Pacific Select Variable Annuity Semi-Annual Report · 2020. 5. 29. · Pacific Life Insurance...

of 334/334
Pacific Select Fund Pacific Select Variable Annuity Separate Account of Pacific Life Insurance Company Semi- Annual Reports
  • date post

    30-Jan-2021
  • Category

    Documents

  • view

    0
  • download

    0

Embed Size (px)

Transcript of Pacific Select Variable Annuity Semi-Annual Report · 2020. 5. 29. · Pacific Life Insurance...

  • Pacific Select Fund

    Pacific Select Variable AnnuitySeparate Account ofPacific Life Insurance Company

    Semi-AnnualReports

  • PACIFIC SELECT FUND

    Schedule of Investments ……………………………………………..………………………………………………………………………… A-1 Financial Statements: Statements of Assets and Liabilities ………………………...…………...….…………………………………………………………… B-1 Statements of Operations .…………………………………………..……….…………………………………………………………… B-9 Statements of Changes in Net Assets …………………………….……..…..……..…………………………….……………………… B-17 Statements of Cash Flows …………………………...….……..…..……..…………………………….………………………....……… B-25 Financial Highlights …………………….……………………………………..………………………………………………………………… B-26 Notes to Financial Statements ………………….……………………….……………………………….…………………………………... C-1 Disclosure of Fund Expenses ………………….……………………….……………………………….………………………………….... D-1 Approval of Sub-Advisory Agreement ………………….……………………….……………………………….…………………………… D-5 Special Meeting of Shareholders ……………………………………………………………………………………………………………… D-7 Where to Go for More Information ………………….…………………….……………………….…………………………………........... D-8

    PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT

    Investments ……………………………………………..……………………………………………………………………………………… SA-1 Financial Statements: Statements of Assets and Liabilities ………………………...…………...….…………………………………………………………… SA-3 Statements of Operations .…………………………………………..……….…………………………………………………………… SA-9 Statements of Changes in Net Assets …………………………….……..…..……..…………………………….……………………… SA-15 Financial Highlights …………………….……………………………………..………………………………………………………………… SA-32 Notes to Financial Statements ………………….……………………….……………………………….…………………………………... SA-43

    TABLE OF CONTENTS

    The 2018 Semi-Annual Reports for all underlying investment options other than Pacific Select Fund may be mailed separately to Pacific Life Insurance Company variable annuity contract owners with allocations to those options and should be read in conjunction with the Pacific Select Variable Annuity Separate Account Semi-Annual Report included herein.

  • Semi-Annual Report• Pacific Select Fund

    PACIFIC SELECT FUND

  • PACIFIC SELECT FUNDCORE INCOME PORTFOLIOSchedule of InvestmentsJune 30, 2018 (Unaudited)

    PrincipalAmount Value

    CORPORATE BONDS & NOTES - 45.5%

    Basic Materials - 0.9%

    Syngenta Finance NV (Netherlands)5.182% due 04/24/28 ~ $1,650,000 $1,596,024

    Teck Resources Ltd (Canada)6.000% due 08/15/40 1,500,000 1,462,500

    3,058,524Communications - 5.5%

    Alibaba Group Holding Ltd (China)4.000% due 12/06/37 550,000 511,757

    Amazon.com Inc4.250% due 08/22/57 1,000,000 989,730

    AT&T Inc5.250% due 03/01/37 1,000,000 988,077

    Charter Communications Operating LLC5.750% due 04/01/48 3,000,000 2,912,3926.384% due 10/23/35 1,500,000 1,570,740

    Sprint Corp7.250% due 09/15/21 2,000,000 2,085,000

    Sprint Spectrum Co LLC3.360% due 03/20/23 ~ 1,950,000 1,932,938

    Tencent Holdings Ltd (China)3.595% due 01/19/28 ~ 1,650,000 1,562,171

    Verizon Communications Inc4.125% due 03/16/27 1,500,000 1,481,2674.272% due 01/15/36 1,000,000 924,6934.812% due 03/15/39 1,957,000 1,897,1665.250% due 03/16/37 1,050,000 1,080,903

    Vodafone Group PLC (United Kingdom)5.250% due 05/30/48 1,200,000 1,201,703

    19,138,537Consumer, Cyclical - 7.7%

    Air Canada Pass-Through Trust ‘A’(Canada)4.125% due 11/15/26 ~ 2,159,783 2,170,063

    Alimentation Couche-Tard Inc (Canada)4.500% due 07/26/47 ~ 1,500,000 1,419,673

    American Airlines Pass-Through Trust ‘AA’3.575% due 07/15/29 1,856,260 1,806,9763.600% due 03/22/29 1,720,058 1,686,517

    American Airlines Pass-Through Trust ‘B’4.375% due 04/01/24 697,503 698,521

    British Airways Pass-Through Trust ‘A’(United Kingdom)4.625% due 12/20/25 ~ 1,619,448 1,662,638

    Continental Airlines Pass-Through Trust ‘A’4.000% due 04/29/26 1,545,109 1,554,712

    Delta Air Lines Pass-Through Trust ‘AA’3.625% due 01/30/29 357,012 355,144

    Downstream Development Authority of theQuapaw Tribe of Oklahoma10.500% due 02/15/23 ~ 1,500,000 1,537,500

    General Motors Co5.200% due 04/01/45 2,000,000 1,840,718

    Hawaiian Airlines Pass-ThroughCertificates ‘A’3.900% due 07/15/27 1,163,843 1,144,983

    Kohl’s Corp5.550% due 07/17/45 1,000,000 974,181

    Lennar Corp4.750% due 11/29/27 1,000,000 939,7006.250% due 12/15/21 2,000,000 2,105,000

    Mattamy Group Corp (Canada)6.500% due 10/01/25 ~ 500,000 492,780

    Nordstrom Inc5.000% due 01/15/44 1,000,000 924,603

    Six Flags Entertainment Corp4.875% due 07/31/24 ~ 1,000,000 974,200

    PrincipalAmount Value

    United Airlines Pass-Through Trust ‘B’3.650% due 04/07/27 $1,148,611 $1,100,7404.750% due 10/11/23 2,174,340 2,189,234

    US Airways Pass-Through Trust ‘A’4.625% due 12/03/26 1,371,294 1,403,979

    26,981,862Consumer, Non-Cyclical - 4.4%

    Anheuser-Busch InBev Finance Inc(Belgium)3.650% due 02/01/26 2,500,000 2,450,625

    Anheuser-Busch InBev Worldwide Inc(Belgium)4.750% due 04/15/58 1,050,000 1,029,189

    Bacardi Ltd (Bermuda)5.300% due 05/15/48 ~ 2,400,000 2,286,024

    BAT Capital Corp (United Kingdom)4.390% due 08/15/37 ~ 2,500,000 2,351,223

    Bayer US Finance II LLC4.250% due 12/15/25 ~ 1,200,000 1,208,779

    CHS/Community Health Systems Inc5.125% due 08/01/21 1,000,000 930,000

    General Mills Inc4.700% due 04/17/48 300,000 287,787

    Maple Escrow Subsidiary Inc4.417% due 05/25/25 ~ 1,350,000 1,358,448

    MEDNAX Inc5.250% due 12/01/23 ~ 1,000,000 982,500

    Mylan Inc4.550% due 04/15/28 ~ 600,000 587,267

    Teva Pharmaceutical FinanceNetherlands III BV (Israel)2.200% due 07/21/21 500,000 464,0672.800% due 07/21/23 750,000 648,326

    Valeant Pharmaceuticals International Inc6.500% due 03/15/22 ~ 1,000,000 1,038,750

    15,622,985Energy - 8.0%

    Andeavor Logistics LP5.200% due 12/01/47 600,000 580,4185.250% due 01/15/25 2,000,000 2,052,260

    Colorado Interstate Gas Co LLC4.150% due 08/15/26 ~ 450,000 436,538

    Concho Resources Inc4.300% due 08/15/28 # 1,400,000 1,400,972

    Energy Transfer Partners LP4.950% due 06/15/28 1,400,000 1,397,824

    EnLink Midstream Partners LP5.450% due 06/01/47 2,000,000 1,686,052

    EQT Corp3.900% due 10/01/27 1,600,000 1,495,898

    Kinder Morgan Energy Partners LP4.300% due 05/01/24 2,500,000 2,496,4725.000% due 08/15/42 650,000 606,375

    Marathon Oil Corp4.400% due 07/15/27 1,150,000 1,155,7355.200% due 06/01/45 1,500,000 1,583,797

    MPLX LP4.500% due 04/15/38 1,200,000 1,111,169

    Nabors Industries Inc5.500% due 01/15/23 300,000 288,300

    ONEOK Inc4.950% due 07/13/47 1,450,000 1,416,019

    Petrobras Global Finance BV (Brazil)5.299% due 01/27/25 ~ 1,000,000 925,2507.250% due 03/17/44 550,000 510,8137.375% due 01/17/27 1,000,000 1,001,250

    Petroleos Mexicanos (Mexico)5.350% due 02/12/28 ~ 1,000,000 949,0006.350% due 02/12/48 ~ 1,400,000 1,274,0006.500% due 03/13/27 1,050,000 1,075,463

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-1

  • PACIFIC SELECT FUNDCORE INCOME PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    RSP Permian Inc5.250% due 01/15/25 $600,000 $644,400

    Sabine Pass Liquefaction LLC4.200% due 03/15/28 800,000 770,5355.000% due 03/15/27 900,000 914,873

    Southwestern Energy Co6.700% due 01/23/25 1,000,000 982,500

    Transcontinental Gas Pipe Line Co LLC4.000% due 03/15/28 ~ 350,000 340,691

    Williams Partners LP4.850% due 03/01/48 900,000 860,051

    27,956,655Financial - 13.2%

    Ares Capital Corp3.500% due 02/10/23 2,000,000 1,907,6834.250% due 03/01/25 1,500,000 1,444,387

    Bank of America Corp4.183% due 11/25/27 2,500,000 2,438,4784.200% due 08/26/24 1,500,000 1,508,4214.250% due 10/22/26 2,500,000 2,472,113

    Barclays PLC (United Kingdom)3.710% (USD LIBOR + 1.380%)due 05/16/24 § 1,000,000 992,531

    Citigroup Inc4.075% due 04/23/29 2,500,000 2,455,7054.400% due 06/10/25 1,250,000 1,243,9064.600% due 03/09/26 2,400,000 2,399,625

    Columbia Property Trust OperatingPartnership LP REIT4.150% due 04/01/25 1,250,000 1,221,061

    Healthcare Realty Trust Inc REIT3.625% due 01/15/28 750,000 703,414

    High Street Funding Trust I4.111% due 02/15/28 ~ 600,000 590,178

    HSBC Holdings PLC (United Kingdom)3.326% (USD LIBOR + 1.000%)due 05/18/24 § 600,000 598,6774.583% due 06/19/29 900,000 909,752

    Hudson Pacific Properties LP REIT3.950% due 11/01/27 1,000,000 936,462

    Jefferies Finance LLC7.375% due 04/01/20 ~ 1,000,000 1,009,730

    JPMorgan Chase & Co4.125% due 12/15/26 2,500,000 2,471,907

    Morgan Stanley5.000% due 11/24/25 4,000,000 4,151,614

    Piedmont Operating Partnership LP REIT4.450% due 03/15/24 2,000,000 2,013,931

    Royal Bank of Scotland Group PLC(United Kingdom)3.885% (USD LIBOR + 1.550%)due 06/25/24 § 1,100,000 1,098,621

    Teachers Insurance & Annuity Associationof America4.270% due 05/15/47 ~ 2,000,000 1,915,712

    The Goldman Sachs Group Inc3.272% due 09/29/25 1,500,000 1,426,2083.500% due 11/16/26 5,000,000 4,714,429

    UDR Inc REIT2.950% due 09/01/26 1,500,000 1,377,248

    Ventas Realty LP REIT3.500% due 02/01/25 1,500,000 1,438,011

    Wells Fargo & Co4.400% due 06/14/46 1,500,000 1,375,1744.750% due 12/07/46 1,450,000 1,405,243

    46,220,221Industrial - 2.4%

    Allegion US Holding Co Inc3.550% due 10/01/27 1,500,000 1,390,050

    Masco Corp7.750% due 08/01/29 650,000 788,730

    PrincipalAmount Value

    Novelis Corp5.875% due 09/30/26 ~ $500,000 $480,0006.250% due 08/15/24 ~ 1,000,000 1,002,500

    Owens-Brockway Glass Container Inc5.000% due 01/15/22 ~ 1,500,000 1,500,000

    Park Aerospace Holdings Ltd (Ireland)5.250% due 08/15/22 ~ 750,000 745,320

    Standard Industries Inc4.750% due 01/15/28 ~ 700,000 645,750

    Union Pacific Corp3.950% due 09/10/28 1,750,000 1,761,224

    8,313,574Technology - 0.5%

    Apple Inc3.750% due 09/12/47 1,000,000 938,806

    Dell International LLC6.020% due 06/15/26 ~ 950,000 1,000,247

    1,939,053Utilities - 2.9%

    Calpine Corp5.250% due 06/01/26 ~ 1,000,000 946,2505.750% due 01/15/25 1,000,000 916,875

    Edison International4.125% due 03/15/28 1,000,000 986,162

    Exelon Corp5.100% due 06/15/45 2,000,000 2,138,355

    FirstEnergy Corp4.850% due 07/15/47 1,650,000 1,692,285

    IPALCO Enterprises Inc3.700% due 09/01/24 1,750,000 1,698,041

    Talen Energy Supply LLC6.500% due 06/01/25 1,000,000 767,500

    The Southern Co3.250% due 07/01/26 1,200,000 1,127,967

    10,273,435Total Corporate Bonds & Notes

    (Cost $164,657,126) 159,504,846

    SENIOR LOAN NOTES - 18.3%

    Basic Materials - 0.6%

    Ineos US Finance LLC Term B4.094% (USD LIBOR + 2.000%)due 03/31/24 § 995,000 992,868

    PQ Corp Term B4.594% (USD LIBOR + 2.500%)due 02/08/25 § 982,563 981,846

    1,974,714Communications - 3.9%

    Altice US Finance I Corp Term B4.344% (USD LIBOR + 2.250%)due 07/28/25 § 3,439,868 3,437,003

    Avaya Inc Term B6.323% (USD LIBOR + 4.250%)due 12/15/24 § 995,000 998,835

    CSC Holdings LLC4.323% (USD LIBOR + 2.250%)due 07/17/25 § 990,000 984,050

    Frontier Communications Corp8.375% (USD LIBOR + 4.375%)due 12/15/19 § 2,481,250 2,487,453Term Bdue 06/15/24 ∞ 2,000,000 1,975,400

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-2

  • PACIFIC SELECT FUNDCORE INCOME PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    Level 3 Financing Inc Term B4.334% (USD LIBOR + 2.250%)due 02/22/24 § $2,000,000 $1,997,812

    Sprint Communications Inc Term B4.625% (USD LIBOR + 2.500%)due 02/02/24 § 1,975,000 1,966,977

    13,847,530Consumer, Cyclical - 4.5%

    Bass Pro Group LLC Term B7.094% (USD LIBOR + 5.000%)due 09/25/24 § 997,487 1,001,539

    BJ’s Wholesale Club Inc5.530% (USD LIBOR + 3.500%)due 02/03/24 § 994,957 996,077

    ClubCorp Holdings Inc Term B5.084% (USD LIBOR + 2.750%)due 09/18/24 § 1,468,902 1,459,721

    HD Supply Inc Term B34.344% (USD LIBOR + 2.250%)due 08/13/21 § 940,539 943,949

    Hilton Worldwide Finance LLC Term B23.841% (USD LIBOR + 1.750%)due 10/25/23 § 1,495,331 1,496,188

    Las Vegas Sands LLC Term B3.844% (USD LIBOR + 1.750%)due 03/27/25 § 2,910,074 2,893,885

    New Red Finance Term B3 (Canada)4.344% (USD LIBOR + 2.250%)due 02/16/24 § 2,723,262 2,711,756

    Nexeo Solutions LLC5.584% (USD LIBOR + 3.250%)due 06/09/23 § 980,131 982,581

    SeaWorld Parks & Entertainment IncTerm B55.094% (USD LIBOR + 3.000%)due 03/31/24 § 1,982,444 1,971,913

    Univar Inc Term B4.594% (USD LIBOR + 2.500%)due 07/01/24 § 1,256,556 1,255,771

    15,713,380Consumer, Non-Cyclical - 2.2%

    Albertsons LLC Term B44.844% (USD LIBOR + 2.750%)due 08/25/21 § 2,551,758 2,528,833

    Community Health Systems Inc Term G5.307% (USD LIBOR + 3.000%)due 12/31/19 § 976,190 973,810

    Jaguar Holding Co II4.594% (USD LIBOR + 2.500%)due 08/18/22 § 242,500 241,338

    US Foods Inc Term B4.094% (USD LIBOR + 2.000%)due 06/27/23 § 2,450,000 2,450,764

    Valeant Pharmaceuticals International IncTerm B (Canada)4.983% (USD LIBOR + 3.000%)due 06/01/25 § 1,500,000 1,497,008

    7,691,753Energy - 0.4%

    Arch Coal Inc Term B4.844% (USD LIBOR + 2.750%)due 03/07/24 § 1,484,962 1,481,621

    PrincipalAmount Value

    Financial - 1.3%

    Hub International Ltd Term B5.360% (USD LIBOR + 3.000%)due 04/25/25 § $1,000,000 $994,755

    Realogy Group LLC Term B4.296% (USD LIBOR + 2.250%)due 02/08/25 § 572,935 573,472

    USI Inc5.334% (USD LIBOR + 3.000%)due 05/16/24 § 2,481,250 2,469,774

    VICI Properties 1 LLC Term B4.084% (USD LIBOR + 2.000%)due 12/20/24 § 477,273 474,986

    4,512,987Industrial - 3.3%

    Avolon SARL Term B34.088% (USD LIBOR + 2.000%)due 01/15/25 § 1,985,000 1,964,257

    BWAY Holding Co Term B5.588% (USD LIBOR + 3.250%)due 04/03/24 § 742,500 744,125

    Flex Acquisition Co Inc5.308% (USD LIBOR + 3.000%)due 12/29/23 § 990,000 988,321

    Proampac PG Borrower LLC5.610% (USD LIBOR + 3.500%)due 11/18/23 § 2,468,672 2,475,873

    Reynolds Group Holdings Inc4.844% (USD LIBOR + 2.750%)due 02/05/23 § 2,566,505 2,566,148

    TransDigm IncTerm E4.594% (USD LIBOR + 2.500%)due 05/30/25 § 968,893 965,691Term F4.594% (USD LIBOR + 2.500%)due 06/09/23 § 1,935,024 1,929,583

    11,633,998Technology - 1.3%

    First Data Corp4.091% (USD LIBOR + 2.000%)due 07/08/22 § 1,759,244 1,750,888

    Kronos Inc Term B5.358% (USD LIBOR + 3.000%)due 11/01/23 § 990,019 989,906

    Sensata Technologies BV Term B(Netherlands)3.797% (USD LIBOR + 1.750%)due 10/14/21 § 926,951 929,461

    Tempo Acquisition LLC5.094% (USD LIBOR + 3.000%)due 05/01/24 § 994,975 992,798

    4,663,053Utilities - 0.8%

    Talen Energy Supply LLC Term B16.094% (USD LIBOR + 4.000%)due 07/15/23 § 1,480,019 1,488,899

    TEX Operations Co LLC Term B4.094% (USD LIBOR + 2.250%)due 08/04/23 § 1,203,107 1,196,058

    2,684,957Total Senior Loan Notes

    (Cost $64,423,504) 64,203,993

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-3

  • PACIFIC SELECT FUNDCORE INCOME PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    MORTGAGE-BACKED SECURITIES - 0.8%

    Fannie Mae - 0.4%

    2.500% due 07/01/33 $1,500,000 $1,457,887

    Freddie Mac - 0.4%

    2.500% due 07/01/33 1,500,000 1,455,852

    Total Mortgage-Backed Securities(Cost $2,900,859) 2,913,739

    ASSET-BACKED SECURITIES - 20.3%

    Ally Auto Receivables Trust2.010% due 03/15/22 2,000,000 1,962,835

    ALM XII Ltd (Cayman)3.436% (USD LIBOR + 1.350%)due 04/16/27 § ~ 1,200,000 1,201,395

    American Express Credit AccountMaster Trust2.350% due 05/15/25 1,000,000 971,868

    AmeriCredit Automobile Receivables Trust1.980% due 12/20/21 500,000 495,3892.240% due 06/19/23 650,000 639,0302.300% due 02/18/22 1,250,000 1,236,4722.400% due 05/18/22 900,000 889,8962.690% due 06/19/23 700,000 688,9212.710% due 08/18/22 750,000 741,834

    Atrium CLO XI (Cayman)3.502% (USD LIBOR + 1.140%)due 10/23/25 § ~ 750,000 750,818

    BA Credit Card Trust2.700% due 07/17/23 1,500,000 1,491,508

    Birchwood Park CLO Ltd (Cayman)3.528% (USD LIBOR + 1.180%)due 07/15/26 § ~ 850,000 850,632

    BlueMountain CLO Ltd (Cayman)3.488% (USD LIBOR + 1.140%)due 10/15/26 § ~ 1,500,000 1,500,728

    Capital Auto Receivables Asset Trust2.110% due 03/22/21 400,000 396,0463.090% due 08/22/22 ~ 900,000 897,005

    Carlyle Global Market Strategies CLO Ltd(Cayman)4.359% (USD LIBOR + 2.000%)due 04/20/27 § ~ 1,550,000 1,552,347

    CIFC Funding Ltd CLO (Cayman)3.225% (USD LIBOR + 0.870%)due 04/19/29 § ~ 2,000,000 1,994,5674.005% (USD LIBOR + 1.650%)due 04/19/29 § ~ 1,250,000 1,235,475

    Citibank Credit Card Issuance Trust1.920% due 04/07/22 1,500,000 1,475,1792.827% (USD LIBOR + 0.770%)due 05/14/29 § 4,000,000 4,033,586

    Dryden 55 CLO Ltd (Cayman)3.941% (USD LIBOR + 1.900%)due 04/15/31 § ~ 1,000,000 999,510

    Dryden 58 CLO Ltd (Cayman)0.000% (USD LIBOR + 1.500%)due 07/17/31 § # ~ 1,000,000 1,000,0000.000% (USD LIBOR + 1.800%)due 07/17/31 § # ~ 1,000,000 1,000,000

    Dryden 64 CLO Ltd (Cayman)3.619% (USD LIBOR + 1.400%)due 04/18/31 § ~ 800,000 792,744

    PrincipalAmount Value

    Ford Credit Auto Owner Trust1.730% due 03/15/22 $400,000 $389,4352.350% due 04/15/23 1,500,000 1,469,3612.360% due 03/15/29 ~ 3,000,000 2,895,8813.190% due 07/15/31 ~ 3,500,000 3,448,604

    Madison Park Funding XXVIII Ltd (Cayman)3.937% (USD LIBOR + 1.600%)due 07/15/30 § ~ 1,400,000 1,400,0004.187% (USD LIBOR + 1.850%)due 07/15/30 § ~ ± 600,000 600,000

    Navient Student Loan Trust2.691% (USD LIBOR + 0.600%)due 06/25/65 § ~ 82,863 82,9002.811% (USD LIBOR + 0.720%)due 03/25/67 § ~ 1,000,000 1,004,867

    Oak Hill Credit Partners X Ltd CLO(Cayman)3.489% (USD LIBOR + 1.130%)due 07/20/26 § ~ 1,500,000 1,502,350

    OCP CLO Ltd (Cayman)3.182% (USD LIBOR + 0.820%)due 10/26/27 § ~ 1,000,000 999,215

    Octagon Investment Partners 25 Ltd CLO(Cayman)3.559% (USD LIBOR + 1.200%)due 10/20/26 § ~ 1,000,000 1,000,976

    OneMain Financial Issuance Trust2.370% due 09/14/32 ~ 2,400,000 2,354,278

    Regatta IV Funding Ltd CLO3.380% (USD LIBOR + 1.020%)due 07/25/26 § ~ 1,000,000 1,001,015

    Santander Drive Auto Receivables Trust2.080% due 02/16/21 530,005 529,1662.100% due 06/15/21 1,000,000 994,4872.630% due 07/15/22 1,150,000 1,141,2522.660% due 11/15/21 500,000 498,1722.960% due 03/15/24 900,000 891,7013.350% due 07/17/23 1,230,000 1,231,0893.510% due 08/15/23 2,500,000 2,502,727

    SLM Private Credit Student Loan Trust2.631% (USD LIBOR + 0.290%)due 06/15/39 § 1,866,272 1,830,810

    SLM Student Loan Trust2.910% (USD LIBOR + 0.550%)due 10/25/64 § ~ 2,000,000 1,995,929

    SMB Private Education Loan Trust2.340% due 09/15/34 ~ 1,000,000 972,1732.700% due 05/15/31 ~ 1,367,480 1,339,4872.820% due 10/15/35 ~ 2,100,000 2,042,8322.880% due 09/15/34 ~ 2,500,000 2,450,5002.973% (USD LIBOR + 0.900%)due 09/15/34 § ~ 1,250,000 1,264,0473.500% due 02/15/36 ~ 1,200,000 1,200,8793.600% due 01/15/37 ~ 1,050,000 1,055,954

    Synchrony Credit Card Master Note Trust2.210% due 05/15/24 500,000 487,427

    Verizon Owner Trust2.060% due 09/20/21 ~ 1,000,000 988,916

    Volvo Financial Equipment LLC2.210% due 11/15/21 ~ 750,000 737,948

    Total Asset-Backed Securities(Cost $71,569,787) 71,102,163

    U.S. GOVERNMENT AGENCY ISSUES - 1.9%

    Fannie Mae1.875% due 09/18/18 3,500,000 3,499,387

    Freddie Mac1.250% due 10/02/19 3,250,000 3,201,013

    Total U.S. Government Agency Issues(Cost $6,754,208) 6,700,400

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-4

  • PACIFIC SELECT FUNDCORE INCOME PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    U.S. TREASURY OBLIGATIONS - 9.9%

    U.S. Treasury Bonds - 2.7%

    2.250% due 08/15/46 $1,950,000 $1,677,6862.500% due 02/15/45 500,000 455,5272.500% due 02/15/46 1,500,000 1,362,7152.500% due 05/15/46 1,750,000 1,588,6732.750% due 11/15/47 2,000,000 1,906,7583.000% due 02/15/48 2,500,000 2,506,348

    9,497,707U.S. Treasury Notes - 7.2%

    1.125% due 04/30/20 2,000,000 1,950,4301.250% due 07/31/23 2,750,000 2,555,5131.375% due 06/30/23 1,650,000 1,545,1671.375% due 08/31/23 2,000,000 1,867,7351.500% due 10/31/19 2,500,000 2,469,2871.625% due 07/31/20 2,000,000 1,962,6561.625% due 02/15/26 1,500,000 1,376,1621.625% due 05/15/26 2,000,000 1,829,5311.875% due 10/31/22 1,500,000 1,448,9062.000% due 10/31/21 3,000,000 2,937,4222.125% due 12/31/21 3,000,000 2,945,7422.125% due 12/31/22 2,500,000 2,436,963

    25,325,514Total U.S. Treasury Obligations

    (Cost $35,611,106) 34,823,221

    FOREIGN GOVERNMENT BONDS & NOTES - 2.3%

    Chile Government (Chile)2.250% due 10/30/22 1,000,000 954,500

    Export-Import Bank of Korea (South Korea)2.250% due 01/21/20 1,500,000 1,481,007

    Mexico Government (Mexico)3.750% due 01/11/28 1,340,000 1,268,6454.350% due 01/15/47 1,000,000 896,000

    Province of British Columbia (Canada)2.000% due 10/23/22 1,500,000 1,441,940

    Province of Ontario (Canada)1.875% due 05/21/20 2,000,000 1,965,508

    Total Foreign Government Bonds & Notes(Cost $8,326,189) 8,007,600

    PrincipalAmount Value

    SHORT-TERM INVESTMENT - 1.8%

    Repurchase Agreement - 1.8%

    Fixed Income Clearing Corp0.350% due 07/02/18(Dated 06/29/18, repurchase price of$6,468,730; collateralized by U.S.Treasury Notes: 2.625% due 11/15/20and value $6,598,468) $6,468,541 $6,468,541

    Total Short-Term Investment(Cost $6,468,541) 6,468,541

    TOTAL INVESTMENTS - 100.8%(Cost $360,711,320) 353,724,503

    OTHER ASSETS & LIABILITIES, NET - (0.8%) (2,856,494)

    NET ASSETS - 100.0% $350,868,009

    Notes to Schedule of Investments

    (a) As of June 30, 2018, the Fund’s composition as a percentage of net assets wasas follows:

    Corporate Bonds & Notes 45.5%Asset-Backed Securities 20.3%Senior Loan Notes 18.3%U.S. Treasury Obligations 9.9%Others (each less than 3.0%) 6.8%

    100.8%Other Assets & Liabilities, Net (0.8%)

    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 (See Note 3D inNotes to Financial Statements) as of June 30, 2018:

    Total Value atJune 30, 2018

    Level 1Quoted Price

    Level 2Significant

    Observable Inputs

    Level 3Significant

    Unobservable InputsAssets Corporate Bonds & Notes $159,504,846 $- $159,504,846 $-

    Senior Loan Notes 64,203,993 - 64,203,993 -Mortgage-Backed Securities 2,913,739 - 2,913,739 -Asset-Backed Securities 71,102,163 - 70,502,163 600,000U.S. Government Agency Issues 6,700,400 - 6,700,400 -U.S. Treasury Obligations 34,823,221 - 34,823,221 -Foreign Government Bonds & Notes 8,007,600 - 8,007,600 -Short-Term Investment 6,468,541 - 6,468,541 -

    Total $353,724,503 $- $353,124,503 $600,000

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-5

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of InvestmentsJune 30, 2018 (Unaudited)

    Shares Value

    PREFERRED STOCKS - 0.1%

    Financial - 0.1%

    Citigroup Capital XIII8.729% (USD LIBOR + 6.370%)due 10/30/40 § 47,050 $1,275,055

    GMAC Capital Trust I8.128% (USD LIBOR + 5.785%)due 02/15/40 § 149,256 3,925,433

    5,200,488

    Total Preferred Stocks(Cost $4,909,083) 5,200,488

    PrincipalAmount

    CORPORATE BONDS & NOTES - 34.4%

    Basic Materials - 1.4%

    Alcoa Nederland Holding BV6.750% due 09/30/24 ~ $2,330,000 2,468,845

    Anglo American Capital PLC(United Kingdom)3.625% due 09/11/24 ~ 500,000 473,7233.750% due 04/10/22 ~ 2,830,000 2,812,0994.000% due 09/11/27 ~ 1,080,000 1,006,6394.750% due 04/10/27 ~ 1,380,000 1,362,033

    ArcelorMittal (Luxembourg)6.250% due 02/25/22 740,000 789,9507.000% due 10/15/39 740,000 853,775

    Barrick Gold Corp (Canada)5.250% due 04/01/42 340,000 356,813

    Barrick North America Finance LLC(Canada)4.400% due 05/30/21 1,077,000 1,114,8375.700% due 05/30/41 1,983,000 2,205,539

    BHP Billiton Finance USA Ltd (Australia)2.875% due 02/24/22 214,000 211,4005.000% due 09/30/43 1,220,000 1,370,8606.750% due 10/19/75 ~ 4,750,000 5,163,250

    Equate Petrochemical BV (Kuwait)4.250% due 11/03/26 ~ 2,440,000 2,371,990

    Glencore Funding LLC (Switzerland)2.875% due 04/16/20 ~ 560,000 554,2724.000% due 03/27/27 ~ 5,010,000 4,735,9114.125% due 05/30/23 ~ 380,000 379,585

    LyondellBasell Industries NV5.000% due 04/15/19 431,000 435,3216.000% due 11/15/21 490,000 524,736

    Nutrien Ltd (Canada)4.875% due 03/30/20 640,000 652,396

    OCP SA (Morocco)4.500% due 10/22/25 ~ 2,800,000 2,672,818

    Southern Copper Corp (Peru)5.250% due 11/08/42 6,630,000 6,579,6936.750% due 04/16/40 600,000 691,154

    Syngenta Finance NV (Switzerland)3.933% due 04/23/21 ~ 2,590,000 2,584,947

    Vale Overseas Ltd (Brazil)6.875% due 11/21/36 2,485,000 2,802,334

    Yamana Gold Inc (Brazil)4.625% due 12/15/27 1,810,000 1,736,832

    46,911,752Communications - 3.2%

    21st Century Fox America Inc6.200% due 12/15/34 1,000,000 1,183,7386.650% due 11/15/37 70,000 87,091

    PrincipalAmount Value

    Altice France SA (France)6.250% due 05/15/24 ~ $370,000 $360,7507.375% due 05/01/26 ~ 3,900,000 3,827,655

    Amazon.com Inc3.150% due 08/22/27 ~ 2,710,000 2,606,7703.875% due 08/22/37 ~ 1,310,000 1,282,0954.050% due 08/22/47 ~ 1,720,000 1,689,1174.950% due 12/05/44 2,190,000 2,437,540

    America Movil SAB de CV (Mexico)5.000% due 03/30/20 3,300,000 3,393,851

    AT&T Inc3.000% due 02/15/22 260,000 254,0093.000% due 06/30/22 260,000 252,2733.400% due 05/15/25 7,480,000 7,045,2593.875% due 08/15/21 110,000 111,2174.350% due 06/15/45 1,615,000 1,373,7114.450% due 05/15/21 390,000 399,421

    Bharti Airtel Ltd (India)4.375% due 06/10/25 ~ 1,390,000 1,283,230

    CCO Holdings LLC5.000% due 02/01/28 ~ 1,040,000 956,8005.125% due 05/01/27 ~ 1,120,000 1,048,600

    CenturyLink Inc6.150% due 09/15/19 1,000,000 1,022,500

    Charter Communications Operating LLC3.579% due 07/23/20 1,970,000 1,970,6754.200% due 03/15/28 3,530,000 3,309,8725.375% due 04/01/38 870,000 823,7735.750% due 04/01/48 70,000 67,9566.384% due 10/23/35 530,000 554,9956.484% due 10/23/45 650,000 686,8916.834% due 10/23/55 370,000 397,787

    Comcast Corp5.150% due 03/01/20 1,658,000 1,711,7305.650% due 06/15/35 290,000 321,6976.500% due 11/15/35 1,530,000 1,821,026

    CommScope Technologies LLC5.000% due 03/15/27 ~ 650,000 613,438

    Deutsche Telekom International Finance BV(Germany)2.820% due 01/19/22 ~ 710,000 690,1886.750% due 08/20/18 1,545,000 1,553,678

    DISH DBS Corp5.875% due 07/15/22 740,000 698,3755.875% due 11/15/24 4,686,000 3,983,1006.750% due 06/01/21 100,000 100,375

    Myriad International Holdings BV(South Africa)4.850% due 07/06/27 ~ 3,660,000 3,591,492

    NBCUniversal Enterprise Inc1.974% due 04/15/19 ~ 4,080,000 4,050,034

    NBCUniversal Media LLC4.375% due 04/01/21 680,000 698,045

    Sprint Capital Corp8.750% due 03/15/32 1,850,000 1,984,125

    Sprint Communications Inc9.000% due 11/15/18 ~ 85,000 86,806

    Sprint Corp7.625% due 02/15/25 2,530,000 2,599,5757.875% due 09/15/23 130,000 135,119

    Sprint Spectrum Co LLC3.360% due 03/20/23 ~ 650,000 644,312

    Telefonica Emisiones SAU (Spain)4.103% due 03/08/27 2,630,000 2,547,0965.134% due 04/27/20 2,020,000 2,084,7105.877% due 07/15/19 350,000 360,108

    Time Warner Cable LLC5.500% due 09/01/41 250,000 233,1735.875% due 11/15/40 1,470,000 1,441,6116.750% due 06/15/39 1,050,000 1,121,932

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-6

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    7.300% due 07/01/38 $1,620,000 $1,840,3068.250% due 04/01/19 5,445,000 5,648,818

    Time Warner Entertainment Co LP8.375% due 07/15/33 990,000 1,224,535

    Verizon Communications Inc2.625% due 08/15/26 2,770,000 2,462,0033.376% due 02/15/25 2,938,000 2,825,9313.500% due 11/01/24 410,000 396,9493.850% due 11/01/42 730,000 611,3904.125% due 03/16/27 4,570,000 4,512,9254.329% due 09/21/28 ~ 2,720,000 2,701,2264.500% due 08/10/33 2,010,000 1,952,6284.522% due 09/15/48 1,450,000 1,326,1075.500% due 03/16/47 250,000 262,729

    Viacom Inc3.875% due 04/01/24 610,000 590,6944.250% due 09/01/23 620,000 615,482

    Vodafone Group PLC (United Kingdom)4.375% due 05/30/28 6,190,000 6,121,6515.250% due 05/30/48 3,300,000 3,304,684

    Warner Media LLC4.700% due 01/15/21 410,000 422,3046.250% due 03/29/41 450,000 490,506

    108,810,189Consumer, Cyclical - 1.3%

    American Axle & Manufacturing Inc6.625% due 10/15/22 1,015,000 1,042,912

    Beacon Roofing Supply Inc4.875% due 11/01/25 ~ 680,000 632,400

    BMW US Capital LLC (Germany)1.850% due 09/15/21 ~ 440,000 419,733

    Daimler Finance North America LLC(Germany)2.450% due 05/18/20 ~ 380,000 374,502

    Delta Air Lines Pass-Through Trust ‘A’6.821% due 02/10/24 2,322,159 2,534,404

    Ford Motor Co4.750% due 01/15/43 530,000 459,320

    Ford Motor Credit Co LLC2.459% due 03/27/20 200,000 196,9263.200% due 01/15/21 1,250,000 1,236,6703.664% due 09/08/24 2,770,000 2,653,5135.750% due 02/01/21 1,070,000 1,124,2058.125% due 01/15/20 1,570,000 1,682,621

    General Motors Co5.150% due 04/01/38 440,000 420,0256.250% due 10/02/43 570,000 592,200

    General Motors Financial Co Inc2.450% due 11/06/20 800,000 781,5363.450% due 04/10/22 720,000 708,0064.250% due 05/15/23 1,250,000 1,253,9254.350% due 01/17/27 520,000 503,8674.375% due 09/25/21 930,000 948,548

    GLP Capital LP5.375% due 04/15/26 2,162,000 2,145,785

    Hilton Worldwide Finance LLC4.875% due 04/01/27 2,420,000 2,341,350

    Lennar Corp4.500% due 04/30/24 1,160,000 1,120,9084.750% due 11/29/27 1,050,000 986,685

    McDonald’s Corp3.500% due 03/01/27 740,000 722,9523.700% due 01/30/26 2,560,000 2,544,670

    MGM Resorts International6.625% due 12/15/21 800,000 844,000

    NCL Corp Ltd4.750% due 12/15/21 ~ 2,325,000 2,325,000

    New Red Finance Inc (Canada)5.000% due 10/15/25 ~ 1,170,000 1,112,904

    PrincipalAmount Value

    Newell Brands Inc3.150% due 04/01/21 $1,810,000 $1,794,2433.850% due 04/01/23 2,040,000 2,010,9224.200% due 04/01/26 1,590,000 1,537,027

    QVC Inc5.950% due 03/15/43 100,000 94,594

    Taylor Morrison Communities Inc5.250% due 04/15/21 ~ 1,100,000 1,101,375

    Toll Brothers Finance Corp4.375% due 04/15/23 770,000 757,488

    Walgreens Boots Alliance Inc3.450% due 06/01/26 2,240,000 2,092,780

    Walmart Inc3.700% due 06/26/28 3,540,000 3,567,631

    44,665,627Consumer, Non-Cyclical - 6.1%

    Abbott Laboratories3.750% due 11/30/26 2,550,000 2,510,0274.750% due 11/30/36 1,300,000 1,374,6674.900% due 11/30/46 2,180,000 2,341,566

    AbbVie Inc3.600% due 05/14/25 1,600,000 1,551,473

    Aetna Inc2.800% due 06/15/23 540,000 515,381

    Allergan Funding SCS3.450% due 03/15/22 1,420,000 1,398,0943.800% due 03/15/25 2,730,000 2,654,0494.550% due 03/15/35 430,000 408,8984.750% due 03/15/45 491,000 474,039

    Altria Group Inc4.750% due 05/05/21 2,980,000 3,095,9429.250% due 08/06/19 3,330,000 3,557,539

    Amgen Inc2.125% due 05/01/20 420,000 413,0643.625% due 05/22/24 590,000 588,0754.663% due 06/15/51 289,000 286,707

    Anheuser-Busch InBev Finance Inc(Belgium)2.650% due 02/01/21 2,520,000 2,486,2703.300% due 02/01/23 6,590,000 6,539,6653.650% due 02/01/26 1,450,000 1,421,3634.900% due 02/01/46 6,230,000 6,429,617

    Anheuser-Busch InBev Worldwide Inc(Belgium)2.500% due 07/15/22 2,790,000 2,695,4564.000% due 04/13/28 2,680,000 2,678,067

    Anthem Inc2.950% due 12/01/22 490,000 476,2253.125% due 05/15/22 3,300,000 3,252,8333.350% due 12/01/24 560,000 541,5263.650% due 12/01/27 1,360,000 1,290,3323.700% due 08/15/21 220,000 222,021

    Ashtead Capital Inc (United Kingdom)4.375% due 08/15/27 ~ 200,000 186,500

    BAT Capital Corp (United Kingdom)3.557% due 08/15/27 ~ 7,780,000 7,249,5794.540% due 08/15/47 ~ 3,450,000 3,231,477

    Becton Dickinson & Co3.363% due 06/06/24 3,810,000 3,663,1863.734% due 12/15/24 993,000 970,8024.685% due 12/15/44 740,000 719,386

    Cardinal Health Inc2.616% due 06/15/22 630,000 604,117

    Catholic Health Initiatives4.350% due 11/01/42 420,000 398,566

    Celgene Corp2.250% due 08/15/21 1,680,000 1,617,1903.550% due 08/15/22 910,000 903,6713.875% due 08/15/25 1,440,000 1,401,053

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-7

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    5.000% due 08/15/45 $660,000 $648,1445.250% due 08/15/43 320,000 328,438

    Centene Corp4.750% due 05/15/22 660,000 667,4254.750% due 01/15/25 970,000 967,5755.625% due 02/15/21 340,000 348,0336.125% due 02/15/24 1,270,000 1,341,438

    Constellation Brands Inc4.250% due 05/01/23 590,000 601,968

    Cott Holdings Inc (Canada)5.500% due 04/01/25 ~ 1,530,000 1,491,750

    CVS Health Corp2.750% due 12/01/22 4,660,000 4,469,4293.350% due 03/09/21 1,210,000 1,209,3543.700% due 03/09/23 1,930,000 1,912,3873.875% due 07/20/25 1,278,000 1,251,1534.100% due 03/25/25 2,180,000 2,171,2144.300% due 03/25/28 12,230,000 12,082,7545.050% due 03/25/48 980,000 993,5855.125% due 07/20/45 1,440,000 1,463,327

    CVS Pass-Through Trust5.298% due 01/11/27 ~ 544,066 557,9666.036% due 12/10/28 2,641,442 2,815,188

    Danone SA (France)2.077% due 11/02/21 ~ 2,540,000 2,429,8972.589% due 11/02/23 ~ 4,030,000 3,798,666

    DaVita Inc5.000% due 05/01/25 30,000 28,313

    Diageo Investment Corp (United Kingdom)2.875% due 05/11/22 3,620,000 3,567,095

    Ecolab Inc4.350% due 12/08/21 767,000 792,221

    Eli Lilly & Co3.100% due 05/15/27 1,310,000 1,254,896

    Fresenius Medical Care US Finance II Inc(Germany)4.125% due 10/15/20 ~ 1,080,000 1,091,3845.875% due 01/31/22 ~ 1,160,000 1,230,521

    Gilead Sciences Inc2.550% due 09/01/20 530,000 523,6993.650% due 03/01/26 1,660,000 1,639,9783.700% due 04/01/24 2,210,000 2,215,0244.750% due 03/01/46 1,900,000 1,964,131

    GlaxoSmithKline Capital PLC(United Kingdom)2.850% due 05/08/22 3,020,000 2,969,673

    HCA Inc4.500% due 02/15/27 110,000 103,8135.000% due 03/15/24 1,333,000 1,336,3335.250% due 06/15/26 180,000 179,2265.500% due 06/15/47 640,000 588,8005.875% due 03/15/22 2,120,000 2,215,4005.875% due 05/01/23 827,000 860,0807.500% due 02/15/22 980,000 1,068,200

    Humana Inc3.150% due 12/01/22 970,000 944,8483.950% due 03/15/27 860,000 846,9294.625% due 12/01/42 1,090,000 1,090,1914.800% due 03/15/47 130,000 134,1694.950% due 10/01/44 610,000 638,145

    Johnson & Johnson3.625% due 03/03/37 1,810,000 1,771,066

    Kraft Heinz Foods Co3.000% due 06/01/26 2,510,000 2,263,4293.500% due 06/06/22 20,000 19,8313.500% due 07/15/22 800,000 790,9523.950% due 07/15/25 720,000 700,6914.000% due 06/15/23 150,000 149,6684.375% due 06/01/46 1,350,000 1,171,3875.000% due 07/15/35 1,120,000 1,105,803

    PrincipalAmount Value

    5.000% due 06/04/42 $560,000 $536,0825.200% due 07/15/45 340,000 331,6985.375% due 02/10/20 1,219,000 1,261,104

    Lamb Weston Holdings Inc4.875% due 11/01/26 ~ 1,410,000 1,374,750

    Medtronic Global Holdings SCA3.350% due 04/01/27 2,110,000 2,057,233

    Medtronic Inc3.125% due 03/15/22 430,000 426,8583.500% due 03/15/25 5,680,000 5,623,769

    Merck & Co Inc2.750% due 02/10/25 1,510,000 1,444,410

    Molson Coors Brewing Co3.500% due 05/01/22 500,000 498,474

    Pernod Ricard SA (France)4.450% due 01/15/22 ~ 3,840,000 3,950,508

    Philip Morris International Inc1.875% due 11/01/19 3,730,000 3,682,4182.500% due 08/22/22 2,560,000 2,463,9162.500% due 11/02/22 2,670,000 2,562,2902.900% due 11/15/21 1,460,000 1,437,755

    Reynolds American Inc (United Kingdom)3.250% due 06/12/20 974,000 972,4965.850% due 08/15/45 1,090,000 1,195,4078.125% due 06/23/19 1,220,000 1,279,115

    Spectrum Brands Inc5.750% due 07/15/25 800,000 794,000

    Teva Pharmaceutical Finance Co BV(Israel)2.950% due 12/18/22 780,000 710,427

    Teva Pharmaceutical Finance IV BV (Israel)3.650% due 11/10/21 1,230,000 1,178,785

    Teva Pharmaceutical FinanceNetherlands III BV (Israel)1.700% due 07/19/19 700,000 683,5392.200% due 07/21/21 4,790,000 4,445,763

    UBM PLC (United Kingdom)5.750% due 11/03/20 ~ 1,930,000 1,969,110

    United Rentals North America Inc4.875% due 01/15/28 420,000 391,1255.500% due 07/15/25 1,350,000 1,365,1885.500% due 05/15/27 2,000,000 1,945,000

    UnitedHealth Group Inc2.700% due 07/15/20 1,600,000 1,589,4772.875% due 12/15/21 1,130,000 1,119,1953.750% due 07/15/25 820,000 820,6393.875% due 10/15/20 2,610,000 2,652,4085.700% due 10/15/40 10,000 11,8855.800% due 03/15/36 860,000 1,019,591

    Valeant Pharmaceuticals International8.500% due 01/31/27 ~ 270,000 274,7259.250% due 04/01/26 ~ 520,000 541,450

    Valeant Pharmaceuticals International Inc5.500% due 03/01/23 ~ 320,000 299,2005.625% due 12/01/21 ~ 480,000 474,0007.000% due 03/15/24 ~ 1,800,000 1,889,4427.500% due 07/15/21 ~ 3,750,000 3,815,6259.000% due 12/15/25 ~ 360,000 374,850

    Wm Wrigley Jr Co2.400% due 10/21/18 ~ 680,000 679,5532.900% due 10/21/19 ~ 2,380,000 2,374,349

    209,471,619Energy - 5.3%

    Anadarko Petroleum Corp4.850% due 03/15/21 1,160,000 1,194,4135.550% due 03/15/26 580,000 622,3566.600% due 03/15/46 2,070,000 2,494,6758.700% due 03/15/19 5,485,000 5,699,284

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-8

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    Apache Corp3.250% due 04/15/22 $492,000 $480,0364.250% due 01/15/44 2,240,000 1,986,1974.750% due 04/15/43 1,000,000 952,1836.000% due 01/15/37 1,010,000 1,103,7176.900% due 09/15/18 5,000,000 5,035,833

    Baker Hughes a GE Co LLC3.200% due 08/15/21 58,000 57,814

    BP Capital Markets PLC (United Kingdom)3.119% due 05/04/26 3,490,000 3,342,0713.216% due 11/28/23 3,640,000 3,571,4933.506% due 03/17/25 520,000 515,9133.535% due 11/04/24 350,000 347,4433.561% due 11/01/21 220,000 222,229

    Cheniere Corpus Christi Holdings LLC5.125% due 06/30/27 1,370,000 1,363,150

    Chesapeake Energy Corp5.750% due 03/15/23 600,000 570,0006.125% due 02/15/21 210,000 213,6758.000% due 12/15/22 ~ 235,000 247,561

    Chevron Corp2.954% due 05/16/26 3,140,000 3,014,558

    CNOOC Finance LLC (China)3.500% due 05/05/25 6,220,000 6,004,751

    Concho Resources Inc4.300% due 08/15/28 # 1,460,000 1,461,0144.375% due 01/15/25 1,050,000 1,055,289

    ConocoPhillips6.500% due 02/01/39 860,000 1,101,033

    Continental Resources Inc4.375% due 01/15/28 880,000 874,206

    Devon Energy Corp3.250% due 05/15/22 2,510,000 2,468,9135.000% due 06/15/45 3,330,000 3,397,4425.600% due 07/15/41 170,000 183,8525.850% due 12/15/25 3,650,000 4,023,001

    Ecopetrol SA (Colombia)5.875% due 05/28/45 5,710,000 5,437,062

    Energy Transfer Partners LP4.500% due 11/01/23 520,000 523,6575.875% due 03/01/22 1,770,000 1,873,397

    Ensco PLC8.000% due 01/31/24 1,195,000 1,206,950

    Enterprise Products Operating LLC6.066% (USD LIBOR + 3.708%)due 08/01/66 § 3,000,000 3,011,250

    EOG Resources Inc4.150% due 01/15/26 1,370,000 1,402,976

    Exxon Mobil Corp3.043% due 03/01/26 2,840,000 2,768,6534.114% due 03/01/46 1,250,000 1,274,351

    Halliburton Co3.800% due 11/15/25 3,250,000 3,231,708

    KazMunayGas National Co JSC(Kazakhstan)5.375% due 04/24/30 ~ 310,000 311,7486.375% due 10/24/48 ~ 1,100,000 1,113,613

    Kerr-McGee Corp7.875% due 09/15/31 2,297,000 2,918,043

    Kinder Morgan Energy Partners LP3.500% due 03/01/21 750,000 749,1043.500% due 09/01/23 1,410,000 1,373,2546.850% due 02/15/20 2,180,000 2,296,355

    Kinder Morgan Inc4.300% due 03/01/28 760,000 737,7365.000% due 02/15/21 ~ 1,720,000 1,781,5825.300% due 12/01/34 1,029,000 1,015,971

    MEG Energy Corp (Canada)7.000% due 03/31/24 ~ 340,000 319,175

    PrincipalAmount Value

    MPLX LP4.000% due 03/15/28 $190,000 $181,0734.500% due 04/15/38 2,070,000 1,916,7674.700% due 04/15/48 3,660,000 3,409,3404.875% due 12/01/24 1,670,000 1,723,2934.875% due 06/01/25 1,190,000 1,224,907

    Noble Energy Inc3.850% due 01/15/28 1,900,000 1,818,5654.950% due 08/15/47 930,000 933,8165.250% due 11/15/43 1,270,000 1,296,5996.000% due 03/01/41 200,000 220,527

    Oasis Petroleum Inc6.875% due 03/15/22 625,000 637,319

    Occidental Petroleum Corp3.000% due 02/15/27 1,510,000 1,427,3253.125% due 02/15/22 1,350,000 1,345,4813.400% due 04/15/26 1,890,000 1,846,2644.100% due 02/15/47 2,110,000 2,065,1524.400% due 04/15/46 600,000 606,4414.625% due 06/15/45 1,280,000 1,340,559

    Petrobras Global Finance BV (Brazil)5.299% due 01/27/25 ~ 13,551,000 12,538,0636.250% due 03/17/24 8,580,000 8,539,2457.250% due 03/17/44 3,430,000 3,185,6137.375% due 01/17/27 1,440,000 1,441,800

    Petroleos Mexicanos (Mexico)5.500% due 01/21/21 1,570,000 1,618,2626.000% due 03/05/20 1,273,000 1,315,9646.375% due 01/23/45 520,000 480,2206.625% due 06/15/35 160,000 157,0006.875% due 08/04/26 3,110,000 3,276,385

    QEP Resources Inc6.875% due 03/01/21 1,830,000 1,953,525

    Range Resources Corp4.875% due 05/15/25 180,000 169,6505.000% due 03/15/23 4,040,000 3,945,0605.875% due 07/01/22 90,000 91,575

    Sabine Pass Liquefaction LLC5.750% due 05/15/24 1,030,000 1,101,092

    Schlumberger Holdings Corp3.000% due 12/21/20 ~ 2,570,000 2,555,9684.000% due 12/21/25 ~ 1,960,000 1,955,954

    Schlumberger Norge AS4.200% due 01/15/21 ~ 50,000 51,101

    Shell International Finance BV(Netherlands)2.875% due 05/10/26 2,090,000 1,987,4604.000% due 05/10/46 900,000 873,0614.375% due 03/25/20 4,150,000 4,258,8444.375% due 05/11/45 2,050,000 2,104,6144.550% due 08/12/43 1,200,000 1,271,552

    Sinopec Group Overseas Development Ltd(China)4.375% due 04/10/24 ~ 4,560,000 4,657,620

    The Williams Cos Inc7.500% due 01/15/31 6,475,000 7,733,4167.750% due 06/15/31 100,000 120,618

    Transcontinental Gas Pipe Line Co LLC7.850% due 02/01/26 2,290,000 2,788,930

    Western Gas Partners LP4.650% due 07/01/26 990,000 973,840

    Williams Partners LP5.250% due 03/15/20 910,000 938,454

    WPX Energy Inc6.000% due 01/15/22 60,000 62,7008.250% due 08/01/23 290,000 329,875

    181,421,576

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-9

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    Financial - 12.6%

    ABN AMRO Bank NV (Netherlands)2.450% due 06/04/20 ~ $810,000 $796,9164.750% due 07/28/25 ~ 2,220,000 2,211,608

    AerCap Ireland Capital DAC (Ireland)3.750% due 05/15/19 2,590,000 2,606,0104.500% due 05/15/21 1,010,000 1,030,5735.000% due 10/01/21 875,000 902,206

    Ally Financial Inc7.500% due 09/15/20 32,000 34,320

    Ambac Assurance Corp5.100% due 06/07/20 ~ 111,048 149,360

    Ambac LSNI LLC (Cayman)7.337% (USD LIBOR + 5.000%)due 02/12/23 § ~ 505,742 513,985

    American Express Credit Corp2.375% due 05/26/20 1,930,000 1,902,440

    American International Group Inc3.750% due 07/10/25 2,610,000 2,522,935

    Banco Santander SA (Spain)3.459% (USD LIBOR + 1.120%)due 04/12/23 § 1,000,000 999,4303.800% due 02/23/28 600,000 548,8933.848% due 04/12/23 2,600,000 2,544,6784.379% due 04/12/28 1,800,000 1,723,718

    Bank of America Corp2.600% due 01/15/19 1,045,000 1,044,4263.004% due 12/20/23 ~ 8,404,000 8,154,1603.300% due 01/11/23 3,190,000 3,144,1593.419% due 12/20/28 ~ 9,774,000 9,211,2303.500% due 04/19/26 5,410,000 5,236,4413.550% due 03/05/24 3,370,000 3,336,5383.593% due 07/21/28 1,290,000 1,232,5464.000% due 04/01/24 2,280,000 2,300,8314.125% due 01/22/24 9,345,000 9,502,2444.200% due 08/26/24 4,930,000 4,957,6784.450% due 03/03/26 660,000 662,4795.000% due 01/21/44 3,310,000 3,510,9786.100% due 03/17/25 1,370,000 1,425,6916.250% due 09/05/24 2,990,000 3,128,288

    Banque Federative du Credit Mutuel SA(France)2.200% due 07/20/20 ~ 1,130,000 1,104,139

    Barclays PLC (United Kingdom)4.972% due 05/16/29 1,490,000 1,478,444

    BNP Paribas SA (France)4.375% due 03/01/33 ~ 2,150,000 2,019,0224.625% due 03/13/27 ~ 1,110,000 1,091,037

    BPCE SA (France)5.150% due 07/21/24 ~ 1,370,000 1,390,301

    Brighthouse Financial Inc4.700% due 06/22/47 ~ 2,780,000 2,297,726

    Chubb INA Holdings Inc2.300% due 11/03/20 950,000 928,9823.350% due 05/03/26 1,190,000 1,155,265

    CIT Group Inc5.250% due 03/07/25 930,000 939,300

    Citigroup Inc3.500% due 05/15/23 2,380,000 2,329,2054.075% due 04/23/29 3,400,000 3,339,7594.400% due 06/10/25 4,900,000 4,876,1134.450% due 09/29/27 7,030,000 6,924,3794.650% due 07/30/45 3,761,000 3,754,0184.750% due 05/18/46 440,000 419,6565.300% due 05/06/44 240,000 247,7825.500% due 09/13/25 4,580,000 4,868,3675.900% due 02/15/23 670,000 683,4005.950% due 01/30/23 1,820,000 1,854,1255.950% due 05/15/25 7,040,000 7,110,400

    PrincipalAmount Value

    6.300% due 05/15/24 $3,900,000 $3,963,0246.625% due 06/15/32 480,000 566,6216.675% due 09/13/43 580,000 702,7808.125% due 07/15/39 200,000 281,981

    Commonwealth Bank of Australia(Australia)3.900% due 07/12/47 ~ 3,370,000 3,146,1215.000% due 10/15/19 ~ 1,060,000 1,087,488

    Cooperatieve Rabobank UA (Netherlands)2.250% due 01/14/20 1,230,000 1,214,9934.375% due 08/04/25 5,000,000 4,908,0554.625% due 12/01/23 5,690,000 5,736,0924.750% due 01/15/20 ~ 2,140,000 2,193,4335.250% due 08/04/45 870,000 910,48311.000% due 06/30/19 ~ 4,830,000 5,192,250

    Credit Agricole SA (France)2.500% due 04/15/19 ~ 1,280,000 1,277,3748.375% due 10/13/19 ~ 5,180,000 5,413,100

    Credit Suisse Group Funding Guernsey Ltd(Switzerland)4.550% due 04/17/26 440,000 440,5374.875% due 05/15/45 5,980,000 5,919,616

    GE Capital International Funding Co2.342% due 11/15/20 13,485,000 13,178,8793.373% due 11/15/25 3,577,000 3,439,249

    Goldman Sachs Capital II4.000% (USD LIBOR + 0.768%)due 08/13/18 § 398,000 335,554

    HSBC Bank USA NA4.875% due 08/24/20 1,750,000 1,802,7757.000% due 01/15/39 3,240,000 4,180,718

    HSBC Holdings PLC (United Kingdom)3.400% due 03/08/21 8,230,000 8,229,5944.250% due 03/14/24 3,300,000 3,286,0134.250% due 08/18/25 3,460,000 3,401,0994.583% due 06/19/29 5,370,000 5,428,1846.250% due 03/23/23 3,390,000 3,330,6756.375% due 09/17/24 1,080,000 1,071,0256.500% due 03/23/28 3,390,000 3,258,6386.800% due 06/01/38 600,000 723,795

    ING Bank NV (Netherlands)2.500% due 10/01/19 ~ 1,130,000 1,121,9735.800% due 09/25/23 ~ 5,370,000 5,694,666

    International Lease Finance Corp5.875% due 08/15/22 910,000 967,0648.625% due 01/15/22 1,940,000 2,226,883

    Intesa Sanpaolo SPA (Italy)3.125% due 07/14/22 ~ 2,100,000 1,939,5233.375% due 01/12/23 ~ 1,040,000 956,6443.875% due 07/14/27 ~ 3,590,000 3,102,2143.875% due 01/12/28 ~ 850,000 729,7554.375% due 01/12/48 ~ 660,000 515,2425.017% due 06/26/24 ~ 10,470,000 9,511,5265.710% due 01/15/26 ~ 350,000 320,407

    JPMorgan Chase & Co2.550% due 03/01/21 600,000 588,1763.875% due 09/10/24 4,840,000 4,797,0244.250% due 10/15/20 3,230,000 3,300,2484.250% due 10/01/27 870,000 864,9454.350% due 08/15/21 690,000 709,8384.500% due 01/24/22 2,310,000 2,390,0644.950% due 06/01/45 3,380,000 3,445,121

    KKR Group Finance Co II LLC5.500% due 02/01/43 ~ 350,000 365,644

    Lloyds Bank PLC (United Kingdom)2.700% due 08/17/20 380,000 375,621

    Lloyds Banking Group PLC(United Kingdom)3.574% due 11/07/28 630,000 582,1624.375% due 03/22/28 760,000 751,9554.500% due 11/04/24 3,000,000 2,968,601

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-10

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    MetLife Inc4.750% due 02/08/21 $1,828,000 $1,899,068

    Mitsubishi UFJ Financial Group Inc (Japan)2.998% due 02/22/22 1,590,000 1,561,385

    Morgan Stanley3.737% due 04/24/24 5,230,000 5,202,6275.500% due 07/24/20 350,000 365,393

    Navient Corp8.000% due 03/25/20 3,380,000 3,574,350

    Nordea Bank AB (Sweden)4.875% due 05/13/21 ~ 7,870,000 8,097,321

    Nuveen Finance LLC2.950% due 11/01/19 ~ 1,000,000 996,394

    Quicken Loans Inc5.750% due 05/01/25 ~ 590,000 580,430

    Reliance Standard Life Global Funding II2.500% due 01/15/20 ~ 640,000 633,409

    Royal Bank of Canada (Canada)2.150% due 10/26/20 1,670,000 1,632,0653.200% due 04/30/21 1,740,000 1,739,819

    Royal Bank of Scotland Group PLC(United Kingdom)4.519% due 06/25/24 200,000 200,2965.125% due 05/28/24 6,260,000 6,319,8136.000% due 12/19/23 4,240,000 4,452,9196.100% due 06/10/23 3,870,000 4,078,8856.125% due 12/15/22 1,910,000 2,011,456

    Santander UK Group Holdings PLC(United Kingdom)5.625% due 09/15/45 ~ 610,000 628,254

    Santander UK PLC (United Kingdom)2.375% due 03/16/20 990,000 975,196

    Standard Chartered PLC (United Kingdom)3.869% (USD LIBOR + 1.510%)due 01/30/27 § ~ 3,900,000 3,422,2503.950% due 01/11/23 ~ 310,000 303,0645.700% due 03/26/44 ~ 3,150,000 3,296,968

    Sumitomo Mitsui Financial Group Inc(Japan)2.058% due 07/14/21 2,320,000 2,225,653

    Svenska Handelsbanken AB (Sweden)3.350% due 05/24/21 1,830,000 1,833,286

    Teachers Insurance & Annuity Associationof America6.850% due 12/16/39 ~ 132,000 174,988

    The Goldman Sachs Group Inc3.500% due 11/16/26 2,430,000 2,291,2123.850% due 07/08/24 1,690,000 1,676,4554.250% due 10/21/25 4,270,000 4,210,0034.750% due 10/21/45 3,400,000 3,370,6885.150% due 05/22/45 3,480,000 3,468,2885.250% due 07/27/21 2,570,000 2,701,8265.750% due 01/24/22 400,000 428,1085.950% due 01/15/27 1,733,000 1,879,8166.000% due 06/15/20 6,360,000 6,691,5706.250% due 02/01/41 6,880,000 8,042,9556.750% due 10/01/37 2,145,000 2,552,402

    The Toronto-Dominion Bank (Canada)3.250% due 06/11/21 2,100,000 2,100,088

    UBS Group Funding Switzerland AG(Switzerland)3.491% due 05/23/23 ~ 5,620,000 5,495,9784.125% due 09/24/25 ~ 2,340,000 2,325,0834.253% due 03/23/28 ~ 4,190,000 4,166,085

    US Bank NA3.150% due 04/26/21 1,720,000 1,723,757

    Visa Inc3.150% due 12/14/25 3,940,000 3,814,6494.300% due 12/14/45 2,520,000 2,628,963

    Wachovia Capital Trust III5.570% (USD LIBOR + 0.930%)due 08/13/18 § 6,220,000 6,165,575

    PrincipalAmount Value

    WEA Finance LLC REIT (Australia)3.750% due 09/17/24 ~ $4,730,000 $4,674,852

    Wells Fargo & Co3.000% due 10/23/26 3,850,000 3,557,4053.450% due 02/13/23 2,330,000 2,285,1424.300% due 07/22/27 8,710,000 8,596,3154.400% due 06/14/46 1,650,000 1,512,6924.600% due 04/01/21 6,240,000 6,441,5184.650% due 11/04/44 1,600,000 1,526,4254.750% due 12/07/46 2,550,000 2,471,2904.900% due 11/17/45 3,920,000 3,890,8115.375% due 11/02/43 2,030,000 2,122,6885.606% due 01/15/44 1,567,000 1,688,161

    Westpac Banking Corp (Australia)2.300% due 05/26/20 340,000 334,5802.600% due 11/23/20 1,960,000 1,929,770

    429,962,062Industrial - 1.9%

    ABB Finance USA Inc (Switzerland)4.375% due 05/08/42 390,000 400,595

    Air 2 US8.027% due 10/01/20 ~ 161,775 164,303

    Boeing Capital Corp4.700% due 10/27/19 1,360,000 1,394,867

    Caterpillar Financial Services Corp1.931% due 10/01/21 2,315,000 2,223,991

    DAE Funding LLC (United Arab Emirates)4.500% due 08/01/22 ~ 654,000 636,0155.000% due 08/01/24 ~ 620,000 597,060

    Eaton Corp2.750% due 11/02/22 3,849,000 3,739,6124.150% due 11/02/42 1,040,000 1,005,883

    General Electric Co3.150% due 09/07/22 1,369,000 1,341,6894.375% due 09/16/20 396,000 406,1604.500% due 03/11/44 2,610,000 2,562,6604.650% due 10/17/21 98,000 101,9525.300% due 02/11/21 1,378,000 1,441,3765.500% due 01/08/20 260,000 269,5155.875% due 01/14/38 450,000 511,5356.000% due 08/07/19 2,786,000 2,877,6356.150% due 08/07/37 317,000 371,4316.875% due 01/10/39 3,306,000 4,191,499

    Harris Corp4.854% due 04/27/35 530,000 542,0575.054% due 04/27/45 1,470,000 1,524,568

    Lockheed Martin Corp3.100% due 01/15/23 300,000 296,3303.550% due 01/15/26 3,240,000 3,192,8084.500% due 05/15/36 580,000 603,398

    Northrop Grumman Corp2.930% due 01/15/25 1,460,000 1,387,8503.250% due 01/15/28 5,430,000 5,119,115

    Park Aerospace Holdings Ltd (Ireland)5.250% due 08/15/22 ~ 550,000 546,5685.500% due 02/15/24 ~ 890,000 880,913

    Raytheon Co3.125% due 10/15/20 1,680,000 1,688,283

    Reynolds Group Issuer Inc5.125% due 07/15/23 ~ 270,000 266,9635.750% due 10/15/20 959,417 964,2146.875% due 02/15/21 478,222 484,797

    The Boeing Co4.875% due 02/15/20 5,560,000 5,743,305

    Union Pacific Corp3.750% due 07/15/25 1,210,000 1,214,1443.950% due 09/10/28 3,890,000 3,914,9504.500% due 09/10/48 2,350,000 2,380,948

    United Parcel Service Inc2.500% due 04/01/23 910,000 879,4403.050% due 11/15/27 640,000 609,645

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-11

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    United Technologies Corp4.500% due 04/15/20 $2,630,000 $2,699,4144.500% due 06/01/42 540,000 534,394

    Waste Management Inc3.500% due 05/15/24 1,750,000 1,734,9817.375% due 05/15/29 1,910,000 2,385,289

    WestRock RKT Co3.500% due 03/01/20 990,000 992,3344.000% due 03/01/23 1,150,000 1,164,840

    65,989,326Technology - 1.4%

    Apple Inc2.000% due 11/13/20 2,040,000 2,004,6352.450% due 08/04/26 4,090,000 3,756,679

    Broadcom Corp3.125% due 01/15/25 1,610,000 1,495,4343.875% due 01/15/27 240,000 227,329

    Dell International LLC3.480% due 06/01/19 ~ 5,890,000 5,906,1854.420% due 06/15/21 ~ 5,450,000 5,531,044

    First Data Corp5.000% due 01/15/24 ~ 4,790,000 4,772,0377.000% due 12/01/23 ~ 270,000 281,902

    Intel Corp3.700% due 07/29/25 890,000 896,3523.734% due 12/08/47 ~ 729,000 687,995

    Microsoft Corp2.400% due 08/08/26 7,810,000 7,229,8352.700% due 02/12/25 1,080,000 1,036,4092.875% due 02/06/24 4,410,000 4,319,0103.300% due 02/06/27 6,100,000 6,026,9923.450% due 08/08/36 150,000 143,7933.950% due 08/08/56 1,100,000 1,087,9404.100% due 02/06/37 260,000 271,229

    salesforce.com Inc3.250% due 04/11/23 1,720,000 1,711,5333.700% due 04/11/28 610,000 606,129

    47,992,462Utilities - 1.2%

    AES Corp4.875% due 05/15/23 1,170,000 1,172,9255.500% due 04/15/25 304,000 307,800

    Berkshire Hathaway Energy Co6.125% due 04/01/36 586,000 723,890

    Duke Energy Corp3.550% due 09/15/21 1,350,000 1,356,3733.950% due 08/15/47 440,000 402,935

    FirstEnergy Corp3.900% due 07/15/27 3,750,000 3,643,3774.250% due 03/15/23 4,980,000 5,063,4154.850% due 07/15/47 900,000 923,0647.375% due 11/15/31 12,550,000 16,295,205

    Pacific Gas & Electric Co6.050% due 03/01/34 5,602,000 6,065,011

    PacifiCorp5.650% due 07/15/18 1,860,000 1,861,953

    Virginia Electric & Power Co6.350% due 11/30/37 2,130,000 2,680,566

    40,496,514Total Corporate Bonds & Notes

    (Cost $1,182,813,941) 1,175,721,127

    SENIOR LOAN NOTES - 5.0%

    Communications - 1.2%

    Ancestry.com Operations Inc5.350% (USD LIBOR + 3.250%)due 10/19/23 § 1,619,293 1,618,618

    CBS Radio Inc Term B4.838% (USD LIBOR + 2.750%)due 11/17/24 § 1,970,100 1,960,659

    PrincipalAmount Value

    CenturyLink Inc Term B4.844% (USD LIBOR + 2.750%)due 01/31/25 § $1,036,970 $1,017,341

    Charter Communications Operating LLCTerm B4.100% (USD LIBOR + 2.000%)due 04/30/25 § 4,185,524 4,186,474

    CSC Holdings LLC4.323% (USD LIBOR + 2.250%)due 07/17/25 § 813,738 808,847

    Level 3 Financing Inc Term B4.334% (USD LIBOR + 2.250%)due 02/22/24 § 4,130,000 4,125,482

    Numericable Group SA Term B12 (France)5.348% (USD LIBOR + 3.000%)due 01/31/26 § 3,262,960 3,216,055

    Sinclair Television Group Inc Term B1due 12/12/24 ∞ 3,660,000 3,659,067

    Sprint Communications Inc Term B4.625% (USD LIBOR + 2.500%)due 02/02/24 § 4,043,813 4,027,387

    Unitymedia Finance LLCTerm B4.323% (USD LIBOR + 2.250%)due 09/30/25 § 1,377,000 1,370,401Term D4.323% (USD LIBOR + 2.250%)due 01/15/26 § 2,750,000 2,739,687

    Univision Communications Inc Term C54.844% (USD LIBOR + 2.750%)due 03/15/24 § 4,956,306 4,798,765

    UPC Financing Partnership Term AR4.573% (USD LIBOR + 2.500%)due 01/15/26 § 1,849,500 1,831,699

    Virgin Media Bristol LLC Term K4.573% (USD LIBOR + 2.500%)due 01/15/26 § 2,191,848 2,178,833

    Ziggo Secured Finance Partnership Term E4.573% (USD LIBOR + 2.500%)due 04/15/25 § 2,496,000 2,473,381

    40,012,696Consumer, Cyclical - 1.4%

    Academy Ltd Term B5.988% (USD LIBOR + 4.000%)due 07/01/22 § 2,736,128 2,288,087

    American Axle & Manufacturing Inc Term B4.350% (USD LIBOR + 2.250%)due 04/06/24 § 2,296,957 2,291,789

    American Builders & Contractors Supply CoInc Term B4.094% (USD LIBOR + 2.000%)due 10/31/23 § 3,549,728 3,527,137

    Aramark Services Inc Term B34.084% (USD LIBOR + 1.750%)due 03/11/25 § 3,062,325 3,064,239

    Aristocrat Technologies Inc4.105% (USD LIBOR + 1.750%)due 10/19/24 § 2,302,343 2,291,260

    Beacon Roofing Supply Inc Term B4.285% (USD LIBOR + 2.250%)due 01/02/25 § 2,180,894 2,173,056

    Boyd Gaming Corp Term B34.488% (USD LIBOR + 2.500%)due 09/15/23 § 1,969,500 1,977,764

    Caesars Resort Collection LLC Term B4.844% (USD LIBOR + 2.750%)due 12/22/24 § 3,369,686 3,367,880

    CityCenter Holdings LLC Term B4.344% (USD LIBOR + 2.250%)due 04/18/24 § 400,168 398,709

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-12

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    CWGS Group LLC4.775% (USD LIBOR + 2.750%)due 11/08/23 § $1,477,500 $1,465,265

    Four Seasons Hotels Ltd (Canada)4.094% (USD LIBOR + 2.000%)due 11/30/23 § 1,979,899 1,977,425

    Golden Nugget Inc Term B4.823% (USD LIBOR + 2.750%)due 10/04/23 § 3,735,965 3,743,844

    Hilton Worldwide Finance LLC Term B23.841% (USD LIBOR + 1.750%)due 10/25/23 § 3,148,411 3,150,215

    Michaels Stores Inc Term B4.584% (USD LIBOR + 2.500%)due 01/28/23 § 2,249,053 2,234,434

    New Red Finance Term B3 (Canada)4.344% (USD LIBOR + 2.250%)due 02/16/24 § 3,426,167 3,411,692

    Party City Holdings Inc Term B4.992% (USD LIBOR + 2.750%)due 08/19/22 § 2,597,891 2,600,123

    PetSmart Inc Term B25.010% (USD LIBOR + 3.000%)due 03/11/22 § 4,574,310 3,800,108

    Scientific Games International Inc Term B54.906% (USD LIBOR + 2.750%)due 08/14/24 § 3,691,740 3,682,049

    Station Casinos LLC Term B4.600% (USD LIBOR + 2.500%)due 06/08/23 § 1,698,962 1,698,967

    49,144,043Consumer, Non-Cyclical - 1.2%

    Albertsons LLCTerm B44.844% (USD LIBOR + 2.750%)due 08/25/21 § 1,425,600 1,412,792Term B65.319% (USD LIBOR + 3.000%)due 06/22/23 § 2,691,488 2,667,658

    Brickman Group Ltd LLC5.465% (USD LIBOR + 3.000%)due 12/18/20 § 1,073,358 1,075,818

    Catalent Pharma Solutions Inc Term B4.344% (USD LIBOR + 2.250%)due 05/20/24 § 2,834,582 2,835,245

    Change Healthcare Holdings LLC Term B4.844% (USD LIBOR + 2.750%)due 03/01/24 § 4,118,904 4,110,407

    Global Medical Response Inc Term B15.280% (USD LIBOR + 3.250%)due 04/28/22 § 2,222,799 2,161,672

    HCA Inc Term B104.094% (USD LIBOR + 2.000%)due 03/13/25 § 1,781,281 1,788,851

    Jaguar Holding Co II4.594% (USD LIBOR + 2.500%)due 08/18/22 § 3,438,387 3,421,911

    MPH Acquisition Holdings LLC Term B5.084% (USD LIBOR + 2.750%)due 06/07/23 § 4,112,099 4,096,358

    Parexel International Corp Term B4.844% (USD LIBOR + 2.750%)due 09/27/24 § 763,687 760,505

    Post Holdings Inc Series A4.100% (USD LIBOR + 2.000%)due 05/24/24 § 3,453,591 3,446,214

    Prime Security Services Borrower LLC4.844% (USD LIBOR + 2.750%)due 05/02/22 § 3,745,917 3,733,919

    PrincipalAmount Value

    ServiceMaster Co Term B4.594% (USD LIBOR + 2.500%)due 11/08/23 § $992,443 $994,428

    Trans Union LLC Term B34.094% (USD LIBOR + 2.000%)due 04/10/23 § 3,701,269 3,695,717

    Valeant Pharmaceuticals International IncTerm B (Canada)4.983% (USD LIBOR + 3.000%)due 06/01/25 § 3,762,139 3,754,633

    39,956,128Financial - 0.2%

    Lions Gate Capital Holdings LLC Term B4.341% (USD LIBOR + 2.250%)due 03/24/25 § 597,061 595,568

    MGM Growth Properties OperatingPartnership LP Term B4.094% (USD LIBOR + 2.000%)due 04/25/23 § ∞ 3,710,890 3,711,662

    RPI Finance Trust Term B64.334% (USD LIBOR + 2.000%)due 03/27/23 § 1,658,714 1,659,898

    VICI Properties 1 LLC Term B4.084% (USD LIBOR + 2.000%)due 12/20/24 § 2,291,364 2,280,383

    8,247,511Industrial - 0.6%

    Avolon SARL Term B34.088% (USD LIBOR + 2.000%)due 01/15/25 § 4,199,696 4,155,810

    Berry Global Inc Term Q4.075% (USD LIBOR + 2.000%)due 10/01/22 § 4,197,759 4,197,759

    Quikrete Holdings Inc4.844% (USD LIBOR + 2.750%)due 11/15/23 § 2,557,499 2,550,394

    Reynolds Group Holdings Inc4.844% (USD LIBOR + 2.750%)due 02/05/23 § 3,792,946 3,792,419

    Wrangler Buyer Corp Term B4.844% (USD LIBOR + 2.750%)due 09/27/24 § 1,416,008 1,415,123

    XPO Logistics Inc Term B4.091% (USD LIBOR + 2.000%)due 02/24/25 § 3,188,916 3,170,774

    19,282,279Technology - 0.4%

    Dell International LLC Term B4.100% (USD LIBOR + 2.000%)due 09/07/23 § 3,890,450 3,877,771

    First Data Corp4.091% (USD LIBOR + 2.000%)due 07/08/22 § 2,799,792 2,786,4934.091% (USD LIBOR + 2.000%)due 04/26/24 § 1,213,364 1,207,601

    MA FinanceCo LLC Term B34.844% (USD LIBOR + 2.750%)due 06/21/24 § 72,176 71,747

    ON Semiconductor Corp Term B3.844% (USD LIBOR + 1.750%)due 03/31/23 § 2,588,447 2,590,243

    Seattle Spinco Inc Term B34.844% (USD LIBOR + 2.750%)due 06/21/24 § 487,422 487,016

    Western Digital Corp Term B43.844% (USD LIBOR + 1.750%)due 04/29/23 § 3,523,341 3,527,379

    14,548,250

    Total Senior Loan Notes(Cost $173,701,494) 171,190,907

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-13

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    MORTGAGE-BACKED SECURITIES - 41.6%

    Collateralized Mortgage Obligations - Commercial - 6.1%

    Banc of America CommercialMortgage Trust5.734% due 04/10/49 § $1,181,609 $726,279

    BBCCRE Trust4.715% due 08/10/33 § ~ 9,930,000 8,576,610

    BENCHMARK Mortgage Trust3.666% due 01/15/51 9,290,000 9,285,984

    CD Commercial Mortgage Trust5.398% due 12/11/49 § 146,316 87,424

    CD Mortgage Trust3.431% due 08/15/50 3,890,000 3,808,4685.688% due 10/15/48 516,001 260,580

    CD Mortgage Trust (IO)1.478% due 05/10/50 § 32,183,104 2,700,111

    CGRBS Commercial Mortgage Trust3.369% due 03/13/35 ~ 160,000 159,843

    Citigroup Commercial Mortgage Trust4.017% due 10/10/47 2,610,000 2,621,5725.482% due 10/15/49 708,271 676,7616.337% due 12/10/49 § 680,000 320,839

    Cold Storage Trust3.323% (USD LIBOR + 1.250%)due 04/15/36 § ~ 7,270,000 7,301,837

    Commercial Mortgage Trust3.086% due 04/12/35 § ~ 880,000 859,7414.300% due 10/10/46 510,000 523,5784.762% due 10/10/46 § 450,000 464,7474.993% due 08/15/45 § ~ 2,390,000 2,276,0845.247% due 10/10/46 § 220,000 218,2685.247% due 10/10/46 § ~ 510,000 371,044

    Commercial Mortgage Trust (IO)2.038% due 10/15/45 § 26,422,349 1,728,532

    Credit Suisse Commercial Mortgage Trust5.373% due 12/15/39 4,753,245 3,885,7115.869% due 09/15/40 § 675,480 656,2096.600% due 06/15/38 § 581,678 364,109

    Credit Suisse Mortgage Trust3.881% due 11/15/37 ~ 780,000 792,6053.953% due 09/15/37 ~ 1,800,000 1,819,7004.373% due 09/15/37 ~ 3,800,000 3,442,4357.693% (USD LIBOR + 5.620%)due 07/15/32 § ~ 7,500,000 7,481,347

    CSAIL Commercial Mortgage Trust3.500% due 11/15/48 § ~ 3,400,000 2,062,144

    Fannie Mae - Aces3.196% due 11/25/27 § 630,000 614,487

    Fannie Mae - Aces (IO)0.468% due 10/25/24 § 110,105,975 2,125,629

    Freddie Mac Multifamily Structured Pass-Through Certificates (IO)0.844% due 01/25/24 § 91,649,935 3,159,1551.205% due 04/25/20 § 14,431,910 215,6001.672% due 10/25/21 § 1,333,910 54,2751.752% due 07/25/21 § 6,147,525 249,377

    Freddie Mac Structured Pass-Through Certificates3.089% due 11/25/27 500,000 483,240

    FREMF Mortgage Trust (IO)0.200% due 05/25/45 ~ 57,690,824 356,725

    GE Commercial Mortgage Corp Trust5.677% due 12/10/49 § 6,530,000 2,182,391

    GMAC Commercial MortgageSecurities Inc Trust5.349% due 11/10/45 § 266,371 247,065

    Government National Mortgage Association3.365% due 03/16/57 § 3,782,192 3,615,868

    PrincipalAmount Value

    Government National MortgageAssociation (IO)0.467% due 01/16/53 § $78,851,285 $2,358,9540.772% due 11/16/55 § 32,702,934 1,469,186

    GS Mortgage Securities Corp II3.281% (USD LIBOR + 1.300%)due 09/15/31 § ~ 8,570,000 8,581,4083.777% due 05/10/50 § 3,880,000 3,881,7844.148% due 05/10/50 § 550,000 549,225

    GS Mortgage Securities Corp Trust3.721% due 02/10/37 ~ 2,940,000 2,930,162

    GS Mortgage Securities Trust3.469% due 11/10/50 3,710,000 3,625,3104.470% due 02/10/48 § 2,680,000 2,591,0304.569% due 11/10/48 § ~ 3,400,000 2,180,8644.809% due 10/10/48 § 3,970,000 4,000,3284.923% due 08/10/46 § ~ 730,000 557,0405.161% due 11/10/46 § 1,070,000 1,138,1045.622% due 11/10/39 1,591,018 1,373,6695.979% due 08/10/45 § 1,550,690 1,583,875

    JP Morgan Chase Commercial MortgageSecurities Trust5.411% due 05/15/47 6,200,000 4,464,1035.438% due 01/15/49 ~ 10,060,000 1,717,5215.502% due 06/12/47 § 6,325,000 5,279,1935.503% due 01/15/49 § 6,140,000 1,048,2046.011% due 02/12/49 § 1,416,549 1,069,3866.168% due 02/15/51 § 84,304 82,7888.298% (USD LIBOR + 6.225%)due 10/15/19 § ~ 1,900,000 1,910,404

    JPMBB Commercial MortgageSecurities Trust3.914% due 11/15/47 § 2,960,000 2,980,8464.564% due 11/15/47 § 4,295,000 4,239,5684.771% due 08/15/48 § 3,100,000 3,168,7225.044% due 01/15/47 § 510,000 532,9175.253% due 11/15/45 § 950,000 986,223

    LSTAR Commercial Mortgage Trust2.729% due 04/20/48 § ~ 7,967,420 7,883,330

    Magnolia Finance X Ltd (Ireland)3.238% (GBP LIBOR + 2.483%)due 03/12/20 § ~ ± GBP 6,428,461 8,271,8654.504% (GBP LIBOR + 3.750%)due 03/12/20 § ~ ± 2,116,925 2,723,968

    ML-CFC Commercial Mortgage Trust5.450% due 08/12/48 § $1,436,293 1,098,8215.450% due 08/12/48 § ~ 181,350 138,7406.193% due 09/12/49 § 1,787,380 1,415,690

    Morgan Stanley Bank of America MerrillLynch Trust3.536% due 11/15/52 8,090,000 7,956,8613.720% due 12/15/49 3,710,000 3,712,002

    Morgan Stanley Capital I Trust5.438% due 03/15/44 192,605 192,553

    One Market Plaza Trust3.614% due 02/10/32 ~ 9,330,000 9,322,244

    Rosslyn Portfolio Trust3.023% (USD LIBOR + 0.950%)due 06/15/33 § ~ 3,890,000 3,896,019

    Waterfall Commercial Mortgage Trust4.104% due 09/14/22 § ~ 3,906,827 3,812,847

    Wells Fargo Commercial Mortgage Trust3.250% due 02/15/48 ~ 5,670,000 3,506,8443.500% due 07/15/46 ~ 620,000 417,9283.848% due 05/15/48 § 3,700,000 3,528,9324.238% due 05/15/48 § 4,325,000 3,777,050

    WFRBS Commercial Mortgage Trust4.114% due 06/15/46 § ~ 1,750,000 1,590,6224.204% due 11/15/47 § 3,830,000 3,711,5944.723% due 03/15/47 § 340,000 351,283

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-14

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    WFRBS Commercial Mortgage Trust (IO)1.275% due 03/15/47 § $10,312,691 $451,2001.580% due 06/15/45 § ~ 2,783,357 118,385

    208,955,966Collateralized Mortgage Obligations - Residential - 11.8%

    Adjustable Rate Mortgage Trust2.591% (USD LIBOR + 0.500%)due 03/25/36 § 501,637 262,2503.809% due 10/25/35 § 4,565,995 4,216,852

    Alternative Loan Trust6.000% due 03/25/27 85,698 88,0916.000% due 05/25/36 3,830,927 3,057,2576.500% due 09/25/34 82,135 82,8586.500% due 09/25/36 1,886,607 1,541,68712.340% (16.940% - USD LIBOR)due 06/25/35 § 4,652,168 5,225,48020.236% (28.600% - USD LIBOR)due 07/25/36 § 1,329,586 1,884,545

    BCAP LLC Trust2.360% due 03/28/37 § ~ 6,317,007 6,165,221

    Chevy Chase Funding LLC Mortgage-Backed Certificates2.271% (USD LIBOR + 0.180%)due 08/25/47 § ~ 473,194 394,624

    Citigroup Mortgage Loan Trust3.744% due 04/25/37 § 969,260 909,8466.500% due 10/25/36 ~ 2,048,913 1,546,413

    Countrywide Home Loan MortgagePass-Through Trust5.500% due 07/25/35 1,347,460 1,301,3485.750% due 02/25/37 5,840,346 4,906,771

    Credit Suisse Mortgage Trust2.160% (USD LIBOR + 0.200%)due 06/27/46 § ~ 20,506,355 17,658,3293.500% due 02/25/48 § ~ 34,600,000 33,841,9143.632% due 01/27/36 § ~ 12,554,547 11,263,422

    Fannie Mae2.441% (USD LIBOR + 0.350%)due 05/25/34 § 509,482 510,0774.000% due 04/25/40 - 07/25/40 30,373,685 31,022,5175.500% due 04/25/42 3,739,855 4,063,0926.000% due 05/25/42 1,307,155 1,431,0676.500% due 06/25/39 - 07/25/42 2,870,679 3,216,5867.000% due 05/25/42 530,046 610,643

    Fannie Mae (IO)1.103% due 10/25/35 494,843 35,1211.238% due 08/25/55 § 1,635,917 80,9791.275% due 04/25/36 342,340 29,9061.444% due 08/25/44 § 4,653,544 255,9493.000% due 11/25/26 - 09/25/32 10,360,852 918,4223.500% due 07/25/28 - 11/25/41 4,106,539 642,4164.000% due 11/25/41 3,570,773 756,8524.059% (6.150% - USD LIBOR)due 09/25/41 - 08/25/45 § 12,963,041 1,914,5994.389% (6.480% - USD LIBOR)due 04/25/40 § 726,903 120,9034.500% due 11/25/39 452,054 100,4624.509% (6.600% - USD LIBOR)due 07/25/42 § 611,925 103,8684.559% (6.650% - USD LIBOR)due 02/25/41 - 03/25/42 § 2,324,750 281,1355.000% due 01/25/38 - 01/25/39 1,032,017 212,1675.000% due 01/25/39 § 273,346 63,5295.500% due 01/25/39 § 256,548 49,0016.000% due 01/25/38 - 07/25/38 1,124,764 243,95913.300% due 12/25/36 1,403,928 139,33213.988% due 07/25/36 411,868 38,60415.277% due 12/25/36 926,466 66,757

    PrincipalAmount Value

    Fannie Mae (PO)0.444% due 03/25/42 $151,930 $136,7480.561% due 03/25/42 91,158 79,822

    Fannie Mae Connecticut Avenue Securities7.091% (USD LIBOR + 5.000%)due 11/25/24 § 5,146,046 5,802,3907.341% (USD LIBOR + 5.250%)due 10/25/23 § 2,610,000 3,014,960

    Flagstar Mortgage Trust3.500% due 04/25/48 § ~ 13,816,187 13,599,314

    Freddie Mac3.073% (USD LIBOR + 1.000%)due 02/15/32 § 75,549 77,3703.500% due 10/15/37 2,700,000 2,654,4654.000% due 12/15/39 7,486,647 7,675,0135.000% due 02/15/30 - 03/15/35 12,265,172 12,948,3256.000% due 05/15/36 2,339,671 2,578,596

    Freddie Mac (IO)0.250% due 01/15/38 § 144,302 1,1281.404% due 04/15/41 § 2,437,789 115,2023.000% due 12/15/31 1,074,061 103,5693.500% due 06/15/27 - 04/15/43 6,374,835 744,1343.877% (5.950% - USD LIBOR)due 10/15/41 § 1,974,569 288,2583.927% (6.000% - USD LIBOR)due 05/15/44 § 7,833,107 1,208,0193.957% (6.030% - USD LIBOR)due 09/15/37 § 1,490,789 189,8523.977% (6.050% - USD LIBOR)due 08/15/39 § 1,417,432 164,5794.000% due 04/15/43 896,079 124,5464.127% (6.200% - USD LIBOR)due 05/15/39 § 1,151,379 119,8334.157% (6.230% - USD LIBOR)due 01/15/40 § 301,353 39,7524.177% (6.250% - USD LIBOR)due 09/15/42 § 1,280,150 161,9184.217% (6.290% - USD LIBOR)due 11/15/36 § 533,453 70,780

    Freddie Mac Structured Agency Credit RiskDebt Notes5.341% (USD LIBOR + 3.250%)due 07/25/29 § 17,670,000 19,061,2836.591% (USD LIBOR + 4.500%)due 02/25/24 § 3,590,000 4,143,0577.041% (USD LIBOR + 4.950%)due 07/25/29 § 4,410,000 5,022,22411.441% (USD LIBOR + 9.350%)due 04/25/28 § 2,872,179 3,753,193

    Government National Mortgage Association2.217% (USD LIBOR + 0.300%)due 02/20/68 - 05/20/68 § 4,852,890 4,843,2972.267% (USD LIBOR + 0.350%)due 08/20/58 § 15,410,126 15,402,4092.350% (USD LIBOR + 0.300%)due 05/20/68 § ± 1,142,000 1,141,2922.417% (USD LIBOR + 0.500%)due 03/20/61 § 2,294,538 2,301,9012.750% due 03/20/48 2,069,465 2,002,0772.976% (USD LIBOR + 1.000%)due 05/20/60 § 519,169 526,7624.500% due 10/20/39 7,615,847 7,836,6735.000% due 07/20/39 3,000,000 3,160,490

    Government National MortgageAssociation (IO)0.698% due 11/20/42 § 378,060 12,2673.500% due 04/20/27 - 05/20/43 4,904,153 488,4793.516% (5.600% - USD LIBOR)due 08/20/44 § 2,183,592 288,532

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-15

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    4.000% due 04/16/45 $1,797,770 $351,7024.015% (6.100% - USD LIBOR)due 08/16/42 § 1,179,907 181,7314.065% (6.150% - USD LIBOR)due 06/16/43 § 2,224,211 238,3244.115% (6.200% - USD LIBOR)due 10/16/42 § 1,617,921 261,7064.396% (6.480% - USD LIBOR)due 04/20/40 § 194,378 26,7204.416% (6.500% - USD LIBOR)due 03/20/39 § 210,222 8,9084.466% (6.550% - USD LIBOR)due 06/20/40 § 3,001,047 491,3444.515% (6.600% - USD LIBOR)due 04/16/42 § 3,096,731 623,0074.566% (6.650% - USD LIBOR)due 01/20/40 § 250,004 23,7245.000% due 10/20/44 9,366,032 2,132,955

    GSMPS Mortgage Loan Trust2.441% (USD LIBOR + 0.350%)due 03/25/35 § ~ 1,000,004 942,442

    GSMSC Resecuritization Trust2.570% (USD LIBOR + 0.610%)due 11/26/37 § ~ 13,880,000 12,030,240

    GSR Mortgage Loan Trust4.070% due 07/25/35 § 338,771 327,451

    Impac CMB Trust2.611% (USD LIBOR + 0.520%)due 11/25/35 § 2,903,311 2,416,899

    IndyMac INDX Mortgage Loan Trust2.351% (USD LIBOR + 0.260%)due 06/25/35 § 1,847,044 1,758,282

    JP Morgan Mortgage Trust3.500% due 09/25/48 § ~ 17,648,708 17,372,6153.500% due 10/25/48 § ~ 29,089,601 28,660,8463.786% due 08/25/35 § 1,080,295 1,091,016

    Lehman Mortgage Trust2.841% (USD LIBOR + 0.750%)due 12/25/35 § 5,233,340 4,176,2036.000% due 05/25/37 1,179,375 1,186,191

    MASTR Adjustable Rate Mortgages Trust3.809% due 04/21/34 § 1,109,108 1,143,001

    MASTR Reperforming Loan Trust7.000% due 08/25/34 ~ 1,476,364 1,453,150

    Merrill Lynch Mortgage Investors Trust3.989% due 06/25/35 § 1,934,423 1,937,212

    Morgan Stanley Mortgage Loan Trust3.747% due 07/25/35 § 1,315,823 1,231,5134.231% due 07/25/34 § 442,391 438,184

    Morgan Stanley Resecuritization Trust2.174% (US FED + 0.710%)due 12/27/46 § ~ 26,397,068 20,706,5572.234% (US FED + 0.770%)due 04/26/47 § ~ 4,379,000 4,021,079

    NAAC Reperforming Loan REMIC TrustCertificates6.500% due 02/25/35 ~ 1,984,094 2,010,818

    New Residential Mortgage Loan Trust4.000% due 05/25/57 § ~ 6,981,138 7,082,216

    Nomura Resecuritization Trust2.464% (US FED + 1.000%)due 08/26/46 § ~ 5,855,041 5,082,132

    RAAC Trust6.000% due 09/25/34 23,198 23,263

    RBSSP Resecuritization Trust4.394% due 12/26/35 § ~ 6,094 6,099

    Residential Asset Securitization Trust2.591% (USD LIBOR + 0.500%)due 07/25/36 § 544,173 451,4196.000% due 08/25/36 1,274,729 1,134,822

    PrincipalAmount Value

    Structured Adjustable Rate MortgageLoan Trust3.700% due 05/25/36 § $2,435,293 $2,233,8023.841% due 08/25/36 § 6,826,759 6,235,391

    WaMu Mortgage Pass-ThroughCertificates Trust2.814% due 10/25/36 § 1,265,831 1,174,6433.368% due 09/25/33 § 179,559 185,2263.565% due 07/25/37 § 3,332,124 3,108,436

    Washington Mutual Mortgage Pass-ThroughCertificates Trust2.258% (US FED + 0.700%)due 01/25/47 § 6,723,778 5,458,8526.000% due 07/25/36 677,688 560,814

    Wells Fargo Mortgage Loan Trust3.148% due 08/27/35 § ~ 526,880 530,747

    Wells Fargo Mortgage-BackedSecurities Trust6.000% due 08/25/37 783,812 780,772

    404,429,814Fannie Mae - 9.6%

    2.500% due 01/01/28 - 02/01/28 2,173,301 2,130,2432.810% due 04/01/25 120,000 116,7573.000% due 07/01/33 - 07/01/48 68,018,481 66,188,0093.500% due 07/01/33 - 03/01/57 76,799,492 76,857,8714.000% due 10/01/42 - 06/01/57 47,802,021 49,103,4674.500% due 04/01/23 - 09/01/57 86,335,253 90,268,5915.000% due 07/01/33 - 07/01/48 33,340,156 35,479,8495.500% due 04/01/37 - 11/01/38 1,807,397 1,958,5126.000% due 04/01/33 - 08/01/37 529,089 583,4016.500% due 05/01/40 2,346,339 2,588,2417.000% due 02/01/39 1,140,603 1,268,909

    326,543,850Freddie Mac - 5.5%

    3.000% due 01/01/47 - 07/01/48 23,049,941 22,367,3223.500% due 10/01/42 - 03/01/45 15,184,830 15,188,3584.000% due 10/01/25 - 07/01/48 112,359,215 114,682,1464.500% due 07/01/23 - 05/01/47 20,330,338 21,390,4245.000% due 12/01/35 - 11/01/41 6,127,441 6,547,8075.500% due 08/01/37 - 12/01/38 1,629,317 1,765,9106.000% due 10/01/36 - 11/01/39 4,157,777 4,586,0426.500% due 09/01/39 723,618 806,4817.000% due 03/01/39 346,434 381,736

    187,716,226Government National Mortgage Association - 8.6%

    2.502% (USD LIBOR + 0.627%)due 08/20/60 § 738,260 748,3573.000% due 09/20/47 - 07/01/48 57,830,284 56,591,4813.500% due 10/20/47 - 07/01/48 13,529,575 13,592,5804.000% due 08/20/47 - 07/01/48 62,780,051 64,356,0404.500% due 01/20/40 - 07/01/48 118,359,551 123,192,0995.000% due 01/15/40 - 07/01/48 27,529,990 29,055,1955.500% due 06/15/36 432,309 472,1766.000% due 06/20/35 - 03/20/42 5,714,662 6,282,5316.500% due 10/20/37 657,119 750,771

    295,041,230Total Mortgage-Backed Securities

    (Cost $1,427,423,326) 1,422,687,086

    ASSET-BACKED SECURITIES - 4.9%

    Asset-Backed Pass-Through Certificates2.781% (USD LIBOR + 0.690%)due 04/25/34 § 569,437 572,486

    Bayview Opportunity Master Fund IVa Trust3.000% due 03/28/57 § ~ 7,327,430 7,228,115

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-16

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    Bear Stearns Asset-Backed Securities Trust3.231% (USD LIBOR + 1.140%)due 09/25/34 § $94,203 $94,562

    CIT Mortgage Loan Trust3.591% (USD LIBOR + 1.500%)due 10/25/37 § ~ 17,500,000 18,050,939

    Citigroup Mortgage Loan Trust2.161% (USD LIBOR + 0.070%)due 05/25/37 § 235,831 170,380

    Citigroup Mortgage Loan Trust Inc2.241% (USD LIBOR + 0.150%)due 08/25/36 § 47,448 47,532

    Community Funding Ltd CLO (Cayman)5.750% due 11/01/27 § ~ 9,180,000 8,978,701

    Credit Suisse Mortgage Trust3.105% due 07/25/57 § ~ 9,880,000 9,576,645

    Credit-Based Asset Servicing &Securitization LLC2.871% (USD LIBOR + 0.780%)due 07/25/33 § 876,163 834,789

    Hertz Vehicle Financing II LP3.290% due 02/25/24 ~ 3,850,000 3,768,5133.560% due 10/25/21 ~ 9,620,000 9,547,1185.330% due 09/25/21 ~ 10,344,000 10,301,498

    JGWPT XXXIII LLC3.500% due 06/15/77 ~ 6,313,565 6,142,041

    Manufactured Housing Contract Trust Pass-Through Certificates5.546% (Auction Rate + 0.000%)due 02/20/32 § 200,000 200,1545.557% (Auction Rate + 0.000%)due 03/13/32 § 1,000,000 1,000,682

    National Collegiate Student Loan Trust2.941% (USD LIBOR + 0.850%)due 03/25/38 § 18,354,002 12,723,724

    Navient Student Loan Trust2.891% (USD LIBOR + 0.800%)due 07/26/66 § ~ 5,826,765 5,889,468

    Origen Manufactured HousingContract Trust4.020% due 10/15/37 § 8,412,692 8,246,1224.580% due 04/15/37 § 5,070,657 4,800,192

    RAMP Trust 2.361% (USD LIBOR +0.270%) due 10/25/36 § 4,072,236 4,030,294

    SBA Small Business Investment Cos2.518% due 09/10/27 2,700,388 2,620,0873.187% due 03/10/28 2,460,000 2,453,256

    SLM Student Loan EDC Repackaging Trust3.500% due 10/28/29 ~ 2,022,017 1,990,398

    SLM Student Loan Trust2.510% (USD LIBOR + 0.150%)due 03/25/44 § 38,310,000 37,086,5893.091% (USD LIBOR + 0.750%)due 03/15/33 § ~ 3,509,258 3,514,126

    Shares

    SoFi Professional Loan Program LLC0.000% due 08/25/36 ~ 13 3,529,743

    PrincipalAmount

    Structured Asset Investment Loan Trust3.091% (USD LIBOR + 1.000%)due 10/25/33 § $1,637,985 1,629,289

    United States Small BusinessAdministration2.840% due 04/01/37 1,267,122 1,215,585

    Total Asset-Backed Securities(Cost $164,325,604) 166,243,028

    PrincipalAmount Value

    U.S. GOVERNMENT AGENCY ISSUES - 1.8%

    Fannie Mae2.553% due 10/09/19 $22,680,000 $21,961,5446.625% due 11/15/30 15,850,000 21,352,518

    Financing Corp2.241% due 11/02/18 12,210,000 12,117,6712.294% due 12/06/18 5,350,000 5,297,410

    Total U.S. Government Agency Issues(Cost $60,240,498) 60,729,143

    U.S. TREASURY OBLIGATIONS - 5.1%

    U.S. Treasury Bonds - 3.5%

    3.000% due 05/15/47 1,250,000 1,252,5883.125% due 05/15/48 40,190,000 41,275,6013.750% due 11/15/43 69,100,000 78,471,687

    120,999,876U.S. Treasury Inflation Protected Securities - 0.7%

    0.750% due 02/15/42 ^ 10,864,868 10,618,8520.875% due 02/15/47 ^ 1,421,759 1,423,2742.125% due 02/15/40 ^ 5,088,142 6,402,5592.125% due 02/15/41 ^ 2,962,805 3,755,079

    22,199,764U.S. Treasury Notes - 0.9%

    2.000% due 02/15/25 5,310,000 5,049,8932.125% due 03/31/24 4,490,000 4,333,9902.250% due 12/31/24 1,690,000 1,634,2172.625% due 06/30/23 # 8,540,000 8,496,8002.875% due 04/30/25 12,600,000 12,648,4812.875% due 05/15/28 5,000 5,008

    32,168,389Total U.S. Treasury Obligations

    (Cost $176,780,332) 175,368,029

    FOREIGN GOVERNMENT BONDS & NOTES - 7.1%

    Abu Dhabi Government(United Arab Emirates)2.500% due 10/11/22 ~ 4,960,000 4,758,500

    Argentina POM Politica Monetaria(Argentina)40.000% (ARS Reference + 0.000%)due 06/21/20 § ARS 14,990,000 540,311

    Argentine Bonos del Tesoro (Argentina)18.200% due 10/03/21 142,410,000 4,310,51121.200% due 09/19/18 2,323,000 77,736

    Argentine Republic Government (Argentina)4.625% due 01/11/23 $2,540,000 2,244,4335.625% due 01/26/22 8,910,000 8,348,6705.875% due 01/11/28 280,000 228,3756.875% due 01/11/48 6,830,000 5,177,2087.125% due 07/06/36 1,240,000 999,1307.500% due 04/22/26 1,430,000 1,324,5387.625% due 04/22/46 1,850,000 1,502,200

    Brazil Notas do Tesouro Nacional ‘F’(Brazil)10.000% due 01/01/21 BRL 58,211,000 15,262,56910.000% due 01/01/23 34,999,000 8,829,21210.000% due 01/01/27 6,493,000 1,530,497

    Brazilian Government (Brazil)2.625% due 01/05/23 $660,000 601,5905.000% due 01/27/45 3,450,000 2,739,3355.625% due 01/07/41 4,690,000 4,084,9905.625% due 02/21/47 7,120,000 6,062,680

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-17

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    PrincipalAmount Value

    China Government (China)3.310% due 11/30/25 ~ CNY 77,500,000 $11,183,5333.380% due 11/21/24 ~ 17,000,000 2,485,7113.390% due 05/21/25 ~ 20,500,000 2,980,054

    Colombia Government (Colombia)5.625% due 02/26/44 $3,130,000 3,333,450

    Ecuador Government (Ecuador)7.875% due 01/23/28 ~ 2,470,000 2,078,382

    Egypt Government (Egypt)5.577% due 02/21/23 ~ 2,640,000 2,508,000

    Indonesia Government (Indonesia)3.500% due 01/11/28 530,000 490,7683.750% due 04/25/22 ~ 1,490,000 1,477,4853.850% due 07/18/27 ~ 1,190,000 1,130,9634.350% due 01/11/48 1,460,000 1,310,7314.750% due 07/18/47 ~ 400,000 378,2294.875% due 05/05/21 ~ 6,730,000 6,933,5695.125% due 01/15/45 ~ 2,540,000 2,502,1975.250% due 01/08/47 ~ 2,930,000 2,939,3505.375% due 10/17/23 ~ 400,000 420,6355.875% due 03/13/20 ~ 260,000 271,0585.875% due 01/15/24 ~ 973,000 1,043,469

    Japanese Government CPI Linked (Japan)0.100% due 03/10/26 ^ JPY 1,894,739,126 18,046,357

    Kenya Government (Kenya)6.875% due 06/24/24 ~ $1,760,000 1,742,2617.250% due 02/28/28 ~ 1,210,000 1,164,831

    Kuwait Government (Kuwait)3.500% due 03/20/27 ~ 3,850,000 3,754,982

    Mexican Bonos (Mexico)6.500% due 06/09/22 MXN 311,561,300 15,063,6277.750% due 11/23/34 171,270,000 8,711,8937.750% due 11/13/42 502,047,500 25,494,3898.000% due 11/07/47 270,860,000 14,133,87210.000% due 12/05/24 109,240,000 6,182,323

    Mexico Government (Mexico)4.600% due 02/10/48 $1,250,000 1,151,250

    Nigeria Government (Nigeria)6.500% due 11/28/27 ~ 1,440,000 1,343,3247.143% due 02/23/30 ~ 1,540,000 1,457,551

    Peruvian Government (Peru)5.625% due 11/18/50 1,660,000 1,931,8256.550% due 03/14/37 850,000 1,064,625

    Provincia de Buenos Aires (Argentina)6.500% due 02/15/23 ~ 2,060,000 1,888,2177.875% due 06/15/27 ~ 1,770,000 1,557,600

    Republic of Poland Government (Poland)4.000% due 01/22/24 7,420,000 7,546,993

    Russian Federal (Russia)7.000% due 01/25/23 RUB 198,150,000 3,114,7557.000% due 08/16/23 234,570,000 3,693,0417.050% due 01/19/28 328,663,000 5,063,0368.150% due 02/03/27 458,179,000 7,578,298

    Total Foreign Government Bonds & Notes(Cost $281,350,886) 243,775,119

    SHORT-TERM INVESTMENTS - 9.1%

    Repurchase Agreements - 6.2%

    Deutsche Bank AG2.050% due 07/02/18(Dated 06/29/18, repurchase price of$71,012,129; collateralized by U.S.Treasury Notes: 3.625% due 02/15/20and value $72,718,934) $71,000,000 71,000,000

    PrincipalAmount Value

    Fixed Income Clearing Corp0.350% due 07/02/18(Dated 06/29/18, repurchase price of$23,391,214; collateralized by U.S.Treasury Notes: 2.625% due 11/15/20and value $23,862,952) $23,390,531 $23,390,531

    The Goldman Sachs Group Inc2.100% due 07/02/18(Dated 06/29/18, repurchase price of$119,020,825; collateralized by FederalHome Loan Bank: 5.500% due 07/15/36and value $72,718,934; and FreddieMac: 1.500% – 3.750% due 03/27/19 –01/17/20 and value $63,660,800) 119,000,000 119,000,000

    213,390,531U.S. Government Agency Issues - 0.3%

    Federal Home Loan Bank1.928% due 08/27/18 4,430,000 4,416,8381.946% due 08/17/18 4,370,000 4,359,333

    8,776,171U.S. Treasury Bills - 2.6%

    1.896% due 08/23/18 45,310,000 45,190,8852.085% due 11/15/18 45,720,000 45,375,424

    90,566,309

    Total Short-Term Investments(Cost $312,718,132) 312,733,011

    TOTAL INVESTMENTS - 109.1%(Cost $3,784,263,296) 3,733,647,938

    DERIVATIVES - 0.2%(See Notes (b) through (f) in Notes to Schedule of Investments) 7,463,535

    OTHER ASSETS & LIABILITIES, NET - (9.3%) (319,758,464)

    NET ASSETS - 100.0% $3,421,353,009

    Notes to Schedule of Investments

    (a) As of June 30, 2018, the Fund’s composition as a percentage of net assets wasas follows:

    Mortgage-Backed Securities 41.6%Corporate Bonds & Notes 34.4%Short-Term Investments 9.1%Foreign Government Bonds & Notes 7.1%U.S. Treasury Obligations 5.1%Senior Loan Notes 5.0%Asset-Backed Securities 4.9%Others (each less than 3.0%) 1.9%

    109.1%Derivatives 0.2%Other Assets & Liabilities, Net (9.3%)

    100.0%

    See Notes to Financial Statements See explanation of symbols and terms, if any, on A-198 and A-199A-18

  • PACIFIC SELECT FUNDDIVERSIFIED BOND PORTFOLIOSchedule of Investments (Continued)June 30, 2018 (Unaudited)

    (b) Open futures contracts outstanding as of June 30, 2018 were as follows:

    Long Futures OutstandingExpiration

    MonthNumber ofContracts

    NotionalAmount Value

    UnrealizedAppreciation

    (Depreciation)CAD FX 09/18 1,173 $90,412,729 $89,335,680 ($1,077,049)CHF FX 09/18 51 6,527,136 6,473,813 (53,