Pacific Select Fund
Pacific Select Variable AnnuitySeparate Account ofPacific Life Insurance Company
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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,
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