/25		230,000		239,160
Analog Devices Inc 3.500% due 12/05/26		100,000		111,078
Apple Inc 0.700% due 02/08/26		150,000		148,339
0.750% due 05/11/23		80,000		80,718
1.125% due 05/11/25		65,000		65,792
1.650% due 05/11/30		410,000		407,170
1.650% due 02/08/31		200,000		197,082
1.700% due 09/11/22		60,000		61,072
1.800% due 09/11/24		100,000		104,134
2.050% due 09/11/26		100,000		104,725
2.100% due 09/12/22		100,000		102,110
2.200% due 09/11/29		100,000		104,061
2.400% due 01/13/23		50,000		51,631
2.400% due 05/03/23		600,000		622,900
2.550% due 08/20/60		250,000		233,912
2.650% due 05/11/50		100,000		98,414
2.650% due 02/08/51		100,000		97,965
2.950% due 09/11/49		65,000		67,267
3.000% due 11/13/27		100,000		109,552
3.250% due 02/23/26		570,000		626,065
3.350% due 02/09/27		200,000		222,298
3.750% due 09/12/47		75,000		88,787
3.750% due 11/13/47		50,000		58,667
3.850% due 08/04/46		35,000		41,793
4.250% due 02/09/47		100,000		126,336
4.500% due 02/23/36		50,000		63,186
4.650% due 02/23/46		445,000		591,603
Applied Materials Inc 1.750% due 06/01/30		30,000		29,703
3.900% due 10/01/25		35,000		39,196
4.350% due 04/01/47		45,000		57,830
5.100% due 10/01/35		35,000		46,122
Autodesk Inc 2.850% due 01/15/30		55,000		58,099
Broadcom Inc 2.450% due 02/15/31 ~		200,000		196,694
3.419% due 04/15/33 ~		250,000		262,828
3.459% due 09/15/26		26,000		28,333
3.500% due 02/15/41 ~		315,000		322,654
3.750% due 02/15/51 ~		140,000		146,378
4.110% due 09/15/28		211,000		237,575
4.250% due 04/15/26		100,000		112,163
4.300% due 11/15/32		200,000		227,993
4.750% due 04/15/29		150,000		174,648
5.000% due 04/15/30		200,000		236,196

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-205

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Broadridge Financial Solutions Inc 3.400% due 06/27/26		$50,000		$54,851
Citrix Systems Inc 1.250% due 03/01/26		55,000		54,352
3.300% due 03/01/30		50,000		52,663
Dell International LLC 4.000% due 07/15/24		50,000		54,407
4.900% due 10/01/26		100,000		115,520
5.300% due 10/01/29		100,000		120,761
5.450% due 06/15/23		115,000		124,792
5.850% due 07/15/25		200,000		234,821
6.020% due 06/15/26		500,000		600,535
8.100% due 07/15/36		50,000		76,315
8.350% due 07/15/46		50,000		81,906
DXC Technology Co 4.125% due 04/15/25		65,000		71,478
Electronic Arts Inc 1.850% due 02/15/31		30,000		29,022
2.950% due 02/15/51		20,000		19,602
4.800% due 03/01/26		50,000		57,655
Fidelity National Information Services Inc
0.375% due 03/01/23		20,000		19,980
0.600% due 03/01/24		15,000		14,987
1.150% due 03/01/26		350,000		347,419
1.650% due 03/01/28		20,000		19,908
2.250% due 03/01/31		50,000		49,966
3.100% due 03/01/41		10,000		10,265
Fiserv Inc 2.250% due 06/01/27		100,000		103,795
2.650% due 06/01/30		100,000		103,644
2.750% due 07/01/24		100,000		105,533
3.200% due 07/01/26		25,000		27,078
3.500% due 07/01/29		45,000		49,560
3.850% due 06/01/25		100,000		110,102
4.400% due 07/01/49		40,000		48,343
Genpact Luxembourg SARL 3.375% due 12/01/24		25,000		26,736
Hewlett Packard Enterprise Co 4.900% due 10/15/25		250,000		284,757
6.200% due 10/15/35		50,000		67,914
6.350% due 10/15/45		50,000		67,287
HP Inc 2.650% due 06/17/31 ~		100,000		100,040
4.050% due 09/15/22		200,000		208,800
6.000% due 09/15/41		55,000		72,455
Intel Corp 2.450% due 11/15/29		150,000		158,076
2.600% due 05/19/26		100,000		107,049
3.250% due 11/15/49		500,000		533,288
3.700% due 07/29/25		145,000		160,366
4.600% due 03/25/40		400,000		507,534
International Business Machines Corp 2.850% due 05/15/40		100,000		101,862
3.000% due 05/15/24		200,000		213,235
3.300% due 05/15/26		300,000		330,220
3.375% due 08/01/23		300,000		318,709
3.500% due 05/15/29		170,000		190,405
4.150% due 05/15/39		100,000		119,033
4.250% due 05/15/49		300,000		371,061
5.600% due 11/30/39		26,000		36,407
Intuit Inc 1.650% due 07/15/30		15,000		14,759
Lam Research Corp 4.000% due 03/15/29		55,000		63,914
4.875% due 03/15/49		25,000		33,817
Leidos Inc 2.300% due 02/15/31		55,000		53,801
Marvell Technology Inc 4.200% due 06/22/23 ~		50,000		53,175
Maxim Integrated Products Inc 3.450% due 06/15/27		100,000		110,300
Micron Technology Inc 2.497% due 04/24/23		250,000		258,624

	Principal Amount		Value
Microsoft Corp 2.000% due 08/08/23		$50,000		$51,645
2.375% due 05/01/23		100,000		103,387
2.400% due 08/08/26		750,000		800,014
2.525% due 06/01/50		535,000		526,843
2.675% due 06/01/60		166,000		164,876
2.875% due 02/06/24		35,000		37,024
2.921% due 03/17/52		278,000		295,556
3.125% due 11/03/25		100,000		109,157
3.300% due 02/06/27		300,000		333,952
3.450% due 08/08/36		72,000		83,486
3.700% due 08/08/46		500,000		602,591
NVIDIA Corp 0.584% due 06/14/24		75,000		75,039
2.000% due 06/15/31		100,000		100,239
2.850% due 04/01/30		250,000		270,883
3.500% due 04/01/50		200,000		226,258
NXP BV (China) 2.500% due 05/11/31 ~		100,000		101,204
3.250% due 05/11/41 ~		60,000		61,785
4.300% due 06/18/29 ~		150,000		172,229
Oracle Corp 1.650% due 03/25/26		45,000		45,637
2.300% due 03/25/28		70,000		71,862
2.800% due 04/01/27		500,000		530,580
2.875% due 03/25/31		75,000		78,068
2.950% due 05/15/25		150,000		160,405
3.250% due 11/15/27		350,000		381,298
3.600% due 04/01/40		500,000		528,207
3.650% due 03/25/41		80,000		84,962
3.850% due 07/15/36		50,000		55,081
3.850% due 04/01/60		300,000		319,343
3.900% due 05/15/35		105,000		117,170
3.950% due 03/25/51		120,000		131,136
4.000% due 07/15/46		250,000		271,561
4.100% due 03/25/61		95,000		105,560
4.300% due 07/08/34		100,000		116,067
4.375% due 05/15/55		200,000		231,113
6.125% due 07/08/39		100,000		138,844
6.500% due 04/15/38		100,000		141,552
QUALCOMM Inc 2.600% due 01/30/23		100,000		103,639
2.900% due 05/20/24		50,000		53,171
3.250% due 05/20/27		50,000		55,256
3.450% due 05/20/25		150,000		164,801
4.300% due 05/20/47		30,000		38,010
4.800% due 05/20/45		150,000		200,027
Roper Technologies Inc 1.750% due 02/15/31		200,000		192,385
2.350% due 09/15/24		15,000		15,742
3.800% due 12/15/26		30,000		33,540
4.200% due 09/15/28		95,000		109,381
salesforce.com Inc due 07/15/24 #		55,000		55,036
due 07/15/28 #		65,000		64,916
due 07/15/31 #		80,000		80,192
due 07/15/41 #		60,000		60,476
due 07/15/51 #		100,000		101,476
due 07/15/61 #		50,000		50,953
ServiceNow Inc 1.400% due 09/01/30		65,000		61,060
Texas Instruments Inc 1.375% due 03/12/25		250,000		255,333
4.150% due 05/15/48		100,000		127,075
VMware Inc 2.950% due 08/21/22		35,000		35,914
3.900% due 08/21/27		30,000		33,365
Xilinx Inc 2.950% due 06/01/24		100,000		105,796
				24,145,549

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-206

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Utilities - 2.2%
AEP Texas Inc 3.450% due 05/15/51		$35,000		$36,299
AEP Transmission Co LLC 4.250% due 09/15/48		35,000		43,325
Alabama Power Co
3.125% due 07/15/51		100,000		102,774
4.150% due 08/15/44		90,000		108,222
4.300% due 07/15/48		15,000		18,668
Ameren Illinois Co
3.250% due 03/01/25		50,000		53,827
3.800% due 05/15/28		50,000		56,721
4.150% due 03/15/46		50,000		60,695
American Electric Power Co Inc
0.750% due 11/01/23		20,000		20,013
1.000% due 11/01/25		30,000		29,722
American Water Capital Corp
2.300% due 06/01/31		50,000		50,874
2.950% due 09/01/27		35,000		37,771
3.250% due 06/01/51		50,000		52,469
3.450% due 06/01/29		100,000		110,989
3.750% due 09/01/47		50,000		56,526
4.300% due 12/01/42		100,000		123,814
Appalachian Power Co
3.700% due 05/01/50		150,000		165,929
7.000% due 04/01/38		150,000		224,491
Arizona Public Service Co 2.950% due 09/15/27		50,000		54,215
4.500% due 04/01/42		100,000		122,979
Atmos Energy Corp
0.625% due 03/09/23		35,000		35,012
3.000% due 06/15/27		30,000		32,409
4.150% due 01/15/43		64,000		75,322
4.300% due 10/01/48		50,000		61,261
Avangrid Inc 3.150% due 12/01/24		50,000		53,514
Baltimore Gas and Electric Co
2.900% due 06/15/50		30,000		29,955
3.200% due 09/15/49		70,000		73,542
3.750% due 08/15/47		50,000		57,615
Berkshire Hathaway Energy Co
2.800% due 01/15/23		40,000		41,397
3.250% due 04/15/28		30,000		33,016
3.800% due 07/15/48		25,000		28,700
4.250% due 10/15/50		200,000		245,194
4.450% due 01/15/49		50,000		62,477
6.125% due 04/01/36		99,000		139,546
Black Hills Corp
3.150% due 01/15/27		50,000		53,316
4.350% due 05/01/33		30,000		34,983
CenterPoint Energy Houston Electric LLC
2.250% due 08/01/22		100,000		101,568
2.350% due 04/01/31		55,000		56,502
2.400% due 09/01/26		50,000		52,696
3.000% due 02/01/27		50,000		53,922
3.350% due 04/01/51		85,000		93,489
CenterPoint Energy Inc 4.250% due 11/01/28		25,000		28,774
CenterPoint Energy Resources Corp 4.000% due 04/01/28		100,000		112,735
Commonwealth Edison Co
3.700% due 08/15/28		20,000		22,754
3.750% due 08/15/47		50,000		58,033
3.800% due 10/01/42		100,000		115,309
Consolidated Edison Co of New York Inc
2.400% due 06/15/31		50,000		50,993
3.600% due 06/15/61		50,000		51,839
3.950% due 03/01/43		100,000		112,663
3.950% due 04/01/50		250,000		284,464
4.000% due 12/01/28		100,000		114,560

	Principal Amount		Value
4.125% due 05/15/49		$50,000		$58,412
4.300% due 12/01/56		50,000		58,988
4.500% due 12/01/45		100,000		121,159
Consumers Energy Co
3.250% due 08/15/46		50,000		53,919
3.800% due 11/15/28		100,000		115,396
4.350% due 04/15/49		100,000		127,973
Dominion Energy Inc
1.450% due 04/15/26		40,000		40,323
2.850% due 08/15/26		30,000		31,974
3.071% due 08/15/24		70,000		74,265
3.300% due 04/15/41		30,000		31,605
3.375% due 04/01/30		350,000		381,494
4.250% due 06/01/28		50,000		57,503
4.700% due 12/01/44		100,000		125,017
Dominion Energy South Carolina Inc
4.600% due 06/15/43		100,000		128,549
5.300% due 05/15/33		50,000		64,971
5.450% due 02/01/41		50,000		68,832
DTE Electric Co
2.250% due 03/01/30		50,000		51,383
2.950% due 03/01/50		50,000		51,320
3.375% due 03/01/25		50,000		54,016
3.650% due 03/15/24		51,000		54,742
DTE Energy Co
0.550% due 11/01/22		15,000		15,034
3.300% due 06/15/22		50,000		51,140
3.800% due 03/15/27		100,000		111,418
3.850% due 12/01/23		100,000		107,069
Duke Energy Carolinas LLC
3.050% due 03/15/23		150,000		156,665
3.750% due 06/01/45		200,000		226,443
6.050% due 04/15/38		110,000		155,629
6.100% due 06/01/37		25,000		34,921
Duke Energy Corp
2.400% due 08/15/22		50,000		51,067
2.450% due 06/01/30		160,000		161,962
2.550% due 06/15/31		100,000		101,409
3.150% due 08/15/27		50,000		54,040
3.300% due 06/15/41		100,000		102,802
3.500% due 06/15/51		100,000		103,902
3.950% due 08/15/47		50,000		55,157
4.200% due 06/15/49		65,000		74,013
Duke Energy Florida LLC
1.750% due 06/15/30		250,000		245,207
2.500% due 12/01/29		50,000		52,486
Duke Energy Indiana LLC
2.750% due 04/01/50		60,000		58,247
3.250% due 10/01/49		50,000		53,043
3.750% due 05/15/46		50,000		56,249
4.900% due 07/15/43		100,000		128,597
Duke Energy Ohio Inc 2.125% due 06/01/30		35,000		35,190
Duke Energy Progress LLC 3.700% due 09/01/28		100,000		112,661
Edison International
2.400% due 09/15/22		40,000		40,721
2.950% due 03/15/23		100,000		103,290
5.750% due 06/15/27		10,000		11,391
El Paso Electric Co 5.000% due 12/01/44		50,000		60,689
Emera US Finance LP (Canada)
3.550% due 06/15/26		35,000		38,270
4.750% due 06/15/46		200,000		237,946
Enel Chile SA (Chile) 4.875% due 06/12/28		50,000		57,800
Enel Generacion Chile SA (Chile) 4.250% due 04/15/24		50,000		53,551
Entergy Arkansas LLC
3.500% due 04/01/26		50,000		54,996
4.200% due 04/01/49		50,000		60,870

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-207

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Entergy Corp
0.900% due 09/15/25		$150,000		$148,134
2.800% due 06/15/30		100,000		104,268
2.950% due 09/01/26		30,000		32,033
Entergy Gulf States Louisiana LLC 5.590% due 10/01/24		50,000		57,565
Entergy Louisiana LLC
0.620% due 11/17/23		25,000		25,040
2.350% due 06/15/32		100,000		101,347
3.100% due 06/15/41		400,000		423,168
3.250% due 04/01/28		50,000		54,787
4.200% due 09/01/48		50,000		60,953
4.950% due 01/15/45		40,000		43,886
Essential Utilities Inc 2.400% due 05/01/31		100,000		100,992
Evergy Kansas Central Inc
3.100% due 04/01/27		50,000		54,208
4.100% due 04/01/43		100,000		118,382
Evergy Metro Inc 3.650% due 08/15/25		50,000		54,968
Eversource Energy
2.900% due 10/01/24		50,000		52,982
3.300% due 01/15/28		100,000		109,653
3.800% due 12/01/23		15,000		16,108
4.250% due 04/01/29		25,000		29,163
Exelon Corp
3.950% due 06/15/25		100,000		110,127
4.050% due 04/15/30		300,000		342,039
4.450% due 04/15/46		100,000		121,612
4.950% due 06/15/35		35,000		43,069
5.100% due 06/15/45		35,000		45,807
Florida Power & Light Co
2.850% due 04/01/25		350,000		374,449
3.700% due 12/01/47		200,000		236,138
4.950% due 06/01/35		100,000		131,680
5.690% due 03/01/40		35,000		50,225
5.950% due 02/01/38		125,000		181,461
Georgia Power Co 4.300% due 03/15/42		100,000		118,386
Indiana Michigan Power Co
3.250% due 05/01/51		60,000		63,008
4.250% due 08/15/48		25,000		30,389
Interstate Power & Light Co 3.500% due 09/30/49		25,000		27,124
ITC Holdings Corp
3.350% due 11/15/27		50,000		54,582
3.650% due 06/15/24		25,000		26,829
Kentucky Utilities Co 4.375% due 10/01/45		40,000		48,586
Louisville Gas & Electric Co 4.250% due 04/01/49		35,000		43,220
MidAmerican Energy Co
3.650% due 08/01/48		100,000		114,261
6.750% due 12/30/31		100,000		141,938
Mississippi Power Co 3.950% due 03/30/28		25,000		28,155
National Fuel Gas Co
3.750% due 03/01/23		100,000		104,274
3.950% due 09/15/27		50,000		53,988
National Rural Utilities Cooperative Finance Corp
1.350% due 03/15/31		100,000		92,875
1.650% due 06/15/31		200,000		190,232
4.023% due 11/01/32		100,000		117,325
8.000% due 03/01/32		50,000		75,601
NextEra Energy Capital Holdings Inc
0.650% due 03/01/23		45,000		45,195
2.250% due 06/01/30		80,000		80,692
4.800% due 12/01/77		100,000		112,459
5.650% due 05/01/79		100,000		116,453

	Principal Amount		Value
NiSource Inc
0.950% due 08/15/25		$200,000		$198,522
3.490% due 05/15/27		50,000		55,048
3.950% due 03/30/48		50,000		57,312
4.800% due 02/15/44		100,000		123,358
5.250% due 02/15/43		100,000		131,993
Northern States Power Co
2.150% due 08/15/22		100,000		101,151
2.600% due 06/01/51		50,000		47,647
NSTAR Electric Co 2.375% due 10/15/22		100,000		102,103
OGE Energy Corp 0.703% due 05/26/23		40,000		40,015
Oglethorpe Power Corp 5.050% due 10/01/48		100,000		126,164
Ohio Edison Co 6.875% due 07/15/36		150,000		213,178
Ohio Power Co 1.625% due 01/15/31		65,000		62,425
Oklahoma Gas & Electric Co 3.850% due 08/15/47		50,000		56,786
Oncor Electric Delivery Co LLC
0.550% due 10/01/25		70,000		68,438
3.700% due 11/15/28		100,000		113,222
3.800% due 09/30/47		50,000		58,631
5.300% due 06/01/42		100,000		138,234
Pacific Gas and Electric Co
2.500% due 02/01/31		100,000		93,869
3.300% due 08/01/40		250,000		226,306
3.450% due 07/01/25		400,000		419,517
3.500% due 08/01/50		45,000		40,166
4.500% due 07/01/40		300,000		300,640
4.550% due 07/01/30		300,000		321,151
4.950% due 07/01/50		200,000		206,049
PacifiCorp
2.700% due 09/15/30		300,000		315,500
3.300% due 03/15/51		300,000		318,998
3.500% due 06/15/29		35,000		39,053
4.125% due 01/15/49		70,000		83,855
PECO Energy Co
2.800% due 06/15/50		45,000		45,006
3.000% due 09/15/49		55,000		57,701
3.150% due 10/15/25		50,000		54,191
3.900% due 03/01/48		60,000		71,970
Piedmont Natural Gas Co Inc
3.350% due 06/01/50		225,000		232,533
4.650% due 08/01/43		35,000		43,134
Potomac Electric Power Co 3.600% due 03/15/24		100,000		107,203
PPL Electric Utilities Corp
3.000% due 10/01/49		70,000		72,367
4.150% due 10/01/45		25,000		30,129
4.150% due 06/15/48		100,000		122,613
4.750% due 07/15/43		50,000		65,185
Progress Energy Inc 7.750% due 03/01/31		100,000		142,833
PSEG Power LLC 3.850% due 06/01/23		100,000		106,214
Public Service Co of Colorado
1.875% due 06/15/31		200,000		199,162
2.700% due 01/15/51		100,000		97,840
3.700% due 06/15/28		50,000		56,480
3.800% due 06/15/47		50,000		58,891
Public Service Co of New Hampshire 2.200% due 06/15/31		30,000		30,615
Public Service Electric and Gas Co
0.950% due 03/15/26		100,000		99,686
2.050% due 08/01/50		100,000		86,476
3.000% due 03/01/51		100,000		104,402
3.200% due 08/01/49		60,000		64,807
4.050% due 05/01/48		25,000		30,661

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-208

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Public Service Enterprise Group Inc
2.650% due 11/15/22		$50,000		$51,471
2.875% due 06/15/24		70,000		74,287
Puget Energy Inc 3.650% due 05/15/25		100,000		107,731
Puget Sound Energy Inc 5.795% due 03/15/40		25,000		35,008
San Diego Gas & Electric Co
1.700% due 10/01/30		95,000		91,809
3.750% due 06/01/47		50,000		57,294
4.100% due 06/15/49		100,000		120,889
4.150% due 05/15/48		25,000		30,345
Sempra Energy
3.400% due 02/01/28		65,000		71,504
3.800% due 02/01/38		100,000		111,313
Southern California Edison Co
2.250% due 06/01/30		120,000		118,251
2.850% due 08/01/29		75,000		77,966
2.950% due 02/01/51		320,000		290,803
3.500% due 10/01/23		100,000		105,739
3.650% due 03/01/28		50,000		55,074
3.650% due 02/01/50		70,000		70,135
3.700% due 08/01/25		30,000		32,703
3.900% due 03/15/43		50,000		52,398
4.125% due 03/01/48		10,000		10,689
4.500% due 09/01/40		50,000		57,510
Southern California Gas Co 2.600% due 06/15/26		50,000		53,138
Southwest Gas Corp 3.800% due 09/29/46		50,000		54,338
Southwestern Electric Power Co
3.900% due 04/01/45		50,000		55,196
4.100% due 09/15/28		50,000		56,921
6.200% due 03/15/40		50,000		69,988
Southwestern Public Service Co
3.300% due 06/15/24		50,000		53,130
3.750% due 06/15/49		100,000		114,446
Tampa Electric Co
4.300% due 06/15/48		50,000		61,691
4.450% due 06/15/49		50,000		63,559
The AES Corp
1.375% due 01/15/26 ~		75,000		74,300
2.450% due 01/15/31 ~		100,000		99,105
The Connecticut Light & Power Co 4.150% due 06/01/45		25,000		31,038
The Connecticut Light and Power Co 0.750% due 12/01/25		150,000		148,206
The Southern Co
2.950% due 07/01/23		25,000		26,094
4.000% due 01/15/51		350,000		371,000
4.250% due 07/01/36		30,000		34,856
4.400% due 07/01/46		450,000		529,345
Tucson Electric Power Co
3.050% due 03/15/25		50,000		53,519
4.850% due 12/01/48		100,000		129,137
Union Electric Co
2.625% due 03/15/51		200,000		191,865
8.450% due 03/15/39		100,000		172,626
Virginia Electric & Power Co
2.950% due 11/15/26		50,000		54,170
3.150% due 01/15/26		35,000		38,168
3.800% due 09/15/47		50,000		57,738
4.000% due 11/15/46		20,000		23,630
8.875% due 11/15/38		25,000		44,565
Washington Gas Light Co 3.650% due 09/15/49		25,000		28,136
WEC Energy Group Inc
0.800% due 03/15/24		160,000		160,429
3.550% due 06/15/25		84,000		91,910
Wisconsin Electric Power Co 4.300% due 10/15/48		10,000		12,547

	Principal Amount		Value
Wisconsin Power & Light Co 3.050% due 10/15/27		$100,000		$108,316
Xcel Energy Inc
0.500% due 10/15/23		40,000		40,016
4.000% due 06/15/28		50,000		56,967
				24,405,854
Total Corporate Bonds & Notes (Cost $293,422,067)				314,436,535
MORTGAGE-BACKED SECURITIES - 29.3%
Collateralized Mortgage Obligations - Commercial - 2.1%
Bank
1.844% due 03/15/63		131,250		129,880
1.997% due 11/15/53		250,000		250,099
2.649% due 01/15/63		200,000		210,973
2.920% due 12/15/52		200,000		214,975
3.175% due 09/15/60		200,000		217,212
BBCMS Mortgage Trust
2.299% due 02/15/54		300,000		307,886
2.639% due 02/15/53		200,000		210,972
Benchmark Mortgage Trust
1.850% due 09/15/53		250,000		247,556
1.925% due 07/15/53		197,917		197,310
2.577% due 04/15/54		200,000		209,731
2.732% due 02/15/53		200,000		212,111
4.121% due 07/15/51 §		200,000		229,557
CD Mortgage Trust 3.456% due 11/13/50		175,000		192,478
Citigroup Commercial Mortgage Trust
3.372% due 10/10/47		315,841		335,336
3.778% due 09/10/58		600,000		660,006
Commercial Mortgage Pass-Through 3.525% due 02/10/49		265,248		280,916
Commercial Mortgage Trust
3.660% due 08/10/50		195,916		202,047
3.819% due 06/10/47		300,000		323,928
4.228% due 05/10/51		400,000		459,995
CSAIL Commercial Mortgage Trust 3.458% due 11/15/50 §		600,000		660,333
Fannie Mae - Aces
1.270% due 07/25/30		200,000		195,983
1.515% due 02/25/31 §		245,000		244,413
1.740% due 11/25/32 §		500,000		506,644
1.821% due 02/25/30		48,200		49,118
2.723% due 10/25/24		181,823		191,276
2.980% due 08/25/29		500,000		555,487
2.999% due 01/25/28 §		500,000		549,771
3.061% due 05/25/27 §		200,000		219,723
3.084% due 12/25/27 §		190,000		208,881
3.775% due 08/25/30 §		300,000		352,218
Freddie Mac
1.350% due 05/25/30		575,000		568,549
1.406% due 08/25/30		250,000		247,875
1.477% due 04/25/30		107,143		107,138
1.517% due 03/25/30		222,222		223,032
1.547% due 11/25/53		200,000		200,984
1.558% due 04/25/30		140,000		140,870
1.621% due 02/25/54		186,667		188,225
1.872% due 03/25/53		166,667		171,752
1.940% due 02/25/35		352,000		355,761
2.020% due 03/25/31		250,000		260,465
2.862% due 05/25/26		500,000		541,064
2.946% due 07/25/24		750,000		792,115
Freddie Mac Multifamily Structured Pass Through Certificates
2.524% due 10/25/29		200,000		216,254
2.673% due 03/25/26 - 09/25/29		800,000		861,871
2.745% due 01/25/26		400,000		430,352
3.171% due 10/25/24		850,000		915,094

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-209

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
3.208% due 02/25/26		$375,000		$409,833
3.310% due 05/25/23 §		500,000		525,847
3.422% due 02/25/29		196,721		224,409
3.926% due 06/25/28		100,000		116,451
3.990% due 08/25/33 §		42,000		51,504
GS Mortgage Securities Trust
2.773% due 11/10/45		194,177		198,445
3.734% due 11/10/48		1,000,000		1,100,379
JPMBB Commercial Mortgage Securities Trust 4.274% due 12/15/48		600,000		642,713
JPMDB Commercial Mortgage Securities Trust 2.180% due 05/13/53		300,000		305,003
JPMorgan Chase Commercial Mortgage Securities Trust 3.143% due 12/15/47		491,190		508,025
Morgan Stanley Bank of America Merrill Lynch Trust
3.720% due 12/15/49		570,000		634,784
3.753% due 12/15/47		700,000		768,235
Morgan Stanley Capital I Trust
2.728% due 05/15/54		250,000		265,034
3.596% due 12/15/49		400,000		439,594
Wells Fargo Commercial Mortgage Trust
2.626% due 04/15/54		250,000		263,442
2.652% due 08/15/49		350,000		370,825
2.925% due 04/15/50		300,000		315,624
3.453% due 07/15/50		500,000		551,637
4.184% due 06/15/51		200,000		230,117
WFRBS Commercial Mortgage Trust 2.870% due 11/15/45		610,923		624,661
				23,594,778
Fannie Mae - 16.2%
due 07/01/36 #		5,425,000		5,605,271
due 07/01/51 #		25,100,000		25,655,924
due 07/01/36 - 07/01/51 #		5,500,000		5,502,607
1.500% due 12/01/35 - 03/01/51		8,205,432		8,140,181
1.945% (USD LIBOR + 1.695%) due 06/01/38 §		1,665		1,687
2.000% due 11/01/35 - 07/01/51		42,795,160		43,370,786
2.423% (USD LIBOR + 1.690%) due 08/01/39 §		3,014		3,183
2.500% due 10/01/27 - 07/01/51		25,367,252		26,339,561
3.000% due 05/01/22 - 07/01/50		23,242,389		24,423,057
3.500% due 10/01/25 - 06/01/50		15,837,913		16,932,231
4.000% due 04/01/24 - 02/01/50		14,055,702		15,155,564
4.500% due 05/01/23 - 03/01/50		4,877,624		5,354,496
5.000% due 09/01/23 - 09/01/48		1,618,357		1,834,340
5.500% due 11/01/33 - 07/01/41		867,399		1,004,220
6.000% due 09/01/34 - 06/01/40		377,337		445,107
6.500% due 09/01/36 - 07/01/38		71,898		83,360
				179,851,575
Freddie Mac - 4.9%
1.500% due 04/01/51 - 05/01/51		2,824,012		2,770,442
2.000% due 09/01/35 - 09/01/50		6,393,738		6,515,737
2.500% due 08/01/28 - 10/01/50		8,550,031		8,883,595
3.000% due 09/01/26 - 04/01/50		14,594,356		15,370,376
3.500% due 03/01/26 - 05/01/50		10,885,027		11,603,797
4.000% due 02/01/25 - 01/01/48		5,132,343		5,572,558
4.500% due 08/01/24 - 07/01/48		1,854,241		2,039,331
5.000% due 12/01/31 - 03/01/41		708,502		809,647
5.500% due 04/01/34 - 08/01/40		377,401		438,569
6.000% due 04/01/36 - 05/01/40		466,278		548,314
6.500% due 08/01/37 - 04/01/39		37,327		43,020
				54,595,386

	Principal Amount		Value
Government National Mortgage Association - 6.1%
due 07/01/51 #		$9,700,000		$9,997,326
2.000% due 10/20/50 - 06/20/51		8,918,439		9,113,534
2.500% due 01/20/43 - 04/20/51		10,032,163		10,404,808
3.000% due 08/20/42 - 07/20/50		13,331,898		14,027,794
3.500% due 10/15/41 - 07/20/50		12,119,439		12,894,282
4.000% due 06/15/39 - 01/20/50		5,864,672		6,351,273
4.500% due 02/15/39 - 12/20/47		2,399,020		2,656,492
5.000% due 05/15/36 - 01/20/48		1,063,796		1,207,232
5.500% due 04/15/37 - 04/15/40		304,784		354,798
6.000% due 01/15/38 - 06/15/41		97,761		115,531
6.500% due 10/15/38 - 02/15/39		21,452		24,974
				67,148,044
Total Mortgage-Backed Securities (Cost $321,250,054)				325,189,783
ASSET-BACKED SECURITIES - 0.3%
AmeriCredit Automobile Receivables Trust
0.370% due 08/18/25		100,000		100,089
0.530% due 06/18/25		56,000		56,202
BA Credit Card Trust 0.440% due 09/15/26		27,000		26,935
Capital One Multi-Asset Execution Trust 1.720% due 08/15/24		331,000		336,736
Carmax Auto Owner Trust
0.340% due 12/15/25		229,000		228,777
0.520% due 02/17/26		80,000		80,098
Citibank Credit Card Issuance Trust 6.150% due 06/15/39		250,000		353,066
Drive Auto Receivables Trust 0.440% due 11/15/24		140,000		140,308
Ford Credit Auto Owner Trust 0.560% due 10/15/24		189,000		189,695
Ford Credit Floorplan Master Owner Trust 0.700% due 09/15/25		250,000		251,322
GM Financial Automobile Leasing Trust 0.340% due 05/20/24		167,000		166,955
GM Financial Consumer Automobile Receivables Trust
0.350% due 10/16/25		111,000		111,080
0.380% due 08/18/25		57,000		57,037
0.510% due 04/16/26		90,000		90,162
Honda Auto Receivables Owner Trust 0.330% due 08/15/25		185,000		184,862
Mercedes-Benz Auto Lease Trust 0.250% due 01/16/24		300,000		299,935
Santander Drive Auto Receivables Trust 0.340% due 02/18/25		187,000		187,024
Verizon Owner Trust 0.470% due 02/20/25		300,000		300,881
Total Asset-Backed Securities (Cost $3,124,288)				3,161,164
U.S. GOVERNMENT AGENCY ISSUES - 1.5%
Fannie Mae
0.250% due 05/22/23		1,075,000		1,075,209
0.250% due 07/10/23		850,000		850,176
0.250% due 11/27/23		1,125,000		1,123,249
0.375% due 08/25/25		95,000		93,631
0.500% due 11/07/25		115,000		113,683
0.625% due 04/22/25		430,000		429,631
0.750% due 10/08/27		300,000		292,754
0.875% due 08/05/30		500,000		473,819
2.625% due 09/06/24		960,000		1,026,159
5.625% due 07/15/37		100,000		152,229
6.625% due 11/15/30		500,000		723,947
7.125% due 01/15/30		525,000		767,479

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-210

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Federal Farm Credit Banks Funding Corp
0.125% due 04/13/23		$900,000		$898,025
0.125% due 06/14/23		250,000		249,380
0.250% due 02/26/24		530,000		528,141
Federal Home Loan Bank
0.125% due 10/21/22		900,000		899,581
0.125% due 03/17/23		260,000		259,607
0.375% due 09/04/25		475,000		469,408
0.500% due 04/14/25		500,000		497,188
5.500% due 07/15/36		100,000		147,258
Freddie Mac
0.125% due 07/25/22		150,000		150,048
0.250% due 06/26/23		500,000		500,091
0.250% due 08/24/23		65,000		65,007
0.250% due 09/08/23		145,000		144,907
0.250% due 11/06/23		800,000		799,435
0.250% due 12/04/23		680,000		679,372
0.375% due 05/05/23		500,000		501,411
0.375% due 07/21/25		180,000		177,537
0.375% due 09/23/25		825,000		812,427
1.500% due 02/12/25		250,000		258,023
2.750% due 06/19/23		500,000		524,694
6.250% due 07/15/32		225,000		330,810
Tennessee Valley Authority
3.500% due 12/15/42		100,000		118,002
4.250% due 09/15/65		200,000		281,186
5.250% due 09/15/39		25,000		35,827
5.375% due 04/01/56		50,000		80,976
6.750% due 11/01/25		150,000		187,959
7.125% due 05/01/30		50,000		72,807
Total U.S. Government Agency Issues (Cost $16,382,212)				16,791,073
U.S. TREASURY OBLIGATIONS - 37.3%
U.S. Treasury Bonds - 7.9%
1.125% due 05/15/40		1,750,000		1,511,289
1.125% due 08/15/40		3,700,000		3,184,312
1.250% due 05/15/50		3,350,000		2,736,400
1.375% due 11/15/40		4,500,000		4,044,023
1.375% due 08/15/50		3,600,000		3,035,953
1.625% due 11/15/50		3,100,000		2,785,156
1.875% due 02/15/41		2,350,000		2,301,164
1.875% due 02/15/51		2,350,000		2,243,516
2.000% due 02/15/50		2,250,000		2,211,152
2.250% due 05/15/41		1,200,000		1,248,937
2.250% due 08/15/46		2,150,000		2,223,738
2.250% due 08/15/49		1,100,000		1,139,875
2.375% due 11/15/49		1,950,000		2,077,055
2.375% due 05/15/51		2,500,000		2,669,727
2.500% due 02/15/45		2,800,000		3,030,344
2.500% due 02/15/46		2,600,000		2,817,344
2.500% due 05/15/46		1,000,000		1,083,672
2.750% due 08/15/42		450,000		507,252
2.750% due 11/15/42		1,850,000		2,083,924
2.750% due 11/15/47		2,500,000		2,846,680
2.875% due 08/15/45		1,000,000		1,156,328
2.875% due 05/15/49		1,275,000		1,493,394
3.000% due 05/15/42		1,075,000		1,258,758
3.000% due 05/15/45		1,500,000		1,769,414
3.000% due 11/15/45		1,900,000		2,246,973
3.000% due 02/15/47		500,000		594,141
3.000% due 05/15/47		1,700,000		2,022,004
3.000% due 02/15/48		2,000,000		2,384,687
3.000% due 08/15/48		1,500,000		1,791,445
3.000% due 02/15/49		2,000,000		2,395,078
3.125% due 11/15/41		975,000		1,162,611
3.125% due 02/15/43		1,000,000		1,195,156
3.125% due 08/15/44		600,000		720,258

	Principal Amount		Value
3.125% due 05/15/48		$2,700,000		$3,293,684
3.625% due 08/15/43		1,525,000		1,964,629
3.625% due 02/15/44		500,000		646,426
3.750% due 08/15/41		1,300,000		1,689,391
3.750% due 11/15/43		1,000,000		1,312,969
4.250% due 11/15/40		750,000		1,034,824
4.375% due 05/15/40		1,025,000		1,432,718
4.375% due 05/15/41		775,000		1,089,087
4.500% due 02/15/36		1,750,000		2,402,969
4.500% due 05/15/38		500,000		698,594
4.500% due 08/15/39		700,000		987,164
4.750% due 02/15/41		1,350,000		1,980,123
5.375% due 02/15/31		1,100,000		1,496,322
6.250% due 05/15/30		1,050,000		1,481,894
				87,482,554
U.S. Treasury Notes - 29.4%
0.125% due 08/31/22		5,000,000		5,000,879
0.125% due 10/31/22		2,000,000		1,999,531
0.125% due 11/30/22		3,500,000		3,498,359
0.125% due 12/31/22		5,000,000		4,996,680
0.125% due 01/31/23		2,500,000		2,497,852
0.125% due 03/31/23		2,500,000		2,496,436
0.125% due 05/31/23		2,000,000		1,995,859
0.125% due 07/15/23		3,000,000		2,992,734
0.125% due 02/15/24		2,300,000		2,285,535
0.250% due 04/15/23		3,000,000		3,002,051
0.250% due 06/15/23		3,000,000		3,000,820
0.250% due 11/15/23		2,000,000		1,997,031
0.250% due 06/15/24		2,500,000		2,484,863
0.250% due 05/31/25		2,750,000		2,704,346
0.250% due 06/30/25		3,500,000		3,438,613
0.250% due 07/31/25		5,000,000		4,906,543
0.250% due 08/31/25		3,500,000		3,430,410
0.250% due 09/30/25		4,200,000		4,112,391
0.250% due 10/31/25		6,000,000		5,867,344
0.375% due 04/30/25		3,000,000		2,968,359
0.375% due 11/30/25		2,500,000		2,455,371
0.375% due 12/31/25		3,500,000		3,434,238
0.375% due 01/31/26		4,000,000		3,920,469
0.500% due 03/31/25		3,000,000		2,985,703
0.500% due 02/28/26		3,500,000		3,447,568
0.500% due 05/31/27		3,500,000		3,389,258
0.500% due 06/30/27		1,000,000		967,422
0.500% due 08/31/27		2,500,000		2,411,328
0.500% due 10/31/27		2,000,000		1,923,359
0.625% due 05/15/30		3,350,000		3,131,857
0.625% due 08/15/30		2,500,000		2,329,492
0.750% due 03/31/26		2,500,000		2,489,160
0.750% due 04/30/26		2,500,000		2,487,598
0.750% due 05/31/26		3,000,000		2,983,125
0.750% due 01/31/28		2,500,000		2,434,473
0.875% due 11/15/30		4,250,000		4,042,148
1.125% due 02/28/25		3,500,000		3,564,668
1.125% due 02/28/27		750,000		755,537
1.125% due 02/29/28		2,750,000		2,742,266
1.125% due 02/15/31		3,500,000		3,398,281
1.250% due 08/31/24		4,000,000		4,095,156
1.250% due 03/31/28		1,000,000		1,004,102
1.250% due 04/30/28		2,500,000		2,508,203
1.250% due 05/31/28		500,000		501,328
1.375% due 10/15/22		2,000,000		2,031,953
1.375% due 02/15/23		1,500,000		1,529,033
1.375% due 06/30/23		4,300,000		4,397,422
1.375% due 01/31/25		5,500,000		5,652,109
1.375% due 08/31/26		3,500,000		3,583,809
1.500% due 03/31/23		1,500,000		1,533,779
1.500% due 09/30/24		3,000,000		3,095,625
1.500% due 10/31/24		2,000,000		2,064,141
1.500% due 08/15/26		3,200,000		3,295,875

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-211

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
1.500% due 01/31/27		$3,500,000		$3,598,848
1.500% due 02/15/30		3,250,000		3,282,627
1.625% due 08/15/22		2,025,000		2,059,765
1.625% due 11/15/22		4,975,000		5,076,055
1.625% due 05/31/23		1,000,000		1,026,602
1.625% due 10/31/23		3,000,000		3,091,758
1.625% due 02/15/26		1,900,000		1,969,988
1.625% due 05/15/26		1,300,000		1,347,836
1.625% due 10/31/26		5,500,000		5,697,871
1.625% due 08/15/29		2,000,000		2,045,938
1.625% due 05/15/31		6,000,000		6,092,812
1.750% due 05/15/23		4,750,000		4,884,893
1.750% due 06/30/24		3,000,000		3,116,133
1.750% due 12/31/24		1,600,000		1,665,313
1.750% due 12/31/26		2,500,000		2,606,250
1.875% due 09/30/22		2,500,000		2,554,492
1.875% due 08/31/24		3,000,000		3,130,020
1.875% due 07/31/26		1,000,000		1,049,336
2.000% due 10/31/22		4,000,000		4,099,141
2.000% due 11/30/22		2,400,000		2,462,531
2.000% due 02/15/23		6,950,000		7,154,292
2.000% due 05/31/24		5,000,000		5,226,172
2.000% due 02/15/25		2,000,000		2,100,312
2.000% due 11/15/26		1,000,000		1,055,586
2.125% due 11/30/23		2,500,000		2,608,447
2.125% due 05/15/25		3,500,000		3,696,602
2.250% due 12/31/23		4,000,000		4,189,375
2.250% due 01/31/24		2,000,000		2,097,383
2.250% due 04/30/24		3,250,000		3,417,197
2.250% due 10/31/24		800,000		845,500
2.250% due 11/15/24		2,000,000		2,114,766
2.250% due 12/31/24		4,000,000		4,233,594
2.250% due 11/15/25		2,200,000		2,341,195
2.250% due 08/15/27		4,200,000		4,492,852
2.250% due 11/15/27		2,300,000		2,460,910
2.375% due 02/29/24		3,000,000		3,158,672
2.375% due 08/15/24		10,300,000		10,906,533
2.375% due 04/30/26		1,000,000		1,072,422
2.375% due 05/15/27		2,750,000		2,961,191
2.375% due 05/15/29		1,000,000		1,079,297
2.500% due 03/31/23		4,000,000		4,160,078
2.500% due 08/15/23		4,450,000		4,660,332
2.500% due 01/31/25		4,000,000		4,272,500
2.625% due 02/15/29		2,750,000		3,016,084
2.750% due 04/30/23		1,500,000		1,569,170
2.750% due 08/31/23		5,000,000		5,267,187
2.750% due 11/15/23		5,350,000		5,658,461
2.750% due 02/15/28		3,500,000		3,857,383
2.875% due 05/31/25		1,200,000		1,302,984
2.875% due 05/15/28		2,500,000		2,777,832
2.875% due 08/15/28		1,750,000		1,946,670
3.125% due 11/15/28		3,000,000		3,394,453
				326,216,133
Total U.S. Treasury Obligations (Cost $401,940,395)				413,698,687
FOREIGN GOVERNMENT BONDS & NOTES - 2.0%
Canada Government (Canada)
1.625% due 01/22/25		150,000		155,499
2.000% due 11/15/22		250,000		256,171
Chile Government (Chile)
3.100% due 01/22/61		200,000		192,082
3.125% due 01/21/26		75,000		81,381
3.860% due 06/21/47		300,000		331,647
Colombia Government (Colombia)
3.000% due 01/30/30		200,000		196,303
3.125% due 04/15/31		350,000		343,101
4.125% due 05/15/51		300,000		285,252
4.500% due 01/28/26		250,000		273,451
5.000% due 06/15/45		300,000		319,785

	Principal Amount		Value
Export Development Canada (Canada)
1.375% due 02/24/23		$250,000		$254,731
2.500% due 01/24/23		200,000		207,197
Export-Import Bank of Korea (South Korea)
0.625% due 02/09/26		200,000		195,830
3.625% due 11/27/23		200,000		214,942
Hungary Government (Hungary) 5.375% due 03/25/24		200,000		225,836
Indonesia Government (Indonesia)
2.850% due 02/14/30		200,000		207,860
2.950% due 01/11/23		300,000		311,439
4.200% due 10/15/50		300,000		342,383
Israel Government AID 5.500% due 04/26/24		25,000		28,495
Israel Government International (Israel) 2.750% due 07/03/30		200,000		213,738
Japan Bank for International Cooperation (Japan)
0.625% due 07/15/25		235,000		232,816
1.250% due 01/21/31		500,000		482,530
1.625% due 10/17/22		200,000		203,370
1.750% due 01/23/23		200,000		204,490
1.875% due 07/21/26		200,000		207,601
1.875% due 04/15/31		200,000		203,916
2.500% due 05/23/24		200,000		210,920
3.250% due 07/20/28		200,000		224,946
3.375% due 07/31/23		200,000		212,153
Japan International Cooperation Agency (Japan) 3.375% due 06/12/28		200,000		224,927
Korea International (South Korea) 2.750% due 01/19/27		200,000		215,994
Mexico Government (Mexico)
2.659% due 05/24/31		200,000		195,878
3.900% due 04/27/25		350,000		388,983
4.150% due 03/28/27		200,000		226,369
4.280% due 08/14/41		200,000		210,428
4.500% due 01/31/50		200,000		213,060
4.600% due 01/23/46		250,000		269,510
4.600% due 02/10/48		200,000		215,293
4.750% due 04/27/32		350,000		401,625
4.750% due 03/08/44		264,000		292,511
6.750% due 09/27/34		225,000		298,591
Panama Government (Panama)
2.252% due 09/29/32		500,000		480,525
3.870% due 07/23/60		200,000		204,720
4.500% due 05/15/47		350,000		399,191
6.700% due 01/26/36		100,000		136,080
8.875% due 09/30/27		100,000		138,191
Peruvian Government (Peru)
2.783% due 01/23/31		300,000		306,378
3.300% due 03/11/41		250,000		253,180
4.125% due 08/25/27		150,000		168,261
8.750% due 11/21/33		200,000		314,482
Philippine Government (Philippines)
1.648% due 06/10/31		200,000		193,452
2.650% due 12/10/45		200,000		185,310
2.950% due 05/05/45		200,000		193,579
3.000% due 02/01/28		200,000		216,161
6.375% due 10/23/34		250,000		353,306
7.750% due 01/14/31		200,000		295,489
Province of Alberta Canada (Canada)
1.300% due 07/22/30		250,000		241,019
2.200% due 07/26/22		250,000		255,350
3.350% due 11/01/23		100,000		106,796
Province of British Columbia Canada (Canada)
1.300% due 01/29/31		500,000		485,312
2.000% due 10/23/22		100,000		102,301

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-212

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Province of New Brunswick Canada (Canada) 3.625% due 02/24/28		$50,000		$57,338
Province of Ontario Canada (Canada)
0.625% due 01/21/26		300,000		296,059
1.050% due 04/14/26		200,000		200,720
1.050% due 05/21/27		200,000		198,351
1.750% due 01/24/23		300,000		306,944
2.000% due 10/02/29		100,000		103,344
2.300% due 06/15/26		250,000		265,159
Province of Quebec Canada (Canada)
0.600% due 07/23/25		100,000		99,128
1.350% due 05/28/30		50,000		49,013
1.500% due 02/11/25		350,000		360,141
1.900% due 04/21/31		200,000		204,152
2.500% due 04/09/24		65,000		68,602
2.750% due 04/12/27		350,000		380,473
7.500% due 07/15/23		100,000		114,145
7.500% due 09/15/29		75,000		108,052
Republic of Italy Government International Bond (Italy)
0.875% due 05/06/24		200,000		199,459
2.875% due 10/17/29		200,000		208,502
3.875% due 05/06/51		200,000		215,891
4.000% due 10/17/49		200,000		219,944
6.875% due 09/27/23		150,000		170,062
Republic of Poland Government (Poland)
3.000% due 03/17/23		150,000		156,801
4.000% due 01/22/24		150,000		163,377
State of Israel (Israel) 3.375% due 01/15/50		500,000		535,290
Svensk Exportkredit AB (Sweden)
0.375% due 07/30/24		250,000		248,474
2.000% due 08/30/22		250,000		255,012
The Korea Development Bank (South Korea)
2.000% due 09/12/26		200,000		208,764
3.375% due 03/12/23		200,000		209,728
Uruguay Government International Bond (Uruguay)
4.125% due 11/20/45		143,467		170,076
4.375% due 10/27/27		200,000		230,178
5.100% due 06/18/50		200,000		262,545
Total Foreign Government Bonds & Notes (Cost $20,247,944)				21,267,841
MUNICIPAL BONDS - 0.6%
American Municipal Power Inc OH ‘B’
6.449% due 02/15/44		25,000		37,268
8.084% due 02/15/50		300,000		564,694
Bay Area Toll Authority CA
6.263% due 04/01/49		25,000		40,622
7.043% due 04/01/50		50,000		86,916
California State University 2.975% due 11/01/51		50,000		51,291
Central Puget Sound Regional Transit Authority 5.491% due 11/01/39		25,000		34,921
Chicago O’Hare International Airport 4.472% due 01/01/49		50,000		64,264
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue IL ‘B’ 6.899% due 12/01/40		100,000		142,245
City of Atlanta GA Water & Wastewater Revenue 2.257% due 11/01/35		100,000		101,849
City of Chicago IL ‘B’ 7.750% due 01/01/42		42,000		52,200
City of Houston TX 3.961% due 03/01/47		50,000		60,055

	Principal Amount		Value
City of New York NY 5.517% due 10/01/37		$40,000		$54,353
City of San Antonio TX Electric & Gas Systems Revenue 2.905% due 02/01/48		60,000		59,544
Commonwealth of Massachusetts
4.910% due 05/01/29		100,000		123,375
5.456% due 12/01/39		25,000		34,560
County of Clark Department of Aviation NV ‘C’ 6.820% due 07/01/45		125,000		194,857
Dallas Independent School District TX ‘C’ 6.450% due 02/15/35		50,000		52,218
JobsOhio Beverage System 2.833% due 01/01/38		10,000		10,623
Los Angeles Unified School District CA 6.758% due 07/01/34		100,000		143,665
Massachusetts School Building Authority
2.950% due 05/15/43		50,000		51,519
3.395% due 10/15/40		20,000		21,500
Metropolitan Transportation Authority NY
5.871% due 11/15/39		25,000		33,457
6.668% due 11/15/39		55,000		80,306
Municipal Electric Authority of Georgia
6.637% due 04/01/57		25,000		37,935
6.655% due 04/01/57		97,000		149,584
New Jersey Economic Development Authority ‘A’ 7.425% due 02/15/29		125,000		162,346
New Jersey Turnpike Authority ‘A’ 7.102% due 01/01/41		100,000		160,188
New York City Transitional Finance Authority Future Tax Secured Revenue NY 5.572% due 11/01/38		30,000		39,711
New York City Water & Sewer System
5.952% due 06/15/42		50,000		76,576
6.011% due 06/15/42		10,000		15,418
New York State Dormitory Authority 3.142% due 07/01/43		100,000		103,521
New York State Urban Development Corp 5.770% due 03/15/39		25,000		31,209
New York State Urban Development Corp ‘B’ 3.900% due 03/15/33		50,000		56,783
Pennsylvania Turnpike Commission ‘B’ 5.511% due 12/01/45		75,000		108,774
Permanent University Fund - University of Texas System 3.376% due 07/01/47		185,000		213,828
Port Authority of New York & New Jersey
3.175% due 07/15/60		250,000		251,345
4.031% due 09/01/48		50,000		60,634
4.229% due 10/15/57		30,000		37,769
4.458% due 10/01/62		100,000		131,460
5.647% due 11/01/40		150,000		211,610
Rutgers The State University of New Jersey 3.915% due 05/01/19		15,000		17,176
Sales Tax Securitization Corp 4.787% due 01/01/48		50,000		63,794
San Diego County Regional Transportation Commission CA 5.911% due 04/01/48		50,000		75,756
State Board of Administration Finance Corp 2.154% due 07/01/30		100,000		102,036
State of California
1.700% due 02/01/28		200,000		202,766
3.500% due 04/01/28		100,000		112,768
7.300% due 10/01/39		100,000		160,213
7.500% due 04/01/34		50,000		78,864
7.600% due 11/01/40		270,000		472,127
7.625% due 03/01/40		40,000		67,458

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-213

PACIFIC SELECT FUND

PD AGGREGATE BOND INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
State of Connecticut ‘D’ 5.090% due 10/01/30		$50,000		$59,122
State of Illinois 6.725% due 04/01/35		400,000		504,102
State of Texas 5.517% due 04/01/39		100,000		144,202
State of Utah 4.554% due 07/01/24		10,000		10,592
State of Wisconsin 3.154% due 05/01/27		250,000		276,640
Texas Transportation Commission 2.562% due 04/01/42		350,000		355,036
Texas Transportation Commission State Highway Fund 5.178% due 04/01/30		25,000		30,873
University of California
3.063% due 07/01/25		50,000		54,068
4.767% due 05/15/15		75,000		103,253
4.858% due 05/15/12		100,000		141,178
Total Municipal Bonds (Cost $5,755,359)				6,977,017
	Shares
SHORT-TERM INVESTMENT - 5.0%
Money Market Fund - 5.0%
BlackRock Liquidity Funds T-Fund Portfolio Institutional 0.010%		55,464,623		55,464,623
Total Short-Term Investment (Cost $55,464,623)				55,464,623
TOTAL INVESTMENTS - 104.3% (Cost $1,117,586,942)				1,156,986,723
OTHER ASSETS & LIABILITIES, NET - (4.3%)				(47,775,012	)
NET ASSETS - 100.0%				$1,109,211,711

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition as a percentage of net assets was as follows:

U.S. Treasury Obligations	37.3%
Corporate Bonds & Notes	28.3%
Mortgage-Backed Securities	29.3%
Short-Term Investment	5.0%
Others (each less than 3.0%)	4.4%
	104.3%
Other Assets & Liabilities, Net	(4.3%	)
	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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$314,436,535		$-		$314,436,535		$-
	Mortgage-Backed Securities		325,189,783		-		325,189,783		-
	Asset-Backed Securities		3,161,164		-		3,161,164		-
	U.S. Government Agency Issues		16,791,073		-		16,791,073		-
	U.S. Treasury Obligations		413,698,687		-		413,698,687		-
	Foreign Government Bonds & Notes		21,267,841		-		21,267,841		-
	Municipal Bonds		6,977,017		-		6,977,017		-
	Short-Term Investment		55,464,623		55,464,623		-		-
	Total		$1,156,986,723		$55,464,623		$1,101,522,100		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-214

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 0.0%
Energy - 0.0%
EP Energy Corp *		1,815		$179,685
Pioneer Energy Services Corp * W ±		164		324
				180,009
Financial - 0.0%
Stearns Holdings LLC ‘B’ * W ±		3,570		-
Total Common Stocks (Cost $190,121)				180,009
	Principal Amount
CORPORATE BONDS & NOTES - 98.5%
Basic Materials - 5.3%
Alcoa Nederland Holding BV
4.125% due 03/31/29 ~		$221,000		230,820
5.500% due 12/15/27 ~		215,000		233,501
6.125% due 05/15/28 ~		250,000		273,888
Allegheny Technologies Inc
5.875% due 12/01/27		200,000		210,208
7.875% due 08/15/23		150,000		164,625
ArcelorMittal SA (Luxembourg)
4.550% due 03/11/26		200,000		226,328
7.250% due 10/15/39		600,000		848,548
Arconic Corp
6.000% due 05/15/25 ~		190,000		202,741
6.125% due 02/15/28 ~		246,000		264,626
Ashland LLC
4.750% due 08/15/22		34,000		35,264
6.875% due 05/15/43		128,000		161,588
Baffinland Iron Mines Corp (Canada) 8.750% due 07/15/26 ~		125,000		132,656
Big River Steel LLC 6.625% due 01/31/29 ~		130,000		143,626
Carpenter Technology Corp 6.375% due 07/15/28		125,000		137,290
Century Aluminum Co 7.500% due 04/01/28 ~		150,000		159,372
CF Industries Inc
3.450% due 06/01/23		255,000		266,475
4.950% due 06/01/43		39,000		46,153
5.150% due 03/15/34		400,000		485,548
5.375% due 03/15/44		225,000		279,105
Clearwater Paper Corp
4.750% due 08/15/28 ~		250,000		249,375
5.375% due 02/01/25 ~		50,000		53,442
Cleveland-Cliffs Inc
4.625% due 03/01/29 ~		120,000		126,422
4.875% due 03/01/31 ~		276,000		290,156
5.875% due 06/01/27		300,000		315,750
6.250% due 10/01/40		100,000		105,974
6.750% due 03/15/26 ~		137,000		147,960
9.875% due 10/17/25 ~		165,000		193,588
Coeur Mining Inc 5.125% due 02/15/29 ~		300,000		297,999
Commercial Metals Co
3.875% due 02/15/31		200,000		201,500
4.875% due 05/15/23		100,000		105,750
5.375% due 07/15/27		100,000		106,082
Compass Minerals International Inc
4.875% due 07/15/24 ~		50,000		51,807
6.750% due 12/01/27 ~		135,000		145,294
Consolidated Energy Finance SA (Switzerland) 6.500% due 05/15/26 ~		350,000		360,330

	Principal Amount		Value
Constellium SE 5.625% due 06/15/28 ~		$250,000		$269,064
Cornerstone Chemical Co 6.750% due 08/15/24 ~		150,000		141,576
CVR Partners LP
6.125% due 06/15/28 ~		150,000		153,938
9.250% due 06/15/23 ~		15,000		15,069
Element Solutions Inc 3.875% due 09/01/28 ~		210,000		214,571
Eurochem Finance DAC (Russia) 5.500% due 03/13/24 ~		200,000		218,028
FMG Resources August 2006 Property Ltd (Australia) 4.375% due 04/01/31 ~		474,000		507,732
FMG Resources Pty Ltd (Australia)
4.500% due 09/15/27 ~		136,000		148,328
5.125% due 05/15/24 ~		90,000		98,100
Freeport-McMoRan Inc
4.125% due 03/01/28		250,000		261,250
4.250% due 03/01/30		200,000		214,500
4.375% due 08/01/28		170,000		179,775
4.550% due 11/14/24		100,000		108,875
4.625% due 08/01/30		233,000		255,453
5.000% due 09/01/27		738,000		781,627
5.400% due 11/14/34		170,000		205,557
5.450% due 03/15/43		600,000		734,196
GCP Applied Technologies Inc 5.500% due 04/15/26 ~		100,000		102,980
GPD Cos Inc 10.125% due 04/01/26 ~		225,000		246,063
HB Fuller Co 4.250% due 10/15/28		225,000		232,875
Hecla Mining Co 7.250% due 02/15/28		100,000		109,375
Herens Holdco Sarl (Luxembourg) 4.750% due 05/15/28 ~		200,000		199,250
Hexion Inc 7.875% due 07/15/27 ~		150,000		162,016
Hudbay Minerals Inc (Canada)
4.500% due 04/01/26 ~		350,000		351,750
6.125% due 04/01/29 ~		350,000		373,187
Illuminate Buyer LLC 9.000% due 07/01/28 ~		200,000		223,404
INEOS Group Holdings SA (Luxembourg) 5.625% due 08/01/24 ~		200,000		201,217
Ingevity Corp
3.875% due 11/01/28 ~		115,000		114,286
4.500% due 02/01/26 ~		100,000		102,086
Innophos Holdings Inc 9.375% due 02/15/28 ~		125,000		135,503
Joseph T Ryerson & Son Inc 8.500% due 08/01/28 ~		108,000		120,265
Kaiser Aluminum Corp
4.500% due 06/01/31 ~		131,000		134,658
4.625% due 03/01/28 ~		114,000		117,923
Kraton Polymers LLC 4.250% due 12/15/25 ~		200,000		204,610
Mercer International Inc
5.125% due 02/01/29 ~		294,000		302,893
5.500% due 01/15/26		150,000		154,312
Methanex Corp (Canada)
5.125% due 10/15/27		125,000		135,174
5.250% due 12/15/29		550,000		593,312
5.650% due 12/01/44		50,000		51,838
Mineral Resources Ltd (Australia) 8.125% due 05/01/27 ~		213,000		234,745
Minerals Technologies Inc 5.000% due 07/01/28 ~		200,000		208,679
New Gold Inc (Canada)
6.375% due 05/15/25 ~		67,000		69,261
7.500% due 07/15/27 ~		165,000		179,231

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-215

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Nouryon Holding BV (Netherlands) 8.000% due 10/01/26 ~		$150,000		$159,188
Novelis Corp
4.750% due 01/30/30 ~		510,000		536,137
5.875% due 09/30/26 ~		575,000		598,865
Nufarm Australia Ltd (Australia) 5.750% due 04/30/26 ~		150,000		154,474
OCI NV (Netherlands)
4.625% due 10/15/25 ~		179,000		187,251
5.250% due 11/01/24 ~		180,000		185,951
Olin Corp
5.000% due 02/01/30		50,000		53,465
5.125% due 09/15/27		410,000		427,220
5.625% due 08/01/29		289,000		318,124
9.500% due 06/01/25 ~		195,000		243,033
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		200,000		210,731
PQ Corp 5.750% due 12/15/25 ~		100,000		103,046
Rain CII Carbon LLC 7.250% due 04/01/25 ~		166,000		171,956
Rayonier AM Products Inc
5.500% due 06/01/24 ~		281,000		270,814
7.625% due 01/15/26 ~		210,000		219,188
Resolute Forest Products Inc 4.875% due 03/01/26 ~		125,000		129,602
Schweitzer-Mauduit International Inc 6.875% due 10/01/26 ~		75,000		79,664
SCIH Salt Holdings Inc
4.875% due 05/01/28 ~		721,000		722,759
6.625% due 05/01/29 ~		105,000		105,394
SPCM SA (France) 4.875% due 09/15/25 ~		80,000		82,454
Tacora Resources Inc (Canada) 8.250% due 05/15/26 ~		625,000		647,666
Taseko Mines Ltd (Canada) 7.000% due 02/15/26 ~		300,000		313,125
The Chemours Co
5.375% due 05/15/27		94,000		102,083
5.750% due 11/15/28 ~		670,000		717,583
7.000% due 05/15/25		380,000		392,646
TMS International Corp 6.250% due 04/15/29 ~		50,000		52,563
TPC Group Inc 10.500% due 08/01/24 ~		273,000		257,166
Trinseo Materials Operating SCA
5.125% due 04/01/29 ~		250,000		255,984
5.375% due 09/01/25 ~		175,000		179,695
Tronox Inc
4.625% due 03/15/29 ~		350,000		353,934
6.500% due 05/01/25 ~		50,000		53,082
United States Steel Corp
6.250% due 03/15/26		440,000		454,102
6.875% due 08/15/25		71,000		72,749
6.875% due 03/01/29		460,000		492,775
Valvoline Inc
3.625% due 06/15/31 ~		195,000		195,487
4.250% due 02/15/30 ~		176,000		181,945
Venator Finance SARL 9.500% due 07/01/25 ~		250,000		281,897
WR Grace & Co-Conn
4.875% due 06/15/27 ~		521,000		553,068
5.625% due 10/01/24 ~		100,000		110,894
				27,450,083
Communications - 16.3%
Acuris Finance Us Inc 5.000% due 05/01/28 ~		200,000		199,993
Advantage Sales & Marketing Inc 6.500% due 11/15/28 ~		233,000		246,049

	Principal Amount		Value
Altice Financing SA (Luxembourg)
5.000% due 01/15/28 ~		$700,000		$688,089
7.500% due 05/15/26 ~		500,000		521,275
Altice France Holding SA (Luxembourg)
6.000% due 02/15/28 ~		200,000		199,436
10.500% due 05/15/27 ~		405,000		450,569
Altice France SA (France)
5.125% due 01/15/29 ~		350,000		352,453
5.125% due 07/15/29 ~		773,000		777,754
5.500% due 01/15/28 ~		700,000		727,265
7.375% due 05/01/26 ~		667,000		694,467
8.125% due 02/01/27 ~		400,000		436,300
AMC Networks Inc
4.250% due 02/15/29		248,000		250,480
4.750% due 08/01/25		250,000		257,347
5.000% due 04/01/24		160,000		162,493
ANGI Group LLC 3.875% due 08/15/28 ~		83,000		82,604
Arches Buyer Inc
4.250% due 06/01/28 ~		200,000		198,035
6.125% due 12/01/28 ~		150,000		154,805
Audacy Capital Corp
6.500% due 05/01/27 ~		150,000		156,558
6.750% due 03/31/29 ~		145,000		150,801
Avaya Inc 6.125% due 09/15/28 ~		603,000		646,205
Beasley Mezzanine Holdings LLC 8.625% due 02/01/26 ~		200,000		202,500
Block Communications Inc 4.875% due 03/01/28 ~		250,000		255,931
C&W Senior Financing DAC (Panama) 6.875% due 09/15/27 ~		325,000		347,929
Cable One Inc 4.000% due 11/15/30 ~		110,000		110,550
Cablevision Lightpath LLC
3.875% due 09/15/27 ~		200,000		198,334
5.625% due 09/15/28 ~		300,000		306,150
Cars.com Inc 6.375% due 11/01/28 ~		350,000		373,768
CCO Holdings LLC
4.000% due 03/01/23 ~		143,000		144,537
4.250% due 02/01/31 ~		845,000		861,900
4.500% due 08/15/30 ~		1,326,000		1,382,307
4.500% due 05/01/32		379,000		394,052
4.500% due 06/01/33 ~		220,000		225,392
4.750% due 03/01/30 ~		1,239,000		1,311,791
5.000% due 02/01/28 ~		766,000		804,300
5.125% due 05/01/27 ~		975,000		1,023,896
5.375% due 06/01/29 ~		289,000		316,267
5.500% due 05/01/26 ~		450,000		466,306
5.750% due 02/15/26 ~		617,000		639,153
Cengage Learning Inc 9.500% due 06/15/24 ~		261,000		267,863
Cincinnati Bell Inc
7.000% due 07/15/24 ~		250,000		257,374
8.000% due 10/15/25 ~		150,000		157,993
Clear Channel International BV (United Kingdom) 6.625% due 08/01/25 ~		200,000		210,868
Clear Channel Outdoor Holdings Inc
7.500% due 06/01/29 ~		175,000		181,403
7.750% due 04/15/28 ~		465,000		487,694
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		365,000		375,142
Cogent Communications Group Inc 3.500% due 05/01/26 ~		250,000		255,937
CommScope Inc
5.500% due 03/01/24 ~		395,000		407,541
6.000% due 03/01/26 ~		230,000		243,099
7.125% due 07/01/28 ~		69,000		74,873
8.250% due 03/01/27 ~		790,000		845,339

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-216

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
CommScope Technologies LLC
5.000% due 03/15/27 ~		$150,000		$153,750
6.000% due 06/15/25 ~		313,000		320,042
Connect Finco SARL (United Kingdom) 6.750% due 10/01/26 ~		627,000		663,843
Consolidated Communications Inc
5.000% due 10/01/28 ~		300,000		304,725
6.500% due 10/01/28 ~		102,000		109,931
CSC Holdings LLC
3.375% due 02/15/31 ~		700,000		662,368
4.125% due 12/01/30 ~		200,000		199,357
4.500% due 11/15/31 ~		1,040,000		1,047,686
4.625% due 12/01/30 ~		475,000		466,621
5.250% due 06/01/24		504,000		546,817
5.375% due 02/01/28 ~		350,000		370,720
5.500% due 04/15/27 ~		200,000		210,528
5.750% due 01/15/30 ~		554,000		576,160
5.875% due 09/15/22		200,000		210,507
6.500% due 02/01/29 ~		300,000		332,658
6.750% due 11/15/21		100,000		102,212
7.500% due 04/01/28 ~		200,000		220,093
Cumulus Media New Holdings Inc 6.750% due 07/01/26 ~		50,000		52,378
Diamond Sports Group LLC
5.375% due 08/15/26 ~		897,000		581,974
6.625% due 08/15/27 ~		520,000		256,100
DISH DBS Corp
5.000% due 03/15/23		750,000		786,780
5.125% due 06/01/29 ~		366,000		361,857
5.875% due 07/15/22		300,000		313,335
5.875% due 11/15/24		865,000		929,875
7.375% due 07/01/28		330,000		355,535
7.750% due 07/01/26		618,000		700,657
DKT Finance ApS (Denmark) 9.375% due 06/17/23 ~		250,000		255,937
Embarq Corp 7.995% due 06/01/36		600,000		680,940
Endure Digital Inc 6.000% due 02/15/29 ~		115,000		114,012
Frontier Communications Holdings LLC
5.000% due 05/01/28 ~		475,000		491,663
5.875% due 10/15/27 ~		360,000		386,100
6.750% due 05/01/29 ~		150,000		159,791
GCI LLC 4.750% due 10/15/28 ~		80,000		82,040
Getty Images Inc 9.750% due 03/01/27 ~		100,000		107,633
Go Daddy Operating Co LLC
3.500% due 03/01/29 ~		280,000		278,740
5.250% due 12/01/27 ~		197,000		207,134
Gray Television Inc
4.750% due 10/15/30 ~		230,000		229,489
5.875% due 07/15/26 ~		75,000		77,531
7.000% due 05/15/27 ~		340,000		368,733
Grubhub Holdings Inc 5.500% due 07/01/27 ~		59,000		62,098
GTT Communications Inc 7.875% due 12/31/24 ~		150,000		14,121
Hughes Satellite Systems Corp
5.250% due 08/01/26		275,000		308,599
6.625% due 08/01/26		165,000		185,537
iHeartCommunications Inc
4.750% due 01/15/28 ~		82,000		84,647
5.250% due 08/15/27 ~		591,000		619,013
6.375% due 05/01/26		200,000		213,150
8.375% due 05/01/27		400,000		429,004
Intrado Corp 8.500% due 10/15/25 ~		321,000		314,179
Koninklijke KPN NV (Netherlands) 7.000% due 03/28/73 ~		200,000		216,250

	Principal Amount		Value
Lamar Media Corp
3.625% due 01/15/31 ~		$120,000		$117,540
3.750% due 02/15/28		75,000		76,423
4.000% due 02/15/30		42,000		42,622
4.875% due 01/15/29		200,000		211,350
LCPR Senior Secured Financing DAC
5.125% due 07/15/29 ~		200,000		207,382
6.750% due 10/15/27 ~		350,000		378,156
Level 3 Financing Inc
3.625% due 01/15/29 ~		540,000		521,867
3.750% due 07/15/29 ~		150,000		146,063
4.250% due 07/01/28 ~		175,000		177,816
4.625% due 09/15/27 ~		400,000		416,386
5.250% due 03/15/26		100,000		103,335
5.375% due 05/01/25		80,000		81,800
Liberty Interactive LLC 8.250% due 02/01/30		300,000		343,277
Logan Merger Sub Inc 5.500% due 09/01/27 ~		263,000		272,744
Lumen Technologies Inc
4.000% due 02/15/27 ~		345,000		352,331
4.500% due 01/15/29 ~		150,000		146,580
5.125% due 12/15/26 ~		169,000		175,959
5.375% due 06/15/29 ~		300,000		304,875
5.800% due 03/15/22		225,000		231,827
7.500% due 04/01/24		950,000		1,067,562
7.600% due 09/15/39		350,000		398,844
7.650% due 03/15/42		100,000		112,465
Match Group Holdings II LLC
4.125% due 08/01/30 ~		150,000		152,925
4.625% due 06/01/28 ~		135,000		140,652
5.000% due 12/15/27 ~		100,000		105,462
5.625% due 02/15/29 ~		100,000		108,413
McGraw Hill LLC 8.000% due 11/30/24 ~		300,000		307,425
MDC Partners Inc 7.500% due 05/01/24 ~		250,000		253,438
Meredith Corp
6.500% due 07/01/25 ~		200,000		216,294
6.875% due 02/01/26		301,000		313,433
Midcontinent Communications 5.375% due 08/15/27 ~		100,000		105,347
Netflix Inc
3.625% due 06/15/25 ~		110,000		118,461
4.375% due 11/15/26		705,000		802,621
4.875% due 04/15/28		478,000		556,287
4.875% due 06/15/30 ~		216,000		257,511
5.375% due 11/15/29 ~		422,000		513,129
5.875% due 02/15/25		225,000		260,499
5.875% due 11/15/28		480,000		589,783
6.375% due 05/15/29		80,000		102,290
News Corp 3.875% due 05/15/29 ~		85,000		85,956
Nexstar Broadcasting Inc
4.750% due 11/01/28 ~		135,000		138,881
5.625% due 07/15/27 ~		438,000		464,827
Nokia OYJ (Finland)
3.375% due 06/12/22		120,000		122,576
4.375% due 06/12/27		549,000		608,061
6.625% due 05/15/39		50,000		64,859
Northwest Fiber LLC 6.000% due 02/15/28 ~		200,000		200,716
NortonLifeLock Inc 5.000% due 04/15/25 ~		590,000		600,042
Outfront Media Capital LLC
4.250% due 01/15/29 ~		210,000		211,733
4.625% due 03/15/30 ~		268,000		272,556
5.000% due 08/15/27 ~		115,000		119,241
6.250% due 06/15/25 ~		100,000		106,040
Photo Holdings Merger Sub Inc 8.500% due 10/01/26 ~		250,000		274,877

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-217

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Plantronics Inc 4.750% due 03/01/29 ~		$200,000		$198,804
QualityTech LP 3.875% due 10/01/28 ~		115,000		123,125
Quebecor Media Inc (Canada) 5.750% due 01/15/23		300,000		321,429
Qwest Corp 7.250% due 09/15/25		35,000		41,496
Radiate Holdco LLC
4.500% due 09/15/26 ~		99,000		102,720
6.500% due 09/15/28 ~		533,000		560,719
Rakuten Group Inc (Japan)
5.125% due 04/22/26 ~		250,000		260,156
6.250% due 04/22/31 ~		300,000		324,900
Scripps Escrow II Inc
3.875% due 01/15/29 ~		175,000		173,864
5.375% due 01/15/31 ~		100,000		99,810
Scripps Escrow Inc 5.875% due 07/15/27 ~		150,000		155,516
Sinclair Television Group Inc
4.125% due 12/01/30 ~		170,000		167,238
5.500% due 03/01/30 ~		200,000		204,204
5.875% due 03/15/26 ~		150,000		155,400
Sirius XM Radio Inc
3.875% due 08/01/22 ~		241,000		241,735
4.000% due 07/15/28 ~		625,000		644,531
4.125% due 07/01/30 ~		675,000		682,638
4.625% due 07/15/24 ~		120,000		123,443
5.000% due 08/01/27 ~		160,000		168,020
5.375% due 07/15/26 ~		371,000		383,991
5.500% due 07/01/29 ~		560,000		610,932
Spanish Broadcasting System Inc 9.750% due 03/01/26 ~		200,000		202,652
Sprint Capital Corp
6.875% due 11/15/28		1,000,000		1,283,750
8.750% due 03/15/32		600,000		912,750
Sprint Communications Inc 6.000% due 11/15/22		400,000		424,000
Sprint Corp
7.125% due 06/15/24		1,700,000		1,963,500
7.625% due 02/15/25		250,000		297,345
7.625% due 03/01/26		300,000		366,789
7.875% due 09/15/23		805,000		915,547
Summer BC Bidco B LLC due 10/31/26 # ~		200,000		203,588
Switch Ltd
3.750% due 09/15/28 ~		120,000		121,740
4.125% due 06/15/29 ~		210,000		215,775
T-Mobile USA Inc
2.250% due 02/15/26		95,000		95,831
2.250% due 02/15/26 ~		100,000		100,875
2.625% due 04/15/26		450,000		461,243
2.625% due 02/15/29		130,000		128,538
2.875% due 02/15/31		60,000		59,625
3.375% due 04/15/29		350,000		362,048
3.375% due 04/15/29 ~		150,000		155,164
3.500% due 04/15/31		280,000		290,024
3.500% due 04/15/31 ~		94,000		97,365
4.000% due 04/15/22		100,000		102,062
4.500% due 02/01/26		445,000		454,817
4.750% due 02/01/28		495,000		530,887
TEGNA Inc
4.625% due 03/15/28		385,000		399,919
4.750% due 03/15/26 ~		141,000		150,341
5.000% due 09/15/29		504,000		528,792
5.500% due 09/15/24 ~		126,000		128,363
Telecom Italia Capital SA (Italy)
6.000% due 09/30/34		200,000		231,000
6.375% due 11/15/33		700,000		837,361
7.200% due 07/18/36		650,000		839,312

	Principal Amount		Value
Telecom Italia SPA (Italy) 5.303% due 05/30/24 ~		$250,000		$274,269
Telenet Finance Luxembourg Notes SARL (Belgium) 5.500% due 03/01/28 ~		200,000		210,750
Telesat Canada (Canada)
4.875% due 06/01/27 ~		150,000		145,013
5.625% due 12/06/26 ~		80,000		80,400
6.500% due 10/15/27 ~		134,000		127,810
Terrier Media Buyer Inc 8.875% due 12/15/27 ~		266,000		288,295
Townsquare Media Inc 6.875% due 02/01/26 ~		300,000		321,375
Trilogy International South Pacific LLC (New Zealand) 8.875% due 05/15/23 ~		102,000		101,921
TripAdvisor Inc 7.000% due 07/15/25 ~		250,000		269,500
Twitter Inc 3.875% due 12/15/27 ~		167,000		177,649
Uber Technologies Inc
6.250% due 01/15/28 ~		75,000		80,866
7.500% due 05/15/25 ~		600,000		648,288
7.500% due 09/15/27 ~		232,000		255,271
8.000% due 11/01/26 ~		700,000		756,252
United States Cellular Corp 6.700% due 12/15/33		100,000		122,705
Univision Communications Inc
4.500% due 05/01/29 ~		172,000		173,687
5.125% due 02/15/25 ~		499,000		510,604
6.625% due 06/01/27 ~		255,000		276,624
9.500% due 05/01/25 ~		150,000		165,887
UPC Broadband Finco BV (Netherlands) 4.875% due 07/15/31 ~		500,000		501,775
UPC Holding BV (Netherlands) 5.500% due 01/15/28 ~		200,000		210,217
Urban One Inc 7.375% due 02/01/28 ~		140,000		151,377
VEON Holdings BV (Netherlands)
3.375% due 11/25/27 ~		471,000		475,192
4.000% due 04/09/25 ~		200,000		211,327
7.250% due 04/26/23 ~		200,000		217,503
ViacomCBS Inc
5.875% due 02/28/57		53,000		54,008
6.250% due 02/28/57		292,000		334,759
ViaSat Inc
5.625% due 09/15/25 ~		198,000		202,410
5.625% due 04/15/27 ~		220,000		230,265
Videotron Ltd (Canada)
3.625% due 06/15/29 ~		175,000		178,668
5.000% due 07/15/22		200,000		208,579
5.125% due 04/15/27 ~		200,000		209,589
5.375% due 06/15/24 ~		100,000		109,799
Virgin Media Finance PLC (United Kingdom) 5.000% due 07/15/30 ~		697,000		705,099
Virgin Media Secured Finance PLC (United Kingdom)
4.500% due 08/15/30 ~		200,000		201,750
5.500% due 08/15/26 ~		100,000		103,325
5.500% due 05/15/29 ~		400,000		430,500
Virgin Media Vendor Financing Notes IV DAC (United Kingdom) 5.000% due 07/15/28 ~		200,000		204,721
Vmed O2 UK Financing I PLC (United Kingdom)
due 07/15/31 # ~		200,000		203,500
4.250% due 01/31/31 ~		500,000		491,886
Vodafone Group PLC (United Kingdom)
3.250% due 06/04/81		150,000		151,058
4.125% due 06/04/81		350,000		349,912

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-218

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
5.125% due 06/04/81		$400,000		$404,500
7.000% due 04/04/79		600,000		727,493
Windstream Escrow LLC 7.750% due 08/15/28 ~		396,000		408,375
Zayo Group Holdings Inc
4.000% due 03/01/27 ~		500,000		497,185
6.125% due 03/01/28 ~		165,000		168,736
Ziggo Bond Co BV (Netherlands)
5.125% due 02/28/30 ~		200,000		205,099
6.000% due 01/15/27 ~		200,000		209,741
Ziggo BV (Netherlands)
4.875% due 01/15/30 ~		200,000		205,264
5.500% due 01/15/27 ~		437,000		455,157
				84,279,165
Consumer, Cyclical - 20.7%
99 Escrow Issuer Inc 7.500% due 01/15/26 ~		213,000		208,105
Abercrombie & Fitch Management Co 8.750% due 07/15/25 ~		225,000		249,739
Academy Ltd 6.000% due 11/15/27 ~		200,000		214,467
Adient Global Holdings Ltd 4.875% due 08/15/26 ~		200,000		206,096
Adient US LLC 9.000% due 04/15/25 ~		30,000		33,119
Affinity Gaming 6.875% due 12/15/27 ~		352,000		374,825
Allen Media LLC 10.500% due 02/15/28 ~		200,000		213,239
Allison Transmission Inc
3.750% due 01/30/31 ~		105,000		103,333
4.750% due 10/01/27 ~		250,000		260,471
5.875% due 06/01/29 ~		46,000		50,462
Ambience Merger Sub Inc
due 07/15/28 # ~		90,000		90,450
due 07/15/29 # ~		45,000		45,563
AMC Entertainment Holdings Inc 10.500% due 04/15/25 ~		160,000		173,920
American Airlines Group Inc
3.750% due 03/01/25 ~		150,000		138,400
5.000% due 06/01/22 ~		264,000		264,665
American Airlines Inc
5.500% due 04/20/26 ~		1,085,000		1,150,100
5.750% due 04/20/29 ~		945,000		1,022,962
11.750% due 07/15/25 ~		850,000		1,067,812
American Airlines Pass-Through Trust ‘A’
3.375% due 11/01/28		701,642		698,639
4.950% due 07/15/24		211,118		214,297
American Axle & Manufacturing Inc
6.250% due 04/01/25		400,000		413,984
6.250% due 03/15/26		75,000		77,451
6.500% due 04/01/27		65,000		69,030
6.875% due 07/01/28		150,000		164,039
American Builders & Contractors Supply Co Inc 4.000% due 01/15/28 ~		129,000		132,368
Aramark Services Inc
5.000% due 04/01/25 ~		100,000		102,755
5.000% due 02/01/28 ~		600,000		629,070
6.375% due 05/01/25 ~		310,000		329,762
Arrow Bidco LLC 9.500% due 03/15/24 ~		125,000		127,094
Asbury Automotive Group Inc
4.500% due 03/01/28		150,000		154,425
4.750% due 03/01/30		218,000		228,191
Ashton Woods USA LLC 6.625% due 01/15/28 ~		250,000		267,299
Aston Martin Capital Holdings Ltd (United Kingdom) 10.500% due 11/30/25 ~		500,000		557,747

	Principal Amount		Value
Avient Corp
5.250% due 03/15/23		$91,000		$97,688
5.750% due 05/15/25 ~		90,000		95,237
Bally’s Corp 6.750% due 06/01/27 ~		70,000		74,684
Banijay Entertainment SASU (France) 5.375% due 03/01/25 ~		200,000		207,106
BCPE Empire Holdings Inc 7.625% due 05/01/27 ~		190,000		194,827
Beacon Roofing Supply Inc
4.125% due 05/15/29 ~		200,000		199,758
4.500% due 11/15/26 ~		150,000		157,637
Beazer Homes USA Inc
6.750% due 03/15/25		250,000		259,265
7.250% due 10/15/29		100,000		111,392
Bed Bath & Beyond Inc
4.915% due 08/01/34		78,000		74,584
5.165% due 08/01/44		79,000		73,514
Bloomin’ Brands Inc 5.125% due 04/15/29 ~		100,000		102,875
Borgwarner Technologies Ltd/Jersey 5.000% due 10/01/25 ~		205,000		220,311
Boyd Gaming Corp
4.750% due 12/01/27		326,000		337,817
4.750% due 06/15/31 ~		65,000		67,519
8.625% due 06/01/25 ~		150,000		165,543
Boyne USA Inc 4.750% due 05/15/29 ~		174,000		180,023
Brinker International Inc
3.875% due 05/15/23		200,000		206,645
5.000% due 10/01/24 ~		100,000		105,438
Brookfield Residential Properties Inc (Canada)
4.875% due 02/15/30 ~		65,000		64,500
5.000% due 06/15/29 ~		100,000		101,052
6.250% due 09/15/27 ~		263,000		278,489
Caesars Entertainment Inc
6.250% due 07/01/25 ~		1,400,000		1,485,750
8.125% due 07/01/27 ~		438,000		487,691
Caesars Resort Collection LLC
5.250% due 10/15/25 ~		524,000		531,205
5.750% due 07/01/25 ~		414,000		436,770
Caleres Inc 6.250% due 08/15/23		59,000		59,419
Carlson Travel Inc
6.750% due 12/15/25 ~		35,000		32,321
11.500% due 12/15/26 ~		400,000		200,810
Carnival Corp
5.750% due 03/01/27 ~		1,087,000		1,139,991
6.650% due 01/15/28		200,000		216,875
7.625% due 03/01/26 ~		420,000		456,750
9.875% due 08/01/27 ~		280,000		327,254
10.500% due 02/01/26 ~		495,000		576,945
11.500% due 04/01/23 ~		1,075,000		1,211,176
Carrols Restaurant Group Inc 5.875% due 07/01/29 ~		150,000		148,313
Carvana Co
5.500% due 04/15/27 ~		89,000		92,155
5.625% due 10/01/25 ~		165,000		171,972
5.875% due 10/01/28 ~		125,000		131,699
CD&R Smokey Buyer Inc 6.750% due 07/15/25 ~		120,000		128,776
CEC Entertainment LLC 6.750% due 05/01/26 ~		88,000		90,420
Cedar Fair LP
5.250% due 07/15/29		55,000		56,770
5.375% due 06/01/24		200,000		203,019
5.375% due 04/15/27		80,000		82,519
5.500% due 05/01/25 ~		350,000		365,750
6.500% due 10/01/28 ~		100,000		107,885

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-219

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Century Communities Inc
5.875% due 07/15/25		$150,000		$155,327
6.750% due 06/01/27		148,000		157,658
Churchill Downs Inc
4.750% due 01/15/28 ~		236,000		244,521
5.500% due 04/01/27 ~		230,000		240,205
Cinemark USA Inc
5.250% due 07/15/28 ~		225,000		230,906
5.875% due 03/15/26 ~		200,000		209,925
8.750% due 05/01/25 ~		120,000		131,640
Cirsa Finance International SARL (Spain) 7.875% due 12/20/23 ~		400,000		408,720
Clarios Global LP
6.250% due 05/15/26 ~		280,000		298,637
6.750% due 05/15/25 ~		45,000		48,037
8.500% due 05/15/27 ~		562,000		613,395
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		100,000		98,706
Cooper-Standard Automotive Inc 13.000% due 06/01/24 ~		355,000		402,540
Core & Main Holding LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		100,000		102,387
Core & Main LP 6.125% due 08/15/25 ~		185,000		189,353
Crocs Inc 4.250% due 03/15/29 ~		200,000		204,529
Dana Financing Luxembourg SARL 5.750% due 04/15/25 ~		100,000		103,436
Dana Inc
4.250% due 09/01/30		100,000		103,000
5.375% due 11/15/27		188,000		200,498
5.625% due 06/15/28		100,000		108,420
Dave & Buster’s Inc 7.625% due 11/01/25 ~		175,000		188,563
Dealer Tire LLC 8.000% due 02/01/28 ~		285,000		308,189
Delta Air Lines Inc
2.900% due 10/28/24		625,000		636,309
3.625% due 03/15/22		300,000		304,280
3.750% due 10/28/29		175,000		174,923
3.800% due 04/19/23		150,000		155,757
4.375% due 04/19/28		150,000		157,334
7.375% due 01/15/26		90,000		105,671
Diamond Resorts International Inc
7.750% due 09/01/23 ~		155,000		159,906
10.750% due 09/01/24 ~		125,000		130,212
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		100,000		104,680
eG Global Finance PLC (United Kingdom)
6.750% due 02/07/25 ~		200,000		207,052
8.500% due 10/30/25 ~		200,000		212,219
Empire Communities Corp (Canada) 7.000% due 12/15/25 ~		300,000		316,042
Everi Holdings Inc due 07/15/29 # ~		50,000		50,000
Ferrellgas LP
5.375% due 04/01/26 ~		140,000		138,965
5.875% due 04/01/29 ~		240,000		237,300
FirstCash Inc 4.625% due 09/01/28 ~		150,000		157,028
Ford Motor Co
4.346% due 12/08/26		300,000		321,753
4.750% due 01/15/43		1,200,000		1,276,500
7.450% due 07/16/31		500,000		658,125
8.500% due 04/21/23		100,000		111,720
9.000% due 04/22/25		500,000		617,072
9.625% due 04/22/30		90,000		129,267

	Principal Amount		Value
Ford Motor Credit Co LLC
2.900% due 02/16/28		$357,000		$355,756
2.979% due 08/03/22		200,000		203,274
3.087% due 01/09/23		450,000		459,562
3.096% due 05/04/23		200,000		204,250
3.219% due 01/09/22		200,000		202,390
3.339% due 03/28/22		200,000		203,518
3.350% due 11/01/22		200,000		205,230
3.370% due 11/17/23		200,000		207,586
3.375% due 11/13/25		200,000		207,640
3.625% due 06/17/31		240,000		244,951
3.664% due 09/08/24		225,000		236,487
3.810% due 01/09/24		381,000		399,179
3.815% due 11/02/27		400,000		417,151
4.000% due 11/13/30		200,000		209,750
4.063% due 11/01/24		200,000		212,980
4.125% due 08/17/27		200,000		212,430
4.134% due 08/04/25		200,000		213,998
4.140% due 02/15/23		200,000		207,500
4.250% due 09/20/22		225,000		232,940
4.271% due 01/09/27		200,000		214,558
4.375% due 08/06/23		275,000		290,744
4.389% due 01/08/26		250,000		270,312
4.687% due 06/09/25		350,000		379,939
5.113% due 05/03/29		275,000		308,231
5.584% due 03/18/24		200,000		219,290
5.596% due 01/07/22		200,000		204,354
Forestar Group Inc
3.850% due 05/15/26 ~		105,000		106,082
5.000% due 03/01/28 ~		150,000		155,550
Foundation Building Materials Inc 6.000% due 03/01/29 ~		225,000		223,061
Full House Resorts Inc 8.250% due 02/15/28 ~		150,000		164,039
G-III Apparel Group Ltd 7.875% due 08/15/25 ~		300,000		325,695
GC EOS Buyer Inc 9.250% due 08/01/25 ~		400,000		434,500
Golden Nugget Inc
6.750% due 10/15/24 ~		460,000		465,276
8.750% due 10/01/25 ~		110,000		116,485
Group 1 Automotive Inc 4.000% due 08/15/28 ~		140,000		142,634
Guitar Center Inc 8.500% due 01/15/26 ~		200,000		214,250
GYP Holdings III Corp 4.625% due 05/01/29 ~		50,000		50,333
H&E Equipment Services Inc 3.875% due 12/15/28 ~		360,000		354,690
Hanesbrands Inc
4.625% due 05/15/24 ~		161,000		170,861
4.875% due 05/15/26 ~		380,000		410,875
5.375% due 05/15/25 ~		195,000		207,038
Hawaiian Brand Intellectual Property Ltd 5.750% due 01/20/26 ~		350,000		376,201
Hilton Domestic Operating Co Inc
3.625% due 02/15/32 ~		255,000		252,154
3.750% due 05/01/29 ~		190,000		192,151
4.000% due 05/01/31 ~		190,000		191,938
4.875% due 01/15/30		125,000		133,688
5.375% due 05/01/25 ~		50,000		52,776
5.750% due 05/01/28 ~		365,000		395,901
Hilton Grand Vacations Borrower Escrow LLC
4.875% due 07/01/31 ~		175,000		174,760
5.000% due 06/01/29 ~		165,000		168,919
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		100,000		105,162
Hilton Worldwide Finance LLC 4.875% due 04/01/27		615,000		642,829

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-220

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
IAA Inc 5.500% due 06/15/27 ~		$159,000		$167,223
IHO Verwaltungs GmbH (Germany)
4.750% Cash or 5.500% PIK due 09/15/26 ~		200,000		204,954
6.375% Cash or 7.125% PIK due 05/15/29 ~		200,000		218,885
Interface Inc 5.500% due 12/01/28 ~		350,000		366,800
International Game Technology PLC
4.125% due 04/15/26 ~		200,000		208,500
5.250% due 01/15/29 ~		400,000		429,570
6.500% due 02/15/25 ~		800,000		898,000
IRB Holding Corp 7.000% due 06/15/25 ~		250,000		270,505
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		100,000		104,781
Jaguar Land Rover Automotive PLC (United Kingdom)
4.500% due 10/01/27 ~		325,000		320,824
5.875% due 01/15/28 ~		200,000		211,123
7.750% due 10/15/25 ~		200,000		220,126
JB Poindexter & Co Inc 7.125% due 04/15/26 ~		119,000		125,940
KAR Auction Services Inc 5.125% due 06/01/25 ~		330,000		339,058
KB Home
4.000% due 06/15/31		100,000		101,000
4.800% due 11/15/29		75,000		81,462
6.875% due 06/15/27		75,000		89,517
7.500% due 09/15/22		100,000		107,352
7.625% due 05/15/23		215,000		234,521
Ken Garff Automotive LLC 4.875% due 09/15/28 ~		300,000		307,126
KFC Holding Co 4.750% due 06/01/27 ~		100,000		104,750
L Brands Inc
5.250% due 02/01/28		270,000		302,465
6.625% due 10/01/30 ~		603,000		698,726
6.694% due 01/15/27		195,000		230,224
6.750% due 07/01/36		90,000		112,905
6.875% due 11/01/35		150,000		190,125
6.950% due 03/01/33		265,000		322,330
7.500% due 06/15/29		175,000		206,301
9.375% due 07/01/25 ~		40,000		51,807
LBM Acquisition LLC 6.250% due 01/15/29 ~		132,000		133,181
LCM Investments Holdings II LLC 4.875% due 05/01/29 ~		538,000		552,122
Levi Strauss & Co
3.500% due 03/01/31 ~		105,000		104,711
5.000% due 05/01/25		36,000		36,829
LGI Homes Inc
4.000% due 07/15/29 ~		75,000		75,469
6.875% due 07/15/26 ~		75,000		77,891
Life Time Inc
5.750% due 01/15/26 ~		340,000		352,779
8.000% due 04/15/26 ~		185,000		197,787
Lions Gate Capital Holdings LLC 5.500% due 04/15/29 ~		195,000		205,246
Lithia Motors Inc
3.875% due 06/01/29 ~		90,000		93,402
4.375% due 01/15/31 ~		150,000		160,874
4.625% due 12/15/27 ~		150,000		159,120
Live Nation Entertainment Inc
3.750% due 01/15/28 ~		160,000		160,938
4.750% due 10/15/27 ~		460,000		477,250
4.875% due 11/01/24 ~		50,000		50,900
5.625% due 03/15/26 ~		81,000		84,514
6.500% due 05/15/27 ~		225,000		250,374

	Principal Amount		Value
LSF9 Atlantis Holdings LLC 7.750% due 02/15/26 ~		$333,000		$345,771
M/I Homes Inc 4.950% due 02/01/28		150,000		156,844
Macy’s Inc 8.375% due 06/15/25 ~		360,000		397,334
Macy’s Retail Holdings Inc
2.875% due 02/15/23		66,000		66,859
3.625% due 06/01/24		66,000		67,716
4.500% due 12/15/34		225,000		212,768
Macy’s Retail Holdings LLC 5.875% due 04/01/29 ~		340,000		366,081
Magic Mergeco Inc
5.250% due 05/01/28 ~		245,000		251,659
7.875% due 05/01/29 ~		415,000		428,487
MajorDrive Holdings IV LLC 6.375% due 06/01/29 ~		200,000		199,750
Marriott Ownership Resorts Inc
4.500% due 06/15/29 ~		135,000		137,025
4.750% due 01/15/28		150,000		153,975
6.125% due 09/15/25 ~		65,000		69,321
6.500% due 09/15/26		245,000		254,815
Mattamy Group Corp (Canada)
4.625% due 03/01/30 ~		170,000		173,995
5.250% due 12/15/27 ~		82,000		85,905
Mattel Inc
3.150% due 03/15/23		395,000		405,157
3.375% due 04/01/26 ~		65,000		67,519
3.750% due 04/01/29 ~		110,000		114,556
5.875% due 12/15/27 ~		116,000		126,598
6.200% due 10/01/40		134,000		165,873
6.750% due 12/31/25 ~		76,000		79,872
Melco Resorts Finance Ltd (Hong Kong)
4.875% due 06/06/25 ~		285,000		292,054
5.375% due 12/04/29 ~		200,000		211,625
5.625% due 07/17/27 ~		600,000		627,834
5.750% due 07/21/28 ~		400,000		423,000
Meritage Homes Corp
3.875% due 04/15/29 ~		150,000		155,438
5.125% due 06/06/27		200,000		224,140
Meritor Inc
4.500% due 12/15/28 ~		175,000		177,756
6.250% due 06/01/25 ~		175,000		186,635
Merlin Entertainments PLC (United Kingdom) 5.750% due 06/15/26 ~		200,000		209,881
MGM China Holdings Ltd (Macau)
4.750% due 02/01/27 ~		200,000		204,246
5.375% due 05/15/24 ~		200,000		205,921
5.875% due 05/15/26 ~		200,000		210,250
MGM Resorts International
4.625% due 09/01/26		115,000		121,632
4.750% due 10/15/28		110,000		117,095
5.500% due 04/15/27		335,000		368,651
5.750% due 06/15/25		230,000		253,920
6.000% due 03/15/23		500,000		535,837
6.750% due 05/01/25		230,000		246,667
Michael Kors USA Inc 4.500% due 11/01/24 ~		200,000		211,752
Midwest Gaming Borrower LLC 4.875% due 05/01/29 ~		259,000		259,647
Mohegan Gaming & Entertainment
7.875% due 10/15/24 ~		155,000		162,933
8.000% due 02/01/26 ~		360,000		376,614
Motion Bondco DAC (United Kingdom) 6.625% due 11/15/27 ~		200,000		203,292
Murphy Oil USA Inc
3.750% due 02/15/31 ~		85,000		84,133
4.750% due 09/15/29		99,000		104,295
5.625% due 05/01/27		100,000		105,836

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-221

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Navistar International Corp
6.625% due 11/01/25 ~		$326,000		$336,800
9.500% due 05/01/25 ~		65,000		69,761
NCL Corp Ltd
3.625% due 12/15/24 ~		193,000		186,636
5.875% due 03/15/26 ~		510,000		535,355
10.250% due 02/01/26 ~		130,000		151,447
12.250% due 05/15/24 ~		50,000		60,449
NCL Finance Ltd 6.125% due 03/15/28 ~		125,000		131,364
New Red Finance Inc (Canada)
3.500% due 02/15/29 ~		125,000		123,594
3.875% due 01/15/28 ~		248,000		251,410
4.000% due 10/15/30 ~		1,158,000		1,121,812
4.250% due 05/15/24 ~		266,000		269,092
4.375% due 01/15/28 ~		214,000		217,242
5.750% due 04/15/25 ~		50,000		53,086
Newell Brands Inc
4.350% due 04/01/23		192,000		201,663
4.700% due 04/01/26		685,000		764,713
4.875% due 06/01/25		165,000		182,995
5.875% due 04/01/36		130,000		160,806
6.000% due 04/01/46		200,000		253,696
NMG Holding Co Inc 7.125% due 04/01/26 ~		125,000		133,594
Park River Holdings Inc
5.625% due 02/01/29 ~		300,000		292,312
6.750% due 08/01/29 ~		150,000		152,186
Party City Holdings Inc 8.750% due 02/15/26 ~		300,000		320,625
Peninsula Pacific Entertainment LLC 8.500% due 11/15/27 ~		420,000		451,611
Penn National Gaming Inc
due 07/01/29 # ~		200,000		200,250
5.625% due 01/15/27 ~		100,000		104,000
Penske Automotive Group Inc
3.500% due 09/01/25		139,000		144,424
3.750% due 06/15/29		125,000		125,936
Performance Food Group Inc
5.500% due 06/01/24 ~		50,000		50,210
5.500% due 10/15/27 ~		295,000		310,436
PetSmart Inc
4.750% due 02/15/28 ~		680,000		707,200
7.750% due 02/15/29 ~		500,000		551,875
Picasso Finance Sub Inc 6.125% due 06/15/25 ~		105,000		111,221
PM General Purchaser LLC 9.500% due 10/01/28 ~		30,000		31,664
Powdr Corp 6.000% due 08/01/25 ~		125,000		131,725
QVC Inc
4.375% due 03/15/23		150,000		158,361
4.375% due 09/01/28		225,000		229,812
4.450% due 02/15/25		125,000		133,777
4.750% due 02/15/27		175,000		185,813
4.850% due 04/01/24		100,000		108,793
5.450% due 08/15/34		300,000		313,786
Raptor Acquisition Corp (Canada) 4.875% due 11/01/26 ~		300,000		304,569
Real Hero Merger Sub 2 Inc 6.250% due 02/01/29 ~		40,000		41,544
Resideo Funding Inc 6.125% due 11/01/26 ~		59,000		62,144
Rite Aid Corp
7.500% due 07/01/25 ~		330,000		334,551
8.000% due 11/15/26 ~		248,000		252,031
Royal Caribbean Cruises Ltd
3.700% due 03/15/28		175,000		167,402
4.250% due 07/01/26 ~		150,000		150,000
5.250% due 11/15/22		219,000		225,704

	Principal Amount		Value
5.500% due 04/01/28 ~		$450,000		$471,847
9.125% due 06/15/23 ~		532,000		584,548
10.875% due 06/01/23 ~		300,000		342,015
11.500% due 06/01/25 ~		560,000		646,134
Sally Holdings LLC 5.625% due 12/01/25		265,000		273,944
Scientific Games International Inc
5.000% due 10/15/25 ~		155,000		160,449
7.000% due 05/15/28 ~		224,000		245,101
7.250% due 11/15/29 ~		156,000		176,381
8.250% due 03/15/26 ~		600,000		644,238
8.625% due 07/01/25 ~		90,000		98,663
SeaWorld Parks & Entertainment Inc 9.500% due 08/01/25 ~		109,000		117,040
Shea Homes LP
4.750% due 02/15/28 ~		200,000		205,337
4.750% due 04/01/29 ~		150,000		154,613
Six Flags Entertainment Corp
4.875% due 07/31/24 ~		400,000		404,500
5.500% due 04/15/27 ~		100,000		103,429
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		235,000		253,571
Sizzling Platter LLC 8.500% due 11/28/25 ~		250,000		258,982
Specialty Building Products Holdings LLC 6.375% due 09/30/26 ~		90,000		94,500
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		30,000		33,990
SRS Distribution Inc
4.625% due 07/01/28 ~		81,000		82,924
6.125% due 07/01/29 ~		133,000		137,180
Staples Inc
7.500% due 04/15/26 ~		600,000		622,200
10.750% due 04/15/27 ~		297,000		302,814
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		423,000		438,363
Station Casinos LLC 4.500% due 02/15/28 ~		190,000		193,619
Studio City Finance Ltd (Macau)
5.000% due 01/15/29 ~		340,000		343,747
6.000% due 07/15/25 ~		200,000		210,550
6.500% due 01/15/28 ~		200,000		214,741
Suburban Propane Partners LP
5.000% due 06/01/31 ~		83,000		85,075
5.875% due 03/01/27		300,000		315,720
Superior Plus LP (Canada) 4.500% due 03/15/29 ~		100,000		103,131
Taylor Morrison Communities Inc
5.125% due 08/01/30 ~		145,000		157,552
5.625% due 03/01/24 ~		100,000		108,687
5.750% due 01/15/28 ~		100,000		113,239
5.875% due 04/15/23 ~		250,000		267,811
5.875% due 06/15/27 ~		144,000		163,363
6.625% due 07/15/27 ~		100,000		107,355
Tempur Sealy International Inc 4.000% due 04/15/29 ~		150,000		152,339
Tenneco Inc
5.000% due 07/15/26		180,000		179,271
5.125% due 04/15/29 ~		395,000		406,433
5.375% due 12/15/24		25,000		25,104
7.875% due 01/15/29 ~		15,000		16,982
Tesla Inc 5.300% due 08/15/25 ~		544,000		562,980
The Gap Inc
8.375% due 05/15/23 ~		65,000		73,317
8.625% due 05/15/25 ~		510,000		560,136
8.875% due 05/15/27 ~		135,000		156,559
The Goodyear Tire & Rubber Co
4.875% due 03/15/27		135,000		143,415
5.000% due 05/31/26		180,000		185,069

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-222

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
5.000% due 07/15/29 ~		$340,000		$356,405
5.250% due 04/30/31		250,000		261,250
5.250% due 07/15/31 ~		85,000		88,931
5.625% due 04/30/33		200,000		211,212
9.500% due 05/31/25		145,000		162,255
The New Home Co Inc 7.250% due 10/15/25 ~		600,000		638,127
The Scotts Miracle-Gro Co
4.000% due 04/01/31 ~		125,000		124,766
4.500% due 10/15/29		200,000		208,176
5.250% due 12/15/26		100,000		104,371
The William Carter Co
5.500% due 05/15/25 ~		155,000		164,463
5.625% due 03/15/27 ~		214,000		225,779
Titan International Inc 7.000% due 04/30/28 ~		200,000		209,514
TKC Holdings Inc
6.875% due 05/15/28 ~		600,000		619,500
10.500% due 05/15/29 ~		100,000		108,554
Toll Brothers Finance Corp
3.800% due 11/01/29		100,000		107,375
4.350% due 02/15/28		400,000		440,312
4.375% due 04/15/23		200,000		208,967
Travel & Leisure Co
4.250% due 03/01/22		200,000		202,500
4.625% due 03/01/30 ~		150,000		155,177
5.650% due 04/01/24		300,000		327,859
6.000% due 04/01/27		150,000		165,248
6.625% due 07/31/26 ~		217,000		246,505
TRI Pointe Group Inc 5.875% due 06/15/24		200,000		222,976
Tri Pointe Homes Inc
5.250% due 06/01/27		100,000		108,858
5.700% due 06/15/28		150,000		165,587
Under Armour Inc 3.250% due 06/15/26		200,000		207,466
United Airlines Holdings Inc
4.250% due 10/01/22		100,000		102,500
4.875% due 01/15/25		150,000		155,834
5.000% due 02/01/24		200,000		208,263
United Airlines Inc
4.375% due 04/15/26 ~		346,000		358,605
4.625% due 04/15/29 ~		103,000		106,734
Univar Solutions USA Inc 5.125% due 12/01/27 ~		204,000		215,120
Universal Entertainment Corp (Japan) 8.500% due 12/11/24 ~		200,000		211,216
US Airways 2013-1 Class A Pass-Through Trust 3.950% due 05/15/27		109,066		110,072
Vail Resorts Inc 6.250% due 05/15/25 ~		235,000		252,216
Victoria’s Secret & Co due 07/15/29 # ~		88,000		88,000
Viking Cruises Ltd
5.875% due 09/15/27 ~		434,000		429,421
7.000% due 02/15/29 ~		150,000		156,501
13.000% due 05/15/25 ~		50,000		58,922
Viking Ocean Cruises Ship VII Ltd 5.625% due 02/15/29 ~		300,000		303,778
Vista Outdoor Inc 4.500% due 03/15/29 ~		300,000		306,213
VOC Escrow Ltd 5.000% due 02/15/28 ~		160,000		162,080
Wabash National Corp 5.500% due 10/01/25 ~		75,000		76,811
WASH Multifamily Acquisition Inc 5.750% due 04/15/26 ~		255,000		266,564
Wheel Pros Inc 6.500% due 05/15/29 ~		100,000		101,327

	Principal Amount		Value
White Cap Buyer LLC 6.875% due 10/15/28 ~		$170,000		$182,178
Williams Scotsman International Inc 4.625% due 08/15/28 ~		100,000		103,470
Winnebago Industries Inc 6.250% due 07/15/28 ~		200,000		215,940
WMG Acquisition Corp
3.000% due 02/15/31 ~		221,000		209,946
3.875% due 07/15/30 ~		200,000		202,495
Wolverine Escrow LLC
8.500% due 11/15/24 ~		227,000		220,644
9.000% due 11/15/26 ~		223,000		218,245
13.125% due 11/15/27 ~		262,000		222,700
Wolverine World Wide Inc
5.000% due 09/01/26 ~		100,000		102,903
6.375% due 05/15/25 ~		350,000		373,620
Wyndham Hotels & Resorts Inc 4.375% due 08/15/28 ~		106,000		110,373
Wynn Las Vegas LLC
4.250% due 05/30/23 ~		150,000		155,813
5.250% due 05/15/27 ~		466,000		501,859
5.500% due 03/01/25 ~		700,000		755,503
Wynn Macau Ltd (Macau)
5.125% due 12/15/29 ~		390,000		402,710
5.500% due 10/01/27 ~		400,000		417,380
5.625% due 08/26/28 ~		500,000		522,815
Wynn Resorts Finance LLC
5.125% due 10/01/29 ~		210,000		222,101
7.750% due 04/15/25 ~		70,000		75,595
Yum! Brands Inc
3.625% due 03/15/31		225,000		224,156
3.750% due 11/01/21		200,000		200,932
4.625% due 01/31/32		515,000		542,148
5.350% due 11/01/43		100,000		106,746
6.875% due 11/15/37		100,000		124,530
7.750% due 04/01/25 ~		50,000		54,525
ZF North America Capital Inc (Germany)
4.500% due 04/29/22 ~		400,000		410,280
4.750% due 04/29/25 ~		150,000		162,453
				107,236,629
Consumer, Non-Cyclical - 16.2%
Acadia Healthcare Co Inc
5.000% due 04/15/29 ~		225,000		235,285
5.500% due 07/01/28 ~		265,000		283,429
ACCO Brands Corp 4.250% due 03/15/29 ~		215,000		213,151
ACE Cash Express Inc 12.000% due 12/15/22 ~		90,000		83,025
AdaptHealth LLC
4.625% due 08/01/29 ~		190,000		192,863
6.125% due 08/01/28 ~		250,000		266,549
Adtalem Global Education Inc 5.500% due 03/01/28 ~		250,000		254,387
Ahern Rentals Inc 7.375% due 05/15/23 ~		175,000		158,622
AHP Health Partners Inc due 07/15/29 # ~		150,000		152,250
Air Methods Corp 8.000% due 05/15/25 ~		130,000		123,013
Akumin Inc 7.000% due 11/01/25 ~		260,000		270,691
Albertsons Cos Inc
3.250% due 03/15/26 ~		603,000		613,326
3.500% due 02/15/23 ~		87,000		89,568
3.500% due 03/15/29 ~		263,000		260,370
4.625% due 01/15/27 ~		375,000		392,700
4.875% due 02/15/30 ~		378,000		403,621
5.750% due 03/15/25		91,000		93,344
5.875% due 02/15/28 ~		177,000		190,937
7.500% due 03/15/26 ~		125,000		137,570

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-223

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Allied Universal Holdco LLC
4.625% due 06/01/28 ~		$438,000		$439,699
6.000% due 06/01/29 ~		392,000		397,923
6.625% due 07/15/26 ~		522,000		554,093
9.750% due 07/15/27 ~		297,000		327,442
Alta Equipment Group Inc 5.625% due 04/15/26 ~		100,000		102,818
AMN Healthcare Inc
4.000% due 04/15/29 ~		150,000		151,605
4.625% due 10/01/27 ~		217,000		225,940
Aptim Corp 7.750% due 06/15/25 ~		150,000		132,271
APX Group Inc
6.750% due 02/15/27 ~		440,000		469,751
7.625% due 09/01/23		100,000		102,875
7.875% due 12/01/22		269,000		270,981
ASGN Inc 4.625% due 05/15/28 ~		79,000		82,963
Avantor Funding Inc 4.625% due 07/15/28 ~		150,000		158,553
Avis Budget Car Rental LLC
4.750% due 04/01/28 ~		125,000		128,269
5.375% due 03/01/29 ~		145,000		151,188
5.750% due 07/15/27 ~		425,000		444,543
Avon Products Inc (United Kingdom) 6.500% due 03/15/23		200,000		215,600
B&G Foods Inc
5.250% due 04/01/25		408,000		419,567
5.250% due 09/15/27		107,000		111,579
Bausch Health Americas Inc
8.500% due 01/31/27 ~		145,000		157,962
9.250% due 04/01/26 ~		385,000		419,246
Bausch Health Cos Inc
4.875% due 06/01/28 ~		410,000		420,147
5.000% due 01/30/28 ~		240,000		228,038
5.000% due 02/15/29 ~		150,000		140,066
5.250% due 01/30/30 ~		1,000,000		931,250
5.250% due 02/15/31 ~		794,000		743,422
5.500% due 11/01/25 ~		246,000		252,703
5.750% due 08/15/27 ~		140,000		149,024
6.125% due 04/15/25 ~		775,000		795,344
6.250% due 02/15/29 ~		450,000		445,635
7.000% due 01/15/28 ~		388,000		400,788
7.250% due 05/30/29 ~		98,000		100,421
9.000% due 12/15/25 ~		539,000		578,643
Bidfair Holdings Inc 5.875% due 06/01/29 ~		150,000		152,438
C&S Group Enterprises LLC 5.000% due 12/15/28 ~		300,000		298,435
Carriage Services Inc 4.250% due 05/15/29 ~		200,000		199,962
Catalent Pharma Solutions Inc
3.125% due 02/15/29 ~		116,000		112,499
5.000% due 07/15/27 ~		115,000		120,345
Centene Corp due 07/15/28 #		190,000		192,802
2.500% due 03/01/31		505,000		498,687
3.000% due 10/15/30		305,000		313,702
3.375% due 02/15/30		696,000		728,486
4.250% due 12/15/27		1,065,000		1,123,575
4.625% due 12/15/29		1,106,000		1,217,728
5.375% due 06/01/26 ~		300,000		313,875
5.375% due 08/15/26 ~		140,000		146,495
Central Garden & Pet Co
4.125% due 10/15/30		335,000		343,325
4.125% due 04/30/31 ~		200,000		202,810
5.125% due 02/01/28		100,000		105,990
Charles River Laboratories International Inc
3.750% due 03/15/29 ~		133,000		135,018
4.000% due 03/15/31 ~		200,000		208,336
4.250% due 05/01/28 ~		192,000		198,781

	Principal Amount		Value
Chobani LLC 4.625% due 11/15/28 ~		$350,000		$363,387
CHS
4.750% due 02/15/31 ~		115,000		115,575
5.625% due 03/15/27 ~		605,000		646,633
6.000% due 01/15/29 ~		300,000		321,397
6.125% due 04/01/30 ~		194,000		197,152
6.625% due 02/15/25 ~		1,310,000		1,386,949
6.875% due 04/01/28 ~		459,000		454,674
6.875% due 04/15/29 ~		275,000		288,581
8.000% due 03/15/26 ~		600,000		647,259
8.000% due 12/15/27 ~		189,000		210,519
Cimpress PLC (Ireland) 7.000% due 06/15/26 ~		300,000		316,648
Cooke Omega Investments Inc (Canada) 8.500% due 12/15/22 ~		50,000		51,438
CoreCivic Inc 8.250% due 04/15/26		95,000		98,700
CoreCivic Inc REIT
4.625% due 05/01/23		300,000		300,844
4.750% due 10/15/27		60,000		54,824
CoreLogic Inc 4.500% due 05/01/28 ~		167,000		165,747
Coty Inc
5.000% due 04/15/26 ~		188,000		191,153
6.500% due 04/15/26 ~		75,000		76,129
CPI CG Inc 8.625% due 03/15/26 ~		80,000		85,222
Darling Ingredients Inc 5.250% due 04/15/27 ~		99,000		104,243
DaVita Inc
3.750% due 02/15/31 ~		454,000		436,407
4.625% due 06/01/30 ~		825,000		849,313
Del Monte Foods Inc 11.875% due 05/15/25 ~		210,000		239,662
Deluxe Corp 8.000% due 06/01/29 ~		70,000		76,137
Dole Food Co Inc 7.250% due 06/15/25 ~		50,000		51,198
Edgewell Personal Care Co
4.125% due 04/01/29 ~		125,000		126,427
5.500% due 06/01/28 ~		100,000		106,200
Elanco Animal Health Inc
4.912% due 08/27/21		35,000		35,251
5.272% due 08/28/23		395,000		425,887
5.900% due 08/28/28		130,000		152,586
Emergent BioSolutions Inc 3.875% due 08/15/28 ~		150,000		147,152
Encompass Health Corp
4.500% due 02/01/28		149,000		154,795
4.625% due 04/01/31		510,000		547,077
4.750% due 02/01/30		156,000		165,967
5.125% due 03/15/23		33,000		33,214
5.750% due 09/15/25		100,000		103,075
Endo Dac
6.000% due 06/30/28 ~		666,000		449,983
9.500% due 07/31/27 ~		275,000		280,848
Endo Luxembourg Finance Co I Sarl 6.125% due 04/01/29 ~		400,000		392,500
FAGE International SA (Luxembourg) 5.625% due 08/15/26 ~		100,000		103,095
Garda World Security Corp (Canada)
4.625% due 02/15/27 ~		395,000		397,771
6.000% due 06/01/29 ~		150,000		149,071
9.500% due 11/01/27 ~		78,000		86,544
Gartner Inc
3.625% due 06/15/29 ~		120,000		121,950
3.750% due 10/01/30 ~		397,000		406,671
4.500% due 07/01/28 ~		569,000		601,681
Global Medical Response Inc 6.500% due 10/01/25 ~		150,000		154,612

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-224

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Graham Holdings Co 5.750% due 06/01/26 ~		$100,000		$104,306
H-Food Holdings LLC 8.500% due 06/01/26 ~		100,000		104,571
HCA Inc
3.500% due 09/01/30		1,050,000		1,119,295
5.375% due 02/01/25		640,000		722,720
5.375% due 09/01/26		300,000		345,600
5.625% due 09/01/28		425,000		504,156
5.875% due 05/01/23		350,000		380,782
5.875% due 02/15/26		800,000		926,400
5.875% due 02/01/29		275,000		332,886
7.050% due 12/01/27		170,000		208,516
7.690% due 06/15/25		150,000		182,812
8.360% due 04/15/24		100,000		118,345
Herbalife Nutrition Ltd 7.875% due 09/01/25 ~		170,000		185,087
Herc Holdings Inc 5.500% due 07/15/27 ~		330,000		348,305
Hill-Rom Holdings Inc 4.375% due 09/15/27 ~		66,000		68,535
HLF Financing Sarl LLC 4.875% due 06/01/29 ~		200,000		201,761
Hologic Inc
3.250% due 02/15/29 ~		209,000		207,802
4.625% due 02/01/28 ~		191,000		201,259
Horizon Therapeutics USA Inc 5.500% due 08/01/27 ~		200,000		212,650
IHS Markit Ltd 4.250% due 05/01/29		500,000		579,600
Ingles Markets Inc
4.000% due 06/15/31 ~		75,000		75,000
5.750% due 06/15/23		84,000		84,179
IQVIA Inc
5.000% due 10/15/26 ~		300,000		311,304
5.000% due 05/15/27 ~		200,000		210,092
Jaguar Holding Co II
4.625% due 06/15/25 ~		35,000		36,820
5.000% due 06/15/28 ~		55,000		59,726
Jazz Securities DAC 4.375% due 01/15/29 ~		200,000		207,610
JBS USA Food Co
5.750% due 01/15/28 ~		200,000		214,244
7.000% due 01/15/26 ~		450,000		478,240
JBS USA LUX SA
3.750% due 12/01/31 ~		91,000		93,230
5.500% due 01/15/30 ~		421,000		471,394
6.500% due 04/15/29 ~		298,000		335,260
6.750% due 02/15/28 ~		285,000		313,500
Korn Ferry 4.625% due 12/15/27 ~		150,000		156,041
Kraft Heinz Foods Co
3.000% due 06/01/26		1,813,000		1,931,670
3.750% due 04/01/30		750,000		824,119
4.250% due 03/01/31		135,000		153,506
4.375% due 06/01/46		3,250,000		3,688,863
4.625% due 01/30/29		25,000		29,125
4.625% due 10/01/39		162,000		189,214
5.500% due 06/01/50		700,000		910,479
6.875% due 01/26/39		150,000		216,013
Kronos Acquisition Holdings Inc (Canada)
5.000% due 12/31/26 ~		25,000		25,412
7.000% due 12/31/27 ~		555,000		557,015
Lamb Weston Holdings Inc
4.625% due 11/01/24 ~		230,000		238,633
4.875% due 11/01/26 ~		375,000		388,125
4.875% due 05/15/28 ~		83,000		91,923
Land O’Lakes Capital Trust 7.450% due 03/15/28 ~		43,000		49,659
Lannett Co Inc 7.750% due 04/15/26 ~		150,000		149,613

	Principal Amount		Value
Legacy LifePoint Health LLC
4.375% due 02/15/27 ~		$230,000		$233,105
6.750% due 04/15/25 ~		180,000		192,280
Legends Hospitality Holding Co LLC 5.000% due 02/01/26 ~		210,000		219,187
LifePoint Health Inc 5.375% due 01/15/29 ~		65,000		63,467
Magellan Health Inc 4.900% due 09/22/24		150,000		167,165
MEDNAX Inc 6.250% due 01/15/27 ~		350,000		371,611
Metis Merger Sub LLC 6.500% due 05/15/29 ~		100,000		98,618
ModivCare Inc 5.875% due 11/15/25 ~		72,000		77,226
Modulaire Global Finance PLC (United Kingdom) 8.000% due 02/15/23 ~		145,000		149,423
Molina Healthcare Inc
3.875% due 11/15/30 ~		120,000		125,114
4.375% due 06/15/28 ~		150,000		156,675
5.375% due 11/15/22		250,000		262,342
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		380,000		382,369
Nathan’s Famous Inc 6.625% due 11/01/25 ~		25,000		25,774
NESCO Holdings II Inc 5.500% due 04/15/29 ~		300,000		313,500
Nielsen Finance LLC
4.500% due 07/15/29 ~		134,000		134,543
4.750% due 07/15/31 ~		333,000		334,249
5.625% due 10/01/28 ~		220,000		232,629
5.875% due 10/01/30 ~		100,000		109,097
Organon & Co
5.125% due 04/30/31 ~		500,000		515,725
4.125% due 04/30/28 ~		1,004,000		1,025,134
Ortho-Clinical Diagnostics Inc 7.375% due 06/01/25 ~		315,000		339,512
Owens & Minor Inc 4.500% due 03/31/29 ~		80,000		82,304
P&L Development LLC 7.750% due 11/15/25 ~		150,000		158,052
Par Pharmaceutical Inc 7.500% due 04/01/27 ~		819,000		838,382
Paysafe Finance PLC 4.000% due 06/15/29 ~		200,000		197,250
Pilgrim’s Pride Corp
4.250% due 04/15/31 ~		325,000		337,187
5.875% due 09/30/27 ~		152,000		162,078
Post Holdings Inc
4.500% due 09/15/31 ~		1,025,000		1,024,590
4.625% due 04/15/30 ~		314,000		319,677
5.500% due 12/15/29 ~		325,000		349,273
5.625% due 01/15/28 ~		108,000		114,808
5.750% due 03/01/27 ~		205,000		214,737
Prestige Brands Inc
3.750% due 04/01/31 ~		250,000		241,531
5.125% due 01/15/28 ~		133,000		140,499
Prime Healthcare Services Inc 7.250% due 11/01/25 ~		166,000		179,926
Prime Security Services Borrower LLC
3.375% due 08/31/27 ~		170,000		165,112
5.250% due 04/15/24 ~		497,000		533,172
5.750% due 04/15/26 ~		246,000		272,396
6.250% due 01/15/28 ~		685,000		729,539
Primo Water Holdings Inc (Canada) 4.375% due 04/30/29 ~		188,000		188,235
Quorum Health Corp 11.625% due 04/15/23 * Y W		9,000		830
Radiology Partners Inc 9.250% due 02/01/28 ~		55,000		60,980

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-225

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		$500,000		$539,612
Rent-A-Center Inc 6.375% due 02/15/29 ~		180,000		193,635
Revlon Consumer Products Corp 6.250% due 08/01/24		150,000		66,468
Ritchie Bros Auctioneers Inc (Canada) 5.375% due 01/15/25 ~		220,000		226,949
RP Escrow Issuer LLC 5.250% due 12/15/25 ~		300,000		314,103
RR Donnelley & Sons Co 6.125% due 11/01/26 ~		520,000		548,657
Sabre GLBL Inc
7.375% due 09/01/25 ~		518,000		563,983
9.250% due 04/15/25 ~		50,000		59,587
Safeway Inc 7.250% due 02/01/31		150,000		175,888
SEG Holding LLC 5.625% due 10/15/28 ~		200,000		210,290
Select Medical Corp 6.250% due 08/15/26 ~		424,000		452,539
Service Corp International
3.375% due 08/15/30		426,000		417,927
4.000% due 05/15/31		132,000		134,903
4.625% due 12/15/27		53,000		56,154
5.125% due 06/01/29		206,000		223,791
Shift4 Payments LLC 4.625% due 11/01/26 ~		300,000		313,564
Sigma Holdco BV (Netherlands) 7.875% due 05/15/26 ~		400,000		410,606
Signal Parent Inc 6.125% due 04/01/29 ~		250,000		240,939
Simmons Foods Inc 4.625% due 03/01/29 ~		245,000		247,443
Sotheby’s 7.375% due 10/15/27 ~		200,000		216,242
Spectrum Brands Inc
3.875% due 03/15/31 ~		150,000		147,908
5.000% due 10/01/29 ~		86,000		91,416
5.750% due 07/15/25		449,000		460,674
Square Inc
2.750% due 06/01/26 ~		100,000		101,875
3.500% due 06/01/31 ~		83,000		83,830
StoneMor Inc 8.500% due 05/15/29 ~		67,000		67,838
Surgery Center Holdings Inc 10.000% due 04/15/27 ~		290,000		319,296
Syneos Health Inc 3.625% due 01/15/29 ~		150,000		148,688
Team Health Holdings Inc 6.375% due 02/01/25 ~		200,000		190,626
Teleflex Inc
4.250% due 06/01/28 ~		95,000		99,187
4.625% due 11/15/27		156,000		166,684
Tenet Healthcare Corp
4.250% due 06/01/29 ~		400,000		405,500
4.625% due 07/15/24		590,000		600,080
4.625% due 09/01/24 ~		87,000		89,467
4.625% due 06/15/28 ~		465,000		479,285
4.875% due 01/01/26 ~		545,000		565,955
5.125% due 11/01/27 ~		526,000		552,318
6.125% due 10/01/28 ~		655,000		699,861
6.250% due 02/01/27 ~		530,000		553,850
6.750% due 06/15/23		778,000		849,965
7.500% due 04/01/25 ~		50,000		54,070
The ADT Security Corp
3.500% due 07/15/22		650,000		663,000
4.875% due 07/15/32 ~		200,000		211,480

	Principal Amount		Value
The Brink’s Co
4.625% due 10/15/27 ~		$197,000		$205,657
5.500% due 07/15/25 ~		150,000		159,783
The Fresh Market Inc 9.750% due 05/01/23 ~		200,000		205,785
The Nielsen Co Luxembourg SARL 5.000% due 02/01/25 ~		200,000		206,330
TreeHouse Foods Inc 4.000% due 09/01/28		115,000		114,309
TriNet Group Inc 3.500% due 03/01/29 ~		115,000		113,620
Triton Water Holdings Inc 6.250% due 04/01/29 ~		155,000		155,599
Turning Point Brands Inc 5.625% due 02/15/26 ~		100,000		103,600
United Natural Foods Inc 6.750% due 10/15/28 ~		65,000		70,082
United Rentals North America Inc
3.875% due 02/15/31		500,000		509,375
4.000% due 07/15/30		125,000		129,000
4.875% due 01/15/28		715,000		759,151
5.250% due 01/15/30		142,000		155,734
5.500% due 05/15/27		260,000		275,925
5.875% due 09/15/26		170,000		176,357
US Acute Care Solutions LLC 6.375% due 03/01/26 ~		250,000		259,195
US Foods Inc
4.750% due 02/15/29 ~		65,000		66,384
6.250% due 04/15/25 ~		120,000		127,350
US Renal Care Inc 10.625% due 07/15/27 ~		175,000		184,183
Vector Group Ltd
5.750% due 02/01/29 ~		125,000		127,498
10.500% due 11/01/26 ~		173,000		183,921
Verscend Escrow Corp 9.750% due 08/15/26 ~		325,000		342,885
WW International Inc 4.500% due 04/15/29 ~		135,000		136,195
				83,919,238
Diversified - 0.1%
Stena AB (Sweden) 7.000% due 02/01/24 ~		100,000		104,769
Stena International SA (Sweden)
5.750% due 03/01/24 ~		200,000		206,825
6.125% due 02/01/25 ~		146,000		152,387
				463,981
Energy - 13.8%
Aethon United BR LP 8.250% due 02/15/26 ~		340,000		368,551
AI Candelaria Spain SLU (Colombia) 7.500% due 12/15/28 ~		250,000		279,967
Alliance Resource Operating Partners LP 7.500% due 05/01/25 ~		100,000		97,989
Antero Midstream Partners LP
5.375% due 06/15/29 ~		135,000		140,907
5.750% due 03/01/27 ~		200,000		208,609
5.750% due 01/15/28 ~		197,000		207,575
7.875% due 05/15/26 ~		365,000		409,128
Antero Resources Corp
5.000% due 03/01/25		150,000		153,708
5.375% due 03/01/30 ~		90,000		91,969
7.625% due 02/01/29 ~		150,000		166,695
8.375% due 07/15/26 ~		104,000		118,430
Apache Corp
4.250% due 01/15/30		250,000		264,097
4.375% due 10/15/28		208,000		221,705
4.625% due 11/15/25		130,000		140,770
4.750% due 04/15/43		1,035,000		1,078,372

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-226

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
4.875% due 11/15/27		$215,000		$233,145
5.100% due 09/01/40		712,000		746,710
Archrock Partners LP
6.250% due 04/01/28 ~		180,000		188,264
6.875% due 04/01/27 ~		156,000		166,095
Ascent Resources Utica Holdings LLC
5.875% due 06/30/29 ~		115,000		115,144
7.000% due 11/01/26 ~		80,000		83,970
8.250% due 12/31/28 ~		165,000		181,830
9.000% due 11/01/27 ~		175,000		242,526
Atlantica Sustainable Infrastructure PLC (Spain) 4.125% due 06/15/28 ~		300,000		306,015
Baytex Energy Corp (Canada)
5.625% due 06/01/24 ~		120,000		121,235
8.750% due 04/01/27 ~		185,000		186,637
Berry Petroleum Co LLC 7.000% due 02/15/26 ~		200,000		203,404
Blue Racer Midstream LLC
6.625% due 07/15/26 ~		50,000		52,436
7.625% due 12/15/25 ~		245,000		265,825
Bristow Group Inc 6.875% due 03/01/28 ~		150,000		153,215
Buckeye Partners LP
3.950% due 12/01/26		175,000		178,570
4.125% due 03/01/25 ~		127,000		132,018
4.150% due 07/01/23		298,000		308,914
4.500% due 03/01/28 ~		105,000		107,868
5.850% due 11/15/43		250,000		249,192
6.375% due 01/22/78		200,000		188,060
California Resources Corp 7.125% due 02/01/26 ~		55,000		57,951
Callon Petroleum Co due 08/01/28 # ~		140,000		141,750
6.125% due 10/01/24		200,000		197,888
6.250% due 04/15/23		637,000		638,137
Calumet Specialty Products Partners LP
7.750% due 04/15/23		250,000		249,650
9.250% due 07/15/24 ~		162,000		178,923
11.000% due 04/15/25 ~		133,000		144,997
Cenovus Energy Inc (Canada)
3.000% due 08/15/22		200,000		204,118
3.800% due 09/15/23		50,000		52,782
6.750% due 11/15/39		875,000		1,190,712
CGG SA (France) 8.750% due 04/01/27 ~		500,000		518,152
ChampionX Corp 6.375% due 05/01/26		80,000		84,114
Cheniere Energy Inc 4.625% due 10/15/28 ~		265,000		279,906
Cheniere Energy Partners LP
4.000% due 03/01/31 ~		361,000		377,696
4.500% due 10/01/29		494,000		531,667
5.625% due 10/01/26		395,000		410,800
Chesapeake Energy Corp
5.500% due 02/01/26 ~		110,000		116,358
5.875% due 02/01/29 ~		185,000		200,494
CNX Midstream Partners LP 6.500% due 03/15/26 ~		100,000		105,025
CNX Resources Corp
6.000% due 01/15/29 ~		250,000		270,654
7.250% due 03/14/27 ~		250,000		268,242
Colgate Energy Partners III LLC 5.875% due 07/01/29 ~		125,000		129,844
Comstock Resources Inc
5.875% due 01/15/30 ~		324,000		330,885
6.750% due 03/01/29 ~		135,000		143,975
7.500% due 05/15/25 ~		231,000		240,298
Continental Resources Inc
3.800% due 06/01/24		350,000		370,562
4.375% due 01/15/28		300,000		332,727

	Principal Amount		Value
4.500% due 04/15/23		$81,000		$84,516
4.900% due 06/01/44		225,000		255,100
5.750% due 01/15/31 ~		200,000		239,750
Continuum Energy Levanter Pte Ltd (India) 4.500% due 02/09/27 ~		200,000		205,051
Coronado Finance Property Ltd (Australia) 10.750% due 05/15/26 ~		150,000		159,945
CQP Holdco LP 5.500% due 06/15/31 ~		450,000		469,458
Crestwood Midstream Partners LP
5.625% due 05/01/27 ~		140,000		144,088
5.750% due 04/01/25		85,000		87,567
6.000% due 02/01/29 ~		105,000		110,119
CrownRock LP
5.000% due 05/01/29 ~		25,000		26,290
5.625% due 10/15/25 ~		344,000		357,019
CSI Compressco LP 7.500% due 04/01/25 ~		200,000		203,400
CVR Energy Inc
5.250% due 02/15/25 ~		210,000		210,527
5.750% due 02/15/28 ~		125,000		126,314
DCP Midstream Operating LP
3.875% due 03/15/23		150,000		155,957
5.125% due 05/15/29		74,000		81,877
5.375% due 07/15/25		200,000		222,990
5.600% due 04/01/44		100,000		110,478
5.625% due 07/15/27		235,000		267,973
5.850% due 05/21/43 ~		100,000		92,978
6.450% due 11/03/36 ~		403,000		473,839
6.750% due 09/15/37 ~		100,000		120,750
DT Midstream Inc
4.125% due 06/15/29 ~		95,000		96,575
4.375% due 06/15/31 ~		100,000		102,304
Encino Acquisition Partners Holdings LLC 8.500% due 05/01/28 ~		125,000		127,656
Endeavor Energy Resources LP
5.500% due 01/30/26 ~		92,000		95,874
5.750% due 01/30/28 ~		339,000		361,940
6.625% due 07/15/25 ~		130,000		139,492
Energy Ventures Gom LLC 11.750% due 04/15/26 ~		100,000		104,569
EnfraGen Energia Sur SA (Spain) 5.375% due 12/30/30 ~		200,000		199,300
EnLink Midstream LLC
5.375% due 06/01/29		164,000		171,369
5.625% due 01/15/28 ~		75,000		79,458
EnLink Midstream Partners LP
4.150% due 06/01/25		300,000		314,577
4.850% due 07/15/26		400,000		415,234
5.050% due 04/01/45		200,000		172,421
5.450% due 06/01/47		125,000		111,463
Ensign Drilling Inc (Canada) 9.250% due 04/15/24 ~		95,000		90,141
Enviva Partners LP 6.500% due 01/15/26 ~		260,000		272,220
EQM Midstream Partners LP
4.000% due 08/01/24		113,000		116,249
4.500% due 01/15/29 ~		145,000		147,707
4.750% due 07/15/23		36,000		37,625
4.750% due 01/15/31 ~		145,000		149,595
6.000% due 07/01/25 ~		600,000		653,895
6.500% due 07/01/27 ~		140,000		156,509
6.500% due 07/15/48		451,000		483,528
EQT Corp
3.000% due 10/01/22		2,000		2,045
3.125% due 05/15/26 ~		48,000		49,253
3.625% due 05/15/31 ~		50,000		52,253
3.900% due 10/01/27		275,000		294,937
5.000% due 01/15/29		60,000		66,981
7.625% due 02/01/25		1,140,000		1,331,281

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-227

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Exterran Energy Solutions LP 8.125% due 05/01/25		$200,000		$177,695
Genesis Energy LP
5.625% due 06/15/24		300,000		301,831
6.500% due 10/01/25		170,000		172,043
7.750% due 02/01/28		195,000		201,786
8.000% due 01/15/27		270,000		284,006
Global Partners LP
6.875% due 01/15/29		100,000		107,454
7.000% due 08/01/27		150,000		159,300
Gulfport Energy Operating Corp 8.000% due 05/17/26 ~		200,000		213,890
Harvest Midstream I LP 7.500% due 09/01/28 ~		225,000		244,800
Hess Midstream Operations LP
5.125% due 06/15/28 ~		240,000		252,064
5.625% due 02/15/26 ~		200,000		208,850
Hilcorp Energy I LP
5.750% due 02/01/29 ~		100,000		104,391
6.000% due 02/01/31 ~		90,000		95,513
6.250% due 11/01/28 ~		320,000		340,882
Holly Energy Partners LP 5.000% due 02/01/28 ~		59,000		60,446
Independence Energy Finance LLC 7.250% due 05/01/26 ~		165,000		173,778
Indigo Natural Resources LLC 5.375% due 02/01/29 ~		140,000		146,481
Ithaca Energy North Sea PLC (United Kingdom) 9.375% due 07/15/24 ~		200,000		207,864
ITT Holdings LLC due 08/01/29 # ~		225,000		229,500
KCA Deutag UK Finance PLC (United Kingdom) 9.875% due 12/01/25 ~		151,000		167,082
Laredo Petroleum Inc
9.500% due 01/15/25		180,000		189,893
10.125% due 01/15/28		125,000		137,625
Magnolia Oil & Gas Operating LLC 6.000% due 08/01/26 ~		330,000		341,418
Matador Resources Co 5.875% due 09/15/26		330,000		340,345
MEG Energy Corp (Canada)
5.875% due 02/01/29 ~		471,000		491,686
6.500% due 01/15/25 ~		204,000		211,140
7.125% due 02/01/27 ~		360,000		384,491
Moss Creek Resources Holdings Inc
7.500% due 01/15/26 ~		350,000		325,939
10.500% due 05/15/27 ~		350,000		347,354
Murphy Oil Corp
5.750% due 08/15/25		652,000		669,930
5.875% due 12/01/27		117,000		122,280
6.375% due 07/15/28		154,000		162,578
6.875% due 08/15/24		100,000		102,551
Nabors Industries Inc 5.750% due 02/01/25		85,000		78,370
Nabors Industries Ltd
7.250% due 01/15/26 ~		419,000		411,464
7.500% due 01/15/28 ~		150,000		144,300
Natural Resource Partners LP 9.125% due 06/30/25 ~		150,000		147,547
Neptune Energy Bondco PLC (United Kingdom) 6.625% due 05/15/25 ~		250,000		257,491
New Fortress Energy Inc
6.500% due 09/30/26 ~		400,000		409,220
6.750% due 09/15/25 ~		338,000		346,450
NGL Energy Operating LLC 7.500% due 02/01/26 ~		835,000		877,794
NGL Energy Partners LP
6.125% due 03/01/25		100,000		90,951

	Principal Amount		Value
7.500% due 11/01/23		$195,000		$192,319
7.500% due 04/15/26		150,000		137,175
Nine Energy Service Inc 8.750% due 11/01/23 ~		145,000		74,131
Northern Oil and Gas Inc 8.125% due 03/01/28 ~		405,000		436,922
Northriver Midstream Finance LP (Canada) 5.625% due 02/15/26 ~		250,000		260,105
NuStar Logistics LP
4.750% due 02/01/22		100,000		101,299
5.625% due 04/28/27		230,000		247,071
5.750% due 10/01/25		50,000		54,526
6.000% due 06/01/26		171,000		185,877
6.375% due 10/01/30		45,000		49,844
Oasis Midstream Partners LP 8.000% due 04/01/29 ~		150,000		159,890
Oasis Petroleum Inc 6.375% due 06/01/26 ~		150,000		156,597
Occidental Petroleum Corp
2.700% due 02/15/23		175,000		179,305
2.900% due 08/15/24		658,000		673,627
3.000% due 02/15/27		150,000		149,087
3.200% due 08/15/26		650,000		656,744
3.400% due 04/15/26		225,000		230,694
3.500% due 06/15/25		150,000		153,563
3.500% due 08/15/29		386,000		387,899
4.100% due 02/15/47		250,000		233,126
4.400% due 04/15/46		2,175,000		2,091,817
5.500% due 12/01/25		115,000		127,437
5.550% due 03/15/26		325,000		360,046
5.875% due 09/01/25		239,000		266,192
6.125% due 01/01/31		465,000		547,668
6.375% due 09/01/28		200,000		233,782
6.450% due 09/15/36		1,050,000		1,256,755
6.625% due 09/01/30		829,000		995,836
6.950% due 07/01/24		150,000		169,495
7.500% due 05/01/31		150,000		189,193
7.875% due 09/15/31		150,000		193,198
8.000% due 07/15/25		105,000		125,872
8.500% due 07/15/27		150,000		189,398
8.875% due 07/15/30		200,000		267,739
Oceaneering International Inc
4.650% due 11/15/24		200,000		201,600
6.000% due 02/01/28		150,000		151,339
Ovintiv Exploration Inc 5.625% due 07/01/24		181,000		201,632
Ovintiv Inc
6.500% due 08/15/34		700,000		925,575
7.375% due 11/01/31		300,000		398,825
Parkland Corp (Canada)
4.500% due 10/01/29 ~		140,000		142,676
5.875% due 07/15/27 ~		132,000		141,132
PBF Holding Co LLC
6.000% due 02/15/28		195,000		133,827
7.250% due 06/15/25		225,000		171,297
9.250% due 05/15/25 ~		600,000		605,217
PBF Logistics LP 6.875% due 05/15/23		262,000		257,742
PDC Energy Inc
5.750% due 05/15/26		150,000		156,890
6.125% due 09/15/24		200,000		205,173
Precision Drilling Corp (Canada)
6.875% due 01/15/29 ~		125,000		128,906
7.125% due 01/15/26 ~		200,000		206,407
Puma International Financing SA (Singapore) 5.000% due 01/24/26 ~		200,000		202,440
Range Resources Corp
4.875% due 05/15/25		88,000		91,190
5.000% due 03/15/23		494,000		512,567

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-228

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
8.250% due 01/15/29 ~		$95,000		$107,233
9.250% due 02/01/26		320,000		353,360
Rattler Midstream LP 5.625% due 07/15/25 ~		65,000		68,413
Renewable Energy Group Inc 5.875% due 06/01/28 ~		53,000		55,734
Rockies Express Pipeline LLC
3.600% due 05/15/25 ~		250,000		254,977
6.875% due 04/15/40 ~		500,000		529,435
SM Energy Co
5.625% due 06/01/25		113,000		112,011
6.500% due 07/15/28		120,000		123,450
6.625% due 01/15/27		100,000		102,950
6.750% due 09/15/26		60,000		61,125
10.000% due 01/15/25 ~		450,000		509,301
Southwestern Energy Co
6.450% due 01/23/25		100,000		110,907
7.500% due 04/01/26		420,000		445,200
7.750% due 10/01/27		80,000		86,900
8.375% due 09/15/28		150,000		169,703
Summit Midstream Holdings LLC 5.750% due 04/15/25		140,000		128,994
SunCoke Energy Inc 4.875% due 06/30/29 ~		167,000		167,000
SunCoke Energy Partners LP 7.500% due 06/15/25 ~		183,000		190,146
Sunoco LP
4.500% due 05/15/29 ~		75,000		76,539
5.500% due 02/15/26		665,000		687,510
6.000% due 04/15/27		109,000		114,355
Tallgrass Energy Partners LP
5.500% due 09/15/24 ~		261,000		265,224
5.500% due 01/15/28 ~		163,000		166,074
6.000% due 12/31/30 ~		215,000		224,097
7.500% due 10/01/25 ~		300,000		329,496
Talos Production Inc 12.000% due 01/15/26		428,000		457,273
Targa Resources Partners LP
4.000% due 01/15/32 ~		695,000		715,850
4.875% due 02/01/31 ~		86,000		93,212
5.375% due 02/01/27		637,000		665,232
5.500% due 03/01/30		500,000		550,510
5.875% due 04/15/26		490,000		516,002
6.500% due 07/15/27		96,000		104,339
6.875% due 01/15/29		60,000		67,718
TechnipFMC PLC (United Kingdom) 6.500% due 02/01/26 ~		350,000		378,010
Teine Energy Ltd (Canada) 6.875% due 04/15/29 ~		350,000		360,439
TerraForm Power Operating LLC
4.250% due 01/31/23 ~		60,000		61,659
4.750% due 01/15/30 ~		177,000		181,632
5.000% due 01/31/28 ~		141,000		149,712
TransMontaigne Partners LP 6.125% due 02/15/26		50,000		51,340
Transocean Guardian Ltd 5.875% due 01/15/24 ~		453,125		441,570
Transocean Inc
8.000% due 02/01/27 ~		533,000		449,468
9.350% due 12/15/41		490,000		365,315
11.500% due 01/30/27 ~		547,000		585,290
Transocean Phoenix 2 Ltd 7.750% due 10/15/24 ~		110,000		114,252
Transocean Pontus Ltd 6.125% due 08/01/25 ~		235,625		238,692
Transocean Proteus Ltd 6.250% due 12/01/24 ~		71,500		72,415
Transocean Sentry Ltd 5.375% due 05/15/23 ~		761,828		747,711

	Principal Amount		Value
USA Compression Partners LP
6.875% due 04/01/26		$135,000		$141,741
6.875% due 09/01/27		305,000		326,435
Vermilion Energy Inc (Canada) 5.625% due 03/15/25 ~		50,000		50,473
Vine Energy Holdings LLC 6.750% due 04/15/29 ~		300,000		316,125
Viper Energy Partners LP 5.375% due 11/01/27 ~		40,000		41,784
W&T Offshore Inc 9.750% due 11/01/23 ~		200,000		194,250
Warrior Met Coal Inc 8.000% due 11/01/24 ~		86,000		87,398
Weatherford International Ltd
8.750% due 09/01/24 ~		305,000		319,487
11.000% due 12/01/24 ~		600,000		624,762
Welltec AS (Denmark) 9.500% due 12/01/22 ~		91,000		93,276
Western Midstream Operating LP
4.000% due 07/01/22		325,000		330,700
4.350% due 02/01/25		805,000		851,638
4.650% due 07/01/26		75,000		80,285
5.300% due 02/01/30		50,000		56,144
5.500% due 08/15/48		354,000		386,787
6.500% due 02/01/50		800,000		928,500
				71,376,986
Financial - 9.8%
Acrisure LLC
4.250% due 02/15/29 ~		160,000		158,406
7.000% due 11/15/25 ~		275,000		281,486
10.125% due 08/01/26 ~		100,000		112,953
Advisor Group Holdings Inc 10.750% due 08/01/27 ~		100,000		111,375
AerCap Holdings NV (Ireland) 5.875% due 10/10/79		200,000		208,789
AG Issuer LLC 6.250% due 03/01/28 ~		70,000		74,012
Alliant Holdings Intermediate LLC
4.250% due 10/15/27 ~		155,000		157,550
6.750% due 10/15/27 ~		350,000		368,280
Ally Financial Inc 5.750% due 11/20/25		200,000		229,841
AmWINS Group Inc 7.750% due 07/01/26 ~		381,000		404,870
Apollo Commercial Real Estate Finance Inc 4.625% due 06/15/29 ~		150,000		148,103
Aretec Escrow Issuer Inc 7.500% due 04/01/29 ~		300,000		309,423
Assurant Inc 7.000% due 03/27/48		200,000		231,474
AssuredPartners Inc
5.625% due 01/15/29 ~		30,000		30,060
7.000% due 08/15/25 ~		64,000		65,589
BroadStreet Partners Inc 5.875% due 04/15/29 ~		83,000		84,926
Brookfield Property Inc REIT 5.750% due 05/15/26 ~		300,000		315,775
Burford Capital Global Finance LLC 6.250% due 04/15/28 ~		250,000		262,915
CIT Group Inc
3.929% due 06/19/24		65,000		68,692
4.750% due 02/16/24		101,000		109,750
5.000% due 08/15/22		210,000		219,721
5.000% due 08/01/23		371,000		401,607
5.250% due 03/07/25		165,000		186,104
6.125% due 03/09/28		170,000		208,032
Commerzbank AG (Germany) 8.125% due 09/19/23 ~		300,000		341,967
Compass Group Diversified Holdings LLC 5.250% due 04/15/29 ~		120,000		124,950

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-229

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Credit Acceptance Corp
5.125% due 12/31/24 ~		$380,000		$394,934
6.625% due 03/15/26		200,000		210,750
CTR Partnership LP 3.875% due 06/30/28 ~		100,000		102,254
CTR Partnership LP REIT 5.250% due 06/01/25		50,000		51,313
Curo Group Holdings Corp 8.250% due 09/01/25 ~		310,000		321,237
Cushman & Wakefield US Borrower LLC 6.750% due 05/15/28 ~		80,000		86,488
Deutsche Bank AG (Germany)
3.729% due 01/14/32		200,000		203,760
4.296% due 05/24/28		476,000		493,580
4.500% due 04/01/25		500,000		539,886
4.875% due 12/01/32		200,000		215,847
5.882% due 07/08/31		150,000		175,634
Diversified Healthcare Trust 4.375% due 03/01/31		360,000		345,420
Diversified Healthcare Trust REIT
4.750% due 05/01/24		100,000		102,871
4.750% due 02/15/28		200,000		197,309
9.750% due 06/15/25		215,000		238,395
Dresdner Funding Trust I 8.151% due 06/30/31 ~		350,000		502,250
Enact Holdings Inc 6.500% due 08/15/25 ~		210,000		232,052
Enova International Inc 8.500% due 09/15/25 ~		200,000		206,375
EPR Properties 3.750% due 08/15/29		300,000		300,791
EPR Properties REIT 4.750% due 12/15/26		500,000		542,662
ESH Hospitality Inc REIT 5.250% due 05/01/25 ~		400,000		407,940
Fairstone Financial Inc (Canada) 7.875% due 07/15/24 ~		145,000		151,667
FelCor Lodging LP REIT 6.000% due 06/01/25		175,000		179,510
Finance of America Funding LLC 7.875% due 11/15/25 ~		200,000		200,171
Five Point Operating Co LP 7.875% due 11/15/25 ~		150,000		158,829
Freedom Mortgage Corp
due 01/15/27 # ~		130,000		131,088
7.625% due 05/01/26 ~		190,000		198,036
8.125% due 11/15/24 ~		150,000		155,590
8.250% due 04/15/25 ~		200,000		209,413
FS Energy & Power Fund 7.500% due 08/15/23 ~		175,000		181,283
Genworth Holdings Inc
4.900% due 08/15/23		316,000		317,424
6.500% due 06/15/34		100,000		102,212
7.625% due 09/24/21		250,000		254,385
Global Aircraft Leasing Co Ltd (Cayman) 6.500% Cash or 7.250% PIK due 09/15/24 ~		728,049		732,618
Global Atlantic Fin Co due 10/15/51 # ~		300,000		300,732
Global Net Lease Inc REIT 3.750% due 12/15/27 ~		135,000		133,805
goeasy Ltd (Canada)
4.375% due 05/01/26 ~		75,000		76,969
5.375% due 12/01/24 ~		82,000		84,850
Greystar Real Estate Partners LLC 5.750% due 12/01/25 ~		103,000		106,225
GTCR AP Finance Inc 8.000% due 05/15/27 ~		150,000		160,274
HAT Holdings I LLC 3.375% due 06/15/26 ~		300,000		302,625
HAT Holdings I LLC REIT 3.750% due 09/15/30 ~		500,000		489,830

	Principal Amount		Value
Hightower Holding LLC 6.750% due 04/15/29 ~		$83,000		$84,826
Home Point Capital Inc 5.000% due 02/01/26 ~		100,000		93,389
HUB International Ltd 7.000% due 05/01/26 ~		495,000		514,587
HUNT Cos Inc 5.250% due 04/15/29 ~		200,000		194,623
Icahn Enterprises LP
5.250% due 05/15/27 ~		75,000		77,660
4.375% due 02/01/29 ~		145,000		144,750
4.750% due 09/15/24		326,000		341,095
5.250% due 05/15/27		605,000		625,509
6.250% due 05/15/26		405,000		430,393
6.375% due 12/15/25		50,000		51,593
Intesa Sanpaolo SPA (Italy)
4.950% due 06/01/42 ~		300,000		311,647
5.017% due 06/26/24 ~		200,000		217,720
5.710% due 01/15/26 ~		900,000		1,018,653
Iron Mountain Inc REIT
4.500% due 02/15/31 ~		615,000		623,456
4.875% due 09/15/27 ~		125,000		129,750
4.875% due 09/15/29 ~		535,000		552,976
5.000% due 07/15/28 ~		65,000		67,675
5.250% due 03/15/28 ~		224,000		234,875
5.250% due 07/15/30 ~		175,000		185,485
5.625% due 07/15/32 ~		65,000		69,815
iStar Inc REIT
4.250% due 08/01/25		139,000		143,385
4.750% due 10/01/24		137,000		144,371
5.500% due 02/15/26		150,000		157,541
Jefferies Finance LLC 6.250% due 06/03/26 ~		150,000		157,500
Kennedy-Wilson Inc
4.750% due 03/01/29		235,000		242,388
5.000% due 03/01/31		235,000		242,050
Ladder Capital Finance Holdings LLLP 4.750% due 06/15/29 ~		225,000		225,281
Ladder Capital Finance Holdings LLLP REIT
4.250% due 02/01/27 ~		155,000		155,291
5.250% due 03/15/22 ~		65,000		65,517
5.250% due 10/01/25 ~		250,000		254,687
LD Holdings Group LLC
6.125% due 04/01/28 ~		175,000		175,301
6.500% due 11/01/25 ~		146,000		150,095
LPL Holdings Inc
4.000% due 03/15/29 ~		270,000		271,953
4.375% due 05/15/31 ~		250,000		253,465
4.625% due 11/15/27 ~		150,000		155,879
MGIC Investment Corp 5.250% due 08/15/28		169,000		179,351
MGM Growth Properties Operating Partnership LP REIT
3.875% due 02/15/29 ~		115,000		117,091
4.500% due 09/01/26		50,000		53,475
4.500% due 01/15/28		100,000		105,950
4.625% due 06/15/25 ~		295,000		315,759
5.750% due 02/01/27		730,000		813,355
Midcap Financial Issuer Trust
5.625% due 01/15/30 ~		250,000		251,277
6.500% due 05/01/28 ~		500,000		523,895
MPT Operating Partnership LP REIT
3.500% due 03/15/31		190,000		192,137
4.625% due 08/01/29		235,000		252,247
5.000% due 10/15/27		220,000		233,495
5.250% due 08/01/26		500,000		516,355
Nationstar Mortgage Holdings Inc
5.125% due 12/15/30 ~		55,000		54,835
5.500% due 08/15/28 ~		146,000		147,479
6.000% due 01/15/27 ~		295,000		306,293

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-230

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Navient Corp
4.875% due 03/15/28		$300,000		$301,875
5.000% due 03/15/27		90,000		93,308
5.625% due 08/01/33		200,000		193,609
6.125% due 03/25/24		300,000		324,714
6.500% due 06/15/22		121,000		126,318
6.750% due 06/25/25		335,000		371,334
6.750% due 06/15/26		100,000		111,825
7.250% due 09/25/23		100,000		110,651
New Residential Investment Corp REIT 6.250% due 10/15/25 ~		214,000		214,631
Newmark Group Inc 6.125% due 11/15/23		175,000		192,839
NFP Corp
4.875% due 08/15/28 ~		50,000		50,877
6.875% due 08/15/28 ~		480,000		506,750
NMI Holdings Inc 7.375% due 06/01/25 ~		113,000		129,856
OneMain Finance Corp
3.500% due 01/15/27		55,000		55,481
4.000% due 09/15/30		60,000		59,550
5.375% due 11/15/29		90,000		98,077
5.625% due 03/15/23		125,000		133,661
6.125% due 05/15/22		190,000		197,885
6.125% due 03/15/24		454,000		489,185
8.250% due 10/01/23		102,000		115,120
Oxford Finance LLC 6.375% due 12/15/22 ~		25,000		25,275
Park Intermediate Holdings LLC 4.875% due 05/15/29 ~		93,000		96,320
Park Intermediate Holdings LLC REIT
5.875% due 10/01/28 ~		85,000		90,778
7.500% due 06/01/25 ~		230,000		250,043
PennyMac Financial Services Inc
4.250% due 02/15/29 ~		210,000		202,614
5.375% due 10/15/25 ~		225,000		237,480
PHH Mortgage Corp 7.875% due 03/15/26 ~		300,000		310,680
PRA Group Inc 7.375% due 09/01/25 ~		300,000		324,000
Provident Funding Associates LP 6.375% due 06/15/25 ~		50,000		50,828
Quicken Loans Inc 5.250% due 01/15/28 ~		200,000		210,250
Quicken Loans LLC
3.625% due 03/01/29 ~		145,000		143,478
3.875% due 03/01/31 ~		290,000		292,535
Radian Group Inc
4.500% due 10/01/24		300,000		321,684
4.875% due 03/15/27		150,000		163,572
Realogy Group LLC
4.875% due 06/01/23 ~		150,000		156,263
5.750% due 01/15/29 ~		375,000		392,546
7.625% due 06/15/25 ~		150,000		162,894
9.375% due 04/01/27 ~		128,000		142,390
RHP Hotel Properties LP REIT
4.500% due 02/15/29 ~		110,000		110,375
4.750% due 10/15/27		105,000		108,018
RLJ Lodging Trust 3.750% due 07/01/26 ~		170,000		171,913
SBA Communications Corp
3.125% due 02/01/29 ~		315,000		304,443
3.875% due 02/15/27		956,000		984,082
SBA Communications Corp REIT 4.875% due 09/01/24		200,000		204,073
Service Properties Trust 5.500% due 12/15/27		200,000		213,768
Service Properties Trust REIT
4.350% due 10/01/24		300,000		302,493
4.500% due 06/15/23		150,000		154,056

	Principal Amount		Value
4.500% due 03/15/25		$100,000		$99,700
4.650% due 03/15/24		100,000		101,945
4.950% due 02/15/27		300,000		299,443
4.950% due 10/01/29		300,000		296,475
5.000% due 08/15/22		150,000		151,875
5.250% due 02/15/26		350,000		353,853
7.500% due 09/15/25		40,000		45,323
SLM Corp 4.200% due 10/29/25		110,000		118,580
Springleaf Finance Corp
6.625% due 01/15/28		366,000		420,838
6.875% due 03/15/25		638,000		720,844
7.125% due 03/15/26		210,000		244,852
8.875% due 06/01/25		520,000		578,063
Starwood Property Trust due 07/15/26 # ~		110,000		110,963
Starwood Property Trust Inc REIT
4.750% due 03/15/25		138,000		143,700
5.500% due 11/01/23 ~		300,000		314,625
StoneX Group Inc 8.625% due 06/15/25 ~		75,000		80,334
Synovus Financial Corp 5.900% due 02/07/29		100,000		108,552
The GEO Group Inc 6.000% due 04/15/26		150,000		121,688
The GEO Group Inc REIT
5.125% due 04/01/23		300,000		285,375
5.875% due 10/15/24		150,000		134,771
The Howard Hughes Corp
4.125% due 02/01/29 ~		610,000		611,931
4.375% due 02/01/31 ~		75,000		74,879
5.375% due 08/01/28 ~		200,000		212,726
TMX Finance LLC 11.125% due 04/01/23 ~		200,000		204,745
UniCredit SPA (Italy)
5.459% due 06/30/35 ~		450,000		491,156
5.861% due 06/19/32 ~		1,000,000		1,105,440
United Wholesale Mortgage LLC
5.500% due 11/15/25 ~		95,000		98,654
5.500% due 04/15/29 ~		200,000		200,227
Uniti Group LP / Uniti Group Finance Inc 4.750% due 04/15/28 ~		250,000		250,128
Uniti Group LP REIT
6.500% due 02/15/29 ~		575,000		577,240
7.125% due 12/15/24 ~		150,000		155,250
7.875% due 02/15/25 ~		777,000		834,211
USI Inc 6.875% due 05/01/25 ~		105,000		106,629
VICI Properties LP REIT
3.500% due 02/15/25 ~		120,000		122,759
3.750% due 02/15/27 ~		133,000		135,718
4.125% due 08/15/30 ~		372,000		383,034
4.250% due 12/01/26 ~		731,000		761,315
4.625% due 12/01/29 ~		114,000		121,353
VistaJet Malta Finance PLC (Switzerland) 10.500% due 06/01/24 ~		289,000		315,429
WeWork Cos Inc 7.875% due 05/01/25 ~		300,000		313,875
XHR LP 4.875% due 06/01/29 ~		67,000		69,261
XHR LP REIT 6.375% due 08/15/25 ~		200,000		213,436
				50,639,701
Industrial - 9.5%
AECOM 5.125% due 03/15/27		165,000		184,244
AerCap Global Aviation Trust (Ireland) 6.500% due 06/15/45 ~		200,000		213,987
Altera Infrastructure LP 8.500% due 07/15/23 ~		210,000		193,138

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-231

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Amsted Industries Inc
4.625% due 05/15/30 ~		$250,000		$256,562
5.625% due 07/01/27 ~		150,000		158,579
Apex Tool Group LLC 9.000% due 02/15/23 ~		100,000		100,904
APi Group DE Inc 4.125% due 07/15/29 ~		150,000		149,344
Arcosa Inc 4.375% due 04/15/29 ~		175,000		178,412
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		350,000		368,228
Ardagh Metal Packaging Finance USA LLC 4.000% due 09/01/29 ~		350,000		347,812
Ardagh Packaging Finance PLC
3.250% due 09/01/28 ~		100,000		100,060
4.125% due 08/15/26 ~		700,000		723,684
5.250% due 04/30/25 ~		600,000		631,500
5.250% due 08/15/27 ~		200,000		204,266
Atkore Inc 4.250% due 06/01/31 ~		150,000		152,113
ATS Automation Tooling Systems Inc (Canada) 4.125% due 12/15/28 ~		200,000		205,439
Ball Corp
2.875% due 08/15/30		453,000		445,240
4.000% due 11/15/23		71,000		75,311
4.875% due 03/15/26		265,000		295,493
5.000% due 03/15/22		600,000		616,563
5.250% due 07/01/25		190,000		215,010
Berry Global Inc
4.500% due 02/15/26 ~		89,000		91,140
4.875% due 07/15/26 ~		317,000		335,833
5.125% due 07/15/23		65,000		65,146
5.625% due 07/15/27 ~		152,000		160,944
Boise Cascade Co 4.875% due 07/01/30 ~		300,000		319,365
Bombardier Inc (Canada)
7.125% due 06/15/26 ~		366,000		383,659
7.500% due 12/01/24 ~		264,000		276,211
7.500% due 03/15/25 ~		700,000		721,437
7.875% due 04/15/27 ~		571,000		593,132
Brand Industrial Services Inc 8.500% due 07/15/25 ~		317,000		323,239
Brightstar Escrow Corp 9.750% due 10/15/25 ~		120,000		129,657
Brundage-Bone Concrete Pumping Holdings Inc 6.000% due 02/01/26 ~		125,000		131,906
Builders FirstSource Inc
5.000% due 03/01/30 ~		50,000		52,643
6.750% due 06/01/27 ~		161,000		172,919
BWX Technologies Inc
4.125% due 06/30/28 ~		300,000		306,439
4.125% due 04/15/29 ~		200,000		204,008
5.375% due 07/15/26 ~		200,000		205,415
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		290,000		296,682
Cascades Inc (Canada)
5.125% due 01/15/26 ~		250,000		267,076
5.375% due 01/15/28 ~		83,000		87,358
Clean Harbors Inc
4.875% due 07/15/27 ~		60,000		63,035
5.125% due 07/15/29 ~		100,000		109,105
Cleaver-Brooks Inc 7.875% due 03/01/23 ~		292,000		289,687
Colfax Corp 6.375% due 02/15/26 ~		112,000		118,496
Cornerstone Building Brands Inc 6.125% due 01/15/29 ~		105,000		112,827

	Principal Amount		Value
Covanta Holding Corp
5.000% due 09/01/30		$200,000		$210,546
5.875% due 07/01/25		250,000		259,261
6.000% due 01/01/27		225,000		234,735
CP Atlas Buyer Inc 7.000% due 12/01/28 ~		375,000		389,662
Crown Americas LLC
4.250% due 09/30/26		190,000		204,305
4.500% due 01/15/23		112,000		117,460
4.750% due 02/01/26		505,000		524,698
Danaos Corp (Greece) 8.500% due 03/01/28 ~		300,000		330,093
Dycom Industries Inc 4.500% due 04/15/29 ~		165,000		166,643
Energizer Holdings Inc
4.375% due 03/31/29 ~		94,000		94,225
4.750% due 06/15/28 ~		100,000		102,675
EnerSys 4.375% due 12/15/27 ~		150,000		156,502
EnPro Industries Inc 5.750% due 10/15/26		100,000		105,851
F-Brasile SPA (Italy) 7.375% due 08/15/26 ~		200,000		206,750
Flex Acquisition Co Inc
6.875% due 01/15/25 ~		45,000		45,845
7.875% due 07/15/26 ~		310,000		323,483
Fluor Corp 3.500% due 12/15/24		450,000		477,000
Forterra Finance LLC 6.500% due 07/15/25 ~		185,000		199,955
Fortress Transportation & Infrastructure Investors LLC 6.500% due 10/01/25 ~		170,000		176,801
Fortress Transportation and Infrastructure Investors LLC
5.500% due 05/01/28 ~		25,000		26,063
9.750% due 08/01/27 ~		200,000		231,652
FXI Holdings Inc
7.875% due 11/01/24 ~		271,000		280,658
12.250% due 11/15/26 ~		197,000		227,445
Gates Global LLC 6.250% due 01/15/26 ~		175,000		183,906
GFL Environmental Inc (Canada)
3.500% due 09/01/28 ~		135,000		134,852
3.750% due 08/01/25 ~		606,000		623,422
4.000% due 08/01/28 ~		65,000		64,306
4.250% due 06/01/25 ~		65,000		67,863
4.750% due 06/15/29 ~		55,000		57,175
5.125% due 12/15/26 ~		346,000		367,099
Global Infrastructure Solutions Inc 5.625% due 06/01/29 ~		115,000		119,491
GrafTech Finance Inc 4.625% due 12/15/28 ~		95,000		97,821
Graham Packaging Co Inc 7.125% due 08/15/28 ~		185,000		199,857
Graphic Packaging International LLC
3.500% due 03/15/28 ~		150,000		151,666
4.125% due 08/15/24		100,000		107,615
4.750% due 07/15/27 ~		200,000		216,788
Great Lakes Dredge & Dock Corp 5.250% due 06/01/29 ~		250,000		258,225
Greif Inc 6.500% due 03/01/27 ~		90,000		95,229
Griffon Corp 5.750% due 03/01/28		125,000		133,208
Grinding Media Inc 7.375% due 12/15/23 ~		240,000		246,238
Harsco Corp 5.750% due 07/31/27 ~		110,000		115,551

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-232

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
Hexcel Corp 4.200% due 02/15/27		$60,000		$64,626
Hillenbrand Inc
3.750% due 03/01/31		125,000		124,568
5.750% due 06/15/25		165,000		177,317
Howmet Aerospace Inc
5.125% due 10/01/24		425,000		470,148
5.950% due 02/01/37		397,000		480,938
6.750% due 01/15/28		257,000		311,056
6.875% due 05/01/25		369,000		429,996
Husky III Holding Ltd (Canada) 13.000% Cash or 13.75% PIK due 02/15/25 ~		200,000		217,756
Imola Merger Corp 4.750% due 05/15/29 ~		530,000		545,900
Ingram Micro Inc 5.450% due 12/15/24		250,000		284,810
Intelligent Packaging Ltd Finco Inc (Canada) 6.000% due 09/15/28 ~		260,000		271,090
International Airport Finance SA (Ecuador) 12.000% due 03/15/33 ~		199,537		210,661
Intertape Polymer Group Inc (Canada) 4.375% due 06/15/29 ~		40,000		40,613
JELD-WEN Inc
4.625% due 12/15/25 ~		100,000		102,126
4.875% due 12/15/27 ~		100,000		104,122
Koppers Inc 6.000% due 02/15/25 ~		150,000		155,327
Kratos Defense & Security Solutions Inc 6.500% due 11/30/25 ~		50,000		52,539
LABL Escrow Issuer LLC
6.750% due 07/15/26 ~		185,000		197,717
10.500% due 07/15/27 ~		275,000		303,737
Leonardo US Holdings Inc (Italy) 6.250% due 01/15/40 ~		150,000		175,500
Louisiana-Pacific Corp 3.625% due 03/15/29 ~		300,000		302,253
LSB Industries Inc 9.625% due 05/01/23 ~		250,000		257,347
Madison IAQ LLC
4.125% due 06/30/28 ~		110,000		111,238
5.875% due 06/30/29 ~		105,000		106,969
Masonite International Corp
5.375% due 02/01/28 ~		134,000		142,437
5.750% due 09/15/26 ~		75,000		77,864
MasTec Inc 4.500% due 08/15/28 ~		200,000		210,966
Mauser Packaging Solutions Holding Co
5.500% due 04/15/24 ~		435,000		439,894
7.250% due 04/15/25 ~		405,000		397,710
Michael Baker International LLC 8.750% due 03/01/23		50,000		50,938
Moog Inc 4.250% due 12/15/27 ~		115,000		119,202
Mueller Water Products Inc 4.000% due 06/15/29 ~		50,000		51,444
Navios Maritime Holdings Inc (Greece) 7.375% due 01/15/22 ~		157,000		136,395
New Enterprise Stone & Lime Co Inc 9.750% due 07/15/28 ~		400,000		449,700
Owens-Brockway Glass Container Inc
5.375% due 01/15/25 ~		48,000		51,195
5.875% due 08/15/23 ~		160,000		172,739
6.375% due 08/15/25 ~		300,000		333,562
6.625% due 05/13/27 ~		150,000		163,425
Pactiv LLC
7.950% due 12/15/25		100,000		112,750
8.375% due 04/15/27		100,000		113,978

	Principal Amount		Value
Patrick Industries Inc
4.750% due 05/01/29 ~		$494,000		$492,266
7.500% due 10/15/27 ~		100,000		108,499
PGT Innovations Inc 6.750% due 08/01/26 ~		400,000		423,344
Plastipak Holdings Inc 6.250% due 10/15/25 ~		200,000		205,185
PowerTeam Services LLC 9.033% due 12/04/25 ~		290,000		319,362
RBS Global Inc 4.875% due 12/15/25 ~		176,000		180,092
Reynolds Group Issuer Inc 4.000% due 10/15/27 ~		200,000		198,864
Rolls-Royce PLC (United Kingdom) 5.750% due 10/15/27 ~		800,000		882,224
Sealed Air Corp
4.000% due 12/01/27 ~		250,000		266,764
4.875% due 12/01/22 ~		100,000		104,298
5.125% due 12/01/24 ~		50,000		54,593
5.250% due 04/01/23 ~		100,000		105,914
5.500% due 09/15/25 ~		290,000		325,354
6.875% due 07/15/33 ~		54,000		68,580
Sensata Technologies BV
4.000% due 04/15/29 ~		400,000		406,533
4.875% due 10/15/23 ~		150,000		161,134
5.000% due 10/01/25 ~		250,000		279,195
5.625% due 11/01/24 ~		200,000		222,873
Sensata Technologies Inc
3.750% due 02/15/31 ~		210,000		207,917
4.375% due 02/15/30 ~		150,000		158,286
Silgan Holdings Inc
4.125% due 02/01/28		140,000		145,473
4.750% due 03/15/25		100,000		101,936
Spirit AeroSystems Inc
3.850% due 06/15/26		350,000		366,088
4.600% due 06/15/28		55,000		54,039
5.500% due 01/15/25 ~		175,000		186,471
7.500% due 04/15/25 ~		375,000		401,394
SRM Escrow Issuer LLC 6.000% due 11/01/28 ~		245,000		260,012
SSL Robotics LLC 9.750% due 12/31/23 ~		258,000		285,038
Standard Industries Inc
3.375% due 01/15/31 ~		466,000		446,689
4.375% due 07/15/30 ~		150,000		155,131
4.750% due 01/15/28 ~		374,000		391,933
5.000% due 02/15/27 ~		165,000		171,084
Stericycle Inc
3.875% due 01/15/29 ~		130,000		130,197
5.375% due 07/15/24 ~		201,000		207,178
Stevens Holding Co Inc 6.125% due 10/01/26 ~		100,000		107,596
Summit Materials LLC
5.125% due 06/01/25 ~		100,000		101,045
5.250% due 01/15/29 ~		165,000		175,534
6.500% due 03/15/27 ~		175,000		185,876
Terex Corp 5.000% due 05/15/29 ~		175,000		182,656
Tervita Corp (Canada) 11.000% due 12/01/25 ~		350,000		392,605
The Manitowoc Co Inc 9.000% due 04/01/26 ~		125,000		136,097
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		130,000		135,080
TK Elevator US Newco Inc (Germany) 5.250% due 07/15/27 ~		490,000		516,950
TopBuild Corp 3.625% due 03/15/29 ~		350,000		346,986
TransDigm Inc
4.625% due 01/15/29 ~		488,000		489,606
4.875% due 05/01/29 ~		188,000		190,021

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-233

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
5.500% due 11/15/27		$705,000		$735,844
6.250% due 03/15/26 ~		2,140,000		2,260,375
6.375% due 06/15/26		151,000		156,620
8.000% due 12/15/25 ~		140,000		151,661
TransDigm UK Holdings PLC 6.875% due 05/15/26		235,000		248,634
TriMas Corp 4.125% due 04/15/29 ~		100,000		101,488
Trinity Industries Inc 4.550% due 10/01/24		175,000		186,958
Triumph Group Inc
6.250% due 09/15/24 ~		584,000		594,956
7.750% due 08/15/25		100,000		103,000
8.875% due 06/01/24 ~		93,000		103,579
Trivium Packaging Finance BV (Netherlands)
5.500% due 08/15/26 ~		300,000		315,585
8.500% due 08/15/27 ~		200,000		217,952
TTM Technologies Inc 4.000% due 03/01/29 ~		90,000		90,658
Tutor Perini Corp 6.875% due 05/01/25 ~		150,000		154,612
US Concrete Inc 5.125% due 03/01/29 ~		250,000		273,894
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		200,000		217,438
Victors Merger Corp 6.375% due 05/15/29 ~		73,000		73,639
Waste Pro USA Inc 5.500% due 02/15/26 ~		240,000		248,602
Watco Cos LLC 6.500% due 06/15/27 ~		200,000		214,584
Weekley Homes LLC 4.875% due 09/15/28 ~		165,000		171,346
Welbilt Inc 9.500% due 02/15/24		100,000		104,920
WESCO Distribution Inc
5.375% due 06/15/24		50,000		50,675
7.125% due 06/15/25 ~		620,000		670,809
7.250% due 06/15/28 ~		390,000		434,922
Western Global Airlines LLC 10.375% due 08/15/25 ~		275,000		315,392
XPO Logistics Inc
6.125% due 09/01/23 ~		60,000		60,645
6.250% due 05/01/25 ~		235,000		250,275
6.750% due 08/15/24 ~		575,000		598,000
				49,029,476
Technology - 4.2%
ACI Worldwide Inc 5.750% due 08/15/26 ~		115,000		120,966
Ahead DB Holdings LLC 6.625% due 05/01/28 ~		33,000		34,244
Amkor Technology Inc 6.625% due 09/15/27 ~		150,000		162,112
Ascend Learning LLC 6.875% due 08/01/25 ~		245,000		250,180
Austin BidCo Inc 7.125% due 12/15/28 ~		235,000		241,277
Banff Merger Sub Inc 9.750% due 09/01/26 ~		711,000		749,216
Black Knight InfoServ LLC 3.625% due 09/01/28 ~		164,000		163,382
Booz Allen Hamilton Inc
3.875% due 09/01/28 ~		99,000		101,231
4.000% due 07/01/29 ~		165,000		168,919
Boxer Parent Co Inc 7.125% due 10/02/25 ~		453,000		485,929
BY Crown Parent LLC
4.250% due 01/31/26 ~		120,000		125,940
7.375% due 10/15/24 ~		100,000		102,002

	Principal Amount		Value
Camelot Finance SA 4.500% due 11/01/26 ~		$384,000		$403,039
CDK Global Inc
4.875% due 06/01/27		570,000		604,391
5.000% due 10/15/24		50,000		55,638
5.250% due 05/15/29 ~		46,000		50,324
CDW LLC
3.250% due 02/15/29		188,000		190,717
4.125% due 05/01/25		151,000		158,006
4.250% due 04/01/28		79,000		83,188
Change Healthcare Holdings LLC 5.750% due 03/01/25 ~		370,000		376,475
Clarivate Science Holdings Corp
3.875% due 06/30/28 ~		320,000		323,315
4.875% due 06/30/29 ~		300,000		308,250
Crowdstrike Holdings Inc 3.000% due 02/15/29		115,000		115,253
Dell Inc 5.400% due 09/10/40		100,000		118,394
Dell International LLC 7.125% due 06/15/24 ~		500,000		514,040
Diebold Nixdorf Inc
8.500% due 04/15/24		100,000		102,500
9.375% due 07/15/25 ~		230,000		255,745
Elastic NV (Netherlands) due 07/15/29 # ~		65,000		65,000
EMC Corp 3.375% due 06/01/23		370,000		385,176
Entegris Inc 3.625% due 05/01/29 ~		250,000		253,825
Exela Intermediate LLC 10.000% due 07/15/23 ~		200,000		132,000
Fair Isaac Corp
4.000% due 06/15/28 ~		200,000		207,029
5.250% due 05/15/26 ~		100,000		112,800
J2 Global Inc 4.625% due 10/15/30 ~		215,000		222,858
Microchip Technology Inc 4.250% due 09/01/25		250,000		262,541
MicroStrategy Inc 6.125% due 06/15/28 ~		140,000		140,175
MSCI Inc
3.625% due 09/01/30 ~		325,000		333,151
3.625% due 11/01/31 ~		75,000		77,027
3.875% due 02/15/31 ~		100,000		103,910
4.000% due 11/15/29 ~		313,000		331,132
5.375% due 05/15/27 ~		150,000		160,195
NCR Corp
5.000% due 10/01/28 ~		175,000		181,223
5.125% due 04/15/29 ~		396,000		408,870
5.250% due 10/01/30 ~		420,000		436,288
5.750% due 09/01/27 ~		80,000		84,810
6.125% due 09/01/29 ~		80,000		87,313
8.125% due 04/15/25 ~		200,000		219,100
Nuance Communications Inc 5.625% due 12/15/26		180,000		188,036
ON Semiconductor Corp 3.875% due 09/01/28 ~		205,000		211,475
Open Text Corp (Canada)
3.875% due 02/15/28 ~		130,000		132,054
5.875% due 06/01/26 ~		408,000		423,190
Open Text Holdings Inc (Canada) 4.125% due 02/15/30 ~		430,000		439,051
Pitney Bowes Inc
6.875% due 03/15/27 ~		200,000		211,870
7.250% due 03/15/29 ~		200,000		212,776
Playtika Holding Corp 4.250% due 03/15/29 ~		90,000		90,118
Presidio Holdings Inc 4.875% due 02/01/27 ~		315,000		324,689

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-234

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
PTC Inc
3.625% due 02/15/25 ~		$77,000		$79,561
4.000% due 02/15/28 ~		363,000		376,255
Qorvo Inc
3.375% due 04/01/31 ~		95,000		99,294
4.375% due 10/15/29		340,000		371,090
Rackspace Technology Global Inc
3.500% due 02/15/28 ~		155,000		150,179
5.375% due 12/01/28 ~		233,000		239,116
Riverbed Technology Inc 8.875% due 03/01/23 ~		45,000		30,375
Rocket Software Inc 6.500% due 02/15/29 ~		200,000		198,732
Science Applications International Corp 4.875% due 04/01/28 ~		160,000		168,372
Seagate HDD Cayman
3.125% due 07/15/29 ~		65,000		63,068
3.375% due 07/15/31 ~		65,000		62,898
4.091% due 06/01/29 ~		500,000		512,595
4.750% due 06/01/23		300,000		320,121
4.750% due 01/01/25		25,000		27,558
4.875% due 03/01/24		300,000		324,166
5.750% due 12/01/34		400,000		460,858
SS&C Technologies Inc 5.500% due 09/30/27 ~		568,000		603,287
Synaptics Inc 4.000% due 06/15/29 ~		200,000		201,250
Tempo Acquisition LLC 6.750% due 06/01/25 ~		475,000		483,018
The Dun & Bradstreet Corp
6.875% due 08/15/26 ~		87,000		92,524
10.250% due 02/15/27 ~		150,000		166,174
Twilio Inc
3.625% due 03/15/29		110,000		112,337
3.875% due 03/15/31		85,000		87,338
Unisys Corp 6.875% due 11/01/27 ~		187,000		204,611
Vericast Corp 8.375% due 08/15/22 ~		245,000		250,232
Veritas US Inc
7.500% due 09/01/25 ~		558,000		582,569
10.500% due 02/01/24 ~		200,000		206,079
Western Digital Corp 4.750% due 02/15/26		650,000		723,125
Xerox Corp
4.375% due 03/15/23		590,000		617,748
6.750% due 12/15/39		150,000		165,559
Xerox Holdings Corp
5.000% due 08/15/25 ~		307,000		324,459
5.500% due 08/15/28 ~		285,000		296,514
ZoomInfo Technologies LLC 3.875% due 02/01/29 ~		300,000		298,570
				21,701,987
Utilities - 2.6%
AES Andres BV (Dominican Republic) 5.700% due 05/04/28 ~		200,000		207,500
AmeriGas Partners LP
5.500% due 05/20/25		65,000		71,529
5.625% due 05/20/24		165,000		180,726
5.750% due 05/20/27		100,000		111,811
5.875% due 08/20/26		484,000		542,516
Calpine Corp
3.750% due 03/01/31 ~		265,000		252,724
4.500% due 02/15/28 ~		507,000		517,774
4.625% due 02/01/29 ~		200,000		197,189
5.000% due 02/01/31 ~		185,000		184,445
5.125% due 03/15/28 ~		339,000		345,412
5.250% due 06/01/26 ~		168,000		173,286

	Principal Amount		Value
Clearway Energy Operating LLC
3.750% due 02/15/31 ~		$300,000		$298,903
4.750% due 03/15/28 ~		174,000		182,737
DPL Inc
4.125% due 07/01/25		150,000		161,063
4.350% due 04/15/29		150,000		162,988
Drax Finco PLC (United Kingdom) 6.625% due 11/01/25 ~		250,000		258,936
FirstEnergy Corp
1.600% due 01/15/26		100,000		97,856
2.050% due 03/01/25		100,000		100,854
2.250% due 09/01/30		150,000		144,000
2.650% due 03/01/30		150,000		149,626
3.350% due 07/15/22		150,000		152,521
4.400% due 07/15/27		450,000		489,874
4.750% due 03/15/23		250,000		263,981
5.350% due 07/15/47		1,000,000		1,201,753
7.375% due 11/15/31		450,000		616,999
FirstEnergy Transmission LLC 4.350% due 01/15/25 ~		200,000		219,526
InterGen NV (Netherlands) 7.000% due 06/30/23 ~		50,000		49,808
Leeward Renewable Energy Operations LLC due 07/01/29 # ~		120,000		121,800
NextEra Energy Operating Partners LP
3.875% due 10/15/26 ~		300,000		317,889
4.250% due 07/15/24 ~		85,000		89,790
4.250% due 09/15/24 ~		12,000		12,675
4.500% due 09/15/27 ~		158,000		171,296
NRG Energy Inc
3.375% due 02/15/29 ~		90,000		88,381
3.625% due 02/15/31 ~		115,000		113,154
5.250% due 06/15/29 ~		81,000		86,274
5.750% due 01/15/28		197,000		210,401
6.625% due 01/15/27		270,000		279,847
7.250% due 05/15/26		655,000		680,689
Pattern Energy Operations LP 4.500% due 08/15/28 ~		185,000		191,974
PG&E Corp
5.000% due 07/01/28		115,000		116,430
5.250% due 07/01/30		471,000		476,810
Pike Corp 5.500% due 09/01/28 ~		125,000		130,357
Rockpoint Gas Storage Canada Ltd (Canada) 7.000% due 03/31/23 ~		150,000		153,656
Solaris Midstream Holdings LLC 7.625% due 04/01/26 ~		250,000		265,312
Talen Energy Supply LLC
6.500% due 06/01/25		428,000		288,185
6.625% due 01/15/28 ~		150,000		137,595
7.250% due 05/15/27 ~		79,000		73,816
7.625% due 06/01/28 ~		200,000		187,428
10.500% due 01/15/26 ~		100,000		72,438
Terraform Global Operating LLC 6.125% due 03/01/26 ~		100,000		103,458
TransAlta Corp (Canada) 6.500% due 03/15/40		100,000		114,750
Vistra Operations Co LLC
4.375% due 05/01/29 ~		133,000		133,831
5.000% due 07/31/27 ~		574,000		590,003
5.500% due 09/01/26 ~		150,000		155,123
5.625% due 02/15/27 ~		750,000		779,062
				13,478,761
Total Corporate Bonds & Notes (Cost $477,469,823)				509,576,007

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-235

PACIFIC SELECT FUND

PD HIGH YIELD BOND MARKET PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENT - 0.3%
Money Market Fund - 0.3%
BlackRock Liquidity Funds T-Fund Institutional 0.010%		1,761,827		$1,761,827
Total Short-Term Investment (Cost $1,761,827)				1,761,827
TOTAL INVESTMENTS - 98.8% (Cost $479,421,771)				511,517,843
OTHER ASSETS & LIABILITIES, NET - 1.2%				6,072,825
NET ASSETS - 100.0%				$517,590,668

Notes to Schedule of Investments

(a) As of June 30, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Cyclical	20.7%
Communications	16.3%
Consumer, Non-Cyclical	16.2%
Energy	13.8%
Financial	9.8%
Industrial	9.5%
Basic Materials	5.3%
Technology	4.2%
Others (each less than 3.0%)	3.0%
	98.8%
Other Assets & Liabilities, Net	1.2%
	100.0%

(b) Investments with a total aggregate value of $1,154 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(c) An investment with a value of $830 or less than 0.1% of the Fund’s net assets was in default as of June 30, 2021.

(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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$180,009		$ -		$179,685		$324
	Corporate Bonds & Notes		509,576,007		-		509,576,007		-
	Short-Term Investment		1,761,827		1,761,827		-		-
	Total		$511,517,843		$1,761,827		$509,755,692		$324

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-236

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Basic Materials - 0.8%
Axalta Coating Systems Ltd *		1,209		$36,862
Celanese Corp		1,342		203,447
Dow Inc		1,763		111,563
Ecolab Inc		7,180		1,478,865
FMC Corp		1,067		115,449
Freeport-McMoRan Inc		14,038		520,950
LyondellBasell Industries NV ‘A’		1,058		108,836
PPG Industries Inc		3,270		555,148
RPM International Inc		2,439		216,291
Southern Copper Corp (Peru)		2,512		161,572
Steel Dynamics Inc		1,228		73,189
The Chemours Co		2,773		96,500
The Sherwin-Williams Co		7,988		2,176,331
Westlake Chemical Corp		220		19,820
WR Grace & Co		1,840		127,181
				6,002,004
Communications - 21.5%
Alphabet Inc ‘A’ *		8,484		20,716,146
Alphabet Inc ‘C’ *		8,000		20,050,560
Altice USA Inc ‘A’ *		4,896		167,150
Amazon.com Inc *		14,220		48,919,075
Anaplan Inc *		4,410		235,053
Arista Networks Inc *		1,762		638,390
Booking Holdings Inc *		1,365		2,986,743
Cable One Inc		93		177,891
CDW Corp		4,751		829,762
Charter Communications Inc ‘A’ *		4,079		2,942,795
CommScope Holding Co Inc *		6,566		139,922
Corning Inc		8,418		344,296
DoorDash Inc ‘A’ *		2,415		430,667
eBay Inc		22,303		1,565,894
Etsy Inc *		4,144		853,001
Expedia Group Inc *		4,620		756,340
Facebook Inc ‘A’ *		78,407		27,262,898
FactSet Research Systems Inc		1,213		407,095
FireEye Inc *		1,829		36,982
GoDaddy Inc ‘A’ *		560		48,698
Lyft Inc ‘A’ *		9,176		554,965
Match Group Inc *		8,831		1,423,999
Netflix Inc *		14,211		7,506,392
Nexstar Media Group Inc ‘A’		92		13,605
NortonLifeLock Inc		4,766		129,731
Okta Inc *		3,880		949,358
Opendoor Technologies Inc *		2,280		40,424
Palo Alto Networks Inc *		3,165		1,174,373
Pinterest Inc ‘A’ *		17,891		1,412,495
Proofpoint Inc *		1,849		321,282
Roku Inc *		3,771		1,731,832
Spotify Technology SA *		4,473		1,232,714
Switch Inc ‘A’		3,294		69,536
The Trade Desk Inc ‘A’ *		13,790		1,066,795
The Walt Disney Co *		3,034		533,286
TripAdvisor Inc *		1,973		79,512
Twitter Inc *		2,681		184,480
Uber Technologies Inc *		45,242		2,267,529
Ubiquiti Inc		223		69,618
Vimeo Inc *		4,109		201,341
Wayfair Inc ‘A’ *		1,368		431,891
Wix.com Ltd * (Israel)		1,744		506,248
World Wrestling Entertainment Inc ‘A’		1,499		86,777
Zendesk Inc *		3,912		564,658
Zillow Group Inc ‘A’ *		1,943		238,076
Zillow Group Inc ‘C’ *		5,365		655,710
				152,955,985

	Shares		Value
Consumer, Cyclical - 11.4%
Allison Transmission Holdings Inc		2,384		$94,740
Aptiv PLC *		1,616		254,245
AutoZone Inc *		154		229,802
Best Buy Co Inc		1,882		216,392
Boyd Gaming Corp *		572		35,172
Brunswick Corp		326		32,476
Burlington Stores Inc *		2,045		658,470
Caesars Entertainment Inc *		4,052		420,395
CarMax Inc *		398		51,402
Carvana Co *		2,523		761,492
Chipotle Mexican Grill Inc *		930		1,441,816
Choice Hotels International Inc		1,139		135,382
Churchill Downs Inc		1,206		239,102
Copart Inc *		6,876		906,463
Costco Wholesale Corp		13,542		5,358,163
Darden Restaurants Inc		2,890		421,911
Deckers Outdoor Corp *		124		47,625
Delta Air Lines Inc *		20,916		904,826
Dollar General Corp		3,354		725,772
Domino’s Pizza Inc		861		401,648
DR Horton Inc		4,496		406,303
DraftKings Inc ‘A’ *		9,937		518,413
Fastenal Co		16,658		866,216
Five Below Inc *		1,783		344,600
Floor & Decor Holdings Inc ‘A’ *		3,330		351,981
Freshpet Inc *		1,335		217,552
GameStop Corp ‘A’ *		1,935		414,361
Hanesbrands Inc		6,789		126,751
Hilton Worldwide Holdings Inc *		6,008		724,685
IAA Inc *		4,412		240,630
L Brands Inc		4,452		320,811
Las Vegas Sands Corp *		10,824		570,317
Leslie’s Inc *		3,159		86,841
Lithia Motors Inc ‘A’		86		29,553
Live Nation Entertainment Inc *		1,682		147,326
Lowe’s Cos Inc		23,511		4,560,429
Lululemon Athletica Inc *		3,794		1,384,696
Marriott International Inc ‘A’ *		8,904		1,215,574
Mattel Inc *		11,408		229,301
McDonald’s Corp		4,355		1,005,961
NIKE Inc ‘B’		40,588		6,270,440
Nordstrom Inc *		3,048		111,465
NVR Inc *		72		358,078
O’Reilly Automotive Inc *		689		390,119
Peloton Interactive Inc ‘A’ *		8,641		1,071,657
Petco Health & Wellness Co Inc *		820		18,376
Planet Fitness Inc ‘A’ *		1,875		141,094
Polaris Inc		1,310		179,418
Pool Corp		1,266		580,664
PulteGroup Inc		2,494		136,098
QuantumScape Corp *		2,716		79,470
RH *		561		380,919
Ross Stores Inc		11,465		1,421,660
SiteOne Landscape Supply Inc *		751		127,114
Six Flags Entertainment Corp *		966		41,808
Starbucks Corp		38,602		4,316,090
Tapestry Inc *		913		39,697
Target Corp		7,296		1,763,735
Tempur Sealy International Inc		5,954		233,337
Tesla Inc *		25,416		17,275,255
The Home Depot Inc		35,230		11,234,495
The Madison Square Garden Co ‘A’ *		237		40,899
The Scotts Miracle-Gro Co		1,240		237,981
The TJX Cos Inc		39,503		2,663,292
The Wendy’s Co		5,856		137,148
Thor Industries Inc		709		80,117
Toll Brothers Inc		1,489		86,079
Tractor Supply Co		3,882		722,285

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-237

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Travel & Leisure Co		1,844	$	109,626
Ulta Beauty Inc *		1,696		586,426
Vail Resorts Inc *		1,306		413,375
VF Corp		6,814		559,021
Virgin Galactic Holdings Inc *		4,323		198,858
Vroom Inc *		941		39,390
Williams-Sonoma Inc		1,862		297,268
WW Grainger Inc		1,262		552,756
Wyndham Hotels & Resorts Inc		1,893		136,845
Wynn Resorts Ltd *		3,457		422,791
YETI Holdings Inc *		2,799		257,004
Yum China Holdings Inc (China)		903		59,824
Yum! Brands Inc		739		85,007
				80,956,576
Consumer, Non-Cyclical - 15.3%
10X Genomics Inc ‘A’ *		2,736		535,764
Abbott Laboratories		28,451		3,298,324
AbbVie Inc		57,879		6,519,491
ABIOMED Inc *		1,508		470,662
Acceleron Pharma Inc *		1,578		198,023
Adaptive Biotechnologies Corp *		2,489		101,701
agilon health Inc *		1,538		62,397
Align Technology Inc *		2,604		1,591,044
Alnylam Pharmaceuticals Inc *		3,905		661,976
Altria Group Inc		33,725		1,608,008
Amedisys Inc *		1,046		256,197
Amgen Inc		15,495		3,776,906
Automatic Data Processing Inc		12,818		2,545,911
Avalara Inc *		2,693		435,727
Avantor Inc *		18,972		673,696
Avery Dennison Corp		1,438		302,325
Beyond Meat Inc *		1,644		258,914
Bio-Techne Corp		1,229		553,370
Booz Allen Hamilton Holding Corp		4,417		376,240
Bright Horizons Family Solutions Inc *		1,357		199,628
Brown-Forman Corp ‘A’		1,255		88,478
Brown-Forman Corp ‘B’		2,977		223,096
Bruker Corp		3,347		254,305
Cardinal Health Inc		5,618		320,732
Catalent Inc *		1,249		135,042
Certara Inc *		588		16,658
Charles River Laboratories International Inc *		1,480		547,482
Chegg Inc *		4,255		353,633
Chemed Corp		135		64,058
Church & Dwight Co Inc		426		36,304
Cintas Corp		2,733		1,044,006
Colgate-Palmolive Co		14,494		1,179,087
CoStar Group Inc *		9,950		824,059
CureVac NV * (Germany)		1,738		127,708
Danaher Corp		1,080		289,829
DaVita Inc *		1,609		193,772
DexCom Inc *		3,068		1,310,036
Edwards Lifesciences Corp *		20,591		2,132,610
Eli Lilly & Co		21,938		5,035,210
Encompass Health Corp		1,830		142,795
Equifax Inc		1,515		362,858
Euronet Worldwide Inc *		1,173		158,766
Exact Sciences Corp *		5,168		642,434
Exelixis Inc *		8,669		157,949
FleetCor Technologies Inc *		611		156,453
Gartner Inc *		2,926		708,677
Guardant Health Inc *		2,938		364,870
H&R Block Inc		4,221		99,109
HCA Healthcare Inc		8,523		1,762,045
Herbalife Nutrition Ltd *		470		24,783
Horizon Therapeutics PLC *		1,336		125,103
IDEXX Laboratories Inc *		2,806		1,772,129
Illumina Inc *		4,902		2,319,675

	Shares		Value
Incyte Corp *		5,174	$	435,289
Insulet Corp *		2,211		606,942
Intuitive Surgical Inc *		3,866		3,555,328
Ionis Pharmaceuticals Inc *		4,226		168,575
Iovance Biotherapeutics Inc *		1,444		37,573
IQVIA Holdings Inc *		3,084		747,315
Kellogg Co		3,658		235,319
Kimberly-Clark Corp		5,552		742,747
Lamb Weston Holdings Inc		1,414		114,053
Maravai LifeSciences Holdings Inc ‘A’ *		2,469		103,031
MarketAxess Holdings Inc		1,241		575,315
Masimo Corp *		1,187		287,788
McKesson Corp		752		143,812
Mirati Therapeutics Inc *		1,071		172,999
Moderna Inc *		11,082		2,604,048
Molina Healthcare Inc *		287		72,628
Monster Beverage Corp *		11,283		1,030,702
Moody’s Corp		5,038		1,825,620
Morningstar Inc		593		152,466
Natera Inc *		2,386		270,883
Neurocrine Biosciences Inc *		3,039		295,755
Novavax Inc *		2,416		512,941
Novocure Ltd *		3,431		761,064
Oak Street Health Inc *		3,066		179,576
Paylocity Holding Corp *		1,249		238,309
PayPal Holdings Inc *		38,496		11,220,814
Penumbra Inc *		1,076		294,889
PepsiCo Inc		37,568		5,566,451
Pilgrim’s Pride Corp *		211		4,680
PPD Inc *		2,143		98,771
Regeneron Pharmaceuticals Inc *		351		196,048
Repligen Corp *		1,772		353,727
ResMed Inc		4,238		1,044,752
Robert Half International Inc		3,152		280,433
Rollins Inc		6,355		217,341
Royalty Pharma PLC ‘A’		6,300		258,237
S&P Global Inc		5,583		2,291,542
Sabre Corp *		10,382		129,567
Sarepta Therapeutics Inc *		2,460		191,240
Seagen Inc *		4,271		674,305
Shift4 Payments Inc ‘A’ *		1,405		131,677
Sotera Health Co *		1,644		39,834
Square Inc ‘A’ *		12,793		3,118,933
STERIS PLC		575		118,622
StoneCo Ltd ‘A’ * (Brazil)		6,876		461,105
Stryker Corp		4,876		1,266,443
Syneos Health Inc *		394		35,259
Sysco Corp		15,956		1,240,579
Tandem Diabetes Care Inc *		1,761		171,521
Teleflex Inc		271		108,885
The Boston Beer Co Inc ‘A’ *		290		296,032
The Clorox Co		3,299		593,523
The Coca-Cola Co		89,800		4,859,078
The Estee Lauder Cos Inc ‘A’		7,497		2,384,646
The Hershey Co		4,109		715,706
Thermo Fisher Scientific Inc		1,158		584,176
TransUnion		4,278		469,767
Ultragenyx Pharmaceutical Inc *		1,569		149,604
United Rentals Inc *		821		261,907
UnitedHealth Group Inc		2,127		851,736
Verisk Analytics Inc		3,309		578,148
Vertex Pharmaceuticals Inc *		3,394		684,332
West Pharmaceutical Services Inc		2,462		884,104
WEX Inc *		981		190,216
Zoetis Inc		14,744		2,747,692
				109,036,455
Energy - 0.5%
Cabot Oil & Gas Corp		1,529		26,696
Cheniere Energy Inc *		7,811		677,526

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-238

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Cimarex Energy Co		658	$	47,672
Diamondback Energy Inc		2,802		263,080
Enphase Energy Inc *		4,316		792,547
EOG Resources Inc		2,273		189,659
Halliburton Co		1,537		35,535
Hess Corp		617		53,876
New Fortress Energy Inc		867		32,842
Occidental Petroleum Corp		3,513		109,852
Pioneer Natural Resources Co		3,151		512,101
Plug Power Inc *		16,377		559,930
Texas Pacific Land Corp		192		307,150
				3,608,466
Financial - 6.4%
Alleghany Corp *		45		30,018
American Express Co		13,579		2,243,658
American Tower Corp REIT		15,037		4,062,095
Ameriprise Financial Inc		2,133		530,861
Aon PLC ‘A’		4,316		1,030,488
Apollo Global Management Inc		5,841		363,310
Arch Capital Group Ltd *		3,039		118,339
Ares Management Corp ‘A’		3,954		251,435
Brookfield Property REIT Inc ‘A’		1,110		20,968
Brown & Brown Inc		384		20,406
CBRE Group Inc ‘A’ *		579		49,638
Citizens Financial Group Inc		2,461		112,886
CoreSite Realty Corp REIT		1,089		146,579
Crown Castle International Corp REIT		14,111		2,753,056
Discover Financial Services		5,485		648,821
Equinix Inc REIT		2,079		1,668,605
Equity LifeStyle Properties Inc REIT		3,002		223,079
Erie Indemnity Co ‘A’		469		90,681
Everest Re Group Ltd		294		74,091
Extra Space Storage Inc REIT		382		62,579
Iron Mountain Inc REIT		6,599		279,270
Lamar Advertising Co ‘A’ REIT		2,464		257,291
Lincoln National Corp		747		46,941
LPL Financial Holdings Inc		2,605		351,623
Markel Corp *		74		87,817
Marsh & McLennan Cos Inc		1,964		276,295
Mastercard Inc ‘A’		28,666		10,465,670
Public Storage REIT		3,770		1,133,601
RenaissanceRe Holdings Ltd (Bermuda)		559		83,190
Rocket Cos Inc ‘A’		4,427		85,662
SBA Communications Corp REIT		488		155,526
Simon Property Group Inc REIT		9,277		1,210,463
Synchrony Financial		3,551		172,295
T Rowe Price Group Inc		2,440		483,047
The Blackstone Group Inc		22,302		2,166,416
The Goldman Sachs Group Inc		595		225,820
The Western Union Co		2,598		59,676
Upstart Holdings Inc *		304		37,970
Visa Inc ‘A’		55,455		12,966,488
Western Alliance Bancorp		1,735		161,095
				45,207,749
Industrial - 5.4%
3M Co		2,766		549,411
Advanced Drainage Systems Inc		1,841		214,605
Agilent Technologies Inc		8,923		1,318,909
Allegion PLC		2,235		311,335
Amphenol Corp ‘A’		13,590		929,692
Armstrong World Industries Inc		576		61,782
Axon Enterprise Inc *		2,043		361,202
Ball Corp		3,114		252,296
BWX Technologies Inc		1,991		115,717
Carlisle Cos Inc		644		123,249
Carrier Global Corp		13,320		647,352
Caterpillar Inc		15,474		3,367,607
CH Robinson Worldwide Inc		655		61,354

	Shares		Value
Cognex Corp		5,707	$	479,673
Coherent Inc *		658		173,936
Crown Holdings Inc		436		44,564
Deere & Co		9,235		3,257,277
Donaldson Co Inc		498		31,638
Expeditors International of Washington Inc		4,014		508,172
FedEx Corp		3,493		1,042,067
Fortune Brands Home & Security Inc		1,153		114,850
frontdoor Inc *		1,916		95,455
Generac Holdings Inc *		2,007		833,206
Graco Inc		3,411		258,213
Graphic Packaging Holding Co		2,602		47,200
HEICO Corp		472		65,806
HEICO Corp ‘A’		829		102,945
Honeywell International Inc		4,917		1,078,544
Howmet Aerospace Inc *		949		32,712
Illinois Tool Works Inc		9,242		2,066,141
Jabil Inc		3,757		218,357
JB Hunt Transport Services Inc		2,443		398,087
Kansas City Southern		792		224,429
Keysight Technologies Inc *		2,664		411,348
Landstar System Inc		1,011		159,758
Lincoln Electric Holdings Inc		1,878		247,351
Lockheed Martin Corp		7,091		2,682,880
Mettler-Toledo International Inc *		751		1,040,390
MSA Safety Inc		264		43,713
Nordson Corp		325		71,341
Northrop Grumman Corp		430		156,275
Old Dominion Freight Line Inc		3,081		781,958
Parker-Hannifin Corp		699		214,670
Rockwell Automation Inc		2,306		659,562
Sealed Air Corp		2,693		159,560
Spirit AeroSystems Holdings Inc ‘A’		1,000		47,190
The AZEK Co Inc *		1,961		83,264
The Middleby Corp *		542		93,907
The Toro Co		3,324		365,241
TopBuild Corp *		894		176,815
Trane Technologies PLC		3,805		700,653
TransDigm Group Inc *		487		315,230
Trex Co Inc *		3,777		386,047
Union Pacific Corp		13,754		3,024,917
United Parcel Service Inc ‘B’		23,709		4,930,761
Universal Display Corp		1,402		311,707
Vertiv Holdings Co		9,200		251,160
Vontier Corp		2,993		97,512
Waste Management Inc		2,198		307,962
Waters Corp *		1,861		643,180
XPO Logistics Inc *		2,585		361,616
Xylem Inc		3,861		463,166
				38,576,917
Technology - 35.8%
Accenture PLC ‘A’		16,750		4,937,732
Adobe Inc *		15,642		9,160,581
Advanced Micro Devices Inc *		39,648		3,724,137
Allegro MicroSystems Inc * (Japan)		576		15,955
Alteryx Inc ‘A’ *		1,755		150,965
Analog Devices Inc		1,773		305,240
ANSYS Inc *		1,186		411,613
Apple Inc		514,361		70,446,883
Applied Materials Inc		29,990		4,270,576
Aspen Technology Inc *		2,058		283,057
Atlassian Corp PLC ‘A’ *		4,383		1,125,817
Autodesk Inc *		7,212		2,105,183
Bentley Systems Inc ‘B’		4,411		285,745
Bill.Com Holdings Inc *		2,422		443,662
Broadcom Inc		13,078		6,236,114
Broadridge Financial Solutions Inc		3,436		555,017
Brooks Automation Inc		1,973		187,987
C3.ai Inc ‘A’ *		422		26,388

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-239

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Cadence Design Systems Inc *		9,217	$	1,261,070
CDK Global Inc		612		30,410
Citrix Systems Inc		1,443		169,221
Cloudflare Inc ‘A’ *		7,756		820,895
Coupa Software Inc *		2,346		614,910
Crowdstrike Holdings Inc ‘A’ *		5,251		1,319,629
Datadog Inc ‘A’ *		7,416		771,857
Dell Technologies Inc ‘C’ *		4,373		435,857
DocuSign Inc *		6,243		1,745,356
Dropbox Inc ‘A’ *		9,973		302,282
Duck Creek Technologies Inc *		1,964		85,454
Dynatrace Inc *		5,974		349,001
Elastic NV *		2,156		314,259
Entegris Inc		4,272		525,328
EPAM Systems Inc *		1,785		912,064
Everbridge Inc *		1,155		157,172
Fair Isaac Corp *		914		459,450
Fiserv Inc *		1,332		142,377
Five9 Inc *		2,016		369,714
Fortinet Inc *		4,450		1,059,945
Genpact Ltd		300		13,629
Globant SA *		1,258		275,728
HP Inc		14,167		427,702
HubSpot Inc *		1,458		849,606
Intuit Inc		8,421		4,127,722
IPG Photonics Corp *		45		9,485
Jack Henry & Associates Inc		631		103,175
Jamf Holding Corp *		819		27,494
KLA Corp		5,179		1,679,084
Lam Research Corp		4,767		3,101,887
Manhattan Associates Inc *		1,104		159,903
Maxim Integrated Products Inc		8,296		874,067
McAfee Corp ‘A’		252		7,061
Medallia Inc *		2,912		98,280
Microchip Technology Inc		6,878		1,029,912
Micron Technology Inc *		5,065		430,424
Microsoft Corp		246,902		66,885,752
MKS Instruments Inc		1,527		271,730
MongoDB Inc *		1,767		638,806
Monolithic Power Systems Inc		1,494		557,934
MSCI Inc		1,861		992,062
nCino Inc *		1,248		74,780
NCR Corp *		1,418		64,675
NetApp Inc		4,828		395,027
New Relic Inc *		1,750		117,197
Nuance Communications Inc *		3,543		192,881
Nutanix Inc ‘A’ *		6,161		235,473
NVIDIA Corp		19,594		15,677,159
NXP Semiconductors NV (China)		2,771		570,050
ON Semiconductor Corp *		7,496		286,947
Oracle Corp		53,150		4,137,196
Palantir Technologies Inc ‘A’ *		53,168		1,401,508
Paychex Inc		9,193		986,409
Paycom Software Inc *		1,637		595,000
Pegasystems Inc		1,157		161,043
Playtika Holding Corp *		2,490		59,362
PTC Inc *		3,551		501,614
Pure Storage Inc ‘A’ *		8,163		159,423
QUALCOMM Inc		36,956		5,282,121
RingCentral Inc ‘A’ *		2,630		764,225
salesforce.com Inc *		4,556		1,112,894
ServiceNow Inc *		6,498		3,570,976
Skillz Inc *		9,634		209,250
Skyworks Solutions Inc		2,548		488,579
Slack Technologies Inc ‘A’ *		16,633		736,842
Smartsheet Inc ‘A’ *		3,695		267,222
Snowflake Inc ‘A’ *		3,678		889,340
Splunk Inc *		5,424		784,202
Synopsys Inc *		3,149		868,463
Take-Two Interactive Software Inc *		744		131,703

	Shares		Value
Teradata Corp *		2,710	$	135,419
Teradyne Inc		5,565		745,487
Texas Instruments Inc		18,761		3,607,740
Twilio Inc ‘A’ *		1,490		587,298
Tyler Technologies Inc *		1,141		516,154
Unity Software Inc *		4,815		528,831
Veeva Systems Inc ‘A’ *		4,513		1,403,317
VMware Inc ‘A’ *		976		156,131
Workday Inc ‘A’ *		5,978		1,427,188
Xilinx Inc		8,149		1,178,671
Zebra Technologies Corp ‘A’ *		1,742		922,372
Zoom Video Communications Inc ‘A’ *		6,991		2,705,727
Zscaler Inc *		2,464		532,372
Zynga Inc ‘A’ *		15,556		165,360
				254,413,974
Utilities - 0.0%
Brookfield Renewable Corp ‘A’		1,049		43,995
NRG Energy Inc		3,614		145,644
				189,639
Total Common Stocks (Cost $387,465,298)				690,947,765
EXCHANGE-TRADED FUND - 2.5%
iShares Russell 1000 Growth		65,096		17,672,262
Total Exchange-Traded Fund (Cost $15,677,446)				17,672,262
	Principal Amount
SHORT-TERM INVESTMENT - 0.3%
Repurchase Agreement - 0.3%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $2,360,227; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $2,407,468)		$2,360,227		2,360,227
Total Short-Term Investment (Cost $2,360,227)				2,360,227
TOTAL INVESTMENTS - 99.9% (Cost $405,502,971)				710,980,254
DERIVATIVES - 0.0%				78,498
OTHER ASSETS & LIABILITIES, NET - 0.1%				458,602
NET ASSETS - 100.0%				$711,517,354

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Technology	35.8%
Communications	21.5%
Consumer, Non-Cyclical	15.3%
Consumer, Cyclical	11.4%
Financial	6.4%
Industrial	5.4%
Others (each less than 3.0%)	4.1%
	99.9%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.1%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-240

PACIFIC SELECT FUND

PD LARGE-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(b) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Nasdaq 100 E-Mini Index	09/21		8		$2,254,103		$2,327,840		$73,737
S&P 500 E-Mini Index	09/21		2		424,099		428,860		4,761
Total Futures Contracts									$78,498

(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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$690,947,765		$690,947,765		$-		$-
	Exchange-Traded Fund		17,672,262		17,672,262		-		-
	Short-Term Investment		2,360,227		-		2,360,227		-
	Derivatives:
	Equity Contracts
	Futures		78,498		78,498		-		-
	Total		$711,058,752		$708,698,525		$2,360,227		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-241

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 96.9%
Basic Materials - 2.7%
Air Products & Chemicals Inc		7,770		$2,235,274
Albemarle Corp		4,058		683,611
Alcoa Corp *		6,556		241,523
Ashland Global Holdings Inc		1,938		169,575
Axalta Coating Systems Ltd *		6,033		183,946
Celanese Corp		2,516		381,426
CF Industries Holdings Inc		7,483		385,000
Cleveland-Cliffs Inc *		15,994		344,831
Diversey Holdings Ltd *		1,205		21,581
Dow Inc		24,376		1,542,513
DuPont de Nemours Inc		18,583		1,438,510
Eastman Chemical Co		4,768		556,664
Ecolab Inc		1,081		222,654
Element Solutions Inc		8,520		199,198
FMC Corp		3,379		365,608
Freeport-McMoRan Inc		36,347		1,348,837
Huntsman Corp		7,809		207,095
International Flavors & Fragrances Inc		8,733		1,304,710
International Paper Co		13,784		845,097
LyondellBasell Industries NV ‘A’		8,096		832,835
NewMarket Corp		235		75,665
Newmont Corp		28,178		1,785,922
Nucor Corp		10,493		1,006,593
Olin Corp		4,540		210,020
PPG Industries Inc		4,806		815,915
Reliance Steel & Aluminum Co		2,222		335,300
Royal Gold Inc		2,300		262,430
RPM International Inc		1,865		165,388
Southern Copper Corp (Peru)		260		16,723
Steel Dynamics Inc		5,727		341,329
The Chemours Co		2,802		97,510
The Mosaic Co		12,104		386,239
United States Steel Corp		9,386		225,264
Valvoline Inc		6,366		206,640
Westlake Chemical Corp		931		83,874
				19,525,300
Communications - 9.4%
Alphabet Inc ‘A’ *		1,470		3,589,431
Alphabet Inc ‘C’ *		1,386		3,473,760
Altice USA Inc ‘A’ *		2,252		76,883
Arista Networks Inc *		224		81,157
AT&T Inc		251,103		7,226,744
Cable One Inc		89		170,240
Charter Communications Inc ‘A’ *		245		176,755
Ciena Corp *		5,356		304,703
Cisco Systems Inc		148,556		7,873,468
Comcast Corp ‘A’		160,322		9,141,560
Corning Inc		17,692		723,603
Discovery Inc ‘A’ *		6,182		189,664
Discovery Inc ‘C’ *		10,875		315,158
DISH Network Corp ‘A’ *		8,611		359,940
DoorDash Inc ‘A’ *		353		62,951
F5 Networks Inc *		2,048		382,280
FactSet Research Systems Inc		185		62,088
FireEye Inc *		6,126		123,868
Fox Corp ‘A’		11,151		414,037
Fox Corp ‘B’		4,948		174,170
GoDaddy Inc ‘A’ *		5,293		460,279
IAC/InterActiveCorp *		2,684		413,792
Juniper Networks Inc		11,521		315,099
Liberty Broadband Corp ‘A’ *		867		145,803
Liberty Broadband Corp ‘C’ *		5,328		925,261
Liberty Media Corp-Liberty Formula One ‘A’ *		1,144		48,769

	Shares		Value
Liberty Media Corp-Liberty Formula One ‘C’ *		6,959		$335,493
Liberty Media Corp-Liberty SiriusXM ‘A’ *		3,035		141,370
Liberty Media Corp-Liberty SiriusXM ‘C’ *		5,846		271,196
Lumen Technologies Inc		38,347		521,136
Motorola Solutions Inc		5,836		1,265,537
News Corp ‘A’		13,596		350,369
News Corp ‘B’		4,249		103,463
Nexstar Media Group Inc ‘A’		1,346		199,046
NortonLifeLock Inc		14,184		386,088
Omnicom Group Inc		7,474		597,845
Opendoor Technologies Inc *		9,726		172,442
Sirius XM Holdings Inc		31,641		206,932
T-Mobile US Inc *		20,707		2,998,995
The Interpublic Group of Cos Inc		14,275		463,795
The New York Times Co ‘A’		5,705		248,453
The Walt Disney Co *		60,572		10,646,740
TripAdvisor Inc *		1,337		53,881
Twitter Inc *		24,520		1,687,221
Uber Technologies Inc *		8,167		409,330
Ubiquiti Inc		31		9,678
VeriSign Inc *		3,462		788,263
Verizon Communications Inc		145,673		8,162,058
ViacomCBS Inc ‘A’		378		18,314
ViacomCBS Inc ‘B’		20,529		927,911
ViaSat Inc *		2,075		103,418
Vimeo Inc *		491		24,059
Wayfair Inc ‘A’ *		1,177		371,591
World Wrestling Entertainment Inc ‘A’		356		20,609
				68,716,696
Consumer, Cyclical - 7.4%
Advance Auto Parts Inc		2,292		470,181
Alaska Air Group Inc *		4,259		256,860
Allison Transmission Holdings Inc		757		30,083
American Airlines Group Inc *		22,601		479,367
Aptiv PLC *		7,743		1,218,206
Aramark		7,980		297,255
AutoNation Inc *		1,780		168,762
AutoZone Inc *		608		907,270
Best Buy Co Inc		6,734		774,275
BorgWarner Inc		8,410		408,221
Boyd Gaming Corp *		2,268		139,459
Brunswick Corp		2,382		237,295
Burlington Stores Inc *		135		43,469
Caesars Entertainment Inc *		2,654		275,352
Capri Holdings Ltd *		5,418		309,855
CarMax Inc *		5,274		681,137
Carnival Corp *		29,912		788,480
Carter’s Inc		1,501		154,858
Casey’s General Stores Inc		1,290		251,086
Columbia Sportswear Co		1,315		129,343
Copa Holdings SA ‘A’ * (Panama)		1,098		82,712
Costco Wholesale Corp		1,010		399,627
Cummins Inc		5,080		1,238,555
Darden Restaurants Inc		1,466		214,021
Deckers Outdoor Corp *		846		324,923
Dick’s Sporting Goods Inc		2,185		218,915
Dolby Laboratories Inc ‘A’		2,254		221,546
Dollar General Corp		4,810		1,040,836
Dollar Tree Inc *		8,136		809,532
Domino’s Pizza Inc		435		202,923
DR Horton Inc		6,857		619,667
Fastenal Co		2,277		118,404
Foot Locker Inc		3,151		194,196
Ford Motor Co *		137,384		2,041,526
General Motors Co *		48,320		2,859,094
Gentex Corp		8,483		280,702
Genuine Parts Co		4,944		625,268
Hanesbrands Inc		4,897		91,427

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-242

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Harley-Davidson Inc		5,359		$245,549
Hasbro Inc		4,458		421,370
Hilton Worldwide Holdings Inc *		3,175		382,968
Hyatt Hotels Corp ‘A’ *		1,503		116,693
JetBlue Airways Corp *		11,009		184,731
Kohl’s Corp		5,515		303,932
L Brands Inc		3,502		252,354
Lear Corp		2,100		368,088
Leggett & Platt Inc		4,626		239,673
Lennar Corp ‘A’		9,532		947,004
Lennar Corp ‘B’		684		55,712
Leslie’s Inc *		436		11,986
Lithia Motors Inc ‘A’		923		317,180
Live Nation Entertainment Inc *		2,908		254,712
LKQ Corp *		9,820		483,340
Marriott Vacations Worldwide Corp *		1,462		232,897
McDonald’s Corp		21,580		4,984,764
MGM Resorts International		14,330		611,174
Mohawk Industries Inc *		1,925		369,966
MSC Industrial Direct Co Inc ‘A’		1,610		144,465
Newell Brands Inc		13,458		369,691
Nordstrom Inc *		609		22,271
Norwegian Cruise Line Holdings Ltd *		13,392		393,859
NVR Inc *		38		188,985
O’Reilly Automotive Inc *		1,684		953,498
Ollie’s Bargain Outlet Holdings Inc *		2,290		192,658
PACCAR Inc		12,135		1,083,049
Penn National Gaming Inc *		5,136		392,853
Penske Automotive Group Inc		1,115		84,171
Petco Health & Wellness Co Inc *		2,455		55,017
Planet Fitness Inc ‘A’ *		912		68,628
Polaris Inc		620		84,915
PulteGroup Inc		6,521		355,851
PVH Corp *		2,461		264,779
QuantumScape Corp *		1,168		34,176
Qurate Retail Inc ‘A’		13,341		174,634
Ralph Lauren Corp		1,650		194,387
Royal Caribbean Cruises Ltd *		7,696		656,315
SiteOne Landscape Supply Inc *		741		125,422
Six Flags Entertainment Corp *		1,671		72,321
Skechers U.S.A. Inc ‘A’ *		4,106		204,602
Southwest Airlines Co *		20,627		1,095,087
Tapestry Inc *		8,819		383,450
Target Corp		9,647		2,332,066
The Gap Inc		7,066		237,771
The Madison Square Garden Co ‘A’ *		408		70,409
Thor Industries Inc		1,108		125,204
Toll Brothers Inc		2,347		135,680
Travel & Leisure Co		997		59,272
TuSimple Holdings Inc ‘A’ *		1,112		79,219
Under Armour Inc ‘A’ *		6,597		139,527
Under Armour Inc ‘C’ *		6,899		128,114
United Airlines Holdings Inc *		11,352		593,596
Univar Solutions Inc *		5,844		142,477
VF Corp		4,060		333,082
Virgin Galactic Holdings Inc *		471		21,666
Vroom Inc *		3,031		126,878
Walgreens Boots Alliance Inc		24,994		1,314,934
Walmart Inc		50,427		7,111,216
Watsco Inc		1,142		327,343
Whirlpool Corp		2,152		469,179
Williams-Sonoma Inc		631		100,739
WW Grainger Inc		277		121,326
Wyndham Hotels & Resorts Inc		1,188		85,881
Yum China Holdings Inc (China)		13,627		902,789
Yum! Brands Inc		9,587		1,102,793
				54,045,026

	Shares		Value
Consumer, Non-Cyclical - 23.9%
Abbott Laboratories		30,529		$3,539,227
Acadia Healthcare Co Inc *		3,079		193,207
Adaptive Biotechnologies Corp *		531		21,697
ADT Inc		5,548		59,863
agilon health Inc *		502		20,366
Albertsons Cos Inc ‘A’		5,450		107,147
Alexion Pharmaceuticals Inc *		7,762		1,425,957
Altria Group Inc		28,898		1,377,857
Amedisys Inc *		131		32,086
AMERCO		312		183,893
AmerisourceBergen Corp		5,156		590,310
Amgen Inc		3,576		871,650
Anthem Inc		8,609		3,286,916
Archer-Daniels-Midland Co		19,767		1,197,880
Automatic Data Processing Inc		1,196		237,550
Avery Dennison Corp		1,363		286,557
Baxter International Inc		17,664		1,421,952
Becton Dickinson and Co		10,158		2,470,324
Beyond Meat Inc *		178		28,033
Bio-Rad Laboratories Inc ‘A’ *		741		477,419
Biogen Inc *		5,266		1,823,458
BioMarin Pharmaceutical Inc *		6,405		534,433
Boston Scientific Corp *		49,856		2,131,843
Bright Horizons Family Solutions Inc *		431		63,404
Bristol-Myers Squibb Co		78,526		5,247,107
Brown-Forman Corp ‘A’		806		56,823
Brown-Forman Corp ‘B’		3,246		243,255
Bunge Ltd		4,753		371,447
Campbell Soup Co		6,851		312,337
Cardinal Health Inc		4,172		238,179
Catalent Inc *		4,363		471,728
Centene Corp *		20,325		1,482,302
Certara Inc *		646		18,301
Charles River Laboratories International Inc *		110		40,691
Chegg Inc *		1,171		97,322
Chemed Corp		403		191,223
Church & Dwight Co Inc		8,161		695,480
Cigna Corp		11,989		2,842,232
Cintas Corp		197		75,254
Colgate-Palmolive Co		13,792		1,121,979
Conagra Brands Inc		16,451		598,487
Constellation Brands Inc ‘A’		5,680		1,328,495
Corteva Inc		25,924		1,149,729
CoStar Group Inc *		3,080		255,086
Coty Inc ‘A’ *		10,097		94,306
CVS Health Corp		46,264		3,860,268
Danaher Corp		21,130		5,670,447
Darling Ingredients Inc *		5,372		362,610
DaVita Inc *		733		88,275
Dentsply Sirona Inc		7,662		484,698
Driven Brands Holdings Inc *		1,152		35,620
Dun & Bradstreet Holdings Inc *		5,621		120,121
Elanco Animal Health Inc *		15,329		531,763
Eli Lilly & Co		6,257		1,436,107
Encompass Health Corp		1,463		114,158
Envista Holdings Corp *		5,591		241,587
Equifax Inc		2,629		629,672
Euronet Worldwide Inc *		519		70,247
Exact Sciences Corp *		450		55,939
Exelixis Inc *		1,565		28,514
FleetCor Technologies Inc *		2,207		565,124
Flowers Foods Inc		6,580		159,236
FTI Consulting Inc *		1,075		146,856
General Mills Inc		21,644		1,318,769
Gilead Sciences Inc		44,129		3,038,723
Global Payments Inc		10,304		1,932,412
Globus Medical Inc ‘A’ *		2,644		204,989

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-243

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Grand Canyon Education Inc *		1,634		$147,011
Grocery Outlet Holding Corp *		3,067		106,302
H&R Block Inc		720		16,906
Henry Schein Inc *		4,996		370,653
Herbalife Nutrition Ltd *		3,148		165,994
Hill-Rom Holdings Inc		2,335		265,233
Hologic Inc *		8,906		594,208
Horizon Therapeutics PLC *		6,231		583,471
Hormel Foods Corp		10,224		488,196
Humana Inc		4,532		2,006,407
ICU Medical Inc *		699		143,854
IHS Markit Ltd		13,113		1,477,311
Incyte Corp *		934		78,577
Ingredion Inc		2,352		212,856
Integra LifeSciences Holdings Corp *		2,500		170,600
Ionis Pharmaceuticals Inc *		389		15,517
Iovance Biotherapeutics Inc *		3,548		92,319
IQVIA Holdings Inc *		3,390		821,465
Jazz Pharmaceuticals PLC *		2,081		369,669
Johnson & Johnson		92,623		15,258,713
Kellogg Co		4,915		316,182
Keurig Dr Pepper Inc		24,545		864,966
Kimberly-Clark Corp		5,887		787,563
Laboratory Corp of America Holdings *		3,432		946,717
Lamb Weston Holdings Inc		3,608		291,021
ManpowerGroup Inc		1,849		219,865
Masimo Corp *		483		117,103
McCormick & Co Inc		8,762		773,860
McKesson Corp		4,794		916,805
Medtronic PLC		47,196		5,858,439
Merck & Co Inc		89,058		6,926,041
Mirati Therapeutics Inc *		229		36,990
Molina Healthcare Inc *		1,717		434,504
Molson Coors Beverage Co ‘B’ *		6,236		334,811
Mondelez International Inc ‘A’		49,014		3,060,434
Monster Beverage Corp *		939		85,778
Moody’s Corp		297		107,624
Morningstar Inc		27		6,942
Natera Inc *		190		21,571
Nektar Therapeutics *		6,072		104,196
Nielsen Holdings PLC		12,486		308,030
Oak Street Health Inc *		349		20,441
Organon & Co *		8,906		269,496
Paysafe Ltd *		10,830		131,151
PepsiCo Inc		8,257		1,223,440
PerkinElmer Inc		3,933		607,295
Perrigo Co PLC		4,787		219,484
Pfizer Inc		196,246		7,684,993
Philip Morris International Inc		54,738		5,425,083
Pilgrim’s Pride Corp *		1,067		23,666
Post Holdings Inc *		2,070		224,533
PPD Inc *		3,324		153,203
Premier Inc ‘A’		4,261		148,240
QIAGEN NV *		7,881		381,283
Quanta Services Inc		4,858		439,989
Quest Diagnostics Inc		4,578		604,159
Quidel Corp *		1,319		168,990
Regeneron Pharmaceuticals Inc *		3,146		1,757,167
Repligen Corp *		111		22,158
ResMed Inc		505		124,493
Reynolds Consumer Products Inc		1,907		57,877
Robert Half International Inc		474		42,172
Rollins Inc		632		21,614
Royalty Pharma PLC ‘A’		4,659		190,972
S&P Global Inc		2,471		1,014,222
Sage Therapeutics Inc *		2,038		115,779
Seaboard Corp		11		42,556
Seagen Inc *		501		79,098
Service Corp International		5,508		295,174
Spectrum Brands Holdings Inc		1,471		125,094

	Shares		Value
STERIS PLC		2,993		$617,456
StoneCo Ltd ‘A’ * (Brazil)		536		35,944
Stryker Corp		7,022		1,823,824
Syneos Health Inc *		3,111		278,403
Tandem Diabetes Care Inc *		125		12,175
Teladoc Health Inc *		5,148		856,061
Teleflex Inc		1,351		542,818
Terminix Global Holdings Inc *		4,635		221,136
The Clorox Co		830		149,325
The Coca-Cola Co		40,127		2,171,272
The Cooper Cos Inc		1,700		673,659
The Hain Celestial Group Inc *		2,966		118,996
The Hershey Co		730		127,151
The JM Smucker Co		3,709		480,575
The Kraft Heinz Co		23,211		946,545
The Kroger Co		26,039		997,554
The Procter & Gamble Co		85,590		11,548,659
Thermo Fisher Scientific Inc		12,568		6,340,179
TransUnion		2,131		234,005
Tyson Foods Inc ‘A’		10,080		743,501
Ultragenyx Pharmaceutical Inc *		579		55,208
United Rentals Inc *		1,658		528,919
United Therapeutics Corp *		1,638		293,874
UnitedHealth Group Inc		30,789		12,329,147
Universal Health Services Inc ‘B’		2,721		398,436
US Foods Holding Corp *		7,699		295,334
Verisk Analytics Inc		2,024		353,633
Vertex Pharmaceuticals Inc *		5,463		1,101,505
Viatris Inc		42,302		604,496
WEX Inc *		516		100,052
Zimmer Biomet Holdings Inc		7,315		1,176,398
Zoetis Inc		868		161,760
				174,247,453
Energy - 5.1%
Antero Midstream Corp		12,118		125,906
APA Corp		13,231		286,186
Baker Hughes Co		25,884		591,967
Cabot Oil & Gas Corp		12,143		212,017
Chevron Corp		68,008		7,123,158
Cimarex Energy Co		2,824		204,599
ConocoPhillips		47,452		2,889,827
Continental Resources Inc		2,038		77,505
Devon Energy Corp		23,677		691,132
Diamondback Energy Inc		3,336		313,217
EOG Resources Inc		18,055		1,506,509
EQT Corp *		9,632		214,408
Exxon Mobil Corp		148,871		9,390,783
First Solar Inc *		3,721		336,788
Halliburton Co		29,471		681,369
Hess Corp		9,077		792,604
HollyFrontier Corp		5,232		172,133
Kinder Morgan Inc		68,369		1,246,367
Marathon Oil Corp		27,612		376,075
Marathon Petroleum Corp		22,827		1,379,207
NOV Inc *		13,596		208,291
Occidental Petroleum Corp		25,912		810,268
ONEOK Inc		15,534		864,312
Phillips 66		15,547		1,334,244
Pioneer Natural Resources Co		4,200		682,584
Schlumberger NV		49,158		1,573,548
Shoals Technologies Group Inc ‘A’ *		2,868		101,814
Sunrun Inc *		6,999		390,404
Targa Resources Corp		7,930		352,488
The Williams Cos Inc		42,635		1,131,959
Valero Energy Corp		14,307		1,117,091
				37,178,760

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-244

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Financial - 24.4%
Affiliated Managers Group Inc		1,439		$221,908
Aflac Inc		23,587		1,265,678
AGNC Investment Corp REIT		17,673		298,497
Air Lease Corp		3,732		155,774
Alexandria Real Estate Equities Inc REIT		5,137		934,626
Alleghany Corp *		404		269,496
Alliance Data Systems Corp		1,639		170,767
Ally Financial Inc		13,007		648,269
American Campus Communities Inc REIT		4,797		224,116
American Express Co		8,339		1,377,853
American Financial Group Inc		2,380		296,834
American Homes 4 Rent ‘A’ REIT		9,758		379,098
American International Group Inc		30,242		1,439,519
Americold Realty Trust REIT		8,864		335,502
Ameriprise Financial Inc		1,805		449,228
Annaly Capital Management Inc REIT		49,200		436,896
Aon PLC ‘A’		3,231		771,434
Apartment Income REIT Corp		5,623		266,699
Arch Capital Group Ltd *		10,385		404,392
Ares Management Corp ‘A’		584		37,137
Arthur J Gallagher & Co		7,105		995,268
Assurant Inc		2,058		321,418
Assured Guaranty Ltd		2,277		108,112
Athene Holding Ltd ‘A’ *		4,323		291,802
AvalonBay Communities Inc REIT		4,834		1,008,807
Axis Capital Holdings Ltd		3,078		150,853
Bank of America Corp		265,094		10,929,826
Bank of Hawaii Corp		1,381		116,308
Bank OZK		4,276		180,276
Berkshire Hathaway Inc ‘B’ *		65,928		18,322,710
BlackRock Inc		5,025		4,396,724
BOK Financial Corp		1,099		95,173
Boston Properties Inc REIT		5,452		624,745
Brighthouse Financial Inc *		3,088		140,628
Brixmor Property Group Inc REIT		10,380		237,598
Brown & Brown Inc		7,822		415,661
Camden Property Trust REIT		3,317		440,066
Capital One Financial Corp		15,753		2,436,832
Cboe Global Markets Inc		3,734		444,533
CBRE Group Inc ‘A’ *		11,105		952,032
Chubb Ltd		15,733		2,500,603
Cincinnati Financial Corp		5,248		612,022
Citigroup Inc		72,653		5,140,200
Citizens Financial Group Inc		12,279		563,238
CME Group Inc		12,547		2,668,496
CNA Financial Corp		840		38,212
Comerica Inc		4,876		347,854
Commerce Bancshares Inc		3,986		297,196
CoreSite Realty Corp REIT		256		34,458
Cousins Properties Inc REIT		5,186		190,741
Credit Acceptance Corp *		307		139,412
CubeSmart REIT		6,900		319,608
Cullen/Frost Bankers Inc		1,984		222,208
CyrusOne Inc REIT		4,514		322,841
Digital Realty Trust Inc REIT		9,929		1,493,917
Discover Financial Services		4,815		569,566
Douglas Emmett Inc REIT		5,829		195,971
Duke Realty Corp REIT		13,350		632,122
East West Bancorp Inc		4,940		354,149
EPR Properties REIT *		2,593		136,599
Equinix Inc REIT		910		730,366
Equitable Holdings Inc		13,367		407,025
Equity LifeStyle Properties Inc REIT		2,880		214,013
Equity Residential REIT		12,887		992,299
Erie Indemnity Co ‘A’		266		51,431
Essex Property Trust Inc REIT		2,286		685,823
Evercore Inc ‘A’		1,384		194,826
Everest Re Group Ltd		1,076		271,163

	Shares		Value
Extra Space Storage Inc REIT		4,195		$687,225
Federal Realty Investment Trust REIT		2,855		334,520
Fidelity National Financial Inc		9,632		418,607
Fifth Third Bancorp		24,642		942,064
First American Financial Corp		3,801		236,992
First Citizens BancShares Inc ‘A’		196		163,217
First Hawaiian Inc		4,541		128,692
First Horizon Corp		19,121		330,411
First Industrial Realty Trust Inc REIT		4,516		235,871
First Republic Bank		6,169		1,154,652
FNB Corp		11,298		139,304
Franklin Resources Inc		9,688		309,919
Gaming and Leisure Properties Inc REIT		7,614		352,757
Globe Life Inc		3,562		339,280
GoHealth Inc ‘A’ *		786		8,811
Healthcare Trust of America Inc ‘A’ REIT		7,616		203,347
Healthpeak Properties Inc REIT		18,930		630,180
Highwoods Properties Inc REIT		3,604		162,793
Host Hotels & Resorts Inc REIT *		24,500		418,705
Hudson Pacific Properties Inc REIT		5,262		146,389
Huntington Bancshares Inc		52,811		753,613
Interactive Brokers Group Inc ‘A’		2,899		190,551
Intercontinental Exchange Inc		19,542		2,319,635
Invesco Ltd		11,710		313,008
Invitation Homes Inc REIT		19,935		743,376
Iron Mountain Inc REIT		2,977		125,987
Janus Henderson Group PLC		2,893		112,277
JBG SMITH Properties REIT		4,268		134,485
Jefferies Financial Group Inc		7,769		265,700
Jones Lang LaSalle Inc *		1,805		352,805
JPMorgan Chase & Co		105,730		16,445,244
Kemper Corp		2,163		159,846
KeyCorp		33,969		701,460
Kilroy Realty Corp REIT		4,071		283,504
Kimco Realty Corp REIT		14,473		301,762
KKR & Co Inc		19,411		1,149,908
Lamar Advertising Co ‘A’ REIT		381		39,784
Lazard Ltd ‘A’		3,534		159,914
Lemonade Inc *		1,166		127,572
Life Storage Inc REIT		2,784		298,862
Lincoln National Corp		5,571		350,082
Loews Corp		7,787		425,560
M&T Bank Corp		4,488		652,151
Markel Corp *		395		468,750
Marsh & McLennan Cos Inc		15,749		2,215,569
Medical Properties Trust Inc REIT		21,135		424,813
Mercury General Corp		1,229		79,824
MetLife Inc		26,036		1,558,255
MGIC Investment Corp		11,834		160,942
Mid-America Apartment Communities Inc REIT		3,998		673,343
Morgan Stanley		48,803		4,474,747
Nasdaq Inc		4,010		704,958
National Retail Properties Inc REIT		6,068		284,468
New Residential Investment Corp REIT		15,190		160,862
New York Community Bancorp Inc		15,760		173,675
Northern Trust Corp		7,209		833,505
Old Republic International Corp		9,827		244,791
Omega Healthcare Investors Inc REIT		8,015		290,864
OneMain Holdings Inc		3,055		183,025
PacWest Bancorp		4,089		168,303
Park Hotels & Resorts Inc REIT *		8,236		169,744
People’s United Financial Inc		14,820		254,015
Pinnacle Financial Partners Inc		2,588		228,495
Popular Inc		2,906		218,095
Primerica Inc		1,375		210,568
Principal Financial Group Inc		9,521		601,632
Prologis Inc REIT		25,908		3,096,783
Prosperity Bancshares Inc		3,128		224,590
Prudential Financial Inc		13,852		1,419,414

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-245

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Public Storage REIT		1,250		$375,862
Raymond James Financial Inc		4,102		532,850
Rayonier Inc REIT		5,235		188,094
Realty Income Corp REIT		13,124		875,896
Regency Centers Corp REIT		5,905		378,333
Regions Financial Corp		33,761		681,297
Reinsurance Group of America Inc		2,374		270,636
RenaissanceRe Holdings Ltd (Bermuda)		963		143,314
Rexford Industrial Realty Inc REIT		4,595		261,685
Santander Consumer USA Holdings Inc		1,944		70,606
SBA Communications Corp REIT		3,169		1,009,960
SEI Investments Co		3,950		244,782
Signature Bank		1,970		483,930
Simon Property Group Inc REIT		1,501		195,850
SL Green Realty Corp REIT		2,462		196,960
SLM Corp		11,298		236,580
Spirit Realty Capital Inc REIT		4,000		191,360
Starwood Property Trust Inc REIT		9,576		250,604
State Street Corp		12,082		994,107
Sterling Bancorp		5,929		146,980
Stifel Financial Corp		3,581		232,264
STORE Capital Corp REIT		8,458		291,886
Sun Communities Inc REIT		3,868		662,975
SVB Financial Group *		1,898		1,056,104
Synchrony Financial		16,567		803,831
Synovus Financial Corp		4,648		203,954
T Rowe Price Group Inc		5,294		1,048,053
TFS Financial Corp		1,607		32,622
The Allstate Corp		10,482		1,367,272
The Bank of New York Mellon Corp		28,442		1,457,084
The Carlyle Group Inc		5,698		264,843
The Charles Schwab Corp		55,139		4,014,671
The Goldman Sachs Group Inc		10,962		4,160,408
The Hanover Insurance Group Inc		1,271		172,398
The Hartford Financial Services Group Inc		12,532		776,608
The Howard Hughes Corp *		1,576		153,597
The Macerich Co REIT		1		18
The PNC Financial Services Group Inc		14,913		2,844,804
The Progressive Corp		20,530		2,016,251
The Travelers Cos Inc		8,827		1,321,490
The Western Union Co		10,679		245,297
Tradeweb Markets Inc ‘A’		3,684		311,519
Truist Financial Corp		47,207		2,619,988
UDR Inc REIT		10,692		523,694
Umpqua Holdings Corp		7,708		142,213
Unum Group		7,124		202,322
US Bancorp		47,178		2,687,731
UWM Holdings Corp		2,320		19,604
Ventas Inc REIT		13,084		747,096
VEREIT Inc REIT		8,117		372,814
VICI Properties Inc REIT		18,738		581,253
Virtu Financial Inc ‘A’		3,276		90,516
Vornado Realty Trust REIT		6,148		286,927
Voya Financial Inc		4,227		259,961
Webster Financial Corp		3,136		167,274
Weingarten Realty Investors REIT		4,250		136,298
Wells Fargo & Co		145,416		6,585,891
Welltower Inc REIT		14,661		1,218,329
Western Alliance Bancorp		1,678		155,802
Weyerhaeuser Co REIT		26,189		901,425
White Mountains Insurance Group Ltd		106		121,691
Willis Towers Watson PLC		4,511		1,037,620
Wintrust Financial Corp		1,972		149,142
WP Carey Inc REIT		6,196		462,346
WR Berkley Corp		4,847		360,762
Zions Bancorp NA		5,665		299,452
				177,892,092

	Shares		Value
Industrial - 10.9%
3M Co		17,363		$3,448,813
Acuity Brands Inc		1,252		234,162
AECOM *		4,943		312,991
AGCO Corp		1,976		257,631
Agilent Technologies Inc		1,111		164,217
Allegion PLC		753		104,893
Amcor PLC		54,108		620,078
AMETEK Inc		8,097		1,080,949
Amphenol Corp ‘A’		5,927		405,466
AO Smith Corp		4,650		335,079
AptarGroup Inc		2,400		338,016
Ardagh Group SA		291		7,135
Armstrong World Industries Inc		854		91,600
Arrow Electronics Inc *		2,591		294,934
Avnet Inc		3,435		137,675
Ball Corp		7,947		643,866
Berry Global Group Inc *		4,741		309,208
Builders FirstSource Inc *		7,194		306,896
BWX Technologies Inc		824		47,891
Carlisle Cos Inc		1,113		213,006
Carrier Global Corp		16,248		789,653
Caterpillar Inc		2,658		578,461
CH Robinson Worldwide Inc		3,695		346,111
ChargePoint Holdings Inc *		4,392		152,578
Clean Harbors Inc *		1,803		167,931
Coherent Inc *		68		17,975
Colfax Corp *		4,203		192,539
Crane Co		1,705		157,491
Crown Holdings Inc		3,994		408,227
CSX Corp		79,593		2,553,343
Curtiss-Wright Corp		1,454		172,677
Donaldson Co Inc		3,880		246,496
Dover Corp		5,039		758,873
Eagle Materials Inc		1,446		205,491
Eaton Corp PLC		13,991		2,073,186
Emerson Electric Co		20,966		2,017,768
Expeditors International of Washington Inc		1,601		202,687
FedEx Corp		4,868		1,452,270
Flowserve Corp		4,558		183,779
Fortive Corp		11,473		800,127
Fortune Brands Home & Security Inc		3,614		359,991
frontdoor Inc *		954		47,528
Garmin Ltd		5,287		764,712
Gates Industrial Corp PLC *		2,357		42,591
General Dynamics Corp		8,789		1,654,617
General Electric Co		307,096		4,133,512
Graco Inc		2,234		169,114
Graphic Packaging Holding Co		7,301		132,440
Hayward Holdings Inc *		1,347		35,049
HEICO Corp		1,066		148,622
HEICO Corp ‘A’		1,872		232,465
Hexcel Corp *		2,921		182,270
Honeywell International Inc		19,150		4,200,552
Howmet Aerospace Inc *		12,740		439,148
Hubbell Inc		1,893		353,688
Huntington Ingalls Industries Inc		1,383		291,467
IDEX Corp		2,640		580,932
Illinois Tool Works Inc		1,139		254,635
Ingersoll Rand Inc *		13,167		642,681
ITT Inc		3,025		277,060
Jabil Inc		1,059		61,549
Jacobs Engineering Group Inc		4,532		604,659
JB Hunt Transport Services Inc		331		53,936
Johnson Controls International PLC		25,150		1,726,044
Kansas City Southern		2,333		661,102
Keysight Technologies Inc *		3,653		564,060
Kirby Corp *		2,088		126,616
Knight-Swift Transportation Holdings Inc		5,644		256,576

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-246

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
L3Harris Technologies Inc		7,180		$1,551,957
Landstar System Inc		65		10,271
Lennox International Inc		1,212		425,170
Littelfuse Inc		825		210,202
Lockheed Martin Corp		1,097		415,050
Louisiana-Pacific Corp		3,317		199,982
Martin Marietta Materials Inc		2,240		788,054
Masco Corp		8,980		529,012
MasTec Inc *		1,971		209,123
MDU Resources Group Inc		6,986		218,941
Mercury Systems Inc *		1,939		128,517
MSA Safety Inc		861		142,564
National Instruments Corp		4,515		190,894
Nordson Corp		1,690		370,972
Norfolk Southern Corp		8,776		2,329,238
Northrop Grumman Corp		4,843		1,760,091
nVent Electric PLC		6,130		191,501
Old Dominion Freight Line Inc		284		72,079
Oshkosh Corp		2,373		295,771
Otis Worldwide Corp		15,096		1,234,400
Owens Corning		3,530		345,587
Packaging Corp of America		3,269		442,688
Parker-Hannifin Corp		3,768		1,157,190
Pentair PLC		5,784		390,362
Raytheon Technologies Corp		53,265		4,544,037
Regal Beloit Corp		1,419		189,451
Republic Services Inc		7,379		811,764
Rockwell Automation Inc		1,602		458,204
Ryder System Inc		1,836		136,470
Schneider National Inc ‘B’		1,829		39,817
Sealed Air Corp		2,442		144,689
Sensata Technologies Holding PLC *		5,407		313,444
Silgan Holdings Inc		3,262		135,373
Snap-on Inc		1,885		421,166
Sonoco Products Co		3,510		234,819
Spirit AeroSystems Holdings Inc ‘A’		2,603		122,836
Stanley Black & Decker Inc		5,668		1,161,883
Stericycle Inc *		3,211		229,747
SYNNEX Corp		1,455		177,161
Teledyne Technologies Inc *		1,648		690,232
Textron Inc		7,980		548,785
The AZEK Co Inc *		1,743		74,008
The Boeing Co *		18,824		4,509,477
The Middleby Corp *		1,352		234,248
The Timken Co		2,219		178,829
The Toro Co		204		22,416
TopBuild Corp *		199		39,358
Trane Technologies PLC		4,301		791,986
TransDigm Group Inc *		1,292		836,299
Trimble Inc *		8,773		717,895
Union Pacific Corp		8,594		1,890,078
Valmont Industries Inc		734		173,261
Vontier Corp		2,725		88,781
Vulcan Materials Co		4,633		806,466
Waste Management Inc		12,475		1,747,872
Waters Corp *		150		51,842
Westinghouse Air Brake Technologies Corp		6,343		522,029
Westrock Co		9,139		486,378
Woodward Inc		1,976		242,811
XPO Logistics Inc *		463		64,769
Xylem Inc		2,144		257,194
				79,535,276
Technology - 8.5%
Accenture PLC ‘A’		4,382		1,291,770
Activision Blizzard Inc		27,140		2,590,242
Akamai Technologies Inc *		5,645		658,207
Amdocs Ltd		4,528		350,286
Analog Devices Inc		11,041		1,900,819
ANSYS Inc *		1,786		619,849

	Shares		Value
Black Knight Inc *		5,336		$416,101
Broadridge Financial Solutions Inc		374		60,412
Brooks Automation Inc		452		43,067
C3.ai Inc ‘A’ *		590		36,893
CACI International Inc ‘A’ *		816		208,178
CDK Global Inc		3,726		185,145
Ceridian HCM Holding Inc *		4,535		434,997
Cerner Corp		10,586		827,402
Change Healthcare Inc *		8,660		199,526
Cirrus Logic Inc *		2,024		172,283
Citrix Systems Inc		2,800		328,356
Clarivate PLC * (United Kingdom)		14,467		398,277
Cloudflare Inc ‘A’ *		503		53,238
Cognizant Technology Solutions Corp ‘A’		18,506		1,281,726
Concentrix Corp *		1,455		233,964
Cree Inc *		4,096		401,121
Datto Holding Corp *		1,543		42,957
Dell Technologies Inc ‘C’ *		4,943		492,669
Duck Creek Technologies Inc *		1,956		85,106
DXC Technology Co *		8,886		346,021
Dynatrace Inc *		381		22,258
Electronic Arts Inc		10,068		1,448,080
Fastly Inc ‘A’ *		3,711		221,176
Fidelity National Information Services Inc		21,776		3,085,006
Fiserv Inc *		19,593		2,094,296
Genpact Ltd		6,108		277,486
Guidewire Software Inc *		2,945		331,960
Hewlett Packard Enterprise Co		45,341		661,072
HP Inc		28,608		863,676
Intel Corp		142,090		7,976,933
International Business Machines Corp		31,414		4,604,978
IPG Photonics Corp *		1,162		244,915
Jack Henry & Associates Inc		1,916		313,285
Jamf Holding Corp *		284		9,534
Leidos Holdings Inc		4,956		501,052
Lumentum Holdings Inc *		2,656		217,872
Manhattan Associates Inc *		1,037		150,199
Marvell Technology Inc		28,357		1,654,064
Maxim Integrated Products Inc		488		51,416
McAfee Corp ‘A’		101		2,830
Medallia Inc *		1,647		55,586
Microchip Technology Inc		1,385		207,390
Micron Technology Inc *		33,948		2,884,901
MKS Instruments Inc		303		53,919
MSCI Inc		820		437,126
NCR Corp *		2,953		134,686
NetApp Inc		2,633		215,432
Nuance Communications Inc *		6,203		337,691
NXP Semiconductors NV (China)		6,711		1,380,587
ON Semiconductor Corp *		6,824		261,223
Oracle Corp		4,161		323,892
Paychex Inc		1,448		155,370
Pegasystems Inc		80		11,135
Pure Storage Inc ‘A’ *		599		11,698
Qorvo Inc *		3,999		782,404
Roper Technologies Inc		3,684		1,732,217
salesforce.com Inc *		26,248		6,411,599
Science Applications International Corp		2,032		178,267
Signify Health Inc ‘A’ *		659		20,053
Skyworks Solutions Inc		3,058		586,371
Snowflake Inc ‘A’ *		247		59,725
SolarWinds Corp *		2,451		41,397
SS&C Technologies Holdings Inc		7,869		567,040
Synopsys Inc *		1,950		537,790
Take-Two Interactive Software Inc *		3,211		568,411
Teradata Corp *		438		21,887
Texas Instruments Inc		12,338		2,372,597
Twilio Inc ‘A’ *		4,090		1,612,114
Tyler Technologies Inc *		189		85,498
VMware Inc ‘A’ *		1,775		283,947

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-247

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Western Digital Corp *		10,984		$781,731
Xerox Holdings Corp		5,005		117,567
Zynga Inc ‘A’ *		18,375		195,326
				61,817,277
Utilities - 4.6%
Alliant Energy Corp		8,786		489,907
Ameren Corp		8,951		716,438
American Electric Power Co Inc		17,678		1,495,382
American Water Works Co Inc		6,377		982,887
Atmos Energy Corp		4,665		448,353
Avangrid Inc		1,986		102,140
Brookfield Renewable Corp ‘A’		3,358		140,835
CenterPoint Energy Inc		20,405		500,331
CMS Energy Corp		10,151		599,721
Consolidated Edison Inc		12,019		862,003
Dominion Energy Inc		28,311		2,082,840
DTE Energy Co		6,777		878,299
Duke Energy Corp		27,045		2,669,882
Edison International		13,096		757,211
Entergy Corp		7,043		702,187
Essential Utilities Inc		7,838		358,197
Evergy Inc		7,934		479,452
Eversource Energy		12,039		966,009
Exelon Corp		34,633		1,534,588
FirstEnergy Corp		19,002		707,064
Hawaiian Electric Industries Inc		3,749		158,508
IDACORP Inc		1,765		172,088
National Fuel Gas Co		3,044		159,049
NextEra Energy Inc		68,934		5,051,484
NiSource Inc		14,252		349,174
NRG Energy Inc		4,664		187,959
OGE Energy Corp		7,003		235,651
PG&E Corp *		53,035		539,366
Pinnacle West Capital Corp		3,944		323,290
PPL Corp		27,017		755,665
Public Service Enterprise Group Inc		17,714		1,058,234
Sempra Energy		11,085		1,468,541
The AES Corp		23,172		604,094
The Southern Co		37,179		2,249,701
UGI Corp		7,302		338,156
Vistra Corp		17,099		317,186
WEC Energy Group Inc		11,075		985,121
Xcel Energy Inc		18,911		1,245,857
				33,672,850
Total Common Stocks (Cost $536,163,498)				706,630,730
EXCHANGE-TRADED FUND - 1.7%
iShares Russell 1000 Value		77,836		12,346,346
Total Exchange-Traded Fund (Cost $11,622,325)				12,346,346

	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.2%
Repurchase Agreement - 1.2%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $8,784,791; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $8,960,533)		$8,784,791		$8,784,791
Total Short-Term Investment (Cost $8,784,791)				8,784,791
TOTAL INVESTMENTS - 99.8% (Cost $556,570,614)				727,761,867
DERIVATIVES - 0.0%				7,815
OTHER ASSETS & LIABILITIES, NET - 0.2%				1,394,055
NET ASSETS - 100.0%				$729,163,737

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	24.4%
Consumer, Non-Cyclical	23.9%
Industrial	10.9%
Communications	9.4%
Technology	8.5%
Consumer, Cyclical	7.4%
Energy	5.1%
Utilities	4.6%
Others (each less than 3.0%)	5.6%
	99.8%
Derivatives	0.0%
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/21		25		$5,305,009		$5,360,750		$55,741
S&P MID 400 E-Mini Index		09/21		16		4,355,766		4,307,840		(47,926	)
Total Futures Contracts										$7,815

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-248

PACIFIC SELECT FUND

PD LARGE-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$706,630,730			$706,630,730			$-		$-
	Exchange-Traded Fund		12,346,346			12,346,346			-		-
	Short-Term Investment		8,784,791			-			8,784,791		-
	Derivatives:
	Equity Contracts
	Futures		55,741			55,741			-		-
	Total Assets		727,817,608			719,032,817			8,784,791		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(47,926	)		(47,926	)		-		-
	Total Liabilities		(47,926	)		(47,926	)		-		-
	Total		$727,769,682			$718,984,891			$8,784,791		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-249

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.3%
Basic Materials - 3.1%
Albemarle Corp		5,777		$973,193
Alcoa Corp *		9,279		341,838
Ashland Global Holdings Inc		2,620		229,250
Axalta Coating Systems Ltd *		10,158		309,717
Celanese Corp		5,599		848,808
CF Industries Holdings Inc		10,517		541,100
Cleveland-Cliffs Inc *		22,637		488,054
Diversey Holdings Ltd *		2,548		45,635
Eastman Chemical Co		6,745		787,479
Element Solutions Inc		11,737		274,411
FMC Corp		6,403		692,805
Huntsman Corp		10,793		286,230
International Flavors & Fragrances Inc		12,381		1,849,721
International Paper Co		19,452		1,192,602
LyondellBasell Industries NV ‘A’		13,016		1,338,956
NewMarket Corp		349		112,371
Nucor Corp		14,851		1,424,656
Olin Corp		7,238		334,830
PPG Industries Inc		11,767		1,997,684
Reliance Steel & Aluminum Co		3,110		469,299
Royal Gold Inc		3,177		362,496
RPM International Inc		6,303		558,950
Steel Dynamics Inc		9,900		590,040
The Chemours Co		8,291		288,527
The Mosaic Co		17,002		542,534
United States Steel Corp		13,285		318,840
Valvoline Inc		8,714		282,857
Westlake Chemical Corp		1,541		138,829
WR Grace & Co		2,853		197,199
				17,818,911
Communications - 8.6%
Altice USA Inc ‘A’ *		10,623		362,669
Anaplan Inc *		7,157		381,468
Arista Networks Inc *		2,987		1,082,220
Cable One Inc		271		518,372
CDW Corp		6,956		1,214,865
Ciena Corp *		7,470		424,968
CommScope Holding Co Inc *		10,755		229,189
Corning Inc		37,825		1,547,042
Discovery Inc ‘A’ *		8,484		260,289
Discovery Inc ‘C’ *		15,588		451,740
DISH Network Corp ‘A’ *		12,477		521,539
DoorDash Inc ‘A’ *		4,168		743,279
Etsy Inc *		6,294		1,295,557
Expedia Group Inc *		7,004		1,146,625
F5 Networks Inc *		2,958		552,140
FactSet Research Systems Inc		1,886		632,960
FireEye Inc *		12,281		248,322
Fox Corp ‘A’		16,020		594,823
Fox Corp ‘B’		7,556		265,971
GoDaddy Inc ‘A’ *		8,342		725,420
IAC/InterActiveCorp *		3,771		581,375
Juniper Networks Inc		16,083		439,870
Liberty Broadband Corp ‘A’ *		1,256		211,222
Liberty Broadband Corp ‘C’ *		7,541		1,309,570
Liberty Media Corp-Liberty Formula One ‘A’ *		1,025		43,696
Liberty Media Corp-Liberty Formula One ‘C’ *		9,709		468,071
Liberty Media Corp-Liberty SiriusXM ‘A’ *		3,850		179,333
Liberty Media Corp-Liberty SiriusXM ‘C’ *		8,059		373,857
Lumen Technologies Inc		54,359		738,739
Lyft Inc ‘A’ *		13,936		842,849
Match Group Inc *		13,411		2,162,524
Motorola Solutions Inc		8,261		1,791,398

	Shares		Value
News Corp ‘A’		19,049	$	490,893
News Corp ‘B’		6,157		149,923
Nexstar Media Group Inc ‘A’		2,045		302,415
NortonLifeLock Inc		27,454		747,298
Okta Inc *		6,173		1,510,410
Omnicom Group Inc		10,589		847,014
Opendoor Technologies Inc *		17,228		305,452
Palo Alto Networks Inc *		4,737		1,757,664
Pinterest Inc ‘A’ *		27,171		2,145,150
Proofpoint Inc *		2,779		482,879
Roku Inc *		5,728		2,630,584
Sirius XM Holdings Inc		44,783		292,881
Spotify Technology SA *		6,793		1,872,083
Switch Inc ‘A’		5,694		120,200
The Interpublic Group of Cos Inc		19,211		624,165
The New York Times Co ‘A’		8,266		359,984
The Trade Desk Inc ‘A’ *		21,493		1,662,698
TripAdvisor Inc *		4,704		189,571
Twitter Inc *		38,776		2,668,177
Ubiquiti Inc		326		101,774
VeriSign Inc *		4,901		1,115,909
ViacomCBS Inc ‘A’		502		24,322
ViacomCBS Inc ‘B’		29,265		1,322,778
ViaSat Inc *		3,337		166,316
Vimeo Inc *		6,297		308,553
Wayfair Inc ‘A’ *		3,745		1,182,334
Wix.com Ltd * (Israel)		2,649		768,952
World Wrestling Entertainment Inc ‘A’		2,048		118,559
Zendesk Inc *		5,862		846,121
Zillow Group Inc ‘A’ *		2,975		364,527
Zillow Group Inc ‘C’ *		8,148		995,849
				48,817,397
Consumer, Cyclical - 13.9%
Advance Auto Parts Inc		3,238		664,243
Alaska Air Group Inc *		5,911		356,492
Allison Transmission Holdings Inc		5,296		210,463
American Airlines Group Inc *		32,111		681,074
Aptiv PLC *		13,414		2,110,425
Aramark		11,149		415,300
AutoNation Inc *		2,522		239,111
AutoZone Inc *		1,094		1,632,489
Best Buy Co Inc		12,428		1,428,971
BorgWarner Inc		11,904		577,820
Boyd Gaming Corp *		4,078		250,756
Brunswick Corp		3,832		381,744
Burlington Stores Inc *		3,297	��	1,061,601
Caesars Entertainment Inc *		9,910		1,028,163
Capri Holdings Ltd *		7,286		416,686
CarMax Inc *		8,105		1,046,761
Carnival Corp *		42,336		1,115,977
Carter’s Inc		2,175		224,395
Carvana Co *		3,832		1,156,574
Casey’s General Stores Inc		1,785		347,432
Chipotle Mexican Grill Inc *		1,395		2,162,724
Choice Hotels International Inc		1,766		209,907
Churchill Downs Inc		1,832		363,212
Columbia Sportswear Co		1,984		195,146
Copa Holdings SA ‘A’ * (Panama)		1,591		119,850
Copart Inc *		10,391		1,369,846
Cummins Inc		7,263		1,770,792
Darden Restaurants Inc		6,463		943,533
Deckers Outdoor Corp *		1,386		532,321
Delta Air Lines Inc *		31,766		1,374,197
Dick’s Sporting Goods Inc		3,165		317,101
Dolby Laboratories Inc ‘A’		3,081		302,831
Dollar Tree Inc *		11,515		1,145,743
Domino’s Pizza Inc		1,923		897,060
DR Horton Inc		16,532		1,493,997
DraftKings Inc ‘A’ *		15,092		787,350

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-250

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Fastenal Co		28,521	$	1,483,092
Five Below Inc *		2,687		519,317
Floor & Decor Holdings Inc ‘A’ *		5,057		534,525
Foot Locker Inc		4,460		274,870
Freshpet Inc *		2,028		330,483
GameStop Corp ‘A’ *		2,939		629,357
Gentex Corp		11,950		395,426
Genuine Parts Co		7,022		888,072
Hanesbrands Inc		16,709		311,957
Harley-Davidson Inc		7,402		339,160
Hasbro Inc		6,280		593,586
Hilton Worldwide Holdings Inc *		13,619		1,642,724
Hyatt Hotels Corp ‘A’ *		2,010		156,056
IAA Inc *		6,516		355,383
JetBlue Airways Corp *		15,951		267,658
Kohl’s Corp		7,694		424,016
L Brands Inc		11,878		855,929
Lear Corp		2,948		516,725
Leggett & Platt Inc		6,702		347,231
Lennar Corp ‘A’		13,491		1,340,331
Lennar Corp ‘B’		846		68,907
Leslie’s Inc *		5,415		148,858
Lithia Motors Inc ‘A’		1,438		494,154
Live Nation Entertainment Inc *		6,672		584,400
LKQ Corp *		13,899		684,109
Lululemon Athletica Inc *		5,669		2,069,015
Marriott Vacations Worldwide Corp *		2,069		329,592
Mattel Inc *		17,451		350,765
MGM Resorts International		20,281		864,985
Mohawk Industries Inc *		2,810		540,054
MSC Industrial Direct Co Inc ‘A’		2,145		192,471
Newell Brands Inc		18,873		518,441
Nordstrom Inc *		5,541		202,634
Norwegian Cruise Line Holdings Ltd *		18,413		541,526
NVR Inc *		164		815,621
O’Reilly Automotive Inc *		3,429		1,941,534
Ollie’s Bargain Outlet Holdings Inc *		3,241		272,665
PACCAR Inc		16,938		1,511,717
Peloton Interactive Inc ‘A’ *		13,189		1,635,700
Penn National Gaming Inc *		7,758		593,409
Penske Automotive Group Inc		1,616		121,992
Petco Health & Wellness Co Inc *		3,708		83,096
Planet Fitness Inc ‘A’ *		4,166		313,492
Polaris Inc		2,822		386,501
Pool Corp		1,932		886,131
PulteGroup Inc		13,018		710,392
PVH Corp *		3,565		383,558
QuantumScape Corp *		5,778		169,064
Qurate Retail Inc ‘A’		18,046		236,222
Ralph Lauren Corp		2,390		281,566
RH *		853		579,187
Royal Caribbean Cruises Ltd *		10,892		928,870
SiteOne Landscape Supply Inc *		2,190		370,679
Six Flags Entertainment Corp *		3,875		167,710
Skechers U.S.A. Inc ‘A’ *		6,452		321,503
Southwest Airlines Co *		29,364		1,558,935
Tapestry Inc *		13,869		603,024
Tempur Sealy International Inc		9,042		354,356
The Gap Inc		10,001		336,534
The Madison Square Garden Co ‘A’ *		952		164,287
The Scotts Miracle-Gro Co		2,057		394,779
The Wendy’s Co		8,392		196,541
Thor Industries Inc		2,543		287,359
Toll Brothers Inc		5,402		312,290
Tractor Supply Co		5,715		1,063,333
Travel & Leisure Co		4,264		253,495
TuSimple Holdings Inc ‘A’ *		1,781		126,878
Ulta Beauty Inc *		2,674		924,589
Under Armour Inc ‘A’ *		9,558		202,152
Under Armour Inc ‘C’ *		9,995		185,607

	Shares		Value
United Airlines Holdings Inc *		16,095	$	841,608
Univar Solutions Inc *		8,467		206,425
Vail Resorts Inc *		1,983		627,659
VF Corp		16,095		1,320,434
Virgin Galactic Holdings Inc *		7,137		328,302
Vroom Inc *		5,719		239,397
Watsco Inc		1,595		457,191
Whirlpool Corp		3,045		663,871
Williams-Sonoma Inc		3,721		594,058
WW Grainger Inc		2,309		1,011,342
Wyndham Hotels & Resorts Inc		4,429		320,172
Wynn Resorts Ltd *		5,195		635,349
YETI Holdings Inc *		4,251		390,327
Yum China Holdings Inc (China)		20,919		1,385,884
Yum! Brands Inc		14,829		1,705,780
				79,530,463
Consumer, Non-Cyclical - 17.8%
10X Genomics Inc ‘A’ *		4,155		813,632
ABIOMED Inc *		2,196		685,394
Acadia Healthcare Co Inc *		4,461		279,928
Acceleron Pharma Inc *		2,609		327,403
Adaptive Biotechnologies Corp *		5,407		220,930
ADT Inc		8,302		89,579
agilon health Inc *		2,491		101,060
Albertsons Cos Inc ‘A’		7,874		154,803
Alexion Pharmaceuticals Inc *		11,002		2,021,177
Alnylam Pharmaceuticals Inc *		5,829		988,132
Amedisys Inc *		1,558		381,601
AMERCO		453		266,998
AmerisourceBergen Corp		7,258		830,968
Archer-Daniels-Midland Co		27,679		1,677,347
Avalara Inc *		4,187		677,457
Avantor Inc *		28,813		1,023,150
Avery Dennison Corp		4,113		864,717
Beyond Meat Inc *		2,848		448,532
Bio-Rad Laboratories Inc ‘A’ *		1,045		673,283
Bio-Techne Corp		1,913		861,347
BioMarin Pharmaceutical Inc *		8,971		748,540
Booz Allen Hamilton Holding Corp		6,678		568,832
Bright Horizons Family Solutions Inc *		3,040		447,214
Brown-Forman Corp ‘A’		2,291		161,516
Brown-Forman Corp ‘B’		9,173		687,425
Bruker Corp		5,017		381,192
Bunge Ltd		6,886		538,141
Campbell Soup Co		9,544		435,111
Cardinal Health Inc		14,437		824,208
Catalent Inc *		8,072		872,745
Certara Inc *		1,577		44,676
Charles River Laboratories International Inc *		2,476		915,922
Chegg Inc *		6,999		581,687
Chemed Corp		775		367,738
Church & Dwight Co Inc		12,196		1,039,343
Cintas Corp		4,430		1,692,260
Conagra Brands Inc		23,284		847,072
Corteva Inc		36,691		1,627,246
CoStar Group Inc *		19,470		1,612,505
Coty Inc ‘A’ *		14,629		136,635
CureVac NV * (Germany)		2,639		193,914
Darling Ingredients Inc *		8,029		541,957
DaVita Inc *		3,482		419,337
Dentsply Sirona Inc		10,799		683,145
DexCom Inc *		4,792		2,046,184
Driven Brands Holdings Inc *		1,864		57,635
Dun & Bradstreet Holdings Inc *		7,956		170,020
Elanco Animal Health Inc *		22,120		767,343
Encompass Health Corp		4,791		373,842
Envista Holdings Corp *		8,101		350,044
Equifax Inc		6,022		1,442,329

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-251

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Euronet Worldwide Inc *		2,552	$	345,413
Exact Sciences Corp *		8,484		1,054,646
Exelixis Inc *		15,605		284,323
FleetCor Technologies Inc *		4,052		1,037,555
Flowers Foods Inc		9,194		222,495
FTI Consulting Inc *		1,659		226,636
Gartner Inc *		4,161		1,007,794
Globus Medical Inc ‘A’ *		4,053		314,229
Grand Canyon Education Inc *		2,181		196,225
Grocery Outlet Holding Corp *		4,341		150,459
Guardant Health Inc *		4,462		554,136
H&R Block Inc		8,650		203,102
Henry Schein Inc *		6,999		519,256
Herbalife Nutrition Ltd *		5,335		281,315
Hill-Rom Holdings Inc		3,236		367,577
Hologic Inc *		12,605		841,006
Horizon Therapeutics PLC *		10,848		1,015,807
Hormel Foods Corp		13,826		660,191
ICU Medical Inc *		1,067		219,589
IDEXX Laboratories Inc *		4,207		2,656,931
IHS Markit Ltd		18,559		2,090,857
Incyte Corp *		9,180		772,313
Ingredion Inc		3,224		291,772
Insulet Corp *		3,286		902,040
Integra LifeSciences Holdings Corp *		3,623		247,234
Ionis Pharmaceuticals Inc *		7,071		282,062
Iovance Biotherapeutics Inc *		7,664		199,417
IQVIA Holdings Inc *		9,481		2,297,436
Jazz Pharmaceuticals PLC *		2,945		523,150
Kellogg Co		12,486		803,224
Laboratory Corp of America Holdings *		4,858		1,340,079
Lamb Weston Holdings Inc		7,199		580,671
ManpowerGroup Inc		2,698		320,819
Maravai LifeSciences Holdings Inc ‘A’ *		3,796		158,407
MarketAxess Holdings Inc		1,857		860,887
Masimo Corp *		2,550		618,247
McCormick & Co Inc		12,401		1,095,256
McKesson Corp		7,926		1,515,768
Mirati Therapeutics Inc *		1,950		314,984
Molina Healthcare Inc *		2,866		725,270
Molson Coors Beverage Co ‘B’ *		8,732		468,821
Morningstar Inc		1,165		299,533
Natera Inc *		3,888		441,405
Nektar Therapeutics *		8,797		150,957
Neurocrine Biosciences Inc *		4,560		443,779
Nielsen Holdings PLC		17,422		429,801
Novavax Inc *		3,670		779,178
Novocure Ltd *		5,041		1,118,195
Oak Street Health Inc *		5,151		301,694
Organon & Co *		12,605		381,427
Paylocity Holding Corp *		1,854		353,743
Paysafe Ltd *		15,328		185,622
Penumbra Inc *		1,733		474,946
PerkinElmer Inc		5,545		856,203
Perrigo Co PLC		6,576		301,510
Pilgrim’s Pride Corp *		2,180		48,352
Post Holdings Inc *		2,900		314,563
PPD Inc *		7,756		357,474
Premier Inc ‘A’		6,174		214,793
QIAGEN NV *		11,069		535,518
Quanta Services Inc		6,757		611,981
Quest Diagnostics Inc		6,479		855,034
Quidel Corp *		1,887		241,762
Repligen Corp *		2,668		532,586
ResMed Inc		7,152		1,763,111
Reynolds Consumer Products Inc		3,110		94,389
Robert Half International Inc		5,406		480,972
Rollins Inc		11,291		386,152
Royalty Pharma PLC ‘A’		16,280		667,317
Sabre Corp *		16,124		201,228

	Shares		Value
Sage Therapeutics Inc *		2,598	$	147,592
Sarepta Therapeutics Inc *		3,824		297,278
Seaboard Corp		11		42,556
Seagen Inc *		6,654		1,050,534
Service Corp International		8,129		435,633
Shift4 Payments Inc ‘A’ *		2,133		199,905
Sotera Health Co *		4,033		97,720
Spectrum Brands Holdings Inc		2,131		181,220
STERIS PLC		4,867		1,004,062
StoneCo Ltd ‘A’ * (Brazil)		10,989		736,922
Syneos Health Inc *		5,046		451,567
Tandem Diabetes Care Inc *		3,073		299,310
Teladoc Health Inc *		7,286		1,211,589
Teleflex Inc		2,323		933,358
Terminix Global Holdings Inc *		6,380		304,390
The Boston Beer Co Inc ‘A’ *		468		477,734
The Clorox Co		6,185		1,112,743
The Cooper Cos Inc		2,406		953,426
The Hain Celestial Group Inc *		4,298		172,436
The Hershey Co		7,273		1,266,811
The JM Smucker Co		5,273		683,223
The Kroger Co		37,169		1,423,944
TransUnion		9,513		1,044,623
Tyson Foods Inc ‘A’		14,276		1,052,998
Ultragenyx Pharmaceutical Inc *		3,202		305,311
United Rentals Inc *		3,594		1,146,522
United Therapeutics Corp *		2,203		395,240
Universal Health Services Inc ‘B’		3,746		548,527
US Foods Holding Corp *		10,718		411,142
Verisk Analytics Inc		7,890		1,378,541
Viatris Inc		60,067		858,357
West Pharmaceutical Services Inc		3,653		1,311,792
WEX Inc *		2,236		433,560
Zimmer Biomet Holdings Inc		10,377		1,668,829
				101,393,215
Energy - 4.2%
Antero Midstream Corp		16,609		172,567
APA Corp		18,414		398,295
Baker Hughes Co		36,635		837,842
Cabot Oil & Gas Corp		18,897		329,942
Cheniere Energy Inc *		11,561		1,002,801
Cimarex Energy Co		4,861		352,179
Continental Resources Inc		3,231		122,875
Devon Energy Corp		33,511		978,186
Diamondback Energy Inc		8,984		843,508
Enphase Energy Inc *		6,554		1,203,511
EQT Corp *		13,956		310,660
First Solar Inc *		5,266		476,626
Halliburton Co		44,046		1,018,343
Hess Corp		13,785		1,203,706
HollyFrontier Corp		7,580		249,382
Marathon Oil Corp		38,785		528,252
Marathon Petroleum Corp		32,411		1,958,273
New Fortress Energy Inc		1,316		49,850
NOV Inc *		19,699		301,789
Occidental Petroleum Corp		42,010		1,313,653
ONEOK Inc		22,051		1,226,918
Phillips 66		21,768		1,868,130
Pioneer Natural Resources Co		10,729		1,743,677
Plug Power Inc *		24,871		850,339
Shoals Technologies Group Inc ‘A’ *		4,512		160,176
Sunrun Inc *		9,906		552,557
Targa Resources Corp		11,123		494,417
Texas Pacific Land Corp		292		467,124
The Williams Cos Inc		60,433		1,604,496
Valero Energy Corp		20,297		1,584,790
				24,204,864

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-252

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Financial - 18.1%
Affiliated Managers Group Inc		2,062	$	317,981
Aflac Inc		33,384		1,791,385
AGNC Investment Corp REIT		26,047		439,934
Air Lease Corp		5,406		225,646
Alexandria Real Estate Equities Inc REIT		7,270		1,322,704
Alleghany Corp *		671		447,604
Alliance Data Systems Corp		2,375		247,451
Ally Financial Inc		18,410		917,554
American Campus Communities Inc REIT		6,605		308,586
American Financial Group Inc		3,369		420,182
American Homes 4 Rent ‘A’ REIT		13,851		538,111
Americold Realty Trust REIT		12,545		474,828
Ameriprise Financial Inc		5,794		1,442,011
Annaly Capital Management Inc REIT		69,446		616,680
Apartment Income REIT Corp		7,859		372,752
Apollo Global Management Inc		8,707		541,575
Arch Capital Group Ltd *		19,314		752,087
Ares Management Corp ‘A’		6,832		434,447
Arthur J Gallagher & Co		10,056		1,408,644
Assurant Inc		3,085		481,815
Athene Holding Ltd ‘A’ *		5,781		390,217
AvalonBay Communities Inc REIT		6,929		1,446,013
Axis Capital Holdings Ltd		3,848		188,590
Bank of Hawaii Corp		2,001		168,524
Bank OZK		6,199		261,350
BOK Financial Corp		1,402		121,413
Boston Properties Inc REIT		7,759		889,104
Brighthouse Financial Inc *		4,099		186,668
Brixmor Property Group Inc REIT		14,321		327,808
Brookfield Property REIT Inc ‘A’		1,224		23,121
Brown & Brown Inc		11,650		619,081
Camden Property Trust REIT		4,666		619,038
Cboe Global Markets Inc		5,285		629,179
CBRE Group Inc ‘A’ *		16,597		1,422,861
Cincinnati Financial Corp		7,445		868,236
Citizens Financial Group Inc		21,117		968,637
CNA Financial Corp		1,447		65,824
Comerica Inc		6,832		487,395
Commerce Bancshares Inc		5,136		382,940
CoreSite Realty Corp REIT		2,166		291,544
Cousins Properties Inc REIT		7,068		259,961
Credit Acceptance Corp *		437		198,446
CubeSmart REIT		10,160		470,611
Cullen/Frost Bankers Inc		2,842		318,304
CyrusOne Inc REIT		6,102		436,415
Discover Financial Services		15,145		1,791,502
Douglas Emmett Inc REIT		7,973		268,052
Duke Realty Corp REIT		18,602		880,805
East West Bancorp Inc		6,925		496,453
EPR Properties REIT *		3,757		197,919
Equitable Holdings Inc		19,060		580,377
Equity LifeStyle Properties Inc REIT		8,609		639,735
Equity Residential REIT		18,319		1,410,563
Erie Indemnity Co ‘A’		1,247		241,107
Essex Property Trust Inc REIT		3,221		966,332
Evercore Inc ‘A’		2,005		282,244
Everest Re Group Ltd		1,932		486,883
Extra Space Storage Inc REIT		6,518		1,067,779
Federal Realty Investment Trust REIT		3,877		454,268
Fidelity National Financial Inc		11,198		486,665
Fifth Third Bancorp		34,877		1,333,348
First American Financial Corp		5,290		329,832
First Citizens BancShares Inc ‘A’		300		249,822
First Hawaiian Inc		6,579		186,449
First Horizon Corp		26,746		462,171
First Industrial Realty Trust Inc REIT		6,187		323,147
First Republic Bank		8,715		1,631,187
FNB Corp		15,024		185,246

	Shares		Value
Franklin Resources Inc		14,035	$	448,980
Gaming and Leisure Properties Inc REIT		11,032		511,113
Globe Life Inc		5,041		480,155
GoHealth Inc ‘A’ *		1,950		21,860
Healthcare Trust of America Inc ‘A’ REIT		10,440		278,748
Healthpeak Properties Inc REIT		26,792		891,906
Highwoods Properties Inc REIT		5,221		235,833
Host Hotels & Resorts Inc REIT *		34,558		590,596
Hudson Pacific Properties Inc REIT		7,035		195,714
Huntington Bancshares Inc		72,852		1,039,598
Interactive Brokers Group Inc ‘A’		3,989		262,197
Invesco Ltd		16,574		443,023
Invitation Homes Inc REIT		28,215		1,052,137
Iron Mountain Inc REIT		14,140		598,405
Janus Henderson Group PLC		4,102		159,199
JBG SMITH Properties REIT		6,183		194,826
Jefferies Financial Group Inc		10,716		366,487
Jones Lang LaSalle Inc *		2,532		494,905
Kemper Corp		2,903		214,532
KeyCorp		48,077		992,790
Kilroy Realty Corp REIT		5,665		394,511
Kimco Realty Corp REIT		20,171		420,565
KKR & Co Inc		27,347		1,620,036
Lamar Advertising Co ‘A’ REIT		4,203		438,877
Lazard Ltd ‘A’		5,120		231,680
Lemonade Inc *		1,898		207,660
Life Storage Inc REIT		3,750		402,562
Lincoln National Corp		9,415		591,639
Loews Corp		11,021		602,298
LPL Financial Holdings Inc		3,986		538,030
M&T Bank Corp		6,376		926,497
Markel Corp *		672		797,469
Medical Properties Trust Inc REIT		28,306		568,951
Mercury General Corp		1,543		100,218
MGIC Investment Corp		17,144		233,158
Mid-America Apartment Communities Inc REIT		5,658		952,920
Nasdaq Inc		5,676		997,841
National Retail Properties Inc REIT		8,783		411,747
New Residential Investment Corp REIT		22,606		239,398
New York Community Bancorp Inc		22,834		251,631
Northern Trust Corp		10,204		1,179,786
Old Republic International Corp		13,908		346,448
Omega Healthcare Investors Inc REIT		12,091		438,782
OneMain Holdings Inc		4,400		263,604
PacWest Bancorp		5,924		243,832
Park Hotels & Resorts Inc REIT *		11,158		229,966
People’s United Financial Inc		20,511		351,559
Pinnacle Financial Partners Inc		3,750		331,088
Popular Inc		3,990		299,450
Primerica Inc		1,883		288,363
Principal Financial Group Inc		13,354		843,839
Prosperity Bancshares Inc		4,300		308,740
Prudential Financial Inc		19,606		2,009,027
Raymond James Financial Inc		6,105		793,039
Rayonier Inc REIT		7,175		257,798
Realty Income Corp REIT		18,575		1,239,695
Regency Centers Corp REIT		8,299		531,717
Regions Financial Corp		47,783		964,261
Reinsurance Group of America Inc		3,296		375,744
RenaissanceRe Holdings Ltd (Bermuda)		2,441		363,270
Rexford Industrial Realty Inc REIT		6,940		395,233
Rocket Cos Inc ‘A’		6,723		130,090
Santander Consumer USA Holdings Inc		2,994		108,742
SBA Communications Corp REIT		5,384		1,715,881
SEI Investments Co		5,442		337,241
Signature Bank		2,787		684,627
Simon Property Group Inc REIT		16,214		2,115,603
SL Green Realty Corp REIT		3,361		268,880
SLM Corp		15,991		334,852

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-253

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Spirit Realty Capital Inc REIT		5,795	$	277,233
Starwood Property Trust Inc REIT		13,243		346,569
State Street Corp		17,276		1,421,469
Sterling Bancorp		9,155		226,952
Stifel Financial Corp		5,068		328,710
STORE Capital Corp REIT		12,255		422,920
Sun Communities Inc REIT		5,493		941,500
SVB Financial Group *		2,687		1,495,127
Synchrony Financial		28,842		1,399,414
Synovus Financial Corp		7,423		325,721
T Rowe Price Group Inc		11,200		2,217,264
TFS Financial Corp		2,694		54,688
The Carlyle Group Inc		8,064		374,815
The Hanover Insurance Group Inc		1,774		240,625
The Hartford Financial Services Group Inc		17,731		1,098,790
The Howard Hughes Corp *		2,147		209,247
The Western Union Co		20,102		461,743
Tradeweb Markets Inc ‘A’		5,215		440,980
UDR Inc REIT		14,540		712,169
Umpqua Holdings Corp		11,167		206,031
Unum Group		10,322		293,145
Upstart Holdings Inc *		571		71,318
UWM Holdings Corp		2,116		17,880
Ventas Inc REIT		18,630		1,063,773
VEREIT Inc REIT		11,460		526,358
VICI Properties Inc REIT		26,691		827,955
Virtu Financial Inc ‘A’		4,636		128,093
Vornado Realty Trust REIT		8,559		399,449
Voya Financial Inc		5,983		367,954
Webster Financial Corp		4,544		242,377
Weingarten Realty Investors REIT		5,636		180,747
Welltower Inc REIT		20,763		1,725,405
Western Alliance Bancorp		5,135		476,785
Weyerhaeuser Co REIT		37,243		1,281,904
White Mountains Insurance Group Ltd		168		192,869
Willis Towers Watson PLC		6,384		1,468,448
Wintrust Financial Corp		2,858		216,151
WP Carey Inc REIT		8,769		654,343
WR Berkley Corp		6,860		510,590
Zions Bancorp NA		7,885		416,801
				102,911,304
Industrial - 13.4%
Acuity Brands Inc		1,727		323,001
Advanced Drainage Systems Inc		2,795		325,813
AECOM *		6,894		436,528
AGCO Corp		3,136		408,872
Agilent Technologies Inc		15,125		2,235,626
Allegion PLC		4,461		621,417
Amcor PLC		76,581		877,618
AMETEK Inc		11,460		1,529,910
Amphenol Corp ‘A’		29,029		1,985,874
AO Smith Corp		6,495		468,030
AptarGroup Inc		3,379		475,898
Ardagh Group SA		635		15,570
Armstrong World Industries Inc		2,262		242,622
Arrow Electronics Inc *		3,605		410,357
Avnet Inc		4,976		199,438
Axon Enterprise Inc *		3,175		561,340
Ball Corp		15,978		1,294,538
Berry Global Group Inc *		6,559		427,778
Builders FirstSource Inc *		10,182		434,364
BWX Technologies Inc		4,549		264,388
Carlisle Cos Inc		2,552		488,402
Carrier Global Corp		43,226		2,100,784
CH Robinson Worldwide Inc		6,554		613,913
ChargePoint Holdings Inc *		6,217		215,979
Clean Harbors Inc *		2,427		226,051
Cognex Corp		8,508		715,097
Coherent Inc *		1,176		310,864

	Shares		Value
Colfax Corp *		6,030	$	276,234
Crane Co		2,470		228,154
Crown Holdings Inc		6,416		655,779
Curtiss-Wright Corp		1,970		233,957
Donaldson Co Inc		6,177		392,425
Dover Corp		7,133		1,074,230
Eagle Materials Inc		1,978		281,094
Expeditors International of Washington Inc		8,362		1,058,629
Flowserve Corp		6,194		249,742
Fortive Corp		16,239		1,132,508
Fortune Brands Home & Security Inc		6,823		679,639
frontdoor Inc *		4,346		216,518
Garmin Ltd		7,524		1,088,271
Gates Industrial Corp PLC *		4,325		78,153
Generac Holdings Inc *		3,048		1,265,377
Graco Inc		8,384		634,669
Graphic Packaging Holding Co		14,461		262,322
Hayward Holdings Inc *		1,906		49,594
HEICO Corp		2,150		299,753
HEICO Corp ‘A’		3,949		490,387
Hexcel Corp *		4,232		264,077
Howmet Aerospace Inc *		19,472		671,200
Hubbell Inc		2,690		502,600
Huntington Ingalls Industries Inc		1,930		406,747
IDEX Corp		3,774		830,469
Ingersoll Rand Inc *		18,636		909,623
ITT Inc		4,202		384,861
Jabil Inc		7,170		416,720
Jacobs Engineering Group Inc		6,423		856,957
JB Hunt Transport Services Inc		4,154		676,894
Kansas City Southern		4,505		1,276,582
Keysight Technologies Inc *		9,215		1,422,888
Kirby Corp *		3,025		183,436
Knight-Swift Transportation Holdings Inc		7,989		363,180
Landstar System Inc		1,831		289,335
Lennox International Inc		1,692		593,554
Lincoln Electric Holdings Inc		2,769		364,705
Littelfuse Inc		1,195		304,474
Louisiana-Pacific Corp		5,064		305,309
Martin Marietta Materials Inc		3,091		1,087,445
Masco Corp		12,573		740,675
MasTec Inc *		2,789		295,913
MDU Resources Group Inc		9,584		300,363
Mercury Systems Inc *		2,772		183,728
Mettler-Toledo International Inc *		1,141		1,580,673
MSA Safety Inc		1,847		305,826
National Instruments Corp		6,542		276,596
Nordson Corp		2,841		623,628
nVent Electric PLC		8,425		263,197
Old Dominion Freight Line Inc		5,085		1,290,573
Oshkosh Corp		3,438		428,512
Otis Worldwide Corp		21,366		1,747,098
Owens Corning		5,178		506,926
Packaging Corp of America		4,633		627,401
Parker-Hannifin Corp		6,395		1,963,968
Pentair PLC		8,130		548,694
Regal Beloit Corp		2,055		274,363
Republic Services Inc		10,444		1,148,944
Rockwell Automation Inc		5,770		1,650,335
Ryder System Inc		2,660		197,718
Schneider National Inc ‘B’		2,307		50,223
Sealed Air Corp		7,545		447,041
Sensata Technologies Holding PLC *		7,546		437,442
Silgan Holdings Inc		4,393		182,309
Snap-on Inc		2,653		592,760
Sonoco Products Co		4,832		323,261
Spirit AeroSystems Holdings Inc ‘A’		4,984		235,195
Stanley Black & Decker Inc		8,023		1,644,635
Stericycle Inc *		4,404		315,106
SYNNEX Corp		2,108		256,670

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-254

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Teledyne Technologies Inc *		2,276	$	953,257
Textron Inc		11,212		771,049
The AZEK Co Inc *		5,445		231,195
The Middleby Corp *		2,697		467,282
The Timken Co		3,215		259,097
The Toro Co		5,272		579,287
TopBuild Corp *		1,639		324,161
Trane Technologies PLC		11,865		2,184,821
TransDigm Group Inc *		2,569		1,662,888
Trex Co Inc *		5,706		583,210
Trimble Inc *		12,446		1,018,456
Universal Display Corp		2,103		467,560
Valmont Industries Inc		991		233,926
Vertiv Holdings Co		13,972		381,436
Vontier Corp		8,401		273,705
Vulcan Materials Co		6,572		1,143,988
Waters Corp *		3,039		1,050,309
Westinghouse Air Brake Technologies Corp		8,986		739,548
Westrock Co		12,929		688,081
Woodward Inc		2,862		351,683
XPO Logistics Inc *		4,611		645,033
Xylem Inc		8,897		1,067,284
				76,485,592
Technology - 13.9%
Akamai Technologies Inc *		7,978		930,235
Allegro MicroSystems Inc * (Japan)		2,357		65,289
Alteryx Inc ‘A’ *		2,921		251,264
Amdocs Ltd		6,348		491,081
ANSYS Inc *		4,329		1,502,423
Aspen Technology Inc *		3,312		455,532
Bentley Systems Inc ‘B’		6,699		433,961
Bill.Com Holdings Inc *		3,677		673,553
Black Knight Inc *		7,466		582,199
Broadridge Financial Solutions Inc		5,747		928,313
Brooks Automation Inc		3,637		346,533
C3.ai Inc ‘A’ *		1,059		66,219
CACI International Inc ‘A’ *		1,155		294,664
Cadence Design Systems Inc *		13,661		1,869,098
CDK Global Inc		5,855		290,935
Ceridian HCM Holding Inc *		6,418		615,615
Cerner Corp		14,982		1,170,993
Change Healthcare Inc *		12,305		283,507
Cirrus Logic Inc *		2,932		249,572
Citrix Systems Inc		6,155		721,797
Clarivate PLC * (United Kingdom)		20,476		563,704
Cloudflare Inc ‘A’ *		12,491		1,322,047
Concentrix Corp *		2,108		338,966
Coupa Software Inc *		3,664		960,371
Cree Inc *		5,780		566,035
Crowdstrike Holdings Inc ‘A’ *		8,017		2,014,752
Datadog Inc ‘A’ *		11,263		1,172,253
Datto Holding Corp *		984		27,395
DocuSign Inc *		9,481		2,650,603
DoubleVerify Holdings Inc *		757		32,051
Dropbox Inc ‘A’ *		15,146		459,075
Duck Creek Technologies Inc *		3,680		160,117
DXC Technology Co *		12,433		484,141
Dynatrace Inc *		9,006		526,131
Elastic NV *		3,465		505,058
Entegris Inc		6,662		819,226
EPAM Systems Inc *		2,674		1,366,307
Everbridge Inc *		1,923		261,682
Fair Isaac Corp *		1,386		696,714
Fastly Inc ‘A’ *		5,253		313,079
Five9 Inc *		3,318		608,488
Fortinet Inc *		6,656		1,585,393
Genpact Ltd		9,100		413,413
Globant SA *		1,882		412,497
Guidewire Software Inc *		4,115		463,843

	Shares		Value
Hewlett Packard Enterprise Co		64,619	$	942,145
HP Inc		62,006		1,871,961
HubSpot Inc *		2,215		1,290,725
IPG Photonics Corp *		1,799		379,175
Jack Henry & Associates Inc		3,669		599,918
Jamf Holding Corp *		2,628		88,222
Leidos Holdings Inc		7,015		709,217
Lumentum Holdings Inc *		3,634		298,097
Manhattan Associates Inc *		3,094		448,135
Marvell Technology Inc		40,135		2,341,075
Maxim Integrated Products Inc		13,291		1,400,340
McAfee Corp ‘A’		2,221		62,232
Medallia Inc *		5,145		173,644
Microchip Technology Inc		12,406		1,857,674
MKS Instruments Inc		2,772		493,277
MongoDB Inc *		2,605		941,760
Monolithic Power Systems Inc		2,237		835,408
MSCI Inc		3,986		2,124,857
nCino Inc *		2,338		140,093
NCR Corp *		6,149		280,456
NetApp Inc		11,036		902,966
New Relic Inc *		2,721		182,225
Nuance Communications Inc *		14,159		770,816
Nutanix Inc ‘A’ *		9,578		366,071
ON Semiconductor Corp *		21,052		805,871
Palantir Technologies Inc ‘A’ *		80,746		2,128,465
Paychex Inc		16,010		1,717,873
Paycom Software Inc *		2,555		928,666
Pegasystems Inc		2,001		278,519
Playtika Holding Corp *		3,869		92,237
PTC Inc *		5,176		731,162
Pure Storage Inc ‘A’ *		13,367		261,058
Qorvo Inc *		5,616		1,098,770
RingCentral Inc ‘A’ *		3,993		1,160,286
Science Applications International Corp		2,763		242,398
Signify Health Inc ‘A’ *		1,137		34,599
Skillz Inc *		14,632		317,807
Skyworks Solutions Inc		8,198		1,571,967
Slack Technologies Inc ‘A’ *		24,634		1,091,286
Smartsheet Inc ‘A’ *		5,973		431,967
SolarWinds Corp *		3,818		64,486
Splunk Inc *		8,142		1,177,170
SS&C Technologies Holdings Inc		11,137		802,532
Synopsys Inc *		7,542		2,080,008
Take-Two Interactive Software Inc *		5,674		1,004,411
Teradata Corp *		5,500		274,835
Teradyne Inc		8,260		1,106,510
Tyler Technologies Inc *		2,001		905,192
Unity Software Inc *		7,313		803,187
Veeva Systems Inc ‘A’ *		6,809		2,117,259
Western Digital Corp *		15,254		1,085,627
Xerox Holdings Corp		7,609		178,735
Xilinx Inc		12,226		1,768,369
Zebra Technologies Corp ‘A’ *		2,646		1,401,031
Zscaler Inc *		3,841		829,886
Zynga Inc ‘A’ *		49,632		527,588
				79,466,370
Utilities - 4.3%
Alliant Energy Corp		12,393		691,034
Ameren Corp		12,703		1,016,748
American Water Works Co Inc		9,026		1,391,177
Atmos Energy Corp		6,428		617,795
Avangrid Inc		2,877		147,964
Brookfield Renewable Corp ‘A’		6,345		266,109
CenterPoint Energy Inc		28,880		708,138
CMS Energy Corp		14,226		840,472
Consolidated Edison Inc		17,073		1,224,476
DTE Energy Co		9,592		1,243,123
Edison International		18,742		1,083,662

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-255

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Entergy Corp		9,961	$	993,112
Essential Utilities Inc		10,997		502,563
Evergy Inc		11,224		678,266
Eversource Energy		17,063		1,369,135
FirstEnergy Corp		27,040		1,006,158
Hawaiian Electric Industries Inc		5,034		212,837
IDACORP Inc		2,557		249,307
National Fuel Gas Co		4,411		230,475
NiSource Inc		20,103		492,523
NRG Energy Inc		11,899		479,530
OGE Energy Corp		9,657		324,958
PG&E Corp *		75,062		763,381
Pinnacle West Capital Corp		5,510		451,655
PPL Corp		38,307		1,071,447
Public Service Enterprise Group Inc		25,071		1,497,742
The AES Corp		32,826		855,774
UGI Corp		10,203		472,501
Vistra Corp		23,798		441,453
WEC Energy Group Inc		15,687		1,395,359
Xcel Energy Inc		26,690		1,758,337
				24,477,211
Total Common Stocks (Cost $458,252,645)				555,105,327
EXCHANGE-TRADED FUND - 1.3%
iShares Russell Mid-Cap		92,700		7,345,548
Total Exchange-Traded Fund (Cost $7,006,791)				7,345,548
	Principal Amount
SHORT-TERM INVESTMENT - 1.2%
Repurchase Agreement - 1.2%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $6,826,932; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $6,963,481)		$6,826,932		6,826,932
Total Short-Term Investment (Cost $6,826,932)				6,826,932
TOTAL INVESTMENTS - 99.8% (Cost $472,086,368)				569,277,807
DERIVATIVES - (0.0%)				(33,827	)
OTHER ASSETS & LIABILITIES, NET - 0.2%				991,276
NET ASSETS - 100.0%				$570,235,256

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	18.1%
Consumer, Non-Cyclical	17.8%
Consumer, Cyclical	13.9%
Technology	13.9%
Industrial	13.4%
Communications	8.6%
Utilities	4.3%
Energy	4.2%
Basic Materials	3.1%
Others (each less than 3.0%)	2.5%
	99.8%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.2%
	100.0%

(b) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		09/21		13		$2,752,360		$2,787,590		$35,230
S&P MID 400 E-Mini Index		09/21		18		4,915,377		4,846,320		(69,057	)
Total Futures Contracts										($33,827	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-256

PACIFIC SELECT FUND

PD MID-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$555,105,327			$555,105,327			$-		$-
	Exchange-Traded Fund		7,345,548			7,345,548			-		-
	Short-Term Investment		6,826,932			-			6,826,932		-
	Derivatives:
	Equity Contracts
	Futures		35,230			35,230			-		-
	Total Assets		569,313,037			562,486,105			6,826,932		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(69,057	)		(69,057	)		-		-
	Total Liabilities		(69,057	)		(69,057	)		-		-
	Total		$569,243,980			$562,417,048			$6,826,932		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-257

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		758		$2,274
Oncternal Therapeutics Inc - Contingent Value Rights * W ±		33		34
				2,308
Total Rights (Cost $68)				2,308
COMMON STOCKS - 97.0%
Basic Materials - 2.7%
Allegheny Technologies Inc *		6,877		143,385
American Vanguard Corp		653		11,434
Amyris Inc *		1,660		27,174
Balchem Corp		2,841		372,910
Cabot Corp		5,019		285,732
Century Aluminum Co *		259		3,338
Codexis Inc *		5,331		120,800
Coeur Mining Inc *		14,595		129,604
Compass Minerals International Inc		3,020		178,965
Danimer Scientific Inc *		6,090		152,554
Energy Fuels Inc *		10,686		64,650
Ferro Corp *		6,040		130,283
Gatos Silver Inc *		2,553		44,652
Hawkins Inc		1,156		37,859
HB Fuller Co		843		53,623
Hecla Mining Co		13,877		103,245
Ingevity Corp *		3,548		288,665
Innospec Inc		660		59,803
Kaiser Aluminum Corp		170		20,993
Kronos Worldwide Inc		423		6,057
Livent Corp *		12,991		251,506
Marrone Bio Innovations Inc *		8,861		14,709
MP Materials Corp *		6,450		237,747
Novagold Resources Inc * (Canada)		20,954		167,842
Orion Engineered Carbons SA * (Germany)		5,375		102,071
Perpetua Resources Corp *		2,363		17,250
PolyMet Mining Corp * (Canada)		852		3,076
Quaker Chemical Corp		1,189		282,019
Rogers Corp *		1,456		292,365
Schnitzer Steel Industries Inc ’A’		211		10,350
Sensient Technologies Corp		1,932		167,234
Stepan Co		173		20,807
United States Lime & Minerals Inc		8		1,113
Ur-Energy Inc *		14,646		20,504
Uranium Energy Corp *		18,612		49,508
Zymergen Inc *		279		11,163
				3,884,990
Communications - 6.1%
1-800-Flowers.com Inc ’A’ *		2,359		75,181
A10 Networks Inc *		4,516		50,850
ADTRAN Inc		358		7,393
AMC Networks Inc ’A’ *		1,319		88,109
Anterix Inc *		290		17,397
CalAmp Corp *		3,139		39,928
Calix Inc *		4,011		190,523
Cambium Networks Corp *		802		38,777
Cargurus Inc *		8,206		215,243
CarParts.com Inc *		4,206		85,634
Cars.com Inc *		907		12,997
Casa Systems Inc *		2,957		26,229
ChannelAdvisor Corp *		1,830		44,853
Cincinnati Bell Inc *		1,241		19,136
Clear Channel Outdoor Holdings Inc *		2,975		7,854
Clearfield Inc *		1,038		38,873

	Shares		Value
Cogent Communications Holdings Inc		3,771		$289,952
CuriosityStream Inc *		410		5,592
Digital Media Solutions Inc ’A’ *		139		1,346
DZS Inc *		688		14,276
Eventbrite Inc ’A’ *		6,647		126,293
EverQuote Inc ’A’ *		1,672		54,641
Extreme Networks Inc *		11,057		123,396
fuboTV Inc *		11,643		373,857
Globalstar Inc *		46,916		83,510
Gogo Inc *		396		4,506
Groupon Inc *		1,771		76,436
Harmonic Inc *		1,640		13,973
Houghton Mifflin Harcourt Co *		10,633		117,388
HyreCar Inc *		1,566		32,761
IDT Corp ’B’ *		1,344		49,674
iHeartMedia Inc ’A’ *		4,546		122,424
Infinera Corp *		15,860		161,772
Inseego Corp *		1,601		16,154
InterDigital Inc		1,103		80,552
Iridium Communications Inc *		7,975		318,920
Liquidity Services Inc *		2,350		59,808
LiveXLive Media Inc *		4,726		22,307
Loral Space & Communications Inc (Canada)		1,131		43,939
Magnite Inc *		9,301		314,746
MDC Partners Inc ’A’ *		668		3,908
MediaAlpha Inc ’A’ *		1,685		70,939
Meredith Corp *		2,282		99,130
Mimecast Ltd *		5,276		279,892
National CineMedia Inc		492		2,494
Ooma Inc *		1,119		21,104
Open Lending Corp ’A’ *		9,229		397,678
ORBCOMM Inc *		6,625		74,465
Overstock.com Inc *		3,810		351,282
Perficient Inc *		2,885		232,012
Plantronics Inc *		1,285		53,623
Q2 Holdings Inc *		4,824		494,846
QuinStreet Inc *		4,401		81,771
Quotient Technology Inc *		7,864		85,010
Revolve Group Inc *		2,003		138,007
Shenandoah Telecommunications Co		1,433		69,515
Shutterstock Inc		2,075		203,703
Sinclair Broadcast Group Inc ’A’		723		24,018
Stamps.com Inc *		1,066		213,509
Stitch Fix Inc ’A’ *		5,233		315,550
TechTarget Inc *		2,261		175,205
The RealReal Inc *		6,961		137,549
Thryv Holdings Inc *		470		16,812
Tucows Inc ’A’ *		835		67,067
Upwork Inc *		10,320		601,553
Value Line Inc		93		2,883
Viavi Solutions Inc *		18,027		318,357
Vonage Holdings Corp *		21,367		307,898
WideOpenWest Inc *		2,958		61,260
Yelp Inc *		5,961		238,202
Zix Corp *		4,842		34,136
				8,640,578
Consumer, Cyclical - 14.0%
Abercrombie & Fitch Co ’A’ *		490		22,751
Accel Entertainment Inc *		4,978		59,089
Acushnet Holdings Corp		918		45,349
Adient PLC *		1,095		49,494
Allegiant Travel Co *		1,353		262,482
America’s Car-Mart Inc *		458		64,908
American Axle & Manufacturing Holdings Inc *		5,064		52,412
American Eagle Outfitters Inc		13,471		505,567
Arcimoto Inc *		2,428		41,737
Arko Corp *		1,768		16,248
Asbury Automotive Group Inc *		1,714		293,728
Aspen Aerogels Inc *		1,923		57,536

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-258

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
At Home Group Inc *		5,824		$214,556
Aterian Inc *		1,767		25,851
Avient Corp		868		42,671
Bally’s Corp *		2,887		156,216
Beacon Roofing Supply Inc *		3,741		199,208
Bed Bath & Beyond Inc *		1,122		37,351
BJ’s Restaurants Inc *		1,850		90,909
BJ’s Wholesale Club Holdings Inc *		9,038		430,028
Bloomin’ Brands Inc *		7,874		213,700
Blue Bird Corp *		683		16,979
BlueLinx Holdings Inc *		800		40,224
Boot Barn Holdings Inc *		2,554		214,664
Brinker International Inc *		4,019		248,575
Caleres Inc		3,318		90,548
Camping World Holdings Inc ’A’		3,784		155,106
Canoo Inc *		3,218		31,987
Casper Sleep Inc *		2,603		21,449
Cavco Industries Inc *		572		127,093
Century Casinos Inc *		2,436		32,715
Century Communities Inc		1,712		113,916
Chicken Soup For The Soul Entertainment Inc *		273		11,302
Chico’s FAS Inc *		2,571		16,917
Chuy’s Holdings Inc *		827		30,814
Cinemark Holdings Inc *		7,916		173,756
Citi Trends Inc *		795		69,165
Clarus Corp		2,089		53,687
Commercial Vehicle Group Inc *		1,098		11,672
Core-Mark Holding Co Inc		1,283		57,748
Cracker Barrel Old Country Store Inc		2,098		311,469
Crocs Inc *		5,724		666,960
Dana Inc		6,942		164,942
Dave & Buster’s Entertainment Inc *		1,765		71,659
Denny’s Corp *		4,184		68,994
Designer Brands Inc ’A’ *		5,347		88,493
Diamond Resorts International Inc - Escrow Receipt * W ±		5,554		-
Dine Brands Global Inc *		1,443		128,788
Dorman Products Inc *		2,352		243,832
Douglas Dynamics Inc		2,074		84,391
Drive Shack Inc *		3,625		11,999
Duluth Holdings Inc ’B’ *		1,119		23,107
Escalade Inc		303		6,954
Esports Technologies Inc *		188		3,959
Everi Holdings Inc *		7,442		185,603
EVI Industries Inc *		504		14,314
FirstCash Inc		273		20,868
Fisker Inc *		12,871		248,153
Forestar Group Inc *		351		7,339
Fox Factory Holding Corp *		3,732		580,923
Franchise Group Inc		370		13,050
Frontier Group Holdings Inc *		2,987		50,898
Full House Resorts Inc *		2,948		29,303
Funko Inc ’A’ *		2,364		50,306
GAN Ltd * (United Kingdom)		388		6,379
Gentherm Inc *		2,926		207,892
Global Industrial Co		879		32,268
Golden Entertainment Inc *		1,510		67,648
Golden Nugget Online Gaming Inc *		2,815		35,919
Green Brick Partners Inc *		760		17,282
GrowGeneration Corp *		4,785		230,159
Guess? Inc		502		13,253
H&E Equipment Services Inc		2,933		97,581
Hamilton Beach Brands Holding Co ’A’		316		7,037
Haverty Furniture Cos Inc		657		28,093
Healthcare Services Group Inc		3,517		111,032
Hibbett Inc *		1,198		107,377
Hilton Grand Vacations Inc *		7,555		312,701
HNI Corp		491		21,589
Hooker Furniture Corp		169		5,854

	Shares		Value
Hyliion Holdings Corp *		1,989		$23,172
IMAX Corp *		440		9,460
Installed Building Products Inc		2,096		256,467
Interface Inc		1,329		20,334
International Game Technology PLC *		8,871		212,549
iRobot Corp *		2,249		210,034
Jack in the Box Inc		272		30,312
JOANN Inc		1,074		16,916
Johnson Outdoors Inc ’A’		294		35,574
KB Home		1,409		57,374
Kirkland’s Inc *		1,257		28,760
Kontoor Brands Inc		4,605		259,768
Kopin Corp *		6,905		56,483
Kura Sushi USA Inc ’A’ *		308		11,707
LCI Industries		2,208		290,175
LGI Homes Inc *		1,954		316,431
Liberty Media Corp-Liberty Braves ’A’ *		841		23,733
Liberty Media Corp-Liberty Braves ’C’ *		3,204		88,975
Liberty TripAdvisor Holdings Inc ’A’ *		5,048		20,545
Lindblad Expeditions Holdings Inc *		2,692		43,099
Lordstown Motors Corp ’A’ *		937		10,363
Malibu Boats Inc ’A’ *		1,839		134,854
Marine Products Corp		790		12,198
MarineMax Inc *		986		48,058
MasterCraft Boat Holdings Inc *		1,695		44,562
MDC Holdings Inc		1,394		70,536
Meritage Homes Corp *		182		17,123
Meritor Inc *		5,226		122,393
Miller Industries Inc		47		1,854
Modine Manufacturing Co *		574		9,523
Monarch Casino & Resort Inc *		923		61,075
Murphy USA Inc		2,224		296,615
National Vision Holdings Inc *		7,234		369,874
Nautilus Inc *		718		12,098
Navistar International Corp *		748		33,286
Neogames SA * (Israel)		494		30,366
Nikola Corp *		17,702		319,698
Noodles & Co *		3,637		45,390
Nu Skin Enterprises Inc ’A’		1,970		111,601
OneSpaWorld Holdings Ltd * (Bahamas)		2,349		22,762
OneWater Marine Inc ’A’		932		39,172
OptimizeRx Corp *		1,503		93,036
Oxford Industries Inc		137		13,541
Papa John’s International Inc		2,923		305,278
Party City Holdco Inc *		9,828		91,695
PetMed Express Inc		1,500		47,775
PLBY Group Inc *		958		37,257
PriceSmart Inc		151		13,743
Purple Innovation Inc *		4,449		117,498
RCI Hospitality Holdings Inc		740		48,988
Red Robin Gourmet Burgers Inc *		1,396		46,222
Red Rock Resorts Inc ’A’ *		5,460		232,050
Regis Corp *		1,881		17,606
Resideo Technologies Inc *		1,524		45,720
REV Group Inc		410		6,433
Rocky Brands Inc		53		2,947
Romeo Power Inc *		2,887		23,500
Rush Street Interactive Inc *		4,591		56,286
Ruth’s Hospitality Group Inc *		2,985		68,745
Sally Beauty Holdings Inc *		9,960		219,817
Scientific Games Corp ’A’ *		8,516		659,479
SeaWorld Entertainment Inc *		2,517		125,699
Shake Shack Inc ’A’ *		3,308		354,022
Shift Technologies Inc *		1,060		9,095
Shoe Carnival Inc		741		53,048
Signet Jewelers Ltd (NYSE) *		3,605		291,248
Skyline Champion Corp *		4,643		247,472
Sleep Number Corp *		1,035		113,798
Sonos Inc *		10,648		375,129
Sportsman’s Warehouse Holdings Inc *		3,865		68,681

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-259

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Steven Madden Ltd		7,282		$318,660
Sun Country Airlines Holdings Inc *		1,571		58,143
Superior Group of Cos Inc		290		6,934
Target Hospitality Corp *		3,247		12,046
Taylor Morrison Home Corp *		1,340		35,403
Tenneco Inc ’A’ *		5,763		111,341
Texas Roadhouse Inc		6,176		594,131
The Buckle Inc		2,502		124,475
The Cheesecake Factory Inc *		3,837		207,889
The Children’s Place Inc *		1,255		116,790
The Lovesac Co *		1,137		90,721
The ONE Group Hospitality Inc *		1,759		19,384
The Shyft Group Inc		3,055		114,288
Titan International Inc *		785		6,657
Tri Pointe Homes Inc *		785		16,823
Urban Outfitters Inc *		4,284		176,586
Velodyne Lidar Inc *		6,238		66,372
Visteon Corp *		2,450		296,303
Wabash National Corp		503		8,048
WESCO International Inc *		715		73,516
Wingstop Inc		2,636		415,513
Winmark Corp		101		19,400
Winnebago Industries Inc		2,878		195,589
Wolverine World Wide Inc		7,248		243,823
Workhorse Group Inc *		986		16,358
XL Fleet Corp *		427		3,557
XPEL Inc *		1,596		133,857
				19,872,160
Consumer, Non-Cyclical - 34.0%
22nd Century Group Inc *		13,432		62,190
2U Inc *		5,371		223,810
4D Molecular Therapeutics Inc *		82		1,975
9 Meters Biopharma Inc *		18,785		20,663
ACADIA Pharmaceuticals Inc *		10,580		258,046
Accelerate Diagnostics Inc *		2,930		23,616
Accolade Inc *		4,450		241,679
Accuray Inc *		8,355		37,765
Aclaris Therapeutics Inc *		3,841		67,448
Acutus Medical Inc *		1,366		23,195
Addus HomeCare Corp *		574		50,076
Aerie Pharmaceuticals Inc *		3,723		59,605
Affimed NV * (Germany)		10,287		87,439
Agenus Inc *		17,446		95,779
Agiliti Inc *		2,006		43,871
Akebia Therapeutics Inc *		6,119		23,191
Akero Therapeutics Inc *		1,716		42,574
Akoya Biosciences Inc *		647		12,513
Alarm.com Holdings Inc *		4,182		354,215
Albireo Pharma Inc *		1,179		41,477
Aldeyra Therapeutics Inc *		4,301		48,730
Alector Inc *		5,099		106,212
Aligos Therapeutics Inc *		1,649		33,615
Alkermes PLC *		14,185		347,816
Allakos Inc *		3,085		263,366
Allogene Therapeutics Inc *		2,414		62,957
Allovir Inc *		2,592		51,166
Alphatec Holdings Inc *		5,631		86,267
Alpine Immune Sciences Inc *		1,011		9,099
Alta Equipment Group Inc *		395		5,250
ALX Oncology Holdings Inc *		1,567		85,684
Amicus Therapeutics Inc *		23,268		224,304
AMN Healthcare Services Inc *		4,243		411,486
Amneal Pharmaceuticals Inc *		8,949		45,819
Amphastar Pharmaceuticals Inc *		996		20,079
Ampio Pharmaceuticals Inc *		16,858		28,153
Anavex Life Sciences Corp *		5,502		125,776
Angion Biomedica Corp *		509		6,627
Antares Pharma Inc *		15,039		65,570
Apellis Pharmaceuticals Inc *		5,747		363,210

	Shares		Value
AppHarvest Inc *		4,231		$67,696
Applied Molecular Transport Inc *		2,175		99,484
Applied Therapeutics Inc *		1,190		24,728
Apria Inc *		343		9,604
Apyx Medical Corp *		2,768		28,538
AquaBounty Technologies Inc *		1,602		8,587
Arbutus Biopharma Corp * (Canada)		675		2,045
Arcutis Biotherapeutics Inc *		247		6,741
Ardelyx Inc *		5,714		43,312
Arena Pharmaceuticals Inc *		506		34,509
Arlo Technologies Inc *		7,301		49,428
Arrowhead Pharmaceuticals Inc *		8,969		742,813
Arvinas Inc *		3,862		297,374
Asensus Surgical Inc *		6,507		20,627
ASGN Inc *		4,112		398,576
Aspira Women’s Health Inc *		6,484		36,440
Atara Biotherapeutics Inc *		623		9,688
Atea Pharmaceuticals Inc *		514		11,041
Athenex Inc *		4,519		20,878
Athersys Inc *		15,204		21,894
Atossa Therapeutics Inc *		762		4,816
AtriCure Inc *		3,958		313,988
Atrion Corp		124		76,995
Aveanna Healthcare Holdings Inc *		3,463		42,837
Avid Bioservices Inc *		5,054		129,635
Avidity Biosciences Inc *		463		11,441
Avita Medical Inc *		2,102		43,133
Axogen Inc *		3,378		72,999
Axonics Inc *		3,677		233,159
Axsome Therapeutics Inc *		2,457		165,749
Beam Therapeutics Inc *		4,158		535,176
BellRing Brands Inc ’A’ *		2,317		72,615
Berkeley Lights Inc *		4,232		189,636
Beyondspring Inc *		2,061		21,517
BioAtla Inc *		1,069		45,304
BioCryst Pharmaceuticals Inc *		1,629		25,754
BioDelivery Sciences International Inc *		8,162		29,220
Biodesix Inc *		1,061		14,016
Biohaven Pharmaceutical Holding Co Ltd *		3,206		311,238
BioLife Solutions Inc *		2,163		96,275
Biomea Fusion Inc *		758		11,832
Bionano Genomics Inc *		24,883		182,392
Bioventus Inc ’A’ *		641		11,282
Bioxcel Therapeutics Inc *		1,349		39,202
Blueprint Medicines Corp *		4,834		425,199
Bridgebio Pharma Inc *		6,387		389,352
Brooklyn ImmunoTherapeutics Inc *		1,830		32,958
Butterfly Network Inc *		2,865		41,485
C4 Therapeutics Inc *		3,041		115,071
Cadiz Inc *		72		979
CAI International Inc		357		19,992
Calavo Growers Inc		1,516		96,145
Cardiovascular Systems Inc *		3,465		147,782
CareDx Inc *		4,435		405,891
Carriage Services Inc		318		11,756
Cass Information Systems Inc		268		10,921
Cassava Sciences Inc *		3,385		289,214
Castle Biosciences Inc *		1,733		127,081
CEL-SCI Corp *		2,865		24,868
Celcuity Inc *		705		16,920
Celldex Therapeutics Inc *		2,726		91,157
Celsius Holdings Inc *		4,024		306,186
Central Garden & Pet Co *		266		14,079
Central Garden & Pet Co ’A’ *		1,473		71,146
Cerecor Inc *		4,443		14,529
Cerevel Therapeutics Holdings Inc *		3,098		79,371
Cerus Corp *		14,791		87,415
ChemoCentryx Inc *		346		4,633
Chimerix Inc *		4,630		37,040
ChromaDex Corp *		4,171		41,126

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-260

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Cimpress PLC * (Ireland)		1,553		$168,361
ClearPoint Neuro Inc *		1,678		32,033
Clene Inc *		1,337		15,028
Clovis Oncology Inc *		8,772		50,878
Coca-Cola Consolidated Inc		417		167,688
Codiak Biosciences Inc *		1,380		25,571
Cogent Biosciences Inc *		984		7,980
Coherus Biosciences Inc *		5,623		77,766
Collegium Pharmaceutical Inc *		3,129		73,970
Community Health Systems Inc *		9,591		148,085
CONMED Corp		2,566		352,645
Corcept Therapeutics Inc *		8,546		188,012
CorMedix Inc *		401		2,751
Cortexyme Inc *		1,765		93,545
CorVel Corp *		783		105,157
CRA International Inc		609		52,130
Crinetics Pharmaceuticals Inc *		2,762		52,064
Cross Country Healthcare Inc *		499		8,238
CryoLife Inc *		2,969		84,320
Cue Biopharma Inc *		2,621		30,535
Cullinan Oncology Inc *		71		1,828
Curis Inc *		6,658		53,730
Custom Truck One Source Inc *		460		4,379
Cutera Inc *		1,563		76,634
Cytokinetics Inc *		5,585		110,527
CytomX Therapeutics Inc *		4,846		30,675
CytoSorbents Corp *		3,789		28,607
Deciphera Pharmaceuticals Inc *		2,997		109,720
Denali Therapeutics Inc *		8,052		631,599
DermTech Inc *		2,097		87,172
Design Therapeutics Inc *		688		13,684
Dicerna Pharmaceuticals Inc *		6,097		227,540
Durect Corp *		20,089		32,745
Dynavax Technologies Corp *		9,561		94,176
Eagle Pharmaceuticals Inc *		473		20,244
Eargo Inc *		1,698		67,767
Edgewise Therapeutics Inc *		1,084		23,122
Editas Medicine Inc *		6,047		342,502
elf Beauty Inc *		4,023		109,184
Enanta Pharmaceuticals Inc *		151		6,646
Epizyme Inc *		7,906		65,699
Esperion Therapeutics Inc *		2,311		48,878
Evelo Biosciences Inc *		2,720		37,373
EVERTEC Inc		5,357		233,833
Evo Payments Inc ’A’ *		4,140		114,844
Evolus Inc *		2,884		36,483
Exagen Inc *		249		3,733
Fate Therapeutics Inc *		7,094		615,688
FibroGen Inc *		6,970		185,611
Finch Therapeutics Group Inc *		83		1,168
Flexion Therapeutics Inc *		4,235		34,854
Foghorn Therapeutics Inc *		262		2,796
Forrester Research Inc *		1,136		52,029
Forte Biosciences Inc *		1,002		33,687
Fortress Biotech Inc *		6,355		22,687
Franklin Covey Co *		1,302		42,120
Fulgent Genetics Inc *		228		21,028
G1 Therapeutics Inc *		2,036		44,670
Gemini Therapeutics Inc *		299		1,935
Generation Bio Co *		3,626		97,539
Glaukos Corp *		3,976		337,284
Global Blood Therapeutics Inc *		5,280		184,906
Green Dot Corp ’A’ *		175		8,199
Greenlane Holdings Inc ’A’ *		1,431		6,397
GreenSky Inc ’A’ *		6,356		35,276
Greenwich Lifesciences Inc *		360		16,178
GT Biopharma Inc *		2,109		32,689
Haemonetics Corp *		3,043		202,786
Halozyme Therapeutics Inc *		12,457		565,672
Hanger Inc *		3,373		85,269

	Shares		Value
Harmony Biosciences Holdings Inc *		1,971		$55,641
Harpoon Therapeutics Inc *		1,623		22,511
Harvard Bioscience Inc *		3,019		25,148
HealthEquity Inc *		7,235		582,273
Heidrick & Struggles International Inc		783		34,883
Helen of Troy Ltd *		2,164		493,652
Herc Holdings Inc *		2,222		249,020
Heron Therapeutics Inc *		8,163		126,690
Heska Corp *		847		194,581
HireQuest Inc		412		7,626
Hookipa Pharma Inc *		1,005		9,206
Humanigen Inc *		3,948		68,616
Huron Consulting Group Inc *		342		16,809
Ideaya Biosciences Inc *		608		12,762
IGM Biosciences Inc *		714		59,405
ImmunityBio Inc *		657		9,382
ImmunoGen Inc *		9,368		61,735
Immunovant Inc *		2,118		22,387
Impel Neuropharma Inc *		300		2,655
Inari Medical Inc *		3,005		280,306
Infinity Pharmaceuticals Inc *		7,072		21,145
InfuSystem Holdings Inc *		1,597		33,202
Inhibrx Inc *		2,468		67,919
Innovage Holding Corp *		1,600		34,096
Innoviva Inc *		610		8,180
Inogen Inc *		1,728		112,614
Inotiv Inc *		1,158		30,895
Insmed Inc *		9,125		259,697
Insperity Inc		3,226		291,534
Inspire Medical Systems Inc *		2,378		459,572
Instil Bio Inc *		704		13,601
Intellia Therapeutics Inc *		5,653		915,277
Inter Parfums Inc		1,580		113,760
Intercept Pharmaceuticals Inc *		2,477		49,466
Intersect ENT Inc *		2,949		50,398
Intra-Cellular Therapies Inc *		6,251		255,166
Invitae Corp *		4,561		153,843
iRadimed Corp *		508		14,940
iRhythm Technologies Inc *		2,606		172,908
Ironwood Pharmaceuticals Inc *		12,845		165,315
IVERIC bio Inc *		1,579		9,963
J&J Snack Foods Corp		1,291		225,163
John B Sanfilippo & Son Inc		549		48,625
Kadmon Holdings Inc *		15,187		58,774
Kala Pharmaceuticals Inc *		2,850		15,105
Kaleido Biosciences Inc *		1,595		11,867
KalVista Pharmaceuticals Inc *		1,758		42,122
Karuna Therapeutics Inc *		1,962		223,648
Karyopharm Therapeutics Inc *		6,340		65,429
KemPharm Inc *		1,275		16,345
Keros Therapeutics Inc *		1,379		58,566
Kforce Inc		1,854		116,672
Kiniksa Pharmaceuticals Ltd ’A’ *		1,170		16,298
Kinnate Biopharma Inc *		56		1,304
Kodiak Sciences Inc *		2,962		275,466
Kronos Bio Inc *		406		9,724
Krystal Biotech Inc *		567		38,556
Kymera Therapeutics Inc *		2,552		123,772
Laird Superfood Inc *		382		11,410
Lancaster Colony Corp		1,466		283,686
Landos Biopharma Inc *		559		6,456
Lantheus Holdings Inc *		875		24,185
LeMaitre Vascular Inc		1,601		97,693
Lexicon Pharmaceuticals Inc *		2,444		11,218
LHC Group Inc *		2,698		540,301
Ligand Pharmaceuticals Inc *		157		20,597
Limoneira Co		466		8,178
LivaNova PLC *		3,502		294,553
Luminex Corp		4,035		148,488
Macquarie Infrastructure Corp		1,915		73,287

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-261

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
MacroGenics Inc *		4,785		$128,525
Madrigal Pharmaceuticals Inc *		999		97,313
Magenta Therapeutics Inc *		2,354		23,022
MannKind Corp *		2,336		12,731
Marathon Digital Holdings Inc *		507		15,905
Marinus Pharmaceuticals Inc *		3,272		58,700
Medifast Inc		1,031		291,752
MEDNAX Inc *		3,605		108,691
Medpace Holdings Inc *		2,566		453,233
MEI Pharma Inc *		9,261		26,394
MeiraGTx Holdings PLC *		185		2,867
Meridian Bioscience Inc *		420		9,316
Merit Medical Systems Inc *		4,035		260,903
Mersana Therapeutics Inc *		4,279		58,109
MGP Ingredients Inc		1,043		70,549
MiMedx Group Inc *		6,600		82,566
Mind Medicine MindMed Inc * (Canada)		28,528		98,422
Mirum Pharmaceuticals Inc *		156		2,697
Misonix Inc *		600		13,308
Mission Produce Inc *		378		7,828
ModivCare Inc *		370		62,926
Molecular Templates Inc *		3,257		25,470
Monro Inc		1,799		114,254
Morphic Holding Inc *		1,838		105,483
Multiplan Corp *		5,522		52,569
NanoString Technologies Inc *		3,694		239,334
Nathan’s Famous Inc		171		12,196
National Beverage Corp		2,073		97,908
National Research Corp		1,209		55,493
Neogen Corp *		8,880		408,835
NeoGenomics Inc *		10,021		452,649
Neoleukin Therapeutics Inc *		738		6,812
Neuronetics Inc *		2,004		32,104
NeuroPace Inc *		592		14,084
Nevro Corp *		3,052		505,991
NewAge Inc *		6,905		15,398
NexImmune Inc *		445		7,262
NGM Biopharmaceuticals Inc *		265		5,226
Nurix Therapeutics Inc *		2,525		66,988
NuVasive Inc *		4,576		310,161
Nuvation Bio Inc *		2,609		24,290
Ocugen Inc *		16,255		130,528
Ocular Therapeutix Inc *		6,784		96,197
Olema Pharmaceuticals Inc *		495		13,850
Omeros Corp *		5,313		78,845
Omnicell Inc *		3,802		575,813
Oncocyte Corp *		4,778		27,426
Ontrak Inc *		764		24,815
Oramed Pharmaceuticals Inc * (Israel)		2,363		31,617
Organogenesis Holdings Inc *		3,374		56,076
ORIC Pharmaceuticals Inc *		350		6,191
Ortho Clinical Diagnostics Holdings PLC *		7,804		167,084
OrthoPediatrics Corp *		1,219		77,016
Outlook Therapeutics Inc *		7,750		19,297
Owens & Minor Inc		5,317		225,069
Oyster Point Pharma Inc *		56		963
Pacific Biosciences of California Inc *		7,870		275,214
Pacira BioSciences Inc *		3,849		233,557
Paratek Pharmaceuticals Inc *		4,036		27,526
Patterson Cos Inc		1,990		60,476
PAVmed Inc *		6,585		42,144
Paya Holdings Inc *		7,244		79,829
Performance Food Group Co *		11,678		566,266
Personalis Inc *		252		6,376
PetIQ Inc *		2,346		90,556
Phathom Pharmaceuticals Inc *		1,786		60,456
Phibro Animal Health Corp ’A’		1,830		52,850
Pliant Therapeutics Inc *		1,946		56,668
PMV Pharmaceuticals Inc *		2,310		78,910
Portage Biotech Inc * (Canada)		55		1,153

	Shares		Value
Praxis Precision Medicines Inc *		177		$3,236
Precigen Inc *		7,348		47,909
Precision BioSciences Inc *		4,218		52,809
Prelude Therapeutics Inc *		947		27,113
Priority Technology Holdings Inc *		823		6,288
PROG Holdings Inc		949		45,675
Progyny Inc *		5,568		328,512
Prometheus Biosciences Inc *		133		3,266
Protagonist Therapeutics Inc *		3,657		164,126
Prothena Corp PLC * (Ireland)		2,326		119,580
PTC Therapeutics Inc *		6,144		259,707
Pulmonx Corp *		2,246		99,094
Pulse Biosciences Inc *		1,235		20,254
Puma Biotechnology Inc *		2,850		26,163
Quanterix Corp *		2,733		160,318
Quotient Ltd *		6,947		25,287
R1 RCM Inc *		11,646		259,007
Radius Health Inc *		4,137		75,459
RadNet Inc *		3,980		134,086
Rain Therapeutics Inc *		431		6,698
RAPT Therapeutics Inc *		1,593		50,641
Reata Pharmaceuticals Inc ’A’ *		2,110		298,628
Recursion Pharmaceuticals Inc ’A’ *		1,239		45,223
REGENXBIO Inc *		1,834		71,251
Rekor Systems Inc *		2,438		24,770
Relay Therapeutics Inc *		4,614		168,826
Relmada Therapeutics Inc *		1,321		42,285
Reneo Pharmaceuticals Inc *		353		3,293
Rent-A-Center Inc		5,489		291,301
Repay Holdings Corp *		2,996		72,024
Replimune Group Inc *		1,656		63,624
Retractable Technologies Inc *		1,558		18,010
Revance Therapeutics Inc *		6,201		183,798
Revlon Inc ’A’ *		28		360
REVOLUTION Medicines Inc *		741		23,519
Rigel Pharmaceuticals Inc *		15,185		65,903
Riot Blockchain Inc *		7,459		280,981
Rocket Pharmaceuticals Inc *		3,521		155,945
Rubius Therapeutics Inc *		3,992		97,445
Sana Biotechnology Inc *		2,223		43,704
Sanderson Farms Inc		1,542		289,850
Sangamo Therapeutics Inc *		9,327		111,644
Scholar Rock Holding Corp *		2,070		59,823
SeaSpine Holdings Corp *		1,431		29,350
Seelos Therapeutics Inc *		6,557		17,310
Seer Inc *		505		16,554
Select Medical Holdings Corp		9,817		414,866
Selecta Biosciences Inc *		863		3,607
Senseonics Holdings Inc *		36,746		141,105
Seres Therapeutics Inc *		6,152		146,725
Sesen Bio Inc *		15,123		69,868
Shattuck Labs Inc *		1,921		55,690
Shockwave Medical Inc *		2,986		566,534
ShotSpotter Inc *		746		36,382
SI-BONE Inc *		2,838		89,312
Sientra Inc *		4,455		35,462
SIGA Technologies Inc *		4,287		26,922
Sigilon Therapeutics Inc *		16		172
Silk Road Medical Inc *		2,987		142,958
SOC Telemed Inc *		2,788		15,864
Soliton Inc *		830		18,667
Sorrento Therapeutics Inc *		21,833		211,562
SP Plus Corp *		2,077		63,535
Spectrum Pharmaceuticals Inc *		13,724		51,465
Spero Therapeutics Inc *		2,015		28,129
SpringWorks Therapeutics Inc *		2,582		212,783
Sprouts Farmers Market Inc *		4,662		115,851
STAAR Surgical Co *		4,160		634,400
Stereotaxis Inc *		4,399		42,406
Stoke Therapeutics Inc *		1,688		56,818

See Notes to Financial Statements See explanation of symbols and��terms, if any, on A-298 and A-299

A-262

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Stride Inc *		199		$6,394
Summit Therapeutics Inc *		1,976		14,741
Surgery Partners Inc *		2,817		187,669
Surmodics Inc *		1,192		64,666
Sutro Biopharma Inc *		281		5,224
Syndax Pharmaceuticals Inc *		974		16,724
Syros Pharmaceuticals Inc *		2,479		13,511
Tactile Systems Technology Inc *		1,689		87,828
Talaris Therapeutics Inc *		517		7,595
Tarsus Pharmaceuticals Inc *		597		17,301
Tattooed Chef Inc *		4,123		88,438
Taysha Gene Therapies Inc *		1,623		34,408
Tenet Healthcare Corp *		1,140		76,369
Terns Pharmaceuticals Inc *		429		5,260
Textainer Group Holdings Ltd * (China)		595		20,093
TG Therapeutics Inc *		11,341		439,917
The Andersons Inc		1,179		35,995
The Beauty Health Co *		3,765		63,252
The Brink’s Co		4,312		331,334
The Chefs’ Warehouse Inc *		196		6,239
The Duckhorn Portfolio Inc *		1,191		26,273
The Ensign Group Inc		4,657		403,622
The Hackett Group Inc		2,118		38,166
The Honest Co Inc *		1,518		24,576
The Joint Corp *		1,218		102,215
The Pennant Group Inc *		2,275		93,047
The Simply Good Foods Co *		461		16,831
TherapeuticsMD Inc *		32,047		38,136
Theravance Biopharma Inc *		4,280		62,146
Tivity Health Inc *		2,334		61,408
Transcat Inc *		644		36,392
Translate Bio Inc *		3,081		84,851
TransMedics Group Inc *		2,301		76,347
Travere Therapeutics Inc *		336		4,902
Treace Medical Concepts Inc *		959		29,978
Trevena Inc *		4,939		8,347
Trillium Therapeutics Inc * (Canada)		1,329		12,891
TriNet Group Inc *		3,699		268,104
Turning Point Brands Inc		1,286		58,860
Turning Point Therapeutics Inc *		454		35,421
Twist Bioscience Corp *		4,179		556,852
United Natural Foods Inc *		322		11,908
UroGen Pharma Ltd *		1,327		20,263
US Physical Therapy Inc		1,131		131,049
USANA Health Sciences Inc *		1,118		114,517
Utah Medical Products Inc		24		2,041
Utz Brands Inc		5,201		113,330
Vapotherm Inc *		2,020		47,753
Varex Imaging Corp *		486		13,035
Vaxart Inc *		9,606		71,949
Vaxcyte Inc *		1,018		22,915
VBI Vaccines Inc *		14,561		48,779
Vector Group Ltd		1,828		25,848
Verastem Inc *		15,362		62,523
Vericel Corp *		4,120		216,300
Verrica Pharmaceuticals Inc *		1,214		13,718
Veru Inc *		4,013		32,385
Viad Corp *		1,798		89,630
Viemed Healthcare Inc *		504		3,604
ViewRay Inc *		12,095		79,827
Vincerx Pharma Inc *		393		5,105
Vir Biotechnology Inc *		5,309		251,010
Viracta Therapeutics Inc *		701		7,949
VistaGen Therapeutics Inc *		14,165		44,620
Vital Farms Inc *		2,137		42,655
Vivint Smart Home Inc *		2,167		28,604
Vor BioPharma Inc *		94		1,753
WaVe Life Sciences Ltd *		3,313		22,065
WD-40 Co		1,206		309,086
Werewolf Therapeutics Inc *		422		7,360

	Shares		Value
Willdan Group Inc *		806		$30,338
WW International Inc *		1,420		51,319
Xencor Inc *		4,978		171,691
XOMA Corp *		50		1,700
Y-mAbs Therapeutics Inc *		3,086		104,307
Zentalis Pharmaceuticals Inc *		2,937		156,248
ZIOPHARM Oncology Inc *		18,466		48,750
Zynex Inc *		1,715		26,634
				48,263,294
Energy - 2.3%
Advent Technologies Holdings Inc *		1,082		10,431
Antero Resources Corp *		3,122		46,924
Arch Resources Inc *		263		14,986
Array Technologies Inc *		2,636		41,122
Beam Global *		670		25,668
Callon Petroleum Co *		3,067		176,935
Centennial Resource Development Inc ’A’ *		2,171		14,719
ChampionX Corp *		3,278		84,081
Contango Oil & Gas Co *		12,942		55,909
Denbury Inc *		4,467		342,976
DMC Global Inc *		1,638		92,072
Earthstone Energy Inc ’A’ *		377		4,173
Eos Energy Enterprises Inc *		1,552		27,874
Extraction Oil & Gas Inc *		547		30,036
Falcon Minerals Corp		2,868		14,569
Frank’s International NV *		2,184		6,618
FuelCell Energy Inc *		22,158		197,206
Kosmos Energy Ltd * (Ghana)		35,951		124,391
Laredo Petroleum Inc *		309		28,672
Liberty Oilfield Services Inc ’A’ *		2,680		37,949
Magnolia Oil & Gas Corp ’A’ *		12,298		192,218
Matador Resources Co		9,804		353,042
NexTier Oilfield Solutions Inc *		1,763		8,392
Oasis Petroleum Inc		1,522		153,037
Ovintiv Inc		1,371		43,145
Par Pacific Holdings Inc *		3,435		57,777
Riley Exploration Permian Inc		94		2,724
Solaris Oilfield Infrastructure Inc ’A’		856		8,337
Southwestern Energy Co *		59,980		340,087
Stem Inc *		5,542		199,567
Sunnova Energy International Inc *		1,133		42,669
SunPower Corp *		5,620		164,216
Talos Energy Inc *		546		8,539
Tellurian Inc *		27,979		130,102
TETRA Technologies Inc *		8,526		37,003
TPI Composites Inc *		3,164		153,201
Vine Energy Inc ’A’ *		1,865		29,075
Warrior Met Coal Inc		428		7,362
				3,307,804
Financial - 7.4%
Alexander’s Inc REIT		194		51,982
Altabancorp		325		14,076
Altus Midstream Co ’A’		31		2,093
American Finance Trust Inc REIT		1,268		10,753
Artisan Partners Asset Management Inc ’A’		5,243		266,449
Atlanticus Holdings Corp *		505		20,048
Axos Financial Inc *		485		22,499
Blucora Inc *		1,747		30,241
Bridgewater Bancshares Inc *		1,030		16,634
Brightsphere Investment Group Inc		5,162		120,946
BRP Group Inc ’A’ *		4,075		108,599
Cadence BanCorp		3,965		82,789
CatchMark Timber Trust Inc ’A’ REIT		3,240		37,908
Clipper Realty Inc REIT		1,096		8,056
Coastal Financial Corp *		900		25,704
Cohen & Steers Inc		2,223		182,486
Columbia Financial Inc *		1,890		32,546
Community Healthcare Trust Inc REIT		1,332		63,217

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-263

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
CrossFirst Bankshares Inc *		2,706		$37,207
Curo Group Holdings Corp		1,931		32,827
Cushman & Wakefield PLC *		10,444		182,457
Customers Bancorp Inc *		204		7,954
Eastern Bankshares Inc		3,539		72,797
EastGroup Properties Inc REIT		3,489		573,766
eHealth Inc *		645		37,668
eXp World Holdings Inc *		5,494		213,002
Fathom Holdings Inc *		447		14,657
FB Financial Corp		509		18,996
First Financial Bankshares Inc		10,928		536,893
Five Star Bancorp *		554		13,379
Focus Financial Partners Inc ’A’ *		4,612		223,682
GAMCO Investors Inc ’A’		449		11,270
GCM Grosvenor Inc ’A’		2,557		26,644
Glacier Bancorp Inc		1,259		69,346
Gladstone Commercial Corp REIT		1,004		22,650
Gladstone Land Corp REIT		1,324		31,855
Goosehead Insurance Inc ’A’		250		31,825
Great Western Bancorp Inc		106		3,476
Greenhill & Co Inc		1,366		21,255
Hamilton Lane Inc ’A’		3,028		275,911
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		401		22,516
Heritage Insurance Holdings Inc		128		1,098
Hingham Institution for Savings		43		12,492
Houlihan Lokey Inc		4,037		330,186
I3 Verticals Inc ’A’ *		1,842		55,665
Indus Realty Trust Inc REIT		289		18,973
Innovative Industrial Properties Inc REIT		1,099		209,931
International Money Express Inc *		2,842		42,204
Investors Bancorp Inc		3,465		49,411
Investors Title Co		27		4,715
James River Group Holdings Ltd		461		17,297
Kearny Financial Corp		2,743		32,779
Kinsale Capital Group Inc		1,906		314,052
Lakeland Financial Corp		310		19,108
LendingTree Inc *		1,029		218,025
Live Oak Bancshares Inc		2,962		174,758
Luther Burbank Corp		936		11,101
Marcus & Millichap Inc *		207		8,046
McGrath RentCorp		1,464		119,418
Meta Financial Group Inc		832		42,124
Metrocity Bankshares Inc		967		16,932
Metropolitan Bank Holding Corp *		207		12,466
Moelis & Co ’A’		3,027		172,206
Monmouth Real Estate Investment Corp REIT		1,338		25,047
National Storage Affiliates Trust REIT		6,216		314,281
Newmark Group Inc ’A’		13,300		159,733
NexPoint Residential Trust Inc REIT		380		20,892
NMI Holdings Inc ’A’ *		517		11,622
Origin Bancorp Inc		569		24,160
Outfront Media Inc REIT *		2,561		61,541
Palomar Holdings Inc *		2,178		164,352
PennyMac Mortgage Investment Trust REIT		1,708		35,970
PJT Partners Inc ’A’		1,817		129,697
PS Business Parks Inc REIT		1,496		221,528
Pzena Investment Management Inc ’A’		1,671		18,398
QTS Realty Trust Inc ’A’ REIT		2,561		197,965
Rafael Holdings Inc ’B’ *		862		44,005
RBB Bancorp		566		13,709
Redfin Corp *		8,996		570,436
Regional Management Corp		357		16,615
RLI Corp		3,284		343,474
Ryman Hospitality Properties Inc REIT *		4,372		345,213
Safehold Inc REIT		1,057		82,974
Saul Centers Inc REIT		1,013		46,041
Selectquote Inc *		11,862		228,462
ServisFirst Bancshares Inc		3,832		260,499
Silvergate Capital Corp ’A’ *		2,026		229,586

	Shares		Value
Southern First Bancshares Inc *		409		$20,924
StepStone Group Inc ’A’		3,309		113,830
Stock Yards Bancorp Inc		527		26,819
StoneX Group Inc *		171		10,375
Tanger Factory Outlet Centers Inc REIT		2,495		47,031
Texas Capital Bancshares Inc *		1,848		117,330
The RMR Group Inc ’A’		139		5,371
The St Joe Co		2,936		130,975
Triumph Bancorp Inc *		1,943		144,268
Trupanion Inc *		3,396		390,880
UMH Properties Inc REIT		3,155		68,842
Universal Health Realty Income Trust REIT		1,053		64,812
Veritex Holdings Inc		612		21,671
Virtus Investment Partners Inc		659		183,050
Walker & Dunlop Inc		327		34,132
Waterstone Financial Inc		635		12,484
West Bancorporation Inc		640		17,760
WisdomTree Investments Inc		9,224		57,189
				10,495,989
Industrial - 12.3%
908 Devices Inc *		639		24,761
AAON Inc		3,672		229,831
Advanced Energy Industries Inc		3,404		383,665
Aerojet Rocketdyne Holdings Inc		5,271		254,537
AeroVironment Inc *		1,989		199,198
AgEagle Aerial Systems Inc *		3,785		19,947
Akoustis Technologies Inc *		3,871		41,458
Alamo Group Inc		770		117,564
Albany International Corp ’A’		542		48,379
Allied Motion Technologies Inc		968		33,425
AMMO Inc *		5,868		57,448
Applied Industrial Technologies Inc		3,434		312,700
Atkore Inc *		4,159		295,289
Atlas Technical Consultants Inc *		1,017		9,845
Babcock & Wilcox Enterprises Inc *		1,515		11,938
Badger Meter Inc		2,576		252,757
Blink Charging Co *		3,231		133,020
Bloom Energy Corp ’A’ *		12,326		331,200
Boise Cascade Co		764		44,579
Byrna Technologies Inc *		943		21,425
Cactus Inc ’A’		4,830		177,358
Casella Waste Systems Inc ’A’ *		3,966		251,563
Chart Industries Inc *		1,942		284,154
Chase Corp		163		16,725
CIRCOR International Inc *		1,655		53,953
Comfort Systems USA Inc		3,158		248,819
Construction Partners Inc ’A’ *		2,514		78,940
Cornerstone Building Brands Inc *		4,976		90,464
Covanta Holding Corp		10,715		188,691
CryoPort Inc *		3,589		226,466
CSW Industrials Inc		1,203		142,507
Daseke Inc *		3,881		25,149
Dorian LPG Ltd *		475		6,707
Dycom Industries Inc *		2,159		160,910
Eastman Kodak Co *		3,842		31,965
Echo Global Logistics Inc *		790		24,285
EMCOR Group Inc		486		59,870
Energizer Holdings Inc		6,058		260,373
Energy Recovery Inc *		3,759		85,630
Enerpac Tool Group Corp		5,328		141,831
EnerSys		435		42,513
ESCO Technologies Inc		180		16,886
Exponent Inc		4,576		408,225
Fabrinet * (Thailand)		2,829		271,216
FARO Technologies Inc *		813		63,227
Federal Signal Corp		5,306		213,460
Fluidigm Corp *		602		3,708
Forterra Inc *		2,604		61,220
Forward Air Corp		2,397		215,131

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-264

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Franklin Electric Co Inc		4,072		$328,285
Gibraltar Industries Inc *		828		63,185
GoPro Inc ’A’ *		11,100		129,315
GrafTech International Ltd		13,299		154,534
Greif Inc ’A’		366		22,161
Greif Inc ’B’		65		3,835
Harsco Corp *		2,958		60,402
Helios Technologies Inc		2,861		223,301
Heritage-Crystal Clean Inc *		560		16,621
Hillenbrand Inc		3,693		162,787
Hydrofarm Holdings Group Inc *		992		58,637
Ichor Holdings Ltd *		1,621		87,210
Identiv Inc *		1,725		29,325
IES Holdings Inc *		777		39,907
II-VI Inc *		8,601		624,347
Infrastructure and Energy Alternatives Inc *		792		10,185
Insteel Industries Inc		145		4,662
Iteris Inc *		3,796		25,243
Itron Inc *		3,291		329,034
JELD-WEN Holding Inc *		2,996		78,675
John Bean Technologies Corp		2,771		395,200
Kadant Inc		1,021		179,788
Karat Packaging Inc *		425		8,657
Kimball Electronics Inc *		159		3,457
Kratos Defense & Security Solutions Inc *		2,473		70,456
Latham Group Inc *		2,001		63,952
Lawson Products Inc *		417		22,314
Lindsay Corp		872		144,124
Luna Innovations Inc *		2,687		29,100
Luxfer Holdings PLC (United Kingdom)		1,079		24,008
Lydall Inc *		710		42,969
Masonite International Corp *		2,173		242,920
Materion Corp		683		51,464
Meta Materials Inc *		5,434		40,697
MicroVision Inc *		14,026		234,936
Montrose Environmental Group Inc *		2,137		114,671
Mueller Industries Inc		1,949		84,411
Mueller Water Products Inc ’A’		1,042		15,026
Myers Industries Inc		1,512		31,752
MYR Group Inc *		1,107		100,648
Napco Security Technologies Inc *		1,290		46,917
nLight Inc *		3,766		136,631
Novanta Inc *		3,108		418,834
NV5 Global Inc *		346		32,701
NVE Corp		410		30,361
O-I Glass Inc *		14,009		228,767
Omega Flex Inc		275		40,345
OSI Systems Inc *		161		16,364
PAM Transportation Services Inc *		44		2,321
Patrick Industries Inc		2,020		147,460
PGT Innovations Inc *		2,453		56,983
Plexus Corp *		2,223		203,204
Proto Labs Inc *		389		35,710
Pure Cycle Corp *		1,500		20,730
PureCycle Technologies Inc *		2,916		68,963
Ranpak Holdings Corp *		534		13,366
Raven Industries Inc		3,151		182,285
RBC Bearings Inc *		305		60,823
Rexnord Corp		5,567		278,573
Ryerson Holding Corp *		978		14,279
Saia Inc *		2,342		490,626
Sharps Compliance Corp *		1,268		13,060
Simpson Manufacturing Co Inc		3,832		423,206
Smith & Wesson Brands Inc		4,722		163,853
SPX Corp *		3,204		195,700
SPX FLOW Inc		316		20,616
Sterling Construction Co Inc *		544		13,127
Stoneridge Inc *		340		10,030
Sturm Ruger & Co Inc		1,423		128,042
Tennant Co		1,627		129,916

	Shares		Value
Terex Corp		6,068		$288,958
Tetra Tech Inc		4,767		581,765
The Gorman-Rupp Co		343		11,813
Tredegar Corp		1,964		27,044
Trinseo SA		3,460		207,046
Turtle Beach Corp *		1,096		34,984
UFP Industries Inc		4,816		358,022
UFP Technologies Inc *		36		2,067
Universal Logistics Holdings Inc		624		14,539
US Concrete Inc *		138		10,184
US Ecology Inc *		368		13,807
Vicor Corp *		1,863		196,994
Vishay Intertechnology Inc		1,762		39,733
Watts Water Technologies Inc ’A’		1,342		195,811
Welbilt Inc *		11,578		268,031
Werner Enterprises Inc		635		28,270
Willis Lease Finance Corp *		30		1,286
WillScot Mobile Mini Holdings Corp *		16,579		462,057
Yellow Corp *		385		2,506
				17,395,823
Technology - 17.6%
1Life Healthcare Inc *		10,305		340,683
3D Systems Corp *		9,979		398,861
8x8 Inc *		9,423		261,582
ACI Worldwide Inc *		10,416		386,850
Agilysys Inc *		1,515		86,158
Alignment Healthcare Inc *		2,318		54,172
Alkami Technology Inc *		564		20,118
Alpha & Omega Semiconductor Ltd *		1,559		47,378
Altair Engineering Inc ’A’ *		4,000		275,880
Ambarella Inc *		3,089		329,380
American Software Inc ’A’		2,170		47,653
Amkor Technology Inc		1,911		45,233
Apollo Medical Holdings Inc *		3,216		201,997
Appfolio Inc ’A’ *		1,651		233,121
Appian Corp *		3,479		479,232
Asana Inc ’A’ *		6,012		372,924
Atomera Inc *		1,802		38,635
Avaya Holdings Corp *		7,360		197,984
Avid Technology Inc *		3,214		125,828
Axcelis Technologies Inc *		2,964		119,805
Bandwidth Inc ’A’ *		2,014		277,771
Benefitfocus Inc *		1,675		23,618
BigCommerce Holdings Inc *		4,155		269,743
Blackbaud Inc *		4,282		327,873
Blackline Inc *		4,738		527,197
BM Technologies Inc * W ±		8		94
Bottomline Technologies DE Inc *		672		24,918
Box Inc ’A’ *		13,025		332,789
Brightcove Inc *		3,591		51,531
BTRS Holdings Inc *		4,192		52,903
Cantaloupe Inc *		5,185		61,494
Cardlytics Inc *		2,828		358,958
Cerence Inc *		3,353		357,799
CEVA Inc *		1,986		93,938
Cloudera Inc *		12,540		198,884
CMC Materials Inc		2,582		389,211
Cohu Inc *		3,699		136,086
CommVault Systems Inc *		3,750		293,137
Cornerstone OnDemand Inc *		5,573		287,455
Corsair Gaming Inc *		2,591		86,254
CSG Systems International Inc		1,375		64,872
CTS Corp		636		23,634
Desktop Metal Inc ’A’ *		5,829		67,033
Diebold Nixdorf Inc *		6,884		88,391
Digimarc Corp *		1,132		37,922
Digital Turbine Inc *		7,479		568,628
DigitalOcean Holdings Inc *		1,079		59,982
Diodes Inc *		2,984		238,034

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-265

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Domo Inc ’B’ *		2,444		$197,549
Donnelley Financial Solutions Inc *		370		12,210
eGain Corp *		849		9,747
EMCORE Corp *		544		5,016
Envestnet Inc *		4,407		334,315
Evolent Health Inc ’A’ *		1,434		30,286
ExlService Holdings Inc *		2,982		316,867
Forian Inc *		1,504		18,905
FormFactor Inc *		6,034		220,000
GreenBox POS *		1,573		18,766
Grid Dynamics Holdings Inc *		2,724		40,942
Health Catalyst Inc *		3,960		219,820
IBEX Holdings Ltd *		931		18,173
iCAD Inc *		1,945		33,668
Impinj Inc *		1,656		85,433
Inovalon Holdings Inc ’A’ *		6,692		228,063
Insight Enterprises Inc *		1,147		114,711
Intelligent Systems Corp *		642		20,197
j2 Global Inc *		3,845		528,880
JFrog Ltd * (Israel)		4,561		207,617
KBR Inc		10,977		418,773
Kulicke & Soffa Industries Inc (Singapore)		5,425		332,010
Lattice Semiconductor Corp *		12,001		674,216
LivePerson Inc *		5,669		358,508
MACOM Technology Solutions Holdings Inc ’H’ *		4,326		277,210
MAXIMUS Inc		5,515		485,155
MaxLinear Inc *		6,193		263,141
MedAvail Holdings Inc *		1,023		12,532
MicroStrategy Inc ’A’ *		695		461,827
Mitek Systems Inc *		3,734		71,917
Model N Inc *		2,816		96,504
Momentive Global Inc *		11,363		239,418
NantHealth Inc *		1,346		3,123
ON24 Inc *		516		18,308
OneSpan Inc *		3,109		79,404
Onto Innovation Inc *		1,373		100,284
Ouster Inc *		2,560		31,974
Outset Medical Inc *		4,038		201,819
PAE Inc *		6,863		61,081
PagerDuty Inc *		7,148		304,362
PAR Technology Corp *		2,102		147,014
Phreesia Inc *		3,385		207,500
Pitney Bowes Inc		2,507		21,986
PlayAGS Inc *		2,515		24,899
Porch Group Inc *		1,399		27,057
Power Integrations Inc		5,334		437,708
Privia Health Group Inc *		1,727		76,627
Progress Software Corp		3,907		180,699
PROS Holdings Inc *		3,539		161,272
QAD Inc ’A’		939		81,712
Qualys Inc *		3,013		303,379
Rackspace Technology Inc *		3,478		68,204
Rapid7 Inc *		4,857		459,618
Rimini Street Inc *		3,895		23,993
SailPoint Technologies Holding Inc *		8,014		409,275
Sapiens International Corp (Israel)		2,730		71,717
Schrodinger Inc *		4,009		303,120
Semtech Corp *		5,699		392,091
Silicon Laboratories Inc *		3,916		600,127
Simulations Plus Inc		1,345		73,854
SiTime Corp *		1,142		144,566
SkyWater Technology Inc *		637		18,250
SMART Global Holdings Inc *		1,383		65,941
Sprout Social Inc ’A’ *		3,913		349,900
SPS Commerce Inc *		3,189		318,422
Sumo Logic Inc *		7,224		149,176
Synaptics Inc *		3,207		498,945
Tabula Rasa HealthCare Inc *		1,988		99,400
Telos Corp *		1,524		51,831
Tenable Holdings Inc *		8,022		331,710
The ExOne Co *		100		2,164

	Shares		Value
TTEC Holdings Inc		1,792		$184,737
Ultra Clean Holdings Inc *		3,861		207,413
Unisys Corp *		4,559		115,388
Upland Software Inc *		2,551		105,025
Varonis Systems Inc *		9,376		540,245
Veritone Inc *		2,529		49,847
Verra Mobility Corp *		11,890		182,749
Viant Technology Inc ’A’ *		947		28,202
Vocera Communications Inc *		3,029		120,706
Vuzix Corp *		5,204		95,493
Workiva Inc *		3,722		414,370
Yext Inc *		9,865		140,971
Zuora Inc ’A’ *		9,314		160,666
				24,964,323
Utilities - 0.6%
Ameresco Inc ’A’ *		2,735		171,539
American States Water Co		1,658		131,910
Clearway Energy Inc ’A’		977		24,640
Clearway Energy Inc ’C’		1,685		44,619
Evoqua Water Technologies Corp *		10,242		345,975
FTC Solar Inc *		1,641		21,842
Global Water Resources Inc		1,125		19,215
Middlesex Water Co		554		45,278
Spark Energy Inc ’A’		1,124		12,735
The York Water Co		680		30,804
				848,557
Total Common Stocks (Cost $121,968,288)				137,673,518
EXCHANGE-TRADED FUND - 1.8%
iShares Russell 2000 Growth		8,325		2,594,819
Total Exchange-Traded Fund (Cost $2,410,499)				2,594,819
	Principal Amount
CORPORATE BONDS & NOTES - 0.0%
Financial - 0.0%
GAMCO Investors Inc 4.000% due 06/15/23 §		$898		898
Total Corporate Bonds & Notes (Cost $898)				898
SHORT-TERM INVESTMENT - 1.1%
Repurchase Agreement - 1.1%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $1,590,681; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $1,622,549)		1,590,681		1,590,681
Total Short-Term Investment (Cost $1,590,681)				1,590,681
TOTAL INVESTMENTS - 99.9% (Cost $125,970,434)				141,862,224
DERIVATIVES - (0.0%)				(7,279	)
OTHER ASSETS & LIABILITIES, NET - 0.1%				96,477
NET ASSETS - 100.0%				$141,951,422

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-266

PACIFIC SELECT FUND

PD SMALL-CAP GROWTH INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	34.0%
Technology	17.6%
Consumer, Cyclical	14.0%
Industrial	12.3%
Financial	7.4%
Communications	6.1%
Others (each less than 3.0%)	8.5%
	99.9%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.1%
	100.0%

(b) Investments with a total aggregate value of $2,402 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(c) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Micro Russell 2000 E-Mini Index		09/21		147		$1,703,512		$1,696,233		($7,279	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$2,308			$-			$-		$2,308
	Common Stocks
	Basic Materials		3,884,990			3,884,990			-		-
	Communications		8,640,578			8,640,578			-		-
	Consumer, Cyclical		19,872,160			19,872,160			-		-
	Consumer, Non-Cyclical		48,263,294			48,263,294			-		-
	Energy		3,307,804			3,307,804			-		-
	Financial		10,495,989			10,495,989			-		-
	Industrial		17,395,823			17,395,823			-		-
	Technology		24,964,323			24,964,229			-		94
	Utilities		848,557			848,557			-		-
	Total Common Stocks		137,673,518			137,673,424			-		94
	Exchange-Traded Fund		2,594,819			2,594,819			-		-
	Corporate Bonds & Notes		898			-			898		-
	Short-Term Investment		1,590,681			-			1,590,681		-
	Total Assets		141,862,224			140,268,243			1,591,579		2,402
Liabilities	Derivatives:
	Equity Contracts
	Futures		(7,279	)		(7,279	)		-		-
	Total Liabilities		(7,279	)		(7,279	)		-		-
	Total		$141,854,945			$140,260,964			$1,591,579		$2,402

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-267

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Consumer, Non-Cyclical - 0.0%
Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		123		$369
Total Rights (Cost $0)				369
WARRANTS - 0.0%
Energy - 0.0%
Nabors Industries Ltd Exercise @ $166.67 Exp 06/11/26 *		46		460
Total Warrants (Cost $0)				460
COMMON STOCKS - 97.1%
Basic Materials - 3.3%
AdvanSix Inc *		3,777		112,781
Allegheny Technologies Inc *		6,919		144,261
American Vanguard Corp		3,382		59,219
Amyris Inc *		19,585		320,606
Arconic Corp *		14,603		520,159
Carpenter Technology Corp		6,272		252,260
Century Aluminum Co *		6,539		84,288
Clearwater Paper Corp *		2,262		65,530
Coeur Mining Inc *		10,601		94,137
Commercial Metals Co		15,661		481,106
Constellium SE *		16,128		305,626
Domtar Corp *		6,769		372,024
Energy Fuels Inc *		3,111		18,822
Ferro Corp *		2,182		47,066
Gatos Silver Inc *		876		15,321
GCP Applied Technologies Inc *		6,342		147,515
Glatfelter Corp		6,036		84,323
Hawkins Inc		1,172		38,383
HB Fuller Co		5,542		352,527
Hecla Mining Co		50,059		372,439
Innospec Inc		2,192		198,617
Intrepid Potash Inc *		1,339		42,661
Kaiser Aluminum Corp		1,909		235,742
Koppers Holdings Inc *		2,517		81,425
Kraton Corp *		4,156		134,197
Kronos Worldwide Inc		2,900		41,528
Minerals Technologies Inc		4,396		345,833
Neenah Inc		2,277		114,237
Oil-Dri Corp of America		902		30,830
PolyMet Mining Corp * (Canada)		1,977		7,137
PQ Group Holdings Inc		6,592		101,253
Rayonier Advanced Materials Inc *		8,123		54,343
Rogers Corp *		352		70,682
Schnitzer Steel Industries Inc ’A’		3,253		159,560
Schweitzer-Mauduit International Inc		4,100		165,558
Sensient Technologies Corp		2,832		245,138
Stepan Co		2,561		308,012
Tronox Holdings PLC ’A’		14,986		335,686
United States Lime & Minerals Inc		305		42,422
Valhi Inc		165		4,014
Verso Corp ’A’		4,007		70,924
Zymergen Inc *		1,920		76,819
				6,755,011
Communications - 3.4%
A10 Networks Inc *		1,252		14,098
ADTRAN Inc		6,305		130,198
Advantage Solutions Inc *		10,004		107,943

	Shares		Value
AMC Networks Inc ’A’ *		1,962		$131,062
Anterix Inc *		1,027		61,610
ATN International Inc		1,519		69,099
Aviat Networks Inc *		893		29,264
Boston Omaha Corp ’A’ *		2,266		71,855
Calix Inc *		1,219		57,903
Cars.com Inc *		8,218		117,764
ChannelAdvisor Corp *		1,090		26,716
Cincinnati Bell Inc *		3,296		50,824
Clear Channel Outdoor Holdings Inc *		43,974		116,091
comScore Inc *		8,947		44,735
Consolidated Communications Holdings Inc *		9,399		82,617
CuriosityStream Inc *		2,757		37,606
DZS Inc *		1,437		29,818
EchoStar Corp ’A’ *		5,423		131,725
Entercom Communications Corp *		16,238		69,986
Entravision Communications Corp ’A’		8,649		57,775
ePlus Inc *		1,679		145,553
Fluent Inc *		6,753		19,786
Gannett Co Inc *		18,318		100,566
Globalstar Inc *		9,238		16,444
Gogo Inc *		7,175		81,652
Gray Television Inc		11,192		261,893
Groupon Inc *		520		22,443
Harmonic Inc *		10,697		91,138
HC2 Holdings Inc *		5,780		23,004
HealthStream Inc *		3,285		91,783
Hemisphere Media Group Inc *		2,726		32,167
Houghton Mifflin Harcourt Co *		1,208		13,336
IDT Corp ’B’ *		756		27,942
iHeartMedia Inc ’A’ *		8,172		220,072
Inseego Corp *		8,607		86,845
InterDigital Inc		2,598		189,732
Iridium Communications Inc *		4,133		165,279
KVH Industries Inc *		2,153		26,482
Lands’ End Inc *		1,848		75,860
Liberty Latin America Ltd ’A’ * (Chile)		5,780		80,111
Liberty Latin America Ltd ’C’ * (Chile)		20,412		287,809
Limelight Networks Inc *		16,255		51,203
Maxar Technologies Inc		9,532		380,517
MDC Partners Inc ’A’ *		6,972		40,786
MediaAlpha Inc ’A’ *		310		13,051
Meredith Corp *		2,138		92,875
MSG Networks Inc ’A’ *		3,904		56,920
National CineMedia Inc		8,422		42,700
NeoPhotonics Corp *		6,501		66,375
NETGEAR Inc *		3,979		152,475
Ooma Inc *		1,181		22,274
Plantronics Inc *		2,728		113,839
Preformed Line Products Co		507		37,619
Revolve Group Inc *		1,754		120,851
Ribbon Communications Inc *		9,658		73,497
Scholastic Corp		3,960		150,044
Shenandoah Telecommunications Co		4,244		205,876
Sinclair Broadcast Group Inc ’A’		5,471		181,747
Stamps.com Inc *		762		152,621
TEGNA Inc		29,211		547,998
Telephone & Data Systems Inc		13,505		306,023
The EW Scripps Co ’A’		7,434		151,579
Thryv Holdings Inc *		120		4,292
TrueCar Inc *		13,653		77,139
United States Cellular Corp *		2,009		72,947
Value Line Inc		22		682
Viavi Solutions Inc *		2,838		50,119
VirnetX Holding Corp *		8,121		34,677
WideOpenWest Inc *		2,927		60,618
Yelp Inc *		956		38,202
				6,798,132

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-268

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Consumer, Cyclical - 13.1%
A-Mark Precious Metals Inc		1,090		$50,685
Abercrombie & Fitch Co ’A’ *		7,593		352,543
Academy Sports & Outdoors Inc *		8,151		336,147
Acushnet Holdings Corp		3,333		164,650
Adient PLC *		11,062		500,002
Aeva Technologies Inc *		3,252		34,374
AMC Entertainment Holdings Inc ’A’ *		54,203		3,072,226
America’s Car-Mart Inc *		183		25,935
American Axle & Manufacturing Holdings Inc *		7,787		80,595
Avient Corp		11,059		543,660
Barnes & Noble Education Inc *		4,846		34,940
Bassett Furniture Industries Inc		1,061		25,835
Beacon Roofing Supply Inc *		2,049		109,109
Beazer Homes USA Inc *		3,427		66,107
Bed Bath & Beyond Inc *		13,083		435,533
Big 5 Sporting Goods Corp		2,640		67,795
Big Lots Inc		4,603		303,844
Biglari Holdings Inc ’B’ *		123		19,615
BJ’s Restaurants Inc *		279		13,710
BJ’s Wholesale Club Holdings Inc *		4,597		218,725
Blue Bird Corp *		1,032		25,656
Bluegreen Vacations Holding Corp *		556		10,008
Callaway Golf Co		15,242		514,113
Cannae Holdings Inc *		11,452		388,337
Canoo Inc *		5,739		57,046
CarLotz Inc *		5,696		31,100
Carrols Restaurant Group Inc *		4,920		29,569
Cavco Industries Inc *		354		78,655
Century Communities Inc		1,496		99,544
Chicken Soup For The Soul Entertainment Inc *		1,033		42,766
Chico’s FAS Inc *		13,014		85,632
Chuy’s Holdings Inc *		1,490		55,517
Cinemark Holdings Inc *		2,745		60,253
Clean Energy Fuels Corp *		18,455		187,318
Commercial Vehicle Group Inc *		2,308		24,534
CompX International Inc		442		9,180
Conn’s Inc *		2,336		59,568
Cooper-Standard Holdings Inc *		2,135		61,915
Core-Mark Holding Co Inc		4,013		180,625
Daktronics Inc *		5,936		39,118
Dana Inc		9,248		219,732
Dave & Buster’s Entertainment Inc *		3,161		128,337
Del Taco Restaurants Inc		4,592		45,966
Denny’s Corp *		2,245		37,020
Dillard’s Inc ’A’		852		154,110
Drive Shack Inc *		5,787		19,155
El Pollo Loco Holdings Inc *		2,680		49,017
Eros STX Global Corp * (United Arab Emirates)		41,152		62,963
Escalade Inc		1,168		26,806
Ethan Allen Interiors Inc		3,175		87,630
Fiesta Restaurant Group Inc *		2,501		33,588
FirstCash Inc		5,044		385,563
Fisker Inc *		1,658		31,966
Flexsteel Industries Inc		751		30,333
Forestar Group Inc *		1,705		35,652
Fossil Group Inc *		6,270		89,536
Franchise Group Inc		3,207		113,111
G-III Apparel Group Ltd *		5,821		191,278
GAN Ltd * (United Kingdom)		4,702		77,301
Genesco Inc *		1,913		121,820
Global Industrial Co		523		19,199
GMS Inc *		5,539		266,647
Green Brick Partners Inc *		3,115		70,835
Group 1 Automotive Inc		2,310		356,733
Guess? Inc		4,828		127,459
Hall of Fame Resort & Entertainment Co *		7,302		28,697

	Shares		Value
Hamilton Beach Brands Holding Co ’A’		689		$15,344
Haverty Furniture Cos Inc		1,369		58,538
Hawaiian Holdings Inc *		6,848		166,886
Healthcare Services Group Inc		4,809		151,820
Herman Miller Inc		7,878		371,369
Hibbett Inc *		407		36,479
HNI Corp		5,414		238,054
Hooker Furniture Corp		1,630		56,463
Hovnanian Enterprises Inc ’A’ *		649		68,982
Hyliion Holdings Corp *		12,579		146,545
IMAX Corp *		6,323		135,945
Interface Inc		6,374		97,522
iRobot Corp *		328		30,632
Jack in the Box Inc		2,642		294,424
Johnson Outdoors Inc ’A’		310		37,510
KAR Auction Services Inc *		16,791		294,682
KB Home		9,591		390,546
Kimball International Inc ’B’		5,201		68,393
Knoll Inc		6,452		167,687
La-Z-Boy Inc		5,910		218,906
Landsea Homes Corp *		1,170		9,793
Lazydays Holdings Inc *		790		17,380
Liberty TripAdvisor Holdings Inc ’A’ *		3,007		12,238
Lifetime Brands Inc		1,580		23,653
Lions Gate Entertainment Corp ’A’ *		8,171		169,140
Lions Gate Entertainment Corp ’B’ *		14,785		270,566
Lordstown Motors Corp ’A’ *		13,319		147,308
Lumber Liquidators Holdings Inc *		3,700		78,070
M/I Homes Inc *		3,641		213,617
Macy’s Inc *		38,286		725,903
Madison Square Garden Entertainment Corp *		2,537		213,032
MarineMax Inc *		1,397		68,090
MDC Holdings Inc		5,729		289,887
Meritage Homes Corp *		4,594		432,204
Meritor Inc *		1,686		39,486
Mesa Air Group Inc *		4,931		46,006
Methode Electronics Inc		4,931		242,655
Miller Industries Inc		1,374		54,191
Modine Manufacturing Co *		6,019		99,855
Monarch Casino & Resort Inc *		460		30,438
Motorcar Parts of America Inc *		2,237		50,198
Movado Group Inc		2,048		64,451
Nautilus Inc *		3,040		51,224
Navistar International Corp *		5,655		251,648
Nu Skin Enterprises Inc ’A’		3,675		208,189
OneSpaWorld Holdings Ltd * (Bahamas)		4,124		39,962
Oxford Industries Inc		2,073		204,895
PC Connection Inc		1,494		69,127
PetMed Express Inc		414		13,186
PriceSmart Inc		2,869		261,108
Regis Corp *		699		6,543
Resideo Technologies Inc *		17,067		512,010
REV Group Inc		3,249		50,977
Rite Aid Corp *		7,215		117,605
Rocky Brands Inc		885		49,206
Romeo Power Inc *		1,043		8,490
Rush Enterprises Inc ’A’		5,391		233,107
Rush Enterprises Inc ’B’		1,037		39,551
ScanSource Inc *		3,173		89,256
SeaWorld Entertainment Inc *		3,254		162,505
Shift Technologies Inc *		6,517		55,916
Shoe Carnival Inc		170		12,170
Signet Jewelers Ltd (NYSE) *		1,569		126,760
SkyWest Inc *		6,660		286,846
Sleep Number Corp *		1,664		182,957
Sonic Automotive Inc ’A’		3,104		138,873
Spirit Airlines Inc *		13,119		399,342
Standard Motor Products Inc		2,691		116,655
Steelcase Inc ’A’		11,947		180,519
Superior Group of Cos Inc		1,285		30,724

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-269

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Target Hospitality Corp *		2,368		$8,785
Taylor Morrison Home Corp *		14,331		378,625
Tenneco Inc ’A’ *		939		18,141
The Buckle Inc		370		18,408
The Cato Corp ’A’		2,584		43,592
The Container Store Group Inc *		4,205		54,833
The Goodyear Tire & Rubber Co *		36,559		626,987
The Marcus Corp *		3,228		68,466
The ODP Corp *		6,594		316,578
Tilly’s Inc ’A’		3,543		56,617
Titan International Inc *		5,118		43,401
Titan Machinery Inc *		2,767		85,611
TravelCenters of America Inc *		1,623		47,457
Tri Pointe Homes Inc *		14,905		319,414
Tupperware Brands Corp *		6,503		154,446
Unifi Inc *		1,842		44,871
UniFirst Corp		2,008		471,157
Universal Electronics Inc *		1,648		79,928
Urban Outfitters Inc *		2,881		118,755
Vera Bradley Inc *		3,389		41,990
Veritiv Corp *		2,038		125,174
Vista Outdoor Inc *		7,729		357,698
VOXX International Corp *		2,162		30,290
VSE Corp		1,488		73,671
Wabash National Corp		6,857		109,712
WESCO International Inc *		4,930		506,903
Winmark Corp		271		52,054
Workhorse Group Inc *		14,797		245,482
World Fuel Services Corp		8,603		272,973
XL Fleet Corp *		4,211		35,078
Zumiez Inc *		2,838		139,034
				26,497,308
Consumer, Non-Cyclical - 17.5%
2U Inc *		1,467		61,130
4D Molecular Therapeutics Inc *		1,145		27,572
89bio Inc *		1,255		23,469
ABM Industries Inc		8,937		396,356
Acacia Research Corp *		6,310		42,656
ACCO Brands Corp		12,683		109,454
AdaptHealth Corp *		10,439		286,133
Addus HomeCare Corp *		1,167		101,809
Adicet Bio Inc *		2,621		26,970
Adtalem Global Education Inc *		6,556		233,656
Adverum Biotechnologies Inc *		11,549		40,422
Aeglea BioTherapeutics Inc *		5,164		35,941
Agios Pharmaceuticals Inc *		8,195		451,626
Akebia Therapeutics Inc *		12,247		46,416
Akero Therapeutics Inc *		829		20,567
Akouos Inc *		3,127		39,244
Albireo Pharma Inc *		597		21,002
Allogene Therapeutics Inc *		5,392		140,623
Alphatec Holdings Inc *		894		13,696
Alta Equipment Group Inc *		1,684		22,380
Altimmune Inc *		4,277		42,128
American Public Education Inc *		2,359		66,854
American Well Corp ’A’ *		25,903		325,860
Amphastar Pharmaceuticals Inc *		3,333		67,193
AnaptysBio Inc *		2,758		71,515
AngioDynamics Inc *		5,017		136,111
ANI Pharmaceuticals Inc *		1,245		43,637
Anika Therapeutics Inc *		1,922		83,203
Annexon Inc *		4,120		92,741
API Group Corp * ~		23,791		496,994
Applied Therapeutics Inc *		614		12,759
Apria Inc *		476		13,328
AquaBounty Technologies Inc *		4,555		24,415
Arbutus Biopharma Corp * (Canada)		9,416		28,530
Arcturus Therapeutics Holdings Inc *		2,795		94,583
Arcus Biosciences Inc *		5,975		164,074

	Shares		Value
Arcutis Biotherapeutics Inc *		3,313		$90,412
Ardelyx Inc *		2,671		20,246
Arena Pharmaceuticals Inc *		7,381		503,384
Asensus Surgical Inc *		21,257		67,385
ASGN Inc *		835		80,937
Atara Biotherapeutics Inc *		10,054		156,340
Atea Pharmaceuticals Inc *		7,835		168,296
Athenex Inc *		4,768		22,028
Athersys Inc *		3,525		5,076
Athira Pharma Inc *		4,210		43,110
Atossa Therapeutics Inc *		14,484		91,539
Atreca Inc ’A’ *		3,374		28,746
Avanos Medical Inc *		6,417		233,386
Avid Bioservices Inc *		657		16,852
Avidity Biosciences Inc *		3,358		82,976
Avis Budget Group Inc *		6,781		528,172
Avrobio Inc *		4,798		42,654
B&G Foods Inc		8,538		280,046
Barrett Business Services Inc		1,016		73,772
BellRing Brands Inc ’A’ *		2,133		66,848
BioCryst Pharmaceuticals Inc *		21,161		334,555
Biohaven Pharmaceutical Holding Co Ltd *		2,360		229,109
Bioventus Inc ’A’ *		193		3,397
Black Diamond Therapeutics Inc *		2,971		36,216
Bluebird Bio Inc *		9,028		288,715
Blueprint Medicines Corp *		505		44,420
Bolt Biotherapeutics Inc *		1,449		22,402
Bridgebio Pharma Inc *		4,656		283,830
BrightView Holdings Inc *		5,682		91,594
Brookdale Senior Living Inc *		24,510		193,629
Brooklyn ImmunoTherapeutics Inc *		314		5,655
Cadiz Inc *		2,255		30,668
CAI International Inc		1,718		96,208
Cal-Maine Foods Inc		4,705		170,368
Cara Therapeutics Inc *		5,918		84,450
Cardiff Oncology Inc *		4,616		30,696
Carriage Services Inc		1,946		71,944
Cass Information Systems Inc		1,447		58,965
Castle Biosciences Inc *		211		15,473
Catalyst Pharmaceuticals Inc *		12,846		73,865
CBIZ Inc *		6,422		210,449
CEL-SCI Corp *		386		3,350
Celldex Therapeutics Inc *		1,062		35,513
Central Garden & Pet Co *		860		45,520
Central Garden & Pet Co ’A’ *		3,518		169,919
Cerecor Inc *		1,129		3,692
ChemoCentryx Inc *		6,769		90,637
Chimerix Inc *		3,176		25,408
Chinook Therapeutics Inc *		4,147		58,556
Citius Pharmaceuticals Inc *		14,895		51,835
Clene Inc *		1,026		11,532
Cogent Biosciences Inc *		3,407		27,631
Community Health Systems Inc *		2,393		36,948
Constellation Pharmaceuticals Inc *		4,867		164,505
CoreCivic Inc REIT *		16,398		171,687
CorMedix Inc *		4,483		30,753
Coursera Inc *		1,559		61,674
Covetrus Inc *		14,143		381,861
CRA International Inc		248		21,229
Crinetics Pharmaceuticals Inc *		701		13,214
Cross Country Healthcare Inc *		4,161		68,698
CryoLife Inc *		786		22,322
Cullinan Oncology Inc *		1,625		41,844
Curis Inc *		1,217		9,821
Custom Truck One Source Inc *		1,312		12,490
Cymabay Therapeutics Inc *		10,593		46,185
Cytokinetics Inc *		817		16,168
CytomX Therapeutics Inc *		1,201		7,602
Deciphera Pharmaceuticals Inc *		754		27,604
Deluxe Corp		5,596		267,321

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-270

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Design Therapeutics Inc *		751		$14,937
Dyne Therapeutics Inc *		3,972		83,571
Eagle Pharmaceuticals Inc *		871		37,279
Edgewell Personal Care Co		7,198		315,992
Eiger BioPharmaceuticals Inc *		4,194		35,733
Emerald Holding Inc *		3,682		19,846
Emergent BioSolutions Inc *		6,527		411,136
Enanta Pharmaceuticals Inc *		2,389		105,140
Endo International PLC *		30,403		142,286
Ennis Inc		3,663		78,828
Exagen Inc *		923		13,836
EyePoint Pharmaceuticals Inc *		2,724		24,489
FibroGen Inc *		1,196		31,849
Finch Therapeutics Group Inc *		878		12,353
Foghorn Therapeutics Inc *		2,172		23,175
Forma Therapeutics Holdings Inc *		4,272		106,330
Frequency Therapeutics Inc *		4,215		41,981
Fresh Del Monte Produce Inc		4,392		144,409
Fulcrum Therapeutics Inc *		2,784		29,176
Fulgent Genetics Inc *		2,347		216,464
G1 Therapeutics Inc *		2,261		49,606
Gemini Therapeutics Inc *		2,316		14,985
Generation Bio Co *		529		14,230
Geron Corp *		39,649		55,905
Gossamer Bio Inc *		8,137		66,072
GP Strategies Corp *		1,909		30,009
Graham Holdings Co ’B’		505		320,119
Green Dot Corp ’A’ *		6,089		285,270
Gritstone bio Inc *		5,350		48,846
Haemonetics Corp *		2,141		142,676
Harvard Bioscience Inc *		1,043		8,688
Heidrick & Struggles International Inc		1,688		75,200
HF Foods Group Inc *		4,170		22,059
Homology Medicines Inc *		5,608		40,770
Hookipa Pharma Inc *		777		7,117
Hostess Brands Inc *		16,829		272,462
Huron Consulting Group Inc *		2,766		135,949
iBio Inc *		28,158		42,519
ICF International Inc		2,422		212,797
Ideaya Biosciences Inc *		2,794		58,646
Ikena Oncology Inc *		1,000		14,040
Immunic Inc *		1,985		24,336
ImmunityBio Inc *		7,747		110,627
ImmunoGen Inc *		12,649		83,357
Immunovant Inc *		1,684		17,800
Infinity Pharmaceuticals Inc *		1,216		3,636
Ingles Markets Inc ’A’		1,944		113,277
Innoviva Inc *		7,342		98,456
Inovio Pharmaceuticals Inc *		27,623		256,065
Inozyme Pharma Inc *		1,839		31,337
Instil Bio Inc *		1,201		23,203
Integer Holdings Corp *		4,370		411,654
Invacare Corp *		5,362		43,271
Invitae Corp *		19,806		668,056
iTeos Therapeutics Inc *		2,661		68,255
IVERIC bio Inc *		10,077		63,586
John B Sanfilippo & Son Inc		452		40,034
John Wiley & Sons Inc ’A’		5,720		344,230
Jounce Therapeutics Inc *		4,343		29,532
Kala Pharmaceuticals Inc *		2,076		11,003
Kelly Services Inc ’A’ *		4,501		107,889
KemPharm Inc *		1,921		24,627
Kezar Life Sciences Inc *		4,507		24,473
Kiniksa Pharmaceuticals Ltd ’A’ *		2,143		29,852
Kinnate Biopharma Inc *		1,693		39,413
Korn Ferry		7,034		510,317
Kronos Bio Inc *		4,525		108,374
Krystal Biotech Inc *		1,509		102,612
Kura Oncology Inc *		8,406		175,265
Laird Superfood Inc *		140		4,182

	Shares		Value
Lancaster Colony Corp		302		$58,440
Landec Corp *		4,064		45,720
Lantheus Holdings Inc *		7,623		210,700
Laureate Education Inc ’A’ *		14,162		205,491
Lexicon Pharmaceuticals Inc *		5,402		24,795
Ligand Pharmaceuticals Inc *		1,771		232,337
Limoneira Co		1,509		26,483
Lineage Cell Therapeutics Inc *		15,890		45,287
LivaNova PLC *		1,353		113,801
LiveRamp Holdings Inc *		8,651		405,299
Macquarie Infrastructure Corp		7,031		269,076
MacroGenics Inc *		795		21,354
Magellan Health Inc *		3,199		301,346
Magenta Therapeutics Inc *		816		7,980
MannKind Corp *		29,038		158,257
Marathon Digital Holdings Inc *		11,911		373,648
MEDNAX Inc *		5,051		152,288
MeiraGTx Holdings PLC *		3,602		55,831
Meridian Bioscience Inc *		4,996		110,811
Merit Medical Systems Inc *		730		47,202
Mersana Therapeutics Inc *		2,737		37,168
MGP Ingredients Inc		414		28,003
MiMedx Group Inc *		4,839		60,536
Mirum Pharmaceuticals Inc *		369		6,380
Misonix Inc *		868		19,252
Mission Produce Inc *		4,249		87,997
ModivCare Inc *		1,104		187,757
MoneyGram International Inc *		10,279		103,612
Monro Inc		1,853		117,684
Multiplan Corp *		44,840		426,877
Mustang Bio Inc *		9,368		31,102
Myriad Genetics Inc *		10,205		312,069
NanoString Technologies Inc *		557		36,088
Nathan’s Famous Inc		215		15,334
National HealthCare Corp		1,753		122,535
Natural Grocers by Vitamin Cottage Inc		968		10,396
Nature’s Sunshine Products Inc		1,590		27,618
Natus Medical Inc *		4,434		115,195
Neogen Corp *		797		36,694
Neoleukin Therapeutics Inc *		3,513		32,425
Neuronetics Inc *		229		3,669
NewAge Inc *		7,015		15,643
NexImmune Inc *		262		4,276
NGM Biopharmaceuticals Inc *		3,716		73,280
Nkarta Inc *		1,849		58,595
Nurix Therapeutics Inc *		530		14,061
Nuvation Bio Inc *		723		6,731
Olema Pharmaceuticals Inc *		892		24,958
Oncocyte Corp *		2,185		12,542
Oncorus Inc *		2,670		36,846
Oncternal Therapeutics Inc *		5,705		27,099
OPKO Health Inc *		52,969		214,524
Option Care Health Inc *		14,730		322,145
OraSure Technologies Inc *		9,419		95,509
ORIC Pharmaceuticals Inc *		3,324		58,802
Orthofix Medical Inc *		2,547		102,160
Owens & Minor Inc		1,779		75,305
Oyster Point Pharma Inc *		1,387		23,843
Pacific Biosciences of California Inc *		13,976		488,741
Passage Bio Inc *		4,911		65,022
Patterson Cos Inc		8,789		267,098
Perdoceo Education Corp *		8,966		110,013
Personalis Inc *		4,373		110,637
Pliant Therapeutics Inc *		370		10,774
Portage Biotech Inc * (Canada)		369		7,734
Poseida Therapeutics Inc *		3,744		37,515
Praxis Precision Medicines Inc *		2,965		54,200
Precigen Inc *		1,451		9,461
Prestige Consumer Healthcare Inc *		6,689		348,497
Primo Water Corp		20,925		350,075

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-271

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
PROG Holdings Inc		7,571		$364,392
Prometheus Biosciences Inc *		1,310		32,174
Prothena Corp PLC * (Ireland)		1,155		59,379
Provention Bio Inc *		7,427		62,610
Quanex Building Products Corp		4,527		112,451
Rain Therapeutics Inc *		321		4,988
Reata Pharmaceuticals Inc ’A’ *		487		68,925
Recursion Pharmaceuticals Inc ’A’ *		955		34,858
REGENXBIO Inc *		2,531		98,329
Rekor Systems Inc *		1,190		12,090
Relay Therapeutics Inc *		1,027		37,578
Reneo Pharmaceuticals Inc *		432		4,031
Rent-A-Center Inc		736		39,060
Repay Holdings Corp *		5,605		134,744
Replimune Group Inc *		1,050		40,341
Resources Connection Inc		4,547		65,295
Revlon Inc ’A’ *		919		11,800
REVOLUTION Medicines Inc *		6,798		215,769
Rhythm Pharmaceuticals Inc *		5,828		114,112
RR Donnelley & Sons Co *		9,294		58,366
Sana Biotechnology Inc *		232		4,561
Sanderson Farms Inc		440		82,707
Sangamo Therapeutics Inc *		1,633		19,547
Scholar Rock Holding Corp *		554		16,011
SeaSpine Holdings Corp *		2,277		46,701
Seer Inc *		1,227		40,221
Selecta Biosciences Inc *		10,761		44,981
Seneca Foods Corp ’A’ *		979		50,007
Sensei Biotherapeutics Inc *		1,149		11,214
Shattuck Labs Inc *		600		17,394
Sientra Inc *		1,225		9,751
Sigilon Therapeutics Inc *		753		8,080
Silverback Therapeutics Inc *		1,682		51,957
SOC Telemed Inc *		935		5,320
Solid Biosciences Inc *		7,783		28,486
Sorrento Therapeutics Inc *		3,600		34,884
SpartanNash Co		4,911		94,831
Spero Therapeutics Inc *		96		1,340
Sprouts Farmers Market Inc *		8,779		218,158
Spruce Biosciences Inc *		984		11,031
SQZ Biotechnologies Co *		2,970		42,917
StoneMor Inc *		3,242		8,494
Strategic Education Inc		3,237		246,206
Stride Inc *		5,160		165,791
Supernus Pharmaceuticals Inc *		6,568		202,229
Surface Oncology Inc *		4,322		32,242
Sutro Biopharma Inc *		5,283		98,211
Syndax Pharmaceuticals Inc *		4,475		76,836
Syros Pharmaceuticals Inc *		3,962		21,593
Talaris Therapeutics Inc *		419		6,155
Talis Biomedical Corp *		1,855		20,461
Tarsus Pharmaceuticals Inc *		276		7,998
Taysha Gene Therapies Inc *		493		10,452
TCR2 Therapeutics Inc *		4,017		65,919
Team Inc *		3,539		23,711
Tejon Ranch Co *		3,344		50,862
Tenet Healthcare Corp *		12,430		832,686
Terns Pharmaceuticals Inc *		317		3,886
Textainer Group Holdings Ltd * (China)		5,564		187,896
The Aaron’s Co Inc		4,508		144,211
The Andersons Inc		2,730		83,347
The Beauty Health Co *		482		8,098
The Chefs’ Warehouse Inc *		4,086		130,057
The Duckhorn Portfolio Inc *		973		21,464
The Hackett Group Inc		729		13,137
The Honest Co Inc *		835		13,519
The Simply Good Foods Co *		10,858		396,426
Theravance Biopharma Inc *		575		8,349
Tivity Health Inc *		2,611		68,695
Tonix Pharmaceuticals Holding Corp *		43,149		47,895

	Shares		Value
Tootsie Roll Industries Inc		2,112		$71,618
Translate Bio Inc *		4,300		118,422
Travere Therapeutics Inc *		7,164		104,523
TreeHouse Foods Inc *		6,894		306,921
Trevena Inc *		14,150		23,914
Trillium Therapeutics Inc * (Canada)		10,998		106,681
Triple-S Management Corp ’B’ *		3,452		76,876
Triton International Ltd (Bermuda)		8,792		460,173
TrueBlue Inc *		4,629		130,121
Turning Point Therapeutics Inc *		5,427		423,415
United Natural Foods Inc *		7,057		260,968
Universal Corp		3,217		183,272
UroGen Pharma Ltd *		900		13,743
Utah Medical Products Inc		378		32,145
Vanda Pharmaceuticals Inc *		7,283		156,657
Varex Imaging Corp *		4,673		125,330
Vaxart Inc *		1,357		10,164
Vaxcyte Inc *		3,761		84,660
VBI Vaccines Inc *		2,793		9,357
Vector Group Ltd		16,485		233,098
Vectrus Inc *		1,439		68,482
Veracyte Inc *		8,974		358,781
Veru Inc *		2,162		17,447
Viemed Healthcare Inc *		3,841		27,463
Viking Therapeutics Inc *		9,035		54,120
Village Super Market Inc ’A’		1,452		34,137
Viracta Therapeutics Inc *		3,816		43,273
VistaGen Therapeutics Inc *		3,638		11,460
Vivint Smart Home Inc *		8,927		117,836
Vor BioPharma Inc *		1,352		25,215
Weis Markets Inc		2,217		114,530
Werewolf Therapeutics Inc *		342		5,964
Whole Earth Brands Inc *		4,567		66,222
Willdan Group Inc *		267		10,050
WW International Inc *		4,827		174,448
XBiotech Inc *		1,815		30,056
XOMA Corp *		695		23,630
Zogenix Inc *		7,471		129,099
				35,547,984
Energy - 6.3%
Advent Technologies Holdings Inc *		416		4,010
Aemetis Inc *		3,439		38,414
Alto Ingredients Inc *		10,343		63,196
Antero Resources Corp *		33,359		501,386
Arch Resources Inc *		1,692		96,410
Archrock Inc		17,658		157,333
Array Technologies Inc *		12,961		202,192
Beam Global *		109		4,176
Berry Corp		10,093		67,825
Bonanza Creek Energy Inc		4,082		192,140
Brigham Minerals Inc ’A’		5,971		127,123
Bristow Group Inc *		830		21,256
California Resources Corp *		11,239		338,743
Callon Petroleum Co *		704		40,614
Centennial Resource Development Inc ’A’ *		20,830		141,227
ChampionX Corp *		22,207		569,609
Chesapeake Energy Corp		13,172		683,890
Cleanspark Inc *		4,163		69,272
CNX Resources Corp *		29,090		397,369
Comstock Resources Inc *		12,068		80,494
CONSOL Energy Inc *		4,515		83,392
CVR Energy Inc		4,451		79,940
Delek US Holdings Inc		9,160		198,039
Dril-Quip Inc *		4,608		155,889
Earthstone Energy Inc ’A’ *		2,750		30,442
Equitrans Midstream Corp		54,456		463,421
Extraction Oil & Gas Inc *		1,248		68,528
Falcon Minerals Corp		2,737		13,904
Frank’s International NV *		19,630		59,479

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-272

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
FTS International Inc ’A’ *		1,109		$31,374
FuelCell Energy Inc *		10,198		90,762
FutureFuel Corp		4,375		42,000
Gevo Inc *		26,641		193,680
Golar LNG Ltd * (Bermuda)		13,628		180,571
Green Plains Inc *		1,264		42,496
Helix Energy Solutions Group Inc *		19,555		111,659
Helmerich & Payne Inc		14,043		458,223
HighPeak Energy Inc *		409		4,184
Laredo Petroleum Inc *		1,215		112,740
Liberty Oilfield Services Inc ’A’ *		7,779		110,151
Matrix Service Co *		3,954		41,517
MRC Global Inc *		10,461		98,333
Murphy Oil Corp		19,520		454,426
Nabors Industries Ltd *		959		109,556
National Energy Services Reunited Corp *		3,587		51,115
Newpark Resources Inc *		12,499		43,246
NexTier Oilfield Solutions Inc *		20,425		97,223
Northern Oil and Gas Inc		6,335		131,578
NOW Inc *		14,601		138,563
Oasis Petroleum Inc		409		41,125
Oceaneering International Inc *		13,102		203,998
Oil States International Inc *		8,684		68,169
Ovintiv Inc		33,201		1,044,835
Par Pacific Holdings Inc *		1,458		24,524
Patterson-UTI Energy Inc		24,624		244,763
PBF Energy Inc ’A’ *		12,876		197,003
PDC Energy Inc		13,150		602,138
Peabody Energy Corp *		8,888		70,482
Penn Virginia Corp *		1,966		46,417
ProPetro Holding Corp *		11,250		103,050
Range Resources Corp *		31,741		531,979
Renewable Energy Group Inc *		5,959		371,484
REX American Resources Corp *		768		69,258
Riley Exploration Permian Inc		268		7,767
RPC Inc *		8,863		43,872
Select Energy Services Inc ’A’ *		8,346		50,410
SM Energy Co		15,486		381,420
Solaris Oilfield Infrastructure Inc ’A’		3,783		36,846
SunCoke Energy Inc		10,584		75,570
Sunnova Energy International Inc *		9,691		364,963
SunPower Corp *		2,286		66,797
Talos Energy Inc *		4,144		64,812
TETRA Technologies Inc *		2,995		12,998
US Silica Holdings Inc *		9,476		109,543
W&T Offshore Inc *		12,496		60,606
Warrior Met Coal Inc		6,443		110,820
Whiting Petroleum Corp *		5,268		287,369
				12,786,128
Financial - 34.5%
1st Source Corp		2,487		115,546
Acadia Realty Trust REIT		10,690		234,752
Agree Realty Corp REIT		8,951		630,956
Alerus Financial Corp		2,310		67,013
Alexander & Baldwin Inc REIT *		10,165		186,223
Allegiance Bancshares Inc		2,523		96,984
Altabancorp		2,487		107,712
Altus Midstream Co ’A’		373		25,181
Amalgamated Financial Corp		2,206		34,480
Ambac Financial Group Inc *		6,209		97,233
Amerant Bancorp Inc *		3,168		67,732
American Assets Trust Inc REIT		6,910		257,674
American Equity Investment Life Holding Co		11,668		377,110
American Finance Trust Inc REIT		14,618		123,961
American National Bankshares Inc		1,710		53,164
American National Group Inc		1,002		148,847
American Realty Investors Inc *		128		1,192
Ameris Bancorp		8,387		424,634
AMERISAFE Inc		2,712		161,879

	Shares		Value
Apartment Investment and Management Co ’A’ REIT		19,824		$133,019
Apollo Commercial Real Estate Finance Inc REIT		18,676		297,882
Apple Hospitality REIT Inc		27,949		426,502
Arbor Realty Trust Inc REIT		16,871		300,641
Ares Commercial Real Estate Corp REIT		4,894		71,893
Argo Group International Holdings Ltd		4,321		223,957
Armada Hoffler Properties Inc REIT		7,947		105,616
ARMOUR Residential REIT Inc		9,411		107,474
Arrow Financial Corp		2,059		74,021
Ashford Hospitality Trust Inc REIT *		15,363		70,055
Assetmark Financial Holdings Inc *		2,496		62,550
Associated Banc-Corp		20,617		422,236
Associated Capital Group Inc ’A’		486		18,886
Atlantic Capital Bancshares Inc *		2,995		76,253
Atlantic Union Bankshares Corp		10,755		389,546
Axos Financial Inc *		6,953		322,550
B. Riley Financial Inc		2,607		196,828
Banc of California Inc		6,008		105,380
BancFirst Corp		2,438		152,204
Banco Latinoamericano de Comercio Exterior SA ’E’ (Panama)		4,457		68,504
BancorpSouth Bank		12,903		365,542
Bank First Corp		942		65,723
Bank of Marin Bancorp		2,025		64,598
BankUnited Inc		11,316		483,080
Banner Corp		3,952		214,238
Bar Harbor Bankshares		2,017		57,727
Berkshire Hills Bancorp Inc		5,563		152,482
BGC Partners Inc ’A’		44,437		251,958
Blackstone Mortgage Trust Inc ’A’ REIT		18,482		589,391
Blucora Inc *		4,650		80,492
Blue Ridge Bankshares Inc		2,435		42,661
Boston Private Financial Holdings Inc		9,934		146,527
Braemar Hotels & Resorts Inc REIT *		6,203		38,521
Brandywine Realty Trust REIT		22,586		309,654
Bridgewater Bancshares Inc *		2,790		45,059
BrightSpire Capital Inc REIT		9,671		90,907
Broadmark Realty Capital Inc REIT		17,399		184,255
Broadstone Net Lease Inc REIT		19,356		453,124
Brookline Bancorp Inc		9,046		135,238
BRT Apartments Corp REIT		1,801		31,229
Bryn Mawr Bank Corp		2,859		120,621
Business First Bancshares Inc		2,831		64,971
Byline Bancorp Inc		3,500		79,205
Cadence BanCorp		10,580		220,910
Cambridge Bancorp		985		81,745
Camden National Corp		2,170		103,639
Capital Bancorp Inc *		1,508		30,839
Capital City Bank Group Inc		2,033		52,431
Capitol Federal Financial Inc		17,108		201,532
Capstar Financial Holdings Inc		2,936		60,188
Capstead Mortgage Corp REIT		12,578		77,229
CareTrust REIT Inc		11,839		275,020
Carter Bankshares Inc *		4,095		51,228
CatchMark Timber Trust Inc ’A’ REIT		2,754		32,222
Cathay General Bancorp		10,402		409,423
CBTX Inc		2,673		73,000
Centerspace REIT		1,887		148,884
Central Pacific Financial Corp		2,785		72,577
Century Bancorp Inc ’A’		409		46,626
Chatham Lodging Trust REIT *		6,917		89,022
Chimera Investment Corp REIT		31,033		467,357
CIT Group Inc		13,273		684,754
Citizens & Northern Corp		2,458		60,221
Citizens Inc *		7,614		40,278
City Holding Co		1,881		141,526
City Office REIT Inc		6,235		77,501
Civista Bancshares Inc		2,503		55,316

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-273

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Clipper Realty Inc REIT		756		$5,557
CNB Financial Corp		2,566		58,556
CNO Financial Group Inc		17,653		416,964
Coastal Financial Corp *		688		19,649
Columbia Banking System Inc		8,763		337,901
Columbia Financial Inc *		3,979		68,518
Columbia Property Trust Inc REIT		15,827		275,232
Community Bank System Inc		6,676		505,039
Community Healthcare Trust Inc REIT		1,326		62,932
Community Trust Bancorp Inc		2,312		93,359
ConnectOne Bancorp Inc		5,263		137,733
CorePoint Lodging Inc REIT *		5,728		61,290
Corporate Office Properties Trust REIT		2,468		69,079
Cowen Inc ’A’		3,375		138,544
Crawford & Co ’A’		2,751		24,952
CrossFirst Bankshares Inc *		3,897		53,584
CTO Realty Growth Inc REIT		904		48,382
Customers Bancorp Inc *		3,388		132,098
CVB Financial Corp		17,034		350,730
Diamond Hill Investment Group Inc		436		72,947
DiamondRock Hospitality Co REIT *		25,688		249,174
DigitalBridge Group Inc REIT *		64,172		506,959
Dime Community Bancshares Inc		4,672		157,073
Diversified Healthcare Trust REIT		32,774		136,995
Donegal Group Inc ’A’		2,328		33,919
Dynex Capital Inc REIT		3,924		73,222
Eagle Bancorp Inc		3,948		221,404
Easterly Government Properties Inc REIT		11,688		246,383
Eastern Bankshares Inc		18,448		379,475
eHealth Inc *		2,298		134,203
Ellington Financial Inc REIT		5,747		110,055
Empire State Realty Trust Inc ’A’ REIT		19,757		237,084
Employers Holdings Inc		3,382		144,750
Encore Capital Group Inc *		4,149		196,621
Enova International Inc *		4,779		163,490
Enstar Group Ltd *		1,832		437,701
Enterprise Bancorp Inc		1,528		50,042
Enterprise Financial Services Corp		4,055		188,111
Equity Bancshares Inc ’A’ *		1,818		55,431
Equity Commonwealth REIT		15,973		418,493
Essent Group Ltd		14,874		668,586
Essential Properties Realty Trust Inc REIT		15,942		431,072
EZCORP Inc ’A’ *		6,448		38,881
Farmers National Banc Corp		4,048		62,784
Farmland Partners Inc REIT		3,924		47,284
FB Financial Corp		4,323		161,334
Federal Agricultural Mortgage Corp ’C’		1,189		117,592
Federated Hermes Inc		12,864		436,218
Fidelity D&D Bancorp Inc		657		35,544
Finance Of America Cos Inc ’A’ *		4,132		31,527
Financial Institutions Inc		2,406		72,180
First BanCorp		7,967		94,967
First Bancorp NC		3,316		135,658
First Bank		2,100		28,434
First Busey Corp		7,150		176,319
First Choice Bancorp		1,712		52,130
First Commonwealth Financial Corp		11,183		157,345
First Community Bankshares Inc		2,613		77,998
First Financial Bancorp		11,764		277,983
First Financial Bankshares Inc		1,396		68,585
First Financial Corp		1,839		75,068
First Foundation Inc		5,620		126,506
First Internet Bancorp		1,432		44,363
First Interstate BancSystem Inc ’A’		5,680		237,594
First Merchants Corp		7,434		309,775
First Mid Bancshares Inc		2,432		98,520
First Midwest Bancorp Inc		13,961		276,847
Five Star Bancorp *		604		14,587
Flagstar Bancorp Inc		6,937		293,227
Flushing Financial Corp		4,384		93,949

	Shares		Value
Four Corners Property Trust Inc REIT		2,565		$70,820
Franklin Street Properties Corp REIT		14,558		76,575
FRP Holdings Inc *		963		53,620
FS Bancorp Inc		632		45,043
Fulton Financial Corp		21,708		342,552
GAMCO Investors Inc ’A’		214		5,371
GCM Grosvenor Inc ’A’		417		4,345
Genworth Financial Inc ’A’ *		66,032		257,525
German American Bancorp Inc		3,545		131,874
Getty Realty Corp REIT		5,304		165,220
Glacier Bancorp Inc		11,313		623,120
Gladstone Commercial Corp REIT		3,930		88,661
Gladstone Land Corp REIT		1,585		38,135
Global Medical REIT Inc		8,205		121,106
Global Net Lease Inc REIT		13,320		246,420
Goosehead Insurance Inc ’A’		1,990		253,327
Granite Point Mortgage Trust Inc REIT		7,071		104,297
Great Ajax Corp REIT		2,636		34,215
Great Southern Bancorp Inc		1,591		85,755
Great Western Bancorp Inc		6,406		210,053
Greenlight Capital Re Ltd ’A’ *		4,453		40,656
Guaranty Bancshares Inc		1,338		45,586
Hancock Whitney Corp		11,713		520,526
Hanmi Financial Corp		3,537		67,415
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		9,732		546,452
HarborOne Bancorp Inc		7,240		103,822
Hawthorn Bancshares Inc		47		1,076
HBT Financial Inc		1,833		31,913
HCI Group Inc		787		78,251
Healthcare Realty Trust Inc REIT		19,176		579,115
Heartland Financial USA Inc		5,563		261,405
Heritage Commerce Corp		8,648		96,252
Heritage Financial Corp		4,344		108,687
Heritage Insurance Holdings Inc		2,899		24,873
Hersha Hospitality Trust REIT *		4,528		48,721
Hilltop Holdings Inc		8,795		320,138
Hingham Institution for Savings		216		62,748
Home Bancorp Inc		1,274		48,552
Home BancShares Inc		20,621		508,926
Home Point Capital Inc *		1,695		10,051
HomeStreet Inc		2,268		92,398
HomeTrust Bancshares Inc		2,317		64,644
Hope Bancorp Inc		14,595		206,957
Horace Mann Educators Corp		5,053		189,083
Horizon Bancorp Inc		6,271		109,304
Houlihan Lokey Inc		981		80,236
Howard Bancorp Inc *		2,233		36,018
Independence Holding Co		594		27,514
Independence Realty Trust Inc REIT		14,137		257,718
Independent Bank Corp		4,042		305,171
Independent Bank Corp MI		3,238		70,297
Independent Bank Group Inc		5,141		380,331
Indus Realty Trust Inc REIT		167		10,964
Industrial Logistics Properties Trust REIT		9,026		235,940
Innovative Industrial Properties Inc REIT		1,557		297,418
International Bancshares Corp		7,377		316,768
Invesco Mortgage Capital Inc REIT		33,120		129,168
Investors Bancorp Inc		15,257		217,565
Investors Title Co		148		25,845
iStar Inc REIT		2,583		53,546
James River Group Holdings Ltd		1,179		44,236
Kearny Financial Corp		7,398		88,406
Kennedy-Wilson Holdings Inc		16,479		327,438
Kite Realty Group Trust REIT		11,554		254,304
KKR Real Estate Finance Trust Inc REIT		4,290		92,793
Ladder Capital Corp REIT		15,201		175,420
Lakeland Bancorp Inc		7,066		123,514
Lakeland Financial Corp		3,196		197,001
Legacy Housing Corp *		787		13,308

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-274

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
LendingClub Corp *		12,866		$233,261
Lexington Realty Trust REIT		37,313		445,890
LTC Properties Inc REIT		5,438		208,765
Luther Burbank Corp		2,771		32,864
Macatawa Bank Corp		4,592		40,180
Mack-Cali Realty Corp REIT		12,271		210,448
Maiden Holdings Ltd *		9,000		30,330
Marcus & Millichap Inc *		3,064		119,098
Marlin Business Services Corp		1,265		28,791
MBIA Inc *		6,800		74,800
McGrath RentCorp		1,127		91,929
Mercantile Bank Corp		2,430		73,386
Merchants Bancorp		1,551		60,861
Meridian Bancorp Inc		6,693		136,939
Meta Financial Group Inc		2,714		137,410
Metrocity Bankshares Inc		2,449		42,882
MetroMile Inc *		5,003		45,777
Metropolitan Bank Holding Corp *		1,067		64,255
MFA Financial Inc REIT		59,166		271,572
Mid Penn Bancorp Inc		1,400		38,430
Midland States Bancorp Inc		3,257		85,561
MidWestOne Financial Group Inc		2,137		61,481
Moelis & Co ’A’		3,766		214,248
Monmouth Real Estate Investment Corp REIT		11,403		213,464
Mr Cooper Group Inc *		9,633		318,467
MVB Financial Corp		1,436		61,260
National Bank Holdings Corp ’A’		3,318		125,221
National Health Investors Inc REIT		5,970		400,288
National Western Life Group Inc ’A’		362		81,229
Navient Corp		23,806		460,170
NBT Bancorp Inc		5,266		189,418
Nelnet Inc ’A’		2,287		172,051
NETSTREIT Corp		5,656		130,427
New Senior Investment Group Inc REIT		11,771		103,349
New York Mortgage Trust Inc REIT		50,529		225,865
NexPoint Residential Trust Inc REIT		2,573		141,464
NI Holdings Inc *		1,611		30,625
Nicolet Bankshares Inc *		1,327		93,341
NMI Holdings Inc ’A’ *		10,553		237,231
Northfield Bancorp Inc		6,250		102,500
Northrim BanCorp Inc		1,036		44,289
Northwest Bancshares Inc		13,998		190,933
OceanFirst Financial Corp		8,344		173,889
Ocwen Financial Corp *		1,081		33,489
Office Properties Income Trust REIT		6,711		196,699
OFG Bancorp		6,288		139,091
Old National Bancorp		20,232		356,286
Old Second Bancorp Inc		4,301		53,332
One Liberty Properties Inc REIT		2,413		68,505
Oportun Financial Corp *		2,906		58,207
Oppenheimer Holdings Inc ’A’		1,191		60,550
Orchid Island Capital Inc REIT		12,339		64,039
Origin Bancorp Inc		2,674		113,538
Orrstown Financial Services Inc		1,860		42,910
Outfront Media Inc REIT *		15,930		382,798
Pacific Premier Bancorp Inc		10,664		450,981
Paramount Group Inc REIT		25,788		259,685
Park National Corp		1,916		224,977
PCSB Financial Corp		2,174		39,502
Peapack Gladstone Financial Corp		2,606		80,968
Pebblebrook Hotel Trust REIT		17,725		417,424
PennyMac Financial Services Inc		4,730		291,936
PennyMac Mortgage Investment Trust REIT		10,945		230,502
Peoples Bancorp Inc		2,728		80,803
Peoples Financial Services Corp		1,160		49,416
Physicians Realty Trust REIT		29,221		539,712
Piedmont Office Realty Trust Inc ’A’ REIT		17,023		314,415
Pioneer Bancorp Inc *		2,204		26,492
Piper Sandler Cos		2,367		306,669
PJT Partners Inc ’A’		550		39,259

	Shares		Value
Plymouth Industrial REIT Inc REIT		4,246		$85,005
Postal Realty Trust Inc ’A’ REIT		1,909		34,820
PotlatchDeltic Corp REIT		8,955		475,958
PRA Group Inc *		6,084		234,051
Preferred Apartment Communities Inc ’A’ REIT		7,286		71,039
Preferred Bank		517		32,711
Premier Financial Bancorp Inc		2,255		37,997
Premier Financial Corp		5,166		146,766
Primis Financial Corp		3,845		58,675
ProAssurance Corp		6,587		149,854
ProSight Global Inc *		1,914		24,423
Provident Bancorp Inc		2,483		40,498
Provident Financial Services Inc		9,842		225,283
PS Business Parks Inc REIT		469		69,450
QCR Holdings Inc		2,254		108,395
QTS Realty Trust Inc ’A’ REIT		5,424		419,275
Radian Group Inc		25,987		578,211
Radius Global Infrastructure Inc ’A’ *		5,886		85,347
RBB Bancorp		2,102		50,910
RE/MAX Holdings Inc ’A’		2,463		82,092
Ready Capital Corp REIT		7,537		119,612
Realogy Holdings Corp *		15,331		279,331
Red River Bancshares Inc		793		40,054
Redwood Trust Inc REIT		15,044		181,581
Regional Management Corp		870		40,490
Reliant Bancorp Inc		2,380		65,997
Renasant Corp		6,868		274,720
Republic Bancorp Inc ’A’		1,447		66,750
Republic First Bancorp Inc *		5,702		22,751
Retail Opportunity Investments Corp REIT		16,031		283,107
Retail Properties of America Inc ’A’ REIT		29,394		336,561
Retail Value Inc REIT		2,598		56,507
RLI Corp		495		51,772
RLJ Lodging Trust REIT		22,423		341,502
RPT Realty REIT		11,407		148,063
Ryman Hospitality Properties Inc REIT *		687		54,246
S&T Bancorp Inc		4,630		144,919
Sabra Health Care REIT Inc		29,252		532,386
Safehold Inc REIT		902		70,807
Safety Insurance Group Inc		1,733		135,659
Sandy Spring Bancorp Inc		6,395		282,211
Saul Centers Inc REIT		338		15,362
Sculptor Capital Management Inc		2,875		70,696
Seacoast Banking Corp of Florida		6,557		223,922
Selective Insurance Group Inc		7,984		647,902
Seritage Growth Properties REIT *		5,002		92,037
Service Properties Trust REIT		21,281		268,141
ServisFirst Bancshares Inc		1,255		85,315
Sierra Bancorp		2,250		57,263
Simmons First National Corp ’A’		13,268		389,283
SiriusPoint Ltd * (Bermuda)		12,081		121,656
SITE Centers Corp REIT		23,729		357,359
SmartFinancial Inc		2,172		52,150
South Plains Financial Inc		1,833		42,397
South State Corp		9,523		778,600
Southern First Bancshares Inc *		862		44,100
Southern Missouri Bancorp Inc		1,241		55,795
Southside Bancshares Inc		4,052		154,908
Spirit of Texas Bancshares Inc		2,038		46,548
STAG Industrial Inc REIT		21,674		811,258
State Auto Financial Corp		2,663		45,591
Stewart Information Services Corp		3,160		179,140
Stock Yards Bancorp Inc		2,446		124,477
StoneX Group Inc *		2,087		126,618
Summit Financial Group Inc		1,945		42,809
Summit Hotel Properties Inc REIT *		14,719		137,328
Sunstone Hotel Investors Inc REIT *		29,364		364,701
SVB Financial Group *		226		126,029
Tanger Factory Outlet Centers Inc REIT		10,078		189,970

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-275

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Terreno Realty Corp REIT		9,275		$598,423
Texas Capital Bancshares Inc *		4,356		276,562
The Bancorp Inc *		6,880		158,309
The Bank of NT Butterfield & Son Ltd (Bermuda)		6,949		246,342
The First Bancorp Inc		1,708		50,301
The First Bancshares Inc		2,817		105,440
The First of Long Island Corp		3,521		74,751
The GEO Group Inc REIT		12,898		91,834
The Macerich Co REIT		26,527		484,118
The RMR Group Inc ’A’		2,074		80,139
Tiptree Inc		3,422		31,825
Tompkins Financial Corp		2,025		157,059
Towne Bank		9,259		281,659
TPG RE Finance Trust Inc REIT		7,950		106,928
Trean Insurance Group Inc *		2,338		35,257
TriCo Bancshares		3,875		164,997
TriState Capital Holdings Inc *		4,031		82,192
Triumph Bancorp Inc *		340		25,245
TrustCo Bank Corp NY		2,295		78,902
Trustmark Corp		8,714		268,391
Two Harbors Investment Corp REIT		36,451		275,570
UMB Financial Corp		5,828		542,354
UMH Properties Inc REIT		1,077		23,500
United Bankshares Inc		16,895		616,667
United Community Banks Inc		9,436		302,046
United Fire Group Inc		2,798		77,589
United Insurance Holdings Corp		3,835		21,860
Uniti Group Inc REIT		26,706		282,817
Universal Health Realty Income Trust REIT		293		18,034
Universal Insurance Holdings Inc		3,608		50,079
Univest Financial Corp		4,220		111,281
Urban Edge Properties REIT		15,918		304,034
Urstadt Biddle Properties Inc ’A’ REIT		4,467		86,570
Valley National Bancorp		54,048		725,865
Velocity Financial Inc *		954		11,915
Veritex Holdings Inc		5,176		183,282
Walker & Dunlop Inc		3,565		372,115
Washington Federal Inc		9,914		315,067
Washington Real Estate Investment Trust REIT		11,708		269,284
Washington Trust Bancorp Inc		2,470		126,835
Waterstone Financial Inc		3,036		59,688
Watford Holdings Ltd * (Bermuda)		2,421		84,711
WesBanco Inc		8,964		319,387
West Bancorporation Inc		2,080		57,720
Westamerica Bancorporation		3,151		182,853
Whitestone REIT		6,529		53,864
WisdomTree Investments Inc		6,195		38,409
World Acceptance Corp *		614		98,387
WSFS Financial Corp		5,123		238,681
Xenia Hotels & Resorts Inc REIT *		15,166		284,059
				70,053,095
Industrial - 11.4%
AAR Corp *		4,521		175,189
Aerojet Rocketdyne Holdings Inc		1,993		96,242
AerSale Corp *		819		10,205
AFC Gamma Inc		908		18,750
AgEagle Aerial Systems Inc *		2,891		15,236
Air Transport Services Group Inc *		7,731		179,591
Alamo Group Inc		222		33,895
Albany International Corp ’A’		3,231		288,399
Allied Motion Technologies Inc		303		10,463
Altra Industrial Motion Corp		8,505		552,995
American Outdoor Brands Inc *		1,857		65,255
American Superconductor Corp *		3,763		65,439
American Woodmark Corp *		2,216		181,025
Apogee Enterprises Inc		3,235		131,762
ArcBest Corp		3,297		191,852

	Shares		Value
Arcosa Inc		6,307		$370,473
Argan Inc		2,028		96,918
Astec Industries Inc		2,941		185,107
Astronics Corp *		3,511		61,478
Atlas Air Worldwide Holdings Inc *		3,798		258,682
Atlas Technical Consultants Inc *		1,184		11,461
AZZ Inc		3,344		173,152
Babcock & Wilcox Enterprises Inc *		4,968		39,148
Barnes Group Inc		6,250		320,312
Belden Inc		5,830		294,823
Benchmark Electronics Inc		4,878		138,828
Boise Cascade Co		4,225		246,529
Brady Corp ’A’		6,344		355,518
Caesarstone Ltd		2,887		42,612
Casella Waste Systems Inc ’A’ *		624		39,580
CECO Environmental Corp *		3,412		24,430
Centrus Energy Corp ’A’ *		1,206		30,608
Chart Industries Inc *		1,962		287,080
Chase Corp		657		67,415
Columbus McKinnon Corp		3,495		168,599
Comtech Telecommunications Corp		3,437		83,038
Concrete Pumping Holdings Inc *		3,266		27,663
Costamare Inc (Monaco)		7,273		85,894
Covenant Logistics Group Inc ’A’ *		1,528		31,599
DHT Holdings Inc		19,284		125,153
Diamond S Shipping Inc *		3,947		39,312
Dorian LPG Ltd *		3,409		48,135
Ducommun Inc *		1,514		82,604
DXP Enterprises Inc *		2,356		78,455
Dycom Industries Inc *		776		57,835
Eagle Bulk Shipping Inc *		1,070		50,632
Eastman Kodak Co *		674		5,608
Echo Global Logistics Inc *		2,631		80,877
EMCOR Group Inc		6,399		788,293
Encore Wire Corp		2,692		204,027
EnerSys		4,982		486,891
EnPro Industries Inc		2,701		262,402
ESCO Technologies Inc		3,027		283,963
Fabrinet * (Thailand)		623		59,727
FARO Technologies Inc *		1,138		88,502
Fluidigm Corp *		8,882		54,713
Fluor Corp *		18,865		333,910
Frontline Ltd (Norway)		16,022		144,198
GATX Corp		4,599		406,874
Genco Shipping & Trading Ltd		4,184		78,994
Gibraltar Industries Inc *		3,213		245,184
GrafTech International Ltd		2,459		28,574
Granite Construction Inc		5,913		245,567
Great Lakes Dredge & Dock Corp *		8,156		119,159
Greif Inc ’A’		3,105		188,008
Greif Inc ’B’		780		46,020
Griffon Corp		6,119		156,830
Harsco Corp *		6,298		128,605
Haynes International Inc		1,871		66,196
Heartland Express Inc		6,602		113,092
Heritage-Crystal Clean Inc *		1,602		47,547
Hillenbrand Inc		4,741		208,983
Hub Group Inc ’A’ *		4,357		287,475
Hyster-Yale Materials Handling Inc		1,346		98,231
Ichor Holdings Ltd *		1,193		64,183
Ideanomics Inc *		53,770		152,707
II-VI Inc *		1,075		78,034
Infrastructure and Energy Alternatives Inc *		1,413		18,171
Insteel Industries Inc		2,427		78,028
International Seaways Inc		3,063		58,748
Itron Inc *		1,042		104,179
JELD-WEN Holding Inc *		7,081		185,947
Kaman Corp		3,630		182,952
Kennametal Inc		11,025		396,018
Kimball Electronics Inc *		3,169		68,894

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-276

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Knowles Corp *		11,555		$228,096
Kratos Defense & Security Solutions Inc *		12,554		357,663
Lindsay Corp		79		13,057
Luxfer Holdings PLC (United Kingdom)		2,620		58,295
Lydall Inc *		1,334		80,734
Marten Transport Ltd		7,760		127,962
Materion Corp		1,672		125,985
Matson Inc		5,710		365,440
Matthews International Corp ’A’		4,110		147,796
Mayville Engineering Co Inc *		1,247		25,077
Mesa Laboratories Inc		614		166,498
Mistras Group Inc *		2,396		23,553
Moog Inc ’A’		3,837		322,538
Mueller Industries Inc		4,812		208,408
Mueller Water Products Inc ’A’		19,182		276,604
Myers Industries Inc		3,029		63,609
MYR Group Inc *		661		60,098
National Presto Industries Inc		692		70,342
NL Industries Inc		1,153		7,494
NN Inc *		5,461		40,138
Nordic American Tankers Ltd		20,150		66,092
Northwest Pipe Co *		1,491		42,121
NV5 Global Inc *		1,212		114,546
NVE Corp		123		9,108
Olympic Steel Inc		1,203		35,356
OSI Systems Inc *		1,922		195,352
Pactiv Evergreen Inc		5,626		84,784
PAM Transportation Services Inc *		345		18,199
Park Aerospace Corp		3,120		46,488
Park-Ohio Holdings Corp		1,236		39,725
PGT Innovations Inc *		4,277		99,355
Plexus Corp *		544		49,727
Powell Industries Inc		1,393		43,113
Primoris Services Corp		6,848		201,537
Proto Labs Inc *		3,098		284,396
Radiant Logistics Inc *		5,046		34,969
Ranpak Holdings Corp *		3,926		98,268
RBC Bearings Inc *		2,780		554,388
Rexnord Corp		7,738		387,210
Ryerson Holding Corp *		985		14,381
Safe Bulkers Inc * (Greece)		7,619		30,552
Sanmina Corp *		8,393		326,991
Scorpio Tankers Inc (Monaco)		6,453		142,289
SFL Corp Ltd (Norway)		13,837		105,853
SPX Corp *		1,147		70,059
SPX FLOW Inc		5,306		346,163
Standex International Corp		1,634		155,083
Sterling Construction Co Inc *		3,131		75,551
Stoneridge Inc *		3,011		88,824
Sturm Ruger & Co Inc		259		23,305
Summit Materials Inc ’A’ *		15,487		539,722
Teekay Corp * (Bermuda)		8,767		32,613
Teekay Tankers Ltd ’A’ * (Bermuda)		3,057		44,082
The Gorman-Rupp Co		2,271		78,213
The Greenbrier Cos Inc		4,243		184,910
The Manitowoc Co Inc *		4,686		114,807
Thermon Group Holdings Inc *		4,119		70,188
Tidewater Inc *		5,068		61,069
TimkenSteel Corp *		5,927		83,867
Tredegar Corp		986		13,577
TriMas Corp *		5,426		164,571
Trinity Industries Inc		11,457		308,079
Triumph Group Inc *		6,979		144,814
TTM Technologies Inc *		13,572		194,080
Turtle Beach Corp *		440		14,045
Tutor Perini Corp *		5,635		78,045
UFP Industries Inc		906		67,352
UFP Technologies Inc *		823		47,257
Universal Logistics Holdings Inc		484		11,277
US Concrete Inc *		2,012		148,486

	Shares		Value
US Ecology Inc *		3,785		$142,013
US Xpress Enterprises Inc ’A’ *		3,646		31,356
View Inc *		11,232		95,247
Vishay Intertechnology Inc		15,760		355,388
Vishay Precision Group Inc *		1,850		62,974
Watts Water Technologies Inc ’A’		1,685		245,858
Werner Enterprises Inc		7,348		327,133
Willis Lease Finance Corp *		422		18,087
Worthington Industries Inc		4,511		275,983
Yellow Corp *		6,019		39,184
				23,133,131
Technology - 3.3%
3D Systems Corp *		1,518		60,674
Agilysys Inc *		241		13,706
Allscripts Healthcare Solutions Inc *		18,678		345,730
Alpha & Omega Semiconductor Ltd *		628		19,085
American Software Inc ’A’		955		20,972
Amkor Technology Inc		10,855		256,938
Asana Inc ’A’ *		793		49,190
AXT Inc *		5,654		62,081
Benefitfocus Inc *		781		11,012
BM Technologies Inc * W ±		162		1,910
Bottomline Technologies DE Inc *		4,883		181,062
Castlight Health Inc ’B’ *		14,819		38,974
Cloudera Inc *		12,460		197,616
Cohu Inc *		1,003		36,900
Computer Programs & Systems Inc		1,903		63,237
Conduent Inc *		22,067		165,502
CSG Systems International Inc		2,345		110,637
CTS Corp		3,534		131,323
Daily Journal Corp *		154		52,129
DarioHealth Corp *		1,730		36,953
Desktop Metal Inc ’A’ *		2,140		24,610
Digi International Inc *		4,354		87,559
DigitalOcean Holdings Inc *		93		5,170
Diodes Inc *		1,446		115,347
Donnelley Financial Solutions Inc *		3,868		127,644
DSP Group Inc *		2,329		34,469
E2open Parent Holdings Inc *		5,530		63,153
Ebix Inc		3,534		119,803
eGain Corp *		1,954		22,432
EMCORE Corp *		3,907		36,023
Envestnet Inc *		470		35,654
Evolent Health Inc ’A’ *		8,404		177,492
FormFactor Inc *		1,183		43,132
Genius Brands International Inc *		37,026		68,128
GTY Technology Holding Inc *		4,759		33,836
Insight Enterprises Inc *		3,128		312,831
KBR Inc		2,616		99,800
ManTech International Corp ’A’		3,668		317,429
Model N Inc *		335		11,480
NantHealth Inc *		1,562		3,624
NetScout Systems Inc *		9,371		267,448
NextGen Healthcare Inc *		7,491		124,276
ON24 Inc *		492		17,456
Onto Innovation Inc *		4,568		333,647
Parsons Corp *		3,420		134,611
PDF Solutions Inc *		3,522		64,030
Photronics Inc *		7,785		102,840
Ping Identity Holding Corp *		5,767		132,064
QAD Inc ’A’		204		17,752
Quantum Corp *		6,902		47,555
Rackspace Technology Inc *		1,887		37,004
Rambus Inc *		14,815		351,264
SecureWorks Corp ’A’ *		1,530		28,351
Smith Micro Software Inc *		5,459		28,496
StarTek Inc *		2,657		18,944
Super Micro Computer Inc *		5,629		198,028
Sykes Enterprises Inc *		5,021		269,628

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-277

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
The ExOne Co *		2,016		$43,626
Unisys Corp *		2,099		53,126
Veeco Instruments Inc *		6,543		157,294
Verint Systems Inc *		8,528		384,357
Xperi Holding Corp		13,931		309,825
				6,716,869
Utilities - 4.3%
ALLETE Inc		7,109		497,488
American States Water Co		2,419		192,456
Artesian Resources Corp ’A’		1,177		43,278
Avista Corp		8,627		368,114
Black Hills Corp		8,521		559,233
Brookfield Infrastructure Corp ’A’ (Canada)		4,859		366,369
California Water Service Group		6,777		376,395
Chesapeake Utilities Corp		2,277		273,991
Clearway Energy Inc ’A’		3,857		97,274
Clearway Energy Inc ’C’		8,425		223,094
MGE Energy Inc		4,876		362,970
Middlesex Water Co		1,395		114,013
New Jersey Resources Corp		12,944		512,194
Northwest Natural Holding Co		4,179		219,481
NorthWestern Corp		6,921		416,783
ONE Gas Inc		7,094		525,807
Ormat Technologies Inc		6,031		419,335
Otter Tail Corp		5,624		274,507
PNM Resources Inc		11,386		555,295
Portland General Electric Co		12,097		557,430
SJW Group		3,664		231,931
South Jersey Industries Inc		13,853		359,208
Southwest Gas Holdings Inc *		7,780		514,958
Spire Inc		6,813		492,376
The York Water Co		567		25,685
Unitil Corp		2,044		108,271
				8,687,936
Total Common Stocks (Cost $183,394,713)				196,975,594
EXCHANGE-TRADED FUND - 1.9%
iShares Russell 2000 Value		23,558		3,905,210
Total Exchange-Traded Fund (Cost $3,880,269)				3,905,210
	Principal Amount
CORPORATE BONDS & NOTES - 0.0%
Financial - 0.0%
GAMCO Investors Inc 4.000% due 06/15/23 §		$428		428
Total Corporate Bonds & Notes (Cost $428)				428

	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.0%
Repurchase Agreement - 1.0%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $2,071,587; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $2,113,035)		$2,071,587		$2,071,587
Total Short-Term Investment (Cost $2,071,587)				2,071,587
TOTAL INVESTMENTS - 100.0% (Cost $189,346,997)				202,953,648
DERIVATIVES - (0.0%)				(12,401	)
OTHER ASSETS & LIABILITIES, NET - (0.0%)				(28,955	)
NET ASSETS - 100.0%				$202,912,292

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Financial	34.5%
Consumer, Non-Cyclical	17.5%
Consumer, Cyclical	13.1%
Industrial	11.4%
Energy	6.3%
Utilities	4.3%
Communications	3.4%
Basic Materials	3.3%
Technology	3.3%
Others (each less than 3.0%)	2.9%
	100.0%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	(0.0%	)
	100.0%

(b) Investments with a total aggregate value of $2,279 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(c) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Micro Russell 2000 E-Mini Index		09/21		154		$1,789,407		$1,777,006		($12,401	)

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-278

PACIFIC SELECT FUND

PD SMALL-CAP VALUE INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$369			$-			$-		$369
	Warrants		460			460			-		-
	Common Stocks
	Basic Materials		6,755,011			6,755,011			-		-
	Communications		6,798,132			6,798,132			-		-
	Consumer, Cyclical		26,497,308			26,497,308			-		-
	Consumer, Non-Cyclical		35,547,984			35,547,984			-		-
	Energy		12,786,128			12,786,128			-		-
	Financial		70,053,095			70,053,095			-		-
	Industrial		23,133,131			23,133,131			-		-
	Technology		6,716,869			6,714,959			-		1,910
	Utilities		8,687,936			8,687,936			-		-
	Total Common Stocks		196,975,594			196,973,684			-		1,910
	Exchange-Traded Fund		3,905,210			3,905,210			-		-
	Corporate Bonds & Notes		428			-			428		-
	Short-Term Investment		2,071,587			-			2,071,587		-
	Total Assets		202,953,648			200,879,354			2,072,015		2,279
Liabilities	Derivatives:
	Equity Contracts
	Futures		(12,401	)		(12,401	)		-		-
	Total Liabilities		(12,401	)		(12,401	)		-		-
	Total		$202,941,247			$200,866,953			$2,072,015		$2,279

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-279

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
RIGHTS - 0.0%
Brazil - 0.0%
Ultrapar Participacoes SA Exp 07/26/21 *		28,617		$230
Total Rights (Cost $0)				230
WARRANTS - 0.0%
Thailand - 0.0%
Minor International PCL Exercise @ THB 28.00 Exp 05/05/23 *		3,690		599
Minor International PCL Exercise @ THB 31.00 Exp 02/15/24 *		3,344		480
				1,079
Total Warrants (Cost $0)				1,079
PREFERRED STOCKS - 2.1%
Brazil - 1.3%
Alpargatas SA *		8,300		83,754
Banco Bradesco SA		137,300		710,268
Bradespar SA		8,000		119,554
Braskem SA ‘A’ *		6,200		74,231
Cia Energetica de Minas Gerais		35,358		86,230
Cia Paranaense de Energia ‘B’		35,200		41,967
Gerdau SA		39,000		232,175
Itau Unibanco Holding SA		162,000		970,606
Itausa SA		153,500		344,108
Lojas Americanas SA		29,800		129,294
Petroleo Brasileiro SA		156,700		927,195
				3,719,382
Chile - 0.1%
Sociedad Quimica y Minera de Chile SA ‘B’		4,496		211,824
Colombia - 0.0%
Bancolombia SA		13,828		98,819
South Korea - 0.7%
Hyundai Motor Co		1,417		144,705
Hyundai Motor Co		498		51,061
LG Chem Ltd		141		48,030
Samsung Electronics Co Ltd		26,682		1,746,338
				1,990,134
Total Preferred Stocks (Cost $5,489,663)				6,020,159
COMMON STOCKS - 96.4%
Argentina - 0.0%
YPF SA ADR *		7,685		35,966
Brazil - 3.9%
Adecoagro SA *		4,531		45,491
Ambev SA		154,800		531,271
Atacadao SA		17,900		75,576
B2W Cia Digital *		7,700		102,578
B3 SA - Brasil Bolsa Balcao		203,400		687,842
Banco Bradesco SA		79,800		350,723
Banco BTG Pactual SA		9,100		223,319
Banco do Brasil SA		29,100		187,982
Banco Inter SA UNIT		11,167		174,651

	Shares		Value
Banco Santander Brasil SA		13,900		$113,183
BB Seguridade Participacoes SA		26,900		124,933
BRF SA *		21,700		119,237
CCR SA		42,000		113,575
Centrais Eletricas Brasileiras SA		18,700		162,306
Cia de Saneamento Basico do Estado de Sao Paulo		10,400		76,487
Cia Siderurgica Nacional SA		23,500		207,842
Cosan SA		35,600		171,494
CPFL Energia SA		7,300		39,496
Energisa SA		6,800		63,710
Engie Brasil Energia SA		7,200		56,673
Equatorial Energia SA		31,300		156,066
Hapvida Participacoes e Investimentos SA ~		36,300		112,466
Hypera SA		12,600		87,322
Klabin SA *		24,000		127,098
Localiza Rent a Car SA		20,000		257,348
Lojas Renner SA		29,638		263,559
Magazine Luiza SA		96,600		410,770
Natura & Co Holding SA *		29,600		337,670
Notre Dame Intermedica Participacoes SA		17,300		295,406
Petrobras Distribuidora SA		25,600		137,321
Petroleo Brasileiro SA		125,800		766,111
Raia Drogasil SA		36,600		181,830
Rede D’Or Sao Luiz SA ~		7,300		101,315
Rumo SA *		40,500		155,932
Suzano SA *		24,900		299,423
Telefonica Brasil SA		17,600		148,619
TIM SA		29,900		69,313
TOTVS SA		18,500		140,039
Ultrapar Participacoes SA		23,200		85,779
Vale SA		132,000		3,005,549
Via Varejo SA *		43,100		136,827
WEG SA		56,200		380,670
				11,284,802
Chile - 0.3%
Banco de Chile		1,593,020		157,244
Banco de Credito e Inversiones SA		1,780		75,140
Banco Santander Chile		2,305,748		114,002
Cencosud SA		46,837		93,184
Cencosud Shopping SA		12,652		20,691
Cia Cervecerias Unidas SA		4,784		48,206
Colbun SA		227,324		31,762
Empresas CMPC SA		27,719		66,052
Empresas COPEC SA		12,435		122,421
Enel Americas SA		661,349		97,078
Enel Chile SA		865,485		49,792
Falabella SA		23,220		103,356
				978,928
China - 36.8%
21Vianet Group Inc ADR *		2,918		66,968
360 DigiTech Inc ADR *		2,963		123,972
360 Security Technology Inc ‘A’ *		8,400		15,860
3SBio Inc * ~		47,000		58,120
51Job Inc ADR *		1,229		95,579
A-Living Smart City Services Co Ltd ‘H’ ~		18,250		90,585
AAC Technologies Holdings Inc		24,500		183,296
AECC Aviation Power Co Ltd ‘A’		5,600		46,106
Agile Group Holdings Ltd		36,000		46,654
Agora Inc ADR *		1,552		65,122
Agricultural Bank of China Ltd ‘A’		47,300		22,178
Agricultural Bank of China Ltd ‘H’		1,027,000		356,374
Aier Eye Hospital Group Co Ltd ‘A’		11,020		120,807
Air China Ltd ‘H’ *		72,000		52,942
Airtac International Group		5,000		192,600
Akeso Inc * ~		9,000		72,585
Alibaba Group Holding Ltd *		502,320		14,242,694
Alibaba Health Information Technology Ltd *		132,000		292,393
Aluminum Corp of China Ltd ‘H’ *		158,000		93,674

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-280

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Angel Yeast Co Ltd ‘A’		1,000		$8,407
Anhui Conch Cement Co Ltd ‘H’		49,500		262,383
Anhui Gujing Distillery Co Ltd ‘A’		500		18,523
Anhui Gujing Distillery Co Ltd ‘B’		5,600		77,533
Anhui Kouzi Distillery Co Ltd ‘A’		1,400		14,660
ANTA Sports Products Ltd		36,000		844,946
Apeloa Pharmaceutical Co Ltd ‘A’		2,600		11,828
Asymchem Laboratories Tianjin Co Ltd ‘A’		500		28,790
Autobio Diagnostics Co Ltd ‘A’		1,100		12,895
Autohome Inc ADR		2,322		148,515
Avic Aviation High-Technology Co Ltd ‘A’		4,400		20,955
AVIC Industry-Finance Holdings Co Ltd ‘A’		32,900		19,701
AVIC Jonhon Optronic Technology Co Ltd ‘A’		2,200		26,897
AVIC Shenyang Aircraft Co Ltd ‘A’		2,800		26,105
AVIC Xi’an Aircraft Industry Group Co Ltd ‘A’		5,100		20,766
AviChina Industry & Technology Co Ltd ‘H’		73,000		48,316
Baidu Inc ADR *		8,980		1,831,022
Bank of Beijing Co Ltd ‘A’		68,000		51,250
Bank of Chengdu Co Ltd ‘A’		4,500		8,808
Bank of China Ltd ‘A’		307,600		146,612
Bank of China Ltd ‘H’		2,434,000		873,958
Bank of Communications Co Ltd ‘A’		172,900		131,101
Bank of Communications Co Ltd ‘H’		203,000		136,361
Bank of Hangzhou Co Ltd ‘A’		11,000		25,112
Bank of Jiangsu Co Ltd ‘A’		29,380		32,296
Bank of Nanjing Co Ltd ‘A’		21,200		34,515
Bank of Ningbo Co Ltd ‘A’		13,100		78,969
Bank of Shanghai Co Ltd ‘A’		38,300		48,595
Baoshan Iron & Steel Co Ltd ‘A’		43,300		51,177
Baozun Inc ADR *		2,056		72,865
BeiGene Ltd ADR *		1,525		523,365
Beijing Capital International Airport Co Ltd ‘H’ *		64,000		42,504
Beijing Dabeinong Technology Group Co Ltd ‘A’		11,500		12,088
Beijing Enlight Media Co Ltd ‘A’		5,200		8,697
Beijing Enterprises Holdings Ltd		15,000		53,218
Beijing Enterprises Water Group Ltd *		144,000		54,558
Beijing New Building Materials PLC ‘A’		3,500		21,257
Beijing Originwater Technology Co Ltd ‘A’		8,900		10,069
Beijing Shiji Information Technology Co Ltd ‘A’		5,320		19,345
Beijing Shunxin Agriculture Co Ltd ‘A’		1,100		7,181
Beijing Sinnet Technology Co Ltd ‘A’		7,700		17,127
Beijing Tiantan Biological Products Corp Ltd ‘A’		3,900		20,668
Beijing Yanjing Brewery Co Ltd ‘A’		2,800		3,137
Beijing Yuanliu Hongyuan Electronic Technology Co Ltd ‘A’		1,100		21,788
Beijing-Shanghai High Speed Railway Co Ltd ‘A’		85,000		69,558
Betta Pharmaceuticals Co Ltd ‘A’		1,000		16,729
BGI Genomics Co Ltd ‘A’		1,000		18,347
Bilibili Inc ADR *		5,380		655,499
BOE Technology Group Co Ltd ‘A’		71,500		69,025
Bosideng International Holdings Ltd		118,000		84,316
Burning Rock Biotech Ltd ADR *		1,392		41,008
By-health Co Ltd ‘A’		3,200		16,282
BYD Co Ltd ‘A’		5,300		205,099
BYD Co Ltd ‘H’		24,000		720,391
BYD Electronic International Co Ltd		22,000		144,608
C&S Paper Co Ltd ‘A’		1,700		7,243
Caitong Securities Co Ltd ‘A’		12,400		20,107
CanSino Biologics Inc ‘H’ * ~		3,000		159,342
CGN Power Co Ltd ‘H’ ~		381,000		84,851
Changchun High & New Technology Industry Group Inc ‘A’		800		47,864
Changjiang Securities Co Ltd ‘A’		16,300		18,450
Changzhou Xingyu Automotive Lighting Systems Co Ltd ‘A’		600		20,940
Chaozhou Three-Circle Group Co Ltd ‘A’		4,000		26,236
Chifeng Jilong Gold Mining Co Ltd ‘A’ *		7,100		16,480

	Shares		Value
China Aoyuan Group Ltd		37,000		$31,248
China Bohai Bank Co Ltd ‘H’ ~		80,500		27,890
China Cinda Asset Management Co Ltd ‘H’		217,000		41,342
China CITIC Bank Corp Ltd ‘H’		305,000		144,405
China Common Rich Renewable Energy Investments Ltd * W ±		122,000		-
China Communications Services Corp Ltd ‘H’		58,000		28,963
China Conch Venture Holdings Ltd		52,000		218,793
China Construction Bank Corp ‘H’		3,227,000		2,532,238
China CSSC Holdings Ltd ‘A’ *		8,700		22,235
China East Education Holdings Ltd * ~		20,000		31,404
China Eastern Airlines Corp Ltd ‘A’		22,600		17,772
China Education Group Holdings Ltd ~		28,000		62,454
China Everbright Bank Co Ltd ‘A’		163,600		95,697
China Everbright Bank Co Ltd ‘H’		30,000		12,247
China Everbright Environment Group Ltd		117,000		66,303
China Everbright Ltd		30,000		35,272
China Evergrande Group		65,000		84,538
China Feihe Ltd ~		114,000		245,787
China Fortune Land Development Co Ltd ‘A’		5,300		4,295
China Galaxy Securities Co Ltd ‘H’		128,000		76,266
China Gas Holdings Ltd		101,200		308,285
China Greatwall Technology Group Co Ltd ‘A’		8,300		18,726
China Hongqiao Group Ltd		72,500		98,172
China International Capital Corp Ltd ‘H’ ~		52,800		141,991
China Jinmao Holdings Group Ltd		182,000		60,895
China Jushi Co Ltd ‘A’		9,601		23,018
China Lesso Group Holdings Ltd		34,000		83,935
China Life Insurance Co Ltd ‘H’		258,000		511,515
China Literature Ltd * ~		13,600		151,452
China Longyuan Power Group Corp Ltd ‘H’		112,000		192,832
China Medical System Holdings Ltd		45,000		118,279
China Meidong Auto Holdings Ltd *		18,000		98,061
China Mengniu Dairy Co Ltd *		105,000		634,332
China Merchants Bank Co Ltd ‘A’		34,500		289,160
China Merchants Bank Co Ltd ‘H’		136,000		1,158,474
China Merchants Energy Shipping Co Ltd ‘A’		31,800		22,736
China Merchants Port Holdings Co Ltd		48,000		70,102
China Merchants Securities Co Ltd ‘A’		14,300		42,058
China Merchants Shekou Industrial Zone Holdings Co Ltd ‘A’		19,600		33,213
China Minsheng Banking Corp Ltd ‘A’		250,500		170,919
China Molybdenum Co Ltd ‘H’		165,000		97,773
China National Building Material Co Ltd ‘H’		128,000		150,302
China National Medicines Corp Ltd ‘A’		3,200		16,381
China National Nuclear Power Co Ltd ‘A’		30,100		23,574
China National Software & Service Co Ltd ‘A’		2,400		21,129
China Northern Rare Earth Group High-Tech Co Ltd ‘A’		10,600		33,897
China Oilfield Services Ltd ‘H’		60,000		53,751
China Overseas Land & Investment Ltd		125,000		283,453
China Overseas Property Holdings Ltd		45,000		48,138
China Pacific Insurance Group Co Ltd ‘H’		107,800		338,628
China Petroleum & Chemical Corp ‘H’		878,000		446,252
China Power International Development Ltd		144,000		31,518
China Railway Group Ltd ‘H’		166,000		86,532
China Railway Signal & Communication Corp Ltd ‘A’		22,640		19,928
China Resources Beer Holdings Co Ltd		48,000		430,486
China Resources Cement Holdings Ltd		82,000		77,911
China Resources Gas Group Ltd		30,000		179,916
China Resources Land Ltd		104,000		420,035
China Resources Mixc Lifestyle Services Ltd ~		10,600		72,598
China Resources Pharmaceutical Group Ltd ~		43,500		27,090
China Resources Power Holdings Co Ltd		62,000		84,697
China Resources Sanjiu Medical & Pharmaceutical Co Ltd ‘A’		5,300		21,942
China Shenhua Energy Co Ltd ‘H’		131,000		256,603
China Shipbuilding Industry Co Ltd ‘A’ *		52,400		33,401
China Southern Airlines Co Ltd ‘H’ *		74,000		45,927

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-281

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
China State Construction Engineering Corp Ltd ‘A’		79,400		$57,134
China State Construction International Holdings Ltd		52,000		35,454
China Taiping Insurance Holdings Co Ltd		52,800		87,774
China Tourism Group Duty Free Corp Ltd ‘A’		3,800		176,257
China Tower Corp Ltd ‘H’ ~		1,442,000		198,569
China Traditional Chinese Medicine Holdings Co Ltd		94,000		64,398
China TransInfo Technology Co Ltd ‘A’		4,100		10,586
China Vanke Co Ltd ‘H’		78,600		245,665
China Yangtze Power Co Ltd ‘A’		46,300		147,904
China Yuhua Education Corp Ltd ~		54,000		48,941
China Zheshang Bank Co Ltd ‘A’		74,000		45,461
Chindata Group Holdings Ltd ADR *		2,690		40,592
Chongqing Brewery Co Ltd ‘A’ *		600		18,364
Chongqing Changan Automobile Co Ltd ‘A’ *		8,800		35,763
Chongqing Fuling Zhacai Group Co Ltd ‘A’ *		2,700		15,722
Chongqing Rural Commercial Bank Co Ltd ‘A’		67,400		41,628
Chongqing Rural Commercial Bank Co Ltd ‘H’		46,000		18,178
Chongqing Zhifei Biological Products Co Ltd ‘A’		2,800		80,791
CIFI Holdings Group Co Ltd		108,000		84,243
CITIC Ltd		184,000		198,130
CITIC Securities Co Ltd ‘H’		103,500		259,336
Contemporary Amperex Technology Co Ltd ‘A’		4,500		371,240
COSCO SHIPPING Holdings Co Ltd ‘A’ *		10,700		50,550
COSCO SHIPPING Holdings Co Ltd ‘H’ *		103,000		258,826
COSCO SHIPPING Ports Ltd		58,000		45,285
Country Garden Holdings Co Ltd		251,000		280,937
Country Garden Services Holdings Co Ltd		49,000		528,710
CSC Financial Co Ltd ‘A’		7,600		36,919
CSPC Pharmaceutical Group Ltd		296,000		427,558
Daan Gene Co Ltd ‘A’		1,960		6,435
Dada Nexus Ltd ADR *		1,871		54,278
Dali Foods Group Co Ltd ~		73,500		43,829
Daqo New Energy Corp ADR *		1,745		113,460
DaShenLin Pharmaceutical Group Co Ltd ‘A’		1,200		9,492
DHC Software Co Ltd ‘A’		18,300		22,445
Dongfeng Motor Group Co Ltd ‘H’		90,000		80,787
DouYu International Holdings Ltd ADR *		3,434		23,489
East Money Information Co Ltd ‘A’		18,620		94,280
ENN Energy Holdings Ltd		25,900		492,248
ENN Natural Gas Co Ltd ‘A’		3,300		8,429
Eve Energy Co Ltd ‘A’		3,300		52,986
Ever Sunshine Lifestyle Services Group Ltd ~		26,000		64,550
Everbright Securities Co Ltd ‘A’		8,000		22,142
Fangda Carbon New Material Co Ltd ‘A’		600		691
Far East Horizon Ltd		49,000		51,272
FAW Jiefang Group Co Ltd ‘A’ *		12,700		21,264
First Capital Securities Co Ltd ‘A’		16,900		18,654
Flat Glass Group Co Ltd ‘H’		18,000		74,130
Focus Media Information Technology Co Ltd ‘A’		27,500		39,987
Foshan Haitian Flavouring & Food Co Ltd ‘A’		6,540		130,367
Fosun International Ltd		83,500		120,013
Founder Securities Co Ltd ‘A’ *		15,100		21,856
Foxconn Industrial Internet Co Ltd ‘A’		13,700		26,297
Fu Jian Anjoy Foods Co Ltd ‘A’		500		19,624
Fujian Sunner Development Co Ltd ‘A’		3,348		12,368
Fuyao Glass Industry Group Co Ltd ‘A’		3,400		29,344
Fuyao Glass Industry Group Co Ltd ‘H’ ~		21,600		152,063
G-bits Network Technology Xiamen Co Ltd ‘A’		200		16,388
Ganfeng Lithium Co Ltd ‘A’		6,300		117,635
Ganfeng Lithium Co Ltd ‘H’ ~		3,600		53,763
Gaotu Techedu Inc ADR *		3,954		58,401
GCL-Poly Energy Holdings Ltd * ±		243,000		61,968
GDS Holdings Ltd ADR *		3,036		238,296
Geely Automobile Holdings Ltd		197,000		618,729

	Shares		Value
GEM Co Ltd ‘A’		5,000		$7,216
Gemdale Corp ‘A’		11,000		17,437
Genscript Biotech Corp *		38,000		165,753
GF Securities Co Ltd ‘H’		57,000		73,784
Giant Network Group Co Ltd ‘A’		6,300		12,960
Gigadevice Semiconductor Beijing Inc ‘A’		980		28,455
GoerTek Inc ‘A’		6,600		43,604
GOME Retail Holdings Ltd *		385,000		49,396
Gotion High-tech Co Ltd ‘A’ *		3,400		22,893
Great Wall Motor Co Ltd ‘A’		15,200		102,223
Great Wall Motor Co Ltd ‘H’		81,000		261,025
Greenland Holdings Corp Ltd ‘A’		22,400		18,898
Greentown China Holdings Ltd		26,000		40,117
Greentown Service Group Co Ltd ~		48,000		74,557
GRG Banking Equipment Co Ltd ‘A’		7,600		15,303
Guangdong Haid Group Co Ltd ‘A’		4,000		50,468
Guangdong Investment Ltd		98,000		140,759
Guangdong Kinlong Hardware Products Co Ltd ‘A’		700		20,995
Guangdong Xinbao Electrical Appliances Holdings Co Ltd ‘A’		1,800		7,307
Guanghui Energy Co Ltd ‘A’ *		3,100		1,597
Guangzhou Automobile Group Co Ltd ‘H’		100,000		89,756
Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd ‘A’		4,100		21,475
Guangzhou Haige Communications Group Inc Co ‘A’		1,600		2,341
Guangzhou Kingmed Diagnostics Group Co Ltd ‘A’		600		14,820
Guangzhou R&F Properties Co Ltd ‘H’		51,600		58,931
Guangzhou Shiyuan Electronic Technology Co Ltd ‘A’		1,400		26,921
Guangzhou Tinci Materials Technology Co Ltd ‘A’		2,380		39,203
Guangzhou Wondfo Biotech Co Ltd ‘A’		1,040		10,409
Guosen Securities Co Ltd ‘A’		12,000		19,952
Guotai Junan Securities Co Ltd ‘A’		14,700		38,972
Guoyuan Securities Co Ltd ‘A’		16,300		20,093
Haidilao International Holding Ltd ~		34,000		179,033
Haier Smart Home Co Ltd ‘A’		7,500		30,078
Haier Smart Home Co Ltd ‘H’ *		69,200		241,341
Haitian International Holdings Ltd		21,000		70,326
Haitong Securities Co Ltd ‘H’		126,400		110,685
Hang Zhou Great Star Industrial Co Ltd ‘A’ *		4,100		21,592
Hangzhou First Applied Material Co Ltd ‘A’		1,320		21,476
Hangzhou Oxygen Plant Group Co Ltd ‘A’		2,300		12,315
Hangzhou Robam Appliances Co Ltd ‘A’		2,000		14,389
Hangzhou Silan Microelectronics Co Ltd ‘A’		3,400		29,617
Hangzhou Tigermed Consulting Co Ltd ‘A’		1,300		38,809
Hangzhou Tigermed Consulting Co Ltd ‘H’ ~		2,900		67,967
Hansoh Pharmaceutical Group Co Ltd ~		38,000		166,046
Hefei Meiya Optoelectronic Technology Inc ‘A’		1,200		10,350
Heilongjiang Agriculture Co Ltd ‘A’		7,600		17,584
Henan Shuanghui Investment & Development Co Ltd ‘A’		6,170		30,339
Hengan International Group Co Ltd		22,000		147,213
Hengli Petrochemical Co Ltd ‘A’		11,400		46,295
HengTen Networks Group Ltd *		88,000		70,320
Hengyi Petrochemical Co Ltd ‘A’		10,400		19,227
Hesteel Co Ltd ‘A’ *		21,525		8,196
Hithink RoyalFlush Information Network Co Ltd ‘A’		1,100		19,166
Hongfa Technology Co Ltd ‘A’		2,400		23,277
Hopson Development Holdings Ltd		22,000		100,826
Hua Hong Semiconductor Ltd * ~		17,000		93,852
Huaan Securities Co Ltd ‘A’		2,210		1,904
Huadong Medicine Co Ltd ‘A’		3,500		24,863
Huafon Chemical Co Ltd ‘A’		11,100		24,372
Hualan Biological Engineering Inc ‘A’		3,900		22,121
Huaneng Power International Inc ‘H’		134,000		52,412

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-282

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Huatai Securities Co Ltd ‘H’ ~		69,800		$102,387
Huaxi Securities Co Ltd ‘A’		1,200		1,787
Huaxia Bank Co Ltd ‘A’		36,800		35,257
Huayu Automotive Systems Co Ltd ‘A’		4,200		17,073
Huazhu Group Ltd ADR *		5,943		313,850
Hubei Biocause Pharmaceutical Co Ltd ‘A’		2,300		1,288
Huizhou Desay Sv Automotive Co Ltd ‘A’		1,200		20,402
Humanwell Healthcare Group Co Ltd ‘A’		4,500		19,688
Hunan Valin Steel Co Ltd ‘A’		12,700		12,965
Hundsun Technologies Inc ‘A’		2,800		40,340
HUYA Inc ADR *		3,155		55,686
I-Mab ADR *		1,042		87,476
Iflytek Co Ltd ‘A’		3,800		39,681
Industrial & Commercial Bank of China Ltd ‘H’		2,044,000		1,197,823
Industrial Bank Co Ltd ‘A’		38,661		122,913
Industrial Securities Co Ltd ‘A’		15,100		22,552
Inner Mongolia BaoTou Steel Union Co Ltd ‘A’ *		117,400		28,152
Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd ‘A’		7,100		5,591
Inner Mongolia Yili Industrial Group Co Ltd ‘A’		11,800		67,153
Innovent Biologics Inc * ~		38,500		449,097
Inspur Electronic Information Industry Co Ltd ‘A’		4,500		19,561
Intco Medical Technology Co Ltd ‘A’		900		17,383
iQIYI Inc ADR *		9,664		150,565
JA Solar Technology Co Ltd ‘A’ *		4,300		32,550
Jafron Biomedical Co Ltd ‘A’		1,100		14,686
Jason Furniture Hangzhou Co Ltd ‘A’		1,900		22,728
JCET Group Co Ltd ‘A’ *		4,000		23,295
JD Health International Inc * ~		9,650		137,831
JD.com Inc ADR *		28,714		2,291,664
Jiangsu Changshu Rural Commercial Bank Co Ltd ‘A’		18,200		17,468
Jiangsu Eastern Shenghong Co Ltd ‘A’		7,200		23,282
Jiangsu Expressway Co Ltd ‘H’		48,000		54,325
Jiangsu Hengli Hydraulic Co Ltd ‘A’		2,700		35,857
Jiangsu Hengrui Medicine Co Ltd ‘A’		12,600		132,365
Jiangsu King’s Luck Brewery JSC Ltd ‘A’		2,500		20,948
Jiangsu Shagang Co Ltd ‘A’		600		1,013
Jiangsu Yanghe Brewery Joint-Stock Co Ltd ‘A’		2,900		92,934
Jiangsu Yoke Technology Co Ltd ‘A’		1,100		13,779
Jiangsu Yuyue Medical Equipment & Supply Co Ltd ‘A’		3,000		17,688
Jiangsu Zhongnan Construction Group Co Ltd ‘A’		9,700		8,885
Jiangsu Zhongtian Technology Co Ltd ‘A’		12,000		18,570
Jiangxi Copper Co Ltd ‘H’		47,000		95,983
Jiangxi Zhengbang Technology Co Ltd ‘A’		2,100		3,882
Jilin Aodong Pharmaceutical Group Co Ltd ‘A’		8,400		20,130
Jinke Properties Group Co Ltd ‘A’		21,000		18,827
Jinxin Fertility Group Ltd ~		42,000		105,858
JiuGui Liquor Co Ltd ‘A’		700		27,654
Jiumaojiu International Holdings Ltd ~		24,000		98,095
Joincare Pharmaceutical Group Industry Co Ltd ‘A’		5,000		10,617
Jointown Pharmaceutical Group Co Ltd ‘A’		6,800		16,169
Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd ‘A’		2,000		13,005
JOYY Inc ADR		2,011		132,666
Juewei Food Co Ltd ‘A’		1,600		20,861
Kaisa Group Holdings Ltd *		85,000		32,141
KE Holdings Inc ADR *		11,791		562,195
Kingboard Holdings Ltd		22,000		121,975
Kingdee International Software Group Co Ltd		88,000		298,044
Kingfa Sci & Tech Co Ltd ‘A’		6,500		20,962
Kingsoft Cloud Holdings Ltd ADR *		1,824		61,888
Kingsoft Corp Ltd		31,000		185,656
Kuaishou Technology * ~		9,100		228,858

	Shares		Value
Kuang-Chi Technologies Co Ltd ‘A’ *		5,100		$16,433
Kunlun Energy Co Ltd		126,000		115,994
Kunlun Tech Co Ltd ‘A’		4,300		10,885
Kweichow Moutai Co Ltd ‘A’		2,400		763,400
KWG Group Holdings Ltd		40,500		54,164
Laobaixing Pharmacy Chain JSC ‘A’		1,500		12,212
Lee & Man Paper Manufacturing Ltd		37,000		28,162
Lenovo Group Ltd		242,000		277,913
Lens Technology Co Ltd ‘A’		9,300		42,290
Lepu Medical Technology Beijing Co Ltd ‘A’		4,400		21,857
Li Auto Inc ADR *		15,770		551,004
Li Ning Co Ltd		75,500		920,972
Liaoning Cheng Da Co Ltd ‘A’		5,100		16,429
Lingyi iTech Guangdong Co ‘A’		15,900		22,598
Logan Group Co Ltd		43,000		64,319
Lomon Billions Group Co Ltd ‘A’		5,900		31,503
Longfor Group Holdings Ltd ~		60,000		334,209
LONGi Green Energy Technology Co Ltd ‘A’		11,316		155,253
Lufax Holding Ltd ADR *		5,522		62,399
Luxi Chemical Group Co Ltd ‘A’		4,700		13,619
Luxshare Precision Industry Co Ltd ‘A’		13,100		93,217
Luzhou Laojiao Co Ltd ‘A’		2,900		105,691
Maccura Biotechnology Co Ltd ‘A’		1,000		6,507
Mango Excellent Media Co Ltd ‘A’		3,300		35,007
Maxscend Microelectronics Co Ltd ‘A’		600		49,856
Meinian Onehealth Healthcare Holdings Co Ltd ‘A’ *		6,700		9,438
Meituan ‘B’ * ~		120,000		4,950,137
Metallurgical Corp of China Ltd ‘A’		42,600		19,634
Microport Scientific Corp		21,000		188,470
Midea Group Co Ltd ‘A’		6,900		76,111
Ming Yang Smart Energy Group Ltd ‘A’		7,200		18,023
Ming Yuan Cloud Group Holdings Ltd *		13,000		64,343
Minth Group Ltd		24,000		113,823
MMG Ltd *		112,000		49,199
Momo Inc ADR		5,980		91,554
Montage Technology Co Ltd ‘A’		2,325		22,425
Muyuan Foods Co Ltd ‘A’		10,360		97,437
NanJi E-Commerce Co Ltd ‘A’		300		453
Nanjing King-Friend Biochemical Pharmaceutical Co Ltd ‘A’		2,109		13,621
Nanjing Securities Co Ltd ‘A’		6,500		10,575
NARI Technology Co Ltd ‘A’		7,560		27,173
NAURA Technology Group Co Ltd ‘A’		1,200		51,448
NavInfo Co Ltd ‘A’		8,000		18,182
NetEase Inc ADR		13,388		1,542,967
New China Life Insurance Co Ltd ‘A’		16,300		115,725
New China Life Insurance Co Ltd ‘H’		6,800		23,186
New Hope Liuhe Co Ltd ‘A’ *		9,300		21,104
New Oriental Education & Technology Group Inc ADR *		51,125		418,714
Ninestar Corp ‘A’		3,300		16,438
Ningbo Tuopu Group Co Ltd ‘A’		500		2,889
Ningxia Baofeng Energy Group Co Ltd ‘A’		12,100		25,615
NIO Inc ADR *		43,024		2,288,877
Noah Holdings Ltd ADS ADR *		1,105		52,156
Nongfu Spring Co Ltd ‘H’ ~		13,200		66,168
Offcn Education Technology Co Ltd ‘A’ *		1,700		5,491
OneConnect Financial Technology Co Ltd ADR *		3,558		42,767
Oppein Home Group Inc ‘A’		1,200		26,355
Orient Securities Co Ltd ‘A’		14,200		21,950
Ovctek China Inc ‘A’		1,820		29,122
Perfect World Co Ltd ‘A’		3,397		12,554
PetroChina Co Ltd ‘H’		776,000		380,015
Pharmaron Beijing Co Ltd ‘A’		1,300		43,580
Pharmaron Beijing Co Ltd ‘H’ ~		4,200		111,829
PICC Property & Casualty Co Ltd ‘H’		230,000		201,187
Pinduoduo Inc ADR *		14,574		1,851,189
Ping An Bank Co Ltd ‘A’		36,400		127,401

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-283

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Ping An Healthcare and Technology Co Ltd * ~		15,000		$186,865
Ping An Insurance Group Co of China Ltd ‘A’		28,900		287,272
Ping An Insurance Group Co of China Ltd ‘H’		203,500		1,989,293
Poly Developments and Holdings Group Co Ltd ‘A’		17,900		33,343
Poly Property Services Co Ltd ‘H’		3,600		24,425
Postal Savings Bank of China Co Ltd ‘H’ ~		324,000		217,888
Power Construction Corp of China Ltd ‘A’		33,100		19,815
Powerlong Real Estate Holdings Ltd		43,000		36,853
Proya Cosmetics Co Ltd ‘A’		200		6,084
Qingdao Rural Commercial Bank Corp ‘A’		30,700		20,329
Raytron Technology Co Ltd ‘A’		1,369		21,151
RiseSun Real Estate Development Co Ltd ‘A’		7,300		6,375
RLX Technology Inc ADR *		3,881		33,881
Rongsheng Petro Chemical Co Ltd ‘A’ ‘A’		18,597		49,636
SAIC Motor Corp Ltd ‘A’		16,700		56,743
Sailun Group Co Ltd ‘A’		2,100		3,242
Sanan Optoelectronics Co Ltd ‘A’		3,300		16,341
Sangfor Technologies Inc ‘A’		800		32,061
Sany Heavy Equipment International Holdings Co Ltd		33,000		33,423
Sany Heavy Industry Co Ltd ‘A’		16,600		74,600
SDIC Capital Co Ltd ‘A’		14,744		19,360
SDIC Power Holdings Co Ltd ‘A’		14,800		22,009
Sealand Securities Co Ltd ‘A’		14,500		9,505
Seazen Group Ltd *		70,000		66,199
Seazen Holdings Co Ltd ‘A’		3,814		24,516
SF Holding Co Ltd ‘A’		9,600		100,426
SG Micro Corp ‘A’		750		29,336
Shaanxi Coal Industry Co Ltd ‘A’		14,500		26,568
Shandong Buchang Pharmaceuticals Co Ltd ‘A’		3,100		10,788
Shandong Gold Mining Co Ltd ‘H’ ~		33,000		58,339
Shandong Hualu Hengsheng Chemical Co Ltd ‘A’		5,010		23,957
Shandong Linglong Tyre Co Ltd ‘A’		3,100		20,976
Shandong Nanshan Aluminum Co Ltd ‘A’		32,000		17,833
Shandong Sinocera Functional Material Co Ltd ‘A’		1,700		12,807
Shandong Sun Paper Industry JSC Ltd ‘A’		1,900		3,924
Shandong Weigao Group Medical Polymer Co Ltd ‘H’		84,000		195,938
Shanghai Bailian Group Co Ltd ‘A’		6,600		20,551
Shanghai Bairun Investment Holding Group Co Ltd ‘A’		2,240		32,800
Shanghai Baosight Software Co Ltd ‘A’		2,990		23,534
Shanghai Electric Group Co Ltd ‘A’ *		27,900		18,302
Shanghai Fosun Pharmaceutical Group Co Ltd ‘A’		12,100		134,972
Shanghai Fosun Pharmaceutical Group Co Ltd ‘H’		7,000		56,500
Shanghai International Airport Co Ltd ‘A’		2,700		20,095
Shanghai International Port Group Co Ltd ‘A’		27,000		19,920
Shanghai Jahwa United Co Ltd ‘A’		700		6,512
Shanghai Jinjiang International Hotels Co Ltd ‘A’		1,400		12,327
Shanghai Lujiazui Finance & Trade Zone Development Co Ltd ‘B’		69,800		64,837
Shanghai M&G Stationery Inc ‘A’		1,500		19,604
Shanghai Pharmaceuticals Holding Co Ltd ‘H’		30,400		66,391
Shanghai Pudong Development Bank Co Ltd ‘A’		62,336		96,417
Shanghai Putailai New Energy Technology Co Ltd ‘A’		1,960		41,392
Shanghai RAAS Blood Products Co Ltd ‘A’		12,600		14,598
Shanghai Yuyuan Tourist Mart Group Co Ltd ‘A’		5,200		9,311
Shanghai Zhangjiang High-Tech Park Development Co Ltd ‘A’		2,000		5,647
Shanxi Coking Coal Energy Group Co Ltd ‘A’		7,100		9,123

	Shares		Value
Shanxi Lu’an Environmental Energy Development Co Ltd ‘A’		13,000		$23,764
Shanxi Meijin Energy Co Ltd ‘A’ *		2,700		3,156
Shanxi Securities Co Ltd ‘A’		800		830
Shanxi Taigang Stainless Steel Co Ltd ‘A’		7,500		8,704
Shanxi Xinghuacun Fen Wine Factory Co Ltd ‘A’		1,600		110,715
Shenergy Co Ltd ‘A’		21,400		20,325
Shenghe Resources Holding Co Ltd ‘A’ *		200		537
Shengyi Technology Co Ltd ‘A’		4,000		14,486
Shenwan Hongyuan Group Co Ltd ‘A’		48,300		34,960
Shenzhen Capchem Technology Co Ltd ‘A’		400		6,189
Shenzhen Energy Group Co Ltd ‘A’		12,100		17,203
Shenzhen Goodix Technology Co Ltd ‘A’	��	600		12,022
Shenzhen Inovance Technology Co Ltd ‘A’		4,350		49,886
Shenzhen International Holdings Ltd		47,176		65,184
Shenzhen Investment Ltd		90,000		27,730
Shenzhen Kaifa Technology Co Ltd ‘A’		7,400		21,884
Shenzhen Kangtai Biological Products Co Ltd ‘A’		1,000		23,018
Shenzhen Mindray Bio-Medical Electronics Co Ltd ‘A’		2,300		170,553
Shenzhen MTC Co Ltd ‘A’ *		11,500		10,802
Shenzhen Overseas Chinese Town Co Ltd ‘A’		16,200		18,654
Shenzhen Salubris Pharmaceuticals Co Ltd ‘A’ *		2,800		14,252
Shenzhen Sunway Communication Co Ltd ‘A’		800		3,818
Shenzhou International Group Holdings Ltd		27,700		699,502
Shijiazhuang Yiling Pharmaceutical Co Ltd ‘A’		3,800		17,149
Shimao Group Holdings Ltd		40,000		97,988
Shimao Services Holdings Ltd ~		20,000		68,934
Sichuan Chuantou Energy Co Ltd ‘A’		11,000		20,981
Sichuan Kelun Pharmaceutical Co Ltd ‘A’		900		2,777
Sichuan Road & Bridge Co Ltd ‘A’		16,800		16,306
Sichuan Swellfun Co Ltd ‘A’		1,182		23,100
Silergy Corp		3,000		407,170
Sinolink Securities Co Ltd ‘A’		8,100		15,895
Sinoma Science & Technology Co Ltd ‘A’		5,000		20,233
Sinopharm Group Co Ltd ‘H’		42,400		125,790
Sinotrans Ltd ‘A’		26,900		21,020
Sinotruk Hong Kong Ltd		20,500		43,931
Skshu Paint Co Ltd ‘A’		1,120		30,526
Smoore International Holdings Ltd ~		40,000		221,438
Songcheng Performance Development Co Ltd ‘A’		6,900		17,940
Southwest Securities Co Ltd ‘A’		27,100		20,413
Spring Airlines Co Ltd ‘A’		1,400		12,325
Sun Art Retail Group Ltd		62,500		46,540
Sunac China Holdings Ltd		84,000		288,039
Sunac Services Holdings Ltd * ~		19,000		70,522
Sungrow Power Supply Co Ltd ‘A’		3,400		60,408
Suning.com Co Ltd ‘A’ ±		13,800		11,939
Sunny Optical Technology Group Co Ltd		23,700		748,507
Sunwoda Electronic Co Ltd ‘A’		3,200		16,111
Suzhou Dongshan Precision Manufacturing Co Ltd ‘A’		3,500		11,282
Suzhou Gold Mantis Construction Decoration Co Ltd ‘A’		2,400		2,941
TAL Education Group ADR *		13,799		348,149
Tangshan Jidong Cement Co Ltd ‘A’		500		956
TBEA Co Ltd ‘A’		10,900		21,647
TCL Technology Group Corp ‘A’		34,900		41,279
Tencent Holdings Ltd		191,500		14,418,508
Tencent Music Entertainment Group ADR *		22,214		343,873
The People’s Insurance Co Group of China Ltd ‘A’		135,300		124,109
The Wharf Holdings Ltd		43,000		164,015
Thunder Software Technology Co Ltd ‘A’		1,000		24,270
Tianfeng Securities Co Ltd ‘A’ *		26,900		20,227
Tianjin Zhonghuan Semiconductor Co Ltd ‘A’		5,200		31,050

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-284

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Tianma Microelectronics Co Ltd ‘A’		9,500		$20,832
Tianshui Huatian Technology Co Ltd ‘A’		9,600		22,845
Tingyi Cayman Islands Holding Corp		66,000		131,764
Toly Bread Co Ltd ‘A’		1,820		8,778
Tongcheng-Elong Holdings Ltd *		34,000		85,090
TongFu Microelectronics Co Ltd ‘A’		4,700		17,461
Tonghua Dongbao Pharmaceutical Co Ltd ‘A’		1,100		2,033
Tongkun Group Co Ltd ‘A’		5,900		21,996
Tongling Nonferrous Metals Group Co Ltd ‘A’		10,000		4,211
Tongwei Co Ltd ‘A’		9,700		64,837
Topchoice Medical Corp ‘A’ *		800		50,798
Topsports International Holdings Ltd ~		53,000		86,665
Transfar Zhilian Co Ltd ‘A’		3,500		4,173
TravelSky Technology Ltd ‘H’		32,000		68,947
Trip.com Group Ltd ADR *		16,775		594,841
Tsingtao Brewery Co Ltd ‘H’		20,000		215,083
Uni-President China Holdings Ltd		43,000		47,444
Unigroup Guoxin Microelectronics Co Ltd ‘A’		1,300		30,989
Unisplendour Corp Ltd ‘A’		1,800		6,089
Up Fintech Holding Ltd ADR *		2,619		75,899
Venus MedTech Hangzhou Inc ‘H’ * ~		7,500		62,482
Vipshop Holdings Ltd ADR *		14,797		297,124
Walvax Biotechnology Co Ltd ‘A’		2,500		23,848
Wangfujing Group Co Ltd ‘A’		800		3,575
Wanhua Chemical Group Co Ltd ‘A’		6,200		104,339
Want Want China Holdings Ltd		167,000		118,246
Weibo Corp ADR *		2,175		114,448
Weichai Power Co Ltd ‘H’		77,000		170,963
Weihai Guangwei Composites Co Ltd ‘A’		1,500		17,613
Weimob Inc * ~		58,000		127,991
Wens Foodstuffs Group Co Ltd ‘A’		10,400		23,119
Western Securities Co Ltd ‘A’		8,200		10,465
Will Semiconductor Co Ltd Shanghai ‘A’		1,500		74,578
Wingtech Technology Co Ltd ‘A’		2,200		32,945
Winning Health Technology Group Co Ltd ‘A’		1,800		4,527
Wuchan Zhongda Group Co Ltd ‘A’		7,700		9,378
Wuhan Guide Infrared Co Ltd ‘A’		4,340		18,523
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd ‘A’		4,500		16,730
Wuhu Token Science Co Ltd ‘A’		1,600		2,045
Wuliangye Yibin Co Ltd ‘A’		7,500		345,142
WuXi AppTec Co Ltd ‘H’ ~		16,440		383,735
Wuxi Biologics Cayman Inc * ~		112,000		2,050,752
Wuxi Lead Intelligent Equipment Co Ltd ‘A’		2,560		23,806
Wuxi Shangji Automation Co Ltd ‘A’		900		24,906
XCMG Construction Machinery Co Ltd ‘A’		18,000		17,742
Xiamen C & D Inc ‘A’		1,800		2,256
Xiamen Intretech Inc ‘A’		1,700		10,220
Xiamen Tungsten Co Ltd ‘A’		6,200		19,972
Xiaomi Corp ‘B’ * ~		478,600		1,664,529
Xinjiang Goldwind Science & Technology Co Ltd ‘A’		33,300		62,542
Xinyi Solar Holdings Ltd		162,000		348,692
XPeng Inc ADR *		10,796		479,558
Yadea Group Holdings Ltd ~		40,000		85,916
Yantai Eddie Precision Machinery Co Ltd ‘A’		2,940		19,492
Yantai Jereh Oilfield Services Group Co Ltd ‘A’		1,800		12,472
Yanzhou Coal Mining Co Ltd ‘H’		56,000		75,201
Yealink Network Technology Corp Ltd ‘A’		1,700		22,033
Yifeng Pharmacy Chain Co Ltd ‘A’		2,080		18,048
Yihai International Holding Ltd *		15,000		100,741
Yihai Kerry Arawana Holdings Co Ltd ‘A’		2,300		30,180
Yintai Gold Co Ltd ‘A’		4,300		6,326
Yonghui Superstores Co Ltd ‘A’		28,000		20,485
Yonyou Network Technology Co Ltd ‘A’		6,900		35,479
Youngor Group Co Ltd ‘A’		9,200		9,379
YTO Express Group Co Ltd ‘A’		16,000		24,775
Yuan Longping High-tech Agriculture Co Ltd ‘A’ *		7,300		18,122

	Shares		Value
Yuexiu Property Co Ltd		43,600		$45,933
Yum China Holdings Inc		13,982		926,307
Yunda Holding Co Ltd ‘A’		8,400		17,582
Yunnan Aluminium Co Ltd ‘A’ *		6,600		12,136
Yunnan Baiyao Group Co Ltd ‘A’		2,100		37,580
Yunnan Energy New Material Co Ltd ‘A’		2,000		72,306
Yutong Bus Co Ltd ‘A’		300		579
Zai Lab Ltd ADR *		2,525		446,900
Zhangzhou Pientzehuang Pharmaceutical Co Ltd ‘A’		1,300		90,121
Zhaojin Mining Industry Co Ltd ‘H’		33,500		31,857
Zhefu Holding Group Co Ltd ‘A’		3,200		2,470
Zhejiang Century Huatong Group Co Ltd ‘A’ *		8,620		8,558
Zhejiang China Commodities City Group Co Ltd ‘A’		24,800		19,770
Zhejiang Chint Electrics Co Ltd ‘A’		2,400		12,392
Zhejiang Dahua Technology Co Ltd ‘A’		4,400		14,358
Zhejiang Dingli Machinery Co Ltd ‘A’		1,200		10,892
Zhejiang Expressway Co Ltd ‘H’		50,000		44,499
Zhejiang Huahai Pharmaceutical Co Ltd ‘A’		4,400		14,202
Zhejiang Huayou Cobalt Co Ltd ‘A’		3,012		53,033
Zhejiang Jingsheng Mechanical & Electrical Co Ltd ‘A’		3,300		25,760
Zhejiang Jiuzhou Pharmaceutical Co Ltd ‘A’		2,700		20,263
Zhejiang Longsheng Group Co Ltd ‘A’		9,800		20,830
Zhejiang NHU Co Ltd ‘A’		5,820		25,804
Zhejiang Sanhua Intelligent Controls Co Ltd ‘A’		4,900		18,165
Zhejiang Satellite Petrochemical Co Ltd ‘A’		4,480		27,147
Zhejiang Semir Garment Co Ltd ‘A’		12,600		23,303
Zhejiang Supor Co Ltd ‘A’		1,800		17,757
Zhejiang Weixing New Building Materials Co Ltd ‘A’		2,400		7,678
Zhenro Properties Group Ltd		52,000		29,066
Zheshang Securities Co Ltd ‘A’ *		9,600		19,408
ZhongAn Online P&C Insurance Co Ltd ‘H’ * ~		16,100		91,028
Zhongjin Gold Corp Ltd ‘A’		16,100		21,468
Zhongsheng Group Holdings Ltd		18,500		153,889
Zhongtian Financial Group Co Ltd ‘A’ *		6,200		2,621
Zhuzhou CRRC Times Electric Co Ltd ‘H’ *		17,900		105,727
Zhuzhou Kibing Group Co Ltd ‘A’		2,700		7,753
Zijin Mining Group Co Ltd ‘A’		36,700		54,899
Zijin Mining Group Co Ltd ‘H’		198,000		265,694
Zoomlion Heavy Industry Science & Technology Co Ltd ‘H’		52,200		54,639
Zoomlion Heavy Industry Science and Technology Co Ltd ‘A’		12,100		17,283
ZTE Corp ‘H’		34,000		106,103
ZTO Express Cayman Inc ADR		14,966		454,218
				106,874,210
Colombia - 0.1%
Bancolombia SA		12,032		84,638
Ecopetrol SA		170,910		123,959
Grupo de Inversiones Suramericana SA		6,416		31,627
Interconexion Electrica SA ESP		15,610		92,129
				332,353
Czech Republic - 0.1%
CEZ AS		6,406		189,970
Komercni banka AS *		3,185		112,073
Moneta Money Bank AS * ~		17,808		67,610
				369,653
Egypt - 0.1%
Commercial International Bank Egypt SAE *		57,320		190,649
Eastern Co SAE		81,041		61,161
Fawry for Banking & Payment Technology Services SAE *		27,775		33,661
				285,471

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-285

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Greece - 0.1%
Eurobank Ergasias Services and Holdings SA *		89,780	$	90,620
Hellenic Telecommunications Organization SA		7,644		128,372
JUMBO SA		2,772		46,689
OPAP SA		6,703		101,096
				366,777
Hong Kong - 0.3%
Alibaba Pictures Group Ltd *		410,000		56,968
China Youzan Ltd *		464,000		88,310
Hutchmed China Ltd ADR *		2,756		108,228
Kingboard Laminates Holdings Ltd		31,500		70,732
Nine Dragons Paper Holdings Ltd		51,000		65,395
Perennial Energy Holdings Ltd		30,000		7,082
Sino Biopharmaceutical Ltd		341,000		334,088
SSY Group Ltd		46,000		41,052
Vinda International Holdings Ltd		11,000		33,866
				805,721
Hungary - 0.2%
MOL Hungarian Oil & Gas PLC *		14,750		117,368
OTP Bank Nyrt *		7,773		418,434
Richter Gedeon Nyrt		4,839		128,826
				664,628
India - 9.7%
ACC Ltd		2,635		71,520
Adani Enterprises Ltd *		9,360		190,198
Adani Green Energy Ltd *		13,179		199,732
Adani Ports & Special Economic Zone Ltd		17,527		166,245
Adani Total Gas Ltd		8,850		121,678
Adani Transmission Ltd *		8,874		126,694
Ambuja Cements Ltd		23,252		106,724
Apollo Hospitals Enterprise Ltd		3,485		169,828
Asian Paints Ltd		12,580		507,163
Aurobindo Pharma Ltd		9,757		126,845
Avenue Supermarts Ltd * ~		5,510		248,086
Axis Bank Ltd *		75,701		764,063
Bajaj Auto Ltd *		2,273		126,538
Bajaj Finance Ltd *		8,925		723,896
Bajaj Finserv Ltd *		1,298		211,825
Balkrishna Industries Ltd		3,046		91,870
Bandhan Bank Ltd * ~		22,138		98,576
Berger Paints India Ltd		7,448		80,721
Bharat Electronics Ltd		38,214		91,733
Bharat Forge Ltd *		8,183		84,047
Bharat Petroleum Corp Ltd		27,327		172,424
Bharti Airtel Ltd		81,108		574,385
Biocon Ltd *		13,756		74,928
Britannia Industries Ltd		3,711		182,369
Cholamandalam Investment and Finance Co Ltd		13,551		93,746
Cipla Ltd *		16,001		209,349
Coal India Ltd		48,616		96,017
Colgate-Palmolive India Ltd		3,795		86,140
Container Corp Of India Ltd		7,826		73,662
Dabur India Ltd		20,201		154,674
Divi’s Laboratories Ltd *		4,248		252,101
DLF Ltd		19,798		74,987
Dr Reddy’s Laboratories Ltd		3,878		283,552
Eicher Motors Ltd *		4,338		156,107
GAIL India Ltd		44,377		89,499
Godrej Consumer Products Ltd *		11,782		138,074
Grasim Industries Ltd		8,951		180,758
Havells India Ltd		7,464		98,547
HCL Technologies Ltd		36,164		479,097
HDFC Asset Management Co Ltd ~		1,493		58,674

	Shares		Value
HDFC Life Insurance Co Ltd ~		27,400	$	253,273
Hero MotoCorp Ltd		4,127		161,281
Hindalco Industries Ltd		52,934		265,713
Hindustan Petroleum Corp Ltd		21,168		83,602
Hindustan Unilever Ltd		27,308		908,982
Housing Development Finance Corp Ltd		57,351		1,913,984
ICICI Bank Ltd *		170,173		1,448,755
ICICI Lombard General Insurance Co Ltd ~		7,619		160,767
ICICI Prudential Life Insurance Co Ltd ~		12,080		99,674
Indian Oil Corp Ltd		64,469		93,731
Indraprastha Gas Ltd		8,993		67,565
Indus Towers Ltd		22,415		72,078
Info Edge India Ltd		2,625		173,816
Infosys Ltd		113,517		2,401,451
InterGlobe Aviation Ltd * ~		2,964		68,534
Ipca Laboratories Ltd		2,301		62,757
ITC Ltd		99,303		271,211
JSW Steel Ltd		28,590		263,697
Jubilant Foodworks Ltd *		2,419		100,363
Kotak Mahindra Bank Ltd *		18,456		424,230
Larsen & Toubro Infotech Ltd ~		1,839		100,850
Larsen & Toubro Ltd		22,088		446,689
Lupin Ltd		7,333		113,488
Mahindra & Mahindra Ltd		28,521		299,025
Marico Ltd		17,325		123,779
Maruti Suzuki India Ltd		4,529		458,623
Motherson Sumi Systems Ltd *		42,315		138,082
MRF Ltd		65		70,129
Muthoot Finance Ltd		4,150		82,806
Nestle India Ltd		1,117		265,238
NTPC Ltd		161,667		253,504
Oil & Natural Gas Corp Ltd		82,799		131,404
Page Industries Ltd		208		82,697
Petronet LNG Ltd		25,990		79,007
PI Industries Ltd		2,704		105,988
Pidilite Industries Ltd *		5,083		147,409
Piramal Enterprises Ltd		3,405		110,053
Power Grid Corp of India Ltd		78,327		245,161
REC Ltd		27,267		54,575
Reliance Industries Ltd		94,786		2,695,369
SBI Cards & Payment Services Ltd *		5,611		73,336
SBI Life Insurance Co Ltd ~		15,166		205,973
Shree Cement Ltd *		348		128,919
Shriram Transport Finance Co Ltd		6,266		113,502
Siemens Ltd		2,352		64,058
State Bank of India		59,831		338,258
Sun Pharmaceutical Industries Ltd		27,158		246,996
Tata Consultancy Services Ltd		30,661		1,381,754
Tata Consumer Products Ltd		20,976		213,091
Tata Motors Ltd *		55,764		255,763
Tata Steel Ltd		21,012		330,609
Tech Mahindra Ltd		21,115		311,567
Titan Co Ltd		12,495		291,627
Torrent Pharmaceuticals Ltd		1,635		63,874
Trent Ltd		5,732		65,609
UltraTech Cement Ltd		3,316		302,636
United Spirits Ltd *		9,837		87,678
UPL Ltd		16,376		174,984
Vedanta Ltd		37,996		134,669
Wipro Ltd		45,834		336,374
Yes Bank Ltd *		391,462		71,420
				28,329,109
Indonesia - 1.1%
Aneka Tambang Tbk		285,900		45,480
P.T. Adaro Energy Tbk		522,700		43,505
P.T. Astra International Tbk		650,500		222,011
P.T. Bank Central Asia Tbk		367,400		764,083
P.T. Bank Mandiri Persero Tbk		634,600		258,724
P.T. Bank Negara Indonesia Persero Tbk		255,000		81,589

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-286

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
P.T. Bank Rakyat Indonesia Persero Tbk		1,834,900	$	498,900
P.T. Barito Pacific Tbk		846,100		49,965
P.T. Charoen Pokphand Indonesia Tbk		244,500		105,504
P.T. Gudang Garam Tbk *		18,400		56,133
P.T. Indah Kiat Pulp & Paper Corp Tbk		83,400		42,923
P.T. Indocement Tunggal Prakarsa Tbk		46,100		32,784
P.T. Indofood CBP Sukses Makmur Tbk		73,800		41,501
P.T. Indofood Sukses Makmur Tbk		139,300		59,363
P.T. Kalbe Farma Tbk		691,000		66,803
P.T. Merdeka Copper Gold Tbk *		374,100		76,054
P.T. Sarana Menara Nusantara Tbk		792,800		67,857
P.T. Semen Indonesia Persero Tbk		95,500		62,665
P.T. Telekomunikasi Indonesia Persero Tbk		1,660,300		360,876
P.T. Tower Bersama Infrastructure Tbk		264,500		58,618
P.T. Unilever Indonesia Tbk		226,000		77,178
P.T. United Tractors Tbk		52,400		73,310
				3,145,826
Luxembourg - 0.0%
Reinet Investments SCA		5,358		105,145
Malaysia - 1.3%
AMMB Holdings Bhd		63,500		45,122
Axiata Group Bhd		93,400		84,216
CIMB Group Holdings Bhd		222,200		246,912
Dialog Group Bhd		115,000		80,098
DiGi.Com Bhd		108,000		107,493
Fraser & Neave Holdings Bhd		2,600		16,541
Genting Bhd		73,800		87,639
Genting Malaysia Bhd		83,600		55,780
HAP Seng Consolidated Bhd		22,900		43,025
Hartalega Holdings Bhd		57,600		101,978
Hong Leong Bank Bhd		26,800		120,847
Hong Leong Financial Group Bhd		10,200		43,775
IHH Healthcare Bhd		52,300		68,910
IOI Corp Bhd		98,000		88,758
Kossan Rubber Industries		42,900		33,278
Kuala Lumpur Kepong Bhd		13,500		66,207
Malayan Banking Bhd		147,285		287,723
Malaysia Airports Holdings Bhd *		37,800		54,667
Maxis Bhd		69,500		73,493
MISC Bhd		47,500		77,633
Nestle Malaysia Bhd		3,300		105,997
Petronas Chemicals Group Bhd		80,100		155,618
Petronas Dagangan Bhd		10,000		44,825
Petronas Gas Bhd		26,300		98,194
PPB Group Bhd		25,300		111,524
Press Metal Aluminium Holdings Bhd		116,300		133,907
Public Bank Bhd		493,700		488,765
QL Resources Bhd		52,600		71,586
RHB Bank Bhd		68,300		88,872
Sime Darby Bhd		97,400		51,146
Sime Darby Plantation Bhd		53,402		51,227
Supermax Corp Bhd		50,600		40,222
Telekom Malaysia Bhd		48,000		70,209
Tenaga Nasional Bhd		79,900		188,487
Top Glove Corp Bhd		175,400		176,182
Westports Holdings Bhd		33,800		34,276
				3,695,132
Mexico - 1.7%
America Movil SAB de CV ‘L’		1,139,200		857,229
Arca Continental SAB de CV		15,300		88,742
Becle SAB de CV		18,700		49,194
Cemex SAB de CV *		505,200		426,280
Coca-Cola Femsa SAB. de CV		17,145		90,713
Fibra Uno Administracion SA de CV REIT		94,600		102,174
Fomento Economico Mexicano SAB de CV		65,000		548,232
Gruma SAB de CV ‘B’		8,255		92,269

	Shares		Value
Grupo Aeroportuario del Pacifico SAB de CV ‘B’ *		13,600	$	144,740
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		7,160		132,141
Grupo Bimbo SAB de CV ‘A’		56,900		125,280
Grupo Carso SAB de CV ‘A1’		14,500		45,310
Grupo Financiero Banorte SAB de CV ‘O’		86,900		561,314
Grupo Financiero Inbursa SAB de CV ‘O’ *		81,700		80,823
Grupo Mexico SAB de CV ‘B’		103,900		488,696
Grupo Televisa SAB		81,000		231,696
Industrias Penoles SAB de CV *		4,700		64,877
Kimberly-Clark de Mexico SAB de CV ‘A’		56,100		99,541
Megacable Holdings SAB de CV		12,700		44,941
Orbia Advance Corp SAB. de CV		35,000		91,547
Promotora y Operadora de Infraestructura SAB de CV		8,515		68,119
Telesites SAB de CV *		50,800		46,993
Wal-Mart de Mexico SAB de CV		176,300		575,491
				5,056,342
Peru - 0.2%
Cia de Minas Buenaventura SAA ADR *		7,161		64,807
Credicorp Ltd *		2,276		275,646
Southern Copper Corp		2,842		182,798
				523,251
Philippines - 0.6%
Aboitiz Equity Ventures Inc		65,100		56,270
Ayala Corp		9,630		157,820
Ayala Land Inc		275,300		203,310
Bank of the Philippine Islands		71,560		129,939
BDO Unibank Inc		73,390		170,189
Globe Telecom Inc		1,180		44,478
GT Capital Holdings Inc		3,470		43,163
International Container Terminal Services Inc		35,430		118,814
JG Summit Holdings Inc		99,470		126,643
Jollibee Foods Corp		19,250		84,232
Manila Electric Co		9,970		56,611
Metro Pacific Investments Corp		312,000		24,851
Metropolitan Bank & Trust Co		79,200		79,013
PLDT Inc		2,680		70,843
SM Investments Corp		8,410		172,318
SM Prime Holdings Inc		331,600		247,944
Universal Robina Corp		29,300		86,733
				1,873,171
Poland - 0.7%
Allegro.eu SA * ~		12,602		216,875
Bank Polska Kasa Opieki SA *		6,569		160,305
CD Projekt SA		2,280		110,766
Cyfrowy Polsat SA		10,912		85,722
Dino Polska SA * ~		1,673		122,895
KGHM Polska Miedz SA		4,682		230,368
LPP SA *		37		124,886
Orange Polska SA *		25,913		45,603
PGE Polska Grupa Energetyczna SA *		27,122		66,941
Polski Koncern Naftowy ORLEN SA		9,929		200,183
Polskie Gornictwo Naftowe i Gazownictwo SA		57,206		100,098
Powszechna Kasa Oszczednosci Bank Polski SA *		29,093		288,647
Powszechny Zaklad Ubezpieczen SA *		20,983		202,060
Santander Bank Polska SA *		1,247		83,244
				2,038,593
Qatar - 0.7%
Barwa Real Estate Co		79,810		65,387
Industries Qatar QSC		52,373		190,756
Masraf Al Rayan QSC		165,092		202,182
Mesaieed Petrochemical Holding Co		181,903		94,080
Ooredoo QPSC		32,426		64,999

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-287

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Qatar Electricity & Water Co QSC		19,746	$	90,351
Qatar Fuel QSC		20,265		98,627
Qatar Gas Transport Co Ltd		108,064		89,078
Qatar International Islamic Bank QSC		34,738		88,825
Qatar Islamic Bank SAQ		42,904		203,738
Qatar National Bank QPSC		157,609		777,007
The Commercial Bank PSQC		71,531		103,534
				2,068,564
Romania - 0.1%
NEPI Rockcastle PLC		19,715		139,745
Russia - 3.3%
Gazprom PJSC ADR (OTC)		3,488		26,648
Gazprom PJSC ADR (SEAQ)		194,171		1,482,231
LUKOIL PJSC ADR (SEAQ)		13,502		1,253,153
Magnit PJSC GDR ~		1,481		21,482
Magnit PJSC GDR (LI) ~		13,592		197,152
Mail.Ru Group Ltd GDR * ~		5,252		119,392
MMC Norilsk Nickel PJSC ADR		20,705		706,352
Mobile TeleSystems PJSC ADR		20,773		192,358
Novatek PJSC GDR (LI) ~		3,161		693,624
Novolipetsk Steel PJSC GDR ~		5,815		183,296
PhosAgro PJSC GDR ~		5,772		116,825
Polymetal International PLC		12,492		269,011
Polyus PJSC ADR		2,207		214,189
Rosneft Oil Co PJSC GDR ~		43,648		338,531
Sberbank of Russia PJSC ADR (OTC)		1,141		19,043
Sberbank of Russia PJSC ADR (SEAQ)		92,176		1,531,688
Severstal PJSC GDR ~		7,476		160,903
Surgutneftegas PJSC ADR (LI)		59,996		298,015
Tatneft PJSC ADR		8,072		352,889
TCS Group Holding PLC GDR ~		3,986		348,775
VTB Bank PJSC GDR ~		65,505		87,122
X5 Retail Group NV GDR ~		4,673		163,953
Yandex NV ‘A’ *		10,054		711,321
				9,487,953
Saudi Arabia - 3.0%
Abdullah Al Othaim Markets Co		1,936		63,942
Advanced Petrochemical Co		3,637		70,179
Al Rajhi Bank		41,101		1,217,148
Alinma Bank		39,199		220,014
Almarai Co JSC		10,100		170,782
Arab National Bank		23,147		140,146
Bank Al-Jazira *		15,161		74,857
Bank AlBilad *		13,080		128,073
Banque Saudi Fransi		19,857		203,303
Bupa Arabia for Cooperative Insurance Co		2,421		80,171
Dar Al Arkan Real Estate Development Co *		22,195		62,621
Dr Sulaiman Al Habib Medical Services Group Co		1,919		83,703
Emaar Economic City *		13,829		47,190
Etihad Etisalat Co		13,933		123,203
Jarir Marketing Co		2,057		115,832
Mobile Telecommunications Co Saudi Arabia *		21,649		83,927
Mouwasat Medical Services Co		1,657		79,664
National Industrialization Co *		12,288		63,352
National Petrochemical Co		4,164		48,886
Rabigh Refining & Petrochemical Co *		8,848		55,510
Riyad Bank		45,994		324,972
SABIC Agri-Nutrients Co		7,356		234,434
Sahara International Petrochemical Co		13,168		107,679
Saudi Arabian Mining Co *		14,984		252,879
Saudi Arabian Oil Co ~		73,864		691,256
Saudi Basic Industries Corp		29,958		973,930
Saudi Cement Co		4,483		76,020
Saudi Electricity Co		27,914		179,742
Saudi Industrial Investment Group		7,631		71,303

	Shares		Value
Saudi Kayan Petrochemical Co *		25,293	$	121,901
Saudi Telecom Co		20,367		715,053
The Co for Cooperative Insurance		2,967		65,501
The Saudi British Bank *		28,121		236,382
The Saudi National Bank		73,777		1,133,033
The Savola Group		9,577		110,244
Yanbu National Petrochemical Co		8,954		173,503
				8,600,335
Singapore - 0.0%
BOC Aviation Ltd ~		6,800		57,367
South Africa - 3.3%
Absa Group Ltd *		23,773		225,818
African Rainbow Minerals Ltd		3,492		62,443
Anglo American Platinum Ltd		1,728		199,572
Aspen Pharmacare Holdings Ltd *		12,256		139,116
Bid Corp Ltd *		10,971		237,866
Capitec Bank Holdings Ltd		2,696		317,801
Clicks Group Ltd		8,157		140,343
Discovery Ltd *		14,036		124,112
Exxaro Resources Ltd		7,839		92,454
FirstRand Ltd		163,180		612,232
Gold Fields Ltd		28,964		258,291
Growthpoint Properties Ltd REIT		111,284		116,116
Harmony Gold Mining Co Ltd		17,327		63,859
Impala Platinum Holdings Ltd		26,012		427,833
Kumba Iron Ore Ltd		1,978		88,390
Mr Price Group Ltd		8,131		119,870
MTN Group *		55,656		402,092
MultiChoice Group Ltd		10,969		90,133
Naspers Ltd ‘N’		14,398		3,035,773
Nedbank Group Ltd *		12,366		147,934
Northam Platinum Ltd *		11,853		179,048
Old Mutual Ltd		153,332		144,957
Rand Merchant Investment Holdings Ltd		25,133		55,159
Remgro Ltd		16,639		133,531
Sanlam Ltd		63,650		273,543
Sasol Ltd *		18,700		284,878
Shoprite Holdings Ltd		16,396		178,473
Sibanye Stillwater Ltd		91,761		382,403
Standard Bank Group Ltd		42,335		378,077
The Bidvest Group Ltd		9,379		125,275
The SPAR Group Ltd		6,283		79,589
Tiger Brands Ltd		5,149		75,360
Vodacom Group Ltd		21,284		191,929
Woolworths Holdings Ltd *		31,669		119,730
				9,504,000
South Korea - 12.3%
Alteogen Inc *		908		67,451
Amorepacific Corp		1,050		234,915
AMOREPACIFIC Group		864		49,132
BGF retail Co Ltd		260		41,466
Celltrion Healthcare Co Ltd *		2,697		277,150
Celltrion Inc *		3,201		762,909
Celltrion Pharm Inc *		552		77,029
Cheil Worldwide Inc		2,711		60,511
CJ CheilJedang Corp		282		115,430
CJ Corp		565		53,633
CJ ENM Co Ltd		486		78,809
CJ Logistics Corp *		306		48,054
Coway Co Ltd		1,815		126,645
Daewoo Shipbuilding & Marine Engineering Co Ltd *		1,192		37,920
DB Insurance Co Ltd		1,570		76,454
Doosan Bobcat Inc *		1,562		66,633
Doosan Heavy Industries & Construction Co Ltd *		7,258		153,292
Douzone Bizon Co Ltd		807		59,418
E-MART Inc		661		93,829

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-288

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Fila Holdings Corp		1,898	$	98,066
Green Cross Corp		195		56,933
GS Engineering & Construction Corp		1,985		75,579
GS Holdings Corp		1,426		58,631
Hana Financial Group Inc		9,951		407,806
Hankook Tire & Technology Co Ltd		2,446		112,233
Hanmi Pharm Co Ltd		223		66,218
Hanon Systems		6,274		92,173
Hanwha Solutions Corp *		4,108		162,240
HLB Inc *		3,015		89,300
HMM Co Ltd *		8,634		336,599
Hotel Shilla Co Ltd		1,161		99,979
HYBE Co Ltd *		292		75,795
Hyundai Engineering & Construction Co Ltd		2,501		129,468
Hyundai Glovis Co Ltd		666		123,570
Hyundai Heavy Industries Holdings Co Ltd		1,465		92,131
Hyundai Mobis Co Ltd		2,204		571,566
Hyundai Motor Co		4,658		991,134
Hyundai Steel Co		2,837		135,441
Industrial Bank of Korea		8,771		81,872
Kakao Corp		10,361		1,500,713
Kangwon Land Inc *		2,933		70,021
KB Financial Group Inc		13,122		651,245
Kia Corp		8,770		698,906
KMW Co Ltd *		664		31,915
Korea Aerospace Industries Ltd		2,136		62,475
Korea Electric Power Corp		8,392		185,223
Korea Investment Holdings Co Ltd		1,352		123,691
Korea Shipbuilding & Offshore Engineering Co Ltd *		1,267		150,696
Korea Zinc Co Ltd		278		106,606
Korean Air Lines Co Ltd *		5,214		145,835
KT&G Corp		4,076		305,465
Kumho Petrochemical Co Ltd		617		120,215
LG Chem Ltd		1,575		1,189,266
LG Corp		3,056		278,034
LG Display Co Ltd *		7,801		169,581
LG Electronics Inc		3,529		510,944
LG Household & Health Care Ltd		335		524,149
LG Innotek Co Ltd		477		94,335
LG Uplus Corp		8,011		109,221
Lotte Chemical Corp		554		129,106
Lotte Shopping Co Ltd		352		36,082
LX Holdings Corp *		1,388		13,866
Meritz Securities Co Ltd		9,501		39,965
Mirae Asset Securities Co Ltd		8,994		75,319
NAVER Corp		4,109		1,524,720
NCSoft Corp		547		398,009
Netmarble Corp ~		787		93,567
NH Investment & Securities Co Ltd		4,581		52,469
Orion Corp		778		81,872
Pan Ocean Co Ltd		8,329		63,153
Pearl Abyss Corp *		1,048		70,330
POSCO		2,462		760,880
POSCO Chemical Co Ltd		1,054		134,581
S-1 Corp		632		45,963
S-Oil Corp *		1,501		136,683
Samsung Biologics Co Ltd * ~		538		400,860
Samsung C&T Corp		2,725		330,019
Samsung Electro-Mechanics Co Ltd		1,829		286,819
Samsung Electronics Co Ltd		159,696		11,432,018
Samsung Engineering Co Ltd *		5,145		109,061
Samsung Fire & Marine Insurance Co Ltd		1,038		203,304
Samsung Heavy Industries Co Ltd *		16,293		96,995
Samsung Life Insurance Co Ltd		2,298		163,058
Samsung SDI Co Ltd		1,822		1,128,069
Samsung SDS Co Ltd		1,182		194,128
Samsung Securities Co Ltd		1,908		76,120
Seegene Inc *		1,206		88,521
Shin Poong Pharmaceutical Co Ltd		1,107		84,718

	Shares		Value
Shinhan Financial Group Co Ltd		14,518	$	524,164
Shinsegae Inc		220		55,748
SK Biopharmaceuticals Co Ltd *		883		96,367
SK Chemicals Co Ltd		261		60,170
SK Holdings Co Ltd		1,055		264,432
SK Hynix Inc		18,118		2,044,952
SK Innovation Co Ltd *		1,692		443,657
SK Telecom Co Ltd		1,308		371,711
SKC Co Ltd		688		96,957
Woori Financial Group Inc		16,978		172,851
Yuhan Corp		1,672		93,664
				35,840,878
Taiwan - 13.6%
Accton Technology Corp		16,000		189,465
Acer Inc		101,000		106,149
Advantech Co Ltd		14,000		173,229
ASE Technology Holding Co Ltd		107,000		429,310
Asia Cement Corp		72,000		131,006
ASMedia Technology Inc		1,000		48,233
Asustek Computer Inc		24,000		320,016
AU Optronics Corp		264,000		213,486
Catcher Technology Co Ltd		24,000		156,758
Cathay Financial Holding Co Ltd		259,000		500,761
Chailease Holding Co Ltd		40,000		290,595
Chang Hwa Commercial Bank Ltd		154,000		89,252
Cheng Shin Rubber Industry Co Ltd		58,000		97,245
China Development Financial Holding Corp		437,000		206,090
China Life Insurance Co Ltd		62,000		58,610
China Steel Corp		391,000		555,280
Chunghwa Telecom Co Ltd		128,000		522,325
Compal Electronics Inc		147,000		117,904
CTBC Financial Holding Co Ltd		619,000		504,073
Delta Electronics Inc		64,000		695,287
E.Sun Financial Holding Co Ltd		391,000		369,075
Eclat Textile Co Ltd		7,000		164,817
Evergreen Marine Corp Taiwan Ltd *		87,000		614,521
Far Eastern New Century Corp		93,000		106,792
Far EasTone Telecommunications Co Ltd *		55,000		127,489
Feng TAY Enterprise Co Ltd		15,000		131,590
First Financial Holding Co Ltd		355,000		289,137
Formosa Chemicals & Fibre Corp		113,000		343,480
Formosa Petrochemical Corp		38,000		145,221
Formosa Plastics Corp		123,000		454,534
Foxconn Technology Co Ltd		30,000		70,659
Fubon Financial Holding Co Ltd		218,000		577,934
Giant Manufacturing Co Ltd		10,000		114,293
Globalwafers Co Ltd		7,000		230,792
Hiwin Technologies Corp		9,000		127,436
Hon Hai Precision Industry Co Ltd		413,000		1,658,197
Hotai Motor Co Ltd		9,000		198,298
Hua Nan Financial Holdings Co Ltd		291,000		192,641
Innolux Corp *		290,000		215,733
Inventec Corp		99,000		93,260
Largan Precision Co Ltd		3,000		333,575
Lite-On Technology Corp		75,000		154,941
MediaTek Inc *		50,000		1,724,311
Mega Financial Holding Co Ltd		369,000		435,035
Micro-Star International Co Ltd		22,000		124,284
Nan Ya Plastics Corp		168,000		501,183
Nan Ya Printed Circuit Board Corp		8,000		111,792
Nanya Technology Corp		41,000		117,171
Nien Made Enterprise Co Ltd		5,000		74,166
Novatek Microelectronics Corp		19,000		339,588
Oneness Biotech Co Ltd *		7,000		58,286
Pegatron Corp		67,000		165,420
Phison Electronics Corp		5,000		85,995
Pou Chen Corp		79,000		111,371
Powertech Technology Inc		22,000		84,829
President Chain Store Corp		20,000		188,730

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-289

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Quanta Computer Inc		94,000	$	295,030
Realtek Semiconductor Corp *		15,000		271,723
Ruentex Development Co Ltd		26,000		52,777
Shin Kong Financial Holding Co Ltd		379,000		129,554
SinoPac Financial Holdings Co Ltd		356,000		175,608
Synnex Technology International Corp		43,000		78,534
Taishin Financial Holding Co Ltd		340,000		186,054
Taiwan Business Bank		225,000		76,321
Taiwan Cement Corp		162,000		296,514
Taiwan Cooperative Financial Holding Co Ltd		327,000		249,399
Taiwan High Speed Rail Corp		73,000		78,309
Taiwan Mobile Co Ltd *		56,000		205,007
Taiwan Semiconductor Manufacturing Co Ltd		819,000		17,639,645
The Shanghai Commercial & Savings Bank Ltd		122,000		198,006
Uni-President Enterprises Corp		160,000		420,151
Unimicron Technology Corp		41,000		189,631
United Microelectronics Corp		390,000		739,558
Vanguard International Semiconductor Corp		29,000		122,856
Walsin Technology Corp *		10,000		81,560
Wan Hai Lines Ltd		18,000		207,135
Win Semiconductors Corp		11,000		148,081
Winbond Electronics Corp		101,000		126,092
Wistron Corp		104,000		115,646
Wiwynn Corp		3,000		107,312
WPG Holdings Ltd		53,000		97,220
Yageo Corp		12,000		241,589
Yang Ming Marine Transport Corp *		53,000		346,926
Yuanta Financial Holding Co Ltd		302,000		290,796
Zhen Ding Technology Holding Ltd		21,000		79,135
				39,487,819
Tanzania - 0.1%
AngloGold Ashanti Ltd		13,591		252,270
Thailand - 1.6%
Advanced Info Service PCL		34,400		183,538
Advanced Info Service PCL ADR		3,915		21,141
Advanced Info Service PCL NVDR		1,900		10,143
Airports of Thailand PCL		138,600		268,448
Airports of Thailand PCL ADR		30		583
Asset World Corp PCL NVDR *		266,700		36,210
B Grimm Power PCL		28,400		37,239
Bangkok Bank PCL NVDR		21,900		77,334
Bangkok Commercial Asset Management PCL NVDR		54,200		31,464
Bangkok Dusit Medical Services PCL NVDR		323,900		232,674
Bangkok Expressway & Metro PCL		220,600		56,123
Bangkok Expressway & Metro PCL NVDR		37,800		9,617
Berli Jucker PCL		39,300		42,671
Berli Jucker PCL NVDR		9,300		10,098
BTS Group Holdings PCL NVDR		253,900		74,108
Bumrungrad Hospital PCL NVDR		13,600		54,594
Carabao Group PCL NVDR		10,600		46,863
Central Pattana PCL NVDR		60,800		99,741
Central Retail Corp PCL		52,800		55,237
Central Retail Corp PCL NVDR		20,500		21,446
Charoen Pokphand Foods PCL NVDR		129,000		106,751
CP ALL PCL		159,400		297,165
Delta Electronics Thailand PCL		10,500		189,360
Electricity Generating PCL		9,200		50,283
Energy Absolute PCL		50,600		96,445
Global Power Synergy PCL ‘F’		24,000		54,727
Gulf Energy Development PCL NVDR		94,800		101,385
Home Product Center PCL		204,000		91,738
Indorama Ventures PCL		53,900		68,531
Indorama Ventures PCL NVDR		8,800		11,209
Intouch Holdings PCL NVDR		70,200		142,440
Krung Thai Bank PCL		148,900		49,355

	Shares		Value
Krungthai Card PCL		25,600	$	53,567
Land & Houses PCL		220,800		54,765
Land & Houses PCL NVDR		38,700		9,599
Minor International PCL NVDR *		107,000		100,296
Muangthai Capital PCL		23,900		42,960
Osotspa PCL		23,600		27,827
Osotspa PCL NVDR		17,900		21,106
PTT Exploration & Production PCL NVDR		47,800		174,905
PTT Global Chemical PCL		68,400		126,133
PTT Global Chemical PCL NVDR		10,100		18,625
PTT Oil & Retail Business PCL NVDR		92,400		88,072
PTT PCL		331,300		408,559
Ratch Group PCL		19,300		27,561
SCG Packaging PCL NVDR		46,600		90,308
Sri Trang Gloves Thailand PCL NVDR		31,200		40,623
Srisawad Corp PCL		21,800		46,829
Thai Oil PCL		31,000		52,866
Thai Union Group PCL ‘F’		114,200		70,580
The Siam Cement PCL		24,600		335,123
The Siam Cement PCL NVDR		900		12,140
The Siam Commercial Bank PCL		30,300		92,811
True Corp PCL		387,200		40,109
True Corp PCL NVDR		203,600		20,221
				4,584,246
Turkey - 0.2%
Akbank T.A.S.		105,223		63,827
Aselsan Elektronik Sanayi Ve Ticaret AS		6,587		11,136
BIM Birlesik Magazalar AS		16,486		117,680
Eregli Demir ve Celik Fabrikalari TAS		48,538		100,432
Ford Otomotiv Sanayi AS		2,449		47,777
KOC Holding AS		24,409		51,387
Turkcell Iletisim Hizmetleri AS		45,577		84,321
Turkiye Garanti Bankasi AS		78,662		75,107
Turkiye Is Bankasi AS ‘C’		50,483		29,588
Turkiye Petrol Rafinerileri AS *		5,398		58,902
Turkiye Sise ve Cam Fabrikalari AS		55,085		48,336
				688,493
United Arab Emirates - 0.8%
Abu Dhabi Commercial Bank PJSC		112,123		209,707
Abu Dhabi Islamic Bank PJSC		65,454		97,728
Abu Dhabi National Oil Co for Distribution PJSC		104,640		123,352
Aldar Properties PJSC		168,304		175,098
Dubai Islamic Bank PJSC		89,866		118,007
Emaar Properties PJSC		123,106		139,823
Emirates NBD Bank PJSC		90,862		327,763
Emirates Telecommunications Group Co PJSC		62,805		376,165
First Abu Dhabi Bank PJSC		149,574		680,039
				2,247,682
United States - 0.2%
Globant SA *		1,347		295,236
JBS SA		35,600		208,283
				503,519
Total Common Stocks (Cost $216,847,855)				280,227,949

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-290

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS & NOTES - 0.0%
India - 0.0%
Britannia Industries Ltd 5.500% due 06/03/24		INR 107,619	$	1,467
Total Corporate Bonds & Notes (Cost $1,479)				1,467
SHORT-TERM INVESTMENT - 3.1%
Repurchase Agreement - 3.1%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $8,976,981; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $9,156,587)		$8,976,981		8,976,981
Total Short-Term Investment (Cost $8,976,981)				8,976,981
TOTAL INVESTMENTS - 101.6% (Cost $231,315,978)				295,227,865
DERIVATIVES - 0.0%				961
OTHER ASSETS & LIABILITIES, NET - (1.6%)				(4,582,306	)
NET ASSETS - 100.0%				$290,646,520

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Communications	21.0%
Financial	19.8%
Technology	17.1%
Consumer, Non-Cyclical	10.6%
Consumer, Cyclical	8.6%
Basic Materials	7.2%
Industrial	6.8%
Energy	5.4%
Short-Term Investment	3.1%
Others (each less than 3.0%)	2.0%
	101.6%
Derivatives	0.0%
Other Assets & Liabilities, Net	(1.6%	)
	100.0%

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

China	36.8%
Taiwan	13.6%
South Korea	13.0%
India	9.7%
Brazil	5.2%
South Africa	3.3%
Russia	3.3%
United States (Includes Short-Term Investment)	3.3%
Saudi Arabia	3.0%
Others (each less than 3.0%)	10.4%
	101.6%
Derivatives	0.0%
Other Assets & Liabilities, Net	(1.6%	)
	100.0%

(c) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Index		09/21		138		$9,416,159		$9,417,120		$961

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-291

PACIFIC SELECT FUND

PD EMERGING MARKETS INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (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, 2021:

		Total Value at June 30, 2021		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Rights		$230		$230		$-		$-
	Warrants		1,079		1,079		-		-
	Preferred Stocks
	Brazil		3,719,382		3,719,382		-		-
	Chile		211,824		211,824		-		-
	Colombia		98,819		98,819		-		-
	South Korea		1,990,134		-		1,990,134		-
	Total Preferred Stocks		6,020,159		4,030,025		1,990,134		-
	Common Stocks
	Argentina		35,966		35,966		-		-
	Brazil		11,284,802		11,284,802		-		-
	Chile		978,928		978,928		-		-
	China		106,874,210		19,111,805		87,688,498		73,907
	Colombia		332,353		332,353		-		-
	Czech Republic		369,653		-		369,653		-
	Egypt		285,471		-		285,471		-
	Greece		366,777		-		366,777		-
	Hong Kong		805,721		108,228		697,493		-
	Hungary		664,628		-		664,628		-
	India		28,329,109		-		28,329,109		-
	Indonesia		3,145,826		-		3,145,826		-
	Luxembourg		105,145		105,145		-		-
	Malaysia		3,695,132		2,245,284		1,449,848		-
	Mexico		5,056,342		5,056,342		-		-
	Peru		523,251		523,251		-		-
	Philippines		1,873,171		1,319,176		553,995		-
	Poland		2,038,593		341,761		1,696,832		-
	Qatar		2,068,564		1,465,637		602,927		-
	Romania		139,745		139,745		-		-
	Russia		9,487,953		1,969,670		7,518,283		-
	Saudi Arabia		8,600,335		2,774,015		5,826,320		-
	Singapore		57,367		-		57,367		-
	South Africa		9,504,000		2,254,994		7,249,006		-
	South Korea		35,840,878		583,978		35,256,900		-
	Taiwan		39,487,819		263,293		39,224,526		-
	Tanzania		252,270		-		252,270		-
	Thailand		4,584,246		582,059		4,002,187		-
	Turkey		688,493		228,539		459,954		-
	United Arab Emirates		2,247,682		1,717,026		530,656		-
	United States		503,519		503,519		-		-
	Total Common Stocks		280,227,949		53,925,516		226,228,526		73,907
	Corporate Bonds & Notes		1,467		-		1,467		-
	Short-Term Investment		8,976,981		-		8,976,981		-
	Derivatives:
	Equity Contracts
	Futures		961		961		-		-
	Total		$295,228,826		$57,957,811		$237,197,108		$73,907

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-292

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)

	Shares		Value
PREFERRED STOCKS - 0.7%
Germany - 0.7%
Bayerische Motoren Werke AG		2,367		$212,933
Henkel AG & Co KGaA		7,410		782,599
Porsche Automobil Holding SE		6,352		681,892
Sartorius AG		1,092		568,395
Volkswagen AG		7,735		1,939,408
				4,185,227
Total Preferred Stocks (Cost $3,486,598)				4,185,227
COMMON STOCKS - 96.8%
Australia - 7.2%
Afterpay Ltd *		9,036		802,037
Australia & New Zealand Banking Group Ltd		118,524		2,501,794
BHP Group Ltd		122,696		4,463,719
BHP Group PLC		87,981		2,603,442
Brambles Ltd		61,439		527,267
Coles Group Ltd		55,384		709,455
Commonwealth Bank of Australia		73,889		5,533,001
CSL Ltd		18,951		4,053,021
Endeavour Group Ltd *		52,754		248,850
Fortescue Metals Group Ltd		70,309		1,228,222
Glencore PLC *		416,494		1,787,629
Goodman Group REIT		69,033		1,092,494
Macquarie Group Ltd		14,320		1,677,751
National Australia Bank Ltd		137,353		2,700,197
Newcrest Mining Ltd		33,902		642,911
Ramsay Health Care Ltd		7,602		358,668
Rio Tinto Ltd		15,489		1,468,442
Rio Tinto PLC		46,740		3,860,137
Sydney Airport * >>		54,903		238,225
Telstra Corp Ltd		172,830		487,448
Transurban Group >>		114,271		1,218,709
Wesfarmers Ltd		47,241		2,094,337
Westpac Banking Corp		152,795		2,956,858
Woodside Petroleum Ltd		39,951		665,252
Woolworths Group Ltd		52,754		1,509,630
				45,429,496
Belgium - 0.7%
Anheuser-Busch InBev SA/NV		31,749		2,288,748
Groupe Bruxelles Lambert SA		4,690		525,145
KBC Group NV		10,373		791,992
UCB SA		5,249		549,736
				4,155,621
Bermuda - 0.0%
Brookfield Asset Management Reinsurance Partners Ltd ‘A’ *		368		19,445
Brazil - 0.1%
Wheaton Precious Metals Corp		18,700		824,272
Canada - 10.3%
Agnico Eagle Mines Ltd		10,100		610,758
Alimentation Couche-Tard Inc ‘B’		35,215		1,294,001
Bank of Montreal		26,936		2,760,962
Barrick Gold Corp		13,874		287,452
Barrick Gold Corp (TSE)		60,210		1,245,389
BCE Inc		3,034		149,620
Brookfield Asset Management Inc ‘A’		53,443		2,726,473
Canadian Imperial Bank of Commerce		18,647		2,122,683
Canadian National Railway Co		29,576		3,120,559

	Shares		Value
Canadian Natural Resources Ltd (TSE)		49,219	$	1,786,750
Canadian Pacific Railway Ltd		27,753		2,134,088
CGI Inc *		9,354		848,093
Constellation Software Inc		838		1,269,175
Enbridge Inc		84,368		3,377,851
Fairfax Financial Holdings Ltd		1,130		495,537
Fortis Inc		19,470		861,826
Franco-Nevada Corp		7,950		1,153,699
George Weston Ltd		3,200		305,002
Great-West Lifeco Inc		11,600		344,556
Hydro One Ltd ~		13,600		328,700
Imperial Oil Ltd		10,700		326,110
Intact Financial Corp		6,600		896,665
Loblaw Cos Ltd		7,186		442,256
Magna International Inc		11,893		1,101,129
Manulife Financial Corp		80,840		1,591,236
National Bank of Canada		14,026		1,049,687
Nutrien Ltd		23,718		1,437,124
Pembina Pipeline Corp		22,800		724,501
Power Corp of Canada		23,418		740,172
Restaurant Brands International Inc		11,437		736,910
Rogers Communications Inc ‘B’ (TSE)		14,700		781,486
Royal Bank of Canada		59,287		6,006,659
Saputo Inc		10,200		304,206
Shaw Communications Inc ‘B’ (TSE)		19,165		555,191
Shopify Inc ‘A’ *		4,678		6,841,405
Sun Life Financial Inc		24,430		1,259,733
Suncor Energy Inc		63,603		1,523,373
TC Energy Corp		39,167		1,938,128
TELUS Corp		17,916		401,795
The Bank of Nova Scotia		50,474		3,282,683
The Toronto-Dominion Bank		75,607		5,298,467
Thomson Reuters Corp		7,274		722,530
				65,184,620
China - 0.5%
BOC Hong Kong Holdings Ltd		154,000		521,954
Budweiser Brewing Co APAC Ltd ~		71,500		225,136
Prosus NV *		20,304		1,989,133
Wilmar International Ltd		79,700		267,214
				3,003,437
Denmark - 2.1%
AP Moller - Maersk AS ‘A’		132		367,171
AP Moller - Maersk AS ‘B’		255		734,122
Carlsberg AS ‘B’		4,277		798,156
Coloplast AS ‘B’		4,933		809,916
DSV Panalpina AS		8,623		2,012,935
Novo Nordisk AS ‘B’		71,726		6,004,084
Orsted AS ~		7,900		1,108,855
Vestas Wind Systems AS		42,079		1,644,111
				13,479,350
Finland - 1.0%
Fortum OYJ		18,441		508,722
Kone OYJ ‘B’		14,112		1,151,740
Neste OYJ		17,566		1,077,534
Nokia OYJ (OMXH) *		224,582		1,203,256
Nordea Bank Abp		135,176		1,505,307
Sampo OYJ ‘A’		20,815		957,168
				6,403,727
France - 9.7%
Air Liquide SA		19,727		3,459,129
Airbus SE *		24,495		3,156,249
AXA SA		80,571		2,045,886
BNP Paribas SA		46,858		2,940,791
Cie de Saint-Gobain		21,025		1,387,563
Cie Generale des Etablissements Michelin SCA		7,035		1,122,753

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-293

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Credit Agricole SA		52,046	$	729,664
Danone SA		27,178		1,912,105
Dassault Systemes SE		5,516		1,338,712
Electricite de France SA		19,893		271,859
Engie SA		75,832		1,039,851
EssilorLuxottica SA		11,984		2,213,843
Hermes International		1,320		1,926,291
Kering SA		3,124		2,737,302
L’Oreal SA		10,488		4,683,875
LVMH Moet Hennessy Louis Vuitton SE		11,558		9,092,179
Orange SA		82,832		945,344
Pernod Ricard SA		8,730		1,940,350
Safran SA		14,238		1,975,991
Sanofi		47,196		4,958,533
Sartorius Stedim Biotech		1,148		543,337
Societe Generale SA		33,660		995,710
Thales SA		4,424		452,031
TotalEnergies SE		104,079		4,714,965
Vinci SA		22,172		2,370,139
Vivendi SE		29,639		995,844
Worldline SA * ~		9,923		929,831
				60,880,127
Germany - 7.9%
adidas AG		7,930		2,959,140
Allianz SE		17,173		4,285,638
BASF SE		38,263		3,020,471
Bayer AG		40,923		2,487,922
Bayerische Motoren Werke AG		13,763		1,459,092
Beiersdorf AG		4,189		505,637
Continental AG *		4,569		672,197
Daimler AG		35,656		3,186,170
Deutsche Bank AG *		86,113		1,122,714
Deutsche Boerse AG		7,900		1,378,915
Deutsche Post AG		41,333		2,814,971
Deutsche Telekom AG		138,907		2,937,883
E.ON SE		93,667		1,083,696
Evonik Industries AG		8,721		292,793
Fresenius Medical Care AG & Co KGaA		8,546		710,140
Fresenius SE & Co KGaA		17,371		906,590
Hannover Rueck SE		2,502		418,854
Henkel AG & Co KGaA		4,333		399,023
Infineon Technologies AG		54,416		2,188,789
Knorr-Bremse AG		3,028		348,391
Merck KGaA		5,372		1,030,759
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,838		1,599,966
SAP SE		43,478		6,106,906
Siemens AG		31,859		5,058,530
Siemens Energy AG *		16,537		498,145
Siemens Healthineers AG ~		11,172		684,991
Volkswagen AG		1,350		443,698
Vonovia SE		22,423		1,449,098
				50,051,119
Hong Kong - 2.5%
AIA Group Ltd		503,600		6,247,448
CK Asset Holdings Ltd		82,062		564,834
CK Infrastructure Holdings Ltd		27,500		163,815
CLP Holdings Ltd		68,500		676,975
Hang Seng Bank Ltd		31,800		634,337
Henderson Land Development Co Ltd		60,000		283,935
Hong Kong & China Gas Co Ltd		465,150		722,250
Hong Kong Exchanges & Clearing Ltd		50,100		2,982,439
Jardine Matheson Holdings Ltd		9,000		575,275
Link REIT		86,800		839,819
MTR Corp Ltd		64,000		356,352
Sun Hung Kai Properties Ltd		54,500		809,976
Swire Properties Ltd		48,600		144,764
Techtronic Industries Co Ltd		57,500		1,002,050
				16,004,269

	Shares		Value
Ireland - 0.6%
CRH PLC		32,730	$	1,655,199
Flutter Entertainment PLC *		6,932		1,256,954
Kerry Group PLC ‘A’		6,603		923,169
				3,835,322
Israel - 0.3%
Check Point Software Technologies Ltd *		4,657		540,817
Teva Pharmaceutical Industries Ltd ADR *		45,503		450,480
Wix.com Ltd *		2,311		670,837
				1,662,134
Italy - 1.6%
Assicurazioni Generali SPA		45,805		919,613
Atlantia SPA *		20,571		373,528
Enel SPA		338,796		3,148,387
Eni SPA		105,363		1,284,537
Ferrari NV		5,234		1,080,539
Intesa Sanpaolo SPA		688,591		1,904,874
Snam SPA		83,723		484,317
UniCredit SPA		88,244		1,043,282
				10,239,077
Japan - 19.5%
Aeon Co Ltd		27,200		730,177
Aisin Corp		6,200		265,840
Ajinomoto Co Inc		19,400		504,005
Asahi Group Holdings Ltd		19,000		888,036
Asahi Kasei Corp		52,000		571,541
Astellas Pharma Inc		77,800		1,355,794
Bandai Namco Holdings Inc		8,300		574,438
Bridgestone Corp		23,800		1,081,766
Canon Inc		41,600		940,241
Central Japan Railway Co		6,000		911,703
Chugai Pharmaceutical Co Ltd		27,900		1,105,861
Dai-ichi Life Holdings Inc		42,500		781,966
Daiichi Sankyo Co Ltd		70,900		1,529,532
Daikin Industries Ltd		10,400		1,938,037
Daiwa House Industry Co Ltd		23,500		706,610
Denso Corp		18,000		1,227,447
East Japan Railway Co		12,600		898,557
Eisai Co Ltd		9,900		972,944
ENEOS Holdings Inc		127,400		533,908
FANUC Corp		8,000		1,918,383
Fast Retailing Co Ltd		2,400		1,804,050
FUJIFILM Holdings Corp		15,000		1,109,527
Fujitsu Ltd		8,200		1,534,211
Hitachi Ltd		40,300		2,309,479
Honda Motor Co Ltd		68,000		2,187,100
Hoya Corp		15,500		2,050,190
ITOCHU Corp		49,500		1,428,308
Japan Post Bank Co Ltd		16,800		141,294
Japan Post Holdings Co Ltd		65,400		537,178
Japan Tobacco Inc		49,800		941,136
Kao Corp		20,100		1,239,367
KDDI Corp		67,200		2,093,662
Keyence Corp		8,100		4,079,347
Kirin Holdings Co Ltd		34,200		667,441
Komatsu Ltd		36,400		901,758
Kubota Corp		42,700		863,808
Kyocera Corp		13,400		827,857
Kyowa Kirin Co Ltd		11,200		398,334
M3 Inc		18,400		1,340,593
Makita Corp		9,300		437,910
Marubeni Corp		65,300		568,662
Mitsubishi Corp		52,600		1,436,834
Mitsubishi Electric Corp		75,800		1,100,406
Mitsubishi Estate Co Ltd		49,100		793,631
Mitsubishi UFJ Financial Group Inc		509,300		2,743,220

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-294

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Mitsui & Co Ltd		64,400	$	1,450,655
Mitsui Fudosan Co Ltd		38,100		881,012
Mizuho Financial Group Inc		100,600		1,441,849
MS&AD Insurance Group Holdings Inc		18,500		534,876
Murata Manufacturing Co Ltd		23,900		1,820,579
NEC Corp		10,200		524,834
Nexon Co Ltd		20,300		451,767
Nidec Corp		18,600		2,138,817
Nintendo Co Ltd		4,700		2,719,762
Nippon Paint Holdings Co Ltd		29,600		400,432
Nippon Telegraph & Telephone Corp		53,700		1,403,996
Nissan Motor Co Ltd *		96,400		480,234
Nitori Holdings Co Ltd		3,300		582,770
Nomura Holdings Inc		128,000		651,454
Nomura Research Institute Ltd		14,700		485,491
NTT Data Corp		26,200		409,003
Obic Co Ltd		2,900		539,340
Olympus Corp		48,600		966,699
Omron Corp		7,700		609,662
Ono Pharmaceutical Co Ltd		15,400		343,423
Oracle Corp Japan		1,600		122,254
Oriental Land Co Ltd		8,300		1,182,464
ORIX Corp		50,900		860,291
Otsuka Holdings Co Ltd		16,200		672,657
Panasonic Corp		91,700		1,055,881
Rakuten Group Inc		36,000		406,481
Recruit Holdings Co Ltd		56,500		2,770,690
Renesas Electronics Corp *		52,200		563,361
Secom Co Ltd		8,700		663,119
Sekisui House Ltd		25,600		525,690
Seven & i Holdings Co Ltd		31,300		1,499,296
SG Holdings Co Ltd		13,300		349,248
Shimano Inc		3,100		737,564
Shin-Etsu Chemical Co Ltd		14,700		2,458,731
Shionogi & Co Ltd		11,000		573,276
Shiseido Co Ltd		16,700		1,231,771
SMC Corp		2,400		1,419,827
Softbank Corp		119,800		1,566,383
SoftBank Group Corp		52,200		3,640,522
Sompo Holdings Inc		13,300		492,608
Sony Group Corp		52,500		5,090,779
Subaru Corp		25,600		507,379
Sumitomo Corp		47,100		631,537
Sumitomo Mitsui Financial Group Inc		54,400		1,875,275
Sumitomo Mitsui Trust Holdings Inc		14,000		446,603
Sumitomo Realty & Development Co Ltd		12,900		461,366
Suntory Beverage & Food Ltd		5,800		218,615
Suzuki Motor Corp		15,300		648,408
Sysmex Corp		7,000		830,443
Takeda Pharmaceutical Co Ltd		65,700		2,204,928
Terumo Corp		26,800		1,085,466
Tokio Marine Holdings Inc		26,300		1,211,384
Tokyo Electron Ltd		6,200		2,680,782
Toshiba Corp		17,100		738,737
Toyota Industries Corp		6,100		527,498
Toyota Motor Corp		88,300		7,718,659
Toyota Tsusho Corp		8,800		417,681
Unicharm Corp		16,800		676,708
Z Holdings Corp		110,200		551,491
				123,124,597
Luxembourg - 0.1%
ArcelorMittal SA		29,762		916,285
Macau - 0.2%
Galaxy Entertainment Group Ltd *		91,000		727,644
Sands China Ltd *		100,800		424,283
				1,151,927

	Shares		Value
Netherlands - 5.0%
Adyen NV * ~		821	$	2,013,362
Akzo Nobel NV		7,946		983,880
ASML Holding NV		17,468		12,058,497
Heineken Holding		4,783		482,647
Heineken NV		10,820		1,313,541
ING Groep NV		162,470		2,156,684
JDE Peet’s *		3,112		112,955
Koninklijke Ahold Delhaize NV		43,598		1,298,329
Koninklijke DSM NV		7,193		1,344,610
Koninklijke Philips NV		37,948		1,883,517
Royal Dutch Shell PLC ‘A’		170,630		3,420,767
Royal Dutch Shell PLC ‘B’		154,558		3,000,401
Wolters Kluwer NV		11,107		1,116,407
				31,185,597
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp Ltd		23,926		520,496
Xero Ltd *		5,499		565,625
				1,086,121
Norway - 0.4%
DNB ASA		38,621		841,714
Equinor ASA		40,576		858,933
Telenor ASA		29,052		489,964
				2,190,611
Portugal - 0.1%
EDP - Energias de Portugal SA		115,256		610,892
Singapore - 0.7%
DBS Group Holdings Ltd		75,554		1,680,872
Oversea-Chinese Banking Corp Ltd		142,057		1,265,975
Singapore Telecommunications Ltd		344,100		587,074
United Overseas Bank Ltd		49,300		949,390
				4,483,311
South Africa - 0.3%
Anglo American PLC		53,935		2,146,297
Spain - 2.5%
Aena SME SA * ~		3,128		513,246
Amadeus IT Group SA *		18,798		1,325,195
Banco Bilbao Vizcaya Argentaria SA *		277,966		1,724,218
Banco Santander SA *		722,337		2,762,978
CaixaBank SA (SIBE)		184,568		568,231
Cellnex Telecom SA ~		21,226		1,353,821
EDP Renovaveis SA		12,057		279,355
Endesa SA		13,187		320,125
Ferrovial SA		20,140		591,882
Grifols SA		12,385		335,842
Iberdrola SA		240,629		2,934,388
Industria de Diseno Textil SA		45,468		1,605,330
Naturgy Energy Group SA		12,077		310,819
Telefonica SA		217,692		1,016,072
				15,641,502
Sweden - 2.7%
Assa Abloy AB ‘B’		41,841		1,261,419
Atlas Copco AB ‘A’		28,008		1,719,926
Atlas Copco AB ‘B’		16,201		853,249
EQT AB		9,923		360,461
Essity AB ‘B’		25,267		838,110
Evolution AB ~		7,073		1,118,822
H & M Hennes & Mauritz AB ‘B’ *		30,422		722,505
Hexagon AB ‘B’		81,795		1,211,905
Investor AB ‘B’		75,952		1,750,723
Sandvik AB		47,139		1,205,327

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-295

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

	Shares		Value
Skandinaviska Enskilda Banken AB ‘A’		67,573	$	873,455
Svenska Handelsbanken AB ‘A’		60,872		687,120
Swedbank AB ‘A’		37,600		699,996
Telefonaktiebolaget LM Ericsson ‘B’		121,705		1,530,307
Telia Co AB		110,975		492,891
Volvo AB ‘A’		7,820		194,091
Volvo AB ‘B’		60,089		1,448,110
				16,968,417
Switzerland - 9.7%
ABB Ltd		72,269		2,455,314
Alcon Inc		20,814		1,459,842
Chocoladefabriken Lindt & Spruengli AG		52		896,450
Cie Financiere Richemont SA		21,741		2,635,631
Credit Suisse Group AG		101,628		1,063,834
Givaudan SA		384		1,787,601
Holcim Ltd		21,855		1,313,662
Kuehne + Nagel International AG		2,242		767,345
Lonza Group AG		3,103		2,199,892
Nestle SA		119,973		14,954,281
Novartis AG		92,470		8,435,718
Partners Group Holding AG		945		1,432,570
Roche Holding AG		30,591		11,568,101
Schindler Holding AG		2,525		761,534
SGS SA		252		778,041
Sika AG		5,909		1,936,011
STMicroelectronics NV		28,440		1,034,265
Swisscom AG		1,075		614,242
UBS Group AG (XVTX)		152,734		2,339,461
Zurich Insurance Group AG		6,267		2,517,235
				60,951,030
Taiwan - 0.0%
Sea Ltd ADR *		572		157,071
United Arab Emirates - 0.0%
NMC Health PLC *		4,009		1,511
United Kingdom - 9.9%
Associated British Foods PLC		14,791		454,037
AstraZeneca PLC		54,667		6,567,919
Aviva PLC		163,076		915,501
BAE Systems PLC		133,613		965,490
Barclays PLC		723,342		1,716,547
BP PLC		847,523		3,716,719
British American Tobacco PLC		90,852		3,527,379
BT Group PLC *		370,570		995,851
CK Hutchison Holdings Ltd		112,000		871,898
Coca-Cola Europacific Partners PLC		8,492		503,745
Compass Group PLC *		74,376		1,566,947
Diageo PLC		97,445		4,670,391
Experian PLC		38,264		1,477,340
GlaxoSmithKline PLC		209,539		4,119,345
HSBC Holdings PLC		848,281		4,895,858
Imperial Brands PLC		39,294		847,286
Legal & General Group PLC		247,740		883,833
Lloyds Banking Group PLC		2,951,566		1,909,238
London Stock Exchange Group PLC		13,523		1,494,432
National Grid PLC		147,893		1,881,150
Natwest Group PLC		203,869		573,744
Prudential PLC		108,672		2,067,568
Reckitt Benckiser Group PLC		29,693		2,623,381
RELX PLC		79,467		2,107,202
SSE PLC		43,259		898,436
Standard Chartered PLC		111,385		710,837
Tesco PLC		321,012		991,664
Unilever PLC		109,483		6,397,480
Vodafone Group PLC		1,117,871		1,873,584
				62,224,802

	Shares		Value
United States - 1.0%
Brookfield Renewable Corp ‘A’		5,400	$	226,873
Schneider Electric SE		22,447		3,538,647
Stellantis		84,498		1,662,362
Swiss Re AG		12,575		1,135,807
				6,563,689
Total Common Stocks (Cost $508,867,001)				610,575,676
	Principal Amount
SHORT-TERM INVESTMENT - 1.5%
Repurchase Agreement - 1.5%
Fixed Income Clearing Corp 0.000% due 07/01/21 (Dated 06/30/21, repurchase price of $9,408,685; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $9,596,878)		$9,408,685		9,408,685
Total Short-Term Investment (Cost $9,408,685)				9,408,685
TOTAL INVESTMENTS - 99.0% (Cost $521,762,284)				624,169,588
DERIVATIVES - (0.0%)				(157,557	)
OTHER ASSETS & LIABILITIES, NET - 1.0%				6,470,700
NET ASSETS - 100.0%				$630,482,731

Notes to Schedule of Investments

(a) As of June 30, 2021, the Fund’s composition by sector as a percentage of net assets was as follows:

Consumer, Non-Cyclical	24.7%
Financial	21.7%
Consumer, Cyclical	13.1%
Industrial	12.3%
Basic Materials	6.2%
Communications	6.1%
Technology	5.6%
Energy	4.8%
Others (each less than 3.0%)	4.5%
	99.0%
Derivatives	0.0%
Other Assets & Liabilities, Net	1.0%
	100.0%

(b) As of June 30, 2021, the Fund’s composition by country of risk as a percentage of net assets was as follows:

Japan	19.5%
Canada	10.3%
United Kingdom	9.9%
Switzerland	9.7%
France	9.7%
Germany	8.6%
Australia	7.2%
Netherlands	5.0%
Others (each less than 3.0%)	19.1%
	99.0%
Derivatives	0.0%
Other Assets & Liabilities, Net	1.0%
	100.0%

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-296

PACIFIC SELECT FUND

PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

(c) Open futures contracts outstanding as of June 30, 2021 were as follows:

Long Futures Outstanding	Expiration Month		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
S&P/TSX 60 Index		09/21		5		$964,361		$970,232		$5,871
MSCI EAFE Index		09/21		89		10,416,673		10,253,245		(163,428	)
Total Futures Contracts										($157,557	)

(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, 2021:

		Total Value at June 30, 2021			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$4,185,227			$-			$4,185,227		$-
	Common Stocks
	Australia		45,429,496			248,850			45,180,646		-
	Belgium		4,155,621			-			4,155,621		-
	Bermuda		19,445			19,445			-		-
	Brazil		824,272			824,272			-		-
	Canada		65,184,620			64,897,168			287,452		-
	China		3,003,437			-			3,003,437		-
	Denmark		13,479,350			-			13,479,350		-
	Finland		6,403,727			-			6,403,727		-
	France		60,880,127			-			60,880,127		-
	Germany		50,051,119			-			50,051,119		-
	Hong Kong		16,004,269			-			16,004,269		-
	Ireland		3,835,322			-			3,835,322		-
	Israel		1,662,134			1,662,134			-		-
	Italy		10,239,077			-			10,239,077		-
	Japan		123,124,597			-			123,124,597		-
	Luxembourg		916,285			-			916,285		-
	Macau		1,151,927			-			1,151,927		-
	Netherlands		31,185,597			-			31,185,597		-
	New Zealand		1,086,121			-			1,086,121		-
	Norway		2,190,611			-			2,190,611		-
	Portugal		610,892			610,892			-		-
	Singapore		4,483,311			-			4,483,311		-
	South Africa		2,146,297			-			2,146,297		-
	Spain		15,641,502			279,355			15,362,147		-
	Sweden		16,968,417			1,211,905			15,756,512		-
	Switzerland		60,951,030			896,450			60,054,580		-
	Taiwan		157,071			157,071			-		-
	United Arab Emirates		1,511			-			1,511		-
	United Kingdom		62,224,802			503,745			61,721,057		-
	United States		6,563,689			226,873			6,336,816		-
	Total Common Stocks		610,575,676			71,538,160			539,037,516		-
	Short-Term Investment		9,408,685			-			9,408,685		-
	Derivatives:
	Equity Contracts
	Futures		5,871			5,871			-		-
	Total Assets		624,175,459			71,544,031			552,631,428		-
Liabilities	Derivatives:
	Equity Contracts
	Futures		(163,428	)		(163,428	)		-		-
	Total Liabilities		(163,428	)		(163,428	)		-		-
	Total		$624,012,031			$71,380,603			$552,631,428		$-

See Notes to Financial Statements See explanation of symbols and terms, if any, on A-298 and A-299

A-297

PACIFIC SELECT FUND

Schedule of Investments (Continued)

Explanation of Symbols and Terms

June 30, 2021 (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, 2021. 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, 2021.
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, 2021.
W	The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees (the ‘Board”). Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.
>>	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).
Counterparty and Exchange Abbreviations:
BNP	BNP Paribas
BOA	Bank of America
BRC	Barclays
BSC	Banco Santander Central Hispanico
CBOE	Chicago Board of Options Exchange
CIT	Citigroup
CME	Chicago Mercantile Exchange
CSF	Credit Suisse
DUB	Deutsche Bank
GSC	Goldman Sachs
HSB	HSBC
ICE	Intercontinental Exchange Inc
JPM	JPMorgan Chase
LCH	London Clearing House
MER	Merrill Lynch
MSC	Morgan Stanley
OCC	Options Clearing Corp
SCB	Standard Chartered Bank
SGN	Societe Generale
TDB	Toronto Dominion Bank
UBS	UBS

Reference Rate Abbreviations:
ARS Deposit	Argentina Deposit Rate
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)
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
DOP	Dominican Peso
EGP	Egyptian Pound
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
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
UAH	Ukrainian Hryvnia
USD	United States Dollar
UYU	Uruguayan Peso
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
PIPE	Private Investment in Public Equity
PO	Principal Only
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

See Notes to Financial Statements

A-298

PACIFIC SELECT FUND

Schedule of Investments (Continued)

Explanation of Symbols and Terms (Continued)

June 30, 2021 (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 countries listed in the Schedules of Investments are based on country of risk.

The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.

See Notes to Financial Statements

A-299

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2021 (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)			$635,397,090		$4,632,083,668		$396,579,342		$1,283,313,975		$698,687,464		$1,303,270,922
Repurchase agreements, at value			41,520,662		116,158,794		16,493,779		19,966,138		2,786,212		77,342,703
Cash			-		24,122,895		82,040		151,766		55,080		651,551
Cash (segregated for derivative investments)			-		22,111,129		-		-		1,524,000		-
Foreign currency held, at value			-		41,990,310		-		-		1,187,373		-
Receivables:
	Dividends and interest		3,580,104		29,092,419		2,019,747		19,114,184		1,548,511		4,695,740
	Fund shares sold		24,037		369,062		59,142		187,989		275,409		-
	Securities sold		3,839,619		99,757,466		19,412,986		36,404,197		270,949,303		13,544,603
	Variation margin on swap agreements		-		26,927,911		-		-		211,768		-
Forward foreign currency contracts appreciation			-		9,540,641		-		-		2,041,556		-
Outstanding purchased options, at value			-		603,207		-		-		871,493		-
Swap premiums paid			-		64,849		-		-		-		-
Swap agreements appreciation			-		-		-		-		242,073		-
Unfunded loan commitment appreciation			-		-		1,290		-		-		-
Prepaid expenses and other assets			3,503		25,718		2,723		7,972		2,904		6,965
Total Assets			684,365,015		5,002,848,069		434,651,049		1,359,146,221		980,383,146		1,399,512,484
LIABILITIES
Payables:
	Fund shares redeemed		116,029		1,105,438		154,007		304,224		92,571		70,439
	Securities purchased		26,634,153		206,431,267		38,443,100		10,063,100		59,806,334		98,773,602
	Sale-buyback financing transactions		-		-		-		-		395,057,678		-
	Due to broker		-		2,830,000		-		-		2,258,000		-
	Swap agreements		-		1,474		-		-		10,371		-
	Variation margin on futures contracts		-		11,665,896		-		-		197,848		-
	Accrued advisory fees		269,440		1,556,286		193,969		441,664		170,599		426,783
	Accrued service fees		1,245		13,297		7,213		9,588		8,316		-
	Accrued support service expenses		9,704		68,750		7,304		21,147		7,751		18,549
	Accrued custodian and portfolio accounting fees		40,939		355,621		59,738		57,317		99,106		73,161
	Accrued shareholder report expenses		977		8,527		2,754		2,625		1,590		2,641
	Accrued trustees’ fees and deferred compensation		11,602		142,813		25,570		47,432		33,478		12,626
	Accrued foreign capital gains tax		-		39,820		-		-		-		-
	Accrued offering expenses		-		-		-		-		-		10,790
	Accrued other		14,156		103,638		115,675		32,731		12,886		38,557
Forward foreign currency contracts depreciation			-		2,603,913		-		-		200,927		-
Outstanding options written, at value			-		2,069,644		-		-		831,613		-
Swap agreements depreciation			-		241,177		-		-		-		-
Unfunded loan commitment depreciation			281		-		685		-		-		-
Other liabilities			-		-		-		-		16,675		-
Total Liabilities			27,098,526		229,237,561		39,010,015		10,979,828		458,805,743		99,427,148
NET ASSETS			$657,266,489		$4,773,610,508		$395,641,034		$1,348,166,393		$521,577,403		$1,300,085,336
NET ASSETS CONSIST OF:
Paid-in capital			$543,723,514		$3,283,861,997		$282,735,321		$871,144,814		$483,011,065		$1,293,521,239
Undistributed/accumulated earnings (deficit)			113,542,975		1,489,748,511		112,905,713		477,021,579		38,566,338		6,564,097
NET ASSETS			$657,266,489		$4,773,610,508		$395,641,034		$1,348,166,393		$521,577,403		$1,300,085,336
Class I Shares:
	Net Assets		$45,585,017		$487,083,597		$263,465,833		$350,850,428		$305,074,830
	Shares outstanding, $.001 par value (unlimited shares authorized)		3,601,882		40,882,264		19,443,604		36,044,540		23,980,180
	Net Asset Value Per Share		$12.66		$11.91		$13.55		$9.73		$12.72
Class P Shares:
	Net Assets		$611,681,472		$4,286,526,911		$132,175,201		$997,315,965		$216,502,573		$1,300,085,336
	Shares outstanding, $.001 par value (unlimited shares authorized)		47,741,200		265,405,173		9,599,245		93,192,697		14,923,979		129,798,743
	Net Asset Value Per Share		$12.81		$16.15		$13.77		$10.70		$14.51		$10.02
Investments, at cost (excluding derivatives)			$622,455,082		$4,486,831,875		$391,780,406		$1,210,664,221		$653,746,838		$1,301,482,885
Repurchase agreements, at cost			41,520,662		116,158,794		16,493,779		19,966,138		2,786,212		77,342,703
Foreign currency held, at cost			-		42,514,292		-		-		1,839,435		-
Outstanding purchased options, at cost			-		2,876,171		-		-		405,295		-
Premiums received from outstanding options written			-		2,074,280		-		-		763,858		-

See Notes to Financial Statements

B-1

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (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)			$3,162,043,800		$1,478,568,283			$563,957,703		$1,736,010,318		$4,119,842,359		$842,810,949
Repurchase agreements, at value			48,122,423		27,062,543			13,221,614		56,683,166		30,085,001		11,874,611
Cash			22,971,398		729,350			2,447,994		-		158,153		-
Cash (segregated for derivative investments)			7,884,000		-			2,830,000		-		1,544,400		-
Foreign currency held, at value			7,698,956		42			1,917,756		-		-		-
Receivables:
	Dividends and interest		13,506,961		6,097,731			8,228,878		2,018,169		2,754,999		172,589
	Fund shares sold		61,293		396,212			345		-		23,558		45,367
	Securities sold		806,437,642		1,760,346			4,405,010		2,381,605		-		-
	Variation margin on futures contracts		806,521		-			-		-		-		-
	Variation margin on swap agreements		-		-			276,301		-		-		-
Forward foreign currency contracts appreciation			8,789,084		-			937,468		-		-		-
Outstanding purchased options, at value			26,003		-			-		-		-		-
Swap premiums paid			19,547		-			-		-		-		-
Swap agreements appreciation			97,888		-			-		-		-		-
Prepaid expenses and other assets			17,288		9,117			2,181		11,088		22,445		1,720
Total Assets			4,078,482,804		1,514,623,624			598,225,250		1,797,104,346		4,154,430,915		854,905,236
LIABILITIES						��
Payables:
	Fund shares redeemed		333,806		19,549			2,557		740,823		908,831		668,393
	Securities purchased		1,137,227,756		29,874,117			11,482,497		2,325,812		-		2,300,133
	Securities sold short, at value		56,486,407		-			-		-		-		-
	Due to broker		10,355,485		-			631,547		-		-		-
	Swap agreements		347		-			-		-		-		-
	Variation margin on futures contracts		-		713,686			-		-		91,163		-
	Variation margin on swap agreements		20,028,451		-			-		-		-		-
	Accrued advisory fees		898,957		487,969			368,773		950,691		166,592		493,173
	Accrued service fees		24,428		14,329			2,450		16,072		97,903		8,989
	Accrued support service expenses		43,940		23,557			5,730		29,585		61,612		5,515
	Accrued custodian and portfolio accounting fees		203,775		81,746			99,936		59,195		107,653		19,348
	Accrued shareholder report expenses		7,238		3,742			2,894		2,009		6,339		89
	Accrued trustees’ fees and deferred compensation		133,919		64,302			16,874		52,011		122,544		8,217
	Accrued foreign capital gains tax		-		-			148,711		-		-		-
	Accrued dividends and interest		73,901		-			-		-		-		3
	Accrued other		64,017		38,131			-		50,653		101,956		8,369
Forward foreign currency contracts depreciation			5,265,321		-			3,073,839		-		-		-
Outstanding options written, at value			156,604		-			-		-		-		-
Swap premiums received			112,194		-			-		-		-		-
Total Liabilities			1,231,416,546		31,321,128			15,835,808		4,226,851		1,664,593		3,512,229
NET ASSETS			$2,847,066,258		$1,483,302,496			$582,389,442		$1,792,877,495		$4,152,766,322		$851,393,007
NET ASSETS CONSIST OF:
Paid-in capital			$1,855,221,518		$1,340,094,228			$458,820,810		$659,039,702		$367,797,777		$702,590,860
Undistributed/accumulated earnings (deficit)			991,844,740		143,208,268			123,568,632		1,133,837,793		3,784,968,545		148,802,147
NET ASSETS			$2,847,066,258		$1,483,302,496			$582,389,442		$1,792,877,495		$4,152,766,322		$851,393,007
Class I Shares:
	Net Assets		$894,103,082		$524,255,641			$89,266,102		$587,343,009		$3,584,824,775		$328,078,412
	Shares outstanding, $.001 par value (unlimited shares authorized)		60,550,307		48,673,577			6,980,335		17,820,313		33,577,355		5,514,002
	Net Asset Value Per Share		$14.77		$10.77			$12.79		$32.96		$106.76		$59.50
Class P Shares:
	Net Assets		$1,952,963,176		$959,046,855			$493,123,340		$1,205,534,486		$567,941,547		$523,314,595
	Shares outstanding, $.001 par value (unlimited shares authorized)		119,364,768		85,230,459			37,880,306		33,169,037		5,125,205		8,606,912
	Net Asset Value Per Share		$16.36		$11.25			$13.02		$36.35		$110.81		$60.80
Investments, at cost (excluding derivatives)			$3,069,384,571		$1,457,814,149			$569,966,673		$1,106,179,226		$2,167,532,438		$645,452,686
Repurchase agreements, at cost			48,122,423		27,062,543			13,221,614		56,683,166		30,085,001		11,874,611
Foreign currency held, at cost			7,606,608		40			1,914,988		-		-		-
Proceeds from securities sold short			56,702,031		-			-		-		-		-
Outstanding purchased options, at cost			39,922		-			-		-		-		-
Premiums received from outstanding options written			239,922		-			-		-		-		-

See Notes to Financial Statements

B-2

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (Unaudited)

		Growth Portfolio		Hedged Equity Portfolio		Large-Cap Growth Portfolio			Large-Cap Value Portfolio			Main Street Core Portfolio		Mid-Cap Equity Portfolio
ASSETS
Investments, at value (excluding derivatives)			$2,188,123,832		$25,419,008		$1,248,785,230			$1,298,870,189			$1,088,668,519		$815,304,216
Repurchase agreements, at value			15,753,795		1,255,447		1,742,498			19,447,091			3,669,805		4,454,458
Cash			3,050		-		-			-			-		7,197
Cash (segregated for derivative investments)			-		54,000		-			-			-		-
Foreign currency held, at value			-		-		-			-			2,295		-
Receivables:
	Dividends and interest		444,188		20,954		241,835			1,532,852			457,374		353,111
	Fund shares sold		40,643		200,719		401,934			10,688			-		237,574
	Securities sold		-		1,555,971		-			10,796,234			1,124,539		758,269
	Variation margin on futures contracts		-		32,859		-			-			-		-
	Due from adviser		-		5,932		-			-			-		-
Outstanding purchased options, at value			-		406,748		-			-			-		-
Prepaid expenses and other assets			13,476		-		8,943			9,290			6,991		4,772
Total Assets			2,204,378,984		28,951,638		1,251,180,440			1,330,666,344			1,093,929,523		821,119,597
LIABILITIES
Payables:
	Fund shares redeemed		2,103,190		54		1,285,484			481,819			1,173,088		40,329
	Securities purchased		-		2,276,126		-			4,523,518			1,495,936		3,552,736
	Due to custodian		-		32,000		-			-			-		-
	Accrued advisory fees		976,481		11,716		667,248			660,219			400,570		433,947
	Accrued service fees		25,180		699		12,010			12,148			18,760		12,323
	Accrued support service expenses		34,989		490		22,939			25,880			19,006		12,878
	Accrued custodian and portfolio accounting fees		78,155		7,688		52,116			50,333			40,784		30,630
	Accrued shareholder report expenses		3,026		487		3,107			3,439			2,581		2,647
	Accrued trustees’ fees and deferred compensation		72,912		261		52,560			76,056			75,979		36,691
	Accrued dividends and interest		41		-		7			-			-		-
	Accrued offering expenses		-		2,618		-			-			-		-
	Accrued other		61,824		2,650		40,923			44,884			76,895		22,229
Outstanding options written, at value			-		389,790		-			-			-		-
Total Liabilities			3,355,798		2,724,579		2,136,394			5,878,296			3,303,599		4,144,410
NET ASSETS			$2,201,023,186		$26,227,059		$1,249,044,046			$1,324,788,048			$1,090,625,924		$816,975,187
NET ASSETS CONSIST OF:
Paid-in capital			$386,696,168		$25,919,042		($620,229,718	)		($872,839,669	)		$83,928,460		$1,700,769,445
Undistributed/accumulated earnings (deficit)			1,814,327,018		308,017		1,869,273,764			2,197,627,717			1,006,697,464		(883,794,258	)
NET ASSETS			$2,201,023,186		$26,227,059		$1,249,044,046			$1,324,788,048			$1,090,625,924		$816,975,187
Class I Shares:
	Net Assets		$921,015,374		$26,121,263		$438,898,568			$442,421,608			$684,776,122		$448,774,697
	Shares outstanding, $.001 par value (unlimited shares authorized)		15,520,868		2,575,349		18,991,828			13,760,030			10,963,423		13,555,751
	Net Asset Value Per Share		$59.34		$10.14		$23.11			$32.15			$62.46		$33.11
Class P Shares:
	Net Assets		$1,280,007,812		$105,796		$810,145,478			$882,366,440			$405,849,802		$368,200,490
	Shares outstanding, $.001 par value (unlimited shares authorized)		19,889,483		10,428		29,631,285			24,886,053			5,809,438		8,983,216
	Net Asset Value Per Share		$64.36		$10.15		$27.34			$35.46			$69.86		$40.99
Investments, at cost (excluding derivatives)			$1,291,056,394		$24,741,933		$756,778,159			$843,225,726			$751,194,259		$666,753,551
Repurchase agreements, at cost			15,753,795		1,255,447		1,742,498			19,447,091			3,669,805		4,454,458
Foreign currency held, at cost			-		-		-			-			2,349		-
Outstanding purchased options, at cost			-		406,931		-			-			-		-
Premiums received from outstanding options written			-		392,779		-			-			-		-

See Notes to Financial Statements

B-3

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (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)			$1,268,129,732		$844,034,314			$475,748,004		$297,875,872		$863,321,231		$617,485,529
Repurchase agreements, at value			13,159,290		5,460,723			6,227,591		8,555,435		11,433,896		11,308,126
Cash			51,235		6,952			-		132,997		607,790		4,172
Cash (segregated for derivative investments)			-		-			196,800		-		683,600		-
Foreign currency held, at value			-		-			281		-		1,489		-
Receivables:
	Dividends and interest		140,781		967,630			430,781		112,619		603,245		261,895
	Fund shares sold		422,676		840			15,374		65,384		42,337		98,059
	Securities sold		1,161,262		2,632,884			256,107		888,299		241		1,447,251
	Variation margin on futures contracts		-		-			11,697		-		4,218		-
Prepaid expenses and other assets			5,951		4,888			1,308		1,807		4,801		1,847
Total Assets			1,283,070,927		853,108,231			482,887,943		307,632,413		876,702,848		630,606,879
LIABILITIES
Payables:
	Fund shares redeemed		1,046,976		21,512			5,102		56,236		251,929		14,426
	Securities purchased		173,347		1,427,103			373,148		1,880,673		920,022		2,709,879
	Due to custodian		-		-			473		-		-		-
	Accrued advisory fees		696,828		495,309			262,290		148,316		215,655		395,115
	Accrued service fees		13,614		3,992			3,365		5,997		18,962		7,450
	Accrued support service expenses		15,593		14,065			3,967		4,443		13,472		6,269
	Accrued custodian and portfolio accounting fees		36,943		32,269			32,612		18,233		39,926		10,699
	Accrued shareholder report expenses		1,685		3,038			561		392		1,939		943
	Accrued trustees’ fees and deferred compensation		30,864		30,605			14,416		13,825		34,930		17,104
	Accrued dividends and interest		-		-			-		5		-		-
	Accrued other		26,474		23,958			5,701		8,893		22,947		10,448
Outstanding options written, at value			9,100		-			-		-		-		-
Total Liabilities			2,051,424		2,051,851			701,635		2,137,013		1,519,782		3,172,333
NET ASSETS			$1,281,019,503		$851,056,380			$482,186,308		$305,495,400		$875,183,066		$627,434,546
NET ASSETS CONSIST OF:
Paid-in capital			$35,210,874		($515,560,742	)		$7,980,663		$87,592,047		$171,317,799		$220,878,210
Undistributed/accumulated earnings (deficit)			1,245,808,629		1,366,617,122			474,205,645		217,903,353		703,865,267		406,556,336
NET ASSETS			$1,281,019,503		$851,056,380			$482,186,308		$305,495,400		$875,183,066		$627,434,546
Class I Shares:
	Net Assets		$496,879,534		$144,834,252			$121,680,136		$217,633,568		$686,748,254		$269,388,971
	Shares outstanding, $.001 par value (unlimited shares authorized)		16,240,351		5,596,122			4,128,737		6,067,129		18,987,889		9,150,502
	Net Asset Value Per Share		$30.60		$25.88			$29.47		$35.87		$36.17		$29.44
Class P Shares:
	Net Assets		$784,139,969		$706,222,128			$360,506,172		$87,861,832		$188,434,812		$358,045,575
	Shares outstanding, $.001 par value (unlimited shares authorized)		23,268,322		18,363,211			9,335,535		2,067,733		5,116,495		9,941,434
	Net Asset Value Per Share		$33.70		$38.46			$38.62		$42.49		$36.83		$36.02
Investments, at cost (excluding derivatives)			$814,611,871		$596,327,249			$443,495,909		$236,728,416		$592,690,808		$532,256,220
Repurchase agreements, at cost			13,159,290		5,460,723			6,227,591		8,555,435		11,433,896		11,308,126
Foreign currency held, at cost			-		-			282		-		1,501		-
Premiums received from outstanding options written			11,565		-			-		-		-		-

See Notes to Financial Statements

B-4

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (Unaudited)

		Value Portfolio		Value Advantage Portfolio		Emerging Markets Portfolio		International Large-Cap Portfolio		International Small-Cap Portfolio			International Value Portfolio
ASSETS
Investments, at value (excluding derivatives)			$1,145,918,870		$1,014,203,357		$1,529,867,682		$1,686,608,900		$270,644,328			$1,131,936,421
Repurchase agreements, at value			19,261,998		29,975,122		41,599,570		13,996,590		2,559,475			22,277,354
Cash			-		29,798		-		119,974		-			-
Foreign currency held, at value			-		-		4,274,099		338,972		577,481			1,534,794
Receivables:
	Dividends and interest		2,328,777		978,660		2,492,111		11,122,475		1,345,531			8,381,725
	Fund shares sold		3,805		-		47,960		28,482		13,091			36,170
	Securities sold		4,170,989		-		1,232,164		238		1,082,793			3,392,934
Forward foreign currency contracts appreciation			450,709		-		-		-		-			-
Prepaid expenses and other assets			4,570		6,357		9,250		9,697		1,629			11,403
Total Assets			1,172,139,718		1,045,193,294		1,579,522,836		1,712,225,328		276,224,328			1,167,570,801
LIABILITIES
Payables:
	Fund shares redeemed		83,393		439,372		76,193		194,588		24,976			213,179
	Securities purchased		2,825,807		-		8,333,237		79,880		354,096			803,856
	Due to custodian		-		-		1,628		-		-			-
	Accrued advisory fees		614,204		568,383		1,034,316		1,050,144		196,040			643,793
	Accrued service fees		7,104		2,545		13,442		18,383		2,678			8,650
	Accrued support service expenses		13,552		17,958		24,587		26,697		4,424			23,195
	Accrued custodian and portfolio accounting fees		47,413		37,282		130,688		73,971		62,784			59,471
	Accrued shareholder report expenses		1,770		2,180		4,348		4,126		1,794			4,814
	Accrued trustees’ fees and deferred compensation		38,350		29,556		63,625		69,618		25,778			57,604
	Accrued foreign capital gains tax		-		-		6,597,437		1,408,044		-			308,894
	Accrued dividends and interest		-		-		-		31		-			-
	Accrued other		21,652		30,366		43,347		44,605		9,028			34,728
Forward foreign currency contracts depreciation			13,172		-		-		-		-			-
Other liabilities			-		-		484		473		1,539			-
Total Liabilities			3,666,417		1,127,642		16,323,332		2,970,560		683,137			2,158,184
NET ASSETS			$1,168,473,301		$1,044,065,652		$1,563,199,504		$1,709,254,768		$275,541,191			$1,165,412,617
NET ASSETS CONSIST OF:
Paid-in capital			$333,104,090		$85,853,372		$384,964,434		$474,780,462		($273,864,764	)		$1,916,442,673
Undistributed/accumulated earnings (deficit)			835,369,211		958,212,280		1,178,235,070		1,234,474,306		549,405,955			(751,030,056	)
NET ASSETS			$1,168,473,301		$1,044,065,652		$1,563,199,504		$1,709,254,768		$275,541,191			$1,165,412,617
Class I Shares:
	Net Assets		$258,841,206		$92,132,707		$487,812,775		$664,369,005		$97,181,759			$310,106,350
	Shares outstanding, $.001 par value (unlimited shares authorized)		14,150,946		3,994,310		19,228,195		51,260,550		7,249,960			22,299,141
	Net Asset Value Per Share		$18.29		$23.07		$25.37		$12.96		$13.40			$13.91
Class P Shares:
	Net Assets		$909,632,095		$951,932,945		$1,075,386,729		$1,044,885,763		$178,359,432			$855,306,267
	Shares outstanding, $.001 par value (unlimited shares authorized)		43,266,438		40,602,017		40,736,117		74,625,647		9,605,088			54,624,906
	Net Asset Value Per Share		$21.02		$23.45		$26.40		$14.00		$18.57			$15.66
Investments, at cost (excluding derivatives)			$1,017,530,710		$696,860,306		$1,114,476,968		$1,255,494,646		$200,149,314			$928,820,247
Repurchase agreements, at cost			19,261,998		29,975,122		41,599,570		13,996,590		2,559,475			22,277,354
Foreign currency held, at cost			-		-		4,270,229		340,430		578,806			1,541,454

See Notes to Financial Statements

B-5

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (Unaudited)

		Health Sciences Portfolio			Real Estate Portfolio		Technology Portfolio		ESG Diversified Portfolio		PSF DFA Balanced Allocation Portfolio		Pacific Dynamix - Conservative Growth Portfolio
ASSETS
Investments, at value			$475,327,247			$504,558,112		$298,303,898		$10,139,861		$359,850,248		$-
Investments in affiliated mutual funds, at value			-			-		-		2,372,925		-		652,111,403
Repurchase agreements, at value			7,262,614			-		6,888,392		-		-		-
Foreign currency held, at value			1,383			-		-		-		-		-
Receivables:
	Dividends and interest		522,882			1,742,171		16,434		5,646		1,305,941		-
	Fund shares sold		23,625			-		56,286		-		73,804		182,743
	Securities sold		236,100			3,015,965		462,909		75		-		-
	Due from adviser		-			-		-		5,180		-		16,481
Prepaid expenses and other assets			3,907			2,728		1,686		-		1,800		3,742
Total Assets			483,377,758			509,318,976		305,729,605		12,523,687		361,231,793		652,314,369
LIABILITIES
Payables:
	Fund shares redeemed		78,918			268,055		765		75		2,194		6,482
	Securities purchased		282,324			2,573,300		1,041,014		5,645		1,377,374		175,886
	Due to custodian		-			203,840		-		-		-		-
	Accrued advisory fees		351,445			315,611		217,080		1,886		58,396		106,740
	Accrued distribution fees		-			-		-		-		2,459		-
	Accrued service fees		13,240			7,649		8,300		339		9,838		17,826
	Accrued support service expenses		6,796			7,716		4,395		95		5,041		10,053
	Accrued custodian and portfolio accounting fees		21,326			23,477		17,971		7,186		14,889		14,801
	Accrued shareholder report expenses		840			1,406		378		21		375		1,285
	Accrued trustees’ fees and deferred compensation		14,561			23,753		7,256		29		4,739		14,953
	Accrued dividends and interest		-			-		8		-		-		-
	Accrued offering expenses		-			-		-		2,618		-		-
	Accrued other		12,762			14,067		8,161		196		8,766		16,210
Total Liabilities			782,212			3,438,874		1,305,328		18,090		1,484,071		364,236
NET ASSETS			$482,595,546			$505,880,102		$304,424,277		$12,505,597		$359,747,722		$651,950,133
NET ASSETS CONSIST OF:
Paid-in capital			($8,907,556	)		$365,222,536		$120,551,090		$12,286,079		$266,693,851		$363,833,666
Undistributed/accumulated earnings (deficit)			491,503,102			140,657,566		183,873,187		219,518		93,053,871		288,116,467
NET ASSETS			$482,595,546			$505,880,102		$304,424,277		$12,505,597		$359,747,722		$651,950,133
Class D Shares:
	Net Assets											$359,513,554
	Shares outstanding, $.001 par value (unlimited shares authorized)											22,122,833
	Net Asset Value Per Share											$16.25
Class I Shares:
	Net Assets		$481,809,355			$275,990,897		$303,593,413		$12,403,584				$650,615,902
	Shares outstanding, $.001 par value (unlimited shares authorized)		7,775,882			8,063,929		18,764,586		1,216,295				31,853,228
	Net Asset Value Per Share		$61.96			$34.23		$16.18		$10.20				$20.43
Class P Shares:
	Net Assets		$786,191			$229,889,205		$830,864		$102,013		$234,168		$1,334,231
	Shares outstanding, $.001 par value (unlimited shares authorized)		11,523			6,406,828		40,363		10,000		14,348		65,105
	Net Asset Value Per Share		$68.23			$35.88		$20.58		$10.20		$16.32		$20.49
Investments, at cost			$318,185,307			$393,327,342		$171,358,140		$9,939,987		$302,101,684		$-
Investments in affiliated mutual funds, at cost			-			-		-		2,356,246		-		519,174,188
Repurchase agreements, at cost			7,262,614			-		6,888,392		-		-		-
Foreign currency held, at cost			1,360			-		-		-		-		-

See Notes to Financial Statements

B-6

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (Unaudited)

		Pacific Dynamix - Moderate Growth Portfolio		Pacific Dynamix - Growth Portfolio		Portfolio Optimization Conservative Portfolio		Portfolio Optimization Moderate- Conservative Portfolio		Portfolio Optimization Moderate Portfolio		Portfolio Optimization Growth Portfolio
ASSETS
Investments in affiliated mutual funds, at value			$2,912,265,431		$1,563,019,125		$1,569,658,756		$2,323,716,909		$9,856,082,699		$8,882,235,235
Receivables:
	Fund shares sold		216,092		1,841,343		12,408		999		2,025		191,781
	Securities sold		-		-		405,611		413,495		4,652,899		2,112,222
	Due from adviser		5,005		7,732		-		-		-		-
Prepaid expenses and other assets			15,865		7,456		9,745		13,683		56,972		49,959
Total Assets			2,912,502,393		1,564,875,656		1,570,086,520		2,324,145,086		9,860,794,595		8,884,589,197
LIABILITIES
Payables:
	Fund shares redeemed		2,152		9,560		417,037		413,113		4,649,193		2,299,001
	Securities purchased		212,358		1,831,057		-		-		-		-
	Accrued advisory fees		476,125		252,465		129,733		191,337		811,807		730,872
	Accrued service fees		79,697		42,602		42,972		63,678		270,428		243,814
	Accrued support service expenses		43,316		21,164		25,575		36,504		153,227		135,716
	Accrued custodian and portfolio accounting fees		15,093		15,019		17,331		19,751		19,712		19,261
	Accrued shareholder report expenses		5,588		1,671		3,771		6,243		25,361		21,557
	Accrued trustees’ fees and deferred compensation		62,060		25,204		51,155		77,832		303,459		259,577
	Accrued other		62,163		30,016		39,364		54,190		219,171		191,440
Total Liabilities			958,552		2,228,758		726,938		862,648		6,452,358		3,901,238
NET ASSETS			$2,911,543,841		$1,562,646,898		$1,569,359,582		$2,323,282,438		$9,854,342,237		$8,880,687,959
NET ASSETS CONSIST OF:
Paid-in capital			$1,437,928,406		$877,732,095		$591,851,612		$403,258,707		$1,109,161,321		$160,825,205
Undistributed/accumulated earnings (deficit)			1,473,615,435		684,914,803		977,507,970		1,920,023,731		8,745,180,916		8,719,862,754
NET ASSETS			$2,911,543,841		$1,562,646,898		$1,569,359,582		$2,323,282,438		$9,854,342,237		$8,880,687,959
Class I Shares:
	Net Assets		$2,905,655,645		$1,554,994,682		$1,569,178,382		$2,322,974,162		$9,852,691,342		$8,878,329,715
	Shares outstanding, $.001 par value (unlimited shares authorized)		106,979,325		48,881,189		103,129,386		132,833,764		503,163,896		406,386,587
	Net Asset Value Per Share		$27.16		$31.81		$15.22		$17.49		$19.58		$21.85
Class P Shares:
	Net Assets		$5,888,196		$7,652,216		$181,200		$308,276		$1,650,895		$2,358,244
	Shares outstanding, $.001 par value (unlimited shares authorized)		216,060		239,743		11,869		17,569		84,029		107,585
	Net Asset Value Per Share		$27.25		$31.92		$15.27		$17.55		$19.65		$21.92
Investments in affiliated mutual funds, at cost			$2,125,284,616		$1,159,141,575		$1,337,590,437		$1,828,513,154		$7,402,333,566		$6,333,638,822

See Notes to Financial Statements

B-7

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (Unaudited)

		Portfolio Optimization Aggressive- Growth Portfolio		PD 1-3 Year Corporate Bond Portfolio		PD Aggregate Bond Index Portfolio		PD High Yield Bond Market Portfolio		PD Large- Cap Growth Index Portfolio			PD Large- Cap Value Index Portfolio
ASSETS
Investments, at value (excluding derivatives)			$-		$223,318,789		$1,156,986,723		$511,517,843		$708,620,027			$718,977,076
Investments in affiliated mutual funds, at value			2,071,610,267		-		-		-		-			-
Repurchase agreements, at value			-		-		-		-		2,360,227			8,784,791
Cash			-		362,810		-		56,737		-			24,874
Cash (segregated for derivative investments)			-		-		-		-		152,000			472,000
Receivables:
	Dividends and interest		-		1,472,345		4,896,828		7,617,858		264,032			699,873
	Fund shares sold		-		77,928		253,453		69,380		-			361,287
	Securities sold		474,852		1,020,439		5,004,170		1,659,763		289,928			25,771
	Variation margin on futures contracts		-		-		-		-		529			-
Prepaid expenses and other assets			11,395		1,259		5,746		2,650		4,792			4,582
Total Assets			2,072,096,514		226,253,570		1,167,146,920		520,924,231		711,691,535			729,350,254
LIABILITIES
Payables:
	Fund shares redeemed		473,714		-		-		-		-			-
	Securities purchased		-		2,503,994		57,631,492		3,180,904		-			-
	Due to custodian		-		-		-		-		1,296			-
	Variation margin on futures contracts		-		-		-		-		-			7,148
	Accrued advisory fees		170,636		30,102		127,838		70,869		72,927			76,406
	Accrued service fees		56,963		-		-		-		-			-
	Accrued support service expenses		31,226		3,480		15,667		7,229		12,239			12,552
	Accrued custodian and portfolio accounting fees		18,844		26,701		111,023		55,566		42,006			43,250
	Accrued shareholder report expenses		4,863		584		2,719		417		1,541			1,632
	Accrued trustees’ fees and deferred compensation		57,830		4,894		24,292		8,223		17,595			18,406
	Accrued other (1)		45,261		5,032		22,178		10,355		26,577			27,123
Total Liabilities			859,337		2,574,787		57,935,209		3,333,563		174,181			186,517
NET ASSETS			$2,071,237,177		$223,678,783		$1,109,211,711		$517,590,668		$711,517,354			$729,163,737
NET ASSETS CONSIST OF:
Paid-in capital			$16,667,853		$200,725,909		$903,712,207		$389,845,385		($198,627,130	)		$129,559,814
Undistributed/accumulated earnings (deficit)			2,054,569,324		22,952,874		205,499,504		127,745,283		910,144,484			599,603,923
NET ASSETS			$2,071,237,177		$223,678,783		$1,109,211,711		$517,590,668		$711,517,354			$729,163,737
Class I Shares:
	Net Assets		$2,070,330,734
	Shares outstanding, $.001 par value (unlimited shares authorized)		90,007,996
	Net Asset Value Per Share		$23.00
Class P Shares:
	Net Assets		$906,443		$223,678,783		$1,109,211,711		$517,590,668		$711,517,354			$729,163,737
	Shares outstanding, $.001 par value (unlimited shares authorized)		39,276		19,610,193		79,374,996		27,556,761		9,762,973			17,964,611
	Net Asset Value Per Share		$23.08		$11.41		$13.97		$18.78		$72.88			$40.59
Investments, at cost (excluding derivatives)			$-		$221,513,532		$1,117,586,942		$479,421,771		$403,142,744			$547,785,823
Investments in affiliated mutual funds, at cost			1,413,737,952		-		-		-		-			-
Repurchase agreements, at cost			-		-		-		-		2,360,227			8,784,791

(1) Accrued other for the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios includes $13,024 and $12,751 of accrued audit fees, respectively.

See Notes to Financial Statements

B-8

PACIFIC SELECT FUND

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

JUNE 30, 2021 (Unaudited)

		PD Mid-Cap Index Portfolio		PD Small- Cap Growth Index Portfolio		PD Small- Cap Value Index Portfolio		PD Emerging Markets Index Portfolio		PD International Large-Cap Index Portfolio
ASSETS
Investments, at value (excluding derivatives)			$562,450,875		$140,271,543		$200,882,061		$286,250,884		$614,760,903
Repurchase agreements, at value			6,826,932		1,590,681		2,071,587		8,976,981		9,408,685
Cash			5,261		179,364		64,160		403,962		-
Cash (segregated for derivative investments)			429,000		97,000		106,400		575,262		628,712
Foreign currency held, at value			-		-		-		1,517,229		1,643,082
Receivables:
	Dividends and interest		526,845		29,817		232,628		699,303		3,391,528
	Fund shares sold		123,850		-		268,791		63,384		1,001,228
	Securities sold		529,635		-		1,300		2,179		97
	Variation margin on futures contracts		13,370		3,808		8,832		-		-
Prepaid expenses and other assets			2,612		320		289		1,428		5,568
Total Assets			570,908,380		142,172,533		203,636,048		298,490,612		630,839,803
LIABILITIES
Payables:
	Securities purchased		554,895		179,799		671,714		6,636,896		20,581
	Due to custodian		-		-		-		-		3,083
	Variation margin on futures contracts		-		-		-		82,734		124,356
	Accrued advisory fees		60,545		15,958		23,618		40,011		78,451
	Accrued support service expenses		7,315		915		1,063		3,849		9,895
	Accrued custodian and portfolio accounting fees		11,606		20,025		22,596		22,186		59,344
	Accrued shareholder report expenses		1,340		20		113		438		1,359
	Accrued trustees’ fees and deferred compensation		4,777		2,017		2,804		5,260		13,870
	Accrued foreign capital gains tax		-		-		-		1,031,166		-
	Accrued offering expenses		7,024		-		-		-		-
	Accrued other (1)		25,622		2,377		1,848		19,956		46,133
Other liabilities			-		-		-		1,596		-
Total Liabilities			673,124		221,111		723,756		7,844,092		357,072
NET ASSETS			$570,235,256		$141,951,422		$202,912,292		$290,646,520		$630,482,731
NET ASSETS CONSIST OF:
Paid-in capital			$453,859,283		$42,077,886		$92,955,241		$175,805,794		$351,394,702
Undistributed/accumulated earnings (deficit)			116,375,973		99,873,536		109,957,051		114,840,726		279,088,029
NET ASSETS			$570,235,256		$141,951,422		$202,912,292		$290,646,520		$630,482,731
Shares outstanding, $.001 par value (unlimited shares authorized)			43,669,174		2,832,953		5,628,129		12,533,821		26,148,826
Net Asset Value Per Share			$13.06		$50.11		$36.05		$23.19		$24.11
Investments, at cost (excluding derivatives)			$465,259,436		$124,379,753		$187,275,410		$222,338,997		$512,353,599
Repurchase agreements, at cost			6,826,932		1,590,681		2,071,587		8,976,981		9,408,685
Foreign currency held, at cost			-		-		-		1,530,434		1,653,424

(1) Accrued other for the PD International Large-Cap Index Portfolio includes $30,624 accrued licensing fees.

See Notes to Financial Statements

B-9

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2021 (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			$-			$-			$304,683			$300,558			$-			$3,811
Interest, net of foreign taxes withheld			8,090,626			62,949,623			9,784,656			37,431,153			11,726,952			9,264,706
Total Investment Income			8,090,626			62,949,623			10,089,339			37,731,711			11,726,952			9,268,517
EXPENSES
Advisory fees			1,565,369			9,020,740			1,378,878			2,672,743			1,009,187			2,378,642
Service fees - Class I			45,258			470,180			247,043			337,794			294,677			-
Support services expenses			18,440			134,922			14,413			41,537			15,374			32,859
Custodian fees and expenses			5,017			202,255			7,302			6,967			56,261			19,121
Portfolio accounting fees			91,536			281,464			111,392			80,315			40,493			60,458
Shareholder report expenses			2,039			15,129			1,649			4,643			1,718			3,457
Legal and audit fees			10,134			75,079			8,445			22,713			8,429			15,433
Trustees’ fees			8,169			66,960			7,121			20,470			7,572			13,667
Interest expense			733			152,938			-			24			79,978			49
Offering expenses			-			-			-			-			-			12,078
Other			8,373			52,007			7,551			18,545			8,508			15,133
Total Expenses			1,755,068			10,471,674			1,783,794			3,205,751			1,522,197			2,550,897
Advisory Fee Waiver			-			-			(106,067	)		-			-			-
Net Expenses			1,755,068			10,471,674			1,677,727			3,205,751			1,522,197			2,550,897
NET INVESTMENT INCOME (LOSS)			6,335,558			52,477,949			8,411,612			34,525,960			10,204,755			6,717,620
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		5,196,839			7,782,876			4,058,733			22,509,235			2,875,992			(6,103,491	)
	Foreign currency transactions		-			2,562,685			-			-			(264,036	)		-
	Forward foreign currency contract transactions		-			(3,096,751	)		-			-			(1,244,595	)		-
	Futures contract transactions		-			(61,318,907	)		-			-			4,513,172			-
	Purchased option transactions		-			(4,116,887	)		-			-			(8,169	)		-
	Written option transactions		-			8,345,656			-			-			116,045			-
	Swap transactions		-			13,848,378			-			-			319,934			-
	Net Realized Gain (Loss)		5,196,839			(35,992,950	)		4,058,733			22,509,235			6,308,343			(6,103,491	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		(12,594,881	)		(106,976,129	)		(460,207	)		(6,749,428	)		(7,906,514	)		(10,900,983	)
	Foreign currencies		-			(2,132,295	)		-			-			(100,710	)		-
	Forward foreign currency contracts		-			9,811,971			-			-			3,466,212			-
	Futures contracts		-			14,752,649			-			-			(1,433,879	)		-
	Purchased options		-			(2,060,736	)		-			-			369,419			-
	Written options		-			(385,363	)		-			-			(234,514	)		-
	Swaps		-			(6,930,423	)		-			-			(986,514	)		-
	Unfunded loan commitments		(281	)		-			(16,395	)		-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		(12,595,162	)		(93,920,326	)		(476,602	)		(6,749,428	)		(6,826,500	)		(10,900,983	)
NET GAIN (LOSS)			(7,398,323	)		(129,913,276	)		3,582,131			15,759,807			(518,157	)		(17,004,474	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($1,062,765	)		($77,435,327	)		$11,993,743			$50,285,767			$9,686,598			($10,286,854	)
Foreign taxes withheld on dividends and interest			$-			$211,756			$-			$282			$-			$-
Change in deferred foreign capital gains tax			-			39,820			-			-			-			-

See Notes to Financial Statements

B-10

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (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			$1,004,551			$-			$-			$14,220,369			$28,959,292			$1,221,916
Interest, net of foreign taxes withheld			32,308,384			13,872,839			12,547,867			-			-			1,507
Total Investment Income			33,312,935			13,872,839			12,547,867			14,220,369			28,959,292			1,223,423
EXPENSES
Advisory fees			5,721,951			3,001,808			1,895,950			5,863,012			988,317			2,112,212
Service fees - Class I			879,555			515,364			83,824			549,810			3,314,525			299,447
Support services expenses			90,906			47,497			11,920			57,491			120,946			10,647
Custodian fees and expenses			91,438			22,038			67,935			11,108			21,378			2,159
Portfolio accounting fees			173,239			99,433			61,142			80,512			150,847			24,078
Shareholder report expenses			10,459			5,344			1,838			6,347			13,362			1,173
Legal and audit fees			51,655			25,834			21,385			30,967			67,607			6,020
Trustees’ fees			45,823			23,623			5,938			28,168			58,487			4,931
Interest expense			25,824			1,141			4,334			796			-			436
Other			38,127			19,687			7,665			25,164			50,750			5,464
Total Expenses			7,128,977			3,761,769			2,161,931			6,653,375			4,786,219			2,466,567
Advisory Fee Waiver			(214,573	)		-			(48,304	)		-			-			-
Net Expenses			6,914,404			3,761,769			2,113,627			6,653,375			4,786,219			2,466,567
NET INVESTMENT INCOME (LOSS)			26,398,531			10,111,070			10,434,240			7,566,994			24,173,073			(1,243,144	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		3,775,472			4,369,780			3,376,000			162,350,276			164,699,743			24,804,674
	Foreign currency transactions		1,560,937			-			(84,349	)		4,350			-			(6,106	)
	Forward foreign currency contract transactions		(12,041,612	)		-			4,750,666			-			-			-
	Futures contract transactions		(7,456,285	)		2,015,197			-			-			6,907,414			-
	Written option transactions		546,839			-			-			-			-			-
	Swap transactions		3,601,390			-			207,579			-			-			-
	Net Realized Gain (Loss)		(10,013,259	)		6,384,977			8,249,896			162,354,626			171,607,157			24,798,568
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		(71,833,450	)		(12,629,967	)		(6,226,181	)		40,747,316			363,984,916			77,184,280
	Foreign currencies		(428,152	)		(2	)		(65,036	)		(9,192	)		-			(220	)
	Forward foreign currency contracts		15,078,486			-			(6,876,605	)		-			-			-
	Futures contracts		2,856,047			(598,875	)		-			-			(975,023	)		-
	Purchased options		(13,919	)		-			-			-			-			-
	Short positions		258,357			-			-			-			-			-
	Written options		69,919			-			-			-			-			-
	Swaps		4,709,601			-			(502,605	)		-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		(49,303,111	)		(13,228,844	)		(13,670,427	)		40,738,124			363,009,893			77,184,060
NET GAIN (LOSS)			(59,316,370	)		(6,843,867	)		(5,420,531	)		203,092,750			534,617,050			101,982,628
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			($32,917,839	)		$3,267,203			$5,013,709			$210,659,744			$558,790,123			$100,739,484
Foreign taxes withheld on dividends and interest			$2			$-			$149,989			$164,596			$2,775			$29,251
Foreign capital gains tax withheld			-			-			383			-			-			-
Change in deferred foreign capital gains tax			-			-			(13,478	)		-			-			-

See Notes to Financial Statements

B-11

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		Growth Portfolio			Hedged Equity Portfolio (1)			Large-Cap Growth Portfolio			Large-Cap Value Portfolio			Main Street Core Portfolio			Mid-Cap Equity Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$4,462,791			$51,111			$3,283,003			$13,468,215			$9,685,679			$4,340,324
Interest, net of foreign taxes withheld			448			-			-			-			-			-
Total Investment Income			4,463,239			51,111			3,283,003			13,468,215			9,685,679			4,340,324
EXPENSES
Advisory fees			6,035,695			20,494			4,751,538			4,336,493			2,551,065			2,675,241
Service fees - Class I			847,689			6,797			418,911			410,420			652,745			443,636
Support services expenses			69,774			490			45,737			49,310			37,111			25,543
Custodian fees and expenses			13,149			2,006			10,022			7,675			7,108			5,546
Portfolio accounting fees			98,882			5,682			68,535			69,578			56,554			41,497
Shareholder report expenses			7,641			501			5,010			5,425			4,106			2,864
Legal and audit fees			37,963			664			25,008			26,407			20,373			14,946
Trustees’ fees			34,312			261			22,518			24,090			18,161			12,351
Interest expense			839			-			1,345			632			283			2,310
Offering expenses			-			2,653			-			-			-			-
Other			31,047			2,006			21,147			22,652			18,014			13,436
Total Expenses			7,176,991			41,554			5,369,771			4,952,682			3,365,520			3,237,370
Advisory Fee Waiver			-			-			(303,282	)		-			-			-
Adviser Reimbursement			-			(10,680	)		-			-			-			-
Net Expenses			7,176,991			30,874			5,066,489			4,952,682			3,365,520			3,237,370
NET INVESTMENT INCOME (LOSS)			(2,713,752	)		20,237			(1,783,486	)		8,515,533			6,320,159			1,102,954
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		247,048,212			12,632			278,948,094			244,507,060			145,948,089			178,044,491
	Foreign currency transactions		1,717			-			2,312			6,614			6,350			-
	Futures contract transactions		-			13,233			-			-			-			-
	Purchased option transactions		-			(167,375	)		-			-			-			-
	Written option transactions		-			(251,147	)		-			-			-			-
	Net Realized Gain (Loss)		247,049,929			(392,657	)		278,950,406			244,513,674			145,954,439			178,044,491
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		11,699,250			677,075			(134,037,090	)		(10,696,346	)		17,627,795			(78,921,838	)
	Foreign currencies		(868	)		-			(296	)		(14,539	)		(599	)		19
	Futures contracts		-			556			-			-			-			-
	Purchased options		-			(183	)		-			-			-			-
	Written options		-			2,989			-			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		11,698,382			680,437			(134,037,386	)		(10,710,885	)		17,627,196			(78,921,819	)
NET GAIN (LOSS)			258,748,311			287,780			144,913,020			233,802,789			163,581,635			99,122,672
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$256,034,559			$308,017			$143,129,534			$242,318,322			$169,901,794			$100,225,626
Foreign taxes withheld on dividends and interest			$18,056			$77			$33,653			$12,850			$30,887			$8,384

(1) Operations commenced on April 30, 2021.

See Notes to Financial Statements

B-12

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (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			$1,963,276			$6,232,012		$2,871,874			$567,972			$4,290,365			$3,258,558
Interest, net of foreign taxes withheld			-			-		104			328			-			-
Total Investment Income			1,963,276			6,232,012		2,871,978			568,300			4,290,365			3,258,558
EXPENSES
Advisory fees			3,998,606			2,988,139		1,356,884			900,329			1,286,121			1,881,233
Service fees - Class I			480,724			128,681		108,916			209,621			671,603			246,936
Support services expenses			31,282			26,794		7,435			9,135			26,336			11,621
Custodian fees and expenses			7,480			5,727		19,042			4,972			11,606			3,972
Portfolio accounting fees			48,789			42,900		29,473			24,349			50,598			26,793
Shareholder report expenses			3,440			3,013		836			985			2,861			1,302
Legal and audit fees			17,609			15,416		5,278			4,938			16,955			6,819
Trustees’ fees			15,156			11,809		3,392			4,425			12,413			5,309
Interest expense			1,206			-		-			235			687			71
Licensing fee			-			-		6,632			-			36,000			-
Other			15,608			13,703		5,232			6,448			14,281			7,735
Total Expenses			4,619,900			3,236,182		1,543,120			1,165,437			2,129,461			2,191,791
Advisory Fee Waiver			(142,807	)		-		(180,918	)		-			-			-
Net Expenses			4,477,093			3,236,182		1,362,202			1,165,437			2,129,461			2,191,791
NET INVESTMENT INCOME (LOSS)			(2,513,817	)		2,995,830		1,509,776			(597,137	)		2,160,904			1,066,767
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		112,907,482			64,027,279		29,594,143			45,082,376			78,950,552			45,692,329
	Foreign currency transactions		-			-		(6,053	)		1,976			101			-
	Futures contract transactions		-			-		(304,542	)		-			326,419			-
	Purchased option transactions		(2,955,445	)		-		-			-			-			-
	Written option transactions		821,455			-		-			-			-			-
	Net Realized Gain (Loss)		110,773,492			64,027,279		29,283,548			45,084,352			79,277,072			45,692,329
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		24,256,047			90,939,657		11,970,303			(17,959,211	)		52,060,568			42,992,670
	Foreign currencies		-			108		(1,157	)		(670	)		(62	)		-
	Futures contracts		-			-		7,401			-			25,810			-
	Purchased options		1,439,354			-		-			-			-			-
	Written options		(518,067	)		-		-			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		25,177,334			90,939,765		11,976,547			(17,959,881	)		52,086,316			42,992,670
NET GAIN (LOSS)			135,950,826			154,967,044		41,260,095			27,124,471			131,363,388			88,684,999
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$133,437,009			$157,962,874		$42,769,871			$26,527,334			$133,524,292			$89,751,766
Foreign taxes withheld on dividends and interest			$-			$8,841		$11,808			$21,208			$8,941			$3,404

See Notes to Financial Statements

B-13

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		Value Portfolio			Value Advantage Portfolio		Emerging Markets Portfolio			International Large-Cap Portfolio			International Small-Cap Portfolio			International Value Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$12,634,402			$11,176,533		$11,142,421			$25,386,912			$4,084,443			$22,234,970
Interest, net of foreign taxes withheld			-			-		-			350			-			-
Total Investment Income			12,634,402			11,176,533		11,142,421			25,387,262			4,084,443			22,234,970
EXPENSES
Advisory fees			3,590,541			3,523,297		6,244,984			6,448,169			1,176,556			4,096,866
Service fees - Class I			253,280			72,751		481,718			637,821			94,506			298,486
Support services expenses			25,991			34,267		48,374			50,990			8,528			41,788
Custodian fees and expenses			7,984			5,844		109,116			54,365			16,678			54,743
Portfolio accounting fees			45,742			51,238		142,587			106,799			45,955			98,320
Shareholder report expenses			3,028			3,808		5,291			5,686			941			4,510
Legal and audit fees			15,552			18,731		26,703			28,500			4,753			23,604
Trustees’ fees			12,544			15,127		23,520			24,818			4,168			20,011
Interest expense			1,062			-		962			723			1,602			4,745
Other			12,935			15,851		23,218			24,115			6,721			19,318
Total Expenses			3,968,659			3,740,914		7,106,473			7,381,986			1,360,408			4,662,391
Advisory Fee Waiver			(378,826	)		-		-			(252,373	)		-			-
Net Expenses			3,589,833			3,740,914		7,106,473			7,129,613			1,360,408			4,662,391
NET INVESTMENT INCOME (LOSS)			9,044,569			7,435,619		4,035,948			18,257,649			2,724,035			17,572,579
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		61,334,292			134,624,430		163,030,694			48,358,325			19,577,659			(5,642,994	)
	Foreign currency transactions		11,451			-		(344,732	)		29,175			(28,040	)		(77,845	)
	Forward foreign currency contract transactions		710,740			-		-			-			-			-
	Futures contract transactions		-			-		-			-			-			(95,697	)
	Net Realized Gain (Loss)		62,056,483			134,624,430		162,685,962			48,387,500			19,549,619			(5,816,536	)
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		53,513,863			70,917,179		(84,504,818	)		65,399,283			16,778,930			207,486,269
	Foreign currencies		(7,458	)		-		(56,337	)		(366,024	)		(71,821	)		(314,654	)
	Forward foreign currency contracts		780,528			-		-			-			-			-
	Change in Net Unrealized Appreciation (Depreciation)		54,286,933			70,917,179		(84,561,155	)		65,033,259			16,707,109			207,171,615
NET GAIN (LOSS)			116,343,416			205,541,609		78,124,807			113,420,759			36,256,728			201,355,079
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$125,387,985			$212,977,228		$82,160,755			$131,678,408			$38,980,763			$218,927,658
Foreign taxes withheld on dividends and interest			$252,030			$31,019		$1,284,736			$2,891,060			$493,383			$2,926,107
Foreign capital gains tax withheld			-			-		1,450,099			93,005			-			(17,611	)
Change in deferred foreign capital gains tax			-			-		(1,973,227	)		300,377			-			165,762

See Notes to Financial Statements

B-14

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		Health Sciences Portfolio			Real Estate Portfolio			Technology Portfolio			ESG Diversified Portfolio (1)			PSF DFA Balanced Allocation Portfolio		Pacific Dynamix - Conservative Growth Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$2,689,534			$1,090,721			$534,326			$9,976			$2,703,008		$-
Interest, net of foreign taxes withheld			-			-			138			-			-		-
Total Investment Income			2,689,534			1,090,721			534,464			9,976			2,703,008		-
EXPENSES
Advisory fees			2,068,569			2,045,965			1,290,798			3,601			328,965		641,683
Distribution and/or service fees - Class D			-			-			-			-			411,078		-
Service fees - Class I			459,069			255,963			286,257			3,567			-		640,836
Support services expenses			13,742			15,010			8,744			95			9,787		19,785
Custodian fees and expenses			4,324			3,216			3,081			-			-		-
Portfolio accounting fees			30,415			30,059			25,088			7,186			22,491		22,683
Shareholder report expenses			1,532			1,706			934			29			1,079		2,199
Legal and audit fees			7,624			8,885			4,629			76			5,330		10,853
Trustees’ fees			6,754			7,358			4,242			29			4,287		8,801
Interest expense			12			3,000			49			-			-		-
Offering expenses			-			-			-			2,653			-		-
Other			7,913			9,412			5,378			134			8,268		11,538
Total Expenses			2,599,954			2,380,574			1,629,200			17,370			791,285		1,358,378
Advisory Fee Waiver			-			(220,203	)		-			-			-		-
Adviser Reimbursement			-			-			-			(8,387	)		-		(138,143	)
Net Expenses			2,599,954			2,160,371			1,629,200			8,983			791,285		1,220,235
NET INVESTMENT INCOME (LOSS)			89,580			(1,069,650	)		(1,094,736	)		993			1,911,723		(1,220,235	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		29,172,351			17,355,565			30,528,678			1,972			12,363,542		-
	Investment securities from affiliated mutual fund investments		-			-			-			-			-		36,477,794
	Foreign currency transactions		3,943			-			(2,000	)		-			-		-
	Net Realized Gain (Loss)		29,176,294			17,355,565			30,526,678			1,972			12,363,542		36,477,794
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		4,803,840			75,303,595			1,918,177			199,874			11,222,637		-
	Investment securities from affiliated mutual fund investments		-			-			-			16,679			-		(4,823,183	)
	Foreign currencies		(2,754	)		-			73			-			-		-
	Change in Net Unrealized Appreciation (Depreciation)		4,801,086			75,303,595			1,918,250			216,553			11,222,637		(4,823,183	)
NET GAIN (LOSS)			33,977,380			92,659,160			32,444,928			218,525			23,586,179		31,654,611
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$34,066,960			$91,589,510			$31,350,192			$219,518			$25,497,902		$30,434,376
Foreign taxes withheld on dividends and interest			$68,955			$-			$1,284			$-			$-		$-

(1) Operations commenced on April 30, 2021.

See Notes to Financial Statements

B-15

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		Pacific Dynamix - Moderate Growth Portfolio			Pacific Dynamix - Growth Portfolio			Portfolio Optimization Conservative Portfolio			Portfolio Optimization Moderate- Conservative Portfolio			Portfolio Optimization Moderate Portfolio			Portfolio Optimization Growth Portfolio
INVESTMENT INCOME
Total Investment Income			$-			$-			$-			$-			$-			$-
EXPENSES
Advisory fees			2,790,013			1,402,597			804,629			1,157,918			4,872,005			4,340,514
Service fees - Class I			2,787,596			1,397,382			1,609,081			2,315,539			9,742,533			8,678,838
Support services expenses			84,598			40,950			50,704			71,774			300,334			265,094
Portfolio accounting fees			22,884			22,690			26,280			28,498			28,769			28,161
Shareholder report expenses			9,404			4,458			5,688			8,071			33,596			29,535
Legal and audit fees			46,853			22,042			27,816			40,191			167,883			148,209
Trustees’ fees			37,433			17,732			22,833			32,159			134,048			117,687
Other			29,927			16,887			20,423			26,622			92,702			81,730
Total Expenses			5,808,708			2,924,738			2,567,454			3,680,772			15,371,870			13,689,768
Adviser Reimbursement			(534,332	)		(306,613	)		-			-			-			-
Net Expenses			5,274,376			2,618,125			2,567,454			3,680,772			15,371,870			13,689,768
NET INVESTMENT INCOME (LOSS)			(5,274,376	)		(2,618,125	)		(2,567,454	)		(3,680,772	)		(15,371,870	)		(13,689,768	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment securities from affiliated mutual fund investments		172,193,037			76,621,570			63,836,525			125,302,788			590,561,478			564,073,876
	Net Realized Gain (Loss)		172,193,037			76,621,570			63,836,525			125,302,788			590,561,478			564,073,876
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities from affiliated mutual fund investments		42,828,342			62,955,923			(37,809,708	)		(19,086,619	)		38,497,397			227,567,876
	Change in Net Unrealized Appreciation (Depreciation)		42,828,342			62,955,923			(37,809,708	)		(19,086,619	)		38,497,397			227,567,876
NET GAIN (LOSS)			215,021,379			139,577,493			26,026,817			106,216,169			629,058,875			791,641,752
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$209,747,003			$136,959,368			$23,459,363			$102,535,397			$613,687,005			$777,951,984

See Notes to Financial Statements

B-16

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		Portfolio Optimization Aggressive- Growth Portfolio			PD 1-3 Year Corporate Bond Portfolio			PD Aggregate Bond Index Portfolio			PD High Yield Bond Market Portfolio			PD Large-Cap Growth Index Portfolio			PD Large-Cap Value Index Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$-			$-			$-			$-			$2,888,083			$7,722,994
Interest, net of foreign taxes withheld			-			1,525,642			9,264,293			13,400,218			-			-
Total Investment Income			-			1,525,642			9,264,293			13,400,218			2,888,083			7,722,994
EXPENSES
Advisory fees			1,005,011			180,396			733,504			409,008			473,880			480,814
Service fees - Class I			2,009,234			-			-			-			-			-
Support services expenses			60,895			6,761			30,728			14,183			25,108			25,104
Custodian fees and expenses			-			1,482			30,085			3,514			7,799			8,848
Portfolio accounting fees			27,676			39,401			145,142			82,189			46,783			47,978
Shareholder report expenses			6,773			755			3,430			1,579			2,793			2,841
Legal and audit fees			34,111			3,822			16,937			7,726			13,930			14,069
Trustees’ fees			26,931			2,999			13,646			6,262			11,203			11,155
Interest expense			-			-			118			57			-			-
Licensing fee			-			-			-			-			35,836			35,829
Other			23,299			2,545			9,357			4,508			10,435			10,341
Total Expenses			3,193,930			238,161			982,947			529,026			627,767			636,979
NET INVESTMENT INCOME (LOSS)			(3,193,930	)		1,287,481			8,281,346			12,871,192	��		2,260,316			7,086,015
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions		-			940,671			1,286,513			1,897,401			169,374,768			80,223,718
	Investment securities from affiliated mutual fund investments		128,467,155			-			-			-			-			-
	Futures contract transactions		-			-			-			-			846,268			1,196,535
	Net Realized Gain (Loss)		128,467,155			940,671			1,286,513			1,897,401			170,221,036			81,420,253
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities		-			(1,995,937	)		(24,595,215	)		3,257,767			(92,214,278	)		33,686,852
	Investment securities from affiliated mutual fund investments		92,225,470			-			-			-			-			-
	Futures contracts		-			-			-			-			(148,838	)		(140,059	)
	Change in Net Unrealized Appreciation (Depreciation)		92,225,470			(1,995,937	)		(24,595,215	)		3,257,767			(92,363,116	)		33,546,793
NET GAIN (LOSS)			220,692,625			(1,055,266	)		(23,308,702	)		5,155,168			77,857,920			114,967,046
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$217,498,695			$232,215			($15,027,356	)		$18,026,360			$80,118,236			$122,053,061
Foreign taxes withheld on dividends and interest			$-			$-			$-			$-			$-			$322

See Notes to Financial Statements

B-17

PACIFIC SELECT FUND

STATEMENTS OF OPERATIONS (Continued)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		PD Mid-Cap Index Portfolio			PD Small-Cap Growth Index Portfolio			PD Small-Cap Value Index Portfolio			PD Emerging Markets Index Portfolio			PD International Large-Cap  Index Portfolio
INVESTMENT INCOME
Dividends, net of foreign taxes withheld			$3,229,919			$217,208			$1,041,164			$3,023,990			$10,598,906
Total Investment Income			3,229,919			217,208			1,041,164			3,023,990			10,598,906
EXPENSES
Advisory fees			323,017			69,678			93,629			528,372			641,704
Support services expenses			12,845			1,955			2,126			7,659			19,056
Custodian fees and expenses			7,257			7,095			8,629			64,242			38,021
Portfolio accounting fees			24,051			20,222			22,357			38,723			53,328
Shareholder report expenses			1,345			223			248			842			2,090
Legal and audit fees			6,203			1,153			1,487			4,593			10,917
Trustees’ fees			5,236			845			892			3,342			8,379
Interest expense			-			15			20			1,293			2,494
Offering expenses			8,762			-			-			-			-
Licensing fee			23,688			3,789			4,671			13,943			30,624
Other			5,317			1,236			1,277			3,532			7,884
Total Expenses			417,721			106,211			135,336			666,541			814,497
Advisory Fee Waiver			-			-			-			(108,996	)		(62,044	)
Net Expenses			417,721			106,211			135,336			557,545			752,453
NET INVESTMENT INCOME (LOSS)			2,812,198			110,997			905,828			2,466,445			9,846,453
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on:
	Investment security transactions, net of foreign capital gains tax withheld		12,944,127			7,952,241			11,465,309			22,589,224			65,185,383
	Foreign currency transactions		-			-			-			(21,836	)		78,379
	Futures contract transactions		859,698			12,082			277,601			321,683			445,282
	Net Realized Gain (Loss)		13,803,825			7,964,323			11,742,910			22,889,071	��		65,709,044
Change in Net Unrealized Appreciation (Depreciation) on:
	Investment securities, net of deferred foreign capital gains tax		55,025,388			(1,788,121	)		1,455,576			(837,795	)		(10,767,271	)
	Foreign currencies		-			-			-			(47,658	)		(125,680	)
	Futures contracts		(113,085	)		(18,013	)		(22,525	)		961			(157,557	)
	Change in Net Unrealized Appreciation (Depreciation)		54,912,303			(1,806,134	)		1,433,051			(884,492	)		(11,050,508	)
NET GAIN (LOSS)			68,716,128			6,158,189			13,175,961			22,004,579			54,658,536
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$71,528,326			$6,269,186			$14,081,789			$24,471,024			$64,504,989
Foreign taxes withheld on dividends and interest			$374			$470			$1,757			$385,704			$1,030,055
Foreign capital gains tax withheld			-			-			-			55,677			-
Change in deferred foreign capital gains tax			-			-			-			193,291			-

See Notes to Financial Statements

B-18

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Core Income Portfolio						Diversified Bond Portfolio						Floating Rate Income Portfolio
OPERATIONS
Net investment income (loss)			$6,335,558			$12,809,165			$52,477,949			$118,378,999			$8,411,612			$19,743,210
Net realized gain (loss)			5,196,839			26,804,021			(35,992,950	)		141,448,195			4,058,733			(29,400,499	)
Change in net unrealized appreciation (depreciation)			(12,595,162	)		2,674,410			(93,920,326	)		123,343,553			(476,602	)		7,685,454
Net Increase (Decrease) in Net Assets Resulting from Operations			(1,062,765	)		42,287,596			(77,435,327	)		383,170,747			11,993,743			(1,971,835	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		5,107,400			39,748,389			56,913,153			103,587,408			28,650,773			34,453,791
	Class P		57,462,925			145,697,081			449,621,638			379,176,009			1,018,616			24,970,957
Cost of shares repurchased
	Class I		(5,895,338	)		(26,359,390	)		(33,699,861	)		(239,479,459	)		(9,017,666	)		(57,643,314	)
	Class P		(8,084,377	)		(145,506,412	)		(70,016,293	)		(598,506,161	)		(113,178,551	)		(167,914,893	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			48,590,610			13,579,668			402,818,637			(355,222,203	)		(92,526,828	)		(166,133,459	)
NET INCREASE (DECREASE) IN NET ASSETS			47,527,845			55,867,264			325,383,310			27,948,544			(80,533,085	)		(168,105,294	)
NET ASSETS
Beginning of Year or Period			609,738,644			553,871,380			4,448,227,198			4,420,278,654			476,174,119			644,279,413
End of Year or Period			$657,266,489			$609,738,644			$4,773,610,508			$4,448,227,198			$395,641,034			$476,174,119
		High Yield Bond Portfolio						Inflation Managed Portfolio						Intermediate Bond Portfolio (2)
OPERATIONS
Net investment income (loss)			$34,525,960			$70,074,828			$10,204,755			$4,855,396			$6,717,620			$1,137,925
Net realized gain (loss)			22,509,235			(14,187,579	)		6,308,343			(1,781,258	)		(6,103,491	)		3,024,006
Change in net unrealized appreciation (depreciation)			(6,749,428	)		51,054,327			(6,826,500	)		46,667,441			(10,900,983	)		12,689,020
Net Increase (Decrease) in Net Assets Resulting from Operations			50,285,767			106,941,576			9,686,598			49,741,579			(10,286,854	)		16,850,951
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		32,268,818			99,218,031			23,960,052			25,102,485
	Class P		13,417,930			179,808,898			12,919,081			64,235,567			233,404,559			1,087,830,329
Cost of shares repurchased
	Class I		(36,570,419	)		(97,694,949	)		(16,552,612	)		(41,454,010	)
	Class P		(82,383,554	)		(100,888,933	)		(7,615,535	)		(35,251,530	)		(13,685,947	)		(14,027,702	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(73,267,225	)		80,443,047			12,710,986			12,632,512			219,718,612			1,073,802,627
NET INCREASE (DECREASE) IN NET ASSETS			(22,981,458	)		187,384,623			22,397,584			62,374,091			209,431,758			1,090,653,578
NET ASSETS
Beginning of Year or Period			1,371,147,851			1,183,763,228			499,179,819			436,805,728			1,090,653,578			-
End of Year or Period			$1,348,166,393			$1,371,147,851			$521,577,403			$499,179,819			$1,300,085,336			$1,090,653,578

(1) Unaudited.

(2) Operations commenced on October 23, 2020.

See Notes to Financial Statements

B-19

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Managed Bond Portfolio						Short Duration Bond Portfolio						Emerging Markets Debt Portfolio
OPERATIONS
Net investment income (loss)			$26,398,531			$71,965,098			$10,111,070			$27,467,465			$10,434,240			$36,715,435
Net realized gain (loss)			(10,013,259	)		116,672,215			6,384,977			12,129,865			8,249,896			(24,078,274	)
Change in net unrealized appreciation (depreciation)			(49,303,111	)		60,479,930			(13,228,844	)		21,360,257			(13,670,427	)		17,615,639
Net Increase (Decrease) in Net Assets Resulting from Operations			(32,917,839	)		249,117,243			3,267,203			60,957,587			5,013,709			30,252,800
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		54,451,509			105,713,578			47,599,289			124,778,639			8,742,663			36,920,162
	Class P		7,519,102			464,619,554			33,163,177			314,681,237			214,653,891			189,839,270
Cost of shares repurchased
	Class I		(49,317,446	)		(104,945,391	)		(35,925,339	)		(94,940,306	)		(2,479,764	)		(14,498,241	)
	Class P		(128,027,468	)		(1,090,476,501	)		(112,167,284	)		(161,304,428	)		(17,677,547	)		(639,556,077	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(115,374,303	)		(625,088,760	)		(67,330,157	)		183,215,142			203,239,243			(427,294,886	)
NET INCREASE (DECREASE) IN NET ASSETS			(148,292,142	)		(375,971,517	)		(64,062,954	)		244,172,729			208,252,952			(397,042,086	)
NET ASSETS
Beginning of Year or Period			2,995,358,400			3,371,329,917			1,547,365,450			1,303,192,721			374,136,490			771,178,576
End of Year or Period			$2,847,066,258			$2,995,358,400			$1,483,302,496			$1,547,365,450			$582,389,442			$374,136,490
		Dividend Growth Portfolio						Equity Index Portfolio						Focused Growth Portfolio
OPERATIONS
Net investment income (loss)			$7,566,994			$17,423,215			$24,173,073			$54,852,488			($1,243,144	)		($1,074,462	)
Net realized gain (loss)			162,354,626			90,749,875			171,607,157			198,528,934			24,798,568			30,518,271
Change in net unrealized appreciation (depreciation)			40,738,124			238,044,335			363,009,893			380,468,759			77,184,060			51,433,112
Net Increase (Decrease) in Net Assets Resulting from Operations			210,659,744			346,217,425			558,790,123			633,850,181			100,739,484			80,876,921
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		13,709,946			28,101,862			102,793,656			295,674,756			18,150,777			31,536,641
	Class P		870,724			339,206,279			5,763,932			81,459,238			498,735,562			-
Cost of shares repurchased
	Class I		(17,643,184	)		(49,462,306	)		(116,857,519	)		(322,088,745	)		(18,997,045	)		(57,551,865	)
	Class P		(297,764,722	)		(218,718,613	)		(305,352,361	)		(171,969,677	)		(38,567,610	)		-
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(300,827,236	)		99,127,222			(313,652,292	)		(116,924,428	)		459,321,684			(26,015,224	)
NET INCREASE (DECREASE) IN NET ASSETS			(90,167,492	)		445,344,647			245,137,831			516,925,753			560,061,168			54,861,697
NET ASSETS
Beginning of Year or Period			1,883,044,987			1,437,700,340			3,907,628,491			3,390,702,738			291,331,839			236,470,142
End of Year or Period			$1,792,877,495			$1,883,044,987			$4,152,766,322			$3,907,628,491			$851,393,007			$291,331,839

(1) Unaudited.

See Notes to Financial Statements

B-20

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Growth Portfolio						Hedged Equity Portfolio (2)						Large-Cap Growth Portfolio
OPERATIONS
Net investment income (loss)			($2,713,752	)		($3,091,230	)		$20,237						($1,783,486	)		($3,451,371	)
Net realized gain (loss)			247,049,929			419,283,082			(392,657	)					278,950,406			205,335,694
Change in net unrealized appreciation (depreciation)			11,698,382			246,466,056			680,437						(134,037,386	)		286,982,075
Net Increase (Decrease) in Net Assets Resulting from Operations			256,034,559			662,657,908			308,017						143,129,534			488,866,398
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		23,765,322			76,357,037			25,817,641						24,622,204			66,711,222
	Class P		3,948,745			213,694,195			105,477						2,217,658			75,304,342
Cost of shares repurchased
	Class I		(41,419,809	)		(160,416,172	)		(2,891	)					(56,959,735	)		(66,799,078	)
	Class P		(370,773,105	)		(416,379,916	)		(1,185	)					(417,352,339	)		(377,942,239	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(384,478,847	)		(286,744,856	)		25,919,042						(447,472,212	)		(302,725,753	)
NET INCREASE (DECREASE) IN NET ASSETS			(128,444,288	)		375,913,052			26,227,059						(304,342,678	)		186,140,645
NET ASSETS
Beginning of Year or Period			2,329,467,474			1,953,554,422			-						1,553,386,724			1,367,246,079
End of Year or Period			$2,201,023,186			$2,329,467,474			$26,227,059						$1,249,044,046			$1,553,386,724
		Large-Cap Value Portfolio						Main Street Core Portfolio						Mid-Cap Equity Portfolio
OPERATIONS
Net investment income (loss)			$8,515,533			$22,247,796			$6,320,159			$11,799,469			$1,102,954			$4,420,159
Net realized gain (loss)			244,513,674			107,340,635			145,954,439			60,163,619			178,044,491			(52,444,804	)
Change in net unrealized appreciation (depreciation)			(10,710,885	)		98,761,299			17,627,196			120,398,471			(78,921,819	)		140,198,373
Net Increase (Decrease) in Net Assets Resulting from Operations			242,318,322			228,349,730			169,901,794			192,361,559			100,225,626			92,173,728
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		22,255,199			26,516,697			2,136,711			5,542,357			17,376,477			18,923,100
	Class P		1,813,728			337,756,745			718,921			117,715,933			734,591			7,227,348
Cost of shares repurchased
	Class I		(23,529,218	)		(46,622,412	)		(41,484,162	)		(82,250,557	)		(41,258,209	)		(55,248,891	)
	Class P		(511,328,004	)		(163,505,107	)		(244,483,502	)		(116,224,392	)		(79,348,778	)		(311,198,706	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(510,788,295	)		154,145,923			(283,112,032	)		(75,216,659	)		(102,495,919	)		(340,297,149	)
NET INCREASE (DECREASE) IN NET ASSETS			(268,469,973	)		382,495,653			(113,210,238	)		117,144,900			(2,270,293	)		(248,123,421	)
NET ASSETS
Beginning of Year or Period			1,593,258,021			1,210,762,368			1,203,836,162			1,086,691,262			819,245,480			1,067,368,901
End of Year or Period			$1,324,788,048			$1,593,258,021			$1,090,625,924			$1,203,836,162			$816,975,187			$819,245,480

(1) Unaudited.

(2) Operations commenced on April 30, 2021.

See Notes to Financial Statements

B-21

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Mid-Cap Growth Portfolio						Mid-Cap Value Portfolio						Small-Cap Equity Portfolio
OPERATIONS
Net investment income (loss)			($2,513,817	)		($2,020,759	)		$2,995,830			$9,720,032			$1,509,776			$2,497,886
Net realized gain (loss)			110,773,492			156,169,600			64,027,279			(9,632,102	)		29,283,548			(17,507,028	)
Change in net unrealized appreciation (depreciation)			25,177,334			207,937,507			90,939,765			8,670,204			11,976,547			3,086,420
Net Increase (Decrease) in Net Assets Resulting from Operations			133,437,009			362,086,348			157,962,874			8,758,134			42,769,871			(11,922,722	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		28,244,059			60,029,773			24,435,955			10,458,070			21,537,140			8,697,950
	Class P		240,252,433			16,217,428			1,259,950			38,578,402			251,937,637			2,124,858
Cost of shares repurchased
	Class I		(56,759,758	)		(115,959,600	)		(11,320,649	)		(25,130,716	)		(7,576,054	)		(11,329,025	)
	Class P		(76,665,133	)		(263,838,495	)		(161,296,229	)		(222,279,123	)		(17,775,043	)		(50,046,254	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			135,071,601			(303,550,894	)		(146,920,973	)		(198,373,367	)		248,123,680			(50,552,471	)
NET INCREASE (DECREASE) IN NET ASSETS			268,508,610			58,535,454			11,041,901			(189,615,233	)		290,893,551			(62,475,193	)
NET ASSETS
Beginning of Year or Period			1,012,510,893			953,975,439			840,014,479			1,029,629,712			191,292,757			253,767,950
End of Year or Period			$1,281,019,503			$1,012,510,893			$851,056,380			$840,014,479			$482,186,308			$191,292,757
		Small-Cap Growth Portfolio						Small-Cap Index Portfolio						Small-Cap Value Portfolio
OPERATIONS
Net investment income (loss)			($597,137	)		($688,751	)		$2,160,904			$5,852,588			$1,066,767			$2,393,699
Net realized gain (loss)			45,084,352			80,301,707			79,277,072			36,747,716			45,692,329			(37,405,234	)
Change in net unrealized appreciation (depreciation)			(17,959,881	)		51,737,840			52,086,316			105,672,672			42,992,670			22,277,914
Net Increase (Decrease) in Net Assets Resulting from Operations			26,527,334			131,350,796			133,524,292			148,272,976			89,751,766			(12,733,621	)
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		9,394,708			13,744,643			63,930,735			37,388,210			33,351,646			17,829,990
	Class P		37,162			38,057,618			6,598,108			35,111,168			246,571,141			1,751,323
Cost of shares repurchased
	Class I		(18,929,587	)		(35,627,942	)		(90,619,210	)		(79,498,899	)		(24,431,153	)		(29,333,886	)
	Class P		(19,657,999	)		(36,504,470	)		(34,887,620	)		(53,920,902	)		(26,209,570	)		(47,638,936	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(29,155,716	)		(20,330,151	)		(54,977,987	)		(60,920,423	)		229,282,064			(57,391,509	)
NET INCREASE (DECREASE) IN NET ASSETS			(2,628,382	)		111,020,645			78,546,305			87,352,553			319,033,830			(70,125,130	)
NET ASSETS
Beginning of Year or Period			308,123,782			197,103,137			796,636,761			709,284,208			308,400,716			378,525,846
End of Year or Period			$305,495,400			$308,123,782			$875,183,066			$796,636,761			$627,434,546			$308,400,716

(1) Unaudited.

See Notes to Financial Statements

B-22

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Value Portfolio						Value Advantage Portfolio						Emerging Markets Portfolio
OPERATIONS
Net investment income (loss)			$9,044,569			$16,591,694			$7,435,619			$17,806,313			$4,035,948			$5,258,507
Net realized gain (loss)			62,056,483			(56,231,638	)		134,624,430			10,593,128			162,685,962			74,149,359
Change in net unrealized appreciation (depreciation)			54,286,933			(84,643,220	)		70,917,179			42,172,359			(84,561,155	)		187,670,181
Net Increase (Decrease) in Net Assets Resulting from Operations			125,387,985			(124,283,164	)		212,977,228			70,571,800			82,160,755			267,078,047
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		4,131,002			18,391,998			29,145,779			14,551,716			20,948,977			21,894,927
	Class P		333,461,478			8,640,783			1,065,547			204,390,205			12,662,828			86,595,131
Cost of shares repurchased
	Class I		(19,896,058	)		(29,346,389	)		(6,728,586	)		(7,920,005	)		(26,975,211	)		(66,415,476	)
	Class P		(64,201,511	)		(160,164,782	)		(278,586,923	)		(132,523,519	)		(107,891,621	)		(184,525,106	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			253,494,911			(162,478,390	)		(255,104,183	)		78,498,397			(101,255,027	)		(142,450,524	)
NET INCREASE (DECREASE) IN NET ASSETS			378,882,896			(286,761,554	)		(42,126,955	)		149,070,197			(19,094,272	)		124,627,523
NET ASSETS
Beginning of Year or Period			789,590,405			1,076,351,959			1,086,192,607			937,122,410			1,582,293,776			1,457,666,253
End of Year or Period			$1,168,473,301			$789,590,405			$1,044,065,652			$1,086,192,607			$1,563,199,504			$1,582,293,776
		International Large-Cap Portfolio						International Small-Cap Portfolio						International Value Portfolio
OPERATIONS
Net investment income (loss)			$18,257,649			$12,421,828			$2,724,035			$3,684,743			$17,572,579			$18,840,776
Net realized gain (loss)			48,387,500			20,133,459			19,549,619			(3,195,003	)		(5,816,536	)		(83,232,353	)
Change in net unrealized appreciation (depreciation)			65,033,259			87,188,614			16,707,109			31,262,634			207,171,615			67,102,209
Net Increase (Decrease) in Net Assets Resulting from Operations			131,678,408			119,743,901			38,980,763			31,752,374			218,927,658			2,710,632
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		20,168,687			33,734,921			5,315,061			8,286,194			12,638,861			25,558,174
	Class P		11,169,310			144,717,215			153,123			22,346,437			1,317,185			390,278,902
Cost of shares repurchased
	Class I		(31,979,214	)		(61,955,081	)		(11,222,805	)		(21,624,333	)		(21,210,756	)		(25,832,182	)
	Class P		(104,701,499	)		(233,028,109	)		(33,745,261	)		(40,933,056	)		(383,678,064	)		(585,489,621	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(105,342,716	)		(116,531,054	)		(39,499,882	)		(31,924,758	)		(390,932,774	)		(195,484,727	)
NET INCREASE (DECREASE) IN NET ASSETS			26,335,692			3,212,847			(519,119	)		(172,384	)		(172,005,116	)		(192,774,095	)
NET ASSETS
Beginning of Year or Period			1,682,919,076			1,679,706,229			276,060,310			276,232,694			1,337,417,733			1,530,191,828
End of Year or Period			$1,709,254,768			$1,682,919,076			$275,541,191			$276,060,310			$1,165,412,617			$1,337,417,733

(1) Unaudited.

See Notes to Financial Statements

B-23

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Health Sciences Portfolio						Real Estate Portfolio						Technology Portfolio
OPERATIONS
Net investment income (loss)			$89,580			($109,539	)		($1,069,650	)		$18,353,749			($1,094,736	)		($1,793,175	)
Net realized gain (loss)			29,176,294			45,986,763			17,355,565			(14,936,993	)		30,526,678			32,515,953
Change in net unrealized appreciation (depreciation)			4,801,086			24,668,746			75,303,595			(67,313,408	)		1,918,250			59,675,854
Net Increase (Decrease) in Net Assets Resulting from Operations			34,066,960			70,545,970			91,589,510			(63,896,652	)		31,350,192			90,398,632
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		16,739,262			30,029,970			6,693,227			18,895,708			21,234,808			62,086,313
	Class P		238,864			462,638			29,726			2,590,540			325,601			445,897
Cost of shares repurchased
	Class I		(23,492,982	)		(66,799,037	)		(21,530,109	)		(48,525,451	)		(36,048,567	)		(54,608,966	)
	Class P		(31,513	)		(11,231	)		(49,224,452	)		(117,427,791	)		(49,639	)		(36,239	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(6,546,369	)		(36,317,660	)		(64,031,608	)		(144,466,994	)		(14,537,797	)		7,887,005
NET INCREASE (DECREASE) IN NET ASSETS			27,520,591			34,228,310			27,557,902			(208,363,646	)		16,812,395			98,285,637
NET ASSETS
Beginning of Year or Period			455,074,955			420,846,645			478,322,200			686,685,846			287,611,882			189,326,245
End of Year or Period			$482,595,546			$455,074,955			$505,880,102			$478,322,200			$304,424,277			$287,611,882
		ESG Diversified Portfolio (2)						PSF DFA Balanced Allocation Portfolio						Pacific Dynamix - Conservative Growth Portfolio
OPERATIONS
Net investment income (loss)			$993						$1,911,723			$3,744,250			($1,220,235	)		($2,180,237	)
Net realized gain (loss)			1,972						12,363,542			3,106,676			36,477,794			48,496,699
Change in net unrealized appreciation (depreciation)			216,553						11,222,637			26,739,764			(4,823,183	)		23,670,280
Net Increase (Decrease) in Net Assets Resulting from Operations			219,518						25,497,902			33,590,690			30,434,376			69,986,742
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class D								27,948,188			48,391,839
	Class I		12,186,701												22,464,857			61,651,908
	Class P		100,000						138,605			81,119			888,339			542,116
Cost of shares repurchased
	Class D								(4,204,478	)		(14,780,524	)
	Class I		(622	)											(46,551,015	)		(60,765,964	)
	Class P		-						(12,277	)		(15,085	)		(160,858	)		(98,338	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			12,286,079						23,870,038			33,677,349			(23,358,677	)		1,329,722
NET INCREASE (DECREASE) IN NET ASSETS			12,505,597						49,367,940			67,268,039			7,075,699			71,316,464
NET ASSETS
Beginning of Year or Period			-						310,379,782			243,111,743			644,874,434			573,557,970
End of Year or Period			$12,505,597						$359,747,722			$310,379,782			$651,950,133			$644,874,434

(1) Unaudited.

(2) Operations commenced on April 30, 2021.

See Notes to Financial Statements

B-24

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Pacific Dynamix - Moderate Growth Portfolio						Pacific Dynamix - Growth Portfolio						Portfolio Optimization Conservative Portfolio
OPERATIONS
Net investment income (loss)			($5,274,376	)		($9,237,491	)		($2,618,125	)		($3,662,940	)		($2,567,454	)		($5,170,514	)
Net realized gain (loss)			172,193,037			293,512,537			76,621,570			82,300,629			63,836,525			62,331,883
Change in net unrealized appreciation (depreciation)			42,828,342			62,860,134			62,955,923			103,184,618			(37,809,708	)		78,067,633
Net Increase (Decrease) in Net Assets Resulting from Operations			209,747,003			347,135,180			136,959,368			181,822,307			23,459,363			135,229,002
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		39,544,421			58,549,421			168,972,437			257,102,969			42,973,088			275,376,301
	Class P		4,747,168			1,132,504			5,637,117			2,954,124			1,174			7,091
Cost of shares repurchased
	Class I		(77,679,554	)		(206,483,310	)		(17,708,858	)		(39,211,317	)		(174,416,832	)		(281,402,113	)
	Class P		(382,576	)		(255,166	)		(1,580,770	)		(645,804	)		(887	)		(592	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(33,770,541	)		(147,056,551	)		155,319,926			220,199,972			(131,443,457	)		(6,019,313	)
NET INCREASE (DECREASE) IN NET ASSETS			175,976,462			200,078,629			292,279,294			402,022,279			(107,984,094	)		129,209,689
NET ASSETS
Beginning of Year or Period			2,735,567,379			2,535,488,750			1,270,367,604			868,345,325			1,677,343,676			1,548,133,987
End of Year or Period			$2,911,543,841			$2,735,567,379			$1,562,646,898			$1,270,367,604			$1,569,359,582			$1,677,343,676
		Portfolio Optimization Moderate- Conservative  Portfolio						Portfolio Optimization Moderate Portfolio						Portfolio Optimization Growth Portfolio
OPERATIONS
Net investment income (loss)			($3,680,772	)		($7,298,679	)		($15,371,870	)		($29,607,814	)		($13,689,768	)		($25,242,067	)
Net realized gain (loss)			125,302,788			118,153,590			590,561,478			535,864,048			564,073,876			459,136,533
Change in net unrealized appreciation (depreciation)			(19,086,619	)		103,855,426			38,497,397			528,219,083			227,567,876			519,464,110
Net Increase (Decrease) in Net Assets Resulting from Operations			102,535,397			214,710,337			613,687,005			1,034,475,317			777,951,984			953,358,576
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		6,962,246			16,081,054			19,192,075			41,964,856			6,242,152			30,592,002
	Class P		4,688			14,789			155,361			251,781			227,919			908,907
Cost of shares repurchased
	Class I		(152,888,795	)		(303,622,695	)		(619,798,577	)		(1,236,254,190	)		(523,841,870	)		(1,017,191,453	)
	Class P		(1,811	)		(71	)		(9,860	)		(5,385	)		(59,695	)		(17,012	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(145,923,672	)		(287,526,923	)		(600,461,001	)		(1,194,042,938	)		(517,431,494	)		(985,707,556	)
NET INCREASE (DECREASE) IN NET ASSETS			(43,388,275	)		(72,816,586	)		13,226,004			(159,567,621	)		260,520,490			(32,348,980	)
NET ASSETS
Beginning of Year or Period			2,366,670,713			2,439,487,299			9,841,116,233			10,000,683,854			8,620,167,469			8,652,516,449
End of Year or Period			$2,323,282,438			$2,366,670,713			$9,854,342,237			$9,841,116,233			$8,880,687,959			$8,620,167,469

(1) Unaudited.

See Notes to Financial Statements

B-25

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
		Portfolio Optimization Aggressive-Growth Portfolio						PD 1-3 Year Corporate Bond Portfolio						PD Aggregate Bond Index Portfolio
OPERATIONS
Net investment income (loss)			($3,193,930	)		($5,741,628	)		$1,287,481			$4,109,200			$8,281,346			$18,093,275
Net realized gain (loss)			128,467,155			91,756,259			940,671			(2,720,760	)		1,286,513			5,764,912
Change in net unrealized appreciation (depreciation)			92,225,470			126,100,212			(1,995,937	)		662,515			(24,595,215	)		31,777,691
Net Increase (Decrease) in Net Assets Resulting from Operations			217,498,695			212,114,843			232,215			2,050,955			(15,027,356	)		55,635,878
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares
	Class I		20,594,516			18,651,116
	Class P		295,035			426,288			11,047,142			45,714,963			133,051,687			232,825,608
Cost of shares repurchased
	Class I		(129,841,936	)		(244,458,415	)
	Class P		(51,051	)		(134,990	)		(6,896,977	)		(68,840,530	)		(3,927,692	)		(190,751,807	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			(109,003,436	)		(225,516,001	)		4,150,165			(23,125,567	)		129,123,995			42,073,801
NET INCREASE (DECREASE) IN NET ASSETS			108,495,259			(13,401,158	)		4,382,380			(21,074,612	)		114,096,639			97,709,679
NET ASSETS
Beginning of Year or Period			1,962,741,918			1,976,143,076			219,296,403			240,371,015			995,115,072			897,405,393
End of Year or Period			$2,071,237,177			$1,962,741,918			$223,678,783			$219,296,403			$1,109,211,711			$995,115,072
		PD High Yield Bond Market Portfolio						PD Large-Cap Growth Index Portfolio						PD Large-Cap Value Index Portfolio
OPERATIONS
Net investment income (loss)			$12,871,192			$22,767,456			$2,260,316			$6,922,409			$7,086,015			$19,804,271
Net realized gain (loss)			1,897,401			(9,465,924	)		170,221,036			214,386,028			81,420,253			38,568,837
Change in net unrealized appreciation (depreciation)			3,257,767			21,793,609			(92,363,116	)		71,768,810			33,546,793			6,957,959
Net Increase (Decrease) in Net Assets Resulting from Operations			18,026,360			35,095,141			80,118,236			293,077,247			122,053,061			65,331,067
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P			48,692,126			61,392,576			32,138,774			81,959,954			22,763,061			169,031,765
Cost of shares repurchased - Class P			(4,078,354	)		(6,306,957	)		(232,815,075	)		(331,098,820	)		(204,614,860	)		(247,121,890	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions			44,613,772			55,085,619			(200,676,301	)		(249,138,866	)		(181,851,799	)		(78,090,125	)
NET INCREASE (DECREASE) IN NET ASSETS			62,640,132			90,180,760			(120,558,065	)		43,938,381			(59,798,738	)		(12,759,058	)
NET ASSETS
Beginning of Year or Period			454,950,536			364,769,776			832,075,419			788,137,038			788,962,475			801,721,533
End of Year or Period			$517,590,668			$454,950,536			$711,517,354			$832,075,419			$729,163,737			$788,962,475

(1) Unaudited.

See Notes to Financial Statements

B-26

PACIFIC SELECT FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020			Period Ended June 30, 2021 (1)			Year Ended December 31, 2020
	PD Mid-Cap Index Portfolio (2)						PD Small-Cap Growth Index Portfolio						PD Small-Cap Value Index Portfolio
OPERATIONS
Net investment income (loss)		$2,812,198			$1,499,586			$110,997			$240,675			$905,828			$1,142,063
Net realized gain (loss)		13,803,825			1,102,752			7,964,323			11,898,590			11,742,910			(4,823,904	)
Change in net unrealized appreciation (depreciation)		54,912,303			42,245,309			(1,806,134	)		9,026,094			1,433,051			10,064,231
Net Increase (Decrease) in Net Assets Resulting from Operations		71,528,326			44,847,647			6,269,186			21,165,359			14,081,789			6,382,390
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		112,824,166			362,021,465			86,239,468			9,527,529			147,975,894			16,662,912
Cost of shares repurchased - Class P		(16,093,105	)		(4,893,243	)		(4,721,920	)		(38,354,965	)		(6,495,109	)		(37,515,555	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		96,731,061			357,128,222			81,517,548			(28,827,436	)		141,480,785			(20,852,643	)
NET INCREASE (DECREASE) IN NET ASSETS		168,259,387			401,975,869			87,786,734			(7,662,077	)		155,562,574			(14,470,253	)
NET ASSETS
Beginning of Year or Period		401,975,869			-			54,164,688			61,826,765			47,349,718			61,819,971
End of Year or Period		$570,235,256			$401,975,869			$141,951,422			$54,164,688			$202,912,292			$47,349,718
	PD Emerging Markets Index Portfolio						PD International Large-Cap Index Portfolio
OPERATIONS
Net investment income (loss)		$2,466,445			$3,791,686			$9,846,453			$11,831,514
Net realized gain (loss)		22,889,071			(895,308	)		65,709,044			(8,039,639	)
Change in net unrealized appreciation (depreciation)		(884,492	)		36,137,290			(11,050,508	)		47,705,391
Net Increase (Decrease) in Net Assets Resulting from Operations		24,471,024			39,033,668			64,504,989			51,497,266
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class P		33,742,109			31,259,569			21,624,989			52,152,388
Cost of shares repurchased - Class P		(12,685,273	)		(29,072,157	)		(68,702,532	)		(48,853,539	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		21,056,836			2,187,412			(47,077,543	)		3,298,849
NET INCREASE (DECREASE) IN NET ASSETS		45,527,860			41,221,080			17,427,446			54,796,115
NET ASSETS
Beginning of Year or Period		245,118,660			203,897,580			613,055,285			558,259,170
End of Year or Period		$290,646,520			$245,118,660			$630,482,731			$613,055,285

(1) Unaudited.

(2) Operations commenced on October 23, 2020.

See Notes to Financial Statements

B-27

PACIFIC SELECT FUND

STATEMENTS OF CASH FLOWS (1)

FOR THE PERIOD ENDED JUNE 30, 2021 (Unaudited)

		Inflation Managed Portfolio
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets from operations			$9,686,598
Adjustments to reconcile net increase in net assets from operations to net cash provided by operation activities:
	Purchases of long-term securities		(518,098,190	)
	Proceeds from disposition of long-term securities		554,803,154
	Proceeds (purchases) of short-term securities, net		(8,715,393	)
	Proceeds (purchases) from foreign currency transactions		(1,609,341	)
	(Increase) decrease in dividends and interest receivable		(7,382	)
	(Increase) decrease in receivable for securities sold		19,409,207
	(Increase) decrease in swap agreements		8,871
	(Increase) decrease in variation margin on futures contracts		114,404
	(Increase) decrease in variation margin on swap agreements		(38,348	)
	(Increase) decrease in prepaid expenses and other assets		(1,359	)
	Increase (decrease) in payable for securities purchased		(137,347,405	)
	Increase (decrease) in payable due to brokers		158,000
	Increase (decrease) in accrued advisory fees		2,938
	Increase (decrease) in accrued service fees		(2,815	)
	Increase (decrease) in accrued support service expenses		373
	Increase (decrease) in accrued custodian and portfolio accounting fees		29,478
	Increase (decrease) in accrued shareholder report expenses		(5,808	)
	Increase (decrease) in accrued trustees’ fees and deferred compensation		3,378
	Increase (decrease) in accrued other		(708	)
	Increase (decrease) in other liabilities		(21,064	)
	Change in net unrealized (appreciation) depreciation on investments securities		7,906,514
	Change in net unrealized (appreciation) depreciation on foreign currencies		100,710
	Change in net unrealized (appreciation) depreciation on forward foreign currency contracts		(3,466,212	)
	Change in net unrealized (appreciation) depreciation on purchased options		(369,419	)
	Change in net unrealized (appreciation) depreciation on swaps (2)		(28,365	)
	Change in net unrealized (appreciation) depreciation on written options		234,514
	Net realized (gain) loss on investment securities		(2,875,992	)
	Net realized (gain) loss on foreign currencies		264,036
	Net realized (gain) loss on forward foreign currency contracts		1,244,595
	Net realized (gain) loss on purchased options		8,169
	Net realized (gain) loss on written options		(116,045	)
	Net amortization on investments		(9,203,324	)
Net cash provided by operating activities (3)			(87,932,231	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold			36,840,924
Payments on shares redeemed			(24,179,046	)
Proceeds from sale-buyback financing activities			2,990,225,669
Payment on sale-buyback financing transactions			(2,915,929,665	)
Net cash provided by (used in) financing activities			86,957,882
NET (INCREASE) DECREASE IN CASH AND FOREIGN CURRENCY			(974,349	)
CASH AND FOREIGN CURRENCY:
Beginning of Period			3,740,802
End of Period (4)			$ 2,766,453

(1) Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amount included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, on hand at the custodian bank and do not include any short-term investments. The Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other portfolios have met the exemption criteria.

(2) Excludes centrally cleared swaps included in variation margin.

(3) Interest paid by the Fund was $79,978.

(4) Includes cash (segregated for derivative investments) for the Fund of $1,524,000.

See Notes to Financial Statements

B-28

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Core Income
Class I
2021 (7)		$12.72		$0.11		($0.17	)		($0.06	)		$-		$-		$-		$12.66		0.75%		0.75%		1.84%		(0.49%	)		$45,585		43%
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%
2017		10.16		0.28		0.23			0.51			-		-		-		10.67		0.74%		0.74%		2.69%		5.01%			18,368		73%
2016		9.66		0.28		0.22			0.50			-		-		-		10.16		0.75%		0.75%		2.73%		5.24%			6,489		69%
Class P
2021 (7)		12.86		0.13		(0.18	)		(0.05	)		-		-		-		12.81		0.55%		0.55%		2.04%		(0.39%	)		611,681		43%
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%
2017		10.20		0.30		0.23			0.53			-		-		-		10.73		0.55%		0.55%		2.89%		5.21%			376,752		73%
2016		9.67		0.30		0.23			0.53			-		-		-		10.20		0.55%		0.55%		2.93%		5.45%			353,033		69%
Diversified Bond
Class I
2021 (7)		$12.17		$0.13		($0.39	)		($0.26	)		$-		$-		$-		$11.91		0.64%		0.64%		2.14%		(2.13%	)		$487,084		67%
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%
2017		9.26		0.30		0.34			0.64			-		-		-		9.90		0.64%		0.64%		3.14%		6.88%			376,640		237%
2016		8.82		0.31		0.13			0.44			-		-		-		9.26		0.64%		0.64%		3.33%		5.04%			266,568		182%
Class P
2021 (7)		16.49		0.19		(0.53	)		(0.34	)		-		-		-		16.15		0.44%		0.44%		2.34%		(2.04%	)		4,286,527		67%
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%
2017		12.44		0.43		0.45			0.88			-		-		-		13.32		0.44%		0.44%		3.34%		7.09%			3,475,577		237%
2016		11.82		0.44		0.18			0.62			-		-		-		12.44		0.44%		0.44%		3.53%		5.25%			3,556,290		182%
Floating Rate Income
Class I
2021 (7)		$13.18		$0.26		$0.11			$0.37			$-		$-		$-		$13.55		0.92%		0.87%		3.87%		2.79%			$263,466		61%
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%
2017		11.23		0.52		(0.10	)		0.42			-		-		-		11.65		0.92%		0.92%		4.53%		3.76%			62,641		102%
2016		10.36		0.45		0.42			0.87			-		-		-		11.23		0.91%		0.91%		4.20%		8.38%			51,273		102%
Class P
2021 (7)		13.38		0.27		0.12			0.39			-		-		-		13.77		0.72%		0.67%		4.07%		2.90%			132,175		61%
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%
2017		11.31		0.52		(0.07	)		0.45			-		-		-		11.76		0.72%		0.72%		4.52%		3.97%			560,060		102%
2016		10.41		0.47		0.43			0.90			-		-		-		11.31		0.71%		0.71%		4.34%		8.60%			316,412		102%

See Notes to Financial Statements See explanation of references on B-43

B-29

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
High Yield Bond
Class I
2021 (7)		$9.38		$0.24		$0.11			$0.35			$-		$-		$-		$9.73		0.63%		0.63%			5.02%		3.75%			$350,850		31%
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%
2017		7.47		0.39		0.19			0.58			-		-		-		8.05		0.63%		0.63%			5.02%		7.75%			324,869		46%
2016		6.47		0.38		0.62			1.00			-		-		-		7.47		0.64%		0.64%			5.47%		15.37%			320,486		54%
Class P
2021 (7)		10.30		0.27		0.13			0.40			-		-		-		10.70		0.43%		0.43%			5.22%		3.86%			997,316		31%
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%
2017		8.14		0.45		0.19			0.64			-		-		-		8.78		0.43%		0.43%			5.23%		7.96%			522,717		46%
2016		7.04		0.43		0.67			1.10			-		-		-		8.14		0.44%		0.44%			5.70%		15.59%			568,522		54%
Inflation Managed
Class I
2021 (7)		$12.50		$0.25		($0.03	)		$0.22			$-		$-		$-		$12.72		0.69%		0.69%	(8)		3.95%		1.80%			$305,075		75%
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%
2017		10.18		0.26		0.11			0.37			-		-		-		10.55		1.13%		1.13%			2.52%		3.68%			340,629		193%
2016		9.68		0.23		0.27			0.50			-		-		-		10.18		0.97%		0.97%			2.29%		5.12%			347,022		152%
Class P
2021 (7)		14.24		0.29		(0.02	)		0.27			-		-		-		14.51		0.49%		0.49%	(8)		4.17%		1.91%			216,503		75%
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%
2017		11.50		0.32		0.13			0.45			-		-		-		11.95		0.93%		0.93%			2.70%		3.89%			369,795		193%
2016		10.92		0.30		0.28			0.58			-		-		-		11.50		0.77%		0.77%			2.63%		5.33%			479,187		152%
Intermediate Bond
Class P
2021 (7)		$10.16		$0.06		($0.20	)		($0.14	)		$-		$-		$-		$10.02		0.43%		0.43%			1.13%		(1.38%	)		$1,300,085		96%
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
2021 (7)		$14.93		$0.12		($0.28	)		($0.16	)		$-		$-		$-		$14.77		0.64%		0.62%			1.71%		(1.09%	)		$894,103		197%
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%
2017		12.20		0.32		0.26			0.58			-		-		-		12.78		0.69%		0.69%			2.55%		4.72%			880,799		636%
2016		11.86		0.32		0.02			0.34			-		-		-		12.20		0.67%		0.67%			2.66%		2.87%			858,051		485%
Class P
2021 (7)		16.52		0.15		(0.31	)		(0.16	)		-		-		-		16.36		0.44%		0.42%			1.91%		(0.99%	)		1,952,963		197%
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%
2017		13.40		0.38		0.28			0.66			-		-		-		14.06		0.49%		0.49%			2.75%		4.93%			1,918,966		636%
2016		13.00		0.38		0.02			0.40			-		-		-		13.40		0.48%		0.48%			2.85%		3.08%			2,326,067		485%

See Notes to Financial Statements See explanation of references on B-43

B-30

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Short Duration Bond
Class I
2021 (7)		$10.75		$0.06		($0.04	)		$0.02			$-		$-		$-		$10.77		0.63%		0.63%		1.21%		0.15%			$524,256		42%
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%
2017		9.71		0.14		(0.01	)		0.13			-		-		-		9.84		0.63%		0.63%		1.38%		1.26%			481,572		52%
2016		9.55		0.11		0.05			0.16			-		-		-		9.71		0.63%		0.63%		1.15%		1.69%			419,185		112%
Class P
2021 (7)		11.22		0.08		(0.05	)		0.03			-		-		-		11.25		0.43%		0.43%		1.42%		0.25%			959,047		42%
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%
2017		10.06		0.16		(0.02	)		0.14			-		-		-		10.20		0.43%		0.43%		1.58%		1.46%			1,680,469		52%
2016		9.87		0.13		0.06			0.19			-		-		-		10.06		0.43%		0.43%		1.34%		1.89%			1,234,505		112%
Emerging Markets Debt
Class I
2021 (7)		$12.97		$0.26		($0.44	)		($0.18	)		$-		$-		$-		$12.79		1.07%		1.05%		4.17%		(1.43%	)		$89,266		21%
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%
2017		10.89		0.78		0.64			1.42			-		-		-		12.31		1.06%		1.06%		6.58%		13.09%			47,555		58%
2016		9.30		0.79		0.80			1.59			-		-		-		10.89		1.05%		1.05%		7.56%		17.02%			21,531		73%
Class P
2021 (7)		13.19		0.28		(0.45	)		(0.17	)		-		-		-		13.02		0.86%		0.84%		4.38%		(1.34%	)		493,123		21%
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%
2017		10.98		0.81		0.66			1.47			-		-		-		12.45		0.86%		0.86%		6.83%		13.32%			325,005		58%
2016		9.37		0.81		0.80			1.61			-		-		-		10.98		0.85%		0.85%		7.83%		17.25%			576,440		73%
Dividend Growth
Class I
2021 (7)		$29.32		$0.11		$3.53			$3.64			$-		$-		$-		$32.96		0.87%		0.87%		0.69%		12.42%			$587,343		7%
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%
2017		16.83		0.19		3.02			3.21			-		-		-		20.04		0.89%		0.89%		1.05%		19.07%			404,609		18%
2016		15.10		0.22		1.51			1.73			-		-		-		16.83		0.89%		0.89%		1.42%		11.46%			362,404		25%
Class P
2021 (7)		32.30		0.15		3.90			4.05			-		-		-		36.35		0.67%		0.67%		0.90%		12.53%			1,205,534		7%
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%
2017		18.40		0.25		3.30			3.55			-		-		-		21.95		0.69%		0.69%		1.25%		19.31%			438,657		18%
2016		16.47		0.28		1.65			1.93			-		-		-		18.40		0.70%		0.70%		1.62%		11.68%			461,980		25%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Equity Index
Class I
2021 (7)		$92.77		$0.58			$13.41			$13.99			$-		$-		$-		$106.76		0.27%		0.27%		1.18%			15.08%			$3,584,825		1%
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%
2017		51.77		1.00			10.12			11.12			-		-		-		62.89		0.28%		0.28%		1.74%			21.48%			2,223,044		4%
2016		46.39		0.93			4.45			5.38			-		-		-		51.77		0.28%		0.28%		1.93%			11.61%			1,654,721		8%
Class P
2021 (7)		96.20		0.71			13.90			14.61			-		-		-		110.81		0.07%		0.07%		1.40%			15.19%			567,942		1%
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%
2017		53.26		1.14			10.42			11.56			-		-		-		64.82		0.08%		0.08%		1.93%			21.72%			884,163		4%
2016		47.62		1.05			4.59			5.64			-		-		-		53.26		0.08%		0.08%		2.12%			11.83%			683,382		8%
Focused Growth
Class I
2021 (7)		$52.63		($0.15	)		$7.02			$6.87			$-		$-		$-		$59.50		0.94%		0.94%		(0.54%	)		13.05%			$328,078		20%
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%
2017		20.66		(0.04	)		6.14			6.10			-		-		-		26.76		0.97%		0.97%		(0.17%	)		29.50%			175,961		59%
2016		20.19		(0.03	)		0.50			0.47			-		-		-		20.66		0.98%		0.98%		(0.15%	)		2.35%			135,803		58%
Class P
2021 (7)		53.73		(0.09	)		7.16			7.07			-		-		-		60.80		0.74%		0.74%		(0.30%	)		13.17%			523,315		20%
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%
2017		20.92		0.01			6.21			6.22			-		-		-		27.14		0.76%		0.76%		0.04%			29.77%			23		59%
2016		20.39		0.01			0.52			0.53			-		-		-		20.92		0.76%		0.76%		0.07%			2.57%			18		58%
Growth
Class I
2021 (7)		$52.59		($0.10	)		$6.85			$6.75			$-		$-		$-		$59.34		0.78%		0.78%		(0.37%	)		12.85%			$921,015		8%
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%
2017		21.47		0.03			6.76			6.79			-		-		-		28.26		0.78%		0.78%		0.10%			31.64%			567,360		21%
2016		21.00		0.02			0.45			0.47			-		-		-		21.47		0.78%		0.78%		0.10%			2.21%			450,925		23%
Class P
2021 (7)		56.97		(0.05	)		7.44			7.39			-		-		-		64.36		0.58%		0.58%		(0.17%	)		12.96%			1,280,008		8%
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%
2017		23.07		0.08			7.28			7.36			-		-		-		30.43		0.58%		0.58%		0.30%			31.90%			627,046		21%
2016		22.53		0.07			0.47			0.54			-		-		-		23.07		0.58%		0.58%		0.29%			2.42%			528,725		23%
Hedged Equity
Class I
04/30/2021 - 06/30/2021 (7)		$10.00		$0.01			$0.13			$0.14			$-		$-		$-		$10.14		1.21%		0.90%		0.59%			1.54%			$26,121		6%
Class P
04/30/2021 - 06/30/2021 (7)		10.00		0.01			0.14			0.15			-		-		-		10.15		1.01%		0.70%		0.78%			1.58%			106		6%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Large-Cap Growth
Class I
2021 (7)		$20.49		($0.04	)		$2.66			$2.62			$-		$-		$-		$23.11		0.94%		0.89%		(0.41%	)		12.81%			$438,899		20%
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%
2017		8.21		(0.01	)		2.78			2.77			-		-		-		10.98		0.94%		0.90%		(0.12%	)		33.69%			231,786		48%
2016		8.17		(0.01	)		0.05			0.04			-		-		-		8.21		0.94%		0.90%		(0.12%	)		0.51%			174,148		85%
Class P
2021 (7)		24.21		(0.02	)		3.15			3.13			-		-		-		27.34		0.74%		0.69%		(0.20%	)		12.92%			810,145		20%
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%
2017		9.63		0.01			3.26			3.27			-		-		-		12.90		0.74%		0.70%		0.07%			33.96%			628,397		48%
2016		9.56		0.01			0.06			0.07			-		-		-		9.63		0.74%		0.70%		0.08%			0.71%			768,176		85%
Large-Cap Value
Class I
2021 (7)		$27.28		$0.15			$4.72			$4.87			$-		$-		$-		$32.15		0.83%		0.83%		1.01%			17.89%			$442,422		13%
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%
2017		19.41		0.26			2.45			2.71			-		-		-		22.12		0.82%		0.82%		1.26%			13.95%			391,088		10%
2016		17.20		0.26			1.95			2.21			-		-		-		19.41		0.83%		0.83%		1.48%			12.87%			371,901		12%
Class P
2021 (7)		30.05		0.20			5.21			5.41			-		-		-		35.46		0.63%		0.63%		1.25%			18.00%			882,366		13%
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%
2017		21.22		0.33			2.68			3.01			-		-		-		24.23		0.62%		0.62%		1.46%			14.17%			1,691,444		10%
2016		18.76		0.33			2.13			2.46			-		-		-		21.22		0.63%		0.63%		1.69%			13.09%			1,671,640		12%
Main Street Core
Class I
2021 (7)		$53.74		$0.28			$8.44			$8.72			$-		$-		$-		$62.46		0.68%		0.68%		0.98%			16.22%			$684,776		18%
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%
2017		33.05		0.47			5.18			5.65			-		-		-		38.70		0.68%		0.68%		1.30%			17.08%			590,847		37%
2016		29.56		0.46			3.03			3.49			-		-		-		33.05		0.68%		0.68%		1.51%			11.83%			565,181		29%
Class P
2021 (7)		60.05		0.41			9.40			9.81			-		-		-		69.86		0.48%		0.48%		1.29%			16.33%			405,850		18%
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%
2017		36.64		0.60			5.74			6.34			-		-		-		42.98		0.48%		0.48%		1.50%			17.32%			776,979		37%
2016		32.70		0.57			3.37			3.94			-		-		-		36.64		0.48%		0.48%		1.69%			12.05%			736,645		29%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Mid-Cap Equity
Class I
2021 (7)		$29.36		$0.03			$3.72			$3.75			$-		$-		$-		$33.11		0.88%		0.88%		0.18%			12.75%			$448,775		72%
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%
2017		16.98		0.09			4.04			4.13			-		-		-		21.11		0.88%		0.88%		0.46%			24.27%			369,225		74%
2016		14.34		0.14			2.50			2.64			-		-		-		16.98		0.88%		0.88%		0.95%			18.42%			327,162		133%
Class P
2021 (7)		36.32		0.07			4.60			4.67			-		-		-		40.99		0.68%		0.68%		0.37%			12.86%			368,200		72%
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%
2017		20.84		0.15			4.96			5.11			-		-		-		25.95		0.68%		0.68%		0.65%			24.52%			490,130		74%
2016		17.56		0.20			3.08			3.28			-		-		-		20.84		0.68%		0.68%		1.10%			18.66%			753,255		133%
Mid-Cap Growth
Class I
2021 (7)		$27.47		($0.08	)		$3.21			$3.13			$-		$-		$-		$30.60		0.93%		0.90%		(0.55%	)		11.37%			$496,880		21%
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%
2017		10.35		-	(9)		2.84			2.84			-		-		-		13.19		0.93%		0.90%		0.03%			27.49%			290,867		25%
2016		9.74		0.03			0.58			0.61			-		-		-		10.35		0.93%		0.90%		0.26%			6.27%			231,917		26%
Class P
2021 (7)		30.23		(0.06	)		3.53			3.47			-		-		-		33.70		0.73%		0.70%		(0.36%	)		11.49%			784,140		21%
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%
2017		11.30		0.02			3.11			3.13			-		-		-		14.43		0.73%		0.71%		0.20%			27.74%			137,708		25%
2016		10.61		0.05			0.64			0.69			-		-		-		11.30		0.73%		0.70%		0.42%			6.48%			198,792		26%
Mid-Cap Value
Class I
2021 (7)		$21.58		$0.07			$4.23			$4.30			$-		$-		$-		$25.88		0.93%		0.93%		0.54%			19.94%			$144,834		12%
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%
2017		16.00		0.10			2.37			2.47			-		-		-		18.47		0.91%		0.91%		0.56%			15.46%			116,569		57%
2016		13.88		0.15			1.97			2.12			-		-		-		16.00		0.92%		0.92%		1.07%			15.29%			101,566		50%
Class P
2021 (7)		32.03		0.13			6.30			6.43			-		-		-		38.46		0.73%		0.73%		0.73%			20.06%			706,222		12%
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%
2017		23.56		0.19			3.51			3.70			-		-		-		27.26		0.71%		0.71%		0.76%			15.69%			1,691,696		57%
2016		20.39		0.27			2.90			3.17			-		-		-		23.56		0.72%		0.72%		1.27%			15.52%			1,452,622		50%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Small-Cap Equity
Class I
2021 (7)		$23.89		$0.11			$5.47			$5.58			$-		$-		$-		$29.47		1.00%		0.90%		0.76%			23.38%			$121,680		37%
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%
2017		19.31		0.20			1.48			1.68			-		-		-		20.99		1.01%		0.91%		1.03%			8.72%			94,677		28%
2016		14.80		0.17			4.34			4.51			-		-		-		19.31		0.99%		0.89%		1.04%			30.42%			91,309		28%
Class P
2021 (7)		31.27		0.17			7.18			7.35			-		-		-		38.62		0.80%		0.70%		0.88%			23.50%			360,506		37%
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%
2017		25.07		0.31			1.93			2.24			-		-		-		27.31		0.81%		0.71%		1.22%			8.94%			427,221		28%
2016		19.19		0.25			5.63			5.88			-		-		-		25.07		0.79%		0.69%		1.22%			30.68%			502,686		28%
Small-Cap Growth
Class I
2021 (7)		$32.88		($0.08	)		$3.07			$2.99			$-		$-		$-		$35.87		0.84%		0.84%		(0.46%	)		8.87%			$217,634		40%
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%
2017		11.66		(0.06	)		3.58			3.52			-		-		-		15.18		0.83%		0.83%		(0.44%	)		30.21%			128,927		97%
2016		11.95		(0.03	)		(0.26	)		(0.29	)		-		-		-		11.66		0.83%		0.83%		(0.28%	)		(2.46%	)		112,101		190%
Class P
2021 (7)		38.91		(0.05	)		3.63			3.58			-		-		-		42.49		0.64%		0.64%		(0.26%	)		8.98%			87,862		40%
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%
2017		13.69		(0.04	)		4.21			4.17			-		-		-		17.86		0.64%		0.64%		(0.24%	)		30.47%			118,183		97%
2016		14.01		(0.02	)		(0.30	)		(0.32	)		-		-		-		13.69		0.63%		0.63%		(0.19%	)		(2.27%	)		124,319		190%
Small-Cap Index
Class I
2021 (7)		$30.84		$0.08			$5.25			$5.33			$-		$-		$-		$36.17		0.54%		0.54%		0.46%			17.27%			$686,748		15%
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%
2017		20.56		0.19			2.70			2.89			-		-		-		23.45		0.56%		0.56%		0.88%			14.06%			527,673		11%
2016		17.04		0.20			3.32			3.52			-		-		-		20.56		0.53%		0.53%		1.11%			20.66%			480,651		18%
Class P
2021 (7)		31.37		0.11			5.35			5.46			-		-		-		36.83		0.34%		0.34%		0.65%			17.38%			188,435		15%
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%
2017		20.75		0.22			2.74			2.96			-		-		-		23.71		0.37%		0.37%		1.04%			14.29%			362,997		11%
2016		17.16		0.24			3.35			3.59			-		-		-		20.75		0.33%		0.33%		1.33%			20.90%			703,619		18%

See Notes to Financial Statements See explanation of references on B-43

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Small-Cap Value
Class I
2021 (7)		$22.73		$0.05		$6.66			$6.71			$-		$-		$-		$29.44		0.98%		0.98%		0.34%		29.53%			$269,389		36%
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%
2017		19.71		0.04		1.66			1.70			-		-		-		21.41		0.98%		0.98%		0.18%		8.65%			231,864		45%
2016		15.21		0.03		4.47			4.50			-		-		-		19.71		0.98%		0.98%		0.21%		29.60%			234,182		64%
Class P
2021 (7)		27.78		0.09		8.15			8.24			-		-		-		36.02		0.78%		0.78%		0.51%		29.65%			358,046		36%
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%
2017		23.90		0.09		2.03			2.12			-		-		-		26.02		0.78%		0.78%		0.39%		8.87%			455,577		45%
2016		18.40		0.08		5.42			5.50			-		-		-		23.90		0.78%		0.78%		0.41%		29.85%			420,665		64%
Value
Class I
2021 (7)		$16.09		$0.14		$2.06			$2.20			$-		$-		$-		$18.29		0.94%		0.86%		1.65%		13.72%			$258,841		29%
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%
2017		13.43		0.19		2.19			2.38			-		-		-		15.81		0.94%		0.92%		1.33%		17.76%			280,712		13%
2016		11.43		0.24		1.76			2.00			-		-		-		13.43		0.94%		0.93%		2.07%		17.50%			267,692		16%
Class P
2021 (7)		18.47		0.19		2.36			2.55			-		-		-		21.02		0.74%		0.66%		1.85%		13.83%			909,632		29%
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%
2017		15.30		0.25		2.50			2.75			-		-		-		18.05		0.74%		0.73%		1.54%		18.00%			735,493		13%
2016		12.99		0.30		2.01			2.31			-		-		-		15.30		0.74%		0.73%		2.31%		17.73%			823,679		16%
Value Advantage
Class I
2021 (7)		$18.99		$0.13		$3.95			$4.08			$-		$-		$-		$23.07		0.89%		0.89%		1.18%		21.44%			$92,133		15%
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%
2017		14.80		0.21		1.91			2.12			-		-		-		16.92		0.89%		0.88%		1.34%		14.32%			34,916		25%
2016		12.71		0.19		1.90			2.09			-		-		-		14.80		0.89%		0.89%		1.44%		16.49%			28,573		28%
Class P
2021 (7)		19.29		0.15		4.01			4.16			-		-		-		23.45		0.69%		0.69%		1.40%		21.56%			951,933		15%
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%
2017		14.91		0.24		1.93			2.17			-		-		-		17.08		0.69%		0.68%		1.55%		14.55%			1,285,850		25%
2016		12.78		0.22		1.91			2.13			-		-		-		14.91		0.69%		0.69%		1.65%		16.72%			1,216,120		28%

See Notes to Financial Statements See explanation of references on B-43

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Emerging Markets
Class I
2021 (7)		$24.13		$0.05		$1.19			$1.24			$-		$-		$-		$25.37		1.05%		1.05%		0.39%		5.11%			$487,813		23%
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%
2017		13.83		0.08		4.70			4.78			-		-		-		18.61		1.06%		1.06%		0.50%		34.52%			447,624		37%
2016		12.99		0.08		0.76			0.84			-		-		-		13.83		1.07%		1.07%		0.57%		6.46%			337,690		33%
Class P
2021 (7)		25.09		0.07		1.24			1.31			-		-		-		26.40		0.85%		0.85%		0.58%		5.22%			1,075,387		23%
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%
2017		14.27		0.12		4.84			4.96			-		-		-		19.23		0.86%		0.86%		0.72%		34.78%			1,672,893		37%
2016		13.37		0.11		0.79			0.90			-		-		-		14.27		0.87%		0.87%		0.79%		6.68%			1,498,659		33%
International Large-Cap
Class I
2021 (7)		$12.00		$0.13		$0.83			$0.96			$-		$-		$-		$12.96		1.00%		0.97%		2.05%		7.97%			$664,369		5%
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%
2017		7.53		0.11		1.96			2.07			-		-		-		9.60		1.00%		1.00%		1.30%		27.51%			571,592		10%
2016		7.53		0.10		(0.10	)		-	(9)		-		-		-		7.53		1.00%		1.00%		1.42%		(0.08%	)		499,395		17%
Class P
2021 (7)		12.96		0.15		0.89			1.04			-		-		-		14.00		0.80%		0.77%		2.24%		8.08%			1,044,886		5%
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%
2017		8.06		0.16		2.08			2.24			-		-		-		10.30		0.80%		0.80%		1.68%		27.76%			1,115,876		10%
2016		8.05		0.14		(0.13	)		0.01			-		-		-		8.06		0.80%		0.80%		1.75%		0.12%			1,406,106		17%
International Small-Cap
Class I
2021 (7)		$11.66		$0.12		$1.62			$1.74			$-		$-		$-		$13.40		1.11%		1.11%		1.87%		14.93%			$97,182		18%
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%
2017		8.73		0.12		2.66			2.78			-		-		-		11.51		1.09%		1.09%		1.15%		31.92%			91,245		49%
2016		8.44		0.10		0.19			0.29			-		-		-		8.73		1.09%		1.08%		1.16%		3.42%			74,989		51%
Class P
2021 (7)		16.14		0.18		2.25			2.43			-		-		-		18.57		0.91%		0.91%		2.02%		15.04%			178,359		18%
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%
2017		11.98		0.20		3.65			3.85			-		-		-		15.83		0.89%		0.89%		1.46%		32.18%			905,098		49%
2016		11.56		0.17		0.25			0.42			-		-		-		11.98		0.89%		0.88%		1.48%		3.63%			1,079,140		51%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
International Value
Class I
2021 (7)		$11.85		$0.19			$1.87			$2.06			$-		$-		$-		$13.91		0.89%		0.89%		2.85%			17.35%			$310,106		20%
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%
2017		10.59		0.35			1.93			2.28			-		-		-		12.87		0.90%		0.90%		2.95%			21.57%			303,692		108%
2016		10.28		0.24			0.07			0.31			-		-		-		10.59		0.90%		0.90%		2.45%			2.98%			266,742		59%
Class P
2021 (7)		13.33		0.20			2.13			2.33			-		-		-		15.66		0.69%		0.69%		2.76%			17.47%			855,306		20%
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%
2017		11.82		0.42			2.15			2.57			-		-		-		14.39		0.70%		0.70%		3.15%			21.81%			1,118,795		108%
2016		11.45		0.29			0.08			0.37			-		-		-		11.82		0.70%		0.70%		2.60%			3.18%			793,592		59%
Health Sciences
Class I
2021 (7)		$57.60		$0.01			$4.35			$4.36			$-		$-		$-		$61.96		1.13%		1.13%		0.04%			7.58%			$481,809		17%
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%
2017		28.82		0.01			6.90			6.91			-		-		-		35.73		1.13%		1.13%		0.03%			23.97%			382,294		37%
2016		30.65		0.02			(1.85	)		(1.83	)		-		-		-		28.82		1.13%		1.13%		0.08%			(5.97%	)		318,388		48%
Class P
2021 (7)		63.36		0.08			4.79			4.87			-		-		-		68.23		0.93%		0.93%		0.26%			7.68%			786		17%
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%
2017		31.44		0.09			7.53			7.62			-		-		-		39.06		0.91%		0.91%		0.24%			24.23%			30		37%
2016		33.37		0.09			(2.02	)		(1.93	)		-		-		-		31.44		0.92%		0.92%		0.29%			(5.77%	)		24		48%
Real Estate
Class I
2021 (7)		$28.46		($0.09	)		$5.86			$5.77			$-		$-		$-		$34.23		1.07%		0.98%		(0.56%	)		20.25%			$275,991		12%
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%
2017		23.46		0.01			0.75			0.76			-		-		-		24.22		1.06%		1.06%		0.06%			3.24%			285,963		44%
2016		22.01		0.59			0.86			1.45			-		-		-		23.46		1.06%		1.06%		2.59%			6.59%			313,208		21%
Class P
2021 (7)		29.81		(0.05	)		6.12			6.07			-		-		-		35.88		0.87%		0.78%		(0.30%	)		20.36%			229,889		12%
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%
2017		24.38		(0.08	)		0.92			0.84			-		-		-		25.22		0.86%		0.86%		(0.33%	)		3.44%			249,186		44%
2016		22.82		0.64			0.92			1.56			-		-		-		24.38		0.86%		0.86%		2.69%			6.80%			370,544		21%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Technology
Class I
2021 (7)		$14.52		($0.06	)		$1.72			$1.66			$-		$-		$-		$16.18		1.14%		1.14%		(0.76%	)		11.32%			$303,593		22%
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%
2017		5.12		(0.03	)		2.02			1.99			-		-		-		7.11		1.14%		1.14%		(0.54%	)		38.78%			134,386		31%
2016		5.48		(0.03	)		(0.33	)		(0.36	)		-		-		-		5.12		1.16%		1.16%		(0.53%	)		(6.61%	)		87,182		104%
Class P
2021 (7)		18.45		(0.06	)		2.19			2.13			-		-		-		20.58		0.93%		0.93%		(0.58%	)		11.43%			831		22%
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%
2017		6.45		(0.03	)		2.55			2.52			-		-		-		8.97		0.92%		0.92%		(0.33%	)		39.08%			16		31%
2016		6.89		(0.02	)		(0.42	)		(0.44	)		-		-		-		6.45		0.94%		0.94%		(0.32%	)		(6.41%	)		12		104%
ESG Diversified
Class I
04/30/2021 - 06/30/2021 (7)		$10.00		$-	(9)		$0.20			$0.20			$-		$-		$-		$10.20		0.95%		0.50%		0.05%			1.98%			$12,404		0%	(10)
Class P
04/30/2021 - 06/30/2021 (7)		10.00		-	(9)		0.20			0.20			-		-		-		10.20		0.75%		0.30%		0.24%			2.01%			102		0%	(10)
PSF DFA Balanced Allocation
Class D
2021 (7)		$15.04		$0.09			$1.12			$1.21			$-		$-		$-		$16.25		0.48%		0.48%		1.16%			8.03%			$359,514		14%
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%
2017		10.57		0.30			1.07			1.37			-		-		-		11.94		0.59%		0.55%		2.65%			12.98%			102,404		16%
04/29/2016 - 12/31/2016		10.00		0.24			0.33			0.57			-		-		-		10.57		0.85%		0.55%		3.50%			5.72%			33,115		30%
Class P
2021 (7)		15.09		0.13			1.10			1.23			-		-		-		16.32		0.23%		0.23%		1.71%			8.17%			234		14%
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%
Pacific Dynamix-Conservative Growth
Class I
2021 (7)		$19.49		($0.04	)		$0.98			$0.94			$-		$-		$-		$20.43		0.42%		0.37%		(0.38%	)		4.80%			$650,616		10%
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%
2017		14.23		(0.06	)		1.47			1.41			-		-		-		15.64		0.42%		0.37%		(0.37%	)		9.94%			554,361		11%
2016		13.32		(0.05	)		0.96			0.91			-		-		-		14.23		0.42%		0.37%		(0.37%	)		6.84%			522,146		8%
Class P
2021 (7)		19.53		(0.02	)		0.98			0.96			-		-		-		20.49		0.22%		0.17%		(0.17%	)		4.91%			1,334		10%
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%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Pacific Dynamix-Moderate Growth
Class I
2021 (7)		$25.21		($0.05	)		$2.00			$1.95			$-		$-		$-		$27.16		0.42%		0.37%		(0.38%	)		7.75%			$2,905,656		11%
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%
2017		17.21		(0.07	)		2.44			2.37			-		-		-		19.58		0.41%		0.36%		(0.36%	)		13.79%			2,413,720		6%
2016		15.87		(0.06	)		1.40			1.34			-		-		-		17.21		0.42%		0.37%		(0.37%	)		8.45%			2,022,205		5%
Class P
2021 (7)		25.27		(0.02	)		2.00			1.98			-		-		-		27.25		0.22%		0.17%		(0.17%	)		7.86%			5,888		11%
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
2021 (7)		$28.85		($0.06	)		$3.02			$2.96			$-		$-		$-		$31.81		0.42%		0.37%		(0.37%	)		10.28%			$1,554,995		10%
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%
2017		18.60		(0.07	)		3.33			3.26			-		-		-		21.86		0.42%		0.36%		(0.36%	)		17.52%			772,806		13%
2016		16.88		(0.06	)		1.78			1.72			-		-		-		18.60		0.42%		0.37%		(0.37%	)		10.17%			624,976		10%
Class P
2021 (7)		28.91		(0.03	)		3.04			3.01			-		-		-		31.92		0.22%		0.17%		(0.17%	)		10.40%			7,652		10%
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
2021 (7)		$14.99		($0.02	)		$0.25			$0.23			$-		$-		$-		$15.22		0.32%		0.32%		(0.32%	)		1.53%			$1,569,178		9%
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%
2017		11.93		(0.04	)		0.92			0.88			-		-		-		12.81		0.32%		0.32%		(0.31%	)		7.37%			1,819,223		11%
2016		11.28		(0.04	)		0.69			0.65			-		-		-		11.93		0.32%		0.32%		(0.32%	)		5.83%			2,019,885		29%
Class P
2021 (7)		15.02		(0.01	)		0.26			0.25			-		-		-		15.27		0.12%		0.12%		(0.12%	)		1.63%			181		9%
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%
Portfolio Optimization Moderate-Conservative
Class I
2021 (7)		$16.73		($0.03	)		$0.79			$0.76			$-		$-		$-		$17.49		0.32%		0.32%		(0.32%	)		4.50%			$2,322,974		12%
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%
2017		12.54		(0.04	)		1.39			1.35			-		-		-		13.89		0.31%		0.31%		(0.31%	)		10.79%			3,012,199		9%
2016		11.74		(0.04	)		0.84			0.80			-		-		-		12.54		0.32%		0.32%		(0.32%	)		6.78%			3,501,918		16%
Class P
2021 (7)		16.77		(0.01	)		0.79			0.78			-		-		-		17.55		0.12%		0.12%		(0.12%	)		4.60%			308		12%
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%

See Notes to Financial Statements See explanation of references on B-43

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)			Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
Portfolio Optimization Moderate
Class I
2021 (7)		$18.40		($0.03	)		$1.21			$1.18			$-		$-		$-		$19.58		0.32%		0.32%		(0.32%	)		6.45%			$9,852,691		11%
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%
2017		13.13		(0.04	)		1.77			1.73			-		-		-		14.86		0.31%		0.31%		(0.31%	)		13.22%			12,153,581		9%
2016		12.14		(0.04	)		1.03			0.99			-		-		-		13.13		0.32%		0.32%		(0.32%	)		8.08%			12,248,929		14%
Class P
2021 (7)		18.44		(0.01	)		1.22			1.21			-		-		-		19.65		0.12%		0.12%		(0.12%	)		6.55%			1,651		11%
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
2021 (7)		$19.99		($0.03	)		$1.89			$1.86			$-		$-		$-		$21.85		0.32%		0.32%		(0.32%	)		9.30%			$8,878,330		11%
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%
2017		13.64		(0.05	)		2.29			2.24			-		-		-		15.88		0.31%		0.31%		(0.31%	)		16.38%			10,373,218		12%
2016		12.54		(0.04	)		1.14			1.10			-		-		-		13.64		0.32%		0.32%		(0.32%	)		8.81%			10,222,380		17%
Class P
2021 (7)		20.03		(0.01	)		1.90			1.89			-		-		-		21.92		0.12%		0.12%		(0.12%	)		9.41%			2,358		11%
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
2021 (7)		$20.65		($0.03	)		$2.38			$2.35			$-		$-		$-		$23.00		0.32%		0.32%		(0.32%	)		11.37%			$2,070,331		12%
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%
2017		13.81		(0.05	)		2.62			2.57			-		-		-		16.38		0.31%		0.31%		(0.31%	)		18.60%			2,314,010		14%
2016		12.63		(0.04	)		1.22			1.18			-		-		-		13.81		0.32%		0.32%		(0.32%	)		9.33%			2,222,199		11%
Class P
2021 (7)		20.70		(0.01	)		2.39			2.38			-		-		-		23.08		0.12%		0.12%		(0.12%	)		11.48%			906		12%
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%
PD 1-3 Year Corporate Bond
Class P
2021 (7)		$11.39		$0.07			($0.05	)		$0.02			$-		$-		$-		$11.41		0.22%		0.22%		1.18%			0.11%			$223,679		27%
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%
2017		10.25		0.17			(0.01	)		0.16			-		-		-		10.41		0.23%		0.23%		1.68%			1.50%			212,208		57%
2016		10.07		0.15			0.03			0.18			-		-		-		10.25		0.23%		0.23%		1.47%			1.80%			175,231		57%

See Notes to Financial Statements See explanation of references on B-43

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PD Aggregate Bond Index
Class P
2021 (7)		$14.21		$0.11		($0.35	)		($0.24	)		$-		$-		$-		$13.97		0.19%		0.19%		1.60%		(1.67%	)		$1,109,212		45%
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%
2017		11.85		0.28		0.12			0.40			-		-		-		12.25		0.20%		0.20%		2.32%		3.37%			1,028,214		55%
2016		11.58		0.26		0.01			0.27			-		-		-		11.85		0.20%		0.20%		2.18%		2.34%			868,896		52%
PD High Yield Bond Market
Class P
2021 (7)		$18.12		$0.49		$0.17			$0.66			$-		$-		$-		$18.78		0.22%		0.22%		5.35%		3.65%			$517,591		13%
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%
2017		14.25		0.85		0.14			0.99			-		-		-		15.24		0.32%		0.32%		5.68%		6.93%			191,452		26%
2016		12.20		0.80		1.25			2.05			-		-		-		14.25		0.34%		0.34%		6.06%		16.79%			156,806		23%
PD Large-Cap Growth Index
Class P
2021 (7)		$64.56		$0.20		$8.12			$8.32			$-		$-		$-		$72.88		0.17%		0.17%		0.61%		12.88%			$711,517		18%
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%
2017		26.90		0.39		7.65			8.04			-		-		-		34.94		0.18%		0.18%		1.25%		29.90%			615,085		20%
2016		25.16		0.37		1.37			1.74			-		-		-		26.90		0.17%		0.17%		1.46%		6.91%			470,206		16%
PD Large-Cap Value Index
Class P
2021 (7)		$34.69		$0.36		$5.54			$5.90			$-		$-		$-		$40.59		0.17%		0.17%		1.88%		16.99%			$729,164		15%
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%
2017		25.63		0.62		2.83			3.45			-		-		-		29.08		0.18%		0.18%		2.31%		13.48%			693,741		18%
2016		21.90		0.59		3.14			3.73			-		-		-		25.63		0.16%		0.16%		2.55%		17.00%			564,780		25%
PD Mid-Cap Index
Class P
2021 (7)		$11.24		$0.07		$1.75			$1.82			$-		$-		$-		$13.06		0.17%		0.17%		1.15%		16.14%			$570,235		12%
10/23/2020 - 12/31/2020		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
2021 (7)		$45.98		$0.05		$4.08			$4.13			$-		$-		$-		$50.11		0.22%		0.22%		0.22%		8.97%			$141,951		54%
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%
2017		24.11		0.16		5.13			5.29			-		-		-		29.40		0.23%		0.23%		0.62%		21.95%			113,300		33%
2016		21.67		0.18		2.26			2.44			-		-		-		24.11		0.20%		0.20%		0.81%		11.27%			137,759		40%

See Notes to Financial Statements See explanation of references on B-43

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)		Total Returns (6)			Net Assets, End of Year or Period (in thousands)		Portfolio Turnover Rates
PD Small-Cap Value Index
Class P
2021 (7)		$28.49		$0.24		$7.32			$7.56			$-		$-		$-		$36.05		0.20%		0.20%		1.37%		26.53%			$202,912		52%
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%
2017		23.76		0.44		1.36			1.80			-		-		-		25.56		0.21%		0.21%		1.83%		7.59%			194,343		37%
2016		18.09		0.42		5.25			5.67			-		-		-		23.76		0.19%		0.19%		2.13%		31.35%			227,623		35%
PD Emerging Markets Index
Class P
2021 (7)		$21.15		$0.21		$1.83			$2.04			$-		$-		$-		$23.19		0.50%		0.42%		1.85%		9.61%			$290,647		42%
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%
2017		13.65		0.28		4.70			4.98			-		-		-		18.63		0.53%		0.53%		1.70%		36.49%			210,750		13%
2016		12.20		0.24		1.21			1.45			-		-		-		13.65		0.58%		0.58%		1.78%		11.93%			127,550		13%
PD International Large-Cap Index
Class P
2021 (7)		$21.72		$0.37		$2.02			$2.39			$-		$-		$-		$24.11		0.26%		0.24%		3.19%		11.00%			$630,483		50%
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%
2017		15.41		0.45		3.42			3.87			-		-		-		19.28		0.26%		0.26%		2.59%		25.07%			482,781		10%
2016		14.94		0.42		0.05			0.47			-		-		-		15.41		0.26%		0.26%		2.83%		3.14%			441,188		6%

(1) Per share amounts have been calculated using the average shares method.

(2) For Funds or classes that commenced operations after January 1, 2016, 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, PSF DFA Balanced Allocation, Pacific Dynamix, and Portfolio Optimization 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, 2021.

(8) The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the period ended June 30, 2021 are as follows:

Portfolio	Class I		Class P
Inflation Managed		0.66%		0.46%

(9) Reflects an amount rounding to less than $0.01 per share or 0.01%.

(10) The portfolio turnover rate for ESG Diversified Portfolio reflects an amount rounding to less than 1% for the period ended June 30, 2021.

See Notes to Financial Statements

B-43

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, 2021, the Trust was comprised of the following fifty-three separate funds, (each individually a “Fund”, and collectively the “Funds”):

Core Income Portfolio (1)	Mid-Cap Growth Portfolio (1)	Pacific Dynamix — Moderate Growth Portfolio (2)
Diversified Bond Portfolio (1)	Mid-Cap Value Portfolio (1)	Pacific Dynamix — Growth Portfolio (2)
Floating Rate Income Portfolio (1)	Small-Cap Equity Portfolio (1)	Portfolio Optimization Conservative Portfolio (3)
High Yield Bond Portfolio (1)	Small-Cap Growth Portfolio (1)	Portfolio Optimization Moderate-Conservative  Portfolio (3)
Inflation Managed Portfolio (1)	Small-Cap Index Portfolio (1)	Portfolio Optimization Moderate Portfolio (3)
Intermediate Bond Portfolio (1)	Small-Cap Value Portfolio (1)	Portfolio Optimization Growth Portfolio (3)
Managed Bond Portfolio (1)	Value Portfolio (1)	Portfolio Optimization Aggressive-Growth Portfolio (3)
Short Duration Bond Portfolio (1)	Value Advantage Portfolio (1)	PD 1-3 Year Corporate Bond Portfolio (4)
Emerging Markets Debt Portfolio (1)	Emerging Markets Portfolio (1)	PD Aggregate Bond Index Portfolio (4)
Dividend Growth Portfolio (1)	International Large-Cap Portfolio (1)	PD High Yield Bond Market Portfolio (4)
Equity Index Portfolio (1)	International Small-Cap Portfolio (1)	PD Large-Cap Growth Index Portfolio (4)
Focused Growth Portfolio (1)	International Value Portfolio (1)	PD Large-Cap Value Index Portfolio (4)
Growth Portfolio (1)	Health Sciences Portfolio	PD Mid-Cap Index Portfolio (4)
Hedged Equity Portfolio	Real Estate Portfolio (1)	PD Small-Cap Growth Index Portfolio (4)
Large-Cap Growth Portfolio (1)	Technology Portfolio	PD Small-Cap Value Index Portfolio (4)
Large-Cap Value Portfolio (1)	ESG Diversified Portfolio	PD Emerging Markets Index Portfolio (formerly named PD Emerging Markets Portfolio) (4)
Main Street® Core Portfolio (1)	PSF DFA Balanced Allocation Portfolio	PD International Large-Cap Index  Portfolio (formerly named PD International Large-Cap Portfolio) (4)
Mid-Cap Equity Portfolio (1)	Pacific Dynamix — Conservative Growth Portfolio (2)

(1) These Funds are collectively known as the “Underlying Funds”

(2) These Funds are collectively known as the “Pacific Dynamix Portfolios”

(3) These Funds are collectively known as the “Portfolio Optimization Portfolios”

(4) 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 DFA Balanced Allocation Portfolio and the Pacific Dynamix Underlying Funds — offers both Class I and Class P shares. The PSF DFA 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 Diversified Portfolio and the PSF DFA 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 Diversified Portfolio invests its assets in a variety of eligible affiliated and unaffiliated 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 Calvert Research and Management, Fidelity Management & Research Company, and Pacific Funds Series Trust, and are not funds of the Trust. Calvert Research and Management and Fidelity Management & Research Company are not affiliated with the Trust, the Distributor or the Investment Adviser. Pacific Funds Series Trust (“Pacific Funds”) is affiliated with the Trust, the Distributor and the Investment Adviser.

The PSF DFA Balanced Allocation Portfolio invests its assets in a variety of eligible third-party mutual funds and/or variable insurance trusts (the “DFA Underlying Funds”) which, in turn, invest in U.S. and foreign equity and debt instruments. The DFA Underlying Funds are offered by Dimensional Investment Group Inc. and/or DFA Investment Dimensions Group Inc., as managed by Dimensional Fund Advisors LP, and are not funds of the Trust. Dimensional Investment Group Inc. and DFA Investment Dimensions Group, Inc. 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.

Main Street is a registered trademark of Invesco Advisers, Inc., or one of its affiliates.

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, 2021.

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 PRONOUNCEMENT

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 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, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value each Fund’s investments.

C-2

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 Board.

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 Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine 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, option contracts, and swap agreements 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. Exchange traded futures contracts, option contracts, and swap agreements for which no approved pricing services are available, are generally valued using the settlement price determined by the relevant exchange.

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 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.

C-3

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

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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 a Valuation Committee

The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available, if there is a trading halt for individual holdings, or if there is an unscheduled market closure (e.g., in the event of a natural disaster, strikes, news of significant governmental actions, regulatory trading halts, system failures, terrorist threats or activities, or armed conflict, etc.). In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, 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 market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC, or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or 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.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.

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 Board (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, 2021, 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

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sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Mortgage-Backed 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

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rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps – Credit default swaps 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 outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. Details of any unfunded loan commitments are disclosed in the Notes to Schedules of Investments.

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 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.

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 declared a global pandemic by the World Health Organization in March 2020. COVID-19 has 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 COVID-19 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.

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LIBOR Transition Risk

Certain investments in which a Fund invests may rely in some manner on the London Interbank Offered Rate (“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 the ICE Benchmark Administration (“IBA”). 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. More recently, the IBA announced it will cease publication of U.S. dollar (“USD”) LIBOR for the most common tenors (overnight and one, three, six and twelve months) as of June 30, 2023, and it will cease publication of USD LIBOR for the less commonly used tenors of one week and two months as well as all tenors of non-USD LIBOR as of December 31, 2021.

There remains uncertainty regarding the transition to, and nature of, any selected replacement rates. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s investments and result in costs incurred in connection with closing out positions that reference LIBOR and entering into new trades referencing alternative rates. 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.

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.

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 Diversified Portfolio is exposed to the same risks as the ESG Underlying Funds in direct proportion to the allocation of its 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 Diversified Portfolio 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 it to underperform other mutual funds with a similar investment objective. The ESG Diversified Portfolio 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 DFA Balanced Allocation Portfolio is exposed to the same risks as the DFA Underlying Funds in direct proportion to the allocation of its assets among the DFA Underlying Funds. Allocations among the DFA 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 DFA 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 DFA Underlying Funds may cause it to underperform other mutual funds with a similar investment objective. The PSF DFA Balanced Allocation Portfolio may invest in any or all of the DFA Underlying Funds, but will not necessarily be invested in every DFA 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 or 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

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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 historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential 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 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 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 (including China); 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.

The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit,” whose transition formally began on January 31, 2020 and was finalized on December 31, 2020. Following the transition period, there is likely to be considerable uncertainty as to the United Kingdom’s post-transition framework, and in particular as to the arrangements which will apply to the United Kingdom’s relationships with the EU and with other countries. 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 expulsed 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 are not known but could have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.

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 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.

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(Unaudited)

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. 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, 2021, 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.

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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.

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. The terms of a repurchase agreement entered into for the purposes of selling a security short may provide that the cash purchase price paid by a Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, a Fund normally will have used the collateral received to settle the short sale, a Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under 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. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks 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

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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.

In the accompanying statements of changes in net assets for the year ended December 31, 2020, net realized gain (loss) and change in net unrealized appreciation (depreciation) have been restated from amounts previously reported due to corrections to sale-buyback financing transactions for the Inflation Managed and Managed Bond Portfolios.

	As Previously Reported for the Year Ended December 31, 2020			Sale-buyback adjustment			As Restated for the Year Ended December 31, 2020
Inflation Managed
Net investment income (loss)		$4,855,396			$-			$4,855,396
Net realized gain (loss)		27,590,426			(29,371,684	)		(1,781,258	)
Change in net unrealized appreciation (depreciation)		17,295,757			29,371,684			46,667,441
Net Increase (Decrease) in Net Assets Resulting from Operations		49,741,579			-			49,741,579
Managed Bond
Net investment income (loss)		71,965,098			-			71,965,098
Net realized gain (loss)		190,113,101			(73,440,886	)		116,672,215
Change in net unrealized appreciation (depreciation)		(12,960,956	)		73,440,886			60,479,930
Net Increase (Decrease) in Net Assets Resulting from Operations		$249,117,243			$-			$249,117,243

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.

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.

Segregation and Collateral Risk

If a Fund engages in certain transactions, such as derivative investments, repurchase agreements, or repurchase-to-maturity transactions accounted for as secured borrowings, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/ or the manager of the Fund. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the 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 segregated as collateral.

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.

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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 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. 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.

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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 Portfolio used interest rate futures contracts to manage duration and interest rate risk. The Hedged Equity Portfolio used index futures contracts to manage risk. 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 Equity, International Value, and PD Small-Cap Value Index 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 and PD International Large-Cap Index Portfolios utilized futures to equitize large flows of cash.

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.

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 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 purchased and wrote options on indices to manage risk. The Mid-Cap Growth Portfolio purchased and wrote option contracts on individual equity securities and index products to gain exposure to certain companies generate income and to hedge market risk on equity securities.

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 take outright positions in a variety of 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 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.

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

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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 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 market exposure, for hedging purposes, 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

C-14

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

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, 2021 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 on the margin. The Inflation Managed and Managed Bond Portfolios 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.

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.

C-15

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

During the reporting period, the Inflation Managed Portfolio entered into 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

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, 2021:

				Asset Derivative Investments, Value
Portfolio	Total Value at June 30, 2021			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
Diversified Bond		$76,821,209			$3,628,707			$-			$9,873,223			$63,319,279
Inflation Managed		4,566,653			17,640			-			2,041,556			2,507,457
Managed Bond		21,629,930			2,221,555			-			8,789,084			10,619,291
Short Duration Bond		59,550			-			-			-			59,550
Emerging Markets Debt		950,444			-			-			937,468			12,976
Equity Index		369,990			-			369,990			-			-
Hedged Equity		407,304			-			407,304			-			-
Value		450,709			-			-			450,709			-
PD Large-Cap Growth Index		78,498			-			78,498			-			-
PD Large-Cap Value Index		55,741			-			55,741			-			-
PD Mid-Cap Index		35,230			-			35,230			-			-
PD Emerging Markets Index		961			-			961			-			-
PD International Large-Cap Index		5,871			-			5,871			-			-
				Liability Derivative Investments, Value
Portfolio	Total Value at June 30, 2021			Credit Contracts			Equity Contracts			Foreign Currency Contracts			Interest Rate Contracts
Diversified Bond		($34,016,253	)		$-			$-			($12,076,044	)		($21,940,209	)
Inflation Managed		(5,125,644	)		(7,214	)		-			(200,927	)		(4,917,503	)
Managed Bond		(10,966,210	)		(151,632	)		-			(5,265,321	)		(5,549,257	)
Short Duration Bond		(556,213	)		-			-			-			(556,213	)
Emerging Markets Debt		(3,206,009	)		-			-			(3,073,839	)		(132,170	)
Hedged Equity		(389,790	)		-			(389,790	)		-			-
Mid-Cap Growth		(9,100	)		-			(9,100	)		-			-
Small-Cap Equity		(294	)		-			(294	)		-			-
Small-Cap Index		(58,538	)		-			(58,538	)		-			-
Value		(13,172	)		-			-			(13,172	)		-
PD Large-Cap Value Index		(47,926	)		-			(47,926	)		-			-
PD Mid-Cap Index		(69,057	)		-			(69,057	)		-			-
PD Small-Cap Growth Index		(7,279	)		-			(7,279	)		-			-
PD Small-Cap Value Index		(12,401	)		-			(12,401	)		-			-
PD International Large-Cap Index		(163,428	)		-			(163,428	)		-			-

C-16

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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

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, 2021:

	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		($46,338,511	)		$14,716,225			$-			$3,494,375			($64,549,111	)
Inflation Managed		3,696,387			(30,489	)		-			(1,244,595	)		4,971,471
Managed Bond		(15,349,668	)		1,842,522			-			(12,041,612	)		(5,150,578	)
Short Duration Bond		2,015,197			-			-			-			2,015,197
Emerging Markets Debt		4,958,245			-			-			4,750,666			207,579
Equity Index		6,907,414			-			6,907,414			-			-
Hedged Equity		(405,289	)		-			(405,289	)		-			-
Mid-Cap Growth		(2,133,990	)		-			(2,133,990	)		-			-
Small-Cap Equity		(304,542	)		-			(304,542	)		-			-
Small-Cap Index		326,419			-			326,419			-			-
Value		710,740			-			-			710,740			-
International Value		(95,697	)		-			(95,697	)		-			-
PD Large-Cap Growth Index		846,268			-			846,268			-			-
PD Large-Cap Value Index		1,196,535			-			1,196,535			-			-
PD Mid-Cap Index		859,698			-			859,698			-			-
PD Small-Cap Growth Index		12,082			-			12,082			-			-
PD Small-Cap Value Index		277,601			-			277,601			-			-
PD Emerging Markets Index		321,683			-			321,683			-			-
PD International Large-Cap Index		445,282			-			445,282			-			-
	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		$15,188,098			($7,103,570	)		$-			($5,305,731	)		$27,597,399
Inflation Managed		1,180,724			56,490			-			3,466,212			(2,341,978	)
Managed Bond		22,700,134			963,100			-			15,078,486			6,658,548
Short Duration Bond		(598,875	)		-			-			-			(598,875	)
Emerging Markets Debt		(7,379,210	)		-			-			(6,876,605	)		(502,605	)
Equity Index		(975,023	)		-			(975,023	)		-			-
Hedged Equity		3,362			-			3,362			-			-
Mid-Cap Growth		921,287			-			921,287			-			-
Small-Cap Equity		7,401			-			7,401			-			-
Small-Cap Index		25,810			-			25,810			-			-
Value		780,528			-			-			780,528			-
PD Large-Cap Growth Index		(148,838	)		-			(148,838	)		-			-
PD Large-Cap Value Index		(140,059	)		-			(140,059	)		-			-
PD Mid-Cap Index		(113,085	)		-			(113,085	)		-			-
PD Small-Cap Growth Index		(18,013	)		-			(18,013	)		-			-
PD Small-Cap Value Index		(22,525	)		-			(22,525	)		-			-
PD Emerging Markets Index		961			-			961			-			-
PD International Large-Cap Index		(157,557	)		-			(157,557	)		-			-

C-17

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

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, 2021:

	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		26		($15,580,887	)		25		$2,517,392			52		($1,031,882	)		25		$40,928,312
Inflation Managed		18		(86,063	)		27		1,053,667			64		(18,877	)		47		(732,621	)
Managed Bond		5		(1,372,039	)		35		(514,082	)		7		(242,440	)		40		5,375,746
Short Duration Bond		4		378,782			-		-			-		-			-		-
Emerging Markets Debt		-		-			100		(240,127	)		-		-			6		30,851
Equity Index		1		672,113			-		-			-		-			-		-
Hedged Equity		1		556			-		-			3		16,958			-		-
Mid-Cap Growth		-		-			-		-			6		602,776			-		-
Small-Cap Equity		1		9,918			-		-			-		-			-		-
Small-Cap Index		1		(143,829	)		-		-			-		-			-		-
Value		-		-			7		488,400			-		-			-		-
PD Large-Cap Growth Index		2		96,661			-		-			-		-			-		-
PD Large-Cap Value Index		2		51,889			-		-			-		-			-		-
PD Mid-Cap Index		2		21,852			-		-			-		-			-		-
PD Small-Cap Growth Index		1		3,459			-		-			-		-			-		-
PD Small-Cap Value Index		1		12,607			-		-			-		-			-		-
PD Emerging Markets Index		1		320			-		-			-		-			-		-
PD International Large-Cap Index		2		(52,519	)		-		-			-		-			-		-

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, 2021.

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-18

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, 2021:

		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		$9,540,641		($2,603,913	)		($6,216,289	)		$720,439		($2,603,913	)		$2,603,913		$-		$-
Option contracts		214,245		-			(124,719	)		89,526		-			-		-		-
Swap agreements		-		-			-			-		(241,177	)		-		-		(241,177	)
Inflation Managed
Forward foreign currency contracts		2,041,556		(188,173	)		(1,285,651	)		567,732		(200,927	)		188,173		12,739		(15	)
Option contracts		871,493		(799,413	)		(32,091	)		39,989		(831,613	)		799,413		210		(31,990	)
Swap agreements		242,073		-			(62,031	)		180,042		-			-		-		-
Sale-buy back financing transactions		-		-			-			-		(395,057,678	)		395,057,678		-		-
Managed Bond
Forward foreign currency contracts		8,789,084		(976,767	)		(7,479,615	)		332,702		(5,265,321	)		976,767		4,198,245		(90,309	)
Option contracts		26,003		(26,003	)		-			-		(156,604	)		26,003		4,783		(125,818	)
Swap agreements		97,888		-			-			97,888		-			-		-		-
Emerging Markets Debt
Forward foreign currency contracts		937,468		(842,208	)		(31,577	)		63,683		(3,073,839	)		842,208		1,359,430		(872,201	)
Value
Forward foreign currency contracts		450,709		(13,172	)		-			437,537		(13,172	)		13,172		-		-

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, 2021.

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, ESG Diversified, and PSF DFA Balanced Allocation 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, 2021, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, and the sub-adviser of each Fund, are as follows:

Portfolio	Investment Advisory Fee Rate	Advisory Fee Waiver through April 30, 2022 (unless otherwise noted)	Sub-Adviser(s)
Core Income	0.50% on first $4 billion 0.48% on excess		Pacific Asset Management LLC
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	0.05%	Pacific Asset Management LLC
High Yield Bond	0.40% on first $4 billion 0.38% on excess		Pacific Asset Management LLC
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.
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.

C-19

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Portfolio	Investment Advisory Fee Rate	Advisory Fee Waiver through April 30, 2022 (unless otherwise noted)	Sub-Adviser(s)
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	0.02%	Ashmore Investment Management Limited
Dividend Growth	0.70% on first $100 million 0.66% on next $900 million 0.63% on next $3 billion 0.61% on excess		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 Capital Management LLC
Growth	0.55% on first $4 billion 0.53% on excess		MFS Investment Management
Hedged Equity	0.60%		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	0.045%	BlackRock Investment Management, LLC
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
Main Street Core	0.45% on first $4 billion 0.43% on excess		Invesco Advisers, Inc.
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 (Ivy Investment Management Company prior to April 30, 2021)
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
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 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		QS Investors, LLC

C-20

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

Portfolio	Investment Advisory Fee Rate	Advisory Fee Waiver through April 30, 2022 (unless otherwise noted)	Sub-Adviser(s)
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 Diversified PSF DFA Balanced Allocation Pacific Dynamix Portfolios	0.20%
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 (Effective May 1, 2021)	FIAM LLC serves as the sub-adviser and Geode Capital Management, LLC serves as the sub-subadviser (Dimensional Fund Advisors LP prior to May 1, 2021)
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 (Effective May 1, 2021)	FIAM LLC serves as the sub-adviser and Geode Capital Management, LLC serves as the sub-subadviser (Dimensional Fund Advisors LP prior to May 1, 2021)

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 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,

C-21

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2021 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of June 30, 2021 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, 2022 (“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, 2022. 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, 2021 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of June 30, 2021 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of June 30, 2021 that are subject to recoupment by PLFA from the Funds are as follows:

	Expiration
Portfolio	2021		2022		2023		2024
Pacific Dynamix – Conservative Growth		$240,746		$314,004		$299,326		$138,143
Pacific Dynamix – Moderate Growth		1,136,501		1,220,228		1,115,577		534,332
Pacific Dynamix – Growth		443,429		435,967		476,844		306,613
ESG Diversified								8,387
Hedged Equity								10,680

There was no recoupment of expense reimbursement by PLFA from any Funds for the period ended June 30, 2021.

C-22

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, 2021 is as follows:

	Beginning Value as of January 1, 2021		Purchase Cost		Sales Proceeds			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2021
														Ending Value		Share Balance
ESG Diversified
Pacific Funds ESG Core Bond		$-		$2,356,461		($215	)		$-			$16,679			$2,372,925		240,662
Pacific Dynamix – Conservative Growth
PD 1-3 Year Corporate Bond ‘P’		$59,703,352		$2,130,394		$3,420,297			$414,699			($356,251	)		$58,471,897		5,126,355
PD Aggregate Bond Index ‘P’		227,234,373		13,837,032		2,777,459			573,440			(4,292,913	)		234,574,473		16,785,823
PD High Yield Bond Market ‘P’		93,568,812		4,109,667		3,088,670			1,096,063			2,396,021			98,081,893		5,221,911
PD Large-Cap Growth Index ‘P’		75,866,016		3,019,881		31,652,617			16,945,165			(10,564,331	)		53,614,114		735,658
PD Large-Cap Value Index ‘P’		69,080,173		1,070,621		22,283,373			9,334,742			1,063,835			58,265,998		1,435,516
PD Mid-Cap Index ‘P’		36,324,939		5,968,184		5,688,141			1,037,010			4,880,800			42,522,792		3,256,436
PD Small-Cap Growth Index ‘P’		3,377,781		10,303,700		896,746			343,820			113,836			13,242,391		264,281
PD Small-Cap Value Index ‘P’		3,360,409		16,617,468		1,877,639			779,053			275,569			19,154,860		531,317
PD Emerging Markets Index ‘P’		23,516,998		7,142,713		3,753,194			1,262,166			1,194,156			29,362,839		1,266,237
PD International Large-Cap Index ‘P’		53,013,195		497,638		13,848,418			4,691,636			466,095			44,820,146		1,858,897
Total		$645,046,048		$64,697,298		$89,286,554			$36,477,794			($4,823,183	)		$652,111,403
Pacific Dynamix – Moderate Growth
PD 1-3 Year Corporate Bond ‘P’		$140,871,632		$4,262,896		$3,398,270			$410,773			($263,695	)		$141,883,336		12,439,213
PD Aggregate Bond Index ‘P’		617,911,885		79,592,683		792,554			162,158			(9,137,610	)		687,736,562		49,213,472
PD High Yield Bond Market ‘P’		279,755,179		27,946,400		733,308			268,357			10,906,683			318,143,311		16,938,049
PD Large-Cap Growth Index ‘P’		470,836,451		439,555		129,826,812			87,445,092			(44,014,346	)		384,879,940		5,281,070
PD Large-Cap Value Index ‘P’		453,040,081		978,415		131,744,399			63,926,242			4,747,365			390,947,704		9,631,889
PD Mid-Cap Index ‘P’		226,356,499		53,582,546		10,040,762			1,661,132			37,894,165			309,453,580		23,698,254
PD Small-Cap Growth Index ‘P’		30,299,321		42,069,278		2,675,058			988,464			2,297,246			72,979,251		1,456,462
PD Small-Cap Value Index ‘P’		30,277,203		78,925,921		3,459,641			1,437,613			7,214,567			114,395,663		3,173,103
PD Emerging Markets Index ‘P’		144,334,894		9,546,613		7,864,100			2,662,948			11,288,405			159,968,760		6,898,461
PD International Large-Cap Index ‘P’		342,630,756		325,835		46,205,087			13,230,258			21,895,562			331,877,324		13,764,473
Total		$2,736,313,901		$297,670,142		$336,739,991			$172,193,037			$42,828,342			$2,912,265,431
Pacific Dynamix – Growth
PD 1-3 Year Corporate Bond ‘P’		$18,721,433		$4,653,853		$78,411			$4,906			$19,470			$23,321,251		2,044,624
PD Aggregate Bond Index ‘P’		149,971,101		39,621,972		357,678			62,067			(2,377,937	)		186,919,525		13,375,701
PD High Yield Bond Market ‘P’		81,627,085		16,636,058		256,375			79,870			3,280,195			101,366,833		5,396,802
PD Large-Cap Growth Index ‘P’		285,372,949		28,679,338		71,335,646			49,030,433			(18,723,900	)		273,023,174		3,746,245
PD Large-Cap Value Index ‘P’		266,842,219		20,714,025		50,587,088			22,951,633			20,029,192			279,949,981		6,897,207
PD Mid-Cap Index ‘P’		139,294,527		53,273,435		364,201			59,087			25,996,127			218,258,975		16,714,483
PD Small-Cap Growth Index ‘P’		20,487,670		33,866,489		1,150,115			672,783			1,852,951			55,729,778		1,112,211
PD Small-Cap Value Index ‘P’		13,712,130		52,432,505		1,157,829			303,754			4,062,368			69,352,928		1,923,709
PD Emerging Markets Index ‘P’		77,273,542		17,052,784		1,067,979			353,366			7,704,096			101,315,809		4,369,123
PD International Large-Cap Index ‘P’		217,411,351		20,801,515		8,649,027			3,103,671			21,113,361			253,780,871		10,525,456
Total		$1,270,714,007		$287,731,974		$135,004,349			$76,621,570			$62,955,923			$1,563,019,125
Portfolio Optimization Conservative
Core Income ‘P’		$68,729,398		$923,875		$4,857,094			$768,123			($1,098,109	)		$64,466,193		5,031,475
Diversified Bond ‘P’		470,040,121		22,000,276		29,051,647			7,903,247			(17,498,504	)		453,393,493		28,071,615
Floating Rate Income ‘P’		25,121,951		213,255		10,212,660			1,782,620			(1,208,153	)		15,697,013		1,139,971
High Yield Bond ‘P’		100,583,173		713,778		10,635,533			1,813,843			1,855,013			94,330,274		8,814,959
Inflation Managed ‘P’		50,343,089		472,322		4,479,278			835,637			46,815			47,218,585		3,254,796
Intermediate Bond ‘P’		129,953,152		18,558,323		8,658,548			(62,181	)		(1,471,872	)		138,318,874		13,809,544
Managed Bond ‘P’		253,767,130		3,351,541		45,417,122			5,907,966			(9,289,519	)		208,319,996		12,732,456
Short Duration Bond ‘P’		250,967,822		3,038,202		34,886,267			3,606,940			(3,017,833	)		219,708,864		19,525,539
Emerging Markets Debt ‘P’		41,927,637		25,395,668		5,180,996			1,082,432			(566,984	)		62,657,757		4,813,207
Dividend Growth ‘P’		31,244,215		676,015		12,821,162			3,913,928			(986,421	)		22,026,575		606,037
Equity Index ‘P’		17,699,653		338,610		9,614,713			3,147,697			(1,327,400	)		10,243,847		92,442
Focused Growth ‘P’		-		9,063,112		1,519,058			107,590			984,287			8,635,931		142,034
Growth ‘P’		30,231,463		1,447,997		13,058,442			4,776,684			(2,132,367	)		21,265,335		330,433
Large-Cap Growth ‘P’		22,668,418		1,031,328		11,949,170			4,659,967			(3,035,849	)		13,374,694		489,183
Large-Cap Value ‘P’		31,279,919		973,489		19,762,684			6,754,448			(2,773,199	)		16,471,973		464,568
Main Street Core ‘P’		13,472,292		248,969		8,099,538			2,896,252			(1,432,784	)		7,085,191		101,419
Mid-Cap Equity ‘P’		10,045,998		581,007		2,471,436			862,076			396,044			9,413,689		229,670
Mid-Cap Growth ‘P’		11,680,220		9,428,686		4,348,457			1,764,920			347,804			18,873,173		560,037
Mid-Cap Value ‘P’		20,292,524		1,172,957		6,527,417			1,584,980			2,157,914			18,680,958		485,733
Small-Cap Equity ‘P’		-		16,633,880		1,210,797			25,044			(65,408	)		15,382,719		398,345
Small-Cap Value ‘P’		-		16,776,452		1,552,325			53,778			78,538			15,356,443		426,386
Value ‘P’		13,505,811		4,553,300		3,601,526			381,960			1,586,335			16,425,880		781,290
Value Advantage ‘P’		25,348,693		984,115		12,896,985			3,244,792			1,277,923			17,958,538		765,967
Emerging Markets ‘P’		25,417,385		9,708,367		5,496,889			1,643,422			(77,440	)		31,194,845		1,181,663
International Large-Cap ‘P’		16,685,807		471,514		2,937,451			985,028			297,710			15,502,608		1,107,195
International Value ‘P’		16,684,765		754,455		12,322,995			3,395,332			(856,249	)		7,655,308		488,913
Total		$1,677,690,636		$149,511,493		$283,570,190			$63,836,525			($37,809,708	)		$1,569,658,756

C-23

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Beginning Value as of January 1, 2021		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2021
													Ending Value		Share Balance
Portfolio Optimization Moderate-Conservative
Core Income ‘P’		$74,778,060		$9,300,230		$1,156,188		$196,584			($257,150	)		$82,861,536		6,467,200
Diversified Bond ‘P’		519,170,547		83,571,595		12,992,429		3,642,330			(11,545,314	)		581,846,729		36,024,728
Floating Rate Income ‘P’		34,959,953		19,497		12,520,663		1,182,807			(367,098	)		23,274,496		1,690,274
High Yield Bond ‘P’		178,794,545		3,080		55,395,154		18,666,211			(13,624,106	)		128,444,576		12,002,866
Inflation Managed ‘P’		67,538,008		2,824,694		1,668,187		330,845			1,039,286			70,064,646		4,829,584
Intermediate Bond ‘P’		142,025,089		38,197,708		1,806,627		(11,882	)		(1,151,183	)		177,253,105		17,696,677
Managed Bond ‘P’		273,835,849		347,339		5,355,664		1,127,239			(3,914,569	)		266,040,194		16,260,297
Short Duration Bond ‘P’		169,730,971		337,576		54,838,720		4,254,247			(3,927,683	)		115,556,391		10,269,503
Emerging Markets Debt ‘P’		48,154,070		24,137,918		3,317,138		112,294			366,462			69,453,606		5,335,247
Dividend Growth ‘P’		81,566,993		14,097		22,089,770		7,531,496			844,619			67,867,435		1,867,297
Equity Index ‘P’		46,337,548		15,426		19,722,951		8,222,600			(3,096,902	)		31,755,721		286,569
Focused Growth ‘P’		-		27,788,396		2,870,805		211,396			3,255,269			28,384,256		466,834
Growth ‘P’		77,267,184		229,147		17,901,831		8,200,271			(33,809	)		67,760,962		1,052,908
Large-Cap Growth ‘P’		59,567,451		145,658		20,890,151		9,295,816			(4,122,308	)		43,996,466		1,609,182
Large-Cap Value ‘P’		81,586,237		-		41,822,520		16,958,541			(5,954,808	)		50,767,450		1,431,823
Main Street Core ‘P’		35,059,078		10,530		16,881,729		8,193,309			(4,085,603	)		22,295,585		319,144
Mid-Cap Equity ‘P’		25,028,881		54,083		4,857,231		1,718,284			1,277,398			23,221,415		566,544
Mid-Cap Growth ‘P’		24,894,435		23,206,777		5,721,700		3,076,609			1,876,593			47,332,714		1,404,536
Mid-Cap Value ‘P’		49,440,478		5,368		13,100,859		4,315,128			4,737,075			45,397,190		1,180,396
Small-Cap Equity ‘P’		-		26,550,990		709,879		23,041			(111,506	)		25,752,646		666,881
Small-Cap Growth ‘P’		6,368,246		22,834		1,062,073		597,706			(61,821	)		5,864,892		138,303
Small-Cap Index ‘P’		12,713,197		71,249		3,256,656		1,098,937			969,589			11,596,316		314,873
Small-Cap Value ‘P’		6,377,535		18,607,620		2,430,572		698,643			1,179,693			24,432,919		678,403
Value ‘P’		36,483,578		16,204,166		5,769,273		2,363,284			3,385,719			52,667,474		2,505,107
Value Advantage ‘P’		69,101,307		2,181		26,929,622		10,989,407			1,737,450			54,900,723		2,341,625
Emerging Markets ‘P’		74,617,321		284,753		9,820,162		4,875,928			(989,641	)		68,968,199		2,612,520
International Large-Cap ‘P’		73,593,124		92,239		10,658,851		2,828,678			2,716,784			68,571,974		4,897,405
International Small-Cap ‘P’		12,441,747		9,294		2,788,467		846,036			850,398			11,359,008		611,709
International Value ‘P’		73,732,809		76,424		40,739,361		3,268,188			8,200,929			44,538,989		2,844,522
Real Estate ‘P’		11,998,978		5,322		2,723,437		488,815			1,719,618			11,489,296		320,194
Total		$2,367,163,219		$272,136,191		$421,798,670		$125,302,788			($19,086,619	)		$2,323,716,909
Portfolio Optimization Moderate
Core Income ‘P’		$263,705,687		$19,979,103		$1,472,837		$308,886			($833,500	)		$281,687,339		21,985,211
Diversified Bond ‘P’		1,854,756,141		174,055,564		22,566,755		6,192,188			(38,299,036	)		1,974,138,102		122,227,701
Floating Rate Income ‘P’		94,004,661		18,768		46,909,382		7,047,502			(5,068,747	)		49,092,802		3,565,287
High Yield Bond ‘P’		443,904,246		33,153		14,683,525		5,590,808			11,129,910			445,974,592		41,675,354
Inflation Managed ‘P’		89,003,794		9,353,126		1,319,288		259,940			1,763,288			99,060,860		6,828,305
Intermediate Bond ‘P’		506,810,256		101,312,268		2,055,700		(23,919	)		(4,843,041	)		601,199,864		60,022,869
Managed Bond ‘P’		975,917,831		588,667		67,433,271		9,957,928			(21,113,770	)		897,917,385		54,880,441
Short Duration Bond ‘P’		408,289,133		313,225		21,990,675		2,099,865			(1,110,672	)		387,600,876		34,446,112
Emerging Markets Debt ‘P’		99,938,382		99,848,330		6,397,800		1,500,383			1,880,381			196,769,676		15,115,338
Dividend Growth ‘P’		516,737,613		-		128,672,390		43,270,559			10,841,192			442,176,974		12,166,008
Equity Index ‘P’		294,569,386		-		122,596,862		48,588,566			(15,720,930	)		204,840,160		1,848,514
Focused Growth ‘P’		-		174,269,107		15,186,038		1,198,837			20,795,847			181,077,753		2,978,171
Growth ‘P’		566,294,458		134,790		173,929,999		78,147,221			(25,972,319	)		444,674,151		6,909,598
Large-Cap Growth ‘P’		429,626,691		82,863		178,838,784		78,886,054			(46,481,148	)		283,275,676		10,360,882
Large-Cap Value ‘P’		461,716,202		-		197,752,452		85,267,959			(19,247,856	)		329,983,853		9,306,721
Main Street Core ‘P’		221,218,836		-		98,491,759		51,517,629			(24,745,120	)		149,499,586		2,139,968
Mid-Cap Equity ‘P’		136,023,144		-		24,047,586		8,482,003			7,914,978			128,372,539		3,131,969
Mid-Cap Growth ‘P’		192,669,323		94,065,060		30,473,342		16,385,092			13,930,563			286,576,696		8,503,788
Mid-Cap Value ‘P’		243,108,728		-		60,330,288		24,774,474			20,068,394			227,621,308		5,918,498
Small-Cap Equity ‘P’		37,026,315		114,868,571		7,017,013		2,929,786			4,828,172			152,635,831		3,952,604
Small-Cap Growth ‘P’		21,338,556		871		3,199,042		2,025,034			(224,558	)		19,940,861		470,236
Small-Cap Index ‘P’		64,179,461		33,561		15,941,977		8,411,085			2,109,953			58,792,083		1,596,374
Small-Cap Value ‘P’		37,615,219		113,515,039		10,501,606		3,382,849			7,760,839			151,772,340		4,214,103
Value ‘P’		207,627,373		125,771,882		27,435,233		9,324,495			25,724,368			341,012,885		16,220,137
Value Advantage ‘P’		391,921,989		-		111,680,670		43,990,241			31,731,147			355,962,707		15,182,515
Emerging Markets ‘P’		415,644,774		139,145		45,668,677		22,625,907			(1,117,115	)		391,624,034		14,834,746
International Large-Cap ‘P’		357,854,206		-		43,891,518		12,295,790			14,963,011			341,221,489		24,370,013
International Small-Cap ‘P’		52,005,083		-		10,747,245		3,270,885			3,891,635			48,420,358		2,607,550
International Value ‘P’		360,110,661		136,863		133,233,093		9,121,761			48,996,077			285,132,269		18,210,228
Real Estate ‘P’		99,461,893		-		20,111,367		3,731,670			14,945,454			98,027,650		2,731,924
Total		$9,843,080,042		$1,028,519,956		$1,644,576,174		$590,561,478			$38,497,397			$9,856,082,699

C-24

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Beginning Value as of January 1, 2021		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			As of June 30, 2021
													Ending Value		Share Balance
Portfolio Optimization Growth
Core Income ‘P’		$139,763,081		$23,802,940		$490,875		$100,006			($31,777	)		$163,143,375		12,733,059
Diversified Bond ‘P’		1,014,282,757		146,577,224		4,405,609		1,165,081			(16,968,635	)		1,140,650,818		70,622,783
Floating Rate Income ‘P’		76,568,456		-		34,532,361		5,187,877			(3,518,278	)		43,705,694		3,174,057
High Yield Bond ‘P’		249,515,379		8,138,075		1,182,451		308,427			9,566,373			266,345,803		24,889,435
Intermediate Bond ‘P’		280,009,540		65,825,639		951,879		(13,945	)		(2,463,775	)		342,405,580		34,185,246
Managed Bond ‘P’		532,923,625		-		8,738,437		1,071,111			(6,535,423	)		518,720,876		31,704,064
Short Duration Bond ‘P’		190,720,888		24,648,883		360,416		28,008			497,734			215,535,097		19,154,616
Emerging Markets Debt ‘P’		81,904,334		52,148,195		2,279,217		86,035			1,286,555			133,145,902		10,227,924
Dividend Growth ‘P’		585,222,442		-		115,128,500		42,381,657			21,531,793			534,007,392		14,692,620
Equity Index ‘P’		335,512,276		-		125,603,620		54,601,537			(15,875,921	)		248,634,272		2,243,720
Focused Growth ‘P’		-		228,427,639		15,241,629		1,203,163			27,816,018			242,205,191		3,983,529
Growth ‘P’		662,662,022		-		139,488,844		63,027,405			6,536,545			592,737,128		9,210,284
Large-Cap Growth ‘P’		499,480,823		-		169,290,694		75,335,388			(32,743,253	)		372,782,264		13,634,610
Large-Cap Value ‘P’		516,955,152		-		204,531,191		84,901,366			(9,509,167	)		387,816,160		10,937,798
Main Street Core ‘P’		248,584,159		-		99,516,351		51,997,289			(20,853,591	)		180,211,506		2,579,585
Mid-Cap Equity ‘P’		174,319,436		-		35,570,851		19,555,004			1,293,015			159,596,604		3,893,758
Mid-Cap Growth ‘P’		232,803,129		88,348,381		27,714,094		14,860,710			19,515,465			327,813,591		9,727,439
Mid-Cap Value ‘P’		321,972,391		-		66,564,746		28,423,776			31,671,104			315,502,525		8,203,542
Small-Cap Equity ‘P’		51,375,717		72,829,302		6,850,666		4,268,679			6,822,380			128,445,412		3,326,177
Small-Cap Growth ‘P’		51,649,686		-		10,697,472		7,123,238			(3,028,173	)		45,047,279		1,062,283
Small-Cap Index ‘P’		85,267,083		-		12,124,174		6,285,507			7,807,907			87,236,323		2,368,717
Small-Cap Value ‘P’		47,657,315		76,037,632		8,989,365		3,872,365			9,765,088			128,343,035		3,563,566
Value ‘P’		233,288,089		149,118,106		22,360,669		7,634,034			32,559,792			400,239,352		19,037,219
Value Advantage ‘P’		437,584,460		-		104,403,426		39,000,570			47,032,336			419,213,940		17,880,306
Emerging Markets ‘P’		454,189,616		-		38,376,786		18,961,211			4,481,880			439,255,921		16,639,045
International Large-Cap ‘P’		467,633,391		9,861,160		29,986,485		12,941,502			24,702,578			485,152,146		34,649,530
International Small-Cap ‘P’		90,942,100		-		15,895,447		4,818,647			7,855,171			87,720,471		4,723,954
International Value ‘P’		473,519,609		-		162,757,148		12,392,102			64,317,217			387,471,780		24,746,232
Real Estate ‘P’		85,565,231		-		13,008,477		2,556,126			14,036,918			89,149,798		2,484,508
Total		$8,621,872,187		$945,763,176		$1,477,041,880		$564,073,876			$227,567,876			$8,882,235,235
Portfolio Optimization Aggressive-Growth
Core Income ‘P’		$16,158,686		$3,440,490		$106,943		$16,286			$5,025			$19,513,544		1,522,998
Diversified Bond ‘P’		115,388,304		22,412,445		734,711		113,588			(1,755,994	)		135,423,632		8,384,681
Floating Rate Income ‘P’		8,527,764		345,189		8,982,765		1,273,603			(1,163,791	)		-		-
High Yield Bond ‘P’		55,786,470		4,363,516		471,920		78,334			2,204,185			61,960,585		5,790,082
Intermediate Bond ‘P’		31,858,733		9,510,621		213,193		(3,203	)		(242,811	)		40,910,147		4,084,406
Managed Bond ‘P’		60,217,955		2,844,234		1,035,655		111,621			(677,691	)		61,460,464		3,756,445
Short Duration Bond ‘P’		15,585,954		4,561,543		70,699		5,493			41,904			20,124,195		1,788,438
Emerging Markets Debt ‘P’		18,089,720		13,090,469		500,753		92,529			280,307			31,052,272		2,385,355
Dividend Growth ‘P’		141,765,471		5,416		19,021,303		8,027,739			8,307,178			139,084,501		3,826,756
Equity Index ‘P’		81,518,020		-		26,999,910		11,904,530			(2,127,667	)		64,294,973		580,209
Focused Growth ‘P’		-		59,187,308		3,750,080		292,323			7,230,655			62,960,206		1,035,501
Growth ‘P’		159,052,453		1,596,266		26,349,274		12,957,586			4,960,073			152,217,104		2,365,235
Large-Cap Growth ‘P’		120,958,414		820,243		36,222,177		16,492,661			(5,401,538	)		96,647,603		3,534,912
Large-Cap Value ‘P’		125,205,733		-		47,311,799		16,886,533			1,663,177			96,443,644		2,720,054
Main Street Core ‘P’		59,910,716		827		21,463,028		10,658,223			(2,893,120	)		46,213,618		661,511
Mid-Cap Equity ‘P’		53,450,653		12,901		12,253,264		6,749,349			(385,873	)		47,573,766		1,160,681
Mid-Cap Growth ‘P’		75,704,831		24,791,617		8,236,536		4,424,145			6,400,534			103,084,591		3,058,900
Mid-Cap Value ‘P’		95,480,788		-		14,751,715		6,312,684			11,871,174			98,912,931		2,571,886
Small-Cap Equity ‘P’		15,634,688		20,954,222		1,960,258		779,320			2,607,546			38,015,518		984,436
Small-Cap Growth ‘P’		19,961,224		13,457		4,699,412		1,844,979			(288,756	)		16,831,492		396,912
Small-Cap Index ‘P’		23,221,238		4,353,920		2,930,050		1,519,465			2,394,823			28,559,396		775,470
Small-Cap Value ‘P’		14,852,020		21,510,789		2,711,005		1,165,344			3,076,690			37,893,838		1,052,158
Value ‘P’		56,562,323		37,771,440		5,021,720		1,247,218			8,630,605			99,189,866		4,717,925
Value Advantage ‘P’		105,300,475		-		22,651,407		8,482,304			12,478,760			103,610,132		4,419,178
Emerging Markets ‘P’		142,538,205		1,862,909		8,389,219		3,241,987			4,274,622			143,528,504		5,436,870
International Large-Cap ‘P’		140,096,911		146,809		17,043,475		5,619,195			4,940,187			133,759,627		9,553,102
International Small-Cap ‘P’		30,599,659		-		4,302,236		1,314,442			3,031,641			30,643,506		1,650,225
International Value ‘P’		141,362,356		349,443		34,625,468		4,803,033			18,618,640			130,508,004		8,335,011
Real Estate ‘P’		38,351,351		9,359		13,368,931		2,055,844			4,144,985			31,192,608		869,304
Total		$1,963,141,115		$233,955,433		$346,178,906		$128,467,155			$92,225,470			$2,071,610,267

C-25

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

As of March 31, 2021, 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
Hedged Equity		58.46%
ESG Diversified		81.55%

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 or Pacific Funds (without a sales load). 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, 2021, such expenses increased by $246,857 for the applicable Funds of the Trust as a result of the market value appreciation on such accounts. As of June 30, 2021, the total amount in the DCP Liability accounts was $2,448,834 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, affiliated funds outside of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, 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, 2021, 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		$849,655		$725,861		$158,731
Small-Cap Index		226,275		330,376		218,849
PD Large-Cap Growth Index		1,525,690		1,283,108		274,672
PD Large-Cap Value Index		1,417,440		1,474,505		522,523
PD Small-Cap Growth Index		1,560,415		2,239,349		100,128
PD Small-Cap Value Index		1,380,715		906,991		143,327

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, 2021, the actual interest rate on borrowing by the Trust was 1.35%. The committed line of credit will expire on October 12, 2021, unless renewed, and is available to all Funds except the Hedged Equity, ESG Diversified, PSF DFA 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

C-26

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

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. 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
Focused Growth		1.36%		$1,956,430
Growth		1.34%		2,119,288
Large-Cap Growth		1.34%		3,847,514
Large-Cap Value		1.34%		1,160,929
Main Street Core		1.33%		588,995
Mid-Cap Equity		1.35%		771,464
Mid-Cap Growth		1.34%		5,629,823
Small-Cap Index		1.34%		4,454,558

Portfolio	Weighted Average Interest Rate		Average Dollar Amount of Borrowing
International Small-Cap		1.35%		$1,045,532
Real Estate		1.33%		1,314,358
Technology		1.35%		447,371
PD Small-Cap Growth Index		1.35%		395,186
PD Small-Cap Value Index		1.35%		260,570
PD Emerging Markets Index		1.34%		1,839,453
PD International Large-Cap Index		1.35%		497,674

As of June 30, 2021, the Real Estate Portfolio had loans outstanding in the amount of $203,840 in connection with this revolving line of credit. No other Fund had a loan outstanding in connection with this revolving line of credit agreement as of June 30, 2021.

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, 2021, are summarized in the following table:

	U.S. Government Securities
Portfolio	Purchases		Sales
Core Income		$91,628,057		$84,783,568
Diversified Bond		2,798,835,273		2,747,552,164
Inflation Managed		481,640,998		521,192,720
Intermediate Bond		1,112,363,836		1,071,221,369
Managed Bond		5,695,332,227		6,216,232,879
Short Duration Bond		355,315,489		395,992,600
PD Aggregate Bond Index		546,988,030		445,481,841

	Other Securities
Portfolio	Purchases		Sales
Core Income		$232,157,890		$179,271,065
Diversified Bond		477,747,750		268,977,503
Floating Rate Income		261,831,072		337,437,573
High Yield Bond		400,756,786		455,068,265
Inflation Managed		36,457,192		33,610,434
Intermediate Bond		265,102,861		62,840,213
Managed Bond		195,863,167		396,843,244
Short Duration Bond		269,069,205		287,510,891
Emerging Markets Debt		303,110,835		94,851,698
Dividend Growth		114,689,017		406,418,297
Equity Index		38,173,737		274,822,354
Focused Growth		579,075,585		119,499,743
Growth		164,731,751		558,937,285
Hedged Equity		25,937,211		1,207,909
Large-Cap Growth		268,440,604		713,160,162
Large-Cap Value		179,425,101		694,188,951
Main Street Core		197,225,156		467,221,909
Mid-Cap Equity		586,260,392		687,040,040
Mid-Cap Growth		383,910,432		243,698,455
Mid-Cap Value		99,161,409		235,953,910
Small-Cap Equity		374,482,720		131,081,440
Small-Cap Growth		118,423,795		147,077,732
Small-Cap Index		123,285,601		174,495,763
Small-Cap Value		399,543,625		174,038,737
Value		536,991,676		286,120,960
Value Advantage		159,119,065		420,421,474
Emerging Markets		352,809,361		463,965,519

	Other Securities
Portfolio	Purchases		Sales
International Large-Cap	$	90,807,551	$	183,268,073
International Small-Cap		48,042,783		87,348,202
International Value		241,459,678		623,212,155
Health Sciences		78,173,902		85,518,296
Real Estate		57,629,729		114,881,724
Technology		61,591,036		81,000,305
ESG Diversified		12,297,997		1,791
PSF DFA Balanced Allocation		71,794,074		46,006,513
Pacific Dynamix — Conservative Growth		64,697,298		89,286,554
Pacific Dynamix — Moderate Growth		297,670,142		336,739,991
Pacific Dynamix — Growth		287,731,974		135,004,349
Portfolio Optimization Conservative		149,511,493		283,570,190
Portfolio Optimization Moderate-Conservative		272,136,191		421,798,670
Portfolio Optimization Moderate		1,028,519,956		1,644,576,174
Portfolio Optimization Growth		945,763,176		1,477,041,880
Portfolio Optimization Aggressive-Growth		233,955,433		346,178,906
PD 1-3 Year Corporate Bond		65,731,807		58,791,561
PD Aggregate Bond Index		56,578,735		21,102,414
PD High Yield Bond Market		124,171,070		64,652,645
PD Large-Cap Growth Index		129,562,477		323,795,407
PD Large-Cap Value Index		114,224,657		290,382,461
PD Mid-Cap Index		153,069,835		56,482,420
PD Small-Cap Growth Index		134,713,689		54,391,602
PD Small-Cap Value Index		210,129,110		68,961,764
PD Emerging Markets Index		128,327,819		109,135,343
PD International Large-Cap Index		299,605,602		348,398,228

10. SECURED BORROWINGS

The contractual maturity of secured borrowings and type of collateral pledged as of June 30, 2021, 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

$-

$391,736,288

$3,321,390

$-

$395,057,678

C-27

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, 2016.

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, 2021 and the year or period ended December 31, 2020 were as follows:

	Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year/Period Ended December 31, 2020
	Core Income Portfolio						Diversified Bond Portfolio						Floating Rate Income Portfolio
Class I
Shares sold		407,807			3,345,850			4,808,836			8,993,389			2,137,970			2,858,260
Share repurchased		(470,285	)		(2,261,984	)		(2,872,777	)		(21,546,469	)		(673,258	)		(4,747,480	)
Net Increase (decrease)		(62,478	)		1,083,866			1,936,059			(12,553,080	)		1,464,712			(1,889,220	)
Shares outstanding, beginning of year or period		3,664,360			2,580,494			38,946,205			51,499,285			17,978,892			19,868,112
Shares outstanding, end of year or period		3,601,882			3,664,360			40,882,264			38,946,205			19,443,604			17,978,892
Class P
Shares sold		4,600,064			11,724,619			28,751,415			24,543,163			74,782			1,940,613
Shares repurchased		(639,139	)		(12,665,367	)		(4,386,824	)		(41,859,194	)		(8,349,176	)		(14,967,889	)
Net increase (decrease)		3,960,925			(940,748	)		24,364,591			(17,316,031	)		(8,274,394	)		(13,027,276	)
Shares outstanding, beginning of year or period		43,780,275			44,721,023			241,040,582			258,356,613			17,873,639			30,900,915
Shares outstanding, end of year or period		47,741,200			43,780,275			265,405,173			241,040,582			9,599,245			17,873,639
	High Yield Bond Portfolio						Inflation Managed Portfolio						Intermediate Bond Portfolio (1)
Class I
Shares sold		3,375,130			11,921,059			1,920,493			2,114,905
Share repurchased		(3,840,831	)		(11,407,785	)		(1,326,894	)		(3,557,530	)
Net Increase (decrease)		(465,701	)		513,274			593,599			(1,442,625	)
Shares outstanding, beginning of year or period		36,510,241			35,996,967			23,386,581			24,829,206
Shares outstanding, end of year or period		36,044,540			36,510,241			23,980,180			23,386,581
Class P
Shares sold		1,296,113			21,885,154			922,635			4,928,620			23,794,829			108,782,452
Shares repurchased		(7,935,916	)		(10,944,104	)		(533,818	)		(2,809,330	)		(1,380,108	)		(1,398,430	)
Net increase (decrease)		(6,639,803	)		10,941,050			388,817			2,119,290			22,414,721			107,384,022
Shares outstanding, beginning of year or period		99,832,500			88,891,450			14,535,162			12,415,872			107,384,022			-
Shares outstanding, end of year or period		93,192,697			99,832,500			14,923,979			14,535,162			129,798,743			107,384,022
	Managed Bond Portfolio						Short Duration Bond Portfolio						Emerging Markets Debt Portfolio
Class I
Shares sold		3,723,396			7,325,165			4,420,456			11,803,870			695,231			3,477,602
Share repurchased		(3,361,670	)		(7,361,005	)		(3,335,594	)		(9,109,893	)		(197,468	)		(1,250,191	)
Net Increase (decrease)		361,726			(35,840	)		1,084,862			2,693,977			497,763			2,227,411
Shares outstanding, beginning of year or period		60,188,581			60,224,421			47,588,715			44,894,738			6,482,572			4,255,161
Shares outstanding, end of year or period		60,550,307			60,188,581			48,673,577			47,588,715			6,980,335			6,482,572
Class P
Shares sold		462,496			29,122,395			2,952,300			29,222,545			17,266,947			18,849,504
Shares repurchased		(7,987,522	)		(69,200,763	)		(9,985,130	)		(14,536,268	)		(1,367,790	)		(52,269,510	)
Net increase (decrease)		(7,525,026	)		(40,078,368	)		(7,032,830	)		14,686,277			15,899,157			(33,420,006	)
Shares outstanding, beginning of year or period		126,889,794			166,968,162			92,263,289			77,577,012			21,981,149			55,401,155
Shares outstanding, end of year or period		119,364,768			126,889,794			85,230,459			92,263,289			37,880,306			21,981,149

C-28

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020
	Dividend Growth Portfolio						Equity Index Portfolio						Focused Growth Portfolio
Class I
Shares sold		439,477			1,107,262			1,028,107			3,888,176			329,266			730,675
Share repurchased		(570,357	)		(2,006,500	)		(1,179,186	)		(4,182,539	)		(349,911	)		(1,408,758	)
Net Increase (decrease)		(130,880	)		(899,238	)		(151,079	)		(294,363	)		(20,645	)		(678,083	)
Shares outstanding, beginning of year or period		17,951,193			18,850,431			33,728,434			34,022,797			5,534,647			6,212,730
Shares outstanding, end of year or period		17,820,313			17,951,193			33,577,355			33,728,434			5,514,002			5,534,647
Class P
Shares sold		26,511			16,366,043			54,947			1,371,535			9,266,697			-
Shares repurchased		(8,863,148	)		(7,809,302	)		(3,022,930	)		(2,114,611	)		(660,628	)		-
Net increase (decrease)		(8,836,637	)		8,556,741			(2,967,983	)		(743,076	)		8,606,069			-
Shares outstanding, beginning of year or period		42,005,674			33,448,933			8,093,188			8,836,264			843			843
Shares outstanding, end of year or period		33,169,037			42,005,674			5,125,205			8,093,188			8,606,912			843
	Growth Portfolio						Hedged Equity Portfolio (2)						Large-Cap Growth Portfolio
Class I
Shares sold		439,162			1,788,320			2,575,635						1,167,195			3,916,384
Share repurchased		(763,794	)		(3,693,598	)		(286	)					(2,726,305	)		(4,179,561	)
Net Increase (decrease)		(324,632	)		(1,905,278	)		2,575,349						(1,559,110	)		(263,177	)
Shares outstanding, beginning of year or period		15,845,500			17,750,778			-						20,550,938			20,814,115
Shares outstanding, end of year or period		15,520,868			15,845,500			2,575,349						18,991,828			20,550,938
Class P
Shares sold		68,703			6,232,729			10,545						91,198			5,423,968
Shares repurchased		(6,441,085	)		(8,754,947	)		(117	)					(17,229,975	)		(19,288,282	)
Net increase (decrease)		(6,372,382	)		(2,522,218	)		10,428						(17,138,777	)		(13,864,314	)
Shares outstanding, beginning of year or period		26,261,865			28,784,083			-						46,770,062			60,634,376
Shares outstanding, end of year or period		19,889,483			26,261,865			10,428						29,631,285			46,770,062
	Large-Cap Value Portfolio						Main Street Core Portfolio						Mid-Cap Equity Portfolio
Class I
Shares sold		748,134			1,123,922			36,393			122,636			547,628			795,283
Share repurchased		(785,784	)		(1,975,475	)		(712,154	)		(1,774,008	)		(1,305,743	)		(2,339,391	)
Net Increase (decrease)		(37,650	)		(851,553	)		(675,761	)		(1,651,372	)		(758,115	)		(1,544,108	)
Shares outstanding, beginning of year or period		13,797,680			14,649,233			11,639,184			13,290,556			14,313,866			15,857,974
Shares outstanding, end of year or period		13,760,030			13,797,680			10,963,423			11,639,184			13,555,751			14,313,866
Class P
Shares sold		56,435			17,266,785			10,970			3,132,129			18,963			302,954
Shares repurchased		(15,669,521	)		(6,190,468	)		(3,831,979	)		(2,241,811	)		(2,021,005	)		(14,022,942	)
Net increase (decrease)		(15,613,086	)		11,076,317			(3,821,009	)		890,318			(2,002,042	)		(13,719,988	)
Shares outstanding, beginning of year or period		40,499,139			29,422,822			9,630,447			8,740,129			10,985,258			24,705,246
Shares outstanding, end of year or period		24,886,053			40,499,139			5,809,438			9,630,447			8,983,216			10,985,258
	Mid-Cap Growth Portfolio						Mid-Cap Value Portfolio						Small-Cap Equity Portfolio
Class I
Shares sold		971,743			2,911,884			974,618			615,774			751,279			485,880
Share repurchased		(2,006,857	)		(5,732,037	)		(461,316	)		(1,379,979	)		(268,789	)		(585,675	)
Net Increase (decrease)		(1,035,114	)		(2,820,153	)		513,302			(764,205	)		482,490			(99,795	)
Shares outstanding, beginning of year or period		17,275,465			20,095,618			5,082,820			5,847,025			3,646,247			3,746,042
Shares outstanding, end of year or period		16,240,351			17,275,465			5,596,122			5,082,820			4,128,737			3,646,247
Class P
Shares sold		7,854,261			1,030,104			36,362			1,954,598			6,496,046			94,491
Shares repurchased		(2,382,019	)		(12,411,005	)		(4,473,243	)		(9,192,531	)		(492,888	)		(2,467,413	)
Net increase (decrease)		5,472,242			(11,380,901	)		(4,436,881	)		(7,237,933	)		6,003,158			(2,372,922	)
Shares outstanding, beginning of year or period		17,796,080			29,176,981			22,800,092			30,038,025			3,332,377			5,705,299
Shares outstanding, end of year or period		23,268,322			17,796,080			18,363,211			22,800,092			9,335,535			3,332,377

C-29

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020
	Small-Cap Growth Portfolio						Small-Cap Index Portfolio						Small-Cap Value Portfolio
Class I
Shares sold		274,022			527,729			1,817,591			1,791,235			1,156,252			1,048,474
Share repurchased		(557,056	)		(1,512,051	)		(2,629,525	)		(3,366,693	)		(883,798	)		(1,613,382	)
Net Increase (decrease)		(283,034	)		(984,322	)		(811,934	)		(1,575,458	)		272,454			(564,908	)
Shares outstanding, beginning of year or period		6,350,163			7,334,485			19,799,823			21,375,281			8,878,048			9,442,956
Shares outstanding, end of year or period		6,067,129			6,350,163			18,987,889			19,799,823			9,150,502			8,878,048
Class P
Shares sold		932			2,124,667			182,665			2,181,376			6,884,477			88,840
Shares repurchased		(485,569	)		(1,258,341	)		(993,958	)		(2,190,773	)		(781,070	)		(2,632,309	)
Net increase (decrease)		(484,637	)		866,326			(811,293	)		(9,397	)		6,103,407			(2,543,469	)
Shares outstanding, beginning of year or period		2,552,370			1,686,044			5,927,788			5,937,185			3,838,027			6,381,496
Shares outstanding, end of year or period		2,067,733			2,552,370			5,116,495			5,927,788			9,941,434			3,838,027
	Value Portfolio						Value Advantage Portfolio						Emerging Markets Portfolio
Class I
Shares sold		237,558			1,437,129			1,313,613			868,192			835,812			1,131,454
Share repurchased		(1,135,431	)		(1,947,016	)		(307,354	)		(485,814	)		(1,069,269	)		(3,356,707	)
Net Increase (decrease)		(897,873	)		(509,887	)		1,006,259			382,378			(233,457	)		(2,225,253	)
Shares outstanding, beginning of year or period		15,048,819			15,558,706			2,988,051			2,605,673			19,461,652			21,686,905
Shares outstanding, end of year or period		14,150,946			15,048,819			3,994,310			2,988,051			19,228,195			19,461,652
Class P
Shares sold		16,785,042			567,338			51,292			16,445,452			489,458			5,547,412
Shares repurchased		(3,162,861	)		(11,688,256	)		(12,824,253	)		(7,833,125	)		(4,101,841	)		(8,597,418	)
Net increase (decrease)		13,622,181			(11,120,918	)		(12,772,961	)		8,612,327			(3,612,383	)		(3,050,006	)
Shares outstanding, beginning of year or period		29,644,257			40,765,175			53,374,978			44,762,651			44,348,500			47,398,506
Shares outstanding, end of year or period		43,266,438			29,644,257			40,602,017			53,374,978			40,736,117			44,348,500
	International Large-Cap Portfolio						International Small-Cap Portfolio						International Value Portfolio
Class I
Shares sold		1,604,265			3,384,773			417,871			949,379			938,271			2,636,948
Share repurchased		(2,562,514	)		(6,074,583	)		(884,078	)		(2,093,558	)		(1,592,887	)		(2,424,890	)
Net Increase (decrease)		(958,249	)		(2,689,810	)		(466,207	)		(1,144,179	)		(654,616	)		212,058
Shares outstanding, beginning of year or period		52,218,799			54,908,609			7,716,167			8,860,346			22,953,757			22,741,699
Shares outstanding, end of year or period		51,260,550			52,218,799			7,249,960			7,716,167			22,299,141			22,953,757
Class P
Shares sold		845,856			12,588,575			8,246			2,460,804			91,129			36,649,219
Shares repurchased		(7,740,452	)		(23,959,255	)		(1,930,011	)		(3,110,327	)		(25,393,504	)		(43,242,797	)
Net increase (decrease)		(6,894,596	)		(11,370,680	)		(1,921,765	)		(649,523	)		(25,302,375	)		(6,593,578	)
Shares outstanding, beginning of year or period		81,520,243			92,890,923			11,526,853			12,176,376			79,927,281			86,520,859
Shares outstanding, end of year or period		74,625,647			81,520,243			9,605,088			11,526,853			54,624,906			79,927,281
	Health Sciences Portfolio						Real Estate Portfolio						Technology Portfolio
Class I
Shares sold		283,796			593,733			220,228			725,885			1,410,261			5,389,370
Share repurchased		(399,598	)		(1,380,367	)		(690,890	)		(1,791,606	)		(2,422,952	)		(4,810,335	)
Net Increase (decrease)		(115,802	)		(786,634	)		(470,662	)		(1,065,721	)		(1,012,691	)		579,035
Shares outstanding, beginning of year or period		7,891,684			8,678,318			8,534,591			9,600,312			19,777,277			19,198,242
Shares outstanding, end of year or period		7,775,882			7,891,684			8,063,929			8,534,591			18,764,586			19,777,277
Class P
Shares sold		3,643			7,786			947			101,871			16,800			26,342
Shares repurchased		(484	)		(195	)		(1,490,512	)		(5,345,357	)		(2,580	)		(2,240	)
Net increase (decrease)		3,159			7,591			(1,489,565	)		(5,243,486	)		14,220			24,102
Shares outstanding, beginning of year or period		8,364			773			7,896,393			13,139,879			26,143			2,041
Shares outstanding, end of year or period		11,523			8,364			6,406,828			7,896,393			40,363			26,143

C-30

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020
	ESG Diversified Portfolio (2)						PSF DFA Balanced Allocation Portfolio						Pacific Dynamix - Conservative Growth Portfolio
Class D
Shares sold								1,768,299			3,642,295
Share repurchased								(272,502	)		(1,132,096	)
Net Increase (decrease)								1,495,797			2,510,199
Shares outstanding, beginning of year or period								20,627,036			18,116,837
Shares outstanding, end of year or period								22,122,833			20,627,036
Class I
Shares sold		1,216,356												1,134,984			3,501,728
Share repurchased		(61	)											(2,341,532	)		(3,462,636	)
Net Increase (decrease)		1,216,295												(1,206,548	)		39,092
Shares outstanding, beginning of year or period		-												33,059,776			33,020,684
Shares outstanding, end of year or period		1,216,295												31,853,228			33,059,776
Class P
Shares sold		10,000						8,511			5,942			44,189			31,005
Shares repurchased		-						(784	)		(1,095	)		(7,999	)		(5,400	)
Net increase (decrease)		10,000						7,727			4,847			36,190			25,605
Shares outstanding, beginning of year or period		-						6,621			1,774			28,915			3,310
Shares outstanding, end of year or period		10,000						14,348			6,621			65,105			28,915
	Pacific Dynamix – Moderate Growth Portfolio						Pacific Dynamix – Growth Portfolio						Portfolio Optimization Conservative Portfolio
Class I
Shares sold		1,497,880			2,673,726			5,532,816			10,692,527			2,869,306			20,391,084
Share repurchased		(2,992,336	)		(9,439,721	)		(585,538	)		(1,611,622	)		(11,652,219	)		(19,914,423	)
Net Increase (decrease)		(1,494,456	)		(6,765,995	)		4,947,278			9,080,905			(8,782,913	)		476,661
Shares outstanding, beginning of year or period		108,473,781			115,239,776			43,933,911			34,853,006			111,912,299			111,435,638
Shares outstanding, end of year or period		106,979,325			108,473,781			48,881,189			43,933,911			103,129,386			111,912,299
Class P
Shares sold		177,276			50,234			183,975			128,770			78			483
Shares repurchased		(14,363	)		(10,836	)		(50,976	)		(25,432	)		(59	)		(40	)
Net increase (decrease)		162,913			39,398			132,999			103,338			19			443
Shares outstanding, beginning of year or period		53,147			13,749			106,744			3,406			11,850			11,407
Shares outstanding, end of year or period		216,060			53,147			239,743			106,744			11,869			11,850
	Portfolio Optimization Moderate- Conservative Portfolio						Portfolio Optimization Moderate Portfolio						Portfolio Optimization Growth Portfolio
Class I
Shares sold		409,174			1,082,123			1,019,456			2,605,602			299,095			1,794,202
Share repurchased		(8,978,798	)		(19,967,918	)		(32,742,812	)		(75,590,394	)		(25,094,889	)		(58,541,911	)
Net Increase (decrease)		(8,569,624	)		(18,885,795	)		(31,723,356	)		(72,984,792	)		(24,795,794	)		(56,747,709	)
Shares outstanding, beginning of year or period		141,403,388			160,289,183			534,887,252			607,872,044			431,182,381			487,930,090
Shares outstanding, end of year or period		132,833,764			141,403,388			503,163,896			534,887,252			406,386,587			431,182,381
Class P
Shares sold		276			964			8,041			14,455			11,094			50,314
Shares repurchased		(105	)		(4	)		(508	)		(325	)		(2,857	)		(936	)
Net increase (decrease)		171			960			7,533			14,130			8,237			49,378
Shares outstanding, beginning of year or period		17,398			16,438			76,496			62,366			99,348			49,970
Shares outstanding, end of year or period		17,569			17,398			84,029			76,496			107,585			99,348

C-31

PACIFIC SELECT FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Period Ended June 30, 2021			Year/Period Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020			Period Ended June 30, 2021			Year Ended December 31, 2020
	Portfolio Optimization Aggressive- Growth Portfolio						PD 1-3 Year Corporate Bond Portfolio						PD Aggregate Bond Index Portfolio
Class I
Shares sold		940,908			1,081,802
Share repurchased		(5,936,166	)		(13,665,430	)
Net Increase (decrease)		(4,995,258	)		(12,583,628	)
Shares outstanding, beginning of year or period		95,003,254			107,586,882
Shares outstanding, end of year or period		90,007,996			95,003,254
Class P
Shares sold		13,699			24,254			969,135			4,056,967			9,640,572			16,641,203
Shares repurchased		(2,387	)		(7,352	)		(606,186	)		(6,525,712	)		(284,304	)		(14,282,804	)
Net increase (decrease)		11,312			16,902			362,949			(2,468,745	)		9,356,268			2,358,399
Shares outstanding, beginning of year or period		27,964			11,062			19,247,244			21,715,989			70,018,728			67,660,329
Shares outstanding, end of year or period		39,276			27,964			19,610,193			19,247,244			79,374,996			70,018,728
	PD High Yield Bond Market Portfolio						PD Large-Cap Growth Index Portfolio						PD Large-Cap Value Index Portfolio
Class P
Shares sold		2,672,422			4,005,831			494,330			2,047,271			575,683			6,979,522
Shares repurchased		(222,332	)		(379,918	)		(3,619,489	)		(6,033,032	)		(5,352,072	)		(8,064,575	)
Net increase (decrease)		2,450,090			3,625,913			(3,125,159	)		(3,985,761	)		(4,776,389	)		(1,085,053	)
Shares outstanding, beginning of year or period		25,106,671			21,480,758			12,888,132			16,873,893			22,741,000			23,826,053
Shares outstanding, end of year or period		27,556,761			25,106,671			9,762,973			12,888,132			17,964,611			22,741,000
	PD Mid-Cap Index Portfolio (1)						PD Small-Cap Growth Index Portfolio						PD Small-Cap Value Index Portfolio
Class P
Shares sold		9,251,509			36,203,011			1,750,381			413,277			4,162,320			979,772
Shares repurchased		(1,333,588	)		(451,758	)		(95,322	)		(1,046,646	)		(196,021	)		(1,594,397	)
Net increase (decrease)		7,917,921			35,751,253			1,655,059			(633,369	)		3,966,299			(614,625	)
Shares outstanding, beginning of year or period		35,751,253			–			1,177,894			1,811,263			1,661,830			2,276,455
Shares outstanding, end of year or period		43,669,174			35,751,253			2,832,953			1,177,894			5,628,129			1,661,830
	PD Emerging Markets Index Portfolio						PD International Large-Cap Index Portfolio
Class P
Shares sold		1,512,571			2,241,726			928,427			3,085,926
Shares repurchased		(565,657	)		(1,619,554	)		(3,001,428	)		(2,687,141	)
Net increase (decrease)		946,914			622,172			(2,073,001	)		398,785
Shares outstanding, beginning of year or period		11,586,907			10,964,735			28,221,827			27,823,042
Shares outstanding, end of year or period		12,533,821			11,586,907			26,148,826			28,221,827

(1) Operations commenced on October 23, 2020.

(2) Operations commenced on April 30, 2021.

C-32

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, 2021 to June 30, 2021.

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 06/30/21” 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 01/01/21-06/30/21” 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, 2021 to June 30, 2021.

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 01/01/21-06/30/21.”

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 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
Core Income
Actual
Class I		$1,000.00		$995.10		0.75%		$3.71
Class P		1,000.00		996.10		0.55%		2.72
Hypothetical
Class I		$1,000.00		$1,021.08		0.75%		$3.76
Class P		1,000.00		1,022.07		0.55%		2.76
Diversified Bond
Actual
Class I		$1,000.00		$978.70		0.64%		$3.14
Class P		1,000.00		979.60		0.44%		2.16
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
Floating Rate Income
Actual
Class I		$1,000.00		$1,027.90		0.88%		$4.42
Class P		1,000.00		1,029.00		0.67%		3.37
Hypothetical
Class I		$1,000.00		$1,020.43		0.88%		$4.41
Class P		1,000.00		1,021.47		0.67%		3.36

Portfolio	Beginning Account Value at 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
High Yield Bond
Actual
Class I		$1,000.00		$1,037.50		0.63%		$3.18
Class P		1,000.00		1,038.60		0.43%		2.17
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
Inflation Managed
Actual
Class I		$1,000.00		$1,018.00		0.69%		$3.45
Class P		1,000.00		1,019.10		0.49%		2.45
Hypothetical
Class I		$1,000.00		$1,021.37		0.69%		$3.46
Class P		1,000.00		1,022.36		0.49%		2.46
Intermediate Bond
Actual
Class P		$1,000.00		$986.20		0.43%		$2.12
Hypothetical
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 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
Managed Bond
Actual
Class I		$1,000.00		$989.10		0.62%		$3.06
Class P		1,000.00		990.10		0.42%		2.07
Hypothetical
Class I		$1,000.00		$1,021.72		0.62%		$3.11
Class P		1,000.00		1,022.71		0.42%		2.11
Short Duration Bond
Actual
Class I		$1,000.00		$1,001.50		0.63%		$3.13
Class P		1,000.00		1,002.50		0.43%		2.13
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		$985.70		1.05%		$5.17
Class P		1,000.00		986.60		0.84%		4.14
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		$1,124.20		0.87%		$4.58
Class P		1,000.00		1,125.30		0.67%		3.53
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
Equity Index
Actual
Class I		$1,000.00		$1,150.80		0.27%		$1.44
Class P		1,000.00		1,151.90		0.07%		0.37
Hypothetical
Class I		$1,000.00		$1,023.46		0.27%		$1.35
Class P		1,000.00		1,024.45		0.07%		0.35
Focused Growth
Actual
Class I		$1,000.00		$1,130.50		0.94%		$4.97
Class P		1,000.00		1,131.70		0.74%		3.91
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		$1,128.50		0.78%		$4.12
Class P		1,000.00		1,129.60		0.58%		3.06
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 (2)
Actual
Class I		$1,000.00		$1,015.40		0.90%		$1.52
Class P		1,000.00		1,015.80		0.70%		1.18
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 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
Large-Cap Growth
Actual
Class I		$1,000.00		$1,128.10		0.89%		$4.70
Class P		1,000.00		1,129.20		0.69%		3.64
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		$1,178.90		0.83%		$4.48
Class P		1,000.00		1,180.00		0.63%		3.41
Hypothetical
Class I		$1,000.00		$1,020.68		0.83%		$4.16
Class P		1,000.00		1,021.67		0.63%		3.16
Main Street Core
Actual
Class I		$1,000.00		$1,162.20		0.68%		$3.65
Class P		1,000.00		1,163.30		0.48%		2.57
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
Mid-Cap Equity
Actual
Class I		$1,000.00		$1,127.50		0.88%		$4.64
Class P		1,000.00		1,128.60		0.68%		3.59
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		$1,113.70		0.90%		$4.72
Class P		1,000.00		1,114.90		0.70%		3.67
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
Mid-Cap Value
Actual
Class I		$1,000.00		$1,199.40		0.93%		$5.07
Class P		1,000.00		1,200.60		0.73%		3.98
Hypothetical
Class I		$1,000.00		$1,020.18		0.93%		$4.66
Class P		1,000.00		1,021.17		0.73%		3.66
Small-Cap Equity
Actual
Class I		$1,000.00		$1,233.80		0.90%		$4.98
Class P		1,000.00		1,235.00		0.70%		3.88
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
Small-Cap Growth
Actual
Class I		$1,000.00		$1,088.70		0.84%		$4.35
Class P		1,000.00		1,089.80		0.64%		3.32
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 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
Small-Cap Index
Actual
Class I		$1,000.00		$1,172.70		0.54%		$2.91
Class P		1,000.00		1,173.80		0.34%		1.83
Hypothetical
Class I		$1,000.00		$1,022.12		0.54%		$2.71
Class P		1,000.00		1,023.11		0.34%		1.71
Small-Cap Value
Actual
Class I		$1,000.00		$1,295.30		0.98%		$5.58
Class P		1,000.00		1,296.50		0.78%		4.44
Hypothetical
Class I		$1,000.00		$1,019.93		0.98%		$4.91
Class P		1,000.00		1,020.93		0.78%		3.91
Value
Actual
Class I		$1,000.00		$1,137.20		0.86%		$4.56
Class P		1,000.00		1,138.30		0.66%		3.50
Hypothetical
Class I		$1,000.00		$1,020.53		0.86%		$4.31
Class P		1,000.00		1,021.52		0.66%		3.31
Value Advantage
Actual
Class I		$1,000.00		$1,214.40		0.89%		$4.89
Class P		1,000.00		1,215.60		0.69%		3.79
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		$1,051.10		1.05%		$5.34
Class P		1,000.00		1,052.20		0.85%		4.33
Hypothetical
Class I		$1,000.00		$1,019.59		1.05%		$5.26
Class P		1,000.00		1,020.58		0.85%		4.26
International Large-Cap
Actual
Class I		$1,000.00		$1,079.70		0.97%		$5.00
Class P		1,000.00		1,080.80		0.77%		3.97
Hypothetical
Class I		$1,000.00		$1,019.98		0.97%		$4.86
Class P		1,000.00		1,020.98		0.77%		3.86
International Small-Cap
Actual
Class I		$1,000.00		$1,149.30		1.11%		$5.92
Class P		1,000.00		1,150.40		0.91%		4.85
Hypothetical
Class I		$1,000.00		$1,019.29		1.11%		$5.56
Class P		1,000.00		1,020.28		0.91%		4.56
International Value
Actual
Class I		$1,000.00		$1,173.50		0.89%		$4.80
Class P		1,000.00		1,174.70		0.69%		3.72
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

Portfolio	Beginning Account Value at 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
Health Sciences
Actual
Class I		$1,000.00		$1,075.80		1.13%		$5.82
Class P		1,000.00		1,076.80		0.93%		4.79
Hypothetical
Class I		$1,000.00		$1,019.19		1.13%		$5.66
Class P		1,000.00		1,020.18		0.93%		4.66
Real Estate
Actual
Class I		$1,000.00		$1,202.50		0.98%		$5.35
Class P		1,000.00		1,203.60		0.78%		4.26
Hypothetical
Class I		$1,000.00		$1,019.93		0.98%		$4.91
Class P		1,000.00		1,020.93		0.78%		3.91
Technology
Actual
Class I		$1,000.00		$1,113.20		1.14%		$5.97
Class P		1,000.00		1,114.30		0.93%		4.88
Hypothetical
Class I		$1,000.00		$1,019.14		1.14%		$5.71
Class P		1,000.00		1,020.18		0.93%		4.66
ESG Diversified (2), (3)
Actual
Class I		$1,000.00		$1,019.80		0.50%		$0.84
Class P		1,000.00		1,020.10		0.30%		0.51
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 DFA Balanced Allocation (3)
Actual
Class D		$1,000.00		$1,080.30		0.48%		$2.48
Class P		1,000.00		1,081.70		0.23%		1.19
Hypothetical
Class D		$1,000.00		$1,022.41		0.48%		$2.41
Class P		1,000.00		1,023.65		0.23%		1.15
Pacific Dynamix-Conservative Growth (3)
Actual
Class I		$1,000.00		$1,048.00		0.38%		$1.93
Class P		1,000.00		1,049.10		0.17%		0.86
Hypothetical
Class I		$1,000.00		$1,022.91		0.38%		$1.91
Class P		1,000.00		1,023.95		0.17%		0.85
Pacific Dynamix-Moderate Growth (3)
Actual
Class I		$1,000.00		$1,077.50		0.38%		$1.96
Class P		1,000.00		1,078.60		0.17%		0.88
Hypothetical
Class I		$1,000.00		$1,022.91		0.38%		$1.91
Class P		1,000.00		1,023.95		0.17%		0.85
Pacific Dynamix-Growth (3)
Actual
Class I		$1,000.00		$1,102.80		0.37%		$1.93
Class P		1,000.00		1,104.00		0.17%		0.89
Hypothetical
Class I		$1,000.00		$1,022.96		0.37%		$1.86
Class P		1,000.00		1,023.95		0.17%		0.85

D-3

PACIFIC SELECT FUND

DISCLOSURE OF FUND EXPENSES (Continued)

(Unaudited)

Portfolio	Beginning Account Value at 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
Portfolio Optimization Conservative (3)
Actual
Class I		$1,000.00		$1,015.30		0.32%		$1.60
Class P		1,000.00		1,016.30		0.12%		0.60
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 (3)
Actual
Class I		$1,000.00		$1,045.00		0.32%		$1.62
Class P		1,000.00		1,046.00		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 (3)
Actual
Class I		$1,000.00		$1,064.50		0.32%		$1.64
Class P		1,000.00		1,065.50		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 Growth (3)
Actual
Class I		$1,000.00		$1,093.00		0.32%		$1.66
Class P		1,000.00		1,094.10		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 (3)
Actual
Class I		$1,000.00		$1,113.70		0.32%		$1.68
Class P		1,000.00		1,114.80		0.12%		0.63
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		$1,001.10		0.22%		$1.09
Hypothetical
Class P		$1,000.00		$1,023.70		0.22%		$1.10
PD Aggregate Bond Index
Actual
Class P		$1,000.00		$983.30		0.19%		$0.93
Hypothetical
Class P		$1,000.00		$1,023.85		0.19%		$0.95

Portfolio	Beginning Account Value at 01/01/21		Ending Account Value at 06/30/21		Annualized Expense Ratio		Expenses Paid During the Period 01/01/21- 06/30/21 (1)
PD High Yield Bond Market
Actual
Class P		$1,000.00		$1,036.50		0.22%		$1.11
Hypothetical
Class P		$1,000.00		$1,023.70		0.22%		$1.10
PD Large-Cap Growth Index
Actual
Class P		$1,000.00		$1,128.80		0.17%		$0.90
Hypothetical
Class P		$1,000.00		$1,023.95		0.17%		$0.85
PD Large-Cap Value Index
Actual
Class P		$1,000.00		$1,169.90		0.17%		$0.91
Hypothetical
Class P		$1,000.00		$1,023.95		0.17%		$0.85
PD Mid-Cap Index
Actual
Class P		$1,000.00		$1,161.40		0.17%		$0.91
Hypothetical
Class P		$1,000.00		$1,023.95		0.17%		$0.85
PD Small-Cap Growth Index
Actual
Class P		$1,000.00		$1,089.70		0.22%		$1.14
Hypothetical
Class P		$1,000.00		$1,023.70		0.22%		$1.10
PD Small-Cap Value Index
Actual
Class P		$1,000.00		$1,265.30		0.20%		$1.12
Hypothetical
Class P		$1,000.00		$1,023.80		0.20%		$1.00
PD Emerging Markets Index
Actual
Class P		$1,000.00		$1,096.10		0.42%		$2.18
Hypothetical
Class P		$1,000.00		$1,022.71		0.42%		$2.11
PD International Large-Cap Index
Actual
Class P		$1,000.00		$1,110.00		0.24%		$1.26
Hypothetical
Class P		$1,000.00		$1,023.60		0.24%		$1.20

(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 Hedged Equity and ESG Diversified Portfolios commenced operations on April 30, 2021. The actual fund return and expenses paid by the Fund was for the period from April 30, 2021 to June 30, 2021 instead of the six-month period. The hypothetical return and expenses paid during the period are based on the entire six-month period for comparison purposes.

(3) The annualized expense ratios for the ESG Diversified, PSF DFA 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, 2020 through December 31, 2020. 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 heightened 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 ADVISORY AND 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 DFA Balanced Allocation Portfolio (together with the Portfolio Optimization Funds and Pacific Dynamix Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained affiliated or unaffiliated 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 8, 2020.¹

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, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to be all-inclusive.

II. Board Consideration of the New Sub-Advisory Agreements

At a virtual meeting held on March 24, 2021² (“March Meeting”), the Board approved (i) a change in sub-adviser and a new sub-advisory agreement with respect to each of the PD Emerging Markets Portfolio and PD International Large-Cap Portfolio effective on April 30, 2021, (ii) a new advisory and sub-advisory agreement with respect to the Hedged Equity Portfolio effective on or about April 30, 2021, (iii) a new advisory agreement with respect to the ESG Diversified Portfolio effective on or about April 30, 2021, and (iv) a new sub-advisory agreement with respect to the Mid-Cap Growth Portfolio effective on April 30, 2021. Under the 1940 Act, a new sub-advisory agreement generally requires shareholder approval; however, pursuant to an exemptive order issued to Pacific Life Insurance Company (“Pacific Life”) by the SEC on October 13, 1999 and relied upon by the Trust and PLFA, PLFA and the Trust can hire, terminate, and replace, as applicable, sub-advisers and enter into new sub-advisory agreements (except, as a general matter, sub-advisers affiliated with PLFA) without shareholder approval in accordance with the requirements of the exemptive order.

PD Emerging Markets Portfolio and PD International Large-Cap Portfolio

At the March Meeting, based upon a recommendation from PLFA the Board, including all of the Independent Trustees, approved, effective on April 30, 2021, a new sub-advisory agreement with FIAM LLC (“FIAM Sub-Advisory Agreement”) and a new sub-subadvisory agreement with Geode (“Geode Sub-Subadvisory Agreement”) with respect to each of PD Emerging Markets Portfolio and PD International Large-Cap Portfolio (each, a “Fund”). At the March Meeting, the Board also terminated the sub-advisory agreement for each Fund with the prior sub-adviser upon the effectiveness of the FIAM Sub-Advisory Agreement and Geode Sub-Subadvisory Agreement.

FIAM’s appointment as sub-adviser, Geode’s appointment as sub-subadviser and the Board’s approval of the FIAM Sub-Advisory Agreement and Geode Sub-Subadvisory Agreement were made in accordance with the requirements of the exemptive order and do not require shareholder approval. In order to facilitate the sub-adviser change, a portion of each Fund’s holdings were sold and new investments were purchased in accordance with recommendations by FIAM. PLFA and/or the Trust retained a transitioning agent in order to reduce transaction costs associated with the purchase and sale of portfolio holdings in connection with the transition.

In considering the appointments of FIAM as sub-adviser and Geode as sub-subadviser for each 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 and Geode be appointed as the new sub-subadviser for the Funds and in evaluating the proposed FIAM Sub-Advisory Agreement and Geode

¹ At the December 8, 2020 meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the Core Income Portfolio, Floating Rate Income Portfolio, High Yield Portfolio, Large-Cap Value Portfolio, Value Portfolio, Small-Cap Growth Portfolio, International Small-Cap Portfolio or Diversified Bond Portfolio as those agreements were not up for renewal at that time.

² The Board approved reliance on relief provided by the U.S. Securities and Exchange Commission (“SEC”) from in-person voting requirements of the 1940 Act for the March 24, 2021 Board meeting. This approval was based on the Board’s belief that, due to the circumstances related to current or potential effects of COVID-19, it was necessary and appropriate to rely on the in-person relief granted by the SEC and substitute the in-person meeting scheduled for March 24, 2021 with a virtual meeting. The Board also approved to undertake to satisfy the conditions subsequently required in the in-person relief, including ratification of these matters at the Board’s next in-person meeting.

D-6

PACIFIC SELECT FUND

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Sub-Subadvisory 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 Geode and PLFA’s analysis in reaching its conclusion to recommend FIAM as sub-adviser and Geode as sub-subadviser for the Funds. 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.

In evaluating the FIAM Sub-Advisory Agreement and Geode Sub-Subadvisory Agreement for the Funds, 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 and Geode as the new sub-subadviser to the Funds, particularly in light of the nature, extent, and quality of the services expected to be provided by FIAM and Geode. In this regard, the Trustees considered various materials relating to FIAM and Geode, including copies of the proposed FIAM Sub-Advisory Agreement and Geode Sub-Subadvisory Agreement; copies of FIAM’s and Geode’s Form ADVs; financial information; a written presentation from FIAM and Geode; a comprehensive report including an assessment by PLFA; responses from FIAM and Geode 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 the March Meeting from management and investment personnel from FIAM and Geode where all attendees could hear each other clearly.

The Trustees considered that under the Geode Sub-Subadvisory Agreement, Geode 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 and Geode, including the background and experience of FIAM’s and Geode’s management and the expertise of Geode’s 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 the Trust’s Chief Compliance Officer (“CCO”) had reviewed FIAM’s and Geode’s written compliance policies and procedures and code of ethics. The Trustees also considered the CCO’s assessment of FIAM’s and Geode’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 Geode and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by FIAM and Geode.

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 and Geode under the Geode Sub-Subadvisory Agreement.

    B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage index-based emerging markets equity and international large-cap equity strategies and PLFA’s identification of FIAM and Geode to serve as sub-adviser and sub-subadviser, respectively, with regard to the Funds’ day-to-day investment activities. The Trustees considered that the Funds’ 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 Geode for the Funds and Geode’s experience managing index-based emerging markets equity and international large-cap equity 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 and Geode Sub-Subadvisory Agreement, including the factors described below.

The Trustees considered information about the historical performance of funds and accounts managed by the same Geode portfolio management team that would manage the Funds using similar investment strategies (the “Geode Comparable Performance”). The Trustees considered that this information included a comparison of the Geode Comparable Performance against pertinent benchmarks for the one-, three-, five- and since inception periods, as applicable, as of November 30, 2020.

The Trustees considered additional information about the historical performance of funds managed by the same Geode portfolio management team that would manage the Funds using similar investment strategies. The Trustees considered that this information included a comparison of the funds’ performance against a pertinent benchmark and an applicable peer group for the one-, three- and five-year and since inception periods as of December 31, 2020, as well as performance for each of the past six calendar years. Additionally, the Trustees considered the standard deviation of the funds during certain periods.

The Board determined that Geode’s performance record with respect to similarly managed funds was acceptable.

    C. Sub-Advisory Fees

The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of Fidelity and Geode with regard to other funds with substantially similar investment strategies as the Funds. 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, resulting in an increase in the retention by PLFA of its advisory fee. The Trustees considered that PLFA would agree to implement a fee waiver in order to share these benefits with shareholders and that as a result of these waivers, the total net advisory fee paid by shareholders would be reduced. In comparing the proposed sub-advisory fees to be paid by the Funds to fees charged by Fidelity and Geode for the other similarly managed funds, the Trustees noted that for certain funds, there were differences in the size and type of the account and the nature and size of the overall relationship with FIAM and Geode that could reasonably be expected to account for differences in fee schedules.

D-7

PACIFIC SELECT FUND

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and FIAM or among PLFA, FIAM and Geode, as applicable, and that the Funds’ sub-advisory fees and sub-subadvisory fees are paid by PLFA and FIAM, respectively, and are not paid directly by the Funds. 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 and the Geode Sub-Subadvisory 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 Funds and to Geode of sub-subadvising the Funds and the projected profitability of the FIAM Sub-Advisory Agreement to FIAM and the Geode Sub-Subadvisory Agreement to Geode, to the extent practicable based on the information provided by FIAM and Geode. 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 and among PLFA, FIAM and Geode with respect to the negotiation of sub-subadvisory fees, the fact that such fees are paid by PLFA and FIAM, respectively, and the fact that the projected profitability of the FIAM Sub-Advisory Agreement to FIAM and the Geode Sub-Subadvisory Agreement to Geode are estimates because they had not yet begun to manage the Funds, the Trustees considered that projected profitability information for FIAM and Geode 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 respective Fund.

The Trustees considered the organizational strengths of FIAM and Geode and their abilities to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Funds. The Board concluded that the Fund’s fee structure reflected in the FIAM Sub-Advisory Agreement and Geode Sub-Subadvisory Agreement is fair and reasonable.

    E. Ancillary Benefits

The Trustees received information from PLFA and FIAM and Geode concerning other benefits that may be received by FIAM and Geode and their affiliates as a result of their relationship with the Funds, including commissions that may be paid to broker-dealers affiliated with Geode and the anticipated use of soft-dollars by Geode. In this regard, the Trustees noted that Geode represented that it does not anticipate using an affiliated broker-dealer and does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by FIAM and Geode from their relationship with the Funds 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 Funds and their shareholders; (ii) the compensation payable under the FIAM Sub-Advisory Agreement is fair and reasonable; (iii) the Geode Sub-Subadvisory Agreement is in the best interests of the Funds and their shareholders; and (iv) the compensation payable under the Geode 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.

Hedged Equity Portfolio

At the March Meeting, the Board, including all the Independent Trustees, approved the establishment and designation of a newly organized Fund of the Trust, Hedged Equity Portfolio (“Fund”), effective on or about April 30, 2021. In connection with this approval, the Board also approved, effective on or about April 30, 2021, the Advisory Agreement with PLFA with respect to the new Fund (the “Hedged Equity Advisory Agreement”) and the Sub-Advisory Agreement with J.P. Morgan Investment Management Inc. (“JPMorgan”) (the “JPMorgan Sub-Advisory Agreement”).

In evaluating the Hedged Equity Advisory Agreement and the JPMorgan Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

    A. Nature, Extent and Quality of Services to be Provided

Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of sub-advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.

The Trustees considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees took into account the scope of services to be provided by PLFA under the Hedged Equity Advisory Agreement. The Trustees considered that although PLFA would be separately compensated at approximate cost for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the Hedged Equity Advisory Agreement, these services would be provided as a result of PLFA’s advisory relationship with the Fund. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Fund. The Trustees also considered the additional

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resources that PLFA has continued to invest in to enhance its management and oversight of the funds for which it serves as investment adviser, including additional tools designed to ensure compliance with new laws and regulations.

The Trustees noted PLFA’s proposed responsibilities in rendering services to the Fund and the fact that PLFA would monitor and evaluate the performance of JPMorgan in comparison to the Fund’s investment objective as well as to an appropriate benchmark index and group of peer funds. The Trustees also considered that PLFA would monitor the Fund’s adherence to its investment objectives and policies. The Trustees noted that PLFA would provide the Board with periodic and special reports related to the Fund’s performance and PLFA’s investment monitoring and evaluation.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA related to other funds for which it serves as investment adviser. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of sub-advisers, conducting a risk analysis, return analysis and an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance as well as identify funds that are performing well relative to applicable benchmarks or peer groups, and to analyze the funds’ performance records against various measures. The Trustees considered that PLFA also conducts various analyses to try to assess the sources of and reasons for performance. The Trustees noted that PLFA has developed processes to oversee and monitor a sub-adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analyses of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.

The Trustees also noted that PLFA conducts periodic due diligence on sub-advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a sub-adviser’s investment process and to seek to identify issues that may be relevant to a sub-adviser’s services to a fund or a fund’s performance, including, but not limited to, a sub-adviser’s investment process, investment capabilities, resources and personnel, the financial strength of a sub-adviser, significant staffing changes that could affect a fund, material changes in a sub-adviser’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support. The Trustees also considered the background and experience of PLFA’s senior management.

The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Hedged Equity Advisory Agreement.

JPMorgan. The Trustees considered the benefits to shareholders of retaining JPMorgan as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by JPMorgan. In this regard, the Trustees considered various materials relating to JPMorgan, including copies of the proposed JPMorgan Sub-Advisory Agreement; copies of JPMorgan’s Form ADV; financial information; a written presentation from JPMorgan; a comprehensive report including an assessment by PLFA; responses from JPMorgan 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 the March Meeting from the investment management team of PLFA and from management and investment personnel from JPMorgan where all attendees could hear each other clearly.

The Trustees considered that under the JPMorgan Sub-Advisory Agreement, JPMorgan 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 JPMorgan, including the background and experience of JPMorgan’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 JPMorgan’s written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of JPMorgan’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 JPMorgan and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by JPMorgan.

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 JPMorgan under the JPMorgan Sub-Advisory Agreement.

    B. Performance

The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a hedged equity strategy and PLFA’s identification of JPMorgan to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by JPMorgan for the Fund and JPMorgan’s experience managing hedged equity strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the JPMorgan Sub-Advisory Agreement, including the factors described below.

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The Trustees considered information about the historical performance of mutual funds and a composite managed by the same JPMorgan portfolio management team that would manage the Fund using similar investment strategies (the “JPMorgan Comparable Performance”). The Trustees considered that this information included a comparison of the JPMorgan Comparable Performance against a pertinent benchmark for the one-, three- and five-year and since inception periods as of November 30, 2020.

The Trustees considered additional information about the historical performance of a proprietary mutual fund managed by the same JPMorgan portfolio management team that would manage the Fund using similar investment strategies. The Trustees considered that this information included a comparison of the fund’s performance against a pertinent benchmark and an applicable peer group for the one-, three- and five-year and since inception periods as of December 2020, as well as performance for each of the past seven calendar years. Additionally, the Trustees considered the standard deviation and risk-adjusted returns of the fund during certain periods.

The Board determined that JPMorgan’s performance record with respect to a similarly managed mutual fund was acceptable.

    C. Advisory and Sub-Advisory Fees

PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and net expense ratio for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees considered that the proposed advisory fee was below the industry averages for similar investment products based on the data presented to the Board.

The Board concluded that the compensation payable to PLFA under the Hedged Equity Advisory Agreement is fair and reasonable.

JPMorgan. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of JPMorgan with regard to other funds with substantially similar investment strategies as the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by JPMorgan for the other similarly managed funds, the Trustees noted that for certain funds, there were differences in: (i) the nature of the Fund and those other funds, (ii) the services provided to each, (iii) the client’s overall relationship with JPMorgan, 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 JPMorgan, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.

The Board concluded that the compensation payable under the JPMorgan Sub-Advisory Agreement is fair and reasonable, and that the amount of the advisory fee retained by PLFA after paying the sub-advisory fee to JPMorgan is fair and reasonable.

    D. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring and operating the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.

The Trustees considered information regarding the anticipated costs to JPMorgan of sub-advising the Fund and the projected profitability of the JPMorgan Sub-Advisory Agreement to JPMorgan, to the extent practicable based on the information provided by JPMorgan. 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 JPMorgan 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 JPMorgan Sub-Advisory Agreement to JPMorgan is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for JPMorgan at this time was of limited utility. 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.

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered that the advisory fee schedule for the Fund contains a breakpoint and that the net expense ratio for the Fund is competitive with peers.

The Trustees considered the organizational strengths of JPMorgan 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 Hedged Equity Advisory Agreement and JPMorgan Sub-Advisory Agreement is fair and reasonable.

    E. Ancillary Benefits

The Trustees received information from PLFA and JPMorgan concerning other benefits that may be received by PLFA and JPMorgan and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with JPMorgan and the anticipated use of soft-dollars by JPMorgan. In this regard, the Trustees noted that JPMorgan represented that it does not anticipate using an affiliated broker-dealer and that it does anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by PLFA from its relationship with the Fund and that such benefits are consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual. The Trustees also considered benefits that may be derived by other affiliates of PLFA, including Pacific Life. The Trustees also considered potential benefits to be derived by JPMorgan 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 Hedged Equity Advisory Agreement and JPMorgan Sub-Advisory Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation

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(Unaudited)

payable under the Hedged Equity Advisory Agreement and JPMorgan 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.

ESG Diversified Portfolio

At the March Meeting, the Board, including all the Independent Trustees, approved the establishment and designation of a newly organized Fund of the Trust, ESG Diversified Portfolio (“Fund”), effective on or about April 30, 2021. In connection with this approval, the Board also approved, effective on or about April 30, 2021, the Advisory Agreement with PLFA with respect to the new Fund (the “ESG Diversified Advisory Agreement”).

In evaluating the ESG Diversified Advisory Agreement, 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 depth and quality of PLFA’s investment management process, including its experience managing asset allocation funds-of-funds; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.

The Trustees considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees took into account the scope of services to be provided by PLFA under the ESG Diversified Advisory Agreement. The Trustees considered that although PLFA would be separately compensated at approximate cost for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the ESG Diversified Advisory Agreement, these services would be provided as a result of PLFA’s advisory relationship with the Fund. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Fund. The Trustees also considered the additional resources that PLFA has continued to invest in to enhance its management and oversight of the funds for which it serves as investment adviser, including additional tools designed to ensure compliance with new laws and regulations.

The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees noted that PLFA serves as adviser to each Fund of the Trust and directly manages the Portfolio Optimization Portfolios, Pacific Dynamix Portfolios and PSF DFA Balanced Allocation Portfolio, each a series of the Trust, and the Pacific Funds Portfolio Optimization Funds, each a series of Pacific Funds Series Trust, all of which are asset allocation fund-of-funds, and provides asset allocation services to other accounts.

The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA related to other funds for which it serves as investment adviser. 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 PLFA, including the background and experience of PLFA’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.

The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with security valuation, risk management analysis, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust. The Trustees noted that PLFA would monitor numerous investment, performance and compliance metrics for the Fund over daily, weekly, monthly, quarterly and annual periods.

In addition, the Trustees considered that they had previously reviewed and approved PLFA’s written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of PLFA’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management, compliance and monitoring services to be provided by PLFA to the Fund under the ESG Diversified Advisory Agreement.

    B. Performance

The Trustees considered PLFA’s experience directly managing funds and its qualifications to manage the Fund’s day-to-day investment activities. Because this consideration related to a newly organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by PLFA for the Fund and PLFA’s experience managing asset allocation funds of funds and other accounts, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the ESG Diversified Advisory Agreement, including the factors described below.

The Trustees considered that the Fund would invest in affiliated and unaffiliated mutual funds that have an ESG focus (the “ESG Underlying Funds”). The Trustees considered information about the hypothetical performance of the Fund based on historical returns of the initially proposed mix of ESG Underlying Funds (the “Hypothetical Performance”). The Trustees considered the Hypothetical Performance against a

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(Unaudited)

pertinent benchmark and an applicable peer group for the one-, three-, five- and ten-year periods as of December 31, 2020, and for the previous ten calendar years. Additionally, the Trustees considered the standard deviation of the Hypothetical Performance during certain periods.

The Trustees considered additional information about the historical performance of each of the initially proposed ESG Underlying Funds against a pertinent benchmark and an applicable peer group for the one-, three-, five- and ten-year periods as of December 31, 2020.

The Board determined that the performance records of PLFA and the ESG Underlying Funds were acceptable.

    C. Advisory Fees

The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the estimated net expense ratio of the Fund compared with the average net expense ratios of other funds in an applicable peer group. The Trustees considered that the Fund’s net expense ratio was below the industry averages for similar investment products based on the data presented to the Board. The Board concluded that the compensation payable to PLFA under the ESG Diversified Advisory Agreement is fair and reasonable.

    D. Costs, Level of Profits and Economies of Scale

Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring and operating the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA. Additionally, the Trustees reviewed projected profitability information with respect to the profit or loss to PLFA from the ESG Diversified Advisory Agreement. The Trustees also reviewed the revenues and other benefits that are expected to be derived by PLFA from the Fund.

Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered that the net expense ratio for the Fund is competitive with peers

The Board concluded that the Fund’s fee structure reflected in the ESG Diversified Advisory Agreement is fair and reasonable.

    E. Ancillary Benefits

The Trustees received information from PLFA concerning other benefits that may be received by PLFA and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with PLFA and the anticipated use of soft-dollars by PLFA. In this regard, the Trustees noted that PLFA represented that it does not anticipate using an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by PLFA from its relationship with the Fund and that such benefits are consistent with those generally derived by investment advisers to mutual funds or were otherwise not unusual. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life.

    F. Conclusion

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the ESG Diversified Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the ESG Diversified 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.

Mid-Cap Growth Portfolio

At the March Meeting, the Board approved a new sub-advisory agreement with Delaware Investments Fund Advisers (“DIFA”), with respect to the Mid-Cap Growth Portfolio (“Fund”), in connection with the acquisition of Waddell & Reed Financial, Inc. (“Waddell & Reed”), parent company of Ivy Investment Management Company (“Ivy”), the previous sub-adviser to the Fund, by Macquarie Group Limited (“Macquarie”), indirect parent company of DIFA, effective on April 30, 2021 (the “Acquisition”). Information concerning this change was included in a supplement dated March 26, 2021 to the Trust’s prospectus for Class D, Class I and Class P shares dated May 1, 2020. The Acquisition caused an “assignment” under the 1940 Act of the sub-advisory agreement then in effect with Ivy (“Ivy Sub-Advisory Agreement”), resulting in its automatic termination.

In anticipation of the Acquisition, at the March Meeting, based upon a recommendation from Pacific Life Fund Advisors LLC (“PLFA”), the Board, including all of the Trustees who are not “interested persons”, as that term is defined in the 1940 Act (“Independent Trustees”), approved, effective upon the effective date of the Acquisition, a new sub-advisory agreement with DIFA for the Fund (the “DIFA Sub-Advisory Agreement”).

The Board’s approval of the DIFA Sub-Advisory Agreement was made in accordance with the requirements of the exemptive order and do not require shareholder approval. The Trustees considered that Ivy currently sub-advises the Mid-Cap Growth Portfolio pursuant to a sub-advisory agreement dated November 1, 2013 (the “Ivy Sub-Advisory Agreement”), and that they were being asked to evaluate a new sub-advisory agreement with Delaware Investments Fund Advisers (“DIFA”) for the Fund (the “DIFA Sub-Advisory Agreement”) in light of the anticipated acquisition of Waddell & Reed Financial, Inc. (“Waddell & Reed”), the parent company of Ivy, by Macquarie Asset Management (“Macquarie”), which owns DIFA, which will result in the automatic termination of the Ivy Sub-Advisory Agreement.

In evaluating the DIFA Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

• The Ivy Sub-Advisory Agreement was last renewed by the Board, including all the Independent Trustees, at a virtual meeting on December 8, 2020. In connection with that renewal, the Trustees reviewed information regarding the nature, extent and quality of services provided by Ivy; the

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investment results of the Fund; the sub-advisory fees paid to Ivy; Ivy’s costs in managing the Fund and its profitability from the Fund; and other benefits received by Ivy and its affiliates as a result of their relationship with the Fund.

• DIFA represented to the Board that following the Acquisition, the Fund’s portfolio management team will be moved to DIFA and that there will be no changes to the Fund’s portfolio management team under the DIFA Sub-Advisory Agreement.

• There is expected to be no change in the nature, quality or level of services provided to the Fund.

• The sub-advisory fee rates under the DIFA Sub-Advisory Agreement are the same as those under the Ivy Sub-Advisory Agreement.

• The Trust’s Chief Compliance Officer (“CCO”) had reviewed the written compliance policies and procedures and code of ethics of DIFA. The Trustees also considered the CCO’s assessment of DIFA’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the DIFA Sub-Advisory Agreement.

Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the DIFA Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the DIFA 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.

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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’ 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-14

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) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to 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 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 (17 CFR 270.30a-2(a)) 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 (17 CFR 270.30a-2(b)) 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:	September 2, 2021

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:	September 2, 2021
By:	/s/ Trevor T. Smith
	Trevor T. Smith
	Treasurer (Principal Financial and Accounting Officer)
Date:	September 2, 2021