# EDGAR Filing Document

**Accession Number:** 0000813900
**File Stem:** 0001193125-23-059424
**Filing Date:** 2023-3
**Character Count:** 2875983
**Document Hash:** cc6eb08153f9898e4bb78a2a6d6a07fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-059424.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-059424

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC SELECT FUND
- **CENTRAL INDEX KEY:** 0000813900
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05141
- **FILM NUMBER:** 23702532

**BUSINESS ADDRESS:**
- **STREET 1:** 700 NEWPORT CTR DR
- **STREET 2:** P O BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9492193233

**MAIL ADDRESS:**
- **STREET 1:** 700 NEWPORT CTR DR
- **STREET 2:** P O BOX 7500
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### Large-Cap Growth Portfolio (Series ID: S000026003)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078072 | Class I      |  |
| C000098945 | Class P      |  |

### International Large-Cap Portfolio (Series ID: S000026004)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078073 | Class I      |  |
| C000098946 | Class P      |  |

### Small-Cap Growth Portfolio (Series ID: S000026005)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078074 | Class I      |  |
| C000098947 | Class P      |  |

### Small-Cap Value Portfolio (Series ID: S000026006)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078075 | Class I      |  |
| C000098948 | Class P      |  |

### Large-Cap Core Portfolio (Series ID: S000026008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078077 | Class I      |  |
| C000098949 | Class P      |  |

### Emerging Markets Portfolio (Series ID: S000026009)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078078 | Class I      |  |
| C000098950 | Class P      |  |

### High Yield Bond Portfolio (Series ID: S000026010)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078079 | Class I      |  |
| C000098951 | Class P      |  |

### Managed Bond Portfolio (Series ID: S000026011)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078080 | Class I      |  |
| C000098952 | Class P      |  |

### Inflation Managed Portfolio (Series ID: S000026012)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078081 | Class I      |  |
| C000098953 | Class P      |  |

### Short Duration Bond Portfolio (Series ID: S000026013)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078082 | Class I      |  |
| C000098954 | Class P      |  |

### Large-Cap Value Portfolio (Series ID: S000026014)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078083 | Class I      |  |
| C000098955 | Class P      |  |

### Value Portfolio (Series ID: S000026015)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078084 | Class I      |  |
| C000098956 | Class P      |  |

### Real Estate Portfolio (Series ID: S000026016)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078085 | Class I      |  |
| C000098957 | Class P      |  |

### Mid-Cap Growth Portfolio (Series ID: S000026017)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078086 | Class I      |  |
| C000098958 | Class P      |  |

### Small-Cap Equity Portfolio (Series ID: S000026018)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078087 | Class I      |  |
| C000098959 | Class P      |  |

### Dividend Growth Portfolio (Series ID: S000026020)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078089 | Class I      |  |
| C000098960 | Class P      |  |

### Technology Portfolio (Series ID: S000026023)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078092 | Class I      |  |
| C000098963 | Class P      |  |

### Growth Portfolio (Series ID: S000026024)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078093 | Class I      |  |
| C000098964 | Class P      |  |

### International Small-Cap Portfolio (Series ID: S000026025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078094 | Class I      |  |
| C000098965 | Class P      |  |

### Diversified Bond Portfolio (Series ID: S000026026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078095 | Class I      |  |
| C000098966 | Class P      |  |

### Mid-Cap Value Portfolio (Series ID: S000026029)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078098 | Class I      |  |
| C000098969 | Class P      |  |

### Pacific Dynamix - Conservative Growth Portfolio (Series ID: S000026031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078100 | Class I      |  |
| C000211240 | Class P      |  |

### Pacific Dynamix - Moderate Growth Portfolio (Series ID: S000026032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078101 | Class I      |  |
| C000211241 | Class P      |  |

### Pacific Dynamix - Growth Portfolio (Series ID: S000026033)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078102 | Class I      |  |
| C000211242 | Class P      |  |

### PD Large-Cap Growth Index Portfolio (Series ID: S000026034)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078103 | Class P      |  |

### Focused Growth Portfolio (Series ID: S000026035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078104 | Class I      |  |
| C000098970 | Class P      |  |

### PD Large-Cap Value Index Portfolio (Series ID: S000026036)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078105 | Class P      |  |

### PD Small-Cap Value Index Portfolio (Series ID: S000026037)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078106 | Class P      |  |

### PD Small-Cap Growth Index Portfolio (Series ID: S000026038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078107 | Class P      |  |

### PD Aggregate Bond Index Portfolio (Series ID: S000026039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078108 | Class P      |  |

### PD High Yield Bond Market Portfolio (Series ID: S000026040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078109 | Class P      |  |

### PD International Large-Cap Index Portfolio (Series ID: S000026041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078110 | Class P      |  |

### PD Emerging Markets Index Portfolio (Series ID: S000026042)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078111 | Class P      |  |

### Health Sciences Portfolio (Series ID: S000026043)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078112 | Class I      |  |
| C000098971 | Class P      |  |

### Mid-Cap Equity Portfolio (Series ID: S000026044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078113 | Class I      |  |
| C000098972 | Class P      |  |

### International Value Portfolio (Series ID: S000026045)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078114 | Class I      |  |
| C000098973 | Class P      |  |

### Equity Index Portfolio (Series ID: S000026046)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078115 | Class I      |  |
| C000098974 | Class P      |  |

### Small-Cap Index Portfolio (Series ID: S000026047)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000078116 | Class I      |  |
| C000098975 | Class P      |  |

### Portfolio Optimization Conservative Portfolio (Series ID: S000031771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098939 | Class I      |  |
| C000211243 | Class P      |  |

### Portfolio Optimization Moderate-Conservative Portfolio (Series ID: S000031772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098940 | Class I      |  |
| C000211244 | Class P      |  |

### Portfolio Optimization Moderate Portfolio (Series ID: S000031773)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098941 | Class I      |  |
| C000211245 | Class P      |  |

### Portfolio Optimization Growth Portfolio (Series ID: S000031774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098942 | Class I      |  |
| C000211246 | Class P      |  |

### Portfolio Optimization Aggressive-Growth Portfolio (Series ID: S000031775)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098943 | Class I      |  |
| C000211247 | Class P      |  |

### Emerging Markets Debt Portfolio (Series ID: S000036460)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111627 | Class I      |  |
| C000111628 | Class P      |  |

### Floating Rate Income Portfolio (Series ID: S000036461)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111629 | Class I      |  |
| C000111630 | Class P      |  |

### Value Advantage Portfolio (Series ID: S000040352)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125302 | Class I      |  |
| C000125303 | Class P      |  |

### PD 1-3 Year Corporate Bond Portfolio (Series ID: S000044766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000139083 | Class P      |  |

### Core Income Portfolio (Series ID: S000048866)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153750 | Class I      |  |
| C000153751 | Class P      |  |

### PSF Avantis Balanced Allocation Portfolio (Series ID: S000053404)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167976 | Class D      |  |
| C000211249 | Class P      |  |

### PD Mid-Cap Index Portfolio (Series ID: S000069577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221970 | Class P      |  |

### Intermediate Bond Portfolio (Series ID: S000069842)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222604 | I            |  |
| C000222605 | P            |  |

### Hedged Equity Portfolio (Series ID: S000071403)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000226478 | Class P      |  |
| C000226479 | Class I      |  |

### ESG Diversified Portfolio (Series ID: S000071404)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000226480 | Class P      |  |
| C000226481 | Class I      |  |

### ESG Diversified Growth Portfolio (Series ID: S000073711)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230798 | Class P      |  |
| C000230799 | Class I      |  |

### International Growth Portfolio (Series ID: S000073712)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230800 | Class P      |  |
| C000230801 | Class I      |  |

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-5141

## Pacific Select Fund
**(Exact name of registrant as specified in charter)** 

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

**(Address of principal executive offices)** 

**Mark Karpe, Esq.** 

**Pacific Life Insurance Company** 

**700 Newport Center Drive** 

**Newport Beach, CA 92660** 

**(Name and address of agent for service)** 

Copies to:

**Anthony H. Zacharski, Esq.** 

**Dechert LLP** 

**1095 Avenue of the Americas** 

**New York, NY 10036** 

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2022–December 31, 2022

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** 

---

| | |
|:---|:---|
|  [Letter to Shareholders](#toc388765_1) | A-1 |
|  [Performance Discussion](#toc388765_2) | A-3 |
|  [Schedules of Investments](#toc388765_3) | B-1 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#toc388765_4) | C-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#toc388765_5) | C-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#toc388765_6) | C-21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#toc388765_7) | C-31 |
|  [Financial Highlights](#toc388765_8) | C-32 |
|  [Notes to Financial Statements](#toc388765_9) | D-1 |
|  [Report of Independent Registered Public Accounting Firm](#toc388765_10) | E-1 |
|  [Disclosure of Fund Expenses](#toc388765_11) | F-1 |
|  [Trustees and Officers Information](#toc388765_12) | F-6 |
|  [Approval of Investment Advisory and Sub-Advisory Agreements](#toc388765_13) | F-9 |
|  [Where to Go for More Information](#toc388765_15) | F-26 |

---

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**PACIFIC SELECT FUND** 

Dear Shareholders:

We are pleased to share with you the Pacific Select Fund (Trust) Annual Report for the fiscal year ended December 31, 2022, including performance data, management's discussion of fund performance, and a complete list of investments as of the close of this reporting period. The Trust is the underlying investment vehicle for variable life insurance policies and variable annuity contracts (variable products) issued or administered by Pacific Life Insurance Company (Pacific Life) and Pacific Life & Annuity Company (PL&A). Pacific Life Fund Advisors LLC (PLFA) is the Adviser to the Trust and supervises the management of all of the Trust's funds (each individually a Fund and collectively, the Funds). As Adviser to the Trust, PLFA manages the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios (together, the Portfolio Optimization Portfolios), each of which is an asset allocation fund-of-funds which invests in certain other Funds of the Trust (Portfolio Optimization Underlying Funds).

PLFA also manages the Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth and Pacific Dynamix-Growth Portfolios (together, the Pacific Dynamix Portfolios), each of which is an asset allocation fund-of-funds and which invests in certain other Funds of the Trust (Pacific Dynamix Underlying Funds) that are only available for investment by the three Pacific Dynamix Portfolios.

In addition, PLFA manages the PSF Avantis Balanced Allocation Portfolio, which is an asset allocation fund-of-funds that invests in a variety of eligible third party mutual funds, exchange-traded funds and/or variable insurance trusts (Balanced Allocation Underlying Funds) which are not Funds of the Trust.

PLFA also manages the ESG Diversified and ESG Diversified Growth Portfolios (together, the ESG Portfolios), each of which is an asset allocation fund-of-funds that invests in eligible mutual funds that have an environmental, social and governance (ESG) focus (ESG Underlying Funds).

For the other Funds of the Trust, the Adviser has retained other firms to serve as sub-advisers under its supervision. The sub-advisers, the Adviser and the Funds of the Trust that they manage as of December 31, 2022 are listed below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sub-Adviser or Adviser** | **Fund** | **Page**<br> **Number** |
| &nbsp;&nbsp;&nbsp;Pacific Asset Management LLC (Pacific Asset Management) | Core Income Portfolio | A-4 |
| &nbsp;&nbsp;&nbsp;Western Asset Management Company, LLC (Western Asset) | Diversified Bond Portfolio | A-5 |
| &nbsp;&nbsp;&nbsp;Pacific Asset Management LLC (Pacific Asset Management) | Floating Rate Income Portfolio | A-6 |
| &nbsp;&nbsp;&nbsp;Pacific Asset Management LLC (Pacific Asset Management) | High Yield Bond Portfolio | A-7 |
| &nbsp;&nbsp;&nbsp;Pacific Investment Management Company LLC (PIMCO) | Inflation Managed Portfolio | A-7 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Investment Management Inc. (JPMorgan) | Intermediate Bond Portfolio | A-8 |
| &nbsp;&nbsp;&nbsp;Pacific Investment Management Company LLC (PIMCO) | Managed Bond Portfolio | A-9 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc. (T. Rowe Price) | Short Duration Bond Portfolio | A-10 |
| &nbsp;&nbsp;&nbsp;Principal Global Investors, LLC (PGI) | Emerging Markets Debt Portfolio | A-11 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc. (T. Rowe Price) | Dividend Growth Portfolio | A-12 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | Equity Index Portfolio | A-13 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Investors US LLC (Janus) | Focused Growth Portfolio | A-14 |
| &nbsp;&nbsp;&nbsp;MFS Investment Management (MFS) | Growth Portfolio | A-15 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Investment Management Inc. (JPMorgan) | Hedged Equity Portfolio | A-17 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Investment Management Inc. (JPMorgan) | Large-Cap Core Portfolio *(formerly named Main Street<sup>®</sup> Core Portfolio)* | A-18 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | Large-Cap Growth Portfolio | A-19 |
| &nbsp;&nbsp;&nbsp;ClearBridge Investments, LLC (ClearBridge) | Large-Cap Value Portfolio | A-21 |
| &nbsp;&nbsp;&nbsp;Scout Investments, Inc. (Scout) | Mid-Cap Equity Portfolio | A-21 |
| &nbsp;&nbsp;&nbsp;Delaware Investments Fund Advisers (DIFA) | Mid-Cap Growth Portfolio | A-23 |
| &nbsp;&nbsp;&nbsp;Boston Partners Global Investors, Inc. (Boston Partners) | Mid-Cap Value Portfolio | A-24 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock)/ Franklin Mutual Advisers, LLC (Franklin) | Small-Cap Equity Portfolio | A-25 |
| &nbsp;&nbsp;&nbsp;MFS Investment Management (MFS) | Small-Cap Growth Portfolio | A-26 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | Small-Cap Index Portfolio | A-27 |
| &nbsp;&nbsp;&nbsp;AllianceBernstein L.P. (AB) | Small-Cap Value Portfolio | A-28 |
| &nbsp;&nbsp;&nbsp;American Century Investment Management, Inc. (American Century) | Value Portfolio | A-29 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Investment Management Inc. (JPMorgan) | Value Advantage Portfolio | A-30 |

---

**A-1** 

------

**PACIFIC SELECT FUND** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sub-Adviser or Adviser** | **Fund** | **Page**<br> **Number** |
| &nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. (Invesco) | Emerging Markets Portfolio | A-31 |
| &nbsp;&nbsp;&nbsp;ClearBridge Investments, LLC (ClearBridge) | International Growth Portfolio | A-33 |
| &nbsp;&nbsp;&nbsp;MFS Investment Management (MFS) | International Large-Cap Portfolio | A-34 |
| &nbsp;&nbsp;&nbsp;FIAM LLC (FIAM) | International Small-Cap Portfolio | A-35 |
| &nbsp;&nbsp;&nbsp;Wellington Management Company LLP (Wellington) | International Value Portfolio | A-36 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | Health Sciences Portfolio | A-37 |
| &nbsp;&nbsp;&nbsp;Principal Real Estate Investors, LLC (Principal REI) | Real Estate Portfolio | A-38 |
| &nbsp;&nbsp;&nbsp;MFS Investment Management (MFS) | Technology Portfolio | A-39 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | ESG Diversified Portfolio | A-41 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | ESG Diversified Growth Portfolio | A-41 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | PSF Avantis Balanced Allocation Portfolio *(formerly named PSF DFA Balanced Allocation Portfolio)* | A-43 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Pacific Dynamix-Conservative Growth Portfolio | A-44 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Pacific Dynamix-Moderate Growth Portfolio | A-45 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Pacific Dynamix-Growth Portfolio | A-46 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Portfolio Optimization Conservative Portfolio | A-47 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Portfolio Optimization Moderate-Conservative Portfolio | A-48 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Portfolio Optimization Moderate Portfolio | A-49 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Portfolio Optimization Growth Portfolio | A-50 |
| &nbsp;&nbsp;&nbsp;Pacific Life Fund Advisors LLC (PLFA) | Portfolio Optimization Aggressive-Growth Portfolio | A-51 |
| &nbsp;&nbsp;&nbsp;SSGA Funds Management, Inc. (SSGA FM) | PD 1-3 Year Corporate Bond Portfolio | A-52 |
| &nbsp;&nbsp;&nbsp;SSGA Funds Management, Inc. (SSGA FM) | PD Aggregate Bond Index Portfolio | A-53 |
| &nbsp;&nbsp;&nbsp;SSGA Funds Management, Inc. (SSGA FM) | PD High Yield Bond Market Portfolio | A-54 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | PD Large-Cap Growth Index Portfolio | A-55 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | PD Large-Cap Value Index Portfolio | A-55 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | PD Mid-Cap Index Portfolio | A-56 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | PD Small-Cap Growth Index Portfolio | A-57 |
| &nbsp;&nbsp;&nbsp;BlackRock Investment Management, LLC (BlackRock) | PD Small-Cap Value Index Portfolio | A-57 |
| &nbsp;&nbsp;&nbsp;FIAM LLC (FIAM)/ Sub-subadviser Geode Capital Management, LLC (Geode) | PD Emerging Markets Index Portfolio | A-58 |
| &nbsp;&nbsp;&nbsp;FIAM LLC (FIAM)/ Sub-subadviser Geode Capital Management, LLC (Geode) | PD International Large-Cap Index Portfolio | A-59 |

---

Each of the sub-advisers (including any sub-subadvisers) and the Adviser has prepared a discussion regarding the performance of the Funds of the Trust that they manage, including commentary discussing positive and negative factors affecting performance for the past twelve months.

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

Sincerely,

---

| |
|:---|
| ![LOGO](g429400g54l34.jpg) |
|  Adrian S. Griggs<br> President and Chief Executive Officer<br> Pacific Select Fund |

---

**A-2** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION** 

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

PLFA supervises the management of all of the Funds (subject to the review of the Trust's Board). PLFA directly manages the Portfolio Optimization Portfolios, the Pacific Dynamix Portfolios, the PSF Avantis Balanced Allocation Portfolio and the ESG Portfolios. PLFA has written the general market conditions commentary which expresses PLFA's opinions and views on how the market generally performed for the fiscal year ended December 31, 2022 as well as separate commentary specific to those Funds that it directly manages that is based on its opinion of how these Funds performed during this reporting period.

For the other Funds, PLFA has retained other firms to serve as sub-advisers under its supervision. Each of these sub-advisers (which, for purposes of this discussion, includes any sub-subadvisers) has written a separate commentary specific to the Fund(s) that they manage that is based on their opinions of how their Fund(s) performed during the reporting period. The views expressed in those commentaries reflect those of the respective sub-advisers for the fiscal year ended December 31, 2022.

All views and opinions expressed in the management discussion of fund performance are subject to change at any time based upon market, economic or other conditions, and the Trust, its Adviser and the sub-advisers disclaim any responsibility to update such views. These views and options may not be relied upon as investment advice or recommendations, or as an offer for any particular security. Any references to "we," "I," or "ours" are references to the sub-adviser or Adviser, as applicable. The Adviser and sub-advisers may include statements that constitute "forward- looking statements" under the United States (U.S.) securities laws. Forward- looking statements include information concerning possible or assumed future results of the Trust's investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Trust's operations or general economic conditions. In addition, when used in this report, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects" and future or conditional verbs such as "will," "may," "could," "should" and "would," or any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward- looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the Adviser or a sub-adviser believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements. Statements of facts and performance data are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.

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

**<u>Market Conditions</u> (for the year ended December 31, 2022)** 

***Executive Summary***

After lagging the broader equity market for years, domestic value stocks considerably outperformed domestic growth stocks during the reporting period. In terms of size, large-capitalization stocks outperformed small-capitalization stocks over the reporting period.

International stocks outperformed domestic equities during the reporting period. Emerging market equities continued to struggle, returning -20.44% over the reporting period.

Within fixed income, short-duration bonds held up better than their long-duration counterparts over the reporting period. Emerging market bonds were among the worst performing segment of the fixed income asset class over the reporting period.

***Outlook***

Fighting domestic inflation continues to remain the United States Federal Reserve's (Fed) top concern heading into 2023, as the central bank has been aggressively raising interest rates after failing to address inflationary pressures earlier in 2022. On the positive side, it appears that much of the Fed's aggressive moves have already been made, and progress has been made in its fight against inflation. Nonetheless, this fight will likely end with some casualties, as we will likely see a Fed-induced recession, though we believe it will be a mild one.

Inflation became an issue following the surge in demand for goods during the COVID-19 pandemic, as people were forced to stay indoors and began upgrading homes and buying goods for their dwelling. This surge caused clogs and shortages in the supply chain, causing prices to rise. Supply-chain conditions have improved since; however, consumer demand has shifted to the services side as we emerge from the pandemic. People have been travelling, shopping, and eating out more frequently, which created another problem since there has been a labor shortage in those industries.

*See explanation of benchmark definitions on A-60 – A-63*

**A-3** 

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**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

There are various reasons for this shortage of workers. For starters, many people have yet to return to the workforce after being sidelined by the pandemic. Some have chosen to retire as wealth has been accumulated over the last several years, despite the general market losses seen over 2022. Immigration policies have also become more restrictive, which may have contributed to the recent rise in wage inflation and lower supply of workers. In fact, the largest wage growth in 2022 was seen for generally younger workers who had less than a high school diploma. In other words, the shortage of available workers in these services industries has contributed to inflation.

Furthermore, the ongoing war in Ukraine and resulting sanctions against Russia have continued to keep gas and food prices elevated, which has been particularly challenging for Europe. Given the Ukrainian's progress in regaining parts of its territory, the country is unlikely to surrender to Russia anytime soon. Both Russian and Ukrainian officials say they may be ready to talk, but their terms for sitting down at a negotiation table suggest there is little hope for realistic peace talks anytime soon. Both sides seem determined to resolve their issues on the battlefield. As Russian oil sanctions kick in, we're likely to see energy prices remain elevated.

All of these factors make the Fed's job even more complex as it attempts the elusive "soft landing" of the economy, where inflation cools off and the economy slows down but avoids a recession. So far, the aggressive rates hikes have already slowed the U.S. housing market, as higher mortgage rates have priced many people out of the market. Although the housing market may seem to be in a recession, the overall U.S. economy should be able to avoid a deep recession because of relatively healthy corporate balance sheets and employment conditions. One caveat could be if the Fed continues to hike interest rates more aggressively than expected. This could happen if inflation doesn't come down quickly enough at a pace that is acceptable by the Fed or there is a shock stemming from more geopolitical upheaval.

With the target Fed fund rate currently at 4.25% – 4.50% (as of the time of this report), the Fed may be about two to three more 0.25% percentage point hikes from reaching its terminal rate of 5.1%. The question is how much the economy can handle. So far, delinquency rates (the amount of loans that are past due) remain low and have been on a downward trend.

At this time, companies and consumers have been able to handle these interest-rate hikes, but that's because companies have benefitted from strong consumer spending. Eventually, higher borrowing costs will likely discourage investments into new equipment and factories. As companies pare back hiring and capital spending, consumer confidence may wane and earnings and profit margins may weaken. Employment conditions have been leveling off, as hours worked for manufacturing jobs have started to fall. The Fed anticipates the unemployment rate will rise to roughly 4.4% in 2023 (current rate is 3.5% as of year-end 2022).

The Purchasing Managers Index (PMI), which seeks to measure the direction of economic trends in the manufacturing and service sectors, indicates that both manufacturing and services sectors have entered contraction. This indicates to us that a recession may arrive sometime in 2023.

As the Fed clearly indicated it's not done raising rates, we should anticipate further deterioration in the economy. This has been among the longest awaited recessions as many anticipate one to hit sometime in the first half of 2023. This will likely mean markets will remain volatile until the Fed is done hiking rates, which we predict could happen by the second half of 2023 or sometime in 2024, depending on how inflation plays out.

**<u>Core Income Portfolio</u>** *(managed by Pacific Asset Management LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Core Income Portfolio's Class I returned -12.40%, compared to a return of -13.01% for its benchmark, the Bloomberg US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 27, 2015 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 27, 2015 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g16j23.jpg)

*<sup>(1)</sup>* *Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC, doing business under the name Pacific Asset Management, managed the Fund.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *Since*<br> *Inception*<br> *(4/27/15)* | *Since*<br> *Inception*<br> *(4/27/15)* |  |
|  ***Fund's Class I*** | | *(12.40 %)* | | *0.79 %* | | *1.36* | *%* |
|  ***Fund's Class P*** | | *(12.23 %)* | | *0.99 %* | | *1.57* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *0.64* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-4** 

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**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. The Fund seeks a high level of current income using an intermediate term corporate debt focused strategy by investing principally in income producing debt instruments. Using a fundamental approach with a top-down overlay, we the Pacific Asset Management team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

During the reporting period, the Fund outperformed the benchmark primarily due to asset allocations and a shorter duration (relative to the benchmark) given the meaningful rise in interest rates. Allocations to Cash, Bank Loans, High Yield and Asset Backed Securities contributed, given the relative underperformance of Agency Mortgage Backed Securities, U.S. Treasuries, and investment grade corporates. The Fund's focus on corporate bonds, particularly its overweight to BBB-rated corporate bonds, detracted from performance. An underweight to intermediate maturity bonds held in the index contributed to performance, however this was partially offset by an overweight to longer maturity bonds. A sector overweight to, and selection within, Electric companies and security selection within Brokerages, Transportation and Technology contributed to performance. An overweight to Banking, Communications and Insurance sectors detracted from performance.

**<u>Diversified Bond Portfolio</u>** *(managed by Western Asset Management Company, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Diversified Bond Portfolio's Class I returned -18.62%, compared to a return of -13.01% for its benchmark, the Bloomberg US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g21x36.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(18.62 %)* | | *(0.37 %)* | | *1.72* | *%* |
|  ***Fund's Class P*** | | *(18.46 %)* | | *(0.17 %)* | | *1.92* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. The Fund seeks to maximize total return consistent with prudent investment management. We at Western Asset utilize a long-term, fundamental value philosophy in conjunction with a global investment platform to build a diversified portfolio of investment grade bonds with opportunistic allocations to high yield, emerging markets and non-U.S. dollar securities to enhance returns. Value is added through sector rotation, yield curve positioning, issue selection and duration management.

The reporting period was marked by a rise in U.S. Treasury yields, a flatter Treasury curve and spread-widening across sectors as the market digested higher-than-expected inflation, growing recession fears and a Fed that appeared to be more vigilant with respect to containing inflation. During the first quarter of 2022, oil prices spiked above $100/barrel due to economic sanctions in response to Russia's invasion of Ukraine. U.S. inflation accelerated sharply during the first half of 2022, partly due to supply chain inefficiencies. Rising inflation ultimately spurred the Fed to begin an expedited tightening cycle during the first half of 2022, including hiking in 0.75% increments beginning in June, to ultimately end the 2022 calendar year with the fed funds rate at 4.25% – 4.50%. U.S. economic data was mixed as employment data remained strong, though some indicators such as housing activity showed some signs of cooling.

During the reporting period, the Fund's largest detractor from performance was its interest rate positioning, in particular its long duration stance relative to the benchmark. Throughout the reporting period, the Fund's overweight duration position was concentrated at the back-end of the yield curve and was intended to serve as a hedge helping to mute downside volatility during periods of time when the market is under stress. Ultimately, the Fund's long duration stance significantly detracted as yields rose. Second, the Fund's exposures to non-U.S. developed markets detracted as most currencies weakened versus the U.S. dollar during the reporting period. Finally, the Fund's exposures to structured products, in aggregate,

*See explanation of benchmark definitions on A-60 – A-63*

**A-5** 

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**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

detracted from performance as spreads widened. The Fund held an overweight stance relative to the benchmark as we believed that fundamentals in the structured product market were sound as the economy reopened, and that valuations were attractive relative to historical levels.

During the reporting period, the Fund's most significant contributor to performance was its underweight exposure to agency mortgage-backed securities (MBS) as spreads widened particularly during the first half of the reporting period; the Fund's underweight exposure was gradually reduced to flat versus the benchmark to take advantage of improved valuations. The Fund's overweight exposure to corporate credit, including both investment-grade and high-yield, also contributed to performance, mainly due to favorable subsector selection within high-yield corporates as well as tactical adds and trims as credit spreads widened during the course of the reporting period. We generally believed that corporate bonds remained attractive relative to sovereign bonds and that certain subsectors and issuers still had further upside, with a preference for higher-quality, shorter-duration issues within high-yield. Finally, an overweight position to emerging markets (EM) also contributed, mainly due to favorable issue selection within EM local bonds, which offset U.S. dollar-denominated EM bond spread-widening and a sell-off in Russian bonds.

The Fund's use of derivatives during the reporting period included using a combination of U.S. Treasury, Eurodollar, Secured Overnight Financing Rate (SOFR) and non-U.S. interest rate futures, options, swaps and swaptions to manage its overall duration and yield curve exposure as well as exposures to certain international bond markets. Credit default swaps on both investment-grade and high-yield issuers and indices were used as an efficient, low cost way of adjusting exposures to these sectors. The Fund also used Mortgage TBAs (To Be Announced) to gain exposure to the Agency MBS market and other stripped MBS derivatives to gain exposure to specific characteristics of agency MBS. Finally, the Fund used foreign exchange futures, forwards, and options to hedge or take long positions on certain developed and emerging market currencies.

**<u>Floating Rate Income Portfolio</u>** *(managed by Pacific Asset Management LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Floating Rate Income Portfolio's Class I returned -1.54%, compared to a return of -1.06% for its benchmark, the Credit Suisse Leveraged Loan Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 30, 2013 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 30, 2013 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g30r85.jpg)

*<sup>(1)</sup>* *Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC, doing business under the name Pacific Asset Management, managed the Fund.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *Since*<br> *Inception*<br> *(4/30/13)* | *Since*<br> *Inception*<br> *(4/30/13)* |  |
|  ***Fund's Class I*** | | *(1.54 %)* | | *3.11 %* | | *3.21* | *%* |
|  ***Fund's Class P*** | | *(1.35 %)* | | *3.32 %* | | *3.42* | *%* |
|  *Credit Suisse Leveraged Loan Index* | | *(1.06 %)* | | *3.24 %* | | *3.58* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. The Fund seeks a high level of current income. Using a fundamental approach with a top-down overlay, we the Pacific Asset Management team of portfolio managers and research analysts look for investment opportunities in income producing floating rate loans and floating rate debt securities.

The Fund underperformed the benchmark during the reporting period primarily due to credit quality allocations, as well as an allocation to high yield bonds. An underweight to loans BB-rated and higher detracted, given the relative outperformance of higher quality assets. The Fund's focus on larger and more liquid issuers, generally those with facility sizes greater than $1 billion, modestly contributed to performance as larger loans outperformed the broader index. The Fund's security selection within Information Technology, Gaming/Leisure and Healthcare contributed to performance during the reporting period, while security selection in Services, Aerospace and Media/Telecom were detractors. Security selection within second-lien loans added to performance, while out-of-benchmark exposure to high yield bonds detracted. Top issuer level detractors from performance over the reporting period were Corelogic (Information Technology), Thrive Pet Healthcare (Healthcare), and Xplornet (Media/Telecoms). Top issuer level contributors to performance over the reporting period included Hub International (Financial), Applied Systems (Information Technology), and Playa Resorts (Gaming/Leisure).

*See explanation of benchmark definitions on A-60 – A-63*

**A-6** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

**<u>High Yield Bond Portfolio</u>** *(managed by Pacific Asset Management LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the High Yield Bond Portfolio's Class I returned -10.35%, compared to a return of -11.18% for its benchmark, the Bloomberg US High-Yield 2% Issuer Capped Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g67c83.jpg)

*<sup>(1)</sup>Pacific* *Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC, doing business under the name Pacific Asset Management, managed the Fund.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(10.35 %)* | | *1.96 %* | | *3.47* | *%* |
|  ***Fund's Class P*** | | *(10.17 %)* | | *2.16 %* | | *3.67* | *%* |
|  *Bloomberg US High-Yield 2% Issuer Capped Bond Index* | | *(11.18 %)* | | *2.30 %* | | *4.03* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

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

During the reporting period, the Fund outperformed the benchmark primarily due to duration positioning and sector allocations. The Fund's shorter duration (relative to the benchmark) contributed to performance given the rise in interest rates throughout the reporting period. Allocations to Cash, Treasuries, Bank Loans and Securitized Products contributed, given the relative underperformance of High Yield bonds. The Fund's underweights to, and security selection within, consumer cyclical, Communications and Banking sectors contributed to performance. The Fund's selection within Technology, Energy and Capital Goods sectors detracted from performance. No exposure to Insurance and Brokerages benefitted performance. During the reporting period, the Fund's underweight to BB-rated and overweight CCC-rated issuers underperformed as higher quality outperformed lower quality bonds. The Fund's exposure to equities also detracted from performance. Top issuer level contributors to performance over the reporting period included Diamond Sports (Media & Entertainment), Ahern Rentals (Construction Machinery), and Granite Holdings (Diversified Manufacturing). Top issuer level detractors from performance over the reporting period were Bausch Health (Pharmaceuticals), CSC Holdings (Cable & Satellite), and Ford Motor (Auto).

**<u>Inflation Managed Portfolio</u>** *(managed by Pacific Investment Management Company LLC)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Inflation Managed Portfolio's Class I returned -11.87%, compared to a return of -11.85% for its benchmark, the Bloomberg US TIPS Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-7** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g17o80.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(11.87 %)* | | *1.98 %* | | *0.91* | *%* |
|  ***Fund's Class P*** | | *(11.70 %)* | | *2.19 %* | | *1.11* | *%* |
|  *Bloomberg US TIPS Index* | | *(11.85 %)* | | *2.11 %* | | *1.12* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at PIMCO implement the Fund's investment goal of seeking to maximize total return consistent with prudent investment management by investing in bonds and derivative instruments, focusing on exposure to inflation-indexed debt securities. Interest rate strategies, implemented through the use of cash bonds, futures, interest rate swaps, swaptions, and options, were positive for the Fund overall, particularly driven by U.S. interest rate positioning. Within breakeven inflation positioning (the difference between nominal and real interest rates), Eurozone, U.S. and Japanese breakeven inflation strategies added to performance.

Within spread strategies, exposure to U.S. Agency and non-Agency mortgage backed securities detracted from the Fund's performance.

The Fund's use of derivatives during the reporting period included the following: the Fund bought and sold credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual securities and to the broader investment grade sector, and to take advantage of the basis between the credit default swap and cash bond markets. The Fund entered into interest rate swaps to manage nominal and real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund purchased and sold total return swaps to adjust exposure to breakeven inflation. The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Interest rate swaps and futures allowed the Fund manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise have been accessible through the use of cash bonds. The Fund purchased and sold/wrote options and swaptions on futures, bond indices, mortgage pass-throughs, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Fund purchased and sold foreign currency forward contracts to hedge the currency exposure associated with some, or all, of a Fund's securities, and as a part of a tactical investment strategy.

**<u>Intermediate Bond Portfolio</u>** *(managed by J.P. Morgan Investment Management Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Intermediate Bond Portfolio's Class P returned -12.81%, compared to a return of -13.01% for its benchmark, the Bloomberg US Aggregate Bond Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-8** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception on October 23, 2020 through December 31, 2022. For comparison purposes, the performance of Class I shares and its benchmark for the period from inception of Class I on November 21, 2021 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g17a98.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>10/23/20* | *Since<br>Inception<br>10/23/20* |  |
|  ***Fund's Class P*** | | *(12.81 %)* | | *(6.13* | *%)* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(6.34* | *%)* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>11/01/21* | *Since<br>Inception<br>11/01/21* |  |
|  ***Fund's Class I*** | | *(12.98 %)* | | *(11.27* | *%)* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(11.15* | *%)* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class P outperformed the benchmark. In seeking the Fund's goal of maximizing total return, we at JP Morgan invest Fund assets in debt securities that focus on investment grade intermediate-term debt securities (five to ten years to maturity) in order for the Fund to maintain a dollar-weighted average maturity between three and ten years. Taking a long-term approach, we look for individual fixed income investments that we believe will perform well over a market cycle. We are value oriented and make decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions in offering documents (like term to maturity) of the debt security or instrument and the legal structure (such as priority of payments in a multi-class structure) of the debt security.

During the reporting period, the Treasury yield curve decreased by 1.33% between two- and ten-year market indicators despite interest rates moving higher across the curve. Two-year yields ended 3.69% higher to finish the reporting period at 4.43%, while the ten-year was 2.36% higher to finish at 3.87%.

The Fund's duration (which was a positive contributor) and yield curve positioning (which was a negative contributor) were net positive during the reporting period, as the Fund finished overweight the belly of the curve (five-ten years), underweight the twenty-year, underweight the thirty-year, and maintained a duration underweight versus the benchmark (98% vs benchmark duration). The Fund's underweight Treasury debt was negative as spread sectors trailed comparable duration Treasuries during the reporting period. The Fund's security selection within Treasuries was also a detractor from performance as the portfolio holds longer duration securities versus the Index.

Security selection in agency mortgage-backed securities (MBS) was a positive contributor, as the Fund's mortgages outperformed benchmark mortgage pass-throughs. From a sector allocation perspective, the Fund's underweight to the MBS sector was also positive.

According to the Bloomberg U.S. Corporate Index, the asset class generated an absolute return of -15.76% during the reporting period and -1.25% relative returns largely driven by a widening in spreads. The Fund's overweight to the U.S. Corporate sector was a detractor during the reporting period. Security selection in corporates was also a detractor for the Fund.

From a credit quality standpoint, the Fund's underweight AA- and A-rated securities, and overweight BBB-rated securities, detracted from returns during the reporting period.

**<u>Managed Bond Portfolio</u>** *(managed by Pacific Investment Management Company LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Managed Bond Portfolio's Class I returned -14.02%, compared to a return of -13.01% for its benchmark, the Bloomberg US Aggregate Bond Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-9** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g76f27.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(14.02 %)* | | *(0.14 %)* | | *0.95* | *%* |
|  ***Fund's Class P*** | | *(13.85 %)* | | *0.06 %* | | *1.15* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at PIMCO implement the Fund's investment strategies by investing in bonds and derivative instruments with the characteristics of debt instruments. The Fund seeks to maximize total return consistent with prudent investment management.

Overall, spread strategies in the Fund detracted from performance over the reporting period. Exposure to high yield corporate credit through credit default swaps detracted from performance over the reporting period. Overweight exposure to non-Agency mortgage backed securities and other securitized credit detracted from performance relative to the benchmark, while tactical exposure to Agency mortgage backed securities contributed to performance. Lastly, within currency strategies, exposure to the Norwegian krone and the Japanese yen detracted from performance for the reporting period.

Duration positioning, implemented through the use of cash bonds, futures, interest rate swaps, swaptions and options, was positive for the Fund's performance over the reporting period. Tactical United Kingdom (U.K.) duration positioning and Japan duration positioning contributed to performance. U.S. interest rate strategies detracted from performance.

The Fund's use of derivatives during the reporting period included the following: the Fund bought and sold credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual securities or to the broader investment grade, high yield, mortgage, or emerging market sectors, and to take advantage of the basis between the credit default swap and cash bond markets. The Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Interest rate swaps and futures allowed the portfolio manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise have been accessible through the use of cash bonds. The Fund purchased and sold/wrote options and swaptions on futures, bond indices, mortgage pass-throughs and swaps, as a means of capitalizing on anticipated changes in market volatility and to generate income. The Fund purchased and sold foreign currency forward contracts to hedge the currency exposure associated with some or all of the Fund's securities and as a part of a tactical investment strategy.

**<u>Short Duration Bond Portfolio</u>** *(managed by T. Rowe Price Associates, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Short Duration Bond Portfolio's Class I returned -4.58%, compared to a return of -3.69% for its benchmark, the Bloomberg US 1-3 Year Government/Credit Bond Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-10** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g78a94.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(4.58 %)* | | *0.76 %* | | *0.81* | *%* |
|  ***Fund's Class P*** | | *(4.39 %)* | | *0.96 %* | | *1.01* | *%* |
|  *Bloomberg US 1-3 Year Government/Credit Bond Index* | | *(3.69 %)* | | *0.92 %* | | *0.88* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at T. Rowe Price manage the Fund's investment strategy by investing in debt securities (including derivatives on such securities). In our attempt to seek current income, the strategy focuses on high-quality, investment-grade securities, generally expecting to track the duration of the benchmark (plus or minus a half-year), and makes modest use of futures and swaps. In addition to making active sector allocation and security selection decisions, we also monitor the Fund's duration as part of our management of the Fund. Duration is often used to measure a bond's sensitivity to interest rates.

Sector allocation was the predominant detractor from the Fund's relative performance. Out-of-benchmark allocations to securitized sectors, including asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities (RMBS), hindered relative results amid interest rate volatility and periods of heavy new issuance. The Fund's allocation to RMBS was a prominent detractor, as the interest rate-sensitive sector was dragged lower by concerns about the ramifications of tighter Fed policy, rising rates, and declining housing affordability. The Fund's allocation to cash for liquidity purposes also detracted.

While duration trended lower and ended the reporting period nearly neutral relative to the benchmark, the Fund's average duration profile was long relative to the benchmark, which weighed on relative performance alongside a broad-based rise in U.S. Treasury yields over the reporting period.

Yield curve positioning was constructive. Modest underweights in the front end of the yield curve contributed to relative performance as the yields on shorter-maturity Treasury bills and notes rose by a greater magnitude than yields on intermediate- and longer-maturity Treasuries.

An overweight to investment-grade corporate bonds and a corresponding underweight to U.S. Treasuries helped relative performance as limited new supply, some encouraging corporate earnings reports, and more constructive risk sentiment fueled a late-period rally among corporate bonds. Security selection within investment-grade corporate bonds was also beneficial.

The Fund's use of derivatives during the reporting period included interest rate futures contracts to manage duration and interest rate risk. As of the end of the reporting period, the Fund held interest rate futures generating gross exposure of approximately 26.8%. The estimated return impact from employing futures was -0.36% for the reporting period.

**<u>Emerging Markets Debt Portfolio</u>** *(managed by Principal Global Investors, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Emerging Markets Debt Portfolio's Class I returned -9.27%, compared to a return of -13.94% for its benchmark, the J.P. Morgan Emerging Markets Blended (JEMB) – Equal Weighted Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-11** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g41t43.jpg)

*<sup>(1)</sup>* *Principal Global Investors, LLC began managing the Fund on November 1, 2021, and some investment policies changed at that time. Another firm managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(9.27 %)* | | *(2.14 %)* | | *0.21* | *%* |
|  ***Fund's Class P*** | | *(9.08 %)* | | *(1.94 %)* | | *0.41* | *%* |
|  *J.P. Morgan JEMB Equal Weighted Index* | | *(13.94 %)* | | *(0.87 %)* | | *0.85* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. We at Principal Global Investors follow an unconstrained total return strategy of considering investments in all emerging market debt asset classes. The strategy is designed to be an "all-weather" solution across the emerging market debt market cycle with an emphasis on potentially limiting volatility and liquidity risk by using a dynamic allocation to emerging market bonds and derivatives. The Fund is continuously monitored for rebalancing in an attempt to keep risk exposures consistent.

Two main factors, Rates and Currency Positioning, explain the bulk of the outperformance relative to the index benchmark during the reporting period. Our hedged duration positions were our main contributors in both U.S. Treasuries and Euro (EUR) Futures contracts. We generally had success with rates paying or interest rates curve positions, using interest rate swaps, in Chile, Thailand and India. Finally, we made gains in currency positioning, achieved through foreign exchange forward contracts. Our short Russian Rubble (RUB) positioning was successfully monetized early in March of the reporting period, and we initiated a short Egyptian Pound (EGP) position ahead of the devaluation of that currency in Mid-March of the reporting period, which we monetized at a healthy profit shortly after. We also ran a tactical short on the Chinese Yuan that contributed to Fund performance, as the Chinese currency weakened due to that country's zero COVID-19 policies, a lower export contribution to gross domestic product going forward, and a shrinking rates differential with the US.

Higher yielding credits such as Ukraine, Romania, Nigeria and Pemex detracted from performance for the reporting period.

The invasion in Ukraine from Russia in February unsurprisingly put Ukrainian bonds under distress. Although we reduced our positions in Ukraine during the month of February of the reporting period, our remaining positions in sovereign and state guaranteed paper underperformed. There were also losses coming from neighboring countries such as Romania as a result. In June of the reporting period, after the surprise 8.6% year-on-year Consumer Price Index and the subsequent 0.75% Federal Reserve (FED) hike, renewed outflows from Emerging Market Debt funds materialized again. As a result, our external debt positions in high yielding Nigeria and Pemex all held in the 2% – 2.5% range detracted. Their common denominator is not to be the worst ones fundamentally, or being particularly overvalued, but rather being consensus holdings with fair liquidity, which made them the focus of the recent outflows.

The Fund's use of derivatives during the reporting period included using interest rate futures contracts to manage duration and interest rate risk and U.S. Treasury futures to hedge duration; forward contracts and interest rate swaps to gain or manage market exposure, for hedging purposes, to manage duration, and as a part of the Fund's investment strategy; and entering into credit default swaps to obtain exposure on sovereign credit spreads and for hedging purposes.

**<u>Dividend Growth Portfolio</u>** *(managed by T. Rowe Price Associates, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Dividend Growth Portfolio's Class I returned -10.49%, compared to a return of -18.11% for its benchmark, the S&P 500 Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-12** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g03d88.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(10.49 %)* | | *10.50 %* | | *12.53* | *%* |
|  ***Fund's Class P*** | | *(10.31 %)* | | *10.72 %* | | *12.75* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. We at T. Rowe Price manage the Fund's strategy by investing in equity securities of dividend-paying companies that we expect to increase their dividends over time and also provide long-term appreciation. In selecting investments, we favor companies with one or more of the following: either a track record of, or the potential for, above-average earnings and dividend growth; a competitive current dividend yield; a sound balance sheet and solid cash flow to support future dividend increases; a sustainable competitive advantage and leading market position; and attractive valuations, such as low price/earnings, price/cash flow, or price/sales ratios.

Favorable sector allocations and stock selections contributed to the Fund's relative outperformance. The Fund's favorable stock selection within consumer discretionary sector benefited relative performance. Shares of large discount retailer Dollar General traded up to benefit relative performance. The company was nimble during the reporting period in adjusting its product mix to meet customer needs, particularly with a shift in the middle of the reporting period toward consumables, as key sales metrics like basket size and same-store sales growth showed that the company was able to capture trade-down by consumers seeking value offerings as a result of high inflation.

Our underweight position to the communication services sector benefited relative performance as it was the worst-performing sector during the reporting period. Our underweight exposure to names in media and entertainment had a notable positive impact on performance amid slowing earnings and growth prospects and increased competition from peers. Many companies within the sector do not pay a dividend or meet our investment criteria. We found more attractive ideas in other sectors.

The Fund's stock choices and underweight position in the information technology (IT) sector benefited relative performance. Our preference for the resilient business models and high recurring revenues of payment processors within the IT services industry were stable in a sector that was hit hard by recurring sell-offs in growth stocks. Shares of multinational financial services corporation Visa were down during the reporting period but outperformed sector peers as the company benefited from international travel reopening after the pandemic, leading to a run of impressive earnings.

Our underweight to the energy sector detracted from returns as the sector led the market for the reporting period, up over 65%. Our underweight has traditionally stemmed from skepticism on the durability of earnings for companies in the energy sector, given the link to commodity prices, as well as capital allocation practices within the sector. However, we found select opportunities to reduce that underweight during the reporting period. The companies we do own have strong balance sheets, are good capital allocators, and have been consistent dividend growers.

The Fund's stock choices in the materials sector detracted from relative performance, though our overweight position mitigated the impact of that. Ball, the global leader in aluminum packaging products with a large market share in beverage packaging, detracted from relative returns during the reporting period. Demand for the company's products coming out of the pandemic-related can shortage did not produce the consistent business we expected, and the company's loss of business in Russia also impacted returns.

**<u>Equity Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Equity Index Portfolio's Class I returned -18.31%, compared to a return of -18.11% for its benchmark, the S&P 500 Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-13** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g87t60.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(18.31 %)* | | *9.12 %* | | *12.24* | *%* |
|  ***Fund's Class P*** | | *(18.15 %)* | | *9.34 %* | | *12.46* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the S&P 500 Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the benchmark, finished the year with negative performance of -18.11% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 1.74%, the utilities sector at 0.04% and the consumer staples sector at -0.03%). The information technology sector at -8.25%, the consumer discretionary sector at -4.68%, and the communication services sector at -4.04% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>Focused Growth Portfolio</u>** *(managed by Janus Henderson Investors US LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Focused Growth Portfolio's Class I returned -33.80%, compared to a return of -29.14% for its benchmark, the Russell 1000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g85w13.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(33.80 %)* | | *9.30 %* | | *12.83* | *%* |
|  ***Fund's Class P*** | | *(33.66 %)* | | *9.52 %* | | *13.07* | *%* |
|  *Russell 1000 Growth Index* | | *(29.14 %)* | | *10.96 %* | | *14.10* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-14** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. As part of our investment strategy, we at Janus seek companies that have clear, sustainable competitive advantages around their businesses that should help them grow market share within their respective industries over time. Important competitive advantages include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage, or patent protection over valuable intellectual property. We think emphasizing such sustainable competitive advantages can be a meaningful driver of outperformance over time because the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders.

Stock selection in the communication services, consumer staples, and information technology sectors detracted from relative performance during the reporting period. Stock selection in the industrials and consumer discretionary sectors contributed to relative results.

The social media operator Snap, Inc. was among the top detractors to the Fund's performance (relative to the benchmark). The company suffered earlier in the reporting period as it faced difficulty in measuring advertisers' conversion rates due to Apple's iOS privacy changes. Later in the reporting period, the company had a more difficult time than expected gaining market share amid a weakening environment for advertising revenue. We exited the Fund's position in the stock during the reporting period.

The medical device company Align Technology, Inc. that designs, manufactures, and markets dentistry products such as Invisalign was among the top detractors. During the reporting period, the company suffered on fears that demand for their clear aligner product may have been pulled forward during the pandemic more than previously expected and that consumer spending on big-ticket items would decline as the macroeconomic outlook weakens. We exited the Fund's position in the stock during the reporting period.

Another detractor from Fund performance was cloud-based customer engagement platform Twilio, Inc. At the onset of the COVID-19 pandemic, demand for Twilio's core products grew swiftly as digital transformation efforts accelerated, but the stock recently suffered from difficult year-over-year comparisons, lowered growth expectations, and margins below expectations. High-growth stocks with expected cash flows far out into the future generally fell during the reporting period as interest rates rose significantly. We exited the Fund's position in the stock during the reporting period.

Olaplex Holdings, Inc., the manufacturer of personal care products, was among the top detractors. Olaplex suffered during the reporting period as company management lowered guidance due to a weakening macroeconomic environment that could reduce demand for its products.

Match Group, Inc., the provider of dating apps and services was among the Fund's top detractors for the reporting period. Tinder, which accounts for roughly half of Match's revenue, has seen slowing growth, so management guided to lower expectations as it attempts to reset the division. This disappointing growth from Tinder led to turnover among the management team with the head of Tinder exiting the firm during the reporting period. We have generally been disappointed in Match's post-pandemic recovery, as we had hoped it would be a greater beneficiary of increased social activity.

By comparison, Deere & Company, the agriculture and industrial equipment manufacturer, contributed to Fund performance. Deere has benefited as the market begins to recognize the company's transition from a cyclical, agricultural-based company to a technology-centric provider of precision agriculture products. The company reported good results during the reporting period with a solid outlook for its 2023 order book.

Another contributor to the Fund's performance was Howmet Aerospace, Inc. A spinout of Arconic in 2020, it has a leadership position in the manufacturing of specialized aircraft components. The aerospace industry tends to operate on its own economic cycle, and we believe that the industry is at an earlier phase of its recovery compared to the rest of the economy. In the longer term, Howmet is exposed to trends such as a secular increase in travel demand and the modernization of aircraft fleets to address network issues, fuel efficiency, and reduced carbon emissions.

The payments company Mastercard, Inc. also aided performance results, as the company benefitting from resilient consumer spending. Travel data was better than expected with the reopening of travel in Asian markets such as China and Japan leading to material improvement in Mastercard's revenue outlook.

Horizon Therapeutics Plc (biopharmaceutical therapies for rare, autoimmune and severe inflammatory diseases) was another contributor to the Fund's performance. We believe Horizon's business model has been misunderstood by the market; it transitioned from a specialty pharmaceutical company to a biopharmaceutical company focused on rare diseases and orphan drugs, driven by its two key pharmaceutical assets: Krystexxa which treats severe gout and Tepezza which treats thyroid eye disease. During the reporting period, it was announced that biotechnology firm Amgen would acquire Horizon, sending its stock price higher.

CoStar Group. Inc, the provider of real estate information, analytics, and online marketplaces, was also among the Fund's top relative performers. Apartment owners' incentive to advertise using CoStar's services increased as apartment inventory and vacancy rates have risen following a historically tight rental market. The company also benefits from a subscription-based recurring revenue model and significant cash on its balance sheet.

**<u>Growth Portfolio</u>** *(managed by MFS Investment Management)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Growth Portfolio's Class I returned -31.21%, compared to a return of -29.14% for its benchmark, the Russell 1000 Growth Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-15** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g64g12.jpg)

*<sup>(1)</sup>* *MFS Investment Management began managing the Fund on May 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(31.21 %)* | | *9.58 %* | | *12.81* | *%* |
|  ***Fund's Class P*** | | *(31.07 %)* | | *9.80 %* | | *13.04* | *%* |
|  *Russell 1000 Growth Index* | | *(29.14 %)* | | *10.96 %* | | *14.10* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. The strategy is an actively managed, research-driven growth fund. We, the MFS investment management team, build the Fund from the bottom up, selecting companies with the best opportunities for growth two to three years into the future. When applying the Fund's valuation analysis, we consider the magnitude and potential growth rate of a company against what the market has discounted. At the sector level, we typically limit significant over- and under-weights relative to the benchmark, allowing bottom-up stock selection to drive performance results over time.

Stock selection in both the consumer, non-cyclical and industrial sectors detracted from performance relative to the benchmark by the Fund not owning shares of certain benchmark components. Within the consumer, non-cyclical sector, not owning shares of pharmaceutical companies Abbvie and Eli Lilly, beverages, food and snacks producer PepsiCo and beverage maker Coca-Cola held back relative results. The stock price of Abbvie rose during the reporting period after the company delivered earnings per share results that were ahead of expectations, driven by strong revenue growth in its Botox and Juvederm segments. The share price of Eli Lilly benefited from very impressive phase III data from trials of the company's weight-loss treatment, SURMOUNT-1, and positive contribution from COVID-19 antibody revenues. Within the industrial sector, not owning shares of defense contractor Lockheed Martin also detracted from relative returns.

An overweight position in the technology sector further weakened relative performance led by overweight positions in software company Adobe Systems and dating products provider Match Group and the timing of the Fund's ownership in shares of internet TV shows and movie subscription services provider Netflix (security was not held in the Fund at reporting period end). The stock price of Adobe Systems fell as the company lowered its revenue guidance and announced its intention to acquire privately-owned design and collaboration tool company Figma.

An overweight position in internet retailer Amazon.com and an underweight position in computer and personal electronics maker Apple further hindered relative performance.

An underweight position in the consumer, cyclical sector contributed to relative performance. Within this sector, not owning shares of electric vehicle manufacturer Tesla boosted relative returns. The stock price of Tesla declined due to uncertainty surrounding production shutdowns at the company's Shanghai manufacturing plant, reduced vehicle deliveries, increased competitive concerns and questions regarding Tesla CEO Elon Musk's acquisition of social media platform Twitter.

Stocks in other sectors that supported relative performance included holdings of medical devices maker Boston Scientific (which is not a benchmark constituent) and electronic instruments manufacturer AMETEK (which is not a benchmark constituent), and overweight positions in debit and credit transaction processing company Mastercard, biotechnology company Vertex Pharmaceuticals, risk management and human capital consulting services provider Aon, life sciences supply company Thermo Fisher Scientific and digital payments services provider Visa. The stock price of Boston Scientific advanced as the company delivered financial results above market expectations, driven by organic sales growth and strong revenue performance in its cardiovascular segment. The stock price of Mastercard rose as the company delivered financial results above market expectations, driven by organic sales growth and strong revenue performance in its cardiovascular segment. Additionally, an underweight position in shares of social networking service provider Meta Platforms (security was not held in the Fund at reporting period end) further bolstered relative results.

The Fund's cash and/or cash equivalents position during the reporting period was also a contributor to relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when

*See explanation of benchmark definitions on A-60 – A-63*

**A-16** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

equity markets fell, as measured by the Fund's benchmark, holding cash helped performance versus the benchmark, which has no cash position.

**<u>Hedged Equity Portfolio</u>** *(managed by J.P. Morgan Investment Management Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Hedged Equity Portfolio's Class I returned -7.95%, compared to a return of -18.11% for its benchmark, the S&P 500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 30, 2021 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 30, 2021 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g22m01.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *Since<br>Inception*<br> *(4/30/21)* | *Since<br>Inception*<br> *(4/30/21)* |  |
|  ***Fund's Class I*** | | *(7.95 %)* | | *(1.80* | *%)* |
|  ***Fund's Class P*** | | *(7.76 %)* | | *(1.61* | *%)* |
|  *S&P 500 Index* | | *(18.11 %)* | | *(3.48* | *%)* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. The Fund strives to provide capital appreciation through participation in a portion of the broad equity markets while hedging overall market exposure relative to traditional long-only equity strategies.

For the Fund's reporting period, the Fund performed as designed, taking part in a portion of market downside while overall providing a smoother ride for the Fund. The Fund continued to be a hallmark conservative equity strategy for those seeking to get invested in the equity market with staying power. This is particularly resonant today given the current volatility in the market.

The pharma/medical technology, insurance and industrial cyclical sectors contributed to performance during the Fund's reporting period while the technology, media and basic materials sectors detracted from performance.

As to individual stock selections that contributed to the Fund's performance during the reporting period, within the financials sector, a contributor was our underweight in financial technology company PayPal Holdings (PYPL). PYPL was negatively affected by both increasing digital wallet competition and slowing e-commerce growth. For the first time in the third quarter of the reporting period, PYPL disclosed that its core-branded checkout button, Smart Payment Buttons<sup>™</sup> grew 4%, which is lower than estimates. We believe this datapoint is indicative of market share loss, particularly to Apple Pay and buy-now-pay-later. Within the industrial cyclicals sector, an overweight position in agricultural equipment manufacturing company Deere (DE) contributed to performance. DE outperformed despite supply chain issues, with strong pricing, sustained demand amidst tight supply, and strong farmer incomes and crop prices. Notably over the last quarter of the reporting period, DE reported that their fiscal year end 2022 results had stronger than anticipated volumes and price realization. Within pharma/medical technology, an overweight in biopharmaceutical company AbbVie (ABBV) contributed to performance. The stock not only benefitted from the growth-to-value rotation but also from the success of Rinvoq, their rheumatoid arthritis drug, and Skyrizi, their psoriasis drug.

As to individual stock selections that detracted from performance during the Fund's reporting period, within the pharma/medical technology sector, our overweight position in healthcare company Baxter International (BAX) was a detractor to performance after management continued lowering the earnings-per-share (EPS) guidance. The company has seen an outsized negative impact from macro pressures that include: supply chain difficulties, higher oil prices, and foreign exchange headwinds among others. These factors, combined with overly optimistic internal expectations, lead to disappointing quarterly EPS results and multiple fiscal year end 2022 EPS guidance reductions. Within technology, an overweight in data storage company Seagate Technology (STX) detracted from performance. The stock was under pressure during the reporting period after management cut its earnings and revenue forecasts, citing a worsening macroeconomic backdrop. As with the broader semiconductor industry, STX experienced the impact of an inventory correction that was deeper and longer than expected. Within telecommunications, an overweight in telecommunications and mass media company Charter Communications (CHTR) detracted from performance on the back of market sensitivity to disappointing cable subscriber growth.

During the reporting period, the Fund's use of derivatives included using index options purely for risk mitigation purposes in the Fund. By forgoing a portion of the market upside, we were able to provide the Fund an explicit downside hedge each quarter using index options. In addition, we use futures in the portfolio for cash management.

*See explanation of benchmark definitions on A-60 – A-63*

**A-17** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

**<u>Large-Cap Core Portfolio</u>** *(managed by J.P. Morgan Investment Management Inc)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Large-Cap Core Portfolio's Class I returned -20.61%, compared to a return of -18.11% for its benchmark, the S&P 500 Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g39y48.jpg)

*<sup>(1)</sup>* *JP Morgan began managing the Fund on May 1, 2022, and some Investment policies changed at that time. Another firm managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(20.61 %)* | | *7.09 %* | | *10.78* | *%* |
|  ***Fund's Class P*** | | *(20.46 %)* | | *7.31 %* | | *11.00* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark.

<u>JPMorgan</u>

JPMorgan assumed management of the Fund on May 1, 2022. During the eight month period from May 1, 2022 through December 31, 2022 when JPMorgan managed the Fund, the Fund underperformed the benchmark. We, the JPMorgan large-cap core portfolio management team, principally invest the Fund's assets in the equity securities of large-capitalization companies that reflect a growth style and/or value style ("core") by employing a three-step process that combines research, valuation and stock selection. In seeking to achieve the Fund's goal of long-term growth of capital, we take an in-depth look at company prospects, which is designed to provide insight into a company's real growth potential, with the research findings allow us to rank the companies according to their relative value. The Fund seeks to outperform its benchmark over a full market cycle, which we define as three to five years.

The media, commodities and telecommunications sectors detracted from performance relative to benchmark while the industrial cyclical, utilities and semiconductors & hardware sectors contributed to relative performance during the period we managed the Fund.

As to individual stock selections that detracted from performance during the period we managed the Fund, within media, our overweight (relative to the benchmark) in social media company Snap detracted from performance. The company underperformed for the period we managed the Fund after being hard hit by a slowdown in advertising due to the weakening macro environment. While we have observed a slowdown in digital advertising in general, SNAP has seen higher volatility due to being a smaller platform and its vertical exposure to some weaker categories. Within real estate investment trusts (REITs), an overweight position in Prologis, a logistics focused REIT, detracted from performance. Underperformance was primarily driven by fears of a material slowdown in demand from a weakening macro and a pull back from large ecommerce players such as Amazon. Within commodities, an overweight position in Baker Hughes, an energy technology company, detracted from performance. Investors perceived the separation of business into OFSE (Oil Field Services & Equipment) and IET (Industrial & Energy Technology) units negatively, as it added to the complexity of business representation.

As to individual stock selections that contributed to the Fund's performance during the period we managed the Fund, within the autos & transportation sector, an overweight in transportation company Norfolk Southern contributed to performance. The stock outperformed as revenue per unit was stronger than consensus, which was boosted by fuel surcharges. We are optimistic that management will continue to improve service and headcount issues, driving further improvements in volume and operating ratio. Within the industrial cyclical sector, our overweight in aerospace and defense technology company Northrop Grumman served as contributor to performance during the period we managed the Fund as defense stocks outperformed given the Russia-Ukraine conflict and recession fears. Within semiconductors & hardware, an underweight in technology company Nvidia contributed to performance during the period we managed the Fund. Shares were under pressure as the company

*See explanation of benchmark definitions on A-60 – A-63*

**A-18** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

posted a string of quarterly results that were below expectations. The company was further impacted by supply chain disruptions in China as well as a halt in sales to the Russian market. Finally, Nvidia saw a large correction in their gaming segment, which was beneficiary of Covid driven crypto demand.

We used index futures in the Fund for cash management purposes during the period we managed the Fund.

<u>Invesco</u> 

Invesco managed the Fund from January 1, 2022 through April 29, 2022. During this approximate four-month period, the Fund's Class I underperformed the benchmark. We, the Invesco Main Street team, strived to keep the Fund in an all-weather orientation. Traditionally, this approach has been favored during periods of economic uncertainty and heightened market volatility as investors favor stocks of higher quality companies – with greater consistency and stability of revenue and earnings – leading to relatively better stock performance of those companies. With a goal of seeking long-term growth of capital and income in mind, we focused on companies with economic advantages and skilled management teams positions us well during most market environments. During times of economic volatility, such companies frequently widen their lead over weaker competitors. We seeked to invest in companies, characterized by these qualities, at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance. We principally invested the Fund in common stocks of U.S. companies with large market capitalizations.

The biggest detractors to relative performance for the period we managed the Fund included stock selection in the information technology, financials, and consumer discretionary sectors. Key individual detractors to relative performance for the period we managed the Fund included Netflix, Qualcomm, and Advance Micro Devices.

Netflix, a streaming entertainment services company, underperformed for the period we managed the Fund following weaker-than-expected subscriber growth and profit margin guidance. The profit margin headwinds were partially due to foreign currency exchange rates as the majority of the company's revenues come from outside the US.

Qualcomm, a company focused on development, design and production of digital telecommunications products and services, underperformed for the period we managed the Fund as semi-conductor stocks, and technology stocks more broadly, were out of favor with investors. The company was also affected by COVID-related headwinds in China, which caused weakness in the handset market that was critical to Qualcomm's growth plans.

For the period we managed the Fund, Advanced Micro Devices, a supplier to the semiconductor industry, saw weakened demand for the company's consumer central processing units (CPU) and graphics processing units (GPU) businesses due to global macro-economic headwinds.

The biggest contributors to relative performance for the period we managed the Fund included stock selection in the health care and real estate sectors and a moderate underweight to the communication services sector. Key individual contributors to relative performance for the period we managed the Fund included AstraZeneca, Raytheon, and Eli Lilly.

AstraZeneca, a pharmaceutical company, reported better-than-expected quarterly earnings for the first quarter of 2022 and management provided well-received guidance for 2022 revenue and earnings-per-share (EPS) growth. The company also modestly raised its dividend.

Raytheon, an aerospace and defense company, reported better-than-expected earnings results for the first quarter of 2022. Additionally, the company's defense business was expected to benefit from the Russia-Ukraine conflict as the US defense budget request released in March 2022 was larger than many investors had expected.

In the first quarter of 2022, Eli Lilly, a pharmaceutical company, reported favorable data for its obesity drug, tirzepatide, and also received Food & Drug Administration (FDA) approval to use the drug for type 2 diabetes in adults. Also, pharmaceutical companies were generally viewed as a defensive industry, which the market favored during the equity selloff for the portion of the reporting period in which we managed the Fund.

**<u>Large-Cap Growth Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Large-Cap Growth Portfolio's Class I returned -37.90%, compared to a return of -29.14% for its benchmark, the Russell 1000 Growth Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-19** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g78g21.jpg)

*<sup>(1)</sup>* *BlackRock Investment Management, LLC began managing the Fund on May 1, 2013, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(37.90 %)* | | *6.86 %* | | *11.47* | *%* |
|  ***Fund's Class P*** | | *(37.77 %)* | | *7.07 %* | | *11.69* | *%* |
|  *Russell 1000 Growth Index* | | *(29.14 %)* | | *10.96 %* | | *14.10* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We, the BlackRock Fundamental Equities (U.S. Growth) Team, implement the Fund's investment strategy by identifying and investing in companies for which the magnitude and/or duration of their future growth prospects are underappreciated by the market. In particular, we seek large-capitalization companies that possess dominant market positions, a major technological edge, or a unique competitive advantage.

During the reporting period, selection in the information technology and communication services, as well as positioning in the consumer staples sectors detracted from performance relative to the benchmark, while positioning in the energy sector as well as the Fund's cash position were the largest contributors to relative returns.

At the sector level, information technology was the largest detractor from relative performance driven by stock selection in the semiconductors & semiconductor equipment industry. Notably, an off-benchmark position in Marvell Technology, Inc., a producer and supplier of infrastructure semiconductor solutions, weighed on performance as disappointing corporate guidance reflected weakening end market demand. Additionally, an overweight position in NVIDIA Corporation, manufacturer of computer graphics processors, chipsets, and related software, detracted from performance as shares of technology companies with a high price to earnings ratio faced pressure during the reporting period. Another key detractor was communication services where security selection amongst interactive media & services positions detracted from results. Specifically, an off-benchmark position in Snap, Inc. and an overweight position in Match Group, Inc. detracted from relative returns. Match Group operates the largest global portfolio of dating apps & websites, spanning over 45 brands including Tinder, OkCupid, Hinge, etc. Shares of Match Group struggled during the reporting period as the company posted disappointing earnings amid the deteriorating macro-economic conditions. Additionally, shares of Snap, a social media & communications company, underperformed significantly, reflecting a more rapid deterioration in the macro environment than anticipated. While we continue to see long-term opportunity for Snap to better monetize its daily active users, we exited our position as we expect ad budgets to remain under pressure in an uncertain macro environment.

Lastly, underweight positioning in consumer staples weighed on results, led by our decision to not invest in beverages and food & staples retailing companies given what we believe have limited growth opportunities and face a mounting competitive threat. Specifically, no Fund exposure to Coco-Cola Co., a beverage company, hurt relative performance, as the shares performed well given the company delivered strong earnings and remained resilient in the uncertain macro environment.

The largest contributor to relative performance was positioning in energy, driven by an overweight to the oil & gas exploration & production (E&P) sub-industry. Specifically, an overweight position in Pioneer Natural Resources Company and an off-benchmark position in EQT Corp bolstered returns. Pioneer Natural Resources is an oil & gas exploration and production company while EQT is a low-cost natural gas producer, and both companies performed well during the reporting period, as a result of the tightly supplied oil & gas environment. Next, the Fund's cash position proved advantageous amid declining stock prices. Elsewhere in the Fund, overweight positions in TransDigm Group, Inc. within industrials and in Visa, Inc. within information technology contributed to relative results. Visa, Inc., a global payments technology company, performed well (relative to sector peers) during the reporting period given higher than typical inflation and the continued recovery in cross-broader travel to support earnings even amidst an economic slowdown. Additionally, Visa remains one of our favorite business models given secular tailwinds from digitization of payments, high incremental margins, and strong network efforts. Lastly TransDigm Group, an aerospace and defense company, outperformed during the reporting period given steady return to both leisure and corporate travel.

*See explanation of benchmark definitions on A-60 – A-63*

**A-20** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The Fund's use of derivatives during the reporting period included futures contracts to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

**<u>Large-Cap Value Portfolio</u>** *(managed by ClearBridge Investments, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Large-Cap Value Portfolio's Class I returned -6.63%, compared to a return of -7.54% for its benchmark, the Russell 1000 Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g24t11.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(6.63 %)* | | *7.74 %* | | *10.32* | *%* |
|  ***Fund's Class P*** | | *(6.44 %)* | | *7.96 %* | | *10.54* | *%* |
|  *Russell 1000 Value Index* | | *(7.54 %)* | | *6.67 %* | | *10.29* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. We, the ClearBridge large-capitalization value team, use an interactive, research-driven approach to identify large-capitalization companies with strong business franchises and attractive valuations. We look for companies with proven business models and sustainable competitive advantages capable of generating superior returns over time across a range of potential scenarios. We place an emphasis on higher certainty of near- and medium-term cash flows, while discounting earnings from emerging business models or products. We consider valuations relative to normalized earnings power. We have been consistent in our disciplined investment approach, which focuses on competitively well-positioned companies that we believe have strong business franchises capable of generating superior returns across cycles.

Relative to the benchmark, overall security selection contributed to the Fund's performance during the reporting period. Specifically, stock selection within the industrials, health care, information technology (IT), utilities and financials sectors positively impacted the Fund's relative performance. An overweight (relative to the benchmark) in the energy sector and underweights to the real estate and communication services sectors also contributed to the Fund's relative performance. On an individual holding basis, the leading contributors to relative Fund performance for the reporting period included positions in: hydrocarbon exploration and production company ConocoPhillips in the energy sector; agricultural, construction and forestry equipment manufacturing company Deere and aerospace and defense contractor Northrop Grumman in the industrials sector; social media and digital advertising platform Meta Platforms in the communication services sector; and utility and energy infrastructure company Sempra Energy in the utilities sector.

Relative to the benchmark, the Fund's security selection in the communication services and energy sectors detracted from performance during the reporting period. The Fund's overweight to the IT sector and underweight to the health care and consumer staples sectors also detracted from relative returns during the reporting period. In terms of individual holdings, the leading detractors from relative Fund performance included positions in: American television provider Dish Network and telecommunications and mass media company Charter in the communication services sector; electric components maker TE Connectivity in the IT sector; equipment and services for data centers provider Vertiv in the industrials sector; and banking and financial services holding company Bank of America in the financials sector.

During the reporting period, we established new positions in multinational consumer health care company Haleon in the consumer staples sector, Meta Platforms in the communication services sector, Becton Dickinson in the health care sector and Intel in the IT sector. We closed positions in Booking Holdings and TJX Companies in the consumer discretionary sector, NXP Semiconductors in the IT sector, T-Mobile in the communication services sector and Capital One in the financials sector.

**<u>Mid-Cap Equity Portfolio</u>** *(managed by Scout Investments, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Mid-Cap Equity Portfolio's Class I returned -17.26%, compared to a return of -17.32% for its benchmark, the Russell Midcap Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-21** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g02d40.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(17.26 %)* | | *6.03 %* | | *11.02* | *%* |
|  ***Fund's Class P*** | | *(17.09 %)* | | *6.24 %* | | *11.24* | *%* |
|  *Russell Midcap Index* | | *(17.32 %)* | | *7.10 %* | | *10.96* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. We at Scout manage the Fund's strategy by investing the Fund assets primarily in equity securities of companies with medium market capitalizations. The strategy is focused on individual stock selection and top-down analysis. We seek to invest in the securities of companies that we believe could benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. The strategy invests in mid-cap stocks with emphasis on stocks with positive cash flows, strong balance sheets, attractive valuations, and fundamental, top-down (macroeconomic or political changes) or bottom-up (company-specific) catalysts to unlock that value, while avoiding those stocks that the strategy perceives to be exposed to unnecessary risk factors.

The Fund posted a negative return for shareholders but declined less than the benchmark in the reporting period. Sector allocation contributed to the Fund's relative performance as compared to the benchmark due to relatively defensive positioning. We are continuing to run the same investment process that focuses on better balance sheets and cash generating businesses.

Sector allocation overall contributed to the Fund's relative performance during the reporting period with the largest contribution from overweight positions (relative to the benchmark) in the energy and materials sectors. Sector allocation was positive for eight out of eleven sectors, with the financials and industrials sectors as well as cash having a negative effect on relative performance. Positive sector allocation effect was generated from the information technology, communications, energy, real estate, materials, consumer staples, and consumer discretionary sectors.

Stock selection detracted from the Fund's relative performance in nine out of eleven sectors during the reporting period, with only stock selection in the healthcare and consumer discretionary sectors contributing.

At the individual security level, energy services firm Baker Hughes Company was the top contributor to Fund performance as investors favored energy stocks through most of the reporting period. Baker Hughes outperformed as legacy selling from its former owner General Electric tapered, and the company posted strong orders for gas export, energy production, and carbon sequestration systems. Discount retailer Ross Stores Inc. contributed to Fund performance due to fortunate timing of our purchases of the stock after it fell sharply following a weak report. Ross benefited in the later part of the reporting period as supply chain issues began to resolve and as consumers began to trade down into cheaper merchandise channels. Biopharmaceutical company Vertex Pharmaceuticals Inc. rallied during the reporting period as a potential competitor experienced difficulties in a clinical trial for a cystic fibrosis product, and as enthusiasm built for its long-term pipeline prospects in pain relief and diabetes care. Cardiovascular pump device maker Abiomed Inc. rallied as it received a takeout bid from a larger medical device company. Finally, oil and gas company Hess Corp performed well in a strong energy group. Enthusiasm for Hess's long term oil production growth prospects grew as its production partner continued to drill good exploration wells in their shared offshore project in Guyana.

The top stock detractor for the reporting period was Generac Holdings Inc., a manufacturer and marketer of backup generator and clean energy systems. Generac suffered from a weakening housing market and fewer electrical outages from wildfires and hurricanes. Following a year of 50% revenue growth in 2021, the company experienced growing pains during the reporting period. After dealing with supply chain challenges earlier in the reporting period to meet demand for home standby generators, channel dealers finally have the inventory they need, but have not been able to find enough workers to do the installations for their customers. STAG Industrial Inc., an industrial storage Real Estate Investment Trust (REIT) detracted from performance due to slowing retail sales and rising interest rates. Also detracting from relative performance was Hain Celestial Inc., a natural foods and tea company, which experienced sharply lower results in the United Kingdom due to pressure on consumers from energy prices, inflation, and unfavorable currency movement. SVB Financial Group, which provides financial services primarily to the technology and biotech sectors, detracted from performance due to a slowdown in the technology sector which hurt total deposit levels and negatively impacted investment banking activity. SVB Financial remains financially strong and has successfully weathered downturns in the past. Finally, the Fund

*See explanation of benchmark definitions on A-60 – A-63*

**A-22** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

holding concert producer and ticker seller Live Nation Entertainment, Inc. detracted from performance as enthusiasm for post-pandemic entertainment strength was overshadowed by concerns about the EU economy due to energy inflation, and headlines over a government inquiry into their ticket sales practices.

**<u>Mid-Cap Growth Portfolio</u>** *(managed by Delaware Investments Fund Advisers)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Mid-Cap Growth Portfolio's Class I returned -30.72%, compared to a return of -26.72% for its benchmark, the Russell Midcap Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g28t84.jpg)

*<sup>(1)</sup>* *Delaware Investments Fund Advisers began managing the Fund on April 30, 2021, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(30.72 %)* | | *10.97 %* | | *11.99* | *%* |
|  ***Fund's Class P*** | | *(30.59 %)* | | *11.19 %* | | *12.21* | *%* |
|  *Russell Midcap Growth Index* | | *(26.72 %)* | | *7.64 %* | | *11.41* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. In selecting investments, we at Delaware Investments Fund Advisers maintain the Fund's strategy by primarily emphasizing a bottom-up (stock-by-stock) approach with a focus on companies with medium market capitalizations that we believe have the potential for strong growth and increasing profitability, attractive valuations and sound capital structures. Our investment process also includes a review of the macroeconomic environment.

Sector allocation was the primary driver of the underperformance, led by the Fund's continued lack of exposure to the dramatically outperforming energy sector. Though the energy sector is a small allocation to the benchmark, the Fund had no exposure to this sector. We remain wary of this sector, where certain companies have tended to spend with reckless, cyclical abandon, and not for the longer-term viability and profile of their businesses. We continue to research potential energy names for the Fund but have yet to enter any positions. A lack of any Fund exposure to the utilities sector also detracted from relative performance.

The leading detractors to performance (relative to the benchmark) where the Fund had exposure were the information technology (IT), industrials, financials, and materials sectors.

The Fund's use of derivatives during the reporting period included equity options, which detracted from Fund performance by way of exposure early in the reporting period to option contracts written on individual securities to either gain or remove exposure to the name at a target price. As the year unfolded, we began to deploy excess cash as corporate valuations became more attractive and our outlook for an earnings recession remained shallow and short-lived.

The leading contributors to relative performance where the Fund had exposure were the healthcare, communication services, consumer discretionary, and consumer staples sectors. The Fund's lack of exposure to the real estate sector also contributed to relative performance, as did the Fund's cash position for the reporting period.

The IT sector remained the largest allocation within the Fund for the reporting period and was the largest overall detractor to relative performance. Healthcare, the largest overweight sector to the benchmark, added the most significant contribution to relative performance for the year.

The bottom five individual holdings that were relative detractors in the Fund for the reporting period were Trex Company Inc. (composite decking manufacturer), Marvell Technology Inc. (produces semiconductors), DocuSign Inc. (cloud-based electronic signature solutions), Scotts Miracle-Gro Company (lawn and garden care solutions manufacturer), and Clarivate PLC (global analytics, information and workflow solutions provider).

*See explanation of benchmark definitions on A-60 – A-63*

**A-23** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The top five individual holdings that were relative contributors in the Fund for the reporting period were CoStar Group Inc. (commercial real estate information, analytics and software provider), Abiomed Inc. (medical device developer and manufacturer), Genmab A/S ADR (biotechnology company specializing in human antibody therapeutics), Horizon Therapeutics PLC (biopharmaceutical therapies for rare, autoimmune and severe inflammatory diseases), and DexCom Inc. (developer and manufacturer of continuous glucose monitoring devices).

**<u>Mid-Cap Value Portfolio</u>** *(managed by Boston Partners Global Investors, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Mid-Cap Value Portfolio's Class I returned -7.26%, compared to a return of -12.03% for its benchmark, the Russell Midcap Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g35c57.jpg)

*<sup>(1)</sup>* *Boston Partners Global Investors, Inc. began managing the Fund on April 28, 2015, and some investment policies changed at that time. Another firm managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(7.26 %)* | | *6.60 %* | | *10.04* | *%* |
|  ***Fund's Class P*** | | *(7.08 %)* | | *6.81 %* | | *10.26* | *%* |
|  *Russell Midcap Value Index* | | *(12.03 %)* | | *5.72 %* | | *10.11* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. We, the management team at Boston Partners, invest primarily in common stocks of medium capitalization U.S. companies that we identify as having value characteristics. In selecting investments for the Fund, we examine various factors in determining the value characteristics of an issuer, including price-to-book-value ratios and price-to-earnings ratios. We also select securities for the Fund based on a continuous study of trends in industries and companies, including the anticipated stability of earnings.

During the reporting period, stock selection was largely responsible for the Fund's outperformance led by the financials, consumer discretionary, and energy sectors. In the financials sector, earnings in financial services and bank holding company Ameriprise were more resilient than expected due to wealth management fees and account growth and expanded net interest margins from bank related activities. The Fund's position in life insurance company Globe Life benefited from a normalization of mortality rates post- COVID-19 and higher rates helped investment returns. In the consumer discretionary sector, aftermarket automotive parts retailer AutoZone continued to gain share with commercial customers resulting in better-than-expected sales and earnings. Motorcycle manufacturer Harley Davidson added value as inventories were tightened, margins improved, and the company repurchased shares. In the energy sector, refiners Marathon Petroleum and Valero enjoyed record margins and returned significant excess cash flow to shareholders.

Sector allocation contributed positively to relative returns due to the Fund's overweight (relative to the benchmark) to the energy sector and underweight to the communication services and real estate sectors. The Fund's underweight to the utilities and consumer staples sectors and overweight to the consumer discretionary sector reduced relative returns during the reporting period. Stock selection lagged in the real estate sector. The Fund's position in apartment Real Estate Investment Trust (REIT) operator Essex detracted from performance as there was some softening in lease rates on the West Coast. Office REIT company Cousins Properties also detracted from performance as there was modest softening in occupancy and higher interest rates result in flat earnings. We trimmed both positions due to declining momentum.

We increased the Fund's exposure to the industrials and materials sectors and reduced our exposure to the energy and financials sectors. Within the industrials sector, we added building products distributor Builders FirstSource which contributed to performance. The company exceeded expectations by a wide margin. In the materials sector, we initiated a position in instant oil change retailer Valvoline which also contributed to performance. Valvoline is selling its oil lubricants manufacturing which we anticipate will result in significant capital return to shareholders. In the energy sector, we closed the Fund's position in hydrocarbon exploration and production company ConocoPhillips. The

*See explanation of benchmark definitions on A-60 – A-63*

**A-24** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

company contributed to performance and has been a strong performer but became too large in capitalization to remain in the Fund. In the financials sector, the Fund's position in State Street Bank a financial services and bank holding company, detracted from performance. The Fund's position was sold as the company exceeded our price target after strong returns in the fourth quarter of the reporting period. The Fund's position in Alleghany a casualty reinsurance and insurance company, contributed to performance but was also sold as its purchase by Berkshire Hathaway was completed.

**<u>Small-Cap Equity Portfolio</u>** *(co-sub-advised by BlackRock Investment Management, LLC and Franklin Mutual Advisers, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Small-Cap Equity Portfolio's Class I returned -12.92%, compared to a return of -14.48% for its benchmark, the Russell 2000 Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g99y18.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(12.92 %)* | | *4.62 %* | | *8.47* | *%* |
|  ***Fund's Class P*** | | *(12.74 %)* | | *4.83 %* | | *8.69* | *%* |
|  *Russell 2000 Value Index* | | *(14.48 %)* | | *4.13 %* | | *8.48* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. The Fund is co-sub-advised by BlackRock and Franklin. The following are separate discussions from each co-sub-adviser.

<u>BlackRock</u> 

For the reporting period, the BlackRock managed portion of the Fund's Class I underperformed the benchmark. In seeking long-term growth of capital for the Fund, we at BlackRock maintain our portion of the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the Russell 2000 Value Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Small-capitalization value U.S. equities, as represented by the benchmark, finished the year with negative performance of -14.48% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 2.95%, the utilities sector at 0.01% and the consumer staples sector at -0.29%. The financials sector at -3.10%, the health care sector at -3.10%, and the real estate sector at -2.92% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

<u>Franklin</u> 

For the reporting period, the Franklin managed portion of the Fund's Class I outperformed the benchmark. In seeking long-term growth of capital for the Fund, we at Franklin seek to invest our portion of the Fund in small-capitalization companies that we believe are selling below their underlying worth and have the potential for capital appreciation. We target investments in historically successful companies, with understandable business models, good corporate governance and low debt, that we view as temporarily trading at depressed levels relative to future earnings power over the long term. We believe this active management investment approach constitutes our competitive advantage and can offer both meaningful upside potential and a degree of downside risk management in periods of financial market turbulence. We select securities without regard to benchmark comparisons, and we aim for long-term results.

An underweight to health care companies, as well as stock selection within the health care sector, contributed significantly to relative returns during the reporting period for our portion of the Fund. Stock selection within the industrials and financials sectors also contributed. Our portion of the Fund's best-performing stocks (relative to the benchmark) included TechnipFMC, Crescent Point Energy and McGrath RentCorp.

*See explanation of benchmark definitions on A-60 – A-63*

**A-25** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

TechnipFMC, an oilfield equipment and services company, contributed to relative performance, driven by better-than-expected quarterly results during the reporting period, continued strength in offshore order inflow and visibility on an improving industry order pipeline. Additionally, its board authorized a share buyback program and management reiterated its intention to start quarterly dividends in the second half of 2023.

Crescent Point Energy, a Canada-based exploration and production company, boosted relative performance. Multiple factors contributed to the strong performance, including a surprise dividend boost, a share buyback announcement, a reduction in debt, a positive free cash flow outlook and an increase in oil prices.

McGrath RentCorp, a provider of modular classrooms, offices, and storage containers, outperformed during the reporting period. The outperformance was driven by improving rental rates and the successful integration of recent acquisitions. We continue to find the shares attractive due to the company's discounted valuation relative to its closest publicly traded peer and management's ability to continue consolidating the modular classroom industry.

In contrast, overweightings in the consumer discretionary and information technology sectors, along with an underweight in utilities, hindered relative performance for our portion of the Fund during the reporting period. Individual companies detracting most from relative results included Great Lakes Dredge & Dock, Knowles Corp and ACI Worldwide.

Great Lakes Dredge & Dock, a U.S.-focused dredging company, underperformed due to weaker-than-expected results during the second quarter of the reporting period. The company faced operational challenges throughout the reporting period due to COVID-19, supply-chain issues, labor costs, and weather and dry dock scheduling, leading to a shortfall in meeting full-year 2022 guidance.

Shares of Knowles, a provider of advanced micro-acoustic, audio processing and precision device solutions, detracted from results. Lower global demand for consumer electronics, COVID-19 related shutdowns in China, excess inventory in the supply chain and the shift away from commoditized products led to a drop in capacity utilization. Furthermore, the company recently initiated a restructuring program to decrease its exposure to the commodity microelectron-mechanical systems (MEMS) microphone business.

Shares of ACI Worldwide, a provider of software products and solutions that facilitate electronic payments, detracted from results for the reporting period. The company missed third quarter 2022 estimates and announced a transition at the chief executive officer role in November 2022. We remain encouraged by the increased traction in real-time payments and the improved organic revenue growth profile.

Among the new positions initiated during the reporting period included trading and distribution company Univar Solutions, restaurant operator Brinker International, commercial services and supplies company IAA, food products company Maple Leaf Foods, road and rail company Saia, semiconductor company Onto Innovation and others. During the reporting period, we exited positions that included specialty retailer Dufry, aerospace and defense company Aerojet Rocketdyne, insurance companies Argo Group International Holdings and Old Republic International Corporation, bank First Horizon Corporation, energy equipment and services company NexTier Oilfield Solutions, and others.

**<u>Small-Cap Growth Portfolio</u>** *(managed by MFS Investment Management)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Small-Cap Growth Portfolio's Class I returned -29.92%, compared to a return of -26.36% for its benchmark, the Russell 2000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g11e02.jpg)

*<sup>(</sup><sup>1)</sup>* *MFS Investment Management began managing the Fund on May 1, 2020, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(29.92 %)* | | *9.07 %* | | *9.21* | *%* |
|  ***Fund's Class P*** | | *(29.78 %)* | | *9.29 %* | | *9.43* | *%* |
|  *Russell 2000 Growth Index* | | *(26.36 %)* | | *3.51 %* | | *9.20* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

*See explanation of benchmark definitions on A-60 – A-63*

**A-26** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

A. For the reporting period, the Fund's Class I underperformed the benchmark. In seeking the Fund's investment goal of capital appreciation, we at MFS invest the Fund's assets in small-capitalization equity securities that we believe have above average earnings growth potential compared to other companies (growth companies). We use an active bottom-up investment approach to buying and selling investments for the Fund.

Stock selection in the industrial sector detracted from performance relative to the benchmark, led by the Fund's holdings of building products manufacturer Azek (which is not a benchmark constituent) and an overweight position in agriculture equipment supplier Hydrofarm (security was not held in the Fund at reporting period end). Although Azek raised its full-year outlook and reported strong earnings results, driven by better-than-anticipated sales and margin growth, the stock price declined during the reporting period as macroeconomic and global geopolitical events appeared to have weighed on investor sentiment.

Security selection in the consumer non-cyclical sector also hindered relative performance. Within this sector, the Fund's holdings of the following securities which are not contained in the benchmark detracted from the Fund's relative returns during the reporting period: outsourced clinical development company Syneos Health, global technology consultant Thoughtworks, digital outsourcing services provider TaskUS and life science consumables provider Maravai Lifesciences. The stock price of Syneos Health fell as the company reported lower-than-expected revenue and depressed margins.

The Fund's overweight positions in security risk intelligence solutions provider Rapid7, cloud-based virtual banking solutions provider Q2 Holdings and lending risk software solutions company Open Lending, and the timing of the Fund's overweight position in mobile auction platform provider ACV Auctions, held back relative returns. The stock price of Rapid7 fell as the company noted that sales were held back as customers were more hesitant to justify the costs of information security spending.

Stock selection in both the financials and energy sectors contributed to relative performance. Within the financial sector, there were no individual securities, either in the Fund or in the benchmark, that were among the Fund's top relative contributors for the reporting period. In the energy sector, the Fund's overweight position in shares of specialty chemicals and energy equipment provider ChampionX supported relative results. ChampionX delivered earnings per share results above market expectations, driven by higher-than-expected revenues in its production chemical technologies segment. The company also announced an increase in its share buyback program, which further supported its share price.

Stock selection in the consumer cyclical sector further benefited relative performance. Within this sector, the Fund's holdings of the following securities which are not contained in the benchmark contributed to the Fund's relative returns during the reporting period: soccer club Manchester United, auction company Ritchie Bros Auctioneers and footwear company Skechers U.S.A. The stock price of Manchester United advanced as the company delivered fourth quarter financial results above market expectations, driven by strong revenue performance in its commercial segment. Shares also gained after the majority-owning Glazer family induced bankers to explore strategic alternatives for its iconic football club.

Stocks in other sectors that positively impact relative results included the Fund's overweight positions in operations management and analytics company ExlService and commerce payment solutions manager EVO Payments (security was not held in the Fund at reporting period end). The share price of ExlService advanced as the company benefited from improved profitability as a result of the company's ongoing secular shift toward digital transformation and the use of data analytics by its corporate customers. The stock price of EVO Payments rose as the company reported better-than-expected earnings per share results, driven by strong margin performance and a lower tax rate.

Additionally, the Fund's holdings of national security information solutions company CACI International (which is not a benchmark constituent) aided relative performance. The stock price of CACI International rose after the company raised its revenue guidance for its fiscal year.

The Fund's cash and/or cash equivalents position during the reporting period contributed to relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when markets fell, as measured by the Fund's benchmark, holding cash aided performance versus the benchmark, which has no cash position.

**<u>Small-Cap Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Small-Cap Index Portfolio's Class I returned -20.86%, compared to a return of -20.44% for its benchmark, the Russell 2000 Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-27** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g41m88.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(20.86 %)* | | *3.52 %* | | *8.43* | *%* |
|  ***Fund's Class P*** | | *(20.70 %)* | | *3.73 %* | | *8.64* | *%* |
|  *Russell 2000 Index* | | *(20.44 %)* | | *4.13 %* | | *9.01* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the Russell 2000 Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. small capitalization equities, as represented by the benchmark, finished the year with negative performance of -20.44% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 2.10%, the utilities sector at -0.04% and the consumer staples sector at -0.31%. The health care sector at -5.19%, the information technology sector at -4.77%, and the consumer discretionary sector at -3.40% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>Small-Cap Value Portfolio</u>** *(managed by AllianceBernstein L.P.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Small-Cap Value Portfolio's Class I returned -16.81%, compared to a return of -14.48% for its benchmark, the Russell 2000 Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g63x06.jpg)

*<sup>(1)</sup>* *AllianceBernstein L.P. ("AB") became sole sub-adviser of the Fund on October 30, 2015. AB was co-sub-adviser of the Fund from May 1, 2014 through October 29, 2015 and some investment policies changed during that time. Another firm managed the Fund before May 1, 2014.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(16.81 %)* | | *3.67 %* | | *8.48* | *%* |
|  ***Fund's Class P*** | | *(16.64 %)* | | *3.88 %* | | *8.70* | *%* |
|  *Russell 2000 Value Index* | | *(14.48 %)* | | *4.13 %* | | *8.48* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-28** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at AllianceBernstein maintain the Fund's investment objective by seeking long-term growth of capital. The Fund seeks undervalued small-capitalization stocks with attractive long-term earnings prospects. We believe small-capitalization stocks offer greater opportunity for fundamental stock selection since they are covered by fewer industry analysts. The Fund invests primarily in equity securities of small-capitalization US companies.

Relative to the benchmark, overall sector selection detracted from the Fund's performance during the reporting period. An underweight to the energy sector and an overweight to the consumer discretionary sector detracted from the Fund's performance, while underweights to the healthcare and communication services sectors contributed.

Relative to the benchmark, security selection modestly contributed to the Fund's performance. Specifically, security selection within the financials and healthcare sectors contributed, while selection in the industrials and consumer staples sectors detracted.

Detractors from Fund's performance during the reporting period included Hain Celestial and The Goodyear Tire & Rubber Company. Hain Celestial, an American food company, detracted after it reported disappointing results in the last two quarters of the reporting period driven by cost inflation, supply-chain headwinds and weakness in European consumer spending. Tire manufacturer The Goodyear Tire & Rubber Company declined due to investor concerns about the company's ability to raise prices to offset cost inflation. The company beat estimates for the first two quarters of the reporting period but missed estimates during the last two quarters of the reporting period.

Contributors to the Fund's performance included HF Sinclair and Acadia Healthcare. HF Sinclair, an oil refiner and manufacturer of lubricants, contributed to the Fund's performance during the reporting period. The company benefited from a sharp increase in refining margins driven by turmoil in the energy markets after the Russian invasion of Ukraine. Shares were additionally rewarded for the successful closing of the acquisition of The Sinclair Companies by HollyFrontier. Acadia Healthcare, a behavioral healthcare provider, contributed after reporting its earnings in the second quarter of the reporting period. These results showed financial strength for the company, with increased pricing offsetting declines in the number of patients admitted, thus allowing Acadia to manage through labor cost inflation headwinds during the reporting period.

**<u>Value Portfolio</u>** *(managed by American Century Investment Management, Inc.)* 

*Q. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Value Portfolio's Class I returned -0.53%, compared to a return of -7.54% for its benchmark, the Russell 1000 Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g62n34.jpg)

*<sup>(1)</sup>* *American Century Investment Management, Inc., began managing the Fund on November 2, 2020. Another firm managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(0.53 %)* | | *4.24 %* | | *9.00* | *%* |
|  ***Fund's Class P*** | | *(0.34 %)* | | *4.45 %* | | *9.22* | *%* |
|  *Russell 1000 Value Index* | | *(7.54 %)* | | *6.67 %* | | *10.29* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. We at American Century Investments manage the Fund's goal of seeking long-term growth of capital through a strategy of investing in large-capitalization U.S. companies that we believe are selling at a discount to their fair value. We seek to own higher-quality companies with superior risk/reward potential. We believe investing in these businesses should result in returns with lower volatility over time. Our bottom-up research determines a downside and fair value potential for each security. By focusing on higher-quality companies and understanding their values, we believe we can take advantage of pricing opportunities and avoid value traps. This also offers the potential for downside protection.

*See explanation of benchmark definitions on A-60 – A-63*

**A-29** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

During the reporting period, security selection and an overweight position (relative to the benchmark) in the financials sector contributed to the Fund's outperformance. Notable contributors included The Allstate Corp. The insurance company reported accelerating price increases on its automobile policies at the same time when some of the company's costs were moderating. The Fund's positioning among capital markets and diversified financial services companies also contributed to relative returns.

On the downside, the financials sector also produced two notable detractors. Truist Financial detracted as its net interest income slowed, while credit concerns increased. Meanwhile, investment banking company The Bank of New York Mellon detracted due to concerns about lower fee income stemming from declines in the market and investment activity.

Security selection was a contributing factor as the Fund benefited from avoiding select benchmark securities that struggled during this volatile period. This was especially true in the information technology sector, where the Fund did not own benchmark holding Intel. The semiconductor maker experienced deteriorating operational performance due to competitive pressures and weakening demand for PCs. Not owning relationship management company salesforce.com also boosted relative results.

Facebook's parent Meta Platforms is another sizable benchmark security we chose not to own in the Fund because it did not meet our investment criteria. The stock posted a significant decline during the reporting period due to disappointing results and concerns about its heavy investment in a metaverse business.

An overweight allocation and stock selection in the health care sector also contributed to relative performance. Medical device maker Zimmer Biomet Holdings was a key position as the company benefited from strong demand for products to support orthopedic procedures such as knee and hip replacements. Other health care sector contributors included managed health care and insurance company Cigna and hospital and health care services company Universal Health Services.

Individual contributors included energy company TotalEnergies, aerospace and defense company Raytheon Technologies and consumer products company Conagra Brands. TotalEnergies benefited from strong oil prices, which helped boost the company's free cash flow. Meanwhile, Raytheon was among defense contractors that benefited from the increased focus on defense readiness amid heightened geopolitical tension. A recovery in commercial aerospace from pandemic lows also was positive for Raytheon. Conagra contributed due to revenue growth from higher prices and better-than-expected sales volume.

Top individual detractors came from a wide range of sectors. For example, shares of medical device company Medtronic declined due to weak earnings results due to supply chain problems and a slower-than-expected rebound in surgical procedures in the wake of COVID-19. We believe headwinds to Medtronic's earnings are transitory.

F5, a technology company specializing in internet security and fraud protection, declined amid concerns that information technology spending will slow, particularly in Europe. Though the company's guidance for 2023 earnings beat analysts' expectations, its software growth projections were lower than expected. Cisco Systems was another detractor. The networking company reported disappointed earnings and guidance during the reporting period due to supply chain problems stemming from lockdowns in China.

Advance Auto Parts also detracted. The automotive replacement parts retailer underperformed after management announced weaker-than-expected earnings and a disappointing cash flow outlook.

The Fund buys forward foreign currency contracts for hedging purposes to help protect the Fund against adverse currency movements due to holding foreign securities and to isolate stock selection as the primary driver of performance. The Fund benefited from the currency hedges due to the strength of the U.S. dollar.

**<u>Value Advantage Portfolio</u>** *(managed by J.P. Morgan Investment Management Inc.)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Value Advantage Portfolio's Class I returned -4.07%, compared to a return of -7.98% for its benchmark, the Russell 3000 Value Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-30** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 30, 2013 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 30, 2013 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g43h86.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *Since*<br> *Inception*<br> *(4/30/13)* | *Since*<br> *Inception*<br> *(4/30/13)* |  |
|  ***Fund's Class I*** | | *(4.07 %)* | | *6.72 %* | | *9.19* | *%* |
|  ***Fund's Class P*** | | *(3.87 %)* | | *6.93 %* | | *9.41* | *%* |
|  *Russell 3000 Value Index* | | *(7.98 %)* | | *6.50 %* | | *9.05* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. The cornerstone of JPMorgan's investment philosophy for the Fund is the belief that companies possessing the ability to generate significant free cash flow and effectively allocate capital to create growth in value per share may, over the long-term, outperform stock market averages. We at JPMorgan seek to discover companies that offer the greatest potential against their current market value. While many companies may be considered cheap, our research process helps us to eliminate those that we believe do not possess the characteristics of a sound, long-term business and to identify those that we feel have been underrated or overlooked by the market.

We employ a bottom-up approach to stock selection, constructing the Fund based on company fundamentals and proprietary fundamental analysis. Our aim is to identify undervalued companies that have the potential to grow their intrinsic values per share and to purchase these companies at a discount, enabling the Fund to provide long-term total return through a combination of income and capital gains.

During the reporting period, the Fund outperformed its benchmark with positive stock selection in 8 out of 11 sectors. Strong stock selection in the healthcare and technology sectors contributed to outperformance, while the energy and materials sectors served as detractors.

Healthcare has been at the forefront of the market rotation into more value-oriented stocks. We had strong stock selection after adding to attractively valued pharmaceuticals like biopharmaceutical company AbbVie (ABBV) in 2021. ABBV contributed to performance, as fundamentals improved and investors are starting to show optimism that next year's biosimilar impact on Humira will be more modest than originally expected.

The Fund's relative underweight to technology, the worst performing sector during the reporting period, contributed to performance. Also contributing was Positive stock selection from a variety of companies with quality fundamentals such as semiconductor company Analog Devices (ADI).

The Fund's weakest performance came from the more cyclical areas of the market within the energy and materials sectors, where we tend to focus on quality companies rather than the more commodity-tied business that have benefitted the most during the reporting period.

Finally, given the broad sell-off within financials during the reporting period, Fund holdings in banking and financial services holding company Bank of America (BAC) and bank holding company Capital One (COF) were the largest stock specific detractors from relative performance during the reporting period as market sentiment around recessionary fears outweighed the positives of resilient consumer balance sheets and rising rates. We continue to believe in the fundaments of each company and continue to hold both in the Fund.

**<u>Emerging Markets Portfolio</u>** *(managed by Invesco Advisers, Inc)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Emerging Markets Portfolio's Class I returned -25.27%, compared to a return of -20.09% for its benchmark, the MSCI Emerging Markets Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-31** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g65l51.jpg)

*<sup>(1)</sup>* *Invesco Advisers, Inc. acquired the prior firm managing the Fund and began managing the Fund effective May 24, 2019.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(25.27 %)* | | *(2.33 %)* | | *1.23* | *%* |
|  ***Fund's Class P*** | | *(25.12 %)* | | *(2.13 %)* | | *1.44* | *%* |
|  *MSCI Emerging Markets Index* | | *(20.09 %)* | | *(1.40 %)* | | *1.44* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We, the Invesco Emerging Markets Equity team, believe investment success requires both imagination and rigor. Differentiated research – focused on businesses, not stocks – allows us to unearth real options embedded in portfolio companies. Our long-term investment horizon allows us to capture opportunities often unappreciated by conventional wisdom. We are long-term investors in Emerging Markets with a high conviction portfolio focused on exceptional companies with durable long-term growth, sustainable advantages as well as global and local disruptors. While the vast majority of the Fund's assets are invested in securities that are domiciled or listed in Emerging Markets we also invest in other countries that we consider to be emerging markets that may not be reflected in the benchmark. We remain steadfastly committed to truly active and idiosyncratic investing in Emerging Markets, which has underwritten the portfolio's strong long-term performance and growth of capital.

The largest detractor from performance relative to the benchmark was stock selection in the energy sector. Stock selection in the communication services sector also detracted from relative performance, as did stock selection in the financials sector. From a sector perspective, the largest contributor to relative performance was stock selection in the consumer discretionary sector. An overweight allocation and stock selection in the consumer staples sector also contributed to performance. Stock selection and an underweight allocation to the information technology sector also contributed to relative performance for the reporting period.

From a country perspective, stock selection and an overweight exposure in Russia was the largest detractor from relative performance. Stock selection in Brazil also had a negative impact. Stock selection and an underweight allocation to China was the largest contributor to performance. An underweight allocation and stock selection in South Korea also contributed to performance as did an overweight allocation to Hong Kong.

The Fund's largest individual detractors for the reporting period were Novatek, Taiwan Semiconductor Manufacturing Co., and Yandex.

Novatek, based in Russia, is one of the largest independent global gas producers, and we believe it has considerable growth options in its portfolio of low cost, competitively advantaged liquefied natural gas (LNG) projects on the Yamal Peninsula. Demand for Novatek's LNG projects is fundamentally supported by the global push to develop sources of cleaner energy. Novatek has been adversely affected by the impact of sanctions on Russia following that country's invasion of Ukraine. Due to ongoing sanctions, lack of trading partners, low liquidity, settlement concerns, and future uncertainty, all Russian equity holdings were priced to zero as of March 2nd, 2022.

Taiwan Semiconductor Manufacturing Co. (TSMC), based in Taiwan, is one of the world's leading semiconductor foundries and the key enabler of the new computing revolution, with multiple architectures, chip platforms and design teams competing to push computing and AI innovation. TSMC is expanding production capabilities with construction underway on a chipmaking plant in Arizona that is slated to open in 2024, intentions to build a second plant in the state, and potential expansion plans in Japan. The stock's performance during 2022 was impacted by investors' negative sentiment around semiconductors demand driven by concerns about potential global recession and geopolitical tensions.

The Russian company Yandex is one of the dominant internet companies in Russia's transforming digital landscape, holding positions in several categories including Russia's search, shared mobility, food delivery, e-commerce, and others. Yandex has been adversely affected by the impact of sanctions on Russia following that country's invasion of Ukraine. Due to ongoing sanctions, lack of trading partners, low liquidity, settlement concerns, and future uncertainty, all Russian equity holdings were priced to zero as of March 2nd, 2022.

The Fund's top absolute contributors for the reporting period were Vale, Yum China, and H World Group.

*See explanation of benchmark definitions on A-60 – A-63*

**A-32** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

Vale is a Brazilian multinational company that is one of the largest global iron ore and nickel producers with expertise in mining, logistics, energy, and steelmaking. Vale benefited during the reporting period from positive investor sentiment around Brazilian equities driven by strong commodity outlook with Brazilian equity market being among a handful of markets that posted positive performance in 2022.

Yum China operates a portfolio of quick serve restaurants in the underpenetrated Chinese market with notable brands such as KFC and Pizza Hut. Despite the challenges of operating under China's zero Covid policy, Yum China was able to deliver strong results during the reporting period, driven by management's effective cost cutting measures such as negotiating rental relief, strong operating leverage and margin improvement, and continued expansion into lower tier cities. We believe growth should further improve with lifting of mobility restrictions in China.

H World Group (formerly Huazhu) is a pioneer in the Chinese hotel industry, primarily using a franchise model. It has solidified and maintained its leadership position through investments in infrastructure technology, which have supported operational efficiency and boosted brand loyalty. Despite nearly three years of China's zero-Covid protocols, H World was able to improve its revenue per available room while continuing expansion initiatives into lower tier cities during the reporting period. In December 2022 China announced it will relax its strict Covid measures, which should benefit H World as travel and mobility are expected to resume.

**<u>International Growth Portfolio</u>** *(managed by* *****ClearBridge Investments, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the International Growth Portfolio's Class I returned -21.54% compared to a return of -14.45% for its benchmark, the MSCI EAFE Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on October 29, 2021 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on October 29, 2021 through December 31, 2022 are also shown in the table below. The Fund's performance reflects .reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g55c19.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *Since<br>Inception*<br> *(10/29/21)* | *Since<br>Inception*<br> *(10/29/21)* |  |
|  ***Fund's Class I*** | | *(21.54 %)* | | *(19.24* | *%)* |
|  ***Fund's Class P*** | | *(21.38 %)* | | *(19.07* | *%)* |
|  *MSCI EAFE Index* | | *(14.45 %)* | | *(12.27* | *%)* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We, the ClearBridge international growth team, seek out attractively valued stocks across all market capitalizations to construct a diversified portfolio of growth companies in developed and emerging markets outside the U.S. We target growth companies across three categories – secular, structural and emerging – that give us the most opportunities to participate in the returns available through all market conditions while paying close attention to risk. Secular growth companies are issuers that have established businesses and leading market share in their respective industry with the balance sheets and pricing power to deliver consistent growth. Our structural growth segment allows us to own undervalued cyclicals and companies that have earnings that are temporarily depressed but that we believe should see a step change in forward earnings. Emerging growth companies are what many investors think of as growth companies with above average revenue growth and innovative business models that may be earlier in their growth lifecycle and investing heavily to fund future growth.

Relative to the benchmark, overall security selection and overall sector allocation detracted from the Fund's performance during the reporting period. Specifically, stock selection within the industrials, information technology (IT), consumer staples, health care, materials and communication services sectors detracted from the Fund's relative performance. An overweight in the IT sector and underweights in the financials and energy sectors also detracted from the Fund's relative performance. On an individual holding basis, the leading detractors from relative Fund performance for the reporting period included positions in software company Atlassian (Australia) and electronic component and sensor manufacturer TE Connectivity (Switzerland) in the IT sector, job search and talent management provider Recruit Holdings (Japan) and outsourced omnichannel customer service provider Teleperformance (France) in the industrials sector and multinational clinical research organization ICON (Ireland) in the health care sector.

*See explanation of benchmark definitions on A-60 – A-63*

**A-33** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

Relative to the benchmark, the Fund's security selection in the energy, utilities and consumer discretionary sectors contributed to performance during the reporting period. The Fund's underweights to the consumer discretionary sector also had a positive impact on relative returns. In terms of individual holdings, the leading contributors to relative Fund performance included positions in Oilfield services company Schlumberger (U.S.) in the energy sector, pharmaceutical company Novo Nordisk (Denmark) in the health care sector, Hong Kong Exchanges & Clearing (Hong Kong) in the financials sector, consumer and professional electronic products manufacturer Sony Group (Japan) in the consumer discretionary sector and consumer internet company Sea Ltd. (Singapore) in the communication services sector.

During the reporting period, we established a number of new positions for the Fund, including medical device and precision instrument maker Olympus Corp. (Japan) in the health care sector, multinational consumer healthcare company Haleon (United Kingdom) in the consumer staples sector and transaction services provider Deutsche Boerse (Germany) in the financials sector. Notable sales in the reporting period included the Fund's positions in Taiwan Semiconductor (Taiwan) in the IT sector, B2B e-commerce company MonotaRo (Japan) in the industrials sector and e-commerce enablement and grocery logistics provider Ocado Group (United Kingdom) in the consumer staples sector.

**<u>International Large-Cap Portfolio</u>** *(managed by MFS Investment Management)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the International Large-Cap Portfolio's Class I returned -15.19%, compared to a return of -14.45% for its benchmark, the MSCI EAFE Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g57m83.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(15.19 %)* | | *4.01 %* | | *5.67* | *%* |
|  ***Fund's Class P*** | | *(15.02 %)* | | *4.22 %* | | *5.89* | *%* |
|  *MSCI EAFE Index* | | *(14.45 %)* | | *1.54 %* | | *4.67* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the benchmark. We at MFS use a bottom-up investment style, involving the research of the fundamentals of each individual opportunity and analyzing certain aspects of a company such as earnings, cash flows, growth potential and management abilities. In managing the Fund, we invest primarily in the securities of foreign issuers with large market capitalizations.

Stock selection in the consumer, non-cyclical, sector detracted from performance relative to the benchmark. Not owning strong-performing biopharmaceutical company AstraZeneca (United Kingdom), and an overweight position in both imaging products and medical-related equipment manufacturer HOYA (Japan) and healthcare, lightning, and consumer well-being technology firm Koninklijke Philips (Netherlands) (security was not held in the Fund at reporting period end), hurt relative results.

An underweight allocation to the energy sector hurt relative performance. In this sector, not owning both global energy and petrochemicals company Shell (United Kingdom) and integrated energy and petroleum company TotalEnergies (France) held back relative returns. Shell's stock price rose during the reporting period as management delivered above-consensus second-quarter financial results, driven by strong performance in its upstream segment.

Stocks in other sectors that weakened relative returns included overweight holdings of consulting services provider Capgemini (France), electrical distribution equipment manufacturer Schneider Electric (France) and paint and specialty chemicals manufacturer Akzo Nobel (Netherlands). The stock price for Schneider Electric appreciated after the company reported better-than-expected organic revenue growth in its Energy Management and Industrial Automation business segments. Despite these strong results, management's cautious near-term outlook, resulting from manufacturing and distribution disruptions caused by the Shanghai lockdown, appeared to have weighed on investor sentiment. Holdings of semiconductor manufacturer Taiwan Semiconductor Manufacturing (Taiwan) (which is not a benchmark constituent) and not holding shares of mining giant BHP Group (Australia) further weighed on relative results. The share price of BHP Group rose as the company posted better-than-expected earnings results, driven by strong petroleum and iron ore divisional performance. Lower net debt and a higher-than-expected dividend payout ratio further buoyed the company's share price performance during the quarter.

*See explanation of benchmark definitions on A-60 – A-63*

**A-34** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

Stock selection in the financial sector was a primary contributor to relative performance. Within this sector, the Fund's overweight holdings of insurance company AIA Group (Hong Kong), stock exchange Deutsche Boerse (Germany), investment management and banking firm UBS (Switzerland) and insurance provider Zurich Insurance Group (Switzerland) aided relative results. AIA Group's stock price rose as the company benefited from more concrete signs of the economy re-opening due to the easing of COVID-19 lockdown policies and the addition of new insurance underwriting revenue. The stock price for Deutsche Boerse benefited from the higher interest rate environment, notably impacting net interest income within its Securities Services division and better-than-expected revenue within its Trading and Clearing division.

Stocks in other sectors that helped relative performance included not holding shares of benchmark constituent lithography systems manufacturer for the semiconductor industry ASML (Netherlands) as the stock price underperformed the benchmark over the reporting period. Although the company delivered strong sales results, ASML's management reported weaker-than-expected profit guidance for 2022, owing to wage inflation and higher freight costs. The Fund's overweight holdings of cosmetic products manufacturer Beiersdorf (Germany), pharmaceutical company Novo Nordisk (Denmark), food catering company Compass Group (United Kingdom) and oil and gas company Galp Energia (Portugal) aided relative returns. The share price for Beiersdorf benefited from the company's strong organic sales, driven by market share gains and a better pricing mix of its Nivea brand. Beiersdorf also benefited from the successful launch of its anti-dark-spot face treatment luminous630 and a strong rebound in its sun care category. The share price for Novo Nordisk climbed as the company posted another set of robust top-line growth that was significantly higher than the sector average. Additionally, given the continued strong sales in both its North America Operations and International Operations, mainly driven by Diabetes and Obesity care, Novo Nordisk upgraded its guidance projections, which further supported the stock. An out-of-benchmark holding of integrated energy company Suncor Energy (Canada) further strengthened relative performance.

**<u>International Small-Cap Portfolio</u>** *(managed by FIAM LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the International Small-Cap Portfolio's Class I returned -17.09%, compared to a return of -19.97% for its benchmark the MSCI ACWI ex US Small Cap Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g85x67.jpg)

*<sup>(1)</sup>* *FIAM LLC began managing the Fund on November 1, 2021, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022 <sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(17.09 %)* | | *(0.88 %)* | | *5.67* | *%* |
|  ***Fund's Class P*** | | *(16.92 %)* | | *(0.68 %)* | | *5.88* | *%* |
|  *MSCI ACWI ex US Small Cap Index* | | *(19.97 %)* | | *0.67 %* | | *5.24* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I outperformed the benchmark. In buying and selling securities for the Fund, we at FIAM utilize fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions. The Fund seeks out issuers in non-U.S. countries with smaller market capitalizations that generate sustainable free cash flows, have sound balance sheets, and are led by capable management teams. We try to purchase such companies for the Fund when they are trading at a discount to intrinsic value.

On both a geographic and sector basis, stock selection contributed to performance during the reporting period. On a geographic basis, stock selection in emerging markets was the biggest contributor to returns. An out-of-benchmark position in Brazil-based pharmaceutical and consumer health company Hypera was the single largest individual contributor. Hypera began the year by reporting better-than-consensus revenue and upping guidance considerably as it looked ahead to an array of new product launches. Revenue and profit growth continued throughout 2022, buoyed by competing generic drugs coming off patent and strength in its small but growing dermocosmetics business.

On a sector basis, the most notable contribution came from stock selection in technology, specifically the software & services industry, driven by a modest out-of-benchmark position in Hong Kong-based aviation IT services provider Travelsky Technology, which benefited from China's reopening measures.

*See explanation of benchmark definitions on A-60 – A-63*

**A-35** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

Stock selection in the industrials sector was another area of strength. The second largest individual contributor was an overweighting (relative to the benchmark) in German defense contractor Rheinmetall, which was one of the primary beneficiaries of European countries increasing their defense budgets in the wake of the Russia-Ukraine war.

The third and fourth largest individual contributors also came from the industrials sector. An overweighting in Spain-based logistics provider CIA de Distribucion Integral Logista Holdings saw gains as its steady, if unexciting, monopoly on tobacco distribution in Southern Europe continued to generate large amounts of cash, much of which was retained on its balance sheet. These high cash balances benefited from rising interest rates during the reporting period, which appealed to investors seeking defensive safe havens in global equity markets.

An overweighting in Greece-based industrial conglomerate Mytilineos was the fourth largest contributor. As one of the lowest cost aluminum producers in Europe, they did better than their less economical regional competitors and were also able to hedge above market rates for four years. The company's favorable geography meant it was able to source natural gas feedstock at competitive prices. Management also made reasonable investments in solar and wind energy projects that have the potential to improve company's appeal amongst Europe's many ESG-focused investors.

Rounding out the top-five individual contributors was a small overweighting in U.K.-based wealth manager Brewin Dolphin Holdings. The company was acquired by Royal Bank of Canada at a premium during the review period.

Conversely, the Fund's holdings in the materials and energy sectors struggled. In energy, U.K.-based engineering services company John Wood Group's long turnaround story became a little longer with the appointment of a new CEO during the reporting period. In materials, an overweighting in India-based refractory materials provider (steel making and cement) RHI Magnesita moved steadily lower due to the poor European macro environment.

The Fund's primary individual detractors resided in the consumer discretionary sector. Overweights in two retailers hurt most. Dustin Group, a reseller of information technology equipment in the Nordic region saw its CEO depart during the reporting period amidst the integration of a large Benelux acquisition and a general economic slowdown. A smaller overweighting in Nordic home furnishing retailer BHG Group was down more than 80% during the reporting period as the company was challenged by weak demand, excess inventory, cost inflation, and questionable management decisions.

**<u>International Value Portfolio</u>** *(managed by Wellington Management Company LLP)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the International Value Portfolio's Class I returned -1.26%, compared to a return of -14.45% for its benchmark, the MSCI EAFE Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g81a32.jpg)

*<sup>(1)</sup>* *Wellington Management Company LLP began managing the Fund on May 1, 2017, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(1.26 %)* | | *1.81 %* | | *3.80* | *%* |
|  ***Fund's Class P*** | | *(1.07 %)* | | *2.02 %* | | *4.00* | *%* |
|  *MSCI EAFE Index* | | *(14.45 %)* | | *1.54 %* | | *4.67* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period the Fund's Class I outperformed the benchmark. The Fund seeks long-term capital appreciation by investing primarily in a diversified portfolio of equity securities of large non-U.S. companies that we at Wellington believe to be undervalued. We, the Wellington portfolio management team, use a "contrarian value" approach to selecting securities, applying fundamental analysis to identify securities that we believe are undervalued by the market.

*See explanation of benchmark definitions on A-60 – A-63*

**A-36** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The primary driver of relative outperformance during the reporting period was the Fund's security selection. Security selection within the financials, industrials, and consumer discretionary sectors were the top contributors to returns relative to the benchmark. This was partially offset by selections within the energy sector which detracted from performance. Sector allocation, a result of our fundamental security-selection process, also contributed to relative performance. The Fund's overweight positions (relative to the benchmark) to the energy and financials sectors, as well as an underweight to the information technology sector contributed most to relative returns.

Geographically, our holdings in Europe (excluding United Kingdom) and Japan contributed the most to the Fund's relative performance while our holdings in Asia-Pacific (excluding Japan) detracted.

Top contributors to relative performance during the reporting period included overweight allocations to Shell (United Kingdom; energy) and TotalEnergies (France; energy). The share price of Shell rose over the reporting period after the company reported a record profit in the second quarter due to high oil and gas prices and announced plans to repurchase $6 billion in shares in the third quarter. Shares of TotalEnergies rose after the company reported solid third-quarter results. Net profits soared 43% from the same period last year to $6.6 billion, with record performances for its natural gas and liquefied natural gas units. Management, however, did announce a new $3.1 billion accounting charge linked to its Russian assets, taking its total Russia-related impairments to nearly $11 billion during the reporting period.

Top detractors from benchmark-relative returns included not holding benchmark security BHP Group (Australia; materials) and having an out-of-benchmark allocation to Gazprom (Russia; energy). Shares of BHP Group, a global mining company, ended the reporting period higher as the company saw demand strengthen for its products as commodity prices in general increased globally. Shares of Gazprom, a Russian majority state-owned natural gas company, ended the reporting period lower. Russian stocks in general tumbled as the standoff between the West and Russia over Ukraine intensified and increasing sanctions against Russia heavily impacted the market value of Russian issuers.

**<u>Health Sciences Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Health Sciences Portfolio's Class I returned -5.80%, compared to a return of -18.11% for the broad-based S&P 500 Index and a return of -6.10% for the sector-specific benchmark, the Russell 3000 Health Care Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g94r91.jpg)

*<sup>(1)</sup>* *BlackRock Investment Management, LLC began managing the Fund on May 1, 2014, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(5.80 %)* | | *11.28 %* | | *15.56* | *%* |
|  ***Fund's Class P*** | | *(5.61 %)* | | *11.51 %* | | *15.80* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Russell 3000 Health Care Index* | | *(6.10 %)* | | *11.38 %* | | *14.64* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class I outperformed both the broad-based S&P 500 Index and the sector-specific Russell 3000 Health Care Index. The investment objective of the Fund is to provide long-term growth of capital. The Fund is a diversified, all-weather healthcare portfolio constructed using the fundamental investment process. From an aggregate level, there are two broad themes in the Fund: innovation and value-based healthcare.

The tumultuous macroeconomic backdrop throughout the reporting period was favorable for the healthcare sector. The Federal Reserve pursued persistent rate hikes to combat inflation which stoked market volatility and fears of recession. Given these dynamics, the healthcare sector performed well relative to most other sectors and the broad market, as investors favored the defensive, durable demand of the healthcare sector.

*See explanation of benchmark definitions on A-60 – A-63*

**A-37** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

While most sub-sectors within healthcare experienced positive performance over the reporting period, the medical devices & supplies sub-sector lagged as a result of supply chain and labor shortages. Supply chain shortages made semiconductor components very costly which hurt margins over the reporting period. Shortages of doctors and nurses put pressure on elective procedure volume, negatively impacting the earnings and outlook for many medical device companies.

Security selection contributed the Fund's relative returns (all relative comparisons in this discussion are to the sector-specific benchmark) during the reporting period, while sector allocation detracted. At a sub-sector level, stock selection within medical devices & supplies and healthcare providers & services were the largest contributors to relative performance. On the detracting side, the Fund's underweight allocation to the pharmaceuticals sub-sector detracted from relative returns during the reporting period.

With regards to specific holdings, an overweight position in Cigna was the single largest contributor to relative returns during the reporting period. The managed care provider repeatedly reported strong earnings and revenue growth across their health services businesses. Cigna also benefited from investors rotating towards larger companies with stable revenue streams in search of resilience during the period of heightened macroeconomic concern.

Additionally, off-benchmark positions in drug distributors McKesson and AmerisourceBergen contributed to the Fund's relative performance. Over the reporting period investors flocked towards companies with resilient businesses that are well-insulated from broad macroeconomic pressures including inflation, recession, and U.S. dollar strength.

Another notable contributor included holding an underweight position in Align Technology, a U.S.-based manufacturer of dental aligners. The company came under pressure over the reporting period as a result of the macroeconomic sensitivity of their dental business.

Elsewhere, an underweight position in AbbVie was the largest detractor from the Fund's performance as the company benefitted from being more value-oriented in the current macroeconomic environment.

In addition, an underweight position in Merck detracted from relative performance. The pharmaceutical company posted strong earnings over the reporting period, and the company's stock benefitted from investors seeking out defensive investment opportunities.

An underweight to Humana also detracted from the Fund's relative returns during the reporting period as the health insurance provider reported strong earnings over the reporting period and benefited from being a defensive security in the current environment.

As of the end of the reporting period, the Fund was overweight in the medical devices & supplies, biotechnology, and healthcare providers & services sub-sectors, while the Fund was underweight in the pharmaceuticals sub-sector.

The Fund's use of derivatives during the reporting period included futures contracts to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

**<u>Real Estate Portfolio</u>** *(managed by Principal Real Estate Investors, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Real Estate Portfolio's Class I returned -25.64%, compared to a return of -18.11% for the broad-based S&P 500 Index and a return of -25.37% for the sector-specific benchmark the MSCI U.S. REITs Index.

following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g42c15.jpg)

*<sup>(1)</sup>* *Principal Real Estate Investors LLC began managing the Fund on May 1, 2018, and some investment policies changed at that time. Another firm managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(25.64 %)* | | *4.16 %* | | *6.17* | *%* |
|  ***Fund's Class P*** | | *(25.49 %)* | | *4.37 %* | | *6.38* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *MSCI U.S. REITs Index* | | *(25.37 %)* | | *2.48 %* | | *5.20* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-38** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class I underperformed both the broad-based S&P 500 Index and the sector-specific MSCI U.S. REITs Index. We, the real estate securities team at Principal Real Estate Investors, utilize a fundamental style of investing. We rely on skilled portfolio managers and analysts to provide deep forward-looking perspectives and carry out rigorous, fundamental research on all investment opportunities. Security selection focuses on identifying relative stock mispricing amongst groups of comparable stocks. Excess return generation is bottom-up as we believe security selection is the most reliable and repeatable source of consistent outperformance. We construct portfolios to diversify risk and sources of excess returns, so excess return generation is consistent over the long term. Top-down and quantitative elements are incorporated but represent a minor role in our investment process.

In general, the real estate sector underperformed the domestic equity market (as measured by the broad-based benchmark) during the reporting period. In response to rising inflation in 2022, the Federal Reserve (Fed) quickly pivoted to a more hawkish policy and surprised the market with higher than expected rate hikes mid-year. Consequently, rate-sensitive real estate securities faced greater performance pressures during the reporting period given greater valuation pressures from the dramatic rise in rates.

Relative to the sector-specific benchmark, the Fund underperformed due to allocation decisions during the reporting period. An overweight to single family rental residential stocks was a top detractor. Despite fundamentals remaining solid, issues such as a lawsuit alleging fraud, regulatory concerns, increasing bad debt, and higher real estate taxes surprising the market resulted in this sector underperforming during the reporting period. The Fund not holding benchmark-component Iron Mountain, a document storage business, detracted from Fund performance, as the company held up better than expected with its data center business putting up impressive leasing numbers and traditional paper storage/service business successfully implementing higher pricing. With investors seeking safety on recession concerns, more defensive net lease companies were stronger performers and the Fund's underweight to net lease companies detracted.

Relative to the sector-specific benchmark, an underweight to data centers was a top contributor to the Fund's relative performance, as the sector underperformed due to rising real rates during the reporting period. An overweight to senior housing healthcare stocks was beneficial to the Fund's performance during the reporting period, as these companies performed well after solid quarterly results throughout the year showcasing strong pricing trends.

**<u>Technology Portfolio</u>** *(managed by MFS Investment Management)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Technology Portfolio's Class I returned -36.06%, compared to a return of -18.11% for the broad-based S&P 500 Index and a return of -35.36% for the sector-specific benchmark, the S&P North American Technology Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the ten-year period ended December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g97i63.jpg)

*<sup>(</sup><sup>1)</sup>* *MFS Investment Management began managing the Fund on November 1, 2016, and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(36.06 %)* | | *8.26 %* | | *9.66* | *%* |
|  ***Fund's Class P*** | | *(35.93 %)* | | *8.49 %* | | *9.89* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *S&P North American Technology Index* | | *(35.36 %)* | | *11.73 %* | | *16.60* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class I underperformed both the broad-based S&P 500 Index and the sector-specific S&P North American Technology Index. We at MFS manage the Fund as an all-cap technology portfolio that historically has sought diversification across high quality

*See explanation of benchmark definitions on A-60 – A-63*

**A-39** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

durable growth and earlier stage growth companies. The MFS portfolio team leverages a deep bench of investment talent to drive a rigorous bottom-up stock selection process and identify the most attractive technology opportunities for the Fund on a global basis, with emphasis historically on the U.S.

Security selection and, to a lesser extent, an underweight position in the electronics industry detracted from performance relative to the sector-specific benchmark. Not owning the benchmark components of the broadband communications and networking services company Broadcom and semiconductor company Texas Instruments weighed on the Fund's relative returns. The share price of Broadcom appreciated during the reporting period as the company reported strong earnings driven by robust semiconductor demand. Management also raised its dividend, which further supported the stock. The stock price of Texas Instruments rose as product demand during the reporting period was strong and the company reported robust revenue in its communication systems and automotive semiconductor segments. The company also saw relief from supply line constraints as some factory shipments from China resumed.

Stock selection and an underweight position in the computer systems industry further weakened relative performance. Within this industry, the Fund's relative underweight position in technology company Apple and not owning diversified technology products and services company IBM (benchmark component) held back relative returns. The stock price of Apple rose as the company reported better revenues than forecasted due to lower supply chain impacts versus expectations. Despite ongoing component shortages impacting Mac and iPad sales and global currency headwinds, the company continued to demonstrate the strength of its product ecosystem with broad-based growth. iPhone sales remained strong across all regions with revenue growth ahead of estimates.

Stock selection and an overweight position in the specialty stores industry also weighed on relative results, led by the Fund's overweight position in internet retailer Amazon.com. The stock price of Amazon.com declined during the reporting period as the company reported softer-than-expected revenue and operating profits, driven by weaker-than-expected performance in Amazon Web Services (AWS) and a softening in consumer demand.

Not owning enterprise software products maker Oracle and cloud based human capital management company Automatic Data Processing hindered relative performance. The Fund's holdings of technology services provider Endava (which is not a benchmark constituent), an overweight position in global enterprise cloud communications and collaboration solutions provider RingCentral and an underweight position in digital payments services provider Visa further dampened relative returns. The stock price of Visa advanced after the company reported double-digit growth in transactions and a continued recovery in its cross-border business, but was still down for the full reporting period.

Stock selection in the internet industry benefited relative performance. Here, the Fund's underweight position in social networking service provider Meta Platforms helped relative returns. Although the company reported in-line revenue results, its forward-looking guidance for higher-than-expected expenses and capital expenditures weighed on the stock price of Meta Platforms.

The Fund's out-of-benchmark exposure to the insurance industry also aided relative performance. Within this sector, the Fund's holdings of insurance services provider Arthur J Gallagher bolstered relative returns. The stock price of Arthur J Gallagher rose as the company reported earnings per share results that were above expectations, driven by stronger-than-expected brokerage and risk management organic revenue growth.

Stocks in other industries that contributed to relative performance included the Fund's overweight positions in debit and credit transaction processing company Mastercard, payment processing, information solutions provider WEX and software giant Microsoft. Holding shares of online travel company Booking (which is not a benchmark constituent), financial services provider Charles Schwab (which is not a benchmark constituent) and integrated payment and frictionless commerce solutions provider Paya (which is not a benchmark constituent) aided relative returns. The stock price of Mastercard rose as the company delivered earnings per share results that beat expectations due to stronger cross-border volume and improved margins. The share price of WEX advanced on the back of stronger-than-expected revenues and earnings. The robust results were driven by rebounding demand in the company's Fleet & Travel and Corporate Solutions business lines. Additionally, the timing of the Fund's ownership in shares of cloud-based e-commerce platform operator Shopify also helped returns.

The Fund's cash and/or cash equivalents position during the reporting period contributed to relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when markets fell, as measured by the Fund's benchmark, holding cash aided performance versus the benchmark, which has no cash position.

The Fund's use of derivatives during the reporting period included using put options on the Nasdaq index for downside risk management.

**<u>ESG Portfolios</u>**

<u>Performance</u> 

Since the performance of each of the ESG Diversified Portfolio and the ESG Diversified Growth Portfolio is a composite of the performance of each of the ESG Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a meaningful comparison to the ESG Portfolios' performance. Therefore, we at PLFA have provided information for three broad-based indices to use as a comparison to each ESG Portfolio's performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each ESG Portfolio, each of which is comprised of the three broad-based indices shown below.

*See explanation of benchmark definitions on A-60 – A-63*

**A-40** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The composition of the composite benchmark reflects the ESG Portfolios, target broad asset class allocations for domestic equity, international equity and fixed income. However, the actual allocation of an ESG Portfolio could vary because of factors such as market performance and adjustments to allocations within each fund's target allocation bands. The one-year performance for these broad-based indices for the year ended December 31, 2022 is shown in the following table:

---

| | |
|:---|:---|
| **Broad-Based Indices** | |
|  S&P 500 Index (U.S. Stocks) | -18.11% |
|  MSCI ACWI ex USA (International Stocks) | -16.00% |
|  Bloomberg US Aggregate Bond Index (Fixed Income) | -13.01% |

---

The benchmark indices for the ESG Underlying Funds may differ from the ESG Portfolios' broad-based indices. The ESG Portfolios may not be invested in all eligible ESG Underlying Funds.

**<u>ESG Diversified Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the ESG Diversified Portfolio's Class I returned -16.59%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Index and a return of -15.46% for the ESG Diversified Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 30, 2021 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 30, 2021 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g11o90.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *Since<br>Inception*<br> *(4/30/21)* | *Since<br>Inception*<br> *(4/30/21)* |  |
|  ***Fund's Class I*** | | *(16.59 %)* | | *(6.57* | *%)* |
|  ***Fund's Class P*** | | *(16.43 %)* | | *(6.38* | *%)* |
|  *S&P 500 Index* | | *(18.11 %)* | | *(3.48* | *%)* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(7.39* | *%)* |
|  *ESG Diversified Composite Benchmark* | | *(15.46 %)* | | *(5.64* | *%)* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class I underperformed the ESG Diversified Composite Benchmark. To seek long-term growth of capital and low to moderate income, while giving consideration to certain environmental, social and governance (ESG) criteria, the Fund invests in various strategies under normal circumstances that have an ESG focus. The majority of the Fund was allocated to two ESG-focused domestic equity strategies and one ESG-focused international equity strategy. The Fund held its remaining allocation in three ESG-focused fixed income strategies since the Fund's inception.

Among the domestic equity group, the Fidelity U.S. Sustainability Index Fund detracted from performance over this period as it lagged the S&P 500 Index during the reporting period.

From the international equity side, the Fidelity International Sustainability Index detracted from performance as it lagged the MSCI ACWI Ex USA Index during the reporting period.

From the fixed income group, the Fund's exposure to short duration bonds contributed to performance as they outperformed the Bloomberg US Aggregate Bond Index during the Fund's reporting period.

**<u>ESG Diversified Growth Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the ESG Diversified Growth Portfolio's Class I returned -18.08%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -16.43% for the ESG Diversified Growth Composite Benchmark.

*See explanation of benchmark definitions on A-60 – A-63*

**A-41** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on October 29, 2021 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on October 29, 2021 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g20y86.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *Since<br>Inception*<br> *(10/29/21)* | *Since<br>Inception*<br> *(10/29/21)* |  |
|  ***Fund's Class I*** | | *(18.08 %)* | | *(14.83* | *%)* |
|  ***Fund's Class P*** | | *(17.97 %)* | | *(14.70* | *%)* |
|  *S&P 500 Index* | | *(18.11 %)* | | *(12.94* | *%)* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(11.15* | *%)* |
|  *ESG Diversified Growth Composite Benchmark* | | *(16.43 %)* | | *(12.59* | *%)* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class I underperformed the ESG Diversified Growth Composite Benchmark. To seek long-term growth of capital and low to moderate income, while giving consideration to certain environmental, social and governance (ESG) criteria, the Fund invests in various strategies under normal circumstances that have an ESG focus. The majority of the Fund was allocated to two ESG-focused domestic equity strategies and one ESG-focused international equity strategy. The Fund held its remaining allocation in three ESG-focused fixed income strategies since the Fund's inception.

Among the domestic equity group, the Fidelity U.S. Sustainability Index Fund underperformed the S&P 500 Index during the reporting period. However, the Calvert Small Capitalization Fund outperformed the Russell 2000 Index during the reporting period and contributed to performance.

From the international equity side, the Fidelity International Sustainability Index detracted from performance as it lagged the MSCI ACWI Ex USA Index during the reporting period.

From the fixed income group, the Fund's exposure to short duration bonds contributed to performance as they outperformed the Bloomberg US Aggregate Bond Index during the reporting period.

**<u>PSF Avantis Balanced Allocation Portfolio</u>**

<u>Performance</u> 

Since the performance of the PSF Avantis Balanced Allocation Portfolio is a composite of the performance of each of the Balanced Allocation Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a meaningful comparison to the PSF Avantis Balanced Allocation Portfolio's performance. Therefore, we at PLFA have provided information for three broad-based indices to use as a comparison to the PSF Avantis Balanced Allocation Portfolio's performance. In addition, to assist in performance comparisons, a composite benchmark was constructed for the PSF Avantis Balanced Allocation Portfolio, comprised of the three broad-based indices shown below.

The composition of the composite benchmark reflects the PSF Avantis Balanced Allocation Portfolio's target broad asset class allocations for domestic equity, international equity and fixed income. However, the actual allocation of the PSF Avantis Balanced Allocation Portfolio could vary because of market performance and adjustments to allocations within each fund's target allocation bands. The one-year performance for these broad-based indices for the year ended December 31, 2022 is shown in the following table:

---

| | |
|:---|:---|
| **Broad-Based Indices** | |
|  S&P 500 Index (U.S. Stocks) | -18.11% |
|  MSCI EAFE (International Stocks) | -14.45% |
|  Bloomberg US Aggregate Bond Index (Fixed Income) | -13.01% |

---

The benchmark indices for the Balanced Allocation Underlying Funds may differ from the PSF Avantis Balanced Allocation Portfolio's broad-based indices. The PSF Avantis Balanced Allocation Portfolio may not be invested in all eligible Balanced Allocation Underlying Funds.

*See explanation of benchmark definitions on A-60 – A-63*

**A-42** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

**<u>PSF Avantis Balanced Allocation Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PSF Avantis Balanced Allocation Portfolio's Class D returned -14.99%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -15.23% for the PSF Avantis Balanced Allocation Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class D shares of the Fund to its benchmarks for the period from inception on April 29, 2016 through December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g86v61.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Year* | *5 Year* | *Since*<br> *Inception*<br> *(4/29/16)* | *Since*<br> *Inception*<br> *(4/29/16)* |  |
|  ***Fund's Class D*** | | *(14.99 %)* | | *3.79 %* | | *5.60* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *11.78* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *0.43* | *%* |
|  *PSF Avantis Balanced Allocation Composite Benchmark* | | *(15.23 %)* | | *4.79 %* | | *6.39* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>(10/31/19)* | *Since<br>Inception<br>(10/31/19)* |  |  |  |
|  ***Fund's Class P*** | | *(14.78 %)* | | *3.59 %* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *PSF Avantis Balanced Allocation Composite Benchmark* | | *(15.23 %)* | | *3.88 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class D outperformed the Composite Benchmark (as defined below). On November 1, 2022, PLFA reallocated out of strategies managed by Dimensional Fund Advisors LP (DFA) to strategies managed by American Century Investment Management, Inc., including through its division Avantis Investors. In connection with this change, the PSF DFA Balanced Allocation Composite Benchmark was renamed the PSF Avantis Balanced Allocation Composite Benchmark (the "Composite Benchmark"). No other changes were made to the PSF DFA Balanced Allocation Composite Benchmark.

<u>January 1 – October 31, 2022</u> 

During this period, PLFA allocated to strategies managed by DFA and the Fund's Class D outperformed the Composite Benchmark. The majority of the Fund was allocated to three quantitatively managed domestic equity strategies and two quantitatively driven international equity strategies. The Fund held its remaining allocation in quantitatively managed fixed income strategies during this period.

PLFA's underlying fund selections in international equity strategies primarily contributed to performance during this period.

Among the equity group, DFA VA US Large Value primarily contributed to performance during this period. However, DFA US Core Equity detracted from performance. Among the international strategies, DFA Large Cap International and DFA VA International Small Portfolios outperformed their respective benchmarks.

Among the fixed income group, DFA Short-Term Extended Quality contributed to performance during this period. On the other hand, DFA Intermediate-Term Extended Quality detracted from performance.

<u>November 1 – December 31, 2022</u> 

During this period, the Fund's Class D underperformed the Composite Benchmark. To seek long-term growth of capital and low to moderate income, the Fund invests substantially all of its assets in these strategies. The majority of the Fund was allocated to four quantitatively managed domestic equity strategies and two quantitatively driven international equity strategies. The Fund held its remaining allocation in quantitatively managed fixed income strategies during this period.

*See explanation of benchmark definitions on A-60 – A-63*

**A-43** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

PLFA's allocation to domestic equity strategies primarily detracted from performance during this period. However, PLFA's allocation to the fixed income group contributed positively to performance.

Among the equity group, the Avantis International Equity ETF primarily contributed to performance during this period. On the other hand, Avantis U.S. Equity ETF, Avantis U.S. Small Cap Value ETF, and American Century Small Cap Growth detracted from performance.

From the fixed income group, Avantis Core Fixed Income ETF primarily contributed to performance.

**<u>Pacific Dynamix Portfolios</u>**

<u>Performance</u> 

Since the performance of each Pacific Dynamix Portfolio is a composite of the performance of each of the Pacific Dynamix Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a meaningful comparison to a Pacific Dynamix Portfolio's performance. Therefore, we at PLFA have provided information for three broad- based indices to use as a comparison to each Pacific Dynamix Portfolio's performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Pacific Dynamix Portfolio, each of which is comprised of the three broad-based indices shown below.

The composition of the composite benchmark reflects the Pacific Dynamix Portfolios target broad asset class allocations for domestic equity, international equity and fixed income. However, the actual allocation of a Pacific Dynamix Portfolio could vary because of factors such as market performance and adjustments to allocations within each fund's target allocation bands. The performance for these broad-based indices for the year ended December 31, 2022 is shown in the following table:

---

| | |
|:---|:---|
| **Broad-Based Indices** | |
|  S&P 500 Index (U.S. Stocks) | -18.11% |
|  MSCI World ex USA Index (International Stocks) | -14.29% |
|  Bloomberg US Aggregate Bond Index (Fixed Income) | -13.01% |

---

The benchmark indices for the Pacific Dynamix Underlying Funds may differ from the Pacific Dynamix Portfolios' broad-based indices. Each Pacific Dynamix Portfolio may not be invested in all eligible Pacific Dynamix Underlying Funds.

**<u>Pacific Dynamix-Conservative Growth Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Pacific Dynamix-Conservative Growth Portfolio's Class I returned -14.38%, compared to a return of -13.01% for the Bloomberg US Aggregate Bond Index, a return of -18.11% for the S&P 500 Index and a return of -14.39% for the Pacific Dynamix-Conservative Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g87t23.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(14.38 %)* | | *2.57 %* | | *4.29* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Pacific Dynamix-Conservative Growth Composite Benchmark* | | *(14.39 %)* | | *3.32 %* | | *5.01* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>(10/31/19)* | *Since<br>Inception<br>(10/31/19)* |  |  |  |
|  ***Fund's Class P*** | | *(14.20 %)* | | *1.75 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Pacific Dynamix-Conservative Growth Composite Benchmark* | | *(14.39 %)* | | *1.90 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-44** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class I outperformed the Pacific Dynamix-Conservative Growth Composite Benchmark. To seek current income and moderate growth of capital, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 60% and 40%. The Fund held just over half of its allocation in passively managed fixed income strategies during the reporting period. The remainder of the Fund was allocated to five passively managed domestic equity strategies and two indexed international equity strategies.

At the broad asset class level, the fixed income group outperformed the Bloomberg US Aggregate Bond Index. The domestic group underperformed the S&P 500 Index and the international group underperformed the MSCI World ex USA Index.

In the fixed income group, the PD Aggregate Bond Index, PD 1-3 Year Corporate Bond and PD High Yield Bond Market Portfolios seek to match the returns of the Bloomberg US Aggregate Bond Index, Bloomberg US 1-3 Year Corporate Bond Index and Bloomberg US High-Yield 2% Issuer Capped Bond Index, respectively, before taking into account fund costs. The exposure to short-term bonds contributed to performance.

In the domestic equity group, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios seek to match the returns of the Russell 1000 Growth Index and Russell 1000 Value Index, respectively, before taking into account fund costs. The PD Mid-Cap Index Portfolio seeks to replicate the returns of the Russell Midcap Index. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios seek to replicate the returns of the Russell 2000 Growth Index and Russell 2000 Value Index, respectively. The exposure to growth detracted from performance.

In the international group, the PD Emerging Markets Index Portfolio detracted from performance as Chinese stocks dragged on returns.

**<u>Pacific Dynamix-Moderate Growth Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Pacific Dynamix-Moderate Growth Portfolio's Class I returned -15.69%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -15.21% for the Pacific Dynamix- Moderate Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g76i64.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(15.69 %)* | | *3.73 %* | | *5.84* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *Pacific Dynamix-Moderate Growth Composite Benchmark* | | *(15.21 %)* | | *4.83 %* | | *6.92* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>(10/31/19)* | *Since<br>Inception<br>(10/31/19)* |  |  |  |
|  ***Fund's Class P*** | | *(15.52 %)* | | *3.50 %* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *Pacific Dynamix-Moderate Growth Composite Benchmark* | | *(15.21 %)* | | *3.94 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class I underperformed the Pacific Dynamix-Moderate Growth Composite Benchmark. To seek long-term growth of capital and low to moderate income, under normal market conditions, the Fund targets the following approximate exposure to the two

*See explanation of benchmark definitions on A-60 – A-63*

**A-45** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

broad asset classes of debt (fixed income) and equity, respectively: 40% and 60%. The Fund held just under half of its allocation in passively managed fixed income strategies during the reporting period. The majority of the Fund was allocated to five passively managed domestic equity strategies and two indexed international equity strategies.

At the broad asset class level, the fixed income group outperformed the Bloomberg US Aggregate Bond Index. The domestic group underperformed the S&P 500 Index and the international group lagged the MSCI World ex USA Index.

In the domestic equity group, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios seek to match the returns of the Russell 1000 Growth Index and Russell 1000 Value Index, respectively. The PD Mid-Cap Index Portfolio seeks to replicate the returns of the Russell Midcap Index. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios seek to replicate the returns of the Russell 2000 Growth and Russell 2000 Value Indices, respectively, before taking into account fund costs. The exposure to growth detracted from performance.

In the international group, the PD Emerging Markets Index Portfolio detracted from performance as Chinese stocks dragged on returns.

In the fixed income group, the PD Aggregate Bond Index, PD 1-3 Year Corporate Bond and PD High Yield Bond Market Portfolios seek to match the returns of the Bloomberg US Aggregate Bond Index, Bloomberg US 1-3 Year Corporate Bond Index and Bloomberg US High-Yield 2% Issuer Capped Bond Indices, respectively, before taking into account fund costs. The exposure to short-term bonds contributed to performance.

**<u>Pacific Dynamix-Growth Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Pacific Dynamix-Growth Portfolio's Class I returned -16.69%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -15.92% for the Pacific Dynamix-Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g30z50.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(16.69 %)* | | *4.68 %* | | *7.31* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *Pacific Dynamix-Growth Composite Benchmark* | | *(15.92 %)* | | *5.85 %* | | *8.38* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>(10/31/19)* | *Since<br>Inception<br>(10/31/19)* |  |  |  |
|  ***Fund's Class P*** | | *(16.52 %)* | | *4.86 %* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *Pacific Dynamix-Growth Composite Benchmark* | | *(15.92 %)* | | *5.55 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the Pacific Dynamix-Growth Composite Benchmark. To seek moderately high, long-term growth of capital with low, current income, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 20% and 80%. The Fund held most of its allocation in equity, including five passively managed domestic equity strategies and two indexed international equity strategies. The rest of the Fund was invested in passively managed fixed income strategies.

At the broad asset class level, the fixed income group outperformed the Bloomberg US Aggregate Bond Index. The domestic group underperformed the S&P 500 Index and the international group lagged the MSCI World ex USA Index.

In the domestic equity group, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios seek to match the returns of the Russell 1000 Growth Index and Russell 1000 Value Index, respectively, before taking into account fund costs. The PD Mid-Cap Index Portfolio

*See explanation of benchmark definitions on A-60 – A-63*

**A-46** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

seeks to replicate the returns of the Russell Midcap Index. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios seek to replicate the returns of the Russell 2000 Growth Index and Russell 2000 Value Index, respectively, before taking into account fund costs. The Fund's exposure to growth detracted from performance.

In the international group, the PD Emerging Markets Index Portfolio detracted from performance as Chinese stocks dragged returns.

In the fixed income group, the PD Aggregate Bond Index, PD 1-3 Year Corporate Bond and PD High Yield Bond Market Portfolios seek to match the returns of the Bloomberg US Aggregate Bond Index, Bloomberg US 1-3 Year Corporate Bond Index and Bloomberg US High-Yield 2% Issuer Capped Bond Index, respectively, before taking into account fund costs. The exposure to short-term bonds contributed to performance.

**<u>Portfolio Optimization Portfolios</u>**

<u>Performance</u> 

Since the performance of each Portfolio Optimization Portfolio is a composite of the performance of each of the Portfolio Optimization Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a meaningful comparison to a Portfolio Optimization Portfolio's performance. Therefore, we at PLFA have provided information for four broad-based indices to use as a comparison to each Portfolio Optimization Portfolio's performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Portfolio Optimization Portfolio each of which is comprised of the four broad-based indices shown below.

The composition of the composite benchmark reflects the target broad asset class allocations described in the Portfolio Optimization Portfolios' prospectus. However, the actual allocation of a Portfolio Optimization Portfolio could vary because of factors such as market performance and adjustments to allocations within each fund's target allocation bands. The one-year performance for these broad-based indices for the year ended December 31, 2022 is shown in the following table:

---

| | |
|:---|:---|
| **Broad-Based Indices** | |
|  S&P 500 Index (U.S. Stocks) | -18.11% |
|  MSCI EAFE Index (International Stocks) | -14.45% |
|  Bloomberg US Aggregate Bond Index (Fixed Income) | -13.01% |
|  ICE BofA U.S. 3-Month Treasury Bill (T-Bill) Index | 1.46% |

---

The benchmark indices for the Portfolio Optimization Underlying Funds may differ from the Portfolio Optimization Portfolios' broad-based indices. Each Portfolio Optimization Portfolio may not be invested in all eligible Portfolio Optimization Underlying Funds.

**<u>Portfolio Optimization Conservative Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Portfolio Optimization Conservative Portfolio's Class I returned -13.67%, compared to a return of -13.01% for the Bloomberg US Aggregate Bond Index, a return of -18.11% for the S&P 500 Index and a return of -12.69% for the Portfolio Optimization Conservative Composite Benchmark.

*See explanation of benchmark definitions on A-60 – A-63*

**A-47** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g06k69.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(13.67 %)* | | *0.63 %* | | *2.25* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Portfolio Optimization Conservative Composite Benchmark* | | *(12.69 %)* | | *1.80 %* | | *3.04* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>10/31/19* | *Since<br>Inception<br>10/31/19* |  |  |  |
|  ***Fund's Class P*** | | *(13.49 %)* | | *(0.85 %)* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Portfolio Optimization Conservative Composite Benchmark* | | *(12.69 %)* | | *(0.03 %)* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the Portfolio Optimization Conservative Composite Benchmark. To seek current income and preservation of capital, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 80% and 20%. The Fund was primarily comprised of various fixed income strategies, with a small allocation to equity strategies, during the reporting period. Fixed income investments included intermediate-term bond, short duration securities, inflation-protected bond, emerging markets bond, high yield debt and floating rate loan strategies. The equity allocation mainly held domestic and foreign large-capitalization strategies during the reporting period.

From the broad asset class perspective, the Fund's fixed income group outperformed the Bloomberg US Aggregate Bond Index. The domestic equity group outpaced the S&P 500 Index, while the international equity group underperformed the MSCI EAFE Index.

Over the reporting period, exposures to short-term bonds, high yield, and bank loans contributed to performance. However, exposure to emerging market bonds as well as the underperformance of the Diversified Bond Portfolio detracted from performance.

In the Fund's domestic equities group, exposure to growth stocks primarily detracted from performance. Furthermore, the group of large-capitalization growth managers underperformed its benchmarks and detracted from performance. However, the Dividend Growth and Value Portfolios outperformed their benchmarks and contributed to performance.

In the international equity group, exposure to emerging markets as well as the underperformance of the Emerging Markets Portfolio mainly detracted from performance, as Chinese stocks struggled over the reporting period. However, the International Value Portfolio outperformed the MSCI EAFE Index and supported performance.

**<u>Portfolio Optimization Moderate-Conservative Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Portfolio Optimization Moderate-Conservative Portfolio's Class I returned -14.90%, compared to a return of -13.01% for the Bloomberg US Aggregate Bond Index, a return of -18.11% for the S&P 500 Index and a return of -13.71% for the Portfolio Optimization Moderate-Conservative Composite Benchmark.

*See explanation of benchmark definitions on A-60 – A-63*

**A-48** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g84x54.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(14.90 %)* | | *1.73 %* | | *3.74* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Portfolio Optimization Moderate-Conservative Composite Benchmark* | | *(13.71 %)* | | *3.36 %* | | *5.01* | *%* |
|  | *1 Year* | *1 Year* | *Since*<br> *Inception<br><u>10/31/19</u>* | *Since*<br> *Inception<br><u>10/31/19</u>* |  |  |  |
|  ***Fund's Class P*** | | *(14.73 %)* | | *0.82 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Portfolio Optimization Moderate-Conservative Composite Benchmark* | | *(13.71 %)* | | *2.04 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the Portfolio Optimization Moderate-Conservative Composite Benchmark. To seek current income and moderate growth of capital, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 60% and 40%. The Fund had a diversified allocation mix that was modestly tilted to fixed income during the reporting period. Fixed income investments included strategies that consisted of intermediate-term bonds as well as short duration securities, inflation-protected bonds, emerging markets bonds, high yield debt and floating rate loans. The equity exposure was diversified across style (growth/value), market capitalization and region (including an allocation to foreign small-capitalization and emerging markets strategies).

From the broad asset class perspective, the Fund's fixed income group modestly underperformed the Bloomberg US Aggregate Bond Index. The domestic equity group outperformed the S&P 500 Index while the international equity group trailed the MSCI EAFE Index.

Over the reporting period, exposures to short-term bonds, high yield, and bank loans contributed to performance. However, exposure to emerging market bonds as well as the underperformance of the Diversified Bond Portfolio detracted from performance.

Among the Fund's domestic equities group, exposure to growth stocks primarily detracted from performance. Furthermore, the group of large-capitalization growth managers underperformed its benchmarks and detracted from performance. On the other hand, the Dividend Growth and Value Portfolios outperformed their respective benchmarks and contributed to performance.

From the international equity group, exposure to emerging markets as well as the underperformance of the Emerging Markets Portfolio mainly detracted from performance, as Chinese stocks struggled over the reporting period. However, the International Value Portfolio outperformed the MSCI EAFE Index and supported performance.

**<u>Portfolio Optimization Moderate Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Portfolio Optimization Moderate Portfolio's Class I returned -15.72%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -14.69% for the Portfolio Optimization Moderate Composite Benchmark.

*See explanation of benchmark definitions on A-60 – A-63*

**A-49** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g15s31.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(15.72 %)* | | *2.64 %* | | *5.06* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *Portfolio Optimization Moderate Composite Benchmark* | | *(14.69 %)* | | *4.35 %* | | *6.36* | *%* |
|  | *1 Year* | *1 Year* | *Since*<br> *Inception<br>10/31/19* | *Since*<br> *Inception<br>10/31/19* |  |  |  |
|  ***Fund's Class P*** | | *(15.55 %)* | | *2.12 %* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *Portfolio Optimization Moderate Composite Benchmark* | | *(14.69 %)* | | *3.37 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the Portfolio Optimization Moderate Composite Benchmark. To seek long-term growth of capital and low to moderate income, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 45% and 55%. The equity exposure was diversified across style (growth/value), market capitalization and region (including allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly traded REITs. Fixed income investments included intermediate-term bonds, short duration securities, inflation-protected bonds, emerging markets bonds, high yield debt and floating rate loans.

From the broad asset class perspective, the Fund's fixed income group underperformed the Bloomberg US Aggregate Bond Index. The domestic equity group lagged the S&P 500 Index, while the international equity group lagged the MSCI EAFE Index.

Among the Fund's domestic equities group, exposure to growth stocks primarily detracted from performance. Furthermore, the group of large-capitalization growth managers underperformed its benchmarks and detracted from performance. On the other hand, the Dividend Growth and Value Portfolios outperformed their respective benchmarks and contributed to performance.

From the international equity group, exposure to emerging markets as well as the underperformance of the Emerging Markets Portfolio mainly detracted from performance, as Chinese stocks struggled over the reporting period. However, the International Value Portfolio outperformed the MSCI EAFE Index and supported performance.

Over the reporting period, exposures to short-term bonds, high yield, and bank loans contributed to performance. However, exposure to emerging market bonds as well as the underperformance of the Diversified Bond Portfolio detracted from performance.

**<u>Portfolio Optimization Growth Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Portfolio Optimization Growth Portfolio's Class I returned -16.88%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -15.85% for the Portfolio Optimization Growth Composite Benchmark.

*See explanation of benchmark definitions on A-60 – A-63*

**A-50** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g82f41.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(16.88 %)* | | *3.43 %* | | *6.31* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *Portfolio Optimization Growth Composite Benchmark* | | *(15.85 %)* | | *5.75 %* | | *8.24* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>10/31/19* | *Since<br>Inception<br>10/31/19* |  |  |  |
|  ***Fund's Class P*** | | *(16.71 %)* | | *3.36 %* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *Portfolio Optimization Growth Composite Benchmark* | | *(16.53 %)* | | *6.55 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the Portfolio Optimization Growth Composite Benchmark. To seek moderately high, long-term capital appreciation with low, current income, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 25% and 75%. The equity exposure was diversified across style (growth/value), market capitalization and region (including allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly traded REITs. Fixed income investments included intermediate-term bonds, short duration securities, inflation-protected bonds, emerging markets bonds, high yield debt and floating rate loans.

From the broad asset class perspective, the Fund's fixed income group underperformed the Bloomberg US Aggregate Bond Index. The domestic equity group modestly lagged the S&P 500 Index, while the international equity group lagged the MSCI EAFE Index.

Among the Fund's domestic equities group, exposure to growth stocks primarily detracted from performance. Furthermore, the group of large-capitalization growth managers underperformed its benchmarks and detracted from performance. The Focused Growth Portfolio underperformed its benchmark and detracted from performance. On the other hand, the Dividend Growth and Value Portfolios outperformed their respective benchmarks and contributed to performance.

From the international equity group, exposure to emerging markets as well as the underperformance of the Emerging Markets Portfolio mainly detracted from performance, as Chinese stocks struggled over the reporting period. However, the International Value Portfolio outperformed the MSCI EAFE Index and supported performance.

Over the reporting period, exposures to short-term bonds, high yield, and bank loans contributed to performance. However, exposure to emerging market bonds as well as the underperformance of the Diversified Bond Portfolio detracted from performance.

**<u>Portfolio Optimization Aggressive-Growth Portfolio</u>** *(managed by Pacific Life Fund Advisors LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the Portfolio Optimization Aggressive-Growth Portfolio's Class I returned -17.51%, compared to a return of -18.11% for the S&P 500 Index, a return of -13.01% for the Bloomberg US Aggregate Bond Index and a return of -16.53% for the Portfolio Optimization Aggressive-Growth Composite Benchmark.

*See explanation of benchmark definitions on A-60 – A-63*

**A-51** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2022 are also shown in the table below. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g30n05.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class I*** | | *(17.51 %)* | | *3.77 %* | | *7.00* | *%* |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.42 %* | | *12.56* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
|  *Portfolio Optimization Aggressive-Growth Composite Benchmark* | | *(16.53 %)* | | *6.64 %* | | *9.51* | *%* |
|  | *1 Year* | *1 Year* | *Since<br>Inception<br>10/31/19* | *Since<br>Inception<br>10/31/19* |  |  |  |
|  ***Fund's Class P*** | | *(17.34 %)* | | *3.96 %* |  |  |  |
|  *S&P 500 Index* | | *(18.11 %)* | | *9.36 %* |  |  |  |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *(2.44 %)* |  |  |  |
|  *Portfolio Optimization Aggressive-Growth Composite Benchmark* | | *(16.53 %)* | | *6.55 %* |  |  |  |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class I underperformed the Portfolio Optimization Aggressive-Growth Composite Benchmark. To seek high, long-term capital appreciation, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 10% and 90%. The Fund allocates primarily to domestic and international equity strategies which are diversified across style (growth/value), market capitalization and region (which include allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintains exposure to select sectors such as publicly traded REITs as well as a small allocation to intermediate-term fixed income securities.

From the broad asset class perspective, the Fund's fixed income group underperformed the Bloomberg US Aggregate Bond Index. The domestic equity group modestly lagged the S&P 500 Index, while the international equity group lagged the MSCI EAFE Index.

Among the Fund's domestic equities group, exposure to growth stocks primarily detracted from performance. Furthermore, the group of large-capitalization growth managers underperformed its benchmarks and detracted from performance. On the other hand, the Dividend Growth and Value Portfolios outperformed their respective benchmarks and contributed to performance.

From the international equity group, exposure to emerging markets as well as the underperformance of the Emerging Markets Portfolio mainly detracted from performance, as Chinese stocks struggled over the reporting period. However, the International Value Portfolio outperformed the MSCI EAFE Index and supported performance.

Over the reporting period, exposures to bank loans, short-term bonds, and high yield contributed to performance. However, exposure to emerging market bonds as well as the underperformance of the Emerging Markets Debt Portfolio detracted from performance.

**<u>PD 1-3 Year Corporate Bond Portfolio</u>** *(managed by SSGA Funds Management, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD 1-3 Year Corporate Bond Portfolio's Class P returned -3.32%, compared to a return of -3.32% for its benchmark, the Bloomberg US 1-3 Year Corporate Bond Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-52** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception on April 30, 2014 through December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g50l24.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *Since<br>Inception<br>(4/30/14)* | *Since<br>Inception<br>(4/30/14)* |  |
|  ***Fund's Class P*** | | *(3.32 %)* | | *1.07 %* | | *1.08* | *%* |
|  *Bloomberg US 1-3 Year Corporate Bond Index* | | *(3.32 %)* | | *1.40 %* | | *1.46* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class P performed in line with the benchmark. The Fund seeks investment results that closely correspond to the total return of the benchmark that tracks the short-term U.S. corporate bond market. We, the SSGA FM indexed portfolio management team, use a sampling approach to match the Fund's risk characteristics with those of the benchmark, and do not overweight or underweight sectors or securities with the intention of adding value above the benchmark. There is no attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term period of poor bond market performance.

As this is an indexed fund, primary factors that affected the short-term U.S. corporate bond market also affected the Fund's performance. The main macroeconomic factors that detracted from Fund performance included inflation concerns, an aggressive Fed hiking cycle, and geopolitical tensions resulting from the Ukraine-Russia crisis. Nearly all U.S. bond indices experienced negative returns during the reporting period, though short term bonds tended to fare better in the absence of duration risk. Corporate bonds, though supported by strong technicals and consistent issuance, also experienced volatility amid the aforementioned macroeconomic threats.

Security mis-weights resulting from our sampling process, especially within the banking, technology, and insurance sectors, contributed to relative performance. Traditional trading costs had a minimal, negative affect on relative performance

The benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD Aggregate Bond Index Portfolio</u>** *(managed by SSGA Funds Management, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Aggregate Bond Index Portfolio's Class P returned -13.28%, compared to a return of -13.01% for its benchmark, the Bloomberg US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g51w46.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(13.28 %)* | | *(0.25 %)* | | *0.81* | *%* |
|  *Bloomberg US Aggregate Bond Index* | | *(13.01 %)* | | *0.02 %* | | *1.06* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and<br>principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-53** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. The Fund seeks investment results that closely correspond to the total return of an index that tracks the U.S. dollar-denominated investment grade bond market. We, the SSGA FM indexed portfolio management team, use a stratified sampling approach to match the benchmark's major risk characteristics and do not overweight or underweight sectors or securities with the intention of adding value above the benchmark.

As an indexed fund, primary factors that affected the U.S. dollar-denominated investment grade bond market also affected the Fund's performance. The main macroeconomic factors that detracted from Fund performance included inflation concerns, an aggressive Fed hiking cycle, and geopolitical tensions resulting from the Ukraine-Russia crisis. Nearly all U.S. bond indices experienced negative returns during the reporting period, however those that contained Treasury holdings were hit hardest due to persistent volatility within the sector. Investment grade corporate bonds, though supported by strong technicals and consistent issuance, also experienced volatility amid the aforementioned macroeconomic threats.

Security mis-weights resulting from our sampling process (especially within the agency fixed-rate sector) detracted from relative performance, while traditional trading costs contributed positively to relative performance.

The benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD High Yield Bond Market Portfolio</u>** *(managed by SSGA Funds Management, Inc.)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD High Yield Bond Market Portfolio's Class P returned -11.00%, compared to a return of -11.18% for its benchmark, the Bloomberg US High-Yield 2% Issuer Capped Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g01y90.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(11.00 %)* | | *2.15 %* | | *3.74* | *%* |
|  *Bloomberg US High-Yield 2% Issuer Capped Bond Index* | | *(11.18 %)* | | *2.30 %* | | *4.03* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class P outperformed the benchmark. The Fund seeks investment results that closely correspond to the total return of an index that tracks the U.S. high yield corporate bond market. We, the SSGA FM indexed fund management team, use a stratified sampling approach to match the Fund's major risk characteristics with those of the benchmark, and do not overweight or underweight sectors or securities with the intention of adding value above the benchmark. There is no attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term period of poor bond market performance.

As an indexed fund, primary factors that affected the U.S. high yield corporate bond market also affected the Fund's performance. The main macroeconomic factors that detracted from Fund performance included inflation concerns, an aggressive Fed hiking cycle, and geopolitical tensions resulting from the Ukraine-Russia crisis. Nearly all U.S. bond indices experienced negative returns during the reporting period due to persistent volatility in multiple bond sectors. High yield spreads also increased throughout the reporting period while issuance was very low.

Security mis-weights resulting from our sampling process contributed to relative performance while traditional trading costs detracted. Most of the outperformance occurred in the first quarter of the reporting period and stemmed from the Ukraine-Russia crisis. The Fund held a bond of a US-denominated company with operations in Russia that was priced at zero by the index. The portfolio managers were able to sell the bond at a non-zero price prior to index exclusion, resulting in a substantial pick-up on the bond. Separately, low issuance led to the Fund having a shorter duration and higher cash balance which benefitted the fund amid persistent volatility.

*See explanation of benchmark definitions on A-60 – A-63*

**A-54** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD Large-Cap Growth Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Large-Cap Growth Index Portfolio's Class P returned -29.25%, compared to a return of -29.14% for its benchmark, the Russell 1000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g06o21.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(29.25 %)* | | *10.73 %* | | *13.86* | *%* |
|  *Russell 1000 Growth Index* | | *(29.14 %)* | | *10.96 %* | | *14.10* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Large-capitalization growth U.S. equities, as represented by the benchmark, finished the year with negative performance of -29.14% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 0.29%, the consumer staples sector at -0.16% and the materials sector at -0.27%. The information technology sector at -13.86%, the consumer discretionary sector at -7.57%, and the communication services sector at -5.33% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included contracts to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs. The benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD Large-Cap Value Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Large-Cap Value Index Portfolio's Class P returned -7.77%, compared to a return of -7.54% for its benchmark, the Russell 1000 Value Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-55** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g19h33.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(7.77 %)* | | *6.59 %* | | *10.16* | *%* |
|  *Russell 1000 Value Index* | | *(7.54 %)* | | *6.67 %* | | *10.29* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the Russell 1000 Value Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Large-capitalization value U.S. equities, as represented by the benchmark, finished the year with negative performance of -7.54% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 3.25%, the consumer staples sector at 0.08% and the utilities sector at 0.07%. The information technology sector at -2.99%, the financials sector at -2.18%, and the communication services sector at -2.13% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD Mid-Cap Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Mid-Cap Index Portfolio's Class P returned -17.45%, compared to a return of -17.32% for its benchmark, the Russell Midcap Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception on October 23, 2020 through December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g11c27.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *Since<br>Inception*<br> *10/23/20* | *Since<br>Inception*<br> *10/23/20* |  |
|  ***Fund's Class P*** | | *(17.45 %)* | | *5.98* | *%* |
|  *Russell Midcap Index* | | *(17.32 %)* | | *6.48* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.* |  |

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-56** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the Russell MidCap Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Medium capitalization U.S. equities, as represented by the benchmark, finished the year with negative performance of -17.32% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 1.86%, the utilities sector at 0.13% and the consumer staples sector at -0.04%. The information technology sector at -5.85%, the consumer discretionary sector at -3.11%, and the industrials sector at -2.29% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD Small-Cap Growth Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Small-Cap Growth Index Portfolio's Class P returned -26.46%, compared to a return of -26.36% for its benchmark, the Russell 2000 Growth Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g19e09.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(26.46 %)* | | *3.40 %* | | *9.04* | *%* |
|  *Russell 2000 Growth Index* | | *(26.36 %)* | | *3.51 %* | | *9.20* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the Russell 2000 Growth Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Small-capitalization growth U.S. equities, as represented by the benchmark, finished the year with negative performance of -26.36% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 1.22%, the utilities sector at -0.07% and the consumer staples sector at -0.34%. The information technology sector at -7.98%, the health care sector at -7.32%, and the consumer discretionary sector at -4.64% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the becnhmark will vary.

**<u>PD Small-Cap Value Index Portfolio</u>** *(managed by BlackRock Investment Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Small-Cap Value Index Portfolio's Class P returned -14.81%, compared to a return of -14.48% for its benchmark, the Russell 2000 Value Index.

*See explanation of benchmark definitions on A-60 – A-63*

**A-57** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g07q12.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(14.81 %)* | | *3.96 %* | | *8.29* | *%* |
|  *Russell 2000 Value Index* | | *(14.48 %)* | | *4.13 %* | | *8.48* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. We at BlackRock maintain the Fund's strategy by seeking to replicate, as closely as possible, the total return of the benchmark as represented by the Russell 2000 Value Index. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Small-capitalization value U.S. equities, as represented by the benchmark, finished the year with negative performance of -14.48% over the reporting period. Top contributors for the benchmark (and subsequently to the Fund's performance) for the reporting period were the energy sector at 2.95%, the utilities sector at 0.01% and the consumer staples sector at -0.29%. The financials sector at -3.10%, the health care sector at -3.10%, and the real estate sector at -2.92% were among the lowest performers for the reporting period.

The Fund's use of derivatives during the reporting period included 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 benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD Emerging Markets Index Portfolio</u>** *(managed by FIAM LLC, and sub-subadvised by Geode Management, LLC)* 

Q. *How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD Emerging Markets Index Portfolio's Class P returned -22.16%, compared to a return of -20.09% for its benchmark, the MSCI Emerging Markets Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g60j07.jpg)

*<sup>(1)</sup>* *FIAM LLC and Geode Capital Management, LLC ("Geode") began managing the Fund on April 30, 2021 and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022<sup>(1)</sup></u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(22.16 %)* | | *(2.71 %)* | | *0.63* | *%* |
|  *MSCI Emerging Markets Index* | | *(20.09 %)* | | *(1.40 %)* | | *1.44* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

*See explanation of benchmark definitions on A-60 – A-63*

**A-58** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

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

A. For the reporting period, the Fund's Class P underperformed the benchmark. We at FIAM (and Geode as the sub-subadviser) utilize an emerging markets index portfolio that seeks to track the total return of the MSCI Emerging Markets Index. There were no material market events or changes in strategy during the reporting period that materially impacted the Fund's return relative to the benchmark.

Reasons for Fund underperformance versus the benchmark were related to the cumulative impact of investing the day-to-day cash flows and Fund management impacts such as optimization, trading costs, and tax withholding differences.

There was no impact from either sector or stock selection that caused any significant performance variance between the Fund and its benchmark.

During the reporting period, the best-performing sector was utilities -3.82%, while the worst-performing sector was information technology -33.27%.

Because the Fund weights are managed to mimic the constituents included by the benchmark, there were no holdings that significantly contributed or detracted from the Fund's benchmark-relative performance.

During the reporting period, top contributors were Vale S.A. 30.10% within materials and Petroleo Brasileiro SA 43.04% within the energy sector. Taiwan Semiconductor -33.20% and Samsung Electronics -32.37%, both within the information technology sector, were the biggest detractors.

The Fund's use of derivatives during the reporting period included using exchange traded (cash settled) futures contracts primarily to equitize open dividend receivables and manage day-to-day cash flows to ensure the Fund stayed fully invested. The futures did not meaningfully impact performance, as the index characteristics of the futures matched those of the Fund's benchmark. The benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>PD International Large-Cap Index Portfolio</u>** *(managed by FIAM LLC, and sub-subadvised Geode Management, LLC)* 

Q*. How did the Fund perform for the year ended December 31, 2022?* 

A. For the year ended December 31, 2022, the PD International Large-Cap Index Portfolio's Class P returned -12.73%, compared to a return of -12.79% for its benchmark, the MSCI World ex USA Large Cap Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2022. The Fund's performance reflects reinvestments of all dividends and capital gains distributions, if any.

***<u>Performance Comparison</u>***

![LOGO](g429400g34i49.jpg)

*<sup>(1)</sup>* *FIAM LLC and Geode Capital Management, LLC began managing the Fund on April 30, 2021 and some investment policies changed at that time. Other firms managed the Fund before that date.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* | *<u>Average Annual Total Returns for the periods ended December 31, 2022</u>* |  |
|  | *1 Year* | *1 Year* | *5 Years* | *5 Years* | *10 Years* | *10 Years* |  |
|  ***Fund's Class P*** | | *(12.73 %)* | | *2.35 %* | | *4.81* | *%* |
|  *MSCI World ex USA Large Cap Index* | | *(12.79 %)* | | *2.33 %* | | *4.60* | *%* |
| &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | &nbsp;&nbsp;&nbsp; *Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be*<br> *worth more or less than their original cost. Past performance is not predictive of*<br> *future performance.* | <br>|

---

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

A. For the reporting period, the Fund's Class P outperformed the benchmark. We at FIAM (and Geode as the sub-subadviser) utilize an international large-cap index portfolio that seeks to track the total return of the MSCI World ex USA Large Cap Index. There were no material market events or changes in strategy, during the reporting period we managed the Fund, that materially impacted the Fund's return relative to the benchmark.

Fund outperformance versus the benchmark was primarily driven by the positive impact of required tax withholding differentials between the Fund and the index. Other factors impacting overall Fund performance included the cumulative impact of investing the day-to-day cash flows and Fund management impacts such as optimization and trading costs which detracted from performance.

*See explanation of benchmark definitions on A-60 – A-63*

**A-59** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

There was no impact from either sector or stock selection that caused any significant performance variance between the Fund and its benchmark.

The best performing sector during the reporting period was energy 24.82%, while the worst performing sector was information technology -36.57%.

Because the Fund weights are managed to mimic the constituents included by the benchmark, there were no holdings that significantly contributed or detracted from the Fund's benchmark-relative performance.

During the reporting period, Shell Plc 32.08% within the energy sector and Novo Nordisk A/S 21.10% within health care were the biggest contributors. Shopify Inc -74.84% and Asml Holding Nv -32.28%, both within information technology, were the biggest detractors.

The Fund's use of derivatives during the reporting period included using exchange traded (cash settled) futures contracts primarily to equitize open dividend receivables and manage day-to-day cash flows to ensure the Fund stayed fully invested. The futures did not meaningfully impact performance, as the index characteristics of the futures matched those of the Fund's benchmark. The benchmark does not hold any cash and does not incur expenses, and thus the performance of the Fund as compared to the benchmark will vary.

**<u>Benchmark Definitions</u>**

**Bloomberg US 1-3 Year Government/Credit Bond Index** measures the performance of a subset of the Bloomberg US Aggregate Bond Index and includes investment grade U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities of one to three years. Results include the reinvestment of all distributions.

**Bloomberg US 1-3 Year Corporate Bond Index** measures the performance of the short-term U.S. corporate bond market. The Index includes publicly issued U.S. dollar-denominated corporate issues that are rated investment grade and have a remaining maturity of greater than or equal to one year and less than three years. Results include the reinvestment of all distributions.

**Bloomberg US Aggregate Bond Index** measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, which includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Results include the reinvestment of all distributions.

**Bloomberg US Corporate High-Yield Bond Index** measures the performance of the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high-yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country risk, based on the index provider's definition of an emerging market country, are excluded. Results include the reinvestment of all distributions.

**Bloomberg US High-Yield 2% Issuer Capped Bond Index** is an issuer-constrained version of the Bloomberg US Corporate High-Yield Bond Index that covers the U.S. dollar-denominated, high yield, fixed-rate corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a pro-rata basis. Results include the reinvestment of all distributions.

**Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index** (also known as Bloomberg US Treasury Inflation-Linked Bond Index) is an index of all outstanding treasury inflation protected securities issued by the U.S. government. Results include the reinvestment of all distributions.

**Credit Suisse Leveraged Loan Index** tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated "5B" or lower, meaning that the highest rated issues included in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenure of at least one year and are made by issuers domiciled in developed countries. Results include the reinvestment of all distributions.

**ESG Diversified Composite Benchmark** is 45% S&P 500; 40% Bloomberg US Aggregate Bond; and 15% MSCI ACWI ex USA indices. Results include the reinvestment of all distributions.

**ESG Diversified Growth Composite Benchmark** is 60% S&P 500; 20% Bloomberg US Aggregate Bond; and 20% MSCI ACWI ex USA indices. Results include the reinvestment of all distributions.

**ICE BofA U.S. 3-Month Treasury Bill (T-Bill) Index** is an index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Results include the reinvestment of all distributions.

**J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified Index** tracks liquid, U.S. dollar-denominated emerging market fixed- and floating-rate debt instruments issued by corporates. Results include the reinvestment of all distributions.

**J.P. Morgan Emerging Markets Blended (JEMB) – Equal Weighted Index** is a blended index comprised of 1/3 each of the following: J.P. Morgan Government Bond Index Emerging Markets (GBI-EM) Global Diversified Index, J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, and J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified Index. The JEMB – Equal Weighted Index is designed to blend U.S. dollar and local currency denominated sovereign, quasi-sovereign and corporate bonds in equal proportion. Results include the reinvestment of all distributions.

**J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified** tracks total returns of U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. This diversified index limits the exposure of some of the larger countries. Results include the reinvestment of all distributions.

**A-60** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

**J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified** tracks total returns of emerging markets local currency denominated fixed income instruments. The instruments of the index are regularly traded, fixed-rate local sovereign bonds to which international investors can gain exposure. Country weights are based on a trade-weighted allocation, with a maximum weight of 10% per country. Results include the reinvestment of all distributions.

**MSCI All Country World Index (ACWI) ex USA Index** is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of large- and mid-cap stocks in developed and emerging markets, excluding the United States. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI ACWI ex USA Small Cap Index** is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of small cap stocks in developed and emerging markets, excluding the United States. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI Europe, Australasia, and Far East (EAFE) Index** is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of December 31, 2022, the MSCI EAFE Index consisted of securities from the following developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom (UK). Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI EAFE Small Cap Index** is an equity index which captures small cap representation across developed markets countries around the world, excluding the United States and Canada. As of December 31, 2022, this index consisted of securities from the following developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI Emerging Markets Index** is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of large- and mid-capitalization securities in emerging markets. As of December 31, 2022, the MSCI Emerging Markets Index consisted of securities from the following emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI U.S. Real Estate Investment Trust (REIT) Index** is a free float-adjusted market capitalization index that is comprised of equity REITs and represents approximately 99% of the U.S. REIT universe and securities that are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS<sup>®</sup>). Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI World ex USA Index** is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large and mid-cap securities in developed markets, excluding the U.S. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**MSCI World ex USA Large Cap Index** is a free float-adjusted market capitalization weighted index that is designed to measure the investable equity market performance of large-capitalization securities in developed markets, excluding the United States. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

**Pacific Dynamix-Conservative Growth Composite Benchmark** is 60% Bloomberg US Aggregate Bond; 30% S&P 500; and 10% MSCI World ex USA Indices. Results include the reinvestment of all distributions.

**Pacific Dynamix-Moderate Growth Composite Benchmark** is 45% S&P 500; 40% Bloomberg US Aggregate Bond; and 15% MSCI World ex USA Indices. Results include the reinvestment of all distributions.

**Pacific Dynamix-Growth Composite Benchmark** is 55% S&P 500; 25% MSCI World ex USA; and 20% Bloomberg US Aggregate Bond Indices. Results include the reinvestment of all distributions.

**Portfolio Optimization Conservative Composite Benchmark** is 73% Bloomberg US Aggregate Bond; 15% S&P 500; 7% ICE BofA U.S. 3-Month T-Bill; and 5% MSCI EAFE Indices. Results include the reinvestment of all distributions.

**Portfolio Optimization Moderate-Conservative Composite Benchmark** is 55% Bloomberg US Aggregate Bond; 30% S&P 500; 10% MSCI EAFE; and 5% ICE BofA U.S. 3-Month T-Bill Indices. Results include the reinvestment of all distributions.

**Portfolio Optimization Moderate Composite Benchmark** is 43% Bloomberg US Aggregate Bond; 40% S&P 500; 15% MSCI EAFE; and 2% ICE BofA U.S. 3-Month T-Bill Indices. Results include the reinvestment of all distributions.

**Portfolio Optimization Growth Composite Benchmark** is 55% S&P 500; 25% Bloomberg US Aggregate Bond; and 20% MSCI EAFE Indices. Results include the reinvestment of all distributions.

**Portfolio Optimization Aggressive-Growth Composite Benchmark** is 65% S&P 500; 25% MSCI EAFE; and 10% Bloomberg US Aggregate Bond Indices. Results include the reinvestment of all distributions.

**PSF Avantis Balanced Allocation Composite Benchmark** *(formerly named the PSF DFA Balanced Allocation Composite Benchmark)* is 45% S&P 500; 40% Bloomberg US Aggregate Bond; and 15% MSCI EAFE indices. Results include the reinvestment of all distributions.

**A-61** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

**Russell 1000 Growth Index** measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by the index provider. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

**Russell 1000 Value Index** measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

**Russell 2000 Growth Index** measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher growth earning potential as defined by the index provider. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

**Russell 2000 Index** measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Results include the reinvestment of all distributions.

**Russell 2000 Value Index** measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

**Russell 3000 Health Care Index** measures the performance of companies involved in medical services or health care in the Russell 3000 Index, which represents the 3,000 largest U.S. companies based on total market capitalization. Results include the reinvestment of all distributions.

**Russell 3000 Index** measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.

**Russell 3000 Value Index** measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000 Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

**Russell Midcap Growth Index** measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by the index provider. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Results include the reinvestment of all distributions.

**Russell Midcap Index** measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Results include the reinvestment of all distributions.

**Russell Midcap Value Index** measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Results include the reinvestment of all distributions.

**S&P 500 Index** is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Results include the reinvestment of all distributions.

**S&P North American Technology Index** is a modified-capitalization-weighted index that provides investors with a benchmark that represents U.S. securities classified under the GICS technology sector and internet retail sub-industry. Results include the reinvestment of all distributions.

**A-62** 

------

**PACIFIC SELECT FUND PERFORMANCE DISCUSSION (Continued)** 

<u>Note:</u> 

The Russell 1000 Growth Index, Russell 1000 Value Index, Russell 2000 Growth Index, Russell Midcap Index, Russell 2000 Index, and Russell 2000 Value Index (together, the "Index") are trademarks of Frank Russell Company ("Russell"). Russell<sup>®</sup> is a trademark of the London Stock Exchange Group plc and its companies ("LSE Group") and have been licensed for use by Pacific Select Fund. The LSE Group makes no claim, prediction, warranty or representation as to the results to be obtained from a Pacific Select Fund portfolio or to the content of this communication. The Statement of Additional Information of Pacific Select Fund contains additional information on the limited relationship between Russell/LSE Group and the Trust.

The MSCI indices are the exclusive property of MSCI. MSCI and the MSCI index names are service marks of MSCI or its affiliates and have been licensed for use for certain purposes by the Trust and its affiliates.

The J.P. Morgan indices, including blended composites, have been licensed for use by the Trust and its affiliates, is used with permission, and may not be copied, used, or distributed without J.P. Morgan's prior written approval.

All other third-party trademarks and service marks belong to their respective owners.

**A-63** 

------

**PACIFIC SELECT FUND** 

**CORE INCOME PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 52.2%** | **CORPORATE BONDS & NOTES - 52.2%** |  |
|  **Basic Materials - 1.5%** | **Basic Materials - 1.5%** |  |
|  Anglo American Capital PLC (South Africa)<br>2.625% due 09/10/30 ~ | $4100000 | $3341382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/16/52 ~ | 1750000 | 1461724 |
|  Glencore Funding LLC (Australia)<br>2.625% due 09/23/31 ~ | 700000 | 559376 |
|  South32 Treasury Ltd. (Australia)<br>4.350% due 04/14/32 ~ | 1350000 | 1158685 |
|  |  | 6521167 |
|  **Communications - 2.9%** | **Communications - 2.9%** |  |
|  AT&T, Inc.<br>3.500% due 09/15/53 | 2953000 | 2006372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/01/60 | 1900000 | 1327148 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.500% due 06/01/41 | 1400000 | 916811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/01/61 | 2800000 | 1629270 |
|  Cox Communications, Inc.<br>1.800% due 10/01/30 ~ | 1000000 | 762704 |
|  Rogers Communications, Inc. (Canada)<br>4.550% due 03/15/52 ~ | 1200000 | 935902 |
|  T-Mobile USA, Inc.<br>2.250% due 02/15/26 | 1000000 | 911511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/31 | 1000000 | 789150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 | 600000 | 529617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 01/15/33 | 850000 | 845058 |
|  Verizon Communications, Inc.<br>1.680% due 10/30/30 | 1200000 | 938143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 03/22/41 | 1800000 | 1360545 |
|  |  | 12952231 |
|  **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** |  |
|  American Airlines Pass-Through Trust Class A<br>2.875% due 01/11/36 | 975000 | 787518 |
|  American Airlines Pass-Through Trust Class AA<br>3.600% due 03/22/29 | 1314979 | 1182081 |
|  American Airlines Pass-Through Trust Class B<br>3.950% due 01/11/32 | 650000 | 517522 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.750% due 04/20/29 ~ | 2000000 | 1831522 |
|  British Airways Pass-Through Trust Class A (United Kingdom)<br>3.350% due 12/15/30 ~ | 1018799 | 881629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/20/25 ~ | 538576 | 523195 |
|  British Airways Pass-Through Trust Class AA (United Kingdom)<br>3.300% due 06/15/34 ~ | 2582672 | 2198063 |
|  Continental Airlines Pass-Through Trust Class A<br>4.000% due 04/29/26 | 1104034 | 1054420 |
|  Delta Air Lines Pass-Through Trust Class AA<br>3.625% due 01/30/29 | 278116 | 254408 |
|  Delta Air Lines, Inc.<br>4.500% due 10/20/25 ~ | 2000000 | 1952250 |
|  Ferguson Finance PLC (United Kingdom)<br>4.250% due 04/20/27 ~ | 1150000 | 1089185 |
|  Ford Motor Credit Co. LLC<br>2.300% due 02/10/25 | 325000 | 297239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | 1050000 | 951072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542% due 08/01/26 | 1550000 | 1430844 |
|  Genting New York LLC/GENNY Capital, Inc.<br>3.300% due 02/15/26 ~ | 900000 | 787430 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875% due 07/01/31 ~ | 1450000 | 1185307 |
|  Kohl's Corp.<br>3.625% due 05/01/31 | 1750000 | 1229095 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Lowe's Cos., Inc.<br>4.450% due 04/01/62 | $| 1500000 | $| 1173895 |
|  Marriott International, Inc.<br>2.750% due 10/15/33 |  | 1750000 |  | 1340059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/27 |  | 1550000 |  | 1532117 |
|  Meritage Homes Corp.<br>3.875% due 04/15/29 ~ |  | 1875000 |  | 1592812 |
|  MGM Resorts International<br>6.000% due 03/15/23 |  | 1200000 |  | 1198176 |
|  New Red Finance, Inc. (Canada)<br>3.875% due 01/15/28 ~ |  | 1000000 |  | 896750 |
|  Six Flags Entertainment Corp.<br>4.875% due 07/31/24 ~ |  | 1500000 |  | 1446562 |
|  United Airlines Pass-Through Trust Class A<br>2.900% due 11/01/29 |  | 351553 |  | 282887 |
|  United Airlines Pass-Through Trust Class AA<br>4.150% due 02/25/33 |  | 579906 |  | 514565 |
|  US Airways Pass-Through Trust Class A<br>4.625% due 12/03/26 |  | 858725 |  | 783435 |
|  Warnermedia Holdings, Inc.<br>5.050% due 03/15/42 ~ |  | 1250000 |  | 960781 |
|  |  |  |  | 29874819 |
|  **Consumer, Non-Cyclical - 6.5%** | **Consumer, Non-Cyclical - 6.5%** | **Consumer, Non-Cyclical - 6.5%** |  |  |
|  AmerisourceBergen Corp.<br>2.700% due 03/15/31 |  | 3500000 |  | 2913799 |
|  Amgen, Inc.<br>4.200% due 03/01/33 |  | 1050000 |  | 974669 |
|  Anheuser-Busch InBev Finance, Inc. (Belgium)<br>4.000% due 01/17/43 |  | 2500000 |  | 2087951 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium)<br>5.450% due 01/23/39 |  | 2500000 |  | 2505595 |
|  BAT Capital Corp. (United Kingdom)<br>5.650% due 03/16/52 |  | 1050000 |  | 870165 |
|  Block, Inc.<br>2.750% due 06/01/26 |  | 2000000 |  | 1789240 |
|  Centene Corp.<br>2.450% due 07/15/28 |  | 750000 |  | 634478 |
|  Elevance Health, Inc.<br>5.500% due 10/15/32 |  | 1100000 |  | 1129573 |
|  Global Payments, Inc.<br>5.300% due 08/15/29 |  | 1150000 |  | 1114335 |
|  Humana, Inc.<br>5.750% due 03/01/28 |  | 900000 |  | 920606 |
|  Imperial Brands Finance PLC (United Kingdom)<br>6.125% due 07/27/27 ~ |  | 650000 |  | 647919 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.<br>3.000% due 05/15/32 ~ |  | 1500000 |  | 1152443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 12/01/52 ~ |  | 2500000 |  | 2384566 |
|  Keurig Dr Pepper, Inc.<br>4.500% due 04/15/52 |  | 1250000 |  | 1048046 |
|  Kraft Heinz Foods Co.<br>4.375% due 06/01/46 |  | 2700000 |  | 2206416 |
|  Sysco Corp.<br>3.150% due 12/14/51 |  | 900000 |  | 595632 |
|  UnitedHealth Group, Inc.<br>4.750% due 05/15/52 |  | 2000000 |  | 1857727 |
|  Universal Health Services, Inc.<br>2.650% due 10/15/30 |  | 2000000 |  | 1596379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 01/15/32 |  | 1050000 |  | 804502 |
|  Viatris, Inc.<br>3.850% due 06/22/40 |  | 2750000 |  | 1852573 |
|  |  |  |  | 29086614 |
|  **Energy - 5.3%** | **Energy - 5.3%** | **Energy - 5.3%** | **Energy - 5.3%** | **Energy - 5.3%** |
|  Cheniere Energy Partners LP<br>4.500% due 10/01/29 |  | 1500000 |  | 1352215 |
|  Enbridge, Inc. (Canada)<br>7.375% due 01/15/83 |  | 2450000 |  | 2387409 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-1** 

------

**PACIFIC SELECT FUND** 

**CORE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Energy Transfer LP<br>4.750% due 01/15/26 | $| 4100000 | $| 3998108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/15/44 |  | 1550000 |  | 1270970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 02/15/33 |  | 1200000 |  | 1176342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 11/15/26 |  | 1000000 |  | 862500 |
|  Enterprise Products Operating LLC<br>3.300% due 02/15/53 |  | 900000 |  | 602728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/31/51 |  | 1800000 |  | 1305918 |
|  Kinder Morgan Energy Partners LP<br>5.000% due 08/15/42 |  | 2000000 |  | 1720276 |
|  MPLX LP<br>4.950% due 03/14/52 |  | 1000000 |  | 821601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 12/01/47 |  | 1600000 |  | 1368399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 02/15/23 |  | 1750000 |  | 1732500 |
|  Petroleos Mexicanos (Mexico)<br>6.350% due 02/12/48 |  | 1400000 |  | 859075 |
|  Sabine Pass Liquefaction LLC<br>5.900% due 09/15/37 ~ |  | 1200000 |  | 1204362 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp.<br>4.000% due 01/15/32 |  | 2850000 |  | 2401809 |
|  Williams Cos., Inc.<br>5.300% due 08/15/52 |  | 750000 |  | 674557 |
|  |  |  |  | 23738769 |
|  **Financial - 16.5%** | **Financial - 16.5%** | **Financial - 16.5%** | **Financial - 16.5%** | **Financial - 16.5%** |
|  ABN AMRO Bank NV (Netherlands)<br>3.324% due 03/13/37 ~ |  | 1000000 |  | 725190 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>3.300% due 01/30/32 |  | 1000000 |  | 784207 |
|  Air Lease Corp.<br>3.000% due 02/01/30 |  | 500000 |  | 418062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 06/15/26 |  | 2700000 |  | 2263194 |
|  Assured Guaranty US Holdings, Inc.<br>3.600% due 09/15/51 |  | 1150000 |  | 753232 |
|  Avolon Holdings Funding Ltd. (Ireland)<br>2.750% due 02/21/28 ~ |  | 3650000 |  | 2935619 |
|  Bank of America Corp.<br>2.482% due 09/21/36 |  | 2500000 |  | 1842642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% due 04/22/32 |  | 2000000 |  | 1605570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% due 02/04/33 |  | 2000000 |  | 1616398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/27/27 |  | 1500000 |  | 1274146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/27/27 |  | 3500000 |  | 3443125 |
|  BNP Paribas SA (France)<br>4.625% due 02/25/31 ~ |  | 1600000 |  | 1240161 |
|  Broadstone Net Lease LLC REIT<br>2.600% due 09/15/31 |  | 1000000 |  | 751869 |
|  Citigroup, Inc.<br>4.600% due 03/09/26 |  | 3000000 |  | 2950252 |
|  Fidelity National Financial, Inc.<br>3.200% due 09/17/51 |  | 1000000 |  | 584504 |
|  GLP Capital LP/GLP Financing II, Inc. REIT<br>3.250% due 01/15/32 |  | 600000 |  | 480498 |
|  Goldman Sachs Group, Inc.<br>2.615% due 04/22/32 |  | 4000000 |  | 3199560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102% due 02/24/33 |  | 1200000 |  | 977497 |
|  Hill City Funding Trust<br>4.046% due 08/15/41 ~ |  | 1200000 |  | 830309 |
|  Host Hotels & Resorts LP REIT<br>2.900% due 12/15/31 |  | 2200000 |  | 1688218 |
|  HSBC Holdings PLC (United Kingdom)<br>4.700% due 03/09/31 |  | 1450000 |  | 1152594 |
|  JPMorgan Chase & Co.<br>2.963% due 01/25/33 |  | 8450000 |  | 6899491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.912% due 07/25/33 |  | 1150000 |  | 1098373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717% due 09/14/33 |  | 1850000 |  | 1811233 |
|  Liberty Mutual Group, Inc.<br>4.300% due 02/01/61 ~ |  | 2650000 |  | 1620104 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  LSEGA Financing PLC (United Kingdom)<br>3.200% due 04/06/41 ~ | $| 1800000 | $| 1314085 |
|  Massachusetts Mutual Life Insurance Co.<br>5.672% due 12/01/52 ~ |  | 2050000 |  | 2041846 |
|  MetLife, Inc.<br>5.000% due 07/15/52 |  | 500000 |  | 478968 |
|  Morgan Stanley<br>2.475% due 01/21/28 |  | 2200000 |  | 1957889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484% due 09/16/36 |  | 5100000 |  | 3709689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943% due 01/21/33 |  | 3000000 |  | 2434699 |
|  Northwestern Mutual Life Insurance Co.<br>3.625% due 09/30/59 ~ |  | 1500000 |  | 1039500 |
|  OneMain Finance Corp.<br>5.375% due 11/15/29 |  | 1750000 |  | 1434231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 03/15/24 |  | 2100000 |  | 2035950 |
|  Piedmont Operating Partnership LP REIT<br>4.450% due 03/15/24 |  | 2000000 |  | 1965879 |
|  PNC Financial Services Group, Inc.<br>4.626% due 06/06/33 |  | 1550000 |  | 1436381 |
|  Teachers Insurance & Annuity Association of America<br>4.270% due 05/15/47 ~ |  | 2000000 |  | 1644894 |
|  UBS Group AG (Switzerland)<br>4.875% due 02/12/27 ~ |  | 1000000 |  | 850000 |
|  VICI Properties LP/VICI Note Co., Inc. REIT<br>3.750% due 02/15/27 ~ |  | 1500000 |  | 1364062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/29 ~ |  | 3750000 |  | 3418800 |
|  Wells Fargo & Co.<br>4.400% due 06/14/46 |  | 2200000 |  | 1777005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897% due 07/25/33 |  | 1500000 |  | 1428758 |
|  |  |  |  | 73278684 |
|  **Industrial - 3.3%** | **Industrial - 3.3%** | **Industrial - 3.3%** | **Industrial - 3.3%** | **Industrial - 3.3%** |
|  Allegion U.S. Holding Co., Inc.<br>3.550% due 10/01/27 |  | 2289000 |  | 2069667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411% due 07/01/32 |  | 1450000 |  | 1408373 |
|  Berry Global, Inc.<br>4.875% due 07/15/26 ~ |  | 2000000 |  | 1930101 |
|  Flowserve Corp.<br>2.800% due 01/15/32 |  | 2800000 |  | 2103992 |
|  Lockheed Martin Corp.<br>5.700% due 11/15/54 |  | 1300000 |  | 1370606 |
|  Masco Corp.<br>7.750% due 08/01/29 |  | 950000 |  | 1040951 |
|  nVent Finance SARL (United Kingdom)<br>2.750% due 11/15/31 |  | 2100000 |  | 1621054 |
|  TransDigm, Inc.<br>6.250% due 03/15/26 ~ |  | 771000 |  | 762049 |
|  Waste Connections, Inc.<br>4.200% due 01/15/33 |  | 1050000 |  | 978447 |
|  Weir Group PLC (United Kingdom)<br>2.200% due 05/13/26 ~ |  | 1650000 |  | 1465224 |
|  |  |  |  | 14750464 |
|  **Technology - 2.6%** | **Technology - 2.6%** | **Technology - 2.6%** | **Technology - 2.6%** | **Technology - 2.6%** |
|  Broadcom, Inc.<br>3.137% due 11/15/35 ~ |  | 3000000 |  | 2214965 |
|  CGI, Inc. (Canada)<br>2.300% due 09/14/31 |  | 1650000 |  | 1257517 |
|  Kyndryl Holdings, Inc.<br>3.150% due 10/15/31 |  | 3000000 |  | 2005388 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (China)<br>3.875% due 06/18/26 |  | 2500000 |  | 2378079 |
|  Oracle Corp.<br>2.875% due 03/25/31 |  | 500000 |  | 415792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/25/51 |  | 2500000 |  | 1792052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 11/09/29 |  | 850000 |  | 884283 |
|  Skyworks Solutions, Inc.<br>3.000% due 06/01/31 |  | 600000 |  | 472137 |
|  |  |  |  | 11420213 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-2** 

------

**PACIFIC SELECT FUND** 

**CORE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  **Utilities - 6.9%** |  |  |  |  |
|  AEP Texas, Inc.<br>4.700% due 05/15/32 | $| 1600000 | $| 1537475 |
|  Appalachian Power Co.<br>4.500% due 08/01/32 |  | 650000 |  | 607982 |
|  Arizona Public Service Co.<br>6.350% due 12/15/32 |  | 1700000 |  | 1793222 |
|  Brooklyn Union Gas Co.<br>4.632% due 08/05/27 ~ |  | 2175000 |  | 2078431 |
|  CenterPoint Energy Houston Electric LLC<br>4.450% due 10/01/32 |  | 1400000 |  | 1354039 |
|  Dominion Energy, Inc.<br>4.350% due 01/15/27 |  | 1550000 |  | 1309647 |
|  DPL, Inc.<br>4.125% due 07/01/25 |  | 300000 |  | 282366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/15/29 |  | 1125000 |  | 1010924 |
|  Duke Energy Progress NC Storm Funding LLC<br>2.387% due 07/01/39 |  | 2650000 |  | 2125260 |
|  FirstEnergy Corp.<br>4.400% due 07/15/27 |  | 1500000 |  | 1398673 |
|  IPALCO Enterprises, Inc.<br>4.250% due 05/01/30 |  | 1000000 |  | 890720 |
|  ITC Holdings Corp.<br>4.950% due 09/22/27 ~ |  | 750000 |  | 740915 |
|  KeySpan Gas East Corp.<br>3.586% due 01/18/52 ~ |  | 1500000 |  | 1000193 |
|  Nevada Power Co.<br>5.900% due 05/01/53 |  | 1650000 |  | 1769174 |
|  New England Power Co.<br>5.936% due 11/25/52 ~ |  | 1050000 |  | 1086110 |
|  NextEra Energy Operating Partners LP<br>4.250% due 07/15/24 ~ |  | 1850000 |  | 1797517 |
|  NiSource, Inc.<br>5.000% due 06/15/52 |  | 450000 |  | 411716 |
|  NSTAR Electric Co.<br>4.550% due 06/01/52 |  | 1050000 |  | 951028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/15/52 |  | 1250000 |  | 1215258 |
|  Ohio Edison Co.<br>5.500% due 01/15/33 ~ |  | 650000 |  | 646119 |
|  PG&E Energy Recovery Funding LLC<br>2.280% due 01/15/38 |  | 1200000 |  | 909088 |
|  PG&E Wildfire Recovery Funding LLC<br>3.594% due 06/01/32 |  | 938169 |  | 889700 |
|  Piedmont Natural Gas Co., Inc.<br>5.050% due 05/15/52 |  | 1000000 |  | 907743 |
|  Sempra Energy<br>4.125% due 04/01/52 |  | 2350000 |  | 1831225 |
|  Sempra Global<br>3.250% due 01/15/32 ~ |  | 900000 |  | 720076 |
|  Southwestern Electric Power Co.<br>3.250% due 11/01/51 |  | 900000 |  | 595610 |
|  Texas Electric Market Stabilization Funding N LLC<br>4.265% due 08/01/36 ~ |  | 1050000 |  | 998823 |
|  |  |  |  | 30859034 |
|  Total Corporate Bonds & Notes<br>(Cost $274,609,367) |  |  |  | 232481995 |
|  **SENIOR LOAN NOTES - 11.6%** | **SENIOR LOAN NOTES - 11.6%** | **SENIOR LOAN NOTES - 11.6%** | **SENIOR LOAN NOTES - 11.6%** | **SENIOR LOAN NOTES - 11.6%** |
|  **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** |
|  Carnival Corp. Term B (Panama)<br>7.965% (USD LIBOR + 3.250%)<br>due 10/18/28 § |  | 371250 |  | 348356 |
|  ClubCorp Holdings, Inc. Term B<br>7.075% (USD LIBOR + 2.750%)<br>due 09/18/24 § |  | 1894788 |  | 1715968 |
|  Marriott Ownership Resorts, Inc. Term B<br>6.142% (USD LIBOR + 1.750%)<br>due 08/31/25 § |  | 1731949 |  | 1718238 |
|  Mileage Plus Holdings LLC Term B<br>9.642% (USD LIBOR + 5.250%)<br>due 06/20/27 § |  | 900000 |  | 927750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  SeaWorld Parks & Entertainment, Inc. Term Loan B<br>7.387% (USD LIBOR + 3.000%)<br>due 08/25/28 § | $| 3950000 | $| 3890339 |
|  Stars Group Holdings BV Term B (Canada)<br>6.636% (USD LIBOR + 2.250%)<br>due 07/21/26 § |  | 2021756 |  | 1998871 |
|  United Airlines, Inc. Term B<br>8.136% (USD LIBOR + 3.750%)<br>due 04/21/28 § |  | 1629378 |  | 1612405 |
|  |  |  |  | 12211927 |
|  **Consumer, Non-Cyclical - 3.3%** | **Consumer, Non-Cyclical - 3.3%** | **Consumer, Non-Cyclical - 3.3%** | **Consumer, Non-Cyclical - 3.3%** | **Consumer, Non-Cyclical - 3.3%** |
|  Allied Universal Holdco LLC Term B<br>8.076% (USD LIBOR + 3.750%)<br>due 05/14/28 § |  | 1234375 |  | 1174045 |
|  CoreLogic, Inc. Term B<br>7.892% (USD LIBOR + 3.500%)<br>due 06/02/28 § |  | 2715625 |  | 2273204 |
|  Heartland Dental LLC Term B<br>8.339% (USD LIBOR + 4.000%)<br>due 04/30/25 § |  | 1231250 |  | 1147756 |
|  Mavis Tire Express Services Topco Corp.<br>8.358% (SOFR + 4.000%)<br>due 05/04/28 § |  | 2361030 |  | 2258578 |
|  Medline Borrower LP Term B<br>7.636% (USD LIBOR + 3.250%)<br>due 10/21/28 § |  | 744375 |  | 708598 |
|  Pathway Vet Alliance LLC Term B<br>8.142% (USD LIBOR + 3.750%)<br>due 03/31/27 § |  | 3416695 |  | 2852940 |
|  PetVet Care Centers LLC Term B3<br>7.854% (USD LIBOR + 3.500%)<br>due 02/15/25 § |  | 2530958 |  | 2391755 |
|  Sunshine Luxembourg VII SARL Term B (Luxembourg)<br>8.142% (USD LIBOR + 3.750%)<br>due 10/02/26 § |  | 1215844 |  | 1167379 |
|  Wand NewCo 3, Inc. Term B1<br>7.392% (USD LIBOR + 3.000%)<br>due 02/05/26 § |  | 868625 |  | 826099 |
|  |  |  |  | 14800354 |
|  **Financial - 2.2%** | **Financial - 2.2%** | **Financial - 2.2%** | **Financial - 2.2%** | **Financial - 2.2%** |
|  AssuredPartners, Inc. Term B<br>7.818% (USD LIBOR + 3.500%)<br>due 02/13/27 § |  | 1212500 |  | 1180672 |
|  HUB International Ltd. Term B<br>7.726% (USD LIBOR + 3.000%)<br>due 04/25/25 § |  | 2891781 |  | 2865272 |
|  NFP Corp. Term B<br>7.568% (USD LIBOR + 3.250%)<br>due 02/13/27 § |  | 1519689 |  | 1457761 |
|  USI, Inc. Term B<br>8.073% (SOFR + 3.750%)<br>due 11/22/29 § |  | 4298290 |  | 4262830 |
|  |  |  |  | 9766535 |
|  **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** |
|  Filtration Group Corp. Term B<br>7.754% (USD LIBOR + 3.000%)<br>due 03/29/25 § |  | 3306058 |  | 3278938 |
|  Proampac PG Borrower LLC Term B<br>8.137% (USD LIBOR + 3.750%)<br>due 11/03/25 § |  | 1468261 |  | 1409836 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Term E<br>6.642% (USD LIBOR + 2.250%)<br>due 05/30/25 § |  | 925693 |  | 917255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term F<br>6.642% (USD LIBOR + 2.250%)<br>due 12/09/25 § |  | 2301611 |  | 2276494 |
|  |  |  |  | 7882523 |
|  **Technology - 1.6%** | **Technology - 1.6%** | **Technology - 1.6%** | **Technology - 1.6%** | **Technology - 1.6%** |
|  Central Parent, Inc.<br>9.088% (SOFR + 4.500%)<br>due 07/06/29 § |  | 500000 |  | 496601 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-3** 

------

**PACIFIC SELECT FUND** 

**CORE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Epicor Software Corp. Term C<br>7.642% (USD LIBOR + 3.250%)<br>due 07/31/27 § | $| 2954660 | $| 2847554 |
|  Sophia LP Term B<br>7.887% (USD LIBOR + 3.500%)<br>due 10/07/27 § |  | 710333 |  | 687469 |
|  UKG, Inc.<br>7.642% (USD LIBOR + 3.250%)<br>due 05/03/26 § |  | 3190298 |  | 3038759 |
|  |  |  |  | 7070383 |
|  Total Senior Loan Notes<br>(Cost $53,803,234) |  |  |  | 51731722 |
|  **MORTGAGE-BACKED SECURITIES - 2.8%** | **MORTGAGE-BACKED SECURITIES - 2.8%** | **MORTGAGE-BACKED SECURITIES - 2.8%** | **MORTGAGE-BACKED SECURITIES - 2.8%** | **MORTGAGE-BACKED SECURITIES - 2.8%** |
|  **Fannie Mae - 2.8%** | **Fannie Mae - 2.8%** | **Fannie Mae - 2.8%** | **Fannie Mae - 2.8%** | **Fannie Mae - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/23 # |  | 4500000 |  | 4521763 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/23 # |  | 4500000 |  | 4585044 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/23 # |  | 3500000 |  | 3585006 |
|  Total Mortgage-Backed Securities<br>(Cost $12,741,934) |  |  |  | 12691813 |
|  **ASSET-BACKED SECURITIES - 18.4%** | **ASSET-BACKED SECURITIES - 18.4%** | **ASSET-BACKED SECURITIES - 18.4%** | **ASSET-BACKED SECURITIES - 18.4%** | **ASSET-BACKED SECURITIES - 18.4%** |
|  Aimco CLO 11 Ltd. (Cayman)<br>5.209% (USD LIBOR + 1.130%)<br>due 10/17/34 § ~ |  | 1500000 |  | 1459013 |
|  AmeriCredit Automobile Receivables Trust<br>0.760% due 12/18/25 |  | 2400000 |  | 2315857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.890% due 10/19/26 |  | 1050000 |  | 966818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410% due 08/18/27 |  | 1500000 |  | 1351720 |
|  Buttermilk Park CLO Ltd. (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 10/15/31 § ~ |  | 850000 |  | 832121 |
|  Dryden 55 CLO Ltd. (Cayman)<br>5.979% (USD LIBOR + 1.900%)<br>due 04/15/31 § ~ |  | 1000000 |  | 938181 |
|  Dryden 58 CLO Ltd. (Cayman)<br>5.579% (USD LIBOR + 1.500%)<br>due 07/17/31 § ~ |  | 1000000 |  | 965987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.879% (USD LIBOR + 1.800%)<br>due 07/17/31 § ~ |  | 1000000 |  | 930224 |
|  Dryden 61 CLO Ltd. (Cayman)<br>5.069% (USD LIBOR + 0.990%)<br>due 01/17/32 § ~ |  | 2250000 |  | 2209782 |
|  Dryden 64 CLO Ltd. (Cayman)<br>5.594% (USD LIBOR + 1.400%)<br>due 04/18/31 § ~ |  | 800000 |  | 770132 |
|  Ford Credit Auto Owner Trust<br>2.040% due 12/15/26 |  | 500000 |  | 478458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% due 07/15/31 ~ |  | 3000000 |  | 2867694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.880% due 11/15/34 ~ |  | 2650000 |  | 2544111 |
|  Hilton Grand Vacations Trust<br>3.610% due 06/20/34 ~ |  | 273455 |  | 259281 |
|  Madison Park Funding XXVIII Ltd. (Cayman)<br>5.679% (USD LIBOR + 1.600%)<br>due 07/15/30 § ~ |  | 1400000 |  | 1352300 |
|  Magnetite XII Ltd. (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 10/15/31 § ~ |  | 1125000 |  | 1102784 |
|  Magnetite XIV-R Ltd. (Cayman)<br>5.314% (USD LIBOR + 1.120%)<br>due 10/18/31 § ~ |  | 2500000 |  | 2453990 |
|  Magnetite XXIX Ltd. (Cayman)<br>5.069% (USD LIBOR + 0.990%)<br>due 01/15/34 § ~ |  | 1300000 |  | 1275631 |
|  MVW LLC<br>1.740% due 10/20/37 ~ |  | 154564 |  | 140962 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Navient Private Education Refi Loan Trust<br>0.840% due 05/15/69 ~ | $323322 | $279829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% due 07/15/69 ~ | 729821 | 648390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 01/15/69 ~ | 554077 | 497681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% due 05/15/69 ~ | 2475639 | 2229110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.460% due 11/15/68 ~ | 381900 | 349068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 05/15/68 ~ | 444167 | 418368 |
|  Navient Student Loan Trust<br>1.310% due 12/26/69 ~ | 787774 | 656467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.320% due 08/26/69 ~ | 1039723 | 872370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% due 12/15/59 ~ | 1839379 | 1739092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989% (USD LIBOR + 0.600%)<br>due 12/26/69 § ~ | 750261 | 718423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% (USD LIBOR + 1.050%)<br>due 06/25/69 § ~ | 752293 | 739852 |
|  Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman)<br>5.544% (USD LIBOR + 1.350%)<br>due 10/18/29 § ~ | 1500000 | 1444693 |
|  OneMain Financial Issuance Trust<br>4.130% due 05/14/35 ~ | 1350000 | 1274836 |
|  Palmer Square CLO Ltd. (Cayman)<br>5.179% (USD LIBOR + 1.100%)<br>due 07/16/31 § ~ | 1000000 | 986023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686% (USD LIBOR + 1.080%)<br>due 11/15/31 § ~ | 4000000 | 3934414 |
|  Palmer Square Loan Funding Ltd. (Cayman)<br>5.143% (USD LIBOR + 0.900%)<br>due 04/20/29 § ~ | 1421085 | 1404421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479% (USD LIBOR + 1.400%)<br>due 10/15/29 § ~ | 4800000 | 4688231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643% (USD LIBOR + 1.400%)<br>due 07/20/29 § ~ | 2500000 | 2437472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.925% (USD LIBOR + 1.250%)<br>due 05/20/29 § ~ | 4000000 | 3901292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575% (USD LIBOR + 1.900%)<br>due 02/20/28 § ~ | 600000 | 578901 |
|  Santander Drive Auto Receivables Trust<br>0.750% due 02/17/26 | 1557261 | 1530519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420% due 11/15/27 | 1700000 | 1646072 |
|  SLM Student Loan Trust<br>4.908% (USD LIBOR + 0.550%)<br>due 10/25/64 § ~ | 574645 | 552181 |
|  SMB Private Education Loan Trust<br>1.070% due 01/15/53 ~ | 1814453 | 1557646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% due 07/15/53 ~ | 760146 | 671204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680% due 02/15/51 ~ | 1089723 | 984116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% due 09/15/37 ~ | 2422229 | 2211929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.340% due 09/15/34 ~ | 239058 | 227759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/15/31 ~ | 290005 | 277809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.820% due 10/15/35 ~ | 791648 | 754111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.880% due 09/15/34 ~ | 1759132 | 1687049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440% due 07/15/36 ~ | 1001220 | 952912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/36 ~ | 610902 | 582428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 01/15/37 ~ | 676687 | 648228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% due 11/15/35 ~ | 543616 | 511398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480% due 05/16/50 ~ | 1463355 | 1401314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.048% (USD LIBOR + 0.730%)<br>due 01/15/53 § ~ | 4413462 | 4227564 |
|  SoFi Professional Loan Program Trust<br>2.540% due 05/15/46 ~ | 759313 | 687782 |
|  Stratus CLO Ltd. (Cayman)<br>5.643% (USD LIBOR + 1.400%)<br>due 12/29/29 § ~ | 4000000 | 3880418 |
|  Tiaa CLO III Ltd. (Cayman)<br>5.229% (USD LIBOR + 1.150%)<br>due 01/16/31 § ~ | 1834000 | 1801014 |
|  Total Asset-Backed Securities<br>(Cost $85,852,854) |  | 81807432 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-4** 

------

**PACIFIC SELECT FUND** 

**CORE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **U.S. TREASURY OBLIGATIONS - 13.9%** |  |  |
|  **U.S. Treasury Bonds - 7.5%** | **U.S. Treasury Bonds - 7.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 05/15/40 | $6000000 | $3758437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 | 3750000 | 2019507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/15/50 | 2750000 | 1529097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/15/41 | 5500000 | 3766533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 | 3350000 | 2122932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/15/50 | 1750000 | 1156880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 | 2500000 | 1637793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/46 | 1950000 | 1381834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/52 | 7500000 | 5218359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/15/46 | 6500000 | 4869414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 11/15/47 | 3500000 | 2733145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/52 | 3250000 | 2605078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/42 | 500000 | 489687 |
|  |  | 33288696 |
|  **U.S. Treasury Notes - 6.4%** | **U.S. Treasury Notes - 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 10/31/25 | 500000 | 447168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/31/27 | 1000000 | 845938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 05/15/30 | 3500000 | 2770606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 02/15/31 | 1000000 | 815273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/29 | 27000000 | 23915039 |
|  |  | 28794024 |
|  Total U.S. Treasury Obligations<br>(Cost $76,204,342) |  | 62082720 |
|  **SHORT-TERM INVESTMENT - 3.0%** |  |  |
|  **Repurchase Agreement - 3.0%** | **Repurchase Agreement - 3.0%** |  |
|  Fixed Income Clearing Corp.<br>3.950% due 01/03/23<br>(Dated 12/30/22, repurchase price of<br>$13,370,360; collateralized by U.S. Treasury<br>Notes: 1.250% due 03/31/28 and value<br>$13,631,810) | 13364494 | 13364494 |
|  Total Short-Term Investment<br>(Cost $13,364,494) |  | 13364494 |
|  **TOTAL INVESTMENTS - 101.9%<br>(Cost $516,576,225)** |  | 454160176 |
|  **OTHER ASSETS & LIABILITIES, NET - (1.9%)** | **OTHER ASSETS & LIABILITIES, NET - (1.9%)** | (8485009) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $445675167 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 52.2% |
|  Asset-Backed Securities | 18.4% |
|  U.S. Treasury Obligations | 13.9% |
|  Senior Loan Notes | 11.6% |
|  Short-Term Investment | 3.0% |
|  Others (each less than 3.0%) | 2.8% |
|  | 101.9% |
|  Other Assets & Liabilities, Net | (1.9%) |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $232481995 | $— | $232481995 | $— |
|  | Senior Loan Notes | 51731722 |  | 51731722 |  |
|  | Mortgage-Backed Securities | 12691813 |  | 12691813 |  |
|  | Asset-Backed Securities | 81807432 |  | 81807432 |  |
|  | U.S. Treasury Obligations | 62082720 |  | 62082720 |  |
|  | Short-Term Investment | 13364494 |  | 13364494 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $454160176 | $— | $454160176 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-5** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 39.3%** | **CORPORATE BONDS & NOTES - 39.3%** |  |
|  **Basic Materials - 1.6%** | **Basic Materials - 1.6%** |  |
|  Anglo American Capital PLC (South Africa)<br>3.625% due 09/11/24 ~ | $500000 | $484109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/11/27 ~ | 1080000 | 1019268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/10/27 ~ | 4260000 | 4124045 |
|  ArcelorMittal SA (Luxembourg) <br>7.000% due 10/15/39 | 740000 | 754077 |
|  Barrick North America Finance LLC (Canada)<br>5.700% due 05/30/41 | 1023000 | 1032316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/01/43 | 550000 | 558171 |
|  BHP Billiton Finance USA Ltd. (Australia) <br>5.000% due 09/30/43 | 850000 | 827855 |
|  Equate Petrochemical BV (Kuwait) <br>4.250% due 11/03/26 ~ | 1260000 | 1207821 |
|  Freeport-McMoRan, Inc.<br>3.875% due 03/15/23 | 40000 | 39958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 11/14/24 | 120000 | 118428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 08/01/30 | 500000 | 466537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 03/15/43 | 3210000 | 2902787 |
|  Glencore Funding LLC (Australia)<br>4.000% due 03/27/27 ~ | 1730000 | 1635247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 05/30/23 ~ | 130000 | 129338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/12/24 ~ | 6520000 | 6418514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/29/24 ~ | 2000000 | 1974795 |
|  OCP SA (Morocco)<br>3.750% due 06/23/31 ~ | 970000 | 815974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/22/25 ~ | 1170000 | 1145362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/23/51 ~ | 950000 | 724741 |
|  Orbia Advance Corp. SAB de CV (Mexico)<br>1.875% due 05/11/26 ~ | 2250000 | 1946565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/11/31 ~ | 2140000 | 1674967 |
|  Southern Copper Corp. (Peru) <br>5.250% due 11/08/42 | 2640000 | 2525232 |
|  Suzano Austria GmbH (Brazil)<br>3.125% due 01/15/32 | 1560000 | 1218436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 01/15/31 | 2620000 | 2203896 |
|  Teck Resources Ltd. (Canada) <br>6.000% due 08/15/40 | 90000 | 86262 |
|  Vale Overseas Ltd. (Brazil) <br>6.875% due 11/21/36 | 1193000 | 1261464 |
|  Yamana Gold, Inc. (Canada) <br>4.625% due 12/15/27 | 1810000 | 1697792 |
|  |  | 38993957 |
|  **Communications - 5.0%** | **Communications - 5.0%** | **Communications - 5.0%** |
|  Alphabet, Inc.<br>1.100% due 08/15/30 | 690000 | 541585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 08/15/40 | 960000 | 640809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 08/15/50 | 230000 | 135461 |
|  Altice France SA (France) <br>5.500% due 10/15/29 ~ | 450000 | 343942 |
|  Amazon.com, Inc.<br>0.800% due 06/03/25 | 720000 | 658120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 06/03/27 | 1720000 | 1492120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 06/03/30 | 1310000 | 1055644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 05/12/31 | 1120000 | 917496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/03/50 | 690000 | 438000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 08/22/27 | 1940000 | 1826189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/13/27 | 530000 | 503797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 04/13/29 | 1130000 | 1057942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 04/13/32 | 2560000 | 2350284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/22/37 | 800000 | 711938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 08/22/47 | 1720000 | 1483875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/22/57 | 390000 | 337332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 12/05/44 | 190000 | 188127 |
|  AT&T, Inc.<br>1.650% due 02/01/28 | 1430000 | 1210104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/01/32 | 250000 | 196604 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 06/01/27 | $1990000 | $1772915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 12/01/33 | 510000 | 393435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/01/52 | 470000 | 314702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/53 | 1140000 | 774556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 09/15/55 | 2244000 | 1507385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/15/59 | 550000 | 370672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 12/01/57 | 180000 | 125023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/01/29 | 2170000 | 2068177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 06/15/45 | 744000 | 601712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 09/01/40 | 490000 | 469181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 08/15/41 | 550000 | 529514 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.500% due 03/01/42 | 370000 | 238293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/15/28 | 2020000 | 1860150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 04/01/33 | 1770000 | 1519535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 03/01/50 | 230000 | 167874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908% due 07/23/25 | 1970000 | 1932704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/01/49 | 330000 | 250848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 04/01/38 | 1590000 | 1329157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 05/01/47 | 200000 | 157680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/01/48 | 240000 | 197472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% due 10/23/35 | 270000 | 264139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/45 | 650000 | 588914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834% due 10/23/55 | 370000 | 343210 |
|  Comcast Corp.<br>2.800% due 01/15/51 | 620000 | 394016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% due 11/01/56 | 254000 | 158239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/01/26 | 490000 | 466992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/01/39 | 190000 | 148772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/01/27 | 1510000 | 1425303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 04/01/30 | 1000000 | 914238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 07/15/46 | 170000 | 125269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 02/01/50 | 240000 | 175197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/40 | 260000 | 215507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 10/15/25 | 3200000 | 3137205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% due 11/01/47 | 5770000 | 4637489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% due 11/01/49 | 240000 | 190568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/15/47 | 340000 | 273157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/48 | 270000 | 217810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/15/28 | 2480000 | 2383221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/15/30 | 1630000 | 1563593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 10/15/58 | 140000 | 127536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 06/15/35 | 290000 | 304986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 11/15/35 | 307000 | 342771 |
|  CommScope, Inc.<br>4.750% due 09/01/29 ~ | 90000 | 72727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 03/01/26 ~ | 870000 | 804707 |
|  CSC Holdings LLC<br>3.375% due 02/15/31 ~ | 330000 | 215744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 12/01/30 ~ | 5860000 | 4149085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/31 ~ | 3060000 | 2128808 |
|  DISH DBS Corp.<br>5.125% due 06/01/29 | 1120000 | 724623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/01/26 ~ | 690000 | 582505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/24 | 1361000 | 1267491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 07/01/26 | 690000 | 557831 |
|  FOX Corp. <br>5.476% due 01/25/39 | 1010000 | 922979 |
|  Prosus NV (China)<br>3.061% due 07/13/31 ~ | 5680000 | 4392860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.832% due 02/08/51 ~ | 450000 | 273439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027% due 08/03/50 ~ | 2450000 | 1536976 |
|  Sprint Capital Corp. <br>8.750% due 03/15/32 | 1420000 | 1693144 |
|  Sprint LLC<br>7.625% due 02/15/25 | 910000 | 941426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 09/15/23 | 40000 | 40647 |
|  T-Mobile USA, Inc.<br>2.250% due 02/15/26 | 410000 | 373720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 02/15/31 | 2510000 | 2056553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 02/15/29 | 1290000 | 1093766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 02/15/31 | 950000 | 786294 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-6** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/15/41 | $| 330000 | $| 234106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 |  | 480000 |  | 423693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/25 |  | 4580000 |  | 4408578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/31 |  | 2920000 |  | 2527915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/15/27 |  | 330000 |  | 311329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/30 |  | 4560000 |  | 4141212 |
|  Telefonica Emisiones SA (Spain) <br>5.520% due 03/01/49 |  | 1050000 |  | 882334 |
|  Tencent Holdings Ltd. (China) <br>3.840% due 04/22/51 ~ |  | 2350000 |  | 1669395 |
|  Time Warner Cable Enterprises LLC <br>8.375% due 07/15/33 |  | 990000 |  | 1103023 |
|  Time Warner Cable LLC<br>5.500% due 09/01/41 |  | 250000 |  | 208407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 05/01/37 |  | 520000 |  | 496948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 06/15/39 |  | 1310000 |  | 1245583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 07/01/38 |  | 2580000 |  | 2569101 |
|  Verizon Communications, Inc.<br>1.750% due 01/20/31 |  | 1620000 |  | 1260675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 03/22/28 |  | 970000 |  | 843540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% due 03/15/32 |  | 1522000 |  | 1210519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 03/21/31 |  | 1050000 |  | 866069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 08/15/26 |  | 1970000 |  | 1820530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 11/20/40 |  | 1400000 |  | 950142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/20/50 |  | 5860000 |  | 3699162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/22/30 |  | 860000 |  | 760379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 11/01/42 |  | 960000 |  | 765098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/22/50 |  | 610000 |  | 480233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/16/27 |  | 286000 |  | 278990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/46 |  | 980000 |  | 783094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329% due 09/21/28 |  | 715000 |  | 688893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 11/01/34 |  | 1750000 |  | 1612983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/10/33 |  | 7050000 |  | 6619342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.862% due 08/21/46 |  | 630000 |  | 567868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/16/47 |  | 250000 |  | 242998 |
|  |  |  |  | 119355950 |
|  **Consumer, Cyclical - 3.9%** | **Consumer, Cyclical - 3.9%** | **Consumer, Cyclical - 3.9%** | **Consumer, Cyclical - 3.9%** | **Consumer, Cyclical - 3.9%** |
|  Costco Wholesale Corp.<br>1.375% due 06/20/27 |  | 1480000 |  | 1298553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 04/20/30 |  | 1650000 |  | 1355583 |
|  Delta Air Lines, Inc.<br>4.500% due 10/20/25 ~ |  | 1800000 |  | 1757025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/20/28 ~ |  | 1650000 |  | 1553491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 05/01/25 ~ |  | 7110000 |  | 7272452 |
|  Ford Motor Co.<br>3.250% due 02/12/32 |  | 2140000 |  | 1608684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/43 |  | 300000 |  | 216014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 08/19/32 |  | 1000000 |  | 925283 |
|  Ford Motor Credit Co. LLC<br>2.900% due 02/16/28 |  | 650000 |  | 537644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 06/17/31 |  | 1770000 |  | 1392739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.664% due 09/08/24 |  | 270000 |  | 257646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/13/30 |  | 4360000 |  | 3587430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/17/27 |  | 1590000 |  | 1426699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113% due 05/03/29 |  | 300000 |  | 272340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/16/25 |  | 760000 |  | 732292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% due 11/04/27 |  | 1390000 |  | 1427808 |
|  General Motors Co.<br>5.150% due 04/01/38 |  | 440000 |  | 381172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 04/01/49 |  | 660000 |  | 578164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/25 |  | 740000 |  | 753870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/02/43 |  | 570000 |  | 529443 |
|  General Motors Financial Co., Inc.<br>3.100% due 01/12/32 |  | 590000 |  | 463745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/23 |  | 1250000 |  | 1245017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/17/27 |  | 520000 |  | 494848 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. <br>4.875% due 04/01/27 |  | 2050000 |  | 1954773 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Home Depot, Inc.<br>2.500% due 04/15/27 | $730000 | $672849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 04/15/30 | 860000 | 751897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/15/40 | 1230000 | 984422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/15/50 | 1490000 | 1101022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 12/06/28 | 190000 | 183305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/15/47 | 210000 | 173708 |
|  Las Vegas Sands Corp.<br>2.900% due 06/25/25 | 5000000 | 4599326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/08/24 | 4900000 | 4634366 |
|  Lennar Corp.<br>4.500% due 04/30/24 | 1040000 | 1026638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/30/25 | 200000 | 198909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/29/27 | 1360000 | 1313413 |
|  Lowe's Cos., Inc. <br>4.500% due 04/15/30 | 500000 | 480399 |
|  McDonald's Corp.<br>1.450% due 09/01/25 | 260000 | 238671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 07/01/25 | 580000 | 561585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/01/27 | 1390000 | 1320763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 07/01/30 | 730000 | 671324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/01/49 | 190000 | 143844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/30/26 | 2270000 | 2209632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/01/28 | 740000 | 709467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/01/50 | 1320000 | 1105124 |
|  MDC Holdings, Inc. <br>6.000% due 01/15/43 | 90000 | 73443 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. <br>6.500% due 06/20/27 ~ | 1206078 | 1201738 |
|  New Red Finance, Inc. (Canada)<br>3.500% due 02/15/29 ~ | 1540000 | 1322959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/15/28 ~ | 1550000 | 1389963 |
|  Newell Brands, Inc. <br>4.450% due 04/01/26 | 10000 | 9430 |
|  NIKE, Inc.<br>2.750% due 03/27/27 | 1060000 | 991643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/27/40 | 750000 | 612445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/27/50 | 1470000 | 1157874 |
|  Nissan Motor Co. Ltd. (Japan)<br>3.043% due 09/15/23 ~ | 1040000 | 1019251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.522% due 09/17/25 ~ | 3790000 | 3524234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.345% due 09/17/27 ~ | 2620000 | 2379790 |
|  Sands China Ltd. (Macau)<br>2.800% due 03/08/27 | 1590000 | 1363886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/08/29 | 2010000 | 1644807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 01/08/26 | 950000 | 877943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/08/25 | 3980000 | 3810420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 08/08/28 | 1010000 | 947040 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>8.000% due 09/20/25 ~ | 1409999 | 1417007 |
|  Target Corp. <br>2.250% due 04/15/25 | 1160000 | 1101463 |
|  Toll Brothers Finance Corp. <br>4.375% due 04/15/23 | 770000 | 766712 |
|  United Airlines, Inc.<br>4.375% due 04/15/26 ~ | 90000 | 83576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/15/29 ~ | 1870000 | 1631483 |
|  VOC Escrow Ltd. <br>5.000% due 02/15/28 ~ | 1320000 | 1137418 |
|  Walmart, Inc.<br>1.500% due 09/22/28 | 630000 | 541089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 09/22/31 | 450000 | 367420 |
|  Warnermedia Holdings, Inc.<br>3.755% due 03/15/27 ~ | 570000 | 514113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054% due 03/15/29 ~ | 730000 | 632939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 03/15/32 ~ | 4200000 | 3470324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% due 03/15/52 ~ | 2910000 | 2126707 |
|  Wynn Macau Ltd. (Macau)<br>5.125% due 12/15/29 ~ | 340000 | 275647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/26/28 ~ | 2500000 | 2140738 |
|  |  | 93636881 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-7** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Consumer, Non-Cyclical - 6.1%** |  |  |
|  Abbott Laboratories<br>3.750% due 11/30/26 | $1295000 | $1262607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/30/36 | 1000000 | 994010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/30/46 | 760000 | 745255 |
|  AbbVie, Inc.<br>2.600% due 11/21/24 | 2660000 | 2546629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 | 1110000 | 1033835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 11/21/29 | 4040000 | 3651155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 05/14/25 | 1600000 | 1552079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/14/23 | 370000 | 366424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/25 | 3270000 | 3189741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/21/49 | 1930000 | 1611599 |
|  Aetna, Inc. <br>2.800% due 06/15/23 | 540000 | 534413 |
|  Altria Group, Inc.<br>2.350% due 05/06/25 | 2880000 | 2715237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 02/04/32 | 470000 | 355721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 02/04/41 | 2610000 | 1739809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/16/46 | 820000 | 551345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 02/14/26 | 1988000 | 1948493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 02/14/39 | 250000 | 231492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 02/14/49 | 3550000 | 3173186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 02/14/59 | 270000 | 253944 |
|  Amgen, Inc.<br>3.625% due 05/22/24 | 410000 | 402121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% due 06/15/51 | 289000 | 250178 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch<br>InBev Worldwide, Inc. (Belgium) <br>4.900% due 02/01/46 | 1870000 | 1709396 |
|  Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br>3.650% due 02/01/26 | 410000 | 395059 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium)<br>3.500% due 06/01/30 | 1640000 | 1496920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/13/28 | 1010000 | 963163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 06/01/40 | 1540000 | 1359893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/23/29 | 590000 | 583650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 01/23/49 | 1850000 | 1839348 |
|  Anthem, Inc.<br>4.100% due 05/15/32 | 880000 | 821153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 05/15/52 | 720000 | 629407 |
|  BAT Capital Corp. (United Kingdom)<br>3.557% due 08/15/27 | 5230000 | 4786235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/47 | 950000 | 674820 |
|  Bausch Health Americas, Inc. <br>9.250% due 04/01/26 ~ | 750000 | 526184 |
|  Bausch Health Cos., Inc.<br>5.000% due 02/15/29 ~ | 2560000 | 1230305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/30/30 ~ | 7880000 | 3792605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/15/29 ~ | 2740000 | 1323591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 05/30/29 ~ | 800000 | 387540 |
|  Becton Dickinson & Co.<br>3.363% due 06/06/24 | 1400000 | 1368856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% due 12/15/24 | 272000 | 265445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685% due 12/15/44 | 714000 | 641653 |
|  Bristol-Myers Squibb Co.<br>3.200% due 06/15/26 | 1379000 | 1316437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 07/26/29 | 473000 | 438790 |
|  Centene Corp.<br>3.375% due 02/15/30 | 370000 | 313621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/15/29 | 380000 | 348115 |
|  Cigna Corp.<br>3.750% due 07/15/23 | 2027000 | 2014058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/25 | 1010000 | 987902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/15/28 | 4950000 | 4783985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/15/48 | 2350000 | 2129767 |
|  Coca-Cola Co.<br>1.450% due 06/01/27<br>| 700000 | 619024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/01/40 | 70000 | 51290 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 06/01/50 | $370000 | $246855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/25/27 | 1600000 | 1536938 |
|  CommonSpirit Health <br>4.350% due 11/01/42 | 420000 | 356151 |
|  Constellation Brands, Inc.<br>2.250% due 08/01/31 | 220000 | 175318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 05/09/24 | 620000 | 608087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 05/09/27 | 850000 | 829081 |
|  CVS Health Corp.<br>1.875% due 02/28/31 | 430000 | 338326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 09/15/31 | 910000 | 723830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 04/01/27 | 550000 | 522766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/30 | 670000 | 609037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 07/20/25 | 1278000 | 1248351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 04/01/40 | 580000 | 484938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/50 | 180000 | 144141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 03/25/28 | 1396000 | 1352873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 03/25/48 | 5310000 | 4792994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/20/45 | 1440000 | 1319461 |
|  CVS Pass-Through Trust<br>5.298% due 01/11/27 ~ | 279136 | 276198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% due 12/10/28 | 1694173 | 1669359 |
|  Danone SA (France) <br>2.589% due 11/02/23 ~ | 2730000 | 2674034 |
|  DP World PLC (United Arab Emirates) <br>5.625% due 09/25/48 ~ | 2290000 | 2156090 |
|  Elevance Health, Inc.<br>3.350% due 12/01/24 | 560000 | 543207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 12/01/27 | 460000 | 434538 |
|  Gilead Sciences, Inc.<br>3.650% due 03/01/26 | 1160000 | 1119691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/46 | 920000 | 832585 |
|  HCA, Inc.<br>3.500% due 09/01/30 | 1160000 | 1003198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/27 | 110000 | 106179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/15/24 | 1333000 | 1325976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/26 | 180000 | 178058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/25 | 517000 | 516792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 09/01/26 | 440000 | 435701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/15/47 | 450000 | 401774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 09/01/28 | 200000 | 199264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/01/29 | 630000 | 629356 |
|  Hershey Co. <br>0.900% due 06/01/25 | 340000 | 310617 |
|  Humana, Inc.<br>3.950% due 03/15/27 | 661000 | 634635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/25 | 300000 | 296625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/42 | 1090000 | 956553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 03/15/47 | 130000 | 114803 |
|  Johnson & Johnson <br>3.625% due 03/03/37 | 2770000 | 2471951 |
|  Kraft Heinz Foods Co.<br>3.000% due 06/01/26 | 1237000 | 1159148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/01/31 | 420000 | 393800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/01/46 | 560000 | 457627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/01/39 | 30000 | 26440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/04/42 | 210000 | 190899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 07/15/45 | 990000 | 918271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/01/50 | 830000 | 797808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 03/15/32 | 50000 | 54422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 01/26/39 | 140000 | 152512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 08/01/39 ~ | 30000 | 33110 |
|  Mars, Inc.<br>2.700% due 04/01/25 ~ | 1110000 | 1057605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 04/01/30 ~ | 590000 | 528424 |
|  Merck & Co., Inc. <br>1.450% due 06/24/30 | 800000 | 640113 |
|  Mondelez International, Inc. <br>1.500% due 05/04/25 | 1760000 | 1630188 |
|  PayPal Holdings, Inc. <br>1.650% due 06/01/25 | 1070000 | 994299 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-8** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  PepsiCo, Inc.<br>0.750% due 05/01/23 | $| 1350000 | $| 1332705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 05/01/30 |  | 1110000 |  | 905385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/19/25 |  | 190000 |  | 181014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 03/19/27 |  | 190000 |  | 176761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 10/15/49 |  | 400000 |  | 287787 |
|  Pfizer, Inc.<br>0.800% due 05/28/25 |  | 20000 |  | 18333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 05/28/30 |  | 1110000 |  | 915891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 04/01/30 |  | 780000 |  | 687016 |
|  Philip Morris International, Inc.<br>1.125% due 05/01/23 |  | 980000 |  | 967974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 05/01/30 |  | 760000 |  | 616311 |
|  Procter & Gamble Co.<br>2.800% due 03/25/27 |  | 300000 |  | 281392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/25/30 |  | 870000 |  | 796969 |
|  Reynolds American, Inc. (United Kingdom) <br>5.850% due 08/15/45 |  | 1090000 |  | 932962 |
|  Service Corp. International <br>7.500% due 04/01/27 |  | 510000 |  | 523925 |
|  Teva Pharmaceutical Finance Co. LLC (Israel) <br>6.150% due 02/01/36 |  | 280000 |  | 246903 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel)<br>2.800% due 07/21/23 |  | 2000000 |  | 1959060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 10/01/26 |  | 7115000 |  | 6236511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 10/01/46 |  | 1800000 |  | 1104480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/09/27 |  | 730000 |  | 660759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/09/29 |  | 5940000 |  | 5297572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 04/15/24 |  | 250000 |  | 245534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 01/31/25 |  | 1140000 |  | 1135463 |
|  United Rentals North America, Inc.<br>3.750% due 01/15/32 |  | 1210000 |  | 988727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/15/27 |  | 990000 |  | 917849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 02/15/31 |  | 1850000 |  | 1555008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 05/15/27 |  | 400000 |  | 395532 |
|  UnitedHealth Group, Inc.<br>1.250% due 01/15/26 |  | 590000 |  | 535330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 05/15/30 |  | 560000 |  | 463331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 05/15/31 |  | 320000 |  | 267500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 05/15/60 |  | 200000 |  | 136617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/23 |  | 540000 |  | 537050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/59 |  | 570000 |  | 449140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/15/29 |  | 1550000 |  | 1483669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 05/15/32 |  | 590000 |  | 561848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 06/15/48 |  | 420000 |  | 365002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 12/15/48 |  | 410000 |  | 366220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 10/15/40 |  | 10000 |  | 10438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 03/15/36 |  | 860000 |  | 910634 |
|  |  |  |  | 145973084 |
|  **Energy - 6.0%** | **Energy - 6.0%** | **Energy - 6.0%** | **Energy - 6.0%** | **Energy - 6.0%** |
|  BP Capital Markets America, Inc.<br>3.000% due 02/24/50 |  | 2570000 |  | 1725738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.119% due 05/04/26 |  | 1990000 |  | 1888743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410% due 02/11/26 |  | 1200000 |  | 1153435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.633% due 04/06/30 |  | 790000 |  | 726908 |
|  Cameron LNG LLC<br>2.902% due 07/15/31 ~ |  | 540000 |  | 456912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.302% due 01/15/35 ~ |  | 1730000 |  | 1398888 |
|  Cheniere Energy Partners LP<br>3.250% due 01/31/32 |  | 2100000 |  | 1671719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/31 |  | 400000 |  | 341084 |
|  Cheniere Energy, Inc. <br>4.625% due 10/15/28 |  | 1020000 |  | 923908 |
|  Chevron Corp.<br>1.554% due 05/11/25 |  | 600000 |  | 558683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995% due 05/11/27 |  | 720000 |  | 647715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.078% due 05/11/50 |  | 220000 |  | 158977 |
|  Chevron USA, Inc. <br>3.850% due 01/15/28 |  | 1740000 |  | 1682408 |
|  ConocoPhillips <br>6.500% due 02/01/39 |  | 370000 |  | 416380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Continental Resources, Inc.<br>2.268% due 11/15/26 ~ | $560000 | $485944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 06/01/24 | 730000 | 711062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/28 | 1750000 | 1606307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/15/23 | 1180000 | 1179853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 06/01/44 | 290000 | 215506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/31 ~ | 1300000 | 1212673 |
|  Coterra Energy, Inc.<br>3.900% due 05/15/27 | 2260000 | 2113677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/15/29 | 1710000 | 1619409 |
|  Devon Energy Corp.<br>4.750% due 05/15/42 | 70000 | 59549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/15/45 | 4320000 | 3749727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 07/15/41 | 1240000 | 1162240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 08/01/23 | 3290000 | 3335446 |
|  Diamondback Energy, Inc. <br>3.500% due 12/01/29 | 2320000 | 2040466 |
|  Ecopetrol SA (Colombia)<br>4.625% due 11/02/31 | 850000 | 651002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 05/28/45 | 3880000 | 2709922 |
|  Energy Transfer LP<br>2.900% due 05/15/25 | 1010000 | 952052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/30 | 2010000 | 1776824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/01/23 | 520000 | 516369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/15/28 | 680000 | 658841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/29 | 410000 | 397324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 04/01/44 | 160000 | 135755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 10/01/47 | 590000 | 502396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/15/23 | 390000 | 331988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/15/49 | 2500000 | 2336719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 05/15/25 | 1950000 | 1694062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 05/15/30 | 890000 | 745375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600% due 02/01/24 | 1560000 | 1586533 |
|  Enterprise Products Operating LLC<br>2.800% due 01/31/30 | 2460000 | 2095279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/31/51 | 1180000 | 856102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/31/60 | 400000 | 290673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/16/28 | 2300000 | 2182475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 01/31/50 | 2100000 | 1661253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/01/49 | 470000 | 402811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 03/15/44 | 420000 | 372239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550% due 04/15/38 | 360000 | 403631 |
|  EOG Resources, Inc.<br>3.900% due 04/01/35 | 1460000 | 1307506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 01/15/26 | 1040000 | 1020740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/30 | 80000 | 77532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 04/15/50 | 1510000 | 1445442 |
|  EQT Corp.<br>3.125% due 05/15/26 ~ | 50000 | 46017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/15/31 ~ | 900000 | 763993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 10/01/27 | 2100000 | 1943267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/29 | 630000 | 593572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 02/01/25 | 120000 | 120478 |
|  Exxon Mobil Corp.<br>1.571% due 04/15/23 | 170000 | 168426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.992% due 03/19/25 | 2970000 | 2863234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.043% due 03/01/26 | 750000 | 716209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.482% due 03/19/30 | 1300000 | 1215557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114% due 03/01/46 | 2420000 | 2070839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327% due 03/19/50 | 220000 | 193882 |
|  Halliburton Co. <br>3.800% due 11/15/25 | 79000 | 76926 |
|  KazMunayGas National Co. JSC (Kazakhstan)<br>5.375% due 04/24/30 ~ | 400000 | 359528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/24/48 ~ | 1500000 | 1244605 |
|  Kinder Morgan Energy Partners LP <br>3.500% due 09/01/23 | 1410000 | 1395295 |
|  Kinder Morgan, Inc.<br>4.300% due 03/01/28 | 450000 | 431888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 03/01/48 | 60000 | 52080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 06/01/45 | 210000 | 192463 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-9** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  MPLX LP<br>4.500% due 04/15/38 | $1510000 | $1277551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 04/15/48 | 520000 | 412633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/15/29 | 930000 | 891895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 12/01/24 | 1190000 | 1181156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 03/01/47 | 70000 | 59728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/15/49 | 1630000 | 1440367 |
|  Occidental Petroleum Corp.<br>3.000% due 02/15/27 | 870000 | 791055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 02/15/47 | 2510000 | 1921669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/15/48 | 1200000 | 923574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 04/15/46 | 510000 | 399225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 06/15/45 | 1280000 | 1036194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 03/15/26 | 2110000 | 2105527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% due 09/15/36 | 1610000 | 1645831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 09/15/31 | 2702000 | 2987804 |
|  Petrobras Global Finance BV (Brazil)<br>5.299% due 01/27/25 | 9501000 | 9456542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 03/17/24 | 150000 | 150809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 03/17/44 | 1270000 | 1227520 |
|  Petroleos Mexicanos (Mexico)<br>6.375% due 01/23/45 | 520000 | 323209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/15/35 | 160000 | 116445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 08/04/26 | 1850000 | 1751389 |
|  Pioneer Natural Resources Co.<br>1.125% due 01/15/26 | 410000 | 365880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 08/15/30 | 780000 | 612586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 01/15/31 | 1020000 | 808613 |
|  Reliance Industries Ltd. (India)<br>2.875% due 01/12/32 ~ | 850000 | 689917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 01/12/52 ~ | 2500000 | 1645268 |
|  Sabine Pass Liquefaction LLC <br>5.750% due 05/15/24 | 730000 | 730571 |
|  Schlumberger Holdings Corp. <br>3.900% due 05/17/28 ~ | 1232000 | 1150118 |
|  Shell International Finance BV (Netherlands)<br>2.750% due 04/06/30 | 1070000 | 941344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/10/26 | 560000 | 528044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/06/50 | 2320000 | 1675291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/11/45 | 1010000 | 887534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 08/12/43 | 1200000 | 1089334 |
|  Sinopec Group Overseas Development Ltd. (China) <br>4.375% due 04/10/24 ~ | 1990000 | 1976788 |
|  Southwestern Energy Co.<br>4.750% due 02/01/32 | 770000 | 659517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/29 | 60000 | 55710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 03/15/30 | 250000 | 228486 |
|  Targa Resources Corp.<br>4.950% due 04/15/52 | 400000 | 318255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 07/01/27 | 1030000 | 1011200 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp.<br>4.000% due 01/15/32 | 170000 | 143266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 02/01/31 | 770000 | 696311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/28 | 450000 | 430015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/01/30 | 540000 | 508899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/27 | 530000 | 534224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 01/15/29 | 270000 | 272627 |
|  Tennessee Gas Pipeline Co. LLC <br>2.900% due 03/01/30 ~ | 5790000 | 4862452 |
|  Venture Global Calcasieu Pass LLC <br>3.875% due 11/01/33 ~ | 1150000 | 941557 |
|  Western Midstream Operating LP<br>3.350% due 02/01/25 | 1120000 | 1061592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 02/01/30 | 2824000 | 2471494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/01/28 | 680000 | 627599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 07/01/26 | 460000 | 437359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.041% (USD LIBOR + 1.100%) <br>due 01/13/23 § | 550000 | 549177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 03/01/48 | 130000 | 107120 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/15/48 | $| 960000 | $| 799668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/01/50 |  | 600000 |  | 495345 |
|  Williams Cos., Inc.<br>3.750% due 06/15/27 |  | 330000 |  | 311135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/15/31 |  | 6475000 |  | 7108416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 06/15/31 |  | 100000 |  | 110611 |
|  |  |  |  | 142745907 |
|  **Financial - 13.1%** | **Financial - 13.1%** | **Financial - 13.1%** | **Financial - 13.1%** | **Financial - 13.1%** |
|  ABN AMRO Bank NV (Netherlands) <br>4.750% due 07/28/25 ~ |  | 2220000 |  | 2155540 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>2.450% due 10/29/26 |  | 920000 |  | 805679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/29/28 |  | 2790000 |  | 2342443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 02/15/24 |  | 2180000 |  | 2108347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 01/30/32 |  | 780000 |  | 611681 |
|  Air Lease Corp. <br>3.375% due 07/01/25 |  | 1160000 |  | 1098225 |
|  Ambac Assurance Corp. <br>5.100% due 06/07/23 ~ |  | 111048 |  | 155606 |
|  American Express Co.<br>3.375% due 05/03/24 |  | 1180000 |  | 1156593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 05/03/29 |  | 1780000 |  | 1698889 |
|  American International Group, Inc. <br>2.500% due 06/30/25 |  | 1887000 |  | 1778178 |
|  Banco Santander SA (Spain)<br>2.746% due 05/28/25 |  | 1200000 |  | 1124135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.848% due 04/12/23 |  | 3200000 |  | 3183269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175% due 03/24/28 |  | 200000 |  | 185796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039% (USD LIBOR + 1.120%) <br>due 04/12/23 § |  | 1000000 |  | 1000148 |
|  Bank of America Corp.<br>2.572% due 10/20/32 |  | 3040000 |  | 2388473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% due 04/29/31 |  | 4970000 |  | 4058663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% due 02/04/33 |  | 1920000 |  | 1551743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 01/11/23 |  | 3190000 |  | 3188939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% due 12/20/28 |  | 7274000 |  | 6599099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/05/24 |  | 3370000 |  | 3357549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974% due 02/07/30 |  | 3230000 |  | 2940061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/01/24 |  | 2280000 |  | 2252378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083% due 03/20/51 |  | 3820000 |  | 3007920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 01/22/24 |  | 3295000 |  | 3268008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 08/26/24 |  | 4930000 |  | 4856909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/22/26 |  | 310000 |  | 299877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% due 03/15/50 |  | 1190000 |  | 981907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 03/03/26 |  | 660000 |  | 647498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/21/44 |  | 370000 |  | 341962 |
|  Bank of Montreal (Canada)<br>1.850% due 05/01/25 |  | 2120000 |  | 1982150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803% due 12/15/32 |  | 550000 |  | 485173 |
|  Bank of New York Mellon Corp. <br>1.600% due 04/24/25 |  | 970000 |  | 902151 |
|  Bank of Nova Scotia (Canada)<br>1.300% due 06/11/25 |  | 690000 |  | 632812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.588% due 05/04/37 |  | 1440000 |  | 1232577 |
|  Barclays PLC (United Kingdom)<br>4.972% due 05/16/29 |  | 3556000 |  | 3345979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088% due 06/20/30 |  | 4250000 |  | 3923288 |
|  Berkshire Hathaway Finance Corp. <br>4.250% due 01/15/49 |  | 2370000 |  | 2123035 |
|  BNP Paribas SA (France)<br>2.219% due 06/09/26 ~ |  | 2260000 |  | 2076996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.824% due 01/26/41 ~ |  | 910000 |  | 561425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 01/09/25 ~ |  | 910000 |  | 876413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/01/33 ~ |  | 970000 |  | 858790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 08/14/28 ~ |  | 2110000 |  | 1998877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 03/13/27 ~ |  | 1110000 |  | 1054229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.705% due 01/10/25 ~ |  | 2360000 |  | 2337364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198% due 01/10/30 ~ |  | 920000 |  | 876142 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-10** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  BPCE SA (France) <br>5.150% due 07/21/24 ~ | $1370000 | $1341926 |
|  Canadian Imperial Bank of Commerce (Canada) <br>0.950% due 06/23/23 | 1250000 | 1226908 |
|  Chubb INA Holdings, Inc. <br>3.350% due 05/03/26 | 440000 | 421740 |
|  Citigroup, Inc.<br>1.678% due 05/15/24 | 1910000 | 1883223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% due 04/08/26 | 1310000 | 1241133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/15/23 | 560000 | 557380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785% due 03/17/33 | 3180000 | 2728366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 03/20/30 | 2000000 | 1807834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075% due 04/23/29 | 5400000 | 4978580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/10/25 | 3030000 | 2976784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412% due 03/31/31 | 890000 | 819353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 09/29/27 | 1330000 | 1270256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 07/30/45 | 2171000 | 1872145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 07/23/48 | 1430000 | 1237031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658% due 05/24/28 | 730000 | 707619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/18/46 | 440000 | 367618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% due 05/24/33 | 1920000 | 1803480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 05/06/44 | 240000 | 217411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/13/25 | 630000 | 634512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 01/30/23 | 1820000 | 1806805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 05/15/25 | 2220000 | 2002329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% due 05/15/24 | 2520000 | 2386440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/15/32 | 480000 | 506954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.675% due 09/13/43 | 580000 | 622850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 07/15/39 | 200000 | 246805 |
|  Cooperatieve Rabobank UA (Netherlands)<br>1.339% due 06/24/26 ~ | 250000 | 225005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% due 04/06/28 ~ | 1560000 | 1439579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758% due 04/06/33 ~ | 1160000 | 991303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/04/25 | 4460000 | 4357573 |
|  Credit Agricole SA (France) <br>1.907% due 06/16/26 ~ | 1500000 | 1368624 |
|  Credit Suisse AG (Switzerland) <br>2.950% due 04/09/25 | 1580000 | 1423265 |
|  Credit Suisse Group AG (Switzerland)<br>2.193% due 06/05/26 ~ | 1718000 | 1468718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.593% due 09/11/25 ~ | 250000 | 221161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091% due 05/14/32 ~ | 2240000 | 1552190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194% due 04/01/31 ~ | 3760000 | 2926093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 04/17/26 | 440000 | 388546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.016% due 11/15/33 ~ | 780000 | 800787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 06/23/27 ~ | 7010000 | 6123707 |
|  Danske Bank AS (Denmark)<br>1.226% due 06/22/24 ~ | 3400000 | 3175980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.244% due 12/20/25 ~ | 800000 | 749329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 01/12/24 ~ | 1470000 | 1458419 |
|  Goldman Sachs Capital II <br>5.528% (USD LIBOR + 0.768%) <br>due 01/30/23 § | 298000 | 225389 |
|  Goldman Sachs Group, Inc.<br>2.908% due 07/21/42 | 370000 | 252983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 02/23/23 | 1780000 | 1775639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% due 04/22/42 | 160000 | 115862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/25 | 2050000 | 1973112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/16/26 | 40000 | 37551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615% due 03/15/28 | 710000 | 662393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/20/24 | 420000 | 412919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223% due 05/01/29 | 3130000 | 2921659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/21/25 | 3150000 | 3077570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/21/45 | 20000 | 17632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 05/22/45 | 3100000 | 2799231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 01/15/27 | 1733000 | 1781404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/01/41 | 4580000 | 4801964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 10/01/37 | 1485000 | 1590802 |
|  Guardian Life Global Funding <br>1.100% due 06/23/25 ~ | 690000 | 625654 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  HSBC Bank USA NA <br>7.000% due 01/15/39 | $1240000 | $1341645 |
|  HSBC Holdings PLC (United Kingdom)<br>2.099% due 06/04/26 | 200000 | 182174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.973% due 05/22/30 | 1480000 | 1298382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/14/24 | 2900000 | 2849885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/18/25 | 1100000 | 1059220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762% due 03/29/33 | 1190000 | 1034429 |
|  Intercontinental Exchange, Inc.<br>4.600% due 03/15/33 | 2840000 | 2731154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/15/52 | 540000 | 502221 |
|  Intesa Sanpaolo SpA (Italy)<br>3.375% due 01/12/23 ~ | 1040000 | 1039497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.017% due 06/26/24 ~ | 10470000 | 10070765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% due 01/15/26 ~ | 350000 | 336733 |
|  JPMorgan Chase & Co.<br>1.514% due 06/01/24 | 3470000 | 3414014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.083% due 04/22/26 | 3000000 | 2787444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522% due 04/22/31 | 2660000 | 2182518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109% due 04/22/51 | 460000 | 303386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/10/24 | 1760000 | 1723967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.023% due 12/05/24 | 2730000 | 2690276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203% due 07/23/29 | 3010000 | 2810415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/01/27 | 870000 | 839731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452% due 12/05/29 | 4010000 | 3774854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/01/45 | 3860000 | 3467308 |
|  KKR Group Finance Co. II LLC <br>5.500% due 02/01/43 ~ | 350000 | 323422 |
|  Lloyds Banking Group PLC (United Kingdom)<br>3.900% due 03/12/24 | 1910000 | 1875593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/22/28 | 3280000 | 3118985 |
|  Mastercard, Inc. <br>3.850% due 03/26/50 | 1350000 | 1133895 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan)<br>3.837% due 04/17/26 | 910000 | 877215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 04/19/28 | 940000 | 887680 |
|  Morgan Stanley<br>2.188% due 04/28/26 | 3400000 | 3162419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699% due 01/22/31 | 2830000 | 2344639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.622% due 04/01/31 | 5280000 | 4621382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.737% due 04/24/24 | 1450000 | 1442345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772% due 01/24/29 | 200000 | 183495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431% due 01/23/30 | 170000 | 158563 |
|  National Securities Clearing Corp.<br>1.200% due 04/23/23 ~ | 950000 | 940268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 04/23/25 ~ | 1000000 | 927813 |
|  Natwest Group PLC (United Kingdom)<br>4.519% due 06/25/24 | 200000 | 198179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892% due 05/18/29 | 780000 | 739434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.076% due 01/27/30 | 500000 | 472022 |
|  New York Life Global Funding <br>0.950% due 06/24/25 ~ | 840000 | 761377 |
|  Nuveen LLC <br>4.000% due 11/01/28 ~ | 1500000 | 1396089 |
|  Park Aerospace Holdings Ltd. (Ireland)<br>4.500% due 03/15/23 ~ | 260000 | 259378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/15/24 ~ | 630000 | 622066 |
|  Principal Life Global Funding II <br>1.250% due 06/23/25 ~ | 640000 | 582646 |
|  Royal Bank of Canada (Canada)<br>1.150% due 06/10/25 | 1170000 | 1071990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 04/17/23 | 1970000 | 1953186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 05/04/32 | 1230000 | 1123579 |
|  Santander UK Group Holdings PLC (United Kingdom) <br>5.625% due 09/15/45 ~ | 408000 | 313601 |
|  Standard Chartered PLC (United Kingdom) <br>5.925% (USD LIBOR + 1.510%) <br>due 01/30/27 § ~ | 3900000 | 3014934 |
|  Swedbank AB (Sweden) <br>1.300% due 06/02/23 ~ | 2200000 | 2160862 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-11** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Teachers Insurance & Annuity Association of America <br>6.850% due 12/16/39 ~ | $| 132000 | $| 145984 |
|  Toronto-Dominion Bank (Canada)<br>0.750% due 06/12/23 |  | 1510000 |  | 1483081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 06/12/25 |  | 1720000 |  | 1570637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.456% due 06/08/32 |  | 2800000 |  | 2677318 |
|  UBS Group AG (Switzerland)<br>2.746% due 02/11/33 ~ |  | 850000 |  | 659041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 09/24/25 ~ |  | 1050000 |  | 1022024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.488% due 05/12/26 ~ |  | 1050000 |  | 1027176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.751% due 05/12/28 ~ |  | 1350000 |  | 1294004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 01/31/24 ~ |  | 7030000 |  | 6933853 |
|  US Bancorp <br>1.450% due 05/12/25 |  | 2450000 |  | 2273823 |
|  Visa, Inc.<br>3.150% due 12/14/25 |  | 2640000 |  | 2548097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 12/14/45 |  | 1570000 |  | 1441627 |
|  WEA Finance LLC/Westfield UK & Europe Finance PLC REIT (France) <br>3.750% due 09/17/24 ~ |  | 6230000 |  | 5892016 |
|  Wells Fargo & Co.<br>2.188% due 04/30/26 |  | 3060000 |  | 2850449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879% due 10/30/30 |  | 980000 |  | 834511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/23/26 |  | 2240000 |  | 2073292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/02/33 |  | 590000 |  | 498599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 01/24/24 |  | 1700000 |  | 1677614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 01/24/29 |  | 1150000 |  | 1083290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/14/46 |  | 1650000 |  | 1332754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.478% due 04/04/31 |  | 3350000 |  | 3148275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 11/04/44 |  | 1600000 |  | 1354059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 12/07/46 |  | 2550000 |  | 2147324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/17/45 |  | 1490000 |  | 1289621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013% due 04/04/51 |  | 10420000 |  | 9232362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/02/43 |  | 2030000 |  | 1896807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606% due 01/15/44 |  | 1567000 |  | 1526907 |
|  |  |  |  | 314842061 |
|  **Industrial - 1.9%** | **Industrial - 1.9%** | **Industrial - 1.9%** | **Industrial - 1.9%** | **Industrial - 1.9%** |
|  3M Co.<br>2.375% due 08/26/29 |  | 990000 |  | 841759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 04/15/30 |  | 340000 |  | 299290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/15/50 |  | 2730000 |  | 2103283 |
|  Ball Corp. <br>3.125% due 09/15/31 |  | 1220000 |  | 981405 |
|  Boeing Co.<br>2.196% due 02/04/26 |  | 1190000 |  | 1082506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 02/01/27 |  | 610000 |  | 551492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/01/29 |  | 1480000 |  | 1300750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/01/35 |  | 3350000 |  | 2557726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/01/38 |  | 460000 |  | 340737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/01/50 |  | 1380000 |  | 953241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/25 |  | 2760000 |  | 2741350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 05/01/30 |  | 1900000 |  | 1858374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% due 05/01/40 |  | 2190000 |  | 2097693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% due 05/01/50 |  | 3160000 |  | 2945975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% due 05/01/60 |  | 150000 |  | 137448 |
|  Builders FirstSource, Inc. <br>4.250% due 02/01/32 ~ |  | 130000 |  | 105623 |
|  Carrier Global Corp. <br>3.577% due 04/05/50 |  | 100000 |  | 71762 |
|  Deere & Co.<br>3.100% due 04/15/30 |  | 370000 |  | 332230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/15/50 |  | 1220000 |  | 1036345 |
|  Eaton Corp. <br>4.150% due 11/02/42 |  | 410000 |  | 352256 |
|  General Dynamics Corp.<br>3.250% due 04/01/25 |  | 630000 |  | 610984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/40 |  | 100000 |  | 91686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/50 |  | 340000 |  | 303523 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  L3Harris Technologies, Inc.<br>4.854% due 04/27/35 | $| 370000 | $| 346101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.054% due 04/27/45 |  | 780000 |  | 702907 |
|  Lockheed Martin Corp.<br>3.550% due 01/15/26 |  | 605000 |  | 588394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/15/32 |  | 600000 |  | 567211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/15/53 |  | 2980000 |  | 2544417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/36 |  | 580000 |  | 555748 |
|  Northrop Grumman Corp.<br>2.930% due 01/15/25 |  | 1790000 |  | 1718000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 01/15/28 |  | 2990000 |  | 2762770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/01/50 |  | 890000 |  | 881639 |
|  Otis Worldwide Corp. <br>2.056% due 04/05/25 |  | 870000 |  | 814725 |
|  Raytheon Technologies Corp.<br>2.250% due 07/01/30 |  | 1120000 |  | 934613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 12/15/24 |  | 750000 |  | 722770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/16/25 |  | 950000 |  | 929044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/16/28 |  | 390000 |  | 374072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/42 |  | 380000 |  | 343521 |
|  Republic Services, Inc. <br>2.500% due 08/15/24 |  | 1000000 |  | 958908 |
|  Union Pacific Corp.<br>2.150% due 02/05/27 |  | 870000 |  | 786858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 02/05/30 |  | 840000 |  | 720515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.891% due 04/06/36 |  | 1810000 |  | 1444860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/25 |  | 430000 |  | 418199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/05/70 |  | 1950000 |  | 1432301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.839% due 03/20/60 |  | 365000 |  | 284006 |
|  Vertiv Group Corp. <br>4.125% due 11/15/28 ~ |  | 570000 |  | 485173 |
|  |  |  |  | 45014190 |
|  **Technology - 1.4%** | **Technology - 1.4%** | **Technology - 1.4%** | **Technology - 1.4%** | **Technology - 1.4%** |
|  Apple, Inc.<br>1.125% due 05/11/25 |  | 2770000 |  | 2552629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 08/04/26 |  | 1610000 |  | 1495188 |
|  Broadcom, Inc. <br>3.137% due 11/15/35 ~ |  | 4820000 |  | 3558711 |
|  Intel Corp.<br>1.600% due 08/12/28 |  | 1250000 |  | 1064192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 08/12/51 |  | 240000 |  | 156460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 07/29/25 |  | 620000 |  | 605315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/25/50 |  | 920000 |  | 803238 |
|  International Business Machines Corp. <br>3.000% due 05/15/24 |  | 2800000 |  | 2724572 |
|  Microsoft Corp.<br>2.525% due 06/01/50 |  | 41000 |  | 27178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% due 03/17/52 |  | 1497000 |  | 1066871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041% due 03/17/62 |  | 908000 |  | 632444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/06/27 |  | 1380000 |  | 1331984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 08/08/36 |  | 72000 |  | 63978 |
|  NVIDIA Corp.<br>2.850% due 04/01/30 |  | 580000 |  | 507288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/40 |  | 2240000 |  | 1823260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/50 |  | 2950000 |  | 2241277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/60 |  | 1590000 |  | 1181139 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (China) <br>2.700% due 05/01/25 |  | 1030000 |  | 970502 |
|  Oracle Corp.<br>1.650% due 03/25/26 |  | 2500000 |  | 2240924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 03/25/31 |  | 2790000 |  | 2320120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 04/01/30 |  | 260000 |  | 222264 |
|  Salesforce, Inc.<br>3.250% due 04/11/23 |  | 1200000 |  | 1195811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/11/28 |  | 1100000 |  | 1057156 |
|  Texas Instruments, Inc. <br>1.750% due 05/04/30 |  | 1040000 |  | 857352 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-12** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Workday, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/27 | $| 650000 | $| 608452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/29 |  | 1080000 |  | 993105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/01/32 |  | 2420000 |  | 2142987 |
|  |  |  |  | 34444397 |
|  **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** |
|  Berkshire Hathaway Energy Co. <br>6.125% due 04/01/36 |  | 586000 |  | 617253 |
|  Consolidated Edison Co. of New York, Inc.<br>3.350% due 04/01/30 |  | 610000 |  | 550053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/01/50 |  | 470000 |  | 370959 |
|  Duke Energy Ohio, Inc. <br>3.650% due 02/01/29 |  | 1630000 |  | 1512749 |
|  Pacific Gas and Electric Co.<br>2.100% due 08/01/27 |  | 810000 |  | 692993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/01/31 |  | 350000 |  | 272358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 08/01/40 |  | 210000 |  | 142900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/01/50 |  | 490000 |  | 306207 |
|  Virginia Electric & Power Co. <br>6.350% due 11/30/37 |  | 2130000 |  | 2266876 |
|  |  |  |  | 6732348 |
|  Total Corporate Bonds & Notes <br>(Cost $1,068,761,275) |  |  |  | 941738775 |
|  **SENIOR LOAN NOTES - 5.0%** | **SENIOR LOAN NOTES - 5.0%** | **SENIOR LOAN NOTES - 5.0%** | **SENIOR LOAN NOTES - 5.0%** | **SENIOR LOAN NOTES - 5.0%** |
|  **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** |
|  Charter Communications Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B1<br>6.137% (USD LIBOR + 1.750%) <br>due 04/30/25 § |  | 1677034 |  | 1670629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B2<br>6.137% (USD LIBOR + 1.750%) <br>due 02/01/27 § |  | 487406 |  | 476782 |
|  Nexstar Media, Inc. Term B4 <br>6.854% (USD LIBOR + 2.750%) <br>due 09/18/26 § |  | 1279669 |  | 1271472 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Term N<br>6.839% (USD LIBOR + 2.500%) <br>due 01/31/28 § |  | 3011848 |  | 2965730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Q<br>7.642% (USD LIBOR + 3.250%) <br>due 01/31/29 § |  | 620000 |  | 614672 |
|  Ziggo Financing Partnership Term I (Netherlands)<br>6.853% (USD LIBOR + 2.500%) <br>due 04/30/28 § |  | 796000 |  | 777735 |
|  |  |  |  | 7777020 |
|  **Consumer, Cyclical - 1.1%** | **Consumer, Cyclical - 1.1%** | **Consumer, Cyclical - 1.1%** | **Consumer, Cyclical - 1.1%** | **Consumer, Cyclical - 1.1%** |
|  Air Canada Term B (Canada) <br>7.892% (USD LIBOR + 3.500%) <br>due 08/11/28 § |  | 1661650 |  | 1646418 |
|  Alterra Mountain Co. Term B <br>7.853% (USD LIBOR + 3.500%) <br>due 08/17/28 § |  | 2417761 |  | 2394188 |
|  Caesars Resort Collection LLC Term B <br>7.474% (USD LIBOR + 2.750%) <br>due 12/22/24 § |  | 499538 |  | 499043 |
|  Clarios Global LP Term B <br>7.642% (USD LIBOR + 3.250%) <br>due 04/30/26 § |  | 3675191 |  | 3613937 |
|  Great Outdoors Group LLC Term B2 <br>8.137% (USD LIBOR + 3.750%) <br>due 03/05/28 § |  | 1215316 |  | 1171768 |
|  GVC Holdings Gibraltar Ltd. Term B4 (Gibraltar) <br>7.223% (USD LIBOR + 2.500%) <br>due 03/29/27 § |  | 407316 |  | 404961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Harbor Freight Tools USA, Inc. Term B <br>7.142% (USD LIBOR + 2.750%) <br>due 10/19/27 § | $| 2042563 | $| 1953519 |
|  Hunter Douglas, Inc. Term B (Netherlands) <br>7.911% (SOFR + 3.500%) <br>due 02/25/29 § |  | 2525430 |  | 2235952 |
|  PCI Gaming Authority Term B <br>6.887% (USD LIBOR + 2.500%) <br>due 05/31/26 § |  | 1747523 |  | 1741333 |
|  Scientific Games International, Inc. Term B <br>7.326% (SOFR + 3.000%) <br>due 04/14/29 § |  | 3323300 |  | 3287299 |
|  SkyMiles IP Ltd. Term B <br>8.476% (USD LIBOR + 3.750%) <br>due 10/20/27 § |  | 620000 |  | 633014 |
|  Station Casinos LLC Term B1 <br>6.642% (USD LIBOR + 2.250%) <br>due 02/08/27 § |  | 2042860 |  | 1999450 |
|  UFC Holdings LLC Term B3 <br>7.137% (USD LIBOR + 3.000%) <br>due 04/29/26 § |  | 3295864 |  | 3259557 |
|  United Airlines, Inc. Term B <br>8.136% (USD LIBOR + 3.750%) <br>due 04/21/28 § |  | 2572754 |  | 2545953 |
|  |  |  |  | 27386392 |
|  **Consumer, Non-Cyclical - 1.5%** | **Consumer, Non-Cyclical - 1.5%** | **Consumer, Non-Cyclical - 1.5%** | **Consumer, Non-Cyclical - 1.5%** | **Consumer, Non-Cyclical - 1.5%** |
|  Allied Universal Holdco LLC Term B <br>8.076% (USD LIBOR + 3.750%) <br>due 05/14/28 § |  | 2614788 |  | 2486990 |
|  APi Group DE, Inc. Term B <br>6.892% (USD LIBOR + 2.500%) <br>due 10/01/26 § |  | 2418729 |  | 2404822 |
|  Belron Finance US LLC Term B <br>6.900% (USD LIBOR + 2.500%) <br>due 11/13/25 § |  | 648184 |  | 646969 |
|  Eyecare Partners LLC <br>8.071% (SOFR + 3.750%) <br>due 02/20/27 § |  | 944819 |  | 803883 |
|  Gainwell Acquisition Corp. Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 10/01/27 § |  | 2621852 |  | 2487482 |
|  Garda World Security Corp. Term B (Canada) <br>8.604% (USD LIBOR + 4.250%) <br>due 10/30/26 § |  | 1071822 |  | 1045696 |
|  Global Medical Response, Inc. Term B <br>5.750% (USD LIBOR + 4.250%) <br>due 10/02/25 § |  | 3104757 |  | 2201791 |
|  Horizon Therapeutics USA, Inc. Term B2 <br>6.089% (USD LIBOR + 2.000%) <br>due 03/15/28 § |  | 3272098 |  | 3272916 |
|  ICON Luxembourg SARL Term B (Luxembourg) <br>6.642% (USD LIBOR + 2.500%) <br>due 07/01/28 § |  | 2646696 |  | 2641733 |
|  Jazz Financing Lux SARL Term B <br>7.892% (USD LIBOR + 3.500%) <br>due 05/05/28 § |  | 1458593 |  | 1448159 |
|  Medline Borrower LP Term B <br>7.636% (USD LIBOR + 3.250%) <br>due 10/21/28 § |  | 3303080 |  | 3144324 |
|  Phoenix Guarantor, Inc.<br>Term B<br>7.642% (USD LIBOR + 3.250%) <br>due 03/05/26 § |  | 2443338 |  | 2298265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.853% (USD LIBOR + 3.500%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 03/05/26 § |  | 559227 |  | 526023 |
|  Phoenix Newco, Inc. <br>7.589% (USD LIBOR + 3.500%) <br>due 11/15/28 § |  | 250369 |  | 241676 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-13** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  PRA Health Sciences, Inc. Term B (Ireland) <br>6.642% (USD LIBOR + 2.500%) <br>due 07/01/28 § | $| 659426 | $| 658190 |
|  Prime Security Services Borrower LLC Term B1 <br>7.137% (USD LIBOR + 2.750%) <br>due 09/23/26 § |  | 1597874 |  | 1585254 |
|  Sotera Health Holdings LLC <br>7.111% (USD LIBOR + 2.750%) <br>due 12/13/26 § |  | 2540000 |  | 2360613 |
|  Trans Union LLC Term B5 <br>6.089% (USD LIBOR + 1.750%) <br>due 11/15/26 § |  | 997070 |  | 985230 |
|  Triton Water Holdings, Inc. Term B <br>7.892% (USD LIBOR + 3.500%) <br>due 03/31/28 § |  | 2922836 |  | 2727736 |
|  Verscend Holding Corp. Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 08/27/25 § |  | 2915350 |  | 2904418 |
|  |  |  |  | 36872170 |
|  **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** |
|  First Eagle Holdings, Inc. Term B <br>6.892% (USD LIBOR + 2.500%) <br>due 02/02/27 § |  | 2067365 |  | 2013096 |
|  **Financial - 1.0%** | **Financial - 1.0%** | **Financial - 1.0%** | **Financial - 1.0%** | **Financial - 1.0%** |
|  Allspring Buyer LLC Term B <br>7.460% (USD LIBOR + 3.250%) <br>due 11/01/28 § |  | 1849028 |  | 1824374 |
|  AmWINS Group, Inc. Term B <br>6.604% (USD LIBOR + 2.250%) <br>due 02/19/28 § |  | 1275960 |  | 1253949 |
|  Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B7<br>7.392% (USD LIBOR + 3.000%) <br>due 11/03/24 § |  | 1950745 |  | 1899538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B8<br>7.637% (USD LIBOR + 3.250%) <br>due 12/23/26 § |  | 1426378 |  | 1273298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B9<br>7.642% (USD LIBOR + 3.250%) <br>due 07/31/27 § |  | 717722 |  | 629084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B10<br>8.301% (SOFR + 4.000%) <br>due 08/19/28 § |  | 437359 |  | 392803 |
|  Castlelake Aviation One DAC Term B <br>7.139% (USD LIBOR + 2.750%) <br>due 10/22/26 § |  | 2760087 |  | 2740372 |
|  Citadel Securities LP Term B <br>6.892% (USD LIBOR + 2.500%) <br>due 02/02/28 § |  | 603146 |  | 592874 |
|  Deerfield Dakota Holding LLC Term B <br>8.108% (SOFR + 3.750%) <br>due 04/09/27 § |  | 3503941 |  | 3279471 |
|  Edelman Financial Engines Center LLC Term B <br>7.892% (USD LIBOR + 3.750%) <br>due 04/07/28 § |  | 1467947 |  | 1377511 |
|  FinCo I LLC Term B <br>6.887% (USD LIBOR + 2.500%) <br>due 06/27/25 § |  | 1215845 |  | 1213565 |
|  Focus Financial Partners LLC Term B5 <br>7.573% (SOFR + 3.250%) <br>due 06/30/28 § |  | 1117200 |  | 1106307 |
|  Jane Street Group LLC Term B <br>7.137% (USD LIBOR + 2.750%) <br>due 01/26/28 § |  | 1443538 |  | 1402939 |
|  Setanta Aircraft Leasing DAC Term B (Ireland) <br>6.550% (USD LIBOR + 2.000%) <br>due 11/05/28 § |  | 2290000 |  | 2282844 |
|  VFH Parent LLC Term B <br>7.336% (SOFR + 3.000%) <br>due 01/13/29 § |  | 1590000 |  | 1555219 |
|  |  |  |  | 22824148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Industrial - 0.5%** |  |  |  |  |
|  Ali Group North America Corp. Term B <br>6.323% (SOFR + 2.000%) <br>due 07/22/29 § | $| 2352622 | $| 2337918 |
|  Brown Group Holding LLC Term B <br>6.892% (USD LIBOR + 2.750%) <br>due 06/07/28 § |  | 2248211 |  | 2212081 |
|  Coherent Corp. Term B <br>7.517% (USD LIBOR + 2.750%) <br>due 07/01/29 § |  | 2556868 |  | 2539609 |
|  Genesee & Wyoming, Inc. <br>6.767% (USD LIBOR + 2.000%) <br>due 12/30/26 § |  | 1983980 |  | 1975863 |
|  GFL Environmental, Inc. Term B (Canada) <br>7.389% (USD LIBOR + 3.000%) <br>due 05/31/25 § |  | 96741 |  | 96862 |
|  TransDigm, Inc. Term F <br>6.980% (USD LIBOR + 2.250%) <br>due 12/09/25 § |  | 205456 |  | 203214 |
|  XPO, Inc. Term B <br>6.142% (USD LIBOR + 1.750%) <br>due 02/23/25 § |  | 2170000 |  | 2163822 |
|  |  |  |  | 11529369 |
|  **Technology - 0.5%** | **Technology - 0.5%** | **Technology - 0.5%** | **Technology - 0.5%** | **Technology - 0.5%** |
|  AthenaHealth Group, Inc. Term B <br>7.825% (SOFR + 3.500%) <br>due 02/15/29 § j |  | 1427855 |  | 1292804 |
|  Cloudera, Inc. Term B <br>8.142% (USD LIBOR + 3.750%) <br>due 10/08/28 § |  | 1379575 |  | 1311458 |
|  Dcert Buyer, Inc. <br>8.194% (USD LIBOR + 4.000%) <br>due 10/16/26 § |  | 2575570 |  | 2491864 |
|  Magenta Buyer LLC <br>9.137% (USD LIBOR + 5.000%) <br>due 07/27/28 § |  | 4052140 |  | 3489906 |
|  Peraton Corp. Term B <br>8.142% (USD LIBOR + 3.750%) <br>due 02/01/28 § |  | 2027691 |  | 1984966 |
|  Seattle SpinCo., Inc. Term B <br>7.229% (USD LIBOR + 2.750%) <br>due 06/21/24 § |  | 258836 |  | 257974 |
|  |  |  |  | 10828972 |
|  Total Senior Loan Notes <br>(Cost $123,635,481) |  |  |  | 119231167 |
|  **MORTGAGE-BACKED SECURITIES - 36.3%** | **MORTGAGE-BACKED SECURITIES - 36.3%** | **MORTGAGE-BACKED SECURITIES - 36.3%** | **MORTGAGE-BACKED SECURITIES - 36.3%** | **MORTGAGE-BACKED SECURITIES - 36.3%** |
|  **Collateralized Mortgage Obligations - Commercial - 4.1%** | **Collateralized Mortgage Obligations - Commercial - 4.1%** | **Collateralized Mortgage Obligations - Commercial - 4.1%** | **Collateralized Mortgage Obligations - Commercial - 4.1%** | **Collateralized Mortgage Obligations - Commercial - 4.1%** |
|  Bank 2019-BN17(IO) <br>1.021% due 04/15/52 § |  | 35977775 |  | 1739961 |
|  BBCCRE Trust <br>4.563% due 08/10/33 § ~ |  | 4965000 |  | 4154739 |
|  BHMS <br>5.568% (USD LIBOR + 1.250%) <br>due 07/15/35 § ~ |  | 3500000 |  | 3366215 |
|  CD Mortgage Trust (IO) <br>1.226% due 05/10/50 § |  | 25549830 |  | 1013360 |
|  Citigroup Commercial Mortgage Trust <br>4.175% due 07/10/47 § |  | 1970000 |  | 1868684 |
|  Commercial Mortgage Trust<br>4.300% due 10/10/46 |  | 510000 |  | 465408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762% due 10/10/46 § |  | 450000 |  | 408129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893% due 08/15/45 § ~ |  | 2390000 |  | 2002007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037% due 10/10/46 § |  | 220000 |  | 150830 |
|  Commercial Mortgage Trust (IO) <br>1.530% due 10/15/45 § |  | 2176824 |  | 76 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-14** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Credit Suisse Mortgage Capital Certificates <br>6.968% (USD LIBOR + 2.650%) <br>due 05/15/36 § ~ | $5430000 | $5198614 |
|  Credit Suisse Mortgage Trust<br>3.953% due 09/15/37 ~ | 6800000 | 6123448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.373% due 09/15/37 ~ | 1700000 | 952702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.668% (USD LIBOR + 5.350%) <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 07/15/32 § ~ | 3750000 | 3408062 |
|  CSMC<br>3.864% due 10/15/66 | 5098025 | 5123712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.031% (SOFR + 2.695%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 06/15/39 § ~ | 1830000 | 1816969 |
|  DBJPM Mortgage Trust <br>2.890% due 08/10/49 | 2010000 | 1841067 |
|  Fannie Mae<br>2.232% due 02/25/27 | 2017259 | 1867044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.560% due 09/25/29 | 965580 | 859643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720% due 10/25/31 § | 366916 | 318502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103% due 04/25/28 § | 82968 | 77501 |
|  Fannie Mae (IO) <br>0.561% due 06/25/29 § | 9391111 | 262679 |
|  Fannie Mae - Aces<br>2.500% due 10/25/37 | 439425 | 376943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.061% due 05/25/27 § | 533403 | 502178 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates <br>0.357% due 06/25/32 § | 9995472 | 291696 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates (IO)<br>0.230% due 06/25/54 § | 5499249 | 108828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.297% due 03/25/32 § | 6898091 | 156865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.342% due 04/25/55 § | 6996423 | 185356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.348% due 09/25/31 § | 15364649 | 374778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.472% due 02/25/36 § | 4989579 | 203714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.571% due 12/25/27 § | 5989765 | 138683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.599% due 12/25/35 § | 30337206 | 1508357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.638% due 10/25/26 § | 16746131 | 311692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.779% due 03/25/28 § | 6096347 | 170617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.835% due 10/25/29 § | 2482008 | 111568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.880% due 06/25/29 § | 7235662 | 326461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.148% due 06/25/29 § | 6050000 | 376971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.212% due 06/25/27 § | 1525784 | 45707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.289% due 07/25/26 § | 4995230 | 185074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.666% due 08/27/28 § | 4000000 | 308216 |
|  Government National Mortgage Association<br>1.450% due 01/16/63 | 2442320 | 1950554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% due 02/16/61 | 1700000 | 1001519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 10/16/63 | 2000000 | 1584984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.846% due 11/16/47 § | 931468 | 845213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/16/64 § | 1500000 | 1140012 |
|  Government National Mortgage Association (IO)<br>0.068% due 10/16/48 § | 5365886 | 9158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.323% due 01/16/53 § | 26348044 | 226353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.441% due 08/16/58 § | 1247898 | 33335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.503% due 12/16/59 § | 1869772 | 61017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.512% due 04/16/57 § | 1688413 | 52677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.527% due 02/16/59 § | 1883234 | 62880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.567% due 01/16/63 § | 4937512 | 249537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.570% due 11/16/47 § | 8089730 | 111220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.571% due 02/16/62 § | 3454929 | 183231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.601% due 07/16/58 § | 1050785 | 30426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.640% due 02/16/61 § | 2163214 | 120251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.666% due 11/16/55 § | 6731666 | 166529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.805% due 01/16/61 § | 12459225 | 723851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.826% due 05/16/63 § | 4684125 | 296174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.840% due 05/16/60 § | 1796970 | 107870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.870% due 10/16/62 § | 2749521 | 178799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.913% due 11/16/60 § | 5729268 | 374873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.422% due 10/16/60 § | 30836907 | 2888678 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  GS Mortgage Securities Corp. II <br>6.118% (USD LIBOR + 1.800%) <br>due 09/15/31 § ~ | $| 3899550 | $| 3284800 |
|  GS Mortgage Securities Corp. Trust <br>5.468% (USD LIBOR + 1.150%) <br>due 05/15/26 § ~ |  | 2360000 |  | 2211479 |
|  GS Mortgage Securities Trust<br>3.164% due 05/10/50 |  | 3048713 |  | 2791529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.777% due 05/10/50 § |  | 3880000 |  | 3643805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% due 05/10/50 § |  | 550000 |  | 505465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.161% due 11/10/46 § |  | 1070000 |  | 1042743 |
|  JPMBB Commercial Mortgage Securities Trust<br>4.622% due 08/15/48 § |  | 2470000 |  | 2281798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.883% due 01/15/47 § |  | 510000 |  | 495116 |
|  JP Morgan Chase Commercial Mortgage Securities Trust<br>2.822% due 08/15/49 |  | 3400000 |  | 3105873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.514% due 02/15/51 § |  | 17632 |  | 15722 |
|  ML-CFC Commercial Mortgage Trust<br>5.450% due 08/12/48 § ~ |  | 53915 |  | 13905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 08/12/48 § |  | 427008 |  | 110131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.193% due 09/12/49 § |  | 41115 |  | 40421 |
|  Ready Capital Mortgage Financing LLC CLO<br>5.589% (USD LIBOR + 1.200%)<br>due 11/25/36 § ~ |  | 4696326 |  | 4525000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.790% (SOFR + 2.467%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 06/25/37 § ~ |  | 3167664 |  | 3151528 |
|  Shops at Crystals Trust <br>3.126% due 07/05/36 ~ |  | 7500000 |  | 6523249 |
|  Waterfall Commercial Mortgage Trust <br>4.104% due 01/14/26 ~ |  | 717376 |  | 703750 |
|  WFRBS Commercial Mortgage Trust<br>4.204% due 11/15/47 § |  | 3830000 |  | 3484651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.723% due 03/15/47 § |  | 340000 |  | 325358 |
|  WFRBS Commercial Mortgage Trust (IO) <br>0.963% due 03/15/47 § |  | 6340384 |  | 48811 |
|  |  |  |  | 99407331 |
|  **Collateralized Mortgage Obligations - Residential - 6.1%** | **Collateralized Mortgage Obligations - Residential - 6.1%** | **Collateralized Mortgage Obligations - Residential - 6.1%** | **Collateralized Mortgage Obligations - Residential - 6.1%** | **Collateralized Mortgage Obligations - Residential - 6.1%** |
|  Adjustable Rate Mortgage Trust<br>2.932% due 10/25/35 § |  | 1261475 |  | 1066757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889% (USD LIBOR + 0.500%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 03/25/36 § |  | 337494 |  | 98682 |
|  Alternative Loan Trust<br>6.000% due 03/25/27 |  | 10791 |  | 10642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/25/36 |  | 1026919 |  | 591182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.285% (16.940% - USD LIBOR) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 06/25/35 § |  | 2152821 |  | 1765416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.045% (28.600% - USD LIBOR) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 07/25/36 § |  | 730240 |  | 688478 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates <br>4.569% (USD LIBOR + 0.180%) <br>due 08/25/47 § ~ |  | 131915 |  | 107613 |
|  Citigroup Mortgage Loan Trust<br>3.561% due 04/25/37 § |  | 237695 |  | 209670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/25/36 § ~ |  | 1281218 |  | 733596 |
|  Connecticut Avenue Securities Trust<br>6.439% (USD LIBOR + 2.050%) <br>due 01/25/40 § ~ |  | 1248326 |  | 1240500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.489% (USD LIBOR + 2.100%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 10/25/39 § ~ |  | 675405 |  | 673843 |
|  Countrywide Home Loan Mortgage Pass-Through Trust<br>5.500% due 07/25/35 |  | 472117 |  | 256191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 02/25/37 |  | 3129506 |  | 1594099 |
|  CSMC Trust<br>2.000% due 01/25/60 § ~ |  | 1505212 |  | 1261659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 07/25/57 § ~ |  | 9880000 |  | 8737635 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-15** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/25/48 § ~ | $7197667 | $6290243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.683% due 01/27/36 § ~ | 8107517 | 7391387 |
|  DCP Rights, LLC <br>3.034% due 01/15/24 | 1250000 | 1252369 |
|  Fannie Mae<br>2.000% due 07/25/50 | 1576841 | 921316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/25/40 | 2140904 | 2091742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.739% (USD LIBOR + 0.350%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 05/25/34 § | 183723 | 180912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/25/42 | 1423263 | 1446568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 05/25/42 | 468608 | 487038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 06/25/39 - 07/25/42 | 1019513 | 1075717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 05/25/42 | 196438 | 210019 |
|  Fannie Mae (IO)<br>0.000% due 03/25/36 § | 94143 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.031% due 10/25/35 § | 155715 | 6636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.155% due 07/25/36 § | 162652 | 11663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.761% (6.150% - USD LIBOR) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 09/25/41 - 08/25/45 § | 4431760 | 362439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.091% (6.480% - USD LIBOR) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 04/25/40 § | 249329 | 24115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.211% (6.600% - USD LIBOR) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 07/25/42 § | 161252 | 18286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.261% (6.650% - USD LIBOR) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 03/25/42 § | 645876 | 39596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/25/50 - 02/25/51 | 4130843 | 639526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/25/26 - 09/25/32 | 1945573 | 96584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/25/28 - 11/25/41 | 1025286 | 122324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.644% due 12/25/36 § | 292614 | 13918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/25/41 | 1074889 | 192700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.076% due 12/25/36 § | 383352 | 25407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/25/39 | 145434 | 25238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/25/38 - 01/25/39 | 405844 | 74611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/25/39 § | 102751 | 21494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 01/25/39 § | 94045 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 01/25/38 - 07/25/38 | 415831 | 84826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.886% due 08/25/55 § | 447426 | 15296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.594% due 08/25/44 § | 1277242 | 55304 |
|  Fannie Mae (PO)<br>0.652% due 03/25/42 | 52941 | 46716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.672% due 03/25/42 | 31764 | 27923 |
|  Fannie Mae Connecticut Avenue Securities<br>9.389% (USD LIBOR + 5.000%) <br>due 11/25/24 § | 182525 | 184562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.639% (USD LIBOR + 5.250%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 10/25/23 § | 632473 | 643186 |
|  Fannie Mae REMICS<br>2.000% due 08/25/50 | 2600000 | 2040177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/25/44 | 3748280 | 3144554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/25/45 | 904492 | 768031 |
|  Flagstar Mortgage Trust <br>3.500% due 04/25/48 § ~ | 119983 | 117809 |
|  Freddie Mac<br>3.000% due 08/15/48 | 356961 | 309655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/39 - 04/25/52 | 1290840 | 1172038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/15/30 - 03/15/35 | 4436200 | 4426893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318% (USD LIBOR + 1.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/15/32 § | 29643 | 28298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.728% (SOFR + 1.800%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/25/51 § ~ | 2453041 | 2396534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 05/15/36 | 865983 | 889197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.689% (USD LIBOR + 2.300%) <br>due 01/25/50 § ~ | 2570000 | 2428190 |
|  Freddie Mac (IO)<br>0.212% due 04/15/41 § | 574061 | 23086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 01/15/38 § | 49046 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.632% (5.950% - USD LIBOR) <br>due 10/15/41 § | 449292 | 38008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.682% (6.000% - USD LIBOR) <br>due 05/15/44 § | 2395605 | 215398 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.712% (6.030% - USD LIBOR) <br>due 09/15/37 § | $665398 | $48103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.732% (6.050% - USD LIBOR) <br>due 08/15/39 § | 639903 | 48910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.912% (6.230% - USD LIBOR) <br>due 01/15/40 § | 113367 | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.932% (6.250% - USD LIBOR) <br>due 09/15/42 § | 377473 | 27182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.972% (6.290% - USD LIBOR) <br>due 11/15/36 § | 222712 | 17255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/25/50 | 2172181 | 296603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/25/49 - 01/25/51 | 11824596 | 1764495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 12/15/31 | 324316 | 17683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/27 - 04/15/43 | 1064733 | 74374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/15/43 | 72673 | 2940 |
|  Freddie Mac REMICS<br>2.000% due 03/25/51 | 5338304 | 616584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/44 | 2304763 | 1991936 |
|  Freddie Mac STACR Trust <br>6.239% (USD LIBOR + 1.850%) <br>due 02/25/50 § ~ | 1940195 | 1937052 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>8.889% (USD LIBOR + 4.500%) <br>due 02/25/24 § | 2061209 | 2081489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.339% (USD LIBOR + 4.950%) <br>due 07/25/29 § | 4410000 | 4705342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.739% (USD LIBOR + 9.350%) <br>due 04/25/28 § | 2833498 | 2921254 |
|  Government National Mortgage Association<br>2.500% due 05/20/51 - 10/20/51 | 4382579 | 2157446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 03/20/48 | 511741 | 458065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 07/20/49 | 2418812 | 2168466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276% (USD LIBOR + 0.450%) <br>due 07/20/70 § | 521616 | 500785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% (USD LIBOR + 0.500%) <br>due 07/20/70 § | 546660 | 527018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142% (USD LIBOR + 0.300%) <br>due 02/20/68 - 07/20/68 § | 1905743 | 1880993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.242% (USD LIBOR + 0.400%) <br>due 08/20/70 § | 168579 | 166778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342% (USD LIBOR + 0.500%)<br> due 03/20/61 § | 725924 | 721157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.055% (USD LIBOR + 1.000%) <br>due 05/20/60 § | 196336 | 196377 |
|  Government National Mortgage Association (IO)<br>0.475% due 11/20/42 § | 133240 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.774% (6.100% - USD LIBOR) <br>due 08/16/42 § | 433808 | 41409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.824% (6.150% - USD LIBOR) <br>due 06/16/43 § | 401381 | 16175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874% (6.200% - USD LIBOR) <br>due 10/16/42 § | 587316 | 58193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/20/50 | 7771547 | 860352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.127% (6.480% - USD LIBOR) <br>due 04/20/40 § | 60712 | 6624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.197% (6.550% - USD LIBOR) <br>due 06/20/40 § | 1186306 | 116668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.274% (6.600% - USD LIBOR) <br>due 04/16/42 § | 1183838 | 145941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.297% (6.650% - USD LIBOR) <br>due 01/20/40 § | 19081 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/20/50 - 02/20/51 | 23157937 | 3263435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/20/27 - 04/20/50 | 3381305 | 527720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/16/45 | 633138 | 113261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/20/44 | 3074787 | 584833 |
|  GS Mortgage-Backed Securities Trust <br>4.000% due 05/25/62 § ~ | 1859511 | 1671072 |
|  Impac CMB Trust <br>4.909% (USD LIBOR + 0.520%) <br>due 11/25/35 § | 1039234 | 878437 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-16** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  IndyMac INDX Mortgage Loan Trust <br>4.909% (USD LIBOR + 0.520%) <br>due 06/25/35 § | $| 855009 | $666319 |
|  JP Morgan Mortgage Trust<br>3.500% due 09/25/48 § ~ |  | 770909 | 677427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/25/48 § ~ |  | 1615229 | 1417191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.236% due 08/25/35 § |  | 262598 | 242202 |
|  Legacy Mortgage Asset Trust<br>1.750% due 04/25/61 § ~ |  | 2018602 | 1834559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 07/25/67 § ~ |  | 3814948 | 3434083 |
|  Lehman Mortgage Trust <br>5.139% (USD LIBOR + 0.750%) <br>due 12/25/35 § |  | 2830832 | 1478727 |
|  MASTR Reperforming Loan Trust <br>7.000% due 08/25/34 ~ |  | 909934 | 692685 |
|  Merrill Lynch Mortgage Investors Trust <br>3.484% due 06/25/35 § |  | 531943 | 491684 |
|  Morgan Stanley Mortgage Loan Trust<br>3.432% due 07/25/34 § |  | 129095 | 117905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.572% due 07/25/35 § |  | 523371 | 434872 |
|  Morgan Stanley Resecuritization Trust <br>2.399% (US FED + 0.710%) <br>due 12/27/46 § ~ |  | 5535652 | 4776910 |
|  NAAC Reperforming Loan REMIC Trust Certificates <br>6.500% due 02/25/35 ~ |  | 1082002 | 956605 |
|  New Residential Mortgage Loan Trust<br>4.000% due 05/25/57 § ~ |  | 1900810 | 1774696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/25/57 § ~ |  | 3753731 | 3563553 |
|  Nomura Resecuritization Trust <br>2.689% (US FED + 1.000%) <br>due 08/26/46 § ~ |  | 3397538 | 3090090 |
|  PMT Credit Risk Transfer Trust <br>7.137% (USD LIBOR + 2.750%) <br>due 05/27/23 § ~ |  | 3062813 | 2942395 |
|  PRKCM Trust<br>2.071% due 11/25/56 § ~ |  | 2063446 | 1719459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 04/25/57 § ~ |  | 2336083 | 2197457 |
|  RAAC Trust <br>6.000% due 09/25/34 |  | 8416 | 7762 |
|  Radnor RE Ltd. (Bermuda) <br>6.628% (SOFR + 2.700%) <br>due 12/27/33 § ~ |  | 8010000 | 7488925 |
|  Residential Asset Securitization Trust<br>4.544% (USD LIBOR + 0.500%) <br>due 07/25/36 § |  | 323539 | 238915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 08/25/36 |  | 687507 | 452376 |
|  Structured Adjustable Rate Mortgage Loan Trust<br>3.513% due 08/25/36 § |  | 2693361 | 1911854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.743% due 05/25/36 § |  | 1144970 | 785003 |
|  Towd Point Mortgage Trust <br>3.750% due 09/25/62 ~ |  | 2478703 | 2329522 |
|  Verus Securitization Trust <br>4.910% due 06/25/67 ~ |  | 1722887 | 1649081 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>3.191% due 10/25/36 § |  | 405707 | 362064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.864% due 07/25/37 § |  | 1441590 | 1322284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.124% due 09/25/33 § |  | 58459 | 53907 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust<br>2.748% (US FED + 0.700%) <br>due 01/25/47 § |  | 3161780 | 2506701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/25/36 |  | 372920 | 255643 |
|  |  |  | 146638103 |
|  **Fannie Mae - 14.8%** | **Fannie Mae - 14.8%** | **Fannie Mae - 14.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/23 - 02/01/53 # |  | 80400000 | 73796927 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 12/25/51 # |  | 35400000 | 28813087 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 12/25/51 # |  | 36700000 | 31084278 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 04/25/52 # |  | 31400000 | 28530518 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/01/51 - 03/01/51 | $| 6081035 | $| 4703516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 06/01/41 - 03/01/52 |  | 33434385 |  | 27577305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.149% due 02/01/32 § |  | 717357 |  | 597694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 03/01/38 - 09/01/61 |  | 54619481 |  | 46651498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810% due 04/01/25 |  | 130000 |  | 124486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.930% due 06/01/30 |  | 247592 |  | 224631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 07/01/35 - 03/01/52 |  | 38213644 |  | 34559312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% due 05/01/29 |  | 990346 |  | 917711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 02/01/29 |  | 90091 |  | 84409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/01/29 |  | 175583 |  | 164465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 03/01/29 |  | 153238 |  | 145297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/01/34 - 04/01/52 |  | 27904920 |  | 26080516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 08/01/32 |  | 400000 |  | 374045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.890% due 07/01/32 |  | 4200000 |  | 3942271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 08/01/32 |  | 500000 |  | 468405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 10/01/32 |  | 1500000 |  | 1417337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/01/42 - 06/01/57 |  | 19852711 |  | 19050972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060% due 07/01/32 |  | 600000 |  | 570944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260% due 11/01/32 |  | 600000 |  | 588048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% due 11/01/32 |  | 600000 |  | 593339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410% due 10/01/32 - 12/01/32 |  | 1398285 |  | 1387834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440% due 11/01/32 |  | 200000 |  | 199292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/23 - 08/01/58 |  | 13322241 |  | 13080178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% due 11/01/32 |  | 700000 |  | 700566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/01/33 - 06/01/41 |  | 4172771 |  | 4228217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/01/37 - 11/01/38 |  | 647362 |  | 670716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 04/01/33 - 07/01/41 |  | 815936 |  | 850722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 05/01/40 |  | 870380 |  | 919390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 02/01/39 |  | 422714 |  | 445720 |
|  |  |  |  | 353543646 |
|  **Freddie Mac - 4.9%** | **Freddie Mac - 4.9%** | **Freddie Mac - 4.9%** | **Freddie Mac - 4.9%** | **Freddie Mac - 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/01/41 - 11/01/41 |  | 1333682 |  | 1082046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/01/41 - 02/01/52 |  | 31058472 |  | 25735269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.105% (UST + 1.284%)<br>due 03/01/47 § |  | 653992 |  | 620712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 04/01/41 - 04/01/52 |  | 44423390 |  | 38199005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.878% (USD LIBOR + 1.619%)<br>due 11/01/47 § |  | 1788378 |  | 1723679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 01/01/47 - 04/01/52 |  | 12103986 |  | 10826778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.009% (USD LIBOR + 1.628%)<br>due 11/01/48 § |  | 5071929 |  | 4807482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091% (USD LIBOR + 1.621%)<br>due 02/01/50 § |  | 1880967 |  | 1805624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/01/38 - 02/01/52 |  | 3062528 |  | 2891243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/01/42 - 07/01/49 |  | 18037353 |  | 17253298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/01/23 - 04/01/47 |  | 6100304 |  | 6041876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/01/35 - 06/01/48 |  | 2467550 |  | 2511319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/01/37 - 12/01/38 |  | 589471 |  | 612088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 10/01/36 - 11/01/39 |  | 1589739 |  | 1660027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/01/39 |  | 271589 |  | 282938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 03/01/39 |  | 116526 |  | 125350 |
|  |  |  |  | 116178734 |
|  **Government National Mortgage Association - 6.4%** | **Government National Mortgage Association - 6.4%** | **Government National Mortgage Association - 6.4%** | **Government National Mortgage Association - 6.4%** | **Government National Mortgage Association - 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/23 # |  | 33800000 |  | 29298746 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/23 - 02/01/53 # |  | 63600000 |  | 60148523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/20/50 - 04/20/51 |  | 2700213 |  | 2354447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/42 - 04/20/52 |  | 22002145 |  | 19664471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/20/44 - 06/20/52 |  | 17427206 |  | 16229269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/20/33 - 04/20/50 |  | 11574522 |  | 11086367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.399% (USD LIBOR + 0.631%)<br> due 08/20/60 § |  | 363249 |  | 362009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/20/40 - 11/20/50 |  | 8705150 |  | 8606439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/40 - 10/20/47 |  | 3879571 |  | 3955911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/15/36 |  | 160850 |  | 168471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/20/35 - 03/20/42 |  | 2046280 |  | 2162508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/20/37 |  | 282750 |  | 299763 |
|  |  |  |  | 154336924 |
|  Total Mortgage-Backed Securities <br>(Cost $934,112,801) | Total Mortgage-Backed Securities <br>(Cost $934,112,801) | Total Mortgage-Backed Securities <br>(Cost $934,112,801) |  | 870104738 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-17** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **ASSET-BACKED SECURITIES - 2.9%** | **ASSET-BACKED SECURITIES - 2.9%** | **ASSET-BACKED SECURITIES - 2.9%** |
|  ACRES Commercial Realty Ltd. CLO <br>5.526% (USD LIBOR + 1.200%) <br>due 06/15/36 § ~ | $2380000 | $2302787 |
|  Arbor Realty Commercial Real Estate Notes Ltd. CLO <br>5.668% (USD LIBOR + 1.350%) <br>due 11/15/36 § ~ | 3107000 | 2996416 |
|  Citigroup Mortgage Loan Trust <br>4.459% (USD LIBOR + 0.070%) <br>due 05/25/37 § | 147019 | 101074 |
|  College Ave Student Loans LLC | College Ave Student Loans LLC | College Ave Student Loans LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.280% due 12/28/48 ~ | 1427646 | 1281687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.789% (USD LIBOR + 1.400%)<br>due 12/28/48 § ~ | 1706854 | 1655441 |
|  Credit Suisse European Mortgage Capital Ltd. (Ireland) <br>7.315% (USD LIBOR + 2.900%) <br>due 08/09/24 § ~ | 4032600 | 3946198 |
|  Credit-Based Asset Servicing & Securitization LLC <br>5.169% (USD LIBOR + 0.780%) <br>due 07/25/33 § | 585215 | 554503 |
|  DB Master Finance LLC <br>2.791% due 11/20/51 ~ | 2326500 | 1799213 |
|  ECMC Group Student Loan Trust <br>5.366% (USD LIBOR + 1.350%) <br>due 07/26/66 § ~ | 3826656 | 3728361 |
|  Fannie Mae Grantor Trust <br>2.898% due 06/25/27 | 536730 | 500919 |
|  FNA VI LLC <br>1.350% due 01/10/32 ~ | 2148326 | 1955904 |
|  Foundation Finance Trust <br>1.270% due 05/15/41 ~ | 2107262 | 1886143 |
|  Freddie Mac Structured Pass-Through Certificates <br>3.089% due 11/25/27 | 473007 | 439731 |
|  GoodLeap Sustainable Home Solutions Trust <br>1.930% due 07/20/48 ~ | 1978800 | 1512756 |
|  Hildene Community Funding CDO Ltd. CLO (Cayman) <br>2.600% due 11/01/35 ~ | 4880000 | 4120428 |
|  InStar Leasing III LLC <br>2.300% due 02/15/54 ~ | 3379944 | 2799633 |
|  Magnolia Finance X DAC (Ireland) <br>3.980% due 08/13/24 | 4213467 | 4119296 |
|  Mercury Financial Credit Card Master Trust <br>4.210% due 03/20/26 ~ | 4000000 | 3662041 |
|  MF1 Ltd. (Cayman) <br>5.176% (SOFR + 1.350%) <br>due 02/19/37 § ~ | 3655000 | 3510090 |
|  National Collegiate Student Loan Trust <br>4.749% (USD LIBOR + 0.360%) <br>due 01/26/32 § | 1200000 | 917476 |
|  Navient Private Education Refi Loan Trust <br>1.690% due 05/15/69 ~ | 3473591 | 3124996 |
|  Oak Street Investment Grade Net Lease Fund <br>1.850% due 11/20/50 ~ | 4269052 | 3793989 |
|  Origen Manufactured Housing Contract Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 10/15/37 § | 2684432 | 2451485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.258% due 04/15/37 § | 1820984 | 1676744 |
|  SBA Small Business Investment Cos. <br>3.548% due 09/10/28 | 512345 | 484080 |
|  SMB Private Education Loan Trust <br>1.390% due 01/15/53 ~ | 1534252 | 1311050 |
|  Sofi Professional Loan Program Trust <br>3.340% due 08/25/47 ~ | 1061896 | 1028936 |
|  Stonepeak ABS <br>2.301% due 02/28/33 ~ | 7898936 | 7037023 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Structured Asset Investment Loan Trust <br>5.389% (USD LIBOR + 1.000%) <br>due 10/25/33 § | $| 273343 | $| 272239 |
|  Sunrun Vulcan Issuer LLC <br>2.460% due 01/30/52 ~ |  | 2003341 |  | 1628946 |
|  Thrust Engine Leasing DAC <br>4.163% due 07/15/40 ~ |  | 2272053 |  | 1675583 |
|  United States Small Business Administration | United States Small Business Administration | United States Small Business Administration | United States Small Business Administration | United States Small Business Administration |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690% due 07/01/44 |  | 1233145 |  | 1079590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.980% due 04/01/39 |  | 645871 |  | 595251 |
|  Total Asset-Backed Securities <br>(Cost $76,247,240) | Total Asset-Backed Securities <br>(Cost $76,247,240) | Total Asset-Backed Securities <br>(Cost $76,247,240) |  | 69950009 |
|  **U.S. TREASURY OBLIGATIONS - 9.9%** | **U.S. TREASURY OBLIGATIONS - 9.9%** | **U.S. TREASURY OBLIGATIONS - 9.9%** |  |  |
|  **U.S. Treasury Bonds - 6.5%** | **U.S. Treasury Bonds - 6.5%** | **U.S. Treasury Bonds - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 |  | 140000 |  | 75395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 |  | 8375000 |  | 5307329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 |  | 10880000 |  | 7127675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 05/15/41 |  | 13310000 |  | 10013175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/15/42 |  | 1860000 |  | 1421047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/51 |  | 46140000 |  | 33118968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/52 |  | 940000 |  | 753469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/52 |  | 8420000 |  | 6939922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/42 |  | 150000 |  | 131578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/15/48 |  | 10000 |  | 8827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 08/15/43 |  | 1020000 |  | 938639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/15/44 ‡ |  | 2697000 |  | 2476288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/42 |  | 41740000 |  | 40879113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/52 |  | 46890000 |  | 46970592 |
|  |  |  |  | 156162017 |
|  **U.S. Treasury Notes - 3.4%** | **U.S. Treasury Notes - 3.4%** | **U.S. Treasury Notes - 3.4%** | **U.S. Treasury Notes - 3.4%** | **U.S. Treasury Notes - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/31/29 |  | 19520000 |  | 19530675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 09/30/27 |  | 510000 |  | 511952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/27 |  | 60240000 |  | 60465900 |
|  |  |  |  | 80508527 |
|  Total U.S. Treasury Obligations <br>(Cost $266,551,484) | Total U.S. Treasury Obligations <br>(Cost $266,551,484) | Total U.S. Treasury Obligations <br>(Cost $266,551,484) |  | 236670544 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 7.0%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.0%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.0%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.0%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.0%** |
|  Argentine Bonos del Tesoro (Argentina) <br>16.000% due 10/17/23 W |  | ARS 20,030,000 |  | 39672 |
|  Argentine Republic Government (Argentina) | Argentine Republic Government (Argentina) | Argentine Republic Government (Argentina) | Argentine Republic Government (Argentina) | Argentine Republic Government (Argentina) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 07/09/30 § |  | $4824820 |  | 1313266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 07/09/29 |  | 412501 |  | 110533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/09/41 § |  | 4140000 |  | 1178199 |
|  Brazilian Government (Brazil) | Brazilian Government (Brazil) | Brazilian Government (Brazil) | Brazilian Government (Brazil) | Brazilian Government (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/13/28 |  | 1480000 |  | 1421166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/14/50 |  | 3780000 |  | 2660424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/27/45 |  | 4390000 |  | 3266829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 01/07/41 |  | 560000 |  | 475677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/21/47 |  | 3600000 |  | 2864064 |
|  China Government (China) | China Government (China) | China Government (China) | China Government (China) | China Government (China) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.310% due 11/30/25 ~ |  | CNY 66,000,000 |  | 9665923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.380% due 11/21/24 ~ |  | 17000000 |  | 2484474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% due 05/21/25 ~ |  | 20500000 |  | 3004860 |
|  Colombia Government (Colombia) | Colombia Government (Colombia) | Colombia Government (Colombia) | Colombia Government (Colombia) | Colombia Government (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/22/32 |  | $1810000 |  | 1322110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 02/22/42 |  | 1850000 |  | 1163325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/26/44 |  | 2180000 |  | 1609652 |
|  Indonesia Government (Indonesia) | Indonesia Government (Indonesia) | Indonesia Government (Indonesia) | Indonesia Government (Indonesia) | Indonesia Government (Indonesia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/11/48 |  | 770000 |  | 667154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 07/18/47 ~ |  | 400000 |  | 365329 |
|  Indonesia Treasury (Indonesia) | Indonesia Treasury (Indonesia) | Indonesia Treasury (Indonesia) | Indonesia Treasury (Indonesia) | Indonesia Treasury (Indonesia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 04/15/32 |  | IDR 37,919,000,000 |  | 2347848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/15/31 |  | 254574000000 |  | 15911386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 05/15/27 |  | 179413000000 |  | 11828215 |
|  Israel Government International (Israel) <br>2.750% due 07/03/30 |  | $1290000 |  | 1174900 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-18** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** | **Value** |
|  Kenya Government (Kenya) | Kenya Government (Kenya) | Kenya Government (Kenya) | Kenya Government (Kenya) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% due 01/23/34 ~ | 3210000 | $| 2487718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 02/28/28 ~ | 1210000 |  | 1064449 |
|  Mexican Bonos (Mexico) | Mexican Bonos (Mexico) | Mexican Bonos (Mexico) | Mexican Bonos (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/23/34 | MXN 346,790,000 |  | 16091704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/13/42 | 660067500 |  | 29589817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 11/07/47 | 537350000 |  | 24612238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 05/31/29 | 55030000 |  | 2748634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% due 12/05/24 | 28960000 |  | 1490765 |
|  Mexico Government (Mexico) | Mexico Government (Mexico) | Mexico Government (Mexico) | Mexico Government (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 02/10/48 | $4270000 |  | 3311259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 10/12/10 | 1450000 |  | 1225401 |
|  Nigeria Government (Nigeria) | Nigeria Government (Nigeria) | Nigeria Government (Nigeria) | Nigeria Government (Nigeria) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 11/28/27 ~ | 650000 |  | 526480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.143% due 02/23/30 ~ | 750000 |  | 577016 |
|  Panama Government (Panama) | Panama Government (Panama) | Panama Government (Panama) | Panama Government (Panama) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252% due 09/29/32 | 2630000 |  | 1957392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/56 | 1230000 |  | 901338 |
|  Paraguay Government (Paraguay) <br>3.849% due 06/28/33 ~ | 790000 |  | 696445 |
|  Peruvian Government (Peru) | Peruvian Government (Peru) | Peruvian Government (Peru) | Peruvian Government (Peru) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783% due 01/23/31 | 1600000 |  | 1327568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/18/50 | 1150000 |  | 1141289 |
|  Provincia de Buenos Aires (Argentina) <br>5.250% due 09/01/37 § ~ | 3514172 |  | 1225567 |
|  Russian Federal (Russia) | Russian Federal (Russia) | Russian Federal (Russia) | Russian Federal (Russia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900% due 05/23/29 | RUB 107,830,000 |  | 453252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% due 01/19/28 | 656291000 |  | 2758647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 05/10/34 | 41210000 |  | 173222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% due 04/10/30 | 754940000 |  | 3173307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700% due 03/16/39 | 690870000 |  | 2903996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.150% due 02/03/27 | 458179000 |  | 1925905 |
|  State of Israel (Israel) <br>3.375% due 01/15/50 | $990000 |  | 764844 |
|  Total Foreign Government Bonds & Notes <br>(Cost $224,990,799) | Total Foreign Government Bonds & Notes <br>(Cost $224,990,799) |  | 168003259 |
|  **SHORT-TERM INVESTMENTS - 5.4%** | **SHORT-TERM INVESTMENTS - 5.4%** | **SHORT-TERM INVESTMENTS - 5.4%** | **SHORT-TERM INVESTMENTS - 5.4%** |
|  **Repurchase Agreement - 1.4%** | **Repurchase Agreement - 1.4%** | **Repurchase Agreement - 1.4%** | **Repurchase Agreement - 1.4%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $32,895,779; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $33,538,997) | 32881348 |  | 32881348 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **U.S. Government Agency Issues - 4.0%** |  |  |  |
|  Federal Home Loan Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266% due 01/11/23 | $| 12260000 | $12248133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% due 02/15/23 |  | 12260000 | 12195572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.297% due 03/08/23 |  | 22310000 | 22138361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.337% due 02/28/23 |  | 12050000 | 11967596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.394% due 02/22/23 |  | 36100000 | 35875281 |
|  |  |  | 94424943 |
|  Total Short-Term Investments <br>(Cost $127,296,278) | Total Short-Term Investments <br>(Cost $127,296,278) | Total Short-Term Investments <br>(Cost $127,296,278) | 127306291 |
|  **TOTAL INVESTMENTS - 105.8% <br>(Cost $2,821,595,358)** | **TOTAL INVESTMENTS - 105.8% <br>(Cost $2,821,595,358)** | **TOTAL INVESTMENTS - 105.8% <br>(Cost $2,821,595,358)** | 2533004783 |
|  **DERIVATIVES - 1.8%** |  |  | 43781236 |
|  **OTHER ASSETS & LIABILITIES, NET - (7.6%)** | **OTHER ASSETS & LIABILITIES, NET - (7.6%)** | **OTHER ASSETS & LIABILITIES, NET - (7.6%)** | (181875456) |
|  **NET ASSETS - 100.0%** |  |  | $2394910563 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 39.3% |
|  Mortgage-Backed Securities | 36.3% |
|  U.S. Treasury Obligations | 9.9% |
|  Foreign Government Bonds & Notes | 7.0% |
|  Short-Term Investments | 5.4% |
|  Senior Loan Notes | 5.0% |
|  Others (each less than 3.0%) | 2.9% |
|  | 105.8% |
|  Derivatives | 1.8% |
|  Other Assets & Liabilities, Net | (7.6%) |
|  | 100.0% |

---

(b) As of December 31, 2022, an investment with a value of $2,203,594 was fully or partially segregated with the
broker(s)/custodian as collateral for open futures contracts and swap agreements.

(c) An investment with a value of $39,672 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) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  3-Month USD SOFR | 09/23 | 12 | $2896975 | $2851200 | ($45775) |
|  3-Month USD SOFR | 03/25 | 1004 | 242907427 | 242616600 | (290827) |
|  3-Month USD SOFR | 03/26 | 238 | 57349402 | 57607900 | 258498 |
|  AUD FX | 03/23 | 886 | 60785503 | 60500510 | (284993) |
|  Australia Treasury 10-Year Notes | 03/23 | 305 | 25404245 | 24022328 | (1381917) |
|  EUR FX | 03/23 | 421 | 56422734 | 56592925 | 170191 |
|  Euro-Bobl | 03/23 | 144 | 18498066 | 17842252 | (655814) |
|  Euro-Bund | 01/23 | 26 | 3480218 | 3471000 | (9218) |
|  Euro-Bund | 03/23 | 373 | 55335849 | 53075979 | (2259870) |
|  Euro-OAT | 03/23 | 126 | 18495795 | 17169796 | (1325999) |
|  Eurodollar | 03/23 | 291 | 69163724 | 69057938 | (105786) |
|  Eurodollar | 09/23 | 161 | 39871338 | 38207313 | (1664025) |
|  Eurodollar | 12/23 | 14 | 3390304 | 3332350 | (57954) |
|  GBP FX | 03/23 | 96 | 7466040 | 7250400 | (215640) |
|  JPY FX | 03/23 | 286 | 26684505 | 27552525 | 868020 |
|  Long Gilt | 03/23 | 162 | 20646285 | 19565407 | (1080878) |
|  MXN FX | 03/23 | 1142 | 28415815 | 28904020 | 488205 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-19** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury 30-Year Bonds | 03/23 | 1333 | $169326888 | $167083218 | ($2243670) |
|  U.S. Treasury 5-Year Notes | 03/23 | 7219 | 780467271 | 779144418 | (1322853) |
|  U.S. Treasury Ultra 10-Year Notes | 03/23 | 421 | 49881181 | 49796406 | (84775) |
|  U.S. Treasury Ultra Long Bonds | 03/23 | 2060 | 276813805 | 276683750 | (130055) |
|  |  |  |  |  | (11375135) |
| Short Futures Outstanding |  |  |  |  |  |
|  30 Day Federal Funds | 01/23 | 286 | 114009368 | 114015870 | (6502) |
|  3-Month USD SOFR | 03/24 | 2679 | 642569182 | 639410325 | 3158857 |
|  Euro-Bund | 01/23 | 77 | 10290021 | 10472000 | (181979) |
|  Euro-Bund | 01/23 | 39 | 5238474 | 5226000 | 12474 |
|  Euro-Bund | 01/23 | 25 | 3350523 | 3450000 | (99477) |
|  Euro-Buxl | 03/23 | 81 | 13898634 | 11726175 | 2172459 |
|  Japan 10-Year Bonds | 03/23 | 34 | 38360285 | 37683938 | 676347 |
|  U.S. Treasury 2-Year Notes | 03/23 | 379 | 77820048 | 77724610 | 95438 |
|  U.S. Treasury 10-Year Notes | 03/23 | 4874 | 552052969 | 547334969 | 4718000 |
|  |  |  |  |  | 10545617 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | ($829518) |

---

(e) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| AUD | 23203161 | USD | 14989242 | 01/23 | MSC | $817569 | $— |
| CAD | 94578688 | USD | 69259495 | 01/23 | MSC | 596899 |  |
| GBP | 4110291 | USD | 4730226 | 01/23 | GSC | 240740 |  |
| INR | 347679333 | USD | 4215189 | 01/23 | MSC |  | (15348) |
| JPY | 1517995000 | USD | 11392983 | 01/23 | GSC | 193549 |  |
| JPY | 3587027660 | USD | 25052137 | 01/23 | JPM | 2326880 |  |
| NOK | 125617894 | EUR | 11987115 | 01/23 | JPM |  | (14129) |
| USD | 11474557 | CAD | 15762030 | 01/23 | MSC |  | (167374) |
| USD | 23280720 | CNH | 165442108 | 01/23 | JPM |  | (651689) |
| USD | 21791730 | CNH | 156530000 | 01/23 | MSC |  | (851477) |
| USD | 35515359 | EUR | 35212070 | 01/23 | MSC |  | (2213197) |
| USD | 18316052 | GBP | 15213299 | 01/23 | MSC |  | (82837) |
| USD | 25945158 | IDR | 396073015383 | 01/23 | JPM | 471659 |  |
| USD | 4351756 | JPY | 617305622 | 01/23 | GSC |  | (360007) |
| USD | 30061700 | JPY | 3984167250 | 01/23 | MSC |  | (348599) |
| USD | 48903043 | MXN | 996350602 | 01/23 | BOA |  | (2099725) |
| ZAR | 57802295 | USD | 3208921 | 01/23 | GSC | 188920 |  |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $4836216 | ($6804382) |

---

(f) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Options on Futures</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Cost | Value |
|  Call - U.S. Treasury 5-Year Notes (02/23) | $108.00 | 01/27/23 | CME | 76 | $8208000 | $45553 | $45719 |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 108.25 | 01/27/23 | CME | 84 | 9093000 | 48489 | 40687 |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 108.75 | 01/27/23 | CME | 56 | 6090000 | 31816 | 16625 |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 109.50 | 01/27/23 | CME | 88 | 9636000 | 63152 | 11688 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 112.25 | 01/27/23 | CME | 38 | 4265500 | 35550 | 36813 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 112.50 | 01/27/23 | CME | 142 | 15975000 | 128527 | 119812 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 112.75 | 01/27/23 | CME | 31 | 3495250 | 29194 | 22281 |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 114.00 | 01/27/23 | CME | 129 | 14706000 | 112879 | 40312 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 125.00 | 01/27/23 | CME | 19 | 2375000 | 34174 | 39781 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 126.00 | 01/27/23 | CME | 28 | 3528000 | 45798 | 44187 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 129.00 | 01/27/23 | CME | 9 | 1161000 | 17594 | 5344 |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 131.00 | 01/27/23 | CME | 28 | 3668000 | 68877 | 8313 |
|  Call - AUD FX (02/23) | 68.00 | 02/03/23 | CME | 13 | 884000 | 13333 | 16380 |
|  |  |  |  |  |  | 674936 | 447942 |
|  Put - Eurodollar Midcurve 1-Year (01/23) | 95.63 | 01/13/23 | CME | 964 | 230456250 | 339424 | 126525 |
|  Put - Eurodollar Midcurve 1-Year (01/23) | 95.88 | 01/13/23 | CME | 990 | 237290625 | 419979 | 358875 |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 112.00 | 01/27/23 | CME | 76 | 8512000 | 67225 | 60563 |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 112.25 | 01/27/23 | CME | 28 | 3143000 | 25861 | 25813 |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 113.00 | 01/27/23 | CME | 21 | 2373000 | 19365 | 27562 |
|  |  |  |  |  |  | 871854 | 599338 |
|  Total Purchased Options | Total Purchased Options |  |  |  |  | $1546790 | $1047280 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-20** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(g) Premiums received and value of written options outstanding as of December 31, 2022 were as follows:

<u>Options on Futures</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Premium | Value |
|  Call - U.S. Treasury 5-Year Notes (02/23) | $108.50 | 01/27/23 | CME | 142 | $15407000 | $52051 | ($54359) |
|  Call - U.S. Treasury 5-Year Notes (02/23) | 109.75 | 01/27/23 | CME | 94 | 10316500 | 37658 | (9547) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 113.50 | 01/27/23 | CME | 54 | 6129000 | 26313 | (23625) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 113.75 | 01/27/23 | CME | 38 | 4322500 | 11809 | (14250) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 114.25 | 01/27/23 | CME | 38 | 4341500 | 13887 | (9500) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 114.50 | 01/27/23 | CME | 84 | 9618000 | 62198 | (17062) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 115.00 | 01/27/23 | CME | 119 | 13685000 | 106435 | (16734) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 115.50 | 01/27/23 | CME | 224 | 25872000 | 141706 | (24500) |
|  Call - U.S. Treasury 10-Year Notes (02/23) | 116.00 | 01/27/23 | CME | 141 | 16356000 | 102319 | (11016) |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 128.00 | 01/27/23 | CME | 124 | 15872000 | 97411 | (104625) |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 132.00 | 01/27/23 | CME | 114 | 15048000 | 160912 | (23156) |
|  Call - U.S. Treasury 30-Year Bonds (02/23) | 133.00 | 01/27/23 | CME | 19 | 2527000 | 33342 | (2969) |
|  |  |  |  |  |  | 846041 | (311343) |
|  Put - U.S. Treasury 5-Year Notes (02/23) | 109.00 | 01/27/23 | CME | 188 | 20492000 | 104691 | (243812) |
|  Put - U.S. Treasury 10-Year Notes (02/23) | 114.00 | 01/27/23 | CME | 206 | 23484000 | 158253 | (415219) |
|  Put - U.S. Treasury 30-Year Bonds (02/23) | 130.00 | 01/27/23 | CME | 113 | 14690000 | 170148 | (572063) |
|  |  |  |  |  |  | 433092 | (1231094) |
|  Total Written Options | Total Written Options |  |  |  |  | $1279133 | ($1542437) |

---

(h) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Credit Default Swaps on Corporate Issues - Sell Protection (1)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Exchange | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Apache Corp. | Q | 1.000% | 06/20/26 | ICE | 1.614% | $3337000 | ($63191) | ($165771) | $102580 |
|  Apache Corp. | Q | 1.000% | 12/20/26 | ICE | 1.751% | 8446000 | (223679) | (247245) | 23566 |
|  |  |  |  |  |  |  | ($286870) | ($413016) | $126146 |

---

<u>Credit Default Swaps on Credit Indices - Sell Protection (1)</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Exchange | Notional<br>Amount (3) | Value (4) | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  CDX IG39 5Y | Q | 1.000% | 12/20/27 | ICE | $445029000 | $3695932 | $1296388 | $2399544 |
|  CDX HY39 5Y | Q | 5.000% | 12/20/27 | ICE | 2134400 | 16023 | 21645 | (5622) |
|  |  |  |  |  |  | $3711955 | $1318033 | $2393922 |
|  Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps |  | $3425085 | $905017 | $2520068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 year end serve as
an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection
and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk
of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an
indicator of the current status of the payment/performance risk and 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 year 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.

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-21** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

<u>Interest Rate Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  7.450% | 28-Day MXN TIIE | L/L | CME | 07/18/29 | MXN331,270,000 | ($1114021) | $231686 | ($1345707) |
|  7.440% | 28-Day MXN TIIE | L/L | CME | 07/20/29 | 594730000 | (2011488) | 303480 | (2314968) |
|  |  |  |  |  |  | ($3125509) | $535166 | ($3660675) |

---

<u>Interest Rate Swaps - Short</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  1.130% | 1-Day U.S. SOFR | A/A | CME | 08/15/28 | $52554000 | $7206815 | $302168 | $6904647 |
|  1.220% | 1-Day U.S. SOFR | A/A | CME | 08/15/28 | 34412000 | 4551682 | (2220) | 4553902 |
|  2.850% | 1-Day U.S. SOFR | A/A | CME | 02/15/29 | 27350000 | 1212696 | 76992 | 1135704 |
|  3.270% | 1-Day U.S. SOFR | A/A | CME | 04/30/29 | 57973000 | 1326871 | (416158) | 1743029 |
|  3.850% | 1-Day U.S. SOFR | A/A | CME | 06/30/29 | 51410000 | (609024) | 41575 | (650599) |
|  2.000% | 1-Day U.S. SOFR | A/A | CME | 03/18/32 | 16189000 | 1972904 | 131224 | 1841680 |
|  0.560% | 1-Day U.S. SOFR | A/A | CME | 07/20/45 | 30684000 | 13832130 | 379274 | 13452856 |
|  0.641% | 1-Day JPY-TONAR | S/S | CME | 05/09/46 | JPY2,649,800,000 | 2659112 | 3542 | 2655570 |
|  1.520% | 1-Day U.S. SOFR | A/A | CME | 02/15/47 | $16888000 | 5073313 | (10812) | 5084125 |
|  1.729% | 1-Day U.S. SOFR | A/A | CME | 02/15/47 | 10330000 | 2734228 | 255990 | 2478238 |
|  1.630% | 1-Day U.S. SOFR | A/A | CME | 05/15/47 | 10060000 | 2876650 | 406525 | 2470125 |
|  1.650% | 1-Day U.S. SOFR | A/A | CME | 08/15/47 | 4402000 | 1250836 | 442540 | 808296 |
|  2.600% | 1-Day U.S. SOFR | A/A | CME | 02/15/48 | 14374000 | 1739471 | 988039 | 751432 |
|  2.510% | 1-Day U.S. SOFR | A/A | CME | 02/15/48 | 10389000 | 1479610 | 68167 | 1411443 |
|  2.620% | 1-Day U.S. SOFR | A/A | CME | 02/15/48 | 11765000 | 1458331 | (7177) | 1465508 |
|  3.050% | 1-Day U.S. SOFR | A/A | CME | 02/15/48 | 12094000 | 553045 | 372814 | 180231 |
|  2.500% | 1-Day U.S. SOFR | A/A | CME | 04/21/52 | 14812000 | 1957794 | 29297 | 1928497 |
|  |  |  |  |  |  | $51276464 | $3061780 | $48214684 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  |  |  | $48150955 | $3596946 | $44554009 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $51576040 | $4501963 | $47074077 |

---

<u>Balances reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps</u> 

---

| | | |
|:---|:---|:---|
| | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Centrally Cleared Swap Agreements (1) | Centrally Cleared Swap Agreements (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $5351346 | $51390973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (849383) | (4316896) |
|  | $4501963 | $47074077 |

---

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

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-22** 

------

**PACIFIC SELECT FUND** 

**DIVERSIFIED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $941738775 | $— | $941738775 | $— |
|  | Senior Loan Notes | 119231167 |  | 119231167 |  |
|  | Mortgage-Backed Securities | 870104738 |  | 870104738 |  |
|  | Asset-Backed Securities | 69950009 |  | 69950009 |  |
|  | U.S. Treasury Obligations | 236670544 |  | 236670544 |  |
|  | Foreign Government Bonds & Notes | 168003259 |  | 168003259 |  |
|  | Short-Term Investments | 127306291 |  | 127306291 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2525690 |  | 2525690 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1526416 | 1526416 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 4836216 |  | 4836216 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 16380 |  | 16380 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Contracts | 6379012 | 1526416 | 4852596 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 11092073 | 11092073 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 1030900 |  | 1030900 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 48865283 |  | 48865283 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 60988256 | 11092073 | 49896183 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset - Derivatives | 69892958 | 12618489 | 57274469 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2602897741 | 12618489 | 2590279252 |  |
|  Liabilities | Due to Custodian | (19496164) |  | (19496164) |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (5622) |  | (5622) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (500633) | (500633) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (6804382) |  | (6804382) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Currency Contracts | (7305015) | (500633) | (6804382) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (12947374) | (12947374) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (1542437) |  | (1542437) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (4311274) |  | (4311274) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (18801085) | (12947374) | (5853711) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (26111722) | (13448007) | (12663715) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (45607886) | (13448007) | (32159879) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2557289855 | ($829518) | $2558119373 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-23** 

------

**PACIFIC SELECT FUND** 

**FLOATING RATE INCOME PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS - 1.9%** | **EXCHANGE-TRADED FUNDS - 1.9%** | **EXCHANGE-TRADED FUNDS - 1.9%** |
|  SPDR Blackstone Senior Loan | 154777 | $6330379 |
|  SPDR Bloomberg Short Term High Yield Bond | 306031 | 7418192 |
|  |  | 13748571 |
|  Total Exchange-Traded Funds <br>(Cost $14,888,686) |  | 13748571 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 6.5%** | **CORPORATE BONDS & NOTES - 6.5%** | **CORPORATE BONDS & NOTES - 6.5%** |
|  **Communications - 1.2%** | **Communications - 1.2%** | **Communications - 1.2%** |
|  Uber Technologies, Inc. <br>8.000% due 11/01/26 ~ | $9000000 | 9049246 |
|  **Consumer, Cyclical - 1.3%** | **Consumer, Cyclical - 1.3%** | **Consumer, Cyclical - 1.3%** |
|  American Airlines Inc <br>11.750% due 07/15/25 ~ | 4000000 | 4299317 |
|  Carnival Corp. <br>9.875% due 08/01/27 ~ | 1500000 | 1419982 |
|  eG Global Finance PLC (United Kingdom) <br>8.500% due 10/30/25 ~ | 500000 | 466602 |
|  Merlin Entertainments Ltd. (United Kingdom) <br>5.750% due 06/15/26 ~ | 3287000 | 3082606 |
|  |  | 9268507 |
|  **Consumer, Non-Cyclical - 0.7%** | **Consumer, Non-Cyclical - 0.7%** | **Consumer, Non-Cyclical - 0.7%** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. <br>6.625% due 07/15/26 ~ | 2000000 | 1834120 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <br>4.625% due 06/01/28 ~ | 3000000 | 2436129 |
|  CoreLogic, Inc. <br>4.500% due 05/01/28 ~ | 1250000 | 960619 |
|  |  | 5230868 |
|  **Financial - 1.9%** | **Financial - 1.9%** | **Financial - 1.9%** |
|  Acrisure LLC/Acrisure Finance, Inc. <br>7.000% due 11/15/25 ~ | 2000000 | 1840786 |
|  AssuredPartners, Inc. <br>7.000% due 08/15/25 ~ | 7450000 | 7216539 |
|  HUB International Ltd. <br>7.000% due 05/01/26 ~ | 2750000 | 2697805 |
|  Ryan Specialty Group LLC <br>4.375% due 02/01/30 ~ | 2250000 | 1951078 |
|  |  | 13706208 |
|  **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** |
|  TransDigm, Inc. <br>6.250% due 03/15/26 ~ | 10226000 | 10107276 |
|  Total Corporate Bonds & Notes <br>(Cost $49,872,619) |  | 47362105 |
|  **SENIOR LOAN NOTES - 88.8%** | **SENIOR LOAN NOTES - 88.8%** | **SENIOR LOAN NOTES - 88.8%** |
|  **Basic Materials - 2.7%** | **Basic Materials - 2.7%** | **Basic Materials - 2.7%** |
|  Axalta Coating Systems US Holdings, Inc.<br>Term B4<br>7.321% (SOFR + 3.000%) <br>due 12/20/29 § | 2500000 | 2505078 |
|  Herens US Holdco Corp. Term B (Switzerland) <br>8.392% (USD LIBOR + 4.000%) <br>due 07/03/28 § | 6420402 | 5926031 |
|  Vantage Specialty Chemicals, Inc. Term B <br>7.940% (USD LIBOR + 3.500%) <br>due 10/28/24 § | 5530633 | 5414833 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Vibrantz Technologies, Inc. Term B <br>8.310% (SOFR + 4.250%) <br>due 04/21/29 § | $| 6982500 | $| 5938944 |
|  |  |  |  | 19784886 |
|  **Communications - 7.6%** | **Communications - 7.6%** | **Communications - 7.6%** | **Communications - 7.6%** | **Communications - 7.6%** |
|  Arches Buyer, Inc. <br>7.637% (USD LIBOR + 3.250%) <br>due 12/06/27 § |  | 8628781 |  | 8007690 |
|  CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>11.142% (USD LIBOR + 6.750%) <br>due 11/06/28 § |  | 6620000 |  | 6277964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.142% (USD LIBOR + 3.750%) <br>due 11/08/27 § |  | 6078429 |  | 5896076 |
|  Hunter US Bidco, Inc. Term B<br>(United Kingdom)<br>8.604% (USD LIBOR + 4.250%) <br>due 08/19/28 § ± |  | 2935469 |  | 2884098 |
|  MH Sub I LLC <br>8.103% (USD LIBOR + 3.750%) <br>due 09/15/24 § ∞ |  | 6238546 |  | 6069768 |
|  Pug LLC Term B <br>7.818% (USD LIBOR + 3.500%) <br>due 02/13/27 § |  | 10153755 |  | 8414925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.637% (USD LIBOR + 4.250%) <br>due 02/13/27 § ± |  | 308438 |  | 256775 |
|  Uber Technologies, Inc.<br>Term B<br>7.887% (USD LIBOR + 3.500%) <br>due 04/04/25 § ∞ |  | 9929980 |  | 9936186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.887% (USD LIBOR + 3.500%) <br>due 02/25/27 § |  | 2968338 |  | 2966482 |
|  Xplornet Communications, Inc.<br>(2nd Lien)<br>11.392% (USD LIBOR + 7.000%) <br>due 10/01/29 § ± |  | 500000 |  | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.392% (USD LIBOR + 4.000%) <br>due 10/01/28 § |  | 6424900 |  | 5019453 |
|  |  |  |  | 56079417 |
|  **Consumer, Cyclical - 10.8%** | **Consumer, Cyclical - 10.8%** | **Consumer, Cyclical - 10.8%** | **Consumer, Cyclical - 10.8%** | **Consumer, Cyclical - 10.8%** |
|  BCPE Empire Holdings, Inc.<br>8.358% (SOFR + 4.000%) <br>due 06/11/26 § |  | 738557 |  | 718246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.387% (USD LIBOR + 4.000%) <br>due 06/11/26 § |  | 1234406 |  | 1197374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.946% (SOFR + 4.625%) <br>due 06/11/26 § |  | 994987 |  | 979234 |
|  Bombardier Recreational Products, Inc. Term B3 (Canada) <br>7.836% (SOFR + 3.500%) <br>due 12/13/29 § |  | 1750000 |  | 1718645 |
|  Caesars Resort Collection LLC Term B <br>7.474% (USD LIBOR + 2.750%) <br>due 12/22/24 § ∞ |  | 11380622 |  | 11369356 |
|  Carnival Corp.<br>Term B<br>7.965% (USD LIBOR + 3.250%) <br>due 10/18/28 § |  | 5940000 |  | 5573698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.139% (USD LIBOR + 3.000%) <br>due 06/30/25 § |  | 6882801 |  | 6607490 |
|  ClubCorp Holdings, Inc. Term B <br>7.075% (USD LIBOR + 2.750%) <br>due 09/18/24 § ∞ |  | 10555438 |  | 9559268 |
|  Fertitta Entertainment LLC Term B <br>8.323% (SOFR + 4.000%) <br>due 01/27/29 § |  | 9868635 |  | 9393707 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-24** 

------

**PACIFIC SELECT FUND** 

**FLOATING RATE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Great Outdoors Group LLC Term B2 <br>8.137% (USD LIBOR + 3.750%) <br>due 03/05/28 § | $| 3735083 | $| 3601244 |
|  Hunter Douglas, Inc. Term B (Netherlands) <br>7.911% (SOFR + 3.500%) <br>due 02/25/29 § |  | 6169000 |  | 5461878 |
|  MIC Glen LLC (2nd Lien) <br>11.136% (USD LIBOR + 6.750%) <br>due 07/21/29 § |  | 750000 |  | 684844 |
|  PetSmart LLC Term B <br>8.042% (USD LIBOR + 3.750%) <br>due 02/12/28 § |  | 3684225 |  | 3622053 |
|  Playa Resorts Holding BV Term B <br>8.575% (SOFR + 4.250%) <br>due 12/15/28 § |  | 3500000 |  | 3416875 |
|  SRS Distribution, Inc.<br>Term B | SRS Distribution, Inc.<br>Term B | SRS Distribution, Inc.<br>Term B | SRS Distribution, Inc.<br>Term B | SRS Distribution, Inc.<br>Term B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.488% (SOFR + 3.500%)<br>due 06/04/28 § |  | 992500 |  | 950319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.892% (USD LIBOR + 3.750%) <br>due 06/04/28 § |  | 8424849 |  | 8052050 |
|  Sunset Debt Merger Sub, Inc. Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 10/06/28 § |  | 5706875 |  | 4691051 |
|  Tecta America Corp. <br>8.642% (USD LIBOR + 4.250%) <br>due 04/09/28 § |  | 2103360 |  | 2021854 |
|  |  |  |  | 79619186 |
|  **Consumer, Non-Cyclical - 19.4%** | **Consumer, Non-Cyclical - 19.4%** | **Consumer, Non-Cyclical - 19.4%** | **Consumer, Non-Cyclical - 19.4%** | **Consumer, Non-Cyclical - 19.4%** |
|  Allied Universal Holdco LLC Term B <br>8.076% (USD LIBOR + 3.750%) <br>due 05/14/28 § |  | 8448415 |  | 8035499 |
|  Bausch & Lomb, Inc. Term B <br>7.608% (SOFR + 3.250%) <br>due 05/10/27 § |  | 5721250 |  | 5442339 |
|  CoreLogic, Inc.<br>(2nd Lien)<br>10.940% (LIBOR + 6.500%) <br>due 06/04/29 § |  | 4000000 |  | 2906668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.892% (USD LIBOR + 3.500%)<br>due 06/02/28 § |  | 6423700 |  | 5377170 |
|  Covetrus, Inc. <br>8.864% (SOFR + 5.000%) <br>due 10/13/29 § |  | 2000000 |  | 1877500 |
|  Curium Bidco SARL Term B (Luxembourg) <br>8.642% (USD LIBOR + 4.250%) <br>due 12/09/27 § ± |  | 3693961 |  | 3610847 |
|  Eyecare Partners LLC <br>8.858% (SOFR + 4.500%) <br>due 11/15/28 § ± |  | 1000000 |  | 877500 |
|  Gainwell Acquisition Corp. Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 10/01/27 § |  | 10217577 |  | 9693926 |
|  Heartland Dental LLC<br>8.210% (USD LIBOR + 3.750%) <br>due 04/30/25 § |  | 6481967 |  | 6013372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.339% (USD LIBOR + 4.000%) <br>due 04/30/25 § |  | 1489918 |  | 1388884 |
|  Mavis Tire Express Services Topco Corp. <br>8.358% (SOFR + 4.000%) <br>due 05/04/28 § |  | 10875863 |  | 10403927 |
|  Midwest Veterinary Partners LLC <br>8.358% (SOFR + 4.000%) <br>due 04/30/28 § ± |  | 10672343 |  | 9658470 |
|  Packaging Coordinators Midco, Inc. <br>8.515% (USD LIBOR + 3.750%) <br>due 11/30/27 § |  | 7176174 |  | 6811983 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Pathway Vet Alliance LLC Term B <br>8.142% (USD LIBOR + 3.750%) <br>due 03/31/27 § | $| 13771201 | $| 11498953 |
|  PECF USS Intermediate Holding III Corp.<br>Term B <br>8.603% (USD LIBOR + 4.250%) <br>due 12/15/28 § |  | 1237500 |  | 1036278 |
|  PetVet Care Centers LLC | PetVet Care Centers LLC | PetVet Care Centers LLC | PetVet Care Centers LLC | PetVet Care Centers LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.900% (USD LIBOR + 6.250%) <br>due 02/15/26 § |  | 5000000 |  | 4626560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.880% (USD LIBOR + 3.250%) <br>due 02/14/25 § |  | 4556585 |  | 4281290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B3<br>7.854% (USD LIBOR + 3.500%) <br>due 02/15/25 § |  | 10000237 |  | 9450224 |
|  Precision Medicine Group LLC Term B <br>7.353% (USD LIBOR + 3.000%) <br>due 11/20/27 § ± |  | 3651370 |  | 3404903 |
|  Snacking Investments US LLC Term B<br>(Australia) <br>8.353% (USD LIBOR + 4.000%) <br>due 12/01/26 § |  | 1626102 |  | 1585957 |
|  Southern Veterinary Partners LLC <br>8.392% (USD LIBOR + 4.000%) <br>due 10/05/27 § |  | 8299289 |  | 7981152 |
|  Spin Holdco, Inc. Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 03/04/28 § |  | 8151415 |  | 6954176 |
|  Sunshine Luxembourg VII SARL Term B (Luxembourg) <br>8.142% (USD LIBOR + 3.750%) <br>due 10/02/26 § ∞ |  | 15540037 |  | 14920595 |
|  Team Health Holdings, Inc. Term B <br>9.608% (SOFR + 5.250%) <br>due 02/02/27 § |  | 6360122 |  | 4825743 |
|  |  |  |  | 142663916 |
|  **Energy - 1.2%** | **Energy - 1.2%** | **Energy - 1.2%** | **Energy - 1.2%** | **Energy - 1.2%** |
|  Traverse Midstream Partners LLC<br>Term B <br>8.702% (USD LIBOR + 4.250%) <br>due 09/27/24 § |  | 8535010 |  | 8530743 |
|  **Financial - 12.2%** | **Financial - 12.2%** | **Financial - 12.2%** | **Financial - 12.2%** | **Financial - 12.2%** |
|  Acrisure LLC<br>Term B<br>7.818% (USD LIBOR + 3.500%)<br>due 02/15/27 § |  | 3636509 |  | 3422107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B3<br>8.637% (USD LIBOR + 4.250%) <br>due 02/15/27 § |  | 7689332 |  | 7463458 |
|  Alliant Holdings Intermediate LLC<br>Term B<br>7.642% (USD LIBOR + 3.000%) <br>due 05/10/25 § ∞ |  | 1496084 |  | 1478692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B2<br>7.123% (USD LIBOR + 3.250%) <br>due 05/10/25 § ∞ |  | 3740310 |  | 3697297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.792% (USD LIBOR + 3.500%) <br>due 11/06/27 § |  | 1043014 |  | 1021067 |
|  Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B (Ireland)<br>8.137% (USD LIBOR + 3.750%) <br>due 07/27/28 § ∞ |  | 8700664 |  | 8287383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.321% (SOFR + 5.000%) <br>due 07/27/28 § ∞ ± |  | 1500000 |  | 1462500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.321% (SOFR + 5.000%) <br>due 07/27/28 § |  | 750000 |  | 731250 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-25** 

------

**PACIFIC SELECT FUND** 

**FLOATING RATE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  AssuredPartners, Inc.<br>7.858% (SOFR + 3.500%) <br>due 02/13/27 § | $| 994987 | $| 964516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.818% (USD LIBOR + 3.500%) <br>due 02/13/27 § |  | 2029954 |  | 1976668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.892% (USD LIBOR + 3.500%) <br>due 02/13/27 § |  | 9405847 |  | 9144252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.571% (SOFR + 4.250%) <br>due 02/13/27 § |  | 498750 |  | 496256 |
|  Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.108% (SOFR + 3.750%) <br>due 04/09/27 § |  | 8079028 |  | 7561469 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>11.139% (USD LIBOR + 6.750%) <br>due 04/07/28 § |  | 10460000 |  | 10021987 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.726% (USD LIBOR + 3.000%) <br>due 04/25/25 § |  | 161208 |  | 159730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.358% (SOFR + 4.000%) <br>due 11/10/29 § |  | 1250000 |  | 1238058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B3<br>7.636% (USD LIBOR + 3.250%) <br>due 04/25/25 § |  | 20519843 |  | 20365945 |
|  OneDigital Borrower LLC Term B <br>8.663% (SOFR + 4.250%) <br>due 11/16/27 § ± |  | 5920010 |  | 5624009 |
|  USI, Inc. Term B <br>8.073% (SOFR + 3.750%) <br>due 11/22/29 § ∞ |  | 4206521 |  | 4171817 |
|  |  |  |  | 89288461 |
|  **Industrial - 16.5%** | **Industrial - 16.5%** | **Industrial - 16.5%** | **Industrial - 16.5%** | **Industrial - 16.5%** |
|  Artera Services LLC <br>7.887% (USD LIBOR + 3.500%) <br>due 03/06/25 § |  | 1723750 |  | 1417784 |
|  ASP LS Acquisition Corp. <br>9.523% (USD LIBOR + 4.500%) <br>due 05/07/28 § |  | 3957425 |  | 2835495 |
|  Chart Industries, Inc. Term B <br>8.108% (SOFR + 3.750%) <br>due 12/08/29 § |  | 2000000 |  | 1981250 |
|  Charter Next Generation, Inc. <br>8.139% (USD LIBOR + 3.750%) <br>due 12/01/27 § |  | 7170140 |  | 6972962 |
|  Clydesdale Acquisition Holdings, Inc. <br>8.511% (SOFR + 4.250%) <br>due 04/13/29 § |  | 2487500 |  | 2376401 |
|  Crosby US Acquisition Corp. <br>9.323% (SOFR + 5.000%) <br>due 06/27/26 § ± |  | 1500000 |  | 1432500 |
|  Dynasty Acquisition Co., Inc. <br>7.792% (USD LIBOR + 3.500%) <br>due 04/08/26 § |  | 5666628 |  | 5416531 |
|  Engineered Components & Systems LLC Term B <br>10.392% (USD LIBOR + 6.000%) <br>due 08/02/28 § ± |  | 1980000 |  | 1757250 |
|  Filtration Group Corp. Term B <br>7.754% (USD LIBOR + 3.000%) <br>due 03/29/25 § |  | 330381 |  | 327671 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>7.386% (USD LIBOR + 3.000%) <br>due 07/21/28 § ∞ |  | 2180881 |  | 1976424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term C<br>7.386% (USD LIBOR + 3.000%) <br>due 07/21/28 § |  | 811788 |  | 735683 |
|  Flynn Canada Term B (Canada)<br>8.940% (USD LIBOR + 4.500%)<br>due 07/31/28 § ± |  | 1937429 |  | 1695251 |
|  Graham Packaging Co., Inc. <br>7.387% (USD LIBOR + 3.000%) <br>due 08/04/27 § |  | 3576884 |  | 3520548 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Granite US Holdings Corp. Term B <br>8.387% (USD LIBOR + 4.000%) <br>due 09/30/26 § | $| 4987380 | $| 4992058 |
|  Kenan Advantage Group, Inc.<br>Term B1 <br>8.137% (USD LIBOR + 3.750%) <br>due 03/24/26 § |  | 1585954 |  | 1549138 |
|  KKR Apple Bidco LLC Term B <br>8.323% (SOFR + 4.000%) <br>due 09/23/28 § |  | 3000000 |  | 2998125 |
|  Kloeckner Pentaplast of America, Inc. Term B (Luxembourg) <br>7.859% (SOFR + 4.750%) <br>due 02/09/26 § |  | 5546373 |  | 4957071 |
|  LABL, Inc. Term B <br>9.369% (USD LIBOR + 5.000%) <br>due 10/29/28 § |  | 8792928 |  | 8378008 |
|  LTI Holdings, Inc. Term B <br>8.235% (USD LIBOR + 3.500%) <br>due 09/06/25 § ∞ |  | 7269984 |  | 6976916 |
|  Mauser Packaging Solutions Holding Co.<br>Term B <br>8.007% (USD LIBOR + 3.250%) <br>due 04/03/24 § |  | 13499237 |  | 13203941 |
|  Pregis TopCo LLC<br>8.389% (USD LIBOR + 4.000%) <br>due 08/01/26 § ∞ |  | 1488731 |  | 1446551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B<br>8.392% (USD LIBOR + 4.000%) <br>due 08/01/26 § |  | 1952278 |  | 1903716 |
|  Pretium PKG Holdings, Inc.<br>8.392% (USD LIBOR + 4.000%) <br>due 10/01/28 § |  | 2970000 |  | 2374940 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>11.142% (USD LIBOR + 6.750%) <br>due 10/01/29 § |  | 250000 |  | 155938 |
|  Pro Mach Group, Inc. Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 08/31/28 § |  | 5694106 |  | 5551753 |
|  Proampac PG Borrower LLC Term B <br>8.137% (USD LIBOR + 3.750%) <br>due 11/03/25 § ∞ |  | 7397599 |  | 7103233 |
|  SPX FLOW, Inc. Term B <br>8.858% (SOFR + 4.500%) <br>due 04/05/29 § ∞ |  | 7356563 |  | 6864592 |
|  Standard Aero Ltd. <br>7.792% (USD LIBOR + 3.500%) <br>due 04/08/26 § |  | 3046574 |  | 2912114 |
|  Star US Bidco LLC Term B <br>8.637% (USD LIBOR + 4.250%) <br>due 03/17/27 § |  | 2681809 |  | 2557776 |
|  TransDigm, Inc. Term H <br>7.576% (SOFR + 3.250%) <br>due 02/14/27 § ∞ |  | 4908931 |  | 4899343 |
|  USIC Holdings, Inc. | USIC Holdings, Inc. | USIC Holdings, Inc. | USIC Holdings, Inc. | USIC Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien)<br>10.826% (USD LIBOR + 6.500%) <br>due 05/14/29 § |  | 2250000 |  | 2115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.826% (USD LIBOR + 3.500%) <br>due 05/14/28 § |  | 6306403 |  | 6037069 |
|  WP CPP Holdings LLC Term B <br>8.210% (USD LIBOR + 3.750%) <br>due 04/30/25 § |  | 2253040 |  | 1974226 |
|  |  |  |  | 121397258 |
|  **Technology - 17.6%** | **Technology - 17.6%** | **Technology - 17.6%** | **Technology - 17.6%** | **Technology - 17.6%** |
|  Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.892% (USD LIBOR + 5.500%) <br>due 09/19/25 § |  | 5653223 |  | 5632023 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-26** 

------

**PACIFIC SELECT FUND** 

**FLOATING RATE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.392% (USD LIBOR + 3.000%) <br>due 09/19/24 § | $1932540 | $1927181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.826% (SOFR + 4.500%) <br>due 09/19/26 § | 10078176 | 10052981 |
|  AthenaHealth Group, Inc. Term B <br>7.825% (SOFR + 3.500%) <br>due 02/15/29 § j | 2603378 | 2357143 |
|  Azalea Topco, Inc. Term B <br>8.108% (SOFR + 3.750%) <br>due 07/25/26 § | 2332375 | 2151616 |
|  Central Parent, Inc. (United Kingdom) <br>9.088% (SOFR + 4.500%) <br>due 07/06/29 § ∞ | 11000000 | 10925233 |
|  Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.142% (USD LIBOR + 7.750%) <br>due 07/31/28 § | 12002673 | 11882647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term C | &nbsp;&nbsp;&nbsp;&nbsp; Term C | &nbsp;&nbsp;&nbsp;&nbsp; Term C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.642% (USD LIBOR + 3.250%) <br>due 07/31/27 § | 2585787 | 2492052 |
|  Finastra USA, Inc. Term B <br>8.246% (USD LIBOR + 3.500%) <br>due 06/13/24 § | 9785845 | 8682902 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.142% (USD LIBOR + 7.750%) <br>due 02/01/29 § | 3941617 | 3770401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.142% (USD LIBOR + 3.750%) <br>due 02/01/28 § | 7404099 | 7248087 |
|  Polaris Newco LLC Term B <br>8.392% (USD LIBOR + 4.000%) <br>due 06/04/28 § | 13877000 | 12697455 |
|  Project Ruby Ultimate Parent Corp. Term B <br>7.642% (USD LIBOR + 3.250%) <br>due 03/10/28 § | 2123887 | 2012914 |
|  RealPage, Inc. (2nd Lien) <br>10.889% (USD LIBOR + 6.500%) <br>due 04/22/29 § | 14575549 | 14083624 |
|  Sophia LP (2nd Lien) <br>12.730% (USD LIBOR + 8.000%)<br>due 10/09/28 § | 4750000 | 4738125 |
|  Sovos Compliance LLC Term B <br>8.792% (USD LIBOR + 4.500%) <br>due 08/12/28 § | 11396841 | 10516435 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.642% (USD LIBOR + 3.250%) <br>due 05/03/26 § | 5150563 | 4905911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.282% (USD LIBOR + 3.750%) <br>due 05/03/26 § | 7419447 | 7163076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2nd Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.642% (USD LIBOR + 5.250%) <br>due 05/03/27 § | 6750000 | 6235313 |
|  |  | 129475119 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **Utilities - 0.8%** |  |  |  |  |
|  PG&E Corp. Term B <br>7.392% (USD LIBOR + 3.000%) <br>due 06/23/25 § | $| 5977337 | $| 5939231 |
|  Total Senior Loan Notes <br>(Cost $684,983,019) |  |  |  | 652778217 |
|  **SHORT-TERM INVESTMENT - 4.9%** | **SHORT-TERM INVESTMENT - 4.9%** | **SHORT-TERM INVESTMENT - 4.9%** | **SHORT-TERM INVESTMENT - 4.9%** | **SHORT-TERM INVESTMENT - 4.9%** |
|  **Repurchase Agreement - 4.9%** | **Repurchase Agreement - 4.9%** | **Repurchase Agreement - 4.9%** | **Repurchase Agreement - 4.9%** | **Repurchase Agreement - 4.9%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $36,156,876; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $36,863,876) |  | 36141014 |  | 36141014 |
|  Total Short-Term Investment <br>(Cost $36,141,014) |  |  |  | 36141014 |
|  **TOTAL INVESTMENTS - 102.1% <br>(Cost $785,885,338)** |  |  |  | 750029907 |
|  **OTHER ASSETS & LIABILITIES, NET - (2.1%)** |  |  |  | (15283215) |
|  **NET ASSETS - 100.0%** |  |  |  | $734746692 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 17.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (each less than 3.0%) | 6.6% |
|  | 102.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets & Liabilities, Net | (2.1%) |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br> Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Exchange-Traded Funds | $13748571 | $13748571 | $— | $— |
|  | Corporate Bonds & Notes | 47362105 |  | 47362105 |  |
|  | Senior Loan Notes | 652778217 |  | 619764114 | 33014103 |
|  | Short-Term Investment | 36141014 |  | 36141014 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $750029907 | $13748571 | $703267233 | $33014103 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-27** 

------

**PACIFIC SELECT FUND** 

**FLOATING RATE INCOME PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund's assets and liabilities for the year ended December 31, 2022:

---

| | |
|:---|:---|
| | Senior Loan<br>Notes |
|  Value, Beginning of Year | $16066757 |
|  Purchases | 18740807 |
|  Sales (Includes Paydowns) | (6345144) |
|  Accrued Discounts (Premiums) | 47700 |
|  Net Realized Gains (Losses) | (31609) |
|  Change in Net Unrealized Appreciation (Depreciation) | (1709989) |
|  Transfers In | 9028912 |
|  Transfers Out | (2783331) |
|  Value, End of Year | $33014103 |
|  Change in Net Unrealized Appreciation (Depreciation) on<br>Level 3 Investments Held at the End of Year, if Applicable | ($1614985) |

---

The table below shows transfers to/from Level 3:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount<br> Transferred | Level Transfer | Level Transfer | Change in Fair Valuation Measurement Inputs | Change in Fair Valuation Measurement Inputs |
| Amount<br> Transferred | From | To | From | To |
| $9028912 | 2 | 3 | Vendor Price (Observable Inputs) | Unobservable Single Broker Quote |
| 2783331 | 3 | 2 | Unobservable Single Broker Quote | Vendor Price (Observable Inputs) |

---

All other significant unobservable inputs used to value Senior Loan Notes with the aggregate value of $33,014,103 were provided by a single broker quote. Significant changes to a single broker quote would have direct and proportional changes to the fair value of the security.

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-28** 

------

**PACIFIC SELECT FUND** 

**HIGH YIELD BOND PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** |
|  **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
|  TNT Crane & Rigging \* | 11518 | $88308 |
|  Total Common Stocks <br>(Cost $4,391,414) |  | 88308 |
|  **EXCHANGE-TRADED FUNDS - 1.5%** |  |  |
|  iShares iBoxx High Yield Corporate Bond | 107174 | 7891222 |
|  SPDR Bloomberg High Yield Bond | 87067 | 7836030 |
|  |  | 15727252 |
|  Total Exchange-Traded Funds <br>(Cost $15,984,293) |  | 15727252 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 90.8%** | **CORPORATE BONDS & NOTES - 90.8%** | **CORPORATE BONDS & NOTES - 90.8%** |
|  **Basic Materials - 3.6%** | **Basic Materials - 3.6%** | **Basic Materials - 3.6%** |
|  Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 06/15/28 ~ | $1250000 | 1157275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/26 ~ | 292000 | 281727 |
|  Hecla Mining Co. <br>7.250% due 02/15/28 | 8550000 | 8431847 |
|  Herens Holdco SARL (Luxembourg) <br>4.750% due 05/15/28 ~ | 600000 | 449223 |
|  INEOS Quattro Finance 2 PLC (United Kingdom) 3.375% due 01/15/26 ~ | 4600000 | 4231977 |
|  JW Aluminum Continuous Cast Co. <br>10.250% due 06/01/26 ~ | 1250000 | 1274569 |
|  Novelis Corp.<br>3.875% due 08/15/31 ~ | 2925000 | 2391897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/30/30 ~ | 5833000 | 5184487 |
|  Perenti Finance Pty Ltd. (Australia) <br>6.500% due 10/07/25 ~ | 3550000 | 3332562 |
|  SPCM SA (France) <br>3.375% due 03/15/30 ~ | 5250000 | 4233075 |
|  TMS International Corp. <br>6.250% due 04/15/29 ~ | 8925000 | 6405517 |
|  |  | 37374156 |
|  **Communications - 12.3%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. 4.250% due 02/01/31 ~ | 1850000 | 1488140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 01/15/34 ~ | 1450000 | 1073000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/30 ~ | 13400000 | 11586980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/01/28 ~ | 675000 | 614382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 06/01/29 ~ | 11700000 | 10606342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 09/01/29 ~ | 2225000 | 2095205 |
|  Ciena Corp. <br>4.000% due 01/31/30 ~ | 5700000 | 5023894 |
|  Clear Channel Outdoor Holdings, Inc. <br>7.750% due 04/15/28 ~ | 275000 | 201109 |
|  Clear Channel Worldwide Holdings, Inc. <br>5.125% due 08/15/27 ~ | 5950000 | 5168467 |
|  Cogent Communications Group, Inc. <br>7.000% due 06/15/27 ~ | 2675000 | 2624651 |
|  CommScope Technologies LLC <br>6.000% due 06/15/25 ~ | 7021000 | 6403573 |
|  CommScope, Inc.<br>4.750% due 09/01/29 ~ | 1525000 | 1232314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 03/01/27 ~ | 700000 | 543606 |
|  CSC Holdings LLC<br>3.375% due 02/15/31 ~ | 3300000 | 2157442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/30 ~ | 2400000 | 1331614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/01/24 | 2600000 | 2424500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/28 ~ | 650000 | 525090 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/30 ~ | $| 4300000 | $2434639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/29 ~ |  | 6550000 | 5368478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 04/01/28 ~ |  | 625000 | 426375 |
|  DISH Network Corp. <br>11.750% due 11/15/27 ~ |  | 7950000 | 8197642 |
|  Frontier Communications Holdings LLC<br>5.000% due 05/01/28 ~ |  | 3750000 | 3277538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/27 ~ |  | 1175000 | 1093655 |
|  Level 3 Financing, Inc.<br>3.625% due 01/15/29 ~ |  | 1925000 | 1412759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/29 ~ |  | 575000 | 414403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 09/15/27 ~ |  | 8900000 | 7424825 |
|  Lumen Technologies, Inc.<br>4.000% due 02/15/27 ~ |  | 5500000 | 4673254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/15/29 ~ |  | 1050000 | 726135 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<br>4.250% due 01/15/29 ~ |  | 1750000 | 1454259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 08/15/27 ~ |  | 6225000 | 5613683 |
|  Sirius XM Radio, Inc. <br>3.875% due 09/01/31 ~ |  | 2425000 | 1896578 |
|  Sprint Capital Corp. <br>8.750% due 03/15/32 |  | 3500000 | 4173243 |
|  Sprint LLC 7.625% due 02/15/25 |  | 2950000 | 3051875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 09/15/23 |  | 1925000 | 1956158 |
|  T-Mobile USA, Inc. 3.375% due 04/15/29 |  | 3100000 | 2736353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/31 |  | 1650000 | 1428445 |
|  Uber Technologies, Inc.<br>4.500% due 08/15/29 ~ |  | 5625000 | 4911356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 05/15/25 ~ |  | 1300000 | 1300951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 11/01/26 ~ |  | 6075000 | 6108241 |
|  |  |  | 125181154 |
|  **Consumer, Cyclical - 19.3%** | **Consumer, Cyclical - 19.3%** | **Consumer, Cyclical - 19.3%** |  |
|  Affinity Gaming <br>6.875% due 12/15/27 ~ |  | 5400000 | 4585081 |
|  American Airlines Pass-Through Trust Class B<br>3.950% due 01/11/32 |  | 1467000 | 1168006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/15/25 |  | 2436560 | 2375409 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.750% due 04/20/29 ~ |  | 5170000 | 4734484 |
|  Aramark Services, Inc. <br>6.375% due 05/01/25 ~ |  | 5935000 | 5874107 |
|  Boyd Gaming Corp.<br>4.750% due 12/01/27 |  | 100000 | 93284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/31 ~ |  | 9363000 | 8156858 |
|  Caesars Entertainment, Inc.<br>6.250% due 07/01/25 ~ |  | 4050000 | 3943507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 07/01/27 ~ |  | 4525000 | 4455360 |
|  Cedar Fair LP <br>5.250% due 07/15/29 |  | 9250000 | 8321800 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op <br>6.500% due 10/01/28 |  | 1775000 | 1719567 |
|  Clarios Global LP/Clarios US Finance Co.<br>6.250% due 05/15/26 ~ |  | 3600000 | 3524264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 05/15/27 ~ |  | 1175000 | 1149804 |
|  Dornoch Debt Merger Sub, Inc. <br>6.625% due 10/15/29 ~ |  | 3510000 | 2466849 |
|  Empire Resorts, Inc. <br>7.750% due 11/01/26 ~ |  | 1100000 | 883811 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>4.625% due 01/15/29 ~ |  | 4450000 | 3771531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/15/30 ~ |  | 3650000 | 2950934 |
|  Ford Motor Co.<br>3.250% due 02/12/32 |  | 22400000 | 16838566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/43 |  | 2500000 | 1800120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 08/19/32 |  | 1625000 | 1503584 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-29** 

------

**PACIFIC SELECT FUND** 

**HIGH YIELD BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Ford Motor Credit Co. LLC<br>3.375% due 11/13/25 | $600000 | $543470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/13/30 | 1600000 | 1316488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 05/28/27 | 1200000 | 1121724 |
|  Foundation Building Materials, Inc. <br>6.000% due 03/01/29 ~ | 5400000 | 4067408 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875% due 07/01/31 ~ | 5675000 | 4639046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/01/29 ~ | 2775000 | 2390038 |
|  Jacobs Entertainment, Inc. <br>6.750% due 02/15/29 ~ | 4950000 | 4474458 |
|  Las Vegas Sands Corp. <br>3.900% due 08/08/29 | 9700000 | 8191043 |
|  LBM Acquisition LLC <br>6.250% due 01/15/29 ~ | 9825000 | 6264927 |
|  LGI Homes, Inc. <br>4.000% due 07/15/29 ~ | 6550000 | 5069208 |
|  MajorDrive Holdings IV LLC <br>6.375% due 06/01/29 ~ | 7418000 | 5544888 |
|  Marriott Ownership Resorts, Inc.<br>4.500% due 06/15/29 ~ | 2350000 | 1952677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 | 5950000 | 5190374 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. <br>4.875% due 05/01/29 ~ | 5250000 | 4473862 |
|  New Red Finance, Inc. (Canada)<br>3.500% due 02/15/29 ~ | 3700000 | 3178537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/15/28 ~ | 900000 | 807075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/15/30 ~ | 8150000 | 6616944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/28 ~ | 2700000 | 2421538 |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC <br>7.125% due 04/01/26 ~ | 5275000 | 4953687 |
|  PetSmart, Inc./PetSmart Finance Corp.<br>4.750% due 02/15/28 ~ | 750000 | 680409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 02/15/29 ~ | 8400000 | 7904967 |
|  Royal Caribbean Cruises Ltd.<br>9.250% due 01/15/29 ~ | 4175000 | 4295261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625% due 08/15/27 ~ | 900000 | 905364 |
|  Scientific Games International, Inc. <br>7.000% due 05/15/28 ~ | 1350000 | 1290202 |
|  SeaWorld Parks & Entertainment, Inc. <br>5.250% due 08/15/29 ~ | 5700000 | 4970393 |
|  Six Flags Entertainment Corp.<br>4.875% due 07/31/24 ~ | 7000000 | 6750625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/27 ~ | 1125000 | 1014975 |
|  SRS Distribution, Inc.<br>4.625% due 07/01/28 ~ | 4125000 | 3661928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/01/29 ~ | 2325000 | 1853381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 07/01/29 ~ | 550000 | 445401 |
|  STL Holding Co. LLC <br>7.500% due 02/15/26 ~ | 5900000 | 5230055 |
|  Viking Cruises Ltd.<br>6.250% due 05/15/25 ~ | 2920000 | 2668165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 02/15/29 ~ | 1775000 | 1471120 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625% due 02/15/29 ~ | 275000 | 221732 |
|  |  | 196898296 |
|  **Consumer, Non-Cyclical - 17.7%** |  |  |
|  BC Ltd. (Canada) <br>9.000% due 01/30/28 ~ | 1571000 | 1537616 |
|  Ahern Rentals, Inc. <br>7.375% due 05/15/23 ~ | 13059000 | 13059000 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.250% due 03/15/26 ~ | 900000 | 822267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/15/29 ~ | 1350000 | 1135607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/15/27 ~ | 550000 | 512089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/28 ~ | 10875000 | 10357350 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.000% due 06/01/29 ~ | $1250000 | $908825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 07/15/26 ~ | 250000 | 229265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 07/15/27 ~ | 19000000 | 16570850 |
|  APi Group DE, Inc. <br>4.750% due 10/15/29 ~ | 5450000 | 4752267 |
|  Avantor Funding, Inc.<br>3.875% due 11/01/29 ~ | 500000 | 420513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/15/28 ~ | 5475000 | 4986192 |
|  Bausch Health Cos., Inc.<br>4.875% due 06/01/28 ~ | 2225000 | 1419354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 02/01/27 ~ | 550000 | 379984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% due 09/30/28 ~ | 2787000 | 2187362 |
|  Central Garden & Pet Co. <br>4.125% due 04/30/31 ~ | 6675000 | 5534242 |
|  Charles River Laboratories International, Inc.<br>3.750% due 03/15/29 ~ | 825000 | 730822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/31 ~ | 3100000 | 2685979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/01/28 ~ | 5850000 | 5398029 |
|  CHS/Community Health Systems, Inc.<br>4.750% due 02/15/31 ~ | 1305000 | 949903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/15/30 ~ | 450000 | 340120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/15/27 ~ | 3100000 | 2663768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/01/30 ~ | 2800000 | 1391749 |
|  CoreLogic, Inc. <br>4.500% due 05/01/28 ~ | 6000000 | 4610970 |
|  Garda World Security Corp. (Canada)<br>6.000% due 06/01/29 ~ | 1100000 | 895233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 11/01/27 ~ | 5492000 | 5297590 |
|  HCA, Inc. <br>5.875% due 02/01/29 | 11250000 | 11238506 |
|  Hertz Corp. <br>5.000% due 12/01/29 ~ | 5450000 | 4141455 |
|  Kraft Heinz Foods Co. <br>4.375% due 06/01/46 | 6750000 | 5516040 |
|  Lamb Weston Holdings, Inc.<br>4.125% due 01/31/30 ~ | 1325000 | 1172029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/31/32 ~ | 4250000 | 3719366 |
|  Medline Borrower LP <br>3.875% due 04/01/29 ~ | 1975000 | 1595296 |
|  MPH Acquisition Holdings LLC<br>5.500% due 09/01/28 ~ | 975000 | 762587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/01/28 ~ | 7050000 | 4703846 |
|  Option Care Health, Inc. <br>4.375% due 10/31/29 ~ | 5850000 | 5124512 |
|  PECF USS Intermediate Holding III Corp. <br>8.000% due 11/15/29 ~ | 3300000 | 2148267 |
|  Performance Food Group, Inc. <br>4.250% due 08/01/29 ~ | 6475000 | 5619005 |
|  Pilgrim's Pride Corp.<br>4.250% due 04/15/31 ~ | 3800000 | 3237600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 09/30/27 ~ | 6500000 | 6316026 |
|  Post Holdings, Inc. <br>4.625% due 04/15/30 ~ | 8600000 | 7437495 |
|  Select Medical Corp. <br>6.250% due 08/15/26 ~ | 8550000 | 8147209 |
|  Tenet Healthcare Corp.<br>4.250% due 06/01/29 ~ | 4025000 | 3494284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/30 ~ | 1950000 | 1691274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 06/15/28 ~ | 675000 | 605030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/01/26 ~ | 1795000 | 1701073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/28 ~ | 5075000 | 4554457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 06/15/30 ~ | 575000 | 548869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/01/27 ~ | 1275000 | 1227238 |
|  US Foods, Inc. <br>4.625% due 06/01/30 ~ | 6850000 | 6040943 |
|  |  | 180519353 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-30** 

------

**PACIFIC SELECT FUND** 

**HIGH YIELD BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Energy - 12.1%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. <br>5.375% due 06/15/29 ~ | $8600000 | $7874074 |
|  Antero Resources Corp.<br>5.375% due 03/01/30 ~ | 2550000 | 2367573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 02/01/29 ~ | 1961000 | 1974435 |
|  Archrock Partners LP/Archrock Partners Finance Corp.<br>6.250% due 04/01/28 ~ | 875000 | 802057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/01/27 ~ | 4450000 | 4255287 |
|  Buckeye Partners LP <br>4.500% due 03/01/28 ~ | 4800000 | 4226620 |
|  Callon Petroleum Co. <br>7.500% due 06/15/30 ~ | 1675000 | 1534803 |
|  Cheniere Energy Partners LP<br>3.250% due 01/31/32 | 5450000 | 4338509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/31 | 3425000 | 2920532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/01/29 | 1000000 | 901476 |
|  Chesapeake Energy Corp. <br>6.750% due 04/15/29 ~ | 4450000 | 4338527 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC <br>5.500% due 06/15/31 ~ | 7075000 | 6193314 |
|  Endeavor Energy Resources LP/EER Finance, Inc. <br>5.750% due 01/30/28 ~ | 8375000 | 8032881 |
|  EnLink Midstream LLC <br>6.500% due 09/01/30 ~ | 4725000 | 4682711 |
|  EQM Midstream Partners LP<br>4.750% due 01/15/31 ~ | 2875000 | 2355933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/15/28 | 2025000 | 1814305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/01/25 ~ | 340000 | 328684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/01/27 ~ | 2950000 | 2824625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/27 ~ | 50000 | 49029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/30 ~ | 50000 | 48245 |
|  Genesis Energy LP/Genesis Energy Finance Corp. <br>7.750% due 02/01/28 | 5920000 | 5458595 |
|  ITT Holdings LLC <br>6.500% due 08/01/29 ~ | 4100000 | 3460461 |
|  MPLX LP <br>6.875% due 02/15/23 | 5850000 | 5791500 |
|  New Fortress Energy, Inc. <br>6.500% due 09/30/26 ~ | 3675000 | 3419955 |
|  Occidental Petroleum Corp.<br>6.125% due 01/01/31 | 4600000 | 4651127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 09/01/30 | 2500000 | 2589088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 07/15/30 | 5700000 | 6444902 |
|  Range Resources Corp. <br>8.250% due 01/15/29 | 2200000 | 2269938 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<br>6.000% due 12/31/30 ~ | 5000000 | 4330150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 09/01/31 ~ | 2425000 | 2088128 |
|  Tap Rock Resources LLC <br>7.000% due 10/01/26 ~ | 900000 | 838215 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp.<br>4.000% due 01/15/32 | 2850000 | 2401809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/28 | 1350000 | 1290045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/27 | 625000 | 629981 |
|  USA Compression Partners LP/USA Compression Finance Corp.<br>6.875% due 04/01/26 | 2700000 | 2594417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 09/01/27 | 4600000 | 4308384 |
|  Venture Global Calcasieu Pass LLC<br>3.875% due 08/15/29 ~ | 975000 | 854836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/01/33 ~ | 6915000 | 5661622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/31 ~ | 2475000 | 2113031 |
|  |  | 123059804 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Financial - 5.0%** |  |  |
|  Avolon Holdings Funding Ltd. (Ireland)<br>2.750% due 02/21/28 ~ | $8000000 | $6434234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/15/27 ~ | 1500000 | 1285675 |
|  Howard Hughes Corp.<br>4.375% due 02/01/31 ~ | 7575000 | 6139642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 08/01/28 ~ | 4425000 | 3993563 |
|  Iron Mountain Information Management Services, Inc. <br>5.000% due 07/15/32 ~ | 975000 | 811342 |
|  Iron Mountain, Inc.<br>4.500% due 02/15/31 ~ | 650000 | 535727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/15/29 ~ | 4700000 | 4107236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/15/28 ~ | 925000 | 832454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 03/15/28 ~ | 700000 | 645113 |
|  OneMain Finance Corp.<br>3.875% due 09/15/28 | 3400000 | 2708168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 | 3650000 | 2991396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 01/15/28 | 2500000 | 2306450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 03/15/26 | 5100000 | 4860861 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <br>4.875% due 05/15/29 ~ | 6900000 | 5849820 |
|  VICI Properties LP/VICI Note Co., Inc. REIT<br>3.750% due 02/15/27 ~ | 1750000 | 1591406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/01/26 ~ | 1775000 | 1659845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/29 ~ | 4875000 | 4444440 |
|  |  | 51197372 |
|  **Industrial - 16.3%** |  |  |
|  ARD Finance SA (Luxembourg) <br>6.500% Cash or 7.250% PIK<br>due 06/30/27 ~ | 710980 | 495633 |
|  BWX Technologies, Inc.<br>4.125% due 06/30/28 ~ | 7350000 | 6629884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 04/15/29 ~ | 2800000 | 2454598 |
|  Cargo Aircraft Management, Inc. <br>4.750% due 02/01/28 ~ | 6175000 | 5614063 |
|  Chart Industries, Inc.<br>7.500% due 01/01/30 ~ | 625000 | 629087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 01/01/31 ~ | 425000 | 436396 |
|  Clydesdale Acquisition Holdings, Inc.<br>6.625% due 04/15/29 ~ | 2075000 | 1975453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 04/15/30 ~ | 1625000 | 1394001 |
|  First Student Bidco, Inc./First Transit Parent, Inc. <br>4.000% due 07/31/29 ~ | 10900000 | 9031439 |
|  GFL Environmental, Inc. (Canada)<br>3.500% due 09/01/28 ~ | 3750000 | 3301716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/01/25 ~ | 2025000 | 1916814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/01/28 ~ | 1050000 | 899131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/15/29 ~ | 2850000 | 2418866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/29 ~ | 550000 | 482089 |
|  Granite US Holdings Corp. <br>11.000% due 10/01/27 ~ | 6325000 | 6674203 |
|  Hillenbrand, Inc. <br>3.750% due 03/01/31 | 5475000 | 4496617 |
|  Husky III Holding Ltd. (Canada) <br>13.000% Cash or 13.750% PIK<br>due 02/15/25 ~ | 1750000 | 1553125 |
|  LABL, Inc.<br>5.875% due 11/01/28 ~ | 4150000 | 3623552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 07/15/26 ~ | 2350000 | 2218809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 11/01/29 ~ | 1825000 | 1456984 |
|  Madison IAQ LLC<br>4.125% due 06/30/28 ~ | 1900000 | 1591250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/30/29 ~ | 6700000 | 4604768 |
|  Masco Corp. <br>7.750% due 08/01/29 | 1864000 | 2042455 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-31** 

------

**PACIFIC SELECT FUND** 

**HIGH YIELD BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Mauser Packaging Solutions Holding Co.<br>5.500% due 04/15/24 ~ | $8075000 | $7868338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 04/15/25 ~ | 5700000 | 5282627 |
|  OT Merger Corp. <br>7.875% due 10/15/29 ~ | 5800000 | 3088587 |
|  Owens-Brockway Glass Container, Inc.<br>5.375% due 01/15/25 ~ | 6420000 | 6169301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 08/15/23 ~ | 2259000 | 2252059 |
|  Pentair Finance SARL <br>5.900% due 07/15/32 | 9000000 | 8847954 |
|  Sensata Technologies BV <br>4.000% due 04/15/29 ~ | 3600000 | 3109860 |
|  Sensata Technologies, Inc. <br>4.375% due 02/15/30 ~ | 4800000 | 4186942 |
|  Spirit AeroSystems, Inc. <br>9.375% due 11/30/29 ~ | 1775000 | 1870761 |
|  SPX FLOW, Inc. <br>8.750% due 04/01/30 ~ | 5225000 | 4127541 |
|  Standard Industries, Inc.<br>3.375% due 01/15/31 ~ | 650000 | 490482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 07/15/30 ~ | 1825000 | 1491042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 ~ | 11875000 | 10703531 |
|  Titan Acquisition Ltd./Titan Co.-Borrower LLC (Canada) <br>7.750% due 04/15/26 ~ | 11790000 | 10636562 |
|  TK Elevator Holdco GmbH (Germany) <br>7.625% due 07/15/28 ~ | 7331000 | 5997773 |
|  TK Elevator US Newco, Inc. (Germany) <br>5.250% due 07/15/27 ~ | 4150000 | 3691840 |
|  TransDigm UK Holdings PLC <br>6.875% due 05/15/26 | 2650000 | 2591869 |
|  TransDigm, Inc.<br>4.625% due 01/15/29 | 1325000 | 1167358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/29 | 4450000 | 3887186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/15/27 | 2925000 | 2752659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 03/15/26 ~ | 6075000 | 6004469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 12/15/25 ~ | 3925000 | 3991686 |
|  |  | 166151360 |
|  **Technology - 2.2%** |  |  |
|  Entegris Escrow Corp.<br>4.750% due 04/15/29 ~ | 4075000 | 3724356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 06/15/30 ~ | 2675000 | 2470362 |
|  Entegris, Inc.<br>3.625% due 05/01/29 ~ | 1100000 | 897078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/28 ~ | 5225000 | 4628484 |
|  MSCI, Inc. <br>3.250% due 08/15/33 ~ | 6000000 | 4642221 |
|  Open Text Corp. (Canada) <br>3.875% due 12/01/29 ~ | 1450000 | 1168168 |
|  Open Text Holdings, Inc. (Canada) <br>4.125% due 12/01/31 ~ | 4400000 | 3426458 |
|  Rackspace Technology Global, Inc. <br>3.500% due 02/15/28 ~ | 2925000 | 1703432 |
|  |  | 22660559 |
|  **Utilities - 2.3%** |  |  |
|  Atlantica Sustainable Infrastructure PLC (Spain) <br>4.125% due 06/15/28 ~ | 600000 | 533163 |
|  Calpine Corp. <br>5.125% due 03/15/28 ~ | 6300000 | 5634265 |
|  Clearway Energy Operating LLC <br>3.750% due 02/15/31 ~ | 5500000 | 4573382 |
|  NRG Energy, Inc.<br>3.625% due 02/15/31 ~ | 1475000 | 1123983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/29 ~ | 3700000 | 3272354 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Vistra Operations Co. LLC<br>4.375% due 05/01/29 ~ | $| 4050000 | $3497709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/31/27 ~ |  | 4800000 | 4465409 |
|  |  |  | 23100265 |
|  Total Corporate Bonds & Notes <br>(Cost $1,035,833,125) |  |  | 926142319 |
|  **SENIOR LOAN NOTES - 0.4%** | **SENIOR LOAN NOTES - 0.4%** | **SENIOR LOAN NOTES - 0.4%** |  |
|  **Consumer, Cyclical - 0.4%** |  |  |  |
|  MIC Glen LLC (2nd Lien) <br>11.136% (USD LIBOR + 6.750%) <br>due 07/21/29 § |  | 1750000 | 1597969 |
|  Tacala Investment Corp. (2nd Lien) Term B<br>9.412% (USD LIBOR + 7.750%) <br>due 02/01/26 § |  | 2250000 | 2050593 |
|  |  |  | 3648562 |
|  **Technology - 0.0%** |  |  |  |
|  UKG, Inc. <br>7.642% (USD LIBOR + 3.250%) <br>due 05/03/26 § |  | 245030 | 233391 |
|  Total Senior Loan Notes <br>(Cost $4,230,606) |  |  | 3881953 |
|  **ASSET-BACKED SECURITIES - 5.1%** | **ASSET-BACKED SECURITIES - 5.1%** | **ASSET-BACKED SECURITIES - 5.1%** |  |
|  AIG CLO LLC <br>10.843% (USD LIBOR + 6.600%) <br>due 04/20/32 § ~ |  | 500000 | 453908 |
|  AIMCO CLO 10 Ltd. (Cayman)<br>10.275% (USD LIBOR + 5.950%) <br>due 07/22/32 § ~ |  | 4200000 | 3782109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.679% (USD LIBOR + 6.600%)<br>due 10/17/34 § ~ |  | 500000 | 447278 |
|  Benefit Street Partners CLO V-B Ltd. (Cayman) <br>10.193% (USD LIBOR + 5.950%) <br>due 04/20/31 § ~ |  | 1250000 | 1100449 |
|  Benefit Street Partners CLO XVI Ltd. (Cayman) <br>10.779% (USD LIBOR + 6.700%) <br>due 01/17/32 § ~ |  | 4000000 | 3571828 |
|  Burnham Park Clo Ltd. (Cayman) <br>9.643% (USD LIBOR + 5.400%) <br>due 10/20/29 § ~ |  | 500000 | 405124 |
|  CarVal CLO III Ltd. (Cayman) <br>10.683% (USD LIBOR + 6.440%) <br>due 07/20/32 § ~ |  | 3975000 | 3525740 |
|  CIFC Funding Ltd. (Cayman)<br>10.229% (USD LIBOR + 6.150%) <br>due 01/15/32 § ~<br>|  | 1000000 | 891588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.479% (USD LIBOR + 7.400%) <br>due 01/16/33 § ~ |  | 4550000 | 4178184 |
|  Dryden 55 CLO Ltd. (Cayman)<br>9.479% (USD LIBOR + 5.400%) <br>due 04/15/31 § ~<br>|  | 1000000 | 835334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.279% (USD LIBOR + 7.200%) <br>due 04/15/31 § ~ |  | 250000 | 181738 |
|  Goldentree Loan Opportunities X Ltd. <br>9.893% (USD LIBOR + 5.650%) <br>due 07/20/31 § ~ |  | 750000 | 671360 |
|  Magnetite VIII CLO Ltd. (Cayman) <br>11.519% (USD LIBOR + 7.440%) <br>due 04/15/31 § ~ |  | 2000000 | 1641671 |
|  Magnetite XXIII Ltd. (Cayman) <br>10.658% (USD LIBOR + 6.300%) <br>due 01/25/35 § ~ |  | 500000 | 455601 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-32** 

------

**PACIFIC SELECT FUND** 

**HIGH YIELD BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Magnetite Xxix Ltd. (Cayman) <br>9.829% (USD LIBOR + 5.750%) <br>due 01/15/34 § ~ | $7950000 | $7155279 |
|  Magnetite Xxx CLO Ltd. (Cayman) <br>10.558% (USD LIBOR + 6.200%) <br>due 10/25/34 § ~ | 1500000 | 1320580 |
|  Neuberger Berman Loan Advisers CLO 24 Ltd. (Cayman) <br>10.247% (USD LIBOR + 6.020%) <br>due 04/19/30 § ~ | 2500000 | 2236016 |
|  Neuberger Berman Loan Advisers CLO 30 Ltd. (Cayman) <br>10.443% (USD LIBOR + 6.200%) <br>due 01/20/31 § ~ | 5250000 | 4802072 |
|  Neuberger Berman Loan Advisers CLO 31 Ltd. (Cayman) <br>10.743% (USD LIBOR + 6.500%) <br>due 04/20/31 § ~ | 2500000 | 2279294 |
|  Neuberger Berman Loan Advisers CLO 32 Ltd. (Cayman) <br>10.327% (USD LIBOR + 6.100%) <br>due 01/20/32 § ~ | 1100000 | 999976 |
|  Neuberger Berman Loan Advisers CLO 35 Ltd. (Cayman) <br>11.227% (USD LIBOR + 7.000%) <br>due 01/19/33 § ~ | 2100000 | 1892539 |
|  OHA Credit Partners VII Ltd. (Cayman) <br>10.925% (USD LIBOR + 6.250%) <br>due 02/20/34 § ~ | 1750000 | 1566825 |
|  Parallel Ltd. (Cayman) <br>11.443% (USD LIBOR + 7.200%) <br>due 10/20/34 § ~ | 2000000 | 1740000 |
|  Rad CLO 2 Ltd. (Cayman)<br>10.079% (USD LIBOR + 6.000%) <br>due 10/15/31 § ~<br>| 3600000 | 3062997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.529% (USD LIBOR + 7.450%)<br>due 10/15/31 § ~ | 1750000 | 1297291 |
|  RR 19 Ltd. (Cayman) <br>10.579% (USD LIBOR + 6.500%) <br>due 10/15/35 § ~ | 625000 | 571848 |
|  TICP CLO III-2 Ltd. (Cayman) <br>10.143% (USD LIBOR + 5.900%) <br>due 04/20/28 § ~ | 500000 | 482279 |
|  Total Asset-Backed Securities <br>(Cost $56,966,323) |  | 51548908 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.6%** |  |  |
|  **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $5,666,214; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $5,777,022) | $5663728 | $5663728 |
|  Total Short-Term Investment <br>(Cost $5,663,728) |  | 5663728 |
|  **TOTAL INVESTMENTS - 98.4% <br>(Cost $1,123,069,489)** | **TOTAL INVESTMENTS - 98.4% <br>(Cost $1,123,069,489)** | 1003052468 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.6%** | **OTHER ASSETS & LIABILITIES, NET - 1.6%** | 16697857 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $1019750325 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Cyclical | 19.7% |
|  Consumer, Non-Cyclical | 17.7% |
|  Industrial | 16.3% |
|  Communications | 12.3% |
|  Energy | 12.1% |
|  Asset-Backed Securities | 5.1% |
|  Financial | 5.0% |
|  Basic Materials | 3.6% |
|  Others (each less than 3.0%) | 6.6% |
|  | 98.4% |
|  Other Assets & Liabilities, Net | 1.6% |
|  | 100.0% |

---

(b) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $88308 | $— | $88308 | $— |
|  | Exchange-Traded Funds | 15727252 | 15727252 |  |  |
|  | Corporate Bonds & Notes | 926142319 |  | 926142319 |  |
|  | Senior Loan Notes | 3881953 |  | 3881953 |  |
|  | Asset-Backed Securities | 51548908 |  | 51548908 |  |
|  | Short-Term Investment | 5663728 |  | 5663728 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1003052468 | $15727252 | $987325216 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-33** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 3.0%** | **CORPORATE BONDS & NOTES - 3.0%** |  |
|  **Consumer, Cyclical - 0.1%** |  |  |
|  Toyota Tsusho Corp. (Japan) <br>3.625% due 09/13/23 ~ | $500000 | $494405 |
|  **Consumer, Non-Cyclical - 0.0%** |  |  |
|  RELX Capital, Inc. (United Kingdom) <br>3.500% due 03/16/23 | 100000 | 99604 |
|  **Energy - 0.0%** |  |  |
|  Energy Transfer LP <br>4.250% due 03/15/23 | 100000 | 99763 |
|  **Financial - 2.9%** |  |  |
|  Avolon Holdings Funding Ltd. (Ireland) <br>2.528% due 11/18/27 ~ | 6000 | 4805 |
|  Bank of America Corp. <br>5.875% due 03/15/28 | 410000 | 361583 |
|  Jyske Realkredit AS (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/01/43 | DKK 1,836,157 | 200828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/50 ~ | 23306072 | 2475943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/53 | 5530248 | 544260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/01/53 | 3350283 | 360918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/01/47 | 699 | 89 |
|  Natwest Group PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.519% due 06/25/24 | $500000 | 495448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.274% (USD LIBOR + 1.550%) <br>due 06/25/24 § | 700000 | 700270 |
|  Nordea Kredit Realkreditaktieselskab (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/01/43 | DKK 730,194 | 80471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/50 ~ | 7747985 | 823802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/50 | 8519323 | 854062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/01/53 | 5199792 | 542109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/01/53 | 999840 | 110255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/01/53 ~ | 199902 | 22969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/01/47 | 350 | 45 |
|  Nykredit Realkredit AS (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/01/43 ~ | 5500476 | 599591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/50 ~ | 52426346 | 5558928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/53 ~ | 2337125 | 241908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/01/53 ~ | 8893171 | 977873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/01/47 ~ | 1882 | 242 |
|  Realkredit Danmark AS (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/50 ~ | 15759474 | 1671954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/01/53 ~ | 7163626 | 712833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/01/53 ~ | 497977 | 52136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/01/53 ~ | 1596197 | 175077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 04/01/47 ~ | 8652 | 1112 |
|  UniCredit SpA (Italy) <br>7.830% due 12/04/23 ~ | $1750000 | 1768522 |
|  |  | 19338033 |
|  **Technology - 0.0%** |  |  |
|  VMware, Inc. <br>3.900% due 08/21/27 | 100000 | 93490 |
|  Total Corporate Bonds & Notes <br>(Cost $27,241,881) |  | 20125295 |
|  **MORTGAGE-BACKED SECURITIES - 5.3%** | **MORTGAGE-BACKED SECURITIES - 5.3%** |  |
|  **Collateralized Mortgage Obligations - Commercial - 0.3%** | **Collateralized Mortgage Obligations - Commercial - 0.3%** |  |
|  BAMLL Commercial Mortgage Securities Trust <br>5.368% (USD LIBOR + 1.050%) <br>due 09/15/38 § ~ | 500000 | 469877 |
|  GS Mortgage Securities Corp. II <br>7.736% (SOFR + 3.400%) <br>due 08/15/39 § ~ | 1600000 | 1614594 |
|  |  | 2084471 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Collateralized Mortgage Obligations - Residential - 1.9%** | **Collateralized Mortgage Obligations - Residential - 1.9%** |  |
|  Angel Oak Mortgage Trust <br>1.469% due 06/25/65 § ~ | $266189 | $238782 |
|  Bear Stearns Adjustable Rate Mortgage Trust <br>4.960% due 01/25/35 § | 74484 | 64358 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates <br>4.749% (USD LIBOR + 0.360%) <br>due 03/25/35 § ~ | 172905 | 163960 |
|  Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.482% due 05/25/42 § ~ | 593021 | 533086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% (UST + 2.400%) <br>due 05/25/35 § | 7499 | 6959 |
|  Eurosail-UK PLC (United Kingdom) <br>4.461% (SONIA + 1.069) <br>due 06/13/45 § ~ | GBP 418,243 | 500369 |
|  Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257% due 05/25/35 § | $217066 | 215708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821% (USD LIBOR + 0.060%) <br>due 07/25/37 § | 246703 | 241878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539% (USD LIBOR + 0.150%) <br>due 08/25/34 § | 38137 | 36946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.739% (USD LIBOR + 0.350%) <br>due 07/25/37 § | 2736 | 2679 |
|  Freddie Mac <br>4.768% (USD LIBOR + 0.450%) <br>due 09/15/42 § | 615491 | 604987 |
|  Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.207% (USD LIBOR + 0.350%) <br>due 07/15/44 § | 329573 | 325148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.668% due 01/15/47 | 990947 | 955558 |
|  Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.968% (USD LIBOR + 0.750%) <br>due 04/20/67 § | 572368 | 566758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858% (USD LIBOR + 0.150%) <br>due 08/20/68 § | 636579 | 619076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.726% (SOFR + 0.900%) <br>due 10/20/72 | 2406308 | 2369038 |
|  Great Hall Mortgages No 1 PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.675% (SONIA + 0.249) <br>due 03/18/39 § ~ | GBP 8,994 | 10701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.695% (SONIA + 0.269) <br>due 06/18/38 § ~ | 9270 | 11074 |
|  GSMPS Mortgage Loan Trust <br>7.000% due 06/25/43 ~ | $123518 | 123983 |
|  GSR Mortgage Loan Trust <br>4.367% due 01/25/35 § | 66459 | 60512 |
|  HarborView Mortgage Loan Trust <br>5.033% (USD LIBOR + 0.680%) <br>due 06/20/35 § | 1694058 | 1512024 |
|  Impac CMB Trust <br>5.389% (USD LIBOR + 1.000%) <br>due 07/25/33 § | 21383 | 21186 |
|  JP Morgan Mortgage Trust <br>4.189% due 07/25/35 § | 39260 | 37156 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificate Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.758% (USD LIBOR + 0.440%) <br>due 12/15/30 § | 60324 | 56471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.018% (USD LIBOR + 0.700%) <br>due 11/15/31 § | 86711 | 82574 |
|  New Residential Mortgage Loan Trust <br>3.250% due 02/25/59 § ~ | 359583 | 338143 |
|  Residential Mortgage Securities 32 PLC (United Kingdom) <br>4.681% (SONIA + 1.250) <br>due 06/20/70 § ~ | GBP 460,370 | 553461 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-34** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Sequoia Mortgage Trust <br>5.039% (USD LIBOR + 0.700%) <br>due 10/19/26 § | $51159 | $48804 |
|  Structured Adjustable Rate Mortgage Loan Trust <br>3.780% due 02/25/34 § | 19336 | 18060 |
|  Structured Asset Mortgage Investments II Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% (USD LIBOR + 0.500%) <br>due 07/19/35 § | 188623 | 166519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999% (USD LIBOR + 0.660%) <br>due 10/19/34 § | 81816 | 76510 |
|  Thornburg Mortgage Securities Trust <br>5.009% (USD LIBOR + 0.620%) <br>due 06/25/44 § | 1225107 | 1100900 |
|  Towd Point Mortgage Funding PLC (United Kingdom) <br>3.952% (SONIA + 1.144%) <br>due 10/20/51 § | GBP 797,113 | 961424 |
|  WaMu Mortgage Pass-Through Certificates Trust <br>2.810% due 08/25/35 § | $17797 | 15599 |
|  |  | 12640391 |
|  **Fannie Mae - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 6200000 | 5523099 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # | 13668000 | 12823411 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 03/01/53 # | 2000000 | 1876882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.175% (USD LIBOR + 0.675%) <br>due 02/01/36 § | 29925 | 29126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.394% (USD LIBOR + 1.644%) <br>due 03/01/35 § | 77319 | 75596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.249% (US FED + 1.200%) <br>due 11/01/42 - 10/01/44 § | 74630 | 71209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.339% (USD LIBOR + 2.000%) <br>due 04/01/35 § | 114308 | 112331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.522% (USD LIBOR + 1.272%) <br>due 11/01/35 § | 20394 | 20077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.631% (USD LIBOR + 1.381%) <br>due 12/01/34 § | 18576 | 18446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663% (USD LIBOR + 1.538%) <br>due 01/01/36 § | 6198 | 6066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% (USD LIBOR + 1.725%) <br>due 05/01/35 § | 801 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% (USD LIBOR + 1.780%) <br>due 11/01/35 § | 7912 | 7749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.192% (USD LIBOR + 1.942%) <br>due 09/01/35 § | 247 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% (US FED + 1.250%) <br>due 08/01/24 § | 1295 | 1286 |
|  |  | 20566310 |
|  **Freddie Mac - 0.0%** | **Freddie Mac - 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.815% (USD LIBOR + 1.815%) <br>due 03/01/36 § | 1806 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.848% (UST + 2.225%) <br>due 01/01/34 § | 35590 | 35739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.981% (USD LIBOR + 1.731%) <br>due 08/01/35 § | 1229 | 1221 |
|  |  | 38734 |
|  **Government National Mortgage Association - 0.0%** | **Government National Mortgage Association - 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% (UST + 1.500%) <br>due 11/20/26 § | 2559 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% (UST + 1.500%) <br>due 10/20/24 - 12/20/26 § | 2843 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% (UST + 1.500%) <br>due 09/20/23 - 01/20/27 § | 7513 | 7367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% (UST + 1.500%) <br>due 05/20/23 § | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% (UST + 1.500%) <br>due 05/20/26 § | 2737 | 2672 |
|  |  | 15350 |
|  Total Mortgage-Backed Securities<br>(Cost $36,099,818) |  | $35345256 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **ASSET-BACKED SECURITIES - 9.8%** | **ASSET-BACKED SECURITIES - 9.8%** |  |
|  522 Funding CLO Ltd. (Cayman) <br>5.283% (USD LIBOR + 1.040%) <br>due 10/20/31 § ~ | $1100000 | $1080645 |
|  ABFC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989% (USD LIBOR + 0.600%) <br>due 10/25/34 § | 48401 | 48309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.089% (USD LIBOR + 0.700%) <br>due 06/25/34 § | 935933 | 878566 |
|  ACAS CLO Ltd. (Cayman) <br>5.084% (USD LIBOR + 0.890%) <br>due 10/18/28 § ~ | 369550 | 364930 |
|  ACE Securities Corp. Home Equity Loan Trust <br>5.169% (USD LIBOR + 0.780%) <br>due 04/25/34 § | 645341 | 605720 |
|  AMMC CLO 16 Ltd. (Cayman) <br>4.991% (USD LIBOR + 0.980%) <br>due 04/14/29 § ~ | 599070 | 595473 |
|  Apidos CLO XXVI (Cayman) <br>5.094% (USD LIBOR + 0.900%) <br>due 07/18/29 § ~ | 300000 | 296467 |
|  Apidos CLO XXVII (Cayman) <br>5.009% (USD LIBOR + 0.930%) <br>due 07/17/30 § ~ | 300000 | 296788 |
|  Ares European CLO VI DAC (Ireland) <br>1.988% (EUR LIBOR + 0.610%) <br>due 04/15/30 § ~ | EUR 494,180 | 514724 |
|  Ares European CLO X DAC (Ireland) <br>2.158% (EUR LIBOR + 0.780%) <br>due 10/15/31 § ~ | 900000 | 933809 |
|  ARES L CLO Ltd. (Cayman) <br>5.129% (USD LIBOR + 1.050%) <br>due 01/15/32 § ~ | $810000 | 792436 |
|  ARES LII CLO Ltd. (Cayman) <br>5.375% (USD LIBOR + 1.050%) <br>due 04/22/31 § ~ | 300000 | 294964 |
|  Atlas Senior Loan Fund CLO Ltd. (Cayman) <br>5.229% (USD LIBOR + 1.150%) <br>due 01/16/30 § ~ | 571400 | 565338 |
|  Barings CLO Ltd. (Cayman) <br>5.313% (USD LIBOR + 1.070%) <br>due 01/20/32 § ~ | 1500000 | 1466116 |
|  BDS LLC <br>6.121% (SOFR + 1.800%) <br>due 03/19/39 § ~ | 1000000 | 965281 |
|  Benefit Street Partners CLO XVII Ltd. (Cayman) <br>5.159% (USD LIBOR + 1.080%) <br>due 07/15/32 § ~ | 1800000 | 1759905 |
|  Black Diamond CLO Ltd. (Ireland) <br>2.316% (EUR LIBOR + 0.860%) <br>due 01/20/32 § ~ | EUR 578,595 | 605563 |
|  Carlyle Euro CLO DAC (Ireland) <br>2.428% (EUR LIBOR + 0.630%) <br>due 08/15/30 § ~ | 498208 | 520545 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.405% (USD LIBOR + 1.080%) <br>due 04/22/32 § ~ | $500000 | 490313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% (USD LIBOR + 0.950%) <br>due 08/14/30 § ~ | 395477 | 391195 |
|  Carlyle Global Market Strategies Euro CLO Ltd. (Ireland) <br>2.548% (EUR LIBOR + 0.750%) <br>due 11/15/31 § ~ | EUR 1,700,000 | 1763543 |
|  Catamaran CLO Ltd. (Cayman) <br>5.425% (USD LIBOR + 1.100%) <br>due 04/22/30 § ~ | $397959 | 392277 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-35** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  CBAM Ltd. (Cayman) <br>5.493% (USD LIBOR + 1.250%) <br>due 07/20/30 § ~ | $598046 | $592476 |
|  CIFC Funding Ltd. (Cayman) | CIFC Funding Ltd. (Cayman) | CIFC Funding Ltd. (Cayman) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.194% (USD LIBOR + 1.000%) <br>due 04/18/31 § ~ | 500000 | 491214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% (USD LIBOR + 0.950%) <br>due 10/24/30 § ~ | 400000 | 396015 |
|  Citigroup Mortgage Loan Trust <br>4.679% (USD LIBOR + 0.290%) <br>due 09/25/36 § ~ | 281299 | 267725 |
|  Credit-Based Asset Servicing & Securitization LLC <br>3.461% (USD LIBOR + 1.050%) <br>due 06/25/35 § | 1083000 | 1040850 |
|  Crestline Denali CLO XIV Ltd. (Cayman) <br>5.465% (USD LIBOR + 1.140%) <br>due 10/23/31 § ~ | 300000 | 294394 |
|  Crestline Denali CLO XV Ltd. (Cayman) <br>5.273% (USD LIBOR + 1.030%) <br>due 04/20/30 § ~ | 361268 | 356753 |
|  Dryden 52 Euro CLO DAC (Ireland) <br>2.622% (EUR LIBOR + 0.860%) <br>due 05/15/34 § ~ | EUR 400,000 | 416142 |
|  Dryden 60 CLO Ltd. (Cayman) <br>5.129% (USD LIBOR + 1.050%) <br>due 07/15/31 § ~ | $1500000 | 1476570 |
|  Dryden 64 CLO Ltd. (Cayman) <br>5.164% (USD LIBOR + 0.970%) <br>due 04/18/31 § ~ | 600000 | 587599 |
|  Dryden XXVI Senior Loan Fund (Cayman) <br>4.979% (USD LIBOR + 0.900%) <br>due 04/15/29 § ~ | 1506105 | 1492969 |
|  Freddie Mac Structured Pass-Through Certificates <br>4.649% (USD LIBOR + 0.260%) <br>due 08/25/31 § | 46318 | 45981 |
|  Gallatin CLO VIII Ltd. (Cayman) <br>5.169% (USD LIBOR + 1.090%) <br>due 07/15/31 § ~ | 300000 | 294358 |
|  Goldentree Loan Management US Clo 2 Ltd. (Cayman) <br>5.153% (USD LIBOR + 0.910%) <br>due 11/20/30 § ~ | 300000 | 296889 |
|  Goldentree Loan Opportunities XI Ltd. (Cayman) <br>5.264% (USD LIBOR + 1.070%) <br>due 01/18/31 § ~ | 600000 | 590177 |
|  HalseyPoint CLO 3 Ltd. (Cayman) <br>5.865% (USD LIBOR + 1.450%) <br>due 11/30/32 § ~ | 950000 | 937621 |
|  Harvest CLO XXII DAC (Ireland) <br>2.228% (EUR LIBOR + 0.850%) <br>due 01/15/32 § ~ | EUR 1,200,000 | 1244640 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244% (USD LIBOR + 0.855%) <br>due 08/25/34 § | $119581 | 116462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589% (USD LIBOR + 1.200%) <br>due 07/25/35 § | 1000000 | 951137 |
|  Jubilee CLO DAC (Ireland) <br>2.128% (EUR LIBOR + 0.840%) <br>due 07/12/28 § ~ | EUR 12,331 | 13164 |
|  KKR CLO 9 Ltd. (Cayman) <br>5.029% (USD LIBOR + 0.950%) <br>due 07/15/30 § ~ | $278450 | 273394 |
|  LCM XIII LP (Cayman) <br>5.097% (USD LIBOR + 0.870%) <br>due 07/19/27 § ~ | 843979 | 833489 |
|  LCM XV LP (Cayman) <br>5.243% (USD LIBOR + 1.000%) <br>due 07/20/30 § ~ | 1252112 | 1233380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  LCM XVIII LP (Cayman) <br>5.263% (USD LIBOR + 1.020%) <br>due 04/20/31 § ~ | $1000000 | $980832 |
|  LoanCore Issuer Ltd. (Cayman) <br>5.358% (SOFR + 1.550%) <br>due 01/17/37 § ~ | 600000 | 582459 |
|  Madison Park Euro Funding IX DAC (Ireland) <br>2.258% (EUR LIBOR + 0.880%) <br>due 07/15/35 § ~ | EUR 1,000,000 | 1025273 |
|  Madison Park Funding XLI Ltd. (Cayman) <br>5.155% (USD LIBOR + 0.830%) <br>due 04/22/27 § ~ | $2425816 | 2401318 |
|  Madison Park Funding XXX Ltd. (Cayman) <br>4.829% (USD LIBOR + 0.750%) <br>due 04/15/29 § ~ | 4306367 | 4261749 |
|  Magnetite XVIII Ltd. (Cayman) <br>5.486% (USD LIBOR + 0.880%) <br>due 11/15/28 § ~ | 289427 | 286566 |
|  Man GLG Euro CLO II DAC (Ireland) <br>2.248% (EUR LIBOR + 0.870%) <br>due 01/15/30 § ~ | EUR 142,909 | 149578 |
|  Merrill Lynch Mortgage Investors Trust <br>5.109% (USD LIBOR + 0.720%) <br>due 10/25/35 § | $622129 | 579870 |
|  MF1 LLC <br>6.471% (SOFR + 2.150%) <br>due 06/19/37 § ~ | 600000 | 592109 |
|  MidOcean Credit CLO II (Cayman) <br>5.445% (USD LIBOR + 1.030%) <br>due 01/29/30 § ~ | 320688 | 316860 |
|  Midocean Credit CLO VIII (Cayman) <br>5.725% (USD LIBOR + 1.050%) <br>due 02/20/31 § ~ | 300000 | 294926 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049% (USD LIBOR + 0.660%) <br>due 01/25/35 § | 562760 | 541420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.364% (USD LIBOR + 0.975%) <br>due 07/25/34 § | 74508 | 70696 |
|  OAK Hill European Credit Partners VII DAC (Ireland) <br>2.196% (EUR LIBOR + 0.740%) <br>due 10/20/31 § | EUR 600,000 | 623179 |
|  Oaktree CLO Ltd. (Cayman) <br>5.435% (USD LIBOR + 1.110%) <br>due 04/22/30 § ~ | $300000 | 293380 |
|  Octagon Investment Partners Ltd. (Cayman) <br>5.039% (USD LIBOR + 0.960%) <br>due 04/16/31 § ~ | 600000 | 591751 |
|  OSD CLO Ltd. (Cayman) <br>4.949% (USD LIBOR + 0.870%) <br>due 04/17/31 § ~ | 1494385 | 1457443 |
|  OZLM CLO XXIV Ltd. (Cayman) <br>5.403% (USD LIBOR + 1.160%) <br>due 07/20/32 § ~ | 200000 | 195160 |
|  OZLM VIII Ltd. (Cayman) <br>5.059% (USD LIBOR + 0.980%) <br>due 10/17/29 § ~ | 268969 | 263589 |
|  Palmer Square Loan Funding Ltd. (Cayman) | Palmer Square Loan Funding Ltd. (Cayman) | Palmer Square Loan Funding Ltd. (Cayman) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879% (USD LIBOR + 0.800%) <br>due 10/15/29 § ~ | 674504 | 665956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043% (USD LIBOR + 0.800%) <br>due 07/20/29 § ~ | 607214 | 600221 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates <br>5.379% (USD LIBOR + 0.990%) <br>due 09/25/34 § | 22126 | 22077 |
|  Rad CLO 5 Ltd. (Cayman) <br>5.445% (USD LIBOR + 1.120%) <br>due 07/24/32 § ~ | 500000 | 490250 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-36** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Regatta VIII Funding Ltd. (Cayman) <br>5.329% (USD LIBOR + 1.250%) <br>due 10/17/30 § ~ | $700000 | $689807 |
|  Renaissance Home Equity Loan Trust <br>5.149% (USD LIBOR + 0.760%) <br>due 12/25/32 § | 169799 | 155964 |
|  Romark CLO Ltd. (Cayman) <br>5.355% (USD LIBOR + 1.030%) <br>due 10/23/30 § ~ | 500000 | 490347 |
|  Saranac CLO VI Ltd. (Jersey) <br>5.873% (USD LIBOR + 1.140%) <br>due 08/13/31 § ~ | 300000 | 290711 |
|  Saxon Asset Securities Trust <br>4.699% (USD LIBOR + 0.310%) <br>due 09/25/37 § | 143089 | 134589 |
|  Segovia European CLO 6- DAC (Ireland) <br>2.336% (EUR LIBOR + 0.880%) <br>due 07/20/32 § ~ | EUR 400,000 | 414582 |
|  SLM Student Loan Trust <br>4.908% (USD LIBOR + 0.550%) <br>due 10/25/64 § ~ | $676053 | 649624 |
|  Sound Point CLO IX Ltd. (Cayman) <br>5.453% (USD LIBOR + 1.210%) <br>due 07/20/32 § ~ | 600000 | 579731 |
|  Sound Point CLO XIV Ltd. (Cayman) <br>5.315% (USD LIBOR + 0.990%) <br>due 01/23/29 § ~ | 467771 | 465377 |
|  Sound Point CLO XV Ltd. (Cayman) <br>5.225% (USD LIBOR + 0.900%) <br>due 01/23/29 § ~ | 224016 | 221235 |
|  Stratus CLO Ltd. (Cayman) <br>5.193% (USD LIBOR + 0.950%) <br>due 12/29/29 § ~ | 362080 | 357326 |
|  Structured Asset Securities Corp. Mortgage Loan Trust <br>5.620% (USD LIBOR + 1.500%) <br>due 04/25/35 § | 197384 | 192254 |
|  Symphony CLO XIV Ltd. (Cayman) <br>4.961% (USD LIBOR + 0.950%) <br>due 07/14/26 § ~ | 11340 | 11347 |
|  TCI-Symphony CLO Ltd. (Cayman) <br>5.009% (USD LIBOR + 0.930%) <br>due 07/15/30 § ~ | 1989412 | 1955666 |
|  TCW CLO Ltd. (Cayman) <br>5.328% (USD LIBOR + 0.970%) <br>due 04/25/31 § ~ | 500000 | 489534 |
|  THL Credit Wind River CLO Ltd. (Cayman) <br>5.159% (USD LIBOR + 1.080%) <br>due 04/15/31 § ~ | 300000 | 291952 |
|  TICP CLO III-2 Ltd. (Cayman) <br>5.083% (USD LIBOR + 0.840%) <br>due 04/20/28 § ~ | 1238683 | 1234970 |
|  TRTX Issuer Ltd. (Cayman) <br>5.458% (SOFR + 1.650%) <br>due 02/15/39 § ~ | 500000 | 487500 |
|  TSTAT Ltd. (Bermuda) <br>4.854% (SOFR + 2.300%) <br>due 07/20/31 § ~ | 600000 | 599673 |
|  United States Small Business Administration <br>5.290% due 12/01/27 | 318474 | 316580 |
|  Venture XIV CLO Ltd. (Cayman) <br>5.766% (USD LIBOR + 1.030%) <br>due 08/28/29 § ~ | 795668 | 787538 |
|  Venture XVII CLO Ltd. (Cayman) <br>4.959% (USD LIBOR + 0.880%) <br>due 04/15/27 § ~ | 1797415 | 1794646 |
|  Venture XXI CLO Ltd. (Cayman) <br>4.959% (USD LIBOR + 0.880%) <br>due 07/15/27 § ~ | 37060 | 37138 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Venture XXIV CLO Ltd. (Cayman) <br>5.143% (USD LIBOR + 0.900%) <br>due 10/20/28 § ~ | $| 335515 | $| 331433 |
|  Venture XXVIII CLO Ltd. (Cayman) <br>5.233% (USD LIBOR + 0.990%) <br>due 07/20/30 § ~ |  | 300000 |  | 294722 |
|  Vibrant CLO XI Ltd. (Cayman) <br>5.363% (USD LIBOR + 1.120%) <br>due 07/20/32 § ~ |  | 300000 |  | 292089 |
|  Voya CLO Ltd. (Cayman) | Voya CLO Ltd. (Cayman) | Voya CLO Ltd. (Cayman) | Voya CLO Ltd. (Cayman) | Voya CLO Ltd. (Cayman) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.029% (USD LIBOR + 0.950%) <br>due 04/17/30 § ~ |  | 1795861 |  | 1773627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.111% (USD LIBOR + 1.100%) <br>due 07/14/31 § ~ |  | 495483 |  | 484988 |
|  Wellfleet CLO Ltd. (Cayman) | Wellfleet CLO Ltd. (Cayman) | Wellfleet CLO Ltd. (Cayman) | Wellfleet CLO Ltd. (Cayman) | Wellfleet CLO Ltd. (Cayman) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153% (USD LIBOR + 0.910%) <br>due 04/20/28 § ~ |  | 492311 |  | 488868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.179% (USD LIBOR + 1.100%) <br>due 07/17/31 § ~ |  | 2000000 |  | 1964755 |
|  Total Asset-Backed Securities <br>(Cost $66,794,027) | Total Asset-Backed Securities <br>(Cost $66,794,027) | Total Asset-Backed Securities <br>(Cost $66,794,027) |  | 65431541 |
|  **U.S. TREASURY OBLIGATIONS - 77.7%** | **U.S. TREASURY OBLIGATIONS - 77.7%** | **U.S. TREASURY OBLIGATIONS - 77.7%** | **U.S. TREASURY OBLIGATIONS - 77.7%** | **U.S. TREASURY OBLIGATIONS - 77.7%** |
|  **U.S. Treasury Inflation-Indexed Notes - 1.3%** | **U.S. Treasury Inflation-Indexed Notes - 1.3%** | **U.S. Treasury Inflation-Indexed Notes - 1.3%** | **U.S. Treasury Inflation-Indexed Notes - 1.3%** | **U.S. Treasury Inflation-Indexed Notes - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 07/15/32 ^ |  | 9127395 |  | 8367617 |
|  **U.S. Treasury Inflation Protected Securities - 74.0%** | **U.S. Treasury Inflation Protected Securities - 74.0%** | **U.S. Treasury Inflation Protected Securities - 74.0%** | **U.S. Treasury Inflation Protected Securities - 74.0%** | **U.S. Treasury Inflation Protected Securities - 74.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/24 ^ |  | 15059400 |  | 14574102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/24 ^ |  | 13472588 |  | 12974914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 04/15/25 ^ ‡ |  | 3887598 |  | 3705692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/25 ^ |  | 18949095 |  | 18010957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 04/15/26 ^ |  | 16702875 |  | 15705898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/26 ^ |  | 14072345 |  | 13263153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/26 ^ |  | 17011020 |  | 15950898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 04/15/27 ^ |  | 6543170 |  | 6100396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/30 ^ |  | 8732451 |  | 7849129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/30 ^ |  | 22663290 |  | 20304061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/31 ^ |  | 1589803 |  | 1405876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/32 ^ |  | 39988512 |  | 35051904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 02/15/51 ^ |  | 4589445 |  | 2960232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 02/15/52 ^ |  | 8135040 |  | 5276672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 01/15/25 ^ ‡ |  | 2641905 |  | 2534671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 07/15/29 ^ |  | 21670028 |  | 19848327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 02/15/50 ^ |  | 3175660 |  | 2144570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 07/15/23 ^ |  | 4353360 |  | 4301890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 07/15/25 ^ |  | 9746748 |  | 9362907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 01/15/27 ^ |  | 12261388 |  | 11566710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 07/15/27 ^ ‡ |  | 60906 |  | 57425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 04/15/24 ^ ‡ |  | 2008482 |  | 1953361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 01/15/28 ^ ‡ |  | 39715403 |  | 37359591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 04/15/23 ^ ‡ |  | 1175618 |  | 1163641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/15/24 ^ |  | 6482255 |  | 6345184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/15/26 ^ |  | 10861240 |  | 10428606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 02/15/43 ^ |  | 12480865 |  | 10080628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 07/15/28 ^ |  | 34247835 |  | 32636759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/15/42 ^ |  | 20638281 |  | 17290572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 02/15/45 ^ |  | 16792123 |  | 13594333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 01/15/29 ^ |  | 18291860 |  | 17434281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 02/15/47 ^ |  | 5805336 |  | 4764872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/46 ^ |  | 12613427 |  | 10724764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/48 ^ |  | 7612542 |  | 6414944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/49 ^ |  | 5920750 |  | 4954921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 02/15/44 ^ |  | 14204913 |  | 13204254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 10/15/27 ^ ‡ |  | 8550065 |  | 8543954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 01/15/28 ^ |  | 2985471 |  | 2984836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 01/15/26 ^ |  | 7437440 |  | 7430240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/15/40 ^ |  | 4508087 |  | 4775860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/15/41 ^ |  | 4095587 |  | 4342303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 01/15/25 ^ |  | 13120972 |  | 13133217 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-37** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 01/15/27 ^ ‡ | $| 132981 | $| 135691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/15/29 ^ |  | 6936524 |  | 7236002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 04/15/28 ^ |  | 20730235 |  | 22601952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/29 ^ |  | 9720759 |  | 10928105 |
|  |  |  |  | 493413255 |
|  **U.S. Treasury Notes - 2.4%** | **U.S. Treasury Notes - 2.4%** | **U.S. Treasury Notes - 2.4%** | **U.S. Treasury Notes - 2.4%** | **U.S. Treasury Notes - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/31 ^ |  | 17742850 |  | 15767504 |
|  Total U.S. Treasury Obligations <br>(Cost $594,662,192) | Total U.S. Treasury Obligations <br>(Cost $594,662,192) | Total U.S. Treasury Obligations <br>(Cost $594,662,192) |  | 517548376 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 7.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 7.7%** |
|  Canadian Government (Canada) <br>4.250% due 12/01/26 ^ |  | CAD 2,626,185 |  | 2140321 |
|  French Republic Government OAT (France) | French Republic Government OAT (France) | French Republic Government OAT (France) | French Republic Government OAT (France) | French Republic Government OAT (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 03/01/26 ^ ~ |  | EUR 4,019,435 |  | 4265423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 07/25/31 ^ ~ |  | 1150190 |  | 1184164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 07/25/38 ^ ~ |  | 2371572 |  | 2298182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 07/25/24 ^ ~ |  | 1958528 |  | 2113997 |
|  Italy Buoni Poliennali Del Tesoro (Italy) | Italy Buoni Poliennali Del Tesoro (Italy) | Italy Buoni Poliennali Del Tesoro (Italy) | Italy Buoni Poliennali Del Tesoro (Italy) | Italy Buoni Poliennali Del Tesoro (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% due 05/15/30 ^ ~ |  | 2449041 |  | 2299016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 05/26/25 ^ ~ |  | 12384000 |  | 13109777 |
|  Japanese Government CPI Linked (Japan) | Japanese Government CPI Linked (Japan) | Japanese Government CPI Linked (Japan) | Japanese Government CPI Linked (Japan) | Japanese Government CPI Linked (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005% due 03/10/31 ^ |  | JPY 82,455,460 |  | 653097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 03/10/28 ^ |  | 506126040 |  | 4004967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 03/10/29 ^ |  | 931485815 |  | 7377930 |
|  New Zealand Government Inflation Linked<br>(New Zealand) <br>2.000% due 09/20/25 ^ ~ |  | NZD 3,967,360 |  | 2548038 |
|  Qatar Government (Qatar) <br>3.875% due 04/23/23 ~ |  | $300000 |  | 298771 |
|  Saudi Government (Saudi Arabia) <br>4.000% due 04/17/25 ~ |  | 830000 |  | 819943 |
|  United Kingdom Gilt Inflation Linked (United Kingdom) | United Kingdom Gilt Inflation Linked (United Kingdom) | United Kingdom Gilt Inflation Linked (United Kingdom) | United Kingdom Gilt Inflation Linked (United Kingdom) | United Kingdom Gilt Inflation Linked (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 03/22/24 ^ ~ |  | GBP 2,789,599 |  | 3428301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 08/10/41 ^ ~ |  | 2033440 |  | 2310503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 11/22/27 ^ ~ |  | 1999082 |  | 2558604 |
|  Total Foreign Government Bonds & Notes <br>(Cost $56,577,111) |  |  |  | 51411034 |
|  **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |
|  **Repurchase Agreements - 1.2%** | **Repurchase Agreements - 1.2%** | **Repurchase Agreements - 1.2%** | **Repurchase Agreements - 1.2%** | **Repurchase Agreements - 1.2%** |
|  BNP Paribas SA <br>4.100% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $4,101,868; collateralized by U.S. Treasury Notes: 1.630% due 05/15/31 and value $4,179,505) |  | $4100000 |  | 4100000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $3,697,587; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $3,769,951) | $| 3695965 | $| 3695965 |
|  |  |  |  | 7795965 |
|  **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.181% due 03/02/23 ‡ |  | 779000 |  | 773686 |
|  Total Short-Term Investments <br>(Cost $8,569,653) | Total Short-Term Investments <br>(Cost $8,569,653) | Total Short-Term Investments <br>(Cost $8,569,653) |  | 8569651 |
|  **TOTAL INVESTMENTS - 104.8% <br>(Cost $789,944,682)** | **TOTAL INVESTMENTS - 104.8% <br>(Cost $789,944,682)** | **TOTAL INVESTMENTS - 104.8% <br>(Cost $789,944,682)** |  | 698431153 |
|  **DERIVATIVES - (0.8%)** | **DERIVATIVES - (0.8%)** | **DERIVATIVES - (0.8%)** |  | (5253933) |
|  **OTHER ASSETS & LIABILITIES, NET - (4.0%)** | **OTHER ASSETS & LIABILITIES, NET - (4.0%)** | **OTHER ASSETS & LIABILITIES, NET - (4.0%)** |  | (26424941) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $666752279 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 77.7% |
|  Asset-Backed Securities | 9.8% |
|  Foreign Government Bonds & Notes | 7.7% |
|  Mortgage-Backed Securities | 5.3% |
|  Corporate Bonds & Notes | 3.0% |
|  Others (each less than 3.0%) | 1.3% |
|  | 104.8% |
|  Derivatives | (0.8%) |
|  Other Assets & Liabilities, Net | (4.0%) |
|  | 100.0% |

---

(b) As of December 31, 2022, investments with a total aggregate value of $6,993,250 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 year ended
December 31, 2022 was $3,675,445 at a weighted average interest rate of 1.842%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended December 31, 2022 was $106,763,726 at a weighted
average interest rate of 0.480%.

(d) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br> Month | Number of<br>Contracts | Notional<br> Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  3-Month USD SOFR | 03/23 | 371 | $88578606 | $88578569 | ($37) |
|  Euribor | 03/23 | 190 | 49323503 | 49315876 | (7627) |
|  Euro-Bund | 03/23 | 31 | 4551177 | 4411141 | (140036) |
|  U.S. Treasury 2-Year Notes | 03/23 | 49 | 10090559 | 10048828 | (41731) |
|  U.S. Treasury 5-Year Notes | 03/23 | 137 | 14992951 | 14786367 | (206584) |
|  U.S. Treasury 10-Year Notes | 03/23 | 19 | 2128916 | 2133640 | 4724 |
|  U.S. Treasury Ultra 10-Year Notes | 03/23 | 97 | 11846135 | 11473281 | (372854) |
|  |  |  |  |  | (764145) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-38** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Short Futures Outstanding | Expiration<br> Month | Number of<br>Contracts | Notional<br> Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  3-Month USD SOFR | 06/23 | 100 | $23788750 | $23771250 | $17500 |
|  3-Month USD SOFR | 12/23 | 271 | 64596237 | 64487837 | 108400 |
|  Australia Treasury 3-Year Bond | 03/23 | 16 | 1171106 | 1163401 | 7705 |
|  Euro-Bobl | 03/23 | 49 | 6159441 | 6071322 | 88119 |
|  Euro-BTP | 03/23 | 138 | 16499074 | 16089884 | 409190 |
|  Euro-Bund | 01/23 | 14 | 1961215 | 1991500 | (30285) |
|  Euro-Buxl | 03/23 | 52 | 8319448 | 7527915 | 791533 |
|  Euro-OAT | 03/23 | 41 | 5778351 | 5586997 | 191354 |
|  Euro-Schatz | 03/23 | 781 | 88563890 | 88133339 | 430551 |
|  Japan 10-Year Bonds | 03/23 | 30 | 33405974 | 33250533 | 155441 |
|  Long Gilt | 03/23 | 4 | 495428 | 483097 | 12331 |
|  Short Euro-BTP | 03/23 | 61 | 6898019 | 6863411 | 34608 |
|  U.S. Treasury 30-Year Bonds | 03/23 | 285 | 37637784 | 35722969 | 1914815 |
|  U.S. Treasury Ultra Long Bonds | 03/23 | 9 | 1200625 | 1208813 | (8188) |
|  |  |  |  |  | 4123074 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $3358929 |

---

(e) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| DKK | 3240000 | USD | 465331 | 01/23 | CIT | $1290 | $— |
| DKK | 3830000 | USD | 536391 | 01/23 | JPM | 15200 |  |
| EUR | 472000 | USD | 503134 | 01/23 | BNP | 2333 |  |
| EUR | 497000 | USD | 528646 | 01/23 | BRC | 3594 |  |
| EUR | 1390000 | USD | 1474208 | 01/23 | CIT | 14350 |  |
| EUR | 1680000 | USD | 1787625 | 01/23 | HSB | 11497 |  |
| USD | 2065683 | CAD | 2771000 | 01/23 | HSB | 19083 |  |
| USD | 8798547 | DKK | 62426214 | 01/23 | DUB |  | (191996) |
| USD | 7974240 | DKK | 56451419 | 01/23 | HSB |  | (155821) |
| USD | 2166131 | EUR | 2030000 | 01/23 | BNP |  | (7808) |
| USD | 789936 | EUR | 749000 | 01/23 | BOA |  | (12172) |
| USD | 34360968 | EUR | 32785000 | 01/23 | HSB |  | (748667) |
| USD | 10879809 | GBP | 9010000 | 01/23 | JPM |  | (14561) |
| USD | 492724 | JPY | 67900000 | 01/23 | CIT |  | (25001) |
| USD | 6090812 | JPY | 829535642 | 01/23 | HSB |  | (234241) |
| USD | 5243614 | JPY | 718314816 | 01/23 | MSC |  | (233401) |
| USD | 2529027 | NZD | 3978000 | 01/23 | HSB | 3224 |  |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $70571 | ($1623668) |

---

(f) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Cost | Value |
|  Call - 2-Year Interest Rate Swap | Pay | SOFR | 1.710% | 01/25/23 | JPM | $19600000 | $119560 | $2 |
|  Call - 2-Year Interest Rate Swap | Pay | SOFR | 1.428% | 01/31/23 | MSC | 10400000 | 53137 | 1 |
|  Call - 2-Year Interest Rate Swap | Pay | SOFR | 1.410% | 02/02/23 | BRC | 10500000 | 52500 | 1 |
|  Call - 2-Year Interest Rate Swap | Pay | SOFR | 1.720% | 02/23/23 | CIT | 18400000 | 101200 | 15 |
|  Call - 5-Year Interest Rate Swap | Pay | SOFR | 2.200% | 04/26/23 | GSC | 7500000 | 80062 | 4577 |
|  Call - 5-Year Interest Rate Swap | Pay | SOFR | 2.200% | 05/31/23 | MSC | 21400000 | 256800 | 25592 |
|  |  |  |  |  |  |  | 663259 | 30188 |
|  Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.237% | 11/17/23 | DUB | 4100000 | 254483 | 911627 |
|  Total Purchased Options |  |  |  |  |  |  | $917742 | $941815 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-39** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(g) Premiums received and value of written options outstanding as of December 31, 2022 were as follows:

<u>Inflation Floor/Cap Options</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Initial<br>Index | Floating Rate | Expiration<br> Date | Counter-<br> party | Notional<br>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 | $13400000 | $97485 | ($43) |
|  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 | 100087 | (46429) |
|  |  |  |  |  |  | $197572 | ($46472) |

---

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Premium | Value |
|  Call - 10-Year Interest Rate Swap | Receive | SOFR | 1.785% | 01/25/23 | JPM | $4300000 | $118948 | $— |
|  Call - 10-Year Interest Rate Swap | Receive | SOFR | 1.579% | 01/31/23 | MSC | 2300000 | 53763 |  |
|  Call - 10-Year Interest Rate Swap | Receive | SOFR | 1.558% | 02/02/23 | BRC | 2300000 | 52613 |  |
|  Call - 10-Year Interest Rate Swap | Receive | SOFR | 1.736% | 02/23/23 | CIT | 4100000 | 101474 | (44) |
|  Call - 10-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 2.547% | 03/07/23 | GSC | EUR 1,300,000 | 28591 | (2931) |
|  Call - 10-Year Interest Rate Swap | Receive | SOFR | 2.350% | 04/26/23 | GSC | $4200000 | 82935 | (7106) |
|  Call - 10-Year Interest Rate Swap | Receive | SOFR | 2.350% | 05/31/23 | MSC | 11700000 | 254916 | (34565) |
|  Call - 10-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 2.067% | 06/09/23 | GSC | EUR 1,600,000 | 18675 | (4103) |
|  |  |  |  |  |  |  | 711915 | (48749) |
|  Put - 10-Year Interest Rate Swap | Pay | 6-Month EUR-LIBOR | 2.547% | 03/07/23 | GSC | EUR 1,300,000 | 28591 | (82110) |
|  Put - 10-Year Interest Rate Swap | Pay | 6-Month EUR-LIBOR | 3.140% | 06/09/23 | GSC | 1600000 | 22149 | (52498) |
|  Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.340% | 11/17/23 | DUB | $20200000 | 254520 | (1309384) |
|  |  |  |  |  |  |  | 305260 | (1443992) |
|  Total Written Options |  |  |  |  |  |  | $1214747 | ($1539213) |

---

(h) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Credit Default Swaps on Corporate Issues - Sell Protection (1)</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced<br>Obligation | Payment<br>Frequency | Fixed Deal<br>Receive<br>Rate | Expiration<br>Date | Implied<br>Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  General Electric Co. | Q | 1.000% | 12/20/23 ICE | 0.438% | $300000 | $1702 | ($3388) | $5090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 year end serve as
an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection
and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk
of default or other credit event occurring as defined under the terms of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

<u>Interest Rate Swaps - Long</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 5.470% | U.S. CPI Urban Consumers | Z/Z LCH | 03/21/23 | $1000000 | ($7579) | $— | ($7579) |
| 5.320% | U.S. CPI Urban Consumers | Z/Z LCH | 04/29/23 | 1500000 | (3951) |  | (3951) |
| 5.150% | U.S. CPI Urban Consumers | Z/Z LCH | 05/23/23 | 4400000 | 12896 |  | 12896 |
| 5.185% | U.S. CPI Urban Consumers | Z/Z LCH | 05/24/23 | 4100000 | 14688 |  | 14688 |
| (0.526%) | 3-Month EUR-LIBOR | A/Q LCH | 11/21/23 | EUR 16,000,000 | (582129) |  | (582129) |
| 0.550% | 6-Month EUR-LIBOR | A/S LCH | 08/10/24 | 200000 | (9289) | (561) | (8728) |
| 3.850% | GBP Retail Price | Z/Z LCH | 09/15/24 | GBP 2,700,000 | (414616) | 125 | (414741) |
| 3.330% | GBP Retail Price | Z/Z LCH | 01/15/25 | 1000000 | (192095) | 23419 | (215514) |
| 0.700% | 6-Month EUR-LIBOR | A/S LCH | 04/11/27 | EUR 700,000 | (73682) | (2982) | (70700) |
| 0.650% | 6-Month EUR-LIBOR | A/S LCH | 04/12/27 | 1400000 | (151239) | (6611) | (144628) |
| 0.650% | 6-Month EUR-LIBOR | A/S LCH | 05/11/27 | 900000 | (98868) | (5984) | (92884) |
| 1.000% | 6-Month EUR-LIBOR | A/S LCH | 05/13/27 | 1600000 | (147691) | (5162) | (142529) |
| 1.000% | 6-Month EUR-LIBOR | A/S LCH | 05/18/27 | 700000 | (64634) | (2316) | (62318) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-40** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 3.603% | GBP Retail Price | Z/Z | LCH | 11/15/28 | GBP 120,000 | ($20291) | $— | ($20291) |
| 3.633% | GBP Retail Price | Z/Z | LCH | 12/15/28 | 700000 | (115621) |  | (115621) |
| 1.954% | U.S. CPI Urban Consumers | Z/Z | LCH | 06/03/29 | $2350000 | (305297) |  | (305297) |
| 1.998% | U.S. CPI Urban Consumers | Z/Z | LCH | 07/25/29 | 7700000 | (952794) |  | (952794) |
| 1.760% | U.S. CPI Urban Consumers | Z/Z | LCH | 11/04/29 | 3100000 | (459785) | (3110) | (456675) |
| 1.883% | U.S. CPI Urban Consumers | Z/Z | LCH | 11/20/29 | 700000 | (96148) | 642 | (96790) |
| 3.438% | GBP Retail Price | Z/Z | LCH | 01/15/30 | GBP 100,000 | (21033) |  | (21033) |
| 3.190% | GBP Retail Price | Z/Z | LCH | 04/15/30 | 2900000 | (695101) | (163837) | (531264) |
| 3.400% | GBP Retail Price | Z/Z | LCH | 06/15/30 | 2500000 | (498151) | 57700 | (555851) |
| 3.475% | GBP Retail Price | Z/Z | LCH | 08/15/30 | 700000 | (160399) | 7283 | (167682) |
| 1.380% | Eurostat Eurozone HICP | Z/Z | LCH | 03/15/31 | EUR 5,300,000 | (1125306) | (38565) | (1086741) |
| 3.750% | GBP Retail Price | Z/Z | LCH | 04/15/31 | GBP 770,000 | (155007) | (364) | (154643) |
| 4.066% | GBP Retail Price | Z/Z | LCH | 09/15/31 | 300000 | (40853) |  | (40853) |
| 0.000% | 6-Month EUR-LIBOR | A/S | LCH | 11/04/32 | EUR 9,200,000 | (2660061) | (91382) | (2568679) |
| 0.000% | 6-Month EUR-LIBOR | A/S | LCH | 11/08/32 | 8300000 | (2402845) | (166535) | (2236310) |
| 3.566% | GBP Retail Price | Z/Z | LCH | 03/15/36 | GBP 400,000 | (81590) |  | (81590) |
| 3.580% | GBP Retail Price | Z/Z | LCH | 03/15/36 | 1200000 | (241665) | (7031) | (234634) |
| 2.488% | Eurostat Eurozone HICP | Z/Z | LCH | 05/15/37 | EUR 1,620,000 | (94197) | 1864 | (96061) |
| 2.421% | Eurostat Eurozone HICP | Z/Z | LCH | 05/15/52 | 240000 | (27828) |  | (27828) |
| 2.590% | Eurostat Eurozone HICP | Z/Z | LCH | 12/15/52 | 900000 | (10068) |  | (10068) |
| 1.500% | 6-Month EUR-LIBOR | A/S | LCH | 03/15/53 | 300000 | (65859) | (33722) | (32137) |
| 1.888% | 3-Month USD-LIBOR | S/Q | LCH | 11/21/53 | $1100000 | (301367) |  | (301367) |
|  |  |  |  |  |  | ($12249455) | ($437129) | ($11812326) |

---

<u>Interest Rate Swaps - Short</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 2.210% | U.S. CPI Urban Consumers | Z/Z | LCH | 02/05/23 | $6810000 | $615537 | $— | $615537 |
| 2.263% | U.S. CPI Urban Consumers | Z/Z | LCH | 04/27/23 | 5320000 | 442281 | (801) | 443082 |
| 2.263% | U.S. CPI Urban Consumers | Z/Z | LCH | 05/09/23 | 1150000 | 95966 |  | 95966 |
| 2.281% | U.S. CPI Urban Consumers | Z/Z | LCH | 05/10/23 | 1760000 | 142088 |  | 142088 |
| 4.480% | GBP Retail Price | Z/Z | LCH | 09/15/23 | GBP 700,000 | 110776 |  | 110776 |
| 6.440% | GBP Retail Price | Z/Z | LCH | 05/15/24 | 600000 | 34756 |  | 34756 |
| 6.600% | GBP Retail Price | Z/Z | LCH | 05/15/24 | 1500000 | 81075 | 416 | 80659 |
| 5.200% | GBP Retail Price | Z/Z | LCH | 06/15/24 | 900000 | 45866 |  | 45866 |
| 5.330% | GBP Retail Price | Z/Z | LCH | 06/15/24 | 1300000 | 62204 |  | 62204 |
| 2.314% | U.S. CPI Urban Consumers | Z/Z | LCH | 02/26/26 | $2100000 | 203358 |  | 203358 |
| 2.419% | U.S. CPI Urban Consumers | Z/Z | LCH | 03/05/26 | 2800000 | 257001 |  | 257001 |
| 2.768% | U.S. CPI Urban Consumers | Z/Z | LCH | 05/13/26 | 1700000 | 121649 |  | 121649 |
| 2.813% | U.S. CPI Urban Consumers | Z/Z | LCH | 05/14/26 | 1000000 | 69249 |  | 69249 |
| 2.703% | U.S. CPI Urban Consumers | Z/Z | LCH | 05/25/26 | 1210000 | 89263 | 191 | 89072 |
| 4.735% | GBP Retail Price | Z/Z | LCH | 12/15/26 | GBP 1,500,000 | 146412 | (20112) | 166524 |
| 4.615% | GBP Retail Price | Z/Z | LCH | 02/15/27 | 1300000 | 117819 |  | 117819 |
| 4.626% | GBP Retail Price | Z/Z | LCH | 02/15/27 | 1600000 | 143931 | 1027 | 142904 |
| 2.965% | Eurostat Eurozone HICP | Z/Z | LCH | 05/15/27 | EUR 800,000 | 28796 |  | 28796 |
| 3.000% | Eurostat Eurozone HICP | Z/Z | LCH | 05/15/27 | 1300000 | 44387 | 659 | 43728 |
| 3.130% | Eurostat Eurozone HICP | Z/Z | LCH | 05/15/27 | 300000 | 8174 |  | 8174 |
| 1.798% | U.S. CPI Urban Consumers | Z/Z | LCH | 08/25/27 | $900000 | 128853 |  | 128853 |
| 1.890% | U.S. CPI Urban Consumers | Z/Z | LCH | 08/27/27 | 1000000 | 136823 |  | 136823 |
| 0.300% | 1-Day JPY-TONAR | S/S | LCH | 09/20/27 | JPY 377,560,000 | 42026 | (3447) | 45473 |
| 3.250% | 3-Month NZD Bank Bills | S/Q | CME | 03/21/28 | NZD 3,500,000 | 146768 | 6133 | 140635 |
| 2.573% | U.S. CPI Urban Consumers | Z/Z | LCH | 08/26/28 | $400000 | 24101 |  | 24101 |
| 2.645% | U.S. CPI Urban Consumers | Z/Z | LCH | 09/10/28 | 500000 | 26366 |  | 26366 |
| 1.840% | 3-Month USD-LIBOR | S/Q | LCH | 11/21/28 | 5500000 | 452318 |  | 452318 |
| 2.311% | U.S. CPI Urban Consumers | Z/Z | LCH | 02/24/31 | 5100000 | 533714 | (1980) | 535694 |
| 2.600% | Eurostat Eurozone HICP | Z/Z | LCH | 05/15/32 | EUR 1,500,000 | 61870 | 7232 | 54638 |
| 2.720% | Eurostat Eurozone HICP | Z/Z | LCH | 06/15/32 | 1400000 | 18875 | (7781) | 26656 |
| 2.470% | Eurostat Eurozone HICP | Z/Z | LCH | 07/15/32 | 800000 | 30570 |  | 30570 |
| 4.125% | GBP Retail Price | Z/Z | LCH | 09/15/32 | GBP 330,000 | 4090 |  | 4090 |
| 4.130% | GBP Retail Price | Z/Z | LCH | 09/15/32 | 1470000 | 17321 | 130 | 17191 |
| 4.143% | GBP Retail Price | Z/Z | LCH | 10/15/32 | 2000000 | 20958 |  | 20958 |
| 1.750% | 6-Month EUR-LIBOR | A/S | LCH | 03/15/33 | EUR 2,400,000 | 319844 | 249919 | 69925 |
| 0.500% | 1-Day GBP-SONIA | A/A | LCH | 03/16/42 | GBP 3,400,000 | 1765730 | 1694871 | 70859 |
| 0.190% | 6-Month EUR-LIBOR | A/S | LCH | 11/04/52 | EUR 1,500,000 | 753365 | 92583 | 660782 |
| 0.195% | 6-Month EUR-LIBOR | A/S | LCH | 11/04/52 | 1550000 | 776810 | 967 | 775843 |
| 0.197% | 6-Month EUR-LIBOR | A/S | LCH | 11/08/52 | 2800000 | 1402496 | 173731 | 1228765 |
| 0.830% | 6-Month EUR-LIBOR | A/S | LCH | 12/09/52 | 3500000 | 108787 | 8159 | 100628 |
|  |  |  |  |  |  | $9632273 | $2201897 | $7430376 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  |  |  | ($2617182) | $1764768 | ($4381950) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-41** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

<u>Total Return Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive<br>Rate/<br>Pay Rate | Counter-party | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury Inflation Protected Securities 0.625% due 04/15/23 | 4.190% | Z | MSC | 01/20/23 | $30000000 | ($180097) | $— | ($180097) |
|  U.S. Treasury Inflation Protected Securities 0.375% due 07/15/23 | 4.190% | Z | MSC | 01/20/23 | 5000000 | (33133) |  | (33133) |
|  U.S. Treasury Inflation Protected Securities 0.625% due 01/15/24 | 4.190% | Z | MSC | 01/20/23 | 15000000 | (82332) |  | (82332) |
|  U.S. Treasury Inflation Protected Securities 0.500% due 04/15/24 | 4.190% | Z | MSC | 01/20/23 | 5000000 | (32572) |  | (32572) |
|  U.S. Treasury Inflation Protected Securities 0.250% due 01/15/25 | 4.190% | Z | MSC | 01/20/23 | 10000000 | (65198) |  | (65198) |
|  U.S. Treasury Inflation Protected Securities 0.125% due 04/15/25 | 4.190% | Z | MSC | 01/20/23 | 15000000 | (74552) |  | (74552) |
|  U.S. Treasury Inflation Protected Securities 0.375% due 01/15/27 | 4.190% | Z | MSC | 01/20/23 | 20000000 | 35513 |  | 35513 |
|  U.S. Treasury Inflation Protected Securities 0.375% due 07/15/27 | 4.190% | Z | MSC | 01/20/23 | 30000000 | 95485 |  | 95485 |
|  U.S. Treasury Inflation Protected Securities 0.125% due 10/15/24 | SOFR+7.000% | Z | MSC | 01/20/23 | 10000000 | (393418) |  | (393418) |
|  U.S. Treasury Inflation Protected Securities 0.125% due 07/15/31 | SOFR+7.000% | Z | MSC | 01/20/23 | 20000000 | (1278777) |  | (1278777) |
|  U.S. Treasury Inflation Protected Securities 0.375% due 07/15/23 | SOFR+12.000% | Z | MSC | 02/06/23 | 10000000 | (34840) |  | (34840) |
|  U.S. Treasury Inflation Protected Securities 0.625% due 01/15/26 | SOFR+12.000% | Z | MSC | 02/06/23 | 10000000 | (41586) |  | (41586) |
|  |  |  |  |  |  | ($2085507) | $— | ($2085507) |
|  Total Swap Agreements |  |  |  |  |  | ($4700987) | $1761380 | ($6462367) |

---

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

---

| | | |
|:---|:---|:---|
| | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  OTC Swap Agreements | OTC Swap Agreements |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $— | $130998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  | (2216505) |
|  Centrally Cleared Swap Agreements (1) | Centrally Cleared Swap Agreements (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 2327051 | 7463050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (565671) | (11839910) |
|  | $1761380 | ($6462367) |

---

(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 page B-294*

**B-42** 

------

**PACIFIC SELECT FUND** 

**INFLATION MANAGED PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $20125295 | $— | $20125295 | $— |
|  | Mortgage-Backed Securities | 35345256 |  | 35345256 |  |
|  | Asset-Backed Securities | 65431541 |  | 65431541 |  |
|  | U.S. Treasury Obligations | 517548376 |  | 517548376 |  |
|  | Foreign Government Bonds & Notes | 51411034 |  | 51411034 |  |
|  | Short-Term Investments | 8569651 |  | 8569651 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 5090 |  | 5090 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 70571 |  | 70571 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 4166271 | 4166271 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 941815 |  | 941815 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 7588958 |  | 7588958 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 12697044 | 4166271 | 8530773 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset - Derivatives | 12772705 | 4166271 | 8606434 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 711203858 | 4166271 | 707037587 |  |
|  Liabilities | Due to Custodian | (823187) |  | (823187) |  |
|  | Sale-buyback Financing Transactions | (355011984) |  | (355011984) |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (1623668) |  | (1623668) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (807342) | (807342) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (1539213) |  | (1539213) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (14056415) |  | (14056415) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (16402970) | (807342) | (15595628) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (18026638) | (807342) | (17219296) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (373861809) | (807342) | (373054467) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $337342049 | $3358929 | $333983120 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-43** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 25.3%** | **CORPORATE BONDS & NOTES - 25.3%** | **CORPORATE BONDS & NOTES - 25.3%** |
|  **Basic Materials - 0.4%** | **Basic Materials - 0.4%** |  |
|  Anglo American Capital PLC (South Africa)<br>3.625% due 09/11/24 ~ | $1200000 | $1161865 |
|  CF Industries, Inc.<br>4.950% due 06/01/43 | 960000 | 825451 |
|  DuPont de Nemours, Inc.<br>5.319% due 11/15/38 | 685000 | 661219 |
|  Glencore Funding LLC (Australia)<br>2.500% due 09/01/30 ~ | 760000 | 618623 |
|  International Flavors & Fragrances, Inc.<br>3.468% due 12/01/50 ~ | 1126000 | 767077 |
|  LYB International Finance III LLC<br>1.250% due 10/01/25 | 329000 | 293825 |
|  Nutrien Ltd. (Canada)<br>5.000% due 04/01/49 | 375000 | 338606 |
|  Steel Dynamics, Inc.<br>1.650% due 10/15/27 | 750000 | 629709 |
|  Vale Overseas Ltd. (Brazil)<br>3.750% due 07/08/30 | 780000 | 684206 |
|  |  | 5980581 |
|  **Communications - 1.6%** | **Communications - 1.6%** | **Communications - 1.6%** |
|  Amazon.com, Inc.<br>3.875% due 08/22/37 | 1500000 | 1334883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/13/52 | 875000 | 729076 |
|  AT&T, Inc.<br>2.750% due 06/01/31 | 3100000 | 2576822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/41 | 3040000 | 2278891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 09/15/55 | 1434000 | 963276 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>2.800% due 04/01/31 | 3050000 | 2381456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/41 | 1285000 | 841501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/51 | 860000 | 526029 |
|  Comcast Corp.<br>2.650% due 02/01/30 | 2500000 | 2168486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 01/15/51 | 736000 | 467735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/01/39 | 1970000 | 1542528 |
|  Corning, Inc.<br>5.750% due 08/15/40 | 300000 | 299276 |
|  Cox Communications, Inc.<br>2.950% due 10/01/50 ~ | 555000 | 335128 |
|  Deutsche Telekom AG (Germany)<br>3.625% due 01/21/50 ~ | 1000000 | 719833 |
|  Discovery Communications LLC<br>3.625% due 05/15/30 | 980000 | 809707 |
|  Paramount Global<br>4.000% due 01/15/26 | 575000 | 551995 |
|  Verizon Communications, Inc.<br>2.650% due 11/20/40 | 2046000 | 1388564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 03/22/61 | 600000 | 421463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 02/08/29 | 1500000 | 1410533 |
|  Walt Disney Co.<br>2.650% due 01/13/31 | 1000000 | 856075 |
|  |  | 22603257 |
|  **Consumer, Cyclical - 2.5%** | **Consumer, Cyclical - 2.5%** | **Consumer, Cyclical - 2.5%** |
|  7-Eleven, Inc.<br>0.625% due 02/10/23 ~ | 1490000 | 1482426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% due 02/10/26 ~ | 345000 | 302525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 02/10/28 ~ | 1777000 | 1475756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/10/41 ~ | 283000 | 187784 |
|  Alimentation Couche-Tard, Inc. (Canada)<br>3.439% due 05/13/41 ~ | 785000 | 562247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/13/51 ~ | 875000 | 589332 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  American Airlines Pass-Through Trust<br>Class A<br>3.650% due 12/15/29 | $1165590 | $912035 |
|  American Airlines Pass-Through Trust Class AA<br>3.200% due 12/15/29 | 1496560 | 1301171 |
|  American Airlines Pass-Through Trust Class B<br>3.950% due 01/11/32 | 2261000 | 1800179 |
|  Delta Air Lines Pass-Through Trust Class A<br>2.500% due 12/10/29 | 1973188 | 1678382 |
|  Delta Air Lines Pass-Through Trust Class B<br>4.250% due 01/30/25 | 507830 | 497970 |
|  General Motors Financial Co., Inc.<br>1.200% due 10/15/24 | 1600000 | 1482290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 06/10/31 | 830000 | 637846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/07/25 | 390000 | 376799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/17/27 | 230000 | 218875 |
|  Hasbro, Inc.<br>3.900% due 11/19/29 | 682000 | 607570 |
|  Home Depot, Inc.<br>3.125% due 12/15/49 | 2000000 | 1425696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/15/52 | 625000 | 603720 |
|  Hyundai Capital America<br>1.300% due 01/08/26 ~ | 1825000 | 1598014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 01/10/28 ~ | 395000 | 324569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 02/10/25 ~ | 600000 | 564747 |
|  JetBlue Pass-Through Trust Class B<br>7.750% due 05/15/30 | 1131592 | 1096957 |
|  Lear Corp.<br>2.600% due 01/15/32 | 265000 | 200019 |
|  Lennar Corp.<br>4.500% due 04/30/24 | 195000 | 192495 |
|  Lowe's Cos., Inc.<br>4.500% due 04/15/30 | 2000000 | 1921594 |
|  MDC Holdings, Inc.<br>2.500% due 01/15/31 | 530000 | 383332 |
|  Nordstrom, Inc.<br>4.250% due 08/01/31 | 731000 | 523813 |
|  O'Reilly Automotive, Inc.<br>3.900% due 06/01/29 | 2635000 | 2458845 |
|  Starbucks Corp.<br>2.550% due 11/15/30 | 2000000 | 1686423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/12/50 | 565000 | 401130 |
|  Stellantis Finance US, Inc.<br>1.711% due 01/29/27 ~ | 791000 | 679814 |
|  Tractor Supply Co.<br>1.750% due 11/01/30 | 1000000 | 770440 |
|  United Airlines Pass-Through Trust Class A 3.100% due 04/07/30 | 470842 | 381364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 09/01/31 | 1225807 | 1024587 |
|  United Airlines Pass-Through Trust Class B 3.650% due 04/07/27 | 1249294 | 1103038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 07/07/27 | 1868333 | 1693030 |
|  Volkswagen Group of America Finance LLC (Germany)<br>1.250% due 11/24/25 ~ | 1500000 | 1338725 |
|  |  | 34485539 |
|  **Consumer, Non-Cyclical - 3.2%** | **Consumer, Non-Cyclical - 3.2%** | **Consumer, Non-Cyclical - 3.2%** |
|  AbbVie, Inc.<br>3.200% due 11/21/29 | 3175000 | 2869411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 11/21/39 | 2120000 | 1823469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/21/49 | 910000 | 759873 |
|  Altria Group, Inc.<br>2.450% due 02/04/32 | 835000 | 631973 |
|  Amgen, Inc.<br>3.000% due 02/22/29 | 1500000 | 1331290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 02/21/40 | 1125000 | 832738 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-44** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  AstraZeneca PLC (United Kingdom)<br>6.450% due 09/15/37 | $205000 | $232035 |
|  Baptist Healthcare System Obligated Group<br>3.540% due 08/15/50 | 540000 | 390104 |
|  BAT Capital Corp. (United Kingdom)<br>2.259% due 03/25/28 | 3125000 | 2598690 |
|  Biogen, Inc.<br>2.250% due 05/01/30 | 339000 | 276936 |
|  Bon Secours Mercy Health, Inc.<br>3.205% due 06/01/50 | 700000 | 469742 |
|  Boston Scientific Corp.<br>4.550% due 03/01/39 | 167000 | 150580 |
|  Bristol-Myers Squibb Co.<br>2.350% due 11/13/40 | 165000 | 114086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/15/39 | 1000000 | 894053 |
|  Bunge Ltd. Finance Corp.<br>2.750% due 05/14/31 | 1305000 | 1074277 |
|  CommonSpirit Health<br>2.782% due 10/01/30 | 1065000 | 880913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910% due 10/01/50 | 650000 | 484063 |
|  Conagra Brands, Inc.<br>1.375% due 11/01/27 | 1085000 | 905584 |
|  Constellation Brands, Inc.<br>5.250% due 11/15/48 | 290000 | 273455 |
|  CVS Health Corp.<br>4.875% due 07/20/35 | 850000 | 810325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 03/25/48 | 430000 | 388133 |
|  CVS Pass-Through Trust<br>4.163% due 08/11/36 ~ | 491756 | 425882 |
|  DH Europe Finance II SARL<br>3.250% due 11/15/39 | 285000 | 228361 |
|  Elevance Health, Inc.<br>2.250% due 05/15/30 | 1135000 | 941511 |
|  Gilead Sciences, Inc.<br>1.650% due 10/01/30 | 1125000 | 894729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/01/40 | 675000 | 473535 |
|  Global Payments, Inc.<br>3.200% due 08/15/29 | 1934000 | 1647971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 08/15/29 | 285000 | 276161 |
|  GSK Consumer Healthcare Capital US LLC<br>3.375% due 03/24/29 | 610000 | 549791 |
|  HCA, Inc.<br>5.250% due 06/15/26 | 2430000 | 2403787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/15/47 | 700000 | 624982 |
|  Keurig Dr Pepper, Inc.<br>3.200% due 05/01/30 | 655000 | 572313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 05/01/50 | 610000 | 460956 |
|  Kraft Heinz Foods Co.<br>4.375% due 06/01/46 | 360000 | 294189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/01/39 | 640000 | 564046 |
|  Kroger Co.<br>1.700% due 01/15/31 | 2000000 | 1546604 |
|  MedStar Health, Inc.<br>3.626% due 08/15/49 | 520000 | 376380 |
|  Mondelez International, Inc.<br>1.875% due 10/15/32 | 750000 | 571072 |
|  MultiCare Health System<br>2.803% due 08/15/50 | 560000 | 333069 |
|  MyMichigan Health<br>3.409% due 06/01/50 | 1000000 | 691922 |
|  Nationwide Children's Hospital, Inc.<br>4.556% due 11/01/52 | 150000 | 134018 |
|  PeaceHealth Obligated Group<br>3.218% due 11/15/50 | 655000 | 427973 |
|  Piedmont Healthcare, Inc.<br>2.864% due 01/01/52 | 515000 | 323478 |
|  Quanta Services, Inc.<br>2.350% due 01/15/32 | 890000 | 678009 |
|  Regeneron Pharmaceuticals, Inc.<br>1.750% due 09/15/30 | 2125000 | 1646062 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Royalty Pharma PLC<br>2.150% due 09/02/31 | $| 84000 | $| 63726 |
|  S&P Global, Inc.<br>2.700% due 03/01/29 ~ |  | 853000 |  | 752569 |
|  Smithfield Foods, Inc.<br>3.000% due 10/15/30 ~ |  | 1025000 |  | 782589 |
|  Takeda Pharmaceutical Co. Ltd. (Japan)<br>3.025% due 07/09/40 |  | 1695000 |  | 1250459 |
|  Thermo Fisher Scientific, Inc.<br>2.000% due 10/15/31 |  | 835000 |  | 678452 |
|  Triton Container International Ltd. (Bermuda)<br>2.050% due 04/15/26 ~ |  | 1100000 |  | 956498 |
|  Tyson Foods, Inc.<br>3.550% due 06/02/27 |  | 850000 |  | 798042 |
|  UnitedHealth Group, Inc.<br>2.750% due 05/15/40 |  | 945000 |  | 689276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/51 |  | 525000 |  | 378236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/53 |  | 420000 |  | 456264 |
|  Universal Health Services, Inc.<br>2.650% due 10/15/30 |  | 50000 |  | 39909 |
|  University of Miami<br>4.063% due 04/01/52 |  | 240000 |  | 196824 |
|  Utah Acquisition Sub, Inc.<br>3.950% due 06/15/26 |  | 585000 |  | 547616 |
|  Viatris, Inc.<br>3.850% due 06/22/40 |  | 340000 |  | 229045 |
|  Zoetis, Inc.<br>5.600% due 11/16/32 |  | 1115000 |  | 1159425 |
|  |  |  |  | 44257461 |
|  **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** |
|  Aker BP ASA (Norway)<br>2.000% due 07/15/26 ~ |  | 307000 |  | 271553 |
|  BG Energy Capital PLC (United Kingdom)<br>5.125% due 10/15/41 ~ |  | 280000 |  | 262879 |
|  Boardwalk Pipelines LP<br>4.450% due 07/15/27 |  | 480000 |  | 457280 |
|  BP Capital Markets America, Inc.<br>2.772% due 11/10/50 |  | 565000 |  | 363238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.633% due 04/06/30 |  | 1685000 |  | 1550431 |
|  Chevron USA, Inc.<br>3.250% due 10/15/29 |  | 875000 |  | 804395 |
|  Coterra Energy, Inc.<br>3.900% due 05/15/27 |  | 495000 |  | 462951 |
|  Diamondback Energy, Inc.<br>3.125% due 03/24/31 |  | 1000000 |  | 830486 |
|  DT Midstream, Inc.<br>4.300% due 04/15/32 ~ |  | 790000 |  | 695228 |
|  Ecopetrol SA (Colombia)<br>5.875% due 09/18/23 |  | 440000 |  | 438124 |
|  Energy Transfer LP<br>4.150% due 09/15/29 |  | 605000 |  | 547863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 07/15/26 |  | 2470000 |  | 2336845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 02/15/42 |  | 455000 |  | 419239 |
|  Eni SpA (Italy)<br>4.000% due 09/12/23 ~ |  | 590000 |  | 581911 |
|  Enterprise Products Operating LLC<br>3.700% due 02/15/26 |  | 740000 |  | 714064 |
|  Exxon Mobil Corp.<br>4.114% due 03/01/46 |  | 1060000 |  | 907062 |
|  Flex Intermediate Holdco LLC<br>3.363% due 06/30/31 ~ |  | 475000 |  | 371862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.317% due 12/30/39 ~ |  | 335000 |  | 241826 |
|  Galaxy Pipeline Assets Bidco Ltd.<br>(United Arab Emirates)<br>2.940% due 09/30/40 ~ |  | 531592 |  | 429291 |
|  Gray Oak Pipeline LLC<br>2.600% due 10/15/25 ~ |  | 1685000 |  | 1529714 |
|  HF Sinclair Corp.<br>2.625% due 10/01/23 |  | 540000 |  | 528938 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-45** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/01/26 | $| 842000 | $| 843734 |
|  Kinder Morgan, Inc.<br>5.050% due 02/15/46 |  | 310000 |  | 264308 |
|  MPLX LP<br>4.500% due 04/15/38 |  | 580000 |  | 490715 |
|  NGPL PipeCo LLC<br>3.250% due 07/15/31 ~ |  | 860000 |  | 701778 |
|  Phillips 66 Co.<br>3.550% due 10/01/26 ~ |  | 560000 |  | 526054 |
|  Pioneer Natural Resources Co.<br>1.900% due 08/15/30 |  | 760000 |  | 596878 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>5.150% due 06/01/42 |  | 1000000 |  | 814540 |
|  Sabine Pass Liquefaction LLC<br>4.500% due 05/15/30 |  | 300000 |  | 278787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/01/25 |  | 1130000 |  | 1132442 |
|  Saudi Arabian Oil Co. (Saudi Arabia)<br>1.625% due 11/24/25 ~ |  | 200000 |  | 182681 |
|  Shell International Finance BV (Netherlands)<br>2.375% due 11/07/29 |  | 1135000 |  | 983446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/07/49 |  | 570000 |  | 403278 |
|  Suncor Energy, Inc. (Canada)<br>5.950% due 12/01/34 |  | 690000 |  | 688545 |
|  Targa Resources Corp.<br>4.200% due 02/01/33 |  | 190000 |  | 164010 |
|  TotalEnergies Capital International SA<br>(France)<br>2.986% due 06/29/41 |  | 1130000 |  | 846414 |
|  |  |  |  | 23662790 |
|  **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** |
|  ABN AMRO Bank NV (Netherlands)<br>2.470% due 12/13/29 ~ |  | 400000 |  | 324173 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>2.450% due 10/29/26 |  | 470000 |  | 411597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 01/30/32 |  | 550000 |  | 431314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/15/23 |  | 1000000 |  | 993712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/25 |  | 300000 |  | 304267 |
|  AIB Group PLC (Ireland)<br>4.263% due 04/10/25 ~ |  | 600000 |  | 579179 |
|  Air Lease Corp.<br>2.875% due 01/15/26 |  | 610000 |  | 565076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 07/01/25 |  | 2555000 |  | 2418935 |
|  Alexandria Real Estate Equities, Inc. REIT<br>3.375% due 08/15/31 |  | 1130000 |  | 989156 |
|  American International Group, Inc.<br>4.375% due 06/30/50 |  | 770000 |  | 655354 |
|  American Tower Corp. REIT<br>1.500% due 01/31/28 |  | 2255000 |  | 1869507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 10/15/30 |  | 2510000 |  | 1942618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 01/15/51 |  | 229000 |  | 142733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 06/15/50 |  | 351000 |  | 222311 |
|  Athene Global Funding<br>0.950% due 01/08/24 ~ |  | 772000 |  | 734841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 01/08/26 ~ |  | 905000 |  | 793138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/14/25 ~ |  | 1418000 |  | 1329143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 03/24/28 ~ |  | 885000 |  | 738906 |
|  Australia & New Zealand Banking Group<br>Ltd. (Australia)<br>4.400% due 05/19/26 ~ |  | 1140000 |  | 1095912 |
|  Aviation Capital Group LLC<br>5.500% due 12/15/24 ~ |  | 1000000 |  | 983065 |
|  Avolon Holdings Funding Ltd. (Ireland)<br>2.125% due 02/21/26 ~ |  | 305000 |  | 262828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/27 ~ |  | 5605000 |  | 4488306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/15/26 ~ |  | 765000 |  | 694374 |
|  Banco Santander SA (Spain)<br>1.722% due 09/14/27 |  | 200000 |  | 171082 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.849% due 03/25/26 | $2000000 | $1767528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% due 12/03/30 | 400000 | 307232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147% due 08/18/25 | 1200000 | 1187917 |
|  Bank of America Corp.<br>1.197% due 10/24/26 | 1385000 | 1232691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572% due 10/20/32 | 845000 | 663901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676% due 06/19/41 | 1900000 | 1284972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705% due 04/24/28 | 6445000 | 5973871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376% due 04/27/28 | 740000 | 708822 |
|  Bank of Ireland Group PLC (Ireland)<br>2.029% due 09/30/27 ~ | 1212000 | 1024947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.253% due 09/16/26 ~ | 903000 | 896370 |
|  Banque Federative du Credit Mutuel SA (France)<br>1.604% due 10/04/26 ~ | 1365000 | 1189140 |
|  Barclays PLC (United Kingdom)<br>1.007% due 12/10/24 | 1341000 | 1276988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.894% due 11/24/32 | 358000 | 273500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304% due 08/09/26 | 750000 | 745138 |
|  Berkshire Hathaway Finance Corp.<br>3.850% due 03/15/52 | 1285000 | 1031042 |
|  BNP Paribas SA (France)<br>1.904% due 09/30/28 ~ | 550000 | 458820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.159% due 09/15/29 ~ | 874000 | 714051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.588% due 08/12/35 ~ | 660000 | 484465 |
|  BPCE SA (France)<br>1.652% due 10/06/26 ~ | 1670000 | 1485732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.277% due 01/20/32 ~ | 1000000 | 749800 |
|  Brixmor Operating Partnership LP REIT<br>2.250% due 04/01/28 | 400000 | 330819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/16/31 | 260000 | 199477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 05/15/29 | 600000 | 537658 |
|  Brookfield Finance, Inc. (Canada)<br>3.500% due 03/30/51 | 1200000 | 766448 |
|  Brown & Brown, Inc.<br>2.375% due 03/15/31 | 1125000 | 858497 |
|  Camden Property Trust REIT<br>3.150% due 07/01/29 | 1100000 | 982692 |
|  Capital One Financial Corp.<br>3.800% due 01/31/28 | 1930000 | 1807333 |
|  Citigroup, Inc.<br>2.520% due 11/03/32 | 225000 | 175532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561% due 05/01/32 | 975000 | 772053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057% due 01/25/33 | 1909000 | 1545494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520% due 10/27/28 | 1140000 | 1042014 |
|  Commonwealth Bank of Australia (Australia)<br>3.305% due 03/11/41 ~ | 660000 | 450201 |
|  Corebridge Financial, Inc.<br>3.650% due 04/05/27 ~ | 985000 | 919690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/05/29 ~ | 270000 | 246476 |
|  Credit Agricole SA (France)<br>1.247% due 01/26/27 ~ | 1617000 | 1415862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811% due 01/11/41 ~ | 250000 | 155233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/17/25 ~ | 1125000 | 1087675 |
|  Credit Suisse AG (Switzerland)<br>3.700% due 02/21/25 | 500000 | 461429 |
|  Credit Suisse Group AG (Switzerland)<br>2.593% due 09/11/25 ~ | 339000 | 299894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091% due 05/14/32 ~ | 745000 | 516242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% due 01/09/28 ~ | 1135000 | 942448 |
|  Crown Castle, Inc. REIT<br>2.900% due 04/01/41 | 2000000 | 1377538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 11/15/29 | 2635000 | 2302568 |
|  Deutsche Bank AG (Germany)<br>2.129% due 11/24/26 | 1220000 | 1077519 |
|  Digital Realty Trust LP REIT<br>3.700% due 08/15/27 | 1015000 | 943506 |
|  DNB Bank ASA (Norway)<br>1.605% due 03/30/28 ~ | 805000 | 682134 |
|  Empower Finance 2020 LP<br>3.075% due 09/17/51 ~ | 625000 | 391852 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-46** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Equinix, Inc. REIT<br>2.900% due 11/18/26 | $840000 | $768908 |
|  F&G Global Funding<br>1.750% due 06/30/26 ~ | 460000 | 410134 |
|  Federal Realty Investment Trust REIT<br>1.250% due 02/15/26 | 785000 | 692237 |
|  Federation des Caisses Desjardins du<br>Quebec (Canada)<br>4.400% due 08/23/25 ~ | 745000 | 727563 |
|  Goldman Sachs Group, Inc.<br>1.431% due 03/09/27 | 925000 | 812167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948% due 10/21/27 | 2713000 | 2375746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383% due 07/21/32 | 1600000 | 1245317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 02/24/28 | 716000 | 638536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691% due 06/05/28 | 1785000 | 1661268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017% due 10/31/38 | 685000 | 565678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/21/25 | 1850000 | 1807462 |
|  Healthcare Realty Holdings LP REIT<br>2.000% due 03/15/31 | 1125000 | 854255 |
|  Healthpeak Properties, Inc. REIT<br>2.125% due 12/01/28 | 813000 | 683056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 01/15/31 | 1130000 | 947118 |
|  HSBC Holdings PLC (United Kingdom)<br>2.013% due 09/22/28 | 4175000 | 3495860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206% due 08/17/29 | 495000 | 400408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% due 08/11/28 | 1150000 | 1111330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336% due 11/03/26 | 951000 | 990158 |
|  Huntington National Bank<br>5.650% due 01/10/30 | 1293000 | 1305936 |
|  ING Groep NV (Netherlands)<br>1.726% due 04/01/27 | 675000 | 596438 |
|  KeyCorp<br>4.789% due 06/01/33 | 115000 | 108919 |
|  Life Storage LP REIT<br>2.400% due 10/15/31 | 1230000 | 949248 |
|  Lloyds Banking Group PLC (United Kingdom) 1.627% due 05/11/27 | 590000 | 511349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.716% due 08/11/26 | 1150000 | 1126332 |
|  LSEGA Financing PLC (United Kingdom)<br>2.000% due 04/06/28 ~ | 1160000 | 990481 |
|  Macquarie Group Ltd. (Australia)<br>1.340% due 01/12/27 ~ | 1075000 | 938049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871% due 01/14/33 ~ | 600000 | 461773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.207% due 11/22/24 ~ | 2736000 | 2755804 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) 1.538% due 07/20/27 | 500000 | 434079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741% due 03/07/29 | 2065000 | 1907258 |
|  Mizuho Financial Group, Inc. (Japan)<br>1.234% due 05/22/27 | 515000 | 446670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414% due 09/13/28 | 2440000 | 2444627 |
|  Morgan Stanley<br>1.794% due 02/13/32 | 700000 | 527692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475% due 01/21/28 | 1600000 | 1423919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.217% due 04/22/42 | 805000 | 598869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457% due 04/22/39 | 855000 | 753931 |
|  Natwest Group PLC (United Kingdom)<br>4.445% due 05/08/30 | 515000 | 467387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892% due 05/18/29 | 1400000 | 1327190 |
|  NatWest Markets PLC (United Kingdom)<br>1.600% due 09/29/26 ~ | 1000000 | 869579 |
|  New York Life Insurance Co.<br>3.750% due 05/15/50 ~ | 1140000 | 877330 |
|  Nordea Bank Abp (Finland)<br>5.375% due 09/22/27 ~ | 580000 | 583680 |
|  Northwestern Mutual Global Funding<br>1.700% due 06/01/28 ~ | 490000 | 414949 |
|  Office Properties Income Trust REIT<br>2.400% due 02/01/27 | 910000 | 665877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 10/15/31 | 210000 | 140666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Park Aerospace Holdings Ltd. (Ireland)<br>4.500% due 03/15/23 ~ | $| 5945000 | $| 5930769 |
|  Physicians Realty LP REIT<br>2.625% due 11/01/31 |  | 315000 |  | 246648 |
|  Public Storage REIT<br>1.950% due 11/09/28 |  | 382000 |  | 326588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/09/31 |  | 320000 |  | 257455 |
|  Realty Income Corp. REIT<br>1.800% due 03/15/33 |  | 705000 |  | 507568 |
|  Sabra Health Care LP REIT<br>3.200% due 12/01/31 |  | 515000 |  | 384371 |
|  Santander UK Group Holdings PLC<br>(United Kingdom)<br>1.532% due 08/21/26 |  | 1000000 |  | 881806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.673% due 06/14/27 |  | 560000 |  | 476810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.833% due 11/21/26 |  | 706000 |  | 715895 |
|  Scentre Group Trust 1/Scentre Group Trust<br>2 REIT (Australia)<br>3.625% due 01/28/26 ~ |  | 1225000 |  | 1153642 |
|  Societe Generale SA (France)<br>1.488% due 12/14/26 ~ |  | 1900000 |  | 1653342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792% due 06/09/27 ~ |  | 455000 |  | 392016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/14/25 ~ |  | 1935000 |  | 1857765 |
|  Standard Chartered PLC (United Kingdom)<br>1.214% due 03/23/25 ~ |  | 2520000 |  | 2379261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456% due 01/14/27 ~ |  | 565000 |  | 490590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.776% due 11/16/25 ~ |  | 420000 |  | 432869 |
|  Teachers Insurance & Annuity Association of America<br>3.300% due 05/15/50 ~ |  | 555000 |  | 386231 |
|  UBS Group AG (Switzerland)<br>1.494% due 08/10/27 ~ |  | 250000 |  | 215397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.095% due 02/11/32 ~ |  | 1320000 |  | 996796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.488% due 05/12/26 ~ |  | 926000 |  | 905872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703% due 08/05/27 ~ |  | 835000 |  | 808112 |
|  UDR, Inc. REIT<br>1.900% due 03/15/33 |  | 185000 |  | 132210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 08/01/32 |  | 1130000 |  | 833358 |
|  UniCredit SpA (Italy)<br>1.982% due 06/03/27 ~ |  | 1440000 |  | 1229268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.861% due 06/19/32 ~ |  | 315000 |  | 276967 |
|  Wells Fargo & Co.<br>2.393% due 06/02/28 |  | 2600000 |  | 2298652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611% due 04/25/53 |  | 780000 |  | 664535 |
|  Welltower, Inc. REIT<br>2.800% due 06/01/31 |  | 1200000 |  | 956940 |
|  Westpac Banking Corp. (Australia)<br>3.133% due 11/18/41 |  | 541000 |  | 358758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.405% due 08/10/33 |  | 780000 |  | 730698 |
|  WP Carey, Inc. REIT<br>2.250% due 04/01/33 |  | 325000 |  | 241637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 02/01/31 |  | 1130000 |  | 903018 |
|  |  |  |  | 142727815 |
|  **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** |
|  BAE Systems PLC (United Kingdom)<br>3.400% due 04/15/30 ~ |  | 935000 |  | 827224 |
|  Boeing Co.<br>1.167% due 02/04/23 |  | 230000 |  | 229125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% due 02/04/26 |  | 1785000 |  | 1623759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 02/01/27 |  | 2115000 |  | 1912140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 02/01/26 |  | 162000 |  | 150311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 05/01/26 |  | 2537000 |  | 2390324 |
|  CRH America, Inc.<br>3.875% due 05/18/25 ~ |  | 450000 |  | 434491 |
|  CSX Corp.<br>3.800% due 11/01/46 |  | 1470000 |  | 1160925 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-47** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Graphic Packaging International LLC<br>1.512% due 04/15/26 ~ | $| 594000 | $| 518864 |
|  Kansas City Southern<br>4.700% due 05/01/48 |  | 1500000 |  | 1299667 |
|  L3Harris Technologies, Inc.<br>1.800% due 01/15/31 |  | 460000 |  | 354089 |
|  Martin Marietta Materials, Inc.<br>3.200% due 07/15/51 |  | 600000 |  | 411007 |
|  Masco Corp.<br>2.000% due 10/01/30 |  | 1125000 |  | 874737 |
|  Norfolk Southern Corp.<br>3.050% due 05/15/50 |  | 770000 |  | 519224 |
|  Northrop Grumman Corp.<br>3.850% due 04/15/45 |  | 1120000 |  | 898605 |
|  Otis Worldwide Corp.<br>3.112% due 02/15/40 |  | 750000 |  | 549785 |
|  Penske Truck Leasing Co. LP/PTL Finance<br>Corp.<br>1.200% due 11/15/25 ~ |  | 1365000 |  | 1202419 |
|  Raytheon Technologies Corp.<br>2.250% due 07/01/30 |  | 975000 |  | 813614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/01/46 |  | 1530000 |  | 1187970 |
|  Siemens Financieringsmaatschappij NV<br>(Netherlands)<br>3.300% due 09/15/46 ~ |  | 860000 |  | 644700 |
|  Union Pacific Corp.<br>3.550% due 08/15/39 |  | 765000 |  | 634863 |
|  |  |  |  | 18637843 |
|  **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** |
|  Activision Blizzard, Inc.<br>1.350% due 09/15/30 |  | 591000 |  | 463197 |
|  Analog Devices, Inc.<br>2.800% due 10/01/41 |  | 259000 |  | 190632 |
|  Apple, Inc.<br>3.350% due 08/08/32 |  | 1500000 |  | 1366238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/08/52 |  | 2000000 |  | 1710972 |
|  Broadcom, Inc.<br>1.950% due 02/15/28 ~ |  | 2800000 |  | 2369793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% due 11/15/36 ~ |  | 148000 |  | 106770 |
|  CGI, Inc. (Canada)<br>1.450% due 09/14/26 |  | 515000 |  | 456120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 09/14/31 |  | 925000 |  | 704972 |
|  Dell International LLC/EMC Corp.<br>6.200% due 07/15/30 |  | 695000 |  | 708269 |
|  Intel Corp.<br>4.900% due 08/05/52 |  | 780000 |  | 694269 |
|  KLA Corp.<br>3.300% due 03/01/50 |  | 2255000 |  | 1643873 |
|  Leidos, Inc.<br>2.300% due 02/15/31 |  | 1185000 |  | 910477 |
|  Microchip Technology, Inc.<br>0.983% due 09/01/24 |  | 186000 |  | 172344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% due 09/01/23 |  | 218000 |  | 213993 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (China) 2.500% due 05/11/31 |  | 1870000 |  | 1494095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/11/41 |  | 895000 |  | 627762 |
|  Oracle Corp.<br>3.800% due 11/15/37 |  | 575000 |  | 457315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/25/51 |  | 645000 |  | 462349 |
|  QUALCOMM, Inc.<br>4.500% due 05/20/52 |  | 300000 |  | 264413 |
|  Roper Technologies, Inc.<br>1.750% due 02/15/31 |  | 1125000 |  | 869318 |
|  Take-Two Interactive Software, Inc.<br>3.700% due 04/14/27 |  | 886000 |  | 835100 |
|  TSMC Global Ltd. (Taiwan)<br>1.375% due 09/28/30 ~ |  | 1385000 |  | 1064084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/22/32 ~ |  | 291000 |  | 286913 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  VMware, Inc.<br>1.400% due 08/15/26 | $| 1028000 | $| 897463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/15/30 |  | 2415000 |  | 2252185 |
|  Workday, Inc.<br>3.500% due 04/01/27 |  | 1586000 |  | 1484624 |
|  Xilinx, Inc.<br>2.375% due 06/01/30 |  | 3552000 |  | 2994973 |
|  |  |  |  | 25702513 |
|  **Utilities - 2.2%** | **Utilities - 2.2%** | **Utilities - 2.2%** | **Utilities - 2.2%** | **Utilities - 2.2%** |
|  Alexander Funding Trust<br>1.841% due 11/15/23 ~ |  | 800000 |  | 766629 |
|  APA Infrastructure Ltd. (Australia)<br>4.200% due 03/23/25 ~ |  | 450000 |  | 434893 |
|  Atmos Energy Corp.<br>1.500% due 01/15/31 |  | 705000 |  | 550821 |
|  CenterPoint Energy Resources Corp.<br>1.750% due 10/01/30 |  | 560000 |  | 442832 |
|  Commonwealth Edison Co.<br>3.650% due 06/15/46 |  | 1300000 |  | 993310 |
|  Constellation Energy Generation LLC<br>3.250% due 06/01/25 |  | 2330000 |  | 2231346 |
|  Consumers Energy Co.<br>3.250% due 08/15/46 |  | 265000 |  | 192019 |
|  Dominion Energy, Inc.<br>3.300% due 04/15/41 |  | 1000000 |  | 744093 |
|  DTE Electric Co.<br>3.250% due 04/01/51 |  | 500000 |  | 360328 |
|  Duke Energy Corp.<br>3.750% due 09/01/46 |  | 1500000 |  | 1119521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/32 |  | 750000 |  | 704770 |
|  Duke Energy Indiana LLC<br>3.250% due 10/01/49 |  | 395000 |  | 275984 |
|  Duquesne Light Holdings, Inc.<br>2.775% due 01/07/32 ~ |  | 800000 |  | 627897 |
|  Edison International<br>5.750% due 06/15/27 |  | 255000 |  | 256190 |
|  Emera US Finance LP (Canada)<br>4.750% due 06/15/46 |  | 550000 |  | 426602 |
|  Entergy Arkansas LLC<br>2.650% due 06/15/51 |  | 995000 |  | 604269 |
|  Entergy Louisiana LLC<br>2.900% due 03/15/51 |  | 260000 |  | 167527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/33 |  | 430000 |  | 389388 |
|  Evergy, Inc.<br>2.900% due 09/15/29 |  | 1160000 |  | 1004186 |
|  Fells Point Funding Trust<br>3.046% due 01/31/27 ~ |  | 1370000 |  | 1248778 |
|  FirstEnergy Transmission LLC<br>4.550% due 04/01/49 ~ |  | 525000 |  | 427281 |
|  Fortis, Inc. (Canada)<br>3.055% due 10/04/26 |  | 750000 |  | 696702 |
|  ITC Holdings Corp.<br>2.950% due 05/14/30 ~ |  | 360000 |  | 304491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/22/27 ~ |  | 992000 |  | 979983 |
|  Jersey Central Power & Light Co.<br>4.300% due 01/15/26 ~ |  | 1130000 |  | 1092692 |
|  NRG Energy, Inc.<br>2.000% due 12/02/25 ~ |  | 430000 |  | 383980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 12/02/27 ~ |  | 1020000 |  | 846708 |
|  Pacific Gas and Electric Co.<br>1.700% due 11/15/23 |  | 420000 |  | 406627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/01/26 |  | 300000 |  | 275289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/16/24 |  | 1190000 |  | 1162025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 07/01/25 |  | 475000 |  | 450101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/15/42 |  | 191000 |  | 128803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 03/15/45 |  | 325000 |  | 231628 |
|  PacifiCorp<br>4.150% due 02/15/50 |  | 450000 |  | 371494 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-48** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  PG&E Recovery Funding LLC<br>5.536% due 07/15/49 | $| 975000 | $| 992708 |
|  PG&E Wildfire Recovery Funding LLC<br>4.263% due 06/01/38 |  | 325000 |  | 302179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099% due 06/01/54 |  | 415000 |  | 392529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.212% due 12/01/49 |  | 225000 |  | 218438 |
|  Puget Energy, Inc.<br>2.379% due 06/15/28 |  | 330000 |  | 281372 |
|  San Diego Gas & Electric Co.<br>2.950% due 08/15/51 |  | 1100000 |  | 748320 |
|  Southern California Edison Co.<br>1.200% due 02/01/26 |  | 540000 |  | 479458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/01/48 |  | 1290000 |  | 1035551 |
|  Southern California Gas Co.<br>6.350% due 11/15/52 |  | 600000 |  | 660166 |
|  Southern Co. Gas Capital Corp.<br>4.400% due 06/01/43 |  | 1000000 |  | 821654 |
|  Southern Power Co.<br>5.150% due 09/15/41 |  | 895000 |  | 812708 |
|  Union Electric Co.<br>3.900% due 04/01/52 |  | 520000 |  | 421721 |
|  Vistra Operations Co. LLC<br>4.875% due 05/13/24 ~ |  | 1063000 |  | 1042909 |
|  WEC Energy Group, Inc.<br>1.375% due 10/15/27 |  | 615000 |  | 522668 |
|  |  |  |  | 30031568 |
|  Total Corporate Bonds & Notes<br>(Cost $406,272,707) |  |  |  | 348089367 |
|  **MORTGAGE-BACKED SECURITIES - 31.2%** | **MORTGAGE-BACKED SECURITIES - 31.2%** | **MORTGAGE-BACKED SECURITIES - 31.2%** | **MORTGAGE-BACKED SECURITIES - 31.2%** | **MORTGAGE-BACKED SECURITIES - 31.2%** |
|  **Collateralized Mortgage Obligations - Commercial - 3.9%** | **Collateralized Mortgage Obligations - Commercial - 3.9%** | **Collateralized Mortgage Obligations - Commercial - 3.9%** | **Collateralized Mortgage Obligations - Commercial - 3.9%** | **Collateralized Mortgage Obligations - Commercial - 3.9%** |
|  ACRE Commercial Mortgage Ltd. CLO (Cayman)<br>5.169% (USD LIBOR + 0.830%)<br>due 12/18/37 § ~ |  | 1331756 |  | 1311769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% (USD LIBOR + 1.400%)<br> due 12/18/37 § ~ |  | 1198000 |  | 1156522 |
|  BAMLL RE-Remic Trust<br>2.019% due 11/26/47 § ~ |  | 1955000 |  | 1760035 |
|  BPR Trust<br>5.568% (USD LIBOR + 1.250%)<br>due 02/15/29 § ~ |  | 1790000 |  | 1742680 |
|  Commercial Mortgage Trust<br>2.321% due 01/10/38 § ~ |  | 1600000 |  | 1341215 |
|  Fannie Mae<br>1.707% due 11/25/31 § |  | 3500000 |  | 2758301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.593% due 06/25/32 § |  | 4798000 |  | 4058251 |
|  Freddie Mac<br>5.728% (SOFR + 1.800%)<br>due 07/25/41 § ~ |  | 3712408 |  | 3386055 |
|  Freddie Mac (IO)<br>1.195% due 11/25/30 § |  | 18945000 |  | 1413759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.211% due 10/25/30 § |  | 15300000 |  | 1154832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364% due 12/25/29 § |  | 8830000 |  | 577725 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates<br>1.981% due 12/25/31 § |  | 3800000 |  | 3085541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/25/32 |  | 4200000 |  | 3543181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920% due 06/25/32 |  | 2100000 |  | 1848161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710% due 09/25/32 § |  | 3180000 |  | 2984189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/25/32 |  | 3650000 |  | 3450048 |
|  Freddie Mac Multifamily WI Certificates<br>3.820% due 01/25/33 |  | 2900000 |  | 2730180 |
|  FREMF Mortgage Trust<br>3.576% due 01/25/26 § ~ |  | 2100000 |  | 1919053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.880% due 01/25/50 § ~ |  | 2385000 |  | 2231226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.053% due 04/25/48 § ~ |  | 2000000 |  | 1867080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.156% due 08/25/47 § ~ |  | 2000000 |  | 1927226 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  FRR RE REMIC Trust<br>0.422% due 10/27/46 § ~ | $2400000 | $2297352 |
|  MHC Commercial Mortgage Trust<br>6.419% (USD LIBOR + 2.101%)<br>due 04/15/38 § ~ | 750000 | 712059 |
|  PFP Ltd. (Cayman)<br>5.726% (USD LIBOR + 1.400%)<br>due 04/14/38 § ~ | 1570922 | 1473832 |
|  SLG Office Trust<br>2.585% due 07/15/41 ~ | 2470000 | 1976554 |
|  Wells Fargo Commercial Mortgage Trust<br>5.468% (USD LIBOR + 1.150%)<br>due 02/15/40 § ~ | 1099916 | 1030827 |
|  |  | 53737653 |
|  **Collateralized Mortgage Obligations - Residential - 5.5%** | **Collateralized Mortgage Obligations - Residential - 5.5%** | **Collateralized Mortgage Obligations - Residential - 5.5%** |
|  Ajax Mortgage Loan Trust<br>2.239% due 06/25/66 ~ | 1353893 | 1255418 |
|  Anchor Mortgage Trust<br>2.600% due 10/25/26 ~ | 2953082 | 2743656 |
|  ANTLR Mortgage Trust<br>2.115% due 11/25/24 ~ | 1864000 | 1781538 |
|  Cascade MH Asset Trust<br>2.708% due 02/25/46 ~ | 1420000 | 1066064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/25/54 ~ | 3439610 | 3020968 |
|  CFMT LLC<br>0.946% due 12/26/30 § ~ | 804502 | 782216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.374% due 02/25/31 § ~ | 3815000 | 3588138 |
|  Credit Suisse Mortgage Trust<br>3.023% due 08/25/60 § ~ | 1620647 | 1555045 |
|  CSMC Trust<br>1.668% due 09/27/60 § ~ | 2667750 | 2528980 |
|  Fannie Mae REMICS<br>3.500% due 11/25/57 | 4149540 | 3923469 |
|  Freddie Mac REMICS<br>1.500% due 01/25/51 | 2929731 | 2334942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/25/51 | 2453589 | 2117745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/15/48 | 4736104 | 4098166 |
|  Freedom Acquisition I Corp.<br>8.700% (SOFR + 4.400%)<br>due 03/25/23 § | 1680000 | 1658832 |
|  Freedom Two<br>7.300% (SOFR + 3.000%)<br>due 03/25/23 § | 4200000 | 4231500 |
|  Government National Mortgage Association<br>2.669% (USD LIBOR + 1.280%)<br>due 02/20/71 § | 3247554 | 3236784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122% (USD LIBOR + 1.280%)<br> due 01/20/71 § | 4745904 | 4698939 |
|  Government National Mortgage Association (IO)<br>1.241% due 03/20/71 § | 39708905 | 1515884 |
|  LHOME Mortgage Trust<br>2.090% due 02/25/26 § ~ | 1000000 | 950933 |
|  PRPM LLC<br>2.115% due 01/25/26 § ~ | 1436333 | 1349650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.115% due 03/25/26 § ~ | 981147 | 908011 |
|  Seasoned Credit Risk Transfer Trust<br>2.000% due 05/25/60 | 5484389 | 4541746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/25/60 | 11026162 | 10082023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/25/61 | 1696882 | 1499250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/25/57 | 2455664 | 2221741 |
|  Towd Point Mortgage Trust<br>2.918% due 11/30/60 § ~ | 3375939 | 2728575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/25/47 ~ | 735451 | 713572 |
|  Trillion Capital III<br>8.600% (SOFR + 4.300%)<br>due 11/15/24 ± | 4453184 | 4453184 |
|  |  | 75586969 |
|  **Fannie Mae - 14.0%** | **Fannie Mae - 14.0%** | **Fannie Mae - 14.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.970% due 07/01/27 | 5665112 | 4867790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.090% due 04/01/28 | 2889000 | 2446817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.275% due 04/01/30 | 3645158 | 2947326 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-49** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.370% due 03/01/30 | $| 3613339 | $| 2962894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410% due 12/01/30 |  | 10170000 |  | 8074101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% due 01/01/31 |  | 1400000 |  | 1112058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.460% due 12/01/30 |  | 5000000 |  | 3986396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.560% due 01/01/31 |  | 2700000 |  | 2166689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.754% due 03/01/32 § |  | 3299234 |  | 2660125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.815% due 01/01/31 |  | 1023973 |  | 850204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.870% due 05/01/31 |  | 6400000 |  | 5250088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960% due 09/01/33 |  | 3750000 |  | 2931829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% due 01/01/32 |  | 2200000 |  | 1805715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.140% due 12/01/33 |  | 2550000 |  | 2084763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.160% due 12/01/33 |  | 3100000 |  | 2539223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% due 01/01/37 |  | 4045936 |  | 3193632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320% due 02/01/35 |  | 1912000 |  | 1521382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/01/50 - 07/01/61 |  | 17714518 |  | 15000181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.510% due 10/01/30 |  | 2730000 |  | 2379853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 10/01/30 |  | 905000 |  | 796334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/01/47 - 01/01/52 |  | 18128339 |  | 16070947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040% due 07/01/32 |  | 1752495 |  | 1577911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.080% due 05/01/32 |  | 1875000 |  | 1680223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.140% due 07/01/32 |  | 1710000 |  | 1527313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% due 07/01/33 |  | 1037101 |  | 934193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.260% due 02/01/31 |  | 800000 |  | 729713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/01/50 - 03/01/60 |  | 8099712 |  | 7476242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.510% due 09/01/32 |  | 5000000 |  | 4632811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540% due 10/01/32 |  | 2708108 |  | 2525825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% due 01/01/37 |  | 2572528 |  | 2398397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 10/01/32 |  | 4566000 |  | 4280213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.670% due 09/01/32 |  | 546000 |  | 509310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 10/01/32 |  | 3958878 |  | 3729075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.730% due 10/01/32 |  | 4916406 |  | 4640110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/01/32 |  | 2610000 |  | 2472111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790% due 12/01/30 |  | 2610000 |  | 2483563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 09/01/32 |  | 2210061 |  | 2098613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.805% due 11/01/32 |  | 1470000 |  | 1396042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810% due 10/01/32 |  | 3930000 |  | 3734257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830% due 09/01/32 |  | 2500000 |  | 2379882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% due 03/01/30 |  | 4592000 |  | 4431762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.895% due 09/01/31 |  | 3600000 |  | 3529688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910% due 08/01/32 |  | 1300000 |  | 1240986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/01/43 - 04/01/52 |  | 4499774 |  | 4260361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090% due 09/01/31 - 02/01/34 |  | 4484000 |  | 4281406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510% due 10/01/32 |  | 4160000 |  | 4165192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 10/01/32 |  | 1030000 |  | 1033149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 10/01/32 |  | 4000000 |  | 4036165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/01/32 |  | 3045000 |  | 3140567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/01/49 - 12/01/61 |  | 15160755 |  | 15136087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/01/52 - 05/01/58 |  | 7823531 |  | 8000317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/01/61 |  | 2884119 |  | 3043245 |
|  |  |  |  | 193153076 |
|  **Freddie Mac - 1.1%** | **Freddie Mac - 1.1%** | **Freddie Mac - 1.1%** | **Freddie Mac - 1.1%** | **Freddie Mac - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 07/01/50 |  | 5877979 |  | 5016166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/01/51 - 02/01/52 |  | 4898210 |  | 4350310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/37 |  | 1286491 |  | 1231055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/01/34 |  | 5000000 |  | 4638617 |
|  |  |  |  | 15236148 |
|  **Government National Mortgage Association - 6.7%** | **Government National Mortgage Association - 6.7%** | **Government National Mortgage Association - 6.7%** | **Government National Mortgage Association - 6.7%** | **Government National Mortgage Association - 6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/20/45 - 10/20/50 |  | 3173679 |  | 2749248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.816% due 07/20/71 § |  | 2533809 |  | 2234116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.936% due 10/20/70 § |  | 1927614 |  | 1724099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/20/50 - 03/20/52 |  | 5062832 |  | 4497523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.072% due 09/20/70 § |  | 5675799 |  | 5116693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091% due 12/20/71 § |  | 2983008 |  | 2661307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/20/50 - 03/20/52 |  | 18476001 |  | 17029024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/20/51 - 08/20/52 |  | 12056087 |  | 11447382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/20/52 - 09/20/52 |  | 10055516 |  | 9830016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/20/52 - 09/15/52 |  | 14788959 |  | 14816013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/20/52 |  | 2006820 |  | 2020952 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  6.261% (UST + 1.707%)<br>due 03/20/72 § | $| 1988238 | $| 2072133 |
|  6.283% (UST + 1.734%)<br>due 10/20/71 § |  | 2502541 |  | 2602555 |
|  6.286% (UST + 1.736%)<br>due 02/20/72 § |  | 1969142 |  | 2052295 |
|  6.359% (UST + 1.830%)<br>due 07/20/72 § |  | 3511687 |  | 3697274 |
|  6.393% (UST + 1.835%)<br>due 08/20/71 § |  | 2332347 |  | 2436711 |
|  6.477% (UST + 1.925%)<br>due 08/20/72 § |  | 4442066 |  | 4673577 |
|  |  |  |  | 91660918 |
|  Total Mortgage-Backed Securities<br>(Cost $468,951,284) |  |  |  | 429374764 |
|  **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** | **ASSET-BACKED SECURITIES - 12.0%** |
|  American Credit Acceptance Receivables<br>Trust<br>5.830% due 10/13/28 ~ |  | 1617000 |  | 1554410 |
|  American Homes 4 Rent Trust<br>5.885% due 04/17/52 ~ |  | 2135000 |  | 2062076 |
|  AmeriCredit Automobile Receivables Trust<br>1.210% due 12/18/26 |  | 3060000 |  | 2740115 |
|  AMSR Trust<br>1.355% due 11/17/37 ~ |  | 4000000 |  | 3582066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.006% due 11/17/37 ~ |  | 2120000 |  | 1872950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.327% due 10/17/38 ~ |  | 1342000 |  | 1125694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.751% due 06/17/38 § ~ |  | 3650000 |  | 2838817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/17/39 ~ |  | 3000000 |  | 2433555 |
|  Aqua Finance Trust<br>3.970% due 07/17/46 ~ |  | 1225000 |  | 1062548 |
|  Business Jet Securities LLC<br>2.918% due 04/15/36 ~ |  | 4664339 |  | 3961964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.981% due 11/15/35 ~ |  | 1496713 |  | 1365013 |
|  Cars Net Lease Mortgage Notes<br>3.100% due 12/15/50 ~ |  | 425700 |  | 372069 |
|  Carvana Auto Receivables Trust<br>3.430% due 01/15/26 ~ |  | 2500000 |  | 2441874 |
|  CFIN Issuer LLC<br>3.250% due 02/16/26 ~ |  | 2000000 |  | 1917272 |
|  Consumer Receivables Asset Investment<br>Trust<br>8.208% (USD LIBOR + 3.000%)<br>due 03/24/23 § ~ |  | 739030 |  | 742260 |
|  Continental Finance Credit Card ABS Master Trust<br>2.240% due 12/15/28 ~ |  | 2170000 |  | 2041826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190% due 10/15/30 ~ |  | 2870000 |  | 2750742 |
|  Credit Acceptance Auto Loan Trust<br>1.640% due 06/17/30 ~ |  | 3815000 |  | 3446986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% due 11/15/29 ~ |  | 2500000 |  | 2425987 |
|  Credito Real USA Auto Receivables Trust<br>1.350% due 02/16/27 ~ |  | 340876 |  | 333222 |
|  Crossroads Asset Trust<br>1.120% due 06/20/25 ~ |  | 679000 |  | 662306 |
|  DataBank Issuer<br>2.060% due 02/27/51 ~ |  | 1300000 |  | 1128405 |
|  Diversified Abs Phase VI LLC<br>7.500% due 11/28/39 ± |  | 2072647 |  | 2018161 |
|  Drive Auto Receivables Trust<br>3.180% due 10/15/26 |  | 2902857 |  | 2868767 |
|  DT Auto Owner Trust<br>1.100% due 02/16/27 ~ |  | 1155000 |  | 1097626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.960% due 04/15/25 ~ |  | 1930148 |  | 1905250 |
|  Exeter Automobile Receivables Trust<br>5.980% due 12/15/28 |  | 3400000 |  | 3226961 |
|  FHF Trust<br>1.270% due 03/15/27 ~ |  | 194515 |  | 186459 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-50** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  FirstKey Homes Trust<br>2.389% due 08/17/38 ~ | $5500000 | $4599213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.197% due 05/17/39 ~ | 915000 | 843668 |
|  Flagship Credit Auto Trust<br>0.530% due 04/15/25 ~ | 7171 | 7160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180% due 02/16/27 ~ | 1762000 | 1651528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/17/28 ~ | 3148000 | 3002366 |
|  FMC GMSR Issuer Trust<br>3.620% due 07/25/26 § ~ | 4600000 | 3748432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690% due 02/25/24 | 3630000 | 3483508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 10/25/26 § ~ | 2100000 | 1690046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 01/25/26 § ~ | 2700000 | 2365535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190% due 04/25/27 ~ | 3000000 | 2674601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.900% due 07/25/27 ~ | 3000000 | 2831736 |
|  GLS Auto Receivables Issuer Trust<br>1.140% due 11/17/25 ~ | 734516 | 722191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.640% due 10/15/26 ~ | 425000 | 405113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340% due 06/15/28 ~ | 1889000 | 1838739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.420% due 06/15/28 ~ | 2000000 | 1901422 |
|  Hilton Grand Vacations Trust<br>4.300% due 01/25/37 ~ | 2066708 | 1985751 |
|  Jonah Energy Abs I LLC<br>7.200% due 12/10/37 ~ | 1597400 | 1587267 |
|  Jonah Energy LLC<br>7.800% due 07/10/28 | 1880000 | 1847664 |
|  LendingPoint Asset Securitization Trust<br>2.731% due 10/15/28 ~ | 765050 | 754650 |
|  LFT CRE Ltd.<br>6.268% (USD LIBOR + 1.950%)<br>due 06/15/39 § ~ | 2590000 | 2480676 |
|  LL ABS Trust<br>3.790% due 01/17/28 ~ | 140458 | 140289 |
|  LP LMS Asset Securitization Trust<br>1.750% due 01/15/29 ~ | 1266944 | 1228040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.228% due 10/15/28 | 523095 | 520537 |
|  Mariner Finance Issuance Trust<br>2.960% due 07/20/32 ~ | 1357383 | 1339324 |
|  Mercury Financial Credit Card Master Trust 1.540% due 03/20/26 ~ | 1125000 | 1073675 |
|  MVW LLC<br>1.140% due 01/22/41 ~ | 829224 | 757977 |
|  New Residential Mortgage Loan Trust<br>4.000% due 09/04/39 ~ | 2537000 | 2062195 |
|  NRZ Excess Spread-Collateralized Notes<br>2.981% due 03/25/26 ~ | 1352215 | 1201953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.104% due 07/25/26 ~ | 3237644 | 2830761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.228% due 05/25/26 ~ | 1572117 | 1394590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.844% due 12/25/25 ~ | 1115244 | 1017748 |
|  Octane Receivables Trust<br>2.890% due 03/20/26 ~ | 2600000 | 2453095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290% due 07/20/28 ~ | 2613000 | 2563823 |
|  OneMain Financial Issuance Trust<br>3.450% due 09/14/35 ~ | 675000 | 561427 |
|  Pagaya AI Debt Selection Trust<br>1.180% due 11/15/27 ~ | 783556 | 771904 |
|  Pagaya AI Technology in Housing Trust<br>4.250% due 08/25/25 ~ | 3000000 | 2812283 |
|  PNMAC GMSR Issuer Trust<br>8.178% (SOFR + 4.250%)<br>due 05/25/27 § ~ | 1730000 | 1639537 |
|  PRET LLC<br>2.487% due 10/25/51 § ~ | 3459094 | 3042674 |
|  Pretium Mortgage Credit Partners I LLC<br>2.240% due 09/27/60 ~ | 1929457 | 1766719 |
|  Progress Residential Trust<br>2.106% due 04/17/38 ~ | 3250000 | 2743268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.409% due 05/17/38 ~ | 1570000 | 1314778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.425% due 07/17/38 ~ | 2530000 | 2103781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.538% due 05/17/26 ~ | 1650000 | 1399830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.547% due 04/19/38 ~ | 2550000 | 2163371 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811% due 11/17/40 ~ | $| 1000000 | $| 780067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 04/17/39 ~ |  | 1685000 |  | 1491148 |
|  Regional Management Issuance Trust<br>1.680% due 03/17/31 ~ |  | 1217000 |  | 1097207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.420% due 03/17/31 ~ |  | 895000 |  | 771356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/15/30 ~ |  | 2000000 |  | 1792039 |
|  Santander Consumer Auto Receivables<br>Trust<br>1.570% due 01/15/27 ~ |  | 1400000 |  | 1265759 |
|  Santander Drive Auto Receivables Trust<br>4.140% due 02/16/27 |  | 2422000 |  | 2372919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430% due 03/15/27 |  | 1539000 |  | 1497503 |
|  SCF Equipment Leasing LLC<br>1.540% due 10/21/30 ~ |  | 2055000 |  | 1810646 |
|  Sierra Timeshare Receivables Funding LLC<br>1.340% due 11/20/37 ~ |  | 641240 |  | 587006 |
|  Tricolor Auto Securitization Trust<br>1.920% due 05/15/26 ~ |  | 815000 |  | 793708 |
|  United Auto Credit Securitization Trust<br>1.140% due 06/10/26 ~ |  | 850000 |  | 821514 |
|  Upstart Securitization Trust<br>5.980% due 08/20/32 ~ |  | 3564239 |  | 3497273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.870% due 03/20/31 ~ |  | 80724 |  | 80477 |
|  VCAT LLC<br>2.289% due 12/26/50 ~ |  | 1602908 |  | 1520382 |
|  VOLT XCII LLC<br>1.893% due 02/27/51 ~ |  | 696435 |  | 604646 |
|  VOLT XCIII LLC<br>1.893% due 02/27/51 ~ |  | 2422231 |  | 2191122 |
|  VOLT XCIV LLC<br>2.240% due 02/27/51 ~ |  | 1685304 |  | 1531852 |
|  VOLT XCIX LLC<br>2.116% due 04/25/51 ~ |  | 1157980 |  | 1029388 |
|  VOLT XCVI LLC<br>2.116% due 03/27/51 ~ |  | 1364833 |  | 1243996 |
|  VOLT XCVII LLC<br>2.240% due 04/25/51 ~ |  | 1391521 |  | 1231193 |
|  Westlake Automobile Receivables Trust<br>5.480% due 09/15/27 ~ |  | 3300000 |  | 3153362 |
|  Total Asset-Backed Securities<br>(Cost $178,587,422) | Total Asset-Backed Securities<br>(Cost $178,587,422) | Total Asset-Backed Securities<br>(Cost $178,587,422) |  | 164654789 |
|  **U.S. TREASURY OBLIGATIONS - 30.3%** | **U.S. TREASURY OBLIGATIONS - 30.3%** | **U.S. TREASURY OBLIGATIONS - 30.3%** | **U.S. TREASURY OBLIGATIONS - 30.3%** | **U.S. TREASURY OBLIGATIONS - 30.3%** |
|  **U.S. Treasury Bonds - 9.0%** | **U.S. Treasury Bonds - 9.0%** | **U.S. Treasury Bonds - 9.0%** | **U.S. Treasury Bonds - 9.0%** | **U.S. Treasury Bonds - 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 08/15/40 |  | 6945000 |  | 4316752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 |  | 127000 |  | 68394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/15/50 |  | 11770000 |  | 6544534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/15/50 |  | 6885000 |  | 4099130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/41 |  | 14025000 |  | 9920496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/51 |  | 7498800 |  | 4768622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 |  | 8070000 |  | 5114047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/15/41 |  | 5200000 |  | 3715461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 |  | 6815000 |  | 4464624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 05/15/41 |  | 13162000 |  | 9901834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/46 |  | 950000 |  | 673201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/15/42 |  | 4790000 |  | 3659579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/51 |  | 260000 |  | 186626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 08/15/45 |  | 4210000 |  | 3393655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/52 |  | 25300000 |  | 20279531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 02/15/43 |  | 368000 |  | 314295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/42 |  | 43715000 |  | 38346251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/40 |  | 2000000 |  | 1952617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/39 |  | 2000000 |  | 2061523 |
|  |  |  |  | 123781172 |
|  **U.S. Treasury Notes - 21.3%** | **U.S. Treasury Notes - 21.3%** | **U.S. Treasury Notes - 21.3%** | **U.S. Treasury Notes - 21.3%** | **U.S. Treasury Notes - 21.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 09/30/25 |  | 53590000 |  | 48126332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 01/31/26 |  | 115000 |  | 102337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 02/28/26 |  | 16440000 |  | 14651508 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-51** 

------

**PACIFIC SELECT FUND** 

**INTERMEDIATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 06/30/26 | $| 600000 | $| 536648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 03/31/28 |  | 5485000 |  | 4768522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/15/30 |  | 1075000 |  | 916354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 05/15/31 |  | 565000 |  | 475328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/27 |  | 20000000 |  | 18320312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/29 |  | 7300000 |  | 6465918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/32 |  | 6000000 |  | 5091797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/28/26 |  | 270000 |  | 256511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 07/31/29 |  | 28130000 |  | 25908719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 07/31/27 |  | 71080000 |  | 67259450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 04/30/29 |  | 15475000 |  | 14495420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/32 |  | 25175000 |  | 23208203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 07/15/25 |  | 26680000 |  | 25846250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/31/27 |  | 1925000 |  | 1851685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/31/29 |  | 1900000 |  | 1803998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/31/24 |  | 26150000 |  | 25607592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 06/30/29 |  | 7400000 |  | 7083187 |
|  |  |  |  | 292776071 |
|  Total U.S. Treasury Obligations<br>(Cost $476,221,372) |  |  |  | 416557243 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** |
|  Chile Government (Chile)<br>2.550% due 01/27/32 |  | 272000 |  | 223224 |
|  Mexico Government (Mexico)<br>2.659% due 05/24/31 |  | 596000 |  | 482181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/12/34 |  | 868000 |  | 696803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 01/11/28 |  | 730000 |  | 690554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 02/12/52 |  | 475000 |  | 350986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 01/23/46 |  | 480000 |  | 376380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/19/33 |  | 1000000 |  | 919942 |
|  Panama Government (Panama)<br>3.160% due 01/23/30 |  | 480000 |  | 414472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/16/50 |  | 415000 |  | 314605 |
|  Saudi Government (Saudi Arabia)<br>2.250% due 02/02/33 ~ |  | 338000 |  | 275215 |
|  Total Foreign Government Bonds & Notes<br>(Cost $5,852,760) |  |  |  | 4744362 |
|  **MUNICIPAL BONDS - 0.2%** | **MUNICIPAL BONDS - 0.2%** | **MUNICIPAL BONDS - 0.2%** | **MUNICIPAL BONDS - 0.2%** | **MUNICIPAL BONDS - 0.2%** |
|  California State Build America Bonds<br>7.350% due 11/01/39 |  | 1000000 |  | 1222952 |
|  Oklahoma Development Finance Authority 4.714% due 05/01/52 |  | 445000 |  | 408214 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  University of California<br>3.706% due 05/15/20 | $| 675000 | $| 425612 |
|  Total Municipal Bonds<br>(Cost $2,704,794) |  |  |  | 2056778 |
|  **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** |
|  **Mortgage-Backed Security - 0.1%** | **Mortgage-Backed Security - 0.1%** | **Mortgage-Backed Security - 0.1%** | **Mortgage-Backed Security - 0.1%** | **Mortgage-Backed Security - 0.1%** |
|  MRA Issuance Trust<br>7.050% (SOFR+ 2.750%)<br>due 02/16/23 § |  | 1660959 |  | 1492656 |
|  |  |  |  | 1492656 |
|  **Repurchase Agreement - 0.3%** | **Repurchase Agreement - 0.3%** | **Repurchase Agreement - 0.3%** | **Repurchase Agreement - 0.3%** | **Repurchase Agreement - 0.3%** |
|  Fixed Income Clearing Corp.<br>3.950% due 01/03/23<br>(Dated 12/30/22, repurchase price of $3,775,260; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $3,849,110) |  | 3773604 |  | 3773604 |
|  Total Short-Term Investments<br>(Cost $5,434,563) |  |  |  | 5266260 |
|  **TOTAL INVESTMENTS - 99.7%<br>(Cost $1,544,024,902)** |  |  |  | 1370743563 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.3%** |  |  |  | 4045448 |
|  **NET ASSETS - 100.0%** |  |  |  | $1374789011 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Mortgage-Backed Securities | 31.2% |
|  U.S. Treasury Obligations | 30.3% |
|  Corporate Bonds & Notes | 25.3% |
|  Asset-Backed Securities | 12.0% |
|  Others (each less than 3.0%) | 0.9% |
|  | 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

December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br>Quoted Price | Level 2<br> Significant<br>Observable Inputs | Level 3<br> Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $348089367 | $– $| 348089367 | $— |
|  | Mortgage-Backed Securities | 429374764 | – | 424921580 | 4453184 |
|  | Asset-Backed Securities | 164654789 | – | 162636628 | 2018161 |
|  | U.S. Treasury Obligations | 416557243 | – | 416557243 |  |
|  | Foreign Government Bonds & Notes | 4744362 | – | 4744362 |  |
|  | Municipal Bonds | 2056778 | – | 2056778 |  |
|  | Short-Term Investments | 5266260 | – | 5266260 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1370743563 | $– $| 1364272218 | $6471345 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-52** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** |  |
|  **Financial - 0.0%** | **Financial - 0.0%** |  |
|  CBL & Associates Properties, Inc. REIT | 9021 | $208205 |
|  Total Common Stocks <br>(Cost $125,422) |  | 208205 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 32.7%** | **CORPORATE BONDS & NOTES - 32.7%** |  |
|  **Basic Materials - 0.2%** | **Basic Materials - 0.2%** |  |
|  Syngenta Finance NV (Switzerland) <br>4.441% due 04/24/23 ~ | $4400000 | 4380843 |
|  **Communications - 0.8%** | **Communications - 0.8%** |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <br>3.850% due 04/01/61 | 7500000 | 4364115 |
|  Level 3 Financing, Inc. <br>3.400% due 03/01/27 ~ | 2000000 | 1693471 |
|  Lumen Technologies, Inc. <br>4.000% due 02/15/27 ~ | 2600000 | 2209175 |
|  SES SA (Luxembourg) <br>3.600% due 04/04/23 ~ | 800000 | 794775 |
|  Sprint LLC <br>7.875% due 09/15/23 | 1200000 | 1219423 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 02/15/31 | 3800000 | 3113507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 | 7200000 | 6355400 |
|  |  | 19749866 |
|  **Consumer, Cyclical - 3.4%** | **Consumer, Cyclical - 3.4%** |  |
|  Air Canada Pass-Through Trust (Canada) <br>3.750% due 06/15/29 ~ | 1510435 | 1318893 |
|  Alaska Airlines Pass-Through Trust <br>4.800% due 02/15/29 ~ | 5480952 | 5226358 |
|  American Airlines Pass-Through Trust <br>2.875% due 01/11/36 | 4755000 | 3840662 |
|  American Airlines Pass-Through Trust A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/15/30 | 2164225 | 1685000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/15/27 | 2134411 | 1854080 |
|  American Airlines Pass-Through Trust AA <br>3.000% due 04/15/30 | 3321899 | 2885562 |
|  Daimler Trucks Finance North America LLC <br>5.062% (SOFR + 0.750%) <br>due 12/13/24 § ~ | 6650000 | 6561169 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.748% due 06/14/24 | GBP 3,400,000 | 3895229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.021% due 03/06/24 | EUR 5,400,000 | 5679269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | $6200000 | 5615854 |
|  Hyatt Hotels Corp. <br>1.800% due 10/01/24 | 7200000 | 6751199 |
|  Hyundai Capital America <br>1.650% due 09/17/26 ~ | 7200000 | 6337205 |
|  JetBlue Pass-Through Trust <br>4.000% due 05/15/34 | 7648309 | 6820584 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 03/09/28 ~ | 5900000 | 4788065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/21/23 ~ | 3400000 | 3338069 |
|  Starbucks Corp. <br>2.550% due 11/15/30 | 9700000 | 8179154 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Toyota Motor Credit Corp. <br>5.050% (SOFR + 0.750%) <br>due 12/11/23 § | $| 3300000 | $3305483 |
|  United Airlines Pass-Through Trust <br>2.700% due 11/01/33 |  | 4317364 | 3495560 |
|  Volkswagen Group of America Finance LLC (Germany) <br>4.625% due 11/13/25 ~ |  | 1000000 | 984696 |
|  |  |  | 82562091 |
|  **Consumer, Non-Cyclical - 3.0%** | **Consumer, Non-Cyclical - 3.0%** | **Consumer, Non-Cyclical - 3.0%** |  |
|  Bacardi Ltd. (Bermuda) <br>4.450% due 05/15/25 ~ |  | 6700000 | 6507030 |
|  Bayer US Finance II LLC (Germany) <br>4.375% due 12/15/28 ~ |  | 7400000 | 6961403 |
|  Becton Dickinson & Co. <br>1.957% due 02/11/31 |  | 7900000 | 6266250 |
|  Block Financial LLC <br>3.875% due 08/15/30 |  | 6600000 | 5789789 |
|  CommonSpirit Health <br>6.073% due 11/01/27 |  | 4200000 | 4301847 |
|  Constellation Brands, Inc. <br>3.700% due 12/06/26 |  | 4400000 | 4191122 |
|  CVS Health Corp. <br>2.125% due 09/15/31 |  | 3500000 | 2783963 |
|  CVS Pass-Through Trust <br>6.943% due 01/10/30 |  | 148621 | 151386 |
|  Duke University <br>2.682% due 10/01/44 |  | 9600000 | 6979766 |
|  Elevance Health, Inc. <br>2.375% due 01/15/25 |  | 3400000 | 3230113 |
|  General Mills, Inc. <br>5.089% (USD LIBOR + 1.010%) <br>due 10/17/23 § |  | 1000000 | 1002312 |
|  HCA, Inc. <br>3.375% due 03/15/29 ~ |  | 7300000 | 6427853 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 07/26/24 ~ |  | 9000000 | 8609218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 07/26/29 ~ |  | 3300000 | 2829197 |
|  Mylan, Inc. <br>4.200% due 11/29/23 |  | 1500000 | 1485129 |
|  Zoetis, Inc. <br>2.000% due 05/15/30 |  | 7000000 | 5696528 |
|  |  |  | 73212906 |
|  **Energy - 1.0%** | **Energy - 1.0%** | **Energy - 1.0%** |  |
|  Energy Transfer LP <br>4.250% due 03/15/23 |  | 2700000 | 2693616 |
|  Midwest Connector Capital Co. LLC <br>3.900% due 04/01/24 ~ |  | 4100000 | 3971765 |
|  Odebrecht Drilling Norbe VIII Ltd. (Brazil) <br>7.350% PIK due 12/01/26 ~ |  | 2273594 | 1256161 |
|  Odebrecht Oil & Gas Finance Ltd. (Brazil) <br>0.000% due 01/30/23 ~ |  | 1012000 | 2479 |
|  Rio Oil Finance Trust (Brazil) | Rio Oil Finance Trust (Brazil) | Rio Oil Finance Trust (Brazil) | Rio Oil Finance Trust (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 07/06/24 ~ |  | 643571 | 653266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 01/06/27 ~ |  | 3233749 | 3364118 |
|  Sabine Pass Liquefaction LLC <br>4.500% due 05/15/30 |  | 6800000 | 6319182 |
|  Targa Resources Corp. <br>5.200% due 07/01/27 |  | 6600000 | 6479537 |
|  |  |  | 24740124 |
|  **Financial - 16.2%** | **Financial - 16.2%** | **Financial - 16.2%** |  |
|  AIB Group PLC (Ireland) <br>7.583% due 10/14/26 ~ |  | 7500000 | 7644415 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-53** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  American Tower Corp. REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 06/15/30 | $8000000 | $6350023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 06/15/23 | 900000 | 890587 |
|  Aviation Capital Group LLC <br>4.125% due 08/01/25 ~ | 6620000 | 6182840 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 09/18/23 | 2100000 | 2034243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 09/18/25 | 3400000 | 3040205 |
|  Banco Espirito Santo SA (Portugal) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% \* y ~ | EUR 1,000,000 | 155215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% \* y ~ | 5600000 | 869205 |
|  Bank of America Corp. <br>5.015% due 07/22/33 | $6500000 | 6190242 |
|  Bank of Ireland Group PLC (Ireland) <br>6.253% due 09/16/26 ~ | 6400000 | 6353013 |
|  Barclays PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/02/25 ~ | EUR 900,000 | 954452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325% due 11/02/26 | $4100000 | 4251261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385% due 11/02/28 | 4000000 | 4176349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/15/23 | 3000000 | 2936400 |
|  BNP Paribas SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904% due 09/30/28 ~ | 9000000 | 7507963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132% due 01/20/33 ~ | 7800000 | 6178026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 02/25/31 ~ | 1500000 | 1162651 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572% due 06/03/31 | 8100000 | 6569072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070% due 02/24/28 | 4200000 | 3792430 |
|  Commonwealth Bank of Australia (Australia)<br>2.552% due 03/14/27 ~ | 2900000 | 2640683 |
|  Cooperatieve Rabobank UA (Netherlands) <br>4.655% due 08/22/28 ~ | 6700000 | 6441544 |
|  Credit Suisse AG (Switzerland) <br>6.500% due 08/08/23 ~ | 3200000 | 3106259 |
|  Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869% due 01/12/29 ~ | 9100000 | 7307383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.975% (USD LIBOR + 1.240%)<br> due 06/12/24 § ~ | 6200000 | 5872730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.537% due 08/12/33 ~ | 8500000 | 7479099 |
|  Crown Castle, Inc. REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/15/31 | 7900000 | 6356472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/15/26 | 2277000 | 2167927 |
|  CTP NV (Netherlands) <br>0.875% due 01/20/26 ~ | EUR 2,100,000 | 1832245 |
|  CubeSmart LP REIT <br>2.500% due 02/15/32 | $3200000 | 2454381 |
|  Deutsche Bank AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 12/16/24 ~ | GBP 5,000,000 | 5620822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% due 11/26/25 | $13500000 | 12909758 |
|  Digital Realty Trust LP REIT <br>3.600% due 07/01/29 | 4500000 | 4028815 |
|  EPR Properties REIT <br>4.500% due 04/01/25 | 2200000 | 2088755 |
|  Essex Portfolio LP REIT <br>3.375% due 04/15/26 | 3500000 | 3294829 |
|  Federation des Caisses Desjardins du Quebec (Canada) <br>4.400% due 08/23/25 ~ | 7000000 | 6836160 |
|  GA Global Funding Trust <br>1.250% due 12/08/23 ~ | 7000000 | 6718903 |
|  GLP Capital LP/GLP Financing II, Inc. REIT 4.000% due 01/15/30 | 1800000 | 1579660 |
|  Host Hotels & Resorts LP REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/01/24 | 700000 | 681638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 06/15/25 | 1350000 | 1298465 |
|  HSBC Holdings PLC (United Kingdom) <br>7.390% due 11/03/28 | 4800000 | 5053094 |
|  Intercontinental Exchange, Inc. <br>2.100% due 06/15/30 | 4400000 | 3592464 |
|  Intesa Sanpaolo SpA (Italy) <br>3.250% due 09/23/24 ~ | 7300000 | 6928565 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578% due 04/22/27 | $7000000 | $6158699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.851% due 07/25/28 | 6000000 | 5858551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.912% due 07/25/33 | 6400000 | 6112682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546% due 12/15/25 | 7800000 | 7806084 |
|  Jyske Realkredit AS (Denmark) <br>1.500% due 10/01/53 | DKK 2,536,842 | 282103 |
|  Kilroy Realty LP REIT | Kilroy Realty LP REIT | Kilroy Realty LP REIT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 12/15/24 | $2200000 | 2107419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/01/25 | 2600000 | 2522773 |
|  Life Storage LP REIT | Life Storage LP REIT | Life Storage LP REIT |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 10/15/31 | 7000000 | 5402224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/15/27 | 2600000 | 2410157 |
|  Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 05/08/25 | 4500000 | 4417904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.947% due 06/27/25 ~ | EUR 300,000 | 308313 |
|  Logicor Financing SARL (Luxembourg) <br>1.625% due 01/17/30 ~ | 2300000 | 1799904 |
|  Manulife Financial Corp. (Canada) <br>4.150% due 03/04/26 | $500000 | 487502 |
|  MassMutual Global Funding II <br>5.050% due 12/07/27 ~ | 4000000 | 4026672 |
|  Mid-America Apartments LP REIT <br>4.200% due 06/15/28 | 3000000 | 2850559 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.412% due 07/17/25 | 10600000 | 9635533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.133% due 07/20/33 | 6500000 | 6225558 |
|  Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.201% due 07/10/31 | 8700000 | 6809976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414% due 09/13/28 | 6500000 | 6512325 |
|  Morgan Stanley <br>4.889% due 07/20/33 | 6500000 | 6125945 |
|  MPT Operating Partnership LP REIT <br>3.692% due 06/05/28 | GBP 1,300,000 | 1153750 |
|  National Retail Properties, Inc. REIT <br>3.500% due 10/15/27 | $5600000 | 5088121 |
|  Natwest Group PLC (United Kingdom) <br>2.000% due 03/04/25 ~ | EUR 4,600,000 | 4804856 |
|  Nomura Holdings, Inc. (Japan) <br>2.679% due 07/16/30 | $6700000 | 5372509 |
|  Nykredit Realkredit AS (Denmark) <br>1.500% due 10/01/53 ~ | DKK 42,798,642 | 4604467 |
|  Omega Healthcare Investors, Inc. REIT | Omega Healthcare Investors, Inc. REIT | Omega Healthcare Investors, Inc. REIT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/01/23 | $453000 | 450529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 | 590000 | 544707 |
|  Pricoa Global Funding I <br>4.200% due 08/28/25 ~ | 4500000 | 4414371 |
|  Public Storage REIT <br>3.094% due 09/15/27 | 1900000 | 1770350 |
|  Regency Centers LP REIT <br>4.125% due 03/15/28 | 3500000 | 3255591 |
|  Santander Holdings USA, Inc. <br>2.490% due 01/06/28 | 6500000 | 5585512 |
|  Scentre Group Trust 1/Scentre Group Trust 2 REIT (Australia) <br>3.625% due 01/28/26 ~ | 7300000 | 6874763 |
|  Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337% due 01/21/33 ~ | 8000000 | 6319410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/14/23 ~ | 7700000 | 7634293 |
|  Spirit Realty LP REIT <br>3.200% due 01/15/27 | 8100000 | 7193635 |
|  Standard Chartered PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456% due 01/14/27 ~ | 4000000 | 3473200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123% (SOFR + 0.930%)<br> due 11/23/25 § ~ | 7000000 | 6803703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.776% due 11/16/25 ~ | 1900000 | 1958217 |
|  STORE Capital Corp. REIT <br>4.500% due 03/15/28 | 7600000 | 6867985 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) <br>1.902% due 09/17/28 | 6000000 | 4954946 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-54** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Synchrony Bank <br>5.625% due 08/23/27 | $| 7000000 | $| 6832466 |
|  Synchrony Financial <br>5.150% due 03/19/29 |  | 4700000 |  | 4457148 |
|  Tesco Property Finance 4 PLC (United Kingdom) <br>5.801% due 10/13/40 ~ |  | GBP 186,889 |  | 213075 |
|  Tesco Property Finance 5 PLC (United Kingdom) <br>5.661% due 10/13/41 ~ |  | 95836 |  | 107264 |
|  Truist Financial Corp. <br>5.900% due 10/28/26 |  | $6000000 |  | 6140406 |
|  UniCredit SpA (Italy) <br>7.830% due 12/04/23 ~ |  | 11800000 |  | 11924889 |
|  Virgin Money UK PLC (United Kingdom) <br>4.000% due 09/03/27 ~ |  | GBP 500,000 |  | 546840 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% due 06/02/28 |  | $2200000 |  | 1945013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/26 |  | 6600000 |  | 6474300 |
|  |  |  |  | 399156442 |
|  **Industrial - 1.9%** | **Industrial - 1.9%** | **Industrial - 1.9%** | **Industrial - 1.9%** | **Industrial - 1.9%** |
|  AP Moller - Maersk AS (Denmark) <br>4.500% due 06/20/29 ~ |  | 8600000 |  | 8184949 |
|  Boeing Co. <br>1.433% due 02/04/24 |  | 3500000 |  | 3355547 |
|  Flex Ltd. <br>4.875% due 05/12/30 |  | 9500000 |  | 8945993 |
|  Fortune Brands Innovations, Inc. <br>3.250% due 09/15/29 |  | 8200000 |  | 7114470 |
|  GATX Corp. <br>4.000% due 06/30/30 |  | 9700000 |  | 8621773 |
|  Kansas City Southern <br>3.125% due 06/01/26 |  | 9800000 |  | 9215711 |
|  SMBC Aviation Capital Finance DAC (Ireland) <br>4.125% due 07/15/23 ~ |  | 1800000 |  | 1781391 |
|  |  |  |  | 47219834 |
|  **Technology - 2.1%** | **Technology - 2.1%** | **Technology - 2.1%** | **Technology - 2.1%** | **Technology - 2.1%** |
|  Amdocs Ltd. <br>2.538% due 06/15/30 |  | 4700000 |  | 3815122 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 02/15/33 ~ |  | 7700000 |  | 5800107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/35 ~ |  | 7388000 |  | 5454722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% due 11/15/36 ~ |  | 2900000 |  | 2092122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% due 04/15/34 ~ |  | 3639000 |  | 2913752 |
|  Dell International LLC/EMC Corp. <br>5.850% due 07/15/25 |  | 9200000 |  | 9306558 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (China) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 06/18/26 |  | 4000000 |  | 3804926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/01/24 |  | 5900000 |  | 5857560 |
|  Open Text Corp. (Canada) <br>6.900% due 12/01/27 ~ |  | 8100000 |  | 8110530 |
|  Oracle Corp. <br>6.150% due 11/09/29 |  | 2700000 |  | 2808898 |
|  Seagate HDD Cayman <br>4.091% due 06/01/29 |  | 1000000 |  | 830488 |
|  |  |  |  | 50794785 |
|  **Utilities - 4.1%** | **Utilities - 4.1%** | **Utilities - 4.1%** | **Utilities - 4.1%** | **Utilities - 4.1%** |
|  CenterPoint Energy Resources Corp. <br>5.279% (USD LIBOR + 0.500%) <br>due 03/02/23 § |  | 4198000 |  | 4196024 |
|  DTE Electric Co. <br>4.050% due 05/15/48 |  | 100000 |  | 83617 |
|  Enel Finance America LLC (Italy) <br>7.100% due 10/14/27 ~ |  | 6800000 |  | 7043251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Enel Finance International NV (Italy) <br>2.250% due 07/12/31 ~ | $| 7500000 | $| 5473954 |
|  Entergy Louisiana LLC <br>2.350% due 06/15/32 |  | 7700000 |  | 6140260 |
|  Evergy, Inc. <br>2.450% due 09/15/24 |  | 8800000 |  | 8360088 |
|  New York State Electric & Gas Corp. <br>2.150% due 10/01/31 ~ |  | 7200000 |  | 5629228 |
|  NextEra Energy Capital Holdings, Inc. <br>2.250% due 06/01/30 |  | 9600000 |  | 7916416 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 11/15/23 |  | 7000000 |  | 6777114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 12/01/27 |  | 400000 |  | 353663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 08/15/24 |  | 5300000 |  | 5089117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/25 |  | 2400000 |  | 2266571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/01/23 |  | 2600000 |  | 2587216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 06/15/27 |  | 6800000 |  | 6716449 |
|  Pennsylvania Electric Co. <br>3.600% due 06/01/29 ~ |  | 4300000 |  | 3868938 |
|  Public Service Co. of Colorado <br>1.900% due 01/15/31 |  | 6300000 |  | 5070390 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries (India) <br>4.500% due 07/14/28 ~ |  | 5900000 |  | 4966849 |
|  SGSP Australia Assets Pty Ltd. (Australia) <br>3.300% due 04/09/23 ~ |  | 1200000 |  | 1194248 |
|  Southern California Edison Co. <br>2.500% due 06/01/31 |  | 7000000 |  | 5785809 |
|  Southern Co. <br>3.250% due 07/01/26 |  | 5700000 |  | 5366969 |
|  WEC Energy Group, Inc. <br>1.800% due 10/15/30 |  | 8400000 |  | 6571240 |
|  |  |  |  | 101457411 |
|  Total Corporate Bonds & Notes <br>(Cost $892,586,805) |  |  |  | 803274302 |
|  **MORTGAGE-BACKED SECURITIES - 47.4%** | **MORTGAGE-BACKED SECURITIES - 47.4%** | **MORTGAGE-BACKED SECURITIES - 47.4%** | **MORTGAGE-BACKED SECURITIES - 47.4%** | **MORTGAGE-BACKED SECURITIES - 47.4%** |
|  **Collateralized Mortgage Obligations - Commercial - 6.9%** | **Collateralized Mortgage Obligations - Commercial - 6.9%** | **Collateralized Mortgage Obligations - Commercial - 6.9%** | **Collateralized Mortgage Obligations - Commercial - 6.9%** | **Collateralized Mortgage Obligations - Commercial - 6.9%** |
|  1211 Avenue of the Americas Trust <br>3.901% due 08/10/35 ~ |  | 9600000 |  | 8926675 |
|  Arbor Multifamily Mortgage Securities Trust <br>2.756% due 05/15/53 ~ |  | 4900000 |  | 4180923 |
|  AREIT LLC <br>6.567% (SOFR + 2.242%) <br>due 06/17/39 § ~ |  | 5600000 |  | 5526282 |
|  Ashford Hospitality Trust <br>5.318% (USD LIBOR + 1.000%) <br>due 06/15/35 § ~ |  | 7400000 |  | 7134734 |
|  Atrium Hotel Portfolio Trust <br>5.268% (USD LIBOR + 0.950%) <br>due 06/15/35 § ~ |  | 6500000 |  | 6280502 |
|  BAMLL Commercial Mortgage Securities Trust <br>5.368% (USD LIBOR + 1.050%) <br>due 09/15/38 § ~ |  | 7000000 |  | 6578278 |
|  BDS LLC <br>6.461% (SOFR + 2.137%) <br>due 08/19/38 § ~ |  | 6500000 |  | 6423072 |
|  Benchmark Mortgage Trust <br>3.458% due 03/15/55 |  | 6500000 |  | 5763743 |
|  BX Commercial Mortgage Trust <br>5.007% (USD LIBOR + 0.689%) <br>due 10/15/38 § ~ |  | 5430550 |  | 5227542 |
|  CFCRE Commercial Mortgage Trust <br>3.060% due 11/10/49 |  | 4259982 |  | 4079563 |
|  Citigroup Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.984% due 11/15/49 |  | 5863179 |  | 5622745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.778% due 09/10/58 |  | 5900000 |  | 5619931 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-55** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  DBGS Mortgage Trust <br>3.843% due 04/10/37 ~ | $| 8700000 | $| 7444312 |
|  DBWF Mortgage Trust <br>5.469% (USD LIBOR + 1.030%) <br>due 12/19/30 § ~ |  | 6600000 |  | 6413171 |
|  DOLP Trust <br>2.956% due 05/10/41 ~ |  | 7000000 |  | 5581715 |
|  Extended Stay America Trust <br>5.398% (USD LIBOR + 1.080%) <br>due 07/15/38 § ~ |  | 6833346 |  | 6646626 |
|  GS Mortgage Securities Corp. II <br>7.736% (SOFR + 3.400%) <br>due 08/15/39 § ~ |  | 6700000 |  | 6761113 |
|  GS Mortgage Securities Trust <br>3.602% due 10/10/49 § ~ |  | 7000000 |  | 5852375 |
|  JP Morgan Chase Commercial Mortgage Securities Trust <br>5.768% (USD LIBOR + 1.450%) <br>due 12/15/31 § ~ |  | 5461346 |  | 5202251 |
|  LUXE Trust <br>5.368% (USD LIBOR + 1.050%) <br>due 10/15/38 § ~ |  | 1592059 |  | 1525164 |
|  Manhattan West 2020-1MW Mortgage Trust 2.130% due 09/10/39 ~ |  | 8600000 |  | 7356291 |
|  MF1 Multifamily Housing Mortgage Loan Trust <br>5.300% (SOFR + 0.964%) <br>due 07/15/36 § ~ |  | 3435709 |  | 3339313 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>3.150% due 03/15/48 |  | 2604469 |  | 2530959 |
|  Morgan Stanley Capital I Trust <br>2.428% due 04/05/42 § ~ |  | 4900000 |  | 3745371 |
|  NYO Commercial Mortgage Trust <br>5.413% (USD LIBOR + 1.095%) <br>due 11/15/38 § ~ |  | 11200000 |  | 10185449 |
|  One New York Plaza Trust <br>5.268% (USD LIBOR + 0.950%) <br>due 01/15/36 § ~ |  | 3780000 |  | 3573240 |
|  PFP Ltd. (Bermuda) <br>6.600% (SOFR + 2.274%) <br>due 08/19/35 § ~ |  | 6400000 |  | 6315898 |
|  Ready Capital Mortgage Financing LLC <br>6.875% (UST + 2.552%) <br>due 10/25/39 ~ § |  | 6091339 |  | 6066529 |
|  STWD Mortgage Trust (United Kingdom) <br>5.176% (USD LIBOR + 0.858%) <br>due 11/15/36 § ~ |  | 7100000 |  | 6853072 |
|  Wells Fargo Commercial Mortgage Trust <br>3.809% due 12/15/48 |  | 4837000 |  | 4603625 |
|  |  |  |  | 171360464 |
|  **Collateralized Mortgage Obligations - Residential - 6.7%** | **Collateralized Mortgage Obligations - Residential - 6.7%** | **Collateralized Mortgage Obligations - Residential - 6.7%** | **Collateralized Mortgage Obligations - Residential - 6.7%** | **Collateralized Mortgage Obligations - Residential - 6.7%** |
|  Alternative Loan Trust<br>4.729% (USD LIBOR + 0.340%) <br>due 07/25/46 § |  | 6 |  | 13046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.009% (USD LIBOR + 0.620%)<br> due 10/25/35 § |  | 5611 |  | 5548 |
|  Alternative Loan Trust (IO) <br>0.611% (5.000% - USD LIBOR) <br>due 05/25/35 § |  | 652462 |  | 27017 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569% due 08/25/47 § ~ |  | 3423853 |  | 2407779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.958% due 02/20/36 § |  | 250877 |  | 234223 |
|  Banc of America Mortgage Trust <br>6.000% due 05/25/37 |  | 1846090 |  | 1418628 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611% due 03/26/37 ~ |  | 144458 |  | 140454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/26/36 § ~ |  | 959489 |  | 426088 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Bear Stearns Adjustable Rate Mortgage Trust <br>3.400% due 08/25/33 § | $463095 | $430671 |
|  Bear Stearns ALT-A Trust <br>3.605% due 01/25/36 § | 1037510 | 959511 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.524% due 01/26/36 § | 471994 | 281362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.219% due 12/26/46 § | 422925 | 292397 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.680% due 08/25/34 § | 7503 | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.757% due 05/20/34 § | 342052 | 312617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.029% (USD LIBOR + 0.640%) <br>due 03/25/35 § | 394423 | 351023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/25/37 | 764510 | 384791 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.791% due 08/25/36 § | 418675 | 365969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% due 08/25/35 § | 71077 | 57177 |
|  Credit Suisse First Boston Mortgage Securities Corp. (Switzerland) <br>3.792% due 03/25/32 § ~ | 81619 | 74411 |
|  DSLA Mortgage Loan Trust <br>3.728% due 07/19/44 § | 281579 | 251954 |
|  Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821% (USD LIBOR + 0.060%) <br>due 07/25/37 § | 51397 | 50391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.739% (USD LIBOR + 0.400%) <br>due 04/18/28 § | 13884 | 13835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769% (USD LIBOR + 0.380%) <br>due 11/25/42 § | 1243055 | 1224165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789% (USD LIBOR + 0.450%) <br>due 10/18/30 § | 168 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198% due 10/25/42 § | 347037 | 349408 |
|  Fannie Mae REMICS (IO) <br>2.311% (6.700% - USD LIBOR) <br>due 10/25/35 § | 1577 | 146 |
|  Finsbury Square PLC (United Kingdom) <br>4.709% (SONIA + 1.300%) <br>due 06/16/70 § ~ | GBP 2,404,344 | 2909688 |
|  First Horizon Alternative Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.605% due 03/25/35 § | $379637 | 239739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539% due 06/25/34 § | 1279929 | 1191945 |
|  Freddie Mac <br>7.500% due 09/20/26 | 23329 | 23826 |
|  Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% (USD LIBOR + 0.350%) <br>due 08/15/40 § | 2475320 | 2406344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.258% (USD LIBOR + 0.350%) <br>due 10/15/40 § | 2456416 | 2391988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.508% (USD LIBOR + 0.190%) <br>due 10/15/43 § | 2716449 | 2624507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.668% (USD LIBOR + 0.350%) <br>due 12/15/29 § | 4295 | 4252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/15/23 | 832 | 831 |
|  Freddie Mac Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% (US FED + 1.200%) <br>due 10/25/44 § | 516298 | 514455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.448% (US FED + 1.400%) <br>due 07/25/44 § | 2476745 | 2482249 |
|  Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.968% (USD LIBOR + 0.750%) <br>due 04/20/67 § | 4683009 | 4637109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.873% (USD LIBOR + 0.750%) <br>due 01/20/66 § | 3996389 | 3930000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.774% (USD LIBOR + 0.550%) <br>due 05/20/65 § | 940376 | 925824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.342% (USD LIBOR + 0.500%) <br>due 04/20/64 § | 1800651 | 1791901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442% (USD LIBOR + 0.600%) <br>due 07/20/65 - 08/20/65 § | 6004256 | 5915392 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-56** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.576% (SOFR + 0.750%) <br>due 10/20/72 § | $5593690 | $5582906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% (SOFR + 1.020%) <br>due 12/20/72 § | 3100000 | 3108709 |
|  Great Hall Mortgages No 1 PLC (United Kingdom) <br>4.868% (USD LIBOR + 0.130%) <br>due 06/18/39 § ~ | 1606469 | 1575771 |
|  GreenPoint Mortgage Funding Trust <br>4.929% (USD LIBOR + 0.540%) <br>due 11/25/45 § | 29268 | 26464 |
|  GS Mortgage-Backed Securities Corp. Trust<br>2.500% due 06/25/52 § ~ | 6462059 | 5218228 |
|  HarborView Mortgage Loan Trust <br>4.549% (USD LIBOR + 0.320%) <br>due 05/25/38 § | 668895 | 526894 |
|  Impac CMB Trust <br>4.929% (USD LIBOR + 0.270%) <br>due 05/25/35 § | 25742 | 23731 |
|  IndyMac ARM Trust <br>3.544% due 01/25/32 § | 6723 | 6121 |
|  JP Morgan Alternative Loan Trust<br>4.749% (USD LIBOR + 0.360%) <br>due 05/25/36 §  | 1928275 | 1606012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/27/36 ~ | 911418 | 487324 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760% due 12/26/37 § ~ | 3197893 | 2724511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.689% (USD LIBOR + 0.300%)<br> due 10/25/35 § | 1110702 | 806513 |
|  Legacy Mortgage Asset Trust <br>2.882% due 10/25/59 ~ | 5595126 | 5559036 |
|  Lehman Mortgage Trust <br>5.750% due 02/25/37 | 5035416 | 3483602 |
|  MASTR Adjustable Rate Mortgages Trust <br>4.021% due 04/21/34 § | 7615 | 7285 |
|  MASTR Alternative Loan Trust <br>4.789% (USD LIBOR + 0.400%) <br>due 03/25/36 § | 690416 | 78843 |
|  Merrill Lynch Mortgage Investors Trust <br>3.484% due 06/25/35 § | 15749 | 14578 |
|  Metlife Securitization Trust <br>3.750% due 03/25/57 § ~ | 4680003 | 4415957 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/25/52 § ~ | 6593500 | 5526541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/25/57 § ~ | 3976315 | 3765457 |
|  OBX Trust <br>5.039% (USD LIBOR + 0.650%) <br>due 06/25/57 § ~ | 4117518 | 3891090 |
|  PHH Alternative Mortgage Trust <br>4.709% (USD LIBOR + 0.320%) <br>due 02/25/37 § | 6968165 | 4874241 |
|  RBSSP Resecuritization Trust <br>6.250% due 12/26/36 § ~ | 632610 | 238128 |
|  Reperforming Loan REMIC Trust <br>4.729% (USD LIBOR + 0.340%) <br>due 06/25/35 § ~ | 948408 | 896634 |
|  Residential Asset Securitization Trust (IO) <br>0.561% (4.950% - USD LIBOR) <br>due 11/25/35 § | 1788545 | 100623 |
|  Resloc UK PLC (United Kingdom) <br>2.206% (EUR LIBOR + 0.160%) <br>due 12/15/43 § ~ | EUR 1,792,028 | 1800465 |
|  RFMSI Trust <br>3.910% due 09/25/35 § | $368573 | 230021 |
|  Ripon Mortgages PLC (United Kingdom) <br>4.011% (SONIA + 0.700%) <br>due 08/28/56 § ~ | GBP 8,697,569 | 10354753 |
|  RMAC Securities No. 1 PLC (United Kingdom) <br>3.976% (SONIA + 0.589%) <br>due 06/12/44 § ~ | 3757131 | 4147631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Seasoned Credit Risk Transfer Trust <br>11.761% due 09/25/60 § ~ | $| 2991996 | $| 2173784 |
|  Sequoia Mortgage Trust <br>5.053% (USD LIBOR + 0.700%) <br>due 07/20/33 § |  | 254510 |  | 231890 |
|  Structured Adjustable Rate Mortgage Loan Trust <br>3.565% due 01/25/35 § |  | 50548 |  | 49890 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.809% (USD LIBOR + 0.420%)<br> due 05/25/36 § |  | 386082 |  | 291945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% (USD LIBOR + 0.500%)<br> due 07/19/35 § |  | 71981 |  | 65186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.849% (USD LIBOR + 0.460%)<br> due 02/25/36 § |  | 605452 |  | 499461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.949% (USD LIBOR + 0.560%)<br> due 02/25/36 § |  | 366732 |  | 283772 |
|  Structured Asset Mortgage Investments Trust <br>4.999% (USD LIBOR + 0.660%) <br>due 09/19/32 § |  | 17081 |  | 16262 |
|  Structured Asset Securities Corp. Trust <br>5.750% due 04/25/35 |  | 2357346 |  | 1403456 |
|  Suntrust Alternative Loan Trust (IO) <br>0.711% (5.100% - USD LIBOR) <br>due 12/25/35 § |  | 2165391 |  | 64308 |
|  Towd Point Mortgage Funding (United Kingdom) <br>3.826% (SONIA + 0.900%) <br>due 07/20/45 § ~ |  | GBP 19,747,392 |  | 23542843 |
|  Towd Point Mortgage Funding PLC (United Kingdom) <br>3.952% (SONIA + 1.144%) <br>due 10/20/51 § |  | 8810202 |  | 10626266 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/25/51 § ~ |  | $6394527 |  | 5163694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 12/25/51 § ~ |  | 6463607 |  | 5186964 |
|  Wachovia Mortgage Loan Trust LLC Trust <br>3.879% due 05/20/36 § |  | 67196 |  | 63986 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.476% due 01/25/36 § |  | 340680 |  | 320224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.929% (USD LIBOR + 0.540%)<br> due 12/25/45 § |  | 18993 |  | 17619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.969% (USD LIBOR + 0.580%)<br> due 10/25/45 § |  | 18560 |  | 17165 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.878% (US FED + 0.830%)<br> due 11/25/46 § |  | 903345 |  | 719672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/25/36 |  | 1206691 |  | 880594 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust (IO) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.461% (4.850% - USD LIBOR)<br> due 11/25/35 § |  | 6792131 |  | 294462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.561% (4.950% - USD LIBOR)<br> due 11/25/35 § |  | 2014192 |  | 107679 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust <br>2.975% due 02/25/33 § |  | 1818 |  | 1711 |
|  |  |  |  | 165171174 |
|  **Fannie Mae - 32.2%** | **Fannie Mae - 32.2%** | **Fannie Mae - 32.2%** | **Fannie Mae - 32.2%** | **Fannie Mae - 32.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/23 # |  | 53900000 |  | 54022423 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/23 # |  | 900000 |  | 912788 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # |  | 191500000 |  | 168255588 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # |  | 5000000 |  | 4691034 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # |  | 106800000 |  | 97102684 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/53 # |  | 42200000 |  | 40625348 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 03/01/53 # |  | 316000000 |  | 296547419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% (UST + 1.925%)<br> due 02/01/33 § |  | 1928 |  | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.205% (UST + 1.695%)<br> due 02/01/33 § |  | 139003 |  | 136769 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-57** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.321% (USD LIBOR + 1.696%)<br> due 03/01/33 § | $| 2223 | $| 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% (US FED + 1.270%)<br> due 03/01/33 § |  | 82640 |  | 79669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.378% (UST + 2.068%)<br> due 03/01/34 § |  | 2053 |  | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.663% (USD LIBOR + 1.413%)<br> due 07/01/33 § |  | 7422 |  | 7238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.691% (USD LIBOR + 1.373%)<br> due 09/01/35 § |  | 33642 |  | 32852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.830% (USD LIBOR + 1.455%)<br> due 04/01/35 § |  | 65106 |  | 63684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.997% (UST + 2.025%)<br> due 01/01/34 § |  | 3852 |  | 3892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/01/27 - 08/01/52 |  | 43862385 |  | 38631517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/01/52 |  | 28585260 |  | 25121502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/01/52 |  | 53814491 |  | 47293591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% (UST + 2.055%)<br> due 04/01/34 § |  | 42443 |  | 41829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095% (UST + 2.095%)<br> due 04/01/27 § |  | 794 |  | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.249% (US FED + 1.200%)<br> due 08/01/42 - 10/01/44 § |  | 406434 |  | 387023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.433% (US FED + 1.255%)<br> due 05/01/36 § |  | 9244 |  | 8949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/01/33 - 05/01/35 |  | 7455893 |  | 7166315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.505% (USD LIBOR + 1.255%)<br> due 07/01/35 § |  | 128024 |  | 128417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.560% (USD LIBOR + 1.319%)<br> due 08/01/35 § |  | 100938 |  | 99433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% (USD LIBOR + 1.335%)<br> due 12/01/34 § |  | 241460 |  | 238496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663% (USD LIBOR + 1.538%)<br> due 01/01/36 § |  | 5389 |  | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668% (USD LIBOR + 1.418%)<br> due 12/01/34 § |  | 2342 |  | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.730% (USD LIBOR + 1.605%)<br> due 08/01/36 § |  | 17312 |  | 17240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.911% (US FED + 1.255%)<br> due 05/01/36 § |  | 285230 |  | 280256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926% (USD LIBOR + 1.550%)<br> due 09/01/33 § |  | 10033 |  | 10201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% (US FED + 1.260%)<br> due 05/01/36 § |  | 6746 |  | 6686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/01/24 - 02/01/48 |  | 2712080 |  | 2602745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% (USD LIBOR + 2.250%)<br> due 06/01/34 § |  | 1734 |  | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090% (USD LIBOR + 1.840%)<br> due 09/01/35 § |  | 15033 |  | 14887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379% (UST + 2.360%)<br> due 11/01/34 § |  | 776281 |  | 795648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/23 - 10/01/42 |  | 325652 |  | 322089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918% (US FED + 1.734%)<br> due 09/01/34 § |  | 24971 |  | 25452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/01/25 - 02/01/44 |  | 1351375 |  | 1357116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 01/01/23 - 09/01/41 |  | 2774693 |  | 2849796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/01/24 - 09/01/39 |  | 1434433 |  | 1476804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/01/28 - 09/01/37 |  | 243121 |  | 250641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/01/33 |  | 7776 |  | 8071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 05/01/30 |  | 1546 |  | 1553 |
|  |  |  |  | 791633748 |
|  **Freddie Mac - 1.3%** | **Freddie Mac - 1.3%** | **Freddie Mac - 1.3%** | **Freddie Mac - 1.3%** | **Freddie Mac - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.583% (UST + 2.249%)<br> due 03/01/32 § |  | 10672 |  | 10379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% (UST + 2.249%)<br> due 03/01/32 § |  | 14422 |  | 14056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/01/52 - 08/01/52 |  | 25121845 |  | 22074951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/01/27 - 06/01/48 |  | 6477976 |  | 6005594 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.586% (USD LIBOR + 1.345%)<br> due 09/01/35 § | $| 72647 | $| 72796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.687% (UST + 2.137%)<br> due 01/01/28 § |  | 3138 |  | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% (UST + 2.250%)<br> due 07/01/32 § |  | 6369 |  | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/01/33 - 04/01/48 |  | 1700976 |  | 1641637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/01/23 - 05/01/40 |  | 2206721 |  | 2286780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 05/01/29 |  | 5031 |  | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 10/01/37 |  | 11491 |  | 11991 |
|  |  |  |  | 32132601 |
|  **Government National Mortgage Association - 0.3%** | **Government National Mortgage Association - 0.3%** | **Government National Mortgage Association - 0.3%** | **Government National Mortgage Association - 0.3%** | **Government National Mortgage Association - 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% (UST + 1.500%)<br> due 10/20/23 - 12/20/32 § |  | 97172 |  | 94626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% (UST + 1.500%)<br> due 10/20/24 - 12/20/26 § |  | 3614 |  | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% (UST + 1.500%)<br> due 11/20/24 § |  | 2825 |  | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% (UST + 2.000%)<br> due 11/20/24 § |  | 8955 |  | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% (UST + 1.500%)<br> due 01/20/23 - 03/20/33 § |  | 206814 |  | 202643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% (UST + 1.500%)<br> due 04/20/24 - 06/20/32 § |  | 140888 |  | 139376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% (UST + 1.500%)<br> due 06/20/25 - 09/20/30 § |  | 12188 |  | 11927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% (UST + 2.000%)<br> due 03/20/29 § |  | 18894 |  | 18700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/44 - 09/15/49 |  | 936617 |  | 893789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/15/33 - 07/20/49 |  | 4840324 |  | 4909692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/15/38 - 09/15/38 |  | 4620 |  | 4774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 07/15/31 - 12/15/31 |  | 13373 |  | 14153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 12/15/29 - 08/15/32 |  | 122778 |  | 125341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 09/15/29 - 12/15/30 |  | 121217 |  | 121681 |
|  |  |  |  | 6551761 |
|  Total Mortgage-Backed Securities <br>(Cost $1,216,364,340) | Total Mortgage-Backed Securities <br>(Cost $1,216,364,340) | Total Mortgage-Backed Securities <br>(Cost $1,216,364,340) |  | 1166849748 |
|  **ASSET-BACKED SECURITIES - 15.0%** | **ASSET-BACKED SECURITIES - 15.0%** | **ASSET-BACKED SECURITIES - 15.0%** | **ASSET-BACKED SECURITIES - 15.0%** | **ASSET-BACKED SECURITIES - 15.0%** |
|  ABFC Trust <br>5.214% (USD LIBOR + 0.825%) <br>due 07/25/35 § |  | 4722824 |  | 4284189 |
|  ACAS CLO Ltd. (Cayman) <br>5.084% (USD LIBOR + 0.890%) <br>due 10/18/28 § ~ |  | 6467123 |  | 6386284 |
|  Apres Static CLO Ltd. (Cayman) <br>5.149% (USD LIBOR + 1.070%) <br>due 10/15/28 § ~ |  | 2588470 |  | 2558398 |
|  Ares XL CLO Ltd. (Cayman) <br>4.949% (USD LIBOR + 0.870%) <br>due 01/15/29 § ~ |  | 5655252 |  | 5592712 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates <br>5.149% (USD LIBOR + 0.760%) <br>due 02/25/36 § |  | 1579964 |  | 1205657 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust <br>5.409% (USD LIBOR + 1.020%) <br>due 07/25/35 § |  | 2000000 |  | 1894748 |
|  Avoca CLO XVII DAC (Netherlands) <br>2.198% (EUR LIBOR + 0.820%) <br>due 10/15/32 § ~ |  | EUR 6,000,000 |  | 6218093 |
|  Benefit Street Partners CLO XVI Ltd. (Cayman) <br>5.109% (USD LIBOR + 1.030%) <br>due 01/17/32 § ~ |  | $7000000 |  | 6854184 |
|  Benefit Street Partners CLO XVII Ltd. (Cayman) <br>5.159% (USD LIBOR + 1.080%) <br>due 07/15/32 § ~ |  | 7000000 |  | 6844074 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-58** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  BSPDF Issuer Ltd. (Cayman) <br>5.518% (USD LIBOR + 1.200%) <br>due 10/15/36 § ~ | $7000000 | $6691188 |
|  CarMax Auto Owner Trust <br>3.810% due 09/15/25 | 5000000 | 4956543 |
|  Catamaran CLO Ltd. (Cayman) <br>5.425% (USD LIBOR + 1.100%) <br>due 04/22/30 § ~ | 8954068 | 8826225 |
|  CIT Mortgage Loan Trust <br>5.739% (USD LIBOR + 1.350%)<br>due 10/25/37 § ~ | 536517 | 533991 |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.827% (USD LIBOR + 0.610%)<br> due 08/07/27 § | 3300000 | 3299972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.981% (USD LIBOR + 0.620%)<br> due 04/22/26 § | 3300000 | 3302292 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.539% (USD LIBOR + 0.150%)<br> due 12/25/36 § | 8969881 | 3751081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.549% (USD LIBOR + 0.160%)<br> due 12/25/36 § ~ | 1868769 | 1053607 |
|  CLNC Ltd. (Cayman) <br>5.689% (SOFR + 1.364%) <br>due 08/20/35 § ~ | 3067650 | 2989925 |
|  Countrywide Asset-Backed Certificates <br>5.289% (USD LIBOR + 0.900%) <br>due 03/25/47 § ~ | 1317171 | 1083671 |
|  CVC Cordatus Loan Fund XI DAC (Ireland) <br>2.028% (EUR LIBOR + 0.650%) <br>due 10/15/31 § ~ | EUR 6,100,000 | 6341246 |
|  CWABS Asset-Backed Certificates Trust | CWABS Asset-Backed Certificates Trust | CWABS Asset-Backed Certificates Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.529% (USD LIBOR + 0.140%)<br> due 06/25/47 § | $4716589 | 4180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.619% (USD LIBOR + 0.230%)<br> due 10/25/47 § | 297887 | 292847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669% (USD LIBOR + 0.280%)<br> due 03/25/37 § | 2206749 | 2115428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729% (USD LIBOR + 0.340%)<br> due 09/25/36 § | 372952 | 372822 |
|  Delta Funding Home Equity Loan Trust <br>7.030% due 08/15/30 | 19 | 18 |
|  Discover Card Execution Note Trust <br>4.918% (USD LIBOR + 0.600%) <br>due 12/15/26 § | 6600000 | 6603205 |
|  Dryden 52 Euro CLO DAC (Ireland) <br>2.622% (EUR LIBOR + 0.860%) <br>due 05/15/34 § ~ | EUR 5,600,000 | 5825982 |
|  FBR Securitization Trust <br>5.154% (USD LIBOR + 0.765%) <br>due 09/25/35 § | $28530000 | 27536528 |
|  First Franklin Mortgage Loan Trust <br>4.699% (USD LIBOR + 0.310%) <br>due 10/25/36 § | 13900000 | 11006362 |
|  GLS Auto Receivables Issuer Trust <br>3.550% due 01/15/26 ~ | 5341950 | 5281029 |
|  GSAA Home Equity Trust <br>4.729% (USD LIBOR + 0.340%) <br>due 09/25/36 § | 8643382 | 2123061 |
|  Halseypoint CLO 2 Ltd. (Cayman) <br>5.343% (USD LIBOR + 1.100%) <br>due 07/20/31 § ~ | 6771138 | 6666850 |
|  Harvest CLO XI DAC (Ireland) <br>2.775% (EUR LIBOR + 0.650%) <br>due 06/26/30 § ~ | EUR 5,597,210 | 5858786 |
|  Home Equity Asset Trust <br>5.169% (USD LIBOR + 0.780%) <br>due 10/25/34 § | $1425082 | 1414142 |
|  Home Equity Mortgage Loan Asset-Backed Trust <br>4.709% (USD LIBOR + 0.320%) <br>due 04/25/37 § | 3689061 | 3125774 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  HSI Asset Securitization Corp. Trust <br>4.884% (USD LIBOR + 0.495%) <br>due 02/25/36 § | $462188 | $433779 |
|  Imc Home Equity Loan Trust <br>5.432% due 08/20/29 | 502 | 478 |
|  IXIS Real Estate Capital Trust <br>4.589% (USD LIBOR + 0.200%) <br>due 01/25/37 § | 10269626 | 4062786 |
|  JP Morgan Mortgage Acquisition Trust <br>4.824% (USD LIBOR + 0.435%) <br>due 05/25/36 § | 10000000 | 9501775 |
|  LCCM CLO Trust <br>5.518% (USD LIBOR + 1.200%) <br>due 12/13/38 § ~ | 8000000 | 7766664 |
|  LCM CLO XIII LP (Cayman) <br>5.097% (USD LIBOR + 0.870%) <br>due 07/19/27 § ~ | 4923212 | 4862016 |
|  LCM CLO XXIV Ltd. (Cayman) <br>5.223% (USD LIBOR + 0.980%) <br>due 03/20/30 § ~ | 729597 | 719748 |
|  LCM CLO XXV Ltd. (Cayman) <br>5.063% (SOFR + 1.100%) <br>due 07/20/30 § ~ | 6925029 | 6821601 |
|  Lehman ABS Mortgage Loan CLO Trust <br>4.479% (USD LIBOR + 0.090%) <br>due 06/25/37 § ~ | 805963 | 570246 |
|  LFT CRE CLO Ltd. <br>5.488% (USD LIBOR + 1.170%) <br>due 06/15/39 § ~ | 7000000 | 6811854 |
|  Magnetite CLO XVIII Ltd. (Cayman) <br>5.486% (USD LIBOR + 0.880%) <br>due 11/15/28 § ~ | 6753304 | 6686551 |
|  Marble Point CLO X Ltd. (Cayman) <br>5.119% (USD LIBOR + 1.040%) <br>due 10/15/30 § ~ | 7300000 | 7159017 |
|  Mastr Asset-Backed Securities Trust <br>4.889% (USD LIBOR + 0.500%) <br>due 04/25/36 § | 7374935 | 1980654 |
|  Merrill Lynch Mortgage Investors Trust <br>5.139% (USD LIBOR + 0.750%) <br>due 09/25/35 § | 906803 | 847283 |
|  MKS CLO Ltd. (Cayman) <br>5.243% (USD LIBOR + 1.000%) <br>due 07/20/30 § ~ | 4984329 | 4897101 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.449% (USD LIBOR + 0.060%)<br> due 05/25/37 § | 146829 | 128445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% (USD LIBOR + 0.180%)<br> due 03/25/37 § | 2348238 | 1061354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% (USD LIBOR + 0.180%)<br> due 05/25/37 § | 6421281 | 5632770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.609% (USD LIBOR + 0.220%)<br> due 11/25/36 § | 5564039 | 2779253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.639% (USD LIBOR + 0.250%)<br> due 03/25/37 § | 3931933 | 1777980 |
|  Morgan Stanley Capital I, Inc. Trust <br>4.749% (USD LIBOR + 0.360%) <br>due 03/25/36 § | 1541599 | 1244904 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.529% (USD LIBOR + 0.140%)<br> due 02/25/37 § | 4292927 | 2888304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.609% (USD LIBOR + 0.220%)<br> due 02/25/37 § | 11886083 | 6154701 |
|  OZLM VI Ltd. (Cayman) <br>5.159% (USD LIBOR + 1.080%) <br>due 04/17/31 § ~ | 6108258 | 6000143 |
|  OZLM VIII Ltd. (Cayman) <br>5.059% (USD LIBOR + 0.980%) <br>due 10/17/29 § ~ | 7172497 | 7029047 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-59** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates <br>5.214% (USD LIBOR + 0.825%) <br>due 07/25/35 § | $6700000 | $6144708 |
|  RAAC Trust <br>5.039% (USD LIBOR + 0.650%) <br>due 06/25/47 § | 1570609 | 1518513 |
|  Renaissance Home Equity Loan Trust <br>3.894% (USD LIBOR + 0.880%) <br>due 08/25/33 § | 139631 | 129068 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980% due 01/15/25 | 6700000 | 6666888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% due 05/15/25 | 7700000 | 7665736 |
|  Saranac CLO VI Ltd. (Jersey) <br>5.873% (USD LIBOR + 1.140%) <br>due 08/13/31 § ~ | 6800000 | 6589443 |
|  Saxon Asset Securities Trust <br>5.049% (USD LIBOR + 0.660%) <br>due 10/25/35 § | 2463165 | 2319895 |
|  Securitized Asset-Backed Receivables LLC Trust <br>5.049% (USD LIBOR + 0.660%) <br>due 08/25/35 § | 3644167 | 2768589 |
|  Sound Point CLO XVI Ltd. (Cayman) <br>5.338% (USD LIBOR + 0.980%) <br>due 07/25/30 § ~ | 7400000 | 7289000 |
|  Sound Point CLO XVII Ltd. (Cayman) <br>5.223% (USD LIBOR + 0.980%) <br>due 10/20/30 § ~ | 5060000 | 4952183 |
|  Soundview Home Loan Trust <br>4.499% (USD LIBOR + 0.110%) <br>due 02/25/37 § | 1405980 | 403824 |
|  Stratus CLO Ltd. (Cayman) <br>5.143% (USD LIBOR + 0.900%) <br>due 12/28/29 § ~ | 6229536 | 6159165 |
|  Structured Asset Investment Loan Trust <br>5.009% (USD LIBOR + 0.620%) <br>due 01/25/36 § | 4630734 | 4153977 |
|  Structured Asset Securities Corp. Mortgage<br>Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.659% (USD LIBOR + 0.270%)<br>due 03/25/36 § | 1363114 | 1247705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729% (USD LIBOR + 0.340%)<br>due 12/25/36 § | 193978 | 188314 |
|  STWD Ltd. (Cayman) <br>5.520% (SOFR + 1.194%) <br>due 07/15/38 § ~ | 5729181 | 5678982 |
|  Terwin Mortgage Trust <br>4.809% (USD LIBOR + 0.420%) <br>due 04/25/37 § ~ | 188890 | 180848 |
|  THL Credit Wind River CLO Ltd. (Cayman) <br>5.159% (USD LIBOR + 1.080%) <br>due 04/15/31 § ~ | 7000000 | 6812222 |
|  Tikehau CLO DAC (Ireland) <br>2.596% (EUR LIBOR + 0.870%) <br>due 08/04/34 § ~ | EUR 6,000,000 | 6235243 |
|  TRTX Issuer Ltd. (Cayman) | TRTX Issuer Ltd. (Cayman) | TRTX Issuer Ltd. (Cayman) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458% (SOFR + 1.650%)<br>due 02/15/39 § ~ | $6600000 | 6435000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% (SOFR + 1.264%)<br>due 10/15/34 § ~ | 1345172 | 1328273 |
|  Venture XXVIII CLO Ltd. (Cayman) <br>5.233% (USD LIBOR + 0.990%) <br>due 07/20/30 § ~ | 6600000 | 6462269 |
|  Voya CLO Ltd. (Cayman) <br>5.029% (USD LIBOR + 0.950%) <br>due 04/17/30 § ~ | 6616330 | 6534415 |
|  Wellfleet CLO Ltd. (Cayman) <br>5.133% (USD LIBOR + 0.890%) <br>due 04/20/29 § ~ | 4488224 | 4434366 |
|  Total Asset-Backed Securities <br>(Cost $382,404,090) |  | 367187994 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **U.S. GOVERNMENT AGENCY ISSUE - 1.3%** | **U.S. GOVERNMENT AGENCY ISSUE - 1.3%** | **U.S. GOVERNMENT AGENCY ISSUE - 1.3%** |
|  Freddie Mac <br>0.680% due 08/06/25 | $35600000 | $32188709 |
|  Total U.S. Government Agency Issue <br>(Cost $35,600,000) |  | 32188709 |
|  **U.S. TREASURY OBLIGATIONS - 16.9%** | **U.S. TREASURY OBLIGATIONS - 16.9%** | **U.S. TREASURY OBLIGATIONS - 16.9%** |
|  **U.S. Treasury Bonds - 11.8%** | **U.S. Treasury Bonds - 11.8%** | **U.S. Treasury Bonds - 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 ‡ | 5700000 | 3069650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/40 | 25850000 | 16819666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/15/50 | 22100000 | 13157701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/41 ‡ | 4700000 | 3324516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/15/50 ‡ | 2900000 | 1917115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/15/45 ‡ | 1300000 | 979951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 08/15/42 | 26200000 | 21090488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/43 ‡ | 5500000 | 4494316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 08/15/45 | 30100000 | 24263422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 02/15/42 ‡ | 8000000 | 6900938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/15/44 | 35400000 | 29946188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/42 | 78300000 | 68683781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/15/44 | 26300000 | 23215914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/15/44 | 13500000 | 12395215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/15/43 | 20900000 | 19608445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/39 ‡ | 4900000 | 5050732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/15/39 | 20700000 | 21601178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/39 | 7700000 | 8171174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 02/15/40 ‡ | 5500000 | 5915186 |
|  |  | 290605576 |
|  **U.S. Treasury Inflation-Indexed Notes - 1.5%** | **U.S. Treasury Inflation-Indexed Notes - 1.5%** | **U.S. Treasury Inflation-Indexed Notes - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 07/15/31 ^ | 15786850 | 13960427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 01/15/32 ^ | 4729692 | 4146301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 02/15/50 ^ | 811300 | 547883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 07/15/32 ^ | 19588005 | 17957469 |
|  |  | 36612080 |
|  **U.S. Treasury Inflation Protected Securities - 0.3%** | **U.S. Treasury Inflation Protected Securities - 0.3%** | **U.S. Treasury Inflation Protected Securities - 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 04/15/24 ^ | 708876 | 689422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/15/24 ^ | 5746680 | 5625164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 02/15/49 ^ | 1657810 | 1387378 |
|  |  | 7701964 |
|  **U.S. Treasury Notes - 3.3%** | **U.S. Treasury Notes - 3.3%** | **U.S. Treasury Notes - 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/27 ‡ | 20000 | 18506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/32 | 87600000 | 80756250 |
|  |  | 80774756 |
|  Total U.S. Treasury Obligations <br>(Cost $494,435,665) |  | 415694376 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 1.4%** | **FOREIGN GOVERNMENT BONDS & NOTES - 1.4%** | **FOREIGN GOVERNMENT BONDS & NOTES - 1.4%** |
|  Chile Government (Chile) <br>3.500% due 01/31/34 | 7000000 | 5980961 |
|  Hydro-Quebec (Canada) <br>8.625% due 06/15/29 | 1000000 | 1211193 |
|  Israel Government International (Israel) <br>3.875% due 07/03/50 | 5400000 | 4563751 |
|  Japan Finance Organization for Municipalities (Japan) <br>3.375% due 09/27/23 ~ | 3200000 | 3160032 |
|  Peruvian Government (Peru) | Peruvian Government (Peru) | Peruvian Government (Peru) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940% due 02/12/29 ~ | PEN 18,600,000 | 4492331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 08/12/28 ~ | 7500000 | 1878331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.200% due 08/12/26 ~ | 14800000 | 4079785 |
|  Romanian Government (Romania) <br>3.000% due 02/27/27 ~ | $6500000 | 5780060 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-60** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  State of Israel (Israel) <br>3.800% due 05/13/60 ~ | $6200000 | $4876660 |
|  Total Foreign Government Bonds & Notes <br>(Cost $44,092,989) |  | 36023104 |
|  **MUNICIPAL BONDS - 0.0%** |  |  |
|  City of Chicago IL <br>7.750% due 01/01/42 | 952000 | 967951 |
|  Total Municipal Bonds <br>(Cost $932,326) |  | 967951 |
|  **SHORT-TERM INVESTMENTS - 11.1%** |  |  |
|  **Commercial Paper - 4.7%** |  |  |
|  AT&T, Inc. <br>4.650% due 01/03/23 | 4800000 | 4797579 |
|  Consolidated Edison Co. of New York, Inc. <br>4.800% due 01/20/23 | 7100000 | 7080741 |
|  Crown Castle, Inc. <br>5.100% due 01/05/23 | 4800000 | 4796115 |
|  Duke Energy Corp.<br>4.620% due 01/11/23 | 4800000 | 4792659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620% due 01/17/23 | 4800000 | 4788883 |
|  Enbridge US, Inc.<br>4.700% due 01/04/23 | 6800000 | 6795522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/09/23 | 4800000 | 4793656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% due 01/20/23 | 4800000 | 4786549 |
|  Humana, Inc. <br>4.850% due 01/10/23 | 7300000 | 7289590 |
|  McCormick & Co., Inc. <br>4.750% due 01/27/23 | 5100000 | 5081384 |
|  Mercedes-Benz Finance North America LLC (Germany) <br>4.800% due 01/30/23 | 5100000 | 5079315 |
|  National Grid North America, Inc.<br>4.780% due 01/23/23 | 7500000 | 7476660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810% due 01/24/23 | 4900000 | 4884095 |
|  Oracle Corp.<br>4.760% due 01/27/23 | 5000000 | 4982064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 01/26/23 | 5000000 | 4982731 |
|  Quanta Services, Inc. <br>5.300% due 01/19/23 | 2000000 | 1994501 |
|  Republic Services, Inc. <br>4.650% due 01/12/23 | 5100000 | 5091545 |
|  Tampa Electric Co. <br>4.800% due 01/12/23 | 5000000 | 4991675 |
|  Targa Resources Corp. <br>5.250% due 01/13/23 | 5000000 | 4991623 |
|  Vodafone Group PLC (United Kingdom) <br>4.600% due 01/05/23 | 5000000 | 4996153 |
|  VW Credit, Inc. (Germany) <br>4.700% due 01/27/23 | 5100000 | 5081384 |
|  Walgreens Boots Alliance, Inc. <br>4.900% due 01/11/23 | 5100000 | 5092093 |
|  |  | 114646517 |
|  **Repurchase Agreements - 4.2%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $10,392,189; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $10,595,393) | 10387630 | 10387630 |
|  HSBC Bank PLC <br>4.320% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $55,026,400; collateralized by U.S. Treasury Bills 0.000% due 01/05/23 and value $56,336,736) | 55000000 | 55000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Toronto-Dominion Bank <br>4.080% due 01/04/23 <br>(Dated 12/21/22, repurchase price of $36,985,411; collateralized by Province of Alberta: 3.100% due 06/01/50 and value $37,995,695) | CAD 50,000,000 | $36927622 |
|  |  | 102315252 |
|  **U.S. Government Agency Issues - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Bank<br>4.320% (SOFR + 0.020%)<br> due 01/06/23 § | $39000000 | 39000013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320% (SOFR + 0.020%) <br>due 01/10/23 § | 14300000 | 14300076 |
|  |  | 53300089 |
|  Total Short-Term Investments <br>(Cost $270,077,656) |  | 270261858 |
|  **TOTAL INVESTMENTS - 125.8% <br>(Cost $3,336,619,293)** |  | 3092656247 |
|  **TOTAL SECURITIES SOLD SHORT - (1.4%) <br>(Proceeds $35,563,875)** | **TOTAL SECURITIES SOLD SHORT - (1.4%) <br>(Proceeds $35,563,875)** | (35549350) |
|  **DERIVATIVES - (0.4%)** |  | (8801662) |
|  **OTHER ASSETS & LIABILITIES, NET - (24.0%)** | **OTHER ASSETS & LIABILITIES, NET - (24.0%)** | (590407120) |
|  **NET ASSETS - 100.0%** |  | $2457898115 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Mortgage-Backed Securities | 47.4% |
|  Corporate Bonds & Notes | 32.7% |
|  U.S. Treasury Obligations | 16.9% |
|  Asset-Backed Securities | 15.0% |
|  Short-Term Investments | 11.1% |
|  Others (each less than 3.0%) | 2.7% |
|  | 125.8% |
|  Securities Sold Short | (1.4%) |
|  Derivatives | (0.4%) |
|  Other Assets & Liabilities, Net | (24.0%) |
|  | 100.0% |

---

(b) Investments with a total aggregate value of $1,024,420 or less than 0.1% of the Fund's net assets were in
default as of December 31, 2022.

(c) As of December 31, 2022, investments with a total aggregate value of $27,496,086 were fully or partially
segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts, swap agreements and delayed delivery securities (including sale-buyback financing transactions).

(d) The average amount of borrowings by the Fund on reverse repurchase agreements during the year ended
December 31, 2022 was $50,218,180 at a weighted average interest rate of 2.519%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended December 31, 2022 was $764,128 at a weighted
average interest rate of 0.338%.

(e) Securities sold short outstanding as of December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| Description | Principal<br>Amount | Value |
|  Mortgage-Backed Securities - (1.4%) | Mortgage-Backed Securities - (1.4%) | Mortgage-Backed Securities - (1.4%) |
|  Fannie Mae 2.000% due 01/12/53 | $16800000 | ($13674007) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/13/53 | 25800000 | (21875343) |
|  Total Securities Sold Short <br>(Proceeds $35,563,875) |  | ($35549350) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-61** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(f) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Euro-Bobl | 03/23 | 147 | $18884888 | $18213966 | ($670922) |
|  U.S. Treasury 5-Year Notes | 03/23 | 2489 | 269153384 | 268636994 | (516390) |
|  U.S. Treasury Ultra Long Bonds | 03/23 | 62 | 8415138 | 8327375 | (87763) |
|  |  |  |  |  | (1275075) |
| Short Futures Outstanding | Short Futures Outstanding | Short Futures Outstanding | Short Futures Outstanding | Short Futures Outstanding | Short Futures Outstanding |
|  Euro-BTP | 03/23 | 53 | 6639827 | 6179448 | 460379 |
|  Euro-Bund | 03/23 | 580 | 87760885 | 82531014 | 5229871 |
|  Euro-Buxl | 03/23 | 28 | 4819563 | 4053492 | 766071 |
|  Euro-OAT | 03/23 | 58 | 8455352 | 7903557 | 551795 |
|  Japan 10-Year Bonds | 03/23 | 96 | 108354276 | 106401707 | 1952569 |
|  U.S. Treasury 2-Year Notes | 03/23 | 1057 | 216535102 | 216767580 | (232478) |
|  U.S. Treasury 10-Year Notes | 03/23 | 63 | 7093812 | 7074703 | 19109 |
|  U.S. Treasury 30-Year Bonds | 03/23 | 18 | 2255459 | 2256188 | (729) |
|  |  |  |  |  | 8746587 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $7471512 |

---

(g) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| BRL | 66783455 | USD | 12724294 | 01/23 | CIT | $— | ($75313) |
| BRL | 66783455 | USD | 12673585 | 02/23 | CIT |  | (93519) |
| CLP | 109278390 | USD | 114686 | 01/23 | CIT | 14042 |  |
| CNH | 30424087 | USD | 4390200 | 05/23 | UBS | 48404 |  |
| EUR | 971000 | USD | 1037324 | 02/23 | BOA | 5077 |  |
| GBP | 1062000 | USD | 1298951 | 02/23 | BRC |  | (13636) |
| GBP | 846000 | USD | 1017432 | 02/23 | CIT | 6462 |  |
| JPY | 449900000 | USD | 3378059 | 02/23 | BOA | 69119 |  |
| MXN | 54380 | USD | 2653 | 02/23 | JPM | 114 |  |
| PEN | 6336524 | USD | 1644377 | 01/23 | SCB | 22356 |  |
| PEN | 2465966 | USD | 639299 | 02/23 | BOA | 7050 |  |
| PEN | 1986149 | USD | 506348 | 03/23 | CIT | 13338 |  |
| PEN | 19431878 | USD | 4857970 | 04/23 | CIT | 215539 |  |
| USD | 1191611 | AUD | 1780000 | 02/23 | CIT |  | (22386) |
| USD | 12752235 | BRL | 66783455 | 01/23 | CIT | 103255 |  |
| USD | 1441348 | BRL | 7778813 | 02/23 | CIT |  | (23954) |
| USD | 36789225 | CAD | 50078247 | 01/23 | GSC |  | (196370) |
| USD | 497225 | CAD | 667000 | 01/23 | HSB | 4593 |  |
| USD | 31351 | CNH | 218083 | 01/23 | GSC |  | (198) |
| USD | 4656963 | CNH | 31252879 | 05/23 | HSB | 97445 |  |
| USD | 6003522 | DKK | 42727346 | 01/23 | HSB |  | (150016) |
| USD | 46451591 | EUR | 44797000 | 02/23 | BNP |  | (1639473) |
| USD | 3575579 | EUR | 3378000 | 02/23 | BOA |  | (50816) |
| USD | 65207646 | GBP | 55259000 | 02/23 | BOA |  | (1671077) |
| USD | 561564 | GBP | 462000 | 02/23 | CIT | 2416 |  |
| USD | 2919279 | JPY | 405400000 | 02/23 | HSB |  | (186936) |
| USD | 639299 | PEN | 2458742 | 01/23 | BOA |  | (7244) |
| USD | 1689918 | PEN | 6787050 | 01/23 | CIT |  | (93703) |
| USD | 3046671 | PEN | 12247922 | 03/23 | CIT |  | (161319) |
| USD | 4998438 | PEN | 19739730 | 04/23 | CIT |  | (149289) |
| USD | 8491744 | PEN | 33695239 | 05/23 | CIT |  | (284196) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $609210 | ($4819445) |

---

(h) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate<br>Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Cost | Value |
|  Put - 1-Year Interest Rate Swap | Receive | SOFR | 3.750% | 09/11/23 | MSC | $142500000 | $1083000 | $1157698 |
|  Put - 1-Year Interest Rate Swap | Receive | SOFR | 3.750% | 09/12/23 | BOA | 75600000 | 604800 | 614704 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $1687800 | $1772402 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-62** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(i) Premiums received and value of written options outstanding as of December 31, 2022 were as follows:

<u>Interest Rate Swaptions</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Pay/Receive<br>Floating Rate | Floating Rate<br>Index | Exercise<br>Rate | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Premium | Value |
|  Call - 10-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 2.547% | 03/07/23 | GSC | EUR 4,500,000 | $98969 | ($10145) |
|  Call - 10-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 2.067% | 06/09/23 | GSC | 5500000 | 64593 | (14105) |
|  Call - 1-Year Interest Rate Swap | Receive | SOFR | 2.910% | 11/10/23 | GSC | $9300000 | 61729 | (12400) |
|  Call - 1-Year Interest Rate Swap | Receive | SOFR | 2.150% | 11/20/23 | GSC | 9600000 | 33480 | (6033) |
|  |  |  |  |  |  |  | 258771 | (42683) |
|  Put - 10-Year Interest Rate Swap | Pay | 6-Month EUR-LIBOR | 2.547% | 03/07/23 | GSC | EUR 4,500,000 | 98969 | (284226) |
|  Put - 10-Year Interest Rate Swap | Pay | 6-Month EUR-LIBOR | 3.140% | 06/09/23 | GSC | 5500000 | 76014 | (180462) |
|  Put - 1-Year Interest Rate Swap | Pay | SOFR | 4.233% | 09/11/23 | MSC | $142500000 | 684000 | (733546) |
|  Put - 1-Year Interest Rate Swap | Pay | SOFR | 4.715% | 09/11/23 | MSC | 142500000 | 399000 | (422883) |
|  Put - 1-Year Interest Rate Swap | Pay | SOFR | 4.250% | 09/12/23 | BOA | 75600000 | 378000 | (382400) |
|  Put - 1-Year Interest Rate Swap | Pay | SOFR | 4.750% | 09/12/23 | BOA | 75600000 | 226800 | (215120) |
|  Put - 1-Year Interest Rate Swap | Pay | SOFR | 2.910% | 11/10/23 | GSC | 9300000 | 61729 | (122315) |
|  Put - 1-Year Interest Rate Swap | Pay | SOFR | 3.650% | 11/20/23 | GSC | 9600000 | 33480 | (74385) |
|  |  |  |  |  |  |  | 1957992 | (2415337) |
|  Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions | Total Interest Rate Swaptions | $2216763 | ($2458020) |

---

<u>Options on Futures</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Premium | Value |
|  Put - Eurodollar | $96.50 | 12/18/23 | CME | 507 | $122313750 | $529538 | ($1787175) |

---

<u>Options on Securities</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Counter-<br>party | Notional<br>Amount | Premium | Value |
|  Call - Fannie Mae 5.500% due 02/13/53 | $101.81 | 02/06/23 | BOA | $3400000 | $20718 | ($7301) |
|  Call - Fannie Mae 5.500% due 02/13/53 | 102.00 | 02/06/23 | BOA | 2300000 | 14016 | (4080) |
|  |  |  |  |  | 34734 | (11381) |
|  Put - Fannie Mae 5.500% due 02/13/53 | 99.81 | 02/06/23 | BOA | 3400000 | 22844 | (21363) |
|  Put - Fannie Mae 5.500% due 02/13/53 | 100.00 | 02/06/23 | BOA | 2300000 | 15453 | (16081) |
|  |  |  |  |  | 38297 | (37444) |
|  Total Options on Securities |  |  |  |  | $73031 | ($48825) |
|  Total Written Options |  |  |  |  | $2819332 | ($4294020) |

---

(j) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (1)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Counter-<br>party | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  South Africa Government | Q | 1.000% | 06/20/24 | GSC | 1.155% | $4600000 | ($8717) | ($56524) | $47807 |
|  South Africa Government | Q | 1.000% | 12/20/26 | MSC | 2.103% | 9400000 | (364232) | (341271) | (22961) |
|  Colombia Government International Bond | Q | 1.000% | 06/20/27 | GSC | 2.538% | 4600000 | (273980) | (161537) | (112443) |
|  Colombia Government International Bond | Q | 1.000% | 06/20/27 | MSC | 2.538% | 1600000 | (95297) | (77323) | (17974) |
|  Colombia Government International Bond | Q | 1.000% | 12/20/27 | GSC | 2.715% | 2100000 | (152372) | (179278) | 26906 |
|  Colombia Government International Bond | Q | 1.000% | 12/20/27 | MSC | 2.715% | 1900000 | (137861) | (162204) | 24343 |
|  |  |  |  |  |  |  | (1032459) | (978137) | (54322) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-63** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Receive Rate | Expiration<br>Date | Exchange | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Barclays Bank PLC | Q | 1.000% | 12/20/23 | ICE | 0.746% | EUR 2,400,000 | $7058 | $2680 | $4378 |
|  General Electric Co. | Q | 1.000% | 12/20/23 | ICE | 0.438% | $2900000 | 16452 | (26139) | 42591 |
|  General Electric Co. | Q | 1.000% | 06/20/24 | ICE | 0.522% | 3950000 | 28131 | (23566) | 51697 |
|  General Electric Co. | Q | 1.000% | 12/20/24 | ICE | 0.564% | 2200000 | 18782 | (13724) | 32506 |
|  Boeing Co. | Q | 1.000% | 06/20/25 | ICE | 1.165% | 6900000 | (24158) | (87103) | 62945 |
|  Rolls-Royce PLC | Q | 1.000% | 06/20/25 | ICE | 2.473% | EUR 7,700,000 | (280459) | (596088) | 315629 |
|  Verizon Communications, Inc. | Q | 1.000% | 12/20/26 | ICE | 1.009% | $7300000 | (165) | 132382 | (132547) |
|  British Telecommunications PLC | Q | 1.000% | 06/20/28 | ICE | 1.674% | EUR 6,200,000 | (212205) | (26198) | (186007) |
|  |  |  |  |  |  |  | (446564) | (637756) | 191192 |
|  Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection | Total Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection |  |  | ($1479023) | ($1615893) | $136870 |

---

<u>Credit Default Swaps on Credit Indices - Buy Protection (4)</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation | Payment<br>Frequency | Fixed Deal<br>Pay<br>Rate | Expiration<br>Date | Exchange | Notional<br>Amount (3) | Value (5) | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  CDX HY35 5Y | Q | 5.000% | 12/20/25 | ICE | $2475000 | ($72038) | ($105057) | $33019 |
|  CDX HY36 5Y | Q | 5.000% | 06/20/26 | ICE | 4752000 | (145739) | (306818) | 161079 |
|  CDX IG39 5Y | Q | 1.000% | 12/20/27 | ICE | 88900000 | (735703) | (626319) | (109384) |
|  CDX iTraxx Main HY38 5Y | Q | 1.000% | 12/20/27 | ICE | EUR 24,300,000 | (119525) | 211306 | (330831) |
|  |  |  |  |  |  | ($1073005) | ($826888) | ($246117) |
|  Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps |  | ($2552028) | ($2442781) | ($109247) |

---

(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 year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of
buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity's credit soundness and a
greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

(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 year 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.

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-64** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

<u>Interest Rate Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 0.000% | 1-Day JPY-TONAR | A/A | LCH | 03/17/24 | JPY 21,440,000,000 | ($221484) | $159154 | ($380638) |
| 12.600% | Brazil CETIP Interbank | Z/Z | CME | 01/02/25 | BRL 308,100,000 | (224321) |  | (224321) |
| 11.960% | Brazil CETIP Interbank | Z/Z | CME | 01/04/27 | 33800000 | (113888) |  | (113888) |
| 11.980% | Brazil CETIP Interbank | Z/Z | CME | 01/04/27 | 39600000 | (129284) |  | (129284) |
| 12.980% | Brazil CETIP Interbank | Z/Z | CME | 01/04/27 | 35200000 | 73010 |  | 73010 |
| 12.990% | Brazil CETIP Interbank | Z/Z | CME | 01/04/27 | 17600000 | 37265 |  | 37265 |
| 13.024% | Brazil CETIP Interbank | Z/Z | CME | 01/04/27 | 17600000 | 39847 |  | 39847 |
| 1.788% | 1-Day USD-SOFR | A/A | LCH | 05/03/27 | $21500000 | (1819697) | (65056) | (1754641) |
| 1.000% | 6-Month EUR-LIBOR | A/S | LCH | 05/18/27 | EUR 29,000,000 | (2677775) | (514055) | (2163720) |
| 2.850% | 1-Day USD-SOFR | A/A | LCH | 08/29/27 | $50500000 | (2079618) | (243483) | (1836135) |
| 1.750% | 6-Month EUR-LIBOR | A/S | LCH | 03/15/33 | EUR 87,300,000 | (11634321) | (762283) | (10872038) |
| 0.450% | 1-Day JPY-TONAR | A/A | LCH | 12/15/51 | JPY 310,000,000 | (514401) | (217560) | (296841) |
|  |  |  |  |  |  | ($19264667) | ($1643283) | ($17621384) |

---

<u>Interest Rate Swaps - Short</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| 4.270% | 1-Day USD-SOFR | A/A | LCH | 09/13/24 | $31400000 | $41602 | $— | $41602 |
| 4.350% | 1-Day USD-SOFR | A/A | LCH | 09/14/24 | 18900000 | 9715 |  | 9715 |
| 11.663% | Brazil CETIP Interbank | Z/Z | CME | 01/02/25 | BRL 307,400,000 | 934616 |  | 934616 |
| 1.750% | 1-Day USD-SOFR | A/A | CME | 06/15/32 | $34800000 | 5226227 | 5086268 | 139959 |
| 0.750% | 1-Day JPY-TONAR | S/S | LCH | 03/20/38 | JPY 50,000,000 | 22249 | (17738) | 39987 |
| 0.800% | 1-Day JPY-TONAR | S/S | LCH | 10/22/38 | 220000000 | 95108 | 112 | 94996 |
| 0.705% | 1-Day JPY-TONAR | S/S | LCH | 10/31/38 | 170000000 | 92228 | 8815 | 83413 |
| 0.785% | 1-Day JPY-TONAR | S/S | LCH | 11/12/38 | 310000000 | 141434 | 893 | 140541 |
| 0.750% | 1-Day JPY-TONAR | S/S | LCH | 12/20/38 | 42800000 | 21765 | (18551) | 40316 |
| 0.500% | 1-Day JPY-TONAR | A/A | LCH | 03/15/42 | 2459000000 | 2349419 | 684422 | 1664997 |
| 0.662% | 1-Day JPY-TONAR | A/A | LCH | 04/19/42 | 138000000 | 102427 |  | 102427 |
| 0.800% | 1-Day JPY-TONAR | A/A | LCH | 06/15/52 | 3770000000 | 3740020 | (6857) | 3746877 |
| 1.750% | 1-Day USD-SOFR | A/A | CME | 12/21/52 | $11600000 | 3194825 | 2127511 | 1067314 |
| 2.000% | 1-Day GBP-SONIA | A/A | LCH | 03/15/53 | GBP 8,500,000 | 2691601 | 2609051 | 82550 |
|  |  |  |  |  |  | $18663236 | $10473926 | $8189310 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  | ($601431) | $8830643 | ($9432074) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | ($3153459) | $6387862 | ($9541321) |

---

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

---

| | | |
|:---|:---|:---|
| | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  OTC Swap Agreements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $— | $99056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (978137) | (153378) |
|  Centrally Cleared Swap Agreements (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 11022594 | 9043276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (3656595) | (18530275) |
|  | $6387862 | ($9541321) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 page B-294*

**B-65** 

------

**PACIFIC SELECT FUND** 

**MANAGED BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(k) 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stock | $208205 | $208205 | $— | $— |
|  | Corporate Bonds & Notes | 803274302 |  | 803274302 |  |
|  | Mortgage-Backed Securities | 1166849748 |  | 1166849748 |  |
|  | Asset-Backed Securities | 367187994 |  | 367187994 |  |
|  | U.S. Government Agency Issue | 32188709 |  | 32188709 |  |
|  | U.S. Treasury Obligations | 415694376 |  | 415694376 |  |
|  | Foreign Government Bonds & Notes | 36023104 |  | 36023104 |  |
|  | Municipal Bonds | 967951 |  | 967951 |  |
|  | Short-Term Investments | 270261858 |  | 270261858 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 802900 |  | 802900 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 609210 |  | 609210 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 8979794 | 8979794 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 1772402 |  | 1772402 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 8339432 |  | 8339432 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 19091628 | 8979794 | 10111834 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset - Derivatives | 20503738 | 8979794 | 11523944 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3113159985 | 9187999 | 3103971986 |  |
|  Liabilities | Securities Sold Short |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | (35549350) |  | (35549350) |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (912147) |  | (912147) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (4819445) |  | (4819445) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (1508282) | (1508282) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (4294020) |  | (4294020) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (17771506) |  | (17771506) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (23573808) | (1508282) | (22065526) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (29305400) | (1508282) | (27797118) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (64854750) | (1508282) | (63346468) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3048305235 | $7679717 | $3040625518 | $— |

---

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund's assets and liabilities for the year ended December 31, 2022:

---

| | |
|:---|:---|
| | Preferred<br>Stocks |
|  Value, Beginning of Year | $29927724 |
|  Purchases |  |
|  Sales (Includes Paydowns) | (28852133) |
|  Accrued Discounts (Premiums) |  |
|  Net Realized Gains (Losses) | (2200444) |
|  Change in Net Unrealized Appreciation (Depreciation) | 1124853 |
|  Transfers In |  |
|  Transfers Out |  |
|  Value, End of Year | $— |
|  Change in Net Unrealized Appreciation (Depreciation) on<br>Level 3 Investments Held at the End of Year, if Applicable | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-66** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 48.6%** | **CORPORATE BONDS & NOTES - 48.6%** |  |
|  **Basic Materials - 1.9%** | **Basic Materials - 1.9%** |  |
|  Alfa SAB de CV <br>5.900% due 07/05/24 | $3120000 | $3120846 |
|  ArcelorMittal SA (Luxembourg) <br>3.600% due 07/16/24 | 785000 | 761231 |
|  Celanese US Holdings LLC <br>6.050% due 03/15/25 | 3855000 | 3843260 |
|  Celulosa Arauco y Constitucion SA (Chile) <br>4.500% due 08/01/24 | 1300000 | 1282166 |
|  Ecolab, Inc.<br>1.650% due 02/01/27 | 750000 | 664982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/15/28 | 1910000 | 1949535 |
|  LG Chem Ltd. (South Korea) <br>3.250% due 10/15/24 ~ | 3000000 | 2880775 |
|  LYB International Finance III LLC <br>1.250% due 10/01/25 | 1643000 | 1467340 |
|  Nucor Corp.<br>2.000% due 06/01/25 | 670000 | 624127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 05/23/25 | 880000 | 861775 |
|  POSCO Holdings, Inc. (South Korea) <br>2.375% due 01/17/23 ~ | 1055000 | 1053955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/04/25 ~ | 2000000 | 1938239 |
|  Sherwin-Williams Co.<br>4.050% due 08/08/24 | 480000 | 473023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/08/25 | 720000 | 708162 |
|  Westlake Corp. <br>0.875% due 08/15/24 | 365000 | 339129 |
|  |  | 21968545 |
|  **Communications - 3.1%** | **Communications - 3.1%** |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908% due 07/23/25 | 6699000 | 6572174 |
|  Comcast Corp. <br>3.950% due 10/15/25 | 250000 | 245094 |
|  Cox Communications, Inc. <br>3.150% due 08/15/24 ~ | 3206000 | 3087331 |
|  KT Corp. (South Korea) <br>4.000% due 08/08/25 ~ | 1680000 | 1635879 |
|  NBN Co. Ltd. (Australia) <br>1.450% due 05/05/26 ~ | 3725000 | 3290897 |
|  NTT Finance Corp. (Japan)<br>0.583% due 03/01/24 ~ | 1065000 | 1010053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.142% due 07/26/24 ~ | 440000 | 433291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.239% due 07/25/25 ~ | 385000 | 378421 |
|  Rogers Communications, Inc. (Canada) <br>3.200% due 03/15/27 ~ | 2345000 | 2173242 |
|  SES SA (Luxembourg) <br>3.600% due 04/04/23 ~ | 1670000 | 1659093 |
|  Sky Ltd. (United Kingdom) <br>3.750% due 09/16/24 ~ | 4630000 | 4522510 |
|  T-Mobile USA, Inc.<br>2.250% due 02/15/26 | 1895000 | 1727313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/25 | 1940000 | 1867389 |
|  Verizon Communications, Inc.<br>0.850% due 11/20/25 | 3120000 | 2785801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 03/20/26 | 2550000 | 2292131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 08/15/26 | 2860000 | 2643003 |
|  |  | 36323622 |
|  **Consumer, Cyclical - 4.5%** | **Consumer, Cyclical - 4.5%** |  |
|  7-Eleven, Inc.<br>0.625% due 02/10/23 ~ | 795000 | 790959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 02/10/24 ~ | 1285000 | 1223378 |
|  American Airlines Pass-Through Trust Class B <br>3.700% due 04/15/27 | 893836 | 804389 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  AutoZone, Inc. <br>3.625% due 04/15/25 | $| 920000 | $890979 |
|  Brunswick Corp. <br>0.850% due 08/18/24 |  | 2440000 | 2255774 |
|  Daimler Trucks Finance North America LLC (Germany) <br>1.625% due 12/13/24 ~ |  | 2015000 | 1871456 |
|  General Motors Co. <br>4.875% due 10/02/23 |  | 1265000 | 1261445 |
|  General Motors Financial Co., Inc. <br>2.900% due 02/26/25 |  | 3270000 | 3099833 |
|  Genuine Parts Co. <br>1.750% due 02/01/25 |  | 765000 | 714857 |
|  Hasbro, Inc. <br>3.000% due 11/19/24 |  | 3550000 | 3413279 |
|  Hyatt Hotels Corp. <br>1.300% due 10/01/23 |  | 1150000 | 1118200 |
|  Hyundai Capital America<br>0.800% due 01/08/24 ~ |  | 1570000 | 1494171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 06/14/24 ~ |  | 1415000 | 1320557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 09/17/24 ~ |  | 905000 | 836711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/10/23 ~ |  | 3340000 | 3332615 |
|  Hyundai Capital Services, Inc. (South Korea) <br>2.125% due 04/24/25 ~ |  | 710000 | 649827 |
|  Lowe's Cos., Inc.<br>3.350% due 04/01/27 |  | 575000 | 540666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 09/08/25 |  | 2050000 | 2021494 |
|  Marriott International, Inc. <br>3.125% due 02/15/23 |  | 685000 | 683251 |
|  Mercedes-Benz Finance North America LLC (Germany) <br>1.750% due 03/10/23 ~ |  | 3105000 | 3086693 |
|  Nissan Motor Acceptance Co. LLC <br>3.875% due 09/21/23 ~ |  | 250000 | 245446 |
|  Nissan Motor Co. Ltd. (Japan) <br>3.043% due 09/15/23 ~ |  | 3960000 | 3880993 |
|  Nordstrom, Inc. <br>2.300% due 04/08/24 |  | 320000 | 300421 |
|  QVC, Inc. <br>4.850% due 04/01/24 |  | 2385000 | 2210299 |
|  Ross Stores, Inc. <br>4.600% due 04/15/25 |  | 4315000 | 4290405 |
|  Stellantis Finance US, Inc. <br>1.711% due 01/29/27 ~ |  | 1390000 | 1194617 |
|  United Airlines Pass-Through Trust Class B <br>3.500% due 11/01/29 |  | 536390 | 462674 |
|  Volkswagen Group of America Finance LLC (Germany)<br>0.875% due 11/22/23 ~ |  | 1415000 | 1361562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 05/12/23 ~ |  | 680000 | 674666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 06/06/25 ~ |  | 1265000 | 1225321 |
|  Warnermedia Holdings, Inc. <br>3.755% due 03/15/27 ~ |  | 5230000 | 4717214 |
|  |  |  | 51974152 |
|  **Consumer, Non-Cyclical - 7.8%** | **Consumer, Non-Cyclical - 7.8%** | **Consumer, Non-Cyclical - 7.8%** |  |
|  AbbVie, Inc.<br>2.600% due 11/21/24 |  | 7590000 | 7266509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 |  | 3805000 | 3543911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 05/14/26 |  | 335000 | 317603 |
|  Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br>3.650% due 02/01/26 |  | 860000 | 828659 |
|  Astrazeneca Finance LLC (United Kingdom) <br>1.200% due 05/28/26 |  | 2930000 | 2612165 |
|  BAT International Finance PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668% due 03/25/26 |  | 2095000 | 1858660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% due 03/16/28 |  | 3390000 | 3145642 |
|  Bayer US Finance II LLC (Germany) <br>3.875% due 12/15/23 ~ |  | 3750000 | 3697137 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-67** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Becton Dickinson & Co.<br>3.363% due 06/06/24 | $1616000 | $1580050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% due 12/15/24 | 523000 | 510395 |
|  Cardinal Health, Inc.<br>3.079% due 06/15/24 | 1285000 | 1249334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/15/23 | 1530000 | 1525795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/15/24 | 2100000 | 2039977 |
|  Coca-Cola Europacific Partners PLC (United Kingdom) <br>0.800% due 05/03/24 ~ | 4235000 | 3979652 |
|  CSL Finance PLC (Australia) <br>3.850% due 04/27/27 ~ | 655000 | 627616 |
|  CVS Health Corp.<br>2.875% due 06/01/26 | 900000 | 841248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/26 | 760000 | 710876 |
|  Diageo Capital PLC (United Kingdom)<br>1.375% due 09/29/25 | 1300000 | 1193285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 10/24/25 | 1100000 | 1115201 |
|  Elevance Health, Inc.<br>2.375% due 01/15/25 | 780000 | 741026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 10/15/25 | 555000 | 561726 |
|  HCA, Inc. <br>3.125% due 03/15/27 ~ | 1955000 | 1780301 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. <br>1.500% due 06/01/25 ~ | 3045000 | 2800307 |
|  HPHT Finance 19 Ltd. (Hong Kong) <br>2.875% due 11/05/24 ~ | 1880000 | 1795909 |
|  HPHT Finance 21 II Ltd. (Hong Kong) <br>1.500% due 09/17/26 ~ | 2000000 | 1750180 |
|  Humana, Inc.<br>0.650% due 08/03/23 | 1140000 | 1110863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% due 02/03/27 | 450000 | 389699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 10/01/24 | 1470000 | 1441385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/25 | 2015000 | 1992329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 03/01/28 | 325000 | 332441 |
|  Imperial Brands Finance PLC (United Kingdom)<br>3.125% due 07/26/24 ~ | 2825000 | 2702338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/21/25 ~ | 915000 | 874699 |
|  JDE Peet's NV (Netherlands) <br>0.800% due 09/24/24 ~ | 1060000 | 968819 |
|  Mondelez International Holdings Netherlands BV <br>4.250% due 09/15/25 ~ | 910000 | 898068 |
|  Mondelez International, Inc. <br>2.625% due 03/17/27 | 1395000 | 1266714 |
|  Moody's Corp. <br>3.750% due 03/24/25 | 2185000 | 2126268 |
|  PeaceHealth Obligated Group <br>1.375% due 11/15/25 | 455000 | 408260 |
|  PerkinElmer, Inc.<br>0.550% due 09/15/23 | 1385000 | 1341961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850% due 09/15/24 | 2640000 | 2448127 |
|  Perrigo Finance Unlimited Co. <br>3.900% due 12/15/24 | 5480000 | 5186053 |
|  Philip Morris International, Inc.<br>5.000% due 11/17/25 | 905000 | 910072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/15/24 | 1775000 | 1778653 |
|  Royalty Pharma PLC <br>0.750% due 09/02/23 | 1865000 | 1807271 |
|  S&P Global, Inc. <br>2.450% due 03/01/27 ~ | 3790000 | 3466981 |
|  Shire Acquisitions Investments Ireland DAC <br>2.875% due 09/23/23 | 930000 | 914214 |
|  Triton Container International Ltd. (Bermuda) <br>0.800% due 08/01/23 ~ | 2770000 | 2673859 |
|  UnitedHealth Group, Inc.<br>3.700% due 05/15/27 | 1955000 | 1894233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 10/15/25 | 1605000 | 1625047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/15/28 | 1150000 | 1177721 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Viatris, Inc. <br>1.650% due 06/22/25 | $| 1010000 | $915650 |
|  Zoetis, Inc. <br>5.400% due 11/14/25 |  | 1375000 | 1403969 |
|  |  |  | 90128858 |
|  **Diversified - 0.2%** | **Diversified - 0.2%** | **Diversified - 0.2%** |  |
|  CK Hutchison International 17 II Ltd. (United Kingdom) <br>2.750% due 03/29/23 ~ |  | 2200000 | 2188167 |
|  **Energy - 3.6%** | **Energy - 3.6%** | **Energy - 3.6%** |  |
|  Aker BP ASA (Norway) <br>3.000% due 01/15/25 ~ |  | 2015000 | 1912181 |
|  Canadian Natural Resources Ltd. (Canada) <br>2.050% due 07/15/25 |  | 2845000 | 2649478 |
|  Cheniere Corpus Christi Holdings LLC<br>5.875% due 03/31/25 |  | 2805000 | 2823967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 06/30/24 |  | 4035000 | 4086723 |
|  Devon Energy Corp. <br>8.250% due 08/01/23 |  | 1005000 | 1018882 |
|  Enbridge, Inc. (Canada)<br>2.150% due 02/16/24 |  | 2350000 | 2268636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/15/25 |  | 2305000 | 2182434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/14/25 |  | 1130000 | 1066993 |
|  Energy Transfer LP<br>2.900% due 05/15/25 |  | 440000 | 414755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 01/15/23 |  | 200000 | 199836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 02/01/23 |  | 675000 | 673725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 09/15/23 |  | 510000 | 506942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/15/23 |  | 3225000 | 3217375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/24 |  | 135000 | 132636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 02/01/24 |  | 485000 | 482453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 01/15/24 |  | 4465000 | 4477635 |
|  Eni SpA (Italy) <br>4.000% due 09/12/23 ~ |  | 3395000 | 3348452 |
|  Gray Oak Pipeline LLC<br>2.000% due 09/15/23 ~ |  | 455000 | 442748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/15/25 ~ |  | 910000 | 826137 |
|  Pioneer Natural Resources Co. <br>0.550% due 05/15/23 |  | 1280000 | 1259109 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>2.850% due 01/31/23 |  | 2688000 | 2683859 |
|  Sabine Pass Liquefaction LLC<br>5.625% due 03/01/25 |  | 1790000 | 1793868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/15/24 |  | 1688000 | 1689321 |
|  Schlumberger Finance Canada Ltd. <br>1.400% due 09/17/25 |  | 680000 | 623531 |
|  Williams Cos., Inc. <br>4.300% due 03/04/24 |  | 565000 | 558427 |
|  |  |  | 41340103 |
|  **Financial - 19.8%** | **Financial - 19.8%** | **Financial - 19.8%** |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>1.650% due 10/29/24 |  | 2695000 | 2487681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/03/23 |  | 1847000 | 1834293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/15/23 |  | 2095000 | 2081827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/16/24 |  | 1505000 | 1491259 |
|  Air Lease Corp. <br>2.250% due 01/15/23 |  | 1480000 | 1478611 |
|  American Express Co. <br>2.250% due 03/04/25 |  | 3305000 | 3122200 |
|  American International Group, Inc. <br>2.500% due 06/30/25 |  | 1910000 | 1799852 |
|  American Tower Corp. <br>2.400% due 03/15/25 |  | 1230000 | 1158165 |
|  Athene Global Funding<br>1.716% due 01/07/25 ~ |  | 3235000 | 2987048 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-68** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.514% due 03/08/24 ~ | $3935000 | $3772153 |
|  Avolon Holdings Funding Ltd. (Ireland)<br>2.125% due 02/21/26 ~ | 1635000 | 1408931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 02/15/25 ~ | 1700000 | 1571733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 07/01/24 ~ | 560000 | 536407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 10/01/23 ~ | 1890000 | 1869351 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain) <br>0.875% due 09/18/23 | 4200000 | 4068486 |
|  Banco del Estado de Chile (Chile) <br>2.704% due 01/09/25 ~ | 1010000 | 955064 |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico) <br>5.375% due 04/17/25 ~ | 2355000 | 2335453 |
|  Banco Santander SA (Spain)<br>0.701% due 06/30/24 | 200000 | 194513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.496% due 03/24/25 | 2200000 | 2120326 |
|  Bank of America Corp.<br>0.976% due 04/22/25 | 2225000 | 2087155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734% due 07/22/27 | 1600000 | 1403754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.843% due 02/04/25 | 1580000 | 1515522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% due 04/02/26 | 1905000 | 1820961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% due 04/25/25 | 1360000 | 1328498 |
|  Bank of Ireland Group PLC (Ireland) <br>4.500% due 11/25/23 ~ | 5470000 | 5418296 |
|  Bank of Montreal (Canada)<br>3.700% due 06/07/25 | 2475000 | 2403921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/14/24 | 1215000 | 1199623 |
|  Bank of New York Mellon Corp. <br>4.414% due 07/24/26 | 1590000 | 1567321 |
|  Banque Federative du Credit Mutuel SA (France)<br>0.650% due 02/27/24 ~ | 2045000 | 1936895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.998% due 02/04/25 ~ | 2350000 | 2148991 |
|  Barclays PLC (United Kingdom)<br>1.007% due 12/10/24 | 1835000 | 1747408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.338% due 05/16/24 | 1380000 | 1370599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.304% due 08/09/26 | 1005000 | 998485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325% due 11/02/26 | 1170000 | 1213165 |
|  BDO Unibank, Inc. (Philippines) <br>2.950% due 03/06/23 ~ | 3700000 | 3671232 |
|  BPCE SA (France) <br>5.700% due 10/22/23 ~ | 5665000 | 5624115 |
|  Brighthouse Financial Global Funding<br>0.600% due 06/28/23 ~ | 1780000 | 1736385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 04/12/24 ~ | 1785000 | 1681692 |
|  Capital One Financial Corp.<br>2.636% due 03/03/26 | 1975000 | 1851468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/23 | 965000 | 959330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 01/29/24 | 1290000 | 1274378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.985% due 07/24/26 | 1430000 | 1401937 |
|  Charles Schwab Corp. <br>2.450% due 03/03/27 | 3705000 | 3383078 |
|  Citigroup, Inc.<br>0.981% due 05/01/25 | 1850000 | 1733344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% due 04/08/26 | 1845000 | 1748008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% due 05/24/25 | 1780000 | 1746503 |
|  CNO Global Funding<br>1.650% due 01/06/25 ~ | 1830000 | 1696802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/07/26 ~ | 2270000 | 1993264 |
|  Corebridge Financial, Inc. <br>3.500% due 04/04/25 ~ | 1495000 | 1434491 |
|  Credicorp Ltd. (Peru) <br>2.750% due 06/17/25 ~ | 665000 | 621782 |
|  Credit Suisse AG (Switzerland)<br>0.495% due 02/02/24 | 1930000 | 1785550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 05/05/23 | 3030000 | 2960134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373% due 07/15/26 ~ | 1840000 | 1729119 |
|  Crown Castle International Corp. REIT<br>1.050% due 07/15/26 | 2400000 | 2076538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 03/15/27 | 1635000 | 1489527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 07/15/23 | 1140000 | 1127488 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Danske Bank AS (Denmark)<br>1.226% due 06/22/24 ~ | $3065000 | $2863053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.773% due 03/28/25 ~ | 1335000 | 1294184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 01/12/24 ~ | 1630000 | 1617159 |
|  Equitable Financial Life Global Funding <br>1.100% due 11/12/24 ~ | 1820000 | 1687422 |
|  Fifth Third Bank NA <br>5.852% due 10/27/25 | 2240000 | 2264226 |
|  First American Financial Corp. <br>4.600% due 11/15/24 | 615000 | 605306 |
|  Goldman Sachs Group, Inc.<br>0.657% due 09/10/24 | 2430000 | 2338397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.673% due 03/08/24 | 2605000 | 2577122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.925% due 10/21/24 | 1090000 | 1044558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.757% due 01/24/25 | 490000 | 469205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/25 | 2170000 | 2088611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482% due 08/23/28 | 1445000 | 1387292 |
|  HSBC Holdings PLC (United Kingdom)<br>1.162% due 11/22/24 | 1185000 | 1129068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.645% due 04/18/26 | 1375000 | 1242226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.099% due 06/04/26 | 1585000 | 1443728 |
|  Jackson Financial, Inc. <br>1.125% due 11/22/23 | 2155000 | 2075749 |
|  Jackson National Life Global Funding <br>1.750% due 01/12/25 ~ | 2135000 | 1983106 |
|  JPMorgan Chase & Co.<br>0.824% due 06/01/25 | 2030000 | 1893341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.083% due 04/22/26 | 3500000 | 3252018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 04/26/26 | 2170000 | 2108813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.778% (SOFR + 0.885%) <br>due 04/22/27 § | 1150000 | 1126141 |
|  KeyCorp <br>3.878% due 05/23/25 | 740000 | 724464 |
|  LeasePlan Corp. NV (Netherlands) <br>2.875% due 10/24/24 ~ | 1440000 | 1352167 |
|  Lloyds Banking Group PLC (United Kingdom) <br>4.500% due 11/04/24 | 1025000 | 1000983 |
|  LSEGA Financing PLC (United Kingdom) <br>0.650% due 04/06/24 ~ | 2875000 | 2700312 |
|  Marsh & McLennan Cos., Inc. <br>3.875% due 03/15/24 | 1815000 | 1790681 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan)<br>0.953% due 07/19/25 | 3500000 | 3254112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.063% due 09/12/25 | 790000 | 784891 |
|  Morgan Stanley<br>0.529% due 01/25/24 | 1745000 | 1733339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.731% due 04/05/24 | 2085000 | 2055312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.164% due 10/21/25 | 1550000 | 1427827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% due 02/18/26 | 1870000 | 1757392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620% due 04/17/25 | 2660000 | 2596977 |
|  NatWest Markets PLC (United Kingdom)<br>0.800% due 08/12/24 ~ | 1055000 | 978067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/21/23 ~ | 2970000 | 2932630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.479% due 03/22/25 ~ | 875000 | 837450 |
|  Northwestern Mutual Global Funding <br>4.350% due 09/15/27 ~ | 1440000 | 1404432 |
|  Park Aerospace Holdings Ltd. (Ireland)<br>4.500% due 03/15/23 ~ | 120000 | 119713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/15/24 ~ | 505000 | 498640 |
|  PNC Financial Services Group, Inc. <br>5.671% due 10/28/25 | 2170000 | 2194648 |
|  Principal Life Global Funding II <br>0.750% due 04/12/24 ~ | 1230000 | 1162398 |
|  Public Storage REIT <br>4.363% (SOFR + 0.470%) <br>due 04/23/24 § | 1045000 | 1037813 |
|  QNB Finance Ltd. (Qatar)<br>2.625% due 05/12/25 ~ | 1280000 | 1211616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/28/24 ~ | 2320000 | 2273004 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-69** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Santander Holdings USA, Inc. <br>2.490% due 01/06/28 | $| 1430000 | $1228813 |
|  SBA Tower Trust REIT<br>1.631% due 05/15/51 ~ |  | 1045000 | 889064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.884% due 07/15/50 ~ |  | 725000 | 638578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.836% due 01/15/50 ~ |  | 2045000 | 1928818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.599% due 01/15/28 ~ |  | 990000 | 994255 |
|  Simon Property Group LP REIT<br>2.000% due 09/13/24 |  | 899000 | 854442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 10/01/24 |  | 1850000 | 1796235 |
|  Societe Generale SA (France) <br>2.625% due 10/16/24 ~ |  | 335000 | 317235 |
|  Standard Chartered PLC (United Kingdom)<br>0.991% due 01/12/25 ~ |  | 900000 | 850650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.822% due 11/23/25 ~ |  | 925000 | 845479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% due 03/15/24 ~ |  | 395000 | 393129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/11/23 ~ |  | 3050000 | 3048683 |
|  Svenska Handelsbanken AB (Sweden)<br>0.550% due 06/11/24 ~ |  | 1520000 | 1426065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.418% due 06/11/27 ~ |  | 1465000 | 1284883 |
|  Swedbank AB (Sweden) <br>1.300% due 06/02/23 ~ |  | 2205000 | 2165773 |
|  Synchrony Financial <br>4.250% due 08/15/24 |  | 4015000 | 3925311 |
|  Toronto-Dominion Bank (Canada) <br>0.700% due 09/10/24 |  | 2920000 | 2719334 |
|  Truist Financial Corp. <br>4.679% (SOFR + 0.400%) <br>due 06/09/25 § |  | 1495000 | 1464271 |
|  UBS Group AG (Switzerland)<br>1.008% due 07/30/24 ~ |  | 2455000 | 2387666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.494% due 08/10/27 ~ |  | 775000 | 667730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.488% due 05/12/26 ~ |  | 610000 | 596740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490% due 08/05/25 ~ |  | 1925000 | 1893131 |
|  US Bancorp<br>4.548% due 07/22/28 |  | 2510000 | 2455442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727% due 10/21/26 |  | 960000 | 978816 |
|  Wells Fargo & Co.<br>1.654% due 06/02/24 |  | 1780000 | 1751538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/30/26 |  | 1575000 | 1467143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526% due 03/24/28 |  | 1245000 | 1155120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908% due 04/25/26 |  | 2010000 | 1955309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/26 |  | 1815000 | 1780433 |
|  Western Union Co. <br>2.850% due 01/10/25 |  | 3445000 | 3282743 |
|  |  |  | 228622534 |
|  **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** |  |
|  Amcor Flexibles North America, Inc. <br>4.000% due 05/17/25 |  | 1320000 | 1286136 |
|  Amphenol Corp. <br>2.050% due 03/01/25 |  | 1580000 | 1486484 |
|  Canadian Pacific Railway Co. (Canada)<br>1.350% due 12/02/24 |  | 2510000 | 2341377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 12/02/26 |  | 1100000 | 981767 |
|  Carrier Global Corp. <br>2.242% due 02/15/25 |  | 449000 | 423286 |
|  DAE Funding LLC (United Arab Emirates) <br>1.550% due 08/01/24 ~ |  | 990000 | 920609 |
|  GATX Corp.<br>3.900% due 03/30/23 |  | 440000 | 438106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 02/15/24 |  | 1905000 | 1877700 |
|  Kansas City Southern <br>3.000% due 05/15/23 |  | 1940000 | 1923193 |
|  Martin Marietta Materials, Inc. <br>0.650% due 07/15/23 |  | 855000 | 833134 |
|  Otis Worldwide Corp. <br>2.056% due 04/05/25 |  | 1870000 | 1751190 |
|  Parker-Hannifin Corp. <br>3.650% due 06/15/24 |  | 2800000 | 2741247 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Republic Services, Inc. <br>2.500% due 08/15/24 | $| 1575000 | $| 1510281 |
|  SMBC Aviation Capital Finance DAC (Ireland)<br>3.550% due 04/15/24 ~ |  | 1145000 |  | 1107427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/15/23 ~ |  | 766000 |  | 758081 |
|  |  |  |  | 20380018 |
|  **Technology - 2.8%** | **Technology - 2.8%** | **Technology - 2.8%** | **Technology - 2.8%** | **Technology - 2.8%** |
|  CDW LLC/CDW Finance Corp. <br>5.500% due 12/01/24 |  | 655000 |  | 656088 |
|  Fidelity National Information Services, Inc.<br>0.600% due 03/01/24 |  | 1225000 |  | 1159665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/15/25 |  | 955000 |  | 937351 |
|  Fiserv, Inc.<br>2.750% due 07/01/24 |  | 3345000 |  | 3233291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/01/23 |  | 1070000 |  | 1058918 |
|  Fortinet, Inc. <br>1.000% due 03/15/26 |  | 1490000 |  | 1305984 |
|  HCL America, Inc. (India) <br>1.375% due 03/10/26 ~ |  | 3900000 |  | 3453535 |
|  Marvell Technology, Inc. <br>4.200% due 06/22/23 |  | 2070000 |  | 2058424 |
|  Microchip Technology, Inc.<br>0.972% due 02/15/24 |  | 2770000 |  | 2631656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.983% due 09/01/24 |  | 2050000 |  | 1899489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% due 09/01/23 |  | 2125000 |  | 2085937 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (China)<br>2.700% due 05/01/25 |  | 1330000 |  | 1253173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 06/18/26 |  | 950000 |  | 903670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/01/27 |  | 255000 |  | 244798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/01/24 |  | 1605000 |  | 1593455 |
|  Oracle Corp. <br>5.800% due 11/10/25 |  | 925000 |  | 946736 |
|  Qorvo, Inc. <br>1.750% due 12/15/24 ~ |  | 960000 |  | 885360 |
|  Roper Technologies, Inc.<br>1.000% due 09/15/25 |  | 510000 |  | 457437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 09/15/24 |  | 670000 |  | 640139 |
|  Skyworks Solutions, Inc. <br>0.900% due 06/01/23 |  | 650000 |  | 637237 |
|  Take-Two Interactive Software, Inc.<br>3.300% due 03/28/24 |  | 1590000 |  | 1553590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 04/14/25 |  | 535000 |  | 515335 |
|  VMware, Inc. <br>0.600% due 08/15/23 |  | 1375000 |  | 1339412 |
|  Workday, Inc. <br>3.500% due 04/01/27 |  | 880000 |  | 823751 |
|  |  |  |  | 32274431 |
|  **Utilities - 3.1%** | **Utilities - 3.1%** | **Utilities - 3.1%** |  |  |
|  AES Corp. <br>3.300% due 07/15/25 ~ |  | 1565000 |  | 1478331 |
|  Alexander Funding Trust <br>1.841% due 11/15/23 ~ |  | 1885000 |  | 1806368 |
|  APA Infrastructure Ltd. (Australia) <br>4.200% due 03/23/25 ~ |  | 3605000 |  | 3483979 |
|  DTE Energy Co. <br>4.220% due 11/01/24 |  | 1710000 |  | 1682072 |
|  Edison International <br>2.950% due 03/15/23 |  | 1520000 |  | 1514143 |
|  Enel Finance International NV (Italy)<br>1.375% due 07/12/26 ~ |  | 2330000 |  | 2010714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 09/10/24 ~ |  | 520000 |  | 497870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% due 10/14/25 ~ |  | 300000 |  | 308372 |
|  Israel Electric Corp. Ltd. (Israel)<br>5.000% due 11/12/24 ~ |  | 1750000 |  | 1735326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 06/21/23 ~ |  | 565000 |  | 568529 |
|  NextEra Energy Capital Holdings, Inc.<br>1.875% due 01/15/27 |  | 2360000 |  | 2092046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 06/20/25 |  | 1695000 |  | 1675633 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-70** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  NRG Energy, Inc. <br>3.750% due 06/15/24 ~ | $| 1125000 | $| 1084151 |
|  Pacific Gas and Electric Co. <br>3.500% due 06/15/25 |  | 2010000 |  | 1898253 |
|  Sempra Energy <br>3.300% due 04/01/25 |  | 1275000 |  | 1223750 |
|  Southern California Gas Co. <br>2.950% due 04/15/27 |  | 1395000 |  | 1288516 |
|  Tenaga Nasional Bhd (Malaysia) <br>7.500% due 11/01/25 |  | 1200000 |  | 1249080 |
|  Vistra Operations Co. LLC<br>3.550% due 07/15/24 ~ |  | 7955000 |  | 7634268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/13/25 ~ |  | 1985000 |  | 1944675 |
|  |  |  |  | 35176076 |
|  Total Corporate Bonds & Notes <br>(Cost $588,207,932) |  |  |  | 560376506 |
|  **MORTGAGE-BACKED SECURITIES - 18.3%** |  |  |  |  |
|  **Collateralized Mortgage Obligations - Commercial - 6.6%** | **Collateralized Mortgage Obligations - Commercial - 6.6%** | **Collateralized Mortgage Obligations - Commercial - 6.6%** | **Collateralized Mortgage Obligations - Commercial - 6.6%** | **Collateralized Mortgage Obligations - Commercial - 6.6%** |
|  280 Park Avenue Mortgage Trust <br>5.117% (USD LIBOR + 0.880%) <br>due 09/15/34 § ~ |  | 1640000 |  | 1600275 |
|  BAMLL Commercial Mortgage Securities Trust<br>3.490% due 04/14/33 ~ |  | 1775000 |  | 1630700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168% (USD LIBOR + 0.850%) <br>due 09/15/34 § ~ |  | 4770000 |  | 4683803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.318% (USD LIBOR + 2.000%) <br>due 09/15/38 § ~ |  | 1570000 |  | 1435370 |
|  Bank<br>2.056% due 11/15/62 |  | 307474 |  | 299131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.263% due 08/15/61 |  | 451548 |  | 422221 |
|  BCP Trust <br>5.117% (USD LIBOR + 0.799%) <br>due 06/15/38 § ~ |  | 1045000 |  | 978045 |
|  BIG Commercial Mortgage Trust <br>6.676% (SOFR + 2.340%) <br>due 02/15/39 § ~ |  | 755000 |  | 710730 |
|  BPR Trust <br>5.468% (USD LIBOR + 1.150%) <br>due 09/15/38 § ~ |  | 1585000 |  | 1482940 |
|  BSREP Commercial Mortgage Trust <br>6.218% (USD LIBOR + 1.900%) <br>due 08/15/38 § ~ |  | 700000 |  | 606347 |
|  BX Commercial Mortgage Trust<br>5.530% (SOFR + 1.194%) <br>due 10/15/36 § ~ |  | 1249500 |  | 1228557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.598% (USD LIBOR + 1.280%) <br>due 06/15/36 § ~ |  | 935000 |  | 891337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718% (USD LIBOR + 1.400%) <br>due 06/15/38 § ~ |  | 1384512 |  | 1307819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.476% (SOFR + 3.141%) <br>due 06/15/27 § ~ |  | 1815000 |  | 1805968 |
|  CGDB Commercial Mortgage Trust <br>5.968% (USD LIBOR + 1.650%) <br>due 11/15/36 § ~ |  | 2615000 |  | 2500933 |
|  Cold Storage Trust <br>5.618% (USD LIBOR + 1.300%) <br>due 11/15/37 § ~ |  | 1484316 |  | 1439118 |
|  Commercial Mortgage Trust<br>3.838% due 09/10/47 |  | 2825000 |  | 2729118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926% due 03/10/48 § |  | 845000 |  | 783140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.070% due 03/10/48 § |  | 1770000 |  | 1613113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 08/10/47 |  | 1760000 |  | 1688118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.353% due 08/10/30 ~ |  | 1180000 |  | 1141769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623% due 02/10/47 § |  | 1715000 |  | 1659643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.697% due 08/10/47 § ~ |  | 710000 |  | 638902 |
|  Credit Suisse Mortgage Capital Certificates 5.748% (USD LIBOR + 1.430%) <br>due 05/15/36 § ~ |  | 2140000 |  | 2099074 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918% (USD LIBOR + 1.600%) <br>due 05/15/36 § ~ | $1575000 | $1543790 |
|  CSAIL Commercial Mortgage Trust <br>2.360% due 06/15/52 | 465163 | 449885 |
|  Extended Stay America Trust<br>5.398% (USD LIBOR + 1.080%) <br>due 07/15/38 § ~ | 751668 | 731129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.018% (USD LIBOR + 1.700%) <br>due 07/15/38 § ~ | 1679051 | 1615323 |
|  Fontainebleau Miami Beach Trust<br>3.447% due 12/10/36 ~ | 1715000 | 1600743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/10/36 ~ | 2460000 | 2293150 |
|  GCT Commercial Mortgage Trust <br>5.118% (USD LIBOR + 0.800%) <br>due 02/15/38 § ~ | 1325000 | 1232261 |
|  Great Wolf Trust <br>5.951% (USD LIBOR + 1.633%) <br>due 12/15/36 § ~ | 1055000 | 1009092 |
|  GS Mortgage Securities Corp. Trust <br>5.918% (USD LIBOR + 1.600%) <br>due 05/15/26 § ~ | 1440000 | 1304913 |
|  JP Morgan Chase Commercial Mortgage Securities Trust<br>5.918% (USD LIBOR + 1.600%) <br>due 09/15/29 § ~ | 3240000 | 3092503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.088% (USD LIBOR + 1.770%) <br>due 10/15/33 § ~ | 2345000 | 2195798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.168% (USD LIBOR + 1.850%) <br>due 09/15/29 § ~ | 1025000 | 966172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.488% (USD LIBOR + 2.170%) <br>due 10/15/33 § ~ | 1890000 | 1745389 |
|  JPMBB Commercial Mortgage Securities Trust <br>3.934% due 09/15/47 | 2420000 | 2345322 |
|  KIND Trust <br>6.068% (USD LIBOR + 1.750%) <br>due 08/15/38 § ~ | 2050183 | 1857190 |
|  KKR Industrial Portfolio Trust<br>5.318% (USD LIBOR + 1.000%) <br>due 12/15/37 § ~ | 660000 | 627433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.568% (USD LIBOR + 1.250%) <br>due 12/15/37 § ~ | 476250 | 449597 |
|  MHC Trust <br>5.418% (USD LIBOR + 1.100%) <br>due 05/15/23 § ~ | 1390000 | 1335329 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>4.110% due 10/15/47 § | 775000 | 739181 |
|  Morgan Stanley Capital I Trust <br>6.118% (USD LIBOR + 1.800%) <br>due 12/15/36 § ~ | 775000 | 612495 |
|  New Orleans Hotel Trust <br>5.607% (USD LIBOR + 1.289%) <br>due 04/15/32 § ~ | 2575999 | 2434449 |
|  ONE Mortgage Trust<br>5.401% (SOFR + 1.064%) <br>due 03/15/36 § ~ | 2945000 | 2771321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.551% (SOFR + 1.214%) <br>due 03/15/36 § ~ | 1580000 | 1456067 |
|  RLGH Trust <br>5.118% (USD LIBOR + 0.800%) <br>due 04/15/36 § ~ | 1370000 | 1322747 |
|  Shelter Growth CRE Issuer Ltd. (Cayman) <br>5.398% (USD LIBOR + 1.080%) <br>due 09/15/36 § ~ | 762667 | 740162 |
|  SLIDE | SLIDE | SLIDE |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468% (USD LIBOR + 1.150%) <br>due 06/15/31 § ~ | 1581786 | 1570043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.418% (USD LIBOR + 2.100%) <br>due 06/15/31 § ~ | 1218157 | 1196964 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-71** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  WFRBS Commercial Mortgage Trust <br>4.045% due 03/15/47 | $| 1465000 | $| 1437586 |
|  |  |  |  | 76052205 |
|  **Collateralized Mortgage Obligations - Residential - 8.4%** | **Collateralized Mortgage Obligations - Residential - 8.4%** | **Collateralized Mortgage Obligations - Residential - 8.4%** | **Collateralized Mortgage Obligations - Residential - 8.4%** | **Collateralized Mortgage Obligations - Residential - 8.4%** |
|  Angel Oak Mortgage Trust<br>0.909% due 01/25/66 § ~ |  | 1310394 |  | 1076048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.985% due 04/25/66 § ~ |  | 1005697 |  | 830242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.068% due 05/25/66 § ~ |  | 816038 |  | 674048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.579% due 05/25/65 § ~ |  | 336996 |  | 301879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.872% due 04/25/65 § ~ |  | 228960 |  | 205962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.301% due 07/26/49 § ~ |  | 53365 |  | 53032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% due 11/25/48 § ~ |  | 50204 |  | 49986 |
|  Barclays Mortgage Loan Trust <br>1.747% due 09/25/51 § ~ |  | 2001428 |  | 1709904 |
|  Bayview MSR Opportunity Master Fund Trust (Cayman) <br>2.500% due 06/25/51 § ~ |  | 1681705 |  | 1456012 |
|  BINOM Securitization Trust <br>2.625% due 06/25/56 § ~ |  | 673186 |  | 585764 |
|  BRAVO Residential Funding Trust <br>1.699% due 04/25/60 § ~ |  | 1119374 |  | 1007664 |
|  CIM Trust<br>2.500% due 04/25/50 § ~ |  | 1325199 |  | 1100654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/25/62 § ~ |  | 2872861 |  | 2755501 |
|  COLT Mortgage Loan Trust<br>1.167% due 06/25/66 § ~ |  | 978039 |  | 783425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.419% due 09/27/66 § ~ |  | 709784 |  | 555709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.506% due 04/27/65 § ~ |  | 149265 |  | 140123 |
|  Connecticut Avenue Securities Trust<br>4.928% (SOFR + 1.000%) <br>due 12/25/41 § ~ |  | 1038165 |  | 1025276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% (SOFR + 2.000%) <br>due 03/25/42 § ~ |  | 1013473 |  | 1010375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.028% (SOFR + 2.100%) <br>due 03/25/42 § ~ |  | 1542902 |  | 1532955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.478% (SOFR + 2.550%) <br>due 07/25/42 § ~ |  | 677647 |  | 680254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.894% (SOFR + 2.950%) <br>due 06/25/42 § ~ |  | 1626387 |  | 1641629 |
|  Deephaven Residential Mortgage Trust<br>0.899% due 04/25/66 § ~ |  | 423580 |  | 357978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.973% due 05/25/65 § ~ |  | 246715 |  | 218157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.260% due 04/25/66 § ~ |  | 463648 |  | 372925 |
|  Eagle RE Ltd. (Bermuda) <br>5.478% (SOFR + 1.550%) <br>due 04/25/34 § ~ |  | 872349 |  | 867469 |
|  Ellington Financial Mortgage Trust<br>0.797% due 02/25/66 § ~ |  | 290403 |  | 238217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.931% due 06/25/66 § ~ |  | 616171 |  | 476980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.106% due 02/25/66 § ~ |  | 249449 |  | 198627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.241% due 09/25/66 § ~ |  | 793452 |  | 636625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.291% due 06/25/66 § ~ |  | 593707 |  | 449909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% due 09/25/66 § ~ |  | 570958 |  | 434486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.046% due 11/25/59 § ~ |  | 221162 |  | 208118 |
|  Fannie Mae<br>3.000% due 11/25/47 |  | 1959768 |  | 1819496 |
|  Fannie Mae Connecticut Avenue Securities<br>5.589% (USD LIBOR + 1.200%) <br>due 01/25/30 § |  | 44248 |  | 44233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.839% (USD LIBOR + 4.450%) <br>due 01/25/29 § |  | 663410 |  | 682165 |
|  Finance of America HECM Buyout <br>4.000% due 12/25/24 § ~ |  | 2832969 |  | 2780591 |
|  Flagstar Mortgage Trust<br>4.000% due 09/25/48 § ~ |  | 202365 |  | 196258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866% (USD LIBOR + 0.850%) <br>due 03/25/50 § ~ |  | 411301 |  | 378825 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Freddie Mac STACR Trust<br>4.628% (SOFR + 0.700%) <br>due 08/25/33 § ~ | $165672 | $164788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.578% (SOFR + 1.650%) <br>due 01/25/34 § ~ | 746206 | 736285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.728% (SOFR + 1.800%) <br>due 11/25/41 § ~ | 1160000 | 1091373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% (SOFR + 2.000%) <br>due 04/25/42 § ~ | 1980927 | 1971948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.028% (SOFR + 2.100%) <br>due 03/25/42 § ~ | 2024740 | 1999803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.078% (SOFR + 2.150%) <br>due 09/25/42 § ~ | 651737 | 652387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.128% (SOFR + 2.200%) <br>due 05/25/42 § ~ | 2146073 | 2140454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.228% (SOFR + 2.300%) <br>due 08/25/42 § ~ | 957435 | 956952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.239% (USD LIBOR + 1.850%) <br>due 02/25/50 § ~ | 1221207 | 1219229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.878% (SOFR + 2.950%) <br>due 06/25/42 § ~ | 1241426 | 1256605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 09/15/30 | 100858 | 104067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.489% (USD LIBOR + 3.100%) <br>due 03/25/50 § ~ | 650736 | 660224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.539% (USD LIBOR + 3.150%) <br>due 09/25/50 § ~ | 6701 | 6705 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>3.857% due 05/25/47 § ~ | 179215 | 174651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.728% (SOFR + 0.800%) <br>due 08/25/33 § ~ | 147948 | 147511 |
|  Galton Funding Mortgage Trust<br>2.832% due 01/25/60 § ~ | 1085000 | 790320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.339% due 10/25/59 § ~ | 680000 | 606034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/25/57 § ~ | 234368 | 208601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/25/59 § ~ | 104259 | 101097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/25/59 § ~ | 142645 | 138489 |
|  GS Mortgage-Backed Securities Corp. Trust <br>2.500% due 10/25/51 § ~ | 2592844 | 2235013 |
|  GS Mortgage-Backed Securities Trust<br>2.495% due 07/25/44 § ~ | 18896 | 18531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/25/52 § ~ | 1023257 | 879492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/25/52 § ~ | 3310067 | 2845012 |
|  Homeward Opportunities Fund I Trust <br>1.657% due 05/25/65 § ~ | 55648 | 55342 |
|  Hundred Acre Wood Trust <br>2.500% due 07/25/51 § ~ | 1679701 | 1464148 |
|  Imperial Fund Mortgage Trust<br>1.516% due 09/25/56 § ~ | 957527 | 724920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767% due 06/25/67 ~ | 1518893 | 1447651 |
|  JP Morgan Mortgage Trust<br>3.000% due 10/25/50 § ~ | 457159 | 385117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/25/50 § ~ | 298279 | 255399 |
|  Mello Mortgage Capital Acceptance <br>2.500% due 10/25/51 § ~ | 1434627 | 1233066 |
|  MFA Trust <br>0.852% due 01/25/56 § ~ | 560204 | 492779 |
|  New Residential Mortgage Loan Trust<br>1.650% due 05/24/60 § ~ | 604827 | 556548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/25/51 § ~ | 1111280 | 955149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/25/51 § ~ | 3002496 | 2580654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710% due 11/25/59 § ~ | 2449 | 2212 |
|  NLT Trust <br>1.520% due 08/25/56 § ~ | 839182 | 653457 |
|  OBX Trust<br>1.054% due 07/25/61 § ~ | 758750 | 574106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/25/51 § ~ | 1910752 | 1647055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 01/25/60 § ~ | 549814 | 478976 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-72** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/25/60 § ~ | $| 1074874 | $| 921392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/25/49 § ~ |  | 169342 |  | 151127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/25/60 § ~ |  | 603925 |  | 533530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687% (USD LIBOR + 1.200%) <br>due 06/25/59 § ~ |  | 138024 |  | 132128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139% (USD LIBOR + 0.750%) <br>due 02/25/60 § ~ |  | 344325 |  | 319281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.289% (USD LIBOR + 0.900%) <br>due 10/25/59 § ~ |  | 120248 |  | 115386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.339% (USD LIBOR + 0.950%) <br>due 02/25/60 § ~ |  | 563039 |  | 525388 |
|  Oceanview Mortgage Trust <br>2.500% due 12/25/51 § ~ |  | 1552642 |  | 1334501 |
|  PSMC Trust<br>2.500% due 03/25/51 § ~ |  | 2758164 |  | 2384387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/25/51 § ~ |  | 1211212 |  | 1047073 |
|  Sequoia Mortgage Trust<br>4.000% due 06/25/48 § ~ |  | 241907 |  | 224045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/25/48 § ~ |  | 67275 |  | 65266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/25/48 § ~ |  | 9355 |  | 9268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/25/48 § ~ |  | 16607 |  | 16197 |
|  SG Residential Mortgage Trust<br>1.381% due 05/25/65 § ~ |  | 404082 |  | 351994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.166% due 03/27/62 § ~ |  | 1987092 |  | 1785634 |
|  Starwood Mortgage Residential Trust<br>0.943% due 05/25/65 § ~ |  | 921467 |  | 854790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.162% due 08/25/56 § ~ |  | 2386468 |  | 1928000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.408% due 02/25/50 § ~ |  | 750711 |  | 720190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.916% due 09/27/49 § ~ |  | 665197 |  | 629662 |
|  Towd Point Mortgage Trust<br>3.250% due 07/25/58 § ~ |  | 769075 |  | 740827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.722% due 03/25/58 § ~ |  | 874322 |  | 826667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/25/58 § ~ |  | 474850 |  | 449749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/25/62 ~ |  | 2955376 |  | 2777507 |
|  TRK Trust <br>1.409% due 07/25/56 § ~ |  | 449214 |  | 375978 |
|  UWM Mortgage Trust <br>2.500% due 09/25/51 § ~ |  | 555571 |  | 480750 |
|  Verus Securitization Trust<br>0.918% due 02/25/64 § ~ |  | 731938 |  | 666895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.031% due 02/25/66 § ~ |  | 682548 |  | 570009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.052% due 01/25/66 § ~ |  | 537540 |  | 442196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.155% due 01/25/66 § ~ |  | 320062 |  | 257311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.373% due 09/25/66 § ~ |  | 807216 |  | 615863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.829% due 10/25/66 § ~ |  | 2970125 |  | 2506079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.977% due 03/25/60 § ~ |  | 74383 |  | 71414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.226% due 05/25/60 § ~ |  | 461936 |  | 444632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.913% due 07/25/59 § ~ |  | 405275 |  | 392206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.117% due 07/25/59 § ~ |  | 539742 |  | 522344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.288% due 01/25/67 § ~ |  | 3209979 |  | 2622876 |
|  Vista Point Securitization Trust <br>2.496% due 04/25/65 § ~ |  | 245900 |  | 206237 |
|  Wells Fargo Mortgage-Backed Securities Trust<br>2.500% due 12/25/50 § ~ |  | 2262481 |  | 1976161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/25/51 § ~ |  | 1763085 |  | 1521874 |
|  |  |  |  | 96666465 |
|  **Fannie Mae - 2.0%** | **Fannie Mae - 2.0%** | **Fannie Mae - 2.0%** | **Fannie Mae - 2.0%** | **Fannie Mae - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/01/50 |  | 684884 |  | 562284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% (USD LIBOR + 1.605%)<br> due 04/01/33 § |  | 17726 |  | 17349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.398% (UST + 2.215%)<br> due 02/01/33 § |  | 36751 |  | 35792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/01/52 |  | 1589833 |  | 1350187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.811% (USD LIBOR + 1.535%)<br> due 02/01/33 § |  | 18727 |  | 18348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/01/28 - 06/01/52 |  | 5618753 |  | 5088839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.096% (UST + 2.258%)<br> due 06/01/35 § |  | 67177 |  | 65952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/01/44 - 01/01/52 |  | 1575070 |  | 1455601 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.852% (UST + 2.258%)<br> due 06/01/33 § | $| 243076 | $| 248284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/41 - 08/01/52 |  | 1916914 |  | 1804944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% (USD LIBOR + 1.543%)<br> due 01/01/35 § |  | 2312 |  | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/01/41 - 08/01/52 |  | 6845228 |  | 6639529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/01/24 - 02/01/49 |  | 1379238 |  | 1395694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 01/01/36 - 06/01/39 |  | 1036614 |  | 1075223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 03/01/37 - 02/01/49 |  | 2664904 |  | 2787060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 05/01/33 |  | 257182 |  | 266393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 06/01/33 |  | 126143 |  | 129543 |
|  |  |  |  | 22943367 |
|  **Freddie Mac - 0.4%** | **Freddie Mac - 0.4%** | **Freddie Mac - 0.4%** | **Freddie Mac - 0.4%** | **Freddie Mac - 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.076% (UST + 1.951%) <br>due 02/01/35 § |  | 55191 |  | 53785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/01/52 |  | 1650972 |  | 1409337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.141% (UST + 2.250%) <br>due 08/01/35 § |  | 148623 |  | 150625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/01/49 - 09/01/52 |  | 1253563 |  | 1180274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.269% (UST + 2.179%) <br>due 09/01/35 § |  | 89263 |  | 89347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/01/37 - 05/01/50 |  | 820300 |  | 812234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/01/41 |  | 474108 |  | 474877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/01/38 - 06/01/41 |  | 268332 |  | 278815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 03/01/39 |  | 178322 |  | 185220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/38 |  | 165886 |  | 172653 |
|  |  |  |  | 4807167 |
|  **Government National Mortgage Association - 0.9%** | **Government National Mortgage Association - 0.9%** | **Government National Mortgage Association - 0.9%** | **Government National Mortgage Association - 0.9%** | **Government National Mortgage Association - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% (UST + 1.500%) <br>due 09/20/34 - 01/20/35 § |  | 712078 |  | 697632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/20/47 |  | 1109330 |  | 1000204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/20/52 |  | 2444989 |  | 2248869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/20/50 - 10/20/52 |  | 955599 |  | 909147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/20/47 - 10/20/52 |  | 2629946 |  | 2555723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/20/34 - 05/20/48 |  | 1395610 |  | 1408220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/15/45 - 02/20/49 |  | 1251187 |  | 1297635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/15/36 |  | 178820 |  | 189627 |
|  |  |  |  | 10307057 |
|  Total Mortgage-Backed Securities <br>(Cost $230,345,624) |  |  |  | 210776261 |
|  **ASSET-BACKED SECURITIES - 14.4%** | **ASSET-BACKED SECURITIES - 14.4%** | **ASSET-BACKED SECURITIES - 14.4%** | **ASSET-BACKED SECURITIES - 14.4%** | **ASSET-BACKED SECURITIES - 14.4%** |
|  AmeriCredit Automobile Receivables Trust<br>0.890% due 10/19/26 |  | 1665000 |  | 1533096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.970% due 02/18/26 |  | 800000 |  | 783317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.060% due 08/18/26 |  | 980000 |  | 920942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.210% due 12/18/26 |  | 1030000 |  | 922326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% due 06/18/27 |  | 2095000 |  | 1859609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.590% due 10/20/25 |  | 1215000 |  | 1175989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 12/18/25 |  | 1175000 |  | 1109159 |
|  Applebee's Funding LLC/IHOP Funding LLC <br>4.194% due 06/05/49 ~ |  | 3880800 |  | 3825437 |
|  Arbor Realty Commercial Real Estate Notes Ltd. 5.388% (USD LIBOR + 1.070%) <br>due 08/15/34 § ~ |  | 2245000 |  | 2158949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.668% (USD LIBOR + 1.350%) <br>due 11/15/36 § ~ |  | 1590000 |  | 1533409 |
|  Avis Budget Rental Car Funding AESOP LLC<br>2.330% due 08/20/26 ~ |  | 930000 |  | 861714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 09/22/25 ~ |  | 1355000 |  | 1310254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 03/20/25 ~ |  | 745000 |  | 726215 |
|  Blackbird Capital Aircraft Lease Securitization Ltd.<br>2.487% due 12/16/41 ~ |  | 690595 |  | 629831 |
|  BRE Grand Islander Timeshare Issuer LLC <br>3.280% due 09/26/33 ~ |  | 309748 |  | 291227 |
|  BSPRT Issuer Ltd. (Cayman) <br>5.307% (SOFR + 1.500%) <br>due 02/15/37 § ~ |  | 2795000 |  | 2710992 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-73** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  CarMax Auto Owner Trust <br>3.010% due 12/16/24 | $3280000 | $3248417 |
|  CBAM Ltd. (Cayman) <br>5.359% (USD LIBOR + 1.280%) <br>due 02/12/30 § ~ | 5399541 | 5343790 |
|  Cedar Funding XIV CLO Ltd. (Cayman) <br>5.179% (USD LIBOR + 1.100%) <br>due 07/15/33 § ~ | 2230000 | 2190983 |
|  CIFC Funding Ltd. (Cayman) <br>5.375% (USD LIBOR + 1.050%) <br>due 04/24/30 § ~ | 3958864 | 3917646 |
|  CNH Equipment Trust<br>1.510% due 04/15/27 | 1125000 | 1069981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% due 12/16/24 | 590999 | 585687 |
|  Daimler Trucks Retail Trust <br>1.370% due 06/15/27 | 1752043 | 1745313 |
|  Dryden 86 CLO Ltd. (Cayman) <br>5.179% (USD LIBOR + 1.100%) <br>due 07/17/34 § ~ | 2225000 | 2162941 |
|  Elara HGV Timeshare Issuer LLC<br>2.690% due 03/25/30 ~ | 258431 | 247498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% due 04/25/28 ~ | 471063 | 466958 |
|  Exeter Automobile Receivables Trust<br>3.020% due 06/15/28 | 995000 | 899751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 07/17/28 | 2130000 | 2032336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 08/17/26 | 305000 | 305708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% due 12/15/28 | 945000 | 896905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510% due 12/15/27 | 2940000 | 2956513 |
|  FirstKey Homes Trust <br>2.241% due 08/17/37 ~ | 3355000 | 2989326 |
|  Ford Credit Auto Lease Trust <br>4.180% due 10/15/25 | 3385000 | 3281310 |
|  Ford Credit Auto Owner Trust<br>1.740% due 04/15/33 ~ | 1355000 | 1172598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520% due 07/15/30 ~ | 4155000 | 4075187 |
|  Ford Credit Floorplan Master Owner Trust Class C <br>1.420% due 09/15/25 | 1885000 | 1807238 |
|  GM Financial Automobile Leasing Trust<br>1.560% due 07/22/24 | 1240240 | 1238126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.560% due 07/22/24 | 860000 | 858385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130% due 08/20/26 | 2425000 | 2370556 |
|  GM Financial Consumer Automobile Receivables Trust<br>1.050% due 05/18/26 | 1005000 | 924579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490% due 12/16/24 | 177064 | 174970 |
|  GMF Floorplan Owner Revolving Trust <br>1.030% due 08/15/25 ~ | 830000 | 804076 |
|  Hilton Grand Vacations Trust<br>2.660% due 12/26/28 ~ | 209999 | 206748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.740% due 02/25/39 ~ | 761599 | 716390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.960% due 12/26/28 ~ | 58534 | 57194 |
|  Hyundai Auto Receivables Trust<br>1.410% due 11/15/24 | 533003 | 525690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 12/15/26 | 1360000 | 1290084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940% due 05/15/25 | 1340000 | 1336317 |
|  KKR CLO 29 Ltd. (Cayman) <br>5.279% (USD LIBOR + 1.200%) <br>due 01/15/32 § ~ | 2500000 | 2462000 |
|  Kubota Credit Owner Trust <br>1.960% due 03/15/24 ~ | 332798 | 330791 |
|  Madison Park Funding XXIII Ltd. (Cayman)<br>5.328% (USD LIBOR + 0.970%) <br>due 07/27/31 § ~ | 2610000 | 2576070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.908% (USD LIBOR + 1.550%) <br>due 07/27/31 § ~ | 1675000 | 1629377 |
|  Madison Park Funding XXXIII Ltd. (Cayman) <br>5.154% (SOFR + 1.290%) <br>due 10/15/32 § ~ | 3565000 | 3523672 |
|  Magnetite XXV Ltd. (Cayman) <br>5.558% (USD LIBOR + 1.200%) <br>due 01/25/32 § ~ | 670000 | 662673 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  MF1 Ltd. (Cayman) <br>5.419% (USD LIBOR + 1.080%) <br>due 10/16/36 § ~ | $1635000 | $1565694 |
|  MVW LLC <br>2.730% due 10/20/37 ~ | 285944 | 263090 |
|  MVW Owner Trust<br>2.420% due 12/20/34 ~ | 117989 | 115338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 12/20/34 ~ | 40180 | 38827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.890% due 11/20/36 ~ | 872671 | 823073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.990% due 12/20/34 ~ | 108423 | 101904 |
|  Navient Private Education Refi Loan Trust<br>1.170% due 09/16/69 ~ | 526832 | 467533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% due 07/15/69 ~ | 439413 | 390385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 01/15/69 ~ | 265575 | 238543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% due 05/15/69 ~ | 790935 | 711560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 11/15/68 ~ | 4061229 | 3690578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% due 07/15/70 ~ | 2962294 | 2574407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 10/15/68 ~ | 623517 | 571334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.460% due 11/15/68 ~ | 1111329 | 1015788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 05/15/68 ~ | 1223681 | 1152603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.420% due 01/15/43 ~ | 1634768 | 1563017 |
|  Nelnet Student Loan Trust <br>1.320% due 04/20/62 ~ | 1044234 | 928030 |
|  Neuberger Berman Loan Advisers CLO 26 Ltd. (Cayman) <br>5.594% (USD LIBOR + 1.400%) <br>due 10/18/30 § ~ | 1755000 | 1693281 |
|  Neuberger Berman Loan Advisers CLO 32 Ltd. (Cayman) <br>5.217% (USD LIBOR + 0.990%) <br>due 01/20/32 § ~ | 3755000 | 3682399 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman) <br>5.139% (USD LIBOR + 1.060%) <br>due 04/16/33 § ~ | 1085000 | 1070701 |
|  Nissan Auto Receivables Owner Trust <br>1.380% due 12/16/24 | 263031 | 259489 |
|  OCP CLO Ltd. (Cayman)<br>5.363% (USD LIBOR + 1.120%) <br>due 07/20/29 § ~ | 3916583 | 3880871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.629% (USD LIBOR + 1.550%) <br>due 07/15/30 § ~ | 2710000 | 2628282 |
|  Octane Receivables Trust<br>1.210% due 09/20/28 ~ | 794720 | 755871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 05/22/28 ~ | 1290000 | 1242936 |
|  Palmer Square CLO Ltd. (Cayman) <br>5.686% (USD LIBOR + 1.080%) <br>due 11/15/31 § ~ | 4505000 | 4431133 |
|  Progress Residential Trust<br>1.090% due 03/16/26 | 2730000 | 2575614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.078% due 06/17/37 ~ | 459432 | 422416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.451% due 07/20/39 ~ | 1630000 | 1541089 |
|  Santander Bank Auto Credit-Linked Notes<br>5.916% due 08/16/32 ~ | 816322 | 811794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024% due 12/15/32 ~ | 530000 | 529789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.451% due 12/15/32 ~ | 2390000 | 2391203 |
|  Santander Bank NA - SBCLN <br>1.833% due 12/15/31 ~ | 289188 | 278232 |
|  Santander Consumer Auto Receivables Trust <br>1.290% due 04/15/26 ~ | 1810000 | 1745037 |
|  Santander Drive Auto Receivables Trust<br>1.010% due 01/15/26 | 1009669 | 999588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760% due 07/16/29 | 3340000 | 3194138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% due 10/16/28 | 990000 | 957847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/15/29 | 3095000 | 2965106 |
|  Santander Retail Auto Lease Trust<br>1.110% due 03/20/26 ~ | 1290000 | 1194261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520% due 11/20/24 ~ | 1245000 | 1229288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 03/22/27 ~ | 990000 | 953888 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-74** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Sierra Timeshare Receivables Funding LLC<br>3.510% due 07/20/37 ~ | $| 378347 | $| 357123 |
|  SMB Private Education Loan Trust<br>1.290% due 07/15/53 ~ |  | 1412399 |  | 1247140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% due 07/17/51 ~ |  | 2373805 |  | 2120612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 09/15/54 ~ |  | 4251675 |  | 3759558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.038% (USD LIBOR + 0.720%) <br>due 01/15/37 § ~ |  | 1881508 |  | 1840460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.818% (USD LIBOR + 1.500%) <br>due 04/15/32 § ~ |  | 955455 |  | 951915 |
|  Symphony CLO XXIII Ltd. (Cayman) <br>5.099% (USD LIBOR + 1.020%) <br>due 01/15/34 § ~ |  | 3645000 |  | 3571472 |
|  Symphony CLO XXVI Ltd. (Cayman) <br>5.323% (USD LIBOR + 1.080%) <br>due 04/20/33 § ~ |  | 1110000 |  | 1083372 |
|  Symphony Static CLO I Ltd. (Cayman) <br>5.808% (USD LIBOR + 1.450%) <br>due 10/25/29 § ~ |  | 2825000 |  | 2739869 |
|  Volkswagen Auto Loan Enhanced Trust <br>1.260% due 08/20/26 |  | 1045000 |  | 1007888 |
|  World Omni Auto Receivables Trust<br>1.640% due 08/17/26 |  | 825000 |  | 784180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 09/15/28 |  | 1105000 |  | 1031213 |
|  World Omni Select Auto Trust<br>0.840% due 06/15/26 |  | 1200000 |  | 1161672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 10/15/26 |  | 1375000 |  | 1294601 |
|  Total Asset-Backed Securities <br>(Cost $172,840,215) |  |  |  | 166033282 |
|  **U.S. TREASURY OBLIGATIONS - 17.1%** | **U.S. TREASURY OBLIGATIONS - 17.1%** | **U.S. TREASURY OBLIGATIONS - 17.1%** | **U.S. TREASURY OBLIGATIONS - 17.1%** | **U.S. TREASURY OBLIGATIONS - 17.1%** |
|  **U.S. Treasury Notes - 17.1%** | **U.S. Treasury Notes - 17.1%** | **U.S. Treasury Notes - 17.1%** | **U.S. Treasury Notes - 17.1%** | **U.S. Treasury Notes - 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 03/15/25 ‡ |  | 58565000 |  | 55348500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 05/15/25 |  | 57850000 |  | 55793613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/31/24 |  | 3380000 |  | 3309891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/25 |  | 5875000 |  | 5838281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/31/24 |  | 17455000 |  | 17406590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/30/24 |  | 30560000 |  | 30563581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/25 |  | 28750000 |  | 28927442 |
|  |  |  |  | 197187898 |
|  Total U.S. Treasury Obligations <br>(Cost $201,674,830) |  |  |  | 197187898 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 0.3%** |  |  |
|  Korea Hydro & Nuclear Power Co. Ltd. (South Korea)<br>1.250% due 04/27/26 ~ |  | 1790000 |  | 1579955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/27/27 ~ |  | 1480000 |  | 1426054 |
|  Total Foreign Government Bonds & Notes <br>(Cost $3,253,915) |  |  |  | 3006009 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  **MUNICIPAL BONDS - 0.2%** |  |  |  |  |
|  Golden State Tobacco Securitization Corp. <br>1.711% due 06/01/24 | $| 1505000 | $| 1432759 |
|  Long Island Power Authority <br>0.764% due 03/01/23 |  | 720000 |  | 715371 |
|  Total Municipal Bonds <br>(Cost $2,225,000) |  |  |  | 2148130 |
|  **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** |
|  **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $6,961,365; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $7,097,551) |  | 6958312 |  | 6958312 |
|  Total Short-Term Investment <br>(Cost $6,958,312) |  |  |  | 6958312 |
|  **TOTAL INVESTMENTS - 99.5% <br>(Cost $1,205,505,828)** | **TOTAL INVESTMENTS - 99.5% <br>(Cost $1,205,505,828)** | **TOTAL INVESTMENTS - 99.5% <br>(Cost $1,205,505,828)** |  | 1146486398 |
|  **DERIVATIVES - 0.1%** |  |  |  | 367279 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.4%** |  |  |  | 5139264 |
|  **NET ASSETS - 100.0%** |  |  |  | $1151992941 |
| <br> **<u>Notes to Schedule of Investments</u>** | <br> **<u>Notes to Schedule of Investments</u>** | <br> **<u>Notes to Schedule of Investments</u>** | <br> **<u>Notes to Schedule of Investments</u>** | <br> **<u>Notes to Schedule of Investments</u>** |

---

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 48.6% |
|  Mortgage-Backed Securities | 18.3% |
|  U.S. Treasury Obligations | 17.1% |
|  Asset-Backed Securities | 14.4% |
|  Others (each less than 3.0%) | 1.1% |
|  | 99.5% |
|  Derivatives | 0.1% |
|  Other Assets & Liabilities, Net | 0.4% |
|  | 100.0% |

---

(b) As of December 31, 2022, an investment with a value of $1,629,315 was fully or partially segregated with the
broker(s)/ custodian as collateral for open futures contracts.

(c) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury 2-Year Notes | 03/23 | 1114 | $228160775 | $228457032 | $296257 |
| Short Futures Outstanding |  |  |  |  |  |
|  U.S. Treasury 5-Year Notes | 03/23 | 386 | 41654280 | 41660860 | (6580) |
|  U.S. Treasury 10-Year Notes | 03/23 | 197 | 22182229 | 22122484 | 59745 |
|  U.S. Treasury Ultra 10-Year Notes | 03/23 | 123 | 14569560 | 14548594 | 20966 |
|  U.S. Treasury Ultra Long Bonds | 03/23 | 11 | 1474328 | 1477437 | (3109) |
|  |  |  |  |  | 71022 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $367279 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-75** 

------

**PACIFIC SELECT FUND** 

**SHORT DURATION BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $560376506 | $— | $560376506 | $— |
|  | Mortgage-Backed Securities | 210776261 |  | 210776261 |  |
|  | Asset-Backed Securities | 166033282 |  | 166033282 |  |
|  | U.S. Treasury Obligations | 197187898 |  | 197187898 |  |
|  | Foreign Government Bonds & Notes | 3006009 |  | 3006009 |  |
|  | Municipal Bonds | 2148130 |  | 2148130 |  |
|  | Short-Term Investment | 6958312 |  | 6958312 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 376968 | 376968 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1146863366 | 376968 | 1146486398 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (9689) | (9689) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (9689) | (9689) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1146853677 | $367279 | $1146486398 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-76** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS DEBT PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 31.1%** | **CORPORATE BONDS & NOTES - 31.1%** | **CORPORATE BONDS & NOTES - 31.1%** |
|  **Azerbaijan - 0.8%** | **Azerbaijan - 0.8%** | **Azerbaijan - 0.8%** |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC <br>7.230% due 03/17/26 ~ | $1020000 | $964410 |
|  Southern Gas Corridor CJSC <br>6.875% due 03/24/26 ~ | 950000 | 976880 |
|  |  | 1941290 |
|  **Brazil - 1.2%** | **Brazil - 1.2%** | **Brazil - 1.2%** |
|  CSN Inova Ventures <br>6.750% due 01/28/28 ~ | 1800000 | 1721560 |
|  MC Brazil Downstream Trading SARL <br>7.250% due 06/30/31 ~ | 1300000 | 1074525 |
|  |  | 2796085 |
|  **Chile - 0.3%** | **Chile - 0.3%** | **Chile - 0.3%** |
|  Alfa Desarrollo SpA <br>4.550% due 09/27/51 ~ | 1006318 | 766458 |
|  **China - 3.4%** | **China - 3.4%** | **China - 3.4%** |
|  Country Garden Holdings Co. Ltd.<br>2.700% due 07/12/26 ~ | 200000 | 114504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 10/22/25 ~ | 925000 | 567580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 02/06/26 ~ | 1800000 | 1105774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 05/27/25 ~ | 250000 | 166700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 09/17/25 ~ | 200000 | 131354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 04/08/26 ~ | 850000 | 542607 |
|  Powerlong Real Estate Holdings Ltd.<br>4.900% due 05/13/26 ~ | 400000 | 115400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 08/10/24 ~ | 300000 | 93070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% due 07/23/23 ~ | 300000 | 104085 |
|  Prosus NV <br>3.257% due 01/19/27 ~ | 3300000 | 2954605 |
|  Tencent Holdings Ltd.<br>3.680% due 04/22/41 ~ | 850000 | 626311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.925% due 01/19/38 ~ | 1875000 | 1497333 |
|  |  | 8019323 |
|  **Czech Republic - 0.7%** | **Czech Republic - 0.7%** | **Czech Republic - 0.7%** |
|  Energo-Pro AS <br>8.500% due 02/04/27 ~ | 1725000 | 1582644 |
|  **Ghana - 1.1%** | **Ghana - 1.1%** | **Ghana - 1.1%** |
|  Kosmos Energy Ltd.<br>7.125% due 04/04/26 ~ | 1800000 | 1537344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 03/01/28 ~ | 1350000 | 1085644 |
|  |  | 2622988 |
|  **Hong Kong - 1.1%** | **Hong Kong - 1.1%** | **Hong Kong - 1.1%** |
|  Melco Resorts Finance Ltd.<br>5.250% due 04/26/26 ~ | 350000 | 308554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/17/27 ~ | 825000 | 708873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 07/21/28 ~ | 1850000 | 1549780 |
|  |  | 2567207 |
|  **India - 0.6%** | **India - 0.6%** | **India - 0.6%** |
|  Adani Electricity Mumbai Ltd. <br>3.949% due 02/12/30 ~ | 1950000 | 1493948 |
|  **Israel - 4.8%** | **Israel - 4.8%** | **Israel - 4.8%** |
|  Bank Hapoalim BM <br>3.255% due 01/21/32 ~ | 3625000 | 3134683 |
|  Energean Israel Finance Ltd. <br>5.375% due 03/30/28 ~ | 2500000 | 2250000 |
|  ICL Group Ltd. <br>6.375% due 05/31/38 ~ | 1000000 | 984446 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Leviathan Bond Ltd.<br>5.750% due 06/30/23 ~ | $1150000 | $1148986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 06/30/25 ~ | 1650000 | 1618031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 06/30/27 ~ | 2100000 | 2044350 |
|  |  | 11180496 |
|  **Macau - 0.2%** | **Macau - 0.2%** | **Macau - 0.2%** |
|  Studio City Finance Ltd. <br>5.000% due 01/15/29 ~ | 600000 | 443847 |
|  **Malaysia - 2.1%** | **Malaysia - 2.1%** | **Malaysia - 2.1%** |
|  1MDB Global Investments Ltd. <br>4.400% due 03/09/23 ~ | 4900000 | 4797479 |
|  **Mexico - 4.8%** | **Mexico - 4.8%** | **Mexico - 4.8%** |
|  Banco Mercantil del Norte SA <br>5.875% due 01/24/27 ~ | 2500000 | 2233862 |
|  Cemex SAB de CV <br>5.125% due 06/08/26 ~ | 1650000 | 1526720 |
|  Comision Federal de Electricidad <br>5.000% due 09/29/36 ~ | 1944800 | 1678343 |
|  Petroleos Mexicanos<br>5.350% due 02/12/28 | 1650000 | 1392245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 01/28/31 | 550000 | 417523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 01/23/29 | 500000 | 429142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/15/35 | 500000 | 363891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 02/16/32 | 1500000 | 1180803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 09/21/47 | 2025000 | 1296575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% due 01/23/30 | 850000 | 704461 |
|  |  | 11223565 |
|  **Nigeria - 0.5%** | **Nigeria - 0.5%** | **Nigeria - 0.5%** |
|  IHS Holding Ltd. <br>5.625% due 11/29/26 ~ | 1275000 | 1063350 |
|  **Oman - 0.7%** | **Oman - 0.7%** | **Oman - 0.7%** |
|  Lamar Funding Ltd. <br>3.958% due 05/07/25 ~ | 1625000 | 1544489 |
|  **Qatar - 0.7%** | **Qatar - 0.7%** | **Qatar - 0.7%** |
|  QIB Sukuk Ltd. <br>3.982% due 03/26/24 ~ | 1600000 | 1573928 |
|  **South Africa - 2.7%** | **South Africa - 2.7%** | **South Africa - 2.7%** |
|  Sasol Financing USA LLC<br>4.375% due 09/18/26 | 1900000 | 1684345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/18/31 | 1500000 | 1223287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/27/28 | 200000 | 182019 |
|  Stillwater Mining Co.<br>4.000% due 11/16/26 ~ | 2750000 | 2431952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/16/29 ~ | 950000 | 766173 |
|  |  | 6287776 |
|  **Supranational - 0.9%** | **Supranational - 0.9%** | **Supranational - 0.9%** |
|  Africa Finance Corp. <br>2.875% due 04/28/28 ~ | 2500000 | 2161875 |
|  **Ukraine - 0.1%** | **Ukraine - 0.1%** | **Ukraine - 0.1%** |
|  NPC Ukrenergo <br>6.875% due 11/09/28 ~ | 1375000 | 235601 |
|  **United Arab Emirates - 2.1%** | **United Arab Emirates - 2.1%** | **United Arab Emirates - 2.1%** |
|  Galaxy Pipeline Assets Bidco Ltd. <br>2.160% due 03/31/34 ~ | 4854465 | 4142468 |
|  MAF Global Securities Ltd. <br>7.875% due 06/30/27 ~ | 625000 | 633213 |
|  |  | 4775681 |
|  **United Kingdom - 1.1%** | **United Kingdom - 1.1%** | **United Kingdom - 1.1%** |
|  Standard Chartered PLC <br>7.750% due 08/15/27 ~ | 2700000 | 2675145 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-77** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS DEBT PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Venezuela - 1.2%** | **Venezuela - 1.2%** | **Venezuela - 1.2%** |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 04/12/27 \* y ~ | $1432000 | $69810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% \* y ~ | 11929000 | 2355977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% \* y ~ | 1780581 | 86803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 05/17/35 \* y ~ | 2733498 | 140092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750% \* y ~ | 1152000 | 56170 |
|  |  | 2708852 |
|  Total Corporate Bonds & Notes <br>(Cost $89,384,723) |  | 72462027 |
|  **CONVERTIBLE CORPORATE BONDS & NOTES - 0.9%** | **CONVERTIBLE CORPORATE BONDS & NOTES - 0.9%** | **CONVERTIBLE CORPORATE BONDS & NOTES - 0.9%** |
|  **United Arab Emirates - 0.9%** | **United Arab Emirates - 0.9%** | **United Arab Emirates - 0.9%** |
|  Abu Dhabi National Oil Co. (United Arab Emirates) <br>0.700% due 06/04/24 ~ | 2200000 | 2081200 |
|  Total Convertible Corporate Bonds & Notes <br>(Cost $2,101,225) |  | 2081200 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 57.3%** | **FOREIGN GOVERNMENT BONDS & NOTES - 57.3%** |  |
|  **Angola - 2.0%** | **Angola - 2.0%** | **Angola - 2.0%** |
|  Angolan Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 11/26/29 ~ | 1000000 | 880280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 04/14/32 ~  | 4375000 | 3799250 |
|  |  | 4679530 |
|  **Argentina - 0.2%** | **Argentina - 0.2%** | **Argentina - 0.2%** |
|  Argentine Republic Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/09/41 § | 1150000 | 327278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/09/38 § | 650000 | 207241 |
|  |  | 534519 |
|  **Bahamas - 1.1%** | **Bahamas - 1.1%** | **Bahamas - 1.1%** |
|  Bahamas Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/21/28 ~ | 2675000 | 2068375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 06/16/29 ~ | 450000 | 386927 |
|  |  | 2455302 |
|  **Brazil – 5.0%** | **Brazil – 5.0%** | **Brazil – 5.0%** |
|  Brazil Notas do Tesouro Nacional Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% due 01/01/27 | BRL 66,300,000 | 11547281 |
|  **Colombia - 2.1%** | **Colombia - 2.1%** | **Colombia - 2.1%** |
|  Colombia Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 01/30/30 | $3025000 | 2322711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 04/15/31 | 450000 | 335571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/29 | 2475000 | 2147186 |
|  |  | 4805468 |
|  **Czech Republic - 2.7%** | **Czech Republic - 2.7%** | **Czech Republic - 2.7%** |
|  Czech Republic Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 06/26/26 ~ | CZK 63,800,000 | 2447470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 02/14/25 | 45800000 | 1860462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 09/17/25 ~ | 45900000 | 1886562 |
|  |  | 6194494 |
|  **Dominican Republic - 1.8%** | **Dominican Republic - 1.8%** | **Dominican Republic - 1.8%** |
|  Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/30/30 ~ | $1600000 | 1368111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/23/32 ~ | 1950000 | 1625931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/22/33 ~  | 1425000 | 1290768 |
|  |  | 4284810 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Ecuador - 1.4%** | **Ecuador - 1.4%** | **Ecuador - 1.4%** |
|  Ecuador Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 07/31/35 § ~ | $6950000 | $3229929 |
|  **El Salvador - 1.3%** | **El Salvador - 1.3%** | **El Salvador - 1.3%** |
|  El Salvador Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 01/18/27 ~ | 1550000 | 693625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 09/21/34 ~ | 500000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 02/01/41 ~ | 1925000 | 762919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% due 06/15/35 ~ | 1830000 | 745708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 02/28/29 ~ | 1400000 | 625799 |
|  |  | 3028051 |
|  **Ghana - 0.2%** | **Ghana - 0.2%** | **Ghana - 0.2%** |
|  Ghana Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 05/16/29 ~ | 225000 | 82815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% due 10/14/30 ~ | 400000 | 282904 |
|  |  | 365719 |
|  **Indonesia - 3.7%** | **Indonesia - 3.7%** | **Indonesia - 3.7%** |
|  Indonesia Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 05/15/28 | IDR 63,300,000,000 | 3984455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 08/15/28 | 74000000000 | 4710711 |
|  |  | 8695166 |
|  **Iraq - 2.4%** | **Iraq - 2.4%** | **Iraq - 2.4%** |
|  Iraq Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 01/15/28 ~ | $5757813 | 5321963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.752% due 03/09/23 ~ | 225000 | 222605 |
|  |  | 5544568 |
|  **Ivory Coast - 2.7%** | **Ivory Coast - 2.7%** | **Ivory Coast - 2.7%** |
|  Ivory Coast Government | Ivory Coast Government | Ivory Coast Government |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/30/32 ~ | EUR 6,575,000 | 5581930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/17/31 ~ | 686000 | 617967 |
|  |  | 6199897 |
|  **Mexico - 7.0%** | **Mexico - 7.0%** | **Mexico - 7.0%** |
|  Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/23/34 | MXN 217,300,000 | 10083126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/13/42 | 50000000 | 2241424 |
|  Mexico Government | Mexico Government | Mexico Government |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 01/15/47 | $950000 | 717372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 02/12/52 | 475000 | 350986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/19/33 | 3225000 | 2966812 |
|  |  | 16359720 |
|  **Oman - 2.1%** |  |  |
|  Oman Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 03/08/47 ~ | 1750000 | 1600851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/17/48 ~ | 3225000 | 3031564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 01/25/51 ~ | 275000 | 266810 |
|  |  | 4899225 |
|  **Poland - 2.8%** |  |  |
|  Republic of Poland Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 07/25/26 | PLN 14,800,000 | 2915512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/22/24 | $1000000 | 988470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.577% due 07/25/24 | PLN 12,200,000 | 2520000 |
|  |  | 6423982 |
|  **Romania - 2.8%** |  |  |
|  Romanian Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 12/02/29 ~ | EUR 650,000 | 507794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 04/14/33 ~ | 3125000 | 2152430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% due 05/26/30 ~ | 1425000 | 1252237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 07/25/29 | RON 7,500,000 | 1368499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/12/29 | 6150000 | 1152011 |
|  |  | 6432971 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-78** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS DEBT PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Saudi Arabia - 1.9%** |  |  |
|  Saudi Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/26/46 ~ | $4825000 | $4294250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/04/47 ~ | 200000 | 179526 |
|  |  | 4473776 |
|  **Senegal - 0.7%** |  |  |
|  Senegal Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/13/28 ~ | EUR 1,450,000 | 1343775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 07/30/24 ~ | $400000 | 384439 |
|  |  | 1728214 |
|  **South Africa - 6.6%** |  |  |
|  Republic of South Africa Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/12/46 | 1275000 | 898492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 07/24/44 | 750000 | 568143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 09/30/49 | 2400000 | 1773197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 04/20/52 | 1825000 | 1580541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 01/31/44 | ZAR 1,000 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 02/28/48 | 2000 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 02/28/35 | 209990000 | 10422104 |
|  |  | 15242615 |
|  **South Korea - 1.6%** |  |  |
|  Korea Development Bank <br>5.024% (USD LIBOR + 0.350%) <br>due 02/18/23 § | $2400000 | 2399905 |
|  Korea Government <br>3.875% due 09/11/23 | 1300000 | 1292315 |
|  |  | 3692220 |
|  **Sri Lanka - 1.1%** |  |  |
|  Sri Lanka Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/18/23 \* y ~ | 200000 | 63491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 05/11/27 \* y ~ | 800000 | 255264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 06/28/24 \* y ~ | 400000 | 127499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.825% due 07/18/26 y ~ | 2064000 | 661009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% due 11/03/25 \* y ~ | 4450000 | 1435538 |
|  |  | 2542801 |
|  **Tunisia - 2.2%** |  |  |
|  Tunisian Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/17/24 ~ | EUR 600,000 | 506194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/30/25 ~ | $1300000 | 905445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 07/15/26 ~ | EUR 5,550,000 | 3766662 |
|  |  | 5178301 |
|  **Ukraine - 0.8%** |  |  |
|  State Agency of Roads of Ukraine <br>6.250% due 06/24/28 ~ | $3600000 | 638909 |
|  Ukraine Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.876% due 05/21/31 ~ | 1100000 | 211787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.876% due 08/01/41 § ~ | 525000 | 152434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/01/26 ~ | 800000 | 172048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/01/27 ~ | 600000 | 113875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 09/01/28 ~ | 2450000 | 466522 |
|  |  | 1755575 |
|  **Uzbekistan - 0.3%** |  |  |
|  Republic of Uzbekistan <br>4.750% due 02/20/24 ~ | 725000 | 712867 |
|  **Venezuela - 0.6%** |  |  |
|  Venezuela Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% \* ~ y | 913000 | 73040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 10/13/24 \* y ~ | 1784900 | 156179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 05/07/23 \* y ~ | 816000 | 71400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 09/15/27 \* y | 2467000 | 234365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 05/07/28 \* y ~ | 1282000 | 115380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% due 10/21/26 \* y ~ | $7749400 | $716819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750% \* y ~ | 1624000 | 133980 |
|  |  | 1501163 |
|  **Zambia - 0.2%** |  |  |
|  Zambia Government <br>8.500% due 04/14/24 \* y ~ | 1250000 | 574050 |
|  Total Foreign Government Bonds & Notes <br>(Cost $149,747,898) |  | 133082214 |
|  **SHORT-TERM INVESTMENT - 5.6%** |  |  |
|  **Repurchase Agreement - 5.6%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $13,044,258; collateralized by U.S. Treasury Notes: 2.750% due 02/15/28 and value $13,299,335) | 13038535 | 13038535 |
|  Total Short-Term Investment <br>(Cost $13,038,535) |  | 13038535 |
|  **TOTAL INVESTMENTS - 94.9% <br>(Cost $254,272,381)** |  | 220663976 |
|  **DERIVATIVES - (0.1%)** |  | (365355) |
|  **OTHER ASSETS & LIABILITIES, NET - 5.2%** | **OTHER ASSETS & LIABILITIES, NET - 5.2%** | 12222093 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $232520714 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Foreign Government Bonds & Notes | 57.3% |
|  Corporate Bonds & Notes | 31.1% |
|  Short-Term Investment | 5.6% |
|  Others (each less than 3.0%) | 0.9% |
|  | 94.9% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 5.2% |
|  | 100.0% |

---

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  Mexico | 11.8% |
|  South Africa | 9.3% |
|  Brazil | 6.2% |
|  United States (Includes Short-Term Investment) | 5.6% |
|  Israel | 4.8% |
|  Indonesia | 3.7% |
|  China | 3.4% |
|  Czech Republic | 3.4% |
|  Others (each less than 3.0%) | 46.7% |
|  | 94.9% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 5.2% |
|  | 100.0% |

---

(c) Investments with a total aggregate value of $7,326,866 or 3.2% of the Fund's net assets were in default as of
December 31, 2022.

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-79** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS DEBT PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(d) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Treasury 30-Year Bonds | 03/23 | 130 | $16727539 | $16294688 | ($432851) |
| Short Futures Outstanding |  |  |  |  |  |
|  Euro-BTP | 03/23 | 30 | 3772327 | 3497801 | 274526 |
|  Total Futures Contracts |  |  |  |  | ($158325) |

---

(e) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| CNH | 1200000 | USD | 172275 | 01/23 | HSB | $1338 | $— |
| COP | 11500000000 | USD | 2372714 | 01/23 | CIT |  | (10453) |
| CZK | 54125000 | USD | 2369526 | 01/23 | JPM | 22232 |  |
| EUR | 375000 | USD | 399666 | 01/23 | HSB | 2005 |  |
| KRW | 7750000000 | USD | 5916573 | 01/23 | JPM | 239986 |  |
| MYR | 10400000 | USD | 2351345 | 01/23 | GSC | 27994 |  |
| PEN | 4500000 | USD | 1165562 | 01/23 | CIT | 16790 |  |
| PLN | 10500000 | USD | 2371907 | 01/23 | JPM | 20273 |  |
| THB | 254000000 | USD | 7311109 | 01/23 | CIT | 39328 |  |
| USD | 3068486 | BRL | 16350000 | 01/23 | CIT |  | (14670) |
| USD | 2359710 | CLP | 2100000000 | 01/23 | JPM |  | (111013) |
| USD | 15345777 | CNH | 106800000 | 01/23 | CIT |  | (105820) |
| USD | 16712052 | EUR | 15822756 | 01/23 | CIT |  | (236018) |
| USD | 275425 | KRW | 350000000 | 01/23 | CIT |  | (2614) |
| USD | 1164898 | PEN | 4500000 | 01/23 | JPM |  | (17454) |
| USD | 230563 | THB | 8000000 | 01/23 | JPM |  | (947) |
| USD | 1171759 | ZAR | 20300000 | 01/23 | CIT |  | (20614) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $369946 | ($519603) |

---

(f) Swap agreements outstanding as of December 31, 2022 were as follows:

<u>Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection (1)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced<br>Obligation | Payment<br>Frequency | Fixed Deal<br>Pay<br>Rate | Expiration<br>Date | Exchange | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Turkey Government | Q | 1.000% | 12/20/27 | ICE | 5.068% | $15025000 | $2391776 | $3530498 | ($1138722) |
|  Egypt Government | Q | 1.000% | 12/20/27 | ICE | 8.709% | 2800000 | 753165 | 702500 | 50665 |
|  |  |  |  |  |  |  | $3144941 | $4232998 | ($1088057) |
| <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> | <u>Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)</u> |
| Referenced<br>Obligation | Payment<br>Frequency | Fixed Deal<br>Receive<br>Rate | Expiration<br>Date | Exchange | Implied Credit<br>Spread at<br>12/31/22 (2) | Notional<br>Amount (3) | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Turkey Government | Q | 1.000% | 12/20/27 | ICE | 5.029% | $2000000 | ($303238) | ($499674) | $196436 |
|  Turkey Government | Q | 1.000% | 12/20/27 | ICE | 5.068% | 2600000 | (413885) | (674084) | 260199 |
|  |  |  |  |  |  |  | ($717123) | ($1173758) | $456635 |
| <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> | <u>Credit Default Swaps on Credit Indices - Buy Protection (1)</u> |
| Referenced<br>Obligation | Payment<br> Frequency | Fixed Deal<br>Pay<br>Rate | Expiration<br>Date | Exchange |  | Notional<br>Amount (3) | Value (5) | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  CDX iTraxx Europe | Q | 5.000% | 12/20/27 | ICE |  | EUR 10,600,000 | ($129123) | ($113419) | ($15704) |
|  Total Credit Default Swaps | Total Credit Default Swaps | Total Credit Default Swaps |  |  |  |  | $2298695 | $2945821 | ($647126) |

---

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

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-80** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS DEBT PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of
buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity's credit soundness and a
greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

<u>Interest Rate Swaps - Long</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br>Frequency<br>Receive Rate/<br>Pay Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  11.770% | Brazil CETIP Interbank | Z/Z | LCH | 01/02/25 | BRL 207,710,417 | ($600862) | ($746462) | $145600 |
|  4.421% | 6-Month CZK-PRIBOR | A/S | LCH | 03/15/28 | CZK 170,000,000 | (211187) | (147762) | (63425) |
|  8.763% | 28-Day MXN TIIE | L/L | LCH | 12/08/32 | MXN 50,800,000 | 3718 |  | 3718 |
|  |  |  |  |  |  | ($808331) | ($894224) | $85893 |
| <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> | <u>Interest Rate Swaps - Short</u> |
| Pay | Receive | Payment<br>Frequency<br>Pay Rate/<br>Receive Rate | Exchange | Expiration<br>Date | Notional<br>Amount | Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  7.372% | 1-Day CLP CAMARA | S/S | LCH | 11/29/24 | CLP 23,000,000,000 | $215979 | $13992 | $201987 |
|  4.421% | 6-Month CZK-PRIBOR | A/S | LCH | 03/15/28 | CZK 243,000,000 | 301873 |  | 301873 |
|  |  |  |  |  |  | $517852 | $13992 | $503860 |
|  Total Interest Rate Swaps | Total Interest Rate Swaps | Total Interest Rate Swaps |  |  |  | ($290479) | ($880232) | $589753 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $2008216 | $2065589 | ($57373) |

---

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

---

| | | |
|:---|:---|:---|
| | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
|  Centrally Cleared Swap Agreements(1) | Centrally Cleared Swap Agreements(1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | $4246990 | $1160478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (2181401) | (1217851) |
|  | $2065589 | ($57373) |

---

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

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-81** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS DEBT PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(g) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $72462027 | $— | $72462027 | $— |
|  | Convertible Corporate Bonds & Notes | 2081200 |  | 2081200 |  |
|  | Foreign Government Bonds & Notes | 133082214 |  | 133082214 |  |
|  | Short-Term Investment | 13038535 |  | 13038535 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 507300 |  | 507300 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 369946 |  | 369946 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 274526 | 274526 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 653178 |  | 653178 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | 927704 | 274526 | 653178 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset - Derivatives | 1804950 | 274526 | 1530424 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 222468926 | 274526 | 222194400 |  |
|  Liabilities |  |  |  |  |  |
|  | Due to Custodian | (380528) |  | (380528) |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1154426) |  | (1154426) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (519603) |  | (519603) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (432851) | (432851) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (63425) |  | (63425) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Interest Rate Contracts | (496276) | (432851) | (63425) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Derivatives | (2170305) | (432851) | (1737454) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (2550833) | (432851) | (2117982) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $219918093 | ($158325) | $220076418 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-82** 

------

**PACIFIC SELECT FUND** 

**DIVIDEND GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **PREFERRED STOCKS - 0.3%** | **PREFERRED STOCKS - 0.3%** |  |
|  **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** |  |
|  Dr Ing hc F Porsche AG \* | 39705 | $4006771 |
|  Total Preferred Stocks <br>(Cost $3,210,641) |  | 4006771 |
|  **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** |  |
|  **Basic Materials - 3.5%** | **Basic Materials - 3.5%** |  |
|  Air Products & Chemicals, Inc. | 24522 | 7559152 |
|  Linde PLC (United Kingdom) | 41911 | 13670530 |
|  Nutrien Ltd. (Canada) | 88251 | 6444970 |
|  RPM International, Inc. | 58569 | 5707549 |
|  Sherwin-Williams Co. | 52524 | 12465521 |
|  |  | 45847722 |
|  **Communications - 0.7%** | **Communications - 0.7%** |  |
|  Walt Disney Co. \* | 111646 | 9699805 |
|  **Consumer, Cyclical - 10.7%** | **Consumer, Cyclical - 10.7%** |  |
|  Costco Wholesale Corp. | 13785 | 6292852 |
|  Cummins, Inc. | 30429 | 7372642 |
|  Dollar General Corp. | 84504 | 20809110 |
|  Hilton Worldwide Holdings, Inc. | 104175 | 13163553 |
|  Home Depot, Inc. | 53485 | 16893772 |
|  Las Vegas Sands Corp. \* | 119167 | 5728358 |
|  Marriott International, Inc. Class A | 19816 | 2950404 |
|  McDonald's Corp. | 56679 | 14936617 |
|  NIKE, Inc. Class B | 71471 | 8362822 |
|  Ross Stores, Inc. | 172000 | 19964040 |
|  Tractor Supply Co. | 24245 | 5454398 |
|  Walmart, Inc. | 79363 | 11252880 |
|  Yum! Brands, Inc. | 57902 | 7416088 |
|  |  | 140597536 |
|  **Consumer, Non-Cyclical - 27.3%** | **Consumer, Non-Cyclical - 27.3%** |  |
|  AbbVie, Inc. | 134002 | 21656063 |
|  AstraZeneca PLC ADR (United Kingdom) | 246360 | 16703208 |
|  Automatic Data Processing, Inc. | 36109 | 8624996 |
|  Avery Dennison Corp. | 62031 | 11227611 |
|  Becton Dickinson & Co. | 71896 | 18283153 |
|  Cigna Corp. | 38655 | 12807948 |
|  Coca-Cola Co. | 276553 | 17591536 |
|  Colgate-Palmolive Co. | 47158 | 3715579 |
|  Constellation Brands, Inc. Class A | 29800 | 6906150 |
|  Danaher Corp. | 101512 | 26943315 |
|  Diageo PLC (United Kingdom) | 131066 | 5737002 |
|  Elevance Health, Inc. | 23300 | 11952201 |
|  Eli Lilly & Co. | 40718 | 14896273 |
|  Equifax, Inc. | 26037 | 5060551 |
|  Johnson & Johnson | 92916 | 16413611 |
|  Keurig Dr Pepper, Inc. | 113247 | 4038388 |
|  McCormick & Co., Inc. | 42729 | 3541807 |
|  Medtronic PLC | 48359 | 3758462 |
|  Mondelez International, Inc. Class A | 277799 | 18515303 |
|  Nestle SA | 49788 | 5750980 |
|  PepsiCo, Inc. | 87027 | 15722298 |
|  Philip Morris International, Inc. | 171033 | 17310250 |
|  S&P Global, Inc. | 18589 | 6226200 |
|  Stryker Corp. | 60602 | 14816583 |
|  Thermo Fisher Scientific, Inc. | 40848 | 22494585 |
|  UnitedHealth Group, Inc. | 69669 | 36937110 |
|  Zoetis, Inc. | 73106 | 10713684 |
|  |  | 358344847 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 3.0%** | **Energy - 3.0%** |  |
|  EOG Resources, Inc. | 120214 | $15570117 |
|  Exxon Mobil Corp. | 132500 | 14614750 |
|  TotalEnergies SE (France) | 135601 | 8512100 |
|  |  | 38696967 |
|  **Financial - 18.8%** | **Financial - 18.8%** |  |
|  American Express Co. | 45153 | 6671356 |
|  American Tower Corp. REIT | 67065 | 14208391 |
|  Aon PLC Class A | 41929 | 12584570 |
|  Bank of America Corp. | 480064 | 15899720 |
|  Charles Schwab Corp. | 218639 | 18203883 |
|  Chubb Ltd. | 118589 | 26160733 |
|  CME Group, Inc. | 36439 | 6127582 |
|  Crown Castle, Inc. REIT | 31670 | 4295719 |
|  Equity Residential REIT | 233858 | 13797622 |
|  Goldman Sachs Group, Inc. | 22516 | 7731544 |
|  Hartford Financial Services Group, Inc. | 122206 | 9266881 |
|  JPMorgan Chase & Co. | 166335 | 22305524 |
|  Marsh & McLennan Cos., Inc. | 143253 | 23705506 |
|  Morgan Stanley | 167231 | 14217980 |
|  Progressive Corp. | 60902 | 7899598 |
|  Rexford Industrial Realty, Inc. REIT | 125188 | 6840272 |
|  Visa, Inc. Class A | 118231 | 24563673 |
|  Wells Fargo & Co. | 307891 | 12712819 |
|  |  | 247193373 |
|  **Industrial - 13.6%** | **Industrial - 13.6%** |  |
|  Agilent Technologies, Inc. | 102291 | 15307848 |
|  Amphenol Corp. Class A | 117259 | 8928100 |
|  Ball Corp. | 139009 | 7108920 |
|  General Electric Co. | 203753 | 17072464 |
|  Honeywell International, Inc. | 92091 | 19735101 |
|  Howmet Aerospace, Inc. | 173251 | 6827822 |
|  Illinois Tool Works, Inc. | 47701 | 10508530 |
|  JB Hunt Transport Services, Inc. | 40373 | 7039436 |
|  Northrop Grumman Corp. | 26348 | 14375732 |
|  Old Dominion Freight Line, Inc. | 24825 | 7044839 |
|  Otis Worldwide Corp. | 74016 | 5796193 |
|  Rockwell Automation, Inc. | 2439 | 628213 |
|  Schneider Electric SE | 12178 | 1710212 |
|  Stanley Black & Decker, Inc. | 61000 | 4582320 |
|  TE Connectivity Ltd. (Switzerland) | 88793 | 10193437 |
|  Trane Technologies PLC | 43224 | 7265522 |
|  Union Pacific Corp. | 63993 | 13251031 |
|  United Parcel Service, Inc. Class B | 43796 | 7613497 |
|  Waste Connections, Inc. | 102510 | 13588726 |
|  |  | 178577943 |
|  **Technology - 14.8%** | **Technology - 14.8%** |  |
|  Accenture PLC Class A | 82464 | 22004694 |
|  Apple, Inc. | 287042 | 37295367 |
|  Applied Materials, Inc. | 65071 | 6336614 |
|  Broadridge Financial Solutions, Inc. | 79271 | 10632619 |
|  Fidelity National Information Services, Inc. | 109724 | 7444773 |
|  KLA Corp. | 23900 | 9011017 |
|  Microchip Technology, Inc. | 98440 | 6915410 |
|  Microsoft Corp. | 232251 | 55698435 |
|  QUALCOMM, Inc. | 35252 | 3875605 |
|  Roper Technologies, Inc. | 43207 | 18669313 |
|  Texas Instruments, Inc. | 102943 | 17008242 |
|  |  | 194892089 |
|  **Utilities - 3.6%** | **Utilities - 3.6%** |  |
|  Ameren Corp. | 138612 | 12325379 |
|  Atmos Energy Corp. | 65784 | 7372413 |
|  CMS Energy Corp. | 155994 | 9879100 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-83** 

------

**PACIFIC SELECT FUND** 

**DIVIDEND GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  NextEra Energy, Inc. | 125698 | $10508353 |
|  WEC Energy Group, Inc. | 82145 | 7701915 |
|  |  | 47787160 |
|  Total Common Stocks <br>(Cost $905,980,430) |  | 1261637442 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 3.7%** |  |  |
|  **Repurchase Agreement - 3.7%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $48,546,822; collateralized by U.S. Treasury Notes: 1.125%-1.250% due 02/29/28-03/31/28 and value $49,496,076) | $48525524 | 48525524 |
|  Total Short-Term Investment <br>(Cost $48,525,524) |  | 48525524 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $957,716,595)** |  | 1314169737 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.0%** |  | 513055 |
|  **NET ASSETS - 100.0%** |  | $1314682792 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 27.3% |
|  Financial | 18.8% |
|  Technology | 14.8% |
|  Industrial | 13.6% |
|  Consumer, Cyclical | 11.0% |
|  Short-Term Investment | 3.7% |
|  Utilities | 3.6% |
|  Basic Materials | 3.5% |
|  Energy | 3.0% |
|  Others (each less than 3.0%) | 0.7% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Preferred Stocks | $4006771 | $— | $4006771 | $— |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 45847722 | 45847722 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 9699805 | 9699805 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 140597536 | 140597536 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 358344847 | 346856865 | 11487982 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 38696967 | 30184867 | 8512100 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 247193373 | 247193373 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 178577943 | 176867731 | 1710212 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 194892089 | 194892089 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 47787160 | 47787160 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 1261637442 | 1239927148 | 21710294 |  |
|  | Short-Term Investment | 48525524 |  | 48525524 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1314169737 | $1239927148 | $74242589 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-84** 

------

**PACIFIC SELECT FUND** 

**EQUITY INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** |  |
|  **Basic Materials - 2.2%** |  |  |
|  Air Products & Chemicals, Inc. | 25160 | $7755822 |
|  Albemarle Corp. | 13079 | 2836312 |
|  Celanese Corp. | 10995 | 1124129 |
|  CF Industries Holdings, Inc. | 22841 | 1946053 |
|  Dow, Inc. | 79834 | 4022835 |
|  DuPont de Nemours, Inc. | 55458 | 3806083 |
|  Eastman Chemical Co. | 14195 | 1156041 |
|  Ecolab, Inc. | 27737 | 4037398 |
|  FMC Corp. | 14448 | 1803110 |
|  Freeport-McMoRan, Inc. | 161319 | 6130122 |
|  International Flavors & Fragrances, Inc. | 29169 | 3058078 |
|  International Paper Co. | 42181 | 1460728 |
|  Linde PLC (United Kingdom) | 55964 | 18254337 |
|  LyondellBasell Industries NV Class A | 28992 | 2407206 |
|  Mosaic Co. | 38082 | 1670657 |
|  Newmont Corp. | 88849 | 4193673 |
|  Nucor Corp. | 29232 | 3853070 |
|  PPG Industries, Inc. | 26137 | 3286466 |
|  Sherwin-Williams Co. | 26352 | 6254120 |
|  Steel Dynamics, Inc. | 18798 | 1836565 |
|  |  | 80892805 |
|  **Communications - 10.7%** |  |  |
|  Alphabet, Inc. Class A \* | 673323 | 59407288 |
|  Alphabet, Inc. Class C \* | 596729 | 52947764 |
|  Amazon.com, Inc. \* | 1000267 | 84022428 |
|  Arista Networks, Inc. \* | 27185 | 3298900 |
|  AT&T, Inc. | 801008 | 14746557 |
|  Booking Holdings, Inc. \* | 4442 | 8951874 |
|  CDW Corp. | 15320 | 2735846 |
|  Charter Communications, Inc. Class A \* | 12544 | 4253670 |
|  Cisco Systems, Inc. | 465011 | 22153124 |
|  Comcast Corp. Class A | 486186 | 17001924 |
|  Corning, Inc. | 83702 | 2673442 |
|  DISH Network Corp. Class A \* | 24949 | 350284 |
|  eBay, Inc. | 62933 | 2609831 |
|  Etsy, Inc. \* | 14276 | 1709979 |
|  Expedia Group, Inc. \* | 17141 | 1501552 |
|  F5, Inc. \* | 7043 | 1010741 |
|  FactSet Research Systems, Inc. | 4179 | 1676657 |
|  Fox Corp. Class A | 34199 | 1038624 |
|  Fox Corp. Class B | 14368 | 408770 |
|  Gen Digital, Inc. | 65904 | 1412323 |
|  Interpublic Group of Cos., Inc. | 45604 | 1519069 |
|  Juniper Networks, Inc. | 36259 | 1158838 |
|  Lumen Technologies, Inc. | 106857 | 557793 |
|  Match Group, Inc. \* | 30469 | 1264159 |
|  Meta Platforms, Inc. Class A \* | 253426 | 30497285 |
|  Motorola Solutions, Inc. | 18698 | 4818661 |
|  Netflix, Inc. \* | 49938 | 14725717 |
|  News Corp. Class A | 44294 | 806151 |
|  News Corp. Class B | 11270 | 207819 |
|  Omnicom Group, Inc. | 22852 | 1864038 |
|  Paramount Global Class B | 55697 | 940165 |
|  T-Mobile US, Inc. \* | 67175 | 9404500 |
|  VeriSign, Inc. \* | 10715 | 2201290 |
|  Verizon Communications, Inc. | 471608 | 18581355 |
|  Walt Disney Co. \* | 204721 | 17786160 |
|  Warner Bros Discovery, Inc. \* | 249835 | 2368436 |
|  |  | 392613014 |
|  **Consumer, Cyclical - 9.0%** | **Consumer, Cyclical - 9.0%** | **Consumer, Cyclical - 9.0%** |
|  Advance Auto Parts, Inc. | 6813 | 1001715 |
|  Alaska Air Group, Inc. \* | 13969 | 599829 |
|  American Airlines Group, Inc. \* | 73874 | 939677 |
|  Aptiv PLC \* | 29833 | 2778347 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  AutoZone, Inc. \* | 2217 | $5467521 |
|  Bath & Body Works, Inc. | 24448 | 1030239 |
|  Best Buy Co., Inc. | 22158 | 1777293 |
|  BorgWarner, Inc. | 27071 | 1089608 |
|  Caesars Entertainment, Inc. \* | 23222 | 966035 |
|  CarMax, Inc. \* | 17570 | 1069837 |
|  Carnival Corp. \* | 108873 | 877516 |
|  Chipotle Mexican Grill, Inc. \* | 3121 | 4330356 |
|  Copart, Inc. \* | 47072 | 2866214 |
|  Costco Wholesale Corp. | 49743 | 22707680 |
|  Cummins, Inc. | 15678 | 3798623 |
|  Darden Restaurants, Inc. | 13788 | 1907294 |
|  Delta Air Lines, Inc. \* | 72319 | 2376402 |
|  Dollar General Corp. | 25560 | 6294150 |
|  Dollar Tree, Inc. \* | 24023 | 3397813 |
|  Domino's Pizza, Inc. | 3859 | 1336758 |
|  DR Horton, Inc. | 35921 | 3201998 |
|  Fastenal Co. | 63381 | 2999189 |
|  Ford Motor Co. | 442108 | 5141716 |
|  General Motors Co. | 163370 | 5495767 |
|  Genuine Parts Co. | 15551 | 2698254 |
|  Hasbro, Inc. | 15081 | 920092 |
|  Hilton Worldwide Holdings, Inc. | 30919 | 3906925 |
|  Home Depot, Inc. | 115412 | 36454034 |
|  Las Vegas Sands Corp. \* | 37334 | 1794645 |
|  Lennar Corp. Class A | 28420 | 2572010 |
|  Live Nation Entertainment, Inc. \* | 16213 | 1130695 |
|  LKQ Corp. | 29051 | 1551614 |
|  Lowe's Cos., Inc. | 69953 | 13937436 |
|  Marriott International, Inc. Class A | 31027 | 4619610 |
|  McDonald's Corp. | 82618 | 21772322 |
|  MGM Resorts International | 35988 | 1206678 |
|  Newell Brands, Inc. | 39580 | 517706 |
|  NIKE, Inc. Class B | 142032 | 16619164 |
|  Norwegian Cruise Line Holdings Ltd. \* | 48659 | 595586 |
|  NVR, Inc. \* | 337 | 1554439 |
|  O'Reilly Automotive, Inc. \* | 7175 | 6055915 |
|  PACCAR, Inc. | 39546 | 3913868 |
|  Pool Corp. | 4427 | 1338415 |
|  PulteGroup, Inc. | 25006 | 1138523 |
|  Ralph Lauren Corp. | 4766 | 503623 |
|  Ross Stores, Inc. | 39127 | 4541471 |
|  Royal Caribbean Cruises Ltd. \* | 24428 | 1207476 |
|  Southwest Airlines Co. \* | 67815 | 2283331 |
|  Starbucks Corp. | 129074 | 12804141 |
|  Tapestry, Inc. | 28065 | 1068715 |
|  Target Corp. | 52345 | 7801499 |
|  Tesla, Inc. \* | 302498 | 37261704 |
|  TJX Cos., Inc. | 131021 | 10429272 |
|  Tractor Supply Co. | 12539 | 2820899 |
|  Ulta Beauty, Inc. \* | 5732 | 2688709 |
|  United Airlines Holdings, Inc. \* | 36072 | 1359914 |
|  VF Corp. | 36418 | 1005501 |
|  Walgreens Boots Alliance, Inc. | 81786 | 3055525 |
|  Walmart, Inc. | 160066 | 22695758 |
|  Whirlpool Corp. | 6457 | 913407 |
|  WW Grainger, Inc. | 5046 | 2806838 |
|  Wynn Resorts Ltd. \* | 12045 | 993351 |
|  Yum! Brands, Inc. | 31925 | 4088954 |
|  |  | 328079596 |
|  **Consumer, Non-Cyclical - 23.2%** | **Consumer, Non-Cyclical - 23.2%** | **Consumer, Non-Cyclical - 23.2%** |
|  Abbott Laboratories | 196654 | 21590643 |
|  AbbVie, Inc. | 198549 | 32087504 |
|  Align Technology, Inc. \* | 8140 | 1716726 |
|  Altria Group, Inc. | 201804 | 9224461 |
|  AmerisourceBergen Corp. | 17435 | 2889154 |
|  Amgen, Inc. | 60070 | 15776785 |
|  Archer-Daniels-Midland Co. | 63147 | 5863199 |
|  Automatic Data Processing, Inc. | 46457 | 11096719 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-85** 

------

**PACIFIC SELECT FUND** 

**EQUITY INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Avery Dennison Corp. | 9367 | $1695427 |
|  Baxter International, Inc. | 57089 | 2909826 |
|  Becton Dickinson & Co. | 31834 | 8095386 |
|  Bio-Rad Laboratories, Inc. Class A \* | 2360 | 992356 |
|  Bio-Techne Corp. | 17632 | 1461340 |
|  Biogen, Inc. \* | 16379 | 4535673 |
|  Boston Scientific Corp. \* | 159548 | 7382286 |
|  Bristol-Myers Squibb Co. | 239779 | 17252099 |
|  Brown-Forman Corp. Class B | 20644 | 1355898 |
|  Campbell Soup Co. | 22767 | 1292027 |
|  Cardinal Health, Inc. | 30561 | 2349224 |
|  Catalent, Inc. \* | 19420 | 874094 |
|  Centene Corp. \* | 64382 | 5279968 |
|  Charles River Laboratories International, Inc. \* | 5633 | 1227431 |
|  Church & Dwight Co., Inc. | 27868 | 2246440 |
|  Cigna Corp. | 34263 | 11352702 |
|  Cintas Corp. | 9752 | 4404198 |
|  Clorox Co. | 13509 | 1895718 |
|  Coca-Cola Co. | 437072 | 27802150 |
|  Colgate-Palmolive Co. | 93004 | 7327785 |
|  Conagra Brands, Inc. | 54974 | 2127494 |
|  Constellation Brands, Inc. Class A | 17739 | 4111013 |
|  Cooper Cos., Inc. | 5567 | 1840840 |
|  Corteva, Inc. | 80975 | 4759711 |
|  CoStar Group, Inc. \* | 43673 | 3375049 |
|  CVS Health Corp. | 147457 | 13741518 |
|  Danaher Corp. | 73520 | 19513678 |
|  DaVita, Inc. \* | 6693 | 499766 |
|  Dentsply Sirona, Inc. | 24679 | 785779 |
|  Dexcom, Inc. \* | 44330 | 5019929 |
|  Edwards Lifesciences Corp. \* | 70119 | 5231579 |
|  Elevance Health, Inc. | 26951 | 13825054 |
|  Eli Lilly & Co. | 88561 | 32399156 |
|  Equifax, Inc. | 14004 | 2721817 |
|  Estee Lauder Cos., Inc. Class A | 25975 | 6444657 |
|  FleetCor Technologies, Inc. \* | 8377 | 1538687 |
|  Gartner, Inc. \* | 8718 | 2930469 |
|  General Mills, Inc. | 66937 | 5612667 |
|  Gilead Sciences, Inc. | 141338 | 12133867 |
|  Global Payments, Inc. | 31502 | 3128779 |
|  HCA Healthcare, Inc. | 24285 | 5827429 |
|  Henry Schein, Inc. \* | 15796 | 1261627 |
|  Hershey Co. | 16544 | 3831094 |
|  Hologic, Inc. \* | 27497 | 2057051 |
|  Hormel Foods Corp. | 32734 | 1491034 |
|  Humana, Inc. | 14104 | 7223928 |
|  IDEXX Laboratories, Inc. \* | 9491 | 3871948 |
|  Illumina, Inc. \* | 17439 | 3526166 |
|  Incyte Corp. \* | 21164 | 1699893 |
|  Intuitive Surgical, Inc. \* | 40102 | 10641066 |
|  IQVIA Holdings, Inc. \* | 20736 | 4248599 |
|  J M Smucker Co. | 12294 | 1948107 |
|  Johnson & Johnson | 295245 | 52155029 |
|  Kellogg Co. | 28517 | 2031551 |
|  Keurig Dr Pepper, Inc. | 96540 | 3442616 |
|  Kimberly-Clark Corp. | 37975 | 5155106 |
|  Kraft Heinz Co. | 87857 | 3576658 |
|  Kroger Co. | 72469 | 3230668 |
|  Laboratory Corp. of America Holdings | 10118 | 2382587 |
|  Lamb Weston Holdings, Inc. | 15785 | 1410548 |
|  MarketAxess Holdings, Inc. | 4303 | 1200064 |
|  McCormick & Co., Inc. | 28263 | 2342720 |
|  McKesson Corp. | 16218 | 6083696 |
|  Medtronic PLC | 149208 | 11596446 |
|  Merck & Co., Inc. | 284476 | 31562612 |
|  Moderna, Inc. \* | 37860 | 6800413 |
|  Molina Healthcare, Inc. \* | 6474 | 2137844 |
|  Molson Coors Beverage Co. Class B | 22107 | 1138953 |
|  Mondelez International, Inc. Class A | 154241 | 10280163 |
|  Monster Beverage Corp. \* | 42865 | 4352083 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Moody's Corp. | 17671 | $4923494 |
|  Organon & Co. | 28657 | 800390 |
|  PayPal Holdings, Inc. \* | 130152 | 9269425 |
|  PepsiCo, Inc. | 154977 | 27998145 |
|  PerkinElmer, Inc. | 14012 | 1964763 |
|  Pfizer, Inc. | 630241 | 32293549 |
|  Philip Morris International, Inc. | 174076 | 17618232 |
|  Procter & Gamble Co. | 268336 | 40669004 |
|  Quanta Services, Inc. | 16274 | 2319045 |
|  Quest Diagnostics, Inc. | 12931 | 2022926 |
|  Regeneron Pharmaceuticals, Inc. \* | 12044 | 8689626 |
|  ResMed, Inc. | 16587 | 3452252 |
|  Robert Half International, Inc. | 12427 | 917485 |
|  Rollins, Inc. | 27278 | 996738 |
|  S&P Global, Inc. | 37529 | 12569963 |
|  STERIS PLC | 11101 | 2050244 |
|  Stryker Corp. | 37565 | 9184267 |
|  Sysco Corp. | 57463 | 4393046 |
|  Teleflex, Inc. | 5288 | 1320043 |
|  Thermo Fisher Scientific, Inc. | 43996 | 24228157 |
|  Tyson Foods, Inc. Class A | 32118 | 1999346 |
|  United Rentals, Inc. \* | 7770 | 2761613 |
|  UnitedHealth Group, Inc. | 105039 | 55689577 |
|  Universal Health Services, Inc. Class B | 7429 | 1046672 |
|  Verisk Analytics, Inc. | 17816 | 3143099 |
|  Vertex Pharmaceuticals, Inc. \* | 28936 | 8356138 |
|  Viatris, Inc. | 136711 | 1521593 |
|  Waters Corp. \* | 6670 | 2285009 |
|  West Pharmaceutical Services, Inc. | 8531 | 2007771 |
|  Zimmer Biomet Holdings, Inc. | 23807 | 3035393 |
|  Zoetis, Inc. | 52570 | 7704134 |
|  |  | 849457566 |
|  **Energy - 5.4%** |  |  |
|  APA Corp. | 37604 | 1755355 |
|  Baker Hughes Co. | 112756 | 3329685 |
|  Chevron Corp. | 200488 | 35985591 |
|  ConocoPhillips | 140433 | 16571094 |
|  Coterra Energy, Inc. | 89891 | 2208622 |
|  Devon Energy Corp. | 73654 | 4530458 |
|  Diamondback Energy, Inc. | 19810 | 2709612 |
|  Enphase Energy, Inc. \* | 15241 | 4038255 |
|  EOG Resources, Inc. | 66174 | 8570856 |
|  EQT Corp. | 41200 | 1393796 |
|  Exxon Mobil Corp. | 464134 | 51193980 |
|  First Solar, Inc. \* | 11174 | 1673753 |
|  Halliburton Co. | 100866 | 3969077 |
|  Hess Corp. | 31002 | 4396704 |
|  Kinder Morgan, Inc. | 220958 | 3994921 |
|  Marathon Oil Corp. | 74736 | 2023104 |
|  Marathon Petroleum Corp. | 52818 | 6147487 |
|  Occidental Petroleum Corp. | 83686 | 5271381 |
|  ONEOK, Inc. | 50686 | 3330070 |
|  Phillips 66 | 53827 | 5602314 |
|  Pioneer Natural Resources Co. | 26791 | 6118796 |
|  Schlumberger Ltd. | 158400 | 8468064 |
|  SolarEdge Technologies, Inc. \* | 6205 | 1757690 |
|  Targa Resources Corp. | 25245 | 1855508 |
|  Valero Energy Corp. | 43455 | 5512701 |
|  Williams Cos., Inc. | 137505 | 4523915 |
|  |  | 196932789 |
|  **Financial - 15.5%** |  |  |
|  Aflac, Inc. | 65171 | 4688402 |
|  Alexandria Real Estate Equities, Inc. REIT | 16606 | 2418996 |
|  Allstate Corp. | 30219 | 4097696 |
|  American Express Co. | 67655 | 9996026 |
|  American International Group, Inc. | 83873 | 5304129 |
|  American Tower Corp. REIT | 52455 | 11113116 |
|  Ameriprise Financial, Inc. | 12318 | 3835456 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-86** 

------

**PACIFIC SELECT FUND** 

**EQUITY INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Aon PLC Class A | 23658 | $7100712 |
|  Arch Capital Group Ltd. \* | 41474 | 2603738 |
|  Arthur J Gallagher & Co. | 23743 | 4476505 |
|  Assurant, Inc. | 5817 | 727474 |
|  AvalonBay Communities, Inc. REIT | 16004 | 2584966 |
|  Bank of America Corp. | 785018 | 25999796 |
|  Bank of New York Mellon Corp. | 81717 | 3719758 |
|  Berkshire Hathaway, Inc. Class B \* | 202674 | 62605999 |
|  BlackRock, Inc. | 16930 | 11997106 |
|  Boston Properties, Inc. REIT | 15602 | 1054383 |
|  Brown & Brown, Inc. | 26420 | 1505147 |
|  Camden Property Trust REIT | 12249 | 1370418 |
|  Capital One Financial Corp. | 42972 | 3994677 |
|  Cboe Global Markets, Inc. | 11891 | 1491964 |
|  CBRE Group, Inc. Class A \* | 36618 | 2818121 |
|  Charles Schwab Corp. | 171685 | 14294493 |
|  Chubb Ltd. | 46647 | 10290328 |
|  Cincinnati Financial Corp. | 17742 | 1816603 |
|  Citigroup, Inc. | 218547 | 9884881 |
|  Citizens Financial Group, Inc. | 54949 | 2163342 |
|  CME Group, Inc. | 40152 | 6751960 |
|  Comerica, Inc. | 13949 | 932491 |
|  Crown Castle, Inc. REIT | 48354 | 6558737 |
|  Digital Realty Trust, Inc. REIT | 32329 | 3241629 |
|  Discover Financial Services | 30130 | 2947618 |
|  Equinix, Inc. REIT | 10197 | 6679341 |
|  Equity Residential REIT | 37451 | 2209609 |
|  Essex Property Trust, Inc. REIT | 7361 | 1559943 |
|  Everest Re Group Ltd. | 4353 | 1442018 |
|  Extra Space Storage, Inc. REIT | 14786 | 2176203 |
|  Federal Realty Investment Trust REIT | 8328 | 841461 |
|  Fifth Third Bancorp | 77136 | 2530832 |
|  First Republic Bank | 20463 | 2494235 |
|  Franklin Resources, Inc. | 31577 | 833001 |
|  Globe Life, Inc. | 10410 | 1254926 |
|  Goldman Sachs Group, Inc. | 38156 | 13102007 |
|  Hartford Financial Services Group, Inc. | 36853 | 2794563 |
|  Healthpeak Properties, Inc. REIT | 61010 | 1529521 |
|  Host Hotels & Resorts, Inc. REIT | 83118 | 1334044 |
|  Huntington Bancshares, Inc. | 158842 | 2239672 |
|  Intercontinental Exchange, Inc. | 62238 | 6384996 |
|  Invesco Ltd. | 50174 | 902630 |
|  Invitation Homes, Inc. REIT | 63956 | 1895656 |
|  Iron Mountain, Inc. REIT | 33579 | 1673913 |
|  JPMorgan Chase & Co. | 329314 | 44161007 |
|  KeyCorp | 103882 | 1809624 |
|  Kimco Realty Corp. REIT | 68125 | 1442888 |
|  Lincoln National Corp. | 18100 | 556032 |
|  Loews Corp. | 22736 | 1326191 |
|  M&T Bank Corp. | 19815 | 2874364 |
|  Marsh & McLennan Cos., Inc. | 56037 | 9273003 |
|  Mastercard, Inc. Class A | 95813 | 33317055 |
|  MetLife, Inc. | 75462 | 5461185 |
|  Mid-America Apartment Communities, Inc. REIT | 12989 | 2039143 |
|  Morgan Stanley | 150583 | 12802567 |
|  Nasdaq, Inc. | 38864 | 2384306 |
|  Northern Trust Corp. | 23614 | 2089603 |
|  PNC Financial Services Group, Inc. | 45984 | 7262713 |
|  Principal Financial Group, Inc. | 25167 | 2112015 |
|  Progressive Corp. | 65265 | 8465523 |
|  Prologis, Inc. REIT | 103676 | 11687395 |
|  Prudential Financial, Inc. | 41373 | 4114959 |
|  Public Storage REIT | 17607 | 4933305 |
|  Raymond James Financial, Inc. | 21934 | 2343648 |
|  Realty Income Corp. REIT | 68827 | 4365697 |
|  Regency Centers Corp. REIT | 17121 | 1070063 |
|  Regions Financial Corp. | 102573 | 2211474 |
|  SBA Communications Corp. REIT | 12031 | 3372410 |
|  Signature Bank | 7157 | 824630 |
|  Simon Property Group, Inc. REIT | 36527 | 4291192 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  State Street Corp. | 40333 | $3128631 |
|  SVB Financial Group \* | 6454 | 1485324 |
|  Synchrony Financial | 54639 | 1795438 |
|  T Rowe Price Group, Inc. | 25299 | 2759109 |
|  Travelers Cos., Inc. | 27010 | 5064105 |
|  Truist Financial Corp. | 150412 | 6472228 |
|  UDR, Inc. REIT | 34128 | 1321777 |
|  US Bancorp | 151327 | 6599370 |
|  Ventas, Inc. REIT | 46222 | 2082301 |
|  VICI Properties, Inc. REIT | 107884 | 3495442 |
|  Visa, Inc. Class A | 183605 | 38145775 |
|  Vornado Realty Trust REIT | 18125 | 377181 |
|  W R Berkley Corp. | 23655 | 1716643 |
|  Wells Fargo & Co. | 425942 | 17587145 |
|  Welltower, Inc. REIT | 51641 | 3385068 |
|  Weyerhaeuser Co. REIT | 82189 | 2547859 |
|  Willis Towers Watson PLC | 12490 | 3054804 |
|  Zions Bancorp NA | 17603 | 865363 |
|  |  | 566740793 |
|  **Industrial - 8.4%** |  |  |
|  3M Co. | 61988 | 7433601 |
|  Agilent Technologies, Inc. | 33632 | 5033029 |
|  Allegion PLC | 10056 | 1058495 |
|  Amcor PLC | 164970 | 1964793 |
|  AMETEK, Inc. | 25442 | 3554756 |
|  Amphenol Corp. Class A | 66638 | 5073817 |
|  AO Smith Corp. | 14802 | 847266 |
|  Ball Corp. | 35791 | 1830352 |
|  Boeing Co. \* | 62960 | 11993250 |
|  Carrier Global Corp. | 95845 | 3953606 |
|  Caterpillar, Inc. | 59290 | 14203512 |
|  CH Robinson Worldwide, Inc. | 13856 | 1268655 |
|  CSX Corp. | 239644 | 7424171 |
|  Deere & Co. | 31323 | 13430050 |
|  Dover Corp. | 16269 | 2202985 |
|  Eaton Corp. PLC | 44476 | 6980508 |
|  Emerson Electric Co. | 66488 | 6386837 |
|  Expeditors International of Washington, Inc. | 18108 | 1881783 |
|  FedEx Corp. | 26899 | 4658907 |
|  Fortive Corp. | 40754 | 2618445 |
|  Garmin Ltd. | 16745 | 1545396 |
|  Generac Holdings, Inc. \* | 7119 | 716599 |
|  General Dynamics Corp. | 25197 | 6251628 |
|  General Electric Co. | 122812 | 10290417 |
|  Honeywell International, Inc. | 75663 | 16214581 |
|  Howmet Aerospace, Inc. | 40460 | 1594529 |
|  Huntington Ingalls Industries, Inc. | 4604 | 1062051 |
|  IDEX Corp. | 8351 | 1906784 |
|  Illinois Tool Works, Inc. | 31410 | 6919623 |
|  Ingersoll Rand, Inc. | 45835 | 2394879 |
|  Jacobs Solutions, Inc. | 14550 | 1747019 |
|  JB Hunt Transport Services, Inc. | 9458 | 1649097 |
|  Johnson Controls International PLC | 78114 | 4999296 |
|  Keysight Technologies, Inc. \* | 20360 | 3482985 |
|  L3Harris Technologies, Inc. | 21558 | 4488591 |
|  Lockheed Martin Corp. | 26563 | 12922634 |
|  Martin Marietta Materials, Inc. | 7051 | 2383026 |
|  Masco Corp. | 24708 | 1153122 |
|  Mettler-Toledo International, Inc. \* | 2573 | 3719143 |
|  Mohawk Industries, Inc. \* | 5906 | 603711 |
|  Nordson Corp. | 5993 | 1424656 |
|  Norfolk Southern Corp. | 26185 | 6452508 |
|  Northrop Grumman Corp. | 16268 | 8875983 |
|  Old Dominion Freight Line, Inc. | 10422 | 2957555 |
|  Otis Worldwide Corp. | 46555 | 3645722 |
|  Packaging Corp. of America | 10504 | 1343567 |
|  Parker-Hannifin Corp. | 14530 | 4228230 |
|  Pentair PLC | 18808 | 845984 |
|  Raytheon Technologies Corp. | 166226 | 16775528 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-87** 

------

**PACIFIC SELECT FUND** 

**EQUITY INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Republic Services, Inc. | 22930 | $2957741 |
|  Rockwell Automation, Inc. | 12802 | 3297411 |
|  Sealed Air Corp. | 16000 | 798080 |
|  Snap-on, Inc. | 5770 | 1318387 |
|  Stanley Black & Decker, Inc. | 16912 | 1270429 |
|  TE Connectivity Ltd. (Switzerland) | 35672 | 4095146 |
|  Teledyne Technologies, Inc. \* | 5153 | 2060736 |
|  Textron, Inc. | 23106 | 1635905 |
|  Trane Technologies PLC | 26237 | 4410177 |
|  TransDigm Group, Inc. | 5826 | 3668341 |
|  Trimble, Inc. \* | 28669 | 1449505 |
|  Union Pacific Corp. | 70216 | 14539627 |
|  United Parcel Service, Inc. Class B | 82206 | 14290691 |
|  Vulcan Materials Co. | 15124 | 2648364 |
|  Waste Management, Inc. | 42485 | 6665047 |
|  Westinghouse Air Brake Technologies Corp. | 20186 | 2014765 |
|  Westrock Co. | 27371 | 962364 |
|  Xylem, Inc. | 20402 | 2255849 |
|  |  | 306732227 |
|  **Technology - 21.5%** |  |  |
|  Accenture PLC Class A | 71032 | 18954179 |
|  Activision Blizzard, Inc. | 79892 | 6115733 |
|  Adobe, Inc. \* | 52554 | 17685998 |
|  Advanced Micro Devices, Inc. \* | 181765 | 11772919 |
|  Akamai Technologies, Inc. \* | 17301 | 1458474 |
|  Analog Devices, Inc. | 58372 | 9574759 |
|  ANSYS, Inc. \* | 9838 | 2376762 |
|  Apple, Inc. | 1685282 | 218968690 |
|  Applied Materials, Inc. | 97196 | 9464946 |
|  Autodesk, Inc. \* | 24480 | 4574578 |
|  Broadcom, Inc. | 45347 | 25354868 |
|  Broadridge Financial Solutions, Inc. | 13115 | 1759115 |
|  Cadence Design Systems, Inc. \* | 30893 | 4962652 |
|  Ceridian HCM Holding, Inc. \* | 17149 | 1100108 |
|  Cognizant Technology Solutions Corp. Class A | 58586 | 3350533 |
|  DXC Technology Co. \* | 27250 | 722125 |
|  Electronic Arts, Inc. | 29986 | 3663689 |
|  EPAM Systems, Inc. \* | 6284 | 2059518 |
|  Fidelity National Information Services, Inc. | 68619 | 4655799 |
|  Fiserv, Inc. \* | 71616 | 7238229 |
|  Fortinet, Inc. \* | 73545 | 3595615 |
|  Hewlett Packard Enterprise Co. | 147770 | 2358409 |
|  HP, Inc. | 100376 | 2697103 |
|  Intel Corp. | 461541 | 12198529 |
|  International Business Machines Corp. | 101475 | 14296813 |
|  Intuit, Inc. | 31691 | 12334771 |
|  Jack Henry & Associates, Inc. | 8352 | 1466277 |
|  KLA Corp. | 16007 | 6035119 |
|  Lam Research Corp. | 15274 | 6419662 |
|  Leidos Holdings, Inc. | 15187 | 1597521 |
|  Microchip Technology, Inc. | 61731 | 4336603 |
|  Micron Technology, Inc. | 124856 | 6240303 |
|  Microsoft Corp. | 840123 | 201478298 |
|  Monolithic Power Systems, Inc. | 4830 | 1707936 |
|  MSCI, Inc. | 9152 | 4257236 |
|  NetApp, Inc. | 25211 | 1514173 |
|  NVIDIA Corp. | 281189 | 41092960 |
|  NXP Semiconductors NV (China) | 29750 | 4701393 |
|  ON Semiconductor Corp. \* | 48621 | 3032492 |
|  Oracle Corp. | 170751 | 13957187 |
|  Paychex, Inc. | 36328 | 4198064 |
|  Paycom Software, Inc. \* | 5311 | 1648056 |
|  PTC, Inc. \* | 11906 | 1429196 |
|  Qorvo, Inc. \* | 12111 | 1097741 |
|  QUALCOMM, Inc. | 126108 | 13864314 |
|  Roper Technologies, Inc. | 11944 | 5160883 |
|  Salesforce, Inc. \* | 111734 | 14814811 |
|  Seagate Technology Holdings PLC | 21636 | 1138270 |
|  ServiceNow, Inc. \* | 22807 | 8855274 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Skyworks Solutions, Inc. | 17641 | $1607624 |
|  Synopsys, Inc. \* | 17147 | 5474866 |
|  Take-Two Interactive Software, Inc. \* | 17805 | 1854035 |
|  Teradyne, Inc. | 18041 | 1575881 |
|  Texas Instruments, Inc. | 102605 | 16952398 |
|  Tyler Technologies, Inc. \* | 4596 | 1481796 |
|  Western Digital Corp. \* | 34681 | 1094186 |
|  Zebra Technologies Corp. Class A \* | 5848 | 1499486 |
|  |  | 784878955 |
|  **Utilities - 3.1%** |  |  |
|  AES Corp. | 75668 | 2176212 |
|  Alliant Energy Corp. | 28136 | 1553388 |
|  Ameren Corp. | 29641 | 2635678 |
|  American Electric Power Co., Inc. | 57438 | 5453738 |
|  American Water Works Co., Inc. | 20660 | 3148997 |
|  Atmos Energy Corp. | 15452 | 1731706 |
|  CenterPoint Energy, Inc. | 71434 | 2142306 |
|  CMS Energy Corp. | 32453 | 2055248 |
|  Consolidated Edison, Inc. | 40251 | 3836323 |
|  Constellation Energy Corp. | 37176 | 3204943 |
|  Dominion Energy, Inc. | 93170 | 5713184 |
|  DTE Energy Co. | 21893 | 2573084 |
|  Duke Energy Corp. | 85810 | 8837572 |
|  Edison International | 43214 | 2749275 |
|  Entergy Corp. | 22706 | 2554425 |
|  Evergy, Inc. | 25703 | 1617490 |
|  Eversource Energy | 38783 | 3251567 |
|  Exelon Corp. | 111532 | 4821528 |
|  FirstEnergy Corp. | 59643 | 2501427 |
|  NextEra Energy, Inc. | 223954 | 18722554 |
|  NiSource, Inc. | 46075 | 1263376 |
|  NRG Energy, Inc. | 27231 | 866490 |
|  PG&E Corp. \* | 179383 | 2916768 |
|  Pinnacle West Capital Corp. | 13040 | 991562 |
|  PPL Corp. | 82560 | 2412403 |
|  Public Service Enterprise Group, Inc. | 55832 | 3420827 |
|  Sempra Energy | 35646 | 5508733 |
|  Southern Co. | 121770 | 8695596 |
|  WEC Energy Group, Inc. | 35918 | 3367672 |
|  Xcel Energy, Inc. | 61166 | 4288348 |
|  |  | 115012420 |
|  Total Common Stocks <br>(Cost $2,280,339,792) |  | 3621340165 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-88** 

------

**PACIFIC SELECT FUND** 

**EQUITY INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.9%** | **SHORT-TERM INVESTMENT - 0.9%** |  |
|  **Repurchase Agreement - 0.9%** | **Repurchase Agreement - 0.9%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $33,641,030; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28<br>and value $34,298,867) | $33626272 | $33626272 |
|  Total Short-Term Investment <br>(Cost $33,626,272) |  | 33626272 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $2,313,966,064)** | **TOTAL INVESTMENTS - 99.9% <br>(Cost $2,313,966,064)** | 3654966437 |
|  **DERIVATIVES - (0.1%)** | **DERIVATIVES - (0.1%)** | ($762031) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.2%** | **OTHER ASSETS & LIABILITIES, NET - 0.2%** | 5671506 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $3659875912 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 23.2% |
|  Technology | 21.5% |
|  Financial | 15.5% |
|  Communications | 10.7% |
|  Consumer, Cyclical | 9.0% |
|  Industrial | 8.4% |
|  Energy | 5.4% |
|  Utilities | 3.1% |
|  Others (each less than 3.0%) | 3.1% |
|  | 99.9% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 0.2% |
|  | 100.0% |

---

(b) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 E-Mini Index | 03/23 | 194 | $38213731 | $37451700 | ($762031) |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable<br>Inputs |
|  Assets | Common Stocks | $3621340165 | $3621340165 | $— | $— |
|  | Short-Term Investment | 33626272 |  | 33626272 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3654966437 | 3621340165 | 33626272 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts Futures | (762031) | (762031) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (762031) | (762031) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3654204406 | $3620578134 | $33626272 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-89** 

------

**PACIFIC SELECT FUND** 

**FOCUSED GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** |
|  **Basic Materials - 3.6%** | **Basic Materials - 3.6%** | **Basic Materials - 3.6%** |
|  Freeport-McMoRan, Inc. | 268186 | $10191068 |
|  Sherwin-Williams Co. | 93973 | 22302612 |
|  |  | 32493680 |
|  **Communications - 13.0%** | **Communications - 13.0%** | **Communications - 13.0%** |
|  Alphabet, Inc. Class C \* | 249846 | 22168836 |
|  Amazon.com, Inc. \* | 474381 | 39848004 |
|  Booking Holdings, Inc. \* | 11190 | 22550983 |
|  Match Group, Inc. \* | 103270 | 4284672 |
|  Meta Platforms, Inc. Class A \* | 247378 | 29769469 |
|  |  | 118621964 |
|  **Consumer, Cyclical - 10.3%** | **Consumer, Cyclical - 10.3%** | **Consumer, Cyclical - 10.3%** |
|  Caesars Entertainment, Inc. \* | 208881 | 8689450 |
|  Core & Main, Inc. Class A \* | 1110519 | 21444122 |
|  LVMH Moet Hennessy Louis Vuitton SE (France) | 23187 | 16873002 |
|  NIKE, Inc. Class B | 105584 | 12354384 |
|  Rivian Automotive, Inc. Class A \* | 185132 | 3411983 |
|  TJX Cos., Inc. | 389635 | 31014946 |
|  |  | 93787887 |
|  **Consumer, Non-Cyclical - 15.0%** | **Consumer, Non-Cyclical - 15.0%** | **Consumer, Non-Cyclical - 15.0%** |
|  AbbVie, Inc. | 196601 | 31772688 |
|  CoStar Group, Inc. \* | 405590 | 31343995 |
|  Danaher Corp. | 103956 | 27592002 |
|  Dexcom, Inc. \* | 78817 | 8925237 |
|  Horizon Therapeutics PLC\* | 291784 | 33205019 |
|  Olaplex Holdings, Inc. \* | 821315 | 4279051 |
|  |  | 137117992 |
|  **Financial - 13.6%** | **Financial - 13.6%** | **Financial - 13.6%** |
|  American Tower Corp. REIT | 134416 | 28477374 |
|  Charles Schwab Corp. | 247003 | 20565470 |
|  Cullen/Frost Bankers, Inc. | 121994 | 16310598 |
|  Mastercard, Inc. Class A | 168365 | 58545561 |
|  |  | 123899003 |
|  **Industrial - 10.4%** | **Industrial - 10.4%** | **Industrial - 10.4%** |
|  Crown Holdings, Inc. | 349687 | 28747768 |
|  Deere & Co. | 84994 | 36442027 |
|  Howmet Aerospace, Inc. | 758046 | 29874593 |
|  |  | 95064388 |
|  **Technology - 30.6%** | **Technology - 30.6%** | **Technology - 30.6%** |
|  Advanced Micro Devices, Inc. \* | 429266 | 27803559 |
|  Apple, Inc. | 323378 | 42016504 |
|  ASML Holding NV (Netherlands) | 52711 | 28801290 |
|  Atlassian Corp. Class A \* | 114156 | 14689594 |
|  Microsoft Corp. | 424658 | 101841482 |
|  NVIDIA Corp. | 73453 | 10734421 |
|  Texas Instruments, Inc. | 157106 | 25957053 |
|  Workday, Inc. Class A \* | 159124 | 26626219 |
|  |  | 278470122 |
|  Total Common Stocks <br>(Cost $982,075,699) |  | 879455036 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **SHORT-TERM INVESTMENTS - 3.7%** |  |  |
|  **Commercial Paper - 3.1%** |  |  |
|  Societe Generale SA (France) <br>5.992% due 01/03/23 | $28100000 | $28086562 |
|  **U.S. Treasury Bills - 0.6%** | **U.S. Treasury Bills - 0.6%** | **U.S. Treasury Bills - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% due 01/03/23 | 6000000 | 6000000 |
|  Total Short-Term Investments <br>(Cost $34,092,855) |  | 34086562 |
|  **TOTAL INVESTMENTS - 100.2% <br>(Cost $1,016,168,554)** |  | **913541598** |
|  **OTHER ASSETS & LIABILITIES, NET - (0.2%)** | **OTHER ASSETS & LIABILITIES, NET - (0.2%)** | (2051363) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $911490235 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Technology | 30.6% |
|  Consumer, Non-Cyclical | 15.0% |
|  Financial | 13.6% |
|  Communications | 13.0% |
|  Industrial | 10.4% |
|  Consumer, Cyclical | 10.3% |
|  Short-Term Investments | 3.7% |
|  Basic Materials | 3.6% |
|  | 100.2% |
|  Other Assets & Liabilities, Net | (0.2%) |
|  | 100.0% |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-90** 

------

**PACIFIC SELECT FUND** 

**FOCUSED GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $32493680 | $32493680 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 118621964 | 118621964 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 93787887 | 76914885 | 16873002 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 137117992 | 137117992 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 123899003 | 123899003 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 95064388 | 95064388 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 278470122 | 278470122 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 879455036 | 862582034 | 16873002 |  |
|  | Short-Term Investments | 34086562 |  | 34086562 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $913541598 | $862582034 | $50959564 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-91** 

------

**PACIFIC SELECT FUND** 

**GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 97.2%** | **COMMON STOCKS - 97.2%** | **COMMON STOCKS - 97.2%** |
|  **Basic Materials - 3.5%** |  |  |
|  Air Products & Chemicals, Inc. | 55229 | $17024892 |
|  Linde PLC (United Kingdom) | 16680 | 5440682 |
|  Sherwin-Williams Co. | 81632 | 19373723 |
|  |  | 41839297 |
|  **Communications - 11.9%** |  |  |
|  Alphabet, Inc. Class A \* | 675668 | 59614188 |
|  Alphabet, Inc. Class C \* | 207229 | 18387429 |
|  Amazon.com, Inc. \* | 710834 | 59710056 |
|  Match Group, Inc. \* | 93584 | 3882800 |
|  |  | 141594473 |
|  **Consumer, Cyclical - 4.6%** |  |  |
|  Chipotle Mexican Grill, Inc. \* | 4621 | 6411591 |
|  Dollar Tree, Inc. \* | 42430 | 6001299 |
|  Hilton Worldwide Holdings, Inc. | 105082 | 13278162 |
|  Lululemon Athletica, Inc. \* | 20779 | 6657176 |
|  LVMH Moet Hennessy Louis Vuitton SE (France) | 17126 | 12462459 |
|  O'Reilly Automotive, Inc. \* | 12271 | 10357092 |
|  |  | 55167779 |
|  **Consumer, Non-Cyclical - 24.0%** |  |  |
|  Abbott Laboratories | 211528 | 23223659 |
|  Becton Dickinson & Co. | 39833 | 10129532 |
|  Block, Inc. \* | 51519 | 3237454 |
|  Boston Scientific Corp. \* | 507551 | 23484385 |
|  Colgate-Palmolive Co. | 171139 | 13484042 |
|  CoStar Group, Inc. \* | 185550 | 14339304 |
|  Danaher Corp. | 100921 | 26786452 |
|  Equifax, Inc. | 39209 | 7620661 |
|  Estee Lauder Cos., Inc. Class A | 71072 | 17633674 |
|  Gartner, Inc. \* | 28492 | 9577301 |
|  ICON PLC\* | 49792 | 9672096 |
|  Regeneron Pharmaceuticals, Inc. \* | 14222 | 10261031 |
|  STERIS PLC | 29677 | 5481045 |
|  Thermo Fisher Scientific, Inc. | 50844 | 27999282 |
|  TransUnion | 93740 | 5319745 |
|  UnitedHealth Group, Inc. | 52290 | 27723112 |
|  Verisk Analytics, Inc. | 111208 | 19619315 |
|  Vertex Pharmaceuticals, Inc. \* | 65678 | 18966493 |
|  Zoetis, Inc. | 78082 | 11442917 |
|  |  | 286001500 |
|  **Energy - 1.6%** |  |  |
|  Enphase Energy, Inc. \* | 9583 | 2539112 |
|  EOG Resources, Inc. | 57541 | 7452710 |
|  Hess Corp. | 61963 | 8787593 |
|  |  | 18779415 |
|  **Financial - 13.3%** |  |  |
|  American Express Co. | 19829 | 2929735 |
|  American Tower Corp. REIT | 68901 | 14597366 |
|  Aon PLC Class A | 68342 | 20512168 |
|  Arthur J Gallagher & Co. | 31815 | 5998400 |
|  Charles Schwab Corp. | 213658 | 17789165 |
|  CME Group, Inc. | 52610 | 8846897 |
|  Mastercard, Inc. Class A | 133844 | 46541574 |
|  Visa, Inc. Class A | 195283 | 40571996 |
|  |  | 157787301 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrial - 6.9%** |  |  |
|  Agilent Technologies, Inc. | 30523 | $4567767 |
|  AMETEK, Inc. | 110454 | 15432633 |
|  Amphenol Corp. Class A | 54824 | 4174299 |
|  Canadian Pacific Railway Ltd. (NYSE) (Canada) | 148784 | 11097799 |
|  Eaton Corp. PLC | 31237 | 4902647 |
|  Johnson Controls International PLC | 220685 | 14123840 |
|  Martin Marietta Materials, Inc. | 10384 | 3509480 |
|  Rockwell Automation, Inc. | 14209 | 3659812 |
|  Vulcan Materials Co. | 120180 | 21044720 |
|  |  | 82512997 |
|  **Technology - 31.4%** |  |  |
|  Accenture PLC Class A | 12902 | 3442770 |
|  Adobe, Inc. \* | 79696 | 26820095 |
|  Apple, Inc. | 447987 | 58206951 |
|  Applied Materials, Inc. | 34394 | 3349288 |
|  ASML Holding NV (Netherlands) | 22146 | 12100574 |
|  Autodesk, Inc. \* | 16711 | 3122785 |
|  Black Knight, Inc. \* | 48297 | 2982340 |
|  Cadence Design Systems, Inc. \* | 59126 | 9498001 |
|  Electronic Arts, Inc. | 93068 | 11371048 |
|  Intuit, Inc. | 68079 | 26497708 |
|  Lam Research Corp. | 20823 | 8751907 |
|  Microsoft Corp. | 584853 | 140259446 |
|  MSCI, Inc. | 51553 | 23980909 |
|  NVIDIA Corp. | 156039 | 22803539 |
|  ServiceNow, Inc. \* | 25099 | 9745189 |
|  Synopsys, Inc. \* | 14230 | 4543497 |
|  Take-Two Interactive Software, Inc. \* | 41440 | 4315147 |
|  Veeva Systems, Inc. Class A \* | 7411 | 1195987 |
|  |  | 372987181 |
|  Total Common Stocks <br>(Cost $980,785,752) |  | 1156669943 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | |
|  **SHORT-TERM INVESTMENT - 2.8%** |  |  |
|  **Repurchase Agreement - 2.8%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $33,417,031; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28<br>and value $34,070,425) | $33402371 | 33402371 |
|  Total Short-Term Investment <br>(Cost $33,402,371) |  | 33402371 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $1,014,188,123)** |  | 1190072314 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (121583) |
|  **NET ASSETS - 100.0%** |  | $1189950731 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-92** 

------

**PACIFIC SELECT FUND** 

**GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Technology | 31.4% |
|  Consumer, Non-Cyclical | 24.0% |
|  Financial | 13.3% |
|  Communications | 11.9% |
|  Industrial | 6.9% |
|  Consumer, Cyclical | 4.6% |
|  Basic Materials | 3.5% |
|  Others (each less than 3.0%) | 4.4% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $41839297 | $41839297 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 141594473 | 141594473 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 55167779 | 42705320 | 12462459 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 286001500 | 286001500 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 18779415 | 18779415 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 157787301 | 157787301 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 82512997 | 82512997 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 372987181 | 372987181 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 1156669943 | 1144207484 | 12462459 |  |
|  | Short-Term Investment | 33402371 |  | 33402371 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1190072314 | $1144207484 | $45864830 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-93** 

------

**PACIFIC SELECT FUND** 

**HEDGED EQUITY PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** |
|  **Basic Materials - 2.2%** | **Basic Materials - 2.2%** | **Basic Materials - 2.2%** |
|  Air Products & Chemicals, Inc. | 1050 | $323673 |
|  Celanese Corp. | 1065 | 108886 |
|  DuPont de Nemours, Inc. ‡ | 4280 | 293736 |
|  Eastman Chemical Co. ‡ | 5550 | 451992 |
|  Freeport-McMoRan, Inc. | 5835 | 221730 |
|  Linde PLC (United Kingdom) | 4027 | 1313527 |
|  Nucor Corp. | 1795 | 236599 |
|  PPG Industries, Inc. ‡ | 5069 | 637376 |
|  |  | 3587519 |
|  **Communications - 10.5%** | **Communications - 10.5%** | **Communications - 10.5%** |
|  Alphabet, Inc. Class A \* ‡ | 35540 | 3135694 |
|  Alphabet, Inc. Class C \* ‡ | 25911 | 2299083 |
|  Amazon.com, Inc. \* ‡ | 47454 | 3986136 |
|  Booking Holdings, Inc. \* ‡ | 462 | 931059 |
|  Charter Communications, Inc. Class A \* ‡ | 2116 | 717536 |
|  Comcast Corp. Class A ‡ | 34647 | 1211605 |
|  Corning, Inc. | 4267 | 136288 |
|  Expedia Group, Inc. \* | 3903 | 341903 |
|  Meta Platforms, Inc. Class A \* ‡ | 13235 | 1592700 |
|  Motorola Solutions, Inc. | 1445 | 372391 |
|  Netflix, Inc. \* ‡ | 2970 | 875794 |
|  T-Mobile US, Inc. \* ‡ | 5500 | 770000 |
|  Uber Technologies, Inc. \* | 4942 | 122216 |
|  Verizon Communications, Inc. | 1017 | 40070 |
|  Walt Disney Co. \* ‡ | 2816 | 244654 |
|  |  | 16777129 |
|  **Consumer, Cyclical - 8.4%** | **Consumer, Cyclical - 8.4%** | **Consumer, Cyclical - 8.4%** |
|  AutoNation, Inc. \* | 2114 | 226832 |
|  AutoZone, Inc. \* | 323 | 796576 |
|  Best Buy Co., Inc. ‡ | 7129 | 571817 |
|  Burlington Stores, Inc. \* | 1466 | 297246 |
|  Chipotle Mexican Grill, Inc. \* | 501 | 695133 |
|  Costco Wholesale Corp. ‡ | 2585 | 1180053 |
|  Domino's Pizza, Inc. | 493 | 170775 |
|  Home Depot, Inc. ‡ | 3013 | 951686 |
|  Lennar Corp. Class A ‡ | 5463 | 494402 |
|  Lowe's Cos., Inc. ‡ | 8261 | 1645922 |
|  Magna International, Inc. (Canada) | 4229 | 237585 |
|  Marriott International, Inc. Class A | 3206 | 477341 |
|  McDonald's Corp. ‡ | 3458 | 911287 |
|  NIKE, Inc. Class B ‡ | 7839 | 917241 |
|  O'Reilly Automotive, Inc. \* ‡ | 823 | 694637 |
|  Rivian Automotive, Inc. Class A \* | 1488 | 27424 |
|  Royal Caribbean Cruises Ltd. \* | 1020 | 50419 |
|  Southwest Airlines Co. \* | 3542 | 119259 |
|  Target Corp. | 1461 | 217747 |
|  Tesla, Inc. \* ‡ | 12981 | 1599000 |
|  TJX Cos., Inc. ‡ | 6421 | 511112 |
|  Toll Brothers, Inc. | 3696 | 184504 |
|  Ulta Beauty, Inc. \* | 261 | 122427 |
|  Yum! Brands, Inc. | 2179 | 279086 |
|  |  | 13379511 |
|  **Consumer, Non-Cyclical - 22.0%** | **Consumer, Non-Cyclical - 22.0%** | **Consumer, Non-Cyclical - 22.0%** |
|  Abbott Laboratories | 7696 | 844944 |
|  AbbVie, Inc. ‡ | 14349 | 2318942 |
|  Affirm Holdings, Inc. \* | 5526 | 53436 |
|  Altria Group, Inc. ‡ | 11523 | 526716 |
|  Avery Dennison Corp. | 1162 | 210322 |
|  Baxter International, Inc. | 10507 | 535542 |
|  Biogen, Inc. \* | 1941 | 537502 |
|  BioMarin Pharmaceutical, Inc. \* | 1515 | 156787 |
|  Block, Inc. \* | 1332 | 83703 |
|  Booz Allen Hamilton Holding Corp. | 1403 | 146642 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Boston Scientific Corp. \* ‡ | 16491 | $763039 |
|  Bristol-Myers Squibb Co. ‡ | 22489 | 1618084 |
|  Centene Corp. \* ‡ | 8739 | 716685 |
|  Cintas Corp. | 481 | 217229 |
|  Coca-Cola Co. ‡ | 31236 | 1986922 |
|  Colgate-Palmolive Co. ‡ | 12203 | 961474 |
|  Constellation Brands, Inc. Class A ‡ | 2946 | 682736 |
|  CVS Health Corp. | 1123 | 104652 |
|  Danaher Corp. ‡ | 3592 | 953389 |
|  Dexcom, Inc. \* | 1917 | 217081 |
|  Elevance Health, Inc. ‡ | 1998 | 1024914 |
|  Eli Lilly & Co. | 4976 | 1820420 |
|  FleetCor Technologies, Inc. \* | 2953 | 542407 |
|  Hershey Co. | 851 | 197066 |
|  Humana, Inc. | 735 | 376460 |
|  Intuitive Surgical, Inc. \* ‡ | 3620 | 960567 |
|  Johnson & Johnson ‡ | 8796 | 1553813 |
|  Kimberly-Clark Corp. ‡ | 4224 | 573408 |
|  McKesson Corp. | 1195 | 448268 |
|  Medtronic PLC | 7771 | 603962 |
|  Merck & Co., Inc. ‡ | 10791 | 1197261 |
|  Mondelez International, Inc. Class A ‡ | 7380 | 491877 |
|  Neurocrine Biosciences, Inc. \* | 1401 | 167335 |
|  PepsiCo, Inc. ‡ | 3972 | 717582 |
|  Pfizer, Inc. ‡ | 10619 | 544118 |
|  Philip Morris International, Inc. ‡ | 7371 | 746019 |
|  Procter & Gamble Co. ‡ | 10210 | 1547428 |
|  Regeneron Pharmaceuticals, Inc. \* ‡ | 1355 | 977619 |
|  S&P Global, Inc. ‡ | 2329 | 780075 |
|  Sarepta Therapeutics, Inc. \* | 1158 | 150054 |
|  Thermo Fisher Scientific, Inc. ‡ | 3420 | 1883360 |
|  UnitedHealth Group, Inc. ‡ | 5911 | 3133894 |
|  Vertex Pharmaceuticals, Inc. \* ‡ | 2857 | 825044 |
|  Zimmer Biomet Holdings, Inc. | 1614 | 205785 |
|  |  | 35104563 |
|  **Energy - 5.1%** | **Energy - 5.1%** | **Energy - 5.1%** |
|  Baker Hughes Co. | 8647 | 255346 |
|  Chevron Corp. ‡ | 3852 | 691395 |
|  ConocoPhillips ‡ | 14246 | 1681028 |
|  Coterra Energy, Inc. | 11181 | 274717 |
|  Diamondback Energy, Inc. ‡ | 7041 | 963068 |
|  EOG Resources, Inc. ‡ | 7696 | 996786 |
|  Exxon Mobil Corp. ‡ | 27357 | 3017477 |
|  Phillips 66 | 2422 | 252082 |
|  |  | 8131899 |
|  **Financial - 16.0%** | **Financial - 16.0%** | **Financial - 16.0%** |
|  American Express Co. ‡ | 9538 | 1409240 |
|  Ameriprise Financial, Inc. | 1344 | 418481 |
|  Aon PLC Class A | 1162 | 348763 |
|  Bank of America Corp. ‡ | 39100 | 1294992 |
|  Berkshire Hathaway, Inc. Class B \* ‡ | 7933 | 2450504 |
|  Camden Property Trust REIT | 1317 | 147346 |
|  Capital One Financial Corp. ‡ | 1365 | 126890 |
|  Citigroup, Inc. ‡ | 9308 | 421001 |
|  CME Group, Inc. | 3993 | 671463 |
|  Equinix, Inc. REIT | 714 | 467691 |
|  Equity LifeStyle Properties, Inc. REIT | 4472 | 288891 |
|  Fifth Third Bancorp ‡ | 16006 | 525157 |
|  Globe Life, Inc. | 1991 | 240015 |
|  Host Hotels & Resorts, Inc. REIT | 4265 | 68453 |
|  Intercontinental Exchange, Inc. ‡ | 7322 | 751164 |
|  Mastercard, Inc. Class A ‡ | 7563 | 2629882 |
|  Morgan Stanley ‡ | 8196 | 696824 |
|  Progressive Corp. ‡ | 10635 | 1379466 |
|  Prologis, Inc. REIT | 9910 | 1117154 |
|  Prudential Financial, Inc. | 1838 | 182808 |
|  Raymond James Financial, Inc. | 3779 | 403786 |
|  SBA Communications Corp. REIT | 2733 | 766087 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-94** 

------

**PACIFIC SELECT FUND** 

**HEDGED EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  State Street Corp. ‡ | 3990 | $309504 |
|  Sun Communities, Inc. REIT ‡ | 2589 | 370227 |
|  SVB Financial Group \* | 470 | 108166 |
|  Travelers Cos., Inc. ‡ | 5932 | 1112191 |
|  Truist Financial Corp. ‡ | 20850 | 897176 |
|  UDR, Inc. REIT | 9288 | 359724 |
|  US Bancorp ‡ | 29629 | 1292121 |
|  Ventas, Inc. REIT | 12199 | 549565 |
|  Visa, Inc. Class A ‡ | 9936 | 2064303 |
|  Wells Fargo & Co. ‡ | 40739 | 1682113 |
|  |  | 25551148 |
|  **Industrial - 8.5%** | **Industrial - 8.5%** | **Industrial - 8.5%** |
|  CSX Corp. | 10095 | 312743 |
|  Deere & Co. ‡ | 3096 | 1327441 |
|  Dover Corp. | 2598 | 351795 |
|  Eaton Corp. PLC | 6103 | 957866 |
|  General Dynamics Corp. | 794 | 196999 |
|  Honeywell International, Inc. ‡ | 8683 | 1860767 |
|  Howmet Aerospace, Inc. | 2188 | 86229 |
|  Ingersoll Rand, Inc. | 1933 | 100999 |
|  Martin Marietta Materials, Inc. | 683 | 230834 |
|  Masco Corp. ‡ | 7456 | 347972 |
|  Norfolk Southern Corp. ‡ | 3393 | 836103 |
|  Otis Worldwide Corp. | 7580 | 593590 |
|  Parker-Hannifin Corp. ‡ | 2849 | 829059 |
|  Raytheon Technologies Corp. ‡ | 15649 | 1579297 |
|  TE Connectivity Ltd. (Switzerland) | 1609 | 184713 |
|  Textron, Inc. | 8284 | 586507 |
|  Trane Technologies PLC | 6231 | 1047369 |
|  Union Pacific Corp. ‡ | 2858 | 591806 |
|  United Parcel Service, Inc. Class B ‡ | 8716 | 1515189 |
|  |  | 13537278 |
|  **Technology - 21.3%** | **Technology - 21.3%** | **Technology - 21.3%** |
|  Accenture PLC Class A | 5243 | 1399042 |
|  Adobe, Inc. \* ‡ | 3504 | 1179201 |
|  Advanced Micro Devices, Inc. \* ‡ | 13799 | 893761 |
|  Analog Devices, Inc. ‡ | 7723 | 1266804 |
|  Apple, Inc. ‡ | 73048 | 9491127 |
|  Broadcom, Inc. | 516 | 288511 |
|  Cadence Design Systems, Inc. \* | 1280 | 205619 |
|  DocuSign, Inc. \* | 3222 | 178563 |
|  Fortinet, Inc. \* | 3252 | 158990 |
|  Intuit, Inc. ‡ | 2507 | 975775 |
|  Lam Research Corp. ‡ | 2792 | 1173478 |
|  Leidos Holdings, Inc. ‡ | 4241 | 446111 |
|  Microchip Technology, Inc. | 6036 | 424029 |
|  Micron Technology, Inc. | 2805 | 140194 |
|  Microsoft Corp. ‡ | 40142 | 9626854 |
|  NVIDIA Corp. ‡ | 10282 | 1502612 |
|  NXP Semiconductors NV (China) | 7347 | 1161046 |
|  Oracle Corp. ‡ | 5362 | 438290 |
|  QUALCOMM, Inc. | 1897 | 208556 |
|  Salesforce, Inc. \* ‡ | 749 | 99310 |
|  Seagate Technology Holdings PLC | 9251 | 486695 |
|  Teradyne, Inc. | 2501 | 218462 |
|  Texas Instruments, Inc. ‡ | 10138 | 1675000 |
|  Workday, Inc. Class A \* ‡ | 2095 | 350556 |
|  ZoomInfo Technologies, Inc. \* | 3968 | 119477 |
|  |  | 34108063 |
|  **Utilities - 3.1%** | **Utilities - 3.1%** | **Utilities - 3.1%** |
|  Ameren Corp. | 4851 | 431351 |
|  CenterPoint Energy, Inc. ‡ | 16147 | 484248 |
|  FirstEnergy Corp. ‡ | 5439 | 228112 |
|  NextEra Energy, Inc. ‡ | 22035 | 1842126 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  PG&E Corp. \* | 37418 | $608417 |
|  Public Service Enterprise Group, Inc. | 9112 | 558292 |
|  Sempra Energy ‡ | 5199 | 803453 |
|  |  | 4955999 |
|  Total Common Stocks <br>(Cost $166,164,684) |  | 155133109 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 3.0%** | **SHORT-TERM INVESTMENT - 3.0%** |  |
|  **Repurchase Agreement - 3.0%** | **Repurchase Agreement - 3.0%** | **Repurchase Agreement - 3.0%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $4,747,675; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $4,840,575) | $4745592 | 4745592 |
|  Total Short-Term Investment <br>(Cost $4,745,592) |  | 4745592 |
|  **TOTAL INVESTMENTS - 100.1% <br>(Cost $170,910,276)** |  | 159878701 |
|  **DERIVATIVES - (0.2%)** |  | (195079) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  | 98239 |
|  **NET ASSETS - 100.0%** |  | $159781861 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 22.0% |
|  Technology | 21.3% |
|  Financial | 16.0% |
|  Communications | 10.5% |
|  Industrial | 8.5% |
|  Consumer, Cyclical | 8.4% |
|  Energy | 5.1% |
|  Utilities | 3.1% |
|  Short-Term Investment | 3.0% |
|  Others (each less than 3.0%) | 2.2% |
|  | 100.1% |
|  Derivatives | (0.2%) |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) As of December 31, 2022, investments with a total aggregate value of $58,999,852 were fully or partially
segregated with the broker(s)/custodian as collateral for option contracts.

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-95** 

------

**PACIFIC SELECT FUND** 

**HEDGED EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(c) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 E-Mini Index | 03/23 | 26 | $5105125 | $5019300 | ($85825) |

---

(d) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Options on Indices</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Cost | Value |
|  Put – S&P 500 Index | $3630.00 | 03/31/23 | CBOE | 417 | $151371000 | $3639993 | $3649584 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $3639993 | $3649584 |

---

(e) Premiums received and value of written options outstanding as of December 31, 2022 were as follows:

<u>Options on Indices</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional <br>Amount | Premium | Value |
|  Call – S&P 500 Index | $4065.00 | 03/31/23 | CBOE | 417 | $169510500 | $3235086 | ($3235503) |
|  Put – S&P 500 Index | 3060.00 | 03/31/23 | CBOE | 417 | 127602000 | 522918 | (523335) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $3758004 | ($3758838) |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $155133109 | $155133109 | $— | $— |
|  | Short-Term Investment | 4745592 |  | 4745592 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 3649584 |  | 3649584 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 163528285 | 155133109 | 8395176 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (85825) | (85825) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (3758838) |  | (3758838) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (3844663) | (85825) | (3758838) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $159683622 | $155047284 | $4636338 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-96** 

------

**PACIFIC SELECT FUND** 

**LARGE-CAP CORE PORTFOLIO (Formerly Main Street<sup>®</sup> Core Portfolio)** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **COMMON STOCKS - 100.0%** | **COMMON STOCKS - 100.0%** | **COMMON STOCKS - 100.0%** |
|  **Basic Materials - 2.4%** | **Basic Materials - 2.4%** | **Basic Materials - 2.4%** |
|  Eastman Chemical Co. | 114304 | $9308918 |
|  PPG Industries, Inc. | 116883 | 14696868 |
|  |  | 24005786 |
|  **Communications - 10.6%** | **Communications - 10.6%** | **Communications - 10.6%** |
|  Alphabet, Inc. Class A \* | 542394 | 47855422 |
|  Amazon.com, Inc. \* | 383899 | 32247516 |
|  Meta Platforms, Inc. Class A \* | 28246 | 3399124 |
|  Uber Technologies, Inc. \* | 519660 | 12851192 |
|  Verizon Communications, Inc. | 307660 | 12121804 |
|  |  | 108475058 |
|  **Consumer, Cyclical - 9.6%** | **Consumer, Cyclical - 9.6%** | **Consumer, Cyclical - 9.6%** |
|  Dollar General Corp. | 70700 | 17409875 |
|  Lowe's Cos., Inc. | 63167 | 12585393 |
|  Marriott International, Inc. Class A | 39659 | 5904829 |
|  McDonald's Corp. | 91239 | 24044214 |
|  NIKE, Inc. Class B | 102746 | 12022309 |
|  Tesla, Inc. \* | 124308 | 15312259 |
|  TJX Cos., Inc. | 136713 | 10882355 |
|  |  | 98161234 |
|  **Consumer, Non-Cyclical - 20.7%** | **Consumer, Non-Cyclical - 20.7%** | **Consumer, Non-Cyclical - 20.7%** |
|  AbbVie, Inc. | 227282 | 36731044 |
|  Boston Scientific Corp. \* | 453170 | 20968176 |
|  Bristol-Myers Squibb Co. | 334439 | 24062886 |
|  Coca-Cola Co. | 399684 | 25423899 |
|  Intuitive Surgical, Inc. \* | 38517 | 10220486 |
|  Regeneron Pharmaceuticals, Inc. \* | 32513 | 23457804 |
|  S&P Global, Inc. | 63520 | 21275389 |
|  UnitedHealth Group, Inc. | 69517 | 36856523 |
|  Vertex Pharmaceuticals, Inc. \* | 41521 | 11990435 |
|  |  | 210986642 |
|  **Energy - 5.1%** | **Energy - 5.1%** | **Energy - 5.1%** |
|  Baker Hughes Co. | 728918 | 21524949 |
|  ConocoPhillips | 141821 | 16734878 |
|  Pioneer Natural Resources Co. | 59868 | 13673252 |
|  |  | 51933079 |
|  **Financial - 14.8%** | **Financial - 14.8%** | **Financial - 14.8%** |
|  Ameriprise Financial, Inc. | 43915 | 13673813 |
|  Mastercard, Inc. Class A | 87006 | 30254596 |
|  Morgan Stanley | 281453 | 23929134 |
|  Progressive Corp. | 61189 | 7936825 |
|  Prologis, Inc. REIT | 270949 | 30544081 |
|  Truist Financial Corp. | 539098 | 23197387 |
|  US Bancorp | 297798 | 12986971 |
|  Wells Fargo & Co. | 208871 | 8624284 |
|  |  | 151147091 |
|  **Industrial - 10.2%** | **Industrial - 10.2%** | **Industrial - 10.2%** |
|  Deere & Co. | 41542 | 17811548 |
|  Eaton Corp. PLC | 151645 | 23800683 |
|  Norfolk Southern Corp. | 77812 | 19174433 |
|  Northrop Grumman Corp. | 28192 | 15381837 |
|  Trane Technologies PLC | 97006 | 16305739 |
|  Vulcan Materials Co. | 64774 | 11342575 |
|  |  | 103816815 |
|  **Technology - 21.5%** | **Technology - 21.5%** | **Technology - 21.5%** |
|  Advanced Micro Devices, Inc. \* | 179057 | 11597522 |
|  Apple, Inc. | 355220 | 46153734 |
|  ASML Holding NV (Netherlands) | 13599 | 7430494 |
|  Intuit, Inc. | 25032 | 9742955 |
|  Leidos Holdings, Inc. | 76148 | 8010008 |
|  Microsoft Corp. | 321335 | 77062560 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  NVIDIA Corp. | 65686 | $| 9599352 |
|  NXP Semiconductors NV (China) | 191472 |  | 30258320 |
|  Oracle Corp. | 136145 |  | 11128492 |
|  Teradyne, Inc. | 90617 |  | 7915395 |
|  |  |  | 218898832 |
|  **Utilities - 5.1%** | **Utilities - 5.1%** | **Utilities - 5.1%** | **Utilities - 5.1%** |
|  NextEra Energy, Inc. | 429930 |  | 35942148 |
|  PG&E Corp. \* | 295091 |  | 4798180 |
|  Xcel Energy, Inc. | 152467 |  | 10689461 |
|  |  |  | 51429789 |
|  Total Common Stocks <br>(Cost $1,042,288,674) |  |  | 1018854326 |
|  | **Principal<br>Amount** |  |  |
|  **SHORT-TERM INVESTMENT - 0.1%** |  |  |  |
|  **Repurchase Agreement - 0.1%** |  |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $1,387,021; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $1,414,224) | $1386413 |  | 1386413 |
|  Total Short-Term Investment <br>(Cost $1,386,413) |  |  | 1386413 |
|  **TOTAL INVESTMENTS - 100.1% <br>(Cost $1,043,675,087)** |  |  | 1020240739 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** |  | (1093266) |
|  **NET ASSETS - 100.0%** |  |  | $1019147473 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Technology | 21.5% |
|  Consumer, Non-Cyclical | 20.7% |
|  Financial | 14.8% |
|  Communications | 10.6% |
|  Industrial | 10.2% |
|  Consumer, Cyclical | 9.6% |
|  Energy | 5.1% |
|  Utilities | 5.1% |
|  Others (each less than 3.0%) | 2.5% |
|  | 100.1% |
|  Other Assets & Liabilities, Net | (0.1%) |
|  | 100.0% |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-97** 

------

**PACIFIC SELECT FUND** 

**LARGE-CAP CORE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $1018854326 | $1018854326 | $— | $— |
|  | Short-Term Investment | 1386413 |  | 1386413 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1020240739 | $1018854326 | $1386413 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-98** 

------

**PACIFIC SELECT FUND** 

**LARGE-CAP GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** |
|  **Basic Materials - 1.4%** | **Basic Materials - 1.4%** | **Basic Materials - 1.4%** |
|  Sherwin-Williams Co. | 47016 | $11158307 |
|  **Communications - 12.3%** | **Communications - 12.3%** | **Communications - 12.3%** |
|  Alphabet, Inc. Class A \* | 422838 | 37306997 |
|  Amazon.com, Inc. \* | 564980 | 47458320 |
|  Match Group, Inc. \* | 279831 | 11610188 |
|  |  | 96375505 |
|  **Consumer, Cyclical - 10.9%** | **Consumer, Cyclical - 10.9%** | **Consumer, Cyclical - 10.9%** |
|  Chipotle Mexican Grill, Inc. \* | 7568 | 10500524 |
|  Evolution AB ~ (Sweden) | 148272 | 14442343 |
|  LVMH Moet Hennessy Louis Vuitton SE (France) | 28254 | 20560220 |
|  NIKE, Inc. Class B | 173744 | 20329786 |
|  Ross Stores, Inc. | 43003 | 4991358 |
|  Tesla, Inc. \* | 118707 | 14622328 |
|  |  | 85446559 |
|  **Consumer, Non-Cyclical - 22.5%** | **Consumer, Non-Cyclical - 22.5%** | **Consumer, Non-Cyclical - 22.5%** |
|  Adyen NV \* ~ (Netherlands) | 2193 | 3044430 |
|  AstraZeneca PLC ADR (United Kingdom) | 217829 | 14768806 |
|  Boston Scientific Corp. \* | 266393 | 12326004 |
|  Cintas Corp. | 20031 | 9046400 |
|  Danaher Corp. | 70205 | 18633811 |
|  IDEXX Laboratories, Inc. \* | 31997 | 13053496 |
|  Intuitive Surgical, Inc. \* | 69260 | 18378141 |
|  Lonza Group AG (Switzerland) | 20731 | 10176338 |
|  S&P Global, Inc. | 68942 | 23091434 |
|  Thermo Fisher Scientific, Inc. | 21148 | 11645992 |
|  UnitedHealth Group, Inc. | 54412 | 28848154 |
|  Zoetis, Inc. | 91879 | 13464868 |
|  |  | 176477874 |
|  **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** |
|  Cheniere Energy, Inc. | 69216 | 10379631 |
|  EQT Corp. | 83076 | 2810461 |
|  |  | 13190092 |
|  **Financial - 9.6%** | **Financial - 9.6%** | **Financial - 9.6%** |
|  Blackstone, Inc. | 127044 | 9425394 |
|  Mastercard, Inc. Class A | 62710 | 21806148 |
|  Prologis, Inc. REIT | 40591 | 4575824 |
|  Visa, Inc. Class A | 191047 | 39691925 |
|  |  | 75499291 |
|  **Industrial - 3.5%** | **Industrial - 3.5%** | **Industrial - 3.5%** |
|  TransDigm Group, Inc. | 33590 | 21149944 |
|  Waste Connections, Inc. | 49283 | 6532954 |
|  |  | 27682898 |
|  **Technology - 37.1%** | **Technology - 37.1%** | **Technology - 37.1%** |
|  Advanced Micro Devices, Inc. \* | 225570 | 14610169 |
|  Apple, Inc. | 499577 | 64910040 |
|  ASML Holding NV (Netherlands) | 47780 | 26106992 |
|  Bill.com Holdings, Inc. \* | 49823 | 5428714 |
|  Cadence Design Systems, Inc. \* | 90050 | 14465632 |
|  Intuit, Inc. | 85188 | 33156873 |
|  KLA Corp. | 41923 | 15806229 |
|  Marvell Technology, Inc. | 168698 | 6248574 |
|  Microsoft Corp. | 285056 | 68362130 |
|  MongoDB, Inc. \* | 7704 | 1516455 |
|  MSCI, Inc. | 19084 | 8877304 |
|  NVIDIA Corp. | 94849 | 13861233 |
|  ServiceNow, Inc. \* | 44087 | 17117660 |
|  |  | 290468005 |
|  Total Common Stocks <br>(Cost $775,133,070) |  | 776298531 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 1.0%** | **SHORT-TERM INVESTMENT - 1.0%** | **SHORT-TERM INVESTMENT - 1.0%** |
|  **Repurchase Agreement - 1.0%** | **Repurchase Agreement - 1.0%** | **Repurchase Agreement - 1.0%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $8,118,991; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $8,277,812) | $8115430 | $8115430 |
|  Total Short-Term Investment <br>(Cost $8,115,430) |  | 8115430 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $783,248,500)** |  | 784413961 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (332494) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $784081467 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Technology | 37.1% |
|  Consumer, Non-Cyclical | 22.5% |
|  Communications | 12.3% |
|  Consumer, Cyclical | 10.9% |
|  Financial | 9.6% |
|  Industrial | 3.5% |
|  Others (each less than 3.0%) | 4.1% |
|  | 100.0% |
|  Other Assets & Liabilities, Net | (0.0%) |
|  | 100.0% |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-99** 

------

**PACIFIC SELECT FUND** 

**LARGE-CAP GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $11158307 | $11158307 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 96375505 | 96375505 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 85446559 | 50443996 | 35002563 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 176477874 | 163257106 | 13220768 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 13190092 | 13190092 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 75499291 | 75499291 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 27682898 | 27682898 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 290468005 | 290468005 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 776298531 | 728075200 | 48223331 |  |
|  | Short-Term Investment | 8115430 |  | 8115430 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $784413961 | $728075200 | $56338761 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-100** 

------

**PACIFIC SELECT FUND** 

**LARGE-CAP VALUE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 98.5%** |  |  |
|  **Basic Materials - 3.9%** |  |  |
|  Air Products & Chemicals, Inc. | 87187 | $26876264 |
|  PPG Industries, Inc. | 133474 | 16783021 |
|  |  | 43659285 |
|  **Communications - 12.2%** |  |  |
|  Alphabet, Inc. Class A \* | 180763 | 15948720 |
|  Charter Communications, Inc. Class A \* | 59521 | 20183571 |
|  Cisco Systems, Inc. | 551989 | 26296756 |
|  Comcast Corp. Class A | 468394 | 16379738 |
|  DISH Network Corp. Class A \* | 778437 | 10929255 |
|  Meta Platforms, Inc. Class A \* | 146717 | 17655924 |
|  Motorola Solutions, Inc. | 116287 | 29968323 |
|  |  | 137362287 |
|  **Consumer, Cyclical - 1.7%** |  |  |
|  Home Depot, Inc. | 61104 | 19300309 |
|  **Consumer, Non-Cyclical - 15.2%** | **Consumer, Non-Cyclical - 15.2%** | **Consumer, Non-Cyclical - 15.2%** |
|  Amgen, Inc. | 55985 | 14703900 |
|  Becton Dickinson & Co. | 77062 | 19596867 |
|  Elevance Health, Inc. | 58547 | 30032855 |
|  Haleon PLC ADR \* | 2205300 | 17642400 |
|  Johnson & Johnson | 127611 | 22542483 |
|  Merck & Co., Inc. | 129442 | 14361590 |
|  PepsiCo, Inc. | 98925 | 17871790 |
|  UnitedHealth Group, Inc. | 65322 | 34632418 |
|  |  | 171384303 |
|  **Energy - 10.3%** |  |  |
|  Chevron Corp. | 190685 | 34226051 |
|  ConocoPhillips | 479956 | 56634808 |
|  Enterprise Products Partners LP | 1028269 | 24801848 |
|  |  | 115662707 |
|  **Financial - 24.4%** |  |  |
|  American Express Co. | 212079 | 31334672 |
|  American Tower Corp. REIT | 85909 | 18200681 |
|  Bank of America Corp. | 1245532 | 41252020 |
|  Bank of New York Mellon Corp. | 297171 | 13527224 |
|  Berkshire Hathaway, Inc. Class B \* | 62548 | 19321077 |
|  Charles Schwab Corp. | 265684 | 22120850 |
|  JPMorgan Chase & Co. | 316622 | 42459010 |
|  Marsh & McLennan Cos., Inc. | 105934 | 17529958 |
|  Progressive Corp. | 140685 | 18248251 |
|  Travelers Cos., Inc. | 91071 | 17074902 |
|  US Bancorp | 229559 | 10011068 |
|  Visa, Inc. Class A | 113293 | 23537754 |
|  |  | 274617467 |
|  **Industrial - 20.7%** |  |  |
|  Deere & Co. | 110877 | 47539623 |
|  Honeywell International, Inc. | 71713 | 15368096 |
|  Illinois Tool Works, Inc. | 76537 | 16861101 |
|  Martin Marietta Materials, Inc. | 39463 | 13337310 |
|  Northrop Grumman Corp. | 46462 | 25350132 |
|  Otis Worldwide Corp. | 166528 | 13040808 |
|  Raytheon Technologies Corp. | 361909 | 36523856 |
|  TE Connectivity Ltd. (Switzerland) | 256154 | 29406479 |
|  United Parcel Service, Inc. Class B | 119198 | 20721380 |
|  Vertiv Holdings Co. | 1130372 | 15440882 |
|  |  | 233589667 |
|  **Technology - 4.1%** |  |  |
|  Apple, Inc. | 34718 | 4510910 |
|  Intel Corp. | 391115 | 10337169 |
|  Microsoft Corp. | 42192 | 10118485 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Oracle Corp. | 164605 | $13454813 |
|  QUALCOMM, Inc. | 70354 | 7734719 |
|  |  | 46156096 |
|  **Utilities - 6.0%** | **Utilities - 6.0%** | **Utilities - 6.0%** |
|  Edison International | 303238 | 19292001 |
|  Sempra Energy | 315103 | 48696018 |
|  |  | 67988019 |
|  Total Common Stocks <br>(Cost $772,694,910) |  | 1109720140 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 1.4%** |  |  |
|  **Repurchase Agreement - 1.4%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price<br>of $16,295,820; collateralized by<br>U.S. Treasury Notes: 1.250% due<br>03/31/28 and value $16,614,506) | $16288671 | 16288671 |
|  Total Short-Term Investment <br>(Cost $16,288,671) |  | 16288671 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $788,983,581)** |  | 1126008811 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** | **OTHER ASSETS & LIABILITIES, NET - 0.1%** | 671228 |
|  **NET ASSETS - 100.0%** |  | $1126680039 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 24.4% |
|  Industrial | 20.7% |
|  Consumer, Non-Cyclical | 15.2% |
|  Communications | 12.2% |
|  Energy | 10.3% |
|  Utilities | 6.0% |
|  Technology | 4.1% |
|  Basic Materials | 3.9% |
|  Others (each less than 3.0%) | 3.1% |
|  | 99.9% |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-101** 

------

**PACIFIC SELECT FUND** 

**LARGE-CAP VALUE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $1109720140 | $1109720140 | $— | $— |
|  | Short-Term Investment | 16288671 |  | 16288671 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1126008811 | $1109720140 | $16288671 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-102** 

------

**PACIFIC SELECT FUND** 

**MID-CAP EQUITY PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 98.7%** | **COMMON STOCKS - 98.7%** | **COMMON STOCKS - 98.7%** |
|  **Basic Materials - 3.7%** | **Basic Materials - 3.7%** | **Basic Materials - 3.7%** |
|  Agnico Eagle Mines Ltd. (Canada) | 77229 | $4015136 |
|  Albemarle Corp. | 8799 | 1908151 |
|  Alcoa Corp. | 62241 | 2830098 |
|  CF Industries Holdings, Inc. | 25216 | 2148403 |
|  Freeport-McMoRan, Inc. | 120629 | 4583902 |
|  Huntsman Corp. | 48689 | 1337974 |
|  Mosaic Co. | 53773 | 2359021 |
|  Nucor Corp. | 5532 | 729173 |
|  Westlake Corp. | 20842 | 2137139 |
|  |  | 22048997 |
|  **Communications - 1.8%** | **Communications - 1.8%** | **Communications - 1.8%** |
|  Arista Networks, Inc. \* | 24984 | 3031809 |
|  Fox Corp. Class A | 178629 | 5424963 |
|  Spotify Technology SA \* | 3912 | 308852 |
|  Zillow Group, Inc. Class C \* | 58840 | 1895236 |
|  |  | 10660860 |
|  **Consumer, Cyclical - 13.6%** | **Consumer, Cyclical - 13.6%** | **Consumer, Cyclical - 13.6%** |
|  Burlington Stores, Inc. \* | 14768 | 2994360 |
|  Casey's General Stores, Inc. | 32960 | 7394576 |
|  Chipotle Mexican Grill, Inc. \* | 4362 | 6052231 |
|  Copart, Inc. \* | 6504 | 396029 |
|  Darden Restaurants, Inc. | 13305 | 1840481 |
|  Delta Air Lines, Inc. \* | 35578 | 1169093 |
|  Dollar General Corp. | 17427 | 4291399 |
|  DR Horton, Inc. | 21410 | 1908487 |
|  Floor & Decor Holdings, Inc. Class A \* | 50632 | 3525506 |
|  IAA, Inc. \* | 102013 | 4080520 |
|  Live Nation Entertainment, Inc. \* | 45614 | 3181120 |
|  Lululemon Athletica, Inc. \* | 21051 | 6744319 |
|  Murphy USA, Inc. | 15456 | 4320570 |
|  NVR, Inc. \* | 901 | 4155935 |
|  O'Reilly Automotive, Inc. \* | 3074 | 2594548 |
|  Polaris, Inc. | 12215 | 1233715 |
|  Ross Stores, Inc. | 52019 | 6037845 |
|  Southwest Airlines Co. \* | 17795 | 599158 |
|  Texas Roadhouse, Inc. | 39413 | 3584612 |
|  Tractor Supply Co. | 9761 | 2195932 |
|  Ulta Beauty, Inc. \* | 12636 | 5927169 |
|  Vail Resorts, Inc. | 14242 | 3394581 |
|  WW Grainger, Inc. | 526 | 292588 |
|  YETI Holdings, Inc. \* | 96084 | 3969230 |
|  |  | 81884004 |
|  **Consumer, Non-Cyclical - 20.8%** | **Consumer, Non-Cyclical - 20.8%** | **Consumer, Non-Cyclical - 20.8%** |
|  Albertsons Cos., Inc. Class A | 373084 | 7737762 |
|  Align Technology, Inc. \* | 21915 | 4621874 |
|  AmerisourceBergen Corp. | 33792 | 5599672 |
|  AMN Healthcare Services, Inc. \* | 20055 | 2062055 |
|  BioMarin Pharmaceutical, Inc. \* | 73580 | 7614794 |
|  Booz Allen Hamilton Holding Corp. | 22279 | 2328601 |
|  Corteva, Inc. | 105323 | 6190886 |
|  CoStar Group, Inc. \* | 34461 | 2663146 |
|  Darling Ingredients, Inc. \* | 87788 | 5494651 |
|  Dexcom, Inc. \* | 3815 | 432011 |
|  Exelixis, Inc. \* | 149322 | 2395125 |
|  FTI Consulting, Inc. \* | 8684 | 1379019 |
|  Gartner, Inc. \* | 25625 | 8613588 |
|  Henry Schein, Inc. \* | 35821 | 2861023 |
|  Hershey Co. | 46488 | 10765226 |
|  Horizon Therapeutics PLC \* | 31876 | 3627489 |
|  Hormel Foods Corp. | 53867 | 2453642 |
|  Insulet Corp. \* | 20875 | 6145391 |
|  Kroger Co. | 15588 | 694913 |
|  Molina Healthcare, Inc. \* | 11746 | 3878764 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Monster Beverage Corp. \* | 40358 | $| 4097548 |
|  Morningstar, Inc. | 8414 |  | 1822388 |
|  Neurocrine Biosciences, Inc. \* | 22396 |  | 2674978 |
|  NuVasive, Inc. \* | 44275 |  | 1825901 |
|  Omnicell, Inc. \* | 49898 |  | 2515857 |
|  Quanta Services, Inc. | 77946 |  | 11107305 |
|  Service Corp. International | 58867 |  | 4070064 |
|  Tyson Foods, Inc. Class A | 49482 |  | 3080255 |
|  U-Haul Holding Co. | 66341 |  | 3647428 |
|  United Rentals, Inc. \* | 1850 |  | 657527 |
|  Vertex Pharmaceuticals, Inc. \* | 7907 |  | 2283384 |
|  |  |  | 125342267 |
|  **Energy - 9.7%** | **Energy - 9.7%** | **Energy - 9.7%** | **Energy - 9.7%** |
|  Baker Hughes Co. | 150085 |  | 4432010 |
|  ChampionX Corp. | 87183 |  | 2527435 |
|  Chesapeake Energy Corp. | 99373 |  | 9377830 |
|  Enphase Energy, Inc. \* | 6781 |  | 1796694 |
|  Halliburton Co. | 274739 |  | 10810980 |
|  Hess Corp. | 64145 |  | 9097044 |
|  Ovintiv, Inc. | 190680 |  | 9669383 |
|  Texas Pacific Land Corp. | 904 |  | 2119184 |
|  Valaris Ltd. \* | 35469 |  | 2398414 |
|  Valero Energy Corp. | 46360 |  | 5881229 |
|  |  |  | 58110203 |
|  **Financial - 18.7%** | **Financial - 18.7%** | **Financial - 18.7%** | **Financial - 18.7%** |
|  Agree Realty Corp. REIT | 98054 |  | 6954970 |
|  Arch Capital Group Ltd. \* | 52627 |  | 3303923 |
|  Axis Capital Holdings Ltd. | 161031 |  | 8723049 |
|  Brown & Brown, Inc. | 109861 |  | 6258781 |
|  Cboe Global Markets, Inc. | 95218 |  | 11947002 |
|  Citizens Financial Group, Inc. | 176529 |  | 6949947 |
|  EastGroup Properties, Inc. REIT | 25315 |  | 3748139 |
|  Everest Re Group Ltd. | 17061 |  | 5651797 |
|  Fidelity National Financial, Inc. | 30454 |  | 1145679 |
|  Healthcare Realty Trust, Inc. REIT | 495954 |  | 9557034 |
|  Host Hotels & Resorts, Inc. REIT | 181642 |  | 2915354 |
|  Kinsale Capital Group, Inc. | 11126 |  | 2909672 |
|  Mid-America Apartment Communities, Inc. REIT | 38850 |  | 6099062 |
|  Prosperity Bancshares, Inc. | 139263 |  | 10121635 |
|  STAG Industrial, Inc. REIT | 315264 |  | 10186180 |
|  SVB Financial Group \* | 23630 |  | 5438208 |
|  Synovus Financial Corp. | 27219 |  | 1022073 |
|  Voya Financial, Inc. | 39928 |  | 2455173 |
|  White Mountains Insurance Group Ltd. | 4772 |  | 6749183 |
|  |  |  | 112136861 |
|  **Industrial - 14.0%** | **Industrial - 14.0%** | **Industrial - 14.0%** | **Industrial - 14.0%** |
|  AGCO Corp. | 56575 |  | 7846387 |
|  Agilent Technologies, Inc. | 62656 |  | 9376470 |
|  BWX Technologies, Inc. | 37176 |  | 2159182 |
|  Carrier Global Corp. | 166092 |  | 6851295 |
|  Chart Industries, Inc. \* | 75759 |  | 8729710 |
|  Eagle Materials, Inc. | 4075 |  | 541364 |
|  Eaton Corp. PLC | 13081 |  | 2053063 |
|  Garmin Ltd. | 9200 |  | 849068 |
|  Generac Holdings, Inc. \* | 65447 |  | 6587895 |
|  Hubbell, Inc. | 41219 |  | 9673275 |
|  Huntington Ingalls Industries, Inc. | 23185 |  | 5348316 |
|  Keysight Technologies, Inc. \* | 49578 |  | 8481308 |
|  Knight-Swift Transportation Holdings, Inc. | 24552 |  | 1286770 |
|  L3Harris Technologies, Inc. | 8143 |  | 1695454 |
|  Martin Marietta Materials, Inc. | 3733 |  | 1261642 |
|  Owens Corning | 24470 |  | 2087291 |
|  Textron, Inc. | 65293 |  | 4622744 |
|  Timken Co. | 33195 |  | 2345891 |
|  Universal Display Corp. | 10931 |  | 1180985 |
|  Vulcan Materials Co. | 7362 |  | 1289160 |
|  |  |  | 84267270 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-103** 

------

**PACIFIC SELECT FUND** 

**MID-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Technology - 11.0%** | **Technology - 11.0%** | **Technology - 11.0%** |
|  DocuSign, Inc. \* | 107837 | $5976327 |
|  DXC Technology Co. \* | 150277 | 3982341 |
|  Jack Henry & Associates, Inc. | 34464 | 6050500 |
|  KLA Corp. | 4388 | 1654408 |
|  Monolithic Power Systems, Inc. | 2971 | 1050575 |
|  ON Semiconductor Corp. \* | 18109 | 1129458 |
|  Paycom Software, Inc. \* | 1978 | 613793 |
|  Pure Storage, Inc. Class A \* | 258651 | 6921501 |
|  Skyworks Solutions, Inc. | 40290 | 3671628 |
|  Splunk, Inc. \* | 95868 | 8253276 |
|  Teradata Corp. \* | 363358 | 12230630 |
|  Teradyne, Inc. | 48805 | 4263117 |
|  Veeva Systems, Inc. Class A \* | 8934 | 1441769 |
|  Workday, Inc. Class A \* | 37580 | 6288261 |
|  Zebra Technologies Corp. Class A \* | 9347 | 2396664 |
|  |  | 65924248 |
|  **Utilities - 5.4%** | **Utilities - 5.4%** | **Utilities - 5.4%** |
|  CenterPoint Energy, Inc. | 172796 | 5182152 |
|  CMS Energy Corp. | 36836 | 2332824 |
|  Evergy, Inc. | 161033 | 10133807 |
|  WEC Energy Group, Inc. | 161032 | 15098360 |
|  |  | 32747143 |
|  Total Common Stocks <br>(Cost $606,027,508) |  | 593121853 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 1.0%** | **SHORT-TERM INVESTMENT - 1.0%** |  |
|  **Repurchase Agreement - 1.0%** | **Repurchase Agreement - 1.0%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $5,953,902; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $6,070,337) | $5951290 | 5951290 |
|  Total Short-Term Investment <br>(Cost $5,951,290) |  | 5951290 |
|  **TOTAL INVESTMENTS - 99.7% <br>(Cost $611,978,798)** |  | 599073143 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.3%** | **OTHER ASSETS & LIABILITIES, NET - 0.3%** | 1925680 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $600998823 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 20.8% |
|  Financial | 18.7% |
|  Industrial | 14.0% |
|  Consumer, Cyclical | 13.6% |
|  Technology | 11.0% |
|  Energy | 9.7% |
|  Utilities | 5.4% |
|  Basic Materials | 3.7% |
|  Others (each less than 3.0%) | 2.8% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $593121853 | $593121853 | $— | $— |
|  | Short-Term Investment | 5951290 |  | 5951290 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $599073143 | $593121853 | $5951290 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-104** 

------

**PACIFIC SELECT FUND** 

**MID-CAP GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 97.9%** | **COMMON STOCKS - 97.9%** |  |
|  **Communications - 6.9%** |  |  |
|  Arista Networks, Inc. \* | 128132 | $15548818 |
|  Pinterest, Inc. Class A \* | 852693 | 20703386 |
|  Shutterstock, Inc. | 154152 | 8126894 |
|  Trade Desk, Inc. Class A \* | 242031 | 10850250 |
|  |  | 55229348 |
|  **Consumer, Cyclical - 17.2%** | **Consumer, Cyclical - 17.2%** | **Consumer, Cyclical - 17.2%** |
|  BorgWarner, Inc. | 464432 | 18693388 |
|  Chipotle Mexican Grill, Inc. \* | 12873 | 17861159 |
|  Copart, Inc. \* | 145513 | 8860287 |
|  Fastenal Co. | 254867 | 12060306 |
|  Floor & Decor Holdings, Inc. Class A \* | 125513 | 8739470 |
|  Levi Strauss & Co. Class A | 580370 | 9007342 |
|  Lululemon Athletica, Inc. \* | 37526 | 12022580 |
|  National Vision Holdings, Inc. \* | 310006 | 12015833 |
|  On Holding AG Class A \* (Switzerland) | 434113 | 7449379 |
|  Petco Health & Wellness Co., Inc. \* | 542724 | 5145023 |
|  Pool Corp. | 43003 | 13001097 |
|  Vail Resorts, Inc. | 59302 | 14134632 |
|  |  | 138990496 |
|  **Consumer, Non-Cyclical - 26.6%** | **Consumer, Non-Cyclical - 26.6%** | **Consumer, Non-Cyclical - 26.6%** |
|  Bio-Techne Corp. | 162644 | 13479935 |
|  Brown-Forman Corp. Class B | 165565 | 10874309 |
|  Clarivate PLC \* | 661717 | 5518720 |
|  CoStar Group, Inc. \* | 491412 | 37976319 |
|  Dexcom, Inc. \* | 279216 | 31618420 |
|  Edwards Lifesciences Corp. \* | 142215 | 10610661 |
|  Envista Holdings Corp. \* | 399387 | 13447360 |
|  Genmab AS ADR \* (Denmark) | 348690 | 14777482 |
|  Intuitive Surgical, Inc. \* | 59710 | 15844048 |
|  MarketAxess Holdings, Inc. | 87857 | 24502439 |
|  Repligen Corp. \* | 90378 | 15301899 |
|  Seagen, Inc. \* | 94719 | 12172339 |
|  West Pharmaceutical Services, Inc. | 33853 | 7967304 |
|  |  | 214091235 |
|  **Financial - 3.8%** | **Financial - 3.8%** | **Financial - 3.8%** |
|  First Republic Bank | 110463 | 13464335 |
|  Kinsale Capital Group, Inc. | 31658 | 8279200 |
|  Pinnacle Financial Partners, Inc. | 123645 | 9075543 |
|  |  | 30819078 |
|  **Industrial - 19.4%** | **Industrial - 19.4%** | **Industrial - 19.4%** |
|  Agilent Technologies, Inc. | 90488 | 13541529 |
|  AO Smith Corp. | 192760 | 11033582 |
|  Coherent Corp. \* | 348538 | 12233684 |
|  Generac Holdings, Inc. \* | 79267 | 7979016 |
|  HEICO Corp. Class A | 151582 | 18167103 |
|  IDEX Corp. | 51972 | 11866767 |
|  Keysight Technologies, Inc. \* | 102281 | 17497211 |
|  Lincoln Electric Holdings, Inc. | 33650 | 4862089 |
|  Littelfuse, Inc. | 39802 | 8764400 |
|  Martin Marietta Materials, Inc. | 20352 | 6878365 |
|  Novanta, Inc. \* | 71631 | 9732504 |
|  Trex Co., Inc. \* | 279091 | 11813922 |
|  Trimble, Inc. \* | 221781 | 11213247 |
|  Universal Display Corp. | 99594 | 10760136 |
|  |  | 156343555 |
|  **Technology - 24.0%** | **Technology - 24.0%** | **Technology - 24.0%** |
|  Crowdstrike Holdings, Inc. Class A \* | 95624 | 10068251 |
|  DocuSign, Inc. \* | 219496 | 12164468 |
|  Electronic Arts, Inc. | 79003 | 9652587 |
|  EngageSmart, Inc. \* | 215374 | 3790582 |
|  Five9, Inc. \* | 141228 | 9583732 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Genpact Ltd. | 173064 | $8016324 |
|  HubSpot, Inc. \* | 10151 | 2934959 |
|  Marvell Technology, Inc. | 371790 | 13771102 |
|  Microchip Technology, Inc. | 270952 | 19034378 |
|  Monolithic Power Systems, Inc. | 62970 | 22266822 |
|  Paycom Software, Inc. \* | 56006 | 17379222 |
|  Teradyne, Inc. | 197797 | 17277568 |
|  Tyler Technologies, Inc. \* | 47640 | 15359612 |
|  Workday, Inc. Class A \* | 51233 | 8572818 |
|  Workiva, Inc. \* | 119775 | 10057507 |
|  Zebra Technologies Corp. Class A \* | 21983 | 5636661 |
|  ZoomInfo Technologies, Inc. \* | 258472 | 7782592 |
|  |  | 193349185 |
|  Total Common Stocks <br>(Cost $807,874,382) |  | 788822897 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 2.2%** | **SHORT-TERM INVESTMENT - 2.2%** |  |
|  **Repurchase Agreement - 2.2%** | **Repurchase Agreement - 2.2%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $17,830,299; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $18,179,013) | $17822477 | 17822477 |
|  Total Short-Term Investment <br>(Cost $17,822,477) |  | 17822477 |
|  **TOTAL INVESTMENTS - 100.1% <br>(Cost $825,696,859)** |  | 806645374 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | (1083496) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $805561878 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 26.6% |
|  Technology | 24.0% |
|  Industrial | 19.4% |
|  Consumer, Cyclical | 17.2% |
|  Communications | 6.9% |
|  Financial | 3.8% |
|  Others (each less than 3.0%) | 2.2% |
|  | 100.1% |
|  Other Assets & Liabilities, Net | (0.1%) |
|  | 100.0% |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-105** 

------

**PACIFIC SELECT FUND** 

**MID-CAP GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $788822897 | $788822897 | $— | $— |
|  | Short-Term Investment | 17822477 |  | 17822477 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $806645374 | $788822897 | $17822477 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-106** 

------

**PACIFIC SELECT FUND** 

**MID-CAP VALUE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 98.0%** | **COMMON STOCKS - 98.0%** |  |
|  **Basic Materials - 4.1%** |  |  |
|  Axalta Coating Systems Ltd. \* | 158350 | $4033174 |
|  DuPont de Nemours, Inc. | 100963 | 6929091 |
|  FMC Corp. | 43965 | 5486832 |
|  PPG Industries, Inc. | 51038 | 6417518 |
|  Valvoline, Inc. | 117149 | 3824915 |
|  |  | 26691530 |
|  **Communications - 1.9%** | **Communications - 1.9%** | **Communications - 1.9%** |
|  Expedia Group, Inc. \* | 43929 | 3848180 |
|  Gen Digital, Inc. | 146055 | 3129959 |
|  Maxar Technologies, Inc. | 68860 | 3562816 |
|  Nexstar Media Group, Inc. | 12286 | 2150419 |
|  |  | 12691374 |
|  **Consumer, Cyclical - 15.6%** | **Consumer, Cyclical - 15.6%** | **Consumer, Cyclical - 15.6%** |
|  Alaska Air Group, Inc. \* | 85313 | 3663340 |
|  AutoZone, Inc. \* | 5012 | 12360494 |
|  Copart, Inc. \* | 89947 | 5476873 |
|  Darden Restaurants, Inc. | 25242 | 3491726 |
|  Domino's Pizza, Inc. | 8010 | 2774664 |
|  Ferguson PLC | 41060 | 5213388 |
|  Gentex Corp. | 114662 | 3126833 |
|  Harley-Davidson, Inc. | 180920 | 7526272 |
|  Hasbro, Inc. | 41069 | 2505620 |
|  International Game Technology PLC | 110347 | 2502670 |
|  Las Vegas Sands Corp. \* | 84661 | 4069654 |
|  Lear Corp. | 19220 | 2383664 |
|  Live Nation Entertainment, Inc. \* | 23073 | 1609111 |
|  LKQ Corp. | 104762 | 5595339 |
|  Marriott International, Inc. Class A | 34391 | 5120476 |
|  NVR, Inc. \* | 678 | 3127329 |
|  Polaris, Inc. | 50698 | 5120498 |
|  Resideo Technologies, Inc. \* | 138834 | 2283819 |
|  Ross Stores, Inc. | 61309 | 7116136 |
|  Tempur Sealy International, Inc. | 165011 | 5664828 |
|  Topgolf Callaway Brands Corp. \* | 81652 | 1612627 |
|  Whirlpool Corp. | 29520 | 4175899 |
|  Wyndham Hotels & Resorts, Inc. | 67365 | 4803798 |
|  |  | 101325058 |
|  **Consumer, Non-Cyclical - 14.5%** | **Consumer, Non-Cyclical - 14.5%** | **Consumer, Non-Cyclical - 14.5%** |
|  AmerisourceBergen Corp. | 59227 | 9814506 |
|  ASGN, Inc. \* | 41858 | 3410590 |
|  Avantor, Inc. \* | 127603 | 2691147 |
|  Avery Dennison Corp. | 17345 | 3139445 |
|  Centene Corp. \* | 27635 | 2266346 |
|  Cigna Corp. | 8692 | 2880007 |
|  Coca-Cola Europacific Partners PLC<br>(United Kingdom) | 63509 | 3513318 |
|  Corteva, Inc. | 129345 | 7602899 |
|  Envista Holdings Corp. \* | 80796 | 2720401 |
|  EVERTEC, Inc. | 50787 | 1644483 |
|  Global Payments, Inc. | 30336 | 3012972 |
|  HCA Healthcare, Inc. | 29901 | 7175044 |
|  Humana, Inc. | 13126 | 6723006 |
|  ICON PLC (Ireland) \* | 43466 | 8443271 |
|  IQVIA Holdings, Inc. \* | 14473 | 2965373 |
|  Keurig Dr Pepper, Inc. | 111026 | 3959187 |
|  Laboratory Corp. of America Holdings | 10546 | 2483372 |
|  Ritchie Bros Auctioneers, Inc. (Canada) | 40940 | 2367560 |
|  Robert Half International, Inc. | 27745 | 2048413 |
|  TransUnion | 58117 | 3298140 |
|  US Foods Holding Corp. \* | 183773 | 6251958 |
|  Zimmer Biomet Holdings, Inc. | 44087 | 5621093 |
|  |  | 94032531 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 6.1%** | **Energy - 6.1%** | **Energy - 6.1%** |
|  Devon Energy Corp. | 98126 | $6035730 |
|  Diamondback Energy, Inc. | 32211 | 4405821 |
|  Halliburton Co. | 190720 | 7504832 |
|  Marathon Petroleum Corp. | 50299 | 5854301 |
|  Pioneer Natural Resources Co. | 21709 | 4958118 |
|  Schlumberger Ltd. | 146040 | 7807298 |
|  Valero Energy Corp. | 26341 | 3341619 |
|  |  | 39907719 |
|  **Financial - 21.6%** | **Financial - 21.6%** | **Financial - 21.6%** |
|  Aflac, Inc. | 45187 | 3250753 |
|  Allstate Corp. | 20449 | 2772884 |
|  American Homes 4 Rent Class A REIT | 89752 | 2705125 |
|  Ameriprise Financial, Inc. | 50689 | 15783034 |
|  Aon PLC Class A | 20263 | 6081737 |
|  Arch Capital Group Ltd. \* | 51083 | 3206991 |
|  Cousins Properties, Inc. REIT | 92310 | 2334520 |
|  Discover Financial Services | 72331 | 7076142 |
|  East West Bancorp, Inc. | 141689 | 9337305 |
|  Equity Residential REIT | 54943 | 3241637 |
|  Essex Property Trust, Inc. REIT | 20475 | 4339062 |
|  Everest Re Group Ltd. | 23378 | 7744430 |
|  Fifth Third Bancorp | 296758 | 9736630 |
|  First Republic Bank | 31406 | 3828077 |
|  Globe Life, Inc. | 44521 | 5367007 |
|  Healthpeak Properties, Inc. REIT | 119147 | 2987015 |
|  Huntington Bancshares, Inc. | 710304 | 10015286 |
|  KeyCorp | 573419 | 9988959 |
|  Kilroy Realty Corp. REIT | 43376 | 1677350 |
|  Lamar Advertising Co. Class A REIT | 54381 | 5133566 |
|  Prologis, Inc. REIT | 34634 | 3904291 |
|  Regency Centers Corp. REIT | 101270 | 6329375 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 13880 | 2557112 |
|  SLM Corp. | 128148 | 2127257 |
|  Travelers Cos., Inc. | 11585 | 2172072 |
|  Voya Financial, Inc. | 24379 | 1499065 |
|  Welltower, Inc. REIT | 81537 | 5344750 |
|  |  | 140541432 |
|  **Industrial - 20.8%** | **Industrial - 20.8%** | **Industrial - 20.8%** |
|  Advanced Drainage Systems, Inc. | 36859 | 3021332 |
|  Allegion PLC | 58302 | 6136869 |
|  AMETEK, Inc. | 78448 | 10960755 |
|  Builders FirstSource, Inc. \* | 27482 | 1783032 |
|  BWX Technologies, Inc. | 84139 | 4886793 |
|  Curtiss-Wright Corp. | 29275 | 4888632 |
|  Dover Corp. | 77809 | 10536117 |
|  Eaton Corp. PLC | 55421 | 8698326 |
|  Expeditors International of Washington, Inc. | 44806 | 4656240 |
|  Flex Ltd. \* | 114073 | 2448007 |
|  Frontdoor, Inc. \* | 115159 | 2395307 |
|  Garmin Ltd. | 54877 | 5064598 |
|  Hexcel Corp. | 88129 | 5186392 |
|  Howmet Aerospace, Inc. | 237109 | 9344466 |
|  ITT, Inc. | 34859 | 2827065 |
|  L3Harris Technologies, Inc. | 9527 | 1983617 |
|  Landstar System, Inc. | 28237 | 4599807 |
|  Masco Corp. | 117875 | 5501226 |
|  Mohawk Industries, Inc. \* | 26142 | 2672235 |
|  Norfolk Southern Corp. | 25244 | 6220626 |
|  nVent Electric PLC | 79924 | 3074676 |
|  Otis Worldwide Corp. | 64619 | 5060314 |
|  Parker-Hannifin Corp. | 28524 | 8300484 |
|  TE Connectivity Ltd. (Switzerland) | 53379 | 6127909 |
|  Textron, Inc. | 126398 | 8948978 |
|  |  | 135323803 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-107** 

------

**PACIFIC SELECT FUND** 

**MID-CAP VALUE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Technology - 7.9%** | **Technology - 7.9%** | **Technology - 7.9%** |
|  Check Point Software Technologies Ltd. \* (Israel) | 47075 | $5938982 |
|  Cognizant Technology Solutions Corp. Class A | 66992 | 3831272 |
|  Fair Isaac Corp. \* | 7301 | 4370233 |
|  KLA Corp. | 6561 | 2473694 |
|  Leidos Holdings, Inc. | 29651 | 3118989 |
|  Microchip Technology, Inc. | 88497 | 6216914 |
|  NetApp, Inc. | 54625 | 3280778 |
|  NXP Semiconductors NV (China) | 22112 | 3494359 |
|  Qorvo, Inc. \* | 50312 | 4560280 |
|  Science Applications International Corp. | 40641 | 4508306 |
|  SS&C Technologies Holdings, Inc. | 80300 | 4180418 |
|  Take-Two Interactive Software, Inc. \* | 27673 | 2881589 |
|  Western Digital Corp. \* | 70209 | 2215094 |
|  |  | 51070908 |
|  **Utilities - 5.5%** | **Utilities - 5.5%** | **Utilities - 5.5%** |
|  American Electric Power Co., Inc. | 60566 | 5750742 |
|  CenterPoint Energy, Inc. | 390810 | 11720392 |
|  DTE Energy Co. | 51213 | 6019064 |
|  Entergy Corp. | 67552 | 7599600 |
|  FirstEnergy Corp. | 110946 | 4653075 |
|  |  | 35742873 |
|  Total Common Stocks <br>(Cost $526,808,819) |  | 637327228 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 2.1%** | **SHORT-TERM INVESTMENT - 2.1%** |  |
|  **Repurchase Agreement - 2.1%** | **Repurchase Agreement - 2.1%** |  |
|  State Street Bank & Trust Co. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $13,541,726; collateralized by U.S. Treasury Notes and Federal Home Loan Mortgage Corp: 1.500% - 4.000% due 01/31/27 - 07/01/47 and value $13,806,501) | $13535786 | 13535786 |
|  Total Short-Term Investment <br>(Cost $13,535,786) |  | 13535786 |
|  **TOTAL INVESTMENTS - 100.1% <br>(Cost $540,344,605)** |  | 650863014 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | **OTHER ASSETS & LIABILITIES, NET - (0.1%)** | (469488) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $650393526 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 21.6% |
|  Industrial | 20.8% |
|  Consumer, Cyclical | 15.6% |
|  Consumer, Non-Cyclical | 14.5% |
|  Technology | 7.9% |
|  Energy | 6.1% |
|  Utilities | 5.5% |
|  Basic Materials | 4.1% |
|  Others (each less than 3.0%) | 4.0% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $637327228 | $637327228 | $— | $— |
|  | Short-Term Investment | 13535786 |  | 13535786 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $650863014 | $637327228 | $13535786 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-108** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
|  **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** |
|  PLBY Group, Inc. Exp 01/17/23 \* | 3955 | $— |
|  **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** |
|  Contra Aduro Biotechnologies, Inc. - Contingent Value Rights \* ± W | 154 | 391 |
|  Contra Zogenix, Inc. - Contingent Value Rights\* | 8726 | 5934 |
|  |  | 6325 |
|  Total Rights <br>(Cost $5,934) |  | 6325 |
|  **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** |
|  **Basic Materials – 5.0%** | **Basic Materials – 5.0%** | **Basic Materials – 5.0%** |
|  AdvanSix, Inc. | 2271 | 86343 |
|  Alcoa Corp. | 35376 | 1608547 |
|  American Vanguard Corp. | 467 | 10139 |
|  Amyris, Inc. \* | 22396 | 34266 |
|  Arconic Corp. \* | 44904 | 950169 |
|  Ashland, Inc. | 7607 | 817981 |
|  Avient Corp. | 18138 | 612339 |
|  AZZ, Inc. | 3136 | 126067 |
|  Carpenter Technology Corp. | 6093 | 225075 |
|  Clearwater Paper Corp. \* | 2139 | 80876 |
|  Coeur Mining, Inc. \* | 35668 | 119844 |
|  Commercial Metals Co. | 29345 | 1417363 |
|  Constellium SE \* | 7450 | 88133 |
|  Danimer Scientific, Inc. \* | 11612 | 20785 |
|  Ecovyst, Inc. \* | 9178 | 81317 |
|  Elementis PLC \* (United Kingdom) | 1472393 | 2141526 |
|  Energy Fuels, Inc. \* | 3586 | 22269 |
|  Glatfelter Corp. | 5417 | 15059 |
|  Hawkins, Inc. | 966 | 37288 |
|  Haynes International, Inc. | 1572 | 71825 |
|  HB Fuller Co. | 929 | 66535 |
|  Hecla Mining Co. | 70502 | 391991 |
|  Hycroft Mining Holding Corp. \* | 2983 | 1587 |
|  Innospec, Inc. | 494 | 50813 |
|  Intrepid Potash, Inc. \* | 1417 | 40909 |
|  Ivanhoe Electric, Inc. \* | 900 | 10935 |
|  Koppers Holdings, Inc. | 2557 | 72107 |
|  Mativ Holdings, Inc. | 6490 | 135641 |
|  Minerals Technologies, Inc. | 45474 | 2761181 |
|  Novagold Resources, Inc. \* (Canada) | 1509 | 9024 |
|  Origin Materials, Inc. \* | 5356 | 24691 |
|  Perimeter Solutions SA \* | 14990 | 137009 |
|  Piedmont Lithium, Inc. \* | 1602 | 70520 |
|  PolyMet Mining Corp. \* (Canada) | 4030 | 10680 |
|  Quaker Chemical Corp. | 590 | 98471 |
|  Rayonier Advanced Materials, Inc. \* | 7847 | 75331 |
|  Resolute Forest Products, Inc. \* | 5807 | 125373 |
|  Schnitzer Steel Industries, Inc. Class A | 2975 | 91184 |
|  Sensient Technologies Corp. | 292 | 21293 |
|  Stepan Co. | 2438 | 259549 |
|  Sylvamo Corp. | 261 | 12682 |
|  Terawulf, Inc. \* | 2055 | 1368 |
|  Trinseo PLC | 4500 | 102195 |
|  Tronox Holdings PLC | 119154 | 1633601 |
|  Unifi, Inc. \* | 1772 | 15257 |
|  Ur-Energy, Inc. \* | 2111 | 2428 |
|  US Lime & Minerals, Inc. | 64 | 9009 |
|  Valhi, Inc. | 283 | 6226 |
|  |  | 14804801 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **Communications - 1.7%** | **Communications - 1.7%** | **Communications - 1.7%** |
|  1-800-Flowers.com, Inc. Class A \* | 3442 | $32906 |
|  1stdibs.com, Inc. \* | 2867 | 14564 |
|  A10 Networks, Inc. | 1710 | 28437 |
|  ADTRAN Holdings, Inc. | 887 | 16667 |
|  Advantage Solutions, Inc. \* | 10572 | 21990 |
|  aka Brands Holding Corp. \* | 563 | 715 |
|  Allbirds, Inc. Class A \* | 8752 | 21180 |
|  AMC Networks, Inc. Class A \* | 3961 | 62069 |
|  Anterix, Inc. \* | 1743 | 56072 |
|  Arena Group Holdings, Inc. \* | 363 | 3851 |
|  ATN International, Inc. | 1365 | 61848 |
|  Audacy, Inc. \* | 14650 | 3298 |
|  Aviat Networks, Inc. \* | 1084 | 33810 |
|  BARK, Inc. \* | 15570 | 23199 |
|  Blade Air Mobility, Inc. \* | 7167 | 25658 |
|  Boston Omaha Corp. Class A \* | 2611 | 69191 |
|  Bumble, Inc. Class A \* | 11019 | 231950 |
|  Calix, Inc. \* | 1556 | 106477 |
|  Cars.com, Inc. \* | 7305 | 100590 |
|  Clear Channel Outdoor Holdings, Inc. \* | 48351 | 50769 |
|  Cogent Communications Holdings, Inc. | 2533 | 144584 |
|  Consolidated Communications Holdings, Inc. \* | 8688 | 31103 |
|  ContextLogic, Inc. Class A \* | 73701 | 35944 |
|  Cumulus Media, Inc. Class A \* | 2262 | 14047 |
|  DHI Group, Inc. \* | 741 | 3920 |
|  DigitalBridge Group, Inc. | 2010 | 21989 |
|  EchoStar Corp. Class A \* | 4377 | 73008 |
|  Edgio, Inc. \* | 1237 | 1398 |
|  Entravision Communications Corp. Class A | 2361 | 11333 |
|  ePlus, Inc. \* | 752 | 33299 |
|  Eventbrite, Inc. Class A \* | 1268 | 7430 |
|  EW Scripps Co. Class A \* | 7539 | 99439 |
|  Figs, Inc. Class A \* | 2484 | 16717 |
|  fuboTV, Inc. \* | 23861 | 41518 |
|  Gannett Co., Inc. \* | 18940 | 38448 |
|  Globalstar, Inc. \* | 13988 | 18604 |
|  Gogo, Inc. \* | 5806 | 85697 |
|  Gray Television, Inc. | 5936 | 66424 |
|  Groupon, Inc. \* | 2589 | 22214 |
|  HealthStream, Inc. \* | 2772 | 68856 |
|  IDT Corp. Class B \* | 548 | 15437 |
|  iHeartMedia, Inc. Class A \* | 15361 | 94163 |
|  Innovid Corp. \* (Israel) | 1495 | 2556 |
|  Inseego Corp. \* | 8828 | 7438 |
|  Inspirato, Inc. \* | 2399 | 2855 |
|  InterDigital, Inc. | 2415 | 119494 |
|  KORE Group Holdings, Inc. \* | 4943 | 6228 |
|  Lands' End, Inc. \* | 1781 | 13518 |
|  Liberty Latin America Ltd. Class A \* | 4462 | 33599 |
|  Liberty Latin America Ltd. Class C \* | 19023 | 144575 |
|  Liquidity Services, Inc. \* | 1589 | 22341 |
|  Magnite, Inc. \* | 16765 | 177541 |
|  Maxar Technologies, Inc. | 9421 | 487443 |
|  NETGEAR, Inc. \* | 3610 | 65377 |
|  Overstock.com, Inc. \* | 5474 | 105977 |
|  Planet Labs PBC \* | 2589 | 11262 |
|  Poshmark, Inc. Class A \* | 5973 | 106797 |
|  Preformed Line Products Co. | 289 | 24071 |
|  QuinStreet, Inc. \* | 6084 | 87305 |
|  Quotient Technology, Inc. \* | 1339 | 4593 |
|  RealReal, Inc. \* | 9173 | 11466 |
|  Ribbon Communications, Inc. \* | 9238 | 25774 |
|  Rover Group, Inc. \* | 485 | 1780 |
|  RumbleON, Inc. Class B \* | 1323 | 8560 |
|  Scholastic Corp. | 3812 | 150422 |
|  Shenandoah Telecommunications Co. | 6203 | 98504 |
|  Solo Brands, Inc. Class A \* | 2672 | 9940 |
|  Squarespace, Inc. Class A \* | 2931 | 64980 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-109** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Stagwell, Inc. \* | 8958 | $| 55629 |
|  Stitch Fix, Inc. Class A \* | 6558 |  | 20395 |
|  TEGNA, Inc. | 28440 |  | 602644 |
|  Telephone & Data Systems, Inc. | 12778 |  | 134041 |
|  Terran Orbital Corp. \* | 4989 |  | 7883 |
|  Thryv Holdings, Inc. \* | 2380 |  | 45220 |
|  TrueCar, Inc. \* | 11235 |  | 28200 |
|  Urban One, Inc. \* | 2467 |  | 10427 |
|  US Cellular Corp. \* | 1882 |  | 39240 |
|  Vacasa, Inc. Class A \* | 14625 |  | 18427 |
|  Value Line, Inc. | 32 |  | 1628 |
|  Vivid Seats, Inc. Class A \* | 2296 |  | 16761 |
|  WideOpenWest, Inc. \* | 3054 |  | 27822 |
|  Ziff Davis, Inc. \* | 4723 |  | 373589 |
|  |  |  | 5087115 |
|  **Consumer, Cyclical - 13.3%** | **Consumer, Cyclical - 13.3%** | **Consumer, Cyclical - 13.3%** | **Consumer, Cyclical - 13.3%** |
|  A-Mark Precious Metals, Inc. | 2345 |  | 81442 |
|  Abercrombie & Fitch Co. Class A \* | 6199 |  | 142019 |
|  Academy Sports & Outdoors, Inc. | 9873 |  | 518727 |
|  Acushnet Holdings Corp. | 3071 |  | 130395 |
|  Adient PLC \* | 59922 |  | 2078694 |
|  Aeva Technologies, Inc. \* | 12516 |  | 17022 |
|  Allegiant Travel Co. \* | 1134 |  | 77101 |
|  America's Car-Mart, Inc. \* | 764 |  | 55207 |
|  American Axle & Manufacturing Holdings, Inc. \* | 13648 |  | 106727 |
|  American Eagle Outfitters, Inc. | 19634 |  | 274091 |
|  Asbury Automotive Group, Inc. \* | 2002 |  | 358858 |
|  Aterian, Inc. \* | 7090 |  | 5461 |
|  Bally's Corp. \* | 4612 |  | 89381 |
|  Beacon Roofing Supply, Inc. \* | 1967 |  | 103838 |
|  Beazer Homes USA, Inc. \* | 3629 |  | 46306 |
|  Bed Bath & Beyond, Inc. \* | 2879 |  | 7226 |
|  Big 5 Sporting Goods Corp. | 2611 |  | 23055 |
|  Big Lots, Inc. | 3661 |  | 53817 |
|  Biglari Holdings, Inc. Class B \* | 93 |  | 12908 |
|  BJ's Restaurants, Inc. \* | 2936 |  | 77452 |
|  Bloomin' Brands, Inc. | 3024 |  | 60843 |
|  Bluegreen Vacations Holding Corp. | 568 |  | 14177 |
|  BlueLinx Holdings, Inc. \* | 1118 |  | 79501 |
|  Bowlero Corp. \* | 3771 |  | 50833 |
|  Boyd Gaming Corp. | 10512 |  | 573219 |
|  Brinker International, Inc. \* | 105700 |  | 3372887 |
|  Brunswick Corp. | 10598 |  | 763904 |
|  Buckle, Inc. | 294 |  | 13333 |
|  Build-A-Bear Workshop, Inc. \* | 454 |  | 10823 |
|  Carter's, Inc. | 21678 |  | 1617396 |
|  Cato Corp. Class A | 2391 |  | 22308 |
|  Cenntro Electric Group Ltd. \* (Australia) | 23452 |  | 10319 |
|  Century Casinos, Inc. \* | 307 |  | 2158 |
|  Century Communities, Inc. | 14955 |  | 747900 |
|  Cepton, Inc. \* | 1086 |  | 1379 |
|  Chico's FAS, Inc. \* | 4478 |  | 22032 |
|  Children's Place, Inc. \* | 31839 |  | 1159576 |
|  Chuy's Holdings, Inc. \* | 2297 |  | 65005 |
|  Cinemark Holdings, Inc. \* | 2948 |  | 25530 |
|  Citi Trends, Inc. \* | 1003 |  | 26559 |
|  Clean Energy Fuels Corp. \* | 21535 |  | 111982 |
|  CompX International, Inc. | 141 |  | 2606 |
|  Conn's, Inc. \* | 1768 |  | 12164 |
|  Container Store Group, Inc. \* | 3931 |  | 16943 |
|  Dalata Hotel Group PLC \* (Ireland) | 246639 |  | 854510 |
|  Dana, Inc. | 16497 |  | 249600 |
|  Denny's Corp. \* | 94940 |  | 874397 |
|  Designer Brands, Inc. Class A | 1811 |  | 17712 |
|  Destination XL Group, Inc. \* | 3495 |  | 23591 |
|  Dine Brands Global, Inc. | 255 |  | 16473 |
|  Duluth Holdings, Inc. Class B \* | 730 |  | 4511 |
|  El Pollo Loco Holdings, Inc. | 2443 |  | 24332 |
|  Ermenegildo Zegna NV (Italy) | 5725 |  | 59941 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Ethan Allen Interiors, Inc. | 2882 | $76142 |
|  Everi Holdings, Inc. \* | 5058 | 72582 |
|  EVgo, Inc. \* | 7709 | 34459 |
|  Express, Inc. \* | 8280 | 8446 |
|  First Watch Restaurant Group, Inc. \* | 1169 | 15817 |
|  FirstCash, Inc. | 2405 | 209019 |
|  Foot Locker, Inc. | 10275 | 388292 |
|  Forestar Group, Inc. \* | 1627 | 25072 |
|  Fossil Group, Inc. \* | 5931 | 25563 |
|  Franchise Group, Inc. | 206 | 4907 |
|  Full House Resorts, Inc. \* | 2933 | 22056 |
|  G-III Apparel Group Ltd. \* | 5500 | 75405 |
|  Genesco, Inc. \* | 1608 | 74000 |
|  Global Industrial Co. | 410 | 9647 |
|  Goodyear Tire & Rubber Co. \* | 35768 | 363045 |
|  Green Brick Partners, Inc. \* | 2391 | 57934 |
|  Group 1 Automotive, Inc. | 2736 | 493492 |
|  GrowGeneration Corp. \* | 7444 | 29180 |
|  Haverty Furniture Cos., Inc. | 1850 | 55315 |
|  Hawaiian Holdings, Inc. \* | 6457 | 66249 |
|  Hibbett, Inc. | 328 | 22376 |
|  Hilton Grand Vacations, Inc. \* | 19893 | 766676 |
|  Hyliion Holdings Corp. \* | 17327 | 40545 |
|  IAA, Inc. \* | 63237 | 2529480 |
|  IMAX Corp. \* | 2507 | 36753 |
|  Interface, Inc. | 1419 | 14006 |
|  International Game Technology PLC | 9743 | 220971 |
|  iRobot Corp. \* | 401 | 19300 |
|  Jack in the Box, Inc. | 35667 | 2433559 |
|  JOANN, Inc. | 1395 | 3976 |
|  Johnson Outdoors, Inc. Class A | 698 | 46152 |
|  KAR Auction Services, Inc. \* | 13774 | 179751 |
|  KB Home | 8127 | 258845 |
|  Kimball International, Inc. Class B | 4951 | 32181 |
|  La-Z-Boy, Inc. | 5454 | 124460 |
|  Landsea Homes Corp. \* | 1129 | 5882 |
|  LCI Industries | 1587 | 146718 |
|  LGI Homes, Inc. \* | 2452 | 227055 |
|  Life Time Group Holdings, Inc. \* | 5366 | 64177 |
|  Lifetime Brands, Inc. | 1637 | 12425 |
|  Light & Wonder, Inc. \* | 12033 | 705134 |
|  Lindblad Expeditions Holdings, Inc. \* | 3909 | 30099 |
|  Lions Gate Entertainment Corp. Class A \* | 7520 | 42939 |
|  Lions Gate Entertainment Corp. Class B \* | 14718 | 79919 |
|  LL Flooring Holdings, Inc. \* | 3741 | 21024 |
|  Lordstown Motors Corp. Class A \* | 21714 | 24754 |
|  M/I Homes, Inc. \* | 21643 | 999474 |
|  Madison Square Garden Entertainment Corp. \* | 3315 | 149076 |
|  Marcus Corp. | 3175 | 45688 |
|  MarineMax, Inc. \* | 2511 | 78393 |
|  MDC Holdings, Inc. | 5446 | 172094 |
|  Meritage Homes Corp. \* | 10527 | 970589 |
|  Methode Electronics, Inc. | 4625 | 205211 |
|  Microvast Holdings, Inc. \* | 8918 | 13645 |
|  Miller Industries, Inc. | 1291 | 34418 |
|  MillerKnoll, Inc. | 9686 | 203503 |
|  Motorcar Parts of America, Inc. \* | 2358 | 27966 |
|  Movado Group, Inc. | 1956 | 63081 |
|  National Vision Holdings, Inc. \* | 9410 | 364732 |
|  Nikola Corp. \* | 2856 | 6169 |
|  Nu Skin Enterprises, Inc. Class A | 3707 | 156287 |
|  ODP Corp. \* | 5101 | 232300 |
|  OneWater Marine, Inc. Class A \* | 1291 | 36923 |
|  Oxford Industries, Inc. | 591 | 55069 |
|  Papa John's International, Inc. | 1165 | 95891 |
|  Party City Holdco, Inc. \* | 9005 | 3291 |
|  Patrick Industries, Inc. | 2485 | 150591 |
|  PC Connection, Inc. | 1435 | 67301 |
|  PetMed Express, Inc. | 385 | 6815 |
|  PLBY Group, Inc. \* | 5176 | 14234 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-110** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  PriceSmart, Inc. | 1156 | $| 70262 |
|  Proterra, Inc. \* | 15406 |  | 58081 |
|  Purple Innovation, Inc. \* | 6548 |  | 31365 |
|  Qurate Retail, Inc. Series A \* | 44402 |  | 72375 |
|  RCI Hospitality Holdings, Inc. | 91 |  | 8480 |
|  Red Rock Resorts, Inc. Class A | 3554 |  | 142196 |
|  Resideo Technologies, Inc. \* | 18432 |  | 303206 |
|  REV Group, Inc. | 41832 |  | 527920 |
|  Rite Aid Corp. \* | 3851 |  | 12862 |
|  Rocky Brands, Inc. | 809 |  | 19109 |
|  Rush Enterprises, Inc. Class A | 5255 |  | 274731 |
|  Rush Enterprises, Inc. Class B | 882 |  | 49630 |
|  Sally Beauty Holdings, Inc. \* | 948 |  | 11869 |
|  ScanSource, Inc. \* | 3268 |  | 95491 |
|  SeaWorld Entertainment, Inc. \* | 2523 |  | 135006 |
|  Shoe Carnival, Inc. | 2124 |  | 50785 |
|  Signet Jewelers Ltd. (NYSE) | 5824 |  | 396032 |
|  SkyWest, Inc. \* | 6365 |  | 105086 |
|  Sleep Number Corp. \* | 1538 |  | 39957 |
|  Snap One Holdings Corp. \* | 2249 |  | 16665 |
|  Solid Power, Inc. \* | 10238 |  | 26005 |
|  Sonic Automotive, Inc. Class A | 2296 |  | 113124 |
|  Sovos Brands, Inc. \* | 1427 |  | 20506 |
|  Spirit Airlines, Inc. \* | 13923 |  | 271220 |
|  Sportsman's Warehouse Holdings, Inc. \* | 4925 |  | 46344 |
|  Standard Motor Products, Inc. | 2532 |  | 88114 |
|  Steelcase, Inc. Class A | 11173 |  | 78993 |
|  Superior Group of Cos., Inc. | 1510 |  | 15191 |
|  Taylor Morrison Home Corp. \* | 24949 |  | 757202 |
|  ThredUp, Inc. Class A \* | 6611 |  | 8660 |
|  Tile Shop Holdings, Inc. \* | 4087 |  | 17901 |
|  Tilly's, Inc. Class A \* | 2763 |  | 25005 |
|  Titan Machinery, Inc. \* | 2589 |  | 102861 |
|  Topgolf Callaway Brands Corp. \* | 17843 |  | 352399 |
|  Torrid Holdings, Inc. \* | 811 |  | 2401 |
|  Traeger, Inc. \* | 4165 |  | 11745 |
|  TravelCenters of America, Inc. \* | 1601 |  | 71693 |
|  Tri Pointe Homes, Inc. \* | 11773 |  | 218860 |
|  Tupperware Brands Corp. \* | 5586 |  | 23126 |
|  TuSimple Holdings, Inc. Class A \* | 18017 |  | 29548 |
|  UniFirst Corp. | 1918 |  | 370155 |
|  Univar Solutions, Inc. \* | 118124 |  | 3756343 |
|  Universal Electronics, Inc. \* | 1583 |  | 32942 |
|  Urban Outfitters, Inc. \* | 8133 |  | 193972 |
|  Velodyne Lidar, Inc. \* | 26177 |  | 19337 |
|  Vinco Ventures, Inc. \* | 13870 |  | 6436 |
|  Virgin Galactic Holdings, Inc. \* | 16122 |  | 56105 |
|  Vista Outdoor, Inc. \* | 7116 |  | 173417 |
|  Volta, Inc. \* | 15584 |  | 5539 |
|  VSE Corp. | 1323 |  | 62022 |
|  Wabash National Corp. | 827 |  | 18690 |
|  Weber, Inc. Class A | 3428 |  | 27595 |
|  Weyco Group, Inc. | 659 |  | 13944 |
|  Wheels Up Experience, Inc. \* | 19904 |  | 20501 |
|  Winmark Corp. | 354 |  | 83484 |
|  Winnebago Industries, Inc. | 3806 |  | 200576 |
|  Workhorse Group, Inc. \* | 1628 |  | 2475 |
|  World Fuel Services Corp. | 7951 |  | 217301 |
|  Xperi, Inc. \* | 5270 |  | 45375 |
|  Xponential Fitness, Inc. Class A \* | 1560 |  | 35771 |
|  Zumiez, Inc. \* | 2052 |  | 44610 |
|  |  |  | 39605287 |
|  **Consumer, Non-Cyclical - 13.9%** | **Consumer, Non-Cyclical - 13.9%** | **Consumer, Non-Cyclical - 13.9%** | **Consumer, Non-Cyclical - 13.9%** |
|  23andMe Holding Co. Class A \* | 19316 |  | 41723 |
|  2seventy bio, Inc. \* | 4741 |  | 44423 |
|  2U, Inc. \* | 9661 |  | 60574 |
|  4D Molecular Therapeutics, Inc. \* | 3840 |  | 85286 |
|  Aaron's Co., Inc. | 3890 |  | 46486 |
|  AbCellera Biologics, Inc. \* (Canada) | 15216 |  | 154138 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  ABM Industries, Inc. | 8461 | $375838 |
|  Absci Corp. \* | 6509 | 13669 |
|  ACCO Brands Corp. | 11924 | 66655 |
|  Accolade, Inc. \* | 8340 | 64969 |
|  AdaptHealth Corp. \* | 9222 | 177247 |
|  Adaptive Biotechnologies Corp. \* | 13637 | 104187 |
|  Addus HomeCare Corp. \* | 1193 | 118692 |
|  Adicet Bio, Inc. \* | 3825 | 34196 |
|  ADMA Biologics, Inc. \* | 12967 | 50312 |
|  Adtalem Global Education, Inc. \* | 5697 | 202243 |
|  Aerovate Therapeutics, Inc. \* | 1203 | 35248 |
|  Affimed NV \* (Germany) | 1510 | 1872 |
|  Agios Pharmaceuticals, Inc. \* | 6965 | 195577 |
|  Akero Therapeutics, Inc. \* | 4125 | 226050 |
|  Alico, Inc. | 761 | 18165 |
|  Alight, Inc. Class A \* | 43286 | 361871 |
|  Allogene Therapeutics, Inc. \* | 10238 | 64397 |
|  Allovir, Inc. \* | 3951 | 20269 |
|  Alpha Teknova, Inc. \* | 701 | 3954 |
|  Alphatec Holdings, Inc. \* | 1019 | 12585 |
|  Alpine Immune Sciences, Inc. \* | 1429 | 10503 |
|  Alta Equipment Group, Inc. | 1922 | 25351 |
|  ALX Oncology Holdings, Inc. \* | 2795 | 31500 |
|  American Public Education, Inc. \* | 2312 | 28414 |
|  American Well Corp. Class A \* | 29468 | 83394 |
|  Amylyx Pharmaceuticals, Inc. \* | 5155 | 190477 |
|  AN2 Therapeutics, Inc. \* | 1046 | 9968 |
|  AnaptysBio, Inc. \* | 2622 | 81256 |
|  Andersons, Inc. | 4084 | 142899 |
|  AngioDynamics, Inc. \* | 4669 | 64292 |
|  ANI Pharmaceuticals, Inc. \* | 1614 | 64931 |
|  Anika Therapeutics, Inc. \* | 1916 | 56714 |
|  API Group Corp. \* | 26393 | 496452 |
|  AppHarvest, Inc. \* | 9064 | 5143 |
|  Arbutus Biopharma Corp. \* | 6312 | 14707 |
|  Arcellx, Inc. \* | 3787 | 117321 |
|  Arcturus Therapeutics Holdings, Inc. \* | 305 | 5173 |
|  Arcus Biosciences, Inc. \* | 6548 | 135413 |
|  Artivion, Inc. \* | 749 | 9078 |
|  Atara Biotherapeutics, Inc. \* | 11012 | 36119 |
|  Atea Pharmaceuticals, Inc. \* | 9851 | 47383 |
|  Athira Pharma, Inc. \* | 3981 | 12620 |
|  ATI Physical Therapy, Inc. \* | 8550 | 2608 |
|  AtriCure, Inc. \* | 2071 | 91911 |
|  Avanos Medical, Inc. \* | 5951 | 161034 |
|  Aveanna Healthcare Holdings, Inc. \* | 4980 | 3884 |
|  Avidity Biosciences, Inc. \* | 6795 | 150781 |
|  B&G Foods, Inc. | 8953 | 99826 |
|  Bakkt Holdings, Inc. \* | 8301 | 9878 |
|  Barrett Business Services, Inc. | 76 | 7089 |
|  Beachbody Co., Inc. \* | 11191 | 5886 |
|  Beauty Health Co. \* | 1331 | 12112 |
|  Benson Hill, Inc. \* | 10972 | 27979 |
|  Berkeley Lights, Inc. \* | 7113 | 19063 |
|  BioCryst Pharmaceuticals, Inc. \* | 7374 | 84654 |
|  Biohaven Ltd. \* | 3012 | 41807 |
|  BioLife Solutions, Inc. \* | 3958 | 72036 |
|  Bionano Genomics, Inc. \* | 38009 | 55493 |
|  Bioventus, Inc. Class A \* | 3920 | 10231 |
|  Bioxcel Therapeutics, Inc. \* | 2431 | 52218 |
|  Bird Global, Inc. Class A \* | 21041 | 3792 |
|  Bluebird Bio, Inc. \* | 10516 | 72771 |
|  Boxed, Inc. \* | 7514 | 1464 |
|  Bridgebio Pharma, Inc. \* | 5160 | 39319 |
|  Bright Health Group, Inc. \* | 24891 | 16177 |
|  BrightView Holdings, Inc. \* | 5623 | 38742 |
|  Brookdale Senior Living, Inc. \* | 23770 | 64892 |
|  Butterfly Network, Inc. \* | 17020 | 41869 |
|  C4 Therapeutics, Inc. \* | 5394 | 31825 |
|  Cal-Maine Foods, Inc. | 399 | 21726 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-111** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Cara Therapeutics, Inc. \* | 5710 | $61325 |
|  Cardiovascular Systems, Inc. \* | 2345 | 31939 |
|  CareMax, Inc. \* | 7600 | 27740 |
|  Caribou Biosciences, Inc. \* | 7211 | 45285 |
|  Cass Information Systems, Inc. | 1523 | 69784 |
|  Castle Biosciences, Inc. \* | 3157 | 74316 |
|  Celldex Therapeutics, Inc. \* | 4629 | 206315 |
|  Central Garden & Pet Co. \* | 706 | 26440 |
|  Central Garden & Pet Co. Class A \* | 3422 | 122508 |
|  Century Therapeutics, Inc. \* | 2465 | 12645 |
|  Chefs' Warehouse, Inc. \* | 1299 | 43231 |
|  Chimerix, Inc. \* | 3295 | 6129 |
|  Chinook Therapeutics, Inc. \* | 6411 | 167968 |
|  CinCor Pharma, Inc. \* | 3122 | 38369 |
|  Cipher Mining, Inc. \* | 6069 | 3399 |
|  Cogent Biosciences, Inc. \* | 8206 | 94861 |
|  Community Health Systems, Inc. \* | 16054 | 69353 |
|  CompoSecure, Inc. \* | 266 | 1306 |
|  CoreCivic, Inc. \* | 14546 | 168152 |
|  Crinetics Pharmaceuticals, Inc. \* | 5798 | 106103 |
|  Cross Country Healthcare, Inc. \* | 3944 | 104792 |
|  CTI BioPharma Corp. \* | 10314 | 61987 |
|  Cue Health, Inc. \* | 13884 | 28740 |
|  Cullinan Oncology, Inc. \* | 3780 | 39879 |
|  Custom Truck One Source, Inc. \* | 4972 | 31423 |
|  Cytokinetics, Inc. \* | 1010 | 46278 |
|  Day One Biopharmaceuticals, Inc. \* | 3560 | 76611 |
|  Deciphera Pharmaceuticals, Inc. \* | 4122 | 67560 |
|  Deluxe Corp. | 5567 | 94528 |
|  Design Therapeutics, Inc. \* | 4330 | 44426 |
|  DICE Therapeutics, Inc. \* | 4494 | 140213 |
|  Distribution Solutions Group, Inc. \* | 93 | 3428 |
|  Dyne Therapeutics, Inc. \* | 4110 | 47635 |
|  Edgewell Personal Care Co. | 6594 | 254133 |
|  Edgewise Therapeutics, Inc. \* | 4751 | 42474 |
|  Editas Medicine, Inc. \* | 8880 | 78766 |
|  Eiger BioPharmaceuticals, Inc. \* | 481 | 568 |
|  Embecta Corp. | 979 | 24759 |
|  Emergent BioSolutions, Inc. \* | 6420 | 75820 |
|  Enanta Pharmaceuticals, Inc. \* | 2239 | 104158 |
|  Ennis, Inc. | 3254 | 72109 |
|  Enochian Biosciences, Inc. \* | 2530 | 2606 |
|  Envista Holdings Corp. \* | 78819 | 2653836 |
|  EQRx, Inc. \* | 25766 | 63384 |
|  Erasca, Inc. \* | 8205 | 35364 |
|  European Wax Center, Inc. Class A | 217 | 2702 |
|  EyePoint Pharmaceuticals, Inc. \* | 1722 | 6027 |
|  FibroGen, Inc. \* | 1220 | 19544 |
|  First Advantage Corp. \* | 6953 | 90389 |
|  Fresh Del Monte Produce, Inc. | 3919 | 102639 |
|  Fulcrum Therapeutics, Inc. \* | 5470 | 39822 |
|  Fulgent Genetics, Inc. \* | 2675 | 79662 |
|  Generation Bio Co. \* | 5953 | 23395 |
|  GEO Group, Inc. \* | 14616 | 160045 |
|  Geron Corp. \* | 14143 | 34226 |
|  Glanbia PLC (Ireland) | 299994 | 3799528 |
|  Graham Holdings Co. Class B | 469 | 283374 |
|  Green Dot Corp. Class A \* | 5442 | 86092 |
|  Greenidge Generation Holdings, Inc. \* | 1209 | 350 |
|  Hackett Group, Inc. | 372 | 7578 |
|  Hain Celestial Group, Inc. \* | 11310 | 182996 |
|  Healthcare Services Group, Inc. | 4960 | 59520 |
|  Heidrick & Struggles International, Inc. | 2512 | 70261 |
|  Herbalife Nutrition Ltd. \* | 4132 | 61484 |
|  Herc Holdings, Inc. | 22064 | 2902960 |
|  HF Foods Group, Inc. \* | 4668 | 18952 |
|  HilleVax, Inc. \* | 1750 | 29278 |
|  Honest Co., Inc. \* | 8904 | 26801 |
|  Hostess Brands, Inc. \* | 17021 | 381951 |
|  Huron Consulting Group, Inc. \* | 1016 | 73762 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  ICF International, Inc. | 12448 | $1232974 |
|  Icosavax, Inc. \* | 2741 | 21764 |
|  Ideaya Biosciences, Inc. \* | 5615 | 102025 |
|  IGM Biosciences, Inc. \* | 297 | 5052 |
|  Imago Biosciences, Inc. \* | 1354 | 48676 |
|  ImmunityBio, Inc. \* | 2422 | 12280 |
|  ImmunoGen, Inc. \* | 14054 | 69708 |
|  Immunovant, Inc. \* | 5628 | 99897 |
|  Inari Medical, Inc. \* | 553 | 35149 |
|  Information Services Group, Inc. | 2214 | 10184 |
|  Ingles Markets, Inc. Class A | 1825 | 176040 |
|  Innovage Holding Corp. \* | 2123 | 15243 |
|  Inogen, Inc. \* | 2857 | 56311 |
|  Inotiv, Inc. \* | 2180 | 10769 |
|  Inovio Pharmaceuticals, Inc. \* | 31702 | 49455 |
|  Instil Bio, Inc. \* | 8942 | 5633 |
|  Integer Holdings Corp. \* | 50155 | 3433611 |
|  Intellia Therapeutics, Inc. \* | 3726 | 130000 |
|  Invitae Corp. \* | 31133 | 57907 |
|  Invivyd, Inc. \* | 6262 | 9393 |
|  Iovance Biotherapeutics, Inc. \* | 19187 | 122605 |
|  iTeos Therapeutics, Inc. \* | 3036 | 59293 |
|  Janux Therapeutics, Inc. \* | 2193 | 28882 |
|  John B Sanfilippo & Son, Inc. | 425 | 34561 |
|  John Wiley & Sons, Inc. Class A | 396 | 15864 |
|  Jounce Therapeutics, Inc. \* | 6274 | 6964 |
|  KalVista Pharmaceuticals, Inc. \* | 3116 | 21064 |
|  Kelly Services, Inc. Class A | 4339 | 73329 |
|  Keros Therapeutics, Inc. \* | 119 | 5714 |
|  Kezar Life Sciences, Inc. \* | 6708 | 47224 |
|  Kiniksa Pharmaceuticals Ltd. Class A \* | 181 | 2711 |
|  Kinnate Biopharma, Inc. \* | 3720 | 22692 |
|  Kodiak Sciences, Inc. \* | 4260 | 30502 |
|  Krispy Kreme, Inc. | 6781 | 69980 |
|  Kronos Bio, Inc. \* | 5035 | 8157 |
|  Krystal Biotech, Inc. \* | 1821 | 144260 |
|  Kura Oncology, Inc. \* | 8231 | 102147 |
|  Kymera Therapeutics, Inc. \* | 4796 | 119708 |
|  Lancaster Colony Corp. | 376 | 74185 |
|  Laureate Education, Inc. | 17041 | 163934 |
|  Lexicon Pharmaceuticals, Inc. \* | 7174 | 13702 |
|  Lifecore Biomedical, Inc. \* | 3257 | 21105 |
|  LifeStance Health Group, Inc. \* | 8551 | 42242 |
|  Ligand Pharmaceuticals, Inc. \* | 1703 | 113760 |
|  Liquidia Corp. \* | 2185 | 13918 |
|  LivaNova PLC \* | 1659 | 92141 |
|  LiveRamp Holdings, Inc. \* | 8444 | 197927 |
|  Lyell Immunopharma, Inc. \* | 22135 | 76808 |
|  MacroGenics, Inc. \* | 7711 | 51741 |
|  MannKind Corp. \* | 28834 | 151955 |
|  Maple Leaf Foods, Inc. (Canada) | 96835 | 1748608 |
|  Marathon Digital Holdings, Inc. \* | 14955 | 51146 |
|  MarketWise, Inc. \* | 2246 | 3773 |
|  MaxCyte, Inc. \* | 10875 | 59378 |
|  MeiraGTx Holdings PLC \* | 3463 | 22579 |
|  Merit Medical Systems, Inc. \* | 1011 | 71397 |
|  Mersana Therapeutics, Inc. \* | 11788 | 69078 |
|  MiMedx Group, Inc. \* | 14367 | 39940 |
|  Mission Produce, Inc. \* | 4591 | 53347 |
|  ModivCare, Inc. \* | 1123 | 100767 |
|  MoneyGram International, Inc. \* | 11890 | 129482 |
|  Moneylion, Inc. \* | 17716 | 10984 |
|  Monro, Inc. | 3987 | 180212 |
|  Monte Rosa Therapeutics, Inc. \* | 3790 | 28842 |
|  Morphic Holding, Inc. \* | 493 | 13188 |
|  Multiplan Corp. \* | 48122 | 55340 |
|  Myriad Genetics, Inc. \* | 10120 | 146841 |
|  Nano-X Imaging Ltd. \* (Israel) | 5312 | 39203 |
|  NanoString Technologies, Inc. \* | 562 | 4479 |
|  National HealthCare Corp. | 1584 | 94248 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-112** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Natural Grocers by Vitamin Cottage, Inc. | 222 | $2029 |
|  Nature's Sunshine Products, Inc. \* | 1476 | 12280 |
|  Nautilus Biotechnology, Inc. SPAC \* | 5849 | 10528 |
|  Nektar Therapeutics \* | 23202 | 52437 |
|  Neogen Corp. \* | 2183 | 33247 |
|  NeoGenomics, Inc. \* | 16131 | 149050 |
|  NGM Biopharmaceuticals, Inc. \* | 2062 | 10351 |
|  Nkarta, Inc. \* | 4177 | 25020 |
|  Nurix Therapeutics, Inc. \* | 5968 | 65529 |
|  Nuvalent, Inc. Class A \* | 2549 | 75909 |
|  Nuvation Bio, Inc. \* | 14675 | 28176 |
|  OmniAb, Inc. \* | 8541 | 30748 |
|  OmniAb, Inc.- Earn Out Shares \* ± W | 1320 |  |
|  OPKO Health, Inc. \* | 51580 | 64475 |
|  OraSure Technologies, Inc. \* | 9166 | 44180 |
|  Orthofix Medical, Inc. \* | 2531 | 51961 |
|  Oscar Health, Inc. Class A \* | 15399 | 37882 |
|  Owens & Minor, Inc. \* | 8259 | 161298 |
|  P3 Health Partners, Inc. \* | 884 | 1627 |
|  Pacific Biosciences of California, Inc. \* | 28770 | 235339 |
|  Pardes Biosciences, Inc. \* | 3463 | 5852 |
|  Patterson Cos., Inc. | 2414 | 67664 |
|  Paysafe Ltd. \* | 3695 | 51324 |
|  Pediatrix Medical Group, Inc. \* | 10412 | 154722 |
|  PepGen, Inc. \* | 1490 | 19921 |
|  Perdoceo Education Corp. \* | 8598 | 119512 |
|  PetIQ, Inc. \* | 679 | 6260 |
|  PFSweb, Inc. | 2232 | 13727 |
|  PMV Pharmaceuticals, Inc. \* | 4756 | 41377 |
|  Point Biopharma Global, Inc. SPAC \* | 613 | 4469 |
|  Praxis Precision Medicines, Inc. \* | 4464 | 10624 |
|  Precigen, Inc. \* | 2339 | 3555 |
|  Prestige Consumer Healthcare, Inc. \* | 6352 | 397635 |
|  Prime Medicine, Inc. \* | 702 | 13043 |
|  Primo Water Corp. | 20073 | 311934 |
|  PROG Holdings, Inc. \* | 5398 | 91172 |
|  Protagonist Therapeutics, Inc. \* | 5907 | 64445 |
|  Provention Bio, Inc. \* | 1058 | 11183 |
|  PTC Therapeutics, Inc. \* | 2186 | 83440 |
|  QinetiQ Group PLC (United Kingdom) | 271371 | 1166953 |
|  Quad/Graphics, Inc. \* | 4093 | 16699 |
|  Quanex Building Products Corp. | 4157 | 98438 |
|  Quanterix Corp. \* | 3725 | 51591 |
|  Quantum-Si, Inc. \* | 11508 | 21060 |
|  Rallybio Corp. \* | 582 | 3824 |
|  RAPT Therapeutics, Inc. \* | 1001 | 19820 |
|  Reata Pharmaceuticals, Inc. Class A \* | 572 | 21730 |
|  Recursion Pharmaceuticals, Inc. Class A \* | 15774 | 121618 |
|  REGENXBIO, Inc. \* | 5151 | 116825 |
|  Relay Therapeutics, Inc. \* | 9937 | 148459 |
|  Relmada Therapeutics, Inc. \* | 1019 | 3556 |
|  Repay Holdings Corp. \* | 11308 | 91029 |
|  Replimune Group, Inc. \* | 5180 | 140896 |
|  Resources Connection, Inc. | 4173 | 76700 |
|  REVOLUTION Medicines, Inc. \* | 8209 | 195538 |
|  Riot Blockchain, Inc. \* | 20228 | 68573 |
|  Rocket Pharmaceuticals, Inc. \* | 6818 | 133428 |
|  RxSight, Inc. \* | 203 | 2572 |
|  Sabre Corp. \* | 33121 | 204688 |
|  Sage Therapeutics, Inc. \* | 6665 | 254203 |
|  Sana Biotechnology, Inc. \* | 11437 | 45176 |
|  Sangamo Therapeutics, Inc. \* | 15886 | 49882 |
|  SeaSpine Holdings Corp. \* | 4671 | 39003 |
|  Seer, Inc. \* | 6569 | 38100 |
|  Select Medical Holdings Corp. | 2021 | 50181 |
|  Sema4 Holdings Corp. \* | 20254 | 5343 |
|  Seneca Foods Corp. Class A \* | 663 | 40410 |
|  Singular Genomics Systems, Inc. \* | 6914 | 13897 |
|  SomaLogic, Inc. \* | 16713 | 41950 |
|  Sorrento Therapeutics, Inc. \* | 49397 | 43766 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  SpartanNash Co. | 4453 | $| 134659 |
|  Spire Global, Inc. \* | 15401 |  | 14785 |
|  SpringWorks Therapeutics, Inc. \* | 3680 |  | 95717 |
|  Sterling Check Corp. \* | 223 |  | 3450 |
|  Stoke Therapeutics, Inc. \* | 2809 |  | 25927 |
|  StoneCo Ltd. Class A \* (Brazil) | 17038 |  | 160839 |
|  Strategic Education, Inc. | 2893 |  | 226580 |
|  SunOpta, Inc. \* (Canada) | 889 |  | 7503 |
|  Supernus Pharmaceuticals, Inc. \* | 6252 |  | 223009 |
|  Surgery Partners, Inc. \* | 708 |  | 19725 |
|  Sutro Biopharma, Inc. \* | 6788 |  | 54847 |
|  Syndax Pharmaceuticals, Inc. \* | 5204 |  | 132442 |
|  Tactile Systems Technology, Inc. \* | 1622 |  | 18621 |
|  Talaris Therapeutics, Inc. \* | 2703 |  | 2757 |
|  Tango Therapeutics, Inc. \* | 5827 |  | 42246 |
|  Tarsus Pharmaceuticals, Inc. \* | 2340 |  | 34304 |
|  Tattooed Chef, Inc. \* | 999 |  | 1229 |
|  Tejon Ranch Co. \* | 2605 |  | 49078 |
|  Tenaya Therapeutics, Inc. \* | 3383 |  | 6800 |
|  Textainer Group Holdings Ltd. (China) | 4783 |  | 148321 |
|  Theravance Biopharma, Inc. \* | 817 |  | 9167 |
|  Theseus Pharmaceuticals, Inc. \* | 2014 |  | 10030 |
|  Third Harmonic Bio, Inc. \* | 884 |  | 3801 |
|  Tootsie Roll Industries, Inc. | 286 |  | 12175 |
|  Travere Therapeutics, Inc. \* | 735 |  | 15457 |
|  TreeHouse Foods, Inc. \* | 6464 |  | 319192 |
|  Tricida, Inc. \* | 3339 |  | 511 |
|  Triton International Ltd. (Bermuda) | 7431 |  | 511104 |
|  TrueBlue, Inc. \* | 4133 |  | 80924 |
|  Twist Bioscience Corp. \* | 2246 |  | 53477 |
|  Tyra Biosciences, Inc. \* | 1743 |  | 13247 |
|  United Natural Foods, Inc. \* | 6880 |  | 266325 |
|  Universal Corp. | 3112 |  | 164345 |
|  Utah Medical Products, Inc. | 11 |  | 1106 |
|  Utz Brands, Inc. | 1026 |  | 16272 |
|  V2X, Inc. \* | 1507 |  | 62224 |
|  Vanda Pharmaceuticals, Inc. \* | 7244 |  | 53533 |
|  Varex Imaging Corp. \* | 4889 |  | 99247 |
|  Vaxart, Inc. \* | 12607 |  | 12114 |
|  VBI Vaccines, Inc. \* | 24264 |  | 9490 |
|  Vector Group Ltd. | 15617 |  | 185218 |
|  Vera Therapeutics, Inc. \* | 146 |  | 2825 |
|  Veracyte, Inc. \* | 9117 |  | 216346 |
|  Verve Therapeutics, Inc. \* | 5040 |  | 97524 |
|  Viad Corp. \* | 2626 |  | 64048 |
|  ViewRay, Inc. \* | 2040 |  | 9139 |
|  Village Super Market, Inc. Class A | 1053 |  | 24524 |
|  Vintage Wine Estates, Inc. \* | 3345 |  | 10905 |
|  Vir Biotechnology, Inc. \* | 9271 |  | 234649 |
|  Viridian Therapeutics, Inc. \* | 1281 |  | 37418 |
|  VistaGen Therapeutics, Inc. \* | 4858 |  | 500 |
|  Vivint Smart Home, Inc. \* | 9008 |  | 107195 |
|  Weis Markets, Inc. | 2103 |  | 173056 |
|  Whole Earth Brands, Inc. \* | 4958 |  | 20179 |
|  Willdan Group, Inc. \* | 1296 |  | 23134 |
|  WillScot Mobile Mini Holdings Corp. \* | 20993 |  | 948254 |
|  WW International, Inc. \* | 7019 |  | 27093 |
|  Xencor, Inc. \* | 7357 |  | 191576 |
|  Zentalis Pharmaceuticals, Inc. \* | 301 |  | 6062 |
|  Zimvie, Inc. \* | 2692 |  | 25143 |
|  |  |  | 41451963 |
|  **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** |
|  Professional Holding Corp. Class A \* | 1554 |  | 43108 |
|  **Energy - 6.2%** | **Energy - 6.2%** | **Energy - 6.2%** | **Energy - 6.2%** |
|  Aemetis, Inc. \* | 4133 |  | 16367 |
|  Alto Ingredients, Inc. \* | 9663 |  | 27829 |
|  Amplify Energy Corp. \* | 1208 |  | 10618 |
|  Archrock, Inc. | 17218 |  | 154618 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-113** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Berry Corp. | 8199 | $| 65592 |
|  Borr Drilling Ltd. \* (United Arab Emirates) | 13921 |  | 69187 |
|  Bristow Group, Inc. \* | 2981 |  | 80875 |
|  California Resources Corp. | 9445 |  | 410952 |
|  Callon Petroleum Co. \* | 1086 |  | 40280 |
|  Chord Energy Corp. | 2166 |  | 296331 |
|  Civitas Resources, Inc. | 9412 |  | 545237 |
|  Cleanspark, Inc. \* | 6028 |  | 12297 |
|  CNX Resources Corp. \* | 21522 |  | 362431 |
|  CONSOL Energy, Inc. | 262 |  | 17030 |
|  Crescent Point Energy Corp. (TSE) (Canada) | 560280 |  | 3997271 |
|  Diamond Offshore Drilling, Inc. \* | 13046 |  | 135678 |
|  DMC Global, Inc. \* | 1759 |  | 34195 |
|  Dril-Quip, Inc. \* | 4279 |  | 116260 |
|  Eneti, Inc. | 2918 |  | 29326 |
|  Equitrans Midstream Corp. | 39987 |  | 267913 |
|  Excelerate Energy, Inc. Class A | 2309 |  | 57840 |
|  Expro Group Holdings NV \* | 9917 |  | 179795 |
|  FuelCell Energy, Inc. \* | 14204 |  | 39487 |
|  FutureFuel Corp. | 3458 |  | 28114 |
|  Gevo, Inc. \* | 26553 |  | 50451 |
|  Golar LNG Ltd. \* (Bermuda) | 12236 |  | 278858 |
|  Green Plains, Inc. \* | 101641 |  | 3100051 |
|  Helix Energy Solutions Group, Inc. \* | 18169 |  | 134087 |
|  Helmerich & Payne, Inc. | 13097 |  | 649218 |
|  Hunting PLC (United Kingdom) | 300952 |  | 1211574 |
|  Kinetik Holdings, Inc. | 1957 |  | 64738 |
|  Murphy Oil Corp. | 10607 |  | 456207 |
|  Nabors Industries Ltd. \* | 147 |  | 22766 |
|  NACCO Industries, Inc. Class A | 515 |  | 19570 |
|  National Energy Services Reunited Corp. \* | 4724 |  | 32785 |
|  Newpark Resources, Inc. \* | 11227 |  | 46592 |
|  NextDecade Corp. \* | 696 |  | 3438 |
|  Noble Corp. PLC \* | 8759 |  | 330302 |
|  Northern Oil & Gas, Inc. | 1277 |  | 39357 |
|  NOW, Inc. \* | 14102 |  | 179095 |
|  Oceaneering International, Inc. \* | 1242 |  | 21723 |
|  Oil States International, Inc. \* | 8024 |  | 59859 |
|  Patterson-UTI Energy, Inc. | 8885 |  | 149623 |
|  PBF Energy, Inc. Class A | 9655 |  | 393731 |
|  Peabody Energy Corp. \* | 14978 |  | 395719 |
|  Permian Resources Corp. | 22986 |  | 216068 |
|  ProFrac Holding Corp. Class A \* | 1569 |  | 39539 |
|  ProPetro Holding Corp. \* | 11237 |  | 116528 |
|  REX American Resources Corp. \* | 2135 |  | 68021 |
|  Riley Exploration Permian, Inc. | 486 |  | 14303 |
|  Ring Energy, Inc. \* | 6757 |  | 16622 |
|  Select Energy Services, Inc. Class A | 9164 |  | 84675 |
|  Stem, Inc. \* | 970 |  | 8672 |
|  SunCoke Energy, Inc. | 10485 |  | 90486 |
|  Sunnova Energy International, Inc. \* | 12643 |  | 227700 |
|  TechnipFMC PLC \* (United Kingdom) | 195321 |  | 2380963 |
|  Tidewater, Inc. \* | 5887 |  | 216936 |
|  US Silica Holdings, Inc. \* | 7936 |  | 99200 |
|  Vertex Energy, Inc. \* | 904 |  | 5605 |
|  W&T Offshore, Inc. \* | 2066 |  | 11528 |
|  Warrior Met Coal, Inc. | 5891 |  | 204064 |
|  |  |  | 18436177 |
|  **Financial - 33.6%** | **Financial - 33.6%** | **Financial - 33.6%** | **Financial - 33.6%** |
|  1st Source Corp. | 2095 |  | 111224 |
|  Acadia Realty Trust REIT | 11447 |  | 164264 |
|  ACNB Corp. | 1115 |  | 44388 |
|  AFC Gamma, Inc. REIT | 1933 |  | 30406 |
|  Agree Realty Corp. REIT | 11051 |  | 783847 |
|  Alerus Financial Corp. | 2027 |  | 47330 |
|  Alexander & Baldwin, Inc. REIT \* | 91419 |  | 1712278 |
|  Amalgamated Financial Corp. | 2133 |  | 49144 |
|  Ambac Financial Group, Inc. \* | 5589 |  | 97472 |
|  Amerant Bancorp, Inc. | 3581 |  | 96114 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  American Assets Trust, Inc. REIT | 6356 | $168434 |
|  American Equity Investment Life Holding Co. | 9018 | 411401 |
|  American National Bankshares, Inc. | 1449 | 53512 |
|  American Realty Investors, Inc. \* | 134 | 3437 |
|  Ameris Bancorp | 8500 | 400690 |
|  AMERISAFE, Inc. | 2451 | 127378 |
|  Angel Oak Mortgage, Inc. REIT | 1553 | 7346 |
|  Anywhere Real Estate, Inc. \* | 13723 | 87690 |
|  Apartment Investment & Management Co. Class A REIT | 19080 | 135850 |
|  Apollo Commercial Real Estate Finance, Inc. REIT | 17986 | 193529 |
|  Apple Hospitality REIT, Inc. | 27414 | 432593 |
|  Applied Digital Corp. \* | 5027 | 9250 |
|  Arbor Realty Trust, Inc. REIT | 21126 | 278652 |
|  Ares Commercial Real Estate Corp. REIT | 6275 | 64570 |
|  Argo Group International Holdings Ltd. | 4072 | 105261 |
|  Armada Hoffler Properties, Inc. REIT | 8604 | 98946 |
|  ARMOUR Residential REIT, Inc. | 16098 | 90632 |
|  Arrow Financial Corp. | 1904 | 64546 |
|  Artisan Partners Asset Management, Inc. Class A | 2677 | 79507 |
|  Ashford Hospitality Trust, Inc. REIT \* | 4320 | 19310 |
|  AssetMark Financial Holdings, Inc. \* | 2605 | 59915 |
|  Associated Banc-Corp. | 19123 | 441550 |
|  Associated Capital Group, Inc. Class A | 246 | 10330 |
|  Atlantic Union Bankshares Corp. | 91631 | 3219913 |
|  Atlanticus Holdings Corp. \* | 238 | 6236 |
|  Axos Financial, Inc. \* | 6592 | 251946 |
|  Banc of California, Inc. | 6838 | 108929 |
|  BancFirst Corp. | 988 | 87122 |
|  Banco Latinoamericano de Comercio Exterior SA (Panama) | 3518 | 56992 |
|  Bancorp, Inc. \* | 2994 | 84970 |
|  Bank First Corp. | 937 | 86972 |
|  Bank of Marin Bancorp | 2084 | 68522 |
|  Bank of NT Butterfield & Son Ltd. (Bermuda) | 5998 | 178800 |
|  BankUnited, Inc. | 9930 | 337322 |
|  Bankwell Financial Group, Inc. | 804 | 23662 |
|  Banner Corp. | 4258 | 269106 |
|  Bar Harbor Bankshares | 1933 | 61933 |
|  BayCom Corp. | 1547 | 29362 |
|  BCB Bancorp, Inc. | 1864 | 33533 |
|  Berkshire Hills Bancorp, Inc. | 5704 | 170550 |
|  BGC Partners, Inc. Class A | 40139 | 151324 |
|  Blackstone Mortgage Trust, Inc. Class A REIT | 21716 | 459728 |
|  Blue Foundry Bancorp \* | 3256 | 41840 |
|  Blue Ridge Bankshares, Inc. | 2370 | 29601 |
|  Bluerock Homes Trust, Inc. REIT \* | 295 | 6286 |
|  Braemar Hotels & Resorts, Inc. REIT | 8759 | 35999 |
|  Brandywine Realty Trust REIT | 21795 | 134039 |
|  Bread Financial Holdings, Inc. | 9684 | 364699 |
|  Bridgewater Bancshares, Inc. \* | 2087 | 37023 |
|  Brightsphere Investment Group, Inc. | 239 | 4919 |
|  BrightSpire Capital, Inc. REIT | 12165 | 75788 |
|  Broadmark Realty Capital, Inc. REIT | 16467 | 58623 |
|  Broadstone Net Lease, Inc. REIT | 21719 | 352065 |
|  Brookfield Business Corp. Class A (Canada) | 377 | 7084 |
|  Brookline Bancorp, Inc. | 9498 | 134397 |
|  BRT Apartments Corp. REIT | 1432 | 28124 |
|  Business First Bancshares, Inc. | 2859 | 63298 |
|  Byline Bancorp, Inc. | 3198 | 73458 |
|  Cadence Bank | 20176 | 497540 |
|  Cambridge Bancorp | 907 | 75335 |
|  Camden National Corp. | 28677 | 1195544 |
|  Cannae Holdings, Inc. \* | 8916 | 184115 |
|  Capital Bancorp, Inc. | 1230 | 28954 |
|  Capital City Bank Group, Inc. | 1782 | 57915 |
|  Capitol Federal Financial, Inc. | 16080 | 139092 |
|  Capstar Financial Holdings, Inc. | 2524 | 44574 |
|  CareTrust REIT, Inc. | 11429 | 212351 |
|  Carter Bankshares, Inc. \* | 3134 | 51993 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-114** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Cathay General Bancorp | 9323 | $380285 |
|  CBL & Associates Properties, Inc. REIT | 2828 | 65270 |
|  Centerspace REIT | 1958 | 114876 |
|  Central Pacific Financial Corp. | 3331 | 67553 |
|  Chatham Lodging Trust REIT | 6172 | 75730 |
|  Chicago Atlantic Real Estate Finance, Inc. | 680 | 10248 |
|  Chimera Investment Corp. REIT | 29912 | 164516 |
|  Citizens & Northern Corp. | 2067 | 47252 |
|  City Holding Co. | 1861 | 173240 |
|  City Office REIT, Inc. | 5030 | 42151 |
|  Civista Bancshares, Inc. | 2025 | 44570 |
|  Claros Mortgage Trust, Inc. REIT | 11668 | 171636 |
|  Clipper Realty, Inc. REIT | 46 | 294 |
|  CNB Financial Corp. | 2261 | 53789 |
|  CNO Financial Group, Inc. | 86377 | 1973714 |
|  Colony Bankcorp, Inc. | 2167 | 27499 |
|  Columbia Banking System, Inc. | 126795 | 3820333 |
|  Columbia Financial, Inc. \* | 2784 | 60190 |
|  Community Bank System, Inc. | 6655 | 418932 |
|  Community Healthcare Trust, Inc. REIT | 1275 | 45645 |
|  Community Trust Bancorp, Inc. | 2057 | 94478 |
|  Compass Diversified Holdings | 7957 | 145056 |
|  ConnectOne Bancorp, Inc. | 4759 | 115215 |
|  Consumer Portfolio Services, Inc. \* | 1247 | 11036 |
|  Corporate Office Properties Trust REIT | 12676 | 328815 |
|  Cowen, Inc. Class A | 3393 | 131038 |
|  Crawford & Co. Class A | 2067 | 11493 |
|  CrossFirst Bankshares, Inc. \* | 5864 | 72772 |
|  Cryptyde, Inc. \* | 960 | 184 |
|  CTO Realty Growth, Inc. REIT | 2184 | 39924 |
|  Curo Group Holdings Corp. | 738 | 2620 |
|  Cushman & Wakefield PLC \* | 156527 | 1950326 |
|  Customers Bancorp, Inc. \* | 3955 | 112085 |
|  CVB Financial Corp. | 17010 | 438007 |
|  DiamondRock Hospitality Co. REIT | 26872 | 220082 |
|  Dime Community Bancshares, Inc. | 4200 | 133686 |
|  Diversified Healthcare Trust REIT | 31419 | 20322 |
|  Doma Holdings, Inc. \* | 15706 | 7113 |
|  Donegal Group, Inc. Class A | 2076 | 29479 |
|  Douglas Elliman, Inc. | 8708 | 35442 |
|  Dynex Capital, Inc. REIT | 5428 | 69044 |
|  Eagle Bancorp, Inc. | 3937 | 173504 |
|  Easterly Government Properties, Inc. REIT | 11556 | 164904 |
|  Eastern Bankshares, Inc. | 15822 | 272929 |
|  eHealth, Inc. \* | 2143 | 10372 |
|  Ellington Financial, Inc. REIT | 7553 | 93431 |
|  Elme Communities REIT | 11178 | 198968 |
|  Empire State Realty Trust, Inc. Class A REIT | 17031 | 114789 |
|  Employers Holdings, Inc. | 3482 | 150179 |
|  Enact Holdings, Inc. | 3835 | 92500 |
|  Encore Capital Group, Inc. \* | 2946 | 141231 |
|  Enova International, Inc. \* | 3922 | 150487 |
|  Enstar Group Ltd. \* | 1433 | 331080 |
|  Enterprise Bancorp, Inc. | 1196 | 42219 |
|  Enterprise Financial Services Corp. | 4536 | 222083 |
|  Equity Bancshares, Inc. Class A | 1991 | 65046 |
|  Equity Commonwealth REIT | 13333 | 332925 |
|  Esquire Financial Holdings, Inc. | 137 | 5927 |
|  Essent Group Ltd. | 13497 | 524763 |
|  Essential Properties Realty Trust, Inc. REIT | 16404 | 385002 |
|  EZCORP, Inc. Class A \* | 6209 | 50603 |
|  Farmers & Merchants Bancorp, Inc. | 1117 | 30360 |
|  Farmers National Banc Corp. | 4112 | 58061 |
|  Farmland Partners, Inc. REIT | 5992 | 74660 |
|  FB Financial Corp. | 4663 | 168521 |
|  Federal Agricultural Mortgage Corp. Class C | 1170 | 131871 |
|  Finance Of America Cos., Inc. Class A \* | 4239 | 5384 |
|  Financial Institutions, Inc. | 2004 | 48817 |
|  First BanCorp | 21527 | 273823 |
|  First Bancorp, Inc. | 1355 | 40569 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  First Bancorp/Southern Pines NC | 12901 | $552679 |
|  First Bancshares, Inc. | 2607 | 83450 |
|  First Bank | 2122 | 29199 |
|  First Busey Corp. | 6732 | 166415 |
|  First Business Financial Services, Inc. | 1019 | 37244 |
|  First Commonwealth Financial Corp. | 11612 | 162220 |
|  First Community Bankshares, Inc. | 2124 | 72004 |
|  First Financial Bancorp | 11538 | 279566 |
|  First Financial Corp. | 1469 | 67692 |
|  First Foundation, Inc. | 6638 | 95123 |
|  First Guaranty Bancshares, Inc. | 731 | 17142 |
|  First Internet Bancorp | 1086 | 26368 |
|  First Interstate BancSystem, Inc. Class A | 98123 | 3792454 |
|  First Merchants Corp. | 7345 | 301953 |
|  First Mid Bancshares, Inc. | 2527 | 81066 |
|  First of Long Island Corp. | 28377 | 510786 |
|  First Western Financial, Inc. \* | 1047 | 29473 |
|  Five Star Bancorp | 1089 | 29664 |
|  Flushing Financial Corp. | 3741 | 72501 |
|  Four Corners Property Trust, Inc. REIT | 9457 | 245220 |
|  Franklin BSP Realty Trust, Inc. REIT | 10442 | 134702 |
|  Franklin Street Properties Corp. REIT | 12647 | 34526 |
|  FRP Holdings, Inc. \* | 861 | 46373 |
|  Fulton Financial Corp. | 20847 | 350855 |
|  FVCBankcorp, Inc. \* | 1551 | 29578 |
|  GCM Grosvenor, Inc. Class A | 624 | 4749 |
|  Genworth Financial, Inc. Class A \* | 63285 | 334778 |
|  German American Bancorp, Inc. | 33940 | 1265962 |
|  Getty Realty Corp. REIT | 5378 | 182045 |
|  Glacier Bancorp, Inc. | 12332 | 609447 |
|  Gladstone Commercial Corp. REIT | 415 | 7678 |
|  Gladstone Land Corp. REIT | 1881 | 34516 |
|  Global Medical REIT, Inc. | 7962 | 75480 |
|  Global Net Lease, Inc. REIT | 13378 | 168161 |
|  Goosehead Insurance, Inc. Class A \* | 329 | 11298 |
|  Granite Point Mortgage Trust, Inc. REIT | 6652 | 35655 |
|  Great Southern Bancorp, Inc. | 1239 | 73708 |
|  Greenlight Capital Re Ltd. Class A \* | 3354 | 27335 |
|  Guaranty Bancshares, Inc. | 1106 | 38312 |
|  Hancock Whitney Corp. | 11047 | 534564 |
|  Hanmi Financial Corp. | 3804 | 94149 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 10350 | 299943 |
|  Hanover Insurance Group, Inc. | 34070 | 4603879 |
|  HarborOne Bancorp, Inc. | 5723 | 79550 |
|  HBT Financial, Inc. | 1383 | 27065 |
|  Heartland Financial USA, Inc. | 5299 | 247039 |
|  Heritage Commerce Corp. | 7725 | 100425 |
|  Heritage Financial Corp. | 4286 | 131323 |
|  Hersha Hospitality Trust REIT | 3831 | 32640 |
|  Highwoods Properties, Inc. REIT | 5031 | 140767 |
|  Hilltop Holdings, Inc. | 6438 | 193204 |
|  Hingham Institution For Savings | 178 | 49121 |
|  Hippo Holdings, Inc. \* | 2186 | 29730 |
|  Home Bancorp, Inc. | 973 | 38949 |
|  Home BancShares, Inc. | 24099 | 549216 |
|  Home Point Capital, Inc. | 1000 | 1370 |
|  HomeStreet, Inc. | 2331 | 64289 |
|  HomeTrust Bancshares, Inc. | 1577 | 38116 |
|  Hope Bancorp, Inc. | 14354 | 183875 |
|  Horace Mann Educators Corp. | 76617 | 2863177 |
|  Horizon Bancorp, Inc. | 5116 | 77149 |
|  Independence Realty Trust, Inc. REIT | 28388 | 478622 |
|  Independent Bank Corp. | 5606 | 473315 |
|  Independent Bank Corp. MI | 2608 | 62383 |
|  Independent Bank Group, Inc. | 4606 | 276728 |
|  Indus Realty Trust, Inc. REIT | 685 | 43491 |
|  Industrial Logistics Properties Trust REIT | 7952 | 26003 |
|  International Bancshares Corp. | 6904 | 315927 |
|  InvenTrust Properties Corp. REIT | 8606 | 203704 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-115** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Invesco Mortgage Capital, Inc. REIT | 4455 | $56712 |
|  Investors Title Co. | 143 | 21100 |
|  iStar, Inc. REIT | 8631 | 65855 |
|  Jackson Financial, Inc. Class A | 9526 | 331410 |
|  James River Group Holdings Ltd. | 4538 | 94890 |
|  John Marshall Bancorp, Inc. | 1449 | 41702 |
|  Kearny Financial Corp. | 7746 | 78622 |
|  Kennedy-Wilson Holdings, Inc. | 15107 | 237633 |
|  Kite Realty Group Trust REIT | 27795 | 585085 |
|  KKR Real Estate Finance Trust, Inc. REIT | 7091 | 98990 |
|  Ladder Capital Corp. REIT | 14410 | 144676 |
|  Lakeland Bancorp, Inc. | 8008 | 141021 |
|  Lakeland Financial Corp. | 258 | 18826 |
|  Legacy Housing Corp. \* | 1004 | 19036 |
|  Lemonade, Inc. \* | 5980 | 81806 |
|  LendingClub Corp. \* | 12521 | 110185 |
|  Live Oak Bancshares, Inc. | 926 | 27965 |
|  LTC Properties, Inc. REIT | 5049 | 179391 |
|  Luther Burbank Corp. | 2030 | 22553 |
|  LXP Industrial Trust REIT | 34704 | 347734 |
|  Macatawa Bank Corp. | 3384 | 37326 |
|  Macerich Co. REIT | 27537 | 310067 |
|  MBIA, Inc. \* | 6032 | 77511 |
|  McGrath RentCorp | 42439 | 4190427 |
|  Mercantile Bank Corp. | 2072 | 69371 |
|  Merchants Bancorp | 2010 | 48883 |
|  Mercury General Corp. | 3409 | 116588 |
|  Metrocity Bankshares, Inc. | 1872 | 40491 |
|  Metropolitan Bank Holding Corp. \* | 1225 | 71871 |
|  MFA Financial, Inc. REIT | 13134 | 129370 |
|  Mid Penn Bancorp, Inc. | 1883 | 56434 |
|  Midland States Bancorp, Inc. | 2754 | 73311 |
|  MidWestOne Financial Group, Inc. | 1878 | 59626 |
|  Moelis & Co. Class A | 4088 | 156857 |
|  Mr Cooper Group, Inc. \* | 8832 | 354428 |
|  MVB Financial Corp. | 1381 | 30410 |
|  National Bank Holdings Corp. Class A | 3480 | 146404 |
|  National Health Investors, Inc. REIT | 5344 | 279064 |
|  National Western Life Group, Inc. Class A | 298 | 83738 |
|  Navient Corp. | 13574 | 223292 |
|  NBT Bancorp, Inc. | 5235 | 227304 |
|  Necessity Retail REIT, Inc. REIT | 17300 | 102589 |
|  Nelnet, Inc. Class A | 1850 | 167887 |
|  NETSTREIT Corp. REIT | 7140 | 130876 |
|  New York Mortgage Trust, Inc. REIT | 47509 | 121623 |
|  Newmark Group, Inc. Class A | 16025 | 127719 |
|  Nexpoint Real Estate Finance, Inc. REIT | 898 | 14269 |
|  NexPoint Residential Trust, Inc. REIT | 145 | 6310 |
|  NI Holdings, Inc. \* | 1163 | 15433 |
|  Nicolet Bankshares, Inc. \* | 1399 | 111626 |
|  NMI Holdings, Inc. Class A \* | 9767 | 204130 |
|  Northeast Bank | 892 | 37553 |
|  Northfield Bancorp, Inc. | 5536 | 87081 |
|  Northwest Bancshares, Inc. | 15095 | 211028 |
|  OceanFirst Financial Corp. | 7578 | 161032 |
|  Office Properties Income Trust REIT | 6039 | 80621 |
|  OFG Bancorp | 6003 | 165443 |
|  Old National Bancorp | 37522 | 674646 |
|  Old Second Bancorp, Inc. | 5492 | 88092 |
|  One Liberty Properties, Inc. REIT | 2021 | 44907 |
|  Oportun Financial Corp. \* | 3584 | 19748 |
|  Oppenheimer Holdings, Inc. Class A | 1009 | 42711 |
|  OppFi, Inc. \* | 1921 | 3938 |
|  Orchid Island Capital, Inc. REIT | 4416 | 46368 |
|  Origin Bancorp, Inc. | 2903 | 106540 |
|  Orion Office REIT, Inc. REIT | 7269 | 62077 |
|  Orrstown Financial Services, Inc. | 1405 | 32540 |
|  Pacific Premier Bancorp, Inc. | 11503 | 363035 |
|  Paramount Group, Inc. REIT | 24008 | 142608 |
|  Park National Corp. | 1863 | 262217 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Parke Bancorp, Inc. | 1379 | $28600 |
|  Pathward Financial, Inc. | 2593 | 111629 |
|  PCB Bancorp | 1405 | 24854 |
|  PCSB Financial Corp. | 1662 | 31644 |
|  Peapack-Gladstone Financial Corp. | 2236 | 83224 |
|  Pebblebrook Hotel Trust REIT | 16566 | 221819 |
|  PennyMac Financial Services, Inc. | 3424 | 194004 |
|  PennyMac Mortgage Investment Trust REIT | 9204 | 114038 |
|  Peoples Bancorp, Inc. | 47237 | 1334445 |
|  Peoples Financial Services Corp. | 949 | 49196 |
|  Perella Weinberg Partners | 540 | 5292 |
|  Physicians Realty Trust REIT | 28602 | 413871 |
|  Piedmont Office Realty Trust, Inc. Class A REIT | 15770 | 144611 |
|  Pioneer Bancorp, Inc. \* | 1373 | 15652 |
|  Piper Sandler Cos. | 2195 | 285767 |
|  Plymouth Industrial REIT, Inc. REIT | 4908 | 94135 |
|  Postal Realty Trust, Inc. Class A REIT | 823 | 11958 |
|  PotlatchDeltic Corp. REIT | 9231 | 406072 |
|  PRA Group, Inc. \* | 4924 | 166333 |
|  Preferred Bank | 787 | 58726 |
|  Premier Financial Corp. | 4592 | 123846 |
|  Primis Financial Corp. | 3010 | 35669 |
|  ProAssurance Corp. | 6683 | 116752 |
|  Provident Bancorp, Inc. | 1742 | 12682 |
|  Provident Financial Services, Inc. | 9266 | 197922 |
|  QCR Holdings, Inc. | 2042 | 101365 |
|  Radian Group, Inc. | 20068 | 382697 |
|  Radius Global Infrastructure, Inc. Class A \* | 9760 | 115363 |
|  RBB Bancorp | 1984 | 41366 |
|  RE/MAX Holdings, Inc. Class A | 2373 | 44233 |
|  Ready Capital Corp. REIT | 9268 | 103246 |
|  Red River Bancshares, Inc. | 563 | 28747 |
|  Redwood Trust, Inc. REIT | 14564 | 98453 |
|  Regional Management Corp. | 1016 | 28529 |
|  Renasant Corp. | 6816 | 256213 |
|  Republic Bancorp, Inc. Class A | 1099 | 44971 |
|  Republic First Bancorp, Inc. \* | 6542 | 14065 |
|  Retail Opportunity Investments Corp. REIT | 15714 | 236181 |
|  RLJ Lodging Trust REIT | 20450 | 216565 |
|  RMR Group, Inc. Class A | 702 | 19832 |
|  Root, Inc. Class A \* | 993 | 4459 |
|  RPT Realty REIT | 10811 | 108542 |
|  Ryman Hospitality Properties, Inc. REIT | 6869 | 561747 |
|  S&T Bancorp, Inc. | 4754 | 162492 |
|  Sabra Health Care REIT, Inc. | 29437 | 365902 |
|  Safehold, Inc. REIT | 1264 | 36176 |
|  Safety Insurance Group, Inc. | 1811 | 152595 |
|  Sandy Spring Bancorp, Inc. | 5638 | 198627 |
|  Saul Centers, Inc. REIT | 63 | 2563 |
|  Sculptor Capital Management, Inc. | 1804 | 15623 |
|  Seacoast Banking Corp. of Florida | 7446 | 232241 |
|  Selective Insurance Group, Inc. | 15980 | 1415988 |
|  Selectquote, Inc. \* | 17015 | 11432 |
|  Service Properties Trust REIT | 20959 | 152791 |
|  Shore Bancshares, Inc. | 2405 | 41919 |
|  Sierra Bancorp | 1809 | 38423 |
|  Silvergate Capital Corp. Class A \* | 873 | 15190 |
|  Simmons First National Corp. Class A | 15438 | 333152 |
|  SiriusPoint Ltd. \* (Bermuda) | 10484 | 61856 |
|  SITE Centers Corp. REIT | 25067 | 342415 |
|  SmartFinancial, Inc. | 2047 | 56292 |
|  South Plains Financial, Inc. | 1257 | 34605 |
|  Southern First Bancshares, Inc. \* | 985 | 45064 |
|  Southern Missouri Bancorp, Inc. | 1014 | 46472 |
|  Southside Bancshares, Inc. | 3925 | 141261 |
|  SouthState Corp. | 54207 | 4139247 |
|  STAG Industrial, Inc. REIT | 58678 | 1895886 |
|  Stellar Bancorp, Inc. | 5732 | 168865 |
|  Sterling Bancorp, Inc. \* | 2502 | 15237 |
|  Stewart Information Services Corp. | 3324 | 142035 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-116** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Stock Yards Bancorp, Inc. | 589 | $| 38273 |
|  StoneX Group, Inc. \* | 2005 |  | 191076 |
|  Stratus Properties, Inc. | 724 |  | 13966 |
|  Summit Financial Group, Inc. | 1473 |  | 36663 |
|  Summit Hotel Properties, Inc. REIT | 13460 |  | 97181 |
|  Sunlight Financial Holdings, Inc. \* | 3199 |  | 4127 |
|  Sunstone Hotel Investors, Inc. REIT | 263303 |  | 2543507 |
|  SWK Holdings Corp. \* | 437 |  | 7709 |
|  Terreno Realty Corp. REIT | 9492 |  | 539810 |
|  Texas Capital Bancshares, Inc. \* | 6396 |  | 385743 |
|  Third Coast Bancshares, Inc. \* | 1454 |  | 26797 |
|  Tiptree, Inc. | 3045 |  | 42143 |
|  Tompkins Financial Corp. | 1834 |  | 142282 |
|  Towne Bank | 8679 |  | 267660 |
|  TPG RE Finance Trust, Inc. REIT | 8680 |  | 58937 |
|  Transcontinental Realty Investors, Inc. REIT \* | 82 |  | 3623 |
|  Trean Insurance Group, Inc. \* | 3143 |  | 18858 |
|  TriCo Bancshares | 33106 |  | 1688075 |
|  Triumph Financial, Inc. \* | 1871 |  | 91436 |
|  TrustCo Bank Corp. | 2305 |  | 86645 |
|  Trustmark Corp. | 7658 |  | 267341 |
|  Two Harbors Investment Corp. REIT | 11022 |  | 173817 |
|  UMB Financial Corp. | 5642 |  | 471220 |
|  UMH Properties, Inc. REIT | 1177 |  | 18950 |
|  United Bankshares, Inc. | 16714 |  | 676750 |
|  United Community Banks, Inc. | 13377 |  | 452143 |
|  United Fire Group, Inc. | 2732 |  | 74748 |
|  Uniti Group, Inc. REIT | 30406 |  | 168145 |
|  Unity Bancorp, Inc. | 968 |  | 26455 |
|  Universal Insurance Holdings, Inc. | 2706 |  | 28657 |
|  Univest Financial Corp. | 3691 |  | 96446 |
|  Urban Edge Properties REIT | 14834 |  | 209011 |
|  Urstadt Biddle Properties, Inc. Class A REIT | 3673 |  | 69603 |
|  USCB Financial Holdings, Inc. \* | 1460 |  | 17812 |
|  Valley National Bancorp | 55167 |  | 623939 |
|  Velocity Financial, Inc. \* | 901 |  | 8695 |
|  Veris Residential, Inc. REIT \* | 10944 |  | 174338 |
|  Veritex Holdings, Inc. | 5068 |  | 142309 |
|  Victory Capital Holdings, Inc. Class A | 1511 |  | 40540 |
|  Virtus Investment Partners, Inc. | 799 |  | 152961 |
|  Walker & Dunlop, Inc. | 1208 |  | 94804 |
|  Washington Federal, Inc. | 8255 |  | 276955 |
|  Washington Trust Bancorp, Inc. | 28864 |  | 1361804 |
|  Waterstone Financial, Inc. | 2401 |  | 41393 |
|  WesBanco, Inc. | 7323 |  | 270805 |
|  West BanCorp, Inc. | 1839 |  | 46986 |
|  Westamerica BanCorp | 2571 |  | 151715 |
|  Whitestone REIT | 5999 |  | 57830 |
|  World Acceptance Corp. \* | 167 |  | 11012 |
|  WSFS Financial Corp. | 68031 |  | 3084526 |
|  Xenia Hotels & Resorts, Inc. REIT | 14531 |  | 191519 |
|  |  |  | 100404428 |
|  **Industrial – 14.9%** | **Industrial – 14.9%** | **Industrial – 14.9%** | **Industrial – 14.9%** |
|  908 Devices, Inc. \* | 2120 |  | 16154 |
|  AAR Corp. \* | 4356 |  | 195584 |
|  Aerojet Rocketdyne Holdings, Inc. \* | 2503 |  | 139993 |
|  AerSale Corp. \* | 2597 |  | 42123 |
|  Air Transport Services Group, Inc. \* | 4587 |  | 119170 |
|  Akoustis Technologies, Inc. \* | 118 |  | 333 |
|  Alamo Group, Inc. | 191 |  | 27046 |
|  Albany International Corp. Class A | 3201 |  | 315587 |
|  Allied Motion Technologies, Inc. | 103 |  | 3585 |
|  Altra Industrial Motion Corp. | 8288 |  | 495208 |
|  American Woodmark Corp. \* | 1966 |  | 96059 |
|  AMMO, Inc. \* | 10804 |  | 18691 |
|  Apogee Enterprises, Inc. | 16822 |  | 747906 |
|  ArcBest Corp. | 2106 |  | 147504 |
|  Archer Aviation, Inc. Class A \* | 18624 |  | 34827 |
|  Arcosa, Inc. | 6179 |  | 335767 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Ardmore Shipping Corp. \* (Ireland) | 5153 | $74255 |
|  Argan, Inc. | 1704 | 62844 |
|  Astec Industries, Inc. | 12282 | 499386 |
|  Astra Space, Inc. \* | 18411 | 7987 |
|  Astronics Corp. \* | 3090 | 31827 |
|  Atlas Air Worldwide Holdings, Inc. \* | 3570 | 359856 |
|  Atlas Technical Consultants, Inc. \* | 750 | 3863 |
|  Barnes Group, Inc. | 6249 | 255272 |
|  Belden, Inc. | 2533 | 182123 |
|  Benchmark Electronics, Inc. | 85306 | 2276817 |
|  Boise Cascade Co. | 3975 | 272963 |
|  Brady Corp. Class A | 1294 | 60947 |
|  Caesarstone Ltd. | 2970 | 16959 |
|  Centrus Energy Corp. Class A \* | 1210 | 39301 |
|  Chase Corp. | 682 | 58829 |
|  CIRCOR International, Inc. \* | 1628 | 39007 |
|  Coherent Corp. \* | 54868 | 1925867 |
|  Columbus McKinnon Corp. | 34243 | 1111870 |
|  Comtech Telecommunications Corp. | 3328 | 40402 |
|  Concrete Pumping Holdings, Inc. \* | 3298 | 19293 |
|  Costamare, Inc. (Monaco) | 6840 | 63475 |
|  Covenant Logistics Group, Inc. | 1194 | 41277 |
|  CryoPort, Inc. \* | 1002 | 17385 |
|  CTS Corp. | 14313 | 564218 |
|  DHT Holdings, Inc. | 17451 | 154965 |
|  Dorian LPG Ltd. | 3841 | 72787 |
|  Ducommun, Inc. \* | 1430 | 71443 |
|  DXP Enterprises, Inc. \* | 1944 | 53557 |
|  Eagle Bulk Shipping, Inc. | 1706 | 85198 |
|  Eastman Kodak Co. \* | 7294 | 22247 |
|  Encore Wire Corp. | 2257 | 310473 |
|  EnerSys | 4618 | 340993 |
|  EnPro Industries, Inc. | 2648 | 287811 |
|  ESCO Technologies, Inc. | 3001 | 262708 |
|  ESS Tech, Inc. \* | 1074 | 2610 |
|  Evolv Technologies Holdings, Inc. \* | 10505 | 27208 |
|  FARO Technologies, Inc. \* | 2196 | 64584 |
|  Fathom Digital Manufacturing C Class A \* | 1446 | 1909 |
|  FLEX LNG Ltd. \* (Norway) | 3599 | 117651 |
|  Fluor Corp. \* | 1557 | 53966 |
|  Frontdoor, Inc. \* | 10582 | 220106 |
|  Frontline Ltd. (Norway) | 15936 | 193463 |
|  GATX Corp. | 4227 | 449499 |
|  Genco Shipping & Trading Ltd. | 4659 | 71562 |
|  Gibraltar Industries, Inc. \* | 3980 | 182602 |
|  Golden Ocean Group Ltd. \* (Norway) | 15680 | 136259 |
|  GoPro, Inc. Class A \* | 16686 | 83096 |
|  Gorman-Rupp Co. | 2310 | 59182 |
|  Granite Construction, Inc. | 5625 | 197269 |
|  Great Lakes Dredge & Dock Corp. \* | 70301 | 418291 |
|  Greenbrier Cos., Inc. | 65284 | 2188973 |
|  Greif, Inc. Class A | 2711 | 181800 |
|  Greif, Inc. Class B | 588 | 45999 |
|  Griffon Corp. | 2884 | 103218 |
|  Harsco Corp. \* | 10170 | 63969 |
|  Heartland Express, Inc. | 5958 | 91396 |
|  Heritage-Crystal Clean, Inc. \* | 1926 | 62556 |
|  Hillenbrand, Inc. | 4411 | 188217 |
|  Hillman Solutions Corp. \* | 17166 | 123767 |
|  Hub Group, Inc. Class A \* | 4119 | 327419 |
|  Hydrofarm Holdings Group, Inc. \* | 5698 | 8832 |
|  Hyster-Yale Materials Handling, Inc. | 1408 | 35636 |
|  Ichor Holdings Ltd. \* | 3611 | 96847 |
|  IES Holdings, Inc. \* | 305 | 10849 |
|  International Seaways, Inc. | 6222 | 230338 |
|  Itron, Inc. \* | 5316 | 269255 |
|  JELD-WEN Holding, Inc. \* | 6584 | 63536 |
|  Joby Aviation, Inc. \* | 3090 | 10352 |
|  Kaman Corp. | 3551 | 79187 |
|  Kennametal, Inc. | 10409 | 250441 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-117** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Kimball Electronics, Inc. \* | 3064 | $69216 |
|  Knowles Corp. \* | 183053 | 3005730 |
|  Kratos Defense & Security Solutions, Inc. \* | 15860 | 163675 |
|  Li-Cycle Holdings Corp. \* (Canada) | 10810 | 51456 |
|  Luxfer Holdings PLC (United Kingdom) | 1952 | 26781 |
|  Manitowoc Co., Inc. \* | 4265 | 39067 |
|  Marten Transport Ltd. | 1799 | 35584 |
|  Masonite International Corp. \* | 14033 | 1131200 |
|  Materion Corp. | 159 | 13914 |
|  Matson, Inc. | 4758 | 297423 |
|  Matthews International Corp. Class A | 3845 | 117042 |
|  Mirion Technologies, Inc. \* | 17239 | 113950 |
|  Modine Manufacturing Co. \* | 6343 | 125972 |
|  Momentus, Inc. \* | 4527 | 3531 |
|  Moog, Inc. Class A | 3083 | 270564 |
|  Mueller Industries, Inc. | 4547 | 268273 |
|  National Presto Industries, Inc. | 625 | 42788 |
|  NL Industries, Inc. | 952 | 6483 |
|  nLight, Inc. \* | 5667 | 57463 |
|  Nordic American Tankers Ltd. | 26021 | 79624 |
|  Northwest Pipe Co. \* | 932 | 31408 |
|  NuScale Power Corp. \* | 3974 | 40773 |
|  O-I Glass, Inc. \* | 3652 | 60514 |
|  Olympic Steel, Inc. | 1167 | 39188 |
|  OSI Systems, Inc. \* | 1827 | 145283 |
|  Pactiv Evergreen, Inc. | 5396 | 61299 |
|  Park Aerospace Corp. | 2386 | 31996 |
|  Plexus Corp. \* | 507 | 52186 |
|  Powell Industries, Inc. | 1122 | 39472 |
|  Primoris Services Corp. | 45313 | 994167 |
|  Proto Labs, Inc. \* | 2888 | 73731 |
|  PureCycle Technologies, Inc. \* | 2905 | 19638 |
|  Radiant Logistics, Inc. \* | 3478 | 17703 |
|  Ranpak Holdings Corp. \* | 5638 | 32531 |
|  RBC Bearings, Inc. \* | 3115 | 652125 |
|  Redwire Corp. \* | 2476 | 4902 |
|  Regal Rexnord Corp. | 16398 | 1967432 |
|  Ryerson Holding Corp. | 2298 | 69537 |
|  Safe Bulkers, Inc. (Greece) | 8500 | 24735 |
|  Saia, Inc. \* | 8768 | 1838474 |
|  Sanmina Corp. \* | 7246 | 415123 |
|  Scorpio Tankers, Inc. (Monaco) | 5999 | 322566 |
|  SFL Corp. Ltd. (Norway) | 14737 | 135875 |
|  Sight Sciences, Inc. \* | 2505 | 30586 |
|  Smith & Wesson Brands, Inc. | 5476 | 47532 |
|  SPX Technologies, Inc. \* | 5581 | 366393 |
|  Standex International Corp. | 1525 | 156175 |
|  Stantec, Inc. (TSE) (Canada) | 31013 | 1486059 |
|  Sterling Infrastructure, Inc. \* | 601 | 19713 |
|  Stoneridge, Inc. \* | 2788 | 60109 |
|  Sturm Ruger & Co., Inc. | 178 | 9010 |
|  Summit Materials, Inc. Class A \* | 101266 | 2874930 |
|  Teekay Corp. \* (Bermuda) | 8566 | 38890 |
|  Teekay Tankers Ltd. Class A \* (Canada) | 2946 | 90766 |
|  Tennant Co. | 1314 | 80903 |
|  Terex Corp. | 4318 | 184465 |
|  Thermon Group Holdings, Inc. \* | 4107 | 82469 |
|  Timken Co. | 16297 | 1151709 |
|  TimkenSteel Corp. \* | 5644 | 102552 |
|  Tredegar Corp. | 3438 | 35136 |
|  TriMas Corp. | 5365 | 148825 |
|  Trinity Industries, Inc. | 8893 | 262966 |
|  Triumph Group, Inc. \* | 8066 | 84854 |
|  TTM Technologies, Inc. \* | 12933 | 195030 |
|  Turtle Beach Corp. \* | 404 | 2897 |
|  Tutor Perini Corp. \* | 5353 | 40415 |
|  UFP Industries, Inc. | 49559 | 3927551 |
|  Universal Logistics Holdings, Inc. | 251 | 8393 |
|  View, Inc. \* | 15507 | 14963 |
|  Vishay Intertechnology, Inc. | 16505 | 356013 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Vishay Precision Group, Inc. \* | 1555 | $| 60101 |
|  Werner Enterprises, Inc. | 7121 |  | 286691 |
|  Worthington Industries, Inc. | 4018 |  | 199735 |
|  |  |  | 44531811 |
|  **Technology - 5.6%** | **Technology - 5.6%** | **Technology - 5.6%** | **Technology - 5.6%** |
|  1Life Healthcare, Inc. \* | 22932 |  | 383194 |
|  3D Systems Corp. \* | 16304 |  | 120650 |
|  ACI Worldwide, Inc. \* | 190007 |  | 4370161 |
|  ACM Research, Inc. Class A \* | 5318 |  | 41002 |
|  ACV Auctions, Inc. Class A \* | 7677 |  | 63028 |
|  Adeia, Inc. | 13344 |  | 126501 |
|  Allscripts Healthcare Solutions, Inc. \* | 13717 |  | 241968 |
|  Alpha & Omega Semiconductor Ltd. \* | 624 |  | 17828 |
|  American Software, Inc. Class A | 975 |  | 14313 |
|  Amkor Technology, Inc. | 10289 |  | 246730 |
|  Avaya Holdings Corp. \* | 11001 |  | 2156 |
|  Avid Technology, Inc. \* | 1669 |  | 44379 |
|  AvidXchange Holdings, Inc. \* | 2078 |  | 20655 |
|  AXT, Inc. \* | 5075 |  | 22228 |
|  Bandwidth, Inc. Class A \* | 2408 |  | 55264 |
|  Benefitfocus, Inc. \* | 936 |  | 9791 |
|  Blackbaud, Inc. \* | 333 |  | 19600 |
|  Blend Labs, Inc. Class A \* | 23761 |  | 34216 |
|  Brightcove, Inc. \* | 1489 |  | 7787 |
|  C3.ai, Inc. Class A \* | 6186 |  | 69221 |
|  Cantaloupe, Inc. \* | 3172 |  | 13798 |
|  Cardlytics, Inc. \* | 4307 |  | 24894 |
|  Cerence, Inc. \* | 5037 |  | 93336 |
|  Cohu, Inc. \* | 55514 |  | 1779224 |
|  Computer Programs & Systems, Inc. \* | 1752 |  | 47689 |
|  Conduent, Inc. \* | 21895 |  | 88675 |
|  Consensus Cloud Solutions, Inc. \* | 1218 |  | 65480 |
|  Corsair Gaming, Inc. \* | 2199 |  | 29840 |
|  Cvent Holding Corp. \* | 5675 |  | 30645 |
|  Daily Journal Corp. \* | 151 |  | 37827 |
|  Desktop Metal, Inc. Class A \* | 33673 |  | 45795 |
|  Diebold Nixdorf, Inc. \* | 2260 |  | 3209 |
|  Digi International, Inc. \* | 2926 |  | 106945 |
|  Digimarc Corp. \* | 96 |  | 1775 |
|  Diodes, Inc. \* | 1548 |  | 117865 |
|  Donnelley Financial Solutions, Inc. \* | 3018 |  | 116646 |
|  E2open Parent Holdings, Inc. \* | 25621 |  | 150395 |
|  Ebix, Inc. | 2679 |  | 53473 |
|  eGain Corp. \* | 1396 |  | 12606 |
|  EverCommerce, Inc. \* | 2755 |  | 20497 |
|  Faraday Future Intelligent Electric, Inc. \* | 11956 |  | 3471 |
|  Fastly, Inc. Class A \* | 14389 |  | 117846 |
|  ForgeRock, Inc. Class A \* | 1345 |  | 30626 |
|  Health Catalyst, Inc. \* | 6972 |  | 74112 |
|  Hims & Hers Health, Inc. \* | 2265 |  | 14519 |
|  Impinj, Inc. \* | 252 |  | 27513 |
|  Insight Enterprises, Inc. \* | 635 |  | 63671 |
|  Inspired Entertainment, Inc. \* | 880 |  | 11150 |
|  Instructure Holdings, Inc. \* | 1928 |  | 45192 |
|  Integral Ad Science Holding Corp. \* | 3414 |  | 30009 |
|  IonQ, Inc. \* | 13430 |  | 46333 |
|  Kaleyra, Inc. \* (Italy) | 3544 |  | 2676 |
|  Latch, Inc. \* | 14175 |  | 10063 |
|  LiveVox Holdings, Inc. \* | 3047 |  | 9050 |
|  Loyalty Ventures, Inc. \* | 1995 |  | 4808 |
|  Markforged Holding Corp. \* | 12822 |  | 14874 |
|  Matterport, Inc. \* | 7997 |  | 22392 |
|  Maximus, Inc. | 439 |  | 32192 |
|  MicroStrategy, Inc. Class A \* | 493 |  | 69794 |
|  Mitek Systems, Inc. \* | 275 |  | 2665 |
|  N-Able, Inc. \* | 1175 |  | 12079 |
|  NetScout Systems, Inc. \* | 121367 |  | 3945641 |
|  NextGen Healthcare, Inc. \* | 3831 |  | 71946 |
|  Olo, Inc. Class A \* | 11637 |  | 72731 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-118** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  ON24, Inc. \* | 5334 | $| 46032 |
|  OneSpan, Inc. \* | 3304 |  | 36972 |
|  Onto Innovation, Inc. \* | 16934 |  | 1153036 |
|  Ouster, Inc. \* | 18632 |  | 16079 |
|  Outbrain, Inc. \* | 5098 |  | 18455 |
|  PAR Technology Corp. \* | 2188 |  | 57041 |
|  Parsons Corp. \* | 4326 |  | 200077 |
|  Pear Therapeutics, Inc. \* | 5232 |  | 6174 |
|  Photronics, Inc. \* | 2098 |  | 35309 |
|  Phreesia, Inc. \* | 3337 |  | 107985 |
|  Playstudios, Inc. \* | 5078 |  | 19703 |
|  Porch Group, Inc. \* | 10500 |  | 19740 |
|  PowerSchool Holdings, Inc. Class A \* | 3846 |  | 88766 |
|  PROS Holdings, Inc. \* | 1872 |  | 45415 |
|  PubMatic, Inc. Class A \* | 562 |  | 7199 |
|  Rackspace Technology, Inc. \* | 7623 |  | 22488 |
|  Rambus, Inc. \* | 2193 |  | 78553 |
|  Rigetti Computing, Inc. Class A \* | 9322 |  | 6798 |
|  Sapiens International Corp. NV (Israel) | 1147 |  | 21197 |
|  SecureWorks Corp. Class A \* | 1266 |  | 8090 |
|  Sharecare, Inc. \* | 38391 |  | 61426 |
|  Skillsoft Corp. \* | 10311 |  | 13404 |
|  Skillz, Inc. \* | 39487 |  | 20000 |
|  Software AG (Germany) | 27211 |  | 703493 |
|  SolarWinds Corp. \* | 6318 |  | 59136 |
|  Sumo Logic, Inc. \* | 5387 |  | 43635 |
|  Ultra Clean Holdings, Inc. \* | 3822 |  | 126699 |
|  Unisys Corp. \* | 1994 |  | 10189 |
|  Upland Software, Inc. \* | 3706 |  | 26424 |
|  Veeco Instruments, Inc. \* | 1198 |  | 22259 |
|  Verint Systems, Inc. \* | 740 |  | 26847 |
|  Vuzix Corp. \* | 1145 |  | 4168 |
|  Xerox Holdings Corp. | 14666 |  | 214124 |
|  |  |  | 16813552 |
|  **Utilities - 3.1%** | **Utilities - 3.1%** | **Utilities - 3.1%** | **Utilities - 3.1%** |
|  ALLETE, Inc. | 7303 |  | 471116 |
|  Altus Power, Inc. \* | 3669 |  | 23922 |
|  American States Water Co. | 2472 |  | 228784 |
|  Artesian Resources Corp. Class A | 377 |  | 22085 |
|  Avista Corp. | 9327 |  | 413559 |
|  Black Hills Corp. | 21511 |  | 1513084 |
|  California Water Service Group | 5124 |  | 310719 |
|  Chesapeake Utilities Corp. | 962 |  | 113689 |
|  IDACORP, Inc. | 7326 |  | 790109 |
|  MGE Energy, Inc. | 2681 |  | 188742 |
|  New Jersey Resources Corp. | 11282 |  | 559813 |
|  Northwest Natural Holding Co. | 4440 |  | 211300 |
|  NorthWestern Corp. | 7266 |  | 431164 |
|  ONE Gas, Inc. | 6847 |  | 518455 |
|  Ormat Technologies, Inc. | 2766 |  | 239204 |
|  Otter Tail Corp. | 2902 |  | 170376 |
|  PNM Resources, Inc. | 10875 |  | 530591 |
|  Portland General Electric Co. | 11428 |  | 559972 |
|  SJW Group | 3452 |  | 280268 |
|  South Jersey Industries, Inc. | 15654 |  | 556187 |
|  Southwest Gas Holdings, Inc. \* | 7760 |  | 480189 |
|  Spire, Inc. | 6506 |  | 448003 |
|  Unitil Corp. | 2048 |  | 105185 |
|  Via Renewables, Inc. | 234 |  | 1196 |
|  |  |  | 9167712 |
|  Total Common Stocks <br>(Cost $324,428,806) |  |  | 290345954 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** |  |
|  **Repurchase Agreement - 1.6%** | **Repurchase Agreement - 1.6%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $4,863,194; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $4,958,372) | $4861060 | $4861060 |
|  **U.S. Government Agency Issue - 1.0%** | **U.S. Government Agency Issue - 1.0%** | **U.S. Government Agency Issue - 1.0%** |
|  Federal Home Loan Bank <br>3.956% due 01/03/23 | 2885000 | 2885000 |
|  Total Short-Term Investments <br>(Cost $7,745,435) |  | 7746060 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $332,180,175)** |  | 298098339 |
|  **DERIVATIVES - (0.0%)** |  | (33515) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  | 316730 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $298381554 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 33.6% |
|  Industrial | 14.9% |
|  Consumer, Non-Cyclical | 13.9% |
|  Consumer, Cyclical | 13.3% |
|  Energy | 6.2% |
|  Technology | 5.6% |
|  Basic Materials | 5.0% |
|  Utilities | 3.1% |
|  Others (each less than 3.0%) | 4.3% |
|  | 99.9% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) Investments with a total aggregate value of $391 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 page B-294*

**B-119** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP EQUITY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(c) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Micro Russell 2000 E-Mini Index | 03/23 | 181 | $1636179 | $1602664 | ($33515) |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Rights |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | $6325 | $— | $5934 | $391 |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 14804801 | 12663275 | 2141526 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 5087115 | 5087115 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 39605287 | 38750777 | 854510 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 41451963 | 36485482 | 4966481 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified | 43108 | 43108 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 18436177 | 18436177 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 100404428 | 100404428 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 44531811 | 44531811 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 16813552 | 16110059 | 703493 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 9167712 | 9167712 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 290345954 | 281679944 | 8666010 |  |
|  | Short-Term Investments | 7746060 |  | 7746060 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 298098339 | 281679944 | 16418004 | 391 |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (33515) | (33515) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (33515) | (33515) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $298064824 | $281646429 | $16418004 | $391 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-120** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **WARRANTS - 0.0%** | **WARRANTS - 0.0%** | **WARRANTS - 0.0%** |
|  **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** |
|  Optinose, Inc. Exercise @ $2.57 <br>Exp 11/23/27 \* | 73697 | $— |
|  Total Warrants <br>(Cost $737) |  |  |
|  **COMMON STOCKS - 95.4%** | **COMMON STOCKS - 95.4%** | **COMMON STOCKS - 95.4%** |
|  **Basic Materials - 5.5%** | **Basic Materials - 5.5%** | **Basic Materials - 5.5%** |
|  Axalta Coating Systems Ltd. \* | 181588 | 4625046 |
|  Element Solutions, Inc. | 279833 | 5090162 |
|  Ingevity Corp. \* | 66483 | 4683063 |
|  |  | 14398271 |
|  **Communications - 2.1%** | **Communications - 2.1%** | **Communications - 2.1%** |
|  Open Lending Corp. Class A \* | 121768 | 821934 |
|  Q2 Holdings, Inc. \* | 95844 | 2575328 |
|  Vivid Seats, Inc. Class A \* | 282442 | 2061827 |
|  |  | 5459089 |
|  **Consumer, Cyclical - 15.8%** | **Consumer, Cyclical - 15.8%** |  |
|  Brunswick Corp. | 52148 | 3758828 |
|  Five Below, Inc. \* | 18598 | 3289428 |
|  Funko, Inc. Class A \* | 108747 | 1186430 |
|  Genius Sports Ltd. \* (United Kingdom) | 306715 | 1094973 |
|  JetBlue Airways Corp. \* | 199985 | 1295903 |
|  Leslie's, Inc. \* | 107738 | 1315481 |
|  Manchester United PLC Class A (United Kingdom) | 259649 | 6057611 |
|  Methode Electronics, Inc. | 70640 | 3134297 |
|  Ollie's Bargain Outlet Holdings, Inc. \* | 89016 | 4169509 |
|  On Holding AG Class A \* (Switzerland) | 112510 | 1930672 |
|  Penn Entertainment, Inc. \* | 139471 | 4142289 |
|  Petco Health & Wellness Co., Inc. \* | 228777 | 2168806 |
|  Skechers USA, Inc. Class A \* | 113990 | 4781880 |
|  Visteon Corp. \* | 23127 | 3025705 |
|  |  | 41351812 |
|  **Consumer, Non-Cyclical - 23.9%** | **Consumer, Non-Cyclical - 23.9%** | **Consumer, Non-Cyclical - 23.9%** |
|  Abcam PLC ADR \* (United Kingdom) | 177570 | 2762989 |
|  Adaptive Biotechnologies Corp. \* | 83418 | 637314 |
|  Allovir, Inc. \* | 65285 | 334912 |
|  Annexon, Inc. \* | 62479 | 323016 |
|  BioAtla, Inc. \* | 41539 | 342697 |
|  Bioxcel Therapeutics, Inc. \* | 34993 | 751650 |
|  Boyd Group Services, Inc. (Canada) | 19697 | 3042706 |
|  Bright Horizons Family Solutions, Inc. \* | 38787 | 2447460 |
|  Bruker Corp. | 53881 | 3682766 |
|  Certara, Inc. \* | 210562 | 3383731 |
|  Collegium Pharmaceutical, Inc. \* | 64771 | 1502687 |
|  Duckhorn Portfolio, Inc. \* | 182493 | 3023909 |
|  Envista Holdings Corp. \* | 128795 | 4336528 |
|  European Wax Center, Inc. Class A | 163632 | 2037218 |
|  Harmony Biosciences Holdings, Inc. \* | 25847 | 1424170 |
|  HealthEquity, Inc. \* | 33090 | 2039668 |
|  Immunocore Holdings PLC ADR \* (United Kingdom) | 28120 | 1604808 |
|  Lyell Immunopharma, Inc. \* | 82623 | 286702 |
|  Maravai LifeSciences Holdings, Inc. Class A \* | 82366 | 1178658 |
|  MaxCyte, Inc. \* | 148596 | 811334 |
|  Neurocrine Biosciences, Inc. \* | 13660 | 1631550 |
|  Nuvei Corp. \* ~ (Canada) | 79156 | 2011354 |
|  Oatly Group AB ADR \* | 246312 | 428583 |
|  Optinose, Inc. \* | 229183 | 423989 |
|  Oxford Nanopore Technologies PLC \*<br>(United Kingdom) | 261710 | 770838 |
|  Paylocity Holding Corp. \* | 5962 | 1158178 |
|  Payoneer Global, Inc. \* | 372500 | 2037575 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Prelude Therapeutics, Inc. \* | 40093 | $242162 |
|  PROCEPT BioRobotics Corp. \* | 27627 | 1147626 |
|  Remitly Global, Inc. \* | 314136 | 3596857 |
|  Ritchie Bros Auctioneers, Inc. (Canada) | 77111 | 4459329 |
|  Sabre Corp. \* | 382705 | 2365117 |
|  Sana Biotechnology, Inc. \* | 63896 | 252389 |
|  Silk Road Medical, Inc. \* | 29291 | 1548029 |
|  SpringWorks Therapeutics, Inc. \* | 33780 | 878618 |
|  Syneos Health, Inc. \* | 99877 | 3663488 |
|  |  | 62570605 |
|  **Energy - 5.7%** | **Energy - 5.7%** | **Energy - 5.7%** |
|  ChampionX Corp. | 238247 | 6906780 |
|  Magnolia Oil & Gas Corp. Class A | 182331 | 4275662 |
|  Matador Resources Co. | 67112 | 3841491 |
|  |  | 15023933 |
|  **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** |
|  First Interstate BancSystem, Inc. Class A | 65248 | 2521835 |
|  Focus Financial Partners, Inc. Class A \* | 75986 | 2831998 |
|  GCM Grosvenor, Inc. Class A | 250710 | 1907903 |
|  Hamilton Lane, Inc. Class A | 58101 | 3711492 |
|  Pacific Premier Bancorp, Inc. | 58497 | 1846166 |
|  Prosperity Bancshares, Inc. | 37046 | 2692503 |
|  STAG Industrial, Inc. REIT | 116199 | 3754390 |
|  Umpqua Holdings Corp. | 132305 | 2361644 |
|  United Community Banks, Inc. | 55244 | 1867247 |
|  WisdomTree, Inc. | 656571 | 3578312 |
|  |  | 27073490 |
|  **Industrial - 13.7%** | **Industrial - 13.7%** | **Industrial - 13.7%** |
|  Advanced Energy Industries, Inc. | 25119 | 2154708 |
|  AeroVironment, Inc. \* | 15802 | 1353599 |
|  AZEK Co., Inc. \* | 205998 | 4185879 |
|  Cactus, Inc. Class A | 76058 | 3822675 |
|  CryoPort, Inc. \* | 93637 | 1624602 |
|  Gerresheimer AG (Germany) | 47664 | 3188501 |
|  GFL Environmental, Inc. (Canada) | 194179 | 5675852 |
|  Knight-Swift Transportation Holdings, Inc. | 65723 | 3444542 |
|  Kratos Defense & Security Solutions, Inc. \* | 76077 | 785115 |
|  Littelfuse, Inc. | 7439 | 1638068 |
|  Saia, Inc. \* | 8211 | 1721682 |
|  Sensata Technologies Holding PLC | 126492 | 5107747 |
|  Trex Co., Inc. \* | 25817 | 1092834 |
|  |  | 35795804 |
|  **Technology - 18.3%** | **Technology - 18.3%** | **Technology - 18.3%** |
|  ACV Auctions, Inc. Class A \* | 315346 | 2588991 |
|  Alkami Technology, Inc. \* | 190646 | 2781525 |
|  CACI International, Inc. Class A \* | 8845 | 2658718 |
|  Corsair Gaming, Inc. \* | 65989 | 895471 |
|  Definitive Healthcare Corp. \* | 150082 | 1649401 |
|  DoubleVerify Holdings, Inc. \* | 94585 | 2077087 |
|  ExlService Holdings, Inc. \* | 31310 | 5304853 |
|  Five9, Inc. \* | 42073 | 2855074 |
|  Keywords Studios PLC (Ireland) | 104356 | 3424589 |
|  Kinaxis, Inc. \* (Canada) | 11668 | 1309074 |
|  nCino, Inc. \* | 46690 | 1234484 |
|  Outset Medical, Inc. \* | 53700 | 1386534 |
|  Paycor HCM, Inc. \* | 86806 | 2124143 |
|  Procore Technologies, Inc. \* | 54215 | 2557864 |
|  Rapid7, Inc. \* | 69623 | 2365789 |
|  TaskUS, Inc. Class A \* (Philippines) | 166130 | 2807597 |
|  Thoughtworks Holding, Inc. \* | 398553 | 4061255 |
|  WNS Holdings Ltd. ADR \* (India) | 71379 | 5709606 |
|  |  | 47792055 |
|  Total Common Stocks <br>(Cost $309,813,707) |  | 249465059 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-121** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 4.8%** | **SHORT-TERM INVESTMENT - 4.8%** | **SHORT-TERM INVESTMENT - 4.8%** |
|  **Repurchase Agreement - 4.8%** | **Repurchase Agreement - 4.8%** | **Repurchase Agreement - 4.8%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $12,647,049; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $12,894,338) | $12641501 | $12641501 |
|  Total Short-Term Investment <br>(Cost $12,641,501) |  | 12641501 |
|  **TOTAL INVESTMENTS - 100.2% <br>(Cost $322,455,945)** |  | 262106560 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.2%)** |  | (506661) |
|  **NET ASSETS - 100.0%** |  | $261599899 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 23.9% |
|  Technology | 18.3% |
|  Consumer, Cyclical | 15.8% |
|  Industrial | 13.7% |
|  Financial | 10.4% |
|  Energy | 5.7% |
|  Basic Materials | 5.5% |
|  Short-Term Investment | 4.8% |
|  Others (each less than 3.0%) | 2.1% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $14398271 | $14398271 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 5459089 | 5459089 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 41351812 | 41351812 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 62570605 | 61799767 | 770838 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 15023933 | 15023933 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 27073490 | 27073490 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 35795804 | 32607303 | 3188501 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 47792055 | 44367466 | 3424589 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 249465059 | 242081131 | 7383928 |  |
|  | Short-Term Investment | 12641501 |  | 12641501 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $262106560 | $242081131 | $20025429 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-122** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
|  **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** |
|  PLBY Group, Inc.<br>Exp 01/17/23 \* | 8192 | $— |
|  **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** |
|  Contra Aduro Biotechnologies, Inc. -<br>Contingent Value Rights \* ± W | 3861 | 9803 |
|  Contra Zogenix, Inc. - Contingent Value Rights \* | 16407 | 11157 |
|  Oncternal Therapeutics, Inc. - Contingent<br>Value Rights \* ± W | 216 | 221 |
|  |  | 21181 |
|  Total Rights<br>(Cost $11,600) |  | 21181 |
|  **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** |
|  **Basic Materials - 3.5%** | **Basic Materials - 3.5%** | **Basic Materials - 3.5%** |
|  5E Advanced Materials, Inc. \* | 11337 | 89336 |
|  AdvanSix, Inc. | 7679 | 291956 |
|  American Vanguard Corp. | 7396 | 160567 |
|  Amyris, Inc. \* | 54589 | 83521 |
|  Arconic Corp. \* | 28704 | 607377 |
|  ATI, Inc. \* | 34700 | 1036142 |
|  Avient Corp. | 25552 | 862636 |
|  AZZ, Inc. | 6648 | 267250 |
|  Balchem Corp. | 8899 | 1086657 |
|  Cabot Corp. | 15619 | 1043974 |
|  Carpenter Technology Corp. | 13392 | 494700 |
|  Century Aluminum Co. \* | 14853 | 121498 |
|  Clearwater Paper Corp. \* | 4741 | 179257 |
|  Codexis, Inc. \* | 17304 | 80637 |
|  Coeur Mining, Inc. \* | 75756 | 254540 |
|  Commercial Metals Co. | 32445 | 1567093 |
|  Compass Minerals International, Inc. | 9632 | 394912 |
|  Constellium SE \* | 35292 | 417504 |
|  Dakota Gold Corp. \* | 12680 | 38674 |
|  Danimer Scientific, Inc. \* | 25743 | 46080 |
|  Diversey Holdings Ltd. \* | 21973 | 93605 |
|  Ecovyst, Inc. \* | 19689 | 174445 |
|  Energy Fuels, Inc. \* | 44174 | 274321 |
|  Glatfelter Corp. | 12856 | 35740 |
|  Hawkins, Inc. | 5475 | 211335 |
|  Haynes International, Inc. | 3593 | 164164 |
|  HB Fuller Co. | 14833 | 1062339 |
|  Hecla Mining Co. | 153322 | 852470 |
|  Hycroft Mining Holding Corp. \* | 39779 | 21166 |
|  Ingevity Corp. \* | 10397 | 732365 |
|  Innospec, Inc. | 6958 | 715700 |
|  Intrepid Potash, Inc. \* | 3035 | 87620 |
|  Ivanhoe Electric, Inc. \* | 3297 | 40059 |
|  Kaiser Aluminum Corp. | 4444 | 337566 |
|  Koppers Holdings, Inc. | 5918 | 166888 |
|  Kronos Worldwide, Inc. | 6400 | 60160 |
|  Lightwave Logic, Inc. \* | 31166 | 134325 |
|  Livent Corp. \* | 45344 | 900985 |
|  Mativ Holdings, Inc. | 15234 | 318391 |
|  Minerals Technologies, Inc. | 9060 | 550123 |
|  Novagold Resources, Inc. \* (Canada) | 68192 | 407788 |
|  Origin Materials, Inc. \* | 29507 | 136027 |
|  Orion Engineered Carbons SA (Germany) | 16867 | 300401 |
|  Perimeter Solutions SA \* | 33783 | 308777 |
|  Piedmont Lithium, Inc. \* | 4870 | 214377 |
|  PolyMet Mining Corp. \* (Canada) | 8226 | 21799 |
|  Quaker Chemical Corp. | 3775 | 630047 |
|  Rayonier Advanced Materials, Inc. \* | 17403 | 167069 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Resolute Forest Products, Inc. \* | 12571 | $| 271408 |
|  Rogers Corp. \* | 5246 |  | 626058 |
|  Schnitzer Steel Industries, Inc. Class A | 7386 |  | 226381 |
|  Sensient Technologies Corp. | 11670 |  | 850976 |
|  Stepan Co. | 5722 |  | 609164 |
|  Sylvamo Corp. | 9884 |  | 480264 |
|  Terawulf, Inc. \* | 5805 |  | 3864 |
|  Trinseo PLC | 9800 |  | 222558 |
|  Tronox Holdings PLC | 32950 |  | 451744 |
|  Unifi, Inc. \* | 4126 |  | 35525 |
|  Ur-Energy, Inc. \* | 56830 |  | 65354 |
|  Uranium Energy Corp. \* | 99024 |  | 384213 |
|  US Lime & Minerals, Inc. | 588 |  | 82767 |
|  Valhi, Inc. | 693 |  | 15246 |
|  |  |  | 22569885 |
|  **Communications - 4.0%** | **Communications - 4.0%** | **Communications - 4.0%** | **Communications - 4.0%** |
|  1-800-Flowers.com, Inc. Class A \* | 7662 |  | 73249 |
|  1stdibs.com, Inc. \* | 7333 |  | 37252 |
|  A10 Networks, Inc. | 17707 |  | 294467 |
|  AdTheorent Holding Co., Inc. \* | 7672 |  | 12736 |
|  ADTRAN Holdings, Inc. | 21613 |  | 406108 |
|  Advantage Solutions, Inc. \* | 21768 |  | 45278 |
|  aka Brands Holding Corp. \* | 4330 |  | 5499 |
|  Allbirds, Inc. Class A \* | 26001 |  | 62922 |
|  AMC Networks, Inc. Class A \* | 8364 |  | 131064 |
|  Anterix, Inc. \* | 4929 |  | 158566 |
|  Arena Group Holdings, Inc. \* | 2835 |  | 30079 |
|  ATN International, Inc. | 3134 |  | 142002 |
|  Audacy, Inc. \* | 35074 |  | 7895 |
|  Aviat Networks, Inc. \* | 1902 |  | 59323 |
|  BARK, Inc. \* | 31852 |  | 47460 |
|  Blade Air Mobility, Inc. \* | 15595 |  | 55830 |
|  Boston Omaha Corp. Class A \* | 6130 |  | 162445 |
|  Bumble, Inc. Class A \* | 24281 |  | 511115 |
|  Calix, Inc. \* | 16090 |  | 1101039 |
|  Cambium Networks Corp. \* | 3080 |  | 66744 |
|  Cargurus, Inc. \* | 28645 |  | 401317 |
|  CarParts.com, Inc. \* | 13897 |  | 86995 |
|  Cars.com, Inc. \* | 18860 |  | 259702 |
|  Casa Systems, Inc. \* | 9884 |  | 26983 |
|  Clear Channel Outdoor Holdings, Inc. \* | 103484 |  | 108658 |
|  Clearfield, Inc. \* | 3285 |  | 309250 |
|  Cogent Communications Holdings, Inc. | 11907 |  | 679652 |
|  CommScope Holding Co., Inc. \* | 57266 |  | 420905 |
|  Consolidated Communications Holdings, Inc. \* | 20547 |  | 73558 |
|  ContextLogic, Inc. Class A \* | 159275 |  | 77678 |
|  Couchbase, Inc. \* | 7320 |  | 97063 |
|  Credo Technology Group Holding Ltd. \* | 26620 |  | 354312 |
|  Cumulus Media, Inc. Class A \* | 4944 |  | 30702 |
|  Cyxtera Technologies, Inc. \* | 10853 |  | 20838 |
|  DHI Group, Inc. \* | 10800 |  | 57132 |
|  DigitalBridge Group, Inc. | 44584 |  | 487749 |
|  DZS, Inc. \* | 4476 |  | 56756 |
|  EchoStar Corp. Class A \* | 9658 |  | 161096 |
|  Edgio, Inc. \* | 37379 |  | 42238 |
|  Entravision Communications Corp. Class A | 16640 |  | 79872 |
|  ePlus, Inc. \* | 7650 |  | 338742 |
|  Eventbrite, Inc. Class A \* | 21386 |  | 125322 |
|  EverQuote, Inc. Class A \* | 5385 |  | 79375 |
|  EW Scripps Co. Class A \* | 16290 |  | 214865 |
|  Extreme Networks, Inc. \* | 35967 |  | 658556 |
|  Figs, Inc. Class A \* | 35864 |  | 241365 |
|  Focus Universal, Inc. \* | 4698 |  | 30114 |
|  fuboTV, Inc. \* | 50486 |  | 87846 |
|  Gambling.com Group Ltd. \* (Malta) | 2447 |  | 22390 |
|  Gannett Co., Inc. \* | 39559 |  | 80305 |
|  Globalstar, Inc. \* | 193182 |  | 256932 |
|  Gogo, Inc. \* | 14075 |  | 207747 |
|  Gray Television, Inc. | 23647 |  | 264610 |
|  Groupon, Inc. \* | 6292 |  | 53985 |
|  Harmonic, Inc. \* | 25672 |  | 336303 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-123** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  HealthStream, Inc. \* | 7129 | $| 177084 |
|  IDT Corp. Class B \* | 4166 |  | 117356 |
|  iHeartMedia, Inc. Class A \* | 33172 |  | 203344 |
|  Infinera Corp. \* | 53103 |  | 357914 |
|  Innovid Corp. \* (Israel) | 19669 |  | 33634 |
|  Inseego Corp. \* | 25524 |  | 21504 |
|  Inspirato, Inc. \* | 4144 |  | 4931 |
|  InterDigital, Inc. | 8437 |  | 417463 |
|  Iridium Communications, Inc. \* | 35001 |  | 1799051 |
|  KORE Group Holdings, Inc. \* | 8836 |  | 11133 |
|  Lands' End, Inc. \* | 4088 |  | 31028 |
|  Liberty Latin America Ltd. Class A \* | 11686 |  | 87996 |
|  Liberty Latin America Ltd. Class C \* | 39329 |  | 298900 |
|  Liquidity Services, Inc. \* | 6539 |  | 91938 |
|  Lulu's Fashion Lounge Holdings, Inc. \* | 3942 |  | 9894 |
|  Magnite, Inc. \* | 36913 |  | 390909 |
|  Marqeta, Inc. Class A \* | 121226 |  | 740691 |
|  Maxar Technologies, Inc. | 20832 |  | 1077848 |
|  MediaAlpha, Inc. Class A \* | 6134 |  | 61033 |
|  Nerdy, Inc. \* | 14499 |  | 32623 |
|  NETGEAR, Inc. \* | 8143 |  | 147470 |
|  Ondas Holdings, Inc. \* | 9265 |  | 14731 |
|  Ooma, Inc. \* | 5971 |  | 81325 |
|  Open Lending Corp. Class A \* | 29640 |  | 200070 |
|  OptimizeRx Corp. \* | 5051 |  | 84857 |
|  Overstock.com, Inc. \* | 11975 |  | 231836 |
|  Perficient, Inc. \* | 9464 |  | 660871 |
|  Planet Labs PBC \* | 43459 |  | 189047 |
|  Poshmark, Inc. Class A \* | 12882 |  | 230330 |
|  Preformed Line Products Co. | 730 |  | 60802 |
|  Q2 Holdings, Inc. \* | 15543 |  | 417640 |
|  QuinStreet, Inc. \* | 14619 |  | 209783 |
|  Quotient Technology, Inc. \* | 24701 |  | 84725 |
|  RealReal, Inc. \* | 22405 |  | 28006 |
|  Revolve Group, Inc. \* | 11485 |  | 255656 |
|  Ribbon Communications, Inc. \* | 19880 |  | 55465 |
|  Rover Group, Inc. \* | 25790 |  | 94649 |
|  RumbleON, Inc. Class B \* | 2841 |  | 18381 |
|  Scholastic Corp. | 8091 |  | 319271 |
|  Shenandoah Telecommunications Co. | 13771 |  | 218684 |
|  Shutterstock, Inc. | 6727 |  | 354648 |
|  Sinclair Broadcast Group, Inc. Class A | 11424 |  | 177186 |
|  Solo Brands, Inc. Class A \* | 5125 |  | 19065 |
|  Squarespace, Inc. Class A \* | 8870 |  | 196648 |
|  Stagwell, Inc. \* | 22700 |  | 140967 |
|  Stitch Fix, Inc. Class A \* | 23149 |  | 71993 |
|  TechTarget, Inc. \* | 7641 |  | 336663 |
|  TEGNA, Inc. | 61891 |  | 1311470 |
|  Telephone & Data Systems, Inc. | 28500 |  | 298965 |
|  Terran Orbital Corp. \* | 6280 |  | 9922 |
|  Thryv Holdings, Inc. \* | 6865 |  | 130435 |
|  TrueCar, Inc. \* | 21676 |  | 54407 |
|  Tucows, Inc. Class A \* | 2783 |  | 94399 |
|  Upwork, Inc. \* | 33741 |  | 352256 |
|  Urban One, Inc. \* | 5120 |  | 23296 |
|  US Cellular Corp. \* | 4356 |  | 90823 |
|  Vacasa, Inc. Class A \* | 30329 |  | 38215 |
|  Value Line, Inc. | 334 |  | 16994 |
|  Viavi Solutions, Inc. \* | 63667 |  | 669140 |
|  Vivid Seats, Inc. Class A \* | 6633 |  | 48421 |
|  WideOpenWest, Inc. \* | 15069 |  | 137279 |
|  Yelp, Inc. \* | 19063 |  | 521182 |
|  Ziff Davis, Inc. \* | 12823 |  | 1014299 |
|  |  |  | 25920532 |
|  **Consumer, Cyclical - 11.2%** | **Consumer, Cyclical - 11.2%** | **Consumer, Cyclical - 11.2%** | **Consumer, Cyclical - 11.2%** |
|  A-Mark Precious Metals, Inc. | 4974 |  | 172747 |
|  Abercrombie & Fitch Co. Class A \* | 13947 |  | 319526 |
|  Academy Sports & Outdoors, Inc. | 21586 |  | 1134128 |
|  Accel Entertainment, Inc. \* | 16191 |  | 124671 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Acushnet Holdings Corp. | 9443 | $400950 |
|  Adient PLC \* | 26718 | 926847 |
|  Aeva Technologies, Inc. \* | 30039 | 40853 |
|  Allegiant Travel Co. \* | 4301 | 292425 |
|  America's Car-Mart, Inc. \* | 1705 | 123203 |
|  American Axle & Manufacturing Holdings, Inc. \* | 31386 | 245439 |
|  American Eagle Outfitters, Inc. | 43267 | 604007 |
|  Arko Corp. | 23938 | 207303 |
|  Asbury Automotive Group, Inc. \* | 6191 | 1109737 |
|  Aspen Aerogels, Inc. \* | 8564 | 100970 |
|  Aterian, Inc. \* | 20441 | 15746 |
|  Bally's Corp. \* | 10341 | 200409 |
|  Beacon Roofing Supply, Inc. \* | 14413 | 760862 |
|  Beazer Homes USA, Inc. \* | 8418 | 107414 |
|  Bed Bath & Beyond, Inc. \* | 22187 | 55689 |
|  Big 5 Sporting Goods Corp. | 5932 | 52380 |
|  Big Lots, Inc. | 7651 | 112470 |
|  Biglari Holdings, Inc. Class B \* | 230 | 31924 |
|  BJ's Restaurants, Inc. \* | 6392 | 168621 |
|  Bloomin' Brands, Inc. | 24784 | 498654 |
|  Blue Bird Corp. \* | 5026 | 53828 |
|  Bluegreen Vacations Holding Corp. | 1937 | 48348 |
|  BlueLinx Holdings, Inc. \* | 2531 | 179979 |
|  Boot Barn Holdings, Inc. \* | 8316 | 519916 |
|  Bowlero Corp. \* | 8239 | 111062 |
|  Brinker International, Inc. \* | 11930 | 380686 |
|  Buckle, Inc. | 8634 | 391552 |
|  Build-A-Bear Workshop, Inc. \* | 3742 | 89209 |
|  Caleres, Inc. | 9940 | 221463 |
|  Camping World Holdings, Inc. Class A | 10500 | 234360 |
|  Canoo, Inc. \* | 38611 | 47492 |
|  Cato Corp. Class A | 5395 | 50335 |
|  Cavco Industries, Inc. \* | 2509 | 567661 |
|  Cenntro Electric Group Ltd. \* (Australia) | 50498 | 22219 |
|  Century Casinos, Inc. \* | 7401 | 52029 |
|  Century Communities, Inc. | 7755 | 387828 |
|  Cepton, Inc. \* | 9852 | 12512 |
|  Cheesecake Factory, Inc. | 13468 | 427070 |
|  Chico's FAS, Inc. \* | 34362 | 169061 |
|  Children's Place, Inc. \* | 3621 | 131877 |
|  Chuy's Holdings, Inc. \* | 4772 | 135048 |
|  Cinemark Holdings, Inc. \* | 31069 | 269058 |
|  Citi Trends, Inc. \* | 2540 | 67259 |
|  Clarus Corp. | 6816 | 53437 |
|  Clean Energy Fuels Corp. \* | 47494 | 246969 |
|  CompX International, Inc. | 719 | 13287 |
|  Conn's, Inc. \* | 3860 | 26557 |
|  Container Store Group, Inc. \* | 9489 | 40898 |
|  Cracker Barrel Old Country Store, Inc. | 6172 | 584735 |
|  Crocs, Inc. \* | 16962 | 1839190 |
|  Dana, Inc. | 36004 | 544741 |
|  Dave & Buster's Entertainment, Inc. \* | 12127 | 429781 |
|  Denny's Corp. \* | 16367 | 150740 |
|  Designer Brands, Inc. Class A | 15135 | 148020 |
|  Destination XL Group, Inc. \* | 15629 | 105496 |
|  Dillard's, Inc. Class A | 1085 | 350672 |
|  Dine Brands Global, Inc. | 4216 | 272354 |
|  Dorman Products, Inc. \* | 7384 | 597144 |
|  Douglas Dynamics, Inc. | 6421 | 232183 |
|  Dream Finders Homes, Inc. Class A \* | 5778 | 50037 |
|  Duluth Holdings, Inc. Class B \* | 3374 | 20851 |
|  El Pollo Loco Holdings, Inc. | 5169 | 51483 |
|  Ermenegildo Zegna NV (Italy) | 16402 | 171729 |
|  Ethan Allen Interiors, Inc. | 6270 | 165653 |
|  Everi Holdings, Inc. \* | 24563 | 352479 |
|  EVgo, Inc. \* | 19124 | 85484 |
|  Express, Inc. \* | 17437 | 17786 |
|  F45 Training Holdings, Inc. \* | 9115 | 25978 |
|  First Watch Restaurant Group, Inc. \* | 4458 | 60317 |
|  FirstCash, Inc. | 10502 | 912729 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-124** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Fisker, Inc. \* | 49993 | $363449 |
|  Foot Locker, Inc. | 22281 | 841999 |
|  Forestar Group, Inc. \* | 4745 | 73120 |
|  Fossil Group, Inc. \* | 14174 | 61090 |
|  Fox Factory Holding Corp. \* | 11865 | 1082444 |
|  Franchise Group, Inc. | 7091 | 168908 |
|  Frontier Group Holdings, Inc. \* | 9921 | 101889 |
|  Full House Resorts, Inc. \* | 9322 | 70101 |
|  Funko, Inc. Class A \* | 9070 | 98954 |
|  G-III Apparel Group Ltd. \* | 12267 | 168181 |
|  Genesco, Inc. \* | 3464 | 159413 |
|  Gentherm, Inc. \* | 9315 | 608176 |
|  Global Industrial Co. | 3607 | 84873 |
|  GMS, Inc. \* | 11749 | 585100 |
|  Golden Entertainment, Inc. \* | 5662 | 211759 |
|  Goodyear Tire & Rubber Co. \* | 78400 | 795760 |
|  Green Brick Partners, Inc. \* | 7518 | 182161 |
|  Group 1 Automotive, Inc. | 3945 | 711560 |
|  GrowGeneration Corp. \* | 17333 | 67945 |
|  Guess?, Inc. | 8388 | 173548 |
|  H&E Equipment Services, Inc. | 8812 | 400065 |
|  Haverty Furniture Cos., Inc. | 4206 | 125759 |
|  Hawaiian Holdings, Inc. \* | 14373 | 147467 |
|  Hibbett, Inc. | 3533 | 241021 |
|  Hilton Grand Vacations, Inc. \* | 23785 | 916674 |
|  HNI Corp. | 11569 | 328907 |
|  Holley, Inc. \* | 13491 | 28601 |
|  Hovnanian Enterprises, Inc. Class A \* | 1458 | 61353 |
|  Hudson Technologies, Inc. \* | 11587 | 117260 |
|  Hyliion Holdings Corp. \* | 35612 | 83332 |
|  Hyzon Motors, Inc. \* | 24594 | 38121 |
|  IMAX Corp. \* | 12581 | 184437 |
|  indie Semiconductor, Inc. Class A \* (China) | 28191 | 164354 |
|  Installed Building Products, Inc. | 6695 | 573092 |
|  Interface, Inc. | 16564 | 163487 |
|  International Game Technology PLC | 27507 | 623859 |
|  iRobot Corp. \* | 7514 | 361649 |
|  Jack in the Box, Inc. | 5853 | 399350 |
|  JOANN, Inc. | 3306 | 9422 |
|  Johnson Outdoors, Inc. Class A | 1483 | 98056 |
|  KAR Auction Services, Inc. \* | 30134 | 393249 |
|  KB Home | 22008 | 700955 |
|  Kimball International, Inc. Class B | 10953 | 71195 |
|  Kontoor Brands, Inc. | 15553 | 621964 |
|  Kura Sushi USA, Inc. Class A \* | 1269 | 60506 |
|  La-Z-Boy, Inc. | 11979 | 273361 |
|  Landsea Homes Corp. \* | 3087 | 16083 |
|  LCI Industries | 6911 | 638922 |
|  LGI Homes, Inc. \* | 5691 | 526987 |
|  Liberty Media Corp. - Liberty Braves Class A \* | 2808 | 91737 |
|  Liberty Media Corp. - Liberty Braves Class C \* | 10412 | 335579 |
|  Life Time Group Holdings, Inc. \* | 11059 | 132266 |
|  Lifetime Brands, Inc. | 4323 | 32812 |
|  Light & Wonder, Inc. \* | 26445 | 1549677 |
|  Lightning eMotors, Inc. \* | 10854 | 3978 |
|  Lindblad Expeditions Holdings, Inc. \* | 9393 | 72326 |
|  Lions Gate Entertainment Corp. Class A \* | 15888 | 90720 |
|  Lions Gate Entertainment Corp. Class B \* | 32936 | 178842 |
|  LL Flooring Holdings, Inc. \* | 8145 | 45775 |
|  Lordstown Motors Corp. Class A \* | 44120 | 50297 |
|  Lovesac Co. \* | 3639 | 80094 |
|  Luminar Technologies, Inc. \* | 71309 | 352980 |
|  M/I Homes, Inc. \* | 7433 | 343256 |
|  Madison Square Garden Entertainment Corp. \* | 7539 | 339029 |
|  Malibu Boats, Inc. Class A \* | 5717 | 304716 |
|  Marcus Corp. | 6988 | 100557 |
|  Marine Products Corp. | 2063 | 24282 |
|  MarineMax, Inc. \* | 5854 | 182762 |
|  MasterCraft Boat Holdings, Inc. \* | 4460 | 115380 |
|  MDC Holdings, Inc. | 15938 | 503641 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Meritage Homes Corp. \* | 10144 | $935277 |
|  Methode Electronics, Inc. | 9967 | 442236 |
|  Microvast Holdings, Inc. \* | 47733 | 73031 |
|  Miller Industries, Inc. | 3086 | 82273 |
|  MillerKnoll, Inc. | 21380 | 449194 |
|  Monarch Casino & Resort, Inc. \* | 3702 | 284647 |
|  Motorcar Parts of America, Inc. \* | 5348 | 63427 |
|  Movado Group, Inc. | 4459 | 143803 |
|  MRC Global, Inc. \* | 23331 | 270173 |
|  Mullen Automotive, Inc. \* | 88489 | 25308 |
|  Murphy USA, Inc. | 5834 | 1630836 |
|  National Vision Holdings, Inc. \* | 21962 | 851247 |
|  NEOGAMES SA \* (Israel) | 3469 | 42287 |
|  Nikola Corp. \* | 94040 | 203126 |
|  Noodles & Co. \* | 11028 | 60544 |
|  Nu Skin Enterprises, Inc. Class A | 13652 | 575568 |
|  ODP Corp. \* | 11100 | 505494 |
|  ONE Group Hospitality, Inc. \* | 5568 | 35078 |
|  OneSpaWorld Holdings Ltd. \* (Bahamas) | 19300 | 180069 |
|  OneWater Marine, Inc. Class A \* | 3002 | 85857 |
|  Oxford Industries, Inc. | 4235 | 394617 |
|  Papa John's International, Inc. | 9139 | 752231 |
|  Party City Holdco, Inc. \* | 31490 | 11510 |
|  Patrick Industries, Inc. | 5943 | 360146 |
|  PC Connection, Inc. | 3267 | 153222 |
|  PetMed Express, Inc. | 5625 | 99562 |
|  PLBY Group, Inc. \* | 13213 | 36336 |
|  Portillo's, Inc. Class A \* | 7842 | 127981 |
|  PriceSmart, Inc. | 6894 | 419017 |
|  Proterra, Inc. \* | 61591 | 232198 |
|  Purple Innovation, Inc. \* | 16412 | 78613 |
|  Qurate Retail, Inc. \* | 97221 | 158470 |
|  RCI Hospitality Holdings, Inc. | 2406 | 224215 |
|  Red Rock Resorts, Inc. Class A | 14381 | 575384 |
|  Reservoir Media, Inc. \* | 5058 | 30196 |
|  Resideo Technologies, Inc. \* | 40586 | 667640 |
|  REV Group, Inc. | 9824 | 123979 |
|  Rite Aid Corp. \* | 15300 | 51102 |
|  Rocky Brands, Inc. | 1966 | 46437 |
|  Rush Enterprises, Inc. Class A | 11240 | 587627 |
|  Rush Enterprises, Inc. Class B | 1946 | 109501 |
|  Rush Street Interactive, Inc. \* | 15494 | 55623 |
|  Ruth's Hospitality Group, Inc. | 9390 | 145357 |
|  Sally Beauty Holdings, Inc. \* | 29876 | 374048 |
|  ScanSource, Inc. \* | 7177 | 209712 |
|  SeaWorld Entertainment, Inc. \* | 11162 | 597279 |
|  Shake Shack, Inc. Class A \* | 10640 | 441879 |
|  Shoe Carnival, Inc. | 5032 | 120315 |
|  Shyft Group, Inc. | 9951 | 247382 |
|  Signet Jewelers Ltd. (NYSE) | 12830 | 872440 |
|  Skyline Champion Corp. \* | 14935 | 769302 |
|  SkyWest, Inc. \* | 13945 | 230232 |
|  Sleep Number Corp. \* | 6003 | 155958 |
|  Snap One Holdings Corp. \* | 4391 | 32537 |
|  Solid Power, Inc. \* | 35749 | 90802 |
|  Sonder Holdings, Inc. \* | 50599 | 62743 |
|  Sonic Automotive, Inc. Class A | 5018 | 247237 |
|  Sonos, Inc. \* | 35814 | 605257 |
|  Sovos Brands, Inc. \* | 10066 | 144648 |
|  Spirit Airlines, Inc. \* | 30624 | 596556 |
|  Sportsman's Warehouse Holdings, Inc. \* | 10339 | 97290 |
|  Standard Motor Products, Inc. | 5668 | 197246 |
|  Steelcase, Inc. Class A | 25259 | 178581 |
|  Steven Madden Ltd. | 21263 | 679565 |
|  Sun Country Airlines Holdings, Inc. \* | 9156 | 145214 |
|  Superior Group of Cos., Inc. | 3312 | 33319 |
|  Sweetgreen, Inc. Class A \* | 24234 | 207685 |
|  Taylor Morrison Home Corp. \* | 28712 | 871409 |
|  Texas Roadhouse, Inc. | 18787 | 1708678 |
|  ThredUp, Inc. Class A \* | 16754 | 21948 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-125** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Tile Shop Holdings, Inc. \* | 8920 | $| 39070 |
|  Tilly's, Inc. Class A \* | 6305 |  | 57060 |
|  Titan International, Inc. \* | 14386 |  | 220394 |
|  Titan Machinery, Inc. \* | 5393 |  | 214264 |
|  Topgolf Callaway Brands Corp. \* | 38990 |  | 770052 |
|  Torrid Holdings, Inc. \* | 3599 |  | 10653 |
|  Traeger, Inc. \* | 8369 |  | 23601 |
|  TravelCenters of America, Inc. \* | 3557 |  | 159282 |
|  Tri Pointe Homes, Inc. \* | 28339 |  | 526822 |
|  Tupperware Brands Corp. \* | 12501 |  | 51754 |
|  TuSimple Holdings, Inc. Class A \* | 39510 |  | 64796 |
|  UniFirst Corp. | 4169 |  | 804575 |
|  Universal Electronics, Inc. \* | 3466 |  | 72127 |
|  Urban Outfitters, Inc. \* | 18116 |  | 432067 |
|  Velodyne Lidar, Inc. \* | 54578 |  | 40317 |
|  Veritiv Corp. | 3636 |  | 442538 |
|  Vinco Ventures, Inc. \* | 61050 |  | 28327 |
|  Virgin Galactic Holdings, Inc. \* | 68859 |  | 239629 |
|  Vista Outdoor, Inc. \* | 15438 |  | 376224 |
|  Visteon Corp. \* | 7765 |  | 1015895 |
|  Vizio Holding Corp. Class A \* | 18753 |  | 138960 |
|  Volta, Inc. \* | 34975 |  | 12430 |
|  VSE Corp. | 3009 |  | 141062 |
|  Wabash National Corp. | 13607 |  | 307518 |
|  Warby Parker, Inc. Class A \* | 23590 |  | 318229 |
|  Weber, Inc. Class A | 7477 |  | 60190 |
|  Weyco Group, Inc. | 1051 |  | 22239 |
|  Wheels Up Experience, Inc. \* | 43696 |  | 45007 |
|  Wingstop, Inc. | 8390 |  | 1154632 |
|  Winmark Corp. | 737 |  | 173807 |
|  Winnebago Industries, Inc. | 8359 |  | 440519 |
|  Wolverine World Wide, Inc. | 21753 |  | 237760 |
|  Workhorse Group, Inc. \* | 43667 |  | 66374 |
|  World Fuel Services Corp. | 17651 |  | 482402 |
|  Xos, Inc. \* | 14811 |  | 6560 |
|  XPEL, Inc. \* | 5966 |  | 358318 |
|  Xperi, Inc. \* | 11152 |  | 96019 |
|  Xponential Fitness, Inc. Class A \* | 5041 |  | 115590 |
|  Zumiez, Inc. \* | 4234 |  | 92047 |
|  |  |  | 72016992 |
|  **Consumer, Non-Cyclical - 23.8%** | **Consumer, Non-Cyclical - 23.8%** | **Consumer, Non-Cyclical - 23.8%** | **Consumer, Non-Cyclical - 23.8%** |
|  22nd Century Group, Inc. \* | 45815 |  | 42173 |
|  23andMe Holding Co. Class A \* | 71199 |  | 153790 |
|  2seventy bio, Inc. \* | 10518 |  | 98554 |
|  2U, Inc. \* | 20622 |  | 129300 |
|  4D Molecular Therapeutics, Inc. \* | 8743 |  | 194182 |
|  Aadi Bioscience, Inc. \* | 4054 |  | 52013 |
|  Aaron's Co., Inc. | 8577 |  | 102495 |
|  AbCellera Biologics, Inc. \* (Canada) | 58279 |  | 590366 |
|  ABM Industries, Inc. | 18624 |  | 827278 |
|  Absci Corp. \* | 15969 |  | 33535 |
|  ACADIA Pharmaceuticals, Inc. \* | 33763 |  | 537507 |
|  ACCO Brands Corp. | 26556 |  | 148448 |
|  Accolade, Inc. \* | 17948 |  | 139815 |
|  Aclaris Therapeutics, Inc. \* | 17799 |  | 280334 |
|  AdaptHealth Corp. \* | 20246 |  | 389128 |
|  Adaptive Biotechnologies Corp. \* | 31382 |  | 239758 |
|  Addus HomeCare Corp. \* | 4360 |  | 433776 |
|  Adicet Bio, Inc. \* | 8114 |  | 72539 |
|  ADMA Biologics, Inc. \* | 51271 |  | 198931 |
|  Adtalem Global Education, Inc. \* | 12571 |  | 446270 |
|  Aerovate Therapeutics, Inc. \* | 2841 |  | 83241 |
|  Affimed NV \* (Germany) | 42961 |  | 53272 |
|  Agenus, Inc. \* | 85439 |  | 205054 |
|  Agiliti, Inc. \* | 8056 |  | 131393 |
|  Agios Pharmaceuticals, Inc. \* | 15244 |  | 428052 |
|  AirSculpt Technologies, Inc. | 2943 |  | 10889 |
|  Akero Therapeutics, Inc. \* | 9765 |  | 535122 |
|  Akoya Biosciences, Inc. \* | 4926 |  | 47142 |
|  Alarm.com Holdings, Inc. \* | 13365 |  | 661300 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Albireo Pharma, Inc. \* | 4853 | $104873 |
|  Alector, Inc. \* | 16790 | 154972 |
|  Alico, Inc. | 1937 | 46236 |
|  Alight, Inc. Class A \* | 95098 | 795019 |
|  Alkermes PLC \* | 45429 | 1187060 |
|  Allogene Therapeutics, Inc. \* | 22463 | 141292 |
|  Allovir, Inc. \* | 8823 | 45262 |
|  Alpha Teknova, Inc. \* | 1963 | 11071 |
|  Alphatec Holdings, Inc. \* | 20325 | 251014 |
|  Alpine Immune Sciences, Inc. \* | 4154 | 30532 |
|  Alta Equipment Group, Inc. | 6047 | 79760 |
|  ALX Oncology Holdings, Inc. \* | 5781 | 65152 |
|  American Public Education, Inc. \* | 5787 | 71122 |
|  American Well Corp. Class A \* | 64449 | 182391 |
|  Amicus Therapeutics, Inc. \* | 77373 | 944724 |
|  AMN Healthcare Services, Inc. \* | 12099 | 1244019 |
|  Amneal Pharmaceuticals, Inc. \* | 26987 | 53704 |
|  Amphastar Pharmaceuticals, Inc. \* | 10639 | 298105 |
|  Amylyx Pharmaceuticals, Inc. \* | 14074 | 520034 |
|  AN2 Therapeutics, Inc. \* | 3055 | 29114 |
|  AnaptysBio, Inc. \* | 5435 | 168431 |
|  Anavex Life Sciences Corp. \* | 19000 | 175940 |
|  Andersons, Inc. | 8942 | 312881 |
|  AngioDynamics, Inc. \* | 10544 | 145191 |
|  ANI Pharmaceuticals, Inc. \* | 3417 | 137466 |
|  Anika Therapeutics, Inc. \* | 4185 | 123876 |
|  Apellis Pharmaceuticals, Inc. \* | 26236 | 1356664 |
|  API Group Corp. \* | 58016 | 1091281 |
|  AppHarvest, Inc. \* | 19667 | 11159 |
|  Arbutus Biopharma Corp. \* | 30997 | 72223 |
|  Arcellx, Inc. \* | 8109 | 251217 |
|  Arcturus Therapeutics Holdings, Inc. \* | 6511 | 110427 |
|  Arcus Biosciences, Inc. \* | 14448 | 298785 |
|  Arcutis Biotherapeutics, Inc. \* | 11295 | 167166 |
|  Arlo Technologies, Inc. \* | 23889 | 83850 |
|  Arrowhead Pharmaceuticals, Inc. \* | 28954 | 1174374 |
|  Artivion, Inc. \* | 10719 | 129914 |
|  Arvinas, Inc. \* | 13723 | 469464 |
|  ASGN, Inc. \* | 13818 | 1125891 |
|  Atara Biotherapeutics, Inc. \* | 25754 | 84473 |
|  Atea Pharmaceuticals, Inc. \* | 21675 | 104257 |
|  Athira Pharma, Inc. \* | 9189 | 29129 |
|  ATI Physical Therapy, Inc. \* | 20309 | 6194 |
|  AtriCure, Inc. \* | 12878 | 571526 |
|  Atrion Corp. | 393 | 219864 |
|  Aura Biosciences, Inc. \* | 5132 | 53886 |
|  Aurinia Pharmaceuticals, Inc. \* (Canada) | 37733 | 163007 |
|  Avanos Medical, Inc. \* | 12690 | 343391 |
|  Aveanna Healthcare Holdings, Inc. \* | 10995 | 8576 |
|  Avid Bioservices, Inc. \* | 17360 | 239047 |
|  Avidity Biosciences, Inc. \* | 14132 | 313589 |
|  Axogen, Inc. \* | 11451 | 114281 |
|  Axonics, Inc. \* | 13728 | 858412 |
|  Axsome Therapeutics, Inc. \* | 8958 | 690931 |
|  B&G Foods, Inc. | 19827 | 221071 |
|  Babylon Holdings Ltd. Class A \* (United Kingdom) | 1198 | 8087 |
|  Bakkt Holdings, Inc. \* | 18181 | 21635 |
|  Barrett Business Services, Inc. | 2015 | 187959 |
|  Beachbody Co., Inc. \* | 28413 | 14945 |
|  Beam Therapeutics, Inc. \* | 17822 | 697018 |
|  Beauty Health Co. \* | 26153 | 237992 |
|  BellRing Brands, Inc. \* | 36828 | 944270 |
|  Benson Hill, Inc. \* | 48043 | 122510 |
|  Berkeley Lights, Inc. \* | 15555 | 41687 |
|  Beyond Meat, Inc. \* | 17356 | 213652 |
|  BioCryst Pharmaceuticals, Inc. \* | 52065 | 597706 |
|  Biohaven Ltd. \* | 17620 | 244566 |
|  BioLife Solutions, Inc. \* | 9481 | 172554 |
|  Bionano Genomics, Inc. \* | 80145 | 117012 |
|  Bioventus, Inc. Class A \* | 8317 | 21707 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-126** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Bioxcel Therapeutics, Inc. \* | 5161 | $110858 |
|  Bird Global, Inc. Class A \* | 60073 | 10825 |
|  Bluebird Bio, Inc. \* | 23615 | 163416 |
|  Blueprint Medicines Corp. \* | 16660 | 729875 |
|  Boxed, Inc. \* | 13108 | 2555 |
|  Bridgebio Pharma, Inc. \* | 29577 | 225377 |
|  Bright Health Group, Inc. \* | 55031 | 35765 |
|  BrightView Holdings, Inc. \* | 11545 | 79545 |
|  Brink's Co. | 12603 | 676907 |
|  Brookdale Senior Living, Inc. \* | 52734 | 143964 |
|  Brookfield Realty Capital Corp. Class A \* | 7203 | 44010 |
|  Butterfly Network, Inc. \* | 36805 | 90540 |
|  C4 Therapeutics, Inc. \* | 11659 | 68788 |
|  Cal-Maine Foods, Inc. | 10557 | 574829 |
|  Calavo Growers, Inc. | 4921 | 144677 |
|  Cano Health, Inc. \* | 45716 | 62631 |
|  Cara Therapeutics, Inc. \* | 12408 | 133262 |
|  Cardiovascular Systems, Inc. \* | 11196 | 152490 |
|  CareDx, Inc. \* | 14543 | 165936 |
|  CareMax, Inc. \* | 16387 | 59813 |
|  Caribou Biosciences, Inc. \* | 15527 | 97510 |
|  Carriage Services, Inc. | 3507 | 96583 |
|  Cass Information Systems, Inc. | 4013 | 183876 |
|  Cassava Sciences, Inc. \* | 10696 | 315960 |
|  Castle Biosciences, Inc. \* | 6778 | 159554 |
|  Catalyst Pharmaceuticals, Inc. \* | 26621 | 495151 |
|  CBIZ, Inc. \* | 13034 | 610643 |
|  Celldex Therapeutics, Inc. \* | 12941 | 576780 |
|  Celsius Holdings, Inc. \* | 15529 | 1615637 |
|  Celularity, Inc. \* | 17012 | 21945 |
|  Central Garden & Pet Co. \* | 2832 | 106058 |
|  Central Garden & Pet Co. Class A \* | 11318 | 405184 |
|  Century Therapeutics, Inc. \* | 6092 | 31252 |
|  Cerevel Therapeutics Holdings, Inc. \* | 16116 | 508299 |
|  Cerus Corp. \* | 48351 | 176481 |
|  Chefs' Warehouse, Inc. \* | 9399 | 312799 |
|  Chegg, Inc. \* | 34768 | 878587 |
|  Chimerix, Inc. \* | 20798 | 38684 |
|  Chinook Therapeutics, Inc. \* | 13721 | 359490 |
|  Cimpress PLC \* (Ireland) | 5011 | 138354 |
|  CinCor Pharma, Inc. \* | 7129 | 87615 |
|  Cipher Mining, Inc. \* | 9514 | 5328 |
|  Clover Health Investments Corp. \* | 108000 | 100386 |
|  Coca-Cola Consolidated, Inc. | 1315 | 673753 |
|  Cogent Biosciences, Inc. \* | 17731 | 204970 |
|  Coherus Biosciences, Inc. \* | 20406 | 161616 |
|  Collegium Pharmaceutical, Inc. \* | 9734 | 225829 |
|  Community Health Systems, Inc. \* | 35405 | 152950 |
|  CompoSecure, Inc. \* | 2192 | 10763 |
|  CONMED Corp. | 8085 | 716654 |
|  Corcept Therapeutics, Inc. \* | 23807 | 483520 |
|  CoreCivic, Inc. \* | 32711 | 378139 |
|  CorVel Corp. \* | 2492 | 362162 |
|  Coursera, Inc. \* | 31944 | 377898 |
|  CRA International, Inc. | 2005 | 245472 |
|  Crinetics Pharmaceuticals, Inc. \* | 14790 | 270657 |
|  Cross Country Healthcare, Inc. \* | 10177 | 270403 |
|  CTI BioPharma Corp. \* | 27760 | 166838 |
|  Cue Health, Inc. \* | 30023 | 62148 |
|  Cullinan Oncology, Inc. \* | 8872 | 93600 |
|  Custom Truck One Source, Inc. \* | 15744 | 99502 |
|  Cutera, Inc. \* | 4734 | 209337 |
|  Cytek Biosciences, Inc. \* | 32059 | 327322 |
|  Cytokinetics, Inc. \* | 22991 | 1053448 |
|  Day One Biopharmaceuticals, Inc. \* | 7650 | 164628 |
|  Deciphera Pharmaceuticals, Inc. \* | 12472 | 204416 |
|  Deluxe Corp. | 12001 | 203777 |
|  Denali Therapeutics, Inc. \* | 30415 | 845841 |
|  Design Therapeutics, Inc. \* | 9609 | 98588 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  DICE Therapeutics, Inc. \* | 9889 | $308537 |
|  Distribution Solutions Group, Inc. \* | 1438 | 53005 |
|  DocGo, Inc. \* | 22021 | 155688 |
|  Duckhorn Portfolio, Inc. \* | 11347 | 188020 |
|  Dynavax Technologies Corp. \* | 33229 | 353557 |
|  Dyne Therapeutics, Inc. \* | 8556 | 99164 |
|  Eagle Pharmaceuticals, Inc. \* | 2602 | 76056 |
|  Edgewell Personal Care Co. | 14472 | 557751 |
|  Edgewise Therapeutics, Inc. \* | 10824 | 96767 |
|  Editas Medicine, Inc. \* | 19439 | 172424 |
|  Eiger BioPharmaceuticals, Inc. \* | 11283 | 13314 |
|  elf Beauty, Inc. \* | 13685 | 756780 |
|  Embecta Corp. | 16189 | 409420 |
|  Emergent BioSolutions, Inc. \* | 14083 | 166320 |
|  Enanta Pharmaceuticals, Inc. \* | 5538 | 257628 |
|  Ennis, Inc. | 7255 | 160771 |
|  Enochian Biosciences, Inc. \* | 10109 | 10412 |
|  Ensign Group, Inc. | 14895 | 1409216 |
|  EQRx, Inc. \* | 55481 | 136483 |
|  Erasca, Inc. \* | 18358 | 79123 |
|  Esperion Therapeutics, Inc. \* | 21875 | 136281 |
|  European Wax Center, Inc. Class A | 6551 | 81560 |
|  EVERTEC, Inc. | 16799 | 543952 |
|  Evo Payments, Inc. Class A \* | 13353 | 451866 |
|  Evolus, Inc. \* | 9829 | 73816 |
|  EyePoint Pharmaceuticals, Inc. \* | 6947 | 24315 |
|  Fate Therapeutics, Inc. \* | 23469 | 236802 |
|  FibroGen, Inc. \* | 24618 | 394380 |
|  First Advantage Corp. \* | 16191 | 210483 |
|  Foghorn Therapeutics, Inc. \* | 5573 | 35556 |
|  Forrester Research, Inc. \* | 3244 | 116005 |
|  Franklin Covey Co. \* | 3488 | 163134 |
|  Fresh Del Monte Produce, Inc. | 8388 | 219682 |
|  Fresh Market, Inc. Escrow Receipt \* ± W | 19545 |  |
|  Fulcrum Therapeutics, Inc. \* | 12662 | 92179 |
|  Fulgent Genetics, Inc. \* | 5932 | 176655 |
|  Generation Bio Co. \* | 13156 | 51703 |
|  GEO Group, Inc. \* | 33214 | 363693 |
|  Geron Corp. \* | 98975 | 239519 |
|  Glaukos Corp. \* | 12683 | 553993 |
|  Gossamer Bio, Inc. \* | 17807 | 38641 |
|  Graham Holdings Co. Class B | 1044 | 630795 |
|  Green Dot Corp. Class A \* | 13260 | 209773 |
|  Greenidge Generation Holdings, Inc. \* | 2593 | 750 |
|  GreenLight Biosciences Holdings PBC \* | 17504 | 20655 |
|  Hackett Group, Inc. | 6880 | 140146 |
|  Haemonetics Corp. \* | 14225 | 1118796 |
|  Hain Celestial Group, Inc. \* | 24981 | 404193 |
|  Halozyme Therapeutics, Inc. \* | 36989 | 2104674 |
|  Harmony Biosciences Holdings, Inc. \* | 7386 | 406969 |
|  Healthcare Services Group, Inc. | 20771 | 249252 |
|  HealthEquity, Inc. \* | 23215 | 1430973 |
|  Heidrick & Struggles International, Inc. | 5551 | 155261 |
|  Helen of Troy Ltd. \* | 6658 | 738439 |
|  Herbalife Nutrition Ltd. \* | 27424 | 408069 |
|  Herc Holdings, Inc. | 7041 | 926384 |
|  Heron Therapeutics, Inc. \* | 28366 | 70915 |
|  Heska Corp. \* | 2751 | 171002 |
|  HF Foods Group, Inc. \* | 10129 | 41124 |
|  HilleVax, Inc. \* | 4940 | 82646 |
|  Honest Co., Inc. \* | 17316 | 52121 |
|  Hostess Brands, Inc. \* | 37403 | 839323 |
|  Humacyte, Inc. \* | 16084 | 33937 |
|  Huron Consulting Group, Inc. \* | 5440 | 394944 |
|  I3 Verticals, Inc. Class A \* | 6213 | 151224 |
|  ICF International, Inc. | 5235 | 518527 |
|  Icosavax, Inc. \* | 6944 | 55135 |
|  Ideaya Biosciences, Inc. \* | 12376 | 224872 |
|  IGM Biosciences, Inc. \* | 2873 | 48870 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-127** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Imago Biosciences, Inc. \* | 7083 | $254634 |
|  ImmunityBio, Inc. \* | 22558 | 114369 |
|  ImmunoGen, Inc. \* | 59569 | 295462 |
|  Immunovant, Inc. \* | 12728 | 225922 |
|  Inari Medical, Inc. \* | 13533 | 860157 |
|  Information Services Group, Inc. | 9851 | 45315 |
|  Ingles Markets, Inc. Class A | 4001 | 385936 |
|  Inhibrx, Inc. \* | 9175 | 226072 |
|  Innovage Holding Corp. \* | 5223 | 37501 |
|  Innoviva, Inc. \* | 17672 | 234154 |
|  Inogen, Inc. \* | 6640 | 130874 |
|  Inotiv, Inc. \* | 4650 | 22971 |
|  Inovio Pharmaceuticals, Inc. \* | 67342 | 105054 |
|  Insmed, Inc. \* | 37762 | 754485 |
|  Insperity, Inc. | 10192 | 1157811 |
|  Inspire Medical Systems, Inc. \* | 7907 | 1991615 |
|  Instil Bio, Inc. \* | 20232 | 12746 |
|  Integer Holdings Corp. \* | 9337 | 639211 |
|  Intellia Therapeutics, Inc. \* | 23841 | 831812 |
|  Inter Parfums, Inc. | 4930 | 475844 |
|  Intercept Pharmaceuticals, Inc. \* | 6993 | 86503 |
|  Intra-Cellular Therapies, Inc. \* | 25640 | 1356869 |
|  Invitae Corp. \* | 65368 | 121584 |
|  Invivyd, Inc. \* | 15257 | 22886 |
|  Iovance Biotherapeutics, Inc. \* | 42520 | 271703 |
|  iRadimed Corp. | 2073 | 58645 |
|  iRhythm Technologies, Inc. \* | 8521 | 798162 |
|  Ironwood Pharmaceuticals, Inc. \* | 38554 | 477684 |
|  iTeos Therapeutics, Inc. \* | 6653 | 129933 |
|  IVERIC bio, Inc. \* | 37747 | 808163 |
|  J & J Snack Foods Corp. | 4239 | 634621 |
|  Janux Therapeutics, Inc. \* | 4413 | 58119 |
|  John B Sanfilippo & Son, Inc. | 2524 | 205252 |
|  John Wiley & Sons, Inc. Class A | 12173 | 487650 |
|  Joint Corp. \* | 3930 | 54941 |
|  Jounce Therapeutics, Inc. \* | 11490 | 12754 |
|  KalVista Pharmaceuticals, Inc. \* | 6622 | 44765 |
|  Karuna Therapeutics, Inc. \* | 8481 | 1666516 |
|  Karyopharm Therapeutics, Inc. \* | 21360 | 72624 |
|  Kelly Services, Inc. Class A | 9458 | 159840 |
|  Keros Therapeutics, Inc. \* | 5386 | 258636 |
|  Kezar Life Sciences, Inc. \* | 14514 | 102179 |
|  Kforce, Inc. | 5345 | 293066 |
|  Kiniksa Pharmaceuticals Ltd. Class A \* | 8746 | 131015 |
|  Kinnate Biopharma, Inc. \* | 7928 | 48361 |
|  Kodiak Sciences, Inc. \* | 9520 | 68163 |
|  Korn Ferry | 14759 | 747101 |
|  Krispy Kreme, Inc. | 20333 | 209837 |
|  Kronos Bio, Inc. \* | 11060 | 17917 |
|  Krystal Biotech, Inc. \* | 6056 | 479756 |
|  Kura Oncology, Inc. \* | 17822 | 221171 |
|  Kymera Therapeutics, Inc. \* | 10398 | 259534 |
|  Lancaster Colony Corp. | 5420 | 1069366 |
|  Lantheus Holdings, Inc. \* | 19113 | 973998 |
|  Laureate Education, Inc. | 37693 | 362607 |
|  Leafly Holdings, Inc. \* | 5172 | 3372 |
|  Legalzoom.com, Inc. \* | 26919 | 208353 |
|  LeMaitre Vascular, Inc. | 5430 | 249889 |
|  Lexicon Pharmaceuticals, Inc. \* | 22083 | 42179 |
|  LHC Group, Inc. \* | 8342 | 1348818 |
|  Lifecore Biomedical, Inc. \* | 7169 | 46455 |
|  LifeStance Health Group, Inc. \* | 20646 | 101991 |
|  Ligand Pharmaceuticals, Inc. \* | 4154 | 277487 |
|  Liquidia Corp. \* | 12971 | 82625 |
|  LivaNova PLC \* | 15122 | 839876 |
|  LiveRamp Holdings, Inc. \* | 18713 | 438633 |
|  Local Bounti Corp. \* | 20935 | 29100 |
|  Lyell Immunopharma, Inc. \* | 48670 | 168885 |
|  MacroGenics, Inc. \* | 17306 | 116123 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Madrigal Pharmaceuticals, Inc. \* | 3465 | $1005716 |
|  MannKind Corp. \* | 70182 | 369859 |
|  Marathon Digital Holdings, Inc. \* | 30964 | 105897 |
|  MarketWise, Inc. \* | 3098 | 5205 |
|  MaxCyte, Inc. \* | 23744 | 129642 |
|  Medifast, Inc. | 3048 | 351587 |
|  Medpace Holdings, Inc. \* | 7130 | 1514483 |
|  MeiraGTx Holdings PLC \* | 8487 | 55335 |
|  Meridian Bioscience, Inc. \* | 11757 | 390450 |
|  Merit Medical Systems, Inc. \* | 15491 | 1093974 |
|  Mersana Therapeutics, Inc. \* | 25636 | 150227 |
|  MGP Ingredients, Inc. | 3981 | 423499 |
|  MiMedx Group, Inc. \* | 31650 | 87987 |
|  Mirum Pharmaceuticals, Inc. \* | 4941 | 96349 |
|  Mission Produce, Inc. \* | 10566 | 122777 |
|  ModivCare, Inc. \* | 3572 | 320516 |
|  MoneyGram International, Inc. \* | 26113 | 284371 |
|  Moneylion, Inc. \* | 40753 | 25267 |
|  Monro, Inc. | 8610 | 389172 |
|  Monte Rosa Therapeutics, Inc. \* | 8298 | 63148 |
|  Morphic Holding, Inc. \* | 7406 | 198110 |
|  Multiplan Corp. \* | 106862 | 122891 |
|  Myriad Genetics, Inc. \* | 22136 | 321193 |
|  Nano-X Imaging Ltd. \* (Israel) | 12598 | 92973 |
|  NanoString Technologies, Inc. \* | 12958 | 103275 |
|  National Beverage Corp. \* | 6592 | 306726 |
|  National HealthCare Corp. | 3484 | 207298 |
|  National Research Corp. | 3989 | 148790 |
|  Natural Grocers by Vitamin Cottage, Inc. | 2889 | 26405 |
|  Nature's Sunshine Products, Inc. \* | 3409 | 28363 |
|  Nautilus Biotechnology, Inc. SPAC \* | 13513 | 24323 |
|  Nektar Therapeutics \* | 50360 | 113814 |
|  Neogen Corp. \* | 60346 | 919070 |
|  NeoGenomics, Inc. \* | 34677 | 320415 |
|  Nevro Corp. \* | 9806 | 388318 |
|  NGM Biopharmaceuticals, Inc. \* | 11285 | 56651 |
|  Nkarta, Inc. \* | 9173 | 54946 |
|  Nurix Therapeutics, Inc. \* | 12900 | 141642 |
|  Nuvalent, Inc. Class A \* | 5661 | 168585 |
|  NuVasive, Inc. \* | 14752 | 608372 |
|  Nuvation Bio, Inc. \* | 33923 | 65132 |
|  Ocugen, Inc. \* | 61494 | 79942 |
|  Ocular Therapeutix, Inc. \* | 22034 | 61916 |
|  OmniAb, Inc. \* | 21888 | 78797 |
|  OmniAb, Inc. - Earn Out Shares \* ± W | 3386 |  |
|  Omnicell, Inc. \* | 12266 | 618452 |
|  Oncology Institute, Inc. \* | 8717 | 14383 |
|  OPKO Health, Inc. \* | 114128 | 142660 |
|  Option Care Health, Inc. \* | 43664 | 1313850 |
|  OraSure Technologies, Inc. \* | 20519 | 98902 |
|  Organogenesis Holdings, Inc. \* | 19948 | 53660 |
|  Orthofix Medical, Inc. \* | 5528 | 113490 |
|  OrthoPediatrics Corp. \* | 4138 | 164403 |
|  Oscar Health, Inc. Class A \* | 33375 | 82102 |
|  Outlook Therapeutics, Inc. \* | 30807 | 33272 |
|  Owens & Minor, Inc. \* | 20708 | 404427 |
|  Owlet, Inc. \* | 4459 | 2493 |
|  P3 Health Partners, Inc. \* | 7637 | 14052 |
|  Pacific Biosciences of California, Inc. \* | 63280 | 517630 |
|  Pacira BioSciences, Inc. \* | 12499 | 482586 |
|  Paragon 28, Inc. \* | 12892 | 246366 |
|  Pardes Biosciences, Inc. \* | 7949 | 13434 |
|  Patterson Cos., Inc. | 24360 | 682811 |
|  Paya Holdings, Inc. \* | 23425 | 184355 |
|  Payoneer Global, Inc. \* | 61050 | 333943 |
|  Paysafe Ltd. \* | 7555 | 104939 |
|  Pediatrix Medical Group, Inc. \* | 23258 | 345614 |
|  Pennant Group, Inc. \* | 7562 | 83031 |
|  PepGen, Inc. \* | 4108 | 54924 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-128** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Perdoceo Education Corp. \* | 18982 | $263850 |
|  PetIQ, Inc. \* | 7522 | 69353 |
|  PFSweb, Inc. | 4567 | 28087 |
|  Phathom Pharmaceuticals, Inc. \* | 6496 | 72885 |
|  Phibro Animal Health Corp. Class A | 6195 | 83075 |
|  PMV Pharmaceuticals, Inc. \* | 10583 | 92072 |
|  Point Biopharma Global, Inc. SPAC \* | 24011 | 175040 |
|  Praxis Precision Medicines, Inc. \* | 9132 | 21734 |
|  Precigen, Inc. \* | 27023 | 41075 |
|  Prestige Consumer Healthcare, Inc. \* | 13981 | 875211 |
|  Prime Medicine, Inc. \* | 2639 | 49033 |
|  Primo Water Corp. | 44260 | 687800 |
|  Priority Technology Holdings, Inc. \* | 6741 | 35458 |
|  PROCEPT BioRobotics Corp. \* | 7211 | 299545 |
|  PROG Holdings, Inc. \* | 13989 | 236274 |
|  Progyny, Inc. \* | 20929 | 651938 |
|  Prometheus Biosciences, Inc. \* | 9707 | 1067770 |
|  Protagonist Therapeutics, Inc. \* | 12858 | 140281 |
|  Prothena Corp. PLC \* (Ireland) | 10249 | 617502 |
|  Provention Bio, Inc. \* | 18368 | 194150 |
|  PTC Therapeutics, Inc. \* | 19687 | 751453 |
|  Pulmonx Corp. \* | 9899 | 83449 |
|  Quad/Graphics, Inc. \* | 10046 | 40988 |
|  Quanex Building Products Corp. | 9382 | 222166 |
|  Quanterix Corp. \* | 9476 | 131243 |
|  Quantum-Si, Inc. \* | 25398 | 46478 |
|  R1 RCM, Inc. \* | 41265 | 451852 |
|  RadNet, Inc. \* | 13742 | 258762 |
|  Rallybio Corp. \* | 4168 | 27384 |
|  RAPT Therapeutics, Inc. \* | 7417 | 146857 |
|  Reata Pharmaceuticals, Inc. Class A \* | 7822 | 297158 |
|  Recursion Pharmaceuticals, Inc. Class A \* | 38141 | 294067 |
|  REGENXBIO, Inc. \* | 11287 | 255989 |
|  Relay Therapeutics, Inc. \* | 23918 | 357335 |
|  Relmada Therapeutics, Inc. \* | 7567 | 26409 |
|  Remitly Global, Inc. \* | 27402 | 313753 |
|  Rent the Runway, Inc. Class A \* | 14271 | 43527 |
|  Rent-A-Center, Inc. | 13967 | 314956 |
|  Repay Holdings Corp. \* | 24901 | 200453 |
|  Replimune Group, Inc. \* | 10907 | 296670 |
|  Resources Connection, Inc. | 9146 | 168103 |
|  Revance Therapeutics, Inc. \* | 22580 | 416827 |
|  REVOLUTION Medicines, Inc. \* | 21133 | 503388 |
|  Rigel Pharmaceuticals, Inc. \* | 46759 | 70139 |
|  Riot Blockchain, Inc. \* | 45669 | 154818 |
|  Rocket Pharmaceuticals, Inc. \* | 15018 | 293902 |
|  RxSight, Inc. \* | 5676 | 71915 |
|  Sabre Corp. \* | 91927 | 568109 |
|  Sage Therapeutics, Inc. \* | 14615 | 557416 |
|  Sana Biotechnology, Inc. \* | 24818 | 98031 |
|  Sangamo Therapeutics, Inc. \* | 39707 | 124680 |
|  Science 37 Holdings, Inc. \* | 17433 | 7238 |
|  SeaSpine Holdings Corp. \* | 9545 | 79701 |
|  Seer, Inc. \* | 14879 | 86298 |
|  Select Medical Holdings Corp. | 29188 | 724738 |
|  Sema4 Holdings Corp. \* | 45292 | 11948 |
|  Seneca Foods Corp. Class A \* | 1582 | 96423 |
|  Senseonics Holdings, Inc. \* | 124245 | 127972 |
|  Seres Therapeutics, Inc. \* | 19829 | 111042 |
|  Shockwave Medical, Inc. \* | 9947 | 2045203 |
|  ShotSpotter, Inc. \* | 2409 | 81496 |
|  SI-BONE, Inc. \* | 9359 | 127282 |
|  SIGA Technologies, Inc. | 13267 | 97645 |
|  Silk Road Medical, Inc. \* | 10455 | 552547 |
|  Simply Good Foods Co. \* | 24813 | 943638 |
|  Singular Genomics Systems, Inc. \* | 15602 | 31360 |
|  SomaLogic, Inc. \* | 42206 | 105937 |
|  Sorrento Therapeutics, Inc. \* | 130562 | 115678 |
|  SP Plus Corp. \* | 5484 | 190404 |
|  SpartanNash Co. | 9573 | 289488 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Spire Global, Inc. \* | 33361 | $32027 |
|  SpringWorks Therapeutics, Inc. \* | 9882 | 257031 |
|  Sprouts Farmers Market, Inc. \* | 29405 | 951840 |
|  STAAR Surgical Co. \* | 13442 | 652475 |
|  Sterling Check Corp. \* | 6714 | 103866 |
|  Stoke Therapeutics, Inc. \* | 6122 | 56506 |
|  StoneCo Ltd. Class A \* (Brazil) | 77793 | 734366 |
|  Strategic Education, Inc. | 6411 | 502110 |
|  Stride, Inc. \* | 11368 | 355591 |
|  SunOpta, Inc. \* (Canada) | 27036 | 228184 |
|  Supernus Pharmaceuticals, Inc. \* | 13860 | 494386 |
|  Surgery Partners, Inc. \* | 14162 | 394553 |
|  Surmodics, Inc. \* | 3813 | 130100 |
|  Sutro Biopharma, Inc. \* | 16154 | 130524 |
|  Syndax Pharmaceuticals, Inc. \* | 14610 | 371824 |
|  Tactile Systems Technology, Inc. \* | 5500 | 63140 |
|  Talaris Therapeutics, Inc. \* | 6058 | 6179 |
|  Tango Therapeutics, Inc. \* | 13129 | 95185 |
|  Target Hospitality Corp. \* | 8395 | 127100 |
|  Tarsus Pharmaceuticals, Inc. \* | 5112 | 74942 |
|  Tattooed Chef, Inc. \* | 13324 | 16389 |
|  Tejon Ranch Co. \* | 5981 | 112682 |
|  Tenaya Therapeutics, Inc. \* | 8212 | 16506 |
|  Textainer Group Holdings Ltd. (China) | 11996 | 371996 |
|  TG Therapeutics, Inc. \* | 36847 | 435900 |
|  Theravance Biopharma, Inc. \* | 17771 | 199391 |
|  Theseus Pharmaceuticals, Inc. \* | 4288 | 21354 |
|  Third Harmonic Bio, Inc. \* | 3427 | 14736 |
|  Thorne HealthTech, Inc. \* | 4618 | 16763 |
|  Tootsie Roll Industries, Inc. | 4516 | 192246 |
|  Transcat, Inc. \* | 2020 | 143157 |
|  TransMedics Group, Inc. \* | 8485 | 523694 |
|  Travere Therapeutics, Inc. \* | 17103 | 359676 |
|  Treace Medical Concepts, Inc. \* | 9162 | 210634 |
|  TreeHouse Foods, Inc. \* | 14139 | 698184 |
|  Tricida, Inc. \* | 9145 | 1398 |
|  TriNet Group, Inc. \* | 10531 | 714002 |
|  Triton International Ltd. (Bermuda) | 16129 | 1109353 |
|  TrueBlue, Inc. \* | 9091 | 178002 |
|  Turning Point Brands, Inc. | 4262 | 92187 |
|  Twist Bioscience Corp. \* | 15898 | 378531 |
|  Tyra Biosciences, Inc. \* | 3456 | 26266 |
|  Udemy, Inc. \* | 20272 | 213870 |
|  United Natural Foods, Inc. \* | 16345 | 632715 |
|  Universal Corp. | 6744 | 356151 |
|  Universal Technical Institute, Inc. \* | 8476 | 56959 |
|  UFP Technologies, Inc. \* | 1837 | 216564 |
|  US Physical Therapy, Inc. | 3642 | 295111 |
|  USANA Health Sciences, Inc. \* | 2971 | 158057 |
|  Utah Medical Products, Inc. | 985 | 99022 |
|  Utz Brands, Inc. | 18038 | 286083 |
|  V2X, Inc. \* | 3277 | 135307 |
|  Vanda Pharmaceuticals, Inc. \* | 16014 | 118343 |
|  Varex Imaging Corp. \* | 11020 | 223706 |
|  Vaxart, Inc. \* | 34034 | 32703 |
|  Vaxcyte, Inc. \* | 19961 | 957130 |
|  VBI Vaccines, Inc. \* | 53523 | 20933 |
|  Vector Group Ltd. | 40423 | 479417 |
|  Ventyx Biosciences, Inc. \* | 7024 | 230317 |
|  Vera Therapeutics, Inc. \* | 3851 | 74517 |
|  Veracyte, Inc. \* | 19793 | 469688 |
|  Vericel Corp. \* | 13365 | 352034 |
|  Veru, Inc. \* | 18025 | 95172 |
|  Verve Therapeutics, Inc. \* | 12657 | 244913 |
|  Viad Corp. \* | 5741 | 140023 |
|  Vicarious Surgical, Inc. \* | 15098 | 30498 |
|  ViewRay, Inc. \* | 39648 | 177623 |
|  Village Super Market, Inc. Class A | 2310 | 53800 |
|  Vintage Wine Estates, Inc. \* | 8349 | 27218 |
|  Vir Biotechnology, Inc. \* | 20457 | 517767 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-129** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Viridian Therapeutics, Inc. \* | 10485 | $| 306267 |
|  VistaGen Therapeutics, Inc. \* | 54507 |  | 5614 |
|  Vita Coco Co., Inc. \* | 7497 |  | 103609 |
|  Vital Farms, Inc. \* | 8027 |  | 119763 |
|  Vivint Smart Home, Inc. \* | 26106 |  | 310661 |
|  WD-40 Co. | 3834 |  | 618079 |
|  Weis Markets, Inc. | 4687 |  | 385693 |
|  Wejo Group Ltd. \* (Bermuda) | 6235 |  | 2999 |
|  Whole Earth Brands, Inc. \* | 10648 |  | 43337 |
|  Willdan Group, Inc. \* | 3203 |  | 57174 |
|  WW International, Inc. \* | 15006 |  | 57923 |
|  Xencor, Inc. \* | 16252 |  | 423202 |
|  Xeris Biopharma Holdings, Inc. \* | 37515 |  | 49895 |
|  Y-mAbs Therapeutics, Inc. \* | 9957 |  | 48590 |
|  Zentalis Pharmaceuticals, Inc. \* | 13028 |  | 262384 |
|  Zimvie, Inc. \* | 5789 |  | 54069 |
|  ZipRecruiter, Inc. Class A \* | 20626 |  | 338679 |
|  Zynex, Inc. | 6493 |  | 90318 |
|  |  |  | 152891277 |
|  **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** |
|  Professional Holding Corp. Class A \* | 3314 |  | 91930 |
|  **Energy - 6.8%** | **Energy - 6.8%** | **Energy - 6.8%** | **Energy - 6.8%** |
|  Aemetis, Inc. \* | 8840 |  | 35006 |
|  Alpha Metallurgical Resources, Inc. | 4255 |  | 622889 |
|  Alto Ingredients, Inc. \* | 20377 |  | 58686 |
|  Amplify Energy Corp. \* | 9684 |  | 85122 |
|  Arch Resources, Inc. | 4124 |  | 588866 |
|  Archrock, Inc. | 39026 |  | 350453 |
|  Aris Water Solution, Inc. Class A | 5953 |  | 85783 |
|  Array Technologies, Inc. \* | 42405 |  | 819689 |
|  Battalion Oil Corp. \* | 478 |  | 4641 |
|  Berry Corp. | 22445 |  | 179560 |
|  Borr Drilling Ltd. \* (United Arab Emirates) | 53673 |  | 266755 |
|  Bristow Group, Inc. \* | 6668 |  | 180903 |
|  California Resources Corp. | 20621 |  | 897220 |
|  Callon Petroleum Co. \* | 13892 |  | 515254 |
|  ChampionX Corp. | 55961 |  | 1622309 |
|  Chord Energy Corp. | 11660 |  | 1595205 |
|  Civitas Resources, Inc. | 20708 |  | 1199614 |
|  Cleanspark, Inc. \* | 12290 |  | 25072 |
|  CNX Resources Corp. \* | 49593 |  | 835146 |
|  Comstock Resources, Inc. | 25777 |  | 353403 |
|  CONSOL Energy, Inc. | 9623 |  | 625495 |
|  Crescent Energy Co. Class A | 10624 |  | 127382 |
|  CVR Energy, Inc. | 8424 |  | 264008 |
|  Delek US Holdings, Inc. | 20209 |  | 545643 |
|  Denbury, Inc. \* | 14049 |  | 1222544 |
|  Diamond Offshore Drilling, Inc. \* | 27758 |  | 288683 |
|  DMC Global, Inc. \* | 5294 |  | 102915 |
|  Dril-Quip, Inc. \* | 9601 |  | 260859 |
|  Earthstone Energy, Inc. Class A \* | 12220 |  | 173891 |
|  Empire Petroleum Corp. \* | 2766 |  | 34022 |
|  Energy Vault Holdings, Inc. \* | 23503 |  | 73329 |
|  Eneti, Inc. | 5910 |  | 59395 |
|  Equitrans Midstream Corp. | 115041 |  | 770775 |
|  Excelerate Energy, Inc. Class A | 5325 |  | 133391 |
|  Expro Group Holdings NV \* | 21899 |  | 397029 |
|  Fluence Energy, Inc. \* | 9905 |  | 169871 |
|  FuelCell Energy, Inc. \* | 114867 |  | 319330 |
|  FutureFuel Corp. | 7097 |  | 57699 |
|  Gevo, Inc. \* | 56762 |  | 107848 |
|  Golar LNG Ltd. \* (Cameroon) | 28115 |  | 640741 |
|  Green Plains, Inc. \* | 10265 |  | 313082 |
|  Gulfport Energy Corp. \* | 3203 |  | 235869 |
|  Heliogen, Inc. \* | 23931 |  | 16709 |
|  Helix Energy Solutions Group, Inc. \* | 40592 |  | 299569 |
|  Helmerich & Payne, Inc. | 28683 |  | 1421816 |
|  HighPeak Energy, Inc. | 1778 |  | 40663 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Kinetik Holdings, Inc. | 4871 | $| 161133 |
|  Kosmos Energy Ltd. \* (Ghana) | 127199 |  | 808986 |
|  Laredo Petroleum, Inc. \* | 4715 |  | 242445 |
|  Liberty Energy, Inc. | 38761 |  | 620564 |
|  Magnolia Oil & Gas Corp. Class A | 48420 |  | 1135449 |
|  Matador Resources Co. | 31492 |  | 1802602 |
|  Montauk Renewables, Inc. \* | 17835 |  | 196720 |
|  Murphy Oil Corp. | 41256 |  | 1774420 |
|  Nabors Industries Ltd. \* | 2552 |  | 395228 |
|  NACCO Industries, Inc. Class A | 1080 |  | 41040 |
|  National Energy Services Reunited Corp. \* | 10489 |  | 72794 |
|  Newpark Resources, Inc. \* | 25812 |  | 107120 |
|  NextDecade Corp. \* | 8872 |  | 43828 |
|  NexTier Oilfield Solutions, Inc. \* | 49722 |  | 459431 |
|  Noble Corp. PLC \* | 23339 |  | 880114 |
|  Northern Oil & Gas, Inc. | 18724 |  | 577074 |
|  NOW, Inc. \* | 31047 |  | 394297 |
|  Oceaneering International, Inc. \* | 28633 |  | 500791 |
|  Oil States International, Inc. \* | 17196 |  | 128282 |
|  Par Pacific Holdings, Inc. \* | 14673 |  | 341147 |
|  Patterson-UTI Energy, Inc. | 60452 |  | 1018012 |
|  PBF Energy, Inc. Class A | 27706 |  | 1129851 |
|  Peabody Energy Corp. \* | 33130 |  | 875295 |
|  Permian Resources Corp. | 58185 |  | 546939 |
|  ProFrac Holding Corp. Class A \* | 6451 |  | 162565 |
|  ProPetro Holding Corp. \* | 24544 |  | 254521 |
|  Ramaco Resources, Inc. | 6187 |  | 54384 |
|  Ranger Oil Corp. Class A | 5239 |  | 211813 |
|  REX American Resources Corp. \* | 4527 |  | 144230 |
|  Riley Exploration Permian, Inc. | 3039 |  | 89438 |
|  Ring Energy, Inc. \* | 24141 |  | 59387 |
|  RPC, Inc. | 19550 |  | 173799 |
|  SandRidge Energy, Inc. \* | 5917 |  | 100766 |
|  Select Energy Services, Inc. Class A | 19247 |  | 177842 |
|  Shoals Technologies Group, Inc. Class A \* | 38787 |  | 956875 |
|  SilverBow Resources, Inc. \* | 3246 |  | 91797 |
|  Sitio Royalties Corp. Class A \* | 20102 |  | 579949 |
|  SM Energy Co. | 34013 |  | 1184673 |
|  Solaris Oilfield Infrastructure, Inc. Class A | 8990 |  | 89271 |
|  Stem, Inc. \* | 40545 |  | 362472 |
|  SunCoke Energy, Inc. | 23274 |  | 200855 |
|  Sunnova Energy International, Inc. \* | 27723 |  | 499291 |
|  SunPower Corp. \* | 22993 |  | 414564 |
|  Talos Energy, Inc. \* | 18638 |  | 351885 |
|  Tellurian, Inc. \* | 143054 |  | 240331 |
|  TETRA Technologies, Inc. \* | 34967 |  | 120986 |
|  Tidewater, Inc. \* | 12889 |  | 474960 |
|  TPI Composites, Inc. \* | 10178 |  | 103205 |
|  US Silica Holdings, Inc. \* | 20929 |  | 261612 |
|  VAALCO Energy, Inc. | 29265 |  | 133448 |
|  Valaris Ltd. \* | 17091 |  | 1155693 |
|  Vertex Energy, Inc. \* | 15330 |  | 95046 |
|  W&T Offshore, Inc. \* | 26922 |  | 150225 |
|  Warrior Met Coal, Inc. | 14191 |  | 491576 |
|  Weatherford International PLC \* | 19588 |  | 997421 |
|  |  |  | 43662576 |
|  **Financial - 23.2%** | **Financial - 23.2%** | **Financial - 23.2%** | **Financial - 23.2%** |
|  1st Source Corp. | 4721 |  | 250638 |
|  Acadia Realty Trust REIT | 24153 |  | 346596 |
|  ACNB Corp. | 2538 |  | 101038 |
|  AFC Gamma, Inc. REIT | 4115 |  | 64729 |
|  Agree Realty Corp. REIT | 24215 |  | 1717570 |
|  Alerus Financial Corp. | 4370 |  | 102040 |
|  Alexander & Baldwin, Inc. REIT \* | 19821 |  | 371247 |
|  Alexander's, Inc. REIT | 603 |  | 132696 |
|  Amalgamated Financial Corp. | 4180 |  | 96307 |
|  Ambac Financial Group, Inc. \* | 12470 |  | 217477 |
|  Amerant Bancorp, Inc. | 7762 |  | 208332 |
|  American Assets Trust, Inc. REIT | 13629 |  | 361168 |
|  American Equity Investment Life Holding Co. | 19808 |  | 903641 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-130** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  American National Bankshares, Inc. | 3137 | $115849 |
|  Ameris Bancorp | 18498 | 871996 |
|  AMERISAFE, Inc. | 5085 | 264267 |
|  Angel Oak Mortgage, Inc. REIT | 3681 | 17411 |
|  Anywhere Real Estate, Inc. \* | 29311 | 187297 |
|  Apartment Investment & Management Co.<br> Class A REIT | 40850 | 290852 |
|  Apollo Commercial Real Estate Finance,<br>Inc. REIT | 39891 | 429227 |
|  Apple Hospitality REIT, Inc. | 60047 | 947542 |
|  Applied Digital Corp. \* | 20919 | 38491 |
|  Arbor Realty Trust, Inc. REIT | 46220 | 609642 |
|  Ares Commercial Real Estate Corp. REIT | 15222 | 156634 |
|  Argo Group International Holdings Ltd. | 8821 | 228023 |
|  Armada Hoffler Properties, Inc. REIT | 17038 | 195937 |
|  ARMOUR Residential REIT, Inc. | 34889 | 196425 |
|  Arrow Financial Corp. | 4395 | 148991 |
|  Artisan Partners Asset Management, Inc.<br>Class A | 16828 | 499792 |
|  Ashford Hospitality Trust, Inc. REIT \* | 9938 | 44423 |
|  AssetMark Financial Holdings, Inc. \* | 5895 | 135585 |
|  Associated Banc-Corp. | 41682 | 962437 |
|  Associated Capital Group, Inc. Class A | 507 | 21289 |
|  Atlantic Union Bankshares Corp. | 20877 | 733618 |
|  Atlanticus Holdings Corp. \* | 1279 | 33510 |
|  Axos Financial, Inc. \* | 16219 | 619890 |
|  B Riley Financial, Inc. | 5814 | 198839 |
|  Banc of California, Inc. | 15080 | 240224 |
|  BancFirst Corp. | 5450 | 480581 |
|  Banco Latinoamericano de Comercio<br>Exterior SA (Panama) | 8198 | 132808 |
|  Bancorp, Inc. \* | 15321 | 434810 |
|  Bank First Corp. | 1891 | 175523 |
|  Bank of Marin Bancorp | 4597 | 151149 |
|  Bank of NT Butterfield & Son Ltd. (Bermuda) | 14121 | 420947 |
|  BankUnited, Inc. | 21796 | 740410 |
|  Bankwell Financial Group, Inc. | 1898 | 55858 |
|  Banner Corp. | 9489 | 599705 |
|  Bar Harbor Bankshares | 4199 | 134536 |
|  BayCom Corp. | 3365 | 63868 |
|  BCB Bancorp, Inc. | 4277 | 76943 |
|  Berkshire Hills Bancorp, Inc. | 12585 | 376291 |
|  BGC Partners, Inc. Class A | 89919 | 338995 |
|  Blackstone Mortgage Trust, Inc. Class A REIT | 47467 | 1004876 |
|  Blucora, Inc. \* | 13083 | 334009 |
|  Blue Foundry Bancorp \* | 7307 | 93895 |
|  Blue Ridge Bankshares, Inc. | 4942 | 61726 |
|  Bluerock Homes Trust, Inc. REIT \* | 996 | 21225 |
|  Braemar Hotels & Resorts, Inc. REIT | 20771 | 85369 |
|  Brandywine Realty Trust REIT | 48359 | 297408 |
|  Bread Financial Holdings, Inc. | 8017 | 301920 |
|  Bridgewater Bancshares, Inc. \* | 6000 | 106440 |
|  Brightsphere Investment Group, Inc. | 9282 | 191024 |
|  BrightSpire Capital, Inc. REIT | 27793 | 173150 |
|  Broadmark Realty Capital, Inc. REIT | 36929 | 131467 |
|  Broadstone Net Lease, Inc. REIT | 47458 | 769294 |
|  Brookfield Business Corp. Class A (Canada) | 7170 | 134724 |
|  Brookline Bancorp, Inc. | 21280 | 301112 |
|  BRP Group, Inc. Class A \* | 17226 | 433062 |
|  BRT Apartments Corp. REIT | 2962 | 58174 |
|  Business First Bancshares, Inc. | 6834 | 151305 |
|  Byline Bancorp, Inc. | 6572 | 150959 |
|  Cadence Bank | 46120 | 1137319 |
|  Cambridge Bancorp | 1939 | 161053 |
|  Camden National Corp. | 4199 | 175056 |
|  Cannae Holdings, Inc. \* | 20174 | 416593 |
|  Capital Bancorp, Inc. | 2234 | 52588 |
|  Capital City Bank Group, Inc. | 3827 | 124378 |
|  Capitol Federal Financial, Inc. | 37360 | 323164 |
|  Capstar Financial Holdings, Inc. | 5885 | 103929 |
|  CareTrust REIT, Inc. | 26731 | 496662 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Carter Bankshares, Inc. \* | 6979 | $115782 |
|  Cathay General Bancorp | 20059 | 818207 |
|  CBL & Associates Properties, Inc. REIT | 7098 | 163822 |
|  Centerspace REIT | 4153 | 243657 |
|  Central Pacific Financial Corp. | 8007 | 162382 |
|  Chatham Lodging Trust REIT | 13379 | 164160 |
|  Chicago Atlantic Real Estate Finance, Inc. | 1993 | 30035 |
|  Chimera Investment Corp. REIT | 64931 | 357121 |
|  Citizens & Northern Corp. | 5098 | 116540 |
|  City Holding Co. | 4243 | 394981 |
|  City Office REIT, Inc. | 12171 | 101993 |
|  Civista Bancshares, Inc. | 4343 | 95589 |
|  Claros Mortgage Trust, Inc. REIT | 25821 | 379827 |
|  Clipper Realty, Inc. REIT | 3507 | 22445 |
|  CNB Financial Corp. | 4622 | 109957 |
|  CNO Financial Group, Inc. | 31738 | 725213 |
|  Coastal Financial Corp. \* | 2871 | 136430 |
|  Cohen & Steers, Inc. | 7149 | 461539 |
|  Colony Bankcorp, Inc. | 4010 | 50887 |
|  Columbia Banking System, Inc. | 20291 | 611368 |
|  Columbia Financial, Inc. \* | 9763 | 211076 |
|  Community Bank System, Inc. | 14914 | 938836 |
|  Community Healthcare Trust, Inc. REIT | 6789 | 243046 |
|  Community Trust Bancorp, Inc. | 3689 | 169436 |
|  Compass Diversified Holdings | 17056 | 310931 |
|  Compass, Inc. Class A \* | 76879 | 179128 |
|  ConnectOne Bancorp, Inc. | 10724 | 259628 |
|  Consumer Portfolio Services, Inc. \* | 2941 | 26028 |
|  Corporate Office Properties Trust REIT | 31488 | 816799 |
|  Cowen, Inc. Class A | 7326 | 282930 |
|  Crawford & Co. Class A | 4680 | 26021 |
|  CrossFirst Bankshares, Inc. \* | 13443 | 166828 |
|  Cryptyde, Inc. \* | 5142 | 986 |
|  CTO Realty Growth, Inc. REIT | 4827 | 88238 |
|  Curo Group Holdings Corp. | 5819 | 20657 |
|  Cushman & Wakefield PLC \* | 44886 | 559280 |
|  Customers Bancorp, Inc. \* | 8592 | 243497 |
|  CVB Financial Corp. | 37158 | 956818 |
|  Diamond Hill Investment Group, Inc. | 863 | 159672 |
|  DiamondRock Hospitality Co. REIT | 57973 | 474799 |
|  Dime Community Bancshares, Inc. | 8897 | 283192 |
|  Diversified Healthcare Trust REIT | 70553 | 45634 |
|  Doma Holdings, Inc. \* | 38651 | 17505 |
|  Donegal Group, Inc. Class A | 4250 | 60350 |
|  Douglas Elliman, Inc. | 20647 | 84033 |
|  Dynex Capital, Inc. REIT | 12319 | 156698 |
|  Eagle Bancorp, Inc. | 9014 | 397247 |
|  Easterly Government Properties, Inc. REIT | 25497 | 363842 |
|  Eastern Bankshares, Inc. | 43844 | 756309 |
|  eHealth, Inc. \* | 6957 | 33672 |
|  Ellington Financial, Inc. REIT | 15146 | 187356 |
|  Elme Communities REIT | 24344 | 433323 |
|  Empire State Realty Trust, Inc. Class A REIT | 37332 | 251618 |
|  Employers Holdings, Inc. | 7702 | 332187 |
|  Enact Holdings, Inc. | 8054 | 194262 |
|  Encore Capital Group, Inc. \* | 6638 | 318226 |
|  Enova International, Inc. \* | 8857 | 339843 |
|  Enstar Group Ltd. \* | 3158 | 729624 |
|  Enterprise Bancorp, Inc. | 2665 | 94075 |
|  Enterprise Financial Services Corp. | 9960 | 487642 |
|  Equity Bancshares, Inc. Class A | 4136 | 135123 |
|  Equity Commonwealth REIT | 28666 | 715790 |
|  Esquire Financial Holdings, Inc. | 1920 | 83059 |
|  Essent Group Ltd. | 29289 | 1138756 |
|  Essential Properties Realty Trust, Inc. REIT | 39409 | 924929 |
|  eXp World Holdings, Inc. | 19862 | 220071 |
|  EZCORP, Inc. Class A \* | 14170 | 115486 |
|  Farmers & Merchants Bancorp, Inc. | 3097 | 84176 |
|  Farmers National Banc Corp. | 8886 | 125470 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-131** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Farmland Partners, Inc. REIT | 14392 | $179324 |
|  FB Financial Corp. | 10389 | 375458 |
|  Federal Agricultural Mortgage Corp. Class C | 2569 | 289552 |
|  Federated Hermes, Inc. | 23957 | 869879 |
|  Finance Of America Cos., Inc. Class A \* | 5255 | 6674 |
|  Financial Institutions, Inc. | 4452 | 108451 |
|  First BanCorp | 50813 | 646341 |
|  First Bancorp, Inc. | 3166 | 94790 |
|  First Bancorp/Southern Pines NC | 9870 | 422831 |
|  First Bancshares, Inc. | 5708 | 182713 |
|  First Bank | 4430 | 60957 |
|  First Busey Corp. | 14444 | 357056 |
|  First Business Financial Services, Inc. | 2084 | 76170 |
|  First Commonwealth Financial Corp. | 26911 | 375947 |
|  First Community Bankshares, Inc. | 4892 | 165839 |
|  First Financial Bancorp | 26285 | 636886 |
|  First Financial Bankshares, Inc. | 36196 | 1245142 |
|  First Financial Corp. | 2998 | 138148 |
|  First Foundation, Inc. | 14379 | 206051 |
|  First Guaranty Bancshares, Inc. | 1411 | 33088 |
|  First Internet Bancorp | 2673 | 64900 |
|  First Interstate BancSystem, Inc. Class A | 24990 | 965863 |
|  First Merchants Corp. | 16125 | 662899 |
|  First Mid Bancshares, Inc. | 5363 | 172045 |
|  First of Long Island Corp. | 6523 | 117414 |
|  First Western Financial, Inc. \* | 1760 | 49544 |
|  Five Star Bancorp | 3543 | 96511 |
|  Flushing Financial Corp. | 7798 | 151125 |
|  Flywire Corp. \* | 16425 | 401920 |
|  Focus Financial Partners, Inc. Class A \* | 16111 | 600457 |
|  Four Corners Property Trust, Inc. REIT | 23194 | 601420 |
|  Franklin BSP Realty Trust, Inc. REIT | 22518 | 290482 |
|  Franklin Street Properties Corp. REIT | 29405 | 80276 |
|  FRP Holdings, Inc. \* | 1863 | 100341 |
|  Fulton Financial Corp. | 46606 | 784379 |
|  FVCBankcorp, Inc. \* | 3027 | 57725 |
|  GCM Grosvenor, Inc. Class A | 11898 | 90544 |
|  Genworth Financial, Inc. Class A \* | 137169 | 725624 |
|  German American Bancorp, Inc. | 7675 | 286278 |
|  Getty Realty Corp. REIT | 11737 | 397297 |
|  Glacier Bancorp, Inc. | 31162 | 1540026 |
|  Gladstone Commercial Corp. REIT | 10476 | 193806 |
|  Gladstone Land Corp. REIT | 9396 | 172417 |
|  Global Medical REIT, Inc. | 17213 | 163179 |
|  Global Net Lease, Inc. REIT | 28727 | 361098 |
|  Goosehead Insurance, Inc. Class A \* | 5407 | 185676 |
|  Granite Point Mortgage Trust, Inc. REIT | 15191 | 81424 |
|  Great Southern Bancorp, Inc. | 2460 | 146345 |
|  Greene County Bancorp, Inc. | 774 | 44443 |
|  Greenlight Capital Re Ltd. Class A \* | 7649 | 62339 |
|  Guaranty Bancshares, Inc. | 2295 | 79499 |
|  Hamilton Lane, Inc. Class A | 9984 | 637778 |
|  Hancock Whitney Corp. | 24306 | 1176167 |
|  Hanmi Financial Corp. | 8694 | 215177 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 24613 | 713285 |
|  HarborOne Bancorp, Inc. | 12421 | 172652 |
|  HBT Financial, Inc. | 2753 | 53876 |
|  HCI Group, Inc. | 1867 | 73915 |
|  Heartland Financial USA, Inc. | 11395 | 531235 |
|  Heritage Commerce Corp. | 16489 | 214357 |
|  Heritage Financial Corp. | 9657 | 295890 |
|  Hersha Hospitality Trust REIT | 9820 | 83666 |
|  Hilltop Holdings, Inc. | 14090 | 422841 |
|  Hingham Institution For Savings | 413 | 113971 |
|  Hippo Holdings, Inc. \* | 4255 | 57868 |
|  Home Bancorp, Inc. | 2196 | 87906 |
|  Home BancShares, Inc. | 52298 | 1191871 |
|  Home Point Capital, Inc. | 1960 | 2685 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  HomeStreet, Inc. | 5106 | $140823 |
|  HomeTrust Bancshares, Inc. | 3954 | 95568 |
|  Hope Bancorp, Inc. | 32619 | 417849 |
|  Horace Mann Educators Corp. | 11575 | 432558 |
|  Horizon Bancorp, Inc. | 10763 | 162306 |
|  Houlihan Lokey, Inc. | 14004 | 1220589 |
|  Independence Realty Trust, Inc. REIT | 62949 | 1061320 |
|  Independent Bank Corp. | 12655 | 1068462 |
|  Independent Bank Corp. MI | 5801 | 138760 |
|  Independent Bank Group, Inc. | 10103 | 606988 |
|  Indus Realty Trust, Inc. REIT | 1630 | 103489 |
|  Industrial Logistics Properties Trust REIT | 18680 | 61084 |
|  Innovative Industrial Properties, Inc. REIT | 7875 | 798131 |
|  International Bancshares Corp. | 15040 | 688230 |
|  International Money Express, Inc. \* | 9016 | 219720 |
|  InvenTrust Properties Corp. REIT | 18984 | 449351 |
|  Invesco Mortgage Capital, Inc. REIT | 9273 | 118045 |
|  Investors Title Co. | 373 | 55036 |
|  iStar, Inc. REIT | 19534 | 149044 |
|  Jackson Financial, Inc. Class A | 20663 | 718866 |
|  James River Group Holdings Ltd. | 9238 | 193167 |
|  John Marshall Bancorp, Inc. | 3207 | 92297 |
|  Kearny Financial Corp. | 16274 | 165181 |
|  Kennedy-Wilson Holdings, Inc. | 33778 | 531328 |
|  Kinsale Capital Group, Inc. | 6088 | 1592134 |
|  Kite Realty Group Trust REIT | 60803 | 1279903 |
|  KKR Real Estate Finance Trust, Inc. REIT | 16175 | 225803 |
|  Ladder Capital Corp. REIT | 30782 | 309051 |
|  Lakeland Bancorp, Inc. | 16386 | 288557 |
|  Lakeland Financial Corp. | 7015 | 511885 |
|  Legacy Housing Corp. \* | 2286 | 43343 |
|  Lemonade, Inc. \* | 12860 | 175925 |
|  LendingClub Corp. \* | 28655 | 252164 |
|  LendingTree, Inc. \* | 3022 | 64459 |
|  Live Oak Bancshares, Inc. | 9311 | 281192 |
|  LTC Properties, Inc. REIT | 11094 | 394170 |
|  Luther Burbank Corp. | 4448 | 49417 |
|  LXP Industrial Trust REIT | 75839 | 759907 |
|  Macatawa Bank Corp. | 7514 | 82879 |
|  Macerich Co. REIT | 58824 | 662358 |
|  Marcus & Millichap, Inc. | 6955 | 239600 |
|  MBIA, Inc. \* | 13661 | 175544 |
|  McGrath RentCorp | 6653 | 656917 |
|  Mercantile Bank Corp. | 4707 | 157590 |
|  Merchants Bancorp | 4198 | 102095 |
|  Mercury General Corp. | 7482 | 255884 |
|  Metrocity Bankshares, Inc. | 5458 | 118057 |
|  Metropolitan Bank Holding Corp. \* | 2787 | 163513 |
|  MFA Financial, Inc. REIT | 28869 | 284360 |
|  Mid Penn Bancorp, Inc. | 4078 | 122218 |
|  Midland States Bancorp, Inc. | 6065 | 161450 |
|  MidWestOne Financial Group, Inc. | 4126 | 131001 |
|  Moelis & Co. Class A | 17939 | 688319 |
|  Mr Cooper Group, Inc. \* | 19264 | 773064 |
|  MVB Financial Corp. | 2897 | 63792 |
|  National Bank Holdings Corp. Class A | 8265 | 347709 |
|  National Health Investors, Inc. REIT | 11705 | 611235 |
|  National Western Life Group, Inc. Class A | 618 | 173658 |
|  Navient Corp. | 29610 | 487084 |
|  NBT Bancorp, Inc. | 12023 | 522039 |
|  Necessity Retail REIT, Inc. REIT | 37120 | 220122 |
|  Nelnet, Inc. Class A | 4061 | 368536 |
|  NerdWallet, Inc. Class A \* | 7145 | 68592 |
|  NETSTREIT Corp. REIT | 15207 | 278744 |
|  New York Mortgage Trust, Inc. REIT | 102370 | 262067 |
|  Newmark Group, Inc. Class A | 38156 | 304103 |
|  Nexpoint Real Estate Finance, Inc. REIT | 1781 | 28300 |
|  NexPoint Residential Trust, Inc. REIT | 6398 | 278441 |
|  NI Holdings, Inc. \* | 2437 | 32339 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-132** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Nicolet Bankshares, Inc. \* | 3505 | $279664 |
|  NMI Holdings, Inc. Class A \* | 23501 | 491171 |
|  Northeast Bank | 1878 | 79064 |
|  Northfield Bancorp, Inc. | 12509 | 196767 |
|  Northwest Bancshares, Inc. | 34162 | 477585 |
|  OceanFirst Financial Corp. | 15899 | 337854 |
|  Offerpad Solutions, Inc. \* | 19220 | 8851 |
|  Office Properties Income Trust REIT | 13833 | 184671 |
|  OFG Bancorp | 12930 | 356351 |
|  Old National Bancorp | 82106 | 1476266 |
|  Old Second Bancorp, Inc. | 11761 | 188646 |
|  One Liberty Properties, Inc. REIT | 4590 | 101990 |
|  Oportun Financial Corp. \* | 8309 | 45783 |
|  Oppenheimer Holdings, Inc. Class A | 2365 | 100110 |
|  OppFi, Inc. \* | 2693 | 5521 |
|  Orchid Island Capital, Inc. REIT | 8905 | 93503 |
|  Origin Bancorp, Inc. | 6361 | 233449 |
|  Orion Office REIT, Inc. REIT | 15895 | 135743 |
|  Orrstown Financial Services, Inc. | 3134 | 72583 |
|  Outfront Media, Inc. REIT | 40737 | 675419 |
|  Pacific Premier Bancorp, Inc. | 24843 | 784045 |
|  Palomar Holdings, Inc. \* | 6634 | 299591 |
|  Paramount Group, Inc. REIT | 53674 | 318824 |
|  Park National Corp. | 4086 | 575104 |
|  Parke Bancorp, Inc. | 3261 | 67633 |
|  Pathward Financial, Inc. | 7902 | 340181 |
|  PCB Bancorp | 3596 | 63613 |
|  PCSB Financial Corp. | 3511 | 66849 |
|  Peapack-Gladstone Financial Corp. | 5150 | 191683 |
|  Pebblebrook Hotel Trust REIT | 36102 | 483406 |
|  PennyMac Financial Services, Inc. | 7472 | 423364 |
|  PennyMac Mortgage Investment Trust REIT | 24429 | 302675 |
|  Peoples Bancorp, Inc. | 8089 | 228514 |
|  Peoples Financial Services Corp. | 1981 | 102695 |
|  Perella Weinberg Partners | 10327 | 101205 |
|  Phillips Edison & Co., Inc. REIT | 32967 | 1049669 |
|  Physicians Realty Trust REIT | 63066 | 912565 |
|  Piedmont Office Realty Trust, Inc. Class A REIT | 35655 | 326956 |
|  Pioneer Bancorp, Inc. \* | 3302 | 37643 |
|  Piper Sandler Cos. | 4868 | 633765 |
|  PJT Partners, Inc. Class A | 6641 | 489375 |
|  Plymouth Industrial REIT, Inc. REIT | 10352 | 198551 |
|  Postal Realty Trust, Inc. Class A REIT | 5575 | 81005 |
|  PotlatchDeltic Corp. REIT | 22124 | 973235 |
|  PRA Group, Inc. \* | 10873 | 367290 |
|  Preferred Bank | 2729 | 203638 |
|  Premier Financial Corp. | 10366 | 279571 |
|  Primis Financial Corp. | 6934 | 82168 |
|  ProAssurance Corp. | 15153 | 264723 |
|  Provident Bancorp, Inc. | 4605 | 33524 |
|  Provident Financial Services, Inc. | 21057 | 449778 |
|  QCR Holdings, Inc. | 4401 | 218466 |
|  Radian Group, Inc. | 43835 | 835933 |
|  Radius Global Infrastructure, Inc. Class A \* | 21153 | 250028 |
|  RBB Bancorp | 4055 | 84547 |
|  RE/MAX Holdings, Inc. Class A | 5257 | 97990 |
|  Ready Capital Corp. REIT | 19695 | 219402 |
|  Red River Bancshares, Inc. | 1395 | 71229 |
|  Redfin Corp. \* | 30240 | 128218 |
|  Redwood Trust, Inc. REIT | 32496 | 219673 |
|  Regional Management Corp. | 2179 | 61186 |
|  Renasant Corp. | 15449 | 580728 |
|  Republic Bancorp, Inc. Class A | 2481 | 101523 |
|  Republic First Bancorp, Inc. \* | 12170 | 26166 |
|  Retail Opportunity Investments Corp. REIT | 34177 | 513680 |
|  RLI Corp. | 10905 | 1431499 |
|  RLJ Lodging Trust REIT | 44794 | 474368 |
|  RMR Group, Inc. Class A | 4232 | 119554 |
|  Root, Inc. Class A \* | 2147 | 9640 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  RPT Realty REIT | 23181 | $232737 |
|  Ryman Hospitality Properties, Inc. REIT | 15205 | 1243465 |
|  S&T Bancorp, Inc. | 10345 | 353592 |
|  Sabra Health Care REIT, Inc. | 64697 | 804184 |
|  Safehold, Inc. REIT | 7402 | 211845 |
|  Safety Insurance Group, Inc. | 4081 | 343865 |
|  Sandy Spring Bancorp, Inc. | 12474 | 439459 |
|  Saul Centers, Inc. REIT | 3363 | 136807 |
|  Sculptor Capital Management, Inc. | 6599 | 57147 |
|  Seacoast Banking Corp. of Florida | 14801 | 461643 |
|  Selective Insurance Group, Inc. | 16549 | 1466407 |
|  Selectquote, Inc. \* | 38528 | 25887 |
|  Service Properties Trust REIT | 46769 | 340946 |
|  ServisFirst Bancshares, Inc. | 14057 | 968668 |
|  Shore Bancshares, Inc. | 5478 | 95482 |
|  Sierra Bancorp | 4016 | 85300 |
|  Silvercrest Asset Management Group, Inc. Class A | 2703 | 50735 |
|  Silvergate Capital Corp. Class A \* | 8778 | 152737 |
|  Simmons First National Corp. Class A | 34325 | 740733 |
|  SiriusPoint Ltd. \* (Bermuda) | 26349 | 155459 |
|  SITE Centers Corp. REIT | 54548 | 745126 |
|  SmartFinancial, Inc. | 3979 | 109423 |
|  South Plains Financial, Inc. | 2964 | 81599 |
|  Southern First Bancshares, Inc. \* | 2115 | 96761 |
|  Southern Missouri Bancorp, Inc. | 2222 | 101834 |
|  Southside Bancshares, Inc. | 8880 | 319591 |
|  SouthState Corp. | 20961 | 1600582 |
|  St. Joe Co. | 9580 | 370267 |
|  STAG Industrial, Inc. REIT | 50273 | 1624321 |
|  Stellar Bancorp, Inc. | 12396 | 365186 |
|  StepStone Group, Inc. Class A | 14887 | 374855 |
|  Sterling Bancorp, Inc. \* | 5290 | 32216 |
|  Stewart Information Services Corp. | 7525 | 321543 |
|  Stock Yards Bancorp, Inc. | 7873 | 511588 |
|  StoneX Group, Inc. \* | 4838 | 461061 |
|  Stratus Properties, Inc. | 1416 | 27315 |
|  Summit Financial Group, Inc. | 3486 | 86767 |
|  Summit Hotel Properties, Inc. REIT | 29249 | 211178 |
|  Sunlight Financial Holdings, Inc. \* | 7562 | 9755 |
|  Sunstone Hotel Investors, Inc. REIT | 59304 | 572877 |
|  SWK Holdings Corp. \* | 1531 | 27007 |
|  Tanger Factory Outlet Centers, Inc. REIT | 28160 | 505190 |
|  Terreno Realty Corp. REIT | 20819 | 1183977 |
|  Texas Capital Bancshares, Inc. \* | 14041 | 846813 |
|  Third Coast Bancshares, Inc. \* | 3504 | 64579 |
|  Tiptree, Inc. | 6469 | 89531 |
|  Tompkins Financial Corp. | 3821 | 296433 |
|  Towne Bank | 19054 | 587625 |
|  TPG RE Finance Trust, Inc. REIT | 20713 | 140641 |
|  Transcontinental Realty Investors, Inc. REIT \* | 349 | 15419 |
|  Trean Insurance Group, Inc. \* | 6132 | 36792 |
|  TriCo Bancshares | 8888 | 453199 |
|  Triumph Financial, Inc. \* | 6584 | 321760 |
|  Trupanion, Inc. \* | 10855 | 515938 |
|  TrustCo Bank Corp. | 5333 | 200467 |
|  Trustmark Corp. | 17529 | 611937 |
|  Two Harbors Investment Corp. REIT | 24455 | 385655 |
|  UMB Financial Corp. | 12450 | 1039824 |
|  UMH Properties, Inc. REIT | 14325 | 230633 |
|  United Bankshares, Inc. | 36475 | 1476873 |
|  United Community Banks, Inc. | 28350 | 958230 |
|  United Fire Group, Inc. | 5938 | 162464 |
|  Uniti Group, Inc. REIT | 66310 | 366694 |
|  Unity Bancorp, Inc. | 2261 | 61793 |
|  Universal Health Realty Income Trust REIT | 3773 | 180085 |
|  Universal Insurance Holdings, Inc. | 7707 | 81617 |
|  Univest Financial Corp. | 8159 | 213195 |
|  Urban Edge Properties REIT | 32065 | 451796 |
|  Urstadt Biddle Properties, Inc. Class A REIT | 8393 | 159047 |
|  USCB Financial Holdings, Inc. \* | 2558 | 31208 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-133** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Valley National Bancorp | 120831 | $1366599 |
|  Velocity Financial, Inc. \* | 2465 | 23787 |
|  Veris Residential, Inc. REIT \* | 23949 | 381508 |
|  Veritex Holdings, Inc. | 13677 | 384050 |
|  Victory Capital Holdings, Inc. Class A | 4290 | 115101 |
|  Virtus Investment Partners, Inc. | 1974 | 377903 |
|  Walker & Dunlop, Inc. | 8537 | 669984 |
|  Washington Federal, Inc. | 18031 | 604940 |
|  Washington Trust Bancorp, Inc. | 4592 | 216651 |
|  Waterstone Financial, Inc. | 5473 | 94355 |
|  WesBanco, Inc. | 16338 | 604179 |
|  West BanCorp, Inc. | 4532 | 115793 |
|  Westamerica BanCorp | 7345 | 433428 |
|  Whitestone REIT | 14017 | 135124 |
|  WisdomTree, Inc. | 37968 | 206926 |
|  World Acceptance Corp. \* | 1113 | 73391 |
|  WSFS Financial Corp. | 17334 | 785924 |
|  Xenia Hotels & Resorts, Inc. REIT | 31456 | 414590 |
|  |  | 149332744 |
|  **Industrial - 13.7%** |  |  |
|  908 Devices, Inc. \* | 6002 | 45735 |
|  AAON, Inc. | 12186 | 917850 |
|  AAR Corp. \* | 9691 | 435126 |
|  Advanced Energy Industries, Inc. | 10582 | 907724 |
|  Aerojet Rocketdyne Holdings, Inc. \* | 22037 | 1232529 |
|  AeroVironment, Inc. \* | 6828 | 584886 |
|  AerSale Corp. \* | 5884 | 95438 |
|  AEye, Inc. \* | 36289 | 17440 |
|  Air Transport Services Group, Inc. \* | 16524 | 429294 |
|  Akoustis Technologies, Inc. \* | 13687 | 38597 |
|  Alamo Group, Inc. | 2859 | 404834 |
|  Albany International Corp. Class A | 8767 | 864339 |
|  Allied Motion Technologies, Inc. | 3446 | 119955 |
|  Altra Industrial Motion Corp. | 18155 | 1084761 |
|  American Woodmark Corp. \* | 4645 | 226955 |
|  AMMO, Inc. \* | 24273 | 41992 |
|  Apogee Enterprises, Inc. | 6361 | 282810 |
|  Applied Industrial Technologies, Inc. | 10672 | 1344992 |
|  ArcBest Corp. | 6770 | 474171 |
|  Archer Aviation, Inc. Class A \* | 38942 | 72822 |
|  Arcosa, Inc. | 13516 | 734459 |
|  Ardmore Shipping Corp. \* (Ireland) | 11964 | 172401 |
|  Argan, Inc. | 3776 | 139259 |
|  Astec Industries, Inc. | 6382 | 259492 |
|  Astra Space, Inc. \* | 41037 | 17802 |
|  Astronics Corp. \* | 6683 | 68835 |
|  Atkore, Inc. \* | 11536 | 1308413 |
|  Atlas Air Worldwide Holdings, Inc. \* | 7808 | 787046 |
|  Atlas Technical Consultants, Inc. \* | 4893 | 25199 |
|  Babcock & Wilcox Enterprises, Inc. \* | 15816 | 91258 |
|  Badger Meter, Inc. | 8156 | 889249 |
|  Barnes Group, Inc. | 13611 | 556009 |
|  Belden, Inc. | 11827 | 850361 |
|  Benchmark Electronics, Inc. | 9797 | 261482 |
|  Berkshire Grey, Inc. \* | 14515 | 8766 |
|  Blink Charging Co. \* | 10403 | 114121 |
|  Bloom Energy Corp. Class A \* | 50362 | 962921 |
|  Boise Cascade Co. | 11047 | 758597 |
|  Brady Corp. Class A | 12822 | 603916 |
|  Cactus, Inc. Class A | 16635 | 836075 |
|  Cadre Holdings, Inc. | 5135 | 103419 |
|  Caesarstone Ltd. | 6257 | 35727 |
|  Casella Waste Systems, Inc. Class A \* | 13986 | 1109230 |
|  Centrus Energy Corp. Class A \* | 2692 | 87436 |
|  Charge Enterprises, Inc. \* | 35341 | 43823 |
|  Chart Industries, Inc. \* | 11937 | 1375501 |
|  Chase Corp. | 2138 | 184424 |
|  CIRCOR International, Inc. \* | 5191 | 124376 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Columbus McKinnon Corp. | 8002 | $259825 |
|  Comfort Systems USA, Inc. | 9854 | 1133998 |
|  Comtech Telecommunications Corp. | 7330 | 88986 |
|  Concrete Pumping Holdings, Inc. \* | 7352 | 43009 |
|  Construction Partners, Inc. Class A \* | 11205 | 299061 |
|  Costamare, Inc. (Monaco) | 14551 | 135033 |
|  Covenant Logistics Group, Inc. | 2889 | 99873 |
|  CryoPort, Inc. \* | 12389 | 214949 |
|  CSW Industrials, Inc. | 4134 | 479255 |
|  CTS Corp. | 8938 | 352336 |
|  Daseke, Inc. \* | 11415 | 64951 |
|  DHT Holdings, Inc. | 38946 | 345840 |
|  Dorian LPG Ltd. | 8850 | 167708 |
|  Ducommun, Inc. \* | 3342 | 166966 |
|  DXP Enterprises, Inc. \* | 4005 | 110338 |
|  Dycom Industries, Inc. \* | 8075 | 755820 |
|  Eagle Bulk Shipping, Inc. | 3708 | 185178 |
|  Eastman Kodak Co. \* | 16400 | 50020 |
|  EMCOR Group, Inc. | 13079 | 1937131 |
|  Encore Wire Corp. | 4915 | 676107 |
|  Energizer Holdings, Inc. | 18360 | 615978 |
|  Energy Recovery, Inc. \* | 15179 | 311018 |
|  Enerpac Tool Group Corp. | 15642 | 398089 |
|  EnerSys | 11379 | 840225 |
|  Enovix Corp. \* | 30449 | 378786 |
|  EnPro Industries, Inc. | 5860 | 636923 |
|  ESCO Technologies, Inc. | 7262 | 635715 |
|  ESS Tech, Inc. \* | 22363 | 54342 |
|  Evolv Technologies Holdings, Inc. \* | 22559 | 58428 |
|  Evoqua Water Technologies Corp. \* | 32816 | 1299514 |
|  Exponent, Inc. | 14232 | 1410249 |
|  Fabrinet \* (Thailand) | 10330 | 1324513 |
|  FARO Technologies, Inc. \* | 5229 | 153785 |
|  Federal Signal Corp. | 16799 | 780650 |
|  FLEX LNG Ltd. \* (Norway) | 7906 | 258447 |
|  Fluor Corp. \* | 39845 | 1381028 |
|  Forward Air Corp. | 7536 | 790451 |
|  Franklin Electric Co., Inc. | 12953 | 1033002 |
|  Frontdoor, Inc. \* | 23254 | 483683 |
|  Frontline Ltd. (Norway) | 35176 | 427037 |
|  GATX Corp. | 9717 | 1033306 |
|  Genco Shipping & Trading Ltd. | 10245 | 157363 |
|  Gibraltar Industries, Inc. \* | 8614 | 395210 |
|  Golden Ocean Group Ltd. \* (Norway) | 34268 | 297789 |
|  GoPro, Inc. Class A \* | 36282 | 180684 |
|  Gorman-Rupp Co. | 6529 | 167273 |
|  GrafTech International Ltd. | 54669 | 260224 |
|  Granite Construction, Inc. | 12469 | 437288 |
|  Great Lakes Dredge & Dock Corp. \* | 18291 | 108831 |
|  Greenbrier Cos., Inc. | 8915 | 298920 |
|  Greif, Inc. Class A | 6792 | 455472 |
|  Greif, Inc. Class B | 1595 | 124777 |
|  Griffon Corp. | 12933 | 462872 |
|  Harsco Corp. \* | 22315 | 140361 |
|  Heartland Express, Inc. | 12942 | 198530 |
|  Helios Technologies, Inc. | 9192 | 500412 |
|  Heritage-Crystal Clean, Inc. \* | 4452 | 144601 |
|  Hillenbrand, Inc. | 19469 | 830742 |
|  Hillman Solutions Corp. \* | 37069 | 267267 |
|  Hub Group, Inc. Class A \* | 8964 | 712548 |
|  Hydrofarm Holdings Group, Inc. \* | 11190 | 17345 |
|  Hyster-Yale Materials Handling, Inc. | 2847 | 72058 |
|  Ichor Holdings Ltd. \* | 7973 | 213836 |
|  Identiv, Inc. \* | 5886 | 42615 |
|  IES Holdings, Inc. \* | 2461 | 87538 |
|  Insteel Industries, Inc. | 5299 | 145828 |
|  International Seaways, Inc. | 13639 | 504916 |
|  Itron, Inc. \* | 12680 | 642242 |
|  Janus International Group, Inc. \* | 22097 | 210363 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-134** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  JELD-WEN Holding, Inc. \* | 23621 | $227943 |
|  Joby Aviation, Inc. \* | 70674 | 236758 |
|  John Bean Technologies Corp. | 8833 | 806718 |
|  Kadant, Inc. | 3273 | 581383 |
|  Kaman Corp. | 7854 | 175144 |
|  Karat Packaging, Inc. | 1306 | 18767 |
|  Kennametal, Inc. | 22608 | 543948 |
|  Kimball Electronics, Inc. \* | 6838 | 154470 |
|  Knowles Corp. \* | 25588 | 420155 |
|  Kratos Defense & Security Solutions, Inc. \* | 34873 | 359889 |
|  Latham Group, Inc. \* | 12303 | 39616 |
|  Li-Cycle Holdings Corp. \* (Canada) | 38046 | 181099 |
|  Lindsay Corp. | 3091 | 503369 |
|  LSB Industries, Inc. \* | 20528 | 273022 |
|  Luxfer Holdings PLC (United Kingdom) | 7978 | 109458 |
|  Manitowoc Co., Inc. \* | 9869 | 90400 |
|  Marten Transport Ltd. | 16402 | 324432 |
|  Masonite International Corp. \* | 6286 | 506714 |
|  Materion Corp. | 5743 | 502570 |
|  Matson, Inc. | 10423 | 651542 |
|  Matthews International Corp. Class A | 8409 | 255970 |
|  Mesa Laboratories, Inc. | 1427 | 237182 |
|  MicroVision, Inc. \* | 47491 | 111604 |
|  Mirion Technologies, Inc. \* | 37506 | 247915 |
|  Modine Manufacturing Co. \* | 14043 | 278894 |
|  Momentus, Inc. \* | 14804 | 11546 |
|  Montrose Environmental Group, Inc. \* | 7599 | 337320 |
|  Moog, Inc. Class A | 7899 | 693216 |
|  Mueller Industries, Inc. | 15437 | 910783 |
|  Mueller Water Products, Inc. Class A | 42897 | 461572 |
|  Myers Industries, Inc. | 10437 | 232015 |
|  MYR Group, Inc. \* | 4651 | 428218 |
|  Napco Security Technologies, Inc. \* | 8336 | 229073 |
|  National Presto Industries, Inc. | 1547 | 105908 |
|  NL Industries, Inc. | 2103 | 14321 |
|  nLight, Inc. \* | 12119 | 122887 |
|  Nordic American Tankers Ltd. | 54274 | 166078 |
|  Northwest Pipe Co. \* | 2663 | 89743 |
|  Novanta, Inc. \* | 9917 | 1347423 |
|  NuScale Power Corp. \* | 8574 | 87969 |
|  NV5 Global, Inc. \* | 3792 | 501757 |
|  O-I Glass, Inc. \* | 43230 | 716321 |
|  Olympic Steel, Inc. | 2927 | 98289 |
|  Omega Flex, Inc. | 916 | 85481 |
|  OSI Systems, Inc. \* | 4607 | 366349 |
|  Pactiv Evergreen, Inc. | 12227 | 138899 |
|  PAM Transportation Services, Inc. \* | 2014 | 52163 |
|  Park Aerospace Corp. | 5378 | 72119 |
|  PGT Innovations, Inc. \* | 16239 | 291652 |
|  Plexus Corp. \* | 7632 | 785562 |
|  Powell Industries, Inc. | 2698 | 94916 |
|  Primoris Services Corp. | 14675 | 321970 |
|  Proto Labs, Inc. \* | 7484 | 191067 |
|  Pure Cycle Corp. \* | 5726 | 60008 |
|  PureCycle Technologies, Inc. \* | 29874 | 201948 |
|  Radiant Logistics, Inc. \* | 11157 | 56789 |
|  Ranpak Holdings Corp. \* | 10823 | 62449 |
|  RBC Bearings, Inc. \* | 7992 | 1673125 |
|  Redwire Corp. \* | 6759 | 13383 |
|  Rocket Lab USA, Inc. \* | 60053 | 226400 |
|  Ryerson Holding Corp. | 5165 | 156293 |
|  Safe Bulkers, Inc. (Greece) | 19002 | 55296 |
|  Saia, Inc. \* | 7429 | 1557713 |
|  Sanmina Corp. \* | 15945 | 913489 |
|  Sarcos Technology & Robotics Corp. \* | 29082 | 16324 |
|  Scorpio Tankers, Inc. (Monaco) | 13122 | 705570 |
|  SFL Corp. Ltd. (Norway) | 31383 | 289351 |
|  Sight Sciences, Inc. \* | 6414 | 78315 |
|  Simpson Manufacturing Co., Inc. | 11848 | 1050444 |
|  SmartRent, Inc. \* | 33349 | 81038 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Smith & Wesson Brands, Inc. | 12689 | $110141 |
|  SPX Technologies, Inc. \* | 12293 | 807035 |
|  Standex International Corp. | 3173 | 324947 |
|  Sterling Infrastructure, Inc. \* | 7997 | 262302 |
|  Stoneridge, Inc. \* | 7629 | 164481 |
|  Sturm Ruger & Co., Inc. | 4755 | 240698 |
|  Summit Materials, Inc. Class A \* | 33097 | 939621 |
|  Teekay Corp. \* (Bermuda) | 19788 | 89838 |
|  Teekay Tankers Ltd. Class A \* (Canada) | 6562 | 202175 |
|  Tennant Co. | 5197 | 319979 |
|  Terex Corp. | 18679 | 797967 |
|  Thermon Group Holdings, Inc. \* | 9371 | 188170 |
|  TimkenSteel Corp. \* | 11882 | 215896 |
|  Transphorm, Inc. \* | 5790 | 31498 |
|  Tredegar Corp. | 7911 | 80850 |
|  TriMas Corp. | 11989 | 332575 |
|  Trinity Industries, Inc. | 23016 | 680583 |
|  Triumph Group, Inc. \* | 17961 | 188950 |
|  TTM Technologies, Inc. \* | 27907 | 420838 |
|  Turtle Beach Corp. \* | 4263 | 30566 |
|  Tutor Perini Corp. \* | 11284 | 85194 |
|  UFP Industries, Inc. | 16696 | 1323158 |
|  Universal Logistics Holdings, Inc. | 1745 | 58353 |
|  Vicor Corp. \* | 6066 | 326048 |
|  View, Inc. \* | 34012 | 32818 |
|  Vishay Intertechnology, Inc. | 35739 | 770890 |
|  Vishay Precision Group, Inc. \* | 3713 | 143507 |
|  Watts Water Technologies, Inc. Class A | 7549 | 1103890 |
|  Werner Enterprises, Inc. | 17306 | 696740 |
|  Worthington Industries, Inc. | 8659 | 430439 |
|  Xometry, Inc. Class A \* | 9527 | 307055 |
|  Zurn Elkay Water Solutions Corp. | 34610 | 732001 |
|  |  | 88512022 |
|  **Technology - 9.4%** |  |  |
|  1Life Healthcare, Inc. \* | 50467 | 843304 |
|  3D Systems Corp. \* | 35722 | 264343 |
|  8x8, Inc. \* | 33931 | 146582 |
|  ACI Worldwide, Inc. \* | 31742 | 730066 |
|  ACM Research, Inc. Class A \* | 13302 | 102558 |
|  ACV Auctions, Inc. Class A \* | 33940 | 278647 |
|  Adeia, Inc. | 29025 | 275157 |
|  Agilysys, Inc. \* | 5498 | 435112 |
|  Alignment Healthcare, Inc. \* | 27540 | 323870 |
|  Alkami Technology, Inc. \* | 10533 | 153676 |
|  Allscripts Healthcare Solutions, Inc. \* | 29643 | 522903 |
|  Alpha & Omega Semiconductor Ltd. \* | 6115 | 174706 |
|  Altair Engineering, Inc. Class A \* | 14503 | 659451 |
|  Ambarella, Inc. \* | 10240 | 842035 |
|  American Software, Inc. Class A | 9555 | 140267 |
|  Amkor Technology, Inc. | 28467 | 682639 |
|  Amplitude, Inc. Class A \* | 15782 | 190647 |
|  Apollo Medical Holdings, Inc. \* | 10836 | 320637 |
|  Appfolio, Inc. Class A \* | 5454 | 574743 |
|  Appian Corp. Class A \* | 11308 | 368189 |
|  Arteris, Inc. \* | 5296 | 22773 |
|  Asana, Inc. Class A \* | 20536 | 282781 |
|  Atomera, Inc. \* | 6243 | 38831 |
|  Avaya Holdings Corp. \* | 23725 | 4650 |
|  AvePoint, Inc. \* | 35515 | 145967 |
|  Avid Technology, Inc. \* | 10038 | 266910 |
|  AvidXchange Holdings, Inc. \* | 41324 | 410761 |
|  Axcelis Technologies, Inc. \* | 9001 | 714319 |
|  AXT, Inc. \* | 11917 | 52196 |
|  Bandwidth, Inc. Class A \* | 6640 | 152388 |
|  Benefitfocus, Inc. \* | 7116 | 74433 |
|  BigCommerce Holdings, Inc. \* | 18308 | 160012 |
|  Blackbaud, Inc. \* | 13042 | 767652 |
|  Blackline, Inc. \* | 15497 | 1042483 |
|  Blend Labs, Inc. Class A \* | 51984 | 74857 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-135** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Box, Inc. Class A \* | 39133 | $1218210 |
|  Brightcove, Inc. \* | 12051 | 63027 |
|  C3.ai, Inc. Class A \* | 17374 | 194415 |
|  Cantaloupe, Inc. \* | 16603 | 72223 |
|  Cardlytics, Inc. \* | 9074 | 52448 |
|  Cerberus Cyber Sentinel Corp. \* | 12986 | 33114 |
|  Cerence, Inc. \* | 11241 | 208296 |
|  CEVA, Inc. \* | 6475 | 165631 |
|  Clear Secure, Inc. Class A | 17582 | 482274 |
|  Cohu, Inc. \* | 13184 | 422547 |
|  CommVault Systems, Inc. \* | 12539 | 787951 |
|  Computer Programs & Systems, Inc. \* | 4031 | 109724 |
|  Conduent, Inc. \* | 47287 | 191512 |
|  Consensus Cloud Solutions, Inc. \* | 5162 | 277509 |
|  Corsair Gaming, Inc. \* | 10756 | 145959 |
|  CS Disco, Inc. \* | 6360 | 40195 |
|  CSG Systems International, Inc. | 8732 | 499470 |
|  Cvent Holding Corp. \* | 13601 | 73445 |
|  Daily Journal Corp. \* | 344 | 86175 |
|  Desktop Metal, Inc. Class A \* | 74045 | 100701 |
|  Diebold Nixdorf, Inc. \* | 20849 | 29606 |
|  Digi International, Inc. \* | 9707 | 354791 |
|  Digimarc Corp. \* | 3820 | 70632 |
|  Digital Turbine, Inc. \* | 26507 | 403967 |
|  DigitalOcean Holdings, Inc. \* | 19599 | 499187 |
|  Diodes, Inc. \* | 12403 | 944364 |
|  Domo, Inc. Class B \* | 8752 | 124629 |
|  Donnelley Financial Solutions, Inc. \* | 7306 | 282377 |
|  Duck Creek Technologies, Inc. \* | 21709 | 261593 |
|  Duolingo, Inc. \* | 6620 | 470881 |
|  E2open Parent Holdings, Inc. \* | 56524 | 331796 |
|  Ebix, Inc. | 7481 | 149321 |
|  eGain Corp. \* | 5873 | 53033 |
|  Enfusion, Inc. Class A \* | 7114 | 68792 |
|  EngageSmart, Inc. \* | 10024 | 176422 |
|  Envestnet, Inc. \* | 15327 | 945676 |
|  Everbridge, Inc. \* | 11221 | 331917 |
|  EverCommerce, Inc. \* | 6233 | 46374 |
|  Evolent Health, Inc. Class A \* | 22866 | 642077 |
|  ExlService Holdings, Inc. \* | 9044 | 1532325 |
|  Faraday Future Intelligent Electric, Inc. \* | 64866 | 18831 |
|  Fastly, Inc. Class A \* | 31878 | 261081 |
|  ForgeRock, Inc. Class A \* | 10772 | 245278 |
|  FormFactor, Inc. \* | 21640 | 481057 |
|  Grid Dynamics Holdings, Inc. \* | 15267 | 171296 |
|  Health Catalyst, Inc. \* | 15442 | 164148 |
|  Hims & Hers Health, Inc. \* | 33818 | 216773 |
|  HireRight Holdings Corp. \* | 5970 | 70804 |
|  IBEX Holdings Ltd. \* | 1980 | 49203 |
|  Impinj, Inc. \* | 5913 | 645581 |
|  Insight Enterprises, Inc. \* | 8863 | 888693 |
|  Inspired Entertainment, Inc. \* | 5923 | 75044 |
|  Instructure Holdings, Inc. \* | 4867 | 114083 |
|  Intapp, Inc. \* | 3727 | 92951 |
|  Integral Ad Science Holding Corp. \* | 10995 | 96646 |
|  IonQ, Inc. \* | 33681 | 116199 |
|  IronNet, Inc. \* | 18125 | 4169 |
|  Kaleyra, Inc. \* (Italy) | 9262 | 6994 |
|  KnowBe4, Inc. Class A \* | 20523 | 508560 |
|  Kulicke & Soffa Industries, Inc. (Singapore) | 15967 | 706699 |
|  Latch, Inc. \* | 25273 | 17941 |
|  LivePerson, Inc. \* | 20407 | 206927 |
|  LiveVox Holdings, Inc. \* | 4002 | 11886 |
|  Loyalty Ventures, Inc. \* | 6893 | 16612 |
|  MACOM Technology Solutions Holdings, Inc. \* | 14049 | 884806 |
|  Markforged Holding Corp. \* | 30345 | 35200 |
|  Matterport, Inc. \* | 62120 | 173936 |
|  Maximus, Inc. | 16934 | 1241770 |
|  MaxLinear, Inc. \* | 20579 | 698657 |
|  MeridianLink, Inc. \* | 6513 | 89424 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  MicroStrategy, Inc. Class A \* | 2620 | $370913 |
|  Mitek Systems, Inc. \* | 12097 | 117220 |
|  Model N, Inc. \* | 10009 | 405965 |
|  Momentive Global, Inc. \* | 37308 | 261156 |
|  N-Able, Inc. \* | 18794 | 193202 |
|  NetScout Systems, Inc. \* | 19312 | 627833 |
|  NextGen Healthcare, Inc. \* | 15937 | 299297 |
|  NextNav, Inc. \* | 17389 | 50950 |
|  Nutex Health, Inc. \* | 68617 | 130372 |
|  Olo, Inc. Class A \* | 25454 | 159088 |
|  ON24, Inc. \* | 11692 | 100902 |
|  OneSpan, Inc. \* | 11669 | 130576 |
|  Onto Innovation, Inc. \* | 13933 | 948698 |
|  Ouster, Inc. \* | 44518 | 38419 |
|  Outbrain, Inc. \* | 11464 | 41500 |
|  Outset Medical, Inc. \* | 13690 | 353476 |
|  PagerDuty, Inc. \* | 24138 | 641105 |
|  PAR Technology Corp. \* | 7150 | 186401 |
|  Parsons Corp. \* | 9782 | 452418 |
|  PDF Solutions, Inc. \* | 8366 | 238598 |
|  Pear Therapeutics, Inc. \* | 16282 | 19213 |
|  Photronics, Inc. \* | 16901 | 284444 |
|  Phreesia, Inc. \* | 13816 | 447086 |
|  Pitney Bowes, Inc. | 36845 | 140011 |
|  Playstudios, Inc. \* | 21641 | 83967 |
|  Porch Group, Inc. \* | 22166 | 41672 |
|  Power Integrations, Inc. | 15880 | 1138914 |
|  PowerSchool Holdings, Inc. Class A \* | 12660 | 292193 |
|  Privia Health Group, Inc. \* | 13155 | 298750 |
|  Progress Software Corp. | 11979 | 604341 |
|  PROS Holdings, Inc. \* | 11491 | 278772 |
|  PubMatic, Inc. Class A \* | 11723 | 150172 |
|  Qualys, Inc. \* | 10808 | 1212982 |
|  Rackspace Technology, Inc. \* | 15323 | 45203 |
|  Rambus, Inc. \* | 29936 | 1072308 |
|  Rapid7, Inc. \* | 16711 | 567840 |
|  Red Violet, Inc. \* | 2399 | 55225 |
|  Rigetti Computing, Inc. Class A \* | 29356 | 21406 |
|  Rimini Street, Inc. \* | 12495 | 47606 |
|  Rockley Photonics Holdings Ltd. \* | 27786 | 3893 |
|  Sapiens International Corp. NV (Israel) | 8792 | 162476 |
|  Schrodinger, Inc. \* | 15263 | 285266 |
|  SecureWorks Corp. Class A \* | 3091 | 19752 |
|  Semtech Corp. \* | 17560 | 503796 |
|  Sharecare, Inc. \* | 79589 | 127342 |
|  Silicon Laboratories, Inc. \* | 9198 | 1247893 |
|  Simulations Plus, Inc. | 4480 | 163834 |
|  SiTime Corp. \* | 4466 | 453835 |
|  Skillsoft Corp. \* | 22120 | 28756 |
|  Skillz, Inc. \* | 86751 | 43939 |
|  SkyWater Technology, Inc. \* | 2918 | 20747 |
|  SMART Global Holdings, Inc. \* | 14015 | 208543 |
|  SolarWinds Corp. \* | 13154 | 123121 |
|  Sprout Social, Inc. Class A \* | 13157 | 742844 |
|  SPS Commerce, Inc. \* | 10128 | 1300739 |
|  Sumo Logic, Inc. \* | 32984 | 267170 |
|  Super Micro Computer, Inc. \* | 12937 | 1062128 |
|  Synaptics, Inc. \* | 11128 | 1058941 |
|  Telos Corp. \* | 15266 | 77704 |
|  Tenable Holdings, Inc. \* | 31337 | 1195507 |
|  TTEC Holdings, Inc. | 5268 | 232477 |
|  Ultra Clean Holdings, Inc. \* | 12762 | 423060 |
|  Unisys Corp. \* | 18871 | 96431 |
|  Upland Software, Inc. \* | 8046 | 57368 |
|  UserTesting, Inc. \* | 13273 | 99680 |
|  Varonis Systems, Inc. \* | 30759 | 736370 |
|  Veeco Instruments, Inc. \* | 14315 | 265973 |
|  Velo3D, Inc. \* | 16740 | 29965 |
|  Verint Systems, Inc. \* | 17944 | 651008 |
|  Veritone, Inc. \* | 8078 | 42813 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-136** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Verra Mobility Corp. \* | 39283 | $543284 |
|  Viant Technology, Inc. Class A \* | 3169 | 12739 |
|  Vimeo, Inc. \* | 40522 | 138990 |
|  Vuzix Corp. \* | 16544 | 60220 |
|  Weave Communications, Inc. \* | 8134 | 37254 |
|  WM Technology, Inc. \* | 20230 | 20432 |
|  Workiva, Inc. \* | 13281 | 1115206 |
|  Xerox Holdings Corp. | 31584 | 461126 |
|  Yext, Inc. \* | 31681 | 206877 |
|  Zeta Global Holdings Corp. Class A \* | 30186 | 246620 |
|  Zuora, Inc. Class A \* | 36167 | 230022 |
|  |  | 60852715 |
|  **Utilities - 3.4%** |  |  |
|  ALLETE, Inc. | 15899 | 1025644 |
|  Altus Power, Inc. \* | 11425 | 74491 |
|  Ameresco, Inc. Class A \* | 8934 | 510489 |
|  American States Water Co. | 10282 | 951599 |
|  Artesian Resources Corp. Class A | 2171 | 127177 |
|  Avista Corp. | 19936 | 883962 |
|  Black Hills Corp. | 18132 | 1275405 |
|  Brookfield Infrastructure Corp. Class A (Canada) | 27352 | 1063993 |
|  California Water Service Group | 15301 | 927853 |
|  Chesapeake Utilities Corp. | 4900 | 579082 |
|  Clearway Energy, Inc. Class A | 9933 | 297195 |
|  Clearway Energy, Inc. Class C | 22985 | 732532 |
|  FTC Solar, Inc. \* | 11755 | 31503 |
|  Global Water Resources, Inc. | 4109 | 54568 |
|  MGE Energy, Inc. | 10209 | 718714 |
|  Middlesex Water Co. | 4923 | 387292 |
|  New Jersey Resources Corp. | 26747 | 1327186 |
|  Northwest Natural Holding Co. | 9935 | 472807 |
|  NorthWestern Corp. | 15865 | 941429 |
|  ONE Gas, Inc. | 15004 | 1136103 |
|  Ormat Technologies, Inc. | 13698 | 1184603 |
|  Otter Tail Corp. | 11466 | 673169 |
|  PNM Resources, Inc. | 23705 | 1156567 |
|  Portland General Electric Co. | 24834 | 1216866 |
|  SJW Group | 7487 | 607870 |
|  South Jersey Industries, Inc. | 34478 | 1225003 |
|  Southwest Gas Holdings, Inc. \* | 18738 | 1159507 |
|  Spire, Inc. | 14195 | 977468 |
|  Unitil Corp. | 4486 | 230401 |
|  Via Renewables, Inc. | 3905 | 19955 |
|  York Water Co. | 3936 | 177041 |
|  |  | 22147474 |
|  Total Common Stocks<br>(Cost $606,452,333) |  | 637998147 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.9%** | **SHORT-TERM INVESTMENT - 0.9%** |  |
|  **Repurchase Agreement - 0.9%** |  |  |
|  Fixed Income Clearing Corp.<br>3.950% due 01/03/23<br>(Dated 12/30/22, repurchase price<br>of $6,120,295; collateralized by<br>U.S. Treasury Notes: 1.125% due<br>02/29/28 and value $6,240,014) | $6117610 | $6117610 |
|  Total Short-Term Investment<br>(Cost $6,117,610) |  | 6117610 |
|  **TOTAL INVESTMENTS - 99.9%<br>(Cost $612,581,543)** |  | 644136938 |
|  **DERIVATIVES - (0.0%)** |  | (81657) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** | **OTHER ASSETS & LIABILITIES, NET - 0.1%** | 902075 |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $644957356 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 23.8% |
|  Financial | 23.2% |
|  Industrial | 13.7% |
|  Consumer, Cyclical | 11.2% |
|  Technology | 9.4% |
|  Energy | 6.8% |
|  Communications | 4.0% |
|  Basic Materials | 3.5% |
|  Utilities | 3.4% |
|  Others (each less than 3.0%) | 0.9% |
|  | 99.9% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) Investments with a total aggregate value of $10,024 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 December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br> Contracts | Notional<br> Amount | Value | Unrealized<br> Appreciation<br> (Depreciation) |
|  Russell 2000 E-Mini Index | 03/23 | 80 | $7165257 | $7083600 | ($81657) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-137** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Rights |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | $21181 | $— | $11157 | $10024 |
|  | Common Stocks | 637998147 | 637998147 |  |  |
|  | Short-Term Investment | 6117610 |  | 6117610 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 644136938 | 637998147 | 6128767 | 10024 |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (81657) | (81657) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (81657) | (81657) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $644055281 | $637916490 | $6128767 | $10024 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-138** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP VALUE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 99.4%** | **COMMON STOCKS - 99.4%** | **COMMON STOCKS - 99.4%** |
|  **Basic Materials - 4.5%** | **Basic Materials - 4.5%** |  |
|  AdvanSix, Inc. | 110430 | $4198549 |
|  ATI, Inc. \* | 181060 | 5406451 |
|  Haynes International, Inc. | 53020 | 2422484 |
|  HB Fuller Co. | 52502 | 3760193 |
|  Innospec, Inc. | 21700 | 2232062 |
|  |  | 18019739 |
|  **Communications - 2.5%** | **Communications - 2.5%** |  |
|  A10 Networks, Inc. | 244314 | 4062942 |
|  Casa Systems, Inc. \* | 562061 | 1534426 |
|  Criteo SA ADR \* (France) | 171863 | 4478750 |
|  |  | 10076118 |
|  **Consumer, Cyclical - 19.2%** | **Consumer, Cyclical - 19.2%** |  |
|  Alaska Air Group, Inc. \* | 101800 | 4371292 |
|  Blue Bird Corp. \* | 230716 | 2470968 |
|  Citi Trends, Inc. \* | 119639 | 3168041 |
|  Dana, Inc. | 256728 | 3884295 |
|  Dine Brands Global, Inc. | 71515 | 4619869 |
|  Genesco, Inc. \* | 85820 | 3949436 |
|  Goodyear Tire & Rubber Co. \* | 492750 | 5001412 |
|  H&E Equipment Services, Inc. | 95182 | 4321263 |
|  Hilton Grand Vacations, Inc. \* | 109700 | 4227838 |
|  IMAX Corp. \* | 252940 | 3708100 |
|  KB Home | 156551 | 4986149 |
|  Papa John's International, Inc. | 51531 | 4241517 |
|  REV Group, Inc. | 407277 | 5139836 |
|  Sally Beauty Holdings, Inc. \* | 462720 | 5793254 |
|  Shyft Group, Inc. | 250153 | 6218804 |
|  Six Flags Entertainment Corp. \* | 174490 | 4056893 |
|  Taylor Morrison Home Corp. \* | 226608 | 6877553 |
|  |  | 77036520 |
|  **Consumer, Non-Cyclical - 11.6%** | **Consumer, Non-Cyclical - 11.6%** |  |
|  Acadia Healthcare Co., Inc. \* | 70119 | 5772196 |
|  Adtalem Global Education, Inc. \* | 125470 | 4454185 |
|  Envista Holdings Corp. \* | 110070 | 3706057 |
|  Hain Celestial Group, Inc. \* | 245062 | 3965103 |
|  Herc Holdings, Inc. | 45850 | 6032485 |
|  Integra LifeSciences Holdings Corp. \* | 113235 | 6349086 |
|  Korn Ferry | 76484 | 3871620 |
|  Nomad Foods Ltd. \* (United Kingdom) | 334508 | 5766918 |
|  Pediatrix Medical Group, Inc. \* | 267640 | 3977130 |
|  Syneos Health, Inc. \* | 70820 | 2597678 |
|  |  | 46492458 |
|  **Energy - 4.2%** | **Energy - 4.2%** |  |
|  Helmerich & Payne, Inc. | 126350 | 6263170 |
|  HF Sinclair Corp. | 84590 | 4389375 |
|  Magnolia Oil & Gas Corp. Class A | 266483 | 6249026 |
|  |  | 16901571 |
|  **Financial - 34.4%** | **Financial - 34.4%** |  |
|  1st Source Corp. | 89110 | 4730850 |
|  Associated Banc-Corp. | 299743 | 6921066 |
|  Bank of Marin Bancorp | 84118 | 2765800 |
|  BankUnited, Inc. | 168455 | 5722416 |
|  Berkshire Hills Bancorp, Inc. | 208310 | 6228469 |
|  Broadstone Net Lease, Inc. REIT | 273664 | 4436093 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Carter Bankshares, Inc. \* | 193318 | $3207146 |
|  Cousins Properties, Inc. REIT | 95411 | 2412944 |
|  First BanCorp | 455392 | 5792586 |
|  Hanover Insurance Group, Inc. | 37190 | 5025485 |
|  HarborOne Bancorp, Inc. | 340198 | 4728752 |
|  Heritage Financial Corp. | 211616 | 6483914 |
|  Independence Realty Trust, Inc. REIT | 302182 | 5094789 |
|  Independent Bank Group, Inc. | 65134 | 3913251 |
|  Moelis & Co. Class A | 125280 | 4806994 |
|  National Storage Affiliates Trust REIT | 80003 | 2889708 |
|  NETSTREIT Corp. REIT | 232500 | 4261725 |
|  Pacific Premier Bancorp, Inc. | 171832 | 5423018 |
|  Physicians Realty Trust REIT | 302350 | 4375005 |
|  Premier Financial Corp. | 181450 | 4893706 |
|  Sandy Spring Bancorp, Inc. | 96228 | 3390112 |
|  Selective Insurance Group, Inc. | 75781 | 6714954 |
|  STAG Industrial, Inc. REIT | 145478 | 4700394 |
|  Stifel Financial Corp. | 36460 | 2128170 |
|  Synovus Financial Corp. | 115903 | 4352158 |
|  Texas Capital Bancshares, Inc. \* | 104447 | 6299199 |
|  TriCo Bancshares | 117249 | 5978527 |
|  Umpqua Holdings Corp. | 186384 | 3326954 |
|  Webster Financial Corp. | 35639 | 1687150 |
|  WSFS Financial Corp. | 121267 | 5498246 |
|  |  | 138189581 |
|  **Industrial - 16.3%** | **Industrial - 16.3%** |  |
|  ArcBest Corp. | 78820 | 5520553 |
|  Arcosa, Inc. | 93350 | 5072639 |
|  Belden, Inc. | 53821 | 3869730 |
|  Cactus, Inc. Class A | 82287 | 4135745 |
|  Dycom Industries, Inc. \* | 59470 | 5566392 |
|  Fluor Corp. \* | 116420 | 4035117 |
|  Great Lakes Dredge & Dock Corp. \* | 436221 | 2595515 |
|  Heritage-Crystal Clean, Inc. \* | 66166 | 2149072 |
|  Ichor Holdings Ltd. \* | 187930 | 5040282 |
|  Masonite International Corp. \* | 66399 | 5352423 |
|  O-I Glass, Inc. \* | 279810 | 4636452 |
|  Spirit AeroSystems Holdings, Inc. Class A | 148820 | 4405072 |
|  Star Bulk Carriers Corp. (Greece) | 204270 | 3928112 |
|  Terex Corp. | 81246 | 3470829 |
|  TTM Technologies, Inc. \* | 367090 | 5535717 |
|  |  | 65313650 |
|  **Technology - 4.3%** | **Technology - 4.3%** |  |
|  ACI Worldwide, Inc. \* | 171880 | 3953240 |
|  CommVault Systems, Inc. \* | 75593 | 4750264 |
|  Kulicke & Soffa Industries, Inc. (Singapore) | 78908 | 3492468 |
|  Magnachip Semiconductor Corp. \*<br> (South Korea) | 419153 | 3935847 |
|  Unisys Corp. \* | 228242 | 1166317 |
|  |  | 17298136 |
|  **Utilities - 2.4%** | **Utilities - 2.4%** |  |
|  IDACORP, Inc. | 59360 | 6401976 |
|  Southwest Gas Holdings, Inc. \* | 50490 | 3124321 |
|  |  | 9526297 |
|  Total Common Stocks <br>(Cost $448,633,045) |  | 398854070 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-139** 

------

**PACIFIC SELECT FUND** 

**SMALL-CAP VALUE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** |
|  **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price<br>of $2,578,652; collateralized by<br>U.S. Treasury Notes: 1.250% due<br>03/31/28 and value $2,629,141) | $2577521 | $2577521 |
|  Total Short-Term Investment <br>(Cost $2,577,521) |  | 2577521 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $451,210,566)** |  | 401431591 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (189459) |
|  **NET ASSETS - 100.0%** |  | $401242132 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 34.4% |
|  Consumer, Cyclical | 19.2% |
|  Industrial | 16.3% |
|  Consumer, Non-Cyclical | 11.6% |
|  Basic Materials | 4.5% |
|  Technology | 4.3% |
|  Energy | 4.2% |
|  Others (each less than 3.0%) | 5.5% |
|  | 100.0% |
|  Other Assets & Liabilities, Net | (0.0%) |
|  | 100.0% |

---

(b) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $398854070 | $398854070 | $— | $— |
|  | Short-Term Investment | 2577521 |  | 2577521 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $401431591 | $398854070 | $2577521 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-140** 

------

**PACIFIC SELECT FUND** 

**VALUE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** |  |
|  **Consumer, Non-Cyclical - 1.0%** | **Consumer, Non-Cyclical - 1.0%** |  |
|  Henkel AG & Co. KGaA | 135305 | $9378353 |
|  Total Preferred Stocks <br>(Cost $10,653,740) |  | 9378353 |
|  **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** |  |
|  **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |  |
|  Akzo Nobel NV (Netherlands) | 134730 | 9040723 |
|  **Communications - 8.1%** | **Communications - 8.1%** |  |
|  Cisco Systems, Inc. | 472242 | 22497609 |
|  F5, Inc. \* | 75505 | 10835723 |
|  Juniper Networks, Inc. | 179570 | 5739057 |
|  Verizon Communications, Inc. | 601416 | 23695790 |
|  Walt Disney Co. \* | 139006 | 12076841 |
|  |  | 74845020 |
|  **Consumer, Cyclical - 5.8%** | **Consumer, Cyclical - 5.8%** |  |
|  Advance Auto Parts, Inc. | 51340 | 7548520 |
|  Dollar Tree, Inc. \* | 98668 | 13955602 |
|  General Motors Co. | 164180 | 5523015 |
|  Sodexo SA (France) | 74241 | 7103257 |
|  Southwest Airlines Co. \* | 261856 | 8816692 |
|  Walmart, Inc. | 73726 | 10453610 |
|  |  | 53400696 |
|  **Consumer, Non-Cyclical - 33.5%** | **Consumer, Non-Cyclical - 33.5%** |  |
|  Automatic Data Processing, Inc. | 32175 | 7685321 |
|  Becton Dickinson & Co. | 39186 | 9965000 |
|  Cigna Corp. | 23196 | 7685763 |
|  Colgate-Palmolive Co. | 155591 | 12259015 |
|  Conagra Brands, Inc. | 404729 | 15663012 |
|  CVS Health Corp. | 92585 | 8627996 |
|  Henry Schein, Inc. \* | 159361 | 12728163 |
|  Johnson & Johnson | 238071 | 42055242 |
|  Kimberly-Clark Corp. | 134445 | 18250909 |
|  Koninklijke Ahold Delhaize NV (Netherlands) | 412659 | 11864467 |
|  Medtronic PLC | 492028 | 38240416 |
|  Merck & Co., Inc. | 64065 | 7108012 |
|  Mondelez International, Inc. Class A | 196271 | 13081462 |
|  PepsiCo, Inc. | 35132 | 6346947 |
|  Pfizer, Inc. | 190403 | 9756250 |
|  Procter & Gamble Co. | 50172 | 7604068 |
|  Quest Diagnostics, Inc. | 79010 | 12360324 |
|  Roche Holding AG | 25305 | 7951776 |
|  Unilever PLC ADR (United Kingdom) | 359858 | 18118850 |
|  Universal Health Services, Inc. Class B | 90518 | 12753081 |
|  Zimmer Biomet Holdings, Inc. | 238185 | 30368588 |
|  |  | 310474662 |
|  **Energy - 7.7%** | **Energy - 7.7%** |  |
|  Baker Hughes Co. | 341856 | 10095008 |
|  Chevron Corp. | 51843 | 9305300 |
|  ConocoPhillips | 82619 | 9749042 |
|  Exxon Mobil Corp. | 241663 | 26655429 |
|  TotalEnergies SE ADR (France) | 256921 | 15949655 |
|  |  | 71754434 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financial - 21.5%** | **Financial - 21.5%** |  |
|  Aflac, Inc. | 65967 | $4745666 |
|  Allstate Corp. | 161671 | 21922587 |
|  Ameriprise Financial, Inc. | 33237 | 10349005 |
|  Bank of New York Mellon Corp. | 545460 | 24829339 |
|  Berkshire Hathaway, Inc. Class B \* | 95963 | 29642971 |
|  BlackRock, Inc. | 14332 | 10156085 |
|  Chubb Ltd. | 22828 | 5035857 |
|  Healthpeak Properties, Inc. REIT | 316938 | 7945636 |
|  JPMorgan Chase & Co. | 216749 | 29066041 |
|  MetLife, Inc. | 110307 | 7982917 |
|  Northern Trust Corp. | 117556 | 10402530 |
|  Truist Financial Corp. | 455464 | 19598616 |
|  US Bancorp | 411224 | 17933479 |
|  |  | 199610729 |
|  **Industrial - 11.8%** | **Industrial - 11.8%** |  |
|  Emerson Electric Co. | 142452 | 13683939 |
|  Norfolk Southern Corp. | 31748 | 7823342 |
|  nVent Electric PLC | 319874 | 12305553 |
|  Oshkosh Corp. | 139396 | 12293333 |
|  Packaging Corp. of America | 84027 | 10747894 |
|  Raytheon Technologies Corp. | 273449 | 27596473 |
|  Siemens AG (Germany) | 52577 | 7247803 |
|  Sonoco Products Co. | 139231 | 8452714 |
|  TE Connectivity Ltd. (Switzerland) | 78574 | 9020295 |
|  |  | 109171346 |
|  **Technology - 1.7%** | **Technology - 1.7%** |  |
|  Applied Materials, Inc. | 80939 | 7881840 |
|  Texas Instruments, Inc. | 46299 | 7649521 |
|  |  | 15531361 |
|  **Utilities - 6.2%** | **Utilities - 6.2%** |  |
|  Duke Energy Corp. | 130825 | 13473667 |
|  Edison International | 131378 | 8358268 |
|  Eversource Energy | 88684 | 7435267 |
|  Pinnacle West Capital Corp. | 168832 | 12837985 |
|  Xcel Energy, Inc. | 218621 | 15327518 |
|  |  | 57432705 |
|  Total Common Stocks <br>(Cost $875,207,427) |  | 901261676 |
|  **EXCHANGE-TRADED FUND - 1.0%** | **EXCHANGE-TRADED FUND - 1.0%** |  |
|  iShares Russell 1000 Value | 62883 | 9536207 |
|  Total Exchange-Traded Fund <br>(Cost $9,953,426) |  | 9536207 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-141** 

------

**PACIFIC SELECT FUND** 

**VALUE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.1%** | **SHORT-TERM INVESTMENT - 0.1%** |  |
|  **Repurchase Agreement - 0.1%** | **Repurchase Agreement - 0.1%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price<br>of $1,033,844; collateralized by<br>U.S. Treasury Notes: 1.250% due<br>03/31/28 and value $1,054,106) | $1033391 | $1033391 |
|  Total Short-Term Investment <br>(Cost $1,033,391) |  | 1033391 |
|  **TOTAL INVESTMENTS - 99.4% <br>(Cost $896,847,984)** |  | 921209627 |
|  **DERIVATIVES - (0.0%)** |  | (230561) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.6%** |  | 5389424 |
|  **NET ASSETS - 100.0%** |  | $926368490 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 34.5% |
|  Financial | 21.5% |
|  Industrial | 11.8% |
|  Communications | 8.1% |
|  Energy | 7.7% |
|  Utilities | 6.2% |
|  Consumer, Cyclical | 5.8% |
|  Others (each less than 3.0%) | 3.8% |
|  | 99.4% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | 0.6% |
|  | 100.0% |

---

(b) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| CHF | 155942 | USD | 169849 | 03/23 | MSC | $389 | $— |
| USD | 7041507 | CHF | 6481812 | 03/23 | MSC |  | (34518) |
| USD | 52092039 | EUR | 48648503 | 03/23 | JPM |  | (294342) |
| USD | 15710757 | GBP | 12886912 | 03/23 | BOA | 97910 |  |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $98299 | ($328860) |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Preferred Stocks | $9378353 | $— | $9378353 | $— |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 9040723 |  | 9040723 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 74845020 | 74845020 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 53400696 | 46297439 | 7103257 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 310474662 | 290658419 | 19816243 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 71754434 | 71754434 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 199610729 | 199610729 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 109171346 | 101923543 | 7247803 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 15531361 | 15531361 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 57432705 | 57432705 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 901261676 | 858053650 | 43208026 |  |
|  | Exchange-Traded Fund | 9536207 | 9536207 |  |  |
|  | Short-Term Investment | 1033391 |  | 1033391 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 98299 |  | 98299 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 921307926 | 867589857 | 53718069 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (328860) |  | (328860) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (328860) |  | (328860) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $920979066 | $867589857 | $53389209 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-142** 

------

**PACIFIC SELECT FUND** 

**VALUE ADVANTAGE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 98.6%** |  |  |
|  **Basic Materials - 0.3%** |  |  |
|  Axalta Coating Systems Ltd. \* | 99492 | $2534061 |
|  **Communications - 6.3%** |  |  |
|  Alphabet, Inc. Class C \* | 42120 | 3737308 |
|  Booking Holdings, Inc. \* | 2393 | 4822565 |
|  Cisco Systems, Inc. | 75148 | 3580051 |
|  CommScope Holding Co., Inc. \* | 151820 | 1115877 |
|  IAC, Inc. \* | 96536 | 4286198 |
|  Liberty Broadband Corp. Class C \* | 62388 | 4758333 |
|  Liberty Media Corp. - Liberty SiriusXM Class C \* | 132355 | 5179051 |
|  Meta Platforms, Inc. Class A \* | 44909 | 5404349 |
|  Nexstar Media Group, Inc. | 13491 | 2361330 |
|  T-Mobile US, Inc. \* | 26713 | 3739820 |
|  Verizon Communications, Inc. | 226463 | 8922642 |
|  |  | 47907524 |
|  **Consumer, Cyclical - 7.6%** |  |  |
|  AutoZone, Inc. \* | 3602 | 8883180 |
|  Bath & Body Works, Inc. | 100866 | 4250493 |
|  Best Buy Co., Inc. | 38366 | 3077337 |
|  Columbia Sportswear Co. | 39013 | 3416759 |
|  Dick's Sporting Goods, Inc. | 41476 | 4989148 |
|  Dollar General Corp. | 11921 | 2935546 |
|  Gap, Inc. | 135592 | 1529478 |
|  Home Depot, Inc. | 9280 | 2931181 |
|  Lowe's Cos., Inc. | 33550 | 6684502 |
|  Murphy USA, Inc. | 12741 | 3561619 |
|  Newell Brands, Inc. | 306993 | 4015468 |
|  Ralph Lauren Corp. | 42360 | 4476181 |
|  Target Corp. | 20996 | 3129244 |
|  Texas Roadhouse, Inc. | 41948 | 3815171 |
|  |  | 57695307 |
|  **Consumer, Non-Cyclical - 20.3%** |  |  |
|  AbbVie, Inc. | 105601 | 17066178 |
|  Albertsons Cos., Inc. Class A | 112053 | 2323979 |
|  AmerisourceBergen Corp. | 63004 | 10440393 |
|  BellRing Brands, Inc. \* | 124721 | 3197846 |
|  Bristol-Myers Squibb Co. | 217071 | 15618259 |
|  Cigna Corp. | 16604 | 5501569 |
|  CVS Health Corp. | 101426 | 9451889 |
|  FleetCor Technologies, Inc. \* | 19590 | 3598291 |
|  HCA Healthcare, Inc. | 30275 | 7264789 |
|  Johnson & Johnson | 62513 | 11042921 |
|  Keurig Dr Pepper, Inc. | 98174 | 3500885 |
|  Kraft Heinz Co. | 192799 | 7848847 |
|  Laboratory Corp. of America Holdings | 24713 | 5819417 |
|  Medtronic PLC | 42167 | 3277219 |
|  Merck & Co., Inc. | 57281 | 6355327 |
|  Philip Morris International, Inc. | 53997 | 5465036 |
|  Post Holdings, Inc. \* | 61625 | 5562273 |
|  Procter & Gamble Co. | 55451 | 8404154 |
|  Regeneron Pharmaceuticals, Inc. \* | 7908 | 5705543 |
|  Sysco Corp. | 41538 | 3175580 |
|  UnitedHealth Group, Inc. | 9764 | 5176678 |
|  Vertex Pharmaceuticals, Inc. \* | 14344 | 4142260 |
|  Zimmer Biomet Holdings, Inc. | 29344 | 3741360 |
|  |  | 153680693 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 8.2%** |  |  |
|  Chevron Corp. | 101061 | $18139439 |
|  ConocoPhillips | 119118 | 14055924 |
|  Coterra Energy, Inc. | 184315 | 4528620 |
|  EOG Resources, Inc. | 30764 | 3984553 |
|  Kinder Morgan, Inc. | 399292 | 7219199 |
|  Phillips 66 | 72570 | 7553086 |
|  Williams Cos., Inc. | 207725 | 6834152 |
|  |  | 62314973 |
|  **Financial - 34.9%** |  |  |
|  American Express Co. | 38777 | 5729302 |
|  American Homes 4 Rent Class A REIT | 170903 | 5151016 |
|  American International Group, Inc. | 39918 | 2524414 |
|  Apple Hospitality REIT, Inc. | 175294 | 2766139 |
|  Bank of America Corp. | 817531 | 27076627 |
|  Berkshire Hathaway, Inc. Class B \* | 61875 | 19113188 |
|  Brixmor Property Group, Inc. REIT | 247921 | 5620369 |
|  Capital One Financial Corp. | 135870 | 12630475 |
|  CBRE Group, Inc. Class A \* | 70873 | 5454386 |
|  Charles Schwab Corp. | 93630 | 7795634 |
|  Chubb Ltd. | 30848 | 6805069 |
|  Citigroup, Inc. | 103481 | 4680446 |
|  Citizens Financial Group, Inc. | 221400 | 8716518 |
|  CNA Financial Corp. | 58742 | 2483612 |
|  EastGroup Properties, Inc. REIT | 12838 | 1900794 |
|  Fairfax Financial Holdings Ltd. (Canada) | 9319 | 5536604 |
|  Federal Realty Investment Trust REIT | 44031 | 4448892 |
|  Hartford Financial Services Group, Inc. | 57702 | 4375543 |
|  Invesco Ltd. | 64456 | 1159563 |
|  JBG SMITH Properties REIT | 120162 | 2280675 |
|  Kimco Realty Corp. REIT | 347849 | 7367442 |
|  Lamar Advertising Co. Class A REIT | 42251 | 3988494 |
|  Loews Corp. | 229778 | 13402951 |
|  M&T Bank Corp. | 85757 | 12439910 |
|  Marsh & McLennan Cos., Inc. | 8822 | 1459865 |
|  MGIC Investment Corp. | 199119 | 2588547 |
|  Mid-America Apartment Communities, Inc. REIT | 35454 | 5565923 |
|  Morgan Stanley | 58324 | 4958707 |
|  Northern Trust Corp. | 55025 | 4869162 |
|  PNC Financial Services Group, Inc. | 58910 | 9304245 |
|  Progressive Corp. | 52835 | 6853228 |
|  Public Storage REIT | 10986 | 3078167 |
|  Rayonier, Inc. REIT | 165198 | 5444926 |
|  T Rowe Price Group, Inc. | 37179 | 4054742 |
|  Travelers Cos., Inc. | 52328 | 9810977 |
|  Truist Financial Corp. | 134682 | 5795367 |
|  US Bancorp | 148149 | 6460778 |
|  Wells Fargo & Co. | 231068 | 9540798 |
|  Welltower, Inc. REIT | 34899 | 2287629 |
|  Weyerhaeuser Co. REIT | 263608 | 8171848 |
|  |  | 263692972 |
|  **Industrial - 13.5%** |  |  |
|  Carlisle Cos., Inc. | 18180 | 4284117 |
|  Dover Corp. | 55965 | 7578221 |
|  Eaton Corp. PLC | 28957 | 4544801 |
|  Energizer Holdings, Inc. | 98359 | 3299944 |
|  FedEx Corp. | 27527 | 4767676 |
|  Fortune Brands Innovations, Inc. | 80355 | 4589074 |
|  General Dynamics Corp. | 25700 | 6376427 |
|  Honeywell International, Inc. | 28288 | 6062118 |
|  ITT, Inc. | 36107 | 2928278 |
|  Martin Marietta Materials, Inc. | 24751 | 8365095 |
|  Middleby Corp. \* | 24692 | 3306259 |
|  Mohawk Industries, Inc. \* | 45480 | 4648966 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-143** 

------

**PACIFIC SELECT FUND** 

**VALUE ADVANTAGE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Norfolk Southern Corp. | 13607 | $3353037 |
|  Northrop Grumman Corp. | 9165 | 5000516 |
|  Packaging Corp. of America | 52102 | 6664367 |
|  Raytheon Technologies Corp. | 100745 | 10167185 |
|  TD SYNNEX Corp. | 41253 | 3907072 |
|  Timken Co. | 42708 | 3018174 |
|  Union Pacific Corp. | 14222 | 2944950 |
|  Vulcan Materials Co. | 15027 | 2631378 |
|  Westrock Co. | 103202 | 3628582 |
|  |  | 102066237 |
|  **Technology - 3.2%** |  |  |
|  Analog Devices, Inc. | 25666 | 4209994 |
|  International Business Machines Corp. | 33273 | 4687833 |
|  Leidos Holdings, Inc. | 32843 | 3454755 |
|  NXP Semiconductors NV (China) | 22376 | 3536079 |
|  Texas Instruments, Inc. | 48585 | 8027214 |
|  |  | 23915875 |
|  **Utilities - 4.3%** |  |  |
|  American Electric Power Co., Inc. | 35661 | 3386012 |
|  Edison International | 58850 | 3744037 |
|  Entergy Corp. | 31485 | 3542063 |
|  NextEra Energy, Inc. | 72342 | 6047791 |
|  PG&E Corp. \* | 317678 | 5165444 |
|  Public Service Enterprise Group, Inc. | 47232 | 2893905 |
|  Xcel Energy, Inc. | 106554 | 7470501 |
|  |  | 32249753 |
|  Total Common Stocks <br>(Cost $584,331,795) |  | 746057395 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 1.3%** | **SHORT-TERM INVESTMENT - 1.3%** | **SHORT-TERM INVESTMENT - 1.3%** |
|  **Repurchase Agreement - 1.3%** | **Repurchase Agreement - 1.3%** | **Repurchase Agreement - 1.3%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price<br>of $9,568,220; collateralized by<br>U.S. Treasury Notes: 1.125% due<br>02/29/28 and value $9,755,351) | $9564023 | $9564023 |
|  Total Short-Term Investment <br>(Cost $9,564,023) |  | 9564023 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $593,895,818)** |  | 755621418 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** | **OTHER ASSETS & LIABILITIES, NET - 0.1%** | 1045669 |
|  **NET ASSETS - 100.0%** |  | $756667087 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 34.9% |
|  Consumer, Non-Cyclical | 20.3% |
|  Industrial | 13.5% |
|  Energy | 8.2% |
|  Consumer, Cyclical | 7.6% |
|  Communications | 6.3% |
|  Utilities | 4.3% |
|  Technology | 3.2% |
|  Others (each less than 3.0%) | 1.6% |
|  | 99.9% |
|  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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $746057395 | $746057395 | $— | $— |
|  | Short-Term Investment | 9564023 |  | 9564023 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $755621418 | $746057395 | $9564023 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-144** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **WARRANTS - 0.1%** | **WARRANTS - 0.1%** | **WARRANTS - 0.1%** |
|  **Switzerland - 0.1%** | **Switzerland - 0.1%** | **Switzerland - 0.1%** |
|  Cie Financiere Richemont SA<br>Exercise @ CHF 67.00 Exp 11/22/23 \* | 535142 | $445639 |
|  Total Warrants <br>(Cost $0) |  | 445639 |
|  **PREFERRED STOCKS - 1.3%** | **PREFERRED STOCKS - 1.3%** |  |
|  **Brazil - 1.3%** | **Brazil - 1.3%** | **Brazil - 1.3%** |
|  Banco Bradesco SA | 3154127 | 8997106 |
|  Total Preferred Stocks <br>(Cost $11,534,426) |  | 8997106 |
|  **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |  |
|  **Australia - 0.5%** | **Australia - 0.5%** |  |
|  Glencore PLC \* | 535624 | 3571886 |
|  **Belgium - 0.6%** | **Belgium - 0.6%** |  |
|  Anheuser-Busch InBev SA/NV | 67800 | 4083658 |
|  **Brazil - 6.0%** | **Brazil - 6.0%** |  |
|  Ambev SA | 4336421 | 11852176 |
|  Lojas Renner SA | 964384 | 3737795 |
|  NU Holdings Ltd. Class A \* | 1409695 | 5737459 |
|  Vale SA ADR | 1070712 | 18169983 |
|  WEG SA | 289075 | 2099923 |
|  |  | 41597336 |
|  **Chile - 0.4%** | **Chile - 0.4%** | **Chile - 0.4%** |
|  Antofagasta PLC | 109001 | 2034787 |
|  Banco Santander Chile | 18744082 | 750205 |
|  |  | 2784992 |
|  **China - 27.0%** | **China - 27.0%** |  |
|  BeiGene Ltd. ADR \* | 62111 | 13660693 |
|  Brii Biosciences Ltd. \* | 1170000 | 1099404 |
|  H World Group Ltd. | 57300 | 244295 |
|  H World Group Ltd. ADR | 760686 | 32268300 |
|  Meituan Class B \* ~ | 485900 | 10765518 |
|  MicroTech Medical (Hangzhou) Co. Ltd. Class H \* ~ | 253600 | 315853 |
|  NetEase, Inc. ADR | 250464 | 18191200 |
|  New Horizon Health Ltd. \* ~ | 370000 | 830599 |
|  Silergy Corp. | 247000 | 3488854 |
|  Tencent Holdings Ltd. | 309025 | 13102773 |
|  Wuxi Biologics Cayman, Inc. \* ~ | 1405500 | 10645123 |
|  Yum China Holdings, Inc. | 850694 | 46490427 |
|  Zai Lab Ltd. ADR \* | 201305 | 6180064 |
|  ZTO Express Cayman, Inc. | 71327 | 1932298 |
|  ZTO Express Cayman, Inc. ADR | 1061599 | 28525165 |
|  |  | 187740566 |
|  **France - 5.3%** | **France - 5.3%** |  |
|  Kering SA | 2539 | 1292167 |
|  L'Oreal SA | 1430 | 512079 |
|  Pernod Ricard SA | 154570 | 30407387 |
|  TotalEnergies SE | 76371 | 4794047 |
|  |  | 37005680 |
|  **Hong Kong - 2.2%** | **Hong Kong - 2.2%** | **Hong Kong - 2.2%** |
|  AIA Group Ltd. | 1247018 | 13771296 |
|  Hang Lung Properties Ltd. | 138000 | 268825 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Hong Kong Exchanges & Clearing Ltd. | 22000 | $945345 |
|  Hongkong Land Holdings Ltd. | 158600 | 729689 |
|  |  | 15715155 |
|  **India - 21.0%** | **India - 21.0%** |  |
|  Housing Development Finance Corp. Ltd. | 1803722 | 57342016 |
|  Infosys Ltd. | 703115 | 12818700 |
|  Kotak Mahindra Bank Ltd. | 1569149 | 34523319 |
|  Oberoi Realty Ltd. | 431783 | 4516934 |
|  Tata Consultancy Services Ltd. | 840883 | 33069492 |
|  Zee Entertainment Enterprises Ltd. | 1303408 | 3765796 |
|  |  | 146036257 |
|  **Indonesia - 0.7%** | **Indonesia - 0.7%** | **Indonesia - 0.7%** |
|  P.T. Bank Central Asia Tbk | 8716900 | 4779807 |
|  **Italy - 2.0%** | **Italy - 2.0%** | **Italy - 2.0%** |
|  Ermenegildo Zegna NV | 149279 | 1562951 |
|  PRADA SpA | 2150400 | 12071931 |
|  |  | 13634882 |
|  **Japan - 0.1%** | **Japan - 0.1%** | **Japan - 0.1%** |
|  Daiichi Sankyo Co. Ltd. | 22900 | 737075 |
|  **Mexico - 7.4%** | **Mexico - 7.4%** |  |
|  America Movil SAB de CV Class L ADR | 495727 | 9022231 |
|  Fomento Economico Mexicano SAB de CV | 54282 | 422384 |
|  Grupo Mexico SAB de CV | 8214299 | 28837410 |
|  Wal-Mart de Mexico SAB de CV | 3768786 | 13265647 |
|  |  | 51547672 |
|  **Peru - 0.8%** | **Peru - 0.8%** | **Peru - 0.8%** |
|  Credicorp Ltd. | 42842 | 5811946 |
|  **Philippines - 1.8%** | **Philippines - 1.8%** | **Philippines - 1.8%** |
|  SM Investments Corp. | 759489 | 12317275 |
|  **Russia - 0.0%** | **Russia - 0.0%** |  |
|  Novatek PJSC GDR (LI) \* ~ ± W | 258603 |  |
|  Polyus PJSC GDR \* ~ ± W | 41905 |  |
|  Sberbank of Russia PJSC \* ± W | 156504 |  |
|  TCS Group Holding PLC GDR \* ~ ± W | 86992 |  |
|  Yandex NV Class A \* ± W | 722151 | 1 |
|  |  | 1 |
|  **South Africa - 1.1%** | **South Africa - 1.1%** |  |
|  FirstRand Ltd. | 2040376 | 7412864 |
|  **South Korea - 7.3%** | **South Korea - 7.3%** |  |
|  Coupang, Inc. \* | 13200 | 194172 |
|  LG Chem Ltd. \* | 41458 | 19797410 |
|  LG H&H Co. Ltd. \* | 4129 | 2376527 |
|  Samsung Biologics Co. Ltd. \* ~ | 21263 | 13825524 |
|  Samsung Electronics Co. Ltd. | 332973 | 14615265 |
|  |  | 50808898 |
|  **Switzerland - 2.8%** | **Switzerland - 2.8%** | **Switzerland - 2.8%** |
|  Cie Financiere Richemont SA Class A | 151756 | 19676671 |
|  **Taiwan - 8.8%** | **Taiwan - 8.8%** | **Taiwan - 8.8%** |
|  MediaTek, Inc. | 536000 | 10837344 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 3450376 | 50111394 |
|  |  | 60948738 |

---

*See Notes to Financial Statements* *See explanation of symbols and items, if any, on page B-294*

**B-145** 

------

**PACIFIC SELECT FUND** 

**EMERGING MARKETS PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom - 0.1%** | **United Kingdom - 0.1%** | **United Kingdom - 0.1%** |
|  AstraZeneca PLC ADR | 12012 | $814414 |
|  Total Common Stocks <br>(Cost $723,428,384) |  | 667025773 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 1.8%** | **SHORT-TERM INVESTMENT - 1.8%** | **SHORT-TERM INVESTMENT - 1.8%** |
|  **Repurchase Agreement - 1.8%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $12,423,252; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $12,666,158) | $12417801 | 12417801 |
|  Total Short-Term Investment <br>(Cost $12,417,801) |  | 12417801 |
|  **TOTAL INVESTMENTS - 99.1% <br>(Cost $747,380,611)** |  | 688886319 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.9%** |  | 6197161 |
|  **NET ASSETS - 100.0%** |  | $695083480 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 21.0% |
|  Technology | 20.1% |
|  Consumer, Cyclical | 18.8% |
|  Consumer, Non-Cyclical | 15.8% |
|  Basic Materials | 10.4% |
|  Communications | 5.3% |
|  Industrial | 5.2% |
|  Others (each less than 3.0%) | 2.5% |
|  | 99.1% |
|  | 0.9% |
|  Other Assets & Liabilities, Net | 100.0% |

---

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  China | 27.0% |
|  India | 21.0% |
|  Taiwan | 8.8% |
|  Mexico | 7.4% |
|  South Korea | 7.3% |
|  Brazil | 7.3% |
|  France | 5.3% |
|  Others(each less than 3.0%) | 15.0% |
|  | 99.1% |
|  Other Assets & Liabilities, Net | 0.9% |
|  | 100.0% |

---

(c) Investments with a total aggregate value of $1 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.

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Warrants | $445639 | $445639 | $— | $— |
|  | Preferred Stocks | 8997106 |  | 8997106 |  |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 3571886 |  | 3571886 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4083658 |  | 4083658 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 41597336 | 27645237 | 13952099 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 2784992 | 750205 | 2034787 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 187740566 | 145315849 | 42424717 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 37005680 |  | 37005680 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 15715155 |  | 15715155 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 146036257 |  | 146036257 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 4779807 |  | 4779807 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 13634882 | 1562951 | 12071931 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 737075 |  | 737075 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 51547672 | 51547672 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 5811946 | 5811946 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 12317275 |  | 12317275 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1 |  |  | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 7412864 |  | 7412864 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 50808898 | 194172 | 50614726 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 19676671 |  | 19676671 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 60948738 |  | 60948738 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 814414 | 814414 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 667025773 | 233642446 | 433383326 | 1 |
|  | Short-Term Investment | 12417801 |  | 12417801 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $688886319 | $234088085 | $454798233 | $1 |

---

*See Notes to Financial Statements* *See explanation of symbols and items, if any, on page B-294*

**B-146** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 99.5%** | **COMMON STOCKS - 99.5%** |  |
|  **Australia - 0.8%** | **Australia - 0.8%** |  |
|  Brambles Ltd. | 518060 | $4248405 |
|  **Canada - 8.7%** | **Canada - 8.7%** | **Canada - 8.7%** |
|  Barrick Gold Corp. | 203117 | 3489550 |
|  CAE, Inc. \* | 211499 | 4090959 |
|  Canadian Pacific Railway Ltd. | 189964 | 14163121 |
|  Loblaw Cos. Ltd. | 59352 | 5247874 |
|  Suncor Energy, Inc. | 286391 | 9084559 |
|  Thomson Reuters Corp. | 72864 | 8312093 |
|  |  | 44388156 |
|  **China - 0.4%** | **China - 0.4%** | **China - 0.4%** |
|  Zai Lab Ltd. \* | 399800 | 1237483 |
|  Zai Lab Ltd. ADR \* | 19930 | 611851 |
|  |  | 1849334 |
|  **Denmark - 4.1%** | **Denmark - 4.1%** | **Denmark - 4.1%** |
|  Novo Nordisk AS Class B | 154673 | 21007000 |
|  **France - 11.9%** | **France - 11.9%** | **France - 11.9%** |
|  Airbus SE | 56116 | 6672326 |
|  BNP Paribas SA | 199787 | 11375699 |
|  Dassault Systemes SE | 65770 | 2365066 |
|  EssilorLuxottica SA | 52072 | 9421541 |
|  L'Oreal SA | 23482 | 8408847 |
|  LVMH Moet Hennessy Louis Vuitton SE | 21083 | 15341938 |
|  Teleperformance | 29938 | 7157133 |
|  |  | 60742550 |
|  **Germany - 4.6%** | **Germany - 4.6%** | **Germany - 4.6%** |
|  adidas AG | 20927 | 2836159 |
|  Deutsche Boerse AG | 49249 | 8480187 |
|  Deutsche Telekom AG | 600700 | 11951870 |
|  |  | 23268216 |
|  **Hong Kong - 4.4%** | **Hong Kong - 4.4%** | **Hong Kong - 4.4%** |
|  AIA Group Ltd. | 1460721 | 16131299 |
|  Hong Kong Exchanges & Clearing Ltd. | 144200 | 6196309 |
|  |  | 22327608 |
|  **Ireland - 1.4%** | **Ireland - 1.4%** | **Ireland - 1.4%** |
|  CRH PLC | 179930 | 7155841 |
|  **Israel - 1.0%** | **Israel - 1.0%** | **Israel - 1.0%** |
|  Nice Ltd. ADR \* | 26182 | 5034799 |
|  **Italy - 1.9%** | **Italy - 1.9%** | **Italy - 1.9%** |
|  Intesa Sanpaolo SpA | 4310641 | 9549832 |
|  **Japan - 11.9%** | **Japan - 11.9%** | **Japan - 11.9%** |
|  Daiichi Sankyo Co. Ltd. | 246500 | 7934019 |
|  Hoya Corp. | 53410 | 5115530 |
|  Keyence Corp. | 31000 | 12035580 |
|  Olympus Corp. | 607925 | 10722326 |
|  Recruit Holdings Co. Ltd. | 256800 | 8038347 |
|  Shiseido Co. Ltd. | 159500 | 7817683 |
|  Sony Group Corp. | 120347 | 9173038 |
|  |  | 60836523 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Netherlands - 4.1%** | **Netherlands - 4.1%** | **Netherlands - 4.1%** |
|  Adyen NV \* ~ | 4465 | $6198531 |
|  Argenx SE \* | 12411 | 4659160 |
|  ASML Holding NV | 17989 | 9808532 |
|  |  | 20666223 |
|  **Portugal - 2.6%** | **Portugal - 2.6%** | **Portugal - 2.6%** |
|  EDP - Energias de Portugal SA | 2611086 | 13015754 |
|  **Spain - 5.5%** | **Spain - 5.5%** | **Spain - 5.5%** |
|  Amadeus IT Group SA \* | 148461 | 7701817 |
|  Cellnex Telecom SA ~ | 69406 | 2302281 |
|  Iberdrola SA | 749218 | 8745988 |
|  Industria de Diseno Textil SA | 355740 | 9448822 |
|  |  | 28198908 |
|  **Sweden - 3.2%** | **Sweden - 3.2%** | **Sweden - 3.2%** |
|  Atlas Copco AB Class A | 703656 | 8337194 |
|  Sandvik AB | 450217 | 8136134 |
|  |  | 16473328 |
|  **Switzerland – 2.6%** | **Switzerland – 2.6%** | **Switzerland – 2.6%** |
|  Alcon, Inc. | 78401 | 5379794 |
|  Givaudan SA | 1626 | 4980285 |
|  Straumann Holding AG | 25000 | 2866778 |
|  |  | 13226857 |
|  **United Kingdom - 14.4%** | **United Kingdom - 14.4%** | **United Kingdom - 14.4%** |
|  3i Group PLC | 285067 | 4597373 |
|  Ashtead Group PLC | 36260 | 2059740 |
|  Compass Group PLC | 382776 | 8839071 |
|  Diageo PLC | 346349 | 15160338 |
|  Dr. Martens PLC | 626493 | 1421796 |
|  Linde PLC | 38383 | 12511364 |
|  London Stock Exchange Group PLC | 154918 | 13310740 |
|  RELX PLC | 279300 | 7722094 |
|  Rentokil Initial PLC | 1258904 | 7734407 |
|  |  | 73356923 |
|  **United States – 16.0%** | **United States – 16.0%** | **United States – 16.0%** |
|  Accenture PLC Class A | 28935 | 7721015 |
|  Aflac, Inc. | 42932 | 3088528 |
|  Computershare Ltd. | 219800 | 3872002 |
|  Elastic NV \* | 44658 | 2299887 |
|  Haleon PLC \* | 2211080 | 8748394 |
|  ICON PLC (Ireland) \* | 38530 | 7484453 |
|  Nestle SA | 212947 | 24597370 |
|  Roche Holding AG | 32814 | 10311384 |
|  SolarEdge Technologies, Inc. \* | 17021 | 4821539 |
|  TE Connectivity Ltd. | 77587 | 8906988 |
|  |  | 81851560 |
|  Total Common Stocks <br>(Cost $607,106,969) |  | 507197817 |
|  **TOTAL INVESTMENTS - 99.5% <br>(Cost $607,106,969)** |  | 507197817 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.5%** |  | 2708701 |
|  **NET ASSETS - 100.0%** |  | $509906518 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-147** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL GROWTH PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 38.3% |
|  Industrial | 15.1% |
|  Financial | 14.3% |
|  Consumer, Cyclical | 9.2% |
|  Technology | 6.5% |
|  Communications | 5.0% |
|  Utilities | 4.3% |
|  Basic Materials | 4.1% |
|  Others (each less than 3.0%) | 2.7% |
|  | 99.5% |
|  Other Assets & Liabilities, Net | 0.5% |
|  | 100.0% |

---

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  United States | 16.0% |
|  United Kingdom | 14.4% |
|  Japan | 11.9% |
|  France | 11.9% |
|  Canada | 8.7% |
|  Spain | 5.5% |
|  Germany | 4.6% |
|  Hong Kong | 4.4% |
|  Denmark | 4.1% |
|  Netherlands | 4.1% |
|  Sweden | 3.2% |
|  Others (each less than 3.0%) | 10.7% |
|  | 99.5% |
|  Other Assets & Liabilities, Net | 0.5% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $4248405 | $— | $4248405 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 44388156 | 44388156 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 1849334 | 611851 | 1237483 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 21007000 |  | 21007000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 60742550 |  | 60742550 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 23268216 |  | 23268216 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 22327608 |  | 22327608 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 7155841 |  | 7155841 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 5034799 | 5034799 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 9549832 |  | 9549832 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 60836523 |  | 60836523 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 20666223 |  | 20666223 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 13015754 |  | 13015754 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 28198908 |  | 28198908 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 16473328 |  | 16473328 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 13226857 |  | 13226857 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 73356923 |  | 73356923 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 81851560 | 34322409 | 47529151 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 507197817 | 84357215 | 422840602 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $507197817 | $84357215 | $422840602 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-148** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL LARGE-CAP PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** |
|  **Australia - 1.0%** | **Australia - 1.0%** |  |
|  Rio Tinto PLC | 154336 | $10862785 |
|  **Belgium - 0.7%** | **Belgium - 0.7%** | **Belgium - 0.7%** |
|  KBC Group NV | 110240 | 7097833 |
|  **Canada - 3.9%** | **Canada - 3.9%** |  |
|  Canadian National Railway Co. | 133947 | 15923619 |
|  Intact Financial Corp. | 56063 | 8070339 |
|  Suncor Energy, Inc. | 219786 | 6971794 |
|  Toronto-Dominion Bank | 162278 | 10507321 |
|  |  | 41473073 |
|  **China - 2.4%** | **China - 2.4%** |  |
|  NetEase, Inc. | 464200 | 6732758 |
|  Tencent Holdings Ltd. | 240923 | 10215223 |
|  Yum China Holdings, Inc. | 146854 | 8025571 |
|  |  | 24973552 |
|  **Denmark - 3.3%** | **Denmark - 3.3%** |  |
|  Carlsberg AS Class B | 68012 | 9021584 |
|  Novo Nordisk AS Class B | 192549 | 26151150 |
|  |  | 35172734 |
|  **France - 15.6%** | **France - 15.6%** | **France - 15.6%** |
|  Air Liquide SA | 195562 | 27757148 |
|  Capgemini SE | 127064 | 21242049 |
|  Cie de Saint-Gobain | 191248 | 9356005 |
|  Cie Generale des Etablissements Michelin SCA | 255501 | 7117560 |
|  Dassault Systemes SE | 157271 | 5655410 |
|  Engie SA | 999616 | 14300576 |
|  EssilorLuxottica SA | 99189 | 17946559 |
|  L'Oreal SA | 22112 | 7918253 |
|  Legrand SA | 111232 | 8918770 |
|  LVMH Moet Hennessy Louis Vuitton SE | 35656 | 25946599 |
|  Pernod Ricard SA | 91735 | 18046333 |
|  |  | 164205262 |
|  **Germany - 9.6%** | **Germany - 9.6%** |  |
|  Bayer AG | 292354 | 15047475 |
|  Beiersdorf AG | 166527 | 19029326 |
|  Deutsche Boerse AG | 122845 | 21152685 |
|  Merck KGaA | 108133 | 20863205 |
|  MTU Aero Engines AG | 30512 | 6564205 |
|  SAP SE | 185527 | 19153933 |
|  |  | 101810829 |
|  **Hong Kong - 3.2%** | **Hong Kong - 3.2%** |  |
|  AIA Group Ltd. | 2259207 | 24949285 |
|  Prudential PLC | 658144 | 8973982 |
|  |  | 33923267 |
|  **India - 2.2%** | **India - 2.2%** |  |
|  HDFC Bank Ltd. | 290833 | 5704268 |
|  Housing Development Finance Corp. Ltd. | 268017 | 8520512 |
|  Tata Consultancy Services Ltd. | 223475 | 8788624 |
|  |  | 23013404 |
|  **Ireland - 1.0%** | **Ireland - 1.0%** |  |
|  Ryanair Holdings PLC ADR \* | 145451 | 10873917 |
|  **Israel - 1.4%** | **Israel - 1.4%** |  |
|  Check Point Software Technologies Ltd. \* | 114203 | 14407851 |
|  **Italy - 2.3%** | **Italy - 2.3%** |  |
|  Eni SpA | 859176 | 12217019 |
|  Intesa Sanpaolo SpA | 5515924 | 12220026 |
|  |  | 24437045 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan - 13.6%** | **Japan - 13.6%** |  |
|  Daikin Industries Ltd. | 99000 | $15019635 |
|  Denso Corp. | 192600 | 9445070 |
|  Hitachi Ltd. | 433600 | 21817139 |
|  Hoya Corp. | 133200 | 12757697 |
|  Koito Manufacturing Co. Ltd. | 359000 | 5352030 |
|  Kose Corp. | 81200 | 8822642 |
|  Kubota Corp. | 490400 | 6699567 |
|  Kyocera Corp. | 236500 | 11739066 |
|  Olympus Corp. | 680500 | 12002374 |
|  Shin-Etsu Chemical Co. Ltd. | 42700 | 5214189 |
|  SMC Corp. | 23900 | 9979527 |
|  Sony Group Corp. | 177700 | 13544574 |
|  Terumo Corp. | 378200 | 10722187 |
|  |  | 143115697 |
|  **Netherlands - 3.1%** | **Netherlands - 3.1%** |  |
|  Akzo Nobel NV | 170389 | 11433532 |
|  ING Groep NV | 1128424 | 13745500 |
|  Randstad NV | 125637 | 7676719 |
|  |  | 32855751 |
|  **Portugal - 0.8%** | **Portugal - 0.8%** |  |
|  Galp Energia SGPS AS | 620167 | 8366437 |
|  **Singapore - 1.4%** | **Singapore - 1.4%** | **Singapore - 1.4%** |
|  DBS Group Holdings Ltd. | 564514 | 14288754 |
|  **Spain - 0.7%** | **Spain - 0.7%** |  |
|  Amadeus IT Group SA\* | 139357 | 7229522 |
|  **Switzerland - 9.3%** | **Switzerland - 9.3%** | **Switzerland - 9.3%** |
|  Cie Financiere Richemont SA Class A | 154486 | 20030643 |
|  Julius Baer Group Ltd. | 142280 | 8280848 |
|  Novartis AG | 185883 | 16821932 |
|  Sika AG | 36318 | 8730964 |
|  Sonova Holding AG | 20445 | 4855659 |
|  UBS Group AG (XVTX) | 1187742 | 22075632 |
|  Zurich Insurance Group AG | 35405 | 16926323 |
|  |  | 97722001 |
|  **Taiwan - 1.2%** | **Taiwan - 1.2%** | **Taiwan - 1.2%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 169656 | 12637675 |
|  **United Kingdom - 11.2%** | **United Kingdom - 11.2%** | **United Kingdom - 11.2%** |
|  Compass Group PLC | 953377 | 22015401 |
|  Diageo PLC | 372723 | 16314777 |
|  Experian PLC | 510367 | 17285280 |
|  Linde PLC | 44677 | 14562963 |
|  London Stock Exchange Group PLC | 103313 | 8876777 |
|  Reckitt Benckiser Group PLC | 131934 | 9145179 |
|  RELX PLC | 597176 | 16511022 |
|  Rolls-Royce Holdings PLC \* | 4307166 | 4810994 |
|  Tesco PLC | 3147018 | 8480795 |
|  |  | 118003188 |
|  **United States - 10.5%** | **United States - 10.5%** | **United States - 10.5%** |
|  Nestle SA | 326116 | 37669448 |
|  QIAGEN NV \* | 219963 | 11057650 |
|  Roche Holding AG | 98276 | 30881988 |
|  Schneider Electric SE | 223393 | 31372103 |
|  |  | 110981189 |
|  Total Common Stocks <br>(Cost $913,223,281) |  | 1037451766 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-149** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL LARGE-CAP PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** |  |
|  **Repurchase Agreement - 0.2%** | **Repurchase Agreement - 0.2%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $2,504,674; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $2,553,692) | $2503575 | $2503575 |
|  Total Short-Term Investment <br>(Cost $2,503,575) |  | 2503575 |
|  **TOTAL INVESTMENTS - 98.6% <br>(Cost $915,726,856)** |  | 1039955341 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.4%** |  | 14639929 |
|  **NET ASSETS - 100.0%** |  | $1054595270 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 33.1% |
|  Financial | 18.2% |
|  Industrial | 15.5% |
|  Consumer, Cyclical | 11.6% |
|  Technology | 8.4% |
|  Basic Materials | 6.6% |
|  Others (each less than 3.0%) | 5.2% |
|  | 98.6% |
|  Other Assets & Liabilities, Net | 1.4% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  France | 15.6% |
|  Japan | 13.6% |
|  United Kingdom | 11.2% |
|  United States (Includes Short-Term Investment) | 10.7% |
|  Germany | 9.6% |
|  Switzerland | 9.3% |
|  Canada | 3.9% |
|  Denmark | 3.3% |
|  Hong Kong | 3.2% |
|  Netherlands | 3.1% |
|  Others(each less than 3.0%) | 15.1% |
|  | 98.6% |
|  Other Assets & Liabilities, Net | 1.4% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $10862785 | $— | $10862785 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 7097833 |  | 7097833 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 41473073 | 41473073 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 24973552 | 8025571 | 16947981 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 35172734 |  | 35172734 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 164205262 |  | 164205262 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 101810829 |  | 101810829 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 33923267 |  | 33923267 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 23013404 |  | 23013404 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 10873917 | 10873917 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 14407851 | 14407851 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 24437045 |  | 24437045 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 143115697 |  | 143115697 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 32855751 |  | 32855751 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 8366437 |  | 8366437 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 14288754 |  | 14288754 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 7229522 |  | 7229522 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 97722001 |  | 97722001 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 12637675 | 12637675 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 118003188 |  | 118003188 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 110981189 |  | 110981189 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 1037451766 | 87418087 | 950033679 |  |
|  | Short-Term Investment | 2503575 |  | 2503575 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1039955341 | $87418087 | $952537254 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-150** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL SMALL-CAP PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** |
|  **Australia - 3.6%** | **Australia - 3.6%** | **Australia - 3.6%** |
|  EBOS Group Ltd. | 76931 | $2138957 |
|  GUD Holdings Ltd. | 358079 | 1835802 |
|  Imdex Ltd. | 1246232 | 1875953 |
|  Inghams Group Ltd. | 1677489 | 3252270 |
|  Nanosonics Ltd. \* | 491073 | 1427174 |
|  Servcorp Ltd. | 245905 | 540781 |
|  SomnoMed Ltd. \* | 381347 | 323252 |
|  |  | 11394189 |
|  **Austria - 2.0%** | **Austria - 2.0%** | **Austria - 2.0%** |
|  Mayr Melnhof Karton AG | 20100 | 3247180 |
|  Strabag SE | 25000 | 1046364 |
|  Wienerberger AG | 91000 | 2193454 |
|  |  | 6486998 |
|  **Belgium - 1.3%** | **Belgium - 1.3%** | **Belgium - 1.3%** |
|  Econocom Group SA NV | 529000 | 1613680 |
|  Fagron | 186500 | 2653465 |
|  |  | 4267145 |
|  **Brazil - 1.8%** | **Brazil - 1.8%** | **Brazil - 1.8%** |
|  Hypera SA | 365942 | 3137868 |
|  LOG Commercial Properties e Participacoes SA | 423795 | 1290644 |
|  YDUQS Participacoes SA | 732355 | 1403049 |
|  |  | 5831561 |
|  **Canada - 2.6%** | **Canada - 2.6%** | **Canada - 2.6%** |
|  CCL Industries, Inc. Class B | 52300 | 2234145 |
|  ECN Capital Corp. | 234000 | 480443 |
|  North West Co., Inc. | 67100 | 1762738 |
|  Open Text Corp. | 95500 | 2829734 |
|  Parkland Corp. | 40000 | 877696 |
|  |  | 8184756 |
|  **Cayman - 0.2%** | **Cayman - 0.2%** | **Cayman - 0.2%** |
|  Patria Investments Ltd. Class A | 40100 | 558593 |
|  **China - 4.0%** |  |  |
|  Best Pacific International Holdings Ltd. | 3469726 | 520096 |
|  Far East Horizon Ltd. Class H | 3143657 | 2448655 |
|  Precision Tsugami China Corp. Ltd. | 1317972 | 1214795 |
|  Qingdao Port International Co. Ltd. Class H ~ | 4187372 | 2023898 |
|  Shenzhen YUTO Packaging Technology Co. Ltd. Class A | 573916 | 2728707 |
|  TravelSky Technology Ltd. Class H | 1588128 | 3337694 |
|  Xingda International Holdings Ltd. | 3338000 | 670062 |
|  |  | 12943907 |
|  **Denmark - 0.6%** | **Denmark - 0.6%** | **Denmark - 0.6%** |
|  Spar Nord Bank AS | 132815 | 2033825 |
|  **Finland - 1.6%** |  |  |
|  Huhtamaki OYJ | 68000 | 2329473 |
|  Nanoform Finland PLC \* | 128900 | 441539 |
|  Rovio Entertainment OYJ ~ | 339100 | 2208953 |
|  |  | 4979965 |
|  **France - 4.3%** | **France - 4.3%** | **France - 4.3%** |
|  Altarea SCA REIT | 15100 | 2037130 |
|  Antin Infrastructure Partners SA | 49400 | 1073468 |
|  ARGAN SA REIT | 20000 | 1623133 |
|  Elior Group SA \* ~ | 457400 | 1620067 |
|  Lectra | 43700 | 1647586 |
|  Maisons du Monde SA ~ | 147500 | 1854028 |
|  Thermador Groupe | 30100 | 2777335 |
|  Vicat SA | 44490 | 1116389 |
|  |  | 13749136 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Germany - 5.4%** | **Germany - 5.4%** | **Germany - 5.4%** |
|  DWS Group GmbH & Co. KGaA ~ | 40100 | $1294046 |
|  JOST Werke AG ~ | 44900 | 2524030 |
|  Norma Group SE | 60073 | 1085423 |
|  Rheinmetall AG | 10570 | 2104234 |
|  Stabilus SE | 29200 | 1956394 |
|  Synlab AG | 90200 | 1091244 |
|  Takkt AG | 132100 | 1907993 |
|  Talanx AG \* | 110100 | 5190309 |
|  |  | 17153673 |
|  **Greece - 1.0%** | **Greece - 1.0%** | **Greece - 1.0%** |
|  Mytilineos SA | 147900 | 3213223 |
|  **Hong Kong - 1.5%** | **Hong Kong - 1.5%** | **Hong Kong - 1.5%** |
|  ASMPT Ltd. | 286156 | 2032335 |
|  Sino Land Co. Ltd. | 1510776 | 1884368 |
|  WH Group Ltd. ~ | 1400000 | 816533 |
|  |  | 4733236 |
|  **Hungary - 0.9%** | **Hungary - 0.9%** | **Hungary - 0.9%** |
|  Richter Gedeon Nyrt | 125486 | 2786482 |
|  **Indonesia - 0.8%** | **Indonesia - 0.8%** | **Indonesia - 0.8%** |
|  P.T. Avia Avian Tbk | 24866083 | 1006304 |
|  P.T. Selamat Sempurna Tbk | 15802700 | 1558191 |
|  |  | 2564495 |
|  **Ireland - 2.2%** | **Ireland - 2.2%** | **Ireland - 2.2%** |
|  AerCap Holdings NV \* | 39687 | 2314546 |
|  Dalata Hotel Group PLC \* | 397400 | 1376839 |
|  Irish Residential Properties REIT PLC REIT | 1845800 | 2184057 |
|  Mincon Group PLC | 1059000 | 1140402 |
|  |  | 7015844 |
|  **Italy - 1.2%** | **Italy - 1.2%** | **Italy - 1.2%** |
|  Banca Generali SpA | 57800 | 1984082 |
|  Recordati Industria Chimica e Farmaceutica SpA | 47800 | 1986939 |
|  |  | 3971021 |
|  **Japan - 22.5%** | **Japan - 22.5%** | **Japan - 22.5%** |
|  Amano Corp. | 110000 | 2020668 |
|  ASKUL Corp. | 158900 | 2062694 |
|  Capcom Co. Ltd. | 61600 | 1966302 |
|  Daiichikosho Co. Ltd. | 38000 | 1143932 |
|  Daikyonishikawa Corp. | 300115 | 1263776 |
|  Daiwa Industries Ltd. | 122700 | 1045352 |
|  Dexerials Corp. | 75700 | 1454428 |
|  Dip Corp. | 58000 | 1658706 |
|  GMO internet group, Inc. | 125400 | 2342459 |
|  Inaba Denki Sangyo Co. Ltd. | 90900 | 1859932 |
|  Isuzu Motors Ltd. | 165100 | 1913983 |
|  JAFCO Group Co. Ltd. | 101800 | 1725611 |
|  Kamigumi Co. Ltd. | 100000 | 2035802 |
|  Lixil Corp. | 110800 | 1670431 |
|  Maruwa Co. Ltd. | 16100 | 1903993 |
|  Meitec Corp. | 111600 | 2024429 |
|  Minebea Mitsumi, Inc. | 119100 | 1764595 |
|  Mitani Corp. | 113200 | 1116984 |
|  Nihon Parkerizing Co. Ltd. | 262700 | 1862328 |
|  Nishimoto Co. Ltd. | 57819 | 1503701 |
|  NOF Corp. | 44000 | 1754002 |
|  NSD Co. Ltd. | 133000 | 2298511 |
|  PALTAC Corp. | 69500 | 2434165 |
|  Park24 Co. Ltd. \* | 84400 | 1443694 |
|  Persol Holdings Co. Ltd. | 78100 | 1661166 |
|  Renesas Electronics Corp. \* | 463100 | 4092997 |
|  Roland Corp. | 77300 | 2043264 |
|  S Foods, Inc. | 130500 | 2937837 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-151** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL SMALL-CAP PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  San-Ai Obbli Co. Ltd. | 253100 | $2400132 |
|  Ship Healthcare Holdings, Inc. | 165600 | 3367740 |
|  Sugi Holdings Co. Ltd. | 53100 | 2361577 |
|  SUMCO Corp. | 143400 | 1899848 |
|  TechnoPro Holdings, Inc. | 88900 | 2366808 |
|  TIS, Inc. | 79000 | 2076260 |
|  TKC Corp. | 39200 | 1070736 |
|  Tsuruha Holdings, Inc. | 41300 | 3203438 |
|  |  | 71752281 |
|  **Mexico - 2.5%** | **Mexico - 2.5%** | **Mexico - 2.5%** |
|  Bolsa Mexicana de Valores SAB de CV | 1295459 | 2500971 |
|  Gruma SAB de CV Class B | 246366 | 3296511 |
|  Grupo Comercial Chedraui SA de CV | 500000 | 2134298 |
|  |  | 7931780 |
|  **Netherlands - 1.3%** | **Netherlands - 1.3%** | **Netherlands - 1.3%** |
|  Acomo NV | 111100 | 2261990 |
|  Arcadis NV | 46600 | 1834673 |
|  |  | 4096663 |
|  **Norway - 0.8%** | **Norway - 0.8%** | **Norway - 0.8%** |
|  Europris ASA ~ | 378300 | 2650050 |
|  **Peru - 0.6%** | **Peru - 0.6%** | **Peru - 0.6%** |
|  Intercorp Financial Services, Inc. | 80895 | 1901033 |
|  **Philippines - 1.6%** | **Philippines - 1.6%** | **Philippines - 1.6%** |
|  Century Pacific Food, Inc. | 6486655 | 3003108 |
|  Robinsons Land Corp. | 8353849 | 2246062 |
|  |  | 5249170 |
|  **Singapore - 2.0%** | **Singapore - 2.0%** | **Singapore - 2.0%** |
|  Hour Glass Ltd. | 958982 | 1459330 |
|  HRnetgroup Ltd. | 2889635 | 1692126 |
|  Mapletree Industrial Trust REIT | 1324315 | 2194501 |
|  Wing Tai Holdings Ltd. | 920500 | 1030101 |
|  |  | 6376058 |
|  **South Korea - 1.7%** | **South Korea - 1.7%** | **South Korea - 1.7%** |
|  Hyundai Marine & Fire Insurance Co. Ltd. \* | 55274 | 1287742 |
|  Soulbrain Co. Ltd. \* | 15900 | 2763216 |
|  Vitzrocell Co. Ltd. \* | 143700 | 1451828 |
|  |  | 5502786 |
|  **Spain - 4.1%** |  |  |
|  Cia de Distribucion Integral Logista Holdings SA | 166700 | 4203591 |
|  CIE Automotive SA | 91700 | 2359191 |
|  Grupo Catalana Occidente SA | 89400 | 2824791 |
|  Indra Sistemas SA | 94800 | 1080625 |
|  Prosegur Cia de Seguridad SA | 761000 | 1443482 |
|  Viscofan SA | 17000 | 1094937 |
|  |  | 13006617 |
|  **Sweden - 1.5%** | **Sweden - 1.5%** | **Sweden - 1.5%** |
|  BHG Group AB \* | 274000 | 489320 |
|  Granges AB | 230800 | 1890232 |
|  Hexpol AB | 180400 | 1924863 |
|  Nordnet AB publ | 43400 | 628470 |
|  |  | 4932885 |
|  **Taiwan - 3.2%** | **Taiwan - 3.2%** | **Taiwan - 3.2%** |
|  International Games System Co. Ltd. | 278350 | 3918248 |
|  Sporton International, Inc. | 286990 | 1955859 |
|  Test Research, Inc. | 721727 | 1490799 |
|  Tripod Technology Corp. | 444609 | 1356589 |
|  Yageo Corp. \* | 111964 | 1631835 |
|  |  | 10353330 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Tanzania - 0.4%** | **Tanzania - 0.4%** | **Tanzania - 0.4%** |
|  Helios Towers PLC \* | 894240 | $1147038 |
|  **Thailand - 0.7%** | **Thailand - 0.7%** | **Thailand - 0.7%** |
|  Star Petroleum Refining PCL | 6935877 | 2138123 |
|  **United Kingdom - 13.5%** | **United Kingdom - 13.5%** | **United Kingdom - 13.5%** |
|  Ashtead Technology Holdings PLC \* | 617600 | 2351940 |
|  B&M European Value Retail SA | 553033 | 2745145 |
|  Bodycote PLC | 198525 | 1364439 |
|  Grainger PLC | 838058 | 2553189 |
|  Harbour Energy PLC | 398256 | 1469672 |
|  Hiscox Ltd. | 197800 | 2607881 |
|  Informa PLC | 370898 | 2766811 |
|  J D Wetherspoon PLC \* | 256614 | 1370924 |
|  JET2 PLC | 155511 | 1792220 |
|  John Wood Group PLC \* | 1262468 | 2045968 |
|  Lancashire Holdings Ltd. | 483419 | 3801025 |
|  LSL Property Services PLC | 424404 | 1282708 |
|  On the Beach Group PLC \* ~ | 1074049 | 2035045 |
|  Pets at Home Group PLC | 328400 | 1125947 |
|  Premier Foods PLC | 1300000 | 1706796 |
|  Rathbones Group PLC | 40000 | 984085 |
|  Sabre Insurance Group PLC ~ | 1229086 | 1581002 |
|  Savills PLC | 164085 | 1634267 |
|  Tate & Lyle PLC | 418773 | 3587720 |
|  Vistry Group PLC | 165939 | 1249846 |
|  WH Smith PLC \* | 165854 | 2949788 |
|  |  | 43006418 |
|  **United States - 4.8%** | **United States - 4.8%** | **United States - 4.8%** |
|  Adient PLC \* | 47600 | 1651244 |
|  Adtalem Global Education, Inc. \* | 57800 | 2051900 |
|  Antero Resources Corp. \* | 83041 | 2573440 |
|  GCC SAB de CV | 447910 | 2997330 |
|  GrafTech International Ltd. | 229391 | 1091901 |
|  Impro Precision Industries Ltd. ~ | 2202821 | 624724 |
|  Ovintiv, Inc. | 40900 | 2074039 |
|  RHI Magnesita NV | 87200 | 2348546 |
|  |  | 15413124 |
|  Total Common Stocks <br>(Cost $361,179,096) |  | 307325405 |
|  **EXCHANGE-TRADED FUND - 2.8%** |  |  |
|  iShares MSCI India \* | 217800 | 9090972 |
|  Total Exchange-Traded Fund <br>(Cost $10,566,876) |  | 9090972 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-152** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL SMALL-CAP PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.4%** |  |  |
|  **Repurchase Agreement - 0.4%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $1,365,254; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $1,392,027) | $1364655 | $1364655 |
|  Total Short-Term Investment <br>(Cost $1,364,655) |  | 1364655 |
|  **TOTAL INVESTMENTS - 99.4% <br>(Cost $373,110,627)** |  | 317781032 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.6%** |  | 1817630 |
|  **NET ASSETS - 100.0%** |  | $319598662 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 21.7% |
|  Industrial | 20.2% |
|  Financial | 17.4% |
|  Consumer, Cyclical | 17.1% |
|  Technology | 8.7% |
|  Energy | 4.8% |
|  Others (each less than 3.0%) | 9.5% |
|  | 99.4% |
|  Other Assets & Liabilities, Net | 0.6% |
|  | 100.0% |

---

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  Japan | 22.5% |
|  United Kingdom | 13.5% |
|  Germany | 5.4% |
|  United States (Includes Short-Term Investment) | 5.2% |
|  France | 4.3% |
|  Spain | 4.1% |
|  China | 4.0% |
|  Australia | 3.6% |
|  Taiwan | 3.2% |
|  Others (each less than 3.0%) | 33.6% |
|  | 99.4% |
|  Other Assets & Liabilities, Net | 0.6% |
|  | 100.0% |

---

(c) Restricted securities as of December 31, 2022 were as follows

---

| | | | |
|:---|:---|:---|:---|
| Issuer and<br>Acquisition Date | Cost | Value | Value as a % of<br>Net Assets |
|  Irish Residential Properties REIT<br>PLC Acq 10/20/21 | $3345250 | $2184057 | 0.7% |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-153** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL SMALL-CAP PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $11394189 | $864033 | $10530156 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 6486998 | 1046364 | 5440634 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4267145 |  | 4267145 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 5831561 |  | 5831561 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 8184756 | 8184756 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman | 558593 | 558593 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 12943907 | 520096 | 12423811 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 2033825 |  | 2033825 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 4979965 | 441539 | 4538426 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 13749136 | 1073468 | 12675668 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 17153673 |  | 17153673 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 3213223 |  | 3213223 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 4733236 |  | 4733236 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | 2786482 |  | 2786482 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 2564495 | 2564495 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 7015844 | 2314546 | 4701298 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 3971021 |  | 3971021 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 71752281 |  | 71752281 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 7931780 | 7931780 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 4096663 | 2261990 | 1834673 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 2650050 |  | 2650050 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1901033 | 1901033 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 5249170 | 3003108 | 2246062 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 6376058 |  | 6376058 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 5502786 |  | 5502786 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 13006617 |  | 13006617 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 4932885 |  | 4932885 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 10353330 |  | 10353330 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanzania | 1147038 | 1147038 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 2138123 |  | 2138123 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 43006418 | 12950106 | 30056312 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 15413124 | 12439854 | 2973270 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 307325405 | 59202799 | 248122606 |  |
|  | Exchange-Traded Fund | 9090972 | 9090972 |  |  |
|  | Short-Term Investment | 1364655 |  | 1364655 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $317781032 | $68293771 | $249487261 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-154** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL VALUE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **PREFERRED STOCKS - 0.7%** | **PREFERRED STOCKS - 0.7%** | **PREFERRED STOCKS - 0.7%** |
|  **Germany - 0.7%** | **Germany - 0.7%** | **Germany - 0.7%** |
|  Henkel AG & Co. KGaA | 103566 | $7178438 |
|  Total Preferred Stocks <br>(Cost $7,693,028) |  | 7178438 |
|  **COMMON STOCKS - 97.0%** | **COMMON STOCKS - 97.0%** | **COMMON STOCKS - 97.0%** |
|  **Argentina - 0.2%** | **Argentina - 0.2%** | **Argentina - 0.2%** |
|  YPF SA ADR \* | 162198 | 1490600 |
|  **Austria - 1.3%** | **Austria - 1.3%** | **Austria - 1.3%** |
|  ams-OSRAM AG \* | 394557 | 2890771 |
|  Erste Group Bank AG | 288506 | 9230809 |
|  |  | 12121580 |
|  **Belgium - 0.9%** | **Belgium - 0.9%** | **Belgium - 0.9%** |
|  Ageas SA NV | 164026 | 7278136 |
|  Proximus SADP | 151473 | 1462449 |
|  |  | 8740585 |
|  **Brazil - 2.4%** | **Brazil - 2.4%** | **Brazil - 2.4%** |
|  Atacadao SA | 605037 | 1695577 |
|  Banco Bradesco SA ADR | 2312815 | 6660907 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 474722 | 5110780 |
|  Telefonica Brasil SA | 793236 | 5729939 |
|  Ultrapar Participacoes SA | 1458544 | 3462987 |
|  |  | 22660190 |
|  **Burkina Faso - 0.4%** | **Burkina Faso - 0.4%** | **Burkina Faso - 0.4%** |
|  Endeavour Mining PLC | 186417 | 3989930 |
|  **Canada - 1.8%** | **Canada - 1.8%** | **Canada - 1.8%** |
|  ARC Resources Ltd. | 307894 | 4149975 |
|  Barrick Gold Corp. (TSE) | 492458 | 8441618 |
|  Cameco Corp. (NYSE) | 161808 | 3668187 |
|  Kinross Gold Corp. | 345337 | 1412428 |
|  |  | 17672208 |
|  **China - 1.1%** | **China - 1.1%** | **China - 1.1%** |
|  Baidu, Inc. Class A \* | 402983 | 5746831 |
|  Dongfeng Motor Group Co. Ltd. Class H | 9209531 | 5262138 |
|  |  | 11008969 |
|  **Finland - 1.6%** | **Finland - 1.6%** | **Finland - 1.6%** |
|  Nokia OYJ (OMXH) | 2026661 | 9415254 |
|  Wartsila OYJ Abp | 715923 | 6036698 |
|  |  | 15451952 |
|  **France - 12.7%** | **France - 12.7%** | **France - 12.7%** |
|  AXA SA | 560101 | 15601895 |
|  BNP Paribas SA | 209399 | 11922997 |
|  Carrefour SA | 501145 | 8382122 |
|  Cie de Saint-Gobain | 265273 | 12977367 |
|  Dassault Aviation SA | 27856 | 4724183 |
|  Engie SA | 1049630 | 15016080 |
|  Orange SA | 800101 | 7938694 |
|  Renault SA \* | 212569 | 7093137 |
|  Rexel SA \* | 137707 | 2723633 |
|  Societe Generale SA | 384996 | 9657099 |
|  TotalEnergies SE | 414717 | 26033086 |
|  |  | 122070293 |
|  **Germany - 4.7%** | **Germany - 4.7%** | **Germany - 4.7%** |
|  CECONOMY AG | 512662 | 1015419 |
|  Continental AG | 83366 | 4969822 |
|  Daimler Truck Holding AG \* | 362227 | 11135477 |
|  Fresenius SE & Co. KGaA | 349380 | 9758841 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  HeidelbergCement AG | 199983 | $11332036 |
|  Mercedes-Benz Group AG | 107825 | 7051202 |
|  |  | 45262797 |
|  **Hong Kong - 1.3%** | **Hong Kong - 1.3%** | **Hong Kong - 1.3%** |
|  CK Asset Holdings Ltd. | 1362429 | 8356011 |
|  WH Group Ltd. ~ | 7408950 | 4321181 |
|  |  | 12677192 |
|  **India - 0.9%** | **India - 0.9%** | **India - 0.9%** |
|  Canara Bank | 1427051 | 5734298 |
|  Oil & Natural Gas Corp. Ltd. | 1598725 | 2845852 |
|  |  | 8580150 |
|  **Indonesia - 0.6%** | **Indonesia - 0.6%** | **Indonesia - 0.6%** |
|  P.T. Bank Mandiri Persero Tbk ADR | 9301391 | 5931442 |
|  **Ireland - 1.4%** |  |  |
|  AIB Group PLC | 1560741 | 5990756 |
|  Bank of Ireland Group PLC | 779713 | 7430131 |
|  |  | 13420887 |
|  **Italy - 4.8%** | **Italy - 4.8%** | **Italy - 4.8%** |
|  Assicurazioni Generali SpA | 484163 | 8609626 |
|  BPER Banca | 2266614 | 4646953 |
|  Eni SpA | 1176761 | 16732906 |
|  UniCredit SpA | 1115537 | 15828962 |
|  |  | 45818447 |
|  **Japan - 25.4%** | **Japan - 25.4%** | **Japan - 25.4%** |
|  Alfresa Holdings Corp. | 267050 | 3394551 |
|  Alps Alpine Co. Ltd. | 334126 | 3020101 |
|  Amada Co. Ltd. | 237080 | 1846225 |
|  Benesse Holdings, Inc. | 20063 | 305038 |
|  Dai-ichi Life Holdings, Inc. | 496265 | 11207336 |
|  DeNA Co. Ltd. | 253991 | 3396470 |
|  Eisai Co. Ltd. | 52004 | 3429770 |
|  Fuji Media Holdings, Inc. | 168352 | 1369355 |
|  Hakuhodo DY Holdings, Inc. | 198250 | 1989649 |
|  Hino Motors Ltd. \* | 955408 | 3630257 |
|  Honda Motor Co. Ltd. | 569600 | 12992011 |
|  Inpex Corp. | 621906 | 6682637 |
|  Isuzu Motors Ltd. | 649411 | 7528537 |
|  Japan Airlines Co. Ltd. \* | 273877 | 5578234 |
|  JGC Holdings Corp. | 362180 | 4590983 |
|  Kirin Holdings Co. Ltd. | 412407 | 6285673 |
|  Makita Corp. | 322848 | 7520812 |
|  Mitsubishi Estate Co. Ltd. | 608637 | 7884026 |
|  Mitsubishi UFJ Financial Group, Inc. | 2181843 | 14647613 |
|  MS&AD Insurance Group Holdings, Inc. | 313655 | 10027497 |
|  Nikon Corp. | 407094 | 3599820 |
|  Nippon Television Holdings, Inc. | 315197 | 2486323 |
|  Nissan Motor Co. Ltd. | 1893368 | 5925149 |
|  Nomura Holdings, Inc. | 737115 | 2731361 |
|  Ono Pharmaceutical Co. Ltd. | 356390 | 8330108 |
|  Resona Holdings, Inc. | 2185085 | 12001389 |
|  Stanley Electric Co. Ltd. | 278326 | 5264185 |
|  Subaru Corp. | 436608 | 6610275 |
|  Sumitomo Electric Industries Ltd. | 692143 | 7820141 |
|  Sumitomo Heavy Industries Ltd. | 207261 | 4137824 |
|  Sumitomo Mitsui Financial Group, Inc. | 232802 | 9366185 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 272237 | 9499858 |
|  Sumitomo Rubber Industries Ltd. | 400337 | 3479163 |
|  T&D Holdings, Inc. | 1018746 | 14583082 |
|  Taiheiyo Cement Corp. | 204911 | 3186778 |
|  Takeda Pharmaceutical Co. Ltd. | 281258 | 8788376 |
|  THK Co. Ltd. | 276089 | 5220331 |
|  Tsuruha Holdings, Inc. | 74906 | 5810090 |
|  Yamato Holdings Co. Ltd. | 518387 | 8214491 |
|  |  | 244381704 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-155** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL VALUE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Luxembourg - 0.4%** | **Luxembourg - 0.4%** | **Luxembourg - 0.4%** |
|  RTL Group SA \* | 98710 | $4157227 |
|  **Malaysia - 0.5%** | **Malaysia - 0.5%** | **Malaysia - 0.5%** |
|  CIMB Group Holdings Bhd | 4003071 | 5267913 |
|  **Netherlands - 6.7%** | **Netherlands - 6.7%** | **Netherlands - 6.7%** |
|  ABN AMRO Bank NV CVA ~ | 915283 | 12674798 |
|  ING Groep NV | 894675 | 10898169 |
|  Koninklijke Philips NV | 599611 | 9022472 |
|  PostNL NV | 410361 | 748267 |
|  Shell PLC | 1101752 | 31059289 |
|  |  | 64402995 |
|  **Norway - 0.1%** | **Norway - 0.1%** | **Norway - 0.1%** |
|  Norsk Hydro ASA | 195871 | 1463619 |
|  **Russia - 0.1%** | **Russia - 0.1%** | **Russia - 0.1%** |
|  Gazprom PJSC ± \* W | 340336 |  |
|  Gazprom PJSC ADR (OTC) \* ± W | 384 |  |
|  Gazprom PJSC ADR (SEAQ) \* ± W | 142682 |  |
|  LUKOIL PJSC ADR (OTC) \*± W | 24064 |  |
|  Mobile TeleSystems PJSC ADR \* ± W | 327186 |  |
|  Sberbank of Russia PJSC \* ± W | 927996 |  |
|  VEON Ltd. ADR \* | 1511909 | 740836 |
|  |  | 740836 |
|  **South Africa - 1.4%** | **South Africa - 1.4%** | **South Africa - 1.4%** |
|  Anglo American PLC | 237041 | 9282495 |
|  MTN Group Ltd. | 172640 | 1289404 |
|  Old Mutual Ltd. | 5310093 | 3257651 |
|  |  | 13829550 |
|  **South Korea - 4.8%** | **South Korea - 4.8%** | **South Korea - 4.8%** |
|  Coway Co. Ltd. \* | 109100 | 4844019 |
|  Hankook Tire & Technology Co. Ltd. \* | 127237 | 3141966 |
|  Hyundai Mobis Co. Ltd. | 41345 | 6558072 |
|  KB Financial Group, Inc. | 303121 | 11613360 |
|  KT Corp. ADR \* | 699089 | 9437702 |
|  Shinhan Financial Group Co. Ltd. | 382266 | 10642088 |
|  |  | 46237207 |
|  **Spain - 0.7%** | **Spain - 0.7%** | **Spain - 0.7%** |
|  CaixaBank SA (SIBE) | 1677447 | 6576915 |
|  **Sweden - 1.6%** | **Sweden - 1.6%** | **Sweden - 1.6%** |
|  SKF AB Class B | 591731 | 9037819 |
|  Telefonaktiebolaget LM Ericsson Class B | 1105626 | 6478317 |
|  |  | 15516136 |
|  **Switzerland - 5.9%** | **Switzerland - 5.9%** | **Switzerland - 5.9%** |
|  Adecco Group AG | 272842 | 8975098 |
|  Novartis AG | 233477 | 21129066 |
|  The Swatch Group AG | 34119 | 9697323 |
|  UBS Group AG (XVTX) | 931021 | 17304160 |
|  |  | 57105647 |
|  **Taiwan - 1.1%** | **Taiwan - 1.1%** | **Taiwan - 1.1%** |
|  Catcher Technology Co. Ltd. | 877099 | 4816937 |
|  Hon Hai Precision Industry Co. Ltd. | 1685582 | 5463362 |
|  |  | 10280299 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Thailand - 1.0%** | **Thailand - 1.0%** | **Thailand - 1.0%** |
|  Kasikornbank PCL | 2018174 | $8579762 |
|  Kasikornbank PCL NVDR | 150726 | 640774 |
|  |  | 9220536 |
|  **Turkey - 0.5%** | **Turkey - 0.5%** | **Turkey - 0.5%** |
|  Turk Telekomunikasyon AS | 1742518 | 2286346 |
|  Turkcell Iletisim Hizmetleri AS | 1036218 | 2089331 |
|  |  | 4375677 |
|  **United Kingdom - 8.4%** | **United Kingdom - 8.4%** | **United Kingdom - 8.4%** |
|  Babcock International Group PLC \* | 957573 | 3274881 |
|  BP PLC | 4240285 | 24466197 |
|  British Land Co. PLC REIT | 807594 | 3834261 |
|  BT Group PLC | 3892919 | 5256507 |
|  easyJet PLC \* | 1353024 | 5307418 |
|  J Sainsbury PLC | 2096381 | 5498424 |
|  Kingfisher PLC | 1214624 | 3451019 |
|  Land Securities Group PLC REIT | 554713 | 4144348 |
|  Marks & Spencer Group PLC \* | 731502 | 1079147 |
|  Standard Chartered PLC | 1835054 | 13686778 |
|  WPP PLC | 1090266 | 10771809 |
|  |  | 80770789 |
|  **United States - 2.3%** | **United States - 2.3%** | **United States - 2.3%** |
|  GSK PLC | 722387 | 12485184 |
|  Holcim AG \* | 193855 | 10034568 |
|  |  | 22519752 |
|  Total Common Stocks <br>(Cost $880,016,674) |  | 933744024 |
|  **EXCHANGE-TRADED FUND - 0.1%** |  |  |
|  iShares Core MSCI EAFE | 15411 | 949934 |
|  Total Exchange-Traded Fund <br>(Cost $954,804) |  | 949934 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 1.2%** |  |  |
|  **Repurchase Agreement - 1.2%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $11,597,403; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28<br>and value $11,824,221) | $11592315 | 11592315 |
|  Total Short-Term Investment <br>(Cost $11,592,315) |  | 11592315 |
|  **TOTAL INVESTMENTS - 99.0% <br>(Cost $900,256,821)** |  | 953464711 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.0%** |  | 9423536 |
|  **NET ASSETS - 100.0%** |  | $962888247 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-156** 

------

**PACIFIC SELECT FUND** 

**INTERNATIONAL VALUE PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 33.6% |
|  Consumer, Cyclical | 14.4% |
|  Consumer, Non-Cyclical | 12.6% |
|  Energy | 12.1% |
|  Industrial | 11.1% |
|  Communications | 8.2% |
|  Others (each less than 3.0%) | 7.0% |
|  | 99.0% |
|  Other Assets & Liabilities, Net | 1.0% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Japan | 25.4% |
|  France | 12.7% |
|  United Kingdom | 8.4% |
|  Netherlands | 6.7% |
|  Switzerland | 5.9% |
|  Germany | 5.4% |
|  South Korea | 4.8% |
|  Italy | 4.8% |
|  Others (each less than 3.0%) | 24.9% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Preferred Stocks | $7178438 | $— | $7178438 | $— |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 1490600 | 1490600 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 12121580 |  | 12121580 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 8740585 |  | 8740585 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 22660190 | 6660907 | 15999283 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burkina Faso | 3989930 | 3989930 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 17672208 | 17672208 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 11008969 |  | 11008969 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 15451952 |  | 15451952 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 122070293 |  | 122070293 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 45262797 |  | 45262797 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 12677192 |  | 12677192 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 8580150 |  | 8580150 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 5931442 |  | 5931442 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 13420887 |  | 13420887 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 45818447 |  | 45818447 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 244381704 |  | 244381704 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 4157227 |  | 4157227 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 5267913 |  | 5267913 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 64402995 |  | 64402995 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 1463619 |  | 1463619 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 740836 | 740836 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 13829550 |  | 13829550 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 46237207 | 9437702 | 36799505 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 6576915 |  | 6576915 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 15516136 |  | 15516136 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 57105647 |  | 57105647 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 10280299 |  | 10280299 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 9220536 |  | 9220536 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 4375677 |  | 4375677 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 80770789 |  | 80770789 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 22519752 |  | 22519752 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 933744024 | 39992183 | 893751841 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Fund | 949934 | 949934 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment | 11592315 |  | 11592315 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $953464711 | $40942117 | $912522594 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-157** 

------

**PACIFIC SELECT FUND** 

**HEALTH SCIENCES PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
|  **Technology - 0.0%** | **Technology - 0.0%** | **Technology - 0.0%** |
|  Contra Abiomed, Inc. - Contingent Value Rights \* | 11083 | $11305 |
|  Total Rights <br>(Cost $11,305) |  | 11305 |
|  **WARRANTS - 0.0%** | **WARRANTS - 0.0%** | **WARRANTS - 0.0%** |
|  **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** |
|  CareMax, Inc. Exercise @ $11.50<br>Exp 07/16/25 \* | 3646 | 1905 |
|  Nuvation Bio, Inc. Exercise @ $11.50<br>Exp 07/07/27 \* | 3472 | 501 |
|  |  | 2406 |
|  Total Warrants <br>(Cost $16,587) |  | 2406 |
|  **COMMON STOCKS - 97.2%** | **COMMON STOCKS - 97.2%** | **COMMON STOCKS - 97.2%** |
|  **Consumer, Non-Cyclical - 95.4%** | **Consumer, Non-Cyclical - 95.4%** | **Consumer, Non-Cyclical - 95.4%** |
|  10X Genomics, Inc. Class A \* | 7617 | 277564 |
|  Abbott Laboratories | 119034 | 13068743 |
|  AbbVie, Inc. | 77490 | 12523159 |
|  Agiliti, Inc. \* | 29088 | 474425 |
|  Alcon, Inc. (Switzerland) | 56764 | 3891172 |
|  Align Technology, Inc. \* | 2805 | 591575 |
|  Alkermes PLC \* | 16222 | 423881 |
|  Alnylam Pharmaceuticals, Inc. \* | 11422 | 2714438 |
|  Amedisys, Inc. \* | 17097 | 1428283 |
|  AmerisourceBergen Corp. | 40464 | 6705289 |
|  Amgen, Inc. | 50610 | 13292210 |
|  Apellis Pharmaceuticals, Inc. \* | 8400 | 434364 |
|  Arcutis Biotherapeutics, Inc. \* | 34856 | 515869 |
|  Argenx SE ADR \* (Netherlands) | 5090 | 1928245 |
|  Arvinas, Inc. \* | 7925 | 271114 |
|  AstraZeneca PLC (United Kingdom) | 43588 | 5898300 |
|  AstraZeneca PLC ADR (United Kingdom) | 18553 | 1257893 |
|  Avantor, Inc. \* | 58070 | 1224696 |
|  Bausch & Lomb Corp. \* | 57594 | 893283 |
|  Baxter International, Inc. | 52863 | 2694427 |
|  Biogen, Inc. \* | 19026 | 5268680 |
|  BioMarin Pharmaceutical, Inc. \* | 22437 | 2322005 |
|  BioNTech SE ADR (Germany) | 7155 | 1074824 |
|  Blueprint Medicines Corp. \* | 10215 | 447519 |
|  Boston Scientific Corp. \* | 302457 | 13994685 |
|  Bristol-Myers Squibb Co. | 28146 | 2025105 |
|  Catalent, Inc. \* | 14315 | 644318 |
|  Centene Corp. \* | 26459 | 2169903 |
|  Cerevel Therapeutics Holdings, Inc. \* | 14624 | 461241 |
|  Cigna Corp. | 31696 | 10502153 |
|  Cooper Cos., Inc. | 7772 | 2569967 |
|  Daiichi Sankyo Co. Ltd. (Japan) | 82100 | 2642527 |
|  Danaher Corp. | 48925 | 12985674 |
|  Decibel Therapeutics, Inc. \* | 20803 | 42646 |
|  Design Therapeutics, Inc. \* | 11344 | 116389 |
|  Dexcom, Inc. \* | 38066 | 4310594 |
|  Edwards Lifesciences Corp. \* | 28007 | 2089602 |
|  Elevance Health, Inc. | 25903 | 13287462 |
|  Eli Lilly & Co. | 66338 | 24269094 |
|  Enanta Pharmaceuticals, Inc. \* | 2470 | 114904 |
|  Encompass Health Corp. | 34862 | 2085096 |
|  Exact Sciences Corp. \* | 19110 | 946136 |
|  Genmab AS \* (Denmark) | 1934 | 817685 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Genmab AS ADR \* (Denmark) | 13000 | $550940 |
|  Gilead Sciences, Inc. | 120569 | 10350849 |
|  Glaukos Corp. \* | 3530 | 154190 |
|  Guardant Health, Inc. \* | 9220 | 250784 |
|  HCA Healthcare, Inc. | 5992 | 1437840 |
|  Horizon Therapeutics PLC \* | 5304 | 603595 |
|  ICON PLC ADR \* | 5965 | 1158701 |
|  Imago Biosciences, Inc. \* | 19609 | 704944 |
|  Immuneering Corp. Class A \* | 11507 | 55809 |
|  Immunocore Holdings PLC ADR \* (United Kingdom) | 7997 | 456389 |
|  Incyte Corp. \* | 21570 | 1732502 |
|  Insulet Corp. \* | 6290 | 1851713 |
|  Intuitive Surgical, Inc. \* | 33806 | 8970422 |
|  Ionis Pharmaceuticals, Inc. \* | 13405 | 506307 |
|  IQVIA Holdings, Inc. \* | 18055 | 3699289 |
|  iRhythm Technologies, Inc. \* | 1670 | 156429 |
|  Johnson & Johnson | 128927 | 22774955 |
|  Karuna Therapeutics, Inc. \* | 2665 | 523673 |
|  Krystal Biotech, Inc. \* | 2235 | 177057 |
|  Legend Biotech Corp. ADR \* | 10392 | 518769 |
|  LHC Group, Inc. \* | 16858 | 2725770 |
|  Masimo Corp.\* | 6060 | 896577 |
|  McKesson Corp. | 17617 | 6608489 |
|  Medtronic PLC | 92197 | 7165551 |
|  Merck & Co., Inc. | 162742 | 18056225 |
|  Mirati Therapeutics, Inc. \* | 3200 | 144992 |
|  Moderna, Inc. \* | 29994 | 5387522 |
|  Monte Rosa Therapeutics, Inc. \* | 22869 | 174033 |
|  MoonLake Immunotherapeutics \* | 10006 | 105063 |
|  Nautilus Biotechnology, Inc. SPAC \* | 13880 | 24984 |
|  Neurocrine Biosciences, Inc. \* | 16210 | 1936122 |
|  Nevro Corp. \* | 25801 | 1021720 |
|  Novocure Ltd. \* | 8335 | 611372 |
|  Nuvalent, Inc. Class A \* | 8080 | 240622 |
|  Omnicell, Inc. \* | 5152 | 259764 |
|  Penumbra, Inc. \* | 15405 | 3426996 |
|  Pfizer, Inc. | 242666 | 12434206 |
|  PMV Pharmaceuticals, Inc. \* | 14248 | 123958 |
|  Prime Medicine, Inc. \* | 16502 | 306607 |
|  Prometheus Biosciences, Inc. \* | 4949 | 544390 |
|  Prothena Corp. PLC \* (Ireland) | 6265 | 377466 |
|  PTC Therapeutics, Inc. \* | 6140 | 234364 |
|  QIAGEN NV \* | 22146 | 1104421 |
|  Quest Diagnostics, Inc. | 29600 | 4630624 |
|  Rapid Micro Biosystems, Inc. Class A \* | 16316 | 18437 |
|  Regeneron Pharmaceuticals, Inc. \* | 7765 | 5602370 |
|  ResMed, Inc. | 12212 | 2541684 |
|  REVOLUTION Medicines, Inc. \* | 13995 | 333361 |
|  Rhythm Pharmaceuticals, Inc. \* | 34632 | 1008484 |
|  Roche Holding AG | 4677 | 1469688 |
|  Rocket Pharmaceuticals, Inc. \* | 12263 | 239987 |
|  Sage Therapeutics, Inc. \* | 15705 | 598989 |
|  Sanofi (France) | 17776 | 1714078 |
|  Sarepta Therapeutics, Inc. \* | 13754 | 1782243 |
|  Seagen, Inc. \* | 15481 | 1989463 |
|  STERIS PLC | 3515 | 649185 |
|  Stryker Corp. | 43184 | 10558056 |
|  Tenaya Therapeutics, Inc. \* | 19591 | 39378 |
|  Thermo Fisher Scientific, Inc. | 30776 | 16948036 |
|  TScan Therapeutics, Inc. \* | 23807 | 38805 |
|  Ultragenyx Pharmaceutical, Inc. \* | 4520 | 209412 |
|  UnitedHealth Group, Inc. | 69923 | 37071776 |
|  Vertex Pharmaceuticals, Inc. \* | 33264 | 9605978 |
|  Waters Corp. \* | 7960 | 2726937 |
|  West Pharmaceutical Services, Inc. | 5541 | 1304074 |
|  Zimmer Biomet Holdings, Inc. | 10825 | 1380188 |
|  Zoetis, Inc. | 55961 | 8201085 |
|  |  | 406905828 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-158** 

------

**PACIFIC SELECT FUND** 

**HEALTH SCIENCES PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** |
|  Health Sciences Acquisitions Corp. 2 SPAC \* | 11840 | $118282 |
|  **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** |
|  Agilent Technologies, Inc. | 44752 | 6697137 |
|  Mettler-Toledo International, Inc. \* | 755 | 1091314 |
|  |  | 7788451 |
|  Total Common Stocks <br>(Cost $347,136,988) |  | 414812561 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 2.8%** | **SHORT-TERM INVESTMENT - 2.8%** | **SHORT-TERM INVESTMENT - 2.8%** |
|  **Repurchase Agreement - 2.8%** | **Repurchase Agreement - 2.8%** | **Repurchase Agreement - 2.8%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $11,762,024; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $11,992,012) | $11756865 | 11756865 |
|  Total Short-Term Investment <br>(Cost $11,756,865) |  | 11756865 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $358,921,745)** |  | 426583137 |
|  **DERIVATIVES - 0.1%** |  | 114218 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.1%)** |  | (215841) |
|  **NET ASSETS - 100.0%** |  | $426481514 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by health care sector as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  Medical-Drugs | 26.9% |
|  Medical-Biomedical/Gene | 17.1% |
|  Medical-HMO | 12.3% |
|  Medical Products | 10.9% |
|  Diagnostic Equipment | 8.0% |
|  Medical Instruments | 6.8% |
|  Pharmacy Services | 3.1% |
|  Others (each less than 3.0%) | 12.1% |
|  | 97.2% |
|  Short-Term Investment | 2.8% |
|  Derivatives | 0.1% |
|  Other Assets & Liabilities, Net | (0.1%) |
|  | 100.0% |

---

(b) Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement Month | Counterparty | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
| USD | 1890945 | EUR | 1763000 | 03/23 | JPM | $— | ($5309) |
| USD | 4051612 | GBP | 3320000 | 03/23 | BNY | 30916 |  |
| USD | 3324121 | GBP | 2671651 | 03/23 | RBC | 88611 |  |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $119527 | ($5309) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-159** 

------

**PACIFIC SELECT FUND** 

**HEALTH SCIENCES PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Rights | $11305 | $— | $11305 | $— |
|  | Warrants | 2406 | 2406 |  |  |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 406905828 | 394363550 | 12542278 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified | 118282 | 118282 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 7788451 | 7788451 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 414812561 | 402270283 | 12542278 |  |
|  | Short-Term Investment | 11756865 |  | 11756865 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts<br>Forward Foreign Currency Contracts | 119527 |  | 119527 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 426702664 | 402272689 | 24429975 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts<br>Forward Foreign Currency Contracts | (5309) |  | (5309) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (5309) |  | (5309) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $426697355 | $402272689 | $24424666 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-160** 

------

**PACIFIC SELECT FUND** 

**REAL ESTATE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 98.9%** |  |  |
|  **Consumer, Cyclical - 1.1%** |  |  |
|  Marriott Vacations Worldwide Corp. | 37316 | $5022361 |
|  **Financial - 97.8%** |  |  |
|  Agree Realty Corp. REIT | 87069 | 6175804 |
|  Alexandria Real Estate Equities, Inc. REIT | 118676 | 17287533 |
|  American Homes 4 Rent Class A REIT | 487575 | 14695511 |
|  American Tower Corp. REIT | 86598 | 18346652 |
|  Apartment Income REIT Corp. | 234238 | 8036706 |
|  Apple Hospitality REIT, Inc. | 253831 | 4005453 |
|  AvalonBay Communities, Inc. REIT | 129907 | 20982579 |
|  Broadstone Net Lease, Inc. REIT | 366439 | 5939976 |
|  Cousins Properties, Inc. REIT | 240448 | 6080930 |
|  CubeSmart REIT | 312753 | 12588308 |
|  DiamondRock Hospitality Co. REIT | 325453 | 2665460 |
|  Digital Realty Trust, Inc. REIT | 152781 | 15319351 |
|  Equinix, Inc. REIT | 27971 | 18321844 |
|  Equity LifeStyle Properties, Inc. REIT | 211694 | 13675432 |
|  Equity Residential REIT | 62468 | 3685612 |
|  Essex Property Trust, Inc. REIT | 78708 | 16679799 |
|  Extra Space Storage, Inc. REIT | 115428 | 16988693 |
|  First Industrial Realty Trust, Inc. REIT | 237416 | 11457696 |
|  Gaming & Leisure Properties, Inc. REIT | 134680 | 7015481 |
|  Healthcare Realty Trust, Inc. REIT | 237017 | 4567318 |
|  InvenTrust Properties Corp. REIT | 91928 | 2175936 |
|  Invitation Homes, Inc. REIT | 522778 | 15495140 |
|  Kilroy Realty Corp. REIT | 183964 | 7113888 |
|  Medical Properties Trust, Inc. REIT | 471622 | 5253869 |
|  NETSTREIT Corp. REIT | 155373 | 2847987 |
|  Prologis, Inc. REIT | 275654 | 31074475 |
|  Public Storage REIT | 35079 | 9828785 |
|  Regency Centers Corp. REIT | 234641 | 14665063 |
|  Rexford Industrial Realty, Inc. REIT | 284951 | 15569723 |
|  Sabra Health Care REIT, Inc. | 431122 | 5358846 |
|  Simon Property Group, Inc. REIT | 50504 | 5933210 |
|  Sun Communities, Inc. REIT | 130380 | 18644340 |
|  Terreno Realty Corp. REIT | 159187 | 9052965 |
|  Ventas, Inc. REIT | 468786 | 21118809 |
|  VICI Properties, Inc. REIT | 689120 | 22327488 |
|  Welltower, Inc. REIT | 275954 | 18088785 |
|  |  | 429065447 |
|  Total Common Stocks <br>(Cost $448,601,065) |  | 434087808 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.4%** |  |  |
|  **Repurchase Agreement - 0.4%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $1,801,342; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28<br>and value $1,836,636) | $1800551 | $1800551 |
|  Total Short-Term Investment <br>(Cost $1,800,551) |  | 1800551 |
|  **TOTAL INVESTMENTS - 99.3% <br>(Cost $450,401,616)** |  | 435888359 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.7%** |  | 3065592 |
|  **NET ASSETS - 100.0%** |  | $438953951 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by real estate sector as a percentage of net assets was as
follow:

---

| | |
|:---|:---|
|  REITS-Diversified | 20.4% |
|  REITS-Apartments | 18.1% |
|  REITS-Warehouse/Industrial | 15.3% |
|  REITS-Health Care | 12.4% |
|  REITS-Storage | 9.0% |
|  REITS-Manufactured Homes | 7.4% |
|  REITS-Office Property | 6.9% |
|  REITS-Shopping Centers | 4.0% |
|  Others (each less than 3.0%) | 5.4% |
|  | 98.9% |
|  Short-Term Investment | 0.4% |
|  Other Assets & Liabilities, Net | 0.7% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $434087808 | $434087808 | $— | $— |
|  | Short-Term Investment | 1800551 |  | 1800551 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $435888359 | $434087808 | $1800551 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-161** 

------

**PACIFIC SELECT FUND** 

**TECHNOLOGY PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 95.4%** |  |  |
|  **Communications - 24.9%** |  |  |
|  'Alphabet, Inc. Class A \* | 197104 | $17390486 |
|  Amazon.com, Inc. \* | 180297 | 15144948 |
|  Arista Networks, Inc. \* | 9914 | 1203064 |
|  Booking Holdings, Inc. \* | 3094 | 6235276 |
|  Charter Communications, Inc. Class A \* | 3341 | 1132933 |
|  FactSet Research Systems, Inc. | 1210 | 485464 |
|  Meta Platforms, Inc. Class A \* | 19391 | 2333513 |
|  Palo Alto Networks, Inc.\* | 12112 | 1690109 |
|  Pinterest, Inc. Class A \* | 14301 | 347228 |
|  Q2 Holdings, Inc. \* | 16376 | 440023 |
|  Shopify, Inc. Class A \* (Canada) | 32035 | 1111935 |
|  Tencent Holdings Ltd. (China) | 44700 | 1895296 |
|  |  | 49410275 |
|  **Consumer, Cyclical - 0.6%** | **Consumer, Cyclical - 0.6%** | **Consumer, Cyclical - 0.6%** |
|  Mobileye Global, Inc. Class A \* (Israel) | 35107 | 1230851 |
|  **Consumer, Non-Cyclical - 12.1%** | **Consumer, Non-Cyclical - 12.1%** | **Consumer, Non-Cyclical - 12.1%** |
|  Dun & Bradstreet Holdings, Inc. | 96391 | 1181754 |
|  Equifax, Inc. | 5432 | 1055763 |
|  FleetCor Technologies, Inc. \* | 13953 | 2562887 |
|  Gartner, Inc. \* | 6096 | 2049109 |
|  Global Payments, Inc. | 31866 | 3164931 |
|  Maravai LifeSciences Holdings, Inc. Class A \* | 17484 | 250196 |
|  Morningstar, Inc. | 4675 | 1012558 |
|  Nuvei Corp. \* ~ (Canada) | 12746 | 323876 |
|  Paya Holdings, Inc. \* | 241657 | 1901841 |
|  PayPal Holdings, Inc. \* | 39332 | 2801225 |
|  S&P Global, Inc. | 4100 | 1373254 |
|  TransUnion | 10956 | 621753 |
|  Verisk Analytics, Inc. | 10521 | 1856115 |
|  WEX, Inc. \* | 24089 | 3942165 |
|  |  | 24097427 |
|  **Energy - 0.5%** |  |  |
|  Enphase Energy, Inc. \* | 3664 | 970814 |
|  **Financial - 14.3%** |  |  |
|  Aon PLC Class A | 8762 | 2629827 |
|  Arthur J Gallagher & Co. | 22204 | 4186342 |
|  Charles Schwab Corp. | 31429 | 2616778 |
|  CME Group, Inc. | 3980 | 669277 |
|  Mastercard, Inc. Class A | 34558 | 12016853 |
|  SBA Communications Corp. REIT | 1945 | 545203 |
|  Tradeweb Markets, Inc. Class A | 13606 | 883438 |
|  Visa, Inc. Class A | 22842 | 4745654 |
|  |  | 28293372 |
|  **Industrial - 0.7%** |  |  |
|  Hitachi Ltd. (Japan) | 29700 | 1494394 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Technology - 42.3%** |  |  |
|  Accenture PLC Class A | 17952 | $4790312 |
|  Activision Blizzard, Inc. | 20653 | 1580987 |
|  Adobe, Inc. \* | 15582 | 5243810 |
|  Advanced Micro Devices, Inc. \* | 23933 | 1550140 |
|  Apple, Inc. | 18378 | 2387854 |
|  Asana, Inc. Class A \* | 3141 | 43252 |
|  Atlassian Corp. Class A \* | 5739 | 738495 |
|  Black Knight, Inc. \* | 36355 | 2244921 |
|  Constellation Software, Inc. (Canada) | 1304 | 2035896 |
|  Descartes Systems Group, Inc. \* (Canada) | 26363 | 1837817 |
|  Endava PLC ADR \* (United Kingdom) | 19596 | 1499094 |
|  Fidelity National Information Services, Inc. | 34739 | 2357041 |
|  Freshworks, Inc. Class A \* | 14119 | 207691 |
|  HubSpot, Inc. \* | 3085 | 891966 |
|  Intuit, Inc. | 13243 | 5154440 |
|  KLA Corp. | 6953 | 2621490 |
|  Lam Research Corp. | 2017 | 847745 |
|  Marvell Technology, Inc. | 64970 | 2406489 |
|  Microsoft Corp. | 107414 | 25760025 |
|  MSCI, Inc. | 3136 | 1458773 |
|  NVIDIA Corp. | 33280 | 4863539 |
|  Paycor HCM, Inc. \* | 26047 | 637370 |
|  Qualtrics International, Inc. Class A \* | 18234 | 189269 |
|  Rakus Co. Ltd. (Japan) | 27100 | 324790 |
|  RingCentral, Inc. Class A \* | 19091 | 675821 |
|  Salesforce, Inc. \* | 31707 | 4204031 |
|  ServiceNow, Inc. \* | 8465 | 3286706 |
|  Take-Two Interactive Software, Inc. \* | 17439 | 1815923 |
|  TaskUS, Inc. Class A \* (Philippines) | 22614 | 382177 |
|  Thoughtworks Holding, Inc.\* | 98686 | 1005610 |
|  Topicus.com, Inc. \* (Netherlands) | 16369 | 859433 |
|  |  | 83902907 |
|  Total Common Stocks <br>(Cost $190,144,973) |  | 189400040 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 4.0%** |  |  |
|  **Repurchase Agreement - 4.0%** |  |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of<br>$7,942,324; collateralized by U.S. Treasury<br>Notes: 1.125% due 02/29/28 and value<br>$8,097,649) | $7938840 | 7938840 |
|  Total Short-Term Investment <br>(Cost $7,938,840) |  | 7938840 |
|  **TOTAL INVESTMENTS - 99.4% <br>(Cost $198,083,813)** |  | 197338880 |
|  **DERIVATIVES - 0.5%** |  | 969234 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  | 144411 |
|  **NET ASSETS - 100.0%** |  | $198452525 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-162** 

------

**PACIFIC SELECT FUND** 

**TECHNOLOGY PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

**<u>Notes to' Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by technology sector as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  Applications Software | 18.2% |
|  Commercial Services-Finance | 9.5% |
|  Web Portals/ISP | 8.8% |
|  Finance-Credit Card | 8.4% |
|  E-Commerce/Products | 7.6% |
|  Enterprise Software/Serv | 6.1% |
|  Electronic Components-Semiconductor | 4.4% |
|  Computer Services | 3.9% |
|  Insurance Brokers | 3.4% |
|  E-Commerce/Services | 3.1% |
|  Others (each less than 3.0%) | 22.0% |
|  | 95.4% |
|  Short-Term Investment | 4.0% |
|  Derivatives | 0.5% |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) Purchased options outstanding as of December 31, 2022 were as follows:

<u>Options on Securities</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Exchange | Number of<br>Contracts | Notional<br>Amount | Cost | Value |
|  Put - Invesco QQQ Trust | $295.00 | 06/16/23 | OCC | 282 | $8319000 | $750146 | $969234 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $750146 | $969234 |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | $49410275 | $47514979 | $1895296 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 1230851 | 1230851 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 24097427 | 24097427 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 970814 | 970814 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 28293372 | 28293372 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1494394 |  | 1494394 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 83902907 | 83578117 | 324790 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 189400040 | 185685560 | 3714480 |  |
|  | Short-Term Investment | 7938840 |  | 7938840 |  |
|  | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 969234 |  | 969234 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $198308114 | $185685560 | $12622554 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-163** 

------

**PACIFIC SELECT FUND** 

**ESG DIVERSIFIED PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS - 100.2%** | **MUTUAL FUNDS - 100.2%** | **MUTUAL FUNDS - 100.2%** |
|  **Affiliated Mutual Fund - 12.5%** | **Affiliated Mutual Fund - 12.5%** | **Affiliated Mutual Fund - 12.5%** |
|  Pacific Funds ESG Core Bond Class I | 296269 | $2482737 |
|  **Unaffiliated Mutual Funds - 87.7%** |  |  |
|  BlackRock Advantage ESG Emerging Markets Equity Fund Class K | 38267 | 299633 |
|  Calvert Green Bond Fund Class R6 | 182096 | 2481968 |
|  Calvert Small Cap Fund Class R6 | 29781 | 892831 |
|  Calvert US Mid Cap Core Responsible Index Fund Class R6 | 42441 | 1388684 |
|  Fidelity International Sustainability Index Fund Institutional | 229114 | 2401119 |
|  Fidelity US Sustainability Index Fund Institutional | 439248 | 7317875 |
|  JPMorgan High Yield Fund Class R6 | 292981 | 1798903 |
|  PIMCO Low Duration ESG Fund Institutional | 91297 | 807062 |
|  |  | 17388075 |
|  Total Mutual Funds <br>(Cost $22,172,433) |  | 19870812 |
|  **TOTAL INVESTMENTS - 100.2% <br>(Cost $22,172,433)** |  | 19870812 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.2%)** |  | (42645) |
|  **NET ASSETS - 100.0%** |  | $19828167 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Equity Funds | 62.0% |
|  Fixed Income Funds | 38.2% |
|  | 100.2% |
|  Other Assets & Liabilities, Net | (0.2%) |
|  | 100.0% |

---

(b) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Mutual Funds | $19870812 | $19870812 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-164** 

------

**PACIFIC SELECT FUND** 

**ESG DIVERSIFIED GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS - 100.3%** |  |  |
|  **Affiliated Mutual Fund - 5.1%** | **Affiliated Mutual Fund - 5.1%** | **Affiliated Mutual Fund - 5.1%** |
|  Pacific Funds ESG Core Bond Class I | 71441 | $598676 |
|  **Unaffiliated Mutual Funds - 95.2%** | **Unaffiliated Mutual Funds - 95.2%** | **Unaffiliated Mutual Funds - 95.2%** |
|  BlackRock Advantage ESG Emerging Markets Equity Fund Class K | 45237 | 354209 |
|  Calvert Green Bond Fund Class R6 | 43658 | 595062 |
|  Calvert Small Cap Fund Class R6 | 27416 | 821917 |
|  Calvert US Mid Cap Core Responsible Index Fund Class R6 | 32206 | 1053792 |
|  Fidelity International Sustainability Index Fund Institutional | 185549 | 1944558 |
|  Fidelity US Sustainability Index Fund Institutional | 312791 | 5211097 |
|  JPMorgan High Yield Fund Class R6 | 135761 | 833573 |
|  PIMCO Low Duration ESG Fund Institutional | 40957 | 362060 |
|  |  | 11176268 |
|  Total Mutual Funds <br>(Cost $13,143,698) |  | 11774944 |
|  **TOTAL INVESTMENTS - 100.3% <br>(Cost $13,143,698)** |  | 11774944 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.3%)** |  | (39820) |
|  **NET ASSETS - 100.0%** |  | $11735124 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Equity Funds | 80.0% |
|  Fixed Income Funds | 20.3% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Mutual Funds | $11774944 | $11774944 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-165** 

------

**PACIFIC SELECT FUND** 

**PSF AVANTIS BALANCED ALLOCATION PORTFOLIO (Formerly PSF DFA Balanced Allocation Portfolio)** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **EXCHANGE-TRADED FUNDS - 86.1%** |  |  |
|  American Century Diversified Corporate Bond \* | 439921 | $19940123 |
|  Avantis Core Fixed Income \* | 1301974 | 53347343 |
|  Avantis Emerging Markets Equity \* | 141362 | 7131713 |
|  Avantis International Equity \* | 599598 | 31892618 |
|  Avantis Real Estate \* | 161617 | 6645691 |
|  Avantis Short-Term Fixed Income \* | 394564 | 18101413 |
|  Avantis US Equity \* | 2083556 | 141702643 |
|  Avantis US Small Cap Value \* | 21231 | 1581922 |
|  Total Exchange-Traded Funds <br>(Cost $277,084,428) |  | 280343466 |
|  **MUTUAL FUNDS - 13.4%** |  |  |
|  American Century Diversified Bond Fund Class I \* | 3489708 | 32175104 |
|  American Century Short Duration Bond Fund Class I \* | 1031246 | 10023710 |
|  American Century Small Cap Growth Fund Class I \* | 94131 | 1574808 |
|  Total Mutual Funds <br>(Cost $43,099,617) |  | 43773622 |
|  **TOTAL INVESTMENTS - 99.5% <br>(Cost $320,184,045)** |  | 324117088 |
|  **OTHER ASSETS & LIABILITIES, NET - 0.5%** |  | 1582823 |
|  **NET ASSETS - 100.0%** |  | $325699911 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Exchange-Traded Funds | 86.1% |
|  Fixed Income Mutual funds | 12.9% |
|  Equity Mutual funds | 0.5% |
|  | 99.5% |
|  Other Assets & Liabilities, Net | 0.5% |
|  | 100.0% |

---

(b) Fair Value Measurements

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Exchange-Traded Funds | $280343466 | $280343466 | $— | $— |
|  | Mutual Funds | 43773622 | 43773622 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $324117088 | $324117088 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-166** 

------

**PACIFIC SELECT FUND** 

**PACIFIC DYNAMIX - CONSERVATIVE GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** |  |  |
|  PD 1-3 Year Corporate Bond Portfolio Class P \* | 2607946 | $28620678 |
|  PD Aggregate Bond Index Portfolio Class P \* | 17787462 | 215186313 |
|  PD High Yield Bond Market Portfolio Class P \* | 3368467 | 57074225 |
|  PD Large-Cap Growth Index Portfolio Class P \* | 1000553 | 58194749 |
|  PD Large-Cap Value Index Portfolio Class P \* | 1566999 | 62692209 |
|  PD Mid-Cap Index Portfolio Class P \* | 2965014 | 33677806 |
|  PD Small-Cap Growth Index Portfolio Class P \* | 73459 | 2552649 |
|  PD Small-Cap Value Index Portfolio Class P \* | 330636 | 10265059 |
|  PD Emerging Markets Index Portfolio Class P \* | 323594 | 5255478 |
|  PD International Large-Cap Index Portfolio<br>Class P \* | 2078659 | 44999269 |
|  Total Affiliated Mutual Funds <br>(Cost $500,629,592) |  | 518518435 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $500,629,592)** |  | 518518435 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** |  | (215234) |
|  **NET ASSETS - 100.0%** |  | $518303201 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Fixed Income Funds | 58.0% |
|  Affiliated Equity Funds | 42.0% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $518518435 | $518518435 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-167** 

------

**PACIFIC SELECT FUND** 

**PACIFIC DYNAMIX - MODERATE GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** | **AFFILIATED MUTUAL FUNDS - 100.0%** | **AFFILIATED MUTUAL FUNDS - 100.0%** |
|  PD 1-3 Year Corporate Bond Portfolio Class P \* | 8791978 | $96486802 |
|  PD Aggregate Bond Index Portfolio Class P \* | 51446338 | 622379275 |
|  PD High Yield Bond Market Portfolio Class P \* | 11389861 | 192986161 |
|  PD Large-Cap Growth Index Portfolio Class P \* | 7199963 | 418768631 |
|  PD Large-Cap Value Index Portfolio Class P \* | 10964108 | 438649925 |
|  PD Mid-Cap Index Portfolio Class P \* | 17961639 | 204015410 |
|  PD Small-Cap Growth Index Portfolio Class P \* | 670659 | 23305037 |
|  PD Small-Cap Value Index Portfolio Class P \* | 1896363 | 58875325 |
|  PD Emerging Markets Index Portfolio Class P \* | 2248519 | 36518054 |
|  PD International Large-Cap Index Portfolio Class P \* | 13728640 | 297200664 |
|  Total Affiliated Mutual Funds <br>(Cost $2,139,408,062) |  | 2389185284 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $2,139,408,062)** |  | 2389185284 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** |  | (1065647) |
|  **NET ASSETS - 100.0%** |  | $2388119637 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Equity Funds | 61.9% |
|  Affiliated Fixed Income Funds | 38.1% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $2389185284 | $2389185284 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-168** 

------

**PACIFIC SELECT FUND** 

**PACIFIC DYNAMIX - GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** | **AFFILIATED MUTUAL FUNDS - 100.0%** | **AFFILIATED MUTUAL FUNDS - 100.0%** |
|  PD 1-3 Year Corporate Bond Portfolio Class P \* | 3965766 | $43521954 |
|  PD Aggregate Bond Index Portfolio Class P \* | 15615130 | 188906216 |
|  PD High Yield Bond Market Portfolio Class P \* | 6623125 | 112220115 |
|  PD Large-Cap Growth Index Portfolio Class P \* | 6224471 | 362031425 |
|  PD Large-Cap Value Index Portfolio Class P \* | 9413745 | 376623299 |
|  PD Mid-Cap Index Portfolio Class P \* | 15117023 | 171705138 |
|  PD Small-Cap Growth Index Portfolio Class P \* | 1213256 | 42159967 |
|  PD Small-Cap Value Index Portfolio Class P \* | 2186779 | 67891711 |
|  PD Emerging Markets Index Portfolio Class P \* | 3801631 | 61742048 |
|  PD International Large-Cap Index Portfolio Class P \* | 13748795 | 297637001 |
|  Total Affiliated Mutual Funds <br>(Cost $1,622,654,417) |  | 1724438874 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $1,622,654,417)** |  | 1724438874 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** |  | (690942) |
|  **NET ASSETS - 100.0%** |  | $1723747932 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Equity Funds | 80.0% |
|  Affiliated Fixed Income Funds | 20.0% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $1724438874 | $1724438874 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-169** 

------

**PACIFIC SELECT FUND** 

**PORTFOLIO OPTIMIZATION CONSERVATIVE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** |  |  |
|  Core Income Portfolio Class P \* | 4096362 | $46158428 |
|  Diversified Bond Portfolio Class P \* | 15517900 | 205012875 |
|  Floating Rate Income Portfolio Class P \* | 3814634 | 52792915 |
|  High Yield Bond Portfolio Class P \* | 8376377 | 81898298 |
|  Inflation Managed Portfolio Class P \* | 3960782 | 52729380 |
|  Intermediate Bond Portfolio Class P \* | 17994540 | 156656884 |
|  Managed Bond Portfolio Class P \* | 14559483 | 205336072 |
|  Short Duration Bond Portfolio Class P \* | 13149543 | 140763058 |
|  Emerging Markets Debt Portfolio Class P \* | 2609767 | 29448610 |
|  Dividend Growth Portfolio Class P \* | 414675 | 15141695 |
|  Equity Index Portfolio Class P \* | 101555 | 10285707 |
|  Focused Growth Portfolio Class P \* | 310262 | 13272753 |
|  Growth Portfolio Class P \* | 210251 | 10210757 |
|  Large-Cap Core Portfolio Class P \* | 167364 | 10234665 |
|  Large-Cap Growth Portfolio Class P \* | 549319 | 9973586 |
|  Large-Cap Value Portfolio Class P \* | 460081 | 16343875 |
|  Mid-Cap Equity Portfolio Class P \* | 197204 | 6925454 |
|  Mid-Cap Growth Portfolio Class P \* | 554946 | 13612373 |
|  Mid-Cap Value Portfolio Class P \* | 366872 | 13899585 |
|  Small-Cap Equity Portfolio Class P \* | 246787 | 8531541 |
|  Small-Cap Value Portfolio Class P \* | 270184 | 8500609 |
|  Value Portfolio Class P \* | 680128 | 15260001 |
|  Value Advantage Portfolio Class P \* | 606318 | 14476330 |
|  Emerging Markets Portfolio Class P \* | 337551 | 5827734 |
|  International Growth Portfolio Class P \* | 373997 | 2916351 |
|  International Large-Cap Portfolio Class P \* | 415393 | 5259173 |
|  International Small-Cap Portfolio Class P \* | 384956 | 5890236 |
|  International Value Portfolio Class P \* | 593696 | 9442422 |
|  Total Affiliated Mutual Funds <br>(Cost $1,204,718,241) | Total Affiliated Mutual Funds <br>(Cost $1,204,718,241) | 1166801367 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $1,204,718,241)** | **TOTAL INVESTMENTS - 100.0% <br>(Cost $1,204,718,241)** | 1166801367 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (439121) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $1166362246 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Fixed Income Funds | 83.2% |
|  Affiliated Equity Funds | 16.8% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $1166801367 | $1166801367 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-170** 

------

**PACIFIC SELECT FUND** 

**PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** |  |  |
|  Core Income Portfolio Class P \* | 4854583 | $54702177 |
|  Diversified Bond Portfolio Class P \* | 18446940 | 243709531 |
|  Floating Rate Income Portfolio Class P \* | 4805020 | 66499438 |
|  High Yield Bond Portfolio Class P \* | 11886611 | 116218895 |
|  Inflation Managed Portfolio Class P \* | 4357258 | 58007614 |
|  Intermediate Bond Portfolio Class P \* | 21421033 | 186487254 |
|  Managed Bond Portfolio Class P \* | 17306044 | 244071521 |
|  Short Duration Bond Portfolio Class P \* | 7749198 | 82953511 |
|  Emerging Markets Debt Portfolio Class P \* | 2233363 | 25201269 |
|  Dividend Growth Portfolio Class P \* | 1111500 | 40585961 |
|  Equity Index Portfolio Class P \* | 265659 | 26906439 |
|  Focused Growth Portfolio Class P \* | 841601 | 36002930 |
|  Growth Portfolio Class P \* | 557481 | 27073826 |
|  Large-Cap Core Portfolio Class P \* | 437837 | 26774763 |
|  Large-Cap Growth Portfolio Class P \* | 1375886 | 24980975 |
|  Large-Cap Value Portfolio Class P \* | 1170287 | 41573185 |
|  Mid-Cap Equity Portfolio Class P \* | 397391 | 13955665 |
|  Mid-Cap Growth Portfolio Class P \* | 1020988 | 25044000 |
|  Mid-Cap Value Portfolio Class P \* | 918431 | 34796383 |
|  Small-Cap Equity Portfolio Class P \* | 305882 | 10574472 |
|  Small-Cap Growth Portfolio Class P \* | 87602 | 2438940 |
|  Small-Cap Index Portfolio Class P \* | 394670 | 11239082 |
|  Small-Cap Value Portfolio Class P \* | 257543 | 8102900 |
|  Value Portfolio Class P \* | 1753041 | 39332915 |
|  Value Advantage Portfolio Class P \* | 1592963 | 38033267 |
|  Emerging Markets Portfolio Class P \* | 1440740 | 24874021 |
|  International Growth Portfolio Class P \* | 3189572 | 24871641 |
|  International Large-Cap Portfolio Class P \* | 2625559 | 33241459 |
|  International Small-Cap Portfolio Class P \* | 1097175 | 16787954 |
|  International Value Portfolio Class P \* | 3185987 | 50671417 |
|  Real Estate Portfolio Class P \* | 495205 | 15465452 |
|  Total Affiliated Mutual Funds <br>(Cost $1,604,499,854) |  | 1651178857 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $1,604,499,854)** |  | 1651178857 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (621443) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $1650557414 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Fixed Income Funds | 65.3% |
|  Affiliated Equity Funds | 34.7% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $1651178857 | $1651178857 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-171** 

------

**PACIFIC SELECT FUND** 

**PORTFOLIO OPTIMIZATION MODERATE PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** |  |  |
|  Core Income Portfolio Class P \* | 16122289 | $181668397 |
|  Diversified Bond Portfolio Class P \* | 61233081 | 808973501 |
|  Floating Rate Income Portfolio Class P \* | 18099001 | 250482506 |
|  High Yield Bond Portfolio Class P \* | 36517938 | 357046620 |
|  Inflation Managed Portfolio Class P \* | 10645439 | 141721348 |
|  Intermediate Bond Portfolio Class P \* | 71004974 | 618155170 |
|  Managed Bond Portfolio Class P \* | 57313584 | 808307970 |
|  Short Duration Bond Portfolio Class P \* | 29939975 | 320501058 |
|  Emerging Markets Debt Portfolio Class P \* | 6451700 | 72800976 |
|  Dividend Growth Portfolio Class P \* | 7239572 | 264349903 |
|  Equity Index Portfolio Class P \* | 1733334 | 175555675 |
|  Focused Growth Portfolio Class P \* | 5562104 | 237941873 |
|  Growth Portfolio Class P \* | 3932567 | 190983577 |
|  Large-Cap Core Portfolio Class P \* | 2854994 | 174589455 |
|  Large-Cap Growth Portfolio Class P \* | 9715989 | 176406232 |
|  Large-Cap Value Portfolio Class P \* | 7081634 | 251567405 |
|  Mid-Cap Equity Portfolio Class P \* | 2311046 | 81159789 |
|  Mid-Cap Growth Portfolio Class P \* | 6794806 | 166670951 |
|  Mid-Cap Value Portfolio Class P \* | 4531747 | 171693280 |
|  Small-Cap Equity Portfolio Class P \* | 2237126 | 77338337 |
|  Small-Cap Growth Portfolio Class P \* | 1626833 | 45293004 |
|  Small-Cap Index Portfolio Class P \* | 1698308 | 48363019 |
|  Small-Cap Value Portfolio Class P \* | 2443979 | 76893241 |
|  Value Portfolio Class P \* | 10965575 | 246034188 |
|  Value Advantage Portfolio Class P \* | 9714899 | 231951000 |
|  Emerging Markets Portfolio Class P \* | 6224919 | 107471664 |
|  International Growth Portfolio Class P \* | 20215405 | 157635682 |
|  International Large-Cap Portfolio Class P \* | 14789274 | 187242780 |
|  International Small-Cap Portfolio Class P \* | 4746197 | 72621911 |
|  International Value Portfolio Class P \* | 17139852 | 272600151 |
|  Real Estate Portfolio Class P \* | 3174649 | 99145547 |
|  Total Affiliated Mutual Funds <br>(Cost $6,612,911,355) |  | 7073166210 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $6,612,911,355)** |  | 7073166210 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (2563132) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $7070603078 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Fixed Income Funds | 50.3% |
|  Affiliated Equity Funds | 49.7% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $7073166210 | $7073166210 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-172** 

------

**PACIFIC SELECT FUND** 

**PORTFOLIO OPTIMIZATION GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** |  |  |
|  Core Income Portfolio Class P \* | 9561174 | $107736766 |
|  Diversified Bond Portfolio Class P \* | 36132829 | 477364532 |
|  Floating Rate Income Portfolio Class P \* | 7116439 | 98488503 |
|  High Yield Bond Portfolio Class P \* | 20143316 | 196947124 |
|  Inflation Managed Portfolio Class P \* | 9688700 | 128984410 |
|  Intermediate Bond Portfolio Class P \* | 41750839 | 363474496 |
|  Managed Bond Portfolio Class P \* | 34133738 | 481396739 |
|  Short Duration Bond Portfolio Class P \* | 15221591 | 162943893 |
|  Emerging Markets Debt Portfolio Class P \* | 5959080 | 67242257 |
|  Dividend Growth Portfolio Class P \* | 9301824 | 339652186 |
|  Equity Index Portfolio Class P \* | 2235039 | 226369333 |
|  Focused Growth Portfolio Class P \* | 7484973 | 320200482 |
|  Growth Portfolio Class P \* | 5260916 | 255494285 |
|  Large-Cap Core Portfolio Class P \* | 3677969 | 224916310 |
|  Large-Cap Growth Portfolio Class P \* | 13085365 | 237581571 |
|  Large-Cap Value Portfolio Class P \* | 8704262 | 309209521 |
|  Mid-Cap Equity Portfolio Class P \* | 3043921 | 106897029 |
|  Mid-Cap Growth Portfolio Class P \* | 8188397 | 200854576 |
|  Mid-Cap Value Portfolio Class P \* | 6369165 | 241307151 |
|  Small-Cap Equity Portfolio Class P \* | 2444575 | 84509932 |
|  Small-Cap Growth Portfolio Class P \* | 1385159 | 38564519 |
|  Small-Cap Index Portfolio Class P \* | 1898833 | 54073410 |
|  Small-Cap Value Portfolio Class P \* | 2563774 | 80662268 |
|  Value Portfolio Class P \* | 13292972 | 298253891 |
|  Value Advantage Portfolio Class P \* | 12005709 | 286645908 |
|  Emerging Markets Portfolio Class P \* | 9588858 | 165549244 |
|  International Growth Portfolio Class P \* | 32382773 | 252514387 |
|  International Large-Cap Portfolio Class P \* | 17990626 | 227774185 |
|  International Small-Cap Portfolio Class P \* | 6582159 | 100714113 |
|  International Value Portfolio Class P \* | 16427518 | 261270865 |
|  Real Estate Portfolio Class P \* | 2905139 | 90728642 |
|  Total Affiliated Mutual Funds <br>(Cost $5,805,239,057) |  | 6488322528 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $5,805,239,057)** |  | 6488322528 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (2330350) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $6485992178 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Equity Funds | 67.9% |
|  Affiliated Fixed Income Funds | 32.1% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $6488322528 | $6488322528 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-173** 

------

**PACIFIC SELECT FUND** 

**PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **AFFILIATED MUTUAL FUNDS - 100.0%** |  |  |
|  Core Income Portfolio Class P \* | 1095597 | $12345355 |
|  Diversified Bond Portfolio Class P \* | 4063545 | 53685035 |
|  Floating Rate Income Portfolio Class P \* | 1686466 | 23339977 |
|  High Yield Bond Portfolio Class P \* | 4772161 | 46658820 |
|  Inflation Managed Portfolio Class P \* | 1143312 | 15220759 |
|  Intermediate Bond Portfolio Class P \* | 4749893 | 41351624 |
|  Managed Bond Portfolio Class P \* | 3808912 | 53718043 |
|  Short Duration Bond Portfolio Class P \* | 1441094 | 15426604 |
|  Emerging Markets Debt Portfolio Class P \* | 1411601 | 15928504 |
|  Dividend Growth Portfolio Class P \* | 2466025 | 90045861 |
|  Equity Index Portfolio Class P \* | 591525 | 59910883 |
|  Focused Growth Portfolio Class P \* | 2003560 | 85710523 |
|  Growth Portfolio Class P \* | 1412608 | 68602731 |
|  Large-Cap Core Portfolio Class P \* | 972650 | 59479760 |
|  Large-Cap Growth Portfolio Class P \* | 3473586 | 63067400 |
|  Large-Cap Value Portfolio Class P \* | 2271283 | 80684866 |
|  Mid-Cap Equity Portfolio Class P \* | 763712 | 26820194 |
|  Mid-Cap Growth Portfolio Class P \* | 2221134 | 54482569 |
|  Mid-Cap Value Portfolio Class P \* | 1515389 | 57413203 |
|  Small-Cap Equity Portfolio Class P \* | 762192 | 26349270 |
|  Small-Cap Growth Portfolio Class P \* | 1063055 | 29596741 |
|  Small-Cap Index Portfolio Class P \* | 584277 | 16638562 |
|  Small-Cap Value Portfolio Class P \* | 855439 | 26914092 |
|  Value Portfolio Class P \* | 3480675 | 78095772 |
|  Value Advantage Portfolio Class P \* | 3118521 | 74457179 |
|  Emerging Markets Portfolio Class P \* | 4093997 | 70681832 |
|  International Growth Portfolio Class P \* | 9007609 | 70239534 |
|  International Large-Cap Portfolio Class P \* | 5216599 | 66045878 |
|  International Small-Cap Portfolio Class P \* | 3124276 | 47804784 |
|  International Value Portfolio Class P \* | 5046491 | 80261729 |
|  Real Estate Portfolio Class P \* | 914758 | 28568254 |
|  Total Affiliated Mutual Funds <br>(Cost $1,339,388,095) |  | 1539546338 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $1,339,388,095)** |  | 1539546338 |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** |  | (564634) |
|  **NET ASSETS - 100.0%** |  | $1538981704 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Affiliated Equity Funds | 82.0% |
|  Affiliated Fixed Income Funds | 18.0% |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Affiliated Mutual Funds | $1539546338 | $1539546338 | $— | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-174** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 99.1%** | **CORPORATE BONDS & NOTES - 99.1%** |  |
|  **Basic Materials - 1.8%** | **Basic Materials - 1.8%** |  |
|  Air Products & Chemicals, Inc. <br>1.500% due 10/15/25 | $350000 | $322497 |
|  Alfa SAB de CV <br>5.900% due 07/05/24 | 150000 | 150041 |
|  Celanese US Holdings LLC <br>6.050% due 03/15/25 | 200000 | 199391 |
|  EI du Pont de Nemours & Co. <br>1.700% due 07/15/25 | 250000 | 231134 |
|  Fibria Overseas Finance Ltd. (Brazil) <br>4.000% due 01/14/25 | 250000 | 242930 |
|  Freeport-McMoRan, Inc. <br>4.550% due 11/14/24 | 350000 | 345416 |
|  Linde, Inc. <br>4.700% due 12/05/25 | 250000 | 250459 |
|  LYB International Finance III LLC <br>1.250% due 10/01/25 | 350000 | 312580 |
|  Nucor Corp. <br>2.000% due 06/01/25 | 250000 | 232883 |
|  Nutrien Ltd. (Canada) <br>5.950% due 11/07/25 | 70000 | 71501 |
|  Sherwin-Williams Co.<br>3.125% due 06/01/24 | 150000 | 145797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/08/25 | 90000 | 88520 |
|  Steel Dynamics, Inc. <br>2.800% due 12/15/24 | 150000 | 142594 |
|  Westlake Corp. <br>0.875% due 08/15/24 | 250000 | 232280 |
|  |  | 2968023 |
|  **Communications - 4.9%** | **Communications - 4.9%** |  |
|  Alibaba Group Holding Ltd. (China) <br>3.600% due 11/28/24 | 250000 | 241883 |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450% due 05/12/24 | 285000 | 268589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 06/03/25 | 350000 | 319920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730% due 04/13/24 | 200000 | 194952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/13/25 | 250000 | 241456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 12/05/24 | 250000 | 246158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 12/01/25 | 250000 | 249665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 11/29/24 | 200000 | 200290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 12/03/25 | 250000 | 254790 |
|  AT&T, Inc. <br>0.900% due 03/25/24 | 400000 | 380037 |
|  Bell Canada (Canada) <br>0.750% due 03/17/24 | 250000 | 237073 |
|  Booking Holdings, Inc. <br>3.650% due 03/15/25 | 150000 | 146312 |
|  Charter Communications Operating<br>LLC/Charter Communications Operating Capital <br>4.908% due 07/23/25 | 500000 | 490534 |
|  Cisco Systems, Inc. <br>3.500% due 06/15/25 | 250000 | 243180 |
|  Comcast Corp.<br>3.375% due 02/15/25 | 250000 | 242556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/15/25 | 250000 | 241385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 11/07/25 | 355000 | 360045 |
|  Discovery Communications LLC<br>3.900% due 11/15/24 | 200000 | 193700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 06/15/25 | 250000 | 238650 |
|  eBay, Inc. <br>5.900% due 11/22/25 | 175000 | 178888 |
|  Omnicom Group, Inc./Omnicom Capital, Inc. <br>3.650% due 11/01/24 | 250000 | 245282 |
|  Rogers Communications, Inc. (Canada)<br>2.950% due 03/15/25 ~ | 110000 | 104901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/15/25 | 250000 | 239763 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  T-Mobile USA, Inc. <br>3.500% due 04/15/25 | $500000 | $481286 |
|  TWDC Enterprises 18 Corp. <br>3.150% due 09/17/25 | 250000 | 239791 |
|  VeriSign, Inc. <br>5.250% due 04/01/25 | 200000 | 199660 |
|  Verizon Communications, Inc. <br>0.750% due 03/22/24 | 680000 | 645423 |
|  Vodafone Group PLC (United Kingdom) <br>3.750% due 01/16/24 | 300000 | 296181 |
|  Walt Disney Co.<br>1.750% due 08/30/24 | 250000 | 238505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/24/25 | 250000 | 242360 |
|  Weibo Corp. (China) <br>3.500% due 07/05/24 | 250000 | 242316 |
|  |  | 8345531 |
|  **Consumer, Cyclical - 7.3%** | **Consumer, Cyclical - 7.3%** |  |
|  American Honda Finance Corp.<br>0.750% due 08/09/24 | 165000 | 154352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 09/10/25 | 350000 | 316034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 07/08/25 | 250000 | 228743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 06/27/24 | 250000 | 241015 |
|  AutoNation, Inc. <br>3.500% due 11/15/24 | 250000 | 240112 |
|  Brunswick Corp. <br>0.850% due 08/18/24 | 250000 | 231124 |
|  DR Horton, Inc. <br>2.600% due 10/15/25 | 250000 | 233012 |
|  General Motors Co. <br>6.125% due 10/01/25 | 350000 | 356560 |
|  General Motors Financial Co., Inc.<br>1.050% due 03/08/24 | 345000 | 327769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 10/15/24 | 115000 | 106540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/26/25 | 350000 | 331786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/07/24 | 250000 | 240922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/07/25 | 130000 | 125600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/09/25 | 250000 | 243422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 10/10/25 | 300000 | 305465 |
|  Genuine Parts Co. <br>1.750% due 02/01/25 | 250000 | 233614 |
|  Harley-Davidson, Inc. <br>3.500% due 07/28/25 | 250000 | 238026 |
|  Hasbro, Inc. <br>3.000% due 11/19/24 | 250000 | 240372 |
|  Home Depot, Inc.<br>2.700% due 04/15/25 | 135000 | 129494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 09/15/25 | 250000 | 242591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/15/25 | 80000 | 79137 |
|  Honda Motor Co. Ltd. (Japan) <br>2.271% due 03/10/25 | 165000 | 156271 |
|  Hyatt Hotels Corp. <br>1.800% due 10/01/24 | 90000 | 84390 |
|  Lennar Corp. <br>4.500% due 04/30/24 | 350000 | 345503 |
|  Lowe's Cos., Inc.<br>4.000% due 04/15/25 | 250000 | 245351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 09/08/25 | 55000 | 54235 |
|  Magna International, Inc. (Canada) <br>3.625% due 06/15/24 | 250000 | 244494 |
|  Marriott International, Inc.<br>3.750% due 03/15/25 | 150000 | 145191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 10/01/25 | 250000 | 240015 |
|  McDonald's Corp. <br>1.450% due 09/01/25 | 250000 | 229491 |
|  NIKE, Inc. <br>2.400% due 03/27/25 | 150000 | 143399 |
|  PACCAR Financial Corp.<br>0.350% due 02/02/24 | 80000 | 76134 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-175** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 08/09/24 | $140000 | $130474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 04/07/25 | 100000 | 96005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 08/11/25 | 100000 | 97015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 10/03/25 | 100000 | 100553 |
|  Ralph Lauren Corp. <br>3.750% due 09/15/25 | 250000 | 243065 |
|  Starbucks Corp. <br>3.800% due 08/15/25 | 250000 | 244641 |
|  Tapestry, Inc. <br>4.250% due 04/01/25 | 200000 | 195483 |
|  Target Corp. <br>2.250% due 04/15/25 | 350000 | 332338 |
|  Toyota Motor Corp. (Japan) <br>0.681% due 03/25/24 | 200000 | 189805 |
|  Toyota Motor Credit Corp.<br>0.450% due 01/11/24 | 250000 | 239251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 06/18/24 | 250000 | 234673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 09/13/24 | 690000 | 642549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 01/13/25 | 150000 | 140559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/01/25 | 350000 | 336388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 08/18/25 | 120000 | 116715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 06/30/25 | 175000 | 171485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 09/20/24 | 250000 | 247810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 11/10/25 | 100000 | 101649 |
|  Walmart, Inc.<br>2.850% due 07/08/24 | 500000 | 486644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/22/24 | 350000 | 343051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 09/09/25 | 120000 | 118299 |
|  Warnermedia Holdings, Inc.<br>3.528% due 03/15/24 ~ | 250000 | 242395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.638% due 03/15/25 ~ | 250000 | 237946 |
|  WW Grainger, Inc. <br>1.850% due 02/15/25 | 150000 | 140935 |
|  |  | 12239892 |
|  **Consumer, Non-Cyclical - 12.9%** | **Consumer, Non-Cyclical - 12.9%** |  |
|  Abbott Laboratories <br>3.875% due 09/15/25 | 350000 | 343456 |
|  AbbVie, Inc.<br>2.600% due 11/21/24 | 350000 | 335083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 05/14/25 | 750000 | 727537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/25 | 350000 | 341410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/15/24 | 200000 | 197027 |
|  Aetna, Inc. <br>3.500% due 11/15/24 | 250000 | 243024 |
|  Altria Group, Inc.<br>2.350% due 05/06/25 | 250000 | 235698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/31/24 | 250000 | 247586 |
|  AmerisourceBergen Corp. <br>3.250% due 03/01/25 | 150000 | 144636 |
|  Amgen, Inc.<br>1.900% due 02/21/25 | 250000 | 234744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 05/01/25 | 250000 | 240124 |
|  Astrazeneca Finance LLC (United Kingdom) <br>0.700% due 05/28/24 | 200000 | 188607 |
|  AstraZeneca PLC (United Kingdom) <br>3.375% due 11/16/25 | 250000 | 241495 |
|  Automatic Data Processing, Inc. <br>3.375% due 09/15/25 | 250000 | 242378 |
|  BAT Capital Corp. (United Kingdom) <br>2.789% due 09/06/24 | 250000 | 239382 |
|  Baxter International, Inc. <br>1.322% due 11/29/24 | 500000 | 465839 |
|  Becton Dickinson & Co. <br>3.734% due 12/15/24 | 500000 | 487950 |
|  Biogen, Inc. <br>4.050% due 09/15/25 | 350000 | 340586 |
|  Boston Scientific Corp. <br>1.900% due 06/01/25 | 250000 | 233576 |
|  Bristol-Myers Squibb Co. <br>2.900% due 07/26/24 | 500000 | 485672 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Brown-Forman Corp. <br>3.500% due 04/15/25 | $200000 | $195572 |
|  Bunge Ltd. Finance Corp. <br>1.630% due 08/17/25 | 250000 | 227896 |
|  Campbell Soup Co. <br>3.950% due 03/15/25 | 250000 | 244351 |
|  Cigna Corp.<br>0.613% due 03/15/24 | 100000 | 94934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/24 | 350000 | 342437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/25 | 250000 | 244530 |
|  Colgate-Palmolive Co. <br>3.100% due 08/15/25 | 50000 | 48418 |
|  Conagra Brands, Inc. <br>4.600% due 11/01/25 | 250000 | 246599 |
|  Constellation Brands, Inc.<br>3.600% due 05/09/24 | 50000 | 49039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/15/24 | 150000 | 148989 |
|  CVS Health Corp.<br>3.875% due 07/20/25 | 250000 | 244200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 03/25/25 | 250000 | 246555 |
|  DH Europe Finance II SARL <br>2.200% due 11/15/24 | 250000 | 238381 |
|  Diageo Capital PLC (United Kingdom)<br>1.375% due 09/29/25 | 250000 | 229478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 10/24/24 | 250000 | 237316 |
|  Elevance Health, Inc.<br>2.375% due 01/15/25 | 250000 | 237508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 10/15/25 | 145000 | 146757 |
|  Equifax, Inc. <br>2.600% due 12/15/25 | 250000 | 232815 |
|  GE HealthCare Technologies, Inc. <br>5.600% due 11/15/25 ~ | 250000 | 251808 |
|  General Mills, Inc. <br>5.241% due 11/18/25 | 80000 | 80227 |
|  Gilead Sciences, Inc. <br>3.500% due 02/01/25 | 350000 | 339166 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom) <br>3.625% due 05/15/25 | 250000 | 244339 |
|  Global Payments, Inc. <br>1.500% due 11/15/24 | 460000 | 427332 |
|  GSK Consumer Healthcare Capital UK PLC <br>3.125% due 03/24/25 | 350000 | 333141 |
|  GSK Consumer Healthcare Capital US LLC <br>3.024% due 03/24/24 | 250000 | 242755 |
|  HCA, Inc.<br>5.000% due 03/15/24 | 250000 | 248683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/25 | 350000 | 348269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/25 | 250000 | 249900 |
|  Humana, Inc. <br>3.850% due 10/01/24 | 150000 | 147080 |
|  J M Smucker Co. <br>3.500% due 03/15/25 | 250000 | 242075 |
|  Johnson & Johnson<br>0.550% due 09/01/25 | 250000 | 226016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 01/15/25 | 100000 | 96447 |
|  Keurig Dr Pepper, Inc.<br>0.750% due 03/15/24 | 85000 | 80726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 11/15/25 | 250000 | 239974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.417% due 05/25/25 | 250000 | 247397 |
|  Laboratory Corp. of America Holdings<br>3.250% due 09/01/24 | 250000 | 242405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 02/01/25 | 250000 | 242303 |
|  McKesson Corp. <br>0.900% due 12/03/25 | 250000 | 222248 |
|  Mead Johnson Nutrition Co. (United Kingdom) <br>4.125% due 11/15/25 | 250000 | 245085 |
|  Merck & Co., Inc. <br>2.750% due 02/10/25 | 250000 | 239766 |
|  Novartis Capital Corp. (Switzerland)<br>1.750% due 02/14/25 | 250000 | 235820 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-176** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/20/25 | $250000 | $239918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/06/24 | 250000 | 245053 |
|  PayPal Holdings, Inc.<br>1.650% due 06/01/25 | 250000 | 232313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 10/01/24 | 185000 | 177422 |
|  PeaceHealth Obligated Group <br>1.375% due 11/15/25 | 250000 | 224319 |
|  PepsiCo, Inc.<br>2.750% due 04/30/25 | 250000 | 239268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/17/25 | 250000 | 243626 |
|  PerkinElmer, Inc. <br>0.850% due 09/15/24 | 250000 | 231830 |
|  Philip Morris International, Inc.<br>3.375% due 08/11/25 | 250000 | 240338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/17/25 | 240000 | 241345 |
|  Procter & Gamble Co. <br>0.550% due 10/29/25 | 250000 | 224473 |
|  Quanta Services, Inc. <br>0.950% due 10/01/24 | 250000 | 230392 |
|  Quest Diagnostics, Inc. <br>3.500% due 03/30/25 | 250000 | 241125 |
|  Reynolds American, Inc. (United Kingdom) <br>4.450% due 06/12/25 | 350000 | 342716 |
|  Shire Acquisitions Investments Ireland DAC <br>2.875% due 09/23/23 | 140000 | 137623 |
|  Stryker Corp. <br>3.375% due 11/01/25 | 250000 | 241822 |
|  Sysco Corp. <br>3.750% due 10/01/25 | 250000 | 242173 |
|  Thermo Fisher Scientific, Inc. <br>1.215% due 10/18/24 | 500000 | 469595 |
|  Tyson Foods, Inc. <br>3.950% due 08/15/24 | 250000 | 246130 |
|  Unilever Capital Corp. (United Kingdom)<br>0.626% due 08/12/24 | 165000 | 154648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/07/24 | 250000 | 245452 |
|  UnitedHealth Group, Inc.<br>0.550% due 05/15/24 | 165000 | 155764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/24 | 250000 | 246077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/25 | 250000 | 244633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/24 | 125000 | 125619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 10/15/25 | 55000 | 55687 |
|  Verisk Analytics, Inc. <br>4.000% due 06/15/25 | 250000 | 243226 |
|  Zimmer Biomet Holdings, Inc. <br>1.450% due 11/22/24 | 180000 | 167469 |
|  Zoetis, Inc. <br>5.400% due 11/14/25 | 95000 | 97001 |
|  |  | 21771604 |
|  **Energy - 5.7%** | **Energy - 5.7%** |  |
|  Boardwalk Pipelines LP <br>4.950% due 12/15/24 | 500000 | 494336 |
|  BP Capital Markets America, Inc. <br>3.796% due 09/21/25 | 250000 | 245727 |
|  Canadian Natural Resources Ltd. (Canada) <br>2.050% due 07/15/25 | 250000 | 232819 |
|  Chevron Corp. <br>3.326% due 11/17/25 | 250000 | 241816 |
|  Chevron USA, Inc.<br>0.687% due 08/12/25 | 250000 | 226176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 11/15/24 | 350000 | 344284 |
|  Columbia Pipeline Group, Inc. <br>4.500% due 06/01/25 | 250000 | 246417 |
|  ConocoPhillips Co.<br>2.125% due 03/08/24 | 200000 | 193334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/07/25 | 200000 | 190252 |
|  Continental Resources, Inc. <br>3.800% due 06/01/24 | 285000 | 277606 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Enbridge, Inc. (Canada)<br>2.150% due 02/16/24 | $45000 | $43442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/15/25 | 250000 | 236707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/14/25 | 40000 | 37770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/10/24 | 250000 | 243248 |
|  Energy Transfer LP<br>2.900% due 05/15/25 | 250000 | 235656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 01/15/24 | 250000 | 250708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 12/01/25 | 250000 | 253756 |
|  Enterprise Products Operating LLC <br>3.750% due 02/15/25 | 200000 | 194623 |
|  EQT Corp. <br>5.678% due 10/01/25 | 60000 | 59790 |
|  Exxon Mobil Corp.<br>2.992% due 03/19/25 | 500000 | 482026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.176% due 03/15/24 | 350000 | 343221 |
|  Hess Corp. <br>3.500% due 07/15/24 | 250000 | 242868 |
|  Kinder Morgan, Inc.<br>3.150% due 01/15/23 | 350000 | 349702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 06/01/25 | 350000 | 343563 |
|  Marathon Petroleum Corp. <br>4.700% due 05/01/25 | 250000 | 246401 |
|  MPLX LP <br>4.875% due 12/01/24 | 500000 | 496284 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>3.600% due 11/01/24 | 350000 | 338641 |
|  Sabine Pass Liquefaction LLC<br>5.625% due 03/01/25 | 150000 | 150324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/15/24 | 500000 | 500391 |
|  Shell International Finance BV (Netherlands)<br>2.000% due 11/07/24 | 350000 | 332992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/11/25 | 350000 | 339458 |
|  Total Capital International SA (France)<br>2.434% due 01/10/25 | 350000 | 334629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 01/25/23 | 250000 | 249690 |
|  TransCanada PipeLines Ltd. (Canada) <br>1.000% due 10/12/24 | 400000 | 370475 |
|  Williams Cos, Inc. <br>3.900% due 01/15/25 | 350000 | 341114 |
|  |  | 9710246 |
|  **Financial - 46.6%** | **Financial - 46.6%** | **Financial - 46.6%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>1.650% due 10/29/24 | 685000 | 632305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/29/24 | 285000 | 262264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/16/24 | 350000 | 346805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/25 | 250000 | 253556 |
|  Affiliated Managers Group, Inc. <br>4.250% due 02/15/24 | 350000 | 345802 |
|  Air Lease Corp.<br>0.700% due 02/15/24 | 200000 | 189004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 08/18/24 | 85000 | 78321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/15/23 | 250000 | 249765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 02/01/25 | 150000 | 139772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 07/01/25 | 250000 | 236686 |
|  Allied World Assurance Co. Holdings Ltd. <br>4.350% due 10/29/25 | 250000 | 239650 |
|  Allstate Corp. <br>0.750% due 12/15/25 | 250000 | 222017 |
|  Ally Financial, Inc.<br>5.125% due 09/30/24 | 350000 | 346774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 05/01/25 | 250000 | 248912 |
|  American Express Co.<br>2.250% due 03/04/25 | 160000 | 151150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/30/24 | 250000 | 241932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/03/24 | 275000 | 269545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/01/25 | 750000 | 735470 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-177** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  American International Group, Inc. <br>2.500% due 06/30/25 | $233000 | $219563 |
|  American Tower Corp. REIT<br>1.300% due 09/15/25 | 250000 | 225913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/15/24 | 400000 | 389452 |
|  Ameriprise Financial, Inc. <br>3.000% due 04/02/25 | 250000 | 239678 |
|  Aon Global Ltd. <br>3.875% due 12/15/25 | 250000 | 244013 |
|  Ares Capital Corp.<br>3.250% due 07/15/25 | 250000 | 230270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/10/24 | 250000 | 241477 |
|  Australia & New Zealand Banking Group Ltd. (Australia)<br>3.700% due 11/16/25 | 250000 | 242800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088% due 12/08/25 | 250000 | 251286 |
|  AvalonBay Communities, Inc. REIT <br>3.500% due 11/15/24 | 250000 | 243474 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain)<br>1.125% due 09/18/25 | 250000 | 223545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862% due 09/14/26 | 200000 | 200144 |
|  Banco Santander SA (Spain)<br>2.746% due 05/28/25 | 250000 | 234195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.496% due 03/24/25 | 200000 | 192757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892% due 05/24/24 | 200000 | 195896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147% due 08/18/25 | 310000 | 306879 |
|  Bank of America Corp.<br>0.976% due 04/22/25 | 1250000 | 1172559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.981% due 09/25/25 | 500000 | 460508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.319% due 06/19/26 | 700000 | 630968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% due 12/06/25 | 350000 | 323055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.843% due 02/04/25 | 400000 | 383676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.456% due 10/22/25 | 500000 | 472768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.366% due 01/23/26 | 250000 | 238564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% due 04/02/26 | 350000 | 334560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% due 04/25/25 | 500000 | 488418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/01/25 | 500000 | 487187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 08/26/24 | 250000 | 246294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.827% due 07/22/26 | 400000 | 395717 |
|  Bank of Montreal (Canada)<br>0.625% due 07/09/24 | 285000 | 266508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/10/25 | 145000 | 135359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% due 05/01/25 | 250000 | 233744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/07/25 | 610000 | 592482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/14/24 | 150000 | 148102 |
|  Bank of New York Mellon Corp.<br>0.500% due 04/26/24 | 250000 | 236040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850% due 10/25/24 | 200000 | 186402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/25/25 | 200000 | 193788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.430% due 06/13/25 | 200000 | 195649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.414% due 07/24/26 | 240000 | 236577 |
|  Bank of Nova Scotia (Canada)<br>0.650% due 07/31/24 | 135000 | 125936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 04/15/24 | 250000 | 236381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 01/10/25 | 190000 | 176848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440% due 03/11/24 | 300000 | 289778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 02/11/24 | 250000 | 245971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 04/11/25 | 120000 | 115584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/16/25 | 250000 | 245290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/06/24 | 165000 | 165429 |
|  Barclays PLC (United Kingdom)<br>2.852% due 05/07/26 | 250000 | 232521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/16/25 | 250000 | 240369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.932% due 05/07/25 | 750000 | 727692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325% due 11/02/26 | 250000 | 259223 |
|  Blackstone Private Credit Fund<br>2.350% due 11/22/24 | 200000 | 183185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 01/15/25 | 115000 | 106333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 03/24/25 | 200000 | 191883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% due 09/29/25 ~ | 100000 | 99309 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  BNP Paribas SA (France) <br>4.250% due 10/15/24 | $250000 | $244607 |
|  Boston Properties LP REIT <br>3.200% due 01/15/25 | 350000 | 335032 |
|  BPCE SA (France) <br>4.000% due 04/15/24 | 350000 | 344261 |
|  Brixmor Operating Partnership LP REIT <br>3.850% due 02/01/25 | 150000 | 144048 |
|  Brookfield Asset Management, Inc. (Canada) <br>4.000% due 01/15/25 | 350000 | 342440 |
|  Canadian Imperial Bank of Commerce (Canada)<br>0.950% due 10/23/25 | 250000 | 224910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/18/24 | 150000 | 139993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 04/02/24 | 250000 | 244077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/07/25 | 35000 | 33616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945% due 08/04/25 | 200000 | 195533 |
|  Capital One Financial Corp.<br>2.636% due 03/03/26 | 435000 | 407792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 02/05/25 | 500000 | 481119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 10/30/24 | 400000 | 386340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.166% due 05/09/25 | 150000 | 146598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.985% due 07/24/26 | 150000 | 147056 |
|  Charles Schwab Corp.<br>0.750% due 03/18/24 | 400000 | 380333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 04/01/25 | 200000 | 194872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 05/21/25 | 250000 | 244311 |
|  Chubb INA Holdings, Inc.<br>3.150% due 03/15/25 | 150000 | 144967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 05/15/24 | 250000 | 244811 |
|  Citigroup, Inc.<br>0.981% due 05/01/25 | 850000 | 796401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.281% due 11/03/25 | 650000 | 599375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% due 04/08/26 | 500000 | 473715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.290% due 03/17/26 | 250000 | 237845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352% due 04/24/25 | 250000 | 242547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% due 05/24/25 | 160000 | 156989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% due 09/29/26 | 750000 | 753997 |
|  Citizens Bank NA <br>6.064% due 10/24/25 | 250000 | 252998 |
|  CME Group, Inc. <br>3.000% due 03/15/25 | 150000 | 145061 |
|  CNO Financial Group, Inc. <br>5.250% due 05/30/25 | 250000 | 248248 |
|  Cooperatieve Rabobank UA (Netherlands)<br>1.375% due 01/10/25 | 100000 | 93423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/22/24 | 335000 | 329240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/04/25 | 250000 | 244259 |
|  Credit Suisse AG (Switzerland)<br>0.495% due 02/02/24 | 290000 | 268295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/09/24 | 250000 | 233264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 02/21/25 | 375000 | 346072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 08/09/24 | 250000 | 238860 |
|  Credit Suisse Group AG (Switzerland) <br>3.750% due 03/26/25 | 250000 | 225204 |
|  Crown Castle, Inc. REIT <br>3.200% due 09/01/24 | 250000 | 241567 |
|  Deutsche Bank AG (Germany)<br>0.898% due 05/28/24 | 400000 | 374229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.447% due 04/01/25 | 250000 | 232303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% due 11/26/25 | 250000 | 239070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119% due 07/14/26 | 165000 | 164054 |
|  EPR Properties REIT <br>4.500% due 04/01/25 | 200000 | 189887 |
|  Equinix, Inc. REIT<br>1.000% due 09/15/25 | 350000 | 313335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 11/18/24 | 250000 | 238252 |
|  Fifth Third Bancorp <br>2.375% due 01/28/25 | 250000 | 237242 |
|  Fifth Third Bank NA <br>5.852% due 10/27/25 | 320000 | 323461 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-178** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  FS KKR Capital Corp.<br>1.650% due 10/12/24 | $200000 | $180656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/15/24 | 250000 | 242311 |
|  GLP Capital LP/GLP Financing II, Inc. REIT <br>5.250% due 06/01/25 | 350000 | 344626 |
|  Goldman Sachs BDC, Inc. <br>3.750% due 02/10/25 | 250000 | 240816 |
|  Goldman Sachs Group, Inc.<br>0.855% due 02/12/26 | 500000 | 452496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.093% due 12/09/26 | 250000 | 220640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.757% due 01/24/25 | 280000 | 268117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/15/24 | 100000 | 97560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.272% due 09/29/25 | 500000 | 482148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/25 | 350000 | 336873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/22/25 | 500000 | 484031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 07/08/24 | 500000 | 489557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/03/24 | 150000 | 148172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/21/25 | 250000 | 244252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 11/01/24 | 385000 | 389862 |
|  Host Hotels & Resorts LP REIT <br>4.000% due 06/15/25 | 250000 | 240457 |
|  HSBC Holdings PLC (United Kingdom)<br>1.645% due 04/18/26 | 350000 | 316203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.099% due 06/04/26 | 250000 | 227717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.633% due 11/07/25 | 350000 | 328938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999% due 03/10/26 | 200000 | 188137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803% due 03/11/25 | 250000 | 243147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180% due 12/09/25 | 750000 | 728939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/18/25 | 250000 | 240732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.292% due 09/12/26 | 500000 | 478776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336% due 11/03/26 | 200000 | 208235 |
|  HSBC USA, Inc. <br>3.750% due 05/24/24 | 200000 | 196201 |
|  Huntington National Bank <br>4.008% due 05/16/25 | 250000 | 244694 |
|  ING Groep NV (Netherlands)<br>3.550% due 04/09/24 | 250000 | 244666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869% due 03/28/26 | 250000 | 240778 |
|  Intercontinental Exchange, Inc.<br>3.650% due 05/23/25 | 95000 | 92896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/01/25 | 250000 | 243895 |
|  JPMorgan Chase & Co.<br>0.563% due 02/16/25 | 500000 | 471754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.768% due 08/09/25 | 315000 | 290916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824% due 06/01/25 | 755000 | 704174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.969% due 06/23/25 | 750000 | 699542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.045% due 11/19/26 | 250000 | 220763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.561% due 12/10/25 | 250000 | 231637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.301% due 10/15/25 | 250000 | 235756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.595% due 02/24/26 | 500000 | 470480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.220% due 03/01/25 | 250000 | 243097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845% due 06/14/25 | 400000 | 391314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 04/26/26 | 350000 | 340131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546% due 12/15/25 | 500000 | 500390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 07/15/25 | 250000 | 267585 |
|  KeyBank NA <br>4.150% due 08/08/25 | 250000 | 244493 |
|  KeyCorp <br>3.878% due 05/23/25 | 45000 | 44055 |
|  Kimco Realty Corp.REIT <br>3.300% due 02/01/25 | 150000 | 143851 |
|  Lloyds Banking Group PLC (United Kingdom)<br>3.511% due 03/18/26 | 200000 | 190172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% due 07/09/25 | 250000 | 242113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 03/12/24 | 250000 | 245496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 05/08/25 | 250000 | 245439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/04/24 | 250000 | 244142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.716% due 08/11/26 | 200000 | 195884 |
|  Main Street Capital Corp. <br>5.200% due 05/01/24 | 250000 | 246550 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Manufacturers & Traders Trust Co. <br>5.400% due 11/21/25 | $250000 | $251581 |
|  Marsh & McLennan Cos., Inc.<br>3.500% due 03/10/25 | 250000 | 242879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 03/15/24 | 250000 | 246650 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan)<br>0.962% due 10/11/25 | 350000 | 322038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.412% due 07/17/25 | 250000 | 227253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193% due 02/25/25 | 250000 | 234174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.801% due 07/18/24 | 500000 | 480807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.788% due 07/18/25 | 200000 | 198128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.063% due 09/12/25 | 200000 | 198707 |
|  Mizuho Financial Group, Inc. (Japan) <br>2.651% due 05/22/26 | 350000 | 325017 |
|  Morgan Stanley<br>0.791% due 01/22/25 | 250000 | 236613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.864% due 10/21/25 | 750000 | 688605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.985% due 12/10/26 | 250000 | 219312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.164% due 10/21/25 | 555000 | 511254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/28/26 | 1000000 | 930123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.620% due 04/17/25 | 300000 | 292892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/23/25 | 250000 | 244367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679% due 07/17/26 | 345000 | 339419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138% due 10/16/26 | 750000 | 766814 |
|  National Australia Bank Ltd. (Australia) <br>5.132% due 11/22/24 | 250000 | 251193 |
|  Natwest Group PLC (United Kingdom)<br>4.269% due 03/22/25 | 500000 | 489177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.472% due 11/10/26 | 250000 | 260427 |
|  Nomura Holdings, Inc. (Japan)<br>1.851% due 07/16/25 | 250000 | 228094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.648% due 01/16/25 | 350000 | 330731 |
|  Northern Trust Corp. <br>3.950% due 10/30/25 | 250000 | 245039 |
|  Oaktree Specialty Lending Corp. <br>3.500% due 02/25/25 | 150000 | 142427 |
|  Old Republic International Corp. <br>4.875% due 10/01/24 | 150000 | 149217 |
|  Omega Healthcare Investors, Inc. REIT <br>4.500% due 01/15/25 | 400000 | 388974 |
|  Owl Rock Capital Corp. <br>5.250% due 04/15/24 | 350000 | 345255 |
|  PNC Bank NA<br>2.500% due 08/27/24 | 500000 | 479726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/10/25 | 250000 | 243356 |
|  PNC Financial Services Group, Inc.<br>3.500% due 01/23/24 | 250000 | 246398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.671% due 10/28/25 | 200000 | 202272 |
|  Realty Income Corp.REIT <br>3.875% due 04/15/25 | 200000 | 196122 |
|  Royal Bank of Canada (Canada)<br>0.425% due 01/19/24 | 395000 | 377269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 07/29/24 | 200000 | 186805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 10/07/24 | 500000 | 465232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 06/10/25 | 250000 | 229058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 01/21/25 | 150000 | 140197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/14/25 | 250000 | 241799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% due 07/26/24 | 150000 | 147910 |
|  Santander Holdings USA, Inc.<br>3.500% due 06/07/24 | 250000 | 243018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260% due 06/09/25 | 150000 | 145688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/17/25 | 250000 | 244644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.807% due 09/09/26 | 60000 | 59608 |
|  Santander UK Group Holdings PLC (United Kingdom)<br>1.089% due 03/15/25 | 250000 | 233691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.833% due 11/21/26 | 200000 | 202803 |
|  Simon Property Group LP REIT<br>3.375% due 10/01/24 | 350000 | 339828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/01/25 | 250000 | 239684 |
|  SITE Centers Corp. REIT <br>3.625% due 02/01/25 | 250000 | 236155 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-179** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Sixth Street Specialty Lending, Inc. <br>3.875% due 11/01/24 | $350000 | $337497 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan)<br>0.508% due 01/12/24 | 650000 | 619045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.448% due 09/27/24 | 350000 | 332923 |
|  SVB Financial Group <br>3.500% due 01/29/25 | 250000 | 240239 |
|  Synchrony Bank <br>5.400% due 08/22/25 | 250000 | 245610 |
|  Synchrony Financial<br>4.250% due 08/15/24 | 250000 | 244415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/13/25 | 130000 | 126786 |
|  Toronto-Dominion Bank (Canada)<br>0.550% due 03/04/24 | 250000 | 237531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 09/11/25 | 250000 | 223394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 06/12/25 | 250000 | 228290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 12/13/24 | 130000 | 121056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 03/08/24 | 200000 | 194108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 06/12/24 | 500000 | 483961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.285% due 09/13/24 | 200000 | 197788 |
|  Truist Bank<br>2.150% due 12/06/24 | 750000 | 713568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/16/25 | 250000 | 240310 |
|  Truist Financial Corp.<br>1.200% due 08/05/25 | 250000 | 228922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/01/24 | 250000 | 240369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/05/25 | 350000 | 340607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260% due 07/28/26 | 200000 | 196708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 10/28/26 | 110000 | 112574 |
|  US Bancorp<br>3.375% due 02/05/24 | 250000 | 245641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727% due 10/21/26 | 95000 | 96862 |
|  US Bank NA<br>2.050% due 01/21/25 | 500000 | 473545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 01/27/25 | 350000 | 337486 |
|  Ventas Realty LP REIT <br>2.650% due 01/15/25 | 350000 | 331442 |
|  Visa, Inc. <br>3.150% due 12/14/25 | 500000 | 482594 |
|  Vornado Realty LP REIT <br>3.500% due 01/15/25 | 250000 | 233413 |
|  Wells Fargo & Co.<br>0.805% due 05/19/25 | 310000 | 290679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/30/26 | 250000 | 232880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.406% due 10/30/25 | 250000 | 236592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/19/25 | 500000 | 479363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 09/09/24 | 250000 | 242779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 09/29/25 | 750000 | 722034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908% due 04/25/26 | 295000 | 286973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/26 | 900000 | 882859 |
|  Welltower, Inc. REIT <br>3.625% due 03/15/24 | 250000 | 244763 |
|  Western Union Co. <br>2.850% due 01/10/25 | 250000 | 238225 |
|  Westpac Banking Corp. (Australia)<br>1.019% due 11/18/24 | 135000 | 125705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 02/19/25 | 850000 | 807190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735% due 08/26/25 | 250000 | 243734 |
|  Willis North America, Inc. <br>3.600% due 05/15/24 | 150000 | 145989 |
|  |  | 78608779 |
|  **Industrial - 7.0%** | **Industrial - 7.0%** | **Industrial - 7.0%** |
|  3M Co.<br>2.000% due 02/14/25 | 250000 | 236974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/14/24 | 250000 | 245455 |
|  Arrow Electronics, Inc. <br>3.250% due 09/08/24 | 350000 | 336537 |
|  Berry Global, Inc. <br>0.950% due 02/15/24 | 250000 | 236959 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Boeing Co.<br>1.433% due 02/04/24 | $335000 | $321174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 02/01/24 | 250000 | 240944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 10/30/24 | 150000 | 143606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/25 | 500000 | 496621 |
|  Burlington Northern Santa Fe LLC<br>3.850% due 09/01/23 | 200000 | 198422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 12/15/25 | 250000 | 264915 |
|  Canadian Pacific Railway Co. (Canada)<br>1.350% due 12/02/24 | 225000 | 209884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/01/25 | 150000 | 143410 |
|  Carlisle Cos., Inc. <br>3.500% due 12/01/24 | 150000 | 145061 |
|  Carrier Global Corp. <br>2.242% due 02/15/25 | 350000 | 329956 |
|  Caterpillar Financial Services Corp.<br>0.450% due 05/17/24 | 150000 | 141378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600% due 09/13/24 | 300000 | 280042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 11/13/25 | 250000 | 224498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 11/08/24 | 500000 | 477383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/13/25 | 250000 | 243109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 08/12/25 | 200000 | 195312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 01/17/25 | 200000 | 200688 |
|  CNH Industrial Capital LLC<br>3.950% due 05/23/25 | 95000 | 92239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 10/14/25 | 65000 | 65212 |
|  CSX Corp. <br>3.400% due 08/01/24 | 250000 | 244086 |
|  General Dynamics Corp.<br>3.250% due 04/01/25 | 250000 | 242454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/15/25 | 250000 | 243781 |
|  Honeywell International, Inc.<br>1.350% due 06/01/25 | 350000 | 323868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 11/01/24 | 100000 | 100388 |
|  John Deere Capital Corp.<br>0.450% due 01/17/24 | 200000 | 191306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450% due 06/07/24 | 165000 | 155162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 09/10/24 | 70000 | 65366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900% due 01/10/24 | 120000 | 115592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 01/10/25 | 120000 | 112331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 03/07/25 | 65000 | 61557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 06/24/24 | 500000 | 485140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 06/06/25 | 55000 | 53408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 03/13/25 | 150000 | 146131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 09/08/25 | 160000 | 157635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 10/11/24 | 110000 | 110063 |
|  Johnson Controls International PLC <br>3.625% due 07/02/24 § | 250000 | 244566 |
|  Keysight Technologies, Inc. <br>4.550% due 10/30/24 | 250000 | 246349 |
|  Legrand France SA (France) <br>8.500% due 02/15/25 | 100000 | 108215 |
|  Lennox International, Inc. <br>1.350% due 08/01/25 | 250000 | 226515 |
|  Northrop Grumman Corp. <br>2.930% due 01/15/25 | 100000 | 95978 |
|  Owens Corning <br>4.200% due 12/01/24 | 150000 | 147781 |
|  Packaging Corp. of America <br>3.650% due 09/15/24 | 350000 | 341219 |
|  Parker-Hannifin Corp. <br>3.650% due 06/15/24 | 215000 | 210489 |
|  Raytheon Technologies Corp. <br>3.950% due 08/16/25 | 250000 | 244485 |
|  Republic Services, Inc. <br>2.500% due 08/15/24 | 350000 | 335618 |
|  Ryder System, Inc. <br>3.350% due 09/01/25 | 250000 | 237588 |
|  TD SYNNEX Corp. <br>1.250% due 08/09/24 | 250000 | 232334 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-180** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Teledyne Technologies, Inc. <br>0.950% due 04/01/24 | $200000 | $189034 |
|  Union Pacific Corp. <br>3.250% due 08/15/25 | 250000 | 240556 |
|  Westinghouse Air Brake Technologies Corp. <br>4.400% due 03/15/24 | 211000 | 207666 |
|  WRKCo, Inc. <br>3.750% due 03/15/25 | 250000 | 242001 |
|  |  | 11828441 |
|  **Technology - 7.0%** | **Technology - 7.0%** | **Technology - 7.0%** |
|  Adobe, Inc. <br>3.250% due 02/01/25 | 250000 | 243145 |
|  Analog Devices, Inc. <br>2.950% due 04/01/25 | 200000 | 192531 |
|  Apple, Inc.<br>0.550% due 08/20/25 | 350000 | 316017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/09/25 | 350000 | 334899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 01/13/25 | 500000 | 481840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 05/13/25 | 350000 | 338478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 05/06/24 | 500000 | 491156 |
|  Applied Materials, Inc. <br>3.900% due 10/01/25 | 250000 | 244689 |
|  CDW LLC/CDW Finance Corp. <br>4.125% due 05/01/25 | 250000 | 243200 |
|  Dell International LLC/EMC Corp.<br>4.000% due 07/15/24 | 250000 | 245844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 07/15/25 | 250000 | 252896 |
|  Fidelity National Information Services, Inc.<br>0.600% due 03/01/24 | 85000 | 80467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/15/25 | 110000 | 107967 |
|  Fiserv, Inc. <br>2.750% due 07/01/24 | 350000 | 338311 |
|  Genpact Luxembourg SARL <br>3.375% due 12/01/24 | 250000 | 239615 |
|  Hewlett Packard Enterprise Co.<br>1.450% due 04/01/24 | 250000 | 238703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 10/15/25 | 350000 | 346941 |
|  HP, Inc. <br>2.200% due 06/17/25 | 250000 | 233795 |
|  Intel Corp. <br>3.400% due 03/25/25 | 250000 | 243933 |
|  International Business Machines Corp.<br>3.000% due 05/15/24 | 300000 | 291918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/12/24 | 250000 | 246376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/27/25 | 150000 | 147714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 10/30/25 | 250000 | 264993 |
|  Intuit, Inc. <br>0.950% due 07/15/25 | 250000 | 227732 |
|  KLA Corp. <br>4.650% due 11/01/24 | 250000 | 249422 |
|  Lam Research Corp. <br>3.800% due 03/15/25 | 250000 | 244862 |
|  Microchip Technology, Inc. <br>4.250% due 09/01/25 | 350000 | 340111 |
|  Microsoft Corp.<br>2.700% due 02/12/25 | 250000 | 240369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 02/06/24 | 350000 | 343944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/03/25 | 500000 | 483549 |
|  NetApp, Inc. <br>1.875% due 06/22/25 | 250000 | 229843 |
|  NVIDIA Corp. <br>0.584% due 06/14/24 | 250000 | 236025 |
|  Oracle Corp.<br>2.500% due 04/01/25 | 350000 | 330301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/15/24 | 700000 | 673243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 05/15/25 | 500000 | 474823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 11/10/25 | 70000 | 71645 |
|  Roper Technologies, Inc. <br>1.000% due 09/15/25 | 250000 | 224234 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Salesforce, Inc. <br>0.625% due 07/15/24 | $345000 | $323817 |
|  Texas Instruments, Inc.<br>1.375% due 03/12/25 | 150000 | 140169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 11/18/24 | 50000 | 50192 |
|  VMware, Inc.<br>1.000% due 08/15/24 | 155000 | 144321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/25 | 250000 | 245379 |
|  Xilinx, Inc. <br>2.950% due 06/01/24 | 350000 | 340676 |
|  |  | 11780085 |
|  **Utilities - 5.9%** | **Utilities - 5.9%** | **Utilities - 5.9%** |
|  Ameren Corp. <br>2.500% due 09/15/24 | 500000 | 478570 |
|  American Electric Power Co., Inc. <br>2.031% due 03/15/24 | 90000 | 86819 |
|  Avangrid, Inc. <br>3.150% due 12/01/24 | 250000 | 239124 |
|  Berkshire Hathaway Energy Co.<br>3.500% due 02/01/25 | 250000 | 245443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 04/15/25 | 200000 | 197098 |
|  Black Hills Corp. <br>1.037% due 08/23/24 | 135000 | 125984 |
|  Constellation Energy Generation LLC <br>3.250% due 06/01/25 | 250000 | 239415 |
|  Dominion Energy, Inc.<br>3.071% due 08/15/24 § | 250000 | 241050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 03/15/25 | 150000 | 144066 |
|  DTE Energy Co.<br>1.050% due 06/01/25 | 250000 | 226661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% due 11/01/24 § | 150000 | 147550 |
|  Duke Energy Corp.<br>3.750% due 04/15/24 | 500000 | 491336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/08/25 | 90000 | 89906 |
|  Eastern Energy Gas Holdings LLC <br>2.500% due 11/15/24 | 250000 | 238317 |
|  Edison International <br>4.700% due 08/15/25 | 100000 | 97944 |
|  Emera US Finance LP (Canada) <br>0.833% due 06/15/24 | 350000 | 326827 |
|  Entergy Corp. <br>0.900% due 09/15/25 | 350000 | 312018 |
|  Entergy Louisiana LLC <br>0.950% due 10/01/24 | 145000 | 135067 |
|  Eversource Energy<br>0.800% due 08/15/25 | 250000 | 224254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/27/24 | 110000 | 108789 |
|  Exelon Corp. <br>3.950% due 06/15/25 | 250000 | 244382 |
|  Florida Power & Light Co. <br>2.850% due 04/01/25 | 350000 | 335416 |
|  National Fuel Gas Co. <br>5.200% due 07/15/25 | 250000 | 248949 |
|  National Rural Utilities Cooperative Finance Corp.<br>0.350% due 02/08/24 | 95000 | 90169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/18/24 | 315000 | 291464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/07/25 | 200000 | 187712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 10/30/25 | 100000 | 101304 |
|  NextEra Energy Capital Holdings, Inc.<br>2.940% due 03/21/24 | 160000 | 155847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255% due 09/01/24 | 150000 | 148062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 06/20/25 | 120000 | 118629 |
|  NiSource, Inc. <br>0.950% due 08/15/25 | 250000 | 225611 |
|  Oncor Electric Delivery Co. LLC <br>2.950% due 04/01/25 | 250000 | 240234 |
|  ONE Gas, Inc. <br>1.100% due 03/11/24 | 169000 | 162126 |
|  Pacific Gas and Electric Co.<br>3.250% due 02/16/24 | 365000 | 356419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/08/25 | 50000 | 49275 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-181** 

------

**PACIFIC SELECT FUND** 

**PD 1-3 YEAR CORPORATE BOND PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Pinnacle West Capital Corp. <br>1.300% due 06/15/25 | $250000 | $227843 |
|  Public Service Enterprise Group, Inc. <br>2.875% due 06/15/24 | 500000 | 483146 |
|  Puget Energy, Inc. <br>3.650% due 05/15/25 | 250000 | 238013 |
|  Sempra Energy <br>3.300% due 04/01/25 | 245000 | 235152 |
|  Southern California Edison Co.<br>0.975% due 08/01/24 | 525000 | 491251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 04/01/24 | 255000 | 242312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/01/25 | 65000 | 63859 |
|  Southern California Gas Co. <br>3.200% due 06/15/25 | 250000 | 241443 |
|  Southern Co. <br>4.475% due 08/01/24 § | 165000 | 163035 |
|  WEC Energy Group, Inc.<br>0.800% due 03/15/24 | 125000 | 118481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 09/27/25 | 30000 | 30025 |
|  |  | 9886397 |
|  Total Corporate Bonds & Notes <br>(Cost $173,984,431) |  | 167138998 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENT - 2.2%** | **SHORT-TERM INVESTMENT - 2.2%** | **SHORT-TERM INVESTMENT - 2.2%** |
|  **Money Market Fund - 2.2%** | **Money Market Fund - 2.2%** |  |
|  BlackRock Liquidity Funds T-Fund Institutional Shares 4.030% | 3640903 | 3640903 |
|  Total Short-Term Investment <br>(Cost $3,640,903) |  | 3640903 |
|  **TOTAL INVESTMENTS - 101.3% <br>(Cost $177,625,334)** | **TOTAL INVESTMENTS - 101.3% <br>(Cost $177,625,334)** | 170779901 |
|  **OTHER ASSETS & LIABILITIES, NET - (1.3%)** | **OTHER ASSETS & LIABILITIES, NET - (1.3%)** | (2147813) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $168632088 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 46.6% |
|  Consumer, Non-Cyclical | 12.9% |
|  Consumer, Cyclical | 7.3% |
|  Industrial | 7.0% |
|  Technology | 7.0% |
|  Utilities | 5.9% |
|  Energy | 5.7% |
|  Communications | 4.9% |
|  Others (each less than 3.0%) | 4.0% |
|  | 101.3% |
|  Other Assets & Liabilities, Net | (1.3%) |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $167138998 | $— | $167138998 | $— |
|  | Short-Term Investment | 3640903 | 3640903 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $170779901 | $3640903 | $167138998 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-182** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **CORPORATE BONDS & NOTES - 25.7%** |  |  |
|  **Basic Materials - 0.6%** |  |  |
|  Air Products & Chemicals, Inc. <br>3.350% due 07/31/24 | $100000 | $97784 |
|  Albemarle Corp.<br>5.050% due 06/01/32 | 100000 | 94538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 12/01/44 | 50000 | 45431 |
|  BHP Billiton Finance USA Ltd. (Australia) <br>5.000% due 09/30/43 | 500000 | 486974 |
|  Celanese US Holdings LLC <br>1.400% due 08/05/26 | 25000 | 20942 |
|  Dow Chemical Co.<br>2.100% due 11/15/30 | 250000 | 201486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 11/15/50 | 250000 | 179777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/01/34 | 141000 | 127941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 05/15/49 | 65000 | 55177 |
|  DuPont de Nemours, Inc.<br>4.493% due 11/15/25 | 350000 | 344554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725% due 11/15/28 | 150000 | 148219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% due 11/15/38 | 65000 | 62743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% due 11/15/48 | 75000 | 71790 |
|  Eastman Chemical Co.<br>3.800% due 03/15/25 | 100000 | 97111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 10/15/44 | 50000 | 41165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 09/01/42 | 100000 | 84444 |
|  Ecolab, Inc.<br>1.650% due 02/01/27 | 100000 | 88664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 02/01/32 | 100000 | 80091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 12/15/51 | 100000 | 62648 |
|  Fibria Overseas Finance Ltd. (Brazil) <br>5.500% due 01/17/27 | 50000 | 50255 |
|  FMC Corp. <br>4.100% due 02/01/24 | 50000 | 49320 |
|  Freeport-McMoRan, Inc.<br>4.125% due 03/01/28 | 150000 | 138995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 08/01/30 | 100000 | 93307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 03/15/43 | 100000 | 90430 |
|  Georgia-Pacific LLC <br>8.875% due 05/15/31 | 100000 | 122257 |
|  Huntsman International LLC <br>4.500% due 05/01/29 | 45000 | 40504 |
|  International Paper Co.<br>4.350% due 08/15/48 | 54000 | 45333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/15/41 | 200000 | 200376 |
|  Kinross Gold Corp. (Canada) <br>5.950% due 03/15/24 | 100000 | 100412 |
|  Linde, Inc.<br>1.100% due 08/10/30 | 50000 | 38423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/10/50 | 30000 | 16741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 12/05/25 | 100000 | 100184 |
|  LYB International Finance III LLC<br>1.250% due 10/01/25 | 20000 | 17862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 10/01/30 | 25000 | 19881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 10/01/40 | 30000 | 21430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 04/01/51 | 40000 | 26931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/01/60 | 30000 | 19580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 05/01/50 | 300000 | 223129 |
|  LyondellBasell Industries NV <br>4.625% due 02/26/55 | 75000 | 58743 |
|  Mosaic Co. <br>5.450% due 11/15/33 | 163000 | 159045 |
|  NewMarket Corp. <br>2.700% due 03/18/31 | 100000 | 78645 |
|  Newmont Corp.<br>2.250% due 10/01/30 | 65000 | 52393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 07/15/32 | 100000 | 79882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/01/35 | 100000 | 101476 |
|  Nucor Corp.<br>2.000% due 06/01/25 | 250000 | 232883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.979% due 12/15/55 | 25000 | 15576 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Nutrien Ltd. (Canada)<br>2.950% due 05/13/30 | $| 50000 | $| 42951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/01/29 |  | 55000 |  | 51778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/15/45 |  | 139000 |  | 127768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 11/07/25 |  | 35000 |  | 35750 |
|  PPG Industries, Inc.<br>1.200% due 03/15/26 |  | 70000 |  | 62126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 08/15/29 |  | 50000 |  | 43216 |
|  Reliance Steel & Aluminum Co. <br>1.300% due 08/15/25 |  | 40000 |  | 36183 |
|  Rio Tinto Finance USA Ltd. (Australia)<br>2.750% due 11/02/51 |  | 50000 |  | 33315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 07/15/28 |  | 50000 |  | 55164 |
|  Rio Tinto Finance USA PLC (Australia) <br>4.750% due 03/22/42 |  | 200000 |  | 187476 |
|  RPM International, Inc. <br>5.250% due 06/01/45 |  | 50000 |  | 43292 |
|  Sherwin-Williams Co.<br>3.125% due 06/01/24 |  | 25000 |  | 24299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 06/01/27 |  | 60000 |  | 56371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/15/26 |  | 150000 |  | 145927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/42 |  | 50000 |  | 39798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/47 |  | 29000 |  | 24477 |
|  Southern Copper Corp. (Peru)<br>5.250% due 11/08/42 |  | 150000 |  | 143479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 07/27/35 |  | 50000 |  | 58192 |
|  Steel Dynamics, Inc.<br>1.650% due 10/15/27 |  | 10000 |  | 8396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 06/15/25 |  | 15000 |  | 14079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 01/15/31 |  | 40000 |  | 34235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 10/15/50 |  | 20000 |  | 13051 |
|  Suzano Austria GmbH (Brazil)<br>2.500% due 09/15/28 |  | 40000 |  | 33712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 01/15/32 |  | 40000 |  | 31242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 01/15/31 |  | 125000 |  | 105148 |
|  Teck Resources Ltd. (Canada) <br>3.900% due 07/15/30 |  | 250000 |  | 224165 |
|  Vale Overseas Ltd. (Brazil) <br>6.875% due 11/21/36 |  | 150000 |  | 158608 |
|  Westlake Corp. <br>4.375% due 11/15/47 |  | 100000 |  | 75681 |
|  |  |  |  | 6495351 |
|  **Communications - 2.4%** | **Communications - 2.4%** | **Communications - 2.4%** | **Communications - 2.4%** | **Communications - 2.4%** |
|  Alibaba Group Holding Ltd. (China)<br>2.700% due 02/09/41 |  | 350000 |  | 224380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 11/28/24 |  | 200000 |  | 193506 |
|  Alphabet, Inc.<br>0.800% due 08/15/27 |  | 150000 |  | 128711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 08/15/40 |  | 150000 |  | 100126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.998% due 08/15/26 |  | 200000 |  | 184140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/60 |  | 150000 |  | 85229 |
|  Amazon.com, Inc.<br>0.450% due 05/12/24 |  | 45000 |  | 42409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 06/03/25 |  | 565000 |  | 516442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 05/12/26 |  | 100000 |  | 88688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 06/03/30 |  | 85000 |  | 68496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 05/12/28 |  | 100000 |  | 86029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 05/12/31 |  | 100000 |  | 81919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 06/03/50 |  | 40000 |  | 25391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 06/03/60 |  | 300000 |  | 182143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/12/41 |  | 100000 |  | 75017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/13/25 |  | 100000 |  | 96582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 05/12/51 |  | 100000 |  | 71720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/12/61 |  | 100000 |  | 68984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/13/27 |  | 150000 |  | 142584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 04/13/32 |  | 200000 |  | 183616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/22/37 |  | 195000 |  | 173535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/13/52 |  | 150000 |  | 124984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 08/22/47 |  | 70000 |  | 60390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 04/13/62 |  | 100000 |  | 83128 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-183** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/22/57 | $100000 | $86495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 12/01/27 | 100000 | 99850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 12/01/25 | 100000 | 99866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 12/01/32 | 100000 | 99307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 12/03/25 | 50000 | 50958 |
|  America Movil SAB de CV (Mexico)<br>2.875% due 05/07/30 | 200000 | 169999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 03/01/35 | 125000 | 132723 |
|  AT&T, Inc.<br>1.650% due 02/01/28 | 300000 | 253868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/01/32 | 165000 | 129759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 12/01/33 | 250000 | 192860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 06/01/31 | 100000 | 83123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/41 | 200000 | 149927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/53 | 197000 | 133849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 09/15/55 | 433000 | 290864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 06/01/51 | 350000 | 248091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/15/59 | 121000 | 81548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 12/01/57 | 200000 | 138914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/01/60 | 45000 | 31432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/01/27 | 100000 | 97455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 12/15/42 | 393000 | 324101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/01/29 | 150000 | 142962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 06/15/45 | 177000 | 143149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/35 | 90000 | 82130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 03/09/49 | 100000 | 82478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 03/01/39 | 70000 | 62903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 09/01/40 | 161000 | 154160 |
|  Baidu, Inc. (China)<br>1.625% due 02/23/27 | 200000 | 171968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 08/23/31 | 200000 | 157171 |
|  Bell Telephone Co. of Canada or Bell Canada (Canada)<br>2.150% due 02/15/32 | 40000 | 31390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 02/15/52 | 20000 | 13483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 08/15/52 | 70000 | 51292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.464% due 04/01/48 | 65000 | 55687 |
|  Booking Holdings, Inc.<br>3.600% due 06/01/26 | 50000 | 47893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/13/30 | 200000 | 193647 |
|  British Telecommunications PLC (United Kingdom)<br>5.125% due 12/04/28 | 200000 | 194498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 12/15/30 | 50000 | 60021 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.500% due 06/01/41 | 60000 | 39292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/28 | 100000 | 90342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/01/61 | 335000 | 194930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/01/52 | 175000 | 110518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/15/28 | 200000 | 184173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 12/01/61 | 100000 | 64344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/01/24 | 100000 | 98862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 03/01/50 | 350000 | 255461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908% due 07/23/25 | 150000 | 147160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/01/49 | 100000 | 76015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 05/01/47 | 50000 | 39420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% due 10/23/35 | 70000 | 68480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% due 10/23/45 | 165000 | 149494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834% due 10/23/55 | 50000 | 46380 |
|  Cisco Systems, Inc.<br>2.950% due 02/28/26 | 50000 | 47741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/04/24 | 325000 | 319877 |
|  Comcast Corp.<br>1.500% due 02/15/31 | 700000 | 546711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 01/15/31 | 140000 | 113501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 01/15/27 | 40000 | 36401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 08/15/52 | 100000 | 58695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 01/15/51 | 55000 | 34953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987% due 11/01/63 | 101000 | 61542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/01/27 | 100000 | 94383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 07/15/46 | 55000 | 40528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/15/24 | 85000 | 83748 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/40 | $155000 | $128475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 10/15/25 | 100000 | 98038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% due 11/01/49 | 211000 | 167541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/15/47 | 100000 | 80340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.049% due 11/01/52 | 97000 | 77270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/15/28 | 95000 | 91293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/15/30 | 420000 | 402889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 08/15/35 | 77000 | 71949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 10/15/38 | 85000 | 78885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 10/15/48 | 325000 | 292014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/44 | 300000 | 274573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 10/15/58 | 80000 | 72877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 11/15/27 | 65000 | 66499 |
|  Corning, Inc.<br>4.375% due 11/15/57 | 100000 | 78038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 03/15/37 | 50000 | 45743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 11/15/48 | 100000 | 92271 |
|  Deutsche Telekom International Finance BV (Germany) <br>8.750% due 06/15/30 | 185000 | 218676 |
|  Discovery Communications LLC<br>3.450% due 03/15/25 | 100000 | 94952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/15/30 | 250000 | 206558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/13/24 | 100000 | 97728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/20/28 | 60000 | 53357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/15/55 | 118000 | 71317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 09/20/47 | 30000 | 22397 |
|  eBay, Inc.<br>1.900% due 03/11/25 | 50000 | 46838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 03/11/30 | 100000 | 85173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 06/05/27 | 50000 | 47196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 11/22/25 | 70000 | 71555 |
|  Expedia Group, Inc. <br>3.800% due 02/15/28 | 50000 | 45987 |
|  Fox Corp.<br>3.050% due 04/07/25 | 150000 | 143534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576% due 01/25/49 | 200000 | 179405 |
|  Interpublic Group of Cos., Inc.<br>2.400% due 03/01/31 | 100000 | 79167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/01/41 | 70000 | 49370 |
|  JD.com, Inc. (China) <br>4.125% due 01/14/50 | 200000 | 148563 |
|  Juniper Networks, Inc. <br>3.750% due 08/15/29 | 100000 | 89337 |
|  Meta Platforms, Inc.<br>3.500% due 08/15/27 | 200000 | 186738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 08/15/32 | 200000 | 176561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 08/15/52 | 200000 | 159968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 08/15/62 | 200000 | 161529 |
|  Motorola Solutions, Inc.<br>2.750% due 05/24/31 | 100000 | 80195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 02/23/28 | 100000 | 97053 |
|  Omnicom Group, Inc. <br>2.600% due 08/01/31 | 100000 | 82078 |
|  Omnicom Group, Inc./Omnicom Capital, Inc. <br>3.600% due 04/15/26 | 50000 | 48025 |
|  Orange SA (France)<br>5.375% due 01/13/42 | 150000 | 145771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 03/01/31 | 50000 | 61320 |
|  Paramount Global<br>2.900% due 01/15/27 | 50000 | 44940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 02/15/28 | 55000 | 48903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 05/19/32 | 300000 | 246300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/15/43 | 70000 | 48438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 10/15/40 | 50000 | 43335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/30/36 | 100000 | 97435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 07/30/30 | 100000 | 106949 |
|  Rogers Communications, Inc. (Canada)<br>3.200% due 03/15/27 ~ | 65000 | 60239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/32 ~ | 65000 | 56268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 02/15/48 | 85000 | 64431 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-184** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 05/01/49 | $75000 | $57676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/43 | 25000 | 20345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 03/15/52 ~ | 100000 | 77992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/15/44 | 100000 | 86110 |
|  T-Mobile USA, Inc.<br>2.250% due 11/15/31 | 50000 | 39457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/15/29 | 25000 | 21148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 02/15/31 | 300000 | 245803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 03/15/32 | 55000 | 44583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/15/41 | 20000 | 14188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/15/51 | 50000 | 33587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 10/15/52 | 150000 | 101465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/15/25 | 200000 | 192514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 11/15/60 | 220000 | 146273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/30 | 300000 | 272448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/15/50 | 200000 | 165417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 01/15/33 | 130000 | 129244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 01/15/53 | 65000 | 63286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 09/15/62 | 95000 | 92491 |
|  Telefonica Emisiones SA (Spain)<br>5.213% due 03/08/47 | 150000 | 121074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.045% due 06/20/36 | 150000 | 154348 |
|  Telefonica Europe BV (Spain) <br>8.250% due 09/15/30 | 250000 | 279582 |
|  TELUS Corp. (Canada)<br>3.400% due 05/13/32 | 50000 | 42829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 11/16/48 | 100000 | 85117 |
|  Thomson Reuters Corp. (Canada)<br>5.650% due 11/23/43 | 150000 | 138390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 04/15/40 | 25000 | 24222 |
|  Time Warner Cable LLC<br>5.875% due 11/15/40 | 150000 | 131254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 05/01/37 | 100000 | 95567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 06/15/39 | 50000 | 47541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 07/01/38 | 150000 | 149366 |
|  VeriSign, Inc. <br>2.700% due 06/15/31 | 80000 | 65354 |
|  Verizon Communications, Inc.<br>0.850% due 11/20/25 | 100000 | 89288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 03/20/26 | 40000 | 35955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 09/18/30 | 90000 | 70176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 01/20/31 | 100000 | 77819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 03/22/28 | 60000 | 52178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 03/21/31 | 140000 | 115476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 11/20/40 | 450000 | 305403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 09/03/41 | 45000 | 31141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/20/50 | 100000 | 63126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987% due 10/30/56 | 383000 | 235364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/20/60 | 90000 | 53987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/22/30 | 500000 | 442081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376% due 02/15/25 | 200000 | 193935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 03/22/41 | 580000 | 438398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/22/51 | 55000 | 39435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 03/22/61 | 45000 | 31610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/22/50 | 250000 | 196817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/16/27 | 300000 | 292647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272% due 01/15/36 | 57000 | 50946 |
|  Vodafone Group PLC (United Kingdom)<br>5.000% due 05/30/38 | 40000 | 36969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/19/59 | 100000 | 86031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/30/48 | 75000 | 66419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 02/27/37 | 150000 | 152565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 02/15/30 | 50000 | 56481 |
|  Walt Disney Co.<br>1.750% due 08/30/24 | 50000 | 47701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 01/13/26 | 70000 | 64146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/01/29 | 35000 | 29415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 01/13/31 | 310000 | 265383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 09/01/49 | 45000 | 29970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/15/26 | 200000 | 189482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 01/13/51 | 200000 | 153299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 03/23/50 | 200000 | 184724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 10/01/43 | $| 100000 | $| 100324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 12/15/35 |  | 39000 |  | 42823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% due 11/15/37 |  | 150000 |  | 170568 |
|  Weibo Corp. (China) <br>3.375% due 07/08/30 |  | 200000 |  | 155594 |
|  |  |  |  | 24303549 |
|  **Consumer, Cyclical - 1.5%** | **Consumer, Cyclical - 1.5%** | **Consumer, Cyclical - 1.5%** | **Consumer, Cyclical - 1.5%** | **Consumer, Cyclical - 1.5%** |
|  Advance Auto Parts, Inc. <br>1.750% due 10/01/27 |  | 20000 |  | 16821 |
|  American Airlines Pass-Through Trust Class AA <br>3.200% due 12/15/29 |  | 107925 |  | 93834 |
|  American Honda Finance Corp.<br>0.750% due 08/09/24 |  | 65000 |  | 60805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 07/08/25 |  | 50000 |  | 45749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/13/25 |  | 150000 |  | 140454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 03/24/28 |  | 45000 |  | 38848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/12/29 |  | 150000 |  | 128950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/16/24 |  | 250000 |  | 244059 |
|  Aptiv PLC<br>3.100% due 12/01/51 |  | 200000 |  | 118970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 10/01/46 |  | 100000 |  | 74502 |
|  AutoNation, Inc. <br>4.500% due 10/01/25 |  | 100000 |  | 97374 |
|  AutoZone, Inc.<br>1.650% due 01/15/31 |  | 85000 |  | 66173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/01/27 |  | 100000 |  | 95538 |
|  Best Buy Co., Inc. <br>4.450% due 10/01/28 |  | 50000 |  | 48229 |
|  BorgWarner, Inc. <br>2.650% due 07/01/27 |  | 25000 |  | 22278 |
|  Choice Hotels International, Inc. <br>3.700% due 12/01/29 |  | 25000 |  | 21827 |
|  Continental Airlines Pass-Through Trust Class A <br>4.000% due 04/29/26 |  | 16561 |  | 15816 |
|  Costco Wholesale Corp.<br>1.375% due 06/20/27 |  | 200000 |  | 175480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 04/20/32 |  | 200000 |  | 158664 |
|  Cummins, Inc.<br>0.750% due 09/01/25 |  | 35000 |  | 31591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 09/01/30 |  | 100000 |  | 78655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 09/01/50 |  | 100000 |  | 62349 |
|  Darden Restaurants, Inc. <br>3.850% due 05/01/27 |  | 130000 |  | 124187 |
|  Delta Air Lines Pass-Through Trust Class AA 2.000% due 12/10/29 |  | 42526 |  | 36279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.204% due 10/25/25 |  | 25000 |  | 24382 |
|  Dick's Sporting Goods, Inc. <br>3.150% due 01/15/32 |  | 300000 |  | 234882 |
|  Dollar General Corp.<br>3.875% due 04/15/27 |  | 50000 |  | 47753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 11/01/25 |  | 25000 |  | 24473 |
|  Dollar Tree, Inc.<br>2.650% due 12/01/31 |  | 100000 |  | 81142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 05/15/28 |  | 45000 |  | 43126 |
|  DR Horton, Inc. <br>1.300% due 10/15/26 |  | 85000 |  | 73206 |
|  General Motors Co.<br>4.200% due 10/01/27 |  | 50000 |  | 47099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 10/15/29 |  | 250000 |  | 239130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 04/01/48 |  | 50000 |  | 41079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/25 |  | 250000 |  | 254686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/02/43 |  | 100000 |  | 92885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 04/01/46 |  | 25000 |  | 24082 |
|  General Motors Financial Co., Inc.<br>1.250% due 01/08/26 |  | 500000 |  | 440819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 06/10/31 |  | 100000 |  | 76849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/07/24 |  | 100000 |  | 96369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 06/21/30 |  | 350000 |  | 295325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/13/24 |  | 100000 |  | 98080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/06/26 |  | 50000 |  | 47130 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-185** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 04/06/29 | $100000 | $89770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 04/09/27 | 60000 | 58212 |
|  Hasbro, Inc.<br>3.500% due 09/15/27 | 30000 | 27821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 11/19/29 | 100000 | 89086 |
|  Home Depot, Inc.<br>1.375% due 03/15/31 | 300000 | 233135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 09/15/26 | 100000 | 91639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 03/15/51 | 200000 | 120196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 04/15/30 | 300000 | 262290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/01/26 | 25000 | 23822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/15/32 | 65000 | 57946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 09/15/25 | 45000 | 43666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/56 | 55000 | 41270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 12/06/28 | 40000 | 38590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/01/43 | 300000 | 263924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/06/48 | 100000 | 91235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 12/16/36 | 75000 | 80529 |
|  Honda Motor Co. Ltd. (Japan) <br>2.271% due 03/10/25 | 250000 | 236774 |
|  Hyatt Hotels Corp. <br>4.850% due 03/15/26 | 25000 | 24601 |
|  JetBlue Pass-Through Trust <br>4.000% due 05/15/34 | 13037 | 11626 |
|  Lear Corp.<br>2.600% due 01/15/32 | 100000 | 75479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 01/15/52 | 100000 | 61155 |
|  Leggett & Platt, Inc. <br>3.800% due 11/15/24 | 50000 | 48604 |
|  Lowe's Cos., Inc.<br>1.300% due 04/15/28 | 20000 | 16655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 09/15/28 | 25000 | 21044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 10/15/30 | 20000 | 15686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 04/01/31 | 100000 | 83105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 09/15/41 | 50000 | 34214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/15/50 | 15000 | 9606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/51 | 50000 | 35276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 04/05/29 | 35000 | 32412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/15/46 | 250000 | 186200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/32 | 200000 | 178473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/52 | 50000 | 39890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/15/30 | 250000 | 240199 |
|  Magna International, Inc. (Canada) <br>4.150% due 10/01/25 | 25000 | 24423 |
|  Marriott International, Inc.<br>2.750% due 10/15/33 | 150000 | 114862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 06/15/26 | 200000 | 187478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/15/32 | 40000 | 33385 |
|  McDonald's Corp.<br>3.375% due 05/26/25 | 100000 | 96824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/01/27 | 50000 | 47679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/01/27 | 300000 | 285057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 07/01/30 | 100000 | 91962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 02/15/42 | 200000 | 160227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/01/28 | 25000 | 23968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/01/50 | 150000 | 125582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 09/01/48 | 10000 | 8749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 07/15/40 | 10000 | 9387 |
|  Mercedes-Benz Finance North America LLC (Germany) <br>8.500% due 01/18/31 | 50000 | 61796 |
|  NIKE, Inc.<br>2.850% due 03/27/30 | 350000 | 313612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/01/46 | 200000 | 155729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/01/43 | 25000 | 20830 |
|  O'Reilly Automotive, Inc.<br>4.350% due 06/01/28 | 100000 | 97267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 06/15/32 | 50000 | 48480 |
|  PACCAR Financial Corp.<br>1.100% due 05/11/26 | 70000 | 62471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/04/27 | 70000 | 63283 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 06/13/24 | $30000 | $29310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 08/11/25 | 100000 | 97014 |
|  PulteGroup, Inc. <br>5.500% due 03/01/26 | 200000 | 200943 |
|  Ralph Lauren Corp. <br>3.750% due 09/15/25 | 50000 | 48613 |
|  Ross Stores, Inc.<br>0.875% due 04/15/26 | 100000 | 87888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 04/15/31 | 100000 | 78731 |
|  Southwest Airlines Co. <br>5.250% due 05/04/25 | 180000 | 180828 |
|  Starbucks Corp.<br>2.450% due 06/15/26 | 50000 | 46373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/01/28 | 100000 | 93924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/15/50 | 200000 | 145250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 08/15/29 | 100000 | 92368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/01/47 | 35000 | 26730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 06/15/45 | 35000 | 29767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 08/15/49 | 100000 | 85510 |
|  Tapestry, Inc. <br>4.125% due 07/15/27 | 23000 | 21458 |
|  Target Corp.<br>1.950% due 01/15/27 | 250000 | 227309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 04/15/25 | 150000 | 142431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 01/15/52 | 200000 | 138144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/29 | 100000 | 92793 |
|  Toyota Motor Credit Corp.<br>0.500% due 06/18/24 | 200000 | 187738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 10/16/25 | 50000 | 44813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 06/18/26 | 200000 | 176937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 08/13/27 | 120000 | 102271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 02/13/25 | 50000 | 47024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 04/06/28 | 100000 | 87126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 02/13/30 | 100000 | 84366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 03/22/27 | 200000 | 186773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 01/11/27 | 100000 | 94081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 01/08/24 | 100000 | 98717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 06/30/25 | 175000 | 171485 |
|  United Airlines Pass-Through Trust Class A<br>2.875% due 04/07/30 | 110354 | 94078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 01/07/30 | 36809 | 33256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/11/27 | 62984 | 58610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/15/29 | 71135 | 70233 |
|  Walgreens Boots Alliance, Inc. <br>3.450% due 06/01/26 | 30000 | 28557 |
|  Walmart, Inc.<br>1.050% due 09/17/26 | 150000 | 133032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 09/22/31 | 300000 | 244947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/22/41 | 250000 | 183455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 12/15/24 | 100000 | 96275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 09/22/51 | 200000 | 136228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 07/08/24 | 90000 | 87596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 07/08/26 | 65000 | 62590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 07/08/29 | 80000 | 74982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/22/24 | 300000 | 294044 |
|  Warnermedia Holdings, Inc.<br>3.638% due 03/15/25 ~ | 300000 | 285535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 03/15/32 ~ | 300000 | 247880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 03/15/42 ~ | 300000 | 230587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% due 03/15/52 ~ | 400000 | 292331 |
|  Whirlpool Corp.<br>2.400% due 05/15/31 | 5000 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 05/15/50 | 50000 | 39978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/14/32 | 30000 | 28370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/26/29 | 60000 | 58458 |
|  WW Grainger, Inc.<br>1.850% due 02/15/25 | 25000 | 23489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/46 | 50000 | 39259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 06/15/45 | 20000 | 18288 |
|  |  | 15289856 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-186** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  **Consumer, Non-Cyclical - 4.1%** | **Consumer, Non-Cyclical - 4.1%** | **Consumer, Non-Cyclical - 4.1%** |
|  Abbott Laboratories<br>2.950% due 03/15/25 | $100000 | $96650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/30/26 | 227000 | 221322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/30/36 | 100000 | 99401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/30/46 | 100000 | 98060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 11/30/37 | 25000 | 28052 |
|  AbbVie, Inc.<br>2.600% due 11/21/24 | 80000 | 76590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 | 455000 | 423779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 05/14/26 | 100000 | 94807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 11/21/29 | 175000 | 158156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 05/14/25 | 175000 | 169759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/25 | 70000 | 68282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 11/21/39 | 70000 | 60209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/21/49 | 300000 | 250508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 05/14/36 | 50000 | 45209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 11/06/42 | 125000 | 108998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/14/35 | 160000 | 148782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/01/42 | 100000 | 89280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/14/45 | 50000 | 44655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/15/45 | 330000 | 297982 |
|  Adventist Health System <br>3.630% due 03/01/49 | 15000 | 10694 |
|  Advocate Health & Hospitals Corp. <br>3.387% due 10/15/49 | 50000 | 36160 |
|  Aetna, Inc.<br>3.500% due 11/15/24 | 100000 | 97209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/47 | 30000 | 23182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/42 | 100000 | 82074 |
|  Altria Group, Inc.<br>2.350% due 05/06/25 | 75000 | 70709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/06/30 | 50000 | 42850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 02/04/41 | 250000 | 166648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 02/14/26 | 13000 | 12742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 05/06/50 | 75000 | 53422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/02/43 | 100000 | 75451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/14/29 | 300000 | 288485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 02/14/39 | 65000 | 60188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 02/14/49 | 75000 | 67039 |
|  AmerisourceBergen Corp.<br>3.400% due 05/15/24 | 100000 | 97598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 12/15/27 | 50000 | 46803 |
|  Amgen, Inc.<br>1.900% due 02/21/25 | 35000 | 32864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 02/21/27 | 35000 | 31451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 02/25/31 | 200000 | 163387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 02/21/30 | 50000 | 42184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770% due 09/01/53 | 311000 | 188524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 11/02/27 | 50000 | 46378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 02/22/32 | 145000 | 127044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 02/21/50 | 250000 | 174918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/22/24 | 100000 | 98078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/01/33 | 200000 | 185651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 05/01/45 | 100000 | 84248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 11/15/41 | 174000 | 163101 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br>4.700% due 02/01/36 | 525000 | 497815 |
|  Anheuser-Busch InBev Finance, Inc. (Belgium) <br>4.625% due 02/01/44 | 300000 | 271080 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium)<br>3.500% due 06/01/30 | 350000 | 319465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/13/28 | 80000 | 76290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/15/38 | 35000 | 31428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.439% due 10/06/48 | 200000 | 171831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 04/15/48 | 50000 | 43703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/23/29 | 55000 | 54408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 01/23/31 | 65000 | 65208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 01/23/39 | 65000 | 65145 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 01/23/49 | $100000 | $99424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 01/23/59 | 45000 | 46322 |
|  Archer-Daniels-Midland Co.<br>2.700% due 09/15/51 | 250000 | 166723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 03/01/32 | 45000 | 38788 |
|  Ascension Health <br>3.945% due 11/15/46 | 70000 | 58190 |
|  Astrazeneca Finance LLC (United Kingdom)<br>1.200% due 05/28/26 | 35000 | 31203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 05/28/31 | 20000 | 16688 |
|  AstraZeneca PLC (United Kingdom)<br>1.375% due 08/06/30 | 300000 | 237703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/28/51 | 15000 | 10593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 06/12/27 | 100000 | 94058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/16/25 | 100000 | 96598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/18/42 | 25000 | 21728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/16/45 | 25000 | 22568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% due 09/15/37 | 100000 | 113188 |
|  Automatic Data Processing, Inc.<br>1.250% due 09/01/30 | 40000 | 31356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 05/15/28 | 40000 | 34796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 09/15/25 | 25000 | 24238 |
|  Avery Dennison Corp. <br>2.650% due 04/30/30 | 30000 | 24768 |
|  Banner Health<br>1.897% due 01/01/31 | 40000 | 31687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.913% due 01/01/51 | 50000 | 33169 |
|  BAT Capital Corp. (United Kingdom)<br>2.259% due 03/25/28 | 325000 | 270264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726% due 03/25/31 | 250000 | 195631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.789% due 09/06/24 | 35000 | 33513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.215% due 09/06/26 | 50000 | 46192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.222% due 08/15/24 | 100000 | 96351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462% due 09/06/29 | 50000 | 43081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% due 08/15/27 | 100000 | 91515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% due 08/15/37 | 70000 | 54653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 04/02/27 | 200000 | 192021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.758% due 09/06/49 | 50000 | 36409 |
|  BAT International Finance PLC<br>(United Kingdom) <br>1.668% due 03/25/26 | 25000 | 22180 |
|  Baxalta, Inc.<br>4.000% due 06/23/25 | 15000 | 14623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/23/45 | 9000 | 8652 |
|  Baxter International, Inc.<br>1.322% due 11/29/24 | 400000 | 372671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915% due 02/01/27 | 100000 | 88801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539% due 02/01/32 | 100000 | 79699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/01/30 | 150000 | 136917 |
|  Baylor Scott & White Holdings <br>2.839% due 11/15/50 | 200000 | 131259 |
|  Becton Dickinson & Co.<br>2.823% due 05/20/30 | 70000 | 60241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363% due 06/06/24 | 23000 | 22488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% due 12/15/24 | 36000 | 35132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.794% due 05/20/50 | 350000 | 270308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669% due 06/06/47 | 50000 | 44252 |
|  Bestfoods <br>7.250% due 12/15/26 | 200000 | 218685 |
|  Biogen, Inc.<br>2.250% due 05/01/30 | 55000 | 44931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 05/01/50 | 440000 | 287899 |
|  Boston Scientific Corp.<br>2.650% due 06/01/30 | 350000 | 299784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 03/01/39 | 50000 | 45084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 03/01/49 | 70000 | 63001 |
|  Bristol-Myers Squibb Co.<br>0.750% due 11/13/25 | 50000 | 44981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 11/13/27 | 50000 | 42785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 11/13/30 | 280000 | 221992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 11/13/40 | 20000 | 13829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 11/13/50 | 30000 | 18927 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-187** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/15/32 | $50000 | $43641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 06/15/26 | 50000 | 47732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/01/42 | 100000 | 76759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 07/26/29 | 118000 | 109466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 03/15/52 | 70000 | 54817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 02/20/28 | 100000 | 96469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 03/15/62 | 250000 | 193583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/15/39 | 35000 | 31292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/26/49 | 365000 | 315629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 11/15/47 | 50000 | 44315 |
|  Brown-Forman Corp. <br>4.500% due 07/15/45 | 40000 | 36767 |
|  Bunge Ltd. Finance Corp.<br>2.750% due 05/14/31 | 100000 | 82320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/15/26 | 20000 | 18656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/25/27 | 30000 | 28063 |
|  California Institute of Technology <br>3.650% due 09/01/19 | 20000 | 12833 |
|  Campbell Soup Co.<br>4.150% due 03/15/28 | 100000 | 95681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 03/15/48 | 20000 | 17742 |
|  Cardinal Health, Inc.<br>3.079% due 06/15/24 | 50000 | 48612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410% due 06/15/27 | 100000 | 93642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/15/25 | 50000 | 48434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% due 06/15/47 | 50000 | 39385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 09/15/45 | 50000 | 42471 |
|  Centene Corp.<br>3.000% due 10/15/30 | 200000 | 164401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/15/29 | 200000 | 183218 |
|  Children's Hospital of Philadelphia <br>2.704% due 07/01/50 | 250000 | 160663 |
|  Church & Dwight Co., Inc.<br>2.300% due 12/15/31 | 40000 | 32164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/15/52 | 100000 | 94099 |
|  Cigna Corp.<br>0.613% due 03/15/24 | 40000 | 37974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 03/15/26 | 65000 | 57985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 03/15/31 | 60000 | 49251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/15/30 | 120000 | 100797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 10/15/27 | 30000 | 27499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/15/40 | 85000 | 64459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 03/15/50 | 65000 | 46369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 03/15/51 | 40000 | 28620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/47 | 50000 | 38997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/25 | 45000 | 44015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/15/28 | 80000 | 77317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 08/15/38 | 60000 | 55931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/15/48 | 555000 | 502987 |
|  Cintas Corp. No. 2<br>3.450% due 05/01/25 | 25000 | 24210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 04/01/27 | 50000 | 48277 |
|  Coca-Cola Co.<br>1.375% due 03/15/31 | 200000 | 156468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 03/05/28 | 60000 | 51776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 03/05/31 | 65000 | 53777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 09/06/29 | 100000 | 85721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/05/32 | 100000 | 84156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/05/41 | 100000 | 76682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/05/51 | 415000 | 303915 |
|  Colgate-Palmolive Co.<br>3.100% due 08/15/27 | 50000 | 47361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 08/01/47 | 100000 | 85689 |
|  CommonSpirit Health<br>4.350% due 11/01/42 | 150000 | 127197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.073% due 11/01/27 | 80000 | 81940 |
|  Conagra Brands, Inc.<br>4.300% due 05/01/24 | 15000 | 14801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 11/01/25 | 35000 | 34524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 11/01/28 | 45000 | 43973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 11/01/38 | 50000 | 47289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 11/01/48 | 40000 | 37168 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Constellation Brands, Inc.<br>2.250% due 08/01/31 | $160000 | $127504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/09/27 | 15000 | 14069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 05/09/27 | 150000 | 146308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 11/15/25 | 35000 | 34437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 11/15/28 | 30000 | 29078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 11/15/48 | 30000 | 28289 |
|  CVS Health Corp.<br>1.300% due 08/21/27 | 335000 | 284142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/21/30 | 200000 | 158075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 08/15/24 | 30000 | 28837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/21/40 | 65000 | 45150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 06/01/26 | 100000 | 93472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/26 | 35000 | 32738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/15/29 | 65000 | 58291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/30 | 100000 | 90901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 07/20/25 | 200000 | 195360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 03/25/25 | 37000 | 36490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 04/01/40 | 300000 | 250830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/50 | 200000 | 160157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 03/25/28 | 72000 | 69776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% due 03/25/38 | 95000 | 86918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/20/45 | 105000 | 96211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 12/05/43 | 200000 | 187780 |
|  Danaher Corp.<br>2.600% due 10/01/50 | 125000 | 80290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 12/10/51 | 100000 | 66554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 09/15/25 | 30000 | 28907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 09/15/45 | 30000 | 26769 |
|  Diageo Capital PLC (United Kingdom)<br>2.000% due 04/29/30 | 350000 | 288280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/29/43 | 100000 | 82569 |
|  Dignity Health <br>5.267% due 11/01/64 | 100000 | 86727 |
|  Elevance Health, Inc.<br>2.550% due 03/15/31 | 100000 | 84265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 12/01/24 | 400000 | 388005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 03/15/51 | 30000 | 22573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 12/01/27 | 30000 | 28339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/01/47 | 30000 | 25781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 05/15/42 | 100000 | 91414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 01/15/43 | 50000 | 45550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 10/15/32 | 200000 | 205377 |
|  Eli Lilly & Co.<br>2.250% due 05/15/50 | 200000 | 126241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/15/29 | 27000 | 25324 |
|  Equifax, Inc.<br>2.350% due 09/15/31 | 150000 | 116761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 12/01/24 | 25000 | 23848 |
|  Estee Lauder Cos., Inc.<br>1.950% due 03/15/31 | 45000 | 36505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/01/24 | 10000 | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 12/01/29 | 10000 | 8599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 12/01/49 | 15000 | 10746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/15/27 | 50000 | 47224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/15/47 | 30000 | 25779 |
|  Flowers Foods, Inc. <br>2.400% due 03/15/31 | 45000 | 36339 |
|  Fomento Economico Mexicano SAB de CV (Mexico) <br>3.500% due 01/16/50 | 150000 | 105548 |
|  General Mills, Inc.<br>2.250% due 10/14/31 | 50000 | 40345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/01/51 | 60000 | 41312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 02/10/27 | 100000 | 94631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/17/28 | 50000 | 48411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.241% due 11/18/25 | 30000 | 30085 |
|  George Washington University <br>4.300% due 09/15/44 | 50000 | 42225 |
|  Georgetown University <br>2.943% due 04/01/50 | 25000 | 15911 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-188** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 10/01/27 | $45000 | $38234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 10/01/30 | 40000 | 31813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/01/40 | 450000 | 315690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 10/01/50 | 100000 | 64380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/01/27 | 100000 | 93177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/01/26 | 100000 | 96525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/01/47 | 75000 | 62311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 09/01/35 | 45000 | 42911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/46 | 50000 | 45249 |
|  GlaxoSmithKline Capital PLC (United Kingdom) <br>3.375% due 06/01/29 | 250000 | 230995 |
|  GlaxoSmithKline Capital, Inc. (United Kingdom)<br>3.625% due 05/15/25 | 85000 | 83075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 05/15/38 | 100000 | 113599 |
|  Global Payments, Inc. <br>5.400% due 08/15/32 | 200000 | 191055 |
|  GSK Consumer Healthcare Capital US LLC<br>3.375% due 03/24/27 | 250000 | 233114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/24/32 | 250000 | 220168 |
|  Hackensack Meridian Health, Inc. <br>4.500% due 07/01/57 | 100000 | 85543 |
|  HCA, Inc.<br>3.125% due 03/15/27 ~ | 45000 | 40979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/15/51 | 350000 | 225964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/15/32 ~ | 100000 | 84882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/15/29 | 35000 | 32025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/27 | 60000 | 57916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 03/15/52 ~ | 25000 | 19573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/15/39 | 50000 | 44939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/25 | 70000 | 69654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/26 | 75000 | 74191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/49 | 100000 | 85641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/15/47 | 75000 | 66962 |
|  Hershey Co. <br>2.300% due 08/15/26 | 50000 | 46003 |
|  Hormel Foods Corp.<br>0.650% due 06/03/24 | 20000 | 18845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 06/03/28 | 35000 | 30280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 06/03/51 | 25000 | 17340 |
|  Humana, Inc.<br>3.700% due 03/23/29 | 85000 | 77998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 10/01/24 | 100000 | 98053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/42 | 100000 | 87757 |
|  Ingredion, Inc. <br>3.200% due 10/01/26 | 100000 | 93696 |
|  J M Smucker Co.<br>2.375% due 03/15/30 | 65000 | 53989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 09/15/41 | 100000 | 66938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/15/50 | 50000 | 34464 |
|  Johns Hopkins Health System Corp. <br>3.837% due 05/15/46 | 50000 | 40642 |
|  Johns Hopkins University <br>4.705% due 07/01/32 | 30000 | 29930 |
|  Johnson & Johnson<br>0.550% due 09/01/25 | 400000 | 361625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 09/01/30 | 70000 | 56597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 09/01/40 | 65000 | 44980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 09/01/50 | 100000 | 62348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 03/01/26 | 50000 | 47046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 01/15/38 | 50000 | 42639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/15/48 | 65000 | 53282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/01/36 | 25000 | 22245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/03/37 | 132000 | 117797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 03/01/46 | 25000 | 21101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 03/03/47 | 50000 | 42346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 05/15/41 | 50000 | 49360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 08/15/37 | 100000 | 111725 |
|  Kaiser Foundation Hospitals<br>2.810% due 06/01/41 | 65000 | 47360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.002% due 06/01/51 | 70000 | 48007 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 05/01/27 | $225000 | $210916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 05/01/47 | 20000 | 17046 |
|  Kellogg Co.<br>3.400% due 11/15/27 | 100000 | 93164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 05/15/28 | 100000 | 97220 |
|  Keurig Dr Pepper, Inc.<br>2.550% due 09/15/26 | 50000 | 45816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.430% due 06/15/27 | 35000 | 32625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420% due 12/15/46 | 250000 | 206690 |
|  Kimberly-Clark Corp.<br>1.050% due 09/15/27 | 25000 | 21358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/02/31 | 100000 | 80699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 08/15/25 | 50000 | 48101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 11/01/28 | 10000 | 9658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 08/01/37 | 100000 | 114503 |
|  Kraft Heinz Foods Co.<br>3.875% due 05/15/27 | 250000 | 239243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/01/46 | 250000 | 204298 |
|  Kroger Co.<br>3.500% due 02/01/26 | 50000 | 47794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/15/50 | 100000 | 78114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 01/15/48 | 100000 | 86939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 08/01/43 | 25000 | 23144 |
|  Laboratory Corp. of America Holdings<br>1.550% due 06/01/26 | 70000 | 62085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 06/01/31 | 100000 | 83554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 09/01/27 | 100000 | 94849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 02/01/45 | 50000 | 43073 |
|  Leland Stanford Junior University <br>3.647% due 05/01/48 | 125000 | 103687 |
|  Mass General Brigham, Inc. <br>3.342% due 07/01/60 | 30000 | 20082 |
|  Massachusetts Institute of Technology<br>3.067% due 04/01/52 | 100000 | 73749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 07/01/11 | 100000 | 104214 |
|  Mayo Clinic <br>3.196% due 11/15/61 | 100000 | 67032 |
|  McCormick & Co., Inc.<br>0.900% due 02/15/26 | 95000 | 83319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 08/15/27 | 50000 | 46655 |
|  McKesson Corp. <br>1.300% due 08/15/26 | 165000 | 145315 |
|  Mead Johnson Nutrition Co.<br>(United Kingdom) <br>4.600% due 06/01/44 | 200000 | 179699 |
|  Medtronic, Inc. <br>4.625% due 03/15/45 | 65000 | 60875 |
|  Memorial Sloan-Kettering Cancer Center <br>2.955% due 01/01/50 | 55000 | 36684 |
|  Merck & Co., Inc.<br>0.750% due 02/24/26 | 350000 | 310284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 06/10/27 | 50000 | 44404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 12/10/31 | 50000 | 40964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 03/07/29 | 200000 | 186746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 09/15/42 | 300000 | 247116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 05/18/43 | 100000 | 89036 |
|  Molson Coors Beverage Co.<br>4.200% due 07/15/46 | 40000 | 31190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/01/42 | 100000 | 89136 |
|  Mondelez International, Inc.<br>1.500% due 02/04/31 | 40000 | 30850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 10/15/32 | 300000 | 228429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 09/04/50 | 25000 | 15642 |
|  Moody's Corp.<br>2.000% due 08/19/31 | 100000 | 79252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 08/19/41 | 100000 | 70036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 02/15/24 | 50000 | 49861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 12/17/48 | 50000 | 45397 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-189** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Mount Sinai Hospitals Group, Inc. <br>3.981% due 07/01/48 | $50000 | $38878 |
|  New York & Presbyterian Hospital <br>3.954% due 08/01/19 | 35000 | 24349 |
|  Northwell Healthcare, Inc. <br>3.809% due 11/01/49 | 100000 | 71793 |
|  Northwestern University <br>3.662% due 12/01/57 | 25000 | 19150 |
|  Novartis Capital Corp. (Switzerland)<br>3.000% due 11/20/25 | 100000 | 95967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 05/17/27 | 30000 | 28474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/06/24 | 150000 | 147032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/20/45 | 100000 | 88255 |
|  NYU Langone Hospitals <br>4.368% due 07/01/47 | 25000 | 20878 |
|  OhioHealth Corp. <br>2.297% due 11/15/31 | 100000 | 80308 |
|  PayPal Holdings, Inc.<br>1.650% due 06/01/25 | 315000 | 292714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 06/01/30 | 55000 | 45307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 06/01/50 | 65000 | 44466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/01/32 | 100000 | 94419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 06/01/52 | 100000 | 91099 |
|  PeaceHealth Obligated Group <br>1.375% due 11/15/25 | 15000 | 13459 |
|  PepsiCo, Inc.<br>1.625% due 05/01/30 | 60000 | 48940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 10/21/31 | 75000 | 60804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 10/06/26 | 55000 | 51245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/30/25 | 100000 | 95707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 03/19/30 | 500000 | 443906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 10/06/46 | 60000 | 48275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/17/25 | 50000 | 48725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 03/01/24 | 71000 | 70159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 07/18/52 | 55000 | 50411 |
|  PerkinElmer, Inc.<br>2.550% due 03/15/31 | 85000 | 68929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 09/15/29 | 30000 | 26175 |
|  Pfizer, Inc.<br>0.800% due 05/28/25 | 30000 | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 05/28/30 | 350000 | 288794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/18/31 | 100000 | 80536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 05/28/40 | 25000 | 18176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 04/01/30 | 250000 | 220197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 05/28/50 | 25000 | 17025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 12/15/26 | 100000 | 94760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/15/24 | 150000 | 147130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 09/15/28 | 100000 | 95834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 03/15/39 | 25000 | 22157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 09/15/38 | 50000 | 45525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 09/15/48 | 35000 | 31339 |
|  Philip Morris International, Inc.<br>0.875% due 05/01/26 | 100000 | 87969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 11/01/30 | 100000 | 78541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/10/24 | 125000 | 121006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/11/25 | 50000 | 48068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/10/44 | 30000 | 24218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/20/42 | 200000 | 169546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 05/16/38 | 100000 | 106889 |
|  President & Fellows of Harvard College <br>4.875% due 10/15/40 | 100000 | 98971 |
|  Procter & Gamble Co.<br>0.550% due 10/29/25 | 50000 | 44895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 04/23/26 | 250000 | 224224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 10/29/30 | 50000 | 39350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/25/30 | 300000 | 274817 |
|  Providence St Joseph Health Obligated Group<br>2.700% due 10/01/51 | 75000 | 44660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930% due 10/01/48 | 35000 | 27379 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Quanta Services, Inc.<br>0.950% due 10/01/24 | $15000 | $13823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 01/15/32 | 25000 | 19045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 10/01/41 | 30000 | 19818 |
|  Quest Diagnostics, Inc.<br>2.800% due 06/30/31 | 70000 | 58812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 06/30/30 | 55000 | 47637 |
|  RELX Capital, Inc. (United Kingdom) <br>4.000% due 03/18/29 | 100000 | 92818 |
|  Reynolds American, Inc. (United Kingdom) <br>6.150% due 09/15/43 | 300000 | 268819 |
|  Royalty Pharma PLC<br>2.150% due 09/02/31 | 55000 | 41725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 09/02/40 | 300000 | 209268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 09/02/51 | 60000 | 37223 |
|  RWJ Barnabas Health, Inc. <br>3.477% due 07/01/49 | 25000 | 18259 |
|  S&P Global, Inc.<br>2.450% due 03/01/27 ~ | 250000 | 228693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 03/01/29 ~ | 200000 | 176452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 03/01/62 ~ | 250000 | 194422 |
|  Shire Acquisitions Investments Ireland DAC <br>3.200% due 09/23/26 | 250000 | 234803 |
|  Smith & Nephew PLC (United Kingdom) <br>2.032% due 10/14/30 | 250000 | 196011 |
|  Stanford Health Care <br>3.027% due 08/15/51 | 30000 | 19859 |
|  Stryker Corp.<br>1.150% due 06/15/25 | 250000 | 228955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 04/01/43 | 100000 | 82480 |
|  Sutter Health<br>2.294% due 08/15/30 | 55000 | 44606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.361% due 08/15/50 | 55000 | 37520 |
|  Sysco Corp.<br>2.450% due 12/14/31 | 105000 | 84640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 12/14/51 | 125000 | 82727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 07/15/27 | 50000 | 46293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 10/01/25 | 25000 | 24217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 03/15/48 | 50000 | 41272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/46 | 25000 | 21080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 10/01/45 | 15000 | 13302 |
|  Takeda Pharmaceutical Co. Ltd. (Japan)<br>3.175% due 07/09/50 | 250000 | 169735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/26/28 | 100000 | 99356 |
|  Thermo Fisher Scientific, Inc.<br>1.215% due 10/18/24 | 250000 | 234797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/15/28 | 20000 | 16976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/15/31 | 35000 | 28438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 10/15/41 | 320000 | 236846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 02/01/44 | 100000 | 101207 |
|  Toledo Hospital <br>5.750% due 11/15/38 | 50000 | 47219 |
|  Trustees of Princeton University <br>5.700% due 03/01/39 | 50000 | 54349 |
|  Tyson Foods, Inc.<br>3.550% due 06/02/27 | 350000 | 328605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/26 | 15000 | 14552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/01/29 | 20000 | 19112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 09/28/48 | 10000 | 9279 |
|  Unilever Capital Corp. (United Kingdom)<br>1.750% due 08/12/31 | 140000 | 110376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 11/15/32 | 50000 | 53843 |
|  UnitedHealth Group, Inc.<br>0.550% due 05/15/24 | 35000 | 33041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 05/15/26 | 50000 | 44714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 05/15/30 | 405000 | 335087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 05/15/31 | 50000 | 41797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 08/15/24 | 70000 | 67357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 08/15/29 | 75000 | 66993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 05/15/50 | 300000 | 204370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 05/15/41 | 50000 | 37777 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-190** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/51 | $| 50000 | $| 36022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/24 |  | 20000 |  | 19686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/15/39 |  | 60000 |  | 49282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 12/15/25 |  | 20000 |  | 19507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 08/15/49 |  | 65000 |  | 51770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/25 |  | 75000 |  | 73390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/15/28 |  | 100000 |  | 95959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/15/28 |  | 25000 |  | 23895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/59 |  | 100000 |  | 78796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 05/15/32 |  | 65000 |  | 61899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 06/15/48 |  | 50000 |  | 43453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 12/15/48 |  | 25000 |  | 22331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 07/15/45 |  | 50000 |  | 47085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 10/15/25 |  | 25000 |  | 25312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/15/28 |  | 70000 |  | 71687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 02/15/33 |  | 100000 |  | 103498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/53 |  | 30000 |  | 32590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 02/15/38 |  | 250000 |  | 294440 |
|  University of Chicago <br>2.761% due 04/01/45 |  | 10000 |  | 7512 |
|  University of Notre Dame du Lac <br>3.394% due 02/15/48 |  | 50000 |  | 39349 |
|  University of Southern California<br>2.805% due 10/01/50 |  | 50000 |  | 33760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.028% due 10/01/39 |  | 50000 |  | 39587 |
|  Utah Acquisition Sub, Inc. <br>3.950% due 06/15/26 |  | 100000 |  | 93610 |
|  Viatris, Inc. <br>3.850% due 06/22/40 |  | 400000 |  | 269465 |
|  Wyeth LLC<br>5.950% due 04/01/37 |  | 50000 |  | 53988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/34 |  | 100000 |  | 112480 |
|  Zimmer Biomet Holdings, Inc. <br>2.600% due 11/24/31 |  | 100000 |  | 81272 |
|  Zoetis, Inc. <br>5.600% due 11/16/32 |  | 135000 |  | 140379 |
|  |  |  |  | 41717237 |
|  **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** |
|  Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc.<br>3.337% due 12/15/27 |  | 100000 |  | 92543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 12/15/47 |  | 50000 |  | 39230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 09/15/40 |  | 50000 |  | 46319 |
|  Boardwalk Pipelines LP <br>4.950% due 12/15/24 |  | 100000 |  | 98867 |
|  BP Capital Markets America, Inc.<br>1.749% due 08/10/30 |  | 130000 |  | 103935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.772% due 11/10/50 |  | 130000 |  | 83577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/24/50 |  | 150000 |  | 100724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.001% due 03/17/52 |  | 50000 |  | 33190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.119% due 05/04/26 |  | 25000 |  | 23728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.588% due 04/14/27 |  | 100000 |  | 95409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234% due 11/06/28 |  | 400000 |  | 388371 |
|  Canadian Natural Resources Ltd. (Canada)<br>2.050% due 07/15/25 |  | 300000 |  | 279383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 04/15/24 |  | 43000 |  | 42160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/01/27 |  | 50000 |  | 47165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/01/47 |  | 25000 |  | 21807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 02/01/39 |  | 90000 |  | 93476 |
|  Cenovus Energy, Inc. (Canada)<br>2.650% due 01/15/32 |  | 65000 |  | 52066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/52 |  | 225000 |  | 159004 |
|  Cheniere Corpus Christi Holdings LLC<br>3.700% due 11/15/29 |  | 60000 |  | 54369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/30/27 |  | 300000 |  | 296868 |
|  Chevron Corp.<br>1.554% due 05/11/25 |  | 35000 |  | 32590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995% due 05/11/27 |  | 350000 |  | 314861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.236% due 05/11/30 |  | 25000 |  | 21482 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954% due 05/16/26 | $100000 | $94967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.326% due 11/17/25 | 50000 | 48363 |
|  Chevron USA, Inc. <br>3.850% due 01/15/28 | 50000 | 48345 |
|  ConocoPhillips Co.<br>3.758% due 03/15/42 | 250000 | 208449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% due 03/15/62 | 200000 | 158581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% due 04/15/29 | 100000 | 110815 |
|  Devon Energy Corp.<br>5.000% due 06/15/45 | 105000 | 91139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 12/15/25 | 50000 | 50955 |
|  Diamondback Energy, Inc.<br>3.125% due 03/24/31 | 500000 | 415243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/01/29 | 100000 | 87951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 03/15/52 | 60000 | 44166 |
|  Enbridge Energy Partners LP <br>7.500% due 04/15/38 | 50000 | 55152 |
|  Enbridge, Inc. (Canada)<br>1.600% due 10/04/26 | 55000 | 48242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/15/25 | 50000 | 47341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/01/33 | 100000 | 77199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 08/01/51 | 70000 | 47833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 07/15/27 | 100000 | 93768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/10/44 | 150000 | 125419 |
|  Energy Transfer LP<br>2.900% due 05/15/25 | 40000 | 37705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/30 | 310000 | 274037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 07/15/26 | 100000 | 94609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 03/15/25 | 100000 | 96943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/15/27 | 100000 | 94525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 03/15/27 | 200000 | 190284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 02/01/24 | 100000 | 99475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/29 | 25000 | 24227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 04/15/47 | 100000 | 83690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 10/01/43 | 100000 | 92317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 12/15/45 | 200000 | 185964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/42 | 100000 | 99285 |
|  Enterprise Products Operating LLC<br>3.125% due 07/31/29 | 100000 | 88258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/16/28 | 50000 | 47445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 01/31/50 | 450000 | 355983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 02/15/48 | 25000 | 20179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/01/49 | 50000 | 42852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/15/78 | 300000 | 229168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/15/39 | 115000 | 118311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 03/01/33 | 150000 | 164420 |
|  Equinor ASA (Norway)<br>2.375% due 05/22/30 | 125000 | 106600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/18/49 | 200000 | 146253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 05/15/43 | 300000 | 252095 |
|  Exxon Mobil Corp.<br>2.019% due 08/16/24 | 50000 | 47860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440% due 08/16/29 | 50000 | 43787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.610% due 10/15/30 | 250000 | 219000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.995% due 08/16/39 | 50000 | 38411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.043% due 03/01/26 | 150000 | 143242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.176% due 03/15/24 | 200000 | 196126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.452% due 04/15/51 | 200000 | 151589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114% due 03/01/46 | 65000 | 55622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327% due 03/19/50 | 300000 | 264384 |
|  Halliburton Co.<br>3.800% due 11/15/25 | 6000 | 5842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 11/15/35 | 50000 | 46436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/15/45 | 342000 | 304459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.450% due 09/15/39 | 25000 | 28308 |
|  Hess Corp.<br>4.300% due 04/01/27 | 50000 | 47829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 02/15/41 | 50000 | 47483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 04/01/47 | 50000 | 47986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 03/15/33 | 50000 | 54018 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-191** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Kinder Morgan Energy Partners LP <br>4.150% due 02/01/24 | $100000 | $98691 |
|  Kinder Morgan, Inc.<br>2.000% due 02/15/31 | 210000 | 163057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/01/50 | 220000 | 142965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 03/01/28 | 300000 | 287925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/01/33 | 100000 | 93014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 12/01/34 | 70000 | 65746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 06/01/45 | 350000 | 320772 |
|  Magellan Midstream Partners LP<br>4.200% due 10/03/47 | 50000 | 37699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/15/46 | 70000 | 53213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/01/26 | 50000 | 49728 |
|  Marathon Oil Corp.<br>4.400% due 07/15/27 | 100000 | 95658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 06/01/45 | 50000 | 43014 |
|  Marathon Petroleum Corp.<br>3.800% due 04/01/28 | 30000 | 27808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/48 | 25000 | 20079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 12/15/26 | 50000 | 49763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 03/01/41 | 100000 | 103175 |
|  MPLX LP<br>2.650% due 08/15/30 | 45000 | 36569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/01/27 | 250000 | 236660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/15/38 | 30000 | 25382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 04/15/48 | 45000 | 35709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 12/01/24 | 250000 | 248142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 04/15/58 | 15000 | 11823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 03/14/52 | 200000 | 164320 |
|  NOV, Inc. <br>3.950% due 12/01/42 | 100000 | 70076 |
|  ONEOK, Inc.<br>2.200% due 09/15/25 | 25000 | 22996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 03/15/30 | 25000 | 21005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/13/27 | 130000 | 122516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/15/29 | 100000 | 92624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/50 | 25000 | 18736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 07/15/28 | 50000 | 47290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 07/13/47 | 50000 | 40500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 07/15/48 | 25000 | 20937 |
|  Phillips 66<br>0.900% due 02/15/24 | 35000 | 33465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 02/15/26 | 20000 | 17940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 03/15/52 | 100000 | 69473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 11/15/34 | 200000 | 187292 |
|  Phillips 66 Co.<br>3.550% due 10/01/26 ~ | 50000 | 46969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 10/01/46 ~ | 25000 | 22249 |
|  Pioneer Natural Resources Co. <br>2.150% due 01/15/31 | 385000 | 305212 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>4.500% due 12/15/26 | 150000 | 144202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 10/15/25 | 100000 | 97957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 06/15/44 | 50000 | 38114 |
|  Sabine Pass Liquefaction LLC<br>4.500% due 05/15/30 | 205000 | 190505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/01/25 | 165000 | 165357 |
|  Schlumberger Investment SA <br>2.650% due 06/26/30 | 100000 | 86018 |
|  Shell International Finance BV (Netherlands)<br>2.500% due 09/12/26 | 50000 | 46413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/06/30 | 85000 | 74780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/10/26 | 100000 | 94294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/26/41 | 200000 | 145898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/26/51 | 200000 | 136379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/11/25 | 100000 | 96988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/06/50 | 100000 | 72211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 08/21/42 | 100000 | 80861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/12/46 | 50000 | 39392 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/10/46 | $| 100000 | $| 82021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 05/11/35 |  | 263000 |  | 244804 |
|  Spectra Energy Partners LP <br>3.375% due 10/15/26 |  | 20000 |  | 18637 |
|  Suncor Energy, Inc. (Canada)<br>4.000% due 11/15/47 |  | 70000 |  | 53381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% due 05/15/38 |  | 200000 |  | 210344 |
|  Targa Resources Corp.<br>5.200% due 07/01/27 |  | 85000 |  | 83449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 07/01/52 |  | 200000 |  | 189776 |
|  TC PipeLines LP <br>3.900% due 05/25/27 |  | 20000 |  | 18878 |
|  Total Capital International SA (France)<br>2.434% due 01/10/25 |  | 50000 |  | 47804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.829% due 01/10/30 |  | 50000 |  | 44247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 01/15/24 |  | 200000 |  | 197402 |
|  TotalEnergies Capital International SA (France) 3.127% due 05/29/50 |  | 100000 |  | 71104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.461% due 07/12/49 |  | 50000 |  | 37603 |
|  TotalEnergies Capital SA (France) <br>3.883% due 10/11/28 |  | 25000 |  | 24199 |
|  TransCanada PipeLines Ltd. (Canada)<br>1.000% due 10/12/24 |  | 420000 |  | 388999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 04/15/30 |  | 200000 |  | 183685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/28 |  | 50000 |  | 47424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 03/15/49 |  | 50000 |  | 45591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 01/15/39 |  | 50000 |  | 57396 |
|  Transcontinental Gas Pipe Line Co. LLC<br>3.250% due 05/15/30 |  | 25000 |  | 21753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/28 |  | 50000 |  | 47005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 08/01/42 |  | 150000 |  | 127898 |
|  Valero Energy Corp.<br>2.150% due 09/15/27 |  | 100000 |  | 87848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 12/01/31 |  | 100000 |  | 81763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/15/37 |  | 150000 |  | 160248 |
|  Williams Cos., Inc.<br>3.750% due 06/15/27 |  | 50000 |  | 47142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 06/24/24 |  | 85000 |  | 84119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 09/15/45 |  | 100000 |  | 87901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 08/15/52 |  | 250000 |  | 224852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/24/44 |  | 35000 |  | 33513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% due 04/15/40 |  | 20000 |  | 20520 |
|  |  |  |  | 17192926 |
|  **Financial - 9.7%** | **Financial - 9.7%** | **Financial - 9.7%** | **Financial - 9.7%** | **Financial - 9.7%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>1.650% due 10/29/24 |  | 150000 |  | 138461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/29/24 |  | 150000 |  | 138034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 10/29/26 |  | 150000 |  | 131361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 01/30/32 |  | 150000 |  | 117631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/23/28 |  | 150000 |  | 135154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/25 |  | 250000 |  | 253556 |
|  Affiliated Managers Group, Inc. <br>3.500% due 08/01/25 |  | 50000 |  | 47984 |
|  African Development Bank (Ivory Coast)<br>0.875% due 03/23/26 |  | 400000 |  | 357933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 07/22/26 |  | 116000 |  | 102832 |
|  Air Lease Corp.<br>0.800% due 08/18/24 |  | 40000 |  | 36857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 09/01/28 |  | 300000 |  | 244887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 02/01/25 |  | 100000 |  | 93182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/01/30 |  | 100000 |  | 83612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/01/25 |  | 100000 |  | 94971 |
|  Aircastle Ltd. <br>4.125% due 05/01/24 |  | 30000 |  | 29015 |
|  Alexandria Real Estate Equities, Inc. REIT<br>2.750% due 12/15/29 |  | 50000 |  | 42629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/15/34 |  | 40000 |  | 32545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/15/31 |  | 60000 |  | 52522 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-192** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/15/52 | $70000 | $50214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/15/27 | 25000 | 23926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/01/50 | 100000 | 76253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/30/29 | 20000 | 18987 |
|  Allstate Corp. <br>3.280% due 12/15/26 | 350000 | 332803 |
|  Ally Financial, Inc. <br>5.800% due 05/01/25 | 200000 | 199130 |
|  American Express Co.<br>2.500% due 07/30/24 | 35000 | 33681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/30/24 | 50000 | 48386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 05/03/27 | 415000 | 388599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/03/24 | 55000 | 53909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/01/25 | 250000 | 245157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 12/03/42 | 125000 | 107927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 11/05/27 | 60000 | 62570 |
|  American Financial Group, Inc. <br>4.500% due 06/15/47 | 50000 | 39804 |
|  American Homes 4 Rent LP REIT <br>3.625% due 04/15/32 | 70000 | 59069 |
|  American International Group, Inc.<br>4.375% due 06/30/50 | 100000 | 85111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 07/10/45 | 50000 | 45126 |
|  American Tower Corp. REIT<br>1.875% due 10/15/30 | 200000 | 154790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 09/15/31 | 350000 | 272942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 01/15/30 | 50000 | 42453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 01/15/25 | 100000 | 95453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 06/15/50 | 50000 | 31668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 10/15/26 | 100000 | 93632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 01/15/28 | 100000 | 92081 |
|  Aon Corp./Aon Global Holdings PLC<br>2.050% due 08/23/31 | 100000 | 79329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 08/23/51 | 100000 | 64043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/15/28 | 200000 | 193317 |
|  Arch Capital Group Ltd. <br>3.635% due 06/30/50 | 200000 | 138867 |
|  Arch Capital Group US, Inc. <br>5.144% due 11/01/43 | 200000 | 179858 |
|  Ares Capital Corp.<br>2.150% due 07/15/26 | 350000 | 296743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 07/15/25 | 50000 | 46054 |
|  Asian Development Bank (Multi-National)<br>0.375% due 06/11/24 | 180000 | 169136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 02/04/26 | 400000 | 355767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 04/29/25 | 500000 | 458278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 04/14/26 | 200000 | 180011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 06/09/28 | 50000 | 42948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/18/24 | 150000 | 142023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/14/26 | 250000 | 229010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 01/12/27 | 200000 | 188525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 01/19/28 | 100000 | 93696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/06/25 | 225000 | 217270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 09/26/28 | 200000 | 188568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/28/32 | 120000 | 118138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 09/27/24 | 250000 | 247665 |
|  Asian Infrastructure Investment Bank (Multi-National)<br>0.500% due 05/28/25 | 150000 | 136324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 05/16/24 | 250000 | 241512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 06/29/25 | 200000 | 194188 |
|  Assurant, Inc. <br>4.900% due 03/27/28 | 100000 | 95983 |
|  Assured Guaranty US Holdings, Inc. <br>3.150% due 06/15/31 | 70000 | 59092 |
|  Athene Holding Ltd.<br>3.450% due 05/15/52 | 100000 | 61770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/15/31 | 20000 | 16469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% due 02/01/33 | 100000 | 99187 |
|  AvalonBay Communities, Inc. REIT<br>2.050% due 01/15/32 | 200000 | 157474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 01/15/31 | 105000 | 87083 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 05/15/27 | $25000 | $23263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 07/01/47 | 50000 | 40098 |
|  AXA SA (France) <br>8.600% due 12/15/30 | 75000 | 90681 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain) <br>6.138% due 09/14/28 | 200000 | 200584 |
|  Banco Santander SA (Spain)<br>1.722% due 09/14/27 | 200000 | 171082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.706% due 06/27/24 | 200000 | 192025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% due 12/03/30 | 200000 | 153616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892% due 05/24/24 | 200000 | 195896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294% due 08/18/27 | 200000 | 195601 |
|  Bank of America Corp.<br>1.197% due 10/24/26 | 100000 | 89003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.319% due 06/19/26 | 500000 | 450691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% due 12/06/25 | 200000 | 184603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.658% due 03/11/27 | 350000 | 310038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734% due 07/22/27 | 410000 | 359712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922% due 10/24/31 | 100000 | 76612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.015% due 02/13/26 | 100000 | 92901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299% due 07/21/32 | 100000 | 77251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.456% due 10/22/25 | 50000 | 47277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482% due 09/21/36 | 200000 | 147411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496% due 02/13/31 | 100000 | 81493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572% due 10/20/32 | 100000 | 78568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% due 04/29/31 | 500000 | 408316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651% due 03/11/32 | 100000 | 80280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676% due 06/19/41 | 350000 | 236705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.831% due 10/24/51 | 25000 | 15431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.884% due 10/22/30 | 50000 | 41933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% due 02/04/33 | 350000 | 282870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% due 07/21/52 | 100000 | 62887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% due 10/21/27 | 150000 | 138750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.311% due 04/22/42 | 400000 | 294805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.366% due 01/23/26 | 100000 | 95426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% due 04/02/26 | 100000 | 95588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% due 12/20/28 | 169000 | 153320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.458% due 03/15/25 | 150000 | 146089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.483% due 03/13/52 | 100000 | 70746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/19/26 | 150000 | 143334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593% due 07/21/28 | 100000 | 92217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824% due 01/20/28 | 300000 | 280364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846% due 03/08/37 | 400000 | 332252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/01/25 | 100000 | 97437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.946% due 01/23/49 | 100000 | 77790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/21/25 | 200000 | 194817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% due 03/05/29 | 100000 | 92449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078% due 04/23/40 | 200000 | 167078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083% due 03/20/51 | 350000 | 275595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.183% due 11/25/27 | 100000 | 95022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 03/03/26 | 85000 | 83390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/21/45 | 85000 | 72484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015% due 07/22/33 | 250000 | 238086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.110% due 01/29/37 | 250000 | 253833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.204% due 11/10/28 | 65000 | 67227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 05/14/38 | 200000 | 233403 |
|  Bank of Montreal (Canada)<br>0.949% due 01/22/27 | 100000 | 88397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/05/24 | 100000 | 98169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/07/25 | 165000 | 160261 |
|  Bank of New York Mellon Corp.<br>0.500% due 04/26/24 | 250000 | 236040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% due 04/24/25 | 300000 | 279016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 05/04/26 | 50000 | 46960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/30/28 | 55000 | 49277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/25/25 | 100000 | 96894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/15/24 | 100000 | 98014 |
|  Bank of Nova Scotia (Canada)<br>0.650% due 07/31/24 | 70000 | 65300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 04/15/24 | 85000 | 80370 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-193** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 06/11/25 | $100000 | $91712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 09/15/26 | 50000 | 43739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 02/02/32 | 100000 | 80693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 04/11/25 | 60000 | 57792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.588% due 05/04/37 | 40000 | 34238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/06/24 | 335000 | 335872 |
|  Barclays PLC (United Kingdom)<br>2.645% due 06/24/31 | 200000 | 156466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.894% due 11/24/32 | 200000 | 152793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% due 11/24/42 | 200000 | 137235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.337% due 01/10/28 | 300000 | 279252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/12/26 | 200000 | 193763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 01/10/47 | 200000 | 171164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385% due 11/02/28 | 200000 | 208817 |
|  Berkshire Hathaway Finance Corp.<br>1.450% due 10/15/30 | 80000 | 63817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/15/51 | 410000 | 258130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 10/15/50 | 90000 | 60533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 03/15/52 | 200000 | 160473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 05/15/43 | 200000 | 180355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/40 | 25000 | 27269 |
|  BlackRock, Inc.<br>1.900% due 01/28/31 | 15000 | 12177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 02/25/32 | 100000 | 80731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 04/30/30 | 45000 | 38562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/15/27 | 56000 | 52999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/30/29 | 60000 | 55462 |
|  Blackstone Private Credit Fund<br>2.625% due 12/15/26 | 100000 | 82897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/15/27 | 150000 | 126494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% due 09/29/25 ~ | 50000 | 49654 |
|  Blackstone Secured Lending Fund <br>2.750% due 09/16/26 | 100000 | 87856 |
|  Boston Properties LP REIT<br>2.450% due 10/01/33 | 50000 | 36102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 04/01/32 | 250000 | 190689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 01/30/31 | 150000 | 124357 |
|  Brandywine Operating Partnership LP <br>4.550% due 10/01/29 | 50000 | 41904 |
|  Brighthouse Financial, Inc.<br>3.700% due 06/22/27 | 100000 | 92789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 06/22/47 | 50000 | 36769 |
|  Brixmor Operating Partnership LP REIT<br>2.500% due 08/16/31 | 50000 | 38361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 07/01/30 | 10000 | 8771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/15/26 | 50000 | 47209 |
|  Brookfield Finance, Inc. (Canada)<br>3.500% due 03/30/51 | 50000 | 31935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/01/24 | 50000 | 49247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 09/20/47 | 50000 | 40408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 03/29/29 | 100000 | 95589 |
|  Brown & Brown, Inc.<br>4.200% due 03/17/32 | 35000 | 30437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/29 | 50000 | 46583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 03/17/52 | 200000 | 163287 |
|  Camden Property Trust REIT<br>3.150% due 07/01/29 | 30000 | 26801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 10/15/28 | 20000 | 18932 |
|  Canadian Imperial Bank of Commerce (Canada)<br>0.950% due 10/23/25 | 20000 | 17993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 06/22/26 | 100000 | 87904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 04/02/24 | 150000 | 146446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 04/07/32 | 45000 | 39784 |
|  Capital One Financial Corp.<br>1.878% due 11/02/27 | 100000 | 87220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.618% due 11/02/32 | 100000 | 76854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 02/05/25 | 200000 | 192447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 10/30/24 | 100000 | 96585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/28/26 | 250000 | 235700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 03/09/27 | 50000 | 47586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 01/31/28 | 200000 | 187288 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927% due 05/10/28 | $100000 | $96967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.985% due 07/24/26 | 100000 | 98038 |
|  CBRE Services, Inc. <br>4.875% due 03/01/26 | 100000 | 98844 |
|  Charles Schwab Corp.<br>0.900% due 03/11/26 | 135000 | 119895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 05/13/26 | 75000 | 66731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 12/01/31 | 100000 | 78512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 05/13/31 | 150000 | 123035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 03/03/27 | 250000 | 228278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/02/27 | 100000 | 94045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/24 | 50000 | 49246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 05/21/25 | 100000 | 97724 |
|  Chubb INA Holdings, Inc.<br>1.375% due 09/15/30 | 250000 | 194638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 12/15/51 | 25000 | 16639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 12/15/61 | 10000 | 6530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 03/15/25 | 100000 | 96645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/13/43 | 25000 | 21209 |
|  Citigroup, Inc.<br>0.981% due 05/01/25 | 50000 | 46847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.122% due 01/28/27 | 750000 | 654415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.281% due 11/03/25 | 30000 | 27663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.462% due 06/09/27 | 100000 | 86859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.014% due 01/25/26 | 145000 | 134492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520% due 11/03/32 | 70000 | 54610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561% due 05/01/32 | 55000 | 43552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572% due 06/03/31 | 600000 | 486598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666% due 01/29/31 | 150000 | 123348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.904% due 11/03/42 | 50000 | 34695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976% due 11/05/30 | 100000 | 84293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057% due 01/25/33 | 135000 | 109294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070% due 02/24/28 | 150000 | 135444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% due 04/08/26 | 200000 | 189486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.290% due 03/17/26 | 100000 | 95138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/01/26 | 100000 | 94903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520% due 10/27/28 | 100000 | 91405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668% due 07/24/28 | 100000 | 91996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/16/24 | 100000 | 98315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785% due 03/17/33 | 450000 | 386090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 03/26/25 | 100000 | 97312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.878% due 01/24/39 | 100000 | 83026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887% due 01/10/28 | 100000 | 93589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/05/24 | 50000 | 49135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/25/28 | 100000 | 93264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 11/20/26 | 100000 | 96876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/18/46 | 50000 | 41775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 05/06/44 | 400000 | 362352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 08/25/36 | 100000 | 100567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.270% due 11/17/33 | 235000 | 243180 |
|  Citizens Bank NA <br>4.119% due 05/23/25 | 250000 | 244765 |
|  CME Group, Inc.<br>3.000% due 03/15/25 | 50000 | 48354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/15/28 | 100000 | 96273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/15/48 | 50000 | 44447 |
|  CNA Financial Corp.<br>3.450% due 08/15/27 | 100000 | 92794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/01/26 | 50000 | 49211 |
|  Comerica Bank <br>4.000% due 07/27/25 | 250000 | 242726 |
|  Cooperatieve Rabobank UA (Netherlands)<br>0.375% due 01/12/24 | 250000 | 238471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/21/25 | 250000 | 242399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/24/41 | 200000 | 201112 |
|  Corp Andina de Fomento (Multi-National) <br>2.250% due 02/08/27 | 200000 | 179315 |
|  Corporate Office Properties LP REIT<br>2.250% due 03/15/26 | 35000 | 30729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 12/01/33 | 65000 | 46289 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-194** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Credit Suisse AG (Switzerland)<br>3.700% due 02/21/25 | $250000 | $230715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/09/27 | 300000 | 273883 |
|  Credit Suisse Group AG (Switzerland) <br>3.750% due 03/26/25 | 250000 | 225204 |
|  Crown Castle, Inc. REIT<br>2.100% due 04/01/31 | 200000 | 158111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 09/01/24 | 35000 | 33819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 01/15/51 | 200000 | 130887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/01/27 | 35000 | 32566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/15/26 | 35000 | 33323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 02/15/28 | 50000 | 46557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/27 | 40000 | 38216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 02/15/29 | 60000 | 56785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 02/15/26 | 35000 | 34245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/15/47 | 25000 | 21341 |
|  CubeSmart LP REIT <br>2.000% due 02/15/31 | 15000 | 11338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 09/01/26 | 50000 | 45982 |
|  Deutsche Bank AG (Germany)<br>2.129% due 11/24/26 | 350000 | 309124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552% due 01/07/28 | 150000 | 127703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 05/30/24 | 285000 | 277105 |
|  Digital Realty Trust LP REIT <br>3.700% due 08/15/27 | 50000 | 46478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 07/15/28 | 100000 | 94865 |
|  Discover Bank <br>3.450% due 07/27/26 | 250000 | 230511 |
|  Enstar Group Ltd. <br>4.950% due 06/01/29 | 25000 | 22970 |
|  EPR Properties REIT <br>3.600% due 11/15/31 | 30000 | 21800 |
|  Equinix, Inc. REIT<br>2.000% due 05/15/28 | 35000 | 29610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 07/15/30 | 350000 | 279222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/15/31 | 100000 | 80594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 11/18/24 | 65000 | 61945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 02/15/52 | 10000 | 6856 |
|  Equitable Holdings, Inc. <br>4.350% due 04/20/28 | 300000 | 286385 |
|  ERP Operating LP REIT<br>2.850% due 11/01/26 | 70000 | 64953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/01/28 | 100000 | 92327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/45 | 75000 | 63444 |
|  Essex Portfolio LP REIT<br>2.550% due 06/15/31 | 65000 | 51497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 03/15/32 | 30000 | 23719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/15/26 | 50000 | 47069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 05/01/24 | 50000 | 48983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/29 | 25000 | 22836 |
|  European Bank for Reconstruction & Development (United Kingdom) <br>0.500% due 01/28/26 | 300000 | 267107 |
|  European Investment Bank (Multi-National)<br>0.375% due 03/26/26 | 300000 | 265019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 10/21/27 | 250000 | 212305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 10/26/26 | 83000 | 72806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 02/14/31 | 300000 | 244218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 03/15/27 | 350000 | 313228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 03/14/25 | 230000 | 216825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 10/09/29 | 195000 | 167153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 06/24/24 | 250000 | 241630 |
|  Extra Space Storage LP REIT <br>3.900% due 04/01/29 | 220000 | 197515 |
|  Fairfax Financial Holdings Ltd. (Canada) <br>5.625% due 08/16/32 ~ | 150000 | 141219 |
|  Federal Realty Investment Trust REIT <br>1.250% due 02/15/26 | 300000 | 264549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/15/24 | 50000 | 49370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/01/44 | 50000 | 39379 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Fidelity National Financial, Inc.<br>3.400% due 06/15/30 | $200000 | $169265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/28 | 50000 | 47517 |
|  Fifth Third Bancorp<br>1.707% due 11/01/27 | 155000 | 137689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 05/05/27 | 60000 | 53958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.772% due 07/28/30 | 200000 | 191187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 03/01/38 | 25000 | 31058 |
|  FS KKR Capital Corp.<br>2.625% due 01/15/27 | 100000 | 83612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 07/15/27 | 50000 | 42130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 02/01/25 | 50000 | 47044 |
|  Globe Life, Inc. <br>4.550% due 09/15/28 | 50000 | 48566 |
|  GLP Capital LP/GLP Financing II, Inc. REIT <br>3.250% due 01/15/32 | 50000 | 40041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 01/15/31 | 50000 | 42979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/01/25 | 25000 | 24616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 04/15/26 | 50000 | 49135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/01/28 | 25000 | 24625 |
|  Goldman Sachs Group, Inc.<br>1.093% due 12/09/26 | 290000 | 255943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431% due 03/09/27 | 80000 | 70242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542% due 09/10/27 | 100000 | 86389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.757% due 01/24/25 | 100000 | 95756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948% due 10/21/27 | 250000 | 218922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383% due 07/21/32 | 70000 | 54483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615% due 04/22/32 | 70000 | 55992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% due 02/24/28 | 250000 | 222953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 10/21/32 | 250000 | 198016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908% due 07/21/42 | 60000 | 41024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102% due 02/24/33 | 250000 | 203645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% due 04/22/42 | 60000 | 43448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.272% due 09/29/25 | 255000 | 245895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.436% due 02/24/43 | 450000 | 332428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/23/25 | 150000 | 145017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/25 | 100000 | 96249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/16/26 | 100000 | 93877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615% due 03/15/28 | 200000 | 186590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/20/24 | 180000 | 176965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/22/25 | 150000 | 145209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/25/26 | 60000 | 57825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/15/30 | 250000 | 225321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814% due 04/23/29 | 150000 | 137283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 01/26/27 | 160000 | 152575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017% due 10/31/38 | 100000 | 82581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223% due 05/01/29 | 200000 | 186687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.411% due 04/23/39 | 450000 | 390543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/21/45 | 100000 | 88158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 10/01/37 | 200000 | 214249 |
|  Golub Capital BDC, Inc. <br>2.500% due 08/24/26 | 60000 | 51011 |
|  Hartford Financial Services Group, Inc. <br>2.900% due 09/15/51 | 100000 | 63294 |
|  Healthcare Realty Holdings LP REIT <br>2.000% due 03/15/31 | 25000 | 18983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 02/15/30 | 50000 | 41859 |
|  Healthpeak Properties, Inc. REIT <br>2.875% due 01/15/31 | 200000 | 167631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 01/15/30 | 100000 | 86221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 02/01/25 | 7000 | 6740 |
|  Hercules Capital, Inc. <br>3.375% due 01/20/27 | 35000 | 30053 |
|  Highwoods Realty LP REIT<br>4.125% due 03/15/28 | 20000 | 18102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/15/29 | 50000 | 43681 |
|  Host Hotels & Resorts LP REIT<br>3.375% due 12/15/29 | 25000 | 20952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/15/30 | 100000 | 82751 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-195** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  HSBC Holdings PLC (United Kingdom)<br>1.645% due 04/18/26 | $250000 | $225859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.251% due 11/22/27 | 250000 | 216838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.357% due 08/18/31 | 250000 | 191558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.804% due 05/24/32 | 200000 | 155198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848% due 06/04/31 | 200000 | 160051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999% due 03/10/26 | 200000 | 188137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803% due 03/11/25 | 200000 | 194518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 05/25/26 | 200000 | 190732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.973% due 05/22/30 | 290000 | 254413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/18/25 | 200000 | 192585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/23/26 | 200000 | 192347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762% due 03/29/33 | 300000 | 260780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% due 08/11/28 | 300000 | 289912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% due 06/01/38 | 150000 | 149463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336% due 11/03/26 | 200000 | 208235 |
|  HSBC USA, Inc. <br>3.500% due 06/23/24 | 250000 | 243859 |
|  Hudson Pacific Properties LP REIT <br>4.650% due 04/01/29 | 50000 | 42811 |
|  Huntington Bancshares, Inc.<br>2.625% due 08/06/24 | 300000 | 288126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.023% due 05/17/33 | 70000 | 66681 |
|  ING Groep NV (Netherlands)<br>4.252% due 03/28/33 | 200000 | 176627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 10/02/28 | 200000 | 191302 |
|  Inter-American Development Bank (Multi-National) | Inter-American Development Bank (Multi-National) | Inter-American Development Bank (Multi-National) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 09/23/24 | 150000 | 139770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 07/15/25 | 700000 | 637466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 04/20/26 | 250000 | 223781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 07/20/28 | 300000 | 254926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 01/13/31 | 150000 | 119953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 03/14/25 | 300000 | 282935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 06/02/26 | 150000 | 139007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 07/23/26 | 100000 | 92452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 01/16/24 | 150000 | 146582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/07/42 | 100000 | 83022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 07/01/24 | 175000 | 171202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 09/14/29 | 200000 | 192363 |
|  Intercontinental Exchange, Inc.<br>1.850% due 09/15/32 | 65000 | 48999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 09/15/40 | 65000 | 45227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/60 | 65000 | 41017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 09/15/27 | 100000 | 92572 |
|  International Bank for Reconstruction & Development (Multi-National)<br>0.375% due 07/28/25 | 350000 | 316407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/28/25 | 200000 | 179750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 04/22/25 | 500000 | 458829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 11/24/27 | 195000 | 165807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 05/14/30 | 350000 | 278341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 09/13/28 | 160000 | 135540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 02/10/31 | 500000 | 403982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 04/20/28 | 250000 | 217333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 01/15/25 | 150000 | 141726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/03/31 | 190000 | 155704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/23/29 | 100000 | 86057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 03/19/24 | 200000 | 194446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 03/29/32 | 200000 | 175760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/20/25 | 50000 | 48324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 06/15/27 | 600000 | 573617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/21/29 | 250000 | 242139 |
|  International Finance Corp. (Multi-National)<br>0.750% due 10/08/26 | 100000 | 87694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 08/27/30 | 250000 | 195131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 10/16/24 | 90000 | 85024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/15/25 | 67000 | 65749 |
|  Invesco Finance PLC <br>5.375% due 11/30/43 | 200000 | 184588 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Invitation Homes Operating Partnership LP REIT <br>2.000% due 08/15/31 | $300000 | $222403 |
|  Jackson Financial, Inc. <br>5.170% due 06/08/27 | 55000 | 54276 |
|  Jefferies Financial Group, Inc.<br>2.625% due 10/15/31 | 100000 | 76523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 10/15/32 | 40000 | 30183 |
|  JPMorgan Chase & Co.<br>0.768% due 08/09/25 | 350000 | 323240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824% due 06/01/25 | 170000 | 158556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.969% due 06/23/25 | 300000 | 279817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040% due 02/04/27 | 500000 | 435471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.045% due 11/19/26 | 100000 | 88305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.470% due 09/22/27 | 75000 | 65028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.561% due 12/10/25 | 100000 | 92655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578% due 04/22/27 | 65000 | 57188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.764% due 11/19/31 | 100000 | 76032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069% due 06/01/29 | 140000 | 117170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.083% due 04/22/26 | 250000 | 232287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.182% due 06/01/28 | 650000 | 569323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.301% due 10/15/25 | 615000 | 579960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% due 11/19/41 | 100000 | 65737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545% due 11/08/32 | 375000 | 297357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580% due 04/22/32 | 75000 | 60259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.595% due 02/24/26 | 100000 | 94096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739% due 10/15/30 | 75000 | 63054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.947% due 02/24/28 | 60000 | 54362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956% due 05/13/31 | 65000 | 53700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963% due 01/25/33 | 100000 | 81651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109% due 04/22/51 | 250000 | 164884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.157% due 04/22/42 | 100000 | 72981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 06/15/26 | 100000 | 94538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.328% due 04/22/52 | 70000 | 47620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509% due 01/23/29 | 185000 | 168211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540% due 05/01/28 | 100000 | 92172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/13/24 | 200000 | 196654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702% due 05/06/30 | 150000 | 134846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882% due 07/24/38 | 150000 | 125051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964% due 11/15/48 | 100000 | 78469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032% due 07/24/48 | 150000 | 119016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% due 04/26/26 | 250000 | 242951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452% due 12/05/29 | 150000 | 141204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 10/15/40 | 100000 | 98998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546% due 12/15/25 | 200000 | 200156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 07/15/41 | 100000 | 100442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717% due 09/14/33 | 190000 | 186019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 05/15/38 | 300000 | 325409 |
|  KeyBank NA <br>5.850% due 11/15/27 | 250000 | 258492 |
|  KeyCorp<br>2.250% due 04/06/27 | 350000 | 310316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/29/25 | 30000 | 29277 |
|  Kimco Realty Corp. REIT<br>2.250% due 12/01/31 | 70000 | 53918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 10/01/49 | 25000 | 17182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 12/01/46 | 50000 | 36840 |
|  Kite Realty Group Trust REIT <br>4.750% due 09/15/30 | 25000 | 22073 |
|  Kreditanstalt fuer Wiederaufbau (Germany)<br>0.250% due 03/08/24 | 200000 | 189604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 07/18/25 | 250000 | 226222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 09/20/24 | 500000 | 466214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 01/22/26 | 730000 | 654166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 01/31/25 | 500000 | 468298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/05/24 | 400000 | 379985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 09/14/29 | 100000 | 86440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/20/24 | 375000 | 361084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/20/27 | 200000 | 190915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.205% due 06/29/37 | 200000 | 110038 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-196** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Landwirtschaftliche Rentenbank (Germany)<br>0.500% due 05/27/25 | $200000 | $182357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 09/03/30 | 200000 | 157935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 07/27/26 | 100000 | 91623 |
|  Lazard Group LLC<br>3.625% due 03/01/27 | 50000 | 45866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/11/29 | 50000 | 46279 |
|  Legg Mason, Inc. <br>4.750% due 03/15/26 | 50000 | 50157 |
|  Life Storage LP REIT <br>4.000% due 06/15/29 | 100000 | 89805 |
|  Lincoln National Corp.<br>3.625% due 12/12/26 | 150000 | 140721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/01/28 | 35000 | 32354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 03/01/48 | 25000 | 18893 |
|  Lloyds Banking Group PLC (United Kingdom)<br>3.750% due 03/18/28 | 200000 | 184916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% due 07/09/25 | 500000 | 484226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582% due 12/10/25 | 200000 | 193878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953% due 11/15/33 | 200000 | 212297 |
|  LXP Industrial Trust REIT <br>2.375% due 10/01/31 | 70000 | 53249 |
|  M&T Bank Corp. <br>4.553% due 08/16/28 | 65000 | 63471 |
|  Main Street Capital Corp. <br>3.000% due 07/14/26 | 100000 | 86297 |
|  Manulife Financial Corp. (Canada)<br>3.703% due 03/16/32 | 100000 | 89402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/04/26 | 50000 | 48750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 03/04/46 | 50000 | 48258 |
|  Markel Corp.<br>3.450% due 05/07/52 | 70000 | 47478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/01/27 | 50000 | 46122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/20/49 | 30000 | 26311 |
|  Marsh & McLennan Cos., Inc.<br>2.375% due 12/15/31 | 45000 | 36461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/10/25 | 75000 | 72864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 03/14/26 | 100000 | 97102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 03/01/48 | 100000 | 82889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/15/29 | 70000 | 67763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/01/32 | 100000 | 104896 |
|  Mastercard, Inc.<br>1.900% due 03/15/31 | 100000 | 81482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/18/31 | 200000 | 161093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/21/26 | 50000 | 47214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 06/01/29 | 50000 | 45241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/15/51 | 45000 | 32077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 06/01/49 | 50000 | 40740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 11/21/46 | 50000 | 42031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 02/26/48 | 15000 | 12865 |
|  MetLife, Inc.<br>4.550% due 03/23/30 | 350000 | 344911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 06/15/35 | 100000 | 105035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/06/41 | 200000 | 206475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 06/15/34 | 100000 | 111408 |
|  Mid-America Apartments LP REIT <br>3.600% due 06/01/27 | 100000 | 94905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/15/29 | 25000 | 23518 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan)<br>0.962% due 10/11/25 | 200000 | 184022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.640% due 10/13/27 | 200000 | 173471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048% due 07/17/30 | 200000 | 158206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.852% due 01/19/33 | 200000 | 159716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.677% due 02/22/27 | 100000 | 94691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.777% due 03/02/25 | 50000 | 48660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 03/01/26 | 200000 | 191578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% due 03/02/28 | 50000 | 47589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 09/11/28 | 150000 | 144088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.788% due 07/18/25 | 250000 | 247660 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Mizuho Financial Group, Inc. (Japan)<br>2.201% due 07/10/31 | $200000 | $156551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.261% due 05/22/30 | 200000 | 173432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663% due 02/28/27 | 200000 | 185672 |
|  Morgan Stanley<br>0.791% due 01/22/25 | 100000 | 94645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.864% due 10/21/25 | 70000 | 64270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.164% due 10/21/25 | 225000 | 207265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512% due 07/20/27 | 100000 | 86901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.593% due 05/04/27 | 145000 | 127367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794% due 02/13/32 | 65000 | 49000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/28/26 | 500000 | 465062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239% due 07/21/32 | 100000 | 76959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475% due 01/21/28 | 170000 | 151291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484% due 09/16/36 | 100000 | 72739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699% due 01/22/31 | 445000 | 368680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720% due 07/22/25 | 565000 | 540486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.802% due 01/25/52 | 400000 | 247981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943% due 01/21/33 | 135000 | 109561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 07/27/26 | 70000 | 65384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.217% due 04/22/42 | 55000 | 40917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591% due 07/22/28 | 100000 | 91882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.622% due 04/01/31 | 200000 | 175052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 01/20/27 | 300000 | 283341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 01/27/45 | 100000 | 85712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 09/08/26 | 90000 | 87444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431% due 01/23/30 | 95000 | 88609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457% due 04/22/39 | 150000 | 132269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597% due 03/24/51 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342% due 10/18/33 | 325000 | 341576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 04/01/32 | 100000 | 112838 |
|  Morgan Stanley Domestic Holdings, Inc.<br>3.800% due 08/24/27 | 15000 | 14139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/20/28 | 50000 | 48717 |
|  Nasdaq, Inc. <br>1.650% due 01/15/31 | 150000 | 115020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 12/21/40 | 150000 | 97772 |
|  National Australia Bank Ltd. (Australia) <br>5.132% due 11/22/24 | 250000 | 251193 |
|  National Retail Properties, Inc. REIT <br>4.300% due 10/15/28 | 35000 | 32544 |
|  Natwest Group PLC (United Kingdom)<br>3.032% due 11/28/35 | 350000 | 258412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.073% due 05/22/28 | 200000 | 179029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.472% due 11/10/26 | 300000 | 312513 |
|  Nomura Holdings, Inc. (Japan)<br>1.653% due 07/14/26 | 100000 | 87151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.851% due 07/16/25 | 200000 | 182476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.329% due 01/22/27 | 300000 | 263040 |
|  Nordic Investment Bank (Multi-National) <br>0.500% due 01/21/26 | 300000 | 269522 |
|  Northern Trust Corp.<br>1.950% due 05/01/30 | 75000 | 61785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 05/08/32 | 63000 | 57333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 08/03/28 | 50000 | 47587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/10/27 | 35000 | 34243 |
|  Oaktree Specialty Lending Corp. <br>2.700% due 01/15/27 | 50000 | 42526 |
|  Oesterreichische Kontrollbank AG (Austria)<br>0.375% due 09/17/25 | 90000 | 80768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/12/25 | 300000 | 282267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/03/25 | 70000 | 70387 |
|  Old Republic International Corp. <br>3.850% due 06/11/51 | 55000 | 37954 |
|  Omega Healthcare Investors, Inc. REIT<br>4.500% due 01/15/25 | 25000 | 24311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 | 50000 | 46162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 04/01/24 | 100000 | 98580 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-197** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  ORIX Corp. (Japan)<br>3.700% due 07/18/27 | $50000 | $46831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/13/32 | 100000 | 88993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 01/16/24 | 25000 | 24652 |
|  Owl Rock Capital Corp.<br>2.875% due 06/11/28 | 100000 | 78676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/22/25 | 100000 | 92484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/30/25 | 25000 | 23465 |
|  OWL Rock Core Income Corp. <br>5.500% due 03/21/25 | 100000 | 97023 |
|  Physicians Realty LP REIT <br>2.625% due 11/01/31 | 50000 | 39150 |
|  Piedmont Operating Partnership LP REIT <br>2.750% due 04/01/32 | 35000 | 24584 |
|  PNC Bank NA<br>2.950% due 02/23/25 | 300000 | 288534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 07/26/28 | 350000 | 329994 |
|  PNC Financial Services Group, Inc. <br>2.550% due 01/22/30 | 350000 | 297715 |
|  Principal Financial Group, Inc.<br>3.700% due 05/15/29 | 25000 | 23222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 09/15/42 | 100000 | 84608 |
|  Private Export Funding Corp. <br>2.450% due 07/15/24 | 100000 | 96422 |
|  Progressive Corp.<br>2.500% due 03/15/27 | 40000 | 36885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/15/32 | 50000 | 43556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 03/15/52 | 175000 | 135130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/29 | 25000 | 24043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 04/15/47 | 100000 | 84215 |
|  Prologis LP<br>1.250% due 10/15/30 | 55000 | 41819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 03/15/31 | 100000 | 77526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 02/01/31 | 20000 | 15796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 04/15/27 | 25000 | 22421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 10/15/50 | 40000 | 22340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 04/15/30 | 30000 | 25062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/15/32 | 50000 | 39762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/15/29 | 40000 | 34892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/15/50 | 25000 | 16837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/15/27 | 60000 | 56200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 02/01/29 | 15000 | 14338 |
|  Prudential Financial, Inc.<br>1.500% due 03/10/26 | 20000 | 18030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 03/10/30 | 15000 | 12464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/10/40 | 25000 | 18695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 10/01/50 | 175000 | 147919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 03/13/51 | 150000 | 115213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.935% due 12/07/49 | 132000 | 103445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 02/25/50 | 50000 | 42603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 03/15/44 | 100000 | 95201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/21/40 | 50000 | 54436 |
|  Public Storage REIT<br>0.875% due 02/15/26 | 50000 | 44321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 11/09/26 | 50000 | 44504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 05/01/31 | 250000 | 203531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.094% due 09/15/27 | 30000 | 27953 |
|  Raymond James Financial, Inc. <br>4.950% due 07/15/46 | 100000 | 89393 |
|  Realty Income Corp. REIT <br>1.800% due 03/15/33 | 50000 | 35998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 06/15/28 | 35000 | 30035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 12/15/32 | 30000 | 24414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 01/15/27 | 50000 | 46294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/15/25 | 150000 | 147091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 02/06/24 | 25000 | 24843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/01/25 | 50000 | 49484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/01/26 | 25000 | 24894 |
|  Regency Centers LP REIT<br>3.600% due 02/01/27 | 30000 | 28121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/15/30 | 35000 | 30612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 02/01/47 | 35000 | 27039 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Regions Financial Corp. <br>1.800% due 08/12/28 | $300000 | $255147 |
|  Reinsurance Group of America, Inc. <br>3.950% due 09/15/26 | 60000 | 58010 |
|  RenaissanceRe Finance, Inc. (Bermuda) <br>3.450% due 07/01/27 | 30000 | 27942 |
|  Royal Bank of Canada (Canada)<br>1.150% due 06/10/25 | 490000 | 448953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 07/14/26 | 50000 | 44091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 01/21/27 | 100000 | 90485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 05/04/27 | 150000 | 142795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% due 07/26/24 | 75000 | 73955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 01/27/26 | 200000 | 197561 |
|  Santander Holdings USA, Inc.<br>2.490% due 01/06/28 | 70000 | 60152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260% due 06/09/25 | 75000 | 72844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 07/13/27 | 145000 | 138515 |
|  Santander UK Group Holdings PLC (United Kingdom)<br>1.532% due 08/21/26 | 200000 | 176361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.896% due 03/15/32 | 200000 | 154994 |
|  Santander UK PLC (United Kingdom) <br>4.000% due 03/13/24 | 100000 | 98462 |
|  Simon Property Group LP REIT<br>1.375% due 01/15/27 | 300000 | 262249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/13/24 | 100000 | 95044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 09/13/29 | 100000 | 83698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 07/15/30 | 100000 | 83399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/30/26 | 50000 | 46835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 09/13/49 | 100000 | 66617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 06/15/27 | 100000 | 93346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/30/46 | 50000 | 40159 |
|  Spirit Realty LP <br>3.400% due 01/15/30 | 50000 | 41759 |
|  Stifel Financial Corp. <br>4.250% due 07/18/24 | 50000 | 49017 |
|  STORE Capital Corp. REIT <br>4.500% due 03/15/28 | 150000 | 135552 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan)<br>0.948% due 01/12/26 | 200000 | 176356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.474% due 07/08/25 | 200000 | 182417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.710% due 01/12/31 | 200000 | 150759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902% due 09/17/28 | 250000 | 206456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.296% due 01/12/41 | 200000 | 126254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.348% due 01/15/25 | 200000 | 189394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.010% due 10/19/26 | 200000 | 184898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202% due 09/17/29 | 150000 | 129099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364% due 07/12/27 | 150000 | 138936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784% due 03/09/26 | 100000 | 96305 |
|  Sun Communities Operating LP REIT <br>2.300% due 11/01/28 | 65000 | 54240 |
|  SVB Financial Group<br>1.800% due 10/28/26 | 100000 | 87632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.345% due 04/29/28 | 100000 | 94716 |
|  Synchrony Financial<br>3.700% due 08/04/26 | 50000 | 46058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 12/01/27 | 100000 | 89347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/13/25 | 100000 | 97528 |
|  Tanger Properties LP REIT <br>3.875% due 07/15/27 | 50000 | 45698 |
|  Toronto-Dominion Bank (Canada)<br>0.700% due 09/10/24 | 350000 | 325948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 01/06/26 | 200000 | 177059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 06/03/26 | 100000 | 88298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/11/24 | 100000 | 97943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.285% due 09/13/24 | 200000 | 197788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693% due 09/15/27 | 200000 | 198059 |
|  Travelers Cos., Inc.<br>3.050% due 06/08/51 | 50000 | 34244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 06/15/37 | 125000 | 135572 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-198** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Travelers Property Casualty Corp. <br>6.375% due 03/15/33 | $100000 | $109845 |
|  Truist Financial Corp.<br>1.125% due 08/03/27 | 100000 | 84453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 08/05/25 | 135000 | 123618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.267% due 03/02/27 | 120000 | 106453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.887% due 06/07/29 | 125000 | 104848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 06/05/30 | 135000 | 108778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/01/24 | 300000 | 288443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/05/25 | 100000 | 97316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/01/25 | 100000 | 97838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.916% due 07/28/33 | 100000 | 94092 |
|  UDR, Inc. REIT<br>2.100% due 06/15/33 | 100000 | 70831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 11/01/34 | 50000 | 38024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 01/15/30 | 50000 | 43493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 01/26/29 | 25000 | 23424 |
|  Unum Group<br>4.000% due 06/15/29 | 70000 | 63395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/15/51 | 100000 | 68536 |
|  US Bancorp<br>1.375% due 07/22/30 | 150000 | 116272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 05/12/25 | 150000 | 139214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.491% due 11/03/36 | 200000 | 152674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 09/11/24 | 400000 | 391805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.548% due 07/22/28 | 100000 | 97826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 10/21/33 | 30000 | 31241 |
|  Ventas Realty LP REIT<br>3.000% due 01/15/30 | 50000 | 42054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 10/15/26 | 100000 | 92499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/01/28 | 50000 | 46320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 01/15/26 | 31000 | 30103 |
|  Visa, Inc.<br>1.100% due 02/15/31 | 200000 | 153675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 04/15/27 | 250000 | 225523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 04/15/30 | 300000 | 254199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/15/47 | 25000 | 20605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 12/14/35 | 30000 | 28453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 12/14/45 | 100000 | 91823 |
|  Voya Financial, Inc.<br>3.650% due 06/15/26 | 50000 | 47209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 06/15/46 | 30000 | 24017 |
|  W R Berkley Corp. <br>4.000% due 05/12/50 | 115000 | 87641 |
|  Wachovia Corp. <br>5.500% due 08/01/35 | 200000 | 194873 |
|  Wells Fargo & Co.<br>0.805% due 05/19/25 | 25000 | 23442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.188% due 04/30/26 | 300000 | 279456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% due 06/02/28 | 500000 | 442048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.406% due 10/30/25 | 130000 | 123028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/22/26 | 150000 | 140477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/23/26 | 150000 | 138837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.068% due 04/30/41 | 500000 | 358493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.196% due 06/17/27 | 260000 | 241491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/02/33 | 390000 | 329582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526% due 03/24/28 | 355000 | 329372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.908% due 04/25/26 | 250000 | 243198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 01/24/29 | 200000 | 188398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.478% due 04/04/31 | 200000 | 187957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 08/15/26 | 100000 | 98095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611% due 04/25/53 | 250000 | 212992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808% due 07/25/28 | 65000 | 63592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897% due 07/25/33 | 65000 | 61913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013% due 04/04/51 | 250000 | 221506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606% due 01/15/44 | 100000 | 97441 |
|  Wells Fargo Bank NA <br>6.600% due 01/15/38 | 100000 | 108477 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Welltower, Inc. REIT<br>2.050% due 01/15/29 | $| 60000 | $| 48843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 01/15/31 |  | 145000 |  | 116337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 01/15/32 |  | 50000 |  | 39220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 06/01/31 |  | 100000 |  | 79745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/15/29 |  | 100000 |  | 91995 |
|  Westpac Banking Corp. (Australia)<br>1.953% due 11/20/28 |  | 100000 |  | 85232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 06/03/31 |  | 100000 |  | 83260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/19/26 |  | 150000 |  | 139483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.894% due 02/04/30 |  | 200000 |  | 183507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963% due 11/16/40 |  | 200000 |  | 132746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/26/24 |  | 100000 |  | 98265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 01/25/28 |  | 100000 |  | 93330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.043% due 08/26/27 |  | 100000 |  | 97549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110% due 07/24/34 |  | 65000 |  | 55858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.421% due 07/24/39 |  | 45000 |  | 37316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.457% due 11/18/27 |  | 100000 |  | 102308 |
|  Weyerhaeuser Co. REIT<br>4.000% due 11/15/29 |  | 100000 |  | 91513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 03/15/32 |  | 100000 |  | 110852 |
|  Willis North America, Inc.<br>2.950% due 09/15/29 |  | 75000 |  | 63203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/15/49 |  | 35000 |  | 24989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 06/15/27 |  | 100000 |  | 96752 |
|  WP Carey, Inc. REIT <br>4.600% due 04/01/24 |  | 100000 |  | 99098 |
|  XLIT Ltd. (Bermuda) <br>5.250% due 12/15/43 |  | 50000 |  | 49039 |
|  |  |  |  | 100004238 |
|  **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** | **Industrial - 1.8%** |
|  3M Co.<br>2.375% due 08/26/29 |  | 300000 |  | 255078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 10/15/27 |  | 100000 |  | 92456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/26/49 |  | 200000 |  | 139797 |
|  Agilent Technologies, Inc. <br>2.300% due 03/12/31 |  | 100000 |  | 80878 |
|  Allegion US Holding Co., Inc. <br>3.200% due 10/01/24 |  | 50000 |  | 48115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 10/01/27 |  | 50000 |  | 45209 |
|  Amcor Flexibles North America, Inc.<br>2.690% due 05/25/31 |  | 65000 |  | 52974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/17/25 |  | 65000 |  | 63332 |
|  Amphenol Corp.<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 03/01/25 |  | 25000 |  | 23520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 09/15/31 |  | 60000 |  | 47685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 06/01/29 |  | 50000 |  | 47872 |
|  Arrow Electronics, Inc.<br>3.250% due 09/08/24 |  | 100000 |  | 96153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/12/28 |  | 25000 |  | 22755 |
|  Avnet, Inc. <br>4.625% due 04/15/26 |  | 25000 |  | 24083 |
|  Berry Global, Inc. <br>1.570% due 01/15/26 |  | 200000 |  | 178378 |
|  Boeing Co.<br>1.433% due 02/04/24 |  | 485000 |  | 464983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 02/01/24 |  | 30000 |  | 28913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% due 02/04/26 |  | 200000 |  | 181934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 02/01/26 |  | 50000 |  | 46392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 02/01/30 |  | 100000 |  | 84912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/01/29 |  | 200000 |  | 175777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/01/28 |  | 50000 |  | 45493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 03/01/28 |  | 25000 |  | 22392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/01/38 |  | 15000 |  | 11111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/01/31 |  | 30000 |  | 26360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/01/48 |  | 10000 |  | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/01/50 |  | 100000 |  | 69075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.825% due 03/01/59 |  | 50000 |  | 32171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 11/01/48 |  | 35000 |  | 24179 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-199** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/25 | $85000 | $84426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 05/01/30 | 150000 | 146714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% due 05/01/40 | 200000 | 191570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% due 05/01/50 | 150000 | 139841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/40 | 50000 | 48207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% due 05/01/60 | 150000 | 137448 |
|  Burlington Northern Santa Fe LLC<br>3.050% due 02/15/51 | 200000 | 140030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 09/15/51 | 200000 | 146568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 02/15/50 | 150000 | 115605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/01/25 | 50000 | 48569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/15/47 | 50000 | 42584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 01/15/53 | 100000 | 89409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 09/01/45 | 50000 | 46183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/01/40 | 100000 | 105104 |
|  Canadian National Railway Co. (Canada)<br>2.950% due 11/21/24 | 100000 | 96484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 08/05/32 | 100000 | 93218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 06/01/36 | 50000 | 54231 |
|  Canadian Pacific Railway Co. (Canada)<br>2.450% due 12/02/31 | 200000 | 166180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/01/25 | 150000 | 143410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 12/02/51 | 200000 | 135389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 06/01/28 | 35000 | 33417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 09/15/35 | 20000 | 18778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 09/15/15 | 30000 | 30310 |
|  Carlisle Cos., Inc.<br>2.200% due 03/01/32 | 100000 | 76222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/01/27 | 50000 | 46658 |
|  Carrier Global Corp.<br>2.242% due 02/15/25 | 35000 | 32996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493% due 02/15/27 | 35000 | 31600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722% due 02/15/30 | 50000 | 42205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.377% due 04/05/40 | 15000 | 11443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.577% due 04/05/50 | 450000 | 322927 |
|  Caterpillar Financial Services Corp.<br>0.450% due 05/17/24 | 50000 | 47126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800% due 11/13/25 | 60000 | 53879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900% due 03/02/26 | 200000 | 178467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 05/13/25 | 100000 | 97244 |
|  Caterpillar, Inc.<br>2.600% due 04/09/30 | 500000 | 435855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 09/19/49 | 100000 | 75870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803% due 08/15/42 | 100000 | 85658 |
|  CNH Industrial Capital LLC<br>1.450% due 07/15/26 | 100000 | 88263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 01/15/24 | 50000 | 49303 |
|  CNH Industrial NV (United Kingdom) <br>3.850% due 11/15/27 | 35000 | 32842 |
|  CSX Corp.<br>3.250% due 06/01/27 | 250000 | 233958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 08/01/24 | 200000 | 195269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 11/15/32 | 100000 | 94061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/49 | 65000 | 56928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 03/01/68 | 45000 | 38197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/41 | 75000 | 75234 |
|  Deere & Co.<br>2.875% due 09/07/49 | 15000 | 10778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/09/42 | 100000 | 88965 |
|  Dover Corp. <br>5.375% due 03/01/41 | 50000 | 48328 |
|  Eagle Materials, Inc. <br>2.500% due 07/01/31 | 50000 | 39343 |
|  Eaton Corp.<br>4.000% due 11/02/32 | 100000 | 92386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/15/33 | 55000 | 51303 |
|  Emerson Electric Co.<br>0.875% due 10/15/26 | 35000 | 30324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 12/21/31 | 100000 | 81097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 06/01/25 | 100000 | 96656 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  FedEx Corp.<br>3.100% due 08/05/29 | $50000 | $44230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/01/42 | 100000 | 76368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 10/17/28 | 100000 | 95164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 01/15/47 | 50000 | 40101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/15/45 | 50000 | 42447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/15/50 | 350000 | 320517 |
|  Flex Ltd.<br>3.750% due 02/01/26 | 50000 | 47272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/25 | 50000 | 49154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/15/29 | 25000 | 23577 |
|  Fortive Corp. <br>4.300% due 06/15/46 | 125000 | 98059 |
|  GATX Corp.<br>3.250% due 03/30/25 | 100000 | 95315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 02/15/24 | 25000 | 24642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 11/07/28 | 25000 | 23756 |
|  General Dynamics Corp.<br>2.250% due 06/01/31 | 5000 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 06/01/41 | 10000 | 7441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/28 | 180000 | 171438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/50 | 200000 | 178543 |
|  Honeywell International, Inc.<br>1.100% due 03/01/27 | 300000 | 261147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 08/15/24 | 100000 | 96073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/01/26 | 100000 | 92234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/15/29 | 60000 | 53476 |
|  Hubbell, Inc. <br>3.350% due 03/01/26 | 50000 | 47548 |
|  Huntington Ingalls Industries, Inc. <br>2.043% due 08/16/28 | 50000 | 41301 |
|  IDEX Corp.<br>2.625% due 06/15/31 | 100000 | 83034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/01/30 | 15000 | 12874 |
|  Illinois Tool Works, Inc. <br>4.875% due 09/15/41 | 100000 | 96980 |
|  Jabil, Inc.<br>1.700% due 04/15/26 | 65000 | 57676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 01/12/28 | 55000 | 51313 |
|  John Deere Capital Corp.<br>0.450% due 06/07/24 | 35000 | 32913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 09/10/24 | 70000 | 65366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% due 10/13/26 | 250000 | 221400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 03/09/27 | 50000 | 44595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 06/17/31 | 100000 | 81040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 03/08/27 | 50000 | 45571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 03/07/24 | 100000 | 97457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 06/10/26 | 100000 | 93737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 09/08/27 | 50000 | 46134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 09/11/25 | 50000 | 48436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 03/13/25 | 50000 | 48710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/07/32 | 20000 | 18734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 09/15/27 | 100000 | 98245 |
|  Johnson Controls International PLC<br>3.625% due 07/02/24 § | 40000 | 39131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 02/14/26 | 19000 | 18472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/47 | 40000 | 33074 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA<br>1.750% due 09/15/30 | 15000 | 12017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/01/32 | 40000 | 39445 |
|  Kansas City Southern <br>4.950% due 08/15/45 | 100000 | 90340 |
|  Kennametal, Inc. <br>4.625% due 06/15/28 | 50000 | 46997 |
|  Keysight Technologies, Inc. <br>4.550% due 10/30/24 | 100000 | 98539 |
|  L3Harris Technologies, Inc.<br>2.900% due 12/15/29 | 30000 | 25658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 12/15/26 | 25000 | 23878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/15/28 | 100000 | 95912 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-200** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Lockheed Martin Corp.<br>3.550% due 01/15/26 | $50000 | $48628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 03/01/35 | 25000 | 22278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 03/01/45 | 20000 | 16429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 06/15/32 | 45000 | 42541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/15/53 | 85000 | 72576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/36 | 20000 | 19164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/15/46 | 44000 | 40886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 09/01/36 | 100000 | 108935 |
|  Martin Marietta Materials, Inc.<br>2.500% due 03/15/30 | 65000 | 53696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 06/01/27 | 21000 | 19526 |
|  Masco Corp.<br>2.000% due 02/15/31 | 100000 | 77172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/15/27 | 100000 | 92795 |
|  Mohawk Industries, Inc. <br>3.625% due 05/15/30 | 50000 | 43183 |
|  Norfolk Southern Corp.<br>2.300% due 05/15/31 | 250000 | 206132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.155% due 05/15/55 | 20000 | 13331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 08/01/28 | 30000 | 28585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942% due 11/01/47 | 63000 | 50732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 06/01/53 | 145000 | 126843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 01/15/46 | 50000 | 44446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837% due 10/01/41 | 50000 | 46173 |
|  Northrop Grumman Corp.<br>3.250% due 01/15/28 | 350000 | 323401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/15/45 | 100000 | 80233 |
|  nVent Finance SARL (United Kingdom) <br>2.750% due 11/15/31 | 50000 | 38596 |
|  Oshkosh Corp. <br>3.100% due 03/01/30 | 15000 | 12688 |
|  Otis Worldwide Corp.<br>2.056% due 04/05/25 | 20000 | 18729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.293% due 04/05/27 | 20000 | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.112% due 02/15/40 | 50000 | 36652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.362% due 02/15/50 | 30000 | 21120 |
|  Owens Corning <br>3.875% due 06/01/30 | 150000 | 133649 |
|  Packaging Corp. of America<br>3.400% due 12/15/27 | 35000 | 32193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 09/15/24 | 100000 | 97491 |
|  Parker-Hannifin Corp.<br>3.250% due 06/14/29 | 20000 | 17902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 06/14/49 | 20000 | 15904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 05/15/38 | 100000 | 103695 |
|  Precision Castparts Corp.<br>3.250% due 06/15/25 | 50000 | 48239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/15/45 | 50000 | 43758 |
|  Raytheon Technologies Corp.<br>2.250% due 07/01/30 | 100000 | 83448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.030% due 03/15/52 | 250000 | 170684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 07/01/50 | 100000 | 70481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 03/15/24 | 300000 | 294303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/15/27 | 200000 | 190769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/01/46 | 50000 | 38823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/16/25 | 25000 | 24449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/16/28 | 60000 | 57550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/15/47 | 200000 | 171104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 11/16/38 | 20000 | 18250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/42 | 300000 | 271200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/16/48 | 35000 | 31727 |
|  Republic Services, Inc.<br>3.200% due 03/15/25 | 100000 | 95970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/15/27 | 120000 | 112011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 05/15/28 | 100000 | 95176 |
|  Ryder System, Inc.<br>1.750% due 09/01/26 | 65000 | 57216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 06/15/27 | 75000 | 71951 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Snap-on, Inc. <br>3.100% due 05/01/50 | $| 35000 | $| 25120 |
|  Stanley Black & Decker, Inc.<br>2.750% due 11/15/50 |  | 50000 |  | 30597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/15/28 |  | 100000 |  | 96201 |
|  Teledyne Technologies, Inc. <br>2.750% due 04/01/31 |  | 200000 |  | 164028 |
|  Textron, Inc.<br>3.650% due 03/15/27 |  | 100000 |  | 93394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/26 |  | 25000 |  | 24075 |
|  Trane Technologies Luxembourg Finance SA <br>3.800% due 03/21/29 |  | 100000 |  | 92246 |
|  Trimble, Inc. <br>4.900% due 06/15/28 |  | 50000 |  | 48035 |
|  Tyco Electronics Group SA (Switzerland) <br>2.500% due 02/04/32 |  | 45000 |  | 37223 |
|  Union Pacific Corp.<br>2.375% due 05/20/31 |  | 40000 |  | 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 03/01/26 |  | 25000 |  | 23670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.891% due 04/06/36 |  | 125000 |  | 99783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.973% due 09/16/62 |  | 25000 |  | 16186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 04/15/27 |  | 100000 |  | 93252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 05/20/41 |  | 70000 |  | 55220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/15/25 |  | 50000 |  | 48111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 08/15/46 |  | 50000 |  | 36801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 05/20/61 |  | 100000 |  | 73333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 09/15/37 |  | 20000 |  | 16982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.646% due 02/15/24 |  | 92000 |  | 90621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/25 |  | 50000 |  | 48628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799% due 04/06/71 |  | 30000 |  | 22271 |
|  United Parcel Service, Inc.<br>3.400% due 11/15/46 |  | 200000 |  | 155447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 04/01/50 |  | 250000 |  | 260971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 01/15/38 |  | 50000 |  | 55510 |
|  Vulcan Materials Co. <br>4.500% due 06/15/47 |  | 100000 |  | 83541 |
|  Waste Connections, Inc.<br>3.500% due 05/01/29 |  | 100000 |  | 91703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 01/15/33 |  | 70000 |  | 65230 |
|  Waste Management, Inc.<br>0.750% due 11/15/25 |  | 206000 |  | 184403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 06/01/41 |  | 35000 |  | 26128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 11/15/27 |  | 100000 |  | 93454 |
|  Westinghouse Air Brake Technologies Corp.<br>4.400% due 03/15/24 |  | 100000 |  | 98420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 09/15/28 |  | 100000 |  | 96201 |
|  WRKCo, Inc.<br>3.000% due 09/15/24 |  | 100000 |  | 95633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/28 |  | 100000 |  | 93235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/01/32 |  | 50000 |  | 45186 |
|  Xylem, Inc.<br>3.250% due 11/01/26 |  | 30000 |  | 28036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/01/46 |  | 25000 |  | 20819 |
|  |  |  |  | 18170120 |
|  **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** |
|  Activision Blizzard, Inc.<br>1.350% due 09/15/30 |  | 35000 |  | 27431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 09/15/50 |  | 100000 |  | 61854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 09/15/26 |  | 50000 |  | 47698 |
|  Adobe, Inc. <br>1.900% due 02/01/25 |  | 230000 |  | 217461 |
|  Analog Devices, Inc.<br>2.100% due 10/01/31 |  | 60000 |  | 48605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 10/01/41 |  | 50000 |  | 36801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 10/01/51 |  | 55000 |  | 37325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 06/15/27 ~ |  | 100000 |  | 94341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/05/26 |  | 100000 |  | 95505 |
|  Apple, Inc.<br>0.700% due 02/08/26 |  | 150000 |  | 133304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 05/11/25 |  | 65000 |  | 59899 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-201** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 08/05/28 | $100000 | $84896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 05/11/30 | 410000 | 335810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 02/08/31 | 200000 | 161478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 08/05/31 | 100000 | 80207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 09/11/24 | 100000 | 95257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 09/11/26 | 100000 | 91412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 09/11/29 | 100000 | 86675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 08/20/60 | 250000 | 152532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 05/11/50 | 100000 | 66636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 02/08/51 | 100000 | 66428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/05/51 | 100000 | 66405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 08/05/61 | 100000 | 64823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 09/11/49 | 65000 | 46335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/13/27 | 100000 | 93503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 02/23/26 | 570000 | 548254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 02/09/27 | 200000 | 191526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/12/47 | 75000 | 62684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/13/47 | 50000 | 41418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 08/04/46 | 35000 | 29899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 02/09/47 | 100000 | 92637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/23/36 | 50000 | 49805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 02/23/46 | 445000 | 423730 |
|  Applied Materials, Inc.<br>1.750% due 06/01/30 | 30000 | 24533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 10/01/25 | 35000 | 34256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/01/47 | 45000 | 40706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 10/01/35 | 35000 | 35562 |
|  Autodesk, Inc.<br>2.400% due 12/15/31 | 80000 | 64114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 01/15/30 | 55000 | 47411 |
|  Broadcom, Inc.<br>2.450% due 02/15/31 ~ | 200000 | 157991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% due 04/15/33 ~ | 250000 | 201122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459% due 09/15/26 | 26000 | 24533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/15/41 ~ | 315000 | 224802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/51 ~ | 140000 | 97255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110% due 09/15/28 | 211000 | 196637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 04/15/32 ~ | 40000 | 35224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 11/15/32 | 200000 | 176842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/15/29 | 150000 | 143197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 04/15/30 | 200000 | 190354 |
|  Broadridge Financial Solutions, Inc. <br>3.400% due 06/27/26 | 50000 | 46865 |
|  CDW LLC/CDW Finance Corp. <br>3.569% due 12/01/31 | 250000 | 206478 |
|  Dell International LLC/EMC Corp.<br>4.000% due 07/15/24 | 50000 | 49169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 10/01/26 | 100000 | 98569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 10/01/29 | 100000 | 98029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 07/15/25 | 200000 | 202316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020% due 06/15/26 | 500000 | 510692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.100% due 07/15/36 | 27000 | 30362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.350% due 07/15/46 | 13000 | 14878 |
|  Electronic Arts, Inc.<br>1.850% due 02/15/31 | 30000 | 23652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 02/15/51 | 20000 | 12993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 03/01/26 | 50000 | 49888 |
|  Fidelity National Information Services, Inc.<br>0.600% due 03/01/24 | 15000 | 14200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% due 03/01/26 | 350000 | 307301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 03/01/28 | 20000 | 16590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/01/31 | 50000 | 39298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 03/01/41 | 10000 | 6923 |
|  Fiserv, Inc.<br>2.250% due 06/01/27 | 100000 | 89402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 06/01/30 | 100000 | 84294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 07/01/24 | 100000 | 96660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 07/01/26 | 25000 | 23428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 07/01/29 | 45000 | 40637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 06/01/25 | 100000 | 96971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 07/01/49 | 40000 | 32646 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Genpact Luxembourg SARL <br>3.375% due 12/01/24 | $25000 | $23962 |
|  Hewlett Packard Enterprise Co.<br>4.900% due 10/15/25 | 250000 | 247815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 10/15/35 | 50000 | 51723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 10/15/45 | 50000 | 50118 |
|  HP, Inc.<br>2.650% due 06/17/31 | 100000 | 78145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/15/29 | 100000 | 91486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/15/32 | 100000 | 86245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 | 100000 | 97202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 09/15/41 | 55000 | 53013 |
|  Intel Corp.<br>1.600% due 08/12/28 | 25000 | 21284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/12/31 | 50000 | 39727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 11/15/29 | 150000 | 129168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 05/19/26 | 100000 | 93336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 08/12/41 | 40000 | 28085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 08/12/51 | 20000 | 13038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/12/61 | 25000 | 15772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/15/49 | 500000 | 342506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 07/29/25 | 145000 | 141566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 08/05/32 | 100000 | 93799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 03/25/40 | 400000 | 365658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 08/05/52 | 100000 | 89009 |
|  International Business Machines Corp.<br>2.850% due 05/15/40 | 100000 | 72937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/15/24 | 200000 | 194612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 05/15/26 | 300000 | 285814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 05/15/29 | 170000 | 156636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 05/15/39 | 100000 | 86643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/49 | 300000 | 248847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 11/30/39 | 26000 | 26498 |
|  Intuit, Inc. <br>1.650% due 07/15/30 | 15000 | 12069 |
|  KLA Corp.<br>4.650% due 07/15/32 | 60000 | 58957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 07/15/52 | 100000 | 93456 |
|  Lam Research Corp.<br>4.000% due 03/15/29 | 55000 | 52490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/15/49 | 25000 | 23811 |
|  Leidos, Inc. <br>2.300% due 02/15/31 | 55000 | 42258 |
|  Microchip Technology, Inc. <br>0.972% due 02/15/24 | 200000 | 190011 |
|  Micron Technology, Inc.<br>2.703% due 04/15/32 | 20000 | 15003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.366% due 11/01/41 | 15000 | 10074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.477% due 11/01/51 | 25000 | 15627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 11/01/29 | 200000 | 203607 |
|  Microsoft Corp.<br>2.400% due 08/08/26 | 250000 | 233443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% due 06/01/50 | 285000 | 188919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675% due 06/01/60 | 166000 | 106180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 02/06/24 | 35000 | 34394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% due 03/17/52 | 278000 | 198123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/03/25 | 100000 | 96710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 02/06/27 | 300000 | 289562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 08/08/36 | 72000 | 63978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 08/08/46 | 500000 | 427568 |
|  NVIDIA Corp.<br>0.584% due 06/14/24 | 75000 | 70807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 06/15/31 | 100000 | 80345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 04/01/30 | 250000 | 218658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/50 | 200000 | 151951 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (China)<br>2.500% due 05/11/31 | 100000 | 79898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/11/41 | 60000 | 42085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 06/18/29 | 150000 | 140168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 06/01/27 | 40000 | 38400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/33 | 50000 | 47372 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-202** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Oracle Corp.<br>1.650% due 03/25/26 | $| 45000 | $| 40337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 03/25/28 |  | 70000 |  | 60754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 04/01/27 |  | 500000 |  | 455742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 03/25/31 |  | 75000 |  | 62369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 05/15/25 |  | 150000 |  | 142447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/15/27 |  | 350000 |  | 322055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 04/01/40 |  | 500000 |  | 368616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/25/41 |  | 80000 |  | 59357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 07/15/36 |  | 50000 |  | 41057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 04/01/60 |  | 300000 |  | 200654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 05/15/35 |  | 105000 |  | 88152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/25/51 |  | 120000 |  | 86019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/15/46 |  | 250000 |  | 183216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 03/25/61 |  | 95000 |  | 66379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 07/08/34 |  | 100000 |  | 88155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/15/55 |  | 200000 |  | 152099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 07/08/39 |  | 100000 |  | 99895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 11/09/32 |  | 200000 |  | 209956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 04/15/38 |  | 100000 |  | 104080 |
|  Qorvo, Inc. <br>1.750% due 12/15/24 ~ |  | 30000 |  | 27668 |
|  QUALCOMM, Inc.<br>2.900% due 05/20/24 |  | 50000 |  | 48863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/20/27 |  | 50000 |  | 47627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 05/20/25 |  | 150000 |  | 146148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/20/32 |  | 20000 |  | 19303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 05/20/47 |  | 30000 |  | 25953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/20/52 |  | 45000 |  | 39662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 05/20/45 |  | 150000 |  | 141355 |
|  Roper Technologies, Inc.<br>1.750% due 02/15/31 |  | 200000 |  | 154545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 09/15/24 |  | 15000 |  | 14331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 12/15/26 |  | 30000 |  | 28779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 09/15/28 |  | 95000 |  | 91947 |
|  Salesforce, Inc.<br>0.625% due 07/15/24 |  | 55000 |  | 51623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 07/15/28 |  | 65000 |  | 55555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 07/15/31 |  | 80000 |  | 63984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 07/15/41 |  | 60000 |  | 43066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 07/15/51 |  | 100000 |  | 66003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 07/15/61 |  | 50000 |  | 31993 |
|  ServiceNow, Inc. <br>1.400% due 09/01/30 |  | 65000 |  | 49872 |
|  Texas Instruments, Inc.<br>1.375% due 03/12/25 |  | 250000 |  | 233616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 05/15/48 |  | 100000 |  | 89044 |
|  TSMC Arizona Corp. (Taiwan)<br>3.125% due 10/25/41 |  | 200000 |  | 156105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 04/22/27 |  | 200000 |  | 192576 |
|  VMware, Inc.<br>2.200% due 08/15/31 |  | 250000 |  | 190314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 08/21/27 |  | 30000 |  | 28047 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 02/01/29 |  | 30000 |  | 23253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 02/01/32 |  | 55000 |  | 39612 |
|  Xilinx, Inc. <br>2.950% due 06/01/24 |  | 100000 |  | 97336 |
|  |  |  |  | 19159441 |
|  **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** |
|  AEP Texas, Inc.<br>3.450% due 05/15/51 |  | 35000 |  | 24861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/15/32 |  | 100000 |  | 96092 |
|  AEP Transmission Co. LLC <br>4.250% due 09/15/48 |  | 35000 |  | 29365 |
|  AES Corp.<br>1.375% due 01/15/26 |  | 75000 |  | 66680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 01/15/31 |  | 100000 |  | 79786 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Alabama Power Co.<br>3.125% due 07/15/51 | $100000 | $68363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 08/15/44 | 90000 | 74912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 07/15/48 | 15000 | 12552 |
|  Ameren Illinois Co.<br>3.250% due 03/01/25 | 50000 | 48360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 05/15/28 | 50000 | 47784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 09/01/32 | 50000 | 46602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/15/46 | 50000 | 42776 |
|  American Electric Power Co., Inc.<br>1.000% due 11/01/25 | 30000 | 26825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 11/01/32 | 100000 | 104730 |
|  American Water Capital Corp.<br>2.300% due 06/01/31 | 50000 | 41136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 09/01/27 | 35000 | 32326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 06/01/51 | 50000 | 35888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 06/01/29 | 100000 | 91525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/01/47 | 50000 | 39154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 12/01/42 | 100000 | 87267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 06/01/32 | 75000 | 71980 |
|  Appalachian Power Co.<br>3.700% due 05/01/50 | 150000 | 109951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 04/01/38 | 150000 | 167948 |
|  Arizona Public Service Co.<br>2.200% due 12/15/31 | 65000 | 49758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 09/15/27 | 50000 | 45539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/01/42 | 100000 | 82670 |
|  Atmos Energy Corp.<br>2.625% due 09/15/29 | 150000 | 130485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 06/15/27 | 30000 | 28046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 01/15/43 | 64000 | 54158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 10/01/48 | 50000 | 42296 |
|  Avangrid, Inc. <br>3.150% due 12/01/24 | 50000 | 47825 |
|  Baltimore Gas and Electric Co.<br>2.900% due 06/15/50 | 30000 | 19975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 09/15/49 | 70000 | 49586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/15/47 | 50000 | 38831 |
|  Berkshire Hathaway Energy Co.<br>3.250% due 04/15/28 | 30000 | 27809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 07/15/48 | 25000 | 19402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/15/50 | 200000 | 166879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 01/15/49 | 50000 | 43196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/01/36 | 99000 | 104280 |
|  Black Hills Corp.<br>3.150% due 01/15/27 | 50000 | 46322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 05/01/33 | 30000 | 26485 |
|  CenterPoint Energy Houston Electric LLC<br>2.350% due 04/01/31 | 55000 | 45756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 09/01/26 | 50000 | 46091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/01/27 | 50000 | 47109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 04/01/51 | 85000 | 63004 |
|  CenterPoint Energy Resources Corp. <br>4.000% due 04/01/28 | 100000 | 95578 |
|  Commonwealth Edison Co.<br>3.150% due 03/15/32 | 35000 | 30681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 08/15/28 | 20000 | 18858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/15/47 | 50000 | 39033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/01/42 | 100000 | 81662 |
|  Connecticut Light & Power Co.<br>0.750% due 12/01/25 | 150000 | 134355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/01/45 | 25000 | 20906 |
|  Consolidated Edison Co. of New York, Inc.<br>2.400% due 06/15/31 | 50000 | 41002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 06/15/61 | 50000 | 35895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/01/43 | 100000 | 80463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 04/01/50 | 250000 | 197319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/01/28 | 100000 | 95663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 05/15/49 | 50000 | 40893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 12/01/56 | 50000 | 40323 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-203** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/01/45 | $100000 | $86083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 11/15/52 | 70000 | 75378 |
|  Consumers Energy Co.<br>3.250% due 08/15/46 | 50000 | 36230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 08/15/32 | 65000 | 59411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 11/15/28 | 100000 | 95126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/15/49 | 100000 | 87447 |
|  Dominion Energy, Inc.<br>1.450% due 04/15/26 | 40000 | 35657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/31 | 45000 | 35919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 08/15/26 | 30000 | 27694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071% due 08/15/24 § | 70000 | 67494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 04/15/41 | 30000 | 22323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 04/01/30 | 350000 | 309233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 06/01/28 | 50000 | 47676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 12/01/44 | 100000 | 85619 |
|  Dominion Energy South Carolina, Inc.<br>4.600% due 06/15/43 | 100000 | 89486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 05/15/33 | 50000 | 50531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 02/01/41 | 50000 | 49297 |
|  DTE Electric Co.<br>2.250% due 03/01/30 | 50000 | 42138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 03/01/50 | 50000 | 34147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/01/32 | 150000 | 129791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/01/25 | 50000 | 48524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/15/24 | 51000 | 50154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/01/52 | 55000 | 42812 |
|  DTE Energy Co. <br>4.220% due 11/01/24 § | 75000 | 73775 |
|  Duke Energy Carolinas LLC<br>3.750% due 06/01/45 | 200000 | 156137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 04/15/38 | 110000 | 116424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 06/01/37 | 25000 | 25980 |
|  Duke Energy Corp.<br>2.450% due 06/01/30 | 160000 | 131928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 06/15/31 | 100000 | 81731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 08/15/27 | 50000 | 46217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 06/15/41 | 100000 | 73137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/51 | 100000 | 69879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 08/15/47 | 50000 | 37975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/15/49 | 65000 | 51621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/32 | 180000 | 169145 |
|  Duke Energy Florida LLC<br>1.750% due 06/15/30 | 250000 | 199300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 12/01/29 | 50000 | 42845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 11/15/52 | 40000 | 42827 |
|  Duke Energy Indiana LLC<br>2.750% due 04/01/50 | 60000 | 37929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 10/01/49 | 50000 | 34935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/46 | 50000 | 38683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 07/15/43 | 100000 | 92914 |
|  Duke Energy Ohio, Inc. <br>2.125% due 06/01/30 | 35000 | 28647 |
|  Duke Energy Progress LLC <br>3.700% due 09/01/28 | 100000 | 94144 |
|  Edison International<br>4.700% due 08/15/25 | 200000 | 195889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/15/27 | 10000 | 10047 |
|  El Paso Electric Co. <br>5.000% due 12/01/44 | 50000 | 43961 |
|  Emera US Finance LP (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 06/15/26 | 35000 | 32828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/46 | 200000 | 155128 |
|  Enel Chile SA (Chile) <br>4.875% due 06/12/28 | 50000 | 48813 |
|  Enel Generacion Chile SA (Chile) <br>4.250% due 04/15/24 | 50000 | 49404 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/26 | 50000 | 48049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 04/01/49 | 50000 | 41174 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900% due 09/15/25 | $150000 | $133722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 06/15/30 | 100000 | 84694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 09/01/26 | 30000 | 27893 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% due 06/15/32 | 100000 | 79744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 06/15/41 | 400000 | 298651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 04/01/28 | 50000 | 45619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 09/01/48 | 50000 | 41159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 01/15/45 | 40000 | 35652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% due 10/01/24 | 50000 | 50756 |
|  Essential Utilities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 05/01/31 | 100000 | 79694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 05/01/52 | 25000 | 23518 |
|  Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 04/01/27 | 50000 | 46445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 04/01/43 | 100000 | 82478 |
|  Evergy Metro, Inc. <br>3.650% due 08/15/25 | 50000 | 48622 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 10/01/24 | 50000 | 48231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 03/01/27 | 100000 | 92218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 01/15/28 | 100000 | 92263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 03/01/32 | 100000 | 87330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 06/27/24 | 55000 | 54395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 04/01/29 | 25000 | 23718 |
|  Exelon Corp.<br>3.950% due 06/15/25 | 100000 | 97753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 04/15/30 | 300000 | 279239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 04/15/46 | 100000 | 84949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/15/35 | 35000 | 33554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 06/15/45 | 35000 | 32722 |
|  Florida Power & Light Co.<br>2.850% due 04/01/25 | 350000 | 335416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 12/01/47 | 200000 | 161349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 06/01/35 | 100000 | 98450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690% due 03/01/40 | 35000 | 36514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 02/01/38 | 125000 | 133370 |
|  Georgia Power Co.<br>4.300% due 03/15/42 | 100000 | 86309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 05/15/32 | 100000 | 96706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/15/52 | 100000 | 94316 |
|  Indiana Michigan Power Co.<br>3.250% due 05/01/51 | 60000 | 41105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 08/15/48 | 25000 | 20404 |
|  Interstate Power & Light Co. <br>3.500% due 09/30/49 | 25000 | 17933 |
|  ITC Holdings Corp.<br>3.350% due 11/15/27 | 50000 | 46119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 06/15/24 | 25000 | 24403 |
|  Kentucky Utilities Co. <br>4.375% due 10/01/45 | 40000 | 34030 |
|  Louisville Gas & Electric Co. <br>4.250% due 04/01/49 | 35000 | 29222 |
|  MidAmerican Energy Co.<br>3.650% due 08/01/48 | 100000 | 78965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 12/30/31 | 100000 | 112962 |
|  Mississippi Power Co. <br>3.950% due 03/30/28 | 25000 | 23489 |
|  National Fuel Gas Co. <br>3.950% due 09/15/27 | 50000 | 46233 |
|  National Rural Utilities Cooperative Finance Corp. 1.350% due 03/15/31 | 100000 | 74126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 06/15/31 | 200000 | 152431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.023% due 11/01/32 | 100000 | 91169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 10/30/25 | 100000 | 101304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 03/01/32 | 50000 | 59219 |
|  Nevada Power Co. <br>5.900% due 05/01/53 | 250000 | 268057 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-204** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  NextEra Energy Capital Holdings, Inc.<br>2.250% due 06/01/30 | $80000 | $65970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940% due 03/21/24 | 250000 | 243511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 12/01/77 | 100000 | 81836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 05/01/79 | 100000 | 91029 |
|  NiSource, Inc.<br>0.950% due 08/15/25 | 200000 | 180489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490% due 05/15/27 | 50000 | 47173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 03/30/48 | 50000 | 39019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 02/15/44 | 100000 | 88334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/15/43 | 100000 | 95070 |
|  Northern States Power Co.<br>2.600% due 06/01/51 | 50000 | 31924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/52 | 75000 | 68391 |
|  Oglethorpe Power Corp. <br>5.050% due 10/01/48 | 100000 | 85979 |
|  Ohio Edison Co. <br>6.875% due 07/15/36 | 150000 | 162503 |
|  Ohio Power Co. <br>1.625% due 01/15/31 | 65000 | 50450 |
|  Oklahoma Gas & Electric Co. <br>3.850% due 08/15/47 | 50000 | 37788 |
|  Oncor Electric Delivery Co. LLC<br>0.550% due 10/01/25 | 70000 | 62552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 11/15/28 | 100000 | 94511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 09/30/47 | 50000 | 40735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/01/32 ~ | 40000 | 37875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 06/01/42 | 100000 | 100021 |
|  Pacific Gas and Electric Co.<br>2.500% due 02/01/31 | 100000 | 77817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 08/01/40 | 250000 | 170120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 07/01/25 | 400000 | 379032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/01/50 | 45000 | 28121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 03/01/32 | 100000 | 87547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/01/40 | 300000 | 235564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 07/01/30 | 300000 | 272622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 07/01/50 | 200000 | 155826 |
|  PacifiCorp<br>2.900% due 06/15/52 | 80000 | 52596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/15/29 | 35000 | 32292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 01/15/49 | 70000 | 57633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 12/01/53 | 300000 | 298773 |
|  PECO Energy Co.<br>2.800% due 06/15/50 | 45000 | 29648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/15/49 | 55000 | 37808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 10/15/25 | 50000 | 48144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 03/01/48 | 60000 | 49236 |
|  Piedmont Natural Gas Co., Inc.<br>3.350% due 06/01/50 | 225000 | 151525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 08/01/43 | 35000 | 30293 |
|  Potomac Electric Power Co. <br>3.600% due 03/15/24 | 100000 | 98350 |
|  PPL Electric Utilities Corp.<br>3.000% due 10/01/49 | 70000 | 47521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/01/45 | 25000 | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 06/15/48 | 100000 | 84188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 07/15/43 | 50000 | 45860 |
|  Progress Energy, Inc. <br>7.750% due 03/01/31 | 100000 | 113583 |
|  Public Service Co. of Colorado<br>1.875% due 06/15/31 | 200000 | 159714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 01/15/51 | 100000 | 64885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 06/15/28 | 50000 | 47680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 06/15/47 | 50000 | 39633 |
|  Public Service Co. of New Hampshire <br>2.200% due 06/15/31 | 30000 | 24721 |
|  Public Service Co. of Oklahoma <br>2.200% due 08/15/31 | 100000 | 79906 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  Public Service Electric & Gas Co. <br>3.100% due 03/15/32 | $100000 | $87697 |
|  Public Service Electric and Gas Co.<br>0.950% due 03/15/26 | 100000 | 88892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 08/01/50 | 100000 | 56209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 03/01/51 | 100000 | 68591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/01/49 | 60000 | 43151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 05/01/48 | 25000 | 20735 |
|  Public Service Enterprise Group, Inc.<br>2.450% due 11/15/31 | 100000 | 80174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 06/15/24 | 70000 | 67640 |
|  Puget Energy, Inc.<br>3.650% due 05/15/25 | 100000 | 95205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224% due 03/15/32 | 70000 | 62331 |
|  Puget Sound Energy, Inc.<br>2.893% due 09/15/51 | 55000 | 35404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.795% due 03/15/40 | 25000 | 25160 |
|  San Diego Gas & Electric Co.<br>1.700% due 10/01/30 | 95000 | 75341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/01/47 | 50000 | 39078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 06/15/49 | 100000 | 81945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 05/15/48 | 25000 | 20988 |
|  Sempra Energy<br>3.400% due 02/01/28 | 65000 | 60442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 02/01/38 | 100000 | 82378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 04/01/52 | 300000 | 233773 |
|  Southern California Edison Co.<br>2.250% due 06/01/30 | 120000 | 99100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 08/01/29 | 75000 | 65342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 02/01/51 | 320000 | 206406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 03/01/28 | 50000 | 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 02/01/50 | 70000 | 51448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 08/01/25 | 30000 | 29054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 03/15/43 | 50000 | 38732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/01/48 | 10000 | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/01/40 | 50000 | 42912 |
|  Southern California Gas Co. <br>2.600% due 06/15/26 | 50000 | 46405 |
|  Southern Co.<br>4.000% due 01/15/51 | 350000 | 319375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/01/36 | 30000 | 26365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 07/01/46 | 450000 | 377434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 10/15/32 | 65000 | 66692 |
|  Southwest Gas Corp.<br>3.800% due 09/29/46 | 50000 | 34646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 03/15/32 | 60000 | 52848 |
|  Southwestern Electric Power Co.<br>3.250% due 11/01/51 | 200000 | 132358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 04/01/45 | 50000 | 38249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 09/15/28 | 50000 | 47491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 03/15/40 | 50000 | 50986 |
|  Southwestern Public Service Co.<br>3.300% due 06/15/24 | 50000 | 48901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/15/49 | 100000 | 77057 |
|  Tampa Electric Co.<br>4.300% due 06/15/48 | 50000 | 40687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 06/15/49 | 50000 | 41533 |
|  Tucson Electric Power Co.<br>3.050% due 03/15/25 | 50000 | 47935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 12/01/48 | 100000 | 86040 |
|  Union Electric Co.<br>2.625% due 03/15/51 | 200000 | 126929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 04/01/52 | 30000 | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% due 03/15/39 | 100000 | 127281 |
|  Virginia Electric & Power Co.<br>2.300% due 11/15/31 | 100000 | 80740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 03/30/32 | 50000 | 40537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/15/26 | 50000 | 46668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 01/15/26 | 35000 | 33323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/15/27 | 80000 | 76472 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-205** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 09/15/47 | $| 50000 | $38467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/46 |  | 20000 | 15788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 11/15/38 |  | 25000 | 32850 |
|  Washington Gas Light Co. <br>3.650% due 09/15/49 |  | 25000 | 18267 |
|  WEC Energy Group, Inc.<br>0.800% due 03/15/24 |  | 160000 | 151656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 12/15/28 |  | 100000 | 84847 |
|  Wisconsin Electric Power Co. <br>4.300% due 10/15/48 |  | 10000 | 8207 |
|  Wisconsin Power & Light Co. <br>3.050% due 10/15/27 |  | 100000 | 92432 |
|  Xcel Energy, Inc.<br>4.000% due 06/15/28 |  | 50000 | 47952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 06/01/32 |  | 35000 | 33531 |
|  |  |  | 21028108 |
|  Total Corporate Bonds & Notes <br>(Cost $304,855,750) |  |  | 263360826 |
|  **MORTGAGE-BACKED SECURITIES - 29.4%** | **MORTGAGE-BACKED SECURITIES - 29.4%** | **MORTGAGE-BACKED SECURITIES - 29.4%** |  |
|  **Collateralized Mortgage Obligations - Commercial - 1.9%** | **Collateralized Mortgage Obligations - Commercial - 1.9%** | **Collateralized Mortgage Obligations - Commercial - 1.9%** |  |
|  Bank<br>1.844% due 03/15/63 |  | 131250 | 104107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.997% due 11/15/53 |  | 250000 | 198475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.470% due 09/15/64 |  | 500000 | 408528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.649% due 01/15/63 |  | 200000 | 170313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920% due 12/15/52 |  | 200000 | 173884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.175% due 09/15/60 |  | 200000 | 183247 |
|  BBCMS Mortgage Trust<br>2.299% due 02/15/54 |  | 300000 | 244326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639% due 02/15/53 |  | 200000 | 170533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662% due 04/15/55 § |  | 300000 | 269004 |
|  Benchmark Mortgage Trust<br>1.850% due 09/15/53 |  | 250000 | 200858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.925% due 07/15/53 |  | 197917 | 159870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.576% due 11/15/54 |  | 350000 | 287461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.577% due 04/15/54 |  | 200000 | 166351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.732% due 02/15/53 |  | 200000 | 172189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.121% due 07/15/51 § |  | 200000 | 190579 |
|  CD Mortgage Trust <br>3.456% due 11/13/50 |  | 175000 | 161764 |
|  Citigroup Commercial Mortgage Trust<br>3.372% due 10/10/47 |  | 285194 | 274233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.778% due 09/10/58 |  | 600000 | 571518 |
|  Commercial Mortgage Trust<br>3.525% due 02/10/49 |  | 178633 | 172831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.819% due 06/10/47 |  | 300000 | 291379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.228% due 05/10/51 |  | 400000 | 377441 |
|  CSAIL Commercial Mortgage Trust <br>3.458% due 11/15/50 § |  | 600000 | 550334 |
|  Fannie Mae - Aces<br>1.270% due 07/25/30 |  | 200000 | 157024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.465% due 02/25/31 § |  | 245000 | 193075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.669% due 10/25/31 § |  | 250000 | 198328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.681% due 11/25/32 § |  | 500000 | 386016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.821% due 02/25/30 |  | 48200 | 40428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.723% due 10/25/24 |  | 136761 | 131032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.905% due 01/25/28 § |  | 476986 | 444468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.980% due 08/25/29 |  | 500000 | 455215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.993% due 12/25/27 § |  | 136651 | 127601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.061% due 05/25/27 § |  | 177801 | 167393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.631% due 08/25/30 § |  | 300000 | 283580 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates<br>1.350% due 05/25/30 |  | 575000 | 462684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.406% due 08/25/30 |  | 250000 | 200406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.477% due 04/25/30 |  | 107143 | 87404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.517% due 03/25/30 |  | 222222 | 182328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.547% due 10/25/30 | $| 200000 | $| 161180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.558% due 04/25/30 |  | 140000 |  | 114749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.621% due 12/25/30 |  | 186667 |  | 151048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.872% due 01/25/30 |  | 166667 |  | 140558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.940% due 02/25/35 |  | 352000 |  | 263624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.020% due 03/25/31 |  | 250000 |  | 208182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.361% due 10/25/36 |  | 250000 |  | 189707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.524% due 10/25/29 |  | 200000 |  | 177180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.673% due 03/25/26 - 09/25/29 |  | 800000 |  | 745577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.745% due 01/25/26 |  | 400000 |  | 379361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.862% due 05/25/26 |  | 497247 |  | 471063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.946% due 07/25/24 |  | 647530 |  | 628686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% due 10/25/24 |  | 850000 |  | 823492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.208% due 02/25/26 |  | 375000 |  | 360099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.422% due 02/25/29 |  | 196721 |  | 185585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/25/32 |  | 350000 |  | 330827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926% due 06/25/28 |  | 100000 |  | 97452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990% due 08/25/33 § |  | 42000 |  | 39516 |
|  GS Mortgage Securities Trust <br>3.734% due 11/10/48 |  | 1000000 |  | 949921 |
|  JPMBB Commercial Mortgage Securities Trust <br>4.274% due 12/15/48 |  | 600000 |  | 544002 |
|  JPMDB Commercial Mortgage Securities Trust <br>2.180% due 05/13/53 |  | 300000 |  | 239942 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>3.720% due 12/15/49 |  | 570000 |  | 534151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.753% due 12/15/47 |  | 700000 |  | 664701 |
|  Morgan Stanley Capital I Trust<br>2.728% due 05/15/54 |  | 250000 |  | 208472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.596% due 12/15/49 |  | 400000 |  | 371989 |
|  Wells Fargo Commercial Mortgage Trust<br>2.626% due 04/15/54 |  | 250000 |  | 206178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.652% due 08/15/49 |  | 350000 |  | 316739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.925% due 04/15/50 |  | 300000 |  | 284618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.453% due 07/15/50 |  | 500000 |  | 461991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.184% due 06/15/51 |  | 200000 |  | 189608 |
|  |  |  |  | 19456405  |
|  **Fannie Mae - 14.7%** | **Fannie Mae - 14.7%** | **Fannie Mae - 14.7%** | **Fannie Mae - 14.7%** | **Fannie Mae - 14.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; due 02/01/24 # |  | 375000 |  | 333578 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # |  | 11750000 |  | 11376659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 12/01/35 - 11/01/51 |  | 12912398 |  | 10560492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/01/35 - 04/01/52 |  | 60383057 |  | 50014484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 10/01/27 - 04/01/52 |  | 36058972 |  | 31083173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/01/27 - 05/01/52 |  | 21542986 |  | 19327517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.246% (USD LIBOR + 1.695%) <br>due 06/01/38 § |  | 760 |  | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/01/25 - 06/01/52 |  | 12687733 |  | 11815866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.940% (USD LIBOR + 1.690%) <br>due 08/01/39 § |  | 2441 |  | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/01/24 - 10/01/52 |  | 11781476 |  | 11212020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/01/24 - 03/01/50 |  | 2906473 |  | 2869325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 09/01/23 - 09/01/48 |  | 1035360 |  | 1051622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/01/33 - 12/01/52 |  | 898182 |  | 923000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 09/01/34 - 06/01/40 |  | 251804 |  | 262505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/01/36 - 07/01/38 |  | 40488 |  | 41666 |
|  |  |  |  | 150875132 |
|  **Freddie Mac - 6.8%** | **Freddie Mac - 6.8%** | **Freddie Mac - 6.8%** | **Freddie Mac - 6.8%** | **Freddie Mac - 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/01/37 - 05/01/51 |  | 5157526 |  | 4234141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 09/01/35 - 03/01/52 |  | 26158791 |  | 21847216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 08/01/28 - 01/01/52 |  | 23613989 |  | 20321987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 09/01/26 - 03/01/52 |  | 11013814 |  | 9947901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/01/26 - 09/01/52 |  | 8801171 |  | 8159897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/01/25 - 01/01/48 |  | 3076847 |  | 2953706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/01/24 - 07/01/48 |  | 1130206 |  | 1119348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/01/31 - 10/01/52 |  | 911662 |  | 917940 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-206** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/01/34 - 08/01/40 | $| 237796 | $| 246670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 04/01/36 - 05/01/40 |  | 351592 |  | 368503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 08/01/37 - 04/01/39 |  | 28218 |  | 29456 |
|  |  |  |  | 70146765 |
|  **Government National Mortgage Association – 6.0%** | **Government National Mortgage Association – 6.0%** | **Government National Mortgage Association – 6.0%** | **Government National Mortgage Association – 6.0%** | **Government National Mortgage Association – 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; due 05/01/24 # |  | 1300000 |  | 1296529 |
| &nbsp;&nbsp;&nbsp;&nbsp; due 01/01/53 # |  | 3150000 |  | 2952194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/20/50 - 05/20/52 |  | 17082990 |  | 14374469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/20/43 - 05/20/52 |  | 17387910 |  | 15143649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/20/42 - 12/20/51 |  | 11568272 |  | 10430867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/15/41 - 06/20/52 |  | 8859334 |  | 8265569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 06/15/39 - 10/20/52 |  | 4228961 |  | 4059089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/39 - 12/20/52 |  | 3120478 |  | 3067584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/15/36 - 11/20/52 |  | 1442899 |  | 1448843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/37 - 04/15/40 |  | 188737 |  | 195782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 01/15/38 - 06/15/41 |  | 70168 |  | 74290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/15/38 - 02/15/39 |  | 18487 |  | 19177 |
|  |  |  |  | 61328042 |
|  Total Mortgage-Backed Securities <br>(Cost $345,710,688) |  |  |  | 301806344 |
|  **ASSET-BACKED SECURITIES - 0.3%** | **ASSET-BACKED SECURITIES - 0.3%** | **ASSET-BACKED SECURITIES - 0.3%** | **ASSET-BACKED SECURITIES - 0.3%** | **ASSET-BACKED SECURITIES - 0.3%** |
|  American Express Credit Account Master Trust <br>3.750% due 08/15/27 |  | 350000 |  | 342434 |
|  BA Credit Card Trust <br>0.440% due 09/15/26 |  | 27000 |  | 25461 |
|  Capital One Multi-Asset Execution Trust <br>1.040% due 11/15/26 |  | 350000 |  | 326971 |
|  Chase Issuance Trust <br>3.970% due 09/15/27 |  | 180000 |  | 176250 |
|  Citibank Credit Card Issuance Trust <br>6.150% due 06/15/39 |  | 250000 |  | 274830 |
|  CNH Equipment Trust <br>0.440% due 08/17/26 |  | 225000 |  | 212943 |
|  Discover Card Execution Note Trust <br>1.030% due 09/15/28 |  | 272000 |  | 238295 |
|  Ford Credit Auto Owner Trust <br>1.290% due 06/15/26 |  | 182000 |  | 173141 |
|  GM Financial Automobile Leasing Trust <br>3.420% due 06/20/25 |  | 400000 |  | 391447 |
|  John Deere Owner Trust <br>0.520% due 03/16/26 |  | 86000 |  | 81661 |
|  Nissan Auto Lease Trust <br>3.810% due 05/15/25 |  | 250000 |  | 246275 |
|  Santander Drive Auto Receivables Trust <br>4.140% due 02/16/27 |  | 300000 |  | 293921 |
|  Synchrony Card Funding LLC <br>3.370% due 04/15/28 |  | 180000 |  | 173788 |
|  Toyota Auto Receivables Owner Trust <br>1.230% due 06/15/26 |  | 250000 |  | 237180 |
|  World Omni Auto Receivables Trust <br>0.840% due 09/15/27 |  | 272000 |  | 247288 |
|  Total Asset-Backed Securities <br>(Cost $3,624,711) |  |  |  | 3441885 |
|  **U.S. GOVERNMENT AGENCY ISSUES - 1.1%** | **U.S. GOVERNMENT AGENCY ISSUES - 1.1%** | **U.S. GOVERNMENT AGENCY ISSUES - 1.1%** | **U.S. GOVERNMENT AGENCY ISSUES - 1.1%** | **U.S. GOVERNMENT AGENCY ISSUES - 1.1%** |
|  Fannie Mae<br>0.375% due 08/25/25 |  | 95000 |  | 85701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 11/07/25 |  | 1115000 |  | 1002945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 04/22/25 |  | 430000 |  | 395148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 10/08/27 |  | 300000 |  | 258489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 08/05/30 |  | 500000 |  | 397181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 09/06/24 |  | 960000 |  | 931494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/15/37 |  | 100000 |  | 111892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 11/15/30 |  | 500000 |  | 586701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 01/15/30 |  | 525000 |  | 623058 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Federal Farm Credit Banks Funding Corp.<br>0.250% due 02/26/24 | $| 530000 | $| 503844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/26/24 |  | 1000000 |  | 979369 |
|  Federal Home Loan Bank<br>0.375% due 09/04/25 |  | 475000 |  | 427662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 04/14/25 |  | 500000 |  | 459633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 12/21/26 |  | 300000 |  | 268652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/03/24 |  | 750000 |  | 749255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/15/36 |  | 100000 |  | 109936 |
|  Federal Home Loan Banks <br>2.125% due 02/28/24 |  | 415000 |  | 401258 |
|  Freddie Mac<br>0.375% due 07/21/25 |  | 680000 |  | 615519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 09/23/25 |  | 825000 |  | 742599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/12/25 |  | 250000 |  | 235618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 06/28/24 |  | 850000 |  | 826746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 07/15/32 |  | 225000 |  | 262618 |
|  Tennessee Valley Authority<br>3.500% due 12/15/42 |  | 100000 |  | 83089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/15/65 |  | 200000 |  | 173886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 09/15/39 |  | 25000 |  | 26040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 04/01/56 |  | 50000 |  | 53006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 11/01/25 |  | 150000 |  | 159267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 05/01/30 |  | 50000 |  | 57965 |
|  Total U.S. Government Agency Issues <br>(Cost $12,305,191) | Total U.S. Government Agency Issues <br>(Cost $12,305,191) | Total U.S. Government Agency Issues <br>(Cost $12,305,191) |  | 11528571 |
|  **U.S. TREASURY OBLIGATIONS - 40.6%** | **U.S. TREASURY OBLIGATIONS - 40.6%** | **U.S. TREASURY OBLIGATIONS - 40.6%** | **U.S. TREASURY OBLIGATIONS - 40.6%** | **U.S. TREASURY OBLIGATIONS - 40.6%** |
|  **U.S. Treasury Bonds - 7.7%** | **U.S. Treasury Bonds - 7.7%** | **U.S. Treasury Bonds - 7.7%** | **U.S. Treasury Bonds - 7.7%** | **U.S. Treasury Bonds - 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 05/15/40 |  | 1750000 |  | 1096211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 08/15/40 |  | 3700000 |  | 2299781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/15/50 |  | 3350000 |  | 1804093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/40 |  | 4500000 |  | 2927988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/15/50 |  | 3600000 |  | 2001727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/15/50 |  | 3100000 |  | 1845650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 08/15/41 |  | 1750000 |  | 1198442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/41 |  | 3100000 |  | 2192766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/51 |  | 3100000 |  | 1971346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 |  | 2900000 |  | 1837762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/15/41 |  | 4500000 |  | 3215303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/15/50 |  | 2250000 |  | 1487417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 08/15/51 |  | 4200000 |  | 2751492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 05/15/41 |  | 1200000 |  | 902766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/46 |  | 2150000 |  | 1523561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/49 |  | 1100000 |  | 773867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 02/15/52 |  | 2700000 |  | 1878609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/15/42 |  | 1250000 |  | 955005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 11/15/49 |  | 1950000 |  | 1410589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/51 |  | 3000000 |  | 2153379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/15/45 |  | 2800000 |  | 2110664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 02/15/46 |  | 2600000 |  | 1947766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/15/46 |  | 1000000 |  | 746953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 08/15/42 |  | 450000 |  | 362241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 11/15/42 |  | 1850000 |  | 1484625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 11/15/47 |  | 2500000 |  | 1952246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 08/15/45 |  | 1000000 |  | 806094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/49 |  | 1275000 |  | 1026624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/15/42 |  | 1075000 |  | 904869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/15/45 |  | 1500000 |  | 1237207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/15/45 |  | 1900000 |  | 1564754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/15/47 |  | 500000 |  | 409766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 05/15/47 |  | 1700000 |  | 1392273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/15/48 |  | 2000000 |  | 1640625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/48 |  | 1500000 |  | 1232578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/15/49 |  | 2000000 |  | 1648125 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-207** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 08/15/52 | $| 1500000 | $| 1236328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/15/41 |  | 975000 |  | 843185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 02/15/43 |  | 1000000 |  | 854062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/15/44 |  | 600000 |  | 507563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 05/15/48 |  | 2700000 |  | 2270531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 05/15/42 |  | 1000000 |  | 877187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 08/15/43 |  | 1525000 |  | 1403357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/15/44 |  | 500000 |  | 459082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/15/41 |  | 1300000 |  | 1233857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/15/43 |  | 1000000 |  | 938203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/52 |  | 2200000 |  | 2203781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/15/40 |  | 750000 |  | 766860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/15/40 |  | 1025000 |  | 1066941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/15/41 |  | 775000 |  | 803518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/36 |  | 1750000 |  | 1868467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/38 |  | 500000 |  | 531475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/39 |  | 700000 |  | 742834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/15/41 |  | 1350000 |  | 1468969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/15/31 |  | 1100000 |  | 1208088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 05/15/30 |  | 1050000 |  | 1197861 |
|  |  |  |  | 79177313 |
|  **U.S. Treasury Notes - 32.9%** | **U.S. Treasury Notes - 32.9%** | **U.S. Treasury Notes - 32.9%** | **U.S. Treasury Notes - 32.9%** | **U.S. Treasury Notes - 32.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 02/15/24 |  | 2300000 |  | 2185629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 03/15/24 |  | 3500000 |  | 3318574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 06/15/24 |  | 2500000 |  | 2346680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 05/31/25 |  | 2750000 |  | 2496914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 06/30/25 |  | 3500000 |  | 3171191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 07/31/25 |  | 5000000 |  | 4512695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 08/31/25 |  | 3500000 |  | 3147812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 09/30/25 |  | 4200000 |  | 3771797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 10/31/25 |  | 6000000 |  | 5366016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 04/15/24 |  | 4500000 |  | 4258828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 04/30/25 |  | 3000000 |  | 2738438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 11/30/25 |  | 2500000 |  | 2236523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 12/31/25 |  | 3500000 |  | 3128398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 01/31/26 |  | 4000000 |  | 3559531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 03/31/25 |  | 3000000 |  | 2755898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 02/28/26 |  | 3500000 |  | 3119238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 05/31/27 |  | 3500000 |  | 3001113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 06/30/27 |  | 1000000 |  | 855508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 08/31/27 |  | 2500000 |  | 2127930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 10/31/27 |  | 2000000 |  | 1691875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 10/15/24 |  | 2750000 |  | 2568564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 07/31/26 |  | 3250000 |  | 2872314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 12/31/27 |  | 5000000 |  | 4236328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 05/15/30 |  | 3350000 |  | 2651865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 08/15/30 |  | 3400000 |  | 2677102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 11/15/24 |  | 3500000 |  | 3267305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 03/31/26 |  | 2500000 |  | 2241016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 04/30/26 |  | 2500000 |  | 2235449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 05/31/26 |  | 3000000 |  | 2676094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 08/31/26 |  | 3000000 |  | 2656875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 01/31/28 |  | 2500000 |  | 2126367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 01/31/24 |  | 1000000 |  | 959961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 06/30/26 |  | 4500000 |  | 4024863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 09/30/26 |  | 2950000 |  | 2620084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 11/15/30 |  | 4250000 |  | 3398008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 12/15/24 |  | 2000000 |  | 1872188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 07/31/28 |  | 2000000 |  | 1700313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 01/15/25 |  | 3000000 |  | 2807930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 02/28/25 |  | 3500000 |  | 3267715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 10/31/26 |  | 5000000 |  | 4472656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 02/28/27 |  | 750000 |  | 666943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 02/29/28 |  | 2750000 |  | 2381650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 08/31/28 |  | 2750000 |  | 2348350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 02/15/31 |  | 3500000 |  | 2853457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 08/31/24 |  | 4000000 |  | 3787344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 11/30/26 |  | 5000000 |  | 4487305 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 12/31/26 | $3500000 | $3134824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 03/31/28 | 1000000 | 869375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 04/30/28 | 2500000 | 2169531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 05/31/28 | 3000000 | 2598047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 06/30/28 | 1500000 | 1297324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 09/30/28 | 3000000 | 2576836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 08/15/31 | 5500000 | 4461445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 01/31/25 | 4000000 | 3760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 08/31/26 | 3500000 | 3173516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 12/31/28 | 2400000 | 2070281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/31 | 2500000 | 2035498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/29/24 | 1500000 | 1446533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 09/30/24 | 3000000 | 2849180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/31/24 | 2000000 | 1895273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/15/25 | 2000000 | 1882813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 08/15/26 | 3200000 | 2917500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 01/31/27 | 3500000 | 3160527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 11/30/28 | 2500000 | 2171289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/15/30 | 3250000 | 2770371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 02/15/26 | 1900000 | 1757797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 05/15/26 | 1300000 | 1196762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 10/31/26 | 5500000 | 5021543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 08/15/29 | 2000000 | 1736016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 05/15/31 | 6000000 | 5047734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 12/31/24 | 1600000 | 1519000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 03/15/25 | 1500000 | 1417617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 12/31/26 | 2500000 | 2289355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 01/31/29 | 1500000 | 1317715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 08/31/24 | 3000000 | 2870156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 07/31/26 | 1000000 | 925000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/27 | 3000000 | 2748047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/28/29 | 3000000 | 2657227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 02/15/32 | 3500000 | 2970215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 05/31/24 | 3500000 | 3372715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 02/15/25 | 2000000 | 1903438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 11/15/26 | 1000000 | 924805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 05/15/25 | 3500000 | 3327051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 01/31/24 | 2000000 | 1948047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 03/31/24 | 2000000 | 1940781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 04/30/24 | 3250000 | 3147676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 10/31/24 | 800000 | 768500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/24 | 2000000 | 1921328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 12/31/24 | 2500000 | 2396484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/25 | 2200000 | 2082781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 08/15/27 | 4200000 | 3886148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/27 | 2300000 | 2119953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 02/29/24 | 3000000 | 2922539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 08/15/24 | 9550000 | 9217242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 04/30/26 | 1000000 | 944844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/27 | 2750000 | 2564482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 03/31/29 | 2675000 | 2432735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 05/15/29 | 1000000 | 909297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 04/30/24 | 2000000 | 1943438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/31/24 | 1500000 | 1455527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 01/31/25 | 4000000 | 3849062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 03/31/27 | 2500000 | 2346484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 04/15/25 | 2000000 | 1925313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 05/31/27 | 2500000 | 2356934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 02/15/29 | 2750000 | 2542246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 07/31/29 | 2000000 | 1842070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/30/27 | 2000000 | 1895703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 07/31/27 | 1500000 | 1419375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 02/15/28 | 3500000 | 3291504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 05/31/29 | 2000000 | 1858398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 08/15/32 | 3000000 | 2732344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/31/25 | 1200000 | 1160391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 06/15/25 | 1000000 | 966641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/28 | 2500000 | 2359473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 08/15/28 | 1750000 | 1648350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 04/30/29 | 2000000 | 1873398 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-208** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 05/15/32 | $| 3500000 | $| 3226562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 06/30/24 |  | 2000000 |  | 1952344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 07/31/24 |  | 3500000 |  | 3414414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 08/31/27 |  | 2500000 |  | 2404785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/15/28 |  | 3000000 |  | 2861777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 08/31/24 |  | 2000000 |  | 1958516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 06/30/27 |  | 1000000 |  | 967266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 06/30/29 |  | 1750000 |  | 1675078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/31/29 |  | 2000000 |  | 1990469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/27 |  | 2500000 |  | 2486719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/27 |  | 1500000 |  | 1491563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/30/29 |  | 1500000 |  | 1489570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/31/29 |  | 1500000 |  | 1500820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 09/30/27 |  | 1000000 |  | 1003828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/32 |  | 2800000 |  | 2857969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/31/24 |  | 1000000 |  | 997227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/30/24 |  | 3500000 |  | 3500410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/25 |  | 3500000 |  | 3521602 |
|  |  |  |  | 337861397 |
|  Total U.S. Treasury Obligations <br>(Cost $473,295,710) | Total U.S. Treasury Obligations <br>(Cost $473,295,710) | Total U.S. Treasury Obligations <br>(Cost $473,295,710) |  | 417038710 |
|  **FOREIGN GOVERNMENT BONDS & NOTES - 1.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 1.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 1.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 1.7%** | **FOREIGN GOVERNMENT BONDS & NOTES - 1.7%** |
|  Canada Government (Canada)<br>0.750% due 05/19/26 |  | 300000 |  | 267170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 01/22/25 |  | 150000 |  | 141930 |
|  Chile Government (Chile)<br>2.550% due 07/27/33 |  | 250000 |  | 196404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 01/22/61 |  | 400000 |  | 250537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 01/21/26 |  | 75000 |  | 71227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 01/31/34 |  | 200000 |  | 170885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860% due 06/21/47 |  | 300000 |  | 235190 |
|  Export Development Canada (Canada)<br>3.000% due 05/25/27 |  | 200000 |  | 190327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 08/26/25 |  | 90000 |  | 87680 |
|  Export-Import Bank of Korea (South Korea)<br>0.625% due 02/09/26 |  | 200000 |  | 176501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 01/18/27 |  | 400000 |  | 353452 |
|  Hungary Government (Hungary) <br>5.375% due 03/25/24 |  | 200000 |  | 200140 |
|  Indonesia Government (Indonesia)<br>2.850% due 02/14/30 |  | 200000 |  | 178124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 09/23/61 |  | 200000 |  | 138621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 03/31/32 |  | 200000 |  | 180974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 10/15/50 |  | 300000 |  | 249030 |
|  Israel Government AID <br>5.500% due 04/26/24 |  | 25000 |  | 25166 |
|  Israel Government International (Israel) <br>2.750% due 07/03/30 |  | 200000 |  | 182155 |
|  Japan Bank for International Cooperation (Japan)<br>0.625% due 07/15/25 |  | 235000 |  | 212264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 01/21/31 |  | 500000 |  | 390458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 07/21/26 |  | 200000 |  | 181535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 04/15/31 |  | 200000 |  | 163575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 05/23/24 |  | 200000 |  | 193551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 07/20/28 |  | 200000 |  | 186740 |
|  Japan International Cooperation Agency (Japan) <br>3.375% due 06/12/28 |  | 200000 |  | 188624 |
|  Korea Development Bank (South Korea)<br>2.000% due 09/12/26 |  | 200000 |  | 181237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/08/25 |  | 200000 |  | 194228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 09/08/32 |  | 200000 |  | 189672 |
|  Korea International (South Korea)<br>1.750% due 10/15/31 |  | 200000 |  | 163442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 01/19/27 |  | 200000 |  | 186356 |
|  Mexico Government (Mexico)<br>2.659% due 05/24/31 |  | 200000 |  | 161806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 02/12/34 |  | 200000 |  | 160554 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 04/27/25 | $350000 | $345543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 03/28/27 | 200000 | 195124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280% due 08/14/41 | 200000 | 154704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/31/50 | 200000 | 152585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 01/23/46 | 250000 | 196031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 02/10/48 | 200000 | 155094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/27/32 | 350000 | 328725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/08/44 | 264000 | 214070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 09/27/34 | 225000 | 235714 |
|  Panama Government (Panama)<br>3.870% due 07/23/60 | 200000 | 129677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/15/47 | 350000 | 270296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 02/14/35 | 265000 | 269614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 01/26/36 | 100000 | 104585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 09/30/27 | 100000 | 115367 |
|  Peruvian Government (Peru)<br>2.780% due 12/01/60 | 200000 | 117323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783% due 01/23/31 | 300000 | 248919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 03/11/41 | 250000 | 182697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/25/27 | 150000 | 143891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 11/21/33 | 200000 | 244050 |
|  Philippine Government (Philippines)<br>1.648% due 06/10/31 | 200000 | 160334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 12/10/45 | 200000 | 135308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 05/05/45 | 200000 | 144927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 02/01/28 | 200000 | 186846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.609% due 04/13/33 | 200000 | 212079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/23/34 | 250000 | 277630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 01/14/31 | 200000 | 238032 |
|  Province of Alberta Canada (Canada)<br>1.300% due 07/22/30 | 250000 | 200332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/13/24 | 350000 | 333137 |
|  Province of British Columbia Canada (Canada) <br>1.300% due 01/29/31 | 500000 | 397948 |
|  Province of Manitoba Canada (Canada) <br>1.500% due 10/25/28 | 155000 | 131842 |
|  Province of New Brunswick Canada (Canada) <br>3.625% due 02/24/28 | 50000 | 48253 |
|  Province of Ontario Canada (Canada)<br>0.625% due 01/21/26 | 300000 | 266860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050% due 04/14/26 | 200000 | 178993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050% due 05/21/27 | 200000 | 173762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/02/29 | 100000 | 86365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 01/21/32 | 150000 | 125001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 06/15/26 | 250000 | 232254 |
|  Province of Quebec Canada (Canada)<br>0.600% due 07/23/25 | 100000 | 90635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% due 05/28/30 | 50000 | 40608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 02/11/25 | 350000 | 329357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 04/21/31 | 200000 | 166365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 04/09/24 | 65000 | 63073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 04/12/27 | 350000 | 328746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 09/15/29 | 75000 | 88328 |
|  Republic of Italy Government International Bond (Italy)<br>0.875% due 05/06/24 | 200000 | 187151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 10/17/29 | 200000 | 166771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 05/06/51 | 200000 | 135555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/17/49 | 200000 | 143293 |
|  Republic of Poland Government (Poland)<br>4.000% due 01/22/24 | 150000 | 148271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/16/32 | 65000 | 69437 |
|  State of Israel (Israel) <br>3.375% due 01/15/50 | 500000 | 386285 |
|  Svensk Exportkredit AB (Sweden)<br>0.375% due 07/30/24 | 250000 | 233415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 10/07/24 | 560000 | 521524 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-209** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Uruguay Government International Bond (Uruguay)<br>4.125% due 11/20/45 | $| 143467 | $| 133189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/27/27 |  | 200000 |  | 201892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 06/18/50 |  | 200000 |  | 196827 |
|  Total Foreign Government Bonds & Notes <br>(Cost $19,574,081) | Total Foreign Government Bonds & Notes <br>(Cost $19,574,081) | Total Foreign Government Bonds & Notes <br>(Cost $19,574,081) |  | 17014189 |
|  **MUNICIPAL BONDS - 0.6%** | **MUNICIPAL BONDS - 0.6%** | **MUNICIPAL BONDS - 0.6%** | **MUNICIPAL BONDS - 0.6%** | **MUNICIPAL BONDS - 0.6%** |
|  American Municipal Power, Inc.<br>6.449% due 02/15/44 |  | 25000 |  | 26958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084% due 02/15/50 |  | 300000 |  | 386852 |
|  Bay Area Toll Authority CA<br>6.263% due 04/01/49 |  | 25000 |  | 28416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043% due 04/01/50 |  | 50000 |  | 61622 |
|  California State University <br>2.975% due 11/01/51 |  | 50000 |  | 34711 |
|  Central Puget Sound Regional Transit Authority <br>5.491% due 11/01/39 |  | 25000 |  | 26128 |
|  Chicago O'Hare International Airport <br>4.472% due 01/01/49 |  | 50000 |  | 44170 |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue IL <br>6.899% due 12/01/40 |  | 95000 |  | 105463 |
|  City of Atlanta GA Water & Wastewater Revenue <br>2.257% due 11/01/35 |  | 100000 |  | 75838 |
|  City of Chicago IL Class B <br>7.750% due 01/01/42 |  | 42000 |  | 44177 |
|  City of Houston TX <br>3.961% due 03/01/47 |  | 50000 |  | 43221 |
|  City of New York NY <br>5.517% due 10/01/37 |  | 40000 |  | 41236 |
|  City of San Antonio TX Electric & Gas Systems Revenue <br>2.905% due 02/01/48 |  | 60000 |  | 42350 |
|  Commonwealth of Massachusetts<br>4.910% due 05/01/29 |  | 100000 |  | 99902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456% due 12/01/39 |  | 25000 |  | 26294 |
|  County of Clark Department of Aviation NV <br>6.820% due 07/01/45 |  | 125000 |  | 147376 |
|  Dallas Area Rapid Transit <br>2.613% due 12/01/48 |  | 200000 |  | 132064 |
|  Dallas Fort Worth International Airport <br>4.507% due 11/01/51 |  | 100000 |  | 90147 |
|  Dallas Independent School District TX<br>Class C<br>6.450% due 02/15/35 |  | 50000 |  | 50105 |
|  Golden State Tobacco Securitization Corp. <br>4.214% due 06/01/50 |  | 150000 |  | 117448 |
|  Grand Parkway Transportation Corp. <br>3.236% due 10/01/52 |  | 250000 |  | 177841 |
|  JobsOhio Beverage System <br>2.833% due 01/01/38 |  | 10000 |  | 7830 |
|  Los Angeles Unified School District CA <br>6.758% due 07/01/34 |  | 100000 |  | 112031 |
|  Massachusetts School Building Authority<br>2.950% due 05/15/43 |  | 50000 |  | 36617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.395% due 10/15/40 |  | 20000 |  | 16176 |
|  Metropolitan Transportation Authority NY<br>5.871% due 11/15/39 |  | 25000 |  | 24131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.668% due 11/15/39 |  | 55000 |  | 56964 |
|  Municipal Electric Authority of Georgia<br>6.637% due 04/01/57 |  | 25000 |  | 26807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655% due 04/01/57 |  | 96000 |  | 103888 |
|  New Jersey Economic Development Authority <br>7.425% due 02/15/29 |  | 125000 |  | 134713 |
|  New Jersey Turnpike Authority Class A <br>7.102% due 01/01/41 |  | 100000 |  | 120823 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
|  New York City Municipal Water Finance Authority<br>5.952% due 06/15/42 | $50000 | $55281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.011% due 06/15/42 | 10000 | 11122 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue NY <br>5.572% due 11/01/38 | 30000 | 30828 |
|  New York State Dormitory Authority <br>3.142% due 07/01/43 | 100000 | 76081 |
|  New York State Urban Development Corp.<br>3.900% due 03/15/33 | 50000 | 45867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% due 03/15/39 | 25000 | 25700 |
|  Pennsylvania Turnpike Commission <br>5.511% due 12/01/45 | 75000 | 75515 |
|  Permanent University Fund - University of Texas System <br>3.376% due 07/01/47 | 185000 | 145979 |
|  Port Authority of New York & New Jersey<br>3.175% due 07/15/60 | 250000 | 162080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031% due 09/01/48 | 50000 | 41313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.229% due 10/15/57 | 30000 | 25201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% due 10/01/62 | 100000 | 87060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.647% due 11/01/40 | 150000 | 156963 |
|  Rutgers The State University of New Jersey<br>3.915% due 05/01/19 | 15000 | 9939 |
|  Sales Tax Securitization Corp. <br>4.787% due 01/01/48 | 50000 | 45052 |
|  San Diego County Regional Transportation Commission CA <br>5.911% due 04/01/48 | 50000 | 54909 |
|  State Board of Administration Finance Corp. <br>2.154% due 07/01/30 | 100000 | 81991 |
|  State of California 1.700% due 02/01/28 | 200000 | 172327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/28 | 100000 | 93941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 10/01/39 | 100000 | 121713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 04/01/34 | 50000 | 60499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600% due 11/01/40 | 270000 | 346654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 03/01/40 | 40000 | 50615 |
|  State of Connecticut <br>5.090% due 10/01/30 | 50000 | 50201 |
|  State of Illinois <br>6.725% due 04/01/35 | 400000 | 407883 |
|  State of Texas <br>5.517% due 04/01/39 | 100000 | 105836 |
|  State of Utah <br>4.554% due 07/01/24 | 5000 | 4981 |
|  State of Wisconsin <br>3.154% due 05/01/27 | 250000 | 233771 |
|  Texas Transportation Commission <br>2.562% due 04/01/42 | 350000 | 259092 |
|  Texas Transportation Commission State Highway Fund <br>5.178% due 04/01/30 | 25000 | 25500 |
|  University of California<br>3.063% due 07/01/25 | 50000 | 48106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.132% due 05/15/32 | 100000 | 93298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767% due 05/15/15 | 75000 | 61396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858% due 05/15/12 | 100000 | 84590 |
|  University of Michigan<br>3.599% due 04/01/47 | 80000 | 67927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454% due 04/01/22 | 100000 | 81369 |
|  Total Municipal Bonds <br>(Cost $6,679,987) |  | 5942879 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-210** 

------

**PACIFIC SELECT FUND** 

**PD AGGREGATE BOND INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **value** |
|  **SHORT-TERM INVESTMENT - 2.3%** | **SHORT-TERM INVESTMENT - 2.3%** |  |
|  **Money Market Fund - 2.3%** | **Money Market Fund - 2.3%** |  |
|  BlackRock Liquidity Funds T-Fund Institutional Shares 4.030% | 23344007 | $23344007 |
|  Total Short-Term Investment <br>(Cost $23,344,007) |  | 23344007 |
|  **TOTAL INVESTMENTS - 101.7% <br>(Cost $1,189,390,125)** |  | 1043477411 |
|  **OTHER ASSETS & LIABILITIES, NET - (1.7%)** |  | (17001181) |
|  **NET ASSETS - 100.0%** |  | $1026476230 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 40.6% |
|  Mortgage-Backed Securities | 29.4% |
|  Corporate Bonds & Notes | 25.7% |
|  Others (each less than 3.0%) | 6.0% |
|  | 101.7% |
|  Other Assets & Liabilities, Net | (1.7%) |
|  | 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Corporate Bonds & Notes | $263360826 | $— | $263360826 | $— |
|  | Mortgage-Backed Securities | 301806344 |  | 301806344 |  |
|  | Asset-Backed Securities | 3441885 |  | 3441885 |  |
|  | U.S. Government Agency Issues | 11528571 |  | 11528571 |  |
|  | U.S. Treasury Obligations | 417038710 |  | 417038710 |  |
|  | Foreign Government Bonds & Notes | 17014189 |  | 17014189 |  |
|  | Municipal Bonds | 5942879 |  | 5942879 |  |
|  | Short-Term Investment | 23344007 | 23344007 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1043477411 | $23344007 | $1020133404 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-211** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** | **COMMON STOCKS - 0.0%** |
|  **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
|  Patterson-UTI Energy, Inc. | 306 | $5153 |
|  **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
|  Stearns Holdings LLC Class B \* ± W | 3570 |  |
|  Total Common Stocks <br>(Cost $44,991) |  | 5153 |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS & NOTES - 98.3%** | **CORPORATE BONDS & NOTES - 98.3%** |  |
|  **Basic Materials - 4.8%** | **Basic Materials - 4.8%** |  |
|  Alcoa Nederland Holding BV <br>5.500% due 12/15/27 ~ | $215000 | 207557 |
|  Arconic Corp.<br>6.000% due 05/15/25 ~ | 590000 | 581502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 02/15/28 ~ | 246000 | 231236 |
|  Ashland LLC<br>3.375% due 09/01/31 ~ | 200000 | 160114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 05/15/43 | 128000 | 126396 |
|  ASP Unifrax Holdings, Inc.<br>5.250% due 09/30/28 ~ | 383000 | 308695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 09/30/29 ~ | 200000 | 127200 |
|  ATI, Inc.<br>4.875% due 10/01/29 | 200000 | 177001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 10/01/31 | 50000 | 44272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 12/01/27 | 200000 | 191567 |
|  Avient Corp.<br>5.750% due 05/15/25 ~ | 90000 | 87905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 08/01/30 ~ | 175000 | 171304 |
|  Axalta Coating Systems LLC <br>3.375% due 02/15/29 ~ | 250000 | 206598 |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada) <br>8.750% due 07/15/26 ~ | 350000 | 332409 |
|  Big River Steel LLC/BRS Finance Corp. <br>6.625% due 01/31/29 ~ | 104000 | 99268 |
|  Carpenter Technology Corp. <br>6.375% due 07/15/28 | 125000 | 119099 |
|  Century Aluminum Co. <br>7.500% due 04/01/28 ~ | 150000 | 129990 |
|  Cerdia Finanz GmbH (Germany) <br>10.500% due 02/15/27 ~ | 355000 | 297859 |
|  Chemours Co.<br>4.625% due 11/15/29 ~ | 100000 | 81880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 05/15/27 | 494000 | 456957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/15/28 ~ | 170000 | 152932 |
|  Clearwater Paper Corp.<br>4.750% due 08/15/28 ~ | 250000 | 220784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/25 ~ | 50000 | 48839 |
|  Cleveland-Cliffs, Inc.<br>4.625% due 03/01/29 ~ | 120000 | 106673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/01/27 | 300000 | 287113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/01/40 | 100000 | 87201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 03/15/26 ~ | 137000 | 137578 |
|  Coeur Mining, Inc. <br>5.125% due 02/15/29 ~ | 300000 | 234518 |
|  Commercial Metals Co.<br>3.875% due 02/15/31 | 200000 | 168445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 01/15/30 | 95000 | 84501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/15/32 | 90000 | 78423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/15/23 | 100000 | 99908 |
|  Compass Minerals International, Inc.<br>4.875% due 07/15/24 ~ | 50000 | 48378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 12/01/27 ~ | 135000 | 129809 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Consolidated Energy Finance SA (Switzerland) <br>5.625% due 10/15/28 ~ | $200000 | $170195 |
|  Constellium SE <br>5.625% due 06/15/28 ~ | 250000 | 231455 |
|  Cornerstone Chemical Co. <br>6.750% due 08/15/24 ~ | 150000 | 120237 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125% due 06/15/28 ~ | 150000 | 134761 |
|  Diamond BC BV <br>4.625% due 10/01/29 ~ | 85000 | 68323 |
|  Domtar Corp. <br>6.750% due 10/01/28 ~ | 343000 | 300835 |
|  Element Solutions, Inc. <br>3.875% due 09/01/28 ~ | 210000 | 178836 |
|  FMG Resources August 2006 Pty. Ltd. (Australia)<br>4.375% due 04/01/31 ~ | 474000 | 395130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/15/27 ~ | 136000 | 125694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/15/24 ~ | 90000 | 88609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/15/30 ~ | 275000 | 256567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/15/32 ~ | 185000 | 172798 |
|  Glatfelter Corp. <br>4.750% due 11/15/29 ~ | 75000 | 45195 |
|  GPD Cos., Inc. <br>10.125% due 04/01/26 ~ | 225000 | 192168 |
|  HB Fuller Co. <br>4.250% due 10/15/28 | 225000 | 199893 |
|  Hecla Mining Co. <br>7.250% due 02/15/28 | 100000 | 98618 |
|  Herens Holdco SARL (Luxembourg) <br>4.750% due 05/15/28 ~ | 200000 | 149741 |
|  Hudbay Minerals, Inc. (Canada) <br>6.125% due 04/01/29 ~ | 350000 | 317515 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. <br>9.000% due 07/01/28 ~ | 200000 | 167770 |
|  INEOS Quattro Finance 2 PLC (United Kingdom) <br>3.375% due 01/15/26 ~ | 250000 | 229999 |
|  Ingevity Corp. <br>3.875% due 11/01/28 ~ | 115000 | 99089 |
|  Innophos Holdings, Inc. <br>9.375% due 02/15/28 ~ | 125000 | 122869 |
|  Kaiser Aluminum Corp.<br>4.500% due 06/01/31 ~ | 131000 | 105462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 03/01/28 ~ | 114000 | 99656 |
|  Mativ Holdings, Inc. <br>6.875% due 10/01/26 ~ | 75000 | 66365 |
|  Mercer International, Inc. (Germany)<br>5.125% due 02/01/29 | 294000 | 246219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 01/15/26 | 150000 | 142336 |
|  Methanex Corp. (Canada)<br>5.125% due 10/15/27 | 125000 | 116153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/15/29 | 150000 | 133354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 12/01/44 | 50000 | 38125 |
|  Mineral Resources Ltd. (Australia)<br>8.000% due 11/01/27 ~ | 425000 | 435162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 05/01/27 ~ | 213000 | 214843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 05/01/30 ~ | 205000 | 208074 |
|  Minerals Technologies, Inc. <br>5.000% due 07/01/28 ~ | 200000 | 178474 |
|  New Gold, Inc. (Canada) <br>7.500% due 07/15/27 ~ | 165000 | 145057 |
|  Novelis Corp.<br>3.250% due 11/15/26 ~ | 375000 | 336658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 08/15/31 ~ | 104000 | 85045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/30/30 ~ | 510000 | 453298 |
|  OCI NV (Netherlands) <br>4.625% due 10/15/25 ~ | 160000 | 151786 |
|  Olin Corp.<br>5.000% due 02/01/30 | 50000 | 45714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 09/15/27 | 410000 | 388155 |
|  Olympus Water US Holding Corp.<br>4.250% due 10/01/28 ~ | 200000 | 162631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/01/29 ~ | 150000 | 114076 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-212** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Perenti Finance Pty Ltd. (Australia) <br>6.500% due 10/07/25 ~ | $| 200000 | $| 187750 |
|  Rain CII Carbon LLC/CII Carbon Corp. <br>7.250% due 04/01/25 ~ |  | 316000 |  | 291693 |
|  Rayonier AM Products, Inc.<br>5.500% due 06/01/24 ~ |  | 81000 |  | 80798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 01/15/26 ~ |  | 149000 |  | 143863 |
|  Resolute Forest Products, Inc. <br>4.875% due 03/01/26 ~ |  | 125000 |  | 123489 |
|  SCIH Salt Holdings, Inc.<br>4.875% due 05/01/28 ~ |  | 221000 |  | 190048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 05/01/29 ~ |  | 105000 |  | 84712 |
|  SCIL IV LLC/SCIL USA Holdings LLC <br>5.375% due 11/01/26 ~ |  | 200000 |  | 169750 |
|  SK Invictus Intermediate II SARL (Luxembourg) <br>5.000% due 10/30/29 ~ |  | 165000 |  | 135515 |
|  SPCM SA (France) <br>3.375% due 03/15/30 ~ |  | 200000 |  | 161260 |
|  Sylvamo Corp. <br>7.000% due 09/01/29 ~ |  | 150000 |  | 142993 |
|  TMS International Corp. <br>6.250% due 04/15/29 ~ |  | 50000 |  | 35885 |
|  Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. <br>5.375% due 09/01/25 ~ |  | 175000 |  | 144214 |
|  Tronox, Inc. <br>4.625% due 03/15/29 ~ |  | 350000 |  | 291594 |
|  US Steel Corp. <br>6.875% due 03/01/29 |  | 76000 |  | 73872 |
|  Valvoline, Inc.<br>3.625% due 06/15/31 ~ |  | 195000 |  | 160257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 02/15/30 ~ |  | 176000 |  | 171037 |
|  Venator Finance SARL/Venator Materials LLC <br>9.500% due 07/01/25 ~ |  | 250000 |  | 181250 |
|  Vibrantz Technologies, Inc. <br>9.000% due 02/15/30 ~ |  | 219000 |  | 165555 |
|  WR Grace Holdings LLC<br>4.875% due 06/15/27 ~ |  | 250000 |  | 221845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 10/01/24 ~ |  | 97000 |  | 95680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/15/29 ~ |  | 390000 |  | 315810 |
|  |  |  |  | 17325721 |
|  **Communications - 16.9%** | **Communications - 16.9%** | **Communications - 16.9%** | **Communications - 16.9%** | **Communications - 16.9%** |
|  Acuris Finance Us, Inc./Acuris Finance SARL <br>5.000% due 05/01/28 ~ |  | 200000 |  | 160587 |
|  Advantage Sales & Marketing, Inc. <br>6.500% due 11/15/28 ~ |  | 233000 |  | 178007 |
|  Altice Financing SA (Luxembourg)<br>5.000% due 01/15/28 ~ |  | 200000 |  | 161430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 08/15/29 ~ |  | 600000 |  | 473063 |
|  Altice France Holding SA (Luxembourg)<br>6.000% due 02/15/28 ~ |  | 200000 |  | 118488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 05/15/27 ~ |  | 405000 |  | 309683 |
|  Altice France SA (France)<br>5.125% due 01/15/29 ~ |  | 350000 |  | 263741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/15/29 ~ |  | 500000 |  | 375764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 01/15/28 ~ |  | 300000 |  | 235581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 10/15/29 ~ |  | 640000 |  | 489162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 02/01/27 ~ |  | 800000 |  | 730352 |
|  AMC Networks, Inc.<br>4.250% due 02/15/29 |  | 248000 |  | 154893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 08/01/25 |  | 250000 |  | 190438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 04/01/24 |  | 160000 |  | 149880 |
|  ANGI Group LLC <br>3.875% due 08/15/28 ~ |  | 83000 |  | 61728 |
|  Arches Buyer, Inc.<br>4.250% due 06/01/28 ~ |  | 365000 |  | 285956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 12/01/28 ~ |  | 150000 |  | 120577 |
|  Audacy Capital Corp. <br>6.500% due 05/01/27 ~ |  | 150000 |  | 28459 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Avaya, Inc. <br>6.125% due 09/15/28 ~ | $203000 | $62245 |
|  Block Communications, Inc. <br>4.875% due 03/01/28 ~ | 250000 | 218520 |
|  British Telecommunications PLC (United Kingdom) <br>4.250% due 11/23/81 ~ | 250000 | 210622 |
|  Cable One, Inc. <br>4.000% due 11/15/30 ~ | 410000 | 322236 |
|  Cablevision Lightpath LLC <br>3.875% due 09/15/27 ~ | 200000 | 165793 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. 4.250% due 02/01/31 ~ | 1345000 | 1081918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 01/15/34 ~ | 750000 | 555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 08/15/30 ~ | 500000 | 414205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 05/01/32 | 879000 | 701376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/01/33 ~ | 220000 | 169234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/30 ~ | 1239000 | 1071363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/01/32 ~ | 190000 | 154422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/01/28 ~ | 766000 | 697209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 05/01/27 ~ | 500000 | 467135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 06/01/29 ~ | 289000 | 261986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 05/01/26 ~ | 225000 | 218189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 09/01/29 ~ | 320000 | 301333 |
|  Cengage Learning, Inc. <br>9.500% due 06/15/24 ~ | 261000 | 249316 |
|  Ciena Corp. <br>4.000% due 01/31/30 ~ | 180000 | 158649 |
|  Clear Channel International BV (United Kingdom) <br>6.625% due 08/01/25 ~ | 200000 | 191157 |
|  Clear Channel Outdoor Holdings, Inc.<br>5.125% due 08/15/27 ~ | 365000 | 317057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/29 ~ | 575000 | 423283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 04/15/28 ~ | 200000 | 146261 |
|  CMG Media Corp. <br>8.875% due 12/15/27 ~ | 466000 | 351494 |
|  Cogent Communications Group, Inc.<br>3.500% due 05/01/26 ~ | 250000 | 227422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 06/15/27 ~ | 180000 | 176612 |
|  CommScope Technologies LLC<br>5.000% due 03/15/27 ~ | 150000 | 102117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/15/25 ~ | 313000 | 285475 |
|  CommScope, Inc.<br>4.750% due 09/01/29 ~ | 395000 | 319190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 03/01/26 ~ | 230000 | 212739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 07/01/28 ~ | 319000 | 228562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 03/01/27 ~ | 290000 | 225208 |
|  Connect Finco SARL/Connect US Finco<br>LLC (United Kingdom) <br>6.750% due 10/01/26 ~ | 627000 | 582370 |
|  Consolidated Communications, Inc. <br>6.500% due 10/01/28 ~ | 102000 | 79515 |
|  CSC Holdings LLC<br>3.375% due 02/15/31 ~ | 200000 | 130754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 12/01/30 ~ | 200000 | 141607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/31 ~ | 1040000 | 723517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/30 ~ | 475000 | 263549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/15/31 ~ | 300000 | 168000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/01/24 | 204000 | 190230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/28 ~ | 350000 | 282740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/27 ~ | 200000 | 168205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/30 ~ | 554000 | 313672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/01/29 ~ | 300000 | 245885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 04/01/28 ~ | 200000 | 136440 |
|  Cumulus Media New Holdings, Inc. <br>6.750% due 07/01/26 ~ | 50000 | 42079 |
|  Diamond Sports Group LLC/Diamond Sports Finance Co.<br>5.375% due 08/15/26 ~ | 1147000 | 136206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 08/15/27 ~ | 520000 | 5850 |
|  Directv Financing LLC/Directv Financing Co.-Obligor, Inc. <br>5.875% due 08/15/27 ~ | 1290000 | 1156562 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-213** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  DISH DBS Corp.<br>5.125% due 06/01/29 | $366000 | $236797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/01/26 ~ | 1325000 | 1118578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 12/01/28 ~ | 455000 | 364000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/24 | 365000 | 339922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 07/01/28 | 330000 | 234011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 07/01/26 | 618000 | 499622 |
|  DISH Network Corp. <br>11.750% due 11/15/27 ~ | 565000 | 582600 |
|  DKT Finance ApS (Denmark) <br>9.375% due 06/17/23 ~ | 250000 | 247813 |
|  Embarq Corp. <br>7.995% due 06/01/36 | 600000 | 280323 |
|  Endurance International Group Holdings, Inc. <br>6.000% due 02/15/29 ~ | 115000 | 79201 |
|  Frontier Communications Holdings LLC<br>5.000% due 05/01/28 ~ | 475000 | 415155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/15/27 ~ | 360000 | 335077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 01/15/30 ~ | 600000 | 472124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 05/01/29 ~ | 200000 | 165726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 05/15/30 ~ | 270000 | 275048 |
|  Gannett Holdings LLC <br>6.000% due 11/01/26 ~ | 90000 | 73465 |
|  GCI LLC <br>4.750% due 10/15/28 ~ | 80000 | 67337 |
|  Gen Digital, Inc.<br>5.000% due 04/15/25 ~ | 200000 | 194994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 09/30/27 ~ | 150000 | 147195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 09/30/30 ~ | 74000 | 72805 |
|  Getty Images, Inc. <br>9.750% due 03/01/27 ~ | 100000 | 98864 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.500% due 03/01/29 ~ | 280000 | 234778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/01/27 ~ | 197000 | 186791 |
|  GoTo Group, Inc. <br>5.500% due 09/01/27 ~ | 313000 | 168833 |
|  Gray Escrow II, Inc. <br>5.375% due 11/15/31 ~ | 350000 | 252852 |
|  Gray Television, Inc.<br>4.750% due 10/15/30 ~ | 230000 | 166750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 07/15/26 ~ | 75000 | 66938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 05/15/27 ~ | 340000 | 302054 |
|  GrubHub Holdings, Inc. <br>5.500% due 07/01/27 ~ | 450000 | 326578 |
|  Hughes Satellite Systems Corp.<br>5.250% due 08/01/26 | 275000 | 264253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 08/01/26 | 165000 | 154191 |
|  iHeartCommunications, Inc.<br>4.750% due 01/15/28 ~ | 82000 | 66905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 08/15/27 ~ | 191000 | 162095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 05/01/26 | 200000 | 184316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 05/01/27 | 700000 | 596741 |
|  Iliad Holding SASU (France)<br>6.500% due 10/15/26 ~ | 500000 | 464592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 10/15/28 ~ | 200000 | 181024 |
|  Intelsat Jackson Holdings SA (Luxembourg) <br>6.500% due 03/15/30 ~ | 865000 | 775464 |
|  Koninklijke KPN NV (Netherlands) <br>7.000% due 03/28/73 ~ | 200000 | 198681 |
|  Lamar Media Corp.<br>3.625% due 01/15/31 | 120000 | 99363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/15/28 | 75000 | 67251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/15/30 | 42000 | 36783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/15/29 | 200000 | 184379 |
|  LCPR Senior Secured Financing DAC<br>5.125% due 07/15/29 ~ | 200000 | 165976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 10/15/27 ~ | 315000 | 295256 |
|  Level 3 Financing, Inc.<br>3.400% due 03/01/27 ~ | 240000 | 203217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 01/15/29 ~ | 250000 | 183475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 07/15/29 ~ | 450000 | 324315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/15/29 ~ | 200000 | 158187 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/01/28 ~ | $175000 | $138247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 09/15/27 ~ | 400000 | 333700 |
|  Liberty Interactive LLC <br>8.250% due 02/01/30 | 500000 | 228328 |
|  Lumen Technologies, Inc.<br>4.000% due 02/15/27 ~ | 560000 | 475822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/15/29 ~ | 650000 | 449512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 12/15/26 ~ | 52000 | 45287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% due 03/15/42 | 100000 | 66669 |
|  Match Group Holdings II LLC<br>3.625% due 10/01/31 ~ | 125000 | 96021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/01/30 ~ | 150000 | 122721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 06/01/28 ~ | 135000 | 120586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/15/27 ~ | 350000 | 322602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/15/29 ~ | 100000 | 93178 |
|  Maxar Technologies, Inc. <br>7.750% due 06/15/27 ~ | 250000 | 259841 |
|  McGraw-Hill Education, Inc.<br>5.750% due 08/01/28 ~ | 625000 | 526147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 08/01/29 ~ | 150000 | 124240 |
|  Midcontinent Communications/Midcontinent Finance Corp. <br>5.375% due 08/15/27 ~ | 100000 | 90696 |
|  Millennium Escrow Corp. <br>6.625% due 08/01/26 ~ | 392000 | 251390 |
|  Netflix, Inc.<br>3.625% due 06/15/25 ~ | 110000 | 105496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/15/26 | 205000 | 197665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 04/15/28 | 478000 | 462626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/15/30 ~ | 216000 | 201804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 ~ | 422000 | 410089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/25 | 225000 | 228202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/28 | 480000 | 487694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 05/15/29 | 80000 | 82477 |
|  News Corp.<br>3.875% due 05/15/29 ~ | 85000 | 73851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 02/15/32 ~ | 404000 | 368224 |
|  Nexstar Media, Inc.<br>4.750% due 11/01/28 ~ | 135000 | 116979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/15/27 ~ | 438000 | 402692 |
|  Nokia OYJ (Finland)<br>4.375% due 06/12/27 | 400000 | 378316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 05/15/39 | 50000 | 47547 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.<br>4.750% due 04/30/27 ~ | 20000 | 17622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/15/28 ~ | 200000 | 155107 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<br>4.250% due 01/15/29 ~ | 210000 | 174511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 08/15/27 ~ | 115000 | 103707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 06/15/25 ~ | 100000 | 99225 |
|  Paramount Global<br>6.250% due 02/28/57 | 292000 | 235876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 03/30/62 | 300000 | 245694 |
|  Photo Holdings Merger Sub, Inc. <br>8.500% due 10/01/26 ~ | 250000 | 144575 |
|  Qwest Corp. <br>7.250% due 09/15/25 | 35000 | 35351 |
|  Radiate Holdco LLC/Radiate Finance, Inc.<br>4.500% due 09/15/26 ~ | 649000 | 477846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/15/28 ~ | 183000 | 76977 |
|  Rakuten Group, Inc. (Japan)<br>5.125% due 04/22/26 ~ | 250000 | 193750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/22/31 ~ | 300000 | 203785 |
|  Scripps Escrow II, Inc.<br>3.875% due 01/15/29 ~ | 175000 | 140695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 01/15/31 ~ | 100000 | 80281 |
|  Scripps Escrow, Inc. <br>5.875% due 07/15/27 ~ | 150000 | 134112 |
|  Sinclair Television Group, Inc.<br>4.125% due 12/01/30 ~ | 170000 | 127675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 03/01/30 ~ | 200000 | 140173 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-214** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Sirius XM Radio, Inc.<br>3.125% due 09/01/26 ~ | $296000 | $263199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/01/31 ~ | 488000 | 381662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/15/28 ~ | 625000 | 545137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 07/01/30 ~ | 500000 | 413732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 08/01/27 ~ | 160000 | 148250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/01/29 ~ | 560000 | 512420 |
|  Spanish Broadcasting System, Inc. <br>9.750% due 03/01/26 ~ | 200000 | 115250 |
|  Sprint Capital Corp.<br>6.875% due 11/15/28 | 500000 | 520097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 03/15/32 | 600000 | 715413 |
|  Sprint LLC<br>7.125% due 06/15/24 | 950000 | 970653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 02/15/25 | 750000 | 775900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 03/01/26 | 300000 | 316352 |
|  Stagwell Global LLC <br>5.625% due 08/15/29 ~ | 366000 | 302483 |
|  Summer BC Bidco B LLC <br>5.500% due 10/31/26 ~ | 200000 | 162538 |
|  TEGNA, Inc.<br>4.625% due 03/15/28 | 385000 | 366170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/15/26 ~ | 141000 | 136964 |
|  Telecom Italia Capital SA (Italy)<br>6.000% due 09/30/34 | 200000 | 151467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 11/15/33 | 200000 | 163926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% due 07/18/36 | 650000 | 528814 |
|  Telecom Italia SpA (Italy) <br>5.303% due 05/30/24 ~ | 750000 | 712125 |
|  Telenet Finance Luxembourg Notes SARL (Belgium) <br>5.500% due 03/01/28 ~ | 200000 | 182000 |
|  Telesat Canada/Telesat LLC (Canada)<br>4.875% due 06/01/27 ~ | 150000 | 67604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 12/06/26 ~ | 230000 | 106093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/15/27 ~ | 134000 | 38971 |
|  Townsquare Media, Inc. <br>6.875% due 02/01/26 ~ | 300000 | 266625 |
|  TripAdvisor, Inc. <br>7.000% due 07/15/25 ~ | 250000 | 247402 |
|  Uber Technologies, Inc.<br>4.500% due 08/15/29 ~ | 500000 | 436565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 01/15/28 ~ | 75000 | 72116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 05/15/25 ~ | 600000 | 600439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 09/15/27 ~ | 232000 | 232633 |
|  Univision Communications, Inc.<br>4.500% due 05/01/29 ~ | 172000 | 144159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 02/15/25 ~ | 499000 | 476256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 06/01/27 ~ | 255000 | 246568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 06/30/30 ~ | 506000 | 484196 |
|  UPC Broadband Finco BV (Netherlands) <br>4.875% due 07/15/31 ~ | 500000 | 416905 |
|  UPC Holding BV (Netherlands) <br>5.500% due 01/15/28 ~ | 200000 | 177816 |
|  Urban One, Inc. <br>7.375% due 02/01/28 ~ | 140000 | 118518 |
|  US Cellular Corp. <br>6.700% due 12/15/33 | 100000 | 88400 |
|  Viasat, Inc.<br>5.625% due 09/15/25 ~ | 198000 | 184015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 04/15/27 ~ | 220000 | 200222 |
|  Viavi Solutions, Inc. <br>3.750% due 10/01/29 ~ | 135000 | 113683 |
|  Videotron Ltd. (Canada)<br>3.625% due 06/15/29 ~ | 175000 | 147665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 04/15/27 ~ | 200000 | 189250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 06/15/24 ~ | 100000 | 98913 |
|  Virgin Media Finance PLC (United Kingdom) <br>5.000% due 07/15/30 ~ | 197000 | 158328 |
|  Virgin Media Secured Finance PLC<br>(United Kingdom)<br>4.500% due 08/15/30 ~ | 200000 | 167440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 05/15/29 ~ | 400000 | 359226 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Virgin Media Vendor Financing Notes IV DAC (United Kingdom) <br>5.000% due 07/15/28 ~ | $| 200000 | $| 175128 |
|  Vmed O2 UK Financing I PLC (United Kingdom)<br>4.250% due 01/31/31 ~ |  | 750000 |  | 608827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 07/15/31 ~ |  | 400000 |  | 325722 |
|  Vodafone Group PLC (United Kingdom)<br>3.250% due 06/04/81 |  | 150000 |  | 125439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 06/04/81 |  | 350000 |  | 260250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/04/81 |  | 200000 |  | 145958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 04/04/79 |  | 600000 |  | 604074 |
|  VZ Secured Financing BV (Netherlands) <br>5.000% due 01/15/32 ~ |  | 750000 |  | 610824 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp. <br>7.750% due 08/15/28 ~ |  | 396000 |  | 323607 |
|  Zayo Group Holdings, Inc.<br>4.000% due 03/01/27 ~ |  | 500000 |  | 370360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 03/01/28 ~ |  | 165000 |  | 93923 |
|  Ziff Davis, Inc. <br>4.625% due 10/15/30 ~ |  | 215000 |  | 182310 |
|  Ziggo Bond Co. BV (Netherlands)<br>5.125% due 02/28/30 ~ |  | 200000 |  | 161827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 01/15/27 ~ |  | 200000 |  | 186400 |
|  Ziggo BV (Netherlands) <br>4.875% due 01/15/30 ~ |  | 200000 |  | 167686 |
|  |  |  |  | 61377499 |
|  **Consumer, Cyclical - 22.7%** | **Consumer, Cyclical - 22.7%** | **Consumer, Cyclical - 22.7%** | **Consumer, Cyclical - 22.7%** | **Consumer, Cyclical - 22.7%** |
|  99 Escrow Issuer, Inc. <br>7.500% due 01/15/26 ~ |  | 213000 |  | 108931 |
|  Abercrombie & Fitch Management Co. <br>8.750% due 07/15/25 ~ |  | 225000 |  | 220863 |
|  Academy Ltd. <br>6.000% due 11/15/27 ~ |  | 200000 |  | 191761 |
|  Adient Global Holdings Ltd. <br>4.875% due 08/15/26 ~ |  | 200000 |  | 186488 |
|  Affinity Gaming <br>6.875% due 12/15/27 ~ |  | 352000 |  | 298879 |
|  Air Canada (Canada) <br>3.875% due 08/15/26 ~ |  | 605000 |  | 536897 |
|  Allegiant Travel Co. <br>7.250% due 08/15/27 ~ |  | 484000 |  | 461050 |
|  Allen Media LLC/Allen Media Co-Issuer, Inc. <br>10.500% due 02/15/28 ~ |  | 200000 |  | 76316 |
|  Allison Transmission, Inc.<br>3.750% due 01/30/31 ~ |  | 105000 |  | 86494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/01/27 ~ |  | 250000 |  | 232265 |
|  AMC Entertainment Holdings, Inc.<br>7.500% due 02/15/29 ~ |  | 465000 |  | 250498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% due 06/15/26 ~ |  | 250000 |  | 101787 |
|  American Airlines Group, Inc. <br>3.750% due 03/01/25 ~ |  | 150000 |  | 127287 |
|  American Airlines Pass-Through Trust Class A<br>3.375% due 11/01/28 |  | 625799 |  | 523098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 07/15/24 |  | 80553 |  | 80445 |
|  American Airlines, Inc. <br>11.750% due 07/15/25 ~ |  | 850000 |  | 913605 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.500% due 04/20/26 ~ |  | 685000 |  | 659930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/20/29 ~ |  | 945000 |  | 865394 |
|  American Axle & Manufacturing, Inc.<br>5.000% due 10/01/29 |  | 185000 |  | 149401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 03/15/26 |  | 34000 |  | 31872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 04/01/27 |  | 65000 |  | 58732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 07/01/28 |  | 150000 |  | 133976 |
|  American Builders & Contractors Supply Co., Inc. <br>4.000% due 01/15/28 ~ |  | 129000 |  | 115316 |
|  Aramark Services, Inc.<br>5.000% due 04/01/25 ~ |  | 100000 |  | 97734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/01/28 ~ |  | 200000 |  | 186994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 05/01/25 ~ |  | 310000 |  | 306819 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-215** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Arko Corp. <br>5.125% due 11/15/29 ~ | $135000 | $106177 |
|  Asbury Automotive Group, Inc.<br>4.500% due 03/01/28 | 150000 | 132250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/01/30 | 218000 | 182618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/15/32 ~ | 170000 | 140080 |
|  Ashton Woods USA LLC/Ashton Woods Finance Co. 4.625% due 08/01/29 ~ | 150000 | 120345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 01/15/28 ~ | 250000 | 221155 |
|  Aston Martin Capital Holdings Ltd. (Jersey) <br>10.500% due 11/30/25 ~ | 500000 | 465281 |
|  At Home Group, Inc.<br>4.875% due 07/15/28 ~ | 90000 | 63567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 07/15/29 ~ | 45000 | 26163 |
|  Banijay Entertainment SASU (France) <br>5.375% due 03/01/25 ~ | 200000 | 189316 |
|  Bath & Body Works, Inc.<br>6.625% due 10/01/30 ~ | 603000 | 566888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.694% due 01/15/27 | 195000 | 194102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 07/01/36 | 90000 | 79263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/01/35 | 400000 | 356280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/15/29 | 175000 | 173075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 07/01/25 ~ | 24000 | 25667 |
|  BCPE Empire Holdings, Inc. <br>7.625% due 05/01/27 ~ | 190000 | 170626 |
|  BCPE Ulysses Intermediate, Inc. <br>7.750% Cash or 8.500% PIK due 04/01/27 ~ | 400000 | 247664 |
|  Beacon Roofing Supply, Inc.<br>4.125% due 05/15/29 ~ | 200000 | 166453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/26 ~ | 150000 | 140370 |
|  Beazer Homes USA, Inc.<br>6.750% due 03/15/25 | 250000 | 242012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 10/15/29 | 100000 | 89112 |
|  Bed Bath & Beyond, Inc. <br>5.165% due 08/01/44 | 79000 | 8028 |
|  Bloomin' Brands, Inc./OSI Restaurant Partners LLC <br>5.125% due 04/15/29 ~ | 100000 | 84240 |
|  BlueLinx Holdings, Inc. <br>6.000% due 11/15/29 ~ | 100000 | 83130 |
|  Boyd Gaming Corp. <br>4.750% due 12/01/27 | 526000 | 490674 |
|  Boyne USA, Inc. <br>4.750% due 05/15/29 ~ | 194000 | 171946 |
|  Brinker International, Inc. <br>5.000% due 10/01/24 ~ | 100000 | 96544 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada)<br>4.875% due 02/15/30 ~ | 65000 | 50785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/15/29 ~ | 100000 | 78507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 09/15/27 ~ | 263000 | 233986 |
|  Caesars Entertainment, Inc.<br>4.625% due 10/15/29 ~ | 580000 | 473045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 07/01/25 ~ | 900000 | 876335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 07/01/27 ~ | 438000 | 431259 |
|  Carnival Corp.<br>4.000% due 08/01/28 ~ | 725000 | 592586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 03/01/27 ~ | 837000 | 599099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 05/01/29 ~ | 585000 | 390930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% due 01/15/28 | 200000 | 133066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 03/01/26 ~ | 420000 | 333633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875% due 08/01/27 ~ | 475000 | 449661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 02/01/26 ~ | 250000 | 251604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 06/01/30 ~ | 250000 | 203688 |
|  Carnival Holdings Bermuda Ltd. <br>10.375% due 05/01/28 ~ | 585000 | 601605 |
|  Carnival PLC <br>7.875% due 06/01/27 | 185000 | 179767 |
|  Carvana Co.<br>4.875% due 09/01/29 ~ | 200000 | 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/27 ~ | 89000 | 35372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 10/01/25 ~ | 165000 | 74401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/01/28 ~ | 125000 | 48989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250% due 05/01/30 ~ | 1065000 | 502417 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  CD&R Smokey Buyer, Inc. <br>6.750% due 07/15/25 ~ | $120000 | $103574 |
|  CDI Escrow Issuer, Inc. <br>5.750% due 04/01/30 ~ | 350000 | 314364 |
|  CEC Entertainment LLC <br>6.750% due 05/01/26 ~ | 88000 | 81950 |
|  Cedar Fair LP <br>5.250% due 07/15/29 | 55000 | 49481 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op<br>5.375% due 04/15/27 | 80000 | 76524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 05/01/25 ~ | 350000 | 346793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/01/28 | 100000 | 96877 |
|  Century Communities, Inc.<br>3.875% due 08/15/29 ~ | 120000 | 94506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 06/01/27 | 148000 | 141466 |
|  Churchill Downs, Inc.<br>4.750% due 01/15/28 ~ | 236000 | 211555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/01/27 ~ | 230000 | 218294 |
|  Cinemark USA, Inc.<br>5.250% due 07/15/28 ~ | 225000 | 167354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 03/15/26 ~ | 200000 | 166841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 05/01/25 ~ | 120000 | 121497 |
|  Clarios Global LP <br>6.750% due 05/15/25 ~ | 45000 | 45170 |
|  Clarios Global LP/Clarios US Finance Co.<br>6.250% due 05/15/26 ~ | 280000 | 274109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 05/15/27 ~ | 562000 | 549949 |
|  Constellation Merger Sub, Inc. <br>8.500% due 09/15/25 ~ | 100000 | 88453 |
|  Cooper-Standard Automotive, Inc.<br>5.625% due 11/15/26 ~ | 300000 | 129474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000% due 06/01/24 ~ | 355000 | 370959 |
|  Crocs, Inc. <br>4.125% due 08/15/31 ~ | 150000 | 122434 |
|  Dana Financing Luxembourg SARL <br>5.750% due 04/15/25 ~ | 100000 | 98018 |
|  Dana, Inc.<br>4.250% due 09/01/30 | 100000 | 80709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/32 | 300000 | 240327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/27 | 188000 | 174715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 06/15/28 | 100000 | 91147 |
|  Dave & Buster's, Inc. <br>7.625% due 11/01/25 ~ | 140000 | 140904 |
|  Delta Air Lines, Inc.<br>2.900% due 10/28/24 | 225000 | 213527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 10/28/29 | 175000 | 145774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 04/19/28 | 150000 | 133951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 01/15/26 | 90000 | 92103 |
|  Dornoch Debt Merger Sub, Inc. <br>6.625% due 10/15/29 ~ | 125000 | 87851 |
|  eG Global Finance PLC (United Kingdom)<br>6.750% due 02/07/25 ~ | 450000 | 393574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 10/30/25 ~ | 200000 | 186641 |
|  Everi Holdings, Inc. <br>5.000% due 07/15/29 ~ | 50000 | 43013 |
|  Ferrellgas LP/Ferrellgas Finance Corp.<br>5.375% due 04/01/26 ~ | 140000 | 127526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/01/29 ~ | 240000 | 197693 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>4.625% due 01/15/29 ~ | 220000 | 186458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/15/30 ~ | 593000 | 479426 |
|  FirstCash, Inc.<br>4.625% due 09/01/28 ~ | 150000 | 131934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 01/01/30 ~ | 175000 | 155989 |
|  Foot Locker, Inc. <br>4.000% due 10/01/29 ~ | 125000 | 97562 |
|  Ford Motor Co.<br>3.250% due 02/12/32 | 1015000 | 762998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.346% due 12/08/26 | 300000 | 285162 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-216** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/43 | $700000 | $504034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 08/19/32 | 216000 | 199861 |
|  Ford Motor Credit Co. LLC<br>2.300% due 02/10/25 | 220000 | 201208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 08/10/26 | 780000 | 678327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/16/28 | 357000 | 295290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 02/10/29 | 325000 | 260011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/13/25 | 700000 | 634048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 06/17/31 | 240000 | 188846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.664% due 09/08/24 | 225000 | 214705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810% due 01/09/24 | 381000 | 371099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815% due 11/02/27 | 400000 | 352208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/13/30 | 200000 | 164561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% due 11/01/24 | 200000 | 192454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/17/27 | 200000 | 179459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134% due 08/04/25 | 200000 | 187638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% due 01/09/27 | 200000 | 181240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389% due 01/08/26 | 250000 | 233439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687% due 06/09/25 | 350000 | 333615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 05/28/27 | 200000 | 186954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113% due 05/03/29 | 275000 | 249645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.584% due 03/18/24 | 200000 | 197810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% due 11/04/27 | 250000 | 256800 |
|  Forestar Group, Inc.<br>3.850% due 05/15/26 ~ | 105000 | 92202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/01/28 ~ | 150000 | 128957 |
|  G-III Apparel Group Ltd. <br>7.875% due 08/15/25 ~ | 200000 | 186861 |
|  Gap, Inc.<br>3.625% due 10/01/29 ~ | 345000 | 243822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/01/31 ~ | 145000 | 101367 |
|  Genting New York LLC/GENNY Capital, Inc. <br>3.300% due 02/15/26 ~ | 200000 | 174984 |
|  Goodyear Tire & Rubber Co.<br>4.875% due 03/15/27 | 135000 | 123686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/31/26 | 480000 | 453562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/30/31 | 250000 | 207899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/15/31 | 85000 | 69635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 04/30/33 | 500000 | 408801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 05/31/25 | 145000 | 149224 |
|  GPS Hospitality Holding Co. LLC/GPS Finco, Inc. <br>7.000% due 08/15/28 ~ | 200000 | 126830 |
|  Group 1 Automotive, Inc. <br>4.000% due 08/15/28 ~ | 340000 | 288357 |
|  Guitar Center, Inc. <br>8.500% due 01/15/26 ~ | 200000 | 164603 |
|  GYP Holdings III Corp. <br>4.625% due 05/01/29 ~ | 50000 | 40888 |
|  H&E Equipment Services, Inc. <br>3.875% due 12/15/28 ~ | 360000 | 307276 |
|  Hanesbrands, Inc.<br>4.625% due 05/15/24 ~ | 161000 | 156195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/15/26 ~ | 380000 | 340222 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. <br>5.750% due 01/20/26 ~ | 600000 | 544140 |
|  Hilton Domestic Operating Co., Inc.<br>3.625% due 02/15/32 ~ | 755000 | 605948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 05/01/29 ~ | 190000 | 164605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/01/31 ~ | 190000 | 159351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/15/30 | 125000 | 113486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 05/01/25 ~ | 50000 | 49615 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875% due 07/01/31 ~ | 175000 | 143054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 06/01/29 ~ | 165000 | 142110 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. <br>4.875% due 04/01/27 | 215000 | 205013 |
|  IAA, Inc. <br>5.500% due 06/15/27 ~ | 159000 | 155355 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  IHO Verwaltungs GmbH (Germany)<br>4.750% Cash or 5.500% PIK due 09/15/26 ~ | $200000 | $173389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% Cash or 7.125% PIK due 05/15/29 ~ | 200000 | 169365 |
|  International Game Technology PLC<br>4.125% due 04/15/26 ~ | 200000 | 186791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/15/25 ~ | 254000 | 255961 |
|  IRB Holding Corp. <br>7.000% due 06/15/25 ~ | 250000 | 249762 |
|  Jacobs Entertainment, Inc. <br>6.750% due 02/15/29 ~ | 160000 | 144629 |
|  Jaguar Land Rover Automotive PLC (United Kingdom)<br>5.500% due 07/15/29 ~ | 225000 | 159639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 01/15/28 ~ | 200000 | 152340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 10/15/25 ~ | 200000 | 184316 |
|  JB Poindexter & Co., Inc. <br>7.125% due 04/15/26 ~ | 119000 | 115023 |
|  KAR Auction Services, Inc. <br>5.125% due 06/01/25 ~ | 200000 | 195698 |
|  KB Home<br>4.000% due 06/15/31 | 100000 | 80513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 11/15/29 | 75000 | 65340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 06/15/27 | 75000 | 75575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 07/15/30 | 185000 | 179994 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC <br>4.750% due 06/01/27 ~ | 500000 | 480860 |
|  Kohl's Corp.<br>3.625% due 05/01/31 | 138000 | 96923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/17/25 | 58000 | 54475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 07/17/45 | 73000 | 46121 |
|  Kontoor Brands, Inc. <br>4.125% due 11/15/29 ~ | 200000 | 163721 |
|  Las Vegas Sands Corp.<br>2.900% due 06/25/25 | 150000 | 137980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 08/08/24 | 443000 | 418984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 08/18/26 | 306000 | 276639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 08/08/29 | 139000 | 117377 |
|  LBM Acquisition LLC <br>6.250% due 01/15/29 ~ | 132000 | 84170 |
|  LCM Investments Holdings II LLC <br>4.875% due 05/01/29 ~ | 400000 | 320835 |
|  Levi Strauss & Co. <br>3.500% due 03/01/31 ~ | 105000 | 83474 |
|  LGI Homes, Inc. <br>4.000% due 07/15/29 ~ | 75000 | 58044 |
|  Life Time, Inc.<br>5.750% due 01/15/26 ~ | 340000 | 316795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 04/15/26 ~ | 185000 | 166731 |
|  Lindblad Expeditions LLC <br>6.750% due 02/15/27 ~ | 270000 | 245273 |
|  Lions Gate Capital Holdings LLC <br>5.500% due 04/15/29 ~ | 475000 | 276021 |
|  Lithia Motors, Inc.<br>3.875% due 06/01/29 ~ | 90000 | 74120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/31 ~ | 150000 | 122307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/15/27 ~ | 150000 | 135549 |
|  Live Nation Entertainment, Inc.<br>3.750% due 01/15/28 ~ | 160000 | 136732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/15/27 ~ | 460000 | 410262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/01/24 ~ | 50000 | 48490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/15/26 ~ | 81000 | 76726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 05/15/27 ~ | 225000 | 220631 |
|  LSF9 Atlantis Holdings LLC/Victra Finance Corp. <br>7.750% due 02/15/26 ~ | 348000 | 308436 |
|  M/I Homes, Inc. <br>4.950% due 02/01/28 | 150000 | 133506 |
|  Macy's Retail Holdings LLC<br>4.300% due 02/15/43 | 300000 | 181350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/15/34 | 225000 | 156998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 04/01/29 ~ | 100000 | 88687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 03/15/30 ~ | 60000 | 52152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 03/15/32 ~ | 60000 | 50520 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-217** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  MajorDrive Holdings IV LLC <br>6.375% due 06/01/29 ~ | $200000 | $149498 |
|  Marriott Ownership Resorts, Inc.<br>4.500% due 06/15/29 ~ | 135000 | 112175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 | 150000 | 130850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 09/15/25 ~ | 32000 | 32980 |
|  Mattamy Group Corp. (Canada)<br>4.625% due 03/01/30 ~ | 170000 | 138085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/15/27 ~ | 82000 | 72864 |
|  Mattel, Inc.<br>3.375% due 04/01/26 ~ | 65000 | 59846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 04/01/29 ~ | 110000 | 96775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 12/15/27 ~ | 116000 | 113984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 10/01/40 | 134000 | 115902 |
|  Melco Resorts Finance Ltd. (Hong Kong)<br>4.875% due 06/06/25 ~ | 285000 | 262216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 12/04/29 ~ | 200000 | 160818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/17/27 ~ | 200000 | 171848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 07/21/28 ~ | 400000 | 335088 |
|  Meritage Homes Corp.<br>3.875% due 04/15/29 ~ | 150000 | 127425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/06/27 | 200000 | 188386 |
|  MGM China Holdings Ltd. (Macau)<br>4.750% due 02/01/27 ~ | 200000 | 177188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 05/15/24 ~ | 500000 | 483357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 05/15/26 ~ | 200000 | 187081 |
|  MGM Resorts International<br>4.625% due 09/01/26 | 115000 | 105601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/15/28 | 110000 | 96191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/15/25 | 230000 | 223867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 05/01/25 | 230000 | 231534 |
|  Michaels Cos., Inc. <br>5.250% due 05/01/28 ~ | 400000 | 322294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 05/01/29 ~ | 415000 | 278029 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. <br>4.875% due 05/01/29 ~ | 259000 | 220711 |
|  Mohegan Tribal Gaming Authority<br>8.000% due 02/01/26 ~ | 360000 | 337327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.250% due 12/15/27 ~ | 150000 | 156562 |
|  Motion Bondco DAC (United Kingdom) <br>6.625% due 11/15/27 ~ | 500000 | 431221 |
|  Murphy Oil USA, Inc.<br>3.750% due 02/15/31 ~ | 85000 | 70110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 09/15/29 | 99000 | 90764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 05/01/27 | 100000 | 97273 |
|  NCL Corp. Ltd.<br>3.625% due 12/15/24 ~ | 193000 | 165196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 03/15/26 ~ | 260000 | 204672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/27 ~ | 390000 | 338307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 02/15/29 ~ | 100000 | 75384 |
|  NCL Finance Ltd. <br>6.125% due 03/15/28 ~ | 125000 | 92434 |
|  New Red Finance, Inc. (Canada)<br>3.500% due 02/15/29 ~ | 125000 | 107383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 01/15/28 ~ | 248000 | 222394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/15/30 ~ | 1158000 | 940174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/28 ~ | 214000 | 191929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/15/25 ~ | 50000 | 49696 |
|  Newell Brands, Inc.<br>4.450% due 04/01/26 | 685000 | 645952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/01/25 | 165000 | 160731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 04/01/36 | 130000 | 111850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/01/46 | 200000 | 159770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 09/15/27 | 168000 | 166958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 09/15/29 | 90000 | 89074 |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC <br>7.125% due 04/01/26 ~ | 125000 | 117386 |
|  Nordstrom, Inc.<br>4.375% due 04/01/30 | 410000 | 308968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/15/44 | 200000 | 121860 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Odeon Finco PLC (United Kingdom) <br>12.750% due 11/01/27 ~ | $100000 | $87128 |
|  Papa John's International, Inc. <br>3.875% due 09/15/29 ~ | 250000 | 209069 |
|  Park River Holdings, Inc. <br>5.625% due 02/01/29 ~ | 300000 | 200162 |
|  Party City Holdings, Inc. <br>8.750% due 02/15/26 ~ | 300000 | 87000 |
|  Patrick Industries, Inc. <br>7.500% due 10/15/27 ~ | 100000 | 97454 |
|  Penn Entertainment, Inc.<br>4.125% due 07/01/29 ~ | 200000 | 158261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 01/15/27 ~ | 100000 | 90832 |
|  Penske Automotive Group, Inc.<br>3.500% due 09/01/25 | 139000 | 129219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 06/15/29 | 125000 | 101618 |
|  PetSmart, Inc./PetSmart Finance Corp.<br>4.750% due 02/15/28 ~ | 280000 | 254019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 02/15/29 ~ | 200000 | 188213 |
|  PM General Purchaser LLC <br>9.500% due 10/01/28 ~ | 330000 | 252079 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<br>5.625% due 09/01/29 ~ | 488000 | 360486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 09/01/31 ~ | 250000 | 177175 |
|  QVC, Inc.<br>4.450% due 02/15/25 | 335000 | 274030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/15/27 | 175000 | 124162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 04/01/24 | 100000 | 92675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 08/15/34 | 300000 | 157290 |
|  Real Hero Merger Sub 2, Inc. <br>6.250% due 02/01/29 ~ | 40000 | 27472 |
|  Resideo Funding, Inc. <br>4.000% due 09/01/29 ~ | 100000 | 81002 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625% due 04/16/29 ~ | 400000 | 284293 |
|  Rite Aid Corp. <br>8.000% due 11/15/26 ~ | 248000 | 133024 |
|  Royal Caribbean Cruises Ltd.<br>3.700% due 03/15/28 | 175000 | 128901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/01/26 ~ | 150000 | 121440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 07/15/27 ~ | 866000 | 702284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/31/26 ~ | 305000 | 256962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/01/28 ~ | 450000 | 359919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 01/15/29 ~ | 117000 | 117731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 01/15/29 ~ | 146000 | 150206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% due 06/01/25 ~ | 334000 | 358950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625% due 08/15/27 ~ | 167000 | 167995 |
|  Sally Holdings LLC/Sally Capital, Inc. <br>5.625% due 12/01/25 | 265000 | 255691 |
|  Sands China Ltd. (Macau)<br>2.800% due 03/08/27 | 200000 | 171558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 03/08/29 | 200000 | 163662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/08/31 | 200000 | 157651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 01/08/26 | 250000 | 231038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 06/18/30 | 130000 | 114418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/08/25 | 655000 | 627092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 08/08/28 | 492000 | 461330 |
|  Scientific Games Holdings LP/Scientific Games US FinCo., Inc. <br>6.625% due 03/01/30 ~ | 200000 | 169200 |
|  Scientific Games International, Inc.<br>7.000% due 05/15/28 ~ | 224000 | 214078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 11/15/29 ~ | 156000 | 150041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 07/01/25 ~ | 90000 | 91973 |
|  Scotts Miracle-Gro Co.<br>4.000% due 04/01/31 | 125000 | 95676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 02/01/32 | 150000 | 113275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/15/29 | 200000 | 162360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/15/26 | 100000 | 94929 |
|  SeaWorld Parks & Entertainment, Inc. <br>5.250% due 08/15/29 ~ | 112000 | 97664 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-218** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Shea Homes LP/Shea Homes Funding Corp.<br>4.750% due 02/15/28 | $200000 | $174937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/01/29 | 150000 | 126367 |
|  Six Flags Entertainment Corp.<br>4.875% due 07/31/24 ~ | 400000 | 385750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/27 ~ | 100000 | 90220 |
|  Six Flags Theme Parks, Inc. <br>7.000% due 07/01/25 ~ | 118000 | 118996 |
|  Sizzling Platter LLC/Sizzling Platter Finance Corp. <br>8.500% due 11/28/25 ~ | 250000 | 230347 |
|  Sonic Automotive, Inc.<br>4.625% due 11/15/29 ~ | 95000 | 76191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/15/31 ~ | 390000 | 307131 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. <br>6.375% due 09/30/26 ~ | 90000 | 72607 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. <br>4.875% due 11/01/27 ~ | 250000 | 222242 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>8.000% due 09/20/25 ~ | 410000 | 412305 |
|  SRS Distribution, Inc.<br>4.625% due 07/01/28 ~ | 81000 | 71907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/01/29 ~ | 310000 | 247117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 07/01/29 ~ | 133000 | 107706 |
|  Staples, Inc.<br>7.500% due 04/15/26 ~ | 800000 | 690192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% due 04/15/27 ~ | 297000 | 214339 |
|  Station Casinos LLC<br>4.500% due 02/15/28 ~ | 190000 | 165477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/01/31 ~ | 86000 | 69097 |
|  Studio City Co. Ltd. (Macau) <br>7.000% due 02/15/27 ~ | 200000 | 187328 |
|  Studio City Finance Ltd. (Macau)<br>5.000% due 01/15/29 ~ | 340000 | 251513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/15/25 ~ | 200000 | 173721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 01/15/28 ~ | 200000 | 155620 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.000% due 06/01/31 ~ | 283000 | 240906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 03/01/27 | 300000 | 287012 |
|  Superior Plus LP/Superior General Partner, Inc. (Canada) <br>4.500% due 03/15/29 ~ | 100000 | 85645 |
|  SWF Escrow Issuer Corp. <br>6.500% due 10/01/29 ~ | 208000 | 120796 |
|  Taylor Morrison Communities, Inc.<br>5.125% due 08/01/30 ~ | 145000 | 125861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/28 ~ | 100000 | 93807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/15/27 ~ | 144000 | 138505 |
|  Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. <br>5.625% due 03/01/24 ~ | 100000 | 99715 |
|  Tempur Sealy International, Inc.<br>3.875% due 10/15/31 ~ | 188000 | 147856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 04/15/29 ~ | 150000 | 126241 |
|  Thor Industries, Inc. <br>4.000% due 10/15/29 ~ | 110000 | 86508 |
|  Titan International, Inc. <br>7.000% due 04/30/28 | 200000 | 189083 |
|  TKC Holdings, Inc.<br>6.875% due 05/15/28 ~ | 200000 | 156530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 05/15/29 ~ | 100000 | 56169 |
|  Travel & Leisure Co.<br>4.500% due 12/01/29 ~ | 163000 | 133057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 03/01/30 ~ | 150000 | 124661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 04/01/24 | 300000 | 296001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 04/01/27 | 150000 | 142622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 07/31/26 ~ | 217000 | 212656 |
|  TRI Pointe Group, Inc./TRI Pointe Homes, Inc. <br>5.875% due 06/15/24 | 200000 | 199337 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Tri Pointe Homes, Inc.<br>5.250% due 06/01/27 | $100000 | $89434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 06/15/28 | 150000 | 136121 |
|  Under Armour, Inc. <br>3.250% due 06/15/26 | 300000 | 267354 |
|  United Airlines Holdings, Inc. <br>4.875% due 01/15/25 | 150000 | 143508 |
|  United Airlines, Inc.<br>4.375% due 04/15/26 ~ | 346000 | 321305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/15/29 ~ | 753000 | 656955 |
|  Univar Solutions USA, Inc. <br>5.125% due 12/01/27 ~ | 204000 | 193814 |
|  Universal Entertainment Corp. (Japan) <br>8.500% due 12/11/24 ~ | 450000 | 420345 |
|  US Airways Pass-Through Trust Class A <br>3.950% due 05/15/27 | 88766 | 80755 |
|  Vail Resorts, Inc. <br>6.250% due 05/15/25 ~ | 235000 | 235404 |
|  Victoria's Secret & Co. <br>4.625% due 07/15/29 ~ | 188000 | 147843 |
|  Viking Cruises Ltd.<br>5.875% due 09/15/27 ~ | 200000 | 163349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 02/15/29 ~ | 190000 | 157472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000% due 05/15/25 ~ | 50000 | 52832 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625% due 02/15/29 ~ | 300000 | 241890 |
|  Vista Outdoor, Inc. <br>4.500% due 03/15/29 ~ | 300000 | 220662 |
|  VOC Escrow Ltd. <br>5.000% due 02/15/28 ~ | 160000 | 137869 |
|  Wabash National Corp. <br>4.500% due 10/15/28 ~ | 200000 | 170567 |
|  Wesco Aircraft Holdings, Inc.<br>8.500% due 11/15/24 ~ | 225000 | 111375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.125% due 11/15/27 ~ | 262000 | 66155 |
|  Wheel Pros, Inc. <br>6.500% due 05/15/29 ~ | 100000 | 35500 |
|  White Cap Buyer LLC <br>6.875% due 10/15/28 ~ | 170000 | 147329 |
|  William Carter Co. <br>5.625% due 03/15/27 ~ | 214000 | 205641 |
|  Winnebago Industries, Inc. <br>6.250% due 07/15/28 ~ | 200000 | 187268 |
|  WMG Acquisition Corp.<br>3.000% due 02/15/31 ~ | 221000 | 176954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 07/15/30 ~ | 200000 | 172625 |
|  Wolverine World Wide, Inc. <br>4.000% due 08/15/29 ~ | 185000 | 140421 |
|  Wyndham Hotels & Resorts, Inc. <br>4.375% due 08/15/28 ~ | 106000 | 95273 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.500% due 03/01/25 ~ | 700000 | 665984 |
|  Wynn Macau Ltd. (Macau)<br>5.125% due 12/15/29 ~ | 390000 | 316183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 10/01/27 ~ | 400000 | 350268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/26/28 ~ | 300000 | 256888 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>5.125% due 10/01/29 ~ | 210000 | 180341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 04/15/25 ~ | 70000 | 69723 |
|  Yum! Brands, Inc.<br>3.625% due 03/15/31 | 225000 | 189137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/31/32 | 515000 | 456214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 11/01/43 | 100000 | 82891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 04/01/32 | 196000 | 181810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/15/37 | 100000 | 101712 |
|  ZF North America Capital, Inc. (Germany) <br>4.750% due 04/29/25 ~ | 150000 | 142025 |
|  |  | 82346984 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-219** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Consumer, Non-Cyclical - 14.4%** |  |  |
|  BC Ltd. (Canada) <br>9.000% due 01/30/28 ~ | $106000 | $103748 |
|  180 Medical, Inc. (United Kingdom) <br>3.875% due 10/15/29 ~ | 200000 | 172229 |
|  Acadia Healthcare Co., Inc. <br>5.000% due 04/15/29 ~ | 225000 | 207294 |
|  ACCO Brands Corp. <br>4.250% due 03/15/29 ~ | 215000 | 177654 |
|  AdaptHealth LLC<br>4.625% due 08/01/29 ~ | 190000 | 159324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 03/01/30 ~ | 177000 | 150908 |
|  ADT Security Corp.<br>4.125% due 08/01/29 ~ | 465000 | 396090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 07/15/32 ~ | 600000 | 510962 |
|  Adtalem Global Education, Inc. <br>5.500% due 03/01/28 ~ | 250000 | 227180 |
|  Ahern Rentals, Inc. <br>7.375% due 05/15/23 ~ | 175000 | 175000 |
|  AHP Health Partners, Inc. <br>5.750% due 07/15/29 ~ | 150000 | 117818 |
|  Air Methods Corp. <br>8.000% due 05/15/25 ~ | 330000 | 17997 |
|  Akumin Escrow, Inc. <br>7.500% due 08/01/28 ~ | 100000 | 61048 |
|  Akumin, Inc. <br>7.000% due 11/01/25 ~ | 100000 | 71745 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.250% due 03/15/26 ~ | 603000 | 550919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 03/15/29 ~ | 263000 | 221233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 01/15/27 ~ | 375000 | 349151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 02/15/30 ~ | 378000 | 338021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/15/28 ~ | 177000 | 168575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 03/15/26 ~ | 125000 | 127846 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg) <br>6.125% due 10/15/26 ~ | 400000 | 357292 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.000% due 06/01/29 ~ | 392000 | 285007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 07/15/26 ~ | 322000 | 295293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 07/15/27 ~ | 297000 | 259029 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <br>4.625% due 06/01/28 ~ | 438000 | 359866 |
|  Alta Equipment Group, Inc. <br>5.625% due 04/15/26 ~ | 100000 | 90418 |
|  AMN Healthcare, Inc.<br>4.000% due 04/15/29 ~ | 150000 | 128719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/01/27 ~ | 217000 | 200462 |
|  APi Group DE, Inc. <br>4.125% due 07/15/29 ~ | 150000 | 124500 |
|  Aptim Corp. <br>7.750% due 06/15/25 ~ | 150000 | 105375 |
|  APX Group, Inc.<br>5.750% due 07/15/29 ~ | 225000 | 186635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 02/15/27 ~ | 200000 | 192820 |
|  Arrow Bidco LLC <br>9.500% due 03/15/24 ~ | 125000 | 124885 |
|  ASGN, Inc. <br>4.625% due 05/15/28 ~ | 79000 | 71651 |
|  Avantor Funding, Inc.<br>3.875% due 11/01/29 ~ | 500000 | 420512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/15/28 ~ | 150000 | 136608 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.750% due 04/01/28 ~ | 375000 | 316440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 03/01/29 ~ | 145000 | 124227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 07/15/27 ~ | 125000 | 113573 |
|  B&G Foods, Inc.<br>5.250% due 04/01/25 | 649000 | 570077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 09/15/27 | 107000 | 82226 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Bausch Health Americas, Inc.<br>8.500% due 01/31/27 ~ | $145000 | $76086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 04/01/26 ~ | 200000 | 140316 |
|  Bausch Health Cos., Inc.<br>4.875% due 06/01/28 ~ | 410000 | 261544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/30/28 ~ | 240000 | 115578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/15/29 ~ | 150000 | 72088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/30/30 ~ | 1000000 | 481295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/01/25 ~ | 346000 | 294646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 08/15/27 ~ | 140000 | 95511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 02/01/27 ~ | 585000 | 404165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/15/29 ~ | 450000 | 217378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 01/15/28 ~ | 388000 | 188152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 05/30/29 ~ | 98000 | 47474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 12/15/25 ~ | 250000 | 197682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% due 09/30/28 ~ | 539000 | 423031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.000% due 10/15/30 ~ | 87000 | 52082 |
|  BellRing Brands, Inc. <br>7.000% due 03/15/30 ~ | 250000 | 240881 |
|  Block, Inc.<br>2.750% due 06/01/26 | 200000 | 178924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 06/01/31 | 483000 | 386014 |
|  Brink's Co.<br>4.625% due 10/15/27 ~ | 197000 | 180594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 07/15/25 ~ | 150000 | 147532 |
|  C&S Group Enterprises LLC <br>5.000% due 12/15/28 ~ | 300000 | 228177 |
|  Cano Health LLC <br>6.250% due 10/01/28 ~ | 125000 | 76250 |
|  Carriage Services, Inc. <br>4.250% due 05/15/29 ~ | 200000 | 159080 |
|  Catalent Pharma Solutions, Inc.<br>3.125% due 02/15/29 ~ | 116000 | 92510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 04/01/30 ~ | 125000 | 98858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/15/27 ~ | 115000 | 107188 |
|  Central Garden & Pet Co.<br>4.125% due 10/15/30 | 335000 | 275708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 02/01/28 | 100000 | 93186 |
|  Charles River Laboratories International, Inc.<br>3.750% due 03/15/29 ~ | 133000 | 117817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 03/15/31 ~ | 200000 | 173289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/01/28 ~ | 192000 | 177166 |
|  Chobani LLC/Chobani Finance Corp., Inc. <br>4.625% due 11/15/28 ~ | 350000 | 305275 |
|  CHS/Community Health Systems, Inc.<br>4.750% due 02/15/31 ~ | 115000 | 83708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/15/30 ~ | 695000 | 525296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 03/15/27 ~ | 855000 | 734684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 01/15/29 ~ | 300000 | 251334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 04/01/30 ~ | 294000 | 146134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/01/28 ~ | 250000 | 121176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/15/29 ~ | 275000 | 141854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 03/15/26 ~ | 600000 | 547500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 12/15/27 ~ | 189000 | 171365 |
|  Cimpress PLC (Ireland) <br>7.000% due 06/15/26 ~ | 150000 | 103932 |
|  CoreCivic, Inc.<br>4.750% due 10/15/27 | 60000 | 52171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 04/15/26 | 135000 | 138630 |
|  CoreLogic, Inc. <br>4.500% due 05/01/28 ~ | 467000 | 358887 |
|  Coty, Inc.<br>5.000% due 04/15/26 ~ | 188000 | 178536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 04/15/26 ~ | 75000 | 72116 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC <br>4.750% due 01/15/29 ~ | 180000 | 163160 |
|  CPI CG, Inc. <br>8.625% due 03/15/26 ~ | 75000 | 74054 |
|  Darling Ingredients, Inc.<br>5.250% due 04/15/27 ~ | 99000 | 95442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/15/30 ~ | 145000 | 141933 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-220** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  DaVita, Inc.<br>3.750% due 02/15/31 ~ | $454000 | $339844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 06/01/30 ~ | 800000 | 645233 |
|  Deluxe Corp. <br>8.000% due 06/01/29 ~ | 70000 | 57666 |
|  Edgewell Personal Care Co.<br>4.125% due 04/01/29 ~ | 125000 | 106740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 06/01/28 ~ | 100000 | 93700 |
|  Elanco Animal Health, Inc. <br>6.400% due 08/28/28 | 130000 | 124346 |
|  Embecta Corp.<br>5.000% due 02/15/30 ~ | 80000 | 67818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 02/15/30 ~ | 100000 | 90954 |
|  Emergent BioSolutions, Inc. <br>3.875% due 08/15/28 ~ | 150000 | 74804 |
|  Encompass Health Corp.<br>4.500% due 02/01/28 | 149000 | 135583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/01/30 | 156000 | 137241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 09/15/25 | 100000 | 98970 |
|  Envision Healthcare Corp. <br>8.750% due 10/15/26 ~ | 150000 | 41545 |
|  FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg) <br>5.625% due 08/15/26 ~ | 100000 | 92922 |
|  Garda World Security Corp. (Canada)<br>4.625% due 02/15/27 ~ | 400000 | 353880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/01/29 ~ | 150000 | 122077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 11/01/27 ~ | 78000 | 75239 |
|  Garden Spinco Corp. <br>8.625% due 07/20/30 ~ | 58000 | 61564 |
|  Gartner, Inc.<br>3.625% due 06/15/29 ~ | 120000 | 105591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 10/01/30 ~ | 397000 | 342810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 07/01/28 ~ | 169000 | 157863 |
|  GEO Group, Inc. <br>10.500% due 06/30/28 | 163000 | 165676 |
|  Global Medical Response, Inc. <br>6.500% due 10/01/25 ~ | 150000 | 107594 |
|  Graham Holdings Co. <br>5.750% due 06/01/26 ~ | 100000 | 98409 |
|  Grifols Escrow Issuer SA (Spain) <br>4.750% due 10/15/28 ~ | 200000 | 172930 |
|  H-Food Holdings LLC/Hearthside Finance Co., Inc. <br>8.500% due 06/01/26 ~ | 400000 | 232632 |
|  HealthEquity, Inc. <br>4.500% due 10/01/29 ~ | 95000 | 83139 |
|  Herbalife Nutrition Ltd./HLF Financing, Inc. <br>7.875% due 09/01/25 ~ | 170000 | 151397 |
|  Herc Holdings, Inc. <br>5.500% due 07/15/27 ~ | 330000 | 308477 |
|  Hertz Corp.<br>4.625% due 12/01/26 ~ | 80000 | 67100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/01/29 ~ | 430000 | 326757 |
|  HLF Financing SARL LLC/Herbalife International, Inc. <br>4.875% due 06/01/29 ~ | 200000 | 138014 |
|  Hologic, Inc.<br>3.250% due 02/15/29 ~ | 209000 | 179808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 02/01/28 ~ | 191000 | 180423 |
|  Horizon Therapeutics USA, Inc. <br>5.500% due 08/01/27 ~ | 200000 | 205597 |
|  Ingles Markets, Inc. <br>4.000% due 06/15/31 ~ | 225000 | 189521 |
|  IQVIA, Inc.<br>5.000% due 10/15/26 ~ | 300000 | 287115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 05/15/27 ~ | 200000 | 191100 |
|  Jazz Securities DAC <br>4.375% due 01/15/29 ~ | 200000 | 178615 |
|  Korn Ferry <br>4.625% due 12/15/27 ~ | 150000 | 138409 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada) <br>5.000% due 12/31/26 ~ | $655000 | $567394 |
|  Lamb Weston Holdings, Inc.<br>4.125% due 01/31/30 ~ | 190000 | 168064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/31/32 ~ | 185000 | 161902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/15/28 ~ | 83000 | 78789 |
|  Land O'Lakes Capital Trust I <br>7.450% due 03/15/28 ~ | 43000 | 42140 |
|  Lannett Co., Inc. <br>7.750% due 04/15/26 ~ | 50000 | 13063 |
|  Legacy LifePoint Health LLC<br>4.375% due 02/15/27 ~ | 230000 | 194902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 04/15/25 ~ | 180000 | 169681 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. <br>5.000% due 02/01/26 ~ | 210000 | 187162 |
|  LifePoint Health, Inc. <br>5.375% due 01/15/29 ~ | 65000 | 36819 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC <br>11.500% due 12/15/28 ~ | 250000 | 213771 |
|  Medline Borrower LP<br>3.875% due 04/01/29 ~ | 1405000 | 1134882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 10/01/29 ~ | 688000 | 547686 |
|  Metis Merger Sub LLC <br>6.500% due 05/15/29 ~ | 100000 | 84078 |
|  ModivCare Escrow Issuer, Inc. <br>5.000% due 10/01/29 ~ | 105000 | 88683 |
|  ModivCare, Inc. <br>5.875% due 11/15/25 ~ | 72000 | 67724 |
|  Molina Healthcare, Inc.<br>3.875% due 11/15/30 ~ | 120000 | 101871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 05/15/32 ~ | 345000 | 287000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/15/28 ~ | 150000 | 137154 |
|  MoneyGram International, Inc. <br>5.375% due 08/01/26 ~ | 55000 | 55813 |
|  MPH Acquisition Holdings LLC<br>5.500% due 09/01/28 ~ | 290000 | 226821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/01/28 ~ | 380000 | 253541 |
|  Nathan's Famous, Inc. <br>6.625% due 11/01/25 ~ | 18000 | 17631 |
|  Neptune Bidco US, Inc. <br>9.290% due 04/15/29 ~ | 575000 | 543062 |
|  NESCO Holdings II, Inc. <br>5.500% due 04/15/29 ~ | 300000 | 262890 |
|  Option Care Health, Inc. <br>4.375% due 10/31/29 ~ | 63000 | 55187 |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV<br>4.125% due 04/30/28 ~ | 804000 | 713269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 04/30/31 ~ | 500000 | 433818 |
|  Oriflame Investment Holding PLC (Switzerland) <br>5.125% due 05/04/26 ~ | 200000 | 125000 |
|  Owens & Minor, Inc.<br>4.500% due 03/31/29 ~ | 80000 | 63888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 04/01/30 ~ | 139000 | 119637 |
|  P&L Development LLC/PLD Finance Corp. <br>7.750% due 11/15/25 ~ | 150000 | 121878 |
|  Paysafe Finance PLC/Paysafe Holdings US Corp. <br>4.000% due 06/15/29 ~ | 200000 | 154760 |
|  PECF USS Intermediate Holding III Corp. <br>8.000% due 11/15/29 ~ | 306000 | 199203 |
|  Pediatrix Medical Group, Inc. <br>5.375% due 02/15/30 ~ | 250000 | 217603 |
|  Performance Food Group, Inc.<br>4.250% due 08/01/29 ~ | 208000 | 180502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 10/15/27 ~ | 295000 | 278861 |
|  Perrigo Finance Unlimited Co.<br>3.900% due 12/15/24 | 200000 | 189272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 03/15/26 | 205000 | 190435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/15/44 | 200000 | 135561 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-221** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Pilgrim's Pride Corp. <br>4.250% due 04/15/31 ~ | $325000 | $276900 |
|  Post Holdings, Inc.<br>4.500% due 09/15/31 ~ | 500000 | 421253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 04/15/30 ~ | 314000 | 271555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 12/15/29 ~ | 425000 | 385475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 01/15/28 ~ | 108000 | 101823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 03/01/27 ~ | 322000 | 311870 |
|  Prestige Brands, Inc.<br>3.750% due 04/01/31 ~ | 250000 | 206486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 01/15/28 ~ | 133000 | 125057 |
|  Prime Healthcare Services, Inc. <br>7.250% due 11/01/25 ~ | 166000 | 140533 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375% due 08/31/27 ~ | 410000 | 354551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/24 ~ | 197000 | 193854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/15/26 ~ | 246000 | 237316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 01/15/28 ~ | 385000 | 351205 |
|  Primo Water Holdings, Inc. (Canada) <br>4.375% due 04/30/29 ~ | 188000 | 162577 |
|  Radiology Partners, Inc. <br>9.250% due 02/01/28 ~ | 55000 | 30961 |
|  RCN Corp. <br>11.625% due 04/15/23 \* y W | 9000 | 830 |
|  RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. <br>9.750% due 12/01/26 ~ | 500000 | 403430 |
|  Rent-A-Center, Inc. <br>6.375% due 02/15/29 ~ | 180000 | 145845 |
|  Ritchie Bros Auctioneers, Inc. (Canada) <br>5.375% due 01/15/25 ~ | 220000 | 216528 |
|  RP Escrow Issuer LLC <br>5.250% due 12/15/25 ~ | 300000 | 229470 |
|  Sabre GLBL, Inc.<br>7.375% due 09/01/25 ~ | 518000 | 498676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 04/15/25 ~ | 50000 | 49894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250% due 12/15/27 ~ | 305000 | 314257 |
|  Safeway, Inc. <br>7.250% due 02/01/31 | 150000 | 149413 |
|  SEG Holding LLC/SEG Finance Corp. <br>5.625% due 10/15/28 ~ | 200000 | 188604 |
|  Select Medical Corp. <br>6.250% due 08/15/26 ~ | 424000 | 404025 |
|  Service Corp. International<br>3.375% due 08/15/30 | 426000 | 346993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 05/15/31 | 132000 | 111365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/15/27 | 53000 | 49596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/01/29 | 206000 | 193496 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <br>4.625% due 11/01/26 ~ | 300000 | 283926 |
|  Sigma Holdco BV (Netherlands) <br>7.875% due 05/15/26 ~ | 350000 | 250932 |
|  Signal Parent, Inc. <br>6.125% due 04/01/29 ~ | 250000 | 76563 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed <br>4.625% due 03/01/29 ~ | 245000 | 199739 |
|  Sotheby's <br>7.375% due 10/15/27 ~ | 200000 | 187842 |
|  Sotheby's/Bidfair Holdings, Inc. <br>5.875% due 06/01/29 ~ | 150000 | 126150 |
|  Spectrum Brands, Inc.<br>3.875% due 03/15/31 ~ | 347000 | 270325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/01/29 ~ | 86000 | 74567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 07/15/25 | 200000 | 198034 |
|  StoneMor, Inc. <br>8.500% due 05/15/29 ~ | 117000 | 93752 |
|  Surgery Center Holdings, Inc. <br>10.000% due 04/15/27 ~ | 170000 | 173244 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Syneos Health, Inc. <br>3.625% due 01/15/29 ~ | $| 150000 | $| 119654 |
|  Team Health Holdings, Inc. <br>6.375% due 02/01/25 ~ |  | 200000 |  | 115564 |
|  Teleflex, Inc.<br>4.250% due 06/01/28 ~ |  | 95000 |  | 86890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/27 |  | 156000 |  | 148950 |
|  Tenet Healthcare Corp.<br>4.250% due 06/01/29 ~ |  | 500000 |  | 434072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/30 ~ |  | 536000 |  | 464884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 07/15/24 |  | 243000 |  | 237342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 09/01/24 ~ |  | 87000 |  | 84626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/01/26 ~ |  | 545000 |  | 516482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/01/27 ~ |  | 526000 |  | 490374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 10/01/28 ~ |  | 655000 |  | 587817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 06/15/30 ~ |  | 588000 |  | 561278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 02/01/27 ~ |  | 530000 |  | 510146 |
|  Toledo Hospital<br>5.325% due 11/15/28 |  | 164000 |  | 128715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.015% due 11/15/48 |  | 250000 |  | 176862 |
|  TreeHouse Foods, Inc. <br>4.000% due 09/01/28 |  | 115000 |  | 97934 |
|  TriNet Group, Inc. <br>3.500% due 03/01/29 ~ |  | 115000 |  | 94703 |
|  Triton Water Holdings, Inc. <br>6.250% due 04/01/29 ~ |  | 155000 |  | 124533 |
|  Turning Point Brands, Inc. <br>5.625% due 02/15/26 ~ |  | 100000 |  | 86393 |
|  United Natural Foods, Inc. <br>6.750% due 10/15/28 ~ |  | 315000 |  | 303165 |
|  United Rentals North America, Inc.<br>3.750% due 01/15/32 |  | 228000 |  | 186306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/15/27 |  | 175000 |  | 162246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 02/15/31 |  | 500000 |  | 420272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/15/30 |  | 125000 |  | 107071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 01/15/28 |  | 315000 |  | 299204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 01/15/30 |  | 142000 |  | 133672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 05/15/27 |  | 130000 |  | 128548 |
|  US Acute Care Solutions LLC <br>6.375% due 03/01/26 ~ |  | 294000 |  | 261270 |
|  US Foods, Inc.<br>4.750% due 02/15/29 ~ |  | 65000 |  | 57792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/15/25 ~ |  | 120000 |  | 118940 |
|  US Renal Care, Inc. <br>10.625% due 07/15/27 ~ |  | 175000 |  | 38500 |
|  Vector Group Ltd.<br>5.750% due 02/01/29 ~ |  | 100000 |  | 86853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 11/01/26 ~ |  | 473000 |  | 470299 |
|  Verscend Escrow Corp. <br>9.750% due 08/15/26 ~ |  | 325000 |  | 319104 |
|  WASH Multifamily Acquisition, Inc. <br>5.750% due 04/15/26 ~ |  | 255000 |  | 240632 |
|  Williams Scotsman International, Inc.<br>6.125% due 06/15/25 ~ |  | 105000 |  | 104113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 08/15/28 ~ |  | 100000 |  | 90410 |
|  WW International, Inc. <br>4.500% due 04/15/29 ~ |  | 248000 |  | 124221 |
|  ZipRecruiter, Inc. <br>5.000% due 01/15/30 ~ |  | 100000 |  | 82572 |
|  |  |  |  | 52219567 |
|  **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** | **Diversified - 0.1%** |
|  Stena AB (Sweden) <br>7.000% due 02/01/24 ~ |  | 100000 |  | 96784 |
|  Stena International SA (Sweden)<br>5.750% due 03/01/24 ~ |  | 200000 |  | 189881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 02/01/25 ~ |  | 146000 |  | 136356 |
|  |  |  |  | 423021 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-222** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **Energy - 11.9%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp. <br>8.250% due 02/15/26 ~ | $340000 | $337654 |
|  Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. <br>7.500% due 05/01/25 ~ | 100000 | 99405 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.375% due 06/15/29 ~ | 135000 | 123605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 03/01/27 ~ | 200000 | 189415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/28 ~ | 197000 | 183078 |
|  Antero Resources Corp.<br>5.375% due 03/01/30 ~ | 90000 | 83561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 02/01/29 ~ | 74000 | 74507 |
|  Apache Corp.<br>4.250% due 01/15/30 | 250000 | 221670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 04/15/43 | 500000 | 378138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/15/27 | 215000 | 196263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 09/01/40 | 712000 | 591649 |
|  Archrock Partners LP/Archrock Partners Finance Corp.<br>6.250% due 04/01/28 ~ | 180000 | 164995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/01/27 ~ | 156000 | 149174 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp.<br>5.875% due 06/30/29 ~ | 115000 | 102687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 11/01/26 ~ | 80000 | 77726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 12/31/28 ~ | 165000 | 161948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 11/01/27 ~ | 175000 | 216273 |
|  Athabasca Oil Corp. (Canada) <br>9.750% due 11/01/26 ~ | 211000 | 223916 |
|  Baytex Energy Corp. (Canada) <br>8.750% due 04/01/27 ~ | 185000 | 188538 |
|  Berry Petroleum Co. LLC <br>7.000% due 02/15/26 ~ | 200000 | 184003 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>6.625% due 07/15/26 ~ | 50000 | 48476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 12/15/25 ~ | 245000 | 243481 |
|  Bristow Group, Inc. <br>6.875% due 03/01/28 ~ | 150000 | 138241 |
|  Buckeye Partners LP<br>3.950% due 12/01/26 | 175000 | 156844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 03/01/25 ~ | 127000 | 121152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/01/28 ~ | 105000 | 92457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 11/15/43 | 250000 | 187867 |
|  California Resources Corp. <br>7.125% due 02/01/26 ~ | 55000 | 52922 |
|  Callon Petroleum Co.<br>7.500% due 06/15/30 ~ | 440000 | 403172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 08/01/28 ~ | 140000 | 133641 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp.<br>8.125% due 01/15/27 ~ | 120000 | 112350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 07/15/24 ~ | 162000 | 164737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% due 04/15/25 ~ | 133000 | 138830 |
|  CGG SA (France) <br>8.750% due 04/01/27 ~ | 500000 | 400503 |
|  Cheniere Energy, Inc. <br>4.625% due 10/15/28 | 365000 | 330614 |
|  Chesapeake Energy Corp.<br>5.500% due 02/01/26 ~ | 110000 | 106290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 02/01/29 ~ | 185000 | 175552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 04/15/29 ~ | 300000 | 292485 |
|  Chord Energy Corp. <br>6.375% due 06/01/26 ~ | 150000 | 146298 |
|  Civitas Resources, Inc. <br>5.000% due 10/15/26 ~ | 60000 | 54930 |
|  CNX Midstream Partners LP <br>4.750% due 04/15/30 ~ | 40000 | 32879 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  CNX Resources Corp.<br>6.000% due 01/15/29 ~ | $250000 | $230407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 03/14/27 ~ | 23000 | 22867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 01/15/31 ~ | 120000 | 115184 |
|  Colgate Energy Partners III LLC <br>5.875% due 07/01/29 ~ | 165000 | 141926 |
|  Comstock Resources, Inc.<br>5.875% due 01/15/30 ~ | 324000 | 278964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 03/01/29 ~ | 135000 | 122082 |
|  Coronado Finance Pty. Ltd. (Australia) <br>10.750% due 05/15/26 ~ | 120000 | 123015 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC <br>5.500% due 06/15/31 ~ | 450000 | 393921 |
|  Crescent Energy Finance LLC <br>7.250% due 05/01/26 ~ | 235000 | 221750 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.<br>5.625% due 05/01/27 ~ | 140000 | 130441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 04/01/25 | 85000 | 82834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/01/29 ~ | 105000 | 96490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 04/01/29 ~ | 150000 | 149483 |
|  CrownRock LP/CrownRock Finance, Inc.<br>5.000% due 05/01/29 ~ | 25000 | 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 10/15/25 ~ | 544000 | 526067 |
|  CSI Compressco LP/CSI Compressco Finance, Inc. <br>7.500% due 04/01/25 ~ | 200000 | 187316 |
|  CVR Energy, Inc.<br>5.250% due 02/15/25 ~ | 210000 | 193512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 02/15/28 ~ | 125000 | 109010 |
|  DCP Midstream Operating LP <br>5.850% due 05/21/43 ~ | 100000 | 97795 |
|  DT Midstream, Inc.<br>4.125% due 06/15/29 ~ | 95000 | 81798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 06/15/31 ~ | 200000 | 168050 |
|  Earthstone Energy Holdings LLC <br>8.000% due 04/15/27 ~ | 190000 | 182001 |
|  Encino Acquisition Partners Holdings LLC <br>8.500% due 05/01/28 ~ | 125000 | 114411 |
|  Endeavor Energy Resources LP/EER Finance, Inc. <br>5.750% due 01/30/28 ~ | 339000 | 325152 |
|  Enerflex Ltd. (Canada) <br>9.000% due 10/15/27 ~ | 198000 | 197717 |
|  Energy Ventures Gom LLC/EnVen Finance Corp. <br>11.750% due 04/15/26 ~ | 85000 | 88081 |
|  EnLink Midstream LLC<br>5.375% due 06/01/29 | 164000 | 152021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 01/15/28 ~ | 75000 | 71542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 09/01/30 ~ | 200000 | 198210 |
|  EnLink Midstream Partners LP<br>4.150% due 06/01/25 | 120000 | 113612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 04/01/45 | 200000 | 151921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 06/01/47 | 125000 | 100628 |
|  EnQuest PLC (United Kingdom) <br>11.625% due 11/01/27 ~ | 200000 | 188446 |
|  Ensign Drilling, Inc. (Canada) <br>9.250% due 04/15/24 ~ | 95000 | 89935 |
|  Enviva Partners LP/Enviva Partners Finance Corp. <br>6.500% due 01/15/26 ~ | 260000 | 245289 |
|  EQM Midstream Partners LP<br>4.000% due 08/01/24 | 43000 | 41396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 01/15/29 ~ | 145000 | 122003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/31 ~ | 145000 | 118821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 07/01/25 ~ | 221000 | 213644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/01/27 ~ | 140000 | 134050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/48 | 250000 | 187844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/27 ~ | 400000 | 392234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/30 ~ | 657000 | 633939 |
|  FTAI Infra Escrow Holdings LLC <br>10.500% due 06/01/27 ~ | 200000 | 201198 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>5.625% due 06/15/24 | 300000 | 290119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/01/25 | 170000 | 162739 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-223** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 02/01/28 | $195000 | $179802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 01/15/27 | 270000 | 255371 |
|  Global Partners LP/GLP Finance Corp.<br>6.875% due 01/15/29 | 100000 | 91737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 08/01/27 | 150000 | 142681 |
|  Gulfport Energy Corp. <br>8.000% due 05/17/26 ~ | 200000 | 195255 |
|  Harbour Energy PLC (United Kingdom) <br>5.500% due 10/15/26 ~ | 200000 | 179607 |
|  Harvest Midstream I LP <br>7.500% due 09/01/28 ~ | 225000 | 215296 |
|  Hess Midstream Operations LP<br>4.250% due 02/15/30 ~ | 230000 | 196942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 06/15/28 ~ | 240000 | 222352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 10/15/30 ~ | 165000 | 151174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/15/26 ~ | 200000 | 195143 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.750% due 02/01/29 ~ | 100000 | 89151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 04/15/30 ~ | 105000 | 93526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/01/31 ~ | 90000 | 77968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 11/01/28 ~ | 320000 | 290168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 04/15/32 ~ | 105000 | 90761 |
|  Holly Energy Partners LP/Holly Energy Finance Corp.<br>5.000% due 02/01/28 ~ | 59000 | 53821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 04/15/27 ~ | 35000 | 34433 |
|  Howard Midstream Energy Partners LLC <br>6.750% due 01/15/27 ~ | 315000 | 302336 |
|  Ithaca Energy North Sea PLC (United Kingdom) <br>9.000% due 07/15/26 ~ | 200000 | 197194 |
|  ITT Holdings LLC <br>6.500% due 08/01/29 ~ | 225000 | 189903 |
|  KCA Deutag UK Finance PLC (United Kingdom) <br>9.875% due 12/01/25 ~ | 151000 | 142978 |
|  Kinetik Holdings LP <br>5.875% due 06/15/30 ~ | 290000 | 272349 |
|  Laredo Petroleum, Inc.<br>7.750% due 07/31/29 ~ | 165000 | 148728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 01/15/25 | 180000 | 177696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125% due 01/15/28 | 125000 | 122092 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. <br>6.000% due 08/01/26 ~ | 330000 | 317312 |
|  Matador Resources Co. <br>5.875% due 09/15/26 | 330000 | 317763 |
|  MEG Energy Corp. (Canada) <br>7.125% due 02/01/27 ~ | 360000 | 367696 |
|  Moss Creek Resources Holdings, Inc.<br>7.500% due 01/15/26 ~ | 350000 | 316106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 05/15/27 ~ | 100000 | 95158 |
|  Murphy Oil Corp.<br>5.750% due 08/15/25 | 43000 | 42326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 12/01/27 | 117000 | 112789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 07/15/28 | 11000 | 10604 |
|  Nabors Industries Ltd.<br>7.250% due 01/15/26 ~ | 419000 | 395527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 01/15/28 ~ | 150000 | 137471 |
|  Nabors Industries, Inc.<br>5.750% due 02/01/25 | 85000 | 81191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 05/15/27 ~ | 271000 | 262829 |
|  Neptune Energy Bondco PLC (United Kingdom) <br>6.625% due 05/15/25 ~ | 250000 | 243189 |
|  New Fortress Energy, Inc.<br>6.500% due 09/30/26 ~ | 300000 | 279180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 09/15/25 ~ | 338000 | 320465 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>7.500% due 02/01/26 ~ | 435000 | 388073 |
|  NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% due 03/01/25 | 100000 | 81658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 11/01/23 | 195000 | 190184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 04/15/26 | 150000 | 114979 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Northern Oil & Gas, Inc. <br>8.125% due 03/01/28 ~ | $100000 | $96144 |
|  Northriver Midstream Finance LP (Canada) <br>5.625% due 02/15/26 ~ | 250000 | 237200 |
|  NuStar Logistics LP<br>5.625% due 04/28/27 | 130000 | 121781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 10/01/25 | 50000 | 48153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/01/26 | 171000 | 164951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 10/01/30 | 445000 | 412266 |
|  Occidental Petroleum Corp.<br>3.500% due 08/15/29 | 386000 | 346219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 04/15/46 | 2175000 | 1702579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 12/01/25 | 115000 | 114770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 03/15/26 | 325000 | 324311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 09/01/25 | 239000 | 238524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 01/01/31 | 465000 | 470168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 09/01/28 | 200000 | 202203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% due 09/15/36 | 500000 | 511127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 09/01/30 | 329000 | 340724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% due 07/01/24 | 71000 | 72473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 05/01/31 | 150000 | 160523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 09/15/31 | 150000 | 165866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 07/15/27 | 150000 | 161779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 07/15/30 | 200000 | 226137 |
|  Oceaneering International, Inc.<br>4.650% due 11/15/24 | 200000 | 191318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 02/01/28 | 150000 | 138393 |
|  Parkland Corp. (Canada)<br>4.500% due 10/01/29 ~ | 140000 | 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 05/01/30 ~ | 417000 | 345670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 07/15/27 ~ | 132000 | 125561 |
|  Patterson-UTI Energy, Inc. <br>3.950% due 02/01/28 | 250000 | 220718 |
|  PBF Holding Co. LLC/PBF Finance Corp.<br>6.000% due 02/15/28 | 195000 | 174276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 06/15/25 | 225000 | 222721 |
|  PDC Energy, Inc.<br>5.750% due 05/15/26 | 150000 | 143430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 09/15/24 | 100000 | 99602 |
|  Petrofac Ltd. (United Kingdom) <br>9.750% due 11/15/26 ~ | 250000 | 141605 |
|  Precision Drilling Corp. (Canada)<br>6.875% due 01/15/29 ~ | 125000 | 116538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 01/15/26 ~ | 200000 | 193816 |
|  Puma International Financing SA (Singapore) <br>5.000% due 01/24/26 ~ | 200000 | 175014 |
|  Range Resources Corp.<br>4.750% due 02/15/30 ~ | 29000 | 25594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/15/25 | 88000 | 83735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 01/15/29 | 95000 | 98020 |
|  ROCC Holdings LLC <br>9.250% due 08/15/26 ~ | 75000 | 74764 |
|  Rockcliff Energy II LLC <br>5.500% due 10/15/29 ~ | 88000 | 80628 |
|  Rockies Express Pipeline LLC<br>3.600% due 05/15/25 ~ | 250000 | 236468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/15/40 ~ | 250000 | 210648 |
|  SM Energy Co.<br>5.625% due 06/01/25 | 113000 | 108654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 07/15/28 | 120000 | 115204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 01/15/27 | 100000 | 96480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 09/15/26 | 60000 | 58346 |
|  Southeast Supply Header LLC <br>4.250% due 06/15/24 ~ | 250000 | 232715 |
|  Southwestern Energy Co.<br>4.750% due 02/01/32 | 176000 | 150747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/29 | 390000 | 362117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 03/15/30 | 390000 | 356438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 01/23/25 | 14000 | 13778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 10/01/27 | 80000 | 81660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 09/15/28 | 150000 | 154906 |
|  Strathcona Resources Ltd. (Canada) <br>6.875% due 08/01/26 ~ | 150000 | 109657 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-224** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<br>5.750% due 04/15/25 | $| 140000 | $| 119102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 10/15/26 ~ |  | 337000 |  | 321444 |
|  SunCoke Energy, Inc. <br>4.875% due 06/30/29 ~ |  | 167000 |  | 143568 |
|  Sunnova Energy Corp. <br>5.875% due 09/01/26 ~ |  | 110000 |  | 98410 |
|  Sunoco LP/Sunoco Finance Corp.<br>4.500% due 05/15/29 |  | 75000 |  | 65711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 04/30/30 |  | 500000 |  | 434700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 04/15/27 |  | 359000 |  | 354124 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<br>5.500% due 01/15/28 ~ |  | 163000 |  | 144812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/31/30 ~ |  | 215000 |  | 186196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 09/01/31 ~ |  | 200000 |  | 172217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 10/01/25 ~ |  | 300000 |  | 303173 |
|  Talos Production, Inc. <br>12.000% due 01/15/26 |  | 178000 |  | 187576 |
|  Tap Rock Resources LLC <br>7.000% due 10/01/26 ~ |  | 60000 |  | 55881 |
|  TerraForm Power Operating LLC<br>4.750% due 01/15/30 ~ |  | 177000 |  | 154304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 01/31/28 ~ |  | 141000 |  | 127141 |
|  TransMontaigne Partners LP/TLP Finance Corp. <br>6.125% due 02/15/26 |  | 50000 |  | 43361 |
|  Transocean Guardian Ltd. <br>5.875% due 01/15/24 ~ |  | 339246 |  | 331812 |
|  Transocean Phoenix 2 Ltd. <br>7.750% due 10/15/24 ~ |  | 80000 |  | 79583 |
|  Transocean Pontus Ltd. <br>6.125% due 08/01/25 ~ |  | 182000 |  | 178726 |
|  Transocean Proteus Ltd. <br>6.250% due 12/01/24 ~ |  | 52000 |  | 51304 |
|  Transocean, Inc.<br>8.000% due 02/01/27 ~ |  | 433000 |  | 354289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.350% due 12/15/41 |  | 490000 |  | 332318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% due 01/30/27 ~ |  | 247000 |  | 247984 |
|  USA Compression Partners LP/USA Compression Finance Corp.<br>6.875% due 04/01/26 |  | 135000 |  | 129721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 09/01/27 |  | 305000 |  | 285665 |
|  Venture Global Calcasieu Pass LLC<br>3.875% due 08/15/29 ~ |  | 244000 |  | 213928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/01/33 ~ |  | 467000 |  | 382354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/31 ~ |  | 144000 |  | 122940 |
|  Vermilion Energy, Inc. (Canada)<br>5.625% due 03/15/25 ~ |  | 50000 |  | 48111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 05/01/30 ~ |  | 167000 |  | 152623 |
|  Viper Energy Partners LP <br>5.375% due 11/01/27 ~ |  | 40000 |  | 38049 |
|  Warrior Met Coal, Inc. <br>7.875% due 12/01/28 ~ |  | 175000 |  | 172741 |
|  Weatherford International Ltd.<br>6.500% due 09/15/28 ~ |  | 103000 |  | 101119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 04/30/30 ~ |  | 585000 |  | 562825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% due 12/01/24 ~ |  | 51000 |  | 52212 |
|  Western Midstream Operating LP<br>3.350% due 02/01/25 |  | 305000 |  | 289094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 02/01/30 |  | 50000 |  | 43759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 07/01/26 |  | 75000 |  | 71309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/15/48 |  | 354000 |  | 294878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/01/50 |  | 400000 |  | 330230 |
|  |  |  |  | 43030624 |
|  **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** | **Financial - 10.4%** |
|  Acrisure LLC/Acrisure Finance, Inc.<br>4.250% due 02/15/29 ~ |  | 160000 |  | 132274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 08/01/29 ~ |  | 185000 |  | 151428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 11/15/25 ~ |  | 275000 |  | 253108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125% due 08/01/26 ~ |  | 100000 |  | 97419 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Advisor Group Holdings, Inc. <br>10.750% due 08/01/27 ~ | $100000 | $101377 |
|  AG Issuer LLC <br>6.250% due 03/01/28 ~ | 70000 | 64437 |
|  AG TTMT Escrow Issuer LLC <br>8.625% due 09/30/27 ~ | 120000 | 120750 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<br>4.250% due 10/15/27 ~ | 220000 | 197379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/01/29 ~ | 200000 | 164740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 10/15/27 ~ | 350000 | 315353 |
|  Ally Financial, Inc. <br>5.750% due 11/20/25 | 200000 | 193960 |
|  AmWINS Group, Inc. <br>4.875% due 06/30/29 ~ | 85000 | 72203 |
|  Apollo Commercial Real Estate Finance, Inc. <br>4.625% due 06/15/29 ~ | 150000 | 120254 |
|  Aretec Escrow Issuer, Inc. <br>7.500% due 04/01/29 ~ | 300000 | 248237 |
|  Armor Holdco, Inc. <br>8.500% due 11/15/29 ~ | 250000 | 188083 |
|  Assurant, Inc. <br>7.000% due 03/27/48 | 200000 | 193979 |
|  AssuredPartners, Inc. <br>7.000% due 08/15/25 ~ | 64000 | 61994 |
|  Blackstone Mortgage Trust, Inc. <br>3.750% due 01/15/27 ~ | 250000 | 215289 |
|  Brightsphere Investment Group, Inc. <br>4.800% due 07/27/26 | 100000 | 90704 |
|  BroadStreet Partners, Inc. <br>5.875% due 04/15/29 ~ | 283000 | 241224 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL<br>4.500% due 04/01/27 ~ | 150000 | 125585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/15/26 ~ | 300000 | 274565 |
|  Burford Capital Global Finance LLC<br>6.250% due 04/15/28 ~ | 250000 | 222801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 04/15/30 ~ | 200000 | 178898 |
|  Castlelake Aviation Finance DAC <br>5.000% due 04/15/27 ~ | 300000 | 261432 |
|  Cobra AcquisitionCo LLC <br>6.375% due 11/01/29 ~ | 250000 | 147825 |
|  Coinbase Global, Inc.<br>3.375% due 10/01/28 ~ | 555000 | 294094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 10/01/31 ~ | 185000 | 89339 |
|  Compass Group Diversified Holdings LLC<br>5.000% due 01/15/32 ~ | 175000 | 139239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/15/29 ~ | 120000 | 102851 |
|  Credit Acceptance Corp. <br>6.625% due 03/15/26 | 200000 | 189877 |
|  CTR Partnership LP/CareTrust Capital Corp. <br>3.875% due 06/30/28 ~ | 100000 | 84914 |
|  Curo Group Holdings Corp. <br>7.500% due 08/01/28 ~ | 253000 | 118342 |
|  Cushman & Wakefield US Borrower LLC <br>6.750% due 05/15/28 ~ | 80000 | 76490 |
|  Deutsche Bank AG (Germany) <br>4.296% due 05/24/28 | 476000 | 447876 |
|  Diversified Healthcare Trust<br>4.375% due 03/01/31 | 500000 | 317779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 05/01/24 | 100000 | 84658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/15/28 | 200000 | 114066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 06/15/25 | 107000 | 102689 |
|  Dresdner Funding Trust I <br>8.151% due 06/30/31 ~ | 350000 | 362493 |
|  Enact Holdings, Inc. <br>6.500% due 08/15/25 ~ | 210000 | 206447 |
|  Enova International, Inc. <br>8.500% due 09/15/25 ~ | 200000 | 185746 |
|  Enstar Finance LLC <br>5.500% due 01/15/42 | 250000 | 200162 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-225** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Five Point Operating Co. LP/Five Point Capital Corp. <br>7.875% due 11/15/25 ~ | $150000 | $126330 |
|  Freedom Mortgage Corp.<br>6.625% due 01/15/27 ~ | 300000 | 233850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 05/01/26 ~ | 190000 | 158784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 11/15/24 ~ | 150000 | 138237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 04/15/25 ~ | 156000 | 140565 |
|  Genworth Holdings, Inc. <br>6.500% due 06/15/34 | 100000 | 88070 |
|  Global Aircraft Leasing Co. Ltd. (Cayman) <br>6.500% Cash or 7.250% PIK<br>due 09/15/24 ~ | 443565 | 377984 |
|  Global Atlantic Fin Co. <br>4.700% due 10/15/51 ~ | 300000 | 228985 |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP <br>3.750% due 12/15/27 ~ | 135000 | 111836 |
|  goeasy Ltd. (Canada)<br>4.375% due 05/01/26 ~ | 75000 | 66482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 12/01/24 ~ | 82000 | 78806 |
|  Greystar Real Estate Partners LLC <br>5.750% due 12/01/25 ~ | 103000 | 100834 |
|  GTCR AP Finance, Inc. <br>8.000% due 05/15/27 ~ | 550000 | 527703 |
|  HAT Holdings I LLC/HAT Holdings II LLC<br>3.375% due 06/15/26 ~ | 300000 | 261057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 09/15/30 ~ | 300000 | 220985 |
|  Hightower Holding LLC <br>6.750% due 04/15/29 ~ | 83000 | 69767 |
|  Home Point Capital, Inc. <br>5.000% due 02/01/26 ~ | 100000 | 69274 |
|  Howard Hughes Corp.<br>4.375% due 02/01/31 ~ | 75000 | 60789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 08/01/28 ~ | 200000 | 180500 |
|  HUB International Ltd. <br>7.000% due 05/01/26 ~ | 795000 | 779911 |
|  Hunt Cos., Inc. <br>5.250% due 04/15/29 ~ | 200000 | 168362 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>4.375% due 02/01/29 | 145000 | 122829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 09/15/24 | 326000 | 313301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/15/27 | 600000 | 550680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 05/15/26 | 405000 | 390092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 12/15/25 | 50000 | 48576 |
|  Intesa Sanpaolo SpA (Italy)<br>4.950% due 06/01/42 ~ | 300000 | 193464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.017% due 06/26/24 ~ | 700000 | 673308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% due 01/15/26 ~ | 400000 | 384838 |
|  Iron Mountain Information Management Services, Inc. 5.000% due 07/15/32 ~ | 150000 | 124822 |
|  Iron Mountain, Inc.<br>4.500% due 02/15/31 ~ | 215000 | 177202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/15/27 ~ | 425000 | 391523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 09/15/29 ~ | 535000 | 467526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/15/28 ~ | 65000 | 58497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 03/15/28 ~ | 224000 | 206436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/15/30 ~ | 575000 | 500972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/15/32 ~ | 65000 | 56445 |
|  iStar, Inc.<br>4.750% due 10/01/24 | 137000 | 136207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 02/15/26 | 150000 | 149873 |
|  Jane Street Group/JSG Finance, Inc. <br>4.500% due 11/15/29 ~ | 350000 | 301506 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. <br>5.000% due 08/15/28 ~ | 430000 | 351396 |
|  Jefferson Capital Holdings LLC <br>6.000% due 08/15/26 ~ | 75000 | 62164 |
|  Jones Deslauriers Insurance Management, Inc. (Canada) <br>10.500% due 12/15/30 ~ | 400000 | 394462 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Kennedy-Wilson, Inc.<br>4.750% due 03/01/29 | $235000 | $186554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 02/01/30 | 100000 | 76380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/01/31 | 235000 | 177207 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br>4.750% due 06/15/29 ~ | 225000 | 181987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 10/01/25 ~ | 250000 | 235323 |
|  LD Holdings Group LLC<br>6.125% due 04/01/28 ~ | 175000 | 106137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 11/01/25 ~ | 146000 | 98615 |
|  LFS Topco LLC <br>5.875% due 10/15/26 ~ | 25000 | 20205 |
|  Liberty Mutual Group, Inc.<br>4.125% due 12/15/51 ~ | 150000 | 122394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 02/01/61 ~ | 250000 | 152840 |
|  LPL Holdings, Inc.<br>4.375% due 05/15/31 ~ | 250000 | 212899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/27 ~ | 150000 | 140370 |
|  MGIC Investment Corp. <br>5.250% due 08/15/28 | 169000 | 156116 |
|  Midcap Financial Issuer Trust <br>5.625% due 01/15/30 ~ | 250000 | 202792 |
|  MPT Operating Partnership LP/MPT Finance Corp.<br>3.500% due 03/15/31 | 190000 | 130639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 08/01/29 | 235000 | 179630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/27 | 470000 | 396097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 08/01/26 | 500000 | 456202 |
|  Nationstar Mortgage Holdings, Inc.<br>5.125% due 12/15/30 ~ | 455000 | 352025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/15/28 ~ | 146000 | 119287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 01/15/27 ~ | 295000 | 264491 |
|  Navient Corp.<br>4.875% due 03/15/28 | 300000 | 247151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/15/27 | 390000 | 342094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 08/01/33 | 200000 | 142837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 03/25/24 | 300000 | 294375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 06/25/25 | 335000 | 322155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 06/15/26 | 100000 | 94954 |
|  NFP Corp.<br>4.875% due 08/15/28 ~ | 94000 | 80144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 08/15/28 ~ | 770000 | 636389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 10/01/30 ~ | 133000 | 125894 |
|  NMI Holdings, Inc. <br>7.375% due 06/01/25 ~ | 113000 | 114324 |
|  Office Properties Income Trust REIT<br>2.400% due 02/01/27 | 500000 | 365867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 10/15/31 | 250000 | 167460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 05/15/24 | 300000 | 284278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/01/25 | 55000 | 49878 |
|  Ohio National Financial Services, Inc. <br>5.800% due 01/24/30 ~ | 400000 | 368414 |
|  OneMain Finance Corp.<br>3.500% due 01/15/27 | 355000 | 294373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 09/15/28 | 200000 | 159304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/15/30 | 160000 | 119591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/15/29 | 90000 | 73760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 03/15/24 | 454000 | 440153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 01/15/28 | 366000 | 337664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 03/15/25 | 238000 | 229171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 03/15/26 | 210000 | 200153 |
|  Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc. <br>6.375% due 02/01/27 ~ | 75000 | 69908 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<br>5.875% due 10/01/28 ~ | 85000 | 77188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 06/01/25 ~ | 230000 | 230225 |
|  PennyMac Financial Services, Inc.<br>4.250% due 02/15/29 ~ | 210000 | 164090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 10/15/25 ~ | 225000 | 203169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 09/15/31 ~ | 100000 | 79448 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-226** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  PHH Mortgage Corp. <br>7.875% due 03/15/26 ~ | $100000 | $88958 |
|  PRA Group, Inc. <br>5.000% due 10/01/29 ~ | 120000 | 99176 |
|  Provident Funding Associates LP/PFG Finance Corp. <br>6.375% due 06/15/25 ~ | 50000 | 43752 |
|  Radian Group, Inc.<br>4.500% due 10/01/24 | 300000 | 289884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/15/27 | 150000 | 137695 |
|  Realogy Group LLC/Realogy Co-Issuer Corp.<br>5.250% due 04/15/30 ~ | 273000 | 199511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/29 ~ | 400000 | 303076 |
|  RHP Hotel Properties LP/RHP Finance Corp.<br>4.500% due 02/15/29 ~ | 110000 | 95026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/15/27 | 105000 | 95189 |
|  Rithm Capital Corp. <br>6.250% due 10/15/25 ~ | 214000 | 192360 |
|  RLJ Lodging Trust LP<br>3.750% due 07/01/26 ~ | 170000 | 151612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/15/29 ~ | 95000 | 77151 |
|  Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.<br>2.875% due 10/15/26 ~ | 242000 | 207845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 03/01/29 ~ | 145000 | 115144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 03/01/31 ~ | 290000 | 222039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/15/33 ~ | 200000 | 149661 |
|  Ryan Specialty Group LLC <br>4.375% due 02/01/30 ~ | 120000 | 104058 |
|  SBA Communications Corp.<br>3.125% due 02/01/29 | 715000 | 595770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 02/15/27 | 256000 | 231735 |
|  Service Properties Trust<br>4.350% due 10/01/24 | 300000 | 273195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 06/15/23 | 150000 | 147641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 03/15/25 | 100000 | 86413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 03/15/24 | 100000 | 95670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 02/15/27 | 300000 | 236754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 02/15/26 | 350000 | 292891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 12/15/27 | 200000 | 172482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 09/15/25 | 290000 | 276711 |
|  SLM Corp.<br>3.125% due 11/02/26 | 175000 | 149047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 10/29/25 | 110000 | 100834 |
|  Starwood Property Trust, Inc.<br>3.625% due 07/15/26 ~ | 110000 | 96387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/31/24 ~ | 63000 | 59231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 01/15/27 ~ | 125000 | 109562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/15/25 | 138000 | 131924 |
|  StoneX Group, Inc. <br>8.625% due 06/15/25 ~ | 75000 | 75881 |
|  Synovus Financial Corp. <br>5.900% due 02/07/29 | 100000 | 97960 |
|  UniCredit SpA (Italy)<br>5.459% due 06/30/35 ~ | 450000 | 366484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.861% due 06/19/32 ~ | 720000 | 633068 |
|  United Wholesale Mortgage LLC<br>5.500% due 11/15/25 ~ | 95000 | 85698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 04/15/29 ~ | 100000 | 79695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/15/27 ~ | 200000 | 172462 |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<br>6.000% due 01/15/30 ~ | 150000 | 95112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 02/15/25 ~ | 777000 | 753786 |
|  Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC<br>4.750% due 04/15/28 ~ | 250000 | 200366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 02/15/29 ~ | 275000 | 182702 |
|  USI, Inc. <br>6.875% due 05/01/25 ~ | 105000 | 101317 |
|  VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland)<br>6.375% due 02/01/30 ~ | 133000 | 106816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 05/01/27 ~ | 455000 | 411056 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  WeWork Cos., Inc. <br>7.875% due 05/01/25 ~ | $| 300000 | $| 114474 |
|  World Acceptance Corp. <br>7.000% due 11/01/26 ~ |  | 100000 |  | 56125 |
|  XHR LP 4.875% due 06/01/29 ~ |  | 67000 |  | 54969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 08/15/25 ~ |  | 200000 |  | 192609 |
|  |  |  |  | 37489155 |
|  **Industrial - 10.3%** | **Industrial - 10.3%** | **Industrial - 10.3%** | **Industrial - 10.3%** | **Industrial - 10.3%** |
|  Advanced Drainage Systems, Inc. <br>6.375% due 06/15/30 ~ |  | 82000 |  | 79787 |
|  AECOM <br>5.125% due 03/15/27 |  | 165000 |  | 159081 |
|  AerCap Global Aviation Trust (Ireland) <br>6.500% due 06/15/45 ~ |  | 200000 |  | 188884 |
|  Amsted Industries, Inc.<br>4.625% due 05/15/30 ~ |  | 250000 |  | 214339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/01/27 ~ |  | 150000 |  | 142892 |
|  Arcosa, Inc. <br>4.375% due 04/15/29 ~ |  | 175000 |  | 151980 |
|  ARD Finance SA (Luxembourg) <br>6.500% Cash or 7.250% PIK due 06/30/27 ~ |  | 350000 |  | 243989 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>3.250% due 09/01/28 ~ |  | 100000 |  | 85072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 09/01/29 ~ |  | 350000 |  | 278041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 06/15/27 ~ |  | 200000 |  | 196038 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<br>4.125% due 08/15/26 ~ |  | 200000 |  | 173653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 04/30/25 ~ |  | 600000 |  | 571973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 08/15/27 ~ |  | 500000 |  | 374661 |
|  Artera Services LLC <br>9.033% due 12/04/25 ~ |  | 290000 |  | 242054 |
|  Atkore, Inc. <br>4.250% due 06/01/31 ~ |  | 150000 |  | 128842 |
|  ATS Corp. (Canada) <br>4.125% due 12/15/28 ~ |  | 200000 |  | 172788 |
|  Ball Corp.<br>2.875% due 08/15/30 |  | 453000 |  | 362493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 09/15/31 |  | 165000 |  | 132731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/23 |  | 71000 |  | 69704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/15/26 |  | 265000 |  | 257143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/01/25 |  | 190000 |  | 187847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 03/15/28 |  | 155000 |  | 159413 |
|  Berry Global, Inc.<br>4.500% due 02/15/26 ~ |  | 89000 |  | 85174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 07/15/27 ~ |  | 152000 |  | 148543 |
|  Boise Cascade Co. <br>4.875% due 07/01/30 ~ |  | 50000 |  | 43827 |
|  Bombardier, Inc. (Canada)<br>7.125% due 06/15/26 ~ |  | 366000 |  | 355765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 03/15/25 ~ |  | 398000 |  | 394965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 04/15/27 ~ |  | 1071000 |  | 1041050 |
|  Brand Industrial Services, Inc. <br>8.500% due 07/15/25 ~ |  | 317000 |  | 253779 |
|  Brundage-Bone Concrete Pumping Holdings, Inc. <br>6.000% due 02/01/26 ~ |  | 125000 |  | 114112 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 02/01/32 ~ |  | 260000 |  | 211246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 03/01/30 ~ |  | 50000 |  | 44385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 06/15/32 ~ |  | 205000 |  | 192822 |
|  BWX Technologies, Inc. <br>4.125% due 04/15/29 ~ |  | 200000 |  | 175328 |
|  Camelot Return Merger Sub, Inc. <br>8.750% due 08/01/28 ~ |  | 700000 |  | 643247 |
|  Cargo Aircraft Management, Inc. <br>4.750% due 02/01/28 ~ |  | 290000 |  | 263656 |
|  Cascades, Inc./Cascades USA, Inc. (Canada)<br>5.125% due 01/15/26 ~ |  | 250000 |  | 228034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 01/15/28 ~ |  | 83000 |  | 72861 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-227** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Cellnex Finance Co. SA (Spain) <br>3.875% due 07/07/41 ~ | $280000 | $191925 |
|  Chart Industries, Inc.<br>7.500% due 01/01/30 ~ | 402000 | 404629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 01/01/31 ~ | 100000 | 102681 |
|  Clean Harbors, Inc.<br>4.875% due 07/15/27 ~ | 60000 | 56953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 07/15/29 ~ | 100000 | 92923 |
|  Clydesdale Acquisition Holdings, Inc.<br>6.625% due 04/15/29 ~ | 140000 | 133284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 04/15/30 ~ | 327000 | 280516 |
|  Coherent Corp. <br>5.000% due 12/15/29 ~ | 110000 | 95010 |
|  Cornerstone Building Brands, Inc. <br>6.125% due 01/15/29 ~ | 105000 | 74116 |
|  Covanta Holding Corp.<br>4.875% due 12/01/29 ~ | 170000 | 139497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 09/01/30 | 200000 | 161943 |
|  CP Atlas Buyer, Inc. <br>7.000% due 12/01/28 ~ | 200000 | 148801 |
|  Crown Americas LLC <br>5.250% due 04/01/30 ~ | 150000 | 142045 |
|  Crown Americas LLC/Crown Americas Capital Corp. V 4.250% due 09/30/26 | 190000 | 181507 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI<br>4.750% due 02/01/26 | 250000 | 243117 |
|  Dycom Industries, Inc. <br>4.500% due 04/15/29 ~ | 165000 | 143853 |
|  Eco Material Technologies, Inc. <br>7.875% due 01/31/27 ~ | 275000 | 263053 |
|  Energizer Holdings, Inc.<br>4.375% due 03/31/29 ~ | 94000 | 79868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 12/31/27 ~ | 200000 | 190588 |
|  EnerSys <br>4.375% due 12/15/27 ~ | 150000 | 135701 |
|  EnPro Industries, Inc. <br>5.750% due 10/15/26 | 100000 | 97470 |
|  F-Brasile SpA/F-Brasile US LLC (Italy) <br>7.375% due 08/15/26 ~ | 200000 | 163816 |
|  First Student Bidco, Inc./First Transit Parent, Inc. <br>4.000% due 07/31/29 ~ | 200000 | 165714 |
|  Fluor Corp. <br>3.500% due 12/15/24 | 155000 | 149067 |
|  Fortress Transportation & Infrastructure Investors LLC<br>5.500% due 05/01/28 ~ | 219000 | 187120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/01/25 ~ | 130000 | 122454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 08/01/27 ~ | 200000 | 200850 |
|  FXI Holdings, Inc.<br>7.875% due 11/01/24 ~ | 121000 | 100782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250% due 11/15/26 ~ | 197000 | 163408 |
|  Gates Global LLC/Gates Corp. <br>6.250% due 01/15/26 ~ | 175000 | 169146 |
|  GFL Environmental, Inc. (Canada)<br>3.500% due 09/01/28 ~ | 135000 | 118862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 08/01/25 ~ | 606000 | 573624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 08/01/28 ~ | 125000 | 107039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 06/01/25 ~ | 65000 | 62200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 08/15/29 ~ | 255000 | 216425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 06/15/29 ~ | 55000 | 48209 |
|  Global Infrastructure Solutions, Inc.<br>5.625% due 06/01/29 ~ | 115000 | 90358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 04/15/32 ~ | 50000 | 39645 |
|  GrafTech Finance, Inc. <br>4.625% due 12/15/28 ~ | 95000 | 78156 |
|  Graham Packaging Co., Inc. <br>7.125% due 08/15/28 ~ | 185000 | 154655 |
|  Graphic Packaging International LLC<br>3.500% due 03/15/28 ~ | 150000 | 130780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 02/01/30 ~ | 125000 | 106407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 08/15/24 | 100000 | 98402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 07/15/27 ~ | 200000 | 188560 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Great Lakes Dredge & Dock Corp. <br>5.250% due 06/01/29 ~ | $250000 | $194675 |
|  Griffon Corp. <br>5.750% due 03/01/28 | 125000 | 114569 |
|  Harsco Corp. <br>5.750% due 07/31/27 ~ | 310000 | 245255 |
|  Hexcel Corp. <br>4.200% due 02/15/27 | 60000 | 55496 |
|  Hillenbrand, Inc.<br>3.750% due 03/01/31 | 125000 | 102662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 06/15/25 | 165000 | 164482 |
|  Howmet Aerospace, Inc.<br>5.950% due 02/01/37 | 397000 | 386054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 01/15/28 | 257000 | 260887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 05/01/25 | 12000 | 12334 |
|  Husky III Holding Ltd. (Canada) <br>13.000% Cash or 13.750% PIK<br>due 02/15/25 ~ | 200000 | 177500 |
|  Imola Merger Corp. <br>4.750% due 05/15/29 ~ | 530000 | 460903 |
|  Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada) <br>6.000% due 09/15/28 ~ | 260000 | 210202 |
|  JELD-WEN, Inc.<br>4.625% due 12/15/25 ~ | 100000 | 83888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 12/15/27 ~ | 100000 | 75425 |
|  Koppers, Inc. <br>6.000% due 02/15/25 ~ | 150000 | 142737 |
|  LABL, Inc.<br>5.875% due 11/01/28 ~ | 40000 | 34926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 07/15/26 ~ | 185000 | 174672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 11/01/29 ~ | 250000 | 199587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 07/15/27 ~ | 275000 | 256322 |
|  Likewize Corp. <br>9.750% due 10/15/25 ~ | 120000 | 110590 |
|  LSB Industries, Inc. <br>6.250% due 10/15/28 ~ | 283000 | 259292 |
|  Madison IAQ LLC<br>4.125% due 06/30/28 ~ | 210000 | 175875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 06/30/29 ~ | 405000 | 278348 |
|  Manitowoc Co., Inc. <br>9.000% due 04/01/26 ~ | 125000 | 117674 |
|  Masonite International Corp.<br>3.500% due 02/15/30 ~ | 100000 | 81023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 02/01/28 ~ | 134000 | 124128 |
|  MasTec, Inc. <br>6.625% due 08/15/29 ~ | 100000 | 90179 |
|  Mauser Packaging Solutions Holding Co.<br>5.500% due 04/15/24 ~ | 435000 | 423867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 04/15/25 ~ | 505000 | 468022 |
|  MIWD Holdco II LLC/MIWD Finance Corp. <br>5.500% due 02/01/30 ~ | 65000 | 51834 |
|  Moog, Inc. <br>4.250% due 12/15/27 ~ | 115000 | 106573 |
|  Mueller Water Products, Inc. <br>4.000% due 06/15/29 ~ | 50000 | 44001 |
|  NAC Aviation 29 DAC (Ireland) <br>4.750% due 06/30/26 | 225000 | 184500 |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250% due 07/15/28 ~ | 120000 | 106712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 07/15/28 ~ | 250000 | 231804 |
|  OI European Group BV <br>4.750% due 02/15/30 ~ | 125000 | 109643 |
|  Oscar AcquisitionCo LLC/Oscar Finance, Inc. <br>9.500% due 04/15/30 ~ | 100000 | 89870 |
|  OT Merger Corp. <br>7.875% due 10/15/29 ~ | 200000 | 106503 |
|  Owens-Brockway Glass Container, Inc.<br>5.375% due 01/15/25 ~ | 48000 | 46126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 08/15/23 ~ | 73000 | 72776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 08/15/25 ~ | 300000 | 294432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 05/13/27 ~ | 150000 | 145764 |
|  Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. <br>4.375% due 10/15/28 ~ | 100000 | 89468 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-228** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC <br>4.000% due 10/15/27 ~ | $200000 | $177730 |
|  Pactiv LLC<br>7.950% due 12/15/25 | 100000 | 96741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 04/15/27 | 100000 | 97801 |
|  PGT Innovations, Inc. <br>4.375% due 10/01/29 ~ | 50000 | 41926 |
|  Promontoria Holding 264 BV (Netherlands) <br>7.875% due 03/01/27 ~ | 200000 | 185505 |
|  Roller Bearing Co. of America, Inc. <br>4.375% due 10/15/29 ~ | 50000 | 43298 |
|  Rolls-Royce PLC (United Kingdom) <br>5.750% due 10/15/27 ~ | 300000 | 286239 |
|  Sealed Air Corp.<br>4.000% due 12/01/27 ~ | 250000 | 227214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 04/15/29 ~ | 100000 | 94144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 12/01/24 ~ | 50000 | 49211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/15/25 ~ | 290000 | 286333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 07/15/33 ~ | 54000 | 53608 |
|  Seaspan Corp. (Hong Kong) <br>5.500% due 08/01/29 ~ | 121000 | 91855 |
|  Sensata Technologies BV<br>5.000% due 10/01/25 ~ | 250000 | 244583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/01/24 ~ | 200000 | 199052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 09/01/30 ~ | 109000 | 103460 |
|  Sensata Technologies, Inc.<br>3.750% due 02/15/31 ~ | 210000 | 173077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 02/15/30 ~ | 150000 | 130842 |
|  Silgan Holdings, Inc. <br>4.125% due 02/01/28 | 140000 | 129763 |
|  Smyrna Ready Mix Concrete LLC <br>6.000% due 11/01/28 ~ | 245000 | 219714 |
|  Spirit AeroSystems, Inc.<br>3.850% due 06/15/26 | 350000 | 317293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 06/15/28 | 55000 | 44497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 04/15/25 ~ | 375000 | 371366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 11/30/29 ~ | 205000 | 216060 |
|  SPX FLOW, Inc. <br>8.750% due 04/01/30 ~ | 167000 | 131923 |
|  Standard Industries, Inc.<br>3.375% due 01/15/31 ~ | 466000 | 351638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/15/28 ~ | 374000 | 337105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/15/27 ~ | 460000 | 425140 |
|  Stericycle, Inc.<br>3.875% due 01/15/29 ~ | 324000 | 283116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 07/15/24 ~ | 201000 | 198320 |
|  Stevens Holding Co., Inc. <br>6.125% due 10/01/26 ~ | 100000 | 100422 |
|  Summit Materials LLC/Summit Materials Finance Corp.<br>5.250% due 01/15/29 ~ | 165000 | 153912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 03/15/27 ~ | 175000 | 171796 |
|  Terex Corp. <br>5.000% due 05/15/29 ~ | 175000 | 157504 |
|  Tervita Corp. (Canada) <br>11.000% due 12/01/25 ~ | 210000 | 226868 |
|  Titan Acquisition Ltd./Titan Co.-Borrower LLC (Canada) <br>7.750% due 04/15/26 ~ | 155000 | 139836 |
|  TK Elevator Holdco GmbH (Germany) <br>7.625% due 07/15/28 ~ | 200000 | 163628 |
|  TK Elevator US Newco, Inc. (Germany) <br>5.250% due 07/15/27 ~ | 490000 | 435904 |
|  TopBuild Corp.<br>3.625% due 03/15/29 ~ | 350000 | 287422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 02/15/32 ~ | 35000 | 28492 |
|  TransDigm UK Holdings PLC <br>6.875% due 05/15/26 | 235000 | 229845 |
|  TransDigm, Inc.<br>4.625% due 01/15/29 | 488000 | 429940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 05/01/29 | 188000 | 164223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/15/27 | 705000 | 663461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 03/15/26 ~ | 1340000 | 1324443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 06/15/26 | 151000 | 147137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 12/15/25 ~ | 140000 | 142379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  TriMas Corp. <br>4.125% due 04/15/29 ~ | $| 100000 | $| 87461 |
|  Trinity Industries, Inc. <br>4.550% due 10/01/24 |  | 175000 |  | 170110 |
|  Triumph Group, Inc.<br>6.250% due 09/15/24 ~ |  | 584000 |  | 554526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 08/15/25 |  | 100000 |  | 85217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 06/01/24 ~ |  | 86000 |  | 87638 |
|  Trivium Packaging Finance BV (Netherlands) 5.500% due 08/15/26 ~ |  | 300000 |  | 275726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 08/15/27 ~ |  | 200000 |  | 183821 |
|  TTM Technologies, Inc. <br>4.000% due 03/01/29 ~ |  | 390000 |  | 335006 |
|  Tutor Perini Corp. <br>6.875% due 05/01/25 ~ |  | 150000 |  | 131486 |
|  Vertiv Group Corp. <br>4.125% due 11/15/28 ~ |  | 375000 |  | 319192 |
|  Victors Merger Corp. <br>6.375% due 05/15/29 ~ |  | 73000 |  | 40245 |
|  Waste Pro USA, Inc. <br>5.500% due 02/15/26 ~ |  | 240000 |  | 212486 |
|  Watco Cos LLC/Watco Finance Corp. <br>6.500% due 06/15/27 ~ |  | 200000 |  | 190316 |
|  Weekley Homes LLC/Weekley Finance Corp. <br>4.875% due 09/15/28 ~ |  | 165000 |  | 138937 |
|  WESCO Distribution, Inc.<br>7.125% due 06/15/25 ~ |  | 220000 |  | 223237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 06/15/28 ~ |  | 390000 |  | 395935 |
|  Western Global Airlines LLC <br>10.375% due 08/15/25 ~ |  | 275000 |  | 206987 |
|  XPO Escrow Sub LLC <br>7.500% due 11/15/27 ~ |  | 100000 |  | 101322 |
|  |  |  |  | 37114352 |
|  **Technology - 4.0%** | **Technology - 4.0%** | **Technology - 4.0%** | **Technology - 4.0%** | **Technology - 4.0%** |
|  ACI Worldwide, Inc. <br>5.750% due 08/15/26 ~ |  | 115000 |  | 111900 |
|  Ahead DB Holdings LLC <br>6.625% due 05/01/28 ~ |  | 33000 |  | 26566 |
|  Amkor Technology, Inc. <br>6.625% due 09/15/27 ~ |  | 150000 |  | 148687 |
|  AthenaHealth Group, Inc. <br>6.500% due 02/15/30 ~ |  | 835000 |  | 616904 |
|  Black Knight InfoServ LLC <br>3.625% due 09/01/28 ~ |  | 164000 |  | 142680 |
|  Booz Allen Hamilton, Inc.<br>3.875% due 09/01/28 ~ |  | 99000 |  | 87886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 07/01/29 ~ |  | 165000 |  | 145462 |
|  Boxer Parent Co., Inc. <br>7.125% due 10/02/25 ~ |  | 453000 |  | 441263 |
|  Central Parent, Inc./CDK Global, Inc. <br>7.250% due 06/15/29 ~ |  | 185000 |  | 181188 |
|  Clarivate Science Holdings Corp.<br>3.875% due 07/01/28 ~ |  | 300000 |  | 260273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 07/01/29 ~ |  | 300000 |  | 255495 |
|  Cloud Software Group Holdings, Inc. <br>6.500% due 03/31/29 ~ |  | 875000 |  | 738558 |
|  Condor Merger Sub, Inc. <br>7.375% due 02/15/30 ~ |  | 665000 |  | 535868 |
|  Conduent Business Services LLC/Conduent State & Local Solutions, Inc. <br>6.000% due 11/01/29 ~ |  | 100000 |  | 81830 |
|  Consensus Cloud Solutions, Inc.<br>6.000% due 10/15/26 ~ |  | 250000 |  | 234876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/15/28 ~ |  | 90000 |  | 82896 |
|  Crowdstrike Holdings, Inc. <br>3.000% due 02/15/29 |  | 115000 |  | 97180 |
|  CWT Travel Group, Inc. <br>8.500% due 11/19/26 ~ |  | 148000 |  | 125815 |
|  Diebold Nixdorf, Inc.<br>8.500% due 10/15/26 ~ |  | 101747 |  | 61303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 07/15/25 ~ |  | 236000 |  | 160480 |
|  Elastic NV <br>4.125% due 07/15/29 ~ |  | 165000 |  | 133481 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-229** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  Entegris Escrow Corp. <br>5.950% due 06/15/30 ~ | $155000 | $143143 |
|  Entegris, Inc. <br>3.625% due 05/01/29 ~ | 250000 | 203881 |
|  Exela Intermediate LLC/Exela Finance, Inc. <br>11.500% due 07/15/26 ~ | 296000 | 51800 |
|  Fair Isaac Corp.<br>4.000% due 06/15/28 ~ | 120000 | 109113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 05/15/26 ~ | 100000 | 98065 |
|  MicroStrategy, Inc. <br>6.125% due 06/15/28 ~ | 140000 | 100306 |
|  MSCI, Inc.<br>3.250% due 08/15/33 ~ | 245000 | 189557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 09/01/30 ~ | 325000 | 270733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 11/01/31 ~ | 75000 | 62132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 02/15/31 ~ | 100000 | 83320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/29 ~ | 313000 | 273189 |
|  NCR Corp.<br>5.000% due 10/01/28 ~ | 175000 | 149479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 04/15/29 ~ | 396000 | 331891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 09/01/27 ~ | 330000 | 316297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 09/01/29 ~ | 80000 | 74933 |
|  ON Semiconductor Corp. <br>3.875% due 09/01/28 ~ | 205000 | 179209 |
|  Open Text Corp. (Canada)<br>3.875% due 02/15/28 ~ | 130000 | 111781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/01/29 ~ | 417000 | 335949 |
|  Open Text Holdings, Inc. (Canada)<br>4.125% due 02/15/30 ~ | 225000 | 180887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 12/01/31 ~ | 138000 | 107466 |
|  Pitney Bowes, Inc.<br>6.875% due 03/15/27 ~ | 200000 | 171262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 03/15/29 ~ | 200000 | 156696 |
|  Playtika Holding Corp. <br>4.250% due 03/15/29 ~ | 340000 | 267325 |
|  Presidio Holdings, Inc.<br>4.875% due 02/01/27 ~ | 315000 | 287746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 02/01/28 ~ | 225000 | 208949 |
|  PTC, Inc.<br>3.625% due 02/15/25 ~ | 77000 | 73458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 02/15/28 ~ | 363000 | 327336 |
|  Rackspace Technology Global, Inc.<br>3.500% due 02/15/28 ~ | 155000 | 90267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 12/01/28 ~ | 233000 | 101932 |
|  ROBLOX Corp. <br>3.875% due 05/01/30 ~ | 435000 | 343432 |
|  Rocket Software, Inc. <br>6.500% due 02/15/29 ~ | 200000 | 157925 |
|  Science Applications International Corp. <br>4.875% due 04/01/28 ~ | 160000 | 148255 |
|  Seagate HDD Cayman<br>4.091% due 06/01/29 | 250000 | 207622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 01/01/25 | 25000 | 24356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 03/01/24 | 300000 | 294576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 12/01/34 | 600000 | 509793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 12/01/32 ~ | 100425 | 110281 |
|  SS&C Technologies, Inc. <br>5.500% due 09/30/27 ~ | 568000 | 533026 |
|  Synaptics, Inc. <br>4.000% due 06/15/29 ~ | 200000 | 168799 |
|  Twilio, Inc.<br>3.625% due 03/15/29 | 110000 | 89507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 03/15/31 | 85000 | 67558 |
|  Unisys Corp. <br>6.875% due 11/01/27 ~ | 300000 | 230790 |
|  Vericast Corp. <br>11.000% due 09/15/26 ~ | 347450 | 371771 |
|  Veritas US, Inc./Veritas Bermuda Ltd. <br>7.500% due 09/01/25 ~ | 558000 | 385505 |
|  Virtusa Corp. <br>7.125% due 12/15/28 ~ | 235000 | 179428 |
|  Western Digital Corp. <br>4.750% due 02/15/26 | 220000 | 207662 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Xerox Corp. <br>6.750% due 12/15/39 | $| 150000 | $112004 |
|  Xerox Holdings Corp.<br>5.000% due 08/15/25 ~ |  | 307000 | 283099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 08/15/28 ~ |  | 300000 | 240571 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875% due 02/01/29 ~ |  | 300000 | 252497 |
|  |  |  | 14647150 |
|  **Utilities - 2.8%** | **Utilities - 2.8%** | **Utilities - 2.8%** |  |
|  Algonquin Power & Utilities Corp. (Canada) <br>4.750% due 01/18/82 |  | 250000 | 202861 |
|  AmeriGas Partners LP/AmeriGas Finance Corp. 5.500% due 05/20/25 |  | 65000 | 62554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 05/20/24 |  | 165000 | 160418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 05/20/27 |  | 100000 | 93092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 08/20/26 |  | 484000 | 460410 |
|  Calpine Corp.<br>3.750% due 03/01/31 ~ |  | 265000 | 213711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 02/15/28 ~ |  | 507000 | 453351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 02/01/29 ~ |  | 200000 | 171932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 02/01/31 ~ |  | 185000 | 155494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 03/15/28 ~ |  | 339000 | 303177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/01/26 ~ |  | 83000 | 79195 |
|  Clearway Energy Operating LLC<br>3.750% due 02/15/31 ~ |  | 300000 | 249457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 01/15/32 ~ |  | 175000 | 140937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 03/15/28 ~ |  | 174000 | 160862 |
|  DPL, Inc.<br>4.125% due 07/01/25 |  | 150000 | 141183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 04/15/29 |  | 150000 | 134790 |
|  Drax Finco PLC (United Kingdom) <br>6.625% due 11/01/25 ~ |  | 250000 | 239307 |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia) <br>5.375% due 12/30/30 ~ |  | 200000 | 140292 |
|  FirstEnergy Corp.<br>1.600% due 01/15/26 |  | 100000 | 88578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 03/01/25 |  | 100000 | 92816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 09/01/30 |  | 150000 | 119321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 03/01/30 |  | 150000 | 122567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 07/15/27 |  | 450000 | 419602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 07/15/47 |  | 600000 | 536738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 11/15/31 |  | 450000 | 507611 |
|  InterGen NV (Netherlands) <br>7.000% due 06/30/23 ~ |  | 250000 | 243040 |
|  Leeward Renewable Energy Operations LLC <br>4.250% due 07/01/29 ~ |  | 120000 | 102680 |
|  NextEra Energy Operating Partners LP | NextEra Energy Operating Partners LP | NextEra Energy Operating Partners LP | NextEra Energy Operating Partners LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/26 ~ |  | 300000 | 275098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 07/15/24 ~ |  | 85000 | 82589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 09/15/27 ~ |  | 158000 | 145200 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 02/15/29 ~ |  | 90000 | 72716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 02/15/31 ~ |  | 115000 | 87633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 02/15/32 ~ |  | 939000 | 707044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 06/15/29 ~ |  | 81000 | 71638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 01/15/28 |  | 197000 | 185239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 01/15/27 |  | 332000 | 329736 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. <br>4.500% due 08/15/28 ~ |  | 185000 | 166205 |
|  PG&E Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/01/28 |  | 115000 | 105164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 07/01/30 |  | 471000 | 429333 |
|  Pike Corp. <br>5.500% due 09/01/28 ~ |  | 171000 | 149774 |
|  Solaris Midstream Holdings LLC <br>7.625% due 04/01/26 ~ |  | 250000 | 248962 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-230** 

------

**PACIFIC SELECT FUND** 

**PD HIGH YIELD BOND MARKET PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  TransAlta Corp. (Canada) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 03/15/40 | $| 100000 | $| 92306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/15/29 |  | 110000 |  | 112489 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 05/01/29 ~ |  | 200000 |  | 172726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 07/31/27 ~ |  | 574000 |  | 533988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 09/01/26 ~ |  | 150000 |  | 144757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 02/15/27 ~ |  | 250000 |  | 237716 |
|  |  |  |  | 10146289 |
|  Total Corporate Bonds & Notes <br>(Cost $406,003,939) |  |  |  | 356120362 |
|  | **Shares** | **Shares** |  |  |
|  **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** | **SHORT-TERM INVESTMENT - 0.2%** |
|  **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** |
|  BlackRock Liquidity Funds: T-Fund,<br>Institutional Shares 4.030% |  | 614847 |  | 614847 |
|  Total Short-Term Investment <br>(Cost $614,847) |  |  |  | 614847 |
|  **TOTAL INVESTMENTS - 98.5% <br>(Cost $406,663,777)** | **TOTAL INVESTMENTS - 98.5% <br>(Cost $406,663,777)** | **TOTAL INVESTMENTS - 98.5% <br>(Cost $406,663,777)** |  | 356740362 |
|  **OTHER ASSETS & LIABILITIES, NET - 1.5%** | **OTHER ASSETS & LIABILITIES, NET - 1.5%** | **OTHER ASSETS & LIABILITIES, NET - 1.5%** |  | 5538222 |
|  **NET ASSETS - 100.0%** |  |  |  | $362278584 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Cyclical | 22.7% |
|  Communications | 16.9% |
|  Consumer, Non-Cyclical | 14.4% |
|  Energy | 11.9% |
|  Financial | 10.4% |
|  Industrial | 10.3% |
|  Basic Materials | 4.8% |
|  Technology | 4.0% |
|  Others (each less than 3.0%) | 3.1% |
|  | 98.5% |
|  Other Assets & Liabilities, Net | 1.5% |
|  | 100.0% |

---

(b) Investments with a total aggregate value of $830 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) An investment with a value of $830 or less than 0.1% of the Fund's net assets was in default as of
December 31, 2022.

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stock | $5153 | $5153 | $— | $— |
|  | Corporate Bonds & Notes | 356120362 |  | 356120362 |  |
|  | Short-Term Investment | 614847 | 614847 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $356740362 | $620000 | $356120362 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-231** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** |  |
|  **Basic Materials - 1.1%** |  |  |
|  Albemarle Corp. | 2852 | $618485 |
|  Axalta Coating Systems Ltd. \* | 2364 | 60211 |
|  CF Industries Holdings, Inc. | 9465 | 806418 |
|  Chemours Co. | 4565 | 139780 |
|  Ecolab, Inc. | 10507 | 1529399 |
|  FMC Corp. | 1956 | 244109 |
|  Linde PLC (United Kingdom) | 4980 | 1624376 |
|  Mosaic Co. | 2019 | 88574 |
|  MP Materials Corp. \* | 4119 | 100009 |
|  PPG Industries, Inc. | 5896 | 741363 |
|  Royal Gold, Inc. | 219 | 24686 |
|  RPM International, Inc. | 295 | 28748 |
|  Sherwin-Williams Co. | 11412 | 2708410 |
|  Southern Copper Corp. (Mexico) | 2552 | 154115 |
|  Valvoline, Inc. | 8133 | 265542 |
|  |  | 9134225 |
|  **Communications - 12.4%** |  |  |
|  Airbnb, Inc. Class A \* | 17903 | 1530707 |
|  Alphabet, Inc. Class A \* | 249782 | 22038266 |
|  Alphabet, Inc. Class C \* | 221512 | 19654760 |
|  Amazon.com, Inc. \* | 424231 | 35635404 |
|  Arista Networks, Inc. \* | 11778 | 1429260 |
|  Booking Holdings, Inc. \* | 1851 | 3730283 |
|  Cable One, Inc. | 166 | 118169 |
|  CDW Corp. | 6447 | 1151305 |
|  Charter Communications, Inc. Class A \* | 5117 | 1735175 |
|  Corning, Inc. | 2023 | 64615 |
|  DoorDash, Inc. Class A \* | 10511 | 513147 |
|  eBay, Inc. | 3307 | 137141 |
|  Etsy, Inc. \* | 6069 | 726945 |
|  Expedia Group, Inc. \* | 7256 | 635626 |
|  FactSet Research Systems, Inc. | 1789 | 717765 |
|  GoDaddy, Inc. Class A \* | 927 | 69358 |
|  Liberty Broadband Corp. Class A \* | 440 | 33374 |
|  Liberty Broadband Corp. Class C \* | 2722 | 207607 |
|  Liberty Media Corp. - Liberty Formula One Class C \* | 1020 | 60976 |
|  Liberty Media Corp. - Liberty SiriusXM Class A \* | 947 | 37227 |
|  Liberty Media Corp. - Liberty SiriusXM Class C \* | 1953 | 76421 |
|  Lyft, Inc. Class A \* | 11133 | 122686 |
|  Match Group, Inc. \* | 12450 | 516551 |
|  Meta Platforms, Inc. Class A \* | 22839 | 2748445 |
|  Netflix, Inc. \* | 9423 | 2778654 |
|  Nexstar Media Group, Inc. Class A | 242 | 42357 |
|  NortonLifeLock, Inc. | 10300 | 220729 |
|  Okta, Inc. \* | 1134 | 77486 |
|  Opendoor Technologies, Inc. \* | 8920 | 10347 |
|  Palo Alto Networks, Inc. \* | 14034 | 1958304 |
|  Pinterest, Inc. Class A \* | 5501 | 133564 |
|  Roku, Inc. \* | 1539 | 62637 |
|  Spotify Technology SA \* | 6597 | 520833 |
|  Trade Desk, Inc. Class A \* | 20958 | 939547 |
|  TripAdvisor, Inc. \* | 376 | 6760 |
|  Uber Technologies, Inc. \* | 79311 | 1961361 |
|  Ubiquiti, Inc. | 78 | 21335 |
|  VeriSign, Inc. \* | 466 | 95735 |
|  Walt Disney Co. \* | 5812 | 504947 |
|  Warner Bros Discovery, Inc. \* | 82801 | 784953 |
|  Wayfair, Inc. Class A \* | 2495 | 82061 |
|  Wix.com Ltd. \* (Israel) | 2203 | 169257 |
|  World Wrestling Entertainment, Inc. Class A | 2118 | 145125 |
|  Zillow Group, Inc. Class A \* | 161 | 5025 |
|  Zillow Group, Inc. Class C \* | 454 | 14623 |
|  |  | 104226853 |
|  **Consumer, Cyclical - 10.5%** |  |  |
|  Advance Auto Parts, Inc. | 219 | 32199 |
|  Allison Transmission Holdings, Inc. | 3652 | 151923 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Aptiv PLC \* | 3327 | $309843 |
|  AutoZone, Inc. \* | 821 | 2024734 |
|  Best Buy Co., Inc. | 2905 | 233010 |
|  BJ's Wholesale Club Holdings, Inc. \* | 3839 | 253988 |
|  Brunswick Corp. | 640 | 46131 |
|  Burlington Stores, Inc. \* | 2933 | 594695 |
|  Caesars Entertainment, Inc. \* | 6475 | 269360 |
|  CarMax, Inc. \* | 957 | 58272 |
|  Carvana Co. \* | 5288 | 25065 |
|  Chipotle Mexican Grill, Inc. \* | 1329 | 1843974 |
|  Choice Hotels International, Inc. | 1626 | 183153 |
|  Churchill Downs, Inc. | 1706 | 360700 |
|  Copart, Inc. \* | 20211 | 1230648 |
|  Core & Main, Inc. Class A \* | 899 | 17360 |
|  Costco Wholesale Corp. | 21132 | 9646758 |
|  Darden Restaurants, Inc. | 4211 | 582508 |
|  Deckers Outdoor Corp. \* | 1084 | 432689 |
|  Delta Air Lines, Inc. \* | 30649 | 1007126 |
|  Dollar General Corp. | 10791 | 2657284 |
|  Dollar Tree, Inc. \* | 3163 | 447375 |
|  Domino's Pizza, Inc. | 1207 | 418105 |
|  DR Horton, Inc. | 7994 | 712585 |
|  DraftKings, Inc. Class A \* | 16945 | 193003 |
|  Fastenal Co. | 27146 | 1284549 |
|  Five Below, Inc. \* | 2554 | 451726 |
|  Floor & Decor Holdings, Inc. Class A \* | 5051 | 351701 |
|  Freshpet, Inc. \* | 1154 | 60897 |
|  Genuine Parts Co. | 511 | 88664 |
|  Hilton Worldwide Holdings, Inc. | 9222 | 1165292 |
|  Home Depot, Inc. | 28604 | 9034859 |
|  IAA, Inc. \* | 5037 | 201480 |
|  Las Vegas Sands Corp. \* | 6136 | 294957 |
|  Leslie's, Inc. \* | 6503 | 79402 |
|  Live Nation Entertainment, Inc. \* | 3853 | 268708 |
|  Lowe's Cos., Inc. | 25579 | 5096360 |
|  Lucid Group, Inc. \* | 22664 | 154795 |
|  Lululemon Athletica, Inc. \* | 5345 | 1712431 |
|  Madison Square Garden Sports Corp. | 402 | 73699 |
|  Marriott International, Inc. Class A | 12663 | 1885394 |
|  Mattel, Inc. \* | 7692 | 137225 |
|  McDonald's Corp. | 8571 | 2258716 |
|  NIKE, Inc. Class B | 58483 | 6843096 |
|  Nordstrom, Inc. | 4322 | 69757 |
|  Norwegian Cruise Line Holdings Ltd. \* | 2090 | 25582 |
|  NVR, Inc. \* | 104 | 479708 |
|  O'Reilly Automotive, Inc. \* | 1219 | 1028872 |
|  Ollie's Bargain Outlet Holdings, Inc. \* | 400 | 18736 |
|  Planet Fitness, Inc. Class A \* | 3026 | 238449 |
|  Polaris, Inc. | 2069 | 208969 |
|  Pool Corp. | 1843 | 557194 |
|  PulteGroup, Inc. | 4197 | 191089 |
|  RH \* | 389 | 103937 |
|  Ross Stores, Inc. | 6902 | 801115 |
|  Scotts Miracle-Gro Co. | 627 | 30466 |
|  SiteOne Landscape Supply, Inc. \* | 1280 | 150170 |
|  Six Flags Entertainment Corp. \* | 1629 | 37874 |
|  Skechers USA, Inc. Class A \* | 1125 | 47194 |
|  Starbucks Corp. | 19740 | 1958208 |
|  Tapestry, Inc. | 1677 | 63860 |
|  Target Corp. | 12215 | 1820524 |
|  Tesla, Inc. \* | 123357 | 15195115 |
|  TJX Cos., Inc. | 55414 | 4410954 |
|  Toll Brothers, Inc. | 2620 | 130790 |
|  Tractor Supply Co. | 5206 | 1171194 |
|  Travel & Leisure Co. | 2615 | 95186 |
|  Ulta Beauty, Inc. \* | 2397 | 1124361 |
|  Vail Resorts, Inc. | 1826 | 435227 |
|  Victoria's Secret, Inc. \* | 2740 | 98037 |
|  Watsco, Inc. | 791 | 197275 |
|  Wendy's Co. | 8274 | 187241 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-232** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  WESCO International, Inc. \* | 1070 | $133964 |
|  Williams-Sonoma, Inc. | 2562 | 294425 |
|  WW Grainger, Inc. | 2125 | 1182031 |
|  Wyndham Hotels & Resorts, Inc. | 3048 | 217353 |
|  Wynn Resorts Ltd. \* | 608 | 50142 |
|  YETI Holdings, Inc. \* | 3970 | 164001 |
|  Yum! Brands, Inc. | 1495 | 191480 |
|  |  | 88286919 |
|  **Consumer, Non-Cyclical - 19.6%** |  |  |
|  10X Genomics, Inc. Class A \* | 3841 | 139966 |
|  Abbott Laboratories | 10766 | 1181999 |
|  AbbVie, Inc. | 84355 | 13632612 |
|  agilon health, Inc. \* | 8472 | 136738 |
|  Align Technology, Inc. \* | 2772 | 584615 |
|  Alnylam Pharmaceuticals, Inc. \* | 5861 | 1392867 |
|  AmerisourceBergen Corp. | 7457 | 1235699 |
|  Amgen, Inc. | 21409 | 5622860 |
|  Automatic Data Processing, Inc. | 18295 | 4369944 |
|  Avantor, Inc. \* | 26537 | 559665 |
|  Avery Dennison Corp. | 2409 | 436029 |
|  Baxter International, Inc. | 3567 | 181810 |
|  Bio-Techne Corp. | 7356 | 609665 |
|  Booz Allen Hamilton Holding Corp. | 6201 | 648128 |
|  Boston Beer Co., Inc. Class A \* | 429 | 141364 |
|  Bright Horizons Family Solutions, Inc. \* | 756 | 47704 |
|  Brown-Forman Corp. Class A | 1192 | 78386 |
|  Brown-Forman Corp. Class B | 5257 | 345280 |
|  Bruker Corp. | 5143 | 351524 |
|  Catalent, Inc. \* | 2472 | 111265 |
|  Certara, Inc. \* | 3700 | 59459 |
|  Charles River Laboratories International, Inc. \* | 2299 | 500952 |
|  Chemed Corp. | 248 | 126587 |
|  Church & Dwight Co., Inc. | 5324 | 429168 |
|  Cigna Corp. | 2272 | 752804 |
|  Cintas Corp. | 3852 | 1739640 |
|  Clorox Co. | 4957 | 695616 |
|  Coca-Cola Co. | 139771 | 8890833 |
|  Colgate-Palmolive Co. | 24358 | 1919167 |
|  CoStar Group, Inc. \* | 2872 | 221948 |
|  Danaher Corp. | 2099 | 557117 |
|  Darling Ingredients, Inc. \* | 639 | 39995 |
|  DaVita, Inc. \* | 2651 | 197950 |
|  Dexcom, Inc. \* | 18471 | 2091656 |
|  Edwards Lifesciences Corp. \* | 29491 | 2200323 |
|  Elevance Health, Inc. | 3459 | 1774363 |
|  Eli Lilly & Co. | 32737 | 11976504 |
|  Equifax, Inc. | 2890 | 561700 |
|  Estee Lauder Cos., Inc. Class A | 10951 | 2717053 |
|  Euronet Worldwide, Inc. \* | 1663 | 156954 |
|  Exact Sciences Corp. \* | 1437 | 71146 |
|  Exelixis, Inc. \* | 12294 | 197196 |
|  FleetCor Technologies, Inc. \* | 3417 | 627635 |
|  FTI Consulting, Inc. \* | 643 | 102108 |
|  Gartner, Inc. \* | 3652 | 1227583 |
|  Ginkgo Bioworks Holdings, Inc. \* | 9821 | 16597 |
|  Globus Medical, Inc. Class A \* | 444 | 32976 |
|  Grocery Outlet Holding Corp. \* | 577 | 16843 |
|  Guardant Health, Inc. \* | 4794 | 130397 |
|  GXO Logistics, Inc. \* | 523 | 22327 |
|  H&R Block, Inc. | 6152 | 224609 |
|  HCA Healthcare, Inc. | 625 | 149975 |
|  Hershey Co. | 5975 | 1383631 |
|  Horizon Therapeutics PLC \* | 9785 | 1113533 |
|  Humana, Inc. | 4262 | 2182954 |
|  ICU Medical, Inc. \* | 170 | 26772 |
|  IDEXX Laboratories, Inc. \* | 3932 | 1604099 |
|  Incyte Corp. \* | 7497 | 602159 |
|  Insulet Corp. \* | 3276 | 964422 |
|  Intuitive Surgical, Inc. \* | 15555 | 4127519 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Ionis Pharmaceuticals, Inc. \* | 5993 | $226356 |
|  IQVIA Holdings, Inc. \* | 8847 | 1812662 |
|  Kellogg Co. | 6638 | 472891 |
|  Kimberly-Clark Corp. | 9450 | 1282837 |
|  Lamb Weston Holdings, Inc. | 6846 | 611759 |
|  Maravai LifeSciences Holdings, Inc. Class A \* | 5092 | 72867 |
|  MarketAxess Holdings, Inc. | 1736 | 484153 |
|  Masimo Corp. \* | 1869 | 276519 |
|  McKesson Corp. | 1360 | 510163 |
|  Merck & Co., Inc. | 50591 | 5613071 |
|  Mister Car Wash, Inc. \* | 2422 | 22355 |
|  Moderna, Inc. \* | 937 | 168304 |
|  Molina Healthcare, Inc. \* | 2119 | 699736 |
|  Monster Beverage Corp. \* | 16221 | 1646918 |
|  Moody's Corp. | 7200 | 2006064 |
|  Morningstar, Inc. | 1087 | 235433 |
|  Natera, Inc. \* | 4300 | 172731 |
|  Neurocrine Biosciences, Inc. \* | 4553 | 543810 |
|  Novavax, Inc. \* | 3498 | 35959 |
|  Novocure Ltd. \* | 4750 | 348412 |
|  Olaplex Holdings, Inc. \* | 5642 | 29395 |
|  Paylocity Holding Corp. \* | 1844 | 358215 |
|  PayPal Holdings, Inc. \* | 16863 | 1200983 |
|  Penumbra, Inc. \* | 1738 | 386635 |
|  PepsiCo, Inc. | 55756 | 10072879 |
|  Performance Food Group Co. \* | 2133 | 124546 |
|  Pilgrim's Pride Corp. \* | 1027 | 24371 |
|  Procter & Gamble Co. | 48058 | 7283670 |
|  Quanta Services, Inc. | 3703 | 527677 |
|  Regeneron Pharmaceuticals, Inc. \* | 724 | 522359 |
|  Repligen Corp. \* | 1935 | 327615 |
|  ResMed, Inc. | 6814 | 1418198 |
|  Robert Half International, Inc. | 4440 | 327805 |
|  Rollins, Inc. | 10417 | 380637 |
|  Sarepta Therapeutics, Inc. \* | 4092 | 530241 |
|  Seagen, Inc. \* | 6514 | 837114 |
|  Shift4 Payments, Inc. Class A \* | 2753 | 153975 |
|  Sotera Health Co. \* | 4611 | 38410 |
|  Stryker Corp. | 8975 | 2194298 |
|  Syneos Health, Inc. \* | 750 | 27510 |
|  Sysco Corp. | 24276 | 1855900 |
|  Tandem Diabetes Care, Inc. \* | 2700 | 121365 |
|  Teladoc Health, Inc. \* | 761 | 17998 |
|  Thermo Fisher Scientific, Inc. | 2266 | 1247864 |
|  Toast, Inc. Class A \* | 11540 | 208066 |
|  TransUnion | 6693 | 379828 |
|  Ultragenyx Pharmaceutical, Inc. \* | 2248 | 104150 |
|  United Rentals, Inc. \* | 1560 | 554455 |
|  UnitedHealth Group, Inc. | 40627 | 21539623 |
|  Verisk Analytics, Inc. | 7345 | 1295805 |
|  Vertex Pharmaceuticals, Inc. \* | 11521 | 3327034 |
|  Waters Corp. \* | 2841 | 973270 |
|  West Pharmaceutical Services, Inc. | 3556 | 836905 |
|  WEX, Inc. \* | 1390 | 227473 |
|  WillScot Mobile Mini Holdings Corp. \* | 5233 | 236375 |
|  Zoetis, Inc. | 22472 | 3293272 |
|  |  | 164471306 |
|  **Energy - 1.9%** |  |  |
|  Antero Resources Corp. \* | 8688 | 269241 |
|  Cheniere Energy, Inc. | 6816 | 1022127 |
|  Coterra Energy, Inc. | 5912 | 145258 |
|  Devon Energy Corp. | 15088 | 928063 |
|  Diamondback Energy, Inc. | 4807 | 657501 |
|  Enphase Energy, Inc. \* | 6251 | 1656265 |
|  Enviva, Inc. | 1390 | 73628 |
|  EOG Resources, Inc. | 20402 | 2642467 |
|  Halliburton Co. | 19314 | 760006 |
|  Hess Corp. | 10446 | 1481452 |
|  New Fortress Energy, Inc. | 2391 | 101426 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-233** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Occidental Petroleum Corp. | 31283 | $1970516 |
|  ONEOK, Inc. | 2281 | 149862 |
|  Ovintiv, Inc. | 8823 | 447414 |
|  PDC Energy, Inc. | 2302 | 146131 |
|  Pioneer Natural Resources Co. | 6254 | 1428351 |
|  Plug Power, Inc. \* | 11720 | 144976 |
|  Range Resources Corp. | 7879 | 197133 |
|  Southwestern Energy Co. \* | 3587 | 20984 |
|  Targa Resources Corp. | 10701 | 786524 |
|  Texas Pacific Land Corp. | 274 | 642319 |
|  |  | 15671644 |
|  **Financial - 7.8%** |  |  |
|  American Express Co. | 1724 | 254721 |
|  American Tower Corp. REIT | 16985 | 3598442 |
|  Ameriprise Financial, Inc. | 3284 | 1022539 |
|  Aon PLC Class A | 9211 | 2764590 |
|  Apartment Income REIT Corp. REIT | 594 | 20380 |
|  Apollo Global Management, Inc. | 17571 | 1120854 |
|  Arch Capital Group Ltd. \* | 5319 | 333927 |
|  Ares Management Corp. Class A | 7218 | 494000 |
|  Arthur J Gallagher & Co. | 1077 | 203058 |
|  Assurant, Inc. | 164 | 20510 |
|  Blackstone, Inc. | 33402 | 2478094 |
|  Blue Owl Capital, Inc. | 20510 | 217406 |
|  Brown & Brown, Inc. | 808 | 46032 |
|  Camden Property Trust REIT | 395 | 44193 |
|  CBRE Group, Inc. Class A \* | 7311 | 562655 |
|  Charles Schwab Corp. | 40263 | 3352297 |
|  Credit Acceptance Corp. \* | 59 | 27990 |
|  Crown Castle, Inc. REIT | 20592 | 2793099 |
|  Equinix, Inc. REIT | 3323 | 2176665 |
|  Equity LifeStyle Properties, Inc. REIT | 5336 | 344706 |
|  Erie Indemnity Co. Class A | 903 | 224594 |
|  Everest Re Group Ltd. | 546 | 180873 |
|  Extra Space Storage, Inc. REIT | 716 | 105381 |
|  First Citizens BancShares, Inc. Class A | 137 | 103895 |
|  Iron Mountain, Inc. REIT | 10329 | 514901 |
|  Lamar Advertising Co. Class A REIT | 3753 | 354283 |
|  Lincoln National Corp. | 1760 | 54067 |
|  LPL Financial Holdings, Inc. | 3751 | 810854 |
|  Markel Corp. \* | 139 | 183131 |
|  Marsh & McLennan Cos., Inc. | 21125 | 3495765 |
|  Mastercard, Inc. Class A | 40632 | 14128965 |
|  Progressive Corp. | 24241 | 3144300 |
|  Public Storage REIT | 5942 | 1664889 |
|  Raymond James Financial, Inc. | 709 | 75757 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 1081 | 199153 |
|  Rocket Cos., Inc. Class A | 2998 | 20986 |
|  Ryan Specialty Holdings, Inc. \* | 3734 | 154998 |
|  SBA Communications Corp. REIT | 1192 | 334129 |
|  Signature Bank | 143 | 16476 |
|  Simon Property Group, Inc. REIT | 7461 | 876518 |
|  SVB Financial Group \* | 1762 | 405507 |
|  Tradeweb Markets, Inc. Class A | 3090 | 200634 |
|  Upstart Holdings, Inc. \* | 636 | 8408 |
|  UWM Holdings Corp. | 3214 | 10638 |
|  Visa, Inc. Class A | 78577 | 16325157 |
|  Western Alliance Bancorp | 2938 | 174987 |
|  Western Union Co. | 6532 | 89946 |
|  |  | 65735350 |
|  **Industrial - 7.3%** |  |  |
|  Advanced Drainage Systems, Inc. | 3039 | 249107 |
|  AECOM | 376 | 31934 |
|  AGCO Corp. | 414 | 57418 |
|  Agilent Technologies, Inc. | 12700 | 1900555 |
|  Allegion PLC | 3408 | 358726 |
|  Amphenol Corp. Class A | 21145 | 1609980 |
|  AO Smith Corp. | 1403 | 80308 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Ardagh Metal Packaging SA | 3859 | $18562 |
|  Armstrong World Industries, Inc. | 1117 | 76615 |
|  Arrow Electronics, Inc. \* | 220 | 23005 |
|  Axon Enterprise, Inc. \* | 2513 | 416982 |
|  Ball Corp. | 5671 | 290015 |
|  Berry Global Group, Inc. | 2860 | 172830 |
|  Boeing Co. \* | 8074 | 1538016 |
|  BWX Technologies, Inc. | 1616 | 93857 |
|  Carlisle Cos., Inc. | 2069 | 487560 |
|  Caterpillar, Inc. | 21702 | 5198931 |
|  CH Robinson Worldwide, Inc. | 1533 | 140361 |
|  ChargePoint Holdings, Inc. \* | 11604 | 110586 |
|  Cognex Corp. | 7875 | 370991 |
|  Coherent Corp. \* | 925 | 32468 |
|  Crown Holdings, Inc. | 4719 | 387949 |
|  CSX Corp. | 25688 | 795814 |
|  Deere & Co. | 13163 | 5643768 |
|  Donaldson Co., Inc. | 1037 | 61048 |
|  Eagle Materials, Inc. | 1477 | 196219 |
|  Emerson Electric Co. | 8873 | 852340 |
|  Expeditors International of Washington, Inc. | 2342 | 243381 |
|  Fortune Brands Home & Security, Inc. | 2045 | 116790 |
|  Generac Holdings, Inc. \* | 2943 | 296242 |
|  General Electric Co. | 2787 | 233523 |
|  Graco, Inc. | 5631 | 378741 |
|  Graphic Packaging Holding Co. | 10705 | 238186 |
|  HEICO Corp. | 2080 | 319571 |
|  HEICO Corp. Class A | 3563 | 427026 |
|  Honeywell International, Inc. | 9395 | 2013349 |
|  Howmet Aerospace, Inc. | 1760 | 69362 |
|  Huntington Ingalls Industries, Inc. | 393 | 90657 |
|  IDEX Corp. | 614 | 140195 |
|  Illinois Tool Works, Inc. | 13146 | 2896064 |
|  Jabil, Inc. | 5138 | 350412 |
|  JB Hunt Transport Services, Inc. | 3517 | 613224 |
|  Keysight Technologies, Inc. \* | 7948 | 1359664 |
|  Landstar System, Inc. | 1580 | 257382 |
|  Lincoln Electric Holdings, Inc. | 2675 | 386511 |
|  Lockheed Martin Corp. | 11149 | 5423877 |
|  Louisiana-Pacific Corp. | 466 | 27587 |
|  Martin Marietta Materials, Inc. | 248 | 83817 |
|  Masco Corp. | 557 | 25995 |
|  Masterbrand, Inc. \* | 2045 | 15440 |
|  Mettler-Toledo International, Inc. \* | 1057 | 1527841 |
|  Middleby Corp. \* | 170 | 22763 |
|  MSA Safety, Inc. | 618 | 89109 |
|  National Instruments Corp. | 772 | 28487 |
|  Nordson Corp. | 615 | 146198 |
|  Northrop Grumman Corp. | 828 | 451765 |
|  Old Dominion Freight Line, Inc. | 4728 | 1341712 |
|  Otis Worldwide Corp. | 2344 | 183559 |
|  Parker-Hannifin Corp. | 1404 | 408564 |
|  Republic Services, Inc. | 599 | 77265 |
|  Rockwell Automation, Inc. | 3701 | 953267 |
|  RXO, Inc. \* | 353 | 6072 |
|  Sealed Air Corp. | 7114 | 354846 |
|  Spirit AeroSystems Holdings, Inc. Class A | 4496 | 133082 |
|  Tetra Tech, Inc. | 994 | 144319 |
|  TopBuild Corp. \* | 1268 | 198429 |
|  Toro Co. | 4922 | 557170 |
|  Trane Technologies PLC | 6353 | 1067876 |
|  TransDigm Group, Inc. | 965 | 607612 |
|  Trex Co., Inc. \* | 5341 | 226085 |
|  Union Pacific Corp. | 29333 | 6073984 |
|  United Parcel Service, Inc. Class B | 31297 | 5440670 |
|  Universal Display Corp. | 2008 | 216944 |
|  Valmont Industries, Inc. | 133 | 43979 |
|  Vertiv Holdings Co. | 2178 | 29751 |
|  Vontier Corp. | 4244 | 82037 |
|  Vulcan Materials Co. | 3076 | 538638 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-234** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Waste Management, Inc. | 18349 | $2878591 |
|  XPO Logistics, Inc. \* | 353 | 11751 |
|  Xylem, Inc. | 1139 | 125939 |
|  |  | 61171246 |
|  **Technology - 36.7%** |  |  |
|  Accenture PLC Class A | 30243 | 8070042 |
|  Adobe, Inc. \* | 22161 | 7457841 |
|  Advanced Micro Devices, Inc. \* | 60748 | 3934648 |
|  Allegro MicroSystems, Inc. \* (Japan) | 3439 | 103239 |
|  Alteryx, Inc. Class A \* | 2728 | 138228 |
|  Analog Devices, Inc. | 4952 | 812277 |
|  ANSYS, Inc. \* | 2188 | 528599 |
|  Apple, Inc. | 717348 | 93205026 |
|  Applied Materials, Inc. | 40984 | 3991022 |
|  AppLovin Corp. Class A \* | 10213 | 107543 |
|  Aspen Technology, Inc. \* | 1302 | 267431 |
|  Atlassian Corp. Class A \* | 6854 | 881973 |
|  Autodesk, Inc. \* | 10397 | 1942887 |
|  Bentley Systems, Inc. Class B | 8315 | 307322 |
|  Black Knight, Inc. \* | 653 | 40323 |
|  Broadcom, Inc. | 18851 | 10540160 |
|  Broadridge Financial Solutions, Inc. | 4988 | 669040 |
|  Cadence Design Systems, Inc. \* | 13024 | 2092175 |
|  CCC Intelligent Solutions Holdings, Inc. \* | 2979 | 25917 |
|  Ceridian HCM Holding, Inc. \* | 1180 | 75697 |
|  Cloudflare, Inc. Class A \* | 13680 | 618473 |
|  Confluent, Inc. Class A \* | 5639 | 125411 |
|  Coupa Software, Inc. \* | 1899 | 150344 |
|  Crowdstrike Holdings, Inc. Class A \* | 9920 | 1044477 |
|  Datadog, Inc. Class A \* | 12665 | 930877 |
|  Definitive Healthcare Corp. \* | 1131 | 12430 |
|  Dell Technologies, Inc. Class C | 1858 | 74729 |
|  DocuSign, Inc. \* | 9262 | 513300 |
|  DoubleVerify Holdings, Inc. \* | 2703 | 59358 |
|  Doximity, Inc. Class A \* | 2849 | 95612 |
|  Dropbox, Inc. Class A \* | 11860 | 265427 |
|  Dynatrace, Inc. \* | 9285 | 355616 |
|  Elastic NV \* | 3909 | 201314 |
|  Electronic Arts, Inc. | 789 | 96400 |
|  Entegris, Inc. | 6885 | 451587 |
|  EPAM Systems, Inc. \* | 2645 | 866872 |
|  Fair Isaac Corp. \* | 1181 | 706923 |
|  Fiserv, Inc. \* | 2461 | 248733 |
|  Five9, Inc. \* | 3486 | 236560 |
|  Fortinet, Inc. \* | 30841 | 1507816 |
|  Genpact Ltd. | 4328 | 200473 |
|  GLOBALFOUNDRIES, Inc. \* | 686 | 36969 |
|  Globant SA \* | 2019 | 339515 |
|  HP, Inc. | 22697 | 609868 |
|  HubSpot, Inc. \* | 2226 | 643603 |
|  International Business Machines Corp. | 28692 | 4042416 |
|  Intuit, Inc. | 13153 | 5119411 |
|  Jack Henry & Associates, Inc. | 3436 | 603224 |
|  Jamf Holding Corp. \* | 2279 | 48543 |
|  KBR, Inc. | 4078 | 215318 |
|  KLA Corp. | 6766 | 2550985 |
|  Lam Research Corp. | 6534 | 2746240 |
|  Lattice Semiconductor Corp. \* | 6537 | 424121 |
|  Manhattan Associates, Inc. \* | 1781 | 216213 |
|  Microchip Technology, Inc. | 21671 | 1522388 |
|  Micron Technology, Inc. | 10025 | 501049 |
|  Microsoft Corp. | 357136 | 85648356 |
|  MongoDB, Inc. \* | 3115 | 613157 |
|  Monolithic Power Systems, Inc. | 2122 | 750360 |
|  MSCI, Inc. | 2799 | 1302011 |
|  nCino, Inc. \* | 506 | 13379 |
|  NCR Corp. \* | 300 | 7023 |
|  NetApp, Inc. | 10487 | 629849 |
|  New Relic, Inc. \* | 2442 | 137851 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Nutanix, Inc. Class A \* | 5761 | $150074 |
|  NVIDIA Corp. | 114944 | 16797916 |
|  ON Semiconductor Corp. \* | 12780 | 797089 |
|  Oracle Corp. | 50122 | 4096972 |
|  Palantir Technologies, Inc. Class A \* | 86427 | 554861 |
|  Paychex, Inc. | 15425 | 1782513 |
|  Paycom Software, Inc. \* | 2450 | 760259 |
|  Pegasystems, Inc. | 1787 | 61187 |
|  Playtika Holding Corp. \* | 4820 | 41018 |
|  Procore Technologies, Inc. \* | 2506 | 118233 |
|  PTC, Inc. \* | 5011 | 601520 |
|  Pure Storage, Inc. Class A \* | 13635 | 364873 |
|  QUALCOMM, Inc. | 53481 | 5879701 |
|  RingCentral, Inc. Class A \* | 3792 | 134237 |
|  ROBLOX Corp. Class A \* | 21591 | 614480 |
|  Salesforce, Inc. \* | 9914 | 1314497 |
|  SentinelOne, Inc. Class A \* | 5472 | 79836 |
|  ServiceNow, Inc. \* | 9556 | 3710308 |
|  Smartsheet, Inc. Class A \* | 6249 | 245961 |
|  Snowflake, Inc. Class A \* | 13715 | 1968651 |
|  Splunk, Inc. \* | 7862 | 676840 |
|  Synopsys, Inc. \* | 7271 | 2321558 |
|  Take-Two Interactive Software, Inc. \* | 6400 | 666432 |
|  Teradata Corp. \* | 2565 | 86338 |
|  Teradyne, Inc. | 6856 | 598872 |
|  Texas Instruments, Inc. | 29663 | 4900921 |
|  Thoughtworks Holding, Inc. \* | 3865 | 39384 |
|  Twilio, Inc. Class A \* | 2944 | 144138 |
|  Tyler Technologies, Inc. \* | 1690 | 544873 |
|  UiPath, Inc. Class A \* | 1558 | 19802 |
|  Unity Software, Inc. \* | 7874 | 225118 |
|  Veeva Systems, Inc. Class A \* | 6592 | 1063817 |
|  VMware, Inc. Class A \* | 4838 | 593913 |
|  Workday, Inc. Class A \* | 9526 | 1593986 |
|  Zebra Technologies Corp. Class A \* | 974 | 249743 |
|  Zoom Video Communications, Inc. Class A \* | 5990 | 405763 |
|  ZoomInfo Technologies, Inc. \* | 13412 | 403835 |
|  Zscaler, Inc. \* | 4009 | 448607 |
|  |  | 307734097 |
|  **Utilities - 0.1%** |  |  |
|  AES Corp. | 5453 | 156828 |
|  National Fuel Gas Co. | 357 | 22598 |
|  Vistra Corp. | 11168 | 259098 |
|  |  | 438524 |
|  Total Common Stocks <br>(Cost $751,549,987) |  | 816870164 |
|  **EXCHANGE-TRADED FUND - 1.8%** | **EXCHANGE-TRADED FUND - 1.8%** |  |
|  iShares Russell 1000 Growth | 70663 | 15138841 |
|  Total Exchange-Traded Fund <br>(Cost $15,561,493) |  | 15138841 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-235** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br><u>Amount</u>** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.9%** | **SHORT-TERM INVESTMENT - 0.9%** |  |
|  **Repurchase Agreement - 0.9%** | **Repurchase Agreement - 0.9%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $7,449,926; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $7,595,595) | $7446658 | $7446658 |
|  Total Short-Term Investment <br>(Cost $7,446,658) |  | 7446658 |
|  **TOTAL INVESTMENTS - 100.1% <br>(Cost $774,558,138)** |  | 839455663 |
|  **DERIVATIVES - (0.1%)** | **DERIVATIVES - (0.1%)** | (360506) |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | **OTHER ASSETS & LIABILITIES, NET - (0.0%)** | (93476) |
|  **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $839001681 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Technology | 36.7% |
|  Consumer, Non-Cyclical | 19.6% |
|  Communications | 12.4% |
|  Consumer, Cyclical | 10.5% |
|  Financial | 7.8% |
|  Industrial | 7.3% |
|  Others (each less than 3.0%) | 5.8% |
|  | 100.1% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | (0.0%) |
|  | 100.0% |

---

(b) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Nasdaq 100 E-Mini Index | 03/23 | 20 | $4689382 | $4408900 | ($280482) |
|  S&P 500 E-Mini Index | 03/23 | 13 | 2589674 | 2509650 | (80024) |
|  Total Futures Contracts |  |  |  |  | ($360506) |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks | $816870164 | $816870164 | $— | $— |
|  | Exchange-Traded Fund | 15138841 | 15138841 |  |  |
|  | Short-Term Investment | 7446658 |  | 7446658 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 839455663 | 832009005 | 7446658 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (360506) | (360506) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (360506) | (360506) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $839095157 | $831648499 | $7446658 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-236** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **COMMON STOCKS - 97.8%** | **COMMON STOCKS - 97.8%** | **COMMON STOCKS - 97.8%** |
|  **Basic Materials - 3.4%** | **Basic Materials - 3.4%** | **Basic Materials - 3.4%** |
|  Air Products & Chemicals, Inc. | 10358 | $3192957 |
|  Albemarle Corp. | 2632 | 570776 |
|  Alcoa Corp. | 8203 | 372990 |
|  Ashland, Inc. | 2461 | 264631 |
|  Axalta Coating Systems Ltd. \* | 7555 | 192426 |
|  Celanese Corp. | 5012 | 512427 |
|  Chemours Co. | 2836 | 86838 |
|  Cleveland-Cliffs, Inc. \* | 23988 | 386447 |
|  Dow, Inc. | 32930 | 1659343 |
|  DuPont de Nemours, Inc. | 23445 | 1609030 |
|  Eastman Chemical Co. | 5589 | 455168 |
|  Ecolab, Inc. | 1386 | 201746 |
|  Element Solutions, Inc. | 10421 | 189558 |
|  FMC Corp. | 3836 | 478733 |
|  Freeport-McMoRan, Inc. | 66676 | 2533688 |
|  Huntsman Corp. | 8392 | 230612 |
|  International Flavors & Fragrances, Inc. | 12016 | 1259757 |
|  International Paper Co. | 16601 | 574893 |
|  Linde PLC (United Kingdom) | 18263 | 5957025 |
|  LyondellBasell Industries NV Class A | 12192 | 1012302 |
|  Mosaic Co. | 13740 | 602774 |
|  NewMarket Corp. | 236 | 73422 |
|  Newmont Corp. | 36918 | 1742530 |
|  Nucor Corp. | 11987 | 1580006 |
|  Olin Corp. | 5898 | 312240 |
|  PPG Industries, Inc. | 5124 | 644292 |
|  Reliance Steel & Aluminum Co. | 2729 | 552459 |
|  Royal Gold, Inc. | 2981 | 336018 |
|  RPM International, Inc. | 5605 | 546207 |
|  Southern Copper Corp. (Mexico) | 1352 | 81647 |
|  SSR Mining, Inc. (Canada) | 9811 | 153738 |
|  Steel Dynamics, Inc. | 7781 | 760204 |
|  United States Steel Corp. | 10581 | 265054 |
|  Westlake Corp. | 1527 | 156579 |
|  |  | 29548517 |
|  **Communications - 8.6%** | **Communications - 8.6%** | **Communications - 8.6%** |
|  Alphabet, Inc. Class A \* | 36589 | 3228248 |
|  Alphabet, Inc. Class C \* | 32448 | 2879111 |
|  Altice USA, Inc. Class A \* | 9681 | 44533 |
|  AT&T, Inc. | 335004 | 6167424 |
|  Cable One, Inc. | 101 | 71898 |
|  Ciena Corp. \* | 6945 | 354056 |
|  Cisco Systems, Inc. | 192287 | 9160553 |
|  Comcast Corp. Class A | 200724 | 7019318 |
|  Corning, Inc. | 33618 | 1073759 |
|  DISH Network Corp. Class A \* | 12609 | 177030 |
|  DoorDash, Inc. Class A \* | 1330 | 64931 |
|  eBay, Inc. | 22083 | 915782 |
|  F5, Inc. \* | 2873 | 412304 |
|  Fox Corp. Class A | 13889 | 421809 |
|  Fox Corp. Class B | 6683 | 190131 |
|  Frontier Communications Parent, Inc. \* | 11334 | 288790 |
|  Gen Digital, Inc. | 16774 | 359467 |
|  GoDaddy, Inc. Class A \* | 6424 | 480644 |
|  IAC, Inc. \* | 3761 | 166988 |
|  Interpublic Group of Cos., Inc. | 18556 | 618100 |
|  Juniper Networks, Inc. | 15251 | 487422 |
|  Liberty Broadband Corp. Class A \* | 516 | 39139 |
|  Liberty Broadband Corp. Class C \* | 2851 | 217446 |
|  Liberty Media Corp. - Liberty Formula One Class A \* | 808 | 43171 |
|  Liberty Media Corp. - Liberty Formula One Class C \* | 8247 | 493006 |
|  Liberty Media Corp. - Liberty SiriusXM Class A \* | 2508 | 98590 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Liberty Media Corp. - Liberty SiriusXM Class C \* | 5171 | $| 202341 |
|  Lumen Technologies, Inc. | 48209 |  | 251651 |
|  Lyft, Inc. Class A \* | 2837 |  | 31264 |
|  Match Group, Inc. \* | 831 |  | 34478 |
|  Meta Platforms, Inc. Class A \* | 82785 |  | 9962347 |
|  Motorola Solutions, Inc. | 7664 |  | 1975089 |
|  Netflix, Inc. \* | 11245 |  | 3315926 |
|  New York Times Co. Class A | 7433 |  | 241275 |
|  News Corp. Class A | 17686 |  | 321885 |
|  News Corp. Class B | 5501 |  | 101438 |
|  Nexstar Media Group, Inc. | 1507 |  | 263770 |
|  Okta, Inc. \* | 6101 |  | 416881 |
|  Omnicom Group, Inc. | 9382 |  | 765290 |
|  Opendoor Technologies, Inc. \* | 16826 |  | 19518 |
|  Paramount Global Class A | 378 |  | 7413 |
|  Paramount Global Class B | 27264 |  | 460216 |
|  Pinterest, Inc. Class A \* | 20967 |  | 509079 |
|  Robinhood Markets, Inc. Class A \* | 25714 |  | 209312 |
|  Roku, Inc. \* | 3974 |  | 161742 |
|  Sirius XM Holdings, Inc. | 32825 |  | 191698 |
|  T-Mobile US, Inc. \* | 27874 |  | 3902360 |
|  TripAdvisor, Inc. \* | 4343 |  | 78087 |
|  Uber Technologies, Inc. \* | 11729 |  | 290058 |
|  Ubiquiti, Inc. | 104 |  | 28447 |
|  VeriSign, Inc. \* | 3873 |  | 795669 |
|  Verizon Communications, Inc. | 196661 |  | 7748443 |
|  Viasat, Inc. \* | 3177 |  | 100552 |
|  Walt Disney Co. \* | 79543 |  | 6910696 |
|  Warner Bros Discovery, Inc. \* | 29047 |  | 275366 |
|  Wayfair, Inc. Class A \* | 1508 |  | 49598 |
|  Wix.com Ltd. \* (Israel) | 552 |  | 42410 |
|  Zillow Group, Inc. Class A \* | 2529 |  | 78930 |
|  Zillow Group, Inc. Class C \* | 7123 |  | 229432 |
|  |  |  | 75446311 |
|  **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** |
|  Advance Auto Parts, Inc. | 2603 |  | 382719 |
|  Alaska Air Group, Inc. \* | 5578 |  | 239519 |
|  Allison Transmission Holdings, Inc. | 817 |  | 33987 |
|  AMC Entertainment Holdings, Inc. Class A \* | 23917 |  | 97342 |
|  American Airlines Group, Inc. \* | 30634 |  | 389664 |
|  Aptiv PLC \* | 9362 |  | 871883 |
|  Aramark | 10641 |  | 439899 |
|  AutoNation, Inc. \* | 1575 |  | 168998 |
|  AutoZone, Inc. \* | 84 |  | 207159 |
|  Bath & Body Works, Inc. | 11059 |  | 466026 |
|  Best Buy Co., Inc. | 6391 |  | 512622 |
|  BJ's Wholesale Club Holdings, Inc. \* | 2288 |  | 151374 |
|  BorgWarner, Inc. | 10841 |  | 436350 |
|  Boyd Gaming Corp. | 3709 |  | 202252 |
|  Brunswick Corp. | 2667 |  | 192237 |
|  Burlington Stores, Inc. \* | 158 |  | 32036 |
|  Caesars Entertainment, Inc. \* | 2873 |  | 119517 |
|  Capri Holdings Ltd. \* | 5869 |  | 336411 |
|  CarMax, Inc. \* | 6715 |  | 408876 |
|  Carnival Corp. \* | 45124 |  | 363699 |
|  Carter's, Inc. | 1865 |  | 139148 |
|  Casey's General Stores, Inc. | 1685 |  | 378030 |
|  Columbia Sportswear Co. | 1656 |  | 145032 |
|  Copa Holdings SA Class A \* (Panama) | 1444 |  | 120097 |
|  Core & Main, Inc. Class A \* | 1979 |  | 38214 |
|  Cummins, Inc. | 6592 |  | 1597176 |
|  Darden Restaurants, Inc. | 1557 |  | 215380 |
|  Deckers Outdoor Corp. \* | 146 |  | 58277 |
|  Dick's Sporting Goods, Inc. | 2453 |  | 295071 |
|  Dolby Laboratories, Inc. Class A | 2892 |  | 204002 |
|  Dollar Tree, Inc. \* | 6770 |  | 957549 |
|  Domino's Pizza, Inc. | 447 |  | 154841 |
|  DR Horton, Inc. | 7115 |  | 634231 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-237** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Ford Motor Co. | 184007 | $2140001 |
|  Freshpet, Inc. \* | 928 | 48971 |
|  GameStop Corp. Class A \* | 12424 | 229347 |
|  Gap, Inc. | 9067 | 102276 |
|  General Motors Co. | 66282 | 2229726 |
|  Gentex Corp. | 10658 | 290644 |
|  Genuine Parts Co. | 5937 | 1030129 |
|  Hanesbrands, Inc. | 16128 | 102574 |
|  Harley-Davidson, Inc. | 6120 | 254592 |
|  Hasbro, Inc. | 6080 | 370941 |
|  Hilton Worldwide Holdings, Inc. | 3515 | 444155 |
|  Home Depot, Inc. | 20306 | 6413853 |
|  Hyatt Hotels Corp. Class A \* | 2212 | 200075 |
|  IAA, Inc. \* | 1059 | 42360 |
|  JetBlue Airways Corp. \* | 14257 | 92385 |
|  Kohl's Corp. | 5646 | 142562 |
|  Las Vegas Sands Corp. \* | 9599 | 461424 |
|  Lear Corp. | 2681 | 332498 |
|  Leggett & Platt, Inc. | 5989 | 193025 |
|  Lennar Corp. Class A | 11674 | 1056497 |
|  Lennar Corp. Class B | 706 | 52795 |
|  Leslie's, Inc. \* | 436 | 5324 |
|  Lithia Motors, Inc. | 1319 | 270052 |
|  Live Nation Entertainment, Inc. \* | 3543 | 247089 |
|  LKQ Corp. | 11684 | 624042 |
|  Lowe's Cos., Inc. | 3981 | 793174 |
|  Lucid Group, Inc. \* | 1501 | 10252 |
|  Macy's, Inc. | 13170 | 271961 |
|  Madison Square Garden Sports Corp. | 403 | 73882 |
|  Marriott Vacations Worldwide Corp. | 1690 | 227457 |
|  Mattel, Inc. \* | 8426 | 150320 |
|  McDonald's Corp. | 26176 | 6898161 |
|  MGM Resorts International | 14833 | 497351 |
|  MSC Industrial Direct Co., Inc. Class A | 2038 | 166505 |
|  Newell Brands, Inc. | 18436 | 241143 |
|  Nordstrom, Inc. | 609 | 9829 |
|  Norwegian Cruise Line Holdings Ltd. \* | 18765 | 229684 |
|  NVR, Inc. \* | 39 | 179891 |
|  O'Reilly Automotive, Inc. \* | 1716 | 1448355 |
|  Ollie's Bargain Outlet Holdings, Inc. \* | 2965 | 138881 |
|  PACCAR, Inc. | 16088 | 1592229 |
|  Peloton Interactive, Inc. Class A \* | 13783 | 109437 |
|  Penn Entertainment, Inc. \* | 7041 | 209118 |
|  Penske Automotive Group, Inc. | 1180 | 135617 |
|  Petco Health & Wellness Co., Inc. \* | 4181 | 39636 |
|  Planet Fitness, Inc. Class A \* | 1192 | 93930 |
|  Polaris, Inc. | 635 | 64135 |
|  PulteGroup, Inc. | 6664 | 303412 |
|  PVH Corp. | 3140 | 221653 |
|  QuantumScape Corp. \* | 11334 | 64264 |
|  Ralph Lauren Corp. | 1806 | 190840 |
|  RH \* | 504 | 134664 |
|  Rivian Automotive, Inc. Class A \* | 24605 | 453470 |
|  Ross Stores, Inc. | 9181 | 1065639 |
|  Royal Caribbean Cruises Ltd. \* | 10535 | 520745 |
|  Scotts Miracle-Gro Co. | 1229 | 59717 |
|  SiteOne Landscape Supply, Inc. \* | 776 | 91040 |
|  Six Flags Entertainment Corp. \* | 2349 | 54614 |
|  Skechers USA, Inc. Class A \* | 5335 | 223803 |
|  Southwest Airlines Co. \* | 28054 | 944578 |
|  Starbucks Corp. | 34338 | 3406330 |
|  Tapestry, Inc. | 9789 | 372765 |
|  Target Corp. | 9812 | 1462380 |
|  Tempur Sealy International, Inc. | 7927 | 272134 |
|  Thor Industries, Inc. | 2449 | 184875 |
|  Toll Brothers, Inc. | 2342 | 116913 |
|  Travel & Leisure Co. | 1427 | 51943 |
|  Under Armour, Inc. Class A \* | 9235 | 93828 |
|  Under Armour, Inc. Class C \* | 9903 | 88335 |
|  United Airlines Holdings, Inc. \* | 15235 | 574360 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Univar Solutions, Inc. \* | 7535 | $| 239613 |
|  Vail Resorts, Inc. | 110 |  | 26219 |
|  VF Corp. | 16738 |  | 462136 |
|  Victoria's Secret, Inc. \* | 948 |  | 33919 |
|  Walgreens Boots Alliance, Inc. | 33881 |  | 1265794 |
|  Walmart, Inc. | 66507 |  | 9430028 |
|  Watsco, Inc. | 718 |  | 179069 |
|  WESCO International, Inc. \* | 971 |  | 121569 |
|  Whirlpool Corp. | 2584 |  | 365533 |
|  Williams-Sonoma, Inc. | 607 |  | 69756 |
|  Wyndham Hotels & Resorts, Inc. | 1154 |  | 82292 |
|  Wynn Resorts Ltd. \* | 4297 |  | 354374 |
|  Yum! Brands, Inc. | 11667 |  | 1494309 |
|  |  |  | 67024816 |
|  **Consumer, Non-Cyclical - 25.0%** | **Consumer, Non-Cyclical - 25.0%** | **Consumer, Non-Cyclical - 25.0%** | **Consumer, Non-Cyclical - 25.0%** |
|  10X Genomics, Inc. Class A \* | 611 |  | 22265 |
|  Abbott Laboratories | 69643 |  | 7646105 |
|  Acadia Healthcare Co., Inc. \* | 4039 |  | 332490 |
|  ADT, Inc. | 9049 |  | 82074 |
|  Affirm Holdings, Inc. \* | 10454 |  | 101090 |
|  agilon health, Inc. \* | 1043 |  | 16834 |
|  Albertsons Cos., Inc. Class A | 7318 |  | 151775 |
|  Align Technology, Inc. \* | 908 |  | 191497 |
|  Altria Group, Inc. | 83884 |  | 3834338 |
|  Amedisys, Inc. \* | 1480 |  | 123639 |
|  Amgen, Inc. | 3964 |  | 1041105 |
|  Archer-Daniels-Midland Co. | 25571 |  | 2374267 |
|  Automatic Data Processing, Inc. | 1634 |  | 390297 |
|  Avantor, Inc. \* | 2004 |  | 42264 |
|  Avery Dennison Corp. | 1451 |  | 262631 |
|  Avis Budget Group, Inc. \* | 1193 |  | 195568 |
|  Azenta, Inc. \* | 3427 |  | 199520 |
|  Baxter International, Inc. | 20061 |  | 1022509 |
|  Becton Dickinson & Co. | 13285 |  | 3378376 |
|  Bio-Rad Laboratories, Inc. Class A \* | 1008 |  | 423854 |
|  Biogen, Inc. \* | 6701 |  | 1855641 |
|  BioMarin Pharmaceutical, Inc. \* | 8599 |  | 889911 |
|  Block, Inc. \* | 25020 |  | 1572257 |
|  Boston Scientific Corp. \* | 66758 |  | 3088893 |
|  Bright Horizons Family Solutions, Inc. \* | 1963 |  | 123865 |
|  Bristol-Myers Squibb Co. | 99650 |  | 7169817 |
|  Brown-Forman Corp. Class A | 867 |  | 57014 |
|  Brown-Forman Corp. Class B | 3500 |  | 229880 |
|  Bunge Ltd. | 6485 |  | 647008 |
|  Campbell Soup Co. | 9310 |  | 528343 |
|  Cardinal Health, Inc. | 12249 |  | 941581 |
|  Catalent, Inc. \* | 5380 |  | 242154 |
|  Centene Corp. \* | 26582 |  | 2179990 |
|  Certara, Inc. \* | 2118 |  | 34036 |
|  Charles River Laboratories International, Inc. \* | 228 |  | 49681 |
|  Chemed Corp. | 435 |  | 222037 |
|  Church & Dwight Co., Inc. | 6148 |  | 495590 |
|  Cigna Corp. | 11779 |  | 3902854 |
|  Cintas Corp. | 268 |  | 121034 |
|  Clarivate PLC \* | 22828 |  | 190386 |
|  Clorox Co. | 1041 |  | 146084 |
|  Coca-Cola Co. | 45653 |  | 2903987 |
|  Colgate-Palmolive Co. | 15099 |  | 1189650 |
|  Conagra Brands, Inc. | 21865 |  | 846176 |
|  Constellation Brands, Inc. Class A | 7085 |  | 1641949 |
|  Cooper Cos., Inc. | 2262 |  | 747976 |
|  Corteva, Inc. | 33446 |  | 1965956 |
|  CoStar Group, Inc. \* | 15964 |  | 1233698 |
|  Coty, Inc. Class A \* | 15808 |  | 135316 |
|  CVS Health Corp. | 61334 |  | 5715715 |
|  Danaher Corp. | 28229 |  | 7492541 |
|  Darling Ingredients, Inc. \* | 6893 |  | 431433 |
|  Dentsply Sirona, Inc. | 10508 |  | 334575 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-238** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Driven Brands Holdings, Inc. \* | 2917 | $79663 |
|  Dun & Bradstreet Holdings, Inc. | 11634 | 142633 |
|  Elanco Animal Health, Inc. \* | 21274 | 259968 |
|  Elevance Health, Inc. | 7851 | 4027327 |
|  Eli Lilly & Co. | 7323 | 2679046 |
|  Encompass Health Corp. | 4532 | 271059 |
|  Enhabit, Inc. \* | 2266 | 29821 |
|  Envista Holdings Corp. \* | 7924 | 266801 |
|  Equifax, Inc. | 2813 | 546735 |
|  Euronet Worldwide, Inc. \* | 498 | 47001 |
|  Exact Sciences Corp. \* | 6626 | 328053 |
|  Exelixis, Inc. \* | 1565 | 25103 |
|  Flowers Foods, Inc. | 8530 | 245152 |
|  FTI Consulting, Inc. \* | 905 | 143714 |
|  General Mills, Inc. | 27866 | 2336564 |
|  Gilead Sciences, Inc. | 58735 | 5042400 |
|  Ginkgo Bioworks Holdings, Inc. \* | 30305 | 51215 |
|  Global Payments, Inc. | 12545 | 1245969 |
|  Globus Medical, Inc. Class A \* | 3349 | 248730 |
|  Grand Canyon Education, Inc. \* | 1472 | 155532 |
|  Grocery Outlet Holding Corp. \* | 3952 | 115359 |
|  GXO Logistics, Inc. \* | 4355 | 185915 |
|  H&R Block, Inc. | 1583 | 57795 |
|  HCA Healthcare, Inc. | 9478 | 2274341 |
|  Henry Schein, Inc. \* | 6274 | 501104 |
|  Hershey Co. | 942 | 218139 |
|  Hertz Global Holdings, Inc. \* | 8823 | 135786 |
|  Hologic, Inc. \* | 11507 | 860839 |
|  Horizon Therapeutics PLC \* | 728 | 82846 |
|  Hormel Foods Corp. | 13282 | 604995 |
|  Humana, Inc. | 1726 | 884040 |
|  ICU Medical, Inc. \* | 760 | 119685 |
|  Illumina, Inc. \* | 7286 | 1473229 |
|  Incyte Corp. \* | 1296 | 104095 |
|  Ingredion, Inc. | 3020 | 295749 |
|  Integra LifeSciences Holdings Corp. \* | 3256 | 182564 |
|  Intuitive Surgical, Inc. \* | 1310 | 347609 |
|  Ionis Pharmaceuticals, Inc. \* | 389 | 14693 |
|  J M Smucker Co. | 4753 | 753160 |
|  Jazz Pharmaceuticals PLC \* | 2863 | 456105 |
|  Johnson & Johnson | 123143 | 21753211 |
|  Kellogg Co. | 5281 | 376218 |
|  Keurig Dr Pepper, Inc. | 40439 | 1442055 |
|  Kimberly-Clark Corp. | 6351 | 862148 |
|  Kraft Heinz Co. | 32420 | 1319818 |
|  Kroger Co. | 30924 | 1378592 |
|  Laboratory Corp. of America Holdings | 4139 | 974652 |
|  ManpowerGroup, Inc. | 2446 | 203532 |
|  Masimo Corp. \* | 479 | 70868 |
|  McCormick & Co., Inc. | 11604 | 961856 |
|  McKesson Corp. | 5336 | 2001640 |
|  Medtronic PLC | 62539 | 4860531 |
|  Merck & Co., Inc. | 68771 | 7630142 |
|  Mirati Therapeutics, Inc. \* | 1991 | 90212 |
|  Mister Car Wash, Inc. \* | 1318 | 12165 |
|  Moderna, Inc. \* | 14593 | 2621195 |
|  Molina Healthcare, Inc. \* | 600 | 198132 |
|  Molson Coors Beverage Co. Class B | 7989 | 411593 |
|  Mondelez International, Inc. Class A | 63792 | 4251737 |
|  Monster Beverage Corp. \* | 1295 | 131481 |
|  Moody's Corp. | 479 | 133459 |
|  Morningstar, Inc. | 147 | 31839 |
|  Natera, Inc. \* | 190 | 7632 |
|  Oak Street Health, Inc. \* | 5391 | 115960 |
|  Organon & Co. | 12170 | 339908 |
|  PayPal Holdings, Inc. \* | 36902 | 2628160 |
|  PepsiCo, Inc. | 9968 | 1800819 |
|  Performance Food Group Co. \* | 4863 | 283951 |
|  PerkinElmer, Inc. | 5863 | 822110 |
|  Perrigo Co. PLC | 6641 | 226392 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Pfizer, Inc. | 264458 | $| 13550828 |
|  Philip Morris International, Inc. | 72505 |  | 7338231 |
|  Pilgrim's Pride Corp. \* | 1067 |  | 25320 |
|  Post Holdings, Inc. \* | 2690 |  | 242799 |
|  Premier, Inc. Class A | 5629 |  | 196902 |
|  Procter & Gamble Co. | 63398 |  | 9608601 |
|  QIAGEN NV \* | 10789 |  | 538047 |
|  Quanta Services, Inc. | 2990 |  | 426075 |
|  Quest Diagnostics, Inc. | 5306 |  | 830071 |
|  QuidelOrtho Corp. \* | 2286 |  | 195842 |
|  Regeneron Pharmaceuticals, Inc. \* | 4141 |  | 2987690 |
|  Repligen Corp. \* | 737 |  | 124781 |
|  Reynolds Consumer Products, Inc. | 2762 |  | 82805 |
|  Robert Half International, Inc. | 741 |  | 54708 |
|  Rollins, Inc. | 632 |  | 23093 |
|  Royalty Pharma PLC Class A | 17588 |  | 695078 |
|  S&P Global, Inc. | 15233 |  | 5102141 |
|  Seaboard Corp. | 11 |  | 41527 |
|  Service Corp. International | 6896 |  | 476789 |
|  Signify Health, Inc. Class A \* | 3574 |  | 102431 |
|  Spectrum Brands Holdings, Inc. | 1804 |  | 109900 |
|  STERIS PLC | 4725 |  | 872660 |
|  Stryker Corp. | 7605 |  | 1859346 |
|  Syneos Health, Inc. \* | 3992 |  | 146427 |
|  Tandem Diabetes Care, Inc. \* | 125 |  | 5619 |
|  Teladoc Health, Inc. \* | 6807 |  | 160986 |
|  Teleflex, Inc. | 2171 |  | 541947 |
|  Tenet Healthcare Corp. \* | 4919 |  | 239998 |
|  Thermo Fisher Scientific, Inc. | 16074 |  | 8851791 |
|  TransUnion | 2378 |  | 134952 |
|  Tyson Foods, Inc. Class A | 13539 |  | 842803 |
|  U-Haul Holding Co. | 4030 |  | 223669 |
|  Ultragenyx Pharmaceutical, Inc. \* | 546 |  | 25296 |
|  United Rentals, Inc. \* | 1789 |  | 635846 |
|  United Therapeutics Corp. \* | 2095 |  | 582599 |
|  UnitedHealth Group, Inc. | 3924 |  | 2080426 |
|  Universal Health Services, Inc. Class B | 2964 |  | 417598 |
|  US Foods Holding Corp. \* | 9431 |  | 320843 |
|  Vertex Pharmaceuticals, Inc. \* | 663 |  | 191461 |
|  Viatris, Inc. | 56759 |  | 631728 |
|  WEX, Inc. \* | 516 |  | 84443 |
|  WillScot Mobile Mini Holdings Corp. \* | 4692 |  | 211938 |
|  Zimmer Biomet Holdings, Inc. | 9741 |  | 1241978 |
|  |  |  | 220000081 |
|  **Energy - 8.4%** | **Energy - 8.4%** | **Energy - 8.4%** | **Energy - 8.4%** |
|  Antero Midstream Corp. | 15057 |  | 162465 |
|  Antero Resources Corp. \* | 4747 |  | 147110 |
|  APA Corp. | 14974 |  | 698986 |
|  Baker Hughes Co. | 43904 |  | 1296485 |
|  Cheniere Energy, Inc. | 4945 |  | 741552 |
|  Chesapeake Energy Corp. | 5636 |  | 531869 |
|  Chevron Corp. | 90494 |  | 16242768 |
|  ConocoPhillips | 58321 |  | 6881878 |
|  Coterra Energy, Inc. | 31014 |  | 762014 |
|  Devon Energy Corp. | 15539 |  | 955804 |
|  Diamondback Energy, Inc. | 3516 |  | 480919 |
|  DTE Midstream LLC \* | 4398 |  | 243033 |
|  EOG Resources, Inc. | 7320 |  | 948086 |
|  EQT Corp. | 16936 |  | 572945 |
|  Exxon Mobil Corp. | 192823 |  | 21268377 |
|  First Solar, Inc. \* | 4965 |  | 743707 |
|  Halliburton Co. | 22936 |  | 902532 |
|  Hess Corp. | 2829 |  | 401209 |
|  HF Sinclair Corp. | 6304 |  | 327115 |
|  Kinder Morgan, Inc. | 93709 |  | 1694259 |
|  Marathon Oil Corp. | 29591 |  | 801028 |
|  Marathon Petroleum Corp. | 21888 |  | 2547544 |
|  NOV, Inc. | 18977 |  | 396430 |
|  Occidental Petroleum Corp. | 6594 |  | 415356 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-239** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  ONEOK, Inc. | 18291 | $| 1201719 |
|  Ovintiv, Inc. | 3444 |  | 174645 |
|  PDC Energy, Inc. | 2031 |  | 128928 |
|  Phillips 66 | 22102 |  | 2300376 |
|  Pioneer Natural Resources Co. | 5002 |  | 1142407 |
|  Plug Power, Inc. \* | 12090 |  | 149553 |
|  Range Resources Corp. | 4137 |  | 103508 |
|  Schlumberger Ltd. | 66082 |  | 3532744 |
|  Southwestern Energy Co. \* | 47845 |  | 279893 |
|  Sunrun, Inc. \* | 10158 |  | 243995 |
|  Valero Energy Corp. | 17991 |  | 2282338 |
|  Williams Cos., Inc. | 56653 |  | 1863884 |
|  |  |  | 73567461 |
|  **Financial - 23.4%** | **Financial - 23.4%** | **Financial - 23.4%** | **Financial - 23.4%** |
|  Affiliated Managers Group, Inc. | 1825 |  | 289135 |
|  Aflac, Inc. | 28827 |  | 2073814 |
|  AGNC Investment Corp. REIT | 25745 |  | 266461 |
|  Air Lease Corp. | 4935 |  | 189603 |
|  Alexandria Real Estate Equities, Inc. REIT | 7496 |  | 1091942 |
|  Allstate Corp. | 12357 |  | 1675609 |
|  Ally Financial, Inc. | 13946 |  | 340980 |
|  American Express Co. | 26395 |  | 3899861 |
|  American Financial Group, Inc. | 3251 |  | 446297 |
|  American Homes 4 Rent Class A REIT | 14036 |  | 423045 |
|  American International Group, Inc. | 34761 |  | 2198286 |
|  American Tower Corp. REIT | 5111 |  | 1082816 |
|  Americold Realty Trust, Inc. REIT | 12879 |  | 364604 |
|  Ameriprise Financial, Inc. | 1840 |  | 572921 |
|  Annaly Capital Management, Inc. REIT | 21845 |  | 460493 |
|  Aon PLC Class A | 565 |  | 169579 |
|  Apartment Income REIT Corp. REIT | 6316 |  | 216702 |
|  Apollo Global Management, Inc. | 5059 |  | 322714 |
|  Arch Capital Group Ltd. \* | 11261 |  | 706966 |
|  Arthur J Gallagher & Co. | 8692 |  | 1638790 |
|  Assurant, Inc. | 2336 |  | 292140 |
|  Assured Guaranty Ltd. | 2613 |  | 162685 |
|  AvalonBay Communities, Inc. REIT | 6595 |  | 1065224 |
|  Axis Capital Holdings Ltd. | 3488 |  | 188945 |
|  Bank of America Corp. | 328628 |  | 10884159 |
|  Bank of Hawaii Corp. | 1792 |  | 138988 |
|  Bank of New York Mellon Corp. | 34635 |  | 1576585 |
|  Bank OZK | 5390 |  | 215923 |
|  Berkshire Hathaway, Inc. Class B \* | 84416 |  | 26076102 |
|  BlackRock, Inc. | 7021 |  | 4975291 |
|  BOK Financial Corp. | 1366 |  | 141777 |
|  Boston Properties, Inc. REIT | 7306 |  | 493739 |
|  Brighthouse Financial, Inc. \* | 3090 |  | 158424 |
|  Brixmor Property Group, Inc. REIT | 14574 |  | 330393 |
|  Brown & Brown, Inc. | 10395 |  | 592203 |
|  Camden Property Trust REIT | 4476 |  | 500775 |
|  Capital One Financial Corp. | 17762 |  | 1651156 |
|  Carlyle Group, Inc. | 9581 |  | 285897 |
|  Cboe Global Markets, Inc. | 5014 |  | 629107 |
|  CBRE Group, Inc. Class A \* | 7544 |  | 580586 |
|  Charles Schwab Corp. | 31578 |  | 2629184 |
|  Chubb Ltd. | 19445 |  | 4289567 |
|  Cincinnati Financial Corp. | 7166 |  | 733727 |
|  Citigroup, Inc. | 90571 |  | 4096526 |
|  Citizens Financial Group, Inc. | 22628 |  | 890864 |
|  CME Group, Inc. | 16772 |  | 2820380 |
|  CNA Financial Corp. | 1353 |  | 57205 |
|  Coinbase Global, Inc. Class A \* | 7173 |  | 253852 |
|  Comerica, Inc. | 6226 |  | 416208 |
|  Commerce Bancshares, Inc. | 5218 |  | 355189 |
|  Cousins Properties, Inc. REIT | 6676 |  | 168836 |
|  Credit Acceptance Corp. \* | 276 |  | 130934 |
|  CubeSmart REIT | 10422 |  | 419485 |
|  Cullen/Frost Bankers, Inc. | 2779 |  | 371552 |
|  Digital Realty Trust, Inc. REIT | 13393 |  | 1342916 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Discover Financial Services | 12756 | $1247919 |
|  Douglas Emmett, Inc. REIT | 7492 | 117475 |
|  East West Bancorp, Inc. | 6739 | 444100 |
|  EastGroup Properties, Inc. REIT | 1904 | 281906 |
|  EPR Properties REIT | 3333 | 125721 |
|  Equinix, Inc. REIT | 1076 | 704812 |
|  Equitable Holdings, Inc. | 17721 | 508593 |
|  Equity LifeStyle Properties, Inc. REIT | 3181 | 205493 |
|  Equity Residential REIT | 17487 | 1031733 |
|  Erie Indemnity Co. Class A | 290 | 72129 |
|  Essex Property Trust, Inc. REIT | 3016 | 639151 |
|  Evercore, Inc. Class A | 1715 | 187072 |
|  Everest Re Group Ltd. | 1244 | 412100 |
|  Extra Space Storage, Inc. REIT | 5528 | 813611 |
|  F&G Annuities & Life, Inc. \* | 881 | 17629 |
|  Federal Realty Investment Trust REIT | 3773 | 381224 |
|  Fidelity National Financial, Inc. | 12140 | 456707 |
|  Fifth Third Bancorp | 32313 | 1060190 |
|  First American Financial Corp. | 4796 | 251023 |
|  First Citizens BancShares, Inc. Class A | 387 | 293485 |
|  First Hawaiian, Inc. | 5733 | 149287 |
|  First Horizon Corp. | 24969 | 611740 |
|  First Industrial Realty Trust, Inc. REIT | 6321 | 305051 |
|  First Republic Bank | 8441 | 1028873 |
|  FNB Corp. | 15546 | 202875 |
|  Franklin Resources, Inc. | 13025 | 343600 |
|  Gaming & Leisure Properties, Inc. REIT | 11036 | 574865 |
|  Globe Life, Inc. | 4188 | 504863 |
|  Goldman Sachs Group, Inc. | 15346 | 5269509 |
|  Hanover Insurance Group, Inc. | 1608 | 217289 |
|  Hartford Financial Services Group, Inc. | 14842 | 1125469 |
|  Healthcare Realty Trust, Inc. REIT | 17649 | 340096 |
|  Healthpeak Properties, Inc. REIT | 25271 | 633544 |
|  Highwoods Properties, Inc. REIT | 4747 | 132821 |
|  Host Hotels & Resorts, Inc. REIT | 33334 | 535011 |
|  Howard Hughes Corp. \* | 1869 | 142829 |
|  Hudson Pacific Properties, Inc. REIT | 6675 | 64948 |
|  Huntington Bancshares, Inc. | 66719 | 940738 |
|  Interactive Brokers Group, Inc. Class A | 4297 | 310888 |
|  Intercontinental Exchange, Inc. | 25783 | 2645078 |
|  Invesco Ltd. | 17280 | 310867 |
|  Invitation Homes, Inc. REIT | 28132 | 833832 |
|  Iron Mountain, Inc. REIT | 3353 | 167147 |
|  Janus Henderson Group PLC | 6375 | 149940 |
|  JBG SMITH Properties REIT | 5503 | 104447 |
|  Jefferies Financial Group, Inc. | 9651 | 330836 |
|  Jones Lang LaSalle, Inc. \* | 2275 | 362567 |
|  JPMorgan Chase & Co. | 136479 | 18301834 |
|  Kemper Corp. | 2758 | 135694 |
|  KeyCorp | 43207 | 752666 |
|  Kilroy Realty Corp. REIT | 5709 | 220767 |
|  Kimco Realty Corp. REIT | 27953 | 592045 |
|  KKR & Co., Inc. | 26973 | 1252087 |
|  Lamar Advertising Co. Class A REIT | 622 | 58717 |
|  Lazard Ltd. Class A | 3869 | 134138 |
|  Life Storage, Inc. REIT | 3900 | 384150 |
|  Lincoln National Corp. | 6289 | 193198 |
|  Loews Corp. | 9423 | 549644 |
|  M&T Bank Corp. | 8036 | 1165702 |
|  Macerich Co. REIT | 1 | 11 |
|  Markel Corp. \* | 477 | 628443 |
|  Marsh & McLennan Cos., Inc. | 2485 | 411218 |
|  Medical Properties Trust, Inc. REIT | 28287 | 315117 |
|  MetLife, Inc. | 30902 | 2236378 |
|  MGIC Investment Corp. | 14368 | 186784 |
|  Mid-America Apartment Communities, Inc. REIT | 5348 | 839583 |
|  Morgan Stanley | 57684 | 4904294 |
|  Nasdaq, Inc. | 16206 | 994238 |
|  National Retail Properties, Inc. REIT | 8459 | 387084 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-240** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  National Storage Affiliates Trust REIT | 3928 | $141879 |
|  New York Community Bancorp, Inc. | 30121 | 259041 |
|  Northern Trust Corp. | 9784 | 865786 |
|  Old Republic International Corp. | 12652 | 305546 |
|  Omega Healthcare Investors, Inc. REIT | 10747 | 300379 |
|  OneMain Holdings, Inc. | 5595 | 186369 |
|  PacWest Bancorp | 5223 | 119868 |
|  Park Hotels & Resorts, Inc. REIT | 10959 | 129207 |
|  Pinnacle Financial Partners, Inc. | 3691 | 270919 |
|  PNC Financial Services Group, Inc. | 18835 | 2974800 |
|  Popular, Inc. | 3177 | 210699 |
|  Primerica, Inc. | 1765 | 250312 |
|  Principal Financial Group, Inc. | 11319 | 949890 |
|  Progressive Corp. | 3516 | 456060 |
|  Prologis, Inc. REIT | 43071 | 4855394 |
|  Prosperity Bancshares, Inc. | 4022 | 292319 |
|  Prudential Financial, Inc. | 17217 | 1712403 |
|  Public Storage REIT | 1491 | 417763 |
|  Raymond James Financial, Inc. | 8322 | 889206 |
|  Rayonier, Inc. REIT | 7064 | 232829 |
|  Realty Income Corp. REIT | 29268 | 1856469 |
|  Regency Centers Corp. REIT | 8026 | 501625 |
|  Regions Financial Corp. | 43308 | 933720 |
|  Reinsurance Group of America, Inc. | 3045 | 432664 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 912 | 168018 |
|  Rexford Industrial Realty, Inc. REIT | 8584 | 469030 |
|  Rithm Capital Corp. REIT | 19886 | 162469 |
|  Rocket Cos., Inc. Class A | 3602 | 25214 |
|  SBA Communications Corp. REIT | 3893 | 1091247 |
|  SEI Investments Co. | 4813 | 280598 |
|  Signature Bank | 2772 | 319390 |
|  Simon Property Group, Inc. REIT | 7809 | 917401 |
|  SL Green Realty Corp. REIT | 3048 | 102779 |
|  SLM Corp. | 11182 | 185621 |
|  SoFi Technologies, Inc. \* | 36791 | 169607 |
|  Spirit Realty Capital, Inc. REIT | 6388 | 255073 |
|  Starwood Property Trust, Inc. REIT | 14206 | 260396 |
|  State Street Corp. | 17043 | 1322026 |
|  Stifel Financial Corp. | 5027 | 293426 |
|  STORE Capital Corp. REIT | 11950 | 383117 |
|  Sun Communities, Inc. REIT | 5718 | 817674 |
|  SVB Financial Group \* | 983 | 226228 |
|  Synchrony Financial | 20986 | 689600 |
|  Synovus Financial Corp. | 6740 | 253087 |
|  T Rowe Price Group, Inc. | 10359 | 1129753 |
|  TFS Financial Corp. | 3338 | 48101 |
|  Tradeweb Markets, Inc. Class A | 1834 | 119082 |
|  Travelers Cos., Inc. | 10941 | 2051328 |
|  Truist Financial Corp. | 62103 | 2672292 |
|  UDR, Inc. REIT | 15374 | 595435 |
|  Umpqua Holdings Corp. | 9725 | 173591 |
|  Unum Group | 9179 | 376614 |
|  Upstart Holdings, Inc. \* | 2747 | 36315 |
|  US Bancorp | 62711 | 2734827 |
|  UWM Holdings Corp. | 2320 | 7679 |
|  Ventas, Inc. REIT | 18980 | 855049 |
|  VICI Properties, Inc. REIT | 45354 | 1469470 |
|  Virtu Financial, Inc. Class A | 5096 | 104009 |
|  Vornado Realty Trust REIT | 8797 | 183066 |
|  Voya Financial, Inc. | 3862 | 237474 |
|  W R Berkley Corp. | 9690 | 703203 |
|  Webster Financial Corp. | 8011 | 379241 |
|  Wells Fargo & Co. | 177452 | 7326993 |
|  Welltower, Inc. REIT | 21969 | 1440068 |
|  Western Alliance Bancorp | 1868 | 111258 |
|  Western Union Co. | 11823 | 162803 |
|  WeWork, Inc. Class A \* | 6014 | 8600 |
|  Weyerhaeuser Co. REIT | 34399 | 1066369 |
|  White Mountains Insurance Group Ltd. | 112 | 158405 |
|  Willis Towers Watson PLC | 5024 | 1228770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Wintrust Financial Corp. | 2859 | $| 241643 |
|  WP Carey, Inc. REIT | 9638 |  | 753210 |
|  Zions Bancorp NA | 7189 |  | 353411 |
|  |  |  | 205247224 |
|  **Industrial - 9.9%** | **Industrial - 9.9%** | **Industrial - 9.9%** | **Industrial - 9.9%** |
|  3M Co. | 25792 |  | 3092977 |
|  Acuity Brands, Inc. | 1558 |  | 258020 |
|  AECOM | 5706 |  | 484611 |
|  AGCO Corp. | 2535 |  | 351579 |
|  Agilent Technologies, Inc. | 1465 |  | 219237 |
|  Allegion PLC | 744 |  | 78313 |
|  Amcor PLC | 70211 |  | 836213 |
|  AMETEK, Inc. | 10701 |  | 1495144 |
|  Amphenol Corp. Class A | 6669 |  | 507778 |
|  AO Smith Corp. | 4504 |  | 257809 |
|  AptarGroup, Inc. | 3205 |  | 352486 |
|  Ardagh Group SA \* W | 291 |  | 2475 |
|  Ardagh Metal Packaging SA | 4387 |  | 21101 |
|  Armstrong World Industries, Inc. | 826 |  | 56655 |
|  Arrow Electronics, Inc. \* | 2720 |  | 284430 |
|  Avnet, Inc. | 4051 |  | 168441 |
|  Axon Enterprise, Inc. \* | 706 |  | 117147 |
|  AZEK Co., Inc. \* | 5246 |  | 106599 |
|  Ball Corp. | 8621 |  | 440878 |
|  Berry Global Group, Inc. | 3120 |  | 188542 |
|  Boeing Co. \* | 17666 |  | 3365196 |
|  Builders FirstSource, Inc. \* | 6797 |  | 440989 |
|  BWX Technologies, Inc. | 2577 |  | 149672 |
|  Carlisle Cos., Inc. | 374 |  | 88133 |
|  Carrier Global Corp. | 39073 |  | 1611761 |
|  Caterpillar, Inc. | 3188 |  | 763717 |
|  CH Robinson Worldwide, Inc. | 3965 |  | 363035 |
|  Clean Harbors, Inc. \* | 2281 |  | 260308 |
|  Cognex Corp. | 569 |  | 26806 |
|  Coherent Corp. \* | 4940 |  | 173394 |
|  Crane Co. | 2221 |  | 223099 |
|  Crown Holdings, Inc. | 650 |  | 53436 |
|  CSX Corp. | 73502 |  | 2277092 |
|  Curtiss-Wright Corp. | 1759 |  | 293735 |
|  Donaldson Co., Inc. | 4879 |  | 287227 |
|  Dover Corp. | 6548 |  | 886665 |
|  Eagle Materials, Inc. | 308 |  | 40918 |
|  Eaton Corp. PLC | 18670 |  | 2930256 |
|  Emerson Electric Co. | 18702 |  | 1796514 |
|  Enovis Corp. \* | 2526 |  | 135192 |
|  Esab Corp. | 2648 |  | 124244 |
|  Expeditors International of Washington, Inc. | 5105 |  | 530512 |
|  FedEx Corp. | 11179 |  | 1936203 |
|  Flowserve Corp. | 6140 |  | 188375 |
|  Fortive Corp. | 16552 |  | 1063466 |
|  Fortune Brands Innovations, Inc. | 3958 |  | 226041 |
|  Garmin Ltd. | 7140 |  | 658951 |
|  Gates Industrial Corp. PLC \* | 5996 |  | 68414 |
|  General Dynamics Corp. | 11380 |  | 2823492 |
|  General Electric Co. | 48369 |  | 4052839 |
|  Graco, Inc. | 2439 |  | 164047 |
|  Graphic Packaging Holding Co. | 3241 |  | 72112 |
|  Hayward Holdings, Inc. \* | 4006 |  | 37656 |
|  HEICO Corp. | 131 |  | 20127 |
|  HEICO Corp. Class A | 230 |  | 27565 |
|  Hexcel Corp. | 3869 |  | 227691 |
|  Honeywell International, Inc. | 22263 |  | 4770961 |
|  Howmet Aerospace, Inc. | 15940 |  | 628195 |
|  Hubbell, Inc. | 2564 |  | 601720 |
|  Huntington Ingalls Industries, Inc. | 1421 |  | 327796 |
|  IDEX Corp. | 2890 |  | 659874 |
|  Illinois Tool Works, Inc. | 1461 |  | 321858 |
|  Ingersoll Rand, Inc. | 18879 |  | 986428 |
|  ITT, Inc. | 3881 |  | 314749 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-241** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Jabil, Inc. | 1060 | $72292 |
|  Jacobs Solutions, Inc. | 6024 | 723302 |
|  JB Hunt Transport Services, Inc. | 458 | 79857 |
|  Johnson Controls International PLC | 32205 | 2061120 |
|  Keysight Technologies, Inc. \* | 621 | 106234 |
|  Kirby Corp. \* | 2683 | 172651 |
|  Knight-Swift Transportation Holdings, Inc. | 7291 | 382121 |
|  L3Harris Technologies, Inc. | 8885 | 1849946 |
|  Landstar System, Inc. | 117 | 19059 |
|  Lennox International, Inc. | 1486 | 355496 |
|  Littelfuse, Inc. | 1177 | 259175 |
|  Louisiana-Pacific Corp. | 2999 | 177541 |
|  Martin Marietta Materials, Inc. | 2631 | 889199 |
|  Masco Corp. | 9982 | 465860 |
|  MasTec, Inc. \* | 2932 | 250188 |
|  Masterbrand, Inc. \* | 3958 | 29883 |
|  MDU Resources Group, Inc. | 9165 | 278066 |
|  Mercury Systems, Inc. \* | 2521 | 112790 |
|  Middleby Corp. \* | 2342 | 313594 |
|  Mohawk Industries, Inc. \* | 2476 | 253097 |
|  MSA Safety, Inc. | 1166 | 168126 |
|  National Instruments Corp. | 5203 | 191991 |
|  Nordson Corp. | 2044 | 485900 |
|  Norfolk Southern Corp. | 10807 | 2663061 |
|  Northrop Grumman Corp. | 6048 | 3299849 |
|  nVent Electric PLC | 7499 | 288487 |
|  Oshkosh Corp. | 2987 | 263424 |
|  Otis Worldwide Corp. | 17113 | 1340119 |
|  Owens Corning | 4515 | 385129 |
|  Packaging Corp. of America | 4216 | 539269 |
|  Parker-Hannifin Corp. | 4675 | 1360425 |
|  Pentair PLC | 7979 | 358895 |
|  Raytheon Technologies Corp. | 68776 | 6940874 |
|  Regal Rexnord Corp. | 3101 | 372058 |
|  Republic Services, Inc. | 9132 | 1177937 |
|  Rockwell Automation, Inc. | 1749 | 450490 |
|  RXO, Inc. \* | 4377 | 75284 |
|  Ryder System, Inc. | 2351 | 196473 |
|  Schneider National, Inc. Class B | 2847 | 66620 |
|  Sensata Technologies Holding PLC | 6993 | 282377 |
|  Silgan Holdings, Inc. | 3876 | 200932 |
|  Snap-on, Inc. | 2501 | 571453 |
|  Sonoco Products Co. | 4417 | 268156 |
|  Spirit AeroSystems Holdings, Inc. Class A | 246 | 7282 |
|  Stanley Black & Decker, Inc. | 6879 | 516750 |
|  Stericycle, Inc. \* | 4120 | 205547 |
|  TD SYNNEX Corp. | 1912 | 181086 |
|  Teledyne Technologies, Inc. \* | 2151 | 860206 |
|  Tetra Tech, Inc. | 1452 | 210816 |
|  Textron, Inc. | 9746 | 690017 |
|  Timken Co. | 2892 | 204378 |
|  TopBuild Corp. \* | 301 | 47103 |
|  Trane Technologies PLC | 4501 | 756573 |
|  TransDigm Group, Inc. | 1472 | 926845 |
|  Trimble, Inc. \* | 11699 | 591501 |
|  United Parcel Service, Inc. Class B | 3678 | 639384 |
|  Valmont Industries, Inc. | 833 | 275448 |
|  Vertiv Holdings Co. | 11828 | 161570 |
|  Vontier Corp. | 2807 | 54259 |
|  Vulcan Materials Co. | 3138 | 549495 |
|  Waste Management, Inc. | 1211 | 189982 |
|  Westinghouse Air Brake Technologies Corp. | 8408 | 839202 |
|  Westrock Co. | 11715 | 411899 |
|  Woodward, Inc. | 2778 | 268383 |
|  XPO, Inc. \* | 4377 | 145710 |
|  Xylem, Inc. | 7201 | 796215 |
|  |  | 86649347 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **Technology - 5.8%** | **Technology - 5.8%** | **Technology - 5.8%** |
|  Activision Blizzard, Inc. | 36305 | $2779148 |
|  Advanced Micro Devices, Inc. \* | 16159 | 1046618 |
|  Akamai Technologies, Inc. \* | 7216 | 608309 |
|  Amdocs Ltd. | 5549 | 504404 |
|  Analog Devices, Inc. | 19180 | 3146095 |
|  ANSYS, Inc. \* | 1904 | 459987 |
|  Bill.com Holdings, Inc. \* | 4516 | 492063 |
|  Black Knight, Inc. \* | 6458 | 398782 |
|  Broadridge Financial Solutions, Inc. | 557 | 74710 |
|  CACI International, Inc. Class A \* | 1050 | 315620 |
|  CCC Intelligent Solutions Holdings, Inc. \* | 4789 | 41664 |
|  Ceridian HCM Holding, Inc. \* | 5130 | 329090 |
|  Cirrus Logic, Inc. \* | 2563 | 190892 |
|  Cognizant Technology Solutions Corp. Class A | 23993 | 1372160 |
|  Concentrix Corp. | 2073 | 276041 |
|  Coupa Software, Inc. \* | 1546 | 122397 |
|  Definitive Healthcare Corp. \* | 1177 | 12935 |
|  Dell Technologies, Inc. Class C | 9852 | 396247 |
|  DoubleVerify Holdings, Inc. \* | 73 | 1603 |
|  Doximity, Inc. Class A \* | 2370 | 79537 |
|  Dropbox, Inc. Class A \* | 1160 | 25961 |
|  DXC Technology Co. \* | 10751 | 284902 |
|  Electronic Arts, Inc. | 12152 | 1484731 |
|  Fidelity National Information Services, Inc. | 27725 | 1881141 |
|  Fiserv, Inc. \* | 25036 | 2530389 |
|  Genpact Ltd. | 3943 | 182640 |
|  GLOBALFOUNDRIES, Inc. \* | 2192 | 118127 |
|  Guidewire Software, Inc. \* | 3724 | 232973 |
|  Hewlett Packard Enterprise Co. | 60338 | 962995 |
|  HP, Inc. | 25454 | 683949 |
|  Informatica, Inc. Class A \* | 1890 | 30788 |
|  Intel Corp. | 191475 | 5060684 |
|  International Business Machines Corp. | 13924 | 1961752 |
|  IPG Photonics Corp. \* | 1498 | 141816 |
|  Jamf Holding Corp. \* | 284 | 6049 |
|  KBR, Inc. | 2258 | 119222 |
|  Kyndryl Holdings, Inc. \* | 7823 | 86992 |
|  Leidos Holdings, Inc. | 6421 | 675425 |
|  Lumentum Holdings, Inc. \* | 3266 | 170387 |
|  Manhattan Associates, Inc. \* | 1111 | 134875 |
|  Marvell Technology, Inc. | 40017 | 1482230 |
|  Microchip Technology, Inc. | 3514 | 246859 |
|  Micron Technology, Inc. | 41199 | 2059126 |
|  MKS Instruments, Inc. | 2568 | 217587 |
|  MSCI, Inc. | 901 | 419118 |
|  nCino, Inc. \* | 2090 | 55260 |
|  NCR Corp. \* | 5576 | 130534 |
|  Nutanix, Inc. Class A \* | 4667 | 121575 |
|  ON Semiconductor Corp. \* | 7551 | 470956 |
|  Oracle Corp. | 22344 | 1826399 |
|  Paycor HCM, Inc. \* | 2185 | 53467 |
|  Procore Technologies, Inc. \* | 1137 | 53644 |
|  Qorvo, Inc. \* | 4726 | 428365 |
|  Roper Technologies, Inc. | 4920 | 2125883 |
|  Salesforce, Inc. \* | 35394 | 4692890 |
|  Science Applications International Corp. | 2624 | 291080 |
|  SentinelOne, Inc. Class A \* | 2356 | 34374 |
|  Skyworks Solutions, Inc. | 7416 | 675820 |
|  Snowflake, Inc. Class A \* | 930 | 133492 |
|  SS&C Technologies Holdings, Inc. | 10529 | 548140 |
|  Take-Two Interactive Software, Inc. \* | 1261 | 131308 |
|  Teradata Corp. \* | 2209 | 74355 |
|  Teradyne, Inc. | 689 | 60184 |
|  Texas Instruments, Inc. | 13375 | 2209818 |
|  Twilio, Inc. Class A \* | 4938 | 241764 |
|  Tyler Technologies, Inc. \* | 256 | 82537 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-242** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  UiPath, Inc. Class A \* | 15679 | $| 199280 |
|  Unity Software, Inc. \* | 3152 |  | 90116 |
|  VMware, Inc. Class A \* | 4961 |  | 609012 |
|  Western Digital Corp. \* | 14588 |  | 460251 |
|  Wolfspeed, Inc. \* | 5586 |  | 385657 |
|  Zebra Technologies Corp. Class A \* | 1429 |  | 366410 |
|  Zoom Video Communications, Inc. Class A \* | 6046 |  | 409556 |
|  |  |  | 50811147 |
|  **Utilities - 5.7%** | **Utilities - 5.7%** | **Utilities - 5.7%** | **Utilities - 5.7%** |
|  AES Corp. | 25321 |  | 728232 |
|  Alliant Energy Corp. | 11716 |  | 646840 |
|  Ameren Corp. | 11913 |  | 1059304 |
|  American Electric Power Co., Inc. | 23988 |  | 2277661 |
|  American Water Works Co., Inc. | 8429 |  | 1284748 |
|  Atmos Energy Corp. | 6389 |  | 716015 |
|  Avangrid, Inc. | 3280 |  | 140974 |
|  Brookfield Renewable Corp. Class A | 5909 |  | 162734 |
|  CenterPoint Energy, Inc. | 29172 |  | 874868 |
|  CMS Energy Corp. | 13649 |  | 864391 |
|  Consolidated Edison, Inc. | 16734 |  | 1594918 |
|  Constellation Energy Corp. | 15266 |  | 1316082 |
|  Dominion Energy, Inc. | 38935 |  | 2387494 |
|  DTE Energy Co. | 8918 |  | 1048133 |
|  Duke Energy Corp. | 36024 |  | 3710112 |
|  Edison International | 17427 |  | 1108706 |
|  Entergy Corp. | 9410 |  | 1058625 |
|  Essential Utilities, Inc. | 10967 |  | 523455 |
|  Evergy, Inc. | 10480 |  | 659506 |
|  Eversource Energy | 16261 |  | 1363322 |
|  Exelon Corp. | 46430 |  | 2007169 |
|  FirstEnergy Corp. | 25236 |  | 1058398 |
|  Hawaiian Electric Industries, Inc. | 5382 |  | 225237 |
|  IDACORP, Inc. | 2267 |  | 244496 |
|  National Fuel Gas Co. | 3934 |  | 249022 |
|  NextEra Energy, Inc. | 93058 |  | 7779649 |
|  NiSource, Inc. | 18793 |  | 515304 |
|  NRG Energy, Inc. | 10920 |  | 347474 |
|  OGE Energy Corp. | 9035 |  | 357334 |
|  PG&E Corp. \* | 76968 |  | 1251500 |
|  Pinnacle West Capital Corp. | 5440 |  | 413658 |
|  PPL Corp. | 34816 |  | 1017324 |
|  Public Service Enterprise Group, Inc. | 23130 |  | 1417175 |
|  Sempra Energy | 14680 |  | 2268647 |
|  Southern Co. | 50876 |  | 3633055 |
|  UGI Corp. | 10003 |  | 370811 |
|  Vistra Corp. | 8345 |  | 193604 |
|  WEC Energy Group, Inc. | 14880 |  | 1395149 |
|  Xcel Energy, Inc. | 25346 |  | 1777008 |
|  |  |  | 50048134 |
|  Total Common Stocks <br>(Cost $760,682,040) |  |  | 858343038 |
|  **EXCHANGE-TRADED FUND - 1.5%** | **EXCHANGE-TRADED FUND - 1.5%** | **EXCHANGE-TRADED FUND - 1.5%** | **EXCHANGE-TRADED FUND - 1.5%** |
|  iShares Russell 1000 Value | 86473 |  | 13113630 |
|  Total Exchange-Traded Fund <br>(Cost $12,833,668) |  |  | 13113630 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** | **SHORT-TERM INVESTMENT - 0.6%** |
|  **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $5,407,079; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $5,512,829) | $5404707 | $5404707 |
|  Total Short-Term Investment <br>(Cost $5,404,707) |  | 5404707 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $778,920,415)** |  | 876861375 |
|  **DERIVATIVES - (0.0%)** |  | (67865) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** | **OTHER ASSETS & LIABILITIES, NET - 0.1%** | 1173120 |
|  **NET ASSETS - 100.0%** |  | $877966630 |

---

**<u>Notes to Schedule of Investments</u>** 

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 25.0% |
|  Financial | 23.4% |
|  Industrial | 9.9% |
|  Communications | 8.6% |
|  Energy | 8.4% |
|  Consumer, Cyclical | 7.6% |
|  Technology | 5.8% |
|  Utilities | 5.7% |
|  Basic Materials | 3.4% |
|  Others (each less than 3.0%) | 2.1% |
|  | 99.9% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) An investment with a value of $2,475 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 page B-294*

**B-243** 

------

**PACIFIC SELECT FUND** 

**PD LARGE-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(c) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 E-Mini Index | 03/23 | 24 | $4690575 | $4633200 | ($57375) |
|  S&P MID 400 E-Mini Index | 03/23 | 8 | 1964570 | 1954080 | (10490) |
|  Total Futures Contracts |  |  |  |  | ($67865) |

---

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $29548517 | $29548517 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 75446311 | 75446311 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 67024816 | 67024816 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 220000081 | 220000081 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 73567461 | 73567461 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 205247224 | 205247224 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 86649347 | 86646872 | 2475 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 50811147 | 50811147 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 50048134 | 50048134 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 858343038 | 858340563 | 2475 |  |
|  | Exchange-Traded Fund | 13113630 | 13113630 |  |  |
|  | Short-Term Investment | 5404707 |  | 5404707 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 876861375 | 871454193 | 5407182 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (67865) | (67865) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (67865) | (67865) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $876793510 | $871386328 | $5407182 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-244** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  **COMMON STOCKS - 97.6%** | **COMMON STOCKS - 97.6%** | **COMMON STOCKS - 97.6%** |
|  **Basic Materials - 3.9%** | **Basic Materials - 3.9%** | **Basic Materials - 3.9%** |
|  Albemarle Corp. | 5003 | $1084951 |
|  Alcoa Corp. | 7688 | 349573 |
|  Ashland, Inc. | 2184 | 234845 |
|  Axalta Coating Systems Ltd. \* | 9233 | 235164 |
|  Celanese Corp. | 4638 | 474189 |
|  CF Industries Holdings, Inc. | 8375 | 713550 |
|  Chemours Co. | 6362 | 194804 |
|  Cleveland-Cliffs, Inc. \* | 21697 | 349539 |
|  DuPont de Nemours, Inc. | 21452 | 1472251 |
|  Eastman Chemical Co. | 5091 | 414611 |
|  Element Solutions, Inc. | 9812 | 178480 |
|  FMC Corp. | 5387 | 672298 |
|  Huntsman Corp. | 7797 | 214261 |
|  International Flavors & Fragrances, Inc. | 10895 | 1142232 |
|  International Paper Co. | 15461 | 535414 |
|  LyondellBasell Industries NV Class A | 10986 | 912168 |
|  Mosaic Co. | 14749 | 647039 |
|  MP Materials Corp. \* | 3794 | 92118 |
|  NewMarket Corp. | 269 | 83689 |
|  Nucor Corp. | 10970 | 1445956 |
|  Olin Corp. | 5398 | 285770 |
|  PPG Industries, Inc. | 10074 | 1266705 |
|  Reliance Steel & Aluminum Co. | 2498 | 505695 |
|  Royal Gold, Inc. | 2801 | 315729 |
|  RPM International, Inc. | 5455 | 531590 |
|  SSR Mining, Inc. (Canada) | 8865 | 138914 |
|  Steel Dynamics, Inc. | 7121 | 695722 |
|  United States Steel Corp. | 10052 | 251803 |
|  Valvoline, Inc. | 7681 | 250785 |
|  Westlake Corp. | 1406 | 144171 |
|  |  | 15834016 |
|  **Communications - 5.5%** |  |  |
|  Altice USA, Inc. Class A \* | 8897 | 40926 |
|  Arista Networks, Inc. \* | 10526 | 1277330 |
|  Cable One, Inc. | 249 | 177253 |
|  CDW Corp. | 5780 | 1032192 |
|  Ciena Corp. \* | 6289 | 320613 |
|  Corning, Inc. | 32279 | 1030991 |
|  DISH Network Corp. Class A \* | 10538 | 147953 |
|  DoorDash, Inc. Class A \* | 10682 | 521495 |
|  eBay, Inc. | 23227 | 963224 |
|  Etsy, Inc. \* | 5334 | 638906 |
|  Expedia Group, Inc. \* | 6464 | 566246 |
|  F5, Inc. \* | 2547 | 365520 |
|  FactSet Research Systems, Inc. | 1622 | 650763 |
|  Fox Corp. Class A | 12877 | 391074 |
|  Fox Corp. Class B | 6302 | 179292 |
|  Frontier Communications Parent, Inc. \* | 10242 | 260966 |
|  Gen Digital, Inc. | 24328 | 521349 |
|  GoDaddy, Inc. Class A \* | 6692 | 500695 |
|  IAC, Inc. \* | 3390 | 150516 |
|  Interpublic Group of Cos., Inc. | 16805 | 559775 |
|  Juniper Networks, Inc. | 13659 | 436542 |
|  Liberty Broadband Corp. Class A \* | 732 | 55522 |
|  Liberty Broadband Corp. Class C \* | 5100 | 388977 |
|  Liberty Media Corp. - Liberty Formula One Class A \* | 811 | 43332 |
|  Liberty Media Corp. - Liberty Formula One Class C \* | 8617 | 515124 |
|  Liberty Media Corp. - Liberty SiriusXM Class A \* | 3138 | 123355 |
|  Liberty Media Corp. - Liberty SiriusXM Class C \* | 6455 | 252584 |
|  Lumen Technologies, Inc. | 43909 | 229205 |
|  Lyft, Inc. Class A \* | 12848 | 141585 |
|  Match Group, Inc. \* | 11911 | 494187 |
|  Motorola Solutions, Inc. | 7039 | 1814021 |
|  New York Times Co. Class A | 6999 | 227188 |
|  News Corp. Class A | 16543 | 301083 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  News Corp. Class B | 5138 | $94745 |
|  Nexstar Media Group, Inc. | 1595 | 279173 |
|  Okta, Inc. \* | 6379 | 435877 |
|  Omnicom Group, Inc. | 8697 | 709414 |
|  Opendoor Technologies, Inc. \* | 19331 | 22424 |
|  Paramount Global Class A | 512 | 10040 |
|  Paramount Global Class B | 24651 | 416109 |
|  Pinterest, Inc. Class A \* | 24693 | 599546 |
|  Robinhood Markets, Inc. Class A \* | 24614 | 200358 |
|  Roku, Inc. \* | 5119 | 208343 |
|  Sirius XM Holdings, Inc. | 29662 | 173226 |
|  Spotify Technology SA \* | 5984 | 472437 |
|  Trade Desk, Inc. Class A \* | 18760 | 841011 |
|  TripAdvisor, Inc. \* | 4216 | 75804 |
|  Ubiquiti, Inc. | 177 | 48415 |
|  VeriSign, Inc. \* | 4016 | 825047 |
|  Viasat, Inc. \* | 2992 | 94697 |
|  Warner Bros Discovery, Inc. \* | 100852 | 956077 |
|  Wayfair, Inc. Class A \* | 3231 | 106268 |
|  Wix.com Ltd. \* (Israel) | 2261 | 173713 |
|  World Wrestling Entertainment, Inc. Class A | 1824 | 124980 |
|  Zillow Group, Inc. Class A \* | 2519 | 78618 |
|  Zillow Group, Inc. Class C \* | 6703 | 215904 |
|  |  | 22482010 |
|  **Consumer, Cyclical - 13.4%** |  |  |
|  Advance Auto Parts, Inc. | 2619 | 385072 |
|  Alaska Air Group, Inc. \* | 5237 | 224877 |
|  Allison Transmission Holdings, Inc. | 4042 | 168147 |
|  AMC Entertainment Holdings, Inc. Class A \* | 22331 | 90887 |
|  American Airlines Group, Inc. \* | 27216 | 346188 |
|  Aptiv PLC \* | 11558 | 1076397 |
|  Aramark | 9908 | 409597 |
|  AutoNation, Inc. \* | 1442 | 154727 |
|  AutoZone, Inc. \* | 811 | 2000072 |
|  Bath & Body Works, Inc. | 9782 | 412213 |
|  Best Buy Co., Inc. | 8592 | 689164 |
|  BJ's Wholesale Club Holdings, Inc. \* | 5775 | 382074 |
|  BorgWarner, Inc. | 9913 | 398998 |
|  Boyd Gaming Corp. | 3265 | 178040 |
|  Brunswick Corp. | 3090 | 222727 |
|  Burlington Stores, Inc. \* | 2834 | 574622 |
|  Caesars Entertainment, Inc. \* | 8850 | 368160 |
|  Capri Holdings Ltd. \* | 5371 | 307866 |
|  CarMax, Inc. \* | 6856 | 417462 |
|  Carnival Corp. \* | 41223 | 332257 |
|  Carter's, Inc. | 1573 | 117362 |
|  Carvana Co. \* | 4362 | 20676 |
|  Casey's General Stores, Inc. | 1563 | 350659 |
|  Chipotle Mexican Grill, Inc. \* | 1190 | 1651113 |
|  Choice Hotels International, Inc. | 1376 | 154993 |
|  Churchill Downs, Inc. | 1555 | 328774 |
|  Columbia Sportswear Co. | 1504 | 131720 |
|  Copa Holdings SA Class A \* (Panama) | 1337 | 111198 |
|  Copart, Inc. \* | 18222 | 1109538 |
|  Core & Main, Inc. Class A \* | 2906 | 56115 |
|  Cummins, Inc. | 6025 | 1459797 |
|  Darden Restaurants, Inc. | 5237 | 724434 |
|  Deckers Outdoor Corp. \* | 1144 | 456639 |
|  Delta Air Lines, Inc. \* | 27364 | 899181 |
|  Dick's Sporting Goods, Inc. | 2321 | 279193 |
|  Dolby Laboratories, Inc. Class A | 2723 | 192080 |
|  Dollar Tree, Inc. \* | 9084 | 1284841 |
|  Domino's Pizza, Inc. | 1535 | 531724 |
|  DR Horton, Inc. | 13498 | 1203212 |
|  DraftKings, Inc. Class A \* | 15136 | 172399 |
|  Fastenal Co. | 24609 | 1164498 |
|  Five Below, Inc. \* | 2338 | 413522 |
|  Floor & Decor Holdings, Inc. Class A \* | 4443 | 309366 |
|  Freshpet, Inc. \* | 1944 | 102585 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-245** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  GameStop Corp. Class A \* | 11548 | $213176 |
|  Gap, Inc. | 8537 | 96297 |
|  Gentex Corp. | 10057 | 274254 |
|  Genuine Parts Co. | 5935 | 1029782 |
|  Hanesbrands, Inc. | 14717 | 93600 |
|  Harley-Davidson, Inc. | 5625 | 234000 |
|  Hasbro, Inc. | 5583 | 340619 |
|  Hilton Worldwide Holdings, Inc. | 11397 | 1440125 |
|  Hyatt Hotels Corp. Class A \* | 2098 | 189764 |
|  IAA, Inc. \* | 5729 | 229160 |
|  JetBlue Airways Corp. \* | 13424 | 86988 |
|  Kohl's Corp. | 4891 | 123498 |
|  Las Vegas Sands Corp. \* | 14177 | 681488 |
|  Lear Corp. | 2551 | 316375 |
|  Leggett & Platt, Inc. | 5639 | 181745 |
|  Lennar Corp. Class A | 10728 | 970884 |
|  Lennar Corp. Class B | 664 | 49654 |
|  Leslie's, Inc. \* | 7035 | 85897 |
|  Lithia Motors, Inc. | 1159 | 237294 |
|  Live Nation Entertainment, Inc. \* | 6584 | 459168 |
|  LKQ Corp. | 10692 | 571060 |
|  Lucid Group, Inc. \* | 22827 | 155908 |
|  Lululemon Athletica, Inc. \* | 4775 | 1529814 |
|  Macy's, Inc. | 11901 | 245756 |
|  Madison Square Garden Sports Corp. | 800 | 146664 |
|  Marriott Vacations Worldwide Corp. | 1639 | 220593 |
|  Mattel, Inc. \* | 15023 | 268010 |
|  MGM Resorts International | 13708 | 459629 |
|  MSC Industrial Direct Co., Inc. Class A | 2058 | 168139 |
|  Newell Brands, Inc. | 16188 | 211739 |
|  Nordstrom, Inc. | 4687 | 75648 |
|  Norwegian Cruise Line Holdings Ltd. \* | 18448 | 225804 |
|  NVR, Inc. \* | 125 | 576573 |
|  O'Reilly Automotive, Inc. \* | 2653 | 2239212 |
|  Ollie's Bargain Outlet Holdings, Inc. \* | 2665 | 124829 |
|  PACCAR, Inc. | 14586 | 1443576 |
|  Peloton Interactive, Inc. Class A \* | 13342 | 105935 |
|  Penn Entertainment, Inc. \* | 6607 | 196228 |
|  Penske Automotive Group, Inc. | 1148 | 131940 |
|  Petco Health & Wellness Co., Inc. \* | 3555 | 33701 |
|  Planet Fitness, Inc. Class A \* | 3533 | 278400 |
|  Polaris, Inc. | 2423 | 244723 |
|  Pool Corp. | 1627 | 491891 |
|  PulteGroup, Inc. | 9842 | 448106 |
|  PVH Corp. | 2775 | 195887 |
|  QuantumScape Corp. \* | 10362 | 58753 |
|  Ralph Lauren Corp. | 1793 | 189466 |
|  RH \* | 846 | 226043 |
|  Rivian Automotive, Inc. Class A \* | 22225 | 409607 |
|  Ross Stores, Inc. | 14586 | 1692997 |
|  Royal Caribbean Cruises Ltd. \* | 9519 | 470524 |
|  Scotts Miracle-Gro Co. | 1738 | 84449 |
|  SiteOne Landscape Supply, Inc. \* | 1869 | 219271 |
|  Six Flags Entertainment Corp. \* | 3271 | 76051 |
|  Skechers USA, Inc. Class A \* | 5587 | 234375 |
|  Southwest Airlines Co. \* | 25316 | 852390 |
|  Tapestry, Inc. | 10356 | 394356 |
|  Tempur Sealy International, Inc. | 7483 | 256891 |
|  Thor Industries, Inc. | 2257 | 170381 |
|  Toll Brothers, Inc. | 4626 | 230930 |
|  Tractor Supply Co. | 4722 | 1062308 |
|  Travel & Leisure Co. | 3594 | 130822 |
|  Ulta Beauty, Inc. \* | 2156 | 1011315 |
|  Under Armour, Inc. Class A \* | 7991 | 81189 |
|  Under Armour, Inc. Class C \* | 8434 | 75231 |
|  United Airlines Holdings, Inc. \* | 13942 | 525613 |
|  Univar Solutions, Inc. \* | 7095 | 225621 |
|  Vail Resorts, Inc. | 1695 | 404003 |
|  VF Corp. | 14942 | 412549 |
|  Victoria's Secret, Inc. \* | 3521 | 125981 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Watsco, Inc. | 1426 | $355644 |
|  Wendy's Co. | 7517 | 170110 |
|  WESCO International, Inc. \* | 1863 | 233248 |
|  Whirlpool Corp. | 2281 | 322670 |
|  Williams-Sonoma, Inc. | 2804 | 322236 |
|  WW Grainger, Inc. | 1926 | 1071337 |
|  Wyndham Hotels & Resorts, Inc. | 3712 | 264703 |
|  Wynn Resorts Ltd. \* | 4466 | 368311 |
|  YETI Holdings, Inc. \* | 3628 | 149873 |
|  Yum! Brands, Inc. | 12065 | 1545285 |
|  |  | 54913232 |
|  **Consumer, Non-Cyclical - 17.7%** |  |  |
|  10X Genomics, Inc. Class A \* | 3787 | 137998 |
|  Acadia Healthcare Co., Inc. \* | 3772 | 310511 |
|  ADT, Inc. | 8739 | 79263 |
|  Affirm Holdings, Inc. \* | 9304 | 89970 |
|  agilon health, Inc. \* | 7825 | 126296 |
|  Albertsons Cos., Inc. Class A | 6921 | 143542 |
|  Align Technology, Inc. \* | 3354 | 707359 |
|  Alnylam Pharmaceuticals, Inc. \* | 5258 | 1249564 |
|  Amedisys, Inc. \* | 1360 | 113614 |
|  AmerisourceBergen Corp. | 6702 | 1110588 |
|  Avantor, Inc. \* | 26067 | 549753 |
|  Avery Dennison Corp. | 3480 | 629880 |
|  Avis Budget Group, Inc. \* | 1092 | 179012 |
|  Azenta, Inc. \* | 3088 | 179783 |
|  Bio-Rad Laboratories, Inc. Class A \* | 923 | 388112 |
|  Bio-Techne Corp. | 6648 | 550986 |
|  Biogen, Inc. \* | 6133 | 1698350 |
|  BioMarin Pharmaceutical, Inc. \* | 7888 | 816329 |
|  Booz Allen Hamilton Holding Corp. | 5611 | 586462 |
|  Boston Beer Co., Inc. Class A \* | 395 | 130160 |
|  Bright Horizons Family Solutions, Inc. \* | 2471 | 155920 |
|  Brown-Forman Corp. Class A | 1931 | 126983 |
|  Brown-Forman Corp. Class B | 7845 | 515260 |
|  Bruker Corp. | 4550 | 310992 |
|  Bunge Ltd. | 5962 | 594829 |
|  Campbell Soup Co. | 8329 | 472671 |
|  Cardinal Health, Inc. | 11209 | 861636 |
|  Catalent, Inc. \* | 7654 | 344507 |
|  Certara, Inc. \* | 4795 | 77056 |
|  Charles River Laboratories International, Inc. \* | 2163 | 471318 |
|  Chemed Corp. | 636 | 324633 |
|  Church & Dwight Co., Inc. | 10380 | 836732 |
|  Cintas Corp. | 3703 | 1672349 |
|  Clarivate PLC \* | 20607 | 171862 |
|  Clorox Co. | 5268 | 739258 |
|  Conagra Brands, Inc. | 20121 | 778683 |
|  Cooper Cos., Inc. | 2077 | 686802 |
|  Corteva, Inc. | 30609 | 1799197 |
|  CoStar Group, Inc. \* | 17255 | 1333466 |
|  Coty, Inc. Class A \* | 14824 | 126893 |
|  Darling Ingredients, Inc. \* | 6894 | 431495 |
|  DaVita, Inc. \* | 2442 | 182344 |
|  Dentsply Sirona, Inc. | 9302 | 296176 |
|  Dexcom, Inc. \* | 16490 | 1867328 |
|  Driven Brands Holdings, Inc. \* | 2698 | 73682 |
|  Dun & Bradstreet Holdings, Inc. | 10513 | 128889 |
|  Elanco Animal Health, Inc. \* | 19214 | 234795 |
|  Encompass Health Corp. | 4140 | 247613 |
|  Enhabit, Inc. \* | 2070 | 27241 |
|  Envista Holdings Corp. \* | 6823 | 229730 |
|  Equifax, Inc. | 5196 | 1009895 |
|  Euronet Worldwide, Inc. \* | 1999 | 188666 |
|  Exact Sciences Corp. \* | 7608 | 376672 |
|  Exelixis, Inc. \* | 13775 | 220951 |
|  FleetCor Technologies, Inc. \* | 3057 | 561510 |
|  Flowers Foods, Inc. | 7950 | 228483 |
|  FTI Consulting, Inc. \* | 1422 | 225814 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-246** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Gartner, Inc. \* | 3283 | $1103548 |
|  Ginkgo Bioworks Holdings, Inc. \* | 34316 | 57994 |
|  Global Payments, Inc. | 11481 | 1140293 |
|  Globus Medical, Inc. Class A \* | 3323 | 246799 |
|  Grand Canyon Education, Inc. \* | 1330 | 140528 |
|  Grocery Outlet Holding Corp. \* | 3705 | 108149 |
|  Guardant Health, Inc. \* | 4107 | 111710 |
|  GXO Logistics, Inc. \* | 4417 | 188562 |
|  H&R Block, Inc. | 6643 | 242536 |
|  Henry Schein, Inc. \* | 5890 | 470434 |
|  Hershey Co. | 6240 | 1444997 |
|  Hertz Global Holdings, Inc. \* | 8711 | 134062 |
|  Hologic, Inc. \* | 10515 | 786627 |
|  Horizon Therapeutics PLC \* | 9469 | 1077572 |
|  Hormel Foods Corp. | 12287 | 559673 |
|  ICU Medical, Inc. \* | 844 | 132913 |
|  IDEXX Laboratories, Inc. \* | 3517 | 1434795 |
|  Incyte Corp. \* | 7801 | 626576 |
|  Ingredion, Inc. | 2851 | 279198 |
|  Insulet Corp. \* | 2918 | 859030 |
|  Integra LifeSciences Holdings Corp. \* | 3065 | 171855 |
|  Ionis Pharmaceuticals, Inc. \* | 5948 | 224656 |
|  IQVIA Holdings, Inc. \* | 7936 | 1626007 |
|  J M Smucker Co. | 4395 | 696432 |
|  Jazz Pharmaceuticals PLC \* | 2618 | 417074 |
|  Kellogg Co. | 10790 | 768680 |
|  Kroger Co. | 28034 | 1249756 |
|  Laboratory Corp. of America Holdings | 3788 | 891998 |
|  Lamb Weston Holdings, Inc. | 6185 | 552692 |
|  ManpowerGroup, Inc. | 2149 | 178818 |
|  Maravai LifeSciences Holdings, Inc. Class A \* | 4654 | 66599 |
|  MarketAxess Holdings, Inc. | 1598 | 445666 |
|  Masimo Corp. \* | 2029 | 300191 |
|  McCormick & Co., Inc. | 10716 | 888249 |
|  Mirati Therapeutics, Inc. \* | 1776 | 80471 |
|  Mister Car Wash, Inc. \* | 3154 | 29111 |
|  Molina Healthcare, Inc. \* | 2474 | 816964 |
|  Molson Coors Beverage Co. Class B | 7525 | 387688 |
|  Morningstar, Inc. | 1041 | 225470 |
|  Natera, Inc. \* | 4187 | 168192 |
|  Neurocrine Biosciences, Inc. \* | 4077 | 486957 |
|  Novavax, Inc. \* | 3335 | 34284 |
|  Novocure Ltd. \* | 4335 | 317972 |
|  Oak Street Health, Inc. \* | 4871 | 104775 |
|  Olaplex Holdings, Inc. \* | 5197 | 27076 |
|  Organon & Co. | 10861 | 303348 |
|  Paylocity Holding Corp. \* | 1682 | 326745 |
|  Penumbra, Inc. \* | 1561 | 347260 |
|  Performance Food Group Co. \* | 6601 | 385432 |
|  PerkinElmer, Inc. | 5392 | 756066 |
|  Perrigo Co. PLC | 5665 | 193120 |
|  Pilgrim's Pride Corp. \* | 2016 | 47840 |
|  Post Holdings, Inc. \* | 2427 | 219061 |
|  Premier, Inc. Class A | 5025 | 175775 |
|  QIAGEN NV \* | 9695 | 483490 |
|  Quanta Services, Inc. | 6082 | 866685 |
|  Quest Diagnostics, Inc. | 4855 | 759516 |
|  QuidelOrtho Corp. \* | 2111 | 180849 |
|  Repligen Corp. \* | 2388 | 404312 |
|  ResMed, Inc. | 6177 | 1285619 |
|  Reynolds Consumer Products, Inc. | 2304 | 69074 |
|  Robert Half International, Inc. | 4489 | 331423 |
|  Rollins, Inc. | 9962 | 364011 |
|  Royalty Pharma PLC Class A | 15689 | 620029 |
|  Sarepta Therapeutics, Inc. \* | 3533 | 457806 |
|  Seaboard Corp. | 11 | 41527 |
|  Seagen, Inc. \* | 5811 | 746772 |
|  Service Corp. International | 6397 | 442289 |
|  Shift4 Payments, Inc. Class A \* | 2215 | 123885 |
|  Signify Health, Inc. Class A \* | 3217 | 92199 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Sotera Health Co. \* | 4215 | $35111 |
|  Spectrum Brands Holdings, Inc. | 1698 | 103442 |
|  STERIS PLC | 4268 | 788257 |
|  Syneos Health, Inc. \* | 4311 | 158127 |
|  Tandem Diabetes Care, Inc. \* | 2824 | 126939 |
|  Teladoc Health, Inc. \* | 6973 | 164911 |
|  Teleflex, Inc. | 2011 | 502006 |
|  Tenet Healthcare Corp. \* | 4445 | 216872 |
|  Toast, Inc. Class A \* | 10620 | 191479 |
|  TransUnion | 8226 | 466825 |
|  Tyson Foods, Inc. Class A | 12178 | 758080 |
|  U-Haul Holding Co. | 3780 | 209794 |
|  Ultragenyx Pharmaceutical, Inc. \* | 2966 | 137415 |
|  United Rentals, Inc. \* | 2987 | 1061640 |
|  United Therapeutics Corp. \* | 1923 | 534767 |
|  Universal Health Services, Inc. Class B | 2654 | 373922 |
|  US Foods Holding Corp. \* | 8630 | 293593 |
|  Verisk Analytics, Inc. | 6640 | 1171429 |
|  Viatris, Inc. | 51795 | 576478 |
|  Waters Corp. \* | 2523 | 864329 |
|  West Pharmaceutical Services, Inc. | 3165 | 744883 |
|  WEX, Inc. \* | 1895 | 310117 |
|  WillScot Mobile Mini Holdings Corp. \* | 8629 | 389772 |
|  Zimmer Biomet Holdings, Inc. | 8969 | 1143547 |
|  |  | 72361360 |
|  **Energy - 5.8%** |  |  |
|  Antero Midstream Corp. | 14178 | 152981 |
|  Antero Resources Corp. \* | 12332 | 382169 |
|  APA Corp. | 13642 | 636809 |
|  Baker Hughes Co. | 40271 | 1189203 |
|  Cheniere Energy, Inc. | 10647 | 1596624 |
|  Chesapeake Energy Corp. | 5179 | 488742 |
|  Coterra Energy, Inc. | 33978 | 834839 |
|  Devon Energy Corp. | 27828 | 1711700 |
|  Diamondback Energy, Inc. | 7512 | 1027491 |
|  DTE Midstream LLC \* | 4094 | 226234 |
|  Enphase Energy, Inc. \* | 5595 | 1482451 |
|  Enviva, Inc. | 1280 | 67802 |
|  EQT Corp. | 15752 | 532890 |
|  First Solar, Inc. \* | 4496 | 673456 |
|  Halliburton Co. | 38411 | 1511473 |
|  Hess Corp. | 12038 | 1707229 |
|  HF Sinclair Corp. | 5770 | 299405 |
|  Marathon Oil Corp. | 27080 | 733056 |
|  New Fortress Energy, Inc. | 2015 | 85476 |
|  NOV, Inc. | 16523 | 345165 |
|  ONEOK, Inc. | 19004 | 1248563 |
|  Ovintiv, Inc. | 10646 | 539859 |
|  PDC Energy, Inc. | 3756 | 238431 |
|  Phillips 66 | 20227 | 2105226 |
|  Plug Power, Inc. \* | 22257 | 275319 |
|  Range Resources Corp. | 10072 | 252001 |
|  Southwestern Energy Co. \* | 46481 | 271914 |
|  Sunrun, Inc. \* | 9026 | 216805 |
|  Targa Resources Corp. | 9658 | 709863 |
|  Texas Pacific Land Corp. | 247 | 579025 |
|  Williams Cos., Inc. | 52076 | 1713300 |
|  |  | 23835501 |
|  **Financial - 20.2%** |  |  |
|  Affiliated Managers Group, Inc. | 1605 | 254280 |
|  Aflac, Inc. | 26381 | 1897849 |
|  AGNC Investment Corp. REIT | 24401 | 252550 |
|  Air Lease Corp. | 4526 | 173889 |
|  Alexandria Real Estate Equities, Inc. REIT | 6925 | 1008765 |
|  Allstate Corp. | 11309 | 1533500 |
|  Ally Financial, Inc. | 12701 | 310539 |
|  American Financial Group, Inc. | 2894 | 397288 |
|  American Homes 4 Rent Class A REIT | 12853 | 387389 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-247** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Americold Realty Trust, Inc. REIT | 11312 | $320243 |
|  Ameriprise Financial, Inc. | 4548 | 1416111 |
|  Annaly Capital Management, Inc. REIT | 19991 | 421410 |
|  Apartment Income REIT Corp. REIT | 6613 | 226892 |
|  Apollo Global Management, Inc. | 20688 | 1319688 |
|  Arch Capital Group Ltd. \* | 15151 | 951180 |
|  Ares Management Corp. Class A | 6540 | 447598 |
|  Arthur J Gallagher & Co. | 8895 | 1677063 |
|  Assurant, Inc. | 2246 | 280885 |
|  Assured Guaranty Ltd. | 2575 | 160319 |
|  AvalonBay Communities, Inc. REIT | 5971 | 964436 |
|  Axis Capital Holdings Ltd. | 3284 | 177894 |
|  Bank of Hawaii Corp. | 1687 | 130844 |
|  Bank of New York Mellon Corp. | 31405 | 1429556 |
|  Bank OZK | 4743 | 190005 |
|  Blue Owl Capital, Inc. | 17918 | 189931 |
|  BOK Financial Corp. | 1278 | 132644 |
|  Boston Properties, Inc. REIT | 6699 | 452718 |
|  Brighthouse Financial, Inc. \* | 3048 | 156271 |
|  Brixmor Property Group, Inc. REIT | 12554 | 284599 |
|  Brown & Brown, Inc. | 10105 | 575682 |
|  Camden Property Trust REIT | 4431 | 495740 |
|  Carlyle Group, Inc. | 9026 | 269336 |
|  Cboe Global Markets, Inc. | 4525 | 567752 |
|  CBRE Group, Inc. Class A \* | 13485 | 1037806 |
|  Cincinnati Financial Corp. | 6558 | 671474 |
|  Citizens Financial Group, Inc. | 20872 | 821731 |
|  CNA Financial Corp. | 1166 | 49298 |
|  Coinbase Global, Inc. Class A \* | 6685 | 236582 |
|  Comerica, Inc. | 5621 | 375764 |
|  Commerce Bancshares, Inc. | 4920 | 334904 |
|  Cousins Properties, Inc. REIT | 6278 | 158771 |
|  Credit Acceptance Corp. \* | 290 | 137576 |
|  CubeSmart REIT | 9518 | 383099 |
|  Cullen/Frost Bankers, Inc. | 2520 | 336924 |
|  Discover Financial Services | 11672 | 1141872 |
|  Douglas Emmett, Inc. REIT | 7054 | 110607 |
|  East West Bancorp, Inc. | 6044 | 398300 |
|  EastGroup Properties, Inc. REIT | 1720 | 254663 |
|  EPR Properties REIT | 3138 | 118365 |
|  Equitable Holdings, Inc. | 16013 | 459573 |
|  Equity LifeStyle Properties, Inc. REIT | 7591 | 490379 |
|  Equity Residential REIT | 15831 | 934029 |
|  Erie Indemnity Co. Class A | 1064 | 264638 |
|  Essex Property Trust, Inc. REIT | 2778 | 588714 |
|  Evercore, Inc. Class A | 1616 | 176273 |
|  Everest Re Group Ltd. | 1663 | 550902 |
|  Extra Space Storage, Inc. REIT | 5664 | 833628 |
|  F&G Annuities & Life, Inc. \* | 763 | 15268 |
|  Federal Realty Investment Trust REIT | 3433 | 346870 |
|  Fidelity National Financial, Inc. | 11222 | 422172 |
|  Fifth Third Bancorp | 29126 | 955624 |
|  First American Financial Corp. | 4288 | 224434 |
|  First Citizens BancShares, Inc. Class A | 470 | 356429 |
|  First Hawaiian, Inc. | 5398 | 140564 |
|  First Horizon Corp. | 22617 | 554116 |
|  First Industrial Realty Trust, Inc. REIT | 5702 | 275179 |
|  First Republic Bank | 7778 | 948060 |
|  FNB Corp. | 14503 | 189264 |
|  Franklin Resources, Inc. | 11794 | 311126 |
|  Gaming & Leisure Properties, Inc. REIT | 10443 | 543976 |
|  Globe Life, Inc. | 3782 | 455920 |
|  Hanover Insurance Group, Inc. | 1521 | 205533 |
|  Hartford Financial Services Group, Inc. | 13582 | 1029923 |
|  Healthcare Realty Trust, Inc. REIT | 16070 | 309669 |
|  Healthpeak Properties, Inc. REIT | 23049 | 577838 |
|  Highwoods Properties, Inc. REIT | 4358 | 121937 |
|  Host Hotels & Resorts, Inc. REIT | 30258 | 485641 |
|  Howard Hughes Corp. \* | 1574 | 120285 |
|  Hudson Pacific Properties, Inc. REIT | 6401 | 62282 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Huntington Bancshares, Inc. | 61347 | $864993 |
|  Interactive Brokers Group, Inc. Class A | 3883 | 280935 |
|  Invesco Ltd. | 15614 | 280896 |
|  Invitation Homes, Inc. REIT | 26137 | 774701 |
|  Iron Mountain, Inc. REIT | 12338 | 615049 |
|  Janus Henderson Group PLC | 5761 | 135499 |
|  JBG SMITH Properties REIT | 4569 | 86720 |
|  Jefferies Financial Group, Inc. | 8696 | 298099 |
|  Jones Lang LaSalle, Inc. \* | 2041 | 325274 |
|  Kemper Corp. | 2806 | 138055 |
|  KeyCorp | 39718 | 691888 |
|  Kilroy Realty Corp. REIT | 4918 | 190179 |
|  Kimco Realty Corp. REIT | 25869 | 547905 |
|  KKR & Co., Inc. | 24451 | 1135015 |
|  Lamar Advertising Co. Class A REIT | 3657 | 345221 |
|  Lazard Ltd. Class A | 3498 | 121276 |
|  Life Storage, Inc. REIT | 3562 | 350857 |
|  Lincoln National Corp. | 7418 | 227881 |
|  Loews Corp. | 8504 | 496038 |
|  LPL Financial Holdings, Inc. | 3403 | 735627 |
|  M&T Bank Corp. | 7355 | 1066916 |
|  Markel Corp. \* | 571 | 752287 |
|  Medical Properties Trust, Inc. REIT | 25065 | 279224 |
|  MGIC Investment Corp. | 12505 | 162565 |
|  Mid-America Apartment Communities, Inc. REIT | 4908 | 770507 |
|  Nasdaq, Inc. | 14697 | 901661 |
|  National Retail Properties, Inc. REIT | 7408 | 338990 |
|  National Storage Affiliates Trust REIT | 3550 | 128226 |
|  New York Community Bancorp, Inc. | 29343 | 252350 |
|  Northern Trust Corp. | 8786 | 777473 |
|  Old Republic International Corp. | 11872 | 286709 |
|  Omega Healthcare Investors, Inc. REIT | 10098 | 282239 |
|  OneMain Holdings, Inc. | 4949 | 164851 |
|  PacWest Bancorp | 4918 | 112868 |
|  Park Hotels & Resorts, Inc. REIT | 9988 | 117759 |
|  Pinnacle Financial Partners, Inc. | 3151 | 231283 |
|  Popular, Inc. | 3134 | 207847 |
|  Primerica, Inc. | 1568 | 222374 |
|  Principal Financial Group, Inc. | 10359 | 869327 |
|  Prosperity Bancshares, Inc. | 3805 | 276547 |
|  Prudential Financial, Inc. | 15756 | 1567092 |
|  Raymond James Financial, Inc. | 8321 | 889099 |
|  Rayonier, Inc. REIT | 6352 | 209362 |
|  Realty Income Corp. REIT | 26851 | 1703159 |
|  Regency Centers Corp. REIT | 7377 | 461062 |
|  Regions Financial Corp. | 39955 | 861430 |
|  Reinsurance Group of America, Inc. | 2856 | 405809 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 1863 | 343220 |
|  Rexford Industrial Realty, Inc. REIT | 7855 | 429197 |
|  Rithm Capital Corp. REIT | 18358 | 149985 |
|  Rocket Cos., Inc. Class A | 5383 | 37681 |
|  Ryan Specialty Holdings, Inc. \* | 3439 | 142753 |
|  SBA Communications Corp. REIT | 4559 | 1277933 |
|  SEI Investments Co. | 4545 | 264973 |
|  Signature Bank | 2650 | 305333 |
|  Simon Property Group, Inc. REIT | 13946 | 1638376 |
|  SL Green Realty Corp. REIT | 2630 | 88684 |
|  SLM Corp. | 10694 | 177520 |
|  SoFi Technologies, Inc. \* | 33245 | 153259 |
|  Spirit Realty Capital, Inc. REIT | 5703 | 227721 |
|  Starwood Property Trust, Inc. REIT | 12281 | 225111 |
|  State Street Corp. | 15684 | 1216608 |
|  Stifel Financial Corp. | 4327 | 252567 |
|  STORE Capital Corp. REIT | 10803 | 346344 |
|  Sun Communities, Inc. REIT | 5214 | 745602 |
|  SVB Financial Group \* | 2509 | 577421 |
|  Synchrony Financial | 19206 | 631109 |
|  Synovus Financial Corp. | 6163 | 231421 |
|  T Rowe Price Group, Inc. | 9413 | 1026582 |
|  TFS Financial Corp. | 2711 | 39066 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-248** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Tradeweb Markets, Inc. Class A | 4617 | $299782 |
|  UDR, Inc. REIT | 13867 | 537069 |
|  Umpqua Holdings Corp. | 9157 | 163452 |
|  Unum Group | 8404 | 344816 |
|  Upstart Holdings, Inc. \* | 3069 | 40572 |
|  UWM Holdings Corp. | 4728 | 15650 |
|  Ventas, Inc. REIT | 17066 | 768823 |
|  VICI Properties, Inc. REIT | 41124 | 1332418 |
|  Virtu Financial, Inc. Class A | 4203 | 85783 |
|  Vornado Realty Trust REIT | 7441 | 154847 |
|  Voya Financial, Inc. | 4211 | 258934 |
|  W R Berkley Corp. | 8801 | 638689 |
|  Webster Financial Corp. | 7467 | 353488 |
|  Welltower, Inc. REIT | 20239 | 1326666 |
|  Western Alliance Bancorp | 4566 | 271951 |
|  Western Union Co. | 16677 | 229642 |
|  WeWork, Inc. Class A \* | 5435 | 7772 |
|  Weyerhaeuser Co. REIT | 31444 | 974764 |
|  White Mountains Insurance Group Ltd. | 107 | 151333 |
|  Willis Towers Watson PLC | 4606 | 1126535 |
|  Wintrust Financial Corp. | 2546 | 215188 |
|  WP Carey, Inc. REIT | 8820 | 689283 |
|  Zions Bancorp NA | 6462 | 317672 |
|  |  | 82747547 |
|  **Industrial - 13.9%** |  |  |
|  Acuity Brands, Inc. | 1386 | 229535 |
|  Advanced Drainage Systems, Inc. | 2743 | 224844 |
|  AECOM | 5696 | 483761 |
|  AGCO Corp. | 2672 | 370580 |
|  Agilent Technologies, Inc. | 12656 | 1893970 |
|  Allegion PLC | 3789 | 398830 |
|  Amcor PLC | 64117 | 763633 |
|  AMETEK, Inc. | 9851 | 1376382 |
|  Amphenol Corp. Class A | 25039 | 1906469 |
|  AO Smith Corp. | 5480 | 313675 |
|  AptarGroup, Inc. | 2798 | 307724 |
|  Ardagh Group SA \* W | 1329 | 11303 |
|  Ardagh Metal Packaging SA | 6581 | 31655 |
|  Armstrong World Industries, Inc. | 2012 | 138003 |
|  Arrow Electronics, Inc. \* | 2618 | 273764 |
|  Avnet, Inc. | 3889 | 161705 |
|  Axon Enterprise, Inc. \* | 2854 | 473564 |
|  AZEK Co., Inc. \* | 4764 | 96805 |
|  Ball Corp. | 13190 | 674537 |
|  Berry Global Group, Inc. | 5355 | 323603 |
|  Builders FirstSource, Inc. \* | 6220 | 403554 |
|  BWX Technologies, Inc. | 3905 | 226802 |
|  Carlisle Cos., Inc. | 2198 | 517959 |
|  Carrier Global Corp. | 35758 | 1475018 |
|  CH Robinson Worldwide, Inc. | 4964 | 454504 |
|  ChargePoint Holdings, Inc. \* | 10698 | 101952 |
|  Clean Harbors, Inc. \* | 2148 | 245130 |
|  Cognex Corp. | 7445 | 350734 |
|  Coherent Corp. \* | 5020 | 176202 |
|  Crane Co. | 1957 | 196581 |
|  Crown Holdings, Inc. | 4916 | 404144 |
|  Curtiss-Wright Corp. | 1663 | 277704 |
|  Donaldson Co., Inc. | 5271 | 310304 |
|  Dover Corp. | 5992 | 811377 |
|  Eagle Materials, Inc. | 1551 | 206050 |
|  Enovis Corp. \* | 2286 | 122347 |
|  Esab Corp. | 2343 | 109934 |
|  Expeditors International of Washington, Inc. | 6786 | 705201 |
|  Flowserve Corp. | 5515 | 169200 |
|  Fortive Corp. | 15148 | 973259 |
|  Fortune Brands Innovations, Inc. | 5650 | 322672 |
|  Garmin Ltd. | 6590 | 608191 |
|  Gates Industrial Corp. PLC \* | 5079 | 57951 |
|  Generac Holdings, Inc. \* | 2663 | 268058 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Graco, Inc. | 7173 | $482456 |
|  Graphic Packaging Holding Co. | 12789 | 284555 |
|  Hayward Holdings, Inc. \* | 3433 | 32270 |
|  HEICO Corp. | 1900 | 291916 |
|  HEICO Corp. Class A | 3335 | 399700 |
|  Hexcel Corp. | 3544 | 208564 |
|  Howmet Aerospace, Inc. | 16038 | 632058 |
|  Hubbell, Inc. | 2304 | 540703 |
|  Huntington Ingalls Industries, Inc. | 1682 | 388004 |
|  IDEX Corp. | 3247 | 741388 |
|  Ingersoll Rand, Inc. | 17365 | 907321 |
|  ITT, Inc. | 3482 | 282390 |
|  Jabil, Inc. | 5742 | 391604 |
|  Jacobs Solutions, Inc. | 5463 | 655942 |
|  JB Hunt Transport Services, Inc. | 3565 | 621593 |
|  Keysight Technologies, Inc. \* | 7666 | 1311423 |
|  Kirby Corp. \* | 2527 | 162612 |
|  Knight-Swift Transportation Holdings, Inc. | 6587 | 345225 |
|  Landstar System, Inc. | 1541 | 251029 |
|  Lennox International, Inc. | 1360 | 325353 |
|  Lincoln Electric Holdings, Inc. | 2441 | 352700 |
|  Littelfuse, Inc. | 1020 | 224604 |
|  Louisiana-Pacific Corp. | 3131 | 185355 |
|  Martin Marietta Materials, Inc. | 2658 | 898324 |
|  Masco Corp. | 9635 | 449665 |
|  MasTec, Inc. \* | 2604 | 222199 |
|  Masterbrand, Inc. \* | 5650 | 42658 |
|  MDU Resources Group, Inc. | 8549 | 259377 |
|  Mercury Systems, Inc. \* | 2104 | 94133 |
|  Mettler-Toledo International, Inc. \* | 941 | 1360168 |
|  Middleby Corp. \* | 2339 | 313192 |
|  Mohawk Industries, Inc. \* | 2294 | 234493 |
|  MSA Safety, Inc. | 1555 | 224215 |
|  National Instruments Corp. | 5636 | 207968 |
|  Nordson Corp. | 2476 | 588595 |
|  nVent Electric PLC | 7087 | 272637 |
|  Old Dominion Freight Line, Inc. | 4249 | 1205781 |
|  Oshkosh Corp. | 2823 | 248960 |
|  Otis Worldwide Corp. | 17837 | 1396815 |
|  Owens Corning | 3990 | 340347 |
|  Packaging Corp. of America | 3953 | 505628 |
|  Parker-Hannifin Corp. | 5472 | 1592352 |
|  Pentair PLC | 7032 | 316299 |
|  Regal Rexnord Corp. | 2807 | 336784 |
|  Republic Services, Inc. | 8816 | 1137176 |
|  Rockwell Automation, Inc. | 4914 | 1265699 |
|  RXO, Inc. \* | 4351 | 74837 |
|  Ryder System, Inc. | 2055 | 171736 |
|  Schneider National, Inc. Class B | 2423 | 56698 |
|  Sealed Air Corp. | 6303 | 314394 |
|  Sensata Technologies Holding PLC | 6629 | 267679 |
|  Silgan Holdings, Inc. | 3552 | 184136 |
|  Snap-on, Inc. | 2247 | 513417 |
|  Sonoco Products Co. | 4164 | 252796 |
|  Spirit AeroSystems Holdings, Inc. Class A | 4441 | 131454 |
|  Stanley Black & Decker, Inc. | 6303 | 473481 |
|  Stericycle, Inc. \* | 3879 | 193523 |
|  TD SYNNEX Corp. | 1888 | 178813 |
|  Teledyne Technologies, Inc. \* | 1980 | 791822 |
|  Tetra Tech, Inc. | 2233 | 324209 |
|  Textron, Inc. | 8920 | 631536 |
|  Timken Co. | 2727 | 192717 |
|  TopBuild Corp. \* | 1397 | 218617 |
|  Toro Co. | 4460 | 504872 |
|  Trane Technologies PLC | 9831 | 1652493 |
|  TransDigm Group, Inc. | 2197 | 1383341 |
|  Trex Co., Inc. \* | 4777 | 202210 |
|  Trimble, Inc. \* | 10673 | 539627 |
|  Universal Display Corp. | 1836 | 198361 |
|  Valmont Industries, Inc. | 885 | 292643 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-249** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Vertiv Holdings Co. | 12853 | $175572 |
|  Vontier Corp. | 6687 | 129260 |
|  Vulcan Materials Co. | 5659 | 990948 |
|  Westinghouse Air Brake Technologies Corp. | 7738 | 772330 |
|  Westrock Co. | 10903 | 383350 |
|  Woodward, Inc. | 2461 | 237757 |
|  XPO, Inc. \* | 4351 | 144845 |
|  Xylem, Inc. | 7657 | 846635 |
|  |  | 56907509 |
|  **Technology - 11.3%** |  |  |
|  Akamai Technologies, Inc. \* | 6626 | 558572 |
|  Allegro MicroSystems, Inc. \* (Japan) | 2835 | 85107 |
|  Alteryx, Inc. Class A \* | 2493 | 126320 |
|  Amdocs Ltd. | 5238 | 476134 |
|  ANSYS, Inc. \* | 3718 | 898232 |
|  AppLovin Corp. Class A \* | 9753 | 102699 |
|  Aspen Technology, Inc. \* | 1149 | 236005 |
|  Bentley Systems, Inc. Class B | 7050 | 260568 |
|  Bill.com Holdings, Inc. \* | 4246 | 462644 |
|  Black Knight, Inc. \* | 6675 | 412181 |
|  Broadridge Financial Solutions, Inc. | 4988 | 669040 |
|  CACI International, Inc. Class A \* | 990 | 297584 |
|  Cadence Design Systems, Inc. \* | 11664 | 1873705 |
|  CCC Intelligent Solutions Holdings, Inc. \* | 7071 | 61518 |
|  Ceridian HCM Holding, Inc. \* | 5758 | 369376 |
|  Cirrus Logic, Inc. \* | 2414 | 179795 |
|  Cloudflare, Inc. Class A \* | 11944 | 539988 |
|  Concentrix Corp. | 1870 | 249009 |
|  Confluent, Inc. Class A \* | 5194 | 115515 |
|  Coupa Software, Inc. \* | 3158 | 250019 |
|  Crowdstrike Holdings, Inc. Class A \* | 8988 | 946347 |
|  Datadog, Inc. Class A \* | 11356 | 834666 |
|  Definitive Healthcare Corp. \* | 1330 | 14617 |
|  Dell Technologies, Inc. Class C | 10787 | 433853 |
|  DocuSign, Inc. \* | 8365 | 463588 |
|  DoubleVerify Holdings, Inc. \* | 3193 | 70118 |
|  Doximity, Inc. Class A \* | 4651 | 156088 |
|  Dropbox, Inc. Class A \* | 11721 | 262316 |
|  DXC Technology Co. \* | 9837 | 260680 |
|  Dynatrace, Inc. \* | 8645 | 331103 |
|  Elastic NV \* | 3178 | 163667 |
|  Electronic Arts, Inc. | 11855 | 1448444 |
|  Entegris, Inc. | 6343 | 416037 |
|  EPAM Systems, Inc. \* | 2331 | 763962 |
|  Fair Isaac Corp. \* | 1050 | 628509 |
|  Five9, Inc. \* | 2991 | 202969 |
|  Fortinet, Inc. \* | 27604 | 1349560 |
|  Genpact Ltd. | 7766 | 359721 |
|  GLOBALFOUNDRIES, Inc. \* | 2613 | 140815 |
|  Globant SA \* | 1766 | 296971 |
|  Guidewire Software, Inc. \* | 3574 | 223589 |
|  Hewlett Packard Enterprise Co. | 55522 | 886131 |
|  HP, Inc. | 43058 | 1156968 |
|  HubSpot, Inc. \* | 1948 | 563225 |
|  Informatica, Inc. Class A \* | 1709 | 27840 |
|  IPG Photonics Corp. \* | 1394 | 131970 |
|  Jack Henry & Associates, Inc. | 3102 | 544587 |
|  Jamf Holding Corp. \* | 2727 | 58085 |
|  KBR, Inc. | 5797 | 306082 |
|  Kyndryl Holdings, Inc. \* | 8741 | 97200 |
|  Lattice Semiconductor Corp. \* | 5902 | 382922 |
|  Leidos Holdings, Inc. | 5822 | 612416 |
|  Lumentum Holdings, Inc. \* | 2883 | 150406 |
|  Manhattan Associates, Inc. \* | 2682 | 325595 |
|  Microchip Technology, Inc. | 22773 | 1599803 |
|  MKS Instruments, Inc. | 2465 | 208859 |
|  MongoDB, Inc. \* | 2789 | 548987 |
|  Monolithic Power Systems, Inc. | 1940 | 686003 |
|  MSCI, Inc. | 3324 | 1546225 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  nCino, Inc. \* | 2978 | $78738 |
|  NCR Corp. \* | 5405 | 126531 |
|  NetApp, Inc. | 9295 | 558258 |
|  New Relic, Inc. \* | 2232 | 125996 |
|  Nutanix, Inc. Class A \* | 9822 | 255863 |
|  ON Semiconductor Corp. \* | 18548 | 1156839 |
|  Palantir Technologies, Inc. Class A \* | 77320 | 496394 |
|  Paychex, Inc. | 13791 | 1593688 |
|  Paycom Software, Inc. \* | 2196 | 681441 |
|  Paycor HCM, Inc. \* | 2158 | 52806 |
|  Pegasystems, Inc. | 1730 | 59235 |
|  Playtika Holding Corp. \* | 4405 | 37487 |
|  Procore Technologies, Inc. \* | 2921 | 137813 |
|  PTC, Inc. \* | 4502 | 540420 |
|  Pure Storage, Inc. Class A \* | 12016 | 321548 |
|  Qorvo, Inc. \* | 4402 | 398997 |
|  RingCentral, Inc. Class A \* | 3577 | 126626 |
|  ROBLOX Corp. Class A \* | 18817 | 535532 |
|  Science Applications International Corp. | 2415 | 267896 |
|  SentinelOne, Inc. Class A \* | 8167 | 119157 |
|  Skyworks Solutions, Inc. | 6874 | 626428 |
|  Smartsheet, Inc. Class A \* | 5414 | 213095 |
|  Splunk, Inc. \* | 6880 | 592299 |
|  SS&C Technologies Holdings, Inc. | 9538 | 496548 |
|  Synopsys, Inc. \* | 6519 | 2081452 |
|  Take-Two Interactive Software, Inc. \* | 6986 | 727452 |
|  Teradata Corp. \* | 4585 | 154331 |
|  Teradyne, Inc. | 6689 | 584284 |
|  Thoughtworks Holding, Inc. \* | 3560 | 36276 |
|  Twilio, Inc. Class A \* | 7332 | 358975 |
|  Tyler Technologies, Inc. \* | 1743 | 561961 |
|  UiPath, Inc. Class A \* | 16243 | 206449 |
|  Unity Software, Inc. \* | 10752 | 307400 |
|  Veeva Systems, Inc. Class A \* | 5957 | 961341 |
|  Western Digital Corp. \* | 13399 | 422738 |
|  Wolfspeed, Inc. \* | 5267 | 363634 |
|  Zebra Technologies Corp. Class A \* | 2236 | 573333 |
|  Zoom Video Communications, Inc. Class A \* | 10796 | 731321 |
|  ZoomInfo Technologies, Inc. \* | 11822 | 355960 |
|  Zscaler, Inc. \* | 3567 | 399147 |
|  |  | 46250624 |
|  **Utilities - 5.9%** |  |  |
|  AES Corp. | 28518 | 820178 |
|  Alliant Energy Corp. | 10715 | 591575 |
|  Ameren Corp. | 11003 | 978387 |
|  American Water Works Co., Inc. | 7778 | 1185523 |
|  Atmos Energy Corp. | 5914 | 662782 |
|  Avangrid, Inc. | 2964 | 127393 |
|  Brookfield Renewable Corp. Class A | 5416 | 149157 |
|  CenterPoint Energy, Inc. | 26936 | 807810 |
|  CMS Energy Corp. | 12376 | 783772 |
|  Consolidated Edison, Inc. | 15173 | 1446138 |
|  Constellation Energy Corp. | 13961 | 1203578 |
|  DTE Energy Co. | 8247 | 969270 |
|  Edison International | 16074 | 1022628 |
|  Entergy Corp. | 8679 | 976387 |
|  Essential Utilities, Inc. | 9890 | 472050 |
|  Evergy, Inc. | 9502 | 597961 |
|  Eversource Energy | 14733 | 1235215 |
|  FirstEnergy Corp. | 23215 | 973637 |
|  Hawaiian Electric Industries, Inc. | 4767 | 199499 |
|  IDACORP, Inc. | 2135 | 230260 |
|  National Fuel Gas Co. | 3701 | 234273 |
|  NiSource, Inc. | 17489 | 479548 |
|  NRG Energy, Inc. | 9799 | 311804 |
|  OGE Energy Corp. | 8534 | 337520 |
|  PG&E Corp. \* | 70438 | 1145322 |
|  Pinnacle West Capital Corp. | 4825 | 366893 |
|  PPL Corp. | 31506 | 920605 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-250** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Value** |
|  Public Service Enterprise Group, Inc. | 21288 | $| 1304316 |
|  UGI Corp. | 8821 |  | 326994 |
|  Vistra Corp. | 16804 |  | 389853 |
|  WEC Energy Group, Inc. | 13492 |  | 1265010 |
|  Xcel Energy, Inc. | 23317 |  | 1634755 |
|  |  |  | 24150093 |
|  Total Common Stocks <br>(Cost $409,983,026) |  |  | 399481892 |
|  **EXCHANGE-TRADED FUND - 1.5%** | **EXCHANGE-TRADED FUND - 1.5%** | **EXCHANGE-TRADED FUND - 1.5%** | **EXCHANGE-TRADED FUND - 1.5%** |
|  iShares Russell Mid-Cap | 90842 |  | 6127293 |
|  Total Exchange-Traded Fund <br>(Cost $5,914,220) |  |  | 6127293 |
|  | **Principal<br>Amount** |  |  |
|  **SHORT-TERM INVESTMENT - 0.8%** | **SHORT-TERM INVESTMENT - 0.8%** | **SHORT-TERM INVESTMENT - 0.8%** | **SHORT-TERM INVESTMENT - 0.8%** |
|  **Repurchase Agreement - 0.8%** | **Repurchase Agreement - 0.8%** | **Repurchase Agreement - 0.8%** | **Repurchase Agreement - 0.8%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price<br>of $3,327,344; collateralized by<br>U.S. Treasury Notes: 2.750% due<br>02/15/28 and value $3,392,457) | $3325884 |  | 3325884 |
|  Total Short-Term Investment <br>(Cost $3,325,884) |  |  | 3325884 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $419,223,130)** |  |  | 408935069 |
|  **DERIVATIVES - (0.0%)** |  |  | (45436) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  |  | 509414 |
|  **NET ASSETS - 100.0%** |  |  | $409399047 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 20.2% |
|  Consumer, Non-Cyclical | 17.7% |
|  Industrial | 13.9% |
|  Consumer, Cyclical | 13.4% |
|  Technology | 11.3% |
|  Utilities | 5.9% |
|  Energy | 5.8% |
|  Communications | 5.5% |
|  Basic Materials | 3.9% |
|  Others (each less than 3.0%) | 2.3% |
|  | 99.9% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) An investment with a value of $11,303 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.

(c) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 E-Mini Index | 03/23 | 7 | $1371937 | $1351350 | ($20587) |
|  S&P MID 400 E-Mini Index | 03/23 | 10 | 2467449 | 2442600 | (24849) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | ($45436) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-251** 

------

**PACIFIC SELECT FUND** 

**PD MID-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $15834016 | $15834016 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 22482010 | 22482010 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 54913232 | 54913232 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | 72361360 | 72361360 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 23835501 | 23835501 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 82747547 | 82747547 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 56907509 | 56896206 | 11303 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 46250624 | 46250624 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 24150093 | 24150093 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 399481892 | 399470589 | 11303 |  |
|  | Exchange-Traded Fund | 6127293 | 6127293 |  |  |
|  | Short-Term Investment | 3325884 |  | 3325884 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 408935069 | 405597882 | 3337187 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (45436) | (45436) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (45436) | (45436) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $408889633 | $405552446 | $3337187 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-252** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
|  **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** |
|  Contra Aduro Biotechnologies, Inc. -<br>Contingent Value Rights \* ± W | 758 | $1925 |
|  Oncternal Therapeutics, Inc. -<br>Contingent Value Rights \* ± W | 33 | 34 |
|  |  | 1959 |
|  Total Rights <br>(Cost $68) |  | 1959 |
|  **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** |
|  **Basic Materials - 4.0%** | **Basic Materials - 4.0%** | **Basic Materials - 4.0%** |
|  5E Advanced Materials, Inc. \* | 2200 | 17336 |
|  AdvanSix, Inc. | 531 | 20189 |
|  American Vanguard Corp. | 1411 | 30633 |
|  Amyris, Inc. \* | 1358 | 2078 |
|  ATI, Inc. \* | 7150 | 213499 |
|  Avient Corp. | 3845 | 129807 |
|  Balchem Corp. | 1840 | 224682 |
|  Cabot Corp. | 3199 | 213821 |
|  Century Aluminum Co. \* | 2980 | 24376 |
|  Codexis, Inc. \* | 3510 | 16357 |
|  Commercial Metals Co. | 1145 | 55303 |
|  Compass Minerals International, Inc. | 1986 | 81426 |
|  Constellium SE \* | 3867 | 45747 |
|  Dakota Gold Corp. \* | 2914 | 8888 |
|  Diversey Holdings Ltd. \* | 4468 | 19034 |
|  Energy Fuels, Inc. \* | 7483 | 46469 |
|  Hawkins, Inc. | 683 | 26364 |
|  HB Fuller Co. | 2655 | 190151 |
|  Hycroft Mining Holding Corp. \* | 7248 | 3857 |
|  Ingevity Corp. \* | 2165 | 152503 |
|  Innospec, Inc. | 1219 | 125386 |
|  Ivanhoe Electric, Inc. \* | 397 | 4823 |
|  Kaiser Aluminum Corp. | 909 | 69048 |
|  Kronos Worldwide, Inc. | 1271 | 11947 |
|  Lightwave Logic, Inc. \* | 6494 | 27989 |
|  Livent Corp. \* | 9326 | 185308 |
|  Mativ Holdings, Inc. | 206 | 4305 |
|  Novagold Resources, Inc. \* (Canada) | 13159 | 78691 |
|  Origin Materials, Inc. \* | 3742 | 17251 |
|  Orion Engineered Carbons SA (Germany) | 3470 | 61801 |
|  Piedmont Lithium, Inc. \* | 277 | 12193 |
|  Quaker Chemical Corp. | 514 | 85787 |
|  Rogers Corp. \* | 1087 | 129722 |
|  Schnitzer Steel Industries, Inc. Class A | 131 | 4015 |
|  Sensient Technologies Corp. | 2302 | 167862 |
|  Stepan Co. | 132 | 14053 |
|  Sylvamo Corp. | 1926 | 93584 |
|  Ur-Energy, Inc. \* | 11056 | 12714 |
|  Uranium Energy Corp. \* | 20359 | 78993 |
|  US Lime & Minerals, Inc. | 101 | 14217 |
|  |  | 2722209 |
|  **Communications - 4.5%** | **Communications - 4.5%** | **Communications - 4.5%** |
|  A10 Networks, Inc. | 2939 | 48876 |
|  AdTheorent Holding Co., Inc. \* | 2048 | 3400 |
|  ADTRAN Holdings, Inc. | 4020 | 75536 |
|  Allbirds, Inc. Class A \* | 1424 | 3446 |
|  Anterix, Inc. \* | 327 | 10520 |
|  Arena Group Holdings, Inc. \* | 488 | 5178 |
|  Boston Omaha Corp. Class A \* | 81 | 2146 |
|  Calix, Inc. \* | 2607 | 178397 |
|  Cambium Networks Corp. \* | 652 | 14129 |
|  Cargurus, Inc. \* | 5849 | 81944 |
|  CarParts.com, Inc. \* | 2920 | 18279 |
|  Cars.com, Inc. \* | 490 | 6747 |
|  Casa Systems, Inc. \* | 1956 | 5340 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Clearfield, Inc. \* | 664 | $| 62509 |
|  Cogent Communications Holdings, Inc. | 1382 |  | 78885 |
|  CommScope Holding Co., Inc. \* | 11788 |  | 86642 |
|  Consolidated Communications Holdings, Inc. \* | 375 |  | 1342 |
|  Couchbase, Inc. \* | 1635 |  | 21680 |
|  Credo Technology Group Holding Ltd. \* | 5533 |  | 73644 |
|  Cyxtera Technologies, Inc. \* | 2153 |  | 4134 |
|  DHI Group, Inc. \* | 2073 |  | 10966 |
|  DigitalBridge Group, Inc. | 8187 |  | 89566 |
|  DZS, Inc. \* | 1000 |  | 12680 |
|  Edgio, Inc. \* | 6928 |  | 7829 |
|  Entravision Communications Corp. Class A | 2474 |  | 11875 |
|  ePlus, Inc. \* | 1172 |  | 51896 |
|  Eventbrite, Inc. Class A \* | 3883 |  | 22754 |
|  EverQuote, Inc. Class A \* | 1143 |  | 16848 |
|  Extreme Networks, Inc. \* | 7385 |  | 135219 |
|  Figs, Inc. Class A \* | 6293 |  | 42352 |
|  Focus Universal, Inc. \* | 1015 |  | 6506 |
|  Gambling.com Group Ltd. \* (Malta) | 498 |  | 4557 |
|  Globalstar, Inc. \* | 33147 |  | 44085 |
|  Gogo, Inc. \* | 237 |  | 3498 |
|  Gray Television, Inc. | 2074 |  | 23208 |
|  Groupon, Inc. \* | 117 |  | 1004 |
|  Harmonic, Inc. \* | 5335 |  | 69888 |
|  HealthStream, Inc. \* | 112 |  | 2782 |
|  IDT Corp. Class B \* | 642 |  | 18085 |
|  Infinera Corp. \* | 11160 |  | 75218 |
|  Innovid Corp. \* (Israel) | 3908 |  | 6683 |
|  Inseego Corp. \* | 1096 |  | 923 |
|  InterDigital, Inc. | 645 |  | 31915 |
|  Iridium Communications, Inc. \* | 7210 |  | 370594 |
|  Liquidity Services, Inc. \* | 663 |  | 9322 |
|  Lulu's Fashion Lounge Holdings, Inc. \* | 953 |  | 2392 |
|  Marqeta, Inc. Class A \* | 24976 |  | 152603 |
|  MediaAlpha, Inc. Class A \* | 1419 |  | 14119 |
|  Nerdy, Inc. \* | 3109 |  | 6995 |
|  Ondas Holdings, Inc. \* | 2127 |  | 3382 |
|  Ooma, Inc. \* | 1331 |  | 18128 |
|  Open Lending Corp. Class A \* | 6115 |  | 41276 |
|  OptimizeRx Corp. \* | 960 |  | 16128 |
|  Perficient, Inc. \* | 1966 |  | 137286 |
|  Planet Labs PBC \* | 7887 |  | 34308 |
|  Q2 Holdings, Inc. \* | 3236 |  | 86951 |
|  QuinStreet, Inc. \* | 182 |  | 2612 |
|  Quotient Technology, Inc. \* | 83 |  | 285 |
|  RealReal, Inc. \* | 801 |  | 1001 |
|  Revolve Group, Inc. \* | 2364 |  | 52623 |
|  Rover Group, Inc. \* | 5182 |  | 19018 |
|  Shutterstock, Inc. | 1371 |  | 72279 |
|  Sinclair Broadcast Group, Inc. Class A | 2323 |  | 36030 |
|  Squarespace, Inc. Class A \* | 415 |  | 9201 |
|  Stagwell, Inc. \* | 412 |  | 2559 |
|  Stitch Fix, Inc. Class A \* | 1856 |  | 5772 |
|  TechTarget, Inc. \* | 1551 |  | 68337 |
|  Thryv Holdings, Inc. \* | 372 |  | 7068 |
|  Tucows, Inc. Class A \* | 568 |  | 19267 |
|  Upwork, Inc. \* | 6997 |  | 73049 |
|  Value Line, Inc. | 55 |  | 2798 |
|  Viavi Solutions, Inc. \* | 13140 |  | 138101 |
|  Vivid Seats, Inc. Class A \* | 360 |  | 2628 |
|  WideOpenWest, Inc. \* | 1805 |  | 16444 |
|  Yelp, Inc. \* | 3884 |  | 106189 |
|  Ziff Davis, Inc. \* | 490 |  | 38759 |
|  |  |  | 3040615 |
|  **Consumer, Cyclical - 11.0%** | **Consumer, Cyclical - 11.0%** | **Consumer, Cyclical - 11.0%** | **Consumer, Cyclical - 11.0%** |
|  Accel Entertainment, Inc. \* | 3190 |  | 24563 |
|  Acushnet Holdings Corp. | 541 |  | 22971 |
|  Aeva Technologies, Inc. \* | 421 |  | 573 |
|  Allegiant Travel Co. \* | 381 |  | 25904 |
|  American Axle & Manufacturing Holdings, Inc. \* | 350 |  | 2737 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-253** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Arko Corp. | 4840 | $41914 |
|  Asbury Automotive Group, Inc. \* | 369 | 66143 |
|  Aspen Aerogels, Inc. \* | 1775 | 20927 |
|  Aterian, Inc. \* | 297 | 229 |
|  Beacon Roofing Supply, Inc. \* | 2075 | 109539 |
|  Bed Bath & Beyond, Inc. \* | 3284 | 8243 |
|  Bloomin' Brands, Inc. | 3645 | 73337 |
|  Blue Bird Corp. \* | 1002 | 10731 |
|  Bluegreen Vacations Holding Corp. | 47 | 1173 |
|  Boot Barn Holdings, Inc. \* | 1696 | 106034 |
|  Brinker International, Inc. \* | 2236 | 71351 |
|  Buckle, Inc. | 1606 | 72832 |
|  Build-A-Bear Workshop, Inc. \* | 563 | 13422 |
|  Caleres, Inc. | 2033 | 45295 |
|  Camping World Holdings, Inc. Class A | 2212 | 49372 |
|  Canoo, Inc. \* | 9678 | 11904 |
|  Cavco Industries, Inc. \* | 516 | 116745 |
|  Century Casinos, Inc. \* | 1206 | 8478 |
|  Century Communities, Inc. | 117 | 5851 |
|  Cepton, Inc. \* | 2201 | 2795 |
|  Cheesecake Factory, Inc. | 2800 | 88788 |
|  Chico's FAS, Inc. \* | 5065 | 24920 |
|  Children's Place, Inc. \* | 468 | 17045 |
|  Cinemark Holdings, Inc. \* | 4979 | 43118 |
|  Citi Trends, Inc. \* | 25 | 662 |
|  Clarus Corp. | 1383 | 10843 |
|  Cracker Barrel Old Country Store, Inc. | 1273 | 120604 |
|  Crocs, Inc. \* | 3491 | 378529 |
|  Dave & Buster's Entertainment, Inc. \* | 2463 | 87289 |
|  Denny's Corp. \* | 2276 | 20962 |
|  Designer Brands, Inc. Class A | 2076 | 20303 |
|  Destination XL Group, Inc. \* | 1679 | 11333 |
|  Dillard's, Inc. Class A | 228 | 73690 |
|  Dine Brands Global, Inc. | 738 | 47675 |
|  Dorman Products, Inc. \* | 1518 | 122761 |
|  Douglas Dynamics, Inc. | 1321 | 47767 |
|  Dream Finders Homes, Inc. Class A \* | 1202 | 10409 |
|  Duluth Holdings, Inc. Class B \* | 353 | 2182 |
|  Ermenegildo Zegna NV (Italy) | 744 | 7790 |
|  Everi Holdings, Inc. \* | 2635 | 37812 |
|  EVgo, Inc. \* | 852 | 3808 |
|  F45 Training Holdings, Inc. \* | 2076 | 5917 |
|  First Watch Restaurant Group, Inc. \* | 302 | 4086 |
|  FirstCash, Inc. | 1081 | 93950 |
|  Fisker, Inc. \* | 10203 | 74176 |
|  Forestar Group, Inc. \* | 257 | 3960 |
|  Fox Factory Holding Corp. \* | 2443 | 222875 |
|  Franchise Group, Inc. | 1401 | 33372 |
|  Frontier Group Holdings, Inc. \* | 2136 | 21937 |
|  Full House Resorts, Inc. \* | 509 | 3828 |
|  Funko, Inc. Class A \* | 1791 | 19540 |
|  Gentherm, Inc. \* | 1908 | 124573 |
|  Global Industrial Co. | 567 | 13341 |
|  GMS, Inc. \* | 2444 | 121711 |
|  Golden Entertainment, Inc. \* | 1150 | 43010 |
|  Green Brick Partners, Inc. \* | 442 | 10710 |
|  Guess?, Inc. | 1772 | 36663 |
|  H&E Equipment Services, Inc. | 1845 | 83763 |
|  Hibbett, Inc. | 571 | 38954 |
|  Hilton Grand Vacations, Inc. \* | 4919 | 189578 |
|  HNI Corp. | 2412 | 68573 |
|  Holley, Inc. \* | 2950 | 6254 |
|  Hovnanian Enterprises, Inc. Class A \* | 296 | 12456 |
|  Hudson Technologies, Inc. \* | 2474 | 25037 |
|  Hyzon Motors, Inc. \* | 5037 | 7807 |
|  IMAX Corp. \* | 1663 | 24380 |
|  indie Semiconductor, Inc. Class A \* (China) | 5910 | 34455 |
|  Installed Building Products, Inc. | 1367 | 117015 |
|  Interface, Inc. | 2654 | 26195 |
|  International Game Technology PLC | 1263 | 28645 |
|  iRobot Corp. \* | 1367 | 65794 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Jack in the Box, Inc. | 162 | $11053 |
|  KB Home | 766 | 24397 |
|  Kontoor Brands, Inc. | 3196 | 127808 |
|  Kura Sushi USA, Inc. Class A \* | 270 | 12874 |
|  LCI Industries | 1426 | 131834 |
|  LGI Homes, Inc. \* | 79 | 7315 |
|  Liberty Media Corp. - Liberty Braves Class A \* | 623 | 20353 |
|  Liberty Media Corp. - Liberty Braves Class C \* | 2201 | 70938 |
|  Lightning eMotors, Inc. \* | 2246 | 823 |
|  Lindblad Expeditions Holdings, Inc. \* | 142 | 1093 |
|  Lovesac Co. \* | 781 | 17190 |
|  Luminar Technologies, Inc. \* | 14455 | 71552 |
|  M/I Homes, Inc. \* | 211 | 9744 |
|  Malibu Boats, Inc. Class A \* | 1170 | 62361 |
|  Marine Products Corp. | 492 | 5791 |
|  MarineMax, Inc. \* | 96 | 2997 |
|  MasterCraft Boat Holdings, Inc. \* | 1008 | 26077 |
|  MDC Holdings, Inc. | 850 | 26860 |
|  Meritage Homes Corp. \* | 129 | 11894 |
|  Microvast Holdings, Inc. \* | 5821 | 8906 |
|  Miller Industries, Inc. | 44 | 1173 |
|  Monarch Casino & Resort, Inc. \* | 766 | 58898 |
|  MRC Global, Inc. \* | 4763 | 55155 |
|  Mullen Automotive, Inc. \* | 19242 | 5503 |
|  Murphy USA, Inc. | 1202 | 336007 |
|  National Vision Holdings, Inc. \* | 266 | 10310 |
|  NEOGAMES SA \* (Israel) | 754 | 9191 |
|  Nikola Corp. \* | 18126 | 39152 |
|  Noodles & Co. \* | 2284 | 12539 |
|  Nu Skin Enterprises, Inc. Class A | 1182 | 49833 |
|  ONE Group Hospitality, Inc. \* | 1341 | 8448 |
|  OneSpaWorld Holdings Ltd. \* (Bahamas) | 3805 | 35501 |
|  OneWater Marine, Inc. Class A \* | 32 | 915 |
|  Oxford Industries, Inc. | 602 | 56094 |
|  Papa John's International, Inc. | 1355 | 111530 |
|  Party City Holdco, Inc. \* | 1914 | 700 |
|  Patrick Industries, Inc. | 128 | 7757 |
|  PetMed Express, Inc. | 1016 | 17983 |
|  Portillo's, Inc. Class A \* | 1601 | 26128 |
|  PriceSmart, Inc. | 887 | 53912 |
|  Proterra, Inc. \* | 5810 | 21904 |
|  Purple Innovation, Inc. \* | 198 | 948 |
|  RCI Hospitality Holdings, Inc. | 459 | 42774 |
|  Red Rock Resorts, Inc. Class A | 1303 | 52133 |
|  Reservoir Media, Inc. \* | 1101 | 6573 |
|  Rite Aid Corp. \* | 1446 | 4830 |
|  Rocky Brands, Inc. | 24 | 567 |
|  Rush Street Interactive, Inc. \* | 3551 | 12748 |
|  Ruth's Hospitality Group, Inc. | 1816 | 28112 |
|  Sally Beauty Holdings, Inc. \* | 5682 | 71139 |
|  SeaWorld Entertainment, Inc. \* | 1131 | 60520 |
|  Shake Shack, Inc. Class A \* | 2160 | 89705 |
|  Shyft Group, Inc. | 1984 | 49322 |
|  Skyline Champion Corp. \* | 3072 | 158239 |
|  Sleep Number Corp. \* | 552 | 14341 |
|  Solid Power, Inc. \* | 3008 | 7640 |
|  Sonder Holdings, Inc. \* | 10870 | 13479 |
|  Sonos, Inc. \* | 7349 | 124198 |
|  Sovos Brands, Inc. \* | 1553 | 22317 |
|  Steven Madden Ltd. | 4425 | 141423 |
|  Sun Country Airlines Holdings, Inc. \* | 1906 | 30229 |
|  Sweetgreen, Inc. Class A \* | 5077 | 43510 |
|  Taylor Morrison Home Corp. \* | 716 | 21731 |
|  Texas Roadhouse, Inc. | 3869 | 351886 |
|  ThredUp, Inc. Class A \* | 414 | 542 |
|  Titan International, Inc. \* | 2936 | 44979 |
|  Torrid Holdings, Inc. \* | 483 | 1430 |
|  Tri Pointe Homes, Inc. \* | 502 | 9332 |
|  Veritiv Corp. | 755 | 91891 |
|  Vinco Ventures, Inc. \* | 7547 | 3502 |
|  Virgin Galactic Holdings, Inc. \* | 6644 | 23121 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-254** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Visteon Corp. \* | 1602 | $| 209590 |
|  Vizio Holding Corp. Class A \* | 3971 |  | 29425 |
|  Wabash National Corp. | 2383 |  | 53856 |
|  Warby Parker, Inc. Class A \* | 4795 |  | 64685 |
|  Wingstop, Inc. | 1725 |  | 237394 |
|  Wolverine World Wide, Inc. | 4419 |  | 48300 |
|  Workhorse Group, Inc. \* | 8176 |  | 12427 |
|  Xos, Inc. \* | 3139 |  | 1390 |
|  XPEL, Inc. \* | 1246 |  | 74835 |
|  Xponential Fitness, Inc. Class A \* | 301 |  | 6902 |
|  |  |  | 7486366 |
|  **Consumer, Non-Cyclical - 30.5%** | **Consumer, Non-Cyclical - 30.5%** | **Consumer, Non-Cyclical - 30.5%** | **Consumer, Non-Cyclical - 30.5%** |
|  22nd Century Group, Inc. \* | 9286 |  | 8548 |
|  23andMe Holding Co. Class A \* | 6382 |  | 13785 |
|  Aadi Bioscience, Inc. \* | 831 |  | 10662 |
|  AbCellera Biologics, Inc. \* (Canada) | 5061 |  | 51268 |
|  ACADIA Pharmaceuticals, Inc. \* | 6918 |  | 110135 |
|  Aclaris Therapeutics, Inc. \* | 3702 |  | 58307 |
|  Adaptive Biotechnologies Corp. \* | 326 |  | 2491 |
|  Addus HomeCare Corp. \* | 354 |  | 35219 |
|  ADMA Biologics, Inc. \* | 4744 |  | 18407 |
|  Affimed NV \* (Germany) | 7811 |  | 9686 |
|  Agenus, Inc. \* | 17553 |  | 42127 |
|  Agiliti, Inc. \* | 1624 |  | 26487 |
|  AirSculpt Technologies, Inc. | 710 |  | 2627 |
|  Akero Therapeutics, Inc. \* | 138 |  | 7562 |
|  Akoya Biosciences, Inc. \* | 908 |  | 8690 |
|  Alarm.com Holdings, Inc. \* | 2767 |  | 136911 |
|  Albireo Pharma, Inc. \* | 1052 |  | 22734 |
|  Alector, Inc. \* | 3633 |  | 33533 |
|  Alkermes PLC \* | 9399 |  | 245596 |
|  Alphatec Holdings, Inc. \* | 3752 |  | 46337 |
|  Alpine Immune Sciences, Inc. \* | 575 |  | 4226 |
|  Alta Equipment Group, Inc. | 150 |  | 1979 |
|  Amicus Therapeutics, Inc. \* | 15888 |  | 193992 |
|  AMN Healthcare Services, Inc. \* | 2495 |  | 256536 |
|  Amneal Pharmaceuticals, Inc. \* | 5984 |  | 11908 |
|  Amphastar Pharmaceuticals, Inc. \* | 2200 |  | 61644 |
|  Amylyx Pharmaceuticals, Inc. \* | 565 |  | 20877 |
|  AN2 Therapeutics, Inc. \* | 82 |  | 781 |
|  Anavex Life Sciences Corp. \* | 4004 |  | 37077 |
|  Apellis Pharmaceuticals, Inc. \* | 5398 |  | 279131 |
|  Arbutus Biopharma Corp. \* | 3586 |  | 8355 |
|  Arcturus Therapeutics Holdings, Inc. \* | 1214 |  | 20589 |
|  Arcutis Biotherapeutics, Inc. \* | 2412 |  | 35698 |
|  Arlo Technologies, Inc. \* | 5033 |  | 17666 |
|  Arrowhead Pharmaceuticals, Inc. \* | 5920 |  | 240115 |
|  Artivion, Inc. \* | 1930 |  | 23392 |
|  Arvinas, Inc. \* | 2796 |  | 95651 |
|  ASGN, Inc. \* | 2823 |  | 230018 |
|  Atara Biotherapeutics, Inc. \* | 408 |  | 1338 |
|  AtriCure, Inc. \* | 1717 |  | 76200 |
|  Atrion Corp. | 80 |  | 44756 |
|  Aura Biosciences, Inc. \* | 1051 |  | 11036 |
|  Aurinia Pharmaceuticals, Inc. \* (Canada) | 7776 |  | 33592 |
|  Avid Bioservices, Inc. \* | 3534 |  | 48663 |
|  Axogen, Inc. \* | 2316 |  | 23114 |
|  Axonics, Inc. \* | 2818 |  | 176210 |
|  Axsome Therapeutics, Inc. \* | 1844 |  | 142228 |
|  Babylon Holdings Ltd. Class A \* (United Kingdom) | 249 |  | 1681 |
|  Barrett Business Services, Inc. | 362 |  | 33767 |
|  Beachbody Co., Inc. \* | 796 |  | 419 |
|  Beam Therapeutics, Inc. \* | 3659 |  | 143103 |
|  Beauty Health Co. \* | 4864 |  | 44262 |
|  BellRing Brands, Inc. \* | 7599 |  | 194838 |
|  Benson Hill, Inc. \* | 4793 |  | 12222 |
|  Beyond Meat, Inc. \* | 3559 |  | 43811 |
|  BioCryst Pharmaceuticals, Inc. \* | 7343 |  | 84298 |
|  Biohaven Ltd. \* | 2271 |  | 31521 |
|  BioLife Solutions, Inc. \* | 147 |  | 2675 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Blueprint Medicines Corp. \* | 3442 | $150794 |
|  Bridgebio Pharma, Inc. \* | 3789 | 28872 |
|  Brink's Co. | 2607 | 140022 |
|  Brookfield Realty Capital Corp. Class A REIT \* | 1579 | 9648 |
|  Cal-Maine Foods, Inc. | 2014 | 109662 |
|  Calavo Growers, Inc. | 1011 | 29723 |
|  Cano Health, Inc. \* | 9389 | 12863 |
|  Cardiovascular Systems, Inc. \* | 1237 | 16848 |
|  CareDx, Inc. \* | 2947 | 33625 |
|  Carriage Services, Inc. | 767 | 21123 |
|  Cass Information Systems, Inc. | 138 | 6323 |
|  Cassava Sciences, Inc. \* | 2190 | 64693 |
|  Catalyst Pharmaceuticals, Inc. \* | 5583 | 103844 |
|  CBIZ, Inc. \* | 2784 | 130430 |
|  Celldex Therapeutics, Inc. \* | 562 | 25048 |
|  Celsius Holdings, Inc. \* | 3199 | 332824 |
|  Celularity, Inc. \* | 3441 | 4439 |
|  Central Garden & Pet Co. \* | 158 | 5917 |
|  Central Garden & Pet Co. Class A \* | 885 | 31683 |
|  Cerevel Therapeutics Holdings, Inc. \* | 3293 | 103861 |
|  Cerus Corp. \* | 10065 | 36737 |
|  Chefs' Warehouse, Inc. \* | 1398 | 46525 |
|  Chegg, Inc. \* | 7164 | 181034 |
|  Chimerix, Inc. \* | 3125 | 5813 |
|  Cimpress PLC \* (Ireland) | 1012 | 27941 |
|  Clover Health Investments Corp. \* | 22371 | 20794 |
|  Coca-Cola Consolidated, Inc. | 271 | 138850 |
|  Coherus Biosciences, Inc. \* | 4271 | 33826 |
|  Collegium Pharmaceutical, Inc. \* | 1943 | 45078 |
|  CompoSecure, Inc. \* | 385 | 1890 |
|  CONMED Corp. | 1677 | 148649 |
|  Corcept Therapeutics, Inc. \* | 4971 | 100961 |
|  CorVel Corp. \* | 514 | 74700 |
|  Coursera, Inc. \* | 6533 | 77285 |
|  CRA International, Inc. | 403 | 49339 |
|  Crinetics Pharmaceuticals, Inc. \* | 420 | 7686 |
|  Cross Country Healthcare, Inc. \* | 271 | 7200 |
|  CTI BioPharma Corp. \* | 1152 | 6924 |
|  Custom Truck One Source, Inc. \* | 1022 | 6459 |
|  Cutera, Inc. \* | 966 | 42717 |
|  Cytek Biosciences, Inc. \* | 6551 | 66886 |
|  Cytokinetics, Inc. \* | 4271 | 195697 |
|  Deciphera Pharmaceuticals, Inc. \* | 739 | 12112 |
|  Denali Therapeutics, Inc. \* | 6264 | 174202 |
|  Distribution Solutions Group, Inc. \* | 257 | 9473 |
|  DocGo, Inc. \* | 4793 | 33887 |
|  Duckhorn Portfolio, Inc. \* | 2439 | 40414 |
|  Dynavax Technologies Corp. \* | 6851 | 72895 |
|  Eagle Pharmaceuticals, Inc. \* | 588 | 17187 |
|  Eiger BioPharmaceuticals, Inc. \* | 2204 | 2601 |
|  elf Beauty, Inc. \* | 2823 | 156112 |
|  Embecta Corp. | 2900 | 73341 |
|  Enanta Pharmaceuticals, Inc. \* | 117 | 5443 |
|  Ensign Group, Inc. | 3113 | 294521 |
|  Esperion Therapeutics, Inc. \* | 4254 | 26502 |
|  European Wax Center, Inc. Class A | 1312 | 16334 |
|  EVERTEC, Inc. | 3531 | 114334 |
|  Evo Payments, Inc. Class A \* | 2709 | 91673 |
|  Evolus, Inc. \* | 2030 | 15245 |
|  EyePoint Pharmaceuticals, Inc. \* | 682 | 2387 |
|  Fate Therapeutics, Inc. \* | 4809 | 48523 |
|  FibroGen, Inc. \* | 4470 | 71609 |
|  First Advantage Corp. \* | 259 | 3367 |
|  Foghorn Therapeutics, Inc. \* | 1153 | 7356 |
|  Forrester Research, Inc. \* | 676 | 24174 |
|  Franklin Covey Co. \* | 715 | 33441 |
|  Fresh Market, Inc. Escrow Shares \* ± W | 5869 |  |
|  Gelesis Holdings, Inc. \* | 599 | 174 |
|  Geron Corp. \* | 14555 | 35223 |
|  Glaukos Corp. \* | 2633 | 115009 |
|  Gossamer Bio, Inc. \* | 3613 | 7840 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-255** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Green Dot Corp. Class A \* | 323 | $5110 |
|  GreenLight Biosciences Holdings PBC \* | 5035 | 5941 |
|  Hackett Group, Inc. | 1435 | 29231 |
|  Haemonetics Corp. \* | 2924 | 229973 |
|  Halozyme Therapeutics, Inc. \* | 7672 | 436537 |
|  Harmony Biosciences Holdings, Inc. \* | 1504 | 82870 |
|  Healthcare Services Group, Inc. | 2091 | 25092 |
|  HealthEquity, Inc. \* | 4779 | 294578 |
|  Helen of Troy Ltd. \* | 1369 | 151836 |
|  Herbalife Nutrition Ltd. \* | 3769 | 56083 |
|  Herc Holdings, Inc. | 1444 | 189987 |
|  Heron Therapeutics, Inc. \* | 5990 | 14975 |
|  Heska Corp. \* | 560 | 34810 |
|  HilleVax, Inc. \* | 190 | 3179 |
|  Humacyte, Inc. \* | 3346 | 7060 |
|  Huron Consulting Group, Inc. \* | 688 | 49949 |
|  I3 Verticals, Inc. Class A \* | 1272 | 30960 |
|  ICF International, Inc. | 752 | 74486 |
|  IGM Biosciences, Inc. \* | 475 | 8080 |
|  Imago Biosciences, Inc. \* | 888 | 31924 |
|  ImmunityBio, Inc. \* | 3621 | 18358 |
|  ImmunoGen, Inc. \* | 6088 | 30196 |
|  Inari Medical, Inc. \* | 2529 | 160743 |
|  Information Services Group, Inc. | 928 | 4269 |
|  Inhibrx, Inc. \* | 1875 | 46200 |
|  Innovage Holding Corp. \* | 127 | 912 |
|  Innoviva, Inc. \* | 3617 | 47925 |
|  Inogen, Inc. \* | 71 | 1399 |
|  Insmed, Inc. \* | 7789 | 155624 |
|  Insperity, Inc. | 2091 | 237538 |
|  Inspire Medical Systems, Inc. \* | 1625 | 409305 |
|  Intellia Therapeutics, Inc. \* | 3200 | 111648 |
|  Inter Parfums, Inc. | 1039 | 100284 |
|  Intercept Pharmaceuticals, Inc. \* | 1400 | 17318 |
|  Intra-Cellular Therapies, Inc. \* | 5275 | 279153 |
|  iRadimed Corp. | 418 | 11825 |
|  iRhythm Technologies, Inc. \* | 1737 | 162705 |
|  Ironwood Pharmaceuticals, Inc. \* | 7874 | 97559 |
|  IVERIC bio, Inc. \* | 7745 | 165820 |
|  J & J Snack Foods Corp. | 881 | 131895 |
|  John B Sanfilippo & Son, Inc. | 327 | 26592 |
|  John Wiley & Sons, Inc. Class A | 2333 | 93460 |
|  Joint Corp. \* | 819 | 11450 |
|  Karuna Therapeutics, Inc. \* | 1740 | 341910 |
|  Karyopharm Therapeutics, Inc. \* | 4519 | 15365 |
|  Keros Therapeutics, Inc. \* | 1052 | 50517 |
|  Kforce, Inc. | 1147 | 62890 |
|  Kiniksa Pharmaceuticals Ltd. Class A \* | 1696 | 25406 |
|  Korn Ferry | 3054 | 154593 |
|  Krispy Kreme, Inc. | 1082 | 11166 |
|  Krystal Biotech, Inc. \* | 413 | 32718 |
|  Lancaster Colony Corp. | 948 | 187040 |
|  Lantheus Holdings, Inc. \* | 3933 | 200426 |
|  Leafly Holdings, Inc. \* | 1319 | 860 |
|  Legalzoom.com, Inc. \* | 5537 | 42856 |
|  LeMaitre Vascular, Inc. | 1143 | 52601 |
|  Lexicon Pharmaceuticals, Inc. \* | 1656 | 3163 |
|  LHC Group, Inc. \* | 1722 | 278430 |
|  LifeStance Health Group, Inc. \* | 274 | 1354 |
|  Ligand Pharmaceuticals, Inc. \* | 107 | 7148 |
|  Liquidia Corp. \* | 1733 | 11039 |
|  LivaNova PLC \* | 2365 | 131352 |
|  Local Bounti Corp. \* | 3687 | 5125 |
|  Madrigal Pharmaceuticals, Inc. \* | 741 | 215075 |
|  MannKind Corp. \* | 1631 | 8595 |
|  MarketWise, Inc. \* | 361 | 606 |
|  Medifast, Inc. | 631 | 72786 |
|  Medpace Holdings, Inc. \* | 1461 | 310331 |
|  MeiraGTx Holdings PLC \* | 107 | 698 |
|  Meridian Bioscience, Inc. \* | 2478 | 82294 |
|  Merit Medical Systems, Inc. \* | 2773 | 195829 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  MGP Ingredients, Inc. | 807 | $85849 |
|  Mirum Pharmaceuticals, Inc. \* | 1051 | 20495 |
|  Mission Produce, Inc. \* | 324 | 3765 |
|  ModivCare, Inc. \* | 233 | 20907 |
|  Moneylion, Inc. \* | 548 | 340 |
|  Morphic Holding, Inc. \* | 1260 | 33705 |
|  Nano-X Imaging Ltd. \* (Israel) | 217 | 1601 |
|  NanoString Technologies, Inc. \* | 2386 | 19016 |
|  National Beverage Corp. \* | 1362 | 63374 |
|  National Research Corp. | 819 | 30549 |
|  Natural Grocers by Vitamin Cottage, Inc. | 471 | 4305 |
|  Neogen Corp. \* | 11489 | 174977 |
|  Nevro Corp. \* | 2024 | 80150 |
|  NGM Biopharmaceuticals, Inc. \* | 1400 | 7028 |
|  NuVasive, Inc. \* | 3021 | 124586 |
|  Ocugen, Inc. \* | 12589 | 16366 |
|  Ocular Therapeutix, Inc. \* | 4456 | 12521 |
|  OmniAb, Inc. \* | 524 | 1886 |
|  OmniAb, Inc. - Earn Out Shares \* ± W | 80 |  |
|  Omnicell, Inc. \* | 2560 | 129075 |
|  Oncology Institute, Inc. \* | 2011 | 3318 |
|  Option Care Health, Inc. \* | 9003 | 270900 |
|  Organogenesis Holdings, Inc. \* | 3894 | 10475 |
|  OrthoPediatrics Corp. \* | 875 | 34764 |
|  Outlook Therapeutics, Inc. \* | 6779 | 7321 |
|  Owens & Minor, Inc. \* | 491 | 9589 |
|  Owlet, Inc. \* | 941 | 526 |
|  P3 Health Partners, Inc. \* | 793 | 1459 |
|  Pacira BioSciences, Inc. \* | 2583 | 99730 |
|  Paragon 28, Inc. \* | 2677 | 51157 |
|  Patterson Cos., Inc. | 3950 | 110719 |
|  Paya Holdings, Inc. \* | 5026 | 39555 |
|  Payoneer Global, Inc. \* | 12671 | 69310 |
|  Pennant Group, Inc. \* | 1496 | 16426 |
|  PepGen, Inc. \* | 170 | 2273 |
|  PetIQ, Inc. \* | 1244 | 11470 |
|  Phathom Pharmaceuticals, Inc. \* | 1417 | 15899 |
|  Phibro Animal Health Corp. Class A | 1098 | 14724 |
|  Point Biopharma Global, Inc. SPAC \* | 4613 | 33629 |
|  Praxis Precision Medicines, Inc. \* | 245 | 583 |
|  Precigen, Inc. \* | 4960 | 7539 |
|  Prime Medicine, Inc. \* | 285 | 5295 |
|  Priority Technology Holdings, Inc. \* | 1041 | 5476 |
|  PROCEPT BioRobotics Corp. \* | 1497 | 62185 |
|  PROG Holdings, Inc. \* | 456 | 7702 |
|  Progyny, Inc. \* | 4354 | 135627 |
|  Prometheus Biosciences, Inc. \* | 2004 | 220440 |
|  Prothena Corp. PLC \* (Ireland) | 2110 | 127127 |
|  Provention Bio, Inc. \* | 3111 | 32883 |
|  PTC Therapeutics, Inc. \* | 3057 | 116686 |
|  Pulmonx Corp. \* | 1998 | 16843 |
|  Quanterix Corp. \* | 259 | 3587 |
|  R1 RCM, Inc. \* | 8648 | 94696 |
|  RadNet, Inc. \* | 2879 | 54212 |
|  Rallybio Corp. \* | 835 | 5486 |
|  RAPT Therapeutics, Inc. \* | 1032 | 20434 |
|  Reata Pharmaceuticals, Inc. Class A \* | 1323 | 50261 |
|  Recursion Pharmaceuticals, Inc. Class A \* | 714 | 5505 |
|  Relay Therapeutics, Inc. \* | 395 | 5901 |
|  Relmada Therapeutics, Inc. \* | 1166 | 4069 |
|  Remitly Global, Inc. \* | 5764 | 65998 |
|  Rent the Runway, Inc. Class A \* | 2680 | 8174 |
|  Rent-A-Center, Inc. | 2871 | 64741 |
|  Revance Therapeutics, Inc. \* | 4648 | 85802 |
|  REVOLUTION Medicines, Inc. \* | 618 | 14721 |
|  Rigel Pharmaceuticals, Inc. \* | 9792 | 14688 |
|  RxSight, Inc. \* | 1107 | 14026 |
|  Sabre Corp. \* | 3943 | 24368 |
|  Sangamo Therapeutics, Inc. \* | 385 | 1209 |
|  Science 37 Holdings, Inc. \* | 3229 | 1341 |
|  Select Medical Holdings Corp. | 5076 | 126037 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-256** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Senseonics Holdings, Inc. \* | 27179 | $27994 |
|  Seres Therapeutics, Inc. \* | 4040 | 22624 |
|  Shockwave Medical, Inc. \* | 2049 | 421295 |
|  ShotSpotter, Inc. \* | 510 | 17253 |
|  SI-BONE, Inc. \* | 1972 | 26819 |
|  SIGA Technologies, Inc. | 2731 | 20100 |
|  Silk Road Medical, Inc. \* | 2163 | 114315 |
|  Simply Good Foods Co. \* | 5120 | 194714 |
|  SomaLogic, Inc. \* | 1090 | 2736 |
|  Sorrento Therapeutics, Inc. \* | 3616 | 3204 |
|  SP Plus Corp. \* | 1181 | 41004 |
|  SpringWorks Therapeutics, Inc. \* | 417 | 10846 |
|  Sprouts Farmers Market, Inc. \* | 6129 | 198396 |
|  STAAR Surgical Co. \* | 2761 | 134019 |
|  Sterling Check Corp. \* | 1298 | 20080 |
|  StoneCo Ltd. Class A \* (Brazil) | 8271 | 78078 |
|  Stride, Inc. \* | 2339 | 73164 |
|  SunOpta, Inc. \* (Canada) | 5208 | 43956 |
|  Surgery Partners, Inc. \* | 2542 | 70820 |
|  Surmodics, Inc. \* | 809 | 27603 |
|  Syndax Pharmaceuticals, Inc. \* | 714 | 18171 |
|  Tactile Systems Technology, Inc. \* | 390 | 4477 |
|  Target Hospitality Corp. \* | 1680 | 25435 |
|  Tattooed Chef, Inc. \* | 2711 | 3335 |
|  Tenon Medical, Inc. \* | 333 | 526 |
|  Textainer Group Holdings Ltd. (China) | 334 | 10357 |
|  TG Therapeutics, Inc. \* | 7662 | 90641 |
|  Theravance Biopharma, Inc. \* | 3362 | 37722 |
|  Third Harmonic Bio, Inc. \* | 305 | 1312 |
|  Thorne HealthTech, Inc. \* | 795 | 2886 |
|  Tootsie Roll Industries, Inc. | 799 | 34013 |
|  Transcat, Inc. \* | 416 | 29482 |
|  TransMedics Group, Inc. \* | 1755 | 108319 |
|  Travere Therapeutics, Inc. \* | 3249 | 68326 |
|  Treace Medical Concepts, Inc. \* | 1923 | 44210 |
|  Tricida, Inc. \* | 372 | 57 |
|  TriNet Group, Inc. \* | 2160 | 146448 |
|  Turning Point Brands, Inc. | 844 | 18256 |
|  Twist Bioscience Corp. \* | 2256 | 53715 |
|  Udemy, Inc. \* | 4197 | 44278 |
|  UFP Technologies, Inc. \* | 394 | 46449 |
|  United Natural Foods, Inc. \* | 243 | 9407 |
|  Universal Technical Institute, Inc. \* | 1859 | 12492 |
|  US Physical Therapy, Inc. | 740 | 59962 |
|  USANA Health Sciences, Inc. \* | 662 | 35218 |
|  Utah Medical Products, Inc. | 191 | 19201 |
|  Utz Brands, Inc. | 3340 | 52972 |
|  Vaxart, Inc. \* | 1463 | 1406 |
|  Vaxcyte, Inc. \* | 4127 | 197890 |
|  Vector Group Ltd. | 1236 | 14659 |
|  Ventyx Biosciences, Inc. \* | 1434 | 47021 |
|  Vera Therapeutics, Inc. \* | 756 | 14629 |
|  Vericel Corp. \* | 2707 | 71302 |
|  Veru, Inc. \* | 3773 | 19921 |
|  Verve Therapeutics, Inc. \* | 396 | 7663 |
|  Vicarious Surgical, Inc. \* | 3129 | 6321 |
|  ViewRay, Inc. \* | 7525 | 33712 |
|  Vintage Wine Estates, Inc. \* | 279 | 910 |
|  Viridian Therapeutics, Inc. \* | 1593 | 46532 |
|  VistaGen Therapeutics, Inc. \* | 9695 | 999 |
|  Vita Coco Co., Inc. \* | 1599 | 22098 |
|  Vital Farms, Inc. \* | 1712 | 25543 |
|  Vivint Smart Home, Inc. \* | 1403 | 16696 |
|  WD-40 Co. | 791 | 127517 |
|  Wejo Group Ltd. \* (Bermuda) | 3045 | 1465 |
|  Willdan Group, Inc. \* | 63 | 1125 |
|  Xeris Biopharma Holdings, Inc. \* | 7595 | 10101 |
|  Y-mAbs Therapeutics, Inc. \* | 2153 | 10507 |
|  Zentalis Pharmaceuticals, Inc. \* | 2580 | 51961 |
|  ZipRecruiter, Inc. Class A \* | 4212 | 69161 |
|  Zynex, Inc. | 1248 | 17360 |
|  |  | 20738672 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Diversified - 0.0%** | **Diversified - 0.0%** |  |
|  Professional Holding Corp. Class A \* | 64 | $1775 |
|  **Energy - 8.0%** | **Energy - 8.0%** | **Energy - 8.0%** |
|  Alpha Metallurgical Resources, Inc. | 877 | 128384 |
|  Amplify Energy Corp. \* | 1582 | 13906 |
|  Arch Resources, Inc. | 856 | 122228 |
|  Aris Water Solution, Inc. Class A | 1263 | 18200 |
|  Array Technologies, Inc. \* | 8685 | 167881 |
|  Battalion Oil Corp. \* | 144 | 1398 |
|  Berry Corp. | 772 | 6176 |
|  Borr Drilling Ltd. \* (United Arab Emirates) | 5328 | 26480 |
|  Callon Petroleum Co. \* | 2347 | 87050 |
|  ChampionX Corp. | 11532 | 334313 |
|  Chord Energy Corp. | 1425 | 194954 |
|  CNX Resources Corp. \* | 555 | 9346 |
|  Comstock Resources, Inc. | 5262 | 72142 |
|  CONSOL Energy, Inc. | 1864 | 121160 |
|  Crescent Energy Co. Class A | 2299 | 27565 |
|  CVR Energy, Inc. | 1695 | 53121 |
|  Delek US Holdings, Inc. | 4012 | 108324 |
|  Denbury, Inc. \* | 2892 | 251662 |
|  DMC Global, Inc. \* | 275 | 5346 |
|  Earthstone Energy, Inc. Class A \* | 2514 | 35774 |
|  Empire Petroleum Corp. \* | 593 | 7294 |
|  Energy Vault Holdings, Inc. \* | 4712 | 14701 |
|  Equitrans Midstream Corp. | 5694 | 38150 |
|  Fluence Energy, Inc. \* | 2061 | 35346 |
|  FuelCell Energy, Inc. \* | 17076 | 47471 |
|  Golar LNG Ltd. \* (Cameroon) | 324 | 7384 |
|  Gulfport Energy Corp. \* | 641 | 47203 |
|  Heliogen, Inc. \* | 5222 | 3646 |
|  HighPeak Energy, Inc. | 393 | 8988 |
|  Kinetik Holdings, Inc. | 101 | 3341 |
|  Kosmos Energy Ltd. \* (Ghana) | 25961 | 165112 |
|  Laredo Petroleum, Inc. \* | 956 | 49158 |
|  Liberty Energy, Inc. | 7994 | 127984 |
|  Magnolia Oil & Gas Corp. Class A | 10073 | 236212 |
|  Matador Resources Co. | 6477 | 370743 |
|  Montauk Renewables, Inc. \* | 3847 | 42432 |
|  Murphy Oil Corp. | 3714 | 159739 |
|  Nabors Industries Ltd. \* | 455 | 70466 |
|  NextDecade Corp. \* | 1795 | 8867 |
|  NexTier Oilfield Solutions, Inc. \* | 10095 | 93278 |
|  Noble Corp. PLC \* | 880 | 33185 |
|  Northern Oil & Gas, Inc. | 3230 | 99549 |
|  Oceaneering International, Inc. \* | 5224 | 91368 |
|  Par Pacific Holdings, Inc. \* | 2838 | 65984 |
|  Patterson-UTI Energy, Inc. | 8348 | 140580 |
|  PBF Energy, Inc. Class A | 1284 | 52362 |
|  Permian Resources Corp. | 1537 | 14448 |
|  ProFrac Holding Corp. Class A \* | 615 | 15498 |
|  Ramaco Resources, Inc. | 1286 | 11304 |
|  Ranger Oil Corp. Class A | 1108 | 44796 |
|  Riley Exploration Permian, Inc. | 376 | 11066 |
|  Ring Energy, Inc. \* | 2246 | 5525 |
|  RPC, Inc. | 4275 | 38005 |
|  SandRidge Energy, Inc. \* | 1562 | 26601 |
|  Shoals Technologies Group, Inc. Class A \* | 7950 | 196127 |
|  SilverBow Resources, Inc. \* | 673 | 19032 |
|  Sitio Royalties Corp. Class A \* | 4109 | 118554 |
|  SM Energy Co. | 6968 | 242695 |
|  Solaris Oilfield Infrastructure, Inc. Class A | 1812 | 17993 |
|  Stem, Inc. \* | 7825 | 69956 |
|  SunPower Corp. \* | 4704 | 84813 |
|  Talos Energy, Inc. \* | 3800 | 71744 |
|  Tellurian, Inc. \* | 29572 | 49681 |
|  TETRA Technologies, Inc. \* | 7141 | 24708 |
|  TPI Composites, Inc. \* | 2122 | 21517 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-257** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  US Silica Holdings, Inc. \* | 642 | $| 8025 |
|  VAALCO Energy, Inc. | 6122 |  | 27916 |
|  Valaris Ltd. \* | 3514 |  | 237617 |
|  Vertex Energy, Inc. \* | 2746 |  | 17025 |
|  W&T Offshore, Inc. \* | 4496 |  | 25088 |
|  Warrior Met Coal, Inc. | 312 |  | 10808 |
|  Weatherford International PLC \* | 4077 |  | 207601 |
|  |  |  | 5424096 |
|  **Financial - 7.8%** | **Financial - 7.8%** | **Financial - 7.8%** | **Financial - 7.8%** |
|  Alexander's, Inc. REIT | 132 |  | 29048 |
|  Applied Digital Corp. \* | 1347 |  | 2478 |
|  Artisan Partners Asset Management, Inc. Class A | 2273 |  | 67508 |
|  Associated Capital Group, Inc. Class A | 16 |  | 672 |
|  Atlanticus Holdings Corp. \* | 159 |  | 4166 |
|  Axos Financial, Inc. \* | 321 |  | 12269 |
|  B Riley Financial, Inc. | 1204 |  | 41177 |
|  BancFirst Corp. | 685 |  | 60403 |
|  Bancorp, Inc. \* | 1786 |  | 50687 |
|  Bank of NT Butterfield & Son Ltd. (Bermuda) | 206 |  | 6141 |
|  BayCom Corp. | 70 |  | 1329 |
|  Blucora, Inc. \* | 2769 |  | 70693 |
|  Bluerock Homes Trust, Inc. REIT \* | 73 |  | 1556 |
|  Bridgewater Bancshares, Inc. \* | 362 |  | 6422 |
|  Brightsphere Investment Group, Inc. | 1747 |  | 35953 |
|  Brookfield Business Corp. Class A (Canada) | 1310 |  | 24615 |
|  BRP Group, Inc. Class A \* | 3507 |  | 88166 |
|  Cadence Bank | 584 |  | 14401 |
|  CareTrust REIT, Inc. | 467 |  | 8677 |
|  CBL & Associates Properties, Inc. REIT | 271 |  | 6255 |
|  Clipper Realty, Inc. REIT | 767 |  | 4909 |
|  Coastal Financial Corp. \* | 606 |  | 28797 |
|  Cohen & Steers, Inc. | 1474 |  | 95161 |
|  Columbia Financial, Inc. \* | 695 |  | 15026 |
|  Community Healthcare Trust, Inc. REIT | 867 |  | 31039 |
|  Compass, Inc. Class A \* | 15780 |  | 36767 |
|  Corporate Office Properties Trust REIT | 811 |  | 21037 |
|  Cryptyde, Inc. \* | 608 |  | 117 |
|  Curo Group Holdings Corp. | 935 |  | 3319 |
|  Cushman & Wakefield PLC \* | 9169 |  | 114246 |
|  Diamond Hill Investment Group, Inc. | 170 |  | 31453 |
|  Doma Holdings, Inc. \* | 1268 |  | 574 |
|  Douglas Elliman, Inc. | 407 |  | 1656 |
|  Eastern Bankshares, Inc. | 1877 |  | 32378 |
|  eHealth, Inc. \* | 434 |  | 2101 |
|  Esquire Financial Holdings, Inc. | 360 |  | 15574 |
|  Essential Properties Realty Trust, Inc. REIT | 757 |  | 17767 |
|  eXp World Holdings, Inc. | 4038 |  | 44741 |
|  Farmers & Merchants Bancorp, Inc. | 229 |  | 6224 |
|  Federated Hermes, Inc. | 4922 |  | 178718 |
|  First BanCorp | 567 |  | 7212 |
|  First Financial Bankshares, Inc. | 7495 |  | 257828 |
|  First Guaranty Bancshares, Inc. | 32 |  | 750 |
|  Five Star Bancorp | 284 |  | 7736 |
|  Flywire Corp. \* | 3279 |  | 80237 |
|  Focus Financial Partners, Inc. Class A \* | 3328 |  | 124035 |
|  Four Corners Property Trust, Inc. REIT | 507 |  | 13147 |
|  FVCBankcorp, Inc. \* | 81 |  | 1545 |
|  GCM Grosvenor, Inc. Class A | 2098 |  | 15966 |
|  Glacier Bancorp, Inc. | 839 |  | 41463 |
|  Gladstone Commercial Corp. REIT | 2204 |  | 40774 |
|  Gladstone Land Corp. REIT | 1034 |  | 18974 |
|  Goosehead Insurance, Inc. Class A \* | 975 |  | 33481 |
|  Greene County Bancorp, Inc. | 194 |  | 11139 |
|  Hamilton Lane, Inc. Class A | 2070 |  | 132232 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 331 |  | 9592 |
|  HCI Group, Inc. | 365 |  | 14450 |
|  Hersha Hospitality Trust REIT | 126 |  | 1074 |
|  Hingham Institution For Savings | 9 |  | 2484 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  HomeTrust Bancshares, Inc. | 200 | $| 4834 |
|  Houlihan Lokey, Inc. | 2885 |  | 251457 |
|  Industrial Logistics Properties Trust REIT | 198 |  | 647 |
|  Innovative Industrial Properties, Inc. REIT | 1599 |  | 162059 |
|  International Money Express, Inc. \* | 1795 |  | 43744 |
|  Investors Title Co. | 16 |  | 2361 |
|  Kinsale Capital Group, Inc. | 1248 |  | 326377 |
|  Lakeland Financial Corp. | 1300 |  | 94861 |
|  LendingClub Corp. \* | 302 |  | 2658 |
|  LendingTree, Inc. \* | 602 |  | 12841 |
|  Live Oak Bancshares, Inc. | 1500 |  | 45300 |
|  Marcus & Millichap, Inc. | 1473 |  | 50745 |
|  McGrath RentCorp | 1408 |  | 139026 |
|  Metrocity Bankshares, Inc. | 281 |  | 6078 |
|  Metropolitan Bank Holding Corp. \* | 45 |  | 2640 |
|  Moelis & Co. Class A | 1837 |  | 70486 |
|  NerdWallet, Inc. Class A \* | 1470 |  | 14112 |
|  Newmark Group, Inc. Class A | 546 |  | 4352 |
|  NexPoint Residential Trust, Inc. REIT | 1248 |  | 54313 |
|  Nicolet Bankshares, Inc. \* | 98 |  | 7819 |
|  NMI Holdings, Inc. Class A \* | 339 |  | 7085 |
|  Offerpad Solutions, Inc. \* | 3916 |  | 1803 |
|  Outfront Media, Inc. REIT | 8495 |  | 140847 |
|  Palomar Holdings, Inc. \* | 1400 |  | 63224 |
|  Pathward Financial, Inc. | 415 |  | 17866 |
|  PennyMac Mortgage Investment Trust REIT | 1122 |  | 13902 |
|  Perella Weinberg Partners | 1988 |  | 19482 |
|  Phillips Edison & Co., Inc. REIT | 6797 |  | 216416 |
|  PJT Partners, Inc. Class A | 1358 |  | 100071 |
|  Postal Realty Trust, Inc. Class A REIT | 666 |  | 9677 |
|  PotlatchDeltic Corp. REIT | 451 |  | 19839 |
|  Redfin Corp. \* | 6164 |  | 26135 |
|  RLI Corp. | 2263 |  | 297064 |
|  RMR Group, Inc. Class A | 629 |  | 17769 |
|  Safehold, Inc. REIT | 964 |  | 27590 |
|  Saul Centers, Inc. REIT | 643 |  | 26157 |
|  Sculptor Capital Management, Inc. | 720 |  | 6235 |
|  ServisFirst Bancshares, Inc. | 2895 |  | 199494 |
|  Silvercrest Asset Management Group, Inc. Class A | 537 |  | 10079 |
|  Silvergate Capital Corp. Class A \* | 1436 |  | 24986 |
|  SiriusPoint Ltd. \* (Bermuda) | 433 |  | 2555 |
|  St. Joe Co. | 2001 |  | 77339 |
|  StepStone Group, Inc. Class A | 3122 |  | 78612 |
|  Stock Yards Bancorp, Inc. | 1399 |  | 90907 |
|  StoneX Group, Inc. \* | 91 |  | 8672 |
|  Tanger Factory Outlet Centers, Inc. REIT | 5866 |  | 105236 |
|  Third Coast Bancshares, Inc. \* | 51 |  | 940 |
|  Triumph Financial, Inc. \* | 496 |  | 24240 |
|  Trupanion, Inc. \* | 2246 |  | 106752 |
|  UMH Properties, Inc. REIT | 2492 |  | 40121 |
|  Universal Health Realty Income Trust REIT | 786 |  | 37516 |
|  Universal Insurance Holdings, Inc. | 268 |  | 2838 |
|  Veritex Holdings, Inc. | 399 |  | 11204 |
|  Victory Capital Holdings, Inc. Class A | 278 |  | 7459 |
|  Virtus Investment Partners, Inc. | 44 |  | 8423 |
|  Walker & Dunlop, Inc. | 1229 |  | 96452 |
|  West BanCorp, Inc. | 246 |  | 6285 |
|  Westamerica BanCorp | 253 |  | 14930 |
|  WisdomTree, Inc. | 7815 |  | 42592 |
|  World Acceptance Corp. \* | 152 |  | 10023 |
|  |  |  | 5343866 |
|  **Industrial - 15.0%** | **Industrial - 15.0%** | **Industrial - 15.0%** | **Industrial - 15.0%** |
|  908 Devices, Inc. \* | 289 |  | 2202 |
|  AAON, Inc. | 2529 |  | 190484 |
|  Advanced Energy Industries, Inc. | 2170 |  | 186143 |
|  Aerojet Rocketdyne Holdings, Inc. \* | 3454 |  | 193182 |
|  AeroVironment, Inc. \* | 1421 |  | 121723 |
|  AEye, Inc. \* | 5842 |  | 2808 |
|  Air Transport Services Group, Inc. \* | 1243 |  | 32293 |
|  Akoustis Technologies, Inc. \* | 2892 |  | 8155 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-258** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Alamo Group, Inc. | 496 | $70234 |
|  Albany International Corp. Class A | 348 | 34309 |
|  Allied Motion Technologies, Inc. | 713 | 24820 |
|  American Woodmark Corp. \* | 54 | 2638 |
|  Apogee Enterprises, Inc. | 1283 | 57042 |
|  Applied Industrial Technologies, Inc. | 2210 | 278526 |
|  ArcBest Corp. | 457 | 32008 |
|  Atkore, Inc. \* | 2375 | 269373 |
|  Atlas Technical Consultants, Inc. \* | 713 | 3672 |
|  Babcock & Wilcox Enterprises, Inc. \* | 3503 | 20212 |
|  Badger Meter, Inc. | 1688 | 184043 |
|  Belden, Inc. | 1304 | 93758 |
|  Berkshire Grey, Inc. \* | 2800 | 1691 |
|  Blink Charging Co. \* | 2078 | 22796 |
|  Bloom Energy Corp. Class A \* | 10359 | 198064 |
|  Boise Cascade Co. | 474 | 32550 |
|  Brady Corp. Class A | 2063 | 97167 |
|  Cactus, Inc. Class A | 3400 | 170884 |
|  Cadre Holdings, Inc. | 1103 | 22214 |
|  Casella Waste Systems, Inc. Class A \* | 2885 | 228809 |
|  Charge Enterprises, Inc. \* | 7594 | 9417 |
|  Chart Industries, Inc. \* | 2456 | 283005 |
|  Chase Corp. | 120 | 10351 |
|  CIRCOR International, Inc. \* | 309 | 7404 |
|  Comfort Systems USA, Inc. | 2035 | 234188 |
|  Construction Partners, Inc. Class A \* | 2287 | 61040 |
|  CryoPort, Inc. \* | 2063 | 35793 |
|  CSW Industrials, Inc. | 846 | 98077 |
|  CTS Corp. | 1837 | 72415 |
|  Daseke, Inc. \* | 2305 | 13116 |
|  Dycom Industries, Inc. \* | 1659 | 155282 |
|  EMCOR Group, Inc. | 2721 | 403007 |
|  Energizer Holdings, Inc. | 3871 | 129872 |
|  Energy Recovery, Inc. \* | 3178 | 65117 |
|  Enerpac Tool Group Corp. | 3298 | 83934 |
|  EnerSys | 283 | 20897 |
|  Enovix Corp. \* | 6293 | 78285 |
|  ESCO Technologies, Inc. | 144 | 12606 |
|  ESS Tech, Inc. \* | 4335 | 10534 |
|  Evoqua Water Technologies Corp. \* | 6775 | 268290 |
|  Exponent, Inc. | 2938 | 291126 |
|  Fabrinet \* (Thailand) | 2130 | 273109 |
|  FARO Technologies, Inc. \* | 79 | 2323 |
|  Federal Signal Corp. | 3439 | 159810 |
|  Fluor Corp. \* | 7476 | 259118 |
|  Forward Air Corp. | 1544 | 161950 |
|  Franklin Electric Co., Inc. | 2655 | 211736 |
|  GATX Corp. | 118 | 12548 |
|  Gorman-Rupp Co. | 249 | 6379 |
|  GrafTech International Ltd. | 11115 | 52907 |
|  Great Lakes Dredge & Dock Corp. \* | 915 | 5444 |
|  Greif, Inc. Class A | 202 | 13546 |
|  Greif, Inc. Class B | 51 | 3990 |
|  Griffon Corp. | 1348 | 48245 |
|  Helios Technologies, Inc. | 1880 | 102347 |
|  Hillenbrand, Inc. | 1989 | 84871 |
|  Identiv, Inc. \* | 1288 | 9325 |
|  IES Holdings, Inc. \* | 343 | 12201 |
|  Insteel Industries, Inc. | 1074 | 29557 |
|  Itron, Inc. \* | 210 | 10637 |
|  Janus International Group, Inc. \* | 4754 | 45258 |
|  JELD-WEN Holding, Inc. \* | 1759 | 16974 |
|  Joby Aviation, Inc. \* | 13472 | 45131 |
|  John Bean Technologies Corp. | 1819 | 166129 |
|  Kadant, Inc. | 671 | 119190 |
|  Karat Packaging, Inc. | 354 | 5087 |
|  Latham Group, Inc. \* | 2487 | 8008 |
|  Li-Cycle Holdings Corp. \* (Canada) | 3040 | 14470 |
|  Lindsay Corp. | 637 | 103736 |
|  LSB Industries, Inc. \* | 4251 | 56538 |
|  Luxfer Holdings PLC (United Kingdom) | 666 | 9138 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Marten Transport Ltd. | 2532 | $| 50083 |
|  Masonite International Corp. \* | 1282 |  | 103342 |
|  Materion Corp. | 1104 |  | 96611 |
|  Mesa Laboratories, Inc. | 296 |  | 49198 |
|  MicroVision, Inc. \* | 9499 |  | 22323 |
|  Momentus, Inc. \* | 1113 |  | 868 |
|  Montrose Environmental Group, Inc. \* | 1590 |  | 70580 |
|  Moog, Inc. Class A | 274 |  | 24046 |
|  Mueller Industries, Inc. | 1153 |  | 68027 |
|  Mueller Water Products, Inc. Class A | 9030 |  | 97163 |
|  Myers Industries, Inc. | 2105 |  | 46794 |
|  MYR Group, Inc. \* | 949 |  | 87374 |
|  Napco Security Technologies, Inc. \* | 1710 |  | 46991 |
|  Northwest Pipe Co. \* | 113 |  | 3808 |
|  Novanta, Inc. \* | 2049 |  | 278398 |
|  NV5 Global, Inc. \* | 779 |  | 103077 |
|  O-I Glass, Inc. \* | 7256 |  | 120232 |
|  Omega Flex, Inc. | 193 |  | 18011 |
|  OSI Systems, Inc. \* | 106 |  | 8429 |
|  PAM Transportation Services, Inc. \* | 378 |  | 9790 |
|  PGT Innovations, Inc. \* | 3320 |  | 59627 |
|  Plexus Corp. \* | 1353 |  | 139264 |
|  Primoris Services Corp. | 170 |  | 3730 |
|  Proto Labs, Inc. \* | 248 |  | 6331 |
|  Pure Cycle Corp. \* | 1398 |  | 14651 |
|  PureCycle Technologies, Inc. \* | 4828 |  | 32637 |
|  Radiant Logistics, Inc. \* | 406 |  | 2067 |
|  RBC Bearings, Inc. \* | 234 |  | 48988 |
|  Redwire Corp. \* | 237 |  | 469 |
|  Rocket Lab USA, Inc. \* | 12497 |  | 47114 |
|  Ryerson Holding Corp. | 55 |  | 1664 |
|  Saia, Inc. \* | 1530 |  | 320810 |
|  Sarcos Technology & Robotics Corp. \* | 6320 |  | 3547 |
|  Sight Sciences, Inc. \* | 116 |  | 1416 |
|  Simpson Manufacturing Co., Inc. | 2461 |  | 218192 |
|  SmartRent, Inc. \* | 7070 |  | 17180 |
|  Smith & Wesson Brands, Inc. | 175 |  | 1519 |
|  Sterling Infrastructure, Inc. \* | 1410 |  | 46248 |
|  Stoneridge, Inc. \* | 244 |  | 5261 |
|  Sturm Ruger & Co., Inc. | 909 |  | 46014 |
|  Tennant Co. | 484 |  | 29800 |
|  Terex Corp. | 1878 |  | 80228 |
|  Transphorm, Inc. \* | 1365 |  | 7426 |
|  Trinity Industries, Inc. | 696 |  | 20581 |
|  Turtle Beach Corp. \* | 678 |  | 4861 |
|  UFP Industries, Inc. | 3015 |  | 238939 |
|  Universal Logistics Holdings, Inc. | 308 |  | 10300 |
|  Vicor Corp. \* | 1276 |  | 68585 |
|  Watts Water Technologies, Inc. Class A | 1578 |  | 230751 |
|  Werner Enterprises, Inc. | 438 |  | 17634 |
|  Xometry, Inc. Class A \* | 1972 |  | 63558 |
|  Zurn Elkay Water Solutions Corp. | 7159 |  | 151413 |
|  |  |  | 10221208 |
|  **Technology - 14.8%** | **Technology - 14.8%** | **Technology - 14.8%** | **Technology - 14.8%** |
|  8x8, Inc. \* | 6462 |  | 27916 |
|  ACI Worldwide, Inc. \* | 6446 |  | 148258 |
|  ACM Research, Inc. Class A \* | 369 |  | 2845 |
|  ACV Auctions, Inc. Class A \* | 3325 |  | 27298 |
|  Agilysys, Inc. \* | 1142 |  | 90378 |
|  Alignment Healthcare, Inc. \* | 5659 |  | 66550 |
|  Alkami Technology, Inc. \* | 2106 |  | 30727 |
|  Alpha & Omega Semiconductor Ltd. \* | 982 |  | 28056 |
|  Altair Engineering, Inc. Class A \* | 2989 |  | 135910 |
|  Ambarella, Inc. \* | 2100 |  | 172683 |
|  American Software, Inc. Class A | 1338 |  | 19642 |
|  Amkor Technology, Inc. | 1189 |  | 28512 |
|  Amplitude, Inc. Class A \* | 3236 |  | 39091 |
|  Apollo Medical Holdings, Inc. \* | 2231 |  | 66015 |
|  Appfolio, Inc. Class A \* | 1116 |  | 117604 |
|  Appian Corp. Class A \* | 2299 |  | 74855 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-259** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Arteris, Inc. \* | 971 | $4175 |
|  Asana, Inc. Class A \* | 4213 | 58013 |
|  Atomera, Inc. \* | 1216 | 7563 |
|  AvePoint, Inc. \* | 7550 | 31030 |
|  Avid Technology, Inc. \* | 1265 | 33636 |
|  AvidXchange Holdings, Inc. \* | 7577 | 75315 |
|  Axcelis Technologies, Inc. \* | 1883 | 149435 |
|  Bandwidth, Inc. Class A \* | 254 | 5829 |
|  Benefitfocus, Inc. \* | 1040 | 10878 |
|  BigCommerce Holdings, Inc. \* | 3710 | 32425 |
|  Blackbaud, Inc. \* | 2532 | 149033 |
|  Blackline, Inc. \* | 3182 | 214053 |
|  Box, Inc. Class A \* | 8057 | 250814 |
|  Brightcove, Inc. \* | 1610 | 8420 |
|  C3.ai, Inc. Class A \* | 634 | 7094 |
|  Cantaloupe, Inc. \* | 2011 | 8748 |
|  Cerberus Cyber Sentinel Corp. \* | 2620 | 6681 |
|  CEVA, Inc. \* | 1332 | 34073 |
|  Clear Secure, Inc. Class A | 3575 | 98062 |
|  CommVault Systems, Inc. \* | 2568 | 161373 |
|  Consensus Cloud Solutions, Inc. \* | 522 | 28063 |
|  Corsair Gaming, Inc. \* | 1236 | 16772 |
|  CS Disco, Inc. \* | 1276 | 8064 |
|  CSG Systems International, Inc. | 1799 | 102903 |
|  Diebold Nixdorf, Inc. \* | 3165 | 4494 |
|  Digi International, Inc. \* | 688 | 25146 |
|  Digimarc Corp. \* | 752 | 13904 |
|  Digital Turbine, Inc. \* | 5421 | 82616 |
|  DigitalOcean Holdings, Inc. \* | 4008 | 102084 |
|  Diodes, Inc. \* | 1871 | 142458 |
|  Domo, Inc. Class B \* | 1801 | 25646 |
|  Donnelley Financial Solutions, Inc. \* | 103 | 3981 |
|  Duck Creek Technologies, Inc. \* | 4480 | 53984 |
|  Duolingo, Inc. \* | 1350 | 96025 |
|  Ebix, Inc. | 321 | 6407 |
|  eGain Corp. \* | 571 | 5156 |
|  Enfusion, Inc. Class A \* | 1515 | 14650 |
|  EngageSmart, Inc. \* | 2043 | 35957 |
|  Envestnet, Inc. \* | 3044 | 187815 |
|  Everbridge, Inc. \* | 2313 | 68419 |
|  EverCommerce, Inc. \* | 179 | 1332 |
|  Evolent Health, Inc. Class A \* | 4718 | 132481 |
|  ExlService Holdings, Inc. \* | 1866 | 316156 |
|  Faraday Future Intelligent Electric, Inc. \* | 6203 | 1801 |
|  ForgeRock, Inc. Class A \* | 1583 | 36045 |
|  FormFactor, Inc. \* | 4452 | 98968 |
|  Grid Dynamics Holdings, Inc. \* | 3085 | 34614 |
|  Hims & Hers Health, Inc. \* | 5912 | 37896 |
|  HireRight Holdings Corp. \* | 1216 | 14422 |
|  IBEX Holdings Ltd. \* | 518 | 12872 |
|  Impinj, Inc. \* | 1121 | 122391 |
|  Insight Enterprises, Inc. \* | 1539 | 154315 |
|  Inspired Entertainment, Inc. \* | 867 | 10985 |
|  Instructure Holdings, Inc. \* | 129 | 3024 |
|  Intapp, Inc. \* | 821 | 20476 |
|  Integral Ad Science Holding Corp. \* | 754 | 6628 |
|  IonQ, Inc. \* | 893 | 3081 |
|  IronNet, Inc. \* | 4043 | 930 |
|  KnowBe4, Inc. Class A \* | 4186 | 103729 |
|  Kulicke & Soffa Industries, Inc. (Singapore) | 3288 | 145527 |
|  LivePerson, Inc. \* | 4061 | 41179 |
|  Loyalty Ventures, Inc. \* | 377 | 909 |
|  MACOM Technology Solutions Holdings, Inc. Class H \* | 2919 | 183839 |
|  Markforged Holding Corp. \* | 829 | 962 |
|  Matterport, Inc. \* | 9266 | 25945 |
|  Maximus, Inc. | 3305 | 242356 |
|  MaxLinear, Inc. \* | 4189 | 142217 |
|  MeridianLink, Inc. \* | 1319 | 18110 |
|  MicroStrategy, Inc. Class A \* | 319 | 45161 |
|  Mitek Systems, Inc. \* | 2259 | 21890 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  Model N, Inc. \* | 2117 | $85865 |
|  Momentive Global, Inc. \* | 7559 | 52913 |
|  N-Able, Inc. \* | 3423 | 35188 |
|  NextGen Healthcare, Inc. \* | 1585 | 29766 |
|  NextNav, Inc. \* | 3861 | 11313 |
|  Nutex Health, Inc. \* | 14464 | 27482 |
|  OneSpan, Inc. \* | 832 | 9310 |
|  Onto Innovation, Inc. \* | 2855 | 194397 |
|  Outset Medical, Inc. \* | 2807 | 72477 |
|  PagerDuty, Inc. \* | 4989 | 132508 |
|  PAR Technology Corp. \* | 570 | 14860 |
|  PDF Solutions, Inc. \* | 1757 | 50110 |
|  Pear Therapeutics, Inc. \* | 1633 | 1927 |
|  Photronics, Inc. \* | 2500 | 42075 |
|  Phreesia, Inc. \* | 1364 | 44139 |
|  Pitney Bowes, Inc. | 6619 | 25152 |
|  Playstudios, Inc. \* | 2259 | 8765 |
|  Power Integrations, Inc. | 3280 | 235242 |
|  PowerSchool Holdings, Inc. Class A \* | 908 | 20957 |
|  Privia Health Group, Inc. \* | 2636 | 59864 |
|  Progress Software Corp. | 2484 | 125318 |
|  PROS Holdings, Inc. \* | 1521 | 36899 |
|  PubMatic, Inc. Class A \* | 2234 | 28618 |
|  Qualys, Inc. \* | 2222 | 249375 |
|  Rambus, Inc. \* | 5186 | 185762 |
|  Rapid7, Inc. \* | 3405 | 115702 |
|  Red Violet, Inc. \* | 570 | 13121 |
|  Rimini Street, Inc. \* | 2828 | 10775 |
|  Rockley Photonics Holdings Ltd. \* | 5848 | 819 |
|  Sapiens International Corp. NV (Israel) | 1350 | 24948 |
|  Schrodinger, Inc. \* | 3110 | 58126 |
|  Semtech Corp. \* | 3674 | 105407 |
|  Silicon Laboratories, Inc. \* | 1907 | 258723 |
|  Simulations Plus, Inc. | 911 | 33315 |
|  SiTime Corp. \* | 933 | 94811 |
|  SkyWater Technology, Inc. \* | 627 | 4458 |
|  SMART Global Holdings, Inc. \* | 2786 | 41456 |
|  Sprout Social, Inc. Class A \* | 2692 | 151990 |
|  SPS Commerce, Inc. \* | 2091 | 268547 |
|  Sumo Logic, Inc. \* | 4375 | 35437 |
|  Super Micro Computer, Inc. \* | 2668 | 219043 |
|  Synaptics, Inc. \* | 2285 | 217441 |
|  Telos Corp. \* | 3090 | 15728 |
|  Tenable Holdings, Inc. \* | 6440 | 245686 |
|  TTEC Holdings, Inc. | 1081 | 47705 |
|  Ultra Clean Holdings, Inc. \* | 886 | 29371 |
|  Unisys Corp. \* | 2819 | 14405 |
|  UserTesting, Inc. \* | 2757 | 20705 |
|  Varonis Systems, Inc. \* | 6273 | 150176 |
|  Veeco Instruments, Inc. \* | 2364 | 43923 |
|  Velo3D, Inc. \* | 3234 | 5789 |
|  Verint Systems, Inc. \* | 3338 | 121103 |
|  Veritone, Inc. \* | 1825 | 9672 |
|  Verra Mobility Corp. \* | 8074 | 111663 |
|  Viant Technology, Inc. Class A \* | 851 | 3421 |
|  Vimeo, Inc. \* | 8213 | 28171 |
|  Vuzix Corp. \* | 3060 | 11138 |
|  Weave Communications, Inc. \* | 1796 | 8226 |
|  WM Technology, Inc. \* | 3796 | 3834 |
|  Workiva, Inc. \* | 2747 | 230666 |
|  Yext, Inc. \* | 6630 | 43294 |
|  Zeta Global Holdings Corp. Class A \* | 6387 | 52182 |
|  Zuora, Inc. Class A \* | 7176 | 45639 |
|  |  | 10104673 |
|  **Utilities - 1.7%** | **Utilities - 1.7%** |  |
|  Altus Power, Inc. \* | 1080 | $7042 |
|  Ameresco, Inc. Class A \* | 1867 | 106680 |
|  American States Water Co. | 1048 | 96992 |
|  Artesian Resources Corp. Class A | 320 | 18746 |
|  Brookfield Infrastructure Corp. Class A (Canada) | 5719 | 222469 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-260** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  California Water Service Group | 866 | $52514 |
|  Clearway Energy, Inc. Class A | 2095 | 62682 |
|  Clearway Energy, Inc. Class C | 4823 | 153709 |
|  FTC Solar, Inc. \* | 2440 | 6539 |
|  Global Water Resources, Inc. | 1005 | 13346 |
|  MGE Energy, Inc. | 937 | 65965 |
|  Middlesex Water Co. | 383 | 30131 |
|  New Jersey Resources Corp. | 500 | 24810 |
|  Ormat Technologies, Inc. | 1620 | 140098 |
|  Otter Tail Corp. | 1112 | 65286 |
|  Southwest Gas Holdings, Inc. \* | 391 | 24195 |
|  Via Renewables, Inc. | 1096 | 5601 |
|  York Water Co. | 891 | 40077 |
|  |  | 1136882 |
|  Total Common Stocks <br>(Cost $79,837,267) |  | 66220362 |
|  **EXCHANGE-TRADED FUND - 2.2%** | **EXCHANGE-TRADED FUND - 2.2%** |  |
|  iShares Russell 2000 Growth | 6879 | 1475683 |
|  Total Exchange-Traded Fund <br>(Cost $1,499,115) |  | 1475683 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENT - 0.5%** | **SHORT-TERM INVESTMENT - 0.5%** |  |
|  **Repurchase Agreement - 0.5%** | **Repurchase Agreement - 0.5%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $344,089; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $350,844) | $343938 | 343938 |
|  Total Short-Term Investment <br>(Cost $343,938) |  | 343938 |
|  **TOTAL INVESTMENTS - 100.0% <br>(Cost $81,680,388)** |  | 68041942 |
|  **DERIVATIVES - (0.0%)** |  | (8886) |
|  **OTHER ASSETS & LIABILITIES, NET - (0.0%)** |  | (15186) |
|  **NET ASSETS - 100.0%** |  | $68017870 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 30.5% |
|  Industrial | 15.0% |
|  Technology | 14.8% |
|  Consumer, Cyclical | 11.0% |
|  Energy | 8.0% |
|  Financial | 7.8% |
|  Communications | 4.5% |
|  Basic Materials | 4.0% |
|  Others (each less than 3.0%) | 4.4% |
|  | 100.0% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | (0.0%) |
|  | 100.0% |

---

(b) Investments with a total aggregate value of $1,959 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 December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Micro Russell 2000 E-Mini Index | 03/23 | 38 | $345357 | $336471 | ($8886) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-261** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP GROWTH INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Rights | $1959 | $— | $— | $1959 |
|  | Common Stocks | 66220362 | 66220362 |  |  |
|  | Exchange-Traded Fund | 1475683 | 1475683 |  |  |
|  | Short-Term Investment | 343938 |  | 343938 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 68041942 | 67696045 | 343938 | 1959 |
|  Liabilities | Derivatives: |  |  |  |  |
|  | Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (8886) | (8886) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (8886) | (8886) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $68033056 | $67687159 | $343938 | $1959 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-262** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |  |
|  **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** |  |
|  PLBY Group, Inc. Exp 01/17/23 \* | 3786 | $— |
|  **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** | **Consumer, Non-Cyclical - 0.0%** |
|  Contra Aduro Biotechnologies, Inc.<br>-Contingent Value Rights \* ± W | 123 | 312 |
|  Contra Zogenix, Inc. - Contingent Value Rights\* | 8080 | 5495 |
|  |  | 5807 |
|  Total Rights <br>(Cost $5,495) |  | 5807 |
|  **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** |  |
|  **Basic Materials - 2.8%** | **Basic Materials - 2.8%** |  |
|  AdvanSix, Inc. | 2060 | 78321 |
|  American Vanguard Corp. | 398 | 8641 |
|  Amyris, Inc. \* | 20360 | 31151 |
|  Arconic Corp. \* | 11798 | 249646 |
|  Avient Corp. | 2813 | 94967 |
|  AZZ, Inc. | 2797 | 112439 |
|  Carpenter Technology Corp. | 5559 | 205350 |
|  Clearwater Paper Corp. \* | 1941 | 73389 |
|  Coeur Mining, Inc. \* | 32642 | 109677 |
|  Commercial Metals Co. | 11293 | 545452 |
|  Constellium SE \* | 6852 | 81059 |
|  Danimer Scientific, Inc. \* | 10583 | 18944 |
|  Ecovyst, Inc. \* | 8415 | 74557 |
|  Energy Fuels, Inc. \* | 3267 | 20288 |
|  Glatfelter Corp. | 5062 | 14072 |
|  Hawkins, Inc. | 868 | 33505 |
|  Haynes International, Inc. | 1405 | 64194 |
|  HB Fuller Co. | 870 | 62309 |
|  Hecla Mining Co. | 64320 | 357619 |
|  Hycroft Mining Holding Corp. \* | 2208 | 1175 |
|  Innospec, Inc. | 452 | 46493 |
|  Intrepid Potash, Inc. \* | 1308 | 37762 |
|  Ivanhoe Electric, Inc. \* | 775 | 9416 |
|  Koppers Holdings, Inc. | 2267 | 63929 |
|  Mativ Holdings, Inc. | 5921 | 123749 |
|  Minerals Technologies, Inc. | 3770 | 228914 |
|  Novagold Resources, Inc. \* (Canada) | 1177 | 7039 |
|  Origin Materials, Inc. \* | 4834 | 22285 |
|  Perimeter Solutions SA\* | 13665 | 124898 |
|  Piedmont Lithium, Inc. \* | 1463 | 64401 |
|  PolyMet Mining Corp. \* (Canada) | 3342 | 8856 |
|  Quaker Chemical Corp. | 538 | 89792 |
|  Rayonier Advanced Materials, Inc. \* | 7195 | 69072 |
|  Resolute Forest Products, Inc. \* | 5349 | 115485 |
|  Schnitzer Steel Industries, Inc. Class A | 2685 | 82295 |
|  Sensient Technologies Corp. | 294 | 21439 |
|  Stepan Co. | 2226 | 236980 |
|  Sylvamo Corp. | 243 | 11807 |
|  Terawulf, Inc. \* | 2353 | 1566 |
|  Trinseo PLC | 4095 | 92997 |
|  Tronox Holdings PLC | 13644 | 187059 |
|  Unifi, Inc. \* | 1575 | 13561 |
|  Ur-Energy, Inc. \* | 2705 | 3111 |
|  US Lime & Minerals, Inc. | 47 | 6616 |
|  Valhi, Inc. | 299 | 6578 |
|  |  | 3912855 |
|  **Communications - 3.4%** | **Communications - 3.4%** |  |
|  1-800-Flowers.com, Inc. Class A \* | 3170 | 30305 |
|  1stdibs.com, Inc. \* | 2732 | 13879 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  A10 Networks, Inc. | 1550 | $25777 |
|  ADTRAN Holdings, Inc. | 877 | 16479 |
|  Advantage Solutions, Inc. \* | 9537 | 19837 |
|  aka Brands Holding Corp. \* | 1032 | 1311 |
|  Allbirds, Inc. Class A \* | 8208 | 19863 |
|  AMC Networks, Inc. Class A \* | 3562 | 55817 |
|  Anterix, Inc. \* | 1554 | 49992 |
|  Arena Group Holdings, Inc. \* | 317 | 3363 |
|  ATN International, Inc. | 1274 | 57725 |
|  Audacy, Inc. \* | 13875 | 3123 |
|  Aviat Networks, Inc. \* | 1135 | 35401 |
|  BARK, Inc. \* | 13825 | 20599 |
|  Blade Air Mobility, Inc. \* | 6540 | 23413 |
|  Boston Omaha Corp. Class A \* | 2431 | 64422 |
|  Bumble, Inc. Class A \* | 10028 | 211089 |
|  Calix, Inc. \* | 1427 | 97650 |
|  Cars.com, Inc. \* | 6660 | 91708 |
|  Clear Channel Outdoor Holdings, Inc. \* | 43119 | 45275 |
|  Cogent Communications Holdings, Inc. | 2283 | 130314 |
|  Consolidated Communications Holdings, Inc. \* | 7791 | 27892 |
|  ContextLogic, Inc. Class A \* | 67928 | 33129 |
|  Cumulus Media, Inc. Class A \* | 2110 | 13103 |
|  DHI Group, Inc. \* | 679 | 3592 |
|  DigitalBridge Group, Inc. | 2024 | 22143 |
|  EchoStar Corp. Class A \* | 3956 | 65986 |
|  Edgio, Inc. \* | 1306 | 1476 |
|  Entravision Communications Corp. Class A | 1961 | 9413 |
|  ePlus, Inc. \* | 722 | 31970 |
|  Eventbrite, Inc. Class A \* | 1081 | 6335 |
|  EW Scripps Co. Class A \* | 6860 | 90483 |
|  Figs, Inc. Class A \* | 2178 | 14658 |
|  fuboTV, Inc. \* | 21886 | 38082 |
|  Gannett Co., Inc. \* | 16776 | 34055 |
|  Globalstar, Inc. \* | 12835 | 17071 |
|  Gogo, Inc. \* | 5466 | 80678 |
|  Gray Television, Inc. | 5371 | 60102 |
|  Groupon, Inc. \* | 2362 | 20266 |
|  HealthStream, Inc. \* | 2603 | 64659 |
|  IDT Corp. Class B \* | 506 | 14254 |
|  iHeartMedia, Inc. Class A \* | 14149 | 86733 |
|  Innovid Corp. \* (Israel) | 996 | 1703 |
|  Inseego Corp. \* | 7888 | 6646 |
|  Inspirato, Inc. \* | 2313 | 2752 |
|  InterDigital, Inc. | 2203 | 109004 |
|  KORE Group Holdings, Inc. \* | 4876 | 6144 |
|  Lands' End, Inc. \* | 1724 | 13085 |
|  Liberty Latin America Ltd. Class A \* | 3711 | 27944 |
|  Liberty Latin America Ltd. Class C \* | 17656 | 134186 |
|  Liquidity Services, Inc. \* | 1391 | 19557 |
|  Magnite, Inc. \* | 15358 | 162641 |
|  Maxar Technologies, Inc. | 8566 | 443205 |
|  NETGEAR, Inc. \* | 3268 | 59183 |
|  Overstock.com, Inc. \* | 4990 | 96606 |
|  Planet Labs PBC\* | 2268 | 9866 |
|  Poshmark, Inc. Class A \* | 5443 | 97321 |
|  Preformed Line Products Co. | 277 | 23071 |
|  QuinStreet, Inc. \* | 5543 | 79542 |
|  Quotient Technology, Inc. \* | 1245 | 4270 |
|  RealReal, Inc. \* | 8716 | 10895 |
|  Ribbon Communications, Inc. \* | 8451 | 23578 |
|  Rover Group, Inc. \* | 484 | 1776 |
|  RumbleON, Inc. Class B \* | 1236 | 7997 |
|  Scholastic Corp. | 3495 | 137913 |
|  Shenandoah Telecommunications Co. | 5618 | 89214 |
|  Solo Brands, Inc. Class A \* | 2642 | 9828 |
|  Squarespace, Inc. Class A \* | 2665 | 59083 |
|  Stagwell, Inc. \* | 8167 | 50717 |
|  Stitch Fix, Inc. Class A \* | 5990 | 18629 |
|  TEGNA, Inc. | 25976 | 550431 |
|  Telephone & Data Systems, Inc. | 11739 | 123142 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-263** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Terran Orbital Corp. \* | 4647 | $7342 |
|  Thryv Holdings, Inc. \* | 2263 | 42997 |
|  TrueCar, Inc. \* | 9897 | 24841 |
|  Urban One, Inc. \* | 2321 | 9669 |
|  US Cellular Corp. \* | 1709 | 35633 |
|  Vacasa, Inc. Class A \* | 13090 | 16493 |
|  Value Line, Inc. | 9 | 458 |
|  Vivid Seats, Inc. Class A \* | 2219 | 16199 |
|  WideOpenWest, Inc. \* | 2659 | 24223 |
|  Ziff Davis, Inc. \* | 4315 | 341317 |
|  |  | 4652523 |
|  **Consumer, Cyclical - 10.8%** | **Consumer, Cyclical - 10.8%** |  |
|  A-Mark Precious Metals, Inc. | 2126 | 73836 |
|  Abercrombie & Fitch Co. Class A \* | 5655 | 129556 |
|  Academy Sports & Outdoors, Inc. | 9012 | 473490 |
|  Acushnet Holdings Corp. | 2790 | 118463 |
|  Adient PLC\* | 11079 | 384331 |
|  Aeva Technologies, Inc. \* | 10735 | 14600 |
|  Allegiant Travel Co. \* | 1025 | 69690 |
|  America's Car-Mart, Inc. \* | 687 | 49643 |
|  American Axle & Manufacturing Holdings, Inc. \* | 12438 | 97265 |
|  American Eagle Outfitters, Inc. | 17939 | 250428 |
|  Asbury Automotive Group, Inc. \* | 1827 | 327490 |
|  Aterian, Inc. \* | 7052 | 5432 |
|  Bally's Corp. \* | 4183 | 81067 |
|  Beacon Roofing Supply, Inc. \* | 1799 | 94969 |
|  Beazer Homes USA, Inc. \* | 3302 | 42134 |
|  Bed Bath & Beyond, Inc. \* | 2583 | 6483 |
|  Big 5 Sporting Goods Corp. | 2474 | 21845 |
|  Big Lots, Inc. | 3369 | 49524 |
|  Biglari Holdings, Inc. Class B \* | 86 | 11937 |
|  BJ's Restaurants, Inc. \* | 2689 | 70936 |
|  Bloomin' Brands, Inc. | 2803 | 56396 |
|  Bluegreen Vacations Holding Corp. | 730 | 18221 |
|  BlueLinx Holdings, Inc. \* | 1019 | 72461 |
|  Bowlero Corp. \* | 3445 | 46439 |
|  Brinker International, Inc. \* | 526 | 16785 |
|  Buckle, Inc. | 260 | 11791 |
|  Build-A-Bear Workshop, Inc. \* | 447 | 10656 |
|  Cato Corp. Class A | 2005 | 18707 |
|  Cenntro Electric Group Ltd. \* (Australia) | 21417 | 9423 |
|  Century Casinos, Inc. \* | 415 | 2917 |
|  Century Communities, Inc. | 3055 | 152781 |
|  Cepton, Inc. \* | 845 | 1073 |
|  Chico's FAS, Inc. \* | 3937 | 19370 |
|  Children's Place, Inc. \* | 515 | 18756 |
|  Chuy's Holdings, Inc. \* | 2095 | 59288 |
|  Cinemark Holdings, Inc. \* | 2772 | 24006 |
|  Citi Trends, Inc. \* | 916 | 24256 |
|  Clean Energy Fuels Corp. \* | 19814 | 103033 |
|  CompX International, Inc. | 121 | 2236 |
|  Conn's, Inc. \* | 1501 | 10327 |
|  Container Store Group, Inc. \* | 3603 | 15529 |
|  Dana, Inc. | 15060 | 227858 |
|  Denny's Corp. \* | 1743 | 16053 |
|  Designer Brands, Inc. Class A | 1645 | 16088 |
|  Destination XL Group, Inc. \* | 3230 | 21803 |
|  Dine Brands Global, Inc. | 234 | 15116 |
|  Duluth Holdings, Inc. Class B \* | 825 | 5099 |
|  El Pollo Loco Holdings, Inc. | 2176 | 21673 |
|  Ermenegildo Zegna NV (Italy) | 5312 | 55617 |
|  Ethan Allen Interiors, Inc. | 2655 | 70145 |
|  Everi Holdings, Inc. \* | 4628 | 66412 |
|  EVgo, Inc. \* | 7018 | 31370 |
|  Express, Inc. \* | 7150 | 7293 |
|  First Watch Restaurant Group, Inc. \* | 1124 | 15208 |
|  FirstCash, Inc. | 2203 | 191463 |
|  Foot Locker, Inc. | 9384 | 354621 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Forestar Group, Inc. \* | 1550 | $23886 |
|  Fossil Group, Inc. \* | 5468 | 23567 |
|  Franchise Group, Inc. | 206 | 4907 |
|  Full House Resorts, Inc. \* | 2775 | 20868 |
|  G-III Apparel Group Ltd. \* | 5023 | 68865 |
|  Genesco, Inc. \* | 1469 | 67603 |
|  Global Industrial Co. | 406 | 9553 |
|  Goodyear Tire & Rubber Co. \* | 32635 | 331245 |
|  Green Brick Partners, Inc. \* | 2225 | 53912 |
|  Group 1 Automotive, Inc. | 1644 | 296528 |
|  GrowGeneration Corp. \* | 6725 | 26362 |
|  Haverty Furniture Cos., Inc. | 1664 | 49754 |
|  Hawaiian Holdings, Inc. \* | 5897 | 60503 |
|  Hibbett, Inc. | 311 | 21216 |
|  Hyliion Holdings Corp. \* | 15872 | 37140 |
|  IMAX Corp. \* | 2186 | 32047 |
|  Interface, Inc. | 1255 | 12387 |
|  International Game Technology PLC | 8860 | 200945 |
|  iRobot Corp. \* | 383 | 18434 |
|  Jack in the Box, Inc. | 2116 | 144375 |
|  JOANN, Inc. | 1218 | 3471 |
|  Johnson Outdoors, Inc. Class A | 620 | 40994 |
|  KAR Auction Services, Inc. \* | 12606 | 164508 |
|  KB Home | 7433 | 236741 |
|  Kimball International, Inc. Class B | 4163 | 27060 |
|  La-Z-Boy, Inc. | 5021 | 114579 |
|  Landsea Homes Corp. \* | 915 | 4767 |
|  LGI Homes, Inc. \* | 2222 | 205757 |
|  Life Time Group Holdings, Inc. \* | 4897 | 58568 |
|  Lifetime Brands, Inc. | 1356 | 10292 |
|  Light & Wonder, Inc. \* | 10991 | 644073 |
|  Lindblad Expeditions Holdings, Inc. \* | 3598 | 27705 |
|  Lions Gate Entertainment Corp. Class A \* | 7251 | 41403 |
|  Lions Gate Entertainment Corp. Class B \* | 13066 | 70948 |
|  LL Flooring Holdings, Inc. \* | 3268 | 18366 |
|  Lordstown Motors Corp. Class A \* | 20522 | 23395 |
|  M/I Homes, Inc. \* | 2660 | 122839 |
|  Madison Square Garden Entertainment Corp. \* | 3057 | 137473 |
|  Marcus Corp. | 2906 | 41817 |
|  MarineMax, Inc. \* | 2248 | 70183 |
|  MDC Holdings, Inc. | 5041 | 159296 |
|  Meritage Homes Corp. \* | 3938 | 363084 |
|  Methode Electronics, Inc. | 4231 | 187729 |
|  Microvast Holdings, Inc. \* | 8392 | 12840 |
|  Miller Industries, Inc. | 1173 | 31272 |
|  MillerKnoll, Inc. | 8871 | 186380 |
|  Motorcar Parts of America, Inc. \* | 2174 | 25784 |
|  Movado Group, Inc. | 1834 | 59147 |
|  National Vision Holdings, Inc. \* | 8579 | 332522 |
|  Nikola Corp. \* | 2561 | 5532 |
|  Nu Skin Enterprises, Inc. Class A | 3396 | 143175 |
|  ODP Corp. \* | 4661 | 212262 |
|  OneWater Marine, Inc. Class A \* | 1196 | 34206 |
|  Oxford Industries, Inc. | 551 | 51342 |
|  Papa John's International, Inc. | 1062 | 87413 |
|  Party City Holdco, Inc. \* | 7984 | 2918 |
|  Patrick Industries, Inc. | 2259 | 136895 |
|  PC Connection, Inc. | 1304 | 61158 |
|  PetMed Express, Inc. | 484 | 8567 |
|  PLBY Group, Inc. \* | 4796 | 13189 |
|  PriceSmart, Inc. | 1061 | 64488 |
|  Proterra, Inc. \* | 13965 | 52648 |
|  Purple Innovation, Inc. \* | 5897 | 28247 |
|  Qurate Retail, Inc. Class A \* | 41061 | 66929 |
|  RCI Hospitality Holdings, Inc. | 73 | 6803 |
|  Red Rock Resorts, Inc. Class A | 3251 | 130073 |
|  Reservoir Media, Inc. \* | 202 | 1206 |
|  Resideo Technologies, Inc. \* | 16815 | 276607 |
|  REV Group, Inc. | 3830 | 48335 |
|  Rite Aid Corp. \* | 3399 | 11353 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-264** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Rocky Brands, Inc. | 713 | $16841 |
|  Rush Enterprises, Inc. Class A | 4758 | 248748 |
|  Rush Enterprises, Inc. Class B | 837 | 47098 |
|  Sally Beauty Holdings, Inc. \* | 839 | 10504 |
|  ScanSource, Inc. \* | 2897 | 84650 |
|  SeaWorld Entertainment, Inc. \* | 2316 | 123929 |
|  Shoe Carnival, Inc. | 2001 | 47844 |
|  Signet Jewelers Ltd. (NYSE) | 5327 | 362236 |
|  SkyWest, Inc. \* | 5811 | 95940 |
|  Sleep Number Corp. \* | 1391 | 36138 |
|  Snap One Holdings Corp. \* | 2103 | 15583 |
|  Solid Power, Inc. \* | 9214 | 23404 |
|  Sonic Automotive, Inc. Class A | 2093 | 103122 |
|  Sovos Brands, Inc. \* | 1328 | 19083 |
|  Spirit Airlines, Inc. \* | 12668 | 246773 |
|  Sportsman's Warehouse Holdings, Inc. \* | 4430 | 41686 |
|  Standard Motor Products, Inc. | 2363 | 82232 |
|  Steelcase, Inc. Class A | 10217 | 72234 |
|  Superior Group of Cos., Inc. | 1338 | 13460 |
|  Taylor Morrison Home Corp. \* | 10629 | 322590 |
|  ThredUp, Inc. Class A \* | 5720 | 7493 |
|  Tile Shop Holdings, Inc. \* | 3648 | 15978 |
|  Tilly's, Inc. Class A \* | 2586 | 23403 |
|  Titan Machinery, Inc. \* | 2341 | 93008 |
|  Topgolf Callaway Brands Corp. \* | 16242 | 320779 |
|  Torrid Holdings, Inc. \* | 693 | 2051 |
|  Traeger, Inc. \* | 3788 | 10682 |
|  TravelCenters of America, Inc. \* | 1464 | 65558 |
|  Tri Pointe Homes, Inc. \* | 10644 | 197872 |
|  Tupperware Brands Corp. \* | 5135 | 21259 |
|  TuSimple Holdings, Inc. Class A \* | 16322 | 26768 |
|  UniFirst Corp. | 1759 | 339469 |
|  Universal Electronics, Inc. \* | 1365 | 28406 |
|  Urban Outfitters, Inc. \* | 7436 | 177349 |
|  Velodyne Lidar, Inc. \* | 24720 | 18261 |
|  Vinco Ventures, Inc. \* | 10981 | 5095 |
|  Virgin Galactic Holdings, Inc. \* | 14790 | 51469 |
|  Vista Outdoor, Inc. \* | 6515 | 158771 |
|  Volta, Inc. \* | 14330 | 5093 |
|  VSE Corp. | 1233 | 57803 |
|  Wabash National Corp. | 697 | 15752 |
|  Weber, Inc. Class A | 3061 | 24641 |
|  Weyco Group, Inc. | 640 | 13542 |
|  Wheels Up Experience, Inc. \* | 18826 | 19391 |
|  Winmark Corp. | 318 | 74994 |
|  Winnebago Industries, Inc. | 3472 | 182974 |
|  Workhorse Group, Inc. \* | 1324 | 2012 |
|  World Fuel Services Corp. | 7272 | 198744 |
|  Xperi, Inc. \* | 4880 | 42017 |
|  Xponential Fitness, Inc. Class A \* | 1406 | 32240 |
|  Zumiez, Inc. \* | 1849 | 40197 |
|  |  | 14840991 |
|  **Consumer, Non-Cyclical - 15.9%** | **Consumer, Non-Cyclical - 15.9%** |  |
|  23andMe Holding Co. Class A \* | 17320 | 37411 |
|  2seventy bio, Inc. \* | 4325 | 40525 |
|  2U, Inc. \* | 8821 | 55308 |
|  4D Molecular Therapeutics, Inc. \* | 3496 | 77646 |
|  Aaron's Co., Inc. | 3628 | 43355 |
|  AbCellera Biologics, Inc. \* (Canada) | 13879 | 140594 |
|  ABM Industries, Inc. | 7747 | 344122 |
|  Absci Corp. \* | 6132 | 12877 |
|  ACCO Brands Corp. | 10721 | 59930 |
|  Accolade, Inc. \* | 7598 | 59188 |
|  AdaptHealth Corp. \* | 8419 | 161813 |
|  Adaptive Biotechnologies Corp. \* | 12425 | 94927 |
|  Addus HomeCare Corp. \* | 1075 | 106952 |
|  Adicet Bio, Inc. \* | 3503 | 31317 |
|  ADMA Biologics, Inc. \* | 11833 | 45912 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Adtalem Global Education, Inc. \* | 5219 | $185275 |
|  Aerovate Therapeutics, Inc. \* | 1060 | 31058 |
|  Affimed NV \* (Germany) | 1132 | 1404 |
|  Agios Pharmaceuticals, Inc. \* | 6327 | 177662 |
|  Akero Therapeutics, Inc. \* | 3771 | 206651 |
|  Alico, Inc. | 707 | 16876 |
|  Alight, Inc. Class A \* | 39516 | 330354 |
|  Allogene Therapeutics, Inc. \* | 9300 | 58497 |
|  Allovir, Inc. \* | 3638 | 18663 |
|  Alpha Teknova, Inc. \* | 552 | 3113 |
|  Alphatec Holdings, Inc. \* | 930 | 11486 |
|  Alpine Immune Sciences, Inc. \* | 1326 | 9746 |
|  Alta Equipment Group, Inc. | 1854 | 24454 |
|  ALX Oncology Holdings, Inc. \* | 2532 | 28536 |
|  American Public Education, Inc. \* | 2131 | 26190 |
|  American Well Corp. Class A \* | 26798 | 75838 |
|  Amylyx Pharmaceuticals, Inc. \* | 4711 | 174071 |
|  AN2 Therapeutics, Inc. \* | 978 | 9320 |
|  AnaptysBio, Inc. \* | 2356 | 73012 |
|  Andersons, Inc. | 3753 | 131318 |
|  AngioDynamics, Inc. \* | 4280 | 58936 |
|  ANI Pharmaceuticals, Inc. \* | 1463 | 58857 |
|  Anika Therapeutics, Inc. \* | 1672 | 49491 |
|  API Group Corp. \* | 24061 | 452587 |
|  AppHarvest, Inc. \* | 8750 | 4965 |
|  Arbutus Biopharma Corp. \* | 6019 | 14024 |
|  Arcellx, Inc. \* | 3435 | 106416 |
|  Arcturus Therapeutics Holdings, Inc. \* | 244 | 4138 |
|  Arcus Biosciences, Inc. \* | 5957 | 123191 |
|  Artivion, Inc. \* | 656 | 7951 |
|  Atara Biotherapeutics, Inc. \* | 9974 | 32715 |
|  Atea Pharmaceuticals, Inc. \* | 8916 | 42886 |
|  Athira Pharma, Inc. \* | 3815 | 12094 |
|  ATI Physical Therapy, Inc. \* | 8414 | 2566 |
|  AtriCure, Inc. \* | 1856 | 82369 |
|  Avanos Medical, Inc. \* | 5369 | 145285 |
|  Aveanna Healthcare Holdings, Inc. \* | 5103 | 3980 |
|  Avidity Biosciences, Inc. \* | 6218 | 137977 |
|  B&G Foods, Inc. | 8276 | 92277 |
|  Bakkt Holdings, Inc. \* | 6748 | 8030 |
|  Barrett Business Services, Inc. | 87 | 8115 |
|  Beachbody Co., Inc. \* | 10724 | 5641 |
|  Beauty Health Co. \* | 1273 | 11584 |
|  Benson Hill, Inc. \* | 10358 | 26413 |
|  Berkeley Lights, Inc. \* | 6621 | 17744 |
|  BioCryst Pharmaceuticals, Inc. \* | 6715 | 77088 |
|  Biohaven Ltd. \* | 2774 | 38503 |
|  BioLife Solutions, Inc. \* | 3653 | 66485 |
|  Bionano Genomics, Inc. \* | 34862 | 50899 |
|  Bioventus, Inc. Class A \* | 3646 | 9516 |
|  Bioxcel Therapeutics, Inc. \* | 2242 | 48158 |
|  Bird Global, Inc. Class A \* | 20795 | 3747 |
|  Bluebird Bio, Inc. \* | 9659 | 66840 |
|  Boxed, Inc. \* | 6406 | 1249 |
|  Bridgebio Pharma, Inc. \* | 4657 | 35486 |
|  Bright Health Group, Inc. \* | 23013 | 14956 |
|  BrightView Holdings, Inc. \* | 5154 | 35511 |
|  Brookdale Senior Living, Inc. \* | 21566 | 58875 |
|  Butterfly Network, Inc. \* | 15575 | 38315 |
|  C4 Therapeutics, Inc. \* | 4924 | 29052 |
|  Cal-Maine Foods, Inc. | 347 | 18894 |
|  Cara Therapeutics, Inc. \* | 5164 | 55461 |
|  Cardiovascular Systems, Inc. \* | 2094 | 28520 |
|  CareMax, Inc. \* | 6908 | 25214 |
|  Caribou Biosciences, Inc. \* | 6533 | 41027 |
|  Cass Information Systems, Inc. | 1351 | 61903 |
|  Castle Biosciences, Inc. \* | 2871 | 67583 |
|  Celldex Therapeutics, Inc. \* | 4183 | 186436 |
|  Central Garden & Pet Co. \* | 628 | 23519 |
|  Central Garden & Pet Co. Class A \* | 3132 | 112126 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-265** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Century Therapeutics, Inc. \* | 2325 | $11927 |
|  Chefs' Warehouse, Inc. \* | 1188 | 39537 |
|  Chimerix, Inc. \* | 3499 | 6508 |
|  Chinook Therapeutics, Inc. \* | 5883 | 154135 |
|  CinCor Pharma, Inc. \* | 2867 | 35235 |
|  Cipher Mining, Inc. \* | 4910 | 2750 |
|  Cogent Biosciences, Inc. \* | 7456 | 86191 |
|  Community Health Systems, Inc. \* | 14560 | 62899 |
|  CompoSecure, Inc. \* | 106 | 520 |
|  CoreCivic, Inc. \* | 13287 | 153598 |
|  Crinetics Pharmaceuticals, Inc. \* | 5269 | 96423 |
|  Cross Country Healthcare, Inc. \* | 3611 | 95944 |
|  CTI BioPharma Corp. \* | 9380 | 56374 |
|  Cue Health, Inc. \* | 12700 | 26289 |
|  Cullinan Oncology, Inc. \* | 3531 | 37252 |
|  Custom Truck One Source, Inc. \* | 4746 | 29995 |
|  Cytokinetics, Inc. \* | 922 | 42246 |
|  Day One Biopharmaceuticals, Inc. \* | 3234 | 69596 |
|  Deciphera Pharmaceuticals, Inc. \* | 3860 | 63265 |
|  Deluxe Corp. | 5050 | 85749 |
|  Design Therapeutics, Inc. \* | 3979 | 40825 |
|  DICE Therapeutics, Inc. \* | 4112 | 128294 |
|  Distribution Solutions Group, Inc. \* | 51 | 1880 |
|  Dyne Therapeutics, Inc. \* | 3691 | 42779 |
|  Edgewell Personal Care Co. | 5999 | 231201 |
|  Edgewise Therapeutics, Inc. \* | 4377 | 39130 |
|  Editas Medicine, Inc. \* | 8099 | 71838 |
|  Eiger BioPharmaceuticals, Inc. \* | 402 | 474 |
|  Embecta Corp. | 897 | 22685 |
|  Emergent BioSolutions, Inc. \* | 5898 | 69655 |
|  Enanta Pharmaceuticals, Inc. \* | 2044 | 95087 |
|  Ennis, Inc. | 2926 | 64840 |
|  Enochian Biosciences, Inc. \* | 2038 | 2099 |
|  EQRx, Inc. \* | 23414 | 57598 |
|  Erasca, Inc. \* | 7595 | 32734 |
|  European Wax Center, Inc. Class A | 205 | 2552 |
|  EyePoint Pharmaceuticals, Inc. \* | 1625 | 5688 |
|  FibroGen, Inc. \* | 1106 | 17718 |
|  First Advantage Corp. \* | 6271 | 81523 |
|  Fresh Del Monte Produce, Inc. | 3558 | 93184 |
|  Fulcrum Therapeutics, Inc. \* | 5033 | 36640 |
|  Fulgent Genetics, Inc. \* | 2433 | 72455 |
|  Gelesis Holdings, Inc. \* | 1158 | 336 |
|  Generation Bio Co. \* | 5648 | 22197 |
|  GEO Group, Inc. \* | 13368 | 146380 |
|  Geron Corp. \* | 12668 | 30657 |
|  Graham Holdings Co. Class B | 429 | 259206 |
|  Green Dot Corp. Class A \* | 4911 | 77692 |
|  Greenidge Generation Holdings, Inc. \* | 1077 | 311 |
|  Hackett Group, Inc. | 322 | 6559 |
|  Hain Celestial Group, Inc. \* | 10425 | 168677 |
|  Healthcare Services Group, Inc. | 4560 | 54720 |
|  Heidrick & Struggles International, Inc. | 2254 | 63044 |
|  Herbalife Nutrition Ltd. \* | 3867 | 57541 |
|  HF Foods Group, Inc. \* | 4022 | 16329 |
|  HilleVax, Inc. \* | 1614 | 27002 |
|  Honest Co., Inc. \* | 7615 | 22921 |
|  Hostess Brands, Inc. \* | 15532 | 348538 |
|  Huron Consulting Group, Inc. \* | 928 | 67373 |
|  ICF International, Inc. | 640 | 63392 |
|  Icosavax, Inc. \* | 2580 | 20485 |
|  Ideaya Biosciences, Inc. \* | 5141 | 93412 |
|  IGM Biosciences, Inc. \* | 322 | 5477 |
|  Imago Biosciences, Inc. \* | 1260 | 45297 |
|  ImmunityBio, Inc. \* | 2149 | 10895 |
|  ImmunoGen, Inc. \* | 12772 | 63349 |
|  Immunovant, Inc. \* | 5153 | 91466 |
|  Inari Medical, Inc. \* | 497 | 31589 |
|  Information Services Group, Inc. | 2255 | 10373 |
|  Ingles Markets, Inc. Class A | 1676 | 161667 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Innovage Holding Corp. \* | 2027 | $14554 |
|  Inogen, Inc. \* | 2544 | 50142 |
|  Inotiv, Inc. \* | 2030 | 10028 |
|  Inovio Pharmaceuticals, Inc. \* | 28865 | 45029 |
|  Instil Bio, Inc. \* | 8169 | 5146 |
|  Integer Holdings Corp. \* | 3830 | 262202 |
|  Intellia Therapeutics, Inc. \* | 3416 | 119184 |
|  Invitae Corp. \* | 28327 | 52688 |
|  Invivyd, Inc. \* | 5966 | 8949 |
|  Iovance Biotherapeutics, Inc. \* | 17626 | 112630 |
|  iTeos Therapeutics, Inc. \* | 2746 | 53629 |
|  Janux Therapeutics, Inc. \* | 1973 | 25984 |
|  John B Sanfilippo & Son, Inc. | 406 | 33016 |
|  John Wiley & Sons, Inc. Class A | 352 | 14101 |
|  Jounce Therapeutics, Inc. \* | 5044 | 5599 |
|  KalVista Pharmaceuticals, Inc. \* | 2841 | 19205 |
|  Kelly Services, Inc. Class A | 3940 | 66586 |
|  Keros Therapeutics, Inc. \* | 116 | 5570 |
|  Kezar Life Sciences, Inc. \* | 6149 | 43289 |
|  Kiniksa Pharmaceuticals Ltd. Class A \* | 140 | 2097 |
|  Kinnate Biopharma, Inc. \* | 3406 | 20777 |
|  Kodiak Sciences, Inc. \* | 3912 | 28010 |
|  Krispy Kreme, Inc. | 6153 | 63499 |
|  Kronos Bio, Inc. \* | 4714 | 7637 |
|  Krystal Biotech, Inc. \* | 1662 | 131664 |
|  Kura Oncology, Inc. \* | 7546 | 93646 |
|  Kymera Therapeutics, Inc. \* | 4391 | 109599 |
|  Lancaster Colony Corp. | 357 | 70436 |
|  Laureate Education, Inc. | 15671 | 150755 |
|  Leafly Holdings, Inc. \* | 1044 | 681 |
|  Lexicon Pharmaceuticals, Inc. \* | 6044 | 11544 |
|  Lifecore Biomedical, Inc. \* | 2885 | 18695 |
|  LifeStance Health Group, Inc. \* | 7889 | 38972 |
|  Ligand Pharmaceuticals, Inc. \* | 1553 | 103740 |
|  Liquidia Corp. \* | 1937 | 12339 |
|  LivaNova PLC\* | 1492 | 82866 |
|  LiveRamp Holdings, Inc. \* | 7703 | 180558 |
|  Lyell Immunopharma, Inc. \* | 20231 | 70202 |
|  MacroGenics, Inc. \* | 7074 | 47467 |
|  MannKind Corp. \* | 26324 | 138728 |
|  Marathon Digital Holdings, Inc. \* | 13699 | 46851 |
|  MarketWise, Inc. \* | 1370 | 2302 |
|  MaxCyte, Inc. \* | 10074 | 55004 |
|  MeiraGTx Holdings PLC\* | 3240 | 21125 |
|  Merit Medical Systems, Inc. \* | 917 | 64759 |
|  Mersana Therapeutics, Inc. \* | 10750 | 62995 |
|  MiMedx Group, Inc. \* | 12953 | 36009 |
|  Mission Produce, Inc. \* | 4013 | 46631 |
|  ModivCare, Inc. \* | 1008 | 90448 |
|  MoneyGram International, Inc. \* | 10942 | 119158 |
|  Moneylion, Inc. \* | 16319 | 10118 |
|  Monro, Inc. | 3638 | 164438 |
|  Monte Rosa Therapeutics, Inc. \* | 3505 | 26673 |
|  Morphic Holding, Inc. \* | 479 | 12813 |
|  Multiplan Corp. \* | 44160 | 50784 |
|  Myriad Genetics, Inc. \* | 9225 | 133855 |
|  Nano-X Imaging Ltd. \* (Israel) | 4850 | 35793 |
|  NanoString Technologies, Inc. \* | 528 | 4208 |
|  National HealthCare Corp. | 1431 | 85145 |
|  Natural Grocers by Vitamin Cottage, Inc. | 169 | 1545 |
|  Nature's Sunshine Products, Inc. \* | 1442 | 11997 |
|  Nautilus Biotechnology, Inc. SPAC\* | 5680 | 10224 |
|  Nektar Therapeutics\* | 21211 | 47937 |
|  Neogen Corp. \* | 2066 | 31465 |
|  NeoGenomics, Inc. \* | 14691 | 135745 |
|  NGM Biopharmaceuticals, Inc. \* | 1858 | 9327 |
|  Nkarta, Inc. \* | 3842 | 23014 |
|  Nurix Therapeutics, Inc. \* | 5430 | 59621 |
|  Nuvalent, Inc. Class A \* | 2340 | 69685 |
|  Nuvation Bio, Inc. \* | 13392 | 25713 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-266** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  OmniAb, Inc. \* | 7609 | $27392 |
|  OmniAb, Inc.-Earn Out Shares \* ± W | 1176 |  |
|  OPKO Health, Inc. \* | 47070 | 58838 |
|  OraSure Technologies, Inc. \* | 8246 | 39746 |
|  Orthofix Medical, Inc. \* | 2260 | 46398 |
|  Oscar Health, Inc. Class A \* | 14054 | 34573 |
|  Owens & Minor, Inc. \* | 7560 | 147647 |
|  P3 Health Partners, Inc. \* | 1094 | 2013 |
|  Pacific Biosciences of California, Inc. \* | 26313 | 215240 |
|  Pardes Biosciences, Inc. \* | 4052 | 6848 |
|  Patterson Cos., Inc. | 2187 | 61302 |
|  Paysafe Ltd. \* | 3308 | 45948 |
|  Pediatrix Medical Group, Inc. \* | 9512 | 141348 |
|  PepGen, Inc. \* | 1372 | 18344 |
|  Perdoceo Education Corp. \* | 7765 | 107934 |
|  PetIQ, Inc. \* | 675 | 6224 |
|  PFSweb, Inc. | 1916 | 11783 |
|  Phibro Animal Health Corp. Class A | 107 | 1435 |
|  PMV Pharmaceuticals, Inc. \* | 4385 | 38150 |
|  Point Biopharma Global, Inc. SPAC \* | 651 | 4746 |
|  Praxis Precision Medicines, Inc. \* | 4093 | 9741 |
|  Precigen, Inc. \* | 1853 | 2817 |
|  Prestige Consumer Healthcare, Inc. \* | 5791 | 362517 |
|  Prime Medicine, Inc. \* | 702 | 13043 |
|  Primo Water Corp. | 18262 | 283792 |
|  PROG Holdings, Inc. \* | 4921 | 83116 |
|  Protagonist Therapeutics, Inc. \* | 5414 | 59067 |
|  Provention Bio, Inc. \* | 1029 | 10877 |
|  PTC Therapeutics, Inc. \* | 1977 | 75462 |
|  Quad/Graphics, Inc. \* | 3956 | 16141 |
|  Quanex Building Products Corp. | 3796 | 89889 |
|  Quanterix Corp. \* | 3388 | 46924 |
|  Quantum-Si, Inc. \* | 10585 | 19371 |
|  Rallybio Corp. \* | 359 | 2359 |
|  RAPT Therapeutics, Inc. \* | 941 | 18632 |
|  Reata Pharmaceuticals, Inc. Class A \* | 553 | 21009 |
|  Recursion Pharmaceuticals, Inc. Class A \* | 14494 | 111749 |
|  REGENXBIO, Inc. \* | 4649 | 105439 |
|  Relay Therapeutics, Inc. \* | 9089 | 135790 |
|  Relmada Therapeutics, Inc. \* | 865 | 3019 |
|  Repay Holdings Corp. \* | 10276 | 82722 |
|  Replimune Group, Inc. \* | 4724 | 128493 |
|  Resources Connection, Inc. | 3765 | 69201 |
|  REVOLUTION Medicines, Inc. \* | 7531 | 179388 |
|  Riot Blockchain, Inc. \* | 18533 | 62827 |
|  Rocket Pharmaceuticals, Inc. \* | 6245 | 122215 |
|  RxSight, Inc. \* | 124 | 1571 |
|  Sabre Corp. \* | 30346 | 187538 |
|  Sage Therapeutics, Inc. \* | 6058 | 231052 |
|  Sana Biotechnology, Inc. \* | 10374 | 40977 |
|  Sangamo Therapeutics, Inc. \* | 14587 | 45803 |
|  Science 37 Holdings, Inc. \* | 596 | 247 |
|  SeaSpine Holdings Corp. \* | 4202 | 35087 |
|  Seer, Inc. \* | 6038 | 35020 |
|  Select Medical Holdings Corp. | 1853 | 46010 |
|  Sema4 Holdings Corp. \* | 18772 | 4952 |
|  Seneca Foods Corp. Class A \* | 594 | 36204 |
|  Singular Genomics Systems, Inc. \* | 6501 | 13067 |
|  SomaLogic, Inc. \* | 15322 | 38458 |
|  Sorrento Therapeutics, Inc. \* | 45421 | 40243 |
|  SpartanNash Co. | 4081 | 123409 |
|  Spire Global, Inc. \* | 14563 | 13981 |
|  SpringWorks Therapeutics, Inc. \* | 3377 | 87836 |
|  Sterling Check Corp. \* | 210 | 3249 |
|  Stoke Therapeutics, Inc. \* | 2639 | 24358 |
|  StoneCo Ltd. Class A \* (Brazil) | 15464 | 145980 |
|  Strategic Education, Inc. | 2638 | 206608 |
|  SunOpta, Inc. \* (Canada) | 794 | 6701 |
|  Supernus Pharmaceuticals, Inc. \* | 5742 | 204817 |
|  Surgery Partners, Inc. \* | 674 | 18778 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Sutro Biopharma, Inc. \* | 6238 | $| 50403 |
|  Syndax Pharmaceuticals, Inc. \* | 4735 |  | 120506 |
|  Tactile Systems Technology, Inc. \* | 1431 |  | 16428 |
|  Talaris Therapeutics, Inc. \* | 2750 |  | 2805 |
|  Tango Therapeutics, Inc. \* | 5436 |  | 39411 |
|  Tarsus Pharmaceuticals, Inc. \* | 2123 |  | 31123 |
|  Tattooed Chef, Inc. \* | 441 |  | 542 |
|  Tejon Ranch Co. \* | 2259 |  | 42560 |
|  Tenaya Therapeutics, Inc. \* | 3307 |  | 6647 |
|  Textainer Group Holdings Ltd. (China) | 4326 |  | 134149 |
|  Theravance Biopharma, Inc. \* | 796 |  | 8931 |
|  Theseus Pharmaceuticals, Inc. \* | 1942 |  | 9671 |
|  Third Harmonic Bio, Inc. \* | 815 |  | 3505 |
|  Tootsie Roll Industries, Inc. | 259 |  | 11026 |
|  Travere Therapeutics, Inc. \* | 644 |  | 13543 |
|  TreeHouse Foods, Inc. \* | 5919 |  | 292280 |
|  Tricida, Inc. \* | 3101 |  | 474 |
|  Triton International Ltd. (Bermuda) | 6780 |  | 466328 |
|  TrueBlue, Inc. \* | 3742 |  | 73268 |
|  Twist Bioscience Corp. \* | 2006 |  | 47763 |
|  Tyra Biosciences, Inc. \* | 1504 |  | 11430 |
|  United Natural Foods, Inc. \* | 6298 |  | 243796 |
|  Universal Corp. | 2817 |  | 148766 |
|  Utah Medical Products, Inc. | 6 |  | 603 |
|  Utz Brands, Inc. | 985 |  | 15622 |
|  V2X, Inc. \* | 1394 |  | 57558 |
|  Vanda Pharmaceuticals, Inc. \* | 6494 |  | 47991 |
|  Varex Imaging Corp. \* | 4428 |  | 89888 |
|  Vaxart, Inc. \* | 11582 |  | 11129 |
|  VBI Vaccines, Inc. \* | 22088 |  | 8639 |
|  Vector Group Ltd. | 14348 |  | 170167 |
|  Vera Therapeutics, Inc. \* | 130 |  | 2516 |
|  Veracyte, Inc. \* | 8330 |  | 197671 |
|  Verve Therapeutics, Inc. \* | 4614 |  | 89281 |
|  Viad Corp. \* | 2389 |  | 58268 |
|  ViewRay, Inc. \* | 2002 |  | 8969 |
|  Village Super Market, Inc. Class A | 900 |  | 20961 |
|  Vintage Wine Estates, Inc. \* | 3293 |  | 10735 |
|  Vir Biotechnology, Inc. \* | 8440 |  | 213616 |
|  Viridian Therapeutics, Inc. \* | 1171 |  | 34205 |
|  VistaGen Therapeutics, Inc. \* | 4412 |  | 454 |
|  Vivint Smart Home, Inc. \* | 8236 |  | 98008 |
|  Weis Markets, Inc. | 1918 |  | 157832 |
|  Whole Earth Brands, Inc. \* | 4413 |  | 17961 |
|  Willdan Group, Inc. \* | 1221 |  | 21795 |
|  WW International, Inc. \* | 6178 |  | 23847 |
|  Xencor, Inc. \* | 6648 |  | 173114 |
|  Zentalis Pharmaceuticals, Inc. \* | 298 |  | 6002 |
|  Zimvie, Inc. \* | 2419 |  | 22593 |
|  |  |  | 21830253 |
|  **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** | **Diversified - 0.0%** |
|  Professional Holding Corp. Class A \* | 1435 |  | 39807 |
|  **Energy - 5.3%** | **Energy - 5.3%** | **Energy - 5.3%** | **Energy - 5.3%** |
|  Aemetis, Inc. \* | 3677 |  | 14561 |
|  Alto Ingredients, Inc. \* | 9161 |  | 26384 |
|  Amplify Energy Corp. \* | 1051 |  | 9238 |
|  Archrock, Inc. | 15676 |  | 140770 |
|  Berry Corp. | 7487 |  | 59896 |
|  Borr Drilling Ltd. \* (United Arab Emirates) | 12617 |  | 62707 |
|  Bristow Group, Inc. \* | 2715 |  | 73658 |
|  California Resources Corp. | 8646 |  | 376187 |
|  Callon Petroleum Co. \* | 989 |  | 36682 |
|  Chord Energy Corp. | 1978 |  | 270610 |
|  Civitas Resources, Inc. | 8590 |  | 497619 |
|  Cleanspark, Inc. \* | 5394 |  | 11004 |
|  CNX Resources Corp. \* | 19644 |  | 330805 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-267** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  CONSOL Energy, Inc. | 243 | $| 15795 |
|  Diamond Offshore Drilling, Inc. \* | 11722 |  | 121909 |
|  DMC Global, Inc. \* | 1617 |  | 31434 |
|  Dril-Quip, Inc. \* | 3914 |  | 106343 |
|  Eneti, Inc. | 2582 |  | 25949 |
|  Equitrans Midstream Corp. | 36394 |  | 243840 |
|  Excelerate Energy, Inc. Class A | 2145 |  | 53732 |
|  Expro Group Holdings NV\* | 8978 |  | 162771 |
|  FuelCell Energy, Inc. \* | 13056 |  | 36296 |
|  FutureFuel Corp. | 3225 |  | 26219 |
|  Gevo, Inc. \* | 24252 |  | 46079 |
|  Golar LNG Ltd. \* (Cameroon) | 10940 |  | 249323 |
|  Green Plains, Inc. \* | 4998 |  | 152439 |
|  Helix Energy Solutions Group, Inc. \* | 16730 |  | 123467 |
|  Helmerich & Payne, Inc. | 11985 |  | 594096 |
|  Kinetik Holdings, Inc. | 1762 |  | 58287 |
|  Murphy Oil Corp. | 9712 |  | 417713 |
|  Nabors Industries Ltd. \* | 136 |  | 21062 |
|  NACCO Industries, Inc. Class A | 484 |  | 18392 |
|  National Energy Services Reunited Corp. \* | 4384 |  | 30425 |
|  Newpark Resources, Inc. \* | 10032 |  | 41633 |
|  NextDecade Corp. \* | 487 |  | 2406 |
|  Noble Corp. PLC\* | 8046 |  | 303415 |
|  Northern Oil & Gas, Inc. | 1171 |  | 36090 |
|  NOW, Inc. \* | 12854 |  | 163246 |
|  Oceaneering International, Inc. \* | 1149 |  | 20096 |
|  Oil States International, Inc. \* | 7394 |  | 55159 |
|  Patterson-UTI Energy, Inc. | 8087 |  | 136185 |
|  PBF Energy, Inc. Class A | 8828 |  | 360006 |
|  Peabody Energy Corp. \* | 13699 |  | 361928 |
|  Permian Resources Corp. | 21002 |  | 197419 |
|  ProFrac Holding Corp. Class A \* | 1471 |  | 37069 |
|  ProPetro Holding Corp. \* | 10119 |  | 104934 |
|  REX American Resources Corp. \* | 2025 |  | 64517 |
|  Riley Exploration Permian, Inc. | 470 |  | 13832 |
|  Ring Energy, Inc. \* | 6177 |  | 15195 |
|  Select Energy Services, Inc. Class A | 8308 |  | 76766 |
|  Stem, Inc. \* | 890 |  | 7957 |
|  SunCoke Energy, Inc. | 9695 |  | 83668 |
|  Sunnova Energy International, Inc. \* | 11523 |  | 207529 |
|  Tidewater, Inc. \* | 5401 |  | 199027 |
|  US Silica Holdings, Inc. \* | 7368 |  | 92100 |
|  Vertex Energy, Inc. \* | 801 |  | 4966 |
|  W&T Offshore, Inc. \* | 1911 |  | 10663 |
|  Warrior Met Coal, Inc. | 5354 |  | 185463 |
|  |  |  | 7226961 |
|  **Financial - 37.5%** | **Financial - 37.5%** | **Financial - 37.5%** | **Financial - 37.5%** |
|  1st Source Corp. | 1981 |  | 105171 |
|  Acadia Realty Trust REIT | 10698 |  | 153516 |
|  ACNB Corp. | 1031 |  | 41044 |
|  AFC Gamma, Inc. REIT | 1841 |  | 28959 |
|  Agree Realty Corp. REIT | 10172 |  | 721500 |
|  Alerus Financial Corp. | 1872 |  | 43711 |
|  Alexander & Baldwin, Inc. REIT \* | 8450 |  | 158269 |
|  Amalgamated Financial Corp. | 2123 |  | 48914 |
|  Ambac Financial Group, Inc. \* | 5199 |  | 90671 |
|  Amerant Bancorp, Inc. | 3289 |  | 88277 |
|  American Assets Trust, Inc. REIT | 5758 |  | 152587 |
|  American Equity Investment Life Holding Co. | 8300 |  | 378646 |
|  American National Bankshares, Inc. | 1387 |  | 51222 |
|  American Realty Investors, Inc. \* | 146 |  | 3745 |
|  Ameris Bancorp | 7773 |  | 366419 |
|  AMERISAFE, Inc. | 2310 |  | 120051 |
|  Angel Oak Mortgage, Inc. REIT | 1465 |  | 6929 |
|  Anywhere Real Estate, Inc. \* | 12517 |  | 79984 |
|  Apartment Investment & Management Co.<br>Class A REIT | 17357 |  | 123582 |
|  Apollo Commercial Real Estate Finance, Inc. REIT | 16320 |  | 175603 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Apple Hospitality REIT, Inc. | 25016 | $394753 |
|  Applied Digital Corp. \* | 4698 | 8644 |
|  Arbor Realty Trust, Inc. REIT | 19141 | 252470 |
|  Ares Commercial Real Estate Corp. REIT | 6001 | 61750 |
|  Argo Group International Holdings Ltd. | 3700 | 95645 |
|  Armada Hoffler Properties, Inc. REIT | 7515 | 86423 |
|  ARMOUR Residential REIT, Inc. | 15325 | 86280 |
|  Arrow Financial Corp. | 1808 | 61291 |
|  Artisan Partners Asset Management, Inc.<br>Class A | 2499 | 74220 |
|  Ashford Hospitality Trust, Inc. REIT \* | 4003 | 17893 |
|  AssetMark Financial Holdings, Inc. \* | 2490 | 57270 |
|  Associated Banc-Corp. | 17645 | 407423 |
|  Associated Capital Group, Inc. Class A | 158 | 6634 |
|  Atlantic Union Bankshares Corp. | 8895 | 312570 |
|  Atlanticus Holdings Corp. \* | 201 | 5266 |
|  Axos Financial, Inc. \* | 6011 | 229740 |
|  Banc of California, Inc. | 6381 | 101649 |
|  BancFirst Corp. | 951 | 83859 |
|  Banco Latinoamericano de Comercio Exterior<br>SA Class E (Panama) | 3129 | 50690 |
|  Bancorp, Inc. \* | 2619 | 74327 |
|  Bank First Corp. | 903 | 83816 |
|  Bank of Marin Bancorp | 1974 | 64905 |
|  Bank of NT Butterfield & Son Ltd. (Bermuda) | 5546 | 165326 |
|  BankUnited, Inc. | 8641 | 293535 |
|  Bankwell Financial Group, Inc. | 862 | 25369 |
|  Banner Corp. | 3759 | 237569 |
|  Bar Harbor Bankshares | 1868 | 59851 |
|  BayCom Corp. | 1396 | 26496 |
|  BCB Bancorp, Inc. | 1779 | 32004 |
|  Berkshire Hills Bancorp, Inc. | 4879 | 145882 |
|  BGC Partners, Inc. Class A | 36700 | 138359 |
|  Blackstone Mortgage Trust, Inc. Class A REIT | 19783 | 418806 |
|  Blue Foundry Bancorp\* | 3076 | 39527 |
|  Blue Ridge Bankshares, Inc. | 2159 | 26966 |
|  Bluerock Homes Trust, Inc. REIT \* | 268 | 5711 |
|  Braemar Hotels & Resorts, Inc. REIT | 7753 | 31865 |
|  Brandywine Realty Trust REIT | 19786 | 121684 |
|  Bread Financial Holdings, Inc. | 4745 | 178697 |
|  Bridgewater Bancshares, Inc. \* | 2051 | 36385 |
|  Brightsphere Investment Group, Inc. | 346 | 7121 |
|  BrightSpire Capital, Inc. REIT | 11049 | 68835 |
|  Broadmark Realty Capital, Inc. REIT | 15109 | 53788 |
|  Broadstone Net Lease, Inc. REIT | 20064 | 325237 |
|  Brookfield Business Corp. Class A (Canada) | 387 | 7272 |
|  Brookline Bancorp, Inc. | 8165 | 115535 |
|  BRT Apartments Corp. REIT | 1371 | 26926 |
|  Business First Bancshares, Inc. | 2850 | 63099 |
|  Byline Bancorp, Inc. | 3001 | 68933 |
|  Cadence Bank | 18570 | 457936 |
|  Cambridge Bancorp | 847 | 70352 |
|  Camden National Corp. | 1811 | 75501 |
|  Cannae Holdings, Inc. \* | 8233 | 170011 |
|  Capital Bancorp, Inc. | 1181 | 27801 |
|  Capital City Bank Group, Inc. | 1683 | 54698 |
|  Capitol Federal Financial, Inc. | 14071 | 121714 |
|  Capstar Financial Holdings, Inc. | 2474 | 43691 |
|  CareTrust REIT, Inc. | 10390 | 193046 |
|  Carter Bankshares, Inc. \* | 2896 | 48045 |
|  Cathay General Bancorp | 8528 | 347857 |
|  CBL & Associates Properties, Inc. REIT | 2590 | 59777 |
|  Centerspace REIT | 1751 | 102731 |
|  Central Pacific Financial Corp. | 2786 | 56500 |
|  Chatham Lodging Trust REIT | 5572 | 68368 |
|  Chicago Atlantic Real Estate Finance, Inc. | 569 | 8575 |
|  Chimera Investment Corp. REIT | 27168 | 149424 |
|  Citizens & Northern Corp. | 2015 | 46063 |
|  City Holding Co. | 1545 | 143824 |
|  City Office REIT, Inc. | 4542 | 38062 |
|  Civista Bancshares, Inc. | 1931 | 42501 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-268** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Claros Mortgage Trust, Inc. REIT | 10663 | $156853 |
|  CNB Financial Corp. | 2414 | 57429 |
|  CNO Financial Group, Inc. | 13438 | 307058 |
|  Colony Bankcorp, Inc. | 2050 | 26015 |
|  Columbia Banking System, Inc. | 8748 | 263577 |
|  Columbia Financial, Inc. \* | 2704 | 58460 |
|  Community Bank System, Inc. | 5827 | 366810 |
|  Community Healthcare Trust, Inc. REIT | 1091 | 39058 |
|  Community Trust Bancorp, Inc. | 1943 | 89242 |
|  Compass Diversified Holdings | 7325 | 133535 |
|  ConnectOne Bancorp, Inc. | 4443 | 107565 |
|  Consumer Portfolio Services, Inc. \* | 1137 | 10062 |
|  Corporate Office Properties Trust REIT | 11636 | 301838 |
|  Cowen, Inc. Class A | 3121 | 120533 |
|  Crawford & Co. Class A | 2044 | 11365 |
|  CrossFirst Bankshares, Inc. \* | 5432 | 67411 |
|  Cryptyde, Inc. \* | 848 | 163 |
|  CTO Realty Growth, Inc. REIT | 2035 | 37200 |
|  Curo Group Holdings Corp. | 675 | 2396 |
|  Customers Bancorp, Inc. \* | 3442 | 97546 |
|  CVB Financial Corp. | 15753 | 405640 |
|  DiamondRock Hospitality Co. REIT | 24459 | 200319 |
|  Dime Community Bancshares, Inc. | 3894 | 123946 |
|  Diversified Healthcare Trust REIT | 28505 | 18437 |
|  Doma Holdings, Inc. \* | 15529 | 7033 |
|  Donegal Group, Inc. Class A | 2166 | 30757 |
|  Douglas Elliman, Inc. | 8220 | 33455 |
|  Dynex Capital, Inc. REIT | 5145 | 65444 |
|  Eagle Bancorp, Inc. | 3593 | 158344 |
|  Easterly Government Properties, Inc. REIT | 10505 | 149906 |
|  Eastern Bankshares, Inc. | 14613 | 252074 |
|  eHealth, Inc. \* | 2330 | 11277 |
|  Ellington Financial, Inc. REIT | 6599 | 81630 |
|  Elme Communities REIT | 10216 | 181845 |
|  Empire State Realty Trust, Inc. Class A REIT | 15480 | 104335 |
|  Employers Holdings, Inc. | 2894 | 124818 |
|  Enact Holdings, Inc. | 3576 | 86253 |
|  Encore Capital Group, Inc. \* | 2701 | 129486 |
|  Enova International, Inc. \* | 3578 | 137288 |
|  Enstar Group Ltd. \* | 1323 | 305666 |
|  Enterprise Bancorp, Inc. | 1181 | 41689 |
|  Enterprise Financial Services Corp. | 4238 | 207492 |
|  Equity Bancshares, Inc. Class A | 1889 | 61714 |
|  Equity Commonwealth REIT | 12191 | 304409 |
|  Esquire Financial Holdings, Inc. | 190 | 8219 |
|  Essent Group Ltd. | 12425 | 483084 |
|  Essential Properties Realty Trust, Inc. REIT | 14874 | 349093 |
|  EZCORP, Inc. Class A \* | 5769 | 47017 |
|  Farmers & Merchants Bancorp, Inc. | 1003 | 27262 |
|  Farmers National Banc Corp. | 3820 | 53938 |
|  Farmland Partners, Inc. REIT | 5636 | 70225 |
|  FB Financial Corp. | 4317 | 156016 |
|  Federal Agricultural Mortgage Corp. Class C | 1059 | 119360 |
|  Finance Of America Cos., Inc. Class A \* | 4874 | 6190 |
|  Financial Institutions, Inc. | 1914 | 46625 |
|  First BanCorp | 19662 | 250101 |
|  First Bancorp, Inc. | 1342 | 40179 |
|  First Bancorp/Southern Pines NC | 4103 | 175773 |
|  First Bancshares, Inc. | 2540 | 81305 |
|  First Bank | 2029 | 27919 |
|  First Busey Corp. | 6269 | 154970 |
|  First Business Financial Services, Inc. | 1017 | 37171 |
|  First Commonwealth Financial Corp. | 9709 | 135635 |
|  First Community Bankshares, Inc. | 2022 | 68546 |
|  First Financial Bancorp | 9913 | 240192 |
|  First Financial Corp. | 1408 | 64881 |
|  First Foundation, Inc. | 6067 | 86940 |
|  First Guaranty Bancshares, Inc. | 647 | 15172 |
|  First Internet Bancorp | 1034 | 25106 |
|  First Interstate BancSystem, Inc. Class A | 10559 | 408105 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  First Merchants Corp. | 6817 | $280247 |
|  First Mid Bancshares, Inc. | 2336 | 74939 |
|  First of Long Island Corp. | 2790 | 50220 |
|  First Western Financial, Inc. \* | 991 | 27897 |
|  Five Star Bancorp | 1009 | 27485 |
|  Flushing Financial Corp. | 3606 | 69884 |
|  Four Corners Property Trust, Inc. REIT | 8785 | 227795 |
|  Franklin BSP Realty Trust, Inc. REIT | 9514 | 122731 |
|  Franklin Street Properties Corp. REIT | 11778 | 32154 |
|  FRP Holdings, Inc. \* | 775 | 41742 |
|  Fulton Financial Corp. | 19258 | 324112 |
|  FVCBankcorp, Inc. \* | 1395 | 26603 |
|  GCM Grosvenor, Inc. Class A | 589 | 4482 |
|  Genworth Financial, Inc. Class A \* | 52858 | 279619 |
|  German American Bancorp, Inc. | 3386 | 126298 |
|  Getty Realty Corp. REIT | 4826 | 163360 |
|  Glacier Bancorp, Inc. | 11368 | 561807 |
|  Gladstone Commercial Corp. REIT | 354 | 6549 |
|  Gladstone Land Corp. REIT | 1716 | 31489 |
|  Global Medical REIT, Inc. | 7052 | 66853 |
|  Global Net Lease, Inc. REIT | 12074 | 151770 |
|  Goosehead Insurance, Inc. Class A \* | 280 | 9615 |
|  Granite Point Mortgage Trust, Inc. REIT | 6040 | 32374 |
|  Great Southern Bancorp, Inc. | 1195 | 71091 |
|  Greenlight Capital Re Ltd. Class A \* | 3229 | 26316 |
|  Guaranty Bancshares, Inc. | 1093 | 37862 |
|  Hancock Whitney Corp. | 10095 | 488497 |
|  Hanmi Financial Corp. | 3185 | 78829 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 9465 | 274296 |
|  HarborOne Bancorp, Inc. | 5405 | 75130 |
|  HBT Financial, Inc. | 1393 | 27261 |
|  Heartland Financial USA, Inc. | 4919 | 229324 |
|  Heritage Commerce Corp. | 7291 | 94783 |
|  Heritage Financial Corp. | 3568 | 109324 |
|  Hersha Hospitality Trust REIT | 3444 | 29343 |
|  Hilltop Holdings, Inc. | 5976 | 179340 |
|  Hingham Institution For Savings | 167 | 46085 |
|  Hippo Holdings, Inc. \* | 2031 | 27622 |
|  Home Bancorp, Inc. | 935 | 37428 |
|  Home BancShares, Inc. | 22143 | 504639 |
|  Home Point Capital, Inc. | 1033 | 1415 |
|  HomeStreet, Inc. | 1930 | 53229 |
|  HomeTrust Bancshares, Inc. | 1513 | 36569 |
|  Hope Bancorp, Inc. | 11956 | 153156 |
|  Horace Mann Educators Corp. | 4325 | 161625 |
|  Horizon Bancorp, Inc. | 4767 | 71886 |
|  Independence Realty Trust, Inc. REIT | 26113 | 440265 |
|  Independent Bank Corp. | 4670 | 394288 |
|  Independent Bank Corp. MI | 2522 | 60326 |
|  Independent Bank Group, Inc. | 4241 | 254799 |
|  Indus Realty Trust, Inc. REIT | 600 | 38094 |
|  Industrial Logistics Properties Trust REIT | 7218 | 23603 |
|  International Bancshares Corp. | 6376 | 291766 |
|  InvenTrust Properties Corp. REIT | 7851 | 185833 |
|  Invesco Mortgage Capital, Inc. REIT | 4134 | 52626 |
|  Investors Title Co. | 137 | 20214 |
|  iStar, Inc. REIT | 8029 | 61261 |
|  Jackson Financial, Inc. Class A | 8712 | 303091 |
|  James River Group Holdings Ltd. | 4128 | 86316 |
|  John Marshall Bancorp, Inc. | 1397 | 40206 |
|  Kearny Financial Corp. | 7158 | 72654 |
|  Kennedy-Wilson Holdings, Inc. | 13870 | 218175 |
|  Kite Realty Group Trust REIT | 25311 | 532797 |
|  KKR Real Estate Finance Trust, Inc. REIT | 6556 | 91522 |
|  Ladder Capital Corp. REIT | 13132 | 131845 |
|  Lakeland Bancorp, Inc. | 7553 | 133008 |
|  Lakeland Financial Corp. | 233 | 17002 |
|  Legacy Housing Corp. \* | 967 | 18334 |
|  Lemonade, Inc. \* | 5520 | 75514 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-269** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  LendingClub Corp. \* | 11551 | $101649 |
|  Live Oak Bancshares, Inc. | 854 | 25791 |
|  LTC Properties, Inc. REIT | 4648 | 165143 |
|  Luther Burbank Corp. | 2089 | 23209 |
|  LXP Industrial Trust REIT | 31645 | 317083 |
|  Macatawa Bank Corp. | 3531 | 38947 |
|  Macerich Co. REIT | 25129 | 282953 |
|  MBIA, Inc. \* | 5595 | 71896 |
|  Mercantile Bank Corp. | 1971 | 65989 |
|  Merchants Bancorp | 1917 | 46621 |
|  Mercury General Corp. | 3157 | 107969 |
|  Metrocity Bankshares, Inc. | 1741 | 37658 |
|  Metropolitan Bank Holding Corp. \* | 1145 | 67177 |
|  MFA Financial, Inc. REIT | 12000 | 118200 |
|  Mid Penn Bancorp, Inc. | 1763 | 52837 |
|  Midland States Bancorp, Inc. | 2616 | 69638 |
|  MidWestOne Financial Group, Inc. | 1764 | 56007 |
|  Moelis & Co. Class A | 3764 | 144425 |
|  Mr Cooper Group, Inc. \* | 8079 | 324210 |
|  MVB Financial Corp. | 1320 | 29066 |
|  National Bank Holdings Corp. Class A | 2985 | 125579 |
|  National Health Investors, Inc. REIT | 4888 | 255251 |
|  National Western Life Group, Inc. Class A | 283 | 79523 |
|  Navient Corp. | 12435 | 204556 |
|  NBT Bancorp, Inc. | 4446 | 193045 |
|  Necessity Retail REIT, Inc. REIT | 15604 | 92532 |
|  Nelnet, Inc. Class A | 1697 | 154003 |
|  NETSTREIT Corp. REIT | 6377 | 116890 |
|  New York Mortgage Trust, Inc. REIT | 43175 | 110528 |
|  Newmark Group, Inc. Class A | 14616 | 116490 |
|  Nexpoint Real Estate Finance, Inc. REIT | 887 | 14094 |
|  NexPoint Residential Trust, Inc. REIT | 155 | 6746 |
|  NI Holdings, Inc. \* | 1048 | 13907 |
|  Nicolet Bankshares, Inc. \* | 1299 | 103647 |
|  NMI Holdings, Inc. Class A \* | 8997 | 188037 |
|  Northeast Bank | 824 | 34690 |
|  Northfield Bancorp, Inc. | 5045 | 79358 |
|  Northwest Bancshares, Inc. | 13086 | 182942 |
|  OceanFirst Financial Corp. | 7055 | 149919 |
|  Office Properties Income Trust REIT | 5668 | 75668 |
|  OFG Bancorp | 5094 | 140391 |
|  Old National Bancorp | 34472 | 619807 |
|  Old Second Bancorp, Inc. | 5040 | 80842 |
|  One Liberty Properties, Inc. REIT | 1823 | 40507 |
|  Oportun Financial Corp. \* | 3134 | 17268 |
|  Oppenheimer Holdings, Inc. Class A | 933 | 39494 |
|  OppFi, Inc. \* | 1461 | 2995 |
|  Orchid Island Capital, Inc. REIT | 3941 | 41381 |
|  Origin Bancorp, Inc. | 2760 | 101292 |
|  Orion Office REIT, Inc. REIT | 6585 | 56236 |
|  Orrstown Financial Services, Inc. | 1325 | 30687 |
|  Pacific Premier Bancorp, Inc. | 10462 | 330181 |
|  Paramount Group, Inc. REIT | 21943 | 130341 |
|  Park National Corp. | 1674 | 235616 |
|  Parke Bancorp, Inc. | 1346 | 27916 |
|  Pathward Financial, Inc. | 2168 | 93332 |
|  PCB Bancorp | 1487 | 26305 |
|  PCSB Financial Corp. | 1714 | 32635 |
|  Peapack-Gladstone Financial Corp. | 2172 | 80842 |
|  Pebblebrook Hotel Trust REIT | 15124 | 202510 |
|  PennyMac Financial Services, Inc. | 3155 | 178762 |
|  PennyMac Mortgage Investment Trust REIT | 8308 | 102936 |
|  Peoples Bancorp, Inc. | 3457 | 97660 |
|  Peoples Financial Services Corp. | 895 | 46397 |
|  Perella Weinberg Partners | 312 | 3058 |
|  Physicians Realty Trust REIT | 26445 | 382659 |
|  Piedmont Office Realty Trust, Inc. Class A REIT | 14419 | 132222 |
|  Pioneer Bancorp, Inc. \* | 1577 | 17978 |
|  Piper Sandler Cos. | 2032 | 264546 |
|  Plymouth Industrial REIT, Inc. REIT | 4382 | 84047 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Postal Realty Trust, Inc. Class A REIT | 769 | $11174 |
|  PotlatchDeltic Corp. REIT | 8440 | 371276 |
|  PRA Group, Inc. \* | 4505 | 152179 |
|  Preferred Bank | 417 | 31117 |
|  Premier Financial Corp. | 4369 | 117832 |
|  Primis Financial Corp. | 2927 | 34685 |
|  ProAssurance Corp. | 5583 | 97535 |
|  Provident Bancorp, Inc. | 1691 | 12310 |
|  Provident Financial Services, Inc. | 8145 | 173977 |
|  QCR Holdings, Inc. | 1919 | 95259 |
|  Radian Group, Inc. | 18557 | 353882 |
|  Radius Global Infrastructure, Inc. Class A \* | 8893 | 105115 |
|  RBB Bancorp | 1848 | 38531 |
|  RE/MAX Holdings, Inc. Class A | 2043 | 38082 |
|  Ready Capital Corp. REIT | 8204 | 91393 |
|  Red River Bancshares, Inc. | 539 | 27521 |
|  Redwood Trust, Inc. REIT | 13180 | 89097 |
|  Regional Management Corp. | 903 | 25356 |
|  Renasant Corp. | 6133 | 230539 |
|  Republic Bancorp, Inc. Class A | 1097 | 44889 |
|  Republic First Bancorp, Inc. \* | 6433 | 13831 |
|  Retail Opportunity Investments Corp. REIT | 14271 | 214493 |
|  RLJ Lodging Trust REIT | 18634 | 197334 |
|  RMR Group, Inc. Class A | 681 | 19238 |
|  Root, Inc. Class A \* | 947 | 4252 |
|  RPT Realty REIT | 9674 | 97127 |
|  Ryman Hospitality Properties, Inc. REIT | 6260 | 511943 |
|  S&T Bancorp, Inc. | 3990 | 136378 |
|  Sabra Health Care REIT, Inc. | 26923 | 334653 |
|  Safehold, Inc. REIT | 1196 | 34230 |
|  Safety Insurance Group, Inc. | 1603 | 135069 |
|  Sandy Spring Bancorp, Inc. | 5202 | 183266 |
|  Saul Centers, Inc. REIT | 110 | 4475 |
|  Sculptor Capital Management, Inc. | 1628 | 14098 |
|  Seacoast Banking Corp. of Florida | 6669 | 208006 |
|  Selective Insurance Group, Inc. | 7001 | 620359 |
|  Selectquote, Inc. \* | 15706 | 10553 |
|  Service Properties Trust REIT | 19133 | 139480 |
|  Shore Bancshares, Inc. | 2246 | 39148 |
|  Sierra Bancorp | 1797 | 38168 |
|  Silvergate Capital Corp. Class A \* | 775 | 13485 |
|  Simmons First National Corp. Class A | 13075 | 282159 |
|  SiriusPoint Ltd. \* (Bermuda) | 9946 | 58681 |
|  SITE Centers Corp. REIT | 22776 | 311120 |
|  SmartFinancial, Inc. | 1912 | 52580 |
|  South Plains Financial, Inc. | 1227 | 33779 |
|  Southern First Bancshares, Inc. \* | 934 | 42731 |
|  Southern Missouri Bancorp, Inc. | 962 | 44088 |
|  Southside Bancshares, Inc. | 3276 | 117903 |
|  SouthState Corp. | 8802 | 672121 |
|  STAG Industrial, Inc. REIT | 21001 | 678542 |
|  Stellar Bancorp, Inc. | 5173 | 152397 |
|  Sterling Bancorp, Inc. \* | 2216 | 13495 |
|  Stewart Information Services Corp. | 2968 | 126823 |
|  Stock Yards Bancorp, Inc. | 582 | 37818 |
|  StoneX Group, Inc. \* | 1843 | 175638 |
|  Stratus Properties, Inc. | 658 | 12693 |
|  Summit Financial Group, Inc. | 1395 | 34722 |
|  Summit Hotel Properties, Inc. REIT | 12049 | 86994 |
|  Sunlight Financial Holdings, Inc. \* | 2771 | 3575 |
|  Sunstone Hotel Investors, Inc. REIT | 24731 | 238901 |
|  SWK Holdings Corp. \* | 275 | 4851 |
|  Terreno Realty Corp. REIT | 8681 | 493688 |
|  Texas Capital Bancshares, Inc. \* | 5903 | 356010 |
|  Third Coast Bancshares, Inc. \* | 1394 | 25691 |
|  Tiptree, Inc. | 2922 | 40440 |
|  Tompkins Financial Corp. | 1621 | 125757 |
|  Towne Bank | 8043 | 248046 |
|  TPG RE Finance Trust, Inc. REIT | 7962 | 54062 |
|  Transcontinental Realty Investors, Inc. REIT \* | 99 | 4374 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-270** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Trean Insurance Group, Inc. \* | 2535 | $| 15210 |
|  TriCo Bancshares | 3735 |  | 190448 |
|  Triumph Financial, Inc. \* | 1748 |  | 85425 |
|  TrustCo Bank Corp. | 1916 |  | 72022 |
|  Trustmark Corp. | 6380 |  | 222726 |
|  Two Harbors Investment Corp. REIT | 10059 |  | 158630 |
|  UMB Financial Corp. | 5137 |  | 429042 |
|  UMH Properties, Inc. REIT | 990 |  | 15939 |
|  United Bankshares, Inc. | 15291 |  | 619133 |
|  United Community Banks, Inc. | 12003 |  | 405701 |
|  United Fire Group, Inc. | 2491 |  | 68154 |
|  Uniti Group, Inc. REIT | 27787 |  | 153662 |
|  Unity Bancorp, Inc. | 920 |  | 25144 |
|  Universal Insurance Holdings, Inc. | 2508 |  | 26560 |
|  Univest Financial Corp. | 3572 |  | 93336 |
|  Urban Edge Properties REIT | 13452 |  | 189539 |
|  Urstadt Biddle Properties, Inc. Class A REIT | 3291 |  | 62364 |
|  USCB Financial Holdings, Inc. \* | 1392 |  | 16982 |
|  Valley National Bancorp | 50658 |  | 572942 |
|  Velocity Financial, Inc. \* | 890 |  | 8589 |
|  Veris Residential, Inc. REIT \* | 10011 |  | 159475 |
|  Veritex Holdings, Inc. | 4266 |  | 119789 |
|  Victory Capital Holdings, Inc. Class A | 1394 |  | 37401 |
|  Virtus Investment Partners, Inc. | 725 |  | 138794 |
|  Walker & Dunlop, Inc. | 1123 |  | 88133 |
|  Washington Federal, Inc. | 7640 |  | 256322 |
|  Washington Trust Bancorp, Inc. | 2102 |  | 99172 |
|  Waterstone Financial, Inc. | 2483 |  | 42807 |
|  WesBanco, Inc. | 6839 |  | 252906 |
|  West BanCorp, Inc. | 1763 |  | 45045 |
|  Westamerica BanCorp | 2234 |  | 131828 |
|  Whitestone REIT | 5301 |  | 51102 |
|  World Acceptance Corp. \* | 147 |  | 9693 |
|  WSFS Financial Corp. | 6430 |  | 291536 |
|  Xenia Hotels & Resorts, Inc. REIT | 13315 |  | 175492 |
|  |  |  | 51415357 |
|  **Industrial - 11.9%** | **Industrial - 11.9%** | **Industrial - 11.9%** | **Industrial - 11.9%** |
|  908 Devices, Inc. \* | 1964 |  | 14966 |
|  AAR Corp. \* | 3976 |  | 178522 |
|  Aerojet Rocketdyne Holdings, Inc. \* | 2303 |  | 128807 |
|  AerSale Corp. \* | 2395 |  | 38847 |
|  Air Transport Services Group, Inc. \* | 4197 |  | 109038 |
|  Akoustis Technologies, Inc. \* | 361 |  | 1018 |
|  Alamo Group, Inc. | 168 |  | 23789 |
|  Albany International Corp. Class A | 2924 |  | 288277 |
|  Allied Motion Technologies, Inc. | 131 |  | 4560 |
|  Altra Industrial Motion Corp. | 7557 |  | 451531 |
|  American Woodmark Corp. \* | 1806 |  | 88241 |
|  AMMO, Inc. \* | 10095 |  | 17464 |
|  ArcBest Corp. | 1923 |  | 134687 |
|  Archer Aviation, Inc. Class A \* | 16672 |  | 31177 |
|  Arcosa, Inc. | 5636 |  | 306260 |
|  Ardmore Shipping Corp. \* (Ireland) | 4714 |  | 67929 |
|  Argan, Inc. | 1544 |  | 56943 |
|  Astec Industries, Inc. | 2656 |  | 107993 |
|  Astra Space, Inc. \* | 18844 |  | 8175 |
|  Astronics Corp. \* | 2943 |  | 30313 |
|  Atlas Air Worldwide Holdings, Inc. \* | 3252 |  | 327802 |
|  Atlas Technical Consultants, Inc. \* | 558 |  | 2874 |
|  Barnes Group, Inc. | 5713 |  | 233376 |
|  Belden, Inc. | 2315 |  | 166448 |
|  Benchmark Electronics, Inc. | 4008 |  | 106974 |
|  Boise Cascade Co. | 3638 |  | 249821 |
|  Brady Corp. Class A | 1254 |  | 59063 |
|  Caesarstone Ltd. | 2543 |  | 14521 |
|  Centrus Energy Corp. Class A \* | 1010 |  | 32805 |
|  Chase Corp. | 649 |  | 55983 |
|  CIRCOR International, Inc. \* | 1530 |  | 36659 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Columbus McKinnon Corp. | 3255 | $105690 |
|  Comtech Telecommunications Corp. | 3017 | 36626 |
|  Concrete Pumping Holdings, Inc. \* | 2962 | 17328 |
|  Costamare, Inc. (Monaco) | 6062 | 56255 |
|  Covenant Logistics Group, Inc. | 1093 | 37785 |
|  CryoPort, Inc. \* | 963 | 16708 |
|  DHT Holdings, Inc. | 15984 | 141938 |
|  Dorian LPG Ltd. | 3573 | 67708 |
|  Ducommun, Inc. \* | 1276 | 63749 |
|  DXP Enterprises, Inc. \* | 1764 | 48598 |
|  Eagle Bulk Shipping, Inc. | 1572 | 78506 |
|  Eastman Kodak Co. \* | 6649 | 20279 |
|  Encore Wire Corp. | 2060 | 283374 |
|  EnerSys | 4219 | 311531 |
|  EnPro Industries, Inc. | 2421 | 263138 |
|  ESCO Technologies, Inc. | 2729 | 238897 |
|  ESS Tech, Inc. \* | 784 | 1905 |
|  Evolv Technologies Holdings, Inc. \* | 9859 | 25535 |
|  FARO Technologies, Inc. \* | 2029 | 59673 |
|  Fathom Digital Manufacturing C Class A \* | 1317 | 1738 |
|  FLEX LNG Ltd. \* (Norway) | 3336 | 109054 |
|  Fluor Corp. \* | 1474 | 51089 |
|  Frontdoor, Inc. \* | 9584 | 199347 |
|  Frontline Ltd. (Norway) | 14543 | 176552 |
|  GATX Corp. | 3855 | 409941 |
|  Genco Shipping & Trading Ltd. | 4293 | 65940 |
|  Gibraltar Industries, Inc. \* | 3638 | 166911 |
|  Golden Ocean Group Ltd. \* (Norway) | 14383 | 124988 |
|  GoPro, Inc. Class A \* | 15038 | 74889 |
|  Gorman-Rupp Co. | 2083 | 53366 |
|  Granite Construction, Inc. | 5153 | 180716 |
|  Great Lakes Dredge & Dock Corp. \* | 5610 | 33379 |
|  Greenbrier Cos., Inc. | 3695 | 123893 |
|  Greif, Inc. Class A | 2531 | 169729 |
|  Greif, Inc. Class B | 508 | 39741 |
|  Griffon Corp. | 2640 | 94486 |
|  Harsco Corp. \* | 9090 | 57176 |
|  Heartland Express, Inc. | 5314 | 81517 |
|  Heritage-Crystal Clean, Inc. \* | 1804 | 58594 |
|  Hillenbrand, Inc. | 4024 | 171704 |
|  Hillman Solutions Corp. \* | 15611 | 112555 |
|  Hub Group, Inc. Class A \* | 3778 | 300313 |
|  Hydrofarm Holdings Group, Inc. \* | 5323 | 8251 |
|  Hyster-Yale Materials Handling, Inc. | 1296 | 32802 |
|  Ichor Holdings Ltd. \* | 3267 | 87621 |
|  IES Holdings, Inc. \* | 280 | 9960 |
|  International Seaways, Inc. | 5671 | 209940 |
|  Itron, Inc. \* | 4841 | 245197 |
|  JELD-WEN Holding, Inc. \* | 6214 | 59965 |
|  Joby Aviation, Inc. \* | 2750 | 9212 |
|  Kaman Corp. | 3247 | 72408 |
|  Kennametal, Inc. | 9489 | 228305 |
|  Kimball Electronics, Inc. \* | 2730 | 61671 |
|  Knowles Corp. \* | 10447 | 171540 |
|  Kratos Defense & Security Solutions, Inc. \* | 14463 | 149258 |
|  Li-Cycle Holdings Corp. \* (Canada) | 9841 | 46843 |
|  Luxfer Holdings PLC (United Kingdom) | 1836 | 25190 |
|  Manitowoc Co., Inc. \* | 4061 | 37199 |
|  Marten Transport Ltd. | 1763 | 34872 |
|  Materion Corp. | 146 | 12776 |
|  Matson, Inc. | 4350 | 271918 |
|  Matthews International Corp. Class A | 3492 | 106296 |
|  Mirion Technologies, Inc. \* | 15936 | 105337 |
|  Modine Manufacturing Co. \* | 5796 | 115109 |
|  Momentus, Inc. \* | 4592 | 3581 |
|  Moog, Inc. Class A | 2781 | 244061 |
|  Mueller Industries, Inc. | 4163 | 245617 |
|  National Presto Industries, Inc. | 613 | 41966 |
|  NL Industries, Inc. | 911 | 6204 |
|  nLight, Inc. \* | 5168 | 52404 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-271** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Nordic American Tankers Ltd. | 23810 | $| 72859 |
|  Northwest Pipe Co. \* | 895 |  | 30161 |
|  NuScale Power Corp. \* | 3607 |  | 37008 |
|  O-I Glass, Inc. \* | 3433 |  | 56885 |
|  Olympic Steel, Inc. | 1071 |  | 35964 |
|  OSI Systems, Inc. \* | 1671 |  | 132878 |
|  Pactiv Evergreen, Inc. | 5009 |  | 56902 |
|  Park Aerospace Corp. | 2174 |  | 29153 |
|  Plexus Corp. \* | 464 |  | 47760 |
|  Powell Industries, Inc. | 1063 |  | 37396 |
|  Primoris Services Corp. | 5804 |  | 127340 |
|  Proto Labs, Inc. \* | 2654 |  | 67757 |
|  PureCycle Technologies, Inc. \* | 2567 |  | 17353 |
|  Radiant Logistics, Inc. \* | 3101 |  | 15784 |
|  Ranpak Holdings Corp. \* | 5139 |  | 29652 |
|  RBC Bearings, Inc. \* | 2840 |  | 594554 |
|  Redwire Corp. \* | 1776 |  | 3516 |
|  Ryerson Holding Corp. | 2144 |  | 64877 |
|  Safe Bulkers, Inc. (Greece) | 8087 |  | 23533 |
|  Sanmina Corp. \* | 6619 |  | 379202 |
|  Scorpio Tankers, Inc. (Monaco) | 5470 |  | 294122 |
|  SFL Corp. Ltd. (Norway) | 13311 |  | 122727 |
|  Sight Sciences, Inc. \* | 2327 |  | 28413 |
|  Smith & Wesson Brands, Inc. | 4890 |  | 42445 |
|  SPX Technologies, Inc. \* | 5092 |  | 334290 |
|  Standex International Corp. | 1382 |  | 141531 |
|  Sterling Infrastructure, Inc. \* | 533 |  | 17482 |
|  Stoneridge, Inc. \* | 2586 |  | 55754 |
|  Sturm Ruger & Co., Inc. | 177 |  | 8960 |
|  Summit Materials, Inc. Class A \* | 13901 |  | 394642 |
|  Teekay Corp. \* (Bermuda) | 8189 |  | 37178 |
|  Teekay Tankers Ltd. Class A \* (Canada) | 2647 |  | 81554 |
|  Tennant Co. | 1212 |  | 74623 |
|  Terex Corp. | 3956 |  | 169000 |
|  Thermon Group Holdings, Inc. \* | 3759 |  | 75481 |
|  TimkenSteel Corp. \* | 5159 |  | 93739 |
|  Tredegar Corp. | 3176 |  | 32459 |
|  TriMas Corp. | 4844 |  | 134373 |
|  Trinity Industries, Inc. | 8131 |  | 240434 |
|  Triumph Group, Inc. \* | 7447 |  | 78342 |
|  TTM Technologies, Inc. \* | 11752 |  | 177220 |
|  Turtle Beach Corp. \* | 409 |  | 2933 |
|  Tutor Perini Corp. \* | 4878 |  | 36829 |
|  UFP Industries, Inc. | 859 |  | 68076 |
|  Universal Logistics Holdings, Inc. | 188 |  | 6287 |
|  View, Inc. \* | 13240 |  | 12775 |
|  Vishay Intertechnology, Inc. | 15098 |  | 325664 |
|  Vishay Precision Group, Inc. \* | 1400 |  | 54110 |
|  Werner Enterprises, Inc. | 6531 |  | 262938 |
|  Worthington Industries, Inc. | 3655 |  | 181690 |
|  |  |  | 16249812 |
|  **Technology - 3.6%** | **Technology - 3.6%** | **Technology - 3.6%** | **Technology - 3.6%** |
|  1Life Healthcare, Inc. \* | 20943 |  | 349958 |
|  3D Systems Corp. \* | 14852 |  | 109905 |
|  ACM Research, Inc. Class A \* | 4853 |  | 37417 |
|  ACV Auctions, Inc. Class A \* | 7061 |  | 57971 |
|  Adeia, Inc. | 12202 |  | 115675 |
|  Allscripts Healthcare Solutions, Inc. \* | 12541 |  | 221223 |
|  Alpha & Omega Semiconductor Ltd. \* | 585 |  | 16713 |
|  American Software, Inc. Class A | 1051 |  | 15429 |
|  Amkor Technology, Inc. | 9387 |  | 225100 |
|  Avaya Holdings Corp. \* | 10289 |  | 2017 |
|  Avid Technology, Inc. \* | 1519 |  | 40390 |
|  AvidXchange Holdings, Inc. \* | 1805 |  | 17942 |
|  AXT, Inc. \* | 4625 |  | 20258 |
|  Bandwidth, Inc. Class A \* | 2164 |  | 49664 |
|  Benefitfocus, Inc. \* | 961 |  | 10052 |
|  Blackbaud, Inc. \* | 298 |  | 17540 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Blend Labs, Inc. Class A \* | 21826 | $31429 |
|  Brightcove, Inc. \* | 1504 | 7866 |
|  C3.ai, Inc. Class A \* | 5606 | 62731 |
|  Cantaloupe, Inc. \* | 2955 | 12854 |
|  Cardlytics, Inc. \* | 3782 | 21860 |
|  Cerence, Inc. \* | 4565 | 84589 |
|  Cohu, Inc. \* | 5482 | 175698 |
|  Computer Programs & Systems, Inc. \* | 1595 | 43416 |
|  Conduent, Inc. \* | 20106 | 81429 |
|  Consensus Cloud Solutions, Inc. \* | 1129 | 60695 |
|  Corsair Gaming, Inc. \* | 2037 | 27642 |
|  Cvent Holding Corp. \* | 5434 | 29344 |
|  Daily Journal Corp. \* | 135 | 33819 |
|  Desktop Metal, Inc. Class A \* | 30747 | 41816 |
|  Diebold Nixdorf, Inc. \* | 2222 | 3155 |
|  Digi International, Inc. \* | 2631 | 96163 |
|  Digimarc Corp. \* | 83 | 1535 |
|  Diodes, Inc. \* | 1414 | 107662 |
|  Donnelley Financial Solutions, Inc. \* | 2761 | 106713 |
|  E2open Parent Holdings, Inc. \* | 23352 | 137076 |
|  Ebix, Inc. | 2455 | 49002 |
|  eGain Corp. \* | 1329 | 12001 |
|  EverCommerce, Inc. \* | 2523 | 18771 |
|  Faraday Future Intelligent Electric, Inc. \* | 11416 | 3314 |
|  Fastly, Inc. Class A \* | 13280 | 108763 |
|  ForgeRock, Inc. Class A \* | 1239 | 28212 |
|  Health Catalyst, Inc. \* | 6394 | 67968 |
|  Hims & Hers Health, Inc. \* | 2226 | 14269 |
|  Impinj, Inc. \* | 232 | 25330 |
|  Insight Enterprises, Inc. \* | 592 | 59360 |
|  Inspired Entertainment, Inc. \* | 783 | 9921 |
|  Instructure Holdings, Inc. \* | 1712 | 40129 |
|  Integral Ad Science Holding Corp. \* | 3143 | 27627 |
|  IonQ, Inc. \* | 12040 | 41538 |
|  Kaleyra, Inc. \* (Italy) | 3021 | 2281 |
|  Latch, Inc. \* | 12494 | 8870 |
|  LiveVox Holdings, Inc. \* | 2880 | 8554 |
|  Loyalty Ventures, Inc. \* | 1637 | 3945 |
|  Markforged Holding Corp. \* | 11159 | 12944 |
|  Matterport, Inc. \* | 7284 | 20395 |
|  Maximus, Inc. | 412 | 30212 |
|  MicroStrategy, Inc. Class A \* | 452 | 63990 |
|  Mitek Systems, Inc. \* | 315 | 3052 |
|  N-Able, Inc. \* | 1057 | 10866 |
|  NetScout Systems, Inc. \* | 8035 | 261218 |
|  NextGen Healthcare, Inc. \* | 3496 | 65655 |
|  Olo, Inc. Class A \* | 10562 | 66013 |
|  ON24, Inc. \* | 4970 | 42891 |
|  OneSpan, Inc. \* | 3002 | 33592 |
|  Ouster, Inc. \* | 17270 | 14904 |
|  Outbrain, Inc. \* | 4479 | 16214 |
|  PAR Technology Corp. \* | 1939 | 50550 |
|  Parsons Corp. \* | 3972 | 183705 |
|  Pear Therapeutics, Inc. \* | 4327 | 5106 |
|  Photronics, Inc. \* | 1918 | 32280 |
|  Phreesia, Inc. \* | 3023 | 97824 |
|  Playstudios, Inc. \* | 4483 | 17394 |
|  Porch Group, Inc. \* | 9708 | 18251 |
|  PowerSchool Holdings, Inc. Class A \* | 3508 | 80965 |
|  PROS Holdings, Inc. \* | 1703 | 41315 |
|  PubMatic, Inc. Class A \* | 493 | 6315 |
|  Rackspace Technology, Inc. \* | 6776 | 19989 |
|  Rambus, Inc. \* | 2005 | 71819 |
|  Rigetti Computing, Inc. Class A \* | 8769 | 6394 |
|  Sapiens International Corp. NV (Israel) | 1060 | 19589 |
|  SecureWorks Corp. Class A \* | 1301 | 8313 |
|  Sharecare, Inc. \* | 34835 | 55736 |
|  Skillsoft Corp. \* | 9574 | 12446 |
|  Skillz, Inc. \* | 36840 | 18659 |
|  SolarWinds Corp. \* | 5693 | 53287 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-272** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Sumo Logic, Inc. \* | 4698 | $| 38054 |
|  Ultra Clean Holdings, Inc. \* | 3467 |  | 114931 |
|  Unisys Corp. \* | 2112 |  | 10792 |
|  Upland Software, Inc. \* | 3417 |  | 24363 |
|  Veeco Instruments, Inc. \* | 1141 |  | 21200 |
|  Verint Systems, Inc. \* | 699 |  | 25360 |
|  Vuzix Corp. \* | 831 |  | 3025 |
|  WM Technology, Inc. \* | 735 |  | 742 |
|  Xerox Holdings Corp. | 13354 |  | 194968 |
|  |  |  | 4879919 |
|  **Utilities - 5.0%** | **Utilities - 5.0%** | **Utilities - 5.0%** | **Utilities - 5.0%** |
|  ALLETE, Inc. | 6658 |  | 429508 |
|  Altus Power, Inc. \* | 3245 |  | 21157 |
|  American States Water Co. | 2249 |  | 208145 |
|  Artesian Resources Corp. Class A | 301 |  | 17633 |
|  Avista Corp. | 8518 |  | 377688 |
|  Black Hills Corp. | 7612 |  | 535428 |
|  California Water Service Group | 4663 |  | 282764 |
|  Chesapeake Utilities Corp. | 863 |  | 101989 |
|  MGE Energy, Inc. | 2459 |  | 173114 |
|  New Jersey Resources Corp. | 10321 |  | 512128 |
|  Northwest Natural Holding Co. | 4044 |  | 192454 |
|  NorthWestern Corp. | 6766 |  | 401494 |
|  ONE Gas, Inc. | 6264 |  | 474310 |
|  Ormat Technologies, Inc. | 2531 |  | 218881 |
|  Otter Tail Corp. | 2651 |  | 155640 |
|  PNM Resources, Inc. | 9907 |  | 483363 |
|  Portland General Electric Co. | 10463 |  | 512687 |
|  SJW Group | 3133 |  | 254368 |
|  South Jersey Industries, Inc. | 14279 |  | 507333 |
|  Southwest Gas Holdings, Inc. \* | 7091 |  | 438791 |
|  Spire, Inc. | 5964 |  | 410681 |
|  Unitil Corp. | 1842 |  | 94605 |
|  Via Renewables, Inc. | 198 |  | 1012 |
|  |  |  | 6805173 |
|  Total Common Stocks <br>(Cost $154,214,065) |  |  | 131853651 |
|  **EXCHANGE-TRADED FUND - 2.9%** | **EXCHANGE-TRADED FUND - 2.9%** | **EXCHANGE-TRADED FUND - 2.9%** | **EXCHANGE-TRADED FUND - 2.9%** |
|  iShares Russell 2000 Value | 28693 |  | 3978858 |
|  Total Exchange-Traded Fund <br>(Cost $3,957,617) |  |  | 3978858 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **SHORT-TERM INVESTMENT - 0.8%** | **SHORT-TERM INVESTMENT - 0.8%** |  |
|  **Repurchase Agreement - 0.8%** | **Repurchase Agreement - 0.8%** |  |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $1,145,663; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $1,168,108) | $1145161 | $1145161 |
|  Total Short-Term Investment <br>(Cost $1,145,161) |  | 1145161 |
|  **TOTAL INVESTMENTS - 99.9% <br>(Cost $159,322,338)** |  | 136983477 |
|  **DERIVATIVES - (0.0%)** | **DERIVATIVES - (0.0%)** | (19842) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  | 68759 |
|  **NET ASSETS - 100.0%** |  | $137032394 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 37.5% |
|  Consumer, Non-Cyclical | 15.9% |
|  Industrial | 11.9% |
|  Consumer, Cyclical | 10.8% |
|  Energy | 5.3% |
|  Utilities | 5.0% |
|  Technology | 3.6% |
|  Communications | 3.4% |
|  Others (each less than 3.0%) | 6.5% |
|  | 99.9% |
|  Derivatives | (0.0%) |
|  Other Assets & Liabilities, Net | 0.1% |
|  | 100.0% |

---

(b) Investments with a total aggregate value of $312 or less than 0.1% of the Fund's net assets were 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 December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Micro Russell 2000 E-Mini Index | 03/23 | 135 | $1215200 | $1195358 | ($19842) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-273** 

------

**PACIFIC SELECT FUND** 

**PD SMALL-CAP VALUE INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Rights |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-Cyclical | $5807 | $— | $5495 | $312 |
|  | Common Stocks | 131853651 | 131853651 |  |  |
|  | Exchange-Traded Fund | 3978858 | 3978858 |  |  |
|  | Short-Term Investment | 1145161 |  | 1145161 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 136983477 | 135832509 | 1150656 | 312 |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (19842) | (19842) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (19842) | (19842) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $136963635 | $135812667 | $1150656 | $312 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-274** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **RIGHTS - 0.0%** | **RIGHTS - 0.0%** | **RIGHTS - 0.0%** |
|  **Brazil - 0.0%** | **Brazil - 0.0%** | **Brazil - 0.0%** |
|  Localiza Rent a Car SA<br>Exp 01/31/23\* | 50 | $102 |
|  **South Korea - 0.0%** |  |  |
|  Lotte Chemical Corp.<br>Exp 01/20/23 \* | 54 | 1516 |
|  Total Rights <br>(Cost $0) |  | 1618 |
|  **WARRANTS - 0.0%** |  |  |
|  **Thailand - 0.0%** | **Thailand - 0.0%** | **Thailand - 0.0%** |
|  Minor International PCL<br>Exercise @ THB 31.00 Exp 02/15/24 \* | 3344 | 326 |
|  Total Warrants <br>(Cost $0) |  | 326 |
|  **PREFERRED STOCKS - 2.0%** |  |  |
|  **Brazil - 1.2%** |  |  |
|  Banco Bradesco SA | 83790 | 239010 |
|  Braskem SA Class A | 3100 | 14068 |
|  Centrais Eletricas Brasileiras SA Class B | 4000 | 32743 |
|  Cia Energetica de Minas Gerais | 22045 | 45608 |
|  Gerdau SA | 18200 | 100041 |
|  Itau Unibanco Holding SA | 76400 | 361842 |
|  Itausa SA | 81273 | 130681 |
|  Petroleo Brasileiro SA | 81000 | 375814 |
|  |  | 1299807 |
|  **Chile - 0.2%** |  |  |
|  Sociedad Quimica y Minera de Chile SA Class B | 2250 | 181718 |
|  **Colombia - 0.0%** |  |  |
|  Bancolombia SA | 5575 | 38464 |
|  **Russia - 0.0%** |  |  |
|  Surgutneftegas PJSC \* ± W | 44600 |  |
|  **South Korea - 0.6%** |  |  |
|  Hyundai Motor Co. | 703 | 41144 |
|  Hyundai Motor Co. | 220 | 12884 |
|  LG Chem Ltd. \* | 118 | 26034 |
|  Samsung Electronics Co. Ltd. | 12962 | 519431 |
|  |  | 599493 |
|  Total Preferred Stocks <br>(Cost $2,594,024) |  | 2119482 |
|  **COMMON STOCKS - 94.3%** |  |  |
|  **Australia - 0.1%** |  |  |
|  AngloGold Ashanti Ltd. | 6661 | 129784 |
|  **Brazil - 3.8%** |  |  |
|  Ambev SA | 74500 | 203621 |
|  Americanas SA | 10265 | 18722 |
|  Atacadao SA | 9600 | 26903 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  B3 SA - Brasil Bolsa Balcao | 96200 | $| 240367 |
|  Banco Bradesco SA | 25700 |  | 65515 |
|  Banco BTG Pactual SA | 18300 |  | 82779 |
|  Banco do Brasil SA | 13700 |  | 88631 |
|  Banco Santander Brasil SA | 6000 |  | 32075 |
|  BB Seguridade Participacoes SA | 11100 |  | 70671 |
|  BRF SA \* | 9484 |  | 14759 |
|  CCR SA | 18900 |  | 38784 |
|  Centrais Eletricas Brasileiras SA | 19000 |  | 151025 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 5500 |  | 59212 |
|  Cia Siderurgica Nacional SA | 10400 |  | 28347 |
|  Cosan SA | 19500 |  | 63194 |
|  CPFL Energia SA | 3600 |  | 22625 |
|  Energisa SA | 3200 |  | 26804 |
|  Engie Brasil Energia SA | 3300 |  | 23696 |
|  Equatorial Energia SA | 16100 |  | 82466 |
|  Hapvida Participacoes e Investimentos SA \* ~ | 74043 |  | 71350 |
|  Hypera SA | 6600 |  | 56594 |
|  Inter & Co., Inc. BDR | 55 |  | 116 |
|  Klabin SA | 12000 |  | 45332 |
|  Localiza Rent a Car SA | 11605 |  | 115235 |
|  Lojas Renner SA | 15791 |  | 61203 |
|  Magazine Luiza SA \* | 48500 |  | 25161 |
|  Natura & Co. Holding SA | 14500 |  | 31511 |
|  Petro Rio SA \* | 11300 |  | 79595 |
|  Petroleo Brasileiro SA | 53700 |  | 284753 |
|  Raia Drogasil SA | 17200 |  | 77463 |
|  Rede D'Or Sao Luiz SA ~ | 9240 |  | 51616 |
|  Rumo SA | 20700 |  | 73117 |
|  Sendas Distribuidora SA | 15000 |  | 55431 |
|  Suzano SA | 11900 |  | 109874 |
|  Telefonica Brasil SA | 7700 |  | 55621 |
|  TIM SA | 13500 |  | 31611 |
|  TOTVS SA | 8200 |  | 42756 |
|  Ultrapar Participacoes SA | 11700 |  | 27779 |
|  Vale SA | 60453 |  | 1024197 |
|  Vibra Energia SA | 18526 |  | 54318 |
|  WEG SA | 26500 |  | 192504 |
|  |  |  | 3907333 |
|  **Chile - 0.4%** | **Chile - 0.4%** | **Chile - 0.4%** | **Chile - 0.4%** |
|  Banco de Chile | 727218 |  | 75444 |
|  Banco de Credito e Inversiones SA | 923 |  | 26539 |
|  Banco Santander Chile | 1042004 |  | 41705 |
|  Cencosud SA | 22500 |  | 37003 |
|  Cia Cervecerias Unidas SA | 2124 |  | 14169 |
|  Cia Sud Americana de Vapores SA | 252941 |  | 19951 |
|  Empresas CMPC SA | 18033 |  | 30101 |
|  Empresas COPEC SA | 6159 |  | 45954 |
|  Enel Americas SA | 341217 |  | 45656 |
|  Enel Chile SA | 421113 |  | 19356 |
|  Falabella SA | 12123 |  | 23617 |
|  |  |  | 379495 |
|  **China - 30.9%** | **China - 30.9%** | **China - 30.9%** | **China - 30.9%** |
|  360 DigiTech, Inc. ADR | 1698 |  | 34571 |
|  360 Security Technology, Inc. Class A | 7300 |  | 6858 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd. Class A | 2200 |  | 5706 |
|  3SBio, Inc. ~ | 23500 |  | 24882 |
|  AAC Technologies Holdings, Inc. \* | 11500 |  | 26107 |
|  Advanced Micro-Fabrication Equipment, Inc. China Class A \* | 542 |  | 7633 |
|  AECC Aero-Engine Control Co. Ltd. Class A | 1100 |  | 4050 |
|  AECC Aviation Power Co. Ltd. Class A | 2500 |  | 15187 |
|  Agricultural Bank of China Ltd. Class A | 64500 |  | 26989 |
|  Agricultural Bank of China Ltd. Class H | 482000 |  | 164891 |
|  Aier Eye Hospital Group Co. Ltd. Class A | 6651 |  | 29654 |
|  Air China Ltd. Class A \* | 2200 |  | 3350 |
|  Air China Ltd. Class H \* | 34000 |  | 30180 |
|  Airtac International Group | 2232 |  | 67387 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-275** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Alibaba Group Holding Ltd. \* | 234520 | $2573367 |
|  Alibaba Health Information Technology Ltd. \* | 74000 | 62289 |
|  Aluminum Corp. of China Ltd. Class A | 8000 | 5131 |
|  Aluminum Corp. of China Ltd. Class H | 66000 | 27929 |
|  Amlogic Shanghai Co. Ltd. Class A \* | 381 | 3853 |
|  Angel Yeast Co. Ltd. Class A | 900 | 5836 |
|  Anhui Conch Cement Co. Ltd. Class A | 2800 | 10997 |
|  Anhui Conch Cement Co. Ltd. Class H | 20500 | 71432 |
|  Anhui Gujing Distillery Co. Ltd. Class A | 400 | 15317 |
|  Anhui Gujing Distillery Co. Ltd. Class B | 1600 | 25612 |
|  Anhui Honglu Steel Construction Group Co. Ltd. Class A | 780 | 3279 |
|  Anhui Kouzi Distillery Co. Ltd. Class A | 400 | 3312 |
|  Anhui Yingjia Distillery Co. Ltd. Class A | 700 | 6303 |
|  Anjoy Foods Group Co. Ltd. Class A | 300 | 6982 |
|  ANTA Sports Products Ltd. | 19400 | 252331 |
|  Apeloa Pharmaceutical Co. Ltd. Class A | 1300 | 4027 |
|  Asia - Potash International Investment Guangzhou Co. Ltd. Class A \* | 700 | 2737 |
|  Asymchem Laboratories Tianjin Co. Ltd. Class A | 280 | 5951 |
|  Autohome, Inc. ADR | 1216 | 37210 |
|  Avary Holding Shenzhen Co. Ltd. Class A | 1700 | 6702 |
|  AVIC Electromechanical Systems Co. Ltd. Class A | 4000 | 5775 |
|  AVIC Industry-Finance Holdings Co. Ltd. Class A | 9100 | 4293 |
|  AviChina Industry & Technology Co. Ltd. Class H | 40000 | 17937 |
|  Avicopter PLC Class A | 600 | 3999 |
|  Baidu, Inc. Class A \* | 34834 | 496758 |
|  Bank of Beijing Co. Ltd. Class A | 18200 | 11278 |
|  Bank of Changsha Co. Ltd. Class A | 4000 | 3886 |
|  Bank of Chengdu Co. Ltd. Class A | 3100 | 6810 |
|  Bank of China Ltd. Class A | 106300 | 48296 |
|  Bank of China Ltd. Class H | 1170000 | 423457 |
|  Bank of Communications Co. Ltd. Class A | 62500 | 42588 |
|  Bank of Communications Co. Ltd. Class H | 107000 | 61407 |
|  Bank of Hangzhou Co. Ltd. Class A | 5300 | 9956 |
|  Bank of Jiangsu Co. Ltd. Class A | 13980 | 14642 |
|  Bank of Nanjing Co. Ltd. Class A | 9300 | 13924 |
|  Bank of Ningbo Co. Ltd. Class A | 6310 | 29372 |
|  Bank of Shanghai Co. Ltd. Class A | 14700 | 12489 |
|  Bank of Suzhou Co. Ltd. Class A | 3200 | 3578 |
|  Baoshan Iron & Steel Co. Ltd. Class A | 20800 | 16701 |
|  BBMG Corp. Class A | 10000 | 3647 |
|  BeiGene Ltd. \* | 9789 | 166141 |
|  Beijing Capital International Airport Co. Ltd. Class H \* | 30000 | 21887 |
|  Beijing Dabeinong Technology Group Co. Ltd. Class A \* | 4500 | 5758 |
|  Beijing Easpring Material Technology Co. Ltd. Class A | 400 | 3239 |
|  Beijing Enlight Media Co. Ltd. Class A | 3100 | 3857 |
|  Beijing Enterprises Holdings Ltd. | 8000 | 25542 |
|  Beijing Enterprises Water Group Ltd. | 66000 | 16877 |
|  Beijing Kingsoft Office Software, Inc. Class A | 428 | 16230 |
|  Beijing New Building Materials PLC Class A | 1800 | 6677 |
|  Beijing Originwater Technology Co. Ltd. Class A | 3400 | 2310 |
|  Beijing Shiji Information Technology Co. Ltd. Class A | 1568 | 3375 |
|  Beijing Tongrentang Co. Ltd. Class A | 1100 | 7055 |
|  Beijing United Information Technology Co. Ltd. Class A | 580 | 7363 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A | 580 | 10547 |
|  Beijing Yanjing Brewery Co. Ltd. Class A | 2500 | 3812 |
|  Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. Class A | 200 | 2910 |
|  Bethel Automotive Safety Systems Co. Ltd. Class A | 400 | 4571 |
|  Betta Pharmaceuticals Co. Ltd. Class A | 400 | 2832 |
|  BGI Genomics Co. Ltd. Class A | 400 | 2973 |
|  Bilibili, Inc. Class Z \* | 3002 | 71159 |
|  Bloomage Biotechnology Corp. Ltd. Class A | 293 | 5685 |
|  BOC International China Co. Ltd. Class A | 2300 | 3486 |
|  BOE Technology Group Co. Ltd. Class A | 36600 | 17751 |
|  Bosideng International Holdings Ltd. | 52000 | 24641 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  BTG Hotels Group Co. Ltd. Class A | 900 | $3204 |
|  By-health Co. Ltd. Class A | 1800 | 5895 |
|  BYD Co. Ltd. Class A | 1500 | 55128 |
|  BYD Co. Ltd. Class H | 13500 | 331209 |
|  BYD Electronic International Co. Ltd. | 10500 | 33554 |
|  C&D International Investment Group Ltd. | 10000 | 29007 |
|  Caitong Securities Co. Ltd. Class A | 4550 | 4652 |
|  CECEP Solar Energy Co. Ltd. Class A | 3600 | 3789 |
|  CECEP Wind-Power Corp. Class A | 7120 | 3897 |
|  CGN Power Co. Ltd. Class H ~ | 170000 | 40373 |
|  Chacha Food Co. Ltd. Class A | 100 | 718 |
|  Changchun High & New Technology Industry Group, Inc. Class A | 400 | 9559 |
|  Changjiang Securities Co. Ltd. Class A | 5900 | 4514 |
|  Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 275 | 5034 |
|  Chaozhou Three-Circle Group Co. Ltd. Class A | 2000 | 8826 |
|  Chengtun Mining Group Co. Ltd. Class A | 3000 | 2533 |
|  Chengxin Lithium Group Co. Ltd. Class A | 900 | 4830 |
|  China Baoan Group Co. Ltd. Class A | 2900 | 5030 |
|  China Cinda Asset Management Co. Ltd. Class H | 137000 | 18906 |
|  China CITIC Bank Corp. Ltd. Class H | 143000 | 63281 |
|  China Coal Energy Co. Ltd. Class H | 33000 | 26794 |
|  China Common Rich Renewable Energy Investments Ltd. \* ± W | 122000 |  |
|  China Communications Services Corp. Ltd. Class H | 34000 | 12370 |
|  China Conch Venture Holdings Ltd. | 26000 | 56402 |
|  China Construction Bank Corp. Class A | 12800 | 10362 |
|  China Construction Bank Corp. Class H | 1517000 | 948715 |
|  China CSSC Holdings Ltd. Class A | 4000 | 12792 |
|  China Eastern Airlines Corp. Ltd. Class A \* | 10200 | 8101 |
|  China Energy Engineering Corp. Ltd. | 29500 | 9704 |
|  China Everbright Bank Co. Ltd. Class A | 58000 | 25590 |
|  China Everbright Bank Co. Ltd. Class H | 23000 | 7003 |
|  China Everbright Environment Group Ltd. | 60000 | 26717 |
|  China Feihe Ltd. ~ | 57000 | 48259 |
|  China Galaxy Securities Co. Ltd. Class A | 2400 | 3198 |
|  China Galaxy Securities Co. Ltd. Class H | 62000 | 30143 |
|  China Gas Holdings Ltd. | 47600 | 68985 |
|  China Great Wall Securities Co. Ltd. Class A | 3100 | 3682 |
|  China Greatwall Technology Group Co. Ltd. Class A | 3500 | 5122 |
|  China Hongqiao Group Ltd. | 37000 | 34897 |
|  China International Capital Corp. Ltd. Class A | 1500 | 8205 |
|  China International Capital Corp. Ltd. Class H ~ | 23600 | 44806 |
|  China Jinmao Holdings Group Ltd. | 87624 | 18747 |
|  China Jushi Co. Ltd. Class A | 3501 | 6889 |
|  China Lesso Group Holdings Ltd. | 17000 | 17633 |
|  China Life Insurance Co. Ltd. Class A | 600 | 3198 |
|  China Life Insurance Co. Ltd. Class H | 125000 | 213343 |
|  China Literature Ltd. \* ~ | 6400 | 24688 |
|  China Longyuan Power Group Corp. Ltd. Class H | 52000 | 63211 |
|  China Medical System Holdings Ltd. | 22000 | 34425 |
|  China Meheco Co. Ltd. Class A | 1400 | 3470 |
|  China Meidong Auto Holdings Ltd. | 8000 | 16337 |
|  China Mengniu Dairy Co. Ltd. \* | 50000 | 225456 |
|  China Merchants Bank Co. Ltd. Class A | 18700 | 99710 |
|  China Merchants Bank Co. Ltd. Class H | 62500 | 345866 |
|  China Merchants Energy Shipping Co. Ltd. Class A | 7000 | 5610 |
|  China Merchants Port Holdings Co. Ltd. | 21192 | 30940 |
|  China Merchants Securities Co. Ltd. Class A | 6400 | 12216 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 7500 | 13574 |
|  China Minsheng Banking Corp. Ltd. Class A | 75400 | 37406 |
|  China Minsheng Banking Corp. Ltd. Class H | 35500 | 12267 |
|  China National Building Material Co. Ltd. Class H | 62000 | 50658 |
|  China National Chemical Engineering Co. Ltd. Class A | 6600 | 7526 |
|  China National Nuclear Power Co. Ltd. Class A | 17800 | 15344 |
|  China National Software & Service Co. Ltd. Class A | 600 | 5026 |
|  China Northern Rare Earth Group High-Tech Co. Ltd. Class A | 3500 | 12559 |
|  China Oilfield Services Ltd. Class H | 28000 | 34033 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-276** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  China Overseas Land & Investment Ltd. | 61000 | $159629 |
|  China Overseas Property Holdings Ltd. | 20000 | 20720 |
|  China Pacific Insurance Group Co. Ltd. Class A | 3600 | 12674 |
|  China Pacific Insurance Group Co. Ltd. Class H | 46000 | 101720 |
|  China Petroleum & Chemical Corp. Class A | 29500 | 18482 |
|  China Petroleum & Chemical Corp. Class H | 402000 | 193688 |
|  China Power International Development Ltd. | 82108 | 34575 |
|  China Railway Group Ltd. Class A | 10800 | 8619 |
|  China Railway Group Ltd. Class H | 81000 | 42532 |
|  China Railway Signal & Communication Corp. Ltd. Class A | 7647 | 5264 |
|  China Rare Earth Resources & Technology Co. Ltd. Class A \* | 1100 | 5189 |
|  China Resources Beer Holdings Co. Ltd. | 26000 | 180845 |
|  China Resources Cement Holdings Ltd. | 40000 | 21138 |
|  China Resources Gas Group Ltd. | 14800 | 55212 |
|  China Resources Land Ltd. | 50000 | 227468 |
|  China Resources Microelectronics Ltd. Class A | 962 | 7273 |
|  China Resources Mixc Lifestyle Services Ltd. ~ | 11000 | 55721 |
|  China Resources Pharmaceutical Group Ltd. ~ | 24500 | 19761 |
|  China Resources Power Holdings Co. Ltd. | 30000 | 61131 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | 800 | 5387 |
|  China Ruyi Holdings Ltd. \* | 84000 | 20943 |
|  China Shenhua Energy Co. Ltd. Class A | 5500 | 21811 |
|  China Shenhua Energy Co. Ltd. Class H | 54000 | 155557 |
|  China Southern Airlines Co. Ltd. Class A \* | 10100 | 11016 |
|  China Southern Airlines Co. Ltd. Class H \* | 30000 | 19455 |
|  China State Construction Engineering Corp. Ltd. Class A | 40200 | 31322 |
|  China State Construction International Holdings Ltd. | 32000 | 35829 |
|  China Taiping Insurance Holdings Co. Ltd. | 23400 | 29034 |
|  China Three Gorges Renewables Group Co. Ltd. Class A | 26900 | 21834 |
|  China Tourism Group Duty Free Corp. Ltd. Class A | 1844 | 57079 |
|  China Tourism Group Duty Free Corp. Ltd. Class H \* ~ | 1000 | 29309 |
|  China Tower Corp. Ltd. Class H ~ | 708000 | 75973 |
|  China Traditional Chinese Medicine Holdings Co. Ltd. | 44000 | 19954 |
|  China United Network Communications Ltd. Class A | 31400 | 20211 |
|  China Vanke Co. Ltd. Class A | 7000 | 18230 |
|  China Vanke Co. Ltd. Class H | 29400 | 59145 |
|  China Yangtze Power Co. Ltd. Class A | 21700 | 65462 |
|  China Zhenhua Group Science & Technology Co. Ltd. Class A | 500 | 8203 |
|  China Zheshang Bank Co. Ltd. Class A \* | 17300 | 7312 |
|  Chinasoft International Ltd. \* | 44000 | 38091 |
|  Chongqing Brewery Co. Ltd. Class A | 500 | 9148 |
|  Chongqing Changan Automobile Co. Ltd. Class A | 7696 | 13600 |
|  Chongqing Fuling Zhacai Group Co. Ltd. Class A | 1000 | 3701 |
|  Chongqing Rural Commercial Bank Co. Ltd. Class A | 10000 | 5075 |
|  Chongqing Zhifei Biological Products Co. Ltd. Class A | 1500 | 18938 |
|  Chow Tai Fook Jewellery Group Ltd. \* | 31400 | 63810 |
|  CITIC Ltd. | 93000 | 97783 |
|  CITIC Securities Co. Ltd. Class A | 2780 | 7944 |
|  CITIC Securities Co. Ltd. Class H | 45075 | 90780 |
|  CMOC Group Ltd. Class A | 16400 | 10692 |
|  CMOC Group Ltd. Class H | 51000 | 23364 |
|  CNGR Advanced Material Co. Ltd. Class A | 400 | 3765 |
|  CNNC Hua Yuan Titanium Dioxide Co. Ltd. Class A | 2465 | 2180 |
|  Contemporary Amperex Technology Co. Ltd. Class A | 2300 | 129600 |
|  COSCO SHIPPING Development Co. Ltd. Class A | 10700 | 3720 |
|  COSCO SHIPPING Energy Transportation Co. Ltd. Class A \* | 3200 | 5547 |
|  COSCO SHIPPING Holdings Co. Ltd. Class A | 12410 | 18324 |
|  COSCO SHIPPING Holdings Co. Ltd. Class H | 48400 | 49201 |
|  COSCO SHIPPING Ports Ltd. | 30000 | 23808 |
|  Country Garden Holdings Co. Ltd. | 198707 | 66933 |
|  Country Garden Services Holdings Co. Ltd. | 35000 | 85860 |
|  CRRC Corp. Ltd. Class A | 23200 | 17042 |
|  CRRC Corp. Ltd. Class H | 66000 | 26586 |
|  CSC Financial Co. Ltd. Class A | 4000 | 13634 |
|  CSPC Pharmaceutical Group Ltd. | 142000 | 147832 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Daan Gene Co. Ltd. Class A | 1060 | $2370 |
|  Dajin Heavy Industry Co. Ltd. Class A | 500 | 2970 |
|  Dali Foods Group Co. Ltd. ~ | 33500 | 15241 |
|  Daqin Railway Co. Ltd. Class A | 13400 | 12874 |
|  Daqo New Energy Corp. ADR \* | 943 | 36409 |
|  DaShenLin Pharmaceutical Group Co. Ltd. Class A | 840 | 4787 |
|  Datang International Power Generation Co. Ltd.<br>Class A \* | 7300 | 2934 |
|  DHC Software Co. Ltd. Class A | 3700 | 3009 |
|  Do-Fluoride Chemicals Co. Ltd. Class A | 800 | 3822 |
|  Dong-E-E-Jiao Co. Ltd. Class A | 700 | 4094 |
|  Dongfang Electric Corp. Ltd. Class A | 2800 | 8445 |
|  Dongfeng Motor Group Co. Ltd. Class H | 44000 | 25141 |
|  Dongxing Securities Co. Ltd. Class A | 3500 | 3878 |
|  Dongyue Group Ltd. | 23000 | 25191 |
|  East Money Information Co. Ltd. Class A | 12764 | 35485 |
|  Ecovacs Robotics Co. Ltd. Class A | 500 | 5222 |
|  ENN Energy Holdings Ltd. | 12600 | 175997 |
|  ENN Natural Gas Co. Ltd. Class A | 2600 | 6006 |
|  Eve Energy Co. Ltd. Class A | 1800 | 22674 |
|  Everbright Securities Co. Ltd. Class A | 4200 | 8949 |
|  Fangda Carbon New Material Co. Ltd. Class A \* | 4300 | 3777 |
|  Far East Horizon Ltd. | 24000 | 18694 |
|  FAW Jiefang Group Co. Ltd. | 3600 | 3996 |
|  First Capital Securities Co. Ltd. Class A | 4200 | 3394 |
|  Flat Glass Group Co. Ltd. Class A | 1600 | 7659 |
|  Flat Glass Group Co. Ltd. Class H | 8000 | 19239 |
|  Focus Media Information Technology Co. Ltd. Class A | 13200 | 12640 |
|  Foshan Haitian Flavouring & Food Co. Ltd. Class A | 3624 | 41401 |
|  Fosun International Ltd. | 38500 | 31250 |
|  Foxconn Industrial Internet Co. Ltd. Class A | 9200 | 12135 |
|  Fujian Sunner Development Co. Ltd. Class A | 1248 | 4245 |
|  Fuyao Glass Industry Group Co. Ltd. Class A | 1300 | 6546 |
|  Fuyao Glass Industry Group Co. Ltd. Class H ~ | 10000 | 41755 |
|  G-bits Network Technology Xiamen Co. Ltd. Class A | 100 | 4486 |
|  Ganfeng Lithium Group Co. Ltd. Class A | 3360 | 33505 |
|  Ganfeng Lithium Group Co. Ltd. Class H ~ | 3160 | 23426 |
|  Gaona Aero Material Co. Ltd. Class A | 400 | 2634 |
|  GCL System Integration Technology Co. Ltd. Class A \* | 5000 | 2090 |
|  GCL Technology Holdings Ltd. \* | 320000 | 80741 |
|  GD Power Development Co. Ltd. Class A \* | 15500 | 9512 |
|  GDS Holdings Ltd. Class A \* | 13892 | 35972 |
|  Geely Automobile Holdings Ltd. | 96000 | 138675 |
|  GEM Co. Ltd. Class A | 5200 | 5550 |
|  Gemdale Corp. Class A | 4900 | 7161 |
|  Genscript Biotech Corp. \* | 18000 | 56820 |
|  GF Securities Co. Ltd. Class A | 3900 | 8667 |
|  GF Securities Co. Ltd. Class H | 19200 | 27486 |
|  GigaDevice Semiconductor, Inc. Class A | 680 | 10006 |
|  Ginlong Technologies Co. Ltd. Class A \* | 350 | 9046 |
|  GoerTek, Inc. Class A | 3300 | 7977 |
|  Gotion High-tech Co. Ltd. Class A | 1500 | 6199 |
|  Great Wall Motor Co. Ltd. Class A | 5100 | 21667 |
|  Great Wall Motor Co. Ltd. Class H | 36500 | 47020 |
|  Gree Electric Appliances, Inc. of Zhuhai Class A | 2700 | 12512 |
|  Greentown China Holdings Ltd. | 14000 | 20244 |
|  Greentown Service Group Co. Ltd. | 24000 | 15823 |
|  GRG Banking Equipment Co. Ltd. Class A | 2600 | 3708 |
|  Guangdong Haid Group Co. Ltd. Class A | 1600 | 14211 |
|  Guangdong HEC Technology Holding Co. Ltd. Class A | 2600 | 3243 |
|  Guangdong Investment Ltd. | 46000 | 46968 |
|  Guangdong Kinlong Hardware Products Co. Ltd. Class A | 300 | 4468 |
|  Guanghui Energy Co. Ltd. Class A | 5800 | 7526 |
|  Guangzhou Automobile Group Co. Ltd. Class A | 900 | 1424 |
|  Guangzhou Automobile Group Co. Ltd. Class H | 54000 | 36164 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 1500 | 6418 |
|  Guangzhou Great Power Energy & Technology Co. Ltd. Class A | 400 | 4474 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-277** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Guangzhou Haige Communications Group, Inc. Co. Class A | 2600 | $3034 |
|  Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A | 500 | 5615 |
|  Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A | 700 | 5935 |
|  Guangzhou Tinci Materials Technology Co. Ltd. Class A | 1860 | 11706 |
|  Guangzhou Yuexiu Financial Holdings Group Co. Ltd. Class A | 3915 | 3362 |
|  Guolian Securities Co. Ltd. Class A | 2500 | 4039 |
|  Guosen Securities Co. Ltd. Class A | 5900 | 7526 |
|  Guotai Junan Securities Co. Ltd. Class A | 7100 | 13856 |
|  Guoyuan Securities Co. Ltd. Class A | 4600 | 4183 |
|  H World Group Ltd. ADR | 3078 | 130569 |
|  Haichang Ocean Park Holdings Ltd. \* ~ | 51000 | 10411 |
|  Haidilao International Holding Ltd. \* ~ | 18000 | 51337 |
|  Haier Smart Home Co. Ltd. Class A | 6300 | 22080 |
|  Haier Smart Home Co. Ltd. Class H | 36200 | 122866 |
|  Haitian International Holdings Ltd. | 10000 | 26652 |
|  Haitong Securities Co. Ltd. Class A | 500 | 624 |
|  Haitong Securities Co. Ltd. Class H | 64000 | 39252 |
|  Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 2900 | 3662 |
|  Hangzhou Chang Chuan Technology Co. Ltd. Class A | 500 | 3202 |
|  Hangzhou First Applied Material Co. Ltd. Class A | 1228 | 11699 |
|  Hangzhou Lion Electronics Co. Ltd. Class A | 600 | 3666 |
|  Hangzhou Oxygen Plant Group Co. Ltd. Class A | 900 | 5088 |
|  Hangzhou Robam Appliances Co. Ltd. Class A | 1100 | 4384 |
|  Hangzhou Silan Microelectronics Co. Ltd. Class A | 1500 | 7057 |
|  Hangzhou Tigermed Consulting Co. Ltd. Class A | 600 | 9016 |
|  Hangzhou Tigermed Consulting Co. Ltd. Class H ~ | 1500 | 17250 |
|  Hansoh Pharmaceutical Group Co. Ltd. ~ | 18000 | 34004 |
|  Heilongjiang Agriculture Co. Ltd. Class A | 1900 | 3759 |
|  Henan Shenhuo Coal & Power Co. Ltd. Class A | 2100 | 4503 |
|  Henan Shuanghui Investment & Development Co. Ltd. Class A | 3170 | 11810 |
|  Hengan International Group Co. Ltd. | 10000 | 53019 |
|  Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 1400 | 3763 |
|  Hengli Petrochemical Co. Ltd. Class A | 5600 | 12488 |
|  Hengtong Optic-electric Co. Ltd. Class A | 2200 | 4755 |
|  Hengyi Petrochemical Co. Ltd. Class A | 2900 | 2926 |
|  Hesteel Co. Ltd. Class A | 12225 | 3970 |
|  Hithink RoyalFlush Information Network Co. Ltd. Class A | 600 | 8491 |
|  Hongfa Technology Co. Ltd. Class A | 420 | 2013 |
|  Hoshine Silicon Industry Co. Ltd. Class A | 500 | 5953 |
|  Hua Hong Semiconductor Ltd. \* ~ | 9000 | 31187 |
|  Huadian Power International Corp. Ltd. Class A | 6400 | 5399 |
|  Huadong Medicine Co. Ltd. Class A | 1500 | 10074 |
|  Huafon Chemical Co. Ltd. Class A | 5300 | 5172 |
|  Huagong Tech Co. Ltd. Class A | 900 | 2118 |
|  Huaibei Mining Holdings Co. Ltd. Class A | 2300 | 4228 |
|  Hualan Biological Engineering, Inc. Class A | 2000 | 6505 |
|  Huaneng Power International, Inc. Class A \* | 7300 | 7972 |
|  Huaneng Power International, Inc. Class H \* | 68000 | 32031 |
|  Huatai Securities Co. Ltd. Class A | 1500 | 2744 |
|  Huatai Securities Co. Ltd. Class H ~ | 32200 | 36724 |
|  Huaxi Securities Co. Ltd. Class A | 2300 | 2485 |
|  Huaxia Bank Co. Ltd. Class A | 13100 | 9775 |
|  Huaxin Cement Co. Ltd. Class A | 1300 | 2765 |
|  Huayu Automotive Systems Co. Ltd. Class A | 2800 | 6958 |
|  Hubei Feilihua Quartz Glass Co. Ltd. Class A | 400 | 3164 |
|  Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | 800 | 3131 |
|  Hubei Xingfa Chemicals Group Co. Ltd. Class A | 1200 | 4991 |
|  Huizhou Desay Sv Automotive Co. Ltd. Class A | 500 | 7560 |
|  Humanwell Healthcare Group Co. Ltd. Class A | 1800 | 6167 |
|  Hunan Valin Steel Co. Ltd. Class A | 7400 | 4993 |
|  Hundsun Technologies, Inc. Class A | 1976 | 11461 |
|  Hygeia Healthcare Holdings Co. Ltd. \* ~ | 5400 | 38528 |
|  Iflytek Co. Ltd. Class A | 2100 | 9888 |
|  Imeik Technology Development Co. Ltd. Class A | 200 | 16252 |
|  Industrial & Commercial Bank of China Ltd. Class A | 28600 | 17845 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Industrial & Commercial Bank of China Ltd. Class H | 934000 | $479039 |
|  Industrial Bank Co. Ltd. Class A | 19861 | 50158 |
|  Industrial Securities Co. Ltd. Class A | 7360 | 6062 |
|  Ingenic Semiconductor Co. Ltd. Class A | 500 | 5061 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd. Class A | 42700 | 11776 |
|  Inner Mongolia Dian Tou Energy Corp. Ltd. Class A | 1700 | 3011 |
|  Inner Mongolia ERDOS Resources Co. Ltd. Class A | 980 | 2136 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A | 9200 | 5267 |
|  Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 6000 | 26680 |
|  Inner Mongolia Yitai Coal Co. Ltd. Class B | 16600 | 21886 |
|  Inner Mongolia Yuan Xing Energy Co. Ltd. Class A | 4000 | 4500 |
|  Innovent Biologics, Inc. \* ~ | 16500 | 70226 |
|  Inspur Electronic Information Industry Co. Ltd. Class A | 1500 | 4633 |
|  iQIYI, Inc. ADR \* | 5344 | 28323 |
|  JA Solar Technology Co. Ltd. Class A | 2240 | 19297 |
|  Jafron Biomedical Co. Ltd. Class A | 900 | 4007 |
|  Jason Furniture Hangzhou Co. Ltd. Class A | 910 | 5566 |
|  JCET Group Co. Ltd. Class A | 1900 | 6288 |
|  JD Health International, Inc. \* ~ | 17450 | 157574 |
|  JD.com, Inc. Class A | 34075 | 951259 |
|  Jiangsu Eastern Shenghong Co. Ltd. Class A | 3600 | 6727 |
|  Jiangsu Expressway Co. Ltd. Class H | 18000 | 16385 |
|  Jiangsu Hengli Hydraulic Co. Ltd. Class A | 1300 | 11788 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A | 6000 | 33178 |
|  Jiangsu King's Luck Brewery JSC Ltd. Class A | 1100 | 8034 |
|  Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | 1400 | 32194 |
|  Jiangsu Yangnong Chemical Co. Ltd. Class A | 300 | 4477 |
|  Jiangsu Yoke Technology Co. Ltd. Class A | 300 | 2170 |
|  Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A | 1200 | 5489 |
|  Jiangsu Zhongtian Technology Co. Ltd. Class A | 3300 | 7658 |
|  Jiangxi Copper Co. Ltd. Class H | 20000 | 29363 |
|  Jiangxi Special Electric Motor Co. Ltd. Class A \* | 1600 | 4006 |
|  JiuGui Liquor Co. Ltd. Class A | 300 | 5931 |
|  Jiumaojiu International Holdings Ltd. ~ | 12000 | 31814 |
|  Jizhong Energy Resources Co. Ltd. Class A | 3200 | 2923 |
|  Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 1900 | 3082 |
|  Joinn Laboratories China Co. Ltd. Class A | 420 | 3516 |
|  Jointown Pharmaceutical Group Co. Ltd. Class A | 1800 | 3372 |
|  Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. Class A | 800 | 4234 |
|  JOYY, Inc. ADR | 725 | 22903 |
|  Juewei Food Co. Ltd. Class A | 700 | 6145 |
|  Juneyao Airlines Co. Ltd. Class A \* | 1500 | 3482 |
|  Kanzhun Ltd. ADR \* | 2931 | 59704 |
|  KE Holdings, Inc. ADR \* | 10625 | 148325 |
|  Keda Industrial Group Co. Ltd. | 1700 | 3465 |
|  Kingboard Holdings Ltd. | 10500 | 33297 |
|  Kingdee International Software Group Co. Ltd. \* | 41000 | 87006 |
|  Kingsoft Corp. Ltd. | 15000 | 49711 |
|  Koolearn Technology Holding Ltd. \* ~ | 6500 | 43304 |
|  Kuaishou Technology \* ~ | 27900 | 250801 |
|  Kuang-Chi Technologies Co. Ltd. Class A | 2400 | 5875 |
|  Kunlun Energy Co. Ltd. | 62000 | 44079 |
|  Kweichow Moutai Co. Ltd. Class A | 1200 | 296851 |
|  LB Group Co. Ltd. Class A | 2600 | 7055 |
|  Lenovo Group Ltd. | 116000 | 94482 |
|  Lens Technology Co. Ltd. Class A | 5300 | 8013 |
|  Lepu Medical Technology Beijing Co. Ltd. Class A | 1400 | 4618 |
|  Li Auto, Inc. Class A \* | 17746 | 171581 |
|  Li Ning Co. Ltd. | 37000 | 318163 |
|  Liaoning Port Co. Ltd. Class A | 17600 | 4097 |
|  Lingyi iTech Guangdong Co. Class A \* | 7800 | 5089 |
|  Livzon Pharmaceutical Group, Inc. Class A | 700 | 3265 |
|  Longfor Group Holdings Ltd. ~ | 30000 | 92315 |
|  LONGi Green Energy Technology Co. Ltd. Class A | 7302 | 44216 |
|  Lufax Holding Ltd. ADR | 10735 | 20826 |
|  Luoyang Xinqianglian Slewing Bearing Co. Ltd. Class A | 340 | 2608 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-278** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Luxi Chemical Group Co. Ltd. Class A | 1800 | $3200 |
|  Luxshare Precision Industry Co. Ltd. Class A | 6800 | 30983 |
|  Luzhou Laojiao Co. Ltd. Class A | 1400 | 44988 |
|  Mango Excellent Media Co. Ltd. Class A | 1700 | 7322 |
|  Maxscend Microelectronics Co. Ltd. Class A | 480 | 7883 |
|  Meinian Onehealth Healthcare Holdings Co. Ltd. Class A \* | 4300 | 3788 |
|  Meituan Class B \* ~ | 69700 | 1544261 |
|  Metallurgical Corp. of China Ltd. Class A | 15400 | 7028 |
|  Microport Scientific Corp. \* | 10500 | 27395 |
|  Ming Yang Smart Energy Group Ltd. Class A | 1700 | 6166 |
|  Minth Group Ltd. | 12000 | 32390 |
|  Montage Technology Co. Ltd. Class A | 1008 | 9068 |
|  Muyuan Foods Co. Ltd. Class A | 5060 | 35399 |
|  Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. Class A | 1743 | 4517 |
|  NARI Technology Co. Ltd. Class A | 6432 | 22478 |
|  NAURA Technology Group Co. Ltd. Class A | 500 | 16180 |
|  NavInfo Co. Ltd. Class A | 2600 | 4113 |
|  NetEase, Inc. | 31105 | 451147 |
|  New China Life Insurance Co. Ltd. Class A | 4900 | 21132 |
|  New China Life Insurance Co. Ltd. Class H | 8800 | 21425 |
|  New Hope Liuhe Co. Ltd. Class A \* | 4000 | 7413 |
|  New Oriental Education & Technology Group, Inc. \* | 24400 | 86011 |
|  Ninestar Corp. Class A | 1400 | 10438 |
|  Ningbo Deye Technology Co. Ltd. Class A | 200 | 9514 |
|  Ningbo Joyson Electronic Corp. Class A \* | 1700 | 3431 |
|  Ningbo Orient Wires & Cables Co. Ltd. Class A | 700 | 6805 |
|  Ningbo Ronbay New Energy Technology Co. Ltd. Class A | 341 | 3356 |
|  Ningbo Shanshan Co. Ltd. Class A | 1900 | 4961 |
|  Ningbo Tuopu Group Co. Ltd. Class A | 1000 | 8408 |
|  Ningxia Baofeng Energy Group Co. Ltd. Class A | 5700 | 9874 |
|  NIO, Inc. ADR \* | 21606 | 210658 |
|  Nongfu Spring Co. Ltd. Class H ~ | 27800 | 156563 |
|  North Industries Group Red Arrow Co. Ltd. Class A | 1100 | 3099 |
|  Offshore Oil Engineering Co. Ltd. Class A | 5200 | 4531 |
|  OFILM Group Co. Ltd. Class A \* | 3300 | 2232 |
|  Oppein Home Group, Inc. Class A | 500 | 8712 |
|  Orient Securities Co. Ltd. Class A | 6692 | 8585 |
|  Ovctek China, Inc. Class A | 720 | 3692 |
|  Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A \* | 6900 | 4679 |
|  People's Insurance Co. Group of China Ltd. Class A | 46500 | 34866 |
|  People's Insurance Co. Group of China Ltd. Class H | 42000 | 13894 |
|  Perfect World Co. Ltd. Class A | 1497 | 2734 |
|  PetroChina Co. Ltd. Class A | 19300 | 13801 |
|  PetroChina Co. Ltd. Class H | 338000 | 154396 |
|  Pharmaron Beijing Co. Ltd. Class A | 1100 | 10740 |
|  Pharmaron Beijing Co. Ltd. Class H ~ | 3000 | 20614 |
|  PICC Property & Casualty Co. Ltd. Class H | 108000 | 102114 |
|  Pinduoduo, Inc. ADR \* | 7999 | 652318 |
|  Ping An Bank Co. Ltd. Class A | 18400 | 34732 |
|  Ping An Healthcare and Technology Co. Ltd. \* ~ | 8200 | 22134 |
|  Ping An Insurance Group Co. of China Ltd. Class A | 8400 | 56544 |
|  Ping An Insurance Group Co. of China Ltd. Class H | 102000 | 670113 |
|  Pingdingshan Tianan Coal Mining Co. Ltd. Class A | 2200 | 3410 |
|  Poly Developments & Holdings Group Co. Ltd. Class A | 11500 | 24925 |
|  Pop Mart International Group Ltd. ~ | 9400 | 23660 |
|  Porton Pharma Solutions Ltd. Class A | 400 | 2346 |
|  Postal Savings Bank of China Co. Ltd. Class A | 19300 | 12809 |
|  Postal Savings Bank of China Co. Ltd. Class H ~ | 130000 | 80446 |
|  Power Construction Corp. of China Ltd. Class A | 14800 | 15024 |
|  Proya Cosmetics Co. Ltd. Class A | 80 | 1925 |
|  Qinghai Salt Lake Industry Co. Ltd. Class A \* | 5400 | 17570 |
|  Raytron Technology Co. Ltd. Class A | 312 | 1666 |
|  Riyue Heavy Industry Co. Ltd. Class A | 1200 | 3496 |
|  Rongsheng Petrochemical Co. Ltd. Class A | 9597 | 16954 |
|  SAIC Motor Corp. Ltd. Class A | 7500 | 15518 |
|  Sailun Group Co. Ltd. Class A | 2200 | 3168 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Sangfor Technologies, Inc. Class A | 500 | $8098 |
|  Sany Heavy Equipment International Holdings Co. Ltd. | 16000 | 16368 |
|  Sany Heavy Industry Co. Ltd. Class A | 7900 | 17886 |
|  Satellite Chemical Co. Ltd. Class A | 2898 | 6446 |
|  Sealand Securities Co. Ltd. Class A | 2400 | 1148 |
|  Seazen Holdings Co. Ltd. Class A \* | 2414 | 7073 |
|  SF Holding Co. Ltd. Class A | 4700 | 38951 |
|  SG Micro Corp. Class A | 375 | 9291 |
|  Shaanxi Coal Industry Co. Ltd. Class A | 9300 | 24824 |
|  Shan Xi Hua Yang Group New Energy Co. Ltd. Class A | 2200 | 4494 |
|  Shandong Buchang Pharmaceuticals Co. Ltd. Class A | 1200 | 3613 |
|  Shandong Gold Mining Co Ltd Class A | 1000 | 2748 |
|  Shandong Gold Mining Co. Ltd. Class H ~ | 14250 | 26332 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd. Class A | 1910 | 9093 |
|  Shandong Linglong Tyre Co. Ltd. Class A | 1600 | 4703 |
|  Shandong Nanshan Aluminum Co. Ltd. Class A | 12800 | 6003 |
|  Shandong Sun Paper Industry JSC Ltd. Class A | 2900 | 4797 |
|  Shandong Weifang Rainbow Chemical Co. Ltd. Class A | 200 | 2503 |
|  Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 40000 | 65359 |
|  Shanghai Bairun Investment Holding Group Co. Ltd. Class A | 1016 | 5442 |
|  Shanghai Baosight Software Co. Ltd. Class A | 1547 | 9950 |
|  Shanghai Baosight Software Co. Ltd. Class B | 7590 | 23460 |
|  Shanghai Construction Group Co. Ltd. Class A | 9000 | 3364 |
|  Shanghai Electric Group Co. Ltd. Class A \* | 13600 | 7692 |
|  Shanghai Electric Power Co. Ltd. Class A \* | 2400 | 3448 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 4600 | 23288 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 3500 | 11156 |
|  Shanghai Friendess Electronic Technology Corp. Ltd. Class A | 96 | 2995 |
|  Shanghai Fudan Microelectronics Group Co. Ltd. Class A | 400 | 4005 |
|  Shanghai Fudan Microelectronics Group Co. Ltd. Class H | 5000 | 18845 |
|  Shanghai International Airport Co. Ltd. Class A \* | 1100 | 9113 |
|  Shanghai International Port Group Co. Ltd. Class A | 8200 | 6294 |
|  Shanghai Jinjiang International Hotels Co. Ltd. Class A | 700 | 5859 |
|  Shanghai Junshi Biosciences Co. Ltd. Class A \* | 602 | 5402 |
|  Shanghai Lingang Holdings Corp. Ltd. Class A | 2600 | 4452 |
|  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 16700 | 13471 |
|  Shanghai M&G Stationery, Inc. Class A | 1000 | 7890 |
|  Shanghai Medicilon, Inc. Class A | 78 | 2392 |
|  Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 2000 | 5124 |
|  Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 12600 | 20918 |
|  Shanghai Pudong Development Bank Co. Ltd. Class A | 27236 | 28484 |
|  Shanghai Putailai New Energy Technology Co. Ltd. Class A | 1320 | 9838 |
|  Shanghai RAAS Blood Products Co. Ltd. Class A | 5300 | 4831 |
|  Shanghai Rural Commercial Bank Co. Ltd. Class A | 9100 | 7693 |
|  Shanghai Yuyuan Tourist Mart Group Co. Ltd. Class A | 3800 | 4152 |
|  Shanxi Coking Coal Energy Group Co. Ltd. Class A | 4400 | 7360 |
|  Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 3200 | 7734 |
|  Shanxi Meijin Energy Co. Ltd. Class A | 4600 | 5955 |
|  Shanxi Securities Co. Ltd. Class A | 3800 | 2891 |
|  Shanxi Taigang Stainless Steel Co. Ltd. Class A | 6200 | 3849 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | 1140 | 46585 |
|  Shenghe Resources Holding Co. Ltd. Class A | 1300 | 2608 |
|  Shengyi Technology Co. Ltd. Class A | 2100 | 4345 |
|  Shennan Circuits Co. Ltd. Class A | 500 | 5180 |
|  Shenwan Hongyuan Group Co. Ltd. Class A | 21100 | 12066 |
|  Shenzhen Capchem Technology Co. Ltd. Class A | 720 | 4495 |
|  Shenzhen Dynanonic Co. Ltd. Class A | 200 | 6596 |
|  Shenzhen Energy Group Co. Ltd. Class A | 4500 | 4113 |
|  Shenzhen Inovance Technology Co. Ltd. Class A | 2550 | 25444 |
|  Shenzhen International Holdings Ltd. | 22118 | 21650 |
|  Shenzhen Kangtai Biological Products Co. Ltd. Class A | 960 | 4343 |
|  Shenzhen Kedali Industry Co. Ltd. Class A | 200 | 3408 |
|  Shenzhen Kstar Science & Technology Co. Ltd. Class A | 500 | 4134 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 1100 | 49883 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-279** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A | 600 | $4316 |
|  Shenzhen Overseas Chinese Town Co. Ltd. Class A | 9100 | 6950 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | 1200 | 5665 |
|  Shenzhen SC New Energy Technology Corp. Class A | 300 | 4906 |
|  Shenzhen Senior Technology Material Co. Ltd. Class A | 1198 | 3655 |
|  Shenzhen Sunlord Electronics Co. Ltd. Class A | 800 | 3006 |
|  Shenzhen Transsion Holdings Co. Ltd. Class A | 814 | 9297 |
|  Shenzhen YUTO Packaging Technology Co. Ltd. Class A | 800 | 3804 |
|  Shenzhou International Group Holdings Ltd. | 13200 | 147204 |
|  Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A | 1420 | 6109 |
|  Sichuan Chuantou Energy Co. Ltd. Class A | 3600 | 6338 |
|  Sichuan Hebang Biotechnology Co. Ltd. Class A | 9900 | 4325 |
|  Sichuan Kelun Pharmaceutical Co. Ltd. Class A | 1600 | 6116 |
|  Sichuan New Energy Power Co. Ltd. \* | 1400 | 3585 |
|  Sichuan Road & Bridge Co. Ltd. Class A | 3700 | 5909 |
|  Sichuan Swellfun Co. Ltd. Class A | 482 | 5839 |
|  Sichuan Yahua Industrial Group Co. Ltd. Class A | 1300 | 4337 |
|  Sieyuan Electric Co. Ltd. Class A | 700 | 3840 |
|  Silergy Corp. | 5000 | 70625 |
|  Sinoma Science & Technology Co. Ltd. Class A | 1800 | 5534 |
|  Sinomine Resource Group Co. Ltd. Class A | 420 | 4019 |
|  Sinopec Shanghai Petrochemical Co. Ltd. Class A | 7000 | 3134 |
|  Sinopharm Group Co. Ltd. Class H | 21600 | 54672 |
|  Skshu Paint Co. Ltd. Class A \* | 420 | 6854 |
|  Smoore International Holdings Ltd. ~ | 28000 | 42950 |
|  Songcheng Performance Development Co. Ltd. Class A | 2900 | 6085 |
|  SooChow Securities Co. Ltd. Class A | 5410 | 5074 |
|  Southwest Securities Co. Ltd. Class A | 7100 | 3823 |
|  StarPower Semiconductor Ltd. Class A | 200 | 9461 |
|  Sungrow Power Supply Co. Ltd. Class A | 1400 | 22465 |
|  Sunny Optical Technology Group Co. Ltd. | 11200 | 132091 |
|  Sunwoda Electronic Co. Ltd. Class A | 1300 | 3944 |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A | 1800 | 6397 |
|  Suzhou Maxwell Technologies Co. Ltd. Class A | 160 | 9456 |
|  Suzhou TA&A Ultra Clean Technology Co. Ltd. Class A | 600 | 4811 |
|  TAL Education Group ADR \* | 7182 | 50633 |
|  Tangshan Jidong Cement Co. Ltd. Class A | 1900 | 2245 |
|  TBEA Co. Ltd. Class A | 3500 | 10077 |
|  TCL Technology Group Corp. Class A | 13700 | 7308 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd. Class A | 3100 | 16732 |
|  Tencent Holdings Ltd. | 98900 | 4193396 |
|  Tencent Music Entertainment Group ADR \* | 11439 | 94715 |
|  Thunder Software Technology Co. Ltd. Class A | 400 | 5756 |
|  Tianjin 712 Communication & Broadcasting Co. Ltd. Class A | 900 | 4521 |
|  Tianma Microelectronics Co. Ltd. Class A | 2700 | 3359 |
|  Tianqi Lithium Corp. Class A \* | 1300 | 14743 |
|  Tianshan Aluminum Group Co. Ltd. Class A | 3100 | 3433 |
|  Tianshui Huatian Technology Co. Ltd. Class A | 3400 | 4053 |
|  Tibet Summit Resources Co. Ltd. Class A \* | 1000 | 3290 |
|  Tingyi Cayman Islands Holding Corp. | 30000 | 52921 |
|  Titan Wind Energy Suzhou Co. Ltd. Class A | 1700 | 3686 |
|  Toly Bread Co. Ltd. Class A | 1568 | 3467 |
|  Tongcheng Travel Holdings Ltd. \* | 19600 | 46816 |
|  TongFu Microelectronics Co. Ltd. Class A \* | 1600 | 3786 |
|  Tongkun Group Co. Ltd. Class A | 2000 | 4145 |
|  Tongling Nonferrous Metals Group Co. Ltd. Class A | 10100 | 4515 |
|  Tongwei Co. Ltd. Class A | 4100 | 22692 |
|  Topchoice Medical Corp. Class A \* | 300 | 6572 |
|  Topsports International Holdings Ltd. ~ | 30000 | 23636 |
|  TravelSky Technology Ltd. Class H | 15000 | 31525 |
|  Trina Solar Co. Ltd. Class A | 2120 | 19372 |
|  Trip.com Group Ltd. ADR \* | 8606 | 296046 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Tsingtao Brewery Co. Ltd. Class A | 600 | $9257 |
|  Tsingtao Brewery Co. Ltd. Class H | 10000 | 98471 |
|  Uni-President China Holdings Ltd. | 20000 | 19963 |
|  Unigroup Guoxin Microelectronics Co. Ltd. Class A | 839 | 15867 |
|  Unisplendour Corp. Ltd. Class A | 2700 | 7568 |
|  Vipshop Holdings Ltd. ADR \* | 6583 | 89792 |
|  Walvax Biotechnology Co. Ltd. Class A | 1400 | 8068 |
|  Wanhua Chemical Group Co. Ltd. Class A | 3000 | 39887 |
|  Want Want China Holdings Ltd. | 76000 | 50643 |
|  Weibo Corp. ADR \* | 1096 | 20956 |
|  Weichai Power Co. Ltd. Class A | 4900 | 7152 |
|  Weichai Power Co. Ltd. Class H | 32000 | 42310 |
|  Weihai Guangwei Composites Co. Ltd. Class A | 600 | 6226 |
|  Wens Foodstuffs Group Co. Ltd. Class A | 6100 | 17205 |
|  Western Mining Co. Ltd. Class A | 2100 | 3064 |
|  Western Securities Co. Ltd. Class A | 4800 | 4197 |
|  Western Superconducting Technologies Co. Ltd. Class A | 502 | 6834 |
|  Westone Information Industry, Inc. Class A | 900 | 3943 |
|  Will Semiconductor Co. Ltd. Class A | 1080 | 11953 |
|  Wingtech Technology Co. Ltd. Class A | 1300 | 9794 |
|  Wuchan Zhongda Group Co. Ltd. Class A | 6000 | 4144 |
|  Wuhan DR Laser Technology Corp. Ltd. Class A | 100 | 1809 |
|  Wuhan Guide Infrared Co. Ltd. Class A | 3296 | 5205 |
|  Wuliangye Yibin Co. Ltd. Class A | 3700 | 95789 |
|  WUS Printed Circuit Kunshan Co. Ltd. Class A | 2000 | 3420 |
|  WuXi AppTec Co. Ltd. Class A | 2100 | 24344 |
|  WuXi AppTec Co. Ltd. Class H ~ | 5840 | 61276 |
|  Wuxi Biologics Cayman, Inc. \* ~ | 57500 | 435500 |
|  Wuxi Shangji Automation Co. Ltd. Class A | 420 | 6371 |
|  XCMG Construction Machinery Co. Ltd. Class A | 10200 | 7428 |
|  Xiamen C & D, Inc. Class A | 3100 | 6062 |
|  Xiamen Faratronic Co. Ltd. Class A | 200 | 4594 |
|  Xiamen Tungsten Co. Ltd. Class A | 1600 | 4487 |
|  Xiaomi Corp. Class B \* ~ | 241000 | 334535 |
|  Xinjiang Goldwind Science & Technology Co. Ltd. Class A | 7700 | 12154 |
|  Xinjiang Goldwind Science & Technology Co. Ltd. Class H | 4400 | 3900 |
|  Xinjiang Zhongtai Chemical Co. Ltd. Class A | 3100 | 3323 |
|  Xinyi Solar Holdings Ltd. | 78081 | 85916 |
|  XPeng, Inc. Class A \* | 13608 | 67056 |
|  Xtep International Holdings Ltd. | 21500 | 23795 |
|  Yadea Group Holdings Ltd. ~ | 20000 | 33300 |
|  Yangzhou Yangjie Electronic Technology Co. Ltd. Class A | 500 | 3778 |
|  Yankuang Energy Group Co. Ltd. Class A | 1200 | 5785 |
|  Yankuang Energy Group Co. Ltd. Class H | 26000 | 79083 |
|  Yantai Jereh Oilfield Services Group Co. Ltd. Class A | 1000 | 4010 |
|  Yealink Network Technology Corp. Ltd. Class A | 800 | 6966 |
|  Yifeng Pharmacy Chain Co. Ltd. Class A | 680 | 6247 |
|  Yihai International Holding Ltd. \* | 7000 | 24622 |
|  Yihai Kerry Arawana Holdings Co. Ltd. Class A | 1300 | 8130 |
|  Yintai Gold Co. Ltd. Class A | 3000 | 4745 |
|  YongXing Special Materials Technology Co. Ltd. Class A | 400 | 5290 |
|  Yonyou Network Technology Co. Ltd. Class A | 3600 | 12479 |
|  Youngor Group Co. Ltd. Class A | 3800 | 3457 |
|  Youngy Co. Ltd. Class A \* | 300 | 4207 |
|  YTO Express Group Co. Ltd. Class A | 2800 | 8079 |
|  Yuan Longping High-tech Agriculture Co. Ltd. Class A \* | 1500 | 3465 |
|  Yuexiu Property Co. Ltd. | 21600 | 26059 |
|  Yum China Holdings, Inc. | 6629 | 362275 |
|  Yunda Holding Co. Ltd. Class A | 2200 | 4539 |
|  Yunnan Aluminium Co. Ltd. Class A | 3800 | 6056 |
|  Yunnan Baiyao Group Co. Ltd. Class A | 1660 | 12962 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd. Class A | 300 | 6422 |
|  Yunnan Energy New Material Co. Ltd. Class A | 800 | 15081 |
|  Yunnan Tin Co. Ltd. Class A | 1800 | 3633 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-280** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Yunnan Yuntianhua Co. Ltd. Class A \* | 1500 | $| 4523 |
|  Zai Lab Ltd. ADR \* | 1406 |  | 43164 |
|  Zangge Mining Co. Ltd. Class A | 1200 |  | 4471 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | 600 |  | 24831 |
|  Zhaojin Mining Industry Co. Ltd. Class H \* | 19500 |  | 21556 |
|  Zhefu Holding Group Co. Ltd. Class A | 5200 |  | 2917 |
|  Zhejiang Century Huatong Group Co. Ltd. Class A \* | 7520 |  | 4111 |
|  Zhejiang China Commodities City Group Co. Ltd. Class A | 6000 |  | 4517 |
|  Zhejiang Chint Electrics Co. Ltd. Class A | 1900 |  | 7552 |
|  Zhejiang Dahua Technology Co. Ltd. Class A | 2800 |  | 4543 |
|  Zhejiang Dingli Machinery Co. Ltd. Class A | 500 |  | 3431 |
|  Zhejiang Expressway Co. Ltd. Class H | 22000 |  | 16916 |
|  Zhejiang HangKe Technology, Inc. Co. Class A | 339 |  | 2133 |
|  Zhejiang Huahai Pharmaceutical Co. Ltd. Class A | 1600 |  | 5040 |
|  Zhejiang Huayou Cobalt Co. Ltd. Class A | 1575 |  | 12547 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A | 1200 |  | 10960 |
|  Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A | 900 |  | 5476 |
|  Zhejiang Juhua Co. Ltd. Class A | 2900 |  | 6458 |
|  Zhejiang NHU Co. Ltd. Class A | 2804 |  | 7557 |
|  Zhejiang Supcon Technology Co. Ltd. Class A | 447 |  | 5846 |
|  Zhejiang Supor Co. Ltd. Class A | 600 |  | 4259 |
|  Zhejiang Weiming Environment Protection Co. Ltd. Class A | 1820 |  | 4846 |
|  Zhejiang Weixing New Building Materials Co. Ltd. Class A | 1500 |  | 4589 |
|  Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A | 500 |  | 3958 |
|  Zhejiang Yongtai Technology Co. Ltd. Class A | 1000 |  | 3130 |
|  Zheshang Securities Co. Ltd. Class A | 3000 |  | 4275 |
|  ZhongAn Online P&C Insurance Co. Ltd. Class H \* ~ | 11400 |  | 31048 |
|  Zhongji Innolight Co. Ltd. Class A | 900 |  | 3493 |
|  Zhongsheng Group Holdings Ltd. | 9500 |  | 48660 |
|  Zhongtai Securities Co. Ltd. Class A | 6400 |  | 5891 |
|  Zhuzhou CRRC Times Electric Co. Ltd. | 9000 |  | 44452 |
|  Zhuzhou CRRC Times Electric Co. Ltd. Class A | 532 |  | 4161 |
|  Zhuzhou Hongda Electronics Corp. Ltd. Class A | 400 |  | 2536 |
|  Zhuzhou Kibing Group Co. Ltd. Class A | 2900 |  | 4738 |
|  Zibo Qixiang Tengda Chemical Co. Ltd. Class A \* | 3500 |  | 3535 |
|  Zijin Mining Group Co. Ltd. Class A | 15200 |  | 21726 |
|  Zijin Mining Group Co. Ltd. Class H | 96000 |  | 129023 |
|  Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | 7500 |  | 5862 |
|  ZTE Corp. Class A | 3000 |  | 11125 |
|  ZTE Corp. Class H | 13400 |  | 29438 |
|  ZTO Express Cayman, Inc. ADR | 6646 |  | 178578 |
|  |  |  | 31931661 |
|  **Colombia - 0.1%** |  |  |  |
|  Bancolombia SA | 5097 |  | 44278 |
|  Interconexion Electrica SA ESP | 7056 |  | 30869 |
|  |  |  | 75147 |
|  **Czech Republic - 0.1%** |  |  |  |
|  CEZ AS | 2516 |  | 85726 |
|  Komercni banka AS | 1237 |  | 35747 |
|  Moneta Money Bank AS ~ | 5474 |  | 18411 |
|  |  |  | 139884 |
|  **Egypt - 0.1%** | **Egypt - 0.1%** | **Egypt - 0.1%** | **Egypt - 0.1%** |
|  Commercial International Bank Egypt SAE | 39340 |  | 66076 |
|  Eastern Co. SAE | 15993 |  | 9257 |
|  Egyptian Financial Group-Hermes Holding Co. \* | 12571 |  | 9080 |
|  |  |  | 84413 |
|  **Greece - 0.3%** |  |  |  |
|  Alpha Services and Holdings SA \* | 36078 |  | 38613 |
|  Eurobank Ergasias Services and Holdings SA \* | 41553 |  | 46803 |
|  Hellenic Telecommunications Organization SA | 3087 |  | 48216 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  JUMBO SA | 1828 | $31352 |
|  Mytilineos SA | 1584 | 34413 |
|  National Bank of Greece SA\* | 8698 | 34880 |
|  OPAP SA | 3174 | 44905 |
|  Public Power Corp. SA\* | 3388 | 23780 |
|  Terna Energy SA | 918 | 20047 |
|  |  | 323009 |
|  **Hong Kong - 0.2%** |  |  |
|  Kingboard Laminates Holdings Ltd. | 15500 | 16986 |
|  Nine Dragons Paper Holdings Ltd. \* | 25000 | 22728 |
|  Orient Overseas International Ltd. | 2000 | 36047 |
|  Sino Biopharmaceutical Ltd. | 161000 | 93754 |
|  Super Hi International Holding Ltd. \* | 100 | 127 |
|  Vinda International Holdings Ltd. | 6000 | 17611 |
|  |  | 187253 |
|  **Hungary - 0.2%** |  |  |
|  MOL Hungarian Oil & Gas PLC | 6540 | 45579 |
|  OTP Bank Nyrt | 3520 | 95642 |
|  Richter Gedeon Nyrt | 2226 | 49430 |
|  |  | 190651 |
|  **India - 13.9%** |  |  |
|  ABB India Ltd. | 825 | 26745 |
|  ACC Ltd. | 1149 | 33854 |
|  Adani Enterprises Ltd. | 4493 | 209226 |
|  Adani Green Energy Ltd. \* | 5059 | 117866 |
|  Adani Ports & Special Economic Zone Ltd. | 8226 | 81199 |
|  Adani Power Ltd. \* | 12364 | 44588 |
|  Adani Total Gas Ltd. | 4328 | 192994 |
|  Adani Transmission Ltd. \* | 4444 | 138771 |
|  Ambuja Cements Ltd. | 9567 | 60508 |
|  Apollo Hospitals Enterprise Ltd. | 1571 | 84894 |
|  Asian Paints Ltd. | 6053 | 225027 |
|  AU Small Finance Bank Ltd. ~ | 2570 | 20300 |
|  Aurobindo Pharma Ltd. | 4226 | 22378 |
|  Avenue Supermarts Ltd. \* ~ | 2544 | 124914 |
|  Axis Bank Ltd. | 35932 | 404366 |
|  Bajaj Auto Ltd. | 1107 | 48270 |
|  Bajaj Finance Ltd. | 4304 | 340940 |
|  Bajaj Finserv Ltd. | 6090 | 113669 |
|  Bajaj Holdings & Investment Ltd. | 417 | 28902 |
|  Balkrishna Industries Ltd. | 1239 | 31855 |
|  Bandhan Bank Ltd. \* ~ | 10347 | 29202 |
|  Berger Paints India Ltd. | 3869 | 27100 |
|  Bharat Electronics Ltd. | 58355 | 70411 |
|  Bharat Forge Ltd. | 4069 | 43174 |
|  Bharat Petroleum Corp. Ltd. | 13680 | 54533 |
|  Bharti Airtel Ltd. | 35294 | 343238 |
|  Biocon Ltd. | 6754 | 21344 |
|  Britannia Industries Ltd. | 1705 | 88691 |
|  Cholamandalam Investment and Finance Co. Ltd. | 6514 | 56810 |
|  Cipla Ltd. | 7713 | 100209 |
|  Coal India Ltd. | 24516 | 66695 |
|  Colgate-Palmolive India Ltd. | 1906 | 35348 |
|  Container Corp. Of India Ltd. | 4402 | 39249 |
|  Dabur India Ltd. | 9856 | 66776 |
|  Divi's Laboratories Ltd. | 2072 | 85343 |
|  DLF Ltd. | 9524 | 43064 |
|  Dr Reddy's Laboratories Ltd. | 1852 | 94718 |
|  Eicher Motors Ltd. | 2136 | 83067 |
|  GAIL India Ltd. | 36784 | 42715 |
|  Godrej Consumer Products Ltd. \* | 6510 | 68685 |
|  Godrej Properties Ltd. \* | 2044 | 30212 |
|  Grasim Industries Ltd. | 4200 | 87184 |
|  Havells India Ltd. | 3904 | 51801 |
|  HCL Technologies Ltd. | 17113 | 214612 |
|  HDFC Life Insurance Co. Ltd. ~ | 15193 | 103782 |
|  Hero MotoCorp Ltd. | 1765 | 58319 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-281** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  Hindalco Industries Ltd. | 21396 | $122319 |
|  Hindustan Petroleum Corp. Ltd. | 10291 | 29174 |
|  Hindustan Unilever Ltd. | 13004 | 401738 |
|  Housing Development Finance Corp. Ltd. | 27264 | 866748 |
|  ICICI Bank Ltd. | 81479 | 876369 |
|  ICICI Lombard General Insurance Co. Ltd. ~ | 3861 | 57648 |
|  ICICI Prudential Life Insurance Co. Ltd. ~ | 5751 | 31287 |
|  Indian Hotels Co. Ltd. | 13320 | 51241 |
|  Indian Oil Corp. Ltd. | 44670 | 41261 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 3838 | 29591 |
|  Indraprastha Gas Ltd. | 5031 | 25149 |
|  Indus Towers Ltd. | 10822 | 24847 |
|  Info Edge India Ltd. | 1136 | 53939 |
|  Infosys Ltd. | 53211 | 970106 |
|  InterGlobe Aviation Ltd. \* ~ | 1553 | 37580 |
|  ITC Ltd. | 46883 | 187661 |
|  Jindal Steel & Power Ltd. | 6538 | 45857 |
|  JSW Steel Ltd. | 11492 | 106535 |
|  Jubilant Foodworks Ltd. | 6363 | 39230 |
|  Kotak Mahindra Bank Ltd. | 8769 | 192929 |
|  Larsen & Toubro Ltd. | 10867 | 273135 |
|  LTIMindtree Ltd. ~ | 1384 | 72954 |
|  Lupin Ltd. | 3273 | 28994 |
|  Mahindra & Mahindra Ltd. | 13836 | 208297 |
|  Marico Ltd. | 8217 | 50565 |
|  Maruti Suzuki India Ltd. | 1902 | 192417 |
|  Mphasis Ltd. | 1342 | 31964 |
|  MRF Ltd. | 30 | 32064 |
|  Muthoot Finance Ltd. | 1864 | 23924 |
|  Nestle India Ltd. | 538 | 127267 |
|  NTPC Ltd. | 61142 | 122962 |
|  Oil & Natural Gas Corp. Ltd. | 39948 | 71110 |
|  Page Industries Ltd. | 98 | 50659 |
|  Petronet LNG Ltd. | 12077 | 31412 |
|  PI Industries Ltd. | 1219 | 50343 |
|  Pidilite Industries Ltd. | 2368 | 72846 |
|  Power Grid Corp. of India Ltd. | 49927 | 128722 |
|  Reliance Industries Ltd. | 48139 | 1477897 |
|  Samvardhana Motherson International Ltd. | 32413 | 29023 |
|  SBI Cards & Payment Services Ltd. | 3749 | 36000 |
|  SBI Life Insurance Co. Ltd. ~ | 7182 | 106596 |
|  Shree Cement Ltd. | 168 | 47194 |
|  Shriram Finance Ltd. | 3906 | 64841 |
|  Siemens Ltd. | 1144 | 39006 |
|  SRF Ltd. | 2370 | 65436 |
|  State Bank of India | 28189 | 208457 |
|  Sun Pharmaceutical Industries Ltd. | 15102 | 182628 |
|  Tata Consultancy Services Ltd. | 14460 | 568670 |
|  Tata Consumer Products Ltd. | 8841 | 81823 |
|  Tata Elxsi Ltd. | 550 | 41742 |
|  Tata Motors Ltd. \* | 26329 | 123292 |
|  Tata Power Co. Ltd. | 22628 | 56698 |
|  Tata Steel Ltd. | 114753 | 156294 |
|  Tech Mahindra Ltd. | 9290 | 113930 |
|  Titan Co. Ltd. | 5656 | 177464 |
|  Torrent Pharmaceuticals Ltd. | 1594 | 29800 |
|  Trent Ltd. | 2844 | 46401 |
|  Tube Investments of India Ltd. | 1675 | 56180 |
|  TVS Motor Co. Ltd. | 3376 | 44211 |
|  UltraTech Cement Ltd. | 1586 | 133085 |
|  United Spirits Ltd. \* | 4695 | 49738 |
|  UPL Ltd. | 7786 | 67246 |
|  Varun Beverages Ltd. | 3589 | 57276 |
|  Vedanta Ltd. | 11827 | 44019 |
|  Wipro Ltd. | 21717 | 103021 |
|  Yes Bank Ltd. \* | 180249 | 44843 |
|  Zomato Ltd. \* | 46997 | 33691 |
|  |  | 14404894 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **Indonesia - 1.8%** | **Indonesia - 1.8%** | **Indonesia - 1.8%** |
|  Aneka Tambang Tbk | 138800 | $17663 |
|  P.T. Adaro Energy Indonesia Tbk | 230900 | 57197 |
|  P.T. Astra International Tbk | 321900 | 117799 |
|  P.T. Bank Central Asia Tbk | 876800 | 480783 |
|  P.T. Bank Jago Tbk\* | 64800 | 15466 |
|  P.T. Bank Mandiri Persero Tbk | 293900 | 187418 |
|  P.T. Bank Negara Indonesia Persero Tbk | 119300 | 70681 |
|  P.T. Bank Rakyat Indonesia Persero Tbk | 1076197 | 341208 |
|  P.T. Barito Pacific Tbk | 444764 | 21565 |
|  P.T. Charoen Pokphand Indonesia Tbk | 117200 | 42542 |
|  P.T. Indah Kiat Pulp & Paper Tbk | 43500 | 24374 |
|  P.T. Indofood CBP Sukses Makmur Tbk | 38200 | 24530 |
|  P.T. Indofood Sukses Makmur Tbk | 69700 | 30130 |
|  P.T. Kalbe Farma Tbk | 335000 | 44973 |
|  P.T. Merdeka Copper Gold Tbk\* | 192462 | 50847 |
|  P.T. Sarana Menara Nusantara Tbk | 312500 | 22091 |
|  P.T. Semen Indonesia Persero Tbk | 54733 | 23114 |
|  P.T. Sumber Alfaria Trijaya Tbk | 267200 | 45538 |
|  P.T. Telkom Indonesia Persero Tbk | 780300 | 187906 |
|  P.T. Unilever Indonesia Tbk | 120400 | 36370 |
|  P.T. United Tractors Tbk | 26600 | 44589 |
|  P.T. Vale Indonesia Tbk\* | 40400 | 18378 |
|  |  | 1905162 |
|  **Kuwait - 0.9%** | **Kuwait - 0.9%** | **Kuwait - 0.9%** |
|  Agility Public Warehousing Co. KSC | 22709 | 53498 |
|  Boubyan Bank KSCP | 20628 | 53922 |
|  Gulf Bank KSCP | 25523 | 26219 |
|  Kuwait Finance House KSCP | 116717 | 315383 |
|  Mabanee Co. KPSC | 10022 | 27822 |
|  Mobile Telecommunications Co. | 34560 | 63687 |
|  National Bank of Kuwait SAKP | 113627 | 400656 |
|  |  | 941187 |
|  **Luxembourg - 0.0%** | **Luxembourg - 0.0%** | **Luxembourg - 0.0%** |
|  Reinet Investments SCA | 2218 | 42733 |
|  **Malaysia - 1.5%** | **Malaysia - 1.5%** |  |
|  AMMB Holdings Bhd | 29300 | 27548 |
|  Axiata Group Bhd | 43800 | 30763 |
|  CIMB Group Holdings Bhd | 107220 | 141098 |
|  Dialog Group Bhd | 58300 | 32422 |
|  DiGi.Com Bhd | 47400 | 43018 |
|  Genting Bhd | 34200 | 34778 |
|  Genting Malaysia Bhd | 46700 | 28508 |
|  HAP Seng Consolidated Bhd | 9800 | 14233 |
|  Hartalega Holdings Bhd | 27400 | 10581 |
|  Hong Leong Bank Bhd | 10400 | 48488 |
|  Hong Leong Financial Group Bhd | 3800 | 16037 |
|  IHH Healthcare Bhd | 28200 | 39795 |
|  Inari Amertron Bhd | 41200 | 24414 |
|  IOI Corp. Bhd | 40200 | 36995 |
|  Kuala Lumpur Kepong Bhd | 6600 | 33544 |
|  Malayan Banking Bhd | 75388 | 148890 |
|  Malaysia Airports Holdings Bhd\* | 10800 | 16098 |
|  Maxis Bhd | 37500 | 32702 |
|  MISC Bhd | 21500 | 36603 |
|  MR DIY Group M Bhd ~ | 38250 | 17365 |
|  Nestle Malaysia Bhd | 1100 | 34960 |
|  Petronas Chemicals Group Bhd | 38400 | 75014 |
|  Petronas Dagangan Bhd | 4900 | 25585 |
|  Petronas Gas Bhd | 12600 | 48970 |
|  PPB Group Bhd | 10200 | 40383 |
|  Press Metal Aluminium Holdings Bhd | 58900 | 65258 |
|  Public Bank Bhd | 229500 | 225037 |
|  QL Resources Bhd | 17000 | 21264 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-282** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  RHB Bank Bhd | 24131 | $| 31705 |
|  Sime Darby Bhd | 42500 |  | 22184 |
|  Sime Darby Plantation Bhd | 33002 |  | 34874 |
|  Telekom Malaysia Bhd | 18581 |  | 22768 |
|  Tenaga Nasional Bhd | 40600 |  | 88755 |
|  Top Glove Corp. Bhd | 85800 |  | 17637 |
|  |  |  | 1568274 |
|  **Mexico - 2.3%** | **Mexico - 2.3%** | **Mexico - 2.3%** | **Mexico - 2.3%** |
|  Alfa SAB de CV Class A | 46900 |  | 29868 |
|  America Movil SAB de CV Series L | 438100 |  | 397486 |
|  Arca Continental SAB de CV | 7100 |  | 57656 |
|  Banco del Bajio SA ~ | 12200 |  | 38535 |
|  Cemex SAB de CV \* | 241600 |  | 97699 |
|  Coca-Cola Femsa SAB de CV | 8355 |  | 56527 |
|  Fibra Uno Administracion SA de CV REIT | 48200 |  | 56792 |
|  Fomento Economico Mexicano SAB de CV | 30700 |  | 238885 |
|  Gruma SAB de CV Class B | 3195 |  | 42751 |
|  Grupo Aeroportuario del Pacifico SAB de CV Class B | 5600 |  | 80222 |
|  Grupo Aeroportuario del Sureste SAB de CV Class B | 3010 |  | 70229 |
|  Grupo Bimbo SAB de CV | 20800 |  | 87912 |
|  Grupo Carso SAB de CV Series A1 | 7300 |  | 30633 |
|  Grupo Financiero Banorte SAB de CV Class O | 41000 |  | 294374 |
|  Grupo Financiero Inbursa SAB de CV Class O \* | 33400 |  | 56288 |
|  Grupo Mexico SAB de CV | 49000 |  | 172021 |
|  Grupo Televisa SAB | 37400 |  | 34010 |
|  Industrias Penoles SAB de CV \* | 2200 |  | 27057 |
|  Kimberly-Clark de Mexico SAB de CV Class A | 24200 |  | 41069 |
|  Operadora De Sites Mexicanos SAB de CV Class A-1 | 21300 |  | 20954 |
|  Orbia Advance Corp. SAB de CV | 16100 |  | 28504 |
|  Promotora y Operadora de Infraestructura SAB de CV | 3620 |  | 29641 |
|  Southern Copper Corp. | 1347 |  | 81345 |
|  Wal-Mart de Mexico SAB de CV | 82900 |  | 291797 |
|  |  |  | 2362255 |
|  **Peru - 0.2%** | **Peru - 0.2%** | **Peru - 0.2%** | **Peru - 0.2%** |
|  Cia de Minas Buenaventura SAA ADR | 3481 |  | 25933 |
|  Credicorp Ltd. | 1124 |  | 152482 |
|  |  |  | 178415 |
|  **Philippines - 0.7%** | **Philippines - 0.7%** | **Philippines - 0.7%** | **Philippines - 0.7%** |
|  Aboitiz Equity Ventures, Inc. | 27540 |  | 28599 |
|  ACEN Corp. | 116830 |  | 16064 |
|  Ayala Corp. | 3960 |  | 49568 |
|  Ayala Land, Inc. | 115400 |  | 64060 |
|  Bank of the Philippine Islands | 28920 |  | 53048 |
|  BDO Unibank, Inc. | 37872 |  | 72020 |
|  Globe Telecom, Inc. | 457 |  | 17927 |
|  International Container Terminal Services, Inc. | 16440 |  | 59003 |
|  JG Summit Holdings, Inc. | 48860 |  | 44182 |
|  Jollibee Foods Corp. | 7140 |  | 29496 |
|  Manila Electric Co. | 3450 |  | 18537 |
|  Metropolitan Bank & Trust Co. | 29200 |  | 28355 |
|  Monde Nissin Corp. ~ | 102500 |  | 20452 |
|  PLDT, Inc. | 1390 |  | 32793 |
|  SM Investments Corp. | 3850 |  | 62439 |
|  SM Prime Holdings, Inc. | 183000 |  | 116756 |
|  Universal Robina Corp. | 13910 |  | 34128 |
|  |  |  | 747427 |
|  **Poland - 0.7%** | **Poland - 0.7%** | **Poland - 0.7%** | **Poland - 0.7%** |
|  Allegro.eu SA \* ~ | 5818 |  | 33579 |
|  Bank Polska Kasa Opieki SA | 2951 |  | 58706 |
|  CD Projekt SA | 1069 |  | 31844 |
|  Cyfrowy Polsat SA | 4186 |  | 16881 |
|  Dino Polska SA \* ~ | 762 |  | 65444 |
|  KGHM Polska Miedz SA | 2235 |  | 65011 |
|  LPP SA | 18 |  | 43898 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  mBank SA \* | 233 | $| 15790 |
|  PGE Polska Grupa Energetyczna SA \* | 14402 |  | 22724 |
|  Polski Koncern Naftowy ORLEN SA | 10039 |  | 147486 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 13646 |  | 94713 |
|  Powszechny Zaklad Ubezpieczen SA | 9375 |  | 76133 |
|  Santander Bank Polska SA | 571 |  | 33994 |
|  |  |  | 706203 |
|  **Qatar - 1.0%** | **Qatar - 1.0%** | **Qatar - 1.0%** | **Qatar - 1.0%** |
|  Barwa Real Estate Co. | 30599 |  | 24158 |
|  Commercial Bank PSQC | 51907 |  | 71322 |
|  Industries Qatar QSC | 23752 |  | 83839 |
|  Masraf Al Rayan QSC | 86937 |  | 75793 |
|  Mesaieed Petrochemical Holding Co. | 67665 |  | 39737 |
|  Ooredoo QPSC | 12740 |  | 32185 |
|  Qatar Electricity & Water Co. QSC | 6959 |  | 33823 |
|  Qatar Fuel QSC | 9351 |  | 46150 |
|  Qatar Gas Transport Co. Ltd. | 39660 |  | 39998 |
|  Qatar International Islamic Bank QSC | 15571 |  | 44566 |
|  Qatar Islamic Bank SAQ | 26080 |  | 132915 |
|  Qatar National Bank QPSC | 73106 |  | 362374 |
|  |  |  | 986860 |
|  **Romania - 0.0%** | **Romania - 0.0%** | **Romania - 0.0%** | **Romania - 0.0%** |
|  NEPI Rockcastle NV | 7257 |  | 43510 |
|  **Russia - 0.0%** | **Russia - 0.0%** | **Russia - 0.0%** | **Russia - 0.0%** |
|  Alrosa PJSC \* ± W | 104260 |  |  |
|  Gazprom PJSC \* ± W | 58020 |  |  |
|  Gazprom PJSC ADR (OTC) \* ± W | 8195 |  |  |
|  Gazprom PJSC ADR (SEAQ) \* ± W | 194171 |  |  |
|  Inter RAO UES PJSC \* ± W | 1499500 |  |  |
|  LUKOIL PJSC \* ± W | 2583 |  |  |
|  LUKOIL PJSC ADR (SEAQ) \* ± W | 13502 |  |  |
|  Magnit PJSC GDR \* ~ ± W | 3308 |  |  |
|  Magnit PJSC GDR (LI) \* ~ ± W | 10327 |  |  |
|  MMC Norilsk Nickel PJSC \* ± W | 298 |  |  |
|  MMC Norilsk Nickel PJSC ADR \* ± W | 21092 |  |  |
|  Mobile TeleSystems PJSC ADR \* ± W | 17555 |  |  |
|  Moscow Exchange MICEX-RTS PJSC \* ± W | 58150 |  |  |
|  Novatek PJSC GDR (LI) \* ~ ± W | 3551 |  |  |
|  Novolipetsk Steel PJSC \* ± W | 4620 |  |  |
|  Novolipetsk Steel PJSC GDR \* ± W | 5477 |  |  |
|  Ozon Holdings PLC ADR \* ± W | 1985 |  |  |
|  PhosAgro PJSC \* ± W | 34 |  |  |
|  PhosAgro PJSC GDR \* ~ ± W | 5315 |  |  |
|  Polyus PJSC \* ± W | 241 |  |  |
|  Polyus PJSC ADR \* ± W | 2028 |  |  |
|  Polyus PJSC GDR \* ~ ± W | 262 |  |  |
|  Rosneft Oil Co. PJSC \* ± W | 3660 |  |  |
|  Rosneft Oil Co. PJSC GDR \* ~ ± W | 41896 |  |  |
|  Sberbank of Russia PJSC \* ± W | 41510 |  |  |
|  Sberbank of Russia PJSC ADR (OTC) \* ± W | 2527 |  |  |
|  Sberbank of Russia PJSC ADR (SEAQ) \* ± W | 92176 |  |  |
|  Severstal PAO \* ± W | 812 |  |  |
|  Severstal PAO GDR \* ~ ± W | 7476 |  |  |
|  Surgutneftegas PJSC ADR (LI) \* ± W | 49470 |  |  |
|  Tatneft PJSC \* ± W | 9037 |  |  |
|  Tatneft PJSC ADR \* ± W | 7942 |  |  |
|  TCS Group Holding PLC GDR \* ~ ± W | 4555 |  |  |
|  United Co. RUSAL International PJSC \* ± W | 114970 |  |  |
|  VK Co. Ltd. GDR \* ± W | 4153 |  |  |
|  VTB Bank PJSC \* ± W | 21000000 |  | 1 |
|  VTB Bank PJSC GDR \* ~ ± W | 57906 |  |  |
|  X5 Retail Group NV GDR \* ~ ± W | 4746 |  |  |
|  Yandex NV Class A \* ± W | 11538 |  |  |
|  |  |  | 1 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-283** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  **Saudi Arabia - 4.0%** | **Saudi Arabia - 4.0%** | **Saudi Arabia - 4.0%** |
|  ACWA Power Co. | 1289 | $52166 |
|  Advanced Petrochemical Co. | 2020 | 22971 |
|  Al Rajhi Bank \* | 31024 | 620425 |
|  Alinma Bank | 15613 | 135194 |
|  Almarai Co. JSC | 3978 | 56665 |
|  Arab National Bank | 9588 | 81478 |
|  Arabian Internet & Communications Services Co. | 376 | 24237 |
|  Bank Al-Jazira | 6283 | 31785 |
|  Bank AlBilad \* | 7642 | 89837 |
|  Banque Saudi Fransi | 9405 | 101408 |
|  Bupa Arabia for Cooperative Insurance Co. | 1193 | 45497 |
|  Dallah Healthcare Co. | 569 | 22503 |
|  Dar Al Arkan Real Estate Development Co. \* | 8563 | 26451 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 1395 | 81463 |
|  Elm Co. | 381 | 33864 |
|  Emaar Economic City \* | 6356 | 14100 |
|  Etihad Etisalat Co. | 6028 | 55721 |
|  Jarir Marketing Co. | 935 | 37315 |
|  Mobile Telecommunications Co. Saudi Arabia \* | 7000 | 18695 |
|  Mouwasat Medical Services Co. | 779 | 43640 |
|  Nahdi Medical Co. | 613 | 27210 |
|  National Industrialization Co. \* | 5290 | 17507 |
|  Rabigh Refining & Petrochemical Co. \* | 6695 | 19359 |
|  Riyad Bank | 21251 | 180705 |
|  SABIC Agri-Nutrients Co. | 3351 | 130800 |
|  Sahara International Petrochemical Co. | 5530 | 50577 |
|  Saudi Arabian Mining Co. \* | 13585 | 233228 |
|  Saudi Arabian Oil Co. ~ | 38236 | 328215 |
|  Saudi Basic Industries Corp. | 14219 | 340137 |
|  Saudi British Bank | 14505 | 149234 |
|  Saudi Electricity Co. | 13247 | 81889 |
|  Saudi Industrial Investment Group | 5889 | 34786 |
|  Saudi Investment Bank | 7838 | 36140 |
|  Saudi Kayan Petrochemical Co. \* | 11688 | 42843 |
|  Saudi National Bank | 34694 | 466965 |
|  Saudi Research & Media Group \* | 568 | 27549 |
|  Saudi Tadawul Group Holding Co. | 771 | 37333 |
|  Saudi Telecom Co. | 23664 | 230279 |
|  Savola Group | 4138 | 30352 |
|  Yanbu National Petrochemical Co. | 4023 | 44752 |
|  |  | 4105275 |
|  **Singapore - 0.0%** | **Singapore - 0.0%** | **Singapore - 0.0%** |
|  BOC Aviation Ltd. ~ | 3300 | 27491 |
|  **South Africa - 3.4%** |  |  |
|  Absa Group Ltd. | 13474 | 153005 |
|  African Rainbow Minerals Ltd. | 1834 | 30990 |
|  Anglo American Platinum Ltd. | 847 | 70688 |
|  Aspen Pharmacare Holdings Ltd. | 6032 | 48242 |
|  Bid Corp. Ltd. | 5266 | 102228 |
|  Bidvest Group Ltd. | 4525 | 57095 |
|  Capitec Bank Holdings Ltd. | 1368 | 148916 |
|  Clicks Group Ltd. | 3937 | 62580 |
|  Discovery Ltd. \* | 8009 | 57932 |
|  Exxaro Resources Ltd. | 3863 | 49526 |
|  FirstRand Ltd. | 79810 | 289957 |
|  Foschini Group Ltd. | 5247 | 30891 |
|  Gold Fields Ltd. | 13982 | 145201 |
|  Growthpoint Properties Ltd. REIT | 54061 | 46262 |
|  Harmony Gold Mining Co. Ltd. | 9010 | 31477 |
|  Impala Platinum Holdings Ltd. | 13338 | 167617 |
|  Kumba Iron Ore Ltd. | 1047 | 30241 |
|  Mr Price Group Ltd. | 4064 | 37684 |
|  MTN Group Ltd. | 26727 | 199617 |
|  MultiChoice Group | 5961 | 41131 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Naspers Ltd. Class N | 3445 | $| 575679 |
|  Nedbank Group Ltd. | 7378 |  | 92307 |
|  Northam Platinum Holdings Ltd. \* | 5206 |  | 57351 |
|  Old Mutual Ltd. | 75853 |  | 46534 |
|  Pepkor Holdings Ltd. ~ | 26116 |  | 30741 |
|  Remgro Ltd. | 8367 |  | 65074 |
|  Sanlam Ltd. | 28569 |  | 81918 |
|  Sasol Ltd. | 8881 |  | 141729 |
|  Shoprite Holdings Ltd. | 8047 |  | 106675 |
|  Sibanye Stillwater Ltd. | 44184 |  | 117142 |
|  SPAR Group Ltd. | 3032 |  | 20253 |
|  Standard Bank Group Ltd. | 21142 |  | 208601 |
|  Vodacom Group Ltd. | 10229 |  | 73867 |
|  Woolworths Holdings Ltd. | 15227 |  | 59309 |
|  |  |  | 3478460 |
|  **South Korea - 10.4%** | **South Korea - 10.4%** | **South Korea - 10.4%** | **South Korea - 10.4%** |
|  Amorepacific Corp. \* | 472 |  | 51658 |
|  BGF retail Co. Ltd. \* | 127 |  | 21254 |
|  Celltrion Healthcare Co. Ltd. | 1444 |  | 66731 |
|  Celltrion Pharm, Inc. \* | 275 |  | 14675 |
|  Celltrion, Inc. | 1615 |  | 206123 |
|  Cheil Worldwide, Inc. \* | 1116 |  | 20384 |
|  CJ CheilJedang Corp. | 132 |  | 39707 |
|  CJ Corp. \* | 235 |  | 15698 |
|  Coway Co. Ltd. \* | 853 |  | 37873 |
|  DB Insurance Co. Ltd. \* | 735 |  | 38099 |
|  Doosan Bobcat, Inc. | 814 |  | 22272 |
|  Doosan Enerbility Co. Ltd. \* | 6602 |  | 80366 |
|  E-MART, Inc. \* | 330 |  | 25658 |
|  Ecopro BM Co. Ltd. | 780 |  | 57061 |
|  F&F Co. Ltd. \* | 278 |  | 31953 |
|  GS Holdings Corp. \* | 742 |  | 25749 |
|  Hana Financial Group, Inc. | 4713 |  | 156939 |
|  Hankook Tire & Technology Co. Ltd. \* | 1197 |  | 29558 |
|  Hanmi Pharm Co. Ltd. \* | 112 |  | 26526 |
|  Hanon Systems | 2945 |  | 18911 |
|  Hanwha Solutions Corp. \* | 1833 |  | 62677 |
|  HD Hyundai Co. Ltd. | 752 |  | 34034 |
|  HLB, Inc. \* | 1877 |  | 42352 |
|  HMM Co. Ltd. \* | 4313 |  | 67224 |
|  Hotel Shilla Co. Ltd. \* | 507 |  | 33486 |
|  HYBE Co. Ltd. \* | 288 |  | 39842 |
|  Hyundai Engineering & Construction Co. Ltd. \* | 1250 |  | 34558 |
|  Hyundai Glovis Co. Ltd. \* | 300 |  | 38949 |
|  Hyundai Heavy Industries Co. Ltd. \* | 285 |  | 26266 |
|  Hyundai Mipo Dockyard Co. Ltd. \* | 369 |  | 24708 |
|  Hyundai Mobis Co. Ltd. | 979 |  | 155287 |
|  Hyundai Motor Co. | 2197 |  | 262941 |
|  Hyundai Steel Co. \* | 1373 |  | 33465 |
|  Iljin Materials Co. Ltd. \* | 370 |  | 15240 |
|  Industrial Bank of Korea\* | 3880 |  | 30155 |
|  Kakao Corp. \* | 4952 |  | 210935 |
|  Kakao Games Corp. \* | 576 |  | 20583 |
|  KakaoBank Corp. \* | 2233 |  | 43442 |
|  Kangwon Land, Inc. \* | 1499 |  | 27584 |
|  KB Financial Group, Inc. | 6102 |  | 233784 |
|  Kia Corp. \* | 4143 |  | 194930 |
|  Korea Aerospace Industries Ltd. \* | 1180 |  | 47690 |
|  Korea Electric Power Corp. \* | 4019 |  | 69404 |
|  Korea Investment Holdings Co. Ltd. \* | 625 |  | 26524 |
|  Korea Shipbuilding & Offshore Engineering Co. Ltd. \* | 675 |  | 37957 |
|  Korea Zinc Co. Ltd. \* | 143 |  | 64086 |
|  Korean Air Lines Co. Ltd. \* | 2822 |  | 51427 |
|  Krafton, Inc. \* | 462 |  | 61782 |
|  KT&G Corp. \* | 1737 |  | 125546 |
|  Kumho Petrochemical Co. Ltd. \* | 295 |  | 29397 |
|  L&F Co. Ltd. \* | 368 |  | 50740 |
|  LG Chem Ltd. \* | 782 |  | 373428 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-284** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** |
|  LG Corp. \* | 1506 | $93252 |
|  LG Display Co. Ltd. \* | 3620 | 35773 |
|  LG Electronics, Inc. \* | 1696 | 116600 |
|  LG Energy Solution Ltd. \* | 554 | 190940 |
|  LG H&H Co. Ltd. \* | 149 | 85760 |
|  LG Innotek Co. Ltd. \* | 229 | 46184 |
|  LG Uplus Corp. | 3399 | 29766 |
|  Lotte Chemical Corp. \* | 272 | 38495 |
|  Lotte Shopping Co. Ltd. \* | 182 | 13115 |
|  Meritz Fire & Marine Insurance Co. Ltd. \* | 521 | 20627 |
|  Meritz Securities Co. Ltd. \* | 3830 | 19074 |
|  Mirae Asset Securities Co. Ltd. \* | 4084 | 19732 |
|  NAVER Corp. | 2067 | 293971 |
|  NCSoft Corp. \* | 259 | 92521 |
|  Netmarble Corp. \* ~ | 350 | 16837 |
|  NH Investment & Securities Co. Ltd. \* | 2383 | 16585 |
|  Orion Corp. \* | 379 | 38584 |
|  Pan Ocean Co. Ltd. \* | 4343 | 19800 |
|  Pearl Abyss Corp. \* | 481 | 16032 |
|  POSCO Chemical Co. Ltd. \* | 434 | 62000 |
|  POSCO Holdings, Inc. | 1235 | 270282 |
|  S-1 Corp. \* | 274 | 12877 |
|  S-Oil Corp. | 723 | 48119 |
|  Samsung Biologics Co. Ltd. \* ~ | 281 | 182710 |
|  Samsung C&T Corp. \* | 1314 | 118380 |
|  Samsung Electro-Mechanics Co. Ltd. \* | 883 | 91702 |
|  Samsung Electronics Co. Ltd. | 75574 | 3317188 |
|  Samsung Engineering Co. Ltd. \* | 2520 | 44581 |
|  Samsung Fire & Marine Insurance Co. Ltd. \* | 493 | 78012 |
|  Samsung Heavy Industries Co. Ltd. \* | 9916 | 40188 |
|  Samsung Life Insurance Co. Ltd. \* | 1275 | 71598 |
|  Samsung SDI Co. Ltd. \* | 869 | 408032 |
|  Samsung SDS Co. Ltd. \* | 543 | 52920 |
|  Samsung Securities Co. Ltd. \* | 1022 | 25507 |
|  SD Biosensor, Inc. | 569 | 13626 |
|  Shinhan Financial Group Co. Ltd. | 7241 | 201586 |
|  SK Biopharmaceuticals Co. Ltd. \* | 510 | 29160 |
|  SK Bioscience Co. Ltd. \* | 378 | 22134 |
|  SK Hynix, Inc. | 8628 | 514781 |
|  SK IE Technology Co. Ltd. \* ~ | 410 | 17326 |
|  SK Innovation Co. Ltd. \* | 882 | 107751 |
|  SK Square Co. Ltd. \* | 1583 | 42137 |
|  SK, Inc. | 590 | 88507 |
|  SKC Co. Ltd. \* | 334 | 23570 |
|  Woori Financial Group, Inc. | 8692 | 79404 |
|  Yuhan Corp. \* | 854 | 38625 |
|  |  | 10763969 |
|  **Taiwan - 13.1%** |  |  |
|  Accton Technology Corp. | 8000 | 60750 |
|  Acer, Inc. | 46000 | 35123 |
|  Advantech Co. Ltd. | 7000 | 74952 |
|  ASE Technology Holding Co. Ltd. | 52000 | 157996 |
|  Asia Cement Corp. | 36000 | 47952 |
|  Asustek Computer, Inc. | 11000 | 95889 |
|  AUO Corp. \* | 105400 | 51203 |
|  Catcher Technology Co. Ltd. | 10000 | 54919 |
|  Cathay Financial Holding Co. Ltd. | 135202 | 175553 |
|  Chailease Holding Co. Ltd. | 22155 | 156086 |
|  Chang Hwa Commercial Bank Ltd. | 73336 | 40861 |
|  Cheng Shin Rubber Industry Co. Ltd. | 28000 | 30817 |
|  China Airlines Ltd. | 45000 | 27712 |
|  China Development Financial Holding Corp. | 244214 | 99940 |
|  China Steel Corp. | 187000 | 181201 |
|  Chunghwa Telecom Co. Ltd. | 60000 | 220657 |
|  Compal Electronics, Inc. | 66000 | 49435 |
|  CTBC Financial Holding Co. Ltd. | 279000 | 200206 |
|  Delta Electronics, Inc. | 31000 | 287370 |
|  E Ink Holdings, Inc. | 13000 | 68077 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  E.Sun Financial Holding Co. Ltd. | 203663 | $| 159032 |
|  Eclat Textile Co. Ltd. | 3000 |  | 48159 |
|  eMemory Technology, Inc. | 1000 |  | 43184 |
|  Eva Airways Corp. | 41000 |  | 37389 |
|  Evergreen Marine Corp. Taiwan Ltd. \* | 16000 |  | 84563 |
|  Far Eastern New Century Corp. | 51000 |  | 52851 |
|  Far EasTone Telecommunications Co. Ltd. | 25000 |  | 53625 |
|  Feng TAY Enterprise Co. Ltd. | 7000 |  | 46897 |
|  First Financial Holding Co. Ltd. | 167954 |  | 144662 |
|  Formosa Chemicals & Fibre Corp. | 56000 |  | 128258 |
|  Formosa Petrochemical Corp. | 18000 |  | 46986 |
|  Formosa Plastics Corp. | 65000 |  | 183301 |
|  Fubon Financial Holding Co. Ltd. | 118270 |  | 216319 |
|  Giant Manufacturing Co. Ltd. | 5181 |  | 33708 |
|  Globalwafers Co. Ltd. \* | 3000 |  | 41570 |
|  Hon Hai Precision Industry Co. Ltd. | 198000 |  | 641764 |
|  Hotai Motor Co. Ltd. | 5000 |  | 95435 |
|  Hua Nan Financial Holdings Co. Ltd. | 139316 |  | 101653 |
|  Innolux Corp. \* | 142990 |  | 51396 |
|  Inventec Corp. | 40000 |  | 34138 |
|  Largan Precision Co. Ltd. | 2000 |  | 132199 |
|  Lite-On Technology Corp. | 32000 |  | 66133 |
|  MediaTek, Inc. | 24000 |  | 485254 |
|  Mega Financial Holding Co. Ltd. | 177250 |  | 174614 |
|  Micro-Star International Co. Ltd. | 10000 |  | 38780 |
|  momo.com, Inc. | 1200 |  | 24972 |
|  Nan Ya Plastics Corp. | 75000 |  | 172966 |
|  Nan Ya Printed Circuit Board Corp. | 3000 |  | 22045 |
|  Nanya Technology Corp. | 20000 |  | 33213 |
|  Nien Made Enterprise Co. Ltd. | 3000 |  | 28667 |
|  Novatek Microelectronics Corp. | 9000 |  | 92004 |
|  Pegatron Corp. | 32000 |  | 66026 |
|  PharmaEssentia Corp. \* | 3000 |  | 46492 |
|  Pou Chen Corp. | 35000 |  | 38902 |
|  Powerchip Semiconductor Manufacturing Corp. | 46000 |  | 47455 |
|  President Chain Store Corp. | 9000 |  | 79575 |
|  Quanta Computer, Inc. | 43000 |  | 100841 |
|  Realtek Semiconductor Corp. | 7000 |  | 63658 |
|  Ruentex Development Co. Ltd. | 27000 |  | 37984 |
|  Shanghai Commercial & Savings Bank Ltd. | 65178 |  | 93364 |
|  Shin Kong Financial Holding Co. Ltd. | 204344 |  | 58249 |
|  SinoPac Financial Holdings Co. Ltd. | 163590 |  | 88985 |
|  Synnex Technology International Corp. | 21000 |  | 40349 |
|  Taishin Financial Holding Co. Ltd. | 169148 |  | 82966 |
|  Taiwan Business Bank | 97000 |  | 40772 |
|  Taiwan Cement Corp. | 96493 |  | 105483 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 156016 |  | 131822 |
|  Taiwan High Speed Rail Corp. | 32000 |  | 29893 |
|  Taiwan Mobile Co. Ltd. | 27000 |  | 83139 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 390000 |  | 5664149 |
|  Uni-President Enterprises Corp. | 76000 |  | 164503 |
|  Unimicron Technology Corp. | 20000 |  | 77644 |
|  United Microelectronics Corp. \* | 187000 |  | 245696 |
|  Vanguard International Semiconductor Corp. | 14000 |  | 35163 |
|  Voltronic Power Technology Corp. | 1000 |  | 50172 |
|  Walsin Lihwa Corp. | 39727 |  | 60956 |
|  Wan Hai Lines Ltd. | 11500 |  | 29889 |
|  Win Semiconductors Corp. | 5000 |  | 22162 |
|  Winbond Electronics Corp. | 47000 |  | 29847 |
|  Wiwynn Corp. | 1000 |  | 25865 |
|  WPG Holdings Ltd. | 25000 |  | 39039 |
|  Yageo Corp. \* | 5571 |  | 81195 |
|  Yang Ming Marine Transport Corp. | 28000 |  | 59479 |
|  Yuanta Financial Holding Co. Ltd. | 158620 |  | 111784 |
|  Zhen Ding Technology Holding Ltd. | 10000 |  | 34016 |
|  |  |  | 13599950 |
|  **Thailand - 2.1%** | **Thailand - 2.1%** | **Thailand - 2.1%** | **Thailand - 2.1%** |
|  Advanced Info Service PCL | 3400 |  | 19121 |
|  Advanced Info Service PCL NVDR | 15400 |  | 86608 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-285** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Airports of Thailand PCL\* | 31600 | $| 68397 |
|  Airports of Thailand PCL NVDR \* | 34600 |  | 74891 |
|  Asset World Corp. PCL NVDR | 130600 |  | 23706 |
|  B Grimm Power PCL | 5900 |  | 6778 |
|  B Grimm Power PCL NVDR | 5300 |  | 6089 |
|  Bangkok Dusit Medical Services PCL NVDR | 163500 |  | 136728 |
|  Bangkok Expressway & Metro PCL | 14600 |  | 4129 |
|  Bangkok Expressway & Metro PCL NVDR | 102200 |  | 28902 |
|  Berli Jucker PCL NVDR | 19600 |  | 19950 |
|  BTS Group Holdings PCL NVDR | 122700 |  | 29762 |
|  Bumrungrad Hospital PCL NVDR | 9400 |  | 57506 |
|  Carabao Group PCL NVDR | 4900 |  | 13689 |
|  Central Pattana PCL NVDR | 32000 |  | 65507 |
|  Central Retail Corp. PCL NVDR | 28000 |  | 37380 |
|  Charoen Pokphand Foods PCL NVDR | 61100 |  | 43684 |
|  CP ALL PCL NVDR | 92600 |  | 182414 |
|  Delta Electronics Thailand PCL | 1100 |  | 26320 |
|  Delta Electronics Thailand PCL NVDR | 3900 |  | 93315 |
|  Electricity Generating PCL NVDR | 3900 |  | 19414 |
|  Energy Absolute PCL | 2500 |  | 6987 |
|  Energy Absolute PCL NVDR | 24100 |  | 67354 |
|  Global Power Synergy PCL NVDR | 11200 |  | 23609 |
|  Gulf Energy Development PCL NVDR | 46800 |  | 74609 |
|  Home Product Center PCL | 30300 |  | 13546 |
|  Home Product Center PCL NVDR | 67700 |  | 30267 |
|  Indorama Ventures PCL NVDR | 26000 |  | 30527 |
|  Intouch Holdings PCL NVDR | 17600 |  | 39260 |
|  JMT Network Services PCL NVDR | 10700 |  | 21288 |
|  Kasikornbank PCL NVDR | 9500 |  | 40387 |
|  Krung Thai Bank PCL NVDR | 55100 |  | 28119 |
|  Krungthai Card PCL NVDR | 14500 |  | 24659 |
|  Land & Houses PCL | 2800 |  | 800 |
|  Land & Houses PCL NVDR | 130100 |  | 37187 |
|  Minor International PCL NVDR \* | 48790 |  | 45394 |
|  Muangthai Capital PCL | 4900 |  | 5368 |
|  Muangthai Capital PCL NVDR | 6200 |  | 6792 |
|  Osotspa PCL NVDR | 22500 |  | 18335 |
|  PTT Exploration & Production PCL NVDR | 22000 |  | 112038 |
|  PTT Global Chemical PCL | 8100 |  | 11029 |
|  PTT Global Chemical PCL NVDR | 28200 |  | 38397 |
|  PTT Oil & Retail Business PCL NVDR | 46500 |  | 31924 |
|  PTT PCL | 62600 |  | 60680 |
|  PTT PCL NVDR | 94600 |  | 90777 |
|  Ratch Group PCL NVDR | 17900 |  | 22114 |
|  SCB X PCL | 4250 |  | 13110 |
|  SCB X PCL NVDR | 9100 |  | 28072 |
|  SCG Packaging PCL NVDR | 20000 |  | 32892 |
|  Siam Cement PCL | 3400 |  | 33553 |
|  Siam Cement PCL NVDR | 8900 |  | 87829 |
|  Srisawad Corp. PCL NVDR | 10300 |  | 14467 |
|  Thai Oil PCL | 4014 |  | 6506 |
|  Thai Oil PCL NVDR | 14783 |  | 23962 |
|  Thai Union Group PCL | 25000 |  | 12195 |
|  Thai Union Group PCL NVDR | 22000 |  | 10732 |
|  True Corp. PCL NVDR | 188400 |  | 26314 |
|  |  |  | 2215369 |
|  **Turkey - 0.7%** | **Turkey - 0.7%** | **Turkey - 0.7%** | **Turkey - 0.7%** |
|  Akbank T.A.S. | 49767 |  | 52023 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 11018 |  | 36578 |
|  BIM Birlesik Magazalar AS | 7321 |  | 53501 |
|  Eregli Demir ve Celik Fabrikalari TAS | 22233 |  | 48854 |
|  Ford Otomotiv Sanayi AS | 1147 |  | 32131 |
|  Haci Omer Sabanci Holding AS | 15396 |  | 37164 |
|  Hektas Ticaret TAS \* | 17886 |  | 35933 |
|  KOC Holding AS | 12152 |  | 54518 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Shares** | **Value** | **Value** |
|  Sasa Polyester Sanayi AS \* | 7051 | $| 41471 |
|  Turk Hava Yollari AO \* | 8758 |  | 65973 |
|  Turkcell Iletisim Hizmetleri AS | 19498 |  | 39314 |
|  Turkiye Is Bankasi AS Class C | 55983 |  | 38321 |
|  Turkiye Petrol Rafinerileri AS \* | 1992 |  | 56455 |
|  Turkiye Sise ve Cam Fabrikalari AS | 22114 |  | 50572 |
|  Yapi ve Kredi Bankasi AS | 45968 |  | 29161 |
|  |  |  | 671969 |
|  **United Arab Emirates - 1.3%** | **United Arab Emirates - 1.3%** | **United Arab Emirates - 1.3%** | **United Arab Emirates - 1.3%** |
|  Abu Dhabi Commercial Bank PJSC | 44306 |  | 108431 |
|  Abu Dhabi Islamic Bank PJSC | 22473 |  | 55673 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 49666 |  | 59544 |
|  Aldar Properties PJSC | 59873 |  | 71942 |
|  Dubai Islamic Bank PJSC | 45484 |  | 70596 |
|  Emaar Properties PJSC | 63269 |  | 100657 |
|  Emirates NBD Bank PJSC | 30208 |  | 106397 |
|  Emirates Telecommunications Group Co. PJSC | 54962 |  | 341140 |
|  First Abu Dhabi Bank PJSC | 69935 |  | 324942 |
|  Multiply Group PJSC \* | 53136 |  | 66970 |
|  Q Holding PJSC \* | 32187 |  | 35054 |
|  |  |  | 1341346 |
|  **United Kingdom - 0.0%** | **United Kingdom - 0.0%** | **United Kingdom - 0.0%** | **United Kingdom - 0.0%** |
|  Pepco Group NV \* ~ | 2224 |  | 20085 |
|  **United States - 0.1%** | **United States - 0.1%** | **United States - 0.1%** | **United States - 0.1%** |
|  JBS SA | 12400 |  | 51810 |
|  Legend Biotech Corp. ADR \* | 777 |  | 38788 |
|  Parade Technologies Ltd. | 1000 |  | 25057 |
|  |  |  | 115655 |
|  Total Common Stocks <br>(Cost $129,745,095) |  |  | 97575120 |
|  | **Principal<br>Amount** |  |  |
|  **SHORT-TERM INVESTMENTS - 3.3%** | **SHORT-TERM INVESTMENTS - 3.3%** | **SHORT-TERM INVESTMENTS - 3.3%** | **SHORT-TERM INVESTMENTS - 3.3%** |
|  **Repurchase Agreement - 3.2%** | **Repurchase Agreement - 3.2%** | **Repurchase Agreement - 3.2%** | **Repurchase Agreement - 3.2%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $3,312,694; collateralized by U.S. Treasury Notes: 1.250% due 03/31/28 and value $3,377,549) | $3311241 |  | 3311241 |
|  **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** | **U.S. Treasury Bills - 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.542% due 01/26/23 ‡ | 100000 |  | 99753 |
|  Total Short-Term Investments <br>(Cost $3,411,157) |  |  | 3410994 |
|  **TOTAL INVESTMENTS - 99.6% <br>(Cost $135,750,276)** |  |  | 103107540 |
|  **DERIVATIVES -** (**0.1%**) |  |  | (68853) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.5%** |  |  | 471767 |
|  **NET ASSETS - 100.0%** |  |  | $103510454 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-286** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Financial | 23.3% |
|  Communications | 16.1% |
|  Technology | 15.0% |
|  Consumer, Non-Cyclical | 10.2% |
|  Consumer, Cyclical | 8.7% |
|  Basic Materials | 7.5% |
|  Industrial | 7.0% |
|  Energy | 5.4% |
|  Short-Term Investments | 3.3% |
|  Others (each less than 3.0%) | 3.1% |
|  | 99.6% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 0.5% |
|  | 100.0% |

---

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  China | 30.9% |
|  India | 13.9% |
|  Taiwan | 13.1% |
|  South Korea | 11.0% |
|  Brazil | 5.0% |
|  Saudi Arabia | 4.0% |
|  United States (Includes Short-Term Investments) | 3.4% |
|  South Africa | 3.4% |
|  Others (each less than 3.0%) | 14.9% |
|  | 99.6% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 0.5% |
|  | 100.0% |

---

(c) Investments with a total aggregate value of $1 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.

(d) As of December 31, 2022, an investment with a value of $99,752 was fully or partially segregated with the
broker(s)/custodian as collateral for open futures contracts.

(e) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br> Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  MSCI Emerging Markets Index | 03/23 | 87 | $4242243 | $4173390 | ($68853) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-287** 

------

**PACIFIC SELECT FUND** 

**PD EMERGING MARKETS INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br> December 31, 2022 | Level 1<br> Quoted Price | Level 2<br> Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs |
|  Assets | Rights |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $102 | $102 | $— | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 1516 |  | 1516 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Rights | 1618 | 102 | 1516 |  |
|  | Warrants | 326 |  | 326 |  |
|  | Preferred Stocks | 2119482 |  | 2119482 |  |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 129784 |  | 129784 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3907333 | 139259 | 3768074 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 379495 | 321758 | 57737 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 31931661 | 2537724 | 29393937 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 75147 |  | 75147 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | 139884 | 85726 | 54158 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | 84413 |  | 84413 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 323009 |  | 323009 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 187253 | 127 | 187126 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | 190651 |  | 190651 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 14404894 |  | 14404894 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 1905162 |  | 1905162 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait | 941187 |  | 941187 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 42733 | 42733 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 1568274 | 171162 | 1397112 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 2362255 | 2362255 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 178415 | 178415 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 747427 |  | 747427 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 706203 |  | 706203 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar | 986860 | 198923 | 787937 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania | 43510 |  | 43510 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1 |  |  | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 4105275 | 73950 | 4031325 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 27491 |  | 27491 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3478460 | 665733 | 2812727 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 10763969 | 24708 | 10739261 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 13599950 |  | 13599950 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 2215369 |  | 2215369 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 671969 | 93494 | 578475 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 1341346 |  | 1341346 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 20085 |  | 20085 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 115655 | 38788 | 76867 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 97575120 | 6934755 | 90640364 | 1 |
|  | Short-Term Investments | 3410994 |  | 3410994 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 103107540 | 6934857 | 96172682 | 1 |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (68853) | (68853) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (68853) | (68853) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $103038687 | $6866004 | $96172682 | $1 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-288** 

------

**PACIFIC SELECT FUND** 

**PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO** 

**Schedule of Investments** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **PREFERRED STOCKS - 0.5%** | **PREFERRED STOCKS - 0.5%** | **PREFERRED STOCKS - 0.5%** |
|  **Germany - 0.5%** | **Germany - 0.5%** | **Germany - 0.5%** |
|  Bayerische Motoren Werke AG | 2946 | $248617 |
|  Dr Ing hc F Porsche AG \* | 5619 | 567033 |
|  Henkel AG & Co. KGaA | 8902 | 617022 |
|  Porsche Automobil Holding SE | 7564 | 412509 |
|  Sartorius AG | 1195 | 471876 |
|  Volkswagen AG | 9198 | 1141008 |
|  |  | 3458065 |
|  Total Preferred Stocks <br>(Cost $4,711,238) |  | 3458065 |
|  **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** |
|  **Australia - 7.1%** | **Australia - 7.1%** | **Australia - 7.1%** |
|  ANZ Group Holdings Ltd. | 147477 | 2375694 |
|  BHP Group Ltd. | 249865 | 7740053 |
|  Coles Group Ltd. | 65876 | 746746 |
|  Commonwealth Bank of Australia | 83919 | 5828579 |
|  Flutter Entertainment PLC \* | 8242 | 1129411 |
|  Fortescue Metals Group Ltd. | 83534 | 1167568 |
|  Glencore PLC \* | 481844 | 3213246 |
|  Goodman Group REIT | 83518 | 982201 |
|  Macquarie Group Ltd. | 18120 | 2045539 |
|  National Australia Bank Ltd. | 156181 | 3171038 |
|  Newcrest Mining Ltd. | 44065 | 617893 |
|  Ramsay Health Care Ltd. | 9100 | 399591 |
|  Rio Tinto Ltd. | 18311 | 1445207 |
|  Rio Tinto PLC | 55465 | 3903848 |
|  Santos Ltd. | 157269 | 773480 |
|  Telstra Group Ltd. | 199268 | 538908 |
|  Transurban Group >> | 151689 | 1334537 |
|  Wesfarmers Ltd. | 55947 | 1744835 |
|  Westpac Banking Corp. | 172678 | 2733753 |
|  Woodside Energy Group Ltd. | 93655 | 2268155 |
|  Woolworths Group Ltd. | 59872 | 1367202 |
|  |  | 45527484 |
|  **Austria - 0.1%** | **Austria - 0.1%** | **Austria - 0.1%** |
|  Verbund AG | 3362 | 282609 |
|  **Belgium - 0.7%** | **Belgium - 0.7%** | **Belgium - 0.7%** |
|  Anheuser-Busch InBev SA/NV | 42849 | 2580836 |
|  Groupe Bruxelles Lambert NV | 4910 | 392396 |
|  KBC Group NV | 12343 | 794707 |
|  UCB SA | 6243 | 491907 |
|  |  | 4259846 |
|  **Brazil - 0.1%** | **Brazil - 0.1%** | **Brazil - 0.1%** |
|  Wheaton Precious Metals Corp. | 22285 | 870662 |
|  **Canada - 10.8%** | **Canada - 10.8%** | **Canada - 10.8%** |
|  Agnico Eagle Mines Ltd. | 22522 | 1170346 |
|  Alimentation Couche-Tard, Inc. | 40332 | 1772344 |
|  Bank of Montreal | 33130 | 3001275 |
|  Bank of Nova Scotia | 59024 | 2891914 |
|  Barrick Gold Corp. | 13874 | 232898 |
|  Barrick Gold Corp. (TSE) | 73505 | 1260008 |
|  BCE, Inc. | 3583 | 157424 |
|  Brookfield Corp. | 69370 | 2181517 |
|  Canadian Imperial Bank of Commerce | 44641 | 1805752 |
|  Canadian National Railway Co. | 28982 | 3442736 |
|  Canadian Natural Resources Ltd. (TSE) | 55317 | 3071850 |
|  Canadian Pacific Railway Ltd. | 45872 | 3420073 |
|  Cenovus Energy, Inc. | 68438 | 1327818 |
|  CGI, Inc. \* | 10467 | 902218 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Constellation Software, Inc. | 993 | $| 1550341 |
|  Enbridge, Inc. | 99872 |  | 3903417 |
|  Fairfax Financial Holdings Ltd. | 1130 |  | 669379 |
|  Fortis, Inc. | 23625 |  | 945349 |
|  Franco-Nevada Corp. | 9470 |  | 1290899 |
|  George Weston Ltd. | 3527 |  | 437593 |
|  Great-West Lifeco, Inc. | 13818 |  | 319426 |
|  Hydro One Ltd. ~ | 16155 |  | 432749 |
|  Imperial Oil Ltd. | 10997 |  | 535637 |
|  Intact Financial Corp. | 8656 |  | 1246042 |
|  Loblaw Cos. Ltd. | 8078 |  | 714253 |
|  Magna International, Inc. | 13555 |  | 761443 |
|  Manulife Financial Corp. | 94101 |  | 1678389 |
|  National Bank of Canada | 16599 |  | 1118410 |
|  Nutrien Ltd. | 26586 |  | 1940935 |
|  Pembina Pipeline Corp. | 27371 |  | 929078 |
|  Power Corp. of Canada | 27292 |  | 641987 |
|  Restaurant Brands International, Inc. | 14334 |  | 927052 |
|  Rogers Communications, Inc. Class B (TSE) | 17484 |  | 818287 |
|  Royal Bank of Canada | 68640 |  | 6453377 |
|  Shaw Communications, Inc. Class B (TSE) | 23525 |  | 677777 |
|  Shopify, Inc. Class A \* | 58532 |  | 2032193 |
|  Sun Life Financial, Inc. | 28914 |  | 1342131 |
|  Suncor Energy, Inc. | 67338 |  | 2136017 |
|  TC Energy Corp. | 49921 |  | 1990204 |
|  TELUS Corp. | 23125 |  | 446275 |
|  Thomson Reuters Corp. | 8336 |  | 950944 |
|  Toronto-Dominion Bank | 89715 |  | 5808947 |
|  |  |  | 69336704 |
|  **China - 0.6%** | **China - 0.6%** | **China - 0.6%** | **China - 0.6%** |
|  BOC Hong Kong Holdings Ltd. | 182500 |  | 619550 |
|  Budweiser Brewing Co. APAC Ltd. ~ | 84800 |  | 265085 |
|  Prosus NV\* | 40920 |  | 2825255 |
|  Wilmar International Ltd. | 94900 |  | 295649 |
|  |  |  | 4005539 |
|  **Denmark - 2.9%** | **Denmark - 2.9%** | **Denmark - 2.9%** | **Denmark - 2.9%** |
|  AP Moller - Maersk AS Class A | 152 |  | 334987 |
|  AP Moller - Maersk AS Class B | 249 |  | 557412 |
|  Carlsberg AS Class B | 4802 |  | 636971 |
|  Coloplast AS Class B | 5858 |  | 686280 |
|  DSV AS | 9234 |  | 1460238 |
|  Genmab AS \* | 3246 |  | 1372392 |
|  Novo Nordisk AS Class B | 81654 |  | 11089884 |
|  Orsted AS ~ | 9337 |  | 844117 |
|  Vestas Wind Systems AS | 49816 |  | 1453165 |
|  |  |  | 18435446 |
|  **Finland - 1.0%** | **Finland - 1.0%** | **Finland - 1.0%** | **Finland - 1.0%** |
|  Fortum OYJ | 21914 |  | 364957 |
|  Kone OYJ Class B | 16767 |  | 868057 |
|  Neste OYJ | 20872 |  | 962553 |
|  Nokia OYJ (OMXH) | 266950 |  | 1240169 |
|  Nordea Bank Abp | 165818 |  | 1776234 |
|  Sampo OYJ Class A | 23646 |  | 1235018 |
|  |  |  | 6446988 |
|  **France - 10.2%** | **France - 10.2%** | **France - 10.2%** | **France - 10.2%** |
|  Air Liquide SA | 25811 |  | 3663492 |
|  Airbus SE | 29159 |  | 3467075 |
|  AXA SA | 92198 |  | 2568222 |
|  BNP Paribas SA | 54806 |  | 3120606 |
|  Capgemini SE | 8081 |  | 1350949 |
|  Cie de Saint-Gobain | 24380 |  | 1192689 |
|  Cie Generale des Etablissements Michelin SCA | 33476 |  | 932550 |
|  Credit Agricole SA | 59756 |  | 628593 |
|  Danone SA | 31667 |  | 1669030 |
|  Dassault Systemes SE | 32901 |  | 1183108 |
|  Electricite de France SA | 28557 |  | 366625 |
|  Engie SA | 90071 |  | 1288562 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-289** 

------

**PACIFIC SELECT FUND** 

**PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO** 

**Schedule of Investments(Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  EssilorLuxottica SA | 14341 | $| 2594760 |
|  Hermes International | 1562 |  | 2417744 |
|  Kering SA | 3695 |  | 1880487 |
|  L'Oreal SA | 11915 |  | 4266732 |
|  LVMH Moet Hennessy Louis Vuitton SE | 13653 |  | 9935184 |
|  Orange SA | 98400 |  | 976336 |
|  Pernod Ricard SA | 10182 |  | 2003028 |
|  Safran SA | 16860 |  | 2111779 |
|  Sanofi | 56267 |  | 5425632 |
|  Sartorius Stedim Biotech | 1359 |  | 441631 |
|  Societe Generale SA | 39879 |  | 1000310 |
|  Thales SA | 5263 |  | 672447 |
|  TotalEnergies SE | 122739 |  | 7704712 |
|  Vinci SA | 26519 |  | 2643596 |
|  |  |  | 65505879 |
|  **Germany - 7.0%** | **Germany - 7.0%** | **Germany - 7.0%** | **Germany - 7.0%** |
|  adidas AG | 8531 |  | 1156175 |
|  Allianz SE | 20143 |  | 4301691 |
|  BASF SE | 45319 |  | 2231444 |
|  Bayer AG | 48461 |  | 2494290 |
|  Bayerische Motoren Werke AG | 16315 |  | 1444448 |
|  Beiersdorf AG | 4966 |  | 567473 |
|  Daimler Truck Holding AG \* | 22320 |  | 686155 |
|  Deutsche Bank AG | 102004 |  | 1146684 |
|  Deutsche Boerse AG | 9370 |  | 1613421 |
|  Deutsche Post AG | 48905 |  | 1830349 |
|  Deutsche Telekom AG | 159842 |  | 3180308 |
|  E.ON SE | 110772 |  | 1101295 |
|  Fresenius SE & Co. KGaA | 20840 |  | 582100 |
|  Hannover Rueck SE | 2970 |  | 586004 |
|  Henkel AG & Co. KGaA | 4989 |  | 320616 |
|  Infineon Technologies AG | 64420 |  | 1957845 |
|  Mercedes-Benz Group AG | 39583 |  | 2588525 |
|  Merck KGaA | 6377 |  | 1230380 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 6909 |  | 2234856 |
|  RWE AG | 31689 |  | 1400897 |
|  SAP SE | 51507 |  | 5317618 |
|  Siemens AG | 37737 |  | 5202091 |
|  Siemens Healthineers AG ~ | 13909 |  | 693803 |
|  Volkswagen AG | 1426 |  | 223705 |
|  Vonovia SE | 35373 |  | 833261 |
|  |  |  | 44925434 |
|  **Hong Kong - 2.6%** | **Hong Kong - 2.6%** | **Hong Kong - 2.6%** | **Hong Kong - 2.6%** |
|  AIA Group Ltd. | 588800 |  | 6502343 |
|  CK Asset Holdings Ltd. | 98562 |  | 604498 |
|  CLP Holdings Ltd. | 81000 |  | 590131 |
|  Hang Seng Bank Ltd. | 37700 |  | 625309 |
|  Henderson Land Development Co. Ltd. | 71000 |  | 247165 |
|  Hong Kong & China Gas Co. Ltd. | 553150 |  | 524612 |
|  Hong Kong Exchanges & Clearing Ltd. | 59400 |  | 2552432 |
|  Jardine Matheson Holdings Ltd. | 7800 |  | 396792 |
|  Link REIT | 107608 |  | 787404 |
|  MTR Corp. Ltd. | 76500 |  | 404597 |
|  Prudential PLC | 135641 |  | 1849504 |
|  Sun Hung Kai Properties Ltd. | 71500 |  | 976644 |
|  Techtronic Industries Co. Ltd. | 68000 |  | 755265 |
|  |  |  | 16816696 |
|  **Ireland - 0.3%** | **Ireland - 0.3%** | **Ireland - 0.3%** | **Ireland - 0.3%** |
|  CRH PLC | 37258 |  | 1481756 |
|  Kerry Group PLC Class A | 7860 |  | 709995 |
|  |  |  | 2191751 |
|  **Israel - 0.2%** | **Israel - 0.2%** | **Israel - 0.2%** | **Israel - 0.2%** |
|  Check Point Software Technologies Ltd. \* | 4951 |  | 624618 |
|  ICL Group Ltd. | 34953 |  | 252551 |
|  Nice Ltd. \* | 3136 |  | 603298 |
|  |  |  | 1480467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Italy - 1.6%** | **Italy - 1.6%** |  |
|  Assicurazioni Generali SpA | 54798 | $974445 |
|  Enel SpA | 401378 | 2158668 |
|  Eni SpA | 123359 | 1754098 |
|  Ferrari NV | 6216 | 1332949 |
|  Intesa Sanpaolo SpA | 824361 | 1826296 |
|  Snam SpA | 99265 | 481320 |
|  UniCredit SpA | 94806 | 1345254 |
|  |  | 9873030 |
|  **Japan - 17.9%** | **Japan - 17.9%** | **Japan - 17.9%** |
|  Aeon Co. Ltd. | 32200 | 679918 |
|  Ajinomoto Co., Inc. | 22500 | 687675 |
|  Asahi Group Holdings Ltd. | 22500 | 700371 |
|  Astellas Pharma, Inc. | 90500 | 1376109 |
|  Bandai Namco Holdings, Inc. | 9800 | 614258 |
|  Bridgestone Corp. | 28200 | 998480 |
|  Canon, Inc. | 49300 | 1067052 |
|  Central Japan Railway Co. | 7100 | 871735 |
|  Chugai Pharmaceutical Co. Ltd. | 33100 | 844273 |
|  Dai-ichi Life Holdings, Inc. | 48300 | 1090777 |
|  Daiichi Sankyo Co. Ltd. | 86400 | 2780930 |
|  Daikin Industries Ltd. | 12300 | 1866076 |
|  Daiwa House Industry Co. Ltd. | 29600 | 681873 |
|  Denso Corp. | 21400 | 1049452 |
|  East Japan Railway Co. | 14900 | 848673 |
|  Eisai Co. Ltd. | 12400 | 817805 |
|  FANUC Corp. | 9500 | 1421642 |
|  Fast Retailing Co. Ltd. | 2900 | 1764747 |
|  FUJIFILM Holdings Corp. | 17800 | 890026 |
|  Fujitsu Ltd. | 9700 | 1293180 |
|  Hitachi Ltd. | 47800 | 2405118 |
|  Honda Motor Co. Ltd. | 80400 | 1833844 |
|  Hoya Corp. | 17800 | 1704857 |
|  ITOCHU Corp. | 58600 | 1838443 |
|  Japan Post Bank Co. Ltd. | 20500 | 175745 |
|  Japan Post Holdings Co. Ltd. | 117200 | 986116 |
|  Japan Tobacco, Inc. | 59200 | 1193485 |
|  Kao Corp. | 23400 | 928990 |
|  KDDI Corp. | 79500 | 2410987 |
|  Keyence Corp. | 9600 | 3727147 |
|  Kirin Holdings Co. Ltd. | 40600 | 618802 |
|  Komatsu Ltd. | 45600 | 985604 |
|  Kubota Corp. | 50300 | 687170 |
|  Kyocera Corp. | 15800 | 784259 |
|  M3, Inc. | 21800 | 592160 |
|  Marubeni Corp. | 76300 | 874089 |
|  Mitsubishi Corp. | 62300 | 2022555 |
|  Mitsubishi Electric Corp. | 95300 | 944322 |
|  Mitsubishi Estate Co. Ltd. | 58300 | 755194 |
|  Mitsubishi UFJ Financial Group, Inc. | 589600 | 3958228 |
|  Mitsui & Co. Ltd. | 70700 | 2059187 |
|  Mitsui Fudosan Co. Ltd. | 44700 | 816981 |
|  Mizuho Financial Group, Inc. | 118900 | 1675098 |
|  MS&AD Insurance Group Holdings, Inc. | 22000 | 703336 |
|  Murata Manufacturing Co. Ltd. | 28300 | 1395619 |
|  Nexon Co. Ltd. | 23500 | 527591 |
|  Nidec Corp. | 22100 | 1137247 |
|  Nintendo Co. Ltd. | 54400 | 2287334 |
|  Nippon Paint Holdings Co. Ltd. | 40900 | 321232 |
|  Nippon Telegraph & Telephone Corp. | 58900 | 1679740 |
|  Nissan Motor Co. Ltd. | 114700 | 358945 |
|  Nomura Holdings, Inc. | 143800 | 532847 |
|  Nomura Research Institute Ltd. | 19600 | 465969 |
|  NTT Data Corp. | 31100 | 453212 |
|  Obic Co. Ltd. | 3400 | 499151 |
|  Olympus Corp. | 60300 | 1063546 |
|  Omron Corp. | 9200 | 444616 |
|  Oriental Land Co. Ltd. | 9900 | 1440689 |
|  ORIX Corp. | 59000 | 944393 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-290** 

------

**PACIFIC SELECT FUND** 

**PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Otsuka Holdings Co. Ltd. | 19200 | $| 626165 |
|  Panasonic Holdings Corp. | 109000 |  | 912223 |
|  Recruit Holdings Co. Ltd. | 71100 |  | 2225570 |
|  Renesas Electronics Corp. \* | 57800 |  | 510851 |
|  Secom Co. Ltd. | 10300 |  | 587696 |
|  Sekisui House Ltd. | 30300 |  | 537190 |
|  Seven & i Holdings Co. Ltd. | 37200 |  | 1594256 |
|  Shimano, Inc. | 3600 |  | 568868 |
|  Shin-Etsu Chemical Co. Ltd. | 18500 |  | 2259075 |
|  Shionogi & Co. Ltd. | 13100 |  | 653600 |
|  Shiseido Co. Ltd. | 19700 |  | 965570 |
|  SMC Corp. | 2800 |  | 1169150 |
|  SoftBank Corp. | 141500 |  | 1600883 |
|  SoftBank Group Corp. | 59500 |  | 2516429 |
|  Sompo Holdings, Inc. | 15400 |  | 681344 |
|  Sony Group Corp. | 62200 |  | 4740982 |
|  Sumitomo Corp. | 55600 |  | 924244 |
|  Sumitomo Mitsui Financial Group, Inc. | 64400 |  | 2590967 |
|  Sumitomo Realty & Development Co. Ltd. | 15300 |  | 360589 |
|  Suzuki Motor Corp. | 18200 |  | 582897 |
|  Sysmex Corp. | 8300 |  | 501076 |
|  Takeda Pharmaceutical Co. Ltd. | 74100 |  | 2315378 |
|  Terumo Corp. | 31800 |  | 901548 |
|  Tokio Marine Holdings, Inc. | 90600 |  | 1935432 |
|  Tokyo Electron Ltd. | 7400 |  | 2174332 |
|  Toshiba Corp. | 19200 |  | 667186 |
|  Toyota Industries Corp. | 7200 |  | 391145 |
|  Toyota Motor Corp. | 523000 |  | 7135050 |
|  Toyota Tsusho Corp. | 10500 |  | 386236 |
|  Unicharm Corp. | 19900 |  | 761896 |
|  Z Holdings Corp. | 131800 |  | 329173 |
|  |  |  | 114685901 |
|  **Luxembourg - 0.1%** | **Luxembourg - 0.1%** | **Luxembourg - 0.1%** | **Luxembourg - 0.1%** |
|  ArcelorMittal SA | 25995 |  | 685804 |
|  **Macau - 0.2%** | **Macau - 0.2%** | **Macau - 0.2%** | **Macau - 0.2%** |
|  Galaxy Entertainment Group Ltd. | 108000 |  | 710062 |
|  Sands China Ltd. \* | 118800 |  | 389691 |
|  |  |  | 1099753 |
|  **Netherlands - 5.2%** | **Netherlands - 5.2%** | **Netherlands - 5.2%** | **Netherlands - 5.2%** |
|  Adyen NV \* ~ | 1070 |  | 1485426 |
|  Akzo Nobel NV | 8965 |  | 601574 |
|  Argenx SE\* | 2717 |  | 1019978 |
|  ASML Holding NV | 20050 |  | 10932295 |
|  Heineken Holding NV | 4971 |  | 383912 |
|  Heineken NV | 12785 |  | 1204247 |
|  ING Groep NV | 185841 |  | 2263757 |
|  Koninklijke Ahold Delhaize NV | 51574 |  | 1482818 |
|  Koninklijke DSM NV | 8625 |  | 1059103 |
|  Koninklijke Philips NV | 43904 |  | 660633 |
|  Shell PLC | 358324 |  | 10101446 |
|  Universal Music Group NV | 35793 |  | 865570 |
|  Wolters Kluwer NV | 12944 |  | 1354398 |
|  |  |  | 33415157 |
|  **Norway - 0.5%** | **Norway - 0.5%** | **Norway - 0.5%** | **Norway - 0.5%** |
|  Aker BP ASA | 15539 |  | 482997 |
|  DNB Bank ASA | 45909 |  | 906708 |
|  Equinor ASA | 46992 |  | 1688904 |
|  Telenor ASA | 34601 |  | 323276 |
|  |  |  | 3401885 |
|  **Portugal - 0.1%** | **Portugal - 0.1%** | **Portugal - 0.1%** | **Portugal - 0.1%** |
|  EDP - Energias de Portugal SA | 136942 |  | 682629 |
|  **Singapore - 1.3%** | **Singapore - 1.3%** | **Singapore - 1.3%** | **Singapore - 1.3%** |
|  DBS Group Holdings Ltd. | 89354 |  | 2261693 |
|  Grab Holdings Ltd. Class A \* | 63497 |  | 204460 |
|  Oversea-Chinese Banking Corp. Ltd. | 166957 |  | 1518647 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  Sea Ltd. ADR \* | 17832 | $| 927799 |
|  Singapore Telecommunications Ltd. | 407700 |  | 781680 |
|  STMicroelectronics NV | 33721 |  | 1198310 |
|  United Overseas Bank Ltd. | 58200 |  | 1333120 |
|  |  |  | 8225709 |
|  **South Africa - 0.4%** | **South Africa - 0.4%** | **South Africa - 0.4%** | **South Africa - 0.4%** |
|  Anglo American PLC | 62682 |  | 2454619 |
|  **Spain - 2.3%** | **Spain - 2.3%** | **Spain - 2.3%** | **Spain - 2.3%** |
|  Aena SME SA \* ~ | 3689 |  | 462447 |
|  Amadeus IT Group SA\* | 22228 |  | 1153138 |
|  Banco Bilbao Vizcaya Argentaria SA | 299223 |  | 1802299 |
|  Banco Santander SA | 828579 |  | 2477544 |
|  CaixaBank SA (SIBE) | 218654 |  | 857296 |
|  Cellnex Telecom SA ~ | 26832 |  | 890050 |
|  EDP Renovaveis SA | 14238 |  | 313742 |
|  Endesa SA | 15678 |  | 295476 |
|  Ferrovial SA | 24052 |  | 629747 |
|  Iberdrola SA | 298084 |  | 3479680 |
|  Industria de Diseno Textil SA | 53805 |  | 1429116 |
|  Naturgy Energy Group SA | 7177 |  | 186523 |
|  Telefonica SA | 256716 |  | 929339 |
|  |  |  | 14906397 |
|  **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** |
|  Assa Abloy AB Class B | 49425 |  | 1063095 |
|  Atlas Copco AB Class A | 132515 |  | 1570090 |
|  Atlas Copco AB Class B | 76971 |  | 821254 |
|  EQT AB | 14735 |  | 313049 |
|  Essity AB Class B | 30027 |  | 786322 |
|  Evolution AB ~ | 9021 |  | 878685 |
|  H & M Hennes & Mauritz AB Class B | 36086 |  | 388878 |
|  Hexagon AB Class B | 96003 |  | 1006599 |
|  Investor AB Class A | 24600 |  | 457675 |
|  Investor AB Class B | 89904 |  | 1627348 |
|  Sandvik AB | 52607 |  | 950692 |
|  Skandinaviska Enskilda Banken AB Class A | 79715 |  | 917749 |
|  Svenska Handelsbanken AB Class A | 71953 |  | 724422 |
|  Swedbank AB Class A | 44675 |  | 759880 |
|  Telefonaktiebolaget LM Ericsson Class B | 143985 |  | 843667 |
|  Telia Co. AB | 131208 |  | 335272 |
|  Volvo AB Class A | 9990 |  | 189673 |
|  Volvo AB Class B | 74269 |  | 1341565 |
|  Volvo Car AB Class B \* | 29142 |  | 132696 |
|  |  |  | 15108611 |
|  **Switzerland - 5.4%** | **Switzerland - 5.4%** | **Switzerland - 5.4%** | **Switzerland - 5.4%** |
|  ABB Ltd. | 77564 |  | 2363957 |
|  Alcon, Inc. | 24654 |  | 1691732 |
|  Chocoladefabriken Lindt & Spruengli AG | 59 |  | 1064679 |
|  Cie Financiere Richemont SA Class A | 25753 |  | 3339132 |
|  Credit Suisse Group AG | 172118 |  | 513850 |
|  Givaudan SA | 456 |  | 1396685 |
|  Kuehne + Nagel International AG | 2683 |  | 623751 |
|  Lonza Group AG | 3676 |  | 1804458 |
|  Novartis AG | 106712 |  | 9657161 |
|  Partners Group Holding AG | 1121 |  | 992627 |
|  Schindler Holding AG | 3173 |  | 587608 |
|  SGS SA | 315 |  | 733742 |
|  Sika AG | 7209 |  | 1733067 |
|  Sonova Holding AG | 2650 |  | 629371 |
|  Swisscom AG | 1280 |  | 701198 |
|  UBS Group AG (XVTX) | 165234 |  | 3071075 |
|  Zurich Insurance Group AG | 7423 |  | 3548767 |
|  |  |  | 34452860 |
|  **United Arab Emirates - 0.0%** | **United Arab Emirates - 0.0%** | **United Arab Emirates - 0.0%** | **United Arab Emirates - 0.0%** |
|  NMC Health PLC \* | 4009 |  | 8 |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-291** 

------

**PACIFIC SELECT FUND** 

**PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom - 10.3%** | **United Kingdom - 10.3%** |  |
|  Ashtead Group PLC | 21743 | $1235106 |
|  Associated British Foods PLC | 17587 | 333428 |
|  AstraZeneca PLC | 76428 | 10342187 |
|  Aviva PLC | 138223 | 733224 |
|  BAE Systems PLC | 154379 | 1594488 |
|  Barclays PLC | 793393 | 1509677 |
|  BP PLC | 928167 | 5355469 |
|  British American Tobacco PLC | 105424 | 4170379 |
|  BT Group PLC | 341775 | 461490 |
|  CK Hutchison Holdings Ltd. | 132500 | 793787 |
|  Coca-Cola Europacific Partners PLC | 10137 | 560779 |
|  Compass Group PLC | 87097 | 2011246 |
|  Diageo PLC | 112304 | 4915754 |
|  Experian PLC | 45394 | 1537419 |
|  HSBC Holdings PLC | 984979 | 6104441 |
|  Imperial Brands PLC | 44503 | 1108619 |
|  Legal & General Group PLC | 294750 | 883699 |
|  Lloyds Banking Group PLC | 3365209 | 1836438 |
|  London Stock Exchange Group PLC | 16235 | 1394931 |
|  National Grid PLC | 180510 | 2162393 |
|  NatWest Group PLC | 262252 | 836382 |
|  Reckitt Benckiser Group PLC | 35292 | 2446312 |
|  RELX PLC | 94639 | 2616582 |
|  SSE PLC | 52677 | 1083404 |
|  Standard Chartered PLC | 123335 | 919896 |
|  Tesco PLC | 368381 | 992738 |
|  Unilever PLC | 125543 | 6338392 |
|  Vodafone Group PLC | 1303567 | 1320144 |
|  |  | 65598804 |
|  **United States - 7.0%** | **United States - 7.0%** | **United States - 7.0%** |
|  Brookfield Renewable Corp. Class A | 6312 | 173743 |
|  CSL Ltd. | 23759 | 4632866 |
|  GSK PLC | 200634 | 3467604 |
|  Haleon PLC \* | 250557 | 991358 |
|  Holcim AG \* | 27361 | 1416295 |
|  Nestle SA | 135655 | 15669421 |
|  Roche Holding AG | 35984 | 11401288 |
|  Schneider Electric SE | 26764 | 3758591 |
|  Stellantis NV | 108574 | 1542875 |
|  Swiss Re AG | 14888 | 1392048 |
|  |  | 44446089 |
|  Total Common Stocks <br>(Cost $621,141,416) |  | 629122761 |
|  | **Principal<br>Amount** |  |
|  **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** |
|  **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** | **Repurchase Agreement - 0.6%** |
|  Fixed Income Clearing Corp. <br>3.950% due 01/03/23 <br>(Dated 12/30/22, repurchase price of $3,600,802; collateralized by U.S. Treasury Notes: 1.125% due 02/29/28 and value $3,671,238) | $3599222 | 3599222 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
|  **U.S. Treasury Bills - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.542% due 01/26/23 ‡ | $300000 | $299257 |
|  Total Short-Term Investments <br>(Cost $3,898,969) |  | 3898479 |
|  **TOTAL INVESTMENTS - 99.5% <br>(Cost $629,751,623)** |  | 636479305 |
|  **DERIVATIVES - (0.1%)** |  | (291058) |
|  **OTHER ASSETS & LIABILITIES, NET - 0.6%** |  | 3649499 |
|  **NET ASSETS - 100.0%** |  | $639837746 |

---

**<u>Notes to Schedule of Investments</u>**

(a) As of December 31, 2022, the Fund's composition by sector as a percentage of net assets was as follows:

---

| | |
|:---|:---|
|  Consumer, Non-Cyclical | 26.0% |
|  Financial | 23.0% |
|  Consumer, Cyclical | 12.2% |
|  Industrial | 11.1% |
|  Energy | 7.3% |
|  Basic Materials | 6.2% |
|  Technology | 5.1% |
|  Communications | 5.0% |
|  Others (each less than 3.0%) | 3.6% |
|  | 99.5% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 0.6% |
|  | 100.0% |

---

(b) As of December 31, 2022, the Fund's composition by country of risk as a percentage of net assets was as
follows:

---

| | |
|:---|:---|
|  Japan | 17.9% |
|  Canada | 10.8% |
|  United Kingdom | 10.3% |
|  France | 10.2% |
|  United States (Includes Short-Term Investments) | 7.7% |
|  Germany | 7.5% |
|  Australia | 7.1% |
|  Switzerland | 5.4% |
|  Netherlands | 5.2% |
|  Others (each less than 3.0%) | 17.4% |
|  | 99.5% |
|  Derivatives | (0.1%) |
|  Other Assets & Liabilities, Net | 0.6% |
|  | 100.0% |

---

(c) As of December 31, 2022, an investment with a value of $299,257 was fully or partially segregated with the
broker(s)/custodian as collateral for open futures contracts.

(d) Open futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long Futures Outstanding | Expiration<br>Month | Number of<br>Contracts | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  MSCI EAFE Index | 03/23 | 71 | $7192376 | $6920370 | ($272006) |
|  S&P/TSX 60 Index | 03/23 | 4 | 710278 | 691226 | (19052) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | ($291058) |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-292** 

------

**PACIFIC SELECT FUND** 

**PD INTERNATIONAL LARGE-CAP INDEX PORTFOLIO** 

**Schedule of Investments (Continued)** 

**December 31, 2022** 

------

(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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Total Value at<br>December 31, 2022 | Level 1<br>Quoted Price | Level 2<br>Significant<br>Observable Inputs | Level 3<br>Significant<br>Unobservable Inputs |
|  Assets | Preferred Stocks | $3458065 | $— | $3458065 | $— |
|  | Common Stocks |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 45527484 | 2375694 | 43151790 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 282609 |  | 282609 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4259846 |  | 4259846 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 870662 | 870662 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 69336704 | 69103806 | 232898 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 4005539 |  | 4005539 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 18435446 |  | 18435446 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 6446988 |  | 6446988 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 65505879 |  | 65505879 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 44925434 |  | 44925434 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 16816696 |  | 16816696 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2191751 |  | 2191751 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 1480467 | 624618 | 855849 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 9873030 |  | 9873030 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 114685901 |  | 114685901 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 685804 |  | 685804 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | 1099753 |  | 1099753 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 33415157 | 1019978 | 32395179 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 3401885 |  | 3401885 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 682629 |  | 682629 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 8225709 | 1132259 | 7093450 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 2454619 |  | 2454619 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 14906397 |  | 14906397 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 15108611 |  | 15108611 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 34452860 |  | 34452860 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 8 |  | 8 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 65598804 | 560779 | 65038025 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 44446089 | 173743 | 44272346 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 629122761 | 75861539 | 553261222 |  |
|  | Short-Term Investments | 3898479 |  | 3898479 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 636479305 | 75861539 | 560617766 |  |
|  Liabilities | Derivatives: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (291058) | (291058) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | (291058) | (291058) |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $636188247 | $75570481 | $560617766 | $— |

---

*See Notes to Financial Statements* *See explanation of symbols and terms, if any, on page B-294*

**B-293** 

------

**PACIFIC SELECT FUND** 

**Schedule of Investments (Continued)** 

**Explanation of Symbols and Terms** 

**December 31, 2022** 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **[Explanation of Symbols:](#txb455674_100)** | &nbsp;&nbsp;&nbsp; **[Explanation of Symbols:](#txb455674_100)** |
| &nbsp;&nbsp;&nbsp;\* | *Non-income producing investments.* |
| &nbsp;&nbsp;&nbsp;^ | *Investments with their principal amount adjusted for inflation.* |
| &nbsp;&nbsp;&nbsp;§ | *Variable rate investments. The rate shown is based on the latest available information as of December 31, 2022. 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.* |
| &nbsp;&nbsp;&nbsp;y | *Issuer filed bankruptcy and/or is in default as of December 31, 2022. If the maturity date has expired, no date will be shown.* |
| &nbsp;&nbsp;&nbsp;∞ | *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.* |
| &nbsp;&nbsp;&nbsp;# | *Securities purchased on a when-issued basis. Rates do not take effect until settlement date.* |
| &nbsp;&nbsp;&nbsp;~ | *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.* |
| &nbsp;&nbsp;&nbsp;‡ | *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 December 31, 2022.* |
| &nbsp;&nbsp;&nbsp;W | *The values of these investments were determined by a valuation committee established under the Valuation Policy. The Board of Trustees ("Board") has designated Pacific Life Fund Advisors LLC ("PLFA") as its "valuation designee" for fair valuation determinations, and PLFA's Valuation Oversight Committee values the Funds' investments in accordance with the Valuation Policy. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.* |
| &nbsp;&nbsp;&nbsp;>> | *Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.* |
| &nbsp;&nbsp;&nbsp;± | *Investments categorized as a significant unobservable input (Level 3).* |
| &nbsp;&nbsp;&nbsp;f | *All or a portion of this senior loan is unfunded as of December 31, 2022. The interest rate for fully unfunded terms loans is to be determined.* |
| &nbsp;&nbsp;&nbsp;à | *Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Board.* |
| &nbsp;&nbsp;&nbsp; **Counterparty and Exchange Abbreviations:** | &nbsp;&nbsp;&nbsp; **Counterparty and Exchange Abbreviations:** |
| &nbsp;&nbsp;&nbsp;BNP | *BNP Paribas* |
| &nbsp;&nbsp;&nbsp;BNY | *Bank of New York Mellon* |
| &nbsp;&nbsp;&nbsp;BOA | *Bank of America* |
| &nbsp;&nbsp;&nbsp;BRC | *Barclays* |
| &nbsp;&nbsp;&nbsp;CBOE | *Chicago Board of Options Exchange* |
| &nbsp;&nbsp;&nbsp;CIT | *Citigroup* |
| &nbsp;&nbsp;&nbsp;CME | *Chicago Mercantile Exchange* |
| &nbsp;&nbsp;&nbsp;DUB | *Deutsche Bank* |
| &nbsp;&nbsp;&nbsp;GSC | *Goldman Sachs* |
| &nbsp;&nbsp;&nbsp;HSB | *HSBC* |
| &nbsp;&nbsp;&nbsp;ICE | *Intercontinental Exchange Inc* |
| &nbsp;&nbsp;&nbsp;JPM | *JPMorgan Chase* |
| &nbsp;&nbsp;&nbsp;LCH | *London Clearing House* |
| &nbsp;&nbsp;&nbsp;MSC | *Morgan Stanley* |
| &nbsp;&nbsp;&nbsp;OCC | *Options Clearing Corp* |
| &nbsp;&nbsp;&nbsp;RBC | *Royal Bank of Canada* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;SCB | *Standard Chartered Bank* |
| &nbsp;&nbsp;&nbsp;UBS | *UBS* |
| &nbsp;&nbsp;&nbsp; **Currency Abbreviations:** | &nbsp;&nbsp;&nbsp; **Currency Abbreviations:** |
| &nbsp;&nbsp;&nbsp;ARS | *Argentine Peso* |
| &nbsp;&nbsp;&nbsp;AUD | *Australian Dollar* |
| &nbsp;&nbsp;&nbsp;BRL | *Brazilian Real* |
| &nbsp;&nbsp;&nbsp;CAD | *Canadian Dollar* |
| &nbsp;&nbsp;&nbsp;CHF | *Swiss Franc* |
| &nbsp;&nbsp;&nbsp;CLP | *Chilean Peso* |
| &nbsp;&nbsp;&nbsp;CNH | *Renminbi Offshore (Hong Kong)* |
| &nbsp;&nbsp;&nbsp;CNY | *Chinese Renminbi* |
| &nbsp;&nbsp;&nbsp;COP | *Colombian Peso* |
| &nbsp;&nbsp;&nbsp;CZK | *Czech Koruna* |
| &nbsp;&nbsp;&nbsp;DKK | *Danish Krone* |
| &nbsp;&nbsp;&nbsp;EUR | *Euro* |
| &nbsp;&nbsp;&nbsp;GBP | *British Pound* |
| &nbsp;&nbsp;&nbsp;IDR | *Indonesian Rupiah* |
| &nbsp;&nbsp;&nbsp;INR | *Indian Rupee* |
| &nbsp;&nbsp;&nbsp;JPY | *Japanese Yen* |
| &nbsp;&nbsp;&nbsp;KRW | *Korean Won* |
| &nbsp;&nbsp;&nbsp;MXN | *Mexican Peso* |
| &nbsp;&nbsp;&nbsp;MYR | *Malaysian Ringgit* |
| &nbsp;&nbsp;&nbsp;NOK | *Norwegian Krone* |
| &nbsp;&nbsp;&nbsp;NZD | *New Zealand Dollar* |
| &nbsp;&nbsp;&nbsp;PEN | *Peruvian Nuevo Sol* |
| &nbsp;&nbsp;&nbsp;PLN | *Polish Zloty* |
| &nbsp;&nbsp;&nbsp;RON | *Romanian leu* |
| &nbsp;&nbsp;&nbsp;RUB | *Russian Ruble* |
| &nbsp;&nbsp;&nbsp;THB | *Thai Baht* |
| &nbsp;&nbsp;&nbsp;USD | *United States Dollar* |
| &nbsp;&nbsp;&nbsp;ZAR | *South African Rand* |
| &nbsp;&nbsp;&nbsp; **Reference Rate Abbreviations:** | &nbsp;&nbsp;&nbsp; **Reference Rate Abbreviations:** |
| &nbsp;&nbsp;&nbsp;LIBOR | *London Interbank Offered Rate* |
| &nbsp;&nbsp;&nbsp;SOFR | *Secured Overnight Financing Rate* |
| &nbsp;&nbsp;&nbsp;SONIA | *Sterling Overnight Index Average* |
| &nbsp;&nbsp;&nbsp;US FED | *United States Federal Reserve Bank Rate* |
| &nbsp;&nbsp;&nbsp;UST | *United State Treasury Rate* |
| &nbsp;&nbsp;&nbsp; **Payment Frequency Abbreviations:** | &nbsp;&nbsp;&nbsp; **Payment Frequency Abbreviations:** |
| &nbsp;&nbsp;&nbsp;A | *Annual* |
| &nbsp;&nbsp;&nbsp;L | *Lunar* |
| &nbsp;&nbsp;&nbsp;M | *Monthly* |
| &nbsp;&nbsp;&nbsp;Q | *Quarterly* |
| &nbsp;&nbsp;&nbsp;S | *Semiannual* |
| &nbsp;&nbsp;&nbsp;Z | *At Maturity* |
| &nbsp;&nbsp;&nbsp; **Other Abbreviations:** | &nbsp;&nbsp;&nbsp; **Other Abbreviations:** |
| &nbsp;&nbsp;&nbsp;ADR | *American Depositary Receipt* |
| &nbsp;&nbsp;&nbsp;GDR | *Global Depositary Receipt* |
| &nbsp;&nbsp;&nbsp;IO | *Interest Only* |
| &nbsp;&nbsp;&nbsp;NVDR | *Non-Voting Depositary Receipt* |
| &nbsp;&nbsp;&nbsp;NY | *New York Shares* |
| &nbsp;&nbsp;&nbsp;PIK | *Payment In Kind* |
| &nbsp;&nbsp;&nbsp;PO | *Principal Only* |
| &nbsp;&nbsp;&nbsp;REIT | *Real Estate Investment Trust* |
| &nbsp;&nbsp;&nbsp;SPAC | *Special Purpose Acquisition Company* |

---

Notes:

For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.

The sectors and countries (based on country of risk) listed in the Schedules of Investments are obtained from a third-party source that is not affiliated with the Trust or the investment adviser, and are believed to be reliable. Sector names, country names and weightings could be different if obtained from another source.

The credit spreads, if any, shown in the Schedules of Investments were obtained from published reports or other sources believed to be reliable, and are not audited by the Independent Registered Public Accounting Firm.

*See Notes to Financial Statements*

**B-294** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Core**<br>**Income<br>Portfolio** | **Diversified<br>Bond<br>Portfolio** | **Floating<br>Rate Income<br>Portfolio** | **High Yield<br>Bond<br>Portfolio** | **Inflation<br>Managed<br>Portfolio** | **Intermediate<br>Bond<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $454160176 | $2533004783 | $750029907 | $1003052468 | $698431153 | $1370743563 |
| Cash |  |  | 3339288 | 37478 |  | 279327 |
| Cash (segregated for derivative investments) |  | 15932368 |  |  | 1675000 |  |
| Foreign currency held, at value |  | 52317184 |  |  | 2893909 | 58 |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 4451340 | 17758918 | 7101504 | 18547359 | 2274678 | 8233550 |
| Fund shares sold | 108029 | 41095 | 11592 | 879 | 41875 | 10719 |
| Securities sold | 136230 | 190320274 | 10527818 | 619 | 363896587 |  |
| Variation margin on futures contracts |  | 5007218 |  |  | 356171 |  |
| Variation margin on swap agreements |  | 26116712 |  |  | 1460379 |  |
| Forward foreign currency contracts appreciation |  | 4836216 |  |  | 70571 |  |
| Outstanding purchased options, at value |  | 1047280 |  |  | 941815 |  |
| Swap agreements appreciation |  |  |  |  | 130998 |  |
| Prepaid expenses and other assets | 499 | 3137 | 817 | 1143 | 1529 | 1298 |
| Total Assets | 458856274 | 2846385185 | 771010926 | 1021639946 | 1072174665 | 1379268515 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 135984 | 149700 | 507854 | 484982 | 198813 | 338174 |
| Securities purchased | 12769885 | 421918752 | 35086660 | 856475 | 43351698 | 3529688 |
| Sale-buyback financing transactions |  |  |  |  | 355011984 |  |
| Due to custodian |  | 19496164 |  |  | 823187 |  |
| Due to broker |  |  |  |  | 250000 |  |
| Swap agreements |  | 1958 |  |  | 788 |  |
| Accrued advisory fees | 193146 | 833862 | 407602 | 354457 | 229725 | 475015 |
| Accrued service fees | 7405 | 104805 | 41413 | 38915 | 46580 | 1411 |
| Accrued support service expenses | 9544 | 51779 | 15172 | 21802 | 14360 | 29251 |
| Accrued custodian and portfolio accounting fees | 35969 | 322745 | 104845 | 49994 | 60806 | 57344 |
| Accrued shareholder report expenses | 5475 | 39520 | 8634 | 12566 | 7395 | 9868 |
| Accrued trustees' fees and deferred compensation | 9220 | 118489 | 19568 | 38593 | 27574 | 3289 |
| Accrued other | 14479 | 90029 | 72486 | 31837 | 20090 | 35464 |
| Forward foreign currency contracts depreciation |  | 6804382 |  |  | 1623668 |  |
| Outstanding options written, at value |  | 1542437 |  |  | 1539213 |  |
| Swap agreements depreciation |  |  |  |  | 2216505 |  |
| Total Liabilities | 13181107 | 451474622 | 36264234 | 1889621 | 405422386 | 4479504 |
| NET ASSETS | $445675167 | $2394910563 | $734746692 | $1019750325 | $666752279 | $1374789011 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | $402056652 | $1649316401 | $622496147 | $651021155 | $698068102 | $1545082746 |
| Undistributed/accumulated earnings (deficit) | 43618515 | 745594162 | 112250545 | 368729170 | (31315823) | (170293735) |
| NET ASSETS | $445675167 | $2394910563 | $734746692 | $1019750325 | $666752279 | $1374789011 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $42839111 | $603307579 | $241459044 | $220363710 | $269219593 | $8362764 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 3860388 | 62093554 | 17782090 | 24853992 | 23130319 | 962793 |
| Net Asset Value Per Share | $11.10 | $9.72 | $13.58 | $8.87 | $11.64 | $8.69 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $402836056 | $1791602984 | $493287648 | $799386615 | $397532686 | $1366426247 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 35749688 | 135617139 | 35643142 | 81759392 | 29861823 | 156948254 |
| Net Asset Value Per Share | $11.27 | $13.21 | $13.84 | $9.78 | $13.31 | $8.71 |
| Investments, at cost (excluding derivatives) | $516576225 | $2821595358 | $785885338 | $1123069489 | $789944682 | $1544024902 |
| Foreign currency held, at cost |  | 51656415 |  |  | 3606240 | 53 |
| Outstanding purchased options, at cost |  | 1546790 |  |  | 917742 |  |
| Premiums received from outstanding options written |  | 1279133 |  |  | 1214747 |  |

---

*See Notes to Financial Statements* 

**C-1** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed<br>Bond<br>Portfolio** | **Short<br>Duration<br>Bond<br>Portfolio** | **Emerging<br>Markets Debt<br>Portfolio** | **Dividend<br>Growth<br>Portfolio** | **Equity Index<br>Portfolio** | **Focused<br>Growth<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $3092656247 | $1146486398 | $220663976 | $1314169737 | $3654966437 | $913541598 |
| Cash | 69669 | 1541562 |  | 28960 | 21702 | 31114 |
| Cash (segregated for derivative investments) | 18200000 |  |  |  | 2034400 |  |
| Foreign currency held, at value | 5779113 | 18 | 1242125 | 91688 |  |  |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 16328458 | 7060287 | 4788813 | 1959770 | 3184168 | 390639 |
| Fund shares sold | 28233 | 16172 | 17 | 28301 | 911706 | 101427 |
| Securities sold | 1366737267 |  | 744447 | 439066 |  |  |
| Swap agreements |  |  | 85976 |  |  |  |
| Variation margin on futures contracts | 549388 |  | 1775309 |  |  |  |
| Variation margin on swap agreements | 2184314 |  | 4685823 |  |  |  |
| Forward foreign currency contracts appreciation | 609210 |  | 369946 |  |  |  |
| Outstanding purchased options, at value | 1772402 |  |  |  |  |  |
| Swap agreements appreciation | 99056 |  |  |  |  |  |
| Prepaid expenses and other assets | 2511 | 1294 | 2499 | 1457 | 4030 | 974 |
| Total Assets | 4505015868 | 1155105731 | 234358931 | 1316718979 | 3661122443 | 914065752 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 771809 | 853476 | 358871 | 553868 | 11287 | 4083 |
| Securities purchased | 1990189114 |  | 248121 | 467704 |  | 1870569 |
| Securities sold short, at value | 35549350 |  |  |  |  |  |
| Due to custodian |  |  | 380528 |  |  |  |
| Due to broker | 8923000 |  | 70000 |  |  |  |
| Swap agreements | 1508 |  |  |  |  |  |
| Variation margin on futures contracts |  | 1586993 |  |  | 97437 |  |
| Accrued advisory fees | 817984 | 396727 | 146940 | 743692 | 158387 | 563610 |
| Accrued service fees | 114994 | 74803 | 3717 | 96987 | 533266 | 37752 |
| Accrued support service expenses | 52354 | 24127 | 5019 | 28403 | 80013 | 20310 |
| Accrued custodian and portfolio accounting fees | 149447 | 71758 | 66301 | 50386 | 125406 | 42555 |
| Accrued shareholder report expenses | 28907 | 15078 | 5664 | 14755 | 39952 | 7919 |
| Accrued trustees' fees and deferred compensation | 122537 | 54405 | 19134 | 40037 | 91982 | 2306 |
| Accrued dividends and interest | 73761 |  |  |  |  | 3 |
| Accrued other (1) | 78008 | 35423 | 14319 | 40355 | 108801 | 26410 |
| Forward foreign currency contracts depreciation | 4819445 |  | 519603 |  |  |  |
| Outstanding options written, at value | 4294020 |  |  |  |  |  |
| Swap premiums received | 978137 |  |  |  |  |  |
| Swap agreements depreciation | 153378 |  |  |  |  |  |
| Total Liabilities | 2047117753 | 3112790 | 1838217 | 2036187 | 1246531 | 2575517 |
| NET ASSETS | $2457898115 | $1151992941 | $232520714 | $1314682792 | $3659875912 | $911490235 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | $1843534531 | $1077942011 | $171527824 | $154484614 | $213545668 | $1103607246 |
| Undistributed/accumulated earnings (deficit) | 614363584 | 74050930 | 60992890 | 1160198178 | 3446330244 | (192117011) |
| NET ASSETS | $2457898115 | $1151992941 | $232520714 | $1314682792 | $3659875912 | $911490235 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $662633125 | $427005388 | $21815136 | $563347873 | $3072628827 | $218361682 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 52217940 | 41797050 | 1974056 | 17064140 | 31583090 | 5232023 |
| Net Asset Value Per Share | $12.69 | $10.22 | $11.05 | $33.01 | $97.29 | $41.74 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $1795264990 | $724987553 | $210705578 | $751334919 | $587247085 | $693128553 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 127291915 | 67723742 | 18673064 | 20576134 | 5798117 | 16202500 |
| Net Asset Value Per Share | $14.10 | $10.71 | $11.28 | $36.51 | $101.28 | $42.78 |
| Investments, at cost (excluding derivatives) | $3336619293 | $1205505828 | $254272381 | $957716595 | $2313966064 | $1016168554 |
| Foreign currency held, at cost | 5793278 | 18 | 1182733 | 91414 |  |  |
| Proceeds from securities sold short | 35563875 |  |  |  |  |  |
| Outstanding purchased options, at cost | 1687800 |  |  |  |  |  |
| Premiums received from outstanding options written | 2819332 |  |  |  |  |  |

---

(1) Accrued other for the Equity Index Portfolio includes $74,101 in accrued audit fees.

*See Notes to Financial Statements* 

**C-2** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth<br>Portfolio** | **Hedged<br>Equity<br>Portfolio** | **Large-Cap<br>Core**<br>**Portfolio** | **Large-Cap<br>Growth<br>Portfolio** | **Large-Cap<br>Value**<br>**Portfolio** | **Mid-Cap<br>Equity<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $1190072314 | $159878701 | $1020240739 | $784413961 | $1126008811 | $599073143 |
| Cash |  | 75662 | 65521 |  |  |  |
| Cash (segregated for derivative investments) |  | 286000 |  |  |  |  |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 684640 | 157907 | 727954 | 227965 | 2466268 | 2813885 |
| Fund shares sold | 115194 | 1245 | 89176 | 139082 | 9641 | 2571 |
| Securities sold |  | 15373420 | 4156425 |  |  |  |
| Due from adviser |  | 5837 |  |  |  |  |
| Outstanding purchased options, at value |  | 3649584 |  |  |  |  |
| Prepaid expenses and other assets | 3582 | 144 | 1146 | 889 | 1255 | 667 |
| Total Assets | 1190875730 | 179428500 | 1025280961 | 784781897 | 1128485975 | 601890266 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 45741 | 34113 | 5517 | 53540 | 962559 | 85931 |
| Securities purchased |  | 15600064 | 5436958 |  |  | 303151 |
| Variation margin on futures contracts |  | 85770 |  |  |  |  |
| Accrued advisory fees | 569727 | 78486 | 399428 | 461571 | 590567 | 336926 |
| Accrued service fees | 110553 | 25576 | 91095 | 47817 | 73070 | 63048 |
| Accrued support service expenses | 26479 | 3048 | 22473 | 17846 | 24278 | 13039 |
| Accrued custodian and portfolio accounting fees | 53382 | 33957 | 41970 | 36538 | 42708 | 28928 |
| Accrued shareholder report expenses | 16222 | 852 | 12038 | 11555 | 13918 | 8628 |
| Accrued trustees' fees and deferred compensation | 63007 | 158 | 66806 | 45659 | 64662 | 32671 |
| Accrued dividends and interest | 41 |  |  | 7 |  |  |
| Accrued offering expenses |  | 22365 |  |  |  |  |
| Accrued other | 39847 | 3412 | 57203 | 25897 | 34174 | 19121 |
| Outstanding options written, at value |  | 3758838 |  |  |  |  |
| Total Liabilities | 924999 | 19646639 | 6133488 | 700430 | 1805936 | 891443 |
| NET ASSETS | $1189950731 | $159781861 | $1019147473 | $784081467 | $1126680039 | $600998823 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | ($216004237) | $163760380 | $166329215 | ($695083955) | ($1074074851) | $1587139960 |
| Undistributed/accumulated earnings (deficit) | 1405954968 | (3978519) | 852818258 | 1479165422 | 2200754890 | (986141137) |
| NET ASSETS | $1189950731 | $159781861 | $1019147473 | $784081467 | $1126680039 | $600998823 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $634577583 | $156133432 | $522328740 | $271861892 | $425091147 | $365129212 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 14213754 | 16112215 | 9582251 | 17768269 | 13235583 | 12911271 |
| Net Asset Value Per Share | $44.65 | $9.69 | $54.51 | $15.30 | $32.12 | $28.28 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $555373148 | $3648429 | $496818733 | $512219575 | $701588892 | $235869611 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 11435689 | 375241 | 8124284 | 28211637 | 19749697 | 6716434 |
| Net Asset Value Per Share | $48.56 | $9.72 | $61.15 | $18.16 | $35.52 | $35.12 |
| Investments, at cost (excluding derivatives) | $1014188123 | $170910276 | $1043675087 | $783248500 | $788983581 | $611978798 |
| Outstanding purchased options, at cost |  | 3639993 |  |  |  |  |
| Premiums received from outstanding options written |  | 3758004 |  |  |  |  |

---

*See Notes to Financial Statements* 

**C-3** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid-Cap<br>Growth<br>Portfolio** | **Mid-Cap<br>Value<br>Portfolio** | **Small-Cap<br>Equity<br>Portfolio** | **Small-Cap<br>Growth<br>Portfolio** | **Small-Cap<br>Index<br>Portfolio** | **Small-Cap<br>Value<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $806645374 | $650863014 | $298098339 | $262106560 | $644136938 | $401431591 |
| Cash |  | 23904 | 26336 |  | 70632 | 3532 |
| Cash (segregated for derivative investments) |  |  | 106800 |  | 463600 |  |
| Foreign currency held, at value |  |  | 11334 |  | 1363 |  |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 236011 | 587505 | 419418 | 100277 | 774554 | 277306 |
| Fund shares sold | 137109 | 6575 |  | 38864 | 50202 | 160838 |
| Securities sold | 1703577 | 58038 | 766084 |  |  |  |
| Prepaid expenses and other assets | 886 | 730 | 397 | 305 | 728 | 458 |
| Total Assets | 808722957 | 651539766 | 299428708 | 262246006 | 645498017 | 401873725 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 9 | 364036 | 68785 | 13 | 73560 | 178 |
| Securities purchased | 2514268 | 266311 | 687383 | 433138 |  | 272237 |
| Variation margin on futures contracts |  |  | 33300 |  | 81419 |  |
| Accrued advisory fees | 472484 | 391733 | 167117 | 134923 | 167633 | 259842 |
| Accrued service fees | 59920 | 22542 | 15593 | 25049 | 87208 | 34473 |
| Accrued support service expenses | 18106 | 13945 | 6466 | 5843 | 14197 | 8709 |
| Accrued custodian and portfolio accounting fees | 34982 | 30047 | 35599 | 24430 | 40332 | 22745 |
| Accrued shareholder report expenses | 9894 | 9361 | 3614 | 2778 | 8183 | 4995 |
| Accrued trustees' fees and deferred compensation | 25427 | 27698 | 12871 | 11640 | 29255 | 14707 |
| Accrued dividends and interest |  |  |  | 5 |  |  |
| Accrued other | 25989 | 20567 | 16426 | 8288 | 38874 | 13707 |
| Total Liabilities | 3161079 | 1146240 | 1047154 | 646107 | 540661 | 631593 |
| NET ASSETS | $805561878 | $650393526 | $298381554 | $261599899 | $644957356 | $401242132 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | ($123483043) | ($711148133) | ($139267284) | $162225085 | $140086717 | $54543182 |
| Undistributed/accumulated earnings (deficit) | 929044921 | 1361541659 | 437648838 | 99374814 | 504870639 | 346698950 |
| NET ASSETS | $805561878 | $650393526 | $298381554 | $261599899 | $644957356 | $401242132 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $344219456 | $130900684 | $90419594 | $145704853 | $502755749 | $199011898 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 15503468 | 5149542 | 3437467 | 6218007 | 18031640 | 7761596 |
| Net Asset Value Per Share | $22.20 | $25.42 | $26.30 | $23.43 | $27.88 | $25.64 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $461342422 | $519492842 | $207961960 | $115895046 | $142201607 | $202230234 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 18807672 | 13711661 | 6015627 | 4162649 | 4993516 | 6427698 |
| Net Asset Value Per Share | $24.53 | $37.89 | $34.57 | $27.84 | $28.48 | $31.46 |
| Investments, at cost (excluding derivatives) | $825696859 | $540344605 | $332180175 | $322455945 | $612581543 | $451210566 |
| Foreign currency held, at cost |  |  | 11326 |  | 1501 |  |

---

*See Notes to Financial Statements* 

**C-4** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>Portfolio** | **Value<br>Advantage<br>Portfolio** | **Emerging<br>Markets<br>Portfolio** | **International<br>Growth<br>Portfolio** | **International<br>Large-Cap<br>Portfolio** | **International<br>Small-Cap<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $921209627 | $755621418 | $688886319 | $507197817 | $1039955341 | $317781032 |
| Cash | 240808 |  | 45 | 2978452 |  |  |
| Foreign currency held, at value | 598 |  | 3751671 | 15086 | 35680 | 601819 |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 2296245 | 1584100 | 1028128 | 960280 | 10643821 | 1762244 |
| Fund shares sold |  | 240 | 224637 |  | 1730 | 141786 |
| Securities sold | 4667486 | 383105 | 5417605 |  | 6640168 | 24950 |
| Forward foreign currency contracts appreciation | 98299 |  |  |  |  |  |
| Prepaid expenses and other assets | 1021 | 849 | 4317 | 1541 | 5374 | 961 |
| Total Assets | 928514084 | 757589712 | 699312722 | 511153176 | 1057282114 | 320312792 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 1115592 | 368370 | 237719 | 367687 | 979618 | 354523 |
| Securities purchased |  |  | 42231 | 453286 |  |  |
| Accrued advisory fees | 507581 | 428379 | 481745 | 327099 | 683576 | 228388 |
| Accrued service fees | 42543 | 18762 | 54956 | 295 | 92279 | 12788 |
| Accrued support service expenses | 19570 | 16149 | 15505 | 11235 | 23179 | 6845 |
| Accrued custodian and portfolio accounting fees | 60275 | 32893 | 120719 | 55724 | 91841 | 76296 |
| Accrued shareholder report expenses | 10645 | 9630 | 12417 | 5574 | 15241 | 2564 |
| Accrued trustees' fees and deferred compensation | 32291 | 24640 | 58511 |  | 62169 | 23123 |
| Accrued foreign capital gains tax |  |  | 3179673 |  | 691571 |  |
| Accrued dividends and interest |  |  |  |  | 31 |  |
| Accrued offering expenses |  |  |  | 12558 |  |  |
| Accrued other | 28237 | 23802 | 24108 | 13200 | 31990 | 9553 |
| Forward foreign currency contracts depreciation | 328860 |  |  |  |  |  |
| Other liabilities |  |  | 1658 |  | 15349 | 50 |
| Total Liabilities | 2145594 | 922625 | 4229242 | 1246658 | 2686844 | 714130 |
| NET ASSETS | $926368490 | $756667087 | $695083480 | $509906518 | $1054595270 | $319598662 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | $16055872 | ($233076667) | $23103214 | $666950866 | ($79955610) | ($170337717) |
| Undistributed/accumulated earnings (deficit) | 910312618 | 989743754 | 671980266 | (157044348) | 1134550880 | 489936379 |
| NET ASSETS | $926368490 | $756667087 | $695083480 | $509906518 | $1054595270 | $319598662 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $249168843 | $109885005 | $318746157 | $1720118 | $533078412 | $75003787 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 12802892 | 4692168 | 19269007 | 221111 | 45623554 | 6811054 |
| Net Asset Value Per Share | $19.46 | $23.42 | $16.54 | $7.78 | $11.68 | $11.01 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $677199647 | $646782082 | $376337323 | $508186400 | $521516858 | $244594875 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 30182687 | 27089370 | 21797750 | 65170485 | 41191127 | 15985454 |
| Net Asset Value Per Share | $22.44 | $23.88 | $17.26 | $7.80 | $12.66 | $15.30 |
| Investments, at cost (excluding derivatives) | $896847984 | $593895818 | $747380611 | $607106969 | $915726856 | $373110627 |
| Foreign currency held, at cost | 593 |  | 3746347 | 15088 | 35674 | 589474 |

---

*See Notes to Financial Statements* 

**C-5** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International<br>Value<br>Portfolio** | **Health<br>Sciences<br>Portfolio** | **Real Estate<br>Portfolio** | **Technology<br>Portfolio** | **ESG<br>Diversified<br>Portfolio** | **ESG<br>Diversified<br>Growth<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $953464711 | $426583137 | $435888359 | $197338880 | $17388075 | $11176268 |
| Investments in affiliated mutual funds, at value |  |  |  |  | 2482737 | 598676 |
| Cash | 10388 |  |  |  |  |  |
| Foreign currency held, at value | 1322954 | 116 |  |  |  |  |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 8506182 | 442944 | 2528434 | 28662 | 8264 | 2415 |
| Fund shares sold |  | 4940 | 172844 | 339962 | 200 | 6997 |
| Securities sold | 4945864 |  | 756368 |  | 132 |  |
| Due from adviser |  |  |  |  | 4301 |  |
| Forward foreign currency contracts appreciation |  | 119527 |  |  |  |  |
| Outstanding purchased options, at value |  |  |  | 969234 |  |  |
| Prepaid expenses and other assets | 5107 | 459 | 1436 | 2472 | 28 | 18 |
| Total Assets | 968255206 | 427151123 | 439347441 | 198679210 | 19883737 | 11784374 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 1946264 | 60929 |  |  | 332 | 36 |
| Securities purchased | 2194681 | 138802 |  |  | 8265 | 9376 |
| Accrued advisory fees | 536433 | 329871 | 284186 | 154970 | 3392 | 7254 |
| Accrued service fees | 49068 | 72990 | 35545 | 34249 | 3312 | 1932 |
| Accrued support service expenses | 20640 | 9209 | 9552 | 4478 | 427 | 211 |
| Accrued custodian and portfolio accounting fees | 143950 | 23468 | 23221 | 18158 | 15032 | 15692 |
| Accrued shareholder report expenses | 13194 | 4613 | 5717 | 2444 | 148 | 115 |
| Accrued trustees' fees and deferred compensation | 47750 | 11531 | 20758 | 5376 |  | 8 |
| Accrued foreign capital gains tax | 386817 |  |  |  |  |  |
| Accrued dividends and interest |  |  |  | 8 |  |  |
| Accrued offering expenses |  |  |  |  | 22475 | 12675 |
| Accrued other  | 27463 | 12887 | 14511 | 7002 | 2187 | 1951 |
| Forward foreign currency contracts depreciation |  | 5309 |  |  |  |  |
| Other liabilities | 699 |  |  |  |  |  |
| Total Liabilities | 5366959 | 669609 | 393490 | 226685 | 55570 | 49250 |
| NET ASSETS | $962888247 | $426481514 | $438953951 | $198452525 | $19828167 | $11735124 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | $1692267207 | ($55995065) | $366910075 | $120155598 | $22087840 | $13645531 |
| Undistributed/accumulated earnings (deficit) | (729378960) | 482476579 | 72043876 | 78296927 | (2259673) | (1910407) |
| NET ASSETS | $962888247 | $426481514 | $438953951 | $198452525 | $19828167 | $11735124 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $288051538 | $424635398 | $204962148 | $197336742 | $19257089 | $11209968 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 20453206 | 6964194 | 6901256 | 18670056 | 2157700 | 1353692 |
| Net Asset Value Per Share | $14.08 | $60.97 | $29.70 | $10.57 | $8.92 | $8.28 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $674836709 | $1846116 | $233991803 | $1115783 | $571078 | $525156 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 42430070 | 27412 | 7492377 | 82719 | 63773 | 63308 |
| Net Asset Value Per Share | $15.90 | $67.35 | $31.23 | $13.49 | $8.95 | $8.30 |
| Investments, at cost (excluding derivatives) | $900256821 | $358921745 | $450401616 | $198083813 | $19343627 | $12479952 |
| Investments in affiliated mutual funds, at cost |  |  |  |  | 2828806 | 663746 |
| Foreign currency held, at cost | 1325066 | 116 |  |  |  |  |
| Outstanding purchased options, at cost |  |  |  | 750146 |  |  |

---

*See Notes to Financial Statements* 

**C-6** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSF Avantis<br>Balanced<br>Allocation<br>Portfolio** | **Pacific**<br>**Dynamix–**<br>**Conservative<br>Growth<br>Portfolio** | **Pacific**<br>**Dynamix–**<br>**Moderate<br>Growth<br>Portfolio** | **Pacific**<br>**Dynamix–**<br>**Growth<br>Portfolio** | **Portfolio<br>Optimization<br>Conservative<br>Portfolio** | **Portfolio<br>Optimization<br>Moderate-<br>Conservative<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $324117088 | $— | $— | $— | $— | $— |
| Investments in affiliated mutual funds, at value |  | 518518435 | 2389185284 | 1724438874 | 1166801367 | 1651178857 |
| Cash | 1735480 |  |  |  |  |  |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 141520 |  |  |  |  |  |
| Fund shares sold | 10730 | 881 | 614 | 493100 | 40 | 481 |
| Securities sold | 3357 | 124397 | 321668 | 410777 | 1110821 | 1075056 |
| Due from adviser |  | 27718 |  | 30421 |  |  |
| Prepaid expenses and other assets | 2355 | 849 | 3833 | 2656 | 1915 | 2727 |
| Total Assets | 326010530 | 518672280 | 2389511399 | 1725375828 | 1167914143 | 1652257121 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 14087 | 125278 | 322282 | 903877 | 1110861 | 1075537 |
| Securities purchased | 150040 |  |  |  |  |  |
| Accrued advisory fees | 39440 | 89426 | 447896 | 297789 | 100925 | 142841 |
| Accrued distribution fees | 13973 |  |  |  |  |  |
| Accrued service fees | 55890 | 88424 | 407043 | 293297 | 201814 | 285635 |
| Accrued support service expenses | 6749 | 11132 | 51733 | 37328 | 24974 | 35484 |
| Accrued custodian and portfolio accounting fees | 14841 | 14973 | 15203 | 15012 | 17391 | 17483 |
| Accrued shareholder report expenses | 3314 | 10804 | 28178 | 16241 | 15419 | 22919 |
| Accrued trustees' fees and deferred compensation | 2918 | 12267 | 50459 | 16283 | 45419 | 70347 |
| Accrued other | 9367 | 16775 | 68968 | 48069 | 35094 | 49461 |
| Total Liabilities | 310619 | 369079 | 1391762 | 1627896 | 1551897 | 1699707 |
| NET ASSETS | $325699911 | $518303201 | $2388119637 | $1723747932 | $1166362246 | $1650557414 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | $276157969 | $314063801 | $1301229655 | $1299533001 | $378655896 | $13780584 |
| Undistributed/accumulated earnings (deficit) | 49541942 | 204239400 | 1086889982 | 424214931 | 787706350 | 1636776830 |
| NET ASSETS | $325699911 | $518303201 | $2388119637 | $1723747932 | $1166362246 | $1650557414 |
| **Class D Shares:** |  |  |  |  |  |  |
| Net Assets | $323005979 |  |  |  |  |  |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 22453602 |  |  |  |  |  |
| Net Asset Value Per Share | $14.39 |  |  |  |  |  |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets |  | $512069000 | $2352022388 | $1697274323 | $1166154230 | $1650280634 |
| Shares outstanding, $.001 par value (unlimited shares authorized) |  | 28828240 | 100057465 | 61771889 | 88188397 | 109035621 |
| Net Asset Value Per Share |  | $17.76 | $23.51 | $27.48 | $13.22 | $15.14 |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $2693932 | $6234201 | $36097249 | $26473609 | $208016 | $276780 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 185767 | 348751 | 1525777 | 957355 | 15630 | 18171 |
| Net Asset Value Per Share | $14.50 | $17.88 | $23.66 | $27.65 | $13.31 | $15.23 |
| Investments, at cost (excluding derivatives) | $320184045 | $— | $— | $— | $— | $— |
| Investments in affiliated mutual funds, at cost |  | 500629592 | 2139408062 | 1622654417 | 1204718241 | 1604499854 |

---

*See Notes to Financial Statements* 

**C-7** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Portfolio<br>Optimization<br>Moderate<br>Portfolio** | **Portfolio<br>Optimization<br>Growth<br>Portfolio** | **Portfolio<br>Optimization<br>Aggressive-<br>Growth<br>Portfolio** | **PD 1-3 Year<br>Corporate<br>Bond<br>Portfolio** | **PD Aggregate<br>Bond Index<br>Portfolio** | **PD High<br>Yield Bond<br>Market<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $— | $— | $— | $170779901 | $1043477411 | $356740362 |
| Investments in affiliated mutual funds, at value | 7073166210 | 6488322528 | 1539546338 |  |  |  |
| Cash |  |  |  |  | 1073 | 51025 |
| Foreign currency held, at value |  |  |  |  |  | 6 |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest |  |  |  | 1307607 | 5926707 | 6449620 |
| Fund shares sold | 20762 | 16530 | 843 |  |  |  |
| Securities sold | 2432845 | 2734387 | 670068 |  | 32787 | 96394 |
| Prepaid expenses and other assets | 11567 | 10517 | 2476 | 187 | 1131 | 402 |
| Total Assets | 7075631384 | 6491083962 | 1540219725 | 172087695 | 1049439109 | 363337809 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed | 2453607 | 2750917 | 670911 | 27977 | 15619 | 29605 |
| Securities purchased |  |  |  | 3361277 | 22601653 | 889069 |
| Accrued advisory fees | 611163 | 560499 | 133109 | 24738 | 125364 | 55993 |
| Accrued service fees | 1222050 | 1120428 | 265839 |  |  |  |
| Accrued support service expenses | 152348 | 140528 | 33597 | 3474 | 21802 | 7651 |
| Accrued custodian and portfolio accounting fees | 17857 | 18326 | 18426 | 26520 | 137546 | 55596 |
| Accrued shareholder report expenses | 96073 | 85515 | 19867 | 2237 | 12104 | 3989 |
| Accrued trustees' fees and deferred compensation | 270840 | 228722 | 50542 | 4315 | 20429 | 6598 |
| Accrued other | 204368 | 186849 | 45730 | 5069 | 28362 | 10724 |
| Total Liabilities | 5028306 | 5091784 | 1238021 | 3455607 | 22962879 | 1059225 |
| NET ASSETS | $7070603078 | $6485992178 | $1538981704 | $168632088 | $1026476230 | $362278584 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | ($467378854) | ($1101465389) | ($242655596) | $154092034 | $981607495 | $280388883 |
| Undistributed/accumulated earnings (deficit) | 7537981932 | 7587457567 | 1781637300 | 14540054 | 44868735 | 81889701 |
| NET ASSETS | $7070603078 | $6485992178 | $1538981704 | $168632088 | $1026476230 | $362278584 |
| **Class I Shares:** |  |  |  |  |  |  |
| Net Assets | $7068997388 | $6482636593 | $1536559907 |  |  |  |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 417587106 | 344943588 | 77956499 |  |  |  |
| Net Asset Value Per Share | $16.93 | $18.79 | $19.71 |  |  |  |
| **Class P Shares:** |  |  |  |  |  |  |
| Net Assets | $1605690 | $3355585 | $2421797 | $168632088 | $1026476230 | $362278584 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 94253 | 177423 | 122091 | 15365691 | 84848930 | 21381453 |
| Net Asset Value Per Share | $17.04 | $18.91 | $19.84 | $10.97 | $12.10 | $16.94 |
| Investments, at cost | $— | $— | $— | $177625334 | $1189390125 | $406663777 |
| Investments in affiliated mutual funds, at cost | 6612911355 | 5805239057 | 1339388095 |  |  |  |
| Foreign currency held, at cost |  |  |  |  |  | 6 |

---

*See Notes to Financial Statements* 

**C-8** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PD Large-Cap<br>Growth Index<br>Portfolio** | **PD Large-Cap<br>Value Index<br>Portfolio** | **PD Mid-Cap<br>Index<br>Portfolio** | **PD Small-Cap<br>Growth Index<br>Portfolio** | **PD Small-Cap<br>Value Index<br>Portfolio** | **PD Emerging<br>Markets Index<br>Portfolio** |
| **ASSETS** |  |  |  |  |  |  |
| Investments, at value (excluding derivatives) | $839455663 | $876861375 | $408935069 | $68041942 | $136983477 | $103107540 |
| Cash | 354746 | 49273 | 38445 | 10050 | 16294 | 58269 |
| Cash (segregated for derivative investments) | 459000 | 367000 | 221000 | 23000 | 79400 | 95080 |
| Foreign currency held, at value |  |  |  |  |  | 459089 |
| Receivables: |  |  |  |  |  |  |
| Dividends and interest | 286013 | 1236914 | 574042 | 35893 | 249238 | 248692 |
| Securities sold |  |  |  |  |  | 2162 |
| Prepaid expenses and other assets | 929 | 963 | 452 | 79 | 154 | 2562 |
| Total Assets | 840556351 | 878515525 | 409769008 | 68110964 | 137328563 | 103973394 |
| **LIABILITIES** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| Fund shares redeemed |  | 263821 | 12186 |  |  | 41565 |
| Securities purchased | 984116 |  | 200631 | 49014 | 223183 | 2001 |
| Variation margin on futures contracts | 360414 | 67761 | 45386 | 8841 | 19671 | 68699 |
| Accrued advisory fees | 93101 | 95557 | 47568 | 8229 | 16573 | 14692 |
| Accrued support service expenses | 18729 | 18850 | 8958 | 1495 | 2989 | 2288 |
| Accrued custodian and portfolio accounting fees | 38535 | 40030 | 27395 | 17996 | 21920 | 102240 |
| Accrued shareholder report expenses | 8882 | 9042 | 4211 | 787 | 1476 | 1803 |
| Accrued trustees' fees and deferred compensation | 14687 | 15323 | 1116 | 1997 | 2609 | 4741 |
| Accrued foreign capital gains tax |  |  |  |  |  | 205722 |
| Accrued dividends and interest |  |  |  |  |  | 597 |
| Accrued other | 36206 | 38511 | 22510 | 4735 | 7748 | 18592 |
| Total Liabilities | 1554670 | 548895 | 369961 | 93094 | 296169 | 462940 |
| NET ASSETS | $839001681 | $877966630 | $409399047 | $68017870 | $137032394 | $103510454 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| Paid-in capital | $128915039 | $299798432 | $355866348 | $7034218 | $48781113 | $61133261 |
| Undistributed/accumulated earnings (deficit) | 710086642 | 578168198 | 53532699 | 60983652 | 88251281 | 42377193 |
| NET ASSETS | $839001681 | $877966630 | $409399047 | $68017870 | $137032394 | $103510454 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 14424987 | 21944853 | 36043677 | 1957374 | 4413778 | 6373744 |
| Net Asset Value Per Share | $58.16 | $40.01 | $11.36 | $34.75 | $31.05 | $16.24 |
| Investments, at cost (excluding derivatives) | $774558138 | $778920415 | $419223130 | $81680388 | $159322338 | $135750276 |
| Foreign currency held, at cost |  |  |  |  |  | 455756 |

---

*See Notes to Financial Statements* 

**C-9** 

------

---

| | |
|:---|:---|
|  | **PD International<br>Large-Cap<br>Index**<br>**Portfolio** |
| **ASSETS** |  |
| Investments, at value (excluding derivatives) | $636479305 |
| Cash | 291075 |
| Cash (segregated for derivative investments) | 95983 |
| Foreign currency held, at value | 243367 |
| Receivables: |  |
| Dividends and interest | 3752332 |
| Securities sold |  |
| Prepaid expenses and other assets | 1830 |
| Total Assets | 640863892 |
| **LIABILITIES** |  |
| Payables: |  |
| Fund shares redeemed | 466069 |
| Securities purchased | 24345 |
| Variation margin on futures contracts | 290888 |
| Accrued advisory fees | 83062 |
| Accrued support service expenses | 13996 |
| Accrued custodian and portfolio accounting fees | 73705 |
| Accrued shareholder report expenses | 6868 |
| Accrued trustees' fees and deferred compensation | 11423 |
| Accrued foreign capital gains tax |  |
| Accrued dividends and interest |  |
| Accrued other | 55790 |
| Total Liabilities | 1026146 |
| NET ASSETS | $639837746 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | $430670258 |
| Undistributed/accumulated earnings (deficit) | 209167488 |
| NET ASSETS | $639837746 |
| Shares outstanding, $.001 par value (unlimited shares authorized) | 29556094 |
| Net Asset Value Per Share | $21.65 |
| Investments, at cost (excluding derivatives) | $629751623 |
| Foreign currency held, at cost | 243111 |

---

**PACIFIC SELECT FUND** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

*See Notes to Financial Statements* 

**C-10** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core**<br>**Income**<br>**Portfolio** | **Diversified<br>Bond<br>Portfolio** | **Floating Rate<br>Income<br>Portfolio** | **High Yield<br>Bond<br>Portfolio** | **Inflation<br>Managed<br>Portfolio** | **Intermediate<br>Bond<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $— | $— | $830888 | $122624 | $— | $— |
| Interest, net of foreign taxes withheld | 17683343 | 121792861 | 42811821 | 66566135 | 52598829 | 30610727 |
| Total Investment Income | 17683343 | 121792861 | 43642709 | 66688759 | 52598829 | 30610727 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 2519589 | 13538575 | 4515313 | 4484384 | 2706037 | 4780010 |
| Service fees - Class I | 87953 | 1231695 | 501555 | 502496 | 598724 | 8657 |
| Support services expenses | 39520 | 256945 | 54265 | 87981 | 52942 | 98300 |
| Custodian fees and expenses | 10519 | 468681 | 14611 | 11987 | 86457 | 20042 |
| Portfolio accounting fees | 103236 | 531546 | 287456 | 136219 | 100298 | 151265 |
| Shareholder report expenses | 6823 | 47204 | 8516 | 14979 | 8584 | 15399 |
| Legal and audit fees | 16780 | 111925 | 26067 | 38031 | 24591 | 42050 |
| Trustees' fees | 11229 | 60424 | 11100 | 19890 | 10191 | 21462 |
| Interest expense | 3087 | 74507 | 21712 | 7555 | 561988 | 11014 |
| Other | 14593 | 75692 | 15556 | 28467 | 18255 | 24408 |
| Total Expenses | 2813329 | 16397194 | 5456151 | 5331989 | 4168067 | 5172607 |
| Advisory Fee Waiver |  |  | (89748) |  |  |  |
| Net Expenses | 2813329 | 16397194 | 5366403 | 5331989 | 4168067 | 5172607 |
| NET INVESTMENT INCOME (LOSS) | 14870014 | 105395667 | 38276306 | 61356770 | 48430762 | 25438120 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions, net of foreign capital gains tax withheld | (17799486) | (234522916) | (7549194) | (20544876) | (14547053) | (34512699) |
| Foreign currency transactions |  | (4024051) |  |  | (882086) |  |
| Forward foreign currency contract transactions |  | (12317267) |  |  | 9442991 |  |
| Futures contract transactions |  | (324796936) |  |  | 17613938 |  |
| Purchased option transactions |  | (15598995) |  |  |  |  |
| Written option transactions |  | 45677422 |  |  | 210634 |  |
| Swap transactions |  | 32561288 |  |  | (8145886) |  |
| Net Realized Gain (Loss) | (17799486) | (513021455) | (7549194) | (20544876) | 3692538 | (34512699) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities, net of deferred foreign capital gains tax | (68294107) | (388034932) | (38544812) | (171051208) | (139402904) | (163923858) |
| Foreign currencies |  | 1489654 |  |  | 158541 | 4 |
| Forward foreign currency contracts |  | (4323347) |  |  | (1391201) |  |
| Futures contracts |  | 2109556 |  |  | 2371751 |  |
| Purchased options |  | (470719) |  |  | (434953) |  |
| Swaps |  | 38277711 |  |  | (3441701) |  |
| Written options |  | (487007) |  |  | 24749 |  |
| Change in Net Unrealized Appreciation (Depreciation) | (68294107) | (351439084) | (38544812) | (171051208) | (142115718) | (163923854) |
| NET GAIN (LOSS) | (86093593) | (864460539) | (46094006) | (191596084) | (138423180) | (198436553) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($71223579) | ($759064872) | ($7817700) | ($130239314) | ($89992418) | ($172998433) |
| Foreign taxes withheld on dividends and interest | $1256 | $229637 | $— | $200 | $— | $— |
| Foreign capital gains tax withheld |  | 4374 |  |  |  |  |
| Change in deferred foreign capital gains tax |  | (75829) |  |  |  |  |

---

*See Notes to Financial Statements* 

**C-11** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Bond<br>Portfolio** | **Short<br>Duration Bond<br>Portfolio** | **Emerging<br>Markets Debt<br>Portfolio** | **Dividend<br>Growth<br>Portfolio** | **Equity Index<br>Portfolio** | **Focused<br>Growth<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $1948862 | $— | $43802 | $24481977 | $63495068 | $6180570 |
| Interest, net of foreign taxes withheld | 73722604 | 29398689 | 19687213 | 626816 | 397734 | 458420 |
| Total Investment Income | 75671466 | 29398689 | 19731015 | 25108793 | 63892802 | 6638990 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 9656939 | 5076874 | 2365930 | 9418996 | 1930987 | 6580179 |
| Service fees - Class I | 1474434 | 928788 | 64264 | 1147446 | 6620739 | 495445 |
| Support services expenses | 193510 | 98903 | 23874 | 115646 | 313152 | 74200 |
| Custodian fees and expenses | 179675 | 43984 | 124484 | 18638 | 47684 | 12017 |
| Portfolio accounting fees | 266097 | 175334 | 79772 | 138529 | 338413 | 100076 |
| Shareholder report expenses | 31934 | 16907 | 7457 | 19481 | 51772 | 11813 |
| Legal and audit fees | 82444 | 43074 | 9412 | 48809 | 135928 | 33593 |
| Trustees' fees | 49898 | 22542 | 9098 | 25645 | 64207 | 12662 |
| Interest expense | 186081 | 9107 | 133396 | 7767 | 34950 | 7258 |
| Other | 60572 | 30017 | 13444 | 33544 | 78214 | 18800 |
| Total Expenses | 12181584 | 6445530 | 2831131 | 10974501 | 9616046 | 7346043 |
| Advisory Fee Waiver | (362135) |  | (150696) |  |  |  |
| Net Expenses | 11819449 | 6445530 | 2680435 | 10974501 | 9616046 | 7346043 |
| NET INVESTMENT INCOME (LOSS) | 63852017 | 22953159 | 17050580 | 14134292 | 54276756 | (707053) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions, net of foreign capital gains tax withheld | (108931685) | (12946228) | (65326532) | 193359392 | 112877236 | (107322659) |
| Foreign currency transactions | (486796) |  | 124441 | 11310 |  | (11359) |
| Forward foreign currency contract transactions | 12887575 |  | 4042009 |  |  |  |
| Futures contract transactions | (24576460) | (8940391) | 1785349 |  | (2340112) |  |
| Purchased option transactions | (60720) |  |  |  |  |  |
| Written option transactions | (724586) |  |  |  |  |  |
| Swap transactions | (5704255) |  | 5406909 |  |  |  |
| Net Realized Gain (Loss) | (127596927) | (21886619) | (53967824) | 193370702 | 110537124 | (107334018) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities, net of deferred foreign capital gains tax | (304377660) | (63321551) | 1024330 | (387035194) | (977143587) | (283894781) |
| Foreign currencies | 118650 |  | 15658 | (7437) |  | (826) |
| Forward foreign currency contracts | (1430959) |  | (58211) |  |  |  |
| Futures contracts | 5213848 | 963214 | (346522) |  | (1320886) |  |
| Purchased options | 84602 |  |  |  |  |  |
| Short positions | 14525 |  |  |  |  |  |
| Swaps | (12659732) |  | (538846) |  |  |  |
| Written options | (1635572) |  |  |  |  |  |
| Change in Net Unrealized Appreciation (Depreciation) | (314672298) | (62358337) | 96409 | (387042631) | (978464473) | (283895607) |
| NET GAIN (LOSS) | (442269225) | (84244956) | (53871415) | (193671929) | (867927349) | (391229625) |
| NET INCREASE (DECREASE) IN NET ASSETS<br>RESULTING FROM OPERATIONS | ($378417208) | ($61291797) | ($36820835) | ($179537637) | ($813650593) | ($391936678) |
| Foreign taxes withheld on dividends and interest | $73049 | $— | $24654 | $98789 | $22313 | $110059 |
| Foreign capital gains tax withheld |  |  | 11982 |  |  |  |
| Change in deferred foreign capital gains tax |  |  | (20359) |  |  |  |

---

*See Notes to Financial Statements* 

**C-12** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth<br>Portfolio** | **Hedged<br>Equity<br>Portfolio** | **Large-Cap<br>Core<br>Portfolio** | **Large-Cap<br>Growth**<br>**Portfolio** | **Large-Cap<br>Value<br>Portfolio** | **Mid-Cap<br>Equity<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $8547050 | $1698385 | $17979088 | $6436365 | $24954897 | $13288207 |
| Interest, net of foreign taxes withheld | 581989 | 38066 | 173233 | 273481 | 222483 | 68718 |
| Total Investment Income | 9129039 | 1736451 | 18152321 | 6709846 | 25177380 | 13356925 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 7918629 | 641072 | 4867726 | 6592611 | 7272865 | 4351859 |
| Service fees - Class I | 1464537 | 210270 | 1167375 | 657284 | 867137 | 798854 |
| Support services expenses | 113938 | 9082 | 86514 | 73267 | 96311 | 53721 |
| Custodian fees and expenses | 16924 | 46048 | 20891 | 13532 | 12349 | 11564 |
| Portfolio accounting fees | 141824 | 56920 | 111577 | 98960 | 117324 | 77193 |
| Shareholder report expenses | 20121 | 51 | 14339 | 12599 | 15881 | 9012 |
| Legal and audit fees | 46027 | 4241 | 39435 | 30514 | 41368 | 22846 |
| Trustees' fees | 28496 | 1872 | 18786 | 19117 | 21368 | 13197 |
| Interest expense | 8072 | 478 | 6512 | 4790 | 6224 | 5091 |
| Offering expenses |  | 7962 |  |  |  |  |
| Other | 37566 | 6509 | 24688 | 22481 | 28929 | 18404 |
| Total Expenses | 9796134 | 984505 | 6357843 | 7525155 | 8479756 | 5361741 |
| Advisory Fee Waiver |  |  |  | (415722) |  |  |
| Adviser Reimbursement |  | (25072) |  |  |  |  |
| Net Expenses | 9796134 | 959433 | 6357843 | 7109433 | 8479756 | 5361741 |
| NET INVESTMENT INCOME (LOSS) | (667095) | 777018 | 11794478 | (399587) | 16697624 | 7995184 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions | 176396428 | (1595263) | 64139266 | (1058344) | 47815404 | (8977356) |
| Foreign currency transactions | 5214 |  | (9185) | (23243) |  |  |
| Futures contract transactions |  | (247741) | (269021) |  |  |  |
| Purchased option transactions |  | (1797316) |  |  |  |  |
| Written option transactions |  | 12736392 |  |  |  |  |
| Net Realized Gain (Loss) | 176401642 | 9096072 | 63861060 | (1081587) | 47815404 | (8977356) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities | (785583347) | (15758940) | (334524755) | (471641550) | (152518010) | (128270536) |
| Foreign currencies | (963) |  | (6550) | (335) | (8009) | (47) |
| Futures contracts |  | (81898) |  |  |  |  |
| Purchased options |  | 9963 |  |  |  |  |
| Written options |  | 2762 |  |  |  |  |
| Change in Net Unrealized Appreciation (Depreciation) | (785584310) | (15828113) | (334531305) | (471641885) | (152526019) | (128270583) |
| NET GAIN (LOSS) | (609182668) | (6732041) | (270670245) | (472723472) | (104710615) | (137247939) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($609849763) | ($5955023) | ($258875767) | ($473123059) | ($88012991) | ($129252755) |
| Foreign taxes withheld on dividends and interest | $47204 | $3101 | $74459 | $134700 | $— | $18372 |

---

*See Notes to Financial Statements* 

**C-13** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid-Cap<br>Growth<br>Portfolio** | **Mid-Cap<br>Value<br>Portfolio** | **Small-Cap<br>Equity<br>Portfolio** | **Small-Cap<br>Growth<br>Portfolio** | **Small-Cap<br>Index<br>Portfolio** | **Small-Cap<br>Value<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $4135641 | $13367833 | $6136822 | $1629407 | $10460205 | $8532435 |
| Interest, net of foreign taxes withheld | 163814 | 194911 | 69133 | 183945 | 63925 | 41569 |
| Total Investment Income | 4299455 | 13562744 | 6205955 | 1813352 | 10524130 | 8574004 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 6397277 | 5015881 | 2597399 | 1611449 | 2130592 | 3480387 |
| Service fees - Class I | 775252 | 275478 | 193874 | 315968 | 1109811 | 440664 |
| Support services expenses | 73636 | 57607 | 27845 | 21743 | 57201 | 37278 |
| Custodian fees and expenses | 11800 | 11642 | 30566 | 8071 | 19134 | 8755 |
| Portfolio accounting fees | 105812 | 80679 | 76429 | 58479 | 102703 | 72816 |
| Shareholder report expenses | 12511 | 9627 | 4714 | 3477 | 9528 | 6340 |
| Legal and audit fees | 30535 | 24584 | 12638 | 9915 | 41319 | 15662 |
| Trustees' fees | 16295 | 16909 | 4695 | 4605 | 12425 | 6479 |
| Interest expense | 6276 | 4462 | 1890 | 1755 | 8484 | 2489 |
| Licensing fee |  |  | 28125 |  | 102952 |  |
| Other | 23820 | 20247 | 12299 | 8748 | 21163 | 16413 |
| Total Expenses | 7453214 | 5517116 | 2990474 | 2044210 | 3615312 | 4087283 |
| Advisory Fee Waiver | (228474) |  | (346320) |  |  |  |
| Net Expenses | 7224740 | 5517116 | 2644154 | 2044210 | 3615312 | 4087283 |
| NET INVESTMENT INCOME (LOSS) | (2925285) | 8045628 | 3561801 | (230858) | 6908818 | 4486721 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions | 93688516 | 90956871 | 12804618 | (26808305) | 14370154 | 46404207 |
| Foreign currency transactions |  |  | (7394) | (9037) |  |  |
| Futures contract transactions |  |  | (194101) |  | (2067930) |  |
| Purchased option transactions | (245777) |  |  |  |  |  |
| Written option transactions | (3208421) |  |  |  |  |  |
| Net Realized Gain (Loss) | 90234318 | 90956871 | 12603123 | (26817342) | 12302224 | 46404207 |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities | (466756846) | (154338761) | (64683326) | (71338417) | (195722840) | (140235903) |
| Foreign currencies |  | (265) | (1629) | (1785) | (96) |  |
| Futures contracts |  |  | (65800) |  | (254225) |  |
| Purchased options | 112678 |  |  |  |  |  |
| Written options | 810703 |  |  |  |  |  |
| Change in Net Unrealized Appreciation (Depreciation) | (465833465) | (154339026) | (64750755) | (71340202) | (195977161) | (140235903) |
| NET GAIN (LOSS) | (375599147) | (63382155) | (52147632) | (98157544) | (183674937) | (93831696) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($378524432) | ($55336527) | ($48585831) | ($98388402) | ($176766119) | ($89344975) |
| Foreign taxes withheld on dividends and interest | $— | $11557 | $45981 | $27219 | $13661 | $15622 |

---

*See Notes to Financial Statements* 

**C-14** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>Portfolio** | **Value<br>Advantage<br>Portfolio** | **Emerging<br>Markets<br>Portfolio** | **International<br>Growth<br>Portfolio** | **International<br>Large-Cap<br>Portfolio** | **International<br>Small-Cap<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $26125443 | $21498822 | $14757403 | $8921478 | $24519582 | $9619251 |
| Interest, net of foreign taxes withheld | 142278 | 159956 | 303749 |  | 145737 | 153590 |
| Total Investment Income | 26267721 | 21658778 | 15061152 | 8921478 | 24665319 | 9772841 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 7106309 | 5571067 | 6748469 | 4080552 | 8612454 | 2655720 |
| Service fees - Class I | 494969 | 210470 | 679043 | 2183 | 1105227 | 157832 |
| Support services expenses | 80015 | 67698 | 68012 | 42039 | 92403 | 25339 |
| Custodian fees and expenses | 19458 | 11303 | 158754 | 29991 | 73406 | 91362 |
| Portfolio accounting fees | 115082 | 90614 | 222718 | 72386 | 218133 | 111114 |
| Shareholder report expenses | 13324 | 11410 | 11981 | 5150 | 14921 | 11367 |
| Legal and audit fees | 34545 | 28689 | 25979 | 26523 | 63187 | 16926 |
| Trustees' fees | 16598 | 19080 | 18333 | 8363 | 23570 | 5095 |
| Interest expense | 5652 | 4435 | 11075 | 19212 | 8905 | 1935 |
| Offering expenses |  |  |  | 9986 |  |  |
| Other | 25060 | 21783 | 29805 | 8512 | 32618 | 13041 |
| Total Expenses | 7911012 | 6036549 | 7974169 | 4304897 | 10244824 | 3089731 |
| Advisory Fee Waiver | (747644) |  |  |  | (333323) | (46866) |
| Net Expenses | 7163368 | 6036549 | 7974169 | 4304897 | 9911501 | 3042865 |
| NET INVESTMENT INCOME (LOSS) | 19104353 | 15622229 | 7086983 | 4616581 | 14753818 | 6729976 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions, net of foreign capital gains tax withheld | 82319744 | 107589122 | (32457130) | (60925454) | 15933126 | (10133056) |
| Foreign currency transactions | (10098) |  | (376151) | (335974) | (204732) | (510608) |
| Forward foreign currency contract transactions | 6362536 |  |  |  |  |  |
| Futures contract transactions |  |  | 5829726 |  |  | 384704 |
| Net Realized Gain (Loss) | 88672182 | 107589122 | (27003555) | (61261428) | 15728394 | (10258960) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities, net of deferred foreign capital gains tax | (114056958) | (152399291) | (287932411) | (94644628) | (228045454) | (53650695) |
| Foreign currencies | (12312) |  | 1138 | (2345) | (346570) | (49478) |
| Forward foreign currency contracts | 983304 |  |  |  |  |  |
| Change in Net Unrealized Appreciation (Depreciation) | (113085966) | (152399291) | (287931273) | (94646973) | (228392024) | (53700173) |
| NET GAIN (LOSS) | (24413784) | (44810169) | (314934828) | (155908401) | (212663630) | (63959133) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($5309431) | ($29187940) | ($307847845) | ($151291820) | ($197909812) | ($57229157) |
| Foreign taxes withheld on dividends and interest | $437103 | $32998 | $1866013 | $1125820 | $3263315 | $841948 |
| Foreign capital gains tax withheld |  |  | 2881011 |  | 318566 |  |
| Change in deferred foreign capital gains tax |  |  | (4339254) |  | (438063) |  |

---

*See Notes to Financial Statements* 

**C-15** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value<br>Portfolio** | **Health<br>Sciences<br>Portfolio** | **Real Estate<br>Portfolio** | **Technology<br>Portfolio** | **ESG<br>Diversified<br>Portfolio** | **ESG<br>Diversified<br>Growth<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $37335066 | $5496138 | $11964066 | $1043621 | $385953 | $219177 |
| Interest, net of foreign taxes withheld | 218623 | 132907 | 46633 | 118508 |  |  |
| Total Investment Income | 37553689 | 5629045 | 12010699 | 1162129 | 385953 | 219177 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 6149885 | 3871760 | 4126459 | 2091049 | 36199 | 23909 |
| Service fees - Class I | 578850 | 857293 | 488940 | 462561 | 35927 | 22829 |
| Support services expenses | 79082 | 34973 | 38682 | 18357 | 1478 | 908 |
| Custodian fees and expenses | 131093 | 8845 | 6185 | 5457 |  |  |
| Portfolio accounting fees | 237805 | 64338 | 62677 | 49256 | 47249 | 45754 |
| Shareholder report expenses | 12286 | 5756 | 6522 | 3165 | 471 | 126 |
| Legal and audit fees | 52976 | 22539 | 17308 | 7760 | 662 | 409 |
| Trustees' fees | 18115 | 7572 | 9133 | 3936 | 297 | 183 |
| Interest expense | 9857 | 2243 | 5902 | 1291 |  |  |
| Offering expenses |  |  |  |  | 7962 | 9986 |
| Other (1) | 25865 | 12758 | 16534 | 9434 | 10868 | 6136 |
| Total Expenses | 7295814 | 4888077 | 4778342 | 2652266 | 141113 | 110240 |
| Advisory Fee Waiver |  |  | (444124) |  |  |  |
| Adviser Reimbursement |  |  |  |  | (50681) | (51416) |
| Net Expenses | 7295814 | 4888077 | 4334218 | 2652266 | 90432 | 58824 |
| NET INVESTMENT INCOME (LOSS) | 30257875 | 740968 | 7676481 | (1490137) | 295521 | 160353 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions, net of foreign capital gains tax withheld | 66915275 | 29791979 | 14862693 | 1912784 | (477211) | (870472) |
| Investment securities from affiliated mutual fund investments |  |  |  |  | (76778) | (53195) |
| Foreign currency transactions | (912610) | (58728) |  | (4891) |  |  |
| Forward foreign currency contract transactions |  | 179203 |  |  |  |  |
| Futures contract transactions | 317345 |  |  |  |  |  |
| Purchased option transactions |  |  |  | 355348 |  |  |
| Written option transactions |  | (19813) |  |  |  |  |
| Capital gain distributions from mutual fund investments |  |  |  |  | 12543 | 10759 |
| Net Realized Gain (Loss) | 66320010 | 29892641 | 14862693 | 2263241 | (541446) | (912908) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities, net of deferred foreign capital gains tax | (108267796) | (61094879) | (172234204) | (113063934) | (2624089) | (1236974) |
| Investment securities from affiliated mutual fund investments |  |  |  |  | (330403) | (61685) |
| Foreign currencies | (323749) | (3104) |  | (165) |  |  |
| Forward foreign currency contracts |  | 114218 |  |  |  |  |
| Purchased options |  |  |  | 219088 |  |  |
| Change in Net Unrealized Appreciation (Depreciation) | (108591545) | (60983765) | (172234204) | (112845011) | (2954492) | (1298659) |
| NET GAIN (LOSS) | (42271535) | (31091124) | (157371511) | (110581770) | (3495938) | (2211567) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($12013660) | ($30350156) | ($149695030) | ($112071907) | ($3200417) | ($2051214) |
| Foreign taxes withheld on dividends and interest | $4212015 | $54868 | $— | $2091 | $— | $— |
| Foreign capital gains tax withheld | 1844 |  |  |  |  |  |
| Change in deferred foreign capital gains tax | 210233 |  |  |  |  |  |

---

(1) Other expenses for the ESG Diversified and ESG Diversified Growth Portfolios includes $10,574 and $6,136 of
transfer agency expenses, respectively.

*See Notes to Financial Statements* 

**C-16** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSF Avantis<br>Balanced<br>Allocation<br>Portfolio** | **Pacific<br>Dynamix–<br>Conservative<br>Growth<br>Portfolio** | **Pacific<br>Dynamix–<br>Moderate<br>Growth<br>Portfolio** | **Pacific<br>Dynamix–<br>Growth<br>Portfolio** | **Portfolio<br>Optimization<br>Conservative<br>Portfolio** | **Portfolio<br>Optimization<br>Moderate-<br>Conservative<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $6758823 | $— | $— | $— | $— | $— |
| Total Investment Income | 6758823 |  |  |  |  |  |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 693971 | 1137333 | 5153027 | 3483105 | 1286367 | 1847885 |
| Distribution and/or service fees — Class D | 862107 |  |  |  |  |  |
| Service fees - Class I |  | 1128154 | 5094550 | 3440235 | 2572316 | 3695234 |
| Portfolio accounting fees | 44210 | 44738 | 45190 | 44425 | 51275 | 52203 |
| Support services expenses | 27380 | 44822 | 205355 | 140543 | 101049 | 145526 |
| Shareholder report expenses | 4576 | 12070 | 34295 | 22761 | 17193 | 24823 |
| Legal and audit fees | 11692 | 19457 | 88683 | 62251 | 43401 | 62116 |
| Trustees' fees | 6848 | 12555 | 56293 | 33585 | 30160 | 43611 |
| Other | 16715 | 23360 | 61450 | 44189 | 35918 | 47281 |
| Total Expenses | 1667499 | 2422489 | 10738843 | 7271094 | 4137679 | 5918679 |
| Advisory Fee Waiver | (33240) |  |  |  |  |  |
| Adviser Reimbursement |  | (253728) | (822343) | (673483) |  |  |
| Net Expenses | 1634259 | 2168761 | 9916500 | 6597611 | 4137679 | 5918679 |
| NET INVESTMENT INCOME (LOSS) | 5124564 | (2168761) | (9916500) | (6597611) | (4137679) | (5918679) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions | (7717422) |  |  |  |  |  |
| Investment securities from affiliated mutual fund investments |  | 22597859 | 124627206 | 47116764 | 54316413 | 111896118 |
| Net Realized Gain (Loss) | (7717422) | 22597859 | 124627206 | 47116764 | 54316413 | 111896118 |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities | (56139994) |  |  |  |  |  |
| Investment securities from affiliated mutual fund investments |  | (114417071) | (578813143) | (363280703) | (250312451) | (427894484) |
| Change in Net Unrealized Appreciation (Depreciation) | (56139994) | (114417071) | (578813143) | (363280703) | (250312451) | (427894484) |
| NET GAIN (LOSS) | (63857416) | (91819212) | (454185937) | (316163939) | (195996038) | (315998366) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($58732852) | ($93987973) | ($464102437) | ($322761550) | ($200133717) | ($321917045) |

---

*See Notes to Financial Statements* 

**C-17** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Portfolio<br>Optimization<br>Moderate<br>Portfolio** | **Portfolio<br>Optimization<br>Growth<br>Portfolio** | **Portfolio<br>Optimization<br>Aggressive-<br>Growth<br>Portfolio** | **PD 1-3 Year<br>Corporate<br>Bond<br>Portfolio** | **PD Aggregate<br>Bond Index<br>Portfolio** | **PD High Yield<br>Bond Market<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $— | $— | $— | $— | $— | $61 |
| Interest, net of foreign taxes withheld |  |  |  | 3126599 | 25361333 | 24990971 |
| Total Investment Income |  |  |  | 3126599 | 25361333 | 24991032 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 7864375 | 7163907 | 1686875 | 317302 | 1531864 | 716340 |
| Service fees - Class I | 15725540 | 14321286 | 3370926 |  |  |  |
| Support services expenses | 622364 | 570559 | 135190 | 14559 | 84965 | 32054 |
| Custodian fees and expenses |  |  |  | 3111 | 69006 | 5734 |
| Portfolio accounting fees | 53145 | 54350 | 53817 | 76541 | 344063 | 165404 |
| Shareholder report expenses | 105801 | 96228 | 22635 | 2527 | 14243 | 5559 |
| Legal and audit fees | 264910 | 242510 | 57425 | 6302 | 37589 | 13609 |
| Trustees' fees | 183600 | 164081 | 38290 | 4012 | 20947 | 8075 |
| Interest expense |  |  |  | 571 | 3507 | 167 |
| Other | 164135 | 150639 | 44687 | 4668 | 19247 | 9013 |
| Total Expenses | 24983870 | 22763560 | 5409845 | 429593 | 2125431 | 955955 |
| Net Expenses | 24983870 | 22763560 | 5409845 | 429593 | 2125431 | 955955 |
| NET INVESTMENT INCOME (LOSS) | (24983870) | (22763560) | (5409845) | 2697006 | 23235902 | 24035077 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions |  |  |  | (3938557) | (8639861) | (6114296) |
| Investment securities from affiliated mutual fund investments | 543309733 | 470230735 | 122575278 |  |  |  |
| Net Realized Gain (Loss) | 543309733 | 470230735 | 122575278 | (3938557) | (8639861) | (6114296) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities |  |  |  | (6075187) | (173237655) | (70992345) |
| Investment securities from affiliated mutual fund investments | (1971647849) | (1881173027) | (468271758) |  |  |  |
| Change in Net Unrealized Appreciation (Depreciation) | (1971647849) | (1881173027) | (468271758) | (6075187) | (173237655) | (70992345) |
| NET GAIN (LOSS) | (1428338116) | (1410942292) | (345696480) | (10013744) | (181877516) | (77106641) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($1453321986) | ($1433705852) | ($351106325) | ($7316738) | ($158641614) | ($53071564) |

---

*See Notes to Financial Statements* 

**C-18** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PD Large-Cap<br>Growth Index<br>Portfolio** | **PD Large-Cap<br>Value Index<br>Portfolio** | **PD Mid-Cap<br>Index<br>Portfolio** | **PD Small-Cap<br>Growth Index<br>Portfolio** | **PD Small-Cap<br>Value Index<br>Portfolio** | **PD Emerging<br>Markets Index<br>Portfolio** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Dividends, net of foreign taxes withheld | $8235231 | $19528568 | $7698487 | $581523 | $3387689 | $4331377 |
| Interest, net of foreign taxes withheld | 65118 | 42104 | 21757 | 3970 | 8686 | 44147 |
| Total Investment Income | 8300349 | 19570672 | 7720244 | 585493 | 3396375 | 4375524 |
| **EXPENSES** |  |  |  |  |  |  |
| Advisory fees | 1078209 | 1103031 | 609342 | 120397 | 221198 | 642946 |
| Support services expenses | 67852 | 70282 | 36937 | 6903 | 12741 | 11803 |
| Custodian fees and expenses | 15043 | 16427 | 14013 | 14056 | 12300 | 346376 |
| Portfolio accounting fees | 95033 | 100420 | 70883 | 43948 | 50893 | 130721 |
| Shareholder report expenses | 10854 | 11191 | 6235 | 1227 | 2163 | 2223 |
| Legal and audit fees | 30618 | 31447 | 15649 | 4597 | 8575 | 8223 |
| Trustees' fees | 17260 | 17461 | 7803 | 1615 | 2626 | 3267 |
| Interest expense | 4524 | 4702 | 2640 | 1772 | 964 | 3461 |
| Licensing fee | 56860 | 60639 | 28593 | 7003 | 12602 | 25373 |
| Other | 13770 | 14768 | 10142 | 3213 | 4273 | 6602 |
| Total Expenses | 1390023 | 1430368 | 802237 | 204731 | 328335 | 1180995 |
| Advisory Fee Waiver |  |  |  |  |  | (396372) |
| Net Expenses | 1390023 | 1430368 | 802237 | 204731 | 328335 | 784623 |
| NET INVESTMENT INCOME (LOSS) | 6910326 | 18140304 | 6918007 | 380762 | 3068040 | 3590901 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| Investment security transactions, net of foreign capital gains tax withheld | 3653723 | 22519465 | 29356296 | (11732540) | 7881152 | 2968839 |
| Foreign currency transactions |  |  |  |  |  | 347154 |
| Futures contract transactions | (169637) | (1307983) | (156535) | (117177) | (306456) | 14156520 |
| Net Realized Gain (Loss) | 3484086 | 21211482 | 29199761 | (11849717) | 7574696 | 17472513 |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| Investment securities, net of deferred foreign capital gains tax | (298922340) | (111958775) | (130191750) | (19512271) | (35403791) | (63080254) |
| Foreign currencies |  |  |  |  |  | (36825) |
| Futures contracts | (391877) | (197000) | (233078) | (34713) | (68972) | (170627) |
| Change in Net Unrealized Appreciation (Depreciation) | (299314217) | (112155775) | (130424828) | (19546984) | (35472763) | (63287706) |
| NET GAIN (LOSS) | (295830131) | (90944293) | (101225067) | (31396701) | (27898067) | (45815193) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($288919805) | ($72803989) | ($94307060) | ($31015939) | ($24830027) | ($42224292) |
| Foreign taxes withheld on dividends and interest | $310 | $6467 | $3097 | $1047 | $3758 | $495218 |
| Foreign capital gains tax withheld |  |  |  |  |  | 1126326 |
| Change in deferred foreign capital gains tax |  |  |  |  |  | (1180943) |

---

*See Notes to Financial Statements* 

**C-19** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | |
|:---|:---|
|  | **PD International<br>Large-Cap<br>Index Portfolio** |
| **INVESTMENT INCOME** |  |
| Dividends, net of foreign taxes withheld | $20695416 |
| Interest, net of foreign taxes withheld | 77882 |
| Total Investment Income | 20773298 |
| **EXPENSES** |  |
| Advisory fees | 1332565 |
| Support services expenses | 52723 |
| Custodian fees and expenses | 82884 |
| Portfolio accounting fees | 129324 |
| Shareholder report expenses | 8429 |
| Legal and audit fees | 34547 |
| Trustees' fees | 12679 |
| Interest expense | 6610 |
| Licensing fee | 108913 |
| Other | 13514 |
| Total Expenses | 1782188 |
| Advisory Fee Waiver | (370641) |
| Net Expenses | 1411547 |
| NET INVESTMENT INCOME (LOSS) | 19361751 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net Realized Gain (Loss) on: |  |
| Investment security transactions | 1099148 |
| Foreign currency transactions | (308346) |
| Futures contract transactions | (2478093) |
| Net Realized Gain (Loss) | (1687291) |
| Change in Net Unrealized Appreciation (Depreciation) on: |  |
| Investment securities | (106048478) |
| Foreign currencies | (121465) |
| Futures contracts | (562400) |
| Change in Net Unrealized Appreciation (Depreciation) | (106732343) |
| NET GAIN (LOSS) | (108419634) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING<br>FROM OPERATIONS | ($89057883) |
| Foreign taxes withheld on dividends and interest | $2044378 |

---

*See Notes to Financial Statements* 

**C-20** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **Core Income Portfolio** | **Core Income Portfolio** | **Diversified Bond Portfolio** | **Diversified Bond Portfolio** | **Floating Rate Income Portfolio** | **Floating Rate Income Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $14870014 | $12728528 | $105395667 | $110570531 | $38276306 | $16467676 |
| Net realized gain (loss) | (17799486) | 7166657 | (513021455) | 109163 | (7549194) | 5275361 |
| Change in net unrealized appreciation (depreciation) | (68294107) | (19658831) | (351439084) | (173204498) | (38544812) | (2586762) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (71223579) | 236354 | (759064872) | (62524804) | (7817700) | 19156275 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 8120108 | 9602270 | 276377967 | 178862704 | 61278156 | 49207934 |
| Class P | 1100416 | 57971036 | 13008725 | 454585497 | 460836156 | 1763474 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (6363405) | (8973013) | (111855217) | (78720570) | (85636618) | (27978831) |
| Class P | (123269380) | (31264284) | (1719819160) | (244166905) | (93071026) | (119165247) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (120412261) | 27336009 | (1542287685) | 310560726 | 343406668 | (96172670) |
| NET INCREASE (DECREASE) IN NET ASSETS | (191635840) | 27572363 | (2301352557) | 248035922 | 335588968 | (77016395) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 637311007 | 609738644 | 4696263120 | 4448227198 | 399157724 | 476174119 |
| End of Year | $445675167 | $637311007 | $2394910563 | $4696263120 | $734746692 | $399157724 |
|  | **High Yield Bond Portfolio** | **High Yield Bond Portfolio** | **Inflation Managed Portfolio** | **Inflation Managed Portfolio** | **Intermediate Bond Portfolio** | **Intermediate Bond Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $61356770 | $67372556 | $48430762 | $25905960 | $25438120 | $14888835 |
| Net realized gain (loss) | (20544876) | 33225111 | 3692538 | 9711685 | (34512699) | (6988587) |
| Change in net unrealized appreciation (depreciation) | (171051208) | (28364995) | (142115718) | (5820789) | (163923854) | (22046501) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (130239314) | 72232672 | (89992418) | 29796856 | (172998433) | (14146253) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 39000543 | 67525499 | 18766148 | 55416643 | 8097414 | 1094485 |
| Class P | 71936571 | 14302888 | 278177648 | 13567401 | 561979819 | 234756820 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (139720511) | (76524686) | (46257198) | (29304371) | (435118) | (204) |
| Class P | (139599945) | (130311243) | (38017938) | (24580311) | (277157493) | (57055604) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (168383342) | (125007542) | 212668660 | 15099362 | 292484622 | 178795497 |
| NET INCREASE (DECREASE) IN NET ASSETS | (298622656) | (52774870) | 122676242 | 44896218 | 119486189 | 164649244 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 1318372981 | 1371147851 | 544076037 | 499179819 | 1255302822 | 1090653578 |
| End of Year | $1019750325 | $1318372981 | $666752279 | $544076037 | $1374789011 | $1255302822 |

---

*See Notes to Financial Statements* 

**C-21** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **Managed Bond Portfolio** | **Managed Bond Portfolio** | **Short Duration Bond Portfolio** | **Short Duration Bond Portfolio** | **Emerging Markets Debt Portfolio** | **Emerging Markets Debt Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $63852017 | $52038907 | $22953159 | $18315998 | $17050580 | $23090175 |
| Net realized gain (loss) | (127596927) | 5763373 | (21886619) | 6865795 | (53967824) | (4502000) |
| Change in net unrealized appreciation (depreciation) | (314672298) | (89784066) | (62358337) | (29780130) | 96409 | (39329373) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (378417208) | (31981786) | (61291797) | (4598337) | (36820835) | (20741198) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 35834933 | 78171699 | 50545969 | 74642201 | 2842259 | 15763941 |
| Class P | 560371089 | 9791067 | 30714903 | 36005871 | 4735430 | 217457472 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (128122107) | (95148427) | (102235114) | (82917020) | (67290142) | (4009578) |
| Class P | (390251746) | (197707799) | (201352836) | (134886349) | (229243953) | (24309172) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 77832169 | (204893460) | (222327078) | (107155297) | (288956406) | 204902663 |
| NET INCREASE (DECREASE) IN NET ASSETS | (300585039) | (236875246) | (283618875) | (111753634) | (325777241) | 184161465 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 2758483154 | 2995358400 | 1435611816 | 1547365450 | 558297955 | 374136490 |
| End of Year | $2457898115 | $2758483154 | $1151992941 | $1435611816 | $232520714 | $558297955 |
|  | **<br>Dividend Growth Portfolio** | **<br>Dividend Growth Portfolio** | **Equity Index Portfolio** | **Equity Index Portfolio** | **Focused Growth Portfolio** | **Focused Growth Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $14134292 | $14036410 | $54276756 | $49002074 | ($707053) | ($2783963) |
| Net realized gain (loss) | 193370702 | 248130089 | 110537124 | 255767544 | (107334018) | 93447813 |
| Change in net unrealized appreciation (depreciation) | (387042631) | 154391267 | (978464473) | 729032797 | (283895607) | 61093154 |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (179537637) | 416557766 | (813650593) | 1033802415 | (391936678) | 151757004 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 30137514 | 30291348 | 252981477 | 240777976 | 17373971 | 30074127 |
| Class P | 2915500 | 1748990 | 178426214 | 35740006 | 483687754 | 499312550 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (48260568) | (41369536) | (413372432) | (321981065) | (31646759) | (31306866) |
| Class P | (337220392) | (443625180) | (54826967) | (385649610) | (9620288) | (97536419) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (352427946) | (452954378) | (36791708) | (431112693) | 459794678 | 400543392 |
| NET INCREASE (DECREASE) IN NET ASSETS | (531965583) | (36396612) | (850442301) | 602689722 | 67858000 | 552300396 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 1846648375 | 1883044987 | 4510318213 | 3907628491 | 843632235 | 291331839 |
| End of Year | $1314682792 | $1846648375 | $3659875912 | $4510318213 | $911490235 | $843632235 |

---

*See Notes to Financial Statements* 

**C-22** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021 (1)** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **Growth Portfolio** | **Growth Portfolio** | **Hedged Equity Portfolio** | **Hedged Equity Portfolio** | **Large-Cap Core Portfolio** | **Large-Cap Core Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($667095) | ($5887626) | $777018 | $121835 | $11794478 | $10924706 |
| Net realized gain (loss) | 176401642 | 387301644 | 9096072 | (2864801) | 63861060 | 272732724 |
| Change in net unrealized appreciation (depreciation) | (785584310) | 76098254 | (15828113) | 4719470 | (334531305) | (8759075) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (609849763) | 457512272 | (5955023) | 1976504 | (258875767) | 274898355 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 49956042 | 67359558 | 113180536 | 59946358 | 8382156 | 5513184 |
| Class P | 7171296 | 6307216 | 3498840 | 654562 | 243871787 | 1136159 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (111367962) | (92046000) | (9843031) | (3214202) | (58107935) | (80504475) |
| Class P | (364927580) | (549631822) | (426749) | (35934) | (28481905) | (292520248) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (419168204) | (568011048) | 106409596 | 57350784 | 165664103 | (366375380) |
| NET INCREASE (DECREASE) IN NET ASSETS | (1029017967) | (110498776) | 100454573 | 59327288 | (93211664) | (91477025) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year or Period | 2218968698 | 2329467474 | 59327288 |  | 1112359137 | 1203836162 |
| End of Year or Period | $1189950731 | $2218968698 | $159781861 | $59327288 | $1019147473 | $1112359137 |
|  | **<br>Large-Cap Growth Portfolio** | **<br>Large-Cap Growth Portfolio** | **Large-Cap Value Portfolio** | **Large-Cap Value Portfolio** | **Mid-Cap Equity Portfolio** | **Mid-Cap Equity Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($399587) | ($4014568) | $16697624 | $16438418 | $7995184 | $2529693 |
| Net realized gain (loss) | (1081587) | 383396387 | 47815404 | 293828728 | (8977356) | 236709426 |
| Change in net unrealized appreciation (depreciation) | (471641885) | (153237568) | (152526019) | 23191340 | (128270583) | (112107617) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (473123059) | 226144251 | (88012991) | 333458486 | (129252755) | 127131502 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 17913055 | 55753605 | 36979434 | 41501043 | 16898065 | 28582485 |
| Class P | 71712334 | 3355513 | 21664949 | 3567084 | 1484832 | 1507788 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (35011037) | (96633645) | (49097025) | (46667404) | (31035106) | (58215631) |
| Class P | (23207366) | (516208908) | (138592936) | (581378622) | (73246711) | (102101126) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 31406986 | (553733435) | (129045578) | (582977899) | (85898920) | (130226484) |
| NET INCREASE (DECREASE) IN NET ASSETS | (441716073) | (327589184) | (217058569) | (249519413) | (215151675) | (3094982) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 1225797540 | 1553386724 | 1343738608 | 1593258021 | 816150498 | 819245480 |
| End of Year | $784081467 | $1225797540 | $1126680039 | $1343738608 | $600998823 | $816150498 |

---

(1) Operations commenced on April 30, 2021.

*See Notes to Financial Statements* 

**C-23** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **Mid-Cap Growth Portfolio** | **Mid-Cap Growth Portfolio** | **Mid-Cap Value Portfolio** | **Mid-Cap Value Portfolio** | **Small-Cap Equity Portfolio** | **Small-Cap Equity Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($2925285) | ($5485553) | $8045628 | $6471000 | $3561801 | $4214740 |
| Net realized gain (loss) | 90234318 | 182244298 | 90956871 | 93663151 | 12603123 | 40226224 |
| Change in net unrealized appreciation (depreciation) | (465833465) | 18438988 | (154339026) | 108089787 | (64750755) | 10357931 |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (378524432) | 195197733 | (55336527) | 208223938 | (48585831) | 54798895 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 26522473 | 74191847 | 14408977 | 35581430 | 8542434 | 27595612 |
| Class P | 6118276 | 242669097 | 3245393 | 2584051 | 2043740 | 254331152 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (62343872) | (81759026) | (24462389) | (23587376) | (18209752) | (23526844) |
| Class P | (76855207) | (152165904) | (153485538) | (196792912) | (122872096) | (27028513) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (106558330) | 82936014 | (160293557) | (182214807) | (130495674) | 231371407 |
| NET INCREASE (DECREASE) IN NET ASSETS | (485082762) | 278133747 | (215630084) | 26009131 | (179081505) | 286170302 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 1290644640 | 1012510893 | 866023610 | 840014479 | 477463059 | 191292757 |
| End of Year | $805561878 | $1290644640 | $650393526 | $866023610 | $298381554 | $477463059 |
|  | **<br>Small-Cap Growth Portfolio** | **<br>Small-Cap Growth Portfolio** | **Small-Cap Index Portfolio** | **Small-Cap Index Portfolio** | **Small-Cap Value Portfolio** | **Small-Cap Value Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($230858) | ($1203827) | $6908818 | $5968531 | $4486721 | $3114171 |
| Net realized gain (loss) | (26817342) | 75709379 | 12302224 | 96362048 | 46404207 | 67904895 |
| Change in net unrealized appreciation (depreciation) | (71340202) | (68118355) | (195977161) | 8965204 | (140235903) | 48220289 |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (98388402) | 6387197 | (176766119) | 111295783 | (89344975) | 119239355 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 16752403 | 19004224 | 33031649 | 95167660 | 12528064 | 44726357 |
| Class P | 78645860 | 129942 | 22785502 | 11804818 | 2992258 | 248860154 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (13240577) | (27403421) | (62668979) | (119521958) | (40764395) | (46614034) |
| Class P | (4306318) | (24104791) | (27554884) | (39252877) | (118330282) | (40451086) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 77851368 | (32374046) | (34406712) | (51802357) | (143574355) | 206521391 |
| NET INCREASE (DECREASE) IN NET ASSETS | (20537034) | (25986849) | (211172831) | 59493426 | (232919330) | 325760746 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 282136933 | 308123782 | 856130187 | 796636761 | 634161462 | 308400716 |
| End of Year | $261599899 | $282136933 | $644957356 | $856130187 | $401242132 | $634161462 |

---

*See Notes to Financial Statements* 

**C-24** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **Value Portfolio** | **Value Portfolio** | **Value Advantage Portfolio** | **Value Advantage Portfolio** | **Emerging Markets Portfolio** | **Emerging Markets Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $19104353 | $18636581 | $15622229 | $14878068 | $7086983 | $7861051 |
| Net realized gain (loss) | 88672182 | 124341243 | 107589122 | 191119555 | (27003555) | 142975740 |
| Change in net unrealized appreciation (depreciation) | (113085966) | 62662999 | (152399291) | 67699019 | (287931273) | (267082995) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (5309431) | 205640823 | (29187940) | 273696642 | (307847845) | (116246204) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 18989216 | 6585546 | 34137353 | 38281450 | 32999369 | 40565078 |
| Class P | 4670281 | 334113359 | 3811409 | 2106367 | 6739242 | 21904881 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (33269451) | (33691531) | (17396112) | (15464820) | (31441402) | (47317478) |
| Class P | (237539510) | (123411217) | (284269754) | (335240115) | (374949933) | (111616004) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (247149464) | 183596157 | (263717104) | (310317118) | (366652724) | (96463523) |
| NET INCREASE (DECREASE) IN NET ASSETS | (252458895) | 389236980 | (292905044) | (36620476) | (674500569) | (212709727) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 1178827385 | 789590405 | 1049572131 | 1086192607 | 1369584049 | 1582293776 |
| End of Year | $926368490 | $1178827385 | $756667087 | $1049572131 | $695083480 | $1369584049 |
|  | **International Growth**<br> **Portfolio** | **International Growth**<br> **Portfolio** | **International Large-Cap<br>Portfolio** | **International Large-Cap<br>Portfolio** | **International Small-Cap<br>Portfolio** | **International Small-Cap<br>Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $4616581 | $47252 | $14753818 | $20901439 | $6729976 | $5874268 |
| Net realized gain (loss) | (61261428) | (540947) | 15728394 | 221995292 | (10258960) | 86335116 |
| Change in net unrealized appreciation (depreciation) | (94646973) | (5258833) | (228392024) | (13231937) | (53700173) | (55469040) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (151291820) | (5752528) | (197909812) | 229664794 | (57229157) | 36740344 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 1606740 | 527204 | 29065017 | 39404502 | 3682581 | 9066507 |
| Class P | 26022398 | 722821518 | 61062285 | 12563183 | 128841669 | 475269 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (298163) | (150) | (56311804) | (96129671) | (7434969) | (16596061) |
| Class P | (78358459) | (5370222) | (84395635) | (565336665) | (18206149) | (35801682) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (51027484) | 717978350 | (50580137) | (609498651) | 106883132 | (42855967) |
| NET INCREASE (DECREASE) IN NET ASSETS | (202319304) | 712225822 | (248489949) | (379833857) | 49653975 | (6115623) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year or Period | 712225822 |  | 1303085219 | 1682919076 | 269944687 | 276060310 |
| End of Year or Period | $509906518 | $712225822 | $1054595270 | $1303085219 | $319598662 | $269944687 |

---

(1) Operations commenced on October 29, 2021.

*See Notes to Financial Statements* 

**C-25** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **International Value Portfolio** | **International Value Portfolio** | **Health Sciences Portfolio** | **Health Sciences Portfolio** | **Real Estate Portfolio** | **Real Estate Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $30257875 | $30123483 | $740968 | ($177807) | $7676481 | ($2967584) |
| Net realized gain (loss) | 66320010 | 57170722 | 29892641 | 79155565 | 14862693 | 53844662 |
| Change in net unrealized appreciation (depreciation) | (108591545) | 165298209 | (60983765) | (23587164) | (172234204) | 121793772 |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (12013660) | 252592414 | (30350156) | 55390594 | (149695030) | 172670850 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 14962326 | 19846293 | 14119840 | 26810814 | 9058765 | 18933855 |
| Class P | 274373729 | 2299234 | 650280 | 928818 | 89830125 | 61112 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (35143031) | (33732523) | (51905770) | (43934309) | (36614250) | (46416502) |
| Class P | (134314387) | (723399881) | (219673) | (83879) | (16124157) | (81073017) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 119878637 | (734986877) | (37355323) | (16278556) | 46150483 | (108494552) |
| NET INCREASE (DECREASE) IN NET ASSETS | 107864977 | (482394463) | (67705479) | 39112038 | (103544547) | 64176298 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 855023270 | 1337417733 | 494186993 | 455074955 | 542498498 | 478322200 |
| End of Year | $962888247 | $855023270 | $426481514 | $494186993 | $438953951 | $542498498 |
|  | **Technology**<br> **Portfolio** | **Technology**<br> **Portfolio** | **ESG Diversified**<br> **Portfolio** | **ESG Diversified**<br> **Portfolio** | **ESG Diversified Growth<br>Portfolio** | **ESG Diversified Growth<br>Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($1490137) | ($2522302) | $295521 | $105693 | $160353 | $100147 |
| Net realized gain (loss) | 2263241 | 53076718 | (541446) | 182180 | (912908) | 110755 |
| Change in net unrealized appreciation (depreciation) | (112845011) | (12708577) | (2954492) | 652871 | (1298659) | (70095) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (112071907) | 37845839 | (3200417) | 940744 | (2051214) | 140807 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 31911393 | 39379903 | 5996354 | 16478690 | 936099 | 12718117 |
| Class P | 478814 | 784888 | 493304 | 111433 | 3085457 | 100000 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (31725994) | (55515598) | (385497) | (593578) | (134352) | (85546) |
| Class P | (96085) | (150610) | (7881) | (4985) | (2974244) | – |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 568128 | (15501417) | 6096280 | 15991560 | 912960 | 12732571 |
| NET INCREASE (DECREASE) IN NET ASSETS | (111503779) | 22344422 | 2895863 | 16932304 | (1138254) | 12873378 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year or Period | 309956304 | 287611882 | 16932304 | – | 12873378 | – |
| End of Year or Period | $198452525 | $309956304 | $19828167 | $16932304 | $11735124 | $12873378 |

---

(1) Operations commenced on April 30, 2021.

(2) Operations commenced on October 29, 2021.

*See Notes to Financial Statements*

**C-26** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **PSF Avantis Balanced**<br> **Allocation Portfolio** | **PSF Avantis Balanced**<br> **Allocation Portfolio** | **Pacific Dynamix–Conservative<br>Growth Portfolio** | **Pacific Dynamix–Conservative<br>Growth Portfolio** | **Pacific Dynamix–Moderate<br>Growth Portfolio** | **Pacific Dynamix–Moderate<br>Growth Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $5124564 | $4532769 | ($2168761) | ($2514472) | ($9916500) | ($11047644) |
| Net realized gain (loss) | (7717422) | 22638946 | 22597859 | 48514238 | 124627206 | 213733739 |
| Change in net unrealized appreciation (depreciation) | (56139994) | 13547110 | (114417071) | (5454484) | (578813143) | 84437892 |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (58732852) | 40718825 | (93987973) | 40545282 | (464102437) | 287123987 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class D | 21338907 | 59698695 |  |  |  |  |
| Class I |  |  | 19275314 | 48496579 | 31341142 | 93205925 |
| Class P | 1341656 | 1880331 | 4648572 | 2809874 | 24902830 | 25004541 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class D | (34393895) | (16170264) |  |  |  |  |
| Class I |  |  | (66828208) | (80299128) | (181394678) | (151947807) |
| Class P | (255472) | (105802) | (779092) | (452453) | (6676459) | (4904786) |
| Net Increase (Decrease) in Net Assets<br>from Capital Share Transactions | (11968804) | 45302960 | (43683414) | (29445128) | (131827165) | (38642127) |
| NET INCREASE (DECREASE) IN NET ASSETS | (70701656) | 86021785 | (137671387) | 11100154 | (595929602) | 248481860 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 396401567 | 310379782 | 655974588 | 644874434 | 2984049239 | 2735567379 |
| End of Year | $325699911 | $396401567 | $518303201 | $655974588 | $2388119637 | $2984049239 |
|  | **Pacific Dynamix–Growth**<br> **Portfolio** | **Pacific Dynamix–Growth**<br> **Portfolio** | **Portfolio Optimization**<br> **Conservative Portfolio** | **Portfolio Optimization**<br> **Conservative Portfolio** | **Portfolio Optimization<br>Moderate-Conservative<br>Portfolio** | **Portfolio Optimization<br>Moderate-Conservative<br>Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($6597611) | ($5965505) | ($4137679) | ($5022106) | ($5918679) | ($7312688) |
| Net realized gain (loss) | 47116764 | 80843018 | 54316413 | 96296016 | 111896118 | 188235116 |
| Change in net unrealized appreciation (depreciation) | (363280703) | 124143533 | (250312451) | (57482450) | (427894484) | (39716887) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (322761550) | 199021046 | (200133717) | 33791460 | (321917045) | 141205541 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 236328214 | 396260794 | 77833869 | 83590531 | 14258340 | 12065865 |
| Class P | 15300688 | 15622924 | 11534 | 51435 | 24095 | 6427 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (50486101) | (30924536) | (207777708) | (298342656) | (268114948) | (293620467) |
| Class P | (2952464) | (2028687) | (3466) | (2712) | (15782) | (5325) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 198190337 | 378930495 | (129935771) | (214703402) | (253848295) | (281553500) |
| NET INCREASE (DECREASE) IN NET ASSETS | (124571213) | 577951541 | (330069488) | (180911942) | (575765340) | (140347959) |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 1848319145 | 1270367604 | 1496431734 | 1677343676 | 2226322754 | 2366670713 |
| End of Year | $1723747932 | $1848319145 | $1166362246 | $1496431734 | $1650557414 | $2226322754 |

---

*See Notes to Financial Statements*

**C-27** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **Portfolio Optimization<br>Moderate Portfolio** | **Portfolio Optimization<br>Moderate Portfolio** | **Portfolio Optimization Growth<br>Portfolio** | **Portfolio Optimization Growth<br>Portfolio** | **Portfolio Optimization<br>Aggressive-Growth Portfolio** | **Portfolio Optimization<br>Aggressive-Growth Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | ($24983870) | ($30719995) | ($22763560) | ($27619265) | ($5409845) | ($6471006) |
| Net realized gain (loss) | 543309733 | 873879036 | 470230735 | 863643953 | 122575278 | 199360846 |
| Change in net unrealized appreciation (depreciation) | (1971647849) | 16650968 | (1881173027) | 243227961 | (468271758) | 102783156 |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (1453321986) | 859810009 | (1433705852) | 1079252649 | (351106325) | 295672996 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares |  |  |  |  |  |  |
| Class I | 6356127 | 27125617 | 8806845 | 15289096 | 11438658 | 25961216 |
| Class P | 261798 | 228290 | 1896108 | 1111959 | 1574362 | 552009 |
| Cost of shares repurchased |  |  |  |  |  |  |
| Class I | (991933363) | (1218874254) | (782233794) | (1023265743) | (163126367) | (244568977) |
| Class P | (108123) | (57270) | (1148162) | (178397) | (79617) | (78169) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (985423561) | (1191577617) | (772679003) | (1007043085) | (150192964) | (218133921) |
| NET INCREASE (DECREASE) IN NET ASSETS | (2438745547) | (331767608) | (2206384855) | 72209564 | (501299289) | 77539075 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 9509348625 | 9841116233 | 8692377033 | 8620167469 | 2040280993 | 1962741918 |
| End of Year | $7070603078 | $9509348625 | $6485992178 | $8692377033 | $1538981704 | $2040280993 |
|  | **PD 1-3 Year Corporate Bond**<br>**Portfolio** | **PD 1-3 Year Corporate Bond**<br>**Portfolio** | **PD Aggregate Bond Index<br>Portfolio** | **PD Aggregate Bond Index<br>Portfolio** | **PD High Yield Bond Market**<br>**Portfolio** | **PD High Yield Bond Market**<br>**Portfolio** |
| **OPERATIONS** |  |  |  |  |  |  |
| Net investment income (loss) | $2697006 | $2246681 | $23235902 | $17265231 | $24035077 | $26495360 |
| Net realized gain (loss) | (3938557) | 1460892 | (8639861) | 2388313 | (6114296) | 6516357 |
| Change in net unrealized appreciation (depreciation) | (6075187) | (4571440) | (173237655) | (36670055) | (70992345) | (7769375) |
| Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (7316738) | (863867) | (158641614) | (17016511) | (53071564) | 25242342 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Proceeds from sale of shares - Class P | 20789713 | 22770330 | 108072024 | 193925359 | 9919578 | 73355050 |
| Cost of shares repurchased - Class P | (77628544) | (8415209) | (82580056) | (12398044) | (139070208) | (9047150) |
| Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (56838831) | 14355121 | 25491968 | 181527315 | (129150630) | 64307900 |
| NET INCREASE (DECREASE) IN NET ASSETS | (64155569) | 13491254 | (133149646) | 164510804 | (182222194) | 89550242 |
| **NET ASSETS** |  |  |  |  |  |  |
| Beginning of Year | 232787657 | 219296403 | 1159625876 | 995115072 | 544500778 | 454950536 |
| End of Year | $168632088 | $232787657 | $1026476230 | $1159625876 | $362278584 | $544500778 |

---

*See Notes to Financial Statements*

**C-28** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **PD Large-Cap Growth Index<br>Portfolio** | **PD Large-Cap Growth Index<br>Portfolio** | **PD Large-Cap Value Index<br>Portfolio** | **PD Large-Cap Value Index<br>Portfolio** | **PD Mid-Cap Index**<br>**Portfolio** | **PD Mid-Cap Index**<br>**Portfolio** |
|  **OPERATIONS** |  |  |  |  |  |  |
|  Net investment income (loss) | $6910326 | $4247421 | $18140304 | $14226178 | $6918007 | $6375718 |
|  Net realized gain (loss) | 3484086 | 198800439 | 21211482 | 86818552 | 29199761 | 18770372 |
|  Change in net unrealized appreciation (depreciation) | (299314217) | (34067661) | (112155775) | 72376595 | (130424828) | 77846022 |
|  Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (288919805) | 168980199 | (72803989) | 173421325 | (94307060) | 102992112 |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
|  Proceeds from sale of shares - Class P | 389581208 | 43041440 | 201049175 | 59462587 | 25596353 | 143887846 |
|  Cost of shares repurchased - Class P | (12895245) | (292861535) | (55487848) | (216637095) | (141725658) | (29020415) |
|  Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 376685963 | (249820095) | 145561327 | (157174508) | (116129305) | 114867431 |
|  NET INCREASE (DECREASE) IN NET ASSETS | 87766158 | (80839896) | 72757338 | 16246817 | (210436365) | 217859543 |
|  **NET ASSETS** |  |  |  |  |  |  |
|  Beginning of Year | 751235523 | 832075419 | 805209292 | 788962475 | 619835412 | 401975869 |
|  End of Year | $839001681 | $751235523 | $877966630 | $805209292 | $409399047 | $619835412 |
|  | **PD Small-Cap Growth Index<br>Portfolio** | **PD Small-Cap Growth Index<br>Portfolio** | **PD Small-Cap Value Index<br>Portfolio** | **PD Small-Cap Value Index<br>Portfolio** | **PD Emerging Markets Index<br>Portfolio** | **PD Emerging Markets Index<br>Portfolio** |
|  **OPERATIONS** |  |  |  |  |  |  |
|  Net investment income (loss) | $380762 | $463054 | $3068040 | $2950987 | $3590901 | $5288687 |
|  Net realized gain (loss) | (11849717) | 9723180 | 7574696 | 13302198 | 17472513 | 22325769 |
|  Change in net unrealized appreciation (depreciation) | (19546984) | (11790993) | (35472763) | 952861 | (63287706) | (33382673) |
|  Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (31015939) | (1604759) | (24830027) | 17206046 | (42224292) | (5768217) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
|  Proceeds from sale of shares - Class P | 13792620 | 104526950 | 8746976 | 168187790 | 9020707 | 82800207 |
|  Cost of shares repurchased - Class P | (65288538) | (6557152) | (69387427) | (10240682) | (171666904) | (13769707) |
|  Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | (51495918) | 97969798 | (60640451) | 157947108 | (162646197) | 69030500 |
|  NET INCREASE (DECREASE) IN NET ASSETS | (82511857) | 96365039 | (85470478) | 175153154 | (204870489) | 63262283 |
|  **NET ASSETS** |  |  |  |  |  |  |
|  Beginning of Year | 150529727 | 54164688 | 222502872 | 47349718 | 308380943 | 245118660 |
|  End of Year | $68017870 | $150529727 | $137032394 | $222502872 | $103510454 | $308380943 |

---

*See Notes to Financial Statements*

**C-29** 

------

**PACIFIC SELECT FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  | **PD International Large-Cap<br>Index Portfolio** | **PD International Large-Cap<br>Index Portfolio** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $19361751 | $17145063 |
|  Net realized gain (loss) | (1687291) | 66779974 |
|  Change in net unrealized appreciation (depreciation) | (106732343) | (282706) |
|  Net Increase (Decrease) in Net Assets<br>Resulting from Operations | (89057883) | 83642331 |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Proceeds from sale of shares - Class P | 71983901 | 71875816 |
|  Cost of shares repurchased - Class P | (38690996) | (72970708) |
|  Net Increase (Decrease) in Net Assets from<br>Capital Share Transactions | 33292905 | (1094892) |
|  NET INCREASE (DECREASE) IN NET ASSETS | (55764978) | 82547439 |
|  **NET ASSETS** |  |  |
|  Beginning of Year | 695602724 | 613055285 |
|  End of Year | $639837746 | $695602724 |

---

*See Notes to Financial Statements*

**C-30** 

------

**PACIFIC SELECT FUND** 

**STATEMENT OF CASH FLOWS (1)** 

**FOR THE YEAR ENDED DECEMBER 31, 2022** 

---

| | |
|:---|:---|
|  | **Inflation<br>Managed<br>Portfolio** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |
| Net increase (decrease) in net assets from operations | ($89992418) |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operation activities: |  |
| Purchases of long-term securities | (436365032) |
| Proceeds from disposition of long-term securities | 356081051 |
| Proceeds (purchases) of short-term securities, net | 16206373 |
| Proceeds (purchases) from foreign currency transactions | 8719446 |
| (Increase) decrease in dividends and interest receivable | (632014) |
| (Increase) decrease in receivable for securities sold | (62611664) |
| (Increase) decrease in swap agreements | 1275 |
| (Increase) decrease in variation margin on futures contracts | (523767) |
| (Increase) decrease in variation margin on swap agreements | (983081) |
| (Increase) decrease in prepaid expenses and other assets | 42211 |
| Increase (decrease) in payable for securities purchased | (15222952) |
| Increase (decrease) in payable due to custodian | 823187 |
| Increase (decrease) in payable due to brokers | (315000) |
| Increase (decrease) in accrued advisory fees | 46412 |
| Increase (decrease) in accrued service fees | 31984 |
| Increase (decrease) in accrued support service expenses | 5708 |
| Increase (decrease) in accrued custodian and portfolio accounting fees | 22421 |
| Increase (decrease) in accrued shareholder report expenses | 4332 |
| Increase (decrease) in accrued trustees' fees and deferred compensation | (6572) |
| Increase (decrease) in accrued dividends and/or interest payable | (1043) |
| Increase (decrease) in accrued other | 4161 |
| Change in net unrealized (appreciation) depreciation on investments securities | 139402904 |
| Change in net unrealized (appreciation) depreciation on foreign currencies | (158541) |
| Change in net unrealized (appreciation) depreciation on forward foreign currency contracts | 1391201 |
| Change in net unrealized (appreciation) depreciation on purchased options | 434953 |
| Change in net unrealized (appreciation) depreciation on swaps (2) | 2085507 |
| Change in net unrealized (appreciation) depreciation on written options | (24749) |
| Net realized (gain) loss on investment securities | 14547053 |
| Net realized (gain) loss on foreign currencies | 882086 |
| Net realized (gain) loss on forward foreign currency contracts | (9442991) |
| Net realized (gain) loss on written options | (210634) |
| Net amortization on investments | (43676532) |
| Net cash provided by operating activities (3) | (119434725) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| Proceeds from shares sold | 297292743 |
| Payments on shares redeemed | (84176704) |
| Increase (decrease) in payable for reverse repurchase agreements | (34537500) |
| Proceeds from sale-buyback financing activities | 7379112841 |
| Payment on sale-buyback financing transactions | (7439158808) |
| **Net cash provided by (used in) financing activities** | 118532572 |
| **NET (INCREASE) DECREASE IN CASH AND FOREIGN CURRENCY** | (902153) |
| **CASH AND FOREIGN CURRENCY:** |  |
| Beginning of Year | 5471062 |
| End of Year (4) | $4568909 |

---

(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 $561,988.

(4) Includes cash (segregated for derivative investments) for the Fund of $1,675,000.

*See Notes to Financial Statements* 

**C-31** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1)

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Core Income</u>** | **<u>Core Income</u>** | **<u>Core Income</u>** | **<u>Core Income</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $12.67 | $0.32 | ($1.89) | ($1.57) | $— | $— | $— | $11.10 | 0.74% | 0.74% | 2.82% | (12.40%) | $42839 | 88% |
| &nbsp;&nbsp; 2021 | 12.72 | 0.23 | (0.28) | (0.05) |  |  |  | 12.67 | 0.74% | 0.74% | 1.80% | (0.39%) | 47044 | 86% |
| &nbsp;&nbsp; 2020 | 11.61 | 0.28 | 0.83 | 1.11 |  |  |  | 12.72 | 0.74% | 0.74% | 2.29% | 9.58% | 46604 | 121% |
| &nbsp;&nbsp; 2019 | 10.46 | 0.33 | 0.82 | 1.15 |  |  |  | 11.61 | 0.74% | 0.74% | 2.98% | 10.92% | 29951 | 78% |
| &nbsp;&nbsp; 2018 | 10.67 | 0.33 | (0.54) | (0.21) |  |  |  | 10.46 | 0.75% | 0.75% | 3.10% | (1.94%) | 21244 | 83% |
|  **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 12.84 | 0.35 | (1.92) | (1.57) |  |  |  | 11.27 | 0.54% | 0.54% | 2.96% | (12.23%) | 402836 | 88% |
| &nbsp;&nbsp; 2021 | 12.86 | 0.26 | (0.28) | (0.02) |  |  |  | 12.84 | 0.54% | 0.54% | 2.00% | (0.19%) | 590267 | 86% |
| &nbsp;&nbsp; 2020 | 11.72 | 0.31 | 0.83 | 1.14 |  |  |  | 12.86 | 0.54% | 0.54% | 2.53% | 9.79% | 563135 | 121% |
| &nbsp;&nbsp; 2019 | 10.54 | 0.36 | 0.82 | 1.18 |  |  |  | 11.72 | 0.55% | 0.55% | 3.17% | 11.15% | 523920 | 78% |
| &nbsp;&nbsp; 2018 | 10.73 | 0.35 | (0.54) | (0.19) |  |  |  | 10.54 | 0.55% | 0.55% | 3.28% | (1.75%) | 294297 | 83% |
|  **<u>Diversified Bond</u>** | **<u>Diversified Bond</u>** | **<u>Diversified Bond</u>** | **<u>Diversified Bond</u>** | **<u>Diversified Bond</u>** |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $11.94 | $0.31 | ($2.53) | ($2.22) | $— | $— | $— | $9.72 | 0.65% | 0.65% | 3.06% | (18.62%) | $603308 | 104% |
| &nbsp;&nbsp; 2021 | 12.17 | 0.26 | (0.49) | (0.23) |  |  |  | 11.94 | 0.64% | 0.64% | 2.20% | (1.93%) | 564741 | 106% |
| &nbsp;&nbsp; 2020 | 11.03 | 0.30 | 0.84 | 1.14 |  |  |  | 12.17 | 0.65% | 0.65% | 2.62% | 10.35% | 474148 | 176% |
| &nbsp;&nbsp; 2019 | 9.76 | 0.34 | 0.93 | 1.27 |  |  |  | 11.03 | 0.65% | 0.65% | 3.21% | 13.00% | 568139 | 276% |
| &nbsp;&nbsp; 2018 | 9.90 | 0.33 | (0.47) | (0.14) |  |  |  | 9.76 | 0.65% | 0.65% | 3.37% | (1.36%) | 378733 | 260% |
|  **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 16.20 | 0.44 | (3.43) | (2.99) |  |  |  | 13.21 | 0.45% | 0.45% | 3.12% | (18.46%) | 1791603 | 104% |
| &nbsp;&nbsp; 2021 | 16.49 | 0.39 | (0.68) | (0.29) |  |  |  | 16.20 | 0.44% | 0.44% | 2.40% | (1.73%) | 4131522 | 106% |
| &nbsp;&nbsp; 2020 | 14.91 | 0.44 | 1.14 | 1.58 |  |  |  | 16.49 | 0.45% | 0.45% | 2.80% | 10.57% | 3974079 | 176% |
| &nbsp;&nbsp; 2019 | 13.17 | 0.48 | 1.26 | 1.74 |  |  |  | 14.91 | 0.45% | 0.45% | 3.41% | 13.22% | 3852139 | 276% |
| &nbsp;&nbsp; 2018 | 13.32 | 0.46 | (0.61) | (0.15) |  |  |  | 13.17 | 0.45% | 0.45% | 3.56% | (1.16%) | 2753754 | 260% |
|  **<u>Floating Rate Income</u>** | **<u>Floating Rate Income</u>** | **<u>Floating Rate Income</u>** | **<u>Floating Rate Income</u>** | **<u>Floating Rate Income</u>** |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $13.79 | $0.71 | ($0.92) | ($0.21) | $— | $— | $— | $13.58 | 0.91% | 0.90% | 5.26% | (1.54%) | $241459 | 45% |
| &nbsp;&nbsp; 2021 | 13.18 | 0.53 | 0.08 | 0.61 |  |  |  | 13.79 | 0.91% | 0.86% | 3.91% | 4.62% | 269774 | 104% |
| &nbsp;&nbsp; 2020 | 12.59 | 0.49 | 0.10 | 0.59 |  |  |  | 13.18 | 0.91% | 0.86% | 3.94% | 4.71% | 236995 | 107% |
| &nbsp;&nbsp; 2019 | 11.65 | 0.62 | 0.32 | 0.94 |  |  |  | 12.59 | 0.93% | 0.88% | 5.07% | 8.11% | 250135 | 105% |
| &nbsp;&nbsp; 2018 | 11.65 | 0.58 | (0.58) |  |  |  |  | 11.65 | 0.94% | 0.94% | 4.86% | (0.03%) | 90147 | 117% |
|  **Class P** | **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 14.03 | 0.78 | (0.97) | (0.19) |  |  |  | 13.84 | 0.72% | 0.71% | 5.68% | (1.35%) | 493288 | 45% |
| &nbsp;&nbsp; 2021 | 13.38 | 0.56 | 0.09 | 0.65 |  |  |  | 14.03 | 0.71% | 0.66% | 4.10% | 4.83% | 129383 | 104% |
| &nbsp;&nbsp; 2020 | 12.76 | 0.53 | 0.09 | 0.62 |  |  |  | 13.38 | 0.71% | 0.66% | 4.19% | 4.92% | 239179 | 107% |
| &nbsp;&nbsp; 2019 | 11.78 | 0.66 | 0.32 | 0.98 |  |  |  | 12.76 | 0.73% | 0.68% | 5.29% | 8.30% | 394144 | 105% |
| &nbsp;&nbsp; 2018 | 11.76 | 0.59 | (0.57) | 0.02 |  |  |  | 11.78 | 0.73% | 0.73% | 4.92% | 0.17% | 366922 | 117% |
|  **<u>High Yield Bond</u>** | **<u>High Yield Bond</u>** | **<u>High Yield Bond</u>** | **<u>High Yield Bond</u>** | **<u>High Yield Bond</u>** |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $9.89 | $0.48 | ($1.50) | ($1.02) | $— | $— | $— | $8.87 | 0.63% | 0.63% | 5.31% | (10.35%) | $220364 | 33% |
| &nbsp;&nbsp; 2021 | 9.38 | 0.47 | 0.04 | 0.51 |  |  |  | 9.89 | 0.63% | 0.63% | 4.88% | 5.42% | 351557 | 46% |
| &nbsp;&nbsp; 2020 | 8.87 | 0.48 | 0.03 | 0.51 |  |  |  | 9.38 | 0.63% | 0.63% | 5.51% | 5.74% | 342507 | 59% |
| &nbsp;&nbsp; 2019 | 7.78 | 0.45 | 0.64 | 1.09 |  |  |  | 8.87 | 0.64% | 0.64% | 5.32% | 13.98% | 319345 | 59% |
| &nbsp;&nbsp; 2018 | 8.05 | 0.42 | (0.69) | (0.27) |  |  |  | 7.78 | 0.63% | 0.63% | 5.27% | (3.27%) | 269670 | 43% |
|  **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 10.88 | 0.55 | (1.65) | (1.10) |  |  |  | 9.78 | 0.43% | 0.43% | 5.52% | (10.17%) | 799387 | 33% |
| &nbsp;&nbsp; 2021 | 10.30 | 0.54 | 0.04 | 0.58 |  |  |  | 10.88 | 0.43% | 0.43% | 5.08% | 5.63% | 966816 | 46% |
| &nbsp;&nbsp; 2020 | 9.72 | 0.54 | 0.04 | 0.58 |  |  |  | 10.30 | 0.43% | 0.43% | 5.72% | 5.96% | 1028641 | 59% |
| &nbsp;&nbsp; 2019 | 8.51 | 0.51 | 0.70 | 1.21 |  |  |  | 9.72 | 0.44% | 0.44% | 5.52% | 14.21% | 864418 | 59% |
| &nbsp;&nbsp; 2018 | 8.78 | 0.48 | (0.75) | (0.27) |  |  |  | 8.51 | 0.43% | 0.43% | 5.48% | (3.08%) | 771581 | 43% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-32** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Inflation Managed</u>** | **<u>Inflation Managed</u>** | **<u>Inflation Managed</u>** | **<u>Inflation Managed</u>** | **<u>Inflation Managed</u>** |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $13.21 | $0.84 | ($2.41) | ($1.57) | $— | $— | $— | $11.64 | 0.73% | 0.73% (7) | 6.86% | (11.87%) | $269220 | 47% |
| &nbsp;&nbsp; 2021 | 12.50 | 0.62 | 0.09 | 0.71 |  |  |  | 13.21 | 0.67% | 0.67% | 4.88% | 5.69% | 335607 | 115% |
| &nbsp;&nbsp; 2020 | 11.22 | 0.12 | 1.16 | 1.28 |  |  |  | 12.50 | 0.88% | 0.88% | 0.99% | 11.42% | 292256 | 226% |
| &nbsp;&nbsp; 2019 | 10.32 | 0.20 | 0.70 | 0.90 |  |  |  | 11.22 | 1.93% | 1.93% | 1.88% | 8.64% | 278484 | 284% |
| &nbsp;&nbsp; 2018 | 10.55 | 0.31 | (0.54) | (0.23) |  |  |  | 10.32 | 1.56% | 1.56% | 2.94% | (2.15%) | 297483 | 256% |
|  **Class P** | **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 15.08 | 1.03 | (2.80) | (1.77) |  |  |  | 13.31 | 0.53% | 0.53% (7) | 7.43% | (11.70%) | 397533 | 47% |
| &nbsp;&nbsp; 2021 | 14.24 | 0.74 | 0.10 | 0.84 |  |  |  | 15.08 | 0.47% | 0.47% | 5.09% | 5.90% | 208469 | 115% |
| &nbsp;&nbsp; 2020 | 12.75 | 0.15 | 1.34 | 1.49 |  |  |  | 14.24 | 0.68% | 0.68% | 1.13% | 11.64% | 206924 | 226% |
| &nbsp;&nbsp; 2019 | 11.71 | 0.19 | 0.85 | 1.04 |  |  |  | 12.75 | 1.73% | 1.73% | 1.55% | 8.86% | 158321 | 284% |
| &nbsp;&nbsp; 2018 | 11.95 | 0.38 | (0.62) | (0.24) |  |  |  | 11.71 | 1.36% | 1.36% | 3.18% | (1.96%) | 362227 | 256% |
|  **<u>Intermediate Bond</u>** | **<u>Intermediate Bond</u>** | **<u>Intermediate Bond</u>** | **<u>Intermediate Bond</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $9.98 | $0.19 | ($1.48) | ($1.29) | $— | $— | $— | $8.69 | 0.63% | 0.63% | 2.16% | (12.98%) | $8363 | 78% |
| &nbsp;&nbsp; 11/01/2021 - 12/31/2021 | 9.99 | 0.02 | (0.03) | (0.01) |  |  |  | 9.98 | 0.62% | 0.62% | 1.12% | (0.16%) | 1094 | 135% |
|  **Class P** | **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 9.98 | 0.19 | (1.46) | (1.27) |  |  |  | 8.71 | 0.43% | 0.43% | 2.13% | (12.81%) | 1366426 | 78% |
| &nbsp;&nbsp; 2021 | 10.16 | 0.12 | (0.30) | (0.18) |  |  |  | 9.98 | 0.43% | 0.43% | 1.20% | (1.70%) | 1254209 | 135% |
| &nbsp;&nbsp; 10/23/2020 - 12/31/2020 | 10.00 | 0.01 | 0.15 | 0.16 |  |  |  | 10.16 | 0.45% | 0.45% | 0.55% | 1.57% | 1090654 | 82% |
|  **<u>Managed Bond</u>** | **<u>Managed Bond</u>** | **<u>Managed Bond</u>** | **<u>Managed Bond</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $14.76 | $0.33 | ($2.40) | ($2.07) | $— | $— | $— | $12.69 | 0.64% | 0.63% | 2.46% | (14.02%) | $662633 | 426% |
| &nbsp;&nbsp; 2021 | 14.93 | 0.25 | (0.42) | (0.17) |  |  |  | 14.76 | 0.63% | 0.62% | 1.69% | (1.13%) | 871592 | 320% |
| &nbsp;&nbsp; 2020 | 13.78 | 0.30 | 0.85 | 1.15 |  |  |  | 14.93 | 0.70% | 0.69% | 2.04% | 8.34% | 898530 | 574% |
| &nbsp;&nbsp; 2019 | 12.70 | 0.38 | 0.70 | 1.08 |  |  |  | 13.78 | 1.00% | 1.00% | 2.87% | 8.49% | 829816 | 606% |
| &nbsp;&nbsp; 2018 | 12.78 | 0.33 | (0.41) | (0.08) |  |  |  | 12.70 | 1.04% | 1.04% | 2.65% | (0.60%) | 840708 | 608% |
|  **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 16.37 | 0.40 | (2.67) | (2.27) |  |  |  | 14.10 | 0.44% | 0.43% | 2.73% | (13.85%) | 1795265 | 426% |
| &nbsp;&nbsp; 2021 | 16.52 | 0.31 | (0.46) | (0.15) |  |  |  | 16.37 | 0.43% | 0.42% | 1.89% | (0.93%) | 1886891 | 320% |
| &nbsp;&nbsp; 2020 | 15.22 | 0.36 | 0.94 | 1.30 |  |  |  | 16.52 | 0.50% | 0.49% | 2.23% | 8.56% | 2096829 | 574% |
| &nbsp;&nbsp; 2019 | 14.00 | 0.46 | 0.76 | 1.22 |  |  |  | 15.22 | 0.80% | 0.80% | 3.08% | 8.71% | 2541514 | 606% |
| &nbsp;&nbsp; 2018 | 14.06 | 0.39 | (0.45) | (0.06) |  |  |  | 14.00 | 0.84% | 0.84% | 2.83% | (0.40%) | 1456611 | 608% |
|  **<u>Short Duration Bond</u>** | **<u>Short Duration Bond</u>** | **<u>Short Duration Bond</u>** | **<u>Short Duration Bond</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $10.71 | $0.18 | ($0.67) | ($0.49) | $— | $— | $— | $10.22 | 0.63% | 0.63% | 1.69% | (4.58%) | $427005 | 83% |
| &nbsp;&nbsp; 2021 | 10.75 | 0.12 | (0.16) | (0.04) |  |  |  | 10.71 | 0.63% | 0.63% | 1.10% | (0.45%) | 501192 | 82% |
| &nbsp;&nbsp; 2020 | 10.37 | 0.18 | 0.20 | 0.38 |  |  |  | 10.75 | 0.63% | 0.63% | 1.72% | 3.73% | 511791 | 83% |
| &nbsp;&nbsp; 2019 | 9.95 | 0.24 | 0.18 | 0.42 |  |  |  | 10.37 | 0.64% | 0.64% | 2.33% | 4.22% | 465453 | 131% |
| &nbsp;&nbsp; 2018 | 9.84 | 0.20 | (0.09) | 0.11 |  |  |  | 9.95 | 0.64% | 0.64% | 2.00% | 1.14% | 483827 | 101% |
|  **Class P** | **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 11.20 | 0.20 | (0.69) | (0.49) |  |  |  | 10.71 | 0.43% | 0.43% | 1.87% | (4.39%) | 724988 | 83% |
| &nbsp;&nbsp; 2021 | 11.22 | 0.15 | (0.17) | (0.02) |  |  |  | 11.20 | 0.43% | 0.43% | 1.30% | (0.25%) | 934420 | 82% |
| &nbsp;&nbsp; 2020 | 10.80 | 0.21 | 0.21 | 0.42 |  |  |  | 11.22 | 0.43% | 0.43% | 1.90% | 3.94% | 1035575 | 83% |
| &nbsp;&nbsp; 2019 | 10.34 | 0.27 | 0.19 | 0.46 |  |  |  | 10.80 | 0.43% | 0.43% | 2.53% | 4.43% | 837740 | 131% |
| &nbsp;&nbsp; 2018 | 10.20 | 0.21 | (0.07) | 0.14 |  |  |  | 10.34 | 0.43% | 0.43% | 2.07% | 1.34% | 518877 | 101% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-33** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Emerging Markets Debt</u>** | **<u>Emerging Markets Debt</u>** | **<u>Emerging Markets Debt</u>** | **<u>Emerging Markets Debt</u>** | **<u>Emerging Markets Debt</u>** |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $12.21 | $0.60 | ($1.76) | ($1.16) | $— | $— | $— | $11.05 | 1.11% | 1.06% (7) | 5.31% | (9.27%) | $21815 | 103% |
| &nbsp;&nbsp; 2021 | 12.97 | 0.53 | (1.29) | (0.76) |  |  |  | 12.21 | 1.05% | 1.03% | 4.20% | (6.12%) | 90598 | 145% |
| &nbsp;&nbsp; 2020 | 12.75 | 0.54 | (0.32) | 0.22 |  |  |  | 12.97 | 1.09% | 1.07% | 4.54% | 1.75% | 84108 | 82% |
| &nbsp;&nbsp; 2019 | 11.64 | 0.68 | 0.43 | 1.11 |  |  |  | 12.75 | 1.05% | 1.03% | 5.48% | 9.52% | 54255 | 55% |
| &nbsp;&nbsp; 2018 | 12.31 | 0.66 | (1.33) | (0.67) |  |  |  | 11.64 | 1.04% | 1.04% | 5.57% | (5.45%) | 45110 | 46% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 12.44 | 0.65 | (1.81) | (1.16) |  |  |  | 11.28 | 0.92% | 0.87% (7) | 5.68% | (9.08%) | 210706 | 103% |
| &nbsp;&nbsp; 2021 | 13.19 | 0.56 | (1.31) | (0.75) |  |  |  | 12.44 | 0.85% | 0.82% | 4.40% | (5.94%) | 467700 | 145% |
| &nbsp;&nbsp; 2020 | 12.94 | 0.59 | (0.34) | 0.25 |  |  |  | 13.19 | 0.86% | 0.84% | 4.93% | 1.96% | 290029 | 82% |
| &nbsp;&nbsp; 2019 | 11.80 | 0.71 | 0.43 | 1.14 |  |  |  | 12.94 | 0.85% | 0.83% | 5.63% | 9.74% | 716924 | 55% |
| &nbsp;&nbsp; 2018 | 12.45 | 0.67 | (1.32) | (0.65) |  |  |  | 11.80 | 0.84% | 0.83% | 5.66% | (5.26%) | 1029570 | 46% |
|  **<u>Dividend Growth</u>** | **<u>Dividend Growth</u>** | **<u>Dividend Growth</u>** | **<u>Dividend Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $36.88 | $0.29 | ($4.16) | ($3.87) | $— | $— | $— | $33.01 | 0.88% | 0.88% | 0.87% | (10.49%) | $563348 | 16% |
| &nbsp;&nbsp; 2021 | 29.32 | 0.21 | 7.35 | 7.56 |  |  |  | 36.88 | 0.87% | 0.87% | 0.63% | 25.80% | 649523 | 10% |
| &nbsp;&nbsp; 2020 | 25.85 | 0.23 | 3.24 | 3.47 |  |  |  | 29.32 | 0.88% | 0.88% | 0.92% | 13.44% | 526309 | 28% |
| &nbsp;&nbsp; 2019 | 19.78 | 0.25 | 5.82 | 6.07 |  |  |  | 25.85 | 0.88% | 0.88% | 1.06% | 30.64% | 487210 | 23% |
| &nbsp;&nbsp; 2018 | 20.04 | 0.27 | (0.53) | (0.26) |  |  |  | 19.78 | 0.89% | 0.89% | 1.32% | (1.28%) | 373346 | 27% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 40.71 | 0.39 | (4.59) | (4.20) |  |  |  | 36.51 | 0.68% | 0.68% | 1.05% | (10.31%) | 751335 | 16% |
| &nbsp;&nbsp; 2021 | 32.30 | 0.30 | 8.11 | 8.41 |  |  |  | 40.71 | 0.67% | 0.67% | 0.84% | 26.05% | 1197125 | 10% |
| &nbsp;&nbsp; 2020 | 28.42 | 0.31 | 3.57 | 3.88 |  |  |  | 32.30 | 0.68% | 0.68% | 1.12% | 13.66% | 1356736 | 28% |
| &nbsp;&nbsp; 2019 | 21.71 | 0.32 | 6.39 | 6.71 |  |  |  | 28.42 | 0.69% | 0.69% | 1.25% | 30.90% | 950491 | 23% |
| &nbsp;&nbsp; 2018 | 21.95 | 0.35 | (0.59) | (0.24) |  |  |  | 21.71 | 0.70% | 0.70% | 1.55% | (1.09%) | 502741 | 27% |
|  **<u>Equity Index</u>** | **<u>Equity Index</u>** | **<u>Equity Index</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $119.09 | $1.41 | ($23.21) | ($21.80) | $— | $— | $— | $97.29 | 0.28% | 0.28% | 1.36% | (18.31%) | $3072629 | 6% |
| &nbsp;&nbsp; 2021 | 92.77 | 1.21 | 25.11 | 26.32 |  |  |  | 119.09 | 0.27% | 0.27% | 1.14% | 28.37% | 3929164 | 2% |
| &nbsp;&nbsp; 2020 | 78.55 | 1.25 | 12.97 | 14.22 |  |  |  | 92.77 | 0.28% | 0.28% | 1.59% | 18.11% | 3129087 | 7% |
| &nbsp;&nbsp; 2019 | 59.92 | 1.22 | 17.41 | 18.63 |  |  |  | 78.55 | 0.28% | 0.28% | 1.74% | 31.10% | 2672446 | 6% |
| &nbsp;&nbsp; 2018 | 62.89 | 1.08 | (4.05) | (2.97) |  |  |  | 59.92 | 0.28% | 0.28% | 1.66% | (4.73%) | 2077180 | 4% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 123.73 | 1.68 | (24.13) | (22.45) |  |  |  | 101.28 | 0.08% | 0.08% | 1.57% | (18.15%) | 587247 | 6% |
| &nbsp;&nbsp; 2021 | 96.20 | 1.47 | 26.06 | 27.53 |  |  |  | 123.73 | 0.07% | 0.07% | 1.36% | 28.63% | 581154 | 2% |
| &nbsp;&nbsp; 2020 | 81.29 | 1.45 | 13.46 | 14.91 |  |  |  | 96.20 | 0.08% | 0.08% | 1.79% | 18.35% | 778542 | 7% |
| &nbsp;&nbsp; 2019 | 61.88 | 1.40 | 18.01 | 19.41 |  |  |  | 81.29 | 0.08% | 0.08% | 1.91% | 31.36% | 718257 | 6% |
| &nbsp;&nbsp; 2018 | 64.82 | 1.24 | (4.18) | (2.94) |  |  |  | 61.88 | 0.08% | 0.08% | 1.85% | (4.54%) | 391230 | 4% |
|  **<u>Focused Growth</u>** | **<u>Focused Growth</u>** | **<u>Focused Growth</u>** | **<u>Focused Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $63.04 | ($0.12) | ($21.18) | ($21.30) | $— | $— | $— | $41.74 | 0.95% | 0.95% | (0.26%) | (33.80%) | $218362 | 43% |
| &nbsp;&nbsp; 2021 | 52.63 | (0.30) | 10.71 | 10.41 |  |  |  | 63.04 | 0.95% | 0.95% | (0.51%) | 19.79% | 347239 | 44% |
| &nbsp;&nbsp; 2020 | 38.06 | (0.19) | 14.76 | 14.57 |  |  |  | 52.63 | 0.97% | 0.97% | (0.44%) | 38.29% | 291287 | 42% |
| &nbsp;&nbsp; 2019 | 28.09 | (0.06) | 10.03 | 9.97 |  |  |  | 38.06 | 0.97% | 0.97% | (0.16%) | 35.46% | 236437 | 40% |
| &nbsp;&nbsp; 2018 | 26.76 | (0.07) | 1.40 | 1.33 |  |  |  | 28.09 | 0.97% | 0.97% | (0.24%) | 4.99% | 180115 | 41% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 64.49 | (0.01) | (21.70) | (21.71) |  |  |  | 42.78 | 0.75% | 0.75% | (0.01%) | (33.66%) | 693129 | 43% |
| &nbsp;&nbsp; 2021 | 53.73 | (0.17) | 10.93 | 10.76 |  |  |  | 64.49 | 0.75% | 0.75% | (0.28%) | 20.03% | 496393 | 44% |
| &nbsp;&nbsp; 2020 | 38.77 | (0.10) | 15.06 | 14.96 |  |  |  | 53.73 | 0.76% | 0.76% | (0.23%) | 38.58% | 45 | 42% |
| &nbsp;&nbsp; 2019 | 28.56 | 0.02 | 10.19 | 10.21 |  |  |  | 38.77 | 0.76% | 0.76% | 0.05% | 35.75% | 33 | 40% |
| &nbsp;&nbsp; 2018 | 27.14 | (0.01) | 1.43 | 1.42 |  |  |  | 28.56 | 0.76% | 0.76% | (0.03%) | 5.21% | 24 | 41% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-34** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Growth</u>** | **<u>Growth</u>** | **<u>Growth</u>** | **<u>Growth</u>** | **<u>Growth</u>** |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $64.90 | ($0.07) | ($20.18) | ($20.25) | $— | $— | $— | $44.65 | 0.78% | 0.78% | (0.14%) | (31.21%) | $634578 | 19% |
| &nbsp;&nbsp; 2021 | 52.59 | (0.23) | 12.54 | 12.31 |  |  |  | 64.90 | 0.77% | 0.77% | (0.38%) | 23.42% | 999552 | 13% |
| &nbsp;&nbsp; 2020 | 39.97 | (0.12) | 12.74 | 12.62 |  |  |  | 52.59 | 0.78% | 0.78% | (0.28%) | 31.56% | 833240 | 40% |
| &nbsp;&nbsp; 2019 | 28.94 | (0.04) | 11.07 | 11.03 |  |  |  | 39.97 | 0.78% | 0.78% | (0.12%) | 38.13% | 709513 | 28% |
| &nbsp;&nbsp; 2018 | 28.26 | (0.02) | 0.70 | 0.68 |  |  |  | 28.94 | 0.78% | 0.78% | (0.05%) | 2.40% | 541763 | 33% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 70.46 | 0.03 | (21.93) | (21.90) |  |  |  | 48.56 | 0.58% | 0.58% | 0.05% | (31.07%) | 555373 | 19% |
| &nbsp;&nbsp; 2021 | 56.97 | (0.12) | 13.61 | 13.49 |  |  |  | 70.46 | 0.57% | 0.57% | (0.18%) | 23.67% | 1219416 | 13% |
| &nbsp;&nbsp; 2020 | 43.22 | (0.04) | 13.79 | 13.75 |  |  |  | 56.97 | 0.58% | 0.58% | (0.08%) | 31.82% | 1496227 | 40% |
| &nbsp;&nbsp; 2019 | 31.23 | 0.03 | 11.96 | 11.99 |  |  |  | 43.22 | 0.58% | 0.58% | 0.08% | 38.41% | 1244042 | 28% |
| &nbsp;&nbsp; 2018 | 30.43 | 0.05 | 0.75 | 0.80 |  |  |  | 31.23 | 0.58% | 0.58% | 0.14% | 2.61% | 764599 | 33% |
|  **<u>Hedged Equity</u>** | **<u>Hedged Equity</u>** | **<u>Hedged Equity</u>** | **<u>Hedged Equity</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $10.55 | $0.07 | ($0.93) | ($0.86) | $— | $— | $— | $9.69 | 0.92% | 0.90% | 0.72% | (7.95%) | $156133 | 29% |
| &nbsp;&nbsp; 04/30/2021 - 12/31/2021 | 10.00 | 0.03 | 0.52 | 0.55 |  |  |  | 10.55 | 1.13% | 0.90% | 0.48% | 5.37% | 58694 | 34% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 10.57 | 0.10 | (0.95) | (0.85) |  |  |  | 9.72 | 0.72% | 0.70% | 0.98% | (7.76%) | 3648 | 29% |
| &nbsp;&nbsp; 04/30/2021 - 12/31/2021 | 10.00 | 0.05 | 0.52 | 0.57 |  |  |  | 10.57 | 0.93% | 0.70% | 0.70% | 5.51% | 633 | 34% |
|  **<u>Large-Cap Core</u>** | **<u>Large-Cap Core</u>** | **<u>Large-Cap Core</u>** | **<u>Large-Cap Core</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $68.67 | $0.59 | ($14.75) | ($14.16) | $— | $— | $— | $54.51 | 0.68% | 0.68% | 1.00% | (20.61%) | $522329 | 126% |
| &nbsp;&nbsp; 2021 | 53.74 | 0.53 | 14.40 | 14.93 |  |  |  | 68.67 | 0.67% | 0.67% | 0.87% | 27.76% | 715346 | 42% |
| &nbsp;&nbsp; 2020 | 47.17 | 0.46 | 6.11 | 6.57 |  |  |  | 53.74 | 0.68% | 0.68% | 0.99% | 13.94% | 625521 | 56% |
| &nbsp;&nbsp; 2019 | 35.70 | 0.51 | 10.96 | 11.47 |  |  |  | 47.17 | 0.68% | 0.68% | 1.20% | 32.13% | 626936 | 42% |
| &nbsp;&nbsp; 2018 | 38.70 | 0.50 | (3.50) | (3.00) |  |  |  | 35.70 | 0.68% | 0.68% | 1.27% | (7.74%) | 533368 | 62% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 76.88 | 0.78 | (16.51) | (15.73) |  |  |  | 61.15 | 0.48% | 0.48% | 1.20% | (20.46%) | 496819 | 126% |
| &nbsp;&nbsp; 2021 | 60.05 | 0.78 | 16.05 | 16.83 |  |  |  | 76.88 | 0.47% | 0.47% | 1.14% | 28.02% | 397013 | 42% |
| &nbsp;&nbsp; 2020 | 52.60 | 0.61 | 6.84 | 7.45 |  |  |  | 60.05 | 0.48% | 0.48% | 1.17% | 14.16% | 578315 | 56% |
| &nbsp;&nbsp; 2019 | 39.73 | 0.66 | 12.21 | 12.87 |  |  |  | 52.60 | 0.48% | 0.48% | 1.40% | 32.40% | 459756 | 42% |
| &nbsp;&nbsp; 2018 | 42.98 | 0.63 | (3.88) | (3.25) |  |  |  | 39.73 | 0.48% | 0.48% | 1.44% | (7.56%) | 426489 | 62% |
|  **<u>Large-Cap Growth</u>** | **<u>Large-Cap Growth</u>** | **<u>Large-Cap Growth</u>** | **<u>Large-Cap Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $24.64 | ($0.03) | ($9.31) | ($9.34) | $— | $— | $— | $15.30 | 0.94% | 0.90% | (0.18%) | (37.90%) | $271862 | 67% |
| &nbsp;&nbsp; 2021 | 20.49 | (0.10) | 4.25 | 4.15 |  |  |  | 24.64 | 0.93% | 0.89% | (0.44%) | 20.27% | 460251 | 40% |
| &nbsp;&nbsp; 2020 | 14.81 | (0.07) | 5.75 | 5.68 |  |  |  | 20.49 | 0.93% | 0.89% | (0.40%) | 38.35% | 420994 | 42% |
| &nbsp;&nbsp; 2019 | 11.19 | (0.04) | 3.66 | 3.62 |  |  |  | 14.81 | 0.94% | 0.89% | (0.30%) | 32.34% | 308203 | 42% |
| &nbsp;&nbsp; 2018 | 10.98 | (0.01) | 0.22 | 0.21 |  |  |  | 11.19 | 0.93% | 0.89% | (0.09%) | 1.89% | 241246 | 65% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 29.18 | 0.01 | (11.03) | (11.02) |  |  |  | 18.16 | 0.74% | 0.70% | 0.03% | (37.77%) | 512220 | 67% |
| &nbsp;&nbsp; 2021 | 24.21 | (0.06) | 5.03 | 4.97 |  |  |  | 29.18 | 0.73% | 0.69% | (0.24%) | 20.51% | 765546 | 40% |
| &nbsp;&nbsp; 2020 | 17.47 | (0.04) | 6.78 | 6.74 |  |  |  | 24.21 | 0.73% | 0.69% | (0.20%) | 38.62% | 1132392 | 42% |
| &nbsp;&nbsp; 2019 | 13.17 | (0.02) | 4.32 | 4.30 |  |  |  | 17.47 | 0.74% | 0.69% | (0.10%) | 32.61% | 1059043 | 42% |
| &nbsp;&nbsp; 2018 | 12.90 | 0.02 | 0.25 | 0.27 |  |  |  | 13.17 | 0.74% | 0.69% | 0.12% | 2.09% | 993572 | 65% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-35** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Large-Cap Value</u>** | **<u>Large-Cap Value</u>** | **<u>Large-Cap Value</u>** | **<u>Large-Cap Value</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $34.40 | $0.41 | ($2.69) | ($2.28) | $— | $— | $— | $32.12 | 0.84% | 0.84% | 1.28% | (6.63%) | $425091 | 9% |
| &nbsp;&nbsp; 2021 | 27.28 | 0.33 | 6.79 | 7.12 |  |  |  | 34.40 | 0.83% | 0.83% | 1.03% | 26.12% | 469171 | 18% |
| &nbsp;&nbsp; 2020 | 25.76 | 0.35 | 1.17 | 1.52 |  |  |  | 27.28 | 0.83% | 0.83% | 1.48% | 5.87% | 376337 | 33% |
| &nbsp;&nbsp; 2019 | 20.05 | 0.35 | 5.36 | 5.71 |  |  |  | 25.76 | 0.84% | 0.84% | 1.52% | 28.46% | 377392 | 10% |
| &nbsp;&nbsp; 2018 | 22.12 | 0.30 | (2.37) | (2.07) |  |  |  | 20.05 | 0.83% | 0.83% | 1.36% | (9.35%) | 322823 | 13% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 37.97 | 0.52 | (2.97) | (2.45) |  |  |  | 35.52 | 0.64% | 0.64% | 1.47% | (6.44%) | 701589 | 9% |
| &nbsp;&nbsp; 2021 | 30.05 | 0.43 | 7.49 | 7.92 |  |  |  | 37.97 | 0.63% | 0.63% | 1.25% | 26.37% | 874567 | 18% |
| &nbsp;&nbsp; 2020 | 28.32 | 0.43 | 1.30 | 1.73 |  |  |  | 30.05 | 0.63% | 0.63% | 1.65% | 6.08% | 1216921 | 33% |
| &nbsp;&nbsp; 2019 | 22.00 | 0.44 | 5.88 | 6.32 |  |  |  | 28.32 | 0.64% | 0.64% | 1.73% | 28.72% | 833371 | 10% |
| &nbsp;&nbsp; 2018 | 24.23 | 0.37 | (2.60) | (2.23) |  |  |  | 22.00 | 0.63% | 0.63% | 1.54% | (9.17%) | 992336 | 13% |
|  **<u>Mid-Cap Equity</u>** | **<u>Mid-Cap Equity</u>** | **<u>Mid-Cap Equity</u>** | **<u>Mid-Cap Equity</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $34.18 | $0.34 | ($6.24) | ($5.90) | $— | $— | $— | $28.28 | 0.88% | 0.88% | 1.12% | (17.26%) | $365129 | 154% |
| &nbsp;&nbsp; 2021 | 29.36 | 0.07 | 4.75 | 4.82 |  |  |  | 34.18 | 0.88% | 0.88% | 0.22% | 16.40% | 457508 | 119% |
| &nbsp;&nbsp; 2020 | 23.03 | 0.10 | 6.23 | 6.33 |  |  |  | 29.36 | 0.88% | 0.88% | 0.44% | 27.51% | 420292 | 103% |
| &nbsp;&nbsp; 2019 | 19.06 | 0.21 | 3.76 | 3.97 |  |  |  | 23.03 | 0.88% | 0.88% | 0.97% | 20.84% | 365156 | 166% |
| &nbsp;&nbsp; 2018 | 21.11 | 0.14 | (2.19) | (2.05) |  |  |  | 19.06 | 0.88% | 0.88% | 0.64% | (9.72%) | 319749 | 146% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 42.36 | 0.49 | (7.73) | (7.24) |  |  |  | 35.12 | 0.68% | 0.68% | 1.30% | (17.09%) | 235870 | 154% |
| &nbsp;&nbsp; 2021 | 36.32 | 0.17 | 5.87 | 6.04 |  |  |  | 42.36 | 0.68% | 0.68% | 0.41% | 16.63% | 358643 | 119% |
| &nbsp;&nbsp; 2020 | 28.42 | 0.19 | 7.71 | 7.90 |  |  |  | 36.32 | 0.68% | 0.68% | 0.67% | 27.77% | 398953 | 103% |
| &nbsp;&nbsp; 2019 | 23.48 | 0.32 | 4.62 | 4.94 |  |  |  | 28.42 | 0.68% | 0.68% | 1.17% | 21.09% | 702213 | 166% |
| &nbsp;&nbsp; 2018 | 25.95 | 0.22 | (2.69) | (2.47) |  |  |  | 23.48 | 0.68% | 0.68% | 0.84% | (9.54%) | 480884 | 146% |
|  **<u>Mid-Cap Growth</u>** | **<u>Mid-Cap Growth</u>** | **<u>Mid-Cap Growth</u>** | **<u>Mid-Cap Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $32.05 | ($0.11 | ($9.74) | ($9.85) | $— | $— | $— | $22.20 | 0.93% | 0.91% | (0.44%) | (30.72%) | $344219 | 29% |
| &nbsp;&nbsp; 2021 | 27.47 | (0.17) | 4.75 | 4.58 |  |  |  | 32.05 | 0.93% | 0.90% | (0.56%) | 16.67% | 541746 | 37% |
| &nbsp;&nbsp; 2020 | 18.30 | (0.07) | 9.24 | 9.17 |  |  |  | 27.47 | 0.93% | 0.91% | (0.34%) | 50.14% | 474569 | 21% |
| &nbsp;&nbsp; 2019 | 13.22 | (0.04) | 5.12 | 5.08 |  |  |  | 18.30 | 0.93% | 0.91% | (0.27%) | 38.45% | 367697 | 24% |
| &nbsp;&nbsp; 2018 | 13.19 | (0.02) | 0.05 | 0.03 |  |  |  | 13.22 | 0.93% | 0.90% | (0.17%) | 0.16% | 280053 | 55% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 35.34 | (0.06) | (10.75) | (10.81) |  |  |  | 24.53 | 0.73% | 0.71% | (0.24%) | (30.59%) | 461342 | 29% |
| &nbsp;&nbsp; 2021 | 30.23 | (0.12) | 5.23 | 5.11 |  |  |  | 35.34 | 0.73% | 0.70% | (0.37%) | 16.90% | 748898 | 37% |
| &nbsp;&nbsp; 2020 | 20.09 | (0.03) | 10.17 | 10.14 |  |  |  | 30.23 | 0.73% | 0.71% | (0.14%) | 50.44% | 537942 | 21% |
| &nbsp;&nbsp; 2019 | 14.48 | (0.01) | 5.62 | 5.61 |  |  |  | 20.09 | 0.73% | 0.71% | (0.08%) | 38.73% | 586278 | 24% |
| &nbsp;&nbsp; 2018 | 14.43 |  | 0.05 | 0.05 |  |  |  | 14.48 | 0.73% | 0.71% | 0.02% | 0.36% | 470124 | 55% |
|  **<u>Mid-Cap Value</u>** | **<u>Mid-Cap Value</u>** | **<u>Mid-Cap Value</u>** | **<u>Mid-Cap Value</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $27.41 | $0.25 | ($2.24) | ($1.99) | $— | $— | $— | $25.42 | 0.93% | 0.93% | 0.97% | (7.26%) | $130901 | 31% |
| &nbsp;&nbsp; 2021 | 21.58 | 0.15 | 5.68 | 5.83 |  |  |  | 27.41 | 0.93% | 0.93% | 0.60% | 27.03% | 152213 | 22% |
| &nbsp;&nbsp; 2020 | 20.45 | 0.18 | 0.95 | 1.13 |  |  |  | 21.58 | 0.93% | 0.93% | 1.02% | 5.52% | 109677 | 48% |
| &nbsp;&nbsp; 2019 | 15.74 | 0.17 | 4.54 | 4.71 |  |  |  | 20.45 | 0.93% | 0.93% | 0.92% | 29.94% | 119570 | 37% |
| &nbsp;&nbsp; 2018 | 18.47 | 0.14 | (2.87) | (2.73) |  |  |  | 15.74 | 0.92% | 0.92% | 0.77% | (14.79%) | 94015 | 56% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 40.77 | 0.44 | (3.32) | (2.88) |  |  |  | 37.89 | 0.73% | 0.73% | 1.16% | (7.08%) | 519493 | 31% |
| &nbsp;&nbsp; 2021 | 32.03 | 0.29 | 8.45 | 8.74 |  |  |  | 40.77 | 0.73% | 0.73% | 0.78% | 27.29% | 713811 | 22% |
| &nbsp;&nbsp; 2020 | 30.30 | 0.33 | 1.40 | 1.73 |  |  |  | 32.03 | 0.73% | 0.73% | 1.23% | 5.73% | 730338 | 48% |
| &nbsp;&nbsp; 2019 | 23.27 | 0.30 | 6.73 | 7.03 |  |  |  | 30.30 | 0.73% | 0.73% | 1.10% | 30.20% | 910059 | 37% |
| &nbsp;&nbsp; 2018 | 27.26 | 0.25 | (4.24) | (3.99) |  |  |  | 23.27 | 0.71% | 0.71% | 0.94% | (14.62%) | 973693 | 56% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-36** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Small-Cap Equity</u>** | **<u>Small-Cap Equity</u>** | **<u>Small-Cap Equity</u>** | **<u>Small-Cap Equity</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $30.21 | $0.25 | ($4.16) | ($3.91) | $— | $— | $— | $26.30 | 1.01% | 0.91% | 0.91% | (12.92%) | $90420 | 39% |
| &nbsp;&nbsp; 2021 | 23.89 | 0.25 | 6.07 | 6.32 |  |  |  | 30.21 | 1.00% | 0.90% | 0.87% | 26.46% | 114214 | 51% |
| &nbsp;&nbsp; 2020 | 22.66 | 0.25 | 0.98 | 1.23 |  |  |  | 23.89 | 1.03% | 0.93% | 1.29% | 5.42% | 87097 | 46% |
| &nbsp;&nbsp; 2019 | 18.28 | 0.29 | 4.09 | 4.38 |  |  |  | 22.66 | 1.02% | 0.92% | 1.40% | 23.96% | 84882 | 39% |
| &nbsp;&nbsp; 2018 | 20.99 | 0.23 | (2.94) | (2.71) |  |  |  | 18.28 | 1.02% | 0.92% | 1.09% | (12.91%) | 70229 | 35% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 39.62 | 0.39 | (5.44) | (5.05) |  |  |  | 34.57 | 0.81% | 0.71% | 1.07% | (12.74%) | 207962 | 39% |
| &nbsp;&nbsp; 2021 | 31.27 | 0.41 | 7.94 | 8.35 |  |  |  | 39.62 | 0.80% | 0.70% | 1.06% | 26.71% | 363249 | 51% |
| &nbsp;&nbsp; 2020 | 29.60 | 0.37 | 1.30 | 1.67 |  |  |  | 31.27 | 0.83% | 0.73% | 1.46% | 5.63% | 104196 | 46% |
| &nbsp;&nbsp; 2019 | 23.83 | 0.43 | 5.34 | 5.77 |  |  |  | 29.60 | 0.82% | 0.72% | 1.60% | 24.21% | 168886 | 39% |
| &nbsp;&nbsp; 2018 | 27.31 | 0.35 | (3.83) | (3.48) |  |  |  | 23.83 | 0.82% | 0.72% | 1.26% | (12.74%) | 167917 | 35% |
|  **<u>Small-Cap Growth</u>** | **<u>Small-Cap Growth</u>** | **<u>Small-Cap Growth</u>** | **<u>Small-Cap Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $33.44 | ($0.05) | ($9.96) | ($10.01) | $— | $— | $— | $23.43 | 0.84% | 0.84% | (0.19%) | (29.92%) | $145705 | 50% |
| &nbsp;&nbsp; 2021 | 32.88 | (0.16) | 0.72 | 0.56 |  |  |  | 33.44 | 0.84% | 0.84% | (0.46%) | 1.69% | 204086 | 79% |
| &nbsp;&nbsp; 2020 | 21.14 | (0.09) | 11.83 | 11.74 |  |  |  | 32.88 | 0.84% | 0.84% | (0.36%) | 55.58% | 208805 | 175% |
| &nbsp;&nbsp; 2019 | 16.02 | (0.15) | 5.27 | 5.12 |  |  |  | 21.14 | 0.84% | 0.84% | (0.72%) | 31.90% | 155017 | 99% |
| &nbsp;&nbsp; 2018 | 15.18 | (0.10) | 0.94 | 0.84 |  |  |  | 16.02 | 0.84% | 0.84% | (0.55%) | 5.55% | 130454 | 102% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 39.65 | 0.02 | (11.83) | (11.81) |  |  |  | 27.84 | 0.65% | 0.65% | 0.06% | (29.78%) | 115895 | 50% |
| &nbsp;&nbsp; 2021 | 38.91 | (0.10) | 0.84 | 0.74 |  |  |  | 39.65 | 0.64% | 0.64% | (0.25%) | 1.89% | 78051 | 79% |
| &nbsp;&nbsp; 2020 | 24.96 | (0.04) | 13.99 | 13.95 |  |  |  | 38.91 | 0.64% | 0.64% | (0.13%) | 55.89% | 99319 | 175% |
| &nbsp;&nbsp; 2019 | 18.89 | (0.12) | 6.19 | 6.07 |  |  |  | 24.96 | 0.64% | 0.64% | (0.52%) | 32.17% | 42086 | 99% |
| &nbsp;&nbsp; 2018 | 17.86 | (0.07) | 1.10 | 1.03 |  |  |  | 18.89 | 0.64% | 0.64% | (0.33%) | 5.75% | 46225 | 102% |
|  **<u>Small-Cap Index</u>** | **<u>Small-Cap Index</u>** | **<u>Small-Cap Index</u>** | **<u>Small-Cap Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $35.23 | $0.28 | ($7.63) | ($7.35) | $— | $— | $— | $27.88 | 0.55% | 0.55% | 0.93% | (20.86%) | $502756 | 14% |
| &nbsp;&nbsp; 2021 | 30.84 | 0.23 | 4.16 | 4.39 |  |  |  | 35.23 | 0.54% | 0.54% | 0.65% | 14.24% | 671321 | 21% |
| &nbsp;&nbsp; 2020 | 25.88 | 0.20 | 4.76 | 4.96 |  |  |  | 30.84 | 0.55% | 0.55% | 0.85% | 19.16% | 610657 | 20% |
| &nbsp;&nbsp; 2019 | 20.74 | 0.22 | 4.92 | 5.14 |  |  |  | 25.88 | 0.55% | 0.55% | 0.93% | 24.80% | 553267 | 12% |
| &nbsp;&nbsp; 2018 | 23.45 | 0.21 | (2.92) | (2.71) |  |  |  | 20.74 | 0.55% | 0.55% | 0.87% | (11.55%) | 450257 | 16% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 35.91 | 0.34 | (7.77) | (7.43) |  |  |  | 28.48 | 0.35% | 0.35% | 1.13% | (20.70%) | 142202 | 14% |
| &nbsp;&nbsp; 2021 | 31.37 | 0.30 | 4.24 | 4.54 |  |  |  | 35.91 | 0.34% | 0.34% | 0.85% | 14.47% | 184809 | 21% |
| &nbsp;&nbsp; 2020 | 26.28 | 0.25 | 4.84 | 5.09 |  |  |  | 31.37 | 0.35% | 0.35% | 1.05% | 19.39% | 185980 | 20% |
| &nbsp;&nbsp; 2019 | 21.01 | 0.27 | 5.00 | 5.27 |  |  |  | 26.28 | 0.35% | 0.35% | 1.11% | 25.05% | 156017 | 12% |
| &nbsp;&nbsp; 2018 | 23.71 | 0.26 | (2.96) | (2.70) |  |  |  | 21.01 | 0.35% | 0.35% | 1.04% | (11.38%) | 248932 | 16% |
|  **<u>Small-Cap Value</u>** | **<u>Small-Cap Value</u>** | **<u>Small-Cap Value</u>** | **<u>Small-Cap Value</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $30.82 | $0.24 | ($5.42) | ($5.18) | $— | $— | $— | $25.64 | 0.99% | 0.99% | 0.87% | (16.81%) | $199012 | 40% |
| &nbsp;&nbsp; 2021 | 22.73 | 0.13 | 7.96 | 8.09 |  |  |  | 30.82 | 0.98% | 0.98% | 0.44% | 35.61% | 270629 | 56% |
| &nbsp;&nbsp; 2020 | 21.97 | 0.14 | 0.62 | 0.76 |  |  |  | 22.73 | 0.99% | 0.99% | 0.81% | 3.44% | 201788 | 51% |
| &nbsp;&nbsp; 2019 | 17.93 | 0.12 | 3.92 | 4.04 |  |  |  | 21.97 | 0.98% | 0.98% | 0.59% | 22.58% | 207494 | 36% |
| &nbsp;&nbsp; 2018 | 21.41 | 0.06 | (3.54) | (3.48) |  |  |  | 17.93 | 0.98% | 0.98% | 0.28% | (16.29%) | 178406 | 37% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 37.74 | 0.35 | (6.63) | (6.28) |  |  |  | 31.46 | 0.78% | 0.78% | 1.05% | (16.64%) | 202230 | 40% |
| &nbsp;&nbsp; 2021 | 27.78 | 0.23 | 9.73 | 9.96 |  |  |  | 37.74 | 0.78% | 0.78% | 0.64% | 35.88% | 363532 | 56% |
| &nbsp;&nbsp; 2020 | 26.80 | 0.22 | 0.76 | 0.98 |  |  |  | 27.78 | 0.79% | 0.79% | 0.99% | 3.64% | 106613 | 51% |
| &nbsp;&nbsp; 2019 | 21.82 | 0.19 | 4.79 | 4.98 |  |  |  | 26.80 | 0.78% | 0.78% | 0.77% | 22.83% | 171032 | 36% |
| &nbsp;&nbsp; 2018 | 26.02 | 0.11 | (4.31) | (4.20) |  |  |  | 21.82 | 0.78% | 0.78% | 0.43% | (16.12%) | 186530 | 37% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-37** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Value</u>** | **<u>Value</u>** | **<u>Value</u>** | **<u>Value</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $19.57 | $0.34 | ($0.45) | ($0.11) | $— | $— | $— | $19.46 | 0.94% | 0.87% | 1.77% | (0.53%) | $249169 | 33% |
| &nbsp;&nbsp; 2021 | 16.09 | 0.28 | 3.20 | 3.48 |  |  |  | 19.57 | 0.94% | 0.86% | 1.55% | 21.64% | 265095 | 48% |
| &nbsp;&nbsp; 2020 | 17.28 | 0.28 | (1.47) | (1.19) |  |  |  | 16.09 | 0.95% | 0.92% | 1.96% | (6.94%) | 242064 | 123% |
| &nbsp;&nbsp; 2019 | 13.86 | 0.29 | 3.13 | 3.42 |  |  |  | 17.28 | 0.94% | 0.93% | 1.84% | 24.72% | 268920 | 31% |
| &nbsp;&nbsp; 2018 | 15.81 | 0.23 | (2.18) | (1.95) |  |  |  | 13.86 | 0.94% | 0.93% | 1.44% | (12.37%) | 232352 | 19% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 22.51 | 0.43 | (0.50) | (0.07) |  |  |  | 22.44 | 0.74% | 0.67% | 1.96% | (0.34%) | 677200 | 33% |
| &nbsp;&nbsp; 2021 | 18.47 | 0.37 | 3.67 | 4.04 |  |  |  | 22.51 | 0.74% | 0.66% | 1.75% | 21.89% | 913732 | 48% |
| &nbsp;&nbsp; 2020 | 19.81 | 0.36 | (1.70) | (1.34) |  |  |  | 18.47 | 0.75% | 0.72% | 2.17% | (6.75%) | 547526 | 123% |
| &nbsp;&nbsp; 2019 | 15.85 | 0.37 | 3.59 | 3.96 |  |  |  | 19.81 | 0.75% | 0.73% | 2.02% | 24.97% | 807432 | 31% |
| &nbsp;&nbsp; 2018 | 18.05 | 0.30 | (2.50) | (2.20) |  |  |  | 15.85 | 0.74% | 0.73% | 1.63% | (12.20%) | 443178 | 19% |
|  **<u>Value Advantage</u>** | **<u>Value Advantage</u>** | **<u>Value Advantage</u>** | **<u>Value Advantage</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $24.41 | $0.40 | ($1.39) | ($0.99) | $— | $— | $— | $23.42 | 0.89% | 0.89% | 1.69% | (4.07%) | $109885 | 20% |
| &nbsp;&nbsp; 2021 | 18.99 | 0.27 | 5.15 | 5.42 |  |  |  | 24.41 | 0.89% | 0.89% | 1.21% | 28.52% | 97936 | 26% |
| &nbsp;&nbsp; 2020 | 19.54 | 0.28 | (0.83) | (0.55) |  |  |  | 18.99 | 0.89% | 0.89% | 1.68% | (2.78%) | 56754 | 33% |
| &nbsp;&nbsp; 2019 | 15.39 | 0.29 | 3.86 | 4.15 |  |  |  | 19.54 | 0.89% | 0.89% | 1.63% | 26.96% | 50905 | 17% |
| &nbsp;&nbsp; 2018 | 16.92 | 0.29 | (1.82) | (1.53) |  |  |  | 15.39 | 0.89% | 0.88% | 1.70% | (9.06%) | 34468 | 20% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 24.84 | 0.45 | (1.41) | (0.96) |  |  |  | 23.88 | 0.69% | 0.69% | 1.87% | (3.87%) | 646782 | 20% |
| &nbsp;&nbsp; 2021 | 19.29 | 0.32 | 5.23 | 5.55 |  |  |  | 24.84 | 0.69% | 0.69% | 1.42% | 28.78% | 951636 | 26% |
| &nbsp;&nbsp; 2020 | 19.80 | 0.31 | (0.82) | (0.51) |  |  |  | 19.29 | 0.69% | 0.69% | 1.87% | (2.58%) | 1029439 | 33% |
| &nbsp;&nbsp; 2019 | 15.56 | 0.33 | 3.91 | 4.24 |  |  |  | 19.80 | 0.69% | 0.69% | 1.82% | 27.21% | 886218 | 17% |
| &nbsp;&nbsp; 2018 | 17.08 | 0.32 | (1.84) | (1.52) |  |  |  | 15.56 | 0.69% | 0.68% | 1.87% | (8.88%) | 790239 | 20% |
|  **<u>Emerging Markets</u>** | **<u>Emerging Markets</u>** | **<u>Emerging Markets</u>** | **<u>Emerging Markets</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $22.14 | $0.13 | ($5.73) | ($5.60) | $— | $— | $— | $16.54 | 1.07% | 1.07% | 0.75% | (25.27%) | $318746 | 46% |
| &nbsp;&nbsp; 2021 | 24.13 | 0.09 | (2.08) | (1.99) |  |  |  | 22.14 | 1.05% | 1.05% | 0.39% | (8.28%) | 424886 | 45% |
| &nbsp;&nbsp; 2020 | 20.57 | 0.04 | 3.52 | 3.56 |  |  |  | 24.13 | 1.04% | 1.04% | 0.22% | 17.33% | 469683 | 36% |
| &nbsp;&nbsp; 2019 | 16.38 | 0.12 | 4.07 | 4.19 |  |  |  | 20.57 | 1.07% | 1.07% | 0.67% | 25.60% | 446118 | 28% |
| &nbsp;&nbsp; 2018 | 18.61 | 0.11 | (2.34) | (2.23) |  |  |  | 16.38 | 1.06% | 1.06% | 0.61% | (11.99%) | 383056 | 35% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 23.06 | 0.17 | (5.97) | (5.80) |  |  |  | 17.26 | 0.86% | 0.86% | 0.90% | (25.12%) | 376337 | 46% |
| &nbsp;&nbsp; 2021 | 25.09 | 0.15 | (2.18) | (2.03) |  |  |  | 23.06 | 0.85% | 0.85% | 0.58% | (8.10%) | 944698 | 45% |
| &nbsp;&nbsp; 2020 | 21.34 | 0.09 | 3.66 | 3.75 |  |  |  | 25.09 | 0.84% | 0.84% | 0.44% | 17.56% | 1112611 | 36% |
| &nbsp;&nbsp; 2019 | 16.96 | 0.15 | 4.23 | 4.38 |  |  |  | 21.34 | 0.87% | 0.87% | 0.81% | 25.85% | 1011549 | 28% |
| &nbsp;&nbsp; 2018 | 19.23 | 0.15 | (2.42) | (2.27) |  |  |  | 16.96 | 0.86% | 0.86% | 0.79% | (11.82%) | 1318856 | 35% |
|  **<u>International Growth</u>** | **<u>International Growth</u>** | **<u>International Growth</u>** | **<u>International Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $9.92 | $0.04 | ($2.18) | ($2.14) | $— | $— | $— | $7.78 | 0.96% | 0.96% | 0.52% | (21.54%) | $1720 | 32% |
| &nbsp;&nbsp; 10/29/2021 - 12/31/2021 | 10.00 | (0.01) | (0.07) | (0.08) |  |  |  | 9.92 | 1.02% | 1.02% | (0.30%) | (0.85%) | 538 | 3% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 9.92 | 0.07 | (2.19) | (2.12) |  |  |  | 7.80 | 0.77% | 0.77% | 0.83% | (21.38%) | 508186 | 32% |
| &nbsp;&nbsp; 10/29/2021 - 12/31/2021 | 10.00 |  | (0.08) | (0.08) |  |  |  | 9.92 | 0.84% | 0.84% | 0.04% | (0.81%) | 711688 | 3% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-38** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>International Large-Cap</u>** | **<u>International Large-Cap</u>** | **<u>International Large-Cap</u>** | **<u>International Large-Cap</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $13.78 | $0.14 | ($2.24) | ($2.10) | $— | $— | $— | $11.68 | 1.02% | 0.99% | 1.22% | (15.19%) | $533078 | 12% |
| &nbsp;&nbsp; 2021 | 12.00 | 0.14 | 1.64 | 1.78 |  |  |  | 13.78 | 1.01% | 0.98% | 1.09% | 14.78% | 660058 | 9% |
| &nbsp;&nbsp; 2020 | 10.84 | 0.08 | 1.08 | 1.16 |  |  |  | 12.00 | 1.01% | 1.01% | 0.75% | 10.74% | 626819 | 19% |
| &nbsp;&nbsp; 2019 | 8.47 | 0.17 | 2.20 | 2.37 |  |  |  | 10.84 | 1.01% | 1.01% | 1.72% | 28.03% | 595183 | 10% |
| &nbsp;&nbsp; 2018 | 9.60 | 0.13 | (1.26) | (1.13) |  |  |  | 8.47 | 1.00% | 1.00% | 1.40% | (11.81%) | 493737 | 15% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 14.90 | 0.18 | (2.42) | (2.24) |  |  |  | 12.66 | 0.82% | 0.79% | 1.44% | (15.02%) | 521517 | 12% |
| &nbsp;&nbsp; 2021 | 12.96 | 0.19 | 1.75 | 1.94 |  |  |  | 14.90 | 0.81% | 0.78% | 1.39% | 15.01% | 643027 | 9% |
| &nbsp;&nbsp; 2020 | 11.68 | 0.10 | 1.18 | 1.28 |  |  |  | 12.96 | 0.81% | 0.81% | 0.93% | 10.96% | 1056100 | 19% |
| &nbsp;&nbsp; 2019 | 9.10 | 0.21 | 2.37 | 2.58 |  |  |  | 11.68 | 0.80% | 0.80% | 1.98% | 28.29% | 1084523 | 10% |
| &nbsp;&nbsp; 2018 | 10.30 | 0.17 | (1.37) | (1.20) |  |  |  | 9.10 | 0.80% | 0.80% | 1.72% | (11.63%) | 1413770 | 15% |
|  **<u>International Small-Cap</u>** | **<u>International Small-Cap</u>** | **<u>International Small-Cap</u>** | **<u>International Small-Cap</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $13.28 | $0.21 | ($2.48) | ($2.27) | $— | $— | $— | $11.01 | 1.14% | 1.12% | 1.88% | (17.09%) | $75004 | 18% |
| &nbsp;&nbsp; 2021 | 11.66 | 0.26 | 1.36 | 1.62 |  |  |  | 13.28 | 1.11% | 1.11% | 2.01% | 13.87% | 94703 | 128% |
| &nbsp;&nbsp; 2020 | 10.76 | 0.12 | 0.78 | 0.90 |  |  |  | 11.66 | 1.10% | 1.10% | 1.28% | 8.42% | 89998 | 48% |
| &nbsp;&nbsp; 2019 | 8.96 | 0.17 | 1.63 | 1.80 |  |  |  | 10.76 | 1.13% | 1.13% | 1.71% | 20.07% | 95316 | 55% |
| &nbsp;&nbsp; 2018 | 11.51 | 0.16 | (2.71) | (2.55) |  |  |  | 8.96 | 1.09% | 1.09% | 1.44% | (22.16%) | 80593 | 37% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 18.42 | 0.35 | (3.47) | (3.12) |  |  |  | 15.30 | 0.94% | 0.92% | 2.26% | (16.92%) | 244595 | 18% |
| &nbsp;&nbsp; 2021 | 16.14 | 0.40 | 1.88 | 2.28 |  |  |  | 18.42 | 0.91% | 0.91% | 2.18% | 14.10% | 175242 | 128% |
| &nbsp;&nbsp; 2020 | 14.86 | 0.20 | 1.08 | 1.28 |  |  |  | 16.14 | 0.90% | 0.90% | 1.54% | 8.64% | 186062 | 48% |
| &nbsp;&nbsp; 2019 | 12.35 | 0.22 | 2.29 | 2.51 |  |  |  | 14.86 | 0.91% | 0.91% | 1.64% | 20.31% | 180917 | 55% |
| &nbsp;&nbsp; 2018 | 15.83 | 0.24 | (3.72) | (3.48) |  |  |  | 12.35 | 0.89% | 0.89% | 1.58% | (22.00%) | 507601 | 37% |
|  **<u>International Value</u>** | **<u>International Value</u>** | **<u>International Value</u>** | **<u>International Value</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $14.26 | $0.40 | ($0.58) | ($0.18) | $— | $— | $— | $14.08 | 0.91% | 0.91% | 2.93% | (1.26%) | $288052 | 49% |
| &nbsp;&nbsp; 2021 | 11.85 | 0.34 | 2.07 | 2.41 |  |  |  | 14.26 | 0.90% | 0.90% | 2.50% | 20.36% | 312717 | 35% |
| &nbsp;&nbsp; 2020 | 12.77 | 0.19 | (1.11) | (0.92) |  |  |  | 11.85 | 0.90% | 0.90% | 1.83% | (7.17%) | 272016 | 66% |
| &nbsp;&nbsp; 2019 | 10.95 | 0.32 | 1.50 | 1.82 |  |  |  | 12.77 | 0.89% | 0.89% | 2.70% | 16.60% | 290316 | 27% |
| &nbsp;&nbsp; 2018 | 12.87 | 0.28 | (2.20) | (1.92) |  |  |  | 10.95 | 0.89% | 0.89% | 2.20% | (14.96%) | 256738 | 33% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 16.08 | 0.51 | (0.69) | (0.18) |  |  |  | 15.90 | 0.71% | 0.71% | 3.32% | (1.07%) | 674837 | 49% |
| &nbsp;&nbsp; 2021 | 13.33 | 0.40 | 2.35 | 2.75 |  |  |  | 16.08 | 0.70% | 0.70% | 2.60% | 20.60% | 542306 | 35% |
| &nbsp;&nbsp; 2020 | 14.33 | 0.23 | (1.23) | (1.00) |  |  |  | 13.33 | 0.70% | 0.70% | 1.94% | (6.98%) | 1065402 | 66% |
| &nbsp;&nbsp; 2019 | 12.27 | 0.38 | 1.68 | 2.06 |  |  |  | 14.33 | 0.69% | 0.69% | 2.87% | 16.83% | 1239876 | 27% |
| &nbsp;&nbsp; 2018 | 14.39 | 0.36 | (2.48) | (2.12) |  |  |  | 12.27 | 0.69% | 0.69% | 2.56% | (14.79%) | 1384976 | 33% |
|  **<u>Health Sciences</u>** | **<u>Health Sciences</u>** | **<u>Health Sciences</u>** | **<u>Health Sciences</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $64.73 | $0.10 | ($3.86) | ($3.76) | $— | $— | $— | $60.97 | 1.14% | 1.14% | 0.17% | (5.80%) | $424635 | 36% |
| &nbsp;&nbsp; 2021 | 57.60 | (0.02) | 7.15 | 7.13 |  |  |  | 64.73 | 1.13% | 1.13% | (0.04%) | 12.38% | 492712 | 45% |
| &nbsp;&nbsp; 2020 | 48.49 | (0.01) | 9.12 | 9.11 |  |  |  | 57.60 | 1.14% | 1.14% | (0.03%) | 18.79% | 454545 | 21% |
| &nbsp;&nbsp; 2019 | 38.55 | 0.01 | 9.93 | 9.94 |  |  |  | 48.49 | 1.14% | 1.14% | 0.03% | 25.77% | 420805 | 39% |
| &nbsp;&nbsp; 2018 | 35.73 | 0.04 | 2.78 | 2.82 |  |  |  | 38.55 | 1.13% | 1.13% | 0.10% | 7.90% | 374644 | 30% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-39** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Health Sciences (Continued)</u>** | **<u>Health Sciences (Continued)</u>** | **<u>Health Sciences (Continued)</u>** | **<u>Health Sciences (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $71.35 | $0.25 | ($4.25) | ($4.00) | $— | $— | $— | $67.35 | 0.94% | 0.94% | 0.38% | (5.61%) | $1846 | 36% |
| &nbsp;&nbsp; 2021 | 63.36 | 0.11 | 7.88 | 7.99 |  |  |  | 71.35 | 0.93% | 0.93% | 0.16% | 12.61% | 1475 | 45% |
| &nbsp;&nbsp; 2020 | 53.23 | 0.10 | 10.03 | 10.13 |  |  |  | 63.36 | 0.93% | 0.93% | 0.16% | 19.03% | 530 | 21% |
| &nbsp;&nbsp; 2019 | 42.24 | 0.11 | 10.88 | 10.99 |  |  |  | 53.23 | 0.93% | 0.93% | 0.24% | 26.04% | 41 | 39% |
| &nbsp;&nbsp; 2018 | 39.06 | 0.13 | 3.05 | 3.18 |  |  |  | 42.24 | 0.92% | 0.92% | 0.31% | 8.12% | 33 | 30% |
|  **<u>Real Estate</u>** | **<u>Real Estate</u>** | **<u>Real Estate</u>** | **<u>Real Estate</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $39.94 | $0.47 | ($10.71) | ($10.24) | $— | $— | $— | $29.70 | 1.07% | 0.98% | 1.41% | (25.64%) | $204962 | 23% |
| &nbsp;&nbsp; 2021 | 28.46 | (0.22) | 11.70 | 11.48 |  |  |  | 39.94 | 1.07% | 0.98% | (0.65%) | 40.32% | 308201 | 22% |
| &nbsp;&nbsp; 2020 | 29.43 | 0.99 | (1.96) | (0.97) |  |  |  | 28.46 | 1.07% | 0.98% | 3.73% | (3.28%) | 242921 | 38% |
| &nbsp;&nbsp; 2019 | 22.41 | 0.49 | 6.53 | 7.02 |  |  |  | 29.43 | 1.06% | 0.97% | 1.80% | 31.28% | 282511 | 33% |
| &nbsp;&nbsp; 2018 | 24.22 | 0.91 | (2.72) | (1.81) |  |  |  | 22.41 | 1.07% | 1.05% | 3.91% | (7.45%) | 232920 | 87% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 41.91 | 0.60 | (11.28) | (10.68) |  |  |  | 31.23 | 0.87% | 0.78% | 1.71% | (25.49%) | 233992 | 23% |
| &nbsp;&nbsp; 2021 | 29.81 | (0.18) | 12.28 | 12.10 |  |  |  | 41.91 | 0.87% | 0.78% | (0.51%) | 40.60% | 234297 | 22% |
| &nbsp;&nbsp; 2020 | 30.76 | 1.00 | (1.95) | (0.95) |  |  |  | 29.81 | 0.87% | 0.78% | 3.57% | (3.08%) | 235401 | 38% |
| &nbsp;&nbsp; 2019 | 23.38 | 0.56 | 6.82 | 7.38 |  |  |  | 30.76 | 0.87% | 0.78% | 1.95% | 31.55% | 404175 | 33% |
| &nbsp;&nbsp; 2018 | 25.22 | 0.92 | (2.76) | (1.84) |  |  |  | 23.38 | 0.87% | 0.86% | 3.81% | (7.27%) | 147732 | 87% |
|  **<u>Technology</u>** | **<u>Technology</u>** | **<u>Technology</u>** | **<u>Technology</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $16.53 | ($0.08) | ($5.88) | ($5.96) | $— | $— | $— | $10.57 | 1.14% | 1.14% | (0.64%) | (36.06%) | $197337 | 28% |
| &nbsp;&nbsp; 2021 | 14.52 | (0.13) | 2.14 | 2.01 |  |  |  | 16.53 | 1.14% | 1.14% | (0.84%) | 13.86% | 308749 | 40% |
| &nbsp;&nbsp; 2020 | 9.86 | (0.09) | 4.75 | 4.66 |  |  |  | 14.52 | 1.14% | 1.14% | (0.78%) | 47.24% | 287129 | 44% |
| &nbsp;&nbsp; 2019 | 7.23 | (0.06) | 2.69 | 2.63 |  |  |  | 9.86 | 1.15% | 1.15% | (0.71%) | 36.32% | 189301 | 28% |
| &nbsp;&nbsp; 2018 | 7.11 | (0.05) | 0.17 | 0.12 |  |  |  | 7.23 | 1.14% | 1.14% | (0.63%) | 1.79% | 145479 | 31% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 21.05 | (0.07) | (7.49) | (7.56) |  |  |  | 13.49 | 0.94% | 0.94% | (0.43%) | (35.93%) | 1116 | 28% |
| &nbsp;&nbsp; 2021 | 18.45 | (0.13) | 2.73 | 2.60 |  |  |  | 21.05 | 0.94% | 0.94% | (0.66%) | 14.09% | 1207 | 40% |
| &nbsp;&nbsp; 2020 | 12.51 | (0.10) | 6.04 | 5.94 |  |  |  | 18.45 | 0.94% | 0.94% | (0.61%) | 47.54% | 482 | 44% |
| &nbsp;&nbsp; 2019 | 9.15 | (0.05) | 3.41 | 3.36 |  |  |  | 12.51 | 0.93% | 0.93% | (0.48%) | 36.63% | 26 | 28% |
| &nbsp;&nbsp; 2018 | 8.97 | (0.04) | 0.22 | 0.18 |  |  |  | 9.15 | 0.93% | 0.93% | (0.42%) | 2.00% | 17 | 31% |
|  **<u>ESG Diversified</u>** | **<u>ESG Diversified</u>** | **<u>ESG Diversified</u>** | **<u>ESG Diversified</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $10.70 | $0.15 | ($1.93) | ($1.78) | $— | $— | $— | $8.92 | 0.78% | 0.50% | 1.61% | (16.59%) | $19257 | 55% |
| &nbsp;&nbsp; 04/30/2021 - 12/31/2021 | 10.00 | 0.08 | 0.62 | 0.70 |  |  |  | 10.70 | 0.97% | 0.50% | 1.12% | 7.00% | 16819 | 13% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 10.71 | 0.46 | (2.22) | (1.76) |  |  |  | 8.95 | 0.58% | 0.30% | 4.93% | (16.43%) | 571 | 55% |
| &nbsp;&nbsp; 04/30/2021 - 12/31/2021 | 10.00 | 0.08 | 0.63 | 0.71 |  |  |  | 10.71 | 0.77% | 0.30% | 1.16% | 7.15% | 114 | 13% |
|  **<u>ESG Diversified Growth</u>** | **<u>ESG Diversified Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $10.11 | $0.12 | ($1.95) | ($1.83) | $— | $— | $— | $8.28 | 0.94% | 0.50% | 1.34% | (18.08%) | $11210 | 83% |
| &nbsp;&nbsp; 10/29/2021 - 12/31/2021 | 10.00 | 0.08 | 0.03 | 0.11 |  |  |  | 10.11 | 1.23% | 0.50% | 4.51% | 1.09% | 12772 | 3% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 10.11 | 0.12 | (1.93) | (1.81) |  |  |  | 8.30 | 0.67% | 0.30% | 1.44% | (17.97%) | 525 | 83% |
| &nbsp;&nbsp; 10/29/2021 - 12/31/2021 | 10.00 | 0.08 | 0.03 | 0.11 |  |  |  | 10.11 | 1.03% | 0.30% | 4.67% | 1.12% | 101 | 3% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-40** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>PSF Avantis Balanced Allocation</u>** | **<u>PSF Avantis Balanced Allocation</u>** | **<u>PSF Avantis Balanced Allocation</u>** | **<u>PSF Avantis Balanced Allocation</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class D** | **Class D** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $16.92 | $0.22 | ($2.75) | ($2.53) | $— | $— | $— | $14.39 | 0.48% | 0.47% | 1.48% | (14.99%) | $323006 | 128% |
| &nbsp;&nbsp; 2021 | 15.04 | 0.21 | 1.67 | 1.88 |  |  |  | 16.92 | 0.48% | 0.48% | 1.28% | 12.50% | 394494 | 16% |
| &nbsp;&nbsp; 2020 | 13.42 | 0.19 | 1.43 | 1.62 |  |  |  | 15.04 | 0.49% | 0.49% | 1.44% | 12.11% | 310280 | 11% |
| &nbsp;&nbsp; 2019 | 11.20 | 0.24 | 1.98 | 2.22 |  |  |  | 13.42 | 0.50% | 0.50% | 1.90% | 19.75% | 243088 | 15% |
| &nbsp;&nbsp; 2018 | 11.94 | 0.32 | (1.06) | (0.74) |  |  |  | 11.20 | 0.54% | 0.54% | 2.69% | (6.19%) | 161971 | 11% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 17.02 | 0.29 | (2.81) | (2.52) |  |  |  | 14.50 | 0.23% | 0.22% | 1.87% | (14.78%) | 2694 | 128% |
| &nbsp;&nbsp; 2021 | 15.09 | 0.42 | 1.51 | 1.93 |  |  |  | 17.02 | 0.23% | 0.23% | 2.52% | 12.78% | 1907 | 16% |
| &nbsp;&nbsp; 2020 | 13.42 | 0.28 | 1.39 | 1.67 |  |  |  | 15.09 | 0.23% | 0.23% | 2.01% | 12.40% | 100 | 11% |
| &nbsp;&nbsp; 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% |
|  **<u>Pacific Dynamix-Conservative Growth</u>** | **<u>Pacific Dynamix-Conservative Growth</u>** | **<u>Pacific Dynamix-Conservative Growth</u>** | **<u>Pacific Dynamix-Conservative Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $20.74 | ($0.07 | ($2.91) | ($2.98) | $— | $— | $— | $17.76 | 0.43% | 0.38% | (0.38%) | (14.38%) | $512069 | 17% |
| &nbsp;&nbsp; 2021 | 19.49 | (0.08) | 1.33 | 1.25 |  |  |  | 20.74 | 0.42% | 0.39% | (0.39%) | 6.44% | 652973 | 14% |
| &nbsp;&nbsp; 2020 | 17.37 | (0.07) | 2.19 | 2.12 |  |  |  | 19.49 | 0.43% | 0.37% | (0.37%) | 12.21% | 644310 | 24% |
| &nbsp;&nbsp; 2019 | 15.04 | (0.06) | 2.39 | 2.33 |  |  |  | 17.37 | 0.42% | 0.37% | (0.37%) | 15.47% | 573500 | 13% |
| &nbsp;&nbsp; 2018 | 15.64 | (0.06) | (0.54) | (0.60) |  |  |  | 15.04 | 0.43% | 0.38% | (0.38%) | (3.84%) | 516504 | 9% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 20.84 | (0.03) | (2.93) | (2.96) |  |  |  | 17.88 | 0.23% | 0.18% | (0.18%) | (14.20%) | 6234 | 17% |
| &nbsp;&nbsp; 2021 | 19.53 | (0.04) | 1.35 | 1.31 |  |  |  | 20.84 | 0.22% | 0.19% | (0.19%) | 6.66% | 3001 | 14% |
| &nbsp;&nbsp; 2020 | 17.37 | (0.03) | 2.19 | 2.16 |  |  |  | 19.53 | 0.23% | 0.17% | (0.17%) | 12.44% | 565 | 24% |
| &nbsp;&nbsp; 10/31/2019 - 12/31/2019 | 16.92 |  | 0.45 | 0.45 |  |  |  | 17.37 | 0.22% | 0.17% | (0.17%) | 2.70% | 58 | 13% |
|  **<u>Pacific Dynamix-Moderate Growth</u>** | **<u>Pacific Dynamix-Moderate Growth</u>** | **<u>Pacific Dynamix-Moderate Growth</u>** | **<u>Pacific Dynamix-Moderate Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $27.88 | ($0.10 | ($4.27) | ($4.37) | $— | $— | $— | $23.51 | 0.42% | 0.39% | (0.39%) | (15.69%) | $2352022 | 14% |
| &nbsp;&nbsp; 2021 | 25.21 | (0.10) | 2.77 | 2.67 |  |  |  | 27.88 | 0.42% | 0.38% | (0.38%) | 10.62% | 2961966 | 13% |
| &nbsp;&nbsp; 2020 | 22.00 | (0.08) | 3.29 | 3.21 |  |  |  | 25.21 | 0.42% | 0.37% | (0.37%) | 14.58% | 2734225 | 21% |
| &nbsp;&nbsp; 2019 | 18.50 | (0.07) | 3.57 | 3.50 |  |  |  | 22.00 | 0.42% | 0.37% | (0.37%) | 18.94% | 2535186 | 10% |
| &nbsp;&nbsp; 2018 | 19.58 | (0.07) | (1.01) | (1.08) |  |  |  | 18.50 | 0.42% | 0.37% | (0.37%) | (5.53%) | 2250973 | 8% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 28.01 | (0.05) | (4.30) | (4.35) |  |  |  | 23.66 | 0.22% | 0.19% | (0.19%) | (15.52%) | 36097 | 14% |
| &nbsp;&nbsp; 2021 | 25.27 | (0.05) | 2.79 | 2.74 |  |  |  | 28.01 | 0.22% | 0.18% | (0.18%) | 10.85% | 22083 | 13% |
| &nbsp;&nbsp; 2020 | 22.01 | (0.04) | 3.30 | 3.26 |  |  |  | 25.27 | 0.22% | 0.17% | (0.17%) | 14.81% | 1343 | 21% |
| &nbsp;&nbsp; 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% |
|  **<u>Pacific Dynamix-Growth</u>** | **<u>Pacific Dynamix-Growth</u>** | **<u>Pacific Dynamix-Growth</u>** | **<u>Pacific Dynamix-Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $32.98 | ($0.11 | ($5.39) | ($5.50) | $— | $— | $— | $27.48 | 0.42% | 0.38% | (0.38%) | (16.69%) | $1697274 | 11% |
| &nbsp;&nbsp; 2021 | 28.85 | (0.12) | 4.25 | 4.13 |  |  |  | 32.98 | 0.42% | 0.38% | (0.38%) | 14.33% | 1830704 | 9% |
| &nbsp;&nbsp; 2020 | 24.91 | (0.09) | 4.03 | 3.94 |  |  |  | 28.85 | 0.42% | 0.37% | (0.37%) | 15.79% | 1267281 | 19% |
| &nbsp;&nbsp; 2019 | 20.26 | (0.08) | 4.73 | 4.65 |  |  |  | 24.91 | 0.42% | 0.37% | (0.37%) | 22.94% | 868260 | 14% |
| &nbsp;&nbsp; 2018 | 21.86 | (0.08) | (1.52) | (1.60) |  |  |  | 20.26 | 0.42% | 0.37% | (0.37%) | (7.28%) | 717105 | 14% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 33.13 | (0.05) | (5.43) | (5.48) |  |  |  | 27.65 | 0.22% | 0.18% | (0.18%) | (16.52%) | 26474 | 11% |
| &nbsp;&nbsp; 2021 | 28.91 | (0.06) | 4.28 | 4.22 |  |  |  | 33.13 | 0.22% | 0.18% | (0.18%) | 14.57% | 17616 | 9% |
| &nbsp;&nbsp; 2020 | 24.92 | (0.04) | 4.03 | 3.99 |  |  |  | 28.91 | 0.22% | 0.17% | (0.17%) | 16.02% | 3086 | 19% |
| &nbsp;&nbsp; 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% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-41** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Portfolio Optimization Conservative</u>** | **<u>Portfolio Optimization Conservative</u>** | **<u>Portfolio Optimization Conservative</u>** | **<u>Portfolio Optimization Conservative</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $15.32 | ($0.04 | ($2.06) | ($2.10) | $— | $— | $— | $13.22 | 0.32% | 0.32% | (0.32%) | (13.67%) | $1166154 | 25% |
| &nbsp;&nbsp; 2021 | 14.99 | (0.05) | 0.38 | 0.33 |  |  |  | 15.32 | 0.32% | 0.32% | (0.32%) | 2.20% | 1496201 | 12% |
| &nbsp;&nbsp; 2020 | 13.89 | (0.04) | 1.14 | 1.10 |  |  |  | 14.99 | 0.32% | 0.32% | (0.32%) | 7.88% | 1677166 | 47% |
| &nbsp;&nbsp; 2019 | 12.38 | (0.04) | 1.55 | 1.51 |  |  |  | 13.89 | 0.32% | 0.32% | (0.32%) | 12.20% | 1547975 | 25% |
| &nbsp;&nbsp; 2018 | 12.81 | (0.04) | (0.39) | (0.43) |  |  |  | 12.38 | 0.32% | 0.32% | (0.32%) | (3.38%) | 1513368 | 18% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 15.38 | (0.02) | (2.05) | (2.07) |  |  |  | 13.31 | 0.12% | 0.12% | (0.12%) | (13.49%) | 208 | 25% |
| &nbsp;&nbsp; 2021 | 15.02 | (0.02) | 0.38 | 0.36 |  |  |  | 15.38 | 0.12% | 0.12% | (0.12%) | 2.41% | 231 | 12% |
| &nbsp;&nbsp; 2020 | 13.90 | (0.02) | 1.14 | 1.12 |  |  |  | 15.02 | 0.12% | 0.12% | (0.12%) | 8.10% | 178 | 47% |
| &nbsp;&nbsp; 10/31/2019 - 12/31/2019 | 13.68 |  | 0.22 | 0.22 |  |  |  | 13.90 | 0.11% | 0.11% | (0.11%) | 1.61% | 159 | 25% |
|  **<u>Portfolio Optimization Moderate-Conservative</u>** | **<u>Portfolio Optimization Moderate-Conservative</u>** | **<u>Portfolio Optimization Moderate-Conservative</u>** | **<u>Portfolio Optimization Moderate-Conservative</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $17.79 | ($0.05 | ($2.60) | ($2.65) | $— | $— | $— | $15.14 | 0.32% | 0.32% | (0.32%) | (14.90%) | $1650281 | 20% |
| &nbsp;&nbsp; 2021 | 16.73 | (0.05) | 1.11 | 1.06 |  |  |  | 17.79 | 0.32% | 0.32% | (0.32%) | 6.28% | 2226011 | 14% |
| &nbsp;&nbsp; 2020 | 15.22 | (0.05) | 1.56 | 1.51 |  |  |  | 16.73 | 0.32% | 0.32% | (0.32%) | 9.97% | 2366379 | 29% |
| &nbsp;&nbsp; 2019 | 13.20 | (0.05) | 2.07 | 2.02 |  |  |  | 15.22 | 0.32% | 0.32% | (0.32%) | 15.28% | 2439237 | 19% |
| &nbsp;&nbsp; 2018 | 13.89 | (0.04) | (0.65) | (0.69) |  |  |  | 13.20 | 0.32% | 0.32% | (0.32%) | (4.99%) | 2436704 | 19% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 17.86 | (0.02) | (2.61) | (2.63) |  |  |  | 15.23 | 0.12% | 0.12% | (0.12%) | (14.73%) | 277 | 20% |
| &nbsp;&nbsp; 2021 | 16.77 | (0.02) | 1.11 | 1.09 |  |  |  | 17.86 | 0.12% | 0.12% | (0.12%) | 6.49% | 312 | 14% |
| &nbsp;&nbsp; 2020 | 15.22 | (0.02) | 1.57 | 1.55 |  |  |  | 16.77 | 0.12% | 0.12% | (0.12%) | 10.19% | 292 | 29% |
| &nbsp;&nbsp; 10/31/2019 - 12/31/2019 | 14.84 |  | 0.38 | 0.38 |  |  |  | 15.22 | 0.11% | 0.11% | (0.11%) | 2.56% | 250 | 19% |
|  **<u>Portfolio Optimization Moderate</u>** | **<u>Portfolio Optimization Moderate</u>** | **<u>Portfolio Optimization Moderate</u>** | **<u>Portfolio Optimization Moderate</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $20.08 | ($0.06 | ($3.09) | ($3.15) | $— | $— | $— | $16.93 | 0.32% | 0.32% | (0.32%) | (15.72%) | $7068997 | 19% |
| &nbsp;&nbsp; 2021 | 18.40 | (0.06) | 1.74 | 1.68 |  |  |  | 20.08 | 0.31% | 0.31% | (0.31%) | 9.18% | 9507628 | 13% |
| &nbsp;&nbsp; 2020 | 16.45 | (0.05) | 2.00 | 1.95 |  |  |  | 18.40 | 0.32% | 0.32% | (0.32%) | 11.83% | 9839706 | 23% |
| &nbsp;&nbsp; 2019 | 13.89 | (0.05) | 2.61 | 2.56 |  |  |  | 16.45 | 0.32% | 0.32% | (0.32%) | 18.46% | 9999658 | 24% |
| &nbsp;&nbsp; 2018 | 14.86 | (0.05) | (0.92) | (0.97) |  |  |  | 13.89 | 0.32% | 0.32% | (0.32%) | (6.55%) | 9804910 | 19% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 20.17 | (0.02) | (3.11) | (3.13) |  |  |  | 17.04 | 0.12% | 0.12% | (0.12%) | (15.55%) | 1606 | 19% |
| &nbsp;&nbsp; 2021 | 18.44 | (0.02) | 1.75 | 1.73 |  |  |  | 20.17 | 0.11% | 0.11% | (0.11%) | 9.40% | 1720 | 13% |
| &nbsp;&nbsp; 2020 | 16.46 | (0.02) | 2.00 | 1.98 |  |  |  | 18.44 | 0.12% | 0.12% | (0.12%) | 12.05% | 1410 | 23% |
| &nbsp;&nbsp; 10/31/2019 - 12/31/2019 | 15.94 |  | 0.52 | 0.52 |  |  |  | 16.46 | 0.11% | 0.11% | (0.11%) | 3.25% | 1026 | 24% |
|  **<u>Portfolio Optimization Growth</u>** | **<u>Portfolio Optimization Growth</u>** | **<u>Portfolio Optimization Growth</u>** | **<u>Portfolio Optimization Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $22.61 | ($0.06 | ($3.76) | ($3.82) | $— | $— | $— | $18.79 | 0.32% | 0.32% | (0.32%) | (16.88%) | $6482637 | 16% |
| &nbsp;&nbsp; 2021 | 19.99 | (0.07) | 2.69 | 2.62 |  |  |  | 22.61 | 0.31% | 0.31% | (0.31%) | 13.12% | 8689159 | 15% |
| &nbsp;&nbsp; 2020 | 17.73 | (0.06) | 2.32 | 2.26 |  |  |  | 19.99 | 0.32% | 0.32% | (0.32%) | 12.72% | 8618177 | 20% |
| &nbsp;&nbsp; 2019 | 14.58 | (0.05) | 3.20 | 3.15 |  |  |  | 17.73 | 0.32% | 0.32% | (0.32%) | 21.65% | 8651630 | 28% |
| &nbsp;&nbsp; 2018 | 15.88 | (0.05) | (1.25) | (1.30) |  |  |  | 14.58 | 0.32% | 0.32% | (0.32%) | (8.19%) | 8221474 | 19% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 22.71 | (0.02) | (3.78) | (3.80) |  |  |  | 18.91 | 0.12% | 0.12% | (0.12%) | (16.71%) | 3356 | 16% |
| &nbsp;&nbsp; 2021 | 20.03 | (0.02) | 2.70 | 2.68 |  |  |  | 22.71 | 0.11% | 0.11% | (0.11%) | 13.34% | 3218 | 15% |
| &nbsp;&nbsp; 2020 | 17.74 | (0.02) | 2.31 | 2.29 |  |  |  | 20.03 | 0.12% | 0.12% | (0.12%) | 12.95% | 1990 | 20% |
| &nbsp;&nbsp; 10/31/2019 - 12/31/2019 | 17.03 |  | 0.71 | 0.71 |  |  |  | 17.74 | 0.11% | 0.11% | (0.11%) | 4.15% | 886 | 28% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-42** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>Portfolio Optimization Aggressive-Growth</u>** | **<u>Portfolio Optimization Aggressive-Growth</u>** | **<u>Portfolio Optimization Aggressive-Growth</u>** | **<u>Portfolio Optimization Aggressive-Growth</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $23.89 | ($0.07 | ($4.11) | ($4.18) | $— | $— | $— | $19.71 | 0.32% | 0.32% | (0.32%) | (17.51%) | $1536560 | 16% |
| &nbsp;&nbsp; 2021 | 20.65 | (0.07) | 3.31 | 3.24 |  |  |  | 23.89 | 0.32% | 0.32% | (0.32%) | 15.68% | 2039105 | 16% |
| &nbsp;&nbsp; 2020 | 18.37 | (0.06) | 2.34 | 2.28 |  |  |  | 20.65 | 0.32% | 0.32% | (0.32%) | 12.46% | 1962163 | 19% |
| &nbsp;&nbsp; 2019 | 14.84 | (0.05) | 3.58 | 3.53 |  |  |  | 18.37 | 0.32% | 0.32% | (0.32%) | 23.76% | 1975940 | 24% |
| &nbsp;&nbsp; 2018 | 16.38 | (0.05) | (1.49) | (1.54) |  |  |  | 14.84 | 0.32% | 0.32% | (0.32%) | (9.39%) | 1850216 | 18% |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | 24.00 | (0.02) | (4.14) | (4.16) |  |  |  | 19.84 | 0.12% | 0.12% | (0.12%) | (17.34%) | 2422 | 16% |
| &nbsp;&nbsp; 2021 | 20.70 | (0.03) | 3.33 | 3.30 |  |  |  | 24.00 | 0.12% | 0.12% | (0.12%) | 15.92% | 1176 | 16% |
| &nbsp;&nbsp; 2020 | 18.37 | (0.02) | 2.35 | 2.33 |  |  |  | 20.70 | 0.12% | 0.12% | (0.12%) | 12.68% | 579 | 19% |
| &nbsp;&nbsp; 10/31/2019 - 12/31/2019 | 17.54 |  | 0.83 | 0.83 |  |  |  | 18.37 | 0.11% | 0.11% | (0.11%) | 4.76% | 203 | 24% |
|  **<u>PD 1-3 Year Corporate Bond</u>** | **<u>PD 1-3 Year Corporate Bond</u>** | **<u>PD 1-3 Year Corporate Bond</u>** | **<u>PD 1-3 Year Corporate Bond</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $11.35 | $0.16 | ($0.54) | ($0.38) | $— | $— | $— | $10.97 | 0.23% | 0.23% | 1.44% | (3.32%) | $168632 | 59% |
| &nbsp;&nbsp; 2021 | 11.39 | 0.11 | (0.15) | (0.04) |  |  |  | 11.35 | 0.22% | 0.22% | 1.00% | (0.37%) | 232788 | 49% |
| &nbsp;&nbsp; 2020 | 11.07 | 0.23 | 0.09 | 0.32 |  |  |  | 11.39 | 0.22% | 0.22% | 2.02% | 2.94% | 219296 | 78% |
| &nbsp;&nbsp; 2019 | 10.55 | 0.28 | 0.24 | 0.52 |  |  |  | 11.07 | 0.23% | 0.23% | 2.62% | 4.96% | 240371 | 53% |
| &nbsp;&nbsp; 2018 | 10.41 | 0.23 | (0.09) | 0.14 |  |  |  | 10.55 | 0.23% | 0.23% | 2.17% | 1.33% | 211190 | 56% |
|  **<u>PD Aggregate Bond Index</u>** | **<u>PD Aggregate Bond Index</u>** | **<u>PD Aggregate Bond Index</u>** | **<u>PD Aggregate Bond Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $13.95 | $0.27 | ($2.12) | ($1.85) | $— | $— | $— | $12.10 | 0.20% | 0.20% | 2.15% | (13.28%) | $1026476 | 64% |
| &nbsp;&nbsp; 2021 | 14.21 | 0.22 | (0.48) | (0.26) |  |  |  | 13.95 | 0.19% | 0.19% | 1.58% | (1.84%) | 1159626 | 95% |
| &nbsp;&nbsp; 2020 | 13.26 | 0.28 | 0.67 | 0.95 |  |  |  | 14.21 | 0.19% | 0.19% | 2.02% | 7.15% | 995115 | 86% |
| &nbsp;&nbsp; 2019 | 12.23 | 0.33 | 0.70 | 1.03 |  |  |  | 13.26 | 0.20% | 0.20% | 2.58% | 8.43% | 897405 | 32% |
| &nbsp;&nbsp; 2018 | 12.25 | 0.31 | (0.33) | (0.02) |  |  |  | 12.23 | 0.20% | 0.20% | 2.61% | (0.14%) | 1033233 | 43% |
|  **<u>PD High Yield Bond Market</u>** | **<u>PD High Yield Bond Market</u>** | **<u>PD High Yield Bond Market</u>** | **<u>PD High Yield Bond Market</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $19.04 | $1.03 | ($3.13) | ($2.10) | $— | $— | $— | $16.94 | 0.23% | 0.23% | 5.88% | (11.00%) | $362279 | 21% |
| &nbsp;&nbsp; 2021 | 18.12 | 0.97 | (0.05) | 0.92 |  |  |  | 19.04 | 0.22% | 0.22% | 5.22% | 5.07% | 544501 | 25% |
| &nbsp;&nbsp; 2020 | 16.98 | 0.96 | 0.18 | 1.14 |  |  |  | 18.12 | 0.23% | 0.23% | 5.76% | 6.71% | 454951 | 32% |
| &nbsp;&nbsp; 2019 | 14.84 | 0.95 | 1.19 | 2.14 |  |  |  | 16.98 | 0.26% | 0.26% | 5.84% | 14.39% | 364770 | 27% |
| &nbsp;&nbsp; 2018 | 15.24 | 0.89 | (1.29) | (0.40) |  |  |  | 14.84 | 0.31% | 0.31% | 5.82% | (2.57%) | 183329 | 24% |
|  **<u>PD Large-Cap Growth Index</u>** | **<u>PD Large-Cap Growth Index</u>** | **<u>PD Large-Cap Growth Index</u>** | **<u>PD Large-Cap Growth Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $82.21 | $0.53 | ($24.58) | ($24.05) | $— | $— | $— | $58.16 | 0.16% | 0.16% | 0.82% | (29.25%) | $839002 | 25% |
| &nbsp;&nbsp; 2021 | 64.56 | 0.41 | 17.24 | 17.65 |  |  |  | 82.21 | 0.17% | 0.17% | 0.57% | 27.34% | 751236 | 21% |
| &nbsp;&nbsp; 2020 | 46.71 | 0.44 | 17.41 | 17.85 |  |  |  | 64.56 | 0.17% | 0.17% | 0.84% | 38.22% | 832075 | 28% |
| &nbsp;&nbsp; 2019 | 34.32 | 0.45 | 11.94 | 12.39 |  |  |  | 46.71 | 0.17% | 0.17% | 1.10% | 36.10% | 788137 | 26% |
| &nbsp;&nbsp; 2018 | 34.94 | 0.44 | (1.06) | (0.62) |  |  |  | 34.32 | 0.17% | 0.17% | 1.17% | (1.78%) | 596541 | 23% |
|  **<u>PD Large-Cap Value Index</u>** | **<u>PD Large-Cap Value Index</u>** | **<u>PD Large-Cap Value Index</u>** | **<u>PD Large-Cap Value Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $43.38 | $0.84 | ($4.21) | ($3.37) | $— | $— | $— | $40.01 | 0.16% | 0.16% | 2.09% | (7.77%) | $877967 | 20% |
| &nbsp;&nbsp; 2021 | 34.69 | 0.75 | 7.94 | 8.69 |  |  |  | 43.38 | 0.17% | 0.17% | 1.87% | 25.03% | 805209 | 24% |
| &nbsp;&nbsp; 2020 | 33.65 | 0.74 | 0.30 | 1.04 |  |  |  | 34.69 | 0.17% | 0.17% | 2.48% | 3.10% | 788962 | 47% |
| &nbsp;&nbsp; 2019 | 26.64 | 0.77 | 6.24 | 7.01 |  |  |  | 33.65 | 0.17% | 0.17% | 2.51% | 26.32% | 801722 | 21% |
| &nbsp;&nbsp; 2018 | 29.08 | 0.71 | (3.15) | (2.44) |  |  |  | 26.64 | 0.17% | 0.17% | 2.46% | (8.41%) | 620769 | 20% |

---

*See Notes to Financial Statements* *See explanation of references on C-44*

**C-43** 

------

**PACIFIC SELECT FUND** 

**FINANCIAL HIGHLIGHTS** (1) **(Continued)** 

**Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |
|  |  | Investment Operations | Investment Operations | Investment Operations | Distributions (3) | Distributions (3) | Distributions (3) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>For the Year or Period Ended (2) | Net Asset Value,<br>Beginning of Year or Period | Net Investment Income (Loss) | Net Realized<br>and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value,<br>End of Year or Period | Expenses Before Reductions (4) | Expenses After Reductions (4), (5) | Net Investment Income (Loss) (4), (5) | Total Returns (6) | Net Assets, End of Year or Period<br>(in thousands) | Portfolio Turnover Rates |
|  **<u>PD Mid-Cap Index</u>** | **<u>PD Mid-Cap Index</u>** | **<u>PD Mid-Cap Index</u>** | **<u>PD Mid-Cap Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $13.76 | $0.18 | ($2.58) | ($2.40) | $— | $— | $— | $11.36 | 0.18% | 0.18% | 1.51% | (17.45%) | $409399 | 24% |
| &nbsp;&nbsp; 2021 | 11.24 | 0.15 | 2.37 | 2.52 |  |  |  | 13.76 | 0.17% | 0.17% | 1.18% | 22.37% | 619835 | 19% |
| &nbsp;&nbsp; 10/23/2020 - 12/31/2020 | 10.00 | 0.04 | 1.20 | 1.24 |  |  |  | 11.24 | 0.21% | 0.21% | 2.05% | 12.44% | 401976 | 2% |
|  **<u>PD Small-Cap Growth Index</u>** | **<u>PD Small-Cap Growth Index</u>** | **<u>PD Small-Cap Growth Index</u>** | **<u>PD Small-Cap Growth Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $47.25 | $0.17 | ($12.67) | ($12.50) | $— | $— | $— | $34.75 | 0.24% | 0.24% | 0.44% | (26.46%) | $68018 | 60% |
| &nbsp;&nbsp; 2021 | 45.98 | 0.18 | 1.09 | 1.27 |  |  |  | 47.25 | 0.22% | 0.22% | 0.38% | 2.76% | 150530 | 65% |
| &nbsp;&nbsp; 2020 | 34.13 | 0.13 | 11.72 | 11.85 |  |  |  | 45.98 | 0.25% | 0.25% | 0.39% | 34.71% | 54165 | 60% |
| &nbsp;&nbsp; 2019 | 26.64 | 0.16 | 7.33 | 7.49 |  |  |  | 34.13 | 0.26% | 0.26% | 0.51% | 28.15% | 61827 | 43% |
| &nbsp;&nbsp; 2018 | 29.40 | 0.14 | (2.90) | (2.76) |  |  |  | 26.64 | 0.25% | 0.25% | 0.47% | (9.42%) | 35898 | 40% |
|  **<u>PD Small-Cap Value Index</u>** | **<u>PD Small-Cap Value Index</u>** | **<u>PD Small-Cap Value Index</u>** | **<u>PD Small-Cap Value Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $36.44 | $0.64 | ($6.03) | ($5.39) | $— | $— | $— | $31.05 | 0.21% | 0.21% | 1.94% | (14.81%) | $137032 | 42% |
| &nbsp;&nbsp; 2021 | 28.49 | 0.61 | 7.34 | 7.95 |  |  |  | 36.44 | 0.21% | 0.21% | 1.71% | 27.90% | 222503 | 56% |
| &nbsp;&nbsp; 2020 | 27.16 | 0.43 | 0.90 | 1.33 |  |  |  | 28.49 | 0.26% | 0.26% | 1.94% | 4.92% | 47350 | 76% |
| &nbsp;&nbsp; 2019 | 22.25 | 0.50 | 4.41 | 4.91 |  |  |  | 27.16 | 0.25% | 0.25% | 1.99% | 22.06% | 61820 | 37% |
| &nbsp;&nbsp; 2018 | 25.56 | 0.47 | (3.78) | (3.31) |  |  |  | 22.25 | 0.22% | 0.22% | 1.81% | (12.97%) | 80421 | 37% |
|  **<u>PD Emerging Markets Index</u>** | **<u>PD Emerging Markets Index</u>** | **<u>PD Emerging Markets Index</u>** | **<u>PD Emerging Markets Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $20.86 | $0.44 | ($5.06) | ($4.62) | $— | $— | $— | $16.24 | 0.79% | 0.53% | 2.41% | (22.16%) | $103510 | 32% |
| &nbsp;&nbsp; 2021 | 21.15 | 0.41 | (0.70) | (0.29) |  |  |  | 20.86 | 0.59% | 0.43% | 1.88% | (1.38%) | 308381 | 45% |
| &nbsp;&nbsp; 2020 | 18.60 | 0.32 | 2.23 | 2.55 |  |  |  | 21.15 | 0.53% | 0.53% | 1.84% | 13.76% | 245119 | 25% |
| &nbsp;&nbsp; 2019 | 16.07 | 0.45 | 2.08 | 2.53 |  |  |  | 18.60 | 0.53% | 0.53% | 2.59% | 15.75% | 203898 | 16% |
| &nbsp;&nbsp; 2018 | 18.63 | 0.35 | (2.91) | (2.56) |  |  |  | 16.07 | 0.52% | 0.52% | 1.98% | (13.77%) | 194831 | 13% |
|  **<u>PD International Large-Cap Index</u>** | **<u>PD International Large-Cap Index</u>** | **<u>PD International Large-Cap Index</u>** | **<u>PD International Large-Cap Index</u>** |  |  |  |  |  |  |  |  |  |  |  |
|  **Class P** | **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2022 | $24.81 | $0.66 | ($3.82) | ($3.16) | $— | $— | $— | $21.65 | 0.28% | 0.22% | 3.02% | (12.73%) | $639838 | 6% |
| &nbsp;&nbsp; 2021 | 21.72 | 0.64 | 2.45 | 3.09 |  |  |  | 24.81 | 0.28% | 0.24% | 2.67% | 14.19% | 695603 | 57% |
| &nbsp;&nbsp; 2020 | 20.06 | 0.41 | 1.25 | 1.66 |  |  |  | 21.72 | 0.26% | 0.26% | 2.24% | 8.25% | 613055 | 11% |
| &nbsp;&nbsp; 2019 | 16.49 | 0.53 | 3.04 | 3.57 |  |  |  | 20.06 | 0.26% | 0.26% | 2.88% | 21.68% | 558259 | 10% |
| &nbsp;&nbsp; 2018 | 19.28 | 0.50 | (3.29) | (2.79) |  |  |  | 16.49 | 0.26% | 0.26% | 2.67% | (14.44%) | 529208 | 8% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) For Funds or classes that commenced operations after January 1, 2018, the first date reported represents the commencement date of operations for the Fund.

(3) No dividend and capital gain distributions have been made by the Funds under the current dividend and distribution policy.

(4) The ratios for periods of less than one full year are annualized.

(5) The ratios of expenses after expense reductions to average daily net assets are after custodian credits, advisory fee waivers and adviser expense reimbursements, if any. The expense ratios for the Pacific Dynamix,
Portfolio Optimization, and PSF Avantis Balanced Allocation Portfolios do not include expenses of their respective underlying funds in which they invest.

(6) Total returns for periods of less than one full year are not annualized.

(7) The ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended December 31, 2022 are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Class I** | **Class P** |
|  Inflation Managed | 0.65% | 0.45% |
|  Emerging Markets Debt | 1.02% | 0.82% |

---

(8) Reflects an amount rounding to less than $0.01 per share or 0.01%.

*See Notes to Financial Statements*

**C-44** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**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 December 31, 2022, the Trust was comprised of the following fifty-five separate funds, (each individually a "Fund", and collectively the "Funds"):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Core Income Portfolio (1) | Mid-Cap Value Portfolio (1) | Pacific Dynamix — Moderate Growth Portfolio (3) |
| &nbsp;&nbsp;&nbsp;Diversified Bond Portfolio (1) | Small-Cap Equity Portfolio (1) | Pacific Dynamix — Growth Portfolio (3) |
| &nbsp;&nbsp;&nbsp;Floating Rate Income Portfolio (1) | Small-Cap Growth Portfolio (1) | Portfolio Optimization Conservative Portfolio (4) |
| &nbsp;&nbsp;&nbsp;High Yield Bond Portfolio (1) | Small-Cap Index Portfolio (1) | Portfolio Optimization Moderate-Conservative Portfolio (4) |
| &nbsp;&nbsp;&nbsp;Inflation Managed Portfolio (1) | Small-Cap Value Portfolio (1) | Portfolio Optimization Moderate Portfolio (4) |
| &nbsp;&nbsp;&nbsp;Intermediate Bond Portfolio (1) | Value Portfolio (1) | Portfolio Optimization Growth Portfolio (4) |
| &nbsp;&nbsp;&nbsp;Managed Bond Portfolio (1) | Value Advantage Portfolio (1) | Portfolio Optimization Aggressive-Growth Portfolio (4) |
| &nbsp;&nbsp;&nbsp;Short Duration Bond Portfolio (1) | Emerging Markets Portfolio (1) | PD 1-3 Year Corporate Bond Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt Portfolio (1) | International Growth Portfolio (1) | PD Aggregate Bond Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Dividend Growth Portfolio (1) | International Large-Cap Portfolio (1) | PD High Yield Bond Market Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Equity Index Portfolio (1) | International Small-Cap Portfolio (1) | PD Large-Cap Growth Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Focused Growth Portfolio (1) | International Value Portfolio (1) | PD Large-Cap Value Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Growth Portfolio (1) | Health Sciences Portfolio | PD Mid-Cap Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Hedged Equity Portfolio | Real Estate Portfolio (1) | PD Small-Cap Growth Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Large-Cap Core Portfolio (formerly named Main Street<sup>®</sup> Core Portfolio) (1) | Technology Portfolio | PD Small-Cap Value Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Large-Cap Growth Portfolio (1) | ESG Diversified Portfolio (2) | PD Emerging Markets Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Large-Cap Value Portfolio (1) | ESG Diversified Growth Portfolio (2) | PD International Large-Cap Index Portfolio (5) |
| &nbsp;&nbsp;&nbsp;Mid-Cap Equity Portfolio (1) | PSF Avantis Balanced Allocation Portfolio (formerly named PSF DFA Balanced Allocation Portfolio) |  |
| &nbsp;&nbsp;&nbsp;Mid-Cap Growth Portfolio (1) | Pacific Dynamix — Conservative Growth Portfolio (3) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) These Funds are collectively known as the "Underlying Funds"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) These Funds are collectively known as the "ESG Portfolios"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) These Funds are collectively known as the "Pacific Dynamix Portfolios"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) These Funds are collectively known as the "Portfolio Optimization Portfolios"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) These Funds are collectively known as the "Pacific Dynamix Underlying Funds"

The Trust offers three separate share classes: Class D, Class I, and Class P. Each Fund, except for the PSF Avantis Balanced Allocation Portfolio and the Pacific Dynamix Underlying Funds, offers both Class I and Class P shares. The PSF Avantis Balanced Allocation Portfolio offers Class D and Class P shares. The Pacific Dynamix Underlying Funds offer Class P shares only.

The Portfolio Optimization Portfolios, Pacific Dynamix Portfolios, ESG Portfolios, and the PSF Avantis Balanced Allocation Portfolio are known as the "Funds of Funds".

The Portfolio Optimization Portfolios invest their assets in Class P shares of certain Underlying Funds of the Trust.

The Pacific Dynamix Portfolios invest their assets in Class P shares of the Pacific Dynamix Underlying Funds.

The ESG Portfolios invest their assets in a variety of eligible 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 BlackRock Advisors, LLC, Calvert Research and Management, Fidelity Management & Research Company, J.P. Morgan Investment Management Inc., Pacific Investment Management Company LLC, and Pacific Funds Series Trust, and are not funds of the Trust. BlackRock Advisors, LLC, Calvert Research and Management, Fidelity Management & Research Company, J.P. Morgan Investment Management Inc., and Pacific Investment Management Company LLC are not affiliated with the Trust, the Distributor or the Investment Adviser. Pacific Funds Series Trust ("Pacific Funds") is affiliated with the Trust, the Distributor and the Investment Adviser.

The PSF Avantis Balanced Allocation Portfolio invests its assets in a variety of eligible third-party mutual funds, exchange-traded funds and/or variable insurance trusts (the "Balanced Allocation Underlying Funds") which, in turn, invest in U.S. and foreign equity and debt instruments. The Balanced Allocation Underlying Funds are currently advised by American Century Investment Management, Inc., including through its division Avantis Investors, and are not funds of the Trust. American Century Investment Management, Inc. and Avantis Investors are not affiliated with the Trust, the Distributor or the Investment Adviser.

**D-1** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

Class D, Class I, and Class P shares of the Funds of the Trust in this report are offered to certain separate accounts of Pacific Life Insurance Company ("Pacific Life") and Pacific Life & Annuity Company ("PL&A"), a wholly-owned subsidiary of Pacific Life. Pacific Life and PL&A determine which Funds (and share classes) of the Trust to make available. Not all share classes are available for each Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

&nbsp;&nbsp;&nbsp;&nbsp;*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 fiscal year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

&nbsp;&nbsp;&nbsp;&nbsp;*F. NEW ACCOUNTING PRONOUNCEMENTS* 

In March 2020, the Financial Accounting Standards Board 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 discontinuation of the London Interbank Offered Rate ("LIBOR") for the one week and two-month U.S. dollar ("USD") tenors as well as certain non-USD LIBOR tenors after

December 31, 2021, and the planned discontinuation of certain non-USD LIBOR tenors after December 31, 2022 as well as the overnight and one, three, six and twelve month USD LIBOR tenors after June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occured 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.

**D-2** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)." ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately on an elective basis. The amendments in this update do not apply to contract modifications made after December 31, 2022. ASU 2021-01 did not have a material impact on these financial statements.

In June 2022, the FASB issued ASU No. 2022-03, "Fair Value Measurement (Topic 820)". The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. ASU 2022-03 is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

Since August 19, 2022, the Funds have been required to comply with new regulations adopted by the SEC governing the use of derivatives by registered investment companies, namely Rule 18f-4 of the 1940 Act. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, and requires funds, whose use of derivatives is greater than a limited specified amount, to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The implementation of Rule 18f-4 did not have a material impact on the Funds or these financial statements.

In December 2022, the FASB issued ASU 2022-06, "Deferral of the Sunset Date of Topic 848." ASU 2022-06 is an update of ASU 2020-04, providing additional financial reporting relief. ASU 2022-06 is effective for certain reference rate-related contract modifications that occur during the extended period of March 12, 2020 through December 31, 2024. Like ASU 2020-04, management does not expect ASU 2022-06 to have a material impact on these financial statements.

**3. VALUATION AND FAIR VALUE MEASUREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;*A. VALUATION POLICY* 

The Trust's Board of Trustees (the "Board") has adopted a policy ("Valuation Policy") for determining the value of the Trust's investments each business day. Under the Valuation Policy, and pursuant to regulatory authority, the Board has designated PLFA as its "valuation designee" for fair valuation determinations. PLFA's Valuation Oversight Committee ("VOC") values the Funds' investments in accordance with the Valuation Policy. The methodologies used to value the Funds' investments are described in greater detail in the *Investment Valuation* subsection below.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

&nbsp;&nbsp;&nbsp;&nbsp;*C. INVESTMENT VALUATION* 

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the VOC.

**D-3** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

*<u>Domestic Equity Investments</u>* 

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.

*<u>Foreign Equity Investments</u>* 

For foreign equity investments, the Trust generally uses the official closing price or the last reported sale price from the principal foreign exchanges. The Trust may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. The Trust has retained an independent statistical analysis service approved by the VOC to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

*<u>Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements</u>* 

Exchange traded futures contracts, options and swap agreements are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts, options and swap agreements for which no settlement price is reported are valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

*<u>Over-the-Counter ("OTC") Investments</u>* 

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.

*<u>Domestic and Foreign Debt Investments</u>* 

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.

*<u>Investments in Mutual Funds and Variable Insurance Trusts</u>* 

Fund investments in affiliated or unaffiliated mutual funds (and/or variable insurance trusts) are valued at their respective published NAVs.

*<u>Investment Values Determined by the Valuation Oversight Committee</u>* 

The Trust's Valuation Policy also includes methodologies approved for valuing investments in circumstances where pricing data from approved sources is not readily available or deemed to be unreliable. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with VOC approved formulas and methodologies ("PLFA Pre-Approved Fair Valuation Methodologies"). Under the Valuation Policy these PLFA Pre-Approved Fair Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, and matrix pricing. In the event pricing data from approved sources or PLFA Pre-Approved Fair Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the VOC or its delegate pursuant to the Valuation Policy. Valuations determined by the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value, a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

**D-4** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

The inputs or methodologies used for characterizing each Fund's investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the VOC or its delegate (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund's investments as of December 31, 2022, 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:

*<u>Equity Securities (Common and Preferred Stock) and Mutual Funds</u>*

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>U.S. Treasury Obligations</u>*

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*<u>Mortgage-Backed and Asset-Backed Securities</u>*

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.

*<u>Municipal Bonds</u>*

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.

*<u>Foreign Government Bonds and Notes</u>*

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.

*<u>Corporate Bonds and Notes and U.S. Government Agency Issues</u>*

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.

**D-5** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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.

*<u>Futures Contracts</u>*

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.

*<u>Option Contracts</u>*

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.

*<u>Forward Foreign Currency Contracts</u>*

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.

*<u>Swap Agreements</u>*

*Interest Rate Swaps* – Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*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.

*<u>Senior Loan Notes</u>*

Floating rate senior loan notes ("Senior Loans") are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust's valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset under investments at value, and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.

The total unfunded loan commitments that could be extended at the option of the borrowers for the fiscal year ended December 31, 2022 are summarized in the following table:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Unfunded<br>Loan<br>Commitments** | **Value** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| Diversified Bond | $207824 | $188167 | ($19657) |
| Floating Rate Income | 280974 | 257311 | (23663) |

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**D-6** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**4. INVESTMENTS AND RISKS** 

*<u>General Investment Risk</u>*

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.

*<u>Market and Regulatory Risk</u>*

Events in the financial markets and economy may cause volatility and uncertainty and adversely affect Fund performance. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify investment risks and opportunities, in which case investment goals may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.

*<u>Natural Disasters Risk</u>*

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. COVID-19 and other health crises in the future may exacerbate other pre-existing political, social and economic risks, and its impact in developing or emerging market countries may be greater due to less established health care systems. The duration and ultimate impact of an outbreak may be short term or may last for an extended period of time.

*<u>LIBOR Transition Risk</u>*

Certain investments may rely on, and are therefore subject to risks related to the expected discontinuation of, LIBOR. LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market as determined by ICE Benchmark Administration ("IBA"), the administrator of LIBOR. Previously, the Financial Conduct Authority ("FCA"), which regulates financial markets and financial services firms in the United Kingdom, announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. More recently, the FCA announced that USD LIBOR will cease to be published by the IBA or any other administrator, or will no longer be representative after June 30, 2023 for the most common tenors (overnight and one, three, six and twelve month), and ceased publishing for the less common tenors of USD LIBOR (one week and two month) and most tenors of non-USD LIBOR after December 31, 2021. Certain sterling (three month) and yen (one, three and six month) LIBOR settings were published on a "synthetic" basis through the end of 2022. The one and six month sterling LIBOR settings will continue to be published on a "synthetic" basis through March 31, 2023.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the discontinuation dates, there remains uncertainty regarding the transition to, and nature of, any selected replacement rates, as well as the impact on investments that currently utilize LIBOR. 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.

**D-7** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

For investments that do not have adequate fallback provisions to address the cessation of LIBOR, the Adjustable Interest Rate (LIBOR) Act was signed into law on March 15, 2022. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate ("SOFR") (which measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities) for certain investments that reference LIBOR and contain no, or insufficient, fallback provisions. It is uncertain what impact such legislation may have.

Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate ("IBOR") with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. These federal income tax consequences would apply only to the shareholders of the Funds (the insurance companies offering the variable products and as applicable certain funds of funds of the Trust), but there would not be federal income tax consequences to the contract holders of the variable products. The IRS may provide additional guidance, with potential retroactive effect.

*<u>Fund of Funds Investments</u>*

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 Portfolios are exposed to the same risks as the ESG Underlying Funds in direct proportion to the allocation of their assets among the ESG Underlying Funds. Allocations among the ESG Underlying Funds are determined using an asset allocation process and may be adjusted based on PLFA's views of market conditions, its outlook for various asset classes or other factors. The allocations of the ESG Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/ or ESG Underlying Funds may cause them to underperform other mutual funds with similar investment objectives. The ESG Portfolios may invest in any or all of the ESG Underlying Funds, but will not necessarily be invested in every ESG Underlying Fund at any particular time.

The PSF Avantis Balanced Allocation Portfolio is exposed to the same risks as the Balanced Allocation Underlying Funds in direct proportion to the allocation of its assets among the Balanced Allocation Underlying Funds. Allocations among the Balanced Allocation Underlying Funds are determined using an asset allocation process and may be adjusted based on PLFA's views of market conditions, its outlook for various asset classes or other factors. The allocations of the PSF Avantis Balanced Allocation Portfolio may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Balanced Allocation Underlying Funds may cause it to underperform other mutual funds with a similar investment objective. The PSF Avantis Balanced Allocation Portfolio may invest in any or all of the Balanced Allocation Underlying Funds, but will not necessarily be invested in every Balanced Allocation Underlying Fund at any particular time.

Funds of Funds shareholders also bear indirectly their proportionate share of the expenses of the underlying funds in which the Funds of Funds invest.

*<u>Equity Investments</u>*

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.

*<u>Debt Investments</u>*

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

**D-8** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due ("default"). Defaults may potentially reduce a Fund's income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or "junk" securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the Federal Reserve's recent interest rate raises in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

*<u>Foreign and Emerging Markets Investments</u>*

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 of issuers to have reliable access to capital and the ability to conduct due diligence on issuers located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries (including China and Hong Kong); restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging market countries.

Among the foreign markets in which a Fund may invest are those countries that are members of the European Union ("EU"). Some of the countries of the EU are currently experiencing financial difficulties and have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank or other governments or institutions. The failure of such countries to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those countries and other countries within this "Eurozone." In addition, certain EU countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, to the point where such countries could voluntarily abandon, or be forced out of, the euro. These events could globally impact the market values of securities and currencies, cause redenomination into less valuable local currencies and create more volatile and illiquid markets. The United Kingdom's departure from the EU, commonly known as "Brexit," may have significant political and financial consequences for EU markets. There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit may also increase the likelihood that other EU members may decide to leave or be expelled from the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events and other socio-political or geo-political issues that are not currently known could have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund's investments.

On February 24, 2022, the Russian Federation commenced a military attack on the country of Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and global financial markets. In addition, the United States and other countries have imposed, and may impose additional, economic sanctions against certain countries, entities and/or individuals. Economic sanctions and other similar actions could, among other things, prohibit or otherwise limit a Fund's ability to purchase or sell certain foreign securities and significantly delay or prevent the settlement of securities transactions, and there could be significant risks and uncertainties related to investment in Eastern Europe and Russia . Such actions could decrease the value and liquidity of securities held by a Fund and may require a Fund to sell or otherwise dispose of all or a portion of the impacted securities at inopportune times or prices. Sanctions could also result in retaliations or countermeasures, which may adversely impact a Fund's investments or operations. Although it is not possible to predict the extent and duration of this military action, and the impact that any sanctions or retaliatory actions may have on a Fund, such events could significantly harm a Fund's performance.

**D-9** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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.

*<u>Senior Loan Participations and Assignments</u>*

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities ("Borrowers"), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR, SOFR or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund's investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

A significant portion of the floating rate loans held by a Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. As compared to a loan instrument that contains numerous covenants that allow lenders the option to force the borrowers to negotiate terms if risks became elevated, the majority of new floating rate loans that are issued are "covenant lite" loans which tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer, including the ability to make an acquisition, pay dividends or issue additional debt if they have met certain loan terms. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached, such as permitting an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans. When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender.

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 December 31, 2022, no participation interest in Senior Loans was held by any of the Funds.

*<u>Inflation-Indexed Bonds</u>*

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.

*<u>Mortgage-Related and Other Asset-Backed Securities</u>*

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

**D-10** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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>U.S. Government Securities</u>*

Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies, or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or "Ginnie Mae"), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

*<u>When-Issued Securities</u>*

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.

*<u>Delayed-Delivery Transactions Risk</u>*

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.

*<u>Repurchase Agreements</u>*

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.

**D-11** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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.

*<u>Borrowings and Other Financing Transactions</u>*

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-Buyback Financing Transactions* – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed- upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

*Short Sales –* Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own.

A Fund's use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund's short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

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.

*<u>Segregation and Collateral Risk</u>*

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** 

&nbsp;&nbsp;&nbsp;&nbsp;*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

**D-12** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

referred to as leverage. Leverage can magnify a Fund's gains and losses and therefore increase its volatility. A Fund's investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.

*Interest Rate Risk* – A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security's yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.

*Foreign Investments and Currency Risk –* A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund's investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.

*Price Volatility Risk –* Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company's historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund's exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

*Credit and Counterparty Risk –* Credit risk is the risk that a debt security's issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or 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.

&nbsp;&nbsp;&nbsp;&nbsp;*B. DERIVATIVE INVESTMENTS* 

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund's investment goal. Legal risks related to documentation/agreements, capacity or authority of a counterparty, or issues regarding the legality or enforceability of a contract, may limit a Fund's ability to invest or remain invested in derivatives. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.

*Futures Contracts –* A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange.

**D-13** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day's trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

During the reporting period, the following Funds entered into futures contracts for the following reasons: The Diversified Bond Portfolio used futures to manage duration, manage exposure to international bond markets and for yield curve exposure. The Inflation Managed and Managed Bond Portfolios entered into futures contracts to manage interest rate exposure, to provide liquidity, and as a substitute for cash bond exposure. The Short Duration Bond and Emerging Markets Debt Portfolios used interest rate futures contracts to manage duration and interest rate risk, and the Emerging Markets Debt Portfolio also utilized U.S. Treasury futures to hedge duration. The Hedged Equity Portfolio used index futures contracts to manage risk. The Large-Cap Core Portfolio held futures to gain targeted equity exposures from the portfolio's cash positions. 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 Emerging Markets, International Small-Cap, International Value and PD Emerging Markets 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 Portfolio and the PD International Large-Cap Index Portfolio 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 and swaptions on futures, currencies, bond indices, and swaps, and also purchased options on futures, bond indices, currencies and TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The Inflation Managed Portfolio sold/wrote options and swaptions on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Hedged Equity Portfolio and the Technology Portfolio purchased and wrote options on indices to manage risk. The Mid-Cap Growth Portfolio purchased and wrote option contracts on individual equity securities to gain exposure to certain companies. The Health Sciences Portfolio used option contracts for efficient portfolio management.

*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

**D-14** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge against currency exposure associated with some or all of these investments, and as a part of the investment strategy for these Funds. The Emerging Markets Debt Portfolio used Forward Contracts to gain market exposure, for hedging purposes to help protect the Fund's returns against adverse currency movements, and as a part of the Fund's investment strategy. The Value Portfolio used Forward Contracts for hedging purpose to help protect the Fund's returns against adverse currency movement and to isolate stock selection as the primary driver of performance. The Health Sciences Portfolio used Forward Contracts to hedge against currency fluctuations.

*Swap Agreements –* Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange ("centrally cleared swaps"). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.

*Interest Rate Swaps* – Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund's maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund's exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the following reasons: The Diversified Bond Portfolio entered into interest rate swaps in order to manage duration, manage exposure to international bond markets and yield curve exposure. The Inflation Managed and Managed Bond Portfolios entered into interest rate swaps to manage nominal or real interest rate risk in various global markets and as a substitute for cash bond exposure. The Emerging Markets Debt Portfolio entered into interest rate swaps to gain or manage market exposure, for hedging purposes, to manage duration, and as a part of the Fund's investment strategy.

*Credit Default Swaps* – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

As a seller of protection, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

**D-15** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write-downs or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset- backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

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 December 31, 2022 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the reporting period, the following Funds entered into credit default swap agreements for the following reasons: The Diversified Bond Portfolio utilized credit default swaps on investment grade indices to adjust credit exposure to certain international bond markets. The Inflation Managed Portfolio sold, and the Managed Bond Portfolio bought and sold, credit protection through credit default swaps on securities and credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, mortgage, emerging markets or other sectors. The Inflation Managed and Managed Bond Portfolios purchased credit protection to reduce credit exposure to individual issuers, reduce broader credit risk, or to take advantage of the basis between the credit default swap and cash bond market. The Emerging Markets Debt Portfolio entered into credit default swaps to obtain exposure on sovereign credit spreads and for hedging purposes.

*Total Return Swaps* – A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the

**D-16** 

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**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund's maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund's exposure to the counterparty.

A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.

During the reporting period, the Inflation Managed Portfolio used total return swaps to hedge duration.

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust's Statements of Assets and Liabilities. An exchange traded investment's value reflects the cumulative value. Only the current day's variation margin is reported on the Statements of Assets and Liabilities.

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| | | |
|:---|:---|:---|
|  | Location 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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Asset Derivative Investments, Value | Asset Derivative Investments, Value | Asset Derivative Investments, Value | Asset Derivative Investments, Value |
| Portfolio | Total Value at<br> December 31, 2022 | Credit<br>Contracts | Equity<br>Contracts | Foreign Currency<br>Contracts | Interest<br>Rate<br>Contracts |
| Diversified Bond | $69892958 | $2525690 | $- | $6379012 | $60988256 |
| Inflation Managed | 12772705 | 5090 |  | 70571 | 12697044 |
| Managed Bond | 20503738 | 802900 |  | 609210 | 19091628 |
| Short Duration Bond | 376968 |  |  |  | 376968 |
| Emerging Markets Debt | 1804950 | 507300 |  | 369946 | 927704 |
| Hedged Equity | 3649584 |  | 3649584 |  |  |
| Value | 98299 |  |  | 98299 |  |
| Health Sciences | 119527 |  |  | 119527 |  |
| Technology | 969234 |  | 969234 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Liability Derivative Investments, Value | Liability Derivative Investments, Value | Liability Derivative Investments, Value | Liability Derivative Investments, Value |
| Portfolio | Total Value at<br> December 31, 2022 | Credit<br>Contracts | Equity<br>Contracts | Foreign Currency<br>Contracts | Interest Rate<br>Contracts |
| Diversified Bond | ($26111722) | ($5622) | $- | ($7305015) | ($18801085) |
| Inflation Managed | (18026638) |  |  | (1623668) | (16402970) |
| Managed Bond | (29305400) | (912147) |  | (4819445) | (23573808) |
| Short Duration Bond | (9689) |  |  |  | (9689) |
| Emerging Markets Debt | (2170305) | (1154426) |  | (519603) | (496276) |
| Equity Index | (762031) |  | (762031) |  |  |
| Hedged Equity | (3844663) |  | (3844663) |  |  |
| Small-Cap Equity | (33515) |  | (33515) |  |  |
| Small-Cap Index | (81657) |  | (81657) |  |  |
| Value | (328860) |  |  | (328860) |  |
| Health Sciences | (5309) |  |  | (5309) |  |
| PD Large-Cap Growth Index | (360506) |  | (360506) |  |  |
| PD Large-Cap Value Index | (67865) |  | (67865) |  |  |
| PD Mid-Cap Index | (45436) |  | (45436) |  |  |
| PD Small-Cap Growth Index | (8886) |  | (8886) |  |  |
| PD Small-Cap Value Index | (19842) |  | (19842) |  |  |
| PD Emerging Markets Index | (68853) |  | (68853) |  |  |
| PD International Large-Cap Index | (291058) |  | (291058) |  |  |

---

**D-17** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation 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<br> Change in net unrealized appreciation (depreciation) on purchased options<br> 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<br> Net realized gain (loss) on purchased option transactions<br> 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<br> Change in net unrealized appreciation (depreciation) on futures contracts |
|  | Change in net unrealized appreciation (depreciation) on purchased options<br> 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 fiscal year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations | Realized Gain (Loss) on Derivative Investments Recognized in the Statement of Operations |
| Portfolio | Total | Credit<br>Contracts | Equity<br>Contracts | Foreign Currency<br>Contracts | Interest Rate<br>Contracts |
| Diversified Bond | ($274474488) | ($8811790) | $— | ($29028749) | ($236633949) |
| Inflation Managed | 19121677 | 10565 |  | 9442991 | 9668121 |
| Managed Bond | (18178446) | (11175458) |  | 13904152 | (20907140) |
| Short Duration Bond | (8940391) |  |  |  | (8940391) |
| Emerging Markets Debt | 11234267 | 1098773 |  | 4042009 | 6093485 |
| Equity Index | (2340112) |  | (2340112) |  |  |
| Hedged Equity | 10691335 |  | 10691335 |  |  |
| Large-Cap Core | (269021) |  | (269021) |  |  |
| Mid-Cap Growth | (3454198) |  | (3454198) |  |  |
| Small-Cap Equity | (194101) |  | (194101) |  |  |
| Small-Cap Index | (2067930) |  | (2067930) |  |  |
| Value | 6362536 |  |  | 6362536 |  |
| Emerging Markets | 5829726 |  | 5829726 |  |  |
| International Small-Cap | 384704 |  | 384704 |  |  |
| International Value | 317345 |  | 317345 |  |  |
| Health Sciences | 159390 |  | (19813) | 179203 |  |
| Technology | 355348 |  | 355348 |  |  |
| PD Large-Cap Growth Index | (169637) |  | (169637) |  |  |
| PD Large-Cap Value Index | (1307983) |  | (1307983) |  |  |
| PD Mid-Cap Index | (156535) |  | (156535) |  |  |
| PD Small-Cap Growth Index | (117177) |  | (117177) |  |  |
| PD Small-Cap Value Index | (306456) |  | (306456) |  |  |
| PD Emerging Markets Index | 14156520 |  | 14156520 |  |  |
| PD International Large-Cap Index | (2478093) |  | (2478093) |  |  |

---

**D-18** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Change in Unrealized Appreciation (Depreciation) on Derivative Investments<br>Recognized in the Statements of Operations | Change in Unrealized Appreciation (Depreciation) on Derivative Investments<br>Recognized in the Statements of Operations | Change in Unrealized Appreciation (Depreciation) on Derivative Investments<br>Recognized in the Statements of Operations | Change in Unrealized Appreciation (Depreciation) on Derivative Investments<br>Recognized in the Statements of Operations | Change in Unrealized Appreciation (Depreciation) on Derivative Investments<br>Recognized in the Statements of Operations |
| Portfolio | Total | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Contracts | Interest<br>Rate<br>Contracts |
| Diversified Bond | $35106194 | $1953080 | $— | ($5931163) | $39084277 |
| Inflation Managed | (2871355) | (31101) |  | (1391201) | (1449053) |
| Managed Bond | (10427813) | (1283519) |  | (1430959) | (7713335) |
| Short Duration Bond | 963214 |  |  |  | 963214 |
| Emerging Markets Debt | (943579) | (124447) |  | (58211) | (760921) |
| Equity Index | (1320886) |  | (1320886) |  |  |
| Hedged Equity | (69173) |  | (69173) |  |  |
| Mid-Cap Growth | 923381 |  | 923381 |  |  |
| Small-Cap Equity | (65800) |  | (65800) |  |  |
| Small-Cap Index | (254225) |  | (254225) |  |  |
| Value | 983304 |  |  | 983304 |  |
| Health Sciences | 114218 |  |  | 114218 |  |
| Technology | 219088 |  | 219088 |  |  |
| PD Large-Cap Growth Index | (391877) |  | (391877) |  |  |
| PD Large-Cap Value Index | (197000) |  | (197000) |  |  |
| PD Mid-Cap Index | (233078) |  | (233078) |  |  |
| PD Small-Cap Growth Index | (34713) |  | (34713) |  |  |
| PD Small-Cap Value Index | (68972) |  | (68972) |  |  |
| PD Emerging Markets Index | (170627) |  | (170627) |  |  |
| PD International Large-Cap Index | (562400) |  | (562400) |  |  |

---

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 fiscal year ended December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type | Average Positions and Value of Derivative Investments by Derivative Type |
|  | Futures Contracts | Futures Contracts | Forward Contracts | Forward Contracts | Option Contracts | Option Contracts | Swap Agreements | Swap Agreements |
| Portfolio | Number of<br>Positions | Value | Number of<br>Positions | Value | Number of<br>Positions | Value | Number of<br>Positions | Value |
| Diversified Bond | 30 | ($39313482) | 29 | ($2937950) | 49 | ($3037470) | 29 | $34839617 |
| Inflation Managed | 19 | 1974396 | 28 | 1144709 | 48 | (1279770) | 72 | (5289325) |
| Managed Bond | 9 | 1771353 | 54 | 666459 | 15 | (2793547) | 51 | (7263499) |
| Short Duration Bond | 4 | (1116127) |  |  |  |  |  |  |
| Emerging Markets Debt | 2 | 41574 | 20 | 176610 |  |  | 16 | 651852 |
| Equity Index | 1 | (578574) |  |  |  |  |  |  |
| Hedged Equity | 1 | (47959) |  |  | 3 | (35744) |  |  |
| Large-Cap Core | 1 | (14853) |  |  |  |  |  |  |
| Mid-Cap Growth |  |  |  |  | 2 | (775110) |  |  |
| Small-Cap Equity | 1 | (33443) |  |  |  |  |  |  |
| Small-Cap Index | 1 | (104470) |  |  |  |  |  |  |
| Value |  |  | 4 | (259289) |  |  |  |  |
| Health Sciences |  |  | 3 | 31443 |  |  |  |  |
| Technology |  |  |  |  | 1 | 301062 |  |  |
| PD Large-Cap Growth Index | 2 | (172687) |  |  |  |  |  |  |
| PD Large-Cap Value Index | 2 | (104092) |  |  |  |  |  |  |
| PD Mid-Cap Index | 2 | 515 |  |  |  |  |  |  |
| PD Small-Cap Growth Index | 1 | (16383) |  |  |  |  |  |  |
| PD Small-Cap Value Index | 1 | (14447) |  |  |  |  |  |  |
| PD Emerging Markets Index | 1 | (112093) |  |  |  |  |  |  |
| PD International Large-Cap Index | 2 | (26609) |  |  |  |  |  |  |

---

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 fiscal year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;*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

**D-19** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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.

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 December 31, 2022:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts<br>Presented in the<br>Statement of**<br> **Assets and<br>Liabilities** | **<br>**  | **Gross Amounts Not Offset<br>in Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>in Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>in Statement of<br>Assets and Liabilities** | |  | **Gross Amounts<br>Presented in the<br>Statement of**<br> **Assets and<br>Liabilities** | | **Gross Amounts Not Offset<br>in Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>in Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>in Statement of<br>Assets and Liabilities** | |  |
| <br>**Description** | **Gross Amounts<br>Presented in the<br>Statement of**<br> **Assets and<br>Liabilities** | **Financial<br>Instrument** |  | **Collateral<br>Received** |  | <br>**Net<br>Amount** |  | **Gross Amounts<br>Presented in the<br>Statement of**<br> **Assets and<br>Liabilities** | <br>**Financial<br>Instrument** |  | **Collateral<br>Pledged** |  | <br>**Net<br>Amount** |  |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  **<u>Diversified Bond</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts | $4836216 |  | ($2440293) |  | $— |  | $2395923 | ($6804382) |  | $2440293 |  | $— |  | ($4364089) |
|  **<u>Inflation Managed</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts | 70571 |  | (66338) |  |  |  | 4233 | (1623668) |  | 66338 |  | 1060272 |  | (497058) |
|  Option contracts | 941815 |  | (941814) |  |  |  | 1 | (1539213) |  | 941814 |  | 221221 |  | (376178) |
|  Swap agreements | 130998 |  | (130998) |  |  |  |  | (2216505) |  | 130998 |  | 1636966 |  | (448541) |
|  Sale-buyback financing transactions |  |  |  |  |  |  |  | (355011984) |  | 350343020 |  |  |  | (4668964) |
|  **<u>Managed Bond</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts | 609210 |  | (538336) |  |  |  | 70874 | (4819445) |  | 538336 |  | 3238076 |  | (1043033) |
|  Option contracts | 1772402 |  | (1771133) |  |  |  | 1269 | (2506845) |  | 1771133 |  | 729880 |  | (5832) |
|  Swap agreements | 99056 |  | (99056) |  |  |  |  | (153378) |  | 99056 |  | 53053 |  | (1269) |
|  **<u>Emerging Markets Debt</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts | 369946 |  | (185532) |  |  |  | 184414 | (519603) |  | 185532 |  |  |  | (334071) |
|  **<u>Value</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts | 98299 |  | (389) |  |  |  | 97910 | (328860) |  | 389 |  |  |  | (328471) |
|  **<u>Health Sciences</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts | 119527 |  |  |  |  |  | 119527 | (5309) |  |  |  |  |  | (5309) |

---

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 December 31, 2022.

**D-20** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**6. INVESTMENT ADVISORY, ADMINISTRATION AND SUPPORT SERVICES, AGENCY, AND DISTRIBUTION AGREEMENTS** 

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life, serves as Investment Adviser to each Fund of the Trust. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA's supervision to sub-advise for certain Funds. PLFA manages the Pacific Dynamix, Portfolio Optimization, PSF Avantis Balanced Allocation, and ESG Portfolios directly. PLFA, as Investment Adviser to each Fund of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of December 31, 2022, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, the advisory fee waiver, and the sub-adviser of each Fund (if applicable), are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio | Investment Advisory Fee | Advisory Fee Waiver through April 30,<br>2023 (unless otherwise noted) | Sub-Adviser(s) |
| &nbsp;&nbsp;&nbsp; Core Income | 0.50% on first $4 billion 0.48% on excess |  | Pacific Asset Management LLC |
| &nbsp;&nbsp;&nbsp; Diversified Bond | 0.40% on first $4 billion 0.38% on excess |  | Western Asset Management Company, LLC |
| &nbsp;&nbsp;&nbsp; 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 | None<br> (0.05% prior to May 1, 2022) | Pacific Asset Management LLC |
| &nbsp;&nbsp;&nbsp; High Yield Bond | 0.40% on first $4 billion 0.38% on excess |  | Pacific Asset Management LLC |
| &nbsp;&nbsp;&nbsp; Inflation Managed | 0.40% on first $4 billion 0.38% on excess |  | Pacific Investment Management Company LLC |
| &nbsp;&nbsp;&nbsp; Intermediate Bond | 0.40% on first $4 billion 0.38% on excess |  | J.P. Morgan Investment Management Inc. |
| &nbsp;&nbsp;&nbsp; Managed Bond | 0.40% on first $4 billion 0.38% on excess | 0.015% | Pacific Investment Management Company LLC |
| &nbsp;&nbsp;&nbsp; Short Duration Bond | 0.40% on first $4 billion 0.38% on excess |  | T. Rowe Price Associates, Inc. |
| &nbsp;&nbsp;&nbsp; Emerging Markets Debt | 0.785% on first $1 billion 0.755% on next $1 billion 0.725% on next $2 billion 0.705% on excess | 0.05% | Principal Global Investors, LLC |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; Equity Index | 0.05% on first $4 billion 0.03% on excess |  | BlackRock Investment Management, LLC |
| &nbsp;&nbsp;&nbsp; Focused Growth | 0.75% on first $100 million 0.71% on next $900 million 0.68% on next $3 billion 0.66% on excess |  | Janus Henderson Investors US LLC |
| &nbsp;&nbsp;&nbsp; Growth | 0.55% on first $4 billion 0.53% on excess |  | MFS Investment Management, LLC |
| &nbsp;&nbsp;&nbsp; Hedged Equity | 0.60% |  | J.P. Morgan Investment Management Inc. |
| &nbsp;&nbsp;&nbsp; Large-Cap Core | 0.45% on first $4 billion 0.43% on excess |  | J.P. Morgan Investment Management Inc. (Invesco Advisers, Inc. prior to May 1, 2022) |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; Mid-Cap Equity | 0.65% on first $4 billion 0.63% on excess |  | Scout Investments, Inc. |
| &nbsp;&nbsp;&nbsp; Mid-Cap Growth | 0.70% on first $4 billion 0.68% on excess | 0.025% | Delaware Investments Fund Advisers |
| &nbsp;&nbsp;&nbsp; Mid-Cap Value | 0.70% on first $1 billion 0.65% on next $1 billion 0.60% on excess |  | Boston Partners Global Investors, Inc. |

---

**D-21** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio | Investment Advisory Fee | Advisory Fee Waiver through April 30,<br>2023 (unless otherwise noted) | Sub-Adviser(s) |
| &nbsp;&nbsp;&nbsp; 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) |
| &nbsp;&nbsp;&nbsp; Small-Cap Growth | 0.60% on first $4 billion 0.58% on excess |  | MFS Investment Management, LLC |
| &nbsp;&nbsp;&nbsp; Small-Cap Index | 0.30% on first $4 billion 0.28% on excess |  | BlackRock Investment Management, LLC |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; Value Advantage | 0.66% on first $4 billion 0.64% on excess |  | J.P. Morgan Investment Management Inc. |
| &nbsp;&nbsp;&nbsp; Emerging Markets | 0.80% on first $4 billion 0.78% on excess |  | Invesco Advisers, Inc. |
| &nbsp;&nbsp;&nbsp; International Growth | 0.85% on first $100 million 0.75% on next $100 million 0.70% on next $300 million 0.65% on excess |  | ClearBridge Investments, LLC |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; International Small-Cap | 0.85% on first $1 billion 0.82% on next $1 billion 0.79% on next $2 billion 0.77% on excess | 0.015% | FIAM LLC |
| &nbsp;&nbsp;&nbsp; International Value | 0.65% on first $4 billion 0.63% on excess |  | Wellington Management Company LLP |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; ESG Portfolios<br> Pacific Dynamix Portfolios | 0.20% |  |  |
| &nbsp;&nbsp;&nbsp; PSF Avantis Balanced Allocation | 0.20% | 0.06% through April 30, 2024 (none prior to November 1, 2022) |  |
| &nbsp;&nbsp;&nbsp; Portfolio Optimization Portfolios | 0.10% |  |  |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; PD Aggregate Bond Index | 0.16% on first $50 million 0.15% on next $50 million 0.14% on excess |  | SSGA Funds Management, Inc. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; PD Large-Cap Growth Index<br> PD Large-Cap Value Index<br> PD Mid-Cap Index<br> PD Small-Cap Growth Index<br> PD Small-Cap Value Index | 0.14% on first $300 million 0.12% on excess |  | BlackRock Investment Management, LLC |

---

**D-22** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio | Investment Advisory Fee | Advisory Fee Waiver through April 30,<br>2023 (unless otherwise noted) | Sub-Adviser(s) |
| &nbsp;&nbsp;&nbsp; PD Emerging Markets Index | 0.60% on first $50 million 0.35% on excess | 0.44% on first $50 million<br> 0.18% on excess | FIAM LLC serves as the<br> sub-adviser and Geode Capital Management, LLC serves as the sub-subadviser |
| &nbsp;&nbsp;&nbsp; PD International Large-Cap Index | 0.25% on first $100 million 0.20% on excess | 0.10% on first $100 million<br> 0.05% on excess | FIAM LLC serves as the<br> sub-adviser and Geode Capital Management, LLC serves as the sub-subadviser |

---

Pursuant to an Agreement for Administration and Support Services (the "Administration Agreement"), Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Investment Adviser's responsibilities under the Advisory Agreement. Under the Administration Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, including the expense of registering and qualifying the Trust on state and Federal levels, providing legal, compliance, accounting, tax, chief compliance officer services, and on-going compliance, maintaining the Trust's legal existence, shareholders' meetings and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a Transfer Agency Agreement, Pacific Life serves as transfer agent and dividend disbursing agent for Class I, Class D, and those Class P shares of the Trust that are offered to certain separate accounts, without remuneration from the Trust. Pursuant to a Transfer Agency and Service Agreement, State Street Bank and Trust Company serves as transfer agent for those Class P shares of the Trust that are utilized by the Funds of Funds and is compensated by the Trust for these services.

Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust. The Trust adopted a service plan (the "Service Plan") for Class I shares of each applicable Fund, under which each applicable Fund pays the Distributor an amount at an annual rate of 0.20% of the average daily net assets of each Fund for shareholder servicing activities. Class P shares do not incur a service fee. Under the Service Plan, the service fee may be used by the Distributor for services rendered to or procured for shareholders of the Trust, or the variable annuity and variable life insurance contract owners who use the Trust as the underlying investment vehicle for their contracts. These services may include, but are not limited to: providing electronic, telephonic, and technological servicing support in connection with existing investments in the Trust; answering shareholder questions regarding the Trust, the Funds, its managers and/or other service providers; payment of compensation to broker-dealers, including the Distributor itself, and other financial institutions and organizations which assist in providing any of these services; and other services as described in the Service Plan. The Service Plan was not adopted in accordance with Rule 12b-1 under the 1940 Act.

The Trust has also adopted a distribution and service plan (the "12b-1 Plan") for Class D shares of each applicable Fund in accordance with Rule 12b-1 under the 1940 Act, pursuant to which Class D shares of each applicable Fund pay a service fee at an annual rate of 0.20% and a distribution fee at an annual rate of 0.05% of the average daily net assets attributed to that share class. The service fees may be used by the Distributor for the types of services provided under the Service Plan discussed above. The distribution fees may be used by the Distributor for any activities or expenses primarily intended to result in the sale of Class D shares or variable contracts offering Class D shares, which may include, but are not limited to: compensation to, and expenses (including overhead expenses) of, financial consultants or other employees of the Distributor or of selling group members who engage in distribution of Class D shares; printing of prospectuses and reports other than for existing contract owners; advertising; and the preparation, printing and distribution of sales literature.

The Service Plan and 12b-1 Plan will each remain in effect as long as their continuance is specifically approved at least annually.

**7. TRANSACTIONS WITH AFFILIATES** 

&nbsp;&nbsp;&nbsp;&nbsp;*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 fiscal year ended December 31, 2022 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of December 31, 2022 are presented in the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;*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, 2023 ("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

**D-23** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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, 2023. 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 fiscal year ended December 31, 2022 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of December 31, 2022 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of December 31, 2022 that are subject to recoupment by PLFA from the Funds are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Portfolio | 2023 | 2024 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dynamix – Conservative Growth | $299326 | $226369 | $253728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dynamix – Moderate Growth | 1115577 | 908902 | 822343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dynamix – Growth | 476844 | 521634 | 673483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Diversified |  | 44602 | 50681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Diversified Growth |  | 16372 | 51416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedged Equity |  | 56649 | 25072 |

---

There was no recoupment of expense reimbursement by PLFA from any Funds for the fiscal year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;*C. INVESTMENTS IN AFFILIATED MUTUAL FUNDS* 

A summary of holdings and transactions with affiliated mutual fund investments as of and for the fiscal year ended December 31, 2022 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | As of December 31, 2022 | As of December 31, 2022 |
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending<br>Value | Share<br>Balance |
| **ESG Diversified** | **ESG Diversified** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds ESG Core Bond Class I | $3183423 | $841998 | $1135503 | ($76778) | ($330403) | $2482737 | 296269 |
| **ESG Diversified Growth** | **ESG Diversified Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Funds ESG Core Bond Class I | $1141476 | $207554 | $635474 | ($53195) | ($61685) | $598676 | 71441 |
| **Pacific Dynamix – Conservative Growth** | **Pacific Dynamix – Conservative Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD 1-3 Year Corporate Bond Class P | $58458709 | $744965 | $28906831 | $2580219 | ($4256384) | $28620678 | 2607946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Aggregate Bond Index Class P | 233593274 | 36988860 | 21966144 | 2586479 | (36016156) | 215186313 | 17787462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD High Yield Bond Market Class P | 98131090 | 365407 | 32239636 | 8756713 | (17939349) | 57074225 | 3368467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Growth Index Class P | 53111237 | 27683761 | 2171049 | 1059705 | (21488905) | 58194749 | 1000553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Value Index Class P | 60337106 | 17282304 | 9254493 | 3279080 | (8951788) | 62692209 | 1566999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Mid-Cap Index Class P | 43369396 | 1558908 | 3771985 | 615804 | (8094317) | 33677806 | 2965014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Growth Index Class P | 13181619 | 1153683 | 9709695 | (865943) | (1207015) | 2552649 | 73459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Value Index Class P | 19985332 | 437352 | 8134474 | 288835 | (2311986) | 10265059 | 330636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Emerging Markets Index Class P | 29349818 | 422272 | 21282530 | 2447631 | (5681713) | 5255478 | 323594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD International Large-Cap Index Class P | 46684459 | 10686575 | 5748649 | 1846342 | (8469458) | 44999269 | 2078659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $656202040 | $97324087 | $143185486 | $22594865 | ($114417071) | $518518435 |  |
| **Pacific Dynamix – Moderate Growth** | **Pacific Dynamix – Moderate Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD 1-3 Year Corporate Bond Class P | $146641454 | $718155 | $46370240 | $4370919 | ($8873486) | $96486802 | 8791978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Aggregate Bond Index Class P | 704585959 | 48857084 | 34648077 | 4397915 | (100813606) | 622379275 | 51446338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD High Yield Bond Market Class P | 326379478 | 451071 | 103576771 | 31083287 | (61350904) | 192986161 | 11389861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Growth Index Class P | 384128201 | 189940882 | 7044206 | 4660076 | (152916322) | 418768631 | 7199963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Value Index Class P | 411344416 | 105935016 | 40680291 | 18314317 | (56263533) | 438649925 | 10964108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Mid-Cap Index Class P | 317231066 | 2717047 | 67436569 | 14188267 | (62684401) | 204015410 | 17961639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Growth Index Class P | 72731632 | 2127954 | 38086346 | 5422158 | (18890361) | 23305037 | 670659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Value Index Class P | 119239341 | 662928 | 49430723 | 14469460 | (26065681) | 58875325 | 1896363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Emerging Markets Index Class P | 158831456 | 668272 | 103890293 | 21575454 | (40666835) | 36518054 | 2248519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD International Large-Cap Index Class P | 343936565 | 21182334 | 23761737 | 6131516 | (50288014) | 297200664 | 13728640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2985049568 | $373260743 | $514925253 | $124613369 | ($578813143) | $2389185284 |  |
| **Pacific Dynamix – Growth** | **Pacific Dynamix – Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD 1-3 Year Corporate Bond Class P | $27684851 | $19326593 | $2351473 | $49321 | ($1187338) | $43521954 | 3965766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Aggregate Bond Index Class P | 221456161 | 22226080 | 25965835 | 2261496 | (31071686) | 188906216 | 15615130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD High Yield Bond Market Class P | 119989687 | 9103100 | 3253801 | 780232 | (14399103) | 112220115 | 6623125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Growth Index Class P | 313994053 | 171956564 | 3679990 | 2376614 | (122615816) | 362031425 | 6224471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Value Index Class P | 333522357 | 77831854 | 5553064 | 2403658 | (31581506) | 376623299 | 9413745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Mid-Cap Index Class P | 259234614 | 21320398 | 70517104 | 15628423 | (53961193) | 171705138 | 15117023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Growth Index Class P | 64615760 | 10510985 | 17492497 | 6253799 | (21728080) | 42159967 | 1213256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Value Index Class P | 83278204 | 7646697 | 11822230 | 5506879 | (16717839) | 67891711 | 2186779 |

---

**D-24** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | As of December 31, 2022 | As of December 31, 2022 |
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending<br>Value | Share<br>Balance |
| **Pacific Dynamix – Growth (Continued)** | **Pacific Dynamix – Growth (Continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Emerging Markets Index Class P | $120202494 | $7930163 | $46494081 | $9359746 | ($29256274) | $61742048 | 3801631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD International Large-Cap Index Class P | 304977781 | 40114992 | 9180609 | 2486705 | (40761868) | 297637001 | 13748795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1848955962 | $387967426 | $196310684 | $47106873 | ($363280703) | $1724438874 |  |
| **Portfolio Optimization Conservative** | **Portfolio Optimization Conservative** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income Class P | $61371718 | $714607 | $8778288 | $681029 | ($7830638) | $46158428 | 4096362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond Class P | 432306146 | 9783682 | 167941226 | 24385796 | (93521523) | 205012875 | 15517900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Income Class P | 14970855 | 49364484 | 11185506 | 1020569 | (1377487) | 52792915 | 3814634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Class P | 89891058 | 14976378 | 13293423 | 1164183 | (10839898) | 81898298 | 8376377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed Class P | 45041363 | 21845362 | 7178621 | 1256038 | (8234762) | 52729380 | 3960782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Class P | 131663262 | 66754138 | 22593333 | (2102155) | (17065028) | 156656884 | 17994540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond Class P | 198344701 | 67472397 | 31400659 | 1431587 | (30511954) | 205336072 | 14559483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond Class P | 209359093 | 4533848 | 65055828 | 4361712 | (12435767) | 140763058 | 13149543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt Class P | 59663390 | 4604428 | 30843433 | 4313507 | (8289282) | 29448610 | 2609767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth Class P | 21116805 | 1862519 | 5879628 | 2678078 | (4636079) | 15141695 | 414675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Index Class P | 9749660 | 4738553 | 2148964 | 1037378 | (3090920) | 10285707 | 101555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focused Growth Class P | 8162672 | 11893288 | 2128303 | (99213) | (4555691) | 13272753 | 310262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Class P | 20102318 | 4072462 | 8920274 | 3935272 | (8979021) | 10210757 | 210251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Core Class P | 6738213 | 7374078 | 1674094 | 753057 | (2956589) | 10234665 | 167364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Growth Class P | 12623796 | 4571675 | 2110948 | 914316 | (6025253) | 9973586 | 549319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Value Class P | 15775419 | 6720591 | 5098156 | 2352949 | (3406928) | 16343875 | 460081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Class P | 8936940 | 1239025 | 1881651 | 757984 | (2126844) | 6925454 | 197204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Growth Class P | 17837496 | 4561733 | 3330704 | 1560334 | (7016486) | 13612373 | 554946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Value Class P | 18070236 | 2134360 | 5270606 | 2238410 | (3272815) | 13899585 | 366872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity Class P | 14895019 | 1695116 | 6744971 | (112249) | (1201374) | 8531541 | 246787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Value Class P | 14901142 | 1801559 | 6377191 | (13987) | (1810914) | 8500609 | 270184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Class P | 15798423 | 4473467 | 4960843 | 1546912 | (1597958) | 15260001 | 680128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Advantage Class P | 17296626 | 2806263 | 5100125 | 2575410 | (3101844) | 14476330 | 606318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class P | 29676605 | 4689653 | 23216251 | (2182420) | (3139853) | 5827734 | 337551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth Class P | 11215045 | 1602955 | 8170210 | (1302858) | (428581) | 2916351 | 373997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Large-Cap Class P | 7519129 | 1022693 | 2262359 | 555107 | (1575397) | 5259173 | 415393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small-Cap Class P |  | 7445573 | 922453 | (91982) | (540902) | 5890236 | 384956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Value Class P | 3732472 | 8932219 | 3157150 | 677544 | (742663) | 9442422 | 593696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1496759602 | $323687106 | $457625198 | $54292308 | ($250312451) | $1166801367 |  |
| **Portfolio Optimization Moderate-Conservative** | **Portfolio Optimization Moderate-Conservative** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income Class P | $79128689 | $79123 | $15652247 | $1343477 | ($10196865) | $54702177 | 4854583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond Class P | 556791424 | 1336378 | 228485715 | 40367870 | (126300426) | 243709531 | 18446940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Income Class P | 22333624 | 58789579 | 14050337 | 1262539 | (1835967) | 66499438 | 4805020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Class P | 123292136 | 26913665 | 20176143 | 2324240 | (16135003) | 116218895 | 11886611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed Class P | 67357088 | 6451686 | 7717769 | 1449181 | (9532572) | 58007614 | 4357258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Class P | 169005836 | 77122949 | 36088844 | (3025134) | (20527553) | 186487254 | 21421033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond Class P | 254111134 | 76673913 | 51081174 | 6550587 | (42182939) | 244071521 | 17306044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond Class P | 111254198 | 160014 | 23909938 | 1090075 | (5640838) | 82953511 | 7749198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt Class P | 65474951 | 9091 | 36116493 | 3525018 | (7691298) | 25201269 | 2233363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth Class P | 66167697 | 45688 | 19564029 | 8027641 | (14091036) | 40585961 | 1111500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Index Class P | 30559011 | 6010275 | 3707792 | 1384270 | (7339325) | 26906439 | 265659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focused Growth Class P | 26512068 | 24689920 | 854221 | 43172 | (14388009) | 36002930 | 841601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Class P | 63522119 | 676685 | 21663172 | 9377351 | (24839157) | 27073826 | 557481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Core Class P | 21409175 | 14151424 | 2517882 | 1113980 | (7381934) | 26774763 | 437837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Growth Class P | 40975442 | 1385674 | 2151856 | 947764 | (16176049) | 24980975 | 1375886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Value Class P | 49765523 | 5021979 | 9949753 | 4573271 | (7837835) | 41573185 | 1170287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Class P | 22086770 | 107121 | 5194267 | 1773414 | (4817373) | 13955665 | 397391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Growth Class P | 44167197 | 732500 | 7563395 | 3630582 | (15922884) | 25044000 | 1020988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Value Class P | 45352960 | 750225 | 8365811 | 3223007 | (6163998) | 34796383 | 918431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity Class P | 25535172 | 70838 | 13127084 | (83695) | (1820759) | 10574472 | 305882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Growth Class P | 5106218 | 84240 | 1450621 | 665568 | (1966465) | 2438940 | 87602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Index Class P | 10743660 | 4640708 | 1361192 | 292313 | (3076407) | 11239082 | 394670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Value Class P | 24462031 | 71947 | 14218585 | 1530536 | (3743029) | 8102900 | 257543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Class P | 52191696 | 41916 | 12700879 | 4774698 | (4974516) | 39332915 | 1753041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Advantage Class P | 54298306 | 27744 | 14828617 | 6740678 | (8204844) | 38033267 | 1592963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class P | 60784598 | 261064 | 23176970 | 5576799 | (18571470) | 24874021 | 1440740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth Class P | 47800728 | 327588 | 14148879 | (2551595) | (6556201) | 24871641 | 3189572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Large-Cap Class P | 38361722 | 7502356 | 6517199 | 1592930 | (7698350) | 33241459 | 2625559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small-Cap Class P | 11126561 | 10344265 | 1893778 | 538264 | (3327358) | 16787954 | 1097175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Value Class P | 25541970 | 37644836 | 11948703 | 3380665 | (3947351) | 50671417 | 3185987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Class P | 11584743 | 9765624 | 1299677 | 421435 | (5006673) | 15465452 | 495205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2226804447 | $371891015 | $631483022 | $111860901 | ($427894484) | $1651178857 |  |

---

**D-25** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | As of December 31, 2022 | As of December 31, 2022 |
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending<br>Value | Share<br>Balance |
| **Portfolio Optimization Moderate** | **Portfolio Optimization Moderate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income Class P | $270864467 | $87 | $59534473 | $9206825 | ($38868509) | $181668397 | 16122289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond Class P | 1897492231 | 105 | 800128036 | 117928385 | (406319184) | 808973501 | 61233081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Income Class P | 47671178 | 250543253 | 45929291 | 6403088 | (8205722) | 250482506 | 18099001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Class P | 430251636 | 29473782 | 58128795 | 20575749 | (65125752) | 357046620 | 36517938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed Class P | 95813474 | 78143464 | 13667119 | 2493857 | (21062328) | 141721348 | 10645439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Class P | 578099568 | 252604634 | 133896567 | (10379841) | (68272624) | 618155170 | 71004974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond Class P | 864409309 | 248718653 | 186211048 | 15136145 | (133745089) | 808307970 | 57313584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond Class P | 379051552 | 24080596 | 66166050 | 4042670 | (20507710) | 320501058 | 29939975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt Class P | 185848563 |  | 101157437 | 12478078 | (24368228) | 72800976 | 6451700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth Class P | 433269187 |  | 129091378 | 46159450 | (85987356) | 264349903 | 7239572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Index Class P | 198240724 | 35027715 | 18888846 | 6989087 | (45813005) | 175555675 | 1733334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focused Growth Class P | 170909266 | 166281292 | 3716352 | 206741 | (95739074) | 237941873 | 5562104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Class P | 420334585 | 220 | 123783546 | 49879864 | (155447546) | 190983577 | 3932567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Core Class P | 144597424 | 82154508 | 11079738 | 6032900 | (47115639) | 174589455 | 2854994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Growth Class P | 266307203 | 22947252 | 8327895 | 3820924 | (108341252) | 176406232 | 9715989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Value Class P | 323526632 | 2057793 | 53722528 | 25026138 | (45320630) | 251567405 | 7081634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Class P | 123677554 |  | 24910598 | 8618499 | (26225666) | 81159789 | 2311046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Growth Class P | 271450777 |  | 26098490 | 12888852 | (91570188) | 166670951 | 6794806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Value Class P | 227795575 |  | 41528057 | 16003189 | (30577427) | 171693280 | 4531747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity Class P | 152746332 |  | 62156640 | 14548856 | (27800211) | 77338337 | 2237126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Growth Class P | 17609855 | 40913630 | 904421 | 361930 | (12687990) | 45293004 | 1626833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Index Class P | 55664105 | 10024881 | 4670443 | 2134710 | (14790234) | 48363019 | 1698308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Value Class P | 153115595 |  | 58072255 | 11652593 | (29802692) | 76893241 | 2443979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Class P | 338857986 |  | 91603189 | 29666006 | (30886615) | 246034188 | 10965575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Advantage Class P | 352733796 |  | 112246351 | 51108567 | (59645012) | 231951000 | 9714899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class P | 343388920 |  | 166953481 | 51421970 | (120385745) | 107471664 | 6224919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth Class P | 228862693 |  | 23151873 | (5436657) | (42638481) | 157635682 | 20215405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Large-Cap Class P | 212161468 | 39244961 | 30247735 | 7377754 | (41293668) | 187242780 | 14789274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small-Cap Class P | 47444351 | 43200094 | 6073113 | 1415180 | (13364601) | 72621911 | 4746197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Value Class P | 180366483 | 151598848 | 56327128 | 23106168 | (26144220) | 272600151 | 17139852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Class P | 98756370 | 38830187 | 7137374 | 2291815 | (33595451) | 99145547 | 3174649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $9511318859 | $1515845955 | $2525510247 | $543159492 | ($1971647849) | $7073166210 |  |
| **Portfolio Optimization Growth** | **Portfolio Optimization Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income Class P | $159692012 | $— | $34426523 | $4703940 | ($22232663) | $107736766 | 9561174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond Class P | 1110274614 |  | 463461549 | 44211263 | (213659796) | 477364532 | 36132829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Income Class P | 43398223 | 74005399 | 17933794 | 2875623 | (3856948) | 98488503 | 7116439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Class P | 261666880 |  | 39068206 | 6200520 | (31852070) | 196947124 | 20143316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed Class P |  | 152963875 | 8418225 | (678989) | (14882251) | 128984410 | 9688700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Class P | 335224077 | 148511806 | 74296955 | (5811072) | (40153360) | 363474496 | 41750839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond Class P | 508614441 | 148511806 | 105485488 | 6426829 | (76670849) | 481396739 | 34133738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond Class P | 213721752 |  | 41940087 | 1867967 | (10705739) | 162943893 | 15221591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt Class P | 126033891 |  | 49645929 | 581289 | (9726994) | 67242257 | 5959080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth Class P | 534624044 |  | 144691594 | 51345683 | (101625947) | 339652186 | 9301824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Index Class P | 245268198 | 51306298 | 20768700 | 7583945 | (57020408) | 226369333 | 2235039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focused Growth Class P | 230641828 | 220820834 | 2576695 | 151721 | (128837206) | 320200482 | 7484973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Class P | 566017228 |  | 168577210 | 68385520 | (210331253) | 255494285 | 5260916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Core Class P | 177510340 | 110534458 | 10933694 | 4499265 | (56694059) | 224916310 | 3677969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Growth Class P | 353358857 | 33044780 | 8763565 | 3988126 | (144046627) | 237581571 | 13085365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Value Class P | 386366089 | 4835344 | 57087815 | 22150788 | (47054885) | 309209521 | 8704262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Class P | 156971992 |  | 27047359 | 10251619 | (33279223) | 106897029 | 3043921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Growth Class P | 314946675 |  | 21144208 | 10358107 | (103305998) | 200854576 | 8188397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Value Class P | 320937664 |  | 59085862 | 28080834 | (48625485) | 241307151 | 6369165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity Class P | 130743797 |  | 32527227 | 20923585 | (34630223) | 84509932 | 2444575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Growth Class P | 40231999 | 14369075 | 1698030 | 703408 | (15041933) | 38564519 | 1385159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Index Class P | 84298450 |  | 14525243 | 7022830 | (22722627) | 54073410 | 1898833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Value Class P | 131653676 |  | 33069934 | 15880487 | (33801961) | 80662268 | 2563774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Class P | 405044785 |  | 105106337 | 28018630 | (29703187) | 298253891 | 13292972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Advantage Class P | 421594332 |  | 124027731 | 60098951 | (71019644) | 286645908 | 12005709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class P | 383652471 |  | 135052002 | 41529978 | (124581203) | 165549244 | 9588858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth Class P | 335877069 | 16282000 | 26868203 | (6735852) | (66040627) | 252514387 | 32382773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Large-Cap Class P | 292205711 | 12116100 | 32779152 | 7967338 | (51735812) | 227774185 | 17990626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small-Cap Class P | 86084980 | 39885218 | 7106658 | 1643240 | (19792667) | 100714113 | 6582159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Value Class P | 246067775 | 67854035 | 49766636 | 24016404 | (26900713) | 261270865 | 16427518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Class P | 91429135 | 33966873 | 5878613 | 1851916 | (30640669) | 90728642 | 2905139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $8694152985 | $1129007901 | $1923759224 | $470093893 | ($1881173027) | $6488322528 |  |
| **Portfolio Optimization Aggressive-Growth** | **Portfolio Optimization Aggressive-Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income Class P | $19194548 | $33470 | $4832256 | $482279 | ($2532686) | $12345355 | 1095597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond Class P | 132471351 | 350004 | 59477626 | 3267302 | (22925996) | 53685035 | 4063545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Income Class P |  | 26867003 | 3393507 | (58060) | (75459) | 23339977 | 1686466 |

---

**D-26** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | As of December 31, 2022 | As of December 31, 2022 |
|  | Beginning<br>Value as of<br>January 1, 2022 | Purchase<br>Cost | Sales<br>Proceeds | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Ending<br>Value | Share<br>Balance |
| **Portfolio Optimization Aggressive-Growth (Continued)** | **Portfolio Optimization Aggressive-Growth (Continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond Class P | $61335893 | $78387 | $8723786 | $1160790 | ($7192464) | $46658820 | 4772161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed Class P |  | 17967578 | 916563 | (76691) | (1753565) | 15220759 | 1143312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond Class P | 40217811 | 16742914 | 10272369 | (756600) | (4580132) | 41351624 | 4749893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond Class P | 60514597 | 16824488 | 15608712 | 1032997 | (9045327) | 53718043 | 3808912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond Class P | 19990182 | 40788 | 3773650 | 166662 | (997378) | 15426604 | 1441094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt Class P | 29475889 | 39606 | 11433058 | 1827694 | (3981627) | 15928504 | 1411601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth Class P | 141200689 |  | 37864579 | 14982221 | (28272470) | 90045861 | 2466025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Index Class P | 64249060 | 13135839 | 4471865 | 2172047 | (15174198) | 59910883 | 591525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focused Growth Class P | 60166917 | 60002420 | 344716 | 19861 | (34133959) | 85710523 | 2003560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Class P | 146651253 | 320941 | 41025752 | 18308742 | (55652453) | 68602731 | 1412608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Core Class P | 45987830 | 29239025 | 2087770 | 858758 | (14518083) | 59479760 | 972650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Growth Class P | 92191977 | 9544800 | 1797443 | 828593 | (37700527) | 63067400 | 3473586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Value Class P | 97179922 | 2299576 | 12385573 | 4749306 | (11158365) | 80684866 | 2271283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Class P | 46940908 | 18486 | 14181505 | 8084222 | (14041917) | 26820194 | 763712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Growth Class P | 99395585 | 276416 | 18021509 | 9072237 | (36240160) | 54482569 | 2221134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Value Class P | 101509037 | 14272 | 39141689 | 19025978 | (23994395) | 57413203 | 1515389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity Class P | 38743924 | 37146 | 8227409 | 3646287 | (7850678) | 26349270 | 762192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Growth Class P | 15099137 | 23278914 | 253245 | 44247 | (8572312) | 29596741 | 1063055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Index Class P | 27611668 | 49885 | 6083330 | 2970730 | (7910391) | 16638562 | 584277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Value Class P | 38999687 | 100624 | 6428894 | 3067230 | (8824555) | 26914092 | 855439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Class P | 101681360 | 30691 | 23130733 | 6089892 | (6575438) | 78095772 | 3480675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Advantage Class P | 105291899 | 40326 | 27959783 | 12677534 | (15592797) | 74457179 | 3118521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class P | 125828991 | 571825 | 26308146 | 4793184 | (34204022) | 70681832 | 4093997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth Class P | 87932157 | 7795142 | 6013221 | (1562814) | (17911730) | 70239534 | 9007609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Large-Cap Class P | 91594607 | 15438 | 12363521 | 3124451 | (16325097) | 66045878 | 5216599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small-Cap Class P | 30173512 | 27433059 | 2114595 | 466633 | (8153825) | 47804784 | 3124276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Value Class P | 86597344 | 7761697 | 13114770 | 1514420 | (2496962) | 80261729 | 5046491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Class P | 32477992 | 7189206 | 1779160 | 563006 | (9882790) | 28568254 | 914758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2040705727 | $268099966 | $423530735 | $122543138 | ($468271758) | $1539546338 |  |

---

As of December 31, 2022, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:

---

| | |
|:---|:---|
| Portfolio | Ownership<br>Percentage |
| &nbsp;&nbsp;&nbsp;&nbsp; ESG Diversified | 45.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; ESG Diversified Growth | 88.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*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 fiscal year ended December 31, 2022, such expenses decreased by $499,926 for the applicable Funds of the Trust as a result of the market value depreciation on such accounts. As of December 31, 2022, the total amount in the DCP Liability accounts was $2,207,601 for all applicable Funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;*E. OFFICERS OF THE TRUST* 

None of the officers of the Trust received compensation from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;*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.

**D-27** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*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 bid offer (prior to September 8, 2022), or official close, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board receives a written representation from the Trust's Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the fiscal year ended December 31, 2022, 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<br> Gain (Loss) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity | $673848 | $622912 | ($156718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Growth | 356097 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Index | 310924 | 479807 | 290738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Growth Index  | 1356729 | 2171842 | (442627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Value Index | 2314024 | 1535848 | 195893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Growth Index | 568201 | 611592 | (490657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Value Index | 368736 | 170462 | 14209 |

---

**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 December 31, 2022, the actual interest rate on borrowing by the Trust was 5.58%. The committed line of credit will expire on October 10, 2023, unless renewed, and is available to all Funds except the ESG Diversified, ESG Diversified Growth, PSF Avantis Balanced Allocation, Pacific Dynamix, Portfolio Optimization, PD 1-3 Year Corporate Bond, PD Aggregate Bond Index, and PD High Yield Bond Market Portfolios. The commitment fees and interest incurred by each applicable Fund are recorded as an expense. The commitment fees are allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund. 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<br>Average<br>Interest<br>Rate | Average<br> Dollar Amount<br> of Borrowing |
|  Diversified Bond | 2.53% | $3248397 |
|  Floating Rate Income | 1.33% | 15167639 |
|  High Yield Bond | 1.72% | 4258474 |
|  Inflation Managed | 1.70% | 2000605 |
|  Managed Bond | 3.21% | 6229655 |
|  Emerging Markets Debt | 1.58% | 21633550 |
|  Equity Index | 2.63% | 23894385 |
|  Focused Growth | 1.99% | 7267166 |
|  Growth | 1.34% | 3276157 |
|  Hedged Equity | 1.58% | 1187800 |
|  Large-Cap Core | 1.39% | 295510 |
|  Large-Cap Growth | 1.58% | 323893 |
|  Mid-Cap Equity | 1.72% | 1588887 |

---

---

| | | |
|:---|:---|:---|
| Portfolio | Weighted<br>Average<br>Interest<br>Rate | Average<br> Dollar Amount<br> of Borrowing |
|  Mid-Cap Growth | 2.04% | $759968 |
|  Small-Cap Equity | 1.33% | 376080 |
|  Small-Cap Value | 1.33% | 272522 |
|  International Growth | 2.94% | 2737391 |
|  International Large-Cap | 5.08% | 1895244 |
|  Real Estate | 1.67% | 275739 |
|  PD Large-Cap Growth Index | 1.58% | 60586 |
|  PD Large-Cap Value | 4.33% | 1019587 |
|  PD Mid-Cap Index | 1.58% | 56510 |
|  PD Small-Cap Growth Index | 3.58% | 73528 |
|  PD Emerging Markets Index | 1.63% | 1078425 |
|  PD International Large Cap Index | 5.08% | 2408051 |

---

As of December 31, 2022, no Fund had a loan outstanding in connection with this revolving line of credit agreement.

**9. PURCHASES AND SALES OF INVESTMENTS** 

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the fiscal year ended December 31, 2022, are summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | U.S. Government Securities | U.S. Government Securities |
| Portfolio | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income | $268646283 | $274064336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond | 3297948718 | 3820933744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond | 19489063 | 19598438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed | 371705516 | 309279056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond | 995085743 | 713636847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond | 11625808687 | 10920948330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond | 766376445 | 794547109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Aggregate Bond Index | 689493315 | 646166444 |

---

**D-28** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  | Other Securities | Other Securities |
| Portfolio | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Income | $163277571 | $237844324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Bond | 243962744 | 1289862518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Income | 677372523 | 302877757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Bond | 330674580 | 428787949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Managed | 64659516 | 45740262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Bond | 232021282 | 196031392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Bond | 482254231 | 681533658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Bond | 276610958 | 445293144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Debt | 277548571 | 471793764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Growth | 223503479 | 549194353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Index | 240921356 | 231203175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focused Growth | 832499816 | 389501912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth | 271614556 | 722481694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedged Equity | 150087550 | 30724936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Core | 1519039949 | 1340271957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Growth | 643930606 | 619300790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Large-Cap Value | 99412472 | 204320204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity | 1021201574 | 1103188524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Growth | 269990740 | 384286130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Value | 220983699 | 375142971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Equity | 132980131 | 260697022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Growth | 205406070 | 129143101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Index | 101542708 | 123926414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Value | 184406362 | 319198870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value | 327007870 | 540538385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Advantage | 166003390 | 407818266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets | 385490025 | 725632817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth | 179360398 | 228512896 |

---

---

| | | |
|:---|:---|:---|
|  | Other Securities | Other Securities |
| Portfolio | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Large-Cap | $133773685 | $169913024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small-Cap | 174236315 | 54680404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Value | 597339976 | 452932248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Sciences | 148818869 | 183755783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 171525949 | 111492655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 64253320 | 67423233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Diversified | 16440910 | 10012014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Diversified Growth | 10977270 | 9863120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSF Avantis Balanced Allocation | 417495922 | 426039366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dynamix – Conservative Growth | 97324087 | 143185487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dynamix – Moderate Growth | 373260743 | 514925253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dynamix – Growth | 387967426 | 196310684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Optimization Conservative | 323687106 | 457625198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Optimization Moderate-Conservative | 371891015 | 631483022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Optimization Moderate | 1515845955 | 2525510246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Optimization Growth | 1129007901 | 1923759224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Optimization Aggressive-Growth | 268099966 | 423530734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD 1-3 Year Corporate Bond | 111304765 | 163429945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Aggregate Bond Index | 55209154 | 48632559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD High Yield Bond Market | 83880520 | 180811980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Growth Index | 590910509 | 212460252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Large-Cap Value Index | 333854213 | 170977243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Mid-Cap Index | 111618128 | 216320880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Growth Index | 52793434 | 102218970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Small-Cap Value Index | 66199790 | 121977766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD Emerging Markets Index | 46921611 | 182773337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PD International Large-Cap Index | 92963002 | 38178671 |

---

**10. SECURED BORROWINGS** 

The contractual maturity of secured borrowings and type of collateral pledged as of December 31, 2022, are summarized in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements |
| Secured Borrowings | Collateral Type | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than<br>90 Days | Total |
|  **Inflation Managed** |  |  |  |  |  |  |
|  Sale-buyback financing transactions | U.S. Treasury Obligations | $— | $355011984 | $— | $— | $355011984 |

---

**11. FEDERAL INCOME TAX INFORMATION** 

Each Fund is treated as a partnership for Federal income tax purposes. A Fund that is treated as a partnership for Federal income tax purposes is not subject to income tax; and any income, gains, losses, deductions, and credits of the Fund are instead "passed through" pro rata to the insurance companies whose separate accounts invest in the Fund and retain the same character for Federal income tax purposes. An insurance company may benefit from this tax treatment. No dividends and capital gains distributions have been made by the Funds under the current dividend and distribution policy since partnerships are not required to distribute taxable income and capital gains for Federal income tax purposes. The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments on a tax basis is not applicable to Funds that are treated as partnerships for Federal income tax purposes.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after December 31, 2018.

**D-29** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**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 fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year/<br>Period Ended<br>December 31,<br>2021 |
|  | Core Income Portfolio | Core Income Portfolio | Diversified Bond Portfolio | Diversified Bond Portfolio | Floating Rate Income Portfolio | Floating Rate Income Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 695529 | 761842 | 25695165 | 14996039 | 4486437 | 3642290 |
|  Share repurchased | (548713) | (712630) | (10900689) | (6643166) | (6265383) | (2060146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 146816 | 49212 | 14794476 | 8352873 | (1778946) | 1582144 |
|  Shares outstanding, beginning of year | 3713572 | 3664360 | 47299078 | 38946205 | 19561036 | 17978892 |
|  Shares outstanding, end of year | 3860388 | 3713572 | 62093554 | 47299078 | 17782090 | 19561036 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 92240 | 4639651 | 898251 | 29057881 | 33192827 | 128408 |
|  Shares repurchased | (10321284) | (2441194) | (120285929) | (15093646) | (6772564) | (8779168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (10229044) | 2198457 | (119387678) | 13964235 | 26420263 | (8650760) |
|  Shares outstanding, beginning of year | 45978732 | 43780275 | 255004817 | 241040582 | 9222879 | 17873639 |
|  Shares outstanding, end of year | 35749688 | 45978732 | 135617139 | 255004817 | 35643142 | 9222879 |
|  | High Yield Bond Portfolio | High Yield Bond Portfolio | Inflation Managed Portfolio | Inflation Managed Portfolio | Intermediate Bond Portfolio (1) | Intermediate Bond Portfolio (1) |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 4303470 | 6968729 | 1491153 | 4332281 | 901157 | 109607 |
|  Share repurchased | (14997452) | (7930996) | (3772748) | (2306948) | (47951) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (10693982) | (962267) | (2281595) | 2025333 | 853206 | 109587 |
|  Shares outstanding, beginning of year | 35547974 | 36510241 | 25411914 | 23386581 | 109587 |  |
|  Shares outstanding, end of year | 24853992 | 35547974 | 23130319 | 25411914 | 962793 | 109587 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 6933339 | 1378450 | 18745974 | 966281 | 61253854 | 23929859 |
|  Shares repurchased | (14003340) | (12381557) | (2711710) | (1673884) | (29923385) | (5696096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (7070001) | (11003107) | 16034264 | (707603) | 31330469 | 18233763 |
|  Shares outstanding, beginning of year | 88829393 | 99832500 | 13827559 | 14535162 | 125617785 | 107384022 |
|  Shares outstanding, end of year | 81759392 | 88829393 | 29861823 | 13827559 | 156948254 | 125617785 |
|  | Managed Bond Portfolio | Managed Bond Portfolio | Short Duration Bond Portfolio | Short Duration Bond Portfolio | Emerging Markets Debt<br> Portfolio | Emerging Markets Debt<br> Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 2657052 | 5325548 | 4866695 | 6931551 | 254264 | 1256651 |
|  Share repurchased | (9491848) | (6461393) | (9884250) | (7705661) | (5700298) | (319133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (6834796) | (1135845) | (5017555) | (774110) | (5446034) | 937518 |
|  Shares outstanding, beginning of year | 59052736 | 60188581 | 46814605 | 47588715 | 7420090 | 6482572 |
|  Shares outstanding, end of year | 52217940 | 59052736 | 41797050 | 46814605 | 1974056 | 7420090 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 37714188 | 601116 | 2813191 | 3205150 | 428502 | 17487251 |
|  Shares repurchased | (25684482) | (12228701) | (18551053) | (12006835) | (19347148) | (1876690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 12029706 | (11627585) | (15737862) | (8801685) | (18918646) | 15610561 |
|  Shares outstanding, beginning of year | 115262209 | 126889794 | 83461604 | 92263289 | 37591710 | 21981149 |
|  Shares outstanding, end of year | 127291915 | 115262209 | 67723742 | 83461604 | 18673064 | 37591710 |
|  | Dividend Growth Portfolio | Dividend Growth Portfolio | Equity Index Portfolio | Equity Index Portfolio | Focused Growth Portfolio | Focused Growth Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 910609 | 915461 | 2488466 | 2259757 | 381377 | 520171 |
|  Share repurchased | (1456976) | (1256147) | (3897979) | (2995588) | (657363) | (546809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (546367) | (340686) | (1409513) | (735831) | (275986) | (26638) |
|  Shares outstanding, beginning of year | 17610507 | 17951193 | 32992603 | 33728434 | 5508009 | 5534647 |
|  Shares outstanding, end of year | 17064140 | 17610507 | 31583090 | 32992603 | 5232023 | 5508009 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 80006 | 49685 | 1597528 | 310638 | 8677868 | 9275778 |
|  Shares repurchased | (8908039) | (12651192) | (496176) | (3707061) | (172765) | (1579224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (8828033) | (12601507) | 1101352 | (3396423) | 8505103 | 7696554 |
|  Shares outstanding, beginning of year | 29404167 | 42005674 | 4696765 | 8093188 | 7697397 | 843 |
|  Shares outstanding, end of year | 20576134 | 29404167 | 5798117 | 4696765 | 16202500 | 7697397 |

---

**D-30** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year/<br>Period Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
|  | Growth Portfolio | Growth Portfolio | Hedged Equity Portfolio (2) | Hedged Equity Portfolio (2) | Large-Cap Core Portfolio | Large-Cap Core Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 994796 | 1121825 | 11556878 | 5868475 | 149259 | 88450 |
|  Share repurchased | (2181829) | (1566538) | (1006347) | (306791) | (984902) | (1309740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (1187033) | (444713) | 10550531 | 5561684 | (835643) | (1221290) |
|  Shares outstanding, beginning of year | 15400787 | 15845500 | 5561684 |  | 10417894 | 11639184 |
|  Shares outstanding, end of year | 14213754 | 15400787 | 16112215 | 5561684 | 9582251 | 10417894 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 127831 | 103276 | 359091 | 63417 | 3386828 | 16713 |
|  Shares repurchased | (5998798) | (9058485) | (43785) | (3482) | (426733) | (4482971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (5870967) | (8955209) | 315306 | 59935 | 2960095 | (4466258) |
|  Shares outstanding, beginning of year | 17306656 | 26261865 | 59935 |  | 5164189 | 9630447 |
|  Shares outstanding, end of year | 11435689 | 17306656 | 375241 | 59935 | 8124284 | 5164189 |
|  | Large-Cap Growth Portfolio | Large-Cap Growth Portfolio | Large-Cap Value Portfolio | Large-Cap Value Portfolio | Mid-Cap Equity Portfolio | Mid-Cap Equity Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 982182 | 2478757 | 1148017 | 1330705 | 543080 | 881642 |
|  Share repurchased | (1894425) | (4349183) | (1551967) | (1488852) | (1017929) | (1809388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (912243) | (1870426) | (403950) | (158147) | (474849) | (927746) |
|  Shares outstanding, beginning of year | 18680512 | 20550938 | 13639533 | 13797680 | 13386120 | 14313866 |
|  Shares outstanding, end of year | 17768269 | 18680512 | 13235583 | 13639533 | 12911271 | 13386120 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 2911623 | 131441 | 589701 | 104764 | 40227 | 37718 |
|  Shares repurchased | (936813) | (20664676) | (3872844) | (17571063) | (1790857) | (2555912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1974810 | (20533235) | (3283143) | (17466299) | (1750630) | (2518194) |
|  Shares outstanding, beginning of year | 26236827 | 46770062 | 23032840 | 40499139 | 8467064 | 10985258 |
|  Shares outstanding, end of year | 28211637 | 26236827 | 19749697 | 23032840 | 6716434 | 8467064 |
|  | Mid-Cap Growth Portfolio | Mid-Cap Growth Portfolio | Mid-Cap Value Portfolio | Mid-Cap Value Portfolio | Small-Cap Equity Portfolio | Small-Cap Equity Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 1075706 | 2426042 | 556685 | 1401610 | 316243 | 956440 |
|  Share repurchased | (2475594) | (2798151) | (960106) | (931467) | (659889) | (821574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (1399888) | (372109) | (403421) | 470143 | (343646) | 134866 |
|  Shares outstanding, beginning of year | 16903356 | 17275465 | 5552963 | 5082820 | 3781113 | 3646247 |
|  Shares outstanding, end of year | 15503468 | 16903356 | 5149542 | 5552963 | 3437467 | 3781113 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 222864 | 7924110 | 84851 | 70995 | 57470 | 6559123 |
|  Shares repurchased | (2608010) | (4527372) | (3880137) | (5364140) | (3210263) | (723080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (2385146) | 3396738 | (3795286) | (5293145) | (3152793) | 5836043 |
|  Shares outstanding, beginning of year | 21192818 | 17796080 | 17506947 | 22800092 | 9168420 | 3332377 |
|  Shares outstanding, end of year | 18807672 | 21192818 | 13711661 | 17506947 | 6015627 | 9168420 |
|  | Small-Cap Growth Portfolio | Small-Cap Growth Portfolio | Small-Cap Index Portfolio | Small-Cap Index Portfolio | Small-Cap Value Portfolio | Small-Cap Value Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 643916 | 547359 | 1114311 | 2704568 | 465155 | 1538662 |
|  Share repurchased | (529173) | (794258) | (2136590) | (3450472) | (1484024) | (1636245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 114743 | (246899) | (1022279) | (745904) | (1018869) | (97583) |
|  Shares outstanding, beginning of year | 6103264 | 6350163 | 19053919 | 19799823 | 8780465 | 8878048 |
|  Shares outstanding, end of year | 6218007 | 6103264 | 18031640 | 19053919 | 7761596 | 8780465 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 2332416 | 3258 | 708047 | 327976 | 90016 | 6948910 |
|  Shares repurchased | (138209) | (587186) | (860546) | (1109749) | (3293799) | (1155456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 2194207 | (583928) | (152499) | (781773) | (3203783) | 5793454 |
|  Shares outstanding, beginning of year | 1968442 | 2552370 | 5146015 | 5927788 | 9631481 | 3838027 |
|  Shares outstanding, end of year | 4162649 | 1968442 | 4993516 | 5146015 | 6427698 | 9631481 |

---

**D-31** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year/<br>Period Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year/<br>Period Ended<br>December 31,<br>2021 |
|  | Value Portfolio | Value Portfolio | Value Advantage Portfolio | Value Advantage Portfolio | Emerging Markets Portfolio | Emerging Markets Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 993109 | 368172 | 1411874 | 1702367 | 1875180 | 1683695 |
|  Share repurchased | (1738229) | (1868979) | (731482) | (678642) | (1800466) | (1951054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (745120) | (1500807) | 680392 | 1023725 | 74714 | (267359) |
|  Shares outstanding, beginning of year | 13548012 | 15048819 | 4011776 | 2988051 | 19194293 | 19461652 |
|  Shares outstanding, end of year | 12802892 | 13548012 | 4692168 | 4011776 | 19269007 | 19194293 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 208854 | 16815526 | 157482 | 95403 | 341306 | 875581 |
|  Shares repurchased | (10613263) | (5872687) | (11380426) | (15158067) | (19515220) | (4252417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (10404409) | 10942839 | (11222944) | (15062664) | (19173914) | (3376836) |
|  Shares outstanding, beginning of year | 40587096 | 29644257 | 38312314 | 53374978 | 40971664 | 44348500 |
|  Shares outstanding, end of year | 30182687 | 40587096 | 27089370 | 38312314 | 21797750 | 40971664 |
|  | International Growth<br> Portfolio (3) | International Growth<br> Portfolio (3) | International Large-Cap<br> Portfolio | International Large-Cap<br> Portfolio | International Small-Cap<br> Portfolio | International Small-Cap<br> Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 202222 | 54290 | 2457910 | 3051891 | 327605 | 697179 |
|  Share repurchased | (35386) | (15) | (4742781) | (7362265) | (646939) | (1282958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 166836 | 54275 | (2284871) | (4310374) | (319334) | (585779) |
|  Shares outstanding, beginning of year | 54275 |  | 47908425 | 52218799 | 7130388 | 7716167 |
|  Shares outstanding, end of year | 221111 | 54275 | 45623554 | 47908425 | 6811054 | 7130388 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 3012175 | 72282867 | 4459703 | 943171 | 7622248 | 25740 |
|  Shares repurchased | (9595041) | (529516) | (6427025) | (39304965) | (1151728) | (2037659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (6582866) | 71753351 | (1967322) | (38361794) | 6470520 | (2011919) |
|  Shares outstanding, beginning of year | 71753351 |  | 43158449 | 81520243 | 9514934 | 11526853 |
|  Shares outstanding, end of year | 65170485 | 71753351 | 41191127 | 43158449 | 15985454 | 9514934 |
|  | International Value Portfolio | International Value Portfolio | Health Sciences Portfolio | Health Sciences Portfolio | Real Estate Portfolio | Real Estate Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 1069141 | 1449411 | 238260 | 445111 | 271397 | 556082 |
|  Share repurchased | (2540134) | (2478969) | (885764) | (725097) | (1086827) | (1373987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (1470993) | (1029558) | (647504) | (279986) | (815430) | (817905) |
|  Shares outstanding, beginning of year | 21924199 | 22953757 | 7611698 | 7891684 | 7716686 | 8534591 |
|  Shares outstanding, end of year | 20453206 | 21924199 | 6964194 | 7611698 | 6901256 | 7716686 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 17088971 | 154197 | 10177 | 13543 | 2308137 | 1772 |
|  Shares repurchased | (8393127) | (46347252) | (3439) | (1233) | (405592) | (2308333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 8695844 | (46193055) | 6738 | 12310 | 1902545 | (2306561) |
|  Shares outstanding, beginning of year | 33734226 | 79927281 | 20674 | 8364 | 5589832 | 7896393 |
|  Shares outstanding, end of year | 42430070 | 33734226 | 27412 | 20674 | 7492377 | 5589832 |
|  | Technology Portfolio | Technology Portfolio | ESG Diversified Portfolio (2) | ESG Diversified Portfolio (2) | ESG Diversified Growth<br> Portfolio (3) | ESG Diversified Growth<br> Portfolio (3) |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 2563552 | 2500796 | 629622 | 1627997 | 106240 | 1272071 |
|  Share repurchased | (2570752) | (3600817) | (43727) | (56192) | (16029) | (8590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (7200) | (1100021) | 585895 | 1571805 | 90211 | 1263481 |
|  Shares outstanding, beginning of year | 18677256 | 19777277 | 1571805 | – | 1263481 | – |
|  Shares outstanding, end of year | 18670056 | 18677256 | 2157700 | 1571805 | 1353692 | 1263481 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 31339 | 38398 | 54037 | 11077 | 397909 | 10000 |
|  Shares repurchased | (5950) | (7211) | (871) | (470) | (344601) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 25389 | 31187 | 53166 | 10607 | 53308 | 10000 |
|  Shares outstanding, beginning of year | 57330 | 26143 | 10607 | – | 10000 | – |
|  Shares outstanding, end of year | 82719 | 57330 | 63773 | 10607 | 63308 | 10000 |

---

**D-32** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
|  | PSF Avantis Balanced Allocation<br>Portfolio | PSF Avantis Balanced Allocation<br>Portfolio | Pacific Dynamix—Conservative<br>Growth Portfolio | Pacific Dynamix—Conservative<br>Growth Portfolio | Pacific Dynamix—Moderate Growth<br>Portfolio | Pacific Dynamix—Moderate Growth<br>Portfolio |
|  **Class D** |  |  |  |  |  |  |
|  Shares sold | 1410147 | 3682585 |  |  |  |  |
|  Share repurchased | (2268320) | (997846) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (858173) | 2684739 |  |  |  |  |
|  Shares outstanding, beginning of year | 23311775 | 20627036 |  |  |  |  |
|  Shares outstanding, end of year | 22453602 | 23311775 |  |  |  |  |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold |  |  | 1006339 | 2403317 | 1251493 | 3449221 |
|  Share repurchased |  |  | (3654510) | (3986682) | (7424244) | (5692786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) |  |  | (2648171) | (1583365) | (6172751) | (2243565) |
|  Shares outstanding, beginning of year |  |  | 31476411 | 33059776 | 106230216 | 108473781 |
|  Shares outstanding, end of year |  |  | 28828240 | 31476411 | 100057465 | 106230216 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 90993 | 111920 | 246913 | 137214 | 1017543 | 912939 |
|  Shares repurchased | (17310) | (6457) | (42214) | (22077) | (280270) | (177582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 73683 | 105463 | 204699 | 115137 | 737273 | 735357 |
|  Shares outstanding, beginning of year | 112084 | 6621 | 144052 | 28915 | 788504 | 53147 |
|  Shares outstanding, end of year | 185767 | 112084 | 348751 | 144052 | 1525777 | 788504 |
|  | Pacific Dynamix-Growth<br>Portfolio | Pacific Dynamix-Growth<br>Portfolio | Portfolio Optimization Conservative<br>Portfolio | Portfolio Optimization Conservative<br>Portfolio | Portfolio Optimization Moderate-<br>Conservative Portfolio | Portfolio Optimization Moderate-<br>Conservative Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 8065890 | 12568027 | 5555489 | 5525107 | 894891 | 700161 |
|  Share repurchased | (1803441) | (992498) | (15050988) | (19753510) | (17015778) | (16947041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 6262449 | 11575529 | (9495499) | (14228403) | (16120887) | (16246880) |
|  Shares outstanding, beginning of year | 55509440 | 43933911 | 97683896 | 111912299 | 125156508 | 141403388 |
|  Shares outstanding, end of year | 61771889 | 55509440 | 88188397 | 97683896 | 109035621 | 125156508 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 528686 | 489718 | 858 | 3351 | 1599 | 374 |
|  Shares repurchased | (103116) | (64677) | (251) | (178) | (897) | (303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 425570 | 425041 | 607 | 3173 | 702 | 71 |
|  Shares outstanding, beginning of year | 531785 | 106744 | 15023 | 11850 | 17469 | 17398 |
|  Shares outstanding, end of year | 957355 | 531785 | 15630 | 15023 | 18171 | 17469 |
|  | Portfolio Optimization Moderate<br>Portfolio | Portfolio Optimization Moderate<br>Portfolio | Portfolio Optimization Growth<br>Portfolio | Portfolio Optimization Growth<br>Portfolio | Portfolio Optimization Aggressive-<br>Growth Portfolio | Portfolio Optimization Aggressive-<br>Growth Portfolio |
|  **Class I** |  |  |  |  |  |  |
|  Shares sold | 345272 | 1418583 | 436902 | 705518 | 536272 | 1169693 |
|  Share repurchased | (56133729) | (62930272) | (39815875) | (47565338) | (7922468) | (10830252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (55788457) | (61511689) | (39378973) | (46859820) | (7386196) | (9660559) |
|  Shares outstanding, beginning of year | 473375563 | 534887252 | 384322561 | 431182381 | 85342695 | 95003254 |
|  Shares outstanding, end of year | 417587106 | 473375563 | 344943588 | 384322561 | 77956499 | 85342695 |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 15104 | 11676 | 92535 | 50583 | 76997 | 24592 |
|  Shares repurchased | (6135) | (2888) | (56839) | (8204) | (3920) | (3542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 8969 | 8788 | 35696 | 42379 | 73077 | 21050 |
|  Shares outstanding, beginning of year | 85284 | 76496 | 141727 | 99348 | 49014 | 27964 |
|  Shares outstanding, end of year | 94253 | 85284 | 177423 | 141727 | 122091 | 49014 |
|  | PD 1-3 Year Corporate Bond<br>Portfolio | PD 1-3 Year Corporate Bond<br>Portfolio | PD Aggregate Bond Index<br>Portfolio | PD Aggregate Bond Index<br>Portfolio | PD High Yield Bond Market<br>Portfolio | PD High Yield Bond Market<br>Portfolio |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 1874974 | 1998479 | 8236624 | 13992343 | 556259 | 3978225 |
|  Shares repurchased | (7015661) | (739345) | (6511317) | (887448) | (7774476) | (485226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (5140687) | 1259134 | 1725307 | 13104895 | (7218217) | 3492999 |
|  Shares outstanding, beginning of year | 20506378 | 19247244 | 83123623 | 70018728 | 28599670 | 25106671 |
|  Shares outstanding, end of year | 15365691 | 20506378 | 84848930 | 83123623 | 21381453 | 28599670 |

---

**D-33** 

------

**PACIFIC SELECT FUND** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
|  | PD Large-Cap Growth Index<br>Portfolio | PD Large-Cap Growth Index<br>Portfolio | PD Large-Cap Value Index<br>Portfolio | PD Large-Cap Value Index<br>Portfolio | PD Mid-Cap Index<br>Portfolio | PD Mid-Cap Index<br>Portfolio |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 5468389 | 638766 | 4748838 | 1460548 | 2124001 | 11590480 |
|  Shares repurchased | (181247) | (4389053) | (1367001) | (5638532) | (11129316) | (2292741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 5287142 | (3750287) | 3381837 | (4177984) | (9005315) | 9297739 |
|  Shares outstanding, beginning of year | 9137845 | 12888132 | 18563016 | 22741000 | 45048992 | 35751253 |
|  Shares outstanding, end of year | 14424987 | 9137845 | 21944853 | 18563016 | 36043677 | 45048992 |
|  | PD Small-Cap Growth Index<br>Portfolio | PD Small-Cap Growth Index<br>Portfolio | PD Small-Cap Value Index<br>Portfolio | PD Small-Cap Value Index<br>Portfolio | PD Emerging Markets Index<br>Portfolio | PD Emerging Markets Index<br>Portfolio |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 350150 | 2139207 | 269324 | 4741951 | 509443 | 3808980 |
|  Shares repurchased | (1578379) | (131498) | (1961254) | (298073) | (8916264) | (615322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (1228229) | 2007709 | (1691930) | 4443878 | (8406821) | 3193658 |
|  Shares outstanding, beginning of year | 3185603 | 1177894 | 6105708 | 1661830 | 14780565 | 11586907 |
|  Shares outstanding, end of year | 1957374 | 3185603 | 4413778 | 6105708 | 6373744 | 14780565 |
|  | PD International Large-Cap Index<br>Portfolio | PD International Large-Cap Index<br>Portfolio |  |  |  |  |
|  **Class P** |  |  |  |  |  |  |
|  Shares sold | 3253935 | 2994415 |  |  |  |  |
|  Shares repurchased | (1739986) | (3174097) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1513949 | (179682) |  |  |  |  |
|  Shares outstanding, beginning of year | 28042145 | 28221827 |  |  |  |  |
|  Shares outstanding, end of year | 29556094 | 28042145 |  |  |  |  |

---

(1) Class I of the Intermediate Bond Portfolio commenced operations on November 1, 2021.

(2) Operations commenced on April 30, 2021.

(3) Operations commenced on October 29, 2021.

**D-34** 

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**The Board of Trustees and Shareholders of** 

**Pacific Select Fund:** 

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of Pacific Select Fund (the "Trust") comprising the Core Income, Diversified Bond, Floating Rate Income, High Yield Bond, Inflation Managed, Intermediate Bond, Managed Bond, Short Duration Bond, Emerging Markets Debt, Dividend Growth, Equity Index, Focused Growth, Growth, Hedged Equity, Large-Cap Core (formerly Main Street<sup>®</sup> Core), Large-Cap Growth, Large-Cap Value, Mid-Cap Equity, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Small-Cap Growth, Small-Cap Index, Small-Cap Value, Value, Value Advantage, Emerging Markets, International Growth, International Large-Cap, International Small-Cap, International Value, Health Sciences, Real Estate, Technology, ESG Diversified, ESG Diversified Growth, PSF Avantis Balanced Allocation Portfolio (formerly PSF DFA Balanced Allocation), Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth, Pacific Dynamix-Growth, Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, Portfolio Optimization Aggressive-Growth, PD 1-3 Year Corporate Bond, PD Aggregate Bond Index, PD High Yield Bond Market, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Mid-Cap Index, PD Small-Cap Growth Index, PD Small-Cap Value Index, PD Emerging Markets Index, and PD International Large-Cap Index Portfolios (the "Portfolios"), including the schedules of investments, as of December 31, 2022; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the statement of cash flows for the year then ended for the Inflation Managed Portfolio, and the financial highlights for each of the five years in the period then ended for the Portfolios, except Intermediate Bond, Hedged Equity, International Growth, ESG Diversified, ESG Diversified Growth, and PD Mid-Cap Index Portfolios; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Intermediate Bond, Hedged Equity, International Growth, ESG Diversified, ESG Diversified Growth, and PD Mid-Cap Index Portfolios; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the portfolios listed above constituting the Trust as of December 31, 2022, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), the cash flows for the Inflation Managed Portfolio for the year then ended, and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Individual Portfolio**<br> **Comprising the Pacific Select Fund** | **Statement of**<br> **Operations** | **Statements of**<br> **Changes in Net**<br> **Assets** | **Financial Highlights** |
| &nbsp;&nbsp;&nbsp;Intermediate Bond | For the year ended December 31, 2022. | For each of the two years in the period ended December 31, 2022. | For the years ended December 31, 2022, 2021, and for the period from October 23, 2020 (commencement of operations) through<br> December 31, 2020. |
| &nbsp;&nbsp;&nbsp;Hedged Equity | For the year ended December 31, 2022. | For the year ended December 31, 2022 and for the period from April 30, 2021 (commencement of operations) through December 31, 2021. | For the year ended December 31, 2022 and for the period from April 30, 2021 (commencement of operations) through December 31, 2021. |
| &nbsp;&nbsp;&nbsp;International Growth | For the year ended December 31, 2022. | For the year ended December 31, 2022 and for the period from October 29, 2021 (commencement of operations) through December 31, 2021. | For the year ended December 31, 2022 and for the period from October 29, 2021 (commencement of operations) through December 31, 2021. |
| &nbsp;&nbsp;&nbsp;ESG Diversified | For the year ended December 31, 2022. | For the year ended December 31, 2022 and for the period from April 30, 2021 (commencement of operations) through December 31, 2021. | For the year ended December 31, 2022 and for the period from April 30, 2021 (commencement of operations) through December 31, 2021. |
| &nbsp;&nbsp;&nbsp;ESG Diversified Growth | For the year ended December 31, 2022. | For the year ended December 31, 2022 and for the period from October 29, 2021 (commencement of operations) through December 31, 2021. | For the year ended December 31, 2022 and for the period from October 29, 2021 (commencement of operations) through December 31, 2021. |
| &nbsp;&nbsp;&nbsp;PD Mid-Cap Index | For the year ended December 31, 2022. | For each of the two years in the period ended December 31, 2022. | For the years ended December 31, 2022, 2021, and for the period from October 23, 2020 (commencement of operations) through<br> December 31, 2020. |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

**E-1** 

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)** 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2022, by correspondence with the custodian, agent banks, transfer agent, and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g455674g29q23.jpg)

Costa Mesa, California

February 24, 2023

We have served as the auditor of one or more affiliated investment companies of Pacific Select Fund since 1988.

**E-2** 

------

**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 July 1, 2022 to December 31, 2022.

**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 12/31/22" 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 07/01/22-12/31/22" column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from July 1, 2022 to December 31, 2022.

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 07/01/22-12/31/22."

**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<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>Core Income</u>** | **<u>Core Income</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $988.20 | 0.74% | $3.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 989.20 | 0.54% | 2.71 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1021.48 | 0.74% | $3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1022.48 | 0.54% | 2.75 |
|  **<u>Diversified Bond</u>** | **<u>Diversified Bond</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $966.60 | 0.65% | $3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 967.60 | 0.45% | 2.23 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1022.94 | 0.45% | 2.29 |
|  **<u>Floating Rate Income</u>** | **<u>Floating Rate Income</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1040.20 | 0.93% | $4.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1041.20 | 0.73% | 3.76 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.52 | 0.93% | $4.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.53 | 0.73% | 3.72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>High Yield Bond</u>** | **<u>High Yield Bond</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1036.30 | 0.63% | $3.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1037.40 | 0.43% | 2.21 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1022.03 | 0.63% | $3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1023.04 | 0.43% | 2.19 |
|  **<u>Inflation Managed</u>** | **<u>Inflation Managed</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $970.70 | 0.71% | $3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 971.60 | 0.52% | 2.58 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1021.63 | 0.71% | $3.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1022.58 | 0.52% | 2.65 |
|  **<u>Intermediate Bond</u>** | **<u>Intermediate Bond</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $968.10 | 0.63% | $3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 969.10 | 0.43% | 2.13 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1022.03 | 0.63% | $3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1023.04 | 0.43% | 2.19 |

---

*See explanation of references on page F-5* 

**F-1** 

------

**PACIFIC SELECT FUND** 

**DISCLOSURE OF FUND EXPENSES (Continued)** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>Managed Bond</u>** | **<u>Managed Bond</u>** |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $969.20 | 0.63% | $3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 970.20 | 0.43% | 2.14 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1022.03 | 0.63% | $3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1023.04 | 0.43% | 2.19 |
|  **<u>Short Duration Bond</u>** | **<u>Short Duration Bond</u>** |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $992.80 | 0.63% | $3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 993.80 | 0.44% | 2.21 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1022.03 | 0.63% | $3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1022.99 | 0.44% | 2.24 |
|  **<u>Emerging Markets Debt</u>** | **<u>Emerging Markets Debt</u>** |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1042.10 | 1.15% | $5.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1043.20 | 0.94% | 4.84 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1020.47 | 0.94% | 4.79 |
|  **<u>Dividend Growth</u>** | **<u>Dividend Growth</u>** |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1060.20 | 0.88% | $4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1061.30 | 0.68% | 3.53 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1020.77 | 0.88% | $4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1021.78 | 0.68% | 3.47 |
|  **<u>Equity Index</u>** | **<u>Equity Index</u>** |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1021.70 | 0.28% | $1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1022.70 | 0.08% | 0.41 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1023.79 | 0.28% | $1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1024.80 | 0.08% | 0.41 |
|  **<u>Focused Growth</u>** | **<u>Focused Growth</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1010.70 | 0.95% | $4.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1011.80 | 0.75% | 3.80 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1021.42 | 0.75% | 3.82 |
|  **<u>Growth</u>** | **<u>Growth</u>** |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $973.40 | 0.77% | $3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 974.40 | 0.57% | 2.84 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1021.32 | 0.77% | $3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1022.33 | 0.57% | 2.91 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>Hedged Equity</u>** | **<u>Hedged Equity</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1015.40 | 0.90% | $4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1016.40 | 0.70% | 3.56 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.68 | 0.70% | 3.57 |
|  **<u>Large-Cap Core</u>** | **<u>Large-Cap Core</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1015.40 | 0.68% | $3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1016.40 | 0.48% | 2.44 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1021.78 | 0.68% | $3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1022.79 | 0.48% | 2.45 |
|  **<u>Large-Cap Growth</u>** | **<u>Large-Cap Growth</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $937.70 | 0.90% | $4.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 938.60 | 0.70% | 3.42 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.68 | 0.70% | 3.57 |
|  **<u>Large-Cap Value</u>** | **<u>Large-Cap Value</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1091.80 | 0.84% | $4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1092.90 | 0.64% | 3.38 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.97 | 0.84% | $4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.98 | 0.64% | 3.26 |
|  **<u>Mid-Cap Equity</u>** | **<u>Mid-Cap Equity</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1003.40 | 0.88% | $4.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1004.40 | 0.68% | 3.44 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.77 | 0.88% | $4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.78 | 0.68% | 3.47 |
|  **<u>Mid-Cap Growth</u>** | **<u>Mid-Cap Growth</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1033.00 | 0.90% | $4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1034.00 | 0.70% | 3.59 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.68 | 0.70% | 3.57 |
|  **<u>Mid-Cap Value</u>** | **<u>Mid-Cap Value</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1080.80 | 0.93% | $4.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1081.90 | 0.73% | 3.83 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.52 | 0.93% | $4.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.53 | 0.73% | 3.72 |

---

*See explanation of references on page F-5* 

**F-2** 

------

**PACIFIC SELECT FUND** 

**DISCLOSURE OF FUND EXPENSES (Continued)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>Small-Cap Equity</u>** | **<u>Small-Cap Equity</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1057.00 | 0.91% | $4.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1058.10 | 0.71% | 3.68 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.62 | 0.91% | $4.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.63 | 0.71% | 3.62 |
|  **<u>Small-Cap Growth</u>** | **<u>Small-Cap Growth</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1028.90 | 0.85% | $4.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1030.00 | 0.65% | 3.33 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.92 | 0.85% | $4.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.93 | 0.65% | 3.31 |
|  **<u>Small-Cap Index</u>** | **<u>Small-Cap Index</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1036.10 | 0.56% | $2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1037.10 | 0.36% | 1.85 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1022.38 | 0.56% | $2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1023.39 | 0.36% | 1.84 |
|  **<u>Small-Cap Value</u>** | **<u>Small-Cap Value</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1042.10 | 0.99% | $5.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1043.10 | 0.79% | 4.07 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.21 | 0.99% | $5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.22 | 0.79% | 4.02 |
|  **<u>Value</u>** | **<u>Value</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1074.40 | 0.87% | $4.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1075.50 | 0.67% | 3.51 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.82 | 0.87% | $4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.83 | 0.67% | 3.41 |
|  **<u>Value Advantage</u>** | **<u>Value Advantage</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1054.50 | 0.89% | $4.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1055.50 | 0.69% | 3.57 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.72 | 0.89% | $4.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.73 | 0.69% | 3.52 |
|  **<u>Emerging Markets</u>** | **<u>Emerging Markets</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $999.50 | 1.04% | $5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1000.50 | 0.84% | 4.24 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1019.96 | 1.04% | $5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1020.97 | 0.84% | 4.28 |
|  **<u>International Growth</u>** | **<u>International Growth</u>** |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1054.10 | 0.95% | $4.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1055.10 | 0.75% | 3.88 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1021.42 | 0.75% | 3.82 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>International Large-Cap</u>** | **<u>International Large-Cap</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1055.70 | 0.99% | $5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1056.80 | 0.79% | 4.10 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1020.21 | 0.99% | $5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1021.22 | 0.79% | 4.02 |
|  **<u>International Small-Cap</u>** | **<u>International Small-Cap</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1029.50 | 1.11% | $5.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1030.50 | 0.91% | 4.66 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1019.61 | 1.11% | $5.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1020.62 | 0.91% | 4.63 |
|  **<u>International Value</u>** | **<u>International Value</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1087.90 | 0.92% | $4.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1089.00 | 0.72% | 3.79 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1020.57 | 0.92% | $4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1021.58 | 0.72% | 3.67 |
|  **<u>Health Sciences</u>** | **<u>Health Sciences</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1062.10 | 1.14% | $5.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1063.20 | 0.94% | 4.89 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1019.46 | 1.14% | $5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1020.47 | 0.94% | 4.79 |
|  **<u>Real Estate</u>** | **<u>Real Estate</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $936.00 | 0.98% | $4.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 937.00 | 0.78% | 3.81 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1020.27 | 0.98% | $4.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1021.27 | 0.78% | 3.97 |
|  **<u>Technology</u>** | **<u>Technology</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $931.50 | 1.14% | $5.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 932.50 | 0.94% | 4.58 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1019.46 | 1.14% | $5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1020.47 | 0.94% | 4.79 |
|  **<u>ESG Diversified</u>** | **<u>ESG Diversified</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1006.70 | 0.50% | $2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1007.70 | 0.31% | 1.57 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1022.68 | 0.50% | $2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1023.64 | 0.31% | 1.58 |
|  **<u>ESG Diversified Growth</u>** | **<u>ESG Diversified Growth</u>** | **<u> </u>** |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1011.50 | 0.50% | $2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1011.80 | 0.38% | 1.93 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 |  | $1022.68 | 0.50% | $2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 |  | 1023.29 | 0.38% | 1.94 |

---

*See explanation of references on page F-5* 

**F-3** 

------

**PACIFIC SELECT FUND** 

**DISCLOSURE OF FUND EXPENSES (Continued)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>PSF Avantis Balanced Allocation</u>** <u>(2)</u> | **<u>PSF Avantis Balanced Allocation</u>** <u>(2)</u> | **<u>PSF Avantis Balanced Allocation</u>** <u>(2)</u> |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D | $1000.00 | $1010.00 | 0.46% | $2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1011.30 | 0.21% | 1.06 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D | $1000.00 | $1022.89 | 0.46% | $2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.15 | 0.21% | 1.07 |
|  **<u>Pacific Dynamix-Conservative Growth</u>** <u>(2)</u> | **<u>Pacific Dynamix-Conservative Growth</u>** <u>(2)</u> | **<u>Pacific Dynamix-Conservative Growth</u>** <u>(2)</u> |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1002.50 | 0.38% | $1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1003.50 | 0.18% | 0.91 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.29 | 0.38% | $1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.30 | 0.18% | 0.92 |
|  **<u>Pacific Dynamix-Moderate Growth</u>** <u>(2)</u> | **<u>Pacific Dynamix-Moderate Growth</u>** <u>(2)</u> | **<u>Pacific Dynamix-Moderate Growth</u>** <u>(2)</u> |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1012.10 | 0.38% | $1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1013.20 | 0.19% | 0.96 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.29 | 0.38% | $1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.25 | 0.19% | 0.97 |
|  **<u>Pacific Dynamix-Growth</u>** <u>(2)</u> | **<u>Pacific Dynamix-Growth</u>** <u>(2)</u> |  |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1022.40 | 0.37% | $1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1023.40 | 0.18% | 0.92 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.34 | 0.37% | $1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.30 | 0.18% | 0.92 |
|  **<u>Portfolio Optimization Conservative</u>** <u>(2)</u> | **<u>Portfolio Optimization Conservative</u>** <u>(2)</u> | **<u>Portfolio Optimization Conservative</u>** <u>(2)</u> |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $995.20 | 0.32% | $1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 996.20 | 0.12% | 0.60 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.59 | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.60 | 0.12% | 0.61 |
|  **<u>Portfolio Optimization Moderate-Conservative</u>** <u>(2)</u> | **<u>Portfolio Optimization Moderate-Conservative</u>** <u>(2)</u> | **<u>Portfolio Optimization Moderate-Conservative</u>** <u>(2)</u> | **<u>Portfolio Optimization Moderate-Conservative</u>** <u>(2)</u> |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1004.20 | 0.32% | $1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1005.20 | 0.12% | 0.61 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.59 | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.60 | 0.12% | 0.61 |
|  **<u>Portfolio Optimization Moderate</u>** <u>(2)</u> | **<u>Portfolio Optimization Moderate</u>** <u>(2)</u> | **<u>Portfolio Optimization Moderate</u>** <u>(2)</u> |  |  |
|  **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1011.00 | 0.32% | $1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1012.00 | 0.12% | 0.61 |
|  **Hypothetical** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.59 | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.60 | 0.12% | 0.61 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>Portfolio Optimization Growth</u>** <u>(2)</u> | **<u>Portfolio Optimization Growth</u>** <u>(2)</u> |  |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1018.80 |  | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1019.90 |  | 0.12% | 0.61 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.59 |  | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.60 |  | 0.12% | 0.61 |
|  **<u>Portfolio Optimization Aggressive-Growth</u>** <u>(2)</u> | **<u>Portfolio Optimization Aggressive-Growth</u>** <u>(2)</u> | **<u>Portfolio Optimization Aggressive-Growth</u>** <u>(2)</u> |  |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1026.60 |  | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1027.60 |  | 0.12% | 0.61 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $1000.00 | $1023.59 |  | 0.32% | $1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 1000.00 | 1024.60 |  | 0.12% | 0.61 |
|  **<u>PD 1-3 Year Corporate Bond</u>** | **<u>PD 1-3 Year Corporate Bond</u>** | **<u>PD 1-3 Year Corporate Bond</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1000.90 |  | 0.23% | $1.16 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.05 |  | 0.23% | $1.17 |
|  **<u>PD Aggregate Bond Index</u>** | **<u>PD Aggregate Bond Index</u>** | **<u>PD Aggregate Bond Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $967.60 |  | 0.20% | $0.99 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.20 |  | 0.20% | $1.02 |
|  **<u>PD High Yield Bond Market</u>** | **<u>PD High Yield Bond Market</u>** | **<u>PD High Yield Bond Market</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1034.70 |  | 0.24% | $1.23 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.00 |  | 0.24% | $1.22 |
|  **<u>PD Large-Cap Growth Index</u>** | **<u>PD Large-Cap Growth Index</u>** | **<u>PD Large-Cap Growth Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $984.40 |  | 0.16% | $0.80 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.40 |  | 0.16% | $0.82 |
|  **<u>PD Large-Cap Value Index</u>** | **<u>PD Large-Cap Value Index</u>** | **<u>PD Large-Cap Value Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1060.30 |  | 0.16% | $0.83 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.40 |  | 0.16% | $0.82 |
|  **<u>PD Mid-Cap Index</u>** | **<u>PD Mid-Cap Index</u>** | **<u>PD Mid-Cap Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1053.50 |  | 0.17% | $0.88 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.35 |  | 0.17% | $0.87 |
|  **<u>PD Small-Cap Growth Index</u>** | **<u>PD Small-Cap Growth Index</u>** | **<u>PD Small-Cap Growth Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1043.10 |  | 0.24% | $1.24 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.00 |  | 0.24% | $1.22 |

---

*See explanation of references on page F-5* 

**F-4** 

------

**PACIFIC SELECT FUND** 

**DISCLOSURE OF FUND EXPENSES (Continued)** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Beginning<br>Account<br>Value at<br>07/01/22** | **Ending<br>Account<br>Value at<br>12/31/22** | | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>the Period<br>07/01/22-<br>12/31/22** (1) |
|  **<u>PD Small-Cap Value Index</u>** | **<u>PD Small-Cap Value Index</u>** | **<u>PD Small-Cap Value Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1032.70 |  | 0.20% | $1.02 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.20 |  | 0.20% | $1.02 |
|  **<u>PD Emerging Markets Index</u>** | **<u>PD Emerging Markets Index</u>** | **<u>PD Emerging Markets Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $959.50 |  | 0.69% | $3.41 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1021.73 |  | 0.69% | $3.52 |
|  **<u>PD International Large-Cap Index</u>** | **<u>PD International Large-Cap Index</u>** | **<u>PD International Large-Cap Index</u>** | **<u> </u>** |  |  |
|  **Actual** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1055.50 |  | 0.23% | $1.19 |
|  **Hypothetical** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | $1000.00 | $1024.05 |  | 0.23% | $1.17 |

---

------

(1) Expenses paid during the six-month period are equal to the Fund's
annualized expense ratio (shown in the table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365 days.

(2) The annualized expense ratios for the ESG Diversified, ESG Diversified Growth, PSF Avantis Balanced Allocation,
Pacific Dynamix, and Portfolio Optimization Portfolios do not include expenses of their respective Underlying Funds in which these Funds invest.

**F-5** 

------

**PACIFIC SELECT FUND** 

**TRUSTEES AND OFFICERS INFORMATION** 

**(Unaudited)** 

The business and affairs of the Trust are managed under the direction of the Board of Trustees under the Trust's Agreement and Declaration of Trust. Information pertaining to the trustees and officers of the Trust is set forth below, effective January 4, 2023. Trustees who are not deemed to be "interested persons" of the Trust, as defined in the 1940 Act, are referred to as "Independent Trustees." Certain trustees and officers are deemed to be "interested persons" of the Trust and thus are referred to as "Interested Persons", because of their positions with Pacific Life Insurance Company ("Pacific Life") and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Trust's Statement of Additional Information includes additional information about the trustees. For information on availability of the Trust's Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

The address of each trustee and officer is c/o Pacific Select Fund, 700 Newport Center Drive, Newport Beach, CA 92660.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position(s) with**<br> **the Trust and**<br> **Length of Time Served\*** | **Current Directorship(s) Held and Principal Occupation(s) (and<br>certain additional occupation information)**<br> **During Past 5 years** | **Number of<br>Portfolios in Fund<br>Complex Overseen\*\*** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Nooruddin (Rudy) Veerjee Year of birth 1958 | Trustee since 1/01/05 and Chairman of the Board since 4/01/22 | Trustee (9/05 to present) and Chairman of the Board (4/22 to present) of Pacific Funds Series Trust.<br>Formerly: President of Transamerica Insurance and Investment Group; President of Transamerica Asset Management; Chairman and Chief Executive Officer of Transamerica Premier Funds (Mutual Fund); and Director of various Transamerica Life Companies. | 84 |
| Gale K. Caruso<br> Year of birth 1957 | Trustee since 1/01/06 | Trustee (1/06 to present) of Pacific Funds Series Trust; Independent Trustee (2/15 to present) and Chair of the Board (1/22 to present) of Matthews Asia Funds.<br>Formerly: Member of the Board of Directors of LandAmerica Financial Group, Inc.; President and Chief Executive Officer of Zurich Life; Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd.; Managing Director of Scudder Kemper Investments; Member of the Advisory Council to the Trust for Public Land in Maine; Member of the Board of Directors of Make-A-Wish of Maine. | 84 |
| Andrew J. Iseman<br> Year of birth 1964 | Trustee since 3/01/19 | Trustee (6/19 to present) and Consultant to the Pacific Funds Series Trust (3/19 to 6/19); Advisory Council Member of The TIFIN Group (11/20 to 12/22); Director of CrowdOptic (8/21 to 11/22); Member of the Board of DeBourgh Manufacturing Company (12/21 to present).<br>Formerly: Chief Executive Officer and Senior Adviser of Scout Investments; President and Interested Trustee of Scout Funds. | 84 |
| Paul A. Keller<br> Year of birth 1954 | Trustee since 6/20/16 | Trustee (6/16 to present) of Pacific Funds Series Trust; Independent Trustee (8/10 to present) and Chairman of the Board (8/19 to present) of Fenimore Asset Management Trust (FAM Funds); Business Consultant (7/10 to present) (sole proprietor); Certified Public Accountant in New York (1982 to present).<br>Formerly: Partner of McGladrey & Pullen LLP; Partner of PricewaterhouseCoopers LLP; Adjunct Professor of Accounting of SUNY College at Old Westbury; Interim Chief Financial Officer of The Leon Levy Foundation. | 84 |
| Lucie H. Moore<br> Year of birth 1956 | Trustee since 10/01/98 | Trustee (6/01 to present) of Pacific Funds Series Trust; Member of the Board of Trustees (2014 to present) of Azusa Pacific University; Member of the Board of Trustees (2016 to present) of Pacifica Christian High School Orange County.<br>Formerly: Partner of Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees of Sage Hill School; Member of the Board of Trustees of The Pegasus School; Member of the Advisory Board of Court Appointed Special Advocates (CASA) of Orange County. | 84 |

---

**F-6** 

------

**PACIFIC SELECT FUND** 

**TRUSTEES AND OFFICERS INFORMATION (Continued)** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position(s) with the**<br> **Trust and**<br> **Length of Time Served\*** | **Current Directorship(s) Held and Principal Occupation(s) (and<br>certain additional occupation information)**<br> **During Past 5 years** | **Number of<br>Portfolios in Fund<br>Complex Overseen\*\*** |
| **INTERESTED PERSONS** | **INTERESTED PERSONS** | **INTERESTED PERSONS** | **INTERESTED PERSONS** |
| Adrian S. Griggs<br> Year of birth 1966 | Chief Executive Officer since 1/01/18, President and Trustee since 4/01/22 | Chief Operating Officer (1/17 to present) and Executive Vice President (4/12 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present) and Director (1/16 to present) of Pacific Life and PL&A; Chief Executive Officer (1/15 to 6/18) of Pacific Select Distributors, LLC; and Chief Executive Officer (1/18 to present), President (4/22 to present) and Trustee (4/22 to present) of Pacific Funds Series Trust. | 84 |
| Howard T. Hirakawa<br> Year of birth 1962 | Senior Vice President since<br> 12/10/14 | Senior Vice President (4/14 to present) of Pacific Life Fund Advisors LLC; and Senior Vice President (12/14 to present) of Pacific Funds Series Trust. | 84 |
| Robin S. Yonis<br> Year of birth 1954 | Vice President and General Counsel since 4/04/05 and Assistant Secretary since 9/17/15 | Vice President, Fund Advisor General Counsel and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President and General Counsel (6/01 to present); and Assistant Secretary (9/15 to present) of Pacific Funds Series Trust. | 84 |
| Benjamin D. Wiesenfeld<br> Year of birth 1977 | Vice President and Chief<br> Compliance Officer since<br> 7/01/22 | Vice President (7/22 to present) and Assistant Vice President (6/20 to 7/22) of Pacific Life; Chief Compliance Officer (7/22 to present) and Deputy Chief Compliance & Ethics Officer (1/21 to 7/22) of Pacific Funds Series Trust; Chief Compliance Officer (10/20 to present) of Pacific Select Distributors, LLC; Chief Compliance Officer (8/18 to 11/19) of Oakmark Funds. | 84 |
| Laurene E. MacElwee<br> Year of birth 1966 | Vice President since 12/13/11 and Assistant Secretary since 4/04/05 | Chief Compliance Officer (7/22 to present), Vice President (4/11 to present) and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President (4/11 to present) of Pacific Life; and Vice President (4/05 to present) and Assistant Secretary (6/01 to present) of Pacific Funds Series Trust. | 84 |
| Carleton J. Muench<br> Year of birth 1973 | Vice President since 12/10/14 | Vice President (4/14 to present) and of Pacific Life Fund Advisors LLC; and Vice President (11/06 to present) of Pacific Funds Series Trust. | 84 |
| Starla C. Yamauchi<br> Year of birth 1970 | Secretary and Assistant Vice President since 1/04/23 | Secretary (1/23 to present), Assistant Vice President (11/21 to present), and Assistant Secretary (5/15 to 1/23) of Pacific Life and Pacific LifeCorp; Secretary (1/23 to present), Assistant Vice President (5/22 to present), and Assistant Secretary (5/15 to 1/23) of Pacific Mutual Holding Company; Secretary (1/23 to present), Assistant Vice President (1/23 to present) and Assistant Secretary (5/15 to 1/23) of Pacific Select Distributors, LLC; Secretary (1/23 to present) and Assistant Vice President (1/23 to present) of Pacific Funds Series Trust. | 84 |
| Trevor T. Smith<br> Year of birth 1975 | Assistant Vice President since 3/23/16 and Treasurer since 4/01/18 | Assistant Vice President (1/17 to present) of Pacific Life; and Vice President (3/16 to present) and Treasurer (4/18 to present) of Pacific Funds Series Trust. | 84 |
| Bonnie J. Boyle<br> Year of birth 1974 | Assistant Vice President and Assistant Treasurer since 1/01/20 | Director (6/17 to present) of Pacific Life; Vice President and Assistant Treasurer (1/20 to present) of Pacific Funds Series Trust. | 84 |

---

**F-7** 

------

**PACIFIC SELECT FUND** 

**TRUSTEES AND OFFICERS INFORMATION (Continued)** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position(s) with the**<br> **Trust and**<br> **Length of Time Served\*** | **Current Directorship(s) Held and Principal Occupation(s) (and<br>certain additional occupation information)**<br> **During Past 5 years** | **Number of<br>Portfolios in Fund<br>Complex Overseen\*\*** |
| **INTERESTED PERSONS (Continued)** | **INTERESTED PERSONS (Continued)** | **INTERESTED PERSONS (Continued)** | **INTERESTED PERSONS (Continued)** |
| Kevin W. Steiner<br>Year of birth 1975 | Assistant Vice President since 1/01/13 | Assistant Vice President (4/12 to present) of Pacific Life Fund Advisors LLC; and Vice President (1/13 to present) of Pacific Funds Series Trust. | 84 |
| Audrey L. Cheng<br>Year of birth 1975 | Assistant Vice President since 12/11/13 and Assistant Secretary since 1/01/20 | Assistant Vice President (9/11 to present) of Pacific Life; Vice President (12/13 to present) and Assistant Secretary (1/20 to present) of Pacific Funds Series Trust. | 84 |

---

*\** *A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified.*

*\*\** *As of December 31, 2022, the "Fund Complex" consisted of Pacific Select Fund (55 funds) and Pacific Funds Series Trust (29 funds).*

**F-8** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT 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 Avantis Balanced Allocation, ESG Diversified and ESG Diversified Growth Portfolios (together with the Portfolio Optimization Funds and Pacific Dynamix Funds, the "Directly Managed Funds"). For all other Funds, PLFA has retained affiliated or unaffiliated investment management firms to serve as Sub-Advisers under PLFA's oversight (the "Sub-Advised Funds"). The Board, including all of the Trustees who are not "interested persons" of the Trust, PLFA, the Sub-Advisers, or the distributor, as that term is defined in the 1940 Act ("Independent Trustees"), last renewed the Agreements at a meeting of the Trustees held on December 14, 2022.<sup>1</sup>

At this meeting and other meetings throughout the year, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Sub-Adviser that were submitted in response to request letters from the Independent Trustees and supporting materials relating to those questions and responses, as well as additional responses related to any follow-up requests from the Independent Trustees. In addition, the Board received presentations about the Funds throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, which included reports on Fund performance, expenses, fee comparisons, investment advisory and portfolio management services, compliance, and other services provided to the Funds by PLFA and the Sub-Advisers. The Board also reviewed financial and profitability information regarding PLFA and the Sub-Advisers and information regarding the organization and operations of each entity, such as their compliance monitoring, portfolio trading and brokerage practices, risk management, business continuity plan, cybersecurity and the personnel providing investment management and administrative services to each Fund. The Board considered the services provided to the Funds under the Agreements and the fees and expenses incurred by and charged to (or expected to be incurred by and charged to) the Funds under the Agreements.

The Board noted that as the investment adviser, PLFA, in addition to directly managing certain portfolios, provides a broad range of services to the Trust, including among others: overseeing and coordinating the activities of Sub-Advisers and other third-party service providers, evaluating Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, making regulatory filings (including disclosure and financial filings) on behalf of the Trust, monitoring fund performance, performing risk oversight of the Funds, providing the Board with information and reports as may be requested, providing valuation support, administering the Trust's liquidity risk management program and derivatives risk management program, providing compliance-related services and providing personnel and office space to the Trust. These responsibilities are described in more detail below. The Trustees also considered that PLFA incurs substantial reputational, financial, litigation, regulatory and business risks by serving as investment adviser. The Board took into account that PLFA and its affiliates provide additional services to the Funds under other affiliated service agreements that are essential for the operation of the Funds and that although PLFA and its affiliates are separately compensated under those affiliated service agreements, these additional services are provided in connection with PLFA's advisory relationship with the Funds. The Board also received information on the overall profitability to Pacific Life Insurance Company ("Pacific Life") of the variable insurance products, which are supported by the Trust.

The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data to provide the Board with information regarding the Funds' investment performance, advisory fees and expense information (both on an absolute basis and compared to peers). Additionally, the Independent Trustees retained an independent consultant ("Independent Consultant") with substantial industry experience in providing investment company boards with analysis to assist directors and trustees with their annual 15(c) review process, to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with information obtained from independent service providers as well as from other sources.

The Trustees' determinations were made on the basis of each Trustee's business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements. In the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.

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<sup>1</sup> At the December 14th meeting, the Board did not consider the continuance of the Sub-Advisory Agreement relating to the Large-Cap Core Portfolio *(formerly named Main Street Core Portfolio)* as this agreement was not up for renewal at that time.

**F-9** 

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**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

**II. Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements** 

In evaluating the Advisory Agreement and each Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

**A. Nature, Extent and Quality of Services** 

*PLFA –*The Trustees considered the depth and quality of PLFA's investment management process, including its process to evaluate Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, its monitoring and oversight of the Sub-Advisers, and the benefits to shareholders of retaining PLFA and continuing the Advisory Agreement in light of the nature, extent, and quality of the services that have been provided by PLFA since the Advisory Agreement was last renewed. The Trustees considered the overall financial strength and stability of PLFA and its ability to continue to provide a high level and quality of services to the Funds. They also considered PLFA's responsiveness to questions or concerns raised by the Trustees throughout the year, including PLFA's willingness to consider and implement investment and operational changes designed to improve investment results and the services provided to the Funds and their shareholders. The Trustees noted that, with respect to certain portfolios, PLFA had implemented a derivatives risk management program in accordance with Rule 18f-4 under the 1940 Act. The Trustees also noted that the Board had designated PLFA as its "valuation designee" to perform fair valuation determinations in accordance with Rule 2a-5 under the 1940 Act. The Trustees considered that throughout the first half of 2022, PLFA spent considerable time and effort developing and preparing to implement Rule 18f-4 and Rule 2a-5 requirements and completed all necessary revisions to policies, procedures and/or reports as necessary to comply with the new rules by their effective dates.

The Trustees noted that officers and employees of PLFA regularly consult with, and report to, the Board regarding the investment management services provided to the Funds. The Trustees considered the experience, capability and integrity of PLFA's senior management and other key personnel. The Trustees noted that the investment, legal, compliance, risk management and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance and risk analysis, security valuation and fund accounting. The Trustees took into account the scope of services provided by PLFA under the Advisory Agreement. The Trustees considered that although PLFA is 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 Advisory Agreement, these services are being provided as a result of PLFA's advisory relationship with the Funds. 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 Funds. The Trustees also considered the additional resources that PLFA has continued to invest in in order to enhance its management and oversight of the Funds, including additional tools designed to ensure the Funds' compliance with new laws and regulations. The Trustees considered that PLFA employs a well-defined method of comparing and evaluating the performance of the Directly Managed Funds and continues to employ resources to refine that method. In addition, the Trustees considered PLFA's sub-adviser research and performance monitoring processes and the role of PLFA's internal conflicts review committee in considering and evaluating potential conflicts of interest with regard to Sub-Adviser selection and asset allocation.

*Directly Managed Funds* ***–*** The Trustees considered the services provided by PLFA in rendering investment management services for those Funds for which the day-to-day investment management is provided by PLFA. The Trustees considered that PLFA is responsible for identifying investments for each Directly Managed Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for each Directly Managed Fund. The Trustees also considered that PLFA has been designated as the valuation designee for the Directly Managed Funds and is responsible for the valuation of portfolio securities, including, but not limited to, the review of custodian pricing files, research and analysis related to fair valued securities and due diligence oversight of pricing vendors. The Trustees additionally noted that PLFA is responsible for evaluating and voting proxies for portfolio holdings of the Directly Managed Funds. The Trustees also considered, among other things, PLFA's experience, resources and expertise in analyzing the composition of the various Funds that serve as investment options for the Directly Managed Funds (collectively, the "Underlying Funds") and in developing an asset allocation that is appropriate for each Directly Managed Fund's investment objectives and risk profile. The Trustees considered, in this regard, the tools and resources used by PLFA in constructing its asset allocation models. The Trustees considered that PLFA had previously engaged a third-party consulting firm to review PLFA's asset allocation process, and that the firm had reported favorably on PLFA's asset allocation capabilities.

The Trustees also considered that PLFA provides certain additional services to the Funds outside of the scope of the Advisory Agreement at approximate cost and that such services are essential for the administration and operation of the Funds, including administration of the Funds' compliance program. In this regard, the Trustees considered PLFA's policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Funds, its attention to matters that may involve conflicts of interest between itself and a Fund, and that all material rebalancing of PLFA's asset allocation models are presented to an internal conflicts review committee that considers and evaluates potential conflicts of interest in the allocation among the Underlying Funds. The Trustees considered the report of PLFA's internal conflicts review committee and also reviewed information provided throughout the year on PLFA's compliance policies and procedures, its compliance history, and received reports from the Trust's Chief Compliance Officer ("CCO") on compliance by PLFA with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further noted the compliance monitoring conducted by PLFA on an ongoing basis and noted the development of additional procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO has in place a systematic process for periodically

**F-10** 

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**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

reviewing PLFA's written compliance policies and procedures, including the assessment of PLFA's compliance program as required by Rule 38a-1 under the 1940 Act and PLFA's code of ethics. The Trustees also considered that PLFA continues to cooperate with the CCO in reviewing its compliance operations.

*Sub-Advised Funds –* The Trustees considered that PLFA recommends to the Board the hiring and termination of Sub-Advisers and performs the associated due diligence relating to such recommendations, the risk and performance oversight of the Sub-Advisers performed by PLFA and the fact that PLFA provides valuation support and has been designated as the valuation designee for Sub-Advised Funds. The Trustees noted PLFA's responsibilities in rendering services to the Sub-Advised Funds and the fact that PLFA monitors and evaluates the performance of the Sub-Advisers in comparison to each Fund's investment objective as well as to appropriate benchmark indices and groups of peer funds. The Trustees also considered that PLFA monitors each Sub-Advised Fund's adherence to its investment objectives and policies. The Trustees noted that PLFA provides the Board with periodic and special reports related to each Sub-Advised Fund's performance and PLFA's investment monitoring and evaluation. The Trustees also considered PLFA's process in continuously analyzing and, from time to time as necessary and appropriate, recommending for consideration by the Board, the termination of a Sub-Advisory Agreement with a Sub-Adviser and the replacement of a Sub-Adviser.

For both the Directly Managed Funds and Sub-Advised Funds, the Trustees considered the high quality of the products, information, analyses and services provided by PLFA to the Funds, including return analysis, attribution analysis, risk analysis and/or stress testing, preparation of periodic performance and other reports, assessment of liquidity, analysis of derivatives, including the ongoing operation of the derivatives risk management program, and coordination and oversight of other service providers to the Trust. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust and its shareholders, including regulatory developments and their potential impact on the Trust. Additionally, the Board considered how the Adviser's business continuity plan has operated during the ongoing COVID-19 pandemic and the updates it provided to the Board on how the business continuity plans of Sub-Advisers and other third-party service providers were operating.

The Trustees considered the analyses conducted by PLFA of the Underlying Funds and a Sub-Adviser's management of an Underlying Fund in the broader context of asset allocation strategies intended to target certain return and risk characteristics. The Trustees noted that PLFA has historically recommended new Underlying Funds or changes to existing Underlying Funds that PLFA believed would contribute to the Directly Managed Funds' targeted return and risk objectives. The Trustees also took into account PLFA's continuing analysis of the Underlying Funds and each Sub-Adviser's investment performance for the impact on broader asset allocation strategies for the Directly Managed Funds.

The Trustees considered the depth and quality of PLFA's monitoring and oversight of the Sub-Advisers. The Board noted that PLFA monitors numerous investment, performance, and risk metrics for the Funds. The Trustees considered PLFA's continued investment in, and development of, its research and analytical capabilities, including investments in personnel and enhanced analytical tools for assessing Fund performance and the performance of the Sub-Advisers, including analytical tools relating to return analysis, risk analysis, and Fund performance attribution and reporting on such matters to the Trustees. The Trustees noted that PLFA uses these tools to analyze a Fund's performance and risk profile and identify Funds that are underperforming as well as those that are performing well, and to analyze the Funds' performance against various measures. The Board considered that PLFA also conducts various analyses to assess the sources of and reasons for performance. Additionally, the Trustees noted that PLFA has worked to customize performance reporting for Funds depending on their investment strategy to include the most relevant data. The Board noted that PLFA provides the Board with analyses of these 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 has developed effective methods for tracking the Sub-Advisers' investment style consistency, for analyzing the use of derivatives by Sub-Advisers and for monitoring Fund liquidity.

In making their assessments, the Trustees 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 continued relative underperformance by a Fund when PLFA and the Trustees believed it to be appropriate. The Trustees also considered the significant work performed by PLFA in conducting searches for new Sub-Advisers to replace existing Sub-Advisers where appropriate or to manage new Funds in the Trust.

The Board also noted that PLFA conducts regular due diligence on Sub-Advisers involving in-person meetings and virtual or on-site visits, video meetings and telephonic meetings to gather information that PLFA uses 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 considered the time and attention paid by PLFA to matters involving the valuation of Fund securities for the Sub-Advised Funds and its designation as the valuation designee for the Sub-Advised Funds. The Trustees considered that PLFA has established a Valuation Oversight Committee that is responsible for, among other things, researching and evaluating information regarding securities that are not actively or publicly traded, valuing securities subject to a trading halt or for which a market quotation is not readily available or is determined to be unreliable, the valuation of equity securities traded in foreign markets, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies.

The Trustees considered PLFA's oversight, review and analysis of trade execution reports and trends in trade execution for the Sub-Advised Funds. The Trustees noted that PLFA works with a third-party transaction cost analysis consultant that provides statistical analysis on portfolio

**F-11** 

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**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

trading, and that PLFA presents information about the Funds' portfolio trading costs to the Board annually and, where warranted, engages in a dialogue with personnel of a Sub-Adviser on trading costs and the quality of execution. The Board also noted that PLFA conducts regular review and analysis of each Sub-Adviser's use of research obtained with commissions paid to broker-dealers for executing portfolio transactions ("soft dollars") and presents information about the Sub-Advisers' use of soft dollars to the Board annually and, where deemed necessary, discusses such soft dollar use with Sub-Advisers.

The Trustees also considered PLFA's implementation of transition management programs when handling significant changes in the Funds, such as cash movements between the Funds arising from reallocations by the Portfolio Optimization Funds and Pacific Dynamix Funds and the transition of Fund assets from one Sub-Adviser to another, including steps taken by PLFA to reduce transaction costs associated with a Fund transition. The Trustees considered that PLFA coordinates the onboarding process for new Sub-Advisers and oversees the establishment of necessary accounts and documentation for the Sub-Advisers to begin managing Fund assets.

In addition to the services described above, the Trustees also considered the compliance monitoring that PLFA and its affiliates conduct on the Sub-Advisers and the commitment of PLFA and its affiliates to those programs and PLFA's efforts to keep the Trustees informed about the compliance programs of Sub-Advisers. In this regard, the Trustees reviewed information and reports from the Trust's CCO on compliance by the Sub-Advisers with applicable laws and regulations. The Trustees considered that the CCO has in place a systematic process for periodically reviewing each Sub-Adviser's written compliance policies and procedures, including the assessment of each Sub-Adviser's compliance program as required by Rule 38a-1 under the 1940 Act, and each Sub-Adviser's code of ethics. The Trustees considered that PLFA is compensated at approximate cost for the administration of the Funds' compliance program. The Trustees also considered that each Sub-Adviser continues to cooperate with the CCO in reviewing its compliance operations.

*Sub-Advisers.* The Trustees considered the benefits to shareholders of retaining each Sub-Adviser and continuing the Sub-Advisory Agreements for the Sub-Advisers, particularly in light of the nature, extent, and quality of the services that have been provided by the Sub-Advisers. The Trustees considered the services provided by each Sub-Adviser in rendering investment management services to a Sub-Advised Fund. The Trustees considered that each Sub-Adviser is responsible for identifying investments for a Sub-Advised Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for a Sub-Advised Fund. The Trustees also considered that each Sub-Adviser is responsible for evaluating and voting proxies for portfolio holdings of a Sub-Advised Fund. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Sub-Advised Funds and their shareholders, the organizational depth and resources of the Sub-Advisers, including the background and experience of each Sub-Adviser's management personnel, and the expertise of each Sub-Adviser's portfolio management team, as well as the investment methodology used by the Sub-Adviser. The Trustees also considered that each Sub-Adviser provides PLFA with information that assists PLFA in performing its oversight role, including information about the Sub-Adviser's compliance program.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and each Sub-Adviser.

**B. Investment Results** 

The Trustees considered the investment results of each Fund in light of its investment objective, investment strategies and market conditions. The Trustees compared each Fund's total returns with the total returns of a group of appropriate peer funds (each a "Selected Performance Peer Group"), which were selected by an Independent Consultant, with input from PLFA, using data from third-party data vendor Morningstar, and the Trustees reviewed a description of the Independent Consultant's methodology for selecting the peer funds in each Selected Performance Peer Group. In addition, with respect to Funds other than the Pacific Dynamix Funds and Portfolio Optimization Funds, the Trustees compared each Fund's total returns with the total returns of the Fund's broad-based market index, sector index, composite index or an alternative index selected by the Independent Consultant, as applicable (each, a "primary benchmark"). With respect to the Pacific Dynamix Funds and Portfolio Optimization Funds, the Trustees compared each Fund's total returns with the total returns of a custom benchmark that is comprised of certain broad-based market indices based on the broad asset class target allocations for the Fund. The Trustees took into account the views of the Independent Consultant that the custom benchmarks appeared to be reasonable benchmarks for performance reporting purposes.

The information provided to the Trustees included each Fund's performance record for the one-, three-, five- and ten-year or since inception periods ended September 30, 2022, as available, compared to the applicable benchmark and Selected Performance Peer Group. With respect to the actively managed Funds, the Trustees placed greater emphasis on a Fund's performance against peers as opposed to the unmanaged benchmark index. With respect to those Funds that pursue an index strategy, the Trustees placed greater emphasis on the tracking error of a Fund against its target index as opposed to performance against peers.

The Trustees considered the performance of each Fund on a case-by-case basis and noted that some Funds had outperformed their Selected Performance Peer Group over certain periods and/or exceeded the return of their respective benchmark while others underperformed their Selected Performance Peer Group over certain periods and/or trailed the return of their respective benchmark. In considering each Fund's investment results, the Board placed greater emphasis on each Fund's longer-term performance track record rather than shorter-term performance. The Board also took into account that each Fund's track record is measured as of a specific date, and that track records can vary as of different measurement dates. When reviewing a Fund's performance against its Selected Performance Peer Group, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the

**F-12** 

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**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

Selected Performance Peer Group. With respect to actively managed Funds, when reviewing a Fund's performance against its benchmark, the Board took into account the potential differences in portfolio construction between the Fund and such benchmark as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks.

Therefore, in reviewing a Fund that is currently underperforming its Selected Performance Peer Group and/or its benchmark, the Trustees also considered the broader perspective of the Fund's performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. In the case of the Underlying Funds, the Board also took into account the views of PLFA about the role of a particular Fund within a broader asset allocation strategy for the Directly Managed Funds and whether the Fund was performing in accordance with PLFA's expectations. Where there had been a change in Sub-Adviser for a Fund, the Board took into account that the current Sub-Adviser was only responsible for certain portions of the Fund's performance record. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Trustees discussed these Funds with representatives of PLFA, including an assessment of the investment approach used by the Sub-Advisers, and the investment approach used by PLFA with respect to the Directly Managed Funds, as well as the oversight and monitoring by PLFA as the investment adviser, to gain an understanding of any recurring or material underperformance and to assess whether any actions would be appropriate. In addition, the Board considered any specific actions that PLFA or a Sub-Adviser has taken, or agreed to take, to seek to enhance the investment performance of a Fund, and the results of those actions.

In reviewing the performance of each Fund, the Board took into account, among other things, the Fund's performance track record. The following summary highlights certain, but not all, relevant facts considered by the Board with respect to the Fund's performance track record.

*Dividend Growth Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, five- and ten-year periods and underperformed for the three-year period and ranked in the first quintile of its Peer Group for the one- and five-year periods, the third quintile for the three-year period and the second quintile for the ten-year period.

*Equity Index Portfolio* 

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

*Focused Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and outperformed for the ten-year period and ranked in the fifth quintile of its Peer Group for the one- and three-year periods, the third quintile for the five-year period and the second quintile for the ten-year period. In evaluating the performance of the Fund, the Board considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods, noting that very recent underperformance has impacted medium- and longer-term returns. The Board considered that prior to this recent underperformance, the Fund's returns had been competitive. The Board considered PLFA's future outlook for the Fund and took into account that PLFA has added the Fund to its "watch list" and will closely monitor it for improved performance.

*Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one- and three-year periods and outperformed for the five- and ten-year periods and ranked in the third quintile of its Peer Group for the one-year period, the fourth quintile for the three-year period and the second quintile for the five- and ten-year periods.

*Hedged Equity Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-year period and ranked in the second quintile of its Selected Performance Peer Group for the one-year period.

*Large-Cap Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Selected Performance Peer Group for the one- and three-year periods and the fourth quintile for the five- and ten-year periods. The Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods, noting that very recent underperformance has impacted medium- and longer-term returns. The Board considered that prior to this recent underperformance, the Fund's returns had been competitive. The Board considered PLFA's future outlook for the Fund and took into account that PLFA has added the Fund to its "watch list" and will closely monitor it for improved performance.

*Large-Cap Value Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one- and ten-year periods and outperformed for the three- and five-year periods and ranked in the fifth quintile of its Selected Performance Peer Group for the one-year period and the third quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods and PLFA's future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

**F-13** 

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**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

*Large-Cap Core Portfolio (formerly named Main Street Core Portfolio)* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Selected Performance Peer Group for the one-, three- and five-year periods and the fourth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective May 2022 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

*Value Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-year period and underperformed for the three-, five- and ten-year periods and ranked in the second quintile of its Peer Group for the one-year period and the fifth quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund only since October 2020.

*Value Advantage Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the second quintile of its Peer Group for one- and five-year periods and the third quintile for the three-year period.

*Mid-Cap Equity Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the second quintile for the three- and five-year periods and the first quintile for the ten-year period.

*Mid-Cap Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period and the first quintile for the three-, five- and ten-year periods.

*Mid-Cap Value Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, five- and ten-year periods and performed in line for the three-year period and ranked in the fifth quintile of its Peer Group for the one-year period and the third quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2015. The Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods and PLFA's future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

*Small-Cap Equity Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and ten-year periods and outperformed for the five-year period and ranked in the fifth quintile of its Peer Group for the one-year period, the third quintile for the three- and ten-year periods and the second quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered that one Sub-Adviser manages a sleeve of the Fund using an active management style, while the other Sub-Adviser manages a sleeve of the Fund using an index management (or passive) style. The Board considered the performance of each sleeve separately in evaluating the Sub-Advisers. The Board also considered that PLFA will closely monitor the Fund for improved performance.

*Small-Cap Value Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, five- and ten-year periods and performed in line for the three-year period and ranked in the fifth quintile of its Peer Group for the one-year period, the third quintile for the three-year period and the fourth quintile for the five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from May 2014 to October 2015 and since October 2015 has been the sole Sub-Adviser, and that prior to May 2014 another firm managed the Fund. The Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods, noting that very recent underperformance has impacted medium- and longer-term returns. The Board considered that prior to this recent underperformance, the Fund's returns had been competitive. The Board considered PLFA's future outlook for the Fund and took into account that PLFA has highlighted the Fund and will closely monitor it for improved performance.

*Small-Cap Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and ten-year periods and outperformed for the five-year period and ranked in the fifth quintile of its Peer Group for the one-year period, the third quintile for the three-year period, the first quintile for the five-year period and the fourth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund only since May 2020. The Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods and PLFA's future outlook for the Fund. The Board also considered that PLFA will closely monitor the Fund for improved performance.

**F-14** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

*Small-Cap Index Portfolio* 

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

*Emerging Markets Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and outperformed for the ten-year period and ranked in the fifth quintile of its Peer Group for the one- and three-year periods, the third quintile for the five-year period and the second quintile for the ten-year period. The Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods, noting that very recent underperformance, caused in part due to overweight positions in Russia, has impacted medium-to longer-term performance. The Board took into account that recent performance has improved and that PLFA has added the Fund to its "watch list" and will closely monitor it for continued improved performance.

*Emerging Markets Debt Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and ten-year periods and underperformed for the five-year period and ranked in the first quintile of its Peer Group for the one-year period, the third quintile for the three- and five-year periods and the second quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund only since October 2021.

*International Growth Portfolio* 

The Fund commenced investment operation in October 2021. It has not been in operation for a sufficient time period to establish a meaningful track record.

*International Large-Cap Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first quintile of its Peer Group for the one-, three-, five- and ten-year periods.

*International Small-Cap Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one- and three-year periods and underperformed for the five- and ten-year periods and ranked in the first quintile of its Peer Group for the one-year period, the second quintile for the three-year period, the fifth quintile for the five-year period and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund only since November 2021.

*International Value Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first quintile of its Peer Group for the one-, three- and five-year periods and the second quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2017.

*Health Sciences Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, five- and ten-year periods and underperformed for the three-year period and ranked in the second quintile of its Peer Group for the one-, five- and ten-year periods and the fourth quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2014.

*Real Estate Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the third quintile of its Peer Group for the one- and ten-year periods and the second quintile for the three- and five-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2018.

*Technology Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one-year period, the fourth quintile for the three- and five-year periods and the fifth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2016.

*Core Income Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the first quintile of its Peer Group for the one-, three- and five-year periods.

*Diversified Bond Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and outperformed for the ten-year period and ranked in the fifth quintile of its Peer Group for the one-, three- and five-year periods and the second quintile for the ten-year period. In evaluating the performance of the Fund, the Board considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods and PLFA's future outlook for the Fund. The Board also considered that PLFA has added the Fund to its "watch list" and will closely monitor it for improved performance.

**F-15** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

*Floating Rate Income Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the first quintile of its Peer Group for the one-, three- and five-year periods.

*High Yield Bond Portfolio* 

The Fund performed in line with its Selected Performance Peer Group median for the one-year period and underperformed for the three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one- and five-year periods and the fourth quintile for the three- and ten-year periods.

*Inflation Managed Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period, performed in line for the five-year period and outperformed for the three- and ten-year periods and ranked in the third quintile of its Peer Group for the one- and five-year periods and the second quintile for the three- and ten-year periods.

*Intermediate Bond Portfolio* 

The Fund commenced investment operation in October 2020. It has not been in operation for a sufficient time period to establish a meaningful track record.

*Managed Bond Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-year period and underperformed for the three-, five- and ten-year periods and ranked in the second quintile of its Peer Group for the one-year period, the third quintile for the three- and five-year periods and the fourth quintile for the ten-year period.

*Short Duration Bond Portfolio* 

The Fund outperformed its Selected Performance Peer Group for the one-year period and underperformed for the three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one- and three-year periods, the fourth quintile for the five-year period and the fifth quintile for the ten-year period

*PD 1-3 Year Corporate Bond Portfolio* 

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

*PD Aggregate Bond Index Portfolio* 

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

*PD Emerging Markets Index Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, five- and ten-year periods and underperformed for the three-year period and ranked in the third quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund only since April 2021. Additionally, the Board considered that the Fund had changed to an index fund in connection with this sub-adviser change and that once the Fund has established a meaningful track record as an index fund, performance would be evaluated based on tracking error. ****

*PD High Yield Bond Market Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period, performed in line for the three-year period and outperformed for the five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the third quintile for the three-year period and the second quintile for the five- and ten-year periods.

*PD International Large-Cap Index Portfolio* 

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund only since April 2021. Additionally, the Board considered that the Fund had changed to an index fund in connection with this sub-adviser change and that once the Fund has established a meaningful track record as an index fund, performance would be evaluated based on tracking error.

*PD Large-Cap Growth Index Portfolio* 

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

*PD Large-Cap Value Index Portfolio* 

The Fund had a higher tracking error than the median tracking error of its Selected Performance Peer Group. One of the primary contributors to the underperformance/higher tracking error includes imperfect correlation between index futures implemented within the Fund and the target index.

**F-16** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

*PD Mid-Cap Index Portfolio* 

The Fund commenced investment operation in October 2020. It has not been in operation for a sufficient time period to establish a meaningful track record.

*PD Small-Cap Growth Index Portfolio* 

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

*PD Small-Cap Value Index Portfolio* 

The Fund had a higher tracking error than the median tracking error of its Selected Performance Peer Group. One of the primary contributors to the underperformance/higher tracking error includes imperfect correlation between index futures implemented within the Fund and the target index.

*Pacific Dynamix –Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period and the second quintile for the three-, five- and ten-year periods.

*Pacific Dynamix – Conservative Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one- and ten-year periods and outperformed for the three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the third quintile for the three- and ten-year periods and the second quintile for the five-year period.

*Pacific Dynamix – Moderate Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one- and ten-year periods and outperformed for the three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-year period and the third quintile for the three-, five- and ten-year periods.

*PSF Avantis Balanced Allocation Portfolio (formerly named PSF DFA Balanced Allocation Portfolio)* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three- and five-year periods and ranked in the third quintile of its Peer Group for the one-, three- and five-year periods. In evaluating the performance of the Fund, the Board also considered that they had approved a change in the Fund's principal investment strategies effective November 1, 2022 and that performance prior to that time reflects the prior investment strategies.

*ESG Diversified Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-year period and ranked in the fourth quintile of its Peer Group for the one-year period.

*ESG Diversified Growth Portfolio* 

The Fund commenced investment operation in October 2021. It has not been in operation for a sufficient time period to establish a meaningful track record.

*Portfolio Optimization Aggressive-Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one-year period, the fourth quintile for the three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods. The Board also discussed and considered the enhancements PLFA has made, and continues to make, to address performance.

*Portfolio Optimization Conservative Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-, three- and ten-year periods and the fifth quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods. The Board also discussed and considered the enhancements PLFA has made, and continues to make, to address performance.

*Portfolio Optimization Growth Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and outperformed for the ten-year period and ranked in the fifth quintile of its Peer Group for the one-year period, the third quintile for the three- and ten-year periods and the fourth quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods. The Board also discussed and considered the enhancements PLFA has made, and continues to make, to address performance.

*Portfolio Optimization Moderate Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one-, five- and ten-year periods and the fourth quintile for the three-year period. In evaluating the performance

**F-17** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

of the Fund, the Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods. The Board also discussed and considered the enhancements PLFA has made, and continues to make, to address performance.

*Portfolio Optimization Moderate-Conservative Portfolio* 

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one- and five-year periods and the fourth quintile for the three- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA's views as to the reasons for the Fund's relative performance against peers over various time periods. The Board also discussed and considered the enhancements PLFA has made, and continues to make, to address performance.

\*\*\*\*\*

The Trustees reviewed the monitoring of each Sub-Advisers' investment results by PLFA, including PLFA's historical practice of recommending to the Trustees a change in Sub-Adviser when circumstances warrant. Generally, the Trustees noted that there continues to be a record of well-managed Funds that are appropriate to serve as Underlying Funds for the Directly Managed Funds and that the Directly Managed Funds provide a range of professionally managed asset allocation investment options. The Trustees considered the steps PLFA has taken to seek to improve performance of the Directly Managed Funds, including ongoing assessment of asset allocation determinations, diversifying asset class investment options by adding additional Underlying Funds, and adding or changing Sub-Advisers to the Underlying Funds. The Trustees also noted that the Funds continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Directly Managed Funds and the benefits the Directly Managed Funds provide for shareholders generally. The Trustees also noted that certain of the Underlying Funds are also available as investment options outside of the Directly Managed Funds.

The Board concluded that PLFA continues to have a long record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was appropriately implementing each Fund's investment objective either directly or through the selection of Sub-Advisers and that PLFA's record in managing each Fund indicates that PLFA's continued management, as well as the continuation of the respective Sub-Advisory Agreements, will benefit each Fund and its shareholders.

**C. Advisory Fees and Total Expense Ratios** 

The Trustees requested, received and reviewed information from PLFA relating to the advisory fees paid by the Funds and the sub-advisory fees paid by PLFA, including the portion of the advisory fees paid to each Sub-Adviser as compared to the portion retained by PLFA. The Trustees considered the nature and quality of the services provided by PLFA and also considered the nature and quality of services provided by each Sub-Adviser. The Independent Trustees also requested and reviewed information from the Independent Consultant along with the Independent Consultant's analysis of advisory fees, sub-advisory fees and certain Fund net expenses, excluding any applicable service or distribution fees, which were selected by the Independent Consultant for purposes of the peer group expense comparisons ("Operating Expenses"). The Trustees reviewed the advisory fees, sub-advisory fees and Operating Expenses of each Fund and compared advisory fees and expenses with the fees and expense levels of a group of appropriate peer funds identified by the Independent Consultant (each a "Selected Expense Peer Group"). The Trustees reviewed a description of the Independent Consultant's methodology for constructing the Selected Expense Peer Groups, noting that each Selected Expense Peer Group includes a group of similarly-sized funds with comparable strategies from a universe of funds that (i) included both sub-advised and directly managed funds; (ii) excluded funds that are managed with non-standard business models and expense structures; and (iii) excluded index funds (except in the case of the Trust's index Funds). With respect to the Portfolio Optimization Funds, the Selected Expense Peer Group information is used to review the Funds expenses, excluding acquired fund fees and expenses, to the peer group. The Trustees also compared the net expense ratio (including acquired fund fees and expenses) with the average net expense ratio of funds in the Morningstar Category determined to be similar to the relevant Portfolio Optimization Fund ("Comparable Peer Fund Average").

A summary of certain comparative fee and expense information considered by the Trustees for each Fund is provided below.

*Dividend Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Equity Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Focused Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are

**F-18** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group.

*Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*Hedged Equity Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. 

*Large-Cap Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.045% of its advisory fee.

*Large-Cap Value Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. 

*Large-Cap Core Portfolio (formerly named Main Street Core Portfolio)* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Value Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.075% of its advisory fee.

*Value Advantage Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Mid-Cap Equity Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Mid-Cap Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.025% of its advisory fee.

*Mid-Cap Value Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than

**F-19** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*Small-Cap Equity Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.10% of its advisory fee.

*Small-Cap Value Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*Small-Cap Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Small-Cap Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Emerging Markets Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected

Expense Peer Group.

*Emerging Markets Debt Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses (net of waivers) for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.05% of its advisory fee.

*International Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*International Large-Cap Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.03% of its advisory fee.

*International Small-Cap Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.015% of its advisory fee.

*International Value Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the

**F-20** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Health Sciences Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of

its Selected Expense Peer Group.

*Real Estate Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.09% of its advisory fee. 

*Technology Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Core Income Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Diversified Bond Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Floating Rate Income Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*High Yield Bond Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Inflation Managed Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Intermediate Bond Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*Managed Bond Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second

**F-21** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.015% of its advisory fee.

*Short Duration Bond Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*PD 1-3 Year Corporate Bond Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*PD Aggregate Bond Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*PD Emerging Markets Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.44% of its advisory fee on the first $50 million of assets and waive 0.18% on all assets above $50 million.

*PD High Yield Bond Market Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*PD International Large-Cap Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund (net of waivers) are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.10% of its advisory fee on the first $100 million of assets and waive 0.05% on all assets above $100 million.

*PD Large-Cap Growth Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*PD Large-Cap Value Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

*PD Mid-Cap Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*PD Small-Cap Growth Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the

**F-22** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*PD Small-Cap Value Index Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

*Pacific Dynamix – Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund in line with than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Pacific Dynamix – Conservative Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*Pacific Dynamix – Moderate Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

*PSF Avantis Balanced Allocation Portfolio (formerly named PSF DFA Balanced Allocation Portfolio)* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.06% of its advisory fee.

*ESG Diversified Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group. The Trustees considered PLFA's views as to the disparity between the Operating Expenses for the Fund and those of funds in the Selected Expense Peer Group, including the Fund's lower asset levels relative to funds in the Selected Expense Peer Group and the inclusion of non-ESG funds and funds that invest primarily in proprietary underlying funds in the Selected Expense Peer Group.

*ESG Diversified Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group. The Trustees considered PLFA's views as to the disparity between the Operating Expenses for the Fund and those of funds in the Selected Expense Peer Group, including the Fund's lower asset levels relative to funds in the Selected Expense Peer Group and the inclusion of non-ESG funds and funds that invest primarily in proprietary underlying funds in the Selected Expense Peer Group.

*Portfolio Optimization Aggressive-Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average.

*Portfolio Optimization Conservative Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average.

*Portfolio Optimization Growth Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the

**F-23** 

------

**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average.

*Portfolio Optimization Moderate Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average.

*Portfolio Optimization Moderate-Conservative Portfolio* 

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average.

\*\*\*\*\*

During their review, the Trustees considered that all of the Funds, except for the Portfolio Optimization Funds and Underlying Funds of the Pacific Dynamix Funds, were subject to contractual expense limitations on certain operating expenses agreed to by PLFA.

The Trustees also considered information from the Sub-Advisers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Sub-Adviser with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Funds by the Sub-Advisers and that the level of services provided by these Sub-Advisers on these other accounts differed due to the nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Sub-Adviser and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with the exception of the affiliated Sub-Adviser, the Sub-Advised Funds' fee rates were the result of arms'-length negotiations between PLFA and the Sub-Advisers. For the affiliated Sub-Adviser, the Trustees took into account the fact that the Sub-Advised Funds' fee rates were not the subject of an arms'-length negotiation with PLFA, but considered information relating to competitive fees charged by similarly managed funds. In all cases, the Trustees considered that all sub-advisory fees are paid by PLFA and are not paid directly by a Fund.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Fund were fair and reasonable.

**D. Costs, Level of Profits and Economies of Scale** 

The Trustees reviewed information provided by PLFA regarding PLFA's costs of sponsoring and operating the Funds and information regarding the profitability of PLFA from each Fund. For the Sub-Advised Funds, the Trustees also reviewed information provided by the Sub-Advisers regarding their costs in managing the Sub-Advised Funds and their profitability from the Funds.

*PLFA and the Sub-Advisers' Costs and Profitability.* The Trustees noted that, based on the data available, PLFA appears to be providing and operating products that are competitively priced with other funds, especially other multi-manager and asset allocation funds and funds that support variable annuity and variable life insurance products. The Trustees noted PLFA's willingness to build its investment capabilities and to sponsor new funds that PLFA believed would improve the menu of offerings for contract owners or that would benefit the Directly Managed Funds, despite the potential subsidies required by PLFA during a new Fund's start-up phase. Based on information received, the Trustees further noted that Pacific Life's overall profitability on variable annuity insurance products, which are supported by the Trust, appeared reasonable at the current time. The Trustees also noted that the analysis of the Trust's profitability to PLFA supported a conclusion that PLFA's costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.

The Trustees also reviewed information provided regarding the structure and manner in which PLFA's investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA's willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Trustees also considered the organizational strengths of the Sub-Advisers and their ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that provide services to the Sub-Advised Funds.

With respect to the Sub-Advisers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the Sub-Advisers' costs and the profitability of the Sub-Advisory Agreements to the Sub-Advisers because of, among other things, the differences in the types and content of information provided by the Sub-Advisers, the fact that many Sub-Advisers manage substantial assets other than the Funds and, further, that any such assessment would involve assumptions regarding the Sub-Advisers' expense allocation policies, capital structure, cost of capital, business mix and other factors.

Accordingly, in the case of the unaffiliated Sub-Advisers, the Trustees considered the data described above in light of the arms'-length nature of the relationship between PLFA and such Sub-Advisers with respect to the negotiation of fund sub-advisory fees and the fact that such fees are paid by PLFA.

*Economies of Scale*. The Trustees noted and considered the extent to which economies of scale are realized by PLFA and the Sub-Advisers as each Fund grows, and whether advisory fee levels reflect economies of scale as the Funds grow in size. The Trustees noted PLFA's commitment to competitive total expenses of certain Funds through expense limitation agreements and/or advisory fee waivers. The Trustees also noted PLFA's and its affiliates' consistent reinvestment in the business in the form of adding to investment capabilities and resources, improvements in technology, product innovations and customer service. The Trustees considered information relating to economies of scale provided by PLFA, and PLFA's willingness to discuss and evaluate the topic of economies of scale with the Trustees. The Independent Trustees

**F-24** 

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**PACIFIC SELECT FUND** 

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)** 

**(Unaudited)** 

requested and reviewed an analysis provided by the Independent Consultant of the asset-based breakpoint schedule for each Fund, as applicable. The Independent Trustees noted that the breakpoints offer potential savings to shareholders of many of the Funds.

The Trustees considered that the advisory fee schedules contained one or more breakpoints reducing the rate of the advisory fee as Fund assets grow for all Funds except the Directly Managed Funds. The Independent Trustees noted that the Portfolio Optimization Funds and Pacific Dynamix Funds are funds-of-funds that invest in other Funds of the Trust that have advisory fee schedules containing one or more breakpoints that reduce the total advisory fees paid by shareholders of these Directly Managed Funds as assets grow. With respect to the Portfolio Optimization Funds, the Trustees noted that the advisory fee was initially priced to scale, whereby the fee was set at an amount that takes into account the projected size of the Funds. The Independent Trustees considered that PLFA seeks to price Funds to scale from inception by considering the size of the initial investment in a Fund rather than implementing breakpoints at lower asset levels. The Trustees also considered PLFA's willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Funds for certain expenses that exceed stated expense caps.

The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees further noted that Pacific Life had also consistently reinvested in the business with respect to the variable products to which the Trust serves as the underlying investment vehicle.

The Trustees additionally noted that economies of scale were difficult to measure with precision, particularly on a Fund-by-Fund basis. This analysis is complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the business, as discussed above. The Trustees considered that the Funds are well managed and provide shareholders with sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers, and to provide certain support services, including, but not limited to, legal, compliance and accounting services, to the Funds on an approximate cost basis as opposed to an asset-based charge.

The Board determined that PLFA and its affiliates are sharing economies of scale given its commitment to competitive total expenses of the Funds, the use of breakpoints in certain of the Funds, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board further considered that it will continue to review whether there are additional economies of scale that will be realized as the Funds grow that can be shared with shareholders. The Board concluded that the Funds' cost structures were reasonable, and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Fund and its shareholders to their benefit.

**E. Ancillary Benefits** 

The Trustees requested and received from PLFA and the Sub-Advisers information regarding other benefits received by PLFA, Pacific Life, the Sub-Advisers, and their affiliates as a result of their respective relationship with the Funds, including various service arrangements with PLFA affiliates and reimbursement at an approximate cost basis for support services in the case of PLFA, as well as commissions paid to broker-dealers affiliated with certain Sub-Advisers and the use of soft-dollars by certain of the Sub-Advisers. The Trustees also considered ancillary benefits received by Pacific Life and its affiliates from the Funds. The Trustees considered information regarding other significant economic relations between the Sub-Advisers and their affiliates and with PLFA and its affiliates and noted PLFA's processes and procedures to identify and disclose such relationships and any potential conflicts of interest to the Board. The Trustees also considered PLFA's and each Sub-Adviser's strong practices and procedures with regard to managing conflicts of interest and ensuring that such conflicts do not prevent PLFA or the Sub-Advisers from acting in the best interests of the Funds and their shareholders.

The Board concluded that such benefits were consistent with those generally derived by mutual fund investment management organizations or were otherwise not unusual.

**F. Conclusion** 

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including all of the Independent Trustees, concluded that: (i) the Advisory Agreement and each applicable Sub-Advisory Agreement are fair and reasonable with respect to each applicable Fund and its shareholders; (ii) that the renewal of the Advisory Agreement and each applicable Sub-Advisory Agreement would be in the best interests of each Fund and its shareholders; and (iii) the recommendation by PLFA to the Board to enter into each Sub-Advisory Agreement with respect to each Sub-Adviser was not inappropriately influenced by conflicts of interest. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement and each applicable Sub-Advisory Agreement, but indicated that the Board based its determination on the total mix of information available to it.

**F-25** 

------

**PACIFIC SELECT FUND** 

**WHERE TO GO FOR MORE INFORMATION** 

**(Unaudited)** 

**Availability of Quarterly Holdings** 

The Trust files Part F of Form N-PORT (complete schedules of Fund holdings) with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust's Part F of Form N-PORT (when required) is filed pursuant to applicable regulations and is available after filing on the SEC's website at http://www.sec.gov.

**Availability of Proxy Voting Record** 

By August 31 of each year, the Trust files information regarding how the Trust's managers voted proxies relating to Fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust's website and on the SEC's website noted below.

**Information Relating to Investments Held by the Trust** 

For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust's prospectuses and Statement of Additional Information ("SAI"). The prospectuses and SAI are available as noted below.

**Availability of Proxy Voting Policies** 

A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to Fund securities is described in the Trust's SAI.

**How to Obtain Information** 

The Trust's prospectus, SAI (including Proxy Voting Policies), Information Statements, and shareholder reports are available:

• On the Trust's website at http://www.pacificlife.com/pacificselectfund.htm

• On the SEC' 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)

**F-26** 

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**Pacific Life Insurance Company/** 

**Pacific Life & Annuity Company** 

Mailing Address:

P.O. Box 2378

Omaha, Nebraska 68103-2378

Form Nos. 15-20803-25 <br> 357-22A

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**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.

A copy of this code of ethics is filed as Exhibit 99 to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.** 

The Registrant's Board has determined that Paul A. Keller, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation does not increase the designee's duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant's financial statements and condition. Mr. Keller is a retired partner of PricewaterhouseCoopers LLP.

**Item 4. Principal Accountant Fees and Services.** 

<u>Audit Fees</u>

(a) The aggregate audit fees billed to the Registrant by the principal accountant for the fiscal years ended December 31, 2022 and 2021 were $1,604,000 and $1,543,000, respectively.

<u>Audit-Related Fees</u>

(b) For the fiscal years ended December 31, 2022 and December 31, 2021 there were no audit-related fees.

<u>Tax Fees</u>

(c) The aggregate tax fees billed to the Registrant by the principal accountant for the fiscal years ended December 31, 2022 and 2021 were $106,560 and $77,000, respectively.

<u>All Other Fees</u>

(d) There were no other fees billed to the Registrant by the principal accountant for the fiscal years ended December 31, 2022 and 2021.

(e)(l) The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor's independence:

&nbsp;&nbsp;&nbsp;&nbsp;A. *Pre-Approval Requirements for Services to Registrant.* Before the
Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Audit Committee shall pre-approve such engagement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such engagement shall be entered into pursuant to pre-approval policies
and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the Adviser. The
Audit Committee hereby delegates authority to its Chairperson, and may delegate to one or more of its other members, the authority to grant pre-approvals. In the event of a pre-approval by the Chairperson or
other authorized member of the Audit Committee, the person to whom authority is delegated under this Section shall report on such pre-approval to the full Audit Committee at its next regularly scheduled
meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *De Minimis Exceptions to Pre-Approval Requirements.* Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non-audit services are
provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit
Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee.

------

&nbsp;&nbsp;&nbsp;&nbsp;B. *Pre-Approval of Non-Audit Services Provided to the Adviser and Others.* The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the
Adviser and (ii) any entity in the investment company complex, if the nature of the services provided relate directly to the operations or financial reporting of the Registrant. Investment company complex means the Pacific Select Fund, the Pacific
Funds Series Trust, the Adviser and any entity controlled by or under common control with the Adviser if such entity is an investment adviser or is engaged in the business of providing administrative, custodian, underwriting or transfer agent
services to the Trusts or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *De Minimis Exception:* The De Minimis exceptions set forth above under Section (e)(1)A.(iii) apply to pre-approvals under this Section (e)(1)B. as well, except that the "total amount of revenues" calculation for this Section's (e)(l)B. services is based on the total amount of revenues paid to the
Auditor by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person).

&nbsp;&nbsp;&nbsp;&nbsp;C. *Pre-Approval of Program and Subscription Services Provided to the Registrants and their Affiliates.* The Audit Committee is deemed to have pre-approved Program and Subscription Services ("Programs'') provided to the Registrant and their affiliates, entities
within the Registrant's investment company complex or their affiliates, including employees of Pacific Life and Pacific Life Fund Advisors LLC (collectively, "Fund Persons") so long as: (1) such Programs are free to Fund Persons
or if there is a charge, Fund Persons pay: (a) the going rate for such Programs, or (b) the Fund Persons receive a discount of $500 or less; or (2) the Program is approved under or covered by and in compliance with the policies and/or
procedures of Pacific Life's Audit Committee with respect to the provision of educational services by the Auditor or other parties. Any Programs that do not meet the above criteria require approval by the Audit Committee, its Chairperson or
other delegates as provided in Section (e)(l)A.(ii). Programs are educational programs and seminars provided by the Auditor or its affiliates and include live programs, webcasts, podcasts, websites, database subscriptions, checklists, research
reports, local office seminars, Debrief webcast series, Technical library and similar or related items.

(e)(2) No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the years ended December 31, 2022 and 2021 by the Registrant's principal accountant for non- audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $2,288,210 and $3,140,251, respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

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**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Chief Executive Officer and the Treasurer of the Registrant have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

(a)(1) Code of Ethics, subject to the disclosure of Item 2 hereof is attached hereto as [Exhibit 99](d432386dex99code.htm).

(a)(2) Separate certifications for the principal executive and principal financial officer of the Registrant pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as [Exhibit 99.CERT](d432386dex99cert.htm).

(a)(3) Not applicable.

(a)(4) There was no change in the Registrant's independent public accountant for the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as [Exhibit 99.906.CERT](d432386dex99906cert.htm) 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 | Pacific Select Fund |
| By: | /s/ Adrian S. Griggs |
|  | Adrian S. Griggs |
|  | Chief Executive Officer |
| Date: | March 3, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Adrian S. Griggs |
|  | Adrian S. Griggs |
|  | Chief Executive Officer |
| Date: | March 3, 2023 |
| By: | /s/ Trevor T. Smith |
|  | Trevor T. Smith |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | March 3, 2023 |

---

## Ex-99.Code

Code of Ethics

**Exhibit 99.** 

**<u>Title:</u>** SOX Code of Ethics for Principal Officers

**<u>Overview</u>**

This Code of Ethics (the "Code") sets forth the legal and ethical standards of conduct for the principal executive officer and principal financial officer (the "Covered Officers") of the Trust as required by Section 406 of the Sarbanes-Oxley Act of 2002 ("SOX") and Form N-CSR adopted thereunder. The Board of Trustees (the "Board") of the Pacific Select Fund and Pacific Funds Series Trust (each a "Trust" and together the "Trusts") has implemented this Code to promote and demonstrate honest and ethical conduct required of its Covered Officers.

**<u>Purpose of Code:</u>**

The purpose of the Code is to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the handling of actual or apparent conflicts of interest between personal and
professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Avoiding of conflicts of interest, including disclosure to an appropriate person or persons identified in the code of any
material transaction or relationship that reasonably could be expected to give rise to such a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Full, fair, accurate, timely and understandable disclosure in reports and documents that a Trust files with or submits to
the Securities and Exchange Commission and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The prompt internal reporting of violations of the Code to the Chief Compliance Officer ("CCO"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Accountability for adherence to the Code.

Covered Officers are also employees of Pacific Life Insurance Company ("Pacific Life"), and access persons of Pacific Life Funds Advisors, LLC, the advisor to the Trusts. In addition to adhering to this Code, these individuals must comply with other Trust policies, the Policies of Pacific Life and PLFA, such as the Advisor's Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

**I.**  **<u>Responsibilities of Covered Officers.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honest and Ethical**. Each Covered Officer must act in an honest and ethical manner while conducting the affairs of
the Trusts, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Corporate Culture**. It is the responsibility of Covered Officers to foster, by their words and actions, a corporate
culture that encourages honest and ethical conduct and to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Some Specifics**. Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Act with integrity and distinction, putting first the interests of the shareholders of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Adhere to high standard of business ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not use personal influence or personal relationships to improperly influence investment decisions or financial reporting
whereby the Covered Officer would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Act in good faith, responsibly and with due care, competence and diligence, without misrepresenting material facts or
allowing their independent judgment to be subordinated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Responsibly use and control all Trust assets and resources entrusted to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Avoiding Conflicts of Interest.** A Covered Officer must avoid conflicts of interest and appearances of conflicts of
interest, between the Covered Officer's duties to the Trust and his or her personal interests. A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of the Trust for which he or
she serves as an officer. Covered Officers may not improperly use their position with the Trusts for personal or private gain to themselves, their family, or any other person.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trust that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior will also be deemed a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the Adviser's fiduciary duties to the Trust, the Covered Officers will in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both) be involved in establishing policies and implementing decisions which may have different effects on the Adviser and the Trust. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Trust.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the Trust's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Shareholder Information**. A Covered Officer may not use or disclose personal information about Trust
shareholders, except in the performance of his or her duties for a Trust. Each Covered Officer also must abide by the Trust's and the Adviser's privacy policies.

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Trust Disclosures**. Each Covered Officer should act to promote full, fair, accurate, timely and understandable
disclosure in reports and documents that the Trust files with or submits to, the Securities and Exchange Commission and in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Covered Officers should familiarize themselves with disclosure requirements applicable to the Trust and disclosure
controls and procedures in place to meet these requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Trust to others,
including the Trust's auditors, independent trustees, governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Compliance with Applicable Laws, Rules and Regulations.** In connection with his or her duties and within the scope
of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations that apply to his or her role, responsibilities and duties with respect to the Trust ("Applicable Laws").
These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting to the CCO**. Each Covered Officer must promptly report, and promote the reporting of, the
following situations to the to the Trust's CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any suspicion or knowledge of a conflict or an appearance of one; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any known or suspected violations of the Code.

After receiving a report of a possible conflict of interest, the CCO will discuss the matter with the person who reported it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate). Violations of the Code will be taken seriously.

Examples of violations of the Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unethical or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Failure to report violations of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Known or obvious deviations from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Failure to acknowledge and certify adherence to the Code

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Scope of Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Covered Officer's responsibilities under the Code are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Trust matters over which the Officer has direct responsibility or control, matters in which the Officer routinely
participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer's responsibilities as a Trust officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Trust matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Acknowledgement of and Adherence to the Code** 

Each Covered Officer must sign a statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) When they first become a Covered Officer, or when changes to the Code are made, acknowledging that he or she has read and
understands the Code and recognize that it applies to them (**see Appendix A**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Annually thereafter, acknowledging that he or she has read and understands the Code, recognizes it applies to
them, and confirms that he or she has complied with the Code (**see Appendix B**).

**II.**  **<u>Responsibilities of the CCO.</u> <u> </u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Application of this Code.** The CCO is responsible for application of this Code. The CCO shall advise the General
Counsel of any reported situations under this Policy. The Trust's CCO, in consultation with the Trust's General Counsel, is primarily responsible for implementing and enforcing this Code and has the authority to interpret the Code and its
applicability to particular circumstances. Any questions about the Code should be directed to the CCO. The CCO is not a Covered Officer under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investigative Authority.** The CCO and the Trust's General Counsel each have the authority to take any and all
action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Trust's Board, the independent Board members, a Board committee, independent legal counsel
and/or counsel to the independent Board members. The CCO and the Trust's General Counsel also have the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other
consultants, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Determining Sanctions.** The CCO may also determine the appropriate sanction for any violations of this Code of
Ethics, including removal from office for the Trust, provided that removal from office shall only be carried out with the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting to the Board.** The CCO shall report any material violations of the Code to the Trust's Audit
Committee or to the full Board on a periodic basis and/or as the Board may request.

**III.**  **<u>Amendments to the Code.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Material amendments to this Code must be approved by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** PLFA Compliance shall maintain this Code (or amendments thereto) as required by law. PLFA Compliance shall file
any required public disclosures of material Code amendments.

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Code of Ethics

**IV.**  **<u>Confidentiality</u>** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the CCO, the Trust's General Counsel, the Covered Officer, the Trust's Board and legal counsel.

**V.**  **<u>Recordkeeping</u>** 

The CCO will create and maintain appropriate records regarding the implementation and operation of the Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

**<u>Effective Date:</u>** 

October 1, 2017

**<u>Revision History:</u>** 

September 17, 2015

January 1, 2011

January 4, 2010

January 4, 2007

Adopted October 28, 2003

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Code of Ethics

**EXHIBIT A** 

DEFINITIONS

**<u>Principal Executive Officer</u>** 

Chief Executive Officer.

**<u>Principal Financial Officer</u>** 

Individual holding the office of Chief Financial Officer, Treasurer of the Trust, or a person performing a similar function.

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Code of Ethics

**APPENDIX A** 

CODE OF ETHICS ACKNOWLEDGEMENT FOR NEW PRINCIPAL OFFICERS AND/OR CHANGES TO THE CODE

I have read and understand the Code of Ethics for Principal Officers for Pacific Select Fund and Pacific Funds and recognize that it applies to me.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: |  |
|  | Signature |
|  | Name and Title: |

---

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Code of Ethics

**APPENDIX B** 

**ANNUAL SOX CODE OF ETHICS CERTIFICATION FOR PRINCIPAL OFFICERS** 

I have read and understand the Code of Ethics for Principal Officers for Pacific Select Fund and Pacific Funds Series Trust and recognize that it applies to me. To the best of my knowledge, for the prior year, I have not violated any of the provisions thereof, and I have disclosed, reported or caused to be reported all necessary transactions.

---

| | |
|:---|:---|
| Date | Signature |
|  | Name and Title |

---

Page 8 of 8

Sox Code of Ethics for Principal Officers

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>FORM N-CSR CERTIFICATION</u>**

I, Adrian S. Griggs, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Pacific Select Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: February 24, 2023 |
| /s/ Adrian S. Griggs<br> Adrian S. Griggs |
| Chief Executive Officer, Pacific Select Fund |

---

------

**FORM N-CSR CERTIFICATION** 

I, Trevor T. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Pacific Select Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: February 24, 2023 |
| /s/ Trevor T. Smith<br> Trevor T. Smith |
| Treasurer (Principal Financial and Accounting Officer), Pacific Select Fund |

---

## Exhibit 99.906

**Exhibit 99.906** 

**<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted</u>**

**<u>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>**

In conjunction with the Annual Report to Shareholders on Form N-CSR of Pacific Select Fund (the "Fund") for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission (the "Report"), Adrian S. Griggs as Chief Executive Officer of the Fund and Trevor T. Smith , as Treasurer (Principal Financial and Accounting Officer) of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Fund.

Date: February 24, 2023

---

| |
|:---|
| /s/ Adrian S. Griggs |
| Adrian S. Griggs<br> Chief Executive Officer, Pacific Select Fund |
| /s/ Trevor T. Smith |
| Trevor T. Smith |
| Treasurer (Principal Financial and Accounting Officer), Pacific Select Fund |

---